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No. 27,581 

jrtojy} u 9 O 

___ cognac 

w««,:,Uta no. 27,581 Saturday June 10 1978 13 Lr ^ T infcJlBisU 

rg »*-* imwBw^wnm«i 


Welcome in the City for Government’s package I CfnnilQrrl n<] 





Base Rates 

monthly mortgage 

ft t: 

a m 

*2 VL-'^-lzW 



• GILTS showed fresh strength 
itt continuing response to the 
latest monetary measures, with 
longs and shorts showing rises 
of up to 1.. Government Secu- 
rities Index put on 0.5S to 
70.26— a rise of OM on the 

© EQUITIES drifted, over- 
shadowed by renewed strength 
in Gilts. FT 30-Share Index 
closed 2.44 down at 466.9 — 8.6 

ttajar Baida at 
Dttfa-Mt Bates 

mi it mm iiHii 


1977 1978 
























S8E“° B 

4 - ’ 

mXk $372m for 

Tory Union Ban 


. -j. l 


[-KATK 1 

2 < V . iyi..-, , . . wicst monetary measmo, wuu 

J * f " ’-i?Sr staged a.deva- longs and shorts showing rises 

3 - V -■ - S?* # « a of up to 1- Government Seen- 

>, i tax on the South Lebanon rities Index put on o.5S to 

* [ ‘ P* 150-strong Jorce 70.26— a rise of fc90 <m the 

i / ( stormed into the Bahr Al-Borj vi'cck. 
i ;? "camp from rubber boats and 

} V ' : helicopters, destroying boats. © EQUITIES drifted, over- 
■i,*r roeket taunchers and buildings, shadowed by renewed strength 
There were conflicting reports in GlJfs. FT 30-Share Index 

• on the number of- casualties after closed 2.44 down at 466.9 — 8.6 

: T*b«. two-hour * battle. Israel 

13.7 claimed .that at least seven 

*#* £w.- ' Palestinians and two Israelis 
Ii 'ir&i ' '' 1 -died- id the -attack oh the base. 

•* v *L - f "which ft believed was tb be used 
-Lw};- for an assault on Israeli civilian 
H l r ‘M .targets. ■ 

- PiSf}- - Palestinians said that eight 
-:‘. r ftL - Israelis, five guerrillas and nine 
.:'?L«iaaese civilians died in the 
raid. Back Page 

> ^Police storm JaiB 

"jy: [- ’ J.- Pohee- foand a young prisoner 
r^j. 1 . •; stabbed io death and several 

; ■* ' : - others seriously hurt when they 
srpnned. Madrid’s .maximum 
s’v -• ;■ security jail to restore order. 

L v ‘after riots' by prisoners protest- 
?• ■ ... 7 ing against conditions. 

Jp^mages award dow n on the week. Gold Mines 

gr-ytlffl Au^rtlkm couple, badly tadex was 31 at 157 ’ 9 ’ 
:••• £ .■ ^injured when * wheel dropped m r , . f n njf. w 

off a new Allegro car in England, ® Gold fell 51 to »5i>- 
f! &:• > .are to get substantial, damages. lork Co “* x /one settlemexif 
.ft-'.- Aut' a High Court judge in New- rale was $181.50 ($182). 

-•4' iS - - cast)? has yet to decide whether a ctfritor hied 18 noints 
-V-dukeR British Leyland pays — or ® 

• _ 4— - (he sale and serwees garages. to 81^268. Trade-w^j^ed index 
t J . was 61.3. <6J£). DoHmjPs deprts 

■•4?- - GiVSIfetllS held cution was unchangcdat 5^ per 

L'' r 4/4‘Secunty forces have detained cent - *’• * 

..rSibout 200 cjvipans in a round-up _ watt off 

: . t~ * I of suspected rebel sympathisers STREE-P ripsed off 

.. Y L Shaba -province, accord- 2.86 at Ss9^3. . vt.j .. 

. ' r jYTjjig. to reports from Ki nshasa. Q EUROPEAN steel fjsodacers 

‘ ■ T - : 4 - • approved in principl^^ EL'C 

- • -7 Commission proposal fw ; TRdun- 

^ -- ?vi.d''A" bioUda5log :Eiiglisb‘ Rrem3h ; tary cuts in crude s tea. output 

V' 5o*v i^jmed that ®emen fighting ‘tbe' to 29m tonnes during 1 flas year’s 

-^pferife ' apartments \ b$aze. in third qnarter: . l .‘ *■• 
i - V a ' 57-yeatoId ^English BackPage. ' ^ 

» • SPENDING, from the Consoli- 

- &T h C ° UP>e 3,50 <Ued 10 »r Go“r^t^?nd5“™ 

Y ; - Wrft^TlIpa fails • -May. roughly in line with 
- “v® P' ea Tai ss Government Torecasts. Page 4 

:Rb&iey Farr failed in a . J 

^ -.• . new High .Coprt bid to get his & PRINCE CHARLES opened a 
* c ' 4 ? dirmg ‘Wife, a • multiple seierosis flOOtn development at Gatwtqk 

'■'-iridttnK - released from hospital . Airport after inaugurating a heli- 
^ — 4- ^ argues that no evidence sap- copter service lin ki n g the airport 

■j, . ! fi .>poTfe. Kent County Council’s .and Heathrow. - ' . 

- claim that die is mentally ill. • -unc^vrAi. Piprtrir iana in- 

Bank base rates 
as gilts boom 


‘ r \? r' - a High Court judge in New- 

' .' k *{ • castle has yet to decide whether 
-a . V-malier British Ley land- pays— -or 

i j /f- 4- ; - . pie sale and services garages. 

h 'GiyiliansheBd . 

3* L'‘ r 4/4‘ Security forces have detained 

it . 4S*bout 200 cjviOans in a round-up 

ir ~ v • : b f suspected rebel sympathisers 

; .. v''T^3JfXfir6’s Shaba province, accord- 

" ^ tp repOTts from Kinshasa. 

BANKS and building societies 
increased their interest rates 
yesterday in response to the 
1 Government's credit squeeze. 
The reception to the monetary 
1 and fiscal package coatimied to 
be favourable io the gilt-edged 
market and there were heavy 
sales of stock. 

Brokers estimated that more 
than Elbn of gilt-edged stock had 
been sold since the announce- 
ment of the measures on Thurs- 
day lunchtime. This is a major 
step towards fulfilling the 
Government’s aim of bringing 
the growth of the money supply 
back within the target range. 

Tbe existing £80 9m long tap 
stock was exhausted yesterday 
morning and in the afternoon 
tbe Bank of England announced 
the issue of a new £lbn 12 per 
cent stock 2013-17. The £800m 
short tap is expected to run out 
early next week. 

Building societies increased 
mortgage rates by If points to 
9J per cent and ihe clearing 
banks, led by National West- 
minster. lifted base lending rates 
by a point to 10 per cent 
1 This follows the onepoint rise 
in Minimum Lending Rate to 

10 per cent announced by the 
Bank of England on Thursday. A 
top-quality industrial borrower 
now will have to pay at least 11 
per cent lor an overdraft. A 
personal customer will faces 
rates of up to about 15 per cent 
and find loans scarcer than L>e^ 

The clearers look a differing 
line on the rates they pay on 

Editorial Comment and Price 

Of the Budget errors. Page 14 
Lex, Back Page 

seven-day deposits. N a; West and 
Lloyds increased the rale on 
deposits by only half a point to 
6$ per cent Barclays and the 
Midland raised their rates by a 
full point to 7 per cent. 

The decision by NatWest and 
Lloyds runs against ibe normal 
pattern since the banks in the 
past bare tended to widen mar- 
gins to maintain profitability 
when interest rates are falling 
rather than when they are ris- 

The latest move reflects parUy 
a concern about profitability in 

anticipation of a sizeable in- 
crease in v/aj.e costs this year 
and giv.-n the likely smaller 
scope for ruh:n» Jending. 

Moreu\<r. the re imposition of 
the so-raik-.l c«*rscl controls on 
the growth "n l banks’ interest- 
bearing 'b-j.-Oaiis in order to curb 
lending i- :>l<n likely to have 
been an influence. Tbe hanks are 
not to*' Veen attract interest- 
bearing d.'-jusits since Lhcj. are 
ul! above the limits set out 6y the 
Bank of Engl.-nd r,n Thursday. 

Most of itv clearers in the 
next week or iv.o arc likely to 
reaffirm cuidance ir> branch 
managers about restraining lend- 
ing to ih c- personal sector and 

property companies. 

The banks win have to reduce 
their interest-hearing eligible 
liabilities by about i’lbn by the 
end of the summer if they are 
to escape penalties under the 
corset arrangements. 

Even if foir.e allowance is 
made for additional current 
account deposits, this fact, 
coupled with rhe heavy sales n f 
gilt-edgcri st-ick in the last twe 
days, stuzesi.- that there will he 
not much growth in sterling M3, 
Continued on Back Page 

- "ff® Jitv-hfilidaisiog ^ * English; fireman, 

y: fe%c^u6ed that fErifemen fluting the 

apartments; bfeze. in 
T *s* M.~: V:\dsS*' - v a.' 57-y eatold ^English 
^ •£: ” ' vTvrtwftm' di^tT were ' '‘ disorgan- 

.'ised ” and reluctant to take risks. 
■>. - . : -A Spanish couple also died in 


T WtfWplea fails 

Home loans at 


€ /O' 

ot all societies happy 


- u ^^chool bus crash , 

; r^haiqwBtL children, from a Beverley. 
*T»: ^Jdricshlne school- were taken to 

;; V , "- Nottingham General Hospital 

: ^ r^er their mini-bus overturned 
. ; :. ; ahfl - careered, down an Ml em- 
"‘i i :tr ‘ ; ; .t)aakineht None ’ were- seriously 

'■? . .. 

y-i v-./-' hnlfdAV 

“•3k :petition demanding a new 
' , attmiai publjc holiday 1 on -the? 
■ ’Tuesday alter Spring Bank Holir^o be 'called - oaited King- 
dom* Bay— was presen ted. in M’s 
by .Tory MP Mr. John Riggs- 
JDavison. leading opponent of the 
hew 7 May 'Day break. - 

A lAS - Veges lury has decided 
that a -jviU purr-ortedty made by 
.• the. late btliionaire Howard 
Hughes naming a Utah service 
■'Station, attendant air an heir, was 

; a forgery ' 

** j; 

Si '• 

*j2 x : m g 

.< > -‘J? 

. ■'* ■_ 

' ":<!• ' • 

< . !;*>■ " . . 

Two men charged with conspiracy 
/ : -,to . rob" tfie ; D iliy Mirror will ap- 
'4pedr. at .-jduildhail to^iay- ■' ■ 
-/Thieves' - ktole’ iflve. : priceless 
v-'-sla^'eiiHrti. the, ancient city : of- 
Tompeil, neaT'-.NapI^. ,- 7 > 
tjian- waR^ajled'lqrJife .'laLtftfflrip 

^for murdering^ map in;;!^ 
-UoiJ -for >a- public iouse bombing 
■ j In which > V -■•.. "C:-! • 

Thirteen people 

- ; hospital l when . fire *roke pnt-a* 

; . face 

, «i«e Sentftevprohe roTtr alleged 
... '.’ISpriefiesrin financial 
afiSfinfiS. ^according- - to -Senator 
Adiai Stevenson . 

- \oo^r -oh t£ e 

fpii^th' tWa-. tSR^iy- r-i ■■ 

.Morman cimrcli agreed; to 

. -blaek men. to- be priests, but 
wocaen. are still -harreds-' -. 

HOSPITAL electricians in- 
volved in- a pay clash with tbe 
Government ' have begun a 
countrywide series of union 
meetings to- decide which hospi- 
tals will be the chief targets for 
industrial action. 

Page 4 

iff FIREMEN'S employers- -con-, 
ceded that the existing two-shift 
system within the fire service 
could-.: remain, thus gmfcg- 
impetus to talks on bringing ina 
42-hour week; for firemen- 
Page 4 • .-. fi 

• IRREGULARITIES have been, 
revealed In Burmah Oil's tanked 
company transactions before 
1975;. and-MrV-Elias Kulukundis. 
has agreed to : repay £UOtfoo> 
Burmah 'Qbairman said- 

Ku lukuadis denies direct respozt 
sihility: . . / ' ~‘'.f 

-Back Page ; 

- v •■■'if: 

• ICI is believed to be cot* 
sidering postponing an £o0n>- 
vinyl chloride monomer plant st 
Wilton, Teesside. 

Baek Page 


offering a £3 -8m rights issue of 

£13.85. pet cent first . mortga^ 
debenture atnek 2000/2003 at pat, 
Shareholders are offered 
stock foe every three frdina^. 
Tyneside : Metropolitan Borough 
is issuing £7m 12i per cent stock 
lfi86_6t £99 per cent r - 

Tage'lb * \;.iy 

a THOMAS W. WARD madfe 
f 4.69m (£3-29mt pre-tax , 
the half-year to March 31 on 

Page 16 

■profit:. wa^mp for 
months to December 1977.- 
. against', a nAlm loss in^^e 
previous 12 months. Tunuwer 
4»i«s -£15.4m' (£Z3.8m). - v . * 
Page 16 

! BUILDING Society leaders had 
!a lasttnimue change of heart 
[yesterday and toned down pro- 
posed interest rate increases. 

The mortgage rate is to rise 
by U per cent to »J per cent 
! and . the net rate paid to 
ordinary investors will rise from 
5$ per cent to 6-7 per cent. To 
'savers paying the basic rate of 
1 income tax, tbe new rate is 
equivalent to 10 per cent gross. 

The Council of the Building 
Societies Association met yester- 
day in London to debate the 
previous day’s policy comarittee 
recommendation that the cost of 
home loans should rise by li 
per . cent und that investors’ 
rates should increase by 11 per 

..•The recommendation had been 
made immediately after tbe 
announcement of Thursday's 

economic package, which 
included a 1 per cent rise in 
■Minimum Lending Kate. But, 
rafter further overnight consid- 
eration, the societies decided to 

modify original proposals which 
many believed represented a 
slight over-reaction to the latest 

. Yesterday’s debate was 
lengthy and not all the societies 
were happy with the outcome, 
believing that the higher rate 
structure was tbe better option 
and emphasising that operating 
margins now will be narrower 
than would have been the case 
under the original proposal. 

The increase in the mortgage 
rate is the first since October 
1976. Tbe cost of new home 
loans will rise immediately and 
charges- to existing borrowers 

trill be adjusted in the next 
month or two. 

Mr. Ralph Stow, chairman of 
tbe association, said he hoped 
the new rate structure would 
last for some time to come. The 
mortgage rate rise might origin- 
ally have been confined to 1 per 
cent, but for Thursday's increase 
in MLR. 

The higher building society 

interest rarcs am designed to 
halt The falling levels of net 
rtrclpfs experienced in recenr 
months. Provisional figure? 
released yesterday suggested 
receipts in May were only £211m 
against £335in in April and 
l’56flm last October. 

Receipts this month could be 
dawn lo £1 5Um and tbe associa- 
tion said yesterday that severe 
nionsage rationing would have 
arisen without an increase in 
investment rates. 

li was confirmed yesterday 
that the restrictions on building 
SK'Ut.v lending, imposed in April 
when Govern merit concern over 
ri>ir:-' house prices was at its 
peak, will be phased out. 

The societies and Ihe Govern- 
nient agree that house prices are 
ruin^ less quickly and that a 
gradual resin ration of higher 
lending levels can he undertaken. 
The current monthly lending of about fSlffin should rise 
tn iwiJni during the third quar- 

By Rupert Cornwell, 

Lobby Staff 

THE LIBERALS arc actively 
considering tuling with the 
Conservatives on Wednesday’s 
Opposition censure motion to 
cut Mr. Denis Healey’s salary, 
as a gesture of anger at ibis 
week’s emergency financial 

The final altitude of the 
parly's 13 MPs will he settled 
only early next week, after a 
meeting between Mr. Alan 
Beith. Liberal Chief Whip, and 
Mr. Michael Cox. his Govern- 
ment opposite number. Their 
vote will io P3rt depend on 
whether tbe issue is treated as 
one of confidence. 

Should the Liberals side 
vvilli the Tories. Mr. Bealey’s 
salary — if not his future as 
Chancellor— will depend on (he 
various nationalist parties, 
who will also make up their 
minds shortly before the 

Whether or not the Govern- 
ment makes the is«uo one of 
confidence has become part of 
the long-running battle of 
nerves between the Govern- 
ment and tbe Liberals over 
Budget straleev. This led lost 
month In defeeis on the 
Finance Bifl vvltieh cost th<* 
Ev**iiequer over ?Sn#m. 

There i< no riisgutring the 
fury of Mr. David Steel, the 
Liberal leader, and his col- 
leagues nirr what they see as 
Mr! Healey’s arrogant rnndnct. 
culminating in bis abrnn.* con- 
version to Tiinher national 
Insurance confrihutlons. 

Mr. John Pardoe, Liberal 
economics spokesman, whose 
poor personal relations with 
Mr. Healey are no seeret, last 
night claimed that, had the 
Chancellor been prepared (o 
work with the Liberals on tax 
reform, last Thursday’s pack- 
age would have been unneces- 

Meanwhile senior Cabinet 
Ministers were vigorously 
defending the monetary 
measures taken liy the Chan- 
cellor and pinning the blame 
for them squarely on tbe Con- 
servatives and ibeir decision to 
force addition?! tax cuts into 
1 he Finance Bill. 

© Sir Geoffrey Howe, shadow 
Chancellor, told Welsh Con- 
serv atives a future ^ Tory 
Government would substanti- 
ally reduce the burden of per- 
sonal income taxes at all levels. 

f in New York 

si.x 1 >-l.<C?0 3290 , SI.-2i0.S2M 

I P.rVO.'iT.lis- O.iO'M.iis 

* ■ l.?ii-l.-u .li- I £*-■ I.K-rfii 

12 m.iniln 'll-* 1 S.SD ■!!« 


large British multi-national 
bank, has arranged to buy 
Union Bancorp, the sixth largest 
bank in California, for S37*2m in 
the British banking sector’s most 
costly venture into North 
America .so far. 

It eclipses a $300m deal an- 
nounced last month by National 
Westminster Bank for the Nat- 
ional Bank of North America. 

Lord Barber, chairman of 
Standard Chartered, called the 
decision “the most important 
development since the Standard 
Bank and the Chartered Bank 
joined forces just over eight 
years ago." Jt will raise tbe 
proportion nf the bank’s business 
in North America from five to 
around 25 per cent. 

The two managements have 
provisionally agreed that Stan- 
dard will pay $33 in cash for each 
Onion share. This compares with 
the price on the New York Sleek 
Exchange before tbe announce- 
ment of S14^. and is equivalent 
to 20 times Union’s earnings in 
1977. Last nieht Union shares in 
.Yew York closed at $26. 

The transaction still depends 
on the attitude of the O.S. regula- 
tory authorities and on the final 
decision of both boards. The 
latter involves complete examina- 
tion of litigation involving the 
U.5. bank, which caused its last 
accounts to be qualified. 

Standard has been homing in 
on California for more than a 
decade. The Chartered Bank 
founded a bank there in 1964. 
called tbe Chartered Bank of 
London, with five branches. This 
has since expanded to 32 through 
two acquisitions — the Liberty 

National Bank and the Com- 
mercial and Farmers National 
Bank. Standard also made a 
spectacular but abortive aiu-mpl 
to buy Bank of California for 
S130m just over .1 year ago. 

Union Bank, with ass-ei? of 
S4.7bn, was tbe last remaining 
bank in California of substantial 
but affordable sire. Tito next 
largest. Crocker National, has a 
balance-sheet total of some 
S12bn. If SCBs purchase yocs 
through it will merge its existing 
California operation with 
S47Sm in assets, into Union 
Bank. making Union the 
30th largest hank in the U.S. 

Union is much more a com- 
mercial than a retail bank. It 
has only 25 branches — pre- 
dominantly in the Los Angeles 
area — whereas ihe National 
Bank of North America, acquired 
by NatWest has 141 branches 
with only four-fifths of Union’s 

Standard has assets of $15l>n 
and 1,500 branches across the 
world. The Union Bank ha.-: had 
a poor profit record of fait- 
reflecting in part the provisions 
it was forced to make for losses 
io the real estate and construc- 
tion business. Both sides are 
looking for improved earnings 
this year. Standard is eager to 
fund its dollar lending with 
Union Bank’s dollar deposits and 
notes that Union’s advances cur- 
rently account for only 53 per 
cent of its deposits. 

Standard’s share price moved 
up by 5p on the news lo close 
last night at 410p. 

British banks in the U.S, 
Page 19 
Lex Back Page 

Lloyds charges 


LLOYDS BANK yesterday 
became the first of tbe clearing 
banks to announce higher 
charges for customers. The in- 
crease is less than two months 
after publication of a Price Com- 
mission report which said that 
the charges by the banks for 
handling cash and cheques were 
“not excessive" 

National Westminster is likely 
to follow Lloyds’ lead next week, 
though Barclays and Midland are 
nut expected to make increases 
before the New Year. 

Lloyds notified the Price Com- 
mission of the changes a month 
ago. They come into operation 
immediately. One effect will be 
to reduce the proportion of the 
banks' 3.4m customers who bank 
free from 70 to 60 per cent 
Charge for cheques, standing 
orders and direct debit payments 

wUj rise from 9p to 12] p an item, 
though the charge for Cashpoint 
withdrawals. 3 per cent of ihe 
total, drops from 9p t 0 7;.p. 

Tbe criterion for maintaining 
current accounts free or charge 
has been changed from an aver- 
age balance of £150 to a mini- 
mum of £100 for the half-year 

The charges relief rate, by 
which those not qualifying for 
free banking have charges 
reduced in proportion to the 
average sum in their current 
account, has been fixed at 4 per 
cent since 1975. It will he 1 per 
cent below deposit account rate. 

In practice relief rate is likely 
to mean that the average cus- 
tomer. with 60 withdrawals a 
year, is not charged if his aver- 
age balance remains above £150 
even if be drops below the £100 

Shoe shop price curb r Mg& 


THE Price Commission yesterday 
recommended a cut in shoe re- 
tailers’ gross margins. This 
would mean prices wonld rise 
more slowly this autumn than 
would otherwise be the case. 

■ The commission, which has 
toade an eight-month inquiry of 
all aspects of footwear distribu- 
tion, did not specify a time limit. 
If the Government accepts the 
commission’s proposals it will 
have to decide how long they 
should apply. 

’ The commission found that 
shoe chains, such as those run 
hy British Shoe Corporation, had 
very high gross margins. The 
average gross margin _ for 
multiple shoe chains last year 
was 46.9 per cent 

It concluded that British Shoe 
— a subsidiary of Sears Holdings 
which accounts for 20 per cent 
of tile market — was not exploit- 
ing its competitive strength as 
much as it could. 

This was allowing less efficient 
retailers to benefit from very 
high margins. It said British 
Shoe should be encouraged to 
adopt a more aggressive market- 
ing policy. The threat of a refer- 
ence to the Monopolies Com- 
mission should be removed. 

The commission proposed that 
from October no retail chain 
with ten ot more branches 
should be allowed lo make a 
higher gross profit margin than 
it did in 1977. 

Those companies which in- 

eresied tbeir margins between 
1975 and 1977 — and according 
ir, ihe commission’s figures the 
av.-iage shoe chain did — would 
< to make further cuts. In 
ib... situation, gross margins 
v f u Id either be restricted to the 
lfj75 level or. if margins had 
increased bv more than 2 per 
Ctrfi". be cut by 2 per cent. 

Eiritish Shoe would have to 
cu: its gross margins by 1.2 per 
Cv*» : t° 4S per cent. The com- 
juiy said yesterday this would 
nor affect its net profits as turn- 
ov>*r would increase next year. 

Pihcr shoe retailers were still 
17 in- id ering the report yesterday 
L-i* if British Shot* cut its mar- 
others would have to follow 

. News Analysis. Page 4 


Overseas news 2 

Home news — general 3-4 

Weew in London and New 
York ..I- - 5 

Arts page 

Leader page 

UJC. Companies .... 
World Markets 

32 Companies 19 

14 i r ^rmi:ig, raw materials ... 19 

1617 .Vwy and Exchange.* 21 

18 U.’.v, i-tock market 22 

The Schlewnger Special Situations Trust 
seeks capital growth b> invest inu in “special 
situations”. These will include smaller companies 
and above average risk securities to offer the 
opportunity nf abt»»c average rewards. 

Sinec its launch in November 1977. the offer 
price of units has risen 16.8”,, whilst the increase 
in Ihe FI A All-share Index wasonl> 4-5 r \,. 

Of course, this short term performance does not 
necessarily gho a guide to future results. 

Investment growth opportunity 

Tlit? main -ip.-js ul investment will ho: 

Asset violations -».nnip.inivs v Ik>--c a.-.cis are 
iindcr-uuliicd v>r undcr-i .iluol and itui-. noi reflected 
in I he nurhel '.alum ion. 

Kvcciktv stock* • v hu-v si tick market 
nil ing lvi% 'WcriL jvicd to uisupp-'iniing rvsulis ura. 
tlilliculi b.u.k ground. 

High Bela stocks - 1 h-» .c dock-t v.liicii hate a 
liiJi price '■ •il.i(ilii- relatin' M the »»»ci.fll marker and 
ilui'. niTcr tin. pi»s-!hiliiyofwH|Nrl'»nninga risiii” the risk of killing mote in a market setback;. 

i liilh Yield .sleeks — n facie I bore 1* Mie 
ot a re-raung. 

Stocks with potential for exceptional dividend 
grmifli • -.locks 1. i;h |»i:h Jn ijrinl oner wJnvh>liouJii 
hcnclii liom the possible rcniitiJl ofdhidcnd 

’I lie imcnmcni' will be curcfullv «c lev ted after 

dr j" ing on Schlcsmgcrs’ own research and on the 
■ research knowledge of many London and 
Regional stockbrokers. 

Schlesingers 5 recommendation 

Special situation* often involve a greater element 
of risk than the market average. According!;. . 

Schlc angers recommend that investors pines; only a. 
modest part of ihcir capital in the fund. This 
in* C'lmcnt should be regarded as long-term. 
Diviribuiions will be made on JSih Mjy and 1 81 h 
■November. The estimated gross yield on the current 
oiler price ot'Jv, 1 p is 2.59“,;. 

Remember that the price of unit 1 : and the income, them may gu down as well as up. 

Schlesingers’ PIMS service 

Investors I »f £2.500 or more »* ill receive 1 lie 
SeWc-inger Personal Investment Management Service 
I p| 'IS) which includes regular investment reports and 
jriviijiu«fi- - to meet ihe inioiment manager-.. 

General Information r« mmi, u-ci 1 *.- r.-rm r>r.«»»:ce. 

\rFI | ,. , li ,,n ■ K kn-i" lv ci’J jnJ il’Hi'h jtc- Aill Sc '4!HI ful Jilting 

} uf ’ Xh*? t- eritt .1 nJ 1 ".-U w MiNMkiI Uallv in liculin S 
li. ..i- jpcr'. onii ■. 'W'pls re'uni i.-or rfniiwit Jui'i.-i'MICl 

e nJ UK h -‘» k ' rJ>nicl>J I- lii-mi jIU jnjJe ciilnn 1 Jil ■ ■'! "'cr 

ij., i Tc r.-n-mn,«a Unwise*: An dwm ■ ' i'\ 

iH’l-ij/j m in? 1 olo rn-e A ,mra o ar. mnojl i.*;c -i 1" Tl"- 

\ \ 1 . ..i ilit i-jl. e i-i id* iixiJ l ifcJin.'KJ ir-.m m. . f J?J: 

( j T,.u:.i e.rin^<.< , "n*™ivsi«"i '’i ij-,. mu r;p.ilJ wm- -""«l 

j vri .V >« wen; MiJl.mJ Tnu CVijipjij UJ .wrtii«r-. ; h,.u, 

\i „W Ik. Mil. In II A I.'xmcjnv. vtalOBrlsi Sdik-mcir '] lu i 
*,i i-MtJ/- t.iJ-. I ' iLuxnwi aq>«r.-. L.-nJ-n W I. rtci.iw.-nJ m 
kn -U'i-'. McXnKir. ul IM l nil Tni*i \*wibllMl, Hits 

. Hu ,i aMilJfle I'j i<s»tJcnK 01 IPi- Kcpurlu .<■ Iiviar.J. 

The price of tiie Budget 
.. errors 16 

NY City -finances; 

Baek from the brink... 15 


Burmese refugees in 
Bangladesh 2 

Education: How lo get to 

Cambridge C 

FT-Sofheby art review 13 

BrMse — 

Ckca — — — 


CracswwU Prato — 

gamarafe Diary ., — 

Education - — 

. £Bteit»«aaB£ SaUe 
Finance * Family ... 
PT-AonnHoc ladkcs 


Mow tn Stcri K ...... 

Insurance ....... b 

Letters - M 

Lex 26 

Han of the Week ... 26 

M«orlaa * 

Property » 

Racing 1* 

Share information ... 24-3 

SE WMk'i Dealings 2UI 

Travel 10 

TV and Radio 12 

UoK Trusts 23 


Week-end Briet . .. . 
Vaur Savings & Inv. 

Artmltinot Ancriw 
MBudersnn America 
Lawson Kigli Yicitf 
Londnn Wall Exirn 
M & C School Fee* 
Sctilesinncr Special 
Schroder to*. Man. 


iiifl ox-liuked household 

pnlnflen 6 

tir*lf: U.S. Open previewed 9 
Travel for disabled 10 

farscL Amer. Eng'c 7 

(Cornnen*. Page lb) 

interim statement 

Thos. W. Ward 17 

Coaicv Bras 17 

-l loll. toy. . ZQ 

Case Lending Rates — 

See. Rales a 

Local Auihy. Bonds a 

U.K. Convertibles . a 

For Latest Share Index phone 

To: Schlesingcr Trust Manager.- l-id.. 

14ft South Sireer. Dor!> inu. Surrvj . 

I wish to invent £ 

(mm. £5lH.ti 

in the Sclik'-ingL-r Spcsiul Situations Trust 
.u the price ruling on receipt i»f my cheque. 

f ws-ft t o k now more ;i houi i no Sc h lc- ingcr i — 
Special Siuutiuns Tn.isl ,i:iJ see the Utoi ! 
IMMS rcpiTl. I — 

A cheque is- eitslo-ed. made pjjahle to Midland 
Bank Limned. 

I declare ifcni T am nor resident outside ilic.SJKsJukd 
Temiorie.and ihji l am not ac^umne Uic iiiui, ■■• muaea 
•if an*' pfM roidcoi outside tho Teril'Miei. ili >nu ji^ 
unable IO nt:< Lc ihisdeilaratien. it ‘hould t».' dolelcs! and I fail 
jr-’lKJtion l'nrm ihcmM then he lodted tluou.-h i yur L .K- 
stockbroker or solicitor'. Minor* vaunt* t-c leistered, 
bul aiiounis ilesicnaicd with their initials » ill he ac^pwd. 


Fin names — *- lri fuU F 


Signascie - — — — — 

• ] n the cose of a jomi applicauon all mutt sign). 


Australian calls for i Sudan devalues currency oy euecuve 

«' . 1 V£ A - . A 

Sy David White 

PARIS. June 9. 
THE INDIA consortium of aid 
giving countries and agencies 
lias given strong support for 

snore open EEC 

markets rejected 


SUDAN. FACING a serious new rate which produces an pound on the grounds that it was -dent Jaafar Mohammed Nlmain-^-It ^ • 

bal a nee-of-pay merits crisis, has effective rate of about S2.00 to politically impossible. . It -j»s, of Sodn "gMg 1 

devalued its cu Irene v by an the Sudanese ponnd. or a de\-alu- however, been introdocmg dtfier from a visit to the Arabian 

eifectivc 20 p e 7 cent. The anon of 20 per cent. measures, including a tightening solar aimed atmvertlgat^&e - 

measure, which took effect at The devaluation comes at a of financial, controls and a reduce possibility of an [o ? , , _ 

midnight on Thursday, may clear time when Sudan is finding it non in development spending, r> resolve *““*“5*,. over eWdevalt^dftSS^ 

the way to agreement with the difficult to pay for essential im- aimed at stabilising the economy, dent Sadat's peace miUanve^K ^i«Ei m atfriw3S 

International Moneurv Fund on ports such as fuel and spare parts and last week senior Sudanese, itinerary included Sauth Arab , 


BRUSSELS, June 0. 

iS GovrrnmMK lalMt THE EEC COMMISSION today nature of his comments repre- L” , ,*™^? n * 1 J“ onetar - v r “" Q 0Q 

fivp-vrar nlan and uledecd rejected Australian demands for sents something of a climbdown ba *|^ c ^Sf‘??? rinen l * s Sup £?£"hs.-: 

about S200m more in grants f„ ar ffc U marfcets f satine *the3e ^David^ Houseeo 5 ’ adds- In a been adjusted Trom ^S^to the The balance of payments defi- both in a standby 

and loans this year. ^S^nlP^Sken^in^S £ Sudenei poSndto fefiO. = de «t figure of S55tn at tiie end of Wltteveen facility. 


at l lie consortium's two-day 
meeting at the World Bank's 
offices here are put at between 
$2.2 h n and S2.3bn for Lhe 1978- 
1379 financial year. In real 
terms, this is roughly the same 
Iciei India has been receiving 
from the consortium which 12 Western countries 
Japan, the World Bank, the 

isfs&&&s£&E sssrars sxxs^'A Mras-jara _-s=rsi„ 

multilateral trade negotiations m London” today. Mn Malcolm of about 13 ^ cent. — - d — £ £ e “re* p«i- of; concent Sudanese 

our written .submission." sion for a more positive conclu- atI ° D - 

Mr. Garland's meeting in sion but warned that, failing Now the Governmen 

ucinuiucu. ouu«u ueta use « Will increase me puce - — ------- •- . - Mut fCflte.-.-'/ 

a large backlog of unpaid loan erf essential commodities such as owed In foreign exchange -by about $2.51} vnlnont-TOe* 
instalments, imports not paid for food and fuel and reduce export Sudanese customers for^gpoas mcentlve.^^- ^ ^±fe£s3&--i 

and overdrafts abroad hy the earnings in Sudanese pound already delivered. It is Relieved Sudan n°<jB : fi ecos. ■g /- ^ . 
Bank of Sudan amounting to be- terms. Most Sudanese exports, that between £S0m and £100m delicate -genon ox n smg jnawa>>... 
tween SfiOOm and S700m. accord- mainly cotton and other agricul-' sterling, may be - awaiting- trans- with fewof the .prqau^a 

ivP »nH th- LW develoMBrat Enissels over the past two days this. Australia would be forced exchange rate subsid;. 
Snmm d nil* h LN deveiopraent follow* almost a year of nego- to re-examine the “totality" of fS 0.10 oo ail transaenun 

p hp «»ave full haekinx tiation during which tbe Aus- her commercial and trading — - 

for Omprnmpnl''i stnifesv* tralians hav ? tried unsuccess- policies with the Community ... 
l! Ji K.S S J fully to obtain guarantees from Mr. Fraser did not spell out 
r .special!, the shift e* the Commission of greater access what he meant by this threat — • • ■ 

for Australian beef, sheep meat which is in line with Australia's ' 

into rural areas, emphasis ou 
small industry and the new 

vn'uniarv nrnulatlon control 1 and fn,il * ;,nd of Jess competition continuing onslaught on EEC 
IQ.Untar.l popuiacion coniro . i-nlinlrv rnsrlmlf frrim nnli/tiac Rut eorliar ho coid 

programme, being .set up on 

he rains of the previous Got- j ““V “ 
'rn meat's compulsory stertiisu- lU mJ ' 

on third country markets from policies. JBut earlier he said 
heavily subsidised EEC agricul- the Community had almost com- 

mon project. 

They expressed llieir willing- 
ness to maintain the How of 
aid despite the improvement 

tural exports. plete access to the Australian 

The talks began following a market for its industrial pro- 
joint statement last year by Mr. ducts, whereas the European 
Roy Jenkins, the Commission market was virtually closed to a 
President and Mr. Malcolm wide range of Australia's agricul- 
Fraser. the Australian Prime tural exports. 

- t j- i r-w— a— _ A i_ t I dot. L ■ Lilt nuouanaii runic iuimi camuim. 

m jndias foreign exchange ] Tiiinlster. recognising the need Mr. Fraser was speaking after 

position. re . , I for co-ordination "in certain talks with Mr. Callaghan at 1 

„ bilateral problems. Downing Street. He is also to gff& v tf * * * 1 ^ 

1 ,f> hikh t ! oll * n I " d, “* Mr. Garland made no specific visit France and Germany as -W . ■ f&Lt, \ 

foofl_ snnii tochs. ana | threats of retaliation, merely say- part of his campaign to obtain s 

fore.gii i resen m, boosted to ing , bat un | ess the EEC adopted during next month's multilateral WWBig^t: ' 

‘ 3 inrfiTn more realblic policies Australia trade negotiations in Geneva tbe 

n l?i!L l f. >ICV ^ n i n il^Mf «„ in fSp I would be forced to review its concessions on agricultural pro- 

_ cmpl0Jca i import policies. The Australian ducts that Australia has failed to 

3, L." e f Cabinet would discuss the matter get from the EEC. 

Tiu* reserves no , w .„ c _ 0 n \5_ ; next week, he added. He believed that Britain had Chairman Hna Ku 

about 10 months ol imports | Thc , ugh Mr . Garland is a junior been helpful in arguing „ 

aDpr cropping (o the ! minister, and therefore not in a Australia's case in the Com- 

lent of luo {" onl l? s 'position tn initiate threats, it is munity, as had some other 1 #1 V I.SiQlj 

immediately after the 19«S o. ( generaIlv /dt that the unspecific members, including Italy. W1UIJ 

crisis. While the current level \ 9 - K ** “ • • 

is not seen as unduly high. 1{[1 ff 111 TIP 

In lhe licht of India's needs. -tr • r» j r » i« • AAB V/lUXJV 

2:, kM; ,.-k Life expectancy ‘at limit’ armv p i: 

• r A^?ru!r5.XSi- ^ JOHN W.CKS ZURICH. June 9. " “ " 

supported Hie Iiidhin Govern- JthE UPPER limit of life expectancy may also be observed thf i.wai'f ** . 
' raoves 10 llhora - lse im “ | expectancy may have been among higher age groups. rficnhoHiaL a 0 ? 

,,or,> * ‘reached in a number of indus- Swiss Reinsurance, which fore- ,- a . r 

! triaiised countries, according to casts that life expectancy will f_ pet A 0 * i?Jr ers ..* 

--7 ja study prepared by Swiss increase in developing countries. # eQ lu 1 ° *,1 

Huang Hua Federal Government to sue 
Sovtet 1 role Exxon for oil ovei^ei<|g:|fg||^ 

• 17 BY JOHN WYLES - > NEW ^OHK^ J . 

Ill EHrOpC iTHE FEDERAL G0\ r ERNHE3ST 'cuities in identifying purchasers Energy AdmioistrataoiL 

^ ^ J . I is suing Exxon Corporation, the of the oil- ^ 

By Our Own Correspondent i worJd - s t pe^eum pro- Exxon said today the' Depart- ^ “ 

THE HAGUE. June 9. during company, for SlS3m ment was responding to the. suit I V V. 

CHINESE Foreign Minister Mr. wluch allegedly gained by the company filed rw° monlhs doS0d ^a.: otiie ^ npened,^^ .:]'' - 

Huang Hua strongly criticised | fS 1 ® «flr* ltS orI ^ a ®° that tiiere would be soroe.!atitode- 5- 

Soviet intervention in Africa buti 1 ™ 6 ® 11 I97 ^ 1113 19,s - . menYs Interpretation of the re- ^ appiyujg^uev^ 0 ii w pricefc ' - 

warned that Europe is the focus. The suit, filed by the Depart- EUJanons. The case against Exroir. is th«i- '.-.•i' ’. 

of conflict between the two super- j ment of Energy in a Washington Exxon has pointed out that the result of ■ an 1 auditing'--, drive. '.'^T' 
powers. j DC district court yesterday, took pricing policy at its .Hawkins launched by - the s l^epartjrient:- i 

He was sneaking at a news i Exxon by surprise since; it Field was thoroughly investi- which afms to conduri^ intensirv ~i-: 
conference during a four-day ■ expected the Department to piir- gated by the Energy Depart- fled. audits " of '3S other large dit . : i 
visit to Holland. He arrived sue the case through administxa- meat's predecessor, the Federal companies. ,. ,'-.^^5. . ; 

Trom Zaire on Thursday and flies J tive channels. .-' V ' ' ' ’ " ’ Uz-.-' :■«« ~:-V 

to Turkey on Sunday. j Mr. 0. L. Luper, a senior vice- •/ - "i 

Commenting on his talks with! president of the company, I ATI OrP^ITlPn WQfTI ■p Plf T -5_ 
Mr. Christoph van der Klaauw, | strenuously denied the charges V ^»3iJlUVU TY C1XU - jrt 

the Dutch Foreign Minister, Mr.] today which first emerged six - BY qayid BELL - - . w ^smim TOW-^y.^.t'i k|) 

Hua said both sides were of the ! months ago in a “ probable viola- ... " .'VI V 

view that Europe was the focus jtion'’ notice issued against THE CHAIRMEN of both the tiohs between Congress and lhe ' i * 
of contention between the two Exxon. . House aud the Senate Banking Federal Reserve for years to ,1 

superpowers. Most of the Soviet th- n»nartnTPnt'B mnn Committees have fired the first come.” Relations between' Mr. . r - 1 ' 
1 :.; -j r in ^ J^eparuneoi s move is — .,1,1 um.. j e 

- . -• y.i~* • Vv?vt V fl 

■ ' ^ y ft .'I . - -i »• 

generally felt that the unspecific members, including Italy. 

Life expectancy ‘at limit’ 

Chairman Hna Kno Feng 

in Chinese 
army elite 

Congressmen warn Fed 

t> Cfc /ii' 


Reinsurance Company. of attributes the deceleration of nfdil Ti!- tar ; n_ The Soviet Union 

Zurich. Further medical pro- life expectancy in industrialised 1 Tho - w S C j w . detente, disarmament 
gress. it is claimed, will lead countries to “ civilisation j lten . , ^Ir ciliation but this was ■ 


to so 


country to expectancy rates in 24 countries I . p0 P^9 a 

111V JUV1U V- UIIHI piwuicu , m priClnS new oil and Old “T“ — ^ * — ' ,. .7,”- \*r 

■tente. disarmament and con- ioU imder a two-tier price system l 0 ,™ uwnat on the reserves never have been appointed to thb 
iiation but this was only being! introduced in the U.S. after the | eld b y n L ember banl “ wlth ^ be ^ 0 L ul 1 , tl, . e , fcst - - n- . ' -! ■ 
me to divide and isolate the 1 increases in the world price E ederai Re ! ervc sy ? t ! m - , Ti ? e . T ?e Fed is expected tepobWh,.- ^.:-- 
untries of Europe so that it of rii in late 1W3 Fed wants t0 P®»- mtere ? } n b Y the end of the ? month, plaflj-, f K ‘ ■ 

uld attack them one bv one J. „ order to prevent more banks to make itself more attractive to > T-- 

r Hua said ‘ ' The Department of Energy leaving the system. Mr. William member banks. It wdti rpresuih.-: -% . . 

Soviet expansion in the Middle alleges that Emcon charged the Miller, the chairman, said this ably make . j£ clear: .whether it ' r 

expansion in tne Minaie n A«. nnpp u/VnMi U»a ahnnt hA JU nAt tkmb 

TOKYO* June 9. Mortality of younger age for men. The difference in life i" [rjiiJ™ * it r tance il hor^d to encircle 
JAPAN'S ECONOMIC Planning ! sroups has “ greatly increased " expectancy between the sexes market 'dea f y black Western Europf Tbe realisation 
a jiae cniri sinne n f rc- I as 3 resu,t of accidents in declines, however, with growing Ti!r c ^ ' of the daneer of this strateev 

cov^ are jSWli many | ? ™ y -I ^ialijed gjy --M/tn &2%>%Sg. 

****** . of (h ^ economy. ; Sou*!? a boating or eJen of° lSwe™ a?e Voun? than fo? w «rfc was underlined by the fact Tir China believe, he said, that 

cf though unemployment has , JJJunln- <5elopment of life women of the same P aee ctouds f ha S U was addressed by all three Western Europe wished to see a 

hoi improved and some indus- Qecunin ^ aeveiopmeni or lire women or ine same age groups. i eadin2 chinesp statesmen strong China to cope with the 

not improved and some indus- 
tries arc still suffering from 

Us monthly report said lhe 
Goi eminent will continue to 
slimnlaie domestic demand to 
consol iriati* the recot ery and 
?>u; I hr economy on the road 
to siahie expansion. 

1: particularly welcomed : 

She 2.4 per cent rise in real I 
gross, national product in the i 

Nine Russians 

for bank fraud 

EEC closes 
zip fastener 
prices probe 

Chairman Hua, vlcr-chairman Soviet threat. China w ™ *in| ‘DvillC U S merchant Progress with 

“suizWE™ a S much ssp' r&sr r a u e?e,s ", fleet must he rescued’ Skyl b 

prominence to the need for dialogue with Third World AJ-VV'l UIIlOl AJV IVJVUL-U )TI9nnPllVfAC 

modernisation as he did to counuies. Mr. Hua said. ’■ PiRFirq T,mp q ,ulvvun ™ 

political work. Turning to Africa. Mr. Hua BY ,AN Hargreaves June ». HOUSTON TEXAS June 9 

inference discussed a wjd China congratulated the ; WA RNTX G of tbe possibiiity that operators in 1976 represented a AMERICAN scientists today com- 
Arm?« I ? eit f Thtc a H ^, r !“a major activity-of the Ameri- substantial portion of the U.S. pleted successful manoeuvres 

1 u T h r S was ma £! P 0 . 551 ^ 0 can domestic economy” may die, balance of payments deficit with the Skylab space station 

. , i .- il: _ . • , * . - , I . - - - . , « uvuitjut cwquiu; ****** vtv, uauiuw ill HUJ uilu miv* mu OMat-c 9U1UUU 

Common Market Correspondent defined the anrf S ^S? i r i 0 fr 2?liS uft ^ii I, SS? a senior United States Congress- which was at the root of the and said that if -another test 

I main task for the ai m> as main- and outside Africa. China sup- man ca ji e{ j today for cargo country’s economic difficulties, tomorrow - 

i: imrucujany nvicuuivu B rjayid Satter . . i*ywn. uy rue Director Ot me ^aire people aoa army 

tii<- 2.4 per cent rise in real I 1 By Guy de Jonquiercs, Army's political department. Wei victory. This was made 

gross, national product in the { MySCd ^ \\. June 3. Common Market Correspondent Kuo-i^hing, which defined the by support from countri 

first «iuarler. adding that the JA TWO-YEAR investigation into main task for tbe army as main- and outside Africa. Cl 

mining and industrial produc- r a If-m rouble (more than S-rai HKUbbELS. June 9. taining the party's leadership ported help for Africa 

lion index, which fell 0.5 per ! bank frand in the south Russian THE EEC Commission has and improving its combat capa- sources provided it was 

cent in April, is likely to in- ! ci; . v ' °f Krasnodar has ended decided to close its far-reaching bilities. It covered six points: the respect for Zaire's sot 

crease by 2.3 per cent in May. ! with the conviction of nine investigation into alleged price need to continue the straggle and territorial integrity. 

The production index is swindlers to 15-year labour camp fixing and abuses of dominant against the disgraced Gang of China has agreed to 

expected lo increase by 2.0 sentences. positions in the European zip Four, to choose future leaders to its aid agreement with Zi 

per cent in the second quarter Tb* report of the sentences, fastener market It is satisfied understand that modernising two countries alread 
of 1978, down from 23 per and of the swindle was carried that the alleged violations of does not conflict with ideology, to accords on economic am 

cent in the first quarter, hut in a recent issue of the news- competition laws have ended. devote sufficient attention to cal co-operation undei 

up from 1.5 per cent in lhe paper Sovetskaya Rossiya. which The investigation was launched military training, to work hard China is providing an 

fourth quarter of 1977, it said, recounted how members of the following a complaint by and live plainly, and to set up free loan to Zaire. 


PIREUS, June 9. 

Progress with 



and 'abuses M.E5 auains,'” the ' ’Sace/ SSrS “OT prolong Congressman John Morph*. fiSE^lKf ^SV^rSdTKdTwn 

!“°" J". J- h . e »!? *M* "*«»• .">• conc_e5t P had on two o^ its. g^oseo,^ wSS 

up from 1.5 per cent in the paper Sovetskaya Rwsiya. which The investigation was launched military training, to work hard China is providing an interest- Posidooia shipping exhibition Today’s conference also saw **>_>.’* 

founli quarter or 1977, it said, recounted how members of the following a complaint by and live plainly, and to set up free loan to Zaire. that a reversal of the decline of f ur t|j er exchanges between Greek the ttutifed 

Thf> main reason for the pro- gang who worked at the local Yoshfda Kogyo KK fYKK) of an examination sv«t©m and en- Reuter adds from Peking: the American merchant navy s fij powaers London under- comniPtP?v^rtwa^!-n?2 a f..J a ^^!f 
duel ion rise has been larger branch of the state bank and a Japan, the world's largest zip force discipline strictly. ' China launched a further attack was . essential for reasons .of wr jt ers over th e Question of add »- viftinc SU ^ * ,r0h 

Government spending, while factory run by the Soviet Asso- fastener manufacturer. and Several important factors tonight on Hanoi's treatment of national economy and security, tional premiums on'careo insur- nn«,p? h, optimum 

demand for consumer durable ciaticm for the Blind routinely covered the activities of more emereed. One was that dissen- Chinese nationals in Vietnam, In the first nine months of last ance f 0 _ vessels over 15 vears of an^ ntv. IDr "ft C ° nil !!S U 'V IIM 

goods has also been increasing obtained generous bank pay- than 40 companies with aggre- sion continues within the 4nny announced a partial cancellation year, the U.S. fleet had carried a „ e un( j er certain flaes. ini? er _bmrials at 

and electric power generating meats for goods tbe factory gate sales of about £I30m. leadership. The party's control is of its aid programmes and only 4.6 per cent of the country’s ^Meanwhile a severp hinw wan Kafn JODDSOn Centre here 

and other non-manufacturing never produced. It focused, in particular, on tbe evidently not comnlete and the rejected a Vietnamese call for seaborne trade aad matters had apTi VPPPd hp’rp tn dav tn * -■' 

industries have been gradu- The Soviet Press publishes relations between Imperial Metal main task seems stilt to criticise talks on the problem. been made worse by recent nflV jj. n u™ nF c ine Aeronautic und- 

ally expanding capital outlays, little .about Soviet crime but Industries (IMi) of Britain and the Gang of Fnur and LiiUPiao. However, diplomatic observers bankruptcies among U.S. ship- *■ t f in S ^ »>Pace Adminlst^ton..: (NASA) . 

It said. fragmentary evidence indicates the Gennan-Swiss group, Heit- chairman Mao’s disgraced late felt the tone of tonight's state- ping companies. * , ar „ u t v ° D l -onginal, iy had Chought Skylab 

Both wholesale and con- that petty thievery and minor mann. which until their recent heir. ment by the Foreign Ministry in These signs heralded “the chronicali* deorpMort^flic E1C wo 4}“ reB,aiT1 a vstaWo orbit 

sinner prices have been stable, swindles organised by handfuls merger were the two biggest zip Another point was that fhe Peking was more moderate than death of a major activity of the tiIIm Lrwwn sJnHinjiH until at least \10B4. However, 
it added. of co-operating individuals are fastener manufacturers in the armv leadership leaves much to. previous comments carried in American domestic economy" v *u n sclen tists disco vered .recently the 

Reuter rampant. EEC. be desired. tbe Chinese Press on tbe issue, and the $0bn- paid to foreign flag proposea J ;. be £i an t craft . could fait hade to 

cartel to list freight rates for -originally had thought Skylab 
■large oil tankers from their would remain in a \staMe orbit 
chronically depressed levels. until at least tbr 4 Unu«>> r 

swindles organised by handfuls merger were the two biggest zip Another point was that fhe Peking was more moderate than death Df a major activity of the T-ilk* ^erween^ql'anHfn^iri UT1 - W at , ® ast 1BB4. However, 
of co-operating individuals are fastener manufacturers in the armv leadership leaves much to. previous comments carried in American domestic economy" ♦S n sclent ists dfcco vered .recently the 

rampart. ‘EEC. be desired. the Chinese Press on tbe issue, and the $6bo- paid to foreign flag b ^° b0sed ‘ be Eiant craft . could fait hack to 

: — -7 5hiL me £2?“% JB- - -*o » m *W- 

be desired. 


ving one problem with another 


THE 150.000 Muslim refugees the country's socialist economic jV, 
now sitting in squalid camps near plan can be methodically imple- 
the border with Burma in the mented.” X | 

very south-eastern corner of Viewed from the banks of the r* nM 
Bangladesh represent both a local Naf river which forms the border V, BA 
and regional problem. Io all for its last 50 miles before it ^MGC 
likelihood they are a mere van- reaches the Bay of Bengal, the 
guard of what amounts to the Burmese explanation sounds 
expulsion by Eurma of the very weak: The refugees walk in 
Muslim majority of about 1.7m, groups up from the river, possess- 
in the Arakan state bordering ing only what they can carry, no 
Bangladesh. It is the greatest more than pcits and pans and 
display in the region during small tin boxes containing minor 
modern limes of force to settle treasures. From amongst these 
the problems created by tensions they wilt produce on request the 
between tribal groups and central faded document that indicates 
government. that they have nght to Burmese Baj I 

With 0 is h, significant ethnic 

minorities comprising more than hofJ / es by Burmese soldiers, some 
a quarter of the pupulalion of of y 0ung raen and women 
dm. and with over 100 languages being taken away for slave 0 
spoken 1S wi the labour, or in the case of the 

example of this problem, which wom eo as enforced camp 
is shared by most other countries f 0 u 0W ers set ,n I 

in South East Asia in one form Men w fi 0 say they ran away sharply. 

Dutch Government 
proposes tougher 
austerity package 

three largest Greek tanker Router “ ‘ 

owners, ended without agree- 1 

ment on Greek participation, ~ . 

without whom the plan has no ESZEH 1 * 
chance of success. 



Baj of Bengal 

i HUMUUtr 

the coming of the refugees is a QUCT Dpi W TICIOHZOfTO 

result of the backfiring of Dacca's £111)31, CM. lit 
attempts to look after the Muslims «/ M. 

ipe* "he™ Sld”sh was^tui BY CHARLES BATCHELOR AMSTERDAM. May 9. 

East Pakistan, before 1971. The the RESTRICTIVE package years are the reduction in the 
Mujahid movement m the tQ he ua veiled by the share of incomes In national 
Bu i? n j iSe 1 A’‘ ak “ n state was sup- D utc jj Government next week is earnings 80 per . cent from 
ported clandestioely. likely to be tougher than that present levels of more than 

During a treason trial io Ran^ envisaged by the previous 92_per cent and the bringing of 
goon last year in which four Cabinet. In an apparent attempt price rises for Dutch goods below 
people were sentenced to death, prepare his listeners for a those of Holland's competitors, 
three of the accused as well as tough dose of restraint Mr. This must be achieved by 
the public prosecutor mentioned Frans Andriessen, the Finance beeping increases in taxes and 
the name of a Colonel Amin, the Minister, warned that the pain- social security payments down to 
Bangladesh military attache in ful effects of the measures would a minimum. This does not mean 
Rangoon. Apparently, though that be felt tong before any economic there will be no increase in 
is not clear since reporting of the improvement occurs. public sector spending but the 

trial was bad. Col. Amin was said Th , f pconQ1T .i P totals for the period up to 1981 

to have exceeded his brief of f JjJasts which a re also due lo ? ust b l several bmi ? n guilders 
s?ute e WhSer^e 0 ^ be announced next week show W3S earJier thou 3 ht 

actually encoiiraging seccssion, or HS* JJ* D J?!5 • Two major Dutch banks have 


1 1 >.i 






: A 





fosSd by mostTherTounSes f w 0 ltewirs. Ca “ P in they will deteriorate very ^TSJSt ^ "year. *ttr“ 

in South East Asia in one form M P n who sav thev awav sharply. weapons as commonly rumoured Andries * told th e innual SSl-Pffi ‘i?" 1 ! mte ™ ation al 

" rsftffi Bangladesh wants the refugees 

of refugees into Bangladesh, for SSj H la their backSTfroS whips! tike^ ^’Sf'uSSTVey Bangladesh's hill tracts prob- made in slowing 8 the rat^of ^uiSSSPg' 

the moment overlooking their aod lD one case, a bayonet wound 2m ^ genuSely pS!cdSi£S - em W a e v ^K Cn 00 the aB ^fi d wage rises to an estimated 7 per Minister of FinaSe in tbe lilt 

individual plight and the extra tn the arm. A doctor in the make- Presumably Eire adeouate i5S V, e of , ^besmen resenting C ent tbis year and cutting infla- GovernmenL to tee^ baak’s mS 

strains on the counties shift clinic set up for the ^"TuS W loW by men frora ^ tion to 4 or 4J per cent further a^ngB^d 

resources might paradoxically refugees talks of hundreds of S Rangoon emphatitSS E lams ' Some *?“?*• encouraged considerable improvements must Dr Dui^enberg. 42 will 

Sroi tern te ul^areT'iltebtly ^HSrSffWS 1 - BK thESSZj pSSS^flS ^JThave bro^ht^bo^a be . become aSS R^obaSi 

promein in ui . area . iignuy abortions. The Unim is open to putting the number at 100000 ^ a S^s. have brought about a Tjjg Governments financing top management in August and 

north, the chittagung hill tracts- SD nie doubt, however, especially rather than the Bangladeshi esti- st ;Jt e of ^wlessness in the district deficit' must be gradually become a member of the manage- 
Neither Dacca nor Rangoon as. although some refugees tried mate of UDwards of ">00 000 are wa ®, P^^^larly bad m reduce d to 4 per cent of national ment Board from January. His 

officially see the problems repre- to cross the border in March. fS?e whS^ 19 75-77, and still requires regular income from^g ioTBC3sX i eve i decision to resign S a Labou? 

J Henry Schroder Wagg & Co. Limited., is one of 
Bntam's largest and most respected Merchant Banks. Our 
experience and skills in world stock markets are such 
that many leading companies and institutions enfrust us- 
■with the investment of substantial sums of money on ' 
their behalf. 1 

Private investors can also benefitfrom our expertise 
^ our Unit 'Busts. There are four Funds 


I nvestm ent objective— capital arowth. 


J hye stment objective-income growth. 


Inv estm ent objective -to participate in the steady 

e <7fTnorn ° g 

Investment objective-a balanced fund seekina 
income and capital growth. J - 

lb find out more abeot having Schroder Wagp mananw vnnr 


officially see me problems repre- to cross uic uuraer in Marcn. lhose w hose papers were iacor- .w income from the forecast level decision to resign as a Labour 

sented here in such terms, most have come across in the rect or w u 0 ,L re iroubleraakers 50 j ties b ^ t tbe Bangladesh police 0 f gj peP cer ,t on a caS h basis, member of the Lower House of 
Bangladesh considers the Muslim last six weeks. being sought out bv the Burmese a ° d army c °htiol it. f or 1975. it will try to maintain Parliament has clearly displeased 

refugees of obviously Bengali On a sunny day conditions in i_ w enforcement agencies In tbe v,iow of s om*> Bangla- the real purchasing power of his party. Opposition leader Mr. 

extraction known us RohingyaS the refugee camps that have been s ' deshis. eventually lo settle the the so-called “modal'’ worker, Joop den Uyl. who brought Dr 

to be the. victims oF racial perse-, set up several miles down the The Dacco government says it present Rothingyas refugees earning around FI 31,000 Duisenberg into his Cabinet in 

eution. Burmese diplomats claim road do not appear niuch -worse does not want to assimilate them, among the tribesmen of the hill IS14.000) a year and. as far as 1973. made clear in a letter to 

that their Government is “only than thoK or local villagers who but informed observers believe tracts, in sufficient numbers to possible, of the middle income the former Minister that he 

carrying nut a census enforcing also n ave no roper sanitation that they wUI eventuaUy be squash any adverse^, reaction, groups. should have waited longer b%fore 

the Immigration Act and the wid S"®* 1 drinking water, settled in the Chittagong hill would be the stablest solution to The corner-stones of Govern- moving from a Cabinet position 

Foreign Registration Act so that But wnen me monsoons really tracts. The observers believe that tbe problem. ment policy over the next few into private banking. _ 


Member of The UnitTmst Association. 
Not applicable to Eire yv^, 


Saturday- Juae- 10 1978 



n eedc. \ 

•' n gfc ■■ { 

‘ ?«is: | 

-C W: ! 

«* <4 


? ESOu . 



‘>oefr r 

r! ^ 



Bank official convicted 
of dollar premium plot 



Sir Monty seeks bipartisan 
policy on State industries 


IN' AN outspoken attack nn down the leaked Ridley report. Accountants annual conference 
Government handling of the He said that neither of the main at Brighton, was particularly 
nationalised industries. Sir JVIontv political nartie* ivould ever bring critical of Ministers' absolute 

RY tfrry nnhcwABTK » . 7 ««reu « u«c um receive a report on me case, in But the jury, arter being out nient of an unmuasman to Keep Qence mat me same corporation uisier or iur«ign pousj. 

.... _• yesterday with the con- which the Crown claimed that for nearly eight hours at the the peace between public sector as bedevilled nationalised indus- ought to have it for nationalisa- 

~ . ~ ; AIr - ■ 1 °ou Martin a group of people hoped to make end of a two-month trial, found managers and Government tries was now hampering the tion.” he said. 

BBITISa . UEYLAND is loottihE 2* »?* > a ^ s P e . nded Banli more than Elm by seeking dollar him guilty by a 10 — 2 majority Ministers. private sector. So he believed The Select Committee strue- 

for new group headquarters in ■ official, on epn- premium rebates on fictitious on both charges. Sir Monty, former British the nation would have to make ture of the House of Commons 

London to take the place of its Sp /f? cy rtarses - securities. Sentence wiil be postponed Steel Corporation chairman, cited the public sector work. showed that politicians could 

offices in. MaryJebone Road and , , e , , investigations were Bogus letters were alleged to until later this month. Solid- recent senior Conservative But Sir Monty, who was speak* come to some consensus OH great 

*gg ea p «» Treasury in early have been provided by two tor* for Mr. Wales indicated last shadow Ministers’ efforts to play tog at the English Chartered political issues. 

The , proposed" move' follows i ate l££ en c . 0V< T solicitors' firms to corroborate night that they were consider- 

seven months in which Mr ^ otla na Yard and City Fraud the claims. Mr. Wales was mg an appeal against the 

?* ic S ael Wwta, British Leyl J ^ ffipers . ,e d by Det*SupL described as “ a man in the conviction. 

V»2“.s. . chairman, . has run ihe fvTnnniii araeS Det.-tnsp. Pat Bank” who could help the con- The jury convicted Mr. Leonard 

-T’-r-.Z aas run me ( Cunnnllv ’* *««* who cuuiu neip me con- iue;«r/ cuuwucu .ni. m.«ihiu T ^ 

motor^group from a small suite rK spirators with details of the Ash. 39, a panel beater, of Nor- JLi MUW lit 1. C-X-F i CilllvC 

of. offices in Nuffield House ! m, ■ , o{ Huot Mead a ° se ‘ scheme. manton on the Wolds. Notts., 

Piccadilly. ’ p.islehurst. -was accused of con- of conspiracy and forgery, and _ . 

He -estaWisbed himself in this p ?°^ e Routine Mr. Adrian James, 32. a solici- -4 X%sw-h-m MnTTVMAvtrn 

building, well away from the ! mmufif’ Q 19 'J! t nd 10 °» tain _ tor. of Bray. Berks , of furnishing HlOFi ^FllS 

former headquarters in Maryle- i f ls honestiy from But one of the group was a false information under the ImM.V'JLS. M.U.VF.I. i&lll iiiV/Rm 

bone^ to distance himself from dU “? orlscd dealers in investment Scotland Yard informant and Exchange Control Aet. . 

the policies of the former man- cu !| en ?> , .- the project was “nipped in the They will consider their ver- BY-MICHAEL Cassell, building correspondent 

a semen t. , ne joined the Bank of Eng- bud” before any money could diets on the two remaining _ 

There is no doubt that this lantl m 1S,S ‘ aftM- hi j ° ational be obtained, counsel said. defendants, Mr. John Robson. 57. MORTGAGE rales could be Societies’ Association. a month less. The GLC will be 

approach was resented by some I f er .V ce ir 3fI w '‘ vas! i nov , *5 2965 Mr. Wales denied that be was a commodity trader, of Hutton, coming down for many Lon- A scheme has been worked out writing to all eligible home 

of the established Leyiand ! .v. Cha u Se t Contro Deparl ' invol Y ed in toe plot and Essex, and Mr. Reginald Atkins, doners, in spite of yesterday's in co-operation with the Abbey 0wDcr5 sen j n .. our the offer, 

executives, but the Edward^' • ^oerc he became a super- explained that he met with three 50. a company director, of Soli- announcement at more expen- National Building Society and “ 

team believe that- it helnpd to mtfi adeat signatory at 18,840 a of the alleged conspirators bull, Warwicks, on Monday. sive home loan*. will be considered by two GLC T ® February, the Nationwide 

establish the urtnelhuT That The Greater London Council committees next month. Mr. Building Society- said it intended 

radical changes would be pushed is proposing to adopt a scheme George Tremlett, leader of the to lend about ISm a month to 

through. under which about 5.000 families council's bousing policy commit- people wishing to make home 

With the main lines of the LTiS i jl 1 4 1 - ■« living in the London area will tec, said: “This is possibly the improvements and to people 

hew head office organisation nnw ** 7 nVAI/Al* MflRMA#! be able to change their GLC most important breakthrough yet wanting to replace their Sxed- 

Sr r JT 111“ 1111 UUmi OrOIVvr USlOlcQ * fixed rate in the relationships between the rate local authority mortgages 

Edward es is brinitine foppThlr © a/A VfAXVA of u pgr cent— for a per GLc and the building societies, with ordinary repayment mort- 

his own staff with -what ^ wt XToncrtROKSTi ^„ cea ii r«UT» „■ . . . . , cent loan at the new rate recom- Under the proposals, a £9.000 gages at rales recommended by 

ZJTS. SS'fo ?*Se iUZ* IS?S?-I3S mend£S - by 110 Bu, ld , ng ho me .oa. wm co St abou^ HO ri,e Am* *-. 

t reorganisa- the foot of Beachy Head in mem of Trade, the City police were promoted in the shares of 

*nT I “awning March, has been named as “the and the Unit Trust Association, these companies at various tioies 1% J _ T iianc fonoo 

Sg3>^u ss sr more ^OTjsjsssfswfs ^ -js, s^&ss ;^ oul - Machine tool orders rise Luca ? tac f . 

« by SU 4 1 S't™1: K « “ NNETH 1NDU — ^.es^d»,t sanctions trial 

aS ~, ey ^ and House. The Stock Exchange Council soli dated Plantations^ Knott Mill, ible for dealings which appear DEMAND for machine tools early part of 1978. according to Financial Times Reporter 
wiihiiTa vofr ^K Vie ! sa i lc i kestorday that it had -com- Swan Ryan International. U.U. to have been contrived with the from the homo market remained Department of Industry statistics. rm Vn pOMPWlFR in the Lucas 

hf«2SlJ C * lpt * t Rleted preliminary investiga- Textiles and Wearwcll. purpose of affecting the prices buoyant but the intake of export By the end of Februaiy the in- 7 n dus trtof motor comoonenJ 

are expected to be modest tion toto dealings m the shares The Stock Exchange claims or these securities." • orders was falling dunng the dustrv had worth of ^Sp are to "o for trial at 

• I orders toe books 3 per cent X yle J bury crown Court on 

_ •_ .• •••„ UP on the previous three months chan?es of breaking Rhodesian 

Polaroid: now all the world’s a screen 3«sssa 

• maintain the industry into the CAV. a Lucas susbidiarv manu- 

1 BY DAVID WALKER autumn.' factoring diesel and fuel injec- 

• ■ The statistics, published in 1 km systems, face 13 charges 

POLAROro^S. Polavision Instant year and went on test marketing according to Dr. Richard Young, and projectors sold last year, above £100.” declares one major Trade and Industry magazine involving goods worth £15L403 

movie system is moving out of in California in October before President of Polaroid’s interna - almost all of them imported. UK dealer chain. yesterday, are m line with the under section a_(L) of toe Lus- 

Ihe U.S. on to the world market Soing national in the U.S. tional division, the company is With a silent movie camera Polaroid has been working on recent forecast from the toms ana excise Act. i9o~. 

Seen in Eurbnp' far the .first 2t consists of a lightweight, “very pleased” with the way available at upwards of £30 to adding sound to its system but European machine tool makers — The charges allege breach of 

... _- 4 _ -in « conventional-looking- camera, an sales are going, though it remains £40— against a likely £130 for it is said to he up to two years including those from the UK — the Rhodesia United Nations 

-mne at an intern anon ai tress gmm g] m cassette and a play- stlent on actual market size. the Polavision camera alone away. Nonetheless Polaroid that orders should increase by Sanctions Order (No. 21, 1968. 

"launch m Monte Carlo over the back viewer similar to a portable Tb e launch costs outside the though it cannot he used claims that toe lack of sound about 7 per cent in the first half aD d concern events alleged to 

- past two days, the system makes television, with a 12 inch screen. U.S., Dr. Young said in Monte separately from the viewer — and should not deter potential of tots year compared with the have taken place between Feb- 

its public debut this side of Tl| e hardware is' made for Carlo, “will be in millions of projectors available at much the customers: it will be focusing its same period of J9/i. ruary. 1975, and June. 1976. 

the' Atlantic at Photoknia. the Polaroid by Eumig of Austria, pounds.” About 40 percent of same price, the instant movie advertising on the simplicity of ln the three months to the Aylesbury magistrates have 
big Cologne photographic trade one 01 * Europe’s biggest manu- Polaroid's business is outside the will be relatively expensive. tbe system and the absence of end of February, new orders also committed three individuals 

fair in mid-September. facturers of photographic equip- U.S. and Dr. Young expects Likewise the film cassette at a any need for elaborate arrange- from th « hom v., niar £^ rc,se on similar charges. Mr. John 

r*. v , j w j ment, with the film cassette made Polavision overseas sales to probable £6.50 for 2 mins 40 ments for viewing the film, hope- * per cent to £S0m. This was Edmund Maund. CAV commer- 

b y Polaroid itself in the-U.S. reach at least the same propor- seconds of playing time compares fully creating a new market. partly offset by a 30 per cent rial manager, faces two charges, 

“ The California test launch was tion within, two to three years, with about £4 for normal Super- At the same time, it sees con- fall in orders from overseas Mr. Thomas Graham Lock, dtrec- 

expecien^jo. seii ai a rracnon not; problems. r : -: After In the UK, Polavision will eight movie film lasting three siderable commercial and scien- Compared with a year earlier, tor and general manager of 

under i4W. ... . - three months the advertising come on to a market for cine minutes. tifle applications for Polavision. the Inflow of orders from the Lucas Services Overseas, faces 

At \j^. 
UJli j{ 
'. l ? rs cnill]-' 
•u wbi*i 
1 coulu 
J£? nel jjj 

r-riew. ' 

: *on is |h. 

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“ Joreas- 



WJC ajirscu diuis uuil, rrai WICKS, UU iauuua>. Sivr - . . 

The Greater London Council committees next month. Mr. Building Society said it intended 

is proposing w adopt a scheme George Tremlett, leader of the to lend about ISm a month to 

under which about 5.000 families council's housing policy commit- people wishing to make home 

’■*”?» j il w m -m -m -m living fn the London area will tec, said: “This is possibly the improvements and to people 

1 s ^ nyAlfAl* VinmAfl he able to change their GLC most important breakthrough yet wanting to replace their Sxed- 

JL if liy ii |l| (IKCl 8B^3ilE«Gl.l mortgage — costing a fixed rate in the relationships between the rate local authority mortgages 

Q ^ jj pe r cent— for a &i per GLc and the building societies” with ordinary repayment mort- 

. cent loan at the new rate recom- Under the proposals, a £9.000 gages at rales recommended by 

nine companies and had that it has uncovered prrma mended - by the Building home loan will cost about £10 the Association. 

Machine tool orders rise 


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Lucas faces 
sanctions trial 

Financial Times Reporter 

,L - "view due. said yesterday that it had -com- Swan Ryan International. U.U. to have been contrived with the j from the home market remained Department of Industry statistics, mwn pompanifr in ihp I uca* 1 

In hf mnriLt eeeiPtS ? *** S ^vestiga- Textiles and Wearwcll. purpose of affecting the prices buoyant but the intake of export By the end of Februaiy the in- I^ustrtes motor comoonente i 

e expected to be modest. I tion into dealings in the shares The Stock Exchange claims or these securities.” • 'orders was falling during the dustrv had worth of ^Sp are to -o for trial at 

• I orders toe books 3 per cent \ yle ^ bury Crown Court on ' 

•_ up on the previous three months chtr ^ s of breaking Rhodesian 

Polaroid: now all the world’s a screen Ss»«a* 

under £400. ..;. . ihVee m 

'. Pdtovision Was unveiled at a approach 
tyipiiially' cffhnivaf-Jtke -Polaroid" changes 1 

annual meeting.. In -April* last make an impact. But- -now. 130 

three months the advertising come on to a market for cine minutes. tific applications for Polavision. the Inflow of orders from the Lucas Services Overseas, faces 

approach underwent Radical equipment which has long been The system's lack of sound These sre already beginning to home market was 40 per cent one charge, and Mr. David James 1 

changes because of its failure to relatively depressed, with about could also be a disadvantage, be an 'important market in tbe higher but new export business West, a Luras_ Service Overseas 

n QiW niMU • 1 Q'n'AAA Cmm nvirl Ifimvn eimor'ic u Cilowt orno ie 

m and 16mm cameras “ Silent cine is all but dead U.S. 

fell by 22 per cent 

area manager, faces four charges. 





By John Brennan. 

Property Correspondent 

PLANS to move London's 
Billingsgate fish market to a 
new £6m market complex in 
Dockland have been agreed by 
the Greater London Council's 
Central Area Plaunlng Com- 

The committee's approval of 
ihc move to a 13-acre site off 
West India Dock Road in Poplar 
follows agreement to the plans 
by the London borough of Tower 
Hamlets and the Docklands joint 
action committee. The transfer 
will now depend upon the 
decision of the Secretary of 
■State for the Environment, Mr. 
Peter Shore. 

It is expected that the move 
from the 200-year-old Billings- 
gate market in Lower Thames 
Street will be financed by the 
Government through grants to 
Tower Hamlets, with a propor- 
tion of thr cost being paid by 
the capital's market authority, 
the City of London Corporation. 

Approval for 
nuclear waste 

By David Fishtock, Science Editor 

approved a £I0m contract for 
reprocessing spent nuclear fuel 
at Windscale. on similar terms — 
including a 40 per cent down- 
payment — to those of the £500m 
contract with Japan signed by 
British Nuclear Fuels last month. 

The contract, now awaiting sig- 
nature. is understood to be with 
Holland for 34 tonnes of spent 
fuel from its Dodeward fight- 
water reactor. 

Mr. Anthony AVedgwood Benn. 
Secretary for Energy, who visited 
the Windscale factory in Cum- 
bria yesterday, said that as a 
result of the Parker inquiry into 
the company's reprocessing 
plans and tbe subsequent 
endorsement of the report by 
Parliament, it had been possible 
for him to approve the contract 

British Nuclear Fuels is seek- 
ing additional contract totalling 
about 400 tonnes of spent fuel 
during the 1980s. in order to fill 
the remaining capacity of its 
planned new facility at Wind- 


V \y ,i • r^e 

'A tapestry of everyc 

Qataris rAoxing In Doha ’s Montcsah Park. 

' l> 1 ) 

J.1V “X—T-r -re-' . 

^a- We^icture of life as it is lived by the people of a 
Country.Tiiis. ptfvate^de — the flip side-has a mystique 
ajb'oUtit'^^bi^lywhere the less tvefl docjtaented coun- 
ties, like Qataif are concerned but the trathis that of&duty 
Qataris. spend their leisure hours in pretty much the same 
way. as x heiff -opposite- numbers anywhere jelse* ■watching 
television* talking and entertaining their.young. 

-‘ V "Tf ip traditronal family structure hasidd its own in the 
fade Ojf&e changing values of a new society. Although most 

-r f J, Inl-an +n • MAlrlnn 

'and amh ; I3ce ‘Star Wajs ? to a lectme oatiiear cultural 
imtvi** not only tfuight thepmciplea 
im lsfehmc/society but are expected to practise 

values of^ttamtional bedouin 
-vcdcf sneciaL culture in uxose and poem are an eyery 

- ^ Nowadays most go to school — thebbys wearing the 

white c thaub , whadi has, to be hitched up for a game of 
football* The girls, daric ; hair neatly plaited, make a more 
■ ^ ^ ^niM-picture in thdr long blue dresses; OuMren are 
■ ’ \gived a* good ail xoiiHid education wMttouiuilfiS'tlre study 

- . TunHivt rv of Informa tkm has done 





veMS &om the tents ot tneirgranu^^ W 
“the oast "A favourite television dzama^nes on bedoujn 
Se (some of it famed in Qatar) drew axecoid number of 

KH. The Emir. Sheikh Khalifa bin Hamad al-Tkcui. s: a function with (left) the Heir 
Apparent and Defence Minister H.H. Sheikh Jfenuu bin Khalifa al-TharJ. 

viewers while another, locally produced and directed, is 
given over to old men reminiscing and giving their views on 
modem life gently nudged on by a local young presenter. In 
theirown show once a week the children do their own thing 
singing, reciting and dancing traditional dances. These, of 
course, are performed often offscreen in and out of the 

Now that families have put down roots, arts previously 
impractical in a society on the move are being given a 
chance to flourish. The young Qatari artists, encouraged 
by the Department of Culture and the Arts, a newer off- 
shoot of the Ministry, held their ov n exhibition recently of 
the formative arts in the gallery of the Qatar National 
Museum, and the Qatar Theatre group is being established 
along professional lines. 

The museum, incidentally, forms a complex, including 
an aquarium, of beautifully restored traditional style 
buildings standing whitewashed and serene in the sun along- 
side, a lagoon where antique dhows are moored. Once the 
boyhood home of H.H. The Emir. Sheikh Khalifa bin 
Hamad al-Thani, it offers all the diiJdren in Qatar and their 
parents a living picture of the State’s life. It’s an interesting 
place, alive and well thought out — with excellent aircondit- 
ioning which is always a bonus in the long hot summer. You 
can savour there the traditional atmosphere of the Majlis 
(traditional Arab sitt ingroom) and remember that nothing 
will ever replace the art of conversation as a way of passing 
the time. • 

Football is the most popular sport in Qatar. 

Out of doors, spending a night under the stars eating 
roasted sheep round a camp fire wili recreate the desert 
life for children while the very lucky ones may enjoy a 
longer hunting trip and a chance to practise Qatar's national 
sport, falconry. Most families have to be content -with a 
weekly picnic to the desert where the sun glints on car 
bonnets parked under the flat topped thorn trees. 

In Qatar there are plenty of open spaces for football 
and the most promising players are trained professionally. 
Qatar fields its own international team and hosts matches 
in the new stadium built for the 1976 Gulf Games. There's 
horse and camel racing too. The racecourse at Rayyan is 
professionally run to a high standard. Next year there is to 
be show jumping in the hew arena. 

Finally there’s the sea and here the wheel has come full 
circle because the sea is Qatar’s first love. The harvest of 
the sea in pearls and fish used to provide a living and even 
now peari diving is done — as a challenge. Many Qataris 
own boats ranging from ageing dhows to smart cabin 
cruisers and sailing and fishing in the quixotic Gulf waters 
provide relaxation and a respite from the heat. 

So the tapestry of every day life in Qatar is woven with 
the colours of the sea and sand and reflects a peace and 
tranquillity typical of its desert people. 

I. For further details contact: Press and Publications Department, 
| Ministry of Information. P.O. Box 5147. Doha. Qatar 
P Telephone: 321540/4 {5 fines; Tele::: 4552 QPKESS DH 



to close 
15 sales 

Britain to seek 
EEC action on 
Soviet shipping 

Traces of natural gas 
found near Blackpool 


v. : i. ~ r-y 

" y. . 



BlElSanfllM NATURAL GAS has been d.,- f 

HMMllIfck covered seven miles <.«lf-h«>n? ]i 

' from Blackpool, the Lnncs.-hire l 

resort. j 

RY STAFF . So far - British fia- Corpora- 

tion has confirmed only that I 
The Minister promised that traces have been encountered 


Sea well would be drilled on.. the : 8 r flj 
Morecambe structure or in block 
110/9 close to the latest hole. • • • 
More cam be has to be declared - N 
a commercial discovery. How- 
ever. it is possible that British = - 
Gas will decide to begin exploit- '• ■ -TALKS 
in? the field early in the 19S0sr institnti 

.. . . | BRITAIN' is to make a new The Minister promised that 1 traces have been encountered l m ah/X \ Gas will decide to begin expioit- 

PHILIPS INDUSTRIES yesterday . attempt to secure concerted Britain would look sympathetic- but tests could show that this is j : S j- \ \n n_ in? the field early in the 19S0s 

announced the closure m acn - on bv the EEC to counter ally at any proposals made by an important discovery. ! Ly? ■ yr J when, according to Wood 

September of its wholesale net- Russia’s "attempt to corner a other EEC countries to extend The gas was found by the ‘ ~ -.5 Mackenzie, stockbrokers, the 

work, Allied Electrical Dlstribu- digger share of world shipping the monitoring system to include chartered drilling rig. uit-hore ‘ BE * I combined production from com- 

tors. Three hundred people tin- through subsidised rate cutting, other maritime practices such as Mercury which, on a clear day- is FW HST JW 4P P LI~ ~Q mereial fields on the North Sea 

ployed at IS depots in England. ji r . Stanley Clinton Davis, flags of convenience, which could just visible from Blackpool • j will begin, to decline. . 

Scotland and Wales will be made Under-Secretary for Trade, told be deemed detrimental to mem- Promenade. QBjJjAjflX&SB ' mjybwodl basis. Morecambe gas 

redundant- the Commons yesterday that on her states. The well, drilled un block ; ✓v® could help to maintain supplies 

Philips said that AED, a Monday the EEC Council of But the immediate focus of 110/9. was the closest to -bore of until further North Sea discov- 

wholly-owned subsidiary’- had Transport Ministers will be community concern should be all the holes drilled by British | ^ enes are tapped, possibly via a 

traded at a loss for several years asked to lake decisions which the Soviet maritime threat, both Gas in the Irish Sea. ,, [ 10 g f nl'li-. 

while efforts to improve viability I will lead to a community moni- actual and potential. IT the test is successful ii could ior y _ _ Morecambe is regarded by ihe 

had failed torinc system. Mr. Clinton Davis, said: “l prom pi a wave of exploration in ! /r^\ Governmeni and the corporation. 

Thrpe AED directors were' lie 'said this would be designed believe that inaction now could that area. It is thought timt (he L_ l 5 f s a particularly important fietcL 

neyntiatineto huv four denots— - * to obtain and record informa- well result in this threat being gas is contained in a separate million) and 5 trillion cubic It is 100 per cent State-owned 

negoiiaung to oui tour aepois— ; on al , maritime prac tices extended to the bulk trades structure from British Ga.-'.- si?- feet. This would mean that the and thus can be exploited when 

ni ■« w ' deemed to he detrimental to the since wc are convinced that there nificam Morecambe Field Morecambe reserves would be and how British Gas likes.. 

^ *rS S shipping interests of member is an avowed Soviet inrent to Morecambe is contained m a the equivalent of perhaps a fifth It is the first gas field to be 

• f ffs ' T r b could save about lOU whatever their source. build up their shipping behind a complex geological zone which of all the gas remaining in the found on the western side of the 

jobs. The new company intended : .. .. , . curtain of preference and has not been fully evaluated. L*K North Sea fields under UK, which means that -its snp- 


TALKS on proposals, io 
Institute a 42-honr .week for 

when. . according to Wood- firemen took a s i gn i fica n t stop 
Mackenzie, stockbrokers, the ..'forward yesterdy when . 
combined production from com- employers conceded mat me 
raerciai fields on the North Sea .. two-shift system within the are 
will begin to decline. . ... service could remain. 

On this basis. Morecambe gas - : Employers’ insistence that a 
could help to maintain supplies reduction in hours had to be 
until further North Sea discov- accompanied by the brtrodne- 
enes are tapped, possibly vs* a .EETiV a three-shift pattern 
gas-gathering system. • ,-.w ■ nnp of the major 

gas-gatnering system ■ . ^ been one of the major 

Mbrecambe is regarded by the ibSg blocks io the talks’ 
Government and the corporatiop. 

OrillC SJSien*. :ni. saiu. '-M e.ipiui »• • f—t J I 7 , , ; — — - 1 -“y“. ' BrOETCSS 

lie said this would be designed believe that inaction now could chat area. It is thought that ibe 1 — 1 s f s a particularly important field. ‘ y 

o obtain 3nd record informa- well result in this lhreat being gas is contained in a separate million) and 5 trillion cubic it i* 100 per cent State-owned .The Fire ,. „ 

'Vh* «T- cK. 7«.- ! non nn all maritime practices extended to the bulk trades structure from British fiafV si?- feet. This would mean that the and thus can be exploited when said after the ‘J 

p. deemed to he detrimental to the since wc are convinced that there nificam Morecambe Field Morecambe reserves would be and how British Gas likes.. -represented a substootial 

Birmin^iara^ and NewcdstJe.i h - interests of member is an avowed Soviet inrent to Morecambe is contained in a the equivalent of perhaps a fifth It is the first gas field to be change” m the employers- 

• S- T P w could save about j Ob States whatever their source. build up their shipping behind a complex geological zone ■•■.nich of all the sas remainina in the found on the western side of the position. 

jobs. The new company intended - . . curtain of preference and has not been fully evaluated. UK North Sea fields under UK. which means that -its sup-- - ^he employers’ were 

to continue using AED s name- The rh a J SO in * subsidy/* ; However industry report- *u?' development. plies^will help to balance British | adamant, however, that the 

AED. which distributes con- as ™j£ ' . l V a > A,° l The'Government estimated that I ws» that the field could orunin The corporation would not Gas Uirporati on’s national dlstri- 0 w« rO F m amtalningtheezist-' 

sumer goods and industrial com- ni Russia would have a container j between 3 trillion i million indicate w hether its next Irish buti on system. • ■ lac shift pattern was con df- 

P™"* to*?*™ h * od J?5 meSur« ‘ m coSmir" iScntified •L 30 ". u ?i^ „L»1 ! ! .. . J SShI on union acceptance pf a 

ponents to dealers, handles “Zi. « Z^ P im capacity of 30.000 units in 19S1 

between 5 per cent and 10 per j ™* a !“5 es ' 10 countpr identified Qf which 3t | east ig.noo unit* : 

cent of Philips' saies in Britain, l 1 * 1 ™. . would be used on international # m - -n . . 

It lost more than £lm. last year This would be accompanied by trade routes. B-lviTirin C’TO’flT 

on a turnover of just over £20m. a “specific decision ’ immedi- "This sector of shipping will OfljfllVffl C3aCCI LUIS lilUi tj 
Most of Philip s sales are made atel - v bringing i the monitoring have the largest growth rate and aaawa v .r i. 

direct to national chains or to system into effect vis-a-vis the represents the major competitive 

other wholesalers. AED’s main liner shipping activities of the threat to Western liner opera- i. j .1. — 

problem appears to be that it was Soviet merchant fleet tors.” Tf| C* 

dispersed too widely for the He stressed the Government's The largest potential Ihreal AjLH.C- 1. Ivlfl Vlvoltl ViJ 

volume of business it built up. belief that the Soviet Union — was the Trans-Siberian land • N 

Margins in the electrical whole- now engaging in “predatory rate bridge. There was strong evi- gy gQY HODSON 

saiing business are very small cutting” — would be concerned dence that Russia was seeking 

and competition from smaller re- to arrive at an agreement if the to attract cargoes by offerin': . TOP SCIENTIFIC posts :n the development ha= been reduced Redundancy payments for, 

tailers is tough. EEC showed itself to be united rate advantages of 40 to 50 per. British Steel Corporation are because British Sieel is now scientists and office workers in 

.broad package of measures. ’ 

- Two of the most important 
elements of the package are 
greater flexibility in working 
routines, particularly non-fire- 
fighting duties, together with a 
commitment from the union on. 
discussions towards a new dis- 


aimwl ;/ partly ; at- - rftsmrtt^y ^ .. 

opportratitles for c r . . 

trial' 'action. ' V-; r ■ '• .:-^r ' ' . • 

Firemen 4o»: abo 

be concerned at. proposals^ t6ui v ’ \ 
introduce stronger manage^'" 
ment powers •• 

changes at iocal level, 

The employers said Aeyxtiu > j 
believed a three-shift r ' 
was better for the, service and -' 
were not prepared to keep" the * ; 
two-shift -offer if the^'aniimt,;^; 
tried to whittle awa^ fhe paefc. - 
age. ’• ,-Vv 1. ’ 

The union; which is due to 1 ' * 
meet employers agaih on Wed-/ .; : 
nesday, said there" were stiff’ jll ■ 
some ‘“contentious n issues -but 
were pleased at assurances that - •. ‘ 

there would be no redundaa-- ,' ' 
des of Sire' 1 service persotmd ; -■!- 
or a n ciliary 'staff, -rf 
Local ' authorities^ ' . have v ' | : 
already . been advised, to-' fceght .'-.;’ . :• 

recruitment towards the- levels' ^ 
required -for .-a 42 hour we^. ™ 
They -are' comnfitted. 
Implementing the shorter 
in November providing 1 failh ■ .. , . 4 : 
with .the Fire Brigades "Tlnton 
are successful. " ... 

• Pye of Cambridge is to transrland resolute, 
fer some activities of Pye Ether — 

from Stevenage. Herts, to Pye] 

Unicam, Cambridge, in order tol rT^Ti 

reverse confirming losses. Thei A V 111 
Ether Stevenage factory will be! v 
closed by April 1979. WJ 

cent on some goods. 

[being used and the Battersea producing smaller tonnages due i on( i Dn will not include thp Wr 
laboratory, in London, where to the world recession. c 

Pym attacks ‘threat’ 
of Welsh devolution 


THE GOVERNMENT’S devolu- in tabling its Welsh devolution 
tion proposals are a direct threat plans. But ihe Bill's ieal pur- 
ta ihe livelihood of Wales. Mr. Pose was lo preserve Labour 
Francis P>„,. Chief Opposition KKl ' 

spokesman on devolution, told pen-erted basis on which 
the Welsh Conservatives confer- embark on a programme of c 
lence m Llandudno, yesterday. . stirutional innovation” he sai 

170 scicntisi*. enginet-r.e and Scientists and engineers to be 0 ' ^ UTn P sums that have been 
:is-i->t:ini» work, is tu be i-L'i-e.-l. displaced fioni Battersea Include P a; d to some redundant steet- 
M-iri) tif i hi 1 research an I di’- So graduates. workers. 

v..-iu:jiuenl .-laff will become re- 

dii:iilanl. ^ 

Cornwall Tin may buy - -y 

week afier British Slcel pr<.i|"i-ed • * 

SSSS'"- Wheal Jane in package 

Sir Charles Villieo. BSU eh air- BY PAUL CHEESERIGHT 
man. ha* ordered cuts in while- . 

e-illar jobs to match steelwork i CORNWALL TIN AND MINING, working at one. Ihe danger of 

Electricians’ dispai 
threatens hospitals 


i closure-!. More than 15.000 -lee I- 

Cornwall Tin may buy 
Wheal Jane in package 


CORNWALL TIN AND MINING, working at one. Ihe danger of 
represent! ns U.S.. Canadian and flooding increases at the other. 


I abolished b^Briii*sJ?cl ‘n’tSS conlSned'^sterdkV ahead" by union 'leadere y«te7- 

and iherKjf a di-.i ? nen Wheaf J.Sl’SS" n m^^ea negotiating" with Cornwall, Tin day 'after talks with_ Mr. David before the date for action, 

The axe will fall too nn staff 

The union claims, that .the- 
Government bas sone back ou aiu ^1... 
agreement- reached in 1973 In'-, 
refusing to allow a pay rise which ' -; - 

LPJ. Tv UV YUlUllUli , closure un.- jun a Arniil/Qll I IFl 1TECIV §11117 - - - HOSPITAL ELECTRICIANS in- to make several major teaching;" '.^3- 

11 'he iim-uis \c»irrd3>. ju-- a \^UI II Willi -ill! lililV 9J U V volved in a pay clash with the hospitals targets for action, waff',!?' 

Rail business BY ROBIN REEVES in LLANDUDNO rm-L-k.-ur.I.f i k ( Vmv-T rc-ei W II IT • 1 ’ Government have embarked on a drawalof labour is expected. tn. H- " 

Avail UU31UCM '•7 1,5 r, ^‘ • •. rc ;‘ \A/ | Iqvia ifY TIOPKZQCTO countrvwide series of local union cause closures in some hosuftafc. r 

. 1 ■ THE GOVERNMENT'S devolu- in tabling its "Welsh devolution V,Ji'’ e ? |n GcnUal Loudui.. .-. it-it. VT llVKal dUllT 111 lid VlYilCnV meetings 10 decide which hospi- Mr. Peter Adams, national 

10 Edinburgh lion proposals are a direct threat Plans. But the Bill's real pur- “scr .-'rur- DV DA11I ^ uc «r n i^ u -r tals will be the chief targets in a - officer in the EPTU,. said yester- - 

6 ta the livelihood of Wales. Mr. Preserve Labour n .^ r h? f'ortered cuis in BY PAUL CHEESER'GHT .... programme fo selective industrial day that the- Gove had ^;.: 

im in npr ppnt Francis Pvm. Chief Opposition ru,e 1 ,n > Va J® s 3 ? aD >‘ c Vf L T hal X h,l« fo innfoh sieclvo^'i CORNWALL TIN AND MINING, working at one. the danger of ac £ orL , ■ offered nothing to justify endiorv - . 

up 1U per Lent k n dC voluti'.n told m ,tselE .. al ? d a , More than 15 Wn-ipel- represemi na U.S.. Canadian and flooding increases at the other. . Plans for industrial action the dispute: 'But consmuzdati^ ; - : 

„ , j « 1 1 hp wii-h Cr.n .'ervM ?e'i co n r e r P 7 , ted basis on wh “v h t0 ! n c hV hm ; si-, financial interest* has The Department of Industry from July 19 were given the go hnes Remained open. andbeBtiU,' t- 

Ey Lynton McLa.n, industrial Staff ; in LIandudno, a yerterday/ er " stilSu^nJl^nnovS^ abolished by British Steel in the emerged a^powntial rescuer of confirmed yesterday that it was jbead by uiijod leaders ynter- hoped a sol ^utioncougbe found >- ' 

BRITISH RAIL has reported a 1 Delivering a tierce attack on Reminding his audience that pa-l year and t^ceji a pn'fpeci Wheal Jane, the tin mine near ^put fotifre 'operation” of Wheal Ennals. Health Minister and Mr The union claims that the - • 

10 Per l er l ! devolution. Air. Pith suggested it Welsh MPs. given a Wales b - v ^^Hdaied ^ operation of Wbea! Government- bas^badronaJ. _I... 

passengers between Edinburgh | would halt Ihe “natural and Assembly, would' continue to ‘S' ^ u i , r r “ ° ' 3 c 1! L 0 , 1 1' ijf'/' ^ od Fieid s .... _ Thi>= signifies that the comnanv tary. failed to solve the dispute, agreement- ‘ reached in 1973 In 

and London since the introduc- continuous economic develop- vote on matters .concerning af ‘ heIon - ’■ t , l ^f' < ,'. n '^ > renL This gives a bizarre' 'twist to h 2S manned to work out \rith t^p Fiopiri<-ai a nn Piumhinrr refusing to allow a pay rise which " 0' 

tion on May S of its 125 mph ment of North Wales with the England for which they would 1 . Wl !' nn , a lengthv series of discussions the Government a financial oack- Trnri« ^inhin wh?<-h* would maintain parity with' woe- ' 

High speed Train (HST). North West of England and the not be able to vote in Wales between mining companies and S whTc™ wilTproWde for SS e eSdans anrf TSm in the. elertriS - - 

This compares with a 3 per West Midlands. Mr. Pym argued thal this would J! the Government un the future chase and developmmtofWhS nJ^hersfntheh^lth^^ in S industry. - v 

cent average annual growth in "My fear is that it will create for the first time, conflict £"#!££: h v,-n of Wheal Jane, closure of which j ane and involved of Stic Sre? indication? S Hospital electricians were doe v — 

Inter-City traffic and an expected actually harm the government within the UK on the basis of RKtf c h?TPPitnrbfor^ was first announced by Gold ? u £d« " ' ‘Ranch meeUna^vntorfiSV weS for a settlement- last January, ’ 

SSSSK SSaw««ui ^SLTSSss ¥i ~^ ^ _ - jsttm sassra SSS SSfSSS" ,r 

hs br °Sc«fand a «Id Sfa™ K™o„T a iV BSTk SS S "nlitShtt? ”lsasss ■ 5?hich M fTe' s *jW, S rs„'“ ttTrt-SE 4“ t tir,t E biu pe '. wouid an,0Dg ^3,^ - Swrt ;■ T- : 

nf 10 per cent for one month, ( so many generations will be in- Act. and a general election ini er- £ a ! , " : ! ! in n y^c! 1 - n»n rlpHdnriTn^ri vp^Vonnr Well in** p1»A°noAn keeP Ah R am 1 Frenchay. and Southmead hos-. Th problem "centres on the • 

if maintained over a full year, (erupted." vened, a returned Conservative bringing British Steel hack into decision to close Mount Wellm_- Jane open. About 800 peopfe pitals in the Avon Area Health failure^ of many area health- 

would more than double British: Mr. P;m accused the Govern- Government would still hold the P™®* by the early 1980% include ton thai precipitated Gold found a nr* at Mount Mellincton Authority were expected to be authorities to introduce incentive ' *" 
Rads passenger traffic from mem of being - rattled " by the proposed devolution referendum slashing caprtal spending nn Fields d els on to v> undraw W heal Jane. ,,v ^^ JJ" i affected, while meetings of union schemes to enable hospital elec- v " 
Edmourgh to London. modest success of Plaid Cymru, and be guided by the result. ?l e ' -1 ,n a " fi V /S '1^8 arr Hn-%u- SSf i- SnMhi»' fa ihi» branch memU m in the London tricians to earn as much as those " ' 

ViT for- ear resea r L h end UnS ^ITS, V?-S°5l!i SI ° “ "1 ^ ^ ™ ■»*««• <«*«**• : i 

‘uST-taStaorl*!- ^ ™ n R l . J, .lS»n , a , te w a3S invoi,e ““ ^ 5S! s? ” 

Responding to Parliamentary that the Southampton training ' 

of and trade union pressure, the hospital, believed t 0 be the big- ** ' ; 

le. Goreriunent -has been increas- test in Europe, would be amoBg S* * n j?® 

Spending from fund up 18% 

and linked because if the pumps stop age. 



THE MAIN component of 
Government spending — from the 
consolidated fund — rose 13 per 
cent in April and May compared 
with the same period a year ago. 

The increase was roughly in 
line with the Budget forecast 
of an increase of 17 per cent 
for the 1978-79 financial year. 

Expenditure from the fund 
rose £ 1.3bn to £8.2bn in April/ 

May compared with the same two 
months last year. But at this 
early stage it is not possible to 
extrapolate safely rrom the trend, 
especially as the figures are not 
seasonally adjusted. 

The central government bor- 
rowing requirement is especially 
affected by seasonal variations, 
because on the revenue side of 
the equation the bulk of the 
Budget tax cuts have not yet 
worked through. 

The raw figures show that rhe 
borrowing requirement rose 30.9 
per cent to £2bn in April/May. 
compared with a Budget forecast 
for the whole of the year of ;i 
44.4 per cent increase on the out- 
turn for 1977-78. 

The figures show that while the 
nationalised industries have been 
borrowing more, local . authori- 
ties have cut the amount bor- 
rowed from the national loans 

up the competition 

Coal Board prepares for 
pit rescue men 9 s strike 


Union Corporation Group 

The Grootvlei Proprietary Mines Limited 
Marievale Consolidated Mines Limited 


1 Dividends have been declared payable to members registered In the books of the 
undermentioned companies at the dose of business on 30ch June, 1978. 

2 A reduction of capital of 25" cents per share which is subject to confirmation, by 
the Court wit! be made to those members of Marievale Consolidated Mines Limited 
registered at the dose of business on 30ch June. 1978. 

3 The dividends are payable in South African currency. Members with payment addresses 
in southern Africa will be paid from the Registered Office and the warrants wifi 
be drawn in South African currency. Members with payment addresses elsewhere 
will be paid from the London Transfer Office and warrants will be drawn in United 
Kingdom currency: the dace for determining the rate of exchange at which South 
African currency will be converted into United Kingdom currency will be 11th July, 
1978. Such members may however elect to be paid in South African currency, 
provided that any such request is received at either the Registered Office or the 
London Transfer Office on or before 30th June. 1978. Warrants will be posted 
from the Registered Office and London Transfer Office on. or about 3rd August, 1978. 

4 The return of Capital is payable in South African currency. Members with payment 
addresses in southern Africa wilt be paid from the Registered Office and the warrants 
will be drawn in South African currency. Members with payment addresses elsewhere 
will be paid from the London Transfer Office and the payment of the return of 
capital will, subject to the approval of the South African exchange control authorities, 
be made in United States of America currency. The date for determining the rate 
of exchange at which South African currency will be converted into United States 
of America currency will be 1 Ith July 1978. Warrants will be posted from rhe 
Registered Office and London Transfer Office on or about 3rd August. 1978. The 
return of capital will be paid Tn accordance with existing dividend mandates jnless 
the company is notified otherwise by 30ch June, 1978. 

5 The registers of members of the companies will be closed from 3rd to 7th July. 1978, 
both days inclusive. 

6 Payment will be made subject to conditions which can be inspected at the Registere.d 
Office or London Transfer Office of the companies. 

7 From llth April. 1978, payment for gold production at the official price plus 
premium on market sales distributed monthly was replaced by payment at the 
market price. The non-recurring balancing payments resulting from the changeover 
have resulted in Increased revenue which will not be repeated. 

WHEN THE Price Commission chains, they peg shoe retailers’ 
was asked to look al footwear dis- gross margins io. at best, last 
iribution eight months ago It was year's level. Where gross mar* 
generally assumed this would be gins have increased since 1975. 
a way of getting at the British they will be restricted to the 
Shoe Corporation without’ upse- 1975 level or 2 per cent below 
ting those Government depart- the 1977 level, whichever is the 
ments which bad the job. oE greatest 

looking after Britain’s troubled The restrictions will he tailored 
shoe industry. to individual companies aud will 

In the event the commission's only directly affect retailers with 
report, published yesterday, ten or more branches. The com- 
gives the corporation, a subsidi- mission has not suggested any 
ary of Sears Holdings, the green time limit on the restriction. It 
light for expansion. will be up to the Prices Secretary 

The corporation will have to to set a limit if he accepts the 
reduce its margins, along With report. 

the other High Street chains, but In the case of British Shoe, 
it will no longer be inhibited the recommendations mean it 
from exploiting it.? market would have io trim its gross 
dominance by the possibility of a margins by 1.2 per cent to about 
reference to the Monopolies Com- 46 per cent. The reduction 
mission. would probably not mean any 

With about 20 per cent of the price cuts— except possibly in 

retail market and six High Street the form of promotional ones, 
chains, British Shoe has long The commission hus based its 
been a possible target for a recommendations on a number 
Monopolies Commission refer- of findings. Its. figures showed 
ence if it grew any further. ?ross margins earned by 

The assurance 'ihat the com- footwear specialists were high 
pany will not be bothered by a in comparison to most oilier 
Monopolies Commission refer- retailers, 
ence as long as it grows intern- 
ally. rather than by aquisition, is Tcnlatinn 
implicit in the commission's 

report The average gross margin 

Far from not wanting British made by a shoe retailer in 1977 
Shoe Corporation to expand, the was 42.8 per cent as against 
Price Commission would like the about 30 per cent for all olher 
corporation to make life tougher retailers. 

Tor its competitors. The comm is- In isolation, this might not 
sion seems to feel some of them have worried ' the Commission 
have been able to operate on too much. What appears to have 
such high margins only because concerned it was the big- increase 
British Shoe Corporation has in footwear, gross margins over 
been doing so. lime. Between 1961 and 1971, 

Tbe report takes the eommls- average gross margins on foot- 
sion into the main stream of wear rose 37 per cenL 
High Street retailing for the first . The trend was particularly 
time. The recommendations are noticeable among footwear 
among the strongest the new multiple shops, defined for the 
commission has issued. purpose of this report as shops 

Framed in a highly convoluted with 10 or more outlets, 
way so as to catch all the big The increase seems to have 

slowed down in the past three 
years but in 1977 multiple foot- 
wear chains were still trading on 
average of 46.9 per cent. This 
compared with 34.6 per cent for 
the average independent shop. 
(Independents are, in some cases, 
buying from wholesalers which 
also have to make a profit). 

In 19/i British Shoe's gross 
margin of 47.2 per cent was 
slightly less than in 1976. One 
of its multiple competitors was 
trading at a margin of 53.3 per 

The commission considered 
the industry's arguments that 
high gross margins were needed 
because of the low stock turn 
and the risks involved in selling 
high fashioa merchandise. 

But it concluded that the 
increase in gross margins was 
not justified by any change in 
the r 3 te of stock turn. The stock- 
turn in retail footwear had, 
remained virtually unaltered at 
about 2.6 per cent in the ten 
years to 1971. Margins had 
increased 37 per cent. 

The commission accepted trade 
arguments that in some senses 
shoe retailing is competitive. 
Customers use good shoe leather 
walking from shop to shop 
before cboosing shoes. But the 
existence of manufacturers' 
recommended retail prices nn 
branded shoes meant price com- 
petition was relatively limited. 

The commission's main objec- 
tion to British Shoe seems to he 
that it has not been fighting bard 
enough to exploit its position 
both as a major buyer of shoes 
and as a major retailer. It 
Hives the corporation top marks 
for efficiency. 

But in the commission's view 
ihe corporation, trading at such 
high gross margins, has allowed 
less efficient competitors to trade 
at similar levels. 


I COAL BOARD officials yesterday 
j drew up contingency plans aimed 
I at avoiding a halt lo production 
from the xorlcshire coalfield if 
36 pit rescue workers carry out 
their threat to strike on Monday. 

But Yorkshire miners' leaders 
are seeking legal opinion on the 
Board’s plans for providing 
emergency cover. 

Mr. Arthur Scarg ill, Yorkshire 
president, said that engineers 
employed by the miners' union 
were not satisfied that full cover 
could be provided. 

The Yorkshire group -from 
rescue stations .at Doncaster, 
Rotherham and Wakefield have 
rejected a package deal giving 
them more than £20 extra a week 
despite the decision of tbe 
executive of the National .Union 
of Mincworkers lo accept a pay 
and conditions regrading offer 
for the country's pit rescue 

Mr. Joe Gorraley, NUM presi- 
dent. said yesterday the group 
were “ out on their own."' The 
rescue workers, he said, were 

now '* at the top of the wages 
tree " and were overwhelmingly 
outnumbered in a 21 to 3 vote 
to accept the new deal. 

The. Coal Board in Doncaster, 
said: “We are surprised and dis- 
appointed. It is a . genuine 
to correct anomalies. 
and deficiencies in the whole 
ra *J 8 e of wages and conditions.” 

Mr. Tom King, Conservative. 
Opposition Energy spokesman, 
has written to Mr. Tony Benn, - 
Energy Secretary, to express 
concern at. his -proposal to give . 
unions the right to yeto pit 
closures. ..’•••• - ^ ■ . . 

Mr. King said tiW believed the - 
plan could cause “absolute 
chaos." "it is not the role of 
unions to be saddled with tbe - 
ultimate responsibility. That is - 
the -job of management working 
through the proper consultation 

• Over 1.000 foremen and . 
supervisors at Ford's Dagenham 
Plant who went on strike this - 
week in a protest against shop : 
floor violence, will return to 
work on Monday. 

ACAS defends its role 


CF THE Advisory> Conciliation 
and Arbitration Service acted 
only on a vote of members 
involved when making recogni- 
tion recommendations tt would 
be reduced from an industrial 
relations body to a baltotting 
agency. Mr. Henry Brooke, for 
ACAS. told the High Court 

The UK Association of Pro- 
fessional Engineers is asking the 
court to declare void an ACAS 
report which failed to recom- 
mend recognition for the union 
at APE-Allan, a Bedford 
engineering firm. 

Mr. Brooke told Mr. Justice 
May that the case provided the 
first opportunity for the court 

to pass judgment on the form of 
an ACAS report, which was 
written by industrial relations 
officers for an industrial rela- 
tions audience. If the court was 
satisfied that tbe complaint 
against _ ACAS was without 
founds ban it should say so In 
clear terms, since an - Issue of- 
confidence ’* involving ACAS’s 
relationship with all unions 
coming to it for help was raised. 

The UKAJPE case, said Mr. 
Brooke, had been an intensely 
difficult one and ACAS officers 
had tackled it with patience, 
humanity and- tact 

"^bc hearing will continue on 

• fe-’ 

-■ \ 


( each of which is incorporated 
in the Republic of South Africa] 

The Grootvlei Proprietary Mines Limited 
Marievale Consolidated Mines Limited 

London Transfer Office: 
Granby Registration Services. 
Granby House, 

95 Southwark Street, 

London. SE1 OJA. 

Capital Reduction 
per share/unit 
of stock 

( S.A . currency j 

25 cents 

per share/unit 
of stock 
fS.A. currency) 

16 cents 
32 cents 



Bid to reverse pay vote 



Long on Secretaries. 
L- W. Humphries. 

Princes House, 
95 Gresham Street. 
London. EC2V 7BS. 
9rh June, 1978. 

The Bank of Scotland intimates that, as from 12th JUNE 
1978, and until further notice, its Base Rate will be increased 
from 9/o per annum to 10% PER ANNUM. 


The rate of interest on suras lodged for a minimum period of 7 days wilt be 7% per 
annum, also with effect from 1 -Lb June, 1978- 

LAY DELEGATES in the Trans- 
port and General Workers' Union 
construction section will almost 
certainly be asked to reconsider 
their rejection of an employers’ 
Pay offer which has resulted in 
the threat of strike action and 
put the industry’s national nego- 
tiating machinery into question. 

Mr. George Henderson, the 
union’s construction section 
national secretary is expected to 
request next week that the execu- 
tive sanction a recalled meeting 
of the joint industry committees 
who lay delegates narrowly 
voled 13 to 11 lo reject the offer. 

The Transport and General, 
which has been planning strikes 

on a regional basis, has been put 
into a difficult position. ... . J 

lay delegates voted against 
{ft! ! l i < L vlce ^f >f their negotiators 
hut since then the majority of 
me union's regions have said ’ 

they are unwilling to take Indus- 
trial action. - . - ; - ; ‘ 

At the same time, the bl-annuai 
conference of the Union of .Con-, 
st rue tion. Allied Trades -'and 
technicians, the largest union 

covered by the negotiations 

f * r ® n «*!y reaffirmed this week ’ 

r acceptance of 

tbe offer which affects SXMHW- 
nmiding workers and is due to 
tun from June 26. ‘ 

Financial Times Saturday June 10 197S 

5 fc- 


THK wt^k in the markets 

J, - 

Strong demand for gilts 

THE GILT market ms Thursday to include, only a handful of concerned with the psycho- 
finally got the economic 'package speculative shares. And sup- logical effect oE abandoning 
it had been seeking to stimulate port foT those shares is not dividend controls while the 
investment demand; The. Gov- influenced by anything as future of wage rates is still in 
eminent package consisted of a rational as an upward trend in the melting pot. 
return of the "corset," a jump interest rates. Tf) e Sl2l? l ^hkf M | «?«? m ^ 

in MLR to W .W cent end a 2i The sector's ability to shrug *^ sh wo ^ d i abst LtS^l dividend 
per cent increase jo national in- off last week’s news also con- increase5 by Jhase companies 
eurance amtobutaons, designed firms the renewed long-term wam - to establish a new pa y. 
to reduce' public sector borrow- confidence in property shares out leve j wbj]e th ey cajL Di v i- 
ing requirement by £500m in ability to out-perform the rest dend restraint has been with us 
the current financial year. of the equity market on a two- for njne out o£ ^ last u yea rs 
Since : the institutions have to three-year view. Even an{£ nex t Government might 
beeri ' Mgfcly. liquid for some though Land Securities’ report be tempted to re-establish 

+u-.„ -r rtf a 21 .fi nor pent unlift In the 








Institutional buyers 
out in force 

• T — >V.. 

oeoi, mgniy. nquaa ror some uiuuru be tempted to re-esiaDiisn 

time now, pending this sort of. a 21.6 per cent uplift in tne 

ao&i on and with the banks forced portfolio worth at its -Marc n ^ny C3rtens j on D f controls 
to shed over -£lbn of interest y ear en d was “ y ' would need legislation. The 

bearing eligible liabilities in the ditional comments of a suDse- question is whether the Govern- 

■ - nwiTUiiTU invest- a t i 

'jVs ' aV J j'os 0 ■ ■ J F> » 


ijjfso H 


I 1 I I 1 1 ley 
s f a & a j »* 


v»ci -sjuu uj, luicicai — , t uiv-u - — 

bearing Eligible liabilities in the ditional comments ot a suds«- queslion \ s whether the Govera- 
next few months it was gener- slide in property inyes* men j C ould count on Liberal slightly 

ally expected that there would ment values * 1he lone ' te support on this point Feelings largely 

WALL STREET came tn work 
on Monday morning with some 
trepidation because many of its 
technical analysts had pored 
over their charts and conclu- 
ded that June would probably 
not he a month during which 
the market would continue the 
process of “bursting out all 
over" which began in mid- 

This was a pleasing prospect 
to the many institutional fund 

ally expected that there would 
be a drop in the money supply 
in the period io the early 

lib uiit 'pcaavu >uu liic c<u t.y ; " 

autumn. LONDON P^kacc or m 

_ , tWUMW with the unions c 

- So the gilt market bos been nwiooKEtt dend freedom is 

spared the stop go monetary onlwukch. look unlike , y 

policy that seems likely up to 

the next election and demand 

flooded into the market It was . _ ou eT 

estimated feat some £400m of recovery of the physical pro- IHAKIVfc I 

stock' was sold oil Thursday perty market is hot’in question. — 

with both the long and short And with the added investment 

taps activated. Such was the appeal of sector projee ions 

level of demand that it came as showing a significant upturn in »nd. Ord. Index — 

m.nttaupri* thtt tie long fSSTSnJSSE ' « the 92SJ*2J*2- 
tap expired yesterday morning. Qf thp deca{ je, the security Airflow Stre amlines 
This was soon replaced by an of re ntal-based revenue in Albright and Wilsoi 
issue of £lbn- 12 per cent stock comparison with the uncertain Associated Book Pul 

would need legislation, ine “ whose scepticism 

question is whether the govern- . «, per cent on a pa r with last year's £35.4m ^bouf the economic outlook and 

are that it could as long as, the h, 8 nrosnects have the meantime the rejection ?nd ke _ t tbe j r hands in their 

paekSe "o? ^SereUnSn^ rewverS Jnce Tenncco the possibility nf Monopolies p0 £ 1;cts when all around them 
with the unions on pay" Divf- mounted its salvage operation Commission reference ha: Sl?emec j at one time in late 
dend freedom is begfniiing to and. while profit prospects fur left Albright s shares lip tower Ap n t n be buying stocks. _ 
look unlikely. the current year is for a figure on the week. Mu 

Industrial AyeiagejjT 





— -- --- or reniai-oaseu ic«c»uv ... ^ — — 

issue Of £lbn 12 per cent Stock comparison with the uncertain Associated Book Publishers 

and since this was only £15 paid outlook for industrial company ^ rama| (cp j 

it was favourably received and Dr0 fit s is beginning to reassert 


10 5 


77”“” - - OUUIJUlv , Uf iiiuus...- ■. urarnai t c_u.j 91 

it was favourably received and pr0 fits is beginning to reassert —7^5 

the. gilt market finished the ftself as solid support for the Buffelsfontem £io 

week on a very strong note. shares at this level. Charter Con s. l 44 . 

But while the gilt market _ m Churchbury Estates 255 

was banking on a quick drop P&O projections Elson and Robbins 9 0 

in interest rates there was less . problems Gr...b.n 42 

SStm hf JSSLiTSS: hJL VL£^?iSmw*i h,^ 5s_ 

ance comributions would ■"« ebairman lord grapes Her.- Moto r 13* 

naturally, hit the labour inton- l*t®t "y" 11 * 5*f,«Sie^r hi Hietaen .nd Welch 208 

sive manufacturing sector and market a cleare p!Ctu 0ffice ^ ESectron i C 116 

£Finaneia. Times Industrial *$£$*££**& ^ sTT.n.r Ind, 

Ordinary s J>are Index fel J shares and its earnings esti- uko international . 148 

^ COUPl f raates accordingly, the position Usher . Wa | ker 62 

.days trading. .... • painted is not one that is unduly WesterT1 Minine 148 

Property sector “J. cstremB - €veD for ^^T&»ns so__ 

Equally higher interest rates The curent six months have 
and property shares do not mix obviously paled in comparison 
well' But; the market .has long with the buoyant first -half of 
. been anticipating further twists 1977 although the analysts tu& C’s victory i 

.. of the Chancellor’s tighter interim pre-tax profits could be . „ = 

credit policy, and the package around a third of the £26.9m for Game, set “atchto Ham 
; was treated as unwelcome, but the 1977 first half while the sons and^Crosfield. Th 
not 'unexpected news. ' Sector year's total may amount to H and C soffe , mcond i. 
leaders; ended .the week a few £23m-£24m against £37im last Bre Hm?nary 

pence lighter. -But there was yea r. were IbTe the 

no -repetitiop of the traditional The ana i ysts have ported _to corn p any - s forecast. So the 
ensis of confidence that attends thG seasonal nature of P & 0 ® Winter and Spring campaigns 

■■ ■ ■ •■■■ business, which could .ben^bt have ended j n complete success 

THE TOP PERFORMING SECTORS this time from an upturn in its w|Ul plantations and 

IN FOUR WEEKS FROM MAY 11 non-shippmg sectors. ' Consmm- HaTcr05 ^vestment Trust as 
. % change tion and housing, in paitiftilax, well as jjme consolidated under 

7 ° +tU have improved, Moroov*,.Uie Cj 

cScST 1 ill Ti-o questions remain. How 

Prip^rt, V +« sion, the wiUHME get on with its Malay- 

Toys and .Games - +3.1 and integrated transport are wi i fl fc authori- 

Meoswwcat Engineering * +2J continuing to do well. The errns- Siani^ation. WiU the to 
HoiiseboW Gopds . ing business is producing good ties 

THE WORST PERFORMERS remits and Bovis is looking toe HVand C coup that Uiey 

Ali-Sfcire Index . • '. -J.9 But oven flj. these are axe patocu^ly tough in ne 

'Breweries; expected to be overshadowed by tiating \enns. And what ts to 

-aS 57 : SV— 

zti Dividend restraint 

Hire Purchase. ... The City, .and industry are \ 

anxious to establish the Govern- 

Change on 
- 8.6 
+ 0.90 


— J2 

+ 16t 
+ i 
+ 8 
+ 18 
- 8 
+ 14 

+ n 




+ 14 

Restrictive monetary meas ures 
Economic package welcomed 

Resu lts/ cap propos al s 

Tcnn eco's bid m ay be ref, to M.C. 
Investment demand/t hin market 

Successful debut 

"incre ased final dividend 

Go od 1977 resu lts 

Persistent sma ll buying 

Disap pointing results 

Sp eculative demand 
Increa sed final dividend 

Press comment 

In t. profits setback 
Specula tive demand 
Bid fr om Redman Heenan 

Disapp ointing result s 

R enewed intercst/thi n market 

Rich cop per values at Benambra 
Bid approach from Newman Inds. 



t On placing price. 

April tn be buying stocks. * f^Th^dav^th.'- - *NY Stock rates which lay behind the mar- 
Mutual Fund cash to asset en j (ived ils third fcet gairw of last Friday and 

ratio actually increased rmm tradin n day on record. Monday. Up to now im^to * 

9.8 per cent tn 9.9 per cent 5197m shares traded have been uncharacteustuall. 

helween the end oF March and ® 1 ^ in 1 ® nll . a ino dest 2.6S sanguine about the rise in short 

the end ot April and although in jn Dovi . JoneB term interests rates which has 

the institutions were heavy ustrial Av-ra^c because a formed the backcloth to the cur- 
traders last month the Dumber bv-.30pm proved rent rally. But this attitude ma 

which actually increased ^ ^ esistible to prufit-taking. not survive another Fedeial 

ratio nf common stocks m their i rreh & R&w* inspired boost to short 
portfolios was by no means rates. 

vast. _ , , ------ vftD i/ The institutional activity 

Unfortunately for the fund NEW ■ OICf% centred this week on the tradi- 

manat;ers. they dn face a sort tional glamour stocks which 

of Day of Judgment on June 30 JOHN WYLES have been out of favour for a 

when the current quarterly couple of years. IBM. Xerox. 

reporting period closes. Those Polaroid. Johnson and Johnson 

who hare not increased their have all !)een in demand. So 

holdings of Common Stocks ^ hl % in ^!^ F .!* ' the fact also have Californian savings 
during the first significant lack of co "^° te , ,n t 071 l and loan associations which are 
market rally since early 19*6 l J aT and J he analysis thought likely to do well out of 

mav have some explaining to steady cl, mb an l the analysis landmark -taxpayers 

do and as a result many money ?hat ‘he nea. term busmess in that sta , e on Thurs- 

managers were hnping for a dip look is too . uncertain 1 whe n voters eliminated 

n the market so they could justify a rt n '^ n d,nat ^“ t p Us, ^“ $7bn a year of property taxes, 

dlmb aboard. . ^ f ?*ZTrl bv tite latest On Wall Street this was thought 

However, the market refused ' s published I^ely to substantiatiy boost 

to be so accommodating and money supply h^ure p demand for home mortgage 

Monday's 16.29 surge in the - ve ^ rda - v ‘ money and therefore the profit- 

Dow Jones Industrial Average These showed a . nca f. rec „° ability of those who provide it. 
*cnt a tremor through the S4^1bn increase m the Ml c , ose change 

“Herd"— Wall Street's favour- measure of currency in circuja- Monday B63.83 +‘« 6 - 2 ? 

. ite and non too complimentary tion plus current bank amounts Tuesday 866.51 +2.68 

sobriquet for the institutions, and tarnished some of Wednesday 861.92 ^4.59 

' By Tuesday morning they were optimism about the near term Thursday 862.09 -r0.r7 

"here in force and by the end outlook for short term interest Friday 85933 2*6 

ratio nf common stocks in their 
portfolios was by no means 
vast , , , 

Unfortunately for the fund 
managers, they do face a sort 
of Day of Judgment on June 30 
when the current quarterly 
reporting period closes. Those 
who have not increased their 
holdings of Common Stocks 

Alt-Share Index • 



Banks- V. 
Insurance Brokers * 
Insurance (Composite) 
Hire-Purchase. ... 

— ! — anxious to establish roe uuveiu- 

a substantial increase in .money me nt*s intentions when toe Albright Struggle 
«*■■■■ ■ . Sfif- S5SW If SSS Tenncco’s £97m oaer t 


costs; ■ ■ . ' 2™* if controls Texmeco's £97m offer for the | 

' Jt.may 'be that the increased yum 1 on y - fifSt shareg ft does pot ^eady own 

resilience V of, pro^xty com- ^^^i^^at companies ixr Albright and Wilson was 

PMiIes to short-and be t0 establish their rejected by both the Albnght 

tenn. interest rates has fls-frfpnd levels. However board and company employees 

been : accepted by the naa^ket. o from ^ Govern- during the week. . 

As Vthe de-gearing - and de ^ Unlikely yet Evidently The board and its adviser 

restructuring programm^ o { ; » “JJ* argument among Hill Samuel, issued a statement 

tiie past few years come to an th®^° Ministers as to the merits claiming the bid is ‘inadequate 

Q^-cnWe. of highly ijvter^t Some are and fans short, by a substan- 

sensitive^ stpeks has . contracted of 0^ — — —— r.tial margin, of the level at 

. — 11 : 1 '] (vtoidi an offer, if made, could 

Experienced Management 

Investments in Cabot American Smaller 

n Txivt «w4Tnonaci , (*H bv hffluC' 


...unless you want to make money. 

Wo Pn-ter Whitfield and Beb Tannor. starting 

have made millions m shares 
rdubml^aob. Orme Developments, etc.), 
w* are now ioining forces with Peter Welham 

'ISJKSKli Daily TelegraplOtoprod^e 

EaOity-ResearchAsspciatesl^SLEITEB. a 

: form^htlyflrw'3te'nye^entnewsletter^ _ 

bidB 8 r*? n h e , w 

issues and keep a ^ai*yo _ e 

"issues and. rontributois wW include ' Tehneco exercised iti 

Kknowted^d experts on sll aspects of investment mris * * 

' v. " receive the first issue <SepL 4 th - Albrigh t to the eadstic 

- f ^ e ^yc°rhP^n B t he coupon.(b^ow) . 

— l ." ‘ would have given it a 

be recommended to stock- 
holders.” The Board did not. 
however, slam the door on the 
possibility of a higher, 
negotiated bid. 

The unions voiced their oppo- 
" si tion early in the week and on 
Thursday a delegation visited 
fee Office of Fair Trading to 
urge it to - refer the bid to toe 
Monopolies Commission. The 
OET is looking into the case 
aw'd is expected to make its 
recommendation known within 
the next ten days. 

Tenneco first took an interest 
in. Albright when it acquired a 
10 per cent stake through the 
market in 1969. MTien Albright 
' got -into difficulties in the early 
1970s- following its decision to 
locate a major part of its pro- 
duction in Newfoundland 
. Tenneco stepped forward and 
provided a' £17.5m loan in the 
form of convertible loan stock. 

Tenneco exercised its major 
‘ conversion . rights in December, 
: 1974 and took its stake in 
' Albright to the existing level 
of 49B per cent. It stopped short 
of a complete conversion that 
' would have given it a holding 

companies & — - -j 

Administration, an investment 

gained benefit from a wide range °. f 5 on “®“ ^ 
smdebrokers, bankers and industrial managers. 
Contacts are particularly strong in reponal ones 
where many of toe more exciting investment 

been o f blishei 

in the City for 40 years and manages 1 unas 

approac hin gjGs6om. 

# We offer over thirty 
years of American 
investment experience. 

_ . ~ should be regaraea ai 

5 |J At present we believe 

that American shares are x 0 Buy Units 

a ttractively priced. shu n^tpMic «; 

lUCivui j * Cetbot American &uia 

premium currency. In view of the high level 
of the premium at present the loan propornon 
is significantly the greater. In these circumstances 

the estimated starting gross yield on the trust 

IS Z 6 

Flcase’remembcr that any unit trust investment 

should be regarded as long teem. - 

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

American Opportunity 

The Managers believe that market 
U.S-A. do not reflect the underlying strength of toe 
economy. Currently it is experiencing a period of 
steady and sustained expansion rather * e 
violent swings of the previous tade 
current uncertainnes, including Pres’d^ garter s 
policies, have been resolved, we expect that the 
market will continue its upward memo unim ^id the 

dollar return to being one of the world i more 
stable currencies. 

s{t And that smaller 
companies offer > 
a promising alternative 
to conventional 

US portfolios. 

Since the first public offer of units on April 14th 
Cabot American Smaller Companies Trust has promt 

to £4. v million. uo"» of the fund is invest ed m a spread 
of w shares. To incat uo:c at the fixed offer firi^ oj 
S6'.3p,siinplv return the application form belozi ugellnr 
mithwwr remittance either direct, or ^iphyour 
professional advisor. This offer closes on Wednesday 3 
2 1st June or earlier at the Managers discretion. 

Additional Information 

Units will be available after di e 
offer doses acthc nomul OJU Y 

Prospects for smaller companies 

Current economic conditions permit smaller 
companies in the U.S. to invest and expand vnth 
»Serconfidence than over the last lew years,. AM 
whilst the Dow Jones Industrial Average has toljen. 
wOi- Awn ire in Seotember 107b th 13 trend isn . 

Launched at 5 °P each? 
units are now available 
at the offer price of 
563 P each. 

Unit Prices «»rc 

pablishcJ d-dlj in IcauiaC 

8 SSK s be rfi 

to recopniwd apcnis. AninJUJi 
choree n£ j .i> included in me 
offer price. A:i inuual chantey 
i (pluc VAT ! r-f the valueof 

Cmmct nfte< will be iiaued 
and unit ccrtirtealc.will be 
fnrv.ardcd within six weeb ft 
payment. . 

Tesdl mills, oidonr yi<uf 
unitccrtificaicnnd send it IJ tn5 
JVIjnsMy. Payment wijl 
normally be imdc within seven 

■w-wkine Jaj-s. . 

TriMee: William* &ulyn s 
Bank Limited. . . 

to cover oJmmfcimdve 
Di'.tribtmoni s% ill be made "!« 
June xst and JX-oer.iber lit. 1M 
lim dismbini-n raj .units 
purchased under this offer wul 
he made on Decent 1%t 

Truat .\tanaetinenl LimiluJ. 

1 1 Austin Friar-, London . 
BC;N‘ 2 ED. iKL-cisiercvlOIliCt’i 
P.cp^ccrcd N*i. S?62ri? B Enj;ldniU 
A manbcrolihc UnirTru*l 

whilst the Dow Jones lnaustnai , ' .. 

T To-.HeudersonUnitTvnstMa^entl^d 1 DeaUngDept., 

Tobnte share nrices have been movmg up ^ WavWh Road, Hutton, Brentwood, Essex CAI13 lAA ’ 

: To-Eqnny 5RB 

28 Mount Str^t. Wlayfair,lond9n, W1Y 


_ . kgbbiJiun. :• 

! -I V V.. ‘ :: • iBank Ltd- 


- week to 

reflected HI tnencaimycuuuiLij.'uui.- . 

companies whose share prices have been moving up 
against the trend whilst major company operating 
in basic industries are still labouring under les* 
favourable conditions. 

Moreover, fund managers of Amen 

institutions, who dominate the movements ot the 
stock market are paying increasing an ention to the. 
prospects of the smaller companies at .1 rune when, 
many of fee major stocks conunuc f -^PP^ nl - 
Stockbrokers, also, arc responding to this trend b> 
sponsoring a far wider range of comp-'njes than 

-" ;Srt %55SS n rai^M) s “ m ■ 0, £4aon Sepl8m 


Govt. Secs. 6935 69^3 7031 
fixed I nterest 71J8 71.64 71.95 

Indust Ord. 472.7 4763 4 73.4 
Gold Mines -157.1 T54- 4 153 9 
Dealing mkd. 4,735 4^86 4,979 

5ffgd^1A14 214A3 211.90 

... . 

' v . ■Addre&^i-:-:r;v-- ; ^- 


20M5 20L8Q M131 
lnd. ' Group 210*28 211.25 20939 

TOO ^Share 233*^8 "2 3 4L81 Z33.11 

[ Financial Gp. 16334 144.47 164J9 

AU-^Share. 21534 216-13 21437 

■ByLDeb^ S7.03 5732 57.40 

196.14 19534 19339 

Cabot American 
Smaller Companies Trust 

Intbe belirfiat nal oppotmnitfes for capital 
growth exist in smaller American companies, 
Henderson Unit Trust Managemcn t Umited has 
launched a new unit trust with a portfolio of shares 
in quoted American companies having above average 
SroSgs growth potential from a smaller market 

^Theporrfolio contains a wide spread of shares 
. ^ ^o^t-.-r It contrasts 


companies which show particularly £‘ ’ od prospects 

in terras of earnings growth. . T riu f 

Cabot American Smaller Compand ’ ^ 

holds 7S'-'o of the securities through a dollar .oan 
account as well as making invcttmenis w na 

To: Henderson uim, A ^“**“*s — -7-’ , . 

5 Rayleigh Road, Hutton, Brentwood, Essex CM13 1 AA. 
Telephone enquiries 01-588 3622. 

t -.v' - xvish to bur units in Cabot American Smaller Companies 

Trest at feu iJd price of 5 6-3P P« unit (mimmum initial mvesunenr 
T,ooo unit>!» 

sellable at fee daily quoted price. 

Surname: Mr-/ Mrs./ Miss _ 


( Christian or first : 


Our Share Exchange 
Scheme provides a 
favourable opportunity 
to switch into this Unit 
Trust. For details please 
tide box or telephone 
Geoffrey Shircore j— , 
01-5SS 36:2. 1 l 

.r'pli^ K «ch musTI^n and saa^h names and iddreiga. r^a.dTT 


This Offer isj I--I uwi{«fe W 
rtsidvtt. i>/ the Htytihheof IrehnJ. 

illlBiini Unit Trust Ma nagement 

ri.- ; . 7’.' ' .' ; rf'"' ^ f '. /- " 

1 li • ' ' ‘ -. V«i. • “ r ~y- ' ..i ' , 



yffl a fyc ffftir Timer a.y 


-■.■.jtV-' * 

Discretionary trust tax 


No legal responsibility ccn be J 
accepted by the Fincr.ciA Times \ 
for t/ie onstvers given in these ■ 
columns. All inquiries he 

answered by post os scon as I 
possible. j 



THIS WEEK has seen the Household Goons secuou oi xne .wmen speaw 
publication in Mono, Which :* of general Index of Retail Trices, common « nse rt of „ til ( f f Sher^aables 

the Consumers' Associations The movement ofl this index is in' 

latest reonrr on house buildings recorded in the Department of way yet to keep cover a?^js nsxs ^, . • r *£? 

the Household 

Goods Medan of the .which speaks volntnes for^tte 

I set up a discretionary trust 
In 1971 for my daughter, now 
Hi years old. In finish when 
she is 23. Do 1 have to do 
anything before 1980 in litis 
case, to minimise capital 

Income arising from gifts at nil: Next £4.000 at 15 per A ■ 

made f y«>ur daughter would cent: Next £4,500 at 5« per -7* Jlttill lit 
be taxable as pan nt your own cent: Remainder at 3u per cent. n A„„ C/7 

inemiie. under section 437 of Capita! gains arising to the ** 'rV flUlISL 
the ins'ine and Corporal ion trustees t including the Pa>» i bou-ht a hm.«. i-*« 
Tasos Aoi 1970 las smeded hy cjuemod la arise ,m your , development compan 
sect it'ii Ifi 'if the finance Ad daughter s 23rd birthday, under line hiiAfi tMuhl. _.:.L 

e-tar, iu iiiKumiA.^- wimoi lau’s anii'iiucu "v iiltiiicu vuut rfevplnnmonf rnmnant There 

transfer tax? What sort of tax section l fi ,J f the Finance Ad daughter's 23rd birthday, under has hern trouble with dow n 
income or capital gains am I iflTH. a* would distributions by section 25(3) of the Finance draught which has damaged 
likely to have lo pay over the the trustees. Income arising In Act 1965) will be subject to the decorations amon«* other 
10-year period? the trustees will be taxable at CGT at the flat rate of 30 per lh j ns ,«. Thn Hhvainil^ i,. 11P 

fault in % latest report on house buildings recorded in the Department of way yet to Keep infiotiim (n«itwnf 

A J aUl \ 111 ! insurant" This report is veS Employrnent Can. which is possible in step; ^*^££3* 

a new hnuw | much an up-dating exercise and published once a month by But indexation does -tenied buit ?-■»" jwqritfeafrfr jw 

U new nouse there is nothi ng exceptional. HMSO. . , _ , ^ 

I bought a house last vear fromi nothing trenchant, in the com* Index linking' is on a national bolder with an urrweico£tie-sur. 

a development company- There 1 men t ary on the wares of some P^toMer “dirumrers ■i^ d %JS 22rtv 5ithe SrilS & W 
has been trouble with down I 60 company insurers and of as the sum insured, be it an. -basis. TWs becau^^^rices'etf 

draught which has damaged I Lloyds’ Underwriters ™ ltf mMhfr jewellery and valuable?: do net 

fhf iippnraiinnc — ath.T On two oases of the report - hons both above ana omow 

the decorations among other 

presumably you have checked the flat rale of 49 per cent ist 
that the 1971 settlement fulfils present', under sen ion 16 uf 

be taxable at CGT at the flat rate of 30 per |hjngs _ The developePs l»a^e 
per cent (st cent. not actually refused to do 

;eclion lb uf ^ are likely to find it a anything about it. but they say 

The conditions set out in para- the Finance Act 1973. 

faNe economy to try to dispense th “ r(? is n0 certaill eurt ,. j s 

On two pages of the report 
there are listed the prioicpal 
Features of these wares, in tabu- 
lar form, and it is surprising to 
see that less than half of the 


graph 15 of schedule 5 In the Capital gains arising ir. your with professional guidance. No there anything further I can do? insurers providing information 


Finance Act 1975 (as amended daus h ter will be subject in CGT doubt the solicitor who acted Tf . . , . . : wi wviijuuin^ * >• 

hv section 106 of the Finance at the rale- proposed m clause lor you in vetting up the trust 11 Air . 3e 1 I offering their policyholders 

Act 1976). so as to qualify for 35 "f the Finance B'ii ( a* po'*- in 1971 would be best placed to tC ,H >0l ‘ ,mn>nv ' inde * !inkin ?- However, all the 

relief from CTT. lished on April 20 1: First £1.000 advise you in detail. inB . L '\. np .“__ ; major companies are in the 

for Consumers' Association, are 

nafaonal figur ^ either theDurabIe.®S«B^«d 

variations but hold that it is not <*»*£ any ^ 

. administratively possible tb proj ^ V. 

Tide cover and renewals related Anyone . With • .something 
■ precisely to local conditions. special 1 n th e way- 'fdS^ po^es- 
So the index-linked buildings stems, a cpHector-Tpertiaps^ ^gets 

— ^ l,,c • ■ major companies are in tne w* 

r person named as the. vendor , racks of in dex linkers and Quate at the start of the insur : , 

t t ^ _ rioHcvholder must remember some protection- from. gsdexa-- 

bu 1 1 dings or contents, » yade- ^ mgured is StilLthe tion against .price. -miyements. 

knock for knock 

My car. which was ncarly 
now. was recently damaged 
in an accident in which the 
other driver admitted it was 
his fault. My insurance 
company will not exchange 

do claim «>n your insurer you 
may ne , *H to seek against the 
other driver both the e::*.-e>s 
and the iu>s uf vnur nu-claims 

on your certificate and 

amount insurers pay bat he must.- Jegularly renew... 

*-• - maximum amount ™ 

?a!L m the event ot total destruction his various sums -rnsyed-; for ■ 

An intestate's 

An appeal 
out of time 

A widow rfi«-d in testa!**. Her 

the damaged car for a new one. on *. v ehilri. :I daughter, cannot 

If I were To trade it in at hp « raced, but the daughter's admitted, as to when an 
a later date would I have children can. After expenses, appeal against a wrung dccisii 

anv claim un the cnmpanv 'hen- U £2«il lert. lVhat «*f a chairman, on an industria 

for the difference between **»»»>«* ht ‘ ,lon e » nh . unal he lodged, 

the trade-in price and the Although y.ut do nw *'vm S m the time limit Tor 

price I would have obtained " ha < aMvtrpis havo lx--n made appeals, this may cause me 
had the car not been involved ,n lraiC ,ho daughter, -r when m lose a lot or money. What 

in an accident? che «»*■ ^ ard 1,r - ih ® ™ n 1 d,, ‘ , f , 

Mv cnmpanv has a knock ** ™ ‘ ma ‘ ! tha l » «-..tild lie >nu can apply for leave 

I was given wrong advice by 
a barrister, subsequently 
admitted, as to when an 
appeal against a wrung decision 
of a chairman, on an industrial 
tribunal could he lodged. 
Owing to the time limit for 

A day out 
for children 

sv n la lintl,' u,oi uivu.iu . ■ . . tri -frag PV'PHI OI Mi'WLt UCaLlUtUUll U‘7 ■ 

out of every four home policy- index linking does not protect and that i oca i costs happen to adepaacy having -regarff. :.ta 

j holders can enjoy index linking either party against under . ahnve the national average market price - -moVemeuts: of. 

if they so wish. insurance, so that rosurers can he ■ stili despite indention; thos^ special iteins.iu wblch/he^ 

Presumably those insurers not still lose out on premium and j ^his own funds' is interested; : ;-VV.. 

yet offering index linking have the policyholder in the event of.™ ^ all P extent- -With Wnabhsr' colleCfemV 

either not enough business to loss can be short of cover. t0 a sraa11 T^r***. J3F«h2 

I justifv the step or have not vet Moreover, even when the The Durable Household and. so on, 

i solved the computer problem? initial sum insured is as ad* Goods section of the RPI is an ■ 

posed by the need to alter at quote es may be. the policy- average of 'the “"emen^of 

J . ; poscu oy inu Iiecu IU rfllCI IU -.-.-to- ei.m iTOm -'M 

Purclv for the fun of d.»iii" so ’ renewal, both sums insured and holder must remember to prices for three groups ef goodk 5!i£i?S?''^thL fl snbfeS' S 1 
iuru> i or me lun of d.»m & so. . ? ^ percentages that increase his sum insured to —furniture, floor coverings and collection and th^sjaft^dt^tp j 

I sometimes take mv 


neighbour's voune~ch i {• I r r n for ' vary from month to month. accommodate any mld-teim soft furnishings— radio. TV and 

....J * L? I Insurers use two indices, one change of risk, say on the -eon- other household appliances-- duri ng -t ne jrgr P^oud 

a day out at my own expense. 
Should an accident occur, could 
the children's parents claim 
against me? 

Insurers use two indices, one change of risk, say on the -eon- other housenoia appliances— ^ ' ; 

for buildings, one for contents tents on the acquisition of pottery, glassware and hard- whicn i nsurers noe pay i a 

—and a month by month review expensive new appliances and ware. As at April 18, tne date Tiweveni 
of these indices shows that at furniture. Indexation .-cannot used for the D of E’s May destruction. - 

A claim certainly could 

any particular moment one can take any account of change of review, this particular section Mt is therefore prudent ~f or the 
be ahead of the other, though risk not notified to insurers and of the index had moved “up :by index linked policyfaoldefcinsur- 

for knock agreement with 
the other company concerned 
and this seems to work much 
to my disadvantage. I 
suffered bruises and am put 
tn the trouble of claiming 
the first £25 I am required 
In pay under my contract 
from the other party's insur- 
ance. What do you think 
it best to do under such 
circumstances as these? 

is 50 <mai! that it w.mld lie You can apply for leave M stances of any accident. Insur 

impruvirl.-m tn apply tu the appeal nut "f time, stating that am-c against personal injury j nS5 mosl " insurers use :ne arrange a new sum insured to RPL which insurers. do not use, headroom to accommodate '-the 
court, ei'T the Couniy O'ltri. the misleading advice led tn liability is inexpensive and Housing Cost Index prepared which the index taan be attached, deal with such items as cloth- likely .movement of - market 

The best cmir«e i< !■> tli<-trii»i:c ymir failure t« appeal in lime, strongly advisable. Many com- • eat .j, rnontlt by the Royal Particoiarly last year most of ing and footwear, fuel and values based on hi& past. experi- 

thi; mm equally ar.mnv the If ymi are unsucressful. ynu may prehensive household policies ; institution of Chartered Sur- the major companies mounted light, transport and miscel- ence^-and ' if " hff> shorts on 
daughter children lakmg frnm seek in refer the matter tu the include such insurance auto- veyors which is published in the substantial campaigns to per- ; laneous goods, and as of riiicU -experience' to get: expert, ad vice. : 
each <>( them an indemnity and On.meil on Tribunals. maticaify. | magazine Building: incidentally suade policyholders both to .in- April none of these Sections, Of contse he may ftnd tiiat he 

- — ! subscribers to Money Which ? crease sums insured and to other than the section dealing is able to redy fairly .sutostanti- 

» 7 9 • (Ti u. 4 * 1 T this category as. whilst it is a 1 can keep an eye on this index index link those sums. Of those with services, were showing ally on RPI. indexatiqnr-4f -so 

lllilSilUCS III dCOinSil 8 j£S.W legitimate and normal use or | as its movement each quarter is policyholders given the oppor* more than a 10 per cent all well and good: -.Bot it is 

their property, carried to ! recorded therein. tunity. it seems that between increase in the 12 months. foolish' to rely in ignorance and 

Four large dugs who arc rarely that it amounts to what is known extremes it becomes none the] The contents index most 80 per cent and 90 per . cent Many insurers nowadays Offer" to be short of corcr when the 

depending on the actual L-ircu m- j n t h e longer term they move on the acquisition of new 10 per cent over the last 12 ing such special possesdnhs,' to. d 
stances of any accident, lnsur- broadly in step. On the build- property the policyholder must months. Other sections of the fix stuns insured with ; sufficient i 

daughters i-hildren taking frum 
each «f ) he in an indemnity and 

exercised an* kept in th« 

\W think that vnu wuuld nnt small garden next to mini*. 

be able to claim un ymir insur- with the result that the smell 
a nee for the notional mr is such that sitting outside is 
actual) depreciation in value Impossible and even Inside 
arising from the fact that the with Hie windows shut, ii car 
car would be a repaired car be very unpleasant in the 
rather than une which had kitchen and living roam. For 
never heen damaged. the tenants nf council preperl 

in Scottish Law as “ a nuisance." less a ^ e S at wrong. 

The remedy that the offended . ni *?bt also add that some 

person has is to raise proceed- ^ties under which property is 
incs in Court for interdict keld in Scotland regulate the 

commonly used is the Durable have gone over to index linking, policyholders the. opportunity loss occurs. 

acainst the perpetrators of the use of the property Tor keeo- 
ntiisame ordaining the Court ro ,n ” P et5 * "* 11S Vk ’ ou ^ on *>' * 5e 

the tenan Is nf council properly 

A knock fnr knock agreement tiiere are certain rules 

pronounce an order terminating 

There is abundant case law 

To keep that certain smile 

likely to be found in a compare- 

tively new housing development j AT THE tender age of 12 I is the polite way of talking 
and it jour neigiioour s> j, a( j ^ nerves ln ^.q [op f r0 nt about the false variety. They 

regarding the keeping of pets. and it has been clearly held by 

dealing with the law of nuisance P r °P^ rt >' is an older one-— it teet 2j cu j an impatient and will also arrange insurance 

most unlikely 

is at fault. 




rs»>*r* ^ 

can certainly work in the dfr- regarding ihe keeping of pets. and it has been clearly held by wo “^ l,p most unlikely ^ ihat | c |umsy dentist; and the teeth against the cost of replacing 

advantage of a wholly innocent disposing of rubbish etc. Do the Courts that even the normal ? uc " a prohibition would be themselves preceded to fall tD your very own munchers, should' 

insured. If that innocence can any such rules apply to owner and familiar use by a neighbour in corporated ’bits. Many years and several they be damaged to the detri- . 

lie clearly established the hctier occupied property in Scotland'.' of his own property may amount „ “ ’f r V li sets of plastic XHS replacements raent of your appearance by 
course is nut ro claim on your Havc 1 an * v remedy? i n j av/ t0 a nuisance which can J? hec j. thc til f e j eeds ani \ L a]s(1 • later. I have just had the dam- “external and risible means” — 

insurance but to make the In our opinion the behaviour of be terminated by interdict. a( jvj se yo[1 j n more detail about a se to this and the surround- which is to say. in an accident- 

wh'de claim un the party who your neighbours in connection Your neighbour’s behaviour in the possibility of raising Court ins area expensively put right. : 

is at fault. However, tf you with their dogs is so offensive keeping dogs may well fall into action. Four caps and two bridges, por- 

celain on a gold base for niTMTlCTDV 
strength cost £550: and it came UEPI 1 131 HI 
out of ray own pocket, t You try 

asking for that sort of work- ADRIENNE GLEESON 

m T s* m tr r? t* o manship on the National - ... 

New friends, old interests S 

fn Ptece— ] the brokers require a - ' 

Tn PARAPHRASE thac But there i« a cherry Potash is still losing money and remained strong, while the bill- r, 0 \vded oiaVos So last wrek I c L erlificate from y° ur deotist t0 f^oyne Alford place this Still, the most yon can pay 
favoured \V level aphorism uptiuu'in ahnul the project up h. another £2Um will be in- lion price started 1977 at under) Ih . . that effect. business are hardly laying them- on insuring your existing teeth 

about foreign policy, the minim which is reflect I in she WiMC iecierl this vear bv Charter and S135 an ounce and had climbed -nd „« m n i„ c hid {,.«*!■ hi And - vou v ° n ’* S et ver ^' rauch seIves °P en to risk on a gargan- under this policy is £12 a year 

industry ha? m. permanent pneo. It eh.-ed j-<-i..*rd.iv at us partner, Imperial Chemical m ?1S3 by thc end of last insured De sjmpathy, or any money, if our tuan scale. For they set a for the full £600 (£2 per cent 

friends. only permanent I48n fnr a ri>-: i.ii rii.- -.icek of Industries. Pruduction is still March. Fnr -n ihnir famiiairitv u *ith teeth ““ your 0H ' n ’ or those raaximura 00 1136 sum against per annum, with a minimum of 

imerevK And une of those m- 24p. Indeed. oi» been only 40 per cent of capacity. .Since then the group will have ni an i<N- ula r? anrt dazzling examples of the dental which you may obtain cover— £4). If it’s “dental .appUances” 

Terests is the desire to invest catching. It ha*, spread this The provision is £7.5in. bad little cause°for complaint “ the id« irevoked ar t,^ which they have been £2,000 for those who wish to you are insuring, then .it will 

when it wants and how it wants, week nut of the Australian The swings and roundabouts about sold. Although the price nitia lv atLJovtWButetus replaced-fall to bits beneath insure exirting " dental appli- cost you £5 per cent per annum, 

A vear or <o ago. Mr Malcolm Jieclor to thar, ‘‘ r Omwiidatcl. of currency movements caused did sag to under SL70 near tlic j ^ much aligned mem- th !, " om,aI pressures of wear ances and a mere £600 -or (with a nummum of £4). 

Fraser, the Prime MintoT S Londun 4nM ^S‘«> a deficit of £8.2m white a further end of April, it has since | ^ SSfiSffin Thefr J™ 1 2* ^f 1 dP : tenora : fj a tooth-forth(«e who have 

Australia, was nut exacUv a Amertew of South Africa. £6m has been provided against recovered and yesterday closed For an iheirSnabHiK m tJ ° n ’ ° r the F entIrely abnormal full complement of their own You should bear in mind, 
friend. The industrv was non*' Charter s price lia.s been up the group’s investment in at 181.625 an ounce after sett j e ^jeir multi-million pound pr f K ? reS Th f + war rt °I, radl °- and wish to insure against the however, that the cost of work- 
too happy about h « hand Ira af »™"d its hi 3 h r..r tha j-o.r. Botswana BST. whioh runs climbing above *1S5 at one stage egteraa srinTbblaa can at Th,t , *?**' E. 0Weve , r ' r1 "' W»l :>t TbU Is to »ay manship and raw materials is 

-he economy, thinking it inde- losing yesterday ,M4i P . Thc another loss-maker, the Selchi- last week. . “! inraraon^fnp My ^er^SnSe “oneemftulra Sh ?n Vxe™”^ *. "e° SSita^d SS'S- 

an‘ V acona U in.r, “ T S’es ?o“ ^"veae ES" " C ° PPer Pr °' candrawsome'nlouraTmcm ««"»,»"&“ in “erase SliS Sen; andThat you do get be^^aseTframTmeto time 

greeted with. ch«r? ware Starch. And at une level, they One of the major share- from the latest International j 0 ‘"e AifoSd' ^ind' "a™ make rae' rm'V J,?? 1 ", 0131 Tm'i i$ ,"1 Inde3I -“" kei1 teeth are as yet 

His r.ovcr„™„ h r^s indeed « d | te « ^ J £ TXZXT * STS “fajpti^y Tk = derm, the course ef m ai- ^to^r ihejuh^ost of oWg jS? bTw 

St Au S lralia n ° n inS SmS pa.l s Ull ». t« hauntthc Sand ^Sde a = provS oTthe OTonncesloid Tr J™""' 'Ss^VhlLh ,hc“ Sd'c^t S' S 4 ^ re S*“ fflent porrelata atKl ">ubh my dentist wUl ehargi for - 

phere in Australia — inflation rs nf noa im ifta fim'i tn wrii^ ntr hide had hPt-n i-pppiv-nd for Just cienlaI apphance,, which the underwriters with whom gold. an annual valuation. ..... 

nntf in j plhift in mv in pi3Ce — me Dr0Ker S require a 

cherry Potash is still losing money and remained strong, while the bill- n 0 \vdld places So Sat week ^ c ® rlificate from your dentist t0 Alford place this Still, the most you can pay 

nr.iio. r un 1,. .mniiu-r £3tim will hn in. linn nrire startPd 1977 at under : . " ! TZl. ' , that effect. business are hardly laying them- on insuring your existing teeth 


Fraser, the Prime Minister r.f V' le L° ndu ^ 4n, ‘ " l Anglo 
Australia, was not exactly a Amer,can of So " lh Air "*- 
friend. The industry' was none Charter's price has been up 

changed the economic at mas- 

Phere in. Ausiralie-inflation I.,' ^ pest elill r, 5 e ,n heun. the ^ ™|*J, »„ ™ ^ t s h V™Teen"”ra?ei^‘“o" *l» undenvritera with whom gold. 

slow'HB rntwrest rales *re inwer. B p its investment, in addition to 1.07m ounces. ! 


At the pretax 

Last week his Government — 

received parliamentary 

approval for uranium develop- MIMS 

ment Bills, and this week it has 

introduced more relaxed guide- p AUl _ cheeserigkt 
lines on foreign investment. PAUL CHEEjERIGHT 

The object is to attract more 
capiial, so the Government is 
making less rigid its demands . . ... 

for 51 per cent Australian At P relax 'cvd. all is 
equity in mineral projects. sert? nc. Tht^ pn-iit was £43m 
Where a company has 25 per against £38. 7m helped by a 
cent Australian ownership and £ --47m rise in investment in- 
commits itself towards working come afrer it had received a 
for 51 per cent, it will be special interim frurn Anglo 
treated as Australian and per- American, where ii has a direct 
mitted to go ahead with new stake of 6 per cent, and higher 
ventures. dividends from Anamint. where 

Takeovers by overseas groups l * ie stake is 10 percent Anamint 
would still be subject to the makes a large purtimi of its 
Foreign Investment Review money from an interest in De 
Board and uranium develop- Boers. 

providing during 1977 a total of Pressure on their costs 
K 10.36m against its stake in the remains a constant preoccupa- 
suspended Tenke-Fungurume tion, so there has been some 
copper venture in Zaire. Telief that the Chamber of 

Anglo has been changing its Mines was able to hold a wage 
financial year end to March, so award down to 6 per cent for 
its latest figures cover 15 white employees. The award is 
months, when the net profit close to the Chamber’s opening 
was R241.7m (£ 152.9m) after offer of 4 per cent, and repre- 
KS9.2m in the 12 months to sents a considerable victory. 
December 1976. Its final divi- The Council of Mining Unions 

How to get into Cambridge 




(AH figures show the percentage of people accepted out of total applicants in each category} 

. * 7- - mL .. P JU IIIC IIJUIIIUO LU j. — 

v ,n mineral projects. *-renc , £43m December 1970. Its final divi- The Council of Mining Unions /.\) Best bets in ch 

e a company has 25 per gainst £38.. m helped by a dend was 25 cents u5 SpJ . mak . haU demanded 17 per cent. ' 

Australian ownership and £ — 4/m ^ r e ,L n , 1 l, L Vystment . ,n - ing a total distribution for the Meanwhile the London gold THE UNIVERSITY of Cam- MEN 
ms itseif towards working L '"^ 3l af ^ n . pri .,/ 3rt rr re , tei '' f,d , a 15 months of 45.25 cents, share market has been quiet but bridge is clearly a good place Parental occupation 

i _ P » “" l :. 11 w ' 1 S ?°™ ' n T" . J7 ,,n . ’• as3iQS t 33 cents «o 1976. general* firm, alth-mch Band- ln h t ve come “ The 0 V r Prof _ lMnI ^ 

»^v. *{*• a . 

(A) Best bets in choice of family backgroand: 

against 33 cents m 19/6. generally orm. aiinuucn Kana- i n have come from. The other professional and technical 47.1 

The different lengths of the fontcin, the Johannesburg Con- day. for instance, l met a 21- Administrators and managers"!!!!!!!!!!!.!. 46.2 

financial periods make cotnpari- solidaled investment producer year-oid woman there looking n „ 


Parental occupation 

Professional and technical -32.4 

Overall average 29.4 

Administrators and managers 28J! 

Other non-manual . 25.6 

Manual and agricultural 24.8 

ha . VS l 3 . P" Net profits ware KS.7,1, co m - a „„ ther factor. 

Conrinc Riotintn of Australiu. 
has been seeking. 

In market terms, the guide- were £2 1.66m. mur? 

lines can help to consolidate those uf 1976-77 
the recent rise in prices. While 
the rally has been fitful this 
week, the undertone has heen 

™ „ _ revenue is highest And there and while this was 5U cents more b ^ hardest university in ept (B * ^ bets “ choice of schooIs t® g® t® : 

Net profits were ICS.iin com- ls another factor. Anglo has than last year's interim, it com- = . q n s ; nce som p Prt tru 

pared with a_re-siaied £22.39m absorbed Rand Selection, an Pared badly with market fore- “JJ' aro'easierthsSi others I , 

in the 1976-.. year and the investment house in the group, casts of between 275 cents and fJJ 1 fl 7„ „ Type of secondary education to Advanced level 

group was able tn pay the maxi- ih us appreciably widening its 300 cents. statistics to compile the adjacent Inde P e,lde,rt 54* 

tomi paymenHju ihn vear arc But there is no doubt that more than the forecasts was Cambridge entrance.” Overall average ^1 

8.3p net. after ..up tin- previous Anfilo has been doing well in Harteh.-esrlontcin of ihu Anglo- .. „ * 401 

• vear - the areas where it is strongest, vaal group. Its final was 175 „.}[ yau can ‘ bnri ^ f hoy. Scottish and Irish 42.1 

But the extraordinary items Gold and uranium account for cents, bringing its 1977-78 dis- Elt ^ er . W3 y- born into the State-maintained England and Wales ... 40.0 

were £2 1. 66m. mure thin double over a third of ils investment trihuticn fn 250 cents against 135 P r ®|f s smnal I and technical class Further education colleges 24.1 

those of 1976-77. Cleveland income. Uranium prices have cents during the previous year, f which in 1 19 1 1 constituted 9 per Other and overseas 22.6 

J cent, of the parent-aged papula- — — - 

tionj. or at least to administra- (C) Best bets in choice of subjects to apply for: 
tive or managerial parents (7 — — — 

iE?" X Rio X 2L*£Z mum permitied dividend. The portfolio: 
H.X .In „ T,nt0 ‘? ,0c ; total payments Tor ihc year arc But the 

^nc"S ,.^ 6 MP »-. ^ -n .ha prav.™. % 

Cleveland income. Uranium prices have 

WOMEN ‘ r ' 

T>t»c of secondary education to Advanced level 

“Direct grant” 42.7 

Independent !!!!!!.!!! 25.6 

Overall average . 394 

State-maintained England and Wales 25^3 

Scottish and Irish 2 3J2 

Other and overseas 23^ 

Further education colleges -..:...!!!!!!!!!!! i5.3 


The star has not been a 
diamond hopeful like Northern 
Mining, but one, of the majors, 
Western Mining Corporation, 
still troubled by the recession 
on the nickel market. The 
reason was an announcement, 
with its joint venturer. BP 
Minerals, of more very encour- 
aging assays from the base 
metals prospect at Benambra in 

Tu the latest diamond drill 
hole there were cupper values 
of 9.9 per cent, twice as guod 
as those found in an earlier 
hule. These are early days aud 
there is another two years of 
drilling lo be done before it is 
known whether there is a small 
orebody or a large one, ur 
indeed nothing of commercial 
significance at ail. 




NET I IT] ! 
PER | | j 

196B i,v;.;/2- 74 , '76 ’78 1 68 ‘70 '72 

per cent). MEN 

Otherwise, your chance would University subject 

bo only one-sixth as great if Classics 77.6 

your family was manual or agri- Theology 58.6 

cultural working f21 per cent). Modern languages 56.8 

If its occupation was other non- Matheraaties/pbysies 55 j 

manual work, your chance would Oriental studies 55.0 

be only one-twelfth as great. Mathematics 53.0 

Since parents in the top two Music 46.3 

groups are increasingly likely Law !!!!!!!!! 46.1 

to be graduates themselves. Natural sciences 45.5 

university education may History [ 45.4 

effectively soon be hereditary. English ’ 45 3 

Best choice of schools is plain, a 45 l 

Acceptance rates seem to he 6 1 

failing with time in the State Geography 43.8 

sector, and rising among inde- Engineering ; 43.7 

pendents and “direct grants'* Economics 43.6 

most of which are now becoming Archaeology and anthropology ' 35.9 

independent. Architecture 36.0 

Oddly enough, the two best- Philosophy 35.6 

bet subjects for either sex seem Medical sciences 31.9 

to be associated with indepen- Veterinary medicine 28.6 

dent schooling, too. . 

WOMEN * “ 

University subject 

Classics fi7 * 

Philosophy .!!!!!...!,!!..!! son 

Mathematics/physics !...! 44^4 

Geography !!.!!!!!!!!!!!!!!'. 40.0 

Archaeology and anthropology ■«'« 

Engineering ~m‘- 

History ™ 


Oriental studies . 

Natural sciences !!!! V* 30^ 


Architecture , n n 

Overall average ^ 4 

Modern languages 97 * 

IWedieaJ sciences nfn 

Zr i08y ™'-— 

English ~.;gj 

Mus1 ' S 

lf i j 

, 1 

■ s < 


3 >‘ z 

n »ide* 

••■ 'ttl* 

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Act now for income 


INTEREST RATES are stand- 
ins « &eir: highest levels far 
-the -year.- So the advice given 
earlier on, that investors think- 
ing of buying-an annuity should 
wait, baa been profitable for 
them. The . hnmbers of inves- 
tors buytag^anniiities tends to 
be lituited;. but many more 
people; who s ' are self-employed, 
and who are reaching retire- 
ment;; may - not realise that 
-similar -considerations apply to 
-thexti: . They, too, should watch 
interest rates in order to maxi- 
mise .their pensions. 

"-The. basic. method. .of provid- 
ing a self-employed pension, 
whatever the ; form, in which it 
Is- dressed-up, is simply to 
accumulate a fund from invest- 
ment of the contributions, and 
use the sum so accumulated to 
purchase an annuity at the time 
of retirement The contracts 
contain . a guaranteed set of 
minimum annuity rates, but 
current rates are far higher 
, than the underlying guarantee. 

.With annuity rates fluctuating 
with changing interest rates, the 
self-employed, will get a higher 

LIFE ASSURANCE broking is 
now expanding into the field of 
investment -advice. This is the 
conclusion to be drawn from 
figures presented by Towry 
Law, the Windsor-based insur- 
ance brokers. For the first time 
they have given a breakdown of 
their new" business pattern by 
commission. The table is 
shown below, and the company 
intend to issue the figures at 
regular intervals. . 

Over one-third of its business 
— single premium bonds and 
unit trusts— is pure investment 
The life assurance broking 
business involved is minimal. 
And other major life brokers 
are reporting a similar pattern 
-of business. But how well 
equipped are brokers to give 
investment advice? And should 
such business be confined to 
specialists, and left alone .by 
the small high street broker? 

These are. two questions fac- 
ing life asurance brokers at a 
time when ..they are. trying to 
show the pubhc that; brokers 
.have at least ft minimum of ex- 
pertise and experience. Ah even 
more pertinent question is how 
brokers should be remunerated 
'for providing axi investment ad- 
vice service. ; 

Towry Law has- thought long 
"and hard on all thrte questions. 
As to. the expertise, ithas taken 
the view, that it mnot^ord-tn 

pension per unit of the under- 
lying fund when interest rates 
are high than, when they are 
low. For example, an investor 
with Scottish Life, retiring now 
at 65 and having paid 15 years' 
premiums of £100, could expect 
to receive f 546.60 p.a., whereas 
one retiring three months ago 
at the same age, having paid the 
same premiums - and received 


- department.: -staffed by pro- 


the same bonuses could have 
expected to receive £521.76 p.a. 
And once it has-been taken, ibe 
size of the pension will not 

The self-employed have con- 
siderable flexibility over the 
time at which they take their 
pension. Unlike people who arc 
employed, they can cash in 
their contracts and start draw- 
ing their pensions while still 
working. Also, many of them 

New field 
for life 

fessionals. It therefore seeks out- 
side advice on an regular con- 
sultancy basis, using stock- 
brokers Hoare, Goveft for unit 
trust advice and paying a fee 
for the service. Various officials 
in Towry Law talk to investment 
managers of the life companies 
with which it deals. And the 
company is flooded with brokers’ 
circulars from tile companies, 
large and small, setting out 
their thinking bn the current 
investment scene. . 

Towry Law’s answer to the 
question of remuneration is that 
clients cannot reasonably be 
charged a fee for the service at 
this stage. It is difficult to justify 

: %of 
•" -v-r all new 

Single premium bonds-; . 25 
Whole life assurance^ 14 

Unit trust business r. TO 

Executive pension sehdfpe* 10 
Self-employed petisionxC- ' 10 
. Flexible endowment po r 
• Endowment assurance p 
^-Capital school fees plan 
All other types of bust 

have a period during which 
they can choose the time of 
their departure from their 
business, unlike most employed 
persons who have to stop work 
an a given day. They shuultl 
use this flexibility to maximum 

If interest rates are low, but 
expected to rise, then it would 
pay to defer retirement. Con- 
versely if rates are high it may- 
well pay to rash-in early. Life 
companies are now Introducing 
a facility whereby investors can 
cash-in part of their contract, so 
someone needing a part at least 
of his pension could cash-in 
such a part at one point and the 
rest loter when conditions were 
more favourable. 

Life companies cannot really 
be expected to advise investors 
on their timing. The advice 
should come from the in- 
dividual’s personal adviser — 
insurance broker, accountant 
or solicitor. The article below 
deals witb the growing role of 
insurance brokers in giving in- 
vestment advice. This could be 
another service to the self- 

charging a fee when the advice 
is to do nothing. Towry Law 
believes that life companies, in- 
stead, should ’consider remuner- 
ating the broker, but other 
brokers are not so inhibited on 
this subject. 

The Life and Pensions 
department of J. H. Minet has 
just launched a financial plan- 
ning service for clients, and 
has no qualms about charging 
an annual fee (and additional 
charges for some services). 
Some small financial planners 
offering an investment service 
and - putting people into 
life assurance bonds charge a 
fee quite unabashed. We have 
written several times on switch- 
ing funds to maximise returns, 
and who else can advise clients 
but the (insurance brokers? 

The brokers are adamant on 
one point Their advice is non- 
discretionary: that is, they 'will 
give advice but the client has 
to accept responsibility for 
taking it, and he is always free 
to reject it. 

The question of whether the 
small high street broker, with- 
out- investment training, should 
be in this field is a contentious 
one. Surely such brokers should 
make use of life company circu - 1 
Jars, but surely, too. they should i 
inform the client that they are i 
not experts. It may be un- 
realistic to hope for that but 
ft would be the honest course. 

DISMAL THOUGH liio week's 
news may have been for those 
of us who need to borrow, for 
those with money to lend it has- 
been very good indeed. Every- 
thing is running in favour of 
those who want to invest their 
capital for income. And they 
should lake advantage of these 
circumstances. Now. 

How they should take advan- 
tage of them is, however, a 
rather more difficult matter. As 
the table indicates, if you want 
income above all else Ihc best 
way to achieve it — now and 
always — is by taking out an 
annuity. But though the return 
is high — higher than it appears, 
because part of it is rax free, 
too — it does mean that the 
investor and his (or her) heirs 
must abandon ail claim to the 
capital so committed. So what 
do you do if you are not pre- 
pared to make the sacrifice? 

Well, you could co into gilts. 
Of those shown in the table — ail 

of which are on the National 
Savings Slock itegi-icr. which 
means that Iney t-an he obtained 
at a minmuni cost in terms of 
commission, and ihai the in- 
come will cornu to you gross'- 
the two lony-dated stocks offer 
a better return than can be 

obtained, Willi commensurate 

safety, anywhere else. But there 
are two drawbacks to be faced 
in buying them. 

The . first is obvous enough: 
that both are priced above their 
par value. That means that if 
you hold ih em to maturity you 
w-iH get back less, in the way of 
nominal capital, than you put 
in in the first place. Blit given 
that you will enjoy a very high 
income in the meantime, that 
should tiki bmher yuu unduly. 

The second drawback is more 
serious. The income arising on 
investment in a gilt will be 
static. And even though, with 
this latest pad-age oF govern- 

mental measures, we appear 
to have weathered an economic 
crisis again it cannot be 
assumed that prices will be static 
too. If you assume that infla- 
tion will be mruiin gat an aver- 
age of 10 per cent per annum 
through the next decade, the 
£1.320 a year you can look for 
now' from a £10,000 investment 
in Treasury 15£ per cent 1996, 
will be worth only just over 
£400 in present-day terms by 

Moral: you need an income 
that will not only keep you now, 
but will rise in future. There 
are two ways of achieving that. 
On the one hand you can keep 
your options open by limiting 
the duration of your invest- 
ment. Under normal circum- 
stances, if you wanted to take 
that course you would have to 
accept a sizeable penalfyin terms 
of income, but at the moment 
that iG not the case. You should 

put your money into a three 
year term share with a building 
society, or even better, a two 
year negotiable local authority 
bond, at well over 11 per cent. 

The risk you take with this 
course is that interest rates will 
be much lower by the time this 
investment matures: and when 
you come to reinvest the pro- 
ceeds you will have to content 
yourself with a lower income. 
Much better, really, to put the 
money into something where 
you can be reasonably certain 
that, though the income may 
start off at a relatively low level, 
it will increase: and that means 
equities. The high income funds 
— Gartmore is on the point of 
launching another at just over 
9 per cent — may be less attrac- 
tive than gilts m terms of imme- 
diate income: but for anyone 
looking for income over the 
longer term they should prove 
a considerably better buy. 

% return 


Trcausry 101% 1979 


Treasury 9j% ]MI 


exchequer 12j% 1W2 


Treasury )Si% 1996 


Treasury 15J% 1998 


Local authority “yearling*” 

One year 


Two year* 


Three years 11.75 


Three years 

Five years 


Ten year* 

Building sodetiesf 


Share accounts 


Three year term 


High income bondst 


High income fundit 


British Savings Bonds 


Annuities (for example) 

Scottish Life: 
male aged 65: 

IS. 44 

"Thursday’s prices. t Rates vary. 

{Tax paid. §AII equity funds. 

Stockbrokers tie up gilt bond 

■ government has been converted 
to this view, at least in respect 
of small Easinesses; And stock- 
brokers; are ‘ how showing signs 
.of. the aame conversion. Where 
before they might have Actively 
discouraged the smaller investor 
— if GHly by pointing oat how ex- 
pensive dealing- costs axe— they 
are now trying, much more posi- 
tively to cope with his require-, 
meats. '• ' ’ 

. . ,ixi order fo minimise the im- 
pact of dealing costs, some firms 
of stockbrokers have for. years 
operated, in-house. unit trusts, in- 
to- which theit smaller equity 
clients were encouraged to put 
their . money... - But ibe vehicle 
has never beeia available for gilt- 
edged investment. The problems. 


Tb^ipotibleHiis Bond is a new 

■ tfcaief* ?■ ■■ 

' •* ndtT W 1 " •' ' " ’ 


for years - . 

' VI5 ynuinvestyogr montywisels 

Gty orWestminster Assurance lias 
developed CheJDouble Hus Bond. This 
guaranteesyoii annual income of 5% of 
your ininaiinvestmentwithno immediate 
tax liability Ar the same time you bendit 
from a systemofAnnual Guaranteed 
Bonuses whichwill increase the valued 
your original investment so as roprovide 
funds towardsiny eventual Higher Rate 
Tax liability - ; ■ ■ 

As withaHGty of \%SQrunster 
Assurance investment fleribaityisan 
important factor andyou can cash in your 
Bbndatany fimeTOthout penalty 
Ask y our lnsurance broker for more 
hifonnatiohhn the Double Hus Bond. 


Sentry House* 56 Leadenhafi Street, London EC3A 2B]. 

*--» — ■■ n mw e ~ - ■ - . 

’ : ! £*§liSl 


^0 M * 

h^j •• 

i" I " : 

I V. J •• t# 

The 20th Laird of Traquair: brewing 

-/ v VWf"7 " * 

• • - ’v? 

■■ • i?* *■ - 'f 

encountered ’hy Target in re- edged\ investment management 
sped of its' unique, authorised withoik having to face heavy 
gilt-edged fund have illustrated dealing charges. But there are 
how penalising the tax pro- tax advantages as well, applic- 
visions relating to this form of able to life assurance funds, 
investment are. Investing compared with direct invest- 
through a life assurance com- menti 

pany^ gilt bond is. however, a The fund only pays 37 J per 
completely different proposition: cent on income, less expenses, 
the tax disincentives don’t exist and has the benefit of dealing in 
-Stockbrokers Kemp-Gee have larger lines of stock. Clients 
now taken advantage of the fact seeking income, nfcen can use 
to offer a gilt service to their the withdrawal facility on the 
smaller clients. bond— if they withdraw up to 

The brokers have linked up 5 per cent tax is deferred. How- 
with Lloyd’s Life to run an 41 in-, ever, there are some drawbacks 
house" gilt fund. This is simply applicable to gilt bonds in 
a gilt fund in the name of general. On eventual cash-in, the 
Lloyd’s Life, but with the to investor is subject to higher rate 
vestment management com- tax on gains, whereas if he had 
jpletely in the hands of Kemp- invested directly in low coupon 
Gee. Thus the brokers’ smaller 'gilts, his ultimate capital gains 
client^ will receive their gilt- , would be tax free. • 


Pictures: Brilnh 

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An individualist’s brew 

IF YOU brew your own beer, 
why not cash in on the current 
craving for real ale? 

CAMRA’s done it. The big 
brewers are doing it And 
there is no reason why you, 
with a bit of money to buy the 
equipment, should not blaze a 
trial with your very own brand. 

Obviously it is a help if there 
is some sort of outlet at hand 
and you do not have to rely 
on a few thirsty friends to pro- 
vide some return on your 
investment. So it is no surprise 
to learn that virtually all the 
commercial “one-man bands” in 
the brewing industry are either 
publicans or restaurateurs. 

I say “virtually” because the 
20th Laird of Traquair 
fits no easy category, and indeed, 
best exemplifies the individualis- 
tic spirit of a commercial 
sector which until recently was 
almost completely dominated 
by the big beer barons. For 
about 10 years now Peter Max- 
well Stuart, owner of the oldest 
inhabited castle in Scotland, 
has been producing what he 
claims is the strongest brew in 
the UK. Traquair House Ale, 
and Traquair Naturally Condi- 
tioned, were in fact born by 
accident after he discovered 
three old copper 18thHcentury 
fermenting vessels hiding 
under generations of debris in 
a forgotten outhouse. 

These vessels, says the canny 
laird, impart that little hit of 
'“je ne sais quoi” to his beer, 
and together with clear spring 
water, malted barley, hops and 
yeast from the nearby Belhaven 
brewery, provide an undoubted 
recipe for success. 

Pcier Maxwell Stuart may be 
one of the more colourful and 
ambitious of the private 
brewers, but he is by no means 
alone. In the past two to three 
years, in fact, there has been a 
remarkable growth in the num- 
ber of tiny beer entrepreneurs. 

According to CAMRA (the 
Campaign for Real AJei there 

were, until relatively recently, 
only four known pubs in the 
UK brewing their own concoc- 
tion for strictly local consump- 
tion. Two are in Shropshire, 
one is in the West Midlands 
village of Dudley, and the other 
is tucked away in the Cornish 
community of Helston. 



This picture, however, now 
seems to have changed dramatic- 
ally. Tlte 1978 CAMRA year 
book now lists at least ten pubs 
and restaurants where beer is 
brewed either on or exclusively 
for the premises where it is 
drunk. Take the John Thompson 
Inn, for example, in the Derby- 
shire village of Melbourne, 
where the brewing of JT Special 
(no prizes for guessing what 
the initials stand for) began on 
Jubilee Day last year. John 
Thompson now sells about 36 
gallons of his own beer a week, 
including a lager at S4p a pint. 

By contrast, there is Eliza 
Lewis, 71-year-old proprietor of 
the All Nations at Telford, 
Shropshire. She uses a recipe 
developed by her father well 
before the First World War, 
and at 23p a pint she sells 3 30 
gallons a week. Drinkers, she 
claims, come from near and far 
and, boosted by visitors to the 
nearby museum, trade has 
picked up significantly in the 
past two or three years. 

Real Ale hysteria is not the 
only catalyst in this mini 
revival of “ brewing your own ” 
for sale to third parties. Quite 
clearly, it provides a lifestyle 
most of the new participants 
enjoy. There are even some 
commercial factors. With the 
increasing cost of a pint, the 

small operator with no advertis- 
ing, distribution, and admini- 
strative casts can quite possibly 
undercut one of the large 
brewers and still make a profit. 

There are problems, of course. 
After acquiring all the equip- 
ment, one of the biggest could 
come in the form of a local 
Customs and Excise official. If 
you are going to brew for sale, 
first of alt you will have to apply 
for a brewing licence* under 
section 127 of the 1952 Customs 
and Excise Act. Armed with this 
(which costs £16). you ihen have 
to comply with the Beer Regu- 
lations oE the same year. There 
are nine parts to these, consist- 
ing of no less than 72 separate 
and highly technical regulations 
which relate to matters snch as 
the brewing process; storage 
arrangements and measurement 
facilities. In the process of work- 
ing your way through these 
you’ll learn about Mach tonnes, 
drawback (or spilt beer), and 
discover that the Excise officer 
collects his duty at the Wort 
stage (which, for the uniniti- 
ated, is prior to fermentation). 
Duty, incidentally, is calculated 
by measuring the ale's strength 
or specific gravity. Regular in- 
spections of your premises will 
be made, and you are required 
to notify the Customs and Excise 
officer 24 hours in advance of 
any brew. He is entitled to make 
spot checks during this period. 

You may also have difficulty 
producing a beer which has 
uniform characteristics — so 
your customers may start to 
complain. And at the end of 
the day, although you may he 
making a fairly high percent- 
age profit on each pint, with a 
limited volume potential you 
may nut feel you're getting a 
decent return. But if setting 
up your own brewery should not 
be taken lightly, don't be put off 
by the professionals or the 
Customs and Excise man. You 
can always take heart from the 
20th Laird of Traquair. . . . 

■4 J. 


Highlighting the best performing unit trusts in the various specialist 
sub-sections in 1977 the Investors Chronicle 14th April, 1978 stated :— 
“...Target American Eagle, very much against the trend ... 
rose 15.5% in the North American section 1 *. 

Over the same period the Dow Jones Industrial Average fell 17%. 

InJuIy1977we announced to unitholders 
our intention to increase the American 
content but we held off because of the 
weakness of Wall Street and the dollar. 

shall continue to use our discretion in this 

The aim of the Fund is to achieve longer 
term capital appreciation and we believe 

Thecorrectnessof this decision is reflect- the case for investing a part of your 

ed in the performance compared with 
funds invested wholly or substantially in 
America over the past year. 

During 1978 we have increased theU.S. 
content from 48% io75?j .taking advant- 
age of the lower share prices and also 
because we fell that the period of relative 
strength of the pound against the dollar 
was at an end. It is our intention to increase 
the U.S. content still further but timing 
remains of the utmost importance and we 

capital in North America with such an aim 
in mind is now very strong. Share prices, 
in terms of the established yardsticks are 
historically cheap. U.S. inflation rates are 
low in global terms and America is after ail 
the largest and most advanced economy 
in the world. 

Remember the price of units and the in- 
comef rom them can go down as well as up. 

Your investment should be regarded as 
long term. 

i*F , .:CATIOUS»'id ciieau~ «i'l b# 
t W ec»liii'9W:. Mill wnl 
n: :!•. t ic^e M inr p!V”. 
tOL'MM smi OUR UNITS*: «iwiwi9 ola 
prin rx‘t lir.. l“ifln !nj| lalcuai -a CrV 
Dt-paiimer-i pi Trjjt rt-3' i la I .cm; . Pj'.mer.l mill 
tv mad-, mi 'I nn 10 Jail pi ri-.eiPIof Tup 
i.nooncvC Ct'liiii'dli-. Tp : inicu of umfcjni 
j m aie aupvti daily in If* Nai>onal PwP. 
AN INITIAL CHARGE cJ i \ it include in UW 
Mlppftt'.'G* unili. The Maru.jtrrs.will jay 
commsvo.'. oil i !• lo Qualified aient;. . 

The Managers «^rvc:i.- I'aM fr clc;-'' to* 

«M i«'t'j»e me oaic r.iaic« t.- 
price >0JiP6b> mm- ihsn.'i %• ‘If*'' 
cl ln<"nfltrunil£««<i! q. jnmiaEieallne fla' 1 / 

INCOME IcKtecol Iheas-.xralp *-i'l b" 
CJthifcundtn JJjf juIvtiK* An arcua 

tian»t! iJJot l fa pi ifisFv'O Mi; 

v. A.T. is cMduclad trom lhs aic*s Inc wna 
0* ihp Enntf. 

I* f M 3. if PS T jn«‘i Trail Managers 
■S Pllai.ii Li'J.ia m-. rr-tar ol the Unit Trurt 
AviuC ic'ijrir 

Di'i -Icr- a.P.'.V Sine". T.O.. c .~ f.., 

1 1 tun rm j i • . £. P.G. CIO •« i:S,L 
A. Wli. Fi.rsr.C-A.. U. 1C McCnh, 

i. G.Sa'Wrsfn.J V . 

Tavlpi. M A..C.A., 

j. '.vr.iiion, M.4.. S.CiJfii., CA. 

Talcchcnar ChSOj rs>i3. 

ccfnMuxp.-.plUIW/oouafirirtJaai-nfi.. THUSTEE: Bart: IlnJJrd 


current estimated grass annual yield I '25$> 


^ Si’in.ituli ti) , 

^ N.inripfsi in lull (Mi.. Mis., Mils). 
^ Audi =>5 

l/tf/avw ?h in Tjrgpt ^rpitnjn Ej'jip Fund units |/ui« dt-durr :hs»f nui/wp .vP nof oujsitfc lh»“ Schadufed 

lo invcsl £ <cl ?0.4p oer unn (minimum initial 7i., rt i u nusHndlam/rw»«i(rnpiaccuiri' - .5mpuniiaaslhcnominM(sJ CWO? and unclose a chrqua o! unr pw*oni>j msldr-m ououJp mr-sr lorniones^This ofle i is not 

made payable lo TaigH Tnisl Managers (Smilundl Lid. a.allufcit- himciKs of :ha Republic ci IrcUnu. Thu oflet cIdsbb 

or.ih- lbV<Ju"‘ '9ra. 

ri.TA ,. jpji.'cjr :s s.'i- j-c" .i.'IjcJi nam#; and jdtiieue s ieps.illtf. 

?il~i ’.‘.MU IN El 90 lllilflS -;h£ (imifHLtli im S; Ki I’SRID ru.i',*. 1 m: runs*. 

°|p*‘i' l«*lnrhair d»|ji:« p( Taigul's manUily savings sch«m#c Shait E*chanci- Sckefn* On you alipaov holdTaij"! 
Edflu unite? 76S/NO. Ri'Qisii'icd m Enaiand No 974188 al 7/9 Bi*ams Buildings. London EC^A 1EU. 

Rrgisii'ird in England No. s?ai88al 7 ,9 Brwwt Buildings. Lond on EC* A lEl 

Financial Times Saturday Jtxng: 





1 -■ 



1,548 Acres 

Coming hack to 

h in N. 





A .superb portfolio of high quality blackland farms 
for sale by tender as a whole «.»r in S lot* from 
ISO acres to 1,030 acres 


AIsc* available nearby 137. ('00 sq. ft. of agricultural 
buildings at present housing grass drier 

■S.VVILLS. Sprinehlll House. Spring Hill. Lincoln. 

Tel: (D522 s 346 91 

and 20 Gross cnor Hill, London. IV IX 011Q. Tel: 01-199 8644 


A prime site for development with long road and 
river frontages extending in all to 



i unless oreviouslv -s* -Tci i 

S.WtLLS, 136 London r.oari, ChrimFfonl. Tel: (0245) 69311 
F.U LILVEKS. 49 High Si root. Kinss Langlvy. Tel: i40> 68156 

TEL: 01499 8644 


London 46 fin < ill f Junction 12 * — I J mile-i i 
Ololclilco 511:110:1 6 niilc: < i.'liMnii 44 min.':. » 

IN THE mini-boom that has 
I just passed — a boom that was 
by no means universal but con- 
fined to rises in. lor the most 
part, the higher priced proper- 
ties. nowhere saw more spec- 
tacular asking prices than St. 

■ John's Wood and its environs. 
1 1 Prices are noiv falling back but 

it cannot be denied that there 
! were quite a few people cashing 
i in on the publicity about a new 
! 1972 style bourn. One of the 
local companies. Brian Lack ami 
’Company nf St. John's Wood 
!High Street, gives its reflections 
; on why it happened ami why it 

■ has come back in normal. Hr. 
Charles Edmundscm of the firm 

1 begins by reflecting on the joys 
| of living in the area. 

; One of the main reasons that 
[people chose to live around St. 
i John's Wood is the proximity 
! to excellent shopping. Local 
' centres lihe Hampstead Village 
, and St. John's Wood High 
j Street still offer expensive, but 
convenient shopping Facilities. 

; Many people prefer to make 
i use of Brent Cross fnr repeat 
; bulk retail purchases. The West 
End i« still popular with over- 
seas visitors but many shoppers 
: cannot face the travelling and 
i sheer mass of crowds. 

I Lucal open spaces like Hamp- 
1 stead Heath and Regents Park 
; too. contribute to the popularity 
[of the area. The London Zoo 
I is always a favourite outing for 
; children, and Lord's Cricket 
. Ground is hard to b?ai for a 

■ quiet afternoon on a summer's 
day for many local people. 

I The properly market is a 

Hampstead and St. John's Wood whole area. The demand for sale modernised or unmodern- 
have stood the test of bad times these bruises comes not only ised. Several substantial public 
well. Its main strength must from the family unit expanding quoted property companies have, 
point to its geographical luca- out of 3 fia; but alio from been in this kind of operation 
tion, as well as the historical potential buyers wishing to cut on blocks in the best -parts ' of- 
popularity for the home market their travelling time and costs Su John's Wood. -..-7 

purchasers matched against the by moving in from vitlv.u a Fiats in conversions, -ton, 
influx of overseas purchasers, 3ll-nii!e radius of London. seem very popular. Cert ain * 
who have not been .-low to There has also been strong purchasers prefer the idea of . 
appreciate the qualities of the demand for upmarket family living in a smaller block* of-, 
general area. What di’»es lhe * housing from overseas pur- units of say, four to eight flats. 

future hold in the sh ir; and chasers wishinc to settle after rather than the impersonal feel 

long terms? In the short term. a jj m Eti ? kmd still oners a stable of larger blocks. It is also true 
there must, surely, be a reaction platform in which to bring up that h* conversions outgoings 
lu the huge rise in values in the am j educate 2 family— at least are generally lower but the 
area. -And the future ? in relative terms compared with business of making communal* 

The general belief is that this the current hut spots in the repairs to the property is often . 
will take the form of s-abilisa- world. Overseas companies too *° the tenants to arrange 
uon for a period of smne nine have been in the market for themselves, rather than the 
months. The increase in Mini- this type or unir. to house key managing agents, who. 
mum lending rate and the fall- staff for their L“ operations obviously, have to liaise with all 
ing investments going into and many American con- ‘be tenants to run the larger 
building societies will, n>.* doubt, glomorates connected to t!:c blocks, 
cause some sales resistance in North Sea oil operation are 

the short term. There arc many among those Lacks have dealt r*Tg g • V 

properties currently fur sale with r<N-*nM>\ Flat? in luxury g #7T /s 

that are optimistical]} priced modern blocks like rho^e along 

and these will not easily be Prince Albert Rn^d eont’nne : o 

saleable in the next few months, appeal to the Middle Eastern g • y 

In the longer term, there is buyers. In their part «f she p {Th 

every indication that values will world. building materia!; * (L/ - 

continue to rise. The cost nf deteriorate under the climatic . . 

rebuilding many properties is conditions at a much faster rs*e 

still more than the present value than in our ciimare and. there- g 

and. in lime, this must correct fore, many of them are net keen " *"'****' 

i cyclical business. Values fluc- 
tuate hut in past years, the per- 
. forma nee of properly values in 

A . s ^ 

investment. Happening in the South-East. 

The most marked change that In the home market, fiats in and among higher priced pro- 
they have noted in the past 12 The larger blocks are oi^en sold ponies. Even there, as the St 
months has. undoubtedly, come as pert of “ break-up ” projects. John's Wood situation shows it 
from the demand for family This means that where :he flats has cooled off. The action yes*, 
housing. In general terms, have be-n previously let. terday by the Building Societies; . 
St. John's Wood represent 2 usually unfurnished. i!:e irnar^s Association in putting up the 
high density residential area can be offered ihc- chance to lending rate by 2$ per cent to' 
but, in real terms, there are buy their flats at largely dis- 9; per cent should finally put 
relatively few family houses fur counted prices ami those flats paid to the remaining vestiges 
single unit occupation in the which are vacant are offered for 01 boom taLk. But I wonder. It 
^ ^ — ___ * s Qhile remarkable how quickly ■ 

They who banker after being 
a landlord on a larger scale 
-—and who have more than 
'■-i few pounds to spare — might 
co nsid er investing in these 
two properties — ancient and 
modern, it is up to you. In 
most towns a 15th century 
hotel would be a landmark. 
The Priory Court at Pevenscy 
is a junior partner In the 
antiquity stakes compared to 
Its neighbour Pevensey 
Castle. 1.700 years old and an 
ancient monument when Wil- 
liam the Conqueror landed 
in Pevensey in 1066. The 
castle lias the additional 
oddity of being a castle within 
a castle: when William 
arrived he derided to build 
his citadel inside the existing 

The castle view .Is part of 
the goodwill Brodie Marshall 
are selling w ith the * Priory 
Court at an all-in piiee for 
the freehold of £125,000. 
Situated 65 miles from Dover 
and 15 from Newfaaven the 
hotel has no problems filling 
its 15 bedrooms, all furnished 
with period, pieces. For the 
traveller who wants more 
than the view there is a 
seven-day week restaurant. 

• • | * ■¥<*#*>■ • • 

I-;.- Mr 

bonjn fever is to catch on and 
For those v.*h« fanrv a life how long it takes for it to be 


Mir: H r, USE: Hail. 4 sracir-u-- reception rooms. usual 
■inniv tic oilice«. 4 pi*inc!:-:il bedroom*. dressing room. 4 
sv:;md:ii y i-.-druoms. 5 lia'hro<'i!»?. Full central healing. 
Bus'.-tnvnl with Lundr; room, stores & cellarage 

on the water and seek accom- linaliy iaid to rest. After the 

modatinn at a much cheeper last bn £ m il l “ ok 

r:!t n than thn 2 >' ear * . Even_ after the 

rate than the equivalent on ^ arke - leased to rise in the 
lan.1 the following might do. autumn of 1973. after a fairlv 

The house boat “Espe ranee” hectic two years, people were 
moored at Chcyne Walk, is taking the same attitude 

for sale at £11.5:1(1. Built a:!r,,,st t’.velve months later. 

on a steel hull, itr boat has P '' p! f wI!l fl ot acce I« 

.. ,, -is*; tn<» good times have come 

on a steel hull. :fcc boat has 
an excellent mooring, allow- 
ing views on three slr-es (over 
the Thames) from the •.oloon 

:n an end. Yesterday’s rise in 
ine mortgage rate may well not 
be the !2*'i this year. That and 

and a large bedroom. There a combination of freeze and 

is also a shower room and 
galley. The weekly outgoings 

scuecze presaged by the Chan- 
tsllor's moves on Thursday 

including an annua! lease ou should I hope make this the last 
the mooring, rates and scr- time that boom need be men- 

vlces amount to £10. Agents: 
John German Ralph Pay. 

lioned in this column for a long* 
time to come. 

The Round House Bournemouth 

THE u>:,*i; rUM.o.l V.T :%T'; -A i r h THE L«'Vi lUii'M (It) x 64 ). 

zxr::::sivi: g-iai.h r;:.»i;.vF citbuildinijs. 

1\i:Mi ■<’!.; m ci' 5 -V.'iiES ilu’.*. v* , Fl-.-i! I'-uma! and wgi-table 
■jiirdcn; mii| fiirili. r -.■rmind’* cxici.dtU!; to j:»-m r> Acres. 

!•» -r: 'i.M.F rv m.'! v f.h- p:h ."'iv. v-ts 

' :i(»; .4!: rin?ARTiiEY7. woullep.H’.v hoine. 

AVF.\!»(*Vi;;j. S«f4 uljJri iu'Jkss. 


2 sr*. Rr r.'iJS •*: r i 

Wii S*s SI- 


Trumpmgton Road Cambndge CB2 2LD 

chartered surveyors f 
Telephone: Trumpington (022-02D33C J l Teie;: 617533 rf 


On liic li’.uri.c/iOH ; nj f»ie H»u i. Our id i\all-Ot;n 


Hilcfun 2 mi/ei Lrtchvrorth J mdei 

W'cJu'iin and Al( Mi .1 miles. Luton and jWJ S i>i ile.s, 
V*t ilu:jn Garden City r.r.d iruin services into London 
i City tine! Webi Lnd) 5 miles 



Sudbur, It milcr Newmarket -jj.I-t 


347 ACRES 



3 main reception mom. 4. ballroom, domestic quarters 
and staff rooms. 0 principal bedrooms, fi principal 
bathrooms, 2 self-contained flats. 

Approx. Ln.fiOfJ sq. ft. 

Stable block with further flat, garaging, large garden 
wiih many mature trees. 

Extending in ail io 14} acres. 

Also available: 

Private Treaty 

Principal Residence 
7 Cottages 
3 Sets Farm Premises 
For Sale By Auction As a Whole 
or in Lots 

(if not sold beforehand) 
With Vacant Possession 
feycepc cotca?e occupations) 


LOT 1 Fine I7th Century Hall with command 1 *- vi?/-; 
over countryside. 3 reception rooms. S bsdrosrr.i. 
1 Acre mature garden. 

LOT 2 346 Acres arable farm with farm buildings. 

(unless sold privately beforehand) 


M 6 miles, London 64 miles 



Entrance Hall. 3 Reception Rooms. 6 Bedrooms. 4 Bathrooms, Staff Flat 
Attractive Gardens. Grounds and Paddock 
In all about 


For Sale by Private Treaty 

Details from: Gluttons, 74 Grosvenor Street, London WI. Tel: 91491 2768 

CHARrento survuiOrs 


Tel. lOESt) 2467 <630 
and at Warwick. Covenlr* 
and Dawnton 

Who wants to be a 

Cheyneys Lodge. Ashwcli. Baldock. Herts. Ashwell (046-274) 2481 
also at. Collingham. Notts: Diss. Norfolk and Woodstock. Oxon. 



King & Chasemore 

B i DW £ L LS Trumpington Road Cambridge CB2 2LD 
chartered surveyors Telephone: Trumpington (022-021) 3391 


Hite bin 2 miles Letch worth 3 miles 


Lot 1 465 Acres 1065 Tens corn store and 3 cotLiges 
JUii 2 S Acres .AccuiuiiiodatiOD land 
Lot I! 20 Acres Accommodation land 
Lol 4 134 Acres Aceomniwdation land 
Lot 5 Hl7 Acres Accommodation land 
Lot 6 47 Acres 2 Cottages and Fannbuiidings -a uh 100 
tun grain store 

Lol 7 77 Acres Farmhouse, buildings with 200 Ion sruio 
.store, and milage 
Lol 8 ri.23 Acre Vacant Cottage 

for sale by auction as a whole OR in lots 


(iT not sold beforehand) 


(except cottage occupations) 

Situated midway between Northampton and Leicester extending to 731 acres 
including two let farms producing £10.124 per annum with rent revisions 
due 1979. Two fine centrally heated farm houses having 4 and fi bedrooms. 
Four cotugcs. Excensiae traditional farm buildings. The land is a medium 
to heavy loam capable of producing high yields. 28 acres in hand being mainly 
mature hardwoods. 

Fuff particulars from the sole agents as above 


Should this cap happen in til yuu, you would be well advised 
to fix your sights on real properly, in which 90% of all existing 
millionaires achieved their fortunes. Ail the signs indicate 
the imminence of another properly boom: rising house prices, 
falling investments yields. City insulations buying farmland. 
To keep ahead of the herd in this fast-moving market *.r»u 
need to study the Property Letter, which gets to the very 
heart of the property business with down-to earth, pungent 
articles providing you with information, ideas and unusual 
approaches that you won't get anywhere else. The Property 
Letter could just possibly be a better investment for i*ou 
than Lite property market itself! For details of u FREE TRIAL 
OFFER, write to: 


13 Golden Square. London. Wl 
or phone 01-337 7337 (24-bfiur answering service) 




Owner ivithei to tell b^jutiful 
Provencal resident*, stone built «ich 
large tower and bell— living room 65 

sq. m . — A rooms kitchen-bathroom 

.2 toiJeu— rlojkroom — lumb.jr room 

— rustic cellar— outbuilding In 13.000 
iq. m. Rat grounds — riding track 
around propertr— lines 3 m. wide— 
go-gcous entrance, lined wirh 12 m. 
high poplar; and 9 large street 
lamps, opening on to Saint TroPhC 

rpad— sold furnished with agricultural 
tools — 3S CV tractor etc Shady 
suit — warcr — elictruity — tele- 
phone — Price: Frs. 9 50. 000— write in 
French «f possible to: 

Mr. F. F. TORRELLI— 29 rue Theodore 
de Ben.ille— OMCO — NICE 

pheasant shooting 


1 full gun and l half gun to 
let for 197S/73 Season 
12 days shooting m Satur- 
days 1 Monday). Expected 
httf» for season on li:iel rH e 


Small blocks of flats in beauti- 
ful park with swimming pool 
— -Tennis court — Bowling area 
— etc. . . ■ Studio-flats — three- 
room flats — equipped kitchens 
. . . Some flats already 

Information from: 


6, avenue des PhoeSens 
06300 Nice. France 
Tel: f93) 80.07.22 


5.000 ACRES. TIMBER.— 
VIRGINIA S300 per acre. 

(adjacent toi 

900 acres land SHOO per acre 
Long Island 2.000 ft. prime 
ocean frontage. 
Shopping centres, Florida 
ranches, NY City properties 
440 EAST 79s t 
NYG NY10021. 

212-628 5668/London— 
Blakes Hotel 01-370 6701. 

Herefordshire/ Worcestershire /Shropshire 

WiUun easy n-adi of ihr rrarV. j u.uiw uf T-nlw W-IK. LuUluvr and U-ommsicr 




Tel: (0425) 52121 

For Auction 10th July 

Individually dengnod property built 
m 1475 with views towards eastern 
slopes of the Avon Valley. 3 Beds.. 
2 baths.. Living/ Dinmg room. etc. 
Central heating. ( acre, etc. 


Sicuatcd amidst open farmland on 
edge of Cranbome Chase. 4 beds., 
2 baths.. 2 roc., etc., good out* 
buildings and garden of 1 acre. 


Family house of pleasing design. Ideal 
for riding and hunting in New Forest. 
2 rec.. study. 5 beds., etc., garden 
and paddock of 21 acres. 


- B16R0R 

Period Cottage For modernisa- 
tion in lovely Downland village. 
Pulborough station 8 .lilies. 
4 Bedrooms. 2 Reception, 
kitchen. Score Room. } Acre. 

5THjULr, W3 

(Unless previously sold) Detoils.-— 

Pulborough Office (07982) 2081 

The Priority Court, Pevensey ■ ... 

alter being Brodie Marshall - and Co. 
larger scale are also offering' t&e?Itband 
more than .Hoese- r .HbteL 3ir :,one^af the . 

»are — might b«t. areak -oT^Bonrneniotttli - 

s in these . . for sale at an. askine -pjrlce' 
ncient and of -£lm on behalf of the ■ 
to yon. In owners, ; Joseph ' V - Alnatt ' 
ith century Centres, who . spedrflBe.’In ' 

i landmark, ownjng and ,operafing_ «dnc»' 

at Pevensey tfonal -centres for school 

aer in the children thrij^ghOHt.the' ^outii 

ompared to of England and is Wales. 

Pevensey The hotel ' was- bnilt some 
old and an eight years ago and comprises 

when WII- 162 bedrooms - on- -the.* ' 

ror landed three floors, eacb WJth'fts_«wn 

1066. The private batiirnoznV a third - 

additional floor, range of. phbQe rooms, 

astlp within conference ..and . functions 

i William - suites!- ahd an ktegrai car 

d to bniid park on the . lower floors. - 
Lhe existing Brodie’s chairman James^ 

Nairn opines: “ Normally 
is part of the seasonal nature of most 
ie Marshall South Coast hotels wtiL tend 

the Priory to put off . an intending 

t piiee for ; purchaser but in this case" 

£125,000. the except! onal . combination 

From Dover of modem , purpose-built 

Ffaaven the premises and , _a year-raoad 

lems filling trade .make the Round. House 

i furnished a natural— and quite unique 

For the . in Bournemouth itself.” : 
ants more "Further information: Brodie 
here is a Marshall and Co.* 66, Bobov er 
restaurant. Sheet, tf;L ... ; . . 

“X^EL&rtXSF"™- The lvorv Mouse - 

V-nSTin jSfl** 1 aMrtmcirt In cxcluslM 
ana %* 11 B “« l »v | W Mrni*}»«o 

*86*2400. £2S0 Ttieehon. 


all ■•iii-rL-a uiib 

Vjohiii rv...j-v,|..ii ■-uinni--Mi>M of pur- Iijsc 

Snhji 1. 1 io r.,niiii'iin> .in. I lu prior <-.■ I. - 
IN FIVE LOTS. T |.;u. |,-i. 47 Hfi a , ? rcl 
ill* {’urii.-iilli*. llaii Luiiloiv 
ON MONOAY. lDUi JULY. 297S AT 3 p.m. 

Cholesbury Cum St. Leonards, 
Buckinghamshi re — Residential 
and Agricultural Estate 

su bms mn 

328 kzm 

LUDLOW. Ti-I. 2231. 

V.-ndor: Sullruon. Brisin?s < **>ok.* fc ilurnmacl. 
in l.iiimln's Lin Fu-bLv Luiulon W fj. Trl. 01 "c Wfi 2 

bag for season on i*j?i records 
1.500 Phca.sants. 

liwv - "vuaoil li. 

Full Gun £1 .150 v.AT 
J Gun £575 -r- VAT. 
Please applv iu ; — 
JHQl, 13 Hill Sr reel, London 
WIX 8PL. Tel; ru-feB 72S2 


In most attractive rural area. 

Superb & Interesting 
Agricultural Investment 
Subiuntiil Firmhouis, Building; 5 
LAKE with excellent TROUT FISK INC. 
Let on Agricultural Tenancy at £3.000 
p.i. Price £150.000. Aef. HRL. 


Leominster (Tell 41231. HerOwddlirt 



in all 240 acres 
with pouetsion 
together with 110 Acre* of Woodland 
bi hand. 

12th July. 1978 

3 High Street, Edenbridge. Kent. 
Tel: 0732 862434. 


APTS. So/So West U.S.A. 

$14,000 average per unit. Realistic Terms. 

Good Return. Alio Sale Net Lease Backs S",',. 

R. B. TURK, Esq.. 134 So. Livingston Avenue, 
Livingston, New Jersey 0703ft — U.S. A. 

Lot 1— 306 acrei a»d building.. 
Lot 2— Periob farmhouse and I B 
acres. • • 

Lot 3— Cottages and A acres. 


At a whole or in 3 Ion 
on Friday 14th July, 1978 
I unless said previously) 
Particulars from: 


30, High Street, High Wycombe, 
Bucks. Tcf: 0494 21234 

T-a.rvavia sfi 1 

TSaSMS 4S?,® 

NEAT »W A. w! 

52918152276^ M-rlborouflh (0672) 

i CH “«D RC Ea S r“ N vTc^U^ CHE r*- 


SSSSKar-o* JBSfc “erNrooni with wc. 
hm For Sale hl^A r ^ nfle 01 farm build- 


ing i 0 r aaraae ,S f 8, p,us ,<r9e build- 

Lssp --rsSwWrfflyafc »• 

also nu,rla.^. 0 . 0 °?J FoHiMity acquire 

also contiounis ahi vSS2? ,l 7 J £ quire 

ss& , 4a>ff ■jSasaJtTii: 

3,550 Cf NTtG ^JJ^ceT 0 ""* 

Mmo?fs*| n| L l«° _? eco " , ™ oa * 

bathrooms _ a| l _wl»h orl vale 



Sr. George’s Square, London, S.W. I. 
Overlooking the River and Garden, 

30 LARGE ROOMS.- Full central heat 
.ng. PRICt: £225.000. 
Adjoining Hostel also available if 

13. Old Brampton Road, London 5W7 
Tel: 01-584 3721 I 10 lines) 

bathrooms. « ,th ^orlvate 

Study. 2 TTrU-Vri:?— r 001 ”.- Ground floor: 
shooT Ver, l "J, ne «cve. worse- 


3S i *m| , V? M e ANO GUILDFORD. 
Guildford a m,‘,L '^„ rnna, " VL "j 11 "- 
Scaped situj-inU unrivalled land. 

» fc ag5rSfeS 

Larae E rMqfM Time ‘0° CtfrTAcS 

an aaspj-Bs j^msss 


g rw v t v-jeive 

iSE» A 



* , 

JpPjtl u 9 ij 

lDd Gl 
or ^ 

'* M* 
or £ 


i '-* «« 

a edatj. 
, sc bon 
®“ Soojt 

ales. * 
dir «>d* 

^ { »P 
a °*4 

’“ntiiojs ./ 
■p/ ^ /. 

floors. k 
Janift n 
■Vormaljr y 

L ' of °«i 

.“ill t-Di I 

tajenfligg I 
fei* ca^ 




! "ri Hony 
**■ imiuw 
i'-lt .- 

,,r i: trwifc £ 
j- B'-ilSuify £ 


Fiat Rrtmo 

A question of names 


WttATS IN A NAME? Quite 
.— -«-'lqt for a car maker, because 
the. name given to a new model 
:• &8S to be internationally acceni- 

* . *We. Not ail of them are. 

•- Consider the Rolls-Royce that 
■ succeeded the Silver Cloud 111. 
It was to have been called the 
Stiver MisL Ail the brochures 
had been printed when a panic 
call came from the Continent to 
say that “mist” was not a word 
to be used, in -polite company 
. -in Germany. So Silver Shadow 
the car became. • 

Ritmo means rhythm in 
Italian. In English, nothing. To 
me it has a cheap and disagree- 
able sound. Fiat England 
agonised over their parent com- 
pany's choice but finally decided 
to go along with ih So the first 
Fiat's new generation models, 
which' was unveiled at Turin 
Show last April and will reach 
Britain early next year, will be 
called the Ritmo here, too. 

Raring tried a couple' nf 
Ritonos (the plural is even 
worse, isn't it?) in Italy last 
week, I can’t see that any name, 
however unfortunate, - is going 
to harm its prospects. It bas 
everything buyers of “C" 
.category cars (that it, the small/ 
medium family saloon or hatch- 
.. iback) can reasonably require. 

More cars of. this kind are 
sold in European .countries than 
.any . other .except for Italy and 
-: ; Sp5un;'jvhere the best sellers are 
. a little smaller due to low wages 
aad sUy%igh petrol prices. 

Fiat researchers reckon that 
,by the early 1980s more than 

• one European car -in four will 
/■ be. in the “C.” category, and 

they intend that eight in every 
100 of them will be Ritmos. 

For Eiat, the Ritmo marks a 
complete. break , with styling 
tradition. .Other than the XI /9 
sports : cav it is their first now 

car for years that one does not 
know at a glance is a Fiat be- 
cause of its family resemblance. 
I thought 1 detected a hint of 
VW Passat from the rear quar- 
ter and of the Renault 5 from 
the front. But the overall effect 
is of a highly original car, 
modem to the point of being 
slightly futuristic, yet highly 
practical. _ 

It makes the boldest use so 
far in a mass-produced ear of 
very large plastic pressure 
mouldings to protect the body 
bumper without expensive 
panel beating or repainting. 

The entire front end from 
headlamp centreline to aerody- 
namic spoiler is a single mould- 
ing.' At the, back another one 
serves as bumper, number plate 
and rear lamps mounting. The 
Ritmo's self-coloured plastic 
nose and tail .withstand . 4 mph 
bangs without damage. In 
heavier impacts. Fiat says it is 
often enough just. to replace the 
number without expensive panel 
beating or repainting. 

Noting a more rational 
approach to car .design among 
“ C " segment buyers. Fiat 
makes it clear they are demand- 
ing customers. They want s mail- 
car economy and -executive- car 
comfort, and silence with ample 
performance at a reasonable 
price. Reliability'' and minimal 
servicing are taken for granted. 

Mechanically, ' . the Ritmo 
breaks little hew 'ground. The 
engines — a choice of . I J00, 1,300 
and 1,500 cc"in4ine four- 
cylinders with belfdriven over- 
head camshaft— -have all been 
developed from fee ten-year-old 
Fiat 128 unit. They' deliver 60. 
65 and 75 horsepower respec- 
tively and the models they go 
into are called the Sitxna60. 65 
and 75. which even I , should difficulty ifr remember-* 
ing. .’ ./ • • 1 


Mefpedes-Benz Dealers'- 


280 EW Mtd." red, 

bamboo doth, auto pu. tinted. 

. Radio-cistern on* owner UJM 
.280 SE- mo.' JMM-*. blue.earch-- 
«ene tsx. atrto p»s.- E. roof, low 
mileis*.'; Pill .fiiseory . 13J.9S 

■ TfetepiioneD^Jacote 

- '. 6 DtHAM( 025 g 7 UZ? 94 _ ■ 

CARS WAPtTEO. We oar mare than 
. most for aw make or model- Tel. 
- '01-37* 6231. PRIDE AND CtAftKE. 
. 105. Stocky*! I Rd.. S.W.9. 


ayertising /. 

appears every •*:* 
For farther details . 

01-24S 5115 

The bodies are three or five- 
door with de-luxe or comfort 
de-luxe trim; four' or five-speed 
gear boxes are available in the 
60 and 65. The 75 has five- 
speeds as standard or a three- 
speed automatic transmission. 
This is supplied by Volkswagen 
for the time being but Fiat will 
have their own later. 

Most interestingly. Fiat also 
plan a 1,600 cc diesel Ritmo 
next year. Taking a leaf out of 
VW's book, they are ‘‘dieselis- 1 
ing” the Fiat 132'& twin over- 
head camshaft petrol engine. 
The cylinder head will be 
replaced by one with a single 
overhead camshaft but most of 
the other parts will be retained, 
just as they are in the VW Golf's 
diesel engine. 

Apart from being shapely, the 
Ritmo's body has a very low 
wind resistance which helps 
fuel consumption. In fifth gear — 
a proper overdrive that reduces 
engine revs by 17 per ceut 
compared with fourth gear — all 
manual Ritmos do between 33 
and 34 mpg at a steady 75 mph. 
They are all about three mph 
faster in fourth than fifth: top 
speeds are 87 mph (the Ritmo 
60 ». 93 mph (the 65) and 99 
mph (the 751. The automatic is 
a little slower and signicantly 
thirstier than the manual 75. 

Driving the cars on roads 
ranging from broken-surfaced 
lanes to semi-flooded autostrada. 
it soon became clear that Fiat 
had tuned out practically all 
sources of noise. 

In the Ritmo 75, which I 
tried first, there was as little 
mechanical, road or wind in- 
duced noise as you would expect 
in a car costing £6,000-plus. The 
driving position was excellent, 
the suspension smothered any 
road roughness and the handling 
was as good as .the wide track 
and long wheelbase suggested 

would be. Only the gear- 
shift was a. let-down, being "es 
vpgue and rubbery as the other 
controls were precise. 

. mhe Ritmo 60 with four-speed 
gearbox I tried later was not 
as V sepulchral as the 75— it 
soudded like , a Fiat 128 with 
a hiisb kit fitted — but was still 
a most refined family-size car. 

Fiat say the old 128 will 
carry on for some time to come 
though eventually the Ritmo 
must replace it. Prices have 
not been fixed but. if the cars 
were here now, they would 
probably be in the £3.000 to 
£3,500 range. 

And so 
the odds 

MEMPHIS, Tenn., Friday. 
automatically installed as 
favourite in every major 
championship for so long it 
is interesting to bear that the 
odds makers in Las Vegas have 
discarded him in favour of 
Lee Trevino in next week's 
U.S. Open Championship. The 
premier American event returns 
to fee scene of Arnold Palmer’s 
solitary triumph in it at Cherry 
Hills Country Club in Denver, 
Colorado, in 1960. on a golf 
course set over a mile high 
which places a far greater pre- 
mium on finesse than length — 
thank goodness. 

I have no wish to disparage 
j the awesome talents of my good 
friend Andy Bean who won the 
i Kemper Open last Sunday in 
Charlotte. North Carolina, with 
ridiculous e3se. But the wily 
i Trevino was able to nominate 
Beim as the likely winner, and 
did so in print after 36 holes 
of the tournament. This was 
because it was played at Quail 
Hollow Country Club, where a 



: ■ self-contained 
car parking. 

ihiiquS opportunity to acquire a 
freehold property in the commercial 
centre of Newcastle upon Tyne. 

,i.4*Q00 sq. ft. net in 
R en aissance style building with 
basement car parking . Also 

Wfae^i&ephohky^ . . ' 

F.&Hutofans, /Managing Director, 

6ARRATT pE^U3.PI«ENIS-{Properues) LTD 
Wingrove House, Pqntefjnd Rwd, 

Newcastle upon Tyne NE5 3DP. 

Telephone: (0632) 8668 ft: 

■ +***;:• 



| IN A RECENT session of play, 
one rubber produced two bands 
which .1 thought very interest- 
ing, so I pass them on to you. 
This was fee first; 

— 1 

♦ A 4 

*AJ 95 


♦ 1072 
O J 1095 

♦ 62 


♦ K965 

♦ 10 8 3 

nrrri y > ;■ uj 



♦ QJ83 




My partner in the North seat 
dealt at love all and opened the 
bidding with one heart. My best 
response is three clubs, North 
will raise to four dubs, I then 
bid four, diamonds, and bid six 
clubs after North cue-bids his 
spade Ace, The club slam is 
|on ice. 

i Unfortunately, the bidding 
! did not. proceed on the lines 
I have suggested, and I found 
myself in a contract of six no 
trumps, whidi is clearly inferior 
to. six clubs. West led the 
diamond Knave, and I took 
stock.. The position of the spade 
King was of paramount im- 
portance. Unless East had it 
there -was no real chance of 
making 12 tricks. 

So winning the diamond lead 
with dummy's Queen, I at once 
returned the four of spades. If 
East, rises with.lus King, all 
problems are at an end. but 
East was far-seeing enough to 
follow with the five. When my 
Queen held the trick. I had two 
chances for my contract. If 
East had started with only 
three spades to the King, I 
could force out his King with 
a low card on the third lead, 
and so set up my Knave. 

But I felt feat he had started 
with four spades, and turned to 
my . -second . chance, that of 
making four tricks in hearts. A 
3-3 break . will give me four 
tricks but,, of course, 4-2 is the 

HALF-WAY through the £2.000 
Cutty Sark Grand Prix, the' 
national league for British chess 
congresses, the frontrunners in- 
clude most of the leading 
national players apart from the 
grandmasters who compete on 
the European circuit. 

Thi$ sprine the congresses at 
Nottingham. Blackpool and Rhyl 
attracted between them nearly a 
thousand entrants, while the high 
quality at the top is illustrated 
by thi6 pair of games played 
within three weeks of each other 
by two old rivals. The comments 
are based on analysis by George 
Botterill. the reigning British 

White: A. J. WhiteJey. Black: 
G. S. Botterill. Opening: Modern 
Benoni « Blackpool Open 1978). 

The opening moves were 1 P- 
Q4. N-KB3: 2 P-QR4. P-B4; 3 
P-Q5, P-K3: 4 N-QB3. PxP; 5 PxP, 
P-Q3: 6 N-B3. P-KN3; 7 N-Q2. 
B-N2 (7 . . . QN-Q2 and if 8 N-B4. 
N-N3 gives an easier develop- 
ment; Black plans to exchange 
a bishop for the knight at QB4, 
but this is not very good). 

8 N-B4, 0-0; 9 B-N5. P-KR3; 
10 B-R4. P-N3, 11 P-K3, BR3; 
12 P-R4, BxN; 13 BxB. P-QR3: 
14 0-0, Q-B2; 15 P-R3. R-Kl: 16 
Q-Q3 (more precise is 16 Q-B2; 
Black's reply stops P-B4 because 
of RxKP). KN-Q2: 17 Q-Q2. N-K4: 
18 B-K2, P-B5; 19 KH-Bl. P-KN4 
(to give the knights room); 20 
B-N3, QN-Q2: 21 P-B4. N-N3- 

A typical Benoni situation, 
where White has two bishops and 
more space, while Black's active 
pieces give bira counterplay. 

22 N-Ql (winning a pawn, but 
P-B5 followed by N-K4 is 
simpler). P-N4: 23 BPxP. N-R4: 
24 QN4, QR-Nl (Q-Q2!); 25 

more iikeiy division. 

I cashed the Ace and followed 
with the nine. As you can see. 
if I had run tile nine, I would 
have made the slam, but 1 
played dummy's King. This 
wins if the suit breaks 3*3 or 
if East bolds the doubieton 
Queen or Knave, which is the 
percentage play. But I went 

Two hands later—we now had 
a pan score of 60 — 1 was the 


♦ K 8 3 

<7 III 8 5 

<f Q 9 7 4 2 

♦ A4 

W. E. 

♦ Q 10 62 4J74 

*T'AJ64 <T'Q72 

O— <*K 10 863 

♦ J 10 7 5 3 ♦RS 


. ♦ A 9 5 
♦ A3 5 


I decided to open the bidding 
with a norma] one club, my 
partner replied with one 
diamond, and my one no trump 
concluded the auction. West 
led the five of clubs, dummy 
played low. the King won, and 
East returned fee eight, which 
was won by the Ace. A diamond 
from the table allowed me to 
finesse the Knave in hand, and 
West showed out, discarding the 
two of spades. 

Prospects were far from 
bright However, West’s spade 
discard gave me an idea. If I 
could strip West of spades. I 
could catch him in an endplayjj 
by putting him on lead with 
a club. 

With this in mind, I ducked 
a spade in both hands. West 
won, and continued wife the 
Knave of dubs, which was 
taken by my Queen. I played 
a spade to the King and 
returned a spade to my Ace. 
happy to see both opponents 
following suit. The endplay 
was on. I threw West in , 
with the nine of clubs. After » 
making two tricks in the suit ( 
he had to lead a heart, setting | 
up the King for my seventh [ 
trick. j 

We sometimes make three no i 
trumps on a combined 23 points. ! 
but on this hand of 23 points jj 
I had to struggle for fee odd 5 
trick. I 

definite premium is placed on 
length rather than accuracy. 

I hasten to add that Bean 
has a silken touch around the 
greens for such a big fellow, 
as has Toro Weiskopf. who has 
' won this lucrative event no lerf 
than three times in its 11-year 
history, and also taken away 
from Quail Hollow more than 
twice as much money as his 
nearest rival in that period, 
Ray Floyd, winner there in 
1975, who is himself hardly a. 
short hitter. 

But why has Nieklaus 

suddenly been overlooked in 
view oE his overbearingly 
successful start to the 197S 
season, and the fact that he was 
runner-up to Palmer at Cherry 
Hills as an amateur in 1960? 
The important evidence 

apparently is that Nickteus last 
won the U.S. Open 3t Pebble 
Beach in 1972, but more 

significantly, has not won any 
of the acknowledged four major 
titles since taking the U.S. PGA 
championship for the 4th time 
at Firestone Country Club. 
Akron. Ohio in August, 1975. 
Incidentally the South Course 
at Firestone has been Nieklaus's 
happiest of all hunting grounds 
in that he has won well over 
$500.00 on tho*e lush acres. 

The grim evidence is that 
Nieklaus bas only twice really 
been in contention in major 
championships since 1975. on 
both occasions to 1977 been 
beaten by Tom Watson in epic 
contests for the Masters and our 
open championships. Nieklaus 

RPxP, QRPxP: 26 PxP, BxRP; 27 
R-R3. Q-K2: 28 K(ii-Rl. N-K4; 
29 R-R7. Q-B3; 30 B-R3 (30 R(l)- 
R5! is better, but the move 
played js a sood try with Black 
running short of time). N(B)-Q6; 
31 BxN, BxP eh; 32 NxB. QxB?? 

The fatal blunder. Black (and 
White, ton) overlooked that after 
32.. Q-B7 ch!: 33 K-Rl. NxQ; 34 
BxP ch? Black has QxB — an 
example of how backward cap- 
tures 3re the easiest to miss. 
Best for both sides is 34 N-N4. 
RxB; 35 BxP ch. QxB; 36 N-R6 
cb, E-N2; 37 NxQ, RxP: 3S NxP 
dis ch. K-N3 when Black is a pawn 
down but bas very strong Q-side 

33 BxP ch. K-BI; 34 Q-Q2. QxN 
ch; 35 QxQ. RxQ: 36 B-K6. NxP; 
37 R-Bl ch. K-Kl; 38 B-Q7 ch. 
K-Ql; 39 B -36. Resigns. If R-K2: 
40 Rfl>-B7 leads. to mate. 

. White: G. S. Botterill. Black: 
A. J. Whfteley. Opening: King’s 
Indian (Rhyl Open 197S). 

The opening moves were 1 
P-QB4. N-K33: 2 P-Q4. P-KN3; 3 
N-QB3. B-N2: 4 P-K4. P-Q3; 5 
P-B3. 0-0: « B-K3. N-B3: 7 QQ2- 
R-Kl; S KN-K2. R-Nl; 9 0-04). 
P-QR3: 10 P-KR4, P-KR4; 11 B-R6, 
B-Rl (if P-QN4; 12 P-KN4I and 
White’s attack is quicker); 12 

has only suffered one other com- 
parably “dry" period when he 
went without a major champion- 
ship victory throughout 1968 
and 1969, having won the U.S. 
Open in June, 1967. He ended 
that period of famine at St. 
Andrews in 1970 by beating 
Doug Sanders in a play-off for 
our Open Championship, by a 
single stroke, 72 to 73 after fee 
pair bad tied at 283. 

No one in his right mind 
would suggest that Nieklaus is 



a spent force id major cham- 
pionships. The fact that he 
has decided to concentrate on 
them, while otherwise running 
down his career to concentrate 
on both his business and family 
life makes him almost more 
dangerous, rather than less. 

Nieklaus has proved perhaps 
better rtjan anyone ever that 
he does not have to keep com- 
peting to maintain his game at 
a pitch of perfection that few. 
If any, others have ever achieved 
except during one magical week 
when it has all come together 
for them. In terms of sheer 
longevity Nieklaus is a unique 
phenomenon in that the putting 
touch that has been such a 
vital factor in his 14 major 
championship victories since 

Q-K3 (threat P-K5-6), P-K4; 13 
P-Q5, N-JM; 14 N-N3, P-B4 til 
P-QN4; 15 P-B5 is good for 
White i: IS B-Q3. 

When the players castle on 
opposite sides of the board, as 
here, the question is usually who 
gets in first. Though most people 
would prefer White. Black bas 
chances if be can attack on more 
than one Q-side file. 

15...P-QN4 (improving on a 
similar position in Tarjan- 
Wbiteley. Hastings 19k. where 
he played B Q2): 16 N-Bl, K-R2? 
(this helps White's coming 
P-KN4. The critical line is 16... 
N-Q2; 37 P-KN4. N N3: 18 PxRP. 
N3xP; 19 Q-Nl. K-R2; 20 PxP ch. 
PxP with complications); 17 
R-N5. NxBP; IS KBxN, PxB (the 

dead point ’* theme modelled 
on a brilliancy by Tal against 
Tolush. Black's blockaded QBP 
means that ho has no Q-side lines 
of any value, while White's 
attack progresses rapidly); 19 
P-KN4, Q-N3; 20 R-Q2, PrP; 21 
P-K5. NxRP: 22 N-N3. P-B3: 23 
NxN, PxN; 24 RxP ch. K-N3 (if 
K-Nl; 25 RvB cb and BxP cb 
leads to mate); 25 R-R6 ch. K-B2; 
26 R-R7 eh. K-N3 (if B-N2: 27 
B-Pfi. Tt-Nl: 28 PxP); 27 BxP! 
KxR; 2S R-R2 ch. K-Nl; 29 Q-N5 

turning professional in 1961, 
has never fully deserted him. 

So why arc the odds makers 
so keen on restricting Trevino’s 
price ? Firstly, this lovable, 
colourful character has geared 
his whole 1978 programme to- 
wards winning this champion- 
ship to set fee seal on his 
comeback after major surgery 
for the fusion of spinal discs 
that without exception w-e 
sceptics believed would finish 
him as a force in world class 
golf. Secondly, his three 
recent second place finishes and 
runaway victory in the initial 
Colonial National Invitational 
have revealed him to be abso- 
lutely ready, physically and 
mentally. Thirdly, most good 
judges regard Trevino as the 
finest manipulator of the golf 
ball since Ben Hogan. But 
his exaggerated slide through 
the ball bas been patently 
obviously his own recipe for 
avoiding a damaging hook. 

Now, Trevino, who scored 6S 
here yesterday, has even added 
the ability to move the ball in 
this way from right to left, 
under the control he felt he 
lacked previously to his 
armoury. Particularly in the 
minds of his rivals he has now 
become an even greater player. 
The only question mark that 
hangs over him concerns the 
6tate of his nerves on the 
nutting green, which some 
believe are not all they were. 

Further enormous interest in 
this championship at Denver has 
beeti created by the recent 

ch. Resigns. If K-B2; 30 R-R7 ch 
and mates. 

Next month’s Evening 
Standard congress (July 21-23 
and 28-30) at the Cunard Hotel, 
Hammersmith, is the world’s 
largest weekend event and in- 


3L6SK(11 men) 

wonderful form of Palmer, the 
attempt by Gary Player (73 yea- * 
terday) to come into the event 
after competing with such dis- 
tinction here for 35 consecutive 
weeks and fee arrival of Seve 

Americans are notoriously 
isolationist in their attitude to 
anything that takes place out- 
side this vast continent, which 
is why the current World Cup 
soccer competition rates only 
passing mention by the media 
here. But Ballesteros, judging 
by the size of the gallery that 
witnessed his opening 68 in fee 
initial Danny Thomas Memphis 
classic here at Colonial Country 
Club, appears to have captured 
local hearts for borb his took? 
and his bull-ata-gate courage so 
reminiscent of the old Palmer. 

Arnold himself not only led 
the Kemper during the third 
round last Saturday until 
dropping strokes to par at three 
of the past four holes, but 
proudly announced he had never 
driven the ball better in iiis 
entire career. That. alas, is not 
the problem, as we all know. 
But no one reacts better to i 
atmosphere and encouragement 
than Palmer, and he will hardly 
be lacking in either as he ! 
returns next week, tu the scene 
of perhaps his greatest triumph. 
Everyone believes Player has 
burned himself out — tike a 
boxer who leaves his best form 
in the gymnasium — that is, 
except Gary himself. We shall 

eludes the National Bunk of ! 
Dubai Open (£1.200 first prize). 
There are sections for everyone 
down to novices and beginners. 
Details from E. Penn. 7. The 
Larches, Palmers Green. London. I 
N23 or phone 01-S86 3145. I 


BUCK (3 men) 

WHITE! 10 men) WHITE (4 men) 

Gran^Uer K Kec-;, C A T£rik 97 t a ,Vtilt ™ MS in moves at 
move) is a pawn up. but appar- latest, against any defence (by 
ently under pressure. However, s. Krusbov, USSR Chess, 3941 >. 
Black's next two moves were so 

strong that White’s game r_l ~ ni 1 _l n “ 

collapsed almost at once. How Solutions Page 12 

did play continue? — ■ ■ ■' » ■■ - - -*■ - a 

With effect from 12th June 1978 
Base Rate will be 
changed from 9% to 10% p.a. 

Clydesdale Bank Limited 
announces that 
with effect from 
10th June 1978 
its Base Rate for lending is 
being increased from 9% 
to W% per annum. 

Reg. Office: 2 Infirmary Street 
Leeds LSI 2UL 

Co-operative Bank 

effect from 

10th June, 1978 

From 3% to 10% p.a. 


7 Day Deposit Accounts 7% p.a. 

1 Month Deposit Accounts 7ir% 

The Royal Bank of Scotland 
Limited announces that with 
effect from 12th June 1978 
its Base Rate for lending 
is being increased from 

9 per cent, per annum to 

10 per cent, per annum. 

The maximum rate of interest 
allowed on Deposits lodged for a 
minimum period of seven days or 
subject to seven days’ notice of 
withdrawal at-tbfi London Offices 
of the Bank will be increased to 
7 per cent per annum. 


. * f* 


JuL i 

ding r 

„ 1 1 j ^aiJv AthoI^t®* ■ .Guide to ■ Scotesft. ; 

Access Week has focused attention on the problems of the. disabled in aauy \WQfers i ?78 (905 wife P 

_’ :: :**•» • ,•■'•• 4 

an indomitable spirit Access Week hi 

a!i>ne is not enough when your ijr Cylyi, 

eyesight is poor, your sense of c " ™ 

balance badly impaired, and 
your dietetic requirements com- r\ 

pies. Thus, the past few 4 

journeys of my favourite elderly 
relative were only made pos- 
sible by a network of facilities limitations. So vh. 
in two major airports. It was abled need, just a; 
the airlines that told me about bod ‘ ed do, is choice. 

life. Sylvie Nickels loots at the position when Incomes to travel. ■ 

nature trails ( 35p). • 

- — — ■ -g the disabled in auad^KAlkAJl’s. . 

The world on wheels fss-s.'SSE 

-. Britain, and -. some., .foreign. 

■ +K, aA’s destinations, for. which- *cce». ' 

limitations. So what the die- Committee. The British Airports Far more specific is J* 1 ® igaides - for- -the disabled iar*/ 

abled need, just as the able- Authority in conjunction with. Guide for the DisoM*® ' avaiiable,usaailyata nonnnai ,: 

4-ha Taity# P iiwtin iWiPfl An Ttfdhilrhz IroA :*a TnpmhfiTS) ‘VfQlCIl K «pi^a n+hop JtVP > COVfirfiA - - 

the Joint Committee on Mobility free to members) 

nTrioore price.. Other fields are covered ■ : 
°!,S such. Os - their An Access guide 

ALTHOLGH I have vitited 
Naples several times and sur- 
vived the experience. and in 
spite of that spectacular setting 
in the shadow of Vesuvius and 
fa .71:1.2 out towards that bay of 
rare beauty, it is not one of my 
own favourite Italian cities. 

And. if we separate Rome off 
into a das? of its own, my feet 
tend towards Tuscany'. 

Ai though T know Florence 
fairly well and always return 
there with a sense of anticipa- 
tion, I stili find tiie sheer wealth 
of art treasures somewhat over- 
whelming. even on a third or 
fourth vj -it. and for This reason 
feel more at ease in Siena. 

Siena stands at a focal point, 
rising above the rich and varied 
Tuscan countryside where, 
among iiie stately eyprusses. the 
finest Chianti is produced from 
vhat look-, to the layman's eyes 
an unyielding and stony soil. 

The city has also zealously pre- 
served the traditions of the past 
which reach their climax when, 
on July - and August 16. the 
various comrade, districts 
formed from the original guilds 

with names like “Eagle" and _ — , I 7?i T w "7 

amuS Paho as hSfsTand rid^r stacu,; of Ne P tune in * e PIaiza de,la SiBnoria ' F1orence ' | /V CUt(l 

gaiiop frenziedly around the nights stay at the Hotel Alitalia, under their ItalPak 1 

great and strangely lopsided Tuscana. Air travel is via Pisa scheme, quote £132.50 by c — 

and includes 2-? hours car hire scheduled air for two nights /Vlf /fg & 

which enables you tu see some- with private facilities at the *3 

If thing <‘f iiie surrounding .Jolly Hotel President. Pegasus. 

U J H countryside. using the same hotel, charge ANYONE PHYSICALLY handi- 

PAUL MARTIN I think that readers of this ~l-*5 for a three-night slay. capped and seeking a satisfac- 

coluran are more likely to visit Bologna moved rm»re quickly lory holiday, faces problems. 

I ‘ ~ Milan as Italy'.- principal bus:- thau Milan in banning the car But hoteliers also have to 

ness eentre. Until two or three and creating a pedestrian zone decide whether it is viable to 

ma-n square, the Piazza del years ago I had often passed around the Piazza Nettuno and take handicapped guests, and 

Campo. throush it but never staved { he Piazza Maggiore, two of the how to provide facilities. 

In common with nearly every there.* Milan certainly provides noblest civic squares to be seen It is estimated by ^ English 

major art city in Europe, Siena a fuil qu0t3 ,->£ extraordinary anywhere in Europe. Tourist Board, that, including 

inem pa mis case bwissair ana “**7* a series of free leaflets on eaeii numbers of steps, xnu*»**v , . reserves- ts as «sb2w 
ess Mews 

went with it. minimising the iished by the Royal Association door widths for Kingsway, LonJon W 

inevitable anxiety of the for Disability and Rehabilitation lifts and bathrooms British Airports > 

iournev. That was a w vears < RADAR 1. casting 75a from va f l0 H s . before entrances, 1^ w ^_u »s indi- Buckingham . Gate, .,.. .*. 

| handicapped travellers. But ana commercial organisations 01 STjecia i diets. : /- . jursdin. owiw 

facilities were more limited all binds, activity holidays, ac- iS av Sf P T j ri - jL. welsh and Scottish mobile Association,' Tanfca* 

then and not nearly 50 well commodation, general advice on Harris have produced House, Basingstoke. Hants RGgt 

publicised. holiday organisation, transport able ^fte end of Tnmst P> 2 EaT Wales Tourist BoaJ 

One important lesson I have and insurance. It ends with ^^ hl f££Jd rail smtioS DiS&fed Visitors Guide (35p) Uanda ff, ^Caijiff ' OfS, 
learned from handicapped rela- notes on accommodation and tl , r0ue i 10ut Britain, and in Wan nazes of special iuciUttwt' Scottish Tourist Boari, - 23^ - 
lives and friends is that there sources of further information train f b „ well ^ indicating Sbotland’s^oHiians unth Cfeire" Rarclston Terrace,' E dfa*n^ ; 
is 00 difference between the for over thirty foreign countries, concessions Tnd reduc^^' ftoel has 60 pages’ packed EH*- :3EU; British 
disabled -and the able-bodied Another recent and generously various k { ||dc cost be' wife ^information or relevant Authority, 64, St James’ S tre^y 

when it comes to variety of factual publication is The Direc- ®' 60 -SniS publications, London SW1A INF; Central - 

tastes and temperament nry for the Disabled by Ann g rames t0 a ccommo- areonunodation, transport and Bdreim for Educational Vij^J 

Croup arrangements for suf- Damborough and Derek Km- datiant a variety a£ orgahW; is mdeh to be conunendef It’s and Exritange^ 43. Itoi^ 
forers from any particular affile- rade (paperback edition, £A2o) tiQng (such ^ ^ English' 'supplempnted by a free 8o-page Street. London MT1H 3F.V, Peter 
tion may be marvellous for the — a handbook of information ir our ist Board and regional leaflet listing accommodation Xe Marchant Trust. Colston 
sociably inclined but. however and opportunities for disabled t0UTist boards) and hotel groups wife facilities for the disabled; Bassett House, Colston Bassett, 
excellent, will be of little benefit People. (such n Trust Houses Forte). - it is also certainly worth find.- Nottingham NGI 2 3F E; - The 

to the less gegarious. Others Handicapped travellers by air publish guides for the general ing out what else the tourist 'Calvert: Trust Adventure Centre, 
will welcome the opportunity to will get useful guidance from a public in which a symbol indi: boards have to offer In more Little Crosthwaite, Under Skid- 
enjov new horizons and activi- free leaflet Care fn the Air pre- cates those establishments suit- specialist fields. There are -fee daw,- Keswick, C umb ria CAI2 
ties with those sharing similar pared by the Airline Users’ able for handicapped persons. Scottish Tourist .-'Board’s 4QD. ...... 


Jolly Hotel President. Pegasus. 

using fee same hotel, charge ANYONE PHYSICALLY handi- 
iH5 for a three-night slay. capped and seeking a satisfac- 
Bologna moved more quickly tory holiday, faces problems, 
than Milan in banning the car But hoteliers also have to 

* /J j — -- . T~**" • ■ r' l — 1 ■ ’ 

w 5i . ! 

Cartoons: Nethsrtaato Society lor. IMtabUUotion. 

brilliance of an early spring or JjJjJJ ble 15 Mila neve^beeume*” a able built-in logo "wife its twin re^ativ-os 11 ^??? disfefe^holidav The English Tourist Board However with careful p la nnin g wife information about dimate, People requiring a lot care, 

wnen. in autumn, the heart of fajrlv f r enedc character at the lowers, the higher one. rising to market constitutes 3m people, publication Providing For Dis- these difficulties can be stir- and teU if a resort is hilly, but Med ' ££'• 

to* .winner sun is past and the wheel l)f d ^r. reviving orer 300 ft called the Asinelh. Alfred Morris MP Minister For abled Visilore clearly specifies mounted. Even financial help is for factiWes it is best Jo least Often feev need Ifep and 

coaches, disgorging the day- =_ nf tne i on ™-vanished and the lower one La Th* TU«hiPrt ban «id- »‘Tb : <; + v, tinT , e available. Local social services approach the disabilities organ- night attention, .which is 

'visiters, have vanished. " me "m Z even nter Garlsenda, which suffered an £ a cohere SoAefeics^d ^ ™TT7 J <** aU or part of fee cost tatlons overseas equivalent to expensive. -Alfe^gh .local 

. *h>«. !* ^ city of churches and • er> tir ^ decapitaUon a fevv ^, ca ^ I 3™ tand in “f! a hotel con ^ me u nt f ° r d,s ' of holidays, and some help RADAR. Scandinavia and authorities nteb arom- 

volatile. Bologna has a quite remark- acci>mpa nying friends and 
■umes a able built-in logo wife its twin re i a tN- P s. the disabled holidai' 

wnen. in autumn, the heart of fajrlv frenetic character at The lowers, the higher one. rising to 
tit* .-iimmcr sun is past and the W f, e ji „f tl csr, reviving uner 300 ft railed the Asinelh, 

fnijatains witii the incompar- 
ahlv beautiful Pinturicchio 

AH the more credit to the city 

centuries back. 

ADDRESSES: Alitalia (IlalPak) 31/254 

frescoes at the Piccolomini authorities who have banished Regent street, London win saq. cit 


There are fee fundamental 

library m the cathedral and, in the car from that lovely central jtL?"iiS! B ^aI^w^oSc^c”iirn! ^® c 'I*ties needed such as re- "“T“ . h "““ -I holidays. Every effort is made guides. You can use their holidays, -they , tend to -give, 

fee adjacent museum, the square in front of die vast 3nd aoi Rcsom su«h. London. w.i lunviaggi. sen-ed signposted parking space. ue\eiupmeui drecu. u* a ^ pr0V i de this discreetly. information to travel inde- holidays to the less, disabled. 

iniEsinatively lit and well dis- ornate cathedral where the ^Tond^ l Mfl Sl E«?i 35 close t0 the entrance as pos- or loan or a combination of both, , • pendently or specify the hotels This allows more holidays to 

ni jv.;d coliection of works by series of elaborately decorated coun Gardens. London sws otr. sible; a level flat entrance or a up to a ma xim u m of 50 per cent approved by these publications, more people because the money 

Duc.w. pinnacles, piercir.? towards the y^w^ol a^i.-u, 2b.«n». sogium signposted ramp at a side 0 f fee capital cost of a project .ifSlSSr when booking a package tour. goes further on the lower cost 

available. Local social services approach the disabilities organ- night attention, . which lfl 
the necessary adaptations to ^ ^ ^ Qr part of ^ ^ isations overseas equivalent to expensive. Although . local 
make a hotel convenient for dis- 0 f holidays, and some help RADAR Scandinavia and authorities under The Chroni- 
abled visitors. The board con- towards bringing your own France are good places for dis- cally Sick and Disabled Persons 
tributes to the capital cost of escort Voluntary organisations abled travellers. They have Act, of 1970 may -provide .all or 
tourism facilities in industrial give grants towards such organisations who publish part of the cost of handicapped. 

.-i D ™ i nnman * aMac hv » holidays. Every effort is made guides. You can use their holidays, -they , tend to -give. 

Due*, to. 

pinnacles, piercir.? inwards the 

as close to the entrance as pos- orioanoracomomanon ot ooui. acefL pendently or specify the hotels This allows more holidays to 

sible; a level flat entrance or a up to a maximum of 50 per cent >n r ri i Jhiir^ ninp«« approved by these publications, more people because the money 

signposted ramp at a side 0 f fee capital cost of a project when booking a package tour. goes further on the lower cost 

Iiuiviasyl quotes £172 fur heavens, are crowned with 3 ■ g- Jff tnlrance; e»Hy operated front Financial ^ is ^ gtven to S? BritSh^eumato and r^ough package tour opera- holidays. 

.-lea-nnd-lireakrjri and seven statue o? the Mado-na. ^ ^ 1 ^trance doors: lifts large COSIRA fThe CouncU Irthn^S do not run specialised However, .there are . special 

-enough for a wheelchair, with s c Zi, ZZt hn£u SSS bobdays for fee disabled, some, homes. A purpose bcult one in 

accessible controls; space to For SmaU Industry m Rural hotels, and some self catering - ncInding Tijomson and Blue Netley. near Southampton, even 

mts* r* f .. 

t i'* i*i I- £ iim 


In a'j'iii :« n in Hume. Florence ] 
a:>d Venice -n:r booklet lists | 
manv <-f \'r,<t MUr.Iler Kalian 
iiVi.n.i — Siena, Assisi and 
i Verona mention only three. 
There are also suggestions \ 
for two jfid three centre holi- 
days L’fiunim? the cities with 
the la lies and seaside resorts. 

'inly the scheduled airline ; 
ser-tices are used ar.d our sug- 
gestions may he amended to I 
fit your exact requirements. !■ 
May we send you details? ‘ 

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Tel: 0L-Z6 4G60 or U75 


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accessible controls; space to*™ — - t hr M. including Thomson and Blue Netley, near Southampton, even 

| manoeuvre wheelchairs in bed- Areas). |ccommoaauon tne Murapie ^ ^ co^nj, whet her indi- takes responauts (people so dis- 

roorus; space to manoeuvre The obstacle to holidays for ? i _S in „ t n „ vidual hoteIs «e suitable. You abled as to need support 

wheelchairs in bathrooms wife the handicapped are lack of aLcommoaaaon 100. ran agk jnfonnation systems such as iron lungs), 

support rails near bathtubs and confidence and/or lack of for motoring, The Disabled departments or a good travel This centre is owned by fee 

lavatories:, a shower with seat money. Many people auto- Drivers Association, and fee agent can find out all you need borough of Lambeth and a 

handgrips and thermostat: and matically think they can not Disabled Drivers Motoring Club to know. It is a matter of find- charity called Refresh, 

space to manoeuvre wheelchairs take a holiday. They dread to are very helpful organisations, in® one w ho will take the 

in dining room. 


difficulties. Foreign tourist offices help trouble. 




1 Mystere by 

! of Norfolk. 

! This outstanding, one owner. 43ft. 
| craft hu hirdW been uie4 since new 
I and is now offered ac a utiilj of 
£23,000 on cquinlent new prico. 
Two luxurious double cabins, large 
I saloon, sfiower/w.c. cabin, fully equip- 
■ I pad ,i Alley, teak decks, crew quarters, 
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I England. Telt 0603-714141 

i Telex: 37286 

v • rious work includes the Silver portrait of the Queen by Peter Quite a few Commonwealth 

H P aS & S!il9 Wedding stamps of 1972. The Grugeon, and a stamp depicting countries are issuing stamps 

Mr rl/f> > four stamps feature the Gold a local beast with the Crown Agents 

State Coach, the St. Edward's nj A hhntt and Jennifer omni bus series. Hong Kong has 

/* > * • Crown, the Orb and the Imperial Tnoinh _ ^hareri *hP honours m P rodu e ed two stamps which are 

w fit timim* State Crown— four items which dearl y derived from fee 1954 

■ r umm & z a c r r wss s 

t£L£T&? the 6 S 5 S st y .e in Quieted slonewerh. 

State Coach, the St. Edwards ri . ... H „ - 7an „., 

Crown, the Orb and the Imperial Tnnmh e . sh aTwT th^ hnnonrs 
State Crown— four items which 

last year s Silver Jubilee stamps wore impend s tate crown. The stamps have been isriied 1862. •; 

had an equaiy predictable Coronation Day 1953 was the in small sheets composed of The Isle of Man has released 
sequel a repeat pert ormance t heme of the omnibus series two triptychs separated by a a 25p stamp showing the Queen <' 

to mark fee i -5th anniversary of prod uced by the Crown Agents horizontal gutter bearing a wearing fee Imperial State 

the Coronation. 1 suspect that for principals whiJe silhouette of the Coronation Crown and holding fee Orb and 

•| &iMk Norfolk. " j ^ each of stamps was Sceptre. Brunei is issuing three 

[ Enaiand. T«h Q603-714141 J eye on tins from toe \ery outset a n entity in itself, they com- * stamps this month depicting 

' Telwt; - a - ! !TdJLi W ?L S ^fm^ir» h V bined t0 tel1 in ^ eat detail the moment of crowning by 

resisted the temptation to use story of the Coro natioiL Having CTAMDC the Archbishop of Canterbury. V 

Coronation motifs in the senes shot ^ eir ho]t SQ magnificent ,J ^ ■ AWir » the Quwn wearing ^ i mpef i ^ 

PERSONAL mn^ d /h 0ne wondered bcrw the Crowm JAMES MACKAY State Crown, and fee Golden 

- British riamps these days are Agents could follow this wife a Coach departing from the stamp portraying the Queen,., 

a - . . - an e ru . co . uia series devoted to the Coronation Abbev. Though New Zealand is flanked by labels describing fee 

CANON CAMERAS : anniversary, avoiding repetition. ■■■■■■■■■■■■■ ignoring the Coronation anni- motifs of the three stamps in 

, TT . „ , that the designs were duU and The answer is quite brilliant versa ry, its dependency, the the bottom row. 

stocks^^rS'priYes a? S Jubilee' Xmps o^lMs' 0 ^ V ? COncept ^ °“ni' procession and a piece of text Tokelau Islands, are issuing a On the same analogy as the • 

World's largest specialist _ ‘ bus series has concentrated on describing fee royal and local set of four stamps on June 28 Crown Agents’ issues; fee lower 

Triinn rnrn r risirKF kee P ln " fee Jubilee series a single aspect of fee Corona- beasts. There is a number of showing the entrance to West- stamps feature fee Imperial 

7n B V ! , ,1 in a low key tiie P0 has P uIled ti on — fee array of Queen’s errors in these gutter texts and minster Abbey, fee Coronation state Crown flanked by the 

High Road. Lowtey, cixnrjdiue, a master stroke and reserved Beasts that decorated the it will be interesting to see Chair, the Coronation Regalia Lion of England and a stone 

Middx. West Drayton 48224. the pomp and pageantry quite approach to Westminster Abbey, whether the Crown Agents rush and a portrait of Her Majesty, carving of Tongaroa, the most 

— -J rightfully for the Coronation Each of fee 20 participating out some corrected versions. Last Tuesday the Cook important god in ’Polynesian 

^^Luxury yaehl jvjJ table tur charter. 52tt- anniversary set which went on countries is issuing a triptych The moral here is purchase the Islands issned two sheetiets con- mythology. The statue, inci- 

SSmU«nS! □etJ. l £V™ c o?6«: saI * Ias * week. comprising a stamp featuring complete sheetiets at the taining four stamps in denomi- dentally.' is now- preserved in 

supIrb glass and crystal tor th* r *“ e stamps were designed by one of these traditional royal earliest opportunity to be on nations of 50c and 70c. The top the Ethnographical Department 

Ca'm^nv® JeffeT y Matthews, whose pre- beasts, a stamp wife a full-face fee safe side. row of each sheetiet contains a of fee British Museum. 

wore the Imperial State Crown. 

■ o,. 040 1 .-.S659. Healed oool. tennis, 
a'. cinq, wrs. dancing, lamiry suites. 

SWITZERLAND. A ROSA. Hotel V.iliana. 
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and accessories. Unrivalled 
stocks, the best prices at fee 
World’s largest specialist 

High Road. Cowley, Uxbridge, 
Middx. West Drayton 48224. 





GH-900U St. Gallen, Switzerland 

Well-established co-educational school. College preparatory 
programme with Advanced Placement. Official Test Centre 
for -American CEEB. Oxford CCS and Royal Society of 
Arts E\amination Board. Commercial Studies. Small 
classes. Holiday language courses July and August. 

Write for details to the Dean of Admissions 

display at The General Trading Company: 
3 hand-picked selection ol all that Is 
best in medern design as well as the 
finest traditions! suites. Write lor our 
general catalogue to JK/G. The General 
Trading Company- 1-14 Sloano Streel. 
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I • 'orachen-linlitut UAWRIZKI Intensive 
I courses — durlnd the holiday period also. 
Please request prospectus. Wilhelm 



siwnB^ £o^irc > * l Landon* D „„ „ - tre “* which I had intended to rose feat might be much more excels In bloom, the flowers is P. delavaui a Chinese species 
siaanc square. London sw.x »l. niOSSOffl ^ Mtd freely planted against sunny fuUer and more saucer shaped, outstanding rich fe scent and 

-with blossom for the first time walls in town gardens where it geranium purple rather than a ■ particularly distinctive in a 

EDUCATIONAL . in 15 years. Have fee birds would benefit from the margin- slightly washy mauve. variety named ** calvescens M 

^ ^ /_ _ suddenly changed their habits, ally higher winter temperatures. „ . . . . which has violet ealveeq to set 

arn german IN Germany! Frcmd- 1 VOTCilCV - f ^ !° An °feer foretaste of summer ^owiS« rinht oTnfe^feet in°a off ^ white fl ^wers.' 

'orasnen-imjuut mawrizki intecuiva r ” • i *'»*'**'* / * do when they first started to mm pc frnm Knibirit-ria amsihiii* SfOwing eignt or nine leet in a 

SSSr-SSK 1 , ""»SSi5!K." n !! l ..SS .tt.cfc! I scarcely dare to believe T tSati^n al te vSL y “ r which be ^ useful , Ap “ rt fr0 ™ ™ses. hydrangeas 

BSE?™* M -’‘ D - 5 ™° HEIDEl ' IT HAS BEEN such a rondel- that this is so but maybe some more elegant in habit a“d ? he ” " a hur ^ an <> 5 re , tb ? ° nly sh ™ b5 ttat 

. ful spring for blossom that one bird expert can give me the more delicate in flower than d ?“ bly satisfactory when they d & for the summer garden what 

CORHffSAMY wonders whether the standard true answer. any of that useful but slightly St ? nd Q ?i te ha ^ d .^ rumn - s fe° dedendr oos and azaleas do 

l#sJlOTtr'A« T can really b e maintained all _ . _ n tnrtpv ~, PP in,, «tpms ar« w,tl1 impunity. Neither is the garden in spring. 

[fiOTBCES summer. Before considering the V]fP r SIS? C BL«l° r DdSi? , !2 thin^d a^chinff 6 ^ flower? ? ong ,ived , but bot b readily J vh ®feer one .goes for fee fully 



Commercial and Industrial Property 4.50 14.t Property 2.00 g.C 

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Business & Investment Opportunities. 

Corporation Loans. Production Capacity, 

Businesses for Sale/Wanted ’ 5.25 IB.f] 

Education, llluturs. Contracts & Tenders. 

Personal. Uardenuag 4.25 18.1) 

Hotels and Travel 2.75 

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Premium positions available 
(Minimum size 40 column cms.) 

£1.50 per single column cm. extra 
Far further details icrite to: 

Classified Advertisement Manager, 
Financial Times. 10. Cannon Street, EC4P 4 BY. 






















province OF 
FF. 1 00,000,000 
7j% LOAN 1972-1987 

Redemptions due on 15 July. 1975, 

for which FF. 3,000.000. i» provided 

have tKMn made entirely by purchases 
In the market. Alter 15 July. 1978. 
FF.B5.aao.OOO- o! the loan will 
remain in issue. 


Let ac £4.710 P-»- Additional income 
in excess of £2,000 for upper Boon 
anticipated. The recently re Furbished 
premises are situated in one of the 
main shopping areas in oho ol the 
largest North East Coast resorts. 
Write Bo* T.490 3. Financial Timas, 

10, Cannon Streel, EC4P 4 BY. 

prospects I would be interested ce ™. in3 y 3ooR ^ ood : " oses ,, t h - increased by. summer cuttings bardy lands such as Hadmngea 

to know whether other gar- growing strongly, I have not „ * ^ . heart of snd A. vitifolUtm also by seed, panicrilaia and K. arborescent 

deners have had a similar ex- jet seen any stgn of fee green- ** uow ai neart 01 sumi „er shrub, 1 lont » ra7id ^ ra ° r the more tender 

perience to mine with cherry “f d " “■ “ d forward ea«rfv v ^ eti es of FI. macrophylla one 

and apple blossom these past very little blade spot The early 5T5?*SrS5 "SSSmn* f an ejr P e ct solid batiks of bloom 

few weeks. For years I have *>wnng speaes and their hy- GARDENING I supple th^ more^^bbfsh thl ? UgljQUt later summer 

been complaining that cherries, “e already nuking a fine UHRUtHIRU i suppose fee s °° bb “ b and well on Into the autumn. 

ornamental or fruiting, were no d e° W j“ av J “ sien S ARTHUR HELLYER some of them are, bu7 none the Sk^at th C ?^-' **1 

longer worth growing in quiet * na „ seen re n eiope in worse for that. Still if tsr,l „ 1 fe e terminal buds of 

country gardens where birds bloo . m - . *#>> was ** . S .u!L_ lf ° n ? ** «■ rnacrophuUa varieties 

lived undisturbed and stripped Iov fy A*“tic species Koso pn- HHHBBflHi Sn “J5 £ n th2 J' lU be destroyed by spring 

fee trees of all feeir buds long nutla. with ferny leaves made up are wil1 affect thl 

before thev were due to onem of man y small leaflets and pale American gardeners, who love f“5r en * _ are mock flowering of some but not of 

• , nrlmrnge flnuiorc IF it cplHnm iT ripurlv lnn» a on 1 -hnciPnpH oranges that are now anythin:? „u 'Ll..- same bu t dot of 



the ^e^of **all”thelr ~budV*ioog ^uwlth ferny leaves made up SJden "'Sere” are^ S [ rosts ' will affect the 

before thev were due to onem of man y small leaflets and pale American gardeners, who love f“5r en * _ are mock flowering of some but not of 

Latterlv thev have attackeri P the prfeu'ose flowers. It is seldom it dearly, long ago christened ° ran Ses that are now anything ail since there are vrHa«« 

i^ple bioSom i we^atd oSj aeen in s P eciaJist coUec - il b ^ h " with 51. as v£, Ste^SSEff^- 

17Z weeks agol watched from ^ns. I c^not thiik whyfortt their usual hippy knack of ggft t* -ample, can show VibrayT whS ar^ relativ^' 
my window a pair of bullfinches « mo ™ beautiful than fee popu- coming just the right name. ^SShSfS. “ naff *® ted b * v such damage £&. 

systematically wnrking fee trees. ^ ^ anar y Bird 3041 consider- Both Abutilon riii/ollum and the^mos^numerous^and^iehiu fr« abi J? to flower equally well- 
*■ There," I said to myself. “ goes ably less demanding of space, the very flne hybrid from it seented flowers in * , om bucls l ower down - the 

on a ^>mn F/,», to-o'i _ . . a * Vjr ? lanuiy stems, which -- ,j - 

i” There, I said to myself. “ goes amy less demancung of space, the very flne hybrid from it seented flowers In a familv t as lower down the ; . 

aU hope of a crop for 1978." j) 0uj7le Y eUow Bantaian is ? amed sunteruse are flower- noted for both qualities. One LT*’ w ? i< * ar e .seldom-. 

I could not have been more __ Qfher T have seen fl(lwer . m well and can be expected bush will fill a sizeable nanten « a8efl * ^identaHy Vibraye. . 

wrong. The orchard has been another rose I have seen flower- tQ contilllie £op many weeks wife ito weetnJf and sfnS ir P / ne o£ ^ best of & 

dripping with bloom for weeks, "W ^ P^ week m A vUifolium has the better makes quite a^fmanN>ush it E? 11 ’ 6 ! 10 givfi true blue 

more beautiful than 1 can ever several gardens. It is unques- foliage, pleasantly clothed in is ideal for the new Docket kill ~?, wers *. 7116 Parity of the' 

remember it, and old cherry tionably a litUe tender, but is a soft grey down, but A, suntense gardens Even less well known best^h 5 aff,?cted by s6il> hei»g^- c 

Financial' Times Saturday .Time 10 lOT? 


Joj*! u* i J 



3 «rist 



So am. 

■ 23, 
' Veter 




r Skid. 

«■ CA12 


^EXCELLENT definitive books 
for - specialist collectors con- 
' traiie to appear, and in spite of 
- their cost, will undoubtedly 
-prove to be an attractive invest- 
ment, combining as they do, 

Scholarly attributes with visual 

. The magnificent catalogue 
. rnwonne of the graphic work 
of the prolific artist Georges J 
Rouault (1871-1958) is avail- 
able in. this .country from 
-today; Rouault Oeuvre Grave 
V- (Editions' ' Andre Sauret. 

.. Monaco), by Francois Chapon 
. in , collaboration with the 
artist's daughter Isabella 
. : Rouault, and Olivier Nouaille- 
Rouault, is a superlative pro- i 
] duct ion, with test in French, * 

English and German. 

..There is a wealth of corre- 
spondence quoted, some of 
which reveais the love-hate 
. relationship that - must often 
..exist between artist and art 
dealer. In 1917 Rouault wrote 
to Ambroise Vollard, dealer, 

•- publisher and author: “In a .. Musician aown -* by Georg 
nutshell. I think that you are exh j bition organa eA by Richard I 
one of those rare men, and this j unc 23 at The Fine Art Sock 

is riot flattery, who understands 

: that an ortist Deeds to be given , 

the freedom of the time to work powerful study. The Acroi'M 

. .... i_:_ -I- - fTV.n nrira ic WOO. With SCncra 

PA/O i 1 



u £■ V 

^W 1 



% I 

k fl 


“Musician Oown* by Georges Rouault (1B7M958). m an 
exhibition organfaed by Richard Nathanson which opens today until 
Junc 23 at The Fine Art Society. 148 New Bond Street, W.l. 

; -. fi y ind 

• ». 

• f ::r-?.s 
3 ": K 
::.:-r r z<- i 

; • ::\i 

v i p-e.isJ 
_.!:onea •; 

r-., n grin ; 

■ -:.i 1 V* v 

;Y MARA 5- 

fhe freedom of the time to work powerful study. The Acn*rt 

at thinkinc-out his next work." The price is £200. with general or loO, which also > contains a 
Yet thefollo^ngyearthe tone formatwpies at around £35 on 

fofe tbi? letter, ton I shall I first discussed Potter.Sooks at the Bam p ant Lions Press. 

ffSLWBSreas 2SS WM ™ -To 

king hi,,! shall deface them researcheO 2™*?., ^bltl™ ih^ew 

* anthology Reincor- periodicals inhaled by British Grafton 

Alfred* Jarry^ character^fihu Sffili' SETS^ 

itof <1896) was finally published brought out some five equally book «««■ ■ Books 

in 1932.) ,, excellent *" Jj. ™ ,1 haiv organised an exhibition. 

ITie circus held a special siderable interest to ~ British Book Illustrators 

appeal for Rouault, born in a art collectors, m y Sim . e 1900 ." on now until June 

poor quarter- of Paris, the son of of the *** s w i t h the 17. This includes original water- 

a cabinetmaker. The artist fe t up original to * colours and drawings from some 

that for all their gaudy attire works in ^*^**2^5 :;u illustrators, including Nash, 
circus performers led a life of together w,t at prices from £1M50U. 
infinite sadness, writing to the such as „ Driaic'd Dr. Carl Hern march’s The An 

author Edouard Schu re in 190o: dust wrappers and Ott P 0J (i{t . European Silrersniilh 

“We are all more or Jess ephemera^ . .published M-W-J&W <2 volumes, £80 

clowns, it is life that makes us Now they ^ve justpum ^ SoJheby Parkc Berneu, which | 

wear a spangled coat their fi ^st bo . p is being published on Monday. I 

Putting flesh on the words is lmpnnt of The Pe d ’ is beautifully presented and 

an evocative exhibition of W of J ° h ' l ^^ h b desi «er John extraordinarily readable for a 

Rouault’s oil paintings which by de Jg biblio . highly academic work -Hildas 

opens today until June 28 at Lewis, wttn a nei . aut h 0 r, one-time Curator of 

. ,?Kine ^ Society. yS. Nhw . Jf ’ Aecorative Arts in the Swedish 

Bbnfl ^Street, London, W.l. The P*2° er . , bfe je‘ fn 'the Nktionalmuseum in Stockholm, 
pilrtbfr com^ v directiy Ui. Lew^ eX Ialns , it is primarily a book 1 

from the famDy and bear the mould. of the _ce tQ \ypes of silver, which are 

studio stamp, -include The Clmm J fo ” e s f “JIS2? to read y an anaWsed and illustrated with 
With The Biff Drum. SndCtoifW. ^”^j t Uv ? e ^ dv 0 f the illus- the \be*t available examples 
and Solitary Pierrot. The exh.- ^thoritaUve %tua> This ’makes it an indispensable 

bition has been organised by J^JSdTor taorc than 40 books aid to- collectors who above all 
-Richard Nathanson, consultant between need to know the ^shapes of p 

in Impressionist and 20tli- and * B nee(i know the shapes of., 

century art, who will send^a ^“"VpVmueht from Potter pieces as well as the historical , 

catalogue listing and book de- It can he gjj ell LoidlD1> . an d cultural circumslances ( 

tails for large sae. (On display. Books, R 4 5Q which gave rise to various 

■SffllSSS S5SS.“ - " 

Tracking the exports 

‘ . r v . - •. .. ' • . ' „r rhinpee ceramic derive from the great variety of 

fr Vs PITTING that a spl end ^ |!f a S ss ab ove all in the work prints and pictures s "b- 

. new ; monograph rj>n Ctanwj 1 T - a ^ and Sung dynasties jects based on arusts engra 
export porcelain* should^appwr ot t crudeinE acceptance of ings (usually erotic) of tnese. 

■-32^ imprint of Sothehy * ^ wonders, for which flowed into China from 
• p*rk p- .Bern et, for as the ^ Rprnard Leach 1740 onwards. If they had any 

- a«t4)r». : T)avidJ Howard and J"^ a J ce ^ n s° der the following common factor u “J 1 ® 1 . J av J 
ii. ; John' iAyers, - point; oot; .these would Chinese export been the popularity which, it 

-Wares*' long.. disregarded by *■ At the highest, they was hoped, would attend their. ) 

: .^gHin^dbitecbrs.- have, l^n poroelain. refinernent acce puble advent in the ft inn of poroe^n j MviD^MeswM^FiiiE^eAsiiTiw^a^v ^ I 

• the > , 

and smetion houses seU- charm of 170i century- delft- 

; *«cr 4 t\ an ever-exparuiing group _ IM ADUFT ware; the subjects ranee m 

-' 3*/ th • the - main, private ART . de o re es of explicitness, anti in- 

» ^^"*1 A detailed examination 

| of a work of art is often 

{j L'* required in order to 

Sotheby coin expert who 

^^^^opirhon ondie gold setting. He noticed a minute 
^‘monogram stamped on the reverse and identified 
it as the mark of Fortunato Pio Castellan!, an Italian 
goldsmith who set a fashion in the middle of the 
19th century for 'Etruscan’ jewellery. The brooch 

subsequently sold for £600. 

At Sotheby’s no less detailed attention is given to 

the other processes of sale — the transportation, 

insurance, cataloguing, advertising and ultimate 


That is why we sell twice as much as any other 

founded m 

cAtukuv p au k F RFRNFT & CO 34- ^ NEW BOND STREET, LONDON W1A 2AA. 
gS: J B S5S ,pT 7H.£Gfiik ABINma LONDON TEL EX: LONDON 244?4 

art galleries 




Vi E'-hit-llion ..l VKlvrun Painun^. 

uf\-n> h".*' » WeJiK Hih June 

>. Duke bWfl Sl LoiKUjn ^ J 

GJlii? ll.-ui- Alt-n Jjy l*n>hy l" 0 

5 St A w.l. Modern B3in:ln9S- stulF.urc. i 
ind orapnici bv mtercsUnv Inter. uHoiiai 
Wide rtn« o. pme. Turner.. , 

10.00-5.00. Sals 10. 00-1. 00 : 

1900 BOO original drawings lor sale , 
I Poller toSk* al Nitlonal Book Lcjojc. i 
I 7 ilSenSrtc St.. W1. till I7ui June. 10-6. f 
I Sal. 10-1. . I 

Until 24 June 1978 

11.00 a.m. until 7.30p.m. 
Closed Sunday. 

£ 3 S 1 L> 




ih T the- private 

.have, chosen to 
hase^tUe illustrations for,. their 
Sie study on the most 
important -of .th^e .private 

ft/sotheby review 

■ *vT l of Furone " The ' A p“ DuUh" P 0 niin„c ; 

■in the markets Of fcurope. rue . J nd p commeniai palnnnos to be ottorea 

.results are delightful, with the, ^ I 

' charm of 17th century delft-, e^. W/i , 

MAPKET ware; .the subjects range m j ^ j 

WHI***" 1 -... degrees of explicitness, ami i a 'l ROY miles, e. Duke sircy. si. jamevs. , 

v ofvieW elude a handsome punch-bowl j OLD MAS?EftS.' A Mond»%s to Frida* 10 J 

HEBY REYltw ■ (catalogue number 36S) upon ios. _ 

•• Which ■ there is depicted ■ n ««., «tLE»» ;B o-.-’a.A': ! 
veritable arg'’. un manj of tne , 1 N qs. uma 2 b jui*. Mon.-Fri. 9 . 30- 1 
4 • . ■ ■" pieces, the quality of the decora- 1 I' . . - - ' 

and at the lowest tion, although colourful ' anc , browser i^ gorj 


9. Cork 51 . 

; formed oy . «»■ nrraces and at tne i.«m uon. aiinuu«» ^ ‘■•"i fo«ain Mon-Fn. 10 .oa-s. 30 . so. 

Mildred [“ ^provided rice-bowls . for aj ways Uvely. is somewhat • to.oo.i^o 

MottahSeh’/Tbe-size and range Rice-bowls .for. cruda; on others, however, such | thackwav ^gallery. 

^ ^s~^axticuLar assemblage - ^^ ntSi Leach and the many as the superb 

01 pus.. ^ ..j.-gre the p , M «iith him would saucer f catalogue number 360). OMELL galleries- fihc British and 

frequently the' SrjneC o'f ,he 

resnJX-of peaxiy however, ar ^: a „ d Vet most noble, ex- bodv is of the highest standard _4 S ^A. ? cn.^i. siroct. pi^d.i L Y^i._ . 

w Sr' ^wsres. -Som ol Oriental ceramic ^4 is decorated with nch- 

.a. decade XX-ie princes, with one thick enaorels delicately appl.e^ ^ "■ 

^icTWriri farmoW pieO&sAPpear ^.^rtant exception in .the s uc h examples as this must be L1MITto . 15 .Duke si.. 

^ prSenl century. ar ^. n ®l_ n S nmnbered^ ^ with, the finest pnj ^25 

today titan was. ttie.J,, abilitj- to drscer^mre ^ of the ICang Hsr and TUB «. , j,,,.. 
"WS n : : "tbp Motfahedehs « rea tiiess hi ceramic art.ind^a, Q, ien Lung periods. 

rofihement * m the. M anyof the sources. n Euro- 

collectorrWho may con text of Chinese export P® r f?' pean engravines have been dts- tVUIRITIONS 
• ^ilihted «®4 A*“-ttoformnate. ^ ^ covered and it is also known EXHIBITIONS 

well fcd.h . ^ or so se€n& *to- be. used t0 ° ®5f that sbm<s European artists werej , 

th«f a syBbnym'V Elaboratene^-ifl- m *™**"»£ 

pieces M. . . - 'ahie With diM >DTation *, ~tions for Chinese exnort pnree io.oc am. is- 2 i June " 5 ad a e.«;ar 

volume- waj- be aW^ dec U mes immediately , 0np , upb ^inor nainter c'^.lo B iJ5iuBini° S iTuis: ! rale(l "lundbook. 


Park Lane, w.l 14 June 5.00 P.m. to 
10 OC am. 15-2* June It. 00 a m. to 
7r30 C p.m. ClnseS Sunday. Adnlidon 
ri.AO including illustrated handbook. 

dm&n hy.themaKm Co mwjin 

proda^i^.r e^t^onwardSyLpoicefainSyWhich wereintended pro(!uoe defd^n^ which could he 

18ik pot , only for eajort « as th^ basis for decor^n 

‘ rea %jS; vl ii t 2aiies There is but also to.-Iodia, t e •• of a u such porrelam as will be 

^ I9tb ^^Je ^ajket tdday and Near: East and ordered from time to tune in 

^ ices r re ic Of EtfS the Indies, with all their 
ajid. desplterthe. • ^/ wi th;the -coats-of-arins of Euro-. ^ prnDeT -iy put in. blue as 

CVt. 1B9. Reflenf S! OSS7 A la 

Carte or Ali-m Menu. Three SF c4l J e,, J 
Floor Shows 10.45. 12.45 and and 
mwit ot Johnny Miwkes**ortn & Friends- 

Admission *£1.50 
including illustrated handbook. 

Grosvenor House, ^ 
Park Lane, London Wl A 3 AA. 
Telephone: 01-499 6363. 





LOP D CL A F K- OM f. I i 1.01 Will JltN IHL [AIF ■■■fir AM ONI^INE j 

Jl/orfuiier Hoiiki?- Side. Jvnc 22. 

MorUmer Hnusc. = painted ”«*" d°"-s houre- parted life 

of the 19th | furniture and chattels still 

do ail Ihe " lnL * " bul rheir orisinal owncc 

rema'n ID ^“'''"^'Xe doll family and servants who 

inhabit h Th? hii ne and ehinadieided dolls Include . 

TV ^^755; chei quarrelling with the cool, 

. . I riiv-nitui'c remains, but must dates 
from the mlddl!' V«he ™} u * and 

i-WidJ crowded with 
fascinatingly obsolete mimxlurv c-f|iii|.nient. 

The sale, on June ^ at 2 P-^-- >»» * P 2? l f55tt« 

other 19ih sale, please contact Mrs. OUvia 

0,d Br0mPt ° a 

Road. London SWT JJS. Tel.. Oi-aHl 

• -ESte#* ^ n oTec“'«S- fashions.” The | 

deditatJOD. . • able , t0 arms and joint authors of the presen 

subject BBBhtweU m » my thblogic^ derfSd.monoEraph have produced what 

form a -^ 0U ^^ri ne mus-- t&emes and s ? b ^ ts Tte muat - be the most complete 
importance ;-to ? ■ "B 0 a«r from' European acc0 unt to date of this elusive 

fritted here.,: ; JM*» ^ traddng- down . «* so r ur ^. artis t. a figure who. were it not 
words, a subject stfU w which famil/s^ Jf^has prov^ for the fortuitous accident of 

•live; • • "• •• ■. jLj'fn'anv print -.was wpied '7^ine (and havine been chosen to design 

. Fpr.ariypne jnwre^e J^ orfd one of the mort_rewar d e- decoration for Chinese porce- 
tspect of the..bdst ^ entertainuigj recent years lain, would, no doubt, have sunk 

ecrewto. ; til ? s |.. y °M«Se! the «S" *25, will no apirtrt. into tnnl ob-cu-ity: ns it js he 


Edited by Denys Sutton 

Bsiect doubt, havc.svmk 

ceramics, P** s *, r Vl “S : the tecajve n0 dpubt, into total obscurity: as it is. he 

fascinating- . ight ^ repre- and ° I ne many years v tft remains a fisure of consider 

objects; - illustrated be, played.. for many .. able importance to students of 

*en£r“^ e '.^ -dep 1 * 1 Hitherto come* , . -.•*.__- 1 -i cubiectS; ,: the ceramic history. - ' 

Clhlism, for others. . Q b - lt j eS e . Of the .. .. Tpis wide * David Howard and -fnbn 

esnsstAas a -stj >»"— — -■ 

tends to^he view that 

The world's leading 
magazine of 
Arts and Antiques 

Published Monthly price £2.00 
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FiNANt'iALTiMFs |The mice of the 

Telegrams: Flnantlmo, London PS4. Telex: 886341/2, 883397 
Telephone: 01*248 8000 

Saturday June 10 197S 



— irrr - •- 

The far si 
of the hil l 








By PETER R2DDELL, Economics Correspondent 


1. Dec. i9ii 3 iott 

Trader weightrf rwtex 
frore Smithsonian central lal re^ 

“ -against Zp tRhKcurmnpies - ; 

T HE LATEST package of ministers only Uie day afp.-r the insurance companies and pen- OB , '7-1 \ . fn m Smjtiwni«an central rates - v .‘ 

monetary and fiscal mea- Budget about the possibility of sion funds to buy stock only ~ ..J ’ - V .• 

_ _ sures and the associated a further stimulus later in* the compounded the money supply .1 L . •' . if ' \ ! .:Vj . O' '' 

| B H H B !1 ft -8 ® Hill rise in mortgage and bank year. suggestions were problem. This is because a large - t?awkop ^ ri'^f " V - 

JL- * *■ interest rates announced yester- immediately played down but part of the public sector’s deficit ENGLAND * l ' U ' i iO| -• jiyF C~u - 

day has been blamed on almost the damage bad been done. has to be funded through sales ej£ -MINIMUM 1 ^* - - I ■■ ,i, ‘ •' 3 . 

everyone. Among the alleged The Government's defeat on of gilt-edged stocks outside the T TTNmTTJrV 1 v ... "\ Jr : • etrL 

ONCE AGAIN', the Grand Old been slow ana reluctant. In eu |prits are the Government for the Finance Bill committee banking sector to ensure that l 17 .U.V vj - ' r/V ; ‘ 

Duke of York has been sent out one sense, though, electoral econom ] c mismanagemeut, the stage, adding about £50ib:i to the monetary target is met " XtAJ.iL ..■“l:; /.- 1 : . ' . V ' 3oi»w»Baiiktty : F" fl' , ^ "/ t 

on manoeuvres: and as on considerations have _ favoured onDosition for irresponsible public sector borrowinz in The recent impasse has high- , - i\ > : £i: ■; 

even.- nrevious occasion havin'- moneta rf d' -Ciphne. Bei cause of ame ndments to the Financial 197S-79, did not help either. The lighted yet again the feast-and- 4^1 1 - — ■ 1 " — — • .. '.'."KWQ-rl®'' 

hi , rhZ the weU . fcn ° w “ il . ab, , t oF , ^ Bill and diehard monetarists in Government promised to intro- famine nature of the author!- 1Q7B ' 1977 J 1978 II 1976 _ 1977. , 

marched his troops up to the Duke> the cabinet has been the Cit> . for creating a r3rup duce any necessary opening ties' current methods of funding. P I ■■ ; ' 

lop of the hill, he can be persuaded t« act earlier than t0 force up interest rates: only measures at the Commons Reliance is placed on a bull *?’- 

expected in due course to it has in previous crises— partly, Mr Aliv MacLeod of the Tartan report stage and reiterated its market in gilt-edged prices and plovers* national insurance sur- The price and cash flow effects to 15 per 

march them down again. In the no doubt, m the hope that the Terrors ‘ ha!j sn far escaped cummitment to a borrowing falling interest rates in order charge merely offsets the loss of- at the higher surcharge do price of the fsurtget em».- ■■ 

eyes of the authorities, the City counter-march will have gone ^lame. probably because of and domestic credit ceiling in to sell stock, and funding be- revenue from the income tox ’partially offset each other. The package.?? ^.WMyKrporad 
has had its pound of flesh: in f ar enough b> polling day to evident ineffectiveness. a letter to the International comes very difficult when cuts in the current financial Moreover the move will also be regarded; as least' 

the eyes of the City, the authori- enable the wJ hole episode to he Monetary Fund towards the end expectations diange. This pro- year . -erode the competitive position in .terms p_fmon^a^- - ptffiy, ; 

. _ 1 ml<>« brushed oft 2LS 3 little locsl The PG 15 3 IltHG 111 G3Cn Ol . TIT#,-- C 1 1 r ^ t- KntVi cVi (I I*n ■mrio fiftn c in t a > * 1 .. e «. i. At. _ /v*. >>k ... . _ j _ mrowaac inrl TRJintr (Tltl# .flnflli&jR 


Sauroe ' BankoF En^fiat ^ 

1977 - ;1978T>^:^ 

v " . ... , icu uia an * — * iv « uui n.n* m-, * c* — - — ~ ~ viuugc muc ij vuogu me ivn vl \f± LQC iNKUCt mIiATa AAiJj 

eyes of the authorities, the City counter-march will have gone blame, probably because of and domestic credit ceiling in to sell stock, and funding be- revenue from the income tax 'partially offset each other. The package.?? 
has had its pound of flesh: in f ar enough b> polling day to evident ineffectiveness. a letter to the International comes very difficult when cu ts in the current financial Moreover the move will also be regarded : as pvettul^?!; least 

the eyes of the City, the authori- enable the whole episode to be Monetary Fund towards the end expectations change. This pro- year . -erode the competitive position in .terms pj mongiary-.- policy, 

ties have at last, and reluc- e ° Ca nJ^roJl hut V iVp fiJIviSiment oF Ma - V - But the Government duces both sharp variations in indeed, the feet that the Gov- pf British goods in overseas and many City .^figsad 

tantly. taken the action which in t a b P m nst nf the resonn did nr,t take s P ecific action, and sales of gilt-edged stock and in eminent has done no more than markets. This is because unlike short-term lp.terastirtg^^prQ 

was always necessary to pre- ,The new surcharge on em- ^ “J X the authorities' response was interest rates. offset the Finance Bill defeats Value Added Tax th* surchaig* tiie bM 

vent an excessive Government ployment is a different matter. 1 1 ^Pale v hastoin trodTio’ li,nitPd 10 avowing a further Faced by this dilemma, the has led t0 criticism from those- J r chained on exports and not the economy^ 

borrowing requirement from This shift in Ihe ta\ Mr. Healey - riae , in MLR — to 9 per cpnt Treasury and the Bank of w ho believe “that the oxigmal imnorts and operates just like view is that higher jnt«s®t 

causing an explosion in the burden, however objectionable what 3 compared with 6i per cent England had a lengthy debate £, orrow ina. requirement projdo- in other wage casts. Sir rates were necessaRf To. get^the 

money supply. Prospect, for it may seem tea detached before the Budget * These rises about whether to change the ti ° on was^^T^fe tet j^f mXvbo «« CBI’s gilt^dged .. merke^J^dpg: 

growth, investment and profits observer u official Lheral Eft hk mrin sDrinf Bud “.'f in appeared to be ineffec- present funding system and place. The authorities have effec- dSor-genexal. estimated the Indeed the measures, appwj tto 
are measurably worse, as has pohej. and has appeared from that his mun 1 spr g ^ * five, however. aoout what mix of fiscal and tively sought to make their bor* n*t uwfiatvouraMe effect on «ibe have, passed the as 

been recognised in the equity ^ start as a path of least only e, * h ‘ *"* s 111 r The final twist w as provided monetary measures were neces- rowing and monetary targets mvnients amid be sales of - gilt-edged Bto<a&Mattfce 

market: prospects for inflation, P° ,llcal resistance if the Oppo- carry c 5 , "J Ict,on . f ^ ,t Jj Jf* ,. m h ar ‘ by the economic indicators sury to get the market moving compatible by saueSS e p?mvST > a vear though Thursday lunchtime *«». been 

monetary- control, the balance sihon should enlarge the ket And « MrJ Healey has whjch C0Tlfirmed ^ the again. The response was on tra- n sect0 J “ U ^|T Se ^Jf 'SES* res«!S' oT very law- These sale**^ 

of payments and sterling have Chancellors lax cuts. Its effect ruefutiy ^ remark d money supply had been rising ditional lines and was intended monetary aspects of thepadfeage'^S^^nSd reduce the with the adjustmehtv.arrbank 

improved, and the gilts market man in „! be Thirl* at weI1 above the permitted to deal with both the fiscal and — raising MLR by another point deposits necessary to -.cpiniifiy' 

causing an explosion in the burden, however objectionable what *™® un g J*5 0 " compared with 6i per* cent England* naa a lengtny oeoaie h orrow ing. requirement projec- a rise in other wage costs. Sir rates were necessaRf 10. gp^ipe 

— it m»>- se ™ *” a , *t?' ta « before the Budget The,^ about whether to change the was too hSh hi the tet M^ven the CBI’s gilt^dged . market t mooing. 

observer, is official Liberal mg to *“ in MLR appeared to be ineffec- present funding system and pft ce . Th e authoifties have effie- dtaStBMiSial ' estimated Ihe Indeed the ; meaBir« ,to 

52*5.^ T. 22 S **. h “ ... .. . Uvsought^euteir^:^ -2?SH5555Si.^SS?« 

celebrating the fact. 

Small cuts motives may not have been en- 

... tirely a manor of cynical calcu- 

The question is. of course, Iation _ is 

one cause which 

electoral planners. fairly strict limits within which 

However, the Chancellor’s it is possible to withstand mar- 
motives may not have been en- ket pressures." 

The problem was that the 

how much real change has been „ „ hc and the MinisIer market - reinforced by the 

achieved. The squeeze announ- hold dt „. though it may ™? s “ f ^ 
ced on Thursday, however dra- „ , os1 cause t0 other s : jokers a " a ' >st V“^ m „" n 

■ ~ believe that the Goiemmpnt > 

mauc its results in the market, _ ailllp , he unions into a believe 1)131 the governments 

is quite a mild one by the slan- i „ ’ , ~ 6ec , ree of restraint in Rscal and monetary pollc,es 

dards of the past. The one point comin^ wage roundf ^ The I were compatible. Mr. Healey 
rise in interest rates will, on ti ar _ oartlv nniitical and announced what was seen as a 

past Form, be reversed before pollt,cal and modest fiscal stimulus of £2bn 

lon^: indeed the market ex- p ' . - „ nirn in 1978-79. This raised the 

peels that the first of what is amount the public sector would 

pasi mini, we rc\eiaeu weimc __ rt)v 0 lV , r , rim i n natai oumuiud 

Ion^: indeed the market ex- p ' . . „ nirn in 1978-79.. This raised the 

peels that the first or what is 3? C desl f e r amount the public sector would 

usually a long series of small 2 * « ? hJf» have to borrow to £M4bn 

cuts in the lending rate can be of Budget it may help to near | y £3bn higher than the out 
expected in a matter of days. accoun J come for the last flnancial - vear 

or at most a few weeks. The th 7i borrOA,n ? At the same time, the Chancel 
corset restriction on the banks ? nd C u rt a a ,^!l; .. 7.^' ' lor attempted to deal with Cilv 
appears a tight one. since it forced •Jj* I55 worries by announcing a tighter 

involved quite a sharp reduction t0 charge ® n - monetary target for 1978-79— a 

in their books by the autumn; culs t ^ e « COr E.° r Ki e reduction in the rate of increase 

but there has been so much f or ‘ & tVl in the broadly defined money 

deep breathing — in the form of 

is whether anything real has supply from a range of 9 t0 { 3 

ugtu ui&auiuin in uib iviuc tu . , . , , . * - « « ouuum 1 . ivui a w ‘ ^ iw -iw 

artificial inflation of liabilities been bought at this considerable pep cpnt tQ between 8 and 12 
and assets — during the months rost in investment and growth- per cent _ And j n ort jer to de- 
while the writing has been vis- VL r a „ p mre rip ration monstrate the seriousness of his 

ibie on the wall that the corset r commitment to maintaining a 

is probably not too uncomfort- The Chancellor and the Prime txg'Iit rein on the monetary 
able a fit. Minister clearly hope that their aggregates. Mr. Healey raised 

The prospective fiscal balance measures, coupled with reduced Minimum Lending Rate by a 
is much where it was on Budget inflation and higher real in- f U u percentage point to 71 per 
day. Indeed, by far the most comes, and with the very strong cent , 

important change since then has desire of the union leaders to . , im __ 

been the previous rise in in- help Labour eleetoraUy, mean fis "fL S ^T “ ^ ™ 

terest rates, both short and that the chances of wage moder- f ' atcl J *h P }a X f ?it- wire hKSr 
lone, and a further cut in per- ation are now as good as can be ?deed the tax cuk v ere bi e gvr 

to 10 per cent and reintroducing . _ p<. orl(M mc point of the .corse; limits areUkgy 

the so-called corset controls, or. 0 f *u e narbup p to mean that the money, suppft 

snpplem=n«, w special depots SZSZgSS *Ji?SSfSS “ «■ "*■?** 

scheme as it is known, on file o£ ^sumed «, ^ succe ^ ca i *e' ro^ 

Behind the technicalities the .“L^ en L p ^f heT tained then there iMg be scope 

corset trill force the banks to nrp fprred for elec- for reduein ^ MLR later^in^the 

reduce their interest bearing * _? P This is because SUJIimer: indeed the bait p£va- 
posits if they are to avoid pay- re ? son I ^ i»te reduction- is one of^ the 

ing penalties. This restriction is * ** main inducements to buy^giit- 

somewbat tighter than when “ VAT or . edged stock now. But Jpubts 

last imposed between Novem- taF,acco or alcohol, the main un- notably about the ,«bn- 

ber 1976 and August 1977 and £aTOUrab,e employ- size of the borrowing, 

will mean that the banks -will effects are indirect ana requirement and about the jpros- 

have to curb their lending, oomc well after any October pggts fo r inflation after thn: ^nd 

which has recently been showing section. of Phase Three of the . ?ay 

signs of picking-up. The main The Government has not been policy in July, 

impact is likely to be felt - by ■ t0 avoid unpleasant medi-. There .are Itov'Lhe 

the personal sector, especially -CLue for the personal sector, restraining, factors, both- on' ihe 
as the cl ear ers and their con- however, since the further rise monetary anti fiscal side, ruling 
sumer credit offshoots have in MLR led yesterday to a li .out any Jtind of July. ,pa^ige. r - 
recently been competing acti- percentage points rise in the Thaa_^applaes aimost 'w’bat^-er 
vely to increase their advances building society mortgage rate otnerjges^ ^ from the seven-irafeioii 
here. to 9} per cent and a one point ecottomtc summit in Borm in a 

The banks have already made rise in the clearing banks' base .month*? time, and .the-expectar 
it dear that they will give rates to 10 per cent Thus not tion is that any agreement on. 
manufacturing industry priority only will both overdrafts and action to boost growth wild make 
in their lending — in line with mortgages be more difficult to little difference .to the -UK’s 
a direction from the Bank of obtain than a few months ago short-term -prospect?, itfever- 
England issued at the time of but they will also be appreciably theless, the Government dearly 

- *■-, b ■ - . 

f f-i '* *,1 ‘ 

f -• 

. j }&£**** 

the Budget This is just as weft more expensive, 
since the fiscal part of the pack- • 
age — the rise in the employers’ '■ t * . , 

national insurance surcharge — • . IDlGrCSl JTfltC 
will strain industry's ea.»ch flow 

just when there is a rising.* IH0V6HIClltS 
demand for money to fimmee 

the Budget This is just as weft more expensive. sees political ' advantages in; 

since the fiscal part of the pack- • having made an adjustment now 

age — the rise in the employers’ *. / rather than later, perhaps after 

national insurance surcharge — . inicrCSt 1310 a sterling crisis in July, or 
will strain industry’s cash flow September 

t'e res 1 ‘ "ra tes™ 'both short "and iha? the ch an wage 'moder' diately criticised as too large: Mr. Healey: failed to carry conviction. just when there is a rising.- fUOVeHieiltS -The high level of puhtic bor- 

lons. and a further cut in per- acion are now as ^ood as can be ind ®^^ the tax cuts were bigger demand for money to finance ... rowing and the earlier monetary 

•‘mi a I tax. financed by a lax on contrived. If the unions can de- J5j an had J een year. Meanwhile, the current that any delay might lead to investment and the rise on * stance would probably have 

employment. Growth can be ex- liver, then the inflation prospect J^in account uf 0ie ha! ancc of pay- renewed pressure on sterling. “ Physical stocks assoaa.ted ! t ^ forced a crUis at some time, 

pucted to coniinuc; the sharp will be further improved, and til ritvwa.^hit ments had moved shar P I >’- and whiefa ,ias been relatively quiet Wlt h ., a ^5 k 'H p , in economjc Savanri But tbe exasttng methods of 

rise in investment expected for the financial markets will be in ^Jection in 1 the < Cit> as that pr0 babiy erratically, into deficit in the last five weeks after the activity. The full year revenue 7 . d ^ re . d “Lf. ^ gilt-edged stock have 

thi< year will be little abated, good heart: they are not. as n P rt , in the first three months of this heavy outflows of the previous efFect o£ ^ higher surcharge • aggravated the problem and pro- 

ihnuah prospects for 1979 must experience has shown a-ain and J? L ®fih tlw^tiSitS - vear - and the partl >' wnsequent month. * s _ about fLobn compared with ° f JPJj"*; duced a similar kind of funding 

now be decidedly flat. again, politically motivated. In- A ta ^I? 1*5? * fail in sterling revived concern The measures were presented f a20m xn a y ear for the rates hari C jf^l crdsis 35 occurred in 1976. So 

I! is worth uumidering why vectors who fancy the Govern- me'asu reswe re infre^ abul,t a ribe in the rat * of P rice as a polic - v erection intended meometex reliefs Pushed b ecaU5e nf mo^menlrin monev ^ apparent temporary resolu- 

the Government has chosen men fs chances of achieving inflation towards the end of to bring public sector borrowing through the ^ Finance BiH com- ^ k * °* '!? _a t *“ tion of the impasse with conven- 

IhU obviously damaging way to something real on wages mil ^^10 be on tiie private sector I97S ' t0 ^ °^iuiUy projected ™ttee, » *e longer term im- have now increared thei? tioD ^ methods is unlikely to 

conduct policy. The monetary probably regard present gilts ^ J demand for bank finance 17,8 result of m * t,ombina ' level of about £8* bn and to deal pact is dearly restrictive. base lending rates 34 pe^ reduce the pressures, notably 

difliculiie.v posed by the Budget yields as generous Companies ^s ^pectod to rise JTthe rato Tion of market ^Pticism. with the Finance Bill defeats. The CBI has already attacked cenLgl Sto to toe last couSlI from within parts of the Trea- 

arc clearly more severe than on the other hand, face the bill * picked Tp Government mishandling and The package achieves this-at the higher surcharge; on its pfraonto^d ^eTe^h isthat «iy and the c5y, for dianges 

the Government expected. Lend- for the present measures, and of econoiDlc acnv!t y P lcKefl U P- unfavourable economic news least in the very limited sense calculations the result will be eveT for a in the way giit-«ieed st<^^ 

ing rates were raised by one equities are only likely to re- Market confidence in the Gov- was that sales of gilt-edged stock that the Treasury's original the eventual loss o-f 100,000 jobs company interest Davments will sold — for example regular 

point on the day: a four point cover on solid proof that Gov- ernment and the Budget arith- by the Government Broker were Budget judgment of how the — on the conventional forecast- be at least 11 ner cent nn an auctions or sales bv tender — 

rise has proved necessary. The ernment policies are achieving raetic was further undermined at a very low level. The reluct- economy is developing has not ing arithmetic — and a rise in overdraft and a personal cus- to avoid such a diet of f east and 

adjustment of gilts yields has their objective. by some clumsy remarks by ance of institutions such as changed and the rise in the em- retail prices of 1* per cent tomer is likely to be paying up famine Imt **“ 

feast and 

Letters to the Editor 

P/tncinn ft/n/lv if lts gro^ 11 has been one of ^ durability, ease of installation, intervening days were not work- readers because the substantive charge their fees according to a 

rtnsiun JUHUZ causes of Britain's recent integration with exjsling heating ing days and therefore there was law governing conveyancing, the set scale relatin'* to the value 

From the Director-General, economic decline. systems, reliability of controls, no delay. way in which conveyancing is of the property but their fees are 

F oynl Institute of Public The Chancellor himself could simplicity, etc. Each system on The fact is that the present practised and the system of always related to the work which 

.Administration. improve his prospects of victory, the market favours a few postal system is becoming charging fees in Scotland and has actually to be done in a oar- 

s . r what an excitin' 1 sorin' 1 in future seasons, by no longer particular facets, resulting in increasingly inefficient, pricing England/Wales, are entirely ticular case. 

it is'* In Argentina the World tolerating the funding of the diversity of designs, low volumes itself out of business. More and different. For all the above reasons, we 

Cup: in Britain the latest match Plosions liabilities of 2.6m em- of production and hence high more firms are sending their par- May I illustrate what I mean ? are urging that local law societies 
between the Chancellor of the Payees in local government and costs. . eels ny carriers and have ceased We are all of us aware of the should examine urgently the 

Exchequer and the pension fund th * nationalised industries. He A reduction in costs would sending out circulars. Birthday vendor of. let us say. a f 15, 000 feasibility of setting up Solicitors 

barons over the rates of interest more than anyone else is helping result in shorter pay-back time and Lhristma? cards and house in an urban area where Property Centres within their 

to he paid on overnnient stocks create enormous funds that and greater sales. One feels that postcards are diminishing .Tele- houses are in demand, who respective areas. 

Tbe S that can befall the w »> almos t ce r tam J v °e ver be there must be a compromise grams have practically disap- p la , es that property with an S. P. Best 

nation from ihe Bueno* Urea used t0 W significant extent solution which would merit neared And while stamp du£ ageQL ^ estate ^ Church Road, 

res ™ i* T palsing hangover. and are constituted so as to be universal support, lead to mass- has ended on cheques, u can cost prepares particulars of it and Tunbridge Wells! 

Sirou-h ^much-needed consolation beyond public control or in- production and become The lbp » poundage lo tend postal will advise on value if asked. - - 

over-indulged 1 For man v fluen «- This year they will grow British 1 bolar Heater orders to the value of £1.50. He puts a picture of the property 

Bri/nns however the Dresent by rauch oF which wiU L «t the Department of Energy In short, the PostJJffice is now in b i s window. Within a short Management 

onions, nowever. me present remie^t manufacturer', to chmit inefficient, undenenriahlo :<nii ton «... .. 0 

.u . cerned to the pay-as-you-go industrialists to adjudicate and i£- iu. walker. eiviJn duplicated particulars by -A.’ 1 oeen caused ny 

The Chancellor believes that 0 { financing, and using ® n d tbe most suitable one for Scudamore, tire estate agent, and the vendor management, unfortuo- 

ihere would be general advantage ^ investment income from trie this country, and let that be LetchirortJi. Herts. agre es direct with one of the 100 .“ any of whom °, btain 

in keeping interest rates as low ryjjjg already accumulated, the rewarded by a substantial prize. would-be purchasers, subject to tbe,r portions as a result of 

as possible. The pension fund chancellor would appreciably Let the Department of Industry ///if my contract, to sell at a price which E 2 ade . ^ panels, 

barons feel themselves duty redlice public sector borrow- support the initiation of inonu- is acceptable to them both. That se J^P°?K^ oa ^ ds ' e T tc ; : 

bound to force these up as high . a t-AQuirpment and so be less f^cture and distribution, and F Tom Mr. D. A. Tnjipell, bouse has. in effect, with the Over the years I have read on 

as they can. Success to the barons’ merev. finally let the Department of the Sir, — I find Malcolm Roberts assistance of the vendor (and occasions that the ex- 

barons will mean higher borrow- .. ^ behest of the Expendi- Envifoitnient offer installation argument (June 5) about "Money only minimal assistance from the P er * e °J !e of those who sit on 

ing costs for trade and industry . , Public Accounts Com- grants to householders. Thus the Control" curious and curiously estate agent) "sold Itself," but SU j " oar “ s at times limited, 

and dearer mortgages for home x reasur> . should now North Sea revenues could make old-fashioned. the vendor must pay to the 9“ es tiou is raised as to 

buyers. The marginal long-term . rev i ew ins the need to main- 3 substantial contribution to the Still there it is. I know from estate agent a fee of drten 2 per w& ether they are fit to make a 
benefits secured for the minority tain neas i 0n funds for local ^ utu re comfort of the nation. my own writing experience that cent to 3 per cent of the sale constructive judgment on. others. 

nf fVia notion’* fiti7anc whn irp uax “ mi * m.i . . .l nnn It Wflli id cfvm tn m a tKot tho 

Fly the Big Orange; 
it’s got all the right 
connections in 
Big Country 

London to DaUas-Fort Worth non-stop. Daily.-- - 

Bnmiff’s colourful 747 takes off daily from London 
Gatwick at 1L45 am to Dallas-Fort Worth, arriving at ■’ 

VV uiujui LUIUU 

Country and Mexico. For example: 

officers and oaK Tbomas A,We,s, 

propositions about the way to price, namely, £300 to £450. ^ wou l d seem to me that the 

in funded I pension schemes will £ lised i ndus try employees. The Oddlands Leys. Herons ChylL control, or better still leave Contrast the above with the ■mv! 1 r^ er n , rJ,fJiMi yStei ^ i8 -S at the 
thus be bought at the cost of W :i son committee could usefully t/efefieid, Sussex. alone, tbe money supply, same vendor eoin* to a plausible, outwardly en- 

discouragement 10 industrial m- a £ut Ae progriS thJ. - generate more boi air rh an the Sohcitors' Propem- Lntre in i h ,“ SI ? S i K ' ^wUI be 

^Xlewm^rSntLv sTer. tSSt Krtiiw'lnV tiSk p ostme „ — t^’count^^nT gSSST the bfvSue o^toei? past^erfo^ 0 

B e . pen . s i° n ?o nd it^ a ? n ^einT n them 7o a Je From Mr. E. U. Walker Bank lending to Ihe private 5”? ™ the ^ 

, , V ^ i scrutiny and debate. reading it, an apparition- 

to thank those who are supposed T> a _ m __ d Wattage appeared at my door wearing a A corset, as the actress sal 

to be acting in their best Raymond Nortage. s 6iled striped T-shirt and viry the. bishop, is an artificial 

interests. HamiUcm House baggy and dusty trousers. It- wai paint on recalcitrant curv 

Unfortunately there is no Mabledon Fiace. wli. but it can never be, as 

Hampden Park in which those As a teenager. I worked in tbe Roberts claims, a dead duck, 

who benefit from low interest pntzrfrv P° s i Office in a market town and D. A. Trigweli. 

rates — the captain of industry. *-*«**«*' e there the postmen (and tele- 47. Richfield Road. 

the home buyer and the man in From Mr. Thomas /l. Weis graph boyst were daily paraded Busiiey Heath. Herts. 

search of a job — can gather to Sir, — Now that Sun Day has before the head postman and woe 

cheer nn the Chancellor and his passed in the United States with betide any whose uniform was jrr 1 

strikers, the Governor of the hardly a reflected gleam in this not spotless and whose buttons HOUSE SUIES 
Bank of England and the Govern- country, may I suggest to and boots did not gleam. F rom Chairman 

ment Broker, rn new and un- Government and industry that a Those were the days of penny Briludi Legal Association 

irauuig II, an appai luufl . lunuei cAjieusi: miicn WOUiO BB recall SUrh names n« Unnl 

appeared at my door wearing a A corset, as the actress said to bkely to arise in addition to that L,raerv Slim m win«£?te and 
soiled striped T-shirt and very the bishop, is an artificial con- fee would be the preparation Df ' hT J,,ii« 

baggy and dusty trousers. It- was f tr ? in .t on re 5 a,c i tra " t cum *r" tiic particulars and a photograph ma vericks who ewnmallif hSS 
the postman! but it can never be, as Mr. of the property both of which “ av encKS wno eventuajly have 

As a teenager. I worked in the Roberts claims, a dead duck. would be deposited by the dinKittiM ^ P0 “ t0 rasoIve 
Post Office in a market town and D. A. Trigweli. vendors solicitor at the w £ p™ Lumc! '' 

there the postmen fand tele- -47. Richfield Road. Solicitors' Property Centre so Sf r ^ rr ^‘ u ^ 

graph boyst were daily paraded B«siiey Heath. Herts. that they could be made avail- , Lansaown 

before the head postman and woe able to would-be purchasers. LJ11 tsaaum, Hath. 

betide any whose uniform was enlae Many clients could take their “ 

not spotless and whose buttons HifUbE OUlCb own photograph and supply to Somethin & fishv 

and boots did not gleam. From the Chairman their solicitor sufficient details to / M 'V 

Those were the days of penny gniiidi Legal Association put in 1170 Parl| c ul ars of Sale. From Mr. R. H. M. Kelsey 

postage when a letter posted g ir Mav ! rep i v r., t h i loiter As 1 have made clear else- Sir. — I refer to a serious 

before 8 p.m. was sure to be (M av - 23, f r0 m the SecrpLrv oF where, it is especially in the sort printing error in your article 
delivered next day almost any- , hp J Law society of v of circumstances mentioned entitled "Trawler Strike Averted 

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remitting efforts. Moreover, the practical step be taken to put our postage when a letter posted Sir —Mav I rer>!v t.i the loiter As 1 have made clear else- Sir. — I refer to a serious 

absence of physical spectacle in foot on the first rung of the before 8 p.m. was sure to be /■« ' 23, f ri) m the SecrpLrv of where, it is especially in the sort printing error in your article 

the money market match ladder to the popular use of delivered next day almost any- the J Law society of Scotland* of circumstances mentioned entitled "Trawler Strike Averted 

deprives it of the television solar energy. where in the United Kingdom. Mr K w Pritchard the above t which are a daily occur- at Aberdeen " (May 27 ). 

coverage its importance so Anyone interested in the institi- Recently I posted a letter on a pardonable mistake or awiimine rence in many places), that the You state, inter alia, that “ The 

manifestly deserves. An excep- iation of solar water heating must Friday at midday to an address f hat mV leCteT . «jj„ v ik » Solicitors Property Centres Aberdeen trawler strike set for 

tionally heavy responsibility thus be bewildered by the abundance in this lown. It was delivered . Solicitors’ Property rmirw is would come into their own in June 15 by kippers and mates 

rests upon the Wilson Committee of available systems. This is not mid-morning on the following nrlruarily concerned with how En fil an d and Wales. In those cir- . - . This should quiio clearly 

tn take a hard look at Britain's due to the cussedness of manu- Tuesday. Wbeo I complained (jjev operate in Scotland That cuinslances the maximum savings read “by kippers and skates " 

cm plover-based .system of retire- facturers but to the great number the local Postmaster said that • n(Jt mv ‘ concern and could be achieved for the vendor. R. H. M. Kelsey, 

ment pensions, with its plethora of conflicting requirements, such second-class mail is expected to , t WO uid not be helpful in vour Solicitors in England Wales do 3401. Connaught Centre , 

nf pension funds, and to consider as high efficiency, low cost, talte three days, that two of the J not. like solicitors in Scotland. Hong Kong. 

Call your travel agent or Braniff 

reservations on 01-491 4631 . . 



F S sir- ,- 

Sat®*#®?- Jane 10-1978 

•i'T'-'v - , • 

^ J I ti * 9 * J 


■ ST-raniM — — f 

bumpy ride 

-MANY THINGS- : distinguish the saccess of the so-called unkindly the Senator's creden- 

New York, from other major Californian taxpayers revolt, it tiaJs to lectwe on thrift since j - ; 

Cities of the world and one of (annot b« taken for granted that he has seen fit to spend money ; ’ • 

" i« C f yotn^ri-an ic a the Senate will fill a begging on a hair transplant and face : . 

r ma *jea a bowl hfcld out by a ^ly whose lift. But Senator Prnxmire has 

curious noise. The _ sounds narae bas become a byword. read the national mood and j 

• _ Pens.* ana .London are SO mewhat misleading by now, emerged, in this debate at least, 

alike to. . any ..but the trained for freewheeling public spend- as the spokesman for the many 

ear, -but New York vibrates to ing. millions of Americans who 

.The- craslt of thousands of ear Tn 3975 many Senators voted believe that expenditure shall ■ 

susiensiorii as wheels bump for a. programme of short-term not- exceed income and who 
oversome of the world's most sovemment losns for Ne„ York abominate tha idea of govern- . 

- h , - uc ~ ~ on ibe assurance that within ment handouts. : .* 

■■■$£*££??• y *»• «» #y — U Mr. Proamire says fie is 

e * lst * nce t0 c,ty 5 climb out of the mire of exces- WO r r ied that further help for ; 

? virtual bankruptcy in 1975 and sive debt and phoney account- New Yo rk will encourage other 

' leha b 1 ..j .nuiva sc sa mnHol r,r . , SA* 

-■sard > 
as on 1 

at? uf [ 

r -'thc!ai L 
!Uere s -t : 
^crihe !•' 
norins. ' 
?ear in j 

te>t i3 !- 

since : 

- been 1 

^ bant 
vr-mpiv ! 
e likely ; 

' iupph- ; 

: m<mih i 

- the consequent breadline exist- ing and emerge as a model of c j l i 0S t0 be as irresponsible 
: .Venee; X t has forced New York fiscal integrity. Yet now. many fisra jj y as ?^ ew York was until 
So schedule a 200-yeai replace- Senators, grumble a mere 20 1975 “because they would know 
..ment cycLe . for streets which days before these short-term they could always come to Uncle 
. most other, cities would- try to loans expire, the city has come Sam for ] ang terD1 bail out." 
renew, every 20 to 25 years. back, asking the Federal PrAvmirp can- 

: For all anyone can tell the ^"another ^^ars^^The not the New York banks and 
: replacement' cycle may be fw another 19 years jThe ^ fundSt SQrae of the 

stretched to 400 years unless the {£**“ *“" i oans ^ranted richest in ^ e whose 

. U5. Congress agrees to provide J? L? m IHB) Joans have to a great extent 

IoHg term' guarantees which ** late 88 June au ’ 1 kept the city going since early 

: would. -enable the city to raise 1975, continue their lending 

money for capital spending. The , r efforts without federal guaran- 

. issue has been aTgued spiritedly SyfflOOllC tecs? He produced a caleula- 

this week, before the Senate J tion wb ich indicated that if the 

' banking committee many of The argument in the Senate banks and insurance companies 

>e riiain- 


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‘>uy Vill- 

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i:*- pro- 
’ i',«- «.?d 

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flirt with the recovery plan. On one of sever-J -mjot w f* in the 
the insistence of the Carter, city s se* vices. 

Administration the board has The chances are that the long 
been given another 20 years of suffering New \orker will be 
life. In the same bill passed by aS ked to take yet more nasty 
the New York State legislature, medicine before the situation 
MAG’s borrowing powers were improves. With the guararrtees. 
stepped up from ?5.8bn to nearly b ut without the short-term loan 
,$9bn. programme, the city will almost 

Mr. Ruhatvn would give the certainly be struggling against 
City a “B plus” for progress cash flow problems which could 
made in the last three years. ma ke it struggle to pay *m- 
"There were no numbers worth pioyees' wages in some weeks, 
a damn in 1975, so everybody The $13.4bn budget for the 
was sailing off into the un- year beginning next July 
known. Now v U u have numbers draws $450m from the capital 
which are reasonably good, so bud g e i j ur operating expendi- 

you begin to have a data base ture — a legacy from former 
which is credible," he said. " In days u f accounting gimmicks. 
1975 my guess is that New York M a y or Edward Koch, elected 
had a budget deficit of $2bn- las[ November on a platform 
$2ibn on a true accounting Qf reslor j n g fi Sca l integrity, is 
basis, and to-day it is somewhat couim j ne( i t0 eliminating this 

less than $1 bn a year. The work- pracl j ce by 1982. Unless the 

force is 60.000 smaller than it revenue base improves drama- 
was — you have a workforce t .j caJl y bc . n^y onjy be able to 

Urhan decay: President Carter inspects burned out houses 
in the Bronx. May 1977. 

which saw its rate of wa^e in- go at the expense of a 
crease slow down to 3-3i per farlher deierioratlon of services 
cent a year since 19 » a. provided for a population which 

“You had S6bn of debt due is significantly poorer and less 
in 12 months without a market se jj sufficient than it was 15 
at all: that has all been re- years aso welfare payments. 

uiia wclui'c uiv ui iimv. - UOT1 wDlCil HllUI.«iVU Llid-^ at. — - , c * •> « a ^ “o — - . , 

banking committee many of The argument in the Senate banks and insurance companies ’ reo v .. ar . _ 2n has sa id financed on the basis - ror exa mple. have 

Whose members are disposed to banking committee, which will returned to their 1975 levels of respons jbimies. The invest- credibility tr. return m the cr«js three >*■» j * £ . v e ar s at i,n a ^” t s w [3 ch is fro,n S192m in 19 ^ 0 10 S1,1 ^ 

turn a deaf ear to what Gov- con ££? e Mr two days next week, investment in the city's debt, “hit have been made in public m»kci< h !, be e h civ to make a maybe 8 / C ^ ,n 1975 ’ The cily . haS w 

emor Hugh Carey of New York has revo iyed around which then some $2.3bn of long term New yo r k in the past three If the federal guarantees sibie for ^ nexT lour P retty ’ s ° od - ' bute about S300m a year 

State described on Wednesday course i S more likely to ensure fimds wou ld be available over have been made through were ever called, payments debt jssue aunn„ u gaid cowards this bill, 

as "the din and. thunder of a that New York regains its accept- the nest four years. In addition. ' he Municipal Assistance Cor- made un behalf ..r New York ” • “ J 1 ’ sevcra { Though re-entry into the debt 

collapsing city." By contrast ability in . the public debt ^ lrade s uniofi pension funds poration (MAC), which was set would be deducted from normal "f | n “, v balanced 1^*0 llOlb markets is obviously an import- 

the House of Representatives, markets. Such was the shock were t0 continue to hold city JJ l0 manag e the city's debt federal crania 10 the city. The ‘ ° ' ant goal, the city's long term 

where the Interests of urban when these markets were closed j-m Ml »ivalent to 35 per cent of whatever was pos- plan is vonimgent upon com- ouageis. -You have lower taxes ana must surely depend on 

-• ■-■wevr yotk aeots wnn mammies assumed immense symounc im- . . Mpntified ■ — ; :: which extenoeu. n is nopeo uhi - ~r: „ nous, nu mujui inousano* ui »cn 

as long as 15 years. Half the po rtance. capital and slate pension funds will ^ f mmittee he said that New ^ have been real . rs and employers moved ouL 

/. amount would be. earmarked for The view that New York JLuirement over the next four Sta* T h e Carter Administra- provide a further S2bo and that York should be “ b i e ® Many f onner graduates of the The city lost oW.0J0 jobs 
; loans from the^city and Smto would be ^ served by being ^mremem over the next ton York. The Carter, , £ alf will be leDt ling „ a rameed. w™ "«™ «■* *• E b ™T ^ city nniversilytf New York- will between 1969 and 19T5. One 

! pension funds, the rest for other cut Ioose from the federal purse ye ^ s ‘ i. Suarantees will attract the Then the hope is that a portion Finantial Control never forgive the abandonment wonders whether New York 

vlendent Those shares are sum ^ „ being most “ ?“nT„«ded over the next four of the Si.bbn which comp^eles Pl»«- ^ Iln ln mi[1 . free tuition. . Few ,N» re^iy_h.s_n,ueh 

in city university oi wew lorewm wmu " ~ v -“^ 

never forgive the abandonment wonders whether New York 
,i,i of free tuition. Few New really has much chance of pay- 

iiu- vi . . - - _ ...... ,. a h 1 i hie nv*ni*OCC fir 

.- in which the property-owning the leading writers on ine ivew fiduciary eventually to regain sufficie nt ana siepi wim me ^ ^ 

miHHle rinses have thrilled to York Post questioned somewhat sion tunas an nave nuuu«».» c 

taking a risfc • pronting the assault is EMI Fortunately, other countries . t opening an exhibition senior executive admitted to me ^ tcher &pe£l i; S a t Conservative state visit to U.K. 

cautaous until someone actual y Robert Abrahams who, as have been more favourable for th _ t p :,,. lstratP ,4 what business that he goes through anguish Party j n wales conference. WEDNESDA\— House of Corn- 
puts the rules * ti* test sug- “ a ^^ ert of the Copyright HoffmVn-La- Roche, for the hold- ! “ make life bright^ even deciding about putting up [] an dudno. .. t , mons debates economic package 

S-ss^Sd*, « EffSkA • sZsB& 2 & rSmrSSf^ 

Court. task of putting the case to the the same year. This tells us j v :. awfu j « boardrooms seems to be a Rem- ^ e ^.,; rkers One-day strike by two-day session opens. Piu-is. TIJC 

« J f AM The raipdd rise ia coffee prices DqT nothing, of course, about aes - brandt reproduction enUUed British Leyland toolmakers. Whole- economic committee meets. Presi- 

OrOUDdl for " over the past coupie of years ^^^5, a dieery and artl- Hoffman-La Roche’s overall The Banque du Rhone or^an- M f lhe c/oth Gui id. n sa i e p rice index (May-prov) Re- gf nt rSnd Ex- 

Ml uauu.9 >y> has the; rush to .less of the cause is trading result for 1976 since the ises .is Picture Am m col- ^ ^ grQup of 6olem n 

GDBCera expensive prod uotfi^.a which now quld? t0 point 0 ut that the group fin the best Swiss tradi- laborat.on *ith Jbe Go se venteemb-cenlury Dutch busi- Parliament in session, THURSDAY — Bank of England 

vUliyol ■■ account for about lOjpea: cent, of j osses ^ often British (the tion) does not publish consoli- Art favr-.u-e, whan sp c * nessraen grouped around a table. Strasbourg. Mr. Malcolm Fraser. quart erly bulletin. UK bank5 

Problem: Define a cup' of catering coffee sup&ies: The s0ngs and the musicians) while dated accounts. . >»' suppijmg everyt -They look as though they are Australian Prime Minister, m talks assets an d 5 ' ab )Ji^„wlnrtSn 

■ STiiswer. .ple« W th; problem, !heW are ofteb foreign “ R ; Remming to the »g > rMem,: SSfi™ “£^"33? ft?" ¥5BE 2EZ and «ethng 

3l4inistrfr '-'nf Agriculture , and. further coa&ised. iyw^er, bflmay he a long haul to get somis accounts, however. it P ^ says says Ms. Cattley. TaIeSDAY — P Mr. Denis Healey. im id-Mayt. Index of indus- 

Fisheries within .twfi weeks, or the .tradition of Fiitrcjr. Coffee >thIng done but we are gearmg a p pare nt from a little scrutiny Itsdu ^ n . m0 ^ t peop’le “ Chancellor of the Exchequer. lri Jj production (April— prov). 

r f ^ h « dlfiS sr'jsrsn 

concern ^ Vlehnese coffee y smuiariy concemeu * really oeen as uau « ” ™„ nil r h ’ at wor k Arthur Sandies 

Veais ta ; cqme. 1 A^yone i wth/.a: JJ _-jj v By the impact of home recording the directors’ report suggests. By scapes around “em i ATtHur oanaieb, 

iffibtlltic ' awfoioT 'to- ■ Ih's'end \.f the c£m» some Ume «W> «•« * far the largest part of the year, Re pr o d uct on! I o ^ Canelellos. ^^1 Lafferty. 

amvaiu • mi oV»t . ' clPPPSt that & - - ti J.rg T>....l.rimv 5 Aot' eftnt lew on equipment. i nec _ n n less than £ 14.2m— Turners and Gainsnoiou ? ns are Mark Christie. 

exercise might- suggest that * ^^eTc^ee Regulation^ 5 cent levy on equipment i“^ no less than £14 2m- Turners and Gamsn 0 rougnS f are 
cun of coffee consists of water £+® ;♦ : R between vou It-TOS apparently had no effect. ar jse s from paper exchan 0 popular, but 

cup of coffee consists ofwater butni daniwtoiie it is between you lUfos apparently had no effect. arises from paP" e * cha “^ 
and . - coffee, with whatever ■ . . s waiter- j un ^ 22 is What Abrahams and hvs team losses where the Sw ,s s franj- 

Chancellor of the Exchequer. Iria] production (April— provl. 
epeaks at NALGO conference. Mr. p Rf p A y — Retail prices index 
Gordon Richardson. Bank of .« usable steel production 
England Governor, addresses (May) 

ssp’Smi™ a-r/r' at 

Societies receipts and loans (May). Labour Party rally. Brecon. 

and , - coffee, with whatever 
whiteners and sweeteners the Mj<efTi 
customer rmay. choose to add. ^’.n / 
Unfortunately such a belief is the- Mmisray. 

a long way -fromfact-and the . : 

flurry, of coffee .additive^, aiad. |u «. 
aiWitiiteK which are currently 111 « 

which -would either make home duc ts is largely financed arc 
recording little cheaper than converted into sterling, 
buying pre-recorded tapes, or ^xrtX to the issue is what 
would make sure that some of houl( j be "transfer prices " 
the blank tape revenue went Roche ProdU cts for goods 
into the record business upon j m p 0r te{i from Switzerland. For 
which h, relies for material. 1970, for example, Roche Pro- 

substitutes which are currently in « ^ the blank tape revenue went Roche products for goods 

-on sale has driven : WhitehaU . into the record business upon importe{i f rom Switzerland. For 

-••to tighten up the rules end. look. gpm ..... . which h, relies for material. 1970, for example, Roche Pro- 

for pubUc comment ; - - „ words recommended . The record men’s complaints duct ' rev ealed to the Commis- 

Over, the past few months the touch of puce to any haye hot gone ■ unnoticed. Ger- si0n that the net cost of the 

sssr.-^g- sSfftf.-SSSSM^^ SS 

coffee— notahljv-chicory and fig. Street scene will hgve protagonist being Henry Pattm- To this the Monopolies lou - 

Tbfe ihaniifacturere clearly label , t mu sic centres" are son. Pattinson reckons any tax m issi on commented: We were 

^ theiriirod«'rtp'with the contents,.' ^ ew V0RU ™way of repls^ying to be unfair since blank tapra informed that the active 

ndio. w afe- used for recording firat ingre dients . . . can be pur- 
• ' «a^eA :r -dn ; te the . consumer, music, o 8 nlaver all words and putting Christmas cbase( j from various Italian 
TtatsGeneral Foods, . hlakersof box. parties on record as much as manu facturers for about £9 and 

• Brtm; a product-Which Includes i" ;°”f- news to the ahything else aod anyway he joq respectively per kilogram. 

that since cassette Subsequent to the Monopolies 
‘ revolution is one records, became popular Ip sales Comniiss q ion - s 1973 report Roche 

. **■-. . .. Jppla.f- SfjSSt" Sffich Is blowing up right inthe. have nsen, not ^Jen. A fr^ products found itself in dispute 

every J^Sb faM Of the record business. - > interview ^ Jhe In , and Revenues new 

. ^eLthig instant -cpfFee on^tne rare of. the been winged off to Britain s fep pr1c i ng unit. As a 

. .vnur. customers 5>o excjieu ctstinnc for inclusion ^ *1 C i o m 

yd like to explain 

^^^ £ SKS»?Bitter : f ™”e c r Wa 

Bond bdtir and, if possible, on “ nt ®.‘ n |l| c accounts indicates: "There is a 

jinvrkicts. .^naTBriioke B °°~ oi ° aS selves. And when the. pfll© contentious matter at issue 

hid industry says heavy it Jgana r quilliaer business with the Inland Revenue which 

Although the ^ L ilneerto be booming, but could affect the taxation pay- 

be “ S to JrofltaWeU the able on tile texable profits of 

tdKaBlfi.. . v -‘- •>’ moment there is talk of 1 JMg repDrt filed at the company for accounting 

: : ■W>aw^. , « «i’gsg: <g l g i>«“* if Ssd ,M°l ie r n c^t^tfe '^mPaSSHeose by Roche Pro- periods 1974 to 1976 . . . 
“coffees more than 100 per cent^g p be believed> Th 1S 

»t« ..P nc , e .?L a s ?5S Sahv is the UK end of the __ 

ertaioly wiu- . . .. . J? to be placed orrthe.fHH' or 

■-.Neale (Nescpre) - Ji^bf blank recording cassettes PlIlCl 

Bond.bcitfr and. if possible, on centig- . 

urodiicts, .«nanBhooke themselves. And when ■ the. pi 1 15 

^ badrexm^us^^ssin ^^ indnstry 5 ays heavy it ^ea^ . 

i j i.iri*- 'nimA'rifaiHk.-. - - i4u.., n u thn flPHres are TCM 

larges for personal 
current accounts* 

^SSiZmVSrt so msmy company is the UK end of me 
- r:-^ ? roble ““ their Swiss drugs multinational, gifu 

r^cSd£*S^ian^Roche, b^t known 

■■ vagne^'Txte JtP*w,i^rK-rw= -rrr- -r* ir nnured a net toss trom ir 

mn m - 7m - ,s 

strqjj^rs in the sun along 
the City's Leadenhall Strt-el 
aimosi pause tQ stare j n toe windows 
nF the Banciue du Rhone — not 


** .nemy^aSpin) 

of the Banque du Rhone — not 

to learn the latest exchange 
rates; but to see the art display. 
John Cloughessy, London man- 
ager of the Swiss-based bank, 
believes he is starting some- 
thing new by treating pansers-ov 
to a coostantly-changing display 
of paintings. "It began when we 
were wondering what to do to 
mark Jubilee Year.” says 
Cloughessy. “ So we put some 
framed Turner reproductions in 
the window, showing views of 
Switzerland. They were a terri- 
fic success— people kept coming 
in off the street to ask where 
they could buy them.” 

The Banque du Rhone nou 
changes its pavement-view dis- 
play every month, varying the 
artistic diet between traditional 
and modern. It is current I? 
showing lino-cuts of London 
scenes by the contemporary 
artist, Rupert Shephard. Such 
bonds between the arts and 
Mammon are far more usual 
on the Continent and in Scan- 
dinavia, whore many banks eir- 

ln the past, as lonj* ns you kept <in tit tuigc 
ot i 150 or more in u Llovds Bunk personal 
cunvnt account, no servic* charres i were 
made. In future, your account will he hKtb 
OF CHARGE, however much ir is used, 
provided a minimum balance ot £100 is 
maintained rhrouuhoLit the Bunk s halMear 

cliLi mi nil period. , . . . 

if rhe balance hills below £100 dunny this 

period vour char-e for each cheque standin- 

I _ It- -11 L., n 

dispensers, we can reduce the charge tor each 
cash withdrawal by this method to ( Vap- 
a saving of 5p. The system is operated by 
a Cashpoint card which current account 
customers can obtain free. 

iiX'iiicia . -it 

If you do have to pay charges, we wilL 

reduce them by the value ot any credit 
balances on vour current account up to the 

uluai nia i j -T-i - 

point where the charge is cancelled. This 

relief on charges will be calculated at /o 

■demrdhect dehir will now he 12'/:p instead 

^Bufbccatise Lloyds BanUras Cashpoinc, 25 p or less! at the end of thehaf^^lbe 

a national nerwe 

ork of electronic cash 


Llu)dh Bank Limited 

June 1978 

r* - -r^ir •rt’-: 




Thos. Ward up 42.4% to £4.7m first half 

Streeters declines 
to £786,000 



INCLUDING AN’ exceptional the company is confident of secinv 
EM-LOW) surplus last time, taxable ins further contracts. 

The bad weather daring the 

Bishop's Stores 

Farm Feed 
Finance & I> 
Geers Gross 


Ward, the heavy engneerng group, 
report half-year March 31. lSTis, 
pre-tax profits ahead by -12.4 per 
cent from EJ.tWm to on 

reduced turnover of i'll'.CUjm 
auainst £L23UKm and say that 
second half profits are expected 
ro exceed those of the Hrst-half. 

Profit for the IOTW/77 year fell ha,rda,e lexU,es 
from a peak of IS..>4m to 17.61 m. 

Fir.t-half hasic ca minus per 25p 
share are shown as 4.6p i2.!ip) and 
7.3p for the 1076/77 year, and -Up , . 

il’.Spi and fiiiji fully diluted. The Thas. Lockf 1- 
interim dividend is stepped up fo Marievalc Gons. 
i.65p net compared with 
— fast year's final was 2.863p. 

An analysis of turnover and 
trading profit £H.17m I £5 .2 Urn * 
shows - iron and steel and related 
industries £."2.«8m i£4fi.4mi and 
£0 87 m (II 24m); 

£24..17m (£f!».64mi 

i£2.66mi; engineering Ilil.SPm 
f £17.3&m) and £li.28m (£U.12m>: 
motor vehicle distribution 131. -Win 
i£27.73mj and Xl.tttm (lO.Smj; 
and industrial services £I3.7Hm 
( £ 12.8m i and fft.ij.Sm f£0.47mi: the 
appropriate proportion of associ- 
ates turnover and prolils being 

During the half year there was 
a severe cut hack in volume de- 
liveries nf scrap, the 




Cor re- 





spend ing 










July 12 






July 2$ 





July 25 





July 21 






July :it 





July 20 





Aug. 4 





July 14 


— t 



Aug. 4 





July 11 










per share 

net except 

where otherwise stated 

ihis investment has been cut from 
311 per cent to If) per cent. 

Earnings per 25p share for 1 :»T7- 
IflTS are shown at 3.4p. This com- 
pares with 6.7p. restated for EL> is* 
for the previous year when a tot;** 

profit of Streeters of Gndalming 

f.£L n f ™ m _ ® P£3 k XI. 143.000 to first fow months of 1978 has not 
*"; ■ far r 1J, fr fl -!) °" er helped construction activities in 
turnover uf £l0.o2m against lhe ^ L -K, they say. However, priv 

vided the workload can be main- 

from Fairview 

£13. 13m. 


\ ision 

for the loss of a Saudi prove satisfactory. 

dividend of 3.57.ip was paid from \ ra bian associate (£140.000 profit i. 
I1KU.O40 taxable profits. ■* - ------ • - — 

Streeters .. 

Thos. W. Ward 
Dividends show i 

* Equivalent after allowing for scrip issue. t On capital 
increased by rights and. or acquisition issues, t Additional 0.0075p 
lo be paid on .lanuary 1 if ACT reduced making 0.87325p to Lit. 
construction f South African cents throughout. 5 Holders also received -1 cents 
£3 ,32 m capital repayment. Also announced 2.1 cents capital repayment. 

turns in 

[here was a turn round from a nws 

£730.000 surplus 10 a deficit of Tumour* 19.516 

£100.000. ErcepUonaJ profitr • — 

Loss per lOp share is shown as pp * m ^ 

2.0&P ill.Tfip earningsj. while a To minoniies"".:7 .13 

final dividend of O.S6p effectively Matins — 353 

raises the total for the year to Sxrraonl. dehtr: — - 

the maximum permilied 1.6933p Luarias low ■■ . - 

(1.32903P) net. adjusted for a • On ltc operates, ton exchange ate- company s 



though the rate of increase in 
working is not expected 
to be maintained in the second 
half oT the year. 

Balance sheer as at March 31. 
compared with September 30. 
1077. shows lived assets down 
from £40.3 m to £3S.67m and total 



Farm Feed 
pays 0.66p 

OX TURNOVER up From £8.ftMii 
to £0.95m trading prolii of 
Cording Group for’ the year io 
M arch 31. 1078 was unchanged Ji 
£926.000. But pre-tax protii e:ime 
out higher at £784,000 jiesiin-t 
£431.000 after a £229.000 write- 
down. last tmio. of property deal- 
ing stocks, and a lower intere-i 
charge of £110,000 compared with 

At midway, profit stood at 

At halfway, pre-tax profit was 

ahead from £247.000 to £». suffer a substantial loss in Saudi 
Stated earnings per op share are Arabia in 197 

directors asscU at ->-.02m against 
stale. But ilic construction 
division benefited from better 
winter conditions than last year. 

Further substantial losses were Lower interest charges have put m produce pre-tax 
incurred frnm Thomas Smith and a ..[ 0 ,ss on pre-tax profits at Thos. £124.082 and recommend a 
Sons i Rodley i prior lo disposal. wT Ward which rose 42 per cent dend nf O.Atip net. after pa; 

and from Marshall 
Barero. they add 






197* -77 


• ■fww 


f Oi hi 




2-K r.*o 

• iroup 


115 !C» 

2511.71 1 

A "O' . •-onip.4M.-s 

15 MS 

11." m 

25.1 "47 





Tra'Imt: prolii 

f .477, 


S Hfill 

Shan nf .4.ssou. . 


1 W14 



1 m 

5 Mil 


Prom before lax 




Taxation .. . 

5 XT' 


2 >24 

Ni-t prufii 




Tram nunon:ii*s . 




Extraord cr. 'liis . 





I 447'i 



2.4 19 





* Di-biis 

A RECOVERY in the second half 
has enabled Farm Feed Holding-. 

profits of 

m the first six months; the oVe'r- the interim for the year ended 

sssl-st »,«* 

"1$n ": il , r ^„h" Si Tho r br /U. r dhS“S™"n 

division coming »b ro “Sh Jib- excess of the total figure 
problems. however ® entr * achieved in the year 1977-78. The 

iron and steel activities where the directorx re port that , hc L . urrpnI 
contribution m trading profit has ycars performance is likely to be £0.42m 
J.'i'.j piunged_from just under one-third satisfactory, and that an interim f£0.38ni). 

Turnover in the motor divi-nm 

almost doubled at l.64p 1 0.87 pi 
and there is no dividend, in vi"iv 
or i.he offer for the compani b> 
Unigate formal documents in re- 
spect of which have now b*‘ct) 
sent out. If ihe offer does iu*t 
become unconditional, a maximum 
of 0.389-Sp 1 0 Ji23p ) net will be 

Turnover and trading profit 
were split as to; motor divH:»n 
Lft-tH-m t£7.26m> and £ll.a::iii 
i£0.5nu: property division £i).4;im 
(£0.41m) and £34,000 i£41.0uoi: 

.' . ‘When Fairview came to the 

£370.000. compared with £400.000 Streeters’ UK trading figures joarket eight yeare ago vv^s 
which included £50.000 from indicate that reduced spendingion basically a housebuilding compm* - 
Saudi Arabian activities. public works has left its mark in 'Shortly afterwards the ^aeciso ._ 

The directors report that at ihe the second half when margins was -made to use the prouis a™, 
end of last year following the also came under pressure. .. Th&jash' .flow from housenuiiMng - 
management changes announced impact is increasing this year and. develop an industrial propeny- 
in the interim statement, an eaten- the wet weather early this "year side: 

srve reappraisal was made of has not helped. The problems at Arr increase of £5'O.0O° per 
current claims outstanding and home have been compounded . by annum ‘has taken place ul tne 

more difficult trading conditions contracted rent roll ®' nc ® “ff 
in Saudi Arabia. There a mora- October lifting the ngure io 
toriuni on all construction work £1^2in. ' This represents aoouc . 
in Jeddah, together with , a rise . l"-8u* ®9-. ft- uidustrrat ana 

in con tract ura 1 

i- - irv.Lv ,1 xUf :-7 ; V 

After tax or £420.000 ffiSIMOOl. JSuSm ■ J^JESSg dnee 1872.-<»¥eaU1 0dWaS fe . '.’I t‘ s 

per 'n' t ^ £a7%«opms!-s ■ f * 

xbws debenture stock 2000 2 HHM k » three years? time coi^T ; / 

U.I34 by way of a rights issue to ^ .af ^housebtrafiifR^;'-; 

_ 3« ordinary holders. -altogether. ; Theistock looks ; 

•jm Shareholders will be entitledjto ^meet 

£T oS debenture stock for every ^ 

. gS2 three ordinary shares held. - firm demand for -debepturcs; tuid. *•. • 
■«a5; -The- issue is the latest move in the coupon » 

.. net. adjusted for a -On UK opmUoca. ton nAun g** .iii; 

..dcred in November. •Comment ■■■ -"£',«„ cadte to AIM 

Tuture liabilities on the Jeddah 
conrrocis and it became clear that 
Streeters Saudi Arabia would 

... - -Vj. . r %-. . 

The WetroiioIKlfii^ 

:: t - 


p t ... . . overheads, commercial space— 90 per cent South 

Prospects n Saudi Arabia are rcsu i ted u, 40 d-r cent owned industrial. 12* -per cent Redewn*We-^QtW^7,:>. 

much improved, they add. Trading sSeetSs Saudi -Arato incarring - Until recently property invest- I986 a t £99 per rent : - 

"" ^ a ™b“antial loss However, thf went, in common w.thhousebihld- ^ to 

situation has improved; the in & was supported by short term with caHs of. i»r ..cent :«i ,:t. 
position of its tivo difficult Last r summer jJ°rt term Ju , y ig ^ ^ ^ ^ bal^nce^dfl.-..: ■ 

Jeddah contracts has stabilised wings of “"".SSmIm m 3- Au *» st 2 ?'- -f t - 

and work has started on a new evenly between ThJ^atest Application^ -"list :.opens-' ■' ae*f 

£lOm contract in Riyadh. But va JJJT' h^^wln” of fflZoS- Wednesday and . dealings -ar w . 

the company is still Pressed tp Jg"” property of expected to start , : 

maintain both workload and .mm wiU be long term day. • ' \ 

S£rtoda?L issue. ■ The reason 'for the return. . 

lev els, the ^prospect of a marked .-y retro loans of £7.2m have -f-wT?. time scale •for^ IocM' , - ' - 

on the difficult Jeddah contracts 
has been stabilised and a better 
trend is now evident. Work has 
commenced an a £10m contract in 
Riyadh and the company is 
actively pursuing further profit- 
able work. 

The level of competition 
remains high, particularly with 
the increased involvement of con- 
tractors from the Far East, but 

directors report that the current property investment income 

(£D.41ni) and £9.3i*n» 

in 1975-Tfi to 14 per cent in the dividend will te restored. 

5 >2-i first six months this time. Scrap 
prices have fallen and volume is 
down 20 per cent compared with 
the first hair last year. The 
picture is brighter on the con- 

Full provision 
in extraordinary 







... 7.P7.1 000 

”.4~ non 


. . 122.213 


Ass.viar.. profir 



Profit before tax 





SR H.-a! 




E.tiraord. dobti 




kiin When reporting 

increased .significantly, the d.rcf 
mrs stale, following the addition 
nf the Austin Alorris range m 
W olverhampton although, a- a 
consequence, profit margins were 

Both property divisions made 
satisfactory contributions tn 
a firNt-half loss profits and, it was not nece-sarv 

has been marie have held up and margins 
Items for all proved since December when 
costs, expenses and profits aris- new Ketton dry cement 
ing nn disposals and closures came on stream. 

announced to dale, Lhe directors shares, taking full year profits of on land sate) the directors property dealing .-.tacks. 

sav ' £.4.5m. stand on a prospective p e stressed lhat the investment in By careful disposals, the de:*l- 

Pari of ihe cash raised has of 8i and yield an above average Triphos (Northern) continued to ing stocks at March 31. 1978 were 

already been invested in stock. 9.2 p*er cent. cause grave concern. Recently reduced by £388,000 10 £1.525, Oun. 

GRA reaps benefits 
of lower interest 

Francis Parker profit at nine months 

frig society rate and Co-op Bank |j 0 ^j e payment of. tiJJSiS.Vj 

w4tii 3 per cent over base- rate- D „. ^grA will- be- '-.friade. 

To. d»te £o.7m bas been drawn >j ove mber:. The . stfk*"; 'Will. - 
down. A further £lm in addition redeemed at parottMay-'Sfc-lffift-'- ' 
to the £7j!m is under negotiation. Brokers' to fbe issue 1 Jure., iie-A:.. 

The new stock is secured upon zoete and Sevan. . . k 

certain of the group's properties. . 

Covers for the debenture are.f comment - 

LOWER interest of £475.000 com- cordial and GRA expects to eon- tfte^nes 47 lUD * S 50 n^ 1 - 

At 7«P the of £35.600 (including £9.000 profit to make a further write-down" of l>-*red with £94(i.00n was the tinue to provide this service from TJw is payable as to £25 vitSSartSettrS* • ’ 

- * principal factor contributing to a White City Manchester as from „„ on acceptance with the .J^iSTSS^r^SnS 

turnround from a loss of £71,000 November 1. 197S, says Mr. Aaron- balance due on July 28 ,ss,ie Iook a tractive igamit. 

to ;* pre-tax profit of £98.000 at son. 

GRA Property Trust in the sis 
months 10 April 30. 1978. 

Including £245 000 (£169.000) 

profit on as*et di-'pnsa! the profit 
was £343.000 1 £98.000). 

The lower intere.-i helped offset 


■ij fiiflC . , ^ 
jji.yv ^ ' 

and an extraordinary credit this 
time of I1S.009. 

The directors say no provision 
has been made for deferred tax 
relating to stock appreciation 
relief Tor 1977-78. 

Earnings per 5p share are given 
as 4.4p (3p) and the dividend 
total is stepped up from 1 039p 
lo l.lGp net. with a final of 
O.RGp. Retained profit emerged 
at £207,603 (£119.051). 

TL'R.WJVER «.»F Francis Parker amounted to 1 13.3m. To reduce 
for (he nine months to December this, the company has been selling 
31. 1977. was £ 15.38m compared residential land and group 
with £2:;.rtm for all the previous borrowings are now down to 
year and the group turned in pre- £10m which, with the drop in 
tax prolils of £34.000 for the interest rates. has reduced 
perind against a loss of £1.4lm charges by £0.8m in £l-2m for the 
Iasi time. nine months. Further land sales 

Mr. R. K. Francis, the chairman, might reduce borrowings to 
says the results arc in line with around £Bm in ihe current year 
expectation* and the provisional but this will still be very high 
trading figures for the first compared with shareholders* 
quarter or HITS, traditionally the funds of £3.0Sra and Tor a corn- 
most difficult part of the year in pany dependent on the depressed 
the construction industry, indicate construction industry. At the 
virtually a break-even situation trading level, however, things do 
after interest. not look as gloomy. Parker has 

He says that a comparison divested itself of its residential 
between the 12-month periods. 10 development interest.-! and is now 
March, 1977. and lo March. 1978. concentrating on aggregate and 
shows an improvement in trading light-weight block production, 
performance of some £1.5ni pre- mainlv in the south east where 
las. Further improvement is private house starts .ire on lhe 
envisaged, provided interest rates upturn. Annualised, trading pro- 
rln not continue to increase signi- fir^ s how a 70 per cent upturn to 

Heartily abotv present rales £1 7m and at least £2m looks LINE with the January. 1978. 

The company has changed n« possible for the next 12 months, indication of profit not less !h; 
year-end date from March 31 to At ISp the market capitalisation is £»S0,0D0 for 1977 Geers Gross, ‘ 
December 31. £3.3m. 

Again there is no dividend, the 
l.'i-J b-Jng a «3p nci payment for 


from £92.253 10 £73.31$ and at ih-' 
nine months stage stood at 







the lack or investment income 
which gave £343.000 in the corres- 
ponding period. 

Mr. E. J. Aaronson. chairman. 
reporLs that the steady improve- 
ment of the last two years was 
well maintained and says that 
the second half should compare 
favourably with those of pre- u » ^ 

vious years. For the last full vear '^TH SECOND-h^f profits ahead 

Peak £2.4m 
by Thos. 

was made clear yesterday that the jjj 45 p^. ^nt. 

per cent on 

_. on h- comparable stocks. At the .issue- , 

Jti 1 f ue u Price the -running yield is 12 j37 *. 

stockbrokers Greene and Co. Jt j,- er rent and re d en jption yield . 

In the market . 

Barnet is yielding 12.35 per cent 
to redemption and Tyne and Wear' ; 
a 's yielding 1259 per cenL Exactly -; 

• comment h 0W good the response will he' 

Fairview is really breaking the depends upon, the market between . 
ice with this issue. A rights offer now and nest .Tuesday evening:. 

directors were unlikely lo take 
up their entitlement. 

_ profit or £269.00(1 was reported. J r0I T £1 ,' 0I ? J . 10 v £1 ' 2 ' m * Thomas 
First half turnover rose to Lo «* e j; (Holdings), lhe screening 
£4.7fim t £4.3Sm ) and operating and filtration engineering group, 
profit moved ahead to £691.000 (“tished the year to March 31, 

1 £673.000). Rental income added ISTSat a peak £2.37m pre-tax, com- 
£31.000 (£35.000) while group with the previous year’s 

PRE-TAX profits of Camford overheads took £149,000 Turnover was better at 

Engineering rose from £70S.«n0 (£176.000). _li_om against £lo.69m. v . 

to £952.000 for the half year 10 Since March 8 the company has In November, when announcing Henderson’s. . ^ ^ 

March 31, 1078 and the directors realised an additional £590.000 tirst-halfprofitsoffI.ini (£0.8Sm), Smaller Companies Trust, iaun- net rather wider— "to "asset sftUa-- - 
that the results are in line rro i! l . s ? ,e of non-tradm? assets. the directors forecast that the ehed just six weeks ago in the tions, recovery, stocks, and - stocks. ' 

Getting the best out 
Of Wall Street 

Cabotr American Trust; thoiigh they"' 


advertising agency and consulting and net profit emerged as £827.000 pr0 R fa Ki e H fi rri n »n'v Stadmm 

concern, reports a nre-r;,x surplus against £623.000 after tax of hound operation wof r™ 

little changed at £281,000, HRainst £123.iK)» compared with £85.000. duc "p d lhc ou ,v tam1 j n2 : balance of 

Ti»o group is a manufacturer of 
ccncrete producLs; supplies sand 
and gravel: interest in building; 
dei eloper, plumbing and healing. 

9 null.. 








TraO.rii profit 






rrofii hitfore is,\ 



Ta\ Ct ..'4 ii . .. . 



X"l pr.ifii . , 



KitranM. .t.-hil- 



Lea vim; t-.-s 



expands to 

£279.000 last time. 

Turnover advanced from £S.62m 
to £9. 94m. compared with a fore- 
cast or IS. 3m made at the time of 
the acquisition by Geers Grow 
Inc. of Richard K. Manoff lne. 

* I OSS. 

• comment 

Francis Parker's millstone has 
been its high level of short-term 
borrowings, which last year 

The interim dividend payment is thv |„ ;in from , )<?n:sion fund 
lifted from 1.34p to 1.4$p net per Although the Bookmakers' 
lOp share. Afternoon Greyhound Service will 

r-nreTrnr.ri r» cease to operate from the leased 

CHESTERFIELD Watford track with effect from vinouu 

Following yesterda-v's dividend J® 7 *: ,hc r ylationsbip D-vid-nd 

The directors report that new announcement, lhc directors of ' vlth BAGS conlmues t0 bc ra0ilt 

business growth has been Chesterfield Properties now state 

of dramatic and turnover is expected that a second interim dividend of 

.. , 1° increase to well over £30m in 2245p will be paid in respect of 

, 1»78. 1977. in the event or the ACT 

10-fl swi After of ^170,000 (£163,000) rate being reduced to 33 per cent 

„™ h f ai d Tn^ net profit for 1977 was slifibtly an amount of 0.03403 o will be 

to £480.o0- pre-^. groover jm- down from ynfi.000 t0 fiu.oou. added to the first 1978 interim 

rl-« ed l ° £3 ' 6om com P a re 4 "ith ^ forecast, a fi na | dividend of dividend, ir dividend restraint is 

1.71036p net makes the maximum abolished a third interim divi- 

dend of I.755p wli be paid, which 
wilt hr the last dividend in respect 
of 1977. 




.. 17 2.311 

S;urr- awe. profit .. 



Pre- Lax profit 

. 2372 


Tax .. 

.. 1.271 


T* minorities 



Ext.-aord. debit 










up on 

-rs ism-- were issued. 

the price at which they £* " c,, ‘ 1 h Sh *SSS ' 

.sued though the Dow S™ JS- EESLy&J&gi ' 

Of 8 Se-n«H»ne is pretending SS^^JS^^SSSffr 

Following first-half profiLs 

Reports to meetings 

Good start for NEI 

thin— it’s a necessary consequence f™r'„ .««« "r 

of gearing, after ail. that while a ^ lcfime 

rise will be accentuated, so too h ^ "«? a 8 ers 

will a fall. This is partly why J L ™ on P rovldi nK «a 
Henderson, while 1 
tions for the fund 

invitin' 7 anolic^ mcora t th ?* wiJI increaserover the - 
I is us*ng P some ^ Mrs by - '"vesting in high yierd- 
,---- 8 -A°“ e rag ea ui ties. Nevertheless the 

a gross yield of 10 per . 

of the new money to increase its H Never tbeless the 

linnirf irv nnur of ohnut 1A haw Fund Offers 


The result was after interest permitted total of 2.52536p 
charges nr £1.054 (1513), but (2.261p) per lflp share, 
before tax of £216,754 (£221,840) At midway, profit was down 

The order intake for Northern sales had been high although con- “’..''u' ; t “. K v.v.. 

Engineering Industries for the struction operations were severely through a period of investors can switch into units 

r* . v _ r « r. — ■ I . .. . 1 . .1 . Droni-Ta Kinff AnVantPDpnua tnnnc -THuv 7.^... : 

liquidity, now at about 10 per 
cent, to around 20 per cenL The 
other reason is that the fund This week M & G 1s pointing out 
managers want some cash in the advantages of ita Shave 
reserve for buying, should Wail Exchange Plan. Under this- 

Results due next week 

first quarter nf 1978 was encourag- hampered by the weather early on. 
ing. particularly in its export However, the Industry was still in 

profit -taking. 

advantageous terms. -The' group"*" - ; . 
The implication is that they, has a number 61 funds - pBde*’-;V 

content. Sir -lames M'oodeson. the the doldrums and the Board saw cove ri r *6 'a 'Wide 

chairman, said at the first annual little prospect of a return ro the ? L: er Ara ® nc ® n funds on offer investment spectrum. 

.. „ _ . , . profit estimates for the first seventies. 

A fair sprinkling of sectors 12 months will be lower than Iasi statement at the half-way stage, better figures because or the q Uarter indicated that the com- a pohev c 

provide key results in the week year. For the first half, analysis brokers do not see much improve- reduction in start up costs from „ anv was on j arf>cl . a further activities. _ -- 

ahead. In the foods sector there arc expecting around £14m. ment at Hill Samuel and most the float glass plant established improvement this^year over 1977 J „ . n° f entiaL larget is predominantly M & G is offering parents a free 

are finals from .Associated British (£2-L7m.j from the results due estimates are around ihe £7m there in 197fi. was looked Tor ’ j fi 111 /? said . . Board j nvp sted in the shares of Lhe copy of its booklet on School Fee- 

Foods and Tate and Lyle with next Thursday, which compares mark after tax, against £6.7ra pre- With interim results due from ' awaited the Government s decision larger American companies, but Bonds. which explains how 

other full year figures due from with £16m. in the previous six viously. This is in sharp contrast Arthur Guinness on Friday, . b,r James said Nbl was look- whether to renew the dividend Arhutnnots, like the Henderson Parents can go at least some wav 

Pilkington Brothers and merchant months. In the UK, sugar refining to other merchant banks which so estimates are in the £ti)m-£22m ,n s increasingly to overseas restrictions. If they are removed, fund, is primarily for those who towards meeting future school 

bank Hil) Samuel and interim:! profits have been adversely far this year have mostly reported range, against IlT.lm previously n ? a ,j ts ror . expansion and this an mterim would be paid as soon believe that growth over the fees by using available capital • 

from English China Clays and affected by the costs of rationaJisa- reasonably good results. The A price freeze in Ireland held s hould c j2H nt " J. he , ckne >® as practicable. If the restrictions longer terra lies with the smaller Leading merchant bankers. 
Arthur Guinness. tion and by the surplus of EEC banking side, which still lacks a back profits last year, but there home. Inc I9ii volume nf ex- continued, the Board would again companies. •_ J. H. Schroder Wage is alsn 

Analysts -ire Inokin" for no sugarbeeL Also, shipping activities, substantial capital base, is likely has been an improvement this ^ pnrr>i?ri^Hmnn r r Vl< th^ con ?l«l e 5 whether any action . ll ' s 3 View to some extent drawing the attention ' of small 

more than miin taTned"^ ve ,? uhich are being run down, have to show only a little growth. Loss year aided by the September price c " u,d bl? taken tn cnab le the ^a rcd by the managers, of investors to 

Profit, of aruCnd £Snm from bi-en hit by the sluggish level ol making ships are understood to ris e. Demand for sliur in the UK £ r °“ P Lf n \^ dividend to be . increased beyo/ 

whlcli Clipped abnut Cm. off am-' “ “ ““ “ ta « *»“ ffTw. .H-SStiSS’ "on, ^ SKTSS ^ 

Pii|>er industry has stil) not results are likely to be unexciting. h 2? p f° ba P ly , c . on,c l on late to poset j nuclear power programme. T.^. d, . n iL r ^ ma,ns dJffi- 
---- achieved its expected recovery, pilkington Bros is expected io the first six months. Mean- n e believed these moves should a jl d f „ s _ below expecta- 

rgin.s while the ■ housing sector and release a final pre-tax figure ol wh, fr. the increasingly important | ea( ] t n increased overseas trade. lli ”?, s . J*F- . . 

from quarrying industry continue to be £65m on Friday— marginally above bon-brewing interests have con- Taylor Woodrow— Mr. R. G. T^?" S? m ll JSl 

have the comparable figure of £H2.5m. 10 expana. ” *' 

chairman, said at the first annual little prospect of a return to the ,hi c ^ « er * BI,T j' wc ir uai - -' 

meeting yeslerday. Preliminary level of activity of the early p-fi- a F^ h..)'.' e ^ aca * J °n expensive 

' ' wen ties. Hence it had Pursued a g ’■ £ Arbuth not s North and likely to remain so, yet the of broaden mg the has^ of A^ en , c “ Fun , d * ? eh f V t e lhat the de / na ? d for P^ces 
•livin'^ 0 U.K. stiff has plenty of longer-term schools continues 

in public 
continues unabated. 

beyond ^chlcslngers Special Situations management services. U3ves * men * 

half proliis of £52 m (£il.2m). is 
expected m take a turther £lm oil 
the second-half. A No retailing 
interests, through the Fine Fare 
and Alliance subsidiaries, have 
faced a difficult time with mar, 
squeezed by ihe competition 

Teseo and .Sain.-bury. In addition, difficult. " The directors 
ABF's overseas activities (about already forecast only 

Bishop’s profits a 

casualty of price war 

2us»“ srtjST- 'Sszr^s zs. sus? j» !«--■ ^ 


nt Manbre and Garlon and poor pegged, while severe winter to show some improvement South Group and International Timber £585m 

returns from shipping and com- weather conditions have hit china African operations are gradually Corpora tion with S. and W. Beris- order book ^%vas fn^ine U wi(h°?h^ S fo reclTs/m a dVi^n th^group^meant ^haV* 3 t" an ^ bank^Hqu^iry 01 l ° £3m 

mod it y tradinu. has already clay production, 
warned that profits in the current After a somewhat uninspiring 

.-uncdll U|JLI«UUU3 ms jjinuunii/ " ■■■■ — — “ la- »»»■■ — 1 lino vi-ilh lha 

benefiting from the new Boat ford reporting half yearly results largely due to the running down 

plant, and Sweden is also showing the same day. 






ni« ni 

Last year 



Last year 

This vt-ar 








Trldsot Croup Primers 





4Uiao>.'... InvotnKiit Company 





Triplex Focmdriea Group 




1 .575 



Valor Company 






Warwick Eiudnc^noa Investments 





ln>-l tn4)usirt.'fi - 





Wear Bromwich Surras CuOIMOf 



0 er.i 


0 7 13 


WCI — 


rs. « 

1. II 




wheway Waisoo Uolrtlnas 





tntisb ClnMiiaio«rapb Thcaln.-s 




J anas V.'oodbcad and Sons 















S and IV. BerlSford 


■■■■! J 

3.432 > 

Bluerocl Bros. 



2. IT 




Castlebeld .KJansi Rubber Estate .... 






Compair . ... 







Corn Excttanjtc Company 








Dundee and London Investment Trust ... 








English Chios da>K 


1 .75 

1 S04 



Flescllo Castors and Wheels 




Arthur Guinness Son and C4) 







RiUlnfibslI .Rubber) Development . .. 







IVoulnKham Brick Company 



7 r 





Raeburn Invest rami Trust 





. .1.0 


Record Rtdgway 







Saatchl and Saatchi Compton 



2 1.SU 





United Stales and General Truai Corpn. 



4 .:m 




8.1 tir 

Westland .Mrcrafi 














Duple loteroalionsi 





Laftanvale Estate .. 






Henry Norruufton 






Tate and Lyle 





Tivittkinsoas Carpels 






United Cuarantee 'Rotdjnss. 


•mp.-rff- 011.1 Reversionary Invest. Cpn. 





* Dividend a shown nnt pence per share and adjusted 

Inr vny 

lntrrrrnina scrip 



l^nir. * Include! compensating dividend due in chamic in 

ax rale. 

* Second imn-nm 

kcirhlcy - 



2. £49 


in Ueu of flaaL 


of contracts overseas. 

.The company remained 
some very 
contracts and Mr. Puttick was 
bopefui that one of these nt least 

the 1977 annual report, 
very . Glynwcd — Mr. Leslie 

pis coupled with reduced con- has^ heJ? a i™l!? P °r d J Dar y cajwtal 

dS)i!2 u nd bank ' s Mqu, 
turnover improving 11 per cent ??- J uin P€d from 
Fletcher £lll.5m taxable profits slumped 


£9. 66m to 

submitting bids for believed it was possible lo take a from £2.1 jra to lO.Sm in the year . UDT's main strength liec Fn 
,• substantial overseas cautionsly optimistic view of pros- to February 25. '1975. The second in *talmen« — J '- - • 

pects. If only because of ' the h«lf of the' year produced a~~lo« 051 P lain .^ ^ and^here **out«andin^ 

.... elimination of some of the heavy for at the interim stage an rose by almost 43 per cent >00™ 

would be successful to replace incurred in some areas in advance from £0.Sm to iil.Qlm ■^m. Similarly, tfw catfrDQtiKve' 

the volume of work at ihe Dubai 1J LV._ , . w * s reported: " rates offered by the cmiuhv 

Dry Docks which was now moving International— Mr. Gordon An analysis of yearly turnover In a 3S per cent ernwrth 

towards completion. Fksh cr said trade during the early and profit shows (£000s omitted); m whioh ou ireniiy^ Sd : 

So far this year, overall profits ' nonlhff - atihough showing an retail £54^91 and £403; cash and at £3Sto '- 

* .i>rresnQndin" carrv- rw >>Tn snii r«i- r>.. ■_ 

were roughly in line with 1977. “K'rease over the corre.sponding carry £24.570 and £61: wholesale During ithe vn„ w , 

I. J. Dcwhlrst— Mr. A. J. Dew- Pj - ri ° d ,. of »«• at a lower £32.343 and £333. In addition the CnHleToSM b ? aTt «sb 

hirst sold the group was on course I®?'? 1 than had been anticipated, parent company produced a >tk« 166 staMls - 

for its first half sales target oi inis was due In the .mam to surplus of £5.000. ine company Ls owned as ,tb 

£7ra sales (an increase of about J* ae .®' i ? er conditions, and affected Tax took £68,000 (£63.0001 rnr Tv,,^? r ce ? t « by u °iled Dominions 
£1.5m) and profits were expected buildings meruhsmting divisions net profits of £0.73m (£2.04ra) and iifi 5,1 ^ 23 P er ceat by Inirfi 

to exceed £573.000 (£505,0110). more than the chermual side. stated earnings of 14.14p (39 37r,l Llfe * y - - 

Present indications were reason- wnne margins were still under per 25p share. TTie net seconri 

ably encouraging and he was con- pressure., he saw no reason wby interim dividend is 13764n Tor a 

Bdent or further growth. Uu? years_ resutte ahould not be total payment of.2^R76n (2 3355m 

George Wimpey — Mr. R. B. m.hne _w»rt» 19<i. _ costing £132,000 CX11S.OOO) ’’ 

UDT Ireland 

Smith said as there was evidence Hovenngham Group — Mr. G. H. 
that the Middle East would not Christopher Needier reported tha-t 
continue to provide work at the Profits to date were in line w-ith 
present high level. Lhc Board was budget and in excels of those 
actively pursuing opportunities the previous year. He aittici- 
for expansion elswhere. especially pated the year's results would 
In North America and Africa. For show an improvement on 1977, 
some years the Middle East has barring unforeseen problems. 

mmn areas , A Irt'DJar will shortly be going many unwtaTntleTIt is difficufi D^rS 5 
ofactivny abroad. 10 shareholders more to predict the Future, but with X 5f£r ' SS 

UDT Ireland ; announces pre-tax 
profits up by £Q.43tn to £1.03m 


FAIR^Rps^f E f y j?" OF MAY- 

Croup fixed aa^ faw»F». 

tS a |5SS»Sd W “y 

f°r t* e y^r ended March" Sl'm*. J c " ™ *£ 

The directors say that wiih cum^i ‘ 

In lhc U.K.. the group made a details of lhe American prAenT’ Gov^mont.'p^lcy of Sb “r^ 

! -• * 1 ' " lV.24ttl, UiHilmir iff S !. a ™. 

.good start to J97S. Private house acquisittoo- 

creation, they Xeel -the company nn ll .J* , * ung - MandxesicVrju^- »' 



i-s: 'Cirfb: f. ■ ' . 

s . 





f-r*. -v 

!■*. * ; 

r «ush * 

Jj £Tm or 
b,e ^Ock 

••n l 


lUr " ‘.o th* 
■?r hrn 


■ hajf. 

° r aju i 

iT J ■i r . n»r 

-• ":u » 
; ‘ "■! ]/<►, 
J - Jr* iu 


_ :?ra s 

' U-'-Jt 

j; 1 *. >C :*r- 

V £ .VJc 

fl‘1 ii 


* * T »!*: j ,, ?! r 
i ^V:'. S'>' 
>. -,nd *'•)& 
:' Yeisuiiif is 

■>• 5P, J -Mtb 

. ir n 



\ 1 r.i Iciffl' 

I r: ;•• *. T ' 

. t>.- 


V' : 

f Times • Sat urday June 10 1978 


41 U 5 O • 

— ___ - - ” ■■ ^wTji raii^o.."jjji - h l ,tfl ir ■ 


10 Take-over bids and mergers 

iration stake 


ANACONDA, the US. copper pro- 
oucer which, is ,now. parr of the 
Atlande Richfield group, wE sot 
■tender its 20 -per. cent stake in 
UtspfmtfMt Coofiofldated copper 
to Hudson Bnr aCning and Smelt, 
tag- asd "Minoixo ' ft was 
anriotmced- fer-New York yester- 
dw. • 

Hudbay apd Mhiorco, two Anglo 
American oi South Africa units, 
earlier -in the week stated they 
praposed 'lo make a cash tender 
iSTer for the .equity id Inspiration 
they- do not already own.' Their 
ptwent stake Is 40 per cent, 
acquired in 1875 at a price of $37 
a share. 

The tender offer is $33 a share, 
putting- a *vsdue- of-$68m (£37. 4m) 
on the total of the shares they 
W*sh to buy. . Anaconda had 

earlier .rejected ah' offer of $30 a 
dare for its stake. ’ . 

Hndbay and Mioorco have not 
been .deterred by this second 
refusal - They stated in Toronto 
that the offer would proceed and 
that it _ win not be conditional on 
any minimum number of shares 

making a capital reduction oi 
25 cents on its shares of 50 cents 
par value. 

Grootvief, another Union Cor. 
poration company, declared an 
interim of Ifi cents (lO.ip), but 
this was broadly in line with ex- 
pectations. In the 1877 financial 
year, its Interim was 5 cents and 
it made a capital repayment of 
the same amount Its 1877 final 
was 14 cents. 


■ Minorca shares closed at l&Op 
« the London market yesterday. 


.. Leaving market predictions far 
behind, Marterale, the South 
African gold producer with only 
a limited life remaining, yesterday 
declared an interim dividend of 
-32- cents (202p) for the year to 
December. The Interim last year 
was 22 cejotfi and the final 
r *4 cents. ' 

As expected Marievale is 

Tin concentrate production at 
Ayer Hftam, the Malaysian pro* 
ducer. rose last month to 229 
tonnes, despite the closure of the 
No. l dredge for nearly a fort- 
night as routine repairs were 
carried out, according to the latest 
output figures from the Malaysia 
Mining Corporation. 

But after 11 months of the 
current financial year, production 
came to 1,636 tonnes, compared 
with 4,033 tonnes in the previous 
year. The sharp disparity is 
because low-grade ground is 
being mined. 

Comparative output figures for 
the group are given in the 

accompanying table: 



Ankara HI 













- 34 






Koala Kanipar i 




Lower Perak 








Sinn. Kim a cons. 


' 138 


SUid. Malayan ... 




Sunscl Besl 




Tonakah Hrbr. m 

- 39 



Tronob Mines 





BTR, the British engineering group, is buying a 32 per cent 
stake at $30 per share in Worcester Controls Corporation, the 
U.S. valve concern which owns Worcester Controls of the U.K., 
and will bid for the rest of the shares at the same price. The 
hid values the Worcester group at $4Sm (£28Jm). The offer 
has not received the support of the three Norris brothers, who 
run the British company and believe that a higher offer could 
be obtained. 

The Office of Fair Trading, which is currently considering 
whether to recommend referral of the 29.85 per cent Saint Plran 
slake in A. Monk to the Monopolies Commission, will not be 
bound by its decision on the stake if it comes to a full bid. The 
OFT could decide not to recommend referral of the stake but 
then change its mind if Saint Piran attempted to establish greater 
or complete control. 

William Prym-Werke has received irrevocable acceptances 
of lg.7 per cent of the Newey Group equity and is duly proceeding 
with its 65p a share offer for the remainder on the terms and 
conditions already announced. 

Harrisons and Crosfield’s offer for Harrisons Malaysian 
Estates has gone unconditional. H. and C. had received a 31.9 per 
cent level of acceptances at the first closing date on Monday 
afternoon, bringing the total owned by the group up to around 
the 60 per cent mark. The level of acceptances is likely to suit 
H. and C. admirably because a high proportion of non-acceptors 
are Far-Eastern holders and if HME retains a large Malaysian 
following then the company will be some way towards satisfying 
that Government’s Malays huiisation programme. 

Spooner Industries, the Yorkshire-based plastics and textiles 
machinery company, has rejected the £2.4m cash bid from 
Redman Heenan on grounds of inadequacy. Spooner Industries 1 
shares rose sharply to 77p, a premium of 12 on the 65p a share 
cash terms offered by RH. 

The Board of KCA International has told its suitor, Air. 
Travis Ward, that it is " unable fully to assess the value of his 
approach " for the time being. The reason for the indecision, 
according to KCA. is that an earlier deal with Mr. Ward has not 
yet been completed. 

Newman Industries intends to make an offer to acquire the 
outstanding shares of Wood and Sons (Holdings) on the basis 
of around 47*p a share. 

Lex Service Group has agreed to purchase some 2m ordinary 
shares -in United Carriers from a group of investment funds. 
Payment will be satisfied by the issue of 1,010,550 ordinary shares 
of Lex plus £858,967 in cash. Lex views its increased United 
Carriers stake as a trade investment 

Va lue of . Price " - Value 

Company bid per Market before of bid 
bid for ‘.hare**' price** bid (.Em's)** 






AJ bright & Wilson 
Capital & County 
Carding Group 
Carlton Inds. 

Prices in peace unfeu otherwise indicated. 

Fluidrive Eng, 
Malaysian Ests. 
Hensball CW.) 
Henshalf (W.j 
KCA In U- 
Ringside Inv. 
Loud. Aust In vs. 

Load. & Liverpool 

Waxier Estates 
Mlln Masters 
Mitchell Colls 
Newey Group 

Osborn (S.) 
Pork Farms 

RKT Textiles 

Spooner Inds. 

St. Kitts (London) 


Turner BITIr. 
Wettern Bros. 

1 65" 5 



97 J4 ‘ 


142 V 










■v» 7 









7a i 








































so • 

















~2 Tt 



6 1 









. 14.30 

95 1 




Johnson Group 
Cleaners — 

Unigate — 

Equipment — 
Mooiovalnvs- — 
Thns. Tilling — 

Crosfield ' 
Pet ford 
Mr. T. Ward 
Jove Inv. 

Life 12/7 

Asehbeim Secs. & 
W. & A. SA Zug — 
Blade Invs. — 

HiUesbogAB 14/6 
Mitchell Colts 

Group — 

Wm. Prym- 
Wer'rfe — 

Aurora - 15/6 

Company Year to 
Airflow S lines Feb. 28 
Anderson's Rbr. . liar. 31 
Arm it age Shanks Apr. 1 
Atkin's Hosiery Mar. 31 
Brown Shipley Mar. 32 
Buckley's Brewery Apr. 1 
Carless Cape! Mar. 31 
Charter Consd. Mar, 31 
Chesterfield Props. Dec-31 
Craig* Rose Doc. SI 
C alien's Stores Feb. 28 
Dartmouth Invs. Marl 31 
DelaRue Mar.Sl 

Dundo nlan Max- 31 

Elec. Rentals Mar. 31 
Eva Industries Mar. 31 
James Finlay Dec. 31 
Guthrie CorpiL Dee. 31 
Harrisons & C'field Dec. 31 
J.&W. Henderson Mar.Sl 

Pre-tax profit 

: (£000 i 

910 (630) 

. 106- (72) 

2,479 (2.301) 
6S2 (309) 

per share tp ) 

25.2 (17.2 1 _ 
5& (4.2) 

6.4 (7.3) 

12.U (9.4) 

Mar. 32 1.320d (1.060>d 21.5 (28.7) 

Mar. 31 
Dec. 31 
Dee. 31 

Taylor — 

Redman Heenan — 

Land Securities 
Leigh Interests 
Metal Box 
Paridand Textile 
Rowlon Hotels 

S42 (779) 4.3 (4.3) 

2,030 (2,950) 3.6 (5.5) 

43,087 ( 38,731) 24.3 (18.4) 
1,785 (1,543) S.S (6.9) 
252 • {228 i 128.7 (101.7 j 
284 (297) 11.2 (133) 

506 (256 ) 4.9 (2.6) 

28^40 (24,440) 54.5 (36.9) 
527 (26S) 5.3 (3.0) 

13,703 (10.442) 16.1 (13-1) 
3,010 (2.420 ) 21.6 (20.4) 
15,800 (11^00) 61.5 ( 54.9) 
19,681 113,266 ) 3 1-9 (13.5) 
23,347 (23,169 ) 30J2 (49.8) 
853a (1^00)b 25.1 (21.6) 

p er sha re (p) 

4.91 (4.451) 

1.552 (1.403) 
4.3 (4J3) 

3.673 13.2811) 
9.264 (9J6S> 
1.78S (1.023) 
0.921 (0.S25) 

C (3.621) 
23.07 (21.46) 
432 (A5) 






3 1-9 (13.5) 
50J2 (49i<) 

6.545 (5.908) 
15.0 (10.0) 

Mar. 31 26310 (21.560 ) 75 

Mar. 31 881 (589) 7.4 

Dec. 31 ' 200 (275) 2.5 

Mar.Sl 55.777 ( 58,096) 64.9 
Mar. 8 lJtSO (1,140) 23.5 

Dec. SI 930 (C90V 9.6 

21.7S (11.508) 

SJ71 (9J283) 
5.31 (4.S04) 

3 63 10.976) 

1.975 (1.791) 
3.176 (2.869) 
K.207 13.609) 

Industl. Equity — 

\V. J. Glossop — 

•All cash offer. 7 Cash adernative. J Partial bid. S For capital 
not already held. (•' Combined market capitalisation. \ Dale cm which 

scheme 's cxpccied to become operative. ** Based on S^fi.-TS. 
-ft At suspension, tt Estimated. Si Shares and cash. '"Based on 

600 Group 

Mar. 31 








Mar. 31 







Somrle Clothes 

Apr. 1 






( 1—5 ) 

Times Veneer 

Dec. 31 






(0.376) ' 


Dec. 31 








Mar. 31 













7.4 S 


Westbrick Prods. 

Mar. 31 







Offers for sale, placings and introductions 

dty of Edinburgh: £25m of Variable Rate slock 1983 at £100 
per tent. 

Thames Plywood Manufacturers: Placing of \m shares at 34p each. 



Half-year Pre-tax profit 

to (£000) 

Interim dividends* 

Rights Issues 

Brooke Toni Engineering (Holdings): Thrce-for-five at 2Sp each. 
City of Duhiin Bank: One-for-four at 33p each. 

Securlcor Group: One ordinary and one “A" for 35 at 95p each. 
Securlcor Group (preference): 1.35 ordinary and 1.35 "A" shares 
for 10 31 95p each. 

Security Services: One ordinary and one “A” for six at 95p each. 

Bertrams Apr. 2 75L (SDL Nil (Nil) 

Bond SL Fabrics Mar. 31 24S (151) 0.75 ( 0.75) 

Brooke Toot Mar. 31 121 <52l 1.1 (—1 

BurcoDean Mar. 31 72U (505) 1.675 (1.5) 

Comet Services Mar. 4 4^43f (3,09S>$ 1.311 (1.076) 

Comoro Sept. 25 39 (24) Nil (Nil) 

Dublin Bank Mar.Sl 289 (154) 1.05 (0.875)3 

Elson & Bobbins Mar. 31 940 (760) 1.351 (1.21) 

Grand itfetrop. Mar.3 1 43.155 (27.160) 1.75 (1.6) 

Hanson Trust Mar. 31 11,400 (11.200 ) 3.025 ( 2.75) 

Hickson & Welch Mar. 31 3,740 (4,885) 1.33 (1.21) 

Martin Newsagent Apr. 2 1.SS6 (1.609 ) 2.838 <2.189) 

McCorquodale Mar. 31 2.270 (1.730) 5.75 (4J5) 

RobL Kitchen Tylr. Mar. 31 581 <317) — I — i 

RKT- Textiles Mar. 31 579 <399) 2.955 »1.5S3> 

United Spring Mar.Sl 676 (278 ) 0.55 <0.5) 

(Figures in parentheses are for corresponding period.) 

Dividends shown net unless otherwise stated. 

* Adjusted for any intervening scrip issue, f For 27 weeks, t For 
26 weeks. § Gross, a For 12 months. bFor 15 months. c4p if 
dividend restraint is lifted . 7f not, 2j245p at current tax rates or 
2.279p at 33 per cent ACT. dNeL LLoss. 

Henshall directors 
back Petford 

Ibstock Johnsen, the Leicestershire brick maker, which has 
been expanding into Holland and Belgium over the past year, 
has made its first move into the U.S. with the £5m purchase 
of Marion Brick, a subsidiary of Medusa Corporation of Ohio. 

Scrip issues 

Airflow Streamlines: One preference for five ordinary. 
Dnndonian: Gne-fur-lwo. 

Hickson and Welch (Holdings): Two-for-one. 

James Finlay and Co.: One-for-two. 

Triefus and Co.: One-for-five. 


per share I p) 


(91 )L 








(52 J 


(— ) 






(3.098) J 














(121) , 








(2.75) . 




(121) > 




<2.189) { 







i — i ; 








*0.5) , 

- . Shareholders of W. Hensball 
and: Sons (Addlestone) were 
bombarded with three separate 

circulars yesterday. 

First they , received, the official 
offer document from Petford— 
which is bidding 30p. a share — 
reaffir ming that even if its offer 
fails it intends to stay put as a 
minority- shareholder. 

At that stage Petford had 7 per 
cent of the shares but within 
hours came the second document. 

This was from HenshajTs Board 
saying that it was Joining 
Petford's camp as far as its 20.9 
per cent holdings are concerned. 

Finally, Bovboarne the private 
company which acquired 50 per 
cent of Hensh all’s shares from 
three holdings and then made an 
offer of 20p to remaining share- 
holders, announced that It wants 
to have six of ^fts^-'own men 
appointed to HemhaU’s Board. It 
has called for an extraordinary 

meeting of shareholders to con- 
sider the appointments and warns 
that it intends to support the addi- 
tions to the Board with the utmost 

Meantime, Heoshall’s Board says 
simply that Bovboume’s offer is 
insufficient and backs tip the claim 
with figures for the year to March, 
1978, which also suggest that 
Petford's offer is not over- 

Pre-tax profits are said to be 
£244^68. more than two and a 
half times the previous year's 
£92.449, on turnover up from 

£2.1m to £2.65 m. Earnings per 
share are 4.3p on which basis 
Petford is offering an exit p/e 
of 7 and Bovboume is offering 
4.7. The dividend h3S been 
trebled to Zp per share (0.325p). 

The company has also taken the 
opportunity to revalue its pro- 
perties and net asset value is 
now said to be 47.2p a share. 



Lindsay and Williams has been 
notified by Security Growth that 
it has voting control over 178,000 
ordinary shares (17.11 per cent). 

The cash offer by Hardy and 
Co. (Furnisher*) for the prefer- 
ence shares in its Irish subsidiary. 
Millar and Beatty, not already 
owned has zone unconditional. 
The offer will remain open. 

As at June 8, acceptances of 
the offer had been received in 
respect of 1.S01 shares which, to- 
gether with the 1.045 owned by 
Hardy on May 4, represent. 47.4 
per cent of the capital. ' . 

Hardy has received representa- 

tions oh behalf of certain pre- 
ference holders about the offer, 
but after careful consideration 
has decided not to increase it 




Highly successful and popular with investor*, Lawson High Yield Fund Is an 
authorised unit trust designed to give as high an Income as possible, 
commensurate witfi safety Initial accumutalibn unit investors In June 1974 
have seen their capital Increase substantially, (n fact mofh than doubling hi 
Jour years: A total return wen In excess of 'mOatlbri. Fund already exceeds * 
£12in0B6n. Over 8,000 tnvestoa. : . 


With effect from the close of business 
on Friday 9th June 

and until further notice TSB Base Rate 
will be 10% per annum. 

Blade Investments hopes that 
shareholders of Marler Estates 
will reject its offer of 25p per 
share. The bid was necessary 
under the City Takeover Panel 
rules because Blade agreed to buy 
62 per cent of Marlcr. Blade 
intends to maintain the Stock 
Exchange quotation of Marler and 
reduce its stake to between 30 
and 40 per cent. 

An up-to-date valuation of 
Marler’s property shows that 
shareholders' funds are worth 
23.7p per share. But the shares 
have recently stood in (he stock 
market at above the offer price 
of 25 p per share. 

The hoard of Marler makes no 
recommendation to shareholders 
on whether to take the- offer., 
excepf to advise them to consult 
their professional advisers. 


The board of Worcester Con- 
trols - Cbrp, - the Boston-based 
manufacturer of industrial con- 
trol equipment, has decided to 
accept a takeover bid by BTR, 
worth $30 per share in cash. The 
company also confirms that execu- 
tives and shareholders owning 
about 32 per cent of the stock had 
agreed to the sale. 

It said that the acquisition, if 
approved, would be completed in 
late summer or early autumn. 

. Serlep is a diversified Brazilian 
engineering and construction 
company and this investment will 
allow Davy to increase its par- 
ticipation in the growing market 
in Brazil for industrial process 


The offers by Dorada Holdings 
for Mansion House Finance and 
Taurus Vehicle Leasing have been 
allowed to lapse. 



Davy International has acquired 
35 per cent of the capital of Ser- 
fep SA Engenharia e Montagem of 
Rio de Janeiro, in Brazil. Davy’s 
subscription of about lm raises 
Sertep's capital to £2-9m. 

The Secretary of State for 
Prices and Consumer Protection 
has decided not to refer the fol- 
lowing proposed mergers to the 
monopolies and mergers commis- 
sion: Clifford Dairies and County 
Dairies Group; Hillcshog AB and 
Mill) Marsters Group. 


’Current Portfolio dfllfr Inference Stores, 31* ^EquMre..29 l Hi Investment 
Trust income Shares. The price of the mots and the income from them can 
go down as vreB ns up. links should be regarded aa a medium to long tom 

incAj&xjJn foe price. An armosl too ol VhpluzVATrsctectaCtBdlrom flr«» *ocome. Com-. 

• Russian to-MBnis, Trustee Clydesdale Bank Ltd. (Member of Midland Bank Group) 

Regteemd ki Edinburgh 55l35u During un Otter, unrer mey be bought or sold darty— 
etMirwWw«cfcFy on Rricfeys. Snttfanwnr faruniu sold ! toUowOTvftMn a lew days. Units Md 
00 3tst July l978q«!Uy tor 1 5tb Sapianiw payment 

income Units 51.8p. Accumulation Units 72.6p. 

: ^om kH^^paklout) . (Your Income reinvested) 

■ FIXED PRICE OFFER-UNTiL WED JUNE 21 1978 (or DaBy Price if tower). 


Central Board 

P.O. Box33, 3 CopthaU Avenue, London EC2P2AB. 

lVimpey • Property Holdings, a 
subsidiary of Geo rue Wimpey. is 
offering to pay £1.54m for a com- 
pany which has a land bank in 
exerts of 100 acres. 

The company is South Coast 
Land Society, a residential house 
builder. Its board, which con- 
trols 30 per cent of the shares, 
and which has alreadv accepted 
Wimpey a s offer, is forecasting 
nre-Tax profits- of not less than 
ran.nwi for the vear to the end 
of June, after directors’ fees of 
nnr more than £14.000. 

Terms of the offer are £130 in 
cash for every £1 share. 


Extra Income 


Estimated Current 
Gross Yield} 

Capital Growth of Income nuns 
•since la un ch in February 1 976 

.Vita Mannere rtisata iho riaurto clqsft offer It Sje buo pries rises by m«wj jjan ZVHt 

.‘UttMuSdUw 74 at IQQpI-idliHlBd »3Mp by® lor 1 subdivision August 7& 

Ml M APPLICATION form m m m H ■■ M m 

• ' 'idijewson Seeurifes LW FREEPOST, BJinbujgh BH20OB (no stamp required) 
E *’ iii^^prTbt 031-226 391 1 (plkws + 24-hour Ansaphorw Service) 

; ^ to 

I M IT l lH Fdr accumulation units mart XO. 

» .1 i£ : ■ - ISbBH .- PbrshameJuiiangedatBitspiessamafliX'D 

- ( ■ ■■ yffaMl insuntnce Savings Pten (min. £TO pin.) driate □ 

The Coates Grouj 


Sx-k . . (AB jqmi appiteants mustsign and attach tuU names and aaarsK«w| 

fj Sisfnatiov 


FoUnwfng Etswiek - Hopper's 
acquisition of the l-'alcon Group 
in January, the balance of the 
consideration has nou been paid. 

Further consideration com- 
prised £270.000 which was paid 
as to flSO.OOO in cash and £90,000 
satisfied by the allotment or 
5)7,539 ordinary shares. As a 
result, total consideration paid for 
(he acquisition amounted to 

Mr. E. A. Clements, director, 
ha-- notified the Board that as a 
result of this further allotment 
of shares his holding has been 
increased to 1,906.427 shares <S.7 
per c end. 

10 % 61 . 2 % 

Sir Richard Meyjes reports 

i ' • ? r.- isr-r’ -Vir ! - ■ • • — m 'mm w mm HYFTHW7B' 


: ‘ 4-y^ Watf Yeario . MejiYesr^ r Year to >: 

’■ V:.;>;-:'v3iitMar.78 ,3.1st. Mac, J7 . 30 lh Sept 77 , . 





£75. 329m 

Group Profit before tax 

£ 8.844m 

£ 8.846m 

Earnings per Share 



Dividends (net) per Share 



1977 was a disappomfing year in trading terms with a substantial 
slowing down in the second half, being partly a reflection of sluggish 
world-wide market conditions; partly the result of the strengthening or 

. 1- • _ 1 J nfnnnTnrlian ("'."1010.1 Tl V 


Fife Forge hajs acquired 26.59 1 
per cent of W. L. Byers, Sunder- ! 
tond. suppliers of anchors and ( 
ancillary equipment, for £73,122, 
satisfied by £53,403 cash and the 
4 issue at 50p of 311.258 ordinary 
J shares. 

i Draft profit and loss account of 
| Byers for the 10 months ended 
| December 31. 1977. showed net 
:■ asseis of I363.7S7 and profit before 
a lav of £102.454. 

3 77io majority shareholding of 
3 73.41 per cent in Byers is owned. 

J by T. s. Forster and Sons, a 
| wholly owned subsidiary of Fife 
j Forge. 

London Wall Extra Income Growth Units offer you a - 
high incotne from an investment in carefully chosen high 
yielding equities with a small proportion of fixed interest 

The aim is to produce not only a high income but ad. 
increasing income over the years coupled with capital 
growth: And this lias certainly been achieved -since 
February 197o when the trust was launched. New 
investors in this unit trust get an estimated gross 
commencing yield of 10%. In addition since the 
launch, the offer price of the units has risen by no l ess . 
than 6 1.2% compared with a rise of 18.52% in the FT 
Industrial Ordinary Index over the same period. 

Investors have therefore fared much better than they 
■would have. done in any fixed interest investment. 

London Wail Extra Income Growth Trust is aunic 
trust in the Tyndall Group which currently manages 
over £200 million on behalf of some 80,000 investors. 
You can invest in this trust ibr as little as £500. 

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

You should regard tout investment as long term. 

Important details 

wunu'wiuc mmumu — — ~ - 

sterling ; arid partly the change of status of our Indian. L orapany. 

These special factors adversely affected comparative Group pretax: 
profits in 1977 by about £1.2m. 


. ■ i23 - 9S? 

V. T-.nHIrVn-.Pl-rtfft -':- - - i^.% - | 5,292 

. - 4 Tiad liifl - 

. 2 :V ' m 'U W - 


242,720 r , 
11,533 : ; 

Colonial Mutual Life Assurance 
Society has extended iis offer for 
London Australia Investment 
from June 15 to July 12. 

Accepiaoix* bare been received 
in respect ot 6,489,020 shares (S6.5 
per cent). 


3,804- T 

- (33) 

prq-tax prtiflt ihCTeesed by 4296f , 

* Profit in second. IJ2l( : '5 expected; “ axceed «a! of \ 
' : ' first hadtl . ! V ?. C. ! J . ‘ ' c ’• "• i 

Registered office: AlbfonWcirt8, Sheffield S4 70L ■ 


# Despite the continuing world-wide recession and a perceptible increase 
in competitive pressure in all our main markets, the steady development 
of our international operations.continued. 

0 There lias been a relatively small increase of £1.8m - n working capital 
xemrirements during the year and due to maintenance of tight control 
■ • on working capital there has been an overall increase of £l.7m in net 

liquid funds to £5. 9m. ^ 

We have not yet needed to draw on the £3.5m loan negotiated last year 
butit is probable that drawings will be made in I97S a* our sizeable 
' capital expenditure programme gathers momentum. 

0 The outlook for 1978 is not promising but our Group i* financially sound 

- with good management resources, strong technologic; 1 \ capability and a 

- wide geographical spread. Thus it is well placed to withstand current 
' .economic and competitive pressures and to move f. rward strongly it 

and when the >vorld economic climate improves. Meanwhile, we are 
steadily pursuing our investment and development plans, many of which 
• hold out strong promise for the longer term. 


Lloyds and Scoll ish has acquired 
the capita Is of Scottish Discount 
and Systems Consultants not 
already ouned. Consideration was 
£492,644 satisfied by .110.746 Ordi- 
nary shares and £21539 cash. 

Tioitg. wUcIi are dealt in daily, 
atk-sred oi ibe offer prior prevailing 
wbcu joar oonipleied apjilicaiimi is 
it t Bre tDu’tilirjiifaiiiiliciiniuW 
Tliijunr lVTKtvaa-IOJp. L'nir pricaud 
yields are qiHHBd io rami national daily 
' imi n i mea t 


Tf> invest, fiD In the v-odT' n “ or “It CD 
vour Snncial ndviMrr, Applioillwa *Ul 
teadqmwlfflftRl ojvI JOII r turiilicaie 
stni wi iMn 5 s ds 

ir-ruu whJj iu ^11 > our i mil •- i)m 
M anasen will purchsii: iIk» m uie W . 

on jtiv dealing Pjjniuiiiviilfiunnall'-hc 

iTiaJen-nlini da> : ■» i>l 4»- oi; ixir 

iciUiiuvxd cotiftaic. 

AH unit hrftfert recefw tfioV 
d nbuL*'H< not «' i ax at iho Ki-urnie twice *' 
:«u,<n.<ih|uiK and lilfa LV?:.anh«. Imcupn 
vs * will iwvhe [heir hn?c duuitmuon m 
I'seemK-r I>»7 a. ■ 

.\n uitiui 5% ia 

jiichhk'J in i he huyinp pnixoi iis. nnu ^ A 

laO -Vani- cJurciM j l-LT.) 

;hv 1'UUl r. dAluaed inn, Die I nw's 

UKVI'K. _ > 

ll,o Inr'ji- nnl.-roo'l t .- iln Soa-otaiy 
rfSuvi-r Irj.k mJ:Ikikm- jk,' inJer 
rjneo" r«- under the I ru js» 
■JmiMPraM- V'-l l'%il. 

i7w fc lirnt “f t-wimil I '.mired if 
the Tro.-i-.-o jimI U -f )■ ;dlihe*l'nK'- cj-hjutl 
in.c inanu-i-n tiw uiullkt-ler .’ Mali. 




Coates Brothers & Company Lttf 
Head Office: Easton Street, London, WClX ODP 


S. Pearson and Son; M_ J. Hare, 
director, has disposed of 10,000 

Canadian and Foreign Invest- 
m'.-nf Trust: Kuwait Investment 
«-»ifiee hi.-s disposed oF its interest 
of IK9M0O shares 19.9.1 per cent). 
I nnrinn and JTanchestcr Assurance 
Cnmnartv has interest in 340,000 
rev iSflq per cent). 

(Jm-Bs Eronneilser Group: Sun 
' end Innilnn Assurance 
hold 4(0.00!) 1 5 7JW per cent)— 
p-f’ ipudv 5.19! per cent. 

Eiee/ronfc Remnls Group: 
I> l\. Black, ilirecfnr. <»ld 25,000 
shares jwn-ruav ar 12fip. 

Unread: G. II. Edwards, direc- 
tor. on TiTay 24. sold -1 6.250 shares 
and JC0S4 convertible loan stock. 

Bentos {Toid!n?«: Trustees of 
the J. A. Olney ‘Settlement have 
disposed of 10 000 shares. Hold- 
ins now 100.000 shares (8.9 per 

.lpplic3UMY> -jfruiM be wiiy kv 

The Tyndall Group, 18 Can\-nge Road, Bristol BS» 7UA. 

■ jK^'LencJSJ. tVJJU, tigluiu!) 

rr — | foraxrBtjnaifin .... 

ienOMe ifc 1 Lontkin Walt Extra Income Growth Units 

si lAe nfier prise njEncwi ifietiiy ■«« roocivne iiii« aUnmum JoTesenfsa £500, 

Cheque SWUM h —~.U pirablc to The 'IjiLM Ur<wp, C. >t ni ih . \ a i m of l^npayahkio 

imi rnig-d ag erm. 

Sumjiuc ■ . _ _ _ 

(Mr. Mti) Mas or tele) 


I ■ 

I " .' l£x4uv rlui Ijrncrtrla.jiJ&ii »-•: roiwr cw-i»- f*W t 1 I 

' uni kw tuqmitftlie t nia a ii* nww ■ atfjww: ruhLia «A*w i^rame. | 

Signal ure 

' y.’ft iii. v'htl-h t.< uuii.v :«i ir . ukJ hu 

/ ir « <i* r.i'ji . , iia*.* , r. | S.i ,.'i> 

Olbu ».'I ^-jilbblc id ri-jdenii orif*: BcpuW*.*^^ U^Lmd. 

ft 10/6/Ts an 

j ATyndallGroupUnitTrust 

a M ehihr of ihc Unit Trim 'Association 

Financial Times Saturt^y 

•• . l> -V. v ' x . : ' -1^-* • - •<> : v "‘ JV ; ' 

"• ;>•« v >,rl : *•<-• : >-•' ' " . ' ' 

on Wall St. 

Jons { June 
9 f 8 


$2,60 (» £— 113% (111 2*%) 

Effective $1.826$— 49“% («;%) 
in reduced trading on Wall Street 
yesterday, reflecting some profit- 
taking and the ••explosive" expan- 
sion in the U.S. money supply. 
Some investors Tear the burst in 
the Money Supply will Carre the 
Federal Reserve Board to tichten 
credit policy further, hurt ini' the 

The Doiv Jones Industrial Aver- 
age shed 2.86 to S3P.23, reducing 
its rise on ihe week to 11.69. while 
the NYSE All Common Index, at 
S58.08. lost 12 cents on Lhe day 
hut was still up $1.03 on the week. 
Losses led pains by 739 to 6R-7. 
while the trading volume fell 
6.91 m shares to 32.47m. 

Union Bancorp spurted ahead 
11£ to S26— Standard Chartered 
Bank of Britain agreed in 
principle in buy Union for S33 a 



Si nil s - Clx-ini: «ii 
traded pru c «lav 

Fan nip Mar MUM l«i : 

Sr»it Pap. r .. 317.806 l*i -I! 

Mj"i>>.|Vrcu«iu ans.6fln u 

An?h*ir FI'-l-Ki.i:: aw.-lim ‘-SS - i 

Sambo Wnuram- ‘JS* I'm -jo* -j 

S<*ar'. Bu.Mi.-t; -.T-MM# tM -j 

Fa -urn \.r . 'J 1 '* '■!» I?i T I 

w>:|«rp -Mr l.m*, . j -I i noo li> +■ 

p, : rr.- ; 4ft 111* SSI 2 

Ra!-l»r. Puri’i.i . *- 1 -.inn [ ti -i 

share, or about $372m. 

Curler-Hammer dipped $13 to 
S35i--n lo^i the first round in a 
bid for court aid in slopping 
Tvcn Labs, from buying more 
til tier share v 

PET cased $’ to 8531 but 
Hardee's l'*»"d System added 5f 
at slit; — PET recommended 
holders reject IC Industries' bid. 

Todd .Shipyards were lifted 64 i 
to S27. Clie-apcake of Virginia S3 f 
to ssa 1 . Albany International S21 
to $33; and Scott Paper SI 3 to 

Teledvnc rose 82 to S1155 and 
Cliromnllj American S2| to S22J. 
Index pul on another 0.25 to 
149.35, making 3 rise of 3.74 on the 
week. Volume eased to 4.65m 
(5.69ml shares. 

Worcester Controls picked up 
S! tn S2P 1 , — it app roved a merger 
with Britain's BTR. 

CANADA — "tock markets were 
mixed in moderately active trad- 
ing yesterday, when the Toronto 
Composite index shed 2.4 to 

The Mel a l* and Minerals Index 
Inst 5.0 r«' 977 4. Utilities 0.75 to 
175 02 and Banks 2.26 to STS 32. 
but Colds V-ii on 1.6 tn 1370.5. 
Oil and «;<■••• n*se 2.0 (o 1394.2 and 
Papers firm'd n.Q2 to UUSS. 

AUSTR A 1 .1 A -—St rnnger with 
gains amonn leading Indusirials 
and Mininj- 



,-»l nr+. -mp i * i • n 

June June June June I une 
n ' 1 . 6 7 - 

Hiiili l*"» . Hint. 

Western Mining rose 13 cents 
to A $1.5 6 on its copper strike 
announcement earlier this week. 

Overseas stocks improved on 
further assessment of Govern- 
ment's foreign investment rule 

Central Pacific moved up AS1.10 
to AST .20 and Southern Pacific 
2S cents to AS2.R0 on news throe 
oil companies are interested in 
joining the Rundlc oil shale de- 
posits development. 

PARIS — Narrowly mixed in 
quiet trading. 

Electricals, Chemicals and 
Stores slightly easier. 

Golds fell on bullion price. Ger- 
mans well-maintained, U.S. stocks 

TOKYO— Below the best after 
late profit taking. Volume 320ra 
(310m) shares. 

JOHANNESBURG— Gold shares 
quietly easier, following lower 
bullion trend and lower than 
expected JCI Group gold divi- 

Mining Financials weaker. 
Platinums rose on producer price 

SWITZERLAND — Steady in 
light trading. 

Leading Banks and Financials 
mixed. Insurances little changed. 
Industrials mixed. 

Domestic and Foreign Bonds 
generally slightly higher in quiet 

HONG KONG — Sharply higher 


1 ! j j is? 5 

Junp .lunt- Jim* ‘•Inn* I 

:i . S . i ' * j Hiyli , l--f 

i B6.Ce 56. SO 56.11 56.1ft 56.20 i * 

, i I i?>i . rt-Ji 


in large volume, with substantial 
orders from London Investors. 

BRUSSELS— Lower in quiet 

FN rose Frs 110 to Frs 28011— 
it will start U.S. arms production 
next year. Cockeriil up Fra IG 
to Frs 4S4 following its sieel wire 
agreement with Estel. 

GERMANY— Generally steady 

following some lively trading. 

Leading Banks and Stores 


ton* j 

B-niM ■>»] C<i.l 
Uoustevl Bhdj 



Fniaer Ssin- 

Ha" - Par j 

Hume lnd....i 


Malay Brea.- 
MajnV Omi.. 
Mai. 1. ‘ 

ran Electric-..' 
Kuliinnin IV., 
Ki'llinwni ) 

S-nell ; 

M»w I'orl'V .. 
*_ • •!»! M»nv(. 

Mnnl» I line- 

|.< [J.l 

0.71 jsimltBTrari'j: 

2.10sr Time* Pule, 

?-lJ tteib-i 

!U. Bncnneer- 

0. Uv's. Hk..' i 

4.M Wearoe : 

1.06 Tncinr J 

1.70 C'beminii r5 

1-90 W'jiini Joek- 

He -Rubbers 
0.15 JlJaiu LiniBiu- : I 
T2.S5 JUunJ'r.tsinli . 

JS?0 I 

2.78 i I 


1.82 ,Tiiu 

-\i<»iral. In,.! ■ 

.Heiiunui....! :: 

li .20 -Kainpar... . 

2J9 Kuvlwn ; I 

2.2TJU brasrPemi. 
210«li IVialin; lin. 
6-JS .'•■■iircDie i *j . • - 
, I'.-nrUnliH-' ,. 



I !»• IlHIliT^I ... 

Htelf ■ 
Sft L«>.*p 

Kises anrt -alls 

Jimr 9 June r 

<* 1.095 1.912 

683 877 

739 600 

... . 473 435 

- 185 

i — ' 17 

I nriii*t rial .. 059. 23 
H'irn* Bn‘4*‘ 67 50 
Tnnip'rt.... 250.72 

l*t i 106.65 

Tnul i na t •->!. 

862 OB 861.92 566.51 853. 65 !*7.b* 566.51 742.12 IDs 1.70 41.20 

^ ••-•■' -g, -11, l;Tc<i i fJ' 

B7.79 67.36 87.81 98.05 67.56. At iE 47.5 - - 

,e «t 1 

251.50 251.50 251.35 12= ji 226.04 231.55 279.86 »i .25 

,u.i. -h \\ ■■!.*?• '-i-io’i 

107.10 106.94 106.65 106.89 106.09 110.5', 102.84 >65.52 10.58 

,:•! ie , -ic. 5.4-1 

39.580 85.080 51.970 59.580 51.860 — — ! — — 

i Jimr : June Jimp ! June ! 

9 ! p 7 1 j 

lnrt»i«tn*l 193.61 164.45 165.65 HU. C 4- 184.45 &«, 
L.>]iilun«-I 1 195.05 194.09 195.44 7-*5.40; 194.00 i3.?i 

TORONTO I.V'IIII-- !!«•• 1143.1 1145.4 1145.S fr,| 


1 213.5' 215.6 214. | 210.5 ! 21*. 7 r 1>2> 

In.lutl rl- •• • 225.5 • 22S.T 224.9 . 225.0 . IJt-.l 

ImiigiM ir.iin luju-i 

Mai a- tl»\ 1' Ywi I-;., 


— ' " " ". I-,,- nnnri 1 1. nniiiMHi'n 

.1 hup .In ni. June 'June 4un<; Jnn*- i 

4 S . 7 r : , k H"j!, L'» | Hull ' 

•In-lu-i i ia.- 110.52 110.87 1 10.75 I 1 10.6? HU.4t II«.r!- --’.j 2 Ia4.c4 a.b2 

<= a, .. Il l I: . jo- ig. 

u nmpiMla 99.55 190.21 100.12 100.52 99.95- 60. M 1,0.52 ju.’O 125. iS 4.40 

m— . 1*5 it -III J5. -I »- •>.• 

tnrt. 4*r. rU'M i 

Ma ■ i < : \ 


III 1' 





(«•.." 1 

.■•»!. .+ ini > +■• 

1 , 8.43 




i June 1 Pro- , 1978 | 1976 
1 9 i ritma Hi|>h ' Lnw 

AoBiralift'^ * 4 -s « iiM.bO £n''l.ot> Mi.ia 
• iMv) 

Belgium >t>' 9C.66 i 96.62 * 10L16, S0.J3 
! ■ (KDi iTi,$i 

Denmrlt •**> 95.E7 96.13 S3. la ».oo 

I . (9.1 1 ih,£i 
France «t}i .70 4 70.6 ■ 71 ji «t.6 

. lJU*p 

Germany'— i ilU 791.6 c-is.7 iw.4 
: iin---, t i?.6i 
Holland (::> 87.0 7 0 76.0 

l ‘3 |4 .4) 

Kong Kong 617.04 506.28 517.04 oio.-U 

i«'i 9-, .lal, 

Ilalv i32< ^i-44 •?2.‘ ; f5 

li.^l < lull 

Japan ««n *M.'7 4iUM Jih.ii &.* .iM 

«I*4i ».10i 

Singapore 3UP9 olo.J7 il-.a- &..•* 

{'■) i 1 1 ft il.b) 

I June ! Pna f |«73 

9 , iiour ; Hiph lr 

bpain iJ> lw.92 | lllM.65 ' llu.i; 

• M/O i 

Sweden — ; 567.66 331^; :'-c.i4 

■' ■ (Jilii >5 1' 

Switaerl'd'f 292.7 [292.2 ,a£}./ U.u 

■ i .(14,2, 4, 

Indiivb and basi- dales tail base values 
100 except .WSE All Commen - 50 
Standards and Poors — 10 and Tomntu 
J0IM.OOO. ibe last named based on lirrs •. 
T Ex>dudin3 bondx. : 400 Industrials 
4 400 Inds.. 40 UUIHICS. 46 Finaiuv jnd 
‘.’n Transport. Ki Sydney All >ird. 
* '■ BHcian 5E HI 'll '63. Cw.-nbrir- ii 
SE l'l 71. ■ ^ i Pans Bonrs- I'VM 

i*-i Coainiirr7.1janK Dev.. I95S. »??■ 

,1am. Indusi rial 1970. (- • Han-j Si-rw 

Bank r.l ; lit ii| Milan :.'t 7.". m< ToFyo 
New SE 4 166. rb'Sirdils Tlm-w l*;* 
<■ ■ Igo^rd. oil Madrid SE "» IJ “ 
<n Smckhnlm indunrial M-58. • !• bn iss 
Bank Corn mi Unavailable. 


A prig* of £5 trill be given to each of the senders of. the first 
three correct solution. * opened. Solutions must be received bu 
next Thursday, marked Crossicord in the top left-hand corner of 
the envelope, am J ndcires.sfd lo the Financial Times, IO. Cannon 
Street. Loudon . EC4P 4BY. Winners and solution will be given 
next Saturday. 



.Vime . 

Dancing Maid set 
to take the Oaks 

AULiort Late 

Andres K/grapb 

Aetna lulei Cbj. 




lllei;. lai>tlum... 
Allegheny Puwer 
Ulieii Clieini'.iO.. 

llhwl SiMiea - 

1 A til. Cbalmera... 

A MAX - 

Amerada He** ... 

Vmer. Airlines... 
Anier. Bmndt. 

Vmer. BmeHoL*) 

Amir. Can. ’ 

4 mer. Cyajjamid, 

I Anier. Elec. Pow; 
An^r. Ex[ires>‘...| 
i Anier. Home Prod, 
Amir. Merlioal...- 
Amir. Moton*„„| 
Aiuer. ,\«t. Gu.. 
■Unit. Standard .- 

, Amer. Store- ! 

Amer. Tei. & tei.l 

! Antetek 

AMP. : 

AMI* ! 

Am pen i 

Anchor Broking. 
AnQeuser Butvfa. 

Arniin Steel 


\oniiem Uh 


lst/lau -1 irii 

An. Kv.bueM 

Auto Da la Pro.... 



((alt Ua. Kle-t..,. 
Uauk Amerl.-n. ... 
tkiiiker* Tr. VI. 

Harljer ■III 

Unler Traiei" <1.. 
bmin -e >■■>!.. . 
ik-.-t"nlii keiiM-i, 
,<ei> .V Hmeii.. .. 

ueniti v 

ik-i^uel L«<n» -b’ 
a>elb'e(ieifi .Mee>. 
Bln<-k A Ue>-ker .. 


wA*l*e Lav.-aile 


H-iiH ""amer 

braniu Im 

drn3.«D -.A" ■! ilyer, 

t»-.i. I 'el. AUK., 
dnekwiyfilai- ..- 


L'lh-yru- Erie 

lluli’iva WaleU .... 
HuntngbHi Aibn 

<.'aiiipl«l> Son[,... 
-.aiuidmn Pm.-uii- 
.ana, Khu-I-'IiJ,.. 


-.'niTieuA (JeueTHi 
.niter Haviiei... 
v Hterpumr l'nu.-l* . 

. Bb I 

.'eiJIlIKM: lul|IU ... 

.'eninl A 9.W.... 


-e -na Ain-rafl... 
.lieillL.HI BL. 5 5" 
L'liesebrah Pi-mi.. 
In-.-aj-r- Bnrtjje...' 

L'l m -mall-ry ' 

Chrysler ; 

.rnemnis : 

Jin -. M ibun-Q... 

Ciiiivri, ; 

■Jil'e- Wrvh-e..... 
-ii\ IniL-Timg.... 

l-job Cola. 

.viKAle Haim 

-u-lni- Aiknian.. 

.'oiumi-ia Ijri 

, .-•linnliiM Hid....' 
' -.iiini-iifi i- *n Km,. 
■.■•iiiIhmuod b>j... 
•."iii'ii 'lb EiIim-u 

-Ohi'h 'III Mil Kel 
-.vni pu terse leace- 
-wun. Lxie lot.... 


'.'•hi. Billina NA.. 

LunsMl Fo-.«l» : 

.'ua»OI Nat. Gas. 
LOOMinier Power, 
'.pnlmenlni Or|-. 
.ontinenta 1 Tele. 

•.'•Hitr»4 Data ■ 

. owper Iniluv,-..... 

123j 1 

sise i 

52ij - 

40i a i 
225a , 

d75j [ 

3Ui - 
25 ip , 
S'a ' 
4258 : 
47U | 
343, l 
613* : 
353a , 
197g ’ 
16 >2 1 
281e - 

25 U 



1338 - 

16t 8 


51 <2 ; 
10 U 
263« - 
5538 : 
28. > 
44i 2 
25i ri 
38i2 ' 
52v s 
38! fl 
'>» 1 
3° ■; 
34: s 
111 * 
121, . 
57 U 
iei2 i 

225a > 
36t, . 
32 * 

415a ' 
25J S 

32ig : 

55 Is ; 
22'b > 
“tSB . 
241 a 

227 a 
1218 . 
21 >2 
193$ • 
17i S 
274, : 
2'* . 
42 i s 
Il'a . 
38M ; 
23 i e i 
224a ; 
251; ; 
39 > a ( 
22>a . 
307 8 | 
163a ; 
B51j « 
5714 | 

Corning GBk>..( fiOSg 

UPC iDt'D'tkma.. 5-1 >e 

Crane .' 2970 

CnxierNat 28 

Lnjsrn ZeUertML-b 32sg 
Liumira* Engine 411j 

UorUu TVriflbi-..’ 173g 

Dana 2870 

Uan lmluatne*..' 45- 

Deere. — - 33 1 , 

Uel Mi-nie- SSSe 

Lie) tuna lion 

Llentk|.4y Inter... 23 L, 

Uetr-'U ftliain -' 161, 

Uiaiimn.lshHmrL 273, 
DiMar<tKHie...~..- !6>i 

L'iipta. Kqmp,- 523, 

Uieney ill’alik.J.' 44:a 
Ltoi-er Corpn 45 le 

Dow Chemical > 27 

Urai -0 i 2831, 

Ureuer — 46 L, 

Du Pont 12150 

Uymo LoiluXrwf. 30k 

Myle Pidier 393, 

but Airline"— ljl, 
hunm a n lkO-iab_! 57 
Baton 1 383, 

K. G. A G. 278s 

bit Paso Nai. liiuJ 16 3g 

Bitca 34T B 

Emerson Klectm.-j S8B0 
truery AirFrlithl; iSI, 

bnibart - , 57l« 

b.UJ_ 25a 

Engelhard 24la 

bimark 513, 

Ethyl ! 233a 

Euon 467 b 

FairvLikl Uainem 341a 
e'ed. Dept, atrnen 3a5a 
Firestone Tire.-.: 143, 
Fat- Net. Bcsic-fl. 293g 

Men A an 223; 

FlinLLoie 273, 

Plonila Power....- 50 1 a 
FIuit. — 373, 

K.M.f • 26 

Konl Mr-Ii-r.. — .- 49 :« 

Forem-xi Slii...; 221a 

Knxhon. 393a 

Franklin Mini. .. 103e 

Kwf*m Mmeni 1 -' 2270 

Fruelmul 32 

t'oqua lnd> — 111, 

G..AJ 131, 

Gannett .. 43)2 

iien. Anier. Int 9Vg 

G^LU 287$ 

Gml Ualiie 17 5 d 

Uen. Dyiwmies..' 63 ig 

•Jen. Eieci rtw ; 52 lg 

'General Flmis 32 

Uinetal Alll-a 32 

Uenenl Muton 61!, 

G*n. Pnt. Ltll„.. 181, 

Gen. Signal 32 

Gen. Tel. E;e--t 29 

Gea.Tvre 27 3e 

Geneevo.^ — . - 7 

Georgia Pacific... 273o 
Oeit, LHi 166 l. 



Ully.(EU,_J. J. 

Litton In-lost. L. 
Lone 5tu4ada_, 
Lang Island LuL 
Louisiana Eauuti. 

B78e l 2710 
1680 161* 
347 B . t 347 S 
385s 1 381a 
251: i 261, 
371* 378, 

250 1 as, 
241 b ! 24 
313, i 3110 
253 b : 233a 
467 b 47i a 
341* . 343s 
3asa : 383a 
143, ; 137a 
2930 29 1 a 

22i; 225g 

273, : 27T a 
501 a 2970 

373, . 38 

26 • 253, 

49:« 491* 

22 lg 21=, 

39 Sg 583, 

1030 101* 

227g 227 a 

32 32 

12 U 12! j 

Gillette — 

'lOO-lrL-b b- F_ 

GoortjearTire. — 


(iran-e-W. IL 

fit. Allan P»l lea. 
b rt. North Inin..' 
L>rej' bon ml. ....... 

uuliA Western..' 

liUll Ol- 


Hanna Minim; 


Harris Corpn 

Heuu: H. J : 


Hewlett PauU/d. 

H-mdny Ion- 



Huom ' 

Hc>|..l_-or|-_Aniei . 
Hrodmi Nnl.Ua - 
Hunt * Pli. A • Uan, 
Huti-.-n iL.K.i.... 
I.L. Imlu-ine ... 


lugeir---' knlli1_..' 

I muni dtefei_._.. 
ln-4-cv.... — -...■ 

miem-ni hnerui. 

idll 1. : 

I mi. Piai-.mrs.... 
Inti. Harvester-.' 
IntL Mini Lheni; 
Inti. liultito>is..i 

loco: { 

Inti. Paper 

ipg — ; 

lot. kec uter i 

Ini, lei. A Tei.... 

Invent ■ 

l.-wa bee i „• 

If latematlonal. 
‘Jhn WaJier . 

29i: ' 29 
223* ; 2 3Se 
17i 3 1 1670 
5030 : 30 ig 
274, : 273, 
T‘i . 7iS 

23 • 22t b 
lata ; 136s 
151- ' 153s 

24 | 24 

6663 , 663e 
544j 34ia 
163 b I 16U 
60 ! 59J 0 

36 7g ; 3730 
Z85g : 2938 

833, • 833s 
19 ig • 19i* 
34 3a ! 343, 
583a - S85a 
ll^i 111, 
341, ' 341, 
27i, 27i, 

11*» H»4 

773a 171; 

261; 2b3g 
421* 42I 2 

6U2 621, 

39 ia 393, 

I6ia . 16k: 
7i, ’ 6 

269 268 

263a 1 263a 
37 Ig , 38 
3870 ; 39 >b 
225, j 23 
1780 f 171* 
42i : 42 ig 

564s ! 367a 
133, I 14)0 

32i, 1 325a 

a ia ; Us 

35v s , 361* 
114g 113, 

353, j 333a 

L'ke Y’unjc'i’vni .- 

Uacy K. H._ 1 

Uira. Hamres „ . 

M tp-n =, 

Alaratboo 01 -„„ 
Marine Mnluaul. ■_ 
Marshall FteW... 

May DeptL Stine 




Al-Graw ... 


Men-k^....J..l.„ ; 

Memn Lvnch._- 
lima Petrol eora_ 


HuuiUmci Mr*! 
MubU Corp._^_!j 
Aloiuanli - 


AlidiHWta..:..,;:;; . ' 
Mui-|*by Lb 1 J 

A ilnsc-i - 

N'aiuo UheoUiju-4 . 
National C Jin { 

Nat, Distillers, „ '. 
Nat. service lort: 
Niuionai areel_. 

N Momu i__.i 

NCR. u-L. 

Neptune l nip. __ 
New Ei^laad El. 
New Hn^tand Tei 
Niagara Mobawk 
N- L. Industrie,. 
North Arm. Ga»... 
Ntfan .states PWr - 
Ntli new Air II I ks 
M bwM 
AurL-jii 6lmoni 
Ux-Ulema. Petrol 
Ogilrv Matier... 
Ubio kidlaoa .,.^,.1 
UHa - , _j 

<1 rflKU 1 hi ps. . „ 
i(w«ju Uornloit _ 
hum lliits3is„.. 

Paiafi Gaa 

Panne Lubimg. 
Pa. Pwr.SJa... 
PanAm Worin Air 
Parker Haealdu. 

Peatwiy Inr 

Pen. Pw." 4 Lt'.„. . 
Penny J. li— 


Peopie> Drue— -I 

People* Gas 

Peyntco ! )• 


I'i uies Mirror 

Pirn or Corporal 'n 

Perkm Elmer.....t 253, j 

Pet ;.^J — :.„j 531* 

Ph.xei 331* j 

Ptieqn- U»me...,.i 24 ; 

Phna- -ei | •bin bleJ 17>z ! 
Philip Uiirra., 703g , 
PtiiiiilirPermrm ' 34 i B 

Piirtaiiv .....1 39 >, 

Pitney bnue* I 241* | 

Pniainn....: 21 t b 

Plesaey Ia.i ADHj 171* | 

Poiarolii J- ,407a 

Putumae 14Sg 

PPG Imlioiriar." 297 a 
l*ructer Gamble.. '873e 
Puh 'ervefcwl'.i 225* ! 

Pullman jj 32 

Pure* — 17 

IJnaker Uwlr | 251; 

Kapi -1 AmericaJ 1 12 

Itaythenn 483, 

KVA. — I 301, 

fiephblM- Steel — j 2550 


1 Shell has an awkward custom- 
er l4,4) 

5 Abandoned goods stranded in 
aircraft before morning <61 

1ft Aif:raft blown up by diehard 
colonel (5t 

11 Only one tenth of produce 
sues to l his si ore (5.4 1 

12 Group that could be sent 
reeling i9i 

13 Tree fend in well-placed 
arboretum (5) 

14 Drawback to Carmen's rest- 
ing place (4,2 » 

15 Another pie sold as plunder 

18 Frenchman wrongly con- 
demned for tampering with 
fur dyes (7) 

20 Month poem takes to turn 
into ordinary language (6) 

22 Church official found in tree 

24 Risk coming In river (91 

25 Coach for training travellers 
taking courses in consump- 
tion 1 6.3) 

26 Poor player endlessly needing 
religious teacher (5) 

27 Play-ador taking mother's 
part? (6 i 

2? Wine store for the Spanish 
in Borden u v tS) 


1 A man's drink reaching the 
tongue 1 6 1 

2 Drops measurer in setting 
strange urge again (4.5) 

3 Paris has money abroad 

PUZZLE No. 3,683 

Following are the winners of 
last Saturday's prize puzzle: 

Mr. E. M. R- Brown, 56 Wyeb- 
wood Avenue. Kno-wJe, Solihull, 
West M-idlands. 

Miss M. Everett. Lyndon 
House. 35 London Road, Hert- 
ford SC 13 7LG. 

Mr. I. W. Slater, 45 Oak-wood 
Hill, Lough-ton, Essex. 

4 Drop off when losing 6 — 0 

G Restrain oneself in direction 
of PT (8.7) 

7 Turf out of southern polling 
district (5) 

8 Ferocious heast for chap to 
put through its paces (S) 

9 Lisien to a pussyfoot getting 
close (6) 

16 One or three say it's a strange 
pain-killer (3,6) 

17 A divine finish hv upper class 
Frenchman to appendix (S) 

19 Way article on church takes 
driver’s position of course 
( 6 ; 

20 Cover I’d arrange to separate 

21 One caught in small depart- 
ment during show (B) 

23 Dug for gold when upset by 
overall material (5) 

Solution to puzzle No. 3,688 

BQQnaanaa Sanaa 
e m m. a - h m m- a 
ran HH 0 annsnsana 
n fj - r n •R:'--ra,- n *3 
ssnraraanaas: sann 

snnsaras jaHnsasn 

ranssaas / araranarara 
n - a n -' s - m n 
hhes cnrasanranEs 
ra n m -ra a • g ra m 

h n 3 n s. a m n 
hbgss snsnsEEsn 


n n n -v ~<m 

•qab a - s 


ra * r 

, sfsaBranH.^HBraBraraQ 

raBBBnancisg- snne; 
a n e 


n Q ”H Er E : .n B - 5 

IN SPITE of the pour record 
of recent French challengers, it 
is difficult to understand why 
Dancing Maid is freely available 
at 7 — 2 for today's 200th renewal 
of the Oaks. 

Alec Head's Lyphard filly has 
won both her races this season 
in emphatic style, with her best 
performance in the Poule d'Essai 
de Pouiiches at Longcbamp- In 
that event — France's 1,000 
Guineas— Dancing Maid was 
□ever tackled, and ran out a five 
lengths winner from Fruhling- 
s tag. 

Although it is difficult to ascer- 
tain the value of that form, it 

1.45 — Iceni Star 
2.20— Collapse*** 

2.55— Dancing Maid** 

3.30 — Tare mo 
4.05 — Bouse Guard 
4.35— Pathfinder* 

seems probable that the quality 
of the Poule Essai de 
Pouiiches field at least matched 
that of our own apparently sub- 
standard 1,000 Guineas. For this 
reason I have no hesitation in 
going far Dancing Maid, whose 
rider. Freddie Head, a former 
French champion jockey, should 
have no problem in this bandy- 
sized 15-runner field. 

If there tn be a surprise. I 
believe it will be created by 
Spring in Deepsea, who was 
clearly already feeling the effects 
of a virus when so disappointing 
in the Tote Free Handicap. 
Trainer Luca Cumani does not 
rate her quite in the same class 
as last year’s runner-up to Dun- 
fermline. Freeze the Secret: but 
then she might not have to be, 

to give him an overdue first 
classic success. 

The Queen, who owned Dun- 
fermline, has Tartan Pimpernel 
running for her this time, but I 
do nor expect this filly or another 
improving three-year-old in her 
ownership. Alma, among the 
runners for the Hermes Stakes, 
to prove quite up lo obliging this 

Alma, who carries S st 9 lb in 
the valuable one-mile 110 yards 
Hermes Stakes, seems unlikely 
to be good enough to concede 
five lbs to Henry Candy's recent 
Salisbury winner, the Busted 
chestnut. Collapse. 

Thirty-five minutes before the 
Henues Stakes, that much- 
respected Epsom trainer. Staff 
Ingham, is remembered wltb a 
six-furlong event for two-year- 
olds carrying his na me. Here I 
intend taking a chance with the 
Newmarket challenger, Iceni 
Star, a respectable seventh of 16 
behind Mixed Applause on her 
local course recently. This filly, 
ridden by Paul Cook, one of the 
most underrated jockeys now rid- 
ing, is taken to win at the chief 
expense of the Dragnnura Palace 
colt, Kingsbere. The latter ran 
on strongly to win a 19-runncr 
event at York on his only previ- 
ous appearance-. 

Mr. Daniel Wildenstein. who 
was clearly surprised with the 
ease with which bis good colt 
Crow brushed aside the 
challenge of Balmerino in 
Thursday's Coronation Cup, 
could have more to be pleased 
about after the Asbstead Stakes. 
Here his Bold Lad (U.S.) colt 
Pathfinder can increase bis 
stallion value with a win over 

Pathfinder is a half-brother to 
Pawneese, one of Epsom's best 
postwar Oaks winners. 



A -mu/ Vet-id... 




kfaypt. .. 

Oil* Ini. Ned. wrt- 

Con i ui err In nh 

Con! UumDll 

Daimler Ueoi.-.,. 


DeuiM-he ktonK.... 
Dreniner fchuii..... 
Dycherhoff Zenit. 


Htapa-.- Linpi ...... 





Ull noil Hair- 




It HD.. 



i UmenbiBu liX'.... 

, Gullhan-a 


Mamie inami 


Muncbeiier Kuch. 

Aeckennnnn | 

rteur-na LIU idU. 




i'ny- rnA.U 

*Bita — 

• KM A 

U'r 1 6k 
V...* m.n, 

84.5;-l.l - 

473.0-1 20 

242.5- 0.5 26.03 
140.3—0.1 18.76 

, 140.5- +0.4 16.75 

276.6 Ml 4 0.5 , 28.12 

• 311 n + t , 18 

• 165 1+1 . — 
221xi-. rO.2 1 17 

75.6'+ OA! — ' 

. 305.8-2.2 26.12 
357.5tt| + 2.7 17 . 

; 156.5 -0.5 | 14 
'297.5x11—0.5 28.12! 
238. 1 all T 0.8. 28.12' 
166 +7 1 9.38! 

198.5! + 1.0 | ia I 
116 1+1 j 12 

294.G I 9 

131.9 a! 1 0.1 18.75 
46.3'— 0.1 j 4 

134.51 9.36 

143 .+2 ! 9 
315.51+1.0 23.44 

8 19 | ; 18-72 

95.0-1.3, — 
177.5 1 — 0.5 18.76 

93.0. — 

243 1—1-5 16 
1.450 as I 25 

111.5, — 1.3 i 9.36 

186.5 + 1.0 I 12 I 

157.5:— 0.8 117.18: 
234.8 +3.8 j 10 . 
635 ■ I 18 

187.5. — 

118 ; — 

188 '-0.2 25 i 
265 j-0.5 '23.12 I 
285 1 — 0.7 ; 16 I 1 
241 '-1 26.661 i 

118 i-O.l .17.18! 1 

172.5 +0.5 ! 14 | < 

107.5 +0.3 1 12 ! 

290m +1 18 13 

211.6- 0.3 I 25 I I 


Hi-*.-* I - •« 
Hr.. - 


Juno 0 


Banco Bilbao . . 

Banco Ail an u co (1,000. 
Banco Cnnlral 
Banco Encnor 
Banco Genera 1 . ... 

Banco Granada il.Qnn. 

Eanco His pa no 

Banco lad Cat. (1 000 1 
8. hid. JMcdKcrraaco . 
Banco Poolilar . . 
Banco Santander ' L'SO * 
Banco UrquijD il.000> . 

Banco Vizcaya 

Banco Zaragozano 

Bank union 

Banua Andaluda 

Babcods Wilcox 



Inm nhanlf 

K. t. ArasnnesaB 

Espanola Zidc 

ICxdI- Rjo Tuna 

Fcem 11,000. 

Feaosa ii.onn. 

Cal. Preriad™ 

Grupo Velaquez t+oni 

Per cent. 

118 4-2 

J16 - 2 

2M 4-0 

301 — 

2f& — 

288 — 

INS — 

220 — 

103 — 

an — 

201 — 

411 — 

264 — 

244 — 

256 - 2 

153 — 

2U — 

20 — 

76 - 2 

217 - J 

>4 - 5 

54 _ 

102 — 

48.73 — ILS 

75.75 4- 0JES 

7S — 

82 + 3 

165 — 




Panaleras Rennxlas 

pptrMliii, t ... 


Sarrln Panalcra 



Torrax Hostcncb 


Union Elec «... . 

- BRAZIL* OP 1.00 j— 0.010.12 2JH 

inuuxi w diwi ... 2.1B . + i, .i-ipJBO 

Banco Li* a. 1.S5 | ••..47 lit. 

Brtjfo Mmeira UH 2.82 |+ .- i 4.60 
Lou* Arne. DP.. 3.5 • |+O.10 : .*■ P.71 

Petrobra PP 3.12 l-J.,7 .13 ».17 

Pine.'i- 1.68 I { ,]6 . 2 

* • m-OP... S..7 )+ . a 1.26 

IJnlp PB. 6.3 • j — O_10| .-.25 t.94 

* • «. . ^ _..P '^27 |+ . |! . e | 4.1 y 

VoT. Cr.i'U.Sni Shares 5L7ra_ 
Source: Rio do Janeiro SE. 

86.75 + 2.73 

883 + W 

Ul — 

80 — 
127 — 

211S - LS 

54.25 + OJS 

SO +1 

125 — 

88J - 0 25 

99 - 1 

108JSS - 0JS 

74.75 + 8.75 

■ + nr ! Uif-fTB. 
1 — i L'rur ♦ 

j— 0.01 0. 12 u» 

+ .. 1, .cUJBO 

+ 1101171* 
+ 10 113v 

3 40 Hr — 5 

1,120 +20 

+5 raw 

icB in ALu-ine..., 

icikio Eieci Pow 
. ok vo »nvn.„, 
■ ofcvoSInhsutx. 


596 1+2 
91 I 


+ 2.05, 6 

B I 8.3 
lu | 3.0 

MOTES; Overseas prices exclude S premium. Belgian dividends are after 
withhnlduii; tax. 

4 □Mat) denom. unless oUterwue staled. 99 Pta* SM denam. unless oiberwlae 
staled. 4, Sr.HHi denom. unless otherwise staled. ♦Franco denom. uu)e?s 
otherwise staled. 1 Yen 50 denom. unless ' otherwise staled. S Pnw at time Of 
suspension, u Florins, b Sciiflllnsh. r Ceota. d Dividend after pcadlne rttdsts 
and- or scrip issue, c Per share. ) Francs, a Cross dlv. G. h Assumed dividend 
□ftc-r scrip and/ur rwljis issue, ft After taxea. m *6 tai irw. n Fnm» 

includtnH Uotlac dtr. p Nam. 4 Share split, s Dlv. and ridd exclude special 

payment. I Icdlcaied dlv. u UnoffliiaJ mdinn. r Minority holders only, u Mrnsrr 

pc-nduis. * V-ked. t Eld. & Traded. I Seller, z Assumed, ar Ex rwhu. xd'Bx 

dividend, xc Ex scrip Issue, xa Ex all. a Interim since increased. 

zBO 1—18 


.5 | 3.2 
3 9.8 

2 7.1 

3 10.3 
2 I 3.4 

2 — 

- 8.5 

11 8.1 

11 3.0 

12 6.6 

Sa«e Ho Wings 


^vv^^ncial Times Saturday June 10 1978 


Jr * 

Domestic business 


* i 

. i t! 


S ; ft 
20 . Jfe 


*, i 5S • 

a | 



0t 5 



a -» I 
d I 

:7:, ' 

bh , 

28 ' 

A ! S 


3a i, 

?!•.. &•. 
IP..' **•« 

:*] • • 
fa, ‘ 





e . 
33 ). 


v l 



a" * 

20 .- 






» fa 







4 n 

4 2a 

* U | 





0 \y. 








S r 


C i : 



J 95 

2 jj 






4 73 

a -c0 

1 Vi) 



h . 


14 . 

i : 1 


1 - 

1 j . 

: : 1 



. . 





;« _ 


"1 ‘ 




■ - . 



1 s 



•j 2-i 










Sweden's largest ' commercial 
bank, improved '.earnings by 33 
percent to Kx^-lBOm (539.1m) 
during the -firat four months of 
this . year. . If the . Swedish dis- 
count rate remains, at 7 per cent 
antf the; j&ksbanfc, the central 

- bank. does, hot -' tighten credit 
policy’ further,. .PKbanJs expects 

- profits for ’1978 -as a whole- to fall 
vitbih the JSr 650A80m bracket, 
2«M per. cent higher than in 
1977.’ - - -.i:.;*.-. 

- The 33 per cent profit- climb In 
the .first' four months was partly 
a recovery, from tbe relatively 

- poor performance in - the corres- 
pohding period on&sryear, when 
credit restrictions. were at their 
most, stringent Bat the swifter 
growth in the volume of business, 
the' lower discount rate, a re- 
organisation of the bank's place- 
ments . and a decline in the 

. interest rate paid on special 
deposits have also -played a part. 


In contrast to developments 
over the past two years, the profit 
growth in the first four months 
came wholly on the domestic 
front, and not from the expan- 
sion of foreign business. The 
balance sheet total increased by 
15 per cent compared with 8 per 
cent during tbe first four months 
Of 2977. . 

-Deposits rose by 11 per cent, 
but PK bank’s share of total bank 
deposits dropped a percentage 
point to 21.4 per-cent because 
deposit growth was strongest in 
The business sector.- where the 
bank is weakest. Lending in- 
creased by 17 per Cf nt. 

Net interest income rose by 26 
per cent to Kr 411m. while com- 
missions on domestic business 
put on 33 per cent to Kr 52m. 
Commissions from foreign busi- 
ness dropped '-46 per cent to 

CSR hits at 

rop . _ 

Kr 11m. Total income was up 22 

per cent to Kr 4S4m. while costs 
grew by 19 per cent to Kr 153m. 

FN plans U.S. arms plant 

LIEGE, June 9. 

BELGIAN -small arms maker 
Flbrique Nationals Herstal (FN) 
plans to start producing machine 
guns and small arms in the U.S. 
next, year a move which it 
regards as essential in view of a 
Washington ruling, that halt the 
value of. all arms contracts 
granted by the Government must 
consist of U.S.-made products. 

FN, which last year took control 
of 'the Browning non-military 
firearms. company of the U.s„ is 
negotiating to -buy- a factory in 
SoqjLh Carolina, and intends to 
have some 300 people employed 
there by 1980. - - - 

It hopes tty attract new 
miufiiine gun. orders . from tbe 
UlSi-. Government -and is also 
completing- deliveries on an 
order won two years ago for 
10,000 machine guns from the 
U.St-army for. use on tank and 
armoured troop carriers. 

The • ' contract nxling was 

brought in after that order was 
obtained, and FN says “ it is. 
therefore, vital for us to open up 
our own production in the U.S. 
which will also improve our 
knowledge of . sub-contracting 

The company, Europe's largest 
maker of small arms, already 
has a factory in California 
producing golf clubs. Talks on 
the new arms plant should be 
completed in a -few months. 

Profits up 
at CGE 

The First Viking 


Commodity OFFER 
Trust r BID 



Double OFFER 83.0 
Option Trust - BID 78.0 

i iy-tilV 

Commodity & General 
Management Ci "Ltd 
8 Si -George's Street 
rDcirolasTslB q£tfan 

• ■ ■ : 

PARIS. June 9. 

CGE. the major French electrical 
and electronic group, reports an 
increase of SO per cent in con- 
solidated earnings for 1977 and 
expects a further “substantial” 
improvement this year. 

Consolidated earnings rose to 
FFrs3D0.2m (384m> . From 
FFrs303m in 1976' on- sales of 
FFrs32.7bn. up from FFis2?.6bn. 
Group orders at the end of 1977 
stood at FFrs35.9bn compared to 
FFrsSl.lbn a- year earlier. 

In' tbe first quarter, of 1978. 
the group emerged i with net 
turnover of • FFrs859bn against 
FFrs7.5Sbn at the end. of March 
1977. Turnover for the whole 
of this is forecast at around 



it 3 lit May, 1978 £1 1. 15211. iO 
P.O. Bo* 73 

•• Sc. HttDer, J.rjer 2g , 

. 0534 1057277 .JF- ■: 

Next dealing! 30 ch ]une/lV78 

By James Forth 

SYDNEY, June 9. 
CSR, the major industrial and 
mining group, today made public 
its opposition to the Australian 
Government's proposed changes 
in its foreign investment guide- 
lines. revealed yesterday. The 
chief executive of CSR. Mr. 
R. G. Jackson, said that certain 
matters needed to be watched 
carefully if the guidelines were 
to produce the intended results. 

Tbe Government’s proposals 
represented a serious departure 
from the objective of retaining 
50 per cent Australian equity 
in new mineral projects, he 

“ The commitment to natural- 
isation does not seem to be en- 
forceable. The time frame to be 
allowed is apparently open 

He suggested that instead of 
naturalising current forelgn- 
owned operations, companies 
could set up *'pup” companies 
and naturalise only new projects. 
Mr. Jackson maintained that this 
would make nonsense of the 
whole concept of naturalisation. 
He also suggested that the 
Government’s statement was not 
clear enough regarding company 
takeovers by companies granted 
honorary Australian status. 

it remained a major concern 
that the changes would permit 
a flood of foreign takeovers of 
smaller and weaker Australian 
owned resource companies. 

Branch profits 
to be taxed 

Financial Times Reporter 

branch offices in Australia are 
to be taxed an extra 5 per cent 
on taxable profits in addition 
to the 46 per cent company tax 
from this fiscal year, ending 
June 30, Mr. John Howard, the 
Treasurer, has announced in Can- 
berra. Tbe move was fore- 
shadowed in tbe Financial Times 
last Friday. 

Mr Howard said that there 
was a lack of balance in the 
tax system between foreign 
companies with subsidiaries here 
and those with branch offices. 
Subsidiaries pay 15 per cent 
withholding tax on dividends re- 
mitted overseas whereas branch 
offices are exempt 

Non-resident life assurance 
companies, however, will be 
excluded as the additional tax 
on these profits wi/l be borne 
by local policy bolder*. 

The branch office tax will not 
apply for the whole of the cur- 
rent 3977-78, fiscal year, but for 
the period from November 4, 
1977, to June 30, 1978. 


Banking freedoms a major attraction 


“THE British are coming” is 
bow the U.S. Press headlined 
last month's announcement of 
National Westminster Bank's 
plan to buy the National Bank 
of North America for 8300m. 
Tbe excitement was due to the 
Tact that only a few weeks before 
the Hong Kong and Shanghai 
Bank (which was loosely termed 
here as a “British colonial 
bank ”) had agreed to take 
control of Marine Midland, one 
of the major New York banks, 
for some $260 m. 

Yet now, only four weeks later 
another British , bank, lias 
appeared on the scene with an 
acquisition that, in money terms 
at least, outstrips all the 
previous offers. 

Standard Chartered's decision 
to buy Union Bank in California 

for SS72m.mkes it the fourth 
major British bank to have 
moved into tbe U.S. banking 
scene by means of an outright 
purchase (the fifth if Hong Kong 
Shanghai is included) in the last 
five years. In addition. Midland 
Bank has made an appearance 
here, but as a member of the 
EBJC group which owns Euro- 
pean-Amerkun Bank. 

Combined, these purchases 
make the British banks by far 
tbe most prominent foreiRn 
banking presence in the U.S.. 
though tbe Germans. Dutch and 
Japanese are also beginning to 
make a mark. 

There are several reasons why 
European and other hanks from 
industrially advanced countries 
should be taking such bold 
strides into this market. 

One is that local banks do not 
have the market entirely tied 
up. U.S. banking laws are such 
that domestic banks are tightly 
restricted in their operations, 
particularly insofar as inter-state 
banking is concerned. No bank 
may operate branches In more 

provide wider-ranging services. 
Other reasons drawing in 
foreign hanks include the 
apparent low cost— in historical 
terms— of U.5. assets. The de- 
cline of the dollur has been cited 
by British banks as an important 
consideration in their decisions 




Barclays— 1st National Bank of Westchester 
Lloyds— 1st Western Bank and Trust 
National Westminster— National Bank of North America 
Standard Chartered — Union Bank 

Railways DM 750m loan 


THE West German Federal 
Railways (Bundesbahn) is to tap 
the Frankfurt domestic bond 
market for DM 750ra ($375m) 
through the issue of a 10-year 
bond at 99. Coupon has been 
sei 3| 6 per cent. 

Tbe bond will be tbe first to be 
issued for some two months 
following a period of market up- 
heaval due largely to unsettled 
foreign exchange markets. The 
Bundcnsbank continued to pro- 
vide modest support for the 
market yesterday, and at the 
close the three tranches of the 
most recent state backed loan — 
which took coupons for long 
term inonc-v down to 5? per cent 
— were still standing at a dis- 

However, the Bundesbahn 
offering has been much more 
realistically priced, and dealere 
were expecting little difficulty in 
its placing. 

Credit Suisse 

CREDIT SUISSE has agreed with 
the tax department of the Can- 
ton of Tieino to pay SwFr -2.9m 
in back taxes and Cantonal stamp 
duty on behalf of Texon Finanz- 

anstalt. writes John Wicks from 

Tbe payment consists of some 
SwFr 19m for outstanding direct 
taxes, including interest and 
fines, plus Cantonal stamp duty 
of about SwFr 3.9ra. 

Texon was last April named as 
the company through which 
SwFr2.2bn of clients' funds were 
improperly channelled from the 
Chiasso branch of Credit Suisse. 
Chiaso is siruarert in the Canton 
of Ticino, where criminal investi- 
gations continue into the Texon 

Sleigh purchase 

H. C. Sleigh has purchased 
Executive Air Services Pt>’ h >‘ 
the issue r.r 1.03m 50 cent par 
shares, valued at 74.95 cents 
each, to the vendors. Reuter 
reports from Melbourne. The 
company engages in aviation 
engineering, sales, charter and 
localised passenger services. 

Sleigh said the purchase will, 
complement and considerably 
expand iis current aviation 
activities through its Forrestair 
division and the issue lifts 
Sleigh's paid capital to 76.15m 
shares from 75.12m. 

than one state (in some states 
they are even restricted to a 
stogie branch ), and within each 
state there are extra regulations 
governing the way they do 


These regulations, however, do 
not apply to foreign banks. This 
means that while Bank of 
America, the country’s largest 
bank, is confined to its home 
state of California, Barclays 
Bank is permitted to— and does — 
operate in both California and 
New York. In other words, 
foreign banks have a strong com- 
petitive advantage over domestic 
banks, enabling them to draw 
on a wider source of funds, and 

to buy. These banks have also 
been keen to develop their inflow 
of dollars, and the acquisition of 
a ready-made branch network 
in a U.S. state is probably one of 
the speediest and least compli- 
cated ways of doing it. 

Not that deals are easy to 
strike. In most recent cases there 
have been special reasons why 
the U.S. bank concerned was 
prepared to be taken over. At 
Marine Midland it was a short- 
age of capital, in National Bank 
of North America's case it was 
the desire of its owner CIT. a 
diversified concern, to rid itself 
of a bank and thereby escape the 
constrictions of the bank laws 

which were hampering its other 
operations. Even Standard 
tered’s success today fras pre- 
ceded some years ago by its 
failure to buy Bank of California. 

Foreign banks eyeing the U.S. 
market have also to consider tbe 
possibility — however remote it 
may currently seem— of a 
change in U.S. banking laws 
which could work to their disad- 

The growing foreign presence 
here has not passed without com- 
ment. much of it unfavourable. 
The latest issue of Bank Stock 
quarterly, published by Seh a- 
piros, tbe broking firm which 
specialises in bank securities, 
complains of the unequal oppor- 
tunities facing banks in the U.5.. 
citing specifically the recent 

acquisitions by Hongkong and 

Shanghai and NatWest, 

Banking legislation currently 
being examined by Congress is 
unlikely to curtail the present 
activities of foreign banks in 
the U.S. However, it is not clear 
bow new legislation would treat 
new entrants from abroad, as 
opposed to those who are already 
here. Thug there could be pres- 
sures on outsiders to get in 
sooner rather than later. 

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

To- Comeico Commodities Limited. Bridge House. 181 Queen 
Victoria Street. London EC4A 4AD I vi> 'j • :■« <: ' • : v:vr.e >cur 
1 1 -U -r ,1 1 1 1 V il./eSllitCKt Ifullel'll TltC Olllliii^ Ilf '. Flll'.ll't 

Mr Mrs Miss — — — FT' 6 2 

Address - — — — 


TheCammodity Brokers 

Barclays Bank Limited and 
Barclays Bank International Limited 

announce that with effect from the close of 
business on 12th June, 1978, their Base 
Rate will be increased from 9% to 10% per 


The basic interest rate for deposits will 
be increased from 6 % to 7% per annum. 

The new rate applies also to Barclays Bank Trust Company Limited 


Reg. Office: 54 Lombard Street, EC3P 3 AH Re*. No’« 4»*Wa und 101*1*7. 

i. e Tr-'-ei. **« 

“ .1 M 

}i * - ■; 

i 1 

t' . 12- >• 

- ii X 

rJ . 7 
r is •* 

,w - /5 :• 

i _ -■ 

j t . 5 7" f. 

v 1 \ r ; . 

r ■ S 

ire - 7, :- • 




K*l»e S 

r ■ - 


. 'rr . x. 

COMMODITIES/ Review of the week 

Coffee dips as frost fears ease 


COFFEE PRICES: on the London 
fqtures.- market fell hack this 
week as fears of- frost damage to 
theJSTS-W Brazilian crop eased. - 
The September prite. which was 
boosted yesterday morning when 
the IJrasilian- weather ■ office 
issued a new frost warning cover- 
ing The' next 48 hours, fell back 
in the afternoon .to end the week 
£72^5 lower' at £1.766.5 a tonne.- . 
.- SSst- week’s '"frost “scare 
cOTtmued to make for- a nervous 
marketcrarly this week .and Sep- 
ternher-coffhe climbed- to a peak • 
OL&52.5 oil Monday. But heavy . 
profit-takings trininled- flw price 
byj£250 before' further specula- 
tivfi-huyin& .became apparent. 
.-‘The - Brazilian weather office 






' Dea Jaa FBbMar Apr -May 

1977 .1978 

already been restored to a 
'greater rate than before llie inva 
sion of the Shaba province. 

Dealers greeted these optimis- 
tic rpeorts with some sceptism. 
However, after the recent surge 
in prices it was considered that 
the. market was overbought, and 
some heavy speculative profit- 
taking selling was unleashed. 

- : This was sufficient to counter- 
act hews of a cutback in deli- 
-verles from the Ho smelter in 
Peru, because of labour troubles, 
and a further fall In warehouse 
stocks. ■ Cash wirebars closed 
last night £28.7 down on the 
week at £749.75 a tonne- 

The setback in copper also 
lowered lead prices, despite' a 
‘cutback In deliveries from the 




UK monetary coefficient for the 
from June 12 will remain un- 



SaienT'o7^he B 'a^^ev^ S 'w””- KSxV June 

S A TS*£!5; a** J&f?jgFS£i 

503 1c down 4.0c: she -month down u - 

COPPER— Barely changed oo Ihe Loo- 42c: and 12-month down 4.2c. The ®™'' ™intPd ' 

Metal Exchange. Alter llfUnc to E775 metal OD-oed at 2flO-2«lP rS^a-SCMci and q "£?*7*l- E SV 



LONDON— The market closed a shade 
higher on nears. Bache Baisey Stuart 

tFenc« per kilo) 

U;S. Markets 

AtaytnaUnii |i'e»-i<;nr.Vk 4- 
•ttnuy CIum : - 

on the pre-market, mainly on bupe^ <il closed at 2S*L28Bp i5261-327|ci. 
■ further consider able fall tn wareh-m-c 
stocks, forward metal dipped to r768 
owimt to a lack of Toliow-ihrough. The 
price rallied to £777 on ihe marmot; kerb 
but a lower openlne oo Comes Closed it 
to fall away to rras in the afiernn.jn. 

As Comes rallied front It* uncertain 
«an forward mett! recorerod to (771.5 >i- 1 • 


lireorf warninfi OH ’Wed-. uwi»cnw i»w»*i 

- liSSa? ShoSh it- said and quickly ran out of st^n Boss smelter in Missouri jointly 
?^ri^eweoid^ontwas'loom- yrhen Ghana and Nigeria began : owaed by Amax and Horoestake 
^ ^ Srii/Urutauy'selUng at the higher levels., Mining, because of a strike. 
Slde^But the Office said^i-. Dealer sentiment appears fairly zinc values fell sharply. The 
taS&oSfwa* a nsk ol frost in "bearish” at the moment and decline was accelerated yester- 
^SSSSSSi^ea oS?tbe many are forecasting further -da, when National Zinc of the 
^ forecast for falls. . U5. announced that it was 

/wiffe'e state, September cocoa ended the rescinding its recent domestic 
week £S-5 lower on balance at price Increase from 29 to 31 
tjry. ive.kther with fa ” 1 8- £i _ 37 a t0fine /Rowing a £21 cents a lb. The company claimed 

meanwhile fall yesterday. that other U.S. producers, who 

of ^grical- Sugar Prices were boosted, had announced a rise to 31 
tbe. 7JS. ■ Departxnen t^or ♦ owait j s end of last week cents, were oot actually tmple- 

t^d-fim bans by signs of U.S. buying interest menting the Increase. Cash zinc 

^ s. 

lost ground on yesterday it was raising its 
m - the- London Metal Exchange tins.: official European producer. price 

IvSkfoSowing reports that pro-from $575 to S600 a tonne This 
ChanseJUfterjfijelaG^e^ . dOTtionht tSe Kolwezi mines to is In line with increases by some 
le^-weefcc -Th^-Septomcer P^fi being- resumed much other producers, but so far 

raMad" to mtfjy than expected. Indeed, it Continental smelters are keep- 

as^ ^jsssagsaas ar jssJSi °utp U . *** ^ tw 

ihe late kerb and mrt7«l even rwilier "f- 'ij 
ahead In aiier-htiurs' trafling when 
qumailDD was around £77S. A feature nf .in 
trading was the heavy burrowing nf ro-ih • 
metal which boosted turnover to 97,125 







1 — I 

el- -tv 



1 ! 



? 88. 2,i 


— 1.65 

; nv-.illi .. 



296 15i. 


•5111.. Ill It-.. 





-in. -H -i- . 




Malre: U.S-/FYonch June 105.50. July 

Aus. J01.00 transhipment East 4ul.v 

Coast sr-fler*: South African White June- i fetid wr 

July 81.50 Glasgow: South African VpIIow 
J nnn-Jtrty si so GIbseow sellers: Kenya 
erode three unquoted. Mtv 



5B.D-55.0 +Z.0 

- ’42.D-5B.U +1.5 

Ui->+iiti*i ...B45.IMD.O —0.5 

Mhi.-H ..848.0-46.0 +0.5 

'140.0-46.0 I • 

Barley: Unquoted. July .840.M6.lI - 

EEC IMPORT LEVIES Premium* K5D u 47.0 ! 

ittv for Saturday .feme nf in order fucr^ti Uo-l-kiIkm ..(ZS2.O-40.O . ... 
l*-w Dim July Aueu«t ^nd September 


740.. S —5 
770.5 —5 
749.5 —.5 



5 mr.oth*. 
Cathodes. | 


i month*.. I 764- .5 
SetU’oi'oV 744 
C.S. Srai.,1 — 

it. m. 

i+ •«] 

743 4 —.75 



Lnuflkiol I — 

prcmitmui < nr<*vious in brackets i ait i" 
uiiirr of account wr 'onne. • nmm on 
Wheat— 84.85. nil. nil. nil iW.I9. nil. ni' 
LHE— Turnover TIB i255> lots of ltl.flOO i-tli. Durum Wheat— 190.44 nil. nil nil 
oot ituriung: Three mam ha 2S6.7 6 4. 'Imm. nil .nil. Ml*. Rye — SOU. nil. nil. 
0.S. 5 6 r.7. 6.6. 6.7. 6.4. 6.3. 6.4. Kerb- ml -8013. ml. nU. nil/. 

4^,r Thr«; months 296.6 . 6.7. 6.S. 6.7. Alter- • 

rnon Three monihs 31U. 6.1. 6.2. 41. 

Kerb Three months 2063 6.4. 63. 296 


749.660 —.25 
770 1.5 —.5 


743-4 +1 

764.5 5 +135 

Define modest scale-down consumer 
huyinc cnndltlon* remained owlet through 
out ihidjy. Ctii and Duffos reported. 

FIRM opening on the London physical 
marfceL Dole imeresi at higher levels, 
closing uncertain. Lewis and Pear 
rcooned a Malaysian god own price of 
2X1 >227 1 cents a kilo < buyer. June). 

Sales: nil (2i lots of l.Sl* kg. 
SYDNEY GREASY— Un order, buyer 
seller business, sales i— Micron contract: 
July 349.6. 349X. 3493-349.3. 4«: Oct. 3493. 

330.5. 35D.fr34«. 29: Dec. 353 5. 354.0. 

334.5- T53.5. so: March 33E.7. 353.0. 350.0- 

353.6. 24: May 362.0. 363 0. 3 id -2-382.0. 11: 

July 384-8. S86.0. 385.0465.0. S«: Oct. 388 8. 
SGS.0. 368.4-369.B, 26: Dee- ST 1.0. 372.0. 

371.5- 12. Total sales: 214. 


fin -"A 

jTe-ierrlaf'T f- or \ 


ftnac . — 



SiOt iri't, 

Amalgamated Metal Trading reported July 1688.081.0 -2S.75 

ttigl in tie monhog cash wires are traded -e[K -IcJB.S 57.5 —, 1:47.0-52. j 

at H49. three months £770. 6B. 89.5 70. IV- TiOB.5-03.5 —15.0 IE.1S.L--05.0 

69.5. 70.5. Cathodes, cash £743.5, three Jlwvh |1588.0.84.0 — 5.5 .1596.0-65.0 

X.1.I ! Frenr-ui. lYrti’rUiv'e 


IIA4 I elfwe ! CIom , 




July I 53.2V59.50 58.6V58.ffll 69.10 

Aug I 60.00-60.10 59 50-59.45! 

— . ■- — . — — - — — — .11,! 6Q. lfi-60.15. 59.40-59.46: Bfi. 50-58 .40 

mowha I7»4. MS. Kerb: Wl rebare, three .v K y .1580.0-84.0 — 3.0 1585.0 30.0 / ii, 5 i 9j. t 2,05 n 1.50+ 1.55,' o2.7tl-6 »,5B 

£77TL 7 3. 72 . AhemooD: Wlrrtan, JulV ,137S.0*M.D • 11.5-1575.0-70.0 \| r ., b2.95-i5.l0' 62!55-b2.4o! tS.7D 62_0'J 

three monihs £770, 71. Kerb: Wltcbars, T5B5.3-75.D 4-5.0 llBSB.O Ar.r- Joe^ nZ.Q$*4.\Q • Ci.48-u!6Dt t4iS5-t4.00 

throe months I771J. H. 7L5. — s 7i?r.- 0 XB <2.02 > la' iors TonneT" Ji.v-Svpt; ti.OV66.J0 1 64.6u-b4.65, 65.75 65. JO 

TIN— Modestly firmer. Forward metal international Cocoa Organisation HJ.S. ‘-’i-l-L'ee Lb.20-bb.25, tB.75-B6.BQ| 66.25-61.20 

MEAT COMMISSION— An-rase fotstock 
prices at representative inaiiveia on 
June 9- C8 cattle 70.42p per kg- f-w. 
(4-0.53), UK Sheep 146.0P per feg. esf. 
d.C.W. T-5.8J. CB pigs 56.3P per kg. l.w. 
«— t*i. Eo aland and Wales— Cat He n tun- 
bo rs down ».6 per cent, areraae price 
7tJ73p i-t-0.631; Sheep down 21 3 per cent, 
average price 14A*p PiK down 

2.0 per cent, average price 5S.3p i— 12'. 
Scotland — Cattle numbers down 2L9 per 
cenL average price 89.07P ' 4-n.31i; Sheep 
np 12.7 per cent, average price 135.4p 
( — 7.4 1. 

feO to 16.380 on the early pro-market ^..qis jx-r pound — Daily price June 
owing to expectations of a rise In ware- ,30.33 Indicator prices June 9- 

buuae slocks and despite a wtrotig rise in average 134 6" 1 135 Hr 22-day 

tbe Penang market. Bow ever, this trend nHKe 137.20 1137.971* 
was reversed as good Commission House 
and trade buying pushed the price up to mCCCC 
£6.640. at which level n stayed through- LUiT rHEi 

s - - 


Jut- Mai', 67 30 57.40- bb.b(L6fc.90| 67.65 t7.h0 
~ Sales: 13 1 dll lots of fire ioanes, s22 
i2B9 • lots of 15 tonnes. 

Physical closing prices • buyers j were: 
Spot 5K.75p 1 57.73i; July 57.73 d Ui.2Si; 
Aug. 5S — <p (37.73 • . 







High Or 

cSSi - 

ad* L* 
6750 63 

£■ 1 f 

el2.6 6720-40 


+ 15 

i month*. 


♦ 40 '6650-60 

+ 50 

Seulem't ■ 


+ 10 


6710- 20 



+ 25 

3 months. 


+ 46 


+ 40 



+ ih 


Stmits K. 


+ 29 


New York 


Rebuilds opened the day up to 
hiRttL-r .is traders covered shuns before 
the weekend. Dreiel Burnbaru Lambert 
rrportid Dealers said that further frost 
warruno from Brazil were the cause pf 
the early panic btn as the day progressed 
sellers b-came more .-ggressive and the 
niarkei hliPrt-d lower gradojUy. swsgew- 
Ing j r-. -jponusa] of the u-eathu repons. 
At th> i-iose values were Just off the 
lows 120 down on ihe day. 


Tbe market opened 30p op in thlo 
volume. Vuiues traded within a narrow 
range w/lh some short covering. Book 
squaring at tbe late session helped ihe 
market to close on a steady tone. SNW 
Corrunodlilcs reported. 


•’.f-v . . "v : ; 

Alum iai ton - •■ l u 

r - , 

Cbsh <Jstbodas_i.7,.| 
oiiKnth Do.'u*.^— 
Gold pffi' , 

lad Sih f ■•■.—*•*1 
3uuwib9 4 
Xk•Sa^ , ' 

* " ... . 


■ . 

. LMUftT- i 

'w ■ j 





'pa. -i 

*6dk j 

yaw ; 
!_ ntf* 1 

• j 

HJgh, | 


[ Lav 

-jE74i5 - 

--M8L8BS— 3.11 

. ssvte . 
£381.16 -ttM 





■£X5 - ■ 


Free JladtetePSJb., 
-Pht^mita .perjp *?— U 5 
Free Maiiefc per o*-) f 
ffilvw ports... — ■ 288 * £o 
3 month* pep***-- 
flucith;....-.'"-" 1 
3 njeothB-.» isinh — '"~1 

1 jnoasha...^-'--- 
Prodi ttarfe— 

*2,413.6! :»2.13b 

£ m» 










£884. Tb 


51 Jo 
. £98 


fi nuiir ' ' . - 
Barley B£fC. 

-. Honwfptnrt* ~ 


’J8-1 I 













■J!Wz f 













£237 JO 

saeo . 



■ £86.76 

N(V 1 Ke.i SpnUft. 

Am Bant 

Bh e Milling (no* <«p) f £10k5j 

per tonne 

Jloves..—-;-;— fpj| 
Pepper. 6 hlte, 

Black — 

cSoaut(Pb‘»P’ t 'w)t: '-5H 
Groundnut, 6X — — r 
Un«e&i, Crnde~- 
pgim lUl«y»b"— 


kmieiiiK IL-3-1.— 






* 666 . 





r— 16.0 






£4 13 



£4,000; £4^00 

W^ooj 52.860 

S2.4bd 5i.B7b 









*460 S372.P 

8313 8834 

Other . 1-- -.-. 


Utvt* riblptnet 51 *-'] 

Corree FnUires duty; ^WS.S 
U4UD Ifl-ie* 

i]m i}|ifpflUL..»««i.i| EBB 

s«eo iw| -j ctia 

Steal St*, o u -d 


Sugar (!»»)-; “i tS®". 

Tapioca So. i - ^7* 


mlaloT kilo.. — T - , 

Wnnitom. P4« SS3y *1kn 


HB 5 

+ 8.0 












£2,163 1 £Oll 

Morning: Standard, three months £5,550, 

standard, three months CS.C35. 25. .15. 
Kerb: ' Standard, three month; IS, 625, 40. 

LEAD — Easier. The weakness nr zinc 
saw forward melal drop io £319 but Uin 


y«rtertiy J » 1 

Clcwe j + nr 


£ per i.niue ' 


>t-|it>-mU'r .. 

NoveinN-r — 


1845-1855 —47.6 
1884-1695 -19.5 
1620-1630 -10.0 

1960 1445 
1848 1756 
1773 -1(W 
171U- 1025 


1500 1570 

VesteMay -f- 01 . 
UlDfc* | — 1 




June I 

121.0 J-21.5 +.05 | 

20.70- 19.5D 

AmniM j 

124.53-ii.6- 1.5 j 


lAinlun- 1 

If 4. 50-24.6 — O.Bs 


L*creu'lwr ....j 

124.8 J-i&.O +0.87. 


Fehrturi J 




125.01-/6.5 +0.5 ! 


June ......1 

126.01-28.0 +0.25 


Sales: so 

1323 > lou> of 100 



uU laTe teb a fall on & Veek of Sato: <3fa9> fag of 5 tonnes, 

about £18. Turnover 3.95P tonnes. ICO Indicator prfers fur June s lO.S. 

. . cent i».r pound 1: Columbian Mild 

1+tW Ar.llMras 199.00 1 199.00 1: unwuhcd 198-00 tsanu-t: other mdd 




+ or 






J months.. 

320 -.3 





U^.^por H 

- 1 

[ fi.m. i+fot 

blHitiicml — 

all-2 —4 
3Z1-B.5 ,-4 

Arabto^ 1*4.8? <ln .001. Robusias 160.00 
.t 102.00'- average 167.34 flfiOJflt. 

ARABIC AS — Based oo l he dose alter 
early «l- ’tidiness. Volume uus again 
poor. Dresel Burnham Lambert reported. 

Prices 'to Order, buyer, sellar 1 — June 
203.66-44. 50: Aug. IW.O0.92.UO. 1W.0U: Prt. 
Uornlng: Throe months 1318. 20. 20.5. unqiioU'1'^U. Dee. untjuoled-ifl.00 ! 

‘in.w> (same I a tonne eif for June-July 
shipment. While sugar daily price was 
fly ed at mi.tlQ <G 00.00 > 

After opening at about ovemipbt levels. 
prices drilled m nwcl trading, C. Czarai- 
kow reported. 


^U2BI 1 

l"ref. 'l'eeiertiiiy’a 

| Previous | 

1 ifiuiuess 

Coiiini.i Uom.- 

1 L'lu»e ; 


Conn. J 

1 , 

1 1 


COVENT CARDEN I prices In sterling 
per package except where slated » — 
English produce: Potatoes — Per S6 lb. 
AVhite/Red 2.80-3.30. new crop per lb 0.08. 
Leave* — Per u 0.40-0.50, Cos L 20. 
Carrats — Per bag l.Bo-140 Onions — Per 

50 lb 2.2D-2.60. Rhubarb— Per lb. outdoor 
0-05. Cucambers — Per trey 12J24S 1.50- 

1.90. Mushrooms— Per Ih 0.20-0 «. 

Tomatoes — Per 12 lb English 2.60-2.80. 
Greens — Per crate, Kent 1 D0-L2D, Cab- 
base 1.50. CauTt Hewers — Per 12. Lincoln 
1.60. Rent 3 003.60. Celery— Per 12 MS 

2.SO-3 Ofl. AsottrasiK — Per bundle approx 
: lb 1.00-1.40. Strawberries— Per i lb 



GRIMSBY FISH— Supply ntoderalc. 
demand so ad. Prices ai ship's side * un- 
processed 1 per stone: Shelf cod ££4.4n. 
codlings £2.50-1X20; large haddock £4 00 
£4.60. medium £3.40- £4. 00. small £2-U0-£3.0O ; 
large plaice £3.70-£4JO. medium C.70I4.3O. 
best small X3.D0f3.88,- skinned dogfish 
florae t £9.00. medlnu £6.00: lemon soles 
£430 t medium i; Saithc £1.60X2.40. 


LIVERPOOL COTTON. Spot and ship, 
mem sales unounietl io 92 tonn-.s. bring- 
ing tie total tor the week to rsi tonnes 
against 4S3 tonnes. W. F. Tanersalls 
reported. Limited dealings occurred, 
with only scaiirred support from 
customers. Most interest was displayed 
In African am] Middle East era styles. 

* ■ 

LONDON PALM0IL Closing: -Time. 

July. Aug TOO 90330 no. -Jfrl 0033) 00. 
Ort. 290 00.220.00. Nov. 2SJ.003l5.IHI. Dee. 
280.oo-3io.Q0, Jan. and Feb. unquoted. 
Sales: UL 


£ per tjQOB 

SI 20. au Kerb:’ Three ££', inMflT- : ^ b - 179JxP?4.90 178.0 0: April Aiiij.....|l ( L5.lW.b.ffi;lij4.8a.i}4.85j 

2L Afternoon: Cash £311. ihrw iwmfa June I61.00-unqnou?d. JJri !]“*■« l 7-« v * JuJ,s - 8 * 

023. rc. a. 28. 19, 20. 223, 22. Kerb: Sales: S ‘Ol Iota of 17^50 kilns. Dee..... 1 10.16- H Q.25 

Three months 022. 22. SUL ' Umvli JllB-bO JB.O.i 

ZINC— Lost around. After dipping la GRAINS Aug ’ !l2« 2^25 DO 

£327 on news tint National Zltjc Had *** AUk 

J18. 15-18.23 
1S4.M..5 .uU 

Ki 8. 25 46. 50 
119.60- 10.00 

rescinded its 2 cents price, forward meiaj LONDON FUTURES fCAFTA^cat Oct^ 
recovered to touch £331 « one point, and ll°0 lover and In j sales: 2.552 t2fid» lots or 50 tonnes, 

reflecting shon-coverinft. This rally compk*'' 1 ' nurke* some hedKc Tat^ and Lrlt? pr-refinery price lor 

petered out in the afternoon, however, 9? ” K 2. ,* fl^o f r ,, OD granulated basis wbiio sugar was GH.40 

irilh forward metai casins afresh Ip ctoii SQ-tO lower on barley, Acil reported. a tonne for home trade and 

I *. 730 
! vauD 

5B.7 fa 
s bee 




283p Min '2£5pLiJo867(>kiJ<j 





at £326 on the laic kerb— a fall on ih* * ~ . 

ireefr of around £22. Turnover 4,n50 WHEA 
tonnes. lY 




S nuint li>. J 

■ .III. 1+ or] p,ni. jt+o r 

UftU-ia. — lUnoflluiai — 

! sable v 

•-tcnlayV + nr ! + ni 

■•"••e — 1 i-ii-i- I — 

£ l If 
illB-5 j—8 J 517-B 
329 30 1-7.75 327-8 
319.5 8 ' 

rrm.Wcii - i ! 29-31 

* Cents nor pmnw 
oJBriai dose T SM set nlcnl 



>ni . 



liM \'r- 

I 31nv 

tfS.85 0 . 15 ' 

flU. to ' 0 . 2 E 1 
iO.85 l—0. 35 1 
93.60 o. 15 : 
V6.05 | — 0.M[ 










X162.0U isatnci for export. 

international Sugar Agreement; Prices 
fur June 6: U.S. cents Per pound fob and 
sioiu.-d Caribbean port— Duly 7.4a l~.14i: 
15-day average 7-41 (7.405. 


DUNDEE jute— Q uiet. Prices c aod 

°- 55 f UK for SepiL-mb'.T-Novcmber shipment 

Busini-N-' <tone: Wbem-Sept. 85.90.85^0. BW'B EU.7, BWC £254, BWD C4S. Tossa 

, . _ _ ?:ov. Jan. B 1.6040 S3. March BTB EIH7. BTC C55. BTD I24S Calcutta 

„ “7 orevimR M W _ 5 J oil. May Sales- 47 lots, goads steady. 

. — - . . Quotations c and f UK 

Barky— 20. Nov. S3.iKLS2.i0 for prompt shipment fO at 40 inch £9 a7. 

blornins: Cash 1319. three monihs S3I7, Jan. *5 6-»5+®. March nil. May nil. Sales: T. or £T-&1 per 100 yards. June fS.W. 

28, 29. 30. 2A3. 30. Kerb: Three months 42 W< _ , f7.75. Joiy-Sept m.TE. £T.G3. B twills: 

£330.32. AUcrumn: Thru: months EOf£. »CCA--n*-to”n spof prices for .him: A 0738. £27-94. £27.45 for the respective 

29, 28. 27. 23. 26. M.5. 27. Kerb: Three Feed wheat: Lancashire £97.00. Feed shipment Periods. Yarn and doth vary 

months £328, 25-5, 26. 26.5. 26, baricy: r>e nl «0.4fi, Lancashire £83.60. quid. 


& ; -June S | 

Mnnth nts'* 

T-mi < 

246.35, 249. SOj 

245.61 | 



Jim* 9 J June 8 1. Muni 1 1 <1^1 1 \twi us* 

1525-0] lii 32.8 1468.7 I 1616.9 _ 
1 Bare: Wwmber IS. iMlsIOOl 


Dow 1 Jung j ane 1 \j,. n ih 

■I. 111 H 3 8 , LH . 


...'357.8 , ;358.66 357.964 11.78 
Futur e 1350.14363.66 347.49 384^ 
(Averaur mui 






-i|.le LVtidrtil cl 


VJ 1 Hlb lli 1 

Copper and 
metals ease 

NEW YORK, June 9. 

COPPER BACKED and filled to closo 
lower on lucal and Cummhfsum House 
*cur1a>. Precious mewls bIim closed 
easier an Commission House LauidaiJon 
and chartist ■jcllins. Bache reports. 
Coflec dosed sJiarply lower oo continued 

Commission Home and speculative 
UqindaUon Crain complex cased on 
renewed Commission Hoose htiaidaUon oo 
prospects of belter planting cunditiona. 

Cocoa — July 131 JO 032. SO). Sepu 12T.75 
1 128.30), Dec. 124.00. March 1-1.50, May 
119.90. July 118 J5. Sept. 117.00. Sales: 
rs lots. 

Caflee— “ n " Controci: July 171.0B 
1 173.581, Sept. 1 62.00-16260 1 163.00), Dec. 
153^0- 15 L00. March 144.00. May 140.00 
Hhked. July IJB.13 asked. Sept. 140.00 
asked. Sales: 620 lots. 

Copper— June 63.00 1 63.40 1. July 63.40 
<63.801. AOg. -64.00, Sept. 64.50, Dec. 66.20. 
Jan. 66.70, March 67.70. May 69.70. July 

69.70. Sk-PL 70.70. Dec. 72.20. Feb. 72.60. 
March 73.60. Sales: 6.000 lots. 

Cotton— No. 2: July 68.9l-w.00 (50.35 >, 
Ocl 61.50 162.001. Dec. 03.01-03.10. March 
iH.HWH.12, May 64.7044 fiO. July 63.30- 
6o.60. Oct. 65iD-66^0. Sales; 2.SSD Inis. 

'Cold — Jane 1S1.50 1 182.00 1. July 102.40 
osa.901. AOS. 193.50. Ocl. 15620, Dec. 
1S9.D0. Feb. 101.60. April 194X0. Jane 
197*0. APS- 290.30. Oct. 203.80. Dec. 206.60, 
Feh. 309.90. April 212.00. Sales: 5,137 lots. 

Hard— Chicago not available 
1 22, SOi. NY prime steam 2425 traded 
/ ?4.0fl>. 

TMalre— July 0551-2365 <257Ji. Sept. 2571- 
23S <259 1. Dec. 2601-2604, March 267-2671, 
Mnv -.'TO'. July 271. 

SPIadnum— July 244^0-344.90 f244.60>. 

Ocl. 243.50-246.09 '24fifi0L Jan. 246.30, 
April 250 70-230.90. July 233210-253.40. Oct., Jan. 158.10-256.30. Sales: 

1 025 inis. 

*1 Silver — June 524.80 1527.701, July 527.50 
330 401. A tig. 531.00. sept. 534 j0, Dec. 
546.10. Jan. 550.00. March 5383, May 

566.70. July S 75.50. SepL SS4.40, Dec, 
597.00. Jan. 601.60. March 612.00. Sales; 
6.300 lots. 

Soya beany— July 6*9~fiM n*n. Aur. fiSQt- 
6R2 .B81>. Sept. 663. Nnv. S3S-676. Jan. 
0,‘CWMI. March C471. May C31-632. July C3J. 
"Suva bean Mul - July 173.80-174.00 
172.901. Aufi. 1 73.50-173 i# f 174.70 1, SepL 
173.50- 176.00. Oct. 1 74.00-174^0, Dec. 
]7ts5-m.40. Jan. 171.50. March 173.30, 
Miv 174..UI. July 176.00. 

Soyabean Oil— July 26.00-25.95 f 26.03’. 
Atu;. 25.Sn-23.40 (25.SA-I. Sept. 23.00-24 93. 
nrt. 24 4n--.»4.25. Dec. 23J0-23.40. JllU. 23.13, 
March, May July 11.50-22.60. 

Sugar — No. 11. July 7.38-7.39 <7.39 1. 
Sept. 7.55-7.57 <7.56<. Oct. 7.65-7.67. Jan. 
S.12*J0. March 8 42-9.41. May 6.57-S.6A. 
July S.TO. SepL S.»5. OCL 9.10. Sales: 
3.926 lulv. 

Tin— 5aC.00-W3.0l) asked i554.00-5JS.Ofl'. 
••Wheat— July 317-318 <«4{s, Sent. 3191- 
3181 i32«Ji. Dec. 321-325,' March 324, May 
322. July 3191- 

WINNIPEG. June S. tiRy#— July 107.20 
107.40 bull. Oct. 106.40 H06.90 bun, Nav. 
105.7U nnm.. Dec. 104.5 0. 

titJats— Julv TBfiO 179.60 bid), Oct. 
76.00 asked <76 50 bid). Dec. 74.50 asked. 
March 73.(0 asked. 

^Parley— July 77.70 f77.60'i. OcL 77.60 
77 00-77 601. Dec. 77.40 asked, March 
77.90 nom. 

5 s Flaxseed— July 261.50 f 261 .00 bid). 
On. 2R1.30 asked >261.00 bid), Nov. 250.90 
Dec. ?37.TO. 

trwhoai— SCWHS 13.5 per cent protein 
content nf St Lawrence 163.06 1 104.71). 

909.9 699. 

iDeremhrr n 

All rents per pound ex-warebousc 
iinlcsa oihr-ru-ise siaied. *Ss per troy 
r,unco«-l>iO ounce lots, fCblcaso loose 
fs per inn lbs— Dept, oi An. prices pre- 
wans tl&y. Prime steam fob. NY bulk 
* Cents per 58 :b bushel ex- 
s.oon boshel lots. 4 Ss per 
ror an 07 units of Mfi per 
fiolivered NY. 6 Cents per 
•-warehouse. [[New “ B " 
-- a shun ion r or bulk lots 
"ns- delivered f ob. cars. 
., St. Limit and Alton. 

■a 1 Ih hiiMv-1 In Store. 

" s,i<>h.’l •• Ci-nis per 

•" •■I'.r- -t 1 . his per 

• 1 ,'hm uusbel 

lank ears, 

1 ray omu'- 1- 
ecu' pun" 
rny i.stiiri 1 
nnir ')' 

| 111!) rl 

EWT7SH rtJNDS (7TD 1 ‘ 

rrtish" Transport 6 Slk. 1078-83 810 si.'ejijw* c , c .^ ljB S. Rd - 910 (8 61 

i*0 60*".rC 2 *« «*: i; Vi 2'* 1 "i ! ric; -yjr-.^c-' :nS Co. 7p«Rd. <1978-80' 

Vun Anns. I S’*® ’8. 6* 

Sfcc British Transport Stk. 197e 
irO ■'•a SO'ipS 2 *« '«• l ; Vi 
S»w . . 

Z^ix Cons Sue -H i 
4pc Cans Ln 331,0 2 V® 'it S' 
S’spe Connsn. Ln. !5 ‘j® '•‘kO ■ 

3srr £*:v.-:ii«r SU. 66;. S'«0 '• 

- - . . i- :: ••T7TU-JJ'- 

. • • • •, - ••* ■. '■ ■■■■ - 1 j: -t : J C .- P 

Vlnimdal Bines Saturday 

•T-c s '“o’Br.i M'iocBa. (I9SSJ 96 | 
<• C-—.a-tt9l. .ISSfi-aai 61 f 6 6 > I 

,4 sw sw» «3H™S 
1 senior JJ* 

4,452 Wednesday, June 7 ..— 

5.203 Tuesday, June 6 

Monday, Jim* S iminVui i"in Ajm 

Friday, June 2 . 4,998 

ftwrson <SJ t^g> 

&*3wiy5 61 < 

Ln, 78 C7(W 

8Vk Exchccucr Stk. 1983 93 - :/ ‘»0 '■? js.-rre, Cs. ficcRfl. (I976.e3> 31' 2 
9 1 oc EKcnecJtr Stl. 1082 9 2 VI '» ‘-Ik * S C:r3. 3':ot 23', <5 6' 

», . ! T.-m-.-sldc W:V0. Br. IC-'jotRd. (1984-85, 

O', or IWlMiW. SW. 1932 A 92-- ■■ '■■■ , 54\- __ ,, _ 

37-64:ftS “if.: 57-64tlri 41-fi4:h» . Y.taaf C-. 12pcRd. .1986) 97'»o 6% 

21-64ths I ',1 S'. IZr-Rd- '1986) 9- 1 : 

9'ipc Exchecuer Sik. 1981 95* I vwjisiii 6'-rc»t 96 : ; 

10-4 DC Exenecuer 5lk. 1995 37i;0 6J<5 ■/.••i-nimsie- 1 3»cRd. (,981r 102‘« 
y,‘ 4 1 -; B'i J . I 166. 

«r ; ao Etthtcuw su- 1997 eruo ;.o '«e; shopt dated bonds 

6=4 9'r a 'j ■; 8 '* '« ? 'it ’* • i. : FPEc OF STAMP DUTY 

12k E7:*io<;u?r Stk 1909 94 . irfi 1 :»C e . Ri . .17 ■7a, inn . _ aoi . 

5:- 5 s-S j:>i» Si .'j 1 ■ I 9 «sc Bo>. lOO'inO 99 r rt 

12Cpc Exchequer Stk. 1992 10 Q?k« 10 * j - J T * 7®'- &9J6$ 'Igfafi 

I 1” 61 _ The* number oT dealings marked In each section rollons the name of i*w 

j $ C r'.,5 jiJ -si Ia ®!’ 1 section. Unless otherwise doneied shares are □ fully paid and stuck qqo fu/'y 

T'nV-side M:'Vu. ‘fir. VcLocRd (1934-85, Paid. Slock Exchange securities arr quoted In Bounds and iraulgns or pounds 
, 54.'. ' or in pence and fractions of penre. 

. Y.*var,c: i2pcRd. 19S6) 97‘iD 6% The list below gives the prices at which bargains done fay memuers of 
's 5 '-, e l“?‘- i -“-, l l J. S8 ®> 9 ’ 4 The Stock Exchange have been recorded in The Slock Exchange &a< J Y 

.ri iSoeBrt r,4,ni. ,nn Official List, Member* are not obliged to mark bargains, uccsi in special 

- • • BoMM flow H7'Yflf6} •. 

markings and also me latest markings during the wet* of any share net dealt In yesterday. The latter can be tBsUogqtSbed by. p^J^P^^itijMStOfS (ZSojM 2 ®! 
ach section follows Hie name of im I cases, and the list cannot, therefore, be regarded as a complete record of ^^Kon Gni> -l 1 , 

P©*nlric Motor ure. • M j 6( s> a* 

pS58k i1 1iob) 150 a ** 

Slebe C*PTSgL.5!°5L^g£JgM * . 

snnedt - TP» , ffT D ?™ , 7^5?T^s5!'C‘ . 

cases, and the list cannot, therefore, be resented as a complete record of E*™*! ®LV5j,«u. 53 lSK v t5«SSn«33». ««-' f-'-: 7'- 

pntes at which business has been tfcae. Bamains are recorded Hi the Official hwo- Jf^5J£ ar, ?£cStiff ^Dot*at<i*Slil-lni7- tj» ~ 

List uo to p.m. only, but later transactions can fa* included Hi the follcwtad ^ijf^ L pTt^ti M 2* i.'iuini' a^r - ' 

day's Crucial List. Me indication is available as to whether a bargaia mp t e seu to Phoenix THntwf 0®gV go smnnwtpHi.-H MW^^ °5£jr?4^ : -^. 

a sale or purchase by members of the public. Markings are net netxssantsr Pickles IWIimJ A n.v, silhouette : g-ojgg* 0 - A- '-i 

in order or execution, and only one bargain in any one security at ate' one '£?£? *47* t« ^ 80 77 8 a ■ ■ IgW f^45?rtnna -- 

price is rccoroed. ■ - - -■ Pdkinoton Bros. «="» - SUverttopree SE»vV«’rw«*4— 

12 ~: : dc Evchenuef Stt. 1994 lOO'.O =', | B; : k 5 «. , l S/J!51 1 9 SJj® ,, 

T2i : pc Exchequer Stk. 7981 ioar.0 *0 , %. « ££ , f- ”■?© * 

- 4iu I *, cw • -ill >7a on 1 1 i, 

Eccrs-ya^r Sfcf 19S0 1041..6 4S 3 ,0 j ® g^; ,n i, 78. 98"-® 

5>K ' Ln. 1978-80 93',.® -.O ; *.£ §£ .'iV l’ ya^aB ? V 
5j.V Funding Ln. 1987-91 64.® S-. J * | f^Vf' !- i IJ ? 2 ? S ‘t 

Bdc Funding Ln. 1993 61XD 2* '« •«: J- ! 7;-« Eds 2e.iJ91 98J. 

: Biirpaini. at Sp-cia! Prices. A BaruJin* done with nr between nor, 
F.rchanpr. 4> Bsrvains don lor ■fi-ltverv or "no biiyirns- 

SMaloyan: SMc— AMvxlcan: SNZ — flow Una land: SS— JSmsapore: SUS— ; 

Sime DarDv London tlOpl 140®. 7:;P£ I'TOK t2Sol 1870 90 89 

P?. 72S* 6'4:® CO';- 7'4Di^.n. fig 

Smith St. Aubvn iHtdas.i (2 5 pi 87: Borthwlcl' iThcm*si Sons r 

Star.dnrd Cnartcrcd Bank 402:® 7* 12 9 SI 

gizPcPf. 96«* 

nntatns pi Sp-nal Prices. A Bar^jins done wiih nr between nor. r.'.- rr-ert .* Bargains done prem- us day ! Bargains Cone with members at a recognised Stm9t S^Sl? ISB=Rb?is uWPf^^ssii^.r 

i-hanpr. Jj, Bsrvains don lor di-Iased •icltn-rv or no biiyine-ci 5 .\— :.lit!ir.' , iait. J-B— SBaluzuaa; SC— 6HK— iHoa* Konan 3J— SJamaJtao: 3Ma— • fScxrhbrocoh} Q£n) 78 » 6« - .. -- - - 

ilayan: SMe— 4Mexlcan: sNZ— New Zealand: SS— SSmsapore: SUS— »ti-,it-1 ^’a--i jY-'l— iY.'tst Indian. PieouruM <Sol71 1QQ m T0Cl i. aS^i^naptasoi , 

' - n«4M (SO P/ 9WJ VJV ■ rbwNdilHf fZSPJ 1 • 


Si me DarOv London tlOpl 140®. 7: : pc ?«K t2Sol 187 0 90 89 S 9 SrcLn. , 70:0. eDcUns.Ln. 63 
Pf 72:® 6'4:® 80';. 7'4p.^.n. fig | Duple intnl. (Sp) 16:,® 1- 3, 18 

Smith St. Aubvn iHIdas.i (2Sp1 87: Bonmvicl' iThomasi Sons fEO: 4Z:5 9': j OuPort »Z5 p: 73:-® fe ,6i 

Etar.dard Cnjrtcrod Bank 402:® 76 12 9 SI Durapipc t25ol 116 IS tB 83 

: s J 8 1 1 9. 1 3 'ipcUniet.Ln. I03'i Boul-On and Paul 5ncPt. v 5 tr 6 j R““? n ^ F6r,l ! i "S G"S. (25pi 45 

1.3 61 Boihion <Wm 1 tCrcup) Clem 17 <4. New 2*»ek Grp. tlOpl 9 f7'6> 

Toronto-Domlnion Bank (SCI 1 314 , i7.6' „ *ICt>i IS'.:® 171. Dykes U.) (Hloos.J C2SPJ 29 tS'B3 

Union Discount London 310 Bcurno and Holllnrjj^onh f25P' 97 6 61 

BREWERIES <I58) SF« ^efsi ,Mo 90 1 = J 2S s ' rB<: E— F 

Allied Breweries i25pi 86i-® S'; S -'i •} 6':. ISwhSree ^HMos" - * iV^ ” EMI ,5 °P» 1d S 4 3 T: Z 402. 5c 
S‘;p«P(, 44 «7.Bl. 4'40CDB. 1979-84 74. 7W B * 51:0 Ln. 37.. (7i6). 7-.pcUnS.Ln. 57 

1 974. A4 7? a. 1H 61. ei.ocDD. S- . 1 . ‘■sj ’- 'TO • Df6l 8 1 dcUiili n 10(9.0. S7 mo i 

B»:pc Funding Ltl. 1985-87 77 ; '.oC B'o •: I 
-S. :« I 

3 1- nc Funding Stk. 1999-2004 35 6 | 



Ibstock Johncn i2Soi 176 (J6>- . aji 'iTnai SI wm jnun U4 w>- 

Illingworth Morris CZOpl 32 C3WS3 ' . Boiynwrl- l«nl- tlWJ » Smith pettitw, 

Imperial Chemlrel Indrafts- 5831* 4*i5*. 209. BocLn. I34ts UM-iA 

9 6: 7 6 5? 90 88 S 21 9J 32 A fl>z. p "9'» l2M! SniiTh fD«*B *- 

SijpcLn. 45';® 7>4. 7UpcLn. *3® 34- - t20o] 113 smith (K.»i’. 

SscLn. 8514® 40. TOVtJcLn. 8*A0 . 1 E9!SL_ c ifS tl tfJ Newspaper* B*P) B Cl Op 

Imoerial Group <25 pi 73*4® 6b Th. * Suod«rl*w» ^ uwtU.^ 

-aiLn. 88 (8 6i. 9>4pcLn. 72':® <»"6V *1 *7-* } , 500) 177* 5 B. 4W«odP!.. mfl> v 

6.9ocLil 91 (7/81- 7-SpcLr- . 56 It CB/EL. AmwII Duffryn mBOPI Srnltn l'N^i 

BocLn. 1341=1 

EMI f50p) 145 4 3 7: 2 402. SocUlH. VSSl| C (Ste.*io2i‘*ts f7*i 
17i6J.71.pcUns.Ln. 57 (6/6). iSrtJal sJSicel 05^74® 

.9ocLn. 91 (7/ 81- 75DCLn- 56'4 C8/fiJ'«rell Dumy" LH™ . Smith Gro»‘ 

i.SocLn. 8O® a02. sSdS.^1 J»2P^\ 7 L» (25 p) MB 8 18/5} ; ImuQp Oe»»W» 

237Z1L ia %lA>l- 6-* r ‘?e •reSiii'NwVrsrt 7 ,iS * } SSSScjflSS 

i?^r 9Z f TiffS?" A'O 6 “‘ <H C.' (2o B t 743 eH» ^F L ,iii,~\ j [ntnl. Paint I25«i 77 (BMl 

•s'.peLn 45', 17 . B'. tlocLu. o. . Srasw,, tidal ' 3 t.R.r. [Hlcos.l i.ap) 108® iBICi I Inmi. Standard Electric rn 

Mt.®! Ftods. non} 36*. Sot SSSd^' pVdClaJJ Hill Lime werus «fc: E«‘ ^^mre F>aper _ Grp. (25p> S3', 1 Ln . 

[SI- j BiblMi'S'l.r 74'^*® 52® Oin S®" tSp> 23 U ~“" ” ’ _ {g i* j, , -nrirt~ BrmeC &® P^?ga fe.28a -r r 

:PC inur-City ln». i2Dpl 12L (8161 J6t6 ) nOoi B4.®cP*- fcrtb«» T&Ca©^£^*“ 

j Intnl. Paint t25fii 77 (Bf«i ■ ■ - . HoicilnBS CIOPI. f°SS!2S? ^Sbw (HMnS^<Mcv«r- 

,. tnmt. Standard Electric Con. S'kJcUdmc. _lOOt .«_> 1E g • Sou*??' 11 Conwrus® . w v 

- , 1 ! 5 l -_T’ mb « r Cpn. (Z5pl 121® 2EQ U/filL 1716} real MI ffl/81 a 'SarCM C25pT 23*:(8*8} • -V- 

- iMsmsikGiniAinv at 

jsTB&iihsnof 7 **'** 

iw . . 7_ lt. - j t\ .7. 

61 sSSS*onf‘tw« s*o^s»£:<ati r ssb ;; 

East Lancashire Paper Grp. (25p> S3> 
>- c i gi. 7 .scUns Ln 65 

Eas: Midland Allied Press A (Limited 
voting) (25r> 90 I7'6l 
Eastern Produce (Hidgs.) (50p) 99® 8 7. 
V/ar rants 50 1516} 

Eastwood ty. a... (5 p) B 8 
Ecana rtOpi 69 (616} 

EUDrp iHIoss I (25bi 157 <5'6) 

■-1 -pcuo. Edwards 1 Lou,: c.i and Sons [Marv- 

. standard E^ctric On. 5 ^ tfSglM 


81-pc Treasury Ln. 1987-90 >.«• 

i; 5’i 

8';PCLl>. 1980-82 92'-W *< > *• '• »• 

8I?0C T'CS ul L". 1984- 06 87> C 70 '■ 
L J-: 1 \ 

8 '.pc Tr^as-jr. In 1997 75 -t 7 1 . •. 

9or Treasury In. 1994 y8'-0 5-. <*' 9 
P% . 5 

9PC Trca-.urv tn 19P2-96 73- + >.t 9 

V :• v \ •, 

»••»? T-e»surr Ln vigq 77 1 3-, 9' 

KUns In. 57'. ‘6 6 

1 Chester} (5pl 9i : ® (B'63 Industrial (50pl 25020 
Eioiet (5si 15i: (Sdi 
E ieco Hidgs. nOol 43 

_ „ Electrical tndl. Secs. '25pJ SOij. 5acPr. 

■/' ^jS '.:0 670 3h: .c 61 

EpC ElcctrocomponentS ilOpl 400 'B-6' 

76', Electron c Machine :25c> 26:-* 

I Electronic Rentals -10pl 1250 5 6 4 
SO'. .Elliott B.i -2SP> 109® 8 <8 6. 

J Elliott (E 1 fZ5Pi 30 i5.6) 

S' [ sllui: 010,10 ’Pe:ert)C’0-ighi ilop. 20 (7 61 

JS Kings. (5pl 74^1 (7/61 

3 ?^.^o7 i V3 « B -' l5, ’ , 2GU * « ,B >- 
■I2I2S tzsni 45® 

if™” fMaurlcei Iocs, reopi iSfe® - 

Oprouites (IQpi 71 C?f6) • . 

Q — R — S 

Spinuc-5atm> |H n 9fcS 
New «25pi ■ ,.1»4- iqgj 
Spooner I im ay>rjc»„‘ ^ = 

'amttWWT cb/6, 
lopcpi. 9911® 9 . I taw E . -g2s-jgs*^as^»Si&'-- ■ 

RCF Holdings i25pi 36 ISfB* 
vw r KKT Tellies • J .?•»» *? ‘7I6> 

flsa*"®. Bn7jfT.JUS5 m^pSUSSTA^-;^ 40 

Aw a _ T Crouo MOP) 18*1 18161 , 

Johnson Grp. Cleaners (25pi 87® A « l-Rakusen GrouB IlOp) 1* 
Johi»so3_ Matthey 433* ^cSiai ' shadiA 1 1 ftamar Textiles tSpi SL 

Status Disco unt < j 

StawHev tntfustriei 24S*j4- ■ ^7--v . %•:. 

Reckttt Ccjman isupi yT-pcLK 86® f8>8) - > •'• . .V ... 

,<«- i;ss*T£ss ■ 

RMfffSSfM^sS^® 5U 41 CB/6> . . , ’j— V 1 feVV' _ 4 

Redman Heenan intenwUonal (TOp* 56ii Tfta nooj 27. AOerff- bfW, 28b I V 

7 .17,6) _CM» ___ v • ; - >- 

JaV* ■Eiilot i25pT S3*‘ 

I a® 1 Lambert Howartn Group ;20pi 43® fi-2, 

7 f25p< -75 :g"™ 5J * J"- 

, I l5p ,ii”S?. ^.W, 50 " ,03 ° 20 ^ 4- Vs, 

A t5p) 1 Latham ij.j izo . first ' 5£f, J 

i, ■ Laurerce Seor. i25pl 113# . - . ”2 a ™ 

5 L « fl i.1|usmes I50pj 152. 7pcPM. I50pj R «JJ a * 

Sot 42 31- B«' lE.) -ZSPJ 43 Rdvoii 

501 4,l 3 -|Leb*ff iS.) .Fabeu ilOp) 51 <Bf6] ' . L"-, 

1 Lebua iH.) i25p) 48 5 Penold 

Lee Re-mge ration iZ5p) 71 (5/6) 7 \pc 

iccOb. 7B-B3 
■92 68® l.®- 

7UccDb. 90-95 66 [Tate 


38 (A'8_;. A CNrat VJ . 

RreJ'iWilllimi Son. '25P1 91 ta/6) ] VohShom» . Rental* f2Spi"l2Ml ■ - ‘ '7L - \ 

Reliance Knitwear Group f20p} 43 ta • Teni^ra 1 OpcStlp fOoliar tjL'JSO.WfC) • 

Reliant Motor Group CSDI 10>4 «: »4 Tern-ConsuiatT T25P1 S« «MS} ' " . \ 

10 sir „ , _ Teseo. Stores (HoUings) <Spjj4*. 2 iij.. , 

Retyon P.B.w.S. t25pj 77. 7LtPcUnsec. 2 i! 3 ' 'T?-- ' - 

Ln. 602 f8/6) Textured Jersey nOo) 24 CSJS}. •• .i.. . , . 

D».|4 1?Citl 9 8 7. SnCDta. 56 (6161 The Tima. Veneer I3M fl •“• T - - . 

Penold 126® 5 8 7. SpcDb. 66 (6/61 | the Times Veneer (Sol 8 

Vjr.iw Pa:e Tr-rasury 5tc-:i 19ST ?.? 

Var!:*:'e P,i!« Troasurv ^Iccl 1*3 
‘ t-CCTt .-;••• 

2’:er 'f/t- ;; , • 

Britih E'n-V.r z ;o< 95 . I. 

95 ' 

Br'-rh Gas 3(>c t: ■: -74.; 

N-- 1 * p! S:j:!nn H-c'-o (k . 
Nc^*J'<jrn __ Ire'-.-n r> : E-tkeane- 91 

3 PC Fc<? : -4 5*10-1 f.Or k -'1 1- 3< 

SCO: sco 

rck 1932 95 I Si-:. Am.:-.n C;~ 1725* 19U t8 fii 
i B - I-+L-I1 L74-- 5 es 

• • .- '< i E-ark M;r.;r'.il ' C2 15'. '? -S6i 

! ; . i. 4 .pc | dir,. iiutn Wales ‘.Lon. Rig < 'A2> 

7 4 . s- 4 - i air.'? iC:”i - 3 -Gow.i 2EB 90 

Ec.l.xis T t-*.« York £SUilO> VUS’6 .2 

Zealand Bkg. iSAl- 300:® I Vanihestir Slur C..nal 222 5=cPI 39 : I ftli r. 

is«i. 6'iprCa. 33: ‘7 El ■'u". 

f-itr, Pickering Grp. IlOpl 77 

1 M«rw>* D«Vs U-i-Ln IS a® 20r. T9 : , P ur . 
20 € 61 J'iPCDb. 1C7J-34 d 2 : Bu-s 

3 jscDb 1979-09 39 .7 6i 5 vpcDb ' 4 

74': g'-pcDb 4 1 * a- *3/6 1 J 9 ,-r. 

M.lfard 0:il<. 74 .S'fil I “i rn 


Ctc R(*»rtfl*ricion i25d! 71 (S'g) 7^pcl/ntK.Ln. BO 1 *# TKiomson Oroanisatlon (25p?_ Z53fl _ &O0 - i< *- 

Lee Cooper 145^0 6:® 400 SI 8. 7PCPT Rentokll Group (IOd) SB 1 ^® 9® 60® >*0 3Uf 47; 4^2pBl*tP|f , jtlff: ee*^? ! ' - 

SO <5.61 3 /PCCT ' Rcnwtck Group <25ol 42 « 3 ‘!« : s 18(81. 2t.TK;P(. 4 ZHiKSJ® Ml . ^ - 

Leigti in-.erests >Sp) 175® 70 Reslmor Group (25pl 140 (5'6> Thorn Bee. IndS. (Z5pl-S24 6 ?_4 gj. - - ,-■ 

Le 3h Mills -250) 19 iS'61 .. - n,«j«i. (79nl 84 (861. New 6l>cUnsecd.Ln 731* tfiiBJ. . SPCUBSMdin. 

Leigh interests >spi 175® 70 

Legh Mills ‘2Soi 19 i5.'6i 

Lesure Caravan Parks HOp) 131® 30 iB/6} 

Ltnions Group flop} 35 

Lesnay -S0J 800 77 

Restmar Group (25pt 140 (5'6> 

Thom Elec. IndS. 

Reverter Chemicals (25pl 64 fB6). New} g^wcdjLn 73* 

(25 Pi 6J 7 >816} 

Ricardo Engineers (1M7) >j2W 147 ' (8.‘6, ^“‘(ZoSr'l 181^'f 19^7t 18 

994 9 (8/61 ■ .*_= • • 

niburv Contracting Grotto .274 82. 

Richards Wellington Industs. (10p1 82 

5 2 S pc PI. SBij (S--6}. focOb. 74 

C* : R PC ^ A YKlSS i"*) 


Lwd;<i in ,. . .j, i. . .-.. t sa: ZS . 

ip'- "9 •' c. i -.i a< ; :. 7" ■ i 

Li* : Oo il--~ 79'a- 
P? ;i-i7 66 4V Cfi 91. bpi 9-. t .f. 1 
6 j , ie.pi 

Ccr = . ci Lvn-::n S :pc 75-78 93 .V •• : I 

I • ,2 tv-L 322J® 2® 1:® 30 70 

J '■■ :f I .. L. Z6 2. 17 5. i'-D.I * n 

l Urvti.Lii 66 j ■’ *» 

E <.•.- C. - i mini. TUPcUnstc.Cap.Ln. I 
Ci'. 'Si. I A.A.H. i2Sd, 100® 2 <6.61- BpcPI. 45 

5.o.r, .^ln•;. hi-js. 227 : .7 j, 

J Cii l»a. Sin Com, <1C2 i 2tO. SuB ab Electronic Products Go >2 Spi 122 

1 •!“ ,"V*- 4 0 5 - 4 1 -\uB RuiDlixh II Op, 92 

w ..r _9. 335. . . 1 A P V Holdings <S0 p1 215 18 < 8161. 

Chip ■ dVrCOurt-HlVw. .20o‘.‘ 79*5 EO 1) AiSrcTm^irlSs^.HO.JO. 101 ‘0i61 

: 1 K ‘mme.-v'al Sydney (*A! • 1 60 : vS^lSPjf 11 J-* ® “’* **^_ _ 

?' -re-riKt L.'vKr*, t ' --I . 

c -™-Ln 1 ?«'- .*<b. "• ' 

5 i‘<"ijn i”.--'ip .‘^dei j . - ,51a, 
icon, trs “pcLn. E8 -7 ;.. 

! Ln. F.3 ■ i—B- 

' **Dt e? . f a 

Eu-te-iiclj Hcrvev I25pi 5} ;4 , 

C— D 

CH Inau'.Irials HOpi 32® '3/6i 
r •n'r.-or-n Grow :Sd) zz'-tr- J* 
Crif-v i25pi 51 Si 

-. e , F ich Lovell (20P> 61 
' ' F<TiWil:on 12501 45=: (6 6< 

. .... Fl>gh; Retailing 'Hides • >2Sp' 
ftaidnve Era. -20o. 76 7': 8 
- fadi-ns ■ SOP' 57:.-* (e,6) 
r:-4ri» i’5b' 130 16-6 ■ 

Lev: and Pain; Wallpaper l25d] 69 

Rock ware iZSoi 1 38 7 (BIG, i> • 

Rolls-Rovcc Motors HldOS. a 25p1 931* 3 T<we <75al 53 4 rg>S> ; 

R 52" er .”I1<‘ ,s - ,25 °’ ^ <3lei - A I25pl rSm- ' Mdlbdiirn (HhfOS-1 OOpl 

FiMTCO Mi-isep (25 p 1 58® 9 
Foster Bros Clothing <2£pi 110* 13 
c ost ?r 'Jchn. (25pi 33 

Fclhorjlll and Harvev '2 Sd> 100 99 Liiirpoo ”Hleor'"i5kHL’*’i 10 ji an unci New •»* pd.i ’50p) 410 B G R '- Gm. HOP I 43 15-6) N«S? .25^ 131® M 28* 30* 1«»W» Hotels .25p) .165': 6 

«rii’C* Infl'isl. I26cl 66 '5 6l 100:-: 3 '® 30 " 3 °" ,2ocLB - Royal Wgrccsler i25tl] 131 30, 

1 F-^ncIs Pcrker (I0B< IZ’i® I3 1 ? Linread <25ol 39* ' florin 95 , mra 89 i5/6) 

Freemans (London S W 9) i25ni 3200 201 Lister <25p. <6 “ siipf sIS* iwki R «»« co l2 5ol 34'-* >j® ij 

Fr-urh Kler Hidgs. '2Sai 29* taB . 4 u » ,1 w ‘ Huberoid <2Sp1 37* B ^ , 

soi. n* 2, Hldgs. f^SDi 76; kt 5 b Rugby Portland Cement (25p) 7 

Frith m G) (2 Ok) 57 . -= 6). 7-*ocLn. 63-.-® (8(61 i5p) 53:.. 5pcLn. 47t 18I6I 

J l"? 11 */ 'Tnomes, (SpJ 20®. A Ryan (L.l Hldns. (5o) 13 u 18/E 

I Liven iHIdgs.) -I0pi 20 
J L'Hev F. £) <25 p) 720 3 
•Lincrott Ki'gour nop} 58 6 (6/61 
I Linousa-les -25p} 1570 

46'- <8'61 59A 5 _ 

RDWII! Hidgs. I5ni 18 TRrtSlgar House (20pl 125® * f-B. 7pe* iG.B.J ilOpl 56® ' Ursecd Dh. 47. 8ocUnsecdAiu.6« ’Wtl. 

Rothmans international B i12/,p) 54 h 10i*pcUnsecd Ln 741- r8/6) .«•••• 

Rotoric .lOni 1 24® 6 i# 18(6) Transport De*t Groiip C2Sp)^ : 68<a0 71 

Rout I edge Kegpn Paul i2Sp} 178# 1616) !7a lT7J >- BUpcUnSo) Xn 63 li« 

Rows tree Mackintosh .50pi 407® 12. Tra n wood Group (5pl 4 tS*} ■ • 

New •!* pd.i <S0p) 410 B Travis A mol H I25ai 132 (7(6) ■ 

Rowton Hrtcls <25p) 165': 6 - Trident Tv°A . ifoSl 47 tF - . 

R SS al K %? rt * 5t * T 12501 131 30 - 9ocU) - TwShff faw 

' 5 'll., ,, ,^4, . Triplex Foundries Group (25p) 7S4> 

Cr;vc;n corn 6 *pc 86<* if 6) 

Ed -cjrui Citr fl 1 1?0 22-64{hs 
19-E4:hs 2 1.fi4:hs i* — 

Ei-'turg** Cara. C ! ;PT ??•. i7 -ij 

Gl-sacw Ccrp S' oc 91*. '* 1 r '- ; .' 5 * r - 1 Ur ?l , Ha ’ J, " c ; (::5p J 50 * SO. AILod" Colloids Group (10o) 75 77r 

Gh-.^csta'; Cour.r* Cnci. S'*pc 91;* i Allied Insulators <25p» 71 iB'B*. New 

s 1 ic.e , .i*or: 3enson Lon-.dale ;2Sal 96# 25a. 70* 2 18.61 

Grr.-npian R^g CnCl 10' oc 9S . Llevds BvnL 274* ; c 3 70: Z 3 70 Allied R*m/rers tlOpl 263® 5:® Coro. b':S>'. 99'® * !.".-h la. 1964 S1>- J All.ed Suppliers 6pcUr.set.Ln. 63 15‘6>. 

Grrmr. th -Loneon 8orc-i?h ol ■ 1 1 '.pc . Lo r, »*i'frd North Central Spr issPI. 44 (3 5: . 6 -ccUnvte.Ln 52'* (S(5i 
Do - fl5,1 4 ' -"■■I 7? M im-lv-on HjHSvr Can. Shs. of Com T-:<it.l<s '257. 146® 

-• '* ' 51 a'. • 'SLu'.SCI 31* C J> Alolne Hidgs. 5 66 

HiTts,--n ii wrs 9 N 5f -sSi : M:r-urv Sxurlth-L i2Sd. 197S 7 S',tt Drinks HOP} 132 

9E ‘- W ‘ 6 ’- Con. f*LrtC2.50l »U;Vd 25 &. 2 .Vop? 

^ 6 )V/=V-64 t h, 9, , 7-v Ali^^-Ba^Mspi 

| J H, ‘ , 0 S " Wawt-B. 72T-. Miio.i w . G-> Sons (Tp 

f*\\ '*‘‘ ■' j K : ; .' 1 « r _ lJ1 ? , c 1n " HolJinci (25 p) 30# 50. ail cs Colloids Group (lOo) 75 77r 

r.t> Cnd. S-*PC 91:. • ••-'J ?* * * V* ‘ ; • ' „ Allied Insulators .25p» 71 i8'6>. New 

I Senson Lon: -ate ; 2 Sp> 96# J5a. 70* 2 18,61 

l| 90 7ar a -HS Intnl •’50‘jt ?4'-t> 

Carr .lohn. "Den^^smri •25-< 43 
e) 63 Carrlnoton VlvelU ’25"' 39 3 S'cPC 

Pton) C5PI 52 Pf 51 *5'6>. BcrPf. >21:® *; e> 

C.i.-rcn (H'dns. 1 T5U' 33 0 f< 
lOo) 75 77r Cable's 'Midas 1 '10 t« 35 &’■ 

n ft London Midland In 

London Ntnm. Grp 

GEI Intnl. (20 p3 75 , 4 5’*: 

ijaiijher 6niLn. e3-E5 73 (6.'6) London Brick (25o 

Ca.l.tard Br.ndiei> I5pi 57# .a 6) i4scLn. 14*s. (7, 

Garnar Scotolair i2Spi 100 tb 6) Landon Pavilion 57 

Garion Er.gin. HOp) 37 .8 61 Long Hambly HOP 

Gaskell (Bacupi (20p, 108 (S 6) Leaston Transport 

Gales .Frank G.i t2Sp) 53 ’ 3 Lonrho .23p> &2« 

Geers Gross dOoi 42 (5/6 1 Ln. 64 iS6>. Do 

Gelier 1A. J.i i20a> 37'; '7.6) .Lonsdale Ur.lversai 

General Electric i2Sp) 256# S:<3 40 .60 [Lockers "250, 6’0 

sSsSh s ^% 11 ?sffwsr5s^ja*g^|. 

L != V |) n 7'a2i B " , ffi:® , 7iK, 7,iS WM %\?r s VurT7* , ”?S1 7S - ”*■ iSbUd*.^ 

MESt'WWU* -1 " lSp, 2? ®- A Hvan arh,d35 - ,5p) 13 « ,a,e > T^U’^^sVuScffi 49^ 

^V^°nfcfV6, '. ‘ J - > t2s «»> **"> * 3 Turriff ffil. (25o) 66® . .'. - . - 

Triplex Foundries Group (Z», *5® 

Trust ‘Houses Forte C25ol 2880-.M® I® 
10 119 8. 7-SpeUn5eCdJ». «0? iS'fil 

Tube Invc T70 68J .S.SpcUusccd-Ln-. 49«i. 

rs/6l. 6 hPcUnsecd-Ln. 871® 

Tunnel HWgs. B *500) 271® 69® 6® 5 
Turner Newall 171; 2 3. Ord. Shs.174® 
Turner .Curzan (Sol 11*^# . 3*.__; 

Turner Mfg. r25oi 134 
Turner (W- E ) n OoJ 30 (818) - . 

Turriff Cpn. C25oi 66* ...... 

H'*'i*er<Jsn.'c Ciintv C-Cl 
. S'-se 7J-. a £i. 6 '.•■<; T4 Ttstilg >2 5^1 146® 

Aiulne Hidgs. 5 66 Sift Drinks HOP! 132 

6',r- OQ .* t Midland Bark 355# 3 2 J v. IO'.pc Amalgamated taduttrijis 7pcP' 45® 18'6 l 
a' ' 6 ; -"itcrd.Lr B4- 7j;p. : Cnv.Ln bj:* Amalaamited Mrtal Coro. 327 30 ifi 61 

Il'itl V j.,f viifK 25D_:.' •, Ain*la.uii..t*a Pawr Fno. .79ni 140 iinr 

FEww K&TteJSW.a.TR .5,6) 
BRJrifBU SS. 3 * 3 s 5g u *! We? ,250> 2830 

6 1® , ... Sandeman IG. G.) iZSp) 62 1 15/6) 

LTBM Group C25p) 6BH® 9. 71»pcDts. J 

UDS Group OSP) 88':® 76 ! 

UKO Inti. <25p) 146 4 7 fl*J 9 M \ 

USMC Inti. 9 pcLr. 133 i6i« 

U.U. Tex tiles. flop) 4i. (8(6) 

Ulster Television A OSp) 62® . ; 1 

Unicorn IndS. (2So) 98 • . . . ■ , 

UnHtac Midas. rtOP) 40 >J lSt6» 
Un/gate '25pl 55>iO 6 7 Pi- . 

II*. to Savoy* HStel W A a rioi? P 8!. 4, *A 5, ?IOp) 86 63. | 

54^1219)98^.8,®. New i25p) .96 ^ 53 ,5, «- ' ****"■ U ” ^ i 

S/Gl. &DCLn. 66 rj/M / r inirnm- f7C|t] cita or)*fh ^ 4 S 6 7. 

■pc, S t™, 

Scottish Agricultural Inis. 222 <7/61 7)*pcUns-Ln 58® 90- 8'* (8f6i 1 

2 80 K?' C r uro«a n D9 T^li® ,5on. vSSL' fov!) I^Shf.® • 

B b Scotiish Engiish European Textiles <20pi union inti. 6pcPt. 43 (7/6 ). IOpcaW. 77 J 
58 ,6'6I aniKi i 

ttelterer ! f25f) > 523® 207*1 2 4 5 6 7. 
<7(61. 7)*PCUiM-Ln. SB® 90- SJs *8<SJ 


, : i r 


Aren sc n lA.l 'Hidgs) ilOai 57 
Ar el Industries <25P' 33 1 

Arlington Motor Hidgs (25a) 127 

T Olui^AC clhfsr^Ofiro A i r ao:? , 7 o ,G fe% <1 i W Sons 10!: ‘ 

£_'V*2'*A ! l>'aa £.ialii(tOl Arm, tage Shanks Group f25o' 731;' 

S* 5® i : . 1 0 pc Unset. Ln. 73 (8 6' 

A. SHpRTAJE of qualified the Guild of Lecturers have lists aSTTiw” aW*; 1 £2? 64 3 SSb? VnV' SST&J? ? 
guides is hamlicappinic Londons of about 600 qualified °uides A,nbourne in*, a'jnetn. e? ta-ei 

tourist industry says the Greater which are circulated at home and amcc. N aiwmiV Manuiactur^s* °(2o* 

London Council. abroad. Some of the names are «!£. cL »„£ 6 p&?1» 

Chanae Wares 10o) 22(1 
Channel Tunnel So, S2® 
Charring :ons lD'.U'Uns.Ln. 31C 

Armitjge rGeorqe) Sons 10!;DC2noPf. Chemrmg iSp' 71 ;® 6< 

100:0 7® («'«• Chloride Grp. '23P' 1050 “# 5i a 

Armitagc Sharks Group f25o' 73';® 65*;® Christies Intnl "10 p' 99 101 
5® i;. 1 0 pell nsec. Ln. 73 (8'6» Christie- Tyler • TOpi 70 

Chubb and 'son •20 b' 142 3 48J 1. CoMifi; /A) Sons <25oi 66® 8 
S'-pcLn. 70i- I8'6 ■ Goldman (H) Group (IQp) 19';® 

City". Hotels Group i 20 p! 137 S e HL me H ,‘S 9 * , ,3Sp ' K 72 , 70 , 

G^n 2 ^.’^., 21 , Contractors, ,10p' 42 IQpc 128 (88,. 

11-1 Ln. 86 <5 £1 . _____ .... 1 

Giossou (W. J.) (25p> 66 I Macfcinr.on Scotland <<25p) 35® 5 ie.w 1 ■ ■ ■ 

Glover Mam VptPt 42 t6'6> MacL.IIan .P. W.l 1200. 24 6,6; 

Glynwed <25p; 106i : ® 6® BO 4 5 McNeill Grp. *2&Pl S'® f*®' . . _ 

6. 7'racDb 6S: : . 10->*DcUnsec Ln. Macphe-son .T)on»ld)_ Grp. OSp* 62L® . ei«« O B 

ao:«. fipcUnsec.Ln, 66® Magnet Southerns <25 pI 198® 5 '1 HlO TTAfU ■— * 

Goldberg (A j Sons <25pi 66® 8 Maliinson- Denny (25 p) 50 'B^Si i |B|n V | 

Goldman (H ) Group (lOp) 19'iO Management Agency Music tlOol -3 * A aaaw » V»*JL 

Gemme Hidgs '2Spi 72 70 Man. Gres. fiOn) 33i : « 

Goodwin [R. i Sons lEnglneers) (lOp) 14 Manders (25P> 68 3 __ __ 

12 14'- 131* Manganese Bronte Hidgs. (25P1 80 79 

Gordon tLuis) Group (IOp) 26 Maple :lOp) 17 1; IB': 19 's '::. B'tpcpi- HI 

Gough Ctrootr (20 pi 75 '7'6) ■ 71 iS.'GI. ID'MfiPtly.Sec.Ln. 73!;® 2 2£ 

Unitech HOp) 124® 3 __ 

United Biscuits <Hldgs.) '25p) 82® 3® 1 
79 8 7 ,8/6). Hew i2Sp> Bflrt 1*. 
SUpcUns.Ln. 39'; ISIS) 

3- 7 pc United Carriers crop) B4V 5® 6'j:® 4 3 
® 3t - ■ 

k Non. United City Merchants f10p> 66 Ml "S IS 

A 'Untied Ena. Inds. IIOdi 42 4 (B«i 

T wu, ‘ 31 “ , .“ UJU -* 1 aj 75' Eireaier woicn are circulated at home and Asset. Biscuit Manufacturers (20e) W®. Clarke iCIement Hldos.- '253' 67 (5,6) 'H ■ sons 'Engineers) nop) 14 Mandersreao' eo o 

London Counc 1. obrood Some of the names are A 1£' L i 0 i 6 e£Si,„. 2M * a a ISTJA, 7= Aj^«- WX Frf 1 

A report to the council s policv duplicated. Other guides are on assoc. Brush BiBin. <12 'idi 6«- e 'Si«) 2-6,61 _ R? a J l ^, 1 -n !r, ^i r 0 , f2 ??i „ 75 =- 7 61 T-' b. 5 61 ' 

and resources committee ne.x't neither list. aSS?: Dairies .25?? zioeV® 3o ; 27 o 9 cunoro"' .Chari«> in'du«r7cs ?2® ' ' to* Xm nm-W a om'ii uiSST&wr 1 ^zs^Uu® 8 39®*40 39 

week, also expresses concern at At the height of the season *SRi E,ecT^< ' i,, lnd “ n ' 6ocD6 ' 79 ' J 8A< c 5K 0 SS' O * ,M “ 5 °*' A R5p ‘ «S£- Group a ,=5oi ids 6 .»b. M 4 a o r ? iTST 
the activities of certain "pirate- there is a general shortage" of "IT' F,,her ‘“ <25rt 5Q '* : ®- a,<oan ' c ga»“ ;i"l * hwn Pr<3eucts ra5rt 71 ® G !"? iTaT'g^ia 50 ^ "t^t’i'o oopf^ mV*™, 

guides and suggests a tightening- guides, particularly of those who aswc- Hj ,,ure l5 ’ ,> r 64 * ... coatus Bros. i2Sp- 63* re e> « ra r B?Bi Sub- GL5-w 5 Pb^Vp 1 * - MaJIhli! iT'*? lmW 1 125 *? a&>- (S6). a 

UD Of fhc Present system __ Assoc. N>*»spap^rs Gp. t25oi 1S2: Costs P’tcns i25p* 71';® 2'- 2 3. BHPCLn. 2? c .. 35 (BI6>. 6U«cPf. 45 (! S<. i is ®’ 9J 130 

_ : _ ■- speak certain languages, prmci- Auoc. Pmw Indust. (ZSpi 58. 9' 3 pcLn. 34'J i7»6l BLpcLu. 49'* >7 &I. 7l 3 pcLn. H'TPCUnsec.Ln. 95** I8f6). 1 0ocUnscc. Non-vtg. *2S*I 45® 

The London Tourikt Rnifd nnH nnllv Ar-thio 114 (B'61 59'*® ifl.'6) _*' n ' • ' l; 7 B'r Marxians (Halifax' >25pi 97® 7 

c UQaeD 1Dur,5t OOJ-Q and pailj Araoic. A5SOC ^ wrl {JOp , 3QI 0 , 86) cShai. .A?» .20o1 ISO <$.'S< A 12 OBI ho Grutan wareho.isw (25 p) 117® ZO® 1<* Marshall's Unfvtrsal GSp' 152 (5 6) 

Assoc. Television Corn. A rfsoi ,12s 100 tsiGi l-Ti 1 Urlwriil Stores (25 d) 276. A Martin (Ai Hidgs- (20oi 96 

* ■ *" (Astra InduSt. Grp. C10o' 2T'-® 1 (0.6) Cole 1R.H.1 '25p> 113 3.6, t*. . 267; .® 73,8 4 70 68 73 1 e6 - Martin-Blade I25p» 54 

Atkins Br;s. (Hosleryi (23pi 55 1S61 
Audio Fidelity dOol 2E'_. .5 6; 

Ault Wibnre Grp. i25o| M 
Aurora Hidss. (25 b) 94 18,61 
Austin (E.i (Lond.'in) (25pl 9S iB-'e) 
Austin 1F.1 'Leyton 1 (,0pi 11»t l; (6'61 

lEig, Grojt Universal stores (250 276. A Martin (A) Hidgs. (20oj 96 

Cole 1R.H.1 '25p' 113 3,61 r25pi 267T® 73* 4 70 68 73 1 66. Martin-Black 125 pi 54 

Collins 1 William 1 and Sons (Hidgs.) (25o) 5»'"cUnsee.L n . 37 1 !. 7i;BCUisec.lJi. 71 h Martin The Niw Hgtnt (25 p 1 243 (ft’s 

id5i. b iS;6j. A ( 25pi 143 -6 63 (Sot. BUDcUnsec.Ln. 641 MartOMir Intnf- (20p) 168 (6.6) 

Calmer*: investments (25o< 40 (6161 C £K!!l b ?5lL, ,n SS ,t ^i l U HW »- <,Qo '> **- Matthews iB ' .;25n i l 33 

Comben Groua ilOpl 31 >6 fii New *10 p)__ 47 (7'6) May Ha_sseil j25pi_66 

Aurora Hidgs. (25a) 94 i8.'6i Comben Group <10pl 31 >6 fii «7 (7'6Ti May naswi iiap< do 

Austin (E.i f Lo (25 b i 9 S i*6) Combined Eng Osh Stores Group tl2ljPl MI'W** '10") 82 50'- t6'61 

Austin iF.i 'Levtoni <10 di 11 U ^6'61 550 310 fC/6) S'?-” 5 Eco no^ls«r Group *25n> 64 fO'fi) Wears 8ro«. Hldfli. ^0© 

Automated S-rorltv „'Hldgs.J flflpl to* Comet Radlovislon Services .Sm 132® 23 Hidgs. MOdi 49 (6i6) 80 

I;:* 7. BoePI. 200 Cam lev and Pitt 8'jPCDb 75 rrrSl SjS25L_fe 0, ff c * r f’Opl 51 Melody Milts «*.5p> 91 >7 6i 

Automotive Prods. i'25p) 133. 6» a pc2nd CompAir t25pi 921- *6:6 1 GrovnheM Grouo (5pi 40 Menmore Manufarturlng »5p) T5 <7'6) 

Pf. 50® i8.'6l Compton tj.i Sons and Webb i Hidgs.) i20pl Guest K «n Neirlelolds 252® 50t 3 2 5 Menses (John) 'Holdings) -25p) 165 15161 

Avana Grn. (Sol 35 33'-« 4'; 

Arervs I25P) 164* 5 Concentric (low 3Bi-v 9'* J®. 6)<ncUns«:An. a,i; 

Avor I Rubber IBS Cook Wans 9>*pcUns«.Ln. 63 r&'Gl HAT&rour 'I Op. 35 'B,6i 

Ayrshire Metal Prods i75o1 41® 3 5 Cook (Williamsi Sons < She Weld i 'ZOdi 28 ff.T.V. Group Non-Via. ,25P, 112® 

. r .y«er 'Fred-ri-s. iH'd"! • ilOni 17'-® Hadcn Carrier <25pi SH; 4 2': 

BAT IndS. I25PJ 335® 2 3 7 1 30 5. Dfd. Cooper Industries ttOpi I8';« 19':J® U.) ilOpl 108® 10 

‘ 25 p) 284® 77® 8* 6® 2® 1 80: 5 2 1BL® '* ft 3 ",! E . n a- 'Hidgs. i iSObi 108 t716) 

4 J 1 Cope Allman Internal). i5P' 60®. 7isP£ Hall iM.i '25p.' 218'; iBI6) 

BBA Gro. (25 d> 51# (9:6) UnseC-Ln. 76': 7'; <6 6. Hallam Sleigh Chescon MUD) 30 

3ICC iSOp) 112 ‘j® 13 121 n 10 12. 7pc Cope Sportswear <10p, 82 135' ii'.l-v— 'lJC. 60 iblju 

DO. 72-'* CODvdex ilOpi 30 (7 6i Halsicad (J.) <Hldgs.) <10 p) 21 

ADC Intnl. '25o1 72® 1';® 3'; 2i* 2. Corah i2Sp* 34 • Hamoson Inds. i5p> 13® 

55pcPf. 48. 9pcDb. 1 9BB 82'; i 8 i' 6 i Coral Leisure Grouo i10d> 109® 9 10 8 Hanger Invs. IlOpl 43'*® 5>i 6 (8/6) 
B PB |nfls. '50 di 225. 7.'a^Ln. 133 iB 6) Cornererolt i20p. 65'- Hanlmex Cpn. <SA0J5I '92 17IS1 

BPM Hidgs- fl N.-vtg. l25p) 50® 1®. Coroncl Industrial Sees. >10n- 35 Hansjn 1st i t 5oi ,35® 4 2 3 1 

S'-pcLn. 51 (S161 Cary 'Horace i '&»' 19': '5 6. Cnv.Uns.Ln. S3 

The foUtwin? is the statement by the Chairman , 

Sir Clement Pawn J Jock, C.B.E. 

Thecon«oliddtcd gross revenue amounted to £235,343 
and the o.msoli dated net revenue, after providing Tor 
management expenses, loan i merest and taxation, 
amounted to £172, 1 34. 

Last year. I expressed the hope that by the end of 1977 
at? the fosses on the dealing company would have been t'uiJy 
recovered, und I am therefore pleased to report that this 
has now been achieved since the dealing company made a 
profit after taxation of £61,081 for the year and was left 
with an. accumulated profit to carry forward of £33,898. 

A dividend ofl 5 i less Jersey J ncome Tax i payable 
on fhc income shares on the 26th day of June, 197S is 
recommended. This will absorb £120,000 out of the balance 
of £194.206 on the revenue ucccuinr for distribution for the 
year ended 3 1st December 1977, and leaves a sum of 
£74.206 to be curried forward in the accounts of the Trust. 
Under the present articles of the Trust the Board arc 
obliged to distribute all available income. However, we 
believe that shareholders would prefer it if when dividends 
arc increased there is at least a reasonable expect a lion that 
the div idend can be maintained at the increased lc\ cl. 

The proposed dividend of 15"„ for 1977 is higher by 20"a 
than the 1976 distribution and in the a bsenccof unforeseen 
circumstances we expect to be able to announce a further 
increase in ihe dividend for J 978. 

During 1 977 the Financial Times Ordinary Share Index 
rose by 36-S percent and the All Share Index rose by 41-1 
per cent. The Dow Jones Industrial Index adjusted for the 
dollar premium felt by 35-9 percent. The Trust assets 
during the year rose by S4-9 per cent, w hich can be 
considered very satisfactory. There are many diilicuitics 
and uncertainties which the market has to face in 1978 both 
on the political from and as a result of Ihe continuing 
recession in world trade but without minimising these 
difficulties, "e are hopeful that in the prevailing eondiiiogs 
Ihe Trust's investments w ill perform relatively well. 

Year to December 31st, 1977 

iJ?Sl'Sf X TS, Pn :-.'^ 0 A^* 9 5 , 7 , *» . I Mwchoil. Somers <1 Op) 6d4 

H Cn“uiJ.Ln. »! ,3 ^ 4 2 3 1 6 ;BC I Wole 'M.jJSon _(20u, 30 ■>» 

fucPf 103 cs:6i 

Metal Box 311® 6: 12 8 7. 2 BpcZndPf. 

32 (6(61. ID'rpcLn. ai® >8 6) 

Metal Closures Grouo '25o< 95® 
Melalras 'Holdings) 'Sol 47® 

Me'fov <-25p) SS (B/Si 
Moyer .'Montague L.i -7 So ‘ 82 
Midland Industries (5pi 4H]6 
Miller iP.l i Text i I ps i (ICta, 4Ai. f8-‘6) 
Mining Suooiles (10a) 77 (5/6) 

MrtchfHI Cotn Grouo (ZSoi 41 1-. 13oc 
Ln. 9fi <6.6i 

MUrhdl Cents Transoort 2501 SO (7)6) 
Mirchcii. Somers (IOp) 64® 

BSd In ail. 'Idol 411-A I® (* 1 1-. 12(*oc Cosalt (25pi 86 (6 6>. ' JOSrrPf. 95 f5l6) Hargreaves Group lO'.-PCDb. 80': (6/6) 

Ln. I06‘- (E|6i “ * Costaln iRicttard> '25oi 295; 2 Harris Sheldon Group <2Sp1 57 6 

BSR OOP) 1 07* 4® 3® 4 5 6'- Countryside Props. i5p' 38'.- Harrison Sons ,25pi 62_ lB/6) 

pro ipcni 2G2H) 4® 1. New <X'5ii) 2fi5A Cnurtau'ds >25P' 121:0 3 12. 6pt2nd HiTiWS (T. C.) <Z5pl 120: 

s ' ZS0J ® W ibs ® PI. 49'* 9 O.Gi. 7pcDb. 72 U® ta6'. Harrisons Crosneld £4 «© -■** li 5) u*. 

BihcicEc Wile oof 'Z5ol 130* 30 29 7**ucDb 6", <7 6. S:;n- llnse* - Ln. fi'.'KPI. 49'; (7/6) 

Bair? iWiilfam.' 1 !^ 1 P PJhdaEr* ,8 20 

flakera^HousehoId'^ow^tLeeds) ^29 no 7 ° ,8,6, 

"E'S) _. Crest Nkhalson nooi 84 5';: Hay <N.) >10p) 52® Ta/6) 

Baldwin «. J-, OOP 7 «8i6) Crodn Internal!. <1001 51 : ® 1 Headlam Sims Coggins (5ol 37® 

BamtierBisrS '25P» 48 i- . '5.6) Crosby Soring 1 Interiors HOpi 17 (7(B) Helene or London ilOp) 194i. 12ptCnv.PI. 

Bamtords <200) 39# 'Ml Crnsslev Builrtino P;?ds <2Spi 64«_ . pf. 1977-86 193 i5,6J. Now IZpcCnv. 

Banro Consd. IndJ. UOuj 65 *8,6) Crouch iDereki 'Contractors! I20pt B9 *1 P». 1979-86 1B1 lG,6> 

Barker Dobson MOpI 11® '; 4i Crouch Group '2-5 o' 71 i£ fii Henderson IP. C.) Group ilOpJ 76®. A 

Barlow Rand (R0.1Q1 214 IS (66). Pfd. ? r ®2". H°“?S 1 ' 25 di , S5 1 ;® 4:. 15.61 ilOpi 76 1B/6) 

iRO.IOI 6 pm C56) S n f l s, *J at £. ,HI * | 95-i fEP' 27'; 7 _ Henderson- Kent on (20n) 80® 

Barr ■ A. G.) <25o) 82® ^ Cullen s Slores (20 di 108 10 7. A GDdI Henckev's 7';Pc1stW. 53® '8(G) 

Barr Wallace Arnold Tst. <75p) 89 '&81. .'..f* J? 'B*' Henlvs (20pi 131 

A N.-«g. i2Sol S3 16 61’ C ri5c^ Gu ' a ril Bridge Hldas. (25p1 21H Henshall iW.) lAddleatone) «10pl 25 (B/6) 

Barratl Devs. I10p) 105 6 9 7 4, G'idl ______ _, Hensher iFurnlture Trades' (lOoi 23 iB 61. 

Moilns 1 25p) 130 

■ipnk 1 A.) I25pi 97 

Monsanto SocLn. 19B2-B6 122"; (S>G) 

Montfort (Knittmg Mills) i25ai 58 (7*6)1 

New Ord. ClODl 61 
Moss Bros. 20a) 127 

Headlam Sims Coggins (5ol 37* M«s Bros. .200) 127 

Helene or London ilOp) 194i. 12pcCnv.Pf. En 9 ln ‘*! r j 1 n 9 (25p, 6B 17/6) 

Pf. 1977-B6 193 i5'6J. New IZpcCn*. Mot he re are (IOP) 158 16 
Pi. 1979-86 1B1 lG/6) Mount Charlotte Invests 'IOp) IB 

Henderson IP. C.) Group ilOp) 76®. A Mouftex (IOp) T2fa '7/6) 

■ IOp; 76 18/6) 

Henderson- Kenton ("Op) 80® 

r *<A. G.) *25o) 820 Cullen's Slores (20 di 108 10 7. A GDdI Henckev's 7';pc1*tPI. 53® '6(6) 

r Wallace Arnold Trt. C5p) 89 '5061. 2 ® J. 2 ... Henlrs (20pi 131 

N.-vtg. i2Sol S3 16 61' C jU?Sr Gua ril Bridge Hldas. (25pl 21H Henshall iV/.l lAddlestone) ilOp 

Barratl Devs. HOP) 105 6 9 7 4. 6'aic r ( 7 '®!, n . Cnn ,„_ 

Ln. 67 ."7 .'61 r /*■, vl? 9 !/!?, 3 'PcUnsec.Ln. 104 

Barrow Hepburn Grp. (25el 2®ij 9. 7.75fK SSSZLi 2 S. P M?5. , .«J5.-..rt— 
pf 03 tustomiflic Manufic.unng <13pi 20 

Barton Sens CSu) 57";® 5'*. New "25pi 56 ... ... . . ___ 

vtsus iGre.> Hidgs. '75ci 133 5* 1 * Elertr, c riOo, 145 ® 

BaW Portland Grp. '25P) 72 2. 7'aPtLn. Dartmouffi Invest. (5pi 21® 

60 (Ti 6) 

9 at levs Yorkshire (lOo, 53® 

Beales -.lohn' Asted. rionl 63 '6-6) Davy international i25P» 246® 39 H^Mn-Stuan'Plani tlOpl 6S':« 8 S2ES!T , »i£35- i li “SnS, l SeS! rate* 

Lssrt rJm%.^..;. 9 «^ip^B® .bib, pjv 7™- \g' s’.. ,a «- 7,= * a^tywstsits?^ a°? T,= ° f “' 5 ’ 

gicts,»(2:: “ L^ie'y^^zVso^’s' 8 ' 6 ’ H r an in0 weleh ,ltW9S ' 1 ,SOpl 2050 7 * 

1 Icecham Grcun I25m 644® 3® 39® 80 5f ' r ^/f JI? 0, ?4«ro es « , i l S"l? ' 2Sl ” ! 70 f,V H*ela Bros. «5pi n '5'6i rJ^arlNf'f] P TI5 t MOo) 14 

43 5 2J 9 6 2 7. epcUnsecd.Ln. 77 'j Oehenhams (2Spi MS® 6 5. 7UPCDb. H .ggs and Hill I25n> 80 (S'6) KSSKSi hm« riknl gin. 

u .3 b b',au«i*ia I.". 7dU 1A61. 59'* 8-61. 6';peUns.Ln 55. 7UOeUns. Ufqhams I25pi 52*; 2% 3 (6131 HI “P» raso) 51® 

Davies Metrallc (IOpi 24* 

□avis (God/rev) 25 di 95 4 
Davy International i25p' 246® 39 
Dawson International IZSP' i in.a 
7® S'». A i25p' 126 iB Ei 
De Beers Industrial 'R2: 567 tfli6) 
D- La Rue I25P1 357 8 50 S 3 

A N-Vtu. (10p< 22 (B fii , 

Hepworili Ceramic Hldos. '25p) B9'i B 7:j 
8'j- 10.4pc0b. 82 (8/61 I 

Hepworrh U.) 'IOpi 59 61 <7,6 '. 6pcP*. 
41®. LOpcBPI. 39 '7 fi) I 

Herman Smith 'IOP' 10U® 10® | 

Heron Motor Grp. i25p> 136® 7t® 7 
Heslalr '2Spi 94 6. New (2Snl 12 11 

Mowlem (John, >2So) 113® 08/6) 
Mulrhead (25 p) 166 
Mvddieton Hotels 'SOei 225 
Mrson HOp) 66 <7«) 

NCR (fUSI) 44 1S6) 

NCR 4pcLn. 82 

Nash rj.F.) Securities I25p> 126 l»/6) 
National Carbonising (IOp) 44® 4 (8/6) 
Needlers I26PI 34 (5’6> 

Neepsend (25P) 44I-® (8/6, 

This year’s BIG capital 

Wall St. or Tokyo? 

The answer depends in part on whether you feel happier 
with the herd or ahead of iL For an assessment of the 
exciting potential offered by these two stock markets, together 
with regular features covering how and where to invest, yon 
need a subscription to the Private Investor’s Letter, the 1 
comprehensive, succinct guide for the private investor. For. 
details of a FREE TRIAL offer, write now to: 

The Private Investor’s Letter, DepL IPO, - . 
13 Golden Square, London WL 

Or Phone 01-577 732T7 (24-hour answering service) "T 1 '"' j 


Deposits of £1.000-£25,000 accepted for fixed terms of 3-10 
Sears. Interest paid gross, half-yearly. Rates for deposits 
received not later than 30.6.7S. 

Terms (years) 3 4 5 6 7 8 9 10 - 

Interest % 10} 11 nj nj nj 1 2 12} 12} 

Rates for larger amounts on request. Deposits to and further 
w°o?o ? he » Chl J ef r Cashier . Finance for Industry 
Limitea 91 Waterloo Road, London SE1 SXP (01-928 7822 

SS' 17 I2' jP?*? ues P a y ab, e to “ Bank of England, a/c FFL” 
FFI is the holding company for ICFC and FCL 



Cion-; ' Vol. 


Clops Vol. 

Jan. - 
Clow? Vol. 

SpcUnsccd.Ln. 2480 '8)Gl 
Bclam Group 'IOpi 67® 5 1&.61 
Sefgravc (Blaekheath) 7pcPI 49® 18/6.1 
Hell Canada Cap. iC25i 42V (B/61 
Bemrose CpP- (25pi 68 (7/6) 
jeitiro Coiiire'f r-iacn. ilupi 500 '8/61 
Bonn Bros. I25P> 69 ! 7 
Ben tails OOP' 35 (7/6' 

Bans ford (5 W''25pj 135 
Best and May OOp» S6® 

BmtOMil (2|o' 163 60 4 1. 

Belt Bros. i2Cip' 65 (7'fii 
Sevan ID. F.l (Hidgs.' (Spl 16 Is 
Blbby U.l 226 
B.ddlc Hldfl« (25pi 86 
Bifurxated Eng'g i25pi 48 
3<rU (Africa* (25 p) 15 
Sirrold Oualcast <25p1 61 ';® ';I® 
Birmingham Mint i25oi 76® 7® 

' ,i.;g ■ '.iD- U '.45 31 

H'eld Bros. '5pl 11 '5'6i 
Hioqs and Hill (25 d> 80 {5'6I 
Hlqhams I25pi 52'; 2V 3 (6I3 i 
H ighland Electronics Grp. <20p) 34 

rvii, SS »ii5™» 7 J?cn"»i'ie\ 10! '« Highland Electronics Grp. (20p) 3 

^-i,. fZ5 ^V 4 S? OrO. C25P) Hill and Smith (25 di 69* 71 2 

442®. 25po«. I25pI 4JJ®. 6PCLn. H'llards «l0o< 236® 4 

73® (81 B) Hiltons Footwear i 20 p) 94 

Dc son and Co. 11 Op) 34* Hinton (Amos> HOpi 820 '8.6i 

Delta Metal (25p) 72';® 1* i. fioclll H.rst and MiiUnson (20m 32 <7/Gi 
PI. 47 (5/6). 7taPcDb. 1585-90 72'«® HOeChSt Flnanco lOpcLn. BSi; (B'G). 
(8/6) With Rights 124 iS 6i 

DenbYware (25n1 87 (5(61 Holfnurn (5.' '25p1 BB® '&/6i 

Dennis (James H.) (IOpi 39';® fflffi) Hrltlen (Arthur' >250' 64 

DentSBly 9 dc Stlg.-DcllarCnv.Ln. B4S* hr Hell's Bros. '25 d' 63 ‘EIBi 
(6/6) HoHai Cd >Se> 590 GO 59 

□roourrer Bros. IHIdps./ (25n> 131# (8/6). Holt Llr-«d fr.rnl "Od' 136® 5# 
5.25pc4>t. 59'; 15/6) - Home Charm (,0 d> 176 S 

N-rison David (5p) 8). 

New Eoulpment (lOo) 14 
Nowarthlil 152 

Newbold Burton Hidgs rz5o) 51® 
Newev 63® 

Newman Inds. (25*1 83 4 'i -8'61 

Newmarli (Louis' (2 SdI 177 5 (7<6) 

News International (25P) 243 (8/6) 
Nichols CJ.N.) (VimtO) 1 2501 160 (6/6) 
rv- Norcros '2So1 88 6t. 7 i*ecUfis.Ln. 81 
BO ' (6/61. 14pcUns.Ln. 99 
Norfolk Capital (Spl 39 
Norma nd Electrical Hldns. -20ft) *9t (8'6) 
North (M. F.) HOp) 44 

Northern Ennlnecrlno Industries (25pi 106 
7. S.25 pc-P(. 9S: -9161 

Northern Foods f2 5nl 92'1® 3W 2. 
7 , B| 6.25PCLn. 1071; (B/61 

Diploma ln,_-.Ii. fSSci 15a - 

I Black Edginglon I50pi 116®. 5pePf. 34 1# Olvpp «Da»ld'. Son Holdmns :2e-j 69*> 
(B/6' ..... Du:* Phot i-graphic flop) :39 

l!“S fTl°u.^f“!okn^ B la7 3 rllsi Dosson Park I noun. rlDpigai,. New 

'Slack (P.» Hidgs '25P' 147 l6.'61 Q r _ • I . ;s 

1 Blackman Conrad <20pl 18':® 18® r- • ’ulnr,* 'lOn T^-b 

Revenue before Tax 






J 28,729 

Net Revenue 



Total Assets Capital Shane 

4,082.317 1,966,1395 

Assets per Capital Share 



Dividends per Income Share 

15 00p 


Blackwood HcoBe.l25pi 88';® >i. 9 PC noroda Hldgi. (25 bi 61 (7/61 fZSP) 71'? 

unsecd Ln. 116 <8.'6i . ... Douglas (Hebert M > HMit >25p| 93® Howard Wvndnam '20oi 2S'r iG/61 

DtaCLwoid Monqn ions (Hldfls-1 «25pi QonClng and Mills 150) 24 (%9P* 34 3'j 2 iB/fif. IflacLn. 104 (t 

27® 7 Oowmebrje Hiifgs. (Ifipi :4>- », a - Howard Ma-ninerv ,75ei 3"':# 

Bie;klurS (20PI 78 tS;6l Downing (G. H.i fSCo' 21 1 VsiBI " Hower-i TettiK (crarei >25p> 2® 'j 

Bluebird Conicctionerv Hidgs. t25p> 169 Downs ilOn' 40 (8i6l Howden Grn. .25m 55V* 

72 IS'®! . ^ .« n . Dow'v G r P- 'SOp) 203* 3. 7PCUM.L4- Hudson s F»V 14A* 

Blue Ore/e Inds. 240t® 38 40 36 9 >i. 201® Hni«*i s Corpn. iRIl 114 

9pcDb. 74 <7/6 1 D jke and Scull Hidgs. (25o) 23 (8/6) _ Humohripc Hides 'TSoi IJi*® iBiSI 

Blundell-P^ihpOfllaM HIdBI tZ50' 69 70ii Dreamland Electrical AopIHrcei M0P> 5V* Hunt Movroo 4i4Tiicile;pni (5n) 25'; (7(6 
I7l6' „ _ . , ,, Oubtlier (So) 19'’® 20 19 Ifli- H<mf[no A^nclntcd IndiiireiM (25pt 230 

Boardman (K. O.) Inti. (Spi 13 12i a Ductile Steels i2Sp) 120® 19 HuntlO'Qh Gro. nipt 104 

H^inn MldlaAdT I »p- 96 IS '6,. Sew -sp. S 3 

139 40 38 ,z 33 ‘- ^wTUSsa*’ ,iw.f 

Howrtnq)ia L m rC, Gro'.“f25o^ 2 77. Restd. Vtg. Wltaons fHIdgs.) i20pi 96 

Oce-Van Der Grinen Finance 9pc5tk. 94 
3: (8/6 1 

»P» 34 3>] 2 iS/6?. IflocLn. 104 (6/61 0 ?= B ,e. nd ,« EI 5S!£ 0 " < ' : '35 b' ItW 

cird Martiinere i?5ci jni;® 18 16 20 (B 61 

.’rd Teiens Xr?rwW- p , -25pi 2® 'a OJre* Grouo '2 Dpi 1 97. '20pl 98 

Hiii«*i’s Cornn. irii 1,4 
Humolirigc Hides '?S31 121*® 18/6) 

Body cole InH. (2SP) S9t® 

aol;on Tettilo Mill (6p> 101; GEk G> 
Send 5troe: Fabrics COP) 320 1® 
'Sotvser Eng. (SO?) 30® 
looker M- Connell (50p) 242® 8 9 5 
Soosev Hawkes (2 Sol 185 (B/6) 
3ool (Henry) and Sons (50?) 150 (S/Gl 
Booth i.l ntnl. Hidg^) (250J M (i« 

□ufav Bltumasl/c (IOp) 31® t8f6). New Hyman il. 4 J.I rSm 40. L® 'k® 1 1-® 1 
Ord. (Tpp) SOt (B/6) 

Dunbeo-Comcea-Mant (10pj 130 _ _ _ 

aundonlon (zap) S3® 4 I — J — K 

Dunford and Elliott 12'-pcDb. 94 (7/6) „„ . 

Dunhlll (Alfred) (IOp) 344® _ JCL M4* 90J® 4. S'jpcDb. 73>4 b 

Dunlop Hldos. (SOP) 72 4 2. 4i>e<*5; IRS Gre. r:opi 112 

1970-85 69 7 «:® 70 :®. 6)*pcDb. 69W® >MI i25pi 58';® 8® 70 8 9 7>a 8I3 

O'lves Paper Mill -20n< 40 
On"? Developments <10p' 45'j 6. 9PCLn. 
87 13(6) 

Ovrnstonr Investments (RQ.12I;' 22 i6/6i ! 
□w«<i Owen <25pi 75. 7'*peLn. 58 
Oxle* Printing Group i25n) 54 '* 31* 16I6) i 

1 Paradise >B-> HOpi 24 1 
Parker Knoll 'Z5P> 112 '7r6i. A (25 p> 
113® 1® ' fi'feJ 

, Parker Timber Group (25o> 9S (6|6) 

Parker Textile (HUMS.) '25pi 82. A (25 gi 
1 74 

Paterson (R.r and Sojis i25oi AT (716) 

I Paterson. Zochoms <10p) 1&0 tfi/6). A 



K. Kivlnk 
K. Kodak 
K. K.«lak 
U. Kodak 
Il M 

benrs " 



A Icemens 





KLM - - 
KLU ■ 

Net Ned 
Net Mod 
Nut Nod 

K. U. Shell 
H. U. Shell 
(L □. Shell 
UrvUerot • 

665 7U 

860 2i z 

865 1* 

f>'.a 5 

525 I 

S4u 171* 

*4S 13 

SS'3 7Sg 

560 it, 

S40 7l 3 

S45 3 la 

S50 i. 

S6U 12 

660 3t 0 

67u r a 

6240 30 

8260 I2$a 

5280 S5g 

F33J 84.50 
F340 16.00 
F560 10.00 
F360 6.50 

KJ60 20.30 
FI70 14.00 
FI80 6.00 

F100 12.80 

Fl IO 4.B0 
K130 1-50 

F22.50 4.50 

P2S.OO 2.00 
F27.60 0.70 
P120 10.00 
F1S0 2.50 
F140 O.SO 
FUO 10330 
F120 2.40 

F1S0 0.50 


cloeo ; 

- 647 - 

— BBIi* ' 


4 T. ” 

- W24 

— PlTff 

iS -:‘-x 

17 v. ? 

— (FUDiSKh 



v,** * 

».*• * 

6. ' 

6) L 


thSF&*i • - 

ry- 1 

£ ^Kv^. -^nancial Times Saturday .Tune 10 1978 

'« - 'Vst£^i!® , «8il»)* 25w SS 7'iOcPt. , Mail General Trv»t iSOm 2880 s: t>^av**« premier invert. IB 1 ). 3. loci 

_ . ifcSstf ti'imi 6NPC0b. 83 i£iu *®f6». ft l£®®2 **?. H 3B '5-8. 4-4PcPera.Dn. 10® •B'bi. | 

• united Nowsoapers i25pj a*? 5 fiiwot °J*8«** ^S 2 ?*• 4'jKOb. M t< *3 4. ?'.pcALn. >993 116 - .- tS.6' 

• ••.•— . - W 35i - 8 ** M - <* 08. 791* , Du.,We« Income t50p> bl. CaPRal 2100 

■ .TiaircaySdenuhc huso*. . 2 Spj 2 so Dgwnay Dav Group t*S»> **« 39 40 j. ,»6i 

S0WIO.' steel Crauo IIBM liSi 1 ® 1 SocLn. B$'iO . , Ldmfcurcn AT*P.'<Jn As.ets OSl»* Hi 

- . Untmt Wee Croup >2So) 66 b V )» Edinburgh Industrial Holdings il 2 ;p. , td-lK>urgn ln»c,:. j&. C*la. 22 1 •• 2 

, umairems mil. IIOpIlj IS-.* 11U . _ . e I.MCmul I25P. ?2* I'.O 2 > •: 

tltbwvVKalkcr tIOpi 600 <8i6l Electro inveit. C2Spi 110* ifl'fi' 1 Eoaiitn mini. '25 j. »V; . 

l- - ’VlWc»’HhtO*. BpcPf. U6i 66 (6iej HotUndsihe Belegg.nOJ T*fc 18-; {. io, ■ English New Yorv 4 ;»*Lr 1 1 1*8 

’ - <:-**•• v J Ex- Lands «1 0« I 12 13t- f6>6* Scvtmn Investors Uio. •• 13-n* 

• Valor .*23®' ta 2. SLpcH 36 i*»i Exploration tSs) 29 «6*9» ) tov.i* Consort Invest. Old. :S0<» U* 

• ^‘yantonp ©rpup aOot iSsisLsi ,£*',» PC Finance <2 Sp> 80 *$I6» , 1 06. _ „ , . 

• aio I5f8 > “ i*-bi. 14ocLn. p| fM National Finance Cwo. OOP* 7..® Eou<t< Income Trust iS0p> 201 «? 6> 

' ^-Vjuxfwl! Motors 7pcLn. 60 *. a 2®- 9'iPCLn. IS <Sf6). 9*.-pcCn*.ln fs.air Investment 108 *7 t>. 

9- • • .•-■■•firnST fafMon GVouo ("o B . 2 0 (616) .. _ _ J ana C Eurot.usi llSo. 49 «*•?•, 

. , v.-v»lff6v- ••'• * VDI i* 1 ® 3 Goode Dorr an; and Mufrev Group *001 F.»vr Scott. »h Atner.can T.vvi ,5-«) os 

• ••' V jra2!^SI&n * • *® CM ‘ 38 ,^ 6.. “»tLn. t25P) 60;® 1 J'O tlixan General Invest, .ft 0.25i 45*i 

• Vintefl Groop <20pj 107® 6 a Grlmthjwe Holdin9 » UOpI »St® 2oo *S 61 . 6|> ,. 

•' • ■••• .Vpf*tr.'l2Sst IBS® *8:61 Colonial Invest. '25pt 1 60 .. 

V •• * Ham6r0 -^os* I2SBI 28 «/6l 7 . .« 06. 62® IB 6. 

* -r- -•••>• W o •» tAC SHoe Norn *1C1<99*® tOO'*® Funo.nvot income i25n1 37 .B.61. Lao. 

X / ‘ Inthcape 420 2 17. tpljOCLn. 83 «6 61 _ 250* 59 e- ,,. 


J«P^| UP 1 


Lvle Sa>BP"*-> -2Sp' 119 ■E'6 *. A n-j". BP Cbm« * 2 0®_ t2 - 7 

u Vtl W_ 1‘J? .iSSKWdS""' 

Hv ' .' UtBVvVKiJkcr tIOpi 60* 1816) 
S' ’ ' >*. OTc * Hh4tt ?- , BpcPf - 66 . 61 

J Valor «2SP1 43 2. SieptiH. 56 

.•VauxMH Mptors 7pcLn. 60‘,® i 4 « a t, *®- 9i;PCU 
.' •* *£?nj><t • faJktOn Grouo tlOw 1«1®3 
i V.- %wl8P6l. • • **■«» a Goode Dorrac 

' Vldeon '1T1.- SvcPt. 38 >6 6i. BacLn ^ 23 >:® »8i6» 

• , 834»i *5l6t. Gresnam Inver 

• Vintefl Groop «20p) 107® 6 , Gtlmsh»v#e M 

• .Vowwr tzspt IBS® a* 6> * ‘8 61 _ 

■ . - - Hamoro This* 

W — Y 7. '. fcc 9> « No 

Units 107 8 . luani Invcsli 117 :Q 19 i5 61 

M. snd G Recovery Fund Accp'nulatwn g_ r2Dai -a Tea Hljqv .25pi l!4 -6 6i 
Umu. 85 7 I6.‘<*J _ . c.-Hi* riimll't Invests *IOn- 251 -fl 6i 

M and G. Gcnrr* 1 t ham2 , MWfti IqI* -7 6i 

liuLOmc llnlih 17- (B(&i jokii T«a Hijqi. 

Australian (2^ * 

sr » ■«* , JB0 

North Broken Hill HI0U». ivAO SOi IS 11 wa' r C n p,aM H,a 8*. ‘- &3 *- se0 

E ^- K MW™ M e 5 i«"o” , * 6»' ; 34 :* J^ion Tv, H-nj. liJ.d.6* 

IWcMPtn 4 Mln»t9 Corp. »»A0 SOj HJ 1 :* TELWiRAI'IIS t— I 

• :# 41* 12® 45 7 9 50 4S at g ( _ Northern Tel 'Donmjik. 64 >66 

tSV Tnooone Kldns (ia«> 74 ru. 1 Ind. coma. fin. Si-pcDb. 8 

-V Jrtace Croup -20p1 45 i7(6i AOo. 1909-92 B6«.® 'J. 

...: Sfttr 4 ^ <2£B) ai6 ' I j£&. Group CM. sv, 

- Wade- P«*teHei iOpc®f. 100 *5 61 j Kwahu ilOpi 87; >«; tB 61 

Ind. Comm. fin. Si-ncDb. Oli- 'tS-6.. 7‘-« ! Of jaoan mwM. r2Spi 117 
A Do 19B9-92 'l. 11‘ipcLn. 92o ■ L.eftM-41 ComniJUJi Invev.. .Jr,, 

OMBi 1903 OBM ® ; General Conid. Invert. '=ani ai-: fV6i 

■ JohiSpn Group Cleans. S’aPsDb. 87 !® l;s | General Funds Invert- irt- t^bP' 112.® 

General Inverters and Trustees I25pi 102 

1 jardmr Sees - 1 31- ■ * _ 

I Kuiim MalavSla 4B-: 9 8 
Le’chardi t* ■ ' v 

1 Mc',jl E*v Si’s t fl i,® 

> Milsubitfti Heiw Iflg ^ 

NorUimx Enerpy Cp". EOS'!* 

, Ocaan RMOurCM 23 

Otwr Ex. U 

IOpcOp. Fan Canadian p«s UJ1 

mm loocvp. ^ potdenc FFr99® - 

SCO* Ind*. L19\ 

SparBO Ex. 16 
Tei Continental CI6L 
. sap* 20 UnllondS 725 

1 JS3 ® Wool worth Australia 1S1 


i*' sI'^rjpcM. Raw VallPY Ind*. £20 « 

CIb* Ge*9V BpcCnv. 692 .. 

4 9D P2S1® 61 C(S£- Edison N.Y. BocC"*-^ 

| Hooka r Cpn. 66 
Kennecaii Copper CI9L 
1 Minnesota Minmo UM s< 

Cedar ««d*s 12 

Doioswelia hiobs. 30 

Forestry Pula and p « rr , a 5 - c invst. Con. 30 » 30 *7 • * 

New Court Natural Rejeurccs 

Oldham Estate* 126 124 

Ouvan Hionbclos 50 

Trident T«le***i*" 43 ■> 43 

Wvnnslav Proav. 330 


Aston Villa FC £16-; 

TSunl ‘h'.' I N«V Metal M.dW*'*® 

wcL 55 d r?. Ml ntc %-t Nortpern MM. 1B«S i * " 

; uwflflBrf vCfldMBTlr C25p> B9 (S' 6 
y^Wani.HMgs. HOoi 34 3': 

Smith Bros. L75 p> 58 
Third Mile r25P‘ IB 

i w-> t2Sm ?2 : ® 2 ®- 7 ’ :BC ' “ft. ??T , " i< ire? s “ > M ' ; ® 4 5 *' 1605 

' l.n. 118 V 15 61 

Wangn e,- '75nl as* 5 

te. l «i5’ .5f 6 ®, •*• j JR? V»5y wW S7-.® 

WBfdtt < Bernard 1 uopi 2 si® 2 , IB 6i u? 0 * 1 M 

. vvWarinp GIHow *Hldas.i t2api 100 ^7. - 6i I Yu,e Cana r10#t 7om r8 BT 


l P-imin 1*. 

iPeko W1 J 1W,M, , 1 A txi. 

1 Ph iims Pet*. US4 34 
iPrgtea MJdO*. • 1. , 

B> nei.nto 6-:0cM. *'*• . % 

Swire Pac A 122 * ■» * 

■ Swire PrCM. a7 
I Ta^me* 63 

iijd!iEce 4 N* *f 20' US' 

« MjSSSSSrtM-^ * " 9 

■ 70 ' 1 JUNE s 

p* 72 j 

5 ,ac* *1 Arnkanarr Leases 2050 8® 
Anglo U'O- 1 &7® 80 
:■ Mm. 4 U itral 1 ,n Oil Gas 44 
W..!er Bearn Pets. 47 

■ 6 6* 1 Fa.contjridBe Nickel utt ?*"* 

! .261 * Foorfarama Supermarkets 835 

I Hawker Sldectev Canada 585® 

I Con. 66 
Hen newt i Copper .B19V* 
Minnesota Mining US* 94 
Mvers Emoorium 156 , M 

New Zealand Forest prod*. 

Petrofcna S.A. £93.® 

Sjb>na IndS. 41® 4 
loeedo (Hint USl 3'. 

?noS.s Nation-de Transport 98 
WPoEorth IF. W.i £16® 

cSnlnUhSKl ind' T and W Thwa-tM 4pe 
lstMort Pero Dot. 13- 

S'r d ;; d dS e n Trust *1 ipcSub Urs Ln. £51', 
Gunn *A.| iHidflS-i 30 
Namunakula Tea Estate l» 

Norton Viiiien 3 

Ranger* FC 500 . ,,, 

Sdoinerd NewioaoerS .30 --a 

Wrti Ljncasnirc Water Board socDb. £24 


wool “Orth IF. W.I £16® j Cambridge mstromont 1‘- 

M J Channel Hotel* and Pi<n» ^0 
i?Sm T E» 10 Should 6*ve MW 0,1 * nd Fuller Smith and Turner w - 
Acjdio b». *0 v u Gadtflt • Indonesia 1 4. 

Mmaral £*. 30 <5 61 General CctIbo iH'd®*-.' s 

JUNE S I J crae ' ,, 

*•■ 7, cg 


-TVWarnevWrlodt Rowland U0*» 51 nie «\ 

'^-W4rner tioildiys A {lorn 36 (8t£i UAa w> 

.- - WatMtord Glass (5o) S2 >ms 3* 18 6) Imperial Continental Gas 376® 9 5 B. 7oc 
wWatTODughs lHldgs.1 (25P) 64 Cnr.Uns.Ln. 163 I^B) 

■ ,,B - Nc " INSURANCE 037) 

■ —sWayertev Cameron i25p) 145. 6pcPI. 1 Bowring tC. T.) <25p1 1020 2 3- SotCnv. 

■• -: ZS 1 Una Ln 1D3 10ncCnv.Um.Ln. T47 8 

V .y-.ffWTB Gni. MM 26li t5/6) [ Brenwall Beard iHIdD*-) «10n) 38 (6 6i 

-.}-Wtftrwell (So) ^3tj (8,6) Britannic Aiturimu i3p) 167 

■Webster* Pun*. iSn) 43^0 4® ■; 4 3>: Commercial umnn i25P) 148 6 5 l: 4 7 

. r.; Wedgwood i25p) 223® 4® 3 4 SocPf. 43>. >816) 

a -f . -..Wedgwood i25p) 223® 4® 3 4 

,aQ: lit '-. - ■* Weeks Associates HOpl 2B 1 ! iB.6) 

Itn, . ■' *-Wolr Grp. <25ol- *25 ij 7 

»* ‘ B . a *8l, ; WellCD Hidgs. l 5 p> 23I]® tB.-fii. New C5p> 

,?. 6 J --■•••■•* 2«® (B/6) 

'-'IT. tA. • • -rwellman Eng. Con: asm *«!-• 
e. .- ;W. Bromwich Spring HOoi 24® <,. ll.Spc 

-a, - .. pf. hub 

faa the .Monthly Supplement. 
JI NK 9 (at 

, H'.n, Ksng Kuwlooa Wharf 378* *8 
*Mue*c>n-* Bav Oil Ga* £30. ^ 

! Mid East Mineral* 37® 40 30 :. 

, , Moore Con. £27® 

Nicholas Inthl. 720 # 

!pat. Logger 420 
| Reguht-c Stee' U 9S 26'»® 

I R- 0 Alunrn £23'. 

Cork Invest. 9 | 

Dome Fell. £420 % 

D.s-M. g'.oc 1900 WS'K, ’ 

Dunlop Rubber Australia 
Grace Bros. 194 
Jennings ind*. 119 _ 

Mercantile Credit Au«. 77 

P.K.Bi 8 rP* ' 9BS DM1 w t. 

Puget Sound Power LiBht 
R^f.E. tia;* 

Rand Leases H 

Smith Klein 'USTOL* . us .no t« 
StBtst oreteg 9'.ot JCIOD - -*i 

Toronto Dom. 9'*pc 1901 *'-' w • 

Wert me* 6 s7 vhoutd 

ERRATA- S*.re Prppeerlaa 57 
Hava been SI (2 6(7Bi 

Lilcguard Assurance 23 
IN Cpn. B'v a ; 

Urogatc inn 65 

Wat"" B?jV* *Bcarne 4.:p(Cv*H. » 32 
Wooler Livestock Auction Mar! .00 


Dalkeith (Cevlgni 8 
Dawson iWni,' 46 45-* 

FMTanti 310 

, Jcnnmcs Brt»- * 0 

roronio uwn ■«*— rtwtJ? t^i 

SRSlS- S«.re Properdrt 57 should RULE lbo (o) 

hav. beer, si « 6iTB. Barpains marked f»r approved 

RULE 11)3 (2) (a) companies cnqaped snlely m 
Applied.., «...!«■ r.r «rv<=;«r| eM>l»™t.on. 

1 E*g5Tsiar 5 rZ5P) 6 ^36 „ , ,,, I Jove 

« S p) ! E ^!St F,nan « ,o - K -* • peC “ ¥ - Unt - Ln - 125 v? .s*' 

Faulty Law Llld r5p) 158* 60:® 58 } Kingslde !«!«« I t?,"( 25 .i 8 rB'Si 

General Accident i25o* 2ri2® »0® 1 1* Lave View I»r4. T*l. «*B on. 
tt.Spc IS® 13 in. 71-DcOns.Ln 61'- 'B'Bi • JncCnv.Unv.Ln 106. IWPj l6;e> . 

Guarxian Royal Exchange «2SPl 216 15 .Law Debenwre Corpn. C25P ’01 6 o 

7pcPf. SB <5161. 7 pcU"« Ln. 60'.® London and _Garlinore invoiim. 

jaw'llSSSl. 't^inJSmo 2 nop. 47 I6‘b- Zvmpln Cop«i 1BD0.Z4. 15: 
Capital t?P» 6';® MlviMf. 

' C 5i :• 

1,9 .r- 


'■ iwir,- 

. ;v : 

. 5a ' * Cr . 

V"^f‘ 1 -‘- • 
i 151 >x. 

■ 9 C <tei : 
:0 3) S 

3:1 Hit 

3 W * ' 7* 

' ' , 7 ,- : 

" . Westbrldk Prods- >25pl 3Bi; 
J4 .-'.Western Board Mills iIOp) 66 

Bulg* ri * n •5'a'i-i M-sSr.. 'IJlfl SrlWU 31# .. 

B E5 .v. SncG.ldLn. ’ 30: £5 4 : *&!2 S;nrn. Pat. Pel*- >35 5. 

■d*' 1907 i; ■ i : a:Gi>ioBtJ*. l909|Tnie*i Hlda*. *M 5 
72?; ! waiver ■ H ram) U* 1 * 


Soulli African (4?) 

JUNK K tNiil 
JUNK T (2» 

. waivrr -H ran) 

. W'ilfieid Minerals 92® 
iWoodside Pets. 69 

bargains in securiUes not listed 
on any Stuck EwAange. 

AH England Lawn Tennis &ound £50Do*. 

1970-80 £3624 L3S2* 

mineral evploration. 

JUNE !* 

4 l ,*r 5 °6 ? n 6 d 5 C ?U'?.U f “70 350 


j G liar'll* n~ Roval Exchange I25P1216 IS , Law Debeniure Corpn <25pi ’o ** » r|jS| Ang.o American Cwp. cl S Alne. 

■ 7 pc PI. 68 <5161. 7 pcU"« Ln. 6D'<® London and Garimore invevu KO lOi 322® id _ 

ifi ■ H^rabro 1 ,rp> Ac^iirjncp f2Sp) 330 iB'fti [ 9';pcDbi 72 i«i 6 i _ , . . ti, An^ia Amrriun .Rl< £17 10 1 Ei 6 • 

25p) 49 rSfiii Heath fC E*> «20pJ 2.S9 London and Holvrood Trm\ ■ Qi^noPMjdii- Pldimum iRO 10 ) nuSI.O 20 

16>". 7>.prt-n. HSwden fAl^xSJtfri Groan «10B1 tss® 7 .6,6. T ru« .Z6p> B« BO I25._S4| >U54.lS 8 b. 

I S 4. New IIQPI 9’*® lO 9 '! 10«J 1 London and Lennc Invert. * 3P ' bracken R0.90> b?-.- £• 

. Westinghoiisc Brake Signal t25p} 49 <5 6i| Heath (C E-> iZOpJ 2S9 
-.Westland- Mrcrah (25p) -46’;. 7>.pcLn. . Hawden >Alexan><erl Grog 
65 IS®) IS*. New llQpj 9’»® 

^Westminster Country Praps. (25p> 15 I Leg* il General (So) IS* 3 

19®1 Leslie Godwin i Mines J l 1 ??! ?5,t. 

Weiton-Evan, Grp. ,20«> 96® konrten Manchester 156)1 37 <BiJ» 

■>#“ ^ C N ' TW - ,,0M 26,: ® 

•w 5K^BS B, I|5 p) 2 «I ' * 8 tBj|) 6> Mo™ , Ii’?C?‘gS 2?«S^5 ! ? 5 * 6 

leeway WiWon’tHIdgi.) (5m l6i : ® "j' lr l AA.-r»nr P «5o> 242 W* 

Wh^ea^tt (SOpi 198 ®. SLpcP!. 42 :5.6i E h, M n '*. A(*ur»ncer2SoJ 2** 

, White house tGcorge) 50 p< 90 88 * 

... fATIJ _ _ .. .. .. Deni lu.«n 17C.1 3570 5 71 8 

Laiidan^and Liverpaal Trust 
>B6i ... 

Bubelsloiitcin lR 1 i*U 512 

Can sol. dated Mur^imou iRO.IO. 233 (5 6: 

■ a 6i .. ..<Bi UavrnlsnMir iRIi 322 

London and Montrovr Invest. Tritsi ■-** 0ur0lin R 00 aepoorl iKl • SUS3 07® SOI 

184® I8l6i. SpcRd.DB. 6“ ‘B.61 lB6( 

London and Provincial J™*!-*?, 5 ? v ,. ,6-6i Fast BdOOafontein :R1> 24 16 6i 
London and St- l ; a t ,r ? nc C., 1 ?, D afii® Easl Ran3 Consd. H0p> 17': iS 6' 
London and Stralhdvde Trust '*sp ■ Ejll Ranl j Q nl(J aiul uranium RO.SO' 

London "investment Trust 'Se' * Elandsraud New :n0.20> 14-;® ■; 

London Merthanr Securities i2-P' V*. t ,. blir0 ;R1 . , , 2 . . 7 6. 

JUNK 6 (Nil) i--, 

Buinlehem Steel fc^.O 

II IV.. - ivili I Bul-u Semnawar.g , 8 

JL\L .1 (Ml) 1072 U5S 36® 

RULL l«a <1) (O) 

1 £l Paso Natural Gas £13* 

Bargain* marked in securities ; tur oumor, £39_ 

I Alliance Dll Devi. 19 
BH South 100 

Buenos Avres Lacrcuie Tramways a**c».u 

Inc. DO. £Ot - 1 

PftWS&i 11 | Sweeps Oil and Gas tU.k.. 

2 Bpclrd.P<. ISO 37 3 376 372 

Fgller^SnlSh* and' Turner ( A 230 JU'NE 6 

GRA Proa- Trust ,3>: 13>* 13'. 13 Qjl 4n(J 

imperial London HOial* 7 . 75 oiMtg.Db. 3 7A 3 - 0 3.68 3 66 3.aS 

Ma^'asani* Rubser 2 JUNK 5 

Clurt Oil 450 
Gas ana O'l 

Acreaac 100 97 

. wnRenouse rvwmrgci .tng., »» ™ Peiuoe Assurance >80' 1« . , ,1 Capital <25 p> 94 , , Tr . T2 Frir Staiu Gcduia'iRO 50. SUS19 .8 61 1 , 

“■'wKilnlev <B 5 W ) i 25 d) 35 17 61 Rnval Insurance <25o) 35*® 5 7- 8 2 3 Lorll(t | n Prudential invest. Trust General Mining Finance iR2> 16'. . #■ ampol ?«-•■ ;r, * 

k " i7,Gj - issu k Forbe* Hide*. nopi - ? 7 b " j«S"Sl »* G ^. r,eldi Souih A,r " j ,B0 “• ,;b0p ^ A ■ , ’ ,,D, L 

•vSiffi“*MgSS!i f f^ ‘I^pcPf. 41 tB «.- 1 . INVEMlaNT «J»TS (II M) ! , 2 5P, 72 .8 6. KiSL?^fd m 4 6 R nwsfi.M* «»•*«» 

which are «(ti«sl(-d ur Ii%led on an fi'o^oa C gTs £ 23® 
oven»cjs Shirk Exrhangf. • General wins lzs*®® 

• r/abiiJi ►u' d LU * 

J I NK 9 OK?"" 7 2 fecC 

Magnet Metals .0 ..... 

Matneson H»«. 7-.BCCnv. £1024 
I mm L»I.-II 34 

Mn| Pleasar.: 14 .» 

Mid-Kent Water 3ocPrP.Db. t-0 , 
Mining Investment Cpn. 30 ZV -» 
Oldham Brewery 69 67 
Portsmouth Water aocPero.Db. £27 
Ur agate Invs. 67 
Wert Hampshire Water A 660 


Arbour Court ln„. I O'l 
Burrougn I James i 110 

I Siebens 0.1 ana Gas -U 378 373 

36B 352 JbO J55 35- 3*0 


Siebens 3 36 3.93 4 02 4.03 

1 1; ii jK'niiMWiiii ill Ikrt 

li.-L- lij.'Jinno* 

WPKes Uamesi I25 oV 59 «7.€ J 
■Wilkins IMtthetl (2_5« 47 • 




WUson ■ (Connelli*) Midas 
- io«’OC2-<*Pf. ®9'? (S'Bt 
• Wilson Walton Engl""-'*'* 

i SSifV^E^cst. Trust I25P. K ■J”™ 1 

iB 6>. ! 7ocLn. 53ij iB'bi 

I New York and Garlmore 

New Klemionieu 

Proos. IRD.25' 5 l? 6* 

sr=-i ?r * : 5. 

Exceptional shortage « 

SS4 sts ss= ^ssajnas I 


Trading m ywfrda,', >«Vb« . .‘ISKifu?' 

^.sr^'rrus: SuMi ■»«.«*. . -»-« 

• - ■W 7 ^f's 5 *nrt Sons rHldov.) <5nl * ’* 

Australian IntM. TrtT li BOPF 97T •»* 18,6 

Raeburn Invest. 

Tit. I25p> 122 i7 6» 

in iridiiinn tu ’an exception- houses paid 9-^1 cent . dollar improving to 3.43c from .. 

[ar-V aniouni of eligible bank secured I cal Moans at the RW«J ^nd ^ while the 12-month hushed 

P:,n of hN iML-kaac is for rales .shoued a spread ^ 6J5c a „ ainjil g^5c. J“"« » 

Yprrcw* TSOp) 270 17/P) riRp i2Spi 62 FS B' ■ .. , _ 


. , Yorkshire Chetnlcnls C25P) 97. 12';pc capita^NaLon 1 *" T n- ^(MbI ( 7-6, 

. Uns.Ln. 128® f8fS> ^?dlnal Did. (25pl 105 (7l6> 

. Yarirchire Fine woollen Spinners (20p) *2 St»r i25m ‘64 9peUi»»ocd.L . 

Yoaghat Carpets CHIdoS.) (25pl 35® 5 Channel 'Stands 'nil. CJO _ S35 i6 6i 

Charier Tst. Aocv. I25n£ 53^? c 

Xc tiers Group (5p> 57<-* 6':® Crt^ Inc. tlSPl *» B 

ITT 17/1 T rCHT f 1 City Fo.nelon (25pi B2'i • 


Calcutta Electric Supply 72 (7 6). 6ptW. Claverhous* iS0p> 82 1. nw 
. 62 (6.6' CliHoit 110 

Nigerian Electricity 247 (8'6t Clydesdale 

FINANCIAL TRUSTS (65) c ”tin. 5 n“t C .i 
Anglo-condnetal tnv. . Fin. SI* Months crescent Ji 
B5'i®- Crossfrlar* 

Armour Trust tlOR) -1 1 0 .t8?m Cumulus C 

Assam Trading »HoWmgsi S 39S 7 '6/6i Qanae Cap 
Australian . Agricultural (SAQ.50) »« Debenture 

Bi^ooMatV.Prtjpertv'General^ Ihtnata. 7 k oovrrin io^>‘ 1 

prWgrwItter. Estate* 1 50pr 268 1616* - 7 

Britannia. Arrow HoWlngs- (25p) ,76's® [7/6> 

IS.t- BAjrc.M. 49 'l • .•;■■• D.-Wton C 

Charterhouse Groua «25pi 65bffl 5 . . pb. 78 . 

Cornaagnld Flnanclere •_ de- -Sue*. (NF100) UL^JToj 
£45 r716> - Orayton F, 

c?° S ToZlT't2slTe2>i-': ~ Iccitith C0MVn e ent.! n¥ MjesL D J=s“' 73... West African (—) sold b.vihe aiuhonlics .°J u J h ^ s Jndcrcd ^and allot* 

X “ l25pi 71 Cltl “ “, “ morning with the runijincler oier- will be on off 

•ttw i»- ux-««. <>*. « «*.. 

BS ss ^ s,ock - dal " 

*rr^‘C ™ m s c r 

nder the average rate 01 lhin tra di nE .. Against the Lj . ia rt.jii .l-nar ... 

t count rose O.BK.i per cent la franc it eased to SwFr 1JHW0 Trom amiwi • 

(2S3 per cent. The minimum SwFr liNfi0 w hile the French 

cepted bid was £9“.65 cphipareo f ranc improved to FFr 4.5!»25 from p,. ulf: ,.h L . Mark 

ilh £117.79 last week and bids at pFr 4 g0 Using Morgan <;uiw.*r 

iat level were met to about GuMran , y s calculation at noon in Fr^h (r-nc ; 

ndr rent. The £300m bills -I—... vnri- ihv Hnlkirs trade 

Special European 
Drawing Unit of 
Rights Account 

■" 0.670202 "0.6TJW2 
122352 1.2292S 

Scottish Mortgage 

Anglo-American invesinfeni Tst. ikv.sui 

3BCDh - D ^l«rs ,3 Ccnsd. Mines -OPcPl. .RS. it, 
j Spc <S6i Did iRO.OSi 356.® 5.® • -® 

1 so: 5 1 6 1;,' THE POUND SPOT 

141 OIL (156) _ — 

»4i : . B 1250) Br7t^-9 P o‘ r rwo‘Pet. |ynd. (I0p> 156 (7 6i June 2 «'■■* I .. 

187', (7.6,. ^V2i. C IS : ^ot% S “s?A 4 69 'a,l. 6 

per coni Exchequer 

England figures shoved a simni Bast-d 
I adjustment to 89.4 from 89- on washm 
Thursday. ,Ua " 1 ' 

Based nn irade tveichk-il ftiari-ix tniiM 

iTashiiuion tit-i.i tn-i-'-'nher. t»*i 
Hun* ill England 

innla. Arrow HOMlngs- (25p) .. IS':®. C7/6' _ ■ raAnt l’40f -46BC *Sni_ rx.ei ' „ _ 

l- BAfX.M. 49ij 1 _ D^jtqn T gS c ®* , 1t*^‘ 1** Se&nd Alliance Tst. (25p) IB# 'a C7.6 

■terhogse Groun <25pi 6Sb® S. i pb- 78 :S6i. «#-«“-»• . ... 3B 

rtKfe Financier*, d«- 6u*z. (NF100) EwWrn *g« -25PF ,3®h 5»hd GrtjaT Nwihgrnta.. Tst. .25P - 

I SecarJiLes Tst. Scotland r *5r* ■* 



liny in. .ill U |iJ»- |Tlir*ri.i.inll.« % |.A. 



X.4y» lrtie 

4.7- LSI l.£B.‘.|'in, 


: (telephone number m 
- ' parentheses; 

-'Barking (01-592 4500) 

Barking (01-592 '4500). - 

.'Barnsley Metro. (0226 203232) 
■" Knowsley (051 548E555) 

' "Poole (02013 5151) — 

- Pdole (02013 5151) 

Redbridge (0M78 3020) 

; Sefion Met. BC. (051 922 4040) 

■ Thurrock (0375 5122) 

Thurrock (0375 5122) * 

Wrekin [0B52 505051) 

Wrekin (0952 505051) 


jeross Interest Minimum Life of 
interest payable sum bond 

* i-year 
' t-ycar 
- jp-year 

(5,6) . Grnieya inverts. 123 Trlcenirol i25o' 176* 8^ El 50 79. 7oc 

Tranuclantlc xnd &itnev» ‘ Unscc Ln. 791® 90® 36 id 6- 

raiei . Trust 1Z5P» 67 Ultrsmar (ZSpi 273® 1® 2 5 70 3 67. 

S5Sm B ■S^«2Tt>ro. .1 7pcPid. 151 S'l <8 6i 

T Cip? S h t J^|sS :6 iooi- 1516, PROPERTY' (lot) 

T™Steos nt Corio?»l!on fZ'5Pi '2»»i »6,6). A ||ian« Prcpenv Holdings BiiucDb. 77 1 

rlSSSdl 1 2 5vcstment Trurt !2Spl 110 * me( | London Prao. fiOpi S6B i6l6i 

... Allnati London Proa. i 2 Sbi 199 '3,«i 
tinHwi British Sees- Trust f25Pi 1 J* *- Aquis S«LralJPS iSdi 22 Q iaj<> 

suw a” General Trust Caron. Aravl/ , Sxs . , 2D cDb. 81 BO', .4,6. 

U AS2 ‘?nu?(B,6) Bank and Commorclal Holdings iIObi I ■ 

t25P i 1”® nth (25P) 9«‘J. Bcliway Moldings i 25 p. 61® 

United Stair® Berkeley Hambro Proa. '2bpi 104; 3 

SpcUBS.Ln. 97 6 J7.61 5 92|J) (B , B> B1||£in , p , , 25o , i 6 3 

Viking ^go I5l6> . Bradford Property <25pi 223 <Bi6i 

.wemvw a5 » 'e® 5 (BIG). British Land .25n. 32',® '#® L-:® 2 : 

70-® |0i6). 41-pePI. 12pcLn. 136 tS--' 

' l? B> 7 ' , , Brlaton Estate *25pi TOO: 99i : ; 

v^iSii liiHtmtnt Trust (2 Sb) 162 <6,6i Icaoital Prop. >2Soi SH« >: 
Yeoman Invest rn.nt Tnjs t 72 | Wrrts. D'a. 9'*KLn. 72'« 

Young Companies Investmcn Carding Group t5pi 20® I8i6» 

17161 . Central Dlsl. 6'4PCLn. 79 ‘7/6i. SoiLi 

r„ ,aian tait- if for tvnt' ruble frani-s. 
1 -iii.iik-IuI francs 38.I.V».93. 

Six -month fnru-ard dhllar 3.48-3.4A: pm. 
12-mnnih 6.iU-«.18c Pf. 

Rue given for Anienrtna la free rate. 



•'WHS- I 

< ■*! I i llllHl-l^tllk 

l,-wi l/iii Silfh.: Finance 
hi Inn’ll iif(iin ixl,.|- J Him»e 
(Hi-^ll- I- H.-I-HI- 

• f)|ie<tnnr ' 

i'nm|«nr inxrLei ; iMRourv 
H.. 1 1.., I <ta,a.-n R,ii* ♦ 

F.lijihle : 

IUiiL iKinrVrxHi 
Hi i -v ® ; Hill-® 


t r i; r -■ 



- ' Abbey miooal 555% 

* £% 

• ^^unghain 

- :.Sradfonl' and BiDgley 

- • Brfe^of.and - Weat - 

. Bristol Economic — JJJJ 

• •— 50505 

'.Jarncy c 7 =« 

••••••’ 3oo% 


: ; ®rtlteBh«n;and Gloucester >55% 

; '~C itfeensi" JtefA nc y 

• > City' of ; London 

■ te&vrotr^.fieoaomic...- 

• Cowrrtry ^Provident - *, 

r ?. ZMom*: 

Gateway, :-f—- *. . 5.20% 

/Guardian- - 

■r •‘' Halifax:/ ’ 5:25% 

* T.- TT* 81361 — • =»sq£ 

-. , l M«i« - df-'En^and - 5j25% 

•.^S^dS Bradford ... _ 3 25% 

Share Subpn 
Accnts. Sharia 
.5.50% S.75% 

5.50% 6- 75 ^ 

5.50% 6.75% 

5.50% *."5% 

5.50% 6-75% 

5 50% 6T5% 

5:50% 6.75% 

5.50% 6.75% 

5.30% 6.73% 

6.30% 7.30% 

•5.80% 6 - 75% 

530% 6.75% 

5.50% 6.75% 

5.80% 7 30% 

5^0% 6-73% 

5.50% 6.75% 

■5.50% "30% 

5.50% 8-75% 

5:50% 8-73% 

5.75% 6.00% 

530% 6.7o% 

• 5.30% 6.75% 

530% 6,/o% 

■ YTerm Shares 

6.50% 3’yrs., 6.00% 2 yrs. 

6-50% -3^4 yrs.. 6.00% 2 yrs., 5 <a% 1 .vr. 
6.30%. 3 jts.’, 6.00% 2 yrs., 5.75% 1 yr. 
6.5QK 3. yrs., 6.00% 2 yrs.. 5.75% 1 yr. 
6:50% 3 yrs., 6.00% 2 yrs,, min. £500 

5.75% .^ 7.25% 

6 . 00 % — 

• ‘ •'Uedsr^cro?8aeBi 5.50% 8 75% 

Leicester : r .V'""'"* . 5 «« 5.50% fi - Ba 5 

.I.- ^Liverpool ' ' 1 " ' 535% 5.75% 7.00% 

•LomJdo rG^a^: :^ ^ ‘ 5*35% 5.60% 

McftdnrHowbTajr • J -5^0% 6,a% 

■■> -a 6.20% ' • - 

'.-sa*.- 5JB0% 8- 80% 

. -. • 5SS% 1 S.50% 6.75% 

Natioawteg- ^ i s(jo% 530% 8^°^ 

: 65ti% - -6-T5% - 

New- -. 535%/ 5.30% . . *-<& 
- No-rthern Rprit-^.rr : r; ; : .■ ; 5 ^. : ^ 3 0% 7 .00% 

gtorWich •• r rry- JJ “r-' ‘V’' 5 «% - 5 j 0% 8J3% 

; .-:;SS«4'- ; sS% e - 7 ^ 

P^ogrtssive r '- : “. ^2$% 6.00% 

propel .Owner? , •c--;, -”- ; 550% « 

Province •• ’■ , 5.50% 

* t Slvipton ■"•-■■r-’T::'"'":;' / 555%. *5M ' 

6.75% 5.75%- 3 months' notice 

6 73% ' 6-50% -3 yrs.. 6.00% 2 yr*. nun. £d 00 
6.73% 6-50% 3 yrs., 6.00% 2 yrs. 

7.30% -Tv,. - - 

6.75% , 5-80% over fo.OOO 

6 75% 6.25% 6 months' notice, minimum laOO 

8 ; 7 S% 650% 3 yrs., 6.00% 2 yrs. (£500-115.000) 

7 30% 7.05% 3 yrs^ over £5,000 

6 75% 6-72% 3 yrs., minimum £500 

675% 6 .50% 3 yrs., 6% lyr. min. 3 mths. notice 

7.30% 6.«%‘ 3 yrs. 

- 75t6 ' — io 6% 3 months notice 

8 73% 6^0%',-3 yrs., 6% 2 jts.. min. S00-£15.000 

6 00% 6.45% 3 mths.' notice, minimum £l,ooo 

6 75% 6-50% 3 yrs^ 6.00% 2 yrs. 

675 % 6j 0% 3 yrs., 6.00% 1J yrs.. £250-03.000 

6 '/3% fc50% .3 yrs M .6.00% 3 months' notice 

• 7 25% 6 - 75 ^ 3yrs H 6.50% 2 yrs., 6io% 1 yr. 

6^0% . :6 months’ notice, minimum £2.000 
6.75% 8.30^6 ^3 yrs.. 6.00% 2 yrs., £100-n5.000 

7J3£% 6.33% 2. yrs. 

675 % &50%_3 yrs.,.6JHI% 2 yr*.. min. £1.000 

• b 75% 6-50% 3 yrs., 6.00% 2 yrs.. 5.73% 6 mths. 

6.95% 3 y^’ 8 - l0 % 2 yrs-. rnin. £1,000 

7.00% — . 

675% 6.35% -2 yrs., min. £2,000 

6 7a % 6.50%; 3 yrs., 6.00% 2 yrs. min. £250 

t / 555%. .'W* a yrs., e.uinn ^ y«. 

LSWWk* 6.00%: a yrs, 6.50% 3 yrs. 
Town » nd . 5*5%: 5^°% 8,3% . . 

>oolwirit . -s- -rv-^rrjr. - Ranges in Ordinary share rales, 

: VRates ; i.»™«lly vari ‘ blem1 ^ ■ 

*80% 655% j months 

6.75% 8.50%- -3-4 yrs!, min. £500, 6.00% 2 yrs. 

g_S0% 6A)% 3 yrs., 6.50% 2 yrs. 

6.5d^‘ 3 yrs., tM% 2 yrs., min. U00 
-'qaw 6-25% 2 -yrs., minimum £500 
0 75% 6.50% : 3 yrs., 6.00% 2 yrs., min. £500 

8 ^% 6.50% 5 yrs., 6.00% 2 yrs.. 5.75% 3 mths. 

s 75% 6.00%!-2 -yrs., minimum £500 

rig J 6.65% ' 3yrs., 6.4% 2yre.. fi.15% 3mths.nnL 
6.40%- 3 mths. not B4 j0% to limitd. cos. 
' 6.50%. 3*4 yrs., 6.00% 2 yrs. 

b 75% 6-30^ : » yrs.. 6.00% 2 yrs. 

?o5% 8-33% 3 jnrs-. 6.55% 2 yrs.. G2>% 1 JT; 

8.50% 3 yrs., 6.00% 2 jts. + Max. £2 j 0 
« 73% 8-00% : a yrs, 6.50% 3 yrs. 

Central Dlsl. S'^ucLn. 79 .7/6.. flocLn .... •. in.lvr. 

Cer,trov nc,al Estates iZOui 69 '* 'S ii h..,,.... 

Churchbur, Esiatea <2So. 256® fB’Bi 1 * . 

Cllv OB. ces -iSi • 53 _ null... 1U.. 1U 

Control jgc-jrttiei ilDol 32 l7-6» t , . Ii • .... 1 ■ . . I'.. 

Corn Exchange ilOpi 170 '86* I i 

Country and Mew Town Propertle* tIOpi. 1 " ” ■■ Q . 

2§., r m-.lilt i S.j T 

Countv District Properties HOpl 86, fSSi , , , „,.,i,i|i-. : 1 .. 9;.i 

Daelan Holdings 125P| 92® iBIbi . 1 l>iAs,. 

Dorns Esu. .lOpi 17: ; 'j IJ-*- 

Dorrington Investment iIOp) 12 iB S' !• • .•nr- .... 

Englisn Protwn, Corooraticn >5 Dd, * 5'-7 

3':® S‘; *ij 6 5 : B'lOcLn 95® 

,3 6i 12pcLn. BB ,5:bi _ i .^.al auilwi |. 

Estates and General Investments 4 9 ikP(. ,,n,gUr llircs- . 

ErtXlts Prooerry Invesimenl H5P' 91 ?6 6i Mi '.i* rll ' e ’ 'j' r 
G-cat Portland Estates (50o> 296 ■.i.|irn’tini.ilo 

Green rR.) Pron^rtlw ilOol 39# -® iSb' ,, ;u.-r s-s-nl. 

Greencoat Pronerfius IEpi 7L uiuntll -i 

Hammcrson Prooertv Invest Trust I25ni tin ■ • momii i. 

577 r-Bi. A Ord '2£.p) 577® Finance Hous, 

Hailemwe Estates tlOnt 2*1 iB'61 c.-aosll Rales '. 

House Property Ce ot London ‘50ut 1-5 T ,..-.vtirv Bills- 
Imry Property Ho'dmgs i«n 297® 'Hi Trc.stiry Bins, 
ininreuraaean Propi-riv HrHinot 'IOpi -.3 
Laganvale Estate :10ai ID (S''6j ,, , — , — 

Land Investors -25 pi 39':® ■ 

Land Sets. Invest. '5Dei 708 6 7 91; 

ErceDb. 198 B -93 56 . •' 6 - BoeDb 71 ETiRO-ClJF 

(6'6i. 8‘ -o:Ln. 1992-97 66 M iB 6 tUDWVMl 

5'ePCLn. 162®. 6 -pcLn. 139 *0 . IOpC 

Ln. 140® 3 -8 6: , _. 

Law Land -20oi 39® -. 7ocOb. E2-: 

*7 6i. 7';btOp. 71'.- i.IBi 

Lewis Uohni Preos. PLpeDb /*’- ‘7 6. 

LO'ioon Proviiv:ial Shon CcntrM il-Hdps 1 - 1 iiim 

London Coiintv ' Freeholo Leasehold Pr .ns. ..i-i.sxn.dliv. 

7 wDb. 64 '] i 5;6 i _ _ S|..*.!li 

MEPC iZSpi 1181® 20® Z 1. SoeLit. n,,,.- utnnili-... 

Mb. 50<Ln. 91 2 

McKav Sets. '20s' 220 IS '6 6' 

Mjftr Estates I26pi 28. . ... 

Mldhursl Whllo Hldfl*. (IOPI «'«® 2’*® — “ r 

j' 4 »# 2', l hr foluitin: 

Mounniew Estates >5pi 57 1; <7 6' . one J'vsr J 

Muckloiv ‘A. J-' o*J» ‘ 2Sf,, ,1H ® ia)r^-ipmi t 

Property ReSersiararv (25p> |^5’* fG'6- 
Property Srct-ritv iSOp) 14B t?-Gj shnn-li-nr 1 

RaD>jn 'Sp' 5-: Allan rati'5 

Regional Properties A i25bi 651; 

Reliable <2Spi ** ’5/6) _ „ 

Rush TgmpLUVS <2Sol 120# 19:® 1-® *-0 

■BIG] 771.® 

IcdltBh Mwropoiitan >20 b> 107 i 716) vr 

Second Citv t’Opi 36. 7pcLn 79® .8,6. y ^ 

Siaugh Estates *25 p) .V 7 ® 17 ' ... ^ 

Star iGrclt Britain Hldgi. 6pcDb. 61® 

StocL > Convei tibit t25p» 250 
Sgnlev -B > i2Sn: 219 13 '•*, ,, 

Town and CGv i1D»J ’3® '« *' 11 

8pC-TJpcLn. 87 ..'6' 

Town Centre i25bi 59'- 51 

TraBord P*rK '25"' 102 i3.6' 

United Kinflloin i 2 ^pi 19® 18';. B wrris Jfgj 

J3® 8:?PCLn. S7'-® . 

United Real i2S»l 253 -W*’ 

Warner Estate HIHos. 6-«Ln. 52® 

Webb 'J 5 *5p> 15': ifil6) ili’.ifl AluilU 

Westminster i20nt J9>ai ~~T , 

Winston Citntrs ( 25»i SE i7.6i .\--ori3(Cd 1 

“<2 • r.iffi'SfiS 

Anglo- Indonesia i 2 Sbi 99 100 

lOt^ 11U 
1 •' a 1 ••.- 
10 '# 10'-: 
10 ID, - .. 
10 10 1* 
10 10... 
1U 1- 'r 

9 •(, 10 1 n i 
9-i LuU 

U .w. 10": ; 
10 •.-.11 '* 

; U'lj 11 
9 1 * ■ lOU ' 101* 11 
9-‘: l»-l« Is, lb * 1 69 
fisa 101# , IO* 
fliy 10 : 10:® 

94 h IOIj 10'2 
9 Sk 10 1 IO'i 

- I - I 

BH-9s« lO.'.-lOin; 

• lO- 1D " 
9l*-«Vi 9 -- 

_ ■ 9.; 9:i I 

«{..!•« Kill I ■••11 '» HIH- 

ruT.7!. J»ui: l!* hl«2! 18i 

a >,SI ' l *‘- > !'f ii 1 ' 

.. . N, 6 | D ® 

.1-89 I 59. •l'lOO. till 

Ibeniivin liMitK— ■* 1 1 ■£?„ *?!£; B Pnn 

.L'93.212 i iL IOO.OBOi 

■ ■■•lil C'.iin- 

.Iivllll— l I--M 1 1 V ... 

In 1 lyrn mi. I >lf6. Ifi -pIWMM 

b 167.60 

da>&' died. Lona-terni local authnrtis r “ ‘® 

■ flit 

I ••■■•I I ■■ill- . 


, i If6, Ifi .*f£ej-lS0J 
• Cl. 2; U.3I |£105.-10«1) 
>s3: t5: .eMl-SFJ 

•l-v>;ii:i iI-lf: io:, 

. • is; sr: .sssi 5?i 
a'iL;-si:> '.ciu* iij. 

les 111 table arp , NrW !Jl .i..„.| S ,r,v.... baSi-a*s 



1 trade hills lftl per rent. ■ 

,r s-cni: and ihree-mnnih „ w s „ prili 

h 91-9 1'ni per te" 1 a,ld 

Itireciiiiinili lu.’ per wni jj^, 

1 1. Ibis. Clearing Bank #K -, ft,.,,-. 

for lending l" per W" L vj Kx"li-v 

4 166 1F8 ’ - 197,-TESi 
|L'IL2: IL3; >LItJ I04i 
.-.j2< ■ n* s 6S?i • 54 J 

■ use, 1 Mi" 'L'JB. 2S,i 

x55: b.'. >55V&7? 

•rsu; it;. iL'}0i-5lai 
. 1-2)6 3»9 #!i5i 2?3( 

-1*2; loJ; Slit 154 
•>:7i-lLS» ba7:- 100. 

1 .tiiHiliii'i 

Imuli liiiiliter Swiss Frnm- 

W. t'ieniuiu 

9 9 ‘c 
10 lO'j 

lliv 12 


12 ''j 13 

Freiu-li Knur 

91; 9>i 
9". 9*i 
9 a . -10 

10U 10'* 

107j lHa 

9 10 


iii : . iai a 
121*1314 1 

131* 14ij ; 

14t s 15io • 

MWhurst White Hidgs. (IOpi «'-• 2**® — , hl . (ollmtin , n ^n^Trat-s m-n- uuoi.d for London dollar cvmflcatea or deDOiii: One month 7.7W.M per ccn.: 1 r- 

asaESr-rir € ,'i B ® ■• a r «'&• «« * ,hw «« *• per Mn,: four " r '" n ‘' hv 

SS; SsSt- X s *** “"■SEJSn rail, *re ndl » ^ - — «« - ^ ^ f """ 

Raotan »5pi 5- : .. Atian rail®, ar.- ..I, khc nlvs m l-i'U-apur'.. 

; ihren months 7 .65-*. 03 per went: sis. m®"K i : » s W pl ' r 
. r^.,- ,-*-nt; hvo yuars 6-9i pit wnL ■ Rates aro nominal 


StarnciC* provided by 
data STREAM latrrnatlonat 

Name an d description 

U. Aluminium !ipc Cv. s 1 - 1 ^ _ 
,\--onaled Paper yipc Cv. S.i fiO 
1 iik of Ireland Id pc Cv. U1-H6 



Size Current 
(£m.) price 






Bed. — — — 

yield Current Kansct 


Cheap! -I- ) 
Dcar(— )'> 


casuejota .Rlangi Rubber Est. H0p. 233 .. |IlNJl Land 12pc Cv -J(JU2 
Chersonese <F. M. S-. Esis. New HOP' “ 'r - ^ Tj T-.TTTn:* 

42 'i t: ifl'6. , j.i:i:iiHh Property teipe U\. JS-u-» 

r.nnAltcf. PldflL?V*ons ilOei J7 ’■ ib.6> _ . . — 

ConallC. PldflUljons MOei 17 's . — 

V£ j .10p- M® ‘ KtvJih h Property l2pe Cv. OUj^i 

H^hland* Lowlands Bgrhad -Ma.0.50. 101 ^ (y ^.y;. 

Jltra Rubber Plamat ons n0o» 51 iG;6« — — . 

Kuala Lumpur Kcpang Bcrhsd '4M» i . 6i | j .,. dt-n-Slunrl 7|)< - Cl. I'JdJ 
London Sumatra Plantations .IOpi 14^ ■ . 

must' R iver Rubber <10B> 4 S'!Q . 15pf C\ 1*JS5 

Narboi-ough if. M. S.> Rubber Est. <l0o* — 

i9 „„ , , , n „. '.(.•nun Ebtme-i lOpc (.*. . h.-H 

Plantation Hldn5. t)0p' -O-l *5 5'. -00- --’Vr.on'Hubbrr Ert. HDg. 52* 4 ■ - iTjfcm-lo Sp. ^v l’-'S 


Brit contmwlift. Shipping .50pi 292 3 

Caledon** Invests '25o. 243 : 

Common Bros *50 p> 13» ' < *“ 

)J.i 1 ISpJ 1 3? f 5 6‘ 

Pi^'fira VV.ihv J50. 5&cPi J00 ■!»*< 
Grain Sh.opino 152 _ 

Hunting Gibson 153 ,, bD L p i JS " 

Jacobs U l-‘ >2*0' 36 >5 6' 

London Overscui freign-ers <25 p' 35 

Uriiiu- lope Cl. IDS* 

*s|..i:uh Eal'dies lOpc O. 

i ,. t-r. Kem*le\ Sp.- Cv. 1'JSI 
iikm.-'On \lnn.-h H)in: Cv. S“-'. ,s 

9.U5 156 .00 100. 0 

~L 40 114.00 20U.Q 

H—l 172. 01) 47,6 

7.71 13 6.00 33 o! 3 ~ 

S .S4 Ofl.On 234.0 

15.31 S0.0 0 150.0 

""-Til siuiO 57.1 

0.07 270.00 470.4 

I.Ofi J 50.00 1R6.7 

" 5.50 "lfiS.00 125 .0 

~7 U4.00 153.9_ 

11 JO 90.00 40.0 







+■ 6.0 







+ 2.4 












— 4.8 

+ 3.3 







- 2.9 







- 9.2 

llA :«•*-» 

-17 TO -7 U.l fi.7 ~ Q.» 4 16 .1 

-'TTo~36^ _ 42.3_45 | .:( 4-~ + 7.7 

7 to 14 36.3 57.0 14. 4 + 3.9 

"j J0^3.r 7J'“7.4 0.3 2 3.3_ 

ui) to 40 27.4 ~ 3H.9 14 0 ~ TOJ* 

•iimini in luiiii-riihl.- , as u,-r rt-m. *>< l?W 

„ii.I.-:ivhi. i-nuu 

r nf in. .•ilin- «i in.- nnn.-rivinu runny. ; inr amercnen nn.i* 
y f is 4,1 ui.H.Mii.Mi nf relative - is an |i»dicati«n of rotative rtnArnr-m. 





ihTi cimm ■ I 

HI [HV/£I 

Share index down 2.4 at 466 . 9 — Reaction in golds 

Account Dealing Dales Euro therm which touched 15flp 

Option before seUMnu at 154p, a penny 

•First Deciara- Last Account better on balance. 

Healings lions Dealiues Day _ . 

May HO Jim. 8 Jun. 9 Jun. 20 DlSCOUIltb better 

• Ji:n. 12 Jun. 22 Jun. 2-1 July 4 The base leu ding rate increases 
Jun. 26 July 6 July? July 18 made hy ibe major clearing Banks 

New Unw " dcallim niM Uh« Place h d been expected follow ing the 
fr “" un a .m. rwu business d. n dliys i pc r cent hike in 

Stock markets wen* featured lbe minimum lending rate and 
; yesterday by fresh strength in quotations initially held their 
-Gili-vdsed securities in conlinu- nvemisbt lewis. However, prices 
»n= response to the latest dr ,n et i gently lower on lack of 
monetary measures. Equities, how- support a.s the day progressed 
ever. lacked support and drifted aru j. apart from Barclays which 
a little lower. closed unaltered at 325p. closed 

Trading in the Funds was again w ph fresh falls of 5. Discounts 
active and the lung tap. Exchequer jun^- a disliiuT lurn for the better 
12 per cent lilllS. was quickly j n svmpalh) with the renewed 
exhausted at «4i and the price confidence in gilt-edged securities, 
subsequently moved up to close \]|en Haney and Ross advanced 
. wnh a rise of a point at 938. 15 to Slap- while Cater Ryder put 
Other closing gains in the later t , n i;i (u :{ii:lp and Giileit Bros, ami 
m3 fun ties extended to li. but t'niun both closed 10 higher at 
prices were moving higher in the 2 trip and :tl<> respectively. Cliie 
lair dealings by amounts ranging hardened 3 l»> Sip. Elsewhere, 
from J 10 ! following ihc standard Chartered were marked 

announcement nf a new Ions tap. up 5 m 4l0p I ol lowing new* of the 
U.OOum of Excliequer 12 p»»r cent, group's major acquisition of the 
2013-17. a« £9i». £13 paid, the Californian hanking complex — 
terms being favourably received. Cnion Hancnrp Inc.— for an csti- 
Amnnc the shorts, there was mated £203 m. Guinness Peat rose 
another subvlantial demand fur 4 to 24-tp among Merchant Banks 
(he tan Exchequer 92 per cent where Dili Samuel closed uii- 
Ji*2 A. up ‘ at fi2;£. a consider- altered at S “P ahead or Monday's 
able amouni uf the business preliminary results, 
emanating from holders .sw itch- Quietly dull conditions prevailed 
mg from ihe variable .stocks. At , n insurances Sun Alliance 
the cln-.e. supplies of the tap were receded 6 10 .i«8p and Royals 4 to 
thought la be almost exhausted. 333 r , 

The fresh all-round advance was Breweries drifted gently lower 
reflected in the Government j n light trading. Guinness fell 4 
Securities index which put on 0.3s tn j, while Allied. Sop. and 
more to 70.26 for a rise or 0.90 Whitbread “ A." »3p. shed a penny 
0R i. he .... . anicce. Matthew Brown were also 

The Industrial leaders made a d „u at 112p . down 6. Distilleries 
reasonably steady start, but with ftpre a j so eac j er 
interest centred chiefly on the Building descriptions were 

Ump eased 23 to 973p. Small 
offerings in a thin market left 
Pye Holdings 6 lower at 98p. but 
Forward Technology were wanted 
and closed 4 higher at 12tip. 

Stores lost ground in quiet 
trading. Allied Retailers, at 2K]p. 
gave up 2p of the previous day's 
speculative gain or 8. while small 
offerings clipped 9 from British 
Home Stores at 1S7 ji and 7 from 
Form ins I cr at 14t)p. Martin Ihe 
Newsagent, still reflecting recent 
trading news, shaded 2 lo 242p. 
Maple, however, resisted Ihc trend 
by hardening 11 to !9p. 

The announcement ihai the 
keenly-awaited preliminary figures 
will be published on June 23 had 
lit lie impact on John Brown unlil 

A losing 25 apiece at 153p and 
1 2-ip respectively. Highgaic and 
Job eased -'ll 10 55p on small sell- 
ing m front of next week's results', 
while further consideration of the 
preliminary figures clipped 2 more 
from Cullen's Stores A at Jlifip. 

Grand Metropolitan remained 0 
dull market, finishing 35 off at 
inSip. after 107Jp. following Press 
comment on the interim state- 
ment. Other Hotels and Caterer* 
eased in sympathy. 

Wood and Sons advance 

Completely overshadowed by 
the hectic proceedings in the 
gilt-edged market, miscellaneous 
Indusi rial leaders traded quietly 
anrl closed the week with modest 


-'-I— _3lb-_T | 

Airflow Streamlines featured 
.Motors and Distributors with a 
jump or 17 to a 1978 peak of 
I05p in belated response to the 
preliminary figures, and scrip 
issue proposal and the property 
revaluation surplus. Penine 
Motor were active and 3 better 
at a 1978 peak of lip on per- 
sistent country demand, while 
buyers were also about for 
Reliant. a penny up at lip. and 
Supra. 2 harder at 56p. H. Wood- 
ward gained S to 52n following 
Press comment. Heron Motor 
picked up a penny mare at 135p 
for a rise on the week of 22. 

Persistent demand lifted 
Associated Book Publishers 5 to 
240p for a gain of 4Sp on the 
week. Saatchi added S to 165p 
awaiting nest week's interim 
statement. Jefferson Smurfitt 
firmed 2 to 194p following the 
director’s confident remarks 
about prospects and Geers Gross 
finished a penny higher at 44p 
on the improved results and the 
chairman's optimism. 

Properties were dull on the 
higher credit terms. English 
Properly cheapened 2J to 43jp. 
while Land Securities. 4 off at 203p, 
a loss of 10 since Tuesday’s results. 
Hanimer5on A eased 7 to 570p. 
Property and Reversionary A and 
Great Portland closed marginally 
lower at 292 p and 29Sp respec- 
tively, both ahead of results due 
early next week. Carding, 20p. 

were unmoved by the results and 
Chtirchbury Estates. 253 p. closed 
unaltered after early modest 
support to 257p. 

following the recent advance, bn 
the interim figures. Recent specu- 
la Live favourites to lose-" ground 
included London European, 2 off 
at 27p, and Dawroay Day, :2± 
cheaper at 40p. 

Furness Withy continued, a dull 
market In Shippings, closing . 3 
easier at 247p. after 248p. on end- 
account profit-talcing'. British and 
Commonwealth, however. '• itn^ 
proved 5 to 299p in anticipation^ 
of the results due soon. Follow- 
ing the recent- sharp setback on 
the chairman's statement at the 
annual meeting, P Sc O Deferred 
touched 92p before dosing a penny 
better on balance at 94p. 

Textiles bad an easier tendency 
with Caird (Dundee) losing a 
penny to 15p and Cawdaw 2 to 

Following the previous day-’s 
decline of 22 on the. disappointing 
annual results, Guthrie softened 
a penny farther to 294 p. Bertam,' 
how ever, rose 3 to 93 p. 

6Bj B.64- 

; 13 

1 • 4 
1. • 

5z] 1638 

• l6 

10| 1 ‘ '8. 16 

l - e 

52l 8,203 

' <i 

j ' 7BJ94 
1 17J861 



<f. r - ' 



»■ - 




s.«r.-' * 

»1 ut 
*«.. * ' V 

Golds turn easier 

The combination of a lower 
bullion price and a disappointing- 


batch of dividends from- •tfuu.V'o* 

Johannesburg Consolidated gronp *>r ia7B. 


GiU-edged sector and sentiment deprCi5Pd “ b y l3vk of buvers and 
heme dampened by fear* about ' r c ma |i „,u ers Falls were 
the impact on company liquidity .. v rcii , r ; C {p d fn fp ., 

of the higher national insurance i.w „ ■ 


a los.> of 2 5 a 1 1 n m and barely Streeiers of 

stirred from that level 10 close cheapened n penny 10 28p on Ihe 
2.4 down on ihe day 4iS6 9. lower figures, while housebuilders 

The trend in secondary issues ^ ere particularly dull following 
was al-wji 10 lower levels— falls rho increase in mortgage rate 
were in 3 majority over rises by with Barraf Developments 3 dow n 
about 7-4 in FT-qu'Ued Indus- at lOfif and Orme Developments 
irialr. Bid situations and com- 1? lower at 43 Ip. Elsewhere, 
patty trading .statements provided selected buying interest lifted 
the occasional firm spots Official Johnson-Richards Tiles 4 higher 
markings of 4 H7C compared with to H2p ufter recent weakness on 
n .211:1 on Thursday and 4.HH8 a the withdrawal nf Hen worth 
week ago. Ge ramie's offer. French Kicr. 3 

Yesterday's total of 480 con- pi-nnv better at "fp. and Thomas 
tracts concluded an un-insnirins Warrington. 3 to the good at 53n. 
week in the Traded Ootion were other firm soots, 
market. Most of the small in- After n meac™ trade. fCI. 3S7n. again centred on Grand and Ffsnns. ".Vlo. both closed 
Metropolitan follow ine Thursday's without alteration, but Albright 
results and a further I5S eon- and H'llwn. at 1-tOn. recovered 
tracts were done. ICT rolioued 4 of recent losses which had been 
with 135 deals with the new July hreq^ht ah^iit bv f<*ars that 
420 again popular with 50. Tenneeo’s Di5p cash offer mi-tiil 

- After a quiet morning session, be referred to the Monopolies 
the investment currency premium Commission, 
started to move higher late on _ 

Hong Knng and Wall Street Philips Lamp react 
advices tu close li points up on Following recent strength in 
trm flay ai ill., per cent. sympathy with the improvement 

Renewed interest developed for of the dollar premium. Philips' 

the later stages when the shares 
picked up from 35Rp on renewed 
investment and speculative in- 
terest lo close the day 4 higher 
on balance at Still p. Other 
Engineering leaders were mixed 
with Hawker closing 2 dearer al 
222 p but Tithes that much easier 
at 37Qp. Elsewhere, T. W. Ward 
rose 5 to a 197S peak of “tip 
following Ihe good first-half per- 
formance and accompanying 
cheerful remarks about second- 

half prospects. Thomas Locker 
hardened a penny tu I9p follow- 
ing the results and 600 Group, 
at S3jp. retrieved ail and a frac- 
tion more of the previous day's 
fall of :{ a Tier comment un the 
annual figures. Brnsway put un 
3 to 33p bit! Ad west dipped 6 lo 
25l»p and Aurora shed 4 in 91 p. 

Tosco, which reported prelim- 
inary fi-gures on June 22 last year, 
revived with a rise nf 3 to 4.'!|i 
in active trading stimulated by 
vague talk of a couple of brokers’ 
circulars. Associated British 
Foods hardened a penny to 70p 
in front of Monday's preliminary 
results, while investment demand 
lifted Rowntree Mackintosh 4 to 
4l2p and J. Lyons 5. to lfi4p. By 
way of contrast. Bishop's Stores 
suffered a sharp reversal on the 
profit}, setback, the Ordinary and 

losses. Bcrcham relinquished 2 
10 643 p as did Glaxo to 57:1 p. A 
firm market of late following pub- 
licity given to brokers' favourable 
circulars. Reed International 
closed j similar amount cheaper 
at 12Sp. Elsewhere, Mood and 
Sons jumped 10 to 50p in response 
to the 47jp per share conditional 
offer from Newman Industrie-, 
while De La Rue hardened a 
further 5 to 355p following in- 
vestment comment and Biddle 
Holdings gained 3 to $5p for a 
similar reason. Persislent specu- 
lative buying in a thin market 
prompted a fresh improvement of 
2 to 42p in Grovebell taking its 
advance on the week to 14. while 
rises of around 4 were seen in 
Giinime. 72p, and Hallam Sleigh. 
32 p. Further consideration of the 
proposed dividend-boosting rights 
issues helped Srcurleor to add *1 
more to 12Sp and Security Ser- 
vices to put on a further 4 to 12Sp. 
New Equipment came in for sup- 
port at 15 p. up 3, and Zclters 
revived with a sain of 2 to 59 o. 
after 60p. UKO International, 
however, lost 4 more to 14Sp after 
comment on the disappointing 
results, while profil-labins ofter 

the preliminary figures left 
Leigh Interests fi off lit 17UP 

Leading Oils dull 

British Petroleum ended the 
account on a dull note easing 12 
m S5Sp on adverse Press comment. 
Shell receded S to 550 p on lack of 
interest and Bnrmah shed 4 to 66p, 
a Tier flop, following recent firm- 
ness awaiting yesterday's AGM. 
Ultramar. 2Ktip. and Lasmo, 14Sp. 
eased S and S respectively, but 
Triccntrol firmed S to 152p after 
a Press mention. Furl her profit- 
raking lowered Sieben.? l ! Ji. 10 to 
34Sp, a loss of 32 on the week and 
one of S9 on the Account, but 
Attock responded lo renewed 
speculative demand and firmed S 
to 92 p for a gain on the week of 

of producers caused a downturn .. . ' . „ 

in South African Golds for the . ' NEH HI* 
first time in three days. Share.'. - •- 
prices drifted from the outset .- ' 
with mierest at a low leveL 

The buliion price was finally:Si '- ' L „ 

easier at $181^25 per . oosce; -. drapery i 
while the Gold Mines index gave' - . 
up 3.1 to 157.9, although it was- .', 
siiill around 52! higher over the-.- '• 
week reflecting general satislac- . 
tion with the outcome of Wednes- - paper 
day's International Monetary 
Fund gold auction and the drvi- - - 
dend declarations of the An g lo- 
Yaal and General Mining groups. 

The considerably lower-ffxan-. u . " 
expected 200 cents interim. from, ~ 

Randfontein saw rhe shares drop DEALIN 

a point to £344. while disappoint- ".First Last 
ing declarations from Elsborg and Deal- DeaJ- 
M’eslern Areas left both 8 off at ^-in*^ 

106P and 167P respectively. .. 7 ^ 7 JunSo 

°n the other hand. Buffels. t Jdjt3e July 4 

NEW HIGHS (104) 

OILS. (IV T'.-.-V • <%if .- 

•owtlt mu TT t APEUX TD^K. : ,7 
- RUBBERS •••?<$ 

MIMES (»■ . - S'-y >• 

m m - 

<« U * ,. ta M 

itf." - 

foreign bonds n)- 

BANKS 15) 
HOTELS «».„ . 

paper »wyy i ?ft 6 ' t4> 



, • ■ • NEVFXOWS 

' ' ■ ■ a«EM«tJ C- : 

Truest. TV A . ■- • • 

& - ^ 
p'SrV**- « 

Andlatrahtc- ■■■• iJ ■ , - sj.-y 

IMGlNlZBNRTft: • ... 

Alcan Atumlntiim . " • ri.- ' ; . 

.. -. poods .-r: >:■ 

EdwanH (Louis cj Tavener Rattbfctt!.. -- 
Nurdln A Peacock - .' VVU*Af«jy- ;,-r. 

INODSnUALS CTk:.- T;?: -V--- 

Barmw Hepburn • •- ~ 

. iNSVRANCE ®v i.- , 

Son Altlandv ' . Wa lte r* 1 *"’ . - . * A -; . 

PROPERTY (I)'--- ... - vi 
Sank Sr Commercial - .. 

SHIPPING. IU . ^ L-. -■ 

Jacobs <J. I.f . . •- »• ..-«w.r £.. 

OILS <11. • J V 

KCA - 

SVV **■ « 

rS-:’- 1 



DEALING DATES .' were Talbex, Britanitij- Afirpw,. ; For SpiHers, Slebens Oil : 

kzi dJal settle- ^ 

ines tion meat Bnrmah OzJ.-C. H. Inita 5 Mal r - ; 

T..n70 4 nir 21 Sen 14 Manchester Garages. . Fedeas,/ 
Julv 4 sSh tep. A KCA International and N^W^r 


up at a 1978 high of £10. .eon- r nlTl4 j u i‘ v is Sep. 28- Oct- 12 Warrants. A put was ttofle^jn 
tinued to draw strengtii from the 1 ' . .. P ^ , Eoro therm, yithile douhfes,-.-w|er#;. 

increased final dividend. Althoogh ^ or role jndtoaiiotw see end oj arran ged in Oneen's.. Moajfciind. 
s off yesterday at £14 HarteBeest " . Share I it for? nation hennee Splllers. A shorttilated "call'WaS . 
were still £!i better over the week . stock e favoured for the call taken out in BUdhurpt WblteS, - ' 
also following the sharply in- ^ • • 

creased finaL • ' ' ••• .v 

Financials were subdued. Profit- nicrc i vn TTAT f C . ' - .‘r" ' 

taking left Anglo American 2 AlTU rALL3 ; 

cheaper at 32t>p but still 22 higher . Yesterday ■' Otttilfe.Week- 

over the week following the good ' Up Down Same up 9owt> sew 

15-months* results announced last Rritu Fowls - to 2 5 268 7 « .7? 

Monday. CirporaUnns Dom. and Fareis* Bands M 3 » - » -W.- 

charter also att«rted a good K^“ l, awl p r0P . ^ : S - S - S .*S-"3JS''.i 

demand throughout the week fol- u 14 10 at ' 62..- ' 

lowing its 19«» figures: the shares, plantation 4 5 as w ; aj'* ne ' 

although unaltered at 144p, dosed Hh»«i » so • m 2 » _TM;y,-7SL 

taking after moving ahead- ' . - . -,'V. " ' 

strongly on Thursday following copper values encountered at the week. Northern JWining ;were 
the S20 rise in Rustenburg's pro- copper-zinc-silver prospect near finally another 2 better. _ 

ducer price to £240. Rustenbnrg Benambra in Victoria; the shares while MEVI Holdings put OH: 3 to ■ 
themselves gave trp 2 -of Thuts- touched a new 1978 high of I5lp 210p and Metals Ezploratnin'^2-'to 
day’s rise of 6 to close at, 84p, yesterday before easing fraction- 32p.. / • 

while Bishops gate fell 4 to 83p. aily to dose 7 firmer on balance Elsewhere, -Musto Explprattett 
Western Mining were a strong at 14Sp. were suspended at- 250ZL up 15 

market throughout the week on Other Australians also gained on the day, pending a statement 
consideration of the further rich' ground after a generally sluggish from the company. \ .. 

Ocean Wilsons came on offer in 
Overseas Traders and fell 6 to 95p 
in front of Mondav's preliminary 
figures. Harrisons and Cr os field, 
a firm market of la»e on the pre- 
liminary results, reacted 12 to 
475p. S. and W. Berisford 
hardened 2 more to I32p, while 
Australian Agricultural moved up 
4 to P5p and James Finlay 6 to 
35flp, Ihe last-named for a rise on 
1 he week nf 13 following the pre- 
liminary figures and capital pro- 

After late overnight strength. 
Investment Trust Corporation 
attracted fresh support and dosed 
6 higher at a 1978 peak of 253 p 
on continuing speculation about 
the outcome of the recent bid. 
approach. In Financials, Robert 
Kitchen Taylor reacted 4 to 76p 


s '• - ■ , 
jt • . 

:■ ■ 1 ^ 



29 - 












ass Lsa - -- 





' 62 - S» ■ 





; -23 “ no ■ 



■ 60 


136 251 




- 26. 

- 1 





*~ r „ 

3? * 

la-* 'v*: ' 

■oiti- i- 

Hsvv * 
Jute'.- • - 






Gra n<l M». 1 


Shell Transport... 
Barclays Bank ... 

Riirmah Oil 

DATs Dcfd 

Beech am 

D" Boers Dc-fd. ... 



t.'rntmercial Union 




benomina- of 







prit.-c 1 pi 

on d«y 







32 S 



“ -7i 










- 8 










- 4 





+ 3 





- 2 





— 2 







1 03 



- I 





— 0 





— n 





+ 1 





+ 2 



The ahure list nj active .‘.lucks is based on the number nf 
Tempted ifocicri-hijy »n the f Iim and nailer Rule liHiili 

reiimduced i |, -duy 111 St>vk tlxciuinge dealings. 

let ami 











price ( p> 

on week 







— *1 



Shell Transport... 





■55 ti 


FATs Deld 




- 6 










(.‘rand Met. 




- Hi 



. Bure lay?: Bank ... 




— 5 



" Baechajn 







- Western .Minin®... 



+ 24 




2.5 p 






F* t O. Dcfd. ... 






■ Lonrho 




- 2 



Commercial L nian 




- 2 




3-7 p 



- 4 



.M brie hi & Wilson 





I Hfi 


De Ln Rue 







- -■ 










1 ii-int 

• •iT.-i 


■ .It IT 


, Cl. *|||; 


i-'iiiu v ! 

. I.—. ; 

































• — 

t .un. I’m.iri 









f«ni. I'nbm 






I ..II*. li.i'.l 


X? 1 







C.IIH. li.itil 


6 ! 






t ••nr 1 


23 '2 


26i = 







14 1 j 



i 201; 




7 is 


1 2 Ig 


14 Lj 











47 1 









27 I 




• 42 



• • Ki“ 


ioij ; 




• 30 

n k c 


31 - l 





- • 

(IrHii.l Mel. 

iuu : 





I7i 2 



(imii.l Mhi. 

110 ; 

4 13 • 

37 • 



: 12 


limml llet. 

120 ; 


33 ■ 



7I 2 

- - 


350 | 





! 70 




36 J , 

32 ! 




: 49 


. - 

II 1 

390 1 





| 32 








1 ia«2 



IbO 1 





1 34 




2uO < 

7 ! 

2 ; 

I5i 3 


i 22 : 


1 hiiiI !?«■-.. . 

220 . 

2U 1 

7I 2 


13 ■ 


Murks .V S|.. 

120 • 





1 28 


139 f. 

Murk- A • |*. 

140 . 

bl = 




1 15 


'Ini' A T- 


1-* ‘ 




8i = ; 



500 I 

60 • 

— 1 

77 I 


! 83 • 


550 1« 


55J 1 



- - 

; 52 



600 | 

5i S : 

1 , 

14 In 


i 27 


l>«1 H 

208 1 




■iff mini * r ' . , _ 4 . 

\-.ZpT I These indices are the Joint compilation of the Financial Times, the Institute of Actuaries and the Faculty of Adtaarles }}~ 

ifc* ' 





Fisuna id parenlhncA flW' 
muDh«T ol per section. 

June 9 } 1978 

; . 8 












Day’s YMd% 
Cama iMax.) 
% Corp. 

Cross Esl 
D iv. P/E 
TkU% Ratio 
(ACT (Net 1 
U3K Corn. 









Not - 

Highs and Lows Index 


Compilation • “ 
High I law*,',. 

Ca'jcn c-« 
? v - _ 

f_. . 

>5k - ’ 



7 | J LTid 

= :- 


r* ; 

;5“ — 




: F.P. 1 

— ' 92 


’Urauiall it'.D.I 

91 . 


5;7 1 107 , 

1 CAPITAL GOODS (171 1 21326 

2 Building Materials t28)_ 188.00 

3 Coturacting. Constnrclioni®. — 346.63 

4 Electricals 1 15) 449.94 

5 EingineeringCortractnrsiHi. 316.04 
G MedanjcaiEnguKeringfil}. 174.18 
8 Metals and Mrtai FcnniBg 1 17(_ 162.60 


11 i DURABLE) (52) 195.48 

12 Lr.aertnmics.BadioTVil5l 227.77 

13 Household Goods i! 2 i. — 179.00 

14 Mourn and Distributor* I25)._ 125.04 

21 (NON-WIRABLEm175I_. 199.56 

22 Breweries 1 14) Z2630 

23 Wines and Spirits 16 )., 251.92 

34 Brfertainmenf.CatenngtlT). 25335 
25 Food Manufacturing (22) 196.02 
28 FowIR^aUvngtiSi 19959 

32 Newspapers, Publistiiogf 13). 371.61 

33 Packaging and Paper (15)-. 131.97 

34 Stores 1 39) 176.60 

35 Textiles (25) 178.93 

36 Tobaccos I3i 25121 

37 Toys and Games (61 106.88 

41 OTHES GROLTS (97) — 196.66 

42 Chemicals (19) 281.68 

43 Phaimaceitfical Products (7>_ 255.73 

44 Office Equipment ( 6 ) — 133.28 

45 Shipping (10) 43028 

46 Miaceltaneou 3 < 55 k— ■ — 20L9S 
49 INDUSTRIAL GBOIT 1495) 208.75 

51_ Oils (5) 487.08 ’ 

59 500 SHARE INDEX 23183 


-0.1 17.63 
-02 1828 
-0.6 19.84 
+0.1 1526 
-0.1 18.64 

— 1839 

- 17.54 

5.62 7.92 
5.77 7.82 

3.94 7.32 

3.95 927 
6.46 727 
6.10 7.41 

8.62 7.79 

22803 (14/9,77) 
Z33.B4 (2'5/72) 
38933 mSH2) 
483.69 (21/10,77) 
33222 (13/9*77) 
187.45 (14/9,77) 
177.41 (27/4/72) 

50.71 (13/12*74) 
4427. (11712/74) 
71.48 (2/12/74) 

84.71 axsm 

6439 -"(SOTS)'-'- 
45.43 .(60175)- 1 
49.65 (60-75) 

CjTSi' rjs; 
Cr. • 

f- *r . 

+02 17.061 
+0.1 15.37 
+0.4 16.08 
+03 19.78 

4.89 824 195.06 19737 196.89 195.88 164.94 

3.79 9.17 ZZ7.53 23L49 23060 229.11 18501 

632 835 17833 177.78 177.06 177.75 16125 

6.17 7.13 124.62 12552 12551 124.86 109.63 

198.78 (15(5) 
235.96 (6,11 

18433 (9/1! 

127 05 (15)5) 

173.63 (3/3) 227.78 (21/4/72) 3839 (6/1/75) , 

209.01 (3/3j 26172 121/10/77) 4285ll3/I2.'T4)- 

16054 (6/3) 26322 (4/5/72) 63.92 (1712)74) 

104.68 (2/3) 17059 (15/1/69) 19.91 (6 0ff5y\. 

a - 

&-v/- r 


A.B.N.- Bank 10 % I 

Allied Irish Banks Ltd. 9 % 
American Express Bk. 9 % 

Amro Bank 9 % 

A P Bank Ltd 9 % 

Henry Ansbacher 9 % 

Banco de Bilbao 10 % 

Bank of Credit Sc Once. 10 % 

Bank of Cyprus 10 % 

Bank of N.S.W 9 % 

Banque Beige Ltd 10 % 

Banque du Rhone 9]% ■ 

Barclays Bank 10 % I 

Barnett Christie Ltd.... 91% 
Bremar Holdings Ltd. 10 % 
Brit. Bank of Mid. East 9 % 

■ Brown Shipley * 10 % 

Canada Pcr.n't. Trust 9 % 
Capitol C & C Fin. Ltd. 9 % 

Cayzer Ltd 91% 

Cedar Holdings 9j% 

■ Charterhouse Japbet ... 9 % 

Choulartnns 9 % 

C. E. Coates 10 % 

Consolidated Credits... 9 % 

Co-operative Bank ' 9 % 

Corinthian Securities... in % 

Credit Lyonnais 9 <¥. 

The Cyprus Popular Bk. 9 % 

Duncan Lawne ! 9 % 

Eagil Trust 9 l n - 

English Transcont. ... 10 % 

First London Secs 10 % * 

First Nat. Fin. Corpn. 11 % 
First Nat. Secs. Ltd. ... 11 % * 

m Antony Gibbs n % 

Greyhound Guaranty...^ 9 % ♦ 
Grindlays Bank + 9 j 

■ Guinness Mahun 9 ^ \ 

B Hambrns Bank 9 % 

I Hill Samuel S 9 % 

C. Hoare & Co t 9 % 

Julian S. Hodge 10 % 

Hongkong & Shanghai 9 % 
Industrial Bk.- of ScoL 9 % 

Keyser Ullmann 9 % 

Knows Ley & Co. Ltd. ... 11 i% 

Lloyds Bank 9 % 

London Mercantile ... 9 % 
Edward Manson 1- Co. 

Midland Bank 10 % 

I Samuel Montagu 9 % 

1 Morgan Grenfell 10 % 

National Westminster 9 % 
Norwich General Trust 9 % 
P. S. ‘Refson & Co. ... 9 % 
Rossmlnster Acccpl'cs 10 % 
R ova l Bk. Canada Trust 9 
Schiesinger Limited ... 9 % 

E. S. Schwab 10}% 

Security Trust Co. Ltd. 10 % 

Shenley Trust 11 % 

Standard Chartered ... 9 % 

Trade Dev. Bank 9 % , 

Trustee Savings Bank 10 % | 
Twentieth Century Bk. 10 % 
United Bank of Kuwait 9 % 
Whiteaway Laid law ... 94% 

Williams & Glyn's 9 % 

Yorkshire Bank 10 % 

[ Member* of the Acwouxi* Houses 

Com mil lee. 

7-jay deposits 6\t’i 1-month deposits 

7-day di-PMUS on sum* <jT £10.DW 
and under «'5-. up lo £23.0M Si-S-. 

1 nH Miir r*l . 


5.87 8.44 
5.98 955 

5.72 9.45 
6.74 1038 
5.67 6.66 
5.03 950 
334 13.27 

8.01 655 
4.61 1230 

7.73 755 
7.45 5.40, 
5.84 6.42 
5.80 7.94' 
6.20 7.67 

4.01 10.79 

4.87 658 
7.32 626 
6.43 7.69 
5.72 8.17 
4,06 7.16 
5.47 7.99 

5.80 — 

5.81 5.94 

sioo;k.i\i - 

VHa CIO 122/9 

IOOh r.r. 1 - 

£100 • — - 
rt+'j/.55 C10 2B/7 

j3.8 1 mui 

* « j K.l*. JlliS | 101 ! 

l'JUi — 

* ■ >.1 

‘ • F.l 
£98^4 Cl j 

23(6 I t>x'|. 
- 108 
7.7 (OJ 
KGib i tOl 
1.9 . 1U 
16r6'lul i 3( i 

;M|i.(wer. ks|4w Ini Km. V«n*)ii*< t£ 

107*i.i tmiilsiT i*».i IuIi^I'ihI Cum. Kiel 

9i«'Uariiet Kol. I-J87 

I00j. •• •i- h * • >m* <-mhi. KmI. •**••» 

I'W.i 1-ittnhiirRh It'll)- uO Vnr. K«l-- t?fcj> 

1014,6- i-» Welef «i’lte*l. frel. I#.v» 

4fvlj.|..n-niu I'll .(,41, Kin, ..I. tlji lft-1. t‘i 

99 ,L»t«er»y & 0>. I'rt 

<(i«ii'>lMr • At, V«im. I'll 

104 it‘i>>M«Ar )C>i % Cum IVef 

Ouii l *11 vJ .IV* l*n 

3« 1(4.1., I ir~,Au». I 11 ,. Lrfl. I JOA 

7*4 1 r i n« A ttW 12'^ )ii*l. Mod 

!00i-;'V»li' I'iau-m- 104 I’n-t 

i 9 *\ -■ 


li !+is 


. 100../ 

. iui«: — . 

. 9912 


105 I 

100 „ , 

96. - .. 

9*4 +.*S 

IOO *... 


226.08 (16(8/72) 
28187 (28/11)72) 
26510 (5/5/78) 
329.99 02A2/72) 
21463 (ZUUJ/77) 

244.41 (27/10/77) 
39L43 (17/5/78) 
14421 (14/9/77) 
20439 (16.8/72) 

235.72 (17/1/67) 
339.16 (2/8/72) 

135.72 06 am 
213.70 (14/9/77) 
29530 (14/9/77) 
26296 (6/1/78) 
246 06 0/9/72) 
539.68 (18/5/77) 
258.83 (2/5(72t 
22232 (21/10/771 
543.20 05/9/77) 
24832 (14/9/771 

241.41 (11/4/72) 
28832 (20/7/72) 
29303 (2/5/72) 
433.74 (4/5/72) 
194.46 (15/3/72) 
37153 (15/9/77) 
27857 (1/5/72) 
357.40 (9/11/73) 

303.18 (18/5/72) 
245.79 (25/4/72) 
175.90 (28/4/69) 
319.45 06/5/78- ) 

228.18 a/5/72) 

61.41 033204) 
69.47 <1302/74). 
78.88 (13/12/74) _ 
54.83 (90/75) . 1 
59^7 (11/12/74). 
5423 (11/12/74)- 
55 JW (6/1/75) ; 
43.46 (6.005) 
5Z(J (6/1/75) ' 
62^6 (11/12/74) 
9434 03/6/62) ' 
20.92 (6/1/75) ' . 
58.63 1 (6/1/75) ' 
7120 0/1274) ; 
228.41 (3/3/78) 
4534 (2/1/75) 
9050 (29/6/62) 
6039 f 6/7/75) 
59.01 (13/12/74) ' 
87-23 (29/5/62) 
63.49 (13/12/74) 

A -- ' 





ThUfZi 1 




iFihlaj June 9, j 

! . 1 Tluir. 

1 llllllJX I Yluhl i Juuu 

1 N... 1 % | B 1 

'Veil. ■ Tno». J 

I Jlllie 1 JlIlLH 

7 ) 6 J 

[ 91.41. I 
b | 






1 1 1 


Cnm pilar ion 

16 20-yr. Sed. Deb. & Loans (15) 

16 /Investment Trust PrefB. (16) 

17 KJomL and IndL Prefs. (20) 

and over £25.000 OJ*,. 

Call deposits o»er £1.000 6",. 

Ponund deposits *!•■«. 

Rate aJtfO applies la Sinrlimc Ind. 

XcDUuciai ion dale usually last day tor dealing free of stamp duty, tt Pigures 
(AiLd on pnupKtiu esumato. 7 akuthnI dividend and vteld. v Forecast dividend.- 
cover baaed on previous year's eamincs. r Dividend and yield traced on progpecnis 
or Mhvr oRicial esriuiaies lor 1079. w Gross. T Flgorcs assumed, r Cover *!»»■ 
for conversion of shares not now rankus for dividend or ranKing only for rcstrtcied 
dividends, t Placiitt price lo public, pi Pc-ncc nnUssa otherwise indicated. ? Issued 
by 'cPdcr. || Offered to holders ot Ordinary shares as * " rigtns." ‘-issued 
b> way of cuplLalisaLion. ft Minimum tender Price. 33 Reintroduced. 13 Issued 
In connection wiUi reorjtaninaUcin merger or lake-over, |j|l Introducuun. q Issued 
to rormnr Preference holders. ■Allotment letters uu tuIJr-paiU*. • Provisional 
or partly-paid allouncni tellers. -* With warrants. 

Section or Gronp 
Pharmaceutical Products 
Other Groups 
Overseas Traders 

Engineering Contractors 

Mechanical Engineering 
Wines and Spirits 
Toys and Carnes . 

Office Equipment 
Industrial Group 

•'56.94 j 1 13.Q3'56.72 B7.ll 57-14 167 JS [67.87 157.54 *7.54 i6BJ7 I 63.67 

.52.61 13.47 52.52 .52.25 52.25 52J15 52.9! 62-81 alii iS 67 71 

.'7).i>4 !l5.W 171.54 171.57 71.48 l7),S2 |7t.52 171.66 i7I.?2 !?0.W I 18.B0 

Base Dais 







Base value 









Secliott or Gropp 
MtsccllBacWK Financial 
Fowl Manufactarniu 
Food Rota) 1 1 ns 
Insurance Brokers 
Mining Finance ‘ 

All Other 

Base Date 




Saw Value 
. 12BJM> 

114 Ai 




SB if-ei !!§., I ii44i [ fZ-°* <i/l/76 > 
(U/I. ( «;« «3S 

13d. hv na .1 - I — • • 

7 Redemption yield. A new list of the cos diluents 

« SE^S-Ey.i!" pul,l !f he ™> Tite iKp35 

Bracken House, Cannon street. London.- BC4. price 

— — 1 t i-rr.Of raiuiw 

BafaUcUmtld^, jL,^" lShUy roeonl of grtrap and , 
since 1963. with ^ 

Ind/ccs, | S obtainable fnj ^ *!*■*-.& ' 

» B«t Court, London Bks "ww auerprtes, ' 

"AME CHARGE : ^8 per CW-' 

(Bonding Mntarlalsl h» Porrtand Cement 

Circte Indus^ ’ “ ««« » ^ - 




T&nes Sdtea&ay Jtsne JO JOTS 

JAJ* I O’ I 



Abbey Vnit Tsl., Mgrs. Ltd. (ml 

Gartmorr Fund Managers V lafcp) Perpetual Unit Trust Mngs>L.V fa I 

iMMkr Life AwttflUrte Co. Ltd. 


v I ffi&rr *i 53 - 

,J§ls&-xiSi is » - 

SelectfrtFuia}; *.4 931 \ m "'~ _ 

- • TMow FBnd. 328.9 127J __ 

- .'jttM.rtuu«ty 172.7 iai.a _ 

. . FMK.S«iccttv« B3A »J „ 

rel «H z 

■rteBBSnrBr HI z 

_ l JMm.»LSer.« 132J - S97I 

- ' »■* »n ::: ~ 

;<S5Ufifr :SH Hi- - 

i :%U» atjim* B. VdjnalM 

* .Albany life Assurance Go. Ltd. 

'7 SL <MdButtln*tonSt,Wl JM-4373M2 

"rFd. Ace__pfl0.6 i ““ 

Int-Act to.7 

General Portfolio Life Ins, C. Ltd.? 
™BMhd9newCt.WaliliHaCm<'. m-circi 

rtiKrolioCapiul„|ai,7 oj J Z 

taresham Life Ass. Soe. Lid. 

r f r U W l E? Wales Rd.. B'mouih. 02P2 7ir»5 
CL Cash Fund .. 96J mm 

feSSS? - ' 88 ffl" = 

oiSfelFSSd z::^ ioi.1 - - 

Growth & See. Ufe Ass. Soe. Ltd.* 
WeirBank. Brayon-TbamM. Berks. DB2&343U 

NFI Pensions Management Ltd. 

4B. Gncechurth KL. ETCP3IIH. 014034200 
■uuudFimd. . {1499 156 X| | — 

Prices June 1. N>n draJInii Julr 3 

7zao. CotehouM Rd.. Aylesbury 

i Abbey Capital [323 V 

Abbey lracto* _ ..[38 1 a] 

Abbey I nr T.x Fd.. jS53 * 

Abbey Uen.Trt... |**9 41 


2.StMa»y Ki'.ia sj?p. 

Prices June 1. Near dealing Julr 3 I 

New Zealand Ins. Co. (U.K-i Ltd.* 
Maitland House Southend 551 2JS 0702 628U 

KivIXtf Int Plan (UfS 

Snail Co s Pd. 1011 

Technology Fd . . 104 5 
Extra lac Fd. . .. 1M 4 

American Fd. list 

Far Eatl pi . . Ill 9 
Gilt Edged Fd . .1032 
Con. Deposit FU.._|96J 

141 K ■ 

1064 -0 .3 
110.5 *0 1 
105.7 -0.1 
1217 + ] 1 
117 1 -19 
1066 -01 
uid ... 

Allied Hambro Group* fang) 

Kumbm Use . Hutton. Rrehfwvtrt. &»<#*'. 
IJI HB sasi or UrenM-tod IU277I 2TI4SB 

Balanced bunds 
Allied M (*4B 

Hrll lnd> Fund gl 6 659% -0 2 

i>rth.&ln*- p5 7 92 *01 

Eton i Ind 132 

1 Allied Capital TOO 75 8 -01 

Hambro Fund - .0031 1103a -01 

Hambro Arc Kd.. .11175 1258) -0.2 

lanmr Fuads 


isrAlPCn'-:<nT'l . 


Slid -c; 


prttUhT.4 » \^e. 

Ss 7 

so aj -o:| 


ConmoUir. Xi.arr 

156 0 

U9Sid-l IN 


tcRacEa t TriJ. 


UTp -Ofi 

HiKh lnc"-r+. r-4 



Income I'u. 


7ft2 - 0 2| 




toti F.HTIpl *-,l . 


Ijfi -92) 

l: >lnll T-t • Arc i 

33 5 

1>C| -nfi 

75 a -o.i 

103af -0 1 

i2si -o : 

III aor.Bl 4p I! in Si.. HrrJeyfjnThjcacs iK9t2K<8fl 
-0;j 0 14 I’-peiuK'p 'llh 1398 «27{ . . . I 352 

*i c i| 1% Piccadilly Vnit T. Mgw. JUA* until 
-04) DBS W*fd,;1c Ibe . jSa 1 -••utM Wall ECS 8331001 
. .1 J 4 * pvtra inmiM- 31b ’ 3 S “5 * ?Z2 

P 0 $■;** .'mall Co » M ..*10 43 9 -0 2 4-70 

Cubical Fund . 5b 5 -0 2 350 

"M $22 lpt ErtM * As<e» f . 1*7 fa M.9 . .. 2* 

-Obi 1M iTnnirmnd 058 395 -01 j55 

sc lid -\rrumltt Fund 62.9 6.3. . 3 W 

R5 ’ L * C ' T«r.Wne |Vl«J - 577 i2 9»i 4.M 

U'.-'«B4m K^ESMrtl . *»1 30 0 -0 5 090 

j|g- iip n >'<r. F<j»I — J .2ft b 28 2d) *0 21 1 50 

0 30 Practical Invest- Co. Lid.V lyHd 

44 Bl«*JOVbur\' 9q HV'f t ZR.» Ul-gZZHXXS 
Itj-Ii-mI June 7 .. {1495 1508) .... I 417 

Arbulhnot Sera rifles (C.I.V Limited^ 
PCI Boc2M.St Hpher.fenei. CS34 7C1.. 
Cap. Tsl (Jersey |115 D 119®^ ■ - I 4 20 

King & Sbuson Mgr*. 

1 Charing Cm* Sc He! ier.Jer»»r. 1053417 374 1 
Valley Fur. SC Peicr Port. Grnsy, (0481 ' 24706 

Tirsi dt aline d*i* 

Fast AIbUTsi.-Ci . lUSO *£5°) ■! ^■ 00 

N.-i: sub. June ™ 

1 Thomas SicveL Deugiu. 1 0 M , 

Gill Fund i Jersey i M23 4 241 1225 

Gill mutiloM-i .1103 2 1W03 ••• | 12-25 

Gilt Fnd. Guemsr } |£4.71 4.7S 1 12.25 

latL Gere Sw. Til. 

F>nt Sterling 11913 U29I — . 

First loti . 1 181 S3 209 7d| 1 — 

Guardian Royal Exchange 
Ho*al Exchange, E .CA 01-283 7107 

P«>p«rty Ronds — |S74J 182« . . { _ 

Hambro Life Amu ranee limited * 

7 Old Part Lane, London, W1 01-UB0Q31 

Fixed InC Dep jmo 13L*| | _ 






Ufe Amnamltd.* 


Manag^ Cap 
Managed Acc. 

GUt Edged 

Pen! Prop! Are! 
Bun. Man. Cap. 

Bon. Man Acc 

Sw Cik tvfa fart 
Pen. GUt Eds. Acc.. 

Pen. B5. Cap 
Pm.BE. acc 

Pen. D.i.7. Cap 
Pen. DAF. Acc. 

1.9 107 J 



133 1 

.. 147E 

.Vonricb Union Inaanoce Group 
POBoa4.NdnricbKR13NG. 060322200 
Managed Fund ... ..1309,1 220.11 -08] - 

Equity Fund ... . SSfcl 353 8 -01 — 

Property Fund 1279 134.6 -0,1 — 

Fixed lot Fund 2501 1581 +23 — 

Deposit Fund IDS. 4 110.9 . — 

Nor. Unit May IS 2066 — 

Ffcoealx Assurance Co. Ltd. 

4-5. King will lam Sc. EC<P 4HR. 014389078 

Wealth as* QUO 1X9.M | — 

Eb'r.Ph An 77.7 J - 

FVr.PS-Eq-E. 75 1 70.* j — 

i lllch Yield Fd. 

Hif.h I rarrunr 


lamattanal bonds 

international - 

Secs t<f America.. 

Pacific Fund 

8prriall*i Funds 

ir .1 

59a 3 +o!lj 

49 * +oil 

Gibbs lAmonvi Tst. Mrs. Lid- i'TdELfVSirR! ula ' • 
aMUmrJiHt.4-.F-2.V7%L. U'.-Wlll ^iOffl -0 H 

iaiA> i ll- 1412 «2j I 8 » ' Anym-un E-jn.1 -i25 b 2833*0 2) 

1*1 AU Kt'il.Z- be "saol "“.J 0 30 Practical Invest- Co. Lid.V U'Kl 
r+ufuc *:u« n iu-i Bioi-nn hun. *^ HVV \ 2R.V «l-« 

GovcU (John)* It^imIJuwT. {1495 1588) .... j 4 17 

77. ionibu. « j|; k ■ 5 0l .588.5670 * mUB ,Jall> — ftlt 4 2S4-5i ( 4J7 

<rUdr June •. .1154 7 ic:o.ei. i 202 provincial Life I nv. Co. Lld.V 

Do Aecum l |li20 W* . I 202 552.BaJ10pMW.Ec 2 P!J*78S33 

.•■.il dbalmv -isr June !« P-nlifwUmb . . 063 9031-0.3 30b 

Gneveson Maiufjpment Co. Ltd. ii'urhlntwac. - |U02 ua(M+oj| 731* 

58 Grcshan irtT^r'i. 
[UiTircton.IuricT. 20e5 
lAecuRLl’aib:: .. 221 o 
BTbJCHAi: JumS 176 b 
1 Anrotn. l : ruis<. ..I2CJ1 
Endr*>.Jur,i-M.._.. J&2 4 
lAccutn. Units, ....1339 
Grnchnr Jumyp. 995 

Australian Selection Fo*^ NV 
Market ■ ipportu miie*. no Tnsh Young A 
(Kithw.urr J27 Kent SI- 5)dn*7. „ 

USS1 Share I SI. SI 53 |+0 02| — 

Net \ss«t Value- 

Bank of America International S-A. 
35 Baulnard Ro-al. Lu*rmbourg C.P. 
Wldinit-sl Income ISVSlUfl U16J|-0 72| L49 
Pnces »i June 8. Nest wb. day June it 

Bnk. of Lnda. & Sr America Ltd. 

40-SB. Quern Victoria SL. EC4 . 01-MO 313 


.... 1225 

... 122S 

._.. 12.25 

Kleinwort Benson limited 

20. Fenchureh SI . EC3 
Eunntcs! Lae F 1.062 
Gurmsoy Inc 63 3 67.3 

t>0. *rran 7B2 83.0 

KB Far East FA $1510 62 

KBlolL Fund SL'51175 

KB Japan Fund SUSSL28 

a- d .*c pj *1 -mi od. 

Alesandri h um I .|SL^26 — L 1 — 

Net asset value Juno B. 

23i.y .. . 

o5Si?;jir^‘d;_;®|4 I IS Quiller Managemea 

lAecwacUnib. 1339 1975) .. 1 1» The Stk. Gxcbaase. EC2N 

Grochflr JunoP. J993 Weld +*4{ 263 Ch»dran:i>E.Fd..|107.O 

Ln.& 1 „[7p 8 74jl .... I 3.96 .. 

l Ac cum t/nii* 1 _ *n 4 76 T[ . ( 3 9b SoilOaCe Laic Jig PS 

GaanUail Roial y* Vnit Mgrs. Lid. Reliance Hse.Tnabndjy 
Royal Exefaa-iri-* EC3^3DN. Ol «B83I l £!r .~!m 9 

iPtlGpardlullT C.BSr 9L9) -0 If 438 ^^7.2^-!.^ 

Fru dl Portfolio Mngrs. Ltd.* taMbMO 

7A1 iTudenaal —1123 5 

2ZLV -Oil 526 

Prop. Equity ft Ufe Abb. Co.* 

! IP. Crawford Streec wi H 2AS. 01^ 
R Silk Proa Bd — I 1788 I .... 

S&fSWk=: Si {**:' 

Property Growth Amor. Co. Lid.* 

Leon Kotue.Croydoa.CH0 2 LU 014HP0600 

_ ‘ 18U - 

ma — 

757.7 - 

7515 — 

153 4 - 1 

ramie mix. .-.-P+ 4 “ , l KSlS?. .-B gfa 2 It llolbmr.Baro.ECLN2.NK 01-W5KH3 

iS^n!S?^5r 155.4 37 V 461 DlnfCH.V.: jum- K g*b iss|!_ 731 i-nidcpnat 1123 5 3314-0 51 452 

^dAmir.CosFd.'.. WS lil* IS Quiller Management Co. Ltd.* 

& s FEir T £ ™i'" S 3 52? ~ 0 -' r?i lAcevm. Units. ...139 iSi) .. 180 The Stk. Exchance. EC2N IRP- Ol-VXMlTr 

572 nil uii IP GnwWr.JiwP. 995 10623 +*4 2.63 Q tt9 tom; 1 i CE .Fd..|107.O UB« I 4.M 

iS5saEBC5» ss s5SEiffli S _*,— 'aar^ ' “I - 1 771 

sssetl^l vJiiJ li Knsasjst «==-, 
sass-’iss*** ns ... rss asssaat=jii Had n 

. . .. „ „ . ... UilCva'JhiliT -J6C, 9tM-0i{ 438 gf Hord e T. lac. — 1».9 S>7\ -OjJ 5.73 

Ansbacher l-nlt MgxnL Co. Lid- Henderson Administration* laXcKgl 5.-.^^-.,,^ Mannopment Ltd. 

nss“"SS SSSSJ.?^."- 1 "Si H : “S 

Anderson Unit Trust Managers Lid. 
158 Penchnrrh St EC3M BAA EC 9231 

Anderson U.T. 1488 52*t ... I 140 

Property Fund 

Property Fluid <ai 
A gn cultural Fund 

Aerie. Fundi A) 
Abbey Nat. Fund 
Abbey Nat. Fd.lAi 
laveaturet Fund 
la vestment Fd «ai 
E quity Fund. . 
Equity FUnd (Ai 
Money Fund - 
Money Fund i Aj 
Actuarial Fund 
Oili-edeed Fund 
0 Retire Annuity 
eZmoed Annty. 

Arrow Life Aaanranee 

80. Oxbridge Road, Wl£. 




■aroJapaXife Amu Co. Ltd. 


M - 

Hearts of Oak Benefit Society 
13-1T. Tavlnock Place. WC1HBSM 01CW7 5020 

Hearts of Oek pb 4 3tfl .. . | _ 

HU1 Saronel Ufe Asanr. Ltd.* 
NLATwr, Addlscnmbc Rd. Cray b)-tm 4353 
♦Properts Unit* .. .1252.9 168 . _ 

2063 - 

174.4 +0 3 — 

133.1 +02 — 
100-8 -02 — 
1264 .. _ 


Arbnthnot Securities 

ST.QurcnSI London EC4R 

Extra Inctase Fd . . 105 0 
High Inc Fund .... *1 0 
eiArcusn. C'nlisi _ 550 
i»,’« WdnslUiiL HO 
PMrlriwcTuad.. 25.3 
lArcum. I’nll+i. . 37.7 
Capluil Fund. . . 190 
CcummxMiy Fund .. 565 
(Arriim UnlLsi . UJ 
1 10% M'dre l U.i . 49 5 

— Fin* Prop Fd... _ 174 

— Frep. Growth iVnitan* A Amaltirt lad. 

— All W-iher Ac UtullZM 11541 ..I _ 

Glams Fund 
lArrum Unllii.. 
Growth Fund 
lArrom I'niin .. _ 
Small or i o » Kd.. . 

— dAit Weather Cap. 1220 

' ,,,s 'rriri. 
ll K-. Hu;, 
ii- v. li ii,L 

i cnnix 

•Corronl nut nine Jute 12 
Beehive Ufe Aaaar. Co. Ltd.* 

7L Lombard su ECS. 014831288 

BSETHmoelrme I_| 128.76 | ,„.J _ 

Canada Ufe Assonmee Co. 

M High Sc. Patten Bar. Harts. PBar Sim 

j?9j | z 

Onan Assurance lid.* 

L oiya^lc wy. Wtaabley HABQNB 01-0028878 
Equity Units tOb.99 - I-OM — 

Pam. Manasad Cap 
Pns. Managed Act. 
Pna.GToed.Cap — 
Pfcna. Equity Cap 
Pam Equity Arc 
rvtna Prop. Cbp. 
Pens. Prop. Aco. 

Vim- Pd Uta . . .. 
Pension Pd. Via. . 
COOV. Pen* Fd._ . 

EtdeniblnU Fd. 2*0 
ifl«; Wdrwl t'tsi I&8 
Foreign Kd.. . . B41- 
N Atner. A Ibl Fd (32 B 

Ltd lahc) 

1BY 01-2065301 
113 OHj +0 1 1131 
44 0 - 0 1 9 19 

592 -0.1 919 

£9! -01 919 

273 -01 1227 
40 m .. 12Z7 

205 — 

61 On) . . 540 

■79a . . 5 60 

5?SB SbO 

188 . 3M 
43.1 -0 J 2 01 

498 -os in 

35 4 -0 2 2 99 

42 0 - 0 7 2 99 

296a ... 4J9 

25 9 . - LSI 
203 . .. LSI 
91.1K 1B0 

353a +0J 100 

I'JC. Fandt 

OusCnr+Tli Ire .1423 

Cnp. Gro-i h \.-v ^ 2.3 

iDcow t »V ■+.■! [323 

High Incenv- I brnli 
Hl*h lnicr.i.- |U 
Cabet E»tn i„.. 

Sector Fanils 1. ;TT. 
(>0 6 Nat Re.. 

Internal '.ou! 

Cabot - 

4511 -0)1 

■ saM 

baSel +031 
50 9^ +0.1| 

nidrelleld loL IT .196 0 103M.-.J 272 

3 56 Kidctdicld Income. [93 0 99 Oiq . ...1 10.49 

b'-Zl Rothschild Asset Management tgi 
, „ 7200. Caiebouse Rd . j*MhL7 0386 iS41 

+3 6] :g 
-a5 240 

-oa 668 
+ o5) 166 

+D 3 166 
-Ojl 41b 

n.l S22 NC ItVJ Fd. .LncH«0 102 W +0.3 166 

2931 -0.1) 2.92 v, ■ |„;i Fd >A«r M 0 ID; B -o5J J 6b 

Cabot. IMb 0221 -0 a 2 72 SnOIr C«J« Fdll523 142 3 -0.7 1 41b 

I'aternaiiun *t * no zs i| +o.ij 155 Rothschild ft Lowndes Mgmt. ibi 

Wild Wide J„ru 9. 175 1 M I) -O.lj 458 S* it hi ns Lane. Ldn_ EC*. 01«I64356 

Qiweat Fuom New Ct. Exenrpl (£1220 12901 . .. | 362 

45S5S"? . £ 3 In , «S m w -S N ' est deal* 1 ”! 15 

Far £-4 ..In z 76 ll +0.7 355 Rowan Vnit Trust Mngt. Ltd.*ia> 

mJS3^ S is City r.mlel^e.Fimhu.-y Sq-ECi 01^6 10TO 

»» -T.NV !»s 563... us SSSSSiSSSv^o 1 Si z. 

Hill haniuci l-mt Tst. Mgrs.T (a) Hi*h YieMJimcB. 53 1 551 .... 

45 Beech ;-t. ECt!'2l2C C:^28ri)ll ‘ 5?n “ 

tbiBnti'hTm r !:os 2 2 53(J-oJt 55* 

IpbllTiirt 38 2 **;*3,-0 9 317 i.wniflUniJ |WS ,ua ‘ — 

.tiDoH-rTruJ [So ?S Eo>-al Tst. Can. Fd. Mgrs. Lid. 

CblFlSnrt.^ro ill? 9 9bl -0 3 +» 54. Jcrmyn SBeel. SW 1. 01029 

tbtlnronu Tru t |26J 2 E2} -0.? 7 7* CapiLaJ Fd £0 5 TIM .... J 

iblSeciu-ilyT-j l 151 7 55*1-31 519 Income Fd. .. - 172 ? 7691 ■ I , 

iblHi^b Yield IT. . ,29 1 3;ad| .. 801 PTiees at .Mey 31. Next dealias June . 

latel y <a»gi Save ft Prosper Group 

li OiriNl.'HiT.^rw.i.K C 2 1*1. 5477243 4 . Great Si Helen.-. Lendcw EX3P3EP 

lnleLlm k-un.l . (!72 W0| J 625 OR. 73 Ouccn Si . Edinburgh EK24NX 

Key F uzd Mssagers Ltd. laugl l"*"*' - r ^ Jfl ksvur: ftungTtno Save Si Prosper Securities Lid.* 

KeyEr-.TC.-ln I'rf 1781 2J J( +02f 536 InlenaUonx/ Focd* 

KeyEawir ii>r..lae6 72 91 -til 474 CnpiiaJ *370 391] ... j 

•K*» Errmp: Krt 9 154 U . 643 | TV |2S 1 2b* .1 

KCJ- Incorv. Fdr^J ..7S1 Clir-01 82S lair. GronctA ..,682 73 3| +02] 

r2Tnidii-n : W fem ic?c +a* ^ imrmIm lame FUad 
IteySm-II ..n^fd ,«9 ILCl+OvI 635 H , rh . YleJd |U5 56.4) -02| 

Klein wort Benson tail Managers* niKh Fan4 , 

20. Fenrhu.-ch 5L. E 03. Old238t*i0 jii^h R+rium. ... I65B 707] ..J lac IM 9 42 3 .1 5C9 income M2.0 453} -0.l| 

♦K-B fnitFd \e .Homo 11521 ... J 5 09 

O K tin T-A. .|552 596| .. 1 447 u-t« ekU I 

Cn*. Pn*. Cap. lit. 
Man Pena FcL . _ .. 
Man. Pern Can. Vt. 
Prop Pern Fd . . 
Prop Peo&.Cap.Utf 
B4ag Soc Pea UL 
BtdTsoc.Cap Ul.. 

Arehway Unit Tsl. Mgs. Ltd.* (aKc) 
3)7.HiebHolbarn,wriV7NL. Ol^lieza. 
Archway Fund _ .. (82 9 8824 . I 5F7 

Prices at June 8. .Next rub day June 15 

i~ ^ .VmencanJuneP. . 713 743 

Securities June 6 _ 166 0 175 0 

> High Yield JuneB.. 53 1 55i 

iron lAccutn. Ua>l«i . 76.0 BOO 

rid'liTra.i 145 2 

illTru-3 78 2 

oll-rTru .1 52 0 

apiul Tivt 29 7 

I* s . 

a = 

Imperial Life Am. Co. of Canada 
Imperial Hotue. Guildford. 712SS 

Growth Fd. June 8..I7L9 78 a -0 it — 

Pen*. Fd. Jane B J662 7X_9( -Q3J _ 

Unit 1 Jnbt -d Portfolio 
Maiuwed Fraud .. “Wl 99 . W +0 ri _ 

FlJtdlntFd 188.7} -03] - 

Secure Cap. Fd. Ki 1009+03 — 

Equity Fund (959 100.* .. | - 

Irish life Assurance Co. Ltd. 
ILFlnaborr Square. EC2. 01-6288253 

Blue Chb. June 9 (728 76.6) +0.* 440 

Managed Fuad BZ2.B 253.7] -rLH — 

JuaL‘i_p7a ia5!d .....J - 

Prop. Mod. GUl 50.1 2 03 2) | _ 

tting ft Shaxaoa Ltd, 

52. CornhOL EC3. 014235453 

Bond Fd. M535d|-l)J)2i - 

tkrriSeaBd^S^HsSj”:. } - 

Idmgham life Assurance Co. Ud. 
Lapgham Hi. Halmbroofc Or. NWA 01-2035211 


Wisp iSPI Man Pdf7A5 816) | - 

Legal ft General (Uhlt Assur.l Ltd. 

Provincial Life Asaarance Co. Ltd. 
222. Siahopf B9*e. ECi 01 247 0532 

Pror Hanjxtd Fd.flVJ V9JI .... — , 

Pro*. Casbrd... _ho»5 llfll - 1 

Gilt Fund 20.. _lll69 I23i +Z0 — 

Property Fund 1954 1085 — 

Equity Fund 1179 1032 — 

Fxd. lot Food (9SJ IDO.*... — 

Pradenttal Pensions Limited* 

Hoi born Ba.*s .EClN2NH. 01-4059222 

EqulL Fd. Mu IT— JQ5LS7 . . I — 

PTd.Int Mayl7...- (CU.74 18.9# .... .1 — 

Prop. F. May 17 .. . pS.45 Shi* | — 

Reliance Mutual 

Tunbridge Wells, KeoL (SE02227J 

ReL Prop. Bds. | 1981 | . . I — 

Rothschild Asset Management 

Sc.SwithlnsLnne.Londoo.BC4. 01-828 4336 

N.G Plop. Mar. 31-0143 IZ-M I — 

Next Sub. Day June 30 

Boyal Insurance Group 

New UnU PUen UwpoaL OBI 2274422 

Royal Shield PU.—IU35 ML2J I - 

I Barclays Unicorn Lid. laKgtVfc) 
Unicorn I lo 252 RomlrrtlRd E7 01^345544 
Untcorn America ..M 4 Mid | 1-85 

Do auWAr |7V9 77 7o)*0.3 1-65 

Do.Alia.llK,. ...1546 6123-03] 1.65 

Da. Capital . ... 6S.9 7L3 

Do. Exempt Tid..... 107.8 1123 b 

Da Extra Income 77.8 J0J 

Do. Financial _ .. 59.1 63 9 b 

DP 500 - _ 723 JBJ 

Do. General JO 9 33 < 

Da Growth Acc.. . *0 5 431 

Do. IncttnrTst... 841 90.‘ 

-Do. Pri. A'ru.m 1372 19*7 

Prices at May 30 Nc=t lub d; 

Daflccmtiy (42.2 45 f 

Do.TruiitecKund u .|112 0 121.1 

Do. Wldwide Trust SC.9 551 

MtaJn.Fd.lac KO 64 6 b 

Da a ccum. (73.0 741 

-Oil 440 
-0 71 620 
. .. 8*0 
5 11 
-alJ 587 

-Oil a 12 
-(La A35 

-53 688 

. \ 502 

Su f fw 

-fl3 5.12 
el!S 153 
-0 3 417 
-o3 487 

Baring Brothers ft Co. Ltd.* UK*) 

83.LeadeohallSUE.L'3. 0I-5C8330 

Stratton Trt. .11780 177 3 4-221 437 

Do.Accum. BIOS 2190 +2B| *27 

Next suh. day Jiue 21 

Net arret value Juno 8. 

Basque Bruxelles L amb ert 
Z Rue De la Re-gence B 1000 Bntweli 
Renta Fund LF [L850 L907J +2| 7 87 

Barclays L’cicoro lot iCh. Ib.) LAd- 
1, Charing CTow.siHeaer.Jrw. 0554737*1 

CWeneas Lscwrk- .. 1485 5101 | lLOl 

UmdallarTro«._. . gCSlM — l 4 «5l 

Unibond Trust. ptSMWl lMM -- I 8.00 

■Subject to fee and withholdmc Uues 
Barclays Unicorn Int. <L O. Monl Ltd- 
1 Ttuucas St . Douclu.LoJL 06244658 

Vnjrora AusL rM. . H3L3 57.41 .. — 160 

Do.AmLMin_ J1Z 1.7D 

Do Gnr. Pacific.... IL5 6U — 

Do. Ina Income _ 383 4L5 S.48 

Do !. of Man Tsi .. <63 

Bo. Manx Mutual ..(28-1 S8.V .... 1.40 

Blshopcgate Commodity Ser. Ltd. 

PO Bo* *1. Douglas. I AM. 0024-33911 

AJLMAC*M«r3 . . ISCSM 2#] - 

G.\NRKO-Junc5.a.lS5 I — 

COUNT-- June :■ .IQ312 2*651 . . I 1.97 

Onjtinaliy :r?ued at *510 and —1100. 

Bridge Management Ltd. 

PO. Box 5«. Grand Cayman. Cayman lx. 

*CbashiJune2 | Y1533S | 1 — 

GPO Rox 500 Hong Knag „ — „ 

Nippon Fd. Jimr7.^fettfl5 UB{ .....J 8.72 

K.B. L r S Gwih Fd .j SUSJ196 J ... 
Si (met Bcrtpuaa — ISl’SS B JLSW-O. 
• iMil/pndx i DM' IlB.45 1448) 

■KB act X Lon 

+221 3 -» 


! 83.0 417 

,1-51062 UK 

ll'SU75 1.96 

US3L24 0.88 

USU96 0.75 

5D Sl'SSM -0.01 LM 
15 1940) I 8.76 

paving agents, only. 

Lloyds Bk. (CJ.I II/T Mgrs. 

P.O. Box 190. St. Heller. Jersey. 0834 77581 

LtonhsTaLB'ewa-fSSJ 230 

Next dealing date June IS. 

Lloyds International SSgnmL SJL 

7 Rue do Rhone. P.O. Box 179. 1211 Genera 11 
LloytttlnL Growth .ISnC5P WJJ — { 1» 
Lljds Intlnc £F3tUa Rio) .) 630 . 

M ft G Group 

Three Qcsys. Tower Hill EC3R 8B9 Ot-830 *538 

At Ian tie June 0 _ SUS2JI 3Sj | — 

Aust. Ex. June 7 5US2J6 2 44 .... I — 

Gold Ex. June 7 — Sl’SSM IjH ... - - 

Island .... - ..._ 126 Z 13*3 -£4 !5 <f 

(Aceum l'ait*i_ (17S.4 189 g -0.7] 93.4* 

Samuel Montagu Ida. Agts. 

JH.0M Brood SL.KC3 O2-S88M04 

9SM iS 

I It Grp. Kay 31 fR-SUE U7« .... | 2R 
117Jerre> MaytT.. IES.12 .5 611.. .1 0.75 

ct^smu ‘ SJa—’l 

m 2SS:K4r.~B« d « 

^ l2? 2S Eoyal Tst. Can. Fd. Mgrs. Lid. 

al9 .n i ABO M.JcnnynSJWftS* •» I. 01^298252 

2 sSI -0j, 7 7 3 Capital Fi... |M5 7Z3j .... j 361 

55*1-71 519 Income Fd .. - 1729 769) | 732 

3; 2x3 S 01 Prices at Slay 31. Next dealins June 15. 

Prices at .Mey 31. Next dealins June 15. 
Save ft Prosper Group 

4K«y frrmp: Krt |]4J 9 
KCJ- Incorv? F jr.d . IS 1 

IVLj llll'.'i'r. • Uaa'e il'U* 

Key Fi'irr! |~ r.i ..leO 4 
Itey Snudl Jw* 

72^ -tllj 

cw -a i 

sa -j m 

733) +0i) 1 97 

■mriannlKna M !« 9 K2C| ^ 6J5 — 

Kleir.wcn Benson tall Managers* niKh Fani , 

30. Fenchureh 5L.EC3. fH«38t«) jin,hR»Hiim. ... Ib53 

KB.Uni:r«l lac JM 9 42 3 .1 5 C9 Income «_)42.0 

♦K-B t‘bltF.4 '.c .H060 11S2I ... J 509 Cu-J, 

6.B Fd l„. T*. .|SS3 59b| . . 1 447 frjkgg g 

L ft C Unis Trust Management Ltd.* oranro Fundstn 

5641-03) 738 


4631 | 4.78 

The St o-. I Ec ban Ec. EC2N 1RP. 01-588 2800 Europe IffiA 

IATIikFU. .11365 HOB .... | 7 65 "R™ IS? 

LAtTlmUtkaFtl.jiab 99 C( { 234 t.Si |79l 

” ?i:f* »*‘4; 

■+ «■'«' S : r+ 

June 8 

Capital Life Aasuroce* 

CM— Hunt. OmdAWlM - OBOB290U 

Boy InvasLFd. 1 38072 I J — 

PacemakerlarJU-l 1MM | __4 — 

duntaimiM *t« Gp.* 

18, ChoqaeetiSq^ Uxbridge UBS 1NE 52181 

KUmmod Boom, JQngwood. T*d worth. 
Surrey 8T20BEU. Buigb Heath SSted 

Cbrtbae. Smltr- 
Magna BUL Soc.— 
Magna Managed- 

City of W cainil wat er Aasor. Co. lid. 

w«f6-d Booh, d gUMtaw Bead. 
CruydcmCaOSIA 01-6868884. 

•I i ■.;=! -T f 

1263 +0.1 — 
22ZJ *23 — 
124.7 +2J - 
un.7 -oj — 
163.1 -QJ — 
1227 +0 9 — 

124.9 +L0 — 

Save ft Prosper Group* 

4. GLSUBelen’x Lodo. EC3P3EP. 03-554 8880 

BaL Idv. Fd. 127.6 135 Jj +031 — I 

Property Fd.* 1523 1613 ....“) — 

GUt Fd. 1129 125.2 +2jl — 

Deposit Fdf 1228 129.2 ) — 

Conm.RBOAFd.t_.. 1793 2*9.7 .....J — 

Equity Pen&Fd- 1W.4 190 5 40.2 — 

PropJenaJd." - DAB 2»J ....1 — 

GUI Peas. Fd. 925 97. « -ill — 

DeptxxPcnaJ'd.t. _ |982 163.* ..!!-! — 

Prices 00 June & 

tWeekb dealings. 

Bishops gate Progressive Mgmt. Co.* 
9. Blsbopsnate. E1C3 O/-S60629O 

B'RatePr.**June6..il80 5 1923a! —..I 4A4 

Acc.UUL-Jooea— 215.0 . .. J 4D4 

1 B'eatn InL May 31 - 173.7 U4M .1 124 

(Acnua-iMay31— |19L6 203 5) . . I 224 

Next suh. day “June 33. •'June 20. 

Sector Funds 

Lawson S-7CS. Lid. ViaMci c^Sa 

SJIteori'c.SL. ECinburrb£H3'53l'- (Q127C393 1 Eneryp 

2Raa XotericL, I3S.B *221+0] 6 35 Financial Secs I72B 722sd +«1| 

tiAccum. Urulii-.-.S37 47 5J +0.1 635 Hieb-fCainmni Funds 

ri^oariiFun J .. [5*7 MZw .. 9+x Select Internal. _j<59.6 ZHV) +09) 

NAccum lii.itxi. . >50 2 66 cm... 24b k? 7 5561 

TrCUtard 2 <dJ) 185 Select income __ .p*.? “ •=» 

tAneriian Fd. _ g* 9 27 o« Scotbits Securities Ltd.* 

tiArcun- Lnit&i. . -12S9 2371... C.-73 m n «■ I 

«HimY:.,ld _ 4B2 51 1300 “SI 2 S3 JLl 

•riArnuR Uniw. !»*. 72 « . U-88 “ K+S I 

Deaf. A .'Jon Tito riKed SThuis. "Fn. -^reoha r»- P&5 ...J 

Legs! ft General TyndaU Fund* KfcwdVrBB mH T.] 

laCnnyncc-P.A+d.Fin.Mol. 02723ZM1 Prices at May 24. Nett sub. day Jum 

CotnmodiTy [75 9 

EnerO... - - {703 

e.neri»... - - i'u+ 

Financial Secs. ... .p2B 
Higb-Hlahsiam Funds 
Select Internal. |259.6 

273 « *0 .' 
5561 -OJ 

Schroder life Group* 
EntcrpriaeRwae. Portsmouth. 

Bridge Fund Managers*! aHc) 

UagWIfllaaiSt .EC4KBAR 01-6230151 

American 6 Geaf..tZbJ 2791 ... IJS 

Income* — 50 J 547 jv . .. . 664 

Capital tnc.T 16.0 3031. 3» 

Do Acc.t 396 «3... 3 20 

lExemptr- 136 1A5H . 552 

Ini+mOL lac.t 16 0 17U .. .. 355 

Do. Acc.t 17.6 1&?| .1 355 

Dfcahnc "Tues. I Wed. iThurs. Prices June 6/7 IB. 

XAmere.-an Fd. _ 2* 9 
iiArciur Units’. .- 2S9 
"HimVHC - 482 

•riAmur Unit.**. !S7 h 

S-3 ^ol 

60 73 .. . 

... I 385 
-<U 7.01 

CBynf WrotwiwMer Aaaar. Sec~ Ltd. 

\-:i* sr.* 

Cenmercixl Daba Group 
St Helen’s, \ UndeahBfi. EC3. 01^B7500 

iswssws^ sa 1*1*3 = 

CwaMentkoa Ufe bBarna Co. - 

88. Chancery Lane. WC2A1HEL 01-2120282 

Legal ft General Prop. Fd. Mgrv. Ltd 
ILOnemi Victoria EL ECOtdW 0124B9073 

LfcGPrpfd. June 5 195.9 V-16L71 ) ~ 

Nest sub. day July X 

life -ftaanr. Cm of ftonayirenla 
SMB New Bond 5U«17 004- 01-W3838B 

uacop units tm S M*l 1 — 

Ltoydg Bk. Unit Tat Mngr*. Ltd. - 

71. Lombard SLEC3. f ■' 0101288, 

Emiyt. ■ P*1 . 7m 

Udyds life Assurance 
20. CUIbm SL BC3A.4BOC 

Blt.GthJimeB_._l 1J2« J — 

Opt. 5 Prop. Junes! ~ 

ttlBSW Hd = 

London Indemnity ftGnLlaa.Ce. Ud 

IMA The rurtmry. Bonding MSSTL 

S e etdah Widows* Group 

B1BBBU. 031-8866000 

H Iol — 

+0i. — 
+05 — 

-20 — 1 

Britanmia Trust Management (a) ig) 
3 London Wall Buildings. London Watt, 
London CC£M SQL 01-C3a(H7BAM7B 

Assets 71.0 765) -05 52b 

Capital Aec.. 51 4 553+91 4.05 

Comm & Ind 55.9 603. «« 

Commollty — 79.1 B50aS . . 4.95 

Domestic 293 42tS +83 *«1 

Exempt..-- 1128 UijJri 0-b 6 W 

Extra Inrt'ino 39.1 Cu. . 938 

Fur East ?0.1 2L7l +0.1 73 3 

Finxaclsl Sees 62A 67*sf . 458 

Gold Ir GenersJ — . B7.6 94^+0 8 3 05 

CCOWth 783 -03 4.10 

Inc* Growth 729 . 7 b!* 3 -D.l 703' 

Inti Growth HI 65.7d *02 239 

Invert-TstShartt. JbA 503+0 4 35C 

Mineral:. J6.4 39.1) +0.4 332 

i Nat- HI Eh lac 78.4 84.5 +1 5 213 

IncwIsSm M 0 373 -0-; 4,90 

; North American _. 305 -03 279 

Pndeasional 5057 52L*+0; 4.1* 

Property Share* _ 13-2 14.2 -0.1 2.W 

aSid 45.0 and -0.1 4 49 

Status Oumge Vi 33.* -02 462 

Dniv Energy W.4 34.9) +0^ 253 

The British life Office Ltd.* ta) 
Reliance Use.. Tunbridge Wells. Kt 0802Z7T! 

BL British Lite (49.1 Q?) -021 573 

BLBalanwd* fe.9 49.1 — 4 561 

BLDWdend* 1*22 . 46 ll. 4 940 

•Prices June 7- Next deabng June 14. 

I & Catvynfv K.*i*1. Bn.ctoi. <67233311 Prices at May 24. Nc-a sub. day June U. 

. Irai 7+aj in Scblesl±K<T Trust Kngrs. Ltd. laHzt 
Ctv June 14 •incorpomlinK Trifi^Dt TtusUi 

u.»i=, .usititt* K.= Ud. 

lACcun Un*L i . . 1723 7( 

'--ua. rtxr June 

** “• ’ — — , -+—”—** Aju. Exempt ... ._ 

2 Duke Si Lc-r.dotiWIMfJP. 01-W6F001 nro+rL 

Leo AC'.'iirri . |fii!3 55 +0+J 4.63 Exempt MW- i -drs— 

Lloyds Bk. i.’ait TsL Mngrs. Ud.* ia) —" 

■ SncorpornlioR Trid+bt TrijsUi 
140. South Street. Dorking. 

Am. Exempt . —{231 2- 

.'tm. Growth . . — _... E9.0 ~. 

Exempt Hie It Y1d._ 125.7 27. 

AM. Exempt— . ~ 
7*01 .'jd. Growth.. — _... 
5J0 Exempt Hlch lid. _ 
4.63 Exemni MM. idrt- 
Extra Inc. Tst 

TIMtslrar i i>cp‘ . 'Sohns-hr-Sex 
Worihiac. west 

First ■ Balned ■ . — 149 6 533:4 

Da< Acrma • _ — M.2 733 

Secor.d i Cap. pi. 7 55 5ri 

PO lAC031 t — . 1 

Tblrn lni+>n»’ _ »3 863] +03| 63S Prwaty Shares- IS E 2 JJQ -0-L) +51 

Daivtumi 110 0 lia3 +0.5 655 Special SiL Tfl -g?0 29B -«Jl 2« 

Fourth > Sxlnc 58 4 62 7c) — O.lj 8 00 LUi. GrtK Aceum &4 Ujd -01) 5^ 

TL4) -0^1 BOO UJL Grlh. Disl pA9 203^-00) 532 

Lloyd's Ufe Unit Tst. Mcgrs. Ud. J. Henry Schroder Wagg ft Co. Ltd.* 

72-80 Gatehouse Rd . Ajlexbnry. 0385941 120. fbe*p.>de. S-Ci OF^W^i 

PJinitvArmn 1197 5 165 EJ I 4.0* Capital June 6 _. 11024 1061a| . _.J Z2M 

r-Sex I nr JO*. WiL-w J 28 9 

01-3231288 I null Growth 504 

533^-01) 4 50 Ir.v TR. Unit* ...24 
733 -0.2 «59 Market Leaders — H6 

55 5r -0.1 3 09 'Nil Yield' — 27.7 

70.0 ~o I 3.09 Prrf. *GI>: Trust _ 23.9 
863 +03 635 Property Shares- SE 

11E2 +0.5 635 Special SiL Tfl ZJ.O 

62 To -0.1 8 00 UJL GrtK Aceum 214 

TL+j-oJl BOO UJi-Grth. Disl pKO 

idaOSi 86443 


... 1M 
.... 833 



. . 9.97 

-03 - 
-01 351 

. .. 438 

-01 4tS 

29N +0.11 - 

. . .. 12.08 
-0J. +31 
-tu 2 60 
-03 532 
-Ol 532 

84.S ■+!! 

37 71 — OJ 

Equity Accum - .[1575 165 81 | 4.0* Capital June B-. |15|4 t oil’d 

K ft G Group* (FNCIM ttjW«".r ion m3 

Throe teui. Tower Rill. B3R 6BQ. 0108 4H8 I AccnUl. Unit** 

. S«a also SlockExcbaagc Dealinai. Gmjer^ June 

.American — |S2 1 ~g3 *£5l 

i.lcnim. Vails' 535 57 CJ +-01) 

Australasian . — ... 535 57 q ■ 

i <«ux Uniw. . . 14 5 5afi 

I'oicnodllT 7*9 8051 

c.’.crutn Unlisi. . 80 » 86 7 

inenpoond Growth 106.S 214 2) 

Canversioo Growth 62 1 67.11 

L'opiTrston Inc 65 2 67 J 

Pi\ idead — .. .. . _ 127 0 12* 

■ veum. Umtai . 221 B 236.21 

ruropocn 7*2 52. ft 

i.V cum Umls> . <?3 i7.0t 

F-tra Yield . - .. ».l 39 « 

. \cc urn. Unit*) iJ24 119 H 

For Eastern .... 53 5 67.0) 

i.’crum. L'mts' 53,7 62> 

Fnndotlnv TsU... 613 &5 W 

i. .ccum. UmLsi 7C9 885 

• «. r.cral 147 4 181-5 

i Vmm (Jails i 253.6 277 3 

Kirh Income ._ .. J0Z8 1095 

i '.■■cum. Units' -. — 1673 1722 

j scan Income... 1*85 158 S" 1 

i j.ccunvUrutsi _. 149.8 1603 

MaAnum — .20*0 23B3 

i -•.mini Unltsi 254.4 2721 

y.nlsnd 1683 179 04 

i WVJra Umtsi 175 4 l*tl 

K . -Ttn err. ... 30.9 96J 

tArcum. Units'— ... BL9 57 2 

.v. and Gen- 275.4 23* 5 

i -rcum. Units) 254.7 176.4 

hpt-rial . .. ... luLl 17L6 

. -vmia. Units'— (2026 2155] 

specialised Foods 

Trustee — ll«46 1526J 

. Accum Unltsi— J27B.9 294 2 

■ rv_-iboml June 7 i 108.6 

i+.+rtlAJuaeO 1«5.S 1*SS 

i.'itdo I'olts; 1113 5 31C5 

r-.-n+ Ex. J line S |l24.4 141 6 

r.l23oLife MausgemenC L id. 

1270 12*6 

C21 B 236 


Ji«ij -oj; +0jy 
673) +0.T 

The leadoa * tdaochnier Aeb. G^f 
ThrLeaa.Folhutaoe.K9BL 08tB57S3S 

Solar life Aaaarance Limited 
10712 By Place London ELGIN 8TT. 012422805 

Brown Shipley ft Co. Ltd.* 

Cap. Growth Fted- 1 223.1 
©Prop. Exempt Fd. j 1323. 

CornUn Knnrance Co. Ltd. 

KCi ^ OlftJiU# 

AEXeme Prop. Fd. 
SpcpL in*. TW. Fo- 
FVrihle Fnnd-. — 

lav. Trust Fund 

property Fund — . 
W ft G Group* 


Cieftt ft Connterce Insurance 

13tLKM«it SL,Xoodt» W1R5PE. Q 1-488 7081 

Crown Lite Aggmnee Co. Ltd.* 
r-CnwaLUa Ha*. Wdfctng. GUM JXW 0082 5CS3 
;Mane71PhBdAec_aaiX M7JJ +0A) — 6. 

. ManrUPhadAec^I 

■ JUag'dFd.lnan— [ 

dFd-inu-^ mm 

t Fd.tec ~ — KT 


WW-Wt- gi 


■Mte.Aee._- VO 
KFtttaan.^ *7.0 

EC3R 8BQ 02-838 4988 
- .1-0.* - 

Mngrs: Founders Ct.BL2 
BSUnitaJuneS— -P37.6 

Do.f Acc. 1 J une 5 — E7L2 

Oceanic Trusts (a) jji 

Financial — .DM 

General [185 

Growth Ac corn. [as J 

Growth Income Ob 0 

Hlph Income . - W3 

I&dex — — i- K * 

Overseas — B0J 

Pericnnasce 156.9 


B .. . 4.17 

-01 391 

-0 1 4.63 

-aj 4 .S3 
+ 01 969 

4 16 

,2*6<d -0.1 
2363) -1 9 
524? -6 2 

3v 3 -P * 
119 7| -06 
57.0) +0.2 
625- +02 
65 9dl . . 
80.3 -01 

340.3 +L4f — 

San Alliance Fond HngxnL Ud. 

Bus AlUenceHonae, Bonham. 040384141 

Son ADlvtce linked Ufe Ins. Ltd. 


E^mpLJuneti. — !p7.9 605«| -05) a 89 

Canada Ufe Unit Tst Mngrs. Ltd.* 

2-d High Si. pwron Bar. Harts. P. Bar 01 J2= 

Can. Gen Dist. [37.9 39.91 ... ] 

Do i xcr.. Aceum — « 9 48.M 1 *57 

Do. Inc. Dirt —RJ 34.M . . J 7B+ 

Do. lac. Aocum 1*3 0 *531 .... J 7.0* 

Opel Uaoesl Mngt Ud.* 

lOOOld Broad SL.EC2N1BQ 01-588 9C1Q 

Caplt&L [».» 9A3 J 4.7C 

Smne 8*3 .. .J 7J3 

Prices on June 7. Next dealing Jure 21. 

Cariiol Unit Fd. Mgn. lid.* iaMc) 
Mil bum House. NewcasUe-Upoo-iyne 2)105 

OaAvBnL"ui3wC^2 l 8?3 -l‘j 

8£8S£fc=ei l*\ 

Next dealing date June J«. 

Charities Ofnetal Invest. Fd* 

77 London Wan. EC2N 1DB. oi..*«8i8ir> 

Income [to IS. W - I ... ..] 6M 

Arcum Bsy 10 J2565 — I .) — 

AUaBUlh. Only aroilable to Reg. Cban'.ies. 

Charterhouse Japbet* 

] . Paternoster Row. EC4. OJ CiercW 

CJ. Intccrnai'l gj * fb.0[ . . 

Accum. Units g®* 30.4 193 

CJ.IncoiTje WO 36J ■ gj 4 

CJ.Euro Fin_ C62 28.0 3 93 

Accum. Units- — CO 4 HA 3.92 

CJ.Fd.lov Tst JZ7.7 2J.I . 3 73 

Acrom. Lmls pl.2 33 2 .... 3 73 

Price June 7. Nest dealing June 4. 

Chieftain Trust Managers Ltd.*iaKg> 

HNewSt.EC2M4TP 01-283 302 

American 8x04.2 26 OJ —0 21 L5« 

Hlgb Income WL5 «3 6)-0.1 9*7 

International TsL_hr345 264^ +0.1 719 

Basic Rcsrcv. Tuji&5 2*5) +oi] 459 

Confederation Funds MgL Ltd.* (at 
30 Chancery Lane, WC2A 1HE 01-242KX2 
Growth Fund |8U 05) ,_4 437 

Cosmopolitan Fund Managers. 

3* pwn Street. London SW1X0EJ. 01-235 3525. 
CosaopotnXiULFM (17.9 193) ....) 4.75 

Crescent Vnit Tst Mgrs. Ltd. (aXgi 

4 Mclx-lUeCres.. Edinburgh 3. 031-2264KU 

Creseenl Growth —I2&.9 28.9) +0JI 4.15 

Cres. latrrnatT ... .B93 (x35j +03j 0.73 

Cras. High. Dtfl [43.0 46 Id -Ofi E95 

Cros. BeaervM l*».S 4231 ... 1 439 

DiscrethKiary Unit Fund Managers 
22, Blomdetd SL. EC2M 7AL 01d384«? 
Due Income )lhL5 17J3a< -0.5) 5J3 

E. F. Winch esler Fund Mngt Ud- 

Old Jewry. ETC nj-wri^ioT 

Great Winchester.. 118 4 201) . I tQ 

GLWlnch'or 0*tCtt|l4 7 215) .. .. J 4J6 

E ms on ft Dudley Tst. Mngmnt. Lid. 
30. Arlington SL.S.W.1. DI+MPWI 

Emson Dudley Tsl. |648 69.71 .....| 350 

Enullas Secs. Ltd. (aj w 
41 Blshopsgaie. EC2 01-0880851 

Progressive .. .166.9 705*d| ... 4 «« 

Equity ft Law Un. Tr. M-* (aKbHo 
Amentum RiL High Wycombe. (KW333rr 
Equity ft Law 1663 695) -0.2| *J4 

Framlington Vnit MgL Ltd. (a) 

5-7. Ireland Vsrd, EC4B 5DH. 0 1-248 esm 

Americmi .....WO 51*) L 00 

Capital T*L.. U72 1».U . 3°0 

IwSSbTsL 1034 110.M 7C3 

InL Growth FA . _ iH.S U6 £e? 13a 

Do. Accum (1133 1 20.*d ■■■•] L76 

■ d-r 

June a **"Jtn»e 9 

list FA Acc.. f 
*nu pd. Inem r 

Btarebint Investors Ausnrauee 

““■T® i+T- 71 

• C wi i fcr iMSttrsnce Co. Ltd. 
:ffiSdaMwH.KL 0X-M8 BB» 

GtfL PXOp.JK»e8 — 1703 79 J) I — 

aatftih wr»r- Tnaix»/agdlagd Asa. 

bxi 5?3? 

SoC l}fiSrr 

- « * tatah Wccnmbe 04B433377 


Equity Pons. 

Money Jterto 


Deposit Pena 



lntl Managed 

NEL Pensions Ltd. 

Milton Court. Dortnfc Surra r- 

NelexEq.CEp M 

NrtexSq. Accum -H\9 
Nd« Money Cap -gj * u 

Nelex Mon. AccJW.8 » 

+0^ — 

ten life of Canada HUD Ltd. 

ZAAOocfcnpurSUSWIYSBH 01«305400 

«SS»J w id = 

Target life Assurance Co. Ltd. 



S£S3te=®| i|:: ( :r| = 

10a “° *i° - 

® inL Rteiw ms ...... - 

Dep. Fd. Ace. Inc _ - J85 .... — 

RriFliUl AC.POO... 721 78J — 

a»lF1xTiC« pJen — MA 643 — — 

RatPlaaMWLAce- 123.9 13L1 — 

KatFlanMaB.Cap... 1X43 UB.J - - 

GUt Pen Arc. 130.1 137.< — 

GLHPm-Cajv flSj Utj - 

TtmnBjpternsttonal Life Ins. Co. Ltd. 
2 Broom Bldga- EC41NV. 0L4088487 

Tnlip Drveat Fd [1*16 X49JJ — 

^S. p «!^8i3 &2I :: :. = 

i Man-Poo-PACTOL. U9.7 125.*.-.. - 

6Ean.Pen.PA Acc. -U26J 133.4) — 

Trident Lite Assurance Co. LSd-V 
RenaladeHouye, Gloucester 045238541 

-Ain>rtliamgoad.aigh WWmC* 0W43331 

Em«« BV+- ’ lull 119.0) -031 — 


Nelax Grb Inc CxplJ?-* KJ 

Far Now Court ftwgjj*" 
MtacbUI Ant H WW 

— — 1W.1 

h-i^vr, ■■ j 

Bty/Anwricao - ng i — 

iEdSed QU +L7l — 

Itti^iiioiisl — ... 

[ Growth Cap ■ 

Growth Ace. 

Pans. VtugA Cap.— 

Pecs. Mi] £ A Act — 

109-9 — - 

1313 — 

130.9 .... — 

119.7 — 

1243 ... . — 
107 9 ..... — 

BWgP-Wl is ::::; ' 

Pens. Pty. Acc—— UW ^ J - — 

Trdl. Bond — — SO 378 .. . — 

*TWLG.L8ohd — fWl — .. — 

•Gash value ter £100 premium. 

Tyndall Assurance/Penslons* - 

laCanjiiMRrod.BnaoL (E7232241 

• C *jSv < june , SK e 


, • ... Tipmana 


v: : f >ynf. pa’, annum. 

- • ; London EC2P2AJ jj_[j 
.Telephone: S0II — - 

3- Way JunoS. 1H.9 — 

»!= M - = 

S»iSS a .:-:. H = - 

3-» sy Pac. May 18-- 7M3 — — 

(Paros isv. June 8._ — — — 

MnFnJ'W June 1 — IgA - 

ES»ir.'“ ::::: = 

Da Prop- tor 2- — M.9 — — 

Vanbrugh life Assurance 
41^3 Maddox SL.Lda.WIR OLA. 01-4881823 
Ksnvrw f Fd 1510} +0 j44 — 

mScrrzgS fllS = 

Flsad latapt PA— 164.9 — 

Property FA_m—> MJ W-fl — 

|m3 124 « - 

Vanbrugh Pensions limited 

4M3 Maddox SL.Ldn.WlB8LA 01-4304823 


ftixwiniiwi see 'in. Rase Rates* table. 

Welfare Insnnmce Cc. Ltd* 

The Leas. Folkestone, Kent 030337333 

-AT 369 

XrfTiero] Judc7__ S33 573 3*7 

J4x (Accum Units i KB3 107.1 3.47 

in Europe June I.._, 30 6 JiSa i L21 

J54 i. Accum. Units!—... S3 J 35« Irt 

lS -PcnfcChmrFdAiCS 1W5 0 1731 434 

4 35 'Spec Hx. June 7 ... 2C3.1 250.6 .. . 3.71 

«JS 'Recovery June 7 -11395 19SJ .. 4.97 

369 *F«r tax exempt funds naiy 

HJ Scottish Equitable Fnd. Mgrs. Ltd.* 

7 85 2» Sr Andrews Sq. Edinburgh 031-5569101 

7B Income Units 150.0 5321 J 530 

340 .tecum. Vail* |57.0 MTf J 530 

3.40 Dcaluut day Wednesday. 

*34 Sc bag Unit Tst. Managers Ltd* tat * 

J-J9 pn Box 511. Rddbry. Hse.. E.C.4 01-2388000 

u-Stock Split. 

Britannia Tst. Mngxnt. (CD Ltd - 

30 Both SC. Sl Heller, Jerary. 053473114 

Sterling Denominated Wx „„ __ ^ 

Growib Jnvrsl .. 132.9 35.6J -03 400 

in ml Fd . . . mi 82 a) .... 1.00 

Jersey Energy Tm. pAO 2| -fl 2 1J0 

1'divU.STm.Sij ..KZ25 ^-OJC ]M 

H\|hlalSti|iIrt.-. taaUB - U8| life 
l r A. Dollar Dethenlarted F«r. 

UnlraLSTsu pl'SSE SW-G.01J — 

InL Mlgh Int Th ...|S13«5I IM . 1 9 00 
Vclue June 2 Next dealing June 12- 
Bro wn Shipley Tst. Co. (Jersey) Lid. 
P O Sox 683. Su Holier. Jewey 0534 7*777. 

Sterling Bond r A „I£9.9l 9.96) ... ) 1230 

Butterfield McnsgenfiOt Co. Ltd. 

P.O. Box 195 Hamilton. Bermuda. 

Bu nxeai Equity — )233 2J«j I L76 

ButDeaa I hcouh-... .083 , 1.96) .....| 736 

Prices at Me- & Nut rah. day June 12 
Capital Intern etfenal S-A. 

37 roe Notra-Damc, LuarmboutS- 

Capital InL FuoA I SU 51732 J | — 

Charterhonse Japhet 

l.PalernoBter Ro»- EC4. 01^483080 

Adtropa M3BW IS6-D13 5 52 

Adlierha OHM 63 521 Mt0.1D 538 

Foe dak CUOU8 33«| 5?9 

Fondia DU2ZJS SJtf _ . . 5 St 

Emperor Fund SDS29I SfU — __ 

Hlspano MMA <J0? 234 

Clive Investments (Jersey) Ltd. 

P.O. Box 520. Si Feller, Jersey- 053497381. 

Clive GUt FdiC.Li.pBB 9.WJ ] lLOO 

Clive GihFdiJsy.i.|lM 987] — 1 31.00 

Cornfclll ins. ( Guernsey) Ltd 
P O. Box 157. Sl Peter Port. CuerajHpy 

IntnJ.Kan. Fd J16E8 lBJH 4 — 

Delta Group 

P.O Bov 30 IT. Nassau. Bahamas. 

Delta tnv. June 8.. -|SLO 1.92( J — 

Deatscber iavestment-Tnist 
Poxtlach 28K BiebcrS Base 6-10 6000 Frankfurt. 

{H&ftKuJMt S3 - 1 = 

Dreyfus Intercoetbmtsl Inv. Fd. 
PO. Box NT? 12. Nftxsan, Bahama*. 

KAV Junes . (StEMM 15.0) f — 

Emson ft Dudley Tst. MgL Jrsy-Ltd 
PO. Box 73. SLRcUor. Jersey. 05M20581 

RD.LC.T. PU72 324.6) I 3B0 

F. ft C. Mgmt. Ltd Inv. Advisers 
1-2. Laurence Pountnoy Hill. BC4R OBA. 

01-623 4880 

CmLFd.M*r3l SUS532 l .... I - 
Fidelity Mgmt- ft Res. (Sde.) Ltd. 
P.O. Box |J70. Hamilton. Bermuda. 

FtdeliD" Am. Ass — | SUffl532 I .... [ — 
FidoUty !nLFiind-| SUS2L97 (+A69( — 
Fideli^Pae-Fd— $US4*.97 ... J - 

Floelny Wrid Fd — | 5151482 |+8iq - 

Fidelity Mgmt. Research (Jersey) Ltd. 
Waterloo Use.. Don SL, SL Heller, Jersey. 

0534 ZT561 

Series A nntnl.l—| E3B8 1+0.171 - 

Series B (Pacific)-. I t7.f4 ) | — 

Series D (AmAas J £3B2*rt J ....J — 
First Viking CocawBtjr Trusts 
A Sl George's SL, Douglas. LoJL 
Otc* 4682 Ldn. Agtn. Pnnter ft Co.. Ud. 

S3, Pall Mai], London SW17 5JH. 01-8607857 

FM. VTk.Cm.TM — B7-7 39.^ J 

PsLVU7bLOp.Tst.l78J 8S.M .] 1.7D 

Fleming Jipza Fond SA 
JT. rue Notj^-Dezne. Luxembourg 
Flmg.JuneS 1 SUS«6 l71 | .| — 

Free World Fund Ltd. 

Butterfield Bldg- Hamilton. Bermnda. 
NAVMaySl | SUSITfgS I I — 

G. T. Management Ltd 

llTJerse} Max' 17.. ILS.12 5 bll .. . I do 
I t* Jrsj".l« 34. 102.1* lZBZI ) — 

Murray. Johoatoae ilnv. Adviser) 

1B3. Hope Sl. Glasgow. CZ. 041-221 5623 

■Hope St. Fd 5U5322S 1 J — 

•Murray Fund 1 5U51D88 4 — 

■nAV May 31. 

Negit SJL 

10a Boulevard Royal. Luxembourg 
NAV June 2 J SL'510.47 ) -I — 

Negtt Ltd. 

Bank of Sermnda Ridge. Hamilton. Bnnda. 
NAV June 2 (C5.01 — |-030J — 

Phoenix Intern ation&l 

P0 Bor 77. SL p«rr Pun. Guernsey. 

Inter- Dollar Fund |S239 258).. .| — 

Property Growth Overseas Ltd. 

CSlnahToam. Gibraltar iGUPSlOS 

Dollar Fund. . I SUSSS-M I I — 

Sterling Fund 1 £123 77 | — J - 

Richmond Life An. Ltd 
48. Athol Street. Douglas. I.O-K 
isiThe Silver Trust. |109.< 4 112 

Richmond Bond 07 llffi 4 192 

Do. Platinum Bd [124.9 131- 

Do. Gold Bd [104.9 110 

Do. Em. 07/02 Bd — f 

-LOI - 

17671 +20| 

Rothschild Asset Managemest (CJ.I 

PO.Box 58. 5 l Juliana Cl Guernsey- 0*B1 28331 

OCXq.PV top30...BSi 58L7J 2.77 

O.CJncFd. June 1-147.1 155.9m 7.M 

O.CJntlFAt £L35 13 

O.C^mCoFdMy3L_ 1463 325 

Of. Commodity*. ._ 1328 14071 *58 

O.C. DIr.Comdty.f_ S2525 Z7.40BJ — 

‘Price on May 3 Next dealing June 14. 
t Price* on June 7. Next dealing Jane 22. 

Royal Trust (Cl) Fd MgL Ud 
P.O. Bora 184. Royal Trt. Hae* Jersey. 0634 27441' 

HKSfcirJBr - WrJ 5fi 

Prieoa at May 15. Next dealing June 15- 

Save ft' Prosper Inte rn a tiona l 
Dealing to: 

37 Broad Sj_ SL Helier. Jersey 09 
VS. Ddlhrdawa'iiimd lk«* 
DirFxdlnt**Jiine8.|9.17 9.73a) ... 

Internal Gr.*t -|tB 7OT ... 

Far Eastern t G3Z7 glim ... 

North American*) .|32fl *.09J ... 

I 7J9 

InternaL Gr."t -ItfB 7 TO — 

Far Eastern -I E3Z7 4139) — 

North American** 15 S3 """ 

245.1) -0 J| 1.6* 
Cnannel UlaniHC-... [1463 154y — 03Q 5.04 

Camiaod. June 1 — .027.B 133.7} +03* — 

SLFtaed Wl-..:|l899 116.-M ....71 1L9* 

Price* on 'June 5. *+7inie 7. ***Jnne & 
tWeekly Dealing*. 

Scfalesiager fatensaCkmal Mngt. Ltd. 

41. La Mott* St- SL Heller. Jenc*. 053473588. 

m il. ,__|95 90 886 

SJLOJ Z-.-b£B 0.91 .-... 4.B* 

GitlFd 225 227* *03 1212 

lntl. Fd. Jersey .189 114 322 

tata! -FdjSSbrs DO B* 1L« - 

*Far East Fund W « XB 

•Next sub. day June 14. 

Schroder Ufe Gronp 

Enterprise House. Portsmouth. 

latervttatifll F^mds 
tEqnitj [U7J IN 

tEqnitj I17J 124.7 

SEqnity 124.8 1529 

tFlxed Interest- — 1343 1428 

SFlxed IntervaL lrt.7 

EManagcd — 1224 1363 

SManaged PM!2 12L4 

Sebag Capital Fd -C5J.0 3*n( -031 3J4 

22 Scbag Income Fd.. p01 3lJ| -00) 830 

Park Hae- 18 FUmbory J^don EC2 

Tel: (n«S 81SL TLX: 888103 

Security Selection Ltd. 

5 TO ,eio i .—I--, i— e-i-ih. sr 

Tel: 01-828 81SL TLX: 888103 
London Agents for 
Anebtrr 'BUnita — BUSJ^t t 

Anchor Gilt Edge— [£.933 9 

j. Henry Schroder Wagg ft Co- Lift 

J20. Cheaps) de. ECX 0J.588400O 

ChaoS June 8 -I SUS1202 1+003 2*1 

SSlffiiroidffiS IS 

Sentry Ansorance InteniatlOBal Ltd. 
P.O. Box 328. Hamilton 5. Bermuda 
Managed Fnnd ... — JJltSlNW 19Mf — J — 

22 15-lB.Uncols'sJnn Field*, WC=- 01-831 «R3e-8 Aacbwjs. L Jv.Ta!|S3 27 

34i Unvl GthT*t Acc — 124.1 2571 ... ..I 23* Berry Pac Fd SUS42S1. 

JJ7 llnvl GlbTst lac — fc.O 22*S< ..J 2 JO Bferry Pm: Strig 5400 2661 

1 17 l « i . , rr-_» ic.—. i 1.1 G-T. Asia Kd_ +HK2M 1 

ali +L4 388 Stewart Unit Tst. Managers Ltd. (a) 

2722 +L~ 3 2d 40. Char?oa*Sq.. Edinburgh. (01-2283271 

“2 c ? 2 1Ste«ran American P'md 

2Jti -06 6.73 ja.njfcrt UniUl (675 7L7J ... .J L35 

■ JS Accum. Units &4 77-J \ - 

ssjc ia 0+e Withdrawal Units -B3 6 57 J) J — 

7764 ll 5 *»ewa rl British Copitcl Fund 

in!i *5 Standard 1130 6 1«.1| J «0 

215. £ — 0 J 420 ACCUm. Units 1153.1 li6j) -I 430 

M Dealing tPri. -Wed. 


+070 J2JM 

*0i 2.M 



.. .! L72 
_.. . L44 

.... 5.07 

-0.07 U7 

L‘i6j-l 4| 6 46 Sun Alliance Fend Mngt. Ud 
2942 -2.7. 6 * Sun Alliance Hsc.. Horsham. 0«E 

jg? -1 MSSSMilS? 2 ffiStal 

...I 448 3.49 

577 Target Tat. hfccrs. Ltd* (aKgl 

5 L Gresham Sl. EC2. 

+forjw's Wnj'. Sic en+ge. M3856101 Tnr*rt commodity P53 

-iihil-,.1- Pn 1 44 ta -].«) 4J5 Targe* Fmanciil_ I5TJ 

>.'-r+th Units 153-3 .«CS( -J.*l 435 ^mFyan cmJ -. 

fr. gyflower Maaa^einent Co. Ltd TrceiExJne? 

li 19 Gresham SL. EC2V ~AU. 01-6P8 E3B9 

I->- one June 7 — .11064 UZH .... [ 630 
. • T.oroJ JuneT— ...|70 5 7*3 5 -^ 

Kerewg Fund Managers Lid. m item. Uoiu — 

3" 1 ireshomSl..B72P2£B. 
!■-.« lien. June? ,|1837 
••c. Uts.juneT isca 
’* rc tni June 7 .Ml 
■ .c+n Uts JuneT_|oB3 

Ol-OTW+W* tav. — 

19541 j 4js rgm***-** - 

:,+rc E.rt.Uay2S BUI 
. urn.Ufci. Apr +7.|255.5 

2S35 .. - 

... j 

2230 I ! .1 
2te 1 . „.J 

■ess Te-tac : r 

234 tlipoe Growth Fd. 118-9 

Dealings: 0298 5W! 
SAW -0JJ 3U 

64 a) 436 

40iJ-<l6 5.99 

235.43 596 

293JH 586 

1203 .. LOO 
SO 3 -0.1 4.8a 
J2.W +0J L55 

25 0+02 155 

33. In .. 352 

1693 . *11 

3XJJ-0J 0J4 
1S3-IU 1154 
203) .... 456 

v.idlaod Back (Jroup 
L' Trust Managers Ud.* ia> 

. Cteood Silver KML Hem 

.+ .rrield.SI3RU. Tel CM 

. '. --ginodity L lien.. [645 ^15?) +?^ §-53 ii>l WmiiVjiyl FC2 

Arrum. . . :« 4 20 v| +0 4 5 59 iL'-, *■ ,^7 , 

>.ro-..lh.- 37.8 <05c| +P.J 355 TLTTJunel 1503 

'..piSEf 1 —~s.l § a *° 3 ii* TraasatSaatic and i 

I. -' Accinn! - _ . __ 316 jj.TJ-SJ 334 £. )-» ,Ve* London lid. 

] .. imc ..511 5*7] -01 035 BartHCtUi June 8. —1760 

I- • ' ccum. ... S3 2 62a -01 6j5 t AcruiiL UrnL^i — 1161 

in'-.-roational 1«5 535^-01 2 j 9 5*rh£xnLrt!iy3l- S5.B 

i+- •'•-■cu.m. 527 57 . .. 239 Buckm-JancE WA 

‘ r.'fi Vield... M3 653). . §37 i Accum. Unit!" 998 

[-■ 'Ccum. ti.O u-? 2 — 0 1 8 37 CiI^QoJliwJ 1341 

Exempt*. 103 6 1C93I 549 r Accum. Unltsi 149.1 

!>• Accmn*.^ .... 12+6 10*3) . ... 5.99 cumld. Junc7._— . 5L9 

■7nces at >*»« 3 . N< rl de+Dnu June SO. iAccuhl U nitsi — - 36.9 

KiMfer Fund Managers Ltd ^uSufc" u.4 

M- lister Hse.Arlbnr Si.. E.C.4- til«310» Marlboro June 8— 513 

M aster May® |357 37 3 - - I 5.47 lAccscr. Units i---. g.6 

t orapt Itey 21. )90 7 94 7) . . I 548 Vnn.G<x-lh. June b - C9.6 

MLA Veit Trust MgeaiEt. Ltd vmf'HvjiwIes.'.™ ti_7 

■ ■IcDucen Street. ^UTinsjC. [-1-BWT333. Vjr.iTecJuneT . <9 7 

V -Alinltf. i |396 nl-bl ... I 433 lAfojm UnlUl.i ..... «5 

'initial Unit Trust Managers* (argi , .wewn. uS^T.!.~ 7ia 

■ -. I opurnl I Avi* EC2R 7BU. O I -8 W S’** n» June 9 --W5 

•.■■■j ual Sec.Plur ...|513 K9j+0H 633 Bo Aceoro . 173.9 

Vulual High \ld„ Is5 6 5° fc) -O.lj 8 75 10. C-nynRe Road. BnHv 

T+iMonai and Cosunerciai "Ha ' i 

Target Tst. Mgrs. (Scotland* taKbi 
‘ W * IS. A:hc>l ClCbCenl. Edin i 03l-228882l. , 2 
T«<t AnwJ.’Ear.l cC8 3 304] I 13 

Tnrsci Thlrtle (39.7 427m -01 5.70 

EMra Income Kd. ..p3.9 U!3 . I 1035 

TM (MTS W2 Trades Union Unit Tst. Managers* 

||2 |i»7. Wood Street. EC2 01-628801 1 

3J5 TLTT-'unel 1503 534) .. . J 530 

355 y~~i! an A rian Raoa Pn tt 

Tnasailaatic and Gen. Secs. Co.* 

+ 34 6 l-BB ,Ve* London ltd. Cbd ms levdCSK 31651 

635 Barbican June 8 . —176 0 

837 1 Accum. ttoib" WI 

S5Z CdroaJLiKl — 1242 

5 49 1 Accum. UnlLo 149.9 

5.49 Cumld June 7 - 5L9 

I .... 5.48 

... . 5.48 



.... 45 2 
-LS 579 
-U 579 








\ is 



-07 854 

-08 859 

G.T. Asia Start) ag._ tlZ95 . . 13-9fi — . 1-44 
G.T. Bond Fund — I 5UBUL47 .... I 557 
G.T. Dollar Fd._...| SUS7.U . J 0.78 

C.TFarfflcpa I SU 512.76 1-8.0?) U7 

Gartmere Invest. Lid Lcn. Agt*. 

2. SLMaiy Axe London. EC1 01-2633631 
GartmocT Pang Hurt (Far Eart) Ud. 

1503 Hutchison Hae. 10 Karcwirt Bd KJEpra 
HKfcPac. U.Tst — |SELW 3^2+80651 25ff 

N. American TsL —KraUSS ngi . ....)L» 

latL Bond Fund &15UM 1055*1 I 5. 

Grtwt t w w teii t ftjt Ud. 

P.O. Box 32. DoogtarJoM. _ 063t 23311 

GrtBtrotaUlnc.™t!£s 229rt W-™ 

CitmrlndGitfa (Ki 69J J 4.0 

Hambro Pacific Fund Mgmt. Ltd. 
2110. Comausbt Cent*. Hans Rons 

Far Out Hay 31 BH2CJ1JB M .1 — 

Japan Fnnd.„, BtgkW 73B / — 

Hambros (Gnenutaf > LtdJ 
Bambro Fond Mgrs. (CJ.) Ltd. 

P.O. Box 86, Goemsty , WOT-2S521 

Ci Fund 1142- 4 ISl.Td .. .. 3.90 

latnl Bond SCS lfli.92 100.3 S S 

lot. Equity sus 10.93 1127).— JW 

InL S»gn “A* SUS L02 LOfi 850 

InL Si'JKi. 'B* SUS 1.20 J 11^1 - 
Prices on June Next dealing June 14. 

Hecdmw Baring Fond Mgrs. Ud. 

P.O Box N4728. Nassau. Bchanuu 

Japan Fd fttflTS «J« 1 - 

Price* on June 7. Next dcalicc date June 14. 

Bill-Saaniel ft Co. iGneniseyj Ltd. 

B LePtebvre SL. Peter Port Guernsey. C.l 

Cccmf«*r TsL [1412 15$ id -OJt 355 

Hill Saamel Oversees Fuad S-A. 

37. Rue Kotre-Dsme. Luxembcurg 

|S19 SO 2028)+0 09( — 

in tern art anal Pxc!9c Zcv. Mngt. Ltd. 
PO Bm R237, 58. Pitt Sl Sydney. Aubl 
J aveUn Equity TBL. 1+2.10 221J+0J1J — 

JX. T. Managers (Jersey) Ltd. 

PO Bon lto. Royal Trt. Hse-. Jersey0534 27441 

JorveyKeniL Trt— 1163 0 173JH. I — 

AS Sl toy 3L Next rah. day June 30. 

Jerdioe Fleeing ft Co. Ltd. 

tatfa Floor, Gonnaught Centre. Hong Kong 

Jar«linegrtn.T«L_i 5HM2 5636 I I ig 

JardlnerppJd.»_l SSR3+9.fe I ) SS 

Jan) toe Si A Zj 5US1422 I — 220 

Jordlne Flem-InL._| SHX9 70 I _ . . I_ — 

Singer ft Frledlander Ldn. Agento 

20. Cannon SL. BC4. 01-2488848 

Dekatondi JIM05JS 265M J 64J. 

TotyoTat. Jtuw2.._[ 3US35M | .... ) 1.77 

Stronghold Management Limited 

P.O. Box 315. SL Helier. Jersey. 0534-7148D 

Commodity Truat— )9t96 97JK( 4 — * 

Surinvest (Jersey) Ltd. (x) 

Queens Hue. Don. RcL SL Helier, Jay 053427340 
Amen can tad. TO... (£853 — 

(.-jpperTruit PLW 11B8|~0.01| — . 

Jap. Index TSL |Sl50 U-74| H).0*| — 

TSB Doit Trust Managers (C.l.) Ltd. 
Bagatelle Rd-.SL Saviour, Jcroey. 053473404 
Jef*eyFu^_-._|47A »«.... J 

Gnern«y Fnnd MA 503] ...... I 479 

Prices oa June 7. Next mb. day Jane IV 

prices 00 June 7. Next sub. day Jane IV 

Tokyo Pacific Holdings N.V. 

Intunii Management Co. N.V , Curse aa 
NAV per share June 9. SUS52J20. 

Totyo Pacific HOdgs. (S eab o ard ) N.V. 

lntimJj Management Co. N.V.. Curacao. 

NAV per share June 5. SUS3&0V 

Tyndall Group 

P.O. Bax 1290 Bamtltao V Berea da. 2-2786 
Ovmeu June 7 — BUSLIJ 12* . ..I 600 

(Accum. Unltai ISLtsltv IM .1 — 

3-Wflj- loL Her ia. .. (jl’SZa 273} J — 

2 Ne«St_SLHel lor, Jersey BSS4X7X51/3 

1 Accum. Shcresi 
American JuneB 
1 Aceum sharesi — 
Jersey Fd June 7 
iNoq-J. Acc. Ula. 
GUt Fuad June 7 
(Aceum. Shtroji 

Managed May 18._.. 2 M 

av« - .... 7 66 

7CT2| . . - 

• lD6*id .... 1L28 

A U72^ . .. - 

. Qse of Kan. 8824 24111 
.0 13581 .... | - 

Utd. IntaL KngnmL (Cl.) Ltd. 

14. JCoJcarter SteeeL SL Heller. Jersey. 
UXB. Fund IRiSNJb M.I6) ) 816 

United States Tst- IntL Adv. Co. 

34, Rue AJdrtnger. LuxembMnt- 
U 5. Tst. Inv. Fnd. _ | SUS10.99 1+0.02) 8.91 
Net asset Jane 8. 

NAV May 28. ‘Eqniveleal 

Next Kit. June 15. 

SeySPlMf Mngt, Jersey Ltd. 

PO Box B8. SL Halier. Jersey.. <EM- 01^0370701 

Fi>n*elex in 12 ft ’-Cg 3 09 

Bandaelex FsiW-15 1L3 ...... — 

Keyaelcx lot’l fj>2l 7E3 — 

Key se lex Europe. .J3.S9 *36 +0JI 3 77 

Japan GUt. Phnd.._ jl'Sff l» ... - 

Kcyselet Japan Q153 li69+0.*l — 

CeoL Assets Cap [332 44 -O.Oq 

lire. Hong Kong 

WM I !!! !!| || 

'eat 50588.48. 

S. G. Werburg ft Co. Ltd. 

SO.Greaham Street, EG. 

flfc ;( +0 3| 
5° fc) -O.lj 

T>uda!l Managers Ltd-* 
8 75 10. Cmyni*? Road. Bristol 

Inci-itw Jum>7 
< Accum. Uni L' 1 

.. | B.OT 

' . Andre* Squ+rc tdjnhur):h (3l-' , .'i6 9!. r >I 1 ‘a.-iiia) Ju.+C-T 

.k3.B9 4-Jg *901 3 77 

J.. . Eng 17 2f7 ... - 

iltfllSa. 12W+0.G - 
p _..| [132 44 -O.Orj 

Warburg Invest. Mngt. Jrsy. Ltd. 

1. Charing Cross. Sl. Helier. Jsy. Cl 053473741 
CKFLwJ.MbySS-.BVSUJ? 12M| .... — 

CMTUd May 35—. 07-53 12. JM — 

Metals Tsl May IB. CURB 12271 . — 

TMTVbj 11 RSUJ4 BM — 

TMTIteLMayll. .|U0J7 10A4( .... — 


World Wide Growth Management^ 
]Qa. Boulcrard Raya), Lusembour^ 
Worldwide Gth Fd| SUS] 4.98 |+Dlfi - 

•1 • .-me May .11 .. 1S2.2 1£7S| I 6 00 , Mrun. Ua.L-.i .1774 

• •.•■.■urn Units).. 202.2 6.00 ExcaiplJurjT. 1114 

I J?: May 3 1 ...123 E 128 4 .. 3 47 L niL'i. . 1T7 2 

■ .0 iuil I’nitsi.. 15L2 156 E| | 3 47 1. 'a notice June 7 ... ?96 

vitiooal Provident Inv. Kngrs. Ud.V !. 2*7 j 

4.:. < . rucec hutch Si .. PCSP 3 Ki I 0I^B42W i.Vcjm.tnilsi Z74E 

1 ■'iCTVTTL L'n.L-.i 
1 Acruftt Inn 1 . 

|. ‘a nine? June • 

'. r 'l CihUnTtl.. I«5 0 47.9rf . . I 400 Cap June 7. _ 1141 0 

.', cum. Units!- . S4.9 585) . . J JM ( Accum. L'nltsi — 1168 0 

■:'1 ’.''lattTfaa .U3«s 151 9j .. 2.60 Srt< Inc Jura: 7.....116Z2 
. .-•-urn Unitsi— .. 11329 14071 ... J 260 w#p G 

^ M a; 5* vUl i-0p.tal Groirtb^^l 

■prices on May 1- Next 31. T-ftArcw - S3 7 

>'2t!0oai Westminslerftai Extra inr 'TroulfL. 573 

1*;:. Oiearsldc, EC2V 6 HTl'. «»’. Do AceonL- . . 43 0 

r :piUI< Accum ... „)65.7 70 turf -021 *.25 Fumncial Pr ny._ . 16 2 

Pncea do not include S rronuum. except where Indicated i. and ire in pence utdm otheTriro 
indicated Y|^ a ",sho«m tn last.cpiunni nBo« a Otte^prtce- 

include all exnanaas b Tadar’s prices c V leld breed on otfcr once, d EHlmaled. g Tauarts 
openin* prieeha^ri button Iree o( U.K. inn P triadic premluaireuronM Mrovn Shtffe 

1 realised capital gains unless indicated Syifcjj 
* \ield before Jersey uu. t Ex-subdi 

40U+0-] u« 
463+01 - 
17.3 -Oi 4 89 
2Ld - 
670 -04 7.93 +0.1 233 501 

LG. index Limited 01-351 3406. September Coffee 1759*1774 

29 Lament Read. London SW10 OKS. 

1. Tax-free trading an commodity futures'. 

2. The commodity Vr lures market for tbe smaller investor. 

Manehoftcr Group. . - 

Windsor life Auar. Co. lift 

1 High Steaet. 'Windsor. WisdrorBBlM 

Earia^ H n^- ^ WJ M .^ 7Z3 ^.... — 

KnfcAaadlpm^ - £204 !“!!! — 

J3es. in+. Growth 1313) ...J - 

ys * 
iuid i 
*** - * 

4-t ®'" 

Friends’ Provdt. Veit Tr. Kgrs-f 

Pfchnm Fnri, Porting. QMIUST- 

Friend. Piw.Uts...l« | -gl| 42} 

Do Accum. 153 9 576( -O^J 431 

G.T. Unit Managers Ltd-9 

18. Fimburv Circus EC2M7DD Ol+HSCtr-i 

G.T. Cap Inc C.7 BVffl — 0 337 

Do. Acc «N« 1057 -3 1 J?0 

G.T. Int FH Uo 159 9 170.1 -0 5 7.Z5 

C.T.U5 ft Gen...- 1502 15U +*.* 

G.T. Japan A Gen.... 28U7 2966 +13 iTO 

CCL Peris. Sx-Fd 1341 1407 <fe 

GT. lntl Fund .... 113.6 120^-0.5 2W 

G.T. Four Ydat-'d J53 * 56jifi .... 7 23 

60 71 — O.ll 3 53 

D OI4S8Ct:.l 
Btm -A3 337 
109.7-11 J?3 

170.1 -0 5 752 
159J +«.< 7-C7 
2966 +J3 170 

140 7 4 03 

120.3 -D.5 2» 

56Jxi .... 3 21 

a 71 ro*_ T - ' - - . J. • I, L fU^tO n if*. (lHUUtLT. n»i^. 

N-.L Trust Manaerrs LtG.V (aKfi) neabn « :o 02W 63432-3 

'iilM'.oiui.iimlti'ii'-Siirrc)' S811 ib>TS6^wral -94.7 47.9J-01 31 

*.. i-nar. MS 6? M -Oil 411 I hi IK?. AcCum .56 7 60 71-0.1 3! 

><iA*THuiblDC. _J5C5 533|-D-iJ #94 jn TSB Income. .589 62.7n5 -0 j 71 

ror New court Fynd stirrers Ltd. ' na ralloi z\ 

r« SoeStsAM AsiH S 5 B*?t=k«i nSoSSmlfe: - ■ BS «l-oi I! 

N^rvuth L ainn 5usurance Croc? ibi .ij st?r OankT izi 

. : '-'-4iw < Tu'Fd TViefc i«n» 3Sy wii-«i f ifi l2 5re vvjnna sired. pq](9.-r. 1*232=52 

V..?-- 1" m , 13 ^ 2 '** •Ift-bterUnroth 1571 39 61-011 5J 

UTiLiSSi^S™ 7"» *««** 4 nwa- tat- 

I ..£?1 'irowhFd . . 1218 : s U...| *'*> r.iniS«illi.unSi.EHR9AK 1|^S34B 

Mil ib'TSB General -947 
4 !1 ihilK?. AcCum._. . .. 567 
7 94 in TSB Income . . 50 9 
4 ih. Dn Aceum . . 61 4 

, TSBSc"ttish..._ . 834 
1 . lb. tw. Aceum. 894 

62.7i4 -0 3 
65.4 -03 
13 8-0) 
95 2 -01 

3961-011 533 

1 Knyal Exchanse Avc.. Lnntfon EC3V SLIT. Tel.: 01-283 1101 . 
Index Guide as at Till June, 19#S (Base 100 at 14.1.771 

Clive Fixed t ufe real Tneume U2.BI 

Clive. Fixed In’.eiVNl Capilal I2ff93 

C 'n Kinfi Willi.unS*. CC4R9AK 
fi ii6 l-'riarsH.iC. Fund.... [152.0 

G. ft A. Trust (aMg) 

5. Rajlcigh Rd-. Brcnr'xnwJ lC2Tr-2r:.W-' 

G.6A» IK-0 .. 4 4.85 

160 « I 4 24 . 4 36 

35il J 4J6 

C03.\L INDEX: CSoie 465-470 

R- i-.-unliin St . M3n-.-ho.4i.-r 
) d: can Untls„ |E2.S 

i-):.2365^B!i InciAvl'inti 
39.3| I 5.13 Accum. Units 

lh Fund 



. I 4J6 
J *36 


t Property i.’i-vih 

tVaniirtich fluarantctd tt.iKi ,r n 

r Ari+r- *' i, r ‘ lowirnji. *■ .-n I ri; - I .to/} T.vh)/- 


■ |+ oH DH Vld 
IWtt I - | NK Cm Gi’s 

Hewitt fj.iap 


Lesbo> Prods. 5p 
WiasetlOp. .. 



Hcb LW 

Sed£ Forbes lDp 

Iw.S-^J i'DV an 
im lu’c'./m TTi 

Managers of 
Commercial Property 

Knight Frank&Rutley 

MINES— Continued 

_ i -_ w a u.-“ 

F.n; 1 S> In 1 . 

tVl'iii. <cni t £1 

I" I V-f 

nirsta* frtr 


ilf'ml Ducks £1 







7.9 fi 
?1 1 


U«1and Im . . 
Hit. lullin' I0p 
Do.Ctop I0i« - 


MartrinntM Scot* 

Miller (F.JlOp. 




334 1+3 113.01113.41 5.91 5 8 







0 \Vi 

J.39 . 38[ 3.0| 92 

h4.15 47 4.7 

99 1+1 1 2.75 


15.3 10 
1235 10 
228 1.0 
h4.75 U 

Interim since mcre««u «• 
t Interim sineo reduced. P*w«t or ^[P’^ ;lL 
it Tat-lrw lo non-resident* oo application. 

« Fl Cures ur report aw-ratctl. 
tr Unlisted seeimiy 

$ "« * i2£££ BtA * usu ^ i 

cover relate* lo previous dividend or forecast. 

- Free ol Stamp Duly . 

+ Merger bid or neoriMPisailen in progreas- 

£ Samr'^iicriro. reduced final aiulw reduced eamlnj* 
j F-vivo^ 1 dividend: cover on earnings updated by latest 

I v" wr'slUres for 1 convemion of "bares m* now ranking for 
dividends or ranking only for re ^.^ n "' 1 ,.” , L nk 

* Cover does, not allow for sharei which may jd« ■ran* h* 
dividend at a future dale. No P'S ratio usually provided. 

* Excluding a linal dividend declaration. 

* Rciiional price. 

a Tax free. Val b*Figurct based on prorpwius or mhK-oiricial 
esti raale. c Cent*. d Dividend rate pa^d «■ -JW-hte on part 
o' capital: cover based oo dividend on lull *fP™!; 
_ Redemption yield, f Flat yield t Assumed dividend nnd 
tiJldV h. Aan^md dividend and yield after nap 
j Payment bom capital sources, k benya. ™ I^tP&inlncs 
than prevww* total, n Rights issue pending* *5™? 
honed on preliminary figure*. r Australian vwrenej. 
s Dividend and yield exclude a sperfjjJ PW™"t l 
dividend, cover relates lo previous .hvidend. WE «0to septa 
on latest annual earnings u Force: nd d i vlderei: reser brad 
on previous year's earning, v Tax free Wj»W«J «* £- 
w Yield allows for currency ctaugt (r^lude a 

based on merger terms t Dividend and yield inciuoe a 
special payment Cover does not apply “ ■Jffjjj -SSSt nr 
Net dividend and yield. B Freiererice 

e m 

j n k aerospace subsidiaries. E Usue price F divukuh 
and yield bawdon prospectus or other olflcial esUmnies lor 
K C^mJTiSrml and jrleldj 
andfor rlchl* issue. H Dividend and Weld based nn • 
other oHicial estimates for 3878-77. K FipiKC? 

M Dividend and yield based on 

ext i males tor 1078. N Dividend and yield based on prospect us 
w other official estimates lor /Dividend ? " , J j£ ■ 
bawd on prospectus or other plticial esbmates f«JFrr. 

(i t Flciirrv aiiufncd. 1.1 NO siCoUlcXint CorporallOA 

Tax' payable Z Dividend total to da Ur. ft Yi«M kjjjjjjfj" 
awumpUon Treasury Bill Rate days unc banged unul maturity 
of stock. 

Abbreviations: dex dividend: « es Kl«p issue: o' e* nghW. oex 
all: r? ex capital dlstnbulion. 

** Secent I ssnw " and “ Rights " Page SZ 

This service is available lo emy Company dealt in on 
Stock Exchanges throughout the United Kingdom for a 
fee of £400 per annum for each security 


issuesv. most of which are not officially listed in Umdon, 
are as ouoted on .he Irish e^nge^^ , 

lie I 1.4 8 

Albany lnv.20p 23 

Ash Spinning.. 45 

Bertam.jj.. _ 22 .. .. 
Bdg'wtr. Ert 50p 270 +2 
v'lovert'roft — 24 +1 

rraty&RoscEl 450 

Dyson ■ R. A.i A. 37 . . 

Ellis* McHdy.. J2 . . 

Eve red 18 fl 

Fife Forge. .50 . . 

Finlay Pkg.Su, 231; +» 2 
Uraic 154 . 

Ili^.m. Brew., ao -z 

I.ijM Stm.£l ISffl 

Mc-lt iJOf .2Sp 265 ... 

rC'lhn tloidMiutii 54 
I'onrteir. H.i.. • 158 
Peel MilU 20 ■••• 
Sheffield Brick 45d 

SindaH iWnu-.| 85 |—.. 


Conv. 3% ‘80/82. £90*i +’4 

jUlianccGas.. 7| . . 

Arnou 34b -1 

Carroll tPJ. 1- .. 9? 

ClonJalkin- .... 98 . ... 

t'owrele Prods.. 135 

Helton iHldgs 1 4g 

Ins t-'orp 148 . ... 

Irish Ropes 132 +2 

Jacob 88 

Sunbeam — ...... ,33 

T.MG 17“ 

L’nidare — 90 

3-month Call Rates 

Industrials ■ u'.I 20 Tube Invest .. 3 

i/Sns: & pTv k j 

rsr 9 Inwresk - j n/ c ir^Cr” « 

Sjwk-l... 11 KCA 3 Woolworths— . 

&j relays Bank- 25 Ladbroke ...... 17 . rt 

SShSm-... 35 Lcg^AGetL.. 14 Property 

Boots Drug. -. 15 lew Service... 7 Brit Land --... 

Kowaters 16 LlpydsEiuik-. 22 Cap-Counlles. 

BAT.... 24 “Lofs”...--..- 4 E y 

EfiliihOssTen 6 London Bnck. | intreuropean 

Brown 1 J 1. - M Ixmrho 5 Land Secs. — 

Burton ‘A'.... - 12 Liwai Ind*- — » MEPC.. — 

L'ailtmry* ••• 5 Lg>patJ.t.. 10 Fenchex^.. — 

CouriaulHs - .. W ““‘•“i ™- T* SamuclProp*.. 

Dobenhams.... B Write. AeSpner 10 Townlftity— 

innim"- ' l“ SS"?--~ 1 ow 

. : S tlftSt P SKMT 

0» }J oit2ey M ■ Chartertuill — 

rranW ^ LnkO^ A' ] 18 Ultramar 

randMOL Reed Inutl... 12 MiD _ 

! ..-.rdian 18 Spi tiers 3 M,w * . 

r K N : :: s T&ko. 4 HianerCDM.1 

iidwker ‘vidd .. 20 Thorn 22 Cons-Gold . — 

House"! Frarer ! 12 Tnial Uousec-i 15 RioT.2inc...~| 

a select m« of Options uadeil i« siren on lh« 
London Slock Exchange Report pa^e 

• 1 U.I 20 

6 i> “Imps" 6 

Iff 1.C.L 20 

9 Inveresk | 

11 KCA 3 ! 

25 Ladhroke — 17 
35 Legal* Gen... 14 

15 Lax Son-ice. ._ 7 

16 Lloyds Bank - 22 

24 “Lofs”... -...._ 4 
b London Bnck. a 
20 Lonrho 5 

12 Lucas ind* — 25 

5 Lyojia (J.i 10 

10 “Mams'V 7 

8 Mrks.aiSpncr Ml 
15 Midland Bank 25 

, 7 N.E.I. « 

11 NaL West Rank. 22 
la Do Warrants 10 

17 P&ODfd- 8 

18 PlCM«y n | 

40 RU M ■ . 5 

q Rank tire ■ X . 18 
20 Reed Inuil... 12 

18 Spillcrs 3 

22 Tesco - 4 

20 Thorn 22 

12 Trupt Houses.! 15 

City Offices 

Hampton &Sons 

01-236 7831 

Saturday June 10 1978 

' * . txy^is .*>•> <>ti VS'W • \M '• v l , !-> 



0 . 


A hero 
to the 

Israel hits guerrilla 
base in Lebanon 


BEIRUT. June 9. 

FIVE GUERRILLAS were killed Liberation of Palestine. However, it is likely that ten- 

in an Israeli raid early today on David Lennon adds from Tel sion in the south will continue 

a Palestinian sea base about 35 Aviv: According to the Israeli and that in these circumstances 

llu f Cl miles south dE Beirut. The Army, a commando force attacked the inability of UN1FIL and the 

v Palestinians Said nine Lebanese and destroyed a Fatah naval tiny national Lebanese army to 

civilians also died. base at Dabar cl Burj. 10 kilo- cope effectively will bring closer 

RV nips'ir MARTIN The target of the attack was metres south of Sidon in the crucial decision the Syrians 

OT jvntn Aqbiyeh on the outskirts of the Lebanon. will have to make about moving 

_ unu-Aon tad^c , . j coastal town of Sarafand half Seven Palestinians and two uieir forces, which make up the 

rF . He ward JARVTS had, jj erw -cen the ports of Sidon Israelis were killed in the opera- Skater part of the Arab cieter- 

quietly retired from public life; , n j Tvre r tioa * rent force, down towards the 

long line in electoral failures his ] Pj* D i *“* 3 ?h L fiohr - The anny s . a,d t ? e J raid frora Syria is being urged m move 

EEC plan 
for steel 


A tap to set 


Mortgage rates and overdraft 

costs are going up but the gat- TnJey fell 2.4 to 4pu“ in ■March-;:;' •.*■£. -• gZiJ*}: 
edged market could not But jSfandanF . liGhmtered - 

By Guy de Jonquieres, Common edged market could not care^ 
Market Correspondent less yesterday. On Monday fiie 

FT Government Securities Index _| 

BRUSSELS, June 9. had hit yet another 1978- low. 

cr m.-mu a-vt . , . point and few investors could 

EUROPEAN steel producers to- have t<J - ^ 


defOTture would have attracted j* e .r IS Ij a wnund«l t ?“ sea was „ launchert aft " * n " troops SSKlE river ii P rmcl P le . a authoi^ would go to *Jc2 

little attention. Keen students f. I i l . , . ed a " d ?^L SKT?,™ FonnaDon had been received that order to reduce the area from pr °P° sa l by the EEC Commission estremes to nuLe tiie 

-Return on Assets 

_ CS> 

little anention. been stoaenis i ~\v, “ T V, .. ; ■wmauuu nau ueea rcueiveu umi order to reduce the area from \^uuui»iuu extremes to nlrace th*» wiit ■ 

of Californian politics would V|,, *3«« sa , «f h * e -2, pt * P Fatah was P la ™tiigto launch wflich Palestinians rould onera t™ fora voluntaiy cut in t their crude vSaa-hST 

have written him off as just 3 sreat deal of time picking up an attack against Israel targets. There are three seS of ANrcum- atee .' Production to 29m tonnes edged market, as they did fittee, 

another of those colourful but casualties from the scene of the Anthony McDermott adds: There stances which Sid induce dunn S ^ third quarter this days later, 

nutty right wingers which “Shtm?. is no direct connection between fcrael to take mi titan.- acri'on. y f ar - The Lommusion estimates Thursdays package is a ^gem. 

Orange County, south of Los The raid took place about 10 the Israeli commando raid on the The first would be a continua- lhat actua * output in the current as far as gilts are concerned. 

Angeles, seems to produce in miles north of the United Fatah naval base and the pro- tion of Palestinian quarter could reach 36m tonnes, interest rates at last- seem -to 

abundance but who generally i Nations positions in southern posed Israeli withdrawal from The secoold would b*> to" carrv The Commission has no powers have found a ceilinsi ■ with ' 

merit barely parenthetic refer- 1 Lebanon and four miles from the south Lebanon on Tuesday. out the 'Israeli undertaking to to enforce the planned produc- Minimum Tjwrfirm Bain at iq 

in the local history book. nearest checkpoint manned by Nevertheless, the raid is a protect the villages of the tion target, however, and it re- r~rr 

4 Syrian troops of the Arab peace dear hint that Israel will con- Christians. mains to be seen whether the P 611 * a ^ ain s ^ P er 

'’IH keeping force. The Syrians were tinue to carry out raids whenever Thirdly, in the remote event producers will adhere to it on Gve of the Budget .-ta-v 
.Ira not involved in the fighting. it feels the need. of Syria unexpectedly- crossing 7^0 EEC's indicative pro- n^d-April), there is ateo ih£ 

The base attacked is believed U is expected that the Israeli the Litani. the notional “red CTjmrae for 4h e Dresenl Quarter introduction of a corset winch ‘ 

t0 be occupied by several withdrawal will be total line" drawn by Israel as the,°. hir . h —tieff for total nutnnt tn will severed much the bank* • 


Net Income 






i- ' 

«: | 


y ra :^ 

;\L f.I 


_. ; 


different guerrilla groups, although an intelligence network limits of a Syrian advance. Israeli hmUe^to^l ‘’m^tonn^has a^h&aftiiv ^^ction tion of 

especially Fatah and the more and perhaps some observation might feel obliged to take some been widely fioutS deSSe its SmILw -now 1 that the institutions ; are i w hat.h^er-l»ein^ 

militant Popular Front For the posts may be left behind. action. being approved by irai e ce£ ^ tad. into 

Tbe third quarter programme, market wirfi fni-? A -roaU y iK^ .stock. equities will suffer. They 
J. nr rT» • A Which was endowed by the con- tep Hey presto. the IShiS. *af marginally in tbe xhort 

IO mav nut off Tees urmeet : u n ^ 

1972 ’73 74 *75 TE *77 

Bank’s nrniagement iS 

that the potentikl' is \ y 

ing : bad d ebt .pro viOTor^^a» ' , 

expected to ; help tTniou • 
earnings up. ^ 

cempared - with" gjfe i : ia(st7jEar r '= 
Even ; at last y^af a "level^ni^ ^; 

Bank’s after tax xetunton. tp^al ' 
assets of .0.42 per cexit ,tlot -1 
far below the axet^ge for-t^r • 
fomja — even. If' infefipr to ,Qre 
^.B0.7- per cent- tha.t ^Stett^rd. 

The pnrarase prioe^pf $8Z2m ‘ 
compares with Uaion-Baniaorp's 
estimated: net wor&Vaf ;ons|^K 1 

■i!i f< 

militant Popular Front for the posts may be left behind. 

ft ^ 



ICl may put off Tees project 



\ fries is considering postpone- 
I ment of some of the UK share 
!u?*-aV^Bb^. j of its £340m linked develop- 

\ I ment P |an on ' s* 108 at wii- 
l X : tr ' ' J - I helmsbaven in northern 

Germany and Teesside. 

Iloward Jarvis It is understood that the 

The Moses oj the middle classes company will decide in the 

next three to four weeks 
Today, at the age of 75. Howard whether or not it should press 

Jarvis — whose only formal job ahead with the construction of 
is as unpaid director of an Asso- an £80m vinyl chloride mono- 

ciation representing Los Angeles mer (VCM) plant at Wilton, 
apartment owners — is being on Teesside. VCM is the raw 
accorded a different reputation, material for the widely used 
His adoring supporters call him plastic polyvinyl chloride 

“the Moses of the middle classes” (PVC). 

and. even more confusingly “the Latest market studies car- 
Joan of Arc of John Doe public." ried out hv the company are 
Heavyweight political commenta- understood' to suggest that 
tors are soberly wondering if he demand will be insufficient to 
is going to turn out to be a justify t h c building of the 

second George Wallace the iso.OOO-tonneso-year plant for 
populist voice of ihe neglected at , east lH0 .-ears, 
land rich) who succeeds in send- 

ing big Government "a message" Sile preparation work on the 

that it cannot ignore. Others p ]*??. l . 1 is a,road >' w * 11 advanced 
foe! he may have forever ! a » Hilton and erection was due 
damned the once bright career *® begin later in uic summer, 
of Jerry Brown, thc stale \ was . p * an, ?j d 0 o2 come on 
Gnvernor. who can no longer 1 stream in mid-issu. 

take for granicd his re-election 1 
in N'nveraher. Invitations are 
pouring into his office from all 
over the country for him 10 
speak as the new Messiah «*F Ihe 
national taxpayers' rebellion. 

His achievement in the course ! 
of tbe past year has been nothing 1 
less than staggering. With a I 
display of energy, remark a nle • 

ICl is now calculating the 

alternative costs of postponing 
the contract at this advanced 
stage, against completing thc 
plant but having It idle in the 
first months or years of its 

ICl admitted yesterday: 
“The total programme has been 
and is being kept under con- 
stant review in the light of 
changing market conditions.” 

The company Is pressing 
ahead meanwhile with plans 
for building a olant doable 
the size of the Teesside unit 
at Wilhelms haven 

Any postponement of the 
Teesside plant would be an 
acute embarrassment for the 
company, which has already 
faced intense union opposition 
to its plans for investment in 

This opposition could now be 
stepped up following industry 
reports yesterday that the com- 
pany is considering construc- 
tion of an ethylene plant at 
WUhelmshaven as part of its 
development of the site. 

Both the UK Government 
and the chemical industry 

1 ST*' ^ uuires a particularly steep chequer 12 per cent 2013/17 — nsen 1 by over 50 per cent ance ^ against UawasS- ' : 

reduction by the West German £15 paid. •; the Budget and the FT Ordmary P 

producw^. whose output would After the earUer false starts mdex has hardly budged ’ *25m- tSs^laves ' 

trades unions have been press- ffnnw SSpi?ed witii IloS Government oWojtlf M.jjo b j d . rdughly sufficient 

mg the chemicals industry hard ipm set 3 s the objective for this u t0 PU^ out aU the- u *°’ t^* 11 ** year’s araortisaDpa:.«S 4he ‘I 

10 invest in more ethylene quarter. stops this time, and the im- Standard Chartered Bank’s $l70m in goodwill. -. ' - • • t 

capacity in the UK ha«ed on mediate reaction of the gUt- Californian venture is another. • * ^> -1 ' . 

the_ availability of Norib ^ea Persuaded edged market is that prices can example of a British bank using S mall savCfS ' ‘ V! *. "] 

" n “h S ,l e .e plan, I, a, i„. Earlier this « M k they were ^ JSS"SaS Yesterday^ readj^t 1. j > 

heart of a modern petro- reported to be pressing for a ^ n fZl ch dSSifretnSn «»tes has restored the.- pre- 

chemicals complex, and norm- higher figure, on the ground that exhausted immediately the the terms, of such deals remain eminencg of ^ building sane- 

ally leads on to tbe develop- th^ German system of staggering market opened. Prices of long attractive reflects the impotence savings market Pni. 

ment of a wide ranae of summer holidays means that dated stock rose by U and after of the U.S. money-centre banks , 

dnw ns t ream-related plants. Anv domestic demand remains firmer hours they were another i point to follow suit They, too, would , 1 

plans for ICl. the UK’s largest than in other EEC countries. on ' . of like to buy networks of deposit- National Savings, a target for ; 

company, to site such a plant in where a good number of manu- ^ date J stocks were taking branches in prosperous fll6 . Jr . e ot *>aoks and-btildmg I , 

Germany is certain to pro- factoring firms close down in “J- California, but UJS. Banking sooeties over the past - few - 

voke fierce opposition. July or August. not quite as buoyant but the. months, are now weU and truly -. 

ICl is currently planning to According to EEC officials. J5, dve " 1 ““ lt sdJP 13 ^ impossible^ * outclassed FaBinff an other rise 

spend £200m at WUhtlmsbaven Viscount Etienne Davignon, the the short tap. Exchequer 9, per * in rates next week to bxrog the 

In the first phase of its pro- industry commissioner, has been cent 1982 ‘A, ’ and it seems very On the face of it Standard. j oca | authorities into Weaker 

due tion of chlorine and related in touch privately with leaders likely that it will run out at the Chartered is paying a stiff price competition, the probabiii^-is ■ 

products. It is thought that any of the German steel industry in beginning of next week. for' Union Bank of California. t h a t the tide will swingjgtroiiEly 

future ethylene plant would be the past few days and appears All of a sudden the gilt-edged total outlay of £204m enm- in t u p cnmetiM* favour 
unlikely to follow for some to have persuaded them not to market ^ get the bS Pares with Standard Chartered’s m ™ JS3EL ' 

time, but it could figure n a resist his proposals. arithmeticTo add Q& “arket capitalisation of 

subsequent development phase Britain gets off relatively wee ij investors were £2 80m — though the payment is fe nk 3 ’ drve ^ ence 

^rati°/v P bP * with 3 Production tareet b^oantoTthe dS of offlT & cash not sSre^whuTuSon 

strategy. 4.9m tonnes, compared w-ith r , ■ S . . _ n, n u, nraf^v ... .l ... by Midland and Barclays on the 

ICl refused to confirm the 5Jm in the current indicative funding. Now, in the ^»ace of a P P L are about one hand, and Lloyds and Nat- 

industry reports yesterday, bot programme. France and Italy couple of days tiie Government . “J? of lhose of west on the other, must present 

said that no proposals for such j are called on to accept reductions Broker has sold around £Lbn. purtnssw. them with a conundrum almost 

Germany Is certain to pro- | factoring firms close down in! 

voke fierce opposition. July or August. D1H ™ and fliono 

ICl is currently planning to According to EEC officials, Broker supphed j m _ nBBi hlp 

spend f200m at Wilhtlm shaven Viscount Etienne Davignon, the “le short tap. Exchequer 9f p«* ‘ 

in the first phase of its pro- industry commissioner, has been 19 82 “A,” and it seems very On the 
due tion of chlorine and related in touch privately with leaders likely that it will run out at the Chartered i 

said lhat no proposals for such {arc called on to accept reductions Broker has sold around £lbn. purenasw. & 

a tracker had been nib milled i of about 500,000 tonnes each to of stock and, provided the new The British bank is paying alTereat'as'thar^ which it offers 
within the company. 5 m and 4.9m tonnes respectively, long tap is oversubscribed (and 19.5 times Union Bank’s earn- tn ?hp nmniiui* rf-rincitnr 

Irregularities’ in Burmah 


- :Z ng , . IS o^rsuhsertbed (and 19.5 times Union Bank’s earn- to the would-be depositor.. To 
there looks to be a good chance ings in 1977. This compares go bv experience that 'diver-- 
unless next weeks trade figures favourably with the 36 times gence’ will not be maintained 
are temble). the authonties earnings that National West- for long, even if the effects of 
w-til have tied up > well over ramster was willing to pay last the “corset” distort the: eager- 
of gilts m the firstquarter of month for its 75 per cent stake ness with which the big four 
the financial year. This should in the National Bank of North bid for funds. But can it be 

SnnC^H^MwShn^nn 6 / Bu T t T it is stin a entirely a coincidence that the 

supply and the £5bn-£bbn fund- premium on Union Bankas mar- two clearing banks which have 

it mc7 t QrUot tnic vroa r nn mnirni* l x. 1 «■ •* m ■ « . _ _ _ . 

cut in their property taxes and in Glasgow yesterday. expansion and acquisitions than P or ^ Q g tbe Action Group. Also on the Tankers problem, 

severe limitations on any further He told shareholders that Mr. with consolidation,” he said, 8jr AJastair. who look over the Sir Alistair, said, having referred 

increases. Elias Kulukundis. the Greek “and did not react sufficiently chair after the crisis broke and to a number of irregularities 

When Jarvis began gathering shipping manager who headed quickly and emphatically to the now beads a largely new Board, having been revealed: ,, Thecom- 

the 1.5m signatures needed to get Burmah Oil Tankers until Jan u- dangerous situation which was responded to considerable pres- pany have been advised as to the 

a petition on the Californian ary 2 1975, had agreed to re- developing during 1974. sure from the floor by briefly rights available to it concerning 

ballot last year, few took him pay the company more than “Too little was done too late f‘“ ns,der 'f 1 S an adjournment of such irregularities and have had 

seriously. U was true that 3200,000 (£110,000) and had al- largely because the previous ,5 m . e . eti ng_t° another date for a number of discussions with Mr. 

Californians are among the most ready paid SB6.000. Board failed to ensure that it later tUsc “ sslon bis new stote- Kulukundis concerning these, 

highly taxed in the nation but. Mr Kulukundis had pr0 mi se d bad sufficient information on Grolm’s^esolStion * ' “*■ a resuIt - 1x1 October. 1977. 

after all. prosperity was return- tQ hel unravel other deals. winch to base its strategy. The Action Grou'o claimed that Kulukundis entered into a 

jng to ihe state after the 19<4-/5 c ir Alastair said that thoueh “Faced with a managing direc- th i t ' a „." L 1 ?rt 0 h “ H* l" D e V^ a _ l form of agreement with the 

recession. And most or those ^ had* undoubtedly be?n ,or of forceful personality who 1 . statement had 1 reveled con, P aiT y relating to a number 

still disadvantaged, t unemploy- error* naa unaouoieaiy oe n was over . optimistic in all ^ mans statement “d revealed ^ specific transactions. In this 

ment here at nearly S per cent ^ | ed °° “ven a sSggStion that circumstances they failed to Aiders •ave their prories * agreement, he has agreed to re- 

is well above the national Q “ previous exercise the necessary control.” However after / dis- pay t0 tiie company a sum in 

average) simply do not own £ “J JS5SS had ^ cuSi?n^ Ta * tbe ^nJh break, sfr e «ess of S200.000. 

h0USeS ' ta crisL^S 1 JKf l-d V™'™ “ id he not agree “In addition, he has under! 

The Present Board was unani- „, ea ? to an adjournment, and urged taken to take steps designed to 

Wisdom mous that no action should be "”rmab Shareholders Action the Action Group to withdraw its assist in unravelling other trans- 

The California referendum nro- tak en against members of the ™ wiinoraw a resolution resolution in ^ u ht o£ ^ actions. TTi ere are certain other 


«L h ta?"™™‘d"?S«X p S "" S^“"i rd VS “ sm “ “* = 

emotionally charged issues but Sir AJastair was reporting to renegotiation of 3420m loans Af ter more . argument the arrangeffiMts are in hand to seek 

an equal habit of the electorate shareholders on an inquiry by a j ate j n 1974 Action Group insisted that its further recovery, where appro- 

rejecting the more impractical of committee of the new Board into ^ r ho] - Dtf resolution be put. A show of pI 7.^ e - . 

them. Since the Governor, the the controversial events preced- 1 ™ 0n *.£j u !L b |i'5!S appear . ed support it _ F “rffiermore; Je company 

has a record of throwing up | previous Board. 

There are certain other 

the leaders 

“ “5 the susoicion as little as ^ C den™d DOt m “ e “terests. said his committee had dwelt on "The irregularities referred to 

a month T cm was that convex ^f *.ari^To7^ Mr - John Rankin, QC. bad why “such substantial and sub- by Sir Alastair Down were not 

finna°i Q wisdom would DrevaU SnrnSii^J^Si? fhe^lnk^for argued at a meeting of stantially uncovered commit- my direct responsibility,” he said, 

tional wisdom wou p Burmah is jhe Bank for ^ Action Group, of which he ments had been permitted to “The former Burmah manage- 

But tireless personal cam- reiura 1 01 tne snares 1 at tneir is pres i dent< that the resolution develop on the tanker side. ment overstated the Tanker com- 

paigning, and some timely wind- original sale pnee plus dm- WJJs “designed to take the lid “Putting it simply, it appears pany’s profits in 1972 by around 

falls handed by the opposition aenas. Q jf a can jhat has been closed too that the managing director, Mr. $2ra,” claimed Mr. Kulukundis. 

— including notices of sharply Sir Alastair struck a critical long.” N. J. D. Williams, was both, over- He said his repayment repre- 
higher property taxes in the Los note in referring to Burmah 's It- was disclosed during the ambitious in his plans and over- sented the 10 per cent of the 

Angeles area just weeks before former managing director, Mr. meeting that the Action Group confident in Mr. Kulukundis' company’s profits which had been 


the election — created precisely : — abilities as chleF executive of overstated.' but which he was 

that groundswell of support he Tanker, which had in a very paid under the profit-sharing 

was looking for. Cutting home i|Wi w WM|| - IS' - ? . E* short space of time become in contract he bad with Burmah. 

owner taxes did not mean lower Spill . v/ax^T 1 financial terms the company’s Mr. Kulukundis said he knew 

public services, Jarvis trum- iW&| tw* I ' ' 'Mr most important subsidiary. of no other “irregularities" 

ppted, and in any case the “These factors were made dating from his term as head 

welfare rolls as everyone knew, ur TODAY - Loudon. E. Anglia, Midlands, S. °toro serious by the previous of Burmah Tankers. 

spend. re spend,' =-e rain in the North. N. Inland. Ws l«. : 

^j^STSS^-SSJSS. business centres „S rt a, i lR r -lft r Y“»' iDter - Continued from Page 1 ^ ^ Bank base rates 

Howard Jarvis also became a Amstrdm. s is s» London run /«sQi°% udyi Showers - Max - 15C the broadly defined money of more than 40 years ahead 

media darilng in a media con- a^s s =t nu-«MC n g supply, in the months to mid- since 1972. It is specifically 

scious state. His pithy one liners f^ona i =s 7 ? MaSrfStr. cum Outlook: Mostly dry August It is possible that the intended for investors, notably 





M M day 
”C ‘F 

make good radio and television. Bet™, s m ra Melbourne p is ss Pollen count in London vester- money, stock could even decline pension funds, requiring such 
He debated the League of Belfast c u w «ii, n s»« day: 93 (hS,) 7 sUghtiy. long-dated issues. The later calls 

Women Voters and described Belgrade f -s rr Montreal c is ® y '■ . _ m B «««, et n »ir icnuu) *t raa 

ttem a “• bunch of, nosey I J “ |? 

C 19 B8 
r a n 

broads who front for the big Bristol f it sa I Newcastle c u ss 


a mnw influannn th a on the new stock, issued at £96 

A major influence will be the rinn j^tn nn .Tuno ov and 


~T = s n IS ffi .sssr^w 27 - 

Brussels c 18 si ! New- York Fs 28 T9 Ajaccio s £< raitetaubci s 22 -a ^ ©The Government continued to 

Cranapple juice he cannot wait Dublin C' is M Singapore R “I *s Faro s to ts Nicosia 

tn oreach his message bevond the sdiohmnh c 12 m siockboim r 15 ss norence s m a: Rhodes 

«F It k Frankfort R 18 M Strasbr*. C 23 73 Gibraltar RUM Tansier 

boundaries Ot Latitornid. It IS c mc va S 24 « Rrdnejr T 1.1 S3 Guernsey R 14 57 Tunis 

a simple, tf one-dimensional GUsgow C U SS Tokyo C :a TS Tnnsbnick S 35 7r Valcnei. 

litany. As Howard Jarvifi puts Hofeinki S IS S4 Toronto s It SI Inverness C II .‘a Venice 

s 24 73 Only £15 per £100 oF the new CBL said that the move would 
s 27 si stock has to be subscribed-on-peduce UK competitiveness in 
9 m application, which is likely to world markets and worsen the 

c sa n innsbrack s 35 ?T Valencia f S b attract money from those specu- balance of payments by up to 

it: “The greatest human right J "inSm 
is tbe right to own property.” / Lisbon 

H. Rons S 20 Sfi | Vienna 

S 10 88 Inverness C 11 -d j Venice 
S 23 7.3 Is. ot MM C 12 W I 

s 2s 79 Mating on a fall in interest rates. £300m a year. The surcharge I — 

S 28 79 1 Warsaw F 20 6S S — Sunny. C— CJoudy. F— Fair. R— Rain. 

C 13 M I Zurich 

Ffi— FOg. 

The new stock is the first to was ‘■virtually a subsidy to the 
be issued with a maturity dale Germans and Japanese.” 

tr bSsw 

O Tito Financial Tmi« I.S., 1^