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' ^ : v-v'''*-Ufroi(«AMpniai. 


No. 27,587. 

Saturday June 17 1978 




Wall Street j 

U.K, Equities j 

UK. Gilts 

For our lalesl view*: and FFMS 
reports write to R.K.TimberJafce. I 
N Hanover Svjujre, f’ 

London WlAlOtJ, { 

■ *. _ 1 1 




react to 

British Petroleum yesterday disclosed two major acquisi- 
tions which will reinforce its European operations at a 
cost of £430m. Its West German subsidiary is to buy the 
German energy company Gelsenberg. Its chemicals 

subsidiary is to takeover substantia] interests of Union 
Carbide. The moves involve a contract to supply West 
Germany with crude oil and will leave BP with a 25 per 
cent stake in Ruhrgas, the main German gas business. 

£210m Veba deal BP Chemicals 

threat new ta p with Deutsche BP 


■'/ 7 . .jfrtr* 

rn VAT?{! 
{£<. \kjv* 


A planned strike by hospital 
electricians in op to ZOO hospi- 
tals throughout Britain from 
Monday was postponed last 
. 2*®“^ after a new pay offer 

from the Government was 
accepted as a " basis for negotia- 
tion.” . 

' *Ihion officials will decide on 
. - Monday whether to call off other 
• proposed industrial action, 'in- 
cluding an overtime ban. 

. After urgent talks with Minis- 
ters,. the electricians were offered 
, a productivity plan designed to 
restore parity with electricians 
in. ' the private contracting 
industry. Mr. David Ennals, 
Social Services Secretary, said 
that he was greatly relieved that 
the immediate threat to patients 
had been averted. Back Page 

Prince’s marriage 

. The Pope has refused permission 
for Prince Michael of Kent and 
Baroness Marie-Christine von 
Keibnitz to marry in a Roman 
Catholic church. The main reason 
is . said to be Prince Michael’s 
decision that children, of the 
marriage should be brought up 
as Anglieans. The Baroness, who 
is a Roman Catholic, now will 
mar r y the Prince in a civil cere- 
mony in Vienna this month. 

Blacks mourn 

Several thousand African school 
students attended a commemora- 
tive church service in Soweto 
yesterday to mourn tbe 600 
blacks . who died in riots two 
years ago. South African riot 
police; -set up . road Blocks and 
searched cars hear the church. 
Page 2 - - , 

^2^jviihckaWal T 

k The •'DiSfti .States ' has., /begun 
' :puliirig:|.:v»& 'servicemen i.and. 
equipcoeHC-out of ZaSre’s.troublfid 
' Shaba province after completing 
an atriilt of troops and supplies 
■ for an African peace force. Tbe 
only white troops left behind in 
‘ Shaba.;-. are 300 Belgian para- 
troops in small mining outposts. 

Belgian crisis \ 

Mf: Leo Tindemans, Belgium’s 
Prime Minister, wfio tendered his 
resignation to King Baudouin on 
’ Thursday, agreed to -tbe king's 
request yesterday to try again xo 
■ resolve -the differences in his 
coalition government In Italy, 
the: main political parties have 
.started, informal talks to see if 
they can agree on a successor to 
Sig- Giovanni Leone, who 
resigned as President, to answer 

- to answer' corruption, allegations. 

i. Tarling: charges 

Rome Secretary, Mr. Merlyn 
Rees.- has dedded'not to exercise 
;. bis discretion to. prevent extradi- 
tlori th Singapore -of Mn Richard 
lirUng.' " Tormer - \ business 
colleague of Mr.-J tin Slater. Mr. 
Tarling; faces five charges under 
Singapore Companies Acts, 
having won Lh Is appeal inBntam 
oil niore aerrous drarge^ brougnt- 

- a gains t .him/ Back Page; - 

• -Ulster shbptiiig 

Terrorists shot dead a lB-yearnOkl 
-.. narttline . police .reservist- as he 
ws serving in a shop in 

- derry yesterday. Mr.- Roy Mason, 

XJl ster Secretary,- announced that 
jrndee' Bennett would be chair- 
man ofrthe inquiry iDttrpolico 
practices m Northern Ireland. 


. Mo« r than * itf ‘ kilograms of 
heroin' worth £L25m waa Found 
. in azltease^ carried fiy two men. 
•• a t HeathroW' airport last night 
'The-- / 'discovery - - .touched off 
: 1 ih4niries v in several- parts _ « 
/A3i3talife/-^:-.7:\ v j-'-~ - /._ 

' ■’ /Briefly . r 

v -CfcklstfT^Epgisiri 'scpred' 309'for 
•>■$ <Botb4m:lQ2 hot out)., against 
' pakstan; on the -second day .« 
fhe Second /-Test at Ldrd s. 

- Packer pre.Wems, ^^. 9 

' ' siani^e'tvritt -girls' have 4»6en' 
born iri^Btartugal and doctore are 

. Vcon^idfina^i air,. operation .to. 

- sep arate Ahem;' '-.A 

. . Visttore' ;tor th^ ;N^heri»>ds are 

' aathwrttSs. to . cousott- : their- 
. "aoStbrs/o® ^ e - JPJ* p ?- 0rl ~ 

ykjjdpatmn, -lA' 

House of ^Commons' M 

• Sunned-' 

liat sniffer » dpgs -checkifig. for 

• : have biPb^t in : . 

• GILTS were subdued in the 1 
wake of the Government's two 
Issues totalling £L8bn. The new 
fiibu ultra-long stock ended at 
a r* b - discount from the £15 paid 
up on issue (Back Page). The 1 
Government Securities Index i 
closed 0J.3 down at 70.44. 

• EQUITIES were dominated 
by situation stocks. Industrial, 


VEBA, the leading West German energy concern to-day announced a 
major accord with Deutsche BP which involves a big restructuring in both 
companies and will help safeguard West Germany’s long-term oil supplies. 

in £220m 
Carbide bid 


J l i 

197S 1976 1977 197° 



460 Uy!miS2§-J I i 

12 13-14 15 16 

leaders edged higher and tbe 
FT ordinary share Index closed 
L4 higher at 470.6. 

B STERLING closed. 5 points up 
at $1.8310, with': Its index un- 
changed at 6L3. 

• GOLD rose $2j to -S184J in 
London and in Mew York the 
June Otmex settlement price 
was $L60 up at 

• WALL STREEtdosed down 
72$ at 836:97. 


ic TelecDfTiTn ut* J. ■ lt g 

a 5300m medium-term loan it A 

Under the accord, parts of lbe 
Veba Group, Germany’s biggest 
enterprise in turnover terms , 
j will be sold to Deutsche BP for 
about DM 800m (£210m). 

They include most of Gelscn- 
berg, which Veba took over three 
years ago, including refinery and 
gas interests. 

Further, BP will be gaining 
valuable access to the German 
fuel trade and to petrol station 
operations through takeover of 
subsidiaries of Stinnes. the trad- 
ing and transport arm of lbe 
Veba Group. 

This should enable BP greatly 
to strengthen the base of its 
West German operation. 

The entire deal is subject to 
approval by West German and 
European Community competi- 
tion authorities. II clearance is 
given, it will take effect from 
tbe start of next year. 

In a first reaction, and with- 
out prejudice to the competition 
considerations , the Bonn Finance 
Ministry gave an enthusiastic 
welcome to the agreement. 

The West German Government 
holds 44 per cent of Veba stock 
and as such, is much tbe biggest 
single shareholder. 

The welcome is particularly 
directed at that part of the 
accord under which BP agrees 
to supply 3m tonnes of crude 
oil annually to Veba at a com- 
petitive price up to the year 

The Germans have to import 
the greater part of their energy 
needs and have long been seek- 
ing to intensify co-operation 
with Britain on oil. 


They already have a 44 per 
cent stake in the North Sea 
Thistle oil field via tbe explora- 
tion company Deminex in which 
Veba has a 44 per cent interest. 

The accord with BP represents 
a further valuable step on the 
road to long-term oil supply 

As well as the access to more 
crude. Veba is gaining through 
the deal by a reduction in its 
surplus refining capacity. 

At present, Veba Group 
refineries are working at little 
more than 60 per cent capacity. 

By its Gelsenberg sale to 
Deutsche BP, Veba is ridding 

Slowing in rate 
of inflation 

itself of a 50 per cent share of a 
refinery m Bavaria and a 25 per 
cent stake in another, also in 
Sooth Germany. 

The upshot is -that those Veba 
refineries which remain should 
be operating once the deal goes 
through at about 85 per cent 
capacity, with consequent major 
benefits for Veba profitability. 

. Beyond this. Deutsche BP will 
also be gaming a 25 per cent 
stake in Ruhrgas. West Ger- 
many's biggest natural gas distri- 
butor. Veba regrets the loss of 
this important holding. 

But in the medium term, 
both sides expect the structural 
changes to bring greater profita- 

. Tbe BP-Veba discussions have 
lasted many months in what 
Veba officiate call a particularly 
co-operative and fruitful manner. 

It is understood that other 
discussion; between Veba and 
the British Government are 
under way. involving possible 
Veba investment in Britain in 
the petro-chcmicals sector. 

Feature Page 14 
Veba forecast Pago 19 
Lex Back Page 






BP CHEMICALS is poised to 
make its biggest acquisition in 
Western Europe with the $400m 
(£220m) purchase of the main 
part of Union Carbide’s Euro- 
pean chemicals operations. 

Jt has agreed in principle to 
acquire Union Carbide’s main 
-European subsidiaries BXL 
(Bakelite Xylonite) in the UK 
and Union Carbide Belgium 
based in Antwerp. Also included 
in the deal is the chemicals divi- 
sion of Union Carbide UK and 
laboratory facilities in Geneva, 

The two companies expect to 
complete the deal by the end 
of the year, but it is still sub- 
ject to both parties obtaining 
Government consents and final 
approval from the main boards 
of BP and Union Carbide. 

BP Chemicals’ name has been 
linked with several leading 
chemical companies in Europe 
and the U.S. in recent months. 

It has suffered badly from the 
crisis in the petrochemicals in- 
dustry in Western Europe over 
the last year and action to im- 
prove its falling profitability be- 
came inevitable. 

With the purchase of the 
Union Carbide subsidiaries, BP 
Chemicals is acquiring busi- 
nesses with annual sales of more 
than S300m f£l63mj. Last year 
it made profits of £lS.9m from 
a worldwide turnover nf £661 m. 
Pre-tax profits in 1976 were 

the latest sale it will have more 
than halved its U.K. interests.! 
Another part of its BXL business I 
was sold to BP last year. I 

In a £lOm deal. Union Carbide I 
sold its BXL thermosetting ( 
plastics division to BP Chemicals 
last September. 

The latest set of deals will 
give BP Chemicals its first 
presence in the low density poly- 
ethylene sector, with plants both 
at Grangemouth, Scotland 
(100.000 tonnes a year) and at 
Antwerp (150,000 tonnes a year). 

This sector of the plastics in- 
dustry' has been one of those 
hardest hit by falling prices and 
over capacity, but BP is confident 
of future growth based on tbe 
specialised product range 
developed by Union Carbide, 
especially for the wire and c.^ble 

may Mt 



per cent over Interbank rate. 
BackPage ‘ 

has approved a decree authorise 
tng the establishment of foreign 
banks in Spain, for the first time 
since the 1936-39 Civil War, hut 
the terms are so restrictive that 
of the 60 banks expressing 
interest, oo more than 15 are 
.expected to accept the condi- 
tions. Back Page 

• BARCLAYS BANK’S plans for 
the £92.6m. takeover of the : In- 
vestment Trust Corporation is- to 
be investigated by a special com- 
mittee of the Investment Prelec- 
tion Committee of the National 
Association of Pension Funds, 
.alter. opposition to the deal from 
some Institutions. Back Page 

• EEC has ordered Bribris- fo 
end its ban on EEC potato im- 
ports by July 8 or be taken 
before the European Court - of 
Justice. Holland had complained 
that the ban had harmed its 
trade. At . the same tune;- the 
European parliament has .said 
that the. UK Milk Marketing 
Board is compatible with vEEC 

law. • . • j} ‘ ■ 

• OIL companies, trades ubloos 

and North Sea building contrac- 
tors have' agreed to oppose 'any 
further claims for end-of-coa tract 
bonus payments from olljjdat- 
f onn ' - " construction weavers. 
Page'J-. ..4-..-:. 


agreed to a post-entry dosed 
shop for its bank note examiners 
at its Lougbton printing works, 
and a five-week long strike . ends 
with a return to work nextjseek. 
Page 4 ' y?r -!’ v 

• BSC Board could baire^sbr 
rank-and-file trade unioaistBpard 
members by the auru^m .if 
Industry Secretaries pjam. go 
-ahead- for an enlarged --Board 
with a third of the seats, :*omg 
to the unions- Ba ck Page-: . 



THE SLOWING in the under- 
lying rate of retail price infla- 
tion appears to have ended for 
the tiine being. But the favour- 
able influences of the last year 
arestili resulting in a decline in 
the 12-mooth rate of increase. 

The retail, price Index in- 
creased by 7.7 per cent to 195.7 
-(January, 1974=100) in the year 
to mid-May. according to figures 
published yesterday by the 
Department of EmploymenL This 
is the lowest 12-month rate since 
January, 1973. 

Mr. Roy Hattersley. the Prices 
Secretary, said yesterday that 
the figures confirmed bis state- 
ment last Sunday that the 22' 
month rate of inflation would 
remain at or about last month's 
level of 7.9 per cent for the rest 
of -the year. “In some mouths 
there will be minor falls; in 
other months there will be minor 

There is not yet enough evi- 
dence to confirm or to refute this 
view. . It is likely that the index 
for mid-June will show a slight 

decline in the 12-month rate. But 
there may be a rise in the rate 
for the year to mid-July since 
comparison will be with a 
monthly increase of 0.1 per cent 
in tbe same period of 1977. 

There is unlikely to be a sig- 
nificant rise in the 12-month rate 
in the figures to be published 
before an October election. 
Whether tbe rate by the end of 
the year remains in single figures 
or is just above 10 per cent, as 
some outside forecasters b3ve 
suggested, will depend partly on 
seasonal food prices later this 

Tbe 12-month rate in the UK 
is now almost in line with the 
average increase in prices in 
other industrialised countries. 

In the UK there are no clear 
signs of an acceleration in the 
underlying trend as measured 
by the rise in tbe index. for all 
items except seasonal foods over 
rfae last six months and expressed 
at an annual rate. 

This stands at S.6 per cent 

I ■ W7S rm 1977 «B I 

compared with 8.4 per cent for 
the period to mid-April. While 
ibis is higher than the rise of 
6.8 per cent for the period to 
mid-March, the trend is affected 
by the annual bunching of cer- 
tain increases, notably for local 
authority reDts and rates, in 

The rise in the all-items index 
of 0.6 per cent in the month Co 
mid-May is exactly tbe same as 
in the first three months of 1978. 

The firmest conclusion is that 
the period of improvement In the 
rate has probably come to an end 
as the favourable effects of last 
year’s rise in the pound wear off. 
Tbe sharp fall in sterling in tbe 
spring will take some months to 
vork through fully; the accelera- 
tion in labour costs is now likely 
to be the main influence on price 

No major price increases are 
expected this month, though Lon- 
don Transport bus and tube fares 
will -go up on Monday and the 
July index will be pushed up by 
about 0.3 per cent by the increase 
in the building societies' mort- 
gage rate. 

Editorial Comment Page 14 

Mr. Len Burchell. managing 
director of BP Chemicals, said 
recently that the company would 
have ic diver: if/ its operations. 
Its particular vulnerability arises 
from its heavy concentration in 
base petrochemicals. 

Mr. Burchell said that the com- 
pany did not have a sufficiently 
wide spread of products to go on 
generating profits, when some 
parts of the business were in 

The Union Carbide acquisitions 
offer BP Chemicals assured access 
to a large captive market for its 
base petrochemical products and 
also access to some specialist 
plastics technology. The Union 
Carbide operations employ 4.000 

Union Carbide made the first 
approach to BP Chemicals in 
March. One of the largest chemi- 
cal companies in the U.S., Union 
Carbide has run into difficulties 
in recent years with an invest- 
ment strategy based on expecta- 
tions of high growth. 

Other businesses in the U.K. 
have already been sold, and with 

Through the acquisition of 
Union Carbide Belgium, BP 
Chemicals will take its first 
major stake in the Continental 
markets for ethylene oxide and 
glycol, chemicals used in the 
manufacture of anti-freeze and 

All the Union Carbide plants 
offer BP significant extra outlets 
for its established ethylene 
capacity. Ethylene is the roost 
important base chemical made 
from petroleum with uses from 
plastics and fibres to paints and 

BP Chemicals has been facing 
an uncertain future. With few 
captive outlets for ethylene, 
unlike most chemical ompanies. 
tt could do little to solve its 
existing overcapacity problems. 
To make ijaatters worse it is com- 
missioning u new 500,000 tonnes 
a year cracker with 1CI at the 
beginning of next year. 

Much of this extra capacity 
could now find outlets in the 
newly acquired downstream 
plants. About 37 per cent nf 
the ethylene produced in 
Western Europe aoes to make 
liiw-densitv onlyeihylene and 
another 13 per cent goes to 
ethylene oxide, but until now 
BP had little or ao presence in 
these sectors. 

BP Chemicals’ operations in 
the UK were built up from the 
1950s in conjunction with Dis- 
tillers. Early on They formed 
a joint company. British Hydro- 
carbon Chemicals, but in its 
early years BP did little more 
than provide the petroleum feed- 
stock for the partnership. 

Similar joint ventures were 
started on the Continent with 
Bayer and Rhone Poulenc. 

By Stewart Fleming 

NEW YORK, June 16. 
BIG US. BANKS triggered a 
further rise in short-term 
interest rates today when they 
announced an increase to $} 
per cent in lbeir prime lending 
rate. The increase is expected 
to spread quickly across the 


li is widely expert ed ij : »j 
the prime rate rise will be 
accompanied by further in- 
creases in other shurl-lern: 
interest rales, which in turn 
roold threaten the Cartel- 
Administration’s 4 to •*.’ per 
cent real growth rate target for 
the year. 

The increase follows a rant ? 
to SJ per rent on March 25 and 
takes the prime — the ni:e 
banks charge (heir best cus- 
tomers — lo its highest lciel 
since February 1975. 

The move was sparked by 
Citibank, second largest U.S. 
bank, but was quickly follow eel 
by two ol her large bunk-.. 
Chase Manhattan and ?Jorau;i 
Guaranty Trust. 

Citibank said if was it « 5 ng 
ils prime higher, even gi-, 
the formula ii uses -or euhr’.m- 
ins the rale did not •.trietly dic- 
tate (fie incre.’sv, o-fK-jc.. : '■ - 
underlying trend nf rales was 


if the Federal Reserve 3o:’r- r 
reinforces I his Iroirtf. ri-? 
Tuesday, the Fetierci Cuer. 
Market Committee, whirl! seis 
the Fed’s monetary poll'-v. 
holds ils meuinr monthly 
meeting in Washington. 

Then- are oreUiellnns ifcet 
the Fed will decide m 

llehien credit Further lw'ca»«« 
recent rises in the money 
supnly and monetorv has* 
imnlv that monev artivv'h is 
hilensifvinT inflationary pres- 
sures on the economy. 

The decision may he a 
difficult one for the Fed. si;i'-e 
some evidence is emerging of a 
slowing in the U.S. ccom>ni\. 

Some economists predict that 
growth will tail off sicmiiicantly 
in the second half of the year. 

Upward pressure on 4 stir rent 
rales could slow tbe economy 
further, particularly through 

Continued on Bock Paso 

Eagle Star buys Champneys 


• PUJONGTON Brothetis'iWOtea: 
profits for the year to Marclyjft 
increased, to fll* WW 
after a marked 

/sales and. profits in the firsrialf. 
Pa®e i'B «od Lex '. 

ARTHUR GUlNNES5^th?ahle 
aaraings 'for the 24 'VBekS to 

: Marti* U fell from £17Zm Jo 
and profit from jewing 
fell jjy.jB2.5m- to £10-3nv?age 16 
anff Lex 

• RHON&POULENC’ ^takee’s 

-leading chemical 

-a. -EF r 8®m consolidates- profit 
for -1377 on tortgjfir -of 
FFr 23£bn, after OTMqnes 
’of FFr 364m on saJw nf 
JjTT 21 . 74 bn- Fas® ^ ' 


CHAMPNEYS, the Tring health 
farm, and cither private medical 
interests of United Medical 
Enterprises have been bought 
for about £2.7m by Grovewood 
Securities, part of- the Eagle Star 
Insurance group. 

United Medical Enterprises is 
now controlled by the National 
Enterprise Board. 

The businesses have been for 
sale "since Allied Investments, 
which -owned them as well as 
medical exports and supplies 
activities, was taken over earlier 
this year by United Medical, in 
which the Enterprise Board 
holds 70 per cent and three 
institutions 20 per cent. 

It was made clear from the 
time of the 28m bid for Allied 

that tbe State-owned Enterprise 
Board felt that it would be 
inappropriate for its to retain 
control of private medical 
interests in the UK. 

Grovewood. an industrial hold- 
ing arm of Eagle Star, has a 
wide range of assets, including 
Brands Hatch motor racing cir- 
cuit, the Cambridge Theatre ic 
London and scientific instru- 
ments and builders’ merchant 

Mr. John Danny, who runs it, 
said last night: “We are con- 
cerned with people rather than 
products and we think the people 
running these interests are good, 
with a record of success." 

Also included in the sale art* 
the British Nursing Association, 
a nursing agency. Doctors’ Re- 

lief Services, which provides 
locum services, and several nurs- 
ing homes — Tbamesbanfc Nurs- 
The managers of these differ 
ent interests will continue 3nd 
assurances have been given that 
patients’ welfare will be fully 

Ipg Home, at Goring-on-Thames, 
Ticehurct Private Clinic, at 
Wadhurst, Sussex, aad Unsted 
Park Nursing Home, at Godalm- 

S In New York 

— I Juue 15 1 I’rrrinns 

' I 

!>pr>t j S.D32&-B5.W 1 Sl-BilMlKSf 
1 m.itiih j 0.«-0>0iti- ] 0.7lMM£ rti» 

? inraihi : Ln^-Lth ■!'< l.ii-l.ffilte 

li. niciQUu i b.£5-b.lo Jis | 6.50- MO ill* 


Overseas news 2 Leader page 14 World market? 18 

Home news— general- 54 UJL Companies 1M* Money and Exchanges 21 

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

Artg 13 IntL Companies stock market 22 

.. -v 

> - - J*- 



-. - - BISKS: - - j, •• =■ 

A«J&£? er + 7 ■: 

eah?«ta In* + -. 24 . : • 

TZ i - • _ . 


Daily . 

j rttriay * ( Jus.) 

Halstead' W-i 

; S3 •+ -21; -. 


: 87 >: .S • 
’390 + ' IS' , 
JS7i+ 6i '• 


-Metal' Sox 



THptex Foundries 

Wood & Sons 

Siebehs (UK) 

. ' ?''/• FMJiS: 

GuiBnhSs (A-) - 
Randalls. - ? 

-Stavelby Juds. - - 

rWoodhead (J-) ' "*’.** 
BH South 


N orfll- Broken Biti — 
Western Mining 

SU +.'8 
320 + 37 
■89-+ 5-' 

-57 + 3 . 
332. + 22 ' 

ITS - 10 

• W 3 

285 - 6 
- « 

US' --5 
■26 .- Tf 
J24- -=- 7 
147 9r-S. 

British Petroleum’s big 

deals 14 

The von Hirsch sale on 
Tuesday I s 


The road to Pakistan: 

China’s Third World aid 2 

Menswcar for relaxation ID 

HK stock market: 

The rush starts again ... 6 
Travel In Bulgaria: 

The image and the facts 10 

AHMhHflMfttS ......... 




Cricket - - 

Crscnvoni Prate — 
Economic Diary .. .. 
Entertainment Cttrtle 
Finance & family . 
FT- Actuaries Indices 

Cantentns ... 


rim* 4» Sb€»ff tt ... 

Insurance 6 

tetters - M 

to* 2t 

Man ot ihc Week ... 26 

Motoring S 

Property * 

Racing 1* 

Share Information M-2S 

SE Week’s Heelings 2D-2X 

Travel « 

TV and Radio 12 

Taxation 6 

Unit Trusts 23 

For latest Share Index 


Week in Lon. & MV 
Weekend brief • . 

Vow Savings & In*- _ 
Britannia -double' ... 

Crescent Japan 

Gartmorc Extra ... • 
Lawson High VieW 
London Wall Extra 

M & G ‘Double* 

S and P America ... 
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'phone 02-24<S 50-fi 

S. & W. Scrirford ... 27 


Boustead Ltd 4 

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London Til. Co IS 

Roberts Adlard 17 

Scol European Inv. 4 

Base Lending Rales 22 

Budding 5oc. Rates 21 

Local AtiUi*. Bonds 21 

U.K. Convertibles ... 21 

Since mid-April share prices on 
Wall Street have staged a sharp 
recovery. Whether this upturn in 
the market represents a brief rally 
only, or whether it heralds the 
beginning of a sustained bull market 
Js difficult to determine at this time. 
Even so, it is our firm belief that the 
market is now towards the lower 
end of its present cycle and tfiat r 
even if the consolidation seen in 
recent days continues, the scope for 
capital gains is substantial in the 
medium term. 

Save & Prosper U.S. Growth Fund, with its 
portfolio carefully selected from the growing 
areas of American industry, is a particularly 
attractive way forthe private investor to take 
advantage of these opportunities. 

U.S. Growth Fund was launched in 1 964 and 
is now valued at over £35 million. The fund aims 
to provide a portfolio invested in the shares of 

U.S. companies. Income is not an investment . 


You should remember the price of units end 
the income from them may go down as well as up. 

An investment in the fund should be regarded 
as a long-term one. 

How fo invest 

Please complete and return the coupon below 
together with your cheque. You will be allocated 
units to the full value of your remittance at the 
offer price ruling on receipt of your application. 

To: S*w & Prosper Securities Limited, 

4 Greet St. Helens. London EC3P3EP.Tet -01-E548H99 

please issue me with United Steles Growth Fund units to 

the value ol £ as calculated at the offer prico 

ruling on receipt of Uiis application- {Minimum initial 
invostmam C250, f 50 for subsequent purchases). I enclose 
n cheque lor inis amount payable to Save A Prosper 
Securities Limited, 


ftiH naiie M 



The minimum investments £250. On 1 4ih J une 
1 978 the offer price of units was S5.0p, giving an 
estimated gross starting yield of £1 .1 B% p.a. 

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fTuancf# TisreS' 

i aiKs start 


EGYPT appears to have -.von a he 

PARK, June 16. 

breaihin" space in its payment maturities. starting in yctooe 

-'mb it- ms A TPinaiDinu 3950m Intrmatioa-l Monetary Fund that some of it wil 
fc loans' needed to cover its approval uf ■; ibree-year injcc- this year. Among 

ousands attend 

jb^ANNESBUR^'Jiae'ld; V 

ne 5 s 



plovers to allow their employees -they enthusiastically . “jj^bed 5. r ' V ^y/e%r if en teirtii; 3. jterSlllF 

.B tfid earmpM ■ Vthatn MrttfanM CuifjrniaQ . . ' . : _ . . . * 1 1 ttia 

converted into longer-term commitment of 3950m in aid. 

starting in October, which means! 

will come through j 
other creditors. I 

■a- cr.’ied deficit this vear is tii#n. amounting to an extra the West Germans and French j 
r iVV.| ; - lo dp assured within the ?7J0m. is considered a mere have both indicated increased 
ne-it'siy wt-eks nr so Dr. Named formalil?. r-. I lowing a letter nF aid. which suggests that Egypt 
pt Saveh ’ Econnmv Minister, iorent fro.n the Egyptian should be in reasonably S wd 
indicated at the end of a three- Governs, ml on its policy stead to get through 1979- 
da" meeting of the Consultative measures ovo: 1 the Joan ^period. The structure of Egypt's civil! 

* u u auBciu w miui' - — r. • — „ , .hbiMiian 

attended a mass time off to attend lie services. ■ Mhato Motlana. 

township Sowetp.CommineeotJU a 

(toy ■ mer . chairman o' the J 

_ between Black; Parents* /Sjjneri- .-'* i .Tt is qaite oovioue-w2w me 

stopped and searched cars in the ^on' and *1 pm as a .sign of. J^^SiJ^repnter of hem? 
aiva. . respect “ v_ 

Toe police activity was part 0 f nois , jn wiutu un»e manned to prevc 

i o* a nation-wide ^security- opera- goo died. Jndian shops in the seised. 

By Dominick J. Coyle 

ROME, June ;'•?■ 

ITALY'S MAIN political ; ^ on in which 600 people have ^ere 
parlies have started iiiformai [been arrested in the past two hours -in sympathy. 

discussions to determine days. 


But today's memorial ser- 

rSr-tte“®mmemo™ti» S’****'® 

riots, in which more than D «vent his -tape obvious that the 

■- Indian shops in the fSUSBj-^SBr '' - this Say' hgsr iio ^^ ttf 

also closed for two recor dsr beui w to allow change, 7 ’- •_ 

. The .students refused . Bishop -■ ;Tu*?F' 

Between S,000 and 5,000 sta^ahy 

.white South ^ fte'; had ? dbsb lutely ; iron* 

’} hi? large amount nf medium 
tern, d-r>: still iHiist:.ndiou could 
briny :• renewed deterioration in 
the Bevpiian debt profile after But Mr. El Sayeh said he 
hoped higher earnings rrom 
oil. th>.- Sucj tianal. and tourism 
wnmd i-n jh|<* the Government Ui 
meet its obligations. 

The creditors' meeting of 14 

OrsmiUjimn ;v! " i^u'^! 0 j" $55flm and the arrears were j 

■nenr of Eg: r|— a Tund backed wipcd out . 

by Faudi .Arji*/c.hUt«iJt. Qatar, Egypt’s need for foreign aid i 
and the unit’d -71 ao tnuraie. will gradually decrease over the I 

ind will he less > 

m decide on : id commitment. nexl 'four vear#. a 
Thi< is lil’Cy .J 52 - pl 1 for cash than fur < 

further >«Mm to *.00m this year. project 3id . 1be 

•Tap-in. which also still has 
dec 1 are it; am '.-finimilmenl. 

nvpected tn make up the ra main- 

'* Dr. 

meeting cun- 

Alidel Razzak Abdel 

con*: ries and various inter- in? requirement. ^5“*^- ,h,? Egyptian Minister 

naiiunj' agencies took place »n E^p-.'s deficit on its current 01 Planning- said tnal by the 
a markedly different atmosphere ;; na capita! jec nulls this vear. end of us IH7S-X. plan, which 

went i;.*t \car. including a large made. inciudins sun. ^ . 

amount of "liquid funds, enabled credits, cover over S2.4bn. investment rather than *or con- \ 

much uf the short-term debt to Tne U.S. has made a fresh sumption. 


Hit. MENA HEM BEGIN', the status of 
?:,n:e Minister, today held dis- since 196 
cu':^iu2i with his Foreign and Mr. Begin 


ant: the Gaza Strip. ministers appear willing to con 

cu -iius" with his Foreign and Mr. Been h.v refused to go C 5i,iS® 

Defence Minister-, in an effort to beyond his original offer i 0 ^ w^^ foundin-' 

defube the Israeli cabinet crisis review the sitiution arter five }' : ' as h “* "V"™ 
,vcr the future of the West Bank years, but a majority of xhe ""S 

would defend 

accusers. The acting pre^i- 
ilent is Sig. Amintore Fantarii- 
.. . - h ihc President uf the Senate. 

commodu> a..d | and llow a likely- candidate f»- 
ihc Quirinaie, as he was swell 
years ago. 

.-vs acting President, he loilay 
received Sig. Giulio Andreul'.i. 
the Prime. iMinistcr. and S*y. 
Piclro Ingrao, the CommuriC 
president or the Chamber 'f 
Deputies, who had constipa- 
tions with party leaders in tisv 

Boih Housec nr Parliamer.;. 
together with represenlath 
of the regional govern me it is. 
must meet together hy Jnr.o 
to vote by a two-thirds majority 
on a successor to Slg. Lem:.-. 
Early indications are that ill? 
main parties are anxious to 
avoid a damaging contested 

The parliamentary strciipi: 
or the Communist Parly f PC! 1 
is such thai it has an effeclii c 
veto on any 
mol "d by 

IH-nmvRits lDC>. On ifaeotht-!- 
haud. Ibe PCI will not wish :■ 
push its opposition lo the point 
in Kuwait today, as his orsanisa-! or risking a general election, 
refused to "u non. Fatah, renewed charges that! given the ! win's setbacks ia 

71 1 — ‘'“I'l"' 1 i-;i»!«'> ; recent regional contests. 

The central committees 

. ..i..-. u j.. jjni ivua.- j mcuiuiiiu Between anti u.uuu stu-- ae u«*u . j .rrv.? . ^ 1 ; 

w hether a substantial measure ; % ices, held in black townships dents attended the biggest journalists into The ^^f^’rres- that we are gtMU&To'hS t^e^yL.-- 

of a! I -party agree men: is and colleges throughout South rae morlalservice at the R«ina -sMIcttng e^y to o^ereeascorr simply 

didati? to succeed 
Giovanni Leone, who 

last night following 1 d-jetino ic the number of blacks about" the riots. ~ . mgieiezrt JHKat**» t 

spread, but unsabsiamiat-u, 'coming to work in Johannesburg Atmosnhere in the church was Both Dr MoUsna and Bishop system^ Ufltil w 

ullrgaiiiins .if corruption. from Soweto, although few shops At“0^here in tte c ^n was jmjo iir ecretaTy .general ^j^dy in_ tMs L cOuntfy wffl'/be 

¥. e . L,-onc left ,h< .Quirlun-o , „ a oB i«, reponc-d serious ST^fcs o n the rfSfouth A^can Council, of ' - ’iP - ^ 

Palace snortly berore mu> absenteeiim. The low level of 3 2X V “ffipoo 5 Ch5L Soke at the service. - After the’ service,, ppl^fireff- 

nigiii. following a tele: tfed ; traf fic could have been caused loured ^neraonnel barrier on as ® eS“s student leaders. '• a warning shot when ciuWren 

statement in which he said lie i bv workers snendiag the night a , nn0 ^ ed personnel earner n as weu as s detentioa attempted to stop n^sing caa-tb- 

aod the banning cet Ufts. No other unadent*K 
newspaper. The reported- - - ' 

j stay-away but have asked em- crowd only exploded twice— when of t he black 

Move to ease W. Coast oil glut 

Pxv 'James Sclilesinger. the 


j THE L:.S. is to permit the export shortage. 

. of oil from Californian refineries The West Coast glut, however. Energy Secretary, conceded that 
a.i oart of a series of complex has created complications erantirr^ exoort licences did 

! measures designed to ease the for the Administration and -Inr J, ^ long range goal 

current glut of oil 00 the West the od industry. Its principal ^-Se Presidents energy policy. 


! At the 

same time, higher Alaskan oil 

caune has been tbe arrival of irJT'uiT "«. a i n r..inpd 
from the N-nh " 

'subsidies are tc be paid to East Slope, which- is mosUy being . He also g^ea 

. Coast refiners who import foreign consumed on me West Coast and opportunities might 

•residual fuel oil. This in in- is particularly favoured *>y industrv from in- 

:endod to reduce slightly the refiners there because It has -a 113 h d tians- 

* nrice Of :ue! in this region and lower sulphur content than Call- n ta " - "T. ™ld 

•i-IU result in a small increase ioraian crude. rhpmarkJ«n-of West 

elsewhere in tbe country. -As a result, Californian crude- other parts of the 

' Tiio West Coast action is the production has been dropping. 1 m 0 P 

most slam Scant and certain to The oil industry has been press- country. 

L-.u-e cuntroversv. «'»pponents of ing to be granted export -Last winter Congress specific- 
canriidatp n'-’n ' the' export of C'.S. crude have licences. Although the Admini- ally, prohibited the. export of 
candidate p.ij. . . 1]31flla ; ne d it make? do sense stration hopes that most* of the Alaskan crude and although Dr. 
n u “' T „ /.j[ivin domestic nil products heavier Califomian crude will. Sclilesinger claimed that limit- the enuntrv is importing be exported— mostly to Japan— ing the export licences to refined 
so much foreign oil — $45bn last the amended regulations do products did not contravene ^his 
- ear— and when the Admiaistra- make possible the export of embargo it likely that Lon- 
lion is trying to convince the Alaskan' crude refined. gressional attempts will be 
nation there is an impending oil California. 

that Call* 
be treated - as a 

KUWAIT. June 16. | 

THE MODERATE Palestinian i 
areas occupied tender Mr. All Vasin, was buried 1 

TEL AVIV. June 15. 


made to nullify this latest action. 

'_ Palestinian Liberation Organisa- 

rinn iPI Ok I’nmm.-ini-ln nrrmn ri it I 

both the DC und the PCI are 
likely to meet here next vices* 

lit nn nirlf ktnl.i'i • 

Talks go on at New York paper 

government fulling. 
Mr. 6iw:i»n 2V res. 

nisur nas Lied w worx nut blamed i raq ' s intelligence ser- 
3 compromise .nrmiila. This v i ces f or the murder — the second 
, , t t. he consulted with Mr. 0 f a prominent PLO figure m six- 

man o: the- Labour Party, has E?er Weizman. the Defence mnnt hi! Iran denied the accusa- 
bec-n reported as telling party Minister, whose proposal to 
leaders that dramatics political express willingness to decide the 

months. Iraq denied the accusa 

Last December the PLu s 

development: are possible over permanent status of the West London representative. Said 
toe nc:.t few days. He did not Bank io five years has won sub- Hammami was shot dead in his 
rale out a realisnment araonc stand al support In the Cabinet. oaicc . According to some Arab 
the political parties because of He also held talks with Mr. p re ^ reports, the killer — never 

the crisis. Moshe Dayan, the Foreign caug ht — acted on behalf of an 

The cabinet is divided over Minister, whose own proaonl to Iraqi-based Palestinian organis- 
reply it should make to decide some of the final arrange- ation led by Abu, a former 
Anirrion questions about the menis now. has not attracted member of Fatah. 
r.;m.i:;cnt ^tatii* uf the West many devotees. The Kuwait Government has 

Bsnk. -irA vlaza Strip. The U.S. D is expected that the last- ( .-ondenined the murder nf Mr. 

i.-racl's offer of limited minute efforts to find j comora- Yasln and has vowed to spare 

self-rule f«»r :he Palestinians- of raise ■.-,•} ll continue riglu uv. to no effort to track down his kil-f 
rh? '•coupled terntories as a-, -h? Suuday-raorning cabinet ler«. but police today were silen' 1 
iri'.-rim arrangement and v:an;s meeting, when the issue will nn any possible findings, 
to know ,v hat will i*e the nn^l cru,-.» -ip ac.iin for discuwion. Reuter 

Shipyards in 
Sweden to lose 

3 chairman 
Tehran for 

K Shah ! » be opened in Dublin 

B / Andrew Whitley 

TALKS I. Y Tehran this week-end 


A SMALL Japanese inanufac- equipment 

TOKYO. June 16. 

to Britain came 
Hirer of audio equipment. Toho under a form of voluntary re- 
Oenki. is tn establish a Yl.ibn straint last summer after many 

restraints on 

between Sir David Steei chair- • Jactory in Dub,in which will be years of similar restra 
man of British Petroleum, thei^i « a ha * se exports to the Japanese TV exports 

Shah and senior Iranian officials i E *‘r- ,i . was revea ed tnda.'. The audio restraints a_i 

to be confirmed 

are likely 
and extended 

could have a vital bearing od the! . factory will operate as a 
protranred ne'-otiations hetw-een J° in t venture between loho and at a meeting due to take place in 
Se Nahonal ^ Iranian Od Com th< * ^ Industrial Deivlomnent London next week between the 
.n'H lJm,mb"r We. ™n I Al »l»rlt,. which is expected UK and Japanese electronic in- 

consortium, led by BP. for ai 
new long lernt agreement. 

Sir David is accompanied by 
?rtr. John Sutcliffe, BPs managing 
director, who has led the consor- 
tium side in jhe Tehran 

take 25 per cent of the equity. 

Jr will employ 600 and aims lo 
achieve annual sales of about 
Y-ibn after a build-up period of 
two nr three years. 

Toho is one of a handful of 
small to medium-sized Japanese 

dustry associations. 

negotiaLLons. They arrive in the j e i ertrnn j tf , manufacturers vvhich 
Iranian capital tonight. Apart j. |re a j mast wholly dependent on 
from the Shah they are ejected expor „. Th e company's pru- 
3»° se ^..^. r - ( Abo Hovcyda the ducts are marketed under the 
Court Minister an mfiuential per- brsind n:imc unisef but are also 
sonalitv — Mr. .Toushid Amnuze- ! snld - 1Q Europe un dcr the labels 
gar. the Prune Minister, and top | nf vV .?U-known Europe;. n manu- 

oificials of NIOC. 

The last round of negotia- 
tion v.-ith NIOC ended six 
weeks ago. with no indications 
of progress. After the previous 
session in March, “significant 
progress in several areas " was 
reported, but progress appears to 
bav» been slow since then. 

Although no firm date has 
been set for a resumption, 
sources here say the next round 
should begin towards the end of 
this month, or in early July. 
Almost certainly, that would be 
The last session before the long 
summer break. 

BP has a dominant 40 per 
cent stake in the consortium, 
entitling it to the same propor- 
tion of the group's offtake. 


The products of the Irish fac- 
tory will carry EEC certificates 
i of origin and will therefore he 
entitled to tariff-free entry iDto 
other European markets. 

Toho appears to have had talks 
with development aulhorities in 
this UK and several other Euro- 
pean countries before settling 
on Ireland. The choice of Ire- 
land may in part have been dic- 
tated by the availability of a 12- 
year tax holiday. 

Tbe decision to start local 
manufacture in the EEC reflects 
the anxiety of many Japanese 
electronics manufacturers about 
the growth of barriers to direct 
exports from Japan. 

Japanese exports of audio 

Ethiopian heads 
discuss Eritrea 

NAIROBI. June 16. 

began a 10-day seminar which 
will discuss ways of ending 
the 17-year rebellion In 

Addis Ababa radio, moni- 
tored here, sai d am bassad 0 rs 
bad down in from their posts 
abroad and the country's mili- 
tary rulers, ministers, trade 
unionists and others had 
assembled in the capital lo 
take part. 

Diplomatic observers said 
the gathering appeared to 
reflect pressure 00 the 
Ethiopians from their Cuban 
and Soviet allies who formerly 
trained and supported the 
rebels and are now relucfaat 
to become embroiled in a big 
military campaign against 


By William Dullforce 

STOCKHOLM. June lu. 

SWEDEN WILL have only two 
major shipyards operating at 
reduced capacity hy the end of 
1SSI under ihe latest G1-1 cre- 
ator. 1 plan. Of the 2P.Sr.s- still 
working in the 3 aids- iasr 
December, close to SLOW v.ill 
lose liseir jobs. Hardest hit -.vill 
he Gollienburg. Sweden's 
second city. 

The plan, which will be sub- 
mitted 10 Parliament in the 
autumn, is “the largest 
planned rc-organisallon ever 
undertaken in any branch 14 
Swedish industry," accenting 
lo Mr. Nils Aaslicg. the 
Minister of Industry. Spokes- 
men for die Social Democrat 
opposition and the Gothenburg 
shipyard workers described it 
as a death blow for Swedish 
shipbuilding, which was once 
second only to the Japanese in 
annual tonnage huili. 

The privately owned 
Kocknms yard in Malmoc and 
the statc-owued L'd devalla 
yard will continue lo build 
ships hut Koekums will reduce 
staff hy 1.100 to 4,100 and 
Uddeialia by 1. 8u0 to 2.:;0fl. 
The Arendal yard in Gothen- 
burg and the Oeresund yard 
in Laiidskroua wilt hr con- 
verted into heavy engineering 
concerns and will cut the num- 
ber employed by 4,100. The 
Eriksherg yard in Golhenburg, 
which still employed 2.7IUJ in 
December, is being shut down 
under an earlier decision. 

Mr. Aasling said Svriiska 
Van-, die state company 
operating all Uic big yards ox- 
cepl for Kockunis. would need 
siale financing of Kr U-7bn 

(£7flflm-£S20m) over Hie next 
three years, wil l ’ ihe reduc- 
tion in capacity was being 
effected. Kockums agreed to 
co-operaie in the Government 
plan when it was recently 
granted a Kr 340m slat" loan. 

tiemeat expect to be offered fresh em- suspended last night largely be- 
journaiists ployment. cause delivery drivers changed 

; and commercial staff at the New Initiatives at both papers are their minds and decided against 
j York Dailv News appeared seen as acts of support for the crossing picket lines. Their ro- 
! brighter today after a night in News, which is seeking agree- operation with the company bad 
i -which the newspaper failed to meat with the guild on similar led to angry scenes during the 
: publish for the first time since issues. Once an agreement is previous two nights. Last night 
i the stoppage began on Tuesday, reached at the Flews it is ex- tbe News management charged 
1 Negotiations between the man- pected to provide the broad pat- that “roving bands” had beaten 
I agement and the Newspaper tern to he followed by the other- up four management workers 
! Guild continued this morning -two newspapers. . ' who had been helping to produce 

land according to a news- agency Publication of. the News was the .newspaper- . 

story were close to agreement. ' . ' . . ” ’ . 

I The talks arc being closely moni- ' ' “L 

iSKFlES Teamsters refused cover 


which are both expected lo sus- 
pend publication if the News 
remain? shut down over the 

i weekend. mmMl . rA . fiised to renew Ihe fiduciary 
..J™™ K liability insurance of trustees of 

NEW YORK, Juue 16. 

• tbe pressure on the guild by tell- 

• • 1... li.-ie* u .L rt .. a .-Wf.n l U? UCIOIUU lUUUri VI mv ^ tcuuui 

J n - . Conference of the Teamsters' and the related 

,rbl : “ b 

LLOYD’S OF LONDON has re- difficult to get insurance. 

The greatest difficulty has 
been encountered by the Team- 
the pension funds of the Western ster’s central stales pension fund 

Ml health aud 
The funds have 

" fumre “and an uninsurable risk. been under investigation because 

3j£!?n* •> iumber^of working The insurance protects trustees V f “Heged links 1 with the financ- 
condtrion?: At the same time of thepension fund from liability mg of organised crime 
the Post also announced changes for defence costs in the event of In March, the Aetna Life and 
in journalists’ working condi- litigation against the funds. Casualty Company cancelled its 
tions me'udin* lengthening pro- Increasingly, however, partly be- fiduciary liability policy with the 
batioa periods and shortening cause of the sharp increase in central states fund which has 
the period during which em- lawsuits against the union funds, since been unable to find 
plovees who are laid off can they have been finding it more insurance elsewhere. 

denies ; *> 


Juan Carlos in Peking 


CTI ANCELLOPt HELMUT product, as a hindrance to the has to be measured in terms of 

SCHMIDT has delivered a tax cuts being suggested b? many tbe rate of interest you achieve 
warnin'* to West Germany's in West Germany including the in the capital markets. I have 
na-tners that if tbev insist on a Chancellor’s Free Democrat coal- reason to be very cautious, if I 
large, deficit-financed increase in ition partners. read the signals in the capital 

Bunn’s public spending, the con- “The room fo r financial deficits market carefully , 
sequence could be a rise in West 
German interest rates that would 
hamper real growth, disturb 
capital flows and risk upsetting 
foreign exchange markets. 

However, the German Chancel- BY JOHN HOFWANN PEKING. June 16. 

lor emphasised that he would ap- q-fjE KING of Spain arrived in together when they left for the 
preach the Bonn economic china today to a flamboyant wel- official guesthouse — uncommon 
summit meeting ready to ‘strive come that illustrated the im- in terms of Peking protocol, as 
for international compromise portance given to his visit by a lesser deputy usually accom- 
:md package deals, and would fb e Chinese Government King panies important visitors, 
be willing to take some steps, j U an Carlos, Queen Sofia and Later the King had his first 
even if I'm not convinced that their retinue were met at Peking round of talks with Teng Hsiao- 
they would be helpful." airport by Premier Hua Kuo-, ping. N'o details were released. 

In an interview with Business feng. Vice Premier Teng Hsiao- but the talks arc believed to have 
»eek. Herr Schmidt referred ping and other Chinese leaders, embraced trade and foreign 
once again to Bonn's fcigb rate Almost the entire ambassador- policy. Senior economics and 
of public borrowing, now equal ial corps turned out, and Premier foreign affairs officials of both 
to 4.5 per cent of gross national Hua and King Juan Carlos rode governments took part. 

By. Paul Lendrai • 

.. •. VIENNA, JuniVlS. - . 

leader and 'Head of State,' Mr, 
Todor Zhivkov, last . Sight 
publicly denied his country tad 
any territorial ' elailS' ok’ 
Yugoslavia. He- offered - to go : 
immediately to Belgrade to.' 
sign a ■ joint declaration . with 
Marshal Tlio in which BnlgarU 
and Yugoslavia -would mutually 

renounce any territbriaLclatifts 
and confirm the principle «f 
the inviobiUty of the frontiers. 

. Speaking at a. meeting in. 
■Blagoevrad, near the Yogo?lav- . 
Bulgarian border, Mr. Zhivkov 
said relations between . these . 
two countries could become a 
model of good neigh bo tniui ess 
and spoke in favour of a “com- . 
radcly dialogue: 7 ’; over ' out- 
standing, question*. 

. However; the Bulgarian 
leader deliberately avoided 
mentioning, the main bone of 
contention, the. -Macedonian 
issue, by name and firmly 
rejected aby attempt at '** Inter- 
fering * in Bulgaria's internal 
affairs. ■ 

But the. Yugoslavs are bound 
to doubt the sincerity of aby 
Bulgarian gesture as long as 
Bulgaria continues to deny the 
existence .of a - • Macedonian 
nation -and thus . th e ex i s tence ' 
of. the Macedonian .-Republic, 
one - of the -.-six - constituent 

republics: of Yugoslavia. 

Furthermore, the Yugoslavs 
also demand the rights of the 
Macedonian . minority in 
Bulgaria, which .'numbered 
almost 200,000 in the 1956 
census, should be recognised. 
Since llu-11. official Bulgarian 
si a ti sties have not referred to 
Maredoniumr in Bulgaria. 

Mr. Zhivkov's speech implies 
the question uf the Macedonian, 
minority would be regarded as 
interference . in Bulgaria’s 
internal affairs. 

Ireland to cut 
public spending 

By Our Own Correspondent 
DUBLIN, June 16. 

Irish Republic Is to cut back on 
public expenditure over the 
next three years mainly in the 
area of social welfare pay- 

A Green Paper on .the 
economy, published tomorrow, 
proposes that public spending 
on unemployment- benefit and 
oilier assistance should be 
reduced from 20.7 per cent of 
GNP this year lo 18.9 per cent 
next year aud 17.9 per cent in 

Initially, the Government is 
planning a campaign to reduce 
the degree of frand by social 
welfare claimants. It is also 

considering the abolition of 
food subsidies which are 
estimated lo cost the Govern- 
ment about £60 tn this year. 
The ending of the subsidies 
would put an extra 2t»p per £ 
on buter alone and have 
ihe overall effect of pushing 
the Consumer Price Index up 
by 2 per cent In a full year- 



Extracts from the 
Annua! Report 


1 977 




PROFITS: Up 63^ as a resulr of 
growth and acquisition. 




DIVIDEND: Increased on greater 
share capital. 




EXPANSION: Acquisitions and new 
subsidiary companies doing well. 




PROSPECTS: Excellent with current 
turnover up 1D?£ on previous year. 








Copies of the Report may 

6e obtained from the 


EIswick-Hopper Limited, 10a Chando s Street. London 

Win 9DE. 

China’s third world aid 




, Kara- 15.000 feet — until that point Arumchi. the capital of Sinkjang At first sight the hazards of 

koram Highway between China numerous glaciers and rivers province. During the 1971 war the mad diminish its strategic 
and Pakistan tomorrow is most have to he crossed. In nearly 20 with India work was again importance. Snow ploughs might 
ot alJ yet another example of years of eon struct i«o. workers on abandoned on the Pakistan side, be able to keep it open lhrou°h 
Chinese aid to the developing the road have had to cope with The Chinese offered a skilled the winter but it will still he 
world of ihe most tangible kind, extremes or temperature, rebel- labour force to help alongside plagued by rockfalls which even 
Like the Tanzam railway in een- lions tribesmen, tremors and Pakistani engineers when work now clov it for day* at a lime, 
tral Africa, ihe read ha> been rockfalls. resumed. . The possibility of Chinest- tanks 

constructed with a huge imported About tin people live in the For years the size of this and weaponry pouring down into 
Chinese labour force und. he- area, often in conditions of labour force was a closely Pakistan for use either aeainst 
yond its immediate strategic abject poverty. The main town guarded secret. Now it has been India or to counter Soviet moves 
implications, it will lie a enn- *of digit, little more than a revealed to have been 9.500 i n Africa is remote- Thp m-iri 
tirnia I remind ero fw h a t C bin a trad i nq centre before work Chinese and 15,000 Pakistanis, couidnotstand the weighrof 

can do for its friends. 

In trade or defence 

™ f 


, . ■7'. Kashmir 

’*‘^"1 J ^Srtwgar 
w ■ 


started on the road is now a Casualty figures from explosive traffic and it w-ould only take one dust rial 
riv thriving administrative centre accidents and rockfalls are not fighter bomber to block it at 

.. , administrative centre aeridents and rockfalls are not fighter bomber to block it -it a *rt in ?L . 

operation terms, ihe road ay pre- W nth plans lo become a tourist given so openly, but sources in sever'd! onints u n l !? e side, where 

sentlj construclea means little, base offering skiing and trekking. Gilgit say 500 Chinese died and Indian dinloraats thr-nsplvps “® ro “ i tbe Indus yatiey 

But it will open up the entire jt was for development and nearly 2,000 Pakistanis. Given seeking ran preachment' with ^bottahad. there is no 

northern areas of Pak-stan. It greater political control that the difficulties of the terrain and Pekin- arclnSarentlv nnworeiert S5S-? nne * t,on , witb airport 
starts about dO miles rrnm Paklfr Pakistan first started work on the its inherent dangers, the figures by ihe road and other diolomat^ or ,-, 1 ’? ad ’ Islamabad 

tans capital. Islamabad, and Karakoram Highway in 1959. do not seem unlikely. sav r 2S wJd i 

stretche, some 4s0 miu-s 10 the Anny engineers and labour Tho ri. .r V&.J Ihe east-west Grand 

the south-east, the Kara ko rams The Chinese came, m at this a ehow oF solidarity 
in rhe east and the Hindu Kush P lo construct a similar high- Pakistan against tbe 
in the south-west. At the Chinese wa >' on thcir s [ de L ° r border Russian-backed regime 

border the pass rises lo nearly 1° link up with the railhead of Afghanistan. 

with vince does not apparently complete, 
new connect with the railhead yet, ^7 

in and even when it does. Sinking tun* 5id' ‘ 
- .still a long way from tbe in- 


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Financial Times Saturday June 17 1978 


Pardoe rules out 

deal with Tory 
‘carrion crows’ 


- K bet ^ een Con- and Mrs. Thatcher crawled out 
Aon 1 !^ ??AJ' Ibera fe totensi- of the wreck of a general elec- 
^Ip^L 351 as ^ J °h° tion to beg for Liberal help to 

iieaUW ’ ^ epuTy float a minority Government, 
pescnbed the Tones as Who were the rats then and 
carnon craws of British what have they done with Lbe 
po £?^; skipper? Eaten. him? " 

The bitterness of the insults The Conservatives, he said, 
made by . one party against an- were “ carrion crows ” who could 
other after this week's confidence only feast on the fear of 
vote jd the Commons, where the socialism. Now that the Liberals 
Government survived only thanks had successfully blunted 
to Liberal abstentions, is a mea- Labour’s extremist, leanings, the 
sure of the importance of the Tory Party went hungry, 
battle at the next election for tr . , , 

the 5m Liberal voles of October Hindered 

expense'"”™ largely at Tor y His diatribe was answered in 
But ir ajcf, .. kind by senior Conservatives 

«venhand»^Rtp^ot2 S e l ^ a £,+ *5® close to Mrs. Margaret Thatcher, 
Sr believe that the censure 
T iW 9 i e a ^!* u ? teel motion yielded a useful tactical 

he re ?<*y •» ® * victory by Mndertafi Lihcrol 
Sfev hJw 5J? 1 l r _ 1 n ^ J0r 1 ? arty lf efforts to disentangle themselves 
S' y ti° l IJJL® p ? wec J«>m the pact with Labour, 

jn the next Parliament— is a Both Mr Teddy Taylor. 

n °SPTdru- ten r t 'h r ° S i >eCt ' a rr ■ shadow Scottish spokesman, and 
. Senior Liberals and Tories Mr. Alrey Neave, the shadow 
believe there is practically no Ulster Secretary, blamed tbe 

liberals for allowing Labour to 
pact to support Mrs. Thatcher m choose its electoral moment and 
~ _ . .. _ possibly return to power with an 

Mr. Pardoe accused the Con- extreme Marxist programme, it 
servatrves of heaping abuse on is an argument that is bound to 
the Liberals out of desperation feature prominently in tbe Con- 
st seeing their chance of elec- servative election campaign, 
toral victory receding and Mr. Taylor said: “There is 
warned his colleagues to expect little doubt that tbe Liberals will 
much more of the same as pol- be wiped out at tbe General 
ling day- approaches. Election. In Scotland there are 

Sir Geoffrey Howe, the shadow three Liberal constituencies and 
Chancellor, had referred to we will be disappointed if we do 
Liberal support for the minority not win two of them.” The 
Labour Government as ** rats Liberals were mere tools in the 
returning to a sinking ship " Mr. hands of an '- unscrupulous 
Pardoe said in scorn. socialist administration, he 

“Yet only four years ago he claimed. 

Reform Secrets Act, 
urges Heifer 


MR. ERIC HEFFER. former 
Industry Minister and an in- 
fluential Labour Left-winger, 
last night urged the Government 
to make reform of the “Catch 
all” Section Two of tbe Official 
Secrets Act merely the first step 
towards . introduction of a full- 
scale “^Freedom of Information 

Mr. ■ Heffer said that this 
pledge should be contained in 
the manifesto for the forthcom- 
ing election— “ although : every 
sign is * that, ttie Cabinet will 
resist any such motion." 

Labour's last manifesto in 
October. 1974. committed; the 
Party to legislate to replace the 
much-criticised Section Two. 

But almost four years after- 
wards. the best that can be ex- 
pected is a White Paper by tbe 
end of this session unlikely to 
contain any sweeping sugges- 

Pressure for a Freedom of 
Information Act is in fact one of 
tbe main difficulties faced by 
Ministers framing The Govern- 
ment’s proposals. Many ,MPs 
have warned that- toa^mid an 
pproacb on Section Two will do 
more harm than good. . 

Speaking in Cheshire 
Heffer continued: “The ipti 
in Britain we have a freedp 
of Information Act the better, 
and it will not put any real 
financial burden on the Govern- 

Judge to head inquiry 
into Ulster police 


. the chairman of the inquiry Hie 
Government is setting, up to con- 
sider police practices to Northern 
Ireland after- Amnesty toter- 
‘ national’s report -on procedures 
in the Province., 

The two members of the 
inquiry, announced last night by 
Mr. Roy. Mason, the Ulster Secre- 
tary, wta be Sir James Haugbton, 

•former Chief Inspector of Con- 
stabulary, and Professor John 
Marshall, in charge of Clinic 
Neurology at London University. 

The terms of reference wWl be 
to examine police behaviour 
relating to the interrogation of 
suspects, to examine the opera- 
tion of present procedures deal- 
ing with complaints about ponce 
conduct, and to make recom- 

Assembly ‘will underpin unity’ 

' i • • i m hn»; 

^TABUSHMENT of a Scottish 
Assembly ’ -would underpin the 
unity , bf the United Kingdom, 
SE - Jobn Smith. Devolution 
Minister, said yesterday. - 

He? told the 

of the Institnte'of Dirertors that 

. devolution was “ ess ®25?^ ri ^ 
moderate -opticm for Scotland. 

- - > So much, of the discussion 
about Scotland’s, .future Is be- 
devilled by a futile-da^betwe^i 
two - sets- of .i eictremists — separa 

tists who want to break .np 
Britain, and die-hard anazvUn- 
k’ered Unionists who resist any 
move at all to decentraise deci- 
sion-taXiog to Scotland. : ;• •• 

- “ i believe the Assembiy .wiH 
act to underpin lbe essential 
unity of the kingdom. L -think 
the Government’s plans offer 
Scotland a much more epastrue- 
tive future than the sterue;pr> 
posals of either the separatists 
or the centralists." ■ 

Vickers compensation 

insulting— Robens 


ACCUSATIONS of “ financial 
rape " over the compensation 
terms for Vickers’ nationalised 
assets were levelled at the 
Government by Lord Robens, 
chairman or the engineering 
group, yesterday. 

In a bitter attack on the pay- 
ments so far made for Vickers* 
former aircraft and shipbuilding 
interests. Lord Robens. a former 
Labour Cabinet Minister, com- 
plained about the “ shabby, 
petty, paltry and indifferent ” 
treatment the company had 
received. He told the annual 
meeting in London yesterday that 
the payments on account were 
derisory, ludicrous and con- 

So far, Vickers has received % 
total of £7m from the Govern- 
ment for its 50 per cent slake in 
British Aircraft Corporation and 
its formerly wholly-owned ship- 
building subsidiary. 

They were nationalised on 
April 29 and July I last year 
respectively and carry a book 
value of £67.6m in the accounts. 

Ironically, the first talks on 
further compensation for the air- 
craft side also took place yester- 
day between Government 
officials and shareholders' repre- 

Discussions about Vickers’ 
shipbuilding interests will be 
held at the end of this month. 

Lord Robens told shareholders 
at yesterday's meeting that the 
total amount paid to Vickers for 
its share of BAC was £3.1m. “just 
a tiny percentage of the profits 
made by the assets taken over.” 
In 1977. -BAC. jointly owned by 
Vickers and GEC, bad made pre- 
tax profi ts of £53.6m, while 
Vickers' shipbuilding profits in 
the six months before vesting 
day. amounted to £3. 8m. 

“Against these figures, tbe pay- 
ments were not only derisory, 
but they were insulting .** 

Vickers had been forced to cut 
its investment programme from 
£30m to £20m “because we were 
in danger of getting into an over- 
borrowed position with the 

Aii.lin AvIiinKHt 

LORD ROBENS addresses Vickers’ annual meeting in London 





By Terry Garrett 

The group had expected sub- 
stantial compensation payments, 
on the strength of which it bad 
borrowed extensively to ensure 
the maintenance and replace- 
ment of existing plant and 
acquire new businesses. - 

It bad also invested substanti- 
ally in new technology, especially 
in under-sea engineering, where 
its know-how would serve tbe 
Government well in future 
underwater explorations for oil 

“During the last four years in 
all these activities, wc have 
invested £74m.” 

Neither nationalisation In 
itself, nor the date of the final 
settlement, which was bound to 
take time, were the problems. 

Far wider issues were at slake. 
Tbe group would fight to ensure 
fair and reasonable compensa- 
tion to the very Emit of the law. 
“ We shall do so because we are 
not just fighting a battle for 
Vickers shareholders,” Lord 
Robens said. 

“Fair and reasonable,” as 
interpreted by a Labour Govern- 

ment. be maintained, was a 
warning Jo every shareholder of 
modest means. 

"They should understand that 
the basket of nationalisation 
which is promised us if another 
Labour Government is elected 
will virtually mean confiscation 
Of what they have.” 

Com men tins on the company’s 
performance in the current year. 
Lord Robens said results in the 
first few months had been 

Losses incurred by the offshore 
eiJgineer’ns group had per- 
sisted. while a strike in Canada 
and lack of activity in Australia 
bad also been factors in tbe slow 

So far this year. 24 companies 
have received compensation pay- 
ments fr"ni the Government 
totalling £26. 75m. 

Last night, the Industry 
Department said talks would 
soon be resumed with the parties 
involved and would last “until 
agreement is reached.” Failing 
this, comps ales could go to arbi- 

‘More oil in China Sea 
in Gulf’ claim 

ISLANDS IN a little-known part 
of the South China Sea have a 
bigger oil potential than the Per- 
sian Gulf, a defendant in an Oid 
Baijey fraud trial claimed yester- 

Mr.\ John Sidney Barnes. 48, 
economist, of St George’s Drive. 
Pimlico, denied being involved 
with a suspended Bank of Eng- 
ind official, Mr. John Martin 
ales, in a plot to obtain more 
an flm in dollar premium re- 
bates on non-existent securities. 

Mr. Barnes' counsel. Mr. Martin 
Tucker, QC. said Mr. Barnes* use 
of diplomatic passports, which 
he had created himself as “King” 
Of the islands, might seem Ruri- 
tanian. but some countries hed 
apparently recognised them. Mr. 
Barnes told the court that the 

islands, known as Colonia, lay 
between Manila and Saigon, and 
their nearest “border" was 200 
miles from the coast nf Labuan. 

They had been “taken over*’ 
in 1956, when they were unin- 
habited. by a former war hero of 
the Philippines named Thomas 
Ctoma. an international lawyer, 
and covered 64.000 square miles 
as an archipelago. 

Mr. Barnes went on: “In 1973 
Mr. Cloma asked me to join 
their Supreme Council, as he 
feared they might be annexed by 
President Marcos of the Philip- 
pines, and the next year 1 
became Head of State. 

“ The only reason l came to 
Britain on business was to 
exploit their oil possibilities. 

“Colonia has adopted British 

Jaw for al! its legislation, and 
I studied lbe terms of Britain’s 
North Sea oil leases, as we were 
gojn? 10 offer five-square mile 
traits of ocean or islands under 
the rule of Colonia to various 
companies throughout the world. 

“Ve were negotiating with 
various American companies for 
survey work, as seismological 
studies suggest there is more oil 
under Colonia than in the whole 
uf the Persian Gulf.” 

Mr. Barnes, who holds a degree 
nf Donor of Philosophy Trom a 
Florida university said he had 
frequently travelled in the Far 

The hearing was adjourned 
until Monday, when Mr. Barnes 
continues bis evidence in the 


Drafts that leave 

AIR. NEILL SCOTT, tbe invest- 
ment director of the Piccadilly 
group of unit trusts, has resigned 
following an investigation into 
the trusts dealings by its 
directors and its auditors. 
Whinney Murray. 

Mr. Alan Judd, chairman of 
Piccadilly, asked for Mr. Scott’s 
resignation last Monday. Mr. 
Scon, 30. leaves the company 
with no compensation. 

Piccadilly was named in an 
unpublished Stock Exchange 
report into share dealings, which 
was sent to the Department ol 
Trade, City of London Police, 
the Unit Trust .Association and 
the Bank of Scotland, trustee to 
j Piccadilly. 

The Piccadilly directors and 
their advisors, Gresham Trust, 
have concluded that the trans- 
actions in which the Stock 
Exchange investigation was 
interested consisted of 12 pur- 
chases and nine sales. Virtually 
all of these deals were made by 
the trust between December 1976 
and June 1977. 

The 12 purchases involved a 
total of £187,500. All these 
securities have since been sold, 
except for shares with a book 
value of £14,452 and a current 
market value of £21.150. 

The nine sales totalled £121.000 
but this figure cannot be com- 
pared directly with the purchases 
as only some of the sales related 
to securities included in the pur- 
chase figure. 

These feelings are believed to 
be tbe ones mentioned specific- 
ally in the Stock Exchanges 

Mr. Judd said that these deals 
in tbe shares of the nine com- 
panies mentioned in the 
Exchange's report were transac- 
tions where the prices could have 
been manipulated, but the trust 
as a whole made a profit 

In a statement yesterday, the 
directors said that these transac- 
tions did not have a material 
effect on the value of tbe units in 
any of the group's funds which, 
in total, amount to investments of 
more than £10m. 

The Bank of Scotland had a 
meeting with tbe Piccadilly man- 
agement and its advisors on 
Thursday. In a statement pub- 
lished last night, tbe Bank said 
that “as a result of its inquiries, 
the bank is satisfied that the cash 
and securities on the basis of 
which the current values of the 
various units are determined con- 
tinue to be under its control and 

Picadilly has been unable to 
obtain a copy of the report. 

The Stock Exchange has indi- 
cated that it is prepared to re- 
lease the report to Piccadilly 
only on a conditional basis. It is 
believed that the report will be 
handed over only if Piccadilly's 
management agrees not to pur- 
sue any legal action against the 
Stock Exchange. 

Mr. Richard Luders, a Picca- 
dilly director, has taken over the 
responsiiblity for tbe manage- 
ment of tbe trust's funds in place 
of Mr. Scott. 


’ —-yjer-u 




. ■ »7-d- -1 - - ■ " 

the technique by which certain 
tiny overseas-registered banks 
setting up in Britain have suc- 
ceeded in defrauding the public 
was thrown by a case which 
ended this week at Knightsbridge 
Crown Court and revolved 
around the Anguilla-based Indus- 
trial Banking Corporation. 

Two men were jailed for 
various offences, including 
obtaining diamonds by falsely 
representing that ‘the company 
was a genuine and honest busi- 
ness which conid make payments 
through irrevocable documentary 
credits and in other ways. 

The case is worth attention 
because experience has shown 
bow gullible the public can be 
when confronted with a company 
with, a high-sounding bank-type 
name and an impressive-seeming 
fraudsman operating from it 

Moreover, when a concern 
mounts dishonest deals with 
international ramifications, as 
has often been the case in the 
last two or three years, a new 
dimension of complication is 
added and detection becomes 
more difficult. 

Also, until a recent clamp- 
down. overseas-registered com- 
panies with financially-sounding 
nam es -were, able without too 
much difficulty to operate for a 
time in Britain, without being 
fully subject to the controls 
applying . to home-based 


“Fraudsmen don’t get off tiie 
ground unless they are of high 
mentality." one senior police 
officer remarked recently. And 
those who do the frauds in other 
countries have a lot going for 
Ihem.” . 

After the convictions at the 
Knightsbridge court last week of 
Mr. William John Morley and 
Mr, Felicio Alberto .Morelia, 
details were recalled of an 
earlier case, as a result of which 
Mr. Morley had been sentenced 
in February to five years in 

That case had concerned 
offences commonly known as 
advance commission frauds. 
These involve the collection of 
commission, often of thousands 
of pounds, on the promise of 
fixing up large loans which there 
is' in feet no real prospect of 
the person purporting to do the 
business actually arranging. 

It was reported in the court 
tiffs week that Mr. Morley. a 
financial consultant, had earlier 
been 'convicted of obtaining 

cheques for a total of £ 101.000 
by falsely representing that he 
could obtain loans of £13ra. Iron 

Industrial Banking Corpora- 
tion was registered in Anguillj. 
a small island in the \V<Vt 
Indies, but afterwards operated 
from an address io Hanuier 
Square. London. Its name w -is 
exactly the same as lhal of a sub- 
sidiary of Guinness Mahon, toe 
well-known City of London mer- 
chant bank, thouib there was /»" 
connection whatever between 

This coincidence, which may 
or muye not have been accidental, 
can hardly have hurt the busi- 
ness of the Anguiua-registere'.l 

A major police investigation 
into the case was carried out b; 
Detective Chief Inspector Ro: 
Elsey eariv last year, before the 
accused were arrested in May. 

This inquiry extended in 
South Africa. Anguilla and Aral* 
countries and cost £100,000. in- 
cluding the expenses of bringing 
nine witnesses from Johanc.- 
burg to give evidence at the 

One change nn which Mr. Mm*- 
Icy and Mr. Morelia were con- 
victed alleged conspiracy “to 
defraud such persons as might h? 
induced to supply diamonds and 
other precious and semi-precious 
stones on credit to the Industrial 
Banking Corporation and to i*< 
customers by false representa- 
tions that the said (1BC) was -j 
genuine and honest business . . ■ 
Thai it had sufficient funds to 
guarantee payment for tbe said 
diamonds . . , and that irrevocaM 
documentair credits drawn upon 
the said (IBCl would guaranti-e 
payment . . . and by divers other 
fraudulent means and devices. 

A feature of the case was the 
presence among the accused of 
the Rev. Thomas Kemp, a retired 
minister of the United Reformed 
Church, who wore a clerical col- 
lar throughout tbe trial. He was 
acquitted of all tbe charges 
against him. 

Prosecuting in the case. Mr. 
Richard Du Cann. QC. had 
described the Anguilla 'based 
Industrial Banking Corporation 
as “a sham — no more than a 
facade used by the accused io 
develop credence.” 

The court was told by ihe 
prosecuting counsel that the 
concern had attempted to engage 
in large deals, including offering 
to finance a $500m cement wnrfcs 
iti South Africa. It had also pi» 

rosed to buy quantities of 
diamonds, paying for them with 
letters of credit. It did obtain 
£50.000 worth of gems, but the 
-T-ller W 35 not paid. 

Mr. Morley was convicted on 
-is charges and sent tu prison 
for five years to tun eon- 
. urrentiy t and concurrently with 
fis existing five-year sentence). 

ith an additional two years on 
: nothcr charge. 

Mr. Morelia was convicted on 
• vo charges to which be had 
j-lvaded guilty and received a 
-entence to tun and a half years 
m jail. Jud&o Lewisohn stated 
: bat the sentence would have 
'■cen longer, had a sunt of £50.000 
involved in one of tbe charges 
t'ftt been repaid. 

Over »he past twn years nr sn. 
-enior officers of the Mertnpoli- 

■ ; n and City or London Police 
Fraud Squads and of Scotland 

ard's Serious Crimes Squad 
‘■avt* laid on an operation to »n- 
' estimate certain small concerns, 

■ ■fieri based in offshore islands, 
purporting to carry on genuine 
hanking in Britain. 

Businesses looked into include 
r number or tiny companies, 
■iften with high-sounding names, 
registered in islands in the 
West Indies and elsewhere. Some 
'■'<* people were arrested anj a 
number of ihesc still await trial. 

The authorities in Anguilla 
?a«t .rear took a tougher line and 
r i ruck more than a hundred 
•Jien impressively titled small 
rontpanies off their register. 

Overseas-registered companies, 
even though tiny, which set up 
-u si ness under hank-type names 
in Britain may be wholly legiti- 
mate. Yet it was anomalous 
:ftat. until recently, they were 
;;ble to operate in the UK subject 
to looser supervision than home- 
registered hanks. 

However, late last yea r. the 
Trade Department look action 
under section 31 of the Com- 
panies Act. 2976. considerably to 
reduce the number of overseas- 
based concerns with financial 
titles able to conduct business in 
the UK as hitherto. 

More than 4£l offshore com- 
panies with hank-type names 
which had registered abroad and 
then set up in Britain received 
notices from the Department 
mat they could not operate in 
fhi? country under their existing 

Section 31 empowers the 
Department to notify an over- 
company that it is undesir- 
: - r *le for it m trade in Britain 
under its existing corporate 

Treasury defends 
lack of precision 

in spending plans 


THE Treasury yesterday stone- 
walled cririfisws from an all- 
party Commons committee about 
Government spending plans. 

The Treasury has defended its 
decision not to include in its 
annual spending White Paper a 
more precise assessment of the 
medium-term prospects. It also 
rejects criticisms, about the 
balance between current and 
capital expenditure. 

These points are made in tbe 
Treasury's reply to the March 

report from the Commons ex- 
penditure committee, whose 
general sub-committee held a 
series of public hearings with 
Treasury officials earlier in lbe 


The three pages of observa- 
tions take the same non-com- 
mittal line adopted by the 
Treasury witnesses. 

The Treasury argues that the 
Government has not thought it 
appropriate to include medium- 
term economic projections in the 
last two years because of tbe 
great uncertainties involved and 
the likelihood that unjustified 
weight would be placed on the 

“ Experience has illustrated 
the risks, in present circum- 
stances. of linking firm planning 
decisions too closely to highly 
uncertain projections of the 
economy over a number of 

The Treasury says that great 
uncertainty surrounds alt the 
main determinants of the future 
growth of output and tbe Govern- 
ment therefore seeks to keep its 
plans flexible, especially for the 
later years of the five-year survey 
period, and to review the figures 

The present approach is to 
produce an economic assessment 
expressed mainly in qualitative 
terras. Tbe Treasury merely 
repeats the pledge given in oral 
evidence by Mr. Joel Barnett, 
tbe Chief Secretary, that the 
Government would consider 
before the next While Paper is 
published to what extent more 
quantified economic projections 
should be provided. 

Tbe committee also criticised 
tbe Government for failing io 
redress the damage caused to the 
construction industry by the 
cuts announced in 1976. 

The Treasury poims out that 
while some capital expenditure 
in central and local Government 
services will save current spend- 
ing, a great deal does not yield 
a direct financial return, and 
some will provide facilities 
which cost more to maintain and 

It would not be in the long- 
term interests of the construc- 
tion industry' if. with the aim of 
helping the industry, total 
planned expenditure were in- 
creased beyond the level at 
which it could be sustained.” 

The committee also expressed 
concern about tbe level of under- 
spending and shortfall in the last 
two financial years. 

The Treasury notes the long- 
term continuing tenderniy for 
shortfall to occur and points tn 
difficulties of prediction, notably 
in areas which cannot be closely 
controlled by the Government 
since they arc. influenced by 
genera! movements in the 

Bonus claims by oil 
men rejected 


OIL COMPANIES, trade unions 
and North Sea building con- 
tractors have agreed to stand 
firm asaiost future claims by oil 
platform construction workers 
for end-of-con tract bonus pay- 

The Offshore Industry Liaison 
Committee, meeting in Glasgow 
yesterday, agreed that these 
claims . should be rejected 
because of their adverse effect 
on platform orders to UK yards. 

The committee, set up two 
years ago to look at problems 
within the offshore industry, 
includes Government representa- 
tives, trade unions, contractors 
and oil companies. Dr. Dickson 
Mabon, junior Energy Minister 
is the chairman. 

The committee recommended 
that “ contractors, trades unions 
and clients should act jointly to 
ensure -that claims for termina- 
tion payments, in violation of 
existing agreements, should be 

Such claims would reduce tbe 
number of orders and “ so affect 
adversely the continuity of 
employment on UK sites.” 

In the past, platform construc- 
tion workers have acepted pay 
agreements and have then gone 
on strike to support claims for 

end-nf-conlract bonuses of up to 

The strikes — nearly always un- 
official — have been staged just 
before compleuon of a platform 
scheduled for summer. 

Delay at this stage can mean 
that the floating o a platform has 
to be delayed for another year 
because of winter weather. 

Two years ago. workers at the 
Graytborp yard refused to com- 
plete a platform for Burmah Oil 
for the Thistle Field unless they 
were given termination bonuses. 

Eventually, Burmah agreed to 
foot the bill for the payments, 
rather than lose the platform for 
that year. The total cost to the 
company was said to be about 

There is already overcapacity 
in the siecl and concrete plat- 
form building industry in 

Orders for concrete platforms 
that would otherwise have come 
to the UK could go to Noway or 
Sweden, while steel piatform 
orders could go to Holland or 

Dr. Mabon said that, in the next 
18 months, it w-as expected that 
six or seven orders for North 
Sea platforms would come to the 
UK yards. 

Why all equities? 

Schlesingers* Extra Income Trust Is a trustee 
investment ■and offers one of the highest returns 
currently available from a unit trust invested only in 
ordinary shares. 

Whilst the managers could obtain a still higher 
yield by including some fixed interest investments, 
such investments cannot increase (heir dividends and 
also have less potential for capital growth. Tbe all- 
equity portfolio of the Schlesinger Extra Income 
Trust, by contrast-, maximises die potential for growth 
of income and capital. 

A current opportunity 

By careful selection of sound stocks including 
attractive recovery situations and well-researched 
regional equities, Schlesingers proride a particularly 
high equity-based yield. 

However the growing relative attraction of 
ordinary shares with very high yields suggest that 
such yields may not be available to new investors 

Indeed, many investors have recognised The 
urgency of securing this opportunity by placing over 
£9m in the fund since its inception in May 1977. 

Over this period, ihc uni! price has risen 25 “J and the 
FT Actuaries AU-sbarc Index 17*’ 0 . 

Wc therefore recommend immediate investment 
at the current, high rate of return to gain the potential 
of capital appreciation. Your investment should be. 
regarded as long-term. 

Schlesingers 7 PIMS service 

Minimum investment in the fund is £500. 
Investors of £2J0O or more will receive the Schlesinger 
Personal Investment Management Service (PIMS) 
which includes regular investment repons and • 
invitations to meet tbe investment managers. 

Quarterly dividends 

The table shows the approximate level ofincoma 
( nctof 34° „ basic rale taxi you would expect to receive 
evcry3 months based on the current estimated gross 
yield of 9.53 on the fixed offer price of 3 1 ,3p. 

Payments arc jnadr on March J2. June J2, Sept 12 
and Dec 12, starling September l»»78 for new investors. 


1 £5000 



j £1500 



| £1000 



J £500 



A fixed price offer 

Units are on offer at the fixed price of 31.3p 
forint eitmenis received by Juno 2$. 

The offer will close before June 25 if ihe actual 
offer price varies by more than 2i from the fixed 
price. J n this event units will be available at the price 
then ruling. 

Remember that the price or units, and the incoma 
from them, may go down as well us up. 

Genera! Information 

To iatra.nM lh(MBPnnnTD«ide4. Arrllmiioflxwlll hr nclnnvlnJccd 
aril nr villicnd v«u a dc'S HcO Sr-'churc ji ihc umt imK.CciUUuiei 
will K’-rlHOM dunnii Aueu l. L'niitwlll he a,all:ih1u -nor >nr nilcr _ 
.Icnc.-tl Ihc Fiicroinilcil (o ihe Jjilj prr-4. Tfce Diiomaim ullMffMIM in 
IMlODdb £500. Tbr Linii Price am yiclj arc publi'hcj daily in leading 

ncAsraptn. To 5*0 uoiu. jirnjrly return yhiirucnirtCJi e approp; uidy 
erul,>p«l on the tack — poynraiit nnmuiiv mjjJc nlihrn^ dayioi our 

icnawntf the renounced crruficaLc. Coimi'iuien ,M I uli| bcnaU io 

rccoznlirJacniii.CIiarcn:- Anlni'Uoirteirre off-', l. Indited In lbe 
Oiler price. A charge un annual raicoi ?*. (pli*. VAT i-il ihe value or 
:^e Fuad li Jedueird Iron cruatioo-n^ lonrdi sdniinJO.-auTB 
expenses. Tmsce*; Midland Bank 7 mu Lo. Ud. Aiullioris Feat. 
Mamcfc. Mlidnll &. Co. ManaemiSchleunceTTnut Managers Ltd. 
lSU^ouvcr SquoR.Lorak-n. W.l. Registered m England. No. 335B35, 
M«b« oT U* Unli Trna AssortUhm. Thu offer is not jTaJUWe to 
Tcwlems ft tfae Republic uf Ireland. 

’S^iesihgets-sipecialists in tKe 

“To: SchlcsingcrTrust Managers Lid, 

8 140 South Street, Dorking, Surrey. 

WctkendandllrmingABiapiKme TeL Dorking f<J306tS6HI 

I wish to invest 

(minimum £500; 

I declare tiut I nm not resident nuuide ihc Scheduled 
Ti;miorift. und that I am nui acquiring the unib.dh a nominee 
ul'any peraon renidiminuiiide the Territory. (If) ou are 
unable io make thK declaration, h should be deleted and this 
application form should then he lodged through your U.K. 
benk. stockbroker or solicitor j. Minors cannot be registered, 
bm accounts designated with their initials will be accepted. 


in the Schfcsinser Extra Income Trust at tbe fixed price of 


Z pish to have my dividends re-invested 

£ would like further rnfonnaiura, including 
details of Share Exchange 



flfjt JUJTKS- 


_{blocc letters please) 
fin full) 




A cheque is enclosed in remittance, made payable to 
Midland Bank Limited. 


,f~1 _ s Ty - 

/5S ^ — , ,'^y *5^: 

if%n tii I 

s _ 

/Q ! A.ofnfi 4^1 V 

\Ls 3 |V3&w A tu- 7 



.’• STRONG ton [»:<;•: 



i wi 

uver rcgiuiiai ati 



TT!E GOVERNMENT v. . - i M '. Twee-dale cl 

Banknote examiners 
win closed shop 

oil ihi 

«>ni: j! 

L* r 


■i*J 1 1 .- 


n ^ 

Board ' 



Cnal Boa 

:'«i , 

. rerenia; 

■ i eject 

.1 ine 

i.5>li!ill ,; i 


» made ir* 

kj 1 . 1 



ing Boa: 


. uur:.-ura 

l*i 0 



cnai ut!' 


t -.‘. viul-J 


call; - 

.-hm-'. of 



The C 


Board a 

S-i. ■ 

Ii'..' A 

e- i‘. 

clear n:. 


:r ciyD>iti 

-.*r- ' 




:.r. in ni: 


r >■ 

i -.- er 


hv i"'ig 





: lu 

1 .. rapis. 




I da;- charged nrilh fuv.jii: :::.- Scot- 
Til,: *-niy coal-fired pn"vr I:i < i j ■ mi endorsement of the I *« n d. 'Vale?, and the .W,i::: East,.,: ;-. ri.*.* Geneialmy R»:i ra - in : uu* rni>* !nr coy!. Mi. Alex [of England in *Ik-c.:r-.n of 
fuii’.r.- : is Drax it Ltidie. u Junior Energy Minister. j regional assist u nee. io ’>: detri- -'■ •■•i'dered lo build by luld iht* South Derby shire n.cni ul iiiu enualiv need; - '^ rlh 
li’e '.i o'- vr'.ir-m. National Union ->f Minewi.rksrs' West. 

"The* ■-'■ Board <ai«i ;iia; dis- conference in Glackpo'.l osier- The charge is on-- has 

••-’■'I- be held between tli.y that ona! wa., an vss-cniial r, i;i;n levelled increaii’njl" in the 

Ih:: V..-. ■ rds on ih*? immediate feature in the Gm ernmenfs ,\or:h Wes 1 , recer.llv^ jiri in 

fiit-jr-; . .rir-d— up to 19P0— anci plans for i.uier-j;.^ self-.-uliicienc;- } Vurkrthne.” but detail- ~-.*r the 

it -r ' ' ’ 

M-. Tweedale claimed that the 
assistance which the area was 
receiving from the Government 
and the EEC was lower than in 
other res ions. 

Total assistance per head o? 


!,ne r 1 ,. , jFlpr receiving The official sttikr begin lo bit* 

an in THE eaNK of England has con- work nest week af»er re ^ 0Jjiv at rad. ,o£ ; Ma> .wbea. 

. ceded a post-entry closed shop what on super- production started to be seriously 

firmer assurances 


llic oin-.-rl;- t-KiJjnirh-n >jf v.-al 

i [u '■ j;-.- • ir,' .. , ;-ii:,i'.ni. 

*•- lii-*.- -.irL-j-sinv ‘ :ij ; i i:un tin un- 
it, ri.i'iijy .if strung •; j.-- f*« r 
I "i-::L;l ,ndU.,lr;.'. nU.lliUCd iiiili 
• as a if ” -ra-ii- 

mi. v- r;:iȣiuciiu.i " '*r 


1 Gerj rati:'. 4 Bo.- in ' t pirn 
•'i i i m-!, ■> ih.ii. the Bulg'd 

•mI !)■:• d :i -t 1 ‘in » n p - r. n i » ^ 
T“Sii’ i>.r. :;i .%•!?» !;i K‘:c-. ::rv'i -a- 
• inch t-'.iii K<n.' d'i-.-n un it? 

; 7.'.- . i : lull Vi i ».• I 1 r. HOO'J. 

i-i i ddPii-p. ill*.- cm r.-ia'jt' ;:!jn 
eo'i'-K'erytde tin: 

r .rind beyond, where through the lySOs. and had “l^nevjiHe-.ierevesierdir 
...e much wider. major coniribuimn m make inj,', u i .»iore iuilv‘ than >••• 

■ eriod up :o IP&h. liio the IPPOs and J«-c>omI. \i iV Arnold TiVeedate. c' 

.i .-‘mi reiaii-j. i<i m>.- reia- He admitted, however, ihal'ui m,- N'orth \Vi.-$i lr 
■ ‘nil and fuel oil- rlillicultie-- mi^hl ari^e ir lindinv; j rje'.eli'pinent Associaiioii 
-.ii Id be circunti-inncei nurkeu in the immediaH* I'uturc. 

The cnai’i-e is on*.- :h:; - . has 
'.iven levelled increa-in jly in the 
North Wes 1 , recently" ynd in 
Vurkahire. but detail- ‘he 
eric*, j me were yes ter da; spelled 
■ul iiiort i tally ‘ than c*:e by 
.\ri*. Arnold Tweedate. irman 
i>l lit*- North West | rial 

impact' was'Diadp 
’ the fact that it 
h a moratorium. 
£10' notes and this 

■ ni: *.-!-- i; ' -.- 

the ability of iho 
board lich 

“Out- r,f the diriicuMie^ :aced 1 r\cs: of inhc 
l.;. the coal inuuMry v.iin its leny 1,1 - ,UOS 

II liC r _li"*- . 

ir. ;- . 
•.*:i -r-.; ;••■ 
" l iu: -1 

i-T addpiop.' 'ih** c-i t-iiiVi-"- i:!an Th*:’ Brurd's view h:>- in the p:^t :i iiancia !_;••*:.• r. it j around 15 per cent.;-- :t= He urjed the Duparlnier- of oighi called off a week-long 
i.-. ’- eon-K |M rj ole tiiu a l ••• :•■•••.*" t'-tat a country mue'E had paid i'lS.Tin lt> tiie Co: ! -share ■■:' vacancies hud vd'en industry 'and the National Enter- strike which had stopped Tyne- 

j*-iiraoi!iv " of niici-ar er iur.e Pw-cl'-r power capability. Board towards the costs of s:ock-i from 12 per cent to S-3 per ‘•'-=1- prize Board to consider the Tees Television putting out com- 
< .’it i mi s or’ ri. .Ih coat and snvirec- and tha 1 - ■ rogres.-ive nuclear iny coal, and a further £5.4 m to j r iie ratio of unv.-tr ,-:yed Nurtii Wc*E as a lucaliun for the mercials. 

coal i«.< lue: nil in lead tiini.- s - fruiu pkinrune '.u nr.v !b* l- -Id the a «■.- bin's i'.-ii- in Aa 

ducluai'on.s rn reia- ductii-n is that productive rsrjii'i;* i inceung ,.f the !•.■?.=_ oi -'urta Last. 

- ,iid be riieoinpaiiblo cap.icny i-nnnut be vari'.-d r.ipidly ions in’ the Nor-h West Mr. Tv.t? 

ribli* lunj-ti’iT.'. plan- to ineei %h«iri-tvriii ISuauations in .-in*.--.- 19*55 — -j fall of Tx ■•■er before an 

.'■■al iRdu*:ry. " the market. *ud ■--••npared with :: 2 .'*.■ -r cent moan* to 

•i-19&0 pi*nod raise.- “The prev.rn: in-.eiii.ieiil pro- m WaJes. 2.1 per cem Scot- Vaiicy. the 

• f the .- : :e of i he gramme ii y-.-:ir**d to til.- b.m-ici" lurid : n«l "inly 1.2 ■ 1 n;r • : t ir. try. who wa 

-:rauiiiio. vhich tile term and so there m:r. b-* short- the Noriii East. ..i .-hor? n 

•oaixl cn-’isa^e-? a* term surp!u.'e> of pruductuni." The North West's si. j-v of concern ;ha 

r than that included The Governmeni has /aid n nali'-na! unempluyment ■ i .- also r 1 '’'-"-' have 

;; Green Pa:,*.*!" or. uuuld cive aa-«i»t:ini.-i: to vounicr-i inci cased over liic- .same riod as -■ re -tilt 

act ihese lluciuaiirui-.. | fp.ui] under ]:) per ■- to iheir *j-*-n d 

; Bojrd's view h:> ; in the p:i»t iinaneia! ye. r. it around 15 per cent. .. hn-. :u He urced 
that a counli-v *iiu<E had paid i'lS.Tni to tin- Co:-! share *■;' vacancies had -:*.i!en tnriustrv'an 

FCnd r uD R Ki the end of fi*s vekr A mass meeting of the strikers taken to ensure union ni* 
mtaf1ed P £71 p.-r unemployed per- yesterday decided to return to ship among new entrants. 

son in rho Nor-h V»esL. com- 

u.ii'ed with 121H5 in Scotland. 
i"_'32 in Wales and £376 in the 


Tweedalc was speaking 
an audience which was 
to include Mr. Eric 

Scot- Vailey. the Secretary for Indus- OOfTll 
:: ir. try. who was forced to withdraw v \/llll 
..i r-hor? no i ice. He expressed 
i.i f concern that Wales and Scotland 
:.iso now have a further sdvanuce SI ilJV 1 
• r-t rsod a s -i re -tilt oi the ’retLft-j UU_ of 
I.-..-? i to iheir o-* n develor ment agencies ABOUT J00 
h::-. :ta He urged the D«. pa rimer- of night called 

World Cup 
strike ends 

technicians last | 
off a week-long ; 

r “;*! s run m-*. 

—.11 be required." a.- si si coal -sales. 

I fmm li per cent to S.o p-.*? •-■£** u Sl -j. e Board ! .& consider tne Tees Television putting out com- BT 
The ratio Of un*.;.:r ed North Wc«t :«-- - lucaliun for the merciais. lo to vacancies was .ifgiaer n*:- iiucry-clecironlcf . p.ant T hev agreed io return to work BLASTFU PLACEMEN at LUa- 
, lhan m any other re;i:r. in yh*ch iho uo-.t.nnien pi-a 0 to afler ' lhc - company withdrew a were. South Wales, called off a 
Great Britain. ium... disciplinary letter to a -tech- three-week strike yesterday 

Blastfurnacemen go 
back at Llanwern 
after three weeks 


Moesauto workers Hew uses Q 

v r\-\r ,t-' fri gy. 


ior mt 



5 STCV.'ARL'S the rion- 
- plant a' S« ::: Sand-'. 
‘ I-- .-i.,nd. that - -vnie- v >. ■ K-.:--. 
: I,. i*« <!:• n 

* i • _ it i".-". .'/is >■ .1, ■ :-;!*.-:v i nl-.* 

t:'«-i*.--ai -i-s-.-d M ma l- :n*j • Ij-;-..-: 

.,■•1" !lr- ri 

The i"»:i i 1 1 -?cJ ■'■‘.■pu-urc -o'. «.•' or 
, .x -j.i •■*.■.•• a ri':!T',n. 

Tin- Si. ; i Sj no .- b* *p • : *.■■•-. - v i.- 
;■ :iii-: iiucnv. i".t* - - :»■ i "" :i 
-n.* :v .:= iliv - .s e’.'-iii-.i 

the :J,in- S .-i J.- r.larr 
::: Sant! n i. : . .. 

.- v 1. 1 K *,r : ri -r: 
njc."" ! -i : iy ” Mibsi.n;:: . 

:■ wHi beio-.- 

and t i * -.* t I- 


w y 


_. .oi ACTFTrrNACEMEN at Lien- Their associated claim 'for 

They agreed .□ return to work BLASTFUP-'ALL, t a , veek for new manmn? 

after the company withdrew a vvern, south A\aies, caiiea oil a 3rran opinents is to be nut 

disciplinary letter lo n .tech- tl,rce-»eek strike yesterday 

nician. who withdrew a Chrysler which cost the British Steel ...... ' 

car advertisement using Scotland corom-.noD ^Sm and the loss U . B SC *»<* .tout an offer of 

footballers because of iheir rmor t - c,r P°‘‘ in0D 1 higher manning on the furnace 

World Cud performan«TgaS of tons of steel had been on the table since 1976. 

l r; , n I Nearlv 5.000 men laid off will but Gad not been taiten up oy the 

' .. . , ... 1 be recalled from tomorrow, union. 

Tne dispute *jje _siat | °n | - wJ | en Ihe 550 sinkers go hack. PRODUCTION" was hit at the 
an Climated >1J0.000 m ‘ ost j an( j production is expected to British Steel Corporation plant 
revenue. 1 resume v .,rly nexi week. But the a t Corby. N T orthants. yesterday, 

corporation win still take a ft er ITO chargehands walked out 

(delivery <*f 20.000 ton.- «^f in protest at what ihcy- claim is 

T nrrv rirn-nre j imported hot rolled coil for tin- a ] U w productivity deal. 

ii'.-l :on 
•*. 55.’ 
,:m: *.*? 

5y John Lloyd 

V. L 1 S fi : . l'». T HE Snel?:c!- 
in.: ;. ■*!■' . e\-ii. iodine n ; 

v.:,‘-:ir*. ; 

I- x -if . d out. and -.-0“ IV IH t. CU.\L indusi ry 

:*i:s ;ndnvi--.i : ..her level - ".,r- rurced b;- iiiounsm^ :,'.ibl:c -..*-- j 

:i:*i:,* -!• ere inim-dKiii-ly 1 .uii. !<■ lind Iicirer uf d---i 
: .- 1 I*, ••n--: *' iut- healih und 1 nn-’in-a uf cnllier. »•••.■ -ii- Mr I 

-j’-: - ••* l ■ Ruln.-i i Dunn, dirc-'ii-r-^n--: jS •! j 

But !!-'■••• 1 ni* IIK*I-Ur,-J jj.v 1 .:l thn NT lion a I| 

; ‘ u.-u i#r. Munn -va.- a.-ked ; Board, saui y^Sorda;- . j 

1 • ■ i 

11 :•-•*• , 

..ijrici t‘> Lour.-: 


III *,-■ 

C j; ■<!* c!. 


r ai"i 

i:p • had . 

■ ill 

2.2.ii in Un- fir-: 

•1 0 

-- ••.■'.j 

r. i.- v eil kr..-)-* ■ 



dc i.'-nni ii--- 


. :• ! -v 

• 1 | i-i Ir.-n-l--*. 

Ull ■ 


cnire ind 0 sir.--. 

■1 1.- •••• 

.-•. r.: I-. 11 ha-i 


* 1 1 l 

•ru'l-.u--- hear »i*. 

1 ■ I ' i ■ ! 

rl»- n 

a:iii* including 

•:*• - 

. C-’Cl! 

l:.r .'-ii-vs. *r*jinner- 


' *i • v :ii 

:-i :is: -1.- material : 

N’eec?end t--t:iv. aic-- that .'bout 
:0 per cor.; of i; ; m mover is 
i:--.::*. Dt V. 1 i Cmrlde sales 
a ■■■ iin!i\ :;i*:i-;ti:r; tnose for 
: r.dvsj : r;. . ayou 1 20 per cent. 

d-vibim^ vf D1Y sales :r. :he 
r. three or four years is vx- 

Tr.c- cumpariv - - speciality his 

to meet on 
ballot protest 

plating, n.o inly frnm Holland, 
ordered 1.0 help fill the gap. 

Member.? <»f the National Union 
of Blaslfurnacemen at the plant 
accepted the solution to the 
dispute v i.uked util a l talks in 

1 m jobless 
"may never 
work again" 

London «*n Thursday night. lUrtJ UCvtJ 

-,....,.^7 By Our Midlands Correspondent | fiSC h;<s ^ ret . d t0 add twn a cJain , 

‘ Tr.c- cumpar.j-, =pec!aii;> h- A MASS meeting of Birmingham.: more men tu iw;; of the four v * 

ir.nJitu.'rij, 1 !-. :i-:-en in bard metal lorry-drivers is evpected toinor-'*bifls m pJit ° r . J nc MORE THAN’ !m unemployed in 

i mu!-, iun^slcn carbide row to consider a call for a • furnaev. too uiggesr w me UK cculd never work a*aio. 

■nrm-.-j" b; h;ifc- temperature vo:e or no confidence in Mr. Alan (country. unless j radical new approach is 

finte-'ing of a’ mixture of Ls-a. a regional trade group sec- j. The men maintaining troughs taken to the problem by the 

■1J V,. ^-1 .-i Mihor a'.oi.i cl-i. 11- o: mnnit.. red ex- -ih .h« » - (< »s - %*, rM , ...... f.-uL. w.r.z um^slcn carbide row io consider a calf for a the UK ccuitl never work again. 

'* ' r-.ivj-v ,-.f 214. h- .‘i . r ,- , '\v.nVn- Ki. ' d | ri -^i '7nri '\i.-- - i I V I *; / J ‘ l','. ' V-_** J ; ;:f -.'ini.-d L; hue- temperature vote or no confidence in Mr. Alan | countr... unless j radical new approach is 

•• ‘-v'-tn \ r\’ .J-i - • I • i" 1 ' n/r ' ‘^4 ? iti'-c -iii u of a ' u’.ixtuPe of U’a. a regional trade group sec- . The men maintaining troughs taken to the problem by the 

I. i- J-i-iu - ! -n:.i i*. r .-.*:. • , '■ ’t'Ji. ‘7 , ' . . l! ' i ‘ ,,, - :l n ,“ lll ‘ ^J 1 ' ,,o :de red ranzsicn and cobalt, retary of the Transport and which deliver multen iron to Government and unions. Lord 

-* ''in. !• ‘nice :i -.c ir*.-jih!n2 ‘ (l * e , 1 L ’. ''' ’ s ' i ; i ' i '-■ | *. , - , r s'annei- ^nu - General Workers' Union. ladles for transport to the steel Glennaiara, told the annual meet' 

i-ai;a : u*. A tht.-d r,g ,, ^ & 1 " | itr "" \’ e „. nroductS The nmve follows allegations mills had demanded higher ing of the North East Dmlap- 

apparatus. =-u. v-i i ir-.-aJ fai.un-y inspectorate i SL 1,1 “• j Th».- at: .■j«.*ii*.n of fin-ii-. ■ ■ i.i r- ‘ ' « abnui iregularities in a ballot manning to end overtime work- ment Council :n Newcastle >es- 

;.■<? been !■,* g !ev.:-i of - r cievelcr.d sa'.i yesterday mat: About 5m. tonne. 5 of uj.-i,:* a Uc'f fnr X-.vp,-.*n‘l ir? i-i*r-rlni**:d A ran.-e of no r products, in- by the 5/35 Branch of the TGWU ine. terday. 

the TGWU ing. 
when Mr. 

ih-'£** high 'oxen »>f acr-loci’n'e. One inspector -.aid a level of; in land reclamation, in sea and 
Tim fiior. sie-vards' claim-s ivere -W was “ except) cna I ly high." : river defences und cement pro- 
n-r\ *;h-’ simjeo: of .*n internal pa ft t vularly i? person .-xposed; duel ion. 

rr i* ■: i-_*:« to r. .rid "m; litis oomt ‘ 1 '» " ‘5 r"»i *:*i» -■ i • . breaihutgl H'l-w.T. •iei-n.-ity uf l:in>; in 
:*i* fi-ii !j*. I s i-i**' •'i-.; oeea ap/arahu. ■ ionic area*, together ^iih run - . i.-s 

!% ; " 'Ml r r » n*Hi - '-I ■•IN JCVOlr III rlr*-. nl'.r. I as miniHin 

ai' d i :• na-. ■.* ^mwn from ;o2l»ni been ^ deled to basic en- He is said to have returned a or’ - '* o_ 13 j 

‘-L-i'O m e.aht years gineer/ cutting tools and idnc vme in .-avour of two candi- ( plTlPIlt IT1PV1 W2 i K Oil I 

;:,,.*rea.'L*d leisure and th-' dif- masonry drills, and further new dates instead of conducting a fuU AllVAl Tf UMl 

■;i!:v of obtarnmg evafi-men Products 3rc being explored. ballot. WORKERS at the Blue Circle and pickeLs were reporled to be 

• Uk*.- 1 . (,-• expand "u rket In recent years it has deve- The regional committee of the I Cement works in Northfleet. blocking entrances;. 

:r. i. i-> 

■*!"• . .1 J • i.ll*-< i* f,.|- Em ••.,.* 

Tb-* * , i • ■ • : i • - -j lo-ii, ' - .-.;! • y.r.r 
i in -ra ■ 1 1 - ’ : ru g rain : n : * ■ *i !: v j U h 
:.n-j i i*:h de.,!: -vith the 

ha ,:rd- *.f a<.-r> ti-nunl--. 

i’.-.e : 
mil. ih- 
n -t n-. 
I->r M.p 

1 T-i. 11 "V- • r -;’ ."I 1 ■' rii'li- levels m 

■V . lJ i ' , j- Tt*:': .hh i.-lainw ih;-' 

h't.vr h"‘-w, ..f'n 7- i, ' : v ! '"v' an,d 

;!. . jt . '* «:.*-■ beginnin-. • 

K.'i„'>ure tr> in level, 

•f!.initi-i|p I*.mc.- 'o breath- 
r.g i.lMiii-Hliie* and ; .-is-.- uf 

.i tiiiit- ie\els m i-.m him-iM. 
Tt*:-.- .hi- i.-lainw ihv : j*su, 
;*, ii.iA h! and _ •meor. 

\i i :i*. - beginnin-. •• ;h--- y-.-ar 
!:■:• *.'.>. ;ii'r,- 1>- j.n 

• ““iiu-dr-- !. c* ;-.i-u 

\i i beginniiv. ■■ : h a r " ’ major ,acii*r in the ---ic'.vss internally :* ii-g!i-:r j-n.-'.-oiiion uf £'50*i.0iN) i- :.•* be i;u-nt on .* new 

i s ' : ' jq tile re-eari.h and cu.nuieivial its i.ivn i ‘input of i . ■*.*! :*n- ! high- lighiv.cigt.i e-»;,v>:*.ct industrial 

. •".„■* -g,.-nc> ‘-Viiwjp* c' Hi r.r*. vffi'i-f are i.utur.y mm rinding «;»vod --tcol-. diV.I. Rot: broach. Lialm-.d eul 

• ill- a million for *• *;. jumtrile tiddui'ioal Uv.-s /''dl '>0 the T'n* r-i/.'rct for 'Vccral aieeli drilling nine 

!.*:c; iise of the p".-i;i ; i!..- ..-r-rcince -'ccepianiLV vi _..-n.:u.rj gene lolly :vm.i;n.- depressed, Aouu; £25i.u>00 is being spen 

■genie effects uf the c!i-.:iiieal. ,JT1 „ aliernatne *.u_ ‘■ lliiur I with most SiieUielti producers thin ;.ear on DJV touls. A mei 

drilling imu.* 

A Kim; £ 201 . 1.000 is being spent 

V,Y'i Midlands Police Cnniii'-r- 
cl. 1 1 Squad is investigalm? rhe 

These* branches have called a 
meeting in Birmingham tomoi- 
row to consider the issue. Mr. 


The previous lim.- - :jj 20. as 
:n (ho UK. The VS. v ill fix 

commonly-used maiei-iai-*. 

working he! aw cspacitv because ing shop •*.;!! be huilt in Shef- 

I 5 .‘, n A Law. who 1 - at present visiting 

D.. Munn said ar t:,r nivt-rTg nev nermunent siandord later 
rh:t e-rpi'iure l<; fet :h-? S-.c! ini-, y-.-jr. 

ni» rrienci. Mr. Arthur Scargill. 
the Yorks miners’ leader, is not 

"1 am thinking L-.p-.wuIh of of v.eak demand and heavy field costing £g50.000 designed L ; !* miners’ 

its \alue a- construction block? pressure or imports. lieu 1 a rly to increase oliicienc} ol stcei r"% '' * _,. pnri 
fur the building industry.- iron, Germany. production. | Conirmcisy bas ’ 




liTTKNSF. SFECULATIO': has .. t ;iv 
iiirejd". siart* d on liic oui«.nm,f N 

same tarcet Since this -vithout inconvenient muclifica- easily 

highly coir.ijetiiivo race tiony. 

capi tali nation of just *.,-rer FlOOm. 

market *i»ly nr foOm to "Sum is likely to 

a i-ce belY.pi.*!! th-.- National jgainxt t*stabli?lic-il giant-:, the The U.S. competition is close However, apart ijvir.i possible panies in 

offered to e-iaMishod eoin- 

Enterr.ris- Board ai l the ili.-nerni 'incs'.mn is whetiu.-,- ,-nlior or behind. Ii 
E!i.-cinc i i'.ii-ji;; lor ;• ~ i »-.i r - • uf both can succeed, and whether In-a runicn 
: Ii .,* nia-ss --.‘.ni-coiiLlut u«.- jua.*-k,.*t Hi..* re is room in sh-- UK for two companies 

•ehir.d. Intel. Mustek and Texas political dillkuliics. j take-over!- 

livid, including 

•th van succeed, and whether ln->irumi.*nis. th*- ihrec kM-lmg v.uuld present greaU^iany-gciriteni \l though no derails of possible 

1 1*.* i 

GEO I- noping u 

new ventures of ria-, kind. 

The Nuliunui F-n-. r prist- Board 

companies in this branch of problems since G£*7 has liule deal between Fairchild ami GEC 
semi-conductor technniogy. are expertise in Hie U.S. semi- hare ret been made public it is 
all expected to produce* their conductor market. .*. joint von- hl-ely that the uvu comnanies 

Controversy bus followed Mr. 
Law. whose drivers were among 
•he first lo breach the Govern- 
ment’s lb per cent pav guide- 
lines with a 15 nor cent deal. 
His success as Midlands trade 
er-iun secretary for commercial 
• ransoort in boostin'! the earn- 
! ne-= of dri\-«'»-s is Hkelv tt» win 
support against his 


Nalgo demands 
more cash for 
Health Service 





53. Ip 

j 9£d 



If 7 


£7,44 > a 






1 jfip 




25 C 

— ■ ■ — a , cir -.vir w - .uuuu.i.ii ui.m r.._ , , J 11,4 likely ihjT the uvu comname.s BRITAIN’S fourth-bigacst union, 

vt.-n in I,.* - tilt 1 ain.-nikl. In*: U.S. i-- pinning its h-ues on the h 'st &4k bA.Ms this .'car. lure in tne Uk would therefnic ; „. e stil , l;(!kin! , ; ,| louI lhf ; Vltal lri( . Nalir.naland Local Govern- 

xcmi-cnduvi-ir fumptm;.. vIiik- brilliance <> f the u.-am which it The first company in offer a i‘*ok more sens* ok*, with OEk i.-sne of who would control a n.'w ment Oflieers Association vester- 

:hv Board mieudh to go u a Inn*.* lus picked. To leapfrog 'Ik: chip in the standard ltf-pin pack- perhaps lairing a m.noriiy slice j„i n , venmre. r[;n demanded more cash for the 

-.-. i;h thehelp 'T u '-reup <;l si;; to established cmr oiiies a w ill age u^m-g the normal five-volt uf l airc'nild s _ equity. Fairchild imlicaled re.-lcrdav Health Service, 

eight U.’>. and Bi'itisii ' ■repatriate have 10 entice i i-.n who are supply will have a head start in The question reiiiains what jj talkin-- " 

ii-clink'-gisl-v. brought in gc (her by J ready at Lhe .'oivimni uf th*: a market expected to be worth teeb nival e:; pent sc Fairchild can companies in the* world. 

RUOStlon rm.ia.ns what ;hu! ii is also talking' to other 

Mr. L»!*:k Pelruz. j Texas venture ''-ehrsolugj 

financier. designs, so to sneak, in iheir s’l'oOm by 1 . 9 S.T 

Both ventures, however, appear pockets. The 041 ; HAS 

In be directed at tin: same Fujitsu, lhe -liiiianeso com- over front liigt 
mark'.*;, that for nigh denseiiy puter company, has already chip? now nn 
meninrie.-- comnuiere and announced its o" n version of the are moling frr 

■ •i her stanr-aril applicaiious. iVt .000 Random Accres Memory enip ;u 16.000 
The main target for the Enter- ( 64 k RAM) chip, wilieh is now The si^nific: 
;ri*;e Board is a silicon chip available in sum pi** rju.intities. JCA.M i> not in 

have slain in 197f* rising rapidly to provide »n the 

if metal 

Delegates ai the union's annual 
congress at Brighton approved a 

oxide silicon (MUSi memories i-- ran ce'« 

. probalily include Thomson GSI-.J motion seeking further and sub- 

s»'mi-vpniiuclur I s untial injeuiions of funds, to 

The- significance of the 34k coupled device (CCD) integrated 

iii--c Board is a silicon chip available in sum pi** rjuamities. J.’A.M i> not merely that it Vill nrctiiis. Us bi-uelar memories Tnphnnlnn\ f 
which cuniains 64.000 senarale However, Fujiitu's product, store four times as much infor- have nud the advantage uf high I vtliUUlU^j 
memory ■-ell-'. Thiu pi-jducr is though the first is not ideal mation in the same space as the speed needed at tn*j .cry centre . .. . . . . , 

nnw- being dereluped by se’ erai ke-Miise it uses dill* -rent voltages most advanced incmory at pre- of large oimpuicis. 

inajirr .-ieini-condisepir ei-m panics from those that have become sent un ihe market, 
in the U.S. and -Japan. standard in lhe computer indus- A more ini pun an 

it seems certain that the GEC- ;ry. fi cannot therefore be it will bring the ; 
Fairchild plans will be :iimcd plugged inly existing designs nology fur etching 

They were particularly ci ni- 
cer ned because many new 
hospitals could not be opened 
-.- centre because of laek of funds, and 

‘.•EC, like its rivals Thomson urged thaT more hospitals be 
densities an( * Uennan Siemens, has a dirii- built in the next decade. 

Summary oi the Financial Year to 31st March. 

j Asser Value psr Chare 
I including dollar premium 
■ Nei Asr-ei;. 

Income Avaitable for Ordinary 
Earnings per Share 
(excluding I3> adiuslir.ent 1&77» 
Ordinary Dividend 

At 31st March. 1978. c-ur net assoi vaiue stood at f7.965.47S 
equivalent to 53.1 pence per share. This, represents an increase of 
7.0 per cent over last -, ear, and compares with a rise of 4.8 per cent 
in the Euros*, *ndicat inde * over the same period. 

In ihe course of :he year the holdings in France. Germany and 
the USA have been increased from 34 1 c .-u to 55 7° u . reflecting the 
improved investment potential of those countries. 

We are recommending a final dividend of 1.30 pence net per 
share. This is in line with our forecast and together with the interim 
of 0 30 pence paid in December 1977 makes a loi3l of 1.50 pence 
ior the year, an increase of 25 per cent. 

Since the end c-f rhe financial vear we have made application 
to ms Bank of England to takeout additional foreign currency loans 
under the new dispensation concerning investment in foreign 
currency bonds issued by E.E.C. agencies. The new regulations 
cnectrvetv enable us over a five year period to obtain a direct 
holding m foreign currencies wuhou; going through the dollar 

Copies of the Report and Accounts contain a list of the Com- 
pany s investments and can be obtained from the Managers: 

^ Stewart Fund Managers Limited 
45 Charlotte Square. Edinburgh. EH24HW 

sl* tha; have* bt-cmiiu sent un the market. Bu; as packing densities V f a JF n !V"-- l 1 ** 51 

in lhe computer indus- A more important fact is that im-rease. the speed of the rival . 1 la , ’ ot unaiug v suitable 

cannot therefore be it will bring the n resent lech- MUS integrated vireuiis has been P^ririor or acquisition in the U.S. 

inly existing designs nolngy fur etching c-ircuits on impr-jvmg. When the new Wk An „£ t \. c l >, MP an,ej \ " e,leV, .‘ d-.riegales Inat in lhe past J5 

MT — — m . ^, . sil-i-L-i .ilmusL lu its iheuretieal M*.»S nivmnry Cimu.. up the , ar V * in " ,s needed, both years, turnover *if patients in 

£ limit. market, u may b-_- that some of 10 » a , m access to a rapidly mov- hospitals had gone up by DO per 

it lass- of finding a suitable Mr. David Bowring, health 
rtner or acquisition In the U.S. service administrator. told 
All three companies believe delegates that in the past Jo 

Boustead Limited 


gain access to a rapidly mov- 1 hospitals had gone up by :10 per 



Ycana 51 .::. -- 

Turnover r— 


Prc-l.ix p r*-.|ir " TJ&iT 

A .k- pr* .dt bef. »rc ' ’ — 

extra* mlinarv jiun is 

: ' / 5 -tC 

Earn ini's ncrshari: * c _ 

?‘ U 3P 5-i ip 

Dividend payable neerhare iTon I 

— ■ w-jop i.vop 

Boustead Limited has grown considerably in leccnT 
years, an d now functions as a broadly haced 
jmcfnationaL group operating;^ the Far East, 

Kn7dtm V >4heUS ^ alldsheU ^‘l 

Vwtilsfrr «.■ Sji Clu-rmansSteltKcnS: 

■5*5- Proiit before ta::up 

*“'*■ L'.imio^i per share increased hy6i e ' . 

* «coraed- 

n .n, the -.lalai Man plantations and the Sin.^poic 
ami Lotted K1aKdr.n1 trading companies.- ° P 

* J£x[ua,ioaof acii, jtk.; j„ ihe Kit Eist cominua. 


-3-.6,f 4 

i,W«> - 

Co-operative Bank 

'•onir-.i v.nicu can i!»pii*.nr nan- than ihe centra 1 core cf computer ' . , r , v 

<i5tr-re directly onto ;Jie silicon memory. i>icmen> and uEu have both 

civ;.s. K*if lhc.-e rea.-nnj ■iu*r- n mav he r,?;i ' j S'-d that at-nuisilii>n of a 

Fe -search into X-ray tech- ;i good case fur Fairchild* to - smal1 scnii-com|uciur company 
mques and electron beam litho- expand its MOS produciiou with l ‘. ouki . hL ‘ na/jidouA because ur 
uraphy. nnw well under way. a factory in tire UK. An *- Dl - danger that the key man- 

indicates mat capital cost? in rhe additional advaniage for Fair- ;, = ers an « scjeii lists would leave 

semi-conductor industry will rise child would be that labour costs a "® r ?. luko-over. . 

rapidiy in The 1980s perhaps to in Hit- UK especially for skilled .; n , lhe V}|I er n i Bn .?,\ h ® ,a ° 10, f a 
ten times liio present level or engineers, are rcMi- cU- low. it n , a i Ne ^ m ‘ n d«SCO are prob- 

Managers call 
for Phase 
Four pay code 

By Alan Pike, 

Labour Correspondent 

12 1! 

t-n times liio present level or enaineors. arc ri.*l;*lh o!v low. It n . a !' ,es . In industry are prob- By Alan Pike, 

!»n ^ hr ° ra ^ hB * 

Tncentivp verts silicon chips itua equipmeRt S^SS^hi^h 1114 ^ W ° UW BR,TlSH Institute of Manage- 

IllLUiiinc and systems. l' 6 ?,;? a «n *h D r Q rrrc ment representatives will next 

Tha,p, Mpet ., Dfiosc «,!»! woulil^seem U, 7 £S-JSK * 5 ? 

The prospect of huge capital 
expenditures clearly provides a 
powerful incentive for companies 
like Fairchild to seek a richer 

in ihe expanding market for 

From 9 % to 10 % p. a, 

Also : 

7 Day Deposit Accounts 7% p.a. 

1 Month Deposit Accounts 1 {% 

In the ;!nn;cr term. Therefore, an assistance to ihe industry now of u-chnology which it will need Bur there had lo he .wine Hex i- 
injectiur: **f cash from a com- being considered by the French. successful design uf a hiliij lu deal with unomulics and 

pan> l;ke GEC could be needed , - ,( -' ri *tan and UK ijuvermncnts. vvhule range of its systems. to reMure differentials, particu- 
iu -lay i.i ilu* race. Even in ihe l-K. where IfiDiii or Any losses cutilvl be set against l a rly uf middle and senior mana- 

l or its purl. GEC bus almost taxpayers' mo.iev is likeiv to be the iubsianlia! rest-an.-ii 

c.i lamly considered lhc pos- channelled directly ihrmlgli the development sums which it The Chancellor would be asked 
•jibiiit: of an outright take-over National Enterprise Board into a would in any case have to cum* lu set up 3 body lo deal with 

Copies nrihe and Account* an d 

Uor^Mtc Brochure a%ui!-,hlc from the Seerfttarv 

i ,i; ‘ 5 Cunduiisi ™- 

ajilnf F-urchild. v.hich Gfc'C could new subsidiary, additional sub- mil lu this field. 

anomalies and pay relativity. 



■ 'QFi ' . 

i! ... 

"■ Vfiu 

,;i-wsi 2; 

i" 1 ■* uriii J> ■ 

J "■ V ! *« " • ; ' 

■ ! "Rnanidai Times Saturdav June 17 197S 



■ MMW 

The gilt-edged market never ‘ cheaper" way of raising cash with a loss, against a profit of 
quite made it this week. On than a conventional rights issue. £».4m last time. And there seems 
Monday, the odds were that the For the pension fund it is a little doubt that group pre-tax 
new " long iap (Exchequer 12 convenient way into equities profits fnr the year will show a 
per cent 2013/1?) would be and for ITC shareholders if is substantial reduction on last 
sold' out', on day one. But the a chance to sell out at a very year's £5.Sm, itself down from 
stags started . to think again good price— even the cash alter- £9.3m. 
when the authorities acted with native is higher than net asset Westland’s problem this time 
indecent haste to replace the value. is the helicopter factory at 

exhausted short tap on Monday. But the whole operation by- Yeovil, where the earnings of 
and Wednesday’s trade fiugres passes existing Barclays share- 2.000 employees are determined 
also made them pause for holders. If the bank wanted to by the piecework earnings of less 
thought raise cash by issuing shares, than half that number. How- 

In the end, probably about a existing shareholders should *ver. negotiations are still going 
" third' of the; long tap was left have been given the first oppor- QQ . And since provisions already 
unsold when the applications ninity to participate. Barclays ma de (and anticipated) take into 
had been counted up on Thurs- argument that this arrangement account likely levels of wage in- 
day, and the tap stock started flation until the contract is coin- 

life at a small discount. After * pieted. it is possible that even- 

1220- INDEX 

1200 — 

A time for quet 
on Wall Street 


NEW YORK. .!une Jfi. 


120 — 

day, and the tap stock started 
life at a small discount. After 
that, there, were no queues for 
the new short tap yesterday. 

In equities, share prices have 
generally stood lip reasonably 
well to a battery of bad trading 
news from major companies. 
English China Clays, Arthur 


■ ■ ■ ■ — i — i — i- 

1977 ; 



Discount Houses 
Packaging and Paper 

Mining Rnance 

% Change 

Investment Trusts 
'Food Manufacturing 




t . # 

r . sp 

. All-Share Index 


• » 

Insurance (Life) 


4 »• c 

‘ “ Newspapers, Publishing 

— 3.6 



Entertainment, Catering 


. Insurance Brokers 





* Hire Purchase 


tual losses could he lower. 

I AN DON The news sent Westland’s share 

bviwviv p rice Int0 a spin on Thursday. 

ONLOOKER knocking £llim off the 

capitalisation, but a slight 
recovery yesterday left the 
mi i hi mm shares j, jj p down lor tlic week 

gives the chance to issue shares at 35p ‘ 
at a discount of 10 per cent UnPTat/f/l 

against 15 to 20 per cent with shipping DUffeteO 
a rights issue, is irrelevant. The The shipping sector continues 

The cost of this discount is oi 0 f roughly the same oraer uie 
course being borne by the com- previous year, missed its divi- 
pany — effectively existing share- d ,. nd and announced that it was 
holders who will end up with seeking Government help in 
a smaller stake in their com- postponing its loan repayments, 
panv. The Lofs share price ended the 

: already there seems to be a fair 

-Guinness Chloride. Westland, amount of resentment building 
and Tate and Lyle were among U P in the institutions. 

"those which left the analysts rj/ 7 » 

blushing, and the gloom was Westland ShOCker 

only lightened by yesterday’s The old tale about bad figures 

ready there seems to oe a tair a jj y 

aount of resentment building scarcely a week goes by at 
> in the institutions. jj ie moment without a shipping 

_ , _ , . , company coming out with a 

Vestland shocker gloomy fitatemenL Apart from 
The old tale about bad figures Lofs British and Coinmon- 

oniy llgnieneu uy b lne Old tale aooui dmu usuies xavia, ~**“-*- — - 

bright figures from Pilkington taking a lot longer to add up wealth's results on Thursday, 

. woci. chnwpd that its shipping side 


Barclays' trust deal 

Tatung a iui luugci iw ««« - - • .. .. . 

was certainly borne out by West- showed that its shipping side 
land Aircraft’s interim results lost over £0.5m in the second 
which did not appear until about half while in previous week 

10 9^P \Vednesday wfth the pubHcatton 

140— Economic Letter that: “There s 

.. . every reason to expect a further 

rise in interest rates.” By yes- 
120- WESTLAND £7 W K jterday the message bad taken 

linrn *jxr ™ -hold and the Dow Jones Indu 

AIKLli/ftt 1 1 . , t ] i t ' i iK I I trial Averaae suffered its largest 

10° ■' ' ' ’ 1077 '^r:' i97S~ ss-v-^i j rtaHjdccline 

■ y * * . LL . — - — — I month- 

l This morning Citibank raised 

However, shares cu“ 

have taken quite a beating over the 1 irffsiidi a dent in! tomers— and within an hour 

the past IS months. While the m. jdnU, left such a »» toae q£ ^ coun{ry - s large3 t 

Alt-share index has fallen by aemv ■ world , ha nks were following suit and 

only 5 per cent. thePandO ^^mpUon would re- i establishing the highest prime 

shar «r the caver once income levels rose. I rate since early 19. o. ] 

nearly «> P« lub : a , * the this hai nut materialised Part of the reason is a huge i 

Fu^^Withv Jednwn bt a and demand has sen led at a |lncrease in corpora te short-term 
Fumess WilhyaredownD w oll tiy i ow previous peaks d bl According to Citibank cor- 

th,fd - ov^r 10 Kmr.attemp.sio rationalise are ° Qr3lc debt has been rising at 

are current^ over 10 „ expensive. The com-j*, annual rate of 12 per cent 

per cent and the share pnecs . g jn ^ praewa of reduc- j ed t0 g per cent during 

are discounting some pretty h annual refining capacity \ 1976 an d only 5 per cent in 

awrul results m the current aroun(| 2m tonncs , 0 about 19,B ’ 

year. Unless the UK shipping tonncs ,. v l9S2 b[Jl lt has 

industry is going to sink from ■ bU „ <eslH( | ^ this will 

sight the shares of rtesettvo ^ tobe L . ul to nearer lm MSTlM YORK 

former “blue chips could be tomes tJJ cnsure long-term W2.W IvlW* 

near their ead.r. prosperity. JOHN wyles 

Sour figures 

Tate and Lyle's results must INDICES 

have left a bitter taste in the ■TOBjaiu&J 

mouths of shareholders this 0 Jljne j une j U ne j975, the first year of the re- 
week. Interim profits were 55 we€k t0 16 9 2 enverv*. But the character of this 

' per cent lnwer and analysts are debt - s Q0W changing with long- 

' forecasting full-time results of pi^ANClAi- TIMES . term borrowing failing dramati- 

1 £2m less than last year’s first Goirti sics. 70.M 69J5 69.E3 cally short-term and inter- 

1 half £24. 9m. Mainly due to the ^ IntercS c 72.44 7 1 M 71.64 mediate debt rising from only 

' huge world sugar surplus, Tate s — — 471 7 471.7 476^ 20 per cent of total external 

• refining activities turned round Must, Q-d. _ 471- financ i n3 in 1976. to more than 

f from a profit of £7.1m to a loss Gold Mines 158.5 157.1 iw ^ per cent iQ tbe first qua rter 

* of £0.4m, while commodity pnaiings mkd. 4,816 4,735 4.6B& ^,j s year. 

1 trading dipped £6.3m to £11.3m - This had a dramatic impact 

800 fnift 

^doXv^n^s1nde2C__j ? 
spr: Industrial ^Asrei’agej j 

1975 1S76 



June June 1975, the first year of the re- 
9 2 enverv. But the character of this 

debt Is now changing with long- 

term borrowing failing dramati- 

69 JS 69.63 , Uv ajjd short-term and inter- 

__ I : . . . I. . nnlv 

— ^.4 financing in 19 16. to more than 
1S7.1 154A ^ per cent . n the first qU arter 

4,735 4,666 Qf year _ 

This had a dramatic impact 
_____ on bank loans which rose by 

intr uitFJ «.» Mi?. wnicrt (lia nor appeal uuin «»uul _ * , _ .- — n — ---- - 1.1113 uau a 

Tt.rd.i7c Tinnt’c cohemp to 7 pm on Wednesday night. The both Furness Withy and P and 0 and starch by £1.7m to £1.6m. ^ AC TUA P.1ES oq bank i oans which rose by 

V,?. ^ ^JrJ^ ZrJ nws. contrary To analysts' emphasised the distressed state a^. because of fhe MOUnumg Gd 7. 214 ., 4 i, 4 .i 4 214.03 00 i v 2bn dollars in 19T6. 21bn 

I f nr cqo m exDectationc was very bad. As of the industry. depression in freight rates, ' last year but at an annual rate 

it f nn to* the alesult of continuing problems The problems are well known ^-shipping’s contribution w a s C^wjcr „ 196 „ 195-84 nf 47bQ dollars in the first 

Sunerannua^ on fte L^ix belJcopter project There is a chronic surplus of reduce d to nil. compared with l 1 *^) 198 . 97 _ m er of ^ vea r. The cost 

5° rt J 1^1?= for the Ministry of Defence shipping tonnage which is £1 o m last time. Only engineer- Con*. (Non- 20L80 of corporate borrowing has risen 

.. tien Fund . f urtber provisions — possibly as keeping freight rates far too j ng prospered, so it wa s a r elie£ Purabl ^ ' , g jy iJS by 2 to 3 per cent over the last 

an ingenious deal which shorn i more than the low while there is also a tre- t0 bear the chairman stressing | n d. Group 21 0J7 210-28 t he question over tlie 

...leave everyone involved feeling ^ _ wi n mendous overcapacity in the ^ the policy of maintaining ^.ghare ^3.94 233.M j short-term future of tile stock 

happy apart from Barclays - v - 1Q77 _ 7R Thjs worId shipbuilding industry, dividends remained unchanged =-— TtA .82 16334 164.47 mar bet is now whether investors 

last year but at an annual rate 

198 97 196.14 195.84 of 47bn dollars in the first 

— — ; quarter of this year. The cost 

■J0177 201.45 2Q2JM) of corporate borrowing has risen 
fin Q7 710.18 21 L25 by 2 to 3 per cent over the last 
ZIOj-7 210,28 ^ year aiul the question over the 

233.94 233.68 234.81 sbort . terrn future of tile Stock 

leave everyone £6im' provided last year — will meudous overcapacity in the the policy of maintaining B^share 233.94 233.68 234.81 ' hort . tenn fut ure of tile stock 

«£5B ss fcSaasff-Jssra 

35SSS iSB Siuwsc h&- - “ be in 166 Kh*.Rsasf5=-»-« — isht — hM 

been a notable feature of the 

current rally. .• 

The Federal Reserve board is i. 
widely expected to raise its key f 
short-term interest rate — lne s 
Fed Funds rate — before the - 
end of the munlh in an attempt t 
to curb the growth in the money X 
supply ami hence attack the s 
expected I97S inflation rate of ■- 
about 7 per cent. 1 

Will the market take an in- 
crease in the Fed funds rale , 
from ?! per cent to say i 4 per 
cent as' a further cheering sign 
that both the level of inflation 
and the level of economic 
activity will be lowered and the 
economy perhaps positioned 
better for a further advance in 
1980? Or will it fear that the 18- 
month outlook is sufficiently 
obscure to justify greater caution 
r in the equity front? Moreover 
l will the increase in interest 
i rates make other debt instru- 
r ments significantly more allur- 
ing than equities? 

L These arc some of the 
/ questions being pondered on 
i Wall Street, where the market s 
p performance this month is con- 
t sidered e::tremly impressive for 
t a June. During the week trading 
a has been overshadowed by the 
it dollar's renewed weakness 
e against the Yen and by worries 
k over short-term interest rates, 
■s but the Dow Jones industrial 
n average has not been notably 
is feeble. 

Blue chips have tended to Iced 
both the buying and selling, hut 
the real speculative impulse Jw* 
focused i»n gandd’-ng mo-3.s. - m * 
start of legalised jwmina at 
Atlantic City in New Jersey— 
the only gamhlism centre outside 
Las Vegas — was bound t« sur 

some interest in casino"s 
and manufacturers of gambling 

But investors' readings t;» 
gamble on some nf liiese stools 
has taken many observers by 
surprise. Resort. Interivatinnci. 
which operates .»t!antic Citj s 
only operating at the moment 
has' been in sreat demand Mtv.'C 
tiic company revealed i.n Wed- 
nesday that it had been s-.veep- 

, jng in a net win ol 

■ day since the casino opened last 
1 month. Its A and AE stork* 
. soared on the American hock 

■ exchange by li. points and a. 

I points respectively on Tuesday 
. and Wednesday while Caesar's 

World which operates in 
> Vegas and has taken a lease i-n 
; an Atlantic City hotel also gained 
s 25 on Wednesday. Bally and 
h playboy stocks have also been 
r doing well. 






lay 354.56 

r 344.25 


- 2.51 


market highughts of the week 



r i 

tnd. Ord. Index 
- Albright & WHson 
Bath & .Portland : ■ - 

British & Com monwealth 
B H South 

Brown & Jackson 

Churchbury Estates 

Combined- English Stores 

Henderson (LW,? 

Investment Trust Corp. 
McNeill Group 


pork Farms 

Sabina Inds. 

Staveley Inds. , 

Sungri Besi 

' Swire Properties 

Triplex Foundries 

Vtaikfontein — 

• Westland Aircraft 

Change on 

4- 3.7 

• •+ y 

+ 14 





- 9 
+ 12 
+ 9 
+ 11 

- 6 

High . 
3 05 
101 ’ 


• Vow; 

• 433.4 



* 252 
, . 63 
















• Follow in e in the wake of Gilts 
Agreed -higher bid from Tenneco 
V Speculative demand/lnt. figs, soon 
Vurrent profits warning 

Rkl rumours 

Renewed speculativ e interest 
British Land ac quires 15% stake 

Encouraging retail sales figs. 

Agreed bid from Ce ment-Headstone 
Barclays Bank/P. O. Pen, fund bid. 

Dividend omission and loss. 

Weakness of copper price 

No Mon. Com, reference 

Speculative buying 

Better than expected results 

Return to dividend list— 

Berkeley Hambro disposes of stake 
Better than expected resuits _ 

Passing of interim div. 

Depressing interim report 

EVERYi w— . — -- 

1 o^thelastiifteeny^-^^* 135 

: ; vvoriiingandfinanaaBy 

: < ® n? ^^yion and interest r^esaretow and 


is ttesi 

Cr^cenfs investment managers have 
extensive iaiperience of irwesteig in Japan and 
are acknowledged to be among the teadjng 
groups iniheUnited Kingdom in this field. 

TheRtnd’s objective is longterm capital 
appredsim Investment policy will be to 
concentrate on the major growth companies in 
japan. Initial investment will be made by 
purchasingraestTnent currency, but it is 
interaledthatCresoent Tokyo Rind^!^ 5 
utilisefore^i cuiTency borrovimgradte. 

The estimated gross startingyield is £0.5 /op.a. 

Please remember that an investment 
in a unit trust should be regarded as long tom. 

Yhe'price of units and the income Irom 
them rrtay go down as wefi as up. 

dfjfthihmyflbeon 15th October 1979. 
The trust is a “wHier-range' invest- 




^ ^ 1 1 . -1 


Now the Britannia Building Society and Royal Insurance Company 
together to bring you the double benefits of a high-return investment 
Sth the added security of substantial hfe assurance cover. 

The Britannia ‘Double Investment’ Plan. 

Tin’s plan, which is open u* investors 
between the ages of *20 and 53 next birthday; widi 
a minimum investment capital of £1,200. 

(maximum £15,000— £30.000 i^r joint accounts) 
combines the advantage s of a Rrrtanraa _ 
Investment Account willr those ot a Royal 
Insurance ‘with-profits’ Endov. ment Assurance. 
The plan is for a 10 year imvsmient term, wth uie 
Endowment Assurance premiums bein g mr. _ 
from the lump sum deposited with the Britannia. 

On maturity this plan will yield: 

(i) The suni remaining in the £ pecial inve sUnenu 
account after payment of the V. ndowmenr 
Assui'ance premiums, (ii'i A maturity bonus oi 
per £100 invested, (iii) Tlie sum assured unoer 
the Endowment Assurance plus bonuses accrued. 

;A °o 

V. sample bawdon matured plan fora malelifeajed 35 • 
wars nextlunhday t Onftinal lnvestmenLSb.000). 

- 1 . . V 

From the BnLinnia _ 007 

Amount n-uidininisin building fonety account — JgJ 

NLuiriiv bonus — * 

From the Royal 5.378 

t'lU.intnu.-vd 'uni assiutd - 3. 001 

Eslimau-'d bmusc* 

r.Minuitto 1"1 ai - * 


, .Lvtiii-I- ill. «HB* fir.'iKLJ.'ik-ilir<'*1 indalUhiriV' 

f>.'.TII'll> -ipi*'*- .l-'C-”. 








Tax Liability. . . . 

Under current legislation, all oenc nts _ ■ 
resulting from the plan, either on maturity or in 
the event of earlier death, will be free from ooili 
income tax and capital gains tax liability. 

Special Options. . 

Under the prorisions contained wntn.n ui- 
plan volt may. if desired, effect subsequent 
policies without evidence of health t< w Uie 

purpi »se « , , f , . . 

li) Mongage repapnent by tlie Lndo-.vment 

Assurance method. 

Iii) A further 1U years Endowment Assurance 
withpn >fii s for the same sum assured on the 
same life. Both the options are subject to hniifo 
and conditions current at date of application. 

Fur further information, o *ntact y« ; ur i> -c?. 
Britannia branch office. Or return the coupon. 

H 'l:/ iw 

I » Kj 



pj ea IfcposUaStannia BuildingSodets; Ut-pL D. I., LeekHead Office, EO. Box20, Newton House, Leek, Staffe ST135RG 

^haxKtal'’^ 5 


No automatic right to tei 


Mr wife by her will has left all If Hi* club eventually be- amount will then red uco my 
her property to her two sons by c«mes roistered for VAT (corn- age allowance uf £2.07:1 m 
a previous marriage. This 

fnr them or their value -«a the 
now around of mterJerence 
with SOOtla. 

Farcins a 

puisurily »r voluntarily) it will. £1.535. which in effect means 
of course, have to account for that I will he paying standard 
VAT on the gross caravan rents rate tax on £54fl. Furthermore, 
etc., subject to credit for VAT if it is to he added, can I 
suffered on expenditure. request top slicing, which 

Meanwhile, the VAT suffered *“ m >" «« would be lo 
relevant repairs etc. is advantage. 

Vl . ur Wlfe we ; e rj'rf'ie deductible for corporation tax Also could you say whether 0n lhc d ™ my wifp 
Ui,if« v,»'m- wife provides in her purposes, in the same way as the tax free National Savings intestate in 1976 I put the 

will for vuu t<i b« allowed to the hasit ‘ lhar S es on which the Bank interest of £140 applicable winding up or her estate into 

reside in* the nn.perty during VAT was levied. So the taxman to a joint account of husband (} IC hands or a solicitor. On 

vuur hi*.- von will not be able lo ultimately iears 4- per cent, uf and wife is added ln the grounds that the accountant 

the solicitor sajs 

inrlude.s the family home, un 
which I pay the rates. Would l 
haw* :» righj as tenant of the 
house if she were to die? 

V* hi do nut appear to have a 
lonaim - and would be unpro- on 

remain in the house after your the S per cent, cut taken by the caieulation of the age allowance bv , 

wife's death. An alternative vatman. limit of £4.lM)ft. f n;v ^ 

would he grant yuu a tenancy The gain arising on lhe Charge- |hp usl ' alll sn 

Income Tax and 

now. but that is no better than 
a right to remain in residence 
e ran led by the will, and has an 
air of officiality about il 

age allowance 

In February 1974 2 purchased 

able Event will indeed result 
in clawback of your age allow- 
ance, and unfortunately the 
clawback is not mitigated by 
top-slicing relief. Investment 
income surcharge (and higher 

s business owes 
(he estate sonic £3. (Mill, 
which he denies, as do ,I '. V 
daughters. If the solicitor 
still retains more than hair 
the property in the estate 
can 1 force him to settle? 

THIS WEEK T was asked for 
advice by a colleague with a 
house purchase problem. Intent 
on moving into the outer 
'■ulmrba and wanting a new 


■ ■ iiteoTances.^" ^ 

, , , , , , . ' irrespective of the identity , of covenant The 

hnuse he had ncen directed by for the ^ being. ; has power «ndertfte .Law. 

large late Victorian houses and 

the developers were proposing 01 a 3 u r .. ..... -v v? - —.w th* , 

SJLtoSteS ?£**&&*? in n.ind the age^ ibj 

covenant. and .the *• 

to build at a density — 
houses to the acre on each site, covenant, , 

„ . - , , .. . . , Of course, time changes 

Having selected his plot and ^ anjJ whatever 

type of house and paid a deposit. think, judges do- recognise i 
ray colleague was rather dis- ' ‘ 

concerted a few weeks later. 

when the legal wheels began to 
turn, to discover that on the 
whole development site there 
had long been a covenant 
restricting a number of bouses 
in ihe particular locality to no 
more than two to the acre. 

— >. , restrictive covenant. ^ 

INSURANCE - one ibonia amtem- tp°e '?*?■ 

the use of the • property rtion . fae^ jhas 
'* : £8Jy to covenant, - nor . whether 

•iSSuffiwnM iw» m&T 

M^ - donstructed in breach of stag*. * of 


'-SSmt without setting ^.financial; 

that in 1978 there . may -bfe r 0d gitinn legally clear or haring that .of tihe’.cri&nal'aeyensiw- 
The legal records were quite good reasons for allowing an ' f: on Q r insurance. In thoizgh it may T*' poss&S £ SfNj? 

-nr n^L- in rhn kn<l at m . nniron^nt try - hlk- U 1 " pnilKLlii" - „C .. » In , - 

clear. Back in 1S95 the land, at 80-year-old covenant • to . 

practice, the developer 

that time a 15-acre field, had breached. Legal precedents '^. . . * . , nd should count iriibirera for ibe^SthqY.tov# ??• 

been parcelied-up and sold off show that they may do f insurance alter- .rather: than"; ^ 

by the then owner who had kept for example, if the nature ... of _ on o his 


an Income Bond which matures rate tax , can be reduced by tup W* think it ’.\ouId be for 

Sports Club 


in February 1979. I am 
aware that the Chargeable 
Event will be subject to 
Investment Income Surcharge 
and in my rase, top slieing 
cimnrction with our local will apply. 

The Chargeable Event is 
free or Standard Rate tax, hut 
when I inquired at the local 
lax office. I was given the 
impression that it will be 
added to income when 
calculating the age allowance 

slicing, but age allowance claw- 
back cannot. 

you to consult another solicitor 
If you ar ? the administrator 
your wife's estate, as seem- nio 

This point was esplainrrl in a j ikt| / „„ en ; i;k .:, 

reply published in the Finance . . . s... 

and the Family column *»u 

spurts club corporation tax is 
paid at 42 prr cunt, on the net 
takings. VAT is paid on 
curtain repairs, last year 
amounting to £200. We arc 
not registered for VAT. Can 
«e obtain repayment? 

An: an exempt trader hears limit of £4.000. Is this correct? 
VAT like a private householder. — If so, two-thirds of the full 

Victims of the Nazis 

•Tune 25 last year, under the 
heading “Age relief limits.*' 
Following the publication uf 
that reply, one of the MP« mi 
the Finance Bill Standing Com- 
mittee took up the point with 
ihe Financial Secretary t«> the 
Treasury, but his response indi 
cated that clawback of ajo 
allowance in situation-.- lik- 
yours is deliberate government 

We are pleased to «ny that 

resolve any disputed claim - n« 
tween yourself and the r-main 
mg beueticianes; and lo th:«t end 
can '.vnhclraw instruction- 'and 
papers* from your present sol 
ci tor. 

Right to gather 

a crop 

For sunn* jears a number of us 
have been using a piece of 
land at tli.-.- back of the 
local pub. as allotments. 

Na charge has been made amt 

ff you are interested jnu will now a now tenant of the pub. 

wants the land for home-gr.'-un 

exempt NSB interest doe? not 

Referring t« your reply of in the published extrastatutory affect age allowance. 

April 9. 1977. on tax relief for concessions 

victims nf Nazi persecution. tbe Finance Bill is still in find the relevant legislation in iti . <i>iim „ UU1 

mv wife, who was imprisoned in ’hrinV t, t ho i^ ti ° f n ?i, 8( J B, ‘ 399,1 ’- f 11 and prnduru and ue have been 

R-av.-nsliruck has been awarded ?!. e A ° 4 . 4 oJ i hc /P*-' 1 *™* ani .L_^ ,rp ". 1 ' 1 ' gi»vn live weeks’ notice In quit 

A m*.t uni am. Could you advise 

riv wife, who was imprisoned in . ; hub oa 

R».-n,liru r k I, as Ix-Jn awarded J J.f’,?* ,'?S f.' 4 0[ i h ° In ““™ an ' 1 l Q -„"' P ",' :! - S" 1 '" • "«!«■ r 

, rilmliilltv pension llie ’'l 1 ’ST" 1 ,10n . T » xes Alt 19,0 A« w, have crop. , 

iticldin; 1940-1945 of " th T, ™ '" ' t amended). which will nal mat 

whether my wife should be thprvfni . p 
ci'iisidcred under para (i.ft or 6.7, 

ment) to the attention of the 
House of Commons. We suggest. 

that you write to 

Chapter «. Inland Revenue ^ ™ Treasury fin' the Interference 

nn i-tiruiyn Pi-nooiK? . .. . : «r 

juwficvi ui wiucimig me acuye a , , 

if the existing tax teliefs, either With gOO(l 
jy legislation nr by concession. ** 

leaflet 25 an fareifln Pensions? pnapm of widfnlng the scope 
V.'u .nrc Aurrv tu sav that your of 
wifn’i disability pnn.sion docs l»_ 

n»t appear tu qualify for rny The reports of the first three Owing to illness I was unable 

UK ta:: relief huynnd ihe in per sittings of the Finance Bill to remove some of my 

n’lit d* duct i on which is avail- Standing Committee (before possessions from a house of 

ahie tor fnrrign pensions ihe recess i give grounds for wMch \ „. as a tenant. The 

generally. Roller under section hope that the Government will t . nanl „/__ ln 
■V 7 ,lf and Corpora- inirndure amendments at the new te ”* mt * b 1 ^ Lo 
tinn Taxes Act 197D and under Report Slag? improving certain me * n 10 *“ e,n ' an ” 

sueiinn 221 2 » ur the* Finance tax reliefs for the disabled, and a >' s he can U»*«w them 

Act 197-1 is limiied to payments so you can be sure that your * wa F *>e wishes. What can 

m.iflu under West German or MP's approach will receive 1 do? 

Austrian law. and we can find sympathetic consideration by You are entitled to recover ymir °7ii 

no help in the Netherlands-UK the Chancellor, and his coi- chattels and may, if necessary, answered by 

double taxation convention, nor leagues. sue the occupier of the house possible. 

mature until 
late in the summer, this is wry 
unsatisfactory. Have we ant 
legal righ* to stay on? 

I: -ce in s that jmi have mi local 
right i» .stay on the land lint 
autumn. However by invokin 
lb? old low relating to " unibl'j 
men is “ you may be 
claim a right to re-enter mi ihe 
land and gather your crop at 
the appropriate time on the 
fooling that the crop belong > u 

Wo lead responsibility cor: oe 
accepted by the Financial Time 
for the answers given in : 

inquiries will 
post as soor. 


Canada " 1 s new uranium are 

tVHTT.F World demand Tor premier of Saskatchewan licences covering 72 square returned fn the dividend list 
uranium continues to ride high anticipates a rich harvest of miles have been issued to the with a payment of ."9 cents 
and the big Australian royalties from this major new Irish subsidiary. But “a cun- (8.9p> after Malavsian lax but 
deposits of the material still industry. He reckons that it siderable amount of time will before UK income tax. The tin 
have tu reach the production will take about four or five be required to thoroughly producer expects to maintain its 
stage, a new major uranium years before there is any sub- evaluate ihe economic signifi- higher production in the current 
province is taking shape. Itslantial. increase in royalty canee of the radioactive zones." vear in March :jl. 
ii in northern Saskatchewan, revenues from uranium mining, • The best South African gold 9 Australia's North Broken Hill 
Lax! year spending on explore- but over the next 13 years total dividend this week has been an lias denied that it intends to 
Hun and devulpnicnt there rose income could soar into the above-expected final of 250 cents make n take-over hid for BH 
about i£19.5mj. region of C$1.5hn (£762m') to (157.5p) from W r cst Driefontein South in which a Id per cent 

Since 1968, when Gulf C$3bn. It is all very exciting, which makes a 1977-78 total of stake is held. Sharemarket 
Minerals disenvered the Rabbit it remains to be seen 385 cents against 280 cents, pundii.s are torn between views 
Lake mine, the total ur new whether the environmentalists Disappointing has heen the East that the r,»id Fields group is 
finds m the area exceeds have been finally defeated. Driefontein interim of 40 cents a likely predator or whether the 
short ions nf uranium Of other transatlantic news which goes against 35 cents last latter is more interested in 
oxide. Although this is less news this week. America's time 317(1 subsequent final acquiring the balance of its 
than the total »»r the Amax minerals group is expect- ^ cents. 33 per com -owned Bcnison tin 

Australian diM-m cries it is still ing a second quarter recovery * Malaysia's Sungei Besl has mine in Tasmania. 

nf major importance and the after having been hit by the 
t anadian figure is likely to he u.$. coal miners' strike in the 
considerably exceeded as previous three months. Over 
further exploration work pro- f j lc full year the chairman. Mr. 




Pierre Gnusseland looks For 
higher coal output by his group 
than in 1977 together with con- 
tinued strong markets for 
molybdenum, oil and gas. 

Speaking on the occasion of ’'”*?. of Nigeria tcotumbUci 

the groups listing m Frankfurt Aokam 

this week — Amax now has Ayer Hitam 

seven listings on European Berjuntai 

The province i, helievnd in alst »a»d “g" ‘gg^Vi "I 

hold some 30 per cent nf optimistic on iht future for crjj g n - Trtmyh 

Ganada'- known uranium tungsten. Amax. he said, is “ if Ex Lands Nigeria 

reserves and not only are the not th * first - th* second largest C*evo»t 

d|.|KwiN „f *H.d srad. nre hu, of tupgs.en m th, ggj - SUttii ... 

p.ico tb-*v contain useful amounts tree woria. Copeng 

of other minerals such as Meanwhile, the group is Idris 1**!!*.!!!.”.!.’*!*'””!”” 

nickel, gold, copper, stiver and raising its stake in Canada Kamunting 

cobalt. Gulf* Minerals is assu- Tungsten from 2.43m shares, or KnHnihan S * 

ciated with Marathon Oil and 48.6 per cent, via an offer of 

Urancrz Exploration and c $19 per shave for a further Kuala Kampar '*!!!!!!!!!.!! 

Mining in four ore depusits at 8U0.000 shares. But Dome Mines, flower Perak 

Rabbit Lake. which holds lm shares. Is not Malayan 

Of those, ihe Rabbit Lake prepared to part with any of pJ„JJ[5, cn " " 

mine was brought to pro- them. Pctaling !!!.!"!!!!!!!!’..”! !.! 

dilution in !975. Many other Amax claims lo hold the Raliman 

potential mme« in the lug area Western world’s largest deposit St. f*fran — Far East . 

await the po abea-L notably ihe *»f tungsten, siluated in the c rof,v > 

Key Lake finds of Uranerz and Polar Circle. This has been 5uj' athcrn Kin | a 

Incxco Gil, which are still being kept “on ice.” as it were. Southern Malayan 

evaluated, ami the Huff Lake because of U S. stockpile Sungei Besl 

discoveries »»f the French releases of the metal, but the Taujong ...- 

Amok consortium. stocks are being slowly reduced Har,w ' ur 

The C$!30nt ClofT Lake and Amax might start work on jj I(! T| - 0 of^ Nigeria ftinj 

devclnpntent has been hanging the Polar deposit •• in a year 

fire because of environmental or so.” 

objections and concern fell The group's huge capital 
about Lhe safety aspect «»f spending should ease over the 
uranium mining. This week, next few years — it will still total 
however, a public inquiry into an awesome $26bn over the next 
the matter headed by Mr. Ins' : ce five or six years— and it is 
Bnvda has recommended ihe expected that pre-tax earnings 
development in a 1.050 -page will accelerate. Shareholders, 
rejmri. which include London’s Selcc- 

It is thus believed that put tion Trust with a stake of 8.3 
only Cluff Lake but al«n all th? per cent, may thus hope for a 
other important uranium finds more stimulating dividend 
in Ihe area will be permitted lo policy than ha* obtained in 
gn ahead subject tn sirict recent years, 
environmental and worker 9 Among other new? this week, 
safety conditions. The news the sharemarket uranium fever 
must* provide fond for thought in Anglo United Development 
fnr the potential Australian has cooled following a statement 
minors who are still waiting to on the Northgate group com- 
iro ahead pany's prospecting in County 

Mr Alan Blakeney, the Donegal Four prospecting 





fnnru*s iomu-K 

tu diilu 









1.4 "6 








3-1 0 




7! j 







3 V ' J 




1 "i ,B 




1 !»X 





l l» 






17.3 [ 





• SI 



-1 1 



































I3 - : 













2*: r i 










l.S 13 






1 1 
































137 J 

434 J 






.94 1 

X Figures include low-grade material. « Not >ct available. Outputs 
are shown in metric tonnes of tin concentrates. 








Standard Grade 
r London 
I — Cash 
L Price 






IOC COSl OI — — . 7 .. > 

Amative among bis overheads for . ]^ re overr---:WB^..i^ffl^. , r.'s3u.-.yv 

a large plot on which he had the locality has changed: if . h ot t he likely pur- ^ccupier <mies;;to:-8^^';h£ r lT 

purchasers for their own use. he cia i and industrial premia*: -.' bSS* for tl ie benefit of all - Retrtrictiwt^^^ 
had laid down the rule, observed an d there is a dispute between • „, 1P ,.h aK e« arid tw r 

, r,,. .. . , , , ." the would-be purchasers and .and '■ their. Jbisuza^uWTdtoa^^beiv^: 

for 8U years that no more than ^h B respective freeholders^ttoe'' 1 "® wouia u v a _ - .?•,-- 

their successors in title., Pro- meat and .drmk't»_^jC^iDray ’ : " 
is provided against bf sdlicftoni,^ .-te «eiie^j>rec^ 

two houses to an acre were to be courts will now prohablyrule: . 
built. that the covenants no longer tectlon 

This kind of clause is often are 
found in title deeds. It restricts houses 

the owner's right to do what he cafes and betting shops, if the 
likes with his property and runs current owners so plan. 

fi.-r the benefit of one or more None the less, approaching the^ far «s uu.«. — ~ ^z__ ; lW h W h ^ i *re’:nOTahW ‘ 

other property owners in the problem legal istically it -there is no renewal— -and exoep- PTCTtmmSv - 

immediate vicinity. Such a always open to the parties tionaily insurers do have to wge fc 

covenant is not personal to the concerned tn apply to - the handle claims made 20 forihe^hest eh wr ; ‘ 

original parties, but as the Lands Tribunal to modify 'or ‘years after the cover has been variable and fo . — J 4 
lawyers say. runs with the land, to completely discharge ./a taken out. 

"/This cover is open-ended as instructed- to .- (g^^yi^the-.L 
ar as Ume is «nc™ed ' a.d pu^sse , 

may start at 50p -per''(»ht' 

Putting off the evil day 

' . ~ . • - i- •. K-i- . • » •L-s.’ 

. •. . .... 



WITHIN THE next month, we as being excessive. The appeal judging the efficiency or other- unlikely that the" ii®ie of t^e 
can expect the Inland body. the General Com- ;,wise of a particular Inspector, assessment, the s appeal and post- ^ 

Revenue to send nut to tax- missioners of Income- Tax;- is"' will not be unmindful of the ponemerrt application, and ^the , . 
payers the greater part of the similar to a bench of lay numbers of returns outstanding Inspector’s assent woma^all- ■ 3 

assessments which need to be magistrates. Their -decisions are in his district, the numbers, of take place so early HiatTJI^days ; 

made on dividend and interest final on questions of fact — the Undetermined appeals and .the' from the -last, men tioned- was ■ 1 
income. It may he appropriate quantum of income for instance., volumes of unanswered corres- still earlier than JtUy 1.- One • . 
therefore to consider some of On matters of law, whether that pondence. More rationally, . In-, can therefore effectively., say .'-j 
the matters to be borne in mind income is assessable, it in spectors point oat that extract- that 30 days from the assent 

in dealing with these assess- • ing a taxpayers return from letter becomes, the revised due 

merits. " .him, perhaps as his reaction to (Me for the tax not postponed. 

The law requires that assess- TAXATION • a diFid£ ‘ nd assessment, is prob- The postponed tax is not due, 
ments be sent to the taxpayer. . . ably the only way in which _ to except as indicated below, .until '' 

Thnse taxpayers who employ DAVID WAiNMAN . discover whether a capital gains gp days after the ' appeal is .' 

accountants or other agents to . assessment is called for. determined. - it -is always - J 

look after their affairs might — - Coming back to the extent to^ ■■*«« Q shi*- that « rfotoemt^rinn - - 

wish that the assessment could .which appealing against — ^ 

.i 811 may. be . the-- end ■ result of a 

be sent direct to the agent, in possible to appeal to the High$ assessment enables a taxpayer in-front df the Commis- 

view of the need for prompt Court against their findings. ^ slave off the evil day- on but- -tn.rtie. verv- sreat ' 

against their findings. uir u,tf cv “ “ u rionere. but in .the very- great 

action. The Inspector of Taxes Clearly, in most cases the which he must reach for his ^ ; it^adiieved 
cannot do this, but it is a simple appeal made against an assess- . I'Sf- Simply by agreement of the 

matter to arrange that he sends ment on dividend income is not materially altered in 19i6. If a the Injector. In 

a copy of the assessment direct intended by taxpayer or Inspec- taxpayer appeals against an ex- case, the law does require 
lo Lhe agent. tor to be brought to a hearing cessive assessment, he may also SSlSStlicL ft' Stamfto 

Dividends from UK com- in front of the Commissioners. oJ P L ^x^rhJ-ed ^hiSf'h'p a S ee - OrcasionaUy the letter 
pames are receiveu. in effeci. It is, as already mentioned, the of the tax charged which he , . Insoe - tor thp> t3rj 

net after deduction of tax at a only device available to a tax- considers excessive to be "port- Baver announcihe that the latter 
rate equal lo the basic rate nf payer to keep open an excessive Poned, pending agreement of . aereed ” mav not fairlv 
income tax. To the extent that assessment until the correct his appeal against the assess- agr ® h ' : 

ihe recipient is liable to the figures can be agreed. It is as me J}^ hannmpd ^ 

hicher rates of tax, and/or to well, however, to bear in mind . -Vpe Inspector has the same f 

the investment income that the Inspector of Taxes can n §ht to take an application for The rting in ae tail of post- 
surcharge, this further amount set down an appear for hearing, postponement in front of the ponement is the: charge lor 
of tax must be collected by an and that he will do so if he Commissioners for personal interest on tax paid late. If 
assessment. gets the impression that the hearing, if he thinks that it has an assessment charged £500 tax. 

If the amount of income so taxpayer is using the appeal as ^ een tnade only to delay pay- and the Inspector agreed to 
assessed, or if the rates charged, no more than a delaying tactic, nient. Assuming, however, that postpone £100, the appeal mig h t 
are wrong then it is necessary Two sorts of delay will be in the Inspector assents, he writes well not have been determined 
within 30 days to "appeal.’’ the Inspector's mind: one is de- to the taxpayer signifying this, by the end of the calendar year, 
this being the only way in which lay in payment of tax. The and the . ** non-postponed " tax No part of the £100 would 
the position can be kept open other, whose effect as an then becomes due for payment therefore be due and payable 
while ihe figures can bo irritant to the Inspector is fre- 30 days after the date of his at that time. .Interest would 
agreed. An appeal is the self- quently underestimated by tax- letter. nevertheless be payable from 

same first step which is npen payers, is delay in submitting Tax on dividend assessments January 1 onwards on any 

a taxpayer who wishes tu tax returns to enable assessable is technically due on July 1 amount of that postponed tax 

dispute an assessment as figures to be agreed. It needs following the end of the fiscal subsequently agreed to be 
having been made nn something to be recognised that higher year, or 30 days after the assess- eligible. Interest is charged at 
which is nut taxable income, or authorities in the Revenue in ment if this is later. It is 9 per cent and is not deductible. 


The Amahs make the pace 
as things begin to hum 

HONG KONG, June 18. 

BY regional a-rvd international financial press screeches stocks. Average historic price- bine-chips such as Hnnnkmw» 

ratios of about May 15 Land. Horn* if nr, a 

standards, the stockmarket “boom” in its front-page head- earnings ratios of about May 15 Land, Hong Kbng Imd* Shanghai 

here is well into a boom with lines. look on the high side, but the Bank] Jardine, Blatheson Swire 

the Hang Seng index standing No one seriously believes that Prospective earnings multiple is Group, Wheel'ock Warden, etc- 
some 140 points or about 35 per Hang Seng index, widest- le «\ demanding and average and then to benefit the^ prices 
cent above its end-19r/ level, adopted of -the various stock- e Quity yields of around 4 per of second- and third line stocks 

and with local and foreign funds mar keft barometers here, wiU cent °re attractive by savings 

pouring into the oiarkeL re aoh anything remotely a _ nd ti™ 13 deposit rates in Hong Another ingredient lacking 

The word boom has a approaching the incredible level ^ on S- ^®P®‘t 1 tion of 1973 Capart 

special cnnnntalion in lhe Hung 

Kong market, however, conjur- 
ing up memories 1 — painful for 
many of 1973 when the Hang 
Seng ind^x reached dizzy and 
■.insupportable heights of well 
over ihrcc times its current 
level of 545 and then collapsed. 

Manv nf those who got Ihcir 


On the basis of this scenario. £°“ h f mone y sapplj) 

share prices here still have a n s _ rt °/ “ ew issues — 

particularly of property and 

fair amount of 


solid, upside T . -* Ui property ana 

potential, analysts argue. In- s ^ oe * Cfi . brokers, would 

vestors appear to agree although \?_ see n ® w J ssues to. broaden 
s««me observers quietly wonder ii e *;_„ Se Df . maj ket. but 
Khi' ,,«w Cnnih a-;-- llsun g requirements 



why other South East Asian r‘nnrinnaii„t c, ? Uiri ^ menis - are 
regional stockmarkets such as thev‘°w y *fl l0U ^ er - now tiian 

nn'sersbiidlv liur.ied tiien wore "f around 1.770 wten it peaked **•'«**£■ ££i Sd te 

email investors — "Amahs March 19/3, The ingredients , .. on the cards, however. 

Chinese sonants and taxi f .” l r a r ^ tl a “" ^vell^aiso^rfmk 5 health^^are London jobbers have report- 

^'tadoT^nd other foreign M soy. They Wk of the “"« the “ Ho "= the host. Uren consoUdatioy — which t not e~ t '„ 

oortedlv trooping hock into S 5 .? 25 ^ ^ SMS: - W 

here reaction which did not occur 

aBeraomiT ni>ruri>An hkct“ *" ' 

Even so. the Amahs are ro- 
ll, ^LUW«> affieof again [ he current boomlct is soundly East Exchange enjoys about that foreign institutiJM have 

the stnekbrokers offices ig» n based: that Hong Kong enjoyed 45 per cent-— that is still only a “wre sophisticated Investment 

with 'babels of cash to - a rea] ecwK>inic of 11>5 fraction of the several billion advice available here than they 

J 6 * »" ^ TowLntai in per Iast > >ear and » h<xlId dollars a Ievel reached in fiw years ago, through the 
Londi n and Contine come within a point or two of lfl7 3- Even so, it is around 20 offl ces of UK brokers -such -as 

Sh3Wing ha 7 ^at in 1978. If those growth times the level of a year ago. W. L Carr, Vickers ^ie SsS 

At ie» House Street in the ratCs arc much healthier than Much of the local. money has Sebag, Cazenove; etc n as well as 
central business Sr ct here elsewhere the annual average *P» lled over from tho now fading local securities houses 
r 4ublica iv displayed stock- SnQatifM1 rate of around 5 per ^Snant’ 1 residential property ike Sun Hung Kai. Japanese 

market index board is begin- ccllt is a good deal lnwer. wh f re ,^ uIat , ors whd ^estment houses have also 

market inacx ooaru is jt. n bought and soid developments become mcreasinelv aetivp hm 

n l n " CarmngS ar ? ™ade handsome profits which of late. WhetJSfSriSlisSl 

uf individuals A3am anxiously presently shmumg on 9nn .»i — — . . __ . „ pruaence wui 

.v, h ^ ^ „ ntJy ah “ wins f 11 anni,al are not now being re-invested prevail among these anv'mdra= 

scanning the board to see what average growth rate nf approach- in rhp st«nir market Fniinwinw than am/in/i 4k. .. • » _ ■ 

^ _ .. . . . J _ in the stock, market Following than among the 2 amhrfr.ihvtntz 

their hot-favounte counter .s in« one-fifth, and up to 2o per part patterns, the- money first Chinese -remaiW Si., 

doing. And deil> ihe local cent fur sonic of the blue chip began to inflate -the prices of however. ; 





.financial Times Saturday June IT I97S 


An education tax 


- -*ML&3£ 

y$mnge benefit! 

Ji-'r.jy v. . 

AS PARENTS, you have an 
inalienable right to educate 
your children in the best 
possible manner and' to spend 
money to achieve this. You 
may laugh, but this principle 
was given some support under 
Section 375 of the Income and 
Corporation Taxes Act 1970. 
which exempts scholarships 
from tax, and Section 45 of the 
Finance Act 1975, which 
exempts normal expenditure on 
education from Capital Transfer 

But iT you are a higher-paid 
employee, this expenditure has 
to come from your after-tax 
Income, or from your hard- 



earned savings according to the 
latest move front the Inland 
■Revenue. If relatives try to 
help out, (hey could be subject 
to CTT, and now jf your 
employer helps out, you cuuld 
face a tax liability on such 

This week the Inland Revenue 
announced that, as from 
Wednesday June 14. all 
scholarships awarded in the 

future by employers to assist in 
the education of children or 
employees would be subject to 
tax as benefits in kind under 
Section 61 of the Finance Act 
1976. The Budget of that year 
was effectively a declaration of 
war against the use or fringe 
benefits and that particular 
Section supplied the ammuni- 
tion to the Revenue. Anil many 
fringe benefit payments have 
come under attack. 

But up to now the Revenue 
has refrained from taking 
action on scholarships provided 
by employers, on the grounds 
that Section 375 mentioned 
above slopped them. The past 
two years has seen a prolifera- 
tion of educational trusts set up 
by employers. Many insurance 
brokers dealing in employee 
benefit provision have been 
instrumental in designing and 
administering such trusts. They 
claim to have taken Counsel's 
opinion before setting up such 

In most cases- these trusts 
have been available to children 
of all employees and certain 
educational standards have to 
be reached before any award is 
made. But naturally, it is the 
higher-paid employee who has 
tended to apply. 

Opinion with the tax aecoun 

Revealing tke facts 

RARELY A week goes by these 
days without at least one major 
item emerging on investment 
trusts: a complete contrast (o 
the situation existing a couple 
of years ago. Then the industry 
operated in a complete absence 
of publicity, with no one able 
to get even mildly enthusiastic 
over what trusts were doing or 
*ow they were performing. 

. But this week has been an 
exceptional . one for news, even 
by current standards. The 
novel bid -by Barclays Bank for 
the Investment Trust Corpora- 
tion highlighted the investment 
potential of these trusts from 
a takeover situation. Then 
came the long awaited official 
-year book® on the industry from 
The Association of Investment 
Trust Companies and the start 
of a monthly service of per- 
formance figures also from the 

The association has 
over the past f ew year s 



endeavouring to get 
investing public and 
utions interested in the 
tions of investment trust 
antes, though the recent 
by- the pension funds of 
nationalised boards have 
?d much more jpterest 
the efforts of the associa- 
But all efforts have been 
capped, by a relative lack 
towledge concerning what 
trusts offered as invest- 
vehides, how they were 
, how they invested, and 
> all what- they offered to 
tors in comparison with 
trusts. Now this book 
out to explain these 
res and many -more to the 
■al publie: . 

* first' section is possibly 
most "useful to tbe un- 
ted. because, it explains the 
kms -of Investment tnpts 
a minimum of technical 
a,; i . found ; the , article 
ration lucid and tlie. eom- 
3 D between investment and 
■ trusts as investment 
les i-rery. informative. If 


the book does stimulate interest, 
then there is an article on how 
to buy investment trust shares. 

The second section lists the 
management groups in this 
sector together wilti the trusts 
in their staWes. One important 
criteria in selecting an invest- 
ment is to ascertain 'the quality 
of the management.. This sec- 
tion will help in m aki n g that 

The third section is Ae oi 
that wtU interest .the 7 advis 
as well ‘ as the individual in 
vest or. for it contains details of 
each trust together with com- 
prehensive statistics on invest- 
ment portfolios, history of share 
prices, asset values and divi- 
dend distributions. If the book 
had contained nothing else, it 
would still have filled a huge 
gap in the information available 
on the industry. 

The final section contains 
details of , performance by man- 
agement group and the associa- 
tion intends this to be an op- 
going exercise. The ability to 
measure the performance of 
one’s investments is essential 
and a past history of perform- 
ance is useful in reaching in- 
vestment decisions. The specia- 
list stockbrokers have published 
regular performance figures 
over a long period, but these 
figures from the association -are 
available to all. 

.The investment potential of 
investment trusts was high- 
lighted this week by Mr. George 
Stout,, a deputy chairman of 
the Association and general 
manager of the Alliance Trust. 
He forecast that pension funds; 
with their huge cash flows, will 
force up the price of trust shares 
in their endeavour to acquire 
the underlying assets. Investors 
seeking to cash-in on this situa- 
tion will find this book ex- 
tremely useful. 

« Investment Trust Year Book 
from The Association of Invest- 
ment Trust Companies, Bark 
House ( Sixth Floor), 3*. Fin * 
bury Circus . London EC2M7JJ 
or -from Fundcx, areystoke 
Place. Fetter Lane, London, 
EC4A 1ND Price £7.85 postage 
p aid. 

Time to change? 

£Y*s '* ' announcement 

ft Retail Price Index, 
inflation- still well 
per cent; comes as 
?ws to the. economy - 

eem churlish to point 

the., return ^on the 
*d National Savings 
Retirement Issue 
l' steadily ; with the 
of inflation and now 
o«r that obtainable 
forms of investment 
ictions are that, the 
ation is not likely to 
double figures -this 
y well be opportune 
r switching invest- 
east Temporarily. 
efits paid - on these 
Certificates are free 
, so switching. is only 

» to investors who^do 

.But .this .is cer- 
case with many 

these certificates, 
ificates have given a 
i up lo now 53-6 per 

cent, to those investors' who 
bought at the outset m .June 
, 1975. But investors need to con- 
sider the expected remits in 
the future and here there is a 
• case for switching. The National 
Savings Bank is paying 8.5 per 
cent on deposit accounts. A 
-onejfear investment in. local 
authorities yields about.9,5.per 
rent, while more adventurous 
investors could consider the pos- 
sibilities of high-income trusts 
mentioned elsewhere on this 

P8 & e one reads the forecasts, 
the impression given is that the 
inflation rate could be -rising 
again next year, so investors 
thinking of switching, need to 
watch the economic scene quite 
Closely. . You need an . invest- 
ment Which can be easily 
realised, and in this respect umt 

trusts need careful timing. But 

iris an opportunity to increase 
the return on your investments. 

(am is that almost certainly this: 
decision will be tested in the 
Courts. But even -so. does this 
action of the Revenue herald 
the u I f i male dem ise of such 
assistance by employers'* This 
is by no means certain: the 
ingenuity of the tax planners 
can usually find a way round 
moves of this kind. 

The taxation of benefits in 
kind is complex, like most tax 
legislation, but the Revenue 
divides the population in two 
groups — directors and higher- 
paid and others. The higher- 
paid. by Revenue definition, arc 
those earning £7.500 or more a 
year and this Hmit is revised 
periodically. The former class 
have fringe benefits faxed on the 
cost to the employer, others are 
taxed on its resalable value. 
Thus this move by the Revenue 
means that the higher-paid will 
pay tax un the amount of the 
scholarship- award, whereas the 
lower paid will not he. affected, 
since it lias no value on the 

It must be remembered that 
the £7,500 limit includes the 
value of all fringe benefits 
besides your earnings. Since 
fees are nudging £2,000 a year, 
the award of a .scholarship 
c-nuld put you into the category 
of higher-paid. Where both 
husband and wife can apply for 
a scholarship with their 
respective employers, it may 
well be profitable for the wife 
to apply if she is earning less, 
and opt for separate assessment. 
But this Revenue decision could 
be challenged in the Courts so 
this may not be the final word 
on the subject. 

Public stay away 

tions and private clients have 
shown some interest io the 
eight-week-old London traded 
options market but the bulk of 
the business is between the 
professionals — the jobbers, the 
market makers and brokers 
exercising a discretionary con- 
trol over their private clients’ 

Brokers close to the market 
claim that it is still rare for a 
private client to initiate an 
options transaction. either 
writing or buying. The bulk of 



the private client money conics 
from either private client port- 
folios over which brokers 
exercise some discretionary con- 
trol or as a result of trans- 
actions executed on a brokers’ 
re com men da tion . 

Market makers are still the 
leading writers of options 
although (here has been some 
tentative interest shown by 
private clients. Institutions and 
merchant banks have been 
conspicuous by their absence. 
The individual investors writing 
options tend to have medium- 
sized portfolios with a market 
value in excess of £75.000 and 
a holding in three to five of the 
underlying stocks. 

In genera] the private 

investors v.riic between three 
and seven upturn-; in one or two 
of the underlying stocks they 
hold and rarely commit more 
than 70 per cent of their 

Inst irut inns have shown 

interest in buying options 

although private client buying 
and in-house buying by brokers 
dominates. There has been 
little iiueresr in secondary 
market buying and selling 

The main Mumbling blocks 
are the la:: problem; a difficulty 
getting hank guarantees by 
writer* w!tn wish to be 
“ uncovered " but who don’t 
wish lu put up the required 
cash coHatrra!. and a lack of 

The lack nf liquidity is the problem. Last Thursday 
a buying urder for 60 Shell July- 
550 wa; placed. By midday only 
20 had been bought. When the 
market first opened it took 
three day.- i 0 clear a buying 
order ror 40 contracts. 

The initiators »f the London 
options market arc happy with 
their fledgling. They will 
continue lu seek tu have the 
tax pusiiiun altered and they 
will encourage the cl carers tn 
issue guarantees. Bui they still 
have io boost liquidity. It tv ill 
need an education programme 
or a reasonably sustained 
upwards movement in the 
underlying sharemarket. There 
is no spur like speculative 
profits ti> bring new people into 
a new market. 

HIGH INCOME funds are often 
i-onsideyod the bread and butter 
of the unit trust industry. . • 

This implies that they may 
not be very exciting and yet, 
given the wide spread of 
equities and often significant 
preference share base, ibev are 
usually a sound investment 
Reflecting this and the current 
demand for such funds— second 
only to the rush for North 
America — Gartmore has just 
launched an Extra Income Trust 
with an estimated gross starting 
yield of 9J per cent. Inflation 
is now well below 10 per cent, 
and according To the Govern- 
ment set to stay there until the 
end of the year. So the sort of 
returns you can now get from 
investing your capital for 
income look impressive com- 
pared with the increase in living 

What, though, are the specific 
advantages of a high income 
fund? First, your investment 
will give you a regular return 
which, depending on the fund 
manager's skill anil ibe stale 
of the stock market, should 
increase with time. Dividends 
from must high income funds 
have risen in the last year in 
terms of income per unit — 
Arbuthnot's Extra Income and 
Preference funds are notable 
exceptions but. according to the 
group, rapid expansion at the 
end of last year made it difficult 
to get the cash into the market. 

Income rises of course, not 
only because of increased divi- 
dends from tbe shares in a port- 
folio and a higher yield but 
because the underlying value of 
the units improve. Capital 
growth then is a sometimes for- 



gotten benefit of high income 
funds. In this respect the last 
year has been extremely good 
for these funds which often 
invest in good second line com- 
panies, many of which have 



done better than “blue chips” in 
the prevailing economic climate. 
Many high income funds are 

geared up with a certain steady 
percentage of preference shares. 
It is well to find out exactly 
what that proportion is. Prefer- 
ence shares tend to have a yield 

advantage at the nutset, but in a 
rising market they will drag 
down the underlying value of 
your units. 

Income funds are a particu- 
larly good investment for the 
low or nil taxpayer. Dividends 
are always paid net, but they 
will be accompanied by a tax 
credit assessed at the standard 
rare. If you pay tax below this 
rate, or you don't pay any tax at 
all. you can reclaim tbe money 
from the Inland Revenue. If 
you pay at a higher rate, the 
credits can be used to offset part 
of that liability. 

If you already hold units, in- 
cidentally, there is one reason 
why you might consider selling 
this year. Since April 1. 1977 
/retrospectively from April this 
year) unit trusts have been pay- 
ing a concessionary capital gains 
lax rate of ll) per cent. Bui up 
to March 31. 1979. unir holders 
wilt get a tax credit for the old 
rate of 17 per rent which ran 
now be used if your gains do 
not exceed £5.000. 



< pence) 

M'S/77 M/6/78 





Allied Hamhro High Yield 





Arfruthnot Preference Fond 





Extra Income 





High Income 





Barclays Unicorn Extra Inc. 





Britannia Extra Income 

“14 ■* 




Chieftain High Income 





Lawson High Yield 





yi. and G. High Income 





S. and P. Income 





Limited to 10,000,0 

Estimated Gross Starting Yield A 

H ere is a new unit trust from Gartmore with 
an estimated gross commencing yield of 
9J 0 o- This compares favourably with 
many other forms of pure equity investment. 

Gartmore propose to achieve this by careful])’ 
choosing a portfolio of ordinary shares in small, 
sound UK companies with above-average 
yields. W ith professional day-to-day 
management, this strategy gives investors a 
high level of income together with good 
prospects of long-term capital gn nvth. 

Because such shares cannot be bought ill 
unlimited numbers, Gartmore will be 
restricting the number of units under this 
particular pffer to io million. 

A team with an 
outstanding record 

The management of the new trust is to be 
undertaken by the same team that has been 
managing the successful Gartmore High income 
'Trust since its launch. You can read about High 
Income Trust's outstanding record under the 
‘Quarterly Income Plan’ section. 

The protection 
of a wide spread 

Gartmore Extra Income Trust will be invested in 
about i oo different securities so that your money is 
widely spread. r lTiis factor is especially impc mant 
in a high yielding unit trust w hich includes seo »n J 
line shares. 

With this in mind the Managers do not intend r* * 
invest more than 2 K ' 0 of the overal l porrfi >iif » in any 

one company* 

You should remember that the price of units and 
the income from them can go down as well as up. 
You should regard your investment us long-term . 

The offer 

Tlris offer at 25p per unit will dose when i o million 
units have been allocated to investors, or on 8th July. 
1978, whichever is the earlier. Should the offer close 
early, a notice will be published in the. Financial 
Times and all unsuccessful applicants will be 

After the close of this offer, units will be available 
at the daily offered price. 

To apply, simply fill in the relevant coupon and 
send it to Gartmore Fund i\ Ianagcrs with your 
diequc. The minimum investment is £200. 

The New Gartmore 

If you \\ ant a high regular income, Gartmore can 
now offer yc >u the Quarterly Income Plan. Under 
this plan your investment is shared between the 
new < xdrrmorc Extra Income Trust and Gartmore 
High I no mic ’ l Yust. 13 * >th of these unit trusts pay 
income half-yearly, bur on dates 3 months apart, 
'ibis results in quarterly income distributions on 
15th A larch. 15th June, 15th September and. 15th 
Decern I xt. So you get your income when you need 
it to pay your biffs— quarterly. 

What would you receive? 

(! >n 15 th .Time, 1078 the offer price of Gartmore High 
Income Units was 63. 3p to give an estimated gross 
yield of 8.45" rt p.a. 

On this basis, assuming you invested your money 
equally between both mists, you would receive an 
average estimated income I in quarterly instalments) 
of 8.85" „ p.a. This will naturally vary slightly from 
quarter r< > quarter. 

Gartmore High Income Trust is invested mainly 
in high-yit-lJingequjries in a wide range of 
industries and some fixed-interest investments. 

] motors wh« » purchased units in this trust when 
it w a> launched in March 1 975, have seen the. offer 

price of units increase by 131.0° £ compared with a 
rise in the Financial Times Industrial Ordinary 
Share hides over the same period of 72 ,z° . In 
addition, they have received a steadily growing level 
of income payments which now total £48.35 gross 
per £100 invested at the launch. 

To invest in the Quarterly Income Plan, please 
complete the coupon below and send it with your 
cheque. The minimum investment in each trust is 
£200, so you need only £400 to take advantage of 
the Quarterly Income Plan. Your first income 
payment will be made on 1 5th September. 

-Ml Jppl iration* \\ i H lx: -.H:ki lowk-duudui id cvrutunu.-: \\ ill he J. Jed by die 
Kt-piMTarslvlorc -I'.nhjuly. n>7t*. 

^ oU can ttrll vuur units back In die Manager* at nr* l«* (Km ilic* 
minimum bid price on any dealing djx-. You will jvcvri e a cIuajuc uitliin 
sex en days of die N Lu liters receiving your ronounevd certificate. 

Gartmore Kan Income Trust is constituted and administered by aTnu?t 
Deed dated June, l'.iyS. 

Inccrae xxill be distributed on 151b Jury: and 15th Deccnilwroclj year. 
Garnnonr I Jid> Inroim-Tnisr is crujsrinjttd and admini^ren-d by u'inist 
Dtxdduled 30th Ounhtr 11/73. 

Income is distributed on 15th "March and 1 yth Sepfcnd n-rc-jch jtwr. 
Dinrihutiw ■ •n t«:<th trusts are paid aher deduiri* >n isf incune ta:: at die 
basic ntt*.-. JncuniL Uc: cud lv redjinxed frxn the Inland Revenue it} «*i are 
entitled to do M*. 

Bidi trusts Viave an initial”e nf 3 xx liidi is juJu Jed in 
thrpritx-ufiinitA i.tutot rListheMa/taHen* xt ’ll p»i >■ c>.w m r,i m of r 1 ,"., u, 

■jut Warned nnom . ’ 11 k r,- is :ui Lharje of jhs of 1".. iplus\ATnif die 
> .iliiL'of the iut»d tt ha It is deduct,. J 1 ’nmi inomr.^iHl xxhich is.ihesa/y 
ulkixx '.-d lor in the isnoiatril current un viekl. 

’ (lie Trustee ti' hi 'ill Trusts in Midland UtnxkTnMfmiipjiie Liniitwl. 

’ Vljrr.iyei ihe'l’iu-ts are t i.irnxi> 1 a- !■ uni 1 .1 1 jimvits Liu iiio I, 

a Si. Mary Am-. I .>inJt>n Li.'.iA NHI'. x a : 01 -2S3 3531. 


W.L'arnpbell « A.\ l. Aniumo. AJ.K. (J> illins, 

S. Stevctvsin Jnr. C..A..J. A. 'ihi rmson 

'llus ujTer is 1 1« «i ax .ulable lo residents of UiuKcpublic n[ Ireland, 

e Gartmore Credentials 


A fore than run-thirds of ilv nHiney i/ix tsfed in Gartmore unit 
Trusts has c nv in >c dircvt t n.un die public but through 
stockbroker*, banks, solicitors and other professional advisers. 

( J;»nm>*rx- J-uml MaDayen»lwve ox"t.r /.30 millinn imJer 
rtv.uiagement. ’ll icy uro 

liighlx- regarded by professionals because the parent cottipany. 
Gartmore Inx c-anwnt Ltd., is widely knoxx-n and respected in. 
tlte City of London where it is responsible former £fy$o 
million of funds lor investment trusts, insurance companies and 

pcrudoD funds. 



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Fill in the coupon and send it now 10 : Gartmore Fund 
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Tel: 01-2833531. 

. • .. M-I- .*■ . MiUiNi'O'lla Viw'Tfu 'A 



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I IIl- Jk: j:, iiu 1 sn v.-wiac :iMili.vux*k iliCKtnti'tTi.iiiinfenl ;1ii; | inf 

n i' .r 111 X ^)|iunn;llii' iiiiiL' .Mkiaioiiiim m, jt.. , > i,',Ji>ril . mi i Ir 

itl''..m.a. nri .,14 i":ii:n iii--i\ tuu'r-ni lj-iutafi..- jrel'iT.e 

k^., . 1 1 1 if ■ 1.1 Jti-ntha' j 

^' KAJMr.MK 

M|t-iT*\ A\ll ivIvM l I 

Ai >1 

Quarterly Income Plan 

To: Gartmore Fund Managers Ltd. 

2 Sl Mary.Yse, London EC3A 8BP. Tel: 01-3833531. 

j ,\<i 11 K,{... .I.t.'i. ■ ■ J 1 ■ . ~M. n.U r..l 'I. tllil’I/ii 4.1 

1 .Wc .-hould like tninxoL F £ f-liiit. l. 4 ““ ■ in the 

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day x«.«u Rxvhv dux .ipplio»*rt. 

l We enclose a remittance, payable lo Gartmore Fund 
Managers lad. 

*F hr your guidance rltcaficr ralirtgoa ijth juar, were: 

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‘Jl-rri.’wii . , h\, K , inurul&r.'Mzr. ihh-iixLnsiiuuaJ^JutJ Uf tUflcJ jjx? 

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SVKVA\ll-:iMK.MR. a .Mlft ;> ; 

fih-<t\a\ilisii:-: ri i.i. 


SI' . v \ |"l - • 

1*1 IT -- 1 M 





London 46 wile* OH f Junction 1 5*—H wilen, 
Bleiclileu Station 6 miles t Eit-itor -*4 mms.) 

S'- j: ••'•*» 




MAIN HOUSE: Hall, 4 gracious reception rooms, usual 
domestic offices. 4 principal bt drooi ns. dressing room. 4 
secondary bedrooms. 5 bathrooms, lull central heating. 

Basement with laundry room, stores and cellarage. 

THE LONG ROOM WING with THE LONG fcuOM (lb x lw ». 
Paddock over 5 ACRES (leti. Walled fwmal and vegetable 
gardens and further grounds extending . ■» *«°ut 3 'Aw. 
WEVDOVER, BUCKS., TEL: 0296 622855. 

HOW MUCH extra doe? the fact 
that someone wiih a known 
name has lived in the house put 
on the price? Quite a bit. I sus- 
pect, looking throuch ihv cur- 
rent crop of " association 
houses." And. of course, the 
attraction of heing able to drop 
the names of .such distinguished 
persona as the Poet Laureate, 
the Leader uf the* Opposition, 
and even a television medico 
obviously adds enormously to 
the cclut of a place. 

Literary associations have a 
strong pull, whether they go 
with an actual property, nr iu.-t 
the place. Prospect ive buyers 
desirous of living somewhere 
that inspired putnis or hooks, 
would do well to invest in The 
Oriorrt l.iterarif Guide iv the 
British Me.-., edited by Dorothy 
Eagle and Hilary Carnell (pub- 
lished by oxford University 
Press. 1976. £3.95 j. 

Entries range f:om AUbol.v 

ford. the home of Sir Walter 
Scott, to Zennor, the Cornish 
village where D. H. Lawrence 
and his wife lived in 1916-1917. 

Or there is A Literary Arte* 
and Gazetteer of the British 
Isles by Michael Hardwicke 
(David and Charles. 1973). 
which contains 4.500 entries in- 
cluding one on Rudyard Kipii n S 
(1S65-1936). poet and novelist, 
who lived between 1896-97 at 
Maidencombe, an unspoilt vil- 
lage three miles from Torquay 
in Devon. He wrote some of his 
best stories here, included in 
The Dag's Work, 189S. The 
locals will tell you that he found 
Rock House, where he lived, 
rather dismal and depressing. 
The story goes that Kipling 
'truck up a friendship with the 
little grand-daughter of the 
owner of nearby Langley* 
Lodge, now called Langley 
Manor, and was given the free- 
dom of the two-acre gardens. 



Et ubhshwK' Chartered Survey©* 

- ' ‘1-682 *- -* -.S-ist 

7: w ;:r*T5^27 


Between Guildford and Fornhom 


A residential arable/stock farm. 182 acres. Modern House. 
6 Bedrooms. 2 Bathrooms. 3 Reception rooms Fine Kitchen. 
Office. Modernised Cottage. Extensive Outbuildings and 
Productive Land. 


8. QUARRY STREET, GUILDFORD (0485 ) 72992. 


On the hills between Guildford and Dorking 


Period house. 8 Bedrooms. 3 Bathrooms. 2 Reception rooms. 
Study. Domestic Office. Central Heating. StaFf Cottage and 
Modern Bungalow. Adaptable Farm Buildings. Paddocks and 
Woodland. Suitable for equestrian use — 57 acres. 


8, QUARRY STREET, GUILDFORD (0483) 72992. 

which gave him immense 
pleasure because of their beauty 
and tranquility. 

Langley Manor is now for 
sale at around £ 60, OOD-£7f);O0O, 
its setting as beguiling as ever, 
with a drawing room which has 
two Adam-style fireplaces and 
glorious sea views, four bed- 
rooms and two bathrooms on 
the first floor, and a self-con- 
tained suite of three rooms aod 
bath on the second floor. Full 
details Gordon Radclyffe, 
Bettes worths, 29 and 30 Fleet 
Street, Torquay. 

‘Sa fe in a world of trains and 

b uttered toast 

Where things inanimate 

coitld feel anil think 

Deeply I lave ihcc. 31 West LhU 

.It that hilt's foot 

did London then ben;n 

John Betjeman wrote in Sum- 
moned hy Bells. 31 Highgate 
West Hill. London, N.6. the 
childhood home of Sir John 
Betjeman. Poet Laureate, is be- 
ing sold by its present owner, 
poet and writer Iain Hamilton. 
The house is one of a period 
terrace of five, known as the 
"Captains Houses/’ reputedly 
built for five of Admiral Nel- 
son's retired naval officers. It 
has a small front garden, and 
there are four bedrooms and 
two living rooms. Chesterton?, 
26 Clifton Rnad. London, tt'-fl, 
are asking £65,000 for the free- 

surgeon in the- television afries 
General Hospital ? - The . name! 
is. of course,, an alias , f or ’a^qr. 
Tony Adains. who' is selUrij 
109 , Devonshire . 

London, Wl. right uLtheXart 
of Harley Street doctor eowfoy; 

It will '-cost you £ 85 , 000 JorfOie 
two-living room r two-bedxdMjii 
two-garage aecommodaDqn ojf-a 
900 -year lease, through; Knight 
Frank and Rutley. : • y , : :-T } 

The owner of. The Mount; 
Lamberhurst, .near-, Tunbridge 
Wells. Kent, bought the Ji<" 
from Leader- of the Qpposi 
Mrs. Margaret Thatcher. * 
mock Elizabeth an-style property 
built in the 1930 s will set .you 
back £ 120 , 000 , and for this yqir 
get a grand entrance porch con-, 
strutted of old timbers with. - 
heavy oak-studded mitre doorej: 

£ Sal ^L Gr ^L^ THE- GARDENS 

oak parquet floor, brick = . Barbados, run- the. eniAlratiW^B 

cmmneypiece with seats,. lofty HaJI,. SL Lut>. . §t : JaattsilsS&it 

timbered ceiling and old. oak down to the cliff edge, with from - - 

joists, oak panelling, fine carved sea and superb sandy heaehes; ^ , are V 
oak staircase, dining room. of . -Haycocks Bay some 75 feet 

rlrawms room, rerreahnn. rnnm . . __ T : * -o- - - 

rooms, and five acres of grounds JgJ~-‘ d - ale of th e young girt; ' 
which include two orchards, herw lf down to Join.r SSKSLibit-JSHSfTtf® ’P.' 

who th rev/ 

Trust Houses FoW£iaa& is. ran 


KENT — only 30 miles from Central London 
between Sevenoaks 1 5 miles > & Tonbridge f 4 mile * >' 

comprising (as separate Lotsi 
The mainly Eighteenth Century Unrterrivor Douse, n n?c. 

Rouiu-s. T Principal and 6 Secondary Bedroom*. 4 
Bathroom*. Oil Fired Central Healing. Nine Loosed >\v; 
and Tack Room with Railed Padducks, Gardens 
and Grounds. 11 Acres 
Period Coach House and Cottage, 
for further conversion with li Acres 
Entrance Lodge with Paddock & Ornamental Pond l Acre 
Pair of Collages for conversion with Kentish Barn and -li 
Acre Paddock. Squash Court & Buildings for Recreation. 
Two Semi-detached Cottages overlooking Farmland. 

Fourteen Parcels of Agricultural Land and Paddocks 
from 3 to 42 Acres 

■ --Kcepi for Thre? Si.rvi-.if Oi-cupatiuus i 

Langley Manor, rilaidenconibe, 3 miles from Torquay, Devon, 
has snperb views of the sea across its own grounds ami 
through a wooded valley. Built in 1S44 of local stone, the 
tranquil 2-acre gardens of the manor are credited as pro- 
tiding inspiration fur Rudyard Kipling, when he stayed in 
the village. There are 6 bedrooms, 3 bathrooms, gas central 
heating, greenhouse, and garaging for 3 cars. 
Bettesworths. 29 and 30, Fleet Street Torquay, arc inviting 
offers between £60,000 and £70,000. 

What price a blue plaque? 
There is one on the front of 
Pec] Cottage. Peel Street. Camp- 
den Hill, London. W.S. record- 
ing that Sir William Rus-eil 
Flint RA. lived there, and 
offer# in excess of £200.000 are 
being sought by Knight Frank 
and Rutley. 20, Hanover Square. 
W-l. It is a unique house with 
a magnificent lofty gailened 
north-light studio, around ■ 64 
feet long, . with a balcony at 
one end overlooking a pretty 
courtyard garden. A panelled 
library /study has built-in glass- 
fronted oak bookcases, and there 
are four bedrooms and two bath- 
rooms, plus a s.c. housekeepers 

How would you feel about 
Jiving in a charming men's cot- 
tage owned by Mr. Neville 
Bywaters, senior consultant 

aen ana spinney. Agents h er waitin" lover all those, feet - 
Bernard Thorp and Partners, SpTJ! because her stern' father, by Michael :-Chapman, ..wfell- ; 
1 . Mount Ephraim Road. Five ? 5 ^™ rf t IJ- U nier wouS THF : man^ng^in^ctoE j 

Ways. Tunbridge Wells. Kent; *££*£££ The preset!? owber, • :*_«« 

in conjunction with - Knight £l 0 ^ i 3 . in a the 18 th centurv send a>ro<*Ure,- Mr. -Oiap. • 
Frank and Rutley. . - . ^ral stone "plantation house. is also: -claxrtEBKi^. ^e . 

Patrick de Lasrlo. son of the has a fund of historical assneia- neartry _l«xnry^ Sandyv;. Lane - 
pa inter. and chairman , bf the tions to relate of this gracious Ho&eL. where^ valas~ are.;jqr ale_ 
Association of Independent hideaway in 2 U acres of rropieal -.ori e 3 KTtiSi^ ; -;Swi^y - 22 ne ; 

Businesses, formerly., the gardens rich in .Flamboyant, Estate. •. _\ r 
Smaller Business Association, Frangipani, and Pride of India, The -, aewesfl: .xe^irt.-,,'ion" : 
.selling his home, Wonham : plus palms, paw paw and. Hog Barbados -is Roekley^ Bay.: run ■. 
Manor, set. in 72 acres ne^T pUrnt. (Watering is no problem by a smali group bMoatl- ih- 
Betchworth. Surrey. The price as there is an automatic vestors on the $ite -of the 
tag of £lm includes all the sprinkler system.) The taste- Rockiey - Golf . Club, -wU 3 v Bar- 
enn tents. Its a- magnificent fully decn rated house, fully bados--Shlpplng. -and Trtdiiiq 
castellated and • turreted modernised, has a long’ cool .'Cpinpany' having 2 b- per cent : of r 
Georgian-Gothic house, ...buUt yerandahed liviitg-room and ter- .equity. The jestaie~is; a 
about 17 S 7 by the Hon. Charles race, a dining room with a series of attractively ;£irtked 
Marsham. later Earl of Romney. Welsh qua rr> -tiled floor (tdes .elustef^, 

For your money you get a used to be carried 10 Barbados ftf 150 a^m«rts,' W-bttiR, 
reception hall. 4 living rooms,, on sailing , as ballast), and a(>M before ^ CTrirtniCtion. Phase 
picture gallery/ballroora (the French ch.-nrs leading on to an . finiched 

paintings are not included in old walled patio full of orchids. ■ • fQr . £ 15««0 

:h? price), 9 bedrooms, 8 ^ Off the pan-Ileo mahogany stair- WiS 

bathrooms, plus a pa vU ion wing case are four bedrooms.' three o^^rwm^lB, 500 ^o^be^ 
with a sauna, party room, ff bathrooms and a study. The rooms £ 2 o, 000 . Apartment 
more bedrooms and a bathroom.' price is around US$ 250 , 090 , and owners ^ caiMjoin.- a central pool -• 
Three cottages. 2 lodges, ' 8 serious inquirers should write’ 'wjwcn K' anance t fn g the schenrt 
stables, garage block, hard direct to the owner at Friendly through -.tour operators: 
tennis court, and over 2.500 ft Hall for an illustrated brochure. Canada. ■ Ddfenis Peter Brown, 
of frontage to the river Mole To get Lhe feel of Caribbean RoeJdey Countty Ciub, PO Box 
complete the package. Agents diving, you can rent -beaeh-sid e^ 35 W. Wor£hing, Christ Church, 
Knight Frank and Rutley. i Studios or 2 -room duplexes, both Barbados. / ■ 

ipssmmf : i 


*; ' 

H 1 

■ ’ 1 



For Sale by Auction in 20 Lots (unless sold privately) 
at Bligfas Hotel, Sevenoaks 
on Wednesday 26th July 1978 at 3 pm 


Jphn D. Wood. 23 Berkeley sq.. London Wl. Td. 61-6M WS0 (ret. JW3J 
Taylor and Twer, 1 Dorset St., Sevenoaks. Kent TH13 ILL (Tel: 5fcl?J) 

• •/ -V- : :: 


Tel. 10853) 2437 4B3D 
and at Warwick. Corcntm 
and Downton 


On Utc instructions of The Duchy of Cormcati 


Cirencester 3 Miles 


4 reception rooms. 12 bedrooms. 4 bathrooms 
3-bedrOouied modernised cottage 
Dovecote (Listed Grade II). Garaging, Stables 
Coach bouse. 2 walled gardens 

Previously used as a private school 
A further 20 acres adjacent could be made available 

SiPiircd midway between Northampton and Lciceiter extending :o acre* 
.ntluding two let Farm, producing £10.124 per annum with rent remiioni 
due 197* Two fine c-rntr.ily heated tann house* having 4 and 6 bedroomi. 
Fou- cottages. Extensive crad'donal farm buildings. The land is a medium 
to heaw/ Iomu capable of producing hijh yields. 28 acres in hand beinj mainly 
mature hardwoods. 


FjII pertieulorf from the sole dgenls na above 


An Elegant Georgian Mansion 
Set in beautiful grounds 
Planning consent for offices of S.400 sq. fL gross 

For Sale by Auction . * • ■ 

with low reserve^ 

ON JULY I8tb 1978 ' 
at St. Philip's House, Birmingham 


. OiessHre; Gttisan & ca 

■ Surreyon 

&3 TEMPLE. ROW, BiRNINCHAM B2 5LY Tel: E3-M3 MSI and London 

For the Secretary uf Social Services 


of over is.nflu s^.ft. stiin s jicivs 
auhj'-ci tu Plantilni! Consent 


b» - l3ile front: CARTONS. Cailk- Martel. Luwhbnroush f Tel. 3IRIi 

8 Oxford Street. Woodstock, Ox on. (0993 S11624) 
also al AshweJI. Herts; CoJiinghani, Notts, and Diss, Norfolk 




A superb single-storey Georgian 
house with 35 2 crcs and exten- 
sive frontage to the coast. 

1 mile Clifden — 50 miles Galway 

Herefordshire/ Worcestershire /Shropshire 

Within easy reach of the mark?! lo«ii» uf T-.-nhurv W.-IIn LuiMnw and Lromtifeisr 


all oiTvrtd with 

Vacant Pussesslon upon completion o( purchase 
Snbjecl tu Condiuomi and w prior hale 

IX FIVE LOTS. VI*. as. 130. IW. 47 and 149 «rca 
Al lhe Portcullis HaHXudJow 

ON MONDAY, 10th JULY, IMS AT 3 p.m. 


LUDLOW. Tel. 2251. 

vendors’ Solicitors: Bristow?. Cooke & Canmac-L 
10 l.moj.n s in:t 1-h.ids. Luiiitou. IV.C.2. Tit. Ol-M^ uJ«. 


ijxiord 16 miles Banbury If? miles 

Cotswold House wiih 3 reception rooms. S bedrooms. 

5 bathrooms. Modern Domestic Offices. Staff Flat. 

Heated Swimming Pool. Tennis Court. 

Stabling for 11. 3 Cottages. Rest Hill Farm with . 

modern farmhouse and 200 cow dairy unit. 


FOR SALE BY AUCTION (unless sold privately) on 14tb July 
as a whole or in 5 lots. Joint Sole Agents: 

JOHN CLEGG & CO., Chorcti Straw. Clmltanr. Bucks. (Tel: B2405 4711) - 

LAKE FOR & PARTNERS, MiddklOT Cheney, Banbury. (Tel: 0245 710592) - 

Recently renovated -to -include 
oil central’ heating. -3 reception 
rooms. 5 bedrooms. 2 bathrooms, 
double garage. Lovely se3 views. 
Excellent sporting - facilities. . 

For Sale Privately 

V3R6INIA— 5J.S.A. 




with adjoining 

A well appointed.’ spacious, 
easily managed Family house 

E*ccHcnt invetunents in S.W. VA. 250 
milai 5.W..of Washington D.C. Oo« 
ta Rouiokc, VA. I the crp’Ul of S.W. 
VA.I. 8-15 per cant net yearly return 
realistic. t00 i« to more than 5.0Q0 
*cr~ tracts ' S200 an acre and up, 
Gra-ring' rim bar md land value 
■nc-.'jies make excollent investment 
plus strengthening of the dollar. 


Situated near much sought after 
village (2 miles AM. 5 miles 
Swindon, 8 miles Marlborough ) 


Ouutondlag site adjoining Md *Hh direct acton onto open Foret:, yet within 
walking distance of High Street. Southampton fO mKei. 

Period Manor House of grea: charm and character in exceptional order through- 
out. 7 Bfldroonu. 2 Bathrooms- Cloakroom. Dining Hall, 3 further Reception 
Rooms. Sun Lounge. Excellent Domestic Offices. Full Gas Fired t /h and Double 
Glazing. Useful Staff Bungalow. Garaging for 3 Cars. -Rangt of Outbuildings 
including Barn and Stable. Heated Swimming Pool and Hard Tennis Courc. 

Landscaped Grounds with adjoining Paddocks, in about 7 ACRES. 

30/34 London Road. Southampton. 

Tel: 0703 251S5 


Main house: 4 beds., 2 baths., 
superb sitting room 24’ x 24\ 
’dining room, study, fitted kit- 
chen, utility room, garden "room 
and stores. Flat comprises sit- 
ting, room. large bedroom and 
bathroom. Central heating 
throughout. Double garage. All 
in approx, ah acre’ of gardens. 
Price to indude ail fitted carpets 
and drapes. Offers in the 
region of £56.000 for Freehold. 
Adjoining paddocks available if 

Tel: .079.379 J24 


TEL: 703-345^704 

Only £2,00 per line (minimum three lines) 



S miles iiom Lugano, modern luxurious for IntormV.ran ••itIWUt Obligation *INJ 

villa arerlDOi'in'j tit*: iJlce. 5 bedrooms lor further and smaller offers ana Swiss 

wi:n balh. indoor-pool, scrvice-aoait- 
mont or OHtCC S652 000. 

with small beaut.lul Paris, boat dock, 

$ rooms. lunMlM r *J97.0D0 

rca' estate investments nieatc contact: 
Klaus Schumann. Via Redondeue. 
CH-69BI AGNO (Ticinoi 

Tel. i9ii S93266 Teiev 79485 

The house occupies an elevated 
site with unsurpassed views over 
Dingle Bay. 4 rtsception rooms. 

4 .bedrooms. 3 bathrooms, also 
separate guest wing and- staff 
quarters. Good outbuildings, 
lovely gardens and parkland. 

Auction 3rd July 

Illustrated particulars available on 


Estate- House 
Dawson Street, Dublin 2 
Tel. 771177 Telex 30376: 


of about 4 acres of established 
commercial conifers in Scot- 
land. Trees range from 10-40 
years old. Prices range from 
£25Q-£80Q per acre. Expertly 
managed, and providing you 
with a trouble-free invest- 
ment, with assured capital 

Return this coupon with details of your .property 
together, with your cheque and pubUeaUon will 
take "place next Saturday; 

Tel: Mr.' Mowgaod 01-629 273( 
or Maidenhead (0628} JCUSI.. 
Wood ind Leisure Land 
6. Hall Moon Strecu 
London. Wl. 

INYEATMSNT. Excellent 3G4-acrc Exmoor 

Farm fo*- MIC on lojse-tiatK «i«ta at 

£120.000 with a rent al £5.000’ pj. 
Excellent hdu3C. buildings, land and 
tenant. Ancnts .Price, o'qdw & -Stubbs, 
TO. Boumort Street Barnstaple (Teh 
Nos. aae&rSi. 


■or teiephrae -01-248 8000, ext; 39Q 

isa.- ' , X 

^ . g_ -li 

"* _ ^ ^ 





r, ‘?foij 

^napcial Times Saturday June 17 1978 


Long living jaguar 

and beauty 


1° years since 1 c an think of, bar two. Those Unless you are prepared to have 

ui jaguar XJ6 burst on the are the Peugeot 604 on the noisy fun on full blast or to 

inoionng scene and became the Michdins, and the BMW 733i open a window, the XJ 3.4 gets 
sensation of the 1968 Motor on a set of Pirelli’s miraculously unpleasantly stuffy in town. 

u ®° W at . less than gaod P6s 1 in a week Air conditioning (not listed 
f ir>° wath a 2.8 litre engine or two ago. The Pirellis are nut as a factory-fitted option On the 

ttansmission; even yet generally available for the 3.4) is, of course, the answer. 

- litre automatic was just BMW but are likely to be later The £806 system available on 

under £2,400. in the year. the 4.2 is one of the best there 

The motoring world has The quiet ride of the Jaguar is. 
changed beyond recognition is not quite matched by its Outwardly, the styling is no 

• since then, but the Jaguar XJ mechanical refinement. Or longer fashionable but the 
hardly at all from the outside, perhaps it was the silent way it Jaguar still looks graceful and 

• The 2.8 engine was dropped five rolled over the road that made weM-balanced. but the long, low 

years ago. Some interior me more aware than I might tail means that the boot, with a 
restyling has brought the have been of a little gear noise fat tyre under the floor, is 

' Victorian sideboard-type facia and a soft groan from the shallow, 

into line with safety require- overdrive. Petrol consumption can be 

. dents, though there is still If you push the engine up to surprisingly good. Driven gently 
enough wondgrain to please high speeds in the gears, it on a run with overdrive used as 
traditionalists. begins to sound harsher than much as possible, the Jaguar 

Now there are only two six- one expects of a top executive will approach 30 mpg and the 
cylinder Jaguar saloons, the car. But at a motorway cruise official constant 75 mph con- 
XJ 3.4 and XJ 4.2. You can have there is absolutely no cause for sumption is 24.4 mpg. The 
..... them with manual gearbox plus complaint. The gearshift is automatic is 4 mpg thirstier 

overdrive working only on top notchy and the clutch quite except in town, when its 14.8 

• gear, or automatic transmission, heavy, with a disagreeably long tnp g compares with the manual 
for the same price — £92130 for pedal movement ' BMW. even car’s 13.8. But my choice would 
the 3.4 litre. £9,753 for the 4.2. Datsun with their 280C. do always -by the automata After 
which comes complete with things better.'- .The brakes, all. if the firm will stand a near 
things like leather seats that though, are splendid. faSl 

the smaller-engined car lacks. And the power steering. here^or there 

How does this 10-year-old car though fine for twirling effort- we ** w neither here nor the e. 
measure up to its price-class lessly in and out of parking Tbe bl £ question mark that 
rivals from overseas ? Really, -bays, has too much assistance Si53KJJ vcr 1S 

very well indeed. The ride and not enough feel for me. justi J? 3 ' a s t0 

quality is still quite outstand- inside, the Jaguar still con- imports by laying that above 
in?. You can pay twice as much veys a subtle, almost nostalgic, a!1 thev , must have a CO m D leteIv 
money for a car and still not be impression of quality that dependable car There is I 
so effectively insulated from eludes some of its competitors, ^ink. an dement of defensive- 
the road surface. It feels somehow heavier and ness here. a decision to pur- 

. The Jaguar's soft all- more solid. The windscreen is chase a dearer and outwardly 
. independent suspension and a bit shallow by today’s stan- less'ppulent import has to be 
Dunlop textile-belted 70 1 series dards and I am hot sure I Iikfid explained away, 
radials were literally made for the black sun-visors set into 5» But \how reliable is the 
one another. Together, they pale roof, lining. 7 be velourVaverage ‘ Jaguar in a business 
smother the bumps and stifle upholstery was nice to sit on user’s hands? I shall be glad 
road noise more effectively than during the recent /hot weather t\ report ' readers’ experiences, 
anv other car/ tyre combination but the ventilation was poor, gppd and bad alike. 

Testing the theory and the fact 

DENVER. Colorado, June 16. 

GOLF IS so much a mental game Irwin knows that when the greens were baked to a crust weather conditions that were as stroke to par at the 1st hole 

that the players are being con- temperature in these parts soars and as fast as putting on a perfect as anything I have ever because at this stage he had 

ditioned by what they say, and into the middle 90s. with almost marble staircase. sen - lovely golf course not got full control of the 

this is translated into print no humidity, a gusty wind will The 1975 Open champion, was bathed in the most brilliant adrenalin now. He rut a tour 

before the event with ridiculous break out in late afternoon. He j crrv p a te and Jack Nicklaus sunlight imaginable with the wood from the tee at this 

regularity. Before the 78th U.S. was . not disappointed. are among the group at 73, Torn snow-capped peaks of the Rocky 399-yards par 4 and came up 

Open Championship began here His round gave him a one- Watson recovered after an out- Mountains forming a gZonous short with his eight iron. 

at Cherry Hills Counry Club, stroke lead over an 18 -year-old war d half of 40 to be among backdrop. Birdies at the 3rd, 6th and 

most of the notable players said amateur. Bob Clamped. from those at 74. Spain's invitee, Sevi palmer and Ed Seay had 7th holes with putts of 32. 
that Arnold Palmer's winning Carmel, California, a freshman Ballesteros, is among those on re-designed and lengthened the 25 and 30-foot set him on his 

score of 280, four under par, in at Brigham Young University, 75 ^ ^ ^ tlie Australian Graham course since the former won in way. and he is such a marvellous 

1960, when he won his lone U.S. who weighs only 10 stone, and 
Open title on this golf course, tounng professionals Andy 
would be devastated. Going into North and J. C. Sneed, who are 
today's second round, only four at t f , nf u under P ar ~°- 
plavers have beaten par. and Bobby Wadkins. the younger 
the field is reeling, shell-shocked, of the two brothers, scored a 
at the scores that have been hole in one on the 208-yards 
compiled. I5tn b0,e 00 his way t0 an even 



1960. Ralph Guldahl was the competitor that thereafter he 
other winner of the U.S. Open concentrated on guarding his 
at this club in 1938. Their score. 

alterations were not supposed He chipped within inches of 
to make any difference to the the hole, having played his ice 
skilled practitioners of the shot through the green at the 
modem era, but the USGA 229-yards eighth. He got up 
have done a marvellous job and down from in front of the 

Hale Irwin was bom less than of 71 which was . t . in persuading the home club green at the par 5 10th and 

50 miles from the golf course, matched b> the twice former Marsh, wh e h S t0 fertiliser their rough from behind the putting surface 

knows exactly what is required *?™r oMhe U.S PGA Cham- champion. Hubert Green, is » ZnsKom proportions - at the 12th. 
at an altitude of over a mile pionship^ Dave Stockton, former alongside the great Palmer at » ota iiy fair and even The 55Q-vard<; 17th hole is a 

c ^r" f T y ^ lu, v r 

average / per cent lurrner . modem easilv in the tOD half of the rest m speeding up the greens, green ls an island in the lake 

R and 22 p^erstha?wiH P be decimated Most of these are tiny targets that runs all the waydownthe 

reund of fiJ one wotdd have ex- Hancock and Bill Brask. Peter when the axe falls this evning, if aimed at from the narrowed left-hand side of the 18th 
pected of him in any first round. Oosterhuis pulled his game and only SO and ties will remain fairways, and not even in range Irwin drove 300 yards here and 
The bespectacled US Open together as he always seems to for the final two rounds. when the players catch the was forced to Jay up short of 

Champion of W4 is such a do for the his occasion to he in Among those who appear to rough, as many of them did the water with a wedge He 
fier ™ competitor that no one a group of six players at one have too much to do are Tom yesterday even with long irons told me afterwards: I had l 240 
counts ^inioirtof any* m^or over par 72 which also includes w««tapf cm. N. Crenshaw. from the tee. Most players yards to go and could have 
event. Yesterday he played the winner of the last two Johnny Miller and Bob Shearer, only used the driver a handful reached the green with a three 

conservatively and that was all tournaments. Andy Bean and who all scored 78. Australia's of times, in feet, Ballesteros wood. But I felt it would nave 
that was required. the ante-post favourite. Lee David Graham's case appears to used his five times and will been a foolish gamble to go for 

ShortJv after mid-dav. he was Trevino, who was forced to play be hopeless at 79. choke down to three today— it. ’ 

able to sav that his score would late in the day when the wind The championship was having decided to use the club This is why Irwin is in the 
hold up until the last players was at its freshest, swirling remarkable for many things, only at the three par 5's. driving seat as the second 

came in short! v before 9 o'clock, about among the trees, and the apart from the high scores in Irwin started by dropping a round starts today. 

Packer problems still with us 

AFTER PAKISTAN had been even more aggrieved. What ted the threat that the Packer However, unless all the other money, between the glamour of 
soundly beaten in the first Test most of them cannot understand World Series posed to interna- counties adopt the same the Tests. He has always loved 
at Edgbarton. there were shouts te why Imran. Zaheer and Asif tional cricket on which the approach, they could well be playing for Kent and invariably 
from their disappointed spec- are allowed to do noble deeds counties and the game are so heading towards a major row given his best. He possesses a 
la tors of “ Bring back the for their adopted counties, but dependent. They knew, follow- with their members, which greater affection for his county 
Packer men.” This was under- not for their country. They are jng the High Court judgment would include all the un- than any imported mercenary, 
standable because they had seen not interested in the ICC, the after the TCCB had made the pleasantness, the bad publicity Barry Richards and Hampshire 
their side outplayed in every TCCB, the Pakistan Board of- ^ ant * cos * a s P ec ^ general for example? 
department by an England XI control. Kerry Packer, or cricket meeting, unless they change Underwood's bowling could 

which apart from its seam bowl- politics. All they want to 6ee is their policy at the end of the well prove largely responsible 

ing and fielding, was far from their best team, which, on the ■ season. for Kent gaining further 

outstanding. They knew that it last tour, promised so much that HI was a member of Kent, I honours this summer. If the 

would almost certainly have it might by now have developed tkevor bailey would be saddened by the pros- committee should then dispense 

been a very different story if into the strongest in the world pect of losing players of the w ith his services, while 

Majid Khan, Imrin Khan, after the West Indies. l lilJUMIM quality of Underwood. Asif and Gloucester, for example, retain 

Zaheer Abbas. Asif Iqbal and England hav* also differed . w °olmer next year, not to men- both Procter and Zaheer, it 

^aneer Annas, ash iqoai ana England have also suffered +„ V uw, 'r ,,CAl uv ? ,ucu ootti procrer ana zaneer, u 

Mushtaq Mohammed had been i osges = t0 the packer set-up but °J tion . Knott ' wbo ratbe . r con * would be blatantly unfair, as ii 

included, as this talented quin- these have lareelv been camou- had . t0 ^Jl ploy thejr veniently decided to retire. would mean that thev wprf 

tette knew our conditions. Imran bv thc welcome oresence ^t cker u P **** They cannot be replaced over- treating for the 

is a world class all-rounder and Slumber 1*7 Therefore offered Derek n5ght therefore my team Englishman by 

Maiid. and nrobablv ZaheeT. are h 7. * % Underwood. Asif Iqbal and Bob wou i ri be less attractive and sue- hi Jf m ,. r& har ' v 

tt continues to pm- a view to dispensing with their eluded from domestic competi- ***** “E": 

contest and I then 'absence vjde prnbIems in our domestic, services at the end of the lion ea SSETL.nSEffii l!> ^ 

h U «’ ,f n0t debasecL ^ if not our international cricket season, as otherwise there was What would upset most Kent u e . d a ’ 

not re-engaginj 

. , „ . . him more harshly than a South 

ccssful, but T would probably be Atrican and a Pakis , an i. H( 
did likewise with prepared to accept it, providing mipht W(1 n hive a <wid it 
?"!!!■ •!' Packer players were ex- a S,’T m 2? i 

Majid, and probably Zaheer, are .p rQSpec t s . Gower. Botham, Ed- Wnolmer 

world class batsmen. monds. Ifilier and Gooeh and the Wamicks “ did^lifteirise "w"ith AfriCan anrt a PaK,stai 

Incidentally, it would also sub-standard opposition A^iRs—nresiimahiv Uith K ° might well have a good 

whole series. 



with 13-year-old Nigel Short White has usually come out on and 6...N-KR4; 7 P-KN4, NxQP; 
sharing second place. • top in practical play until now. 8 Q-Ql. BxNP with unclear com- 

Guernsey’s. fourth annual as shown in this week’s game and plications after both 9 QxB. NxP 
festival will be held from October notes; but the debate is far from ch and 9 QxN, B-B4. 

15-21. sponsored by HmnbrOs 7 P-K6? In two games where 

(Guernsey) and . Guernsey white: Nigel Short Black: Borterill, the British champion, 
Tourism. Besides mam prizes Of d. Sikkel (Holland). Opening: was Black. White plaved the 
nearly £1,000. there are special- Modern Defence (Jersey, 1978). pawil sacrifice 7 N-B3, PxP; 8 
awards for veterans ana ladies, The opening moves were 1 p x p i KNxKP; 9 NxN, NxN;’l0 

Nowhere is this more apparent no point in stressing the length supporters, and certainly all Tb'S situation would nevei 
The chances are that unless than in Kent, one of the of the contract those, including committee men ^a y e occurred in the pas- 

rain comes to their aid. and strongest best supported and. The Kent committee were con- j have already dis- because, apart from the Packei 

already one day has been lost, for the .past decade, the most vinced that they had- acted in CUS sed the matter, is, if next circus being an essential moden 

Pakistan will go 2-0 down at productive nursery in the the best overall and long-term KeDt m j nus their concept, the counties now seen 

Lords and their many followers country. interest of the game, although p ac k er contingent, were l ess able t0 worli in unison, 

living in this country will feel The Kent committee apprecia- they may have been impetuous, hashed by a county who was Only this season there wa? 

still including their Packer stars the sad spectacle of two clubs 
and, to add insult to injury, had Notts and Lancs, trying to bar 

— ” - — * — ... _ .. r _ _ _ r -o a At . ■ maiv* iiAiit a 

<1 nn together with daily excursions p. K 4, p.RNS: 2 P-Q4, B4M2; 3 B-N3, N-B3; 11 B-K3. N-Q5; 12 

CHESS . IS Jloixnahjn*^ on ao ^ a problem-solving ernnpeh- jV-QB3. P-Q3: 4 B-QB4, N-KB3. BxN. QxB: 13 <M) with attacking 

Britain’s offshore ti0 °- ^ « v M B Q-K2, N-B3. chances. The more forcing move 

are annual Jersey and These Island tournamenfe^TC Earlier articles here analysed in the present g^me should be 

festivals, Ptera for an gaiIied an excellent reputation 5 . p_ K 4; 6 PxP, PxP; 7 B-KN5, met by 7...P-KB4?8 P-Q5. N-Q5: 

inter-island league as cosmopolitan events suitable or 5 .. P .B 3 ; b p.R5. PxP; 7 PxP, 9 Q-Ql, P-B3! undermining the 

strengtns, ana N _Q 4 - 8 b^ 2 followed by (H)-0 centre. 

- telephone and sponsored oy f OI> payers of all strength 

■. Lloyds Bank. Anglesey, the Isles Guernsey and the. next »«»■■ finally *5 oji- n p.ks pxp- 7 _ nno . , , 

. of Man and Wight, Oriaiey and j erse y festival scheduled ' for p^p n.tq.’”o p.ft 4 P^OB3’* 9 - ( now 

-Island, Sbeppey, the ScUly Isles x n t en vatioual Chess Festival PO 

line, and White quickly gets on 
top); 8 QxN, NxP ch; 9 K-Q1. 
^ NxR; 10 PxP cb. K-BI; 31 Q-R4. 

The three pieces for the queen p-Q 4 : 12 B-Q3. B-K3; 13 N-B3. 

■ '’““KiSSSS iX* to make UP w Peter Port' or^we and 7° bawTl5 is 6 -NxQP; BxP; 14 B-Kl. P-Q5; 15 B-KNS 

£ Sren W SrWo«S’ §S^M8 In the SSing?^ J (White wastes no time capturing 

B-KR6, R-KN1; the knight but exploits his advan- 
can use his tage in development!, B-B3; Ifi 

an even auuiuw- ' " ■ ° KNxN RxP- 10 B-B 

: jereey «« .OSHSKu.’S* JSXSJ^VtS^m.'SSS U when White 
' . Mmpete with a joint team in the incidental light on P»«es to break down the pawn N-K4. BxB; 17 N(4)xB; BxP'. 18 

.-.biennial chess olympiad for the -shed w biSi has barricade, e.g. 33...P-K4; 12 NxP cb. K-Nl; 19 RxP. QxK? 

world 'Championship would discussed in' this P-KRA B-K3: 13 BxB, PxB; 14 (resignation, for Black will sown 

r favourites to win such ■ ^ anf j j, as provoked if-good N-KA K-Q2; 15 B-N5 followed by be a piece down. He bad to try 

SlTcSE fumenfamongreJers, N-B6 ch, or U..3-KS; .12 B-B3); 20_ QxQ. RxN; 21 Q-B3. 

. . sored by Lloyds Bank apd held deal question whether Q-02; 13 N-Q4, (WW); 14 KR-K1. 

- . th April this year, atrtacted the some or wn ™.J ht5 and abfthop K-Nl (if B-B4;15 B-QB4, P-K3; RxP: 24 Q-R2 cb. K-N2: 25 Q-K6. 

B-Q4; 22 QxN, BxN ch; 23 PxB. 


produced the expert technique 
to protect his contract. Seeing 
that a 4-1 spVit might cause 
insurmountable difficulties, he 
insured his contract by the 
simple expedient of ducking 
one round of trumps. The 
opponents could cash two spade 

SOME CONTRACTS played tricks, but dummy would stiU 
with a trump suit need no have a trump to prevent the 
real expertise beyond drawing cashing of another, 
rhe trumps and cashing the West win, and alerted by this 
established winners, some trump play made his spade Ace 
require the taking of elemeu- and led another spade to his 
tary precautions, and some partner’s King, thus saving two 
demand more advanced tech- overtricks, 
nique from the declarer. Two This was the second hand: 

hands played by friends of 
■mine, both excellent players, 
teach useful lessons. 

The first from an average 
rubber was dealt by South: 

6 4 

. j .temmgw&ssssmmM 

best player, two pawns 



P-B3 intending P-KN4); 15 R-N7; 26 Q-K7 ch. K-R3; 27 Q-F4 
B-QN5, P-B3: 16 B-R4. P-QN4; 17 ch, K-N2; 28 QxP ch, K-R3; 29 
NxB, PxN: 38 B-N3. P-Q4; 19 Q-R4 ch, K-N2; 30 K-R2. R-N8: 
B-B4 ch, K-RI: 20 N-K4. 31 Q-K7ch. K-R3; 32 Q-K3 ch. 

Since 6...N-Q2 fails to 7 N-B3, K ' R4 - 33 Q- R5 ch - Resigns. 

PsP; 8 BxP ch, Black’s only^ If K-R3; 34 Q-R2 cb, or if 

reasonable moves are the text*R-N4; 34 Q-R2 mate. 


f I 






















• Vj. , 











PROBLEM No. 220 
BLACK (8 men) 








* ' ■% 

■ , < 






* V \ 





i. s» v 



T :\ 

’ > 


From a recent Yugoslav tourn- 
ament White (to move) sacri- 
ficed a piece to reach this 
position, but the king’s file is 

WHITE (8 men) 

White mates in two moves, 
against any defence (by W. A. 

bareFcaded"- axid”Black“threaiens Shinkman ) . 
to unscramble his pieces by 

Q-N2. How should White > ■ ■ ■ - — - ■ — — 

continue his attack, and does he Solution*. 12 

have enough compensation for solutions, Page iz 

bis material? 


♦ 5 3 
tr *62 
v A K 9 
+ A Q 4 


* A Q 10 8 
' 9 

J 3 2 

* J 10 7 5 3 


* 9 7 6 2 

Q 5 
- * 6 


4 10 S 5 4 3 
^ A K J 3 
v 8 

+ K 8 4 



* K J 4 

? J 10 5 3 
10 8 

* K 9 8 2 


♦ J 7 2 

r ? 2 

'1-9 7 4 3 

* J 10 9 5 3 


* A K Q 
*7' 7 5 4 
<• K 10 6 

* A Q 7 

♦ 9 

V Q 10 9 8 6 
'?• A Q J 5 2 
A 6 2 

South opened the bidding ^ ^ 

with one heart. North, replied par j ;aer employ — -he had 

■ ■- 14 k la... nnrl Ciltltn ” w _ ■ • 

West dealt with neither side 
vulnerable, and after two passes 
East tried with one heart. My 
friend in the South seat hid 
two spades, most unorthodox, 
but the kind of bid his present 

with two diamonds, and South decided t0 pay hitn out in his 

rebid two hearts. When No rill 
said three diamonds. South 

own coin. North now made the 
excellent response of three 

attached some value to his jj earts which put South on the 
Queen 0 f that suit and jumped. t _ He could think <rf nothing 

minnoiWc m a» tn FaiiT r . » ^ 1 

perhaps optimistically, to four jj et ( er four hearts, and 

he ! rti : . ^ , when North bid five spades. 

Against four hearts West led carrie d on to six. 

the five of dubs, and the The of hearts, an obvious 

declarer won with dummy s sinsIetoni was taken by the 
Ace. Now many declarers, as ^ ce and trumps were drawn in 
you and I well know, would thre ’ e rDUnds , There was only 
cash two high trumps, learn the one hope _ a red suit squ eeze 
bad news of the 4-1 split, and a g a | nst £ aSt p or yiis to suc- 
then turn their attention to Cfie ^ East must hold not only 
diamonds. If East happened to rhe diamon< j Ace but the Queen 

hold three diamonds, they would flmJ M weH . 

get home— a thoroughly un- Crossing t0 club Kiqg, 
deserved piece of good fortune. South led ae diamond siQg iQ. 

On this occasion such misplay toQ and East won the Ace. 
would have met with merited A ’ dub was reUl rned to the 
retribution, but the declarer Qyjecn and ^ declarer led a 

spade to dummy’s eight and 

fft&f OR CARS 

PORSCHE 3 - 3 - TUBB 0 

iara ftifl. Crand PnX *"5 
I 978 J* R4Ca ro* OR- Air 

lsj>- ^ Hwd Dli¥t ‘ 



WH.' maiw * r , 

Wc W 

m or .Bin 




alpteli 1 ' 

IB, otsOM 


.K : jirrjtrv ol'AlPinatr ab-condiliooed 4flv!nfl: The system with maximum" , 
£n,0Y ^cBi-noN DEHUMIDiFICATlON WJD FfLT RATION: which msanano healcrlug.W 
•.REFtiWERA • .-' :u no draugh , 4| no nrjKc. no discomfort w Inter vr summer -just: 
'fumefc'no Je drjv -. ngi!] -he year rourd. Only Alpioatr odefs yoU Jucti a wide ■ ^ 1 designed units which blend superbly with lhe-ti*shtoard ot yourcar 

: variety „ ft Tried; tested and proved a winner. Atpinair- Bvrcpn 's ondpubtea 

: -•whrf'iV.ei' uU-conditiGning. Send now tor colour brochure. : • e. --, ' 

feaders tnauio a** 

cashed the ten. discarding a 
heart from hand. In the four- 
card ending East had Queen, 
ten of hearts and Queen, Knave 
of diamonds. A club was led 
from the table to the declarer’s 
Ace. and East was squeezed. He 
let go the diamond Knave. 
South cashed his King, and the 
ten was his twelfth txit-k. North 
said archly; “ You love that 
play, don’t you? But you could 
have ruffed the diamond on the 
table.” South had no adequate 

been strengthened still further' Sussex from the championship 
by the acquisition of a Kent re- In this atmosphere it is difficul 
ject, say Derek Underwoodl to believe that there will bi 
This situation, which could continued action against Pache 
occur because some dubs are players. 1 suspect that this lari 
committed to the retention of of harmony is to some exten 
their Packer men, would not due to the extTa money to h\ 
only weaken Kent, and reduce found as a result of spnnsorshii 
interest but would be blatantly and the added pressure to wii 
unfair to the cricketers trophies, 
concerned. A new breed of committei 

Apart from being a model pro- men are becoming increasingl: 
fessional, Derek Underwood has common. They are more con 
provided exceptional service for cerned with the success of,thei 
Kent and England over the own county than the gamel Ii 
years. Unlike many interna- other words, they are becomin; 
tional players, he has never closer to football club director 
regarded county matches as un- than cricket administrator 
fortunate chores to be taken for which is to be regretted. 

of art 

. have decided to act as respon 
5ible collectors being extremel: 
discerning in what is acquiree 

The investment manager 
are advised by Sotheby's, 
name with a very high reputi 
tion. But they, have taken grea 
■ pains to ensure that the expei 

ACQUIRING WORKS of art tise provided by Sotheby's doe 
can be a very pofitable pastime DOl conflict with Sotheby’s rol 
besides being aesthetically as auctioneers. The manager 
satisfying. The value of many ca)1 now justify employing 
such items has kept pace with fyjj time works of art manage 
inflation over the past couple w h 0 is DOt a Sotheby employee 
of decades. Anyone buying a 

picture or a rare piece of china ^ r - Christopher Lewin, th 

has seen the value of this part controller of corporate pensio; 
of his assets maintain its value an ^ chairman of the works n 
in real terms, the pleasure of sub-committee, points mi 
owning the work of art being P urcha5e propose- 

additional profit & Sotheby expert has to 3 

„ . . . . — _ , through three separate stage 

■ ■ j ls , a investment for app^y^ by different group 

individuals in hedging against of people before it t . an 3 
inflation, then it must be a good abeaA A ^ ^ ijas lQ b 

made out or the purchase wt 

’ ~~~ noit go through. The policy, h 

says, has always been to rejet 
PENSION FUNDS an rteni ,f tiiere Xs any doufc 

and to date more than one-thir 
of all items suggested have bee 
rejected at one stage. 

The managers are endeavour 
ing to buiJd up collections in - 
number of different sections 0 

sue SHORT 

m , M * UMI41-JVI V* M 4 v ill. UVVUUUO M 

investment for pension funds. £he art mar ket, following th- 
This is the line of argument pat jj “true” collectot 

taken by the trustees of British Md not siinp|y buying aQ . 
Rau s pension funds. Tue in- piece that by itself looks a goo? 
vestment managers embarked ^vestment, 
on a programme of investing in 

works of art a few years ago, a 
move that has aroused con- 
siderable controversy both 
within and outside BR. Yet the 
publication this week of 1977 
report and accounts of the 
funds shows that the trustees 
are unrepentant. They invested 
a further £4.6m last year 
making a total of £12.7 jtl 
B ut having taken this course 
of action, the funds are not 
rushing out and buying every 
item being offered to them, a 
feature usually attributable to 
the nouveau riche (and pension 
funds of Nationalised industries 
can be described as that). They 


Mercedes-Benz Dealers 


280 E WI23 1977. M'd. red. 
bamboo doth. auto, tincad, 
radio £9.250 

230 1976, Topaz brown, 

bamboo tex. au4> p pat, radio, 
25,000 miles £6,250 

Tetechor. - D slid Jacobs 

■■ r 1 -v , i 1 "V r '• ■ j 

. __L_1 

/fry ■ 


J .:. :. • '. : . 


’■ \ : ?j& • V 

A*^***" V"S* Trfv y w " 

s> •*!:^ Si Vr.: ' 

■■■\ ■ :‘-i : . : -jjf •"-«,•• ‘i 

&*?. ^ r,- 


- > . A ♦ • • 


Bulgarian folk festival 

IT WAS April, and tobacco- which otherwise costs £7.41) (small charge at other times t>r 
planting time in the valleys from the Bulgrtrian Embassy. at other resorts). With its 
beneath Rila mountain. Its You will also pay less for gently sloping sands and wide 
gleaming white peaks, reaching your hotel and. ii you are a variety’ of sports and entertain- 
to 2,925 metres, made a splendid motorist, gain the benefit of ment amenities, this is a good 
backdrop to the women gossip- 50-150 litres id - free petrol, centre for the young, though 
ing over their work in the according to the length oE your seekers of local culture may- 
tobacco fields near the village stay. This presupposes you find the network of modern 
of Kocherinovn. Storks were have booked full board at hotel complexes a little limit- 
nesting on the village roofs and BaJkantourist or Shipka hotels, ing. 

sheep nudged among the spring two main groups of Stale-run Indeed, the earliest of the 

grass. We were on our way to 
Rila Monastery, founded in the 
10th century, largely re-built 
after a lire in 1833, aud among 
the must dramatic sites in the 

About 900 miles of driving 
around Bulgaria on that recent 
occasion confirmed earlier 



coast's tourist facilities date 
from the late 1950s and must of 
them from much iater. Other- 
wise there are the busy ports 
of Varna and Bourgas. and 
historic little pockets such as 
Nesscbur. which is packed with 
lovely old monasteries from 
medieval and earlier times, or 

impressions: this chunk of East accommodation. If you are the village of Sozopnl 

Europe wedged between the worried about tne potential whose narrow streets and old 
Danube and the Black Sea has rigidity of this seneme this is houses attract the artist set. 
the spice of variety. Expanding overcome by a system ot meal 
tourist amenities, combined with vouchers which cnaole you lo Of tl } r ^ 
various concessions, have also eat in any Balkantourist resorts. ZlatniPyassatsi (Golden 
made it one of the better and restaurant throughout the Sandsi is notable for its mineral 
more flexible travel bargains or country. In all resorts and springs, Albena for its exotic 
the late 1970s, especially for towns, these include some very modern architecture. and 
motorists and families with charming folk restaurants. Drouzhba for its Swedi.-h-bmlt 
children. A bonus of 50 per sometimes offering traditional Hotel Varna, undoubtedly toe 
cent on the official rate of music and best in Bulgaria: fully equipped 

exchange applies lo all tourists For family holidays, the for all kinds of balnealogical 
(not businessmen or private obvious focal points are the treatment tan abortive search 
visitors) using the services of resorts of the Black Sea coast, for oil in 194/ led lo the 
Balkantourist. the main operator where the Bulgarians have accidental discovery of the 
of accommodation and other made more effort than many to mineral springs), it is highly 
tourist services in Bulgeria. cater for their youthful visitors, sophisticated in all its appoint- 
Visitors making pre-pa id At the resorts of Slunchev mt> nts. It is also the only hotel 
arrangements through a UK Bryag (Sunny- Beach) and in. Bulgaria with a private beach, 
travel agent gain considerably Albena, children between 2-3 For Bulgarian history, which 
in terms of concessions and years get a 75 per cent discount is plentiful and sanguinary (the 
reduced formalities. To begin all the year, and at Sunny Turks ruled, suppressed and 
with you will be exempted Beach there’s a free baby oppressed for half a millenium 
from the need to obtain a visa, sitting service up tu midnight here), you should head inland 


into such mountains as the 
Balkan range or the Rhodopes, 
or such depressions that 
separate them as the Thracian 
Plain and the Valley of the 
Roses. The latter is at its most 
magnificent in May, though at 
other times flourishes with 
fruit and lavender. At 
Kazanluk there is a Museum of 
Rose Production (e.g. three tons 
of rose petals equals one litre 
of rose oil) and near here a 
beautiful Thracian Tomb from 
the 4th century BC which 
should certainly be seen. 

Among the inland towns. 
Veliko Tumovo, once the 
capital, and the older districts 
of Plovdiv, site of the big inter- 
national trade fair in Septem- 
ber. are well worth some gentle 
browsing. Gabrovo is very 
industrial, but five miles away 
at Etur is a charming open air 
museum of original houses 
grouped along a mountain 
stream where all kinds of 
crafts are kept alive. The 
countryside in most areas is 
especially rewarding for its 
scenery and slow pace. 

T liked Sofia, too. At first 
glance it seems rather over- 
whelmingly recent until ynu 
look, almnst literally, under the 
surface. There you find delight- 
ful scenes, such as 14th century 
St. Petka Samardjiyska, an 
oasis of calm beneath the traffic 
of Dondukor Street: or 5th 
century SL George Rotunda, 
crouching in the courtyard of 
the Balkan Hotel: or a cobbled 
Roman road and foundations in 
an underpass just in front of} 
Communist Party HQ. St. 
Sophia Church itself is a 
restored and gradiose shell from 
the tith century, Alexander 
Nevsky Memorial Church a 
glittering representative of the 

early 20 th. 

It’s also a city of light traffic, 
green spaces, good concerts and 
opera, and quite a lively 
restaurant-and-cafg life. And, 
as for most places in Bulgaria, 
the mountains are on the door- 
step: in this case Vitosha at 
22290 metres, a natural play- 
ground at any time of the year. 

Two-week holidays with full 
board at the height of the 
season average £l50-£200 (£300 
at Drnuzhba's Varna Hotel). 
Further information from 
Bulgarian National Tourist 
Office. 126 Regent Street, Lon- 
don. W1R 6BD. 

Your week-end £: Austria 2700, Belgium 
5905. Franca BOO, Italy 15*0. Greece 
«*IB, Spain 142. Switzerland 3M. U-S. 
1,82. Source: Thomas Cask. 

TT. VmilLD BE some - 
tottmeentrate on 

of th^e words 

.WK® for men if tbs 
net 'Currently . 

my-r office window ana - 

Ah^eTs - were not ^ 

gishly over my typewnter koys 

S to the 

JifiMir in the City. However,, 

' i V j ■ «-T' 

75 , > m myj.'.f' »:•<>< «.•• 

* » * } si ^ -u J' * 





in” order, to • 

■(»; i viQV; i ' 
j 3 1 1 •- *»s» 

fH j v ) i W- « j 

liijB 11 ! 1 ' 1 ' 1 -? * r^rF' i -mr-n > 

wi& ivimWedon and iffra wherry - 
picnics just a round the.. G9*?£ T * ' 
h ow ^iir ely is ttQ 5 

j- ’jThp^ poor weather .has cmhe 
■at 'a':tiine when there .is a fine . 

crop krf leisure clothing in me 
shops,; - a singularly unhappy 
is? In cadence but one th at .means . 
there is stiU a fair ainoitnt of. 

■^odcafound for anyone making 
• last .-minute holiday purdiases. 

'But so rapidly is menswear of an ovepp^tu. , - » ■ : - 

"‘•"i aft u look which w typical at the present 

with towefinng £ 

V ^ of Take Six. It is worn over a. track /suit als o frn^ Trfai ;• 
‘^^^T(Cbony in South Moulton Street 

fet and y«. fad a, short^ ^ £*2?%^ 

. P ^Be , ii^w^re three other examples iff current “ 

-Safari jacket, a very soft suirener weil^it g^^xicat. selb f w .. 
Aottin Reed (Cue). The jacket in the <xtttr* 1 • 

5T7 ro dSSoi. from Vtehi^. . 

/■ from P Browns, South Moulton Street (£40), and th e-^fik p i fepweg, - 
■sfiirt and tie on the ri^tt.«mi« front , 

mods are widely stocked in the more trend con^iouj 
; in each case . come from Austin ; The . 

" taken by Trevor Humphries at the Holiday 

- London: • 

v ... 




All are good value for money as costs continue to rise. The new 
1978 Edition of “ Let's Halt Awhile id Great Britain " personally 
describes over 1,200 hotels. Here is a most rewarding gift and 
a mine of information for your holidays, honeymoon, mini-weekend 
breaks, or business conference. £3.75 from book stores or direct 
from tbe Author. IS iD> Little London, Chichester, Sussex, plus 
66p postage in U.K. 


Co. Durham 

LUMLEY CASTLE. 1 Jrti ccnturv Castle. 
All bedrooms with oritate oath, radio and 
TV. Gourmet restaurant. Elizabethan 
E jiw nets held most evenings In the Baron's 
Hall. Tel: Chescer-le-Street 885325. 

MULLTON, S. Cornwall 

POLURRIAN HOTEL—*. Happy. Informal, 
fine cuisine, friendly service. 1Z Acres 
secluded. Own sandy co*e. Htd. poof. 
Tennis. Putting. Nr. SB-hale golf course. 
Clifl Walks. Dancing. Tel. 240421. 


AA* * *R AC. Orerloolcing sea and sand* 
[wach. Licensed. Excellent Cuisine. Fme 
Lounges and Bedrooms. Tel. 073 676 

PORTSCATHO. S. Cornwall 

In 3 acres ot beautiful gardens above safe 
sandy private beach. Noted lor cuisine. 
90% rooms with bath-shower. Full C.H. 
Ideal for early or late holidays. Tel. 206. 


WESTCLIFF HOTEL. A family run hotel. 
All ages catered tar. Lovely m Summer. 
Heated swimming pool. Close to sandy 
beach and golf. Tel: 3ZS2. 

Nr. STROUD, Glos. 

AMHERLEY INN. Strongly rec. lor week- 
ends and annual holidays. Golf and riding 
adjoining. Around, cream ol the Cots wo Ids 
countryside. Within, generous fare and 
com pan io ruble tuns. Tcf. Ambcrlev 2565- 
iSTD tMS-387.1 

WESTONBIRT, Nr.Telhury. Glos. 
HARE & HOUNDS. Adjoins Arboretum 
on the A433. On business or holiday transit 
or tor a comoiete Cocwoids holiday. 
Write or tel. Westonbirt 213. 


LEW TRENCHARD. Lew Down, Okehampton, Devon 

(Just off the A30) 

is spectacular! From a stately home to a hotel. Ancient in 
record hut modem in comfort. Set in acres of woodland. All 
at modest prices. 

Tel: Lew Down 256 



CH-9000 St. Gallon, Switzerland 

Well-established co-ed ucational school. College preparatory 
programme with Advanced PlacemenL Official Test Centre 
for American CEEB, Oxford GCE and Royal Society of 
Arts Examination Board. Commercial Studies Small 
classes. Holiday language courses July and August. 

Write for details to the Dean of Admissions 


In addition to Rome, Florence 
and Venice our booklet lists 
many of the smaller Italian 
towns — Siena. Assisi and 
Verona to mention only three. 

There are also suggestions 
for two and three centre holi- 
days coupling the cities with 
the lakes and seaside resorts. 

Only the scheduled airline 
services are used and our sug- 
gestions may be amended to 
fit your exact requirements. 
May we send you details? 


6 , Harriet Street, Belgravia, 
Loudon, S .»U. 

Tel: 0W35 COM or 6b1S 


I week ac the Andrew Melville Hall 
oF Residence, Half Board Twin* & 
Prise including " BEST TICKETS " and 
-Hoipicality Tent only £I0S per 

Phone Keith Prowse Golf 
01-589 6341 






Give tout children the thrill of 
HOLIDAY and leave every- 
thing t<* utAre groups 7-9*. 
y-l2s. 13-17*. Write or phone 
for colour brochure. A Iso 
Kparulc hrnchures Tor IIOOi, , 
Family Holiday » and SciionU. I 
fl’ 1 h uuna St., Ross-on-Wye. ! 

HR47AHlfl<f8 l >)42Horcic.& j 
« *'* Founhope »M3 2"»7l 53?J 


TX. 74232. Summer mountain holidays. 
Indoor and oocn-air swimming pool. 4 
tennis tours. 




AS I STRODE across a seaside 
golf course the other day watch- 
ing some of Britain’s top pro- 
fessionals playing with 
amateurs, I suddenly noticed 
that I was walking on a close 
carpet of roses. It was, of 
course, the Scotch Rose, a lovely 
species which never seems to 
behave in gardens as it does 
when it grows wild on the dunes. 
I thought what an extraordinary 
family this is, with variety that 
can scarcely be equalled, let 
alone surpased, by any other. 

In a few weeks roses will be 
spilling from the tops of some 
of my tallest larches, trees that 
have been growing steadily 
since well before the war and 
must now be fully 60 feet high. 
They are musk roses, or what 
pass for such in gardens for I 
leave the mysteries of rose 
naming to experts like Graham 
Thomas, one of whose books, 
Climbing Roses Old and New, is 
just about to be reissued by 
Dents in a revised edition cost- 
ing £8.95. I am delighted to 
have it, for climbing roses lend 
to be neglected by both writers 
and breeders, the former, I 
imagine, because of the difficul- 
ties in unravelling the ancestry 
of many of these roses and the 
latter because, so they assure 
me, there is little money to be 
made from climbers. I do not 
think that this indicates any 
lack of appreciation by garden 
owners but rather that climbing 
roses, even the smaller ones. 

take up so much room that it is 
only necessary to buy a few. 
Yer those few can make all the 
difference to the beauty of a 
garden in summer and they 
should be chosen with the 
greatest care. 

I share Graham Thomas’s 
preference for growing climbing 
roses as nearly naturally as 
possible which is why I send my 
tdusk roses scrambling into tall 
trees where I can admire them 
without ever being called upon 
to do anything about them since 
they are too high up to be 
pruned, let alone sprayed. The 
odd thing is that they never 
see m to need either when grown 

f this way. 
That mar 

j That marvellous rose Kifts- 
£ate belongs to this same group 
of musk roses. Where it does 
iwell it is breathtakingly beauti- 
'ful, with huge trusses of creamy 
white flowers but with me it has 
not grown so well as the anony- 
mous *' moschata " which was 
given to me years ago by that 
remarkable amateur rose 
grower Mr. A. Norman who 
raised Ena Harkness, Frensham 
and several other very good 
roses. I think that Kiftsgate 
needs better soil than I am able 
to give it. I must try it agaiu 
in another place and with much 
better soil preparation than it 
got last time. You do not expect 
a monster like this to be faddy 
but Mr. Thomas confirms my 
suspicion that this is just what 
it is. 

Kiftsgate gets its name from 
Kiftsgate Court, a lovely garden 
in the CoLswolds, just below 
Hidcote Manor and with even 
better views across the Vale of 
Evesham to the Malvern Hills. 
Tbe garden was made by the 
late Mrs. J. B. Muir and she pur- 

chased the rose, presumably as 
Rosa filipes, of which it is cer- 
tainly a variety, from the 
Bunyard nursery, then at Maid- 
stone. It was years before any- 
one took much notice of it but 
then its fame spread, Mrs. Muir 
allowed it to be propagated and 
widely distributed .and. as Mr. 
Thomas explains. It was called 
Kiftsgate to distinguish it from 
other, possibly inferior, forms of 
R. filipes. 

This is not the only dis- 
tinguished climbing rose to be 
saved from obscurity- by Mrs. 



Muir. Also from Bunyard she 
purchase a form of Rosa 
bnmonii which Mr. E. A. Bun- 
yard had found in the Hanbury 
garden at La Mortola just on 
the Italian, side of the Freneh- 
Italian frontier near , Menton. 
According to Graham Thomas 
this is unquestionably tbe most 
ornamental form of the species, 
outstanding in foliage, flower 
end fragrance, and he should 
know because ti was be who 
saw it at Kiftsgate, and per- 
suaded Mrs. Muir to let him 
introduce it to. general cultiva- 
tion under the name fiosa 
brunonii La-Mortola. 

Among the -first roses to 
flower are the Banksians, par- 
ticularly . the Double Yellow 
Banksian which is the easiest 
to purchase and to. grow. It 
hasL a reputation for tenderness 
but it will stand quite a lot of 
cold if. its growth has been 

m j 

well ripened in late summer. 
It grows and flowers well in 
■tiie Channel Islands and is .an 
ideal rose for sunny, sheltered 
patios, except that its flowering 
season is rather short. Still its 
foliage is light and decorative 
and its stems are almost thorn- 
less which must be regarded 
as a considerable advantage 
where space is limited. Mr. 
Thomas makes the point, new 
to me, that the flowers are pro- 
duced in greatest quality and 
quantity on the two- to three- 
year-old side shoots. He sug- 
gests removing a percentage of 
the • five-year -old stems each 
year, a very different method 
from the annual backing out of 
as much old growth as possible 
which is the usual treatment 
for climbing roses. 

The most beautiful climbing 
roses I saw last year were ail 
specimens of the olimbing form 
of Cecite Brunner. I do not 
know whether .the season suited 
this moiety specially well but 
all were absolutely smothered 
with the tittie pink noses, per- 
fectly formed and sweetly 
scented yet only a quarter the 
size of even- a smaJJ hybrid tea. 
As a c&M'I - used to pick 
bunches of Cecile Brunner fix- 
my grandmother but 1 they were 
from the- bush form which is 
still a delightful- little rose - to 
ffrow, better, I think, than any 
of the modern miniatures. 

In general I do not 'think that 
climbing roses flower as long 
as Che best bush roses. Perh.ips 
they spend itoo much time grow- 
ing and ' have insufficient 
strength left to go ou flowering 
for a tong time. There cer- 
tainly does seem to be some 
correlation between the -amount 
of growth a rose makes and the 

conrimx^y of its flowering. For 
the giai^s, like, 3Q£tsgate aad 
La Mortola, it is one tremen- 
dous display -and then no mote 
that season. Yet relatively short 
roses such as Joseph’s Coat and 
Aloha, both of which can just 
as converuent9y be grown - as 
shrubs, go on flowering well 
into the autumn, Aloha is 
rapidly becoming one of. my 
favouri tes, a 'rose that has been 
around for\ she best part ' of 
30 years without .ever making 
much of -a stir.. It bas.-shapesy 
flowers which Mr. Thomas calls 
“ dear rose panic,” though that 
seems to amiss some of . the 
subtlety of -the shade . which' as 
a muted pink -in (he - manner of 
old rose or crushed strawberry. 

It is strange how good roses 
can be overlooked even by their 
raisers. Mr. Thomas tells .the 
story of . Lawrence Johnston 
raised by M. PernetrOucher In 
1923. From tire same pod of 
seed be got Le Sere, which he 
much preferred, and he would 
have thrown the other, richer 
yellow -rose awagr-faad npt;Mr.- 
Lawrence. Johnstsxft, then - busily 
engaged im maMc® the Hidcote 
garden, seen-tand purchased the 
only piaat from item, H&.at 
first called . it Hidcote YeHbw 
but when Graham Thomas-asked 
to be allowed to exhiubat M. at 
the Royal Hortkxditu^aJ . Society 
Mr'. Johnston asked - .fihat ' -if 
should bear :his ' name. .It 
received an Award of , Merit and 
grows well , in a fevir gardens 
but has never: beecind' ~ wfetoiy 
known, despite ifes quaiSy^ Ixjak 
for it- at flhe Royal » National; 
Rose Society’s garden : aiear ; SL 
Albans if- you visit ot-'ikir, the 
great rose show: to'be heid thtsre 
on Jiiiy.8:aud.9; ; 





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An Exhibiiion nf Victorian Painring 
Until 2Sth July 

ft PuVc Snort Sr James' uLondim SWl 
Cjllcry Hours: MonJarui J-'riday 10-ti 

A private MfiijCbpn ol Dutch Romantic 
and Continental Paintings to bo oHored 
lor Sale from June 14th to 24th as a 
whole and thcrealccr as Individual items. 
Catataaun available. Exhibited at 26 . 
London End. deacons Held. Bucks, 04946 

I SPENT most of May in China 
and, in the moments of wake- 
fulness induced by the barrage 
of loudspeakers and motor horns 
with which the Chinese salute 
the dawn, I thought with in- 
creasing nostalgia of the cool 
green hills of Argyll and the 
river where for the last dozen 
years I have fished for salmon 
and sea trout with indifferent 

Or, to be more exact, for the 
last five years catches in June 
have declined almost to zero- 
Last year we caught the only 
fish landed in that month. This 
has had nothing to do with a 
falling off of our basic skills 
but partly to a shortage of water 
in the river and moire 
importantly of fish in the spring 
run and this has been common 
to all rivers. So marked has 
this transfer of fish to autumn 
runs become that the experts 

bad written off with the most 
reasoned arguments any pros- 
pect of a return of spring fish- 

As usual the experts have 
been proved wrong because this 
year there has been an enor- 
mous number of fish in many 
Scottish rivers and I hoped, on 
my way through to the High- 
lands, X would find the same 
state here. But the auguries en 
route were not good. 

Except where there was still 
snow on the tops the streams 
and rivers were dry. just the 
bare bones of water-polished 
rocks in place of the usual 
torrent at this time of the year. 
I wasn't very worried. This river 
is fed by a 20-mile-long locb and 
I have never seetr it without 
some water. 

Within a few miles of my 
destination I passed a well 
known river dry as a bone and 
saw two fishermen wading in 
the sea at its mouth and cast- 
ing in the hopes of catching 
one of the fish waiting to enter 
the stream as soon as there 
was a chance. 1 have never 
been driven lo this because 
the chances of catching any- 

thing "are .slight and you can 
if .you wish go spinning off 
Brighton Pier with -almost as 
must hope of success as they 

One can* but sympathise with 
anglers who have booked their 
holiday months before only to 
be reduced to these straits .on 



arrival but I found that I was 
not a much better case myself. 
The river is almost dry. there 
has been little rain for nine 
weeks and it. is even lower 
than it was last year. But 
there is a difference. The half 
dozen deep pools hold a great 
many fish. They can be seen 
rising continually and in the 
estuary the waiting shoals are 
said to be packed like sardines. 
The problem of course is to 
catch them. 

The pools are deep, dark and 
without movement, and the 
obvious .tactic would be ito use 

worms, bat this is against the 
rules and we fishermen... keep 
the rules. So we are reduced 
to fishing tiie aurfiace when 
there is enough wind to make 
a lop. all -using sunken files at 
the stream outlets where we can 
see the fish’ lined up ’waiting' 
to go on up to tiie lodL ' 

Thanks to the use of polarised 
glasses every fish’s movement 
can be seen at a considerable- 
depth. It isreajly. quite interest- 
ing. There are the salmon four 
or five together, a well directed 
fly glides down towards them. 
They avoid it by moving out of 
iit3 way and- then slide back into 
position. We have been at it fior 
hours now and no salmon has 
lost its temper enough do snap 
at the fly. 

I do not think .that we have 
a hope, unless before the end of 
the week there is some change 
in the aimosphere that wild 
make the salmoa lose their cool 
and, srap the baiL Otherwise 
it is we who are getting frus- 
trated. Nowaday* thanks to 
those glasses we can. .see it all 
happening; and this under- 
lines the fact - that it was prob-._ 

ably better in ifihe.past when -wb 
were fishing in- Wind .ignorances 

And ignorance' is tbe word for 
it. After Writing -the : above - ' I 
was fishing what . would be the 
best beat on .the river/ , Just 
whereat debouches inio/a pool 
of about a couple of acres. 
Nothing happened for :an' honr 

or so and feeling the .heed:' to 
relieve" the call of hature i .laid 
my rod down, with lhe'^fly stffi 
** the water and turned by back. 

Then it happened. I heard the 
reel begin to scream abdUtrned 
round only to see tbe rod jerk 
off the bank and follow what 
must have been an enormous 
fish into the water and disappear 
the rod not floating because of 
the -weight of the reel . I 
attempted to find it on the 
bottom by dragging operations 
with a spinning rod and treble 
hooks but to no avail. Late that 
evening the fish escaped and the 
floating line came to surface and 
the rod was recovered 50 yards 
from where I lost it which 
proved that a fish had taken in 
and not that I had flung it away 
in frustration as my companions ■ 
seemed to think. This -was the-' 
only fish to take- mv fly fhat- 
week and that was that ■ « ■ : 

' Jr 1 : 



jr ; "ginandal Times Sat urday June 17 1978 


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: “ ■‘•-liSu, 

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'PICNICS can be hell. Too much sand, too many flies, 
; nmdL rain, loosv food, biting winds and too many other 
people— these are just some of the hazards with which 
?k» ic& «mi be beset. On the other band when a picnic is 
perfect, I can hardly think of a nicer happening in the 
whole social calendar. We had one such perfect evening 
*®cenfly at Glyndebourne when a combination of 
exquisite weather, delicious food, marvellous music and 
. Md friends contrived to add up to one of those- golden 
• days yon remember for a long time to come. 

Looking at all the picnickers and the elegance with wh 
ibjby had spread their rugs, laid out their tablecloths 
and even set up their tables made n,a mils* iiist how 

luatl fhn av:^. *_ 

* days you remember for a long time to come. 

Looking at all the picnickers and the elegance with which 
.they had spread their rugs, laid out their tablecloths 
.and even set up their tables made me realise Just how 
well the British can do things when they really put 
ikelr minds to it Though it seemed to me that ours was 
finite the most perfect of all the plenies X could glimpse 
(Pimms to start with, then cold watercress soup served 
in French white bowls, salmon trout with sauce verte and 
s a l ads, strawberries and great bowls of cream) there 
was none the less no group visible that hadn't gone to a 
great deal of trouble over food and drink. All a far cry from 
plastic sandwiches and salads stained with beetroot. 

The equipment they all owned, too, was such that lead 
me to believe that picnicking must surely be a larger part 
of the British way of life than I had ever imagined. 

Nobody could surely buy all that just for one 
or two outings a year ? 

- The real essentials for a successful picnie seem to be 
a good collection of eooHe hags — into these you can fit 
white wine, champagne if you're lucky, bags of ice and 
Fteezella bags, and the combined package should arrive well 
.chilled on even the hottest of days. Our friends had 
bought a large and simple picnic basket frum Habitat and 
. this held all the glass, china and cutlery for our party of eight. 

The ether essential is either lots of small or one large 
. vacuum-flask for providing hot coffee or. on colder days, 
hot soups. Once you're organised for transporting these 
essentials you can then decide which of the extras 
are important to you. I have an aversion to plastic plates 
and mugs myself and feel that the touch of glass and 
china adds a great deal to the event; however, if there is 
much carrying to be done or far to 
; walk then plastic is certainly mucb lighter. 

VTbough elegant pienics, like those at Glyndebourne, Ascot 
and the like, are not the stuff of everyday life. 1 think 
it’s worth taking trouble to do them well — the pleasure of 
.the event extends way beyond the hours of its duration, 
and lingers in the memory for years. 

' For this week I've gathered together just some of the props 
that will come to your aid if yon, too, want to plan 
ah event of this kind. Nobody will want all of them, hut 
• a- few of them wilt certainly go some way to providing 
the. right backdrop to a M plush picnic." 

by Lucia van der Post 

IF YOU aren't catering for 
. large numbers but would like a 
pretty vacuum flask that will 
keep, liquid hot or cold Jacksons 
ot Piccadilly has a very pretty 
selection. The one sketched 
here has a black background 
and is decorated with sprays of 
pink flowers and green leaves 
hut there is a tomato red 
version with white and yellow 
flowers or white with sprays of 
orange and yellow flowers. The 
flasks all hold one litre of 
liquid. £11.90 (P & P S6pj. 


HAMPERS is a relatively new 
set-up but it seems to me a good 
one. The idea behind it is that 

- people going to the major out- 
door events in the summer 

calendar— Glyndebourne, Bad- 

... urinton, Chelsea Flower Show. 
Epsom, Ascot, Newbury, the 
'polesden Lacey Open Air 
Theatre and so on — may order 
a hamper, filled according to 
■ their tastes and purse, and then 
..collect it on the day at the site 

\ df the event . 

The food offered is on the 
whole the sort of simple food 
that best suits outdoor eating 
cold meats or salmon, crab or 
“ lobster, if in season, salads, 

. : .-cheeses, desserts of .. fresh r .!^J! t 
• or gateaux, as well as charm- 
. pagne. wines or lager and soft 
drinks. Prices do not see ra 

- ^ excessive for the sen, 

- offered and Hampers um to add 
: all the little tlungs that are 

- ' needed on a picnic— Tolls and 

J— For large picnics, i cherc you hair 
numbers to look after, this large insula ted 
flask will hold 7.2 litres of liquid— «*i tl*e r 
hot or cold, depending upon the day. Much 
the most efficient uay of trunsporlvig 
drinks, it is simple to use providing Die 
instructions are followed. It has a handle 
for easy carrying and inside the beaker- 
stule top is a container holding disposable 
beakers, so you wont need to carry cups 
separately. Made in Italy, it costs £lo-»» 
from HeaTs. of 196 Tottenham Court Road, 
London Wl, who trill post it jor £1.09 extra. 

"—This is the latest portable barbecue 
from the Hibachi stable. It consists of 
two separate but linked griddles. It enu 
be easily carried fbui it is heacy). because 
the two sides fold togetlier and mth the 
two handles form a shape rather like a 
circular suitcase. Made from cast-iron like 
all the Hibachi models, this one is different 
from previous models in that spikes 
let the ash drop nmaij but trhen packed 
\ together the brickettes or fuel is auto- 
' maticaUy extinguished and can be re-used 

\Later. The 12 inch size is £17.70. 14 inch 
is £21.00. Both from Harrods of 
K pights bridge (£2.60 p&p). 

3-1// you like rather elaborate picnics irirh 
lots of courses then this group of slacking, 
insulated containers could be very use J id. 
There are flte different insulated con- 
tainers and each could take something 

butter, salt and pepper, salad 
dressing, sauces, finger cloths, 
corkscrews and even toothpicks. 

You can choose a meal as 
simple or as luxurious as you 
like and know that you can just 
turn up on the day and find 
the whole thing ready to collect 
and enjoy. 

The pick-up points at each 
site are very clearly shown, on 

email maps that the firm sup- r png sort of person at 
plies. They seem to me to ewer whom m|dges make a dead set 
most of the major sporttag ^ ^ always on the lookout for 
events {including Wimbledon, swytbiag ^ keeps them at 
polo, Bisley, archery and Cowes Tbig gaTden candle Is set 
Week) but if by ^ a terracotta flower pot and 

they have forgotten something ^ insect repellent 

they ask potential customere to ^ welL The candle has a 

let them know and they 11 see if “ nWe ^k to withstand 
they can help. draughts and breezes. Complete 

If you think you'd like a ham- pre tty box it costs £1.50 
ner eet in touch with Hampers, ^ p 70p) from Jacksons of 
Timber Vale, Greendene, East ptecadtUy. 

Horsley, Surrey Uel. East 
Horsley 2649)- 

either hot or cold so n-.-u rnnld tor 
instance, have hoi soup. I allowed bj t 

nunlash followed by. ice-cream (niter all. 
not maun days in England arc enbrely 
suitable for alL cold foodj. h all makes a 
very compact package about. 14 inches 
high but it is expensive. The outer 
stainless steel container is of bright otiu. 
the inner ones are of plain lUununium. 
£42.80 (p&p £2.50 < from Direrfirncim of 
68, Marylebone Lone, London Wl. 

4 a wine cooler. *. a glass cooler uvd 6. 

an ice-bucket are all (rum irhat is knouu 
as a Glacettc set. There arc devices )or 
keeping drinks cool — the ice-bucket leaps 
i he ice iu good condition, the trine cooler 
kt-cps a bailie coo ' irliile the Temperature 
t.| the drink in the fllu» will be preserved 

hu the special glass container. This 
particular set is embellished with a charm- 
nv, design of yellow birds sun °' ld ct ° u ** 
..*< n blue background. There are plain 
versions which are cheaper. The a me 
cooler is £5.05 (£1.35 P&P*. tu> 

l.uckei is £25 and llib tofielher uiih jour 
glasses (at £4.25 each/ could he posted for 
£1.8(1 P&P- All irom Harrods of 

7 Though. I'm not wild about plastic or 

melamine plates they are certainly much 
lighter to carry and. of course, don l break 
Harrods have some exceptionally n ee 
patterns at the moment of uhuih this 
design was the mom pleasing. They are 
expensive (or seem so to me) but tuey 
should last lor a long nmc and then 
manage to make melamine look « 
as possible. The background is whiU. tiu 
bamboo stems and leaves are green An 
eight inch plate is £2.Po, 9 inch is £3.00 
a ltd a 10 inch is X4M. There is also a 
tea-cup (£1.90) and saucer (£1.50) to 

AT SOME or the outdoor events 
I occasionally go to 
amounts of drink seems to be 
Inseparable from the enjoyment 
of the occasion. How then ilu 
you transport lots of different 
bottles and their accompanying 
mixtures 7 Wicker basket*, 
specially marie for the purpose, 
seem to be the answer. Here 
two solutions to the 

Above. Is a willow portable 
“bar” that is 21 ins high with 
a diameter of 19 ins- ** holds 
four bottles and 12 glasses and 
is good looking to hoot. A com- 
pany called Roundabout, of 2. 
Topiary Square, Richmond. 
Surrey, which ha* until now 
specialised in willow cradles 
for babies, has started import- 
mid selling them hy mail 
order Tor £1825 with free 
delivery in central Loudon and 
a delivery charge of £125 else- 
where in the UK. 

Another design on a similar 
theme is show n right. This one 
is made from wicker and it 
holds four bottles in the base 

e— If you want to take non-alcoholic 
drinks like homemade lemonade or 
qinner-heer this charming china botth 
is in white with stripes oi green and 
yellow. It has its own flrz-proo) stopper and 
is £6.75. Because it is china it is erpenmc 
pack *> pip <i i-’.-’O /™>" Horru[,s 
of K night sb ridge. 

holds four hollies in uie naw 

and has a flat top for holding (80p p fc P> from Jacksons of 
glasses, olives, nuts or other Piccadilly. 1<1 Piccadilly, Lon- 
accompani meats. U is £U.35 don, V\l. 

I THINK one of the nieesl final! 
presents one can give i‘ a small 
gadget which tan I--. 1 used lor 
stopping up champs J no hnttlos. 
The best vhampasr." only emirs 
in half buttles or larger 
lies and sometimes one doesn’t 
want It* drink U all at »nv V" — 
this is where the champagne 
stopper conies in useful. It keeps 
the fizz in the champagne for 
up to 3 days and if you are plan- 
ning on a really lavish picnic it 

dilly is having a special picnie 
and barbecue fortnight in July, 
from 3-15. If you can wait that 
lung it is well worth going along 
for then you can see a large 
amount uf merchandise and 
ideas all laid nut together. In 
ihc meantime they have pro- 
duced a sheet "f ideas which 
renders can send off for — charm- 
ing line drawings illustrate 
things like barbecues and 

barbecue touts, hampers. 

vacuum flasks and other picnic 
paraphernalia. For a free copy 
send a s.a.e. to Shirley Graham 
Ellis. 12 Dagmar Terrace, Lon- 
don Nl. Among the small ideas 
recommended by Jacksons is 
using small tubes of Benedicta s 
mayonnaise— a very good idea 
as they arc so easy to pack and, 
of course, quite unbreakable. A 
6’. oz tube is 39p and for the 
moment they are banding out a 
free picnic knife and fork in 
stnokey brown plastic with oath 

Pick your own 

THERE'S something rather 
nice about the idea of picking 
one’s own strawberries, broad 
beans, apples or whatever. 
Gentle, rustic visions of country 
baskets overflowing with the 
healthy produce of the land 
come to mind. For those with 
freezers it is a wonderfully 
economical way of filling it to 
provide memories of summer 
in the winter months. For those 
without freezers it is a good 
way of finding fruits for jams 
and preserving. 

However, some of the prob- 
lems have always been knowing 
exactly which farms allow you 
to pick your own, when which 
crops are at their best and at 
what umc the picking i> 
allowed. Home ami Frec/er 
Digest {which is incidentally 
an excellent magazine for 
freezer owners) has provided 
a marvellous service in us 

laiest edition {the July issue) 
hy listing farms all over the 
v-mmtry where you can “ pick 
vfiir own." 

They are listed by county 
u uh full addresses given and, 
wherever possible, telephone 
numbers so that you can check 
ilu- state of the crop you've got 
yuur eye on. 

Symbols have been used to 
indicate whether the farm grows 
bt-rries, fruits from trees like 
apples, plums or pears, leaf 
vegetables or rout vegetables. 

The pullout in this month s 
Hume and Freezer Digest runs 
tn 16 pages but already it 
seems such a success and such 
a nood idea that a book is being 
planned. Besides the pullout 
M.- 1 -tiun there arc some very 
•Mind recipes for freezing the 
summer berries — all in 
c :i client value ai 2up per copy. 

Pool a nanny 

sarys s 

use that 

h t“ufc%r«his ^ 

f use .$£$5: 

who lovely new ones ^ ^ 

there are lushes t, ^ 2 old firm 

» PerhaPfi^ebell by 018 .S bv Sheila 
recently •-^.harminff ? bop at 
-of : .PeBbal^on ^ in a cha* London, 

- pickles and e^a Gflvent t.araeo. 

;-.4l Wellington § . a ^iy, of, ye* 

blue tells. It is very floral Mid very special 

, ic nn ]— available in a * oz bottle of extract 

£12.50. - H you want to buy from PenhaUgons 

hy mail, order they run an efficient sernce i and 
provide a charming booklet and order form 

f ° r ^new thifi summer is a new IWU? 
from the; House of Florls. 11 Sited 

SM ® aTvely collection of 

flG.50" for 60. ccs while the toilet water costs 

f9 ^Oreal’s 1 hew S fragrance. Eau Jeune. is less 
JAA. very siightly tangy- and must 
be th*> ideal hot weather fragrance- Eau 
Alette js £150 fbr240 ml, while the spra> is 

£2.95 for" 145 ml. 

ANOTHER OF those ideas so 
.rood that one wonders why 
nobody ever thought of it before 
— a service to help working 
mothers share a nanny. When 
my children were young enough 
to need constant care nannies 
of the good, old-fashioned sort 
were quite astonishingly badly- 
paid. I still blush when I 
recall the salaries. Nowadays, 
however, a* anybody whu ha ; 
recenllv tried m hire one will 
know, they ..-nine very expen- 
sive — they need a private life 
like everybody else, they need 
to eat and be clothed and haw 
the odd outing, too. 

However, money h nm the 
only disadvantage; lack t-f 

privacy is another. Sharing a 
nanny between families could 
be a very good solution. The 
nanny can be paid a very good 
salary, enough for her to pay 
for her own living accommoda- 
tion, if she is employed by 
more than one family. At the 
same time the children get the 
company of other children and 
ilu- security of a familiar, daily 
figure tn tare for them. 

At the moment the service h 
.inly offered in the London area. 
Anybody whn thinks that shar- 
ing a nanny could bo what they 
ifi’d should contact the Share- 
r- N anny department of The 
Nanny Service. Oldbury Place, 
ljiin.lnn, WlM 3A-J. Tel. 01-935 

ciiuld similarly be used tn keep 
the champagne fresh between 
The races, the acts or whatever. 
There is a gold-plated version 
fur £S.5li. a silver-plated version 
for £4.95 but there is a perfectly 
acceptable and efficient one in 
stainless steel for £3.5i». They 
can bo bought or ordered from 
Harrods— they deliver free with- 
in a radius of 30 miles from 
London— but otherwise will post 
it for 55p extra. 

HERE is a splendid gadget 
fr«»m that old friend of FT 
readers— Peter Knight of Bea- 
cnnsfield and Esher. It is a 
proper coffee maker that makes 
fresh, hot coffee and can he 
used hy just plugging the con- 
nection into a 12-volt cigar 
lighter— this means it can be 
used in a car, boat or caravan. It 
takes about 10 to 15 minutes for 
the coffee to be made and 
though it doesn't make a great 
deal at a time 1500 centilitres, 
enough for two largish cops) its 
great advantage it that it is real. 
The ground coffee should be put 
into a little strainer at the top 
of the flask, the water goes into 
the main body and the coffee is 
made by the percolating 
method. £5.95 (P+P 75PL 

Make it 

IF YOU want something 
inexpensive and up-to-the- 
minute to cheer up your holiday 
wardrobe then for a small 
outlay and up to 10 hours of 
yuur lime you could have 
either of the two garments 
photographed here. The patterns 
have been devised to use Id's 
new handknitting yarns that 
contain Bri-Nylon. As you can 
see the patterns, available free 
to Financial Times readers, 
enable you to make either a 
ions, slinky vest-like dress (very 
fashionable on summer beaches) 
or, hy stopping the pattern 
half-way. a sunlop. 

The dress would lake the 
average cruchcl-wurker about 
10 hours to make, the sun-lop 
would take about four hours. 
Hayiield Beaulon Crepe 4-ply 
yarn is the one for which the 
pattern has been designed and 
the yam comes in a good range 
of lovely, sunshiney, summer 
colours. A 25-gram ball costs 
25p and this means the dress 
would cost about £5.25 in the 
smallest size <32 ins) or £6.00 
in the largest size (38 ins i. The 
sun top. similarly, would be 
either £2-00 or £2.50. 

If you’d like the pattern 
just send a stamped addressed 
foolscap envelope to: Sundress 
Pattern, Huw to Spend It Page, 
Financial Times. Bracken 
House, 10 Cannon Street, 
London EC4. 


Distress signals I Matisse 

Caliban, a radio critic manque, 
came to mind as I listened to 
some recent experiments in the 
Held of radio drama. “The isle is 
full of noises. Sometimes a 
thousand twangliog instruments 
Will hum about mine ears; and 
sometimes voices. That if I then 
had waked after long sleep, will- 
make me sleep again . . . 
Mvself. i did in fact stuy awake 
through “the first play without 
words to be written for radio," 
The Rertrnfle by Andrew Sachs 
(Radio 3. June It. and through 
S.Q.S- bf Barry Bermange, “a 
development of his earlier work 
in the field of audio-collage 
(Radio 3. June 13 k but I 
wondered how the listener fared 
who bad just switched on for 
pleasure. , . , 

The Revenge took up a chal- 
lenge thrown down by Tom 
Stoppard. He thought it ought to 
he possible to write a radio play 
with no dialogue in it whatso- 
ever. a hazarre gambit coming 
from one whose own plays are 
dialogue nr they are nothing. 
„Anyw ay. Andrew Sacbs (when he 

varietv of tones ranging from 
cold neutrality to sheer panic, 
enunciates phrases taken from 
The International Code of 
Signals for the use of all Rations 
(1874). instead of plot, which 
implies development and resolu- 
tion. we had a simple static 
situation, represented by a cry 
for help that never comes, a 
vain attempt to communicate in 
the face if imminent danger, the 
basic situation of a great many 
modern plays. U is one to which 
one cannot help responding and 
I found these phrases more 
rewarding to listen to than the 
sound effects in The Revenge. 
Bare statements and questions 
■*rew poignant. “ Six metres 

water in hold ■ ■ ■ Hello . . . Who 
is that? . . - Water-logged . . 
Can vou hear mev . . . Can you 
sec me? . . . Are you there? . . . 
Abandoning • ■ Go ahead . . . 

Tir !_ hnrnin^ . . . TT.»Tn us . " 

Matisse, whose work, with 
Picasso’s was greeted with 
hilarity when shown in London 
just after the last war, is now 
generally acknowledged as one of 
the greatest, perhaps even the 
very best of artists of this 
century. Exactly in what his 
greatness consists is still a matter 
for debate: less of a painter in 
the purest sense than Bonnard, 
more consciously a decorator, 
more equable and far less 
prodigiously various than Picasso 
(though like him essentially 
graphic in his work, a graphic 
colourist), he it was. neverthe- 
less. who set the path that so 
many others were to follow, and 
follow still. His assertion of the 
fundamental flatness of the 
painted surface, by no means his 
own discovery, was early, com- 


is not indulging in radiophontc 
experiment he plays Manuel in 
Fniclty Tourers » has proved thar 
the feat of look-no-dialogue ! is 
indeed possible, but what he has 
not so far demonstrated is why 
anyone should want to perform 
it. "let alone listen to it. The title 
said it ail: vengeance was 
wreaked by a man on the run; 
we had to deduce the plot from 
the various noises he made and 
those made by his pursuers and 
victim, a symphony of aggression 
and terror including hearing 
breathing, muffled cries, window- 
breaking. drowning, police-sirens 
wailing, footsteps echoing across 
asohait, aod Su un. 

But apart from the fun of 
working it ail out. I do not see 
that anything much was gained 
bv the speechless purity of the 
piece. T suspect that its main 
justification will come later as a 
teaching exercise. Occasionally 
the radio drama department 
organises seminars for writers 
who have had one or two radio 
plays done and wish to extend 
their techniques. I can imagine 
The Revenge gradually acquiring 
textbook status at these gather- 
ings. A wordless sequence or 
two may be an effective method 
within a radio play of creating a 
violent climax, particularly in a 
thriller, but to have such a 
sequence bumped out to last 30 
minutes is rather like a jazz LP 
that is exclusively drum solo; a 
tour de force that becomes a 
forced tour. 

If The Revenge eliminated 
dialogue. Barry Bermange’s 
5.0 -S. eliminated plot. It con- 
sisted of people, either individu- 
ally or in chorus, and in a 

Wreck is burning . . . Help us . . " 
Tn a sequence like that we have 
the basics of drama without the 
superstructure. How many full- 
length plays can you think of 
that are summed up in the 
following? " Excuse unable to 
comply . . . Cannot stop, no time 
. . . Excuse pressing commitments 
of our own . . . Save us . . . We 
are dying. Cases of fever, 
dysentry. cholera, small-pox . . . 
When will you? • . - When the 
moon rises ... Do you require 
assistance? . . - State require- 
ments clearly . . . Act as judg- 
ment directs . . . Depend on own 
resources . . Mr. Bermange 
himself directed the: U voices, 
male and female, used contra- 
puntaiiy. in the programme, and 
David Greenwood was in charge 
of the special sound work. 

Many creative writers are all 
at sea when it comes to stringing 
ideas together and the distress 
signals they emit in radio inter- 
views are often painfully wishy- 
washy if not downright in- 
coherent. Not so the novelist 
Laurens van der Post, who was 
talking to Derek Parker for 
ha!f-an-hour in An Individual 
Self (Radio 4. June 13). He spoke 
with eloquent conviction of his ; 
faith in individual man even' 
against tbe unreined might of 
collective man in Africa today 
and of how tbe faith was a 
source of strength in a Japanese 
prisoner of war camp where he 
lived for a number of years 
under the ever-present threat of 
death, where he and his com-' 
panions h3d to depend wholly 
on own resources. It was a 
heartening signal of radio's 
maturity to give this interview- 
prime time on Radio 4. 


william packer 

prehenstve and direct: and from 
there he went on to conjure space 
and form out of pure colour. His 
work was ever intuitive, 
hedonistic, inherently seductive 
and untheoretieal. 

His great period came compara- 
tively early in his long career, the 
dozen or so years before 191S: 
but such art-historical considera- 
tions in no way disqualify or 
demean bis later work: if influ- 
ence and importance were the 
only criteria, our galleries would 
be markedly sborter on master- 

This small loan exhibition at 
Marlborough (June-July) indeed 
covers only the later period, the 
earliest pictures dating from 
1917. the last from 194S. Those 
small early works already mark 
the shift away from the tough, 
ambitious paintings of the war 
years towards Ibe bourgeois 
idylls of the twenties, and a 

With Rostropovich -as . one of .from, a, .She wu g. 
i ithe artistic directors- of tberora.qn'Tbi^d^^ 

’ ! Aide burgh Festival we may re^.-.fti^rcSaBe easily ^ 

j ! sonablv^hope for a thorough she steed'. KW ^ ^ 

*t-A ! journey through the sides ..of /anef^ro^gfahesses ^ 

- Russian music of which -we nor-;;o -‘explosive effecL 'llW^ 
gjfe mally hear too little. Ad example v gem^ted , “The 
: of what can be done was Thurs- was.tVnmalded * with espeemi 

day's recital, at which., the, fam-, deJwaey/ 
ous cellist was heard ..-as vuaitt- : ShfeuMp by 


accompanying us wue. ua ima p 
V ishn evskaya in a programme;- n 
of mainly unfamiliar bat also c; 
mainly excellent songs . -,hy] “ 
Rimsky -Korsakov, Glinka anA‘ : 

An occasional song.of TUmsky’s ' 
turns up now and then, but to- ' 
have a whole half of a recital , 
devoted to them was a bonus: :. 
One can see why they aren’t-. , 
more often beard. The vocal line' ' 
is paramount. The piano parts;. « 
though subsidiary, are not uh-. - 


. Jia-ggE - — — -nature,: w 




as^’iWh^v^oniar g^i r<sag 

pf ano 

i ISftiBK; wm 

lHUUgU nuuaiuiax.v, at c nut cum.- . . 7 , 

interesting, as “The faded How- /« m h»r ”1 : taowMHi -lines? teasm g ffffi ^ ^ 

jer" showed, nor uoadventurous £ range of 

: as the almost Straussian effumon .^at«ttr -4He ”*«*- 

'of “The lark exalts" and “The of Prokofis^s writingv 

I clouds part" proved, while "The- ^S^^u/sonos included - an deli^ranfl 
, nymph- has unexpected,- ^grtT twtapkto- ***S*tt*WgEgg 

i SfJ? iK“5.5. ^i,5K™S5-88&F but -SS? to- 

Henri Mathse: Meditation after the bath 

: interweaving of voice andfuano soprani td^Sow-.dante* the 

.as we know it from, say, Schu- , of using- a pressing; • * 

imann or Wo It there is little. ^;^ ak,us ^!? y , hat : 

! One result is that the songs, tone at Kostf 5^ The tWfl 

(need singing of a kmd not £j e^tS atmosftoo 

' always within reach of good aod, . l L fii with vtril- TP a rtw A ga coald 

•thoughtful “ interpreters n of 

i Lieder The melodic Unes wlh, ^ r^poo ^ he mapages so wea 

j their long, .beautifully ^ped ^ead/.iihe an extension 
return for a while to a more even perfunctory at times, the.! Pj****” erloiis eveiJi 

painterly modelling of flesh and paint 

much thinner. 

the i phrases call for fine tone, an - y0 “ : ®vP art «. W pnlnB : Peler tfascinaring- **LiiaIogu<j' 

Se 1 even compass and strong lungs. previous eve^ig ^eter. SS 

simple. Manet -like figure, espe- r or the mosi par? so fine in 

dally beautlfui in that softly in L nf T Mari borough S 

interior. I(l he congratulated and 

The gentle touch persists in nil thanked, for bringing them 

these paintings, even into the together for us to see. A small 

somewhat larger red interiors show at Lumley Cazalet fa iso at a pon d by Friedrich Vote choppy- 
with figures of the early fort until the end of July) of draw- 1 so jd f 0 r £32,000 yesterday in Koekkqe. 

A painting .( attl. wnteripi with Mtag. w-JtiS,; 

Herman us clabroirate dedication:, -page “To. 

» . ’ Her M«st , Giniatoui. • a&ijesty 


| scbooL concentrated almost ex- i'_ 
clusively on the painting of-- 
cattle. The price, paid anony- . 
mously, fell just short of a. rev- 
cord for the artist which was set 

Jazz at the Portman 

Trurapeter/fiugel-hornist John 
McLeavy and accordionist Jack 
Emblow are , the featured 
musicians at next Sunday's New 
Orleans Jazz Brunch at the 
Portman Hotel, wr. 

On June 25 singer Beryl 
Bryden will be appearing with 
the Rod Mason band and on 
July 2 the Gene Cottrell quintet 

SHAW — I’m Talking About Jeru- 
salem. The finai play of the 
Wesker Trilogy, well worth col- 
lecting. Reviewed Tuesday/ 

WATFORD — Rain. The old 
Maugham-based drama much en- 
livened by film-actress Gloria 
Grabaine as Sadie Thompson. 
Reviewed Tuesday/Wednesday. 
SAVOY— WTz ose Life is it Any- 
i ray? The cracking play about 
euthenasia transferred from the 
Mermaid. Reviewed Wednesday/ 

ACTION SPACE. Chenies Street, 
WCI — Young Gup Seeks Part- 
Time Work. Thin piece about 
bow to deal with a schoolboy who 

tnlrac im - 11 raliaf m occo nP lv 

TUae M/ETSTBr AMn MffYT mously, fell just short of a re-. - 

B 51119 VYBCELtfi ... RSdLP SltAS I cord for the artist which was set 

OLD VIC — 1 The Lunatic, ihe of marital hatred, with a 

Lover and the _Pae t. In other cracker production by the RSC. ! York • last m0IlUl ac - 



yet to appear on ,.ure uiarKei- 
They are expected to sell for 
between £5,000 and £10,000 

ea<Si- V • : 

v Two beautiful, seascape a&bu-r 
meo printe .in iS^.ftbinr'. 

caBiidaon on glas negative by-'' 
the Frenchman Gustave Le Gray; 

words the poet Byron: a kind o ■ Reviewed Friday. jw-,Ddu. ' ■ .. the Frenchman Gustave Le Gxay. 

We5nSdav UmCnt3r> - ***'*'* STUDIOS - Tr^l SSSSt, TdSS “^!L *' ■ ^ :** 

_ iops. Richly rewarding new play from Scotland, paid £IL000 - for ^ anis . yesterday. . nuns. Le Gray .was a., gifted 

ftIER3LAlL ^— Leery Good Boy concerning the problem of white: a nicture of a girl in a game • ‘Ufeariy 400 lots or consisteatSy eariy amateur who was respon- 

Desen es Favour. The astonish- democrats in the Cane Town of harder by candlelight signed and fitfgfc quality photographic im- sable for developing the' waxed 

p f M ™ ■ Str ! l i' 1952 - Renewed Friday. ! dated 1849 by Petrus van Schen- ag^ and related materia! make paper process: He is best fcnowsn 

hour-ion'’ niece about hum^.n Monday. Runner* at the Bush]0ei. A Belgian the sale at Sotheby's Belgravia for seascapes such as these. 

rights, with chamber orchestra. ^ S g? t 5 pdt f nfc^^cattle^tp! agOM Wednesday. June 28, the The many Other phoitK 

Reviewed Thursday/Friday. . Bltrui '. a an d a donkev grazing* by a ^ immortamt of its type~yet graphic treasures itt the sale 

GREENWICH — The Golden Liverpool Elertn!n?m™o thl stream by .Eugene . Verboeek-- there, and on Friday June indode works by Fox Tattoo , 

Cradle. Five one-act pieces by r 0Y3 i Court Wednesdav Erita I'hoven. Also af. fllvOOO was h 80; the second part of photo- Hjdl .and Adamson, Robertson 

the Founders of the Abbey at Prince Edward. Thursday, j wk» ter street .scene w Milan 5y • g^phs fro mCecH Beaton’s and Beato, . . Frith, Nadar,; 

Theatre, Dublin. Of special Bartholomew Fair,, the Young Mose-^iandu. ■ . .... ' sthdio wiU be soldd. Reflander, GamerotL 1 Emerson, 

hnur-Iono nierp ahnut hnm-,n •’'"muay. nunners at tne BUSH * 'Hie sale at bOtneo 

r£tab . wlt^SmbS D % 1 Tj iC %7 ii S ^ ri - faSS.'S? ~-W«taa«toj. J 

Reviewed Ttandv/Mtay. “J b|°“ - JJJ taM «* 

Reflander, G®#™^ : lE^etson. 

takes up “relief massage." 
Lunchtime. Reviewed Wednes- 

*S!nv?«« b ni J' 0111 ] Vic ’ s first production ; under its . Magnus paid £9^ for a pic- Tdeeeneral sale Mudes two Sutcliffe, Muyi>rid«e-«ndEvans' 
Rev,eweJ ™ Erector Michael Bogdanov; lure o^ed ^ A . over 

Thiirsd ay/F rid ay7 Tthe aSSJ nportant. -Crimean W«>teo ,.th«e_ ;WMltoiy 

ALDWYCH — The Dance, of adaptation by James Saunders leer, and ah anonymous bidder klhtnns hy Roher' Fenton. They photograptis, important albums 
Death. Strindberg's classic study of Kurt Vonnegut's Player Piano. ' £8.500 for a painting of a river have, 67' photographs in each and daguerreotypes. . _ . .. - 

f Indicates programme in 
black and white. 

BBC 1 

7.15-880 am Open University. 
9.10 Playboard. 953 The Flashing 
Blade. 9.45 Calling Young Film- 
makers. 10.00 Arlott and Trueman 
on Cricket tld-25 Laurel and 
Hardy in " A CAramp at Oxford." 
11^3 Weather. 1155 Cricket, 
Second Test The Cornhill Insur- 
ance Test Series: England v. 

1J0 Grandstand: Racing from 
Bath. tL40,.2.10. 2.40);. Tennis 
1.55. 3.15) The John Player 
Tournament; Cricket: Second 
Test (2JJ5. 3.) 5); Rugby 

Union: Australia v Wales 
(2.50): ' Athletics 1 2.55 and 
Jaler) Women’s AAA Com- 
monwealth Games trial; 4.55 
Final Score. 

5.15 The Tom and Jerry Show. 

5.30 News. 

5.40 Sport /Regional News. 

5.45 Emu’s Blackpool Walk- 
about. starring Rod Hull 
and Emu. 

6.15 Saturday Night at the 
Movies: “A Thunder of 
Drums "• starring Richard 

7.50 Lena ie and Jerry starring 
Lennie Bennett and Jerry 

8.35 Kojak. 

9.25 News. 

9.35 Parlov v. Conteh: Light- 
heavyweight Championship 
of the World. 

30.50 Sailor... 

11.20 Marvin Hamlisch. composer- 
pianist in concert. 

All Regions as BBC 1 except at 
tiie following times:— 

Wales — 12.20 am News and 
Weather for Wales. 

Scotland — 12JJ0 am News and 
Weather for Scotland. 

Northern Ireland — 5.4U-5.45 pm 
Northern Ireland News and Sport 
12.20 am News, and Weather for 
Northern Ireland 

BBC 2 

7.40 am 2.45 pm Open University. 

t3A5 Saturday Cinema: “Shop- 
worn Angel " starring 
James Stewart 

4.30 Cricket, Second Test: 
England v. Pakistan. 

6.45 The Money Programme. 

7.30 News Sport' 

7:50 Network. 

8.20 Lost 

8.35 Roya-1 Heritage. 

9.35 The Camera and the Song. 

10.05 Welsh Triple Bill. 

10.35 MLA.SJL 

11.00 News on 2. 

11.05 Cricket: Second Test (.high- 

tllJ5 Midnight Movie: “Light- 
ning Strikes Twice " star- 
ring Richard Todd. 


8.50 am Sesame Street. 9.45 
Half Our Show. 10.15 The Monkees. 
10.45 Our Show, part two. 1L30 
Sneneer’s Pilots. 

12.30 pm World of Sport 12.35 
World Cup on the Ball: 12.55 
International Sports Special 
(1) Athletics-^U.s. Outdoor 
Track and Field Champion- 
ships plus Australian Pools 
Check; 1.15 News From ITN: 
1210 International Sports 
Special ■ {2) Motor Racing— 

Swedish Grand Prix from 
Anderstorp: 1-50 The 1TV 
Seven (part 1). 2.00 and 250 
from York; 2.15 Sandown: 
2.40 International Sports 
Special (continued) Motor 
Raaing — return visit to 
Anderstorp for closing stages 
of the Swedish Grand Prix; 
3.20 The ITV Seven (part 2). 
320 and 4.00 from York: 3.45 
and 4.15 from Sandown: 4J30 
Wrestling; 5.00 Results 

5.05 News. 

5.15 Cartoon Time. 

5.30 The Life and Times of 
Grizzly Adams. 

620 Celebrity Squares. 

7.15 Sale of the Centuiy. 

7.45 Best Sellers. 

9J50 News. 

9.45 The South Bank Show 
Presents “ MacMillan's 

12.00 Stars on Ice. 

12J0 am Close— a painting by 
Velasquez with music by 

All IBA Regions as London 
except at the following times: — 

9.25 m lindi-rwa World «t Captain 
Nemo. 11-Jo Star Maidens. 1ZJ» pm Stars 
pn ”JM "P-“ r.«ir*p Hsmlt'on IV 

Show. 12-38 At the End or the Day- 


9*5 am Musket. Fife and Drum. 930 
Sesame Street. 10-30 A TV Saturday 
Moral ns Picture Shew "The Croat St. 
Trmlan’s Train Robbery" and the super 
HfriHi "W ,, 'ienr Maud." 5.15 pm Pro- 
fessor Balthazar. 5J0 The Six MflUwi 
Dollar Man. 


9.85 am. Build Your Own Boat. 930 
Dynomatt — the Dog wonder. 930 Morning 
FUm : "The Spanish Ui/n" stan-Um Paul 
Heoreid and Maureen O'Hara. 1135 The 
Ctnui of Monte Crlsto. 12.N The Beach- 


mi pm Pullin'? PL II. If, li. 12.00 In .Meal Ticket. 


Bartjora Sp>.ciaL 12.00 In Concert: Meal 
Ticket. U JS am l-aith for Life. 


935 am Sc«ne on Saturday including 
u — hrf-iT nr-i-nnci and r>i-r ''ir n no 
Captain Scarlet and the Kysierons. ID JO 
'Cm .-dii. llJi L'notrscj Adu-.itorec of 
Captain Nemo. 2130 Space 1590. 1200 


9.00 am Early Musical Instruments. 
9.25 3Ii3t-.Tr Island. 935 Satordar Scene 
Action Adventure "Tarzan and the 
Great River." 11.10 Tie Gene Machine. 
IT® Code R.- 

RADIO 1 247m 

9J0 am Sesame Street. 10. 25 Paul 
10.55 Sarurdas Matinee: "t-rankie and 
Johnny*' starriiu: Elvis Pn-alev, tizjl 
Late Nigbl Thriller: Natalie Wood in 
"A Cry In The Nljht." 


930 am Bare Brained Hynnotist, 935 
Old House. New Home 1035 Batman. 
1130 Space 1999. 12.00 The Benson and 
Hedges Showitmipmg Chamriooshlps. 

HTV Cymrn/Wales— As HTV General 
Service except: 030 pm CartO'jminie. 
6.45-735 Sion a Sian. 


9.05 am Butld Your Own Boat. 9 JO 
Sean the Leprechaun. 10.15 Batman. 
1130 Cannon. 11A0 The Bionic Woman. 
Li03 Gate' Call. 1205 am Love American 


1130 am Weekend foltowed hy Rcsiooal 
Weather FnrccasL 12® Code R. 1209 
Southern Nows. 


9.08 am Lyn's Look-In. 930 Th.? Mad 
Dog Gang Met- is Rouen l-'r.-d jnd 
RatatmtB. 9.® Lyn's Locik-tn. 93> 
Saturday Mornlna Film: "To Tr.-ip A 
Spy" 5131X10(1! Bnber Vaughn and David 
McCaUum. U-25 Lyn's Look-in. 1135 
Space 1999. 1268 EpiIobuc. 


10.00 am Saturday r.lornln,; m u vIc: 
"The Prince Who Was A Thief" starring 
Tony Cun is. Piper Laurie and Everett 
Sloane. U3S Sesame Street. 9.45 pm 
Sports Results. 


9.00 am Survival. 935 The ReatleS. 
1930 The Saturday Mornins Feature 
Film: " Sltuanon Hopeless, But Not 
Serious.'' starring Alec dimness. u.JO 
Cus Bonsybnn's Birthdays. 1135 Hanna 

RADIO 1 tA 7 m 

(5) Stereophonic broadcast 
5J0 am As Radio 2. 20o Ed Stewart 
(St 1 with Junior Choky, including S.IE 
Cross-Channel Motoring Information. 10.00 
Adrian Juste. 12.00 Paul Gambaccinl. 
131. pm Rock on <S>. 238 Alan Freeman 
i Sc; 531 Rohh-c Vinct-oi with soul and 
distil mask tS > 030 In Concert' Alexis 

Korner's 50ib H rthday Party (Si. 7-0- 
2 D 2 jam As Radio 2. 

RADIO 2 1.500m aod VHF 

5 JO am News SuRiraary. 54J2 Tom 
Edf ards with The Early Shtr^ (Si Includ- 
ing) 8.03 Racing Bulletin, 8.05 As Radio 1 
10.02 Tony Brandon iSi. 1202 pm Two's 
Pest iSi. 1-D2 Punch Line. 1-30-535 
-Spun an 2: World Cup Special H.30. 2.90, 
4.05. 5.60 > : Motor Sport tl.30. 2.00. 2.05. 
5.90* Swedish Grand Pris: Tennis tl.30. 
2 JO. 3.05. 3.35. 4.03. 5.90 1 Davis Cup- 
Great Britain v Austria and The John 
Player Tournament: Cricket (L30. 2.00. 
M3. 3 35. 4.05. 5.40 1 Second Tost: England 
v PaHstan; Athletics H 3d. !.N. 3.05. 335. 
4.05. 5.00i Women's AAA i>mniotiwealth 
trials: Racing from York UJO. 235. 3.25. 
3.55. with a classified check at 5 4Qt: 
Show Jumping <1.20. 2.00. 4.05, 5.00): news 
of rugby union and boxing. OJB Cross- 
Channel Motoring Information. 6J» Pop 
Over Europe. 7JL! It’s A Funny Business 

Sara Bob Mtutldtoasc. 730 Spare Desk. 
732 BSC International Festival pi Light 
Music, part 1 IS,. BJ0' Talk by Steve 
Race. 8.50 Concert, part 2. lOJQ Satur- 
day Night with the BBC Radio Orchestra 
iSi. 11.02 Sports Desk. - 1137 Peter 
Wheeler with The Late Show (St Including News aod 12.05 am Golf report. 
2.933.02 News Summary. 

RADIO 3 4Mni. Stereo* VHF 

7.55 am Weather. 8JM News. 8JE 
Aubade fS). 9JW News. 9JB. Record 
R;v:cw including Building a Library fSl. 
1335 Stereo Release of music by 
Sheppard. Mozart tSi. ' 1135 Cricket: 
Strand Test: England v Pakistan: com- 
m-arsries. coaunena. summaries, includ- 
ing 1.35 News 1.40 Cricket Clinic and 
2.00 Lunchtime scoreboard. bJB 
Stravinsky Miniatures fS). 74)0 Queen 
Anne's Footstool: A portrait of St. John's. 
Smith Square. London fS». 730 Arrau. 

Solution to Position No. 220 
1 N-B6. Q-N2; 2 RxP ch! wins: 
if 2 ..PxR; 3 N-B6 ch. NxN: 
4 R-Q8 mate. The game ended 
2...B-K2; 3 RxB ch, K-Bl; 4 
Q-B5, N-K4; 5 Q-B6. R-K R2; 6 
R-K8 ch. KnR: 7 Q-QS mate. 
Solution to Problem No. 220 
I Q-Nl (threat 2 QxB). BxQ; 
2 B-E4. or if B-K4; 2 BxP, or if 
R-N7; 2 N-B4. 

Weller and the RLPO Conwrt, pan l: 
Beethoven fSl. MB Tbe Empress Uvt* 
i talk by Dr Baibara Levlcfei. fiJO Con- 
cert part 2: Brahms (Si. 935 Islam in 
Tbe Modem World. 18.3a Reicha chamber 
music (Si. ML50 Sounds Imerestlog i Si. 
U35 News. 1L40UJ5 Tonight's Schubert 
Sons on record (08S91. 

VHF— 6J0 am Open Unlvecstry, 8 JO 
With MW. TUB BBC Scottish Symphony 
Orchestra.- part 1: RtualpJ. Berkeley »SL 
12.00 In Short I talk i. 1200 pm BBC 
Scottish SO. part 2: Beethoven fSi. U30 
News. U5 What The Papers Said after 
the In trod action of the Penny Post, nn 
Alfred Brendd piano recital: Mosart, 
Schubert (SI. .335 Man of Action: 
Stanley Wells- chooses records (5). 335 
Music of ihe Masters, by Ravel. BerHoz 
fSi. 5.00 Jazz Record Requests <S). 530 
Critics' Fornrn.' AJU With MW. 


434th, 330m, 285m tnd VHF 

5.38 am Neva! 632 Farming Today.. 

838 Yoora FalthfaUr. (J5 Weather: pro- 
gramme news. 730 News. 730 On Your 
Farm. 7 JO Today's Papers. 7 jB Yours 
Faithfully. . 738 ft's A Bargain. . 735 
Weather: programme 'hewr. 838 News. 
838 Sport on 4. 8J5 Yesterday in Partin- 
meuL 9JM News. 935 international 
Aaidsument. 930 The Week In West* 
minster. 935 ffewstand. 1005 DaHy 
Service. 1030 Pick -of the Week. 1138 
TBne for Verse. 1130 Science- Now. 1288 
News 12JS .pm- Away From ft AH. 1237 
Hie News Quiz (S). 32JET- Weather pro- 
gramme news. 1.08 News. . Z35 Arty 

Quest! ohs? 238 War and Peace. 34)8 
News. 335 Does- He Take sugar? 335 
Mnaic or the Masters (os Radio 3). 5.90 
Kaleidoscope Encore.- 538 Week Ending 
. . . fSi.- 535 Weather; programme sews. 
838 News. U5 Desen Island Discs. 538 
Stop The Week with Robert Robinson. 
738 These You Have- Loved (S'. 838 

Saturday-Night Theatre. 938 Weather. 
18.80 News. 1035 A Word In Edgeways. 
11.08 Lighten Our Darkness. .SJJ News. 


May e rling: ITV Sunday 

SATURDAY: Lennie Bennett 
and Jerry Stevens, two newish 
graduates from -the northern 
club circuit did not greatly im- 
press me In their first pro- 
gramme, but they start a new 
BBC 1 light entertainment 
series tonight. Lennie and Jerry, 
and perhaps these will be better. 

At 9.35 I shall be unable to 
resist the excitement of Cornett's 
challenge far .'the world light 
heavyweight title on BBC I 
despite rational objections to 

.Those preferring the true 
story of a suicide pact between 
a teenage girl and a drug 

addicted alcoholic atheist prince 
suffering fro m V D should in- 
stead -watch ITFs South Bank 
Show. Since the story is told as 
a ballet, “ Mayerling," it's all 
quite OK ... 

Derek BaUey 'bas used tire 
popular European and Ameri- 
can habit of showing prepara- 
tions for; a. production as well as 
excerpts from it . 

SUNDAY: BBC l’s Antiques 
Fair at lunchtime sounds 
tempting, but if you don’t like 
soccer (BBC 1 and ITV> or 
Barbra Streisand (BBC 2) it’s 
a jolly good night for going tmt. 




cc — These theatres accept jet-tain credit 
cards t»r wlopho/w or »t bo* °«lcr. 


ALBERY 036 5878. Part* Rates. Credit 
earn bkus. B36 1971-2 "™ «■» wi.- 
8.30 p.m. Mon— Tuet. Wed. and 3ri. 
7.4-5 D.m. Thun, and Sat. *.30 »4M. 
MIRACULOUS, MUS'CAL." ' F+n. ,71m«. 
ABLE TO SEE IT AGAIN." Daily Mirror. 

COMEDY. 01-930 2570. I 

For a Ltd. * JUlV 16 


"An nimral'ieled tour de fare®/* S. Tms. 
Tue*. to Sat. at 8 - 0 . Sun. at 4.30. No , 
Bfs. Mon. Seats El .25. £235. E2.S0. 
£3.00. Latecomers not admitted. 

HA YM ARRET. 930 9832. 

En. B. Wed. ZJO. Sal. a. 30. B. 



Must defnltelr close Juft i. 


OLIVIER (Oden (Wol: Today 2 . *5 and 
7. 3D THE COUNTRY WIFE bv William 
Wycherley. Mon 7 M The Cherry Orchard. 
LYTTELTON r ptoScenl urn sraacJ: Today 3 

and 7AS Mon 7.45 PLENTY a new play 

by David Hare. 

C 0 TTESLOE ismaH aulflMrlumi- Ton't D 
Last pert Ot LOST WORLDS by Wilson 
John Ha Ire- Thur B American Buffalo 

Many excellent chaao seats all 3 theatres 
dav el perl. Car park. Restaurant S2B 
2033. Credit card b*9s 92B 3052. Air 


lOLlSEUM Credit Mr* 0t-2«p 5238. 

ReMnriClons Q 1-836 3161 
Today 3 and 7.30. Moo. Tue and Wed 
7 M V Conieryatoire. GlteHe. Thur. and Fn. 
y'xn laSuinc F*n. La Chan* <ncw 
isSm. Eludes. 96 Balcony seats always 
ala? la ble from 10 am da y of oeri. 


01-836 1711. 

NlDtitiv at 8.O0. Mat. Wed. 2.45 


-nvrhrr GARDEN CC 24D 1065 *Gar- 
“SSSSmmau cards 036 BMM. 
THE ROYAL OPERA. Tonight and 

The World-famous Thriller 
■■Se«4nB the ptav iflahi is in tart an 
utter and total toy/ Punch. Sen Prices: 
£ 2.00 to £4-40- Dinner and Top-Price 
Seat £730. 

CRITERION. 930 3215. CC. 838 1071-3. 
EVBS. B-O- Sats- 5.30. B.30. Thurt. 3.0. 


" VERY FUNNY.” S. Tel. 

ROYAL OPERA- Tonight and 

™ E r , , 7.3 M^darni outtertiv. 

AmSii' seats avail, tor ail perta. trom 
fn jm S day Of-Rcrf. Note: Per- 
sonal-Tei. bkos tor July Ballet opens 
July 1 and NOT_Jut» Jj 

%„^ra UB 7 NE wrth FE ^ | V ^ndo? PE p^ 

: T# ar-a.»fiSS 

•SxSrCsi ™’ S 

I J-s-me pn<sibie returns bow 

5h|cT « yndebourne Lewes, E. Sussn* 
ui 7i ol2«lll- 

APOLLO. 01-437 2663. Evenings B.OO. 
- Mats. Thun. 3.00. Sat. S.OO and B.OO. 

■' Actor of ttan Year ” Evening Standard. 
- is SUPERB ” N.O.W. 

"Wickedly funny.” Times. 

DRURY LANE. 01-836 8108. Even* 
night 6.00. Matinee Wad- & SaL 3.00. 

"A rare devastating, lovous. astonishing 
stunner,” Sunday Times. 

HAY MARKET. 930 9832 Bov Office NOW 
Open. Pran. July 4 & 5 at B.o. Opeaa 
Juft 6 . 7.30. 




.A new Play by RONALD HARWOOD. 
Directed bv CASPER WREDE. 

Ergs. B.OO. Wed. 3.00. Sat. S.OO. 8.30. 

In Alan Bennett's 

Play and Players London Critics Award. 

ST. MARTIN’S. CC. 835 1443. Eva. B.OO. 
Matinee Tug. ZAS.^turefgri 3 and B. 

26th YEAR 


DUCHESS, B3B B243. Mon. to Thurs. 
Evening* B.OO. Fri.. Sat. B. 1 S & 9.00. 

"The Nudity Is stunning.” Dally Tel. 
8 th Sensational Year. 



■' Hilarious ... see It." Sunday Times. 
Monday to Thursday 8 JO. Friday and 
Saturday at 7-00 and 9. IS. 

A?^ EC1. 837 1672. Ugt MI& Todw 

at 2.30 and 7.30 CONG SAWAN. 

-d nineers fre^ 'J* 


ASTORIA THEATRE. Charing Cross Rood. 
01-734 4291, Mon^Hiun. B p.m. Fri. 
and Sat fi.O and 8A3. 


*■ Infectious appealing, loot-rtomnlitg and 
hearr-ttiiimplDB ''-Obsarver, Circle buffet 
open before and after show. Seats £2.00- 
£6.00. Hall-hour before show best avail- 

DUKE OF YORK'S. .. 01-838 5122. 
EteninflS 8 . 00 . Mat. Wed- SaL 3.00. 

In Julian Mitchell's 



"Brilliantly wlttr . ■ . .Jto ona should 
miss 1 L - ' Harold Hobson { Drama i. Instant 
credit card reservations. Dinner and 
Top-price seat £7.00. 

HER MAJESTY 5. CC. 01-930 6606.' 
Evenings B.OO. Mats. Wed. A Set. 3.00. 
with Derek Griffith., 

Directed try BURT SHEVELOVE. ; 
It -s o'.ced lo -! 

personality and sheer eneray oi Bruce; 
Forwtn." Sun. Express. " The audience, 
cheered." Sunday Telegraph. -I 

Mon to Thurs. 9.0. Fri.. Sat. 7 SO. 9.30 

OLD VIC 878 7616 

A Week el Sundays. June 11-17 at 7.30 
Today. Derek Jacobi as Byron, with isla 
Blair. Julian Glover Harold Innocent 
pocT i*Mav n live a thousand years The 

Colter's I’d eomr*«**ihcn based on tne 
writings ol Malcolm Lowry. 

• prOMCCt'S TWELFTH NIGHT rerums June 
•19th ran outstanding revival' The Tlmcsj 

saint JOAN returns June 22nd I a great 

. pert ormvnc?' The Times ,. 

7.4S. Mill. W<*d Thurs A Sj*- 2 
Shaw l DARK LADY Of TMt so-unETS. 
lunchflmes Mon,- Tuff. 3 Fri. 1 .1 5. 

RAYMOND nevUEBAR. CC. 01-734 1S93 
At 7 p.m.. B pan. 1 1 p.m. (open Suns. I 
PAUL RAYMOND presents 

TALK OF THE TOWN. CC 734 5051 
8.00. Dining, -Dancing rflars open 7.15 
9 jO Super Revue. 

•ad at 11 p.m. 


comeback rxi. « siml.- 

n!ib. 5-1 °’ a ' 1 °' L “ w show' Tonight 

? ! WE GOODBYE GIRL (A) , Wfc, M, 
Sun.: 2 . 00 . fl.lO'Oass s-dayaj. ■■■’ - 

Fully alr-condittoned. 


REGENT THEATRE. 637 9863. 

Evgs. 8.30. Fri. and Sat. 7.0 and 9 O. 
" Etoganc good-humoured engaging.” Gdn. 
A New Musical. 

" CauMHc and Comic.” Pines. 

*• Show scares In songs." D. Tel. 

" Linda Thqrecn . . a revelation. '"Tiiires. 


VAUDEVILLE. 836 9988. CC Era. S.OO. 
Mat. Tucs. 2-45- SaL 5 and 8 . 

Dinah SHERIDAN. Dulcle GRAY. 
Eleanor SUMMERFIELD, James Grout 
Re-entoi Agatha •flth another who- 

C fubS EW 4ii5V A ?? A * <OB e’ .Caipdeo Town 
liSl', m ^ ^ m s •' ALLOW. 

5ANFAN (AA). 2^0. 4^15. 6.50. 9:00. 

ftff lHE SHOUT 

ounnithit Agatha .Christie Is stalking the 
West End vt* again with another of her 

nendishiy Vnoemous murder mysteries.'* 

i shir moemous murder mysteries." 

Felly Barker. Evening News. 

fAAt o™ '.'m" mt SHOUT 

5'«- •**. 8AS. 
Retained by Public Dentandf 

*■ todpather part ji on. Po*. 

i?. < SSp TOtAS ^^'n 'sa^mXSacS; 

3. Jack 


13 June -2 July. 

A new nia bv Nicholas Wright 

GUllan Barge. John Bluthal. 

Jemolre Dehavo. Judith Harxe. 
U la Kaye. Bill Paterson. 
David Sassenl. Jon wild. 


Now. 828 4735-8. 834 1317. 

_ . ANNIE 

Evenings 7 . 3 a. . Matt. Wed. and SaL 2.4S. 

fi^Ss’pm! 5 ' 3 ' 3S ’- 6 '° 5 ' *-35. Late show. 
Presentation endf Wed. 21 Jjrw. 

4. Bertolucci 1 ' 1900 Part 2 s~. 

MSo Pirt'i a cx 5 )'. 

able seats £3.00. Mon- Thurs. and Frt» 
6 D.m. perf. omy . _ 


G g.m. perf. omv. , ^ 


FORTUNE. B38 2238. In. 8.00. Thurs. 3. 
SaL S.OO and 8 . 00 . 

Muriel PavlBW as MISS MARPLE In 


Third Great Year. 



Sends r People- 


LuchHme Theatre daijv at 1.15 p.m. 
-June 12-23. “A SLIGHT ACCIDENT." 

CAMBRIDGE. 838 6056. Mon. 10 Than. 
8.00. Friday. Satungv^ and 8.30. 

Excltirto Black African Musical. . 
“ The Writ are beautiful, bare and 
bouncing." S. Mirror. 

bouncing. 5. Mirror. 

Dlrmer~and too- Price seat 68.75 li*C. 

GARRICK THEATRE. CC. 01-836.4601. 
Era. 8.0. MaL Wed. 3.0. SaL 5.30. 6.30 
Gdn. "NOT TO BE MISSED." Times. 

Mon.. Tues.. Thurs & Fri at B. Wed. 
and Sats. at 6 10 and 8.50 
In a Spectacular Comedy Revue, 
Sundays June 25 and July f 6 at 5 & 8 . 
S social Booking Hotlmq 01-437 2 GSS. 

PHOENIX. 01-836 2294 Evenlnos 8.15. 
Frldav and Saturday 6JJ0 and 8.40. 
GARDEN make us lauph.' □- M*l ,n 
THE Hit Comedv by ROYCE . PYJON 
HAVE DIED" Sunday Times. SHEER 

ROYAL COURT. 730 174S. Ah- Con. 
Prera. ere*, at 8. Opera Tucs. next at 
7. Subs. eves. 8 . Sals. S & 8 . 
by Bill Morrison. 

LYRIC THEATRE. CC. 01-437 3665- 
Ev. 8.0. M?» Thurs SO.'" S.Q & u.30. 


PICCADILLY. 437 4506. Credit Card bkgs 
836 1*71-3. 8 30 a.m.-B 30 PJ*. 
Evfli » .11 S-’t a 40 i a. wed mets. 3.0. 

Royal Shakespeare ComPany^i",„„ 
by Peter Nichols 
"Rlproarinq triumph." S fiypre* 
Ev. Std. Award and SWET Award 

ROYALTY. Credit Cards. 01-405 8004. 

Mondnv.ThuruUy Evenings a OO. Friday 
5 30 and S.4S Saturday! s.DO and B.OO 
London critics vote 
Musical of 1977 

Bookings accented. Major credit cards. 
Sn«i»i reduced raws lot matinees 'for 
a limited ncriod nnlyi. 

in. Careen 

— I ILK* A 

wmjmr S3? 

WHITEHALL ^ 01-930 6692-7765. 

E»K. B 30. Frt. Bint Sot. 6.45 and " 




„ TO SEE IT." Gdn. 

Ergs at 6.00. Fri.. A Sat 5.4S & 6.45 


0243 61312- 

bniknuiui. _ giaia- 

Todav at 2.00. June 20 4 21 at 700. 

& June 19 A WOMAN OF 


GLOBE THEATRE. 01-457 1592- 

Eras. 8.1S. Wed. 3.0. SaL 6.0. 8.0. 

ALLAN ayck bourn's New Comedy 
"Thli mu*e be the happiest laughter- 
maker in London, d. Tei. '" An irresis- 
tibly enjoyable evenin g ," Sunday Tlbft. 

MAY FAIR CC- bjg 3036. 

Evei 8 . 00 . Sat and a as ■• .< - 
GORDON CHATER "Brilliant." r.N. 
By 5Nw* J Spears 

"A comoassloiure funny fiercely eioounot 
Dlav.” Gdn. LAST WEEK. 

SHAFTESBURY. . CC. 836 6596. 
ShaiMfjrv Av» WC2 iHIoh Hoiborn endi 
Fvcmnoj BO. Mata. TUM. & Sat. 3.00. 

"Tb* musical has everything." S. Mir. 

SHAW THEATRE. 01-368 1394. 

Evening-- 7 30 . Matt. Wed. 2.30. 

WYNDHAM-s. 01-636.5028. Credit Card 
^Kgs- 836 1071*2 I ram B.30 am to 
9-jO Pm Mon. -Thurs. B. Fri. and Sjf 


I:ig a*nd 8 M M : Th “ rS ’ "■ M ’ aM UL 

VERY FUNNY." Ewnlna N#*ra. 


Supreme comedy On Mx and rellglan. 1 * 


TgUNG VIC. 928 6 

■J j 

503 D 

i t he 



• y -,; : Financial Times S aturday June 17 1978 




chcl &!« 
.... L'a. 

", oucij 



; %r f,r 

; v r - !*iia 


y.iod, j 
** > 

,,f _ T oca\ 

* Aa. 
;.? r aai 

■(.j . 5 

•••t ..—I an 

“’•* usfd 
■■V nc 3 


■ v ‘Si t&e 

■ r -^ 5"4 


/or Tate 

A ijroup of 36 sculptures hy 
Henry Moure promised to the 
1 Tute Gallery by the artist in 
19(19 has now been handed over. 
The Gallery already bus 3B 
Moore items and the new pieces 
will make up a unique collection 
| of tbe sculptor's work. 

The gift was made on condition 
that it should be presealed 
initially an aa exhibition. The 
| collection will be on sbow from 
June 1!S ta August US. 

The exhibition includes 
plaster casts and finished 
bronzes showing io detail bis 
method of working. Two pieces 
will he sited outside the Gallery 
overlooking the Thames. The 
larger. Two Piece Reclining 
Figure No U, dating from 1963-64 
,and weighing several tons, will 
; be lifted into position by a crane 
‘ on June U'J. 





i, \‘ 

A Gallery spokesman said: 

“This is a major gift hy one of 
• mir greatest artists of some of j 
j his finest and most important 
. pieces." 

THE IDEA of something which f) 
is produced simply in order to 
be collected, and is advertised- 
with slogans like “ liie heir- 
looms oF tomorrow ” always 
seem slightly. slightiy suspect. 

The vast and growing army of 
Royal Duulton figures is per- 
haps the honourable exception, 
on account of its sheer staying 
powers — there has been a regu- 
lar production since J913 — and 
the unselfconseious way in 
which they seem to follow a 
centuries’ old tradition of Staf- 
fordshire pottery image making. 

Their collectability’ — particu- 
larly for the kind of collector 
who prefers to see his horizons ■ 

clearly drawn by a catalogue— 
is now enhanced hy the appear- designei 

: ? IT 

. /'» 

’ I 


- . 

Bob Dylan in action at Earls Court 

Times changed 

. Any doubts th.vt Bnb Dylan is Las Vegas like sophistication, 
the "most impressive composer complete with a three girl back- 
and performer produced by rock ing group. He has not moved , 
music were dupelled at Earls with the limes-rhe has moved i 
Court on Thursday night when the tunes and become the best 
be.started a week of concerts, his rock singer no the road because 
first in London for almost a his melodies exploit the rhythms 
decade. It wasn’t all plain sail- in the music, and his lyrics are 
ing. 'At th* start, new material, the life stories of his audience, 
art unsettled band, and the awful- The first Dylan concert was a i 
ness of the arena, with people ser j eJ5 of revelations — bis voice,' 

■ - ii . n . v - vnr 4 •> C r riinl V " ! U 3 flfl « n lb in ! 

w/e June 6 

UK TOP 20 Hemes Vlowlna (m) 

1 Winner Takes All (Ynrlw.J 13.40 

2 The Coed Life (BBC) 13.10 

3 Coronation Stmt (Men.) (CRAM.) 13.30 

3 Msrccambe and Wlw (BBC) 1C 30 

5 Scotland r Iran (BBC) 1-— » 

fa Crossroads IFH.) (ATV) lC-lli 

7 Wheels (ITV) 33-Jj 

t CorenaUen Street (Wed.) (GRAN.) 11.45 
9 Crossroads (Tfiurs.) (ATV) . . . . II.j5 

10 You’re Only Young Twice 

(Yorks.) tl.all 

11 Whodunnit? (Thames) 11--M 

U World Cup: Itaty » Hungary 

line ladies which have con-i 
tinued to be best sellers. , 

It is too easy to he snobbish ; 
about the easy nostalgia and i 
suga ry sentiment of Doulton; 
figures — -fife balloon sellers and j 
Dickens characters, the ; 
Gladyses and Priscillas andi 
Celias and Pennies 2nd Loraias 
and Sandras (the names have 

changed with fashion), the 

“Miss Demures" and “Secret 
Thoughts.” For over GO years 
they have responded to a mar- 
ket. sensitively reflecting Die 
tastes of their clientele rather 
than trying to influence it. Jitst I 
as the "humble Victorian Staf-' 
fordshire figures— derided and 
scorned in the early years of j 

the century — accurately { 

reflected the tastes and senti-j 
ments of the Victorian working.! 
class, Doulton figures intimate 1 
the social and sentimental 
' values of a t surprisingly un- 
j changing) 20th century middle 
j class taste. 

I Tbe crinoline ladies subtly 
combine with their nostalgia, 
i echoes of the contemporary 
: look of women and their clothes. 

: Modes and styles are picked up 
■ — if perhaps a little late: the 
j influence of Bakst and the 
Russian ballet, of the Japanese 
Geisha and ; 

— OKU series or rtiveiauuni UIS> VUIU. i 5 Tlireci Compan* icnmcu*! 

milling around as freely as on j tS5 affectedly strangulated than j » La»er« mi sbiricy (cumedy) 

■ the concourse of Waterloo Sta- in thc past; bis dominating I <»■« Q -^ (ovmiidy) cabc)^ sn.:: 

tioti. made the day-long queues prese nce nnstage-^-the band vva*-! t 5un k f «d much (drama) (abc> 20.1 

tnr HfL-Ptc and their inflated L’..rv much in its Dlace: and 4 Carter Country (cunvsdy) (ABC) 19.S 

iion. iUdUL- me presence i*ic 

for tickets and their inflated kepi very much in its place: and 
Black Market prices seem like a b 0 vc all. his musical imaglna- 
bad jokes. tion. Many of the standard 

But then suddenly he is singing Dylan songs were given origins . 
Like a Rolling -Slone, spitting out sometimes perversely original, 
the hypnotic Ivrics and pulling interpretations. Dgnt want 
the band together with mounting tic ice. if* alright “became a 
tension. By tbe end the audience reggae piece; All along the ivaUh- 
is on iLs feet, relieved to know toicer bad an almost Jimmi 
that -Dylan can still express .all Hendrix like rawness, wm* 

powerful violin from - •uaviq. 

— Mansfield thrown in:- Maggi 

Farm was punched through lya 
rock chords; and Just' Me 
iromnn came' close • T iy Tamia- 
Motown, with a sad loss of plain-- 
♦iveness. In the mam. though, 
thc updating, worked wonder- 
fully. and inspired the band to 
unexpected heights. 

The encore was The time!: they 
changing, an historical 
now rather than the 
indictment it seemed 

\-4c. who remained craze after . 

inceofVlie massive Royal Dual- dtief pitlSy Choir "and" Playfair's Beggar's 

ton Figures Produced of created a f. *ulpti uial > Q Modified forms of Art 

ESS TS£&*~rS£ Stn^^^ed Dere 

now have been the dedicated figure mod .la. _ lt ance. (One particularly daring 

chroniclers of Doulton wares of The first Royal Doulton ^ appears iQ an alternative 
all sorts. Upwards of <00 figures figures of the series fQnn wlth a stout i y painted-on 

are illustrated in colour, and continues today _vren -finally put bathiog ^g,. 
catalogued in the chronological 0 n the market in 1913. Doulton had its higher artistic 

order of Boultons own pattern aspiratjons; In ^ wsos Richard 

Zro ^ « D0J.U0M sraKaar 

“nd is ;i s e.r 5 •£ 

spired stoneware creations of J“taotl> to und.r.tano^ ^ . sculptures albe j t in a style that 

George Tin worth, whose anthro- nee s have a broad, already seemed to belong to 

pomorphie studies °f lll,c ® ^ * monumental (liialiK three decades before; but they 

taking tea. playing tubas or stro . , emIent Doulton were exceptions: and what the 

a Tdni»;«% - w«”"cerminy (see) wM \ performing r”d^ artists have recaptured. Public really wanted was what 

£w. ,I |l«SrSr l"e in the earnest model in the Doulton gave and continues to 

century art pottery. catalogue. \y<e estab ’^ 0 Currently John Hall of 

Tinworth worked at Doultons P» r J ,t ' ular ' e, “ nouHo^ trad?- Harrington Road has examples 
original Lambeth factory. The that h-s 1 eui Doulto t d figure of the American 

20th-century tradition belong in a actress Doris Keen m 

more to thc Burtlem branch. « is 10 this “ Romance." priced at £150; and 

opened just over a century ago rp ^\ e d" version i< still W. S. Penley was "Charley s 

for the manufacture or fine as -barlin** ** on Aunt" at £75. Prices for early 

BSSSrS as ItmTworkln f.nt or « “ 

had ^been ^tra m e d Is ^ ^ 

(ITV) . 

3'- Liberate MTV) 

14 Pink Medicine (LWT) . 

U Scotland v Holland (BBC) 

lfa Hulk (ITV) 

XT Kejak (BBC) 

IB Thal‘$ Lire (BBC) 

14 Charlie's Angels (ITV) . 
20 Celebrity Squares (ATV) 

II 33 
11 15 
11. IH) 

10 .. ^ 
!U -U 

1'icuri « i-ompilci] h. T Awlil of Treat 
Bni am inr ill- Join? InHu^irlal UmiiniiiHe 
lr,r \ iBlon AdicniMm; R«carL-n 

• J UTTAR 1 . 

U.S. TOP TEH (Nielsen ratings) 

1 One Day At A Time (comedy) 

(CBS) 2f-5 

2 Lon Gram (drama) (CBS) 

3 MASH (comedy) (CBS) ■ 2fa '- 

4 Charlie's Angels (drama) (ABC) 23 >> 

5 Three's Company (comedy) (ABC) l4.. 


.. J 

; x 



the . passions or a Kcm-relion nfp a cJll 
through the universal art ^.rm c . urifl|illv , 

; of- ihe generation, roik munic. ^ red 

From then on Dylan was mac- 15 ‘ JS0 . and then ibe lights 
netic. displaying a charisma that w(? ‘ e up an{1 a shell-shocked 
in quite unexpected. It ,s audience shuffled into the night, 

to sec what all tbe fuss is a 01 1 . _.j an had be p a on stage for two 

.- Jit is a Jong way away from the fa ^ urS He loked ^ l ? xe t d ’ 

-. MftuaU ungainly boy from J* “JJ able, quite interested in tbejob 
- west who arrived Sn N ew x otK ignored many of his greatest 
cSr in 1961 and started, virtually fav0U r of later, and 

slSle baoded. the contemporary *>ng but he did enough 

folk movement. .Only with a his feP and to retain Ws 

laneorous version of Tangled P -ppujation in the lusts of latter 
in blue was Dylan alone centre P oes jhe radical poet is 
Saseand even then a saxophone jay ue enterfauier: U 

sup. -w d ^ srdly have turned out 

■figftS S' ’.n 1 S.' •«— bel,er - 

Riverside Studios 


v ::. 1 

v* m . a 

ina ’2 f 


TioW But this one at the Rll9t y sacrifices ^ telegr i m 
jSwiSSe' Studios - was worth herou-s cou . for 

. The 'acitoo . 1S sel i i n from a Post un* wr iting , a 

the °4e 95 Comraunist the 

isfrss £ 5 2s& 

UanfiC ^Sers now; what . P“!o e): Although ib« ' 

s ; PS SSS?«^aSS 

choosing just the right ^WfellrtliLsyear, Coalport 
have made things a little easier: to celebrate 
Coronation Jubilee Year,they have produced a special 
series in fine bone china. Charming, beautiful, and 
something to make this year unforgettable. 

Which is just^ what you're looking ^snt it 


Windsor Suvrt Dish HA Mug 
Coaster £2.70 Candy Box Savui i.7 ill 
Limited producuons. tndivulu.illy l»n::ed 

M.-Uih.-r ,il llh* IWdglM'K.vl i'llviip 
Kiuu.-iriWI.K'MU'O.Slt'kct'ii-rreiit sfl-VES 
a-id ’-I Wium«»re Sirevc London. Wl H OHU 




* • - 


y-. r ■ 

beth heard of • Rreat merits 

not . afraid of n g boys*pur- 

SU?US p oh ^ther O g Q bicKles 

lb rough th e 

p°. se . s .il. on a stage aim. 

poses a . vv stage ctazz- 


ergroon : a richly where 0 f speech; 

heir sto)7 is friend' denying tog paSS ive wrist.' 
ngal parallel ^ tive soQ9 in BS be Gbandi- -And. 

^ reSp ?»h and a uce ar8um klve seen a broken 
^ afidlescent «J a ^tudes are earlier, we have. ^ pub[ic benclj 
erlhg political 31 ^ roUg b a Rusty ineet up shadow of 

Liousiy i£ ri ? c / 5 indent but .with , his ■ wife ^ d themeele- 

%isss ««■“*- of 

ru » is. I. 

®Sr canya^’- ; v “ en i„ B . 


tin h?h.i>l ol llinf !*■'/. A’ 11 * u K. client I 

10 lie ncU i' 


S. Kjifienne •. iVai 
Lorawn E' 9LD 

Aikmoh^i llJOO.i n. 

(un vrow Itsr'UAD urn) 

LIQUIDATION nl «irn ■>.c<u<Ji | vi noriien 
ni bdlesol OnensJ 

lOip taurcheiud ««i»UiMv >« I??? • ,rt ,icl <( 


THE COLLECTION .nJwl-i «nyi •» *" 

Iiqoi Tini-.-». dlanan.,i^«.. F««> . Cimc.i.'i- 
_ 3l Mmue ind o;h>n ran - .w.< suiten* e 'C-m.J-i 
_ iH« - I ale --tiicnaie; ’mu c ~ 0 :o £1 ! _ >r 

a Cc-aiutT f n-nch AK-h.iv.-in l.ipe>'«Y. 


|.«g3: G.II«UM irveM^^ 
H ,ly XUin Upturn! 
Csnwen Miu. B'S '-4‘6 

tHAHICSuK-'" A.— i/n-». 

I.iwi-wn C-'in.-H"*.. 

a I M 3 tut <lc- Id Fn-.ia.r-. 

Gene wit HIM. Swil. 'Sf 1 -'"" 
T*I:J9!623 TeWi. 2210b S-tRCH 

w iww ™ ™ ^ 

By order of the Executors oj the late 
William Runt, Esq. 

the contents of 

Colne Place, Earls Colne 
Nr. Colchester, Essex 

to be auctioned on the premises 
Wednesday & Thursday 21st & 22nd June 
at 10.30 a.m. each day 

On view today & Monday 10 am — 4 pm 

Catalogues obtainable at the house and from 
the Auctioneers (open Saturdays 9-12 noon) 

Phillips the International Auction People. Fwiaded 1796. 

7 Blenheim StNewBoml St Lofldon W1YQAS Teh 01*629 B6Q2 

Mcinl«7'.'/ ihcSwia) d Y meAflAuiakHMW. ; 

8 King Streep 




Tel: 01-85990® 
Telex 916429 



A aroup of Chinese orerlay glass snuff bottles. 

Sale, June 19. 

ISth century China saw the popularisation of taking snuff 
as a sorial convention. The Chinese, unable to pinch snuff 
with Ion” fingernails, carried it in small bottles with a 
uoon attached to the stopper, developed from medRjne 
bottles Chinese snuff bottles share with jade carving ihe 
pi easin’' r-ombination of visual and tactile quality. Snuff 
bottles were carved from a wide variety of materials 
including hardstones. glass and organic substances, and 
the collector may display many interesting examples of tins 
miniature art form within a single cabinet. As objects 
which were in continual use, they become for the imagin- 
ative collector a link wish the manners of mid to late 
Ch'ang society. 

The Harry Ross Collection, which will be sold at Cbnsties's 
on Monday. June 1 9tb. contains many fine and several 
outstanding snuff bottles: examples of the latter being a 
rare lavender jade oviform bottle, an emerald green jade 
rectangular bottle and a Peking enamel disc-shaped bottle 
decorated with European figures. 

For information and advice on this sale, please contact 
Peter Bnfton or Derek GiUman at the address above. 

4 cSrer* ciniury (c.inedy) (ABC) w.s had been trained as a modeller P* _ pt 1 . up q ^ 0 f an d current models market at 

A Nielsen rDiinx Is noi a numerical total, lory, juimru — ^1 

:L- ■ • ibiU 

A Victorian tea and collet wralce refaomw eWnoiwr/w. 

..... 1 . London 186J. To bt told an June 22na. 



Georgian and larcr furniture and works of art; docks: rugs; metal- 
work; a Roman mosaic panel— Retford Salerooms. 


Georgian and later silver; Sheffield and other plate; bijouterie 
including a good selection of Georgian and Wctorian silver tea 
services; a p^rof George lit entree dishes. London 1813 by Craddock 
and Reid — Retford Salerooms. 


Victorian and later furniture and works of art— Retford Saleroom*. 

European ceramics Including a Roj^l Worcester coffee 
with fruit; an early First Period Worcester cream boat— Retford 


Oil paintings and watercolour drawings b * fj' 

Redmore, E. K. Redmore. J. K. Uuin, E. 

Vickers, E. Neimann. H. E. Butler. J. R. Reid. T. Lloyd, H. Woods 
— Retford Salerooms. 

Catalogues 6 Jp each by post ( Applications must be prepaid; 

TELEPHONE: (0777) 706767 (10 LINS) 

Yaliarioni nreaared far insurance, protat* and family division. 


Co rit i nuing a cti on i n QM jt M 

independence a n et dej^gcr^c%.g 


1 Fa'-' Ch*Hca. S.W.5. NORAH GLOVER 
—RECENT P&INTINGS Until Juno 2*. 
Oec.i TUM.-Sat, 9.30-5.30. 

pOk'-’BOTHAM >1858-1921 > Until 30:n 
j-ji.e. Men..Fr>. 9 30-5.30 We*- / 
12. SO. 7? Wilton Srrue! S.W 3. 

. 5V.:-_ 63^6. 

I EliOWSE & DARBY. 19 clsri- Si . W 1 . 

1 FORAlN M-- — -- Ci ’ 

i JO.O0- 12.30. 

n ^v D j. c A™ T i.w:“ , " D =™^HN“uVr 

SCULPTURE. Until 7 Jill*. Mpn.-Pri- 

AGNE.W GALLERY. 4 3. Did Bond SU 
W.l. 01-629 6176. OLD MA5TEU 
PAINTINGS. UlUII 28 JUlf. Mon.-Fri. 
9.30-5 30. Thurs. unlil ?- 


IEVE. 189. Regent S:rc«. 734 0557. A la 
Cam: or All-In Menu. I" r “ 

Floor Sl»-« 1 0.45. 12 « and '-nS ami 
! music Ol iohnni Hawli5*ronH & Fnenas. 

Until 24 June 1978 

1100 a.m. until 7.30 p.m. 
Closed Sunday. 





Admission £ 1.50 
incl udin g illustrated handbook.. 

Grosvenor House, 

Park Lane, London W 1 A 3 AA. 
Telephone: 01-499 6363 . 



Financial Times Saturday jane-lt^S / 


Telegrams: Finantlmo, London PS4. Telei: 886311/2, 883897 
Telephone: 01-248 8000 

Ises its 

OR MANY months BP IN' TWO major deals aonoun- 
Cheniicals has been wnr- ted today British Petdoleuin 
ried about its miner- is spending £430m bolstering 

■Saturday June 17 197S 


ried about its miner- is spending £4 30m bolstering 
ability at the “ heavy end" of the less glamorous and less 
the petrochemicals business. Us successful side of its business 
decision, announced yesterday. downstream ” from the 
to invest S40fjm (£220in) in discover and production of 
acquiring almost all of Union crude oil. The company's loss- 
Carbide's remaining chemicals making German subsidiary is 
plants in western Europe lias buying the German energy 
arisen above all from a desire to company Gelsenberg for about 

BP has devoted most oF Its . / field,., a Xorth^Seafind that Sast— an important i ex ^"£- foreshadowed hy^Vebas 

cash and energy to securing wJH aeconnt for only. 35 pec-fl'fa nntr y as poor .ill thp 1 S e *. fairing ~o£ d. j 62 - flSr^ cent 

Us basic supply of crude oil cent of BFs crude oil pn>" ■ nans energy as Germaoy. : s ^j {e ^ Chenafebhe-' v^T^rke ; 

—a supply which was radio- dmttan. af BP Chemicals.: : 

ally reduced by tbe- national!- ^ Geman suteichaxy‘... of late fa (about 

salion of its Middle Eastern has been making a loss dn^By afflfeted the deal, Yetis WMiWJmn •: 

r ^ n « because It has excess ranine: . Sfmop that nas ~7- - - - r w " 

protect its existing investment 
in markets that have been badly 
O _ undermined by overcapacity. 

a CJlffTH wcah prices, and falling profil- 

" As the chemical arm of a 

major uil company it is nut sur- 

THE EUPHORIA which greeted weakens again — and U.S. prising that BP Chemicals has 
The Governments package of monetarists remain bearish — concentrated its growth in 
credit restraints at the end of the scope for ■ aiy easing of recent years on bulk commodity 

, 7 1 h ; ' L “Tn« i a rK- London rates must be severely products, the base petru- 
Ja-t .i>ek has proved singularly j ini j ted; 3nd even if New York chemicals that are produced in 

11 ]imited; 3nd even if New York chemicals that are produced in 

KhorMired. The new long tap, were no f a constraint, domestic hundreds of thousands of balance of BP's overall husi- 

■zreeled on announcement as pressures might drive money tonnes, like ethylene and prop}- ness. For the last eight years 

the answer to a fund manager's market rates up. The unknown lene. They are the chemicals — ■ 

prayer, has opened at a small factor here is the private domes- that come nearest in scale and - tIlvlpn _ it 

di ■.count and the market as a tic demand for bank credit. The technology to the oil industry. ba * «° **"« * 

r\T n l 71 ™£”S.'S Jg* i-esiis 

u* 1 initial icbound. For the first improved real incomes and cor- industry the traditional chemical p ; °' c^' r .r®j at Sr _,'\ 

£22Vm. and its chemicals sub- 
sidiary is buying a substantia! 
part of the European chemi- 
cals end plastics business of 
the UJS. company Union Car- 
bide for about £22ftm. 

BF has presented the deals 
as independent moves by two 
autonomous subsidiaries, hut 
its top management concedes 
Hint the deals together will 
do something to redress the 

— a supply which was radic- 
ally reduced by the nationali- 
sation of its Middle Eastern 
oil reserves. ■ 

The two main thrusts here 
were the exploitation of 
Alaskan oil through BP*s 
gradual takeover of Standard 
Oil of Ohio and its huge 
investment in the North Sea. 

Yesterday's deals stress the 
end of the pipe-line that leads 
to the consumer. Large 
though the total sum is, it is 
no more than a gesture in 
tlus direction. Spending 
£400m will only increase BPs 
planned capital expenditure 
this year by about one third. 
It compares with the £1.5bn 
that BP win spend over a 
period of years on tbe Magnus 

d action. 

BPs German subsidiary; 
has been making a loss drieSy ' 
because it has excess refining . 
capacity and up access .to ! 


-w MO* «?» ; .rn m «w- -.SSIS 

225S-* .c - the European stioxig^ p^tipu^-mvea-m 

As with what tw.-tMie 

and worked ont the Gelsen-. Vpgfrodiemieals, 

sales to the consnner 

only half as much refining hene- the -Hugo: Stnmes o igahiAtion . 

capacity. It wOl boost BPs .2-?* J 1 deai are less the seropes;tradib^ 

share of the German oH .^iiki than the quick. return port^arm pf -iheiVe^gnii^i.. ■ 

market from 11.5 to 16 per “ BP should make on its invest- - In all BP- shmild fiaDj ‘ 

cent. The big attraction To*. • jment in Gelsenberg. . through 

Veba is a guaranteed supply • > T -‘ , ^ 

ZZXSZZ ^-J^olas Coicherter 


1JK)0 petre^thm-Thtsishojild 
German- greatly strengthen ;tiie 1 ^tsh/ j oT7 
the EEC bPs : r GeraanL'-.v>.Weration./ 
during ‘Deutsche'BFi last^year ' 

ns coaM made i sir;iospen^:2ci^;/Q|^Qii : _■■■ 

ii- initial rebound. For the first irnorovpd real income? anrt ror imiii«ipv>he tndlHniiai ehemiral dcnsiiv polyethylene at Grange- sas, will have sales of some, its UK partner was a small coik energy policy discussjons cnam • 

..»* »iw he ■>„.«! liis more ‘ P Z™ '%£ Ho" ’a SSS^SflSS.' <» *«»* .«t A SSOOm this jeer (It is slso cern ta ^ worJd M^sy. » conri-dd Shy ; 

or less annual manoeuvres, the fair rate of growth without or Du Pont, can count ou gain- Antwerp in Belgium, and ethy- ^onadog the disposal of its BP was able to buy out Di^ progress was bwn S a ' 

Grand Uld Duke of York seems strain. However, the most recent ing some protection from e \ lers ' chemicals interests, w'han ^there was progress. bat m 

■ oinj wiu uuRt ui * uin budiu. hiiwlaci. iuc uivai tcucui in” suiiic I'luictui.iii iium - . . „ hnei-Ar- ti- ^ — * . 

to have pitched camp at the top money supply figures show a economic squalls through their "S Bro^ f 1 J h »t reached the point of having me?, fomms. , - 

of the hill, and signs of his very sharp rise in personal bor- widely diversified and specialist t0 dnU ' Ereez< - ^ F ^?'op rhpmic3]<; uie aconi- t0 emfaark on a Hwest-.'-. A fiist step came mththe 

the' natural .gas : sec® if.. 

a waited' 0 VerUen 1 “* earnesUy rowl ?«- ft remains to be seen | product ranges. They produce- ^ Un .on Carbide has looked for sition 

For BP Chemicals the acqui- mem programme in order tb itaikuig of a substantial stake in 
mon of two of Umon Carbide s K .. slJ c aa TMistie .oil field 

Uncertainty ^“V'.hfc 

The market s second thoughts coupled with changed rules 
have partly been provoked by about credit cards, or whether 
oliicial over-enthusiasm: the jt represents a new and unex- 
in decent rush to take advantage peeted trend. Within the new 
of improved sentiment has corset, persistent demand would 
Hooded the market with stock, drive short rates up. 

The bid to build up 
BP Chemicals 

^lomt^thruK.aiss: latest 

Mrvr 3 SL c xss&z. .Tp« ^ 

SISfi StoSSi? Sfv- “* “ « ^emiads Veba (m_ r biab 


so thai the fear of missing the The lonser . le rm market looks 

t s 0 wuc i t“ *.• tsrsssr -rs ass^^iS-s® 

JSE A. iW C ^ d e time (he SSS It S5S. J2SL2 

L-nmnanv fuimd that it could no to more snpoialisprl <;pptors. . . . PWive Its results and belp saf 

a more considered view, and 
har. round solid reasons for 
hesitation. Any attempt to form 

fundamentals is wrong: the <««««. “ w siae is aue on stream., eany 

public sector borrowing require- operations. Union Caroide has been Pre-®»«j- , next year. But the' Union 

ment is too large. However, even But BP Chemicals is neither caught with feed price lan S P/ants in . Ajjej are Carbide deal secures down- 

farther oil supplies- 

next year. But the Union*^ of 3m l0Dnes annuaUy up 

a view ar the moment is simply specialised nor broadly based, 

a gue>-. for J he available land- “ST the lone ** Mr - Len Burchcll, the com- 

uiarks are shrouded in a dense . ... • nanv-'s msmanin? dirpi-tor. s.nd 

marw ar L - snrouaed jn a dense market wi n want , 0 {orm a view pan v's managing director, said 

^lmr, r ?d n S,u.u*' "u C S otMatTo,. ;„dU S f«™ng. The «™nU.v: - We do no. have, he 
* L recent trade figures are probably protection of .a sufficient 

1 ' *'■ by ua means as bad as they look diversity of chemicals activities 

Tin- opinion polls suggest a at drst s j S ht, and could still be which will go on providing 
I'lose-run election, whose out- consistent with a modest sur- profits when other parts of our 
uonie could be settled bv some- p j us . t jjis could be achieved if business are having a bad time.'’ 
ihtng as irrelevant as the May as „J any observers suspect, out- BP Chemicals’ chief business 
trade figure*; proved to be in put j s r j S | n g faster than the sectors, petrochemicals and 

The economic figures for official figures so far suggest plastics, are now suiTering from 

trade, uutput. employment, a revision which would also chronic overcapacity across 
prices, and credit are even more make sense of the uneraploy- Europe. "All of this," Air. 
difficult to interpret. ment figures. This would pro- Burchcll said, “ has led to a near 

For the markets, most of the vide some support for sterling: collapse of prices and con- 
important questions can be re- but n0t 11 domestic costs get out sequentiy of prufits and ca^h- 
!• ned to interest rates; and the of hand again. The market may fl °w- . . 

only firm fact — in Mr *& Tee w,th ^ Prime Mmister The towards solving 

Hatterslevs rather ambitious and Mr - Hattersley that if the some, of these Problems 
interpretation of that word— is next wa S e round is modest the appeared in March iq 1 tbe shape 
that the trend of US rates is outlook is good, but is not ready of an approach by union 
upwards. However, the influ. t0 the Government’s con- Carbide, one of the biggest U.S. 


reared to nroduce hi°h oualitv carbide ueai secures flown- to ^ 2 000 at competitive 

<r« cop^m Ger- Herr Bnd.1T v 0D ;B«^g 5 ®: 
industries rather than for the ^^SSJ- many ixa f° rts abo ? t 9001 toan ^ Foerder. execntiye chairman 

more normal uses in plastic fi?; 000 toanes a year of ^ of crude oil.) Under present oil ..- » of Veba, ^™ 

wrapping film and moulded ie “ e ' .. surplus conditions all ^ this may 

nrnHm-i*; ctipH a*, hucket< and ^ or ^ u hxre the Antwerp not seem particularly Important. 

bowls To thks end BP So ?ite is at tl» end of the lira- ^**6, it is conceivable that Gelsenberg it also gains -j ^5 
acQuirin" Union Carbide’s pean ethyIene grid V eba may not at first take up g« «*« stake in the profitable 

SSSfflS di £ s lab^ratora tygtew ' which ^ ould » ve Iwhoie apportionment 

facilities in Geneva laborator? great added flesibUity in arrahg- -Soitive chairman. ' Herr. ,d?stx1bg?r; ; ^a ; - 

The Smb£SdbSine«*es it Is ing deals with its competi- j^doU Ton Bennigsen-Foerder; W*»« - 
taWn“ over will add^ome^OOm tors - Such « the uncertainty of convi nced tharhe must prS W?B» ^ the ; pt^finan- 
S5Sf of^luL^es tfiS ^ lndustr y «n v «tern Europe Sae now for future oil scarcity. b « the g^J 

of ar°ouid «the„ t ta t BP tol ^; me G0Temni ent ftra ' tu. *£**£”& «** ^ * 
£66 1 m world-wide. BP Chemicals Wlth ... 0ffers ,°. £ Yiew. . ... . . 

worthwhile. - 

hfs b^en aSus for ei SSy several «h« possible acquisi-V : How. much better, it is said fP™* Tet ^^ 

Uct!> uecu SUAlUUa xur UUUiy o..» —.. 1 j 1 1 . ’ - «ratisaf>t nn /tnoe-nAt .fmAltrrml 

months To spread its winSiJ tions - But if could be a long^Bonn. to seek to art as far tranattt|<m does notm#*** 

muiiuis to apicdu it* wiuga 111 m<ia« _ ... • t- ■ in «imhii rpfinprv Mnarihr m 

dominant present to the UK. h “ been digested. 

but on the Continent it has been 

constrained by the nature of its 

two biggest activities, the joint 

ventures in Germany and . 

has a 

Mr. Len Burcheil, managing 
director of BP Chemicals. 

time before this -£220m package, as possible with a European in «UTphis refinery capacity in 

aDy and friend. The agreement Germany— and in Europe— a 
: : with BP will not of course solve whole Part of Veba’s . sur- 
; %e whole oE Germany’s future P Ius bas been transferred to 
V oU supply problem. But it Is a Bp . not removed. : Further 
T«ep in the right direction. ic “ay be asked whether 

: '"Vihii.i. 1 a_: • m . _ __ Vaha'c .lnns^lnivn rtnt titanoap 

France. Through Deutsche BP fpHE SIGIOTTCANOE of fte ^wnoin^tem accesa Va ^ Toy jtovra^ant aheoeer 

fn I agreement between BP and h^^ore erode oil is the-first— ox.ueiseiinerg. a rew. years ago 
JS X Shft. a«d.. most r important— benefit m order to. build ^ u^ a strong 

vney 01 U.S. rates on London nwnw » mwenw uutcome — r ~-~- — — term CQn tracts wntn its earn- hoc a =10 wr rent int^wact fn I agreement between RP and ro^more -crude ou is me-nrst— ui-uwawwei*. « ^ 

ik-lienS, ou the* strength of the '* 'ikely-let alone a “fact- Jjde : has also had m shj^e of ^ MppUw B p “ Scotlaid, Er5“l?h^,iTwttt^ bSS^JS A SSiSd **■ most ''m#**~*«*f* jj :v"lhr build. up. a SBOng 

d " llal - If t^isdepended purely y. ZtSZu^tSS^ and Gulf *"<>. >««“»«" ^ SSJfc »P » S owT« Sr ’S Sf 

Oil airrent inflation rates, and ri S urvu * . _ _ gtum. at a time when ethylene cent 0 f Naphtachlmie with major British and West German secQ ” d 13 a "portton of its w view of ; me latest deai. 

priMpectiv ■« trade balances and Behind all these currf'nt un- EfpL-e'inTir^ha- pmtarkfri nn P ric<,s generally have been fall- Rh on e Poulenc. concerns important though SttT ^ us refining- capacity. fr0I P Veto s. viewpoint the 

monetary growth, sterling certainties remain the duubts S . L . .. f . /J ing. Moreover, one of its major ’ h that is The deal nrovides bart tbrougb the ale. of- its subsi- answer is tiiat without firet 

.ii-ulrl be relatively strong, and started by the Budget it. soli. The a ™f. J . or «p 1 °* ’.JjJ '.}* plants, the 110.000 tonnes a B? L ' atne 10 Ul “* B par “"‘ Tbe deal provides part Gelsenberg, to BP with acquiring Gelsenberg, Veba 

1 ho dollar ha, already this week fiscal stimulus seemed excessive activities. BP and Umun Ldruule year polyethylene plant at shi ? s a * an oil company, ion* — effect from the start of next would never have, been in the 

mke.i another .sharp fall against for a gro 
lh«; yen. However, the not been 

market dues tiut yet regard the MjSTViSTS *^n.5 T» boh. m i«e in die .ar- 

dollar as weak against the credit through corsets and gilt 
European currencies. sales have yet to be tested 

It is impressed with Mr. against a vigorous real growth 

company. The result is that it 
brings the petroleum feedstock 

’ sales' 1 have yet to be’ tested basepetrochenncaU. M « 

■ - wlh 

What it aeans in 


year. position to conclude an agree- 

Veba has been acting since such as that with BP from 
1974-75 to reduce capacity: this which it expects a. striking int- 
is a step in the same direction, provement of its structure and 
By giving up Gelsenberg. Veba prospects of 'profitability, 
is also losing the Gelsenberg It is clear that the BP deal 
stakes in refineries in Bavaria is far from the .last co-operative 

S 3 S 35 SS ssasrs?^ &&£ 3 S& ssrs^iitss SSS¥E ss?S£yr a 

iiation. and with the importance i s the summer disease oE the petrochemicals building block “nit is being commissioned now 

Mreei. utpiomauc accora wiut - — * — rtptprppntc 

SdPdi Arabia, and a significaot July-and uow po»bly October gj Bp ias on a ^ stake on ia contioental Jheiicai *od had already huilt up a pre- none the less poor ia energy Jresen'i'teml'of' W7o“p^ cent Sid“ Vo'X gotag 

cent capacity instead of the in Britain* Tbe discussions are 

now or .uhk money rrom less -arv saie.y put, u oe nara m the more sophlst i Cat ed dotvn- operations. It decided the best sence m pwsucs w ourer resources, ueveiop cooperation Simultaneously. Veba intends fruitful and curative atmos- 
politically stable countries. for the market to form any stream products. It lacks a well option was to sell. chemicals. The first BHC plant with tbe community’s major oil t o step up its activities in the pbere in which the BP-^ba 

Unless and until the dollar sustained view. integrated range. Union Carbide Union Carbide's remaining was commissioned m 1951. producers? chemical and petrochemical deal was carried through. 

Letters to the Editor 

Exchange rates 

Frnni Mr. Maluolm Samuel 

Sir. — Your weekly " Economic 
Yu. \. point * is u.,uaji> the alarm 
clock lhai opens my eyes on 
imirsday mointngs. The latest 
article, June 15. is no exception. 
1 would like to make some com- 
iiK-ms nn exchange rale changes. 

The tendency for the ratio of 
value added to materials and 
fuel costs in manufacturing to 
Ity constant over time is familiar 
to students of Censuses of Pro- 
duction. The tendency For wages 
and salaries to represent a con- 
sent proportion of value added 
is also well-established. Such 
tendencies would appear to form 
pari of the " laws of production ” 
in capitalist societies. Although 
more, d mi cult U> demonstrate, it 
seems that these " laws ” would 
“normally" yield constant 
profit margins and constant 
. returns on capital in niarntfac- 
tunus industry. The habits of 
our parliamentary representa- 
tives. however, have produced 
mutations in the system — devia- 
tions from "normality" in 
recent years being reflected, 
inter alia, in wide differences 
between “current” and “his- 
toric” costs or in tbe deprecia- 
tion of Merlins in nominal terms. 

The suggestion that like pro- 
■ducts are sold/ purchased at a 
common price level in inter- 
national markets is a refreshing 
reminder that purchasers tend 
to behave rationally. As such, 
it is hardly surprising that 
i nominal changes in exchange 
rule-*! and in the price of manu- 
factured goods have rouchly off- 
set each other. 

With a currency depreciating 
in nominal terms, the cash cost 
nf materials and fuel Inputs 
tends to rise in relation to value 
‘added in manufacturing indus- 
try. Balance sheet values 
fraainlv stocks) are inflated and 
■•cash" profits fall. In terms 
of total “ cash " costs incurred by 
manufacturers, the labour cost 
element i* likely to fall. Are we 
'•uiiltv. therefore, of partial 
flunking when we isolate the 
labour cost ■omponent in seeking 
10 show ad vantages from cur- 
rency depreciation, or vice 
versa ? 

' Profitability in trading activi- 
ties mav very well be restored 
tu previous levels as u result or 

currency depreciation, but such 
"gains" may be more than off- 
set by “ losses " in domestic 
operations. The relative stock 
market rating of export indus- 
tries would seem to suggest that 
sopbistcated investors may also 
have doubts about the total 
costs/benefits of currency depre- 
ciation in practice. 

Malcolm Samuel. 

9. Moorfields tiightvalk. EC2. 

Working father 

From jilr. M. C. P. Hewitt 

Sir,— Mrs. Jacqueline Riley’s 
letter in today's euilion (June i4) 
raises an interesting point for 
working moiners. 1 might add 
that as a working father i have a 
similar problem which I bave 
solved not by employing people 
myself but by entrusting my 
children to an organisation which 
specialises in such matters. I 
have also to pay this organisation 
out of income taxed at tbe 
highest marginal rate and tbe 
employees of the organisation are 
also taxed and pa> National 
Insurance contributions. 

I have every sympathy with 
Mrs. Itiiey. or nearly every, 
because L still do my own house- 
work and gardening. If abc finds 
a solution 1 would be grateful 
fur information so that 1 cao try 
and reduce the burden on me of 
Ibc organisation which looks 
after my children, a school. 

M. C. P. Hewitt. 

Parrus House. 

62, Floral Forth, 

Canford Magna, 

Wimbome, Dorset 

would account for not more than 
3.5 per cent of tbe market 

Waen comparing prices, one 
should compare iikc wiui like. 
Over 5U per u.-nt uf tyres 
imported from ciast Germany 
are cross ply tyres, whereas tbe 
national average runs at around 
three radial tyres for every 
cross ply tyre sold. Crossply tyres 
retail at approximately half the 

price of radial tyres and are nu 
longer produced oy many Euro- 
pean manufacturers. Radial 
tyres imported trom Eastern 
Europe are only marginally 
cheaper than the lower priced 
“ Second line ’’ UK brands, which 
they have to be, to account for 
their limited range of sires’ and 
somewhat old fashioned tread 

If Comecon tyres have any 
effect at all on tne tyre market, 
it is as a competitor to remoulds 
offering a far more reliable pro- 
duct to the “ poorer ” motorist 
hard pressed by rising costs of 
fuel, maintenance and spare 

M. Morris. 

2 Cordon Mansions. 

Tonington Place, WCi. 

the bucket needing a fill up only 
every 3-i days. 

Other newspaper may work as 
well fur all ) know, but js the 
variety of tomato which 1 grow 
is Moneymaker, what other 
choice is there? 

M. J. Wo otl head. 

Managing Director. 



8. Market Passage, 


conversation. Hearing such, that one should be free 
peojue talk gives me the impres- to do any work one chooses irres- 
sion that they are quite literally pective of whether one has the 
afraid of finishing one thought qualification which Parliament 
as one would a written sentence by law demands for tbe doing of 
lest they should fuse the that class of work. A natural 
listener's ear! 1 also have the extension of that principle 
feeling that 1 am the only person would be to say that, a fortiori, 
to have observed this current no academic institution should 
habit. Any comments please? be able to require particular 



D. R. Hall. 

26. Chemin de Hcmtfleury, 
Verso ix. Geneva 12 90. 

Pink power 

Tyre imports 

From Mr. M. Morris 

Sir, — Stuart Marshall article 
(June 13) brings an element of 
lucid sanity to the somewhat 
hysterical reports recently pub- 
lished about lyre imports, par- 
ticularly from Eastern Europe. 
Some additional information 
would, however be useful, as 
well as the correction of obvious 

Imports are currently running 
at a total of 3m units on esti- 
mated sales of 21.5m units or. 
14 per cent, not 33-34 per .cent 
as stated. Of these, 700.000 come 
from Comecon countries, which 

From Mr. .11. J. Woodheud. 

Sir. — Having a sunny roof 
terrace at our office which is 
ideal for growing tomatoes on. 
1 thought you might be in- 
terested ro know of yet another, 
and as yet unpaiented, use to 
which I have discovered the 
Financial Times cua be put to 
solve the great problem of week- 
end evaporation of moisture 
from gro-bags. The technique is 
as follows. 

Spread the FT out on the floor 
so that the two middle pages are 
in view. Then extend each 
double spread four to six inches 
sideways, roll up and staple into 
a six-foot tube. Soak in water 
for ten minutes and then place 
one end of the tube in a bucket 
oF water placed two feet above 
the gro-bag. Bury the other end 

in the soil of the gro-bag and, 
hey presto, the amazing absorp- 
tive and yet non-soggy qualities 
of the FT combined with the 
scientific principle of a syphon 
creates a self- watering gro-bag. 

As she is spoke 

From Mr. Colin Witlsher. 

Sir. — l fear that Mr. J. L. 
McKeowu (letters June 14; has 
correctly identified himself us a 
" linguistic paraplegic." 

This is, alas, clearly shown by 
his misuse of the word “verbal.” 
It does not relate specifically to 
the spoken wunl. but it is clear 
also from the letter from Mr. 
Clifford Jackson in the same 
issue, that " verbal " is commonly 
used when in fact “oral" is 
meant. “Verbal” means “in 
words." which can he written or 

Mr. McKeown's affliction may 
be worse lhan he thinks: it is 
revealed when he put* pen to 
paper and not ju*t in ln> •'nar- 

Ucularly nasal regional accent" 
hi fact, he may be Tar too sensi- 
tive about his accent anyway, 
if he listens careiully u, "those 
who "speak proper." he will find 
that the Queen's English is dally 
being eroded, albeit in the nicest 
ion of accent! 

Colin Wi Usher. 

Coiurpn, Haggors tone, 
r ruling. Colchester, Essex. 


From Mr. Frank WalWep 

qualifications for those who 
aspire to teach therein. I have 
not heard the views of Mr. 
Reynolds-Whatsisname, a poly- 
technic lecturer in law, on that 

My friendly local postman is 
something of a sorting office 
lawyer and after a disastrous 

The M&G Personal 
Pension Plan now 
provides a choice between guaran- 
teed and umt-linked.There is 
complete tax exemption and 
no commitment to regular 
premiums. Anyone who is 
self-employed or not a mem 
ber of a company scheme 
can join. 


Sir, — Noting in today's issue attempt to represent another of 
(June J5i an article contributed his ilk before an industrial 
by David Freud on the subject tribunal, be decided that he was 
of sarue-day settlement fdr better suited to the calmer 
cheques, I hope that debts paid waters of academic life. He is 
into the County Courts can be frustrated in that ambition by 
dealt with in this manner. My the requirement of evety poly- 
company obtained a judgment technic /college /university to 
for an amount somewhat in which he has applied for a teach- 
excess of £1,600 which was paid ine post, that he should show 
into Huddersfield County Court evidence of haring the particu- 
on May 31. so 1 was informed. lar qualifications they demand 
At the time of writing we soli before he is allowed to teach, 
have col received payment front He has tried enlisting the sup- 
the court and am advised by tele- P or * °< Mr. Reyoolds-Whatsis-; 
phone today that “two working name, but as he ruefuly says. 1 
weeks " are necessary under the !' you know what the post is 
present system before the these days." 
cheque is posted to us. which is Yet another of my friends, the 
promised fur June 21. The refuse collector, who is old 
original cheque from the fashioned enough to prefer the 
defendant will thus have been style of dustman, put himself up 
in their hands for 22 days. At for election to a fellowship at 
current overdraft rates one Oxford University. He is tak- 
wonders what the overall loss to ing up, with his union, the 
industry may be on the total matter of the curt refusal. He 
amount held up at any given now plans to apply for the post 






And so on 

From Mr. D. R. Hall 
Sir. — I was most interested to 
read Mr. Duncan Ned Dewar's 
letter (June 12) uq rite auscuce 
of verbal commas and full stops 
in conversation. Personally, I 
don't object too much to" the 
” you know " he refers tu but I 
would appreciate hearing of 
other readers' observations on 
hte quite hideous tendency of 
many people intervieweed on 
the TV tu go on and un Just 
connecting each sentence up with 
“ and!" This kind nf verba! 
behaviour usually comes from so- 
calied "trendy" personalities. I 
suspect iU origins in American 


Frank Walk ley, 


F. Walkley (Clogs). 
Common Road, 
Birkby, Huddersfield. 


From the Chairman. 
British Legal Association. 

of Visiting Professor of Rubbish 
at Cambridge. 

Many of our lowly clerks 
think that the Royal Commis- 
sion on Legal Services will usher 
in the new dawn when, over- 
night they become the Sir 
Hartley Shawcrosses of this 
world, carrying all before them. 
My own ambition is to practise 
as a veterinary surgeon. Will 
Mr. F rancis Reynolds- Whatsis- 

A lump-sum investment whi< 
provides the £20 a month 
necessary for the maximum 
permitted S.A.Y.E. Index- 
Linked savings contract 

■ : V . 

'.'V.-l VS# 

Sir,— Mr. A. D. Roper's point naI ? e ,et Die have a go at his 
about consumer protection (June cat ; Perhaps he would prerer 
8) is a valid one. tb3t 1 qualify as a veterinary 

The sacred principle which has ?^ r £*9 n ' ^P., lba * event why does 
set Mr. Reynolds-Whatsisname q . Uab *- v a f. _ a solicitor and 

(who tilts not at windmills but stop boring us all. 
at the marble balls of the Law S. P. Best. 

Society) galloping from one 29. Church Road. 
court to another is, as I under- Tunbridge Wells . 

X-l afpli, able 

5e5Ti | j 1 , 1 


1 V r 


Financial Times Saturday June 17 1978 


The von Hirsch sale on Tuesday: By Antony Thorncroft 


MR, PETER WTLSON, chairman 
bf.Sotheby Parke Bernet, will 
take up his gavel at 9.30 am 
on Tuesday to start the most im- 
poriant auction in his long 
career and maybe In the 200 
years’ history of the firm. 
During the following week 750 
works of art collected by the late 
Robert, von Hirsch will be sold 
for at least f8m. The grand 
total could well exceed £i0m. 

In cash terms the sale will 
certainly set a record, although 
in real terms the dispersal of 
the contents of Hamilton Palace 
-in the p re-inflationary late Vic- 
torian days will remain un- 
rivalled. It makes the auction 
at Mentmore Towers, Lord Rose- 
bery's Buckinghamshire home, 
which Sotheby's organised last 
summer, look almost small. 

' There are striking contrasts 
between the two auctions. 

. Whereas the Mentmore Towers 
sale was held iu a very English 
setting, in a large marquee in 
the grounds of a vast mansion, 
and represented the remnants 
of" a collection built up over 
many generations by two rich 
: families— the Rothschilds and 
the Roseberys — the von Hirsch 
collection will be dispersed in 
Bond Street and represents the 
" buying of one man, a German 
who fled from Nazi Germany to 
. settle in Switzerland. The 
works on sale vary tre- 
. mendously. too. Mentmore 
reflected Victorian taste in its 
large items of ISth century 
furniture, its tapestries, its 
• strongly French Savour, while 
.Voh Hirsch specialised in inti- 
mate items that could be 
- . displayed in a relatively small 
■ house, with a concentration on 
medieval works of art. Old 
Master drawings, and the more 
pictorial Impressionists. Finally, 
all of the von Hirsch collection 

is to be sold and will he Sigmaringen. die Guelph, and as well as the headquarters of 
scattered throughout the world, the Hermitage sales, the latter Sotheby’s and Christies, the two 
At Mentmore the familv organised by the Russian lar ™ C st firms of auctioneers in 
retained many of the best t ^ W ° rli 

pieces, and the Government ( - zar j sl Ruii sia. So London was the obvious 

stepped in to keep certain im- 1933 von Hirsch applied choice Tor the medieval works 
portant national treasures in the to leave Germany, with his col- ol art and Tor the Old Masters. 
UK. lection. This was permitted. an d a good choice for the impres- 

Whereas Mentmore reflected but onl > - after ***** a «™ d sionists. especially as. rather to 
the British origins of Smheby s Crsnsch in lhe surpr ' s0 

and its success in the Iasi 3u ( ’ ner i ng . <i t was returned to same bl [* ve J s " 13V e ‘ n ^ hat 
years in getting close to the him in 1945 and bequeathed ket rram the 

British landed gentry, who in the Kunstrousoum in Basel.) ' ® 0lUinenr an d in 

traditionally had dealt with It was in Basel that he spent cm- 

Christies, von Hirsch refiecis lhe remainder of his hie. p th medieval works. 

Sothebv Parke Bernet. the inter- Shortly after the war von Pejjj . t L . n iieitnrs would 

national auction house which Hirsch married the sculptress interested in the impres- 

derives as much of its £122m Martha Dreyfus Koch and she hi ■ Ire of the kind 

annual sales from overseas as influenced hts artistic taste. we u on the dining 

from London. The company had especially in the direction o necessarily 

been valuing von Hirsch’s col- 20th centuiy art which had ’"“jSJSw <lf impres- 

lection for some time, so it was stopped w,lh J bc pur *- ha *®. ° .-; onism But when inquiring 
no surprise that it was called in the Picasso. The ‘mo* : di! sUni :■ ^ |he museums as to which 

by his executors when he died. Uve real .ire of the colleition ®™ un “; W ould likc reserved 
aged 94. last November, to price « ,; is jls intimacy. _ it was dis- 5 ^ fo J (this is nol the- kind 

the estate, and then, acting played in a comfortable but far P ' ^ wherc members of 

according to his will, to sell the Go™ ostenta' lurns house, the expect a good 

collection. For - von IliMh «vew«f «th immeda^iA millions of pounds 

wanted it to be distributed attractive and Jcce. .sdble s P «<> ch inE hands l Sotheby’s dis- 

through an open auction. tures r . athcr 1)1311 “ rand moinei1 ’ red a ?rea t deal uf interest 

tous pieces. £ e j ^ ’ ork _ of art Dn oITer. 

nri- Once it was uivcn the sale Manv extra rooms arc being set 

1 hree SftlCS «f the century. Sotheby s moved for the saleii 50 that the 

quickly. London was regarded ^ jj^iy buyers can follow the 

A remarkable aspect nf the as the ideal spot, "a neutral acti|in „* n monitors and bid 
von Hirsch collection is that it ground for battle to take place throU g h subsidiary auctioneers, 
was amassed in so relatively between the continentals and >b0 ut putting 

short a period. Von Hirsch was the Americans, according to Some y r , h rarer 

born in^Vrankfurt in 1SS3 and Mr. Marcus Linell. joint manag- estimates on many of e 

as a Jnung man entered his in S director of Sotheby’s and ■tems-mmdful l-rtuP-J the 
uncle’s leather company which the nrm who has organised both UJth loau ed a s' by Van Loo at 
formed the basis of his per- the Mentmore and the von catalogued a^by ^ 

sonal fortune. He bought his Hirsch auctions. But there . . -- 000 w hieh is now 

first nainting in 1907. a Tou- more to it than that London is Fragonard 

louse ■ Lautrec; bis second was still the centre of the inter- cons ed , But the 

.Scene rle ru? by Picasso. But the national art market New York worth ^ QQt over 

heart of his collection, and by may be challenging it as a place attributions but because 

far the most interesting pari. » sell impressionist and modern correct of the 

was acquired in the late 1920s art: si 'X e ^ and 3 ? we ^ j tems especially the medieval 

and early 1930s when three fetch higher prices in ‘Switzer- ite . J othing similar 

remarkable sales of medieval land: : Monte eiirlow comjn^ up rk e d on the market 

and Renaissance works of art fast for nbjets d art. But London h _ PP almost 

occurred — the Hohenzollern- has the best academic tradition since tne 

50 years ago. and many 
museums are known to be very 
keen in buy. When old and 
beautiful iicm* do appear they 
fetch i try nigh prices— last 
year Sotheby’s auctioned an 
hitherto unrecorded CaroHngian 
ivory which was expected to 
make £80.000. and in the event 
sold for £255.000. In the von 
Hirsch sale ihere are much 
finer objects and with a long 
and verified history. 

For example one lot consists 
of an enamel armillae. ur arm 
ornament. which probably 
formed part nf lhe coronation 

regalia uf the 12lh century 
Emperor Frederick Barbarossa. 
II is urn* of a pair (the other 
is in the Louvre i. given to 
Barbaras.? a by a Russian 
embassy m 1165. They soon re- 
turned l>> Russia and remained 
there until the Soviet Govern- 
ment sold oil sonic of the 
treasures of the Hermitage 
Museum in Leningrad in 1933. 
That was when von Hirsch 
acquired it. Iis rarity makes it 
almost priceless but Sotheby’s 
expects bids of £500.000. give 
or take a lew hundred thousand. 
In the same category falls an 
English gilt altar candlestick of 
the early 12th century: only 
three similar romanesque 
candelesricki are known to 
survive. It. too. was in the 
Hermitage and will fetch many 
hundreds of thousands. 

relief of Christ in ilajest>, per- 
haps brought to the West after 
the fall of Constantinople in 
1485 and almost certainly ac- 
quired by Pope Julius II. will 
also greatly excite the art his- 


Then there is the brnnze 
mount from the Souvigny Bible 
in the library at Mouli ns. There 
is a popular movement in the 
French town lo raise the money 
to buy the mount, and put it 
back on the bible with its six 
earlv medieval fellows. A mid 
11th century Byzantine ivory 

Apart from the beauty of the 

items, and their great rarity, the 
fact that maany were produced 
in what is now Germany will 
ensure high bids from some of 
the best funded museums in the 
world. In the last few months 
Sotheby’s has been displaying 
the finest pieces in Germany 
and Switzerland. 

Among the pictures the top 
price, £500.000 or so. i* likely 
to be paid for the Branchint 
Madonna by the early 15th cen- 
tury Italian artist Giovanni di 
Paolo. A rare watercolour by 
Durer. one or only 30 water 
colour landscapes by the artist 
known and the last to remain 
in private hands, should also 
do well. 

The undoubted winner at the 
sales will be Sotheby's. It can- 
not expect us usual 10 per cent, 
commission from the seller on 
an enterprise of this size, but it 
will have negotiated a fee for 
its work In handling, insuring, 
and exhibiting Lhe collection, 
and printing 40.000 catalogues 
which at £40 a set are costly, 
but should become even more 
valuable. It will also get a 10 
per cent premium on the knock- 
down price from the buyers. 

Eut there is more than 
revenue involved in a sale of 
Lhis kind. The prestige is 
enormous, and Sotheby’s pre- 
eminent position will be con- 
firmed. In addition, just as 
Mentmore established a new 
level of higher prices for 18th- 
century furniture, the prices at 
the von Hirsch auction will give 
market guidelines not only for 
the rare collections of medieva 1 

works of art that might he 
tempted into the open, hut also 
create more confidence in im- 
pressionist paintings, which 
have been in the doldrums in 
recent > cars but recently shown 
signs of life- 

The timing of the von Hirsch 
disper.<:i! is good. The art mar- 
ket follows the state of the 

economies of the major western 
nations and Japan, where the 
mood is mure optimistic than in 
the immediate past. In this sale 
there is little of the British 
national heritage involved: it is 
a tribute to the past collecting 
habits of lhe British aristocracy 
which made London the hub of 
the very international art world. 

M*; v-JK/V**.. x.x - \ 

J.z *TSTr*s.-fy\' - 


4 !eIP 

accounting for the Fund a S par. oMM tno.hlr £« W ™" 

tss rveturr®:. sr'i 

lost when the Fund was written You can run your finger over raftgt breathtaking film ever 
down to £10ni. 20 years ago. a piece of genuine lunar rock. Called Tq fly aud last . 

T.:x d P e s SJSS s, a .vf c u.s ur « o » sa.fs “..5 

mood at the Press comert s£nd someone else t0 the Moon d th vjews from and 

for the report. Comment like. y , oon before the «!. e .: of all mam 
The issue is not what the 

In a few days’ time Scandi- 
navian tour operator Tjaereborg 
' will be having a modest party 
• to- cekbrate- a successful first 
year of operation in the UK and 
lift the curtains on a new and 
much enlarged programme. No 
travel agents will be invited, 

‘ which is hardly surprising since 

- utfe huge holiday combine’s as • ‘primes are built 

yet — ' 1 ^to the Treasury long-range 

. the retail trade and sells direct • JSJ Ssfe* ilvmSm r- - : i forecasts The Treasury view 

to th* P“ bU ^ has not altered since Mentmore. 

f 3 Schintte^ ;> -la. -.j^: J^TSiSSU «!! “d.4 

not amused. ‘ ' ' ; 'i-' •' '• ” i‘ ’ Environment, compared it to an 

Vingresor is no midget in tb :■ ■ ' i enormous piggy bank, whose 

travel business. It ia a who y .• • keys were then hidden in a 

: owned subsidiary Of the airline irfaWMMMBI : V- * . series of Chinese boxes. 

SAS and last Tff [-V . ’ * ~ -The Fund seems to be 

Sl03ra,. which, would appe . . , . rather mythical. It conies ami 

. Vingresor . r. r y or 

■ . 

*Jr.;-s3a*= Sw r~ss AV^Sis&r- 

- jSsr~£S’= ssi^Ersrss ,.sr.i s^ss 

•- neJin^^- live. ease the whole issue could he 

„ _r h on f'he list of priorities * raked over again shortly. 11 l- • 

L«,ir it finding someone TOT • remodelled and relabelled 

' * aVeS . L» FlSiSd operation then asked the btatc 

£ attract when holidays start ^ 0U ght ' ' “ more money, 

next summer- Charter ‘6 t j,e more remarkable 1*313191^ 

<?aB 'h° E Srtiiies n nf'me 0 nations aspects or .^p^sive^S^y^ 'Remember Pdenlmore, and its 
' ^ 1*2? taSvtag the pas- times is the impressive VHauty ^ treasures . Sale of the ” » 

Thi?^th e -Vingresor of the business. Century in the middle of la p|jg|» 

sengers.^ ini Jl vel on Brit ish London resuurant year? Remember the £J8m 

ctiepts ^ for ^eii boli- Quality, appareiwl. . r deota ] National Land Fund, .which LocaJs warn you to go early. 

- or Sp ? nL M _; orc a Parent SAS Nonetheless the . • a ffa. Q went into an identity crisi» over pre f era biy being on tlie door- 

**** in when the opening in recent vveetepf^o ^ auction? The Traas^ry- ^ ep when Uie pla , e opens. The 

can only be. i^ dilia via (which pjeek b y Jowl controlled Fund, which acquires warning is UU derstandable. since 

trips AW tor Scanama between them have 1ft. their heirlooras in i ieu of tax. might Naliotlal Air and Space 

some wiH be)- ■ these owners little ^ ia " se . ,; £r0TB have bought Mentmore com- Museum in Washington, jusi 

Finding . affine ^ hich is £350000 adds another . ^imen-. p|ete i y for around £-m. but about t0 celebrate its second 

days is: no easj- matte ■ • - n , - lo th e tale. • - . couldn’t because that would h | rlMH> ._ j s reckoned to be ilw 

W hy - UK' °Pf rat ? ( f 1 , < i e .haired pmmisine the “best m have infringed public spending most popu i ar j n the world- In 

headed 1 "by raised rJ? 1^*- cooking" elegant guidelines during the squeeze. ^ t , 0 years of existence, it ha-* 

, . ™ oV arfra^ner of flying machines 

issue is not wnai u« brated chunk of dark grey (eave aud j ences dazzled and 
Treasury wants but what the ma ttcr i= eroded altogether. d j 2zy 

Comnions will decide" and “We \vvay from the space tech- to see that film and visit the 
want to take away the judg- n0 logy. The museum is stacke .--g.gyiuHj CO sis adults a 

Sly freely. The Committee or i gina i 1903 Flyer and Lind- museum generaUy is. frce.i Onu 
planned to press for a debate b er S hV Spirit of St. Louis Look- you’re a veteran of Washington s 
on its proposals, and to badger almost ancient in this jet R|r and spaC e spectacular, the 
the Treasury into submission. age is an eight-ton Douglas DC3. Victoria an d Alberts of the 
But the Treasury will prove w hieh j S suspended 3a left wor j d seero tame indeed, 
a tough nut to crack, judging above the floor. 

by the rumblings from White- Aaynne who has visited U>n- Contributors: 
hall don's Planetarium would find A_+u. ir CnnHlps: 

The mandarin view seems to ,,, v SUT]}T \sei in the Einstein Arthur bandies 

be that when the Fund acts, spacearium. with us typically Christopher Dunn 
there is a transaction between folksyi Walt Disney-t>pe con- NirholaS Owen. 

thR public and the private see- ductt . d jaunt round the universe RDO INICnO 

tor— public expenditure. Fund — 

Economic Diary 

TOtm -Prime Minister at Ompsniles .latement 
Labour Party ’rally. Brecon. Two- dusirial suavely, 
day OPEC Ministerial conference WEDNESDAY— Mr. Denis Healey, 
""ens. Genev-a. Chancellor of the Ebicliequer, 

meets delegation from British 
SUNDAY — National ■ Sa' ines institute of Manasers aC 

monthly progress report .May,. d^e.Dow nm^trect. Hmisc^ 

MONDAY— Basic rates «r uaees Monthly meeting cf CBI council, 
ami normal weekly hours i.May.1. THI jrsday— P resident nf ijyprus 
Monthly index nf average earn, "r* govros Kyprianou arrives in 
(April). Cyclical indicators for lhe for , a | ks uith Prime 

UK economy Oiayi. EEC Pmance Minit . ttr Scottish Liberal P ;ty 
Ministers meet. Luxemboar-. conrerence opens. Perth. Mr Jonn 

KTt S'™"- assom - 

addresses international Labour 1 °n. 

Conference. Geneva. Confedera- FRIDAY-Statement by President 
tion of Health s»crv«e Employees of Cyprus. Mr. Djvid Steel 
opens, Scarborough. addresses Scotush Liberal rarty 

conference. Mr. Erie Varley. ln- 
TiJESDAY — Unemployment dusty Secretary, at J™justrial 
Cures' t: Him— nrnv ». Bank ..r Strateay Conference Glasgow. 

_ prov.). Union of Independ ent registrjtion.v lMay) 1 


£ism 1 ".‘ la W d J t0 buv enough pj ava( i,j h»s put a 1 u orter?£ 
money in orde airline. J? nl in« iruo turning ti^- bas 

c uu-.-wi* - . oeeii 

a back into prominence tlus week -jgnQip 

“ Wav?®. P- “ base, with the publication of an MPs truth 1S lhe museum 

Boe&to.start its own a^tne. maliior . inw ta ^ aTty comm.tiee report on handles ils huge clientele 

' IntasWti - which se -‘* w il’l iri . eT ' t io f ,„ in 'io an its history, functions and pros supe rblv well: an object i«*snn 

• Ihroulh agents, says ^ e v [ or PiocathUy inl ? ra bte, opul- pects. And the identity issue tQ SUch institutions everywhere. 

L» ml room on us ***?? te : r eatene.- of J „ ar t'-deco- reared its head •f* in . t0 ®: . America’s massively expensive 

clients,-. *° Sindair ^ ^ expensive The MPs caHed for the Fund, ^rts to get men into space 

• - V Sve to look to more^ ir charm ca 1,ipd ,^ ll> - old friend set up originally by Hugh aQd on t0 lhe Moon, inaugurated 
'rifiLal supV ierS ^. ^phore) Not to b f,°!J td J as su nk£i00.000 Dalton to buy a war memorial, president Kennedy at the 

Sts for Tjaereborg) l0 be compWely remodelled as b J ginDing of ^ 196U S . ma> 

^ven British Airways- . iBt o revampm® Arlington an. independent contingency have been apathetically viewed 
or e.YS“ . ,. J . rtBO | t firs art rnsmee into to ^ tn help preserve the e j sew herc. but it is obvious iha* 



‘ I UK holidaymakers get ^ Ga-price mw fund l0 h(? ip 1 

■ : whe , D ¥ VrSesoV brochures and .waving the home na* oyx herita?e . 

. -their -few surprises. of fering . the bes ^ f should be chan 

Ils name 

of the C/uiii'tiuiM, The Hon. Edward P. O. I 'cino 

geographical distribution. 

n Re\ - ie\vin° our present portfolio, I Have eyerv confidence that 

IU It vv m have ao-ain aiven ssood account both in asset growth and a net 

“ h ih iilr C a* y..ur .0 ******* - 

dividend payment. . 

We have usefullv mixed enterprise with, the more orthodox in 1 vc ^™^ 
nractices It has im olved a significant turnover oi our funds u hich, desp 

in good stead for the tuture. . . 

Summary ot Results 
Gross Revenue 
Met Revenue 
Deferred Dividend 
Net Asset Value Basic 
Fully Diluted 

L\ ,924*631. 


* ■ trin^tesor “ iw “* — auu - _r -KntistL n‘> uuu ■' ,i - — ■‘ r- . „ a ,Ki Americans take tremen&ous 

. V . "f e w surprises. Bering the best of should be changed ta 1 the pride in their country’s extra- 

- fhey are for ditiavl an ., Therfi -is f n A Wesent- National Heritage Fund and it terrestja i exploits. 

d f ta 2!^Pn restaurants should be run by independent For. among the exhibits, si 

^palieru ibe 001 <flia!ly hidden almost e ve rac ir dDS da irustees. - ’ , urEed JS the space hardware that. 

^ tn :Awben UW our own, reckons, da ™™****% e U /^a grabs the attention. There is 

' secrets ¥ « it was renovated - that payments from tne tuna s command ship 

• built vihen i ^ C0 J ^ not ^e^ to-be should not be «; ^ drd , d above the first 

, ant T even its « le P , s puWlsh ed ™ sinC e they “T JS Jmni liv Moon visitors. carrying 

- The changes accord- Rivals ^ have their eyes a once and for ail astronaut Michael Collin*, wlm 

separately and bo0 k a diS«r f as bionable oostiil- the State in d j tUc rt, re pior ol me’ 

• Si "10 demand-^ny and hack in are faintly subsequently the rma «« ' • Museum. And 

month before try &*****$&? A meal for two had been ^K-financmg. ^ * a „. a standby .win 

' y0 u may 3 J fore and you Ponaion. ^ nd £35. while living mainly off he y.dd on tn lan din-4 

? -hours b^ore basement likely to ^ u<e Government securities, the e J d|y , nf) C0Vt . r ,,. 

bars®* 1 Da Costa » ig30g a MPs said. 

a few . 

: -could .-S et a 

p net 
32 p 

,-i* 0 ?raphical Pistrilnition 
l nited kingdom < 1 ‘jR’ ■> 

T nited .••i.ito jnd 1 unudn 21 "92 .■ 
li v - ol Somh Airicu 3-SS".. 
list* Fur jfu't 1-S3 
K-n. ‘ 



1 1 .inti 
hi 'i w 

baseniein »**•*-- offerings uum “■*- vehicle, spmaiy ami 1 

^ ^ ^ ^ ,,k£ " e, ‘ ! 

<>i*? ' l '-- Cr 

VinVc:; LimucJ, 


r?i • i l _ -i! sees seco 

^ . Finance 

off f 2.8m 

. .^&>%*&Ejgk§£3S%& ■- 

UK boosts Pilkington to over 
£71m— 100% scrip planned 

Elswick cash call to 
cut gearing ratio 

r r; 

COUNTER TO City expectations 
of an improvement, with- trading 
profit from brewing dipping by .jV.'-sr 
£2.5m to £10.3m, total group earn- v 
ings at the taxable level for- 
Artbur Guinness Son and Co. for 

Klswick-Hopper. the Humber- The directors are forecasting 
based light engineering company that the net dividend for the 

directors ore tajeoUg ft »£*}» Si* 

A HARKED increase in toial sales 
;n«l i radinrr profits by ihe UK 
r-'im|j;inios in the second half o' er 
the first six months at Pilkington 
Kmiliers helped total taxable 
•tiniiw [or the year to March 
St. 197K. jump from £62.7 m to 
£71. 7m. Al>u a one-for-one scrip 
is* tie is planned. 

Trad mg prolir fur the year 
nmveti ahead to £42iim i£{H..>ml 
with the UK contribution up from 
£23.. Ini to £2S.!tm. The ouieome 
•r/erseas vis marginally better at 

External sales were abend from 
£3!ul.Jni to £4ti!l.. , im « uh the UK 
companies accnunlina fur Khi.Pm 
l£i43.Smt anti iiverseas companies 
f.n- £>n2.9m fi‘!SX.2m J, less sales 
to group me in hers uf WtSm 

« r-t um>. 

The di reruns say that the 
fultire "-Iviuld he rather better as 
confidence: grows. 

After lax of £:Hi :iin MlltSm) 
earnings per Cl share are staled 
;il 34 .Up .mri l he net total 
dividend is -topped up m a maxi- 
mum prrmilti-U J J 3?5p iKi.4i-r.2pi 
v Uh a second interim of 5 7li3p. 
If Ihe basic rail- or lax is reduced 
.i further small dislnhuliun will 
be made with the payment on 
Auuu.x; 17 or ;is a supplement in 
February 107!*. 

The liiial "roup trading profit 


Reporting this Mr. 

the triplex - 1 0-0 ” s ™f s • comment SSf tSJ '£*£ ti 

K& Plant fnr ^ e * ,na ’ four "a i |t1ve S marked" the EIswick-Hopper’s rights issue _ is amd^he rtictaTftTtlH? 

The total net assels employed >ha» vs dosed Ip loi ?er at 20?p. aimed at reducing its gearing made in Slrary 

at March .11 wore £54 0m before Tr . A _ l . the ___ same ‘! me ratio after the sharp increase m over th?™r 

lower but this, shortfall will 
more than made up by improve-’ 
meats in the non -brewing com- y- 

UI „ At the same time 'Elswick- ratio after the sharp increase in 

deducting bank overdrafts, and ™ 3Rpt '' onnoutuxe figures for ihe debt last year. Borrowings ove r Sfl45m group^rofit for 18^T7 
•n.'iii was fliEni. £ Ja " u *ry 31. 197K the year rose from _ around ^ r he 

loan capital was £IU2m. AT * J “ ,,u “*y u..i-. *'«* i woe num aiuuuu _ ^ th|1 

Results from the flat glass and , pr0,,w . are £S30 ' 000 10 £235ra and smce should ^^bsUnriS tod widell^^ 

clam fibre operations were good ° n . salcs of ZUJKm year end a further cash payment gjjjji® 5uf U taSSSaste *i»2S 

and safety class products finished «£»»-4im } Bu-nmg« per share are 0 f £180,000 has been made in ?*““ b ^in“^en^l 

on i. si rone noic- after some ?h» wn °* J - at, P compared with connection with the Falcon JJJ n *. 

earlier disappointment*. and : I ” 4p * nd a l,n »! dividend of 0 .op acquisition. Shareholders' funds. f£t s P .£ “gj 2‘J n , th?slSi l 2S ! .‘^ 

there was a uo..d performance maklo « a total of 0.up excluding goodwill of £1-2“ - .™d5ed cSSnfi 

from a new member of the group. 10-St^pi. 5iand at £3. lm s0 t he debt to SJftSSr w-2 

B irr and Stroud Directors > ate that proceeds of equity ratio climbed from 47 per 38 down £rom c - 81 ^. 

Elsewhere in the npitcnl *bo ix-uc will be used to provide ce m to 76 per cent Meanwhile. hetter onrtwpw -Mr.' It- A- McNeUe. chairman, oi ;nve6miqa «g^«y 

division results were affected hv working capital required for the profits appear to be on a dramatic j]®. iiiw r* i substantial - 

a lower level or activity u, the lontmumg expansion of the bust- upward trend but more than half “^U.A«^ u f Gull,llcss 8 ^ ax 

ophthalmic industry ness and funds for future acqutM- of the £0.4m increase io pre-tax J*” w 5 p ' ‘second-half growth forecast- ' 

However, uversexs tniilmx re- >pcctfic plans arc in profits can be attributed to two :" e f nmunKs ■ • ■ ■■ • 

>ults Irom the fliit glass manu- h -’ nd fnr 0 bld but the directors* acquisitions. This year the agrl- . u f f„ a ...k .TcL,'*’, „ nc nor 25 d share E gg£S?I.5 redu • -ts-Sy 7j 

factoring companies was P°*‘vy ts to expand by takeover-, cultural division got off to a slow- ^mn^s P| f ov , n a , Attriboabt* - “ s>^,i. r -,v. ' • 

generally disappointing— earc-.-ut I ’ ht Board states that it is too start but engineering is pushing wliiS, ^o^f^’n^the net interim >* - v v *CV--~* * 

Irom the subsidiary in Arjentm-i cnrl> 10 make a forecast for the ; ,hcad both on cvcles and the company s year end, . he , to 0.51340 _ See 1** ’ 

and .issociau- in Mexico. cunvni vear ihouch management huht engineering supplies sides. aaas - .. owiaena is raised . • - 

The new float glass plant in accounts fnr the first quarter show overall further profits growth is •■"*.■ "• m •••’•■/■ - 

Smith Africa came into pro- turnover up b> 10 per cent. on the cards and at 20 Jp the Tfc j I¥7 ’ • 11^ • A .i,- • ^ yw^4 4iwt lirj: T. 

duct ion at a time of reduced Agricultural machinery sales *n shares stand on reasonable rating gcfAIlT lA/Ckt I7A1* V%^£|£JiT.W? 1 irl ■ 1 - •» \ • 

demand and although Pilkington the first quarter were alnm.-i _ t he p e is 5.6 and the yield is L|1 t/lli M dlKtl 1 III VI 

Float das AE has now firmly equal 10 the same period fast year 6.S per cent. The directors are 

established its position m pn most of 1 he upturn is coming forecasting a dividend increase _ ___ C V ' % . • ,, . ou and- the interim • forecast^- '.'’’v •" 

Scandinavia the growth of sales from the engineering division, of a tenth so the ex-riehts pros- -AT THE 28 weeks mark of 1977 . expansion at Hackney and tne ‘ n “* u u uinF x - ' 

has been hampered hy poor which includes cycles pective yield rises to 7.S per rent the directors of Brent Walker E3 SaJam Hotel have ^ vol y^ ^ *** se « m i ' ' 

economic conditions in that area. However, the directors do state stated with some confidence that Midi. -effort hut now provide ure to. the tune -of aboUVSJ^W-dj^;-^;* : 

Most safety glass connmnies that there has been a w eakening pre-tax profits for the year woufd icfampany with a secure base L to -extra costs .OEu4h^' ; , Csui^3wttfikJi‘. 

have maintained their profit- in margins. RORlIV^OiV RROC be ‘ n excess of £400,000. In 'the "-whi ch will provide for an exciting pro j eC {_ But' the 

fit from . . • 

fleeted' m ... 

including ' ^ , 1 

. (±43m) /and : -.' •• 

' jp't ' ' 

to ILfta - 

jfiis ^nte -from .W® 5 ? 



Sfc&t ” r 


Traflisg pasa 
•Brcwm s r 
• General Trad 


Inten-et d 

Sir Aliiftair I'ilklnyfon. chairman 
of Pilkington Knit hers — a heller 
future ns confidence grows. 

In 197H-77 the weakness of the 
pound boosted the sterling pro- 

. (urging £::». 4 in ilttf.lm) for the 

the rise in ihe exchange value 

tli’Piei-ialion "reii| a --eni«-nt of fixed had ,h< ‘ oPPf' }, e effect but the f, a v e maintained their profit- in margins. DORUVCfiM ppnC 

If the lolal income cununucd to increaso ability and the group’s glass fibre In recent weeks there has been KUBlliaUil DivUj. 

.-..-v-ets at i-urrcnt values. 

lactunng companies was >> <» «.viwnu nv laKc-ovcr.*-. cultural division got off to a slow A L-iTvIi LIZT .vZ\rl I ZEr u ,V U ZZr were down at 

generally disappointing— exc-.-ui The Board states that it is too s i»rt but engineering is pushing wiiJ£<» d ^mnTnv£ net interim 

Irom the subsidiary in \r.-entm-i csirlj to make a forecast for the ahead both on cvcles and the rompany s year end,. he FXp (fepp) and I 2.61S4P 

1 ms .yuwmuim.- ... ivi .Ifll'ilU UUUI Wlf U.'UC5 «lflU NIC ar l|4 c 

ami associate in Mexico. current year though management ti^ht engineering supplies sides. auax 

The new float glass plant in accounts fnr the first quarter show overall further profits growth is 

South Africa came into tiro- turnover up by 10 per cent. on the cards and at 20jp the -re- 
duction at a lime oT reduced Agricultural machinery sales in shares stand on reasonable rating I. 

demand and although Pilkington the first quarter were almost —the p e is o.ti and the yield is 1 

Final das AE has now firmly equal 10 the same period Iasi year e.S per cent. The directors are 


Brent WsJKer meets 

after roeds front licensing. This lime economic conditions in that area. However, the directors do stale 

safety glass companies that there hns been a weakening 

be in excess 

reject. Bur the shares' at'^p. . ?).*! 

• lepreviation charge had been re- 

lu i:J2.Nnt iClfl.fimt. 

D«Hng. <t« «. Monday 

lah'd to historic cost, the charge Capital expenditure amounted excellent year as did the -safety ■' For agricultural equipment, and t he preference shares 
v «ui Id have Iji’cn reduced by some l«i £4!tm (£.iKmt ini-luding invest- glass fibre associate in Canada. they hope this will fnltow Robinson Brothers (P 

nu-iit in new subsidiary and asso- 

•Scc Lex 

through for the rest of the year. 

(Rvders The profit represents a 20.3 per expecti a continuing improvement thifi ent husiasa». -The ~1i 
ich has « nt increase, on turnover 30 per Ea. profits. centre at Westdiff la aoyj 

;oson rises to peak £1.6m 

£2bm. the directors say. nu-tit in new subsidiary and asso- Sec Lex through tor the rest of the year, ftrecn) the company which has cent increase, on turnover 30 per' Eh. profits. ceni 

Prospects for the engineering wm e to the market by an un- cent higher at £6.3m. r. - n , to .. 

-vr-. m -m jr*. ^ companies, in ^ the current year usual move of placing preference Stated earnings per 5p share saoxgw 5.0&445 afte 

^VLTvo^rwviur>^vw% rvn 4-**. mAmlr -B? H look good. It is hoped that capital to raise £2m but not are up from L26p to 2.42p and pSriS^m'7.:."" «MO 333,jn thei 

H-j riCp^ TIOJJ X | nlTI Elswick Livestock Systems will gelling a quote for its ordinary the net dividend total is lifted ThT- ^^'conn 

-a- Jl JlvjV^vJ Q.'iJ <** JL. • V/tJU make n contribution to profit-: capital which lias voting control, from 1. 12023 p to lJS121p with a -Profit, after tax 1 K'£S.~£ , S! due 

this year and that Elswick-Beckcr. Brokers to the issue are final payment of 0.00121 p. deni the 

V-TII! HlGHEf; fi.urrh quarter sharing nf'H i£S2,P!f3). and >huv» net asseis of lW7p lltHtpj l ccc ;' lt,y r ? rmed , ^ distribute fiilhen Eliott in London and Over the last f-mr years the fi7.»4 78.«* Strfi 

proiiu or tus'.i ins .igiiinM ini-l mied 1234 V& iti.ViTiSi from per share. Becker equipment, will achieve a Fyshc Horton Finney in BuTning- Company has earned through a Reo lived 60955 s.aiSJtt nexi 

E2.JS.itis Ferguson Industrial assiiciatt-s i»rofiL ham. sustained investrae:it and rieve- tReswied on cltanse at accwimln* fi) m 

Holdings ended the year lu After tax uf iC!4!t.S2!t) •comment lopment programme to build v>^'tar deterred fax. creatL . cost 

February *2s. 11»7S at a reco'-d stated earning.- ro-i- from lo.lp ^>1 , w -w . 1 asset strength. Projects such as * phmmAnt acct 

fl.filS.ia.i pi-e-l.ix. comnarcd with m t.v.2u pi-r 2.'.|» -hare and the Around JCLSm pre-tax was c x - \AllrhPTln + / 1TI CTAPIT the WesI . c,ifF Leisure Centre, the . • . .. how 

f Mis l, iiis ia.ii time Sales grew dividend tuial 1.* the maximum net-led for the full year from L/l/UlllvllU dw / £11 OlUvIV Three River Country Club, the 'Brent Walker has just met its 1979 

E23S.IKS. Fcrgiisun Industrial asmeiau-s 

Holdings ended the year lu After tax uf fill 7.'! 'I t C:4!t.S2U ) • comment 
February *2s. 11»7S at a reco’-d staled earning.* ro*i- from 13. Ip 

fl.filS.ia.v prv-t.ix. comna red with to 13.2p p«-r 2.ip -hare and the Around JELSiii pre-tax was cx- 
ri.ti3l.liix time. Sales grew dividend total t> the maximum peeled for ihe full year from 
from i:tl47m to £4 Mm. after permuted bp io.42xpi net. with a Fergusnn Industrial Holdings *1 

After tax uf iiil7.'!H t C:4!l.S2U ) 


to ..make, a j » 

fiaox^w 5.0E445 after, a -small profit in X327.'wa2fc-. .■■ i d !* • 
■m<m mm there will he. a few njontbs^p^v;^ 'jn f \\ jii 
S»-S ‘• a Sf£"come from both tb"e Caitfv iH^r4 111,!* ls 
’“Iw'sgwBaS d ue to be opened,fti OdWbe^SvJ. 
i« ant 3.SH7429 the .- shopping preein cr 'izt-Qitfarri'}* - : 

R7.3S4 78.416 Street which vwiU open. fuUy-3et>- ^. ; jV 

80.9S5 3.3 isa 13 next month. <)n top of tfci^ tte;: " 

p nf nrrmmiintp ** tti A C«^«rt 11 kne iJe i.wi.i ^1 - ■ 

sustained investme:it and rieve- Y Kesaied on citans? 'or accoundn* g) m “the Stud", has vdeared^l-*^ 
lopment programme to build sallcy 'tor deterred tax. * Credit. costs and' profits -are % Stat$lng^tSj--Ty - , i :‘- 

asset strength. Projects such as * /-nmmont accrue. The hiff push! In profited, 

the Westcliff Leisure Centre, the. ™.'.VV Binie ' ,t . however, may not be seem'^unliL^'t. -. 

Three River Country Qub, the Brent Walker has just met its 1979. 

flfl.nrim. against £7.72m. in I ho 
last qu;i ru-r. 

Mr. Denis Veniuii. the chair- 
man. repurt.i ihat the group h-ss 
again made a pi umi.iing start to 
ihe curteni >ear. with sales <>I 
HX.lnv m 1 he first two months. 

The Snu I hend -on-Sea Borough issue undersubscribed. At the 
Hindi 1.1 issuing £7m of 12 per issue price the running yield is 
nt Redeemable Stock 1987 at 1221 per cent and the redemption 
xj per cent. It is redeemable yield is 12.34 per cent. These 
i May 2«. i«tS7 at par. returns are almost identical to 

It is payable as to £10 on appli- whal can bc f° un d th e market 


‘.wl ’. ;■ ,, as a result uf increased trading weather m January 3nd February. It is payable as to £10 on appli- , cn. — - 

fs'lm m I ho n.-st'iwn u.omhs :md ,lw revaluation all group What is significani for the group cation. £33 nn duly 23 and the 

1 ’ 11 lhc 5,1 1 niunths. freehold and lung le^eliolrl is its gradual shift away from a balance on October 12. Application %Sl s L.VPJfff 

A divisional analysis uf mil properiie*. a -gross liability in heavy dependence on building list opens nest Wednesday. -.- dr 

year sales and Hading profits n; excess of £2.2ni would appear in supplies which now account for Net inlerest is payable half- £' 

Jl.flm shows: building •uppli-.-s ihe 1077-7X group balance sheer. 4ii per cent of protils. compared yearly on May 2H and November nilit 

market prices rise. The outcome 
of the offer must hop; in the 
balance until Wednesday morning. 

1 excluding Ireland t fit! per cent if t lie policy of providing in full with •>!) per cent, although the 2li. Thy first payment will amount 
and :Ji: percent, budding supplies m- deferred lax m-rr lu be con- share is only fractionally reduced to I2.7S2S per ccnl. 

tire land 1 

per cent .m«1 l» per linued. 

-from 77 in 7.‘» per cent— at lhc Brnkere 

cent, engineering supplies 13 «n.-r Huweicr. the dirt-«.lurs ure uf lurnmer level. The prut-css could Grievson Grant. 
a*n» and 27 per rent, engineering the opinion that the amounts in* speeded up in flic current 
7 per eon 1 and is per rent. .>nd provided in re.speet of slock year js Ferguson looks nut for • CO Hi mefl 


The Bank of England announces 
that the list of applications for 
the issue of £900m of the 10 per 

Johnson Firth picks up Union 
Carbide’s superalloys division 

•■nu i>i-i • win. 1 11 l "piiiiuu U111MUIM.1 .j.- si«.xulu up in i nv t. ti 1 1 vii i . iu**‘ roe iisi 01 applications lur * 

i per cent and is per i-ent. ..nd provided in resiu-et of slock year jn Ferguson looks out for • Comment lho jssue of £goo m of the 10 per * . — lh « 

printing 1 sec nd half only , p.*r appreciation relief and potential suitable acquisitions to broaden The issuing house appears to have cent Exchequer Stock 1983 opened RP ? 

.--•nr and per eem ros«eetively lax arising from surpluses 011 its trading hase. Meanwhile the pitched the terms of Southend-on and closed yesterday. The full naniw rifS rtwl h, 
I In*«piniiion of revaluation uf propel tie* will not post acquisition profit of Hindson sp;i's £7m offer 3 $ ti£ht as it could, amount oi the stock offered has af uip Ameri rin 


Johnson Firth Brown joined such a machine and this explains shares has recently; been >I96p. : -- 
buyer of com- its sale to some extent. A spokes* Newman- advisers. Guinness 

limdsun Pnu 
anunmiing to 
recorded os 

Pnm Group’s pni.Ps be payable in the forseeable Print of £134.K36 contributed in po r u, e authority that is obviouslv been allotted, all applications 5^5;,-“.* 
■i to II34.IS3H. has been future and therefore have revised the second half helped offset the a C00 d point but any weakness in received from the public being tn J™ uu f 

’ Union Car ? man for UC said yesterday that Mahon is to .underwrite" them at 

applications b ” le * . til I e American plastic and tb£ division needed facilities for 03p per share. - -Newman tdready 

trading profit, thr-ir policy of accounting for building supplies setback. At !0»p ,h e a if t market could leave the allotted in full. 

working ana Thi^. together owffs 407,500 1Yood "shares (XOJ 

W here:*; prior to acquisition the deferred lax. the shares, at their high for the 

n.-Ii-'.int pruliK were 'rt-aieil A*' a rc-rult. XSKS.OWi .if the year, stand nn an undemanding 

income from a-mri.itex liability ai February 28. 1!i77 has p e of 7. with prospects promi*- 

Tln:- pre-tax result was si ruck been transferred to reseruN and ing in lhc current year. They 
af'-.-r Inver iniero*l uT X422.H72 197H-77 comparative tieurc-s yield per cent, with two and 
«£.'i4 , .i.2ii4i. einpluyt-es' profit rest a led. Group accouiii.* will a half limes cover. 

JFB, a leading special steels wfffc. -a' requirement for high- per cent}.- ' 
company, is negotiating to buy technology rdoearih, would iSSn-TnlprewU’Wv. . ‘ ; 

Union .Carbide s superafloys cirri- 3 large capital • investment nof’.-SSSW'i 

a half limes cover. 

UDS set for takeover trail 

chairman. £4.34m lup XJKl.OOOj with bank (£6,.%'i) and £73.848 (£3.892): (£I.42m). the directors said they 

Taking into account the upward overdrafts lower ax £ 12.3m home shopping £82.473 (£3.845) expected an increase in the full 
irvnd in ■.•arning.s generally and i£17.U4m) and short-term loans up and £78.303 1 £3.2*23); and export year's figure, 
direct lax cuts. personal from £0.98m to £IS.39ni. Future and overseas £48,864 (£3.658) and Tax for the year takes £2.27m 
disposable incomes are expected capital spending amounted 10 £33.803 (£3.343), together with <£1.92m) and after extraordinary 

to show pristine growth this year fl0.28m (£4.Smt of which £!t.4Bm property and investment income credits of £344.000 (£278.000). 

and Hie group busint-sses are in (£1.9Km) had been aulhnrired but of £1.933 >£1.721 1 and associated attributable profit slightly fell 
guru I shape and ready to obtain not contracted. companies profir ri.lflfi (£743) less from £2.3Sm to £2.34 m. 

the full benefit from any upturn Contributions of £83,727 were interest of £62268 (£7.1S4). The directors point out that the 

vuura wrmuc» iupwaiioys am- a rarge capital investment 

/-1 an 'iPi* 11 a 11 sion for an undisclosed sum warranted by" the' 1 size of the s P^p ia ' ls ^ -and manufacturer of 

^P^AflH llQlf fsill hnlrlc believed to be in the region of market - cast J n f^- “ msidars 

Oetona-Hdil ldll llUlU^ JPB. on the other hand, can SSJSgS" 1 

11 j j oc -jSsl jcs-.-'W^sb frijf- ijf issasajs M* 

Woodhead under £5m . lur ^ cal labor,,ory ' - iBTsatfWttaw's 

nuclear power and defence. stated that it preferred to remain 

cFoivnmiF nrofirehilitv basts of aerauntm" for "oodwill • rFB . v ' an, S to bu - v »t order NEWMAN OFFER FOR independent. ; ' ' 

S-i-^TS 1 ,oi.ri, b 7r"c M-jSSSJ? £2K \VORTH^60» SONS 

- ?FB lhlnks ,hat the aerospace WOK I H 60p optimistic about their ' prospects 

stnfoH 9 -, n ihare applications in particular look Newman Industries’ formal offer this year. Group pre-tax profits at 

are -is 5n M«Vni„iMio The divid- P 1-001 ' 5 '" 2 » l th e moment and the for earthenware- and packing Newman* rose from. -£ 1.8m to a 
end' total it ‘effect ivelv raised to L ' ni ? r » Carbide alloys can be material manufacturers Wood and record £4m in 1977 while Wood - 
fhrimairaSm oermuSd sSSisS '\ ork ^ on by JFB’* new £10m Sons (Holdings) is worth 60p per made pre-tax profits of £253.IS9 
3 44>i7jn) nei P Retimed nrefilS p,us 9 1 ? 1 machine which will be share in preference ■ stock and Iasi year compared with £209,692 
imS"ed ii77m f£LSBm) commtsisoned this year. In this '’slues the whole company- at in 1976. Wood's aet tangible assets 
eimr 8 efl i, u.Hin sense JFB is buying volume for £2.4 m. • at December 31, 1977 were fl=4m. 

# comment major investment in capital The terms of the oiler Early this year* Newman 

• equipment. The superalloys divi- announced yesterday are three acquired a 31.2 per cent stake in 

with other motor component sion had turnover of about £5rn Newman 10 per cent cumulative Dutch-based industrial fasteners 
companies offsetting the problems in its last financial year and preference shares or £1 each for croup Avdel International for 
in .the UK motor industry with made profits of the order of £jm. every five ordinary Wood shares. £2.4m with an option to acauire 

rnnlaiHiment nnrfs the markpl t.nmn P-jrhiWi, rlnn- .1 r . . . “ u w bv^umo. 


esiilts due next week 

FLU. VKAIi li gurus Jutum.iu- pansinn will depend un growth demand. 
ih<- results due this week with of non-food merchandise. year ago 

otn £!.3Sni lo £2 .;h ni. figures from Jonas Woodhead. 

The directors point out that the Second half profits are 'down by S 

almost 17 per cent, compared 
with a 64 per cent upsurge in 
the first six months, and Ihe _ 
shares fell 5p to 92p. However, . ^ 
LTK molor manufacturers seem 
(o be sorting out iheir produc- "nici 

Reed’s £17m. N. American deal 

Tl-m:u iiarlii.g lhc ball rolling un 
M> >n< l;t>. i>ihvr liiulh are due from 

rk-SNLw. .1. Lyun.4. Racal 

Electronics and John hr-wn. V-VCnridiic of £43 Sir; ..n 'TiiiKd'iv cspucicU to be £13n». 6 5 per com of the previous year. JJf m P ea ^ „ . . „ sr v _„_ K „„ rt p. inQ , it „, f 

Allied Brev.urius will announce Th*. fi -u'-e w uuld repres" ni m i m: Kacaf - ,hp British with the problems at uWland ll, *« « 'mall downturn in | '^VTea?v JSh 

imerim figures un Tuesday. • p roVl »n,eiit on last vu»r’< bfl.fim ^“tnted'diwi 0 ^ em ?" inK la £ l wpek in,cri ' sl ui!l for"^ heSvy’ "dleil 1 en-im!s d But"! accounted for much of those 

I'lhcr results l« nulo art and would lie in line with the es^sneclaciiia^ :, V-C0 ner cent per ,l * ntr >’ 0 !! the Matcmeinl .-u-cum- drop jn ^ rofiJ< : jn „,p aulomolive roiurned by the parent croup, 

n.-mson lmern:iUnn:i) (pro- growth estahhshrduijhr (/ruviou* * ■' c - c r, n p ror .j s a n er P an - V, i n2 'i^- fu , ! 3 . ea r t ’r ,jrcs . Tbe ' parts division musl be a source „ The CSSOm deposit reefeived by 

lim inary on Monday). Powell three quarters. . World-, .do ^'l- S ilexrTImrsdliyTfull.SdeC^ """T of concern especially as the over- Reed Paper from Reed Inter- 

Duffryn (preliminary. Tuft.rl ivi. have shown a significant increase !£„ of around a 50 per cent n “ nd " ' sll ^d di-cb.ion to a ,j rep | a eemenl market from the national, which was announced on 
Lindustries i pa-liminaiy. Wednus- in immey terms but lhc increase j ncrease — ir, between £4Sm and Jn-c°-n l ' ldend "'J 1 Br<l " ns private car industry is buoyant April 27, will be applied to the 

day). Associated Television Cor- in real terms has been much less ^^m Thi reason? nothfou more 13lS -' 9 fi2Uri ' S ; *”* ly *? C ?’ « the moment. The shares are 

por3tion i preliminary. Thursday i, and. to some analysts. di*ao*»oin:- than ,u . ,>.. Dre . i- v POtl some comment on Browns on a p ,. c Q j 

Baker Perkins Holdings (pro- ing. Electronic equipment nod "re n ow so large ihai own fu,ur S dividend policy. :,s the cen , wilh 

limmary. Thursday) and components appear tu be ihe best su ,. h a Kr0ttlh rj jr e will | je tover on dividend is very high. almost five. 

Re-diffusion (preliminary Friday ». performers for the group but con- fi micult to sustain at historical Allied Breweries is ex peeled to 

Tuscu's Checkout campaign. electronic interests are , ove ls The current year’s profiis wpon a pre-tax profit of I-Um ix 

which began a year ago and Ukely lo incur Josses eslr mated at ttiM alM be a(Te cted ro a small for Us 32 week first hair period JJaV€ 

mpe.irs to have been highly around £ extent by ibis weeks announce- next \ ue> J ,ay v “ ,s amnn " th p T ^- . 

~ ,,n L iilcss the final quarter cuntains 
,4u rp rises unanticipated l*.v the 
iijcai ; , n;i jy S | Mi plusscy will report pre- 
-r.Mi. lJIN p riJ (it s ol £4:t.5m un Tuesday, 
mnee -|-b y figure would represi-nt an im- 
provement on last year’s Ofl.Hm 
arc and would be in line with the 
(pro- growth established in lhc previous 

demand. Analysts estimated a process engineering and ennsfruc- 
ycar ago that ihe group’s pre-tax non division was headed for a 
figure would be of Ihe order of record year in volume terms 
£22m. Because of lhc changed though margins may have been 

Nib dIA UIU'K UO« • liw u J | , , - . f - 

shares fell 5p to 92p. However. International, the paper, purchase price and the balance and Bevan, the pladn® of L9i»- 

UK molor manufacturers seem P 8 '” 1 . lind newspapers group will be settled by a reduction in ordinary shares of TKM ft™, 
(o be soriin-j out their produc- "h'Ch incurred a loss of llfi-Sm in ler-company -loans. 3JS per cent). The niacin^ has 

tion problems so Woodhead’s ?ffor>ax and extra -ordinary items The deal has been approved by been arranged on P behaH at 

troubles seem only temporary. in Lbi-Tb. has bought the wall- the Boards. 'of both companies, Barclays Bank International 
The springs and suspension divi- coverings, pa ml and fabrics busi- after consideration of an The decision' to reduce BRI'k 

„ .—..II ness jn ihe U.S. and CaniAn .if r h. k.. a i utUMOIl ra reuuce BBl R ■ 

uuiu uc ui nir wuvi UI reioro year in \niumc ll-rms . ”, nP«c m iha 11*3 ->r,A i. . . ■ , V . ***= ucuaiun iu reuUCe HKl R 

Because or Lhc changed though margins may have been sjfn showed a small increase for r^nidfa^suhsirt ' nd .ePf ndent ^luatjonof rhe busi- holding from 13.8 per cent to just 

ns the figure is now trim mud from ihe very high !*» >' e ;| r thanks lo exports which v R d 5.®**°* „,„ by a „P a r ks ? n below 10 per cent of the ordiS 

) to be 113m. 65 per vem ofthe previous year. .. b / a,m “V ' h,r,J .- wh, - te S IrRp'ri PunZ * it«if Gordon - the Toronto accountants, capita! of TKM is in line %3th 

IVI Iivn • J ".'lill'CJ. tiui a - - - — 

drop in prnfils in the automotive the parent group. 

a .i . . r rk. rotln» j i ■ .. a 

parts division musl be a source „ CSSOm deposit received by 

of concern especially as the over- Reed Paper from Reed Jnler- 


Barclays Merchant Bank and 

BBJ s policy of reducing; minority 
interests in non-banking com- 
panies in the light--of the com- 
ggy °f overseas banking legds- 

BBI has no present ihtentidn to 

all replacement market from the national, which was announced on Lazard Brothers and Company, reduce furtheri^remldnfwu 
private car industry is buoyant A Pnl will be applied to the have arranged, through De Zoete ing of 4 -6old- 

at the moment. The shares are utwea m imi. 

on a p-’e of 4.8 and yield 6 5 per . m w 

KT-rifc.’ d d " d c cr ot Assoc. Biscuit finalises £5m U.S. buy 

Terms for Associated Biscuit Net tangible assets at December bid for ’ ' • ' 

Manufacturers acquisition of 31 were S5.9m. and Comity 

T'^RVPnnnri' Terms for Associated Biscuit Net tangible assets at December bid for r<. n t* n i ' - ' ' 

*-*<*■ v Cll l Manufacturers acquisition of 31 were ssgm i d J°- r Capital and- County 

ipjie.n-s to have been highly “ ‘ •*“ 1,1 “ ■ extent oy mis weess announce- ‘ ‘ ” l, *T t/- •. Salerno-Megoweo Biscuit Com- _ Laundries shows thar C 'and -C 

successful, holds she key io ihe At the halfway mnrk .1. Lyons mem that ihe group was diipo*,- j***' ^ :,C C JVllltWG2ir pany ° r Chicago have been BOOTS EXPANDS 2 re "i?^ Profits more than 

company’s fin.ij results, due ■»! staled that an improvement in ing of if** hou Hi African offshoot. J**- . anrt 5 . , ii! ; , a *I > ' L , °. n ^ „ _ .».-[* finalised. The deal was first an- CANADA INTERF^TC 10 ®5,000 in the first 

Wednesday. Analysts say fni-ccait- profit levels was being delayed by which - ould ! ake ou . 1 . ° r ha,f- > eBr .. 4 r ? a, . er For IJn navenport Knitwear noU j]L-ed last December. Boots tho April 1, 1978, but the 

mg has been difficult This time cxuemional market fact nn A Tew current year’s prohts giving MNMonal benefit than its rivals, expanded taxable profit from the manufacturing and group said that because of th- 

out most estimates range laterf in April- 5 around £iH.3m. Meanwhile last For the industry as a whole £433^99 lojBWn with £345, 57*2. ^’Ual considered or, is retad chemists, .is to make two pronounced “h 

.etween £3Um and C»*2.3m. i hough announced that resuli* for Ihe years performance will have boon volume of product sold .s a bit against £262.799. coming in tbe j \ l dg ,0 a A ff?{ SdSiSILf for an trading, it -was impossible tofbre^ 

-,n/> broker is «*otng as low as third auartcr were belnw- expecta- supported by a first-time contribu- up but as Allied is the least second half. l 1S7B - ^ ® I ”. ount . ®** ua ' 10 naif undisclosed sum. cast profits for thpfolf k,?i. 

oroK ^ r ... I?.'™. i u . d ",l r „ J f* p . e "‘L from thp \nion min-hase. rtenenrient on beer this is not The net dividend is increased of consolidated net income after Tbe first, is a chain nf sa r “? ■™!.year J but 

Salerno-Megowea Biscuit Com- nrir . TC r VD .Mrvc 
pany of Chicago have been BOOTS EXPANDS 

Laundries shows thar C'aad-C 
profits mere than 

lUiween wum ;ma anniiuncea tnai iouh* lor me -> i-*-*-— — ■■** -----.**■■ t- ,.- ~-r . broker is going as low as third quarter were belnw especia- supported by a first-time contribu- up but as Allied is the least second half. 

!k!n“ *6 pe“«nt In™* ItoBfiwn lh. UiCo purcta 1 *. di^. on boor U... I. nil 'iho no, di^dond in l««d '"5 »f 50 SMT" ^ 

g-.ipo ohnulil he well ahead bin in turnover. U.S. operations will John Brown has forecast a going to have quue as favourable to J.96p (3238-iipi per 10p share. eXLess . Dniffmarts in British satisfactory. to be 

ides' should he well ahead hm in turnover U.S. operations will John Brown has forecast a going lo have quite as favourable to 3.96p (3238-ifp) per lOp share. I"*?®” 1 . aa,e I no r ;P excess , ft 2i ^ a | nb| yTi Drug in arts in British satisfactory 
rip;iv rje sS W h»« be Xcied by the J per cent pre-tax profit in excess of BOm an impact on its results Mine Tax took OMJ9-I4 (UI **£*** 1978 ^umbia. Alberta, Saskatchewan 

■noved into more low margin swing against the dollar and UK and analysts are con hdent the and sprnt sales were veiy huoyanl Icavma a net balance of £2S9Ji28 and ApnU. iflSO. and Manitoba. INIPWIM 

lines than was wrigmaJIv general food activities are being forecast will be met. Ai ihe last year but tonk a bit of a dive (£2l.u.7gi >. Initial consideration has been . tt } e other is Isaacs Pharmacy, a 

-anticipated Tesco's grocery hit by a margin squeeze forced hairway mark the gas turbine following the Budget: there are r D niu/rc provided for by issue of 3,701.894 ,vh ? !e * a, ® r . of . P h » r niaceuticals HEAVI1 

n irket share may have improved nn lh e manufacturers by the division was on the way to ship- .signs of a recovery emerging how- U- l\. DAtVta Ordinary shares and 35m loan | n ? add beauty aids in pvTicr'' 

hui u remains to be seen how retail price war. Tea operations, ping a record volume but ihere ever. Allied also has a relatively <; r Dawes Holdings {in loan arran eed locally in the U.S. “ r| ttsh Columbia to the Tamblyn c ArtL 

iainshury.i price cutting which enjoyed a very sirong lirsl were a Tew holesappearing in ihe higher level or capital expendi- voluntary liquidation) is to' make The ne " Ordinary shares have “'’“Smart and independent drug The Boar 

.■ill nffert Lhe results. The com- quarter, suffered a significant forward order book. The subse- tore than iis eompctiiors and it a third Hist rihm inn of 23n ner been P^ced with institutional in- st ®f. eH - . ... which has 


O'® -■ 

.vilj 'affect the results. The com- quarter, suffered a significant forward order book. The subse- lure than Us competitors and it a third distribution of 23p per 

1-Hiiy I's apparently doing well in cheek in the last half uf iho year quent weakening of sterling may is thus less insulated against ordinary share on July 10. 


T h * Board of Newy - Groop, 

which has inmim.j • 

he current year but future ex- because 

drop in help improve the picture. The inlerest rale movements. 


\tl.vri Plant Croon MoiUMV 

.iid>-rsoii Strjthtbdr Tuvsoar 

eOK-iHk-J Tri'-vwton Corporalion Thyrsrta 

.liwood I'.arasi* Tuosd.iy 

\ti<»(itt aivd Soffs <Lon»lom ....... Friday 

\ .,in^ *',roun Wmini-w 

j*. r Perkuis Moiomss Thursda 

i.irjnor.i T>-a Motd»nw» Mo«rts»> 

V'-rinvoud CnnSirucil"" >Holdiiic.n Thursda 

irailfnnl Proi« rly Tmsi Tuesday 

tr.ubh Sti-atn Spt-cialluvs t.'roup Thursda 

rri’ish Tar Produt-lv T h l l I v,a Bm»n And Co 

-■r»wn and T»ww • • •• • 

•unii-tl and Ualrtm«d>iv HoWiocs ... Wedneet 

•humbvrlain P»-.ipps • , _ * 

:nnrmalia! and IndusirUl Trust Tlmreito 

-tunm-l Tunitvl InvesiuieWs nnytay 

nmml S.v.urun-9 . 

inir-rnoimnal !r J> ^ 

•lirapipn intr-mailonal Wvdwwo 

.d6rn .lluldmcs. Thirniria: 

rn- and ri- m-ral Investment company Tm-snay 

Elliot and do - ^. nn ^ 

:atai-.- and Agency tloldmss Uertm-wl 

.vans or Leeds 

. it. Uu»d Hnidnws I2[r dn 'i" 

.omlon and l.nvrpool Trust 

nmlon Suntaira Plant ahoos Monday 

l.wns and CO - ThnrMa, * — - — - ,t. rl '? ay a j 

nr'h. ti, vnirltiiw Trust - \'vrtfH-sd 

w.e . mi. ran) 







This year 





... Xfouday 




... Tuesday 


i ;-.:r. 


... Thursday 


:: M7 


... Tutjsd.iy 

0 013 



F nday 


- -*iS 

1 27S 


0 1.1 

■i »:.i 


... Thursday 




.. Monday 




.. Thursday 



0 3 

... Tuesday 



3 446t 

... Thursday 

1 364 



. . Thursday 

U lid 

1 -ns 


... 1 rldas 




... W't-tinestliir 




... Wednesday 




... Mondjv 

0 44S 

1 Alii 


.. TlmrsH.iy 




... Tuesday 








... Monday 


3 0S3 


... SVedmjsUay 


2 7f* 


... Thitrudav 



iy Tuesday 


II s 

. Wednesday- 


2 73 

2 3* 

.. U’cdheRday 


0 411 





(I 52.lT 

... Mnnriay 


it 3 


... w"i*rtiii-sday 




... Wt-dm-aday 






». 13b 

0.1 M 

... Monday 


2 0 


... Thursday 




... KmLty 




... WVrtm-sday 

0 7 



... Monday 


1 Uf B- 

... Tuesday 

1 127* 

, 77 it 


... Tuesday 


3.1.7 V 


Raenl Elniionns 

Rad 'ant Mclal t-imshmc Company 

R.-O illusion ... .. . . 

Roulrnson Consrruciian Croup 

Russel Brothers .Padding, on. 

Srana nrouo 

Sha-*- and Marvin 

Sho^oUrlilEn Knaliwarin* . 

J. W. Spear and Sons 

Si dims Industries 

Tebbili Group 

Tcsco Sinre* .Holdings. 

Tunnel Holdings 

.\ III 11,1 1 1 n c- 



Dividend .r>>- 
1 jim year Thi.t^ar 

yesterday's report the payment Net profit after 
date wa S incorrectly given as for 197G and 1977 
October 7. 30.6m respectively. 

piacea mu msmutionai in- . which has incurred 

■s. ,u Thc .f? acquisitions complement losses since 

£=2 »a M 

sepK-mbe? isyy; s ,',s 

base for further exnnnuinn mvh k.. iinm of Kp per share in 


AIIMI Rrrwni’i 

Cmi Mchulson .. 

J It. Fenner ann Co ' Holdings ■ 

Thomas French and Sons 

G<v.n Northern Imvslment Trust 


lush Oisrillers Ormip ......... ... . 

K'-nninp Moinr Croup 

Arthur L-v and Sons 

Lonsdale Universal 

1 ookers 

N'.'H-o Imernailonal 

S*-nui*h Amerlran Invest mom Company 
Throgmorton TrtKi 

iinn.-d Stales D'-b- murv Corpiirailon .. 
Vvciis Slonv Ctoup 

Kcilam Motor Group 

uum: ior lunner expansion oqsh by WTIHam , “S’ - 

— IhrouRhout Canada. Approval Wesr Germany Pf Tm-Werke T of 

' [ rom the Canadian cabinet has Mr. M. M p « mu _ . 

DIVIDENDS ANNOUNCED engush property 

Date Corre- Total Total ,-Sli Corporation action ' 

Current of spending for last 3?JI?™- ces thar> - whUe Die redundancy for nil ‘ 

payment payment div. year- year * lons wncennng a possible its assets would 

Brent Walker 0.9 July 11 0.77 1.25 1.12 ®?!LJ re “"fuming, no further thanffip »f r V k^® r ® aH “ d 

BraiBcr lav inLI£5 Aug. 4 J.6 - 355 KfnT n2f e !L Can S e r te P e , cted He add£? JKL -r^ ^ - 

Caff^ns 4.4 - 4.05 6.4 5.75 before the first week ot Juiy. convinced uJt a 

Clyde Blowers inL 0^3- July 28 0.83 - s.«3 NO PROBE sha re coufd^not S ^tStSSi^ ' 

Crosby Springs 0-44 — 0.59 0 65 0.59 Secretary of State for Prii*** fading prospects in 

Davenport Knitwear 8.96 Aug. 15 3^4 3.96 3^4 and Consumer ^ftSeedoi^ h « d2 aW e futiu* 

Duple inL 0.J38 July lo — — 0 j» 9 merger between LWT (HaldiniMi Newey made a ore-tne i nDe -»'• 

F«a ! iwnn 0 |tlfr r a'ut Ju b[ 31 ^ 0.81 and Hutchison to tfae -MonopolIes nfo JpK 0 ^/ 0 ^^ 6 three.-monfhs to ' 

Arthur Guinness' ".V.V.VinV. 2^62 Aug. 11 2.38 — 7.02 r^ODrrirroiv C nnnc £464.000 f'oi^e ” 

Pilkington 5.76 Aug. 17 5.36 11.53 10.48 NORTHERN FOODS 1978- e fear to January 1. 

Kaeburn Inv inL 1.25 Aur. 14 1.1 — 3.7 Northern Foods has obtained Although a loss wa« 

Sekers 0^2 — 0.6 1.51 l.i ttc appropriate tax clearances for the period to 

John Swan 21.79 Aug. 22 19.51 21.79 10.51 under Section 460 Income and Cor- Newey said “its 

Victoria Carpet 0.07 Aug. 17 0.07 1.41 1.41 {^ration Taxes Act 1970 and now proved 

j. Woodhead 2.57 Aug. S sa* 3A 3.45* Section 40 Ftnance Act 1977. This P«4ed H and Igaftist : flrS^ba^ ' 

Dividends shown pence per nbare net except where othenvise stated, nff^'for p^ht »52lf ions 0f tbe S3S21 d « ■ ■ in '.' rtev “ of t&fr tmeef- ',. 
•Equivalent after . allowing for scrip issue. tOn capital ° l0r Fork Farms. . . w ^ to rales prospects : iii ;Ae 

.. Tuesday 
... . Friday 
.... Wednesday 
... Tuesday 
.. . Friday- 
.... Monday 
. ... Thursday 
.... Mondav 


.. Thursday 

n son 

1 9 

0 .V. 






n 23 






n i;5 






0 55 


Date Corre- Total 

Current of spondinfi for 

payment payment div. year- 
Rrent Walker 0.9 Julv 31 0.77 1*5 





...» Wednesday 





n Ton 

Brunner Inv 





Aug, 4 






Clyde Blowers 



July 28 




T 23 







.. .. Monday 





Davenport Knitwear 



Aug. 15 
July 28 








..... Th, inday 




A. 59T 





July 15 
July 31 




O.fil ’ 



1 5 

7 fi. i 

fergusnn End 



Aug. 11 











Aug. 17 




... Thursday 


Kaeburn [nv.. 



Aug, 14 



.. .. Friday 







Aug. 22 



in si 


1 13 



Aug. 17 



.... Thursduf 



J. Woodhead 


Aug. 8 

2.32 * 




* piv-rends shown nn pnntr per share and adjusieii for any iniervcnwp senp increased lw rights and/or acquisition issues, t Gross throughout JOHNSON GROUP year, ^ caiiflbt ’ % - 

I'S'II-. r I,i--Iiwe*. (.imirv-iisiiiina dividend rtm- m c.h.-uiat, in tas me. : Sreoni mieniu L A u.. u iu n i-< v ^ an .i .T.i " “«uiuy|s unuur nov^ confirm h.m--+k^ -■ 

-VST ‘ITg.'St'l.'ISfgJffi l ^l 1 S u S"^ S „Tl' n V, n ,S r, S » corrected by commny. J MalanKn cent, throughout. 

a Inrluflr-s sveom) micmn of t Uip. b Bonus paymvni of 0.16^n hI.*p paid. 

lobuson Croup Ctancn > V 

al .-Hmes Saturday Jur , e „ lg75 

and mergers 

M Wilson has 




v.L ar «- 


Coffer- Of 195p a share Tm™ ?? s agreed to accept an 

... to acquir/th^n? 6 US - 4)aseU T^neco 

! ^««use the larter’s r!,!^ ^ ent 01 A}bri "ht 

:•■■. vSjflSf pffeiM-f ea Substantially short q° - d - feI - 1 11151 ^ 165n 

announcement that the company is involved in talks with an 
unnamed party. 



bid for 

Value of Price Value 

bid per Market before of bid 
share** price** bid (£m's)** 






Pre-las profit 
Yearly t£uwu 

Earnings-* Dividends* 
per share ( ji) per share (p) 


« of 2 



yto shareholders. Thp^roui Ievel “'“I could he ^shi&wiUon 

j^ i^sonable by both parties JJh?* *"“**”. c S n4i<lere ^ cflffiiB StS^ 1 
--—Wmzmzp the Government no t to hiS®.?* 11 t0 jnin f - u “ ndri< * 

. 1 ot t0 hiw * proposed Ceding Group 

s-j. --.<■■ ■- Carlton Inds. 


Prices in Mnce unless otherwise indicated. 

Pension Fund 

v “jSSSBglnVeaan^nt trust arounc „ . Ke over one of the UK's 

: :- r ^^®S5dB. r Bwclays Bank w'-th an ^ or lhree_wa y deal which fKh^p 

the terms of thT teu Soine J^ of ffiS2L E,, ‘ 

around £91m at current^--* !.lP fferin? ils r Malaysian Esis. 


K?taent Trust Corporation* thTi? 1 vaJue > to buy Henderson <j. \v.) 

Mi wa gw to,*, u l re ?_ d * 

.sc sw "" r !£as «?:* 

superannuation fund for £S5m Invest. Trusi Cpn. 

loadstone has made a « ec.„ . , 

L Henderson. Th* ’ 65m a ^reed take-over bid k-l* f.'Y 1 -. 

HanC ‘indM^F? 1 - S -* L “” 5 ' 


14 3 


: i 


Mnrler Estates 
Miln Masters 

scrouo Cmmro V C * ‘“"““S » private property ‘"'ichell Cotts 

■T*1£ Z1£L S £' U ±™ “? O? ?“»Ucly quoted rlS^™ 

SmnS.’iiliiif." Prowling, private property 

Investments may have a happy ending. RRTTttiSes 

gS532S\ffi ^7 rX P>- w^appeara to , 

%tems are struSreV^^'^T/.™; .2? W L - d "» 

SBS&A2M iM" WflMS to-** 

issum? 7 BCm “**“ Mluau - u win oe enacted WeileroBros. 

— ng 7S8m new 2 °P shares and a new 10 per cent Wow * &Sons 








142 i 







































































1.5 1 

4. 64 



115.04 Teimeco — ■ 

0.367 SaR«t SA — 

Johnson Group 
Cleaners — 

Unigote — 

HwJtr. Slddeley — 
Equipment — - 

Moolova In vs. — 
Thos. Tilling — 

U8.71 Harrisons 

Crosfield — 


Roadstnne — 

Rnvbonme — 

Petford — 

Barclays Bank/ 

Mr. T. Ward — 

JovcTnv. 10 '6 

Colonial Mutual 

Lire 12/7 

Aschhefm Sees, ft 

AB Foods 
Allied Retailers 
Alpine Drinks 
A ng loJndonesian 
Ariel Inds. 

Aycnue Ouse 

Beth even Brewery Apr. 2 

B. ft C Shipping 
British Tar 


Caledonia lavs. 
Chloride Group 

Apr. I 77,629 { 80.362 > ».7 

Apr. i 4.S74 13.690) 25.3 
1.5 40? (LX!!)* 14.7 
3512 16951 12.9 

783 (782} f 

359 1307) 2.8 

!)L (6D3)L Nil 
Doc.31 29512 (37,273) 34.5 
Mar. 31 1,239 (t.OOSI 5.0 

Apr. l 
Doc. :il 
'far. 3! 
Mar. 31 

Binexnei Bros. 
P.J. Carroll 
Duple IntL 
Comp Air 
English China 
Ffexello Castors 
Hickson ft Welch 
Lagan vale Ests. 

1.604 0.6131 

Mar. 23 765 (1,380) 
21»r.Sl 3.160 (3.070) 
Mar. 3 1 25.063 126.410) 







A. Cohen 
Cent. Stationery 
Doth Holdings 
Fortnum ft Ma.son 


GL Portland Ests. 






.All eas'i offer, i Cash alternative. 

Blade Invs. — 
Hilleshog AB — 
Mitchell Cotts 
Group — 

Ntbm. Foods 23. '6 
Roht. Kitchen 
Taylor — 

Equltv 27'6 
14.30 Dana Corp. — 
1.60 IV. J. Glossop — 
2.40 Newman Inds. — 
t Partial bid. 


te ft Job 

in tL Timber 
Johnson Malthey 
Wm. Leech 
Ldn. ft Overseas 
McNeill Group 
Ocean Wilsuns 
J. T. Parrish 
R. Paterson 
Pauls ft Whites 


c . r *d=Bni 


‘j r<S^^ :Vith the Cit y Take-over Panel rules. 

weiI be on cards for Knott Ml 


order British Tar Produets: One-for-Il at 45p each. 
Hartwells Group: One-for-three at 82p each. 
Mill following the Sketchley: Onefor-five at 92p each. 


W. Bromwich Sps 
Whewa.v Waisnn 

. Jan. 31 



Dec. 31 



Mar. 31 



.Mar. 31 



Jan. 28 


(338) : 

Mar. 31 



Mar. 25 



Mar. 31 



Mnr. 31 



Mar. :n 



Mar. 31 



Apr. 1 



Mar. ill 

18,855 1 


Feb. 2$ 


(2.Tii4 1 

Mar. 31 



Doc. 31 



Jan. 31 



Jan. 28 


<31 ) 

Mar. -3 


1 458 i 

.liar. 31 

(32 10/ 

-Vr. 1 1 

2.5SU ( 

1 s>. 153)4 

.Mar.:: t 


(81 1 1 

. Mjr.:;l 


i >V2 1 

Mar. 31 


(2.551 > 

Mar. 31 



.\;*r. 1 



Mar. 31 



Mar. :;i 


Doc 31 



.Mar. 21 


1344 > 

Mar. 31 



Doc. 31 



Apr. 1 










14.91 ) 











Record RLdgway 
Suotchi ft Saalchi 
Tale & Ljle 




Jnierim <J. 




per share (pi 

Atar. 31 

J 3,650 

< 1 1.64(f) 


( !.7.»j 

A pf. 1 




1 1.5) 

Alar. SI 





Feb. 28 




i — ) 

Apr. 2 

5,71 * 

( 0,861)1 

1 *15 


.Mar. 31 



< 1.731 

Mar. 31 




1 1.113) 

Mar. 31 



1 Oii 

< 1.21) 

Oct. 31 


(46 1 



Mar. 31 





Apr. 2 


1 1.066) 


i 1.51 

Mar. 31 

1 55 

(Oil ) 

2 t» 

1 1.2) 

.Mar. 31 




. Apr. 1 




f — ) 

Mar. 31 




l — ) 

Apr. 2 


( 765 > 



White. Child t . . 

(Figures in parentheses are for corresponding period.) 
Dividends shown net except where otherwise staled. 

* Adjusted for any intervening scrip issue, r \oi given. fFor 
52 weeks. § For 53 weeks, a For 26 weeks, b For 25 w eeks. cForTS 
weeks. LLoss. 

Offers for sale, piacitigs and introductions 

13.6181 12 .303) 















1 1.239) 




Agricultural Blortgage Corporation: Placing of £om of variable 
rate bonds 1983 at par. 

Exchequer Stock: fOOOm of 10 per cent Exchequer stock 19S3 at 
£95 per cent. . 

Exchequer Stock: £L000m of 12 per cent Exchequer slock 2013-17 
at £96 per centv 

Robinson Brothers (Ryders Green): Placing of J.Sm 11 per cent 
preference shares, of £1 each at 109n per share. 

West Kent Water Company: Placing of £rt.75m of 12.5 per cent 
redeemable stock 1986 at £98.75 per cent. 


35 * ‘Mm Scrip Issues 

2.135 ll>S4) „ , 

14.67 tfl.ii Great Portland Estates: One-fur-two. 

n.S25 liifli) Robinson Brothers (Ryders Green): Two preference for one 
ifn Ifilo, ordinary. 

o!s 7S (0.7941 Saafchi and Saatchi: Ooe-for-three. 


; a: ? 

Bishop’s plann 



income fluids back in fashion re ^ uce ^ profit Margins 

r M JLAM AMLyauvu Fallowimr the High Street on lower margins and the need cum 

Caffyns overtakes 
£lm— pref. 

half advance in inery have been less buoyant, and 


Followimr the High Street on lower margins and the need current year, members are told. A SECOND , . , r . . 

“nrice ■war" which ‘-■everely hit to provide £5d.UOO for bad debts. The chairman adds that a lower taxable earnings from £469. «2S to m the hrst half reached ii.4m 
• po)it-v ot, margins contribution lo proriLs by the £611,452 by Caffyns, automobile ix&8m). 

- T e Fui3d that they have a small fund which in this market is substantial In 1977.7R marsins and profits of 27ie directors 

|«|a^ers turned a ay from the can mainiaio flexibility. For invt-s- the medium term. Crescent Unit Bishop’s Stores, Mr. John H. Brad- -was designed to help the VG and groups cash andcarrysubsidia^y agency and engineering group. 

, t- ^pguo of North America tors seeking quarterly income the Trust managers have turned to geld the chairman, says in Ills Centra retailers to cope with cmi- is understandable m the circum- lifted profit for the year to 

^Mapuraed. to that old standby managers have designed a Quart- the Far East and are launching annual statement that it now petition and as a result sales in- stances prevailing, but is open to March 31. 1978, to a record £1.0hra, 

f r.r^wp lacorae -funds. Over the erly Income Plan with investment a new fund, the Crescent Tokyo S eems unlikely that food retailing creased ‘hy nearly 20 -per cent. SlC’ improvement in the future. against 13)00.957. Sales improved 

. vl&gfr/BW years these funds have being made In both the Extra Fund. This aims at capital growth aru j wholesaling will return to the Bradfield says. • 5 ! Meeting. Ruislip. July 12, at £8j88m to £38.36m. 

margin levels _ of The directors are confident that 



provided the bread and butter Income and High Income Funds, by investing in Japanese blue percentage 

- - WStaess for the unit trust move- Schiesjnger Trust Managers, the chips- with a yield of 05 per earlier years and with this in'mind the “dependent % *«- 

•v* -3SJ5 b vf. uiSStaK. 1 **?* , h ? ve Ty T,d 2“ Gr0 , u P a " d t aVk ®? n s P Cur ‘ «nt it could not be aiming for each of the group’s companies is t2i ]J has a sound future and «n- 

^ Hufl iSht , f0r ^ fe . w ,ues have also ; abandoned, at least anything else. The fund is man- panning accordingly. tend to cunpon this piped of tbe 

. .._£.«*• and th eTj returned to temporarily, the overseas markets ased by Edinburgh Fund Man- P i n the shorter term the dlrec- h^inVsVln full 

*■ The port of the croup's business 
most seriously affected by the 

eome Trust also alms for maxi- investment Trust. retain ownership of the group’s pany which rrede* mainly In the 

rj** mvefitment objective of mum growth hy investing solely On a different tack altogether major nrt , mi ^ S to nvoid the BSy Jnriilv? home countie* 

'vowlh ^potemSf L" . eQ ^LV e M ri , d , ^ °J*r,!, S devastating _rent reviews brought area. The price outline exercise 

3 pm. 

‘ • TiBiitbe portfolio .will he almost 
• -. entirely high yielding UK equi'ies. 
•• The fund yie3ds 91 per cent gross 
-V^-tgTfnu j of a percentage point 
lugher than the Hiah Income 

per cent gross. TyndaU is offer- the self-employed lo its new Per- ah0 u t hy inflation and demand.’ he in which it took pan reduced 

mg the London Wall sottal Pension Plan which offers a( j,3 S . margins without a corresponding AFTE 

come Growth Units, ^yielding al- a choice of guaranteed and unit- ^ trroup is developing a increase in sales. VVnni 

m Awl in nor eoif t hu."nnr‘ l.llm 1 1 !» oIca ivU-ivtn riftfvilff . • • ■ a t. _ . .... 


AFTER REPORTING profits up ^ 

H proportion of branches nn its own As a result of the declining [H^ringtrn Investment 1 Company <-£432.027). 

»TKo r ^oIIi«fn nf Linger Bonds which account to avoid third-party profitability in the latter part or finished the vear to March 31. 

- - f^f ed mierest stocks. The Lawson enab’e investors to put aside a and jhe “ expensive the year, a wage cost reduction 1*7$ ahead from £324.000 to jr v txt • a 

Fund, despite the latter s prefer- High Field Fund, in contras! has lump sum for investment into the dreams ” of developers' arefu- exercise was put in hand and also £027.000 pre-tax. on lower turn- rf NomfiStOn 
' - °55 s ® are content. 40 per cent, of its portfolio in S.VSE index linked contract , PC | S although initiallv it mav be an extensive advertising cam- ovcr 0 f £32Sm against £A55m. ~ ^ 

St**/- *hp growth of the High Income preference shares and ^offers a l-mally for those investors who faced with hiah interest charges, paigir costing some £350.000 was 

now at £15m. is inhibiting yield of 11 per cent, bod diluted prefer the security and RUaran- states Mr Brad field. launched in an endeavour to . ^ „ 1IO „, a u 

-••i-Ilift- cianagers ability to deal in income growth prospects: . ices offered by buildtng societies as rep v ted on June 10. taxable stimulate talcs The results from tors .. . • sa,d buoyant trading £90000 (or 

stock thereby . Save andProsperis slillst^k- and with-profitlife assurance, the p^B^slumpfid from F2.lm 10 aSr efforts^ are ^beginning ^ ^1^0 ^rndTalfa MoTch 311 

op. the yield. Thus in ing to its United S*ales_ Growth Bntannia Bufldmg Society is £0 g m for the year to February K ha*. the chairman adds. tmue in the second half and this Ur%nn . No „ 

TTie net fofal dividend is raised 
to 6.4p (5.57p) with a final of 4.4p 
per 50p share and a scrip issue 
on the basis of one new prefer- 
ence share for five ordinary is 
proposed. _ 

Tax took £576.312 (£476.976) tor jm THE second half of the year 
earnings per share of 14.8p. to March 31, 197S, Crosby Spring 
Profit was struck after depre- interiors improved pre-tax profits 
nation, interest and other charges from I37C.SS4 to £497,774 and, 
amounting to £345.372 (£231.973). despite disappointments in some 
and an extraordinary -ain ot ureas of its merchant ini; opera- 
£138.747 118.046) took the attri- (ions, a record £712.090, against 

up to £044,482 £589,482, was achieved for the full 

Turnover which rose by only 
4 per cent to £7.5m was adversely 
affected by a substantial fall in 
the sale of bedding units caused 
Reporting improvement in profit by a lire at Doric Unit Company 

{^OMDebing this new fund, the man- Fund and despite the setback: ftds. ^rawing attention to its recent <>- 1S7S nn s " a j es n j «ll5»i. Three closures of smaller 
r^i'^tefcrs are deliberately restricting week still holds to the ten belter launch The Britannia "Double 3™^ £i 00.61m. In addition to 
- — - number of lmi^ issued so that the scope for capital growth W.^fPUn ^ - • •• - • * • 



■. vo.-i • 

I -Estiinated Current 
Gross Yield (15.C.78) 

Capital Growth of income uniis 
aince launch in February 1970 

i'-; ' ‘ 

f, '^;^efcjiqg equities with a small proportion < 

Taxable profit of Antofagasta 
(Chili) and Bolivia Railway 
Company fell from £473.693 to 
X25L472 in 1977 on group turnover 
marginally up nt £o29m, against 
£5^2m. After revaluation adjust- 
ments and tax There was. 
however, a recovery from a 
E34J17 loss to a £26,962 surplus in 

CWI*. ' , 

In -November, the directors 
warned that because of difilcuHiei 
and delays in applying - tariff 
increases, it appeared certain that 
after charging depreciation and 
monetary correction a greater 
loss .would be incurred on the 
company's operations in Chile 
during the year than in 1976. 

Earnings per £1 share for the 
year slipped to 0.5Bp (l.78p). 
Group profit included dividends 
and Interest received amounting 
to £159,646 (£155,763). 

:. -^^^easiog income over the 

And this has certainly been achieved since 
•'■k*;: 5 * i rhp mist was launched. New 


zq < m & In addition since On 
has risen by no 

c ^'^laQiidi, tfae offer price ot tne unit 

;; . ^v ^^^tri^Ordmary Index better than they 

v: >U>7“^:r^In^«torshave therefore interest investment. 

V ^Wllitavcdonemanyfixed 

: ' m^ge. 

on &of^e«v^. 

trust for as little as £500- 

of uints and the mcome 

: - r^rd vour investment as ion D 

. regard y our inv^ 

Important details 

. •• AQ ipti ihoUu^ 11 ^^^.,- rair 




» v 

m N 



JVmubC _ TU -nr Jyref 

... . 

Jnwunww* scoibnd . 


A ' % 


F> ■-•- 





down despite 
Chile profit 

,-vt the interim stage, the direc- from a depressed £65.000 to 1 Springs) and it was the main 
n-duing cAnnon ror the half year to tenonce of profits through in- 

3978. the directors of surance which resulted in the 

.L , ij „,, H nrnfitc Henry Norrfogton and Sons say improved margins, 

should jield mtreased profits. expec t profit at full time lo The final net dividend payment 

.. branches became necessary, creat- The current year has begun be about £150,000. is 0.4S3Sp for a 0.iJ336p C0.5«42p) 

the “ price war,” which adversely mg terminal losses and only one promisingly and all indications .Sales, • particularly of mach- total 

affected each of the group’s of several- uew supermarkets in are that it will be successful, j - - 

trading companies either directly the process of development was they now report. 

or indirectly, the group was faced opened during the year but fol- Tax for the year takes £346.000 

with a number of unexpected lowing a successful trial the com- (£268.090) giving stated earnings I 

costs, the chairman points out. pany has opened five Bishop’s increased from 4.2p to 4.6 lp per 

The reduced profit from the Bakehouses. This relatively low lllp sh-l'e. The dividend total is I 

group’s wholesale company was volume but high margin activity stepped up to 3.0S94p (2.766p) 

caused by the necessity to wort- will contribute to profits in the net. 

Raeburn Inv. 
£ 500,000 

After a tax of £fl.35m, against 
EO^Sm. Raeburn Investment 
Trust mainta ined available net 
revenue for the half-year to May 
31, 197$, at £512.905 compared with 
£504,103. Gross revenue was 
marginally up from £I.I4m to 

Including a dollar premium of 
£6.56m (£C.Glm) the market value 
of investments . at midway 
amounted to £51.1 lm f£44.85tn) for 
net asset value per 25p share to 
reach 17G.9p: a 97 per cent 
increase on November 30, 137 1 . 
and. 10.1 per cent on May 31 of 
that year. Fully diluted the value 
would have been 175.3p— op 9.6 
per cent and 10 per cent 
respectively. , 

The net Interim dividend is 
raised to 1-25P (l.lp) costing 
£331,394 (£289.961). Last year’s 
final of 2.6P was paid from avail- 
able net revenue of fl.llm. 

' Expenses for the first half took 
£02*353 (£62.158) and interest 
£190.476 (£147,845), and reference 
dividend absorbed £36,008 tsame). 

London & 
shows recovery 

With Interest payments down 
iram. £315.728 to £157,602 and the 
share of associate companies 
profit Up £110.466 at £152.314. 
London and Assodaied Invesi- 
ment Trust made a recorery in 
1977 to a taxable profit of 
£125.071* compared with a £79,222 

*°5Hated earnings per lOp share 
were Ofllp (losses 1.04p) nr 0.61p 
fully denied, company has not 
paid a dividend since the 0.SS5P 
final on revenue of £5£27.156 for 
1973 • 

There was no surplus on the 
revaluation of properties of an 
associated company this time com- 
pared with a gain to reserves m 
1976 of £872^53. but following the 
.acquisition of additional property 
during 1978 the company now has 
a .groat reatid income of £100,000 
a year.' 



Year ended 31st December 
Profit before tax 
Profit after lax and 
extraordinary items 
Earnings per share 



£ 573,52b 





11.62 p 



Main points from the Statement by the Chairman, Mr. F. W. Elford: 

Final dividend of 2.7285p per share is recommended making a total of 4.3165p 
being the permitted! maximum. 

Turnover during the current year is showing a satisfactory increase and J am 
hopeful of the future despite the many adversities auecting the Construction 

Copies ofthe Report and Account are available from: 

The Secretary, Roberis, Adlard S Co. Limned, Tweedy Road, Bromlev, f.enf.BRl 3NU, 


15th quarterly payment on 23.777,251 units.- 
0.86p per unit. Payable 1 51b June 1 978. 

^•Current estimated gross yield 1 1 % P.A. Uniis 
purchased by 31 st July 1 978 qualify for next 
quarterly payment on 1 5lh September 1978. 

First issued in June 1 974 at 33.3p (adjusted for 2 for 
^Subdivision).' ^ Recent price for accumulation units 
72. 6p. Fund value £1 2 million. 8.000 investors. 
Minimum holding only £600 for the time being. 
Preferential discounts to Lawson unit holders 
purchasing extra units. 


Tel: 031 -226 391 1 (24 hour service) 

Phone for detailed brochure on Lawson High 
Yield Fund. 



The following are salient points from the results for the six months to 31st March, 1978: 

•3fr Group pre-tan profit 'up by 17.2 per cent from £1f ,643, QGQ tq £13,645 ,000. 


•2fr 'Turnover up by 12.5 per cent from £554,581,000 to a record £623,626,000. 

/ / - * . 


Copies oi the fall interim Report may be obtained from the Secretary 

_L. S-& W Oerisfortl Umited._i — M - 


Bensford House., 50 Mark Lane, London EC3R 7QJ. 


- Internationa;- Food Merchaniing, Commodity Trading, Metals and Insurance 

Financial 'i>- - - 


7 . 

s 2 .b« in £—113}% i« 

Effective si.Jtliu 3«1% (Stt'S.l 

FURTHER SH.NiiP luvse? were 
worded oft Wall Street iesier- 
day. fritloivina disappoint) ns news' 
on interest rates. 

The Dow JonGS Industrial Aver- 
age Inbt another 7.28 lo SoH.Jf”. 
matins a fall of 152.26 on the 
week. The NYSE All Common 
index, at S34.SII. shed .11 tents on 
the day and 551.28 on the week, 
while declines led gains by a 
three-to-onc majority. Trading 
volume decreased 1.39m shares to 

Most major banks raised the 
Prime Rate to Sj per tent from 
8} per cent. This came a day 
after the Fed reported I'.S. Money 
Supply was unchanged in tile 
Jatesi week. 

Investor? had hoped for a drop 


P.i nulls Inns 
Ho.-, an 

r>.~ ■■ .i I Koinnim '<) 
f.nn.iir. W.irM 
.\r|. -ii p. jlrv . 

Si<wr Pdii- r ... . 
S. Ar: llai. Sill 1 
V rfimii- Mac 

Ft sun 


m the Money Supply to offset the 
sharp M-.Sbn nse a week earlier. 

The Fed ;,s active in the Gov- 
ernment securities Market with 
nioie- tliai -i^lysts said held the 
Fed Funds rate at 71 per cent. 
However, u is widely belicted 
Uut the key rate will rise eventu- 
ally. with i »n1y the liming being 
ins doubt. 

The Commerce Department 
reported 011 P er cent rise in 
May income after an 
May personal income after a 
1.3 per cent win in April. It also 
said May housing starts fell 4.9 
per cent" to a seasonally adjusted 
annual rate of ll.CiSra, while build- 
ing permits dropped 8.S per cent 
to an annual rate of 1.59m. 

The report? indicate some slow- 
ins of economic growth, which 
analysts said is necessary if infla- 
tion ls t>» abaio. 

Eastman Kodak lost SI, to S->4! 
— a Federal Court, denied a 
Berkey Photo request that Kodak 
divcNl" its phot» manufacturing 
and phou* finishing operations 
and its trademarks. 

Trripicana Products gave wav 
s‘2; to S48 — the Federal Trade 
Commission a-kod Bealrire Foods, 
off s; in A3.V. to delay its acqui- 
«-ui,>n -.f Tropicma but Beatrice 
•leHmed t«> .i> wJe to iht* request. 

Cclanesc dipned SI? to still — 
ii r%pcci- -ocnr.d Muarter not of 

$1.55 to Sl.HO a share, up from 
$1.33 a year earlier. 

Ford Motor gained Si to S461 — 
it forecast ti.2m cars will be sold 
in the U.S. this year. 

The American SE Market Value 
Index slipped 0.5$ to InU.lti, mak- 
ing a loss of 0.81 on the week. 
Volume 4.11m shares (4.30m). 

CANADA — With the exception 
of Colds, which moved up 38.6 to 
1424.4 on index, all other sectors 
gave ground. The Toronto Com- 
posite Index shed 1.6 to 1146.4. 

Metals and Minerals Index 
dipped 3.8 to 952.3. Oil and Cas 
0.4 to 1465.9, Utilities 0.27 to 
173.69. Banks 0.S2 to 277.69 and 
Papers 0.12 to 115.64. 

TOKYO: Domestic - oriented 
and Export-oriented issues 
moderately sought in another 
lacklustre market. Turnover 2S0m 
(220m ) shares. 

BRUSSELS — Mostly lower in 
moderate trading after Prime 
Minister Leo Tindemans ten- 
dered his resignation. 

UK stocks mixed, German*. 
Dutch. U.S. and French issues 
lower. Gold Mines steady to Arm. 

HONG KONG — Slightly lower in 
very active tradin':, with much 
local and same European proiit- 

AUSTRALIA — Easier in quiet 

Rcnison fell A$ 1.2ft tn 9.8ft. 


Kis“s and "alls 

-lime lti Jun* 15 Juni 


; .In i iv .Inn* 

P : IS 

Jnnt? I uni- 

■ 15 12 

Mnwi.1 imj 0 m r -n 
till'll • 1jw 

.55 651?. *8 25t.72 

1051.70 H.S2 
•ll.fl.7ji ■-■•7 o-i 

Usu+j traile,!. 

...1 1.871 ; 1.878 • 
... 367 : 353 : 

...' 1.099 1.144 


ii i Id 1 14 i 13 1 H lull 

. l ' -n FalU 


5+.B0 55.8B, 55.91- 55.20 

, ; l , 13.6- 

1 *•'»■ >ewl.m*s 

...' 38 . 32 i 



! ! i | 


; 16 

: 15 I 1* , 13 ] 

Huih j r A . 


fo.1i/o r in( 
tl unitiln^l 

184.45 185.06 tS4.CS 135.06 Id Si 
135.22 195.80 135 £il 132.77 laJ.UUn.o, 

162^*0 ,16 .: 
170.62 wwl 

221.1'J 225.46 

TORONTO 1146.4 1145.0 1146.4 1142.5 : 114a.Q<l5^> 

10t>. Ip 106. a 1 

77“ ■ JOHAN ML6B0RG 

£0.780 23 440 

216.5 214.0 214.7 215.5 
257.2 254.0 350.5 227.3 

I V 


.Inn'- Pre- 
1* i mu* 

Piv- 1 l»7& • l*.- 

>ll*U5 Hi"h I#-- 

ln-‘. .In . vii-nl % 


— AustraUa* 

Belgiam i:> 
Denmrk »••» 
•-ifli.eiriimiiiiHi'n France tnr 

49S.?S c' 

S5.*54 tiiJSt 

Snavn . 103.7? 103.T7 IL'.i: 

Ufc&i .1/ ' 


J llll*' -lilflv JnTitr Jur.V JllTir 

i-? u 15 s ; 

H <uli 


Hb>!i . h>v 

:lii.1ij»lrM ■.* 

M.'.||.[ -•!,!* ' F7.*2 

108.70 IDS. S3 110. 15 110.07 110.52 

9a. 5* 9P.48 99.57 99.55 95.55 







144. c4 • 5.52 

! 1.1.75) .Ju.o.dSI 
125.15 4.40 

•I 1.73, . 1,- 52- 

•1 i,r r ft ' June 7 

'I*v ol ' Y.wr «5>? mppros.. 

III.). Hl\ \I«M 1 

r 9 o 



In • . 1' i. l:m i. • 

9 44 H.6 1 


Ij-Ht ••--» l. Ifc'll'l • '■ 

...i o.44 (1.41 

0.3 l 


Suu.2 ■ 795.2 


Japan i 

|;> fil.91 62.71 
Wi 412.7« -ili-DD 

525.61 521.90, 

Sweden 567.94 3M7.»js' 

13.01 . (.1 *. 

Switzerl'd;r‘ 2SH.4 • 235.4 c35.i . i 

I :14;2, ; Jr 4 

Indices and has-: dates tall base vjIu- j 
U w i-'sccpt .VYSE AtJ Common — j*i 
Standards and Poors — ID and Toronto 
CDO-l.noo. iii. : last named based on I9r.ii. 
v Excluding hotids. 7 400 Industrial-. 
; 400 lnds.. 40 Uu!ni*s. 4D Finance ind 
20 Transport. i'» Sydney All OnJ. 
i '■ Belgian SE P1-12 «J. Cooenhacen 
SE l L'73. i-'i Paris Bourse IWI. 
• :: i Commerzbank Dec-. MSS. t!5t Ams , i r- 
dam. Industrial 1D70. Hans S».-n2 

BanJf“l #,«H. i!’ -1 1 Milan 2’1.-7S. iai TnV-ro 
Nv'V SE i l &i. « »• i Straits Times 
i.-» Closed. id# Madrid SB ;«'I2 77 
"••Stockholm Industrial M-55. </i S'-cti* 
Sank Corp- <«■ t’n available. 


•T pri’c o/ £-5 tall be yiren lo endi of the senders of the first I 
ill r«?c* correct solutions opened. Solutions must be received by I 



next Thursday, marked Crossword in the top left-hand comer of 
cncalope. and addressed to die Financiol Times, in. Cannon 
Street. London. EC4P 4 BY. Winner 5 and solution ictll Uc given 
next Saturday. 


Falls of Lora looks 
best for Sandown 

1*3 4 

16 I rrn 13 

ha»e another intriguing after- 
nuons spurt in prospect today, 
for the Trafalgar House Group— 
the only British-based company 
to sponsor an entire programme 
— has contributed to all six races 
at Sandown. 

Here, as might be expected, 
the feature event is the li-mile 
Trafalgar House Handicap which 
carries £5,000 in added prize 

John Dunlop, at present head- 
ing the trainer’s table ahead of 
Peter Walwyo and responsible 

FI \n 

2.15 — Sparking 
2.415 — Sf. Hubert 
3.45 — Falls uf Lora** 

4.30 — Deepwater Blues 


2.30 — Ajuda Palace*** 

3.00 — Alber Run 

3.30 — Overtrlck* 

4.00 — Catechism 

4.30 — Classy Dame 

to see her justify considerable 
hopes with a clear-cut win over 
another lightly-raccd sort. 
Effulgence, whose irainer. Ryan 
Price, took this prize two seasons 
ago through Marquis de Sade. 

Turning tu York, where it is 
the Tiraeform Charity Day for 
cancer riief. Ajuda Palace 
strikes me as a sound bet to 
lift the Vernons Fillies' Plate. 

This stable companion to 
Sbooting Season, who took the 
same prize u year ago for Henry 
Cecil and Joe Mercer, struck 
me as a smart performer in the 
making when running well in a 
Maiden event in Sandown in 

She has since disappointed in 
the Pretty Pally Stakes at New- 
market. but I shall be disap- 
pointed if she cannot cope with 
her weak opposition. 

Later in the afternoon, it could 
well be a case of John Dunlop 
again. Overtrick seems leniently 
treated with 7 st 11 lb in the 
William Hill Trophy, in which 
Lester Piggott’s mount Negative 
Response cannot be overlooked. 


1 Instructions lo back Shakes- 
peare with competitive in- 
stinct (4. 2. 3 1 

6 Allow uru-nial lo be old- 
fashroned (5i 

3 Instrument that takes some 
stopping to) 

10 Part nf country that likes 
good butters f E* i 

11 Uncertain of a right lu go in 
dear tlO) 

12 The French get away in case 

; (4) 

t 14 Notice one attitude by model 
who is fact t7» 

15 Troop formation no leech can 
disturb t7i 

• 17 Intelligence ebbing and flow- 

ing (7) 

19 Chance the Queen has to 
wave (7) 

20 Like common loiters we hear 
to be simple i4» 

22 Indifference in Ann tho' clan 
1 differ* »10i 

25 The S>uulh-E;isi Times roquust 
for oomph i3. Hi 

26 A II right with a seniu»ai>'ifjy 
bejsl to) 

27 Stories with many a threat! 

2S Revolutionary record holder 



• 1 Which person goes to work to 

cry (5) 

2 Prisoner supporting trail 
f3, 6J 

3 Get browned off thanks to 
horse or equivalent f 10) 

4 Method team adopts by the 
road {") 

5 Train taking rail union to 
West-end river . . . <7> 

fi . . . after letters (4 ) 

7 Do well in Polish (ai 
S Just a singer taking steady 
course <4, 5) 

13 Part of car ready to swing 
round l5, 5) 

14 Drawing the French on the 
sly comes naturally (9> 

16 Without making a fuss as an 
essayist (4, 1. 4) 

18 Set an so strangely at the 
earliest (7) 

19 Shield made to bend to the 
right 17 J 

21 King is up for a big hit at 
Lords (5) 

25 One of a pair taking on east 
wind t5) 

24 Work could land one in the 
soup (4i 

Solution to Puzzle No. 3.694 

for last year's 15-length winner. 
North Stoke, could again hold the 
key. for he saddles Falls of Lora, 

Strong grounds exist for think- 
ing that this home-bred daughter 
of Dunlop's Eclipse winner, Scot- 
tish Rifle, may easily be the one 
they all have to beat. She is on 
the upgrade and carries just 
7 st 10 lb. 

A fast-finishing second behind 
the lj-length winner. Temple 
Wood, in a highly competitive 
handicap at Salisbury a few days 
ago. where several useful per- 
formers were comfortably 
beaten off. Fails of Lora had not 
previously been seen in public 
since running disappointingly on 
her final two-year-old appearance. 

Falls of Lora is now fast im- 
proving and is sure to take a 
good deni of beating, i hope 

Investment of 
DM 1.5bn 
by Siemens 

SIEMENS AG plans investments 
totalling DM 1.5bn in this 
financial year ending September 
against DM 1.2bn in 1976-77. The 
company will take up before the 
end of the year an option on 
another 30 per cent of the capital 
of Siemens Allis Inc. of the U.S., 
following which the capital will 
be split equally between Siemens 
and Allis Chalmers. The impact 
of D-Mark appreciation on 
Siemens profits this year could 
emerge at around DM 150m. 


l Jane | June 

Stock ■ IS 1 13 

Uraniums also fell. CoppErs 

MILAN— Lover over a broad 
front in very thin dealing*, follo"'- 
ins the resignation of President 
Giovanni Leone. 

Bonds quietly steady. 

GERMANY — Prices firmed ifl 
generally quiet trading. 

Yeba gained DM 5.70 on higher 
first-quarter group net profit*'- 

Public Authority Bonds lost UP 
to 40 pfennigs and Regulating 
Authorities bought nominal 
DM 15.5m of stock. Mark Foreign 
Loans mixed. 

PARIS — Easier in calm trading, 
despite some buying by Institu- 
tional investors. 

Tj.S. shares weakened, Inter- 
national Oils irregular, Golds 
firmed. Coppers eased. 

JOHANNESBURG— Gold shares 

moderately firmer. reflecting 
higher bullion trend. Mining 
Financials generally higher. 

Coppers steady, as were Plati- 

Industrials again firmer. 

mixed in lialu volume. 

Banks steady. Financials nar- 
rowly mixed. Insurances sliciuiy 
higher, leading industrials steady. 

Demesne Bonds edged higher, 
bur Mnniplbrno dropped 4 per 
cent the first day of trading. 
Foreign Bonds mixed. 

\ bi<> m Lob? ! 

A>Wr>“s«z;*ph ... 
Anri* Lite A. Cum' 
Air Products 

\ lean Ale enuionv 

Ali-iii ’. 

\n*v. LhiKuik... 
Altegtieiif Power 
lllieH them wal..' 

\Uiif<i stores ; 

Uiis. I'lulinere...! 


Amerwla Hess ...i 

Amer. Airlines...; 
\ mer. 

Amer. broadcast) 

Anter. Can ..., 

iVniLi 1 . C-yana midi 
Amer. Elec. Fowl 
Amer. Express...; 
Amer. Medical—, 
Amer. Alrtort. — ■ 
Amer, Sac Gae..' 
Amer, dtandard.j 

Amer..Storee 1 

Vmer.Tel.k Tei.| 

ConuDSI frl»*r— 
CPC Int'n'hooa;; 


Crocker Nat— 
Cron n ZeL'ertacb; 
i Cummins Engine 
Curtin TTngin...i 


! Dari lnnuMnes.. 

t Deere — 

j Del JUmne 


Den ply late.-... 
Diamond Sbamrii 
Dictaphone— — 
Digital Equip — 
Disney fW«UV— 
Uoser Corpa™ 
Dcur Chernies/— 
Drava—.— — - 


Du Font ! 

Dymo tndosm® 

Eacie Picber 

East Airlines. — 
batman Kortak. 
Eaton.. — 


Hocfcwell fo*» r “3 
Uobm * Sa ** — J 

Kkbfe Walter 

[ UscBt Group— - 
j LjTly iBti)— — J ; 
I Litton Induati K 

Kinnat Dutch— -j 
Kl : fi— 1 

Safeway store*— 

at. Joe Mmer*)*' 
rfc gegiapper— i 
Sant* re l®* 3 -- 

aaal Dr vest — — 
jinA lnflc--'" 
Schtta Hrewnm- 
4^h inmbergEr-— 
SOL— —« — — 
icon Paper.— - 
Scnril Jin’.— — 
gf,wiiii»r Dnoveeti 





. £9 

Ijwib Sz&r Inris.. 
Long Island Ltd. 


In S AD S 3 

530 BE33Qf>3 
Jl DO D 

. cor EnBBEBn 
m 55 B a B E 
* 11 J3 B E c - n 


eve- annum r 
□EEBR3EB00.:' 1S3HE0 
0 . B - 0 ' f3 Q S H E 

PUZZLE No. 3,689 

Followias are winners of last 

Saturday’s prize puzzle: 

Mr. J. B- S. AUwnnll. 7. 
Sutherland Way, Cuffley. Potters. 

1 Bar, Herts. 

Mr. G. C. CyunseM. 15. Arnis- 
CTOfl Crescent, Gloucester. GL2 

Mr. B. K. Roberts. Old Fox- 
hunt Manor, Waldron, Heatii- 
fiyld, Sussex- 


m: o±h Q; 


Hi;- ffiy-'-Bi- 0 5 -XE> E ■-ESj 

gn0HS0EfflE : .r0S0aE 

bi miftsfc; n n 

0 .B a 

gj/" ca ;5 H 'E- m E3 
E B ' H BiH' . 'C- • . B 

ffl Cfl - ' 0 •• v B "H ‘ • 0 S ;0 

Jun^ Ifi 

A'ilsnd - 

banco Bilbao 

Budtii AilanucD 1 1 .000 1 

Ban '.-a «>nl rsl . . 

Bunco Eiii-rlur 

Banvo Ccncrjl . 

Bntii.-o Uruusda • 1 .000 1 

Banco Hispano 

Ban'-o ind Cat. ■ 1.000 ■ 
B. Ind. Medilenanco... 

Banco Popular • .. 

Banco Santander >350) 
3anco Urquuo tl.OOOt 

Banco Vucara 

Banco Zarapozano 


Bams Andalacia ........ 

Babcock Wilcox 




E. I. Annonesaa 

Espanoia Zinc ... 

'ypL Rig Tlnio 

Fccsa » 1.000 ■ 

Funosa ( 1.000 V 

Gal. Ptruados 

Grupo Vcioznui.'Z iwiji 

prr CM1I 









Papi-li-ros Rcnnida^ 

Ppiralibi>r . . 
•«.irrio Papalcra 



Tdcfonii a 
Torras Host end) 


Union Elcc 

84.75 - n.25 

84.75 + 0-25 

120 - J 

7>JO + 2-5B 

120 - 3 

206.50 - 3J0 

5IJ0 - 0JP 

SO - 1 

125 _ 

sa.3 + ojjs 

105.25 - X 

71.25 - 6-50 


4- or I DivJTirt. 
— li.ii.Jl 

Aumua OP M 

JjnliLU IU LintCJ ... 

buna iuu..~ 

bel^o llineiiH Uf 
Ahici . OF. 

PrtiwLuH- l*P 


S»i • I i ii/ UP... 
Unip FB. 

i , . r i 

L02 (-n.0llj.lS- 11.76 
2.10 +O.OS .r, B.10 


2.26 +0.M 

S.J3 *0.46( u.bu 

1.6U ! | ..t 10.67 

8.95 |+..i*j , t . 7fi0 

5-90 ! J..K. 4.24 

1-21 J r . .uj‘. 2^K.W 
d« Janeiro SE. 

Source; Rio 

t 5.64 

.< 6.90 
,fc 10.67 
Jsi 4.84 

NOTES: Overseas prices exclude $ premium. Bulfilan dividends are alter 
wnhholdinu tax. 

• DM-iQ denom. unleiis Ot»ienri>8 staled. V Pias.500 denum. unleiv: uLtienvlse 
£Li led. +Kr.!uO denum unless oiheruise staled. + FraJtHl dunum, unless 
ulticruKc staled, 'i Yen 50 aenoni. unless utOerwiMi Mated. S Pnw d i ume «rf 
susamsjMn. a Florins, h Schillln ir>- c Cents, i Dividend after pending- rt*e#f» 
and or itrip iisinie, e- Per share. I FYanc*. a Gross die. ■>. Ii Assumed dividend 
after -inp and/or nehi* i-«ue. Alter loeaj taxes, wl lax tree. nVtxnca. 
mcludirm Uuiinc div p Noin q Share split, a Div. and yield exclude special 
payment, i Indicated <t»v. n UnoffieUI tradlns. r Minority holders unlv u Merger 
pendiRR. “ a toed. + Bid. § Traded, t Seller, x Assunied. xr Kx rights, xd fix 
dividend. « Es scrip issue, xa Ox ail. a Interim Since increased. 

.VA1F [ 




337 a 

337 fl 

Aiupex ' 

1S1 9 


Auclt. -r Uockinc- 

zb; 9 

2Bi B 

Icheuaer Buech-! 

»4i t 

24S t 

trout. Meet..., „. 

29 7 8 





1'nmriT Uu 


14 Vs 

Imrt* ' 



tvlilaiui >i,l 

28 ^ 


Atl. Hh-tlliel.l 

51 >B 


Vino Dili Pro. .. 



\ \ t 



241 a 


A fin I'lullirt: ... 



Unit l.iR- k<lK.4 


25 >c 

tS.iuk AmciiL-n. ... 

2 3i 4 


itankert- Tr. >.\. 



bas-iwr »>il 

27i e 


Kusier Tnneuot.. 





251 2 





El Paso .Nat. Gu 


Kmerecut Electric 

Emhart — . 

EJU.I i 


l-l.fflur L- 


Ex.nja ! 

Fairchild iJ&mexV 
fed. Dept. Stwei. 

rirastc-ne Tire 

P&U >U. fkaion. 

flui Van 

Flint low 

Floruta Pnvcr.... 
F:u»r . 


Lanky StOTXfr. ^'. 

Lanky Stores. ,~ 
L’to yuncitVc 

Vtirlllll Ml — r . 

AUcy tt. B-; 

Ucn. Hboovw.I 

Mapiw. — .' 

llanditwh Oil 

Marine MHluil 
UarghaU Fields 

s j nAR un .— — — * 

Sean, Hoebock — 


ai wl l Transport— 
diffim 1 

difnode Corp— 

riimolidtr P»» — 

SllOpi ,C ^^ rWMmmm -J 

amgnr— — \ 

ioiUiXODk-— i 

raw oh era Cal. wt|. 

ijouthcrn C-a :.| 

sth a. A at- Ke»— -i 
southern- PhcifU-4 


UaDoaaeii Deu=J -5 it b 'i 
MX. raw Hilu — JJ.- 2<Hg J 

Kell A Hu, veil 


Uttu-uet Cun* *B’ 
LietLiehein sieci. 
Liiaek A Ueeker 


duise '.V.xiila.... 


tk.rv Marner 

Unaiti I ui. 

bras .an -A' 

Bristol ltjen. ' 

Urit. Pei. AUB...I 
Ui ..^,-n iinv D la»; 

UnwrOTeW 1 

dir-,711- Ene 

Uiii'.ve WaK-h._. 
burliujiun Xtha 


•. amut+'i SOilp...l 

', Pncilh 

• anal l.*iin>i»>ph. ' 


..ntitei A lirneni- 

B!l»jr Hn,' i vi ... 
-xlerc'iiiar I'raeir 

■ H? 

.taiRA' ;-n ... 

.mil ml i -i 

v'enainieH • 


. h^re.Uiinberuu 
. hnni i ,-ai BL. AY- 
^.lJe>eb^^hFll^d,. , 

t iieiaiesv?iera.... 
i.'|ju;t' riri'lxe... 1 



imc. .Milouiun.... 


i. me.- beiTice.....* 
hIiv Inverting 1 .... 

>.voi Cole. ■ 

•.umexe Fa'ic.... 
Cuilim Aikman..- 

F.M.i; • 25 

Ford M-rtur.... ' 46 

ForeniriM Yii_-» — 21 

Foxhoro 37 

I'nnilin flrau- 9 
Freeport llineni. 22 

Fruetiaul — 51 

Faqua lad* ' 11 

46!g • 45i 4 
21* 21*8 
37ij Mia 
9U i 9i z 
2238 23 >8 

31 3* ' 32Sb 
1U 4 114, 

GAJ ; 


Gen. Amer. ini...- 

U_\.T J I 

Gen- fine 

Gen. DyiMJi.UA... 
Gen-ktectncs — 1 
General Foots...! 
General Mills—. 1 
General liotm.: 

Gen. PnU L'ril ■ 

Gen. aiena i 

Gen. Tel. Elect-.' 

Geo. Tyre 

Genew,’.... ■ 

Georgia tV-ific...' 
ueaiv Ui: 

Itauanx : ; „43l|: 

Meflk._; ;-5e5g 

Merrill L>yjeh.~:i ;i98g 
Men PHtmemn..:, -4»7« 
UGU — „.. ~:3saJ . • 

31 Dm Mln-A Mia , 051, 

Mobil cotiL ! 

'Ioasauta...„„^| i 

MofManJlF; J- 48tp> !’ 

3li4nrohL 2.U .4-548 

MurfAv tltl — l-.-i Ap . . 

S die sca_ - JuSii 

Nairn Chemical..! - 28T« . 
Nattoaal Can. „-!j^-18jg 

-VaC Ductiiaa^; 221? “. 
.Vat. Service lndi- lfei, 
AauonaJ Start _.i.; ilia . 

XCB. ;^3'7a 

XepUine imp. .-.4 --la 
England UlJ -.8 Lii. 
New Eogtand Tetr - 331* 
Xiagua Alotum^r - 3q 
\ uinara Share. ~ 103. 

^opthuod. — 
5'\r*t BaiKharer-i 
5 perry U,itch~:-i 
Sperry Kanrt,.....; 


suuilanl Braude. j 
shkUIJ Ira liana.- j 
siri. Oil Ohio — 
rtautT Chennai'-! 
aieriiaii t3ruz_.j 
stuff eta Iter..... — . 
Sun Cu. 

.111 mlit m art . .4 

S.v Btex 1 

1'ecdn ico lor.. - — .1 

Fekircmlx — 

Feiedvne — ~~-~ 


leneco — - 

,291 i 
I 27io 
t 17ia 
I 426a 

!• -493b 
j 16*s 

.■ 67*8 
.307 b 
: ,U 6i a 

Niacara Share I 104, 

N. L. iDfiustrtejl J - 1B3, 
-N oaolkJt We»tarn> r 255, 
Xorth .\au Gto..Jj. 39 de 
Mhtv Stater Fwr? . 281a 
A ch west Airline^' 27* 

Mbweat Banvura , . 

.VnmioaliDun.J lai, 

Gil let le 291? 

ijuodru'b B. F 22 Jg 

1 Good rear Tire.... 16A» 

iGuul.i - . 29*2 

I Grace W. IL_ 2738 

I Gi. Alien F«-Tea 7v, 
!l,n. 3'ictb Itiio.. 23:, 

' Grey bound. — , 13iz 

Uuii A 'V w era . . 143, 

l.rull - 24 1 j 

Uslihunon • 63 lj 

HsCDa Mialai; 324| 

Hinuscliieitr. ... 17 1 j 

Han+s Curun 5B1, 

Heinz H. J 30u 

Heabiein — ' 27'a 

. uluml’ia Gas 

.'••IuiuMb Fict.... 


.•xni-urtiou Eq... 
■.'m'«,‘:h t>ltw.,n 
t uin'„Th Uil Bel 
C'idu. Gen j Life.. 

vVmrac - 

Con. Kditou X.Y, 


V -ofjuol Nat. Gae.. 
•boonuner Power 
Ccmniienui Grp. 

. onimenral Tele.- 
on 1 ml Data ' 

1 AJpC 1- fort Ui 

Hewlett Packard.' 80 tj 
Holiday lmui_....! 18 
Uomertake — 38 
Honeywell S$ig 

Hoover 12 ig 

Ho. p-Com-Amet . 34 Is 
Hou*Lim Nat. Its-! 25 Jg 
tiunif Ph.AiCbm 11 
Hutton ib-F.i — . 165s 
I.C. IndurDiev ...| 24 le 

l.NA 41t a 

lugetK'ii Kami.—' 59jg 
Inland Sieei.__.i 57-i, 

Insfwo —i 15^ 

interuoai tnejn; 7 

IBM .266.25 

lulL Fimixairs—S B4U 
luiL Harreaier.... 3?3{i 
lnu.Mias.Cbera! 36 
Ina. Mutmonta-J 22 1* 

I a 00 ..[ 167g 

Inti. Paper..... — * 40 #b 

IPG- 36* 

lot- 12a* 

l at. lei. & Tel....- 31 1| 

Intent • Ug 

ln»a Beei 35»s 

1C lnietaallouai. 1 Ii5s 
dun Halier. ....... . 313, 

29 is 

• 164, 
! 3U 

: 27 >a 
- 7l 2 

23 'a 
. 15 
; 24 
. 33 
; 175, 
•i 56 
39i 8 
: aai, 

t 821, 

! 557a 

! 17<b 
I 243, 
I 416a 

I 61 

I 381 S 

• 161g 

1 7 

ii 370 
381 Z 

: 36 ij 
' 13" 

1 315a 

! 361? 

Noruni simun. ,J&lg 
1.1 jartentai Fetror. -aar^ 
i^tllvy Mather _r.J 551 3 

Ukiio Eilnuo..^...)-' 181, 
i Olin LL'.wJ'-lSI, 

OveneaiisfaTpe r .J -.27 
■Uweiia. iOl, 
Uwena lltinbta.._ : B2q; 

Part Ac Gaa.'. ; 237 b 

Fajhc- LqihUngi :. fiOL 
rtM.vPwr.4Ll.,] 213, 
PonAoiWurfdAu . 65, 
Parser UaniiMn. 243, 
Peabody [nt_.._ - 261, 

Pen. Pw.4 Ltl_i :2 ii b 
Penny J. C^.„. 56i« 

Psninoil 29ia 

Peoples- Dnm - llfifl 
Peoples Gan 33&g 

Popcurta. 30 

Tworo Petrowsunj 

Cexa co.. ■! 

Texaqgull — j 

Texai, 1 

L'exas (Jl I & Uat.. 
reaaa L'Lllhien... 

lime Iik^. 

r,me® Mirror^.- 


Iran* — 



I'ranu L>nlNL 

Iivn-nay tnir'bf 
frau* 'For hi An -j 
['ravel len-..L... 
L11 CotmeuLain.l 

1-.B.W ; | 

.oib Century lux 




cup _.. 

L>uiievei..._.. — ' 

Union Bsocorp 

Union Cufataa— 
Unlrai Co mn w c i 
Union Oil Call).. 
Union Part he 



Perkur B ™-' 


Pheipb Dudse— --J 
Pliliaoelphhi bleJ 
Plilbp UOrrta. ..1 J 

Phillips Pemi’mJ 

Pnrttuy ,._^J 

Pitney Bowea — .[ 

t line* 

PlttfcllTO .^.^J 

Plauee Ij.i ADK 

Pleabty Lm AUUj 


: 22 . 

\ l'ii* 
„-43i 4 j 
. 593, 

. i37 8 

; lii 
I 3l'i 

Polaiulo -| : 38 

Potonmc Elec...-) - ii J, 
PPG iudu.-trief 4 1 68^4 
Procter Gam We. J; 86 tg 
Pub serve Eh?ct.. | , *2 tfl 

PuHruan iAX* • 

Pure*. — 17J, 

Quaker Oara. j 25s a 

Rapid American. 1 1 1 

Raytheon...- 47t, 

RCA....... ' 281a . 

Republic efced 24J8 » 

Cm royal — 

United Brand*.... 

US UaiwnrpL- 



us sieei 

u. 1 ertutoiopier.. 
•j V Jn-Jiuttne*....' 
uniinU Elect; — 

sV deroen 

Warner- UomniH. 

> Varner- Lam Leri 
W lote-Man'mem 


IVeeUan BklUMlp 
Western W. Aina 
Western Union... 
VVe*t!njjb»e Hleci - 

WfetSBCO.. [ 


Whirlpool 1 

WhiteCoD. Imi..-' 

Wtu huh tin. 

HTsoonWh filer®..; 

19 | * RKL S Asked, f Traded^! Ntw 

28is track. 

' »*SMf 

• I sfl.l 

: M^it 




Pn.-e + or Div. 
■Inn* IS Dn,. : — i 

-f- or Div. VM. 
- 1 Fra. » 

Hh ur 

A ust. 9 — 

• -Prices + oT-Dirv YH. 
‘ Ten I — w ’ . 

A LG 62-O.tO.I — 

A »nr Vei'k-ii... 479.50 ■? 4 JP 31.2 

BMW 2^2.50 -r 5.0 28 JiB 

l-A&F - 139.70 -0.5D 18.78 

barer 140.0,'— 0.50 18.75 

Bayer. Hypo 279.50,4-3.0 28.12; 

iW.VCT.VersUi-bM. 316.Ol44.20. 18 ■ 

UibsInt.Ned.wrt- IBs ; — ; 

LaMiiDierabaak.—.' 222.80i4O.M' 17 > 
LoH I Giixurni-^-#. ^ 5-0: — 43 _S I — ! 

Uaunler Benz > 309.6014 1.5 j 28.12 

Dettiia'a -261.9 si - 17 ! 

Demm; > 156.o!-1.0 1 14 1 

UeiiDcfae Rank 302.ual: + 1.80 28.12; 

Drewlner Bonk....' U9.4Qdi-i-l.40. 28.12. 
Uycaerbc41 Zeini.' 173 [43.5 i 9.38 
Suteb?(7nuni- j 205 1 45 I 12 I 

Keiue m 747 143 
l AtrinueUA-n’r' t 385.1;— 4.9 
i A i Liqui-c...^.^. 296 i — 0.5 
r tauit<ine....„... 487 — 3 

I BU. 5U4 —1 

I I b-Mii'aue- 856 —4 

I A-J.N.Gerriv 521 -1 

L arret nu! 1.560 —18 

C.G.E 358 44 

C.I.I A 'rate. 1.075 —7 

civ Bancaire 518 +2.5 

C- 1 uLr .Molile,„._. 404 4 5 

Credit Uom Fr'r> 120 

DieortX fxilr®.^... 78.5 — U.; 

Uumer 745 —10 

Pi. Petroio- 136.8 40.1 

'Jen- OvMmiiii, 188 — 0.: 
1 metal 64.5— O.J 

Jtcqtuw borol M „. 114 40.! 

Gnaw 194.5 4 1.£ 

L'Ureal...^ 7b5 

Ktsnnml l ,650 —10 

Maltuu* PLenix.. 985 -5 

Michelin ■■B* 1 <1.405 —9 

Him Heonewy— ( 470 

Moulinex 155 —1 

Panina \ 162.8+0.1 

rta-binev — I 90.6 

Itra.I-RicanJ .... ZB5 —S 

Sutet»(TnuTiK.....j 205 1 45 I 12 I 

Haw i> Lloyd J 120 1-^80 <14.04) 

Harpener... I 296 42.5 a 16.72; 

Hn*r®ui ' 1S0.70d— O.BO 18.75. 

Hoeroh ! 46.9 4 ! 

Horten | 13b i+I.Bfl 9.36. 

Kail uttrt Sair j 138 >4 1.0 *14.04! 

KaMa-ii I 324 14 3.0 29.44. 

ivauilipi 226 J + 4.0 IB'72, 

Kiivkuei DJI I0u..; 92 -1.10 — , 

KHU ! 185.50 4 1.50 18.76: 

Krupi 1 96 ; — 

Lmrte 1 249.8 25 ' 

Urwenhia u luC',.. .'1,445 rt'-r 5.0 H5 

LmUhan-.a 111.5; >9.56! 

JIA.V I 198 :4 2.0 i 12 [ 

Mantle, maun. I 158.50; + u. 10- 17. 1 bi 

Meuiu:e- 217 i— 1.0 I 10 

Munchencr UuekJ 64B + 3.0 1 IB; 

358 44 

1.075 —7 
518 +2.5 
404 +5 

78.5 -U.5 
745 —10 
136.8 +0.8 
188 [— O.u 

64.5 -0.5 

114 40.5 

194.5 4 1.5 
765 - 

162.8 +0.1 


265 -3 

I’eu^em -Cii r*jen „ i 364.8—1.2 

41! 0.6 
21.15. 5.5 

16.5 5.6 
25.25: 0.4 
13.85, 2.8 

43 4.9 

40.6 7.8 
75 4.8 
31.5 8.8 
76 JO 7.1 

12 3.7 

11.25 2.8 
. 12 10.0 

33.75 4.5 
•14.10 10.4 
• 8.25 4.3 
i 6.7j 8.8 

lB.n- 8.6 
16.071 2.i 
3S.76 1 2.4 
39.9! 4.U 
'32 J6 Z.3 
.1 12.6 2.7 
: 3 ; 1.9 
;id.95 12.2 
,, 7.5 8.5 
7.5' 2.8 
.17.25. 4.7 

At M I L <2> vent)........ 

Altuw AurUaiU— .... 

'ni,>>' Bxpiorati 


n. ■ 

' arc. Oral. Ind 
5u-rL Fo-milatk, 


o Invert... 

Anrt.Oi’ &(la> 
Bamboo Creek 
■line Meia, ln>L 


■fO.70 AMilil Uiaaa— 

10.63 +bjn canon 

(2.15 <-aalo — 

tl.23 -O.t-2 L-hmoo 

tO.VB +0.02 thu Nippon Prim 
♦1.15 +4.05 Pml Phnto«— .— 

tl.28 +0.03 Hitachi.— 

* j QQ Honda Moia a— 

,i ; 08 ,£■ gra *"— 

HL40 -q!q& ’’“-Yokado 


+n vs, -J.a jj. — 

Kadw T«bni<jue!i 425 — g!s 

Aeuuerruaun 130.50 —0.501 — 

Preuiwau DM B». 116.M —1.0 J — 

tfbein'Wfri. EJei-i . 190.30 +1.50 25 | 
x-neiniG 272 i+l 28.12 

-u-i tucker 243.50' + 1.50'26.B6 

l'LV'-en A.U 117.10+0.30,17.18 

• «rt» 175 —1 , 14 

» KBA 116.2Q| + 6.70 12 

ieirin-1 Wr-I Hi, 290M. I 18 

v , 1 1 k • u h-.-i-i r 214 1 + 1.0 25 

itedoute 06O 

Rhoue Pcailwu... 98. 

•>u (>••<+, in lsl.' 

3ki« RoKnsnoi ....;l,525 

’uea ] 254. 

teiemeouilque j 720 

ihi'msr'ri Wrandi.J 187 
5«lni* I 23 

060 +6 


ID 1.4 -0.6 
,525 -35 
254.5 -3.5 

| 27 ; 6.2 
i 27 4.8 
! 9 ! 9.0 
; 14.56 9.6 
39 ; 2.5 
[ 25.5, a. 5 
!l6.1Si 8.1 
I - I - 


• «rt» 

» KB A 1 

» drill- 3. W*-| Bk| 

l .,ik-UM--i-ir 

Price | + or Div. ,TM. 
Krone — Kr. J J 


| Div. ■ 

Pnee i + nr. fn. Tld. 

Fnc j - \X*1\% 


Af. Bra. lauili — 

•v-kei -B" 

..I'.k. UgmeoU 

lAkteni — 


Kiev nebei— 
Pabnque Kat..._. 

dji. Inoo-Um 

uerien — — .. 

Hot ok on 


2,330 -20 [ — 
1.645 ‘—15 72 

I, 950 I+IO ’lie 
1.192a] —8 llOO 

422 i + 3 — 

2.260*1 [+25 177 
6.430 + 20 M30 
2.770 -10 170 
12.045 —10 ISO 

II. 284a) —8 I 85 
;2.350 — 100 170 
.1.745 | + 10 |142 


La Koyale Heit*.. 

Pan Hi, Mum 


av Lilli IkmuiK-., 
ji« Well 


i rant mu LsH.... 


Un Mm. 

Viet<-e Mouiaifii*. 

6.620 1-250290 | 

5.600 1-110*325, 

13.600 ; fl.M, 

3.730 il74 

.2.970 :-5 '205 

[1.945 f t 25 140 1 
13.145 }.. . . 215 ; 
2.525 .'-15 A210. 
2.560 : + 5 .170 1 
| 948 .+8 : 

730 d. — 18 I 50 i 
'1.575 -30 ' — I 

VU.t AixHi.^.i... 
\ii« U,u utKr». 

letA iKr. ^'i 

\lib 3 CuiKxiHr':: 

uilleni i 



elect' lira "U'tKsi 
Url&aofi ‘b'lK/bL 
K-reite ‘•B 1 ' — - 
r'agersta — 
i i ranges (tre*).„.. 
Hand lesban ken— 


ilo Uch Doni-'U'.- 

bsndvik A.d. 

i.K.K.-H'Km— .. 

-Lknnrt KurtUktg-.. 
Duul’tlk 'B' KrtX 


Vniv.. iKr. 

208 i+l 5.3 2.6 

1:8 +3 5 3.6 

82.5-0.5 5 i t.u 

1^3 + 1 6 1 4.8 

73.5 —4.5 4 ; 5.5 

119 : — 1 y4 . 3.a 

190 stj 10 b.3 

229svJ + 1 10 4.3 

133 1 + 3 6.3 4.7 

133 r+3 6 4.7, 

Uroksn Hili Prornetarv ... 

Uti 8t>uth....J.„.„ 

Gar, too United Brewery... 

. 4. W+_.„— 

■-si! :sii ^ 

l-Olis. OoldriekVAiLrt — . 

Uuniainer i£i):. ..... 1 

confine Biotintn .... 

| c-^tm u Aiiatralka ......... 

Di|ill..|, Kubfter (SI) 

KBi. OK .;....L— 

I HHer-Smith™. .— - 

b.i. Induslries 

[Gen. Hi-operry Trust— . 



ft'l Australia — 

1 uter4_'opper 

Jeumnas Industries......... 

I June? i Ltavrdl 

I l^noHni Ull— 

IjetHls Expiorackm 

■ft I K Ifold inpM 

M\er Emporium . 

: A«Kir.lap* I ncemulonal 

■'•"iii BroHen U'dlnsa fbOe 

‘+,^lmili.i» ...J 

'JH.-i Kx|,Ui«lian.— ........ 

“•■■hw t-isKrei* 


■J- rt«*i«h 

-ui,u,Ii,.hI llliiiiiu 


I'Mll l!>| 


W'-ii+n Miuim i^Ocenu 

I hiunutiu... 




-i . 
















+i - 



4 10 



—1 ‘ 



+ 10 











T*.M rtjTUMJ^eriimiC— ;+.UOU 
♦1.82 +U.U8 Ualeuatrita ind... 740 

12.00 Mltenbubl Bank.. 279 

tf-04- -0.05 MiteubUhi Hwvyl 126 i-, , , a ■ 

13.25 +|J.)o KrtHuWahl UorjxJ 424 +'3 ' 23 ! U 

♦8.42 Mitaul A 321 .T. . 1 J4 i 82 

♦2.57 | — ,-5ZS - ; 20 ^7 

11.50 I Nippun U«Mo..... 1,400 L-10 15 a.5 

♦ 1.37 -'[Pl*«abmp«i J 745 + 8 12 0J3 

♦0.90 Ai«an Motor? — I 811 +2 16 1.0 

+2.23 +IUJS Wowsei; 11,780 +3Q 48 13 

t8.38 (-0.12 ” n ; Vtl . L i ot *ri c — 260 +4 . 12 Lb.3 

♦1-68 1+0JJ2 Prer * b — , sea -11 30 1.7 

♦2.40 i ..._. 3h«eWo..- -1.080 —10.-20 :0.« 

to.71 ;_a.oi jffl-r; ltio -10 ao .1.2 

♦2.25 hsos J^ 81 ® Marine..... 225 —2 U 2^ 

£0.28 OMwtla Chemical. 377 —2 15 2,0 

:i.50 llJh — ,2,030 +10 801.0.7 

tl-23 -0.01 ‘mjtn— — -. UK) in na 

•tO. 25 i okio Marine 491 —8 ■ it 7 '7 

♦0.28 -0.07 lokio tiled Pow'r 1,030 ' « -s'e 

♦2.20 -0.01 ifkyo Sanyo 308 ifi io 

♦1.75 -0.01 ‘uliToshibstira... X44 + i . 10 . 

♦2.28 -8.02 rota? 144- +1 IQ 3.3 

♦0.87 ■ 1.4a M. in 992 1 4 20 i fl 

10 ' 1.8 

+ 1 12 l 4JI 

+3 .23 ( La 

. 14 ! 8.2 

~1 ..\. 20 1.7 

—10 15 0.5 

+ 8 12 0J3 

+2 16 1.0 

+ 30 48 13 

+4 . 12 2.3 

1-r-ll SO 1.7 

♦2-26 U; M 

SIM I llJk — 

tl.23 I—0.01 iwjm. 

II 2.3 
15 2.0 

♦1.B4 -0.03 
♦0.12 |. 

, on io Marine. 491. — a - la ■ i i 

lohiotiiect Pow'r 1,030 ' ■ • 8 "3j9 

rokyo Sanyo 308 12 io 

‘ukToshibaura — 144 +.1- iq. a't 

itiray ■ 144,. + j 1Q » = 

•■*"**”' mz +4 20 !:§ 

Sounre NBiko Seamuea, Tokyo 


30 j 0.7 
10 I 4.2 

♦o.73 -o!oa 


♦ 1.88 

♦0J3 -j.u* 

♦1.58 -0.05 
♦ 1-62 ...... 

273 1+8 


June IS 

Pnua — m 
% +•- 

- icrvl. Uu loin >| 




,eie.-ta— „, mmmmmm . 


Steyr Daimler 
Fe»r Haonerti 

91 -1 



38 ao 

50 . — 
332 +1 

16 4.8 
8 8.0 

100 8 8.0 

60 - — 

253 +1 5.75 2.3 

Prtea j + or Dlv.Yld. 
Pis. j — % 2 

— 8 June 16 

.AhcidtPl^O) 106^0 - 0.56 .21 3.4 - *■« 

| AkB..iHjOi | 2fl.S0 _O.Bfl _ _ Consolidated XBB 

.Viaeni Brk (FHUC 

•. I.»a ssiS^ 1 S 3 ':K! s i : 5 

- B.,.vi« WF,.*n. 865.: 27.S lis W 

4.5 7.3 
. B 5.3 
. 6 7.0;— _ _ nri^S, " S * 8B 

Aifiem BriK (FIIOC 368.JM + OJO' 28. d 4.0 ™LiL rtef0nle,a 

AMhV iKi.10).— 87.40 1 +0.80: sol S B ■— -r- 6 - i L*J 

AlliirrfmnL. lPl.?Dl 7S.50: J-O int-l* c c n .tSS 

, iuib, iruw— . oi.iu *u.nir SO 9.B Birmm, : — . . naa 

■g A.inr^nk tPl^Ol 75.50; +0.10^.51 6.0 IKS?* --- 

1° liycukwi 1 90.80— 1.20: 2b I 6 7 - ^ 

, , H*4. l .UW‘m{pKa| 124.5 +0.5' 80 fi!t S22L 6SS 

1230 . +OJO 

; L23 +0JB 

- — .5J85 . +ff.6S 
J5J5 • 

8^5 -fl.K 


Mri.wiii ow 27.5, 1.9 1 Soufhvsial T 

niiitu VV.ueaita I 138. 10 — . .70 s.4 j Gold Fields SA 

hm ■ it. uni 111! 06.5 +0.6^ 6.3 Union Corporation ' 

Urtvs.iMfUi. 56.0 — 0.30' US ! 6.0 ! "le Beers Drterrwt 
ll , -ii".k,.niPij»).;i 103.50, — 0.50: 14 ' 3.4 Blyvooruftn>h[ """ 

i Price | + '<r ; 1»»*. VW. 
Kroner — - : : '1 

’ttS! 1 ,' 


Price [ + vir Div. lid, 
Fn. - % % 

Aluminium. — — 1.280 

dUL'A*..— 1.655x 

Ulla.GeieylFr.KA) l.lGOx 
Du PW. Ceil.. 86Sx 

lA.-,itoa B «f8 

wie-iii emt+CL—... 2.230 

U-ectrowaii 1.760 

fl-dier iGeomei- 690 
laKnun HiUert ■ 75.2S( 
Du. iStuaii)....|7.550 

iiKerluoi a ,3.889 

jeunrtHPr. UJU) .11.405 
Meklle (Fr. LOO, .. 3.420 

Uu Hen 3-205 -5 (jaBB.Ti 

jeTiikuuB.ft.jou,.2,555id'— 13 i 16 ' 

Pirelli &IP tP.liXj 285 1 16 j 

sau traiFr. 3oU>. . 3.975 '—50 ' 26 [ 

Du PiirUGerisi 494 1 + 4 I 36 I 

v liiiriierCur iUL'i 300*1. + 2 I 12 
suiter tu. ih.iLU)! 350 i—7 14 

I a I i/i I 









55 | 

« 85.5 


In n'l JauiHdi 

tiuriii'^er W j 

Uiu«ke Uana j 

Hn.I Amu Co. ... 


for. By^Rener.... 
Poe. Papir..,..—.. 
UiDillmbank ...... 


Mum Kitei, 

Ul Irtat/nllm^.n... 
Soph. Be real sen. 
luponos. ............ 

1361:' ; 

475 I 

166*4 mJ-i- 1 
128Uvr l + is | 

79 ** 


269 +6 I 

lB5is nr 

7b -la 
1291, -i, 


3961b +Ua 
1633, -3, 

11 ' 8.1 | 
15 3.2 , 

13 i 9.6 i 

12 , 7.2 

13 ,10.2' 
12 3.3 

12 8.9 
12 4.0 

12 6.2 
12 — 

- 8.5 

11 8.1 

11 3.0 

12 6.5 

SedCred Uk(Pi.2G 53.: 
hwniidUktFi^ 186, 

yooiFl. i») 158. 

•an UnineiBLL.. ' 141 
Pa It hoed (Ft. m. 38. 

Phliipa (Fl. 1C^ 26. 

K jOScli Vert Fi. IOC 83 

KubeojiFt oCt) 173 

K„,i,kv (PI. 13J„ 
Irt+emo (Fl. SO)— 12? 

53*5 21 7.9 

185,90- + 0.40 22 j &0 
158.6(^-2.40 36 , 4.4 
146.OU3.bO 18 5.4 
38^ — 

83 Ul - 
171.0l-l.20 A2E 

1.9 JS 051 Drtefiwteiii" 7.!™’""" a 

6.0 Hnldines a 

4.4 Westera “ j 


u.t ~wouier. ina imrria 
— Barlow Hand 

7.6 CHA Investments””^ 

>u,ve*iimr£;.._. 261 J-O 

•ievin Grp(Fij5}) 128 +1 

Pricfl +or Div. YM.' 
Lire — Lint! % , 

•icvin Grji(Fijsj) 128 4 1 I 27*1 4.3 ^erReady SA — 

tukyuPta, Hrtli.4 U6 -J 30* Q;6 fireatennans Stores 

U U| lever i Fi -Ah l Stn Hft— 1 **140 n *t+i Guardian 

•> luiriierCur iuc'i 500 * 1. 4 2 
suizcr tl* ( h.liA/il 350 (—7 
iwisfcair rfV. jw.ii 655 [—8 
iwIh Bant < F. too! 389 t + 4 
sw l» i Be. F.S0,.;4.700 + 30 
L*niun bank 3.140 i 

turieh Ina. ..!t0.700iri + 300. 44 ( 


,W^I. r- l ... 


Do. Pnv 

Filial, U-f 

I ih Icemen I 

I La, Kiel 

Med Inin lira _ 
tfraitediRuii ... 
•^ilictti l'rtr,„ 
Pirelli A Lo..., 

Plreili Spa 

dnu Vi*cnn*.,., 

96 1 

499 !— 6.5 i — ! — 
l,77S*c-47 j 150 8.4 

I. 47Ssv— 40 1 160 10.2 
93.75 - — 3-25! -!- 

II. 805 — Z95l 200: 1.7 
178 —4 I _ ; - 

53.010—140- 1.200' 3.6 
147.25 -4 ! — f _ 
985 —52 — ! — 

1.980 |-20 130. 6.6 

933 :-io ao; a.a 

733 ; + 3 - ■ - 



U4- | 33 3^9 


OK Bazaars 

“ ,,, ’4*-'ll iMUh 

92 U : 

eS.75;-i.Si. - 

-o sappi 

3-0 c. G Smith Si 



+ 0.5 ' LI 
-10 120 

smith Sugar 

. lffJS 

■ 1130 

+o.te . 

. 4.03 


. 4-32 

- 37 ' 


• 30.50 


- 13.70 



- iSS 


. 9.7® 

. iS5 


, 7L59 

. 0.70 

, tuun 

. +2J5 


. 25-S4 


. U-70 

■ .*»,• 

I'. •'* 

i 1M 

■ 2.M 

. 3, GO 

- -HK05 ' 


, +A20 


., +-0J5 

■ 1*85' 

. -.0.85 

- 1-2 5. 

IM . 

.40 JO 

■ £77 


. .0.33'.- 

; +wa ■ 

. i-«=r 

-a^5 - 

... . ., 

^‘V'lilkBu^eir 104 i-OJS. 11 

H«trr*rja 185- 1-0.25: 12 

9.1 SEc 0a, f. aad ' s » £ '-wE ' iff ’;'r®8 

^wcbriin. l —.i 95 ■ j+2.S j 9 [ 9.1 

10.6 e L13 -i 

S'? Seenrttics Rand SU^.0l7l| : 
-- (Discount of 37.82%) .*•*■ 




1. V 


is- : 

IL ■ 


=S ‘ 














»;■ :i 

• - . r » . 
rr ;t ■ 
• 1 *. 

i* : - 

v— ' 

FJnAncial T™es Saturday June 17 1978 












2C ' 


? *5 

•By °“ r Bnandal Staff 
■™X>. of the big four Japanese 
securities houses — Nomura 
-Sggunties^ and YamiaehL SecuS 
t0 , i^se Funds throuah 
tlWTSwe of new shares 

Nomura, which is far and 
iMfflfit Of the securities 
itt Japan, is lifting its 
S™fifc 3 ^ tover 11 cent 
Vla * rights issue and 

Th* ab i*rt tesue -i? f - new shares - 
latt ®. r , «U1 involve 20m 

S»T* ^ lE rights offering 
S5 be °?'a one-for-ren basis at 
Nomura shares stand 
currently at just under ;Y500 in 
the open market. 

Yamiachi is lifting -its capital 
by around. 7 per . cent to Y30bn. 
Its public issue “will involve 40m 
new shares. Both houses have 
yet to fc the prices of their 
-public offerings. ■ • 

Italian, insurance 

Italy s largest insurance com- 

Ba-Tssa-r «?%* 

slightly higher than the previous 
years L22.2bn, reports AP-DJ 
&om Milan. The company will * 
distribute a dividend of L60D a! 
share, L50 more than the year be- 1 

♦2 r T o if!? 11 " 1 ™ i ncome amotm ted 
to -L3.ll5bp, up 21.7 per cent. I 

Esselte beats sales 

and profit targets 

by william dullforce 

STOCKHOLM, June 16. 

ESSELTE. THE Swedish office 
equipment, packaging and print- 
ing group which took over Dvmo 

industries of San Francisco ’last 
month, made a pre-tax profit of 
SKr 154m {$33.5m> 0 n a 

SKr2.45bn (£532m) turnover in 
the financial year ended March 
31. Adjusted earnings were 
SKr 32 a -share against SKr 29. 

.The Board proposes to pay an 
unchanged SKr 8 a. share on ihe 
increased share capital, making 
a total payment of SKr 25m 
against SKr 20.9m in the pre- 
vious year. It also recommends 
a one-for-flve bonus Issue. 

Esselte set growth Targets at 
the beginning of the year of 10 
per cent for both sales and earn- 
ings. Sales were up 14 per cent 
and earnings before extra- 
ordinary items rose by S per cent. 
However, the pre-tax figure in- 
cludes SKr 15m in currency 
losses and, if these are excluded, 
the profit growth would have 
measured over 11 per cent. 

Tb preliminary 1977-7S report 
attributes the increase in earn- 
ings exclusively to the foreign 
companies, with profit develop- 
ments in the Swedish operations 
cancelling each other out. The 

forecast for the current year is 
of a 15 per cent increase in saies 
and a somewhat slower profit 
growth. These figures exclude 
Dymo Industries, which had a 
turnover of just under SKr lbo 
in 1976-77. 

Esse lie's proposed bonus issue 
will be covered by writing up the 
value of the parent company's 
fixed property. Shareholders will 
net a new share of the same cate- 
gory for each 10 shares currently 
held and a new B share for each 
10 shares irrespective of cate- 

The extra issue of B shares 
will, it is hoped, boost trading 
in this slock and facilitate the 
bunching of shares or conver- 
tible debentures on foreign mar- 

meeting sought 


51 : • 

- Option 



Lluse Vol. 


LTi«e Yi>l. 


Ouse Vol. 

tM'nt.V ^ 

rjifcc A 


; Cftlei.irp 


- E.. Kodak* 

E. linlak 

- E. Kodak 
■ K- Kodak 

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F75.50 I 

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F169 1 

KL31 . 

FI 70 















KLM . 




















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FlOB 1 

Nat 2iv.l 

FI 10. 







Nat Ned 

FI 20 







Thill ra 











2. BO 



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H. U. rffapl! 





— . 



P 126.50 

■B. ti. Shell 






B. 1>. sfhcD 






3 * 



FI 10 





13. OU 


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FI 2D 






'« *• 


FI 30 


• — - • 




■ •. 

'■ 1 

. . . . 

- ■ 



By Our Own Correspondent 
MONTREAL, June 16. 
LAST NIGHT’S revised bid from 
Occidental Petroleum for Husky 
Oil of Calgary will be made only 
by prospectus and remains sub- 
ject to Canadian and U.S. Clnv- 
ernment approval, commented 
Occidental yesterday. 

Both Occidental and Husky 

Both Husky and Occidental are 

The First Viking 

Commodity OFFER 39.7 
Trust BID 37.7 

Double OFFER 82.0 
Option Trust BID 77.0 

Commodity & Geneial 
Management Co Lid 
8 St Geoige's Street 
Douglas Isle ui Man 
Tel: 0624 4SS2 


*c 3I« May. 1978. £1 |.15-£l 1.60 
P.O. Box 73 

Si. Heller. }*ncy 

0534 -20591/3 
Next declines 30th June. 197* 

Advance at 
C. G. Smith 

By Richard Rolfc 

.Investments, lhc Durban-based 
holding company for various tex- 
tile and siiG«i r interesis, show 
increased group profit after .lax. 
With a rise from R 15.4 in to 
Rl7.2in ($l9.Sin> :md a one cent 
improvement in the dividend to 
27c. The shares, at 230c. yield 
11.7 per cent and. unlike the 
majority of large industrial 
groups,’ stand at the same price 
as a year ago. 

C. G. Smith Investments draws 
its income from Herniates, 55 per 
cent owned, which is one of the 
largest diversified textile groups 
locally, and from two sugar com- 
panies. C. G Smith Sugar and 
Huletls, which together account 
for about 70 per cent of South 
African sugar output. C. G. 
Smith Sugar, which now com- 
prises Illovo Sugar Estates, the 
former subsidiary of Tate and 
Lyle, maintained its dividend 
last yeaT. while Huletls reduced 
its dividend. C, tl. Smith Invest- 
ments holds a third of G. G. 
Smith Sugar and. through various 
intermediate companies, receives 
an effective third of Huletts’ 
dividend payments. 

Results published by G. G. 
Smith and Co. the unlisted top 
company of the group, with 66 
per cent of C. G. Smith Invest- 
ments. showed an increase from 
R9.6m to Rll -5ni ($13 2m) in net 
attributable profit. The Board 
says that although she sale of 
its stake in Stranger Pulp and 
Paper (the venture with Read 
International) is "still condi- 
I tonal,'* the inrcstmenl has been 
written off against the surplus on 
revaluation of other investments 
and h provision made for the 
balance due in terms of the 
agreement. Shareholders will be 
informed when the agreement is 

It was announced in late April 
that C. G. Smith and Co. was to 
sell its 50 per cent of the 
Stangcr venture io Reed fur Rl. 
and would in ad-liiiun pay Reed 
Rlfim jn caKb the_ price of 
disengagement. The RTihu plant, 
largely financed by loans and 
guarantees, has made substantial 
losses in the pj»i. hut was 
recently reported m be breaking 
even. It is nut \v\ known why 
C G. Smith's disengagement 
from the project has not been 

Rhone-Poulenc moves out of the red 


PARIS, June 16. 

RHONE-POULENC. France’s lead- 
ing chemical group, claims that 
the return to a small consolidated 
profit after iwo years of heavy 
losses shows that its recovery 
programme is beginning to bite. 

In 1977 the group recorded a 
FFr S4m (SlS.3m) consolidated 
profit on a turnover of FFr 23.6bn 
(S53bn) after accounting for 
some FFr 258ni of extraordinary 
gains and for the commitment of 
some FFr 325m towards the re- 
organisation of its heavily loss* 
making textile operations is 

-In '1975 ihe group had lost 
FFr 941m after seeing its turn- 
over slip from FFr 20.35bn io 
FFr 17.S5bn while in 1976 losses 
totalled FFr 364m on sales of 
FFr 31.74ha. 

The group's two main activities 
are chemicals: and artificial fibres, 
and the clothing industry is its 

largest client, accounting for 
some 23 per cent of sales. After 
a series of heavy losses in textiles, 
the group unveiled at the end of 
fast year a drastic reorganisation 
plan worked out by JL Jean 
Gandois who had heen brought 
imo the group from the steel 
industry and Is the heir apparent 
to the present chairman, M- 
Rcnaud Gillet. 

This depended on concen- 
trating on two main lines of 
product — polyester and nylon— 
at only three sites in France, 
while earmarking other sites for 
industrial reconversion, and per- 
mitting -the continuation of 
products outside this range only 
cm the basis of their being profit- 
able, and ‘without guarantee of 

The textile sector had a 
FFr 707m operating loss .Jast 
year which it sot round by dis- 
posing of some FFr 215m of 

chemical assets to other divisions 
in the group and the abandon- 
ment of credits of some 
FFr 494m. 

Losses in the sector are now 
some FFr 20m a month less than 
they were six months ago 
according to M. Gandois. 

The bright spot last year was 
the 15JB per cent gain in the 
health and plant welfare sectors 
(to account for some 23 per cent 
of sales), but whereas fine 
chemicals had a relatively brisfbt 
year, the petrochemical and 
polymer sectors were consis- 
tently depressed — so that 
chemicals as a whole stood 
relatively still accounting for 
some 42.3 per cent of turnover. 

The other main areas or 
activity are films (some 5.2 per 
cent of sales) and the Brazilian 
operation, which are bracketed 
together and which generated 
10.7 per cent of turnover. 

So far this year, sales are run- 
ning 7 per cent ahead of last 
year, but the group will say no 
more than that this pattern will 
continue until the holidays. Nor 
will it hazard a translation of 
this into terms of likely profits. 

Investments of FFr 1.48bn last 
year were financed without re- 
course to additional indebted- 
ness, although the need for work- 
ing capital meant that there was 
an across-the-board increase in 
borrowing. The final profit was 
arived at after FFr 1.37bn in 
provisions and FFr l.TSbn in 
financial charges. The group 
shed some 2,200 jobs over the 

Overseas growth continued to 
outdistance the performance in 
France, with sales made overseas 
reaching 59 per cent of the total 
against 57 per cent the previous 

BiUerud, Uddeholm agree 


DETAILS OF ihu proposed 
merger between the BiJleru d 
pulp and paper company and 
the forest-l>as<-d operations of 
the Uddeholm conglomerate have 
been agreed l»v ihe boards of 
the two companies and will be 
submitted to sharehulderc at the 
annual meetings on June 3n. 

BiUerud ’-v ill take over Uddo 
hoJni's forests, pulp, paper, 
timber and chemical onerations 
from August 1 and will change 
its name to BiUerud Uddeholm. 
BiUerud Uddeholm will is'aie 
sufficient naw shares to enable 
Uddeholm to obtain 30 ner cent 
fJ 5Kr of its expanded 

share capital at a price of 120 
per cenr 

-RiUomri Uddeholm will take 
oyer SKr in debts 

and SKr 100m in pension com- 
mitment® from Uddeholm. It 
will-afto m.4l:p.a SKr 150m bond 
issue to Uddeholm. This is to 
he free of interest or amortisa- 
tion foy iV first three years and 
thereafter carry 10.5 per cent 
fixed ir'T'vvs? "and he renaid 
over .***:■'.>• n years. 

Last ; .-af. BiUerud made n 
loss »»f SKr 1 20m on sales of 
{ SKr while Uddeholm’s 

fores t-Vued operation* lost 

SKr 21VIU. on :i turnover of just 

RoyaS Bsnk ot Canada 

THE Royal Bank uf Canada is 
lu open a full-i-rale branch opera- 
tion in H:«ng Kong in October, 
writes AP-L».i from M »Rir*»jl. 

The branch will upgrade ils 
re p re son t alive ollite in Hony 
Kong, which has been in opera- 
tion since 195S. arid will be com- 
plementary to il> Asian currency 
unit in Singapore. 

STOCKHOLM. June 16. 
under SKr 700m. BiUerud stated 
yesterday that the situation 
called for The closing down of 
units operating at a loss and a 
move Towards paper grades 
which were more economical in 
wood consumption and of the 
type not exposed io direct com- 
petition from North American 

The merger would bring 
lower operating and administra- 
tive costs and allow investments 
to be coordinated. The increase 
in forest property would be a 
strength factor. 

A further loss was inevitable 
in 197S and was likely to reach 
helween SKr 150m and SKr 200m. 
Payment of a dividend would not 
he ** conwatihie with the com- 
pany's Jnnje-term interests." If 
another loss was to be avoided 
in 1979. a substantial increase 
in the prices of finished goods 
would hp needed. 

Uddeholm announced that a 
reduction in lhc loss on its steel 
operations of SKr 100-150m this 
year wa« “ fullv possible”: It* 
pmver plant? were expected to 
contribute annual earnings of 
SKr 90-I00m over the next few 
years. Neither steel nor the 
power plants are included in the 
merger with BiUerud. 

Ursini resigns Liquigas posts 

an- tal directly and a further 42 per 


nounced bis resignation from cent through Societa Assicura- 
the posts of vice-president and trice Industrial?, which he con- 
managing director of Liquigas, trols. The second major sharc- 
the company which controls holder of Liquigas is Montedison 
chemicals group Liqulchimica with around 12 per cent, 
and of which he is the main Liquigas and Liquichiraica are 
shareholder. amons the companies expected 

j The company said in a state- to benefit from a Bill drawn up 
!ment that his resignation is in- at a Cabinet meeting today sel- 
! tended to remove any impedi- ting rules for the participation 
i meat of a personal nature to the of banks in the financial salvage 
delicate industrial and financial of debt stricken enterprises, 
salvage of the Liquigas group. Banks owed money by 
Liquigas has not yet published Liquichimica have been working 
lits 1977. accounts, but a share- on plans for the salvage of the 
(holders' meeting has been called Liquiaas group's chemicals 
for June 30 with a proposal on operations. 

its agenda for 3977 losses lo be Sig. Ursini recently outlined 
covered by drawing on reserves at a shareholders' meeting a pro- 
created by revaluation of assets posal for setting up a holding 
under a 1975 law. company for the entire group, 

Sig. Ursini owns 7.8 per cent with the participation of hanks, 
of Liouigas ordinary share capi- Reuter 

i corses 



yEt: A. me West German energy 
coniM/rs ..iucb is also the; - L.ivsi industrial enter- 
prise m us mover terms, hopes 
ftiF a •■i-.-u. “iy m profits this year 
afur a iir i quarter rise in earn- 
ings os IS per cent to DM 43m 

-t&IO.oin > ■ ~ 

New? of ihe expected profit 
iniprorenienl and of the surprise 
DM j'OGni Jeal with Deutsche BP 

pushed up Veha’s shares, by 
DM 5 70 on tbe Frankfurt Stock 
Exchange to a closing level of 
DM 116.20. 

iast-year.- Veba s net profit 
plunged steeply from DM 225m 
to DM 77m after particularly 
heavy> in the mineral oil 
and gloss manufacturing sectors. 
Most of the decline took place in 
lhc second half of the year. . 


Rnhher prices have risen over 209fi in the last 10 weeks 
with some forecasters suggesting that the all-time high could 
be challenged by the year end. 

While this must remain no more than a possibility one thing 
\i certain — commodity price movements will continue to 
present excellent opportunities to the well-informed futures 
trader prepared to take the high risks which undoubtedly 

The first step is to secure the services of a reliable broker, 
one who is prepared to make firm but reasoned price 
predictions* at all times. C.C.S.T. is that broker and whether 
you wish ,to open an areouni or simply receive the next two 
issues of nur weekly Market Report free of charge, please 
phone (H-480 6841 or write lo: 

CC.S.T. Commodities Ltd 

f — vi Walsingham House. 35 Seething Lane, 
j — London EC3N 4AH 

Smelter closure boosts tin 


TI>; PRICED reached their 
highest leveU since December on 
7 he London Metal Exchange this 
week. Standard grade cash tin 
climbed to £ti.905 a tonne at one 
stase before falling back on 
.profit-taking-last aigbr to £».<<» 
a: tonne — up £50 on the .week. 

The market' was boosted by 
news that an industrial dispute 
had closed the Capper Pass 
smelter at Hull. • 

Capper Pass, a subsidies of 
The Rio Tinto Zinc group, 
warned when declaring jorce 
tndjeare on contracted delivenes 
with immediate effect, that the 
. cutback in supplies would last .at 
least a month because uf Jhe 
difficulties involved in restarting 
furnaces once they were closed 

down. ' . i „ 

•- Although Capper Fms m not a 
bis producer in world terms, 
producing about 15,000 tonnes ■ 
.year of the world’s 200,000 tonne 
-annual out put; it is an intpnr|ant 
source of supplies to. surop^ 

•- uihorr there is a scarcity at 
present of immediately available 

' was reported yesterday lb at 
Ihe International Tin Cou ? C j!l 1 rt 
^LSric Price review panel had 
failed at a meeting in Bangkok 

td agree on a recommendation 

for an increase in the floor 
'Sd “ceiling w price range of 
the interoatiohal-Tin Agreement 
It seems likely, however, that 
- ifie Tfii" - ^ Coontif'twM bow at its 
month, to 

.from theproduansconntiries^or 

“VhTriS in^Un^cM was 

■“ss? *fiSr f5sss^ SM-- 

after the 

recent surge in prices Which 
followed the invasion of Zaire's 
Shaba province, continued to. hit 
the copper market. Further 
downward pressure was exerted 
by the decision of Asarco, one 
of the leading U.S. producers, to 
cut its’ domestic copper price by 
2 cents to 65 cents a pound dess 
■than three weeks after it .bad 

raised the price. - - . 

The cut was quickly followed 
by other North American pro- 
ducers and was taken as confi> 
mation that consumer demand 
for copper remains slugg's^, to 
spite of reports of some baying 
by the Chinese. . . 

Copper cash wirebars held 
steady yesterday to close at 

£712.25 a tonne, £37.50 down on 

^Worid'sugar fell to its lowest 
price -level for three months, 
mainly as a result of the exten- 
of the ratification period for 
the International Sue ^ 1 ' .- Agr f®T 
meat and a recon lI Iienda SS.“vin 

the International Sugar Council 
that the introduction of its con- 
tribution system for the estab- 

lishment of a reserve stock fund 
should be po&tponed.- 

Tbe London daily raws price 
ended the week £5 lower at £97 
a -tonne. 

Doubts about the agreement 
may cause some small producers 
tb become aggressive sellers of 
physical sugar for fear of having 
to sell at lower prices later, some 
London dealers said. 

The pact has been operating 
provisionally since the beginning 
of this year, but it still heeds 
ratification from several ro em- 
bers — including the U.S. — to 
become fully operative 

London coffee futures prices 
fell back as excitement over the 
recent series of Brazilian frost 
scares died down. Weather in 
the main coffee-producing areas 
was much warmer throughout 
the . week and this encouraged 
many speculators to take their 

The September price fell to 
£1,659 a tonne at one time 
before closing at £1.667,5 a tonne 
yesterday— down £99 on the 

The cocoa market continued 
very quiet, with the September 
futures quotation closing £'-4.75 
up on balance at £1,661.75. 

In the absence of any signfi- 
cant fundamental news, much 
attention has been focused on 
the prospects for the negotia- 
tion of a - new International 
Cocoa Agreement when the cur- 
rent pact runs out io September 

• The consensus at an ad hoc 
committee meeting held in 
London this week appears to have 
been that the pact should be 
renegotiated rather tbaH ex 


i latest i . 

! jrfuw IClifte- 
, per tonne I up 
; unless 
i sldit* j ■ 

_ £850 

■ _ .lsl,W0/fi0 
- - ^ 

: or—."" 

c* 8 *" 

s moan# 5— ' 

£315.76 i — 6.0 
2.M6-, ' - 
i SLP1';.9 ? 

L 0.031 

f taiiimm —-! .£136.66 j+ 3^251 


><twr per ^ i r+^; ! 5 

?<Crtrpec^- ! -'i 

“7 £6.G73 + 36 - 0 

Sfflomto. ! " 

£312-^ M'^ 
gS6O. rf jD0j — 

. T-mi- .-a^h — • 

.Jmcflfk 5 


£3,1«V . 

£97 M 
£&■* 6 . 

_SWA& •pJStp- 



£793fi , 

- s?.0 

E 133-0 

SITS 186 








lAttHL I 
priws ICh’ee ’ 
|ter won* 1 



No. t RedcJjvmfl. 

Am. - . , 

Wlntw....l ; 
gap- ililliaiiewworopl £105 
“■-ices • • 1 

on I apo 
week I 


Ri*h . Lou- 


. .!m- £MtD 
ffhU «.fWl 

yiun— --Ul 

Kopper. Wlnte.„ 

93 £60 



' Seeds 

£» 3 OnprttraMipptaert. 

- vuiau»f fu-HJ 1 

S12&6 ’ 















£&& • £83^ 


£1W4 £&i 

So. 300 















S53BfitJ S3LTO |-^9.0 !' JL2.858 

*u*va SZivti, VtsXml lie® {fil.fifiI.J6 

£6.767^3 1 Ci'tfwFuttt*** J°lyi £L667-6 1-S9-0 i L- Zj4t6 

•ss, arasst=i%' 

assess .5 


Ssf.TS! £70.05 gf-fe'ari' “S 
.Vlntfitlo. - Wo 

£2. bo I 

Tei tquaiuri kUo...L i»p — •» 

ipUdfll'klkh—,,' -8^* j"-® 

Wonfiops-Md Warp.1 S3Bp ^ lr ? 

Lsaii jra!4t«' 

■+1.16 i0.36c- 

1 eit 0 


1-0.76 | 

' 1 L£Ci5 

k-S.0 £1W 

- fiUO 

1.0 I 276p 

;x? U.iWL's. 
£1,062^ ' tv.HK 

I j-laO 
: ?490 




£! ft 

ess?. 1 ? 

283e Icl'n 

at 14 i ft* 

£180 ! £17,! 
l«)p !-l2ip 
; 86p i 52*. 


!■- - Marnrix- THr*.-i mi'iilrt-- IU. 9. 
.1 !i.2. K'.f6- Thr.-. inomlis SWW. 1." 

t'irnmr T!ir.-t mwiis JSSj. 9S 3 TOd. 
.aw. I 30tiJ. A)u.!. ■;i'0. 2M.9. 39Jf. 99 3. 
sri 4. K**rb: thre6 aiuiilb. 299.3; 98.4. 8.J. 
*■;» H‘ 7 

COPPER— Quieter (ftji i in r. ,.-i: 
avdsiuns «)lh lonvjrd nj--i 'it iitoviim. m 
a njrru.- - ihroiirliijui th*. <1 jj - Tn._ 
hl^b 'iji 17 a. > and ih>. lo'v £7..* i 
C-jineN ’*35 dls4 HIM*-' ami MmiUv 'flu 
i-los^ on ’fit- Kcrfi *mi C/V r,. t!ci f.-ti 
*n iln. wutk uai L i*.r.. Turin..,:: 
J7.t/73 UiTUirs. 

L L 1 r 1 rf , _ 


■TiM-d m-<! uni' ail* '*:ih <lv<n-C’ivcrms. 

Hw-» |*i wi » ipifj f>r -Ij. tr .<eU:3r- vhnd< 
■aiammi ilk- rally Gii! and Du:In> 

i j>rmd. 

Yi-i*i -Hr'- +'..r Bus-tni 1 ?:-’ 

'. *»<.•* \ — I Hl||, 


71i .5 

707 8 
728 .5 

•86.5 68 

L , £ ' 

Wirelwiri ■ 

L it- 6-3 -r5 1 

,i iu'-iii hr.. 75E.5- i -5 • 

-illfi..'nl 7 it' -r 5 


707.5 e 

i nH'blli*-.. 728-.S t5 
Shi I* ■■•’hi 703 -5.E, 

L-S. »'•>!.. — 

.\m.-irpsnixii(f .'.ft'.n' Trading ru*or 
ilia' in th. uiumnu cash wirebsr. 'fad -s 
a! X*.a. J J. 33 5. 97. 7.M. - .. 
Oa'Juid^s. i -Nh i:u; at. ill f. u-. thr 
niunins i~~: ■ Kerb’ WiTi-h;--; thr - 

ui(*a:iis rr::'.. V>.3. 74. .\ri..';nnoii '.Vir- j.,r 
:hri'c mt.infix rnH. WS S3 J*.. .15.7 H. 
L;j. i\iihud*"> ihn* nu, inns i*V.- K.-r:* 
W:r*'bjr-> thr,'i- mnnifi*. IT 1 ; 1 :;, il 2il 
TIN— Moved lurrswb. with lani'am 
mot at r.iari'.nc ai £B.U9u In spliv of a Tall 
in Lhv Eoji oiroriUfihi. Sonjr h>:i1^e-v II in™ 
deutvsaL'd the price i*» B8.K05 and ii 
uovrd around thii Icvr'l m iha afu-rnuun 
io close on ibr Kerb at K f7a Net rhi- 
on [h«s wpl'K was U5. Turnuvur: 1 .010 

•• a' 'II III 'I 

J't irci.0 25.c -3.5 IM5.C H.fl 

-■■I ... IREI.'veS.O -3.75 I«d4.0.a5.0 

I' ISfD.OiJ.0 -3.5 h!2.0.:i.0 

• ; IbC.O \j 0 - 1.0 li20.D 06.0 

’I..-. 159*0.1*67 -2S 1605.0 1554 

i -.. I5£=.0.5a.e - C.5 

-••i... liJ5S : .n.O -1.0 

ral.. 57j " i :*.j. iJi\ ' ui 10" timriVs." ' 
international Cocoa Organisallon • US 
• • •< n*r itiKindi— t'ml* nr. - .?*ctr i-V 
..c.T ii-i si., lml-.-.ihir pri-i-s J:m. 

ai .raA l . I1.V..V*.-: i-'-dj;- 

.-a-v. * I i. 


il.i* nntradv'J. Sakf 1*2 lots. 

IMPORTED — Wheat: vTV/RS No. l. IS 
pi-r »xnt. Jim*- XW.50, Tilbury. U.S. Park 
KunlK-rn Spnng, Xu. 2. H per cum. .June 
Itt.nti. Jul’- i9n.73. Ails. J54-- tranship- 
u.i.-m Ea-il Coast i*lU-rs’. 

Mane: U.S. I-rem-Ji June 1104. .inly 
him. 3d. r vn. irauOupmi-m Earn 
nr.nst. S. .Mricau While- Jun«-AUd. f75.50 
Ciawiim. S. African Yellow June-Auc 
;7i t 

HGCA— Es-farm snoi pne<s. Juik IH. 
Feed wheat: Lancashire J37.IU. Feed 
barley: Kent £0.90. Lani-aihlre IS.7.50. 

I’fC nir>r>'.->jr7 to-efficK-ni lor «wk from 
Jan-- 10 -fill remain umhansed. 

EEC IMPORT LEVIES and premtimvA 
thi .ti-.’' mday. In order current levy ulus 
Jul:-. Aiip. and Stpi. prem Minis, wilh pre- 
m all in units at acceunf 

per i Mime: Common wheal— S9.Ui. tc»i 
l,ll <• .1)1*0 >: Durum wheal — 137 7^. rc-%1 nil 
i L.rj 4rf. r’-*l mb: Rye— S7.S4. rest nil 
* .'.ante ■ : B arley— i 1 .06. re.-n - I’ll 'S2.7C. 
re*i lul': Oats— 70.U2. rest nif <sarae-: 
Malic 'Other tl*3P hjbrid for swdmpi 
— itmi. r>-.[ ml * :: :?_■ r*:i tiili; MillM— 
*2 91. re. ■ nil • ^anie Crain sorghum— 
-i.:.!*.. rr-i ml *«4.Mi. r«.^i nili. \Ur. for 
Hi.ur-' Wheat or mixed wheat and rye — 
'SJin.": Rye— 124.91 I'ame*. 

steady. QuoIjiiviis v 4htl f UK for Jump 
■ dlipUL'Ut: 10-ui 40-indt E0.94. V.-oz 17.7> 
Per mo sards: Jni« £9.M and 17.72: Aub 
S*-P i. £9.93 and £7.1*1. "B'' TwiUS: C7.T5 

tt* h and C&.00. Yarn and doth very 


LONDON palm OIL — • June. July. 
Aug. .'UHI.W-SUI.OO. avi-T '.'9U.D077li.0U, 

r*ct. ■jWMKO.on .'fa.ftt-iij.tro. De<. 

3S0. 00-3M JM, Jan. and f eb. nnquui.d. 

Sales; =Jp' isami?'. ■ 


LONDON— Dui! and f.-aturelvS*. Bach- 


* Pence per k.lot 

i.'.ir-*\v \Vr«,i 

l'eMCld'l--f IT. 

j «.l.-c — 

Ihn,iiie: f 





832. Q 

t jrly si’ ,i,:i:i..js iiirtuenri-d by N'jw 
'■ 'ri * over'.igfi: -.Lrl’.rman.v w.«s nuuH> 

• r ■ i,h"*l by ir .J.,- iigm.ijiiun. Dre'tel 
! - . i-:.nain nepnriv. 1 . Srilw* 
i H ihe lan«j- pan cl Hit 1 day. so 
.ir i ipitailtvt th..- siup-loss selling mat was 
L'xtx'cicvf from a market tending to 
r* .'>ri8 against possible wcefc-nd weal her 
i .■ -■j.-itrs. Dealers said they did not 
■ j.,’" anv irests in Brazil's coltt areas 
•ii -. wr-ekend. 



Ilnn.'li .j24t.fl.ti0 ! — 

Mhv. .p46.Q-4b.0 1 — 

•I hi v J246.D.40.D . — — 

.--J247.G-5G.6 ’ — 

UnViniic'i ..|24iJ.D-a2.U _ — 

Sal. s: 1 (Dili lots of 1.300 kg ' 
SYDNEY CREA5Y~!ln order buyer. 

Th- mjrket opened steady, utter th*: 
oicnngbi recovery on the Chicago 
market. Prices moved irregularly on the 
tiny in thin irafllne io clov with gains 
ot rrom £1 00 io n.30. SN'W Commodiiles 
reported _ 

Ye-imliy +«r Bu-lnes, 
Lithe — l»<ine 

■elfCT. DUMne—.. sales, t Micron Contract: 
July 34HJL 3jo.5. ssi.3-3ai j. to: Oct. 3M.K. 
331.).' 3fi2.M3J.O. 4P; Dec. 334.0, 356.8. 
'138.0-3569. 17; March 300.3. 360.5. 360.*- 

360.3. S2; May 365.0. 365.3. 3M.0-365.0. 
46: July M7.0. 367.3. 3C7.3-367.0. 10: Oct. 
371. D. 371 J, 371 .3-371/3. 13; Dec. 373.0. 

373.3. 278.5-S78_5. 27. Total sain- 221 lots. 


tn»i. Lit 

j+ "I ' i-'-r-' 

I — i L m'lli'-iii ; — 

•t'FKb ! 

,le tii 



•lime , 

Ei?li Oradi- j »: c 

666&-7S J — 143 6770-Su 


i ni.iireiir.- 6675-B5 1—50 6632-95 

— 15 

?c.'LI leu) i 1 
5 can da rd; 

; itiiNitli.. 


'HXlI- f...' 

Xe't y ••■h 


73 jo. '■u 

6675 I — 1-15 

676C-70 ~“7.5 D760 70 
6c60-S . — Zti 6O70.5 
6770 !- A5 

:S1?30 i-I-i 

—I 1765 69 

*• ml ft 1666-6& 

• .ntiei ...1 1587-90 

••* :< i ; 1515 £6 

• '; 1450 60 

' 1453-40 

I-Wtf 'JO 

—00.5 1650- 17S0 
—55.5 1742- ISi'i 
— i c ..O lo65-15£« 
— “S.0 1*60 1570 
-57 0 1525-1475 
. — 4i.5 14701440 
-p2.5 146^ 


•I I I’ll- . 

•4 lies: T7 


114.00-22.0 — 0.M - 

,119.70-19.8 + 1-55 119.70-17.60 

-IS 1.50-31.6 +1.B0 121.60-20.00 

it.... 120.40-20.6 + D.80 121.00- 18.60 

122.00-72.7 +0.95 — 

126. 10-74.0 + 1.S0 — 

125.00-16.0+1.50 - _ 

'S2V' lots of 100 tonnes 



Sijtiderd :hr---- months i«t <i'<n 
;i. Cn. *5. Uerti 5:.u'-Jjird 
■.liree munlhs it i*JU. .O. »ti. All* t: ee-< 
Standard. •■brv<- inanilK Lh.illv. 

Kirli. StauUjr-J. thru.- mnnins s>"i 
LEAD— Steady. mUiiem-eu nidiiili' 1*T 
culiper. with forward nictul Ji.-l.Jm-- 
between UI.V5 and U17.5 SLfore eluMtu 
on the Kerb at cftii.ri after a snOtfin-.f 
day's trading. Me: fall un ihe week w.r. 
*ti. Turnover: 7.J50 ttma+s. 

a.m. + i»r _ [-.ui. -f m 
LEAD I Oifiual . — 1'iiuuu-m' — 

*: 2.1.13 i ;.iin-: i hit* ui J tvnties. 
C-- Indicator price*. Ur J'l"-- 13 >l*S 
'• p. r 0 "un-l‘. i iilvDHjhiii 
- l.iea* £15':. oil • n2f».3M>- Ulitrabheil 
••■eas nri 'jn • . 1.-.P.UU ' : oiln-r nnlJ 
' a-. QTn '«.i . CK? '■ K-f.iW.iS W.M 

' " 3>... Da:lj' iii-r.L,v •!hl.U7>. 

.."ABICA5 — i/'fv jii'Ji IS*7.ftd-lu9 3. 

,. 1 rest uri)iiu'..d: Aug. 1 'J.VJ-l'u 00 
>72 O0-177.U||. l>ec. I"" M'Vl'il.'Jo. Keb. 
" •'•MfiS.fhi. .-.nni I s : i>u-!'.;wi. June 
.. '11.-13*. HO. S.i'iit. 1 i'Ji lots. 

C«lh -| 

S iruutlu.. 

1.5. 5{«-r.| 

H>:.tiu i £»o 3d ' a tonn..- elf lor -1ul:'-AiU. 
shiriin-iii While sugar daily price wjs 
bivd .il 11 ".tf Jill lillltH" 

Fc peris r'tul the illtrnduciiuri uf Ihe 
ISA f'.e would be deferred for three 
nionths -.irodo.y.l an easier oceiiiug. 
riisappolr.t-.eJ biiuidailtio fonnd few 

laf'eVP and l<>«e* uf same 100 points 
rn.eurr.-d. C. Csamikvw r. t>*rted . By ;n«l- 
□ laming prices had tail-, a another 100 
pout's. 1'u: later higher Mow York ouota- 
lions c'Jshlrd those losses to be recovered, 
i t:ia i nuoiaiiQiis were little changed from 
op. Qing_ levels. 


i; £ I s: • ii 

505.5-6 ■r2.6, l 305.5-6.5+2.25 
315..6 +2 515.5-6, 1.5 

+ 2-S{ - 

...... | 31-33 > 

.Mornjns: CJSb £305.3. fhroo awnihs LJJ7. 

16.5, 16. 15.5. 16. Kerb: Three months 
Et!6. .\XLcmoon: Three tuonths £31.7. 15.?. 
16. Kerb; Three months Old. 16 3. 17. 


ZlMC— Little changed. Copp-r vm il»>- 
mam influence. Kor.vani nturkei held 
1-etweeu £321 and 1323. cHwins un th-- 
Kerb ai Ihe hit'll. Nel fall till ihe tVci.l' 
was _£4.73;_ Turnover: 6 275 i Dimes. 

I nr ('.in. i+*‘r 

7. 1 XU | Utlic iil i — | L'liiiiili'lal '. — - 

SLIGHTLY STEADIER opening on the 
Lo.nfon physical raark'-l. Ultlc interest 
ib-uuirhoui lbe dai', closuiE on j quiet 
note. UlwJS and Peat reported n Malaysian 
K i -own once of 234 t233»* cents a kilo 
ir i.-er. Junui. 


Pi vi. 




. Clime \ 

Lieu a 


■ L 

L'lofcc | 


* ' Pievifut Ytfit'nfiu n 'liRilitew 

i.'iiw- i lone 

JC | 1 i- 

Cvh 312-3 i+5.5; 312.5-3 -r2 

S ineuUic.. 322.5-3 i+3.5 1 342.5-3 ‘■*■1.5 

i'tneni .... 313 >-r3.7&( — ! 

Pmi.WV:! - 1 : 29-31 

Homing: Cash X71J.5 13. ihr-.>. 

months £321. 22. Kerb; Three months 
£333. Aricmoon: Cash WI2.5. ihr-.c 
months £322. 22.u 23. -Kerb: Three months 

'ijfnis per pound- rOn previou? 
oiltcm! close, i SM per picul. 

Jim ‘ 58.40-56. 60 57.70-58. ID 68 .60-57. 80 

M'l: 1 50.90-58.20 58.75-55.00 

(i-.-re|il’ 53.95-53.20 63.75-50.00 M.20 

t i.-i- tin, 61. 16-61.10 SI.S0-6fl.95 
dtri-Mi. 62,50-62.55 62.25 6J.3D W.0D-62.55 
A l-i -l ne 6i.75-64.0Q- 65.50 55.60 S5.90 Bi.S5 
.1 -. -’t.-jai 66.05^5 JO 64.BD 64.70 65.45-b4.85 
ii : L'e*.; 68.55-66. 60 E5.S&-S6.00 G£ 75.65.96 
d.i n -tint; 80.50-68.05 57.20-67,50 68.00-67.96 

lev: 'aa» 'i339» lyis uf 15 tuiinuS afld 
• lOtfi lots ai 5 tonnes. 

F-h7slca] dcsine prices fbuyrsl were: 
^pn: i37.0>; July 57.25D iST.Ol; Atlfi. 

jT.-'? '67Ji. 



Stiver wa* iljcd Up an nunc? histn “ 
fur su»'l dttlKco in lilt Lrmdeii hiiilfii 
maritvi voMi-rduj tit .'91 'JSp. cen: 

t-nuii-ulan:* uf the da iiik level., were- 
Spun 533 fc. na 7 3c: tttrcvtrmntil 5-C .-<'■ 
up 7.3c: sK-numth 533.3c. mp ».7tf! ar..l 
i.'-niwjth 37'i.Sr. up T.Sc. The meu! 
npeuetl at 29f‘-2'Jlr‘ -551-32;; tt and clnM'tl 
31 291-292P '5CJ-3.MIC'. 

tni'lvi owned is higher on wftcaf. huf 
sp-eulauve selling pushed" the market 
/l-i'-M S5 b. when- mao- -iiops hi'- 

C.n-id buying supunn in ihe afternoon 
d the muritN ip active trjdltu: tu 
vi" 'V 19-lip lower. Adi reported. Ujrlei 
«:*■ U'-d 10 higher, hut aggressive cpei-ul-i- 
• trihnn tfvtHTKwd niwity positions by 
n vn un':i huymq -'uugori again rallied 
the market to cfost 35-40 tower. 

£ f«r runae 

.ing. ...'iflo.ffl-flO.M 

■III ,101. 60-01. 65 102.46-02.60i 102.75-99.50 

I Hi-.. ..'I04.b0-44.70 105.7D-45.8fl-lDB.G4-02.60 
Mnn-n : in. am .a 112.n0-1a.00t 
U>.v ....1114.36 14.50 115.80-16.00:114.55-15.50 

Xii« '117.35-17.50 119.00-20.00fll7.50- 17.00 

i*. i .. ..,lvl.35-22.iW lt2.50 2S.M| 120.50 

5a len. 2.013 1.3.US31 lois nf 5 I "lilies. 

Tale and L}ie ex-refinery pneu fur 
granulated basis while sugar was L.’43.-fA 
i same > j lonnc for home trade und 
£1>7 Do iiJ5>i.6ti» lor exptu-i. 

Inicniauonal Sugar Agreement— PrUvs 
fur June la ills. Wnu Pel pound Tab 
and stowed Caribbean ponj: Daily 7.19 
i7.19>; 13-day average 7.44 isamej. 

EEC IMPORT LEVIES: Effective today 
or denatured and nun-denatured suuar in 
units of account pci 100 kilos tprerious 
ui brnuheui: While; 26^1 42651)1 Raw 

222!4 <22.00i. 

HONG KOHG — Sugar Futures: Prices 
diL lined steadily ihroushoul lAc week io 
end at new towa. Yetoerday's close 
■ cedis per pound >: July unquoted. SflPL 
dSW-r.O.'. OcL 7.I2-7.M. Jan. 7.80-7.75. 
Man-Ji 7^, May 9.07-fl.M. Week’s 
mull-tow. July «.f»i)-ti.8S Oct. 7. 6+7.07. 
March S.41-«JtS. Turnover: S9 i57i lot*. 

MEAT COMMISSION— Average falstoc* 
pnccs ar repreflentattve raarfteis on June 
18. GB-^CatUe 72-Bp per kg.Lw. i-t-2 63'. 
UK— Sheep 358. Op p>T kn.rii d t-.w. 
1 + 12.01. GO— Pigs 61 »P per hg.l.w. 
r+S“i. England and Wains — cjttlc num- 
Ijts un 1P.B por wni. as-raae prb« 
72.7DP i+2.50i: Sheep up 04.1 per coal, 
average IK.lp f + jj 9 j: Pins up - f -i put 
d-ni. average 61 .Up i+2.7* Scotland— 
rattle up 19.0 per irnt avarji- 72.::ip 
■ — •» 3»: Sheep up 39.4 Per cent, ji crape 
15tt ^ i-isji. 

COVEHT CARDEN in «'-rfjn*i 

T-er package unlc.>- si died*— fmporusd 
nrodsce: Oranges — i.'vr.rur. Valencia Laies 
15 kilos 3.50-5.00: Uumwan: l.iki-l.'-'O: 
Callfurman: 5.B0-3.SO; S African: Ntivei- 
a.SS-4 nfl. Lwnons— f'afian f'hi li'fl'i new 
crop 4.40-450: Trays IJ>n-1.ov 
laree boxes 3JI0-4.S0 Crapctruil — I'ypni:.; 
20 kilo* 3^0-4.00: S. African: 27.*72 3.40- 
4.45: Jaffa: 20 kilns 4.00-4.30. Apples— 
Frem-fi: Gulden Dctieinos 70-lb S4's 3.50- 
:;.W. 72 's 3.60-3.90- jumhle bnses per 
ntijind 0.15-0.17: W. Australian: Cranrjr 
Smith 9^0 -bjo; Tosnianlan- Granny 
Smith 9.30-0.30: g. Alrican; Cranny Smith 
9.30-9.30. White Winter Pcarmatil 7M- 

5.00. Siarhinn tiellctnus SJO-8.40. Cnlrten 
Delirious S. 40-8.fifi. V«rk Imperial J75/2.U 
8.00-8.40: Chflap: Granny Smith S.S0-9.00: 
New Zealand: Sinrnicr Pippins 163 0 00. 
175 0.00, Cranny Smlih 9-30: Italian- 
Rome Beauty per puuntl 0.17. 

English prod nee; patsuaes—Pvr 36-lh. 
While Red '2.80-3.80. Lcnuec—Pcr 12 0-50- 
Cn*. 1.00, Webbs OiW. Carrots — Per pound 
l.R0--22!0. Onions— Per 3ft-lb 1.30. Rbubarb 
— For putind. auUlour u.fl.1. Cntaimhera — 
Her tray W.TVs t.oo-i.Jii. Mushrooms— 
Per phund 0.49-0-30. Apples— Her pnund 
BramJej-'i fl.lMifl. Tomatoes — Per 12-Jh 
English 2.69-2.80. Greens— Per crate. Kent 

1.00. Cabbage LOO. Celery— rer 12/IS 
22S®. Asparasn*— Per bundle approx. 2-lb 
1.40-1 £0. Strawberries— Per *-lto ».tW.2f. 
Canlinaw e rt - Per 12 Lnodn 3.30. Kent 
5.09-5.40. BnM Beans— Per pound 0.08 
Pfias—Per pound o.W. 

, .\t*ler4ay's + '*r lYe-n-nlayV + m 

"ll'l.-ll-. cfi^e mm ' i-Jlfif } — 

slLY Kit ; Htlllmii + *ir- L..U.K. H- -r 

K-r ' 1 1 tins ! *> i ; — 

ip.f ii. . ! |.r'.i-lTl2 I I j 

*,r«t 291.35(1 t 4.0' 29I.65(t -5J5 

a niru.ili>..! 209 l5i. ' + 4.0 299.25|. ~ 

itumihf.. 1 307. 1S{* -^4.06 — 

iTi.itiilu., ' 323. S]' -r 5.8 — 

-••i- 1 64.60 • — -J.05 78.90 — 0.40 

'* •• ' 87.55 —0.4fl 81.45 ,-0.35 

90.10 --O.M EW.20 —0.40 

•f - • . 92.60 -O.ia 86.75 -0.40 

95.50 -O.tO! 69.25 -U.S5 

Eusmess dune— Wheat: S -pi. s5.20-M.-15. 
, ^‘.-^•-03. Jan. M.JU-S3:o. Martli 
Haj 93.:'.'-S4.3a. Sales- 242 

LME— Turut.vcr 17 1 flflO* luis of 

to:-: Barley: Stpi. TP.--jL7s.bil. Sue SI '<iv- 
Jan. M.7fl-¥4.lfl, 51 arch sC.9fl..«L90. 

m-ni were rerun) wf fflr Un- Hurd 

day in succcsftiun. leaving Ole tuial lur 
Ihl* week ai 104 mna. agallLSl TJi 
pun-iUhCi remained at 3 low ebb in 
view oi Ute ifuciuniinn in prices and the 
fi-rihciniing hubdaya. P. W. Tatlersall 

MONO KONG— Got ua Futures. Firmer 
price iri-nd commued. Yesterday's dose 
u-t-ms per lb>: JuL 5SW>-582!5. Ofl. 5825- 
iii nu. Dee. c2JXWti.(rl. March 62.40-una.. 
Mur h2 60-unu. Week's hifih-low: July 
SW.25-M.30. Dec. &L01-GD.9U. Turnover: 
2.0 il.lS' lois. 


DUNDEE JUTE— Ouicl Prices c and f 
UK for IScpL-Kov. Kbipmeni: BtfR CM. 
UWC a.Yi. BWD £24ii Tossa: BTB £264. 
JJTC 12a;;. Il'TD £24(i. C**fcuta goods 


Jime" 16 WtnuB"l5 (XIirtifVaKOi Y&r*0* 

247.3 4- 246^3/ 2A7.4Q ! 251.37 
(Base: Jnly 1. 'jM2=i«i» 


J tine” W June la [Miinthlici V»r«RK> 

1498.3 1496.3 \ 1475.9 1594.8^ 

t Base: Sroietnher IS* 1931 = 100' 

Di*w | Ju&fe 
Junes j 16 



.Hunt bj Year" 
sue [ l»K'» 



*f«f ... S6I.34 359.eS 3S2-Z4393 33 
FntuicpiS S O.S l!35 1 . 25 555.43 367.16 
fAverage WM-3iL2fl*!O0i 


j J untf j J mir • M'" ith ' Y ear 
21*«vly'v 16 i li: ( «g" (“Lu 

bp teCw mt\J929 .3:924.2 921.9 874.5 

I Dect-mbpr il. 1031 =1*h»i 

Sugar gains 

ends steady 

NEW YORK. June 16. 

C"Pftn FINISHED the week an a steady 
>i«.t' • nr. m.-ccrt trade and ‘lomnnsslon 
Hull',,- activity Bache reported. Precious 
in-mls maintained their rally «f recent 
days. w:tii sirant spt-culaUvc bnmjc and 
'ium-coverinp following the renewed 
nvatne‘s m the U S. dollar. Sugar staged 
■j rally la'.' In the week on Commission 
muse shori-covcnna and Industrial price— 

Cocoa — July 1^5.60 0 33.75i. Sept. 130. SO 
137.00I. Dec. 137.00. March 1242a. Mar 
122.15. Jtri; 120.16. Sept. 1U.36. Salts: 
819 lots. 

CoReo— - C" Coniract: July 161.80-165.50 
Ih9K5t. Sept. 156.94 asked (160.941, Dec. 
1 asked. March 137.75 asked. May 
114 50 asked. July 129 48 asfedd. Sepi. 
126.53. Sales: 405 Jots. 

Copper— June 60.00 I6020>. July 60219 
'W.40J. Auu. $0.60. Sepi. 61.40. Dec. ffl.lfl. 
fan. 63.60. March 64.60, Mu 65.00, July 
66 60. Sopl. 67.60. Dec. 69 10. JaO. 60-60. 
March 70.60. Sales: 6.100 Inis 

Cotton— No. 2: July 6110-61.16 t6l.44i. 
n«. 61 1.V01..VI 1E1.479. Doc. 84 55-64.62. 
Mjnh r«. 571-05.60. Mav 6020-66.35 JW.V bid. O'-i a? *5-67.25. Dee. 65.25^6^5. 
Sales. 5 550 bales. 

* Cold— June JS5.70 (JSJ.JO*. July liSSO 
il?4 "0i. Aug. \ 61.30. Oci. 190.40. Dec. 
IW :n. Feb. 19i "0. April 1W M. June 
An,-, S05.4U. Oet. 7 li" 50 Dt-c. 211,60, 
I-, h. 2IL7U, Apr 11217.99. Sale*: 62!30 ltn$- 
1-Lard — limti- '.T? to nom. isr.snij 
NV prim-.- Meant 21.00 nom. >24.00 irud-.-rti, 
tNaize—Jaty 2.42.’ -251 : 1-.-54-. Sepi. 2S4f- 
■25;: '2:4: >. Dee. aw.-i'iw;. March m::. 
May 2n$f July 267. 

SPIatlnum— Jul> i24$60i. 

(Vi. I'jSI.BOi. Jan. 258.00. 
April JUl.Pn. July 2b.7.iN-2ti3.3Q. Oct. 265.30- 
2H5.7J) .laii. 2 ip .20-jbs to. Sales: 1 ,592 la is. 
'•Silver— June SS2 40 i529.90i. JiH* 534.40 
All Stn. Atte. 53 s 10. S.-pl. 541.40. Dec. 
ftei.iiO. Jan. 9.-1..60, March 555. So. May 
574.60. July 5ga M. Sepi. 592.50. Dec. 
$06.10. Jan. 6ID.S0. March 670.30. 5a lei: 
12.5W Into. Handy and Harman spot 
bullion 531.50 (K3.00». 

Soy nbeans— J uly 877-6T8 i67li. Aub. 663- 
664 '6611. Sew. KX. Nov. 615-617. Jan. 
82Q1-620, March May 632-631. July 


IISoyabeoH Meal— Jul >- 172.50-172210 

• 170. (Mi. AUS. 1T3.30-172.W 4172.401. Sepi. 
173 00-173 50. On. 170.00. Dec. 167.30-167.30. 
Jan. } 67.20- 167.50. March 169.00-169.50. May July 

Soyaheen OIL- July 25.50-25.55 «25.12i. 
AO-t. 24.75-24 90 *24.4-*‘, Si-m. 
riel. 2J.JO-23.25. Dee. 22. 45-22.50. Jan. 22.15- 
22.20. March 32.00. May 21.W. July 21.70. 

St/ffar— iVo. II: July T.or-7 0i <ti.Mi, 
Sc-pt. 7.19 i7.ini Hci. 7 27. Jan. 7.60-7.70. 
March V02-i.W. May S.32. July b.30-s.«. 
Sept. P.55-R.AQ. Del. S.B7-S.7-L Sales: 3.300 


Tin— 360-3iti asked 1565-573 asked*. 
“Wheal— July 3JI-321J i3ti:i. Sept. ;a2> 
323 «3I7J<. Dec. 326S-229. March 331. May 1 
Tit). July 324. 

WINNIPEG. June 16. ttRjv-JuJF )fl#.JD 
bid tlOii afli. Ocf. 105J0 bid UOd-30 asked 1. 
Nov. IDT. 90 now.. Dec. 104.10 a Gk ed- 
it Oats— July 77.40 lih.50 bidi. On. 75 ’0 ■ 
asln?d <76.00 ashed). Dec. 73.50 BSKcd. 
March 72.M. > 

tt Barley -July 75.40 (76.40 bid), Oct. 
rj.ifl bid lifi.JO buff. Dec. 73. M &td, March ' 
75.00 bid. 

SSFfaxaced— July 249.50 bid • 252.00), Oci. 
251 DO ■ 253.64). Kov. 249.00 bid. Dee. 
24X 50 bid. 

V Wheat— 5CWRS 13,5 P?r wan protein ■ 
coct- ni t-ir SI. Lawrence 1G2 06 nu.Mi. 

All cents per pound ex-warehouse . 
unless oiherwise staled. "SS per croy 
tuincvs— [Da ouow lots, t Chicago loose 
?r [u.t 100 lbs— Dept, of As. prices pre- 
vious day. Prime sfcam /oh. NY flute 
limit car*. 5 Cvms per 55 lbs busiv.I tx- 
uArrbout,c. 5.000 bushy) tots. J per 
trvy ounce for 5o or units of 09,9 per 
onw purity delivered NY. V Onis per 
troy ounce vi-tvarehout*. !| New •• B " 
contract 111 <s a short ion Fur bulK Lois 
nf 1UU shun turn. de&vtTi'il fob ears. 
Chtoago, Toledo. St. Louis and Alton. 
"• Cents per 'fit lb bushel m snore, 
t; Ceois ptf 25 lb bushel. -I Cents p*t 
48 lb bushel tS-lfi'iThoufie. il Cents P< r 
AS lb but>hc-U ex- warehouse, 1,0011 bushel 
lois. V, SC pt-r loum.-. 

.aW > 

’■ey-’r V 

2TJ— ------- 

BRITISH FUNDS (708) 1 3st T [ c “ s;fc " Con *' SUtl '»* *• 7 

21-ec Ai.n». IjjiI i Va.uib.b "■>■•<* !«*». S;K. I9B2 95'-. 

jus. flril-aii transport »ji« 4 i -;.i( 1| J< • - ■») „ . . , 

, >• i Ii. »a .-• •«-• R Tr * a *- Sik. isbz 35a 

2-"pc Com 3i*. 2U u i»* ’«* ’i > *» . - 13 

>.i T. c B«W Treat. Sik. tflaz 954 

. ■ 3 ol_ 

- . ■ r“‘ , ' J *‘ 10 -> 'la ‘■’la 

ur.r-in '*> i-««Gta, 35aSi tm S 

i. i., . .rt-uifl. 441,0 4iO ij J 
■ a. in -• ■> — l4,, A M'lMfv-tiiiiiini. 
r. j s.;>' t'-fc ■roiGta */■»•,„ <i... i 

j. ,. -..d. :>• U u.'bi 

I -'■‘"0 i 3 l /&-. vis si 

jJC *3 »® •;© i; 

4,241 Wednesday. June 14 

4,862 Tuesday, June 13 .... 

Cui.a. L,i. Zi k i'i* . - ■ • • J ’•la IJ ia 

j ;pt Lui.vs-u-i* L.i. j 4 -u> •; ! i -■» ur.t-in 4-a^Oto. 55 tU tm S ... 

" u^n^uor" "i us ,o j7 !,' . *-j> .u-uifl. 44 >0© a.® ij 4 4 i -, Friday, June 16 4,241 t Wednesday. June 

ill ^ i: t v.'^r Thursday, June 15 4.862 j Tuesday, June 13 

V|l'i, I 3i. . ...d. ■* - ■ *- Ua'fii 

a ,3c cicncqacr sik. i3ol bl-. I ••«»... .f ‘ -‘■‘”0 « a*. /b 1 . ns &i The list below records all yesterday's martnm and also the latest marfcio! 

omp; t*ciicqupr it*-- 19-“ 4 Mj* ■; j jjc c j ,ji ..j, i. ihe dale tin parentheses). 

L ^ l j‘‘*-' Qu ^ r alk ' i "-'° *■ J | RANK (— ) The number 01 dealings marked in cacn section follows the name ot me 

4 mk Excnpquer Stic. IS«2 A 92- j:di ] fnct Of STAMP DUTY section. Unless ou-Orwise denoisil shares are Cl fully paid and suck £100 fully 

. •. I iI(k ■ Us. paid. Slock Exchange arc quoted in pounds and fractions of pounds 

SS ii £3 $ tU«K*UTJUMS ( 58 ) ” la n T& « * Which b™ done by members of 

12pc Exchequer Stfc. 96 a* §® L. '2 * wl ■> •-■"•r u*. . . The Slock Exchange have been recorded in The Slock Exchange Daily 

I'-ipc c«cfe<iuer Stk. u&s. at £96 £15 ad.) London L-iS'-i* Cdns.itk. 21 J, 5 pc Official Usu Members arc net obliged to mark bargains, except in special 

irtiK txeneouer itk. I02'<0 2 ffs oi". a** '>! * Baneaiiik H Scmuj: Pra-:-. A Hareains donir wilh or Oi-iwwn non-nlcnlx-rs. 

I2’:p< t*chequ«r itk. lOJi.® stk ifti-oT bm, m si., lpc bik KxJianee j; Bn reams done for delayi-d ri ,, lr« , r l . nr "no buyinc-m ” .*A- 

iz ,« ticneaucr aiK. lOj-.-ia a 3J1J . D .p; 9‘k- M 'Malayan: IMe— IMesican. 5NZ— New ^valond: ,*S— SSmsapore; SU5— sUnlted Sr 

13pc Exchooucr ilk. 104 i, I torts ?> Li. a«n a-'ipe Sm g3. 6 '.pc ilk. 

S'-PC l-undlng Li*. 93,0 -4:0 'j | isjj-ii i# i. UMr o'-k S;k. Ida0-o2 chort OATEn nnijne AipjI Metal Corn. 32? 

5 *,cc Funding Ln. bo i« t, 2 1 6'i: >» a 4 j oJ>, ‘ "-PV. - **!• (laibi. Y'liic FREE OF STAMP DUTY I Amal Pow^r Engineering i25nl 137 1 

Gpc Funding Ln. l«l Hx.ii K , l : iU. »*0 . » :* 97-,« 1 3 uc ilk. Bds. R “ . 1 1 2?7:78) loo® 0™ MoS? 3” 

s SE dealings 

. Finaudal Time 8 

i iHdaart as/czspijse, ^ : new ry? 


Lister s 25 p) 46 * ,sw ** . - - ■' : 

njito fcm (The) 150P» . t3 ® . - 

de c mo ot Dally 

post Eena (The) ts«^> «Sj . 

J h.6 _ -m cry ifljcU. W^lifoWW. 

1 EolLudon.BrKk a»> pl*i6) . ' . P HitaT tsCCS. 'la 

l.'«l. BANK (— ) 

Sue ilk. ;~s *»■ 


section. Unless nu-cmusc aeneisu snares are u iuny para arse suck P™ 1 fully 
paid. Slock Exchange arc quoted in pounds and fractions of pounds 
or In pence and tractions cT pence. 

Thu list below giees the prices at which bargains done by members »f 
The Slock Exchange have been recorded in The Slock Exchange Daily 

List up n 225 pan. only, tat tattr trawacttoia e» be tacltuletf » H* ftsn8wtt » G5pl 65 . ^ ^ <iar6> - .Rank Drab, 

? or Purctawe^ frTn-bar* V ** «*«& v* n* - 2Dp) 1 la ? 

atar 000 h * v ** h “ w *l^ra^ . ss :^l jRUEMssesS 


: &:ir:.'iiiu> ai Sci'tiaf Prn..;,. ^ bargains donn wilh or bviwecn non-munix-rs. Bargains done preyirtts day. { Baiczins done with tnenibers -of a recounts 
Ksuha'icc Bareams. done- for delay'd di - lr.»T: nr " no buym'.in ■■ .-A— 4AiisiraliM! _S B — SB aii amian ; SC— SCanadian; SHK. — SHoiuj Kong: $J— -Sjamatcan 

Gpc Funding L". 1533 Si's t, *. I; 
6‘ipC Funding tn. 79 »i -’4 *B BO: 

'Malayan: IMu— IM ecican. SNZ— New Zealand: ,*S— SSinsapore: Sli5— sUnlied Siafis. Sin-iffsR Indian. 

SHORT DATED BONDS Amjl M«al Coro. 32? _ 1 Cement-Roadstone Hldgs. (25s) B2 

Aiwal M«al Coro. 32? 

3>1PC fui’jiiy blk. 36 '«0 6 

SLpc Fu--.dl.ig Stk. B2>r® 3 '2 *■ U 

i M 1* “iil ilaB> b :ai- at* 19CU-82 bS-'r 4. 

6>«oc Treasury Ln. 62 h.® ij ,j io •< > 4: I2*:uc i.k. '»“* 101-9*. I2 -;pc Stk. 

7 *4 pc Treasurr 19B5-B3 65 5t 4-s 1. >, lus -' ilz.6). livpc SlK lua 

?.4Pe Treasury Ln. Z«J12-I5 6**4 0 via 6> 

Bpc Treasury Ln. 69 ‘,0 ■'tnO 9 Barnet Carp- 1 'PrRd-lFy.Pa.i 991,® S 

H'4DC Treasury Ln. 79 s M 79** '? 9 Ji.i' > -*!«■*« Uss. ai £98pc-tlOoc 

B'jpt Treasury Ln. 19C0-B2 92’,® ll i»® ■ wa 1 1 t 4® •-.■«. „ 

k 3 -. 2"i» 3 2-s B am -Cllr *1 > ' J 'PcRd. 98 il S 61 

fl:;oc Treasur, Ln. 1984-B6 B8i» i M 7\ Bn muigoam Mt Stk. 0 g 4 vi2Ibi 

b . arid; :ra vo 1-0 - 3 : 1,561 

8 Vine Treasury Ln. 70® 7-: ^ ■’j Bngrito.i Caif 

9pc Treasurr Ln. 1954 79 a ’’m '« t.J ,rt d* n Cot o -uCRd. 97U il4-6> 

9pe Treasury Ln. 1932-90 79', ‘ t aO'n. 80 Carcn CC TiatKa 94® 115 61 
1, .Carol! CU'P -j%Rd B5>* :126. 

9';pc Treasury Ln. 79's® j 8 't Crordan Imj ■» -#-•«. Ob',® >. vis 6j 

lZoc Treasury Ln. 102 ,® iu« ?if,® "u.® Dud'c. M^t. 5: rough 100‘. 113 61 

i;0 1, 1, Ec-ntui'-r. 3,1 District Council 

12’rot Treasury Ln. 99 .0 8 <S 9 •: ■« 9 E '"““J* ^ J7 ’“nz 6 . 

I2*,pc Treasury Ln. 1932 101'.® ICO",® Dlisrew Cwrs 9 *PCRo. 91 u® <4® 

12. j « Treasury Ln. 199b 102,® ,® •• 2 | JSSS? il'.wR? 36 u 

Anchor Chemical Co. ij5 P i 71® ■ IS’ 6) 57isO. New Ord, 59 Freemens adm r25oi 3Z0 (td-til . 

Anderson Strainclyde <2Spi 57 S's ‘ISIBI. Cemrai Wagon 97 French Kter :25Pi3l«: , _" 

• -iPtUns.Ln. 65 11 2f El Centreway tMo) 244. llpcPf. 1061' Fried land Doggaft I25p) 5 

Anglia TO Grp. i25p ( 73 „ - «I3:6) w Fnth (W. G) QOoi 55« 0561 

.in-, i- American -saiiaii to 25m 55 6 Chamberlain Grain (25pt 4B H2I6) 

FraMSs Inds. GtSpl 730. SocLn. 6S CtS/®| -4T2Mft. BUpcLn. 609 VpJTTW^ 5 ^- : £T^s 

Francis Parker llflo) IS. 7(.PCUT53 1 V: rr-*^ tl0p> 

7 pc Bds.Reg. (31IK79) 9B!» 

98 il5 6, Bi-oc Bds.Reg. (7|3!79> 99 

Ik. 69, ll2lbi 7".oc 80s. Reg. 121131791 931 

Ai ltpc BdS.Rcn. flllXiTO' 10194, 

101 95? 101.869 101 101 95 
17 i!4 6l 9o: B35.R«. i25l4i79l 99'i*. ''5'6i 

MS 61 9'.3C B0s.R;q. 19.51791 99, 

'* :i2 6i 9 ;oc BdS.Rug. 123/5179' 99*'i.. MS 61 

b'.9 1 vlS 6) 9-ipc Sds.Rca. 120/61791 100 ,4® 

113 61 1 0 l-r< Bd* Rug. 10 12 80 96 "«® 

District Council Variable Rate 3d,. Ren 7.2500 

n; i)32i 99.693 99.700 >:36: 

6' Variable R.uo 80S. '11.4125DCI <16 831 

91-4® '4® >4 I 100'vi MS 61 

Anqlo-Amerkan Indust. Core. 'HI 560 Chambers °Ibi 4 1« ClXsi 

' 15,61 ^ I Change Ware?. zfu* 5 °i zscPM 

App/evard Grp. v Cu.s <2501 960 1 nop) 22 (J5/fi> Z ~ V *' 1zpcPT °" 

. 1 *Sgr'. Dart r,0,, L5fti« l is^6 a 2)6) 

• ' Macxrthys Phorma«utW“* ^ » rioKTlSS Reckii: CoUnAA i5 

; ^#S- 1 S?Sh 3 F S "”' ,u ' 

Aoua^uium ahd •go.'c« Sii 390 Chfrail Tun'^TIUsts. iSp) SO rlSfSi olllaiS? J 6w5! > B^SsVjt ^ <l| 

10194- ,A ’ Hiogsi ■ top, 59: i : t 6 C 5J ttP '‘^ sbcuSSSTl^ I ‘m' fowrijSiVP' ^■ u 1 ^OTH Brinalev {Sri 57 (1S/6) 

f0f94 ' Armlugn snanks Grp i2SP) b8 , ;7 , : ■ISIS' Ln.'fll® ^ M ' 10<rtcUn *« : - VJfi, .'Vl^OSBl 

Armstrong Equip. MOp) 67 1- 6 1 : 

: Chesebrowh- Pond's ilUSli 21 »12.'6» 

Gores (F. GJ (25P) 3 JIjO» 6 i - - 

- I Resd. IntPl. iM^sa' 

-•■] . TIjOCLO. ■: u 

i^‘^%-v:=-:U? 5 s :s * 13 ••* ,s,! EiHSviwTa {frsipi s iy B04W .■ ■■ -imSAs 

At- :.l L"..: r.v ■«: 533 7 1? Clillord's r« . i Gibbs DarjM MOo) 36 ' t ^SskToil! 

Ast'd Newspaee-* Grs. '25oi 1S1® 1 fZsSi mS’ S? USp* SO ( 1Z,6). A j Gildings Lewt*- Fraser JA n cL n . tlh .7 ‘ManaB&iipn? 

IS'aoc Treasury Ln. 103 jIi 3 
13'ipc Tr.’asur, Ln t DS vt 
14';p< Tr,isur. Ln. IIS iS 

Ib-iPC llL'-i •; .'4 

lSi;pc Treasury Ln. 122 >® >4 1 '» 

2 :ne Treasury Stt 'tej.' 20 '.® 

io: Tre. s. 5:k. 2k j 
3 pc Tress. 5t> IS79 95'; 'i-. -, i. 

3 dc Treas Sik 1932 84':® •-«? C:re. EiocRd. 99 iia:Ei 
Grce-iwici. Loiiscu Borough oil l I jdcRo 
• ft Pa ■ 9 - : J bi ii jpcRa iiss at 

L99pc-£5ucc P: ■ 48',® J 4 


FBEt OF SUMf OUT1 Mori. Coro. Ssc 59-19 61 '4C1 
Do. 79-KJ 74i; H36 .. S'jdc oO-S£ 
75 <15 6). G'jpc 55 4® l'l s. 9 .pc 
S6'.c • 1 S a > 7-.0. al-SJ : 

200 198. A tZSOI 197 {15,6>. 
Ln. 127l;t 

G.faboiu Dudley (250) 760 4*2® 
Gibbons IS.) 1 25o) 172 

v2S9i-67 pSifi>‘ 

H - rrioic5hirc- C'l 5-rRd 1978-BO 91. s'ipe D^ 91.93 69-,® 1IE6I 9 ‘.pC i9 
R3 1962 KJ -9 * 9 BO. 6';oeRd. 78 -15 9 :pc SJ-Sd 3. 9 .a; ir. . 

I •• ‘la.-Si 10'4BC 8Z MS 6. l«:,r< 133=4 M s ..-6- 

3 ;pe Treat, stt. 1977-30 (R-JS ■ 93'j 

I kcr.s rvsn CntUea It-'aPC 99..® u 
1 Lanark :>urc Cvu -I. 9>Pc SS'-'ii, >1561 

! L-;e.2, ~ .si 5F'-7 

LeiC-jt:. FI:g.F. »l< ISocj too t-6 

.1C -/ 

■15 6*. 9 -pc SI-Sd 3. .. 9 .a; js . As- *c.a:e-a T« •>. 5.<jr- ?oron. A -250’ 110i 

lOUBC 3Z MS 6. l«:,r< M 5 .-6- ii‘-i l: 

Dc?cr Harboui Brd. J'4pc2ii3Da 4J ill 6- i;i*j u r- !*. , 4D:l". H tfgs 1 50- 49® IS 6 

2501 ibibj 1 f25oi J3® 4Q r- taiooings Lewts-praser won 

11. c S a, g e fi ,nd Ckemtal1 Products I25p) 63© Gii^’uzSoi S2 

“a’m-. 110® C !? e M'-# ,2S| » »W7S. A 1250. gi!US, , f??cS, 5 ^4|©V5 6) 

— .4, Coats Patous I25n< it. -> Giant laid ^Lawrence lZ5p_) 3C 

(10PI 18*2 T9. 

FiiMiiM ler Industry 13p(Lr.. 102 

Me:rjpPl>;an Wlr Brp 3 rcB 30. 

7 ;pe Treaa. s:l. 197#.61 .Res. 29 1 .® i ^,. Cl c J( . 1 J ;J< IO414 

<4® '» 9 '1* 1 Live- pi Pi Con : :SC Stk J6. : .13 

ant Treas Sik. iCep.i 66 1; ■» ‘j . 7'.S 7[ a .:-. * : '■• fib 112/6) 

5 roc Trias. Sit. IRes.j 49'MI> h'i.1 9 1® : Man:.i-.-s;er cm. lorCons. 2. H26l 

F/:g.r.,le ISpcj 100 I-64ln I B7'; f14 61 

1 Per: or Lona-eu a nth. 6 ;o-: 12 

A.i'.. |n^u"« 

a -4 n; Bry 

' C F. 

iu-i-. - e-r. • 

GrOJi TOC'. 22 '3 6' 

3h e/j 

ni4PC Trcai. Sit 91 '■ 

9'43C Sik. 90' 

9 :DC Trcai. Sit 97 ® 5'.. 7 >• ,. 8’;. 

9-4 <k Trias Sri. 96' i.-i- "i»® « '-... 

1 Ope Sll SJi'i,® ,| .:C ■■•.. 9 

10 :rc Tr»S 5!'.. 1973 '5S'- :ie> 

iM'flJi. J 9’ . .. 

, • r:c.-:n.j'nner/inn . oc 33 -15 si 
t /4;it ranam £ -:t 99’4 113 E- 

• Olci-lm FllSS Fa:s 1 8.3 1 2Soc 
, ! 3 61 

, S: H : iens 1: .ac '3D - 4t 

' Sal tor >3 5 :cc 64-;® 

1 s ius-i : 4CC -4 • IS I BJ 

I Per: or Lonoei' auth. S ;»■: 12 -1J* I i,-.-. - e-r. ■ :0 p 2" '-2 6i 

COM M ON) V EAL1H COATS. Hi I ‘IT w n'.-, H i-s' ’ i? 6. 

/?£ulbTfcR£D 4 ND iribCPiatD S7DCF.O J Hi. -as £:= 94 2 1C , 

Australia 'tairn.i E'?0:Rei S:>- 99 . ■ : r | . L?r .T"’ .i’ 3 .? 3 ",5 s' 

•is 5.. 6PCRO-1 Stk. 1977. cO 90 .! - ua,lr F - 

OPCI. q 311 !9o1 -23 60 'j A""<R 1J'U4 Sr.u - - J*l3.,i - 03 -5 

Jamaica BpcSlt 3d -i®-. “ -.oiLn. 100 4ul«mon«# P-:-^--:rs 2Sa* ?a'; 

Mlil Cr7 :5- i4 _ 9crPI. 93- . 

Hew Zealand 3 -ncSti. 77 4 *12 6- Jcc s.ina Grr in 7-4 1 C- 5*.® S 15 6 
97 . a 1 . PC 32 '.4- '15 6-. 7i ; ^c S3. A./--.' 2Sa- '€0 

•13 61 A- In R-ihh-i' 19-37 3? - 4 200 

Mortnurn Rhodeva 6pe 1976-7“ 96 1 n,,.-,,,. P-<cs. .23o- 45 i: 

•13 61 A ‘c...n^>re 7 DlAPl-r e.’ 15“ 

3‘- 7i ; ^c S3 . A-r m . r 25.1- _ Compton tj.i Webb (Hldos., -ZOo) 321-4 2 

,o-- -a a- i- - n \-Z- 206 , . Canrentrle (10o > 38'. ao f 14'6I 32 Z 

19.6-.“ 9o I 1 a. , IS "-,,.. M-s-.ll P-<CS. i2ao- 45 1- 61 Contin-uons Star omrv riaol MSIRI 
:i. 50 -17 6. i’ 15 c ,oaM^W™%3?n 6 J ' 6,1S,fil 

US*.23i4 <12'Gi mu: 115 6 1 . lOJaOCLn. S3 OdcLtx 6Sh UMijk 'fBLillrt MOB) 4B J 2 

D i C r^ n - ( nsr40® "tis’l 1 1 01 57 pSS5SAW<aS?ao® 67 8 ,,4 ' e, . ; Ssm?ack ,, . , nE? , S^ ,, = \b& 

Combed Gro. >10p) 28 7 M3 M Goiflrtt . H J Fo ucart ■ 25P3 47 iTfffi] ' Martin Th© N**fM9«nt Q5p3 231_ 

New C ^ lned «? *ftC“ «=«• I0 ’C pSS c|Tso4 t, ^ C 0^ ^ ^^ 5,,, TZ n?6 \ sgss^ r V.r , Wfe B, i3SJs* 

cSlm?re n i e r^S n ■<^S^40® ,,, Hs7fi. B, 57 SwSSAW«ftS?ao® 

ComoA.r 1250-92 ',(1,09113 Gordon tLUlX) flOo) 25 <14/G> .-flMuyiixrdS i25ni »Z9 _ " 

Comoron II I WB* iuuk, jLi _ Gouoh Bros, tiooi 45 S /1Z."E1 . • .- . -rlWMjs j&os. Holdings (25p> 21* 

Canrewrie ffOBtssii. uS?" Via??? 3Zij® 2 1 Gough Cooper tzooj 74 . .: Trade SuopIlQr* (ZSol 82 

Grxcc >W. R.i iSUSl) SUS28 T15/6). v - : -T1*6 ) 

GramoUn Hldgs. <25m S9 fl*Sl *?!!;, °„ 0p M4U?v 12 

Gremoan TMeyrston N-V A MOrt 3* f, ‘ 

• . .c. . - .- « MenfRinm Manut tSol If 

. v -o.. 

1 -- 

165 -t12.‘6J RuherwdiJSP) f * 

9 10 - Riwbv- Pprtlw^. 

r. 2 • Ptog. JSOI 55. 6«Uns« In ^rciKB> 

1 5/6> 5 S. U. Stores! < 1 2 1 ZSocPpa. 

s/6 \ . i. ... wd.j 1 2 ijp» isjs ^ _ 

J14‘6> . SG5 Group .l25p''1^W-.. 7; ■■-. '7 J. . 

tfS) . . 'S--?>5cunU * Y0p*„ 16 ^JLvyi«»' -V y 

Sutchi StatCdi ilOp' , ■ • 

13DCU1 Sabah ll nkrr COPl. 144 Its 6 j ^ --■ . ■■■ 
n .^ sS £ itolwSrs 125p.l5*©rfO_WF,e^:ra 

SMnsbvry UJ IBI^MBa.nJ^O^.S.W 


ii y 



A SMALL family car is to he present Citroen models, hut the sian int'm f.h i’o:.p<.eas «9 i 
launched l.y Citroen, the French stj line will h e new. with :• 'g, '■ ■S., , r !„ 6 e %..ocNc»s 91 -,® 

3US, t!isle Tllney f25A* 267 ^ *’ , 

.[ Samuel -L)..» AjSsoJ^JEJ^tW.^ „ 

isssss ■«» 

34 fl 4 61 ••*•.--, .: :■ .7' >r- . 

lawns’ Gordon, cj.. Grot>D_tl - ~ " 

Savoy Hotel A Tl OO' - 84©-^.-Hbjr . A .tlOo) 
840 4 115'6*. B fSpl 54 0.(3 5 6JL; - 
Scan -Gro«o iZSal 96®. IWw 4S« 97 • 
113 61. fiPcUiwetLn.Tifaij OJIBi .. 
Schlumhcraer tSUSl* -USe^Uiku, . 

Sc otcros <2501 67 ns.'& ■ ■ . 

Scott (sh Untv Imrs. lZS0>^18fc«; , 

Scottish Ena. .Enron. TextHqEvaOpI S7 

Scottish Heritable .Triw t2SB'*«fc{ ...V 
Scon .an Homes IIW. 125 p? « V 
Scottish Television N-V A (10o> S2.C1S[6j 

vehicle manufaeturer. at the plunging bonnet line and a M5/6' ' 

Pars Motor Show in October. haichhack rear end. . wh«:br«« to otBds *« • >**•• 

Called the V'*a. the will The car is The first Citroen . RAILWAYS (6) 

fit into the Oilmen ran§e between design to have emerged since The c^nadijn'p^alnc n r ci? :, £ tj'-o 
the anting 2CV model and the merger of the company with • »-* T^ccetd. mcio. 7ao .156 

newer GS. Peugeot three years ago. Ontario cju-ro.'-. 3 ?<do 40 ; ni6) 3*??.- 

It will he 12 feet long — about It indicates that, in body BANKS (182) B _”-.’ 5 ] 

fi ins Ion 20; than the Volkswagen styling at least, the two com- Aic^naer* dimuiii 250 .13-61 
Pn!n or R-nault 5—w-ith five panie* intend f./ keep their|^ ll5 , e , K 

donrs :in<i frcni-whcvl drive. identity, although there will be Amur. a* n.z. Group .>aij 29a 1416J 3 i? ,:n 

Most me- hr.nica! parts in the more co-operation on component S2P.» i2UI5"LVi't™li 1 B.M 5 iit 2 i 0 . , *i 5 b -M-ei 
Visa will be inherited from the manufacturing. |-"f Monrred?^°c2. is bvi'^T 

Bank ol N.S.W. <Lond Reg.; -sA2; 560® B ?"Io 

■ I Si 5 1 oenn 

~W • j j "3 W • Gu mp ol ScoiUna i Governor i 2BJ«3> BO 75 9?nra 

J om t taks osi savins '•»»- is 

>.m i «. 4* ii ♦. 1 — ' z i: 

6/n.lJS'- A--WI? Tit 250r 109 

):r- ?” ■!: 5> 

E..rran D.-.eo/s. >)0o, 103© I 3. 6<: 

Jiii* L- -. ; 12 5 

Barrow Heoburn -Graira >25o. 30. 2 

u * i c L • " - - “ 

* •" Barton Son, .25o- 56 .1 5 6» 

4u. n • ss- ti ' Geo ' Hidgs <ZSoi 138 

Bath Portland Grouo l2 5oi 78 80, . 

B-U-.-'S >' lo'ksmre ilOo> S3 '12 6>. JO 
PI. 102© 

B-i.-.tson LlarV »2Soi 194 113 6' 

- r : .-. Jimes. A .Zap. Its® 

B^aulcro MOo sO 
B -:ujer -lOr* 54 '14'fii 
,, Scccnrim -250' 647 50 49 3 B 45. 6 bcL 

i^BS: 5 1 oa?6. Ch«o« (10P1 30® 29 Eng^Hnc^So^ 

! Crn*Jn u«„« Halma HOoi 63 2 1 (1461 Mbthercare ilOt" 1S6® 60 68 

i frn*n SiiEL; 5 !„ 54 ;i® . ' Halstead (Jame*. iHIdps. i H0 p> '21 US!S) Manor Charlotte Inv. <10o» 190 ISb TB 

! CrnZn U,„„ _ I Halnu HOoi 63 2 1 (1461 Mbthercare <10r' 1 S6ffl 6C 

5':Be j CrSwn A«Steh S r« S4 r£2. in. ^nes- Ha/strad Uamps. IHIdps. . UOpl '21 I15JS) Miwor Olarlortf Inv. «10o» 

( MS I1MI C " C Stis. .5US5..1 i Hampson Indus iSoi 15. BpcUnscd.Lii. Mwltex MOo. 12'; <i*i6> 

' PC ' C sE-'cP» ,r *2 , i 0 iVsjii rOlJP l35 ° 5 35 f,4 ' 6 >- ) Hanger 3 |nr. noo) 44 p® MuIrhSad ?2^a> 173*11 5 'B) 


10DC I r f| ,E"- v £> ,2 °2l 107 4 fTS'B) I Hardy rFam/ihersi i25ol SO ri&fis. -a U r ‘ 

I C MS M B) GUJrd Bn,Jcie HoWings I25n) 220 j <25o' 27ij tlS-'G) ' NCR iSUS5> 46>» 114 61. 

: C?£7t' “zs” l 2W ,, ®i C 0 7pf l " ai? - <15'61 H!reK fa ShHd^’ , Gp? C f23n? 7 ff7® 8l 9 *«s" Nmysagonts <10oi 98 

.... iSSwftiW-.janitlJy. - 3S!S. ,T r^LK 5 »).,V.S . '..■ ■- . ■JLtSl.i'l™ 

Scarfs Restaurant (I2>=s) 55D® 6 0® t1V6) 
Sears Eng 1 © GocPf. 4Jfrt T U*.^ =3 iokDc. 

Sws^HIdu. f25p) 70*50 6 *l 2®. ,§%*■ 
I T'lDcPf 53bB. - 7 pc API. 5739' tl 5.6k 
IJtScPI. 9Oi»0. 71.ncL H i BCr fJ*W 
securnw (25p) 122 11 3.-6 l. A N-V aZSb) 
120 . : 
Security Services A N-V T25pl 126 046/ 

HanHsorn Crogheld Ea'.‘i,® > 

Upper Docks next week 

■15/6) B-:n[ima lojjslrill *250. 24' 

Barclays Bank 329:© 4:« 7 S 30 27: 8. 8«r vlo.d -23o' 1 J3 6 
U .rcuns.Lr 72*a 1 1 } la Bvr.slcrd^ >Z5C" 56 * I 3 6 

Barclays Bank imcnvarianal ?';ocUns.Ln. Btrwck Timci <:s«> 54 .-© 
b9'j i13)b) fl-’i/ct.?!/ '25 p> 350 >15 6/ 

Brown Shinier HIops. 224© B.-II BrOi VZOol 65 >..1161 

114/6). Sub. warrami 14© Eeian -So 1 5 *1 Z'S* 

Cape imc. 01c. or Commerce *SC2) 20*. | t bi 230 

NCR ISUS5. 46 h, (14 61. 4pcLl>. 53*j Sefceys imt 
(13>6j SoliDroizrt I 

NS& Newsagents (10 pi 98. . 9pcPt. 94© Snu Sugar 
3© <«® ij© 2 >i0 Senior Ena 

Nasn Securities i25pl 129 7 3 (14/61 75© (IS G 

Nathan <2sn> 43 .- •--. 5Kr ^ f25 p 

.rational nooi 456 30 115/61 Do New. 
-Neidlen* (25 p> 32 I14r6i' Shakespeare 

Neepaend iZ5o> 45 4i* Sharna Wai 

Negrettt Zamora >25 p! 83 <1ZI6> - • Sorpc iW. 

Neil Soencer itOoi 108 TW (15/61 Shaw iFram 

Neill 12501 98 9 7 •- ••.- Sheepbridne 

Nelson David i 5 p< 9 (12/6> Sherman fS 

New Equipment HOpl 18 Sldlaw Ind. 

Newarthili 153 4 (15/6) SiodeGorir 

NewboW Burton <2 Sp) 509 50 (15/61 - Slentasen-H 

4pcLn. 53*j 1 Sefcers intenutL «10o) 27ij (Mf6» . 

I Sohncourt |5f» 25 >x &. SAoPCCO. 75® 
S«a Sugar Ests. .SOD- 6 ■:-* 

Senior Eng'B <10 pi. 24 /14/6). AUneLd, ’ 

Smr? rSlo)* 83^9 60. 5«'3H»g 4U»a9. 

Do New. (2501 66© 5 l1&6>-..7.> . 

Shakespeare (Josesih: (5p1 31 •?© __ 

Sharna Ware (20o) 122® 20® 20 
Sharpe iW. NO <25p. 192 115/61 
Shaw i Francis' r20oi 25'j _ • 

Sheepbridoe Eng'g asp) 76® 5*-t 7*g- 

Sherman. (Samuel' M0pV14 /k5'6>. 

Sldlaw Inds.' 7tocLn. 529 (156). 
Siobe Gorman (25 p>. 190® (15/6) 
Slemssen - Hunter Tl do) 6T 


Carer Ryder 305 .15/6) 

g.odla <2Sp- 09 *13 6i 

Hlfi.rciied Eng- ne-. ring .2Sp) 48 113'Bi 


A FLtLL meeting of the Port opposed to any actual docks 
of London Authority and the closures. 

eijthf docks unions is to be* held . The ,wo , Rit1es ar * work 

L" 5*'. 112 6 ii»r B WL iiVb, Kencai Bar fJSBl 32 ■ . . r*ewoow Burton 125P) 509 50 (15/Bt ■ . Slemssen-HunterTtOa) 6T - 

^ ”* * n‘^r-^:%Vi %$sr * J - w -> -«■> .0^ 5i.w 

Henuerson >P. C.I Gp. >10P1 7B (13.41. A J»8 (14*6, SilVC-Ulome 1 10pi 171- 113/0, 

3-ora .25ul 453 sn , ... Non-vts. (IOdI 77 .13 6l . J^wm.rk .250. 182 <13/6) Simon Eno a i25o. -232 4 14 6) 

fioctn J 74i, m/m 1 T3 6). A C2 Sd) 440 Henlys .20p. 131® 30® 29© ■ «Soi 250 (ISIS). 74pcOb. S'rdar (250) 69 

: “»n Iiom 13 W Erifll *W.I lAddlestSnei lion. 26® S«i J2 J2* §' , c , c „ ,, • 600 Group 8l0CLn; 71ij (1* 6) 

1 i.ii, um,i — _ _ Heniher (Furniture TnHKl a M.vie mim Nichols >?5 d' 1B1 58 >12/6) Sketmiev :25 pi 119 20 

'°a£f«' 25 y°i. 45 y 1 ,a S 2. ,,3 « A ^Sb) 440 He^y^ap!^ 
UP-.LH 74<j 114 6) Henvhall ,1 m . 

DiSon 1100) 33 lEJEhir itLU 

Delia Metal >K,I . - ™"!"er (Furniti 

12 (14 6i ! 
SpcPt. 34 kf I 

S.25ocPi S3® 

SoeLn. Oe-mrii u. j.) 

Ml*-. .100. 57 

16 1,5 61 * J® 

'Otor Gro. (2501 133 . IOpcLa SfSLP™*" t "»” 38 SmlBr. Buhner 6ccPr.. (SOoa - 19l> a 3 '81 

a . "'T'lhrn |nq«„lnd*_ 1250) 106:®, 711 BI*. Snntb CDa«cL S-> OtWos.) -<20w «5 (1219) 

Stuart Plant nop. 68® 7SO 7 *: 8 Food* rZSoE 04 5 3. 6.2Spc Smltbo Industries (50 pi 1689. lllAmctoc 

l W'lliams Grp. fSOpr 113 Cmr.Unj Ln. 109® 91. 8pcLn. iOl t13 6) 

Peniecost (S0o) 85 (1Sl6i Norrhern Gcldsmirha (2Soi 54 (13:61 Smurst (JeBerson.' Gp. i25pl 194 6 

.ckscn and Welch .Hldgs-. >SOo> 195 2 0 Norton (W. E.i 'Hldgs-i >Soi «3>g 4ij Sol'.ritors* 

^ . e.a Bros. 15b) lie. Nrryic Seri ilOat 20 -15<8i. (1561 

':v ID 113 61. 1 36J N * w l2s 0 , 76 115.6) Norwegl Holst 7ocCn..Ut4.Ln. 80 (148) Scthhby Parte brw Grp IZ5pl 281 5 

D.plim, i-.Uis ? 5o) lea ‘ 2J ^F ' 5-1 N'lNnoham. Brick -50ol 280 *14r6i southern Construrtlons f Hides J (Sot N, 

Ln 75-. .13 6**” * ,14B> - 10:BC U'SSf*'* S? d -»«> UOptS? 113 6. NotllngJiam Mffl. .ZSoi 1 26 7. BijacCn*. i 14-6) . 

D.acns Phasinracr - finnt tan* H.»nlana 5 recironus Gp. r20P< 34 >- S Um.Ln. «*6»j Sosar ij. w.l (25p. Z3O0 .IS-O) 

OGicr "Sdi 57 'IS */ 10 1 ,<D ® u! 1° ,;5o ‘ 76® 5® 7 6 Nora (Jersey. Knit /ZOoi 4? >15 61 Spencer Gears (Hldgs.) (5o» 16 (I4>S) - 

OoWon Park inds .-| on) on® w- U 1 . ' Cn | r,aS ' 01 Bristol 137 (14 61 S l,, S^ i ? , l‘L Pwc .P e,t JJ °*»> 77 Rand Corpn. Sn*. (USIO.SOi 34H 

■•£•0 99© Sl ,00, 9B ®- New H;.:on» Fes:w Mr SOp. 94 (14 6 * Nj-SwUI Inds. -Spl 2S« . . .. Soillftrs USp) 29® 9 30 13. 7<«ocDt>. 72»* 

Law stationery soc. £20u) S4 

Stcod to have made progress on Upper Docks and now dearly JC “*o, Is^fTe/ 1230 65 ‘ 136 '' 

the ha«is for a joint approach hones thM this can hr- jrhie'.ed. ^"'' !, ' Sl Va l ! i «n m '.2 r oS SS 6i“ ,, ' 49 
to Dover n men t The full meeting of both side* Kicnwou. Bemun. uonsoa.y 261 

3?d*-:nte Inter 'Z5u 59 *15-6. 

•tone si Fabric! MO". 30 
Ponf-e- E-ng ZOo' 30 

Dim H-cc; '10al S3 

□ cr.iaa Hldgs. .Z$ D ) eo ., 46) 

Much of the dlw-u-vlon is »-.|| Hies n« FrMuy anil ... . ro , , :o, , , tlL . .iV' "',V SrSS’J®''' "" 

hc'Tved to have centred on the The Authority says it hopes to ., 67i , 7 ' 67 Z'^'fi^vS 0 .? 0 ’If..*, S”!U *,■!!£?,* a-* 7‘IpIl"’ o«w?ie?ra“ hioIs " 1 ,io d j5 M f1 5 « 

-unions' a.'reeinenr to colder put proposals before Mr. William WIW Han0 “ ftr ia ' ” 

changes in working practices. Endgers. Transport Minister. KS SSTK ®*i*. 07 io^unwu. B |^ ck 8 ,Thom * s ' Son * ,S03, 56 ® 4B ® o««y g>? Ci so^V D ?$ 9 
although they still remain before the end of the month. «6<a l. 70peunk.Ln.BZ* 3 ■: Boulton >wm.i Gro mod* iv-,. nw braw» seu.i hims 5 , 

M:n:on .Amsi- .IDO. 841 4 6 ..... >126) ' ~ ’ 

H:»C a.10 Mall.Dson .2001 31L, .IS'6) 9 lK * (1929) >R0.50i 390 >12'6i Spiri,-Sarca Engineering 12S»> 161- New 

haf/r.ung (S. * I25pj 90© I® 100 g««J Wllwns iHIdgs.i (2041 88 (15>6l '25u1 154-(14.'6l 

oX * 4 • ™ '5;' 60 '14.6* Oce-Van Der Grinten Finance- AncStlg.l Soopner induv. :25pi 7 b |T 3 l 6) 

Cm- . . Br °.*-. ESA <25 P' 64 ® GulIoerCnv.Un4.Ln. 96* 7'r® B 9‘j Horn_ (TZIiP' 35 f1&«I 

u!;™ L ft d •"N- ,10 P' 1409 3 Office and Electronic Machines '25 pJ 116 Sta*p r rdskire Potteries fHlogs-i (ZSp) 140 

Home Cftarm MOo. 178 11 5i6) :4.6i ,(14/6) 

N"Tf Count.** Newspapers i 25 b) 72 (15 6) °l;S x CrB - ,:I ®P , 9 ® Cl 4^61. New (20oi Sl»i'ex Interntl. (25 p> 9b. Gispctn. 36 

rromrrav '2htii 4| <14 6i Sfl »T3 

hSJTT if 51,4 32°0- A rz5oi 320 01 ? B ^l wiri Ho4 * , (Hirr ONM ClOpi 52 Stig Fumlture HJflgs. <2Soi 10S 04/61. 

a? s Hl «s- ra °P' '09- 7ocPf. 40 „, 1s ' 6 ' ^ e. , S, pePf '.« 98, » ‘l? 1 ®* 

u ’* »* 0| irajr < George. (Footwear/ C25ni 48 s, A k J* . (Reo.) Organisation (lOpi 48b 

Hurixo/i M.dlanos r5p» 93 |13-B). New • 14 -'S». A Non-V. .25®. 46 (14'6l o* 14 .* 1 

*2* 93.; (13-6. ' Or me Den. flOo) 44', [15:6) | l»"|ev [A. G.i Hldgs- (5n) 134® <15.81 

, F £^ er ‘ 25B, ,M 40. S'joc 0»N»tB»ne levs. IRO.lZb] 22b® <1 5>6) s S'J r ' ,e Engineering Grp. (20p) 79 

KaBr.ung (5.. >25pj 90© r® 100 
n. .j Ora iSc 60 .14,6' 

^ •k. ,®£0*- t FSA <2Spi 64® 

Mnm. L rZ? '*40® 3 

name Cnarm ,10 d> 175 (15;6) 

do<< i>. 7<)PCUnk.Ln. 8Z* 3 '; 

I M.i.Sler Asseu .ZSo. 56© 6 |I56 i 

National Commercial 25oi 71':® 

-SlTl.V 1 Gr ° t,0D ’ ,7 ' J ^ Drake SeuM HIihB*. <25p) Z4® 5.", ^ 4 « 


Matthew Hall cliief 
executive change 

u. me um, >IUBJ 44 'j 119,0) ^'•"^rv VM. l>.< M.ags- (SOI 134© 

513DC S’' env, H n * ||WS - IR0.1Z(|) 22b® <1 5>6i SQrtrrte Engineering Grp. (20pJ 
Si6) ° wen RTF” (TSp) B1 <1*6. JIM* 

Owens-IHInols foe. SUs. eri Com. Stk. IJfJSf D**™UM (30pJ ISO (15,8) 
4/BI. ' ■ l -IS3/t25' i85*i ; 14,6 1 Slavdev Indus. 7bpdLn. (19&-91. 

Oxley Printing Grp. >25e) 61® 50 3's 4b -62 (14fS» 

stead and Simpson A (25p) 40 39 

Panto rp.» HOP) 22 I15.8) 5 oSi » B| 2S- , -”£?*■ «5ol . 208 a2i6). 

Paradise (B.) ,’JOp) 23 1 1 Z/Bl P?- C J 4 ' 6 ’ 

Parker Knoll i 25 p) 113 t15:fi). A Non-V. KSSEL*??!* Jj«Ln. 11 Of 

(25 d) 112 fIZ'Gl GfP. <10p) 16* <15,61 

Standard Chartered 412* 13* 10 12 7;. Rrcmnei fZ5o> 55 -14 61 
1 2<;pcUn*.Ln. 103: Brent Chemicals Inti MO 

Union Discount 330 >iZ 1 <: New . 10m 193* Ze 3: 

Dbplc Intel -5p) 16.;® 17 Ag 

BREWERIES (159) Bridgend Processes (5oi 12® 11 

an j a _ . . , . Brldon i25ei 110© 7.|® 710 3 6l;» 7 

Allied Brews- iZSo) ® h ■: 4 , a 1 :. S'toc B'yprtr 49 k (13 6) 

Cum. Pi. 43';S .15/bi 7'jpcCum.Pt. al® endoort-Gundry .Hldgs.i .20o. 35 <13 6i 
S 9 i s LJ tSl fai * 5 4BC -??^.n b Zi 1 * -S 4 25 Br.Ohr >«nhni «2So. 29® 4 .IS 6*. flDCtn. 
Rcd-Db. 6dA*. 7 CipcRca.Db. 69 'i®. BO nc j, 

6. l lP5* ,n »Jt"- 47.. 7<2PCUns.Ln. 57 gristnl Evening Past faSd* 123 

Brent Chemicals mil MOP. 1B8 9 (12'6l. RHSJJ-^SSL. 72 -- J 0 ,"?-," 1 # 3£J7 S,B> 
New HOoi 193© Z® 3:® 3 M 5 6. „ AL D> LL 4 . f lf, 6) ., 

Brlrkhousr Dudley HOoi 43© 2 C15'6l 49 ’ 

Bridgend Processes (5o. 12® 11 ^ RiS. n .1°* S, U l 15 1i c , „ „„ 

Brldon i25ni 110© 7'.|® 7:0 3 6';t 7 Dyson >J. J.) A N.-vtg. <Z5o) 59 (15 6) 

Bp. Group . 1 Op) 103® 

b® h lit dm 

S® 115/6 J Parkland Tortile fHIdps.t KZ5oi 85. A Hldgs. (25ol 6l b 

1 rw-. Jl 25b1 79b Oh _ (25o) 136 P128T 

1. Onl. Paterson OLi Sons »25fli 46 5 4 .TwS 1 ** 1 lntls - r2 5Pi 118. 5>:PcPT. 41 

Paterson 2ochonb HOoi 178®. A (Non- -■ 5Cl _ 

e^P^/ns-Ln. 47.. 7';p C Uns.Ln. 57 Bristol Evening Past OSo' 123 
■ 15/6). 7 tipcUns.Ln. U2, British- American Tobacco SdcPI 42.13'E). 

imjlojnulM Dis. inert rtrnric .mm .17 « .m. m - ya.« 

Amalgamated Distilled ^rom. .IODI 3 

Bass Lnarrmgton 25p> 156 i> 5 7. 4p 
Cum.P1. 32:® 20:© 32 >15'6) 7 dcCuit 

94*4 ii 3/6) 3>iDiD0. B7-9Z 45':. 6'tOC BHtlsh 
Db. 77-79 98';* 115 b) OirpcDa. dr.n-h 

07-92 73® 'v® Z's®. 4 'ipcUnS.Ln. 44'r Bnt 

7>ipcUns.Ln. 65 '4 „ 60 '?' 

Bass Charrington Brewers 6pcUns.Ln. 60 Snr.s/i 
(15/6) British 

Belhaven Brewery Group (25 d> SO 

6ncPI. 59 Vj* bO©_ 

ntish c-ikilon iZfp.lS® >j® 

British Home Stores (2SD1 IPS© 4® 
British ' evlsnd 22® 20:® 2 I K 

Mr. A. H. J. Hoskins has been " ‘ 

appointed mnnacrin-j director of 
joined the company through a 
subsidiary, Kelco fMetalsi, in 
1939 and became company secret 
tarv of Matthew Hall and Co. in 
1959, financial director 1flfi8. and 
deputy managing director 1976. 

Mr. Denis Clancev has re<icned 
a? managing director of Matthew <*!.; J* 

Hall and Co. to devote more tim" 
to other interpets. It is esnectcri 
that he will be available (r. the iC 
company in some other capacity. ». 

* « 

Mr. IHmcs A. Zombannltis. a 
Greek citizen who now resided in 
England. has been named 
chairman of 1NA INTERNA- 
ownPd subsidiary of DVA 
Crirporotion. and chairman and 
chief executive nfficer of Blyth 
Eastman Dillon International. He 
will also become a member of 
the Board and of the evecutiye 

rnmmiftef* of Blyth Eastman „ . n T „ , . 7 b® 69 ? 72 6s b 79 ntpcUnj-Ln. siu »»!■» twi jn». ihwss. 

SI .nH Ch Mr. A. EL J. Hoskins H.ghland Di«m-rlM f20pl 13S 4a ^ Brarherhoad fPeten '50 di 

Dllloo ana L.U. International Distillers Vintners 6)jpcDb. Brown and Jackson '2po. 1 

★ 73 fl 3'61 B-win and Tawse 12Sol 

Dr. H. TW. Heaton has been been appointed chairman of 1 JBTS!S!?mS ,,, .!SIB? 1D ' ^ 5S? rafp/ss^s/B * B ’ 

annninted mannzine director of LAING HOMES aod. Mrs, JiU Mansheid Brewy. 2 bo® 59 Smwn ?rnhni C sss© e 0 / 5 ? 

JOHNSON-PHOGRESS. a member Bullock has become secretary of 470® ,S (i ,, sil) W Brownie/ >25 di B 2 (24 61 

of the Neptune International that company. srottish Nwan'e Brews. .2001 65 ».® b Bryant mdgs^ <2 spi 53 ® j 

Corporation Of Atlanta. Georgia. * Z'liperVfMt.Dh “m* ia/6 ). B^dcIsIMI Buimer and Lumb -Hldg!.! 

He was previously chairmon and . . . , „ _ . . Db 70 -isei 7'«ci«MrDb eo B fV“ ? 0 125 

dirertor of .he Mose.^ h J" .h^TI* , ^“r 'gt-'SSSfV W « £s£fkJKA.. „ 

g_ P _ 

er I I oTc. Group <2op) 1 1 3 I Pearion CS).' So*cl <25oi ' L20© 2. 9oc I ^V|' ,, 9hr Scnnrp GrnTffc 

PM. Ca SS,. - . . !MI >250) 52 >.-« Ij 3 S 4*i 2 4 3'y 44a. Sll] (12/6). lDhPCUns-Ln. 2001- JuPra Grp. f10o> 57lj 7 

EMI i 50 p) 14^ 3 40 I. SpcLn, 390 7‘.0:4Jn».Ui. es'a .15/6. i 05 BOh (14/Bi Swran Hurrt*r Gro. 134© 

J Y.l (10pi 17S®. 10ocCum.PI. 1044 S V7aJIT 9 of Gwlalmlng flOpi 30 28': 
»_ t n- P«uls and Whites iZ 5 oi 121 -(* 4 y_„ 

* 4 £* w . so " w - L.) Son 'Spi 41 ij (12)61 17,°^ Drummond r25ol 320 CIA'S) 

I CL 29710 8t 8. S'zpeDb. 74 (14/6) £? at ">«- (10pi 0 H4/6) lj2l a = S , ®S s ;J? t,,, ?.J 5W 1 4 b (15-6/ . 

GpcDb. 1 903-86 65 M5/6). s'jxDb 'C- «■> Sons 125P) 155L| 6 (15.6) 5*7lo iShoM r2Sot 63b '2 'x 3 4h tISW - 

604. .12/6) 1 aPCWb. Pearson Longman (25p) 195 5“™^ IJrandai tHldgi.i (10 b) 13® u . 

l.D.C. Group >200) 113 Pearion «). Sow <2Soi 120® 2. 9nc £V" ,, 9 , !£ Scrvirp Gro: HOpi 26ij 

IMI f25p) 62'.-© I] ] 5 di 1 4 31; 44i. UhS-Ul. 91 b (12/6). 10>iPCUns.Ln. 2001. FoPra _Gro. HOoi 57l| 7 

, ^ullh. til a (15.6). L- : pcLn. Ibliack JOhnsen (25p) 1690 Peerage Blrmlngnam *10p) 37h (14.61 jvitotie (2501 122 M5--61 

9 a>: Mwris 'Mp> 29 riz«). 6 hoc (2Sp) 152® 60® 2. E»0. (5 dI ‘17 (latil 

RF (Hjags.i .25n> no (14.6) ZnoPl. 46® (1516) 7pcUns.Ln. 76 

'.Cf (thartes; MamoTt (Witney) rJOpJ Imoertai Cnemial inds. 386® 7® 3® 5*s Motor (lOpi 10)4® 11 T n 17 

_ 5 bo 6 6: 4 9 Si g 7 4: 3;. 3nc Pemixna indimriM liopi 21 .j 1151 G) sj— v 

o*t Midlands Allien Press A ,25 p; 0B f*r. •>»■:© O'yocUns.Ln. 444 i«. 7'apcl/ns. Pwiros (10p) 02® >15 61 TACE riflni 27 ttmtu a. 

Swrar Hunter Gro. 134© rT5 6) 
fvltone (25 d) 122 f15--6i 

T— U— V 

TACE (10p) 27 (15/6). AOpcPfd. (»0 p) 

Eoslwcoo U- B. > l5p) 90® 2® 
Ecotia ■ 10 d) 67 ® l® a 
Ldbro IHIdSkJ 250) 159 

Brli'S.i ^eyland Mo*or Coro SnrLn 40 j |f o e ^ [J®I ** 6) 

(1516). 7‘ZJJC 
199Z-97 65 


52 Ingall Indusis. HOpl 25>x 

1-mlal Services SocLn, 68 '2 <13.61 
26 Inler-Cltv Invest. Go. fZOp. 13 

IBM -SUSSI SUS276® P.Lkli 

Intel. Paint i 25 d. 75 P.lco niags I40PJ so {15 61 n>c . i’Vei'V.A'SV" '“" w 

intnl. Stores 7^ucLn. 39 (15’G* P'lktngton Brothers 462© 7 5 Sis in 1 

Ininl.J.mber 1250. 126. lOocLn. 127., p J»M T*gjWB (IS*) 

"wr.ia. ’ 5D,,, 74 5 - 4 - apc2odP ‘- ^is n reW%r?^s h ^, , 5 ^ i? , ,9 » 

Picssev i50pi 100 98 9 m 5 10 «Stlg-Dol 

JC8 g"!SVp! 5 |6® 7 *?5 61 Port Farms (10P1 645 1 1 4/6) T^ 4 AbrSTSi e f ”in , n. ,, c l o 1 

flurtonwood Brew. iForshavrsi 2Sp) 155 Brifsh Nor*hro 80 >1S'6i _ rl n. -r„m« iJai. /( > .1 2Gi IBM -MJS5I SUS276®' 

(12-; 6) .. m Brinsh Printing Corp JlSo) 31 4.2pcPJ Electronic Rentals Grp. rlOp) 121 Intel. Paint rZSm 75 

Cameron (J. W.l 6'apcDb. 7908-93 63 ‘j® B 42 ML. M " ,DC EHfnroad Ring Mill <25pi 27 i12lfil Intnl. Slores 7 ^dcLh. 39 (1 

dlf-Jffdgi Brenvvlnvest. 7«. Dio. »■ BBS * 'Af’V'VfflWi OOpr ,9 <25P ' 1 

, f |p, 60* 60. 60cNon.Cum.2ndP.. 45, jgfcJgA 91 Jif*. Lreraro .ZSp. 82 4 "iWilS'S. ' 5DB ' « 5 ‘ 

%£ra2fS n'inlfi 1 ' 25p) 136*. » , {jg i?ds rSSSi 54 EJ/Is ind Goldste/r. .Hldgs-I .50. 26'.® 54.® 

Courage" 6%K2n'd Db. 41”“ VpcZndObL 60': S3I1S V^nd^^dl 1 ^Oo? 30^1 i-W*’ Bobthns JSp, 89 jcEG^pl^V^S 6/ 

.14/6). EivacUns.Ln. 52 1516). 7-Toc IW&Z vi«° izSnl o 0 ° ‘ 30 1261 ElswIcIc-lfopBer -50) 22':® lh 1 20b 20 j«ks W ■ '2Sm 27', ISI61 

Uns-Ln. 57':® <15 6) „ (25o) 27'-® 8: : . 7' JD cLn 70® Emms .Theodore- HOpi 62 112161 Jacks on U H B 1 .So. ; 

Daren nans' Brewy (Hldgs.) <25o) 88 »1S6) , Empire Slores .Bradford] (25m 166 (14 5) J |o«p, imo ii bis, S “ 

’’Susi'f-eA 1 ^ Mld0 - tF1 

Ph.iiio* Patents iHidgs.i <25pi 
Phaenhi Timber (2501 157 8 
Pickles (WUItaml A MOo, "O 
Pilco Hldgs (20p) 96 (15.6) 

49- CF.,0) P963 jUft WMSif* #*£ Lt 

'Ii 57 b ,s r14 61 « ySL^y'w 74 sw fl ««• 

Tavener - Rutledge (ZOoi 93 * 

I25P' 350® (15,*!. 73«C 

i 'J/tP «]»!)) 

Terpfus'On A fNon.V.l C5 p> 38 
TolEUJlioon Rental^ f25pi 127 8 
l5?Vl 2 fiT 1 DorfarCnv-Uits. Uw 

3rorkho-<se i25o. 671: 

Eralon Plastics i 25 d< 46 i 15;6 i 

EWCUre Hldgs- <5p) 14', 15 <15161 
Fe>*h end Co. '25o. 86 9 'I3'6» 

Esoerxnxa Trade and Transport <12>i0i 128 

zo JC8G -2 So i 26® <15 El Port Farms (lOpi 645 t!4'6) Abr Kiras ”K?ni Vq' ri fit* 40 22 3 S 

10 jacks rw.i <25oi 27", <1S(6i Portals Hldgs. I25p) 214 12. SPCtjns Tha^^ PwS'nnrt 0 E*»5S»I!i Si, . ,-a. 

s . Jackson u- H. B.. .Sdi 26':® <15/6i. l-n 137 (1216) uveuns. PlyiDod Maaufactures (25pl 36®- 

lOnePt. 104® <15'6. PoMer Chadburn (20pi 111 Thermal SvndiratR >>n«» sst* 

>• fSStjJlC. BS:.'iK ,«S E P ™'?.i r „» 7 , ’KS! ^RVi®SL' l3=r ,‘-2* 

, James IM.I Inausis (20pi 13k .13.61 5;” dv „ r .iV ,r «8> »0"» (25P< B5 I14'6) 11 tE-pi .seo, 11 (1S-'6l. • 

” fflSLEWSfli ifa " s, *‘ “• <■ * - 

1 Johnson Firth Brown r25pi 69 70 67S. Pr “«i H1«». HOP) 09® 5®. 10-SpcPf. Thu roar Bardei ' ( lO^V ? c'S t'c 

“ K£*sa a &3i i 36* nmatarurau, «. ™ ’SW- hfflt. 

a mzzzixtzrjr ill'll 

Jones. Stroud iHIdgs.) lOocPf. 102 S[!!5- ,r .1- Ser yjgg Gro-_ (So) 38' 7 Dt, 85-90 laiJ S ?l2f81 i 

jourdan iTTiomas) riOpi 41 ^ Props. Hay's Whari-137 (1561 ilSISi * t,zfm - 7J *PCUn».Ln. 63. 

jourdan .Thomas) (10o. 41 

Primrose | M . Hide 
Prince Of Wales H 
Pritchard Sendees 
Props. Hay's Whorl 

K Shoe* >25p) 700 
I Kakuzl 100 

Brews 'RO 20) 81. 7oc 

Kelsey Industrie >25 p) 93 <12/61 . IOpc 
PI. 104 US 6) 

managing uirn-u.r UI Ii.c ii.ijseir.v , . - , .. . - n — , — AA i- 112 6) 

Rubber Company, now also part Srfvr ir 0 TNniT<TRl\i ^nriiiir fSnrntT’mstiiiera /asp) 115® '6 
of the Ncirtunp Group. ThP fnrmpr BOJL^ INDUSTRLU GAUGING “V^'Tan. Troni “ Hides 
piqnRging direc>nr nF Johnson- ©»©i8<i«D- ei.o'Dh aa- nc‘1 5--^ln ' 5 P * 

Progress. Dr. C. M. Thom ns. * uZutfLa-it'* 12s-) 9-. --9 2" v? 2 7'*n- 

remains a director 01 the Three new directors were Lw i Jj B,; ,, 7, l ocLn , J 5J. , *'.nc , sI 0 ^ n ' 80 

company, acting in a consultancy elected to the Board of the w ^ri.d (£«"* 12101 °o mVci 

capacity. . BALTIC EXCHANGE. They are w«i»-'-'— - n-p-v .?-» -1 " 9 

* . Mr. D. M. M. Clark, a director of CANALS AND DOCKS <5) 

Mr. LesMe J. HollWnv. manneing Henry W. Peabody Grain and M»:i.nier Sun canal 2 22 ns&i. srtpr. 

Burge-5 Prods. IHidqs.i (2So) 51 ■ 12/6). I Erode Hldgs >200) 36® 

Evered and Co. HldP* '25o» 17H <13l6i| Kennedy Smale iIOri 32 i 13 i 6 i 

A Non. V. 2 Sb> 4fl >14.6 

I, map Hinas V.prOb 3-i T ' n «(lene invesri '5pi 18 .13 61 
S’riA-pi 5?-ncln pp* Burl * s Ap3 e r *° n iloein. 87 <14 61 
;o sVlV 56'- »'5 S! -5s-. 10-: 11 . 

Ewer .Georae) and Co. riooi S3 HZ fii 
Etrallbur Jewellery II.SpcH. 114 (13/6) 

EiKuin Clothes iZOdi 34® 

Kenning Motor Gp. ( 25 o) 724® 3® 5 '* 
4. 5<sPCPf. 40*2®. BocLn. 97 (15/6) 
Kent (M. P.) i lap) 54® 

; 21®' I Knrshaw'.A . SorS >5c I O'- >15 6i 

Exoanded Metal CO '25 p 1 67 6i| - .1 1516. Klmohw BocLn. 60>i 1 112.61 
>14-6). t* ■ *-* Dairy Pron. Co. 5<iPCDb. 60*7 it K/reMn .Robert Tavlor HOo) 75 «1 
V Kode Inter nit. <2Spi 120..'® 20 

Kwik-FH .Tyre* Exhausts) Hldgs. MOo- 
53H 4 

Kwik Save Dlscoum Gp. rl(W 88® 90 
Kynoch (G. and G) i2Sp] 53 

direntnr of the building .division president of GAFTA. Mr. H. L. C Jg2*‘£JSjl t H are*. 22..* j ?„ s-, 3 < 
of John Laing Construction, has Greig. chairnaai) of H. Clarkson ou is '9-89 39‘:. S'-ojOb. ?3 >iS6i 
.and Co., and Mr. j. a. W. M,l,Drd Dc ■ :, ' , 7A ,,SB> 


June 16 



lLmrten-< I ■■ 

U hitebead. a direcior of NedMovd 
Bulk Chartering. Retiring 
member? are Mr. P. Chad. Mr. D. 
liranl and Mr. J. A. C Hoscgood. 


0.1 1 2 i ■ « i i :• Tm d ’l; I t>-0 

l.SSxr I'll hit l'.:l-. i 

uni ana wr. n. l. nosegooo. a.a.h. > 25 pi toss a 2 ‘is si 

* A.B. Electronic Prod- Go- USo) 119 
AD Inierntl. 9pcUnscd.Ln 74 ) 

Itv T, P L,„„ , . . AGO Research riOo. 92 >l5lfi> 

Mr. Peter EJMon. has joined a.p.v. Hide,, isop. 220® 

’rtoh Grn SOdI 120 (13G 1 A Non V Kivlk-FH iTvrn^ I^Uusts) Hides nnn, 

1503. 112c IS J 4 1. Warranr* zz 13!6‘ FMC S.4SncPf. 53ij (15(61 BIN 4 Exhausts) Kings, non. 

TKSJi 71 ’* •' ,S6, * ,, » r - Ln 70, f. * Z?^5° ns ] T ?™" c 'o 5 / P ,'c.c1 Kwik Save Dlsroum Gp. rl(W 86® 9® 

• 15 6' F.llrbalrn LflwfOn (25o> 59 f15/G) Kynoch (G- ind G) i'ZSdi 53 

Butterfield Harvey -25m 59'; 04/6) Fairclouui* Construction Grouo .25o) 71 '" mocn ,Z5 “' sa 

70 '1S/G1 

r — Fairy. ew Estate IIOol 113. 13. 8 Sot IN | M 

L — U Farm Feen Holfllngs .25oi 34 it 4/6) “ 

Farnell Electronics (20m 292 5 LCP Hldgs. r25pi 94® 

CBS me. IUS52.EDI 4, , ..12 6. Feb Internntional 4 (lOot 22 (15161 LRC Internal. HOP) 36. lO'jOCLn. 81 

CH Indus N. :1s ' I (Jp. 34 3 fi5 61 Federated Land and Building (Z5o) 42 112/61 

can:e"srm Gro. 'So. 7 3 rl4(61 _ _ LWT .Hldgs.) A l2Soi 128 (12 6. 

Cadbury Schv-cooes '25pi si': 30 1 50‘:- Feede* , f , 10 “l , 32 /? .1® Lodbroke Go. (IOd) 190 B7T 9 9; 91. 

y'-pqPi. J? 1 : 115/6'.. S'.p^Ln, 65 Fonnw (J. H.» ‘Hoidlnqsi i25n] 130 Wrrts. 1011*. BocLn. 125 H5J6) 

12.6). 9ocLn. 71 2', MS 6 Ferouwn industrial Holdings (25 p 1 110® Ladies Pride Outerwear 55® 5 

CaUvns 'SDm 126 -14 6) , '1S/61 . „„ Lamp (John) Son (25oi 179 (IS.61. A 

Cskebreac. Robcv A HOP. 32‘- 3-. itSiB' Ferrv PlcVerlng Grouo 'IODI 76 (Jl'© .250. 177© 6 s 

Caledonian Assoc. Cinemas '25o. 370 Ferlleman IB.' ions <20p> 29'-® •* «5'61 Laird Gp. (25p. 00b 80. New i 25 b, 

113.61 Fidelity Radio (IO01 79 (15(61 82 1 

Carniord Engg. .ion’ 66'r >15 6) Fife Foron (25o) 53 (15161 Lafce Elliot t2Sp. 52 

Campari l2ooi IIS® 20 3 i20p) 107t® r.ndla» ‘A. R.i Group C25o. 3^'* 11 5161 Lancaster iD. M.i (5gl &)« (1216) 


CBS me. IUS52.S0I 4 , M2 6. 

CH Industrials 1 »QP‘ 34 . 3 -15 6> 
Canie'Orir. Gro. >5o. 7 3 

L CP Hldga. r25pi 94* 

LRC Internal, hop) 36. 10'aPeLn. 81 

I ixlol 

LWT .Hldgs.] A (2Soi 128 (12 6. 

Lad broke Gn. (10p) 190 87t 9 9J 91. 
Writs. 1011*. BocLn. 125 H5JG) 

It could easily be done - on the Tokyo stock market 
The General Manager of Japan's | eadIng invesrment tank 
forests that the Nikkei — Dow Jones Index (Tokyo's TT.I.) 
wtH me » around three times its current level by W f 
you would like a part of this growth, but feel the need for 

2 SSL' •"«. v T* ,ere to invest Jn 

this exdting market, you need > subscription to the Private 
Investor's Utter, the comprehensive, succinct suide -feTSl 
private investor. Each issue contains a special feature ^ Ik 
Tokyo and New York markets. P on the 

B-J-lrlrtl'IUl- 1 i.W 3Ji4Ul 

Mr Pcler Elslon, has joined Spy hS© ISOd. zau® cjmpari l20b* IIS® 20 9 . 20pJ 107f» r.ndlav ‘A. R.I Group CSm 3^- IISW Lancaster ID. M.i (5pl 6'* (1216) 

, , r>l; n/iAT P/ivPTDr r^ri.vJx- i»w M n '• imb. Efl , „ Camre* (Hldgs.' '30p. 61 Finn Art Dcwlopmenls (Sp. 40?i Lane (Percy. Grp (7CP» 59 (1361 

HENRY BOOT CONSTRUCTION inv 05 .nii in. b io‘2* 4 .'i 57 canning -W.i rzsp; 611.® 115 6) Frnlav (J ' fSOni 375® 9 7 8. 4.2pc Laporte Ind. (Hingi. (50pi 106. 

... mann-ms direcior nr Ihc Corson Cn .’V. «l MS ft. Cantors .20o. 34 -IS 6). A Mcn.vtg. fZOp) IslPi. 44 (12:6. „ Db 821; .15-6) 

iis indn<t B iiiH « icviur oi ine Aberdeen Urikn. Cb .*.501 89 ri5 6. nn * iisis. ciki ratlin S«-uriiiK rinn". 47 (12/61 i mrun-t rsc«i m .tut. 

t u® 

Fwrttr .Vui' i 

Hun I'nr .... }.»» 

Hm/b* I*" 1 - I ’• ^ 

lo.-li'-xii- — j 

Jnnllne. . .. 

MnUv Ur.-r. t7-« 
M»mvC« nr.l — 

Mri. Uimv- [ ~ 

Mei.B.i.'im-! t?.7 B 
i.i 1 * 8j0 
I>4ii Hied rif.l l .Ba 

4 (TZ f!'. liny iiu’-. • | I .r>4 
t^ad l ; . Uh 

ts.-jj IV.-nrue I 3.?’ 

1.17 ImcU'i [ 4,'v'ltt 

i./fi I 'i.rt. 111.1:1 J fijl 

2,i»Sl.W;. in ln.4. J 1.29 
2.7* jEubbers i 

fj.4 null. i.iTimi.i • 1.82 

— |i»|.i-MHi. ! i.ja 

building division. Yorkshire ??** 

■ u- --.ill k., kr...nj .u- Adifflb Gibson '25pi /5 1 1 3f6* 

Cantors .20m 34 -IS 61. A Ncn.vtg. r20p) IstW. 44 (12(6. Db 82>: «1S. : 6) ' 

33© 3 .15/6' First Ca**ln ^Jf'Jritlns rtou* 42 : (12161 Laurence Seott f25p. 113 (12/6) 

Cacw Inousts , 25_p. 112© <15 61. 7ltOC FHOns 3«3® S4*. 6pc2nd0b. B7. S'afK Oo 55*’ «T4/6l 

rcsicrnal head ofiice, Barnsley. 2 A J AaV,® 504 115 6 '- cappw-Hdii- -op' ?9> 31 ?g nereno ewers an- wheels (2 sdi 99 Leaon rs.. .Foaeii. imp. 55 ® jl 

j. A 6 2^ U 7JL fl T n ,^n-- ; e,i * r 1., Caravans Intnl -JOp* 71® I Fi*"ht Refuelling iHoldings. (25pi 140® Lee (Arthur! Sons .12 i ; p> 24 n«'6) 

* Z ‘ Wu - *® sub - Car.lo Enjq. Gtoun i2ao- 70 >15 6) _ 40 , . tee Cgoper Grg. (25oi 147 (13161 

„ , „ , “ ° ri o- Carleis Caon! mp Lejnjrd :10p. rg® 50 Fluld'ive Ene.nrnrlno rngoi 79 «:® OS'S/ Leech (Wllllami rBldrs.) (20p) 80® 

Mr. Derek liandej, managing Il 4 *' -- _ c-riio.- induits. .92 Friars (sapi 55 .isir. tees (John j.. riooi 34 iij/ei 

• rtF Maironnlitin D . _ n _ AlbflflJ 1 ! WnMn l^lft M 1 ;® 'O 1 .-® CarwTh Infnf r^cc* S& i$. ii46i Fm^rtv i tZSo\ 1 5* (15W. Hew LeEflh Inrerests (5 d> 160 

director of Meiropoiiian Pensions 1 70 a 7i4«rOb. 67 ns6 > Upcdd. can j.* .ponc^ston asr. 43 .13 nw* : «oh m.iu nsS ym 

For details of a FREE TRIAL offer, write now to: 

The Private Investor's Letter, Dept. 1PP ‘ 

13, Golden Square, London VV 1 * 

Or phone 0I-59T 7337 (2^h OUr answering service) 

A/tsociaiion. has been elected pre- Lfi-n^?™ 

1.9a finfi 

liui.lnwill C.I.I | L..-1 iwl. Irti.l 14. 7u 

IfrAlinuie .. . 


sirar l)ari>i.- 
1 cuni su-nuiv. 
MfiMI- I ■»" ■ 
1 •( 

y.90 |iL?i ■■ii'Ihi tB.10 

a.26 iiv-. iiijvir — -- - - - — — 

I' TT*, ST *. . J °*0* 5:, Sir.'.VL .«■ June. 250th Afile^ Vlaril ^Grp. (lOp) 15'» .1216) 

S>.24aS!a neiletut }2.0 ANNIV. FESTIVAL Seats a.a.lanl* lor. Bc.a.Ier, ;I0 B . 386:® o / 

•' ml»(L' 7l/..r^.4«Hf 22/td DtrertmfBtt istrauss. Strav.n<J>vi: i-v.,nrf“" H'W ’5-‘ 20'- >t 5 61 
*6 50 1 mum. <V..i 2,10 Iriu.-iftl'a. :atn Ij Orande Ecuros-Malgolre: Alpine Soft Drinks dOoi 131'* 2 

*' I'.-.-i i.ll.'t i io'6l. aaYS erothur, ‘ '"dustruli 4Zt® H5.6). 10.6s 


' 70 2 7 .oBcub, 67 056. 8ncDb. Carr J.' .Dgncastor' -2Gr. 43 ■ 1 3 6) rt.5n' 1*4 : e qh Mills >2S 0 I IB 

. ? ° . Carr.nglon v.yeun '75a. 37.. S'.mclf. 49 FnMrns • I • HWO '5pi 2B'» ® 8'». NV Leisure Caravan Parks (lOot 131® .15 61 

»T? n ri* 1 ?' T ? 5 6’ lO.DCLn. -116 . 7.7 Sa-- Unset Ln 63 - :tbi ,c, »' 76 j Lennons Gro. (10»i 33>*« 3 (15B) 

81 ‘s .15 61. Socunsco Ln. 159® <15-6. C*rr - s Milling m<tusts .25m :6 .13 6) Fnn»wear industry Invest. 'iSoi S6® Lesne* Products rso. 79# 9 
Alexanders Hld9a. {5Di 20.) 11511 Carter Pcnflu.n Group 6ncPt. zb .14 6> M5IG1 , , _ , Leiraset Inter. (1 Op 1 1429 1 2 New 11 Dpi 

Alginate Indus. i25p> 267® Car’.wns'-t ‘R 1 :H*dgs.i iq p i g? .1261 Fnrrf International- Capital Coro. 6 pcLh. 142® 40 

Allrtone Sons iIOdi 19U! Csskei 'S ' ’Hldas) 'IOdi is® 8«® 3 _ Lever ISoi 12 ri5r6« 

r.V'” 9 a,, 2u r ‘•5^; 63 - 13 6 i Castings '1R&' 37>* .12 6) Fnrrl f M.i MOp) ?8 ^14/61 Lex Sert'ce Gro 1 2 So) 79® 8 9. BhpcLn 

Allen IW. G.l and sons (Tintan) (2501 40 Cattle’s 'HIdg» • 1IO0' 34® e urd Motor >XUS2l 371. 62 (13 6* 

11*6) Causlcn -Sir Ji»eOhl» 4na sons .2SolJ IS FortnlnSt»r MOo* 143. lOprW. 98 (13' BI Levi and Palm Wallpaner f25pl 74 (14-61 Colloids Grp .lOp, 76® 6 • I5r6) .12 6' Forte HoK(ln>»S B.IpcDh. 65** 7.7m RorLn 9ti # <12/61 

Allied Insulators i25o) 71. Nr» Oro >250. Cn*"iw© 4'?ov.stPi. 291. 156 . Sik nt». 74 >1316* . __ _ Lev's Foundries tng. tZSpi 63 riS/e* 

71® 1 1IS/61 IstPt, 4* 7pt1stPl. 47. IOpcImpi. 94*7 Forward TechnoiOBv industries >SOpl 1201 Ubenv Nan V. vx-Caoln (25a* 15S 

Allied riant Gro. liop! 15'j .1Z16) & Q'aBCUnSM.Ln. 70i* 114 94 13 6). 9 SprPt 99** 

Orient of the SOCIETY OF PEN- ai 1 . 1561 ". Socunsco Ln. 154a *1S.6- C4r^s fi M.iiing a, |adiiSts 1 ' ,, .2i0i :6 7 i’i 6) 
S10.\ CONSULTANTS. " SM Carter Penguin Group 6pcPt. ZB .14 6' 

*-9'"**8 Indus. '76p. 267® Car! wrig^t ’R 1 iH'dOS * lQp\ 62 .12 61 

Allebone Sons .lOpi 19U! Caskel 'S-> 'Hldas) 'IOpi ib® 

Ba'tour T5". 63 ’13 6. Catlings -iRp' 37». .12 6) 

IMraHl Intar. rifloi 142® 1 2 New MDpi 
142® 40 

Levev ISp. 12 (15/6) 

Sgrt'te Gn> '25 pi 79® 8 9. a«jgcLn 
02 ns &. 

Ttlgjinra. ZNjt-i La wranne Ecunc-Malgalre: Alnlne Soft Drinks (IO01 133'a 2 Colsnese Con. tn.o.l 30: 

Canlafc. ®usN«ra. ane other day*. Brochure Amal. Industrials 42t® ilS.6). lO.becPr Celest.oe Industs .So* aa 
and UifcelS Ol-Za.2 1061. 92* Cclt.c Haven >50) 18 H3 6* 

Cawdfl* Indusl- Hldos. r25pi 30>/® .15)6) Fos«o Ml*sep /25p» 163® 1® I Udw 'Hldqs.r iri O b* 20>* (13(61 

Cawisods Hfdfl* 'Z5o' T4J® Foster Bras. Clothfna rzsol It# HSlfil j C‘('nsha f ( > rne> Comsonl. (lOp. n 

rgrter f j.i son r25p» SSh *14161 

Ll'lev if. c. 1 25oi 71® 

Fothergll' and H*r»ey '250* J03® (15/S* Lincrett K'lejour (ingi 57 r13'Q> 
Francis <G. K.) (7 On) 42 (12 6) LI now, Williams (250) 5C .14.6) 


Deposits Of £L,OO0-£25.OOO acceptcxi for fixed temio A f- 
years. Interest paid gross, half-yearly Rai« t? S a ‘T*" 
received not later than S.6.78. y ' Rales for . 

Terms (years) S 4 5 6 7 s fl in - 

Interest % 10J 11 11* lij ^ I2* : 

Rates for larger amounts on request Deposits to and aU,*. 
information from The Chief Oishier, Fir?nL for tnSSS 

Limited, 0t Waterloo Road, London SE1OT (01-^ ^ : ! 
Ext 177). Cheques payable to “Bank of England "f? 

FFl is the holding company. tor ICFC and FCI. S ” d ' . . x 



• s» . 

<■... *%' 

- 'ij . - 

.. .-Tuiancial Times Saturday .June 17 1978 


TffWi-wd Co. (2Sol S2 

' •H^MSSSta.'ftr'jss' slum-. 

™{? tKt UDt ” WSVItattw*. 


a'i'.'ISrTre UTloi,Lr;“;, ?1 „. I SllbmHM Tit. (Z5o> 170 

"afSaw wh .1 £ as i §55 


I viltaL. , c ... <*9 I Brltiih* American Gen. Tw «2*.n> 19' J<5 


[ Zcnitn cirb<in>tter 
* ' 5/6) 

Zeners Gn>. IUd) GZ >1 


l;~- :S . 

iV'SE** J * (10j») 45o 
Tritfejt-.-fOMTianesi Gro. iZSm be, 

■ :?9R ^Itw &Siriu .ft 
- ■" t,s - s ’’ *V«WIv 7 fiESS ! * i2; . n2»i 

gg. srp7, 

<R*B.i (Sop> S2o 



n/ ' - 

; <>. 7 |. •& ll s.teii«.L,. ! financial trusts ( » 

.-. '87 ® iisifij. 6>2PcUns.Ln. 19BJ , Akrawd I Simmer* i25o) 22t ns 6 i 

* <15.6. 

Angio.Coniinentai 9>;rieOa. 85 
| Armgur <1Do) 10® 

■■.is .., 4 > 

^ St 78t «W%l“ UUM o, 

.. -“5!*^°" <5rt ,2, ‘ •«•«- 1 6d£Uris. 1 .156) 

• -iH 

■ij h> 

62 !• 

> 1 2 61. 



KB&Jp r P U0 fMa ’ 84 6 5 
JiS?* C j£ 1 ' 9p (l-n. U5 
OKter TV «5o> 6T# a 

.Unicorn (tufts. (2^61 QR ,it t. tu* , 

GO 112161. 98 *!&&■. Bt-pcUi. 

«k\**5£Ti ™ K ‘uf. 'ii'SSfc 


7 'ificLn. 6i 6Q),' „ 

- -inT I 2 ' 1 i <14 6 >. 4bcF>( 

— 121 155 tl 3.61. 7pcPf. CF1 13» 290 

i’» 4S a ’ i3 

*. f _^!® cu l-'S <7(ld0%.l 12501 32. Ntw 

55 4. 

H *5"*™ <100' 86- 

City Merchants t.lQpl 
, OgeLn. (ISO) 64” <13(61 
United £ite. Indicia*) 45 tlS/6 
United Cjs tndi. izebi 53 
.IOJBcW. 6b lT4;6i 
Un led Guarantee lH1dgs.i >Sm 2i 

Um ! W .51?. F ?_r 5.6* 



’ : =" i' m ‘: 

u "l“ed saentiac .Hidgs. (2Sp) * 2920 

United Soring and Steel HOpl 2B® 

- United Wire Group <25p> Bio 

. Unochrwrt lnl. (TOpi 15I-, 114*,, 

y«or fXSp) 46 * ■?«pcn. , M lld.M 



■ Vantona -7 fc. <20p) 1241; 
Vauahall Motors, 6T: 
■Vectls Stone Go 

>4 <13 61 

vectl* stone Go HOpi 2S 
Verelfen Did. Ord. <Sp1 1 1. <13f6j 
Vernon Fashion Gn US ' 

Vlbroplant Hides. i2Sdi 1 7-> mj c, 

“* f?*. , . 72 sl! ! a ,5i, ,„ e 

GbcLn. 90 

160 16 
13 6). s 


4*;PtDb. 89 1. 

a ; 2. 


^European MOP) 30. 
Loitfon Scottish Fin. {10pi 41 4Q - 
ManV S - Dl 


to 3001 Pi. 54 

5 ■<: k : . 

• P ." ,s '“ so r ’2E' 

: [ 5S3s, , jSr l gJ i y' 

ajme t^rby rtOoJ #3 
I™'/. ?<??■ <25pi SB USB) 

Vesper <25p> 1 73 4 

W— Y— Z 

CLRP In.esl. Tsl. <25p 
Warants 14s tl4Bi 

Caledonian Tst. (25pi S2i;» 2 ‘j. B I25pi 
77 H3.6I. 5scn. 38 tl J.Bl . 

Canadian Foreign -Invest. Tit. i25pi 110 
it J161 

Capxai National Tst. >2ioi J2S*: <13 6 *. 
B iKdi 119 

Cardinal invest. Tit. Old. 108, flpcLn. SB 
warllal invest. Tst, (25 pi 114 Il4;6> 
Cedar Invest, T»l, t25P* 64 'i». BOuLn 
1 07 ilSfi. 

Charter Tst. Agency l25pi 54' 4 
City Cmt. inv. Tsl. Cap. shs. 11B ; :B 10 
‘OZO *1& 61 Cl, » Foremn invest, if5pi 79® 7 Inml Tst. aSp- 99 I12'6i 

.. . [ City of Orlprd Invest Tsi. i25pi 66 

aOp> 265 114 6 . ’ <15.6i 

ClavCHiguse invest, Tsl- «50Pi 82 >•« * 

Cflttpn Invests. HDs' 7><e 8 H6ib> 
Clydesdale in.ew. ijSdi 7g<i- B 73 <(31fii. 
5pcDb. 371; iIZ.Ei 

Colonial sks. Tst. SpcW- 40 il2 6i 
Continental Indusi. Tst. I25pi 20' ® 198 
Continental Union Tst iZSpl 111-; 11 

■ 13.6! 

Crescent Japan Invest. Tst. i5Dm 173 

■ IS'Si, warrants 76 
Croutrlprs Tu, iZ5p< 70® '156' 

Danae Invest. Tst. Inc. shs. iSOpi 42 1; 2 

■1 5l6> 

Debenture <25 b* 63 *r il5.'6> 

Delta Invests. (581) 1US2.DD U5*> 

Dcrbv Tst Inc. 221® 1 1IS.61 Can. <50p> 
146® 6 1IS61 

Oaminlon Gen. Tst. tZSal 1 929 
Dravron Com ml Invest. tlSP* 1271.- H4*6i. 

apcDb. 6l (13'G<. 6Uncn. 95 113 6' 
DravtOn Consd. TU. i25p> 1«4® H5.6i. 
4 >:OCah. 1965-80 90*.- <15*61 
Drayton Far Easlern Tst. i25D* 41 ij «15 6) 
Drayton Premier Invest. Tst. i25p) 192':® 
2 115 Si 7'.pc*Unuic.l.n 117 H5«i 
Dualvast (nc.jns. «SOP> 64. Cap.Shs, 216 
1 1 5-6i 

tdinhurgh American Assets TU- *2 Sp> 
1340. BpcLn. Z5M 
Edinburg 1 invest Tst. Dfd. 226® 5 
Electric and Gen. Invest. Co- (25oi 73':® 
English and Intnl. Tsi. i25n> 89® tiS'Bi 
Englls hand New York TU IZ5pi 74 *i® 
S® i;®. 4>;pcUnseC Ln. 112® 

English and Scottish Investors i 2 Sp) 70® 
MS 6) SpcPI. 40 iIS'Bi 
E nglish National Invesl. Q(d. I25P> 49® ( >® 
>15 6) 

Equity Consort Invest. Tst IDS 3 i15'6* 
Eoutty Income Tsl. |5>0PI 206 115 61 
Family Invest. Tst. i25oi 90 il2'Gi 
First 5caiiish American Tst. <25ol S4‘*. 

5ocUnsec.Ln. B5 i12.'fal 
Foreign ana Colon® I Invest. Tst. I25n' 

Fundmvest Inc. Shs. <25pi SB. CiD.Shs. 
25 p> 59 

GT Japan Invest. Tu. >25 di 1 19': ilS Bi 
General anp Com. Invest Tst ,i25p> 147*; 
■13 6> Consd. Invest. Tst. i25p* 839 

■ 15'B1 

'General Funds Inv. Tst. «25Pl 152 >1316 

Bridgewater £ JU . 

Brltaania Arrow i25o) 

?£ n !h±V ° ,d - 2, “ : 

Challenge NZSV US (13 5) 

Charterhouse >250) be 7 
Corinthian ilDg) 20 
D 5nS f*' 1 S»' »SOp* 300 
298. 5pcPf. 1 SOP) 19# ia: 

Oaijerv 288 7 90 86. 

Dawes <G. R 1 (2 5Pl 42 
□awndv Day i25n) 41'jO 2'-# 

,i«‘-<*- 66 Li 3 6) 

EtHnburoh I no 1 <12 '10) 15® 

Elecira I25pi IDS'; 115.6) 

E 5s"f - ,2S °V » S .pcLo. 

IJ-Lsndi fiopj 13<: #12:61 

" isf 

r »7r,C”- n - ' -- 

•ho. Comm 

:ocPf. 74®. 


67^",4 E ^T ,Pean ‘ 10p > 3° 10-PCLn. 

113 Gi 


Uw n 1 neo.«uins. at ll&.'fi, 

Uomniions (25pi 3S® flu g an u 
- - : SZT"* <2801 46 ris M ' 9 40 30 

-W FUbbOba HIdas. <10p< 75 tld E. I Western c-ffi!?. ,25 ,*' 5 ® 1 '® V ' 1 S 6> I Cnv ” Orrt. ™«1 Opi ‘ 1 id” i14 _ 6i 

P “T t rt'^,' 1D % 25 ‘1 3 61 New , 7o<^r«n e |'n?s' O ?i 0 p y )15i^ JB "* *' ! 0-» S ««'» 5h Ti '- ,2So ' »»■ 5 '-'* cLn - 
wXSm n^n^^'m 6, '. , 1 ? 0£Pr - 99 *12 61 1 yu,c Catto HOP. 70 1 • 

«14|li DoBartmefllj Stores A 1200) 40 ] 


.Wad ham Stringer <10oi 44® 
Irlol HIdas. 

Wagon Industrial HIdas. i2spi 125 

w5 VJZ '£!?*' I on :Vw iS nsis) 

JK 2 !™ Ftomer i5d> 12 k 115161 
Sf?. l t er <C . and w -3 HIUss <25PI 120 

(James) Goldsmith Silversmith 

Walker _ 

,i25p* 84® tis-6 

,Sc1 ,; ® *15 6* 

• IJrara Hic/qs. no pi 13*a >T4 Bi 
- V fS-‘?c| fTh “', Wl) ,2 Sp) 77® B« 7 
■ 1516). 7':PcLn 72K H4>6 i 

S a l5i w » te Go - 7B '- 
■ Ward te« Bernard, ,io P ) 22 T ■- 

Ro " 1 *nd iiQ Pi 52i;® ii s 6 i 
100) 37i;. A 1 lop) 

6 5 

Warner Holidays 

. . ’ 

JS*" 1 " 0 . 10 ? 'T^Ofnanj sons iJSd» 53 
.. Warwick EflQ 9 ln% »20p» 33 H2 6i 

Waterlcrd { Glass >50* 51 46- tu 6,. JD pe 

■ ■■:Wp Hlfl ,Vo;; 3 ! D 7 l 82 ,,56 ‘ 

.-. W*arra B Grr. f $?" ,2Ss; 5,2 <»-••» 
Wearwell (5oi 24 

Webslert Pubi-ranons f5o> 44’- nag) 
.Wedswfiod iZ5p* 221 <156' 

Weeks As;ocl»b-S (1QP< 78 - *15 6> 

.Weir G«T* i25pi T26 7'- 
Wellco Hidgs. iso) 21 .. New i5pj 22:. 
'»S 6* 

' rV/«ifiun Enc'ft (_25 pi SO'- 

West Bromwich Sprtng 1 IDpi 31 
-Wes^rics- Products .'25 p< 37 
Weswrr Board Mills HOp/ 66® 

. Westland Aireralt i25n) 22'v® 3-34 
: B<: 5 6 2*3 

t . Wcstir, niter Country Props. t25p> IB®. 
BpcLn. 4 SO 

. WestofirEvans Gn. <20oi 99i 
• Wpstvvard TV i»Dd> 261-0 
Wnessoe <25o* 72# 

Whewav. Waive hi 'Hidgs. • -Sol 17 !8>: IB 
White Child Benev <25bi 84 
. WMrecrofr (SOpi 2U® ?? 

• Whiles tTimcthyi B'jocLn. 65 '12 61. 
- ... QccLn 70 (15 6' 

. WhOt-nabam .Wm ) <12';o. 3J* |15 6< 
Whittington Eng's :25pi fig® .15 &l 

Wn.Tws-th Elec THIdos.: ibdi 16i 

Fitting! -20n' IJK 

-wr.o'esaie ........ 

WiCrMH (Henrvl 5 an (2jp! 212® 17 
. -Wtssire Ccrstnicr nOm 23 ,® 

VlWgint Teaoe 6 T «o-Dh 75 (14 6- 
W'lfcms Mirrhcll iZSel 5 1 4B 115 6' 
.Wi'k.nson Match 162!. 5 :PCPI. 44';:®. 

"OdcLR. B2'; 9 

Wilkinson .War burton i25oi 72 riSGt 
W-I'iams James iEna • '25oj 78 9 .81 
- (15 6* 

Williams ijohm o» Carthfl -JSo) 49 
W.I'S (Gcch'ie) (Hidgs) 23oi 61 
W.lfnot- Breeden. -.Hidos.i <2Spi 70';® 1® 

7k - 

r :-rXJii 70}.. . COikPL. I^SBi 55's (116) 

.. 'fvsn B-PS. ^'.2Pp| ,4V- i-IS.’ii) ’ 

v :- /trad . Plavnc 449 

"W'ra and Plastic Pmds ii*»p) 32 •ia.’** 
1/250). 55 <15/6i 

W rTnomasi- ._ . . 

W r I’ F'ccir..- TetHr <Hld-« ■ f25n* 18® 
We <•*•**. Hu*»h.-s <2 Sp. 19BP iTS-6i 
Wood r-e 5-ns 'Hldgs-l (5s> 55 
W-.oel ' Ar*hi-r) ae*m>crr, ,501 42 2! 
Weed Hail Tsi . 25n) 93 
Wri-d »s W • Grn (20a) 43 *15 6' 

GAS (6) 

Imwial Contnrmtai Gas Association Cap. 
104 37 S ® a 7 B. 7ocLn. 1990-95 


•Sim H®\ T '10 kU« 1* 1987’ lS2* CLn- 
1136? H B " fD (Holdinoa) 11 Do I 38 

f ! Murance IBdl 160® U5 6! 

50 r'l * 1 Uft “ Jn Assurince (2Sdi 150:® 

|?£vV„ "e ‘srsJt^'Shj ?, 

f§87 »i 25 fi. L » 9 - ^D^Ln* 

1997 62* ®* ■’ T-'aUeLn. 19B2- 

HSU!h a .<- L,, t A »unu«e i25d 1 332 
S“'. h JC. E., .20p) 2601a 1 

Howden t Alexander) Group MDb) 162 
?,0 3 o, ,?| w <F7 - M > 1 59. til; 

fa« *"* General (Spi 156® 7® 

LnnAn. 1 (Holdingsi tl Opi 101 

rE 2 0n *,"? Manchester i5pl 13ZJ 
United Invest. (20pi 173® 3 
Matthews Wrighlsnn Holdings i20pi IBS® 

Mmet Holdings I20p« 197® S 
Moran <C 1 Group 20ni 60 (I4/B« 

Pearl Assurance iSpi 240* 39 
Phoenit Assurance i25p! 250® 48 50 
Prude rtla^ Assurance (5o* ISO® 49® 6 

Relune Assurance i5pi 142 (13/6* 

Roval Insurance >2Sp> 367* 5 7 75 BB: 
S 2®"s tk 3 ao rbCUi Hold,,, *> s .COpi 4230 
St T hOuse Holdings (2Sp> 9B® tOO 99 

Sun Alliance and London: 520 
±un_ Life (Sp< roi® 1 

Trade Indemnity i2Spi I7BI’S EOi (15/61 
Will'S Faber (25o 1 262 59>*I B02 

IN\ ; ESTi\fEiVT TRUSTS (177) 

Aberdeen Inv. i^5p] SO. (13 6) 

ADCrucen TSL. I25pl 140 1, 

Acorn Sees. Can. (Ip) 6S« r : * ;I5 6<. 

Inc. <50pi 72 (15 6) 

Alisa lav. Tst. '25p> 109':® 10® 8 10 
• 15 61 

Alliance In.. i25pl 92 UZ<« 



All ante Tst. (25o) 226® 7 

Altitund Inc. iSOp) 
1 84 5 ■ 

ISOM 1 84' 5 1 14 6) " '* . L ,S 6) ' Cj0 ‘ 
Ambrose Inv. Inc. (ZSpl'SS 1 *® n5/6l 
Can. (25p> 60i: 

American Tsl. :25p> 46'-® Er*.® B 

(ZSpj 44 i, |UE) . 

Anglo American 5ecv. Cor*. <25pi 
1031-0, , 4 i;ocPf. _3S' a . ' 4ncDb 68‘; 

:otilth In v. .Tst. '’asp). 43#; ( 


A ,^s’S. 

Archimedes Inv. Tst,- Ihe. lUll) 68 MXICi.' 

Cap. 1500) 34’,® 5 K® 6® 7. 

Ashdown Inv. Tu. i25p> 124, 4 VrpcUi. 

84 G • - • ) 

Atlanta Baltimore 'Chicago Reg. Inv. Tit. 
i 1 Opi 64 

AHanii.- Assets Tst. i_Z5PI 98® •,« 

Allas Electee Gen Tst. *35 d 1 5»IH» 9 
Australian Intnl. Tsl. ISOP) 100 
■tinkers Inv. Tsl. I25n) 57’, 

B-T-v Tst. 'ZSOI 63 




{telephone number in 
pc rev the***) 

Barking (01-592 : 

Barking (01-592 4500) 

Barnsley Metro. t0226 203232) 

Knoiasley (051.3486555) 

Poole (02013 5151) 

Ppole (02018 5151) 

Redbridge (01-47S 3020) 

Kelton '.MeL BC i051 922 4040) 

rhurrock <03“3 5122) 

Thurrock (0373 3122 J 



Interest Minimum Life of 
payable sum bond 























5 ' . 




















5-8 - 

Glasgow Stockholders' Tst. i25o 
4ocQb. 69 ■« 11516) 

Glendevon Inv. Tsl. i25pi 92': 

Wrrt, 9‘: 

Globe inv. Tsi. «25 pi 111>- 12'.*: 12 
SI-»-W. 88 112161. 6'iPCLn. 119': 

• 1 5*6) 

Gove it European Tst. <25pt 66 (13 61 
Grange Tst. «25 p) 75 (14i6i 
Great Northern Inv. Tst. i25pl ’03® >15 6) 
Greeelrlar Inv. (25p» 84 <i5 6» 

Guardian Inv. Tst. <2 Sr} 78', 114161. 

4'tPcPI. 36 

Hambros Inv. Tst. i2Sp) 94® 

Harcr os Inv. Til. <TOp> JE <>3/6i 
Hill (Philip) Inv. Tst. I25bl 179. 4':PcDb. 
1979-83 75>: (14.‘61. 4<-PCLn. 1989-94 
96 il 5/6> 

Hume Hfflgs A LZSpi 76'^fi 5 (15 61 
Industrial General Tst- '25p> 52® 1 '< 2 
»j. 4 LPCDb. 1094-1999 105': M2I6J 

Investing In Success Equities <25ni 134 2 

Investment Tst- Coro. i25p) 275 3 4. 

5PCU>. 2000-05 144 U3I61 
Investors Capita) Tst. <25p) 65';® 2'-# 6 
1156). ShPCOb. 88':- 4pcDb. 28': 
il 2<6» 

Jardme Japan Inv. Tst. i25p) 135® 7 4 

J as Hidgs. <2SP) 48 

Jove Inv. Tst. ilOPi 46 '14 6< 

Kevstonc Inv. iSOn) 133': <14 si 
Lake View Inv. Tst. >250) 90'j. 4pcLn. 
114 <12/6i 

Law Debenture Corpn. >25p) 103® ■*. 

St>c2ndDb. 521- U3 6i 
Led) Inv Tst. Cap. i5p< 24 i1S'6i 
London Gan more )nv. Tsl '50P' 62 '14 6< 
London Lennov Inv. Tsl «25di 82 114 6< 
London Lomond Inv. Tst. i25p> 72 <14 6< 
London Montrose Inv. Tst >2 So' 184 3 

• 13 Si. SpcDb. Ser. A 68 i12 6i 
London Provincial Tsl 125P> 111 

London Si. Lawrence Lnv. I5p< 1 2 -i (14 6> 
London Strathclyde 1st. >2Soi 431- *15 6< 
London Atlantic Inv. Tn <2Spi 63 M4 6i 
London Merchant Secs. i25b> 95® 5 

Cap. I25pi 93® 1 US Bi 
London Tsl Did, (25 pi 197. BocUnsec.Ln. 
114 >15.61 

Lowland inv. (25pi 49 u (14 6 * 

M. G. Duel Tst Can. (10o> 1i‘: (1S.B. 
M. G. Second Dual Tn. Inc. COoi 85*: 5 
■ 14.6*. Cap. (401 20 U4 6> 

Mercantile Inv. TSL (25p< 30 'i® w. 4LK 
Db. 33* (15 6i. 4 i-pcDb. 74 MS Bi 

Merchants Tst. <25p< 74® • 15, fir. Joe 

Unsec. Ln. 102 113 6i 

.id Tst. |25 d* 76 8 113 6i 
Monks Inv Tst. (25ot 
Montagu Boston Inv. 

Warrants to s ub- 37 
Mooloya Invest. 70 (13.B* 

Moorside Tst. >2Spi 93«: 3 U3'6> 

New Throgmorton Til. Cap.Ln. 115® *6* 
Nineteen Twentv-Eloht Inv. Tst. «2 Spi 217. 
6'iPcDb-. 52 *j®. ... 


n - r «*d l |«w 0, .Ts?. 6 12501 57® 

ssfcsr .« C J- I, K>.T? P 12^ 6 8* 1 03/6'. 

4 -pcln. 88 (12/6) 


itMl. Sub. -Shs. Re®. Nat. Pro*. Bank. 
Reg. orher names' (Fl.5* 

(FLji) 630# 2 B 30 |15'67 
RblliKO NV (FI. SO) P478. WrrtS sub Ord: 
ISO (15)61. Ord. Sub.-Shs. (Reg. name 
of Nat. prav Bank. Noms.) iFl.Sl 482 
(1 5,6) 

Romney. Tst 4*,peLn.' 86 ■ 15-61 
Rothschild |nv Tst. (50oi 186. a.zpcPf 
., 47 n2(6)' 3.SpcP(. fSOPJ JT® (15 6,. 

6*^xLn. 1D7I : (tS.'Bi 
Save and Prosper Inv. Tst. Cap. 5h>. llQp) 
SB® ilS/6) 

Sch/cs/nger Hit. Fd. (Jersey i <1 p; 85 6 - 

Scottish American In. iSOni 91 2 1>: 2>: 

Seoul jh Co nt menial Inv iZ50! 73 It3‘6) 
Scottish Mercantile lnv. A NV Ord. '25ni 
"Too. t15.'6) 

Scottish Eastern lnv i25d) 140 •• 
Scottish lnv. Til 125b) lot *s. 4 pcDp. 
28': njt' 

Scottish Mortgage and Trust I25 p' 114 
Scottish National Trust iZSpi 146® - 

Scottish Northern lnv. Tsl. fZ5n) 101 2 
riBfi). SpcDb. Rd. 23 H26'. 3PCDb. 
BOP® (1S6i 

Scott/ah Ontario Invest. lZSni 143>: 3 


Scottish United Investors (2aoi 78® 70 
Bl = 

Scnttlrii Western Invest. i25pi SB':®- b 
■Sp) 89 7 0 2,61 

Second Ailiance Trust (2Sp) 193':® 2': 

Si^w: 415*1. 3‘jpcDb. G5; ; n2'6i 
Smo ltd Great Northern I25 p) 8B'j (12 Bi 
Securities Trust of Scotland iZSdi 193':® 
Sphere Invest. Tst. (25oi tio': 

Sterling Trust (25pi 172®. 5 pcP(. 33 

Temple Bar 6ocLn. 74 

Thropmerton Trust <25o) 72 

Tor Invst. Trust Cap. i25oi 103 4 IIS/6* 

«. (10pi S9. 

Norm Ailamk Secs. 
Northern American 

115 6i 

Northern Sto^: 

Trie one invst. Trust i2Spi 72 
Tr/Meveat Income tSOpi #2': U5«6 j, Cap- 

Trust Union 42Spt 161® 2‘«® 2 
Trustees Coro. I25pi 132 
Tyneside inni, Trust 4'ipcS.n. sc® . ' 

United British Sen. Trust l25o' 124® 
5 6 H5-6' 

U.5 Deb. Coro. (25b- 97':® 

Viking Resources TruM r25p* 91’.® 
Westcqast. Texas Inm. Trust OOpi 79 

. 02/ Ei 

WiAieroartom 7rvu Bor Pi. 38 >. nJ S' 
Wlun Invesu iSSp' SB 9 i15 6>. 8 i25pi 
84. BpcDb 6B'.- 112 6> 

Young Com oa i lies Invst. Trust 74® 

115(6 1 


M C. American Gin. fund Income 55® 
54 3. Actum. 56® 

M. G. Compound Growth 1)3.6 il5'Bi 
M. G. Dividend Fund income 124 1® 
1 12 6i. ACCgm. 222 2® 

M G. Evtra Yield Fund income 89-30 

M. -G. for Eastern On. Amun. 63 9® 
M. G. Gen, Trust Fund income 169.6® 

M. G. High Income Fung .nepme 105 6 
M. G. Jjpjn Gen Fund Actum 160* 

M. C. Matmum Fund Income 220 it 5 4' 
M. G. Midland. Gen. Trust Fund interne 

M G Recovery Fund Income B4.8 U2:6». 
Accum. 85 B >12/6' 

M. G. Special Trust Fund Accum. 

Australian <2K) 

Hampton Gold Mmlnp (5pi 131 30 I13 6i 
M,).M Hidgs I SAD .50) 205® B 
North Broken Hill Hldqs. (sAO 50> 123 
North Kaldurll ('AO.sai IS': (14 61 
Paring* (5o, 35>:» 9 ; 9 
western Mr nine It AO 50 1 153® 2® 2 40 
51 9 50 

Miscellaneous (SXl 

Aver Hilam (SMa1> Sl/54.32 
Burma Mines l17i.pi 13 >156} 

Charter Consd (Reg. I (’Sol 141® 400 
40 1 2. 5PCL1. 67 (12 6) 

Consa Gold Fields I25pi ITS 7 r 7 rpc 
Ln. fill. (I&8). B'.DCtn 7Qi« 1 1 5 fa> 
Ce-ror Tin Mines '2 5 b> 1 3D 

Malovjn Tin Dr^dumB ilMI, 400 
P-noS -ten - ttQpi C7 

Rio Tlnto-Zlnc Corp *2 5oi 276:® 5 3 6 
4. Ord i3 5p) 230. Accum. Ord I2SP) 
223® 20!. Wmu 40 iI2/6i. 3 32SacP1. 
38k 9 Il2l6i. 6 'jdcUhs Ln. 85-90 63 
Saint Piran >250' S3® 7® 2 
BnlCCtion Tn. >2 Sp> 434 291 33 (15/6) 
Sllvrrm,nev r2>-oi 58 , 14'6i 
Sauih C r »liv clOpi 60 

Sou I hern Malay. .n Tin Drednina iLMI . 2DB® 
Sunny, Best Mines Mal.iy-.ia «SM1 1 2180 
Tenlav Mineral-, >topi 45 
Thariis Sulphur md Cooper Co. 240 50 


Rhodesian (7) 

Botswana iPu2< tUSD 25 
Minerals and ResourLps Carp iSBDl.aoi 

Rhodesian Coro il6ip> 19 17', >12 fir 
Tanganyika Concessions, >50 di <57® 7 B: 
Zambia Cooper Invests iSBDO.24* sUS0-1B; 

South African (32) 

AjMlo-AHiman Coal Corpn. . ru.-.Qi 570® 
I • 5 6 1 

Anglo American Corpn. pi & 
BO. 10) J27® 4®. 6 PC PI. .R200' 65 

*1416) 5'ipcCnv RJOOi 80® H5 6> 
Anglo American Gold ft I ■ LI6'.®- 
BiShopsqatL- Platinum (RO lb) 82® 
Bhrvooruliaient Gold Mining .RO 25 1 322 

114 ,'6i 

BuHHI**onre, n Geld Mining -Rli nl.000 
1 12lb) 

Conuolidalcd Murchison (RO 10i 230® 


Deelkiaal Gold Mining 'R0.20' 73 - 
Doornlonsein Gold Mining iRI) U&S3.96 
P322 5 .14 B) 

Durban RDodepeort Dcro iRIl 220 1)3-61 
Eau Drielonic.n Gold Mining ,Rli 
SUSB.9S* d74£ 35 

East Rand Consolidated M0 d< 17’. >15 6) 
East Rang Gold and Uranium iRO.SOi 
U554.50 (13/61 

East Rand Propr/erarv Mines iRIl l/S'3.65 

Elandsrand Gold MliXng New pm 1RO.2O1 
12 16 10' 

Inch, K«nnem Kaiang abr. (10 b) 105 

KtMia t '* n 7?“r Kepong Berhad [SMa. 1) 
689. 'J® <»S-6i 

Lsmbu Sumatra Plantation* (10p) 145(9 

Malcdk: lnv*-- is. ilOpl C7 
MlHtr R'ver Rubber (10o; 4 5 -14-61 
NarBOroucn iFm.Si per. tssjte ilQa) 21 
(1 3/6/ 

Plantation Hold-ngi M9ul 70- ® 1 20pc 
Ln. T9S5 or alter 115 fljfij 

Bahru R “C‘*cr £ nales ,10p) 62® 


Sungm krun Runner t state (!Ooi 6® 

TLA (Ij) 

Assam Froniier 392 i!*B) 
Barappra. 25p* 1)6 -2 £, 

Biantyre Bbb • 15 >i. 

Camel W 'lQpi 202* 5 To 
Jokal 325 ru-Ci 
LOBOhOUFne 34;.® 

Sino'o < ‘Opi 25 

yfjrTKi (25 di ;j* 4 

Western Deoait iZ5r) ias 115 61 

Sllimxc (57) 

•SBMTtl&BsTW* SU, ' DP,nB ,SD «‘' 

Caleoonia in„.n, i26p> 73k 6 

PuriWSI WilBY 240 SnePt. 400 5 
Hunt 1 1*-] Cibsor ) = 6 
(S le Of **»« Steam Packet ISO M4 6l 
Jacobi (J- J- 20m I5>.. b .14 6. 
London ana Overseas Fre.onn-r lZBpi 
25 iO 5 : b 

Lyle Shipping ■ Z5o. :u 114 6- 
CXean^Transoort and Trad-ng i25pi 112* 

ftenlnsWar and Ov.ental Sream Navi. 
SbCPfd. SB 1 -®. Did 9i>.-e 1 2 .- j 1 ■, 
SllpcDb SB 

Reardon Snum L,r.» A »)V EOoi ’4‘- 

R unCI man -W I -2S*. OB /'3'6i 


Bristol 4 025PC P- 6ft- -12 bi 
Colne Vauev j do.- as ■' u 6i 
East Anp I inn 7p c Db. 65 -U6' 

East Surre, 4 2rr.pi 0 , ,ts 6). T'.oc 
Db: 63 ;14 C 

Faff Worirnv*or..n. I .. - Bc ^, 60 ,,45. 

EsSmr Water 4 7 or Pi Fa „ ,i:S, 7 nr 

PI 1901 .£10* 0. ‘, )2 6 , 

rolkesion,- a 5Si>' ..a , 13 a. 
tee Vsllev 5 9 n.- : 7 . bneDn hS« 

15. 61 

Mid Soy/ n >-rn 4 2 p:P; 64-95 71 •* •I2'6'. 
4JocPI 84 86 ( R iij Ei 9oiP(. 108'.: 

3® 40® 2® SO £5 35 40 27 33 20 

BH Bautn 11: 

Boise Cascade USt 29". 

Bausaiiwr/le Copper 110® 16® 16 

Bridge Oil bo 

Can Superior 0.1 USS 52 >* 

Carr Bovd 5 

Central Pac. Minerals 690® 

Cheung Hone 1500 48 

oeirtscv Bk. S-jocCitv. 1977-82 U&S 36*; 

EMI • Austr4liai 11B 

Endeavour Pesnurces 23 

Fafc Qnorwae Nickel £7 7 W 

Getty Oil USS 1S9'*9 

Gull Oil Canada fci9:.-;e 

KawkStone M/nera/s 15 

Hong Kong Kowloon Wnarl 4180 17 1 3 

Hong Kong Lang IBS 

Hocc/irsan Whamtwa 1130 "2® 10 71 10's 
Jardme Maineson 2800 <> 5 
Jsrdine Secs. 137-: 

Nora r qj Mules £19' 1* 

Gakbnd^e Sees. 175 
Otter Ei. 30 
Pananu Cent. Bd 
Pan Canadian Ftu. £S4*a 
Panconuneial £14'iS 
Peko wal(se«d 5280 
Raytheon £407® 

Ryder System £19-4 

Sabina (uav. 80® 2® 4 6 2 5 

Sthr a. Pac. Pels. 215® Pac. A 143 1 : 

Target Pc-Cs. 18® 

Tri Continental £16 's 
U.5. Shcc £21=: 

Uta. k end Hill Miaet 700: 
wnerioci Marden A 520 1 
Yukcn CPUS. 1 BO 

JUNE 15 

NewcaS'lr G.ite.huaa 4 02 5nc 73 : 

Writ Kml ■t-k-: ce _. is,6i 
York 4 vP^Pi 7i- ..136 9p.-PI. IDS',, 

i« iT2 6>. ISn:Du 106. .14 6. 


Bilsimriv (font- In seruri|jL-s (?i><»lod 
in llii.* Munthh SupplL-menu 

Jl\K 16 
t Ml J 

JIM-: 15 (Nil) 

jv\i: rz i 

Bulgarian a ,p. Gold g c , 1907 £7 

jim: is is, 

Bulgarian a - ckGoIcBo. 1907 £6 Do. 
1909 £h 7 • 

diner-can Tel and Tel. U5S 52:- £50 'ia 

BP Canada £10 

Beach Peis. 46 

Boise Cascade USs JD »® 

! Cilia Gi,g< B ,ocCn». £02 
| Data Gen £48 - 
I Dawson Oil 960* 
i East Asia Navigation 82 
Ljsiman Kodak USk SB'.O 8 
Gold Mines ol Kaleaorl.e 56® 

Gulf O.i £2 4 •* 

Haw Par 30® 

Hong Kong Ciima Gas 420® 

Hooker Cpn. 60 
i ICI Australia 208® 

Inf" Mining 6 
! Kul.m Malay Sta 51 
i Linie Lang kac Mnn 
I McAnnv Grp. 5b 
I Madiso.', Fund £'. 2'j 
j Mai/ieson in*. 7irP:C»v. £iofi:a 
Metal Ev 33 2 
: Norinerr, Mr.g 1 0 So 
' Ocean Resources 2 1 

On Searcn :g-- 
Puirpnna USS 117 
S.A. Maneanesc 240® 

Standard 0,1 Indiana £53‘»a 
Standard Oil oi«a £53 
Steel Co Canada i.T9'i Pac. A US> 1.74 Y. 

US\ Qjg-'j 

U:d. Technologies £46 % 

Walker ‘Mirami A £24 3'»J 
Westheid Minerals 106 
White Cons. £19'« 

: SO® 

Do. B 

EISBurg Gdlg^MInlng ,Pt; 98 (14,6' 

Free Slate Geduld Mines >R0 501 pi. 525 
U5\1 B\ 1 1 3.6' 

Free State Saaiplaas Gold Mines tRl i 76 
(73 6) 

General Mining and Finance Coran. iR2) 

Gold Fields 01 5outn -P0.25) pi 269 
USS 1 5': >17/61 

Harmony Gold Muring (R0.50> 3440 
Har-iebecstlontcln cold Minna IRI i pi 400 


Johannesburg Consolidated Invest. «RZ> 
131, 1 1 3<6i 

Kinross Mmes Rli 320: 

Klool Gold Muling /Rli USv6 35 
Leslie Gold Mines iRO.tSj US>D 58 D44 7 

LI ban an Gold Mining IRIt U5V7.23 'ISlbi 
Lorbine Gold Mines iRIj 80 -13 6i 
Lydenburn Platinum iRO-12';. 64 .13.6) 
Manevale Consolidated Mines 'PO.SOi 
USS1.30® 1.27 15/61 
Messina irrjnsrnali Development .RD. £ 0) 
89 (15.6> 

Middle Wltwatenrand iWestern Areas' 
(R0.2SI 192:® 87 0 
New Wit water srand Gold E toleration 

(R0.501 110 1 1 5/6 1 

President Brand Gold Mining IRO SOi oSBS 
Randlontein Esls G'd. >R2) 34'- t12 6i 
Rustenburg Platinum Hidgs. FRO. I Of B2 

St. Helena IRI. 79B: 

Sen trust Beperk -RO.lDi 208 (12 6> 

Soutn African Land EaPln. -RO 3p* »1( 

Souihvaai Hidgs. *R0 SO* 480® SUS5.70 
(1 5 6. 

Stilton (cm iRO.SOi 230 Hit* 

UC lnv. <R1» 320 
Union Corpn. /R06 1 -' 260 
Unite) Go'd Mines MPV 5U5200 7:® 
vaai Reels E*P'n. Mug. 'RO 50. susi6i ( ® 
16.15* £13.05: „ 

uiakioniem Gold iRli 52 ^ . 

West Dnemornem Go>o BD \US26 ,* •. 
West Rand Consd. Rl' 'US1.45 -.12 6* 
Western Areas run kUS'.92»_ 

JINK l:! (2) 

wane Potter c: epcPt. pie 

JUNE 14 

Ajsnll 61® 

nt „ _ . , i Amhol Pets 71 ' -O 

HULL lll.j (1) (O) Australian Oil Cfas 51# 

17 | BecSman Instruments £39'. 

Bargains marked in securities i ■I >l g? n * ug r * t ‘* 240 

Which art* M mill'd or lislPd On an I HawVer Siddelev Canada 6059 

ovcnican stock Exthau S c. 1 Mld £iS1 M,,,wls J6 ® 

JUNE iff 

Afrikander Lvas.-s 230® 

Anglo Ula. 24£® 6l® 205® 20® 300 2® 

Montedison 14 
OHshorc Oil 5i;® 

P-incar.l mental £14 ■* 

Peso WaUtenn 534® 3 
Petrohna US. VI IF 
Ryirdrandl G'd. 216 
Swire A 12S'..® IS 4 ■? 4 

Walgrcrb 121 'i* 

Weeks Natural Resources 1859 
Whim Crook 62. 
woodvde Potc 74® i 
Wooiworth iF. w.i £1B4< • 

JUNE >3 

Avar CD USS 16'*;® 
Canadian Pac. Ina. U&S 18 
C4J4 Gol&y 7 '.pc Cnv. £93 
Doll Dew. 57 
neetroftr* a Ms. to 
Florida Ms C23"., 

General Foods £36® 

Gold and Copper Lx. 20 
Grace Snn. US{ 2.*4o 
Honda BDR £20': 

Le<Chardt Ek- 1', 

Le»d Lease Cat. usi 3® 

Mnt- L yell 3i 

New Metal 4i-® 


Pahang Com. 

Pegmin 1 
Selangor Cocsnuu 36® 

Shell on £28U 
Smith Klein uSs 7<i:» 

Swire Props. 59 : ?® COG SB 
Thi-V. Hlit-s 250® 4 
Waltons 84;® 


Australian Foundation 90S 
Avon £45u 
Batu Kawan 54 
Bow Valler £22'* 

Digital Eou.pment £41 1<® 

Ovmo ind. £29-'te 
Hill 50 Gold 8: 

Holllnger £23*.# 

Johnson Johnson £66NX 
KU Ora Gold 30 
Nederland Bank iS.A.) I 4 * 

Pac. Pets. £75 :® 

Petrolane £25:-: 

Pear* OH 86 
Reaniburg Con. £19~m 
S mast 3Jr# i,:o 2 3 
Soargo ti. 30® 

Union Carbide £32 '• 3»t. 

Weu Coast Tranaimssfrjn 805® 

RULE 163 (2) (a) 

Applications granted for specific 
bargains in securities not listed 
on any Stock Exchange. 

JUNE 16 

Arbour Court invs. 11*2 _ _ 

Bueno* Ayres (.acrocc Tram wavs 5(ff«l. 
Mto-Dbs. £22 

Cgdar Hlo^ 13 

Clyde PeiroleuiTi (24 
Dart Valiev Light Railway 33 
Fuller fiinitli and Turner A 280 
GRA Prod. Trust 14 6 I- U 14 
IMe d< Man Railway 925 
M.ning lnv. Cnn 3l>i 81 

NMW Computers 160 3 
Sea Aitets B5D 


Oldham Brewery 70 
Oldham Estate: 127 4 
□uvan Hignnclos SO _ 

5Du1hern Newspadeva 2 30 229 B 
Tea Con il id 
W ldwOttlt 280 


The following appeared on the list dated 
June 1 S — 

Nationwide Leisure Ord. 5o at 6 5'* 5. 
this was incorrect and should have road— 
Nationwide Leisure Ord. I5p) 5, 5. 
Nationwide Leisure ' Ord. l5pj rranking 
div. I'll r8Q) 6 S 

JUNE 15 

Carno Diamonds 4 3_ 

Cedar Hidgs. SocRdXnv.Pf. 30 
Aran Energy 115 2 _ „ 

Buenos Ayres Lacroie Tramways 5dcExt. 

Mrp.Dbi. £]7 
Burrough (James) 107 
Channel Hotels and Props. 20'i 
Clyde Petroleum 126 4 

Dotoswell* Ktdgi- 27 
Em. i dge Pnoe A 178 
£*cnom Hiags 20 
General CevUm i Hides.) 6'j 
Hartley Baird n- .. 

Harvev arM ThcmKOn B-ipcUns.Ln. £3’ 
HvgraulK EnOlnepnng 4,2peCum Pf. 500 
Jersev apcCum.Pl 29 
Jersey Gas a otlncDb*. £65 
Jersey Now Waterworks T'-ocMtB-Dbi. 

Le Riches Stores 530 
Lc Riches Stor— , jocDb. £20 
MetJrns Trust 16 *> . 

Mlmnn Investment Cpn. 29'I 
6 SN 5 

Nationwide Leisure 
Oldham Estates 124 
Petroleum Rorairies pi Ireland 300 
Ou*ens Park Banners FC 115 
Twmiock l2or Unset. tn. £74 
Vanmn iniernntionai 5yts. Can- 42 :* 
Vannin tnterilit.onaf S«5. Pig IhC. 85 
west Hamovhire Water A 660 
Wnlvar Hampton Wanderers FC (1923) 


Cambridge Instruments I'a 
Daikcih -Cevlgn) 9 
Jersey E'.Kir.citv SKDS. £60 
Jersey Electricity J';pcW. 25 

Jersey Elertricirv 7Ddn. £94 

Jersey New Waterworks 6 :oeDb. £88 

Kpgcr* Invest U.S.SQ.70 

Kathleen invest 104 00 

Rangers fC 825 

Viking 0,1 136 4 

WneMb/v ’« 

Weeiabiv A Non.Vot. 62 

West Lancashire Water 5c: Db. £26 

JUNE 13 

Castle: Own Brewery 195 
honrif G>s ligni 205 
Grendon Truer 1 1 Dc5uB.Unf.Ln. 1976.R1 

Jersey Electricity A 80 
Liieguard ASauiance 23 

JUNE 12 

The Londonderry Gas Ligni Cons.Prd. 

Urogace InrS, 67 

RULE 163 (3) 

Bargains tnarkrd for approvPf! 
companies engaged solely in 
miacra/ explontfion. 

JUNE )4 

JUNE 13 

Cliff Oil 425 

Slrbenj Oil Gas 'UK) 350 48 

JUNE 12 


Western Deep. Levels !R2* 788®. 810 
Western Hidgs. 'R0.50' SUS21 - 22 51 ■ 

Wmkclhaak fftli 653 'I IS 6» 

Wit water srend Nigel IRO.ZSi 52 Il2v») 

West African 

AmalBsmated Tin N.owl* 'Hldgs.i It Opi 

B.iletil Tm |10p. 6 115 6i 
Janlar ilZirP' 9's '15/6i 

Diamond (9) 

De Beers Consd. D(d. -.R0.05- 367® <i 9 
7 2:. Br. IR0.05) 436 (I4 6i 

OIL (148) 

Attoek Pel. i20Pl 96® 

Brlnsh-Barneo Pel. Svnd. Itopi 1 b5 «1 S 6- 
Brltts/I Pec. 860® BO:® 5* 60: c 0 to: 
62 BpClStPi. 67: ilS'fii. 9oc2njP'. 

77':®. 6pcDb. 90 

Burmah 66t 6 7 S 6i- St. 7',pcPt. 46. 
6':PCUnsi:d Ln 84 USSi. 6> : pcU(ISCd 
Ln. 61 '4® 1 

Centurv Oils Gp. 1 1 0p' 5 7<: (14 6' 
Chanerhall i5p' 21 •; <15*6' 

E V.O PcL 5l : p<lMD0. FO-j. 6n< IsrOO 

9U*7 ■ 12 61 

KCA Interntl. «25n' 25® 0 
London Scottish Marine Oil l25ol I *9 
ilS'6.) Oil Production Stk. Units HOP' 
34D (13, '6'. 14pcunscd-ln. 105 
Oil Expln. iHIdgs. . 11 Opi 250 48 54 HJ6' 
Premier Conid. OilhcldS I5pi 16 17 
Ranger Oil 'Canada' CmJShs. 01 nur 2® •- 
M3 61 

Roval Dutch Petroleum 111.20* 4 7C® 6'-® 
7 6-'< 1 15/fir 

Snell Transport and Trading i25p - - 537:® 
40 2 40*. 3 3B 7 7.. (Br 1 liSc 
548® 5'jBtlstPl. 45 : I13/6i. 7 DC 

2ndP(. 60': (15/6. 

Tr.cenirdl i2Sd. 102® 12 I. 7bcLn. 
200 .I3 iS* 

Ultramar iZSpi 261 3 2 60 4. TocP'd. 


BUILDING society rates 

. Abbey -National^ 


Anglia ---.— — 

•' B/rrrimghani 

' Bradford arid Binctey 

BriitoT and 'West 

... Bristol Ecoriptnict '• 

Britannia — 

, Burnfe^--- — *v ■ v ■ • ■■ 

. Cardiff . — 

Catbdtlc •• 

Chelsea — - -- •“ 

Cheltenham i- Gioucestert 

Citi/ensRegeacy — 

City of London ■" 

i Coventry Economic 

Coveatn r , Provident -. . 

1 Derbyshire . *.*•■■■ 

1 Guard ran . : 

Hal* fiiSf-V ’• -.-.-I' '• ee’/r. 

Hastings ano Thanet : — 

Heart of England 
Hearts of OaK * Er-ficW 

TluddcrsfieW & Bradford^- 
LvamJ'nstod-'Spa — 

Leeds Permanent' 

. Leicester/ 

. Liverpool . — 

- London Goidhaujc ^ ” 

•’ liietipn MoMbrajT 


lldmiogwo - ■; : 

National CounnoT 

: Kationwider ’‘'V'"' 

■ .^Kcasil" Penufft 

■ Gras® 

Northern" Rockf 

• 'Xoruich .*•*: 

Paisley : " ' *** 

peckbarn ilutuai 

pormwn . -■ • = 'I j*"" society 

-principal ® uUds ' ■ Z 

: Progressive* - " V' 

r Proweri? 0^ ,3r ""JV 
-prtjvingiel V 

" Sfcipton' 

Susacx .M utual . 

pjU'tiymd .Country — 














- ' 355% 

1 fi.43% 


- . 5.50% 

- - 555% ' 



: . 6.45% 





. 5J83% 
6 45% 




' 5.25% 

. 5^15% 
line with 















. 6.70% 

- 5.50% 
5.75% . 



























: *Term Shares 

6.50% -3 yrs^ 6.00% 2 yrs. 

7.70%. 3 yrs., 7^0% 2 yrs., 6.95% 1 yr. 
6.50% 3 yrs., 6.00 % 2 yrs.. 5.75% I yr. 
6.50%. 3 yrs., 6.00% 2 yrs., 5.75% 1 yr. 
6.50% S yrs, 6.00% 2 yrs n min. f-500 

&JS6% 3 months’ notice 

a.50% '3 yrs., 6.00% 3 yrs:. min. £500 

650% 3 yrs-, 6.00% 2 yrs. 







' 6.70% 











0 . 00 % 











6.05 % 
. 7.05% 













• 5.80% over £5,000 
6 months* notice, minimamXaOO 
;3: yrs., 7JK)% 2 yrs. (£500-£lo.000) 
|3-yrSH over £5000 
'3 yrs- minimum £500 
-j yrs.. 6% lyr. min. 3 mths. notice 

Up to 6% 3 months’ notice 
Syrs-. 750% 2yrs. min. £500-£l 3.000 
3 mths.’ notice, miniinam £1,000 
S’yrs., 750%-Z yrs. 

3 yrs n 6.00% U yrs.. £25o-£) 5.000 
3.yrs^ 6.00% 3 months’ notice 
3 yrs.. 7.70% 2 yrs.. 7:45% 1 yr. 
fi months, 7J20% 1 month 
3 yra, 7J20% 2 yrs . 

■ 2 yrs. 

3 yrs., 0.00% 2 yrs,. min. £1.000 
S yrs., 6.00% 2 yrs., 5.75% 6 mths. 

3 yrs* 6.10 % 2 yrs.. min. XI. 000 

7.55% 2 yrs.r min. £2.000 

7:70% 3 yrs., 720% 2 yrs., min. £250 




7.43% S mooths, min. £1.000 
7.70% 3-4 yrs., 72D% 2 yrs., min. £300 
6X0% 3 yis* 620% 2 yrs. 




7J0% 3 yrs.. T.20% 2 yrs.. min, £100 
625% 2 yrs., minimum £500 
6.50%' S STS, 0.00% 2 yrs« min. £500 


. 7.95% 

. 7-05% ; 
+ 10 . 00 % - 

in ordinary 

6X0% . 3 yrs., 6.00% 2 yrs., 5.75% 3 mtiis. 
7J20% 2 yrs., minimum £500 
7.95%. Syrs.. 7.70%2yr»,, 7.45% 1. 
7.66% 3 ralhs. nor„ 5.75% la lira i id. ros. 
6X0% 34 yr&, U.00% 2 yrs. 

6.50% : 3 yrfL, fi.00% 2 yrs. 

6.85% & yrs., 6.55% 2 yrs., 6.25% 1 yr. 
£50% : 3 yrs., 0.00% 2 yrs. * Max. £250 
6.00% 2 yrs., 650% 3 yrs. 
share rtttes . '7 Effective from July 1. 19, S. 

AJUancr Prop. Hlogv. tt'ipsua. 7B ')S;G.' 
Ailiwii Lonuon Praps. '2pp' 201® ili.^r 
Ampigamawa SiD'h. 'Bd O'* .laifa. 
Ape. Prop*. HUPJ 2U3,® 6:® ils,6> 
Aouiv pccurilm -Sp) 21 'j 
Avl-.iub Ciovp i20Pi 7 2>. 

Dink L-omiiiercial hides, -iopi 2‘: \ i!4.ti 
Beaumont Praps. '2bui B4 <t4,bi 
be/Jwjy Hlogs. '2Spi 60'; 
derlctev Hambro (2So> 114':;® 16.® 

IS:® 13 14 IS il 5/bl 
Billon iP.r i25p< 158 '15.61 
Branford Prop. 1st. i.'Spj aa2® 5 il5-6i 
British Land <25p) U'j 4 1 SocDb. 

109 '13161 12ptCn. Uns Ln. 138. 
Bruton k Slate (Z5PI 99'; 9 «13/6t 
Capital Counties i25w Si Warrants 

10 sub O'. i13lE). 9 .pcOns.Ln. 75® 

Carding Group '5m 19'. » 3 3 j« 5 i 
Centra f Dist. Prop. 7*.-PtDb. 62 'ISiBt 
CXarlwDOd AJfrance Hioes. 7'.-KUns.Ln 20 
1IS161 . . . 

Chown 5«s i2So' 12': >14.6) 

Ctiurchburv Esu <25P» 278* 

f«r Unites iJSpi os® '’a 61 

Col man rE. Also Invests. SocLn. 1991-66 

Control Securities tiOP' 38-:® 7 
Louocrv jno Ncn Town Properties iiOO 1 
24. 7pcLn. 1 9B4-B9 79 M56i 
County District Prpoeittes ilOo' *7‘r 

Dacian Holdings i25pi 90 -is.' 6 i 
D orrington Invcstmvni >10P' 52 
English Probcrrv CorpcraUon '50n) 40 'a® 
i® 3': 2-> 3 Us: •>; - J ^fi'socLn 

J9Bh-io03' 9Q« . ■"12PCI". 2000-0& 85# 
1 1S.6, 

Estates Aftencv Holdings i2SP> 45® 

Estates Proper It (nvesimvni .2ibi g- 

Evans ol Leeds <25oi 98 >14.61 _ 

Great- Portlaml Estates i50p> 299 £ 

Hammer son Pro.Bert* Invest. Trust 4 

I25W 573 

Haslemere Esiates <10pl 241 39 e ,i5fiJ 
Imrv Property Holdinos 12SP1 31 B tliv 
Inlereurooean PropertY Holdings ilOo> 

Kenni/igs Estates 5':dcF*. 40'-® 

Land Secs. lnv. Trust *50 p) 2D7';® 7® 7 
G 12 II. TLiPtCib. 62'a "13 61. B • oC 
LA 6B® Bl /15 6'. 5'»pcLn. IG5 '15b' 
GUPCLn 1401® 3 (15'6». lODCLn 

144'-4 6® b j 

Law Land '20pi 18®. 7.,-PcDh. 72 .11-6', 

7'sptLis. 54 1 12 61 

London Provl. Shop HOpi 91 90 (15'ti 

London Couniv f'hold L'hoid 7‘jptDs 6b ' 

London Shop , 25b> B0'.*O 1'-® 

ME PC i2Sp) 126® 4. 4 pc Ob 49* .15 6' 

B3CLP. 6Z'a (14'6i SocLn 91 12 Si 

McKay Sees. '20pl 225 i14 6i 
MldhursE White (IOp) 41 (14 b' 

MounTv.ew Lett i5dl 56 1 IS'fi' 

Mudrlow IA J.l 2So> 120 1 14 6-. 7PC 

PI. 51® 50: US'S) 

Prachcv 1250' 79 -a 8 

Propertv Partnership i25_p. 120 -*5 si 

Raolan Prop Tst. .Jp. 6® S'. 

Rpolpna/ Props. /2So) 76 >13 bi. A (25pl 


Regis Pron Hidgs S'sotLn. S9® (15 6/ 
Rush lambkins Grp ^25ni 118 
Samuel Praps. 'SSul BO . 

5COUISh MetrBBOl.tan Proa. (20D> 107 = 

Second City Prop*. 'peLn 61 H4 bi 
Slough EslS /25p- nr lOptLn. 162 
Stock Conversion lnv. Tsl. iZsPl 252 
S'-ocLn- (15 6' 

Suilev (Bernard/ !.-»». Tst. I25 p) 216 1. 

Town C'lv Prons. * 1 Op) 13® 12* i. BpcLn. 
79 (1S 61 

Town Centre Sees. (2So( 59 (12f» 
Trhfl»rd Park E»JS l!5pi 107 MJ v* t 

Unlted 1 R , *»l Prr>n Tsl i25p) 259 J M>6) 
Warner Est HliJns >25 t» li<l '12/6' 
Wrhd (Joseph' <5 p) ’6 115 6i 
•Y1/“* London Prop Corp Snil'iDb. *to 
il 2 5> 

-''es-hiihs’-r Prn«i. Cm <20-ii ’P '. i!2 6' 
Winston Estt •‘•‘I-' ’7-. ' (12 $) 

RUBBER (33 1 

Anglo- Indoor S'Oh Cpn i25pj 97: 

Consolidated Runhrr (10p) 

BradufsK (F M S i Kubppr Estates tldn* 
50 M4/61 

Laser heM CKla.ip' rubber Estate 'lOn- 

Consciidaied PI. intnl ions W*rnti. 10 Sun 
(or Sits 61® (15/61 
Dunlop Plantations Sac PI 44 1 1 5.' o' 
Guthrie Con. 280® 73® 9 '4PCLn.l 99Z-9" 

Harrisons Malaysia" £»'»' HOpi 96: ® 6 
Hioh/artrls Lowlands Bcrhad ISM*. 0.50) 

1099 10 9 

l^urruiicy , Money and Gold Markets 



Exceptional shortage 

BriiU- nf ICnpInnd Minimum 
Lending Rale 10 per <rcnl 
Day iu ili.v credit was aaain in 
short suijply in ihe London money 
markei and Tor ihe fifth ennseeu- 
tlve da:- (be- authorities were 
required io sivc an exceptional 
amount of n-tslsiancc by lendinu 
the same amount to nine nr 10 
houses at MLR Tor repayment on 
Mondat. The help appeared to 
have been overdone aithouch 
Uiscouni houses were paying 



.h,iiL-lt> '.rulin' IW- j 

t V • >|twul j LTiim- 

r.t. s 

• 'lllia.lui'l 5 

lL- 1 -jlnll Ft.. 

I 'niii^li kt.- 

I '■ Murk 
I'.rll. K««-. : 

j nil . ', 

.Yi ■>£■», Kr.: 

Vii-i'.-li Fi.- 


\ u-i iui Si-li 

-*i— Kr. • 

7 l.-m I.4J20 
9 le 2.0416-2.0500 
4 4. P 4.1*>l.. 

S it nO OO iO.40 
10.17 ' ' ID.1fl„ 
5.E2*; S.'.B 
82. W 34.25 
145. 146 
1.5.4 1.4M0 
5.9) 9.94 
6.41' .55 
B.4S- .an 
2 7. £0-27.70 
j.«fi £.50 

>.<■506 1.4515 
2.0465 2,0480 
4.1. Si 4.1 »), 
60. 10 60.20 
10.764 10. 9; 
J. 2: a. 5; 
3.70 3. 2d 
145.10 U5.4D 
1.577 1.5)6 

.-.m: -.s: 

«.52 ,4J 
1. 4b .47 
i.4fc*a i.47i» 

)'•> '.tlan ril- I< fur soov. rnfrli- 7rutli.-S. 
Mii.iiu.ijI lr»m« Wi.-iVi.0 43. . 

between 9 per cent and 10 per 
cent far secured call loans at the 
end of the day. 

The market was faced with a 
slight nei take up of Treasury 
bills and an increase in the note 
circulation. This was in addition 
lo ihe exceptionally large loans 
made to (he market on Thursday 
which had to be repaid. 

On the other hand. Government 
disbursements exceeded revenue 
transfers to ihe Exchequer and 
banks brought forward balances 
above larceL In the interbank 
market, overnight loans opened at 
Ili-UJ per cent and firmed to 
32-121 per cent before easing lo 
113-12 per cent and this level 
saw a sreater part of the day’s 
business. However. rates 
fluctuated before closing balances 
were uiken at S-9 per cent. 

At the weekly Treasury biU 
tender. Ihe average rate of 
discount fell 0.2903 per cent to 
ii.KMJ? per ceni. The minimum 
accepted bid wax £97.71! com- 
pared with £07.65 last week and 
bids at that level were met as 
in about 20 per cent. The £300m 
bills tendered and allotted 
oiiroc/cd bids of £SS6.42m and all 
bid- ofTered were allotted. Next 
week £UH>m will be on offer. 

Trading in yesterday’s foreign 
exchange market remained 
extremely quiet ahead or the 
weekend. Sterling showed little 
change and traded against ihe 
U.S. dollar within a very narrow 
range of Sl.8285-1 J5320. The open- 
ing level was $1.8205-1.S. , I05 and 
Ihe little business that did occur 
was around the sLROUO level. The 
pound finished at >1.8305-1. SO 1 5. a 
rise of just 5 poinis. On Bank 
of England figures, the pound's 
trade weighted index remained 
at 81.3 having shown a slight 
improvement during the morning 
to (51.4. - 

The US. dollar started (he day 
on a firmer note mainly rcfieciing 
the fall, in Japan's trade surplus 
for May. There appeared to be 
little reaction to the rise in IAS. 
prime rates, this having been 
largely discounted in the market. 
So with the opening of New York 
markets, the dollar appeared to 
suffer from a certain amount of 
over reaction and ended sit its 
weakest level again*! most cur- 
rencies. Trading was again very 
quiet and the dollar fell to 
SwPr 1.8925 from SwFr 1.3025 in 
terms- of the Swiss franc, while 
rhe West German mark also 
improved lo DM 2.091(5 from 
DM 2.0950. The Japanese yen 



-In nr IB 

| June 

1...I.I lliilnriii m llin- 


U.-r *.1>4' 1F5: 


( ili'iii !>VSt 1*4) 


.Hi "i-n nut il.vina >lt«.00 

# 182.55 



A firm", mi living.... S1I4.M 




1 ...III I'.illlv 

.i»'iii.--i i.Tillr 

Krnyri inlfl “ISI'-lSiA 


'III 4J II &J 

liLlbi IP4> 

.\--v\ Si.v tlwi'i' .' st l 

*b&i >5* 



I'M Snvrinuii* >6iJ, 571 

•^55; -57; 

•l’«li 3 1 J • 

.ridi-ilij V..IH- 

mi i-i uni |. ii wily , 

kni-.riminl i»l(H 191* 


TU 5; lUiiliglOSj' r05®j 

\r»V .-Viilrre'gllF.... ; S52*-394 


I'ttb, T-H 1 


t Hit St.ii-ieuilio JSSSi-S)? 1 

455; -6?; 

:■ c3u: ai;. 


Kfi-I— |«27t1-27!* 

>275: -278; 

$ Iik4t l:7i 

s 140 Iji 

5s Kngtef S99 IC2 


Juni 1 1* 

Ctrl ili.vlr- 

"i iv III 

\ rite ii-i-.. 

i in iiiTii-e.. 

■ in- ui.iiiiii... 

I . .• rti.inlii .. ' 
lli"- ■ii-iiilli-. 

■ nil'll"'-.... 

'■»•, nti- .- 

in* i > 

1 -,9m 
9 9:. 

9>i •/. 

9», an 
9. a 9 4 

\ rfi"- — 


( inert* nl. A nl In •r'l V 

, .te|.rllK 

[^<•**1 Amh. 

* i*>n<l» 

1 Firaino*. 1 1 

Hi. ii,i* /Corapanrl 
lte|.>ivii> ! Ite)4v-tt- 1 

1 1'iw.unl 1 
irUrLel I 
1 d®|»r.i| 1 

Bill. ® 

< Eligible 1 
1 Hu ul 

, Bllte* I 



8 121; 

_ j 

■ 8 2D j 



10-- 4 11U 


“ | " ! 

Ok 12 20e-22) ( 

ID3 4 11/4 i — 

97 B 10 | 



. i 4 10. c • 10J* Il 

97j 11 : 

i ii -n : - ; 

9I,.9S, j 

9;. -9,.. 

10ln idi 4 ; 


[H], 101- 

9»- lu'-4 

10i« lQj« | - | 


i s„ y„ 


! 10'a 

9, IO'4 VJ 10,* 

9U iOie 

2» tOir. : — 1 

9>< 9* 1 

»r< '« 


9./ 10,;. 10-10'k 

8 -i 9;? 

IDW.iQae ; — 

— \ 


9 1-4 

9..i 10 

B'j 9i r 

i03* ; — i 


| 105, 

9ir IO,: 30i4-]Di r 

91« 9 '0 

l.i *10i* 1 - ' 

| — 



— ' 


• — I 


_ June 15 

Special European 
Drawing Umrol 
Rights Account 

•"•af aiiiftorii)- ii"( fiii.j 1 piiin*-v wren <lav 
■".illv Hir<-.- ii-ir. If- it; p'-r ci-iii: imir 
Im v ms rhiw l‘.r or 1 me ujikt. Hu: iiu ralv 

iv' Bnilcr-. 'iihrrr sririi days' Axed. I.uiui-ierm local ai iilinrnv innrlxaicr rale 
car-, i.'i-l.'i iii-i- ci-iii: five vein l-'i-lS: ger Cent, a Hank hill ran--* m table 
I'.r fiiur-inouil' hank bilt.s 99)b-a. per cent; - laur-mnoiti trade hillt. 10. per 

v-urncnuii- — Mill j 'rail-- I'T nth Tr-.-» -urv htU- >-9*i* l<er ivn« : it.-ii-iuui«h *li„-»'.ri per etui- anil Ihn-^-iunnih 

i. .; „ vr linn.- ran- («ir uni- bant bill' !u per cent: and iwo-mnnih 91 per venl' and iliree-iunnih 

MfV nf trail*- li'D- In: pc-r ivn-iiinnth 101 ner cent: and alxi three-mnnih 185 per iciil. 

‘ Finance Houses Base Rale -puhlrhi-l by iln- l iiuiiri- Hmi-v-J Avsnclaimni S? per eiot from June 1. 1915. Clewing Bau 
Deoosil Rats '(..r -null .um- .it — \i-n d at ' nului-i * -7 per teiil. Clearing Bank Base Rates lor lendlnK 10 P«r cent. 
Treasury Bills: \y.ra... ». mJvr rail". *-f 1 W 114* PIT (Trill 


L..V dollar 

Canadian dullar 
Austria n sebilliiu; 
Hi-lulap Irani- ... . 
Danish krone 
Deutsche IfaiH .. 


l-rvneh franc .. .. 



Noni-i-uian krone 



U73* 0 








SuvriiFh Kroner 
■5 'iish (rani- . . 






6.9676 S 
265 B07 


June L5 

Ni line 

ana ilian 

U.S. Ii'illar l»UH-h Guilder , Sue FVplTic 


'«i* ii'-n.T-. 


- nv -mil-... 

... . 

12-4 13'- 

J3i-. !■» 

JC'i l2 v 
121*. I- 1 - 
12> M .12b- 
1B'« 1SC*4 

7>j aij 
7 ij U'j 

B„. a,: 
8i-> B-i 
8-'i 9l- 

7»ji 7 -k 
8 b'j 

83* rifa 

8"‘f 91* 

9 S»l* 

4 l»-4Ia 
4'< 4lj 
4l»a4l t 
4i... 4ij 

5'a 55« 
5'* 5 ^j 

4» >F 
id « 
1*» IU 

8 ZU 

w. Ueriiuu 


Kieiu.-1> Fimc Italian |jr» 

■Inpauere Yen 

51 1 dip 



iii a-;.- 

1- id 10/ 8 
lOJg • 10.6 

I '.J iO; 

10i» 10U 
JO:.. 1 
Ul* 111- 

14 18 
14 18 
12 13 
l£*a I3i* 
13 Is l«l* 
14. 15 

7“ 7;-j 
7.; 7,; 
7** T„ 

a.;, e,. 

41* 6U 
2U 41l 
3 /* 3 (g 
3ld a>* 
3!. -41* 

I hr luUoWillK nnilillul ral 
■•ne year pi r 

, % j,>n- glutei) frir umdon duliar ei-riiSeaies of deposit: Due month &.M4.U1 per ,hr '.f monibs 8J5-S.33 p- r ivnr. six niomha per 

i.iinu-n-rni > J-peni- *.-9 ii- 93i tt p-t eem: three ye-r* 9;-«i per cent: four years 9i-9: (kt uni: five years SJ-S; mr lent. ’ Haie-i are nominal 

Tie ran.-s. 

-•tion-ii rm ral-' ■‘all ter •Jli-M'iu. u.S. 

\«lan rales ar- ilfisin- ran-- in Snieapnre. 

y non-'.'rm rji.- ■•all l»r su-mn:. G.S. dullpri and Canadian duller*: 1*0 days' noiu-e for guiidm and Swiss fram-s. 


Scaturln provided by 
d«o S7 HE.4M Internot/qnaJ 

Name and descrip I ion 















Dear(— )■> 







.\l.-iii Aluminium Hpc Ov. S‘J-94 

9 05 155.00 IQU.O 7tt-S0 



^ucialcd Paper Wipe '.*) • S‘5-tlU 

1.40 115.00 200.0 76-73 8.2 

6.7 -7.5 -10 10 1 


4.4 -0.5 + 6.S 

Raur Ireland ]»hc Cv. B 1-!K» 

K^i2 176.00 47.6 77-79 


3.0 -14 

- 8 to -1 10.S 9.4 -0.8 + 0.7 

British Land 12"c Cv 2:192 

7.71 137.00 333.3 80-87 S.9 

8.5 24.3 H 10 30 0.0 92.3 83 J +58.4 

English Propertv lUpc Cv OS-03 

S..S4 03.00 234.0 7H-79 


7j . 3 .1 -If to U 8.3 3.1 “5.4 

1D.31 88.00 150.0 76-84 I3.H 13.0 4.1.1 

24 to 102 3U.4 48.4 29.4 -13.7 

ikiiw/n Trust il'pc Cv. 8S-US 








1 to 





- 8.0 

Hcv dcn-Stuari Tjic Cv. 19:15 






- IS lo 

— j“ 




+ J4LK 

P*-o'")> J5i»c Cv. 








- 5 lo 





+ 8.4 

Sluceh Estates lupv Cv. S7-SHI 






2 ;j 


7 to 





+ 0.4 

T*: ,-r . Ken:.\ltfv S|ic 151/ 1 








5 to 





- S.4 

yi:,w!i l him ij »• s;;-:trt 

It. JO 




i 1.1 



29 10 






.Miii'bir gf r,r(jiiiiry ihar..^ min which £1DD nominal of convertible iioik is lonvtnlbU;. The extra cosi ul nircsunviil . >*• i-omvniijlc i-xpri-sv.-n as per u ni Of toe 
»...( Ml (he i qiniy in ill, ^oViw-riiUl'- Mock. Thr«u-iM)ii(h ranif f (rnunu- on nuoibcr of orfmarj’ Shares (mo which 410'’ sYum-ntblc sjj* « convcriibls. 

Tip : 'Tnn». .'vpreisi d n r„u.-i. is summed (rum presem lime utuil Income on ordinary t/harcs is Brcjier iban income on nuo nominal uf co'iscriibii- or ihi.- trial 
, i/.r ■ r>;:nu uai,.- whi- hev.-r is e.irln-r lui-nnu is assumed io firou' at 10 per ccm per annum and is preterit valued al 1. Pfr eem per annum. • liuvmr un -IW ol ln..vnn-‘ \< r-URiim-l mini conversion and prefni valued al 14 pc-r eem Per annum, TWs (a imsime nf ih«- eonvr-KiW' 1 less m-unm ol 'tn uadirljinx cauirr 

'l as n-V is* iu „i ni min. of ihi- iimk-rh iMK ,-(jmiy. 0 The di'flerener between Ihe pivmhim and mennii- differener ijipressed as per eem of ihe value o( 
nii |. tiling i-uui!) ■ I-. :,n iii'li'. j 1 1U11 nf ra'alWt ».h. .ipiiess. -* is an indication of rtlativt dearncM 

JUNK 15 

Stern-"* Oil and Cjs >U.K.) 32 B 0 2 D 

CCF North Sc a BIZ : 

Clutl Q'l 412'; 

SiCttefS 31S 320 324 32 6 328 330 3J* 
336 34 0 34 2 344 346 

CCP North sea Associates 875 825 
Gas and O.i Acreage 95 
Sicbens Oil and Gas .U K.) JS5 354 151 
352 350 349- 34 S 

5'Cbens Oil and Gas 1U.K.1 356 154 

351'; 350 34 9'j JJB 346 34J>! 342H 
352 344 

i Bu of die Shirk Exrhano* 
I 'rru.i.-ii • 

finished :it Y21H against Y21IL25 
previously, having been down to 
Y2171 a l one point. 

In fairly active trading Gold 
improved S'-'i an ounce to 
SOMl-18.1' after opening at 
Sl8:(f-!!^4>. The Krugerrand’s 
premium over its gold content 
widened to 4.1fi per cent in inter- 
national dealings and narrowed 
tn fix per cent domestically from 
Iasi Friday's common close of 
:s.:i7 per cent. 

Financial -nmes Saturdav 


Equity markets enlivened only by situation stocks 

Leading Industrials edge higher— Gilts remain quiet 

At-couM Dealing Dales An uniii'P'iina week in the 

Option Traded upiion marketjanie to a 

* First Declara- Last Account quiet close. ,J "jy 2,1 contracts 

"rirst ueciara- uisi .ttcuum . 

Dealing* Hons Dealings Day "ere don • .^^ rd ^ . co "'^ red f 
jtlav .10 Jun. « Jim. 9 Jun. 2ft »Uh the fnc.iMb daj s total of 

Jmi. VI Jun. 22 Jun. 2$ July 4 507. 

Jun. 2ti July 6 July? July 18 , _,: vp rf 

" ■■ New lime " dealings may Uhc place oSQKa HlL\vU 

Irom 0.30 a.m. two business day* earlier. _ h n „.. ,,,. 

. Situation 'locks claimed most of SlisliHy • ™ J 

th..- a tlL-ntirm in equity market* major clejn. 1 - banks drifted 
vesterdav. .VuvoriheUvs. ihe In- Iqucr laic y close . m « cd r Na *; 
dust rial leaders edged higher and Wejil , .-nd« | !i JaJe dearer at 
“elective support via* again forth- 2hSp lull Lartld.^ closed l . 1 lower 
• coming for neci.iuhiry issues. ■■ i ,rro, .‘ ‘V"^- Merchant 

Although there* was link* in Brinks "ere inclined harder in 
Ihe uay of background news to places and Hill Samuel put on - 
aid sentiment, the underlying tone to Slip. Annul j .. hrm Hire Pur- 
wa< proha b I*, helped by the >hJ i'P eh.i.-es. K !■' nance, nop. and 

increase in industrial 1*010111 tlur- Lloyds and Soiiii-h. rn-e 

ing May and by the slight latest apiece, while *-' ,M hardened a 
slowdown in the L : K rate of in- penny 10 lli'tv 
Haiion. Trading condition:? ueio Interest ’» Breweries centred 
? In tie uiKcriain at the start. | ur » u |v on GuinncMi which closed 
.but sellers held otf and tlie lead- 10 ntf at 170p. after lfi4p. follow- 
ers gradually udgcil higher on a j n „ j n t r i 111 figures substantially 
-modest demand. Business virtu- | lt .7r,« market cpecia lions, 
ally came to a sland-lill during ^ /jimer trend developed in 
ihe afternoon and the IT Uti- hut she imormemenis 

10 harden K to li-Hp . GEC edged 
forward .1 penny 10 2t£fp helped 
by the planned link-up w ith the 
American concern Fairchild, while 
ennfinuin:: .speculative imprest 
lifted Eiectrueomponenls o fur- 
ther TO -WOp. Thorn Electrical 
were also belter lit 33$p. up -1. 
following Press comment on its 
involvement in the television 
video -recorder market. 

Good gains appeared nuung 
secondary Engineerings. A bear 
squeeze brought about a . is? of 4 
to iiS!p in 1311. while ouying in a 

Iluiels and Caterers, Grand 
.Metropolitan edged forward lj to 

Pilikington please 

Preliminary profits way above 
expectations and ihe proposed ‘0° 
per eeni scrip-issue prompted a 
jump of :17 to a 197S peak of 720p 
in Pilkington and also helped other 

mi seel bin sous Industrial leaders 
rally from a dull start. Meial Bn* 
closed S higher at 3l4p on invest- 
ment demand and Bunts were ■' to 

earnings, but other Motors and 
Distributors were generally better 
where changed. Heron revived 
with a rise of G1 to I37Ip. while 
renewed demand lifted Dowty 4 
vo 21 ip and Flight Refuelling a 
to U'ln. Dutton-Forsbaw mirrored 
the chairman's optimistic view on 
prospects with a gain of 2 to 4Slp. 
Other firm spots included BSG 
International. \ harder at 42p, and 
Kenning, 3 better at 78p. the latter 
being helped by call-option 

In a small trade, demand in 

Wednesdays results, but Dorring- 
ton were unmoved at 52p despite 
the higher annual profits. - 

i BP drift 

F.T.- Actuaries All- Share Index £ 

..r so in places and Hie index xhursduv's rroilis. Contracting 
closed .1 net 3.4 owner ai AiOJi. Cunsi ruction issues remained 

British Funds continued w , llIlh \,., r .|iwiel again dull 

British Funds continued to A , |vf|h M: , ri -|, w iel again dull 
trade quietly. Shorr-datcd siocks . rin „ n r, but Taylor 

fluctuated within fairly narrow ^- on< | n>w making nmdcsl headway 
limits before ending with* im Housebuilders 

F.T.- Actuaries All-Share Index [\ 
Adjusted for Inflation 

f w> 

limits before ending with losses Housebuilders 

ranging rrorn ,, to ■ ■ anbury "pur on 3 10 W3p on the 

lions for the new tap in this set; hJ h - llt< a(Ul JW > pt>r ct .,„ 

mr were allotted m full. Amon s "rip issue and. dc.nit* Thursday s 
ihe longer maturities, interest p e ro(}l< William Leech 

v. a- shown m ihe novi long tap. j m p romi g mc ,rc 10 t«p. Intcrna- 
rvrhfqucr l. per cent. ,| lini | Timber added a penny to 

! £1 ° l>uld 1 "h»n fiisi-iimc deal- 0 , run her response to the 

ings commenced yesterday, after 1 , ri , v „ii.- 

openinv ar par. the price eased . r ‘. t . . • , 

to I4:i before settling at 14'.. .1F1. mil ■ ■' '■' l ll J‘ «** ■“ ■ 

Vmo re* the outstanding move- kicked up in !.<u 1 _ dealm. 1 
men ts jn The equity sector. Mlk- finish at ihe overnight level or 
ingvon I’.rns, jumped 37 p 10 320 p 5SSp. Despite new « that union 
in response 70 extremely good om C ials are to dUcuss the impllcs.- 
results and proposed one-for-onc- lions v»r a takeover o> Tennoco 

scrip issue, but Guinness con- next week. Albright and Witonii 

masted with a fall of 10 to 170p. held :• modwi improvement at 
after 1R4p. on unexpectedly poor 1*0p. Horace t <ir>' Pl't OP -■ to 
half-yearly profits. -5P in a ihm market and country 

Interest faded in Thursday's demand prom pied =■ rise 

newcomer. South Tyneside ll'l m James, llalsiead. at J«ll>. 
per vent 1MW l£llt-paid» hut Ihe i 

price held :it 10 ’, a premium, nf D6D01111R131S JinU 
; on the level at which the .-lock Leading Stores ended the week 
V as issued. Other recently- Issued tirm noU . wuh sentiment 

Fixed interests occasionally helped by hopes of increased 

British Petroleom's proposed 
US. and German deals, ivorth 
together over 1400 to, failed to 
draw buyers and the dose was* 4' 
easier at 862p. SheJJ were sinrir 
Jarly cheaper at S40p. Elsewhere^ 
renewed speculative support, alter - 
recent easiness, lifted Siemens 
(U.K.) 22 to 352p. 

James Finlay figures promi- 
nently in Overseas Traders, rising . 
15 to a 1978 peak of 386p on 
publicity given to . a broker’s 
circular. S. and W. JBerisford 
shed 2 to 13op on fresh considera- 
tion of the interim results, while 
small selling dipped 5 from 
Inchcape. at 4J3p, and 12 froxd- 
Harrisons and Cr os field, at 475 p. 

Investment Trusts finished .on - 
a quietly firm note foDowmg this 
week’s bid by Barclays Bank on 
behalf of the Post Office pension: 
fund for Investment Trust Cor- 
poration: the last-named eased 
3 to 273 p. Camellia Investments 
scored an exceptional rise of 23 
to a 197S peak of 280p on renewed 
speculative interest in a- thin 
market: Financials had Grimsbawe 
up 3 more at 25p and S. Pearson 
5 higher at 224p. • 

Following recent easiness. 
Shippings became a steadier mar- 


Anglo Utd. erratic 

t 1 1 1 1 1 1 __ i__I__L___L_ _ 1— 1 1 - ! 

V»2 1963 196* 1965 1966 WS7 1968 1969 1970 W1 «7g 1973 1974 1975 1976 1977 1978 

cultural mortgage vanaoie ihm espouse to the chairmans en- 
/n.-idc a qjjvr debut at 100, l. com- count ring slulemenl at the 
pared with the issue price of IKIO. annual meeting. 

pa * eu wiiii vi iv- i.'juu annual meeung. 

LaU? book -squaring operations Elsewhere, speculative buying 
caused a recovery in the invest- in , hin mar ket prompted a fresh 
ment currency premium which rise of r , %;p MF1 Furniture, 
dfter trading easier at around hile demand of a s'milnr nature 
3 l-J to 112; per cent for much i irted Bourne and IMilmgmnrth 
or the day. closed fractionally lti , 0 11Sp . Wilkinson Warbnrton 
higher un balance at 113; per added 4 at 73p. 
cent. The unexpected recovery Kill tame nn offer late in Elec- 
m Chilean operations brought tricals and Tell 3 to 138p. 31.K. 
rises of 15 points in both Anto- Electric, which reports pre- 
Tasosta Railway ordinary, at £201. liminary figures on June 2 Up. 
and Preference, at £341. Tester- slipped 4 to 179p. but news of the 
da;.'-* SE cimversion factor wa> projiosod sale of its S.A. subAi- 
m:*isr. i U.fiiiiiH ) . diary enabled Racal Electronics 



thill market left Brail h watte up 7 
:u I-fup. Comment on the sliar;i 

acceleration in second-half profits 
helped Triplex Foundries put on 
.1 more to S9p and Turriff 
encountered buyers at t?lj\ up H. 
A dull market since Tuesday'/ 
announcement of 3 sharp contrac- 
tion hi annual earnings. Pcgier- 
Hultersley perked up and closed 
4 higher at http, w hile Ghnvved 
edged forward a penny lo lUUp mi 
an lines i mem recommendation. 
Westland, at 35p. retrieved 2 of the 
previous day's loss or lit uhtch 
followed the dismal interim report 
and passing of the half-yearly 
dividend. Stavelcy Industries, how- 
ever. met profit-taking and loil i> 
to 2S2p. Tubes moved up 4 to 
372p among the leaders but 
Huwkcr lost that much to 224p. 

Foods adopted no set pattern. 
.Still reflecting disappointment 
viih the preliminary figure. 
Robertson Foods eased 3 to 141p 
for a loss on the week of f«. IL 
Paterson, at 45p. gave up 1 of the 
previous day's jump of 8 which 
followed the results, but Tate and 
Lyle became a steadier market 
and closed a penny better at 173p 
following Press comment nn the 
annual results. Among quiet 

the g«w*d at JfUp. Cow:i("r 
hardened 2 ro 2U2p. while similar 
improvements were seen in Glaxo, 
373p. Rank Oreanisulion. 250 p j.nd 
Rcckitt aud Colman. 4S2p. Else- 
where. announcement of the hid 
terms from .Newman Industries 
left Wood and Sons up 9 at 37p. 
Fresh speculative buying jified 
Avon Rubber ti to 200p, while 
recovery hopes prompted an im- 
provement of 3 to 77 p in English 
China Clays. J. F. Nash Seniri|jc< 
encountered renewed support at 
13pp. up 5. and Fockware closed 
a similnr amount dearer at 13dp. 
Bentima Industries also met buy- 
ing interest and hardened 2 late i*i 
2filp. while Ferguson Industrial 
edited fonvard a penny to H«'p 
following the results Still 
drawing strength from the chair- 
mans encouraging annual state- 
ment. Banr and Wallace Arnold 
Trust A improved 2 more to 10ip. 
Cam rex. 3 better at 63 p, picked 
up after recent easiness caused 
by the chairman's profits warning 
but Randalls fell 5 to 69p follow- 
ing new.? that the results have 
been delayed. 

Jonas Wood head provided a late 
dull spot at 92 p. down 5. reflecting 
disappointment with the reduced 

thin market* lifted Daily .Vail 
- A " S to 303p and News Inter- 
national 2 to 255p. Elsewhere. 
Tridaal improved 2 to 55p in 
belated response to the results, 
while Oxley firmed 3 to 64p on 
occasional interest. 

Properties improved but settled 
below the besL Land Securities 
gained 3 io 2I0p. after 212p. but 
MEPC finally reverted to the 
overnight level of 125p. after 
127p. Eritish Land, despite Press 
mention, finished only fraction- 
ally higher at 34p, while English 
Property added a penny at 42p: 
an announcement i s - expected 
next week regarding the latter’s 
talks with an unnamed Conti- 
nental group now generally 
accepted to be the Dutch concern, 
Wereldhave. Elsewhere. Lvnton 
put on 7 to 124p on small buying 
in a restricted market 2 nd simi- 
larly Warn ford Investments 
added 3 at 272p. Berkeley Hambro 
and Churehbury Estates firmed 
3 apiece to llSp and 2S3p respect- 
ively, the latter in further 
response to British Land's recent 
acquisition of a share stake. 
Control Securities improved a 
penny more to 3Sp ahead of next 

Most of the interest in mining 
markets was again focussed oh tfcr 
Irish. Canadian sector where 
Anglo United Development con- 
tinued to move erratically in a! 
good two-way trade. 

After opening higher at 240p 
the shares dropped to 205p before | 
recovering in the afternoon, to 
close unchanged on balance at 
225o — a week’s improvement of 
61 p. ' :■ 

On Wednesday -Anglo moved 
ahead sharply to touch a peak 
260p following rumours of a 
possible cash injection into the 
company coupled with talk con- 
cerning the company’s recently 
announced possible uranium 
discovery in County Donegal, 
where preliminary work is pro- 

Other N'orthgate group com- 
panies were similarly active. 
Northgate Exploration rose 10 
more to 455p but Westfield 
Minerals declined 4 to 100p.. 

Among other Irish/Canadians 
Sabina were again the subject of 
persistent London buying which 
lifted the shares to. a new high, 
of 90 p before they reacted on 
profit-taking to close 2 better at 
&4p. a rise on the week of 35o. 

South African Golds were 
quietly firmer reflecting a $2.25 
rise in the bullion price to 
S184JS75 which left the latter 
$3.25 higher on the week. 

Although 0.9 harder at 157.9 the 
Gold Mines index remained un- 
altered over the longer period. 


DEALING DATES Spillers, Burmah OiL Uoadoh 

First Last Last For and Northern, RCA Ihfeer- 

Deal- Deal- Declare- Settle- national, EiffL. Maple, P. and O. 

lags ings tion meat Deferred, - Mount Charlotte 

June. 7 Jun. 19 Aug. 21 SepLX2 Investments, Westlandf Aircraft, 
Jon. 20 July 3 Sep. 14 Sep. 26 Kenning' Motor, Pennine Motor. 
July 4 July 17 Sep. 28 OcL 10 Talbex, Letraset Parlnga,. and 
For rate indications see end of Intereuropean Property. While 
Share Information Service doubles were arranged -Jn 
“Money was given for the. call Premier " Consolidated ^- ’ OU, 
of Premier Consolidated OiL British Land and’TJDT. - 



Stuck tion 

I'.:i ti 

RAT Inds 25 1 ) 

Lloyds Bank £1 


of Clodns Chance 
marks price I pt on day 

1M1 25 p 

Westland Aircraft 25 p 
\n-jlo UrcJ. Dev.... npv 
Ens. China Clays 2op 
English Property 50 p 

Grand Met 50p 

.Shell Transport .. 23 p 

Thorn Elect 25p 

Bvechnm 25p 

Burmah Oil £1 

GEC 25p 

Guinness t A. ) ... 23p 

Tin- ah nrc list of ariite modes Is based on the number nf bargains 
worried yeslerriau t»i the Official and under Buie lboth ie) ami 
reproduced to-dnu in .Stuck Lxrfiongc dealings. 



BATs Defd 


Shell Transport... 
Barclays Bank ... 



Lloyds Bank 

Reed Inti 

Nat West 

Western Mininq... 

Lucas Inds 

Midland Bank ... 

Tate & Lyle 

De Beers Defd.... 


Denoniina- of 
lion marks 

Closing Change 
price tp) on week 

L'n-i-t Lin-iri^ 
ll|>l 1--II |H|M* •4T(T 

• ■|"stUl kfllMIV 

-•IT ..I 





(. oin. Imi.n 

I. 'kIii. 
L'.iiis. I.nlil 

I ■ ■ 0,1 _ 



L Miirtmii.ii • 

(.■•uitauMt. i 
(fb’C! [ 

r; k» ■ 

GKL* ; 

i.Jinn-l Mfl. 
Urana. Mrt. 
fitniltl lie* . 


Utllll S'T. 
Ijtn.l Mia. 
Ltlhl NS'... 
Murks i .-S|i. 

Uni fcs .v 
llnrki X 
sj , ..-n _ 

I I , 1 n ■- 

240 i 28 

— • 263p 


These indices are the joint compilation of the Financial Times, the Institute of Actuaries and the Faulty of Actuaries 





Fri., June 16, 1978 

Tues. Mon- 
June June 
13 12 

Fl©ins id jwmtheses rfi o» 

o* Uorln pa* uu I Im l 



SAD. 30 36 

II 33 

II 34 

II 34 

Rn.t)3 33 

50p 33 

K.l*. ■ — 

k.p.; J..7 

K.P.. -- 

SiJ UrsniHlI aJ.L'.i 89 ,4.5 . ->.l 7.7i 4 JS 

1*2 KumOienn 166 T 2 - 2.64 3.0 2.4 1S.B 

55 ftmiffi 1'l.rv.Hl . ' jS . .. :'-.-;2.0 2. 3 ; 8.4' *7.9 


Index 1 Index I Index j Index 
No. I No. I Na I Na 

Highs and Lows Index 

215.17 +0.6 
19032 +13 
34537 — 
455.01 +0.4 
32021 +0.7 
174.96 - 

16536 +13 

7.98 213.99 21523 215.67 21435 17537 
7.91 187.65 188.48 18939 18733 14835 
7^5 34530 34822 347.47 346.48 24635 
937 453JL9 456.75 45936 45725 337.41 
738 31856 32127 31933 31739 249.02 
7.46 17489 176.09 17629 17525 15986 
7.85 16335 163 J2 16381 16328 14782 

21587— (13/6) 
1978& (6/D 
35135 (7/6) 

46434 . (6/D 
323.76 (18/5) 
33629' (13/6) 
17LS 02/5) 

15422 (27/2) 


23384 (2/5/72) 

38933 (19/5/72) 

483.69 (21/10/77) 


187.45 (14/9/77) 

177.41 (27/4/72) 1 49.65 (6/3/75). 





19985 +0.7 
23520 +0.7 
17921 -03 
12636 +0.9 

841 19855 19932 19930 197.44 16632 

9.49 ]23367 234.13 23322 23019 18712 

17981 11»J08 180.09 179.73 15936' 

125.46 126.72 127.42 12636 11069 

19985 (16/6) 

127.42 (13/6) 

22778 (21/4/72) 3839 (6/3/75) 
26172 0/0/77) 4285 03/22/74) 
26322 (4/5/72) 63.92(17/12/74) 
170 39 05/1/69) 19.91 (6/1/75) 

201.83 +05 
2Z733 -05 
257.66 +0.4 
25433 +03 

197.91 -03 
20237 —02 
375.47 -03 

136.84 +13 
17883 +0.9 
18080 +03 
25239 +23 
10731 +05 
19827 +03 
284.79 — 
257.76 +02 
133.74 +0.7 

419.92 — 
20456 +06 

200.77] 20213 203.04 20L06 16416 

22879 23018 228.93 173.45 

256.91 25825 25484 18456 -265.10 

25438 25886 257.22 20667 269.17 

199.41 19836 197JL7 17383 20338 

202.48 20328 203 30 199.77 16523 22322 

376.42 37670 38127 37166 Z9ZM 

135.04 13626 135.92 13308 11875 

17705 179.14 18005 177.84 14269 

38136 281.78 15115 16141 

25033 25239 25229 20434 

10703 10801 307.75 9733 

199.44 199.70 29836 175.96 

28605 287.77 28535 246.97 

1087 25706 25898 25816 256.61 808 

6.61 1 132.77 13421 13438 13404 9887 
6.40)419.95 43052 432.72 43220 49544 
203.41 205.0Q 20507 20406 172.04 

207.45 (12/5) 
24137 (8/5) i 

179.46 (2/3) 

204.04 (27/Z) 

392.43 (17/5) 
13634 (16/6 ) 

17537 07/21 
17633 0/3) 

197.95 (60) 
19L90 (12/5) 

26939 (2m 
11901- (15/2) 

26108 H8/5) 
10864 01/5) 

20029- (1/fi) 
287.77 (13/6) 

21428 05/2) 
93.79 (27/2) 

262.96 (6/1) 

13921 (25/5) 

39834 07/4) 
178.47 00) 

'! Ukjii i 


A.B.N. Bank 10 % 

Allied Irish Banks Lrd. 10 *V» 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 % 

Henry Ansbaeher 10 % 

Banco de Bilbao 10 

Bank of Credit & Cm re. 10 % 

Bank of Cyprus 10 % 

Bank of N.S.W 10 % 

Banque Belse Ltd 10 % 

Banquc du RhODe I0i% 

Barclays Bank 10*^ 

Barnett Christie Ltd.... 11 % 
Bremar Holdings Ltd. 11 % 
Brit. Bank of Mid. East 10 

I Brown Shipley 10 % 

Canada Perm’L Trust 10 % 
Capitol C & C Fin. Ltd. 10 % 

Cayzer Ltd 10 % 

Cedar Holdings 101% 

l Charterhouse Japhet... 10 % 

Choulartoos 10 % 

C. E. Coates 11 

Consolidated Credits ... 10 % 

I Hill Samuel 

C. Hoare Sc Co 

Julian S- Hodge 

Hongkong & Shanghai 

Industrial Bk. of Scot. 

Kcyser UUmann 

Knowsley & Co. Lid. ... 

Lloyds Bank 

London Mercantile ... 
Edward Manson & Cu. 
Midland Bank 

Co-operative Bank ...*10 % 
Corinthian Securities .. 10 % 

Credit Lyopnais 10 o 

The Cyprus Popular Bk. 10 % 

Duncan Lfrwrie 10 % 

Eagil Trust 10 % 

English Traupcont. ... 10 % 

First London Secs 10 % 

First Nat Fin. Corpn. 11 ‘V, . 
First Nat: Secs. Ltd. ... 11 ^ 

■ Antony Gibbs * t 

Greyhound Guaranty... 10 % 

Grindlays Bank JlO % 

9 Guinness Mahon 10 * * 

R Tlaiubros Bank 10 % s 

i Samuel Montagu 

[ Morgan Grenfell 

National Westminster 
Norwich General Trust 
P. S. Ref son & Co. ... 
Rossminster Accept’cs 
Royal Bk. Canada Trust 
Schiesinger Limited ... 

E. S. Schwab 

Security Trust Co. Ltd. 

Shenley Trust 

Standard Chartered ... 

Trade Dev. Bank 

Trustee Savings Bank 
Twentieth Century Bk. 
United Bank of Kuwait 
Whiteaway Laidlaw ... 

Williams & Glyn's 

Yorkshire Bank 

5io q?, 
no % 
n % 

io % 
9 % 
10 % 
12 “h 
10 % 
in % 
io % 

10 % 
10 % 
10 % 
10 % 
10 % 
10 % 
10 % 
10 % 

11 % 
11 % 
10 % 
10 % 
10 % 
11 % 
10 % 
10 % 
10 % 

100 K.l 1 . IWilj.Vpm.. Hit*. \« r. IIhu- U> l>. lirij - J00 ; i ...... 

<UOO 1 l , '- r - — ■ IM 4 :' Anwrr. < rat I'm. Variablr b2 sggjj' 

ToO|>: K.l’. 20it> ! lluji, JW|i.VMiin»e>;i , i.i iM>(^aM l^iin. rw 'I00|<ui 

9S|. | 94ji Ani'ini-ptive I'nali. 9^ Firi 94 ,,j 

II. liamvk Ut.1. litei ’ + 

lvrt|- 10?T> 'Hnl lam- .-»* Ur>l. Lml I’ll-!.... 102r-| 

W|. W|> .i'liv»- lliM-xilic 1'nnj. J’ro’. pg,,' ; 

36'sp 3?i' 'l>o« lnr~i <i-I. j 3J2 lum. rr.-i as , —ij 

I'A'Je K.lnilinr»li Wire ■•IV Var. lint.- iJtii 100 'J*.L- 

11 )i)l« K-r'; IValvr VJ, 1,'ul. JVri. lib ll^'+U 

5N|»'ii li*|nii Kiinlrff K%tr. I5.SS? lii-li Hm,,,,, — 

’ 99 is ii tM|i fitvenltvM MilkKiM 10 ^, 1 'iini. t*n*i 99i;(., 

• F.I*. — 

: £10 22, 9 

1198 X10 22,9 

100i> F.I*. - 

• • K.l*. i — 

• • ;■ y.i*. . — 

tioo! — ■ — 

f i£J7.'SS CIO 28/7 

¥ F.I'- • - 

• * ' F.I*. . — 

£99 C50 125.8 

F.I*. ill, 8 
■ ■ ■ i.r. ■ — 
Iau|- — 23.6 

- - » 30.6 

• ■ F.I*. ’■ 7,7 

4 C||_, Ut|^,n«'llii|. , li ibn. 1 I JC 1*^.. 49 | 

i*l i *<i Ul«"t x !.••. H.aj, j*rf loo J 

fc>|» . 3i-'l> i'.+ I'lim. 1‘nl’ 92| 1 

226.08 (16/8/72) 

28L87 mm 

265 JO (5/5/78) . 
329.99 (12/12/72). 
244.41 (27/10/77)! 
39143 (W5fm 
14421 (14/9/77) 
2M39 (16/8/72) 
235.72 (170/67) i 
33936 (2/8/72) 
213.70 04/9/77) 
29530 (14/9/77) 
262.96 /60/7B) 
246.06 (1/9/72) 
539.68 (18/5/77) 

41* (13IWiy 
69.47 (13/12/74) 
54.83 -(9/1/75) 
5967 (U/12/74) 
5425 0102/74) 
55M (60/75) 





t naira 

’i t'uiMWiwt tu wM 

* ■ F.f. : 7,7 

■■ r.r. - 

£99 no i — 

luu r.r. [26 6 
C98J-. Clu j 19 
K.l*. 16.1 

1 lul i ■*» 

; ai'i 

I l»J(> •< 

, IMK I'-H 

' ! J.j? **.J 

lvX'|. 91 1; 

■ 10 ;;. i lu 

I . 10! i as 

i MV 
6 toi i- i . a 

99 1 ALLSRABElNDEX(873l-i 215.94 \ +02 

1138 1 143.78 14539 
'136.08 337.49 
,327.42 127.76 
10.19 i 335.88 33429 
l go39 

234.05 } 233.35 
10927 110.78 

3.121 4.61 32.00 21531 213.99 21268 
1736 6.91 7.04 10124 10236 30233 
16.691 6.77 7.34 31320 31334 31436 


35181 (18/5) 

25529 (20/1) 
130.87 (9/1 > 



35325 (27/2) 
17158 (27/2) 
18520- (13/S) 
13632 (17/4) 
124.97 (17/4) 
12025 (24® 
30L2D (6 m 
7L00 (27/2) 
210.03 (14(4) 
99^1 (27/2) 


241.41 (11/4/72) 

293 J3 05/72) . 

433.74 (4/5/72) 
194,46 (15/3/72) 
27857 (1/5/72) 
3®J8 (18/5/72) 

55-88 Q3/12/74) 
62.44 (12/12/74) 
8L40 00/12/74) 
38^3 (13/12/74) 
4428 ®l/75) - 
43.96 03/32/74) 
6526 (1602/74) 
3121 (70/75) 
56.01 (20/4/65) 
3329 Q7/12/74) 

it'll ,V!M* .Vr»vjji;ii|-.!l* lum. IW §2| — 1 

••■s I'llUi'.i -% , -liln. IM 97t^|.; 

I»i I'n—a- k'l i «.m,i l'ivf 104 • 

^.1 Miih k r H . & J .i lu* I *rf. ; j 00 I 

91*51' 'lliilll -'1. Auliill 11% L'lmi. l*ir -i 97loiJ 1« 

lUij MRiil, Ti ii..-'iIh R”* 1!«1. 1A«; ioj 4 | 

3S : IVi.i'il Ij^I in. I ns lai.Ufid 9a 

f^.ruu-X »‘««i ICi, f&W. IM 10 !+u 

aijO'"' 1 !' IVuni,!- I’m 99 |,'— 1 


aup F.t*. 
3b ! F.I*. 
20n > N>t 
70|, i FT. 
i&M i Sn 

13i6 7/7| 1S6 j 176 |Bmit U hmiihuIh 

23;b. 23'6i 6S ! «8 {Bnivii Jwren K«nl 

3/6' 7/7! HO j X! -Cenlml Vlauu^ctiiHn^ 

191 | ...... 

55 1-;— lj 
60 ■• + ! 

21/71 9Wj "Ji j UntaHm Fart lmls : 99i..r + i 

— J 16 pm.Klniiib>mi,| Uold Alnun^ 16)11 *,— 2 

British Government 

iiO). i r.r. 

— : — i ai|«o lopm.fcimm»nui*i ijoiu .uiiuna 16 iin,— 2 

— 1 — 1 113 113 ,Knirtii*» Hsis. 1 15 j 

22/6; 19, Tj lipm 10pm Hcslaiv. 13imii 

26,5, Hath' JU 2 • 92iE;Hi.nsriii .UnllamL- — lj 

16)6| 21/7| 1H0 ; IM Himilrei 150 - + j 

— — I3il'iii9ig|iii'llyewn it. A (i.i. 13 i-.i,|,i 

3 1/6 23 6 ; 414 ' 3 fiSl 2 ITi-iuUcv Vla.+ nu-^ti 411 '..... 

5'6. 17,7' S>l 2 21ij Weil.-. 22i'. 

[Friily J 11 uc lb ; 

1 , Tlmr. 

In>tci I Yield 1 June 
Xiu I % I 15 

Members nr the AiKvpUus Hiiusi-s 

7-dnr de-post is 7”i. 1-momh di-Dosiis 
7 *%. 

15 20-yr. Bed. Beb. A loans (35)... 57.JB 'H2.8«;57.57 ,57.3s (57.23 ;57.n 

16 llnvestanent Trust Prefs. (15) ...52.79 : 13.4 1 52.75 152.84 62.84 &.S4 

ComL and tndl, Prefs. (20) - .71.58 jia.M 171.62 71.74 I7M2 I71.57 

T-day dcpofcitj on sumo or no . 000 
and under BrL “p » £ 35.000 $1% 
and over 185,000 7J*l. 

Call depMUs over n.Otw 
Demand dcposUS «i.«. 

Kenunciaiuin n.<|r> usually last dav tar fled I mi tree ul stamp flury. p l-'^ure* 
□ on Drosmcius c-sumaie. o Assumed dividend ana yield, u Kn recast dividend: 
cover based on arm ions year's earnjnua. r Dividend and yield based nn Drasmctus 
Of omer ulllLiai i-siimaies for is. 9 u Gross I Kisures assumed. : l^iver jihivo 
for conversion 111 shares not now rank me inr dividend or ranfcjns only <nr remntfed 
dividends. » Placing prlc»: 10 public, vi Pence uOies 1 rdherurwe indicaied. 5 Issued 
by lender. II Offered lo holders of Ordinary snares a* a “ ncbK ” •• 
by way of capiiallsahoo. H Minimum tender Dri«. SI Keinrmiiuend. ^ issued 
id ronnecuon wnh rcorsanisadon inerscr or lake-over llil inirodocUon. P| Is^ied 
10 former Preference holders. ■ Alimmeni leiiers iot tulb-oaid). • Pronslonal 
or paniv-paid allounent loners. *■ Wim warraius. 

Sctiiao or Croup 
Pharmaceutical Prsdncts 
Other Croups 
Overseas Traders 
Engineering Contractors 
Mechanical Engineering 
wines and Spirits 
Toys and Games 
Office Equipment 
industrial Croup 

Base Daie 
31 /Una 

Ease Value 
353 JO 




5octien or Group 
Mificollaneous Financial 
Faod Manufaawtns 

Food Retailing 
Insurance Brokers 
Mining Finance 
Ail Other 

Fri. Tlmr. Woi. Tear 
June June June ago 
* P 1 Uinui 

BUe Date 
24.12; 67 


Base Value 



t Redemption yield. A new |j 5 i of the constituents 
u Puijl 2 hCrs ' T,1 ' : FlMncTat Times. 
Brockw House. Cannon Slrrei, Landcn. ECO. price 

Mte»*UM B iadS', d!nt*3 i j5Ss r Sdt 

a?, atraffST® - * 
0sW " <=■' 


fteaclal Times Saturday June 17 1978 


u 9 * 




r ^^L 5 £t^ SBnr * nce Co- Ltd. 

g? - 

Vg^fcz: g \ 2 “H ; r - 

•:.-. . ggpwtible Fund- mj jS5 — 

y£PP%f Und - 1ZLB 127a — — 

£*H 5 P=i« * ::; z 

jfe&&rc: Si ^ - 

v-fiSHK?®? . :::■ ■= 

-■•* 5S52ij5b. B 5 r -‘*~ ui.41 lill — ■ ■ 

•;’. ffi«yra.5er.4_ W9/ ijflc - 

• ^*^13. Valuation 

Wm*.i M Tr wi r- WL 01-437 5BC2 

General Portfolio Life Ins. C Itrf« „ 

60 Baxtbolonurw CL. Waltham f res , NPI Pensions Management Ltd. 

PnnlollD Fund I J363 1 , 1 4a < c iiii r ,|,St OIJESiQOD 

Portfolio Capital «,|fll.7 4JB|‘ “ Minnwil PUmi .[M99 1S6.1I .... -t — ! 

Gresham Life Ass. s«>c. Ud 1-1,1 ^ Ju '* >■ Next *>ainvj July x 

\ rrinwr of Wain nd.. B'muuti, r.jrc ‘ VJpw ^“laud In*. Co. (V.K.) Ltd.? 

Growth & Sec. Life Ass. Sw. lj&v KurEuii-d . ".", fmo Jwg-i'a — 

•■Mr Bank. eriiy-on-Tljanu^. Et-rlj. kbl w., __ .boi2 IDS M +0.1| — ■ 

■ ThraUjle PinOBBC,.! £1.064 I __ *-«v Ucnortl l-d. ,..|* 4 IMJI | — 

JJwdbaSstef;\eifcfll6.« 5W< ii9jj " — Norwich Union Insurance Group 

C.&S. Super Pd — | £7.954 | "".J Z P'-'Box 4. Norwich NRl 3NC. itiua:”3n 

Gnnrgto Royal Exchange Ssf Z 

Hoynl & 011^; 7 IW J^opertV Fund 120 0 134 7 +0.1 ~ 

Piopcats Bonds __PJ4Z 18101. i _ *''»«! 1513 1592-04 _ 

Tt ..,,1 ., . . - . 4 UopMPM. ,UBZ 111.0 *0.! ~ 

■umoro uxe Assurance Limited ? .Nur.unujanoia- zooa +is — 

l rM * 

1 0ld Park Lane. London, W1 

Fixed latDep 



Monacal Cap 
Managed A«« 

I Abbey Unit Tst, Mrts. Ltd. fa> 

| TS-Orl. (Jnt^houst* hd . Avlesbvar. U3)6 5041 

Alilxn I'nf.jtnf [J2 6 >471+011 423 

AI*hoj lifTifilhi 41.71 +0 4) 3.78 

Abbey !'H TrtVA P6-1 38 7] —0 M 4 « 

Ahln.-yiriWl.Trt_. (45 4 4#3|+0.3 391 

Allied iiamhro (iroupy ianR) - 

i llombrii 1 luU'W. P-rrnliiood,f>;««'T. ‘ 
ui-'iSB sreii «ir (ixrrri cii-i» 
Riilutccd Funds 

MIii.hI I si ... _ 65 6 7021 +0 ? 5 41 

nnL liul.-. hu/ul K3 *66 bn +0J Ml 

iirih.&IiA.. 365 39fi-0* M« 

tSnl & Ind. Uov 13 2 315 +02 4.98 

.UhmU'aiilliil 714 7bfl +0.L- 43» 

Il.iiRhn'hunri^.-... 104 0 133 Ja +02 5J2 
H.nuliroAcv.Pd. - 11B.7 lZ7 0|-r0i| 453 

litctMnr lunch 

I liGti Yield Kd. [TO 1 75 « +0.71 7.44 

iliKhlMumc 164 7 Ha +D.1J M® 

A-MFq.Im W-9 41.3 +0-3 697 

Intmudhuul FumU . 

MS -021 

f 5 f 3 _0 n 

— o.dl 0.12 

+0.1/ 3Jrj 

— .1264 

" HOeitir Hxud ,|»A 

— S«-Ci. i .f Amnrl.:.i_ |432 

2831 -03 
5M3 -03 
463 _... 

AMEV life Assurance Ltd.? 

AlmB» sh-TM TIHtn-tii p-- - 

maKnsdm ^ 

s Beistte 40101. 

si ?- 1 5 ■ 

Arrow Life Assurance 
'ao.U3tbrtdeeBoM.W- IS. - 
Sd30 t PB.c P LUm..|tt.9 

^ 01-7489(1 


UX6 116i( ■■■'...[ — 
•-Barclays Life Assar. Co. Ltd. 
-5525!!“- £ Z-._ . 01^4 8544 

Pvn. Prop. An?. 


Pen. Man. Apr - 
E®1- Gat Bds. Can. . 


Pen-BJi.A l ec._ 



Hearts of Oak Benefit Society ' fiSSSSipS,^*. 

15- 17. Tnrmlork Places WC1MBSM 01-3R?stni >"'esaw!jil Pd,«A#., 

Hen^Oafc ph , 3851 .... 1 - g55g®i5" 

Hill Samuel Life Assar. LM.¥ J] un «> ™--, 

. OI ' SW! 4a5S ArtiSrtalJvtidl..'. 

331-71 ni_Woo:51 Phoenix Assurance Co. Ltd. 

18JJ3 ■ “ “ 4-5. Klnu WllliiimSt, EC4P4HR. OI £2M!W76 

1703 _ . Wealth. V»b [U33 U96I — 

lg4 __ Efer. PhJQjJ£ fTSJ 7 B. 9 I .. ..J — 

m5 "Z\ — Pr °P- Equity & Life Ass. Co.y 

1D7 « — 1 IB. Cravfttrd Street, W7H ZAS. OI-MBOB57 

- — K, Silk Ptup. Bd I 1808 - 

- Do. Equity IH I 734 I «-..l — 

.... — FUjkMuoto I M86 [ J — 

• — Property Growth Assar. Co. LMLV 

"■ “ i -tun Uminc. Cixyuon, Ota u.u . pi-euonme 

‘ _ ProvrrtyFUod lflUl .... — 

_ Property Fundi At.. 1798 — 

.... _ Acr icnltural KidiI. 7577 .... — 

_ Aj-rie Pundl.M 7513 — ■ 

..." _ Abbry Nat. Fund- 1534 — 

Abbe? Nat. Pd CA» 1532 ... — 

ty Imwrtmnni Fund ,. 683 +0 4 — 


1=1 r 

+04 — 

+u« — 
-08 — 
+08 — 
+0J - 

+0 2 — 

Specialist Fmah 

| Smaller CD.'3FiL„t355 3801 430 

2nd Smlr. i.Vi 6U _ 45 8 46.9 .. .. 526 

I Kccweri'Sitv M7 906 +03 596 

Met. Min & Citty. _ 485 433 .. .. 521 

i.Kvrs--a-. Eamuict 575 615a +03 435 
Eau. Smlr. Co", -4^18.7 230.2J ....71 521 

[Anderson Unit Trust Managers Ltd. 


Andvraon U T. — .|4C2 52 4J | C« 

Ansbarb er Unit M“piL Co. Ltd. 

, \ Nublu ta_ E3TSV 7JA. 01^336578. 

i Inc. MoiUbly Fund . |U6 0 175.01 | 890 

Arbnthnot Securities Ltd. (aNel 

37. ijuci-a SI. Lond-m EC4K I BY 01-2303381 

Extra Incnmc Kd....nC49 112.91+03 1131 

UiChlnr.Fund 410 441 .... 435 

ITwtsj 55 1 593 935 

Wrlrul Util 552 593 935 

Ifelrirencc Fluid „ 253 * 273 > . 12» 

fAccum. iJniWj 37 7 405 .... 1227 

Capital hlind 19 4 20/ — 

Ci-mmodln- Fund 58 5 614 537 

M - 

HP I __ 

•Camvt unit isloc JtuZ ifl] 

Beehive life Assar. Co. Ltd.p 
Tg.L oalUaW Silica. 01/231+88 

BIk. Bose June 1 _| 128.76 | | _ 

Canada Life Assurance Co. 

30 High sl. Patera Bar. Hens. P*ar film 

♦ProwcriyUnlu _ •*“-* 

Moused U nils.. _ 

MubAbcsI Series A 
atsoaged Series C 
Mon^- Unite „ 


Pna. Managed Cap- 
Pn*. Managed Acc_ 

Pns. Crteed. Cop — 


Pens. Equity CU©_ 

Pen*. Equity Acc 


Pn-'-F xd.1 nLAc c .._ 

Penn. ITop. Can _. 

J'ens. Prop. Acc— . 

Imperial life Ass. Co. at Canada 
Imperial House. GmbtfcnL 71255 

1R.0 -0 b — 

103.4 -0J — 

100.9 -0 4 _ 

1263 . _ 

icaj . _ 

973 +0 2 - 

148.2 _ 

156J .. . 

1107 .... — 

116.7 ... _ 

102.5 .. .. __ 

- _ — - **>— “ v — i ■ *# w m - ntiiin r .mr ni i w 

Beta*. Fed. Jane 8. | | " " j ~ 

Cannon Assurance Ltd.? 

X Olympic Wy_ Wembley HA91BJB 01-0028878 

R 35 ufci^g - -ms = 


Growth Fd. June 16/72/1 1 7831 +0 

Pena. Pd. June 7i3| +0. 

. Unit United Portfolio 

Secure Cep. Fit 

Equity Fund.—. 

Irish life Assurance Co. Ltd. 

1L Finsbury Square, EQL 01- 

Blue Chp. June lfi-inj" 7731 +0j 

Menaced Fund .P7S9 25721+3. 

Prop. Mod. Jrarl_H772 M6A .._. 

Prop.Mod.Gth. |M32-'- .203^ 

King A Shannon Ltd. 

9C.GamhUI.EC3. ■ 01- 

Boud Fd. Exempt _-jl0535 105 63} +80 
Next dcafinc dace June 27. 

+011 - 
+03 — 

UiR+dm! Fund 123 1 \ .. .. — 

tiilt-Edced Fd.iAi. 1231 | — 

ORctir+Annuits 1B1.7 i .... — 

41nunc-l Annly. „ 1433 | . ... — 

Prop- Growth ranloax Jk Anmllkf U4 

A)| w'thcr Aa Uts. 1289 135.61 - 

V.Uinv3lh»r Cap.. 2220 12»J ... — , 

Vlnv. Pd. fte 137.0 . . — 

Pension Fd L’U 129.7 ... . — 

I'WIV. Pens. FU. 7462 — 

Gnv. F*ni«. Clin CL 1322 — 

Min Kou. FaT_ .. 1434 — 

M»u 7\-ns. Cup. UL 132.8 . ... — 

Hop. Pens. Fd 1458 .... — 

Prop PrnvCup.L'u. 1319 .. .. — 

Mml Sue. Fen. Vt. 130 JJ .... — , 

owe. s«t Cop. ut_. 12 bi — I 

Provincial Life Assurance Co. Lid. j 

2=1 BI-hojwfc»le, EC2. 0KM7C533 

l*rt>v. Moiueed Fd-.|H3 2 1193) .1 — 1 

Prov.cafch fd. p43 llfl l] i — | 

n ill Fund 20 hl74 123.71 J — . I 

I Aceum. Units) 37 7 

Capital Fluid .... 194 
Ctromotiliy Klnul M 5 

(4n:um i.'niin 84 D 

> IU9i W'drvrl U j„ .510 
Fln.itProp.Fd. . .. 17 4 

■ ifenb.h'uijrf 40 2 

i Aceum. Unllti- ..46.5 
Orawth Fund ... . 332 

i Acciim. I'nll.i 391 

SraidlurCo'gFd . . Z73 
Ea-icm IblntLKd., 24.7 
i6*« Wdiwl.l-'ls. >_ 194 
Forrlcn F«1 - ... 841 
r.\ Ainer. t Ini. Fd, 327 

S9J 905 

‘ 27 J > . 1X2 

405 .... 1227 

20 / 

636 537 

914 SJT 

55 5 ..... 537 
168 . 304 

4JJ -0.: 2.79 
44 E -03 274 

35 8 2.96 

422 .. .. 2.46 

294 -01 441 

265 147 

20 1 147 

91 1C .... 1.W 

wal LUO 

dartmore Food Managers f OKS) 
LS-Maty Atc.EC3A 8KP. 0lCB33&lt 

(riAnprtcanTrt..— MS 322d -0.4 0.12 
S'SfStJT'Z S l? * •« +0.1 331 

Comaioliiybharu. 157 6 3646a -81 271 
Kxtra Income T.*-. .. _ js.c _ 

f/ ,WUsl.TitW. 34 6 372 -0.1 0.83 

Uighlnri-tnelil.. sg? 633 +0.1 8«7 

Income Mind 72.4 77* +03 6 55 

Ins. Ai;eiKi»+ ... 1394 1468-003 323 

Itfl.fcsefl-IUF.I .. Bbh 446 +0 8 5.94 

Ugjdl-TM.i.Ui. !_|34 9 375) -0 121 

Gibbs (Antony) Unit TiL Mgs. Ltd. 
SiWwiuicldM.fccaatTr.i. oi-5tH4m 
l»i AG. Inflow Ml 2 4421 . .. 1 8 JO 

taiAG.ywthn.JMA 41.4jdl i 4 80 

jajA-UrFarEAd'-llJJ 348} i 050 

1 waling *Xuea. ft'iVed. 

GOVtU (JohnlV 

n.LonlonWull.iLi'H Ol 583363a 

jrhldr. June 10 lUQ 0 M7 6d +5.M 1 97 

Do.Juxam. Init — Il6fi2 irO+kfl JJff 
Next dealing day June aX 
Grievesan Maiugement Co. Ltd. 
sgGnsfaatnSCBCSPSDS. 01-6064433 

tPHTtnipiMi June 14RO5.0 21433 453 

(Accum. I nils' JWl tpi 1 xx 

BtnfcH-YcLIuncu. Ujj 3ES.9 — 7« 

(ACCUm-UniU' 2041 2131 7.B5 

Bratov. June n_. 190.0 a*M.t 191 

(AKURLlaitsi 196.7 20M 191 

Gpichstr '. June 16 _ 97.7 lB2Je -19 220 

(Accum. UniU.i 10 LS 1062 -24? 2 a n 

LnABr-Ji June 14. 78 q 740 3.92 

lAccum-l'ausi fiaj 762) . 3.92 

Guardian Royal Ex. Unit Mgrs. Ltd. 
Royal Exchange. EC3P3DN. OMEBBDIL 

(PpGuaxdhillTic.faS.O 9JJJ+03} 452 

Henderson Administration^ faKcKg) 

Pn Mlvr 1ST Admin., S Raybltb Rood. Hutton. 
Brentwood, km— 0277417 23S 

«3t‘ Food* 

Cop. Growth Inc jaa.7 45 « +051 352 

Cap. Growth Alt kj j 46 j| +03 352 

Income* Assets |325 34.8) +fl3j 656 

High Inc om e Fundc 

Hlghloromc 159 S 6438 t 8.02 

c555t R*U* Inc. _|S6.2 5Mdj +0.lj B54 

Scctur Famhi 

Financial A m? _..1344 25 ... I 442 

OU4.Nm.Ros 127 4 293 —05} Ira 

Porpelaal Unit Trust Mr.Rmt.V (a) 

48 Hart St.Uonlr nnTnanvis IK912RTJS 
r> ;p.Gtl- — 135.9 42SI.. ..! 341 

Piccadilly Unit T. Mgrs. Ltd.* (Qrfb) 

Wardn'ti? 1 1 flO.i T.> ■>•• luit u'j !t Ki” rcir <0 >1 

Kura Im-nni- . ..[29.1 Ji Oi-Vi 2+u 

SbuU IVn t'.L I J7 3 39 q . 5 29 

Capital Fund. '424 45 3-3 .... 3*4 

IntL ErnL. £ .Vi-cli 5 47 5>.’j -C 2 2.97 

Frame Hind ..,134 9 37 3i -C ! 453 

Ar^nmiir. Sami . .15*4 e>4l-^2 ?*> 

Twluwlocvhur'l . >5 S8S -0J 452 

Far E.v-1 Kd ,.k2b 3 235* -0 Z 1 50 

Amcnrsir Fund .. i?J * £A7<^.. .. 2.30 

Practical Invest. Co. Ltd.V (yuci 
44. Biooinshurv i+). WC ! SKA R®13 

Practical lune H,..>25L0 26031 .... ! 451 

An-um. L’niL J2136 !2t7i ... .1 421 

Provincial Life lav. Co. Ltd.V 
2C2. Bishcp+iplf, Kt -■ I'l-XfKI 

Pmlilicl’niU 1850 91 £! —0 11 309 

High Income IUIO 11B.9I -O.ll 7 42 

PradL Portfolio Mngrs. Ltd-V mubuc) 

llolbom Bars. EC IN =\"H 01-iUft S= 

Frudcmlol 11255 13351+101 4.46 

Qtdlter Management Co. Lld.V 
The Stk. Exchange. EC2N 1HI*. 01^004177 

Quadrant Gen. Fd. .1107.0 110 41 J 4.61 

QoadraatlBcame-ilZU 130.2} ( 8100 

Reliance Unit Mgrs. Ltd.? 

ReU««c Rtc. TinibndwVelb. U. CSKSXTI 

Opportunity Fd. [666 7121 —J 553 

SrtdordoT. IAcc.)_fK.a «1 -<)3 5 72 

Seldanie T. Inc. 1*39 43 T{ -pJ| 5.72 

Ridgefield Management Ltd. 

38-40. Kennedy St . Slairhcstcr 002 SCCItl 
RidBeneidiM-irr.iigio iutm .. .1 :k 
B idfsehrld Income. |93.0 990-3.. -I 10 «9 

Rothschild Asset Management ipi 
7340. Gatehouse Rd.. .Vlesbtuy W3B5W1 

N.C. Equity Fund- 1682 178a+04 291 

M. C. EofiyJtcs.T«l 112.6 1197 -01 246 

N. C.lricome FUnd- 146 8 1561a +-0/ 684 

N.C*. Inti. FU. (Inc • 933 99.1 -17 ITS 

N.C. Inti Fd-lAic 932 691-17 170 

N C. Smltr Coys FdtlM 0 363.91 — O.iJ 455 

Rothschild & Lowndes Dlgmi. o) 

SL Sttilh ms. Lane. Mr .EC4. 01 AM 

New Ct. Exempt . . J+122.0 1290! { 3.61 

Price on — . Next dciinr.- — 

Roman Unit Trust Mnfit. LULV laf 
Ci ly Gate Use. Finsbury bq^ E«= 01-806 NTO 

American Jane 55- 71 6 74.0} 097 

Securities June 12. 167 0 1760 .... 450 

UlRb Yld. June li_ 532 559 768 

(floruit! Cnitsi. — 75.2 78 * / 63 

Merlin June 14 812 E53 3 7i 

i Accum. Uni is i |995 1041 5.76 

Royal TsL Can. Fd. ngrs. Ltd. 

W. Jennrn Street SW i. oi-ffis arc 

Capital Fd [69.6 73 5J — j 3 55 

Income Fd _|719 75 fj ....| 7 a 

Prices at May 1L. Next deiling June 50. 

Save & prosper Group 

4. Great SL Helens. London EC3? 3EP 
08-73 Queen SL. Cdlnburph EH2 4NK 
Dealings lo. 01-554 8889 or (UI-226 7»1 
Save ft Prosper Securities Lt<L¥ 
International Fund** 

Capita] P6B 393id -0.11 312 

ITU — C5A zrj|-0j| 4.03 

Unlv. Growth |6B0 7211-06] 297 

IwradM; Zactkae Fool 

Hi fib- Yield 1 52.9 56.8} +02] . 7JZ 

High taMMoe Foods 

Hi Ch Return (664 -7LN+4.1! 803 

Income [923 4S.«( +0.1] 2B6 

U.K. Fund* 

UK Equity }44J) 473}+0.«l 4.71 

Overseas FondMsi 

Europe — 185.0 92 4) -0.6} 3_Z9 

Japan W7.4 1M.R -03 0 Ml 

U-5 [78.4 84.3 — 0.8j 1.19 

Sector Funds 

Comjnoditj [76 0 SL71 -0 6| 289 

EnCTKy-J- _|7»6 73.^+4}.7 ITS 

Financial Seer-. [73.7 79^ +0.l| 2.92 

Hi gb-Ml nimum Funds 

Select Internal ... 12605 275 .W -151 224 

Select Income |S29 5S.E] | 7.45 

Scotbits Securities Ltd.? 

Scotbils [395 484j+ail 3/0 

Scot yield M9.7 ‘ 5jq +0J( 6.97 

Scotsbares [575 6L8d| \ 433 

Scot Ex. Gfh*6 12445 256.0a! j 1W 

Scot Ex. YlcL'6— - U672 17512 7 6.93 

Prices M June 14. Neut suh. day June 28. 

Sc hies iuger Trust Mngrs. Ltd. (aKsl 
(Incorpor at Inc Trident Trusts' 

140. South Street, Dorking. itXUCOB&Ml 


r gSMtf! 

.... I Fad. ini. Fluid |953 

, „ , . r "“J “ Prudential Pensions Limited# 

nzsDce co. uhl Hoibom Hum. kcum znh . tH+nassa 

^EC3L OI49C8B2S3 HquiLFd. War 17„|£»07 2559 .1 — 

IHJ 772] +051 4.40 Fxd. Ini. May 17 63874 IBM } — 

gS3 gra +351 — . Prop F. May 17 fS.45 2&24| J — 

.2033 ---"i Z Reliance Mu hud 

in Ltd.' .Tunbridge Wells, Kent. W932227I 

01-633 M33 SoLProp. Bdfc-_.l 198J I 1 — 

Asset Management 

Archway Unit TsL. Mgs. Ltd.V 'awet 

JI7. High Holbont. WC1V7NL. OimifiC33. 

.irrttwoy Mind 1835 aaOnf . . J 540 

Prices at June 15. Next sub. day June 23. 

BarcJajN Vaicura Ltd. (aligtf jc) 

Unicom llo. 2S2RomfnTdHil.Er. 01-SM 5544 

Unicom AnwncJ ...D5 2 373rf -031 1.06 

Do. Ausl Are 726 78i| -0.7 li3 

rm.AuM.rnc 572 6164-0.7 1 j6S 

Do. Coital bbb 710} +02 42£ 

Dn. Exempt TfL S0S5 +0.7 6« 

Do. 1'j.lra income . 28.1 SOAl 851 

Do. hlruncUJ ..59.9 6fl8w+0_2 5.1s 

no. 500 73.0 7891 -0.2 5.91 

Do. Central 313 33« +03 631 

Do Growth Arc. 40.9 403 +03 423 

no.lncomcTri._-. MS 917] +02 6-«j 

•Do. Prt A'iul Tsl -|137 2 1442] .. .J 5JK 

Prices al May 30. Nest sub. day June SO. 

Financial & mj 4 25 ... I 442 

OU4.NM.Res fo* 2?3 1W 

Inte l u+ti oittl 

Cabot 186.8 4141+011 172 

jacernationil __ .b]2 35 4 -63 253 

WrldWid*: Juo* 16.(75 6 • 8Q.9) +lb| 455 

Overseas Finds 

Australian.. - — [3S.4 37.4}-0.4[ 1.74 

mropoan ho . - «ila -oil 507 

Far East »1 783 -0.J 3.46 

North Araer 914 4o| -0j| 12B 

NJUn.Gr/i Junes... 128 4 1333<d ....Tl 221 
CabotAmcrSnCo 1535 563} ... } LS 

Bin Satnncl Unit Tst- Mgrs-t la)' 

45Bccchb(_DC!P2LX 014388011 

>IU British Tniu. ** — — — - — 

Id lal'l Tru«l ... 

UJ Dollar Trust 

(b) Financial Trust. 
(bUncoroc Trust 

Do. Recovery 142 6 46.11 +0. 

Do. Trustee {-'und_ul33 1Z2JI +0. 

Do. Trustee Fund- 1133 
Do, vridwlde Trust 5L3 

EtrilnJ-'iUiu.' 62.7 

Do. .\miin. — 717 

+0.6 5.05 
—0.4 152 

+02 453 
+03 4.8$ 

100.71 -oil — 

. . Sad Depj^naj 

- 2nd Gilt Petal 

EfcERXF _ 

• L&ES1F.2 127JJ . 29.5 i _ 

v ; , • ■ Current value Jose 14 

Cajiltal Life AssnranceV 

. Coeirion House. ChupdAfihWTon 0DQ238S11 

.'KeylacecLFd 1 10121 I | _ 

• - 2WmBalMrmvjra..| U2.0S { 4 — 

.. -Charterhansc Magna Gp.V 

18. Chequers Sq,U*brid*oUB8lNE CE0B1 

... OmhwKwrgy M.4 40.* — 

■.■Chttbst Money ZS.4 31E — ■ 

CfcrJhto. Managed.. 58.4 40S — 

Chttbeo. Equity 35-6 37.4 — 

.. Xs&mnitLSQc. 1246 — 

1500 .._.J — 

City of Westminster Assar. Co. Ltd. 

'• -Wncrtand House, fl Whitehorse Road. 

. Croydon CROSJA- 01-884966*. 

- ‘ West Prop. Fund 160.4 6351 — 

MaanoeoFUnd — _ nis JH2.y — 

— Pond S75 643 +03 — 

ind Fund — . 735 _77.4l — 

Fund 1207 127.« ..... — 

- -ramme! ms 574 -M — . 

. .. • PCLA Fund - - 

.-Pna-Mnsd-C^ — . 

.•Oms.’MaEd.Aae. — rr.+ ——a ••—( — 
Jim Moo Cap — J46 j6 . 49.0 .. ...J — 

V Ptsw-Stoirey Acci— 143:5 go a ■ j — 

: ' 'Pma.Srjnity Cxp-^. B&3 5951 +03 — 

:*• ., ‘ ■pene-EqoKyAoc.— Btt2 617? +03} — ■ • 

c."i ' * Fund carrinUy ckwed to nmr umnunont. 
".'39afimaZ7nfts I 29CS I ( — 

Otar tf Westminster ftssar. Sac. lid. 

Tctepbone atOM 9064 

+-..:-«SSSB= 12 ? ■■’ffiirl = : 

Commercial Union Group 

■<St. Bolen’s. L DadonhaR. EC3. 01-2837500 

.-■ Rsassra as ra = . 

. .. . Omeedentian Life Insurance Co. 

80. Chancery Ume. WC2A 1HE. 01400362 

- .. OKouity Fond— — fl5L6 - ZSfLH — — 

. Personal Pim. Fti_ 72-6 76.2 — 

.. . 'Equity Fee. Fund— 2273' — 

' 3K- = = 

-'SSKSfffc^l Sfi ■ :d = 

y^ rnhfU Insurance Ca Ud. 

■ r »OornbIO.RC3. . . OHDSHlfl 


ICniSt ft Commerce Insurance . 
■12D,R4W«l*5L.Deod<7tl WJR5FE. D1-W97081 
. P22B 332JSf —4 - 

. 'Crown Life Assurance Co. Iid-f 

'Own LMe Hm- W oUaS. GG21 XXW 09BBS 5038 

FimdAcfc-BSH HMI — i T m 
FH-Incm—pilF U7« J W* 

Fd.lnit — J 

. M 38 ^ 



Govt See rh. .. TpTbs? 125 l 911 I _ SL Svrithins Lane, London, EC4- 01-0* «58 
Laugham Life Assurance Co. Ud. N C saPSr 1 ~ 

I Jm a hm Hs. BolmbrookDr. NW4. 01-2035211 _ , _ _ 

Xanaham'A'pum—toa 6731 . i _ Koyal EDsurance Group 

9^rup. Bond MU 148.7) _ New Hall Place, Liverpool. 0612274422 

WupiSP) Man Fd 1785 ' SUl | - Ruyul Shield FU_ [1343 MLR _ — 

Legal ft General (Unit Assar.) Ltd. c +*«. a r*,,*# 

Klnpmod noose. KUnmood. Tnd worth * Pi OS per GrOtlpV 

^®BurS HewhSlM *• ^SL Hr ben*. Lndn. EC3P MSP. 0 L-KH RS» 

Surrey KT206EU. 

Cant] Ini Sal I 

Do. Accum . I 

Equity Initial J 

Do. Accum. — — I 

Faced Initial J 

Do. Accum. ■ 

Inti. Initial J 

Do. Accum 

Managed Initial i 

Do, Accum. 

Property Initial 1 

Do, ACrtUn. 

I/iil ft Gen era l K 
Exempt Cashlnit 

Do. Accmn. 

Exempt Eqty. lnit 

Do. Accum 

Exempt Fixed Ini 
Do. Accum. 

Exempt Mwg i } ini 
Do. Accum — . — 
Exempt Prop. mit. 
Do. Accum. — .. — 

+04} __ 


|24M — 4 - 

Bab. lav. Fd. P27.9 135.41-0.61 — 

Property FU* 1523 16U ... — 

Gilt Fd 1195 125.4 -0.7 — 

Deposit Ftit «2.4 129.4 — 

Comp.Pens.Kd1 2012 213.9 ...... — 

Equity Pens-Fd .1825 191B -02 -- 

Prop.IVna-Fd.*__ 2JIUJ 23CJ .. . — 

Gill Pens. Fd. 933 ' 98.1-04 — 

Depow-Fens-Fd ,T — H83 UCij — 

Prices an June 6 
TWeekJy deulinaa. 

Schroder life Group? 

Enterprise Haase, Portsmouth. 07052777 

Equity June 13 _ » tttx 
E quity 2 June 13 
Equity 3 Junefi 
Fixed Ini. June IS 
Fixed lm.3 June 13 
InL UT June 13. 

E & S Glit June 13— 

KftS&c-Jane 13 
Mnsd. Fix. June 13. 

Bariiig Brothers ft Co. IALU OKs) 
8ft Leadcnhall SL. E.C.3. 015883830 

Stratton Tsl (170.9 - 177 Z J &Z7 

Do. Accum bins 219S ...J 4Z7 

Next sun. day June 2L 

Bishepsgale Progressive nigmt. Co.f 
0. Budrap*fi«Ie. E.C3 01588080 

B'gal ei*r J unr 6 . [1BC .5 292JM .._..] 4.04 

Acc-Uts. ** June 6_ [215.0 . 2293. I A04 

B'paleJnt. June )3..flS 1 1917] .....J 124 

i Accum.') Jura- 13._|l®85 21X5) .... J 12A 

Next Bub. day -June 37. **June 31 

Bridge Food (Kanagergfl'afccl 

King William SL. EC4R9AK 01+E34831 

American ft Gen4- <26.6 28JM . — 135 

Incnme* p.* 54 8a 6S3 

Capiud Inc.t (365 38.9 3.15 

Do. Acc.t gOJ 419 335 

Exemptt — . -[137 . 146.8 5AS 

InlerntL Ine.t Ia2 173 3itt 

DoAec.f. I17JI _ 18.9 J 351 

neea June 

260 Jd -0.31 432 
410 -03 336 

862 -U 237 +0J 459 

982 +05 4.70 
384 +0 2 7.73 
SS.9 +03 5J2 

SIM -031 BJ02 

Intel. V iaHg> 

15. Christopher Street. E.C-2. 01-2477243 

Intel Inv. Fund [875 943} +03} US 

Key Fond Managers Ltd. (ftXg) 

39, Milk Sl, ECSVHJE. 0140B7BCO. 

Key Enerts lit Fd. -1782 M3[ -031 535 

to Equity ion. 68 5 72JU —08 4.78 

6»y Exempt Fd. _ 153 0 1627} 613 

Key Income FunriL. 784 « d -0.2 8 25 

Key Fixed InL Fd.. 605 64.41 1197 

Key Small Co s Fd-|965 1025| -03} 3 07 

KWmwort Benson Unit Managers? 

20. Bench urch SL.E CJL 014238000 

ICS. Unit Kd. Inc. -M.9 9231 ._..J 5J» 

♦tCB-UnuKd-Ac^-pOftO 11521 ... J 5.09 
KB. Fd. Inv. Tsia. _}55i . 59/} ..._| 447 

L & C Unit Tract Management Ltd.9 

The Suck ECbwwe. ECEN 1HP. 01-588 2800 

LAC Inc. Fd. 11373 141/1 +0/1 7/1 

LftCInU ft Gen Fd .|992 IMj] +33} 237 

Lawson Secs. Ltd WaKc) 

88 Geiirge SI.. Edinburgh SH2SJG. 031^383011 

♦Raw. Materials I39S 43L31 +U S2S 

jHAroum. L'lutsi 94.7 48.6 +13 625 

"Growlb Fund„ S3 • 614 2.40 

“fAocum. Ullilsi 5L4 . 675 240 

tTGil: and WorranL 37.7 4U TB2 

lAmericunFd. 243 26/ 050 

fiAccumUoibu 25/ 27/ 050 

** High Yield 48 Z 511 HOO 

♦tAccum. UaiDi _ 675 725 1100 

Dealing *Tucs. tW«J- iTbutra. Prices June 
13>I4 /ISl 

Britannia Trust Management (a) (g) 

3 Lemdun H’aU Rai/dince, Loukm Wall. 

Legal & General Prop. Fd Mgro. Ltd 
iLQuetm Victoria SL^ECftN+TP 01-248 M78 juoney 3J\me I8__ 

L&GPrpJd- June 5 )«. 9 10371 | - Deposit June 13. 

Next sub. day July L . Property June 13 

Life Assar. Co. of IViufisybinla ^S?cpH jraeS 

3942 New Band SL.W170RQ. 0MUBUB BSPnAccB Juccl3 

LACWDliU^sm IBfl-JV 
Ueyds Bk. Unit Tst Btegnt. U&.\ . 

73.L«nbarriSL,EC3. 'IBHBaiaB 

B mb i^ .. ; . . .... - ~ B83 10321 

Lk«yds Life Assurance -w >cypen-CajxB. 

20. CUOon St, EC2A 4MX Money Per. ACc-B- 

Z Scottish Widows' Group 

OwjStoJraelSllSoa 1377 Z: — POB«cEWCl.Edlnburubi3Gfl5BLT. 031/^8003 

OpLHr June 15 155 0 1632 - DwjbBericnl Mi J05^ +0.4b _ 

OpLSMan. JiirlS.. 147,7 1555 — — Inv. Ply. Senes 2 — (995 104.9 +0.4 — 

OpL5 DoptJ unelS . 11214 127/J ,JZ] — Inv.Caah June 15_g7J 10Z.9 +83 — 

London Inderonity ft GnL Ins. Oft. Ud &o^?^S?LZZfi^3 wa’q Z 
18-20. The Fortnay, ReadiiiC 683611. MffiLPes June 15— <266 0 266.0} +33 _ 

Sf Zj — • Solar Life Assnranee Limited 

Fixed Uaeresl p45 562J+03} ,— - lOnzElyPloce London RCJNBTT. 0U242SQS 

The London ft Manchester Asa Gp.f ^ -° J | “ 

TbeLeas.Fbihestone.KenL OQQBfiTSba ^ar^SSa— P615 1700} +/)/] — 

Cap. Growth Pjmd- . 2243' +13} — SolsrFcrt&itS — 0355 12l5| -03) — 

WlHt.JBxmptFd.. IgA +J3 — Solar Cash S 

/Exempt Prop- Fd. B9.9 +0B — Solar IntLS. 

*Rxpt Inv. Trt. FU. 149.7 4*3 • — . Solar Mounted P 

Flexible }a ; i-l — _ }JW TfS ~ Sol sr Property P, 

Inv. Trust Fund™ * +JB — Solar Equity P_ 

Pixbertf F und . — W.7 + ®*I. — . solar FlallnLP 

M ft G GnrapV ISSSfp 

Three OUHF3L Ibwcr HD) EC3R KBQ 01-086 4BB8 HOUruULF. 

iSTfSo— -BULB -T.J+2JI - Son AHIbw* Fund Msmgmt. Ltd. 

Conv. Deposit* 

fS 3 S&^g= 

Vkmlly 81-80" 

GillBuwF**— , 
lnteroatnL Bond*". 

London EC2M SQL 

Awcfa - [71/ 

Opital Ace. 510 

rmnci t Ind — 56.7 

Commodity. 77.0 

Domoriic 57.8 

Exempt U4.0 

Extra Inca me 395 

Far Bari- 20.9 

FinanciBl Sock. 63/ 

Gold ft General IB3 

Growth 196 

Inc. ft Growth p3 

lnfl Growth M4 

InvCiSLTst-Shares.- S-4 

77. « +03) 522 
55.7 +oij 4JJ2 
61/ +03 4/4 

SlS +03 5/7 
40.7c 4j] 455 
120 C +0 

+aa 6/3 
+03 927 

687d| +0.1 
9173 -1. 

-03] 521 
+0.d 4.49 

: z ftnaterl 

85.6a +0.41 
787 +03} 
673 -OS 
532 +031 

—14] 813 
+0.41 4 04- 

♦Raw. Materials— [39/ 41X +23 635 

jHAcciet Unite i. 44.7 486) +13 625 

"Growth Fund • 614 2.40 

WAocura. Umui 514 . 57.3 ZAO 

trail: and Warrant. J7.7 4131 IB 

lAmerivunFd. 242 263 050 

fiAccwnUoitei 252 27/f 050 

**fflgh Yield 48 2 513 .— . H00 

"tAccum. Uaitsi _)675 725) 1100 

Deal. Xtfon. *Tues. t|Wed- tThura. **FrL 
Legal ft General Tyndall Fund* 

1ft CSnynge Hoad. Brifiot. 027332241 

Dia. June 14 157/ 6121 1 526 

(Accum. Unite.! (724 766} \ 526 

Next ab. day July 12 

Leonine Administration Ltd 
8DulmSL.DoiidonWlM6JP. OW885B91 

DeoDriL. D5J 19JH+03| 5/1 

Loo Accum — ... 1*2.6 B69j +82} 456 

Lloyds Bk. Unit Tst, Mh-rs. Ltd.f (a) 

fieetstnrs Depl. Corinj^Sni. 

WarthinsL West Sussex. 01-0231288 

First iBalncd.i |50.0 53.71+02} 4.46 

Da. lAccam.i 58/ 71! +0J 4.45 

Second atpj^__ 533 562» -0J 3.66 

Do.IACccm.i- 65/ 70.7 -03 3/6 

Third fine otoci CL® . 883 +03 639 

Do. (Accum.) 1123 1205 +0.4 639 

Fourth (Exlocj — »6 »0» +03 800 

Do-tAccum.) — (688 TLAf +0.4 BOO 

Lloyd's Life Unit Tst, Mngrs. Ltd. 
TSOO. Gatehouse Bd.. Aftesbtny. C30S5MI 

Equity Accum. J1572 1685} 4 4/5 

MAG Group? (yXrift) 

Three Qatys, Tbwer H2L EC3R BBQ. Olffld 4S88 
See also Stock Exchanee Dealuas. 

Artuthirot KrciiriCiK iCJLJ Limited 
I'ft hnxtsu.«i 'k-h+r. .Iciw «3M 72177 

i .’i«. T.-l > I. r - » » 1114 b llSOirf ) 4 20 

■v-m 1 ni jaic';- 11150 125 01 - ! 3M 

June CL 

Australian Selection Fond NV 

Miiki-i t *r*i*uri m.>:i-, .. , ; v Wi.h Viaios ft 
i hii nun it,-. ITT. sl; 5*diu-y _ 

I ?/l Sti-.rt*. I SCSI-® 4 i^OU — 

;.n : VjIuc Judo 1 * 

Bank nf .America International $„A. 
.Li lamloi.irrt Ru/5i. Luxemhoun.' 'I D. 
U'ldiii'*-J li cn-n.-. |-;r <31190 112464-0 E| 645 
Pncf. a! I'.r.i. r. suh. d.iy June 21 
BnL of Lndn. ft ft America Ltd. 

4 ttGS. Qui+r. I'irton.i SL,ECft «M-H»3Bto 

Alexander Fund . — I. 4 — 

Nc; o.,+i value June 14. 

Sonqne Bruxelles Lambert 
2. Rue Tw 1+ llceitnce B JOOO Bnuwb 
Renta Fund 1-F -11/55 8,9121 1 7-06 

Barclays Unicorn InL ICfc. Ls.i Ltd 

1 . Charinx Cruir-. iL Heller, Jrajr- OS4TWI 
Cn-erscoi Innnc _'53.7 513 +031 11-ftS 

I’n:rfu»JrTreri-_JlL5U» U» 1 420* 

Caibr-ndTi-uq, . "lU SHtOS 1205] ,._1 800 
•Subject to lit; and Wtlhboldins taxes 
Barclays Unicorn InL IX. O. Man) Ud. 

1 Thomas SL.rV-etdus,] oJft 002+ -WW 

UaironsAua.E'.f..|55J »3( I/O 

Du. Auri. Mid 34.6 372c LU 

Du.firtr Fwitf.. 623 66-’ — 

fio.lnU. la-;u“L J90 42 B 8.M 

tm.l .rfilunT-: -U59 «S -0+ B.W 

Manx Mutual- Eft 3 283 ... . LJ 

Kin^ ft Shaxson 5tgrs. ^ 

I , 'l.-'.u>? 1 •■. si lK-‘ -or. .terser. d»34fi3741 

'Ail*-.- Use. s: IMit Pnrt. iinv>, i*Wli 2GM 
1 Tl.iinKihSirue:. Douclaj Sii-M ilH2+!4E4ia 

‘•' |9Z7 930} .} 1200 

i.j!;Trv-i‘j v M • hf32 anSSJ .. . 1225 

■ .III Vi .1 liii-rn .-B.43 9-W| I 12» 

ln(L fart. Secs. Tsl. 

Find V.T1-I.S . _|lfl32 18S6( I — 

Furt lull ^ j 164 34 IBiBfl \ — 1 

1477 -1 :4 150 
22F-0I4 l'« 

L01 ♦O.Cl| 12. M 

393rd -0.1} 3 12 
27Jil-0l[ 4.03 
7331-0/1 397 

56. B) +02] . 732 

• 7131 +0.11 813 
4S.4i+a.ll 8B6 

473}+0.«i 4.71 

92 4] -0.61 329 
1£4.^ -03^ 0 80 
B4.3 —0.01 319 

-131 224 
I 7.45 

3 J = 

Ncwlssoe JSA 381 +02 AM 

North Am*ricoq_ 502 323 b -03 301 

Prafesrional, S043 519.9 b +13 435 

Property Sfaem _ UA . 14.4 +03 2/0 

Shield __ B.8 . 493 +03 4.41 

Status Change 512 33/ +03 454 

UoieEMity P2.4 34.9} -03 253 

The British Life Office Lid? u» * 

Be! ian ceMse- Tunbridge Wells. Kt 0682 erm 

BCBritlshLUe W93 524) _....! 5 65 

EL Balanced*— — W5Z 50fl 554 

EL Dividend* .|W.6 45iJ . ...I 9.06 

•Prices June 1+- Next dcallnfi June 2L • 

Brown Shipley A Co. Ltd? 

Mncra; PnsnderaCt_BC2 01-0070530 

BSUnttaJuneS Ria.9 2310} I 4.72 

Do. (ACC i June 3— [267/ 2E7.9] 1 4.72 

Oceanic TnuJa it) go 

Financial 34/ 389 4.14 

General 187 19 B +03 3.W 

Urowt h Accom. — *56 +03 4/2 

Growth Income 563 .* 385 +03 4/2 

Hieb Income WZ • 322 9/7 

LTV 32 284 .. 385 

Index 242 26.9 +02 4.15 

Overseas 19.7 ZT2h -03 3 37 

Performance — 581 62J +<U 4J7 

Racwcnr — Z1Z 22,4a ftCT 

Exmpt-Jfune 12__p7.9 603d| —.-4 4/9 


Exempt High Yld 
Exempt MhL Ldrs 
Extra lac Tst. 
lirtto. Growth.-, 

Inv. Tst Urals 

Market Leaders 

•Nil Yield' 

Fret ft Gift 7ri«C- 
Proporty Shares — r~— 

Special sit- Tat 275 

UJS. Glth. Accum.p.6 
ILK.Grth.Dist. [190 

23.7 -0. 
305 -0, 
27J .... 
26 E* +0. 

-0.4 X79 


33. id +0.1 

-0.7 255 

-CO «.J6 

+0.1 451 
~U_2 — 

-Ul 1250 

— Sun Alliance Fund IfiangmL Ltd. 

Sop Alliance House. Horsham. OW3 (54341 

= ftaawsfw - ! = j = . 

z Son Alliance linked Life Ins. Ud 

—■ Sun AJUance Bonne. Horsham 040364141 

* ' +ft 

01-2-18 2600 
26 0}.... 1B6 

30/ 1B6 

»/ B 23 

282 3 93 

386 3.93 

294 365 

33/ ... 3/S 

Financial @4/ 36.U .... 4.14 

General 187 19 B +03 3.W 

Gicirth Accum. *5 6 48.-3 +03 4/2 

Growth Income S63 .* 305 +03 4/2 

High Income *86 • 382 9/7 

'LTV 32 224 .. 3 85 

Index 242 26.9 +02 4.15 

Overseas — — — 19.7 212rf -03 3 37 

Performance — 581 6ZJ +<U 4J9 

IRacwcre — 21/ 22,9a 5M 

Except. June 12 [57.9 6ftM -Z] 4/9 

C-aaada Ufe Unit Tst. tfngns. Lid.? 

T/HJEhSL.Poners Bar. Herts. F. Bar 6 1 122 
Can. Gen Dirt- _ — [384 48* +0^ 43Z 

Do. Gen. Accum [46.6 49.01+02 452 

£io. Lie. thsl- — 1333 353J +02 7.73 

Do. Inc. Accum- — -(43/ -B.9| +02] 7.73 

Capel (James) Mngt. Ltd.? 

100 Old Broad SL.ECSN1BQ 01-5886010 

Capital [85/ 90J .) 4J6 

InW J793 842[ J 7 25 

Prices on Juno 1. Next dealing June 21. 

Gu-Kol Unit Fd Mgre. Ltd.? </)fr) 

MMburn D-nue. NewcasUcKipOn-Tyac at 145 

r.vlioj -Mi 723J 1 3 92 

Do. Accum. Units —133.4 05.9} | 3.92 

Po. Hi ch Yield Ml. 7 4421 . [ B33 

Do. Accum. Units -[51.9 544[ ) 833 

Mail rieallno dale June 28 
Charities Official Invest. Fd* 

71 Loudon Wan. ECa:. - JOB. 01-5081813 

JncdfuoMor 16 1135.2 — I ] 6 60 

Accum. May Id (2565 -- I ... I — 

eUnsuih. Only available lo Refi. Charities. 

Cbsrfeeiiease Japnet? 

1. Paternoster Rw, E€ 4, 01 2-18HM0 

CJ. Internal') Kf.4 26 0} .... 1E6 

Accum. Unite ra* 30/ 106 

1'J.lnVMIM. 336 35/ B23 

CJ. Euro Fin I3&4 282 3 93 

Accum. i 'nits DO b 32.6 3.95 

Cj.Fd.lnv.Trt. — B7Z - 294 36S 

Accum. Unite ,.131-0 33.6} ... 3/5 

Price June 14. Next destine June 2L 

Chief tain Trust Managers Ud-YlaKR) 

II Ne» SLBC£M4Tr*. 01-2832&C 

American [aiM.O 2S.B -0J| 1.56 

Rich J uc&zne M10 44 JJ +0-1I 9J6 

Tnieraaiioi«i!Ti!t_hi>24.7 26^— 0.3} 3.15 

Basie Reurce. TsL]265 285] -02] 4J7 

Confederation Foods Mgt, Ltd.? la) 
30 CtHnceryDaise, WC2A 1HE 01-24=0202 
Growth Fund (42/ . 44J| [ 451 

CosmopolHan Fond Managers. 

3a Pool Street. London SW1X9EJ. 01-235893. 
Casmopoln.GtRFtl.ll7/ 181] 475 

Crescent Unit Tst Mgrs. Ltd. (ahgl 

4 Melville Cres-EdinborRh 8 031-2264E31 

Ctcsoftil Growth —g7.B 29/1 . — 4M 

Ores- InternoiT. — I59.B Wu 0./ 

Cn-s.Hish.Dist..-- J435 46.J .— fftl 

Cm?-. W0.1 43.01 4^6 

Ci-cS-ToKjtj I — 25.0) 050 

Discretionary Unit Fond Managera 
22. Blwniiold SU. EC2M 7AL. 01-084435 

Discftu-aiae (1625 173J4) I 5J3 

E. F. Winchester Fond Mngt. Ltd. 
Old Juwry. tX-2 ■ Ol Wri-br- 

^^flHWlnchl■'4«■.. |U0 ljhl . . .1 6J4 

GLWJiiCti rr Ort.-a.vj20D 218] 4-50 

Emson ft Dudley Tst. Mngmnl. Ltd. 

20. Arimcton ».. S-W.l. 01-iOB Tssi 

Emsun Dudley" T sl.}67/ 72.6} 5JM 

Equitas Secs. Lid. fa) (gt 

41 BlShopf-c/to, EC2 01 -589 33T-1 

Proeressive — 16 ? .4 7LIf-0.II 4/1 

Equity ft Law Un. Tr. NU? (aKbHc) 

Amerstuua 3d- Uigh Wycombe. (M8433377 
Equity ft Law [h6.7 70.2} +0.2] 4J.4 

FramJington Unit Mgt Ltd, fat 

5-7. JreJaBd Yard. KC43 5DH. 01-2480071 

American [51.6 54.81 100 

Capital Tst U88 1262] . — 3.C5 

ImobkTsi — W3.6 110^3 .. — 7.02 

Int Growth Fd. — 11L3 lllS — 8f2 
Du. Actum. 1114.4 1216] L32 

Friends' Provdt. Unit Tr. Mgrs.? 
Plxhata End. Dorking. UWdJCSn 

Fnenft, fttir. Uli...K23 452ni +0JI 425 

Do. Accum J54.7 5341+0^1 4+ s 

G.T. Unit Kanaaers LUL? 


G.T.Cap.lac 1892 ,»5 -0J 

Du. Ace - , - 99/ 106.2 -04 330 

Ci.T. Inc. Fd. UH.-..-J3622 J72.4 +lf 7.W 

C.T.V 5 t-iifi - .1147 2 156/ -2 J 2W 

i«.T J jj.'+n ft iV-n— 128*3 9 ^ J bS 

5Gt.Fen»>GxFd ... 0541 140 7 .... 

G.T.Infl.miid -123 3 13L7 +4.1 2.00 

G T. Four YdHb'rt - -B3.4 £60}.... *.23 

G- ft A. Trust OK8> 

te JtuiRv*h M . mvcHv-n/d iftn7i22TJtet 

U.ft^ [32-3 34Jx£j +PJ] 4/1 

American — — 15LB 

fi.vceum. Units) - 52/. 

.vutnlulte — „ 55/ 

■ Accum Unite)— ■ S6.0 

Commodity 77.0 

1 Accum. Units) — — . 329 
Compound Growth. 107/ 
Conversion Growth 63J 

Conversion Inc. 63.9 

Dividend U64 

< Accum. Units) _ 220.7 

European — „ «/ 

lAceuBLUnitai- 49/ 

Extra Yield. B4.4 

1 Accum. Unto)— — U2.8 
Fa; Eastern — — — 56.4 

■ Accum. Unite) 61.9 

Fundnflnv.Tsta — 62J 
1 Accum. Dolts)— 76-2 

General - 1686 

1 Accum. Unite) 2S73 

Itl/h income — __ 100.6 
(Accum. Unite)— 169/ 

Japa.7 Income 153/ 

iAccunLUnita'i__ 154.9 

Mapunn ... — 208/ 

1 Accum. Unite)- 260.0 

JO 5521 —0.7 1/5 

!/. 56J2 -0/ Xi 5 

iZ 58.6 +0.4 1.76 

i.O 59/ +0.4 1-76 

0 02(1 +02 431 

L9 B8! +0J 4-31 

7/ 115/ -03 3.72 

1/ 68.9 —0.4 272 

1.9 68.1 —02 8/7 

84 IS .lx -0.7 7.92 

a.7 2372 — L3 7.92 

12 584 -02 3.40 

'/ 53/ -02 3.40 

1.4 B9.1 -OA 026 

88 2204 —0.7 836 

1.4 60.1 +0.9 271 

.9 65.9 +lt 221 

LS 67 On +03 448 

l2 819 +0J 4.48 

AS 1884 -0J 5/2 

73 Z79J -13 5/2 

0.6 107 JU -0/ 8.41 

H2 1802 -08 8.41 

3/ 1UJ* +02 144 

4.9 165.1 +0/ 114 

*J5 2234 -0.4 3/4 

■m 27BJ -0/ 3.94 

0.0 UK +03 6.70 

84 299.7 +05 670 

.9 872 -03 432 

.8 882 -03 432 

i9Z 183.4a -03 535 

87 278/ -D.C 535 

a.0 172/ -0.1 431 

0.7 216.9 -0-3 431 

J. Henry Schroder Wagg ft Co. Ltd.? 

__ , oi -aw am 

I+.M WH 1103 4 VniaS 232 
1Z9.S 252 


3^1 699 

B7.9| 5/5 

lOSj 3/S 

33.d ...... 821 


1T3U 424 

250 W ... 2.73 

19331 . - 4.97 

883 -0J 

106.2 -0.4 
172/ +1> 
156/ -2* 

305.2 -31 
1407 .... 
1317 +i.l 

56B .... 

• Accum. Unite I 28L* 299.7+0/ 6.70 

Secovcay 819 872 -03 4^ 

■ Accum. Units) *2.8 aaj -oj 432 

second Can. 169/ 183.4a -03 535 

(Accum. Unite). 2567 278/ -0.4 535 

Special — 162.0 172/ -0.1 431 

. Accum. Unite)— [203.7 216.9| -02J 431 

spcdaiiMd made 

Trustee n«43 153.7] -fid 6.46 

i tecum. Unite) 278/ 296/1 -17 , 6.« 

Chari bond June 13. Ill/, J 10A* 

■ hanldL June 13 „. 1482 1484} ..... 7.82 

I'.ivum Unite) 1813 183.4 7/2 

rcrjv.Es. June 12 [1342 1416} 5/9 

^uinLife Management Ltd. 

Si. a corse/ Way. SmnatF. lH38S0t0l 

GrouthUuUfi. __]51/ 54/1+85} 4/1 

Mayflower Management Co. Ltd. 
i : 18 Gres bam St- EC2V 7AU. 01^06 8009 

>r..:onw-June7 11064 112-Oj J 820 

<iL-ceraIJune7 }fe.5 74/1 .. ..J 536 

Mercury Fund Managers Ltd. 

:.<( i J 'nrrtumSt,eC2F^E8. . 01-4004555 

Merc Gen. June M. 177/ 189 9] 4.71 

vc. UteL Jute 14... 2314 2462 4.71 

Mon-. Ini. J one 14._ 652 6 M ZJO 

cm. 111*. Judd 14. 70.0 74.5 2 30 

Merc-ExUiaraS 214.1 223.0 4 42 

.'.onira-Ute. AprJt7.T25S/ 2663} 4.4Z 

Midland Bank Group 
l' nit Trust Managers Lid.? (a) 
-.'(nutwood House, Silver Street. Head. 
Slirtfldd'SiaRD. Tel: 074279842 

--'•mmodltyft.Gen-.lW5 70/j .... S54 

r-u. Accam. 75/ B13 ...... 5/4 

■trqtttb 37 7 40 4c -03 330 

r-u Accum. »/ 43.4 —03 J.M 

Papua] 28.8 30/ -03 3.17 

1-AAuGUn. 310 ■ 332 .-... 3Jg 

b.icome . JL9 . 55 5u +03 6.46 

Du. Accum. 59.1 632 +02 6A6 

Ir.icmaUonal 493 53.3u -0.4 236 

D i. AcctuiL 52.4 57.7 -0/ 236 

J-wfib Held 623 bb3 +03 827 

I». Accum— — 66.0 703 +OJ 827 

Equity Bwmpl'— 1OTJ 549 

J>v .tornn.- 1B3.6 109/1 5.49 

-Prices st May 31. Next dealing Jane 30. 
Minster Fund Managers Ltd. 
rtmstarHm, Arthur SC EX14. 01428 «B0 

3! I osier June 12 .135/ 37^. — f 5/7 

tL-.cmt* May 31 [90.7 94.71 4 5.48 

MIA Unit Trust MgemnL Ltd. 

Old Qneen Street, SWIHSJG. 01-8307333. 

MLA Units |403 • 422] . — } 427 

Mutual Unit Trust Managers? (ang> 
15. Copthall Ate.. ECZR7BU. 01^084803 
Mwiuai See. Pins... 150.7 5*/^ ... J 6J4 

jlutuallnc.Tu, 168.0 72. 9J -OJl 7 27 

Mutual Blue Chip.. 43.7 kjA -03l 6/1 

.Mutual HtefaYldf.. j56J 6<U|-I>. 1] S/2 

National and Commercial 

;ii Sl Andrcu- Squan.-. Ediuburrh 031-5568151 

lni-cnu Juftc 15 fW6 fi 15181 1 632 

. .t-i-nm. Unite! [200/ 20B/I ....4 632 

.. ift June 14 h MB J 364 

. \CCUHL Unite) ,]154 0 160/1 I 3.64 

National Provident Inv. Mngrs. Ltd.? 

Grocechurch St. EOF3HH 01-004900 
'..r3.Clh.Un.Tid— 1453 4ftbd ,._.J 4/5 
- ,-.’Cun.UBlteP— . 552 
M'lCTawK. Triisl^ 1246 J2lM 2/0 

i. uxma.UnIteV^.1329 140.7] .. _.4 S/0 

- 'Prices on May 25. Next deaUne Juno S», 
-prices on Jane 14. ^nt dealing June 28. 

National Westminsterffa) 
lPl-.Cheapslde. EC2V 8EU. 01-BB BOW. ... 

•'apiWtAccmnj__J66J 712* +D2J 4^ 
Extra Ine. — fen 70.7 +03 7.67 

Financial— B60 38.7 +0.1] 506 

drouth In v , tee 4 963 +0JJ 5.01 

Income 15.9 38/ +0Si 6/1 

r-tirtloUolnv Fd US/ 732* ,.-rt 5^5 

I'nivenwl Fdjd)^_(M.7 Sft^} 223 
NEL Trust Managers Ltd.? (aKg) 
Milton Court, Doridnfi. Surrey. 5911 

NVIiUr-. u.i 9 64.7J +03J *10 

?:cteuirmtolae..,|3/ 53jJ +63 7-98 

- fhr New Court Fund Managers Ltd. 

see Rotfaiehild Asset Management 
Norwich Union Insurance Group (b) 
fu.Bw t 4.\oTvrieh 1 NR13XG 06032200 

• iroupTst. Fd.— [347/ 365/J+D71 L06 

Pearl Trust Managers Lid. (arfgyi) 
ZUHiCh |iqjbom.WClY7EB ui-wsaui 
P-'.irl Growth Fd_te 9 24.?1 +-0J1I 4 94 

.v- rum Unite 77 Z 29.3J -0J 4 94 

P'.-. ,r Inc... 5L7 34^-02 6.7D 

1 v..rl L'miTd. 35 2 37 M +0.1 5.07 

j, icum UjMt»» TO „|i5/ *5.1] +a2| 5.07 

Pelican Units .\dmin, Ud. igKx) 

K1 Knqmal D ,SL.XJ Wlc}|CfcUr 011-2365665 Unite- [83 / 89.^ 4 5.06 

220.4) -0 ! 

314 -J* 
MJ -0.4| 
33 9 ... 

167 < 


13 2 | 

20 4 . . 

01 485 
0 4 1/8 

0A JSg 


.... 821 
.... 2JL54 

130, Cheupaidc, E.CJ1 _ , 01-3405434 

Capital June 13 |1034 107Dd) 2K 

(Accum. | 

Income June 13— 



(Accum. UnitM. 

Europe June 15 
(Accum. Units). „ 

•PtnftCharFd AoSS 
**Spec£x. June T 

•Recovery June 7.. 1139.5 195/1 -l 4.97 

'For tax exempt funds only 

Scottish Equitable Fnd. Mgrs. Ltd.? 
28 St Andrews Sq..Edinbureh 031^>569toi 

Income Unite ■ .150/ 534) I 531 

Accom. Unite _|572 60 9} — 4 521 

Dealing day Wednesday. 

Sebag Unit Tst. Managers Ltd.V (a) 
PO Bew 51 1, Bcklbry- Hsu., E.C.4. ni-3iO5W0 
SofaUfi Capitol Fd. _U3.1 347t-02{ 3C3 

Sebng Income Fd—D0-4 31/1 -0J4 S22 

Security Selection Ltd. 

15-19. Lincoln's lan Fields, WC2. 01/518930-0 
UnvlCUiTrt.Acc-.J241 257] .... I 2/0 
Unci GUi Tst Inc — |2L0 22.4rij { ZM 

Stewart Unit Tst. Managers Ltd. tai 
45. Charlotte Sq_ Edinburgh. 031-2^3271 
ISicwert Ameriraa Fand 

Standard Units [678 . 72 4} | 1/3 

Accum. Units [73 0 TB 1} J — 

Wltbdrewnl Units. }54J 57.9) — 4 — 

•Stewart British Capital Fund 

Standard 11336 1451} | 4/0 

Actum. Units.. 1 153 1 1665) .._.+ 4/0 

Dealing tFri. ‘Wed. 

Son Alliance Fond Mngt. Ltd. 

Sun Alliance Hse.. Horyhiurv, OU3B4141 

Kxp>rf.TiiJune MK211Z 22Z2[ | 4/4 

FTfeKuadr Fd.. _>7J J03 4} . ...J 3 47 

Target Tst. Mngrs. Ltd.? }aHg) 

31,Grw.hamS<_ 6C2. Deu/inr.< ‘’3W£WI 

Tarc« GMUmndity. p5.9 78 6| +8.^; 3.75 

Target, Financial 60 5 65 71+03 4JS 

Tare** Bjtaty »i 3BM-0J *17 

Tojel Ex J unc 14 — 2118 219/^ 5 75 

OlXi.Acc. Units — 2S7 7 298.ll... 5.73 

Taruet Gill f=\ind ... 124/ 220.4) -0 ! 3 00 

Target Growth *24 30 51 -01 

Target Inti 292 31fl-04 2/8 

Do. Rcinv. Units „ IL9 WJI-O.-J lSt 

Tarfiri Inv 31/ 33 9) ... 3/a 

Trac Pr. June 14- ... 159 0 3fc7-q 427 

TtfLloc 29 4 31.81 8^1 

tJl Prrt. 137 13i] 11/4 

Coyne Growth Fd. _ 19.0 20 4} . . 4 54 

Target TsL Mgrs. (Scotland) (atffal 
19. Alhol Crcjccnl. Eriin.5. lO1-aS0621C 

Tare -a AmerJEaKlcraj 30 4} .. J 1+5 

Taj-ROlThislIc kQ.O «1 M -OJl 573 Income Fd ..[59/ 6J/| +0J| 10 05 

Trades Union Unit Tst. Managers? 

1 00, Wood Street. EC/. oi-KX*m 

TUUTJunel — . — [50/ 53.4| I 5/0 

TranBatlantic and Gen. Secs. Co.? 

01-88 New Dondon Bd. CbelmaJord LC+3 51C51 
M.8] .... 5/8 

3217 . — 5 SO 

8S.4a 4/3 

84 /u ...... 474 

JIM.6 4 74 

132.7 +L2 S7E 

IK! 2 +14 5.73 

54 0 7.05 

Barbican Juno IS 
(Atxvm. Unite) 
BartvExpCMay : 
Bvckm. June 15 
(Accum. Unite). 
Colerao June 16 — 
(Accum. Dnilfi 
Cumld. Junu >4 

Glen. June 13. 

(Accum. Dnitej 
Marlboro June 13 
(Accum. Unite)— 

Van.CirtbJj7c )3L— 

(Accum. Unite). 

Van 'My June 13 
VOug Ten June J4 
1 Accum. Unite.) 

i.iitvm Unite) 

WickDi. June 16 
Pa. Acrum. . - ■ 

Tyndall Managers Ltd.? 

lB.CanynacRnud. Knrtol. 01 

income June M .. .W98 2W.3I . 

1 Accum. Unite' .. 182.4 19161 ... 

l.Tipiliil June H„ .128 0 Ud*} ... 
(Accum Unitei . . 179 0 ZK 3( . 
Exempt June 14 — 112.0 117*1.. 

■'Accum. Unite' . . J5B 0 Iw IH ... 
Int Eurn. Juno l+. 2480 2W.4}... 

1 Acrum. Unite.- ... 276 3 2898} ... 

pref. June 14 - . - 100 8 1&6 W ... 

(Accum Units 1 . - 12SJ 131.6] 

Srot. Cap June 14 ... 141.6 148 C . 

(Accum. I'nilsi . .— 168.6 177 21 ... 

Scat. Inc. June U_ 163/ 172.0} — 

London Wall Group 
Capital Growth 
Do. Acciun — 

Extra Inc. Growth. 

Do. Accum. 

Financial lYrt) 

Do, .Accom. 

High Ukl Priority 
Special Site - 

TSB Unit Trusts iy) 

Chantry Wa7. Ando w, Hants. fC 
Dealings to 053H 63432-3 
fbffSB General — HB/ 41« +0_ 

fbI Dj. A ccum 57/ £11 -fl.3 

ibi TSB Income S9.2 63.0a +0+ 

iti) t»o. Accum 62.7 65.7 +0 j 

TSB Scottish., BSO B?4 -0 2 

(hi Do. Accum., 90 0 95.6 -0..' 

lister Sank? (a) 

Wannu Street. Mclfd-t. m. 

il)iUlrtcrGro*ih_p72 39.91+0. 

IV). ilrtf PWltc. 62/ 66-3 --- — 

r*o.!nO. Incur - .l 390 42 « 8.M 

Un. I -rfSanT-: -D> B.W 

IH) Mutual — . 1263 2&/| ... . L-J 

BlshojiSRato d'oEunodity Ser. ltd. 

P.O.EOs-l2.D»/Uiijs.i«*.M. OOV339U 

AftM-U'-Afay.t .[R'5Z7/J 2 I — 

CANRIIO-Junc - a. tLUS 12251 . — 

CClUNT--.tuiw.-r- (£2/12 26*S -I 1» 

r»n^.na/(y i* +u <ed at *510 and ••fcLCflL 

Bridge ManL-croeut Ltd. 
ro fw». r+fl. ’.rand Carman. Carman J*. 

•Stiashi June 3 . _| 115/38 } } — 

G r.O Bo> .Vrt. Hons Kond 

Nippoot'd. Jur.- ’ ( ram* . *KR 1 0.70 

1-i-StoCk Split. 

Britannia T*:. MsgraL (Cl) Ltd. 

to BJih si .st li-.-licr. Jersey. uJCM 73II4 

■Surriiiuc Denominated Fdc- 

r.r^ttth tn-.c.-.i . ._[33.0- 35 7 +<3 /( 4 00 

!n:«il Kd. . . _ B0.2 86-7 +3.fl 1-M 

Jur-ey Bner f - Tsl. . 136 6 1477 - 1 : ;50 Si:.. £2.21 

liirii InlSUa.T'j'. . £0.970. L01J- 0.01} 1100 

t'A tWIir n-zetnina led Fds. 

L mc.LSTrf . _.p:SS« 5«1 . I - , 

] nt-Hvh IflV T U . . [lltSHTD 4 jl]+0011 9.0 

Value .Ian-.' Jfi. Sett dealing June IK. 
Brown Shifiev- Tst. Co. (Jersey) Ud 
P.ii lto\V£.*t liei.-er. Jersey. ' CSSJ 74777. 

Stcrlinc l>i.Td(d .100/5 10/91 1 11/4 

Butterfield Management Co. Lid. 
po. Eos It*. Hamilton. Ucrumdo. 

liuttross Equity CJ6 2A4I-0.U1 1.94 

Euilriss [L97 2.5c| +0.M[ 5/5 

Prices .U May 12. Next rah. day July lu. 
Capital Icternalioiial S.4. 

37 ruo Noire- dame. Luxembourg. 

Capital luu FlimL- 1 SUS17/1 I — -t — 

Charier house Japhet 

1. Patcr+.wtcr How, EC4. 01-248 »39 

Achrtitta.- DIOWO 3178} .... 5/0 

AdixwhaZ Z DM49/0 52C+020 505 

Fomiali— PU9U 33T8 +0J0 5 9/ 

Fond 13 _ DM22. HI 3J0 -OOP 5/3 

EmporurFuna. iFS2.11 311 — 

HispJno- „_Jb i 5C32S 4233]... 2J4 

Clive Investments i Jersey) Ltd. 

p.O Bo* Xl* SL Helicr, Jerscj-. 0534 37361. 

Clive Gilt K.V.C 10.WJ 1 1LOT 

iliroGu: i-'.i iJay.i.|9.99 3C(I2| J n. K) 

Cornbiil Ins. (Gaernseyj LUi- 

P »>. Vo-: l.*7. SL Peter Port, 'lumuey 

Inrat. Mxiu I'd [168/ 1/3.0} — 

Della Group 

PO. Box 30b Z Nassau. BaJuunas 
De:Ui Inv. June 13 -P085 1941+00^ — 

Deitfscbrr S nvestment-Trnst 

postlaL-h 2S3S Biebercassee-100000 Frankfurt. 

Concentrj IDKMM ZaW+fllfl - 

InL Ren;'jrJnn-is-[DMH3* 7ljj(+0lr| - 
Dreyfus Intercontinental Inv. Fd 

P D. hn\ N37I2. Nassau. Bahamas. ■ 

NAVJ-jncO^ 13551 .. ...I ~ 

Emson ft Dudley TsiJtfgUrsy.Ud. 

P.O. Do*. T3.SL Heller. Jersey. 053420591 

ED.l.C.T /219.4 1».?| .. .. |> 

F. & C. RSfpnt. Ltd. Inv. Advisers 

1-2 IJ.uritM PtMBtncyHW. SC4ROBA. 


CcrLFc.Juno7 — I S‘- : S5.4fi | 1 — . 

Fideli’y Kami, ft Res. iBda.) Lid. • 

P.O. 52>;: C!il HoroUlo.i. Bermuda. 

Fidelity Am- Aa*_l SUK6« I .....[ — 
Firleiir- - at. Fund, j WffllB 1+OflS} — 

Fidelity I'-u.'. Fd I S'.'S46.27 J . .... — 

Fl'JelltyV.'rld Ft— .1 5US14fcS |-<Ur| — 

FidcILy Kgir.t. Research I Jersey) Ltd. 
V- meri>u UsaubonS'-.St. HcJtv.Jorsoy. 

OSK 27S81 

Series A Unto), j -..) £3.50 1*003 — 

Senes BfPKUlci . £7.64 ..J- 

-InnM rVlim i. .1 c 1 H 47 nl I *il 7U 

Xleinwarl Benson Limited 

20 ! Yni hurt il hr .EC? 01 -KD W0 

Emin - .*'*-!. l~\. F. 1.066 + 21 5.28 

Guernsey Inc U3 67.3 4J7 

)^ -i-eiiro . . 732 830 417 

hitKarKuiFd ..... 5fSlL5E- 121 

V.T.Iull. F'uud SL S11.7L 1.96 

KB Japan K-in.1 5t .93182 079 

KB. I - S liWth. Kd- SL'SU.96 0 75 

iiii'.Wf Bermuda _ IT.« Si - -0.06 LB6 

•LT.ibnnri.MD.Mi . .. lafcD 19,Wj-t-D30) S/7 
">LB act us London paying aueots only. 

Lloyds 32i fC.U lift Mgrs. 

I’D Bov l&S.Sl.Rtller.Jcrse? 053427561 

LtoT(lsT ( fttrrojs..[53 4 614[ | 124 

N'ert dccLitu: date June 17. 

Lloyds Isfernaiiosa) Mgtnnl. SJL 

7 Ilueriu Rhone. P.O. Bet 179. )211 Genera 11 

Llp«i1sllU, l -ro«ni! .lSFVlSB 3»00) J I/O 

Uojds LnL loc &KBM 3U«i ..-.J 6/0 

M ft G Croup 

Three Qow% Timer Fill! EX3R 0BQ. D1-C5S 4968 

.Aildr.iicJancia__ni'S2C5 313 — F_-_ Jure 14 _ S>. S128 23]..-.. — 

iv-idF-*. June 1+ trsm 10101 — 

»<l.ind . 127 6 135 M -» J 93.48 

. ‘lvcuo Unite) [180/ 1919} H3.6} 93 A8 

Semcel Montagu Ldn. Agts. 

1 l-t.UM Rroad St .EL" ‘1 01^886404 

Ac-ollu I'd. Mai-31 _|SF47.80 5185) ..] 3/1 

JJDle.rtJuneli JH2JJD 11^ J.C9 

1 17 Grp. Ya> 51 IFSU75 11» 201 

MUrr-w-M), lt_ £SJ2 5 61 .. .. } 0.7S 

1 7 JrsvO* 24. 0225 liizj ] — 

Murray. Johnstone Unv. Adviser) 

TCI. lispcSt .fili-smt 04I-2ZI85Z1 

•HupeS: Fu [ SIS3363 1-1-3 — 

•Murray Fu nd _ .| SL'SlllT +029} — * 
*N.\V May 13. j 

Ne*rit S.A. 

Hid Rnirirvnrd Ro\aI. Ij.rcmhoun! 

NAV Jcim 9 | al’SID W) ] .} — * 

Segi t Ltd. 

r. i luirmu-la Hide.-- . K.Tmilton. Prmda. 
NAY June M [C5JS — [ ..._.} — 

PboeaLf International | 

ru Run 77. Sl_ Peter Port. Guertim*.' *u 

luicr- I tI lar Fund. .[5237 25H ....] — ' 

Property Growth Overseas Ud. 

26 Irish Toon. Oiinvttar iCih'SlOO 

V S. Dollar Kund— I SUS85B9 | J — ■ 

Starling Fund | 023 77 | _ -4 — 

Richmond Life Ass. Ltd. 

•M. Athol Street Dou^JA*. ID/f. ' 0624 239)4 

01-248 3839 
327* .... 5/0 

5243 +0JC 5 15 
33 Te +OJO 5 9> 
2SlS-0.1P 5/3 

311 - 

423! • 2J4 

110.7 11 

174.3 ISA 

R270 13 

106 2 11 

170.1 17 

M ' 0624239)4 
KM-UJ U/73 
m h)*°' 7 | — 
179.ll -171 1139 

Rothschild Asset Management (C.L) . 
r.OJtox 5& SL Julians CL Guerosev. MSI 36331 
O.C-Eq.rr. May 20 -.155/ Sail ... . 277 

OCJnc.Fd.JuiK-1 . 1471 13.9a 7/1 

Ort.lnU.Prt.4 SI/5 143 1.Q 

OC/mCaFdMr3L- 14* / 155/ 3JS 

I.I.C. Commodity*.... 134 6 142.6 4 /2* 

O.C. DJ.“ iToiadly.T-. )S2S 85 Z7rt0ri| — 

* Pnce nn June 14. Next dealing June 30. 

1 Prices on June 7. Next dealing June 22. . 

Royal Trust tCIi Fd. Mgt. Ltd. 
rri. Bcs. 194. Royal TiftHse.. Jersey. 053427441 

TlT Im'l. Fd (SCRJ5 97M i 3L00 

H.T lnfl.1J5y.1Fd.. « fllj • 4 3il . 

Prices at June la. Next dealing July 14 

Save ft Prosper International 

’licafttic to: 

37 aroud SL. Sl Rclier, Jersey 0534-30501 
I'A Dollar -dezxuniaaled Fnuds 

DirF\dJnfJuneS 9J8 9.74nl 7/8 

lnlemiiL '>.-i 7.02 . 7.591 ...... — 

ForEailen:*7.._.. 3/69 42.92) — 

North Ameri can't* 393 428l .... • — 

Scpro—i.. [14/3 15/3| — . 

Krrling-ricaoiEiitaCrd Funds 

Channel CapitalO-tZilfl 24721 +1/1 1-62 - 

Cnanix-l lrtnjKi»e _|M* J 1543 -0/J 5.04 

Conuaed. June ( 1224.6 13L3 —2JI — 

bL Fixed June 1. [112.9 119 fl -+3.D1 11.64 

Prices nn -June 32- -*Jnne 14. ■“•June 16. 
{Weekly Dealings. 

243 Fidelity Am. A«_ SUK6« ..... — 

Firieiir-:ot.Fuiid_ WHlg I+0D5 — 

J-lde-lite-Cuc.Fd.__ St.’S«6.27 .... — 

IS F’delilyV.rtdFA-. 5US1468 -0.1c - 

-OfCJ — 
+0‘3l — 

Senes D (AulA+s.-I £la.47nl 1+023) — 
First VUdng Commodity Trusts 
d.St. Genres St. Douglas. l.oJW. 

062+ 4082. Ida. Art* imnhar ft Co ltd . 

51 pau Mall. London SW17 5JH. 01-830 7037 
Frt.Vik.CmTn. .P7 7 397I....|2M 

F«.vtDtiop.rrf.|rro azatf j.70 
Fleming Japan Fund S.A. 

27. rue Notre- Ds (mi LtnemtwwR 
H“lmft.JunC M.. ..| SUS4&48 } I — 

Free World Fuad ltd. 

Butterfield Bldg.. Hamilton. Bermuda. 

NAV Mar 31— I SUS17915 ) } — 

G.T. Management Ltd. 

Park Hue.. 14 Flli-.lri.r? Cirrus, Ixmdon EC2. 
Tel. 01-628 8131. TLX. 32sT00 

Lund on Aaenta (or _ , , _ 

Anchor 'B'tJ aits — p .019 C 951 . .J JJ 


G.T. Asia Sterling IEL3 *9 ls-W+o/6} 

G.T. Bond Fund I 5US12/2 +613} «.?9 

G.T.rollBrFa. J IliSVJe (*P3Ej C-.69 

G.T.PaeiDcFd I (+fljq 3-18 

Gartmore Invest- ' .LtL Ldn. Agts. 

2. Sl Mnry Abb. Lnndcu. 3. ni-333S;i 

CDituanre Fund f.'-jX ’Ftr iteSI 
13LC HiiUbiiau Hjtr Hartourt Rd, HJfrwie 
ifTI ft Pac. U. TsL - „J«^+4l65t 2W 

J fcpan Fd }a'2J M 13 £9 J, .790 

.YArmrtcan Tsl - KFGljS UW| — JXitrOp 

lull. Bond Pond |(H51I1IM IUSWI [ 570 

Gjitmne bngtsx^: 'ltd- 144. 

P.O. Box .72, omiittas mnani 

G.inr.vorcIn»LInr..|21 -i 22 §[.... I 10/0 

Gartmore InU. GrlhlbS.l 69 31 I « 0 

Hambro Paeilic Fend Msmt. LUL 
2110, ConnBuclit Ccnire. Honp Kong 
FarEastMay3l._.plri.:ir. 3+3 .. . ( — 
Japan r-Und [Il.'i'S 732} 1 — 

n umbras (Gnerrscy) Ltd./ 

Hsmbro Fnnc Hf,Ts. iC.:-> Ltd- 
P.O. P4> ? BS, Giwmw. ' CMPl » r ’2 1 

.{ S .19 

Prices on June 14 'k-ilii: June 21. 

Kcoderson Eariri^: Fund Mgrs. LUL 

I'ri Box N4723, N.v.»- *i IVJuurar. 

Japan Fd. I3l'--J731 MW ..] — 

prlcex on June 14. doalinr. date June 21. 

iffU-Samae! ft Co. 'Gcemsej ) Ltd. 

8 LcFcbvre SL. Petra- F ort i-ucnuL-y. C.l. 

Guernsey TA (1532 160 701 +0 7) 3/4 

Hill Samuel Overseas Fund S.A. 

37, Hue NUto-Duck-. Luxemte>urfl 

isa^ss a.oa-ai8l — 
International Pacific ?nv. KngL. Ltd. 
PO Box R237. 55. Pin S*. Syrincx. Aunt. 
Javelin EqultirTsL.]SA2U 5L22[+dt3] — 

J-E.T. Managers (Jersey) Ltd. 

PO Box 134, Royal Trt. Hrtu Jer?cid5« 27441 

ExtnrU. Ti_ (16 j 0 ID/ 1 - 

As M May 31. Nell sub. duj- Jam 30. 

Jardiae ft Co- L'.d. 

48tii Floor, CoRnuucr.t Centre. Roup EOOB 

Jordioe Esin. T» | SiiV354r-6 I 2/0 

Jard(neJ>Jtt*.-l ) 0.W 

JnnlmcS^A. 1 U-SU22 I 2-20 

j arrimi- FlcmJin. . 1 s:-4K**70 I..-. — 

.’LW May 3K -EftiiiitoJenl SUSfi&fB. 

Next uui-. .‘we IS 

Keyselex M/gL. Jfrw Ltd- 

pi i Eton 9B, Si HelJcr.J..'.rf: .iEnt.0L««7ir;0i 

Fonsoli'1 . F - !.Vo 151’ 1 - . 290 

Bwidclex P-!li? — 

Ke>;..-lv- lul'l Csbl *2“ -• n,- 

Knu-H-vDimpf. 15®* “46 3 - D 

japjri i.'ih r - ; , - 

Kcyxele.xJapon — 1112 16 bj-'li^ — 
CvnL Assx-te Cap_ . iC36l .. | 

fchlccinger Internatiena] Mttgt, Ltd., 
41. La Mono SL.FL Heller, Jewy. 0534 H66S. 

U-'ra» B3 80] 

N AG l JoTM J?.9I -m -4.96 

Giur-I .. ^|K.9 23.1 b ™ 11.90 ■ 

Jr.ll. Fd. Jersey- — U07 U2 -2 3!S 

!ninl>'(.X.Mn6rt..-piC.74 1130 -0.17 — - 

•Fftt East Fund. — ...p5 Ifjo} 3/0 

•Next sub, day June 21- 

Scbmvler Life Group 

^oSerpn.MrHMisu. Portsmouth. 070527739 
International Funds 

inquiry — 1195 127.1 ..._ • — 

S Equity 125 4 133.4 — 

LFiird Interort 136Z 145/ — , 

SFiXcd Interesi 105/ Uli ...... — 

iRUmased 130/ 139/ — 

SManaged \U5.0 122^ --4 — 

J. Henry Schroder Wagg ft Co. Ltd. 

jai.Diropwdr.EC/. 01-5084000 

■'hanS-iune 15 5USU.35 -0JJ1 2.45 

Tralalvar May 31 SUSU9.«l - 

fcian Pel June 12.- iVSton 1WJ 2JO 

Darlinc Fnd ... *Al36 197 5J» 

Japan Fd. June 15 -PrS*/4 till]..-.} 0.14 

Scarry Assurance Ictrrnatloaal Ltd, 
PO. Bus 320. Hamilton 5. Bermuda 
. Managed Fund pUSL7*» W 4 .— 

Singer & Friedlssder JLda. Agent* 

Lrt.Cnnnrn SL. EC4 01JMBW4B 

netan-oed* )DtG5J9 »M+0JB 63* 

Trkyt-Trt June2_[ 5US35.0Q 1 ( 1.77 

Strong ho Ul iKancgeraeat Limited 
P.O. Box 315. SL Heller. Jersey- 0534-71400 
Commodity Trust -13128 97/4} -0J1} — 

Sur invest (Jersey) Ltd. (si 

iTiinji: Hse Deo. Rd SL Belw. Jxy. 0534 27349 
AiDm-ao Iud.TjL-lfU/2 8.691-0J M — 
I’opnerTrurf.-..— — |CU.03 ,UJ29}+<U)B} — 

Jip.lnAaTrt In IK * 12.04+0/6} — 

TSB Unit Trust Managers (C.I.) Lid. 
micatcllaRd..SL Saviour, Jenw- 05347340* 

Jersey Fund 147.6 59.1}-....] 4.79 

fiumvry Fund j47 6 50 /] .} W9 

Prices on June 14. Next sub. day June 2L 

Tokyo Pacific Holdings N.V. 

I r, lira : ManoeenKUl Co. N V,, Curacao. 

NAV per shore June It SUS53.TL - 

Tohyo Pacific Hid 53- (Seaboard) N.V. 
Inbmui Manage merit Co N.V. Curacao. 

NAV per shore June 12 5US39.13. 

Tyndall Group 

P.O. Box 1ZSC HamlUou 5. Bermuda. £2788 

nvorwn June 14. . ISC.4L1S 1 251 .... ) 6.90 

lArcum Cnilbi ,pLX3 El l q l( -■ . [ — 

3-WjJ' InL Mai- 18- -p'-SftM L71| .. .| — 
L'-V-ttSl^SL Hrliw.Jemfy Mu4 373SJA 

TOFKl.Junel4. — S7 65 825.... 600 

■•4(01191. Shares) ... m.50 12.75 — 

Ame.'i-.'an Jure )4 . B33 891 2.00 

lAccuiuiharesi 32/ 89.0 . — — 

JeraciFd. June 14. 194.2 236/ 7 65 

• %'unO Iff. CL. 1— 273.2 2E9.E ... — _ 

t-tll Kllbd Jill* 14.. i7T2 KWJto ... 10.99 

(.Vcum. Shares)-. 138.6 245-21. . — 

Managed Slay 18. 

135/] .1 - 

Utd. InfnL WngmoL fC.M Ltd. 

14. Kulcartur Street SL Hclier. Jersey. 

I.U-B. Kuud JSUSHJi IBJb) J B/6 

United States Tst. IntL Adv. Co. 

K. Rue .-Udrincer. Uacmtwurft 
U-S.TsLlnr.Fnd._l SUS20/5 I-4U01 OW 
Net asset June 15. 

S. G. Warburg & Co. Ltd. 

3v. Gresham sawi. EL71 OJ-6004flfi5 

C ov JhLFdJune 55- . SUS9.6B 1+0.03 — 

EnpvIiiL June 15 SD517.81 j-®JEl — 

GraSLSFif. .4 prat... SC.S7.09 j .. . ) — 
Mr.Eur.June 14 — HJSOJb Jft^+dJIll — 

Warburg Invest. Bfngt Jrsy- Ltd. 

i.l'hsirinjOmss.Sl Heli«r.J*jr.Cl 0534 73741 

World Wide Growth Management* 
Hu. Breiievarri Renal. Lu icmbOhrc 
'Aurldttirie Glh FrtI SVS15U J-0 05} — 


fibs, 7 Z& 

87.«+P2 5 M 
89 » +0.1 - 
403-0.1 10.04 
46 H -0J — 
US .... 520 

19.9 -0J - 

5.W 7.92 

34a -0/ ZJ1 
33/) *-DJ 4.97 


39.9[+02l 5/1 

Unit Trust Account ft MgritL IJd. 

Ki du William Kt. EC* Ft OAK >lUt£H»< 

Fnaralljte Fuiid-.llSro 160.01 ... I 

Wirier Crth. Fnd- »3 

Do. Accum .... [34 0 3 5 9| | J/4 

Wider Growth Fund 

K:nc William Si. 1 a' 4R :».\K ui-tC'-W 

Jnconuf L'niU 129/ 31 V . ... I 4/ 

, lvcuo. I nits \3A2. 36.0] .....4 4/ 

l.G. Index Liiniled 51-331 34hfi. September Coffee 1663*16'. 
29 Ltuaont Resd. London SWlfl 6HS. 

1. Tax-fri'-.* frafling on commodity futures. 

2. The commodity futures market for ihe smaller investor. 

clsve investments limited 

1 Royal Excnanev .'v*?.. London EC3V 3LU. Tel.: 01-3S3 1201. 

1 sides fiuEJe as u! 7tU June. ID'S (Base 1110 at 14.1.77) 

Clive Fixed Ink-res* Capital 136.93 

Gave Fivd Intcre^ Incnme - H2.S1 

,iL INDEX: Close 4SS473 


. ... f 4/3 
i 4J3 

Financial Times Sata^ JffifK* 





phons 061 -624 G505 
extension 4547 

03dha73fl oceans 





nwsuijSjJC i.-W 

Trsosport 3 pc TM 8 

935 u 
1C- 37 is 
1H22 3 ; 

M-g « 

10 93 




88 ( 82ij (Spc stock 7782 1 35 f | 5.36 | 


987* 1 94 |Birm'hara9’<pc'73-8l 

GX.C lZdpc TC- 

9C > 4 
90i ; 
29V! 25-4 




1 + oil Wv 

Price 1 - I Net Crt 

Br«^x Shipley £1_ 



tQ 16 c 


MTS [ 

Sfijcb low | Stock 

T'o.Wms 7>83 
FtserAra I 0 p_ 
Wife i .Cl 

fiiOeU Bros £1 _ 
•locde ft yr$ 3 p 


- I 75 

- J3 


Tdez: Editorial 8S6341/2, SS38S7. Advertisements: 885033. Telegrams: ftnantimo, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester, Tel: 246 8026 


Amsterdam: PO. Bax 1298 . Amsterdwn-C. 

Telex 12171 Tel: 340 555 
Birmingham: George House. George Road. 

Telex 338850 Tel: 021-454 0922 
'Bonn: Presshaus 117104 Hrussalicc 2-18. 

TeJex 8889542 Tel: 21003S 
Brussels: 39 Rue Ducale. 

Telex 23283 Tel: 512-9837 
Cairo: P.O. Box 2040.' 

Teh 938510 

Dublin: 8 FltzwiUlam Square. 

Telex 5414 Tel: 705321 
Edinburgh: 37 George Street 
Telex: 72484 Tel: 031-223 4120 

Frankfort: Im Sachsenlagcr 13. 

Tftlex: 418283 Tel: SSffttD 
Johannesburg: P.O. Box 2128 
Telex 8-6237 Tel: 838-7545 

Pracn da Alagria 3S-1D. listen 2 
Telex 1Z333 Tel: 362 508 
Madrid: Espronceda 32, Madrid 3. 

Tel: 441 6772 

advertisement offices 

Birmingham: George House. George Road. 

Telex 336890 Tel: 021-454 0922 
Edinbunth: 37 George Stmt. 

. Telex 72484 Tel: 031-228 4130 
Frankfurt: lm Sachsenlager 13. 

Telex 10283 Tel: S&48K 
r««<is: Ptornwncnt House. The Headrpw. 
Tel: 0532 454903 

Manchester Queen's House. Queen street 
Telex W4813 Tel: 061-834 9381 
'Moscow: Sadovo-Samotechnaya 12-24, Apt 15. 

Telex 7000 Tel: 204 3748 
"New Y«*rk; 75 Rockefeller Plaza. N.Y. 10019- . 

Tele* 66390 Tel: <212' 841 4®5 
Paris 38 Rue du Sender, 75002. 

Telex 220044 Tel: 23&S7.43 
Bio de Janeiro: Aveoida Pres. Vargas 418-10. 

Tel: 253 4848 

Borne: Via della Merced? 55. 

Telex 61032 Tel: 078 3214 

Stockholm- do Srerwkfl Dagbladet SuIambcHfeB 7. 

Telex 17803 Tel: 30 80 88 
Tehrop.: P. 0 . Box 11 - 187 B. 

Telex 212834 Tel: 68 C ®8 
Tokyo: Bth Floor, Nihon Keizai Shijnhan 
Building. 1-0-5 Otemaehl. Cbiyoda-ku. 

. Telex J 27104 Tel: 341 2920 
WbhiDekm; 2nd Floor. 3325 E. Street, 

N.W, Washington D.C. 20004 
Telex 440225 Tel: f 202 i 347 8676' 

Manchester; Queen's House, Queen Street 
Telex S88813 Tel: 081-834 0381 
New York: 75 Rockefeller Plaza. N.Y. 19010 
Telex 423025 Tel: i21Z» 4S8 8300 
Faria. 38 Rue du Sender. 750CC. 

Telex 22W44 Tel: 238.86.01 
Tokyo: Kasshura Building. 1-6-10 Vchiluuida. 
Chiywia-ku. Telex J 27104 Tel. 286 4050 


EdwUOp.l 24 

£3« ; 


87 d 

HUB. £55 
aires. 233 
134 Broni Chens lOp 190 
T 9 BrilEeuzoUQp.. 21 
45 BriLTarPnLlup 60 
lQij FurreU5n_ — 10V 
27 CntesOpel I0p_ 3 GhJ 

44 tauiin*- 45 

Mjj £93 
am £92 
HZ -95 £92 
67 oJ 


Canin abUinabla from tiewnaeents and bookstalls Worldwide or on regular subscription from 
p Subscription Department Financial Tunes, London 

3.; : S 5 J 


162 41 
6.53 2 8 
7.02 2bj 
2.9 2.5i 

.23 6 I 

55 4.21 

461 3 


10.75 I — 
2.82 4 > 
dL7 Si 
3.32 4.< 

15“ dTinJafcTexLSp IS 

.12? jta5teTgi.M_ 


10 ? 







ta 376 
1 *144 







‘- 1 











6 . 6 ( 10-2 
6.9| 6.0 
3-3 4.7 
651 6-0 


4.0 4.0 
2.41 Iw 73 


11 as 

H 7.0 


j 6-2 



LMll CnT riTp 








(TftnJO — 

18 0 
3.19 I 1 . 
270 I ! 

73.64 7J 
•0.07 U 
424 3. 

4.7 3. 

$5.0 3.i 








Wpil 64 


ia« 6 ? 


5.6 3, 

y 1 97 109 



« 103 

ML 202 

75 14Z 

E s 





H. Indio. Up 



8.4 223 
• 93 







1931 61 
65 76 
331 61 




i S 



T8V. TEXJSTS-Contiiracd 

i+oH tliv ]YTd 

[ ~ j Net Citlfti'i 

FINANCE, LAND— Continued 

iw i f f+ ot{ nil • iridf 

I Prire] - I .Net jOlf.rMPjE 

, xsts * 

RE l High unr \ Sant 

25 *i — , 

2S tl.M, 

2S tl.M i 

10 ~ 

38 — 

177 Q4.0 i 

16 Uatft'nwai'.o.. .1 1 ? $ 0 . 9-1 

23 ISskuzio- 105 -2 i.-VH,. 

44 75-2 JO 

23 1 65 

18 0 3 

30 05 

95 *1-25 

125>d 3.46 

67'j ->j 0 t»a 

51 *S.Wl 

£Ui 2 -‘2 
18+2 33 
315 ...... — 

14 — 

~3‘ 4.0 

22 2 3 225 
3.1 34 5 4 
3.0 7.7 55 
190 20 34 
1.3,10.9 1D.9 
J 2.6 » 

; 47. 2515-4 
4.2i 1.813 8 
37! i.2 90 
241 15 394 
1 12; i 7.7 
- 64 - 

32 . .. tlo 
224 -5 6.31 

£M*B Q9.4?. 

10 J 2 0 48 

102 3.02 

£30 tH-25 

57 14.91 

vud ...... — 

£45t 2 l...-.|Q22lj 

3 6 4.7 71 
3 5 4.6 9.4 

- 4_5 — ! 
10 6.9 2U. 
17 43 19.8 1 

- 83 - 
U13.1 63,1 

~ 62 - 

26 t ■= 

2 1*127 104 ' 
3.7 3.710.9 
2.6 3-01 92 

2 6.74 I. 5 I 

4 22 13 -li 

. 5.0*. SI 0 »j 

.... - j 

63 155 
3.9 9-3 
12.1 ~ 

■: j -r 

\ «w**i £ 

4 15.7 4 1 

. . 4.9°<. U 0 J 
M - _ 

... Q4V„ - 
.... 132 Si 

2 - - 

.... 7" a 243 

4.4 53 
12.4 - 


19.0 2.0 26 

11 21 44.7 
4.7 4.7 4 5 
LI 193 16 7i 
4 53 6 
* 23 * 

12 4.9 8.3 

24 L4 22.4 
« 7.2 4 

21 72 81 
3.2 53 mi 
63 -- 4.5 

2316.0 >31) 
17 126 (5.7) 
* 83 * 

4> 4.9 4 

7.5 6.3 32 
73 63 5.1 
13 * 53 

13 3.2 20.1 
4.4 4.7 7.0 
27 8.1f5.4i 
1810 ra.7 - 
110 L7 7.9 
3L21C.8! — 

1 EH &6 

iys m 



YC.1t nF« 3 -v, ■ 

f'lrnMr- MmiJ me Jn?n* Copt- — — * g 

IV. .7 .“7..; 1 nt 

■w. tv: is 

j. — 

- .-«> VS 

^ : -_S Y _S3061B_' 

1 wnm BBS BBS BBS RjX& SB3 EBB 828 

OTS 1 
High Low 

MINES— Continued 

{* orj Ah'. 
Price l — Net 

( rw 

ICvt Gt'b 

210 J155 IFalwnRh.XH' 165 'Q50tf 

24 / 15 iRfiwfn'.'orp. W;p. 27^? )03o 

E0 52 RnunOm? K4 70 ... I — _ 

..'5 122 fran-MvdaXip _J 158rt -2 Q10.0 * 
90 78 hv.'FT«t8frr . .. 1 90fiD Q9® a ll5.< 

90 78 lv» fretSfir - - 

41 32 Waofce'.URh.].. 

lWitlO IzjULCprSBMU.., 

90«stl ._. 

37 IQT*. 

14i 2 t„... - 

* 63 
16.4 8.0 
1.4 173 

15 10 

132- 64 
125 63 

245 143 

72 48 

138 SI 
40 10 

220 125 

39 ID 

6 (; 1 «> 
143 79 

16 3'j 
17B 117 

4B 30 
Cl Vi 750 

40 12 

533 ?10 
160 34 

70 35 


iffle 1 M 1-1 ! 

nrilieSflTwj I 115 1—5 


BH v<nb:-0: ... . 
■'iiUltX 5’":iDlnSK- 
<1.51 Ka1f«*riie SI- 

113 1-6 
240 . 



a i M iihUh.9ut_ 


NcwiM-lat Wc 

V>nhB Ilillalv.— 

Nth. Kalfurl: 



Pant'niil'Jfai - 
Ffcl/* WallfendMk:. 
ftftin MiiuujSfe. 
Whim Creels afc.— 


129 -1 

26 -7b 
206 -2 

124 -7 

14 -ij 

176 ! . . 
40 -2 I 

£14J»I.. .. 
39 1-1 
520 i-7 . 
147 -6 

55 1-5 

30 24 

360 240 
60 45 

290 200 
145 111 

10 8 t; 
290 22l> 
165 130 

93 7B 

11 10 

73 68 

490 4S0 
400 280 
70 40 


62 50 

ao 165 

305 250 
220 134 

75 55 

100 95 

Anal Nigeria . — 
BcrallTin_. — 

Berm rilai SMI 


CoM 1 Ei* .. 

HordtXWS . 

!dns lilp 

lartUr LSjp 




Pvrutolen 10j>- 

PeUlin; SSfl 

Saint Pirao- 

SuttliiCYoitj lOp — 
Sunsei BesiSMJ . . 
Supreme 1 ''orp. 5311 




| +2.51 1 161 15.2 

Hsn Uiii 

® u d 

115.0 0.« 7.5 




400 -5 




51 -1 

59 +1 
205 - l 5 

305 +5 

100 170 


lMessmaRQSJ 1 89 1-2 |jQ30cl 1.9J i 


465 245 
234 164 

90 30 

£12 750 

Euma .‘.fines 17ij). 
Com. Murch. 10c._ 



Sabma rixfc.<iSI _ 

45 43 

180 120 

_ j Expln. SI 

nehiOr Mia^raU lOp- 
VuIod Coal Cfl — 

15 - 

225 +Q30c 

455 +10 - 

224 -2 9.5 

84 +2 — 

£11J 2 — 

43 133 

180 ...... Q7c 


tIj 1.7 10 

s23 1.0 

+1 H38 12 
+t 2 nQ3.0 12 

055 * 

15.0 qi.6 

4t4.0 - 

+1 Q20.8c - 
012ijc 15 

L'sleK otAcnvige indioud. price* and net dividends ate In 
pence and •ieuoailn*ttBii& are 2Sp. Estimated price /cam inRi 
nliwudNicnaRbMadM latest annual repartfiandarenimia 
and. '■ here passible, an updated on hatf-yenr)? llRoreiL r/K* in 
calculated on the basis of net dblrllMitioo: bmefetarf Qporea 
liidlcate 10 pec cent, or mere difference H calculated on “nil - ' 
distribution. Cmvrs are based on "tnasLmnm" tBstrilnaioa. 
llelds arc lesed on middle prices, are prosa. adfnsted to ACT of 
34 per cent, and allow for value of declared distributions and 
right*. SecorUir* with denmninaUam. other than Sterling ar» 
quoted Indnsiwc of the investment dollar premium 

A Sterling ilenonumUed securities which ioclndo investment 
dollar premtum. 
m -■Top” Stock. 

* Might and Ums marked Idas haeo been adjusted to attar 
for right*: issues for cash 

f Interim since increased ur resumed. ,j 

t Interim since loduced. passed or deferred. 

ft TA\ iree to non-residents on application. - ftOSSMBta 

* Fipures or report awaited. vWiMHa 

tt Unlisted securitj-. ” 

t Price ot time of suspension 

* indicated dividend after pendins scrip a nd'or rights iaswtt 
coivr rvialvs to previous dividend or forecast. 

■ ■ Fro? of Stamp Duty. 

* Merger bid or reorganisation in progress. 

* Not comparable. 

a S.>me iMorini: reduced final and. or reduced earning* 

f Fouwcast dividend; cover on earning* Updated by latest 
interim !*atcm«-al. 

t Covor ollourc lur cnmcr.ioD of shams not now ranldng lor 
dividends or ranking t*nly for restricted dividend. ■ 

J* fores - doe s not .iljow for share* which may also rabb lor 
dividend it a future dale. No P/E ratio usually provided. 

9 Excluding j final dirideod declaration. 

+ Regional price. 

It No par value. 

a T;ot true, h Figurcv; hawad on pro s pectus or other official 
ivUtiuil*. c Cents, d Mridendrale paid or poyutrieon part 
til enpitai: cover based on diridend on full capital, 
p Redemption j-ield. f Flat yield, s .Vesamed diridetki Dad 
jieJd. h .Aisti/ned dividend and yield after scrip Issue. 

I Payment [ram capital sources. It Kenjffl. m Interim higher 
Hum previous touil. a Rights issue pending <t Eaminga 
biu>ed on preiimmary figures. r Australian currency. 
i Uindend and yield oscluda a sporiol payment. ( Indicated 
dividend: color relates to pmrioua dividend, PfE ratio based 
on luicsl annual corning* u Fbrecast dividc-nd: cover based 
<>n r-revietts year's earningn. v Tax free up to 30p in the C. 
w Yield allows for currency clause, y Dividend and yield 
bawd on merger terms i Dividend and yield mcludc a 
special payment: r Ovi?r doe* not apply in special payment. 

\ Net dividend and yield. B Preference dividend passed or 
deferred. C Canadian. O Curer und PVE ratio exclude profits 
uf U.K. aerwpHce mi hsi diaries. E issue price. P Dividend 
jnit vi'jJ'l biwevl on prospectus or other official estimates fnr 
1977-78 c. Assumed dividend and yield alter pending scrip 
a rubor right* is*ur II Dividend .md yield based on 
pm* pectin, or other official e-dimaUsi Inr 187ft-T7. K Figure* 
liuud on p nrsprclus or other nflicial estimate* lor IpTP. 
M LUvidend and yield on pmspediiK or ulhcr ulllclol 
t^imaUx, for I97B S' Dividend anil yield based on prfEpoejiLx 
or iitbcr oineial eMunale* for 1B99. P Idvidend and yield 
fjav?rt ot i ptuspcctiis »>r utticr oUn-ial esiimaics lor 1977. 
t( UitMt T Figures assumed. II No signiricant Corporation 
T.iv poy-ible. 7 Divideml total In date. f5 Yield based on 
n.c.umpiion Treasury Bill Kate stays urv; hanged until maturity 
vt stix'k. 

thhrevi.ibonv riev diridend: c ex scrip issue; V ex rights; a« 
.ill: d ex vapiuil dLuritaiUrm. 

Recent Issues ” and “ Bights ” Page 22 

This service is available to every Company dealt in on 
Slock Exchanges thronghoal the United Kingdom tor a 
fee of 1400 per annum for each security 


iksuexv most of which arc not officially liatei 
arc as quoted on Lhe lmh exchange. . . . 

. , „ . „ , . Sheff.Refrshml.l 

Albany; lnv.sopl 23 1 1 SindaUtWm.)— | 

Aih Spinning _l 45 
Bcrtara. — I 

Brig’ntr Est50p| 270 

i. lover uroft 26 

rruig & Rt'.ie £J 445ml 
llyhoniR. A iA 37 
EIII-.& NcHdy- 62 
Evorcd 18 

(•Hi- Forge 50 

I nils, Fkg.ap.. 23 
•';raii;Sbip £i . 154 
Ihi-'-tin.-. Brow... 60 

I HAf ,91m £1 ...j 150 

Holt <J*> > i25p . 
S , lhn.*i*ild'.mith 
Pvar< - e ti" H.i. 

Shuflitid Bnek 


Cnnv &<, -80.82 £91 'j 
AliunceVlas .. 73 

A mutt 345ml 

rarmll'I'J.i.-. 90al 

I'fondaUin 97 

• 'unfreU- Prod* 130 

HeinuiiltliJg^ ■ 44 

liiv.fnrp 148 

friafl Rbpva* •• •• 1M 


Sunhefmi 30 

T.M U 170 

Uni dart 90 


90 ul 

97 +2 
130 -1 

44 v4 
148 ... 

130 ... 

65 . ... 
30 -3 




3-msmth Call Sates 


A. Brew 6b 

A.f'.i.'ement.- 18 i 

VS K. 9 | 

Kabcrx’U 11 

Itarrfa.vs Bitnls. 25 , 

bcecham, 55 , 

Swolh Drug 15 

Rnwaters 16 

24 i 

British iNTfien 6 i 

DrnniiiJ i 20 

i.urt"n - .A' 12 

i artlitirj'a 5 

rourt.mldx .... 10 
I«. - b*riihjnis ■ 8 

INifllllTl. ... 15 

Dttnfv’P - 7 

lio-iv sur 11 ' 

r..M I ■ J4 

■ „ - n. Av*. iifenl 17 i 
*.<•■1 Ek-clnt - - 13 

■ 90 ! 

rimmiM 1 ’!.. •- 9 
<'..l .s - A „_ ... 20 

i iupr'ii:'!) — . - IE 

*;.kn gi 

f or SicM . £0 | 

Kvuse vf Fnn'. - : . j 12 

UTT. ; 

■■Imp*. - * 1 

[.CL.- 1 

1 nvererk 


Legal & Hon.' 
Lex Service' 
Lloyds Bank -J 


London Brick. 
iLonrho — I 

Luca&lnds — 
LyotihtJj— | 

Mrks £ SnntT 1 
Midland Bank, 

N El | 

Sat. West. Bank- 
Do. vtaminti 

Pitttifd | 



Hank on: - A‘. 


Test - .. ' 

Trust Ilouxes... 

20 TubelmesL.. 30 

6 Unilever 35 

20 Old. Drapeiy, 7U 

S Vickers — 15 

3 Woohrorths— 5 

14 Prepwty 

BrlLUmd 3i 4 

“ Cap. Counties. 4*2 

EJ>. 5 

lntreuropean 4 

|- ijndSecs. — 16 

MEPC 12 

reachtj 8 

f. SartJUtJ Prop*. 9 
JS Town* Gift'— 1 >- 

2 ^ 1 phii o 

a oils 

10 hril Fetr oleum. 45 
8 KurnwhOrl.—. 5 , 
8 f'hbrtCThBlI... 3 

5 Shell 28 1 

XB Ultramar 20 

k" Mines 

9 Charier Coaa.. 12 

22 old 24 

15 Rio T. zinc — 16 

.A svbiion el v nil inns (rd<l< - d !•» ci - .ert on the 
• London Stuvl; Lacnan^u Report page 


Cruising means 

Saturdav June 17 1978 



RADICAL innovation is not 
normally expected in Britain's 
Stale-owned industries, least of 
ail from a chief executive who 
has «pent half a century in the 
same business and has only a 
year t«« yo nefore retirement. 

Yet la»l Wednesday Mr. Ross 
■Stainton. chief executive and 
deputy chairman of British 
.Airways, with nearly 45 years in 
the airline business, blew the 
corporate whistle f"r a new. 
a cros-th e-hoard era or low price 

In so doins. ihe likeable Mr. 
Stainion has pre-empted ail other 
major airlines in sotting the 
parameters few will be able lu 
escape from when the low price 
era really yets airborne early- 
next year. 

That the orhers will take off 
and follow Mr. Staintun's care- 
fully planned course Tor future 
survival is beyond douhl. There 
may be variations on the Stain- 
ton theme of three distinct 
classes of airline passenyer: first 
cluh or economy and discount, 
but the changes in the mix of 
passengers since the start of 
trans-Atlantic jet travel leave 
n.i room for airlines that du nut 
react rapidly. 

in the 1950s. 30-40 per cent of 
all Atlantic air travel was done 
by businessmen. This fell by 
half in the early 1960s. when the 

INSTITUTIONAL opposition to 
Barela;- s Bar.k s planned £92.6m 
Takeover too Invest ment Trust 
Oj moral mo resulted yesterday 
in the laum-hing of a special in- 
vestigation by the Investment 
Protection Committee uf the 
National Aisociauon of Pension 

Barclay-' -Merchant Bank, 
achisiiu: us parent on the invest- 
ment trust dcai. is “ puzzled " by 
the call fur an investigation. 

The ■.■ raises a question 
over the '-ank’s claim that its 
insiituLion.-i! shareholders are 
content v. Hi* its proposals, 
announced earlier this week, for 
a share acquisition of ihe trust 
and an immediate resale for 
£$5m cash to the Post Office 
Pension Fund. 

Mr. Georg*? Dennis of the Post 

Office fund, who declined tn dis- 
cuss the matter yesterday, is the 
current chairman of the Pension 
Fund-*' Investment Protection 

Mr. Graham TitTord of the 
British Petroleum fund has been 
appointed tn chair the investiga- 

The National Coal Board's pen- 
sion fund is among the Barclays' 
shareholders unhappy about Ihe 
investment trust deal. 


The fund is concerned thar 
it is ITC rather than Barclays' 
shareholders who benefit from 
the three-way deal. 

It feels that the £S5m cash 
injection might have been 
achieved more equitably by a 
direct call on the bank's share- 

Barclays believes that most of ! 
its institutional shareholders are | 

satisfied with the proposal*- It I 

argues that the stability of the j 
bank's share price after the an-j 
nouncement and the ease with; 
which the new shares were . 
underwritten confirm the eight j 
of City backing. J 

The Bank expects that details 
of the deal will be circulated to 
lTC's shareholders next Tuesday, 
and to its own 150,000 share- 
holders by the end of the week. 

' V ■'"/*- ^ *. -p..- Xi «V n T*^ r - : - 


Solid opposition to the move 
may he voiced at the ext r*i ordi- 
nary general meeting which 'the 
Bank has decided to convene, 
although iK Articles of Associa- 
tion and the Stock Exchange's 
rules do not call for a share- 
holders' vote on a takeover of 
this kind. 

Gilts dull 



So much for the gilt-edged — - 
bonanza. The • speculative.- T n< |p Y rose 1.4 tO 47(1.0 
euphoria which had gripped - 1 

the financial markets at the^esd 

J V ■' -►7*-'. -'=.\ 

23 per : cent - better , at 
Overseas sales a*e ,oidy- & per 
cent up aqd. U>»x^7fiisaKttnthig.- . 

Afi ivntiif 'OOa&itiuiL ' 


Cabinet decision allows 


of last week was spoiled by the 
authorities’ clumsy announces 
ment of yet another tap stock 
on Monday. After well oyer 
£lbn worth of gilts had bdeti 
bought in the preceding two 
trading days, the prospect of 
taking up another £l^bn : wks 
just too much for the market 
and for the next four days -the 
FT Government Securities Index 
drifted lower. But at: the 
moment the market "seems To be 
suffering from nothing.. ; ihqre 
than a bad attack of indigestioifc 
Meanwhile, equities continue to 
drift sideways in the narrow 
450-430 band. ■ , - : 



MADRID. June 15- 

THE SPANISH Cabinet to-day 
.approved a lonc-a waited decree 
'authorising the establishment uf 
i foreign banks m the country. 

J The terms arc deliberately 
! restrictive and. of more than 60 
j foreign banks that have expressed 
; interest in establishing them- 
j selves in Spain, no more than 15 
j are expected to accept the condi- 
[ lions initial!:*. 

**** W 

! Two of those are likely to be 
j British — Barclays and National 
| Westminster Lloyds is already 
i represented through its Bank of 
: London and South" America sub- 
: si diary. Bolsa 

i The authorities have been 
i studying the decree for several 
I months, while proposals for 
admitting foreign banks have 
! been in the air for more than 
, two years 

' The go-ahead marks an impor- 
j tant stage in the liberalisation of 
the banking system, which, since 
last July, has slowly been seek- 

ing to align itself more with Ihe 
rest of Europe. 

Conservative elements within 
the banking system, who still 
hold significant weight, fought 
a strong rear-guard action " to 
limit the impact of the presence 
of foreign banks. 

This has helped to delay the 
decree and has been a prime 
reason behind the restrictive 
nature of the operational con- 

The decree stipulates that 
foreign banks may opt for a re- 
presentative office (already per- 
mitted), the establishment of a 
Spanish-registered subsidiary, or 
branch operations. 

For subsidiaries, foreign hanks 
will have to pay Pta 1.5 bn 
t£10mi to cover capital and re- 
serve requirements. 

Branches will have to pay 
Pta 750m (£5mj— charges con- 
sidered high by European stan- 

However, the cost of establish- 

ing a subsidiary has been geared ; 
to be equal to the minimum re- ; 
quiremem for the formation: of ■ 
a new Spanish bank. 

Foreign banks opting for; 
either subsidiaries or branch 1 
operations i limited to a tola! of: 
three > will be allowed to buy 
pesetas freely on the inter-bank 

But their peseta activity v.iil 
be restricted to 40 per cer.i of 
the combined value of local 
loans, securities and the share of 
deposits they are obliged to place 
with the Bank of Spain. 

However, the limitation is pro- 
bably notional because of the 
difficulty foreign banks wiil have 
in attracting substantia] deposits. 

Foreign banks will be entitled 
to remit profits in accordance 
with the laws regarding foreign 

But they will be oblige! to 
observe the 6 per cent limitation 
that applies to Spanish banks 

THE GILT-EDGED market was 
quiet and rather subdued yes- 
terday in the wake of the 
Government’s two issues total- 
ling fl.Sbn of stock. 

The new £lbn ultra-long 
stock, which was well received 
on Thursday when about two- 
thirds was thought to have 
been cold at the initial offer, 
started its life in the market 
at a slight discount. At the 
end of dealings yesterday, the 
stock was quoted at a discount 
of •/.• from the £15 which was 
paid up on issue. 

Applications for the £800m 
short-medium stock issued yes- 
terday were thought to have 
been small, and prices at the 
short end of the market ended 
with small falls. In the medium 
and long ranges there was little 
change, except that stocks 
close to the term of the new 
long tap stock were slightly 

The Financial Times Govern- 
ment securities index lost 0.13 
to 70.44. a rise of 0.18 over the 
past week. 

a third of tra^ag - 

Worst performers, jOTrcSeen 
Sooth Africa (whMf raayv&tve ; 
made a Joss) > , TNortlt ; Anserit»a ^ 
f where - profits- lare," Tittle- 
changed . despite' " good aaaSvi^ : 
levels ia Canada.) j 

where the poyfet st rite affected . . 
^ales. The goo* pews-- is - that l 
Sweden; wfifle dttt '■ r ~ 

Ross Stainion 

No fnnv uf ViMircrrutir.iu after 
■H years iu the industry 
15-20 per cent of seals taken by 
first das.-* passengers had fallen 
to lo per cent. Now only 5 per 
cent nf all jjr passengers travel 
first class. 

The business sector has 
become seriously diluted by pas- 
sengers like the lady in 
Australia who said she would 
travel to London on a kitchc-n 
chair if she saved $100. 

Other factors have contributed 
to British Airways" decision. Air 
lines across the Atlantic have for 
many years been barely covering 
their costs. Many flights have 
been possible only through sub- 
sidies from other routes. This 
constant drain is no loncer 
acceptable. Mr. Stainion has 
recognised, with the help of a 
strong team and a much-boosted 
morale in the former British 
European Airway a and BOAC 
operations of BA. that each Tare 
class must now pay ns way on 
afi routes. The structure he now 
envisages should do this. But 
the important proviso is that 
business passengers who want lo 
be certain of cettinc' their seats, 
must now pay for the privilege. 

All these radical changes have 
been steered by Mr. Stain ton 
thmugh an airline where fare 
structures, up to now. have been 
hardly distinguishable from any 
other airline: such has been the 
power of TATA. 

Mr. Stainion started his career 
with Imperial Airways in 1933. 
but in this case long service does 
not appear to have had con- 
servatism. The tensions and 
excitements of airline operation, 
he says, rule out any tendency 
to personal inertia. He took on his 
present job as chief executive 
and deputy chairman at the end 
of last year after the decision 
when BA chairman Sir Frank i 
McFadzean decided after a heart 
attack to resume bis duties only I 
part time. The new responsibili- 
ties pushed Ross Stainton into 
what he describes as “ high 

His training for this went back 
to Imperial Airways, operating 
in first days as a traffic trainee 
at Croydon Airport. “Nobody has 
ever had a more commercially 
aggressive policy than the staff of 
Imperial.” he said. Airline 
economies, he added, were all a 
question of minimising waste and 
immediately passing the benefil 
to the customer. 

Whether his opposite numbers 
at the forthcoming IATA con- 
ference in Montreal agree re- 
mains to be seen. But they should 
take heed from Mr. Stainton's 
approach to these meetings. At 
an IATA meeting io Bermuda II 
years ago, scheduled to start at 
9.00 a.m.. Ross Stainton took 
what he describes as his "medi- 
cine." a rnund oT golf. It was 
hardly light when he went on 
the course at 5.50 a.m. On the 
third hole, “l was so sleepy 1 
kept my head down and took a 
swing at the ball. It was 
obviously an approach to the 

"ante that worked. He sunk the 
ball in a single shot. How many 
airlines will follow ms ‘ heads 
down" approach . to airline 
economics we will know by 
July 1. 1 

pay offer worker-directors 

By Pauline Clark 


tricians in up to 1 00 hospitals 
throughout the country from 
Monday was postponed last night 
after a new pay offer from, the 
j Government was accepted as 
l “a basis for negotiatiun.'' 
j The executive council of the 
I Electrical and Plumbing Trades 
Union, representing about 5.500 
I electricians in the Health Service 
I will decide on Monday whether 
I to call of as well a proposed pro- 
I gramme of other industrial 
j action, including overtime bans, 
j in hospitals. 

After a day of urgent talks 
ending with a two-hour meeting 
last night between Mr. Albert 
Booth, Secretary for Employ- 
ment: Mr. David Ennals. Secre- 
tary for Social Services; and Mr. 
Peter Adams, the union’s 
national officer for the Health 
Service, the electricians were 
offered a productivity plan 
designed to restore parity with 
electricians in the private con- 
tracting industry'. 

Mr. Ennals said lust night that 
a revised offer had been put to 
the union which he believed 
would improve the pay of Health 
Service electricians by bringing 
alt or most of them into the 
Health Service productivity 

scheme, which is within the pay 

At present it is believed that 
only about a. third of the elec- 
tricians benefit from such 
schemes. The revised offer would 
be expected to speed the pro- 

Mr. Ennals added that if a 
settlement could not be reached 
on the basis of yesterday's pro- 
posals the Government would 
consider with the union whether 
a third party might usefully be 
brought in as either u mediator 
or a conciliator. 

Both sides were hopeful that 
a satisfactory set i lenient would 
be reached eventually without 
further resort to a call for a 

SIX rank-and-file trade unionists 
could be on the board of the 
British Steel Corporation by the 
autumn, possibly before a gen- 
eral election is called. 

Mr. Eric Varley, Industry 
Secretary, is pushing ahead with 
a plan to give about a third of 
the seats on an enlarged board 
to the unions, and has called for 
nominations by early next 

The unions have agreed how 
the seats are to be divided. Two 
would go to the Iron and Steel 
Trades Confedeiv.ion. and one 
each to the National Craftsmen's 
Co-ordinating Committee (repre- 
senting all craft unions), the 
National Union of Blastfurnace- 
men, the General and Municipal 
Workers' Union and the Trans- 
port and Genera] Workers’ 

Union leaders are seeking a 
seventh seat, to ensure a full 

third of the places since the 
board — with fen members at 
present — can. without a change 
in the 1967 Act. go up to 21 
seats. They have agreed that the 
seventh place would also go to 
the Confederation. 

The representatives will be 
lay union members, but it has 
not been decided whether men 
with negotiating duties will be 
disqualified. The non-TUC man- 
agement union. SIMA, has not 
been included. 

BSC already has 17 worker- 
directors on divisional manage- 
ment boards, nominated by' the 
TUC SLeei committee, but the 
Varley plan goes tnut-h further. 

It also differs from the work- 
er-director experiment in the 
Post Office, which started this 
year, in that the Pest Office 
Union representatives are not 
front the shop floor. 

Meanwhile, In their ' latest 
monetary bulletin. stock- 

brokers W. GreeatitU express 
continued concern over the 
outlook in spite of last week's 
new measures. 

The possibility of a wage 

explosion following recent 

excessive monetary expan- 

sion, they say, has now 

But double digit inflation is 
still -all too likely,” and they 
do not believe that last week’s 
package is adequate. 44 We still 
have serious reservations about 
the stance of fiscal policy." 

In the short run. the brokers 
expect the gilt-edged market 
to be buoyant But in tbe 
medium-term, the bulletin 
suggests, the official corset on 
bank growth could come 
under pressure. 

“ Our conclusion is that the 
latest re-introduction of the 
corset will probably not mark 
major turning points of the 
economy and Interest rates as 
it did on the previous two 

Most of BP's profits come bat 
of two pipelines — from Prudhtie 
Bay. Alaska and the Forties 
Field — and the whole emphasis' 
of its investment programme has 
been Upstream. Now' It is taking 
what it sees as a small step 'in. 
the other direction: .The two 
acquisitions announced yester- 
day total £430m (£270m down 
and the rest in the form of debt 
obligations) and . are not that 
dramatic in the context of a 
group with shareholders’, funds 
exceeding £3}bn and annual 
capita] spending of ^iixo. But 
they both represent an attempt 
to strengthen downstream- activi- 
ties which have been a big drain 
in the recent past 

In Germany, BP is already 
moving towards a break-even 
position after two years ofheavy 
losses: The immeditae effect ef 
its agreement with Veba will he 
to raise the throughput in its 
German refineries and improved 
the marketing mix- Bat what lti 
describes as “ the jewel in the' 
crown" is the 25 per cent hold-, 
ing which it is acquiring in 
Ruhrgas, Germany’s largest gas 
transmission company. Ruhrgas 
is covered with its gas require- 
ments through to 1885, and the 
hope is that its needs thereafter 
could be tied in with some of 
BP’S upstream activities. Even 
before then, BP will be looking 
on Ruhrgas as more than just a 
portfolio investment and it says 
that in financial terms the 
German package is very attrac- 

paying quite a price. 

' acquiring low margin ■ sales, of 
: £l60m or so for £110in cash, 
plus debt obligations of a siini- 
-lar magnitude. But as with the. 
Veba deal. BP has decided to' 
■ tackle a problem by pottin g in 
more money, rather, than by try-, 
ing to draw in its horns. . 

-Overall BP will probably now. 
end up with a slightly higher 
level of financial gearing at the 
end of this year. That is before 
taking into account the copsoli-' 
dation of Sohio, which stands to 
lift the proportion of debt to 
capital employed by over .12 
points to 50 per cent or more. 
BP loftily describes this as 
"an accounting gimmick, .which 
. makes no difference to its finan- 
cial obligations. Profvided -that 
the U.S. rating agencies see 
things the same way— which 
apparently they do — and pro- 
vided that those two pipelines 
keep gurgling merrily, all will 
be well. 

methods It rtow^ 'looks. asJTTSTS- 
1979 pre-tax “profits .coqld siKw ; 
growth of the order’ fifth. 
;tb about 

.the shares • <>dn^ai-^»tfi^racBaaI 
"accounting"- .■ basis)- are- v -dff^"a 
fidiy-toxed prospec^re'" P/<?: r trf 
only- abouT 5ii .a^srtgg&sr.* 
fairly ; sigiri&lattst- • 

: the 3\ .per. - cent v 1st .a 
constramrr T- ' . > 

, - 


The same probably does not 
apply to the acquisition from 
Union Carbide of a major 
chunk of its European interests 
in ethylene derivatives. This 
I is a sector plagued by over 
capacity, and BP seems to be 

. :Pilkingtpn’s shares put on 37p 
yesterday (to 520p) as the group 
reported 1977-78 profits 14 per 
cent ahead at £71.7m and added 
an optimistic comment on future 
prospects. The big improve- 
ment came in the second half, 
when profits grew by almost 
25 per cent, after rising only 
10 per cent in tbe first six- 
months. And to emphasise the 
underlying quality of this, per- 
formance, Pilkington reveals 
that the improvement is also 
14 per cent on a Hyde basis, 
with pre-tax profits climbing 
£8m to £64 im. ■ 

The best result comes from 
UK activities where sales 
volume growth (mainly in flat 
glass) is of the order of 9 per 
cent and trading profits are 

Guinness. 1: ' 

. The -Arthur GirinneksF dare 
price had been relativefetrong 
ahead of the interim restfils so 
the surprise 16 per ceni drop 
in pre-tax profits to £l42ftt left 
the - shares 10p lower aty.lTOp. 
Despite its well publicised 
- diversification moves, Guinness 
is heavily dependent ;on 
brewing and, in particu l a r , tiie ‘ 
fortunes -of- its ■ one : fli&fai 
product: ; • ■ 1 ■ \ i - • . ^ 

"Overall brewing profits fre a 
fifth down 'in 'tiw? firet iix 
moinths.' There .were price -in- 
creases in both. Eire... and .-the 
UK but these did hot etw^ the 
increased costs. ; and. though 
volume held steady in - the 
Republic it contfoued to slip by 
a few pereent^e pmntS; in the;. 
UK -lx* tbe Se^od-lWElf, volume 
in Eb« Is . to- Increasei 

although the same, "may hot be 
true for the UK and the group 
has said that brewing profits 
will be down for the second 
year running. 

By contrast, Guinness is talk- 
ing about a substantial im- 
provement " in second- half pa-' 
fits and iuuch of this will come 
from its hotch-potch of non- 
brewing interests. Helped by- 
changes in the financial year- 
ends of a number of small sub- 
sidiaries (worth close td: Jilin) 
profits for the full year, cotrid 
be £42m to £43m against £39-5in. 
At its current share '.price ' 
Guinness is yielding 6$ per 
cent — slightly above the sartor 

M . ..'-.r- 

Continued from Page 1 



U.S. banks 
and Carter 


International bank loan 

minimum margin down 


THE MINIMUM margin on 
medium-term international bank 
loans has moved down again 
after several months of stability. 

sovereign guarantee is jointly 
led by Bankers Trust Inter- 
national and Soeiete Generate. 

The French Caisse Nationale 
de Telecommunications is rais- 
ing S300ra at a margin of J per 
cent over inter-bank rates com- 
pared with the i per cent at 
which the banks had succeeded in 
holding the minimum spread, 
though they had given ground to 
borrowers in other, .ways. 

The loan has a maturity of 10 
years with seven years’ grace 
before repayments start. The 
spread of 1 per cent is payable 
for the first five years rising to 
J per cent for the remainder. 

The loan, which carries a 

Tbe management group in 
eludes Algemene Bank Neder 
land, Deutsche Bank, Banque 
Europeenne de Credit. London 
and Continental Bankers. Fuji 
International Finance. West- 
deutsche Landesbunk, and Union 
Bank of Switzerland. 

The SI 00m seven-year loan cm 
a split spread of per cent 
which Gaz de France arranged 

last February cannot be con- 
sidered in the same i.-ateuory as 
a medium-term loan because it 
was raised as backup for com- 
mercial paper and stands little 
chance of being used. 

its impact on capital spending, 
which is still sluggish. 

Others suggest that the 
Federal Reserve is becoming 
less able to influence short- 
term money markets with any 
precision because surging 
demands For credit from both 
business and consumers are 
putting strong upward pressure 
on rates. 

Consumer credit has risen at 
a record pace this year, arous- 
ing fears that this is a reflec- 
tion of a deepening inflationary 
psychology, with consumers 
buying in anticipation of price 

Business loan demand, out- 
side the New York City banks, 
is also rising very strongly. 

Earlier this week Citibank’s 
monthly economic letter 
warned of the danger of a 
credit cruneh ahead. 

The stock market which 
normally reacts badly to 
interest rate increases, but has 
shrugged off recent increases 
during the rally which began In 
April, remained firm in the 
face of the prime rate rise after 
recovering an initial decline. 

The upward drift of U.S. 
interest rates is expected to 
give additional support to the 
dollar on the foreign exchange 

MOSTLY dry with sunny 

London area, E Anglia, SE, Cent 
S and SW England, Channel Js. 

Generally cloudy with some 
rain, possibly brighter later. 
Wind NE. Cool. Max. 15C (59F). 
Midlands. Wales, NW, Cent N 
England, Lake DlsL, Is. of Man, 
SW Scotland. Glasgow area, 

N. Ireland 

Mostly dry, sunny intervals. 
Rather cool. Max. 15-16C 
E, NE England. Borders, 
Edinburgh, Dundee, Aberdeen 

Rather cloudy, some bright 
intervals inland, but also occa- 
sional drizzle on coasts and hills. 
Cool. Max. 15C (59F). 

Cent Highlands, Argyll, NW 

Dry, sunny imervals. Near 
normal. Max. 15C (59F). 

Moray Firth area, NE Scotland, 
Orkney. Shetland 
Rather cloudy, some drizzle on 
coasts. Rather cooL Max. 11C 
Outlook: Mostly dry, sunny 


• I • I • 


Tarling to be extradited 


former business colleague of Mr. 
Jim Slater, the financier, is to be 
extradited to Singapore later 
this month to face five charges 
under the company law there. 

This is because Mr. Merlyn 
Rees, Home Secretary, has 
decided, as the Home Office con- 
firmed last night, not to exercise 
his discretion to prevent tbe exl 
tradition, though an appeal had 
been made to him on Mr. 
Tarling'^ behalf. 

Mr. Bees’ decision marks the 
latest stage in a lengthy legal 
battle since extradition proceed- 
ings were brought by tbe Singa- 

pore Government at the begin- 
ning of last year. 

It is expected that Mr. Tarling, 
43, one-time chairman of the 
Singapore company Haw Par 
Brothers International, which 
was formerly an associate of 
Slater Walker Securities, will be 
given a time and a flight to 
Singapore on or about June 26, 
when the extradition warrant is 
expected to be executed by the 
British police. 

Mr. Tonv Leifer. of D. J. 
Freeman. Mr. Tarliog's solicitors, 
said last night: “We are 
extremely disappointed and sur- 
prised at the decision, in the 
light of the fact that the 

charges in respect of which the 
extradition is ordered are not 
custodial” — that is. cannot 
attract prison sentences— “ in 
this country.” 

The charges relate to whether 
the accounts of Haw Par showed 
a true and fair view Tor 1972 
and 1973. 

The Singapore Government 
originally brought charges in 
connection with the affairs of 
Haw Far against Mr. Tarling and 
Mr. Slater, chairman until 
October 1974 of Slater Walker 

Mr. Slater was cleared by the 
Chief Metropolitan Magistrate of 
all six charges against him. 

• Jurefc Martin writes from 
Washington: Two reports 
today point to slowing of U.S. 
economic activity from recent 
vigorous levels in which the 
economy rebounded from the 
winter doldrums. Housing 
starts last month fell 4.9 per 
cent compared with April, 
while new building permits 
were down 8.8 per cent. 

This fall was expected by 
both government and industry 
experts, and does not mean 
that (he borne building sector 
is fulling into another reces- 
sion yeL Nevertheless it Is 
clear that higher interest rates 
and scarcer availability . of 
mortgage finance arc beginning 
to be felt 

The Government reported 
that personal income rose last 
month by 0,9 per cent. This 
contrasts with a revised 1.3 
per cent advance in April and 
1.4 per cent In March. 













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