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s? 





•Bw^^IDiscBniing Dmikers ^3 

HIGH, 


& 

Really Dry Gin 


FINANCIA 




No. 27,593 


Saturday June 24 1978 if *-** < > 


'W 

& 


&Amo 


CONTINENTAL SELLING PR ICgfc AUSTRIA Sdt.fS; 86LGIUM FrJ5; DENMARK Kr.3.5; FRANCE 




Timber, Building Materials, Hearing and 
Plumbing Equipment tor ihe Constiuction 
and Allied Trades. Northampion 52333 


Fr.3.0: GERMANY DM2.0; ITALY L.500; NETHERLANDS FI.1.D; NORWAY Kr.3 5; PORTUGAL EseJO: SPAIN PCB.4D; SWEDEN Krjjj,- SWITZERLAND FrJLD; EIRE I5p 


NEWS SUMMARY 


GENERAL 


BUSINESS 


Ministers study 


Discount 


FIVE-VOTE FAILURE TO RATIFY 


29 Red Equities 
Brigade ralJ y> 
members Gi,ts 


£ 17 , 



rise for 


State chairmen 


cuts may 
put Ip 
on a loaf 



By Elinor Goodman, 

Consumer Affairs Correspondent 



dull 


tax treaty 


BiY JOHN ELLIOTT, INDUSTRIAL EDITOR 


A Turin court yesterday sen- 
tenced 29 members of Italy's 
Red ' Brigade to prison terms 
totalling more than 200 years. 
The court acquitted 1C others 
and ordered a retrial for one 
man. 

Red Brigades supporters im- 
mediately issued a warning that 
-their, “civil war" would 
continue and called on Italians 
-to help “ annihilate the anti- 
guerrilla forces." 

Prison sentences ranged from 
■ IS years for Renatn Curcio and 
Pietro Bassi, two of the group's 
founders, to two years and three 
months for one defendant on 
- minor charges. Page 2 


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


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


E F.I industrial. 
47o$ Ordinary Index 


ALL-TIME HIGH 
54*3 

SEPM ®77 


Tqe rises have been put to-the and upsetting the spirit of co- the chairman would produce only 

Prime Minister in a report from operation which the Government about flH.SOO net after tax 

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

salaries, which also proposes discussion on the next phase of men of industries such us gas, 

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

£10.000 a year for senior armed Memories of the bitterness and airways. New levels also are 

forces officers, judges and civil political rows that the level of fixed for the most recently 

servants. the armed forces rises caused a nationalised industries — ship 

Tile renort which mav he nnh- couple of months ago are still building and aerospace— and 

iisbud within the next fortnmhL fresh in the Prime Minister's allowance is made for the fact 

pos f one erf the mS! polSly mind and he knows that the that in 1974 it was proposed that 

embarrassing Droblems for the chairmen, who have not had a the chairmen of the Post Office 

Government^ aSE? nresent major pay rise for several years, and British Steel should earn 
Liovernraeni since the present j * ■> 


455 Houatr MOVEiittns 

_ig>DAYSCUSE~ 


■»*> ■ ■««»«'» ■««**» s" a Th. m r r sr 

! E b s s T n , «•£*" frir Issser s,a,e 

|lhe matter on Thursday. I^llOrGCl All t h E proposals are based on 


THE PRICE of bread could go 
up by Ip or so a loaf in some 
shops because of a cut in trade 
discounts proposed yesterday by 
Ranks Hovis McDougall. 

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

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


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


Tarling reprieve 

Mr. Richard Tarling. who was to 
be extradited to Singapore on 
Monday to face five charges 
□oder company law there, was 
given, leave in the High Court 
yesterday to apply lor a fresh 
order of habeus corpus. Back 
Page 


* IO 20 21 22 

JUNE 1978 


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


Tank complaint 


© GILTS ended dull after a 
steady to firm start The 
Government Securities index 
fell 0AS to G9.21 for a decline 
of L23 on the week. 


A Commons committee has 
attacked the Defecce Ministry's 
handling of technical problems 
with the engine of the Chieftain 
tank.' The committee praised the 
tank gun and range-finding equip- 
ment as first class bat added that 
the tank had been “ let down by 
its engine " Buck Page 


Refuge plea 

- About S.000 honored women are 
. likely to seek refuge euch year 
Jar themselves and their children 
in-Lendon Women's Aid Centres. 

^raEustcaflitog Tor an extra 85(1, 
rpfaces to he provided in re [uses 

• aisdf ^"central telephone service 

* to help find emergency accom- 
' modatbm for battered women. 


9 STERLING improved against 
the dollar, as did other curren- 
cies. It closed 1-1 cents higher 
at $1.8496 but its trade weighted 
index was unchanged at 61.4. 
The dollar's trade weighted 
depreciation fell to 6.8 (6.3) per 
cent It again reached new lows 
against the yen, touching 
Y206.3 in London before dosing 
at Y207.5 (Y211). Back page 


tile matter on Thursday. I^IlOrPfl All t h E propels are based on 

lr, addition lo tbe general Lord Boyle, chairman of the a study of comparable salaries 
nationalised industry increases review body, will be angry if ils for chairmen in the private 
lo i'40.000. the report also pro- recommendations are ignored, sector. i 

poses even larger rises for the His last report in 1974 was not The reason why ihe chairmen,! 
chairmen of the National Enter- implemented in full by the and their nationalised fellow 
prise Board and the British Government and the new report board members, are being put 
National Oil Corporation which, now in the hands of Ministers, forward for more than the other 
it says should go up by about hluntiy states that there is little groups covered by the report is 
S0-90 per cent to £60.000 to point in having a review body if that they did nut receive any 
£55.000 a year. its proposals are not accepted, thing in 1974 when the Boyle 

On Thursday the Cabinet eon- This is the nearest rhat Lard report recommended up to 
sidered whether it could phase Boyle and his colleagues have £16.900 each. Top civil servants, 
the rises over the next two years come publicly so far to threaten- Forces officers and judges, how- 
or so in the same way that it ing to resign. ever, received an initial rise of 

did recently with increases In order to underline the up to £4.000 a year, 
averaging 30 per cent for doctors urgency of the problem in the An added problem is that the 
and dentists and the general nationalised industries. the Government allowed the chair- 
armed forces. report, which was signed by the men and their hoard colleagues 

It would be difficult to do so Bayie review hody and sent to rises of 5 tn 10 per cent at 
for the industry chairmen who the Prime Minister on June 8. Christmas which, under the pav 
have been put up for rises twice gives net salary figures as policy 13-momh rule, enufd mean 
as large, at 70 per cent without well as gross sums. It points out that they should receive nothing 
seriously angering union leaders that its £40.000 proposed rate for more till the end of this year. 


Closure 


Whether or not Ranks can 
make its new trade terras stick 
depends on two factors: tbe 
strategy adopted by its com- 
petitors", and the Price 
Commission. 


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


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

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

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

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

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


© GOLD rose SI to SI 86$ in 
quiet London dealing. Tbe.Nfcw j 
York Jrne settlement pr s &-' 
was 60 points down at $185.80. I 


teel demands gener 


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



O WALL STREET closed 4.68 
lower at 823.03. 


PHIUR 


The Price Commission said 
that it was watching the situa- 1 
tion: for purposes of price 
controls, a cut in discounts is the 
same as a price increase. But, 
even if it decides to investigate 
Ranks it is unlikely that it would 
be able to prevent the discount 
reduction going ahead 


RAWSTORNE 


Transition plan 

The Y&sorifcv Communist Party 
las stn&aUfoixi its leadership to 
ea» ihfe transition of power when 
President Tito retires or dies. 
. tfic party congress also stressed 
' the country's determination to 
maintain national independence. 
'Page 2 


MR. DAVID S^EEL. the Liberal 
leader, yesterday virtually en- 


dismiss 2,000 


.'Vatican ruling 


.Pope Paul yesterday affirmed 
the Vatican's stand against 
-artificial birth control and said. 
Homan Catholics must uphold 
“eihicailv responsible paternity. 
Meanwhile, the Spanish Goyern- 
r iHent Tins rejected Socialist 
Partv . efforts to have birth 
control pills provided free. 
Government statistics show that 


© WESTLAND AIRCRAFT, 
which is negotiating a new wage 
formula witb tb e 2,000 manual 
workers at its Yeovil helicopter 
plant, is believed lo be on the 
point of issuing dismissal notices 
to them. 

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


*74’ per cent of Spanish women 

_ r 1 • i i D4ao r 


favour family, planning- Pa S e 2 


Ari saic funds 


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




Public funds were made available 
-for -West German museums to 
purchase works from the Robert 
- vm TCrscfc art collection. After 
; of the eight sessions the 
JSotlietoyS, London, auction of tbe 

■“ ^cilectioa has .reached SL-ini. ai 
-- a Sties’ sale in London yester- 

' j.*: ' r. . _ c+h\>K» 7 namtlTlS 


v-a-uurimxra- smjwt + 

• day, • a George Stubbs painting 
; jsoW. Jot 1 £300.000- Pas* 4 - 


• BRITISH STEEL could he 
running into new difficulties in 
its fight to reduce its losses. Mr. 
Gerald Kaufman. Minister for 
Industry, told the Conimons^ 
Page 3. Workers who failed to 
save iron and a 

Shelton are demanding SWMO* 
head in redundancy payments. 
Page ■* 


leader, yesterday virtually en- 
sured an October General Elec- 
tion with a blunt warning to 
tbe Government that the Liberals 
would help to bring it down if 
it fried to cany on until next 
year. 

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

u l am now znaking this specific 
and public demand for an 
atitoinn election,” he declared. 

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

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

Confidence would be under- 
mined if the Government tried 
td : operate on a day-to-day basis 
In the Commons. “It would be 
bad for Britain and we would be 
bound as a party to seek to end 
it and secure a general election” 
he asserted. 

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


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

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

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

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

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

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

In Perth, however, Mr. Steel 


boldlv predicted that the 
Liberals would retain their 13 
seats and could make gains. “We 
can rid Britain of both the j 
unam-piabje face of socialism: 
and the unacceptable face of | 
Toryism.” be declared. 

Another hung Parliament 1 
would see the Liberals in a, 
stronger position not only to, 
restrain the extremism of Left' 
or Right but to exert greater I 
influence o T er a new government, 
programme. 

Gaining overwhelming endorse- 
ment from the conference foe a 
policy of co-operating in a 
future minority government with 
c-ither the Tories or Labour, Mr. 
Steel stressed that electoral 
reform would he an essential 


Profits 


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


pre-condition of any new pact. 
Senior Tories last night 


Yesterday, it said that the 
closure of the Spillers bakeries 
was not enough to correct the 
economics of bread baking. For 
this reason it intended re- 
introducing tbe ceiling of 221 per 
cent on trade discounts which 
was enforced by the Government 
until January of last year. 

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


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

The U.S. Treasury has calcu- 
lated that this would produce a 
once-and-for-ali tax refund of 
about $365m tu U.S. shareholders 
and a tax reduction of about 
685m a year thereafter. 

, The earlier Senak- vote had 
shown .49 senators in favour of 
ratifying the treaty as it stood 
and 32 against — five volts short 
of the necessary two-thirds 
majority of those present and 
voting- 

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

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

Behind the objections to the 
treaty lies tbe fad that it 
appeared to circumvent Slates’ 
rights — specifically the authority 


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

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

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

This was. after all, a solution 
suggested in the first instance by 
opponents of the treaty, notably 
Congressman A1 Ullraan. Mr. 
Ullman comes from Oregon, 
which uses unitary taxation, and 
is also chairman or tbe House 
Ways and Means Coin mi t lee. 
from which ail tax Bills must 
emanate. 

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

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

In California there had even 
been legislative moves after 
Governor Brown's change of 
heart to mitigate the impact on 
foreign companies of unitary tax 
in the state. Californian officials 
calculated that this could brine 
about S30m a year from British 
companies alone a n<’. as much as 
S200m a year from ail foreign- 
based corporations. 

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

Leading British companies 
operating in Co i Coral a include 
many of the main commercial 
banks. EMI. Unilever and ItOj.il 
Dutch Shell. 

In Alaska, which also operates 
unitary taxation, the state 
brings in an estimated SlOm- 
S15ra from this system, a fair 
proportion of which is paid by 
British Petroleum. 

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


£ in New York 


— i 3 |mc 2J 


I Sl.<WA-*<7& ( S1.M10-EW 
? ni"nlfi I 0,43-0.1? .Iin 1 Wiv.Oli-. 
-wmiiiIi- I 1.4'j-l.S? ills I 1-40- 1.00 ,ii ! 
1C iin.nl 1 1 * 1 .li* ' ,»i- 


greeted Mr. Steel’s talk of a 
possible Lib-Con pact with 
derision. 

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

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


r .V : 4' ; 


?! , • ' V ' 


£S;, r H 

fe' i- r./- A 


* -<Vu - 


PVM l! 


i A- • • 


JV#* 


V- A gkioiffllriiue communique says 
Rhodesian-* wops killed 1. 

mCvkh-ac. aim tWO £>C1- 


« JAPAN’S tariff-cutting alter i 
is disappointing to the EEC.| 
Page 2 


Deutsche Babcock— Soviet deal 


mm 


;. Kneeeasan-i coops -- 

ir-StafUesfaRi refugees and. lwoBc\- 
;;.gixiik-i0i.a harder attack. Tage 3 


: Provincial Assembly has 

/• Passed-' a BiU establishing the 
•: framework -fora ref e rend urno 
•' - her 'Quebec, should secede 
■ ' . fecHn ;Cai«d37 ,P»se. 2 

Congress Party workers 
pledged to donate blood 

: wcism tnplet3 t diet r iarpet. The 
"flouted- 37? lb to the Red Cross. 

Fsar.-2-V-' 1 


A BRICK deliveries rose to 4i6m 
from 402m. Page 4 , 


BY GUY HAWT1N 


FRANKFURT. June 23. 



X "0h 




.irss^ss^^ ssw 

Sc defect. Back Page 


COMPANIES 


The-DcpartmenUof Education 

preview the system f "*55&nt 

^parents’ contributions to studen 

'grahts, r _ " ‘ 


_ SIEMENS of West Germaoyi 

Page 19 


‘ Veltee - 'in - the devolution 
= - referenda iqjSeoUand and Wales 
■j;Will Jake place on the saiue da5> 

• i thp Coyer ome at announced. _ • 

been. /^^jJter- 
«eatbe*Bhi|^of .inter 

. i national Labour ,° I ^ an f s fP 5l t it is 
V-^o£ legal objections toaj 
'.JBt yetaa independent sta 

- An triplets J^F'heen 

•; Meadoaai. Argentina, have ■ nee 


Lex 


• o M f° £ «6 R 0«" 

a pre-tax loss of « Profits 

six uwnlhs to ^re? ^ 

came to «00U m ^ t(> 
seven ^S“ t ^ fl . fuU ve^- PagelB 

£360,000 for the juu>e*w- 


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

Under the terms of tbe agree- 
ment, which was announced here 
today, the German concern and 
the Russians will work together 
on the design and manufacture 
of power station equipment not 
only , for the Soviet market but 
also for sale in third countries. 

I Deutsche Babcock said it was 
| impossible to put a value on the 
contract. 

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


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

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

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

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


ment. a- being a vital part of 
its overseas marketing strategy. 

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

The company already does 
considerable business with 


Eastern Europe and the new i 


co-operation . agreement is 
obviously seen as likely to en- 
hance its sales to Comecon 
countries. 

A major shareholder in 
Deutsche Babcock is the Iranian 
Government which in 1975 
boughs nut the 25.02 per share 
owned by Babcock and Wilcox, 
tbe British concern, for £31. 7m. 


CONTENTS OF TODAY’S ISSUE 


nMario’V'Kempes, 
i" A AqwiWHwg ' into ' tiie World v 

v :-3 aft-twr • • __ 


£3&u,uuu 

MESSrrSS 

SrfNorth Airica. Page 3 


Overseas news 2 

Borne news — genera! 24 

— labour 4 

Arts - 


Leader page 14 

UK Companies 16-17 

lining 6 

Inti. Companies- 19 


Wall Street IS 

Foreign Exchanges 21 

Farming, raw materials ... 19 
UK stock market 22 


FEATURES 


uirc prise CHANGES yesterday 

ItSr Metals ExpMffi! 


indicate® » 


*T w i 
F* S L* * 


v" : • ; • wses _ + 7 

T- Itewbara Ki j. os 

■■t r I t J'* . .. 


1 1 h 
152 + 6 


Facts and forecasts tn the 
inflation debate 14 

The. great whaling affray — IS 


properly: Future for house 

prices 8 

Prospects for competitors at 
Wiinbicdon 8 


Safely belts and airbags In 

motoring 9 

The bulls go Into S. Arricau 
market* 5 


( Every evening an SAA 
[ 74 J - Jumbo leaves Heathrow 
ibptind for Johannesburg. 

. ' On Mondays, it’s noii-stop. 
.And on Saturdays therek an 
additional non-stop flight 
to Cape Town 

All of them will give you 
: the sunshine treatment all 
\ the way. ' 

And all will connect with 
Tour exclusive route network 
y to 12 other destinations 
throughout South Aftica. 


•->\ 


y Hawker SKMriey..--— ^ ^.4 

^ 4 

•; • Toy© . . ..... ojn 4- 12 

v OS-Expinration Jg + i? 


FALLS. __ , 

Exchequer ”30’- 4 

Breitu» 1 |„ Bear - .. 42a - IS 

Decca “A - 367 - » 

Finlay l ... 34 S - 9 

ic Gas 126 - / 


- Sheit TrhB&vtl ^5 j- z\ 
: : Aaslo ^ 24 

r St Beors Dcfd- ■ 


1C Gas — . 1 26 — t 

Jardine heps. ■ 150-6 




ftpturittunents — 28 

. BrUse - 9 

Y 

CoHcoSng - - 12-U 

CroMword PbscU - “ 

Eduoulon — — » 

E coomb ( c Biortr ---. J* 

EntmaUmcnt Cmdc 12 

EanMHttlBBs - • 

Flmau ao4 Farall* 6 

FT-ActoOries hrtlMS 22 


Gartfcning 10 

Golf 9 

Home Contracts 17 

How to Socod It U- 

Insurance J 

Letters - — - M 

Lett 70 

Man of the Week ... 3k 

Racing _ “ 

Share laformatfon ... «-25 
se Week’s Dealings 2B-Z1 

For latest Share index 


Travel 

TV and Radio . 

Unit Trusts 

Week in Lon. a MY 
Weekend Brtcf . 

Weather 

Your Savings & lov. 


M St G Exchange! ... 
Sctifesloger Proi. ... 
{Cammed Page 14) 




OFFER FOR SALE 
Arbctomit America 5 

Barclays Australia ... 7 

■phone 01-246 8026 


annual statements 

Lond. PrutJ. innest. 17 

Youghal Carpets 17 

Base Lending Rales 22 

Building soc. Rates 21 

Local AmJiy. Bonds 3 . 

UK Convertibles 21 


South African Airways 
Where no one^ a stranger 


: ^W.Vted»uiq«. , cJ 


t'«d(d<*Lid>.cMRaerf«D T LU?.t*r J. >:*■»( <*t •• . : 

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OVERSEAS NEWS 




BY CHARLES SMITH 


TOKYO, June 23. 


THE EEC finds the tariff-cutting countries invoking the safeguard whereas the dollar figures 
offer made bv Japan at the multi- to justify their action in front of showed a 6 per cent enlargement 
lateral trade negotiations in a committee of signatories of of the surplus, and the European 
Geneva “disappointing,” and may GATT. unit of account figures 3n 

be forced to reduce its own offer T he remaining problems con- increase of 31 per cent (for the 
unless Japan takes steps to ira- nected with the safeguard clause first quarter of the year only), 
prove on it, sa:d Sir Roy Denman, were centred on the quantitative Sir Roy said the Commission 
EEC Directnr-Gencral for import restrictions maintained by would withhold judgment on the 
External Relations, todav at the some European countries. Sir state of Japan-Community trade 
end of two days of talks ‘with his Rov said. He hoped that these relations for the time being, and 
Japanese opposite number. could be settled by early July, would resume its monitoring of 

. . .. , Sir Roy said That Japan had the situation early in October. 

*" sai ? t7 “ asserted ” during discussions on “ ‘ 

ne? . 0UaU0 . ns bilateral trade relations that 

there was now a downward trend 
in its surplus with the Com 


early next month represented the 
last opportunity advanced 


4 . i . , lit i L-? nuu hue 

country were likely to have for miin | lv . His own view was that 
maev vears to cut tariffs on a 


reciprocal basis. The Community 


there 

sinn* 


were some encouragm, 


Sir Roy described the talks as 
extremely valuable, despite the 
lack of conclusion on trade issues. 
The periodic “high level talks” 
between EEC and Japanese 
officials was the beginning of a 


in the current situation, “regular, friendly and com- 


j . . i - jr _ _ I l 1 LT* LUiltui .miuuuun, * ““V* 

hnpea not to hav .^ de *} 11 ““ but ihat a dear trend could not prehensive link’ 1 between the 
the situation by withdrawing part two countries. 


of its own offer. But the final yc Tfu , picture looked different, 9 Japan today decided to speed 


Brigade te 




By Tony Hawkins 


BY PAUL BETTS 

ITALY'S celebrated Red Brigade 
trial— Interrupted twice 
rorist killings — ended finally 
Turin toni 
accused 

of 210 years ui h»‘» uu conn neanngs in.ine .juitw.u: th < 

of armed subversion against the jjannora Barracks snrroifcdea ^J 1 ¥^JJSSute% iUT&ttlF&itoP 

by massi7e security.. ;| - Able » ;ib* 

The jury took more that 


State, kidnapping 


settlement would have to be one 
that could be defended to the 
European Council of Ministers. 

Agreement was fairly near on 
another difficult issue — the 
hammering-out of an acceptable 


up plans for emergency imports 
and export curbs to cut the 
country's huge foreign trade 
surplus, according to Mr. Toshio 
Komoto. International Trade and 
Industry Minister. 

But the decisions reached at 


according to which currency 
trade figures were denominated 
in. There were also erratic 
niunth-tu-month changes in the 
figures. 

„ . To back up his views. Sir Roy 

selective safeguard clause, Sir quoted three sots of figures for 
Roy said. The EEC felt this recent two-way trade between the much-heraldcd meeting of the 
would be necessary to deal with jupau and the EEC based on Government's economic council, 
cases of excess market penctra- dollars, yen and European units which took place against the 
tion that might result from the 0 f account. The yen figures background of a sharp rise in the 
growth of exports of some deve- showed the surplus during the value of the Japanese yen this 
loping countries in the next few fj rst five months of the year week, fell short of the expects- 
years. diminishing by 13 per cent from tions of many bankers and 

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


Canada wins $3bn credit facility 


BY VICTOR MACKfe 


OTTAWA, June 23. 


THE CANADIAN Finance financial arrangements made by During the first Four years tbe 
Minister, M. Jean Chretien, today Canada since last October. These amount available to Canada will 
signed an agreement on behalf of include a S2.5bn revolving stand- be S3bn. while in the succeeding 
Canada in New York with a by credit facility with the years the amount will be reduced 
group of international banks for- Canadian chartered banks, a in steps to Slbn for the eighth 
a new U.S.$3bn revolving credit ¥750m bond issue offered publicly year. Canada w-ili have the option 
facility to be used to defend the bri the U.S. market and a at any time to cancel without 
Canadian dollar if necessary. DM1.5bn borrowing in Germany, penalty alt or any portion of the 
The new credit facility com pie- The new S3bn credit facility is facility unused at the time of a 
meets several other * external to be available for eight years, cancellation. 

Interest rates on borrowings 


Quebec work bar battle 


BY OUR OWN CORRESPONDENT 


OTTAWA, June 23. 


M. PIERRE TRUDEAU, the 
Canadian Prime Minister, is 
seeking -advice from the Federal 
Department of Justice on how 
to handle a battle that has 
broken out between the Quebec 
and Ontario Governments over 
a ban on Ontario residents work- 
ing in Quebec. 

He told the Commons he had 


less the Federal Government 
challenges in tbe Supreme Court 


will be the average of the prime 
lending rates of a represetantive 
group of U.S. banks, with an addi- 
tional one-quarter of 1 per cent 
per year being payable during 
the final four years of tbe agree- 
ment. 

Canada will pay a commitment 


a new Quebec law which pre- fee of one-quarter of 1 per cent a 


vents most Ontario construction 
workers from taking jobs in 
Quebec. 

Premier William Davis of 
Ontario has written to Premier 
Rene Levesque of Quebec out- 
lining -Ontario's position and 
asked for. advice on whether the offering to meet him to try to Chase Manhattan Ltd- Chemical 
matter should be referred to the solve the dispute. M. Levesque Bank. Continental Illinois Ltd., 
Supreme Court said today that in Quebec city Dresdner Bank AG. Manufac- 

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


year on the unused portion of 
the facility. 

The new SA3bn credit facility 
was managed by the Citicorp 
International Group, together 
with Bank America International 
Group. Bankers Trust Group. 


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

But he reaffirmed trie Execu- 
tive's Council’s belief ihal an 
all party conference with the] 
Patriotic Front guerrilla alliance. . 
which Britain and the U.S. are 

trying to set up. would be ! 
abortive. I 

Facing a barrage rt f questions I 
from black MPs in na i'l lament, \ 
Mr. Smith said: “V-'e are not 
opposed to going to another con- j 
Terence. What wc are opposed ; 
to is going to one which we | 
believe will be abortive. 

“ As long as we wore satisfied 
that arrangements v.ero con- 
structive and there was a chance 
of making progress •..<? would 
go. but otherwise wc believe it 
would he counter-productive." 

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

I uin simplv asking" that the con- 
ditions under which the confer- 


still to appea 
charges.- including murder. 


Minister 

criticises 


-S*l ' J..-' v’-J '■< «-.* jSfi. ■ -.yf • 








S' 




T0 Renato Cureio. the ideological T* took more 

«Si'it 7 fo?SFHdSS 2 &s 

given a sentence of 15 years. Boi ““™L 
he and others of the accused have 

on more serious hacked by army units. . = memoec* um ■: 

The original trial bpe^gouie* the t erroriat ieatferg.-lzat’e-oCefl v -- * 


The crisis in the ruling Janata 
party appeared to deepen yester- 
jday when the powerful Home 
Minister. Mr. Ch3ran Singh, said 
that yesterday's disciplinary action 
by the party's leaders against the 
Health Minister sounded “the 
death knell” of the organisation, 
writes K. K. Sharcna from New 
Delhi. He said this after con- 
ferring with tbe Health Minister, 
Mr. Raj Narain, and other fol-, 
.lowers in the party faction which [ 
cnee would be held would be j Mr. Cbaran Singh leads, thereby 
constructive and would -jive hope i suggesting that he planned to 
of surrera." i breakaway from the Janata. 

^if D LmS.™. a Ei S hoo 'Abel! End to monopoly of 

Muzorewa, the Rev. N'dabaningi i UWprn Union urged 

IK i TMuKL 

'} JS ' * I National Telecommunications and 
\}° d r a n ‘ Information Administration has 

rjpidl^ as possible with i.ic full ; ursec j an en( j to Western Union’s 
implementation of the internal . tel ^,“ aph monoooly, Reuter 
settlement agreement which they | reports from Washington. The 
sinned on March 3. i agency said it believed that the 

The Executive Council, he : telegraph service, viewed in the 
said, had repeatedly stated that I context cf tbe rapidly evo lving 
the externally-based PF leaders. | telecommunications indtretry 
Mr. Joshua Nkoruo and Mr. generally, should be ''srubstanti- 
Robert Mugabe, were welcome to ! ally- if not totally, deregulated 



Peking clash with local leaders 


BY COLIN A MacDOUGALL 


IN SPITE OF apparent agree- senior official publicly, unless he tmuing on a considerable scale, 
ment on most national policies, was in disgrace. Although no Other hints of trouble revealed 
Peking is still facing serious names were mentioned, every in broadcasts are probably just 
tmuble from provincial leaders reader will know that the Shensi the tip of a large iceberg of 
who do not implement orders. official in question is Li Jui-Sban. political infighting and corruption 
This emerged clearly from a His last public appearance as in Shensi, 
recent issue of the Peking Shensi leader was on June 14. 0 Relations between Cambodia 

Peoples Daily which carried oh Li has worked in Shensi province and Vietnam have further 

its front page an instruction since 1968. but for the previous detiriorated with what is believed 
from an unnamed “ leading 10 years was a colleague of the to be the first broadcast over 
comrade ” of tbe central com- present party chairman, Hua Hanoi radio calling on Cam- 
mittee to the top party official in Kuo-Feng, on the provincial bodians to overthrow the present 
Shensi province. He was warned party committee of Huoan. regime in Cambodia, 
to rim affairs properly around Whether the warning is a sign A defector, describing himself 
the Communists’ old northern of a split at the centre remains as a former battalion commander 
base of Yen an. to be seen, but it certainly adds in tbe Cambodian army, called 

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

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


participate in ' the Salisbury 
settlement exercise on an equal 
footing and contest the proposed 
one man, one vote elections at 
the year's end. 

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

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


accord 
on 


as well as competitive. 

The comment came in a filing { 
with tbe Federal Communications 
Commission as part of the Com- 
mission's consideration of whether 
to open up domestic public me* 
sage services. 


Soviet manoeuvres 


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


Salonica return 


Crown Prince Fahd of feamff Arabia fwftb West Gernfad 
Chancellor Helmut Scfajmd^jat yesterday's joint flews cen-i- 
ferenee in Bonn) sald at ^j end of his three-i&ay: visit' to 
West Germany that SaimtXrabLa was not interested . 3 
replacing the dollar a& : Hfe-ffialn reserve currency- - Asked 
If his Government was liiteeeaed in using the Deutsehem'ark 
for this role, the Saudi Jester said: “The question of the -. 
replacement oE the doll« l iV la;.uiifounded. n [ Prince Fahd re- : - 
peated-lhe Saudi posft3»j&«ti oil prices, saying- that his: \ 
Government was agalM^price rise. Asked ' about the' ; 
Impact of the dollar’s decline- In value, the Prince raid that | 
Saudi Arabia- had suffdr&Tto some extent but that the -, 
country's main concern wW'to try to help the world solve;, 

Sts faifetion problems. . • . 

‘ ‘ 



USSR 

non-aggression 


HI 


MR. BULENT - 




EVERY PORTFOLIO SHOULD HAVE A STAKE IN JAPAN 


1. Over the last fifteen years Japan has 

had the fastest rate of growth of the major 
industrialised countries. This trend is expected 
to continue. _ _ 

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

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

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

5. Inflation and interest rates are low and 
the currency isstrong 

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


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


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

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

'The price of units and the income from 
thenrmay go down as well as up. 


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


ADDITIONAL INFORMATION 


Appikalions aiiddiequeswilibe 
acknowledged and certificate, wiD be 
sent to you within 2& days of the dose 
0/ the oiler. 

Units may be bought and sold on any 
normal working day. Pay-mail for units 
sold wiU be madewithh 10 working days 
of receipt of your renounced certificate. 


in most leading newspapers. Commission dislntiufion will be on 15lh October 1979. 


otlk%wifl be paid to recognised agents. 

An initial charge of 5? » b included in 
the offer price. A lialf-yearfy charge of 
'is QfKHpkft V AT.) for Managers’ and 
Trustees expenses is deducted from the 
trust’s assets. 

An annual distribution of n« income 


Unit prices and yield wiii be published daily wB be made on 15th October. The first 


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

Trustee: The Royal Bank of Scotland 
Limited 

Manages Crescent UnitTrust 
Manages Limited (A mem ba* of the 
UmtTrust Association). 


lb: Crescent Umt Trust Managers Lknited, 

4 Melville Crescent Edinburgh EH3 7 JB.Te!: 031-226 4931 
(Registered n Gotland No. 51269. Registered address as above) 
IVfe wish to invest £ in Crescent Tokyo Fund units 


at the fixed price of 25 per»:e per unit (minimum iratial 
investment £3,000). 
l.'Vfe enclose a chequefortiiisamount payable to Crescent 
Unit Trust Managers Umited. (After the dose of this offer units 
wilt be available daily at the offer price then ruling.) 

(BLOCh -:Af1Tflt'jR£.ASD 

Surname: Mr/Mrs/Miss . 


L'T^fe declare that 1 a ny'we a re not resadent ouiade the UK 
or other Scheduled Twritoriesroracquiring toe units as toe 
nominee® of any pereonfs] resktert outside these Territories. 

Signature®:. 


(If there are joint^jficants each must sign aid attach names 
and addresses separatefyi 


. Date- 


Tins. offer is not available to Republic of Ireland residents. 
If you would like distributions of ffranfi to be reinvested 
please tick hera □ 


Full Forenamefsl:. 


Address:. 


CR 

TOKYO FUND 


Initial Offer pnee 26 pence (doses June 30th 1978 or earlier at 
Maiugers’ discretion]. FT'1/2 


By 'Margaret van Hattem 

BRUSSELS. June 23. 
THE BRITISH Labour Party to- 
night joined other European 
socialist parties io signing a 
general declaration of principle 
designed as a iramework for a 
more specific manifesto for next 
year's direct elections to the. 
European Parliament. 

But Mr. Ian Mikardo. chairman 
of the party's international com- 
mittee, indicated afterwards that 
the parly was not committed to 
the joint manifesto with the 
other parties. He said the British 
party might write its own mani- 
festa. within the framework of 
tonight’s declaration. / 

This, it is -suggested, would not 
impose any restrictions. /The 
declaration is extremely general, 
even on unemployment, 
the main planks in tbe so 
platform. - Here it confine 
to general principles such as dis- 
tributing available employment 
more equally hv shortening the 
working week and lowering the 
retirement ago. } 

None or the party -leaders 

present appears likely to stand 
in next year’s election.. Even 
Herr Willy Brandt, president of 
tbe West German Ssncial Demo- 
crats. who had earlier declared 
himself ready to stand, indicated 
he wax ha vine second thoughts. 

M. Francois Miueraad. French 
Socialist leader, and Mr. Joop 
den Uyl of the Duteh; Labour 
Party, said they were otherwise 

engaged. » 


BY OUR OWN CORRESPONDENT 

MOSCOW, June 23, ; 

__ in Washington, to urge an end' 

Turkish Premier, today "sighed to the embargo oh the supply 
a political document wSH-the- of weapons to Turkey voted b/. 
Soviet Government reaffirSBlag? Congress in 1975*, after ,Turkfiy L 
a. mutual non^ggressttmr'-pte* lhyaded Cyprus in .1974. ]The 
.made '''in;: 1972^ by > Tfee; J0*b*! Criker - Administration, has' .asfaedp, 
tfonntriesr - ■* v > “ : " • Congress*, to reverse the Bah.; 

“Tbe whole document is . proof 2*5: F JS2J- 1 sa ^ l ,„ t , he 
and pledge that two neighbour- frt>m . offering 

ing countries have^nb aggressive niI . 1 ^ I 7 su ,^ ,e ?. we ^aven t 
intentions, respect their .inde pen- as {l e L d „ ■ lhe / n - . .. ... 

»•"’ « f ,he 500 - 00 " ^ 

Jater at a:new;s conference. The s f®" 5 u -®;. Congressional 

document .was also signed by circles Jthat the arms embargo 
Mr Alexei Kosygin, the Soviet would bb, ended. He refused to 
Premier - speculate about his iLtovernment's 

tt . , .. course i£ tbe embargo is not 

Mr. Ecevtt said the new docu- lifted. , . 

me'nt will have no bearing on During. two days of taUcs here, 
Turkey’s commitments as a the Turks and Russians agreed 
member of NATO. Defence is t0 a new mil trade ''agreement 
something eire from aggression, anr f joint o'jl exploration of the 
he stated. I don t think that gga. Moscow hks agreed 

NATO has aggressive inten- t0 provide about 3m tojps of oil 

tions. . annually to Turkey in rfifum for 

Mr. Ecevit has recently been wheat and metals. 

' i 


iS£SEE” C iff vJaM^gi.V; mojr • 
jresslve 'atHtilae ijtJwftaiS’ ' tfi '■ '. 
;"-tanfiVits : 'rple-*n""the TtfiddT 


ni 




Disagreement 
between UK 
and Cyprus 

By David Tongc 


TALKS in London yesterday be- 
tween the President of Cyprus. 
Mr. Spyros Kyprianou. and the 
British Prime Minister.! Mr. 


James Callaghan, ended in dis- 
agreement. 1 


Mr. Kyprianou proposed that 
the next step should be bn in- 
ternational conference under the 
auspices of the UN nr of Ja com- 
mittee of members of the UN 
Security Council to implement 
previous resolutions. He also re- 
peated bis recent suggestion that 
Cyprus should be demititarlsed. 
Speaking after his talks with Mr. 
Callaghan, he called for the with- 
drawal of the Turkish and Greek 
troops and said there should be 
no Cyprus army, merely a bi- 
communal police force under UN 
supervision. He also dismissed 
the proposals for 3 settlement 
tabled by the Turkish side on 
April 13. . 

Mr. Callaghan had told him 
that it only favoured the UN 
playing a role in su far as this 
involved, the Secretary General, 
Dr. Kurt Waldheim, bringing the 
two communities to a nego- 
tiating table. The British' view is 
that an international conference, 
the idea of which was originally 
proposed by the Soviets in 1974, 
would .not be helpfuL. 


fieti from Salonica after Tuesday's 
earthquake ventured back ro the 
city \csterday as it struggled to 
return to normal, Reuter reports 
from Salonica. Some came to see 
if their homes were safe to return 
to, others to collect belongings. At 
least 43 people died in the earth- 
quake when an eight-storey block 
of fiats collapsed, and as rescue 
workers dun carefully into the 
debris police said they still 
feared a higher death toll. 

Irish jobless down 

Unemployment in the Republic of 
Ireland has fallen below 100.000 
for the first time in four years, 
accordmii to the latest figures, 
writes our Dublin correspondent. 
The Government, which has 
promised to abolish unemployment 
if its policies are followed over the 
next five years is certain to claim 
the figures as proof that its policies 
are working. Opponents, however, 
will point to the resumption of 
craieratlon, believed to be running 
between 10.000 and 15,000 a year, 
mostly to Britain, as at least partly 
responsible for the decline 

Dutch transport strike 

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


Yugoslav Congress ends 
with big ovation for Tito 


BY ANTHONY ROBINSON 


BELGRADE, June 33. 


ILO admits Namibia 


The International Labour 
Organisation <ILO! has admitted 
Namibia (South West Africa) as 
a full member, overriding legal 
objections that this South 
African - administered territory 
was not yet an independent 
state, Reuter reports from 

Geneva. 


Korean co-operation 

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


YUGOSLAVIA’S determination to In terms of domestic politics, 
resist superpower attempts lo this Congress endorsed the 
subvert the non-aligned move- “leading- role" of the LCY, 
ment abroad while developing rejuvenated the Central Corn- 
socialist self-management and mittee by the ctection of 96 new 
national independence at home members to this 165-strong body 
have been tbe major themes of and created a streamlined 24- 
the Eleventh Congress of the member presidency of the 
Yugoslav League of Communists, Central Committee. The new, 
which ended as it began, with 3 smaller presidency, with Mr. 
standing ovation for President Stane . Dolan c as its secretary- 
Tito. genera], will henceforth be the 

Without meotiooiog the Soviet “J? SS' „ ’* J* 

Onion by name, both President ™ a hfjSS 


WasJxffigton’s QOT .. 
“aided Criticdsnrof =^erus3Jeinrtie '. 
weekl’?’'''^ ' ■ / : * ~ ’ ■ ~~i rl ’ 
.Presi deat p nti6e~ -fti 

Egyptian- .f^fcbderatibnf> ; c kfc 

critictemv^Yv^^ 

American Question ^as - .toagerei • 
officials <hi 
tWs'doesinot-lrelp toiadvariCe the 
sides: tow5trds_'peace/- 

. ' < Israd^islafcpinppasisiiig tba - ■ 
labile i Liras", .answered America* 
queStiOha" AbojjT^.'its .intentions-' 
■E gypt r -1 Ras"-'^ ailedv'td. ' answe 

|-*stntiIaF^6^£nKJs !, put ta -i 
jffirongtf ^the^^atoiericaBs. , 

btifo re e content 9 
the_'4§raeti - replies .about -.Out] 
"fufur e ■ bl t&e^We s t Ban 1c 7 T‘1 

" iarseL-is ^expeclingr hew-Amerii 
icam-'moyes.iiiexf anontlLt^, restart 
, theiStfieinateff' EsonebEgypt nego .. 
kiations;:> Whether this will - take - 
fthe^ form . of ; a meeting "between 
nbfij American^^-; Israeli:: aric . 
^gyptWt; : Foreign ''3^DtEsl£rs ^&"' ; 
Eonddtt; torTai^ossSJ'ie'TT^peaK . 
shuttle.has nol'yette«i darffled; . 
seafrar v official s •> In';- the- ;Prime . 
Jffiniste^s ;ofl5cfr ; 4trfd lie ® , xnan- . 
ciai Times^ .' j * '= ' 
Whatever tJusaiew - Araerhara - . 
mow, Israel ^oes-not^ntepd to 
make /any mare ebneesferansi - 
according to officials- here, untiL 
the - “ .' 

replies abqpt >' its :ctmcerit • of - a " 
peace a#eemenL- ,v.,C C ! '* ■ V: -• 

' -^&:)Mqshe Dwriu&^i& Wregiy:' 

y^eraay -th^ti'jrorm^ TsrMi^: ■ 
concessions -will ndt advsmce the 
peace: process “but- i^qly- invite; 
further^ pressure : for. -onacq^t- 
able concessions. - ' 

Israel would prefer to revert 
to direct negotiations-. -wttv 
Egypt rather than deal through 
an American ' mediator.; \ Prof- 
YigaeV Yadin. the Deputy Prime 
Minister, said yesterday: “The . 
main task of'the.TLS: right now; 
is to bring. the two sides together, 
and pressure oh '.one side alone 
will' riot ^achieve this . mnC ' .... 


Gttba^^cki^ 
offensive 
in Eritrea’ 


By James Buxton 



an a Kind rf 


do°'r S1 K a t M Y U S S vifs«s "S collective leadership to Euarab- 

H^hU^‘ h° g ™on,s m «• 

the mam enemy of (he nun- M 

aljenod movcmanL Particularly e, a “™ ^ 

A,r ca ; Polish leader, denied today that 

Against this background, the any changes ha the Comecon 
announcement that Mr. Hua statute were to be discussed at 
Kuo-feng, the Chinese leader, the forthcoming Comecon 
would visit Belgrade ibis summit meeting in Bucharest at 
autumn represents another the end of this month. The denial 
major underlining of Yugo- seemed aimed at earlier reports 
slaria's independence from that the summit was to discuss 
Moscow. This independence has new voting propo sals which 
also been asserted by continual, would me«m a shift from the 
and heavily applauded, reference unanimous ’voting procedure at 
Io the efficiency of the army present in force to a system 
and security forces throughout making majority decisions bind- 
the conference, ing onfall member countries. 


CUBA. is. stitt- firmly committed 
to supporting: a major Ethiopian 
offensive against > guerrillas- in 
Eritrea,; one -of .the'; two main 
guerrilla movements said, . in 
London yesterday." A-spokesnwn 
for the Eritrean* Popular .libera^ 
tion Front said that there were' 
4,000 Cuban- troops In Asmara, J 
and operations in ^Eritrea were 
being directed by ' a ■ military 
council composed of ' Russian* 
Cuban and Ethiopian officers. 

Despite reports that Guba was .. 
reluctant' to support an Ethiopian 
offensive, Mr. Amdemicael - ' 
Kahasai pointed out that recent - 
Cuban statements supported the- 
principle of Ethiopia remaining’-"; 
Intact and - attacked the guerrilla.;"-; ! 
movements as instruments of\' 
U.S. imperialism. ■ • ^ 

Cuban troops bad not been in- 
volved in recent frontline fight-' ' 
ing in Eritrea bat were playing ’ ' 
a major supporting role, he said. 

He also said there, was no con- 
firmation of reports that South.'. 
Yemen was- withdrawing ' its - 
troops from Ethiopia. - . ’•> - 
- Mr. Amdemicati, said that the 
Ethiopian offensive - ! was - im- 
minent 

O President Felix Malloum of 
Chad said thousands of Libyan 
troops backed by Cubans were 
thrusting southwards into his 
country, in support of Frolinat 
rebels. 


nic 


V. 



birth control move rejected 


O 


BY ROBERT GRAHAM 


EFFORTS BY the Socialist 
Party to have ' birth control 
pills freely available under ihe 
Stale social security system 
have been rejected by the 
Government. The Government 
argued that social security has 
no obligation to cover (hose 
who opt of their own choice to 
take the plH< merely those for 
whom it Is considered medic- 
ally essential. 

According to official statistics 
quoted by Socialist Deputies in 
Parliament, 70 per cent of 
Spanish women now use some 
form of • contraceptive - device, 
while ”4 per cent are in favour 
of ramily planning and 71 per 
cent are in favour of State 
assistance in this. 

However, the Government 
has avoided any move which 


would link it with open promo- 
»L « 


. MADRID, June 23, 


Man or birth control, especially 
the piH- It has even decided »o 
call 74 family planning centres 
which it will shortly establish 
by the name “ ordenacion 
familiar" (literally, family 
organisation) rather than 
“planning familiar." 

Recently publicity to pro- 
mote birih-conrro! pills was 
legalised bat the ruling Union 
de Centra Demo era lira party, 
backed up by the right-wing 
Alianza Popular party, are 
lighting a strong rearguard 
action to prevent too great a 
liberalisation of laws that deal 
with matters -of life and death. 

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


of the legalisation of abortion 
In the new constitution or 
abolition of the death penalty. 
This alliance has also enabled 
a side-stepping on the divorce 
issue in drafting the con- 
stitution. 

Their position is based on 
the conviction that Spain 
remains a conservative country 
strongly attached to 
Catholicism— and -that Catholi- 
cism should remain. . an 
integral part of Spanish life. 

There has as yet been no 
accurate means of challenging 
this conviction. Bnt the 
parties of the Left, the 
Socialists and the Communists, 
plus such groups as the 
burgeoning feminist movement . 
feel that Spain can and should, 
embrace more modern 
attitudes* 


The, plain tain that tb« 
State should accept that, the . 
individual has the right to . 
exercise greater; freedom of . 
choice in such matters as birth 
control, abortion and divorce*' . 

In some respects, too; the 
Government Itself te promot- 
ing, change.; For Instan®, for 
the past-month Government- * 
sponsored advertisements have . - 
been - shown on 'television • 

designed to promote', greater- . 

consciousness about tberide of ' 
women, \ 

^.^ertisements, albeit a 
well-dilated form; of feminism,': 
nevertheless arc a major break 
with the past ■ . • • 


L -'- 1 


(I 


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tfari aoa tioiwaw. US. Miftrertpuofl 


uif fivmMl ulr. tanili bct mhu«. . 

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3 



jiiandal Times Saturday June 24 1978 


home news 



Steel may face new 

-Kaufman 



by IVOR OW 01 AND ROY HODSON 


ln l’.S 


BRITISH Steel Corporation could The European market for steel 
running into new difficulties is showing new signs of weak- 
in its. fight to reduce its losses ness, particularly in West Ger- 
AeMUSej.Pfi.the continuing world many and Belgium- . Some 
Steel duhiPi Mr. Gerald Kaufman, recovery in the American market 
Minister of State for Industry, has not been sufficient to offset 
indicated in the Commons ye ster- the general international weak- 
day- ' ness in demand for steeL 

- fl,e disclosed that he was told Before quoting the words 
by Sir Charles Villiers, chairman, used by the steel chairman. Mr. 
on Thursday- “Nothing has got Kaufman said he had been told 
bettezv-and. one or two assump- that the corporation's results for 
tions connected with the market the first two monihs of the 
look to have jgot worse." current financial year, showed 

British Steel lost £440m last some improvement on the annual 
year and a loss of £400m has been operating plan projections. - 
projected for I97S-79. rr. 

More details of British Steel’s lory proposals 

performance in the first half At ^ satJie time j, e stressed 

of this year will be given by Sir uncertainties in the international 
Charles when he presents the steel market and hazards in- 
annual accounts for 1977-iS on voived in giving any indication 
July 4. • of w hat the outcome would be. 

Sir Charles no doubt outlined Subject to ibis proviso, he 
British Steels latest confidential sa j ( j i « it wou j d appear that. the 
■forecasts for 1978 sleelsaJes to corporation is at present on 
. jjr, Kaufman on Thursday, course and will at lost hold 
‘ However* his specific comments to the annual operating plan 
.—quoted by Mr. Kaufman in the projections." 

-Commons — are believed to have The Minister did not en- 
been. made with reference to the courage suggestions by Tory 
.state Of industrial, markets MPs that the corporation should 
.generally rather than steel trad- relieve its financial difficulties 
ing in particular. by selling off the Shelton plant 

• The steel industry is acutely at Stoke-onTrent which effec- 
oware that it cannot look forward tively ceased production- yester- 
to any real recovery until the day. 

^rld trading recession lifts. Mr. Norman Lamont, a Con- 

• -There have been some im- servative industry spokesman. 
: inrove ments in the international claimed that there was consider- 
ed market i ntbe last few able private sector interest in 
weeks. But, they have been the purchase of profiable plants 

Neither as strong nor as sus- which the corporation was clos- 
tained as steeimalcing companies ing because they were surplus 
*ad hoped. to requirements. 


NEB semi-conductor 


plans criticised 


BY RAUL TAYLOR 


Thrir sale would bring not 
only financial benefit to tbe cor- 
poral ron but would help in 
preventing further deterioration 
m unemployment. 

Mr. Lamont suggested that 
pressure by the Government had 
tod me corporation to change 
its attitude. While Sir Charles 
Villicrs had been ready to con- 
sider the sale of redundant 
planti when he wrote to Mr. 
Patrick McNair-Wilson (Cons. 
New Forest) in March, by the 
end '.f April be had shifted his 
position. 

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

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

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

Th>j Iron and Steel (Amend- 
ment! Bill, which increases the 
corporation's borrowing limits by 
£1.5hn to £5.5bn, was given an 
unopposed third reading. 

Shelton demands. Page 4 


NATIONAL Enterprise Board 
plans to spend £50m setting up a 
new major semi-conductor com- 
pany jn the UK were implicitly 
criticised yesterday in a report 
published by the National 
Economic Development Offices 
working 'party on electronic 
components. . 

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

The working party bad not 
been aware of the. NEB plans 
when it prepared its report on 
the Tuture of the industry, but 
Mr. Eric Hammond, chairman of 
the working party, drew atten- 
tion yesterday to the section ^of 
its report which said that a 
green field operation would be 


Docks plan 
rejected 
by unions 


tje most expensive and carry 


ith it tbe least guarantee of 

success.” . . 

Mr. Hammond suggested that 
a minimum total investment oF 
£240m over five years would be 
□ceded to launch British indus- 
try into the micro-electronics 
market. Amout fSOm of this 
should come from the Govem- 

His working party's report 
talks of at least some state aid 
coming “on a non-repayment 

^ a, The General Electric Com- 
pany appears to have chosen 
another option defined by the 
report. The company is believed 
to be negotiating with Fair- 
child. the U.S. semi-conductor 
company, to set up a joint 


micro-electTOuics company in 

Bl Thi°" joint UK-multinational 
venture would have the advan- 
tage of providing immediate 
access to the most modern 
technology and a ready-made 
marketing network, says the 
report. . . , „ 

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

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

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

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

Government funds should he 
used to encourage the develop- 
ment of both specific micro- 
electronic circuits and standard 
multi-role devices with the atm 
of securing a 10-15 per cent. slice 
of the world market for Britain. 


By tan Hargreaves, Shipping 
Co rnspo ndent 

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

At the final, plenary session 
5 - the authority's “open 


m 


BNOC evaluates 


production methods 


by ray d after, energy correspondent 


government " programme of 
debating the Issues, it was 
agreed only to present a joint 
statement to the Government 
listing areas of agreement and 
disagreement between the two 
sides. Closures fall into the 
latter ca legary. 

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

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

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

• Mr. Rodgers yesterday ap- 
proved a £9m plan for two new 
berths at the Port of Dover's 
Eastern Docks. Work will 
begin in September ana he 
complete by the spring of 1980. 


BRITISH NATIONAL OIL Cor- 
poration is evaluating various 
production techniques Chat couia 
be used at one or more of toe 
oil finds in block 211/1S. imme- 
diately north of the Thistle 

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

Speaking after the monthly 
board meeting in Glasgow, Lorn 
Kearton said it was not intenaeu 
that the offshore consortium 
would venture into new tecn- 
□ ology. The corporation was 
consequently evaluating tne 
benefits of such systems as sun- 
sea well units and floating pro- 
duction platforms. 

Within the oil industry it a 

thought that the reservoirs in the 

northerly portion of block 211/18 
—some 125 miles north-east or 
Shetland — could contain be- 
tween them as much recover- 
able oil as Thistle itself. . 

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

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

The corporation is moving tne 
drilling rig Atlantic 1 to 
evaluate oil . prospects in_ the 
northern part of block 211/18 


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

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

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

Partners in Thistle are: British 
National Oil Corporation. Ash- 
land. Burmah, Charterhouse. 
Continental Oil, Deniincx. Gulf. 
Santa Fe International and Tri- 
ce ntrol. 

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

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

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


West must remain 


vigilant— Thatcher 


BY GUY DE JONQUIERES 


i i : ft 

\ U-- 




s 5 : 1 U 


>i II 


THE WEST roust continue to 
seek understanding in its rela- 
tions with the Soviet Union and 
after Communist countries while 
working to maintain the political 
and military strength to hold in 
cheek the threat of Soviet expan- 
sion, Mrs. Margaret Thatcher, 
Conservative Leader, said tn 
Brussels last night. 

Everything should be done to 
encourage the spread of democ- 
racy as a safeguard of the wests 
own interests and security, but 
many countries could not 
realistically be expected to move 
rapidly towards more democratic 
%stems. .. 

-V-Th fs was particularly true of 
•^Africdl'But it was no reason for 
1 slackening efforts to help African 
countries achieve the prosperity 
and quality of life needed to 
support their political stability 
Mrs. Thatcher, who was 
addressing a group of Roraan 
Catholic organisations m Brus- 
sels, ' emphasised the need for 
the West to maintain effective 
defences and remain vigilant 
towards external threats, so that 
it could deal with the Soviet 
" Union and other potentially hos- 
tile countries from 3 position or 

strength- _ . . 

- Her speech, appeared ftnmN 
to rebut accusations that she has 
taken too dogmatic and inflexible 


a view towards foreign policy 
questions in the past ' 

She went to some lengths to 
underline thijjt many issues of 
international ‘■relations were too 


juiciuauuuai 

complex to be dealt with effec- 
sly by means of simple, pre- 


tive«, 

digested approaches. 

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

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

eD " We must approach them 
with a more open mind, ana 
take into account any new con- 
text which may have arisen. 

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

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




rtffr; 





Peabody and Amey 
start joint venture 

Sor^TC operating ’^raey Roadstone. part of the 

co-operative venture to estabtis ’^Seeate^in Britain, witb about 
operations. overseas. ^ iro operating plants. 

/iggjifl Station of Peaboay interna.i^rondes 

SStfiSSSS -CKTe 

^ing.; of tmhcraljiBffreea 1 ^; ™ particnlarly stron^ contracts 

vs 

..^^•a^iUUrtfor an *<=° ■ ^ sub- 

/Siei'SbriuaTly after ttat. st ^£i y ft, ^ the 
.. ..Initial ,m«5 * or ^involve Europe mtbe last wo. ^ 
.‘venture, . which separate it was th®.“ r th _ c0 mpany had 

ihft establishment . * sep %Jni type ft 

distribute p rofits m reJ » 

. ' ; Under the 

' provisions of die 

- ■ GamingActl968 

; a licence has 

: M beengremtedfor 

THERITZ 

. CASINO 

atTheRitzldoteL, 

Piccadilly , i 



; opening 

■ ■ 28th June, 1978. 





jerr.es 

Tine f"-- "street, 
-o D onNO'^vQ 

CondonS^ 1 


have t)® en 

o.» — 

,jpM ' 

u r- a falUi'9 ^ v ^ -ese 

r ® tS * and tiding . output. 


groined W o5 *\s coU '“ ncrea se ^ vjoU ld 

ia «w »"* . 

,ei«. 3 fa " 9 nd bulWlnO f,r ^ : d output *"* ^J xe assessed 

•peffictency • tn© 


^efficiency y-iat tne 

”' u ' s 

plans. arS 






Age 








- I 







.n 


for 




plot 




M 


HIS&i 


COMPARISONS with a previous of conspiring with seven other of their scheme. which wasj 

Citv dollar premium plot were people to obtain money dis- ended -chon a police -.nformant j 

made at the Old Bailee vester- honestly from authorised dealers told Scotland Yard about it. nc ; 

dav when five men were in investment currency between would nut he influenced by the 

sentenced for their part in a bid -1975-76. .alliiude of thy (..uildhall justices 

to cheat the Treasury over Sentences passed c-n other ln _ mi posing uQl . v monetary 
rebates on foreign securities la guilty defendants at the end of a i ,ena, ‘ Jes - 
197^5-76. tw 0 'months trial were: Three Mr. Martin Tucker. QC. for 

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

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

although some of the meo bad self-ht;.led king of Colonia, who failure. 

spoken of involving as much as had been trying to se 11 oil con- Evidence had -been .given that 
£2Qm if their elaborate efforts ceasir'n^, for his island in the souie 0 ftbe plotters had hoped tn 

had succeeded. bciuth Lnma ae2. interest Dr. Kurt Wallersieiner. , 

Mr. John Martin Wales. 42. Two > ears' imprisonment each an international Rnznae •. in| 
of Chisleburst. Kent, who has for Mr. Leonard Basil Ash. 40. their project 
been dismissed front his £8,000- panel healer, -of Normantoo on The court was told that Mr.! 




:.'gY PAULINE- 


-jy* 

t&nm 


1- y^^mpaign'tD.saVe Iron’ ua& lfea<^^|^rv 

I.:- SeSteaking at 

I • ■ Trent was 8 defeated pro- . 

¥:■ aredemanding £50s0W h*Kqj sedates ? iip&me$teg flxo 

i in redundancy, payments + - the 

K.; 7*1 the 


a-year job as a superintendent thy Wold*. Notts. Mr. John Rob- B arneSi W ho was convicted ai ! 
sianatory in the Bank of England, son. 50. commodity trader, of Winchester in 1974 nf nbtamina : 
was sentenced to four years' Huiir.n. Essex. and Mr. Reginald properl y j, y deception, hadt 


iniprisunmeni. Atkins. o*. a company director. denied a prosecution suggestion' ^ 

Judge John Buzzard told him: of bolinull. Warwickshire. ih^c he knew Mr. Wales through i -?'■* ~ 

“You betrayed your trust as a a Beckenham nurturing school 

senior official. Unfortunately Overseas for which Mr. Wales had kept! "‘"’"-'is 

ihere have been other cases in v books. 

the past two years of people in Judge Buzzard accepted that Two other defendants. Mr 
high posiiiuns in other places nonc V,f them were in any way Brian Wooding. 63. solicitor, and 

betraying their trust, and I am ring-leaders in the scheme. Mr. Patrick Walsh. 36. solicitor's all ® 

passing a sentence which 1 hope Defence counsel urged turn not clerk, were jailed before ihcj ■Srfc€3"Il’‘ 

■will he a deterrent. ^ l(J scnt j a ny of the defendants to trial began for their part in thy! L y q. ^ HJE BJi j jljrClJsJS- 
Mr. Robert Harman, QC. for prison, pointing out that Guild- conspiracy, and another defend- 
Mr. Wales, said he did not pro- h a n legist rates in April had ant. Mr. Alfred Taylor. 62. died - itt/iryn, 

pose to go into details of the onlv fined a stockbroker who had during the hearing. wfed* 3 7- Jim* BB H 

case, except to say that the been convicted for his role in a Mr. Adrian James. 32. soli- jV jlfBI. 

defendant now faced “financial p i ot to evade the regulations c {to r of Brav Berkshire was v v i 

ruin” fnr himself and bis family. whicP had apparently produced a separately jailed for nine »v *utouv TuoDwrpnFT 

Solicitors for Mr. Wales later £2m profit, although some of the months for giving false informa- BT flNTONY THORNC-kui-i 

slated that he still protests his people in it were now overseas, tion to the Bank of England. The : CHRISTIE'S STOLE back the for 



t'Jitockworkers in efforts Id^isrupt-aoi vintrodRcii®’;.^^ b £» k electric - ' 

| u^peraii ons elsewhere.-In furimcey ' inter v vstee£ r " 


ICommercii 
I radio ‘shoii 


BY ANTONY THORNCROFT 


make £30m 


Mi- Eric V arley, maua^f* Wiiifc* 

Sit, to intervene in t^Sb^en^ihaker" 
r- L Closure plans, leaders ; ^ -VthCMbore -Where. rtfrfr: teafeqnum pa# 
l ; : action campaign pledged:- .them- ment- lor: img^s^we iwprfcers, 
;■ selves to a further J battle y^ttilVrasr - putJ at££W^500 ^cf 
»§• She corporation dvec red^dahcyTie^ew^tn ^nd ^LOm fbr 3.3JW 
LI. terms. . • , . . . V/ •• yw^wS-2 -;; _ 'iZ-i-i i’ ;• V • ' ; V ' 




£36.000. Artemis 


By Christopher Dunn 


innocence and will be lodging judge Buzzard said that al- judge complimenteci police I limelight from its great com- £70,000 for Romney’s portrait of COMMERCIAL RADIO reveaiei'-.' 

on appeal against the conviction, though the present defendants officers on their handling of the J pet i tor Sotheby's yesterday, sell- Lord William de Vere. and should reach a record £30m ttu&r 

The jury had found him guilty had not made any money out conspiracy case. , ing English* piruuv* for Partridge Fine Art £48.000 for a vear Mr. John Whitney, til anE^i 




Stagnation likely, 
says economist 


Amoco Cadiz 
captain 'did 
all he could' 


ing English picui iv* for Partridge Fine Art £48.000 for a ' rear jjr. John Whitney, hi an6^ ««nV 
(£1.906.980. a record total for this picture of the jockey Sam Day ing director of Capital RadioT^® ’ T 

uiarket. by John E. Fernelev. -'of London's independent rama . JL v 



PIICE, LABOUR. CdWtESPOt^i V , • - ." 1 ■; 


The top price was the £300.000 Another ISth centurj' portrait, stations, said yesterday. , -. ; 

from the London dealers Bask etc this rime hr Johan Zoffany of ttie, jj e made the forecast after , 
and Day for Labourer*, an attrac- Rev. Randall Burroughes and his .^ e Asutdation of inrteppn rtSn 1 ^ : 


BY ALAN 


.mu iui Muuui'.n, — 7.7?, — , ~ uic tuuuiiuuu ui liiucpcuusm; • .. r. - • 

liw \%(ii’k bv George Stubbs which son. was bought by Colnaghis wr ; fc a( jj 0 Contractors, had in- : WITH ONLY five weeks ot ; Phase oe^nffiorntdjPfia^Fpuriaiid, this : - 

was painted in eni-mel on f-10.000. AH prices carry a 10 jounced .a 30 per cent risewa Three left Ministers last';mgbt-;i^ /But: 

Wcilgv. i.uvl biscuit earihenv. :<iv. per cent buyer’s premium. -revenue to £10.7m. for Britafea renewed efforts to find the hafiis ip.^ia^y:^^^n. .year a«iff - 

and is pictured above. Ii v. as an Hunting pictures were in 19 commercial radio of a new understanding, on IW.a^pdwerfiil'snptidrtera.of some'' , 

auctiun record for the ari i*t- demand. A set nf four by Henry May. t,tV_ ^th the trade union mtfvemeaLv^broadisi^'vMimdeSuijidiiig being ' 


BY PETER RIDDELL. ECONOMICS CORRESPONDENT By Paul Taylor, Industrial Staff Stubbs (.aimed Labuurcrit for j^ker 1 sold .^ *55.000 while a < Many of ti 

! MR. ROSARl'J STRA.YO. chief Wedgwood, tho founder of P'cture of uie Duke of Beaufort , we r e now a t 

THE UK economy is likely to He suggests that “possibly if]matc on the Amoco Cadri. ti-ld | the pottery Urm in 1781. lie w»f w, “ l “ 1S hv John vVootton . upon last year 

return to stagnation after the intiafion accelerates the e.vpan-.thc Liberian Board of Inquiry! psiM 170 guineas at the time and sold for z 60. 000 to AcKermann. I managing direc 
present phase of consumption led sion may lose momentum before into the disaster yesterday that. 1 j further £189 in 1796. The paint- The Robert von Hirsch sale at Jersey side's cc 
expansion, according tn Mr. the trade balance becomes a real , looking back at the incident. h«- ing was sold vesterda; hv a Sothebys came down to earth j sa But he 
Wynne God ley, the Cambridge problem. But ir the expansion would have called for more ! 'li. r «c.*p.il:itii. Sir iohn V'e‘»:ywood, yesterday w_nh quite reasonable j f ew we eks ba 
University economist. is maintained, my guess is that i assistance when the vessel’s. and until recently had been on Pf! 1Cl? s for furniture and porce- 1 disappointing." 

Mr. God ley. writing in the notwithstanding the benefits steering gear failed. loan to 1 he Tate Oa Her. lil?,' -fL s «si°n total tea j Total revenu. 

review of stockbrokers Vickers from the North Sea. the rise in] Under cross-examination. Mr. vii i„i,i five vork-. b- Siubbs , te9l ' ,S0 with all the .ots n n th n B , months of th 
da Costa. reiterates hts imports will require some effec-iStrano first told the Board sit- W J. 1M) for auction Urn.- a h “- veis - far - . fron ! five i £10.7m (£S.2m 

pessimistic view of the UK's live counter measures within a ting in London that he did not i nortVait of Warren Ha>tin -s 'nn ^ .£?U?£ tlon has brou 3 hl 10 \ radio stations 
medium-term prospects unless year from now. consider the captain and crew jh| S famous Arab Horae Failed to s M i<«. w <ti. £23-lm. .. . 

there js a change of strategy. He Mr. Godfey asks whether the rhe Cadiz could. havei rt . at:P lLs reserve and was bought th M ‘ hrh P estima , e was the 

next balance of payments crisis ?°ne anything more at the time In £170.000. only to »- sold ^00 000° nlu" the 10 per cent 
m^iP?-unniv SI?- ^ ^ wil1 cause a furtb er turn of the 10 save the vessel. immediately after the sale to the Tver's 'premium paid bv Kauf- UAUr 

J 0 5- S ly fiyUI fnrnio «ni r disinflationary screw and push c -? owev f. r ' bj Mr ; London dealers Colnaghi for a mann a London dealer' for a "®lflE CC 

Mr. Godley. a former senior t he country “ a sta«e further on Sidney Kentridge, QC. counsel I higher «um 
Treasury economist and now lon „ r „ n t _^ nd t n v ,. ar d s for the German salvage tug Ackerman paid _ £55»b0 for >?, drqU A^ha^ S m3 fnt TH' " 

depression and dereliction: or owner Bugsier. whether. if he had Siuhhu painUng of Viscount Fredewk h SguswS III thlj -JPOWC 
eKueZH Se^ “cL™t ^economic wjU there be at last a strategy be /“ Sf' Elector of Saxony, in 1769.. It I * 


expects the current economic ^ bv imprormg our ndt^ anything else that could fwol, he SlubbJ paint ngs ^f ^rVuirJdTn ‘ behalf of a 
SuXuttM vt*ar SUSla,Ded trial Vfornianee in the context have been done, he replied: - n j hor , e , sul(1 fftr iW and SSnI?SS2ar? 

throughout this year of expanding demand, begins retrospert, I suppose I would L f5 .000. • - " a Venetian walnut bureau 

Rut hs nntnc tlial thpri> nr» have pal pri for imire iiicn and, tu. , ■ .. : * _ . " v 


But be notes that there are some process of long-term 
some important differences r ecuverv^" I 

between this expansion and : .... ! 

previous ones, in particular, the Mr. Godley s;,ys ‘the money j 
UK starts •' from a far more supply figures did not have any i 
depressed position than in any importance other than that 1 


lone- term have called for more tugs ; 

lu “ 1 nrnrn -.‘celct-mKr- '' 


prices for furniture and porce- 1 disappointing." " V' : He said the TUG ,V"r.L 

lain. The session totalled) Total revenue for the first fives had discussed the. struggle 

t'691.350 With all the lots finding j *f ttds ye£r is^Sw against inflation. In - 

bu. vers. So far. from five sales, gn?" In 19^ ThJ country was doing very weU menUand-'TO C .feelpmg to cre^e; . 

the collection has brought in ! radio sUflnuf xeYenue 7 ’ 5m indeed, but that the ^ Goverrimenra climate i.pt, aaoder^on to wg - . . 

£12.457.848. slaUona - ie?eaue ? H Q given noindreauon of - £ts negottatiotrby- agi^igA senes , 

The top price, and in line with thinking on pay policy after the efnegoGatingjmonties.fr..- ; .. 

the high estimate, was the present guidelines expiro <H)' vSigh^AiMiiStithese.wo[Uld-h^»^ 

£200,000. plus the 10 per cent A~rv. j D j y 31. . , 

buyer's premium, paid by Kauf- HOME CONTRACTS ' Mr. Murray said there trad beeji and.. 

mann. a London dealer, for a . 7 ,. ^ discussion on unemployment A low' pay problem.■ ,? , r '^r _ - 

marquetry dressing table made .. „ 5--' shorter working week couldbea T !Howevei7'SOih'e uznon-teattO’s^-,,' 

by Abraham Roentgen for IJrfcDimi 4 TfVV "• T '* £ * contrihuUon but there had to be Tiotably-m^Mose^vahs^generaL- 

Frederick Augustus III. the XU Vt Cl • ltfl - ' ijther measures. - Secretary' of the .Tra?isport^aiid;: 

Elector of Saxony, in 1769. It - . ! The pace of disenssiDAS caii be Geherar' WorKm f .Unlnn--tovo j 

was acquired on behalf of a il A jL ■ tebectecLto increase witen prosLbeen acepticat 1 

be r man museum. Tjlg /VFJT1V, . ' v of khe rriain union. coq£ere^.-degrte. <^foi^.^a^«stiin^h|i« 

A Venetian walnut bureau HW/ witt,- he trier. Next week tha and’/ 'argue. 'b&rgzintegV \fs 

iouhled °i F ts^ L wim?te St - h t faiOM PL£ SSEY AEROSPACE has been PrimeVMinllter Is to^addiMs -ffifc 

lot hied its ^stinute d t £dOOOO a ... ardcd £370.000 contract bv Confetferatioh of Shipbuilding are for indiViduaL. negoCatOrs 


^sssrr/cr. 0 ?' ^ ^ »*« : iua - - ^ lW , b \ e „ 

S r-ni.^r^Tui': General Motors lRhMB “ rj ' « "SUS TftS 

n Thi!e n fi;,u?rhe aruues. w,I. «f economic polu,-. such as real I Wlltrai IVlOlOfS | pom for workshops, medical * 


now than in 1972." = ' ' m..ney slock i* not a target 

These facturs. he argues, will of economic polic;.. such as real eauinment and other annllca- I \ . r: 

constraints and a more ^ranld or price* stability. Buf neither denies plan for j 'O j rv V o| A lSFv£w t ’'£ a ti-7cH'; BL Sho^v StewardS ; aGt- - ' - ■ 

b,.ance of paymen,.. economic -o.,c>, ■ Ulster plant ' / J ^ CU f WliflCat SttikeS 

Poimnic wlti iirci rnmnil ... CO"OU SSlCS 1 IO 17% by Arthur smith, mounds cotrbki^ 

ratients win lirst romio u v 1 / /0 ^ SIEWAiDS 

battle against Ennals IT “TT 7*! eo * n * oman . . S 3 «k ' 

sffs « ti sas: aassstH'&p ?£• SSiSSiSs ».*'«- - **. KAtis. 

treatment yesterday won the first leave to apply for orders against Two weeks ago General Motors ,-ent in the first' iiu-irter^of This incrp-ised coniDctitinn (have been awarded 10 adhere to official procedures and that point. . . 

round of' their legal battle Mr. Ennats, the West Midlands announced a £16m. seat belt plant vear comnan-d wuh The san^ r« r 5, HKPHE 5P CONSTRUCTION, spurn wildcat action, Eighty drivers .at tto-' Rover 

against Mr. David E'nnels. the Regional Health Authority and at Dundonald employing 600 n iod afmr ihl i- ipJ En r °J b - building The move follows i management factory Solihull, whose twwveekj 

Social Services Secretary, for the Birmingham Health work*™ * p 'v«„f f^S jo the J *!!?* 1 MUar, h r - . the schemes is for /4 dwellings at efforts to have credentials with- old strike has .cost ; the-qompany - 


and Engineering Unions. - The to determine. .v. . 

Following week the National The Government would ; Wse ^ 
Union of Mincwprkers meets in some form 'of unders tanding g, i‘ V 
Torquay. *• \ concluded in time . to be debated^T, J 

It has aVeady bqen made clear by the July 2^ meeting of the; ' 
bv union leaders that there can. TUC general council* . 


denies plan for 
Ulster plant ' 


Patients win first round 


Royal Arsenal 
Co-op sales up 17% 


BL shop-stewards apt 
to cut wpdeat strikes 

BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 
HOP STEWARDS are laktog the B orrocks^-inanaging' 


General Motors last night denied | S' -v « -- I _ ~ O/ 

Lo-op sales tip 17% 

Commerce about opening a . 

seeood car components plant in i BY OUR CONSUMER AFFAIRS CORRESPONDENT 
the area. “We have no current! 

plans for a second plant in , SALES of the Royal Arsenal reported a net loss of almost 


FOUR PEOPLE— one a 12-year- aged 12, all from Sutton Cold- \ Northern Ireland," the .company Co-operative Society' one* of the £970.000 for last year, has had lo 
old girl— all in need of medical held, Wa rwi ckshire, were given [said; country's largest, were up 17 per' cut margins on food because oF 

treatment yesterday won the first leave to apply for orders against f T«n w^l-c a or, n^nurui Mmnrt — . -x ,v:i : — 


treatment yesterday won the first leave to apply ror orders against Two weeks ago General Motors L-ent in the first quarter of thw increased competition, 
round of their legal battle Mr. tunal^ the West Midlands annoi mced a £16m. seat belt plant year compared with the samt i R its report lo mer 

amnui Mr rianrl F.nTie « the Repinnal Heath Anthnriri/ .inn m non ’ «. .. .. _ . 11 .. CH ' 1 


Social Services Secretary, for the Birmingham Health workers. 

hi.s alleged failure to provide a Authority. The eventual siting of a plant 

proper health service for them The orders sought are to t 0 nia ]«. retarders (brakes) for 
Mr. Christopher French, QC. rt '' l ^ ir * . th ® - anc L , lhe automatic gear boxes for use in 

f*ir the four, told three High a . utfl0nl, <- s l V h r,l l? hl?1 [ heaV - v vehicles has still to be 


Court judges’ in Londun that. L ,0 J> S . “ n< tr» th f^ ation “ l H( *}j lh j dec ided. 

with the exception of the girl. ? e , T ?; , 1 c ! in ^ ct ’ ly,b ' aDd car,ler 

they wer« in urgent need of S ,1 - 


orthopaedic surgery for a pain- . . uuv ». u vu» w-j i »i m»- mar m^iuua, • me wimj. 

ful and progressive affliction in iSi] wSSlSf , , society's food trade totalled £24 m Over a full year, the society 

one or more of their joints. , h , “*‘ c n e ITinnPfl ccjlpc while its non-fond business says its cut rale or margins un 

There had bee„ delay w far S foi “tav! ,oVJS& m0 P ea SdlCS reached £4.7, feed repreaenf more <h.n£2m in 

or 24 juonths. 28 months and 36 whether the patients had any By Our Industrial Staff The Royal Arsenal, which lower prices lo customers. 

months. In the case of the girl, j ega [ s t an ding and the extent to vn Tn iTvrvr f 

she already had had surgery. which the Hioh Court can mDTORLICYLE sales were 

Alan Hincks. Marie Flemming, interfere in general matters of ie^er^'in 'AnVif^Recislralions ’ DjM J r* rlollVAPlAC 

Marjorie Lloyd and Lesley Smith, government. fomhed 22 060 a fa I l of 9.^?,er , XVlSC 111 OrlCK UCilVCFlCS 

cent compared with May. 1977. I THE recent increa>e in the against 402m in April. A year 


Lord Widgery. the Lord Chief SnPPfl CIIThS Hit 
islice, sitting, with Mr. Justice kJ " ccu tulua 


The Royal Arsenal, which lower prices lo customers. 


... .... in. «. -MU more oi a cumnouuon to me - protest at Ume lost because oE factory -have bee tulaid- off as a 

depressed demand, sales were up lower rate of inflation than they * strikes. result of the strike ajod. all pro- 

F rst 3 , re ¥ ,vu ? .7* dlt ror - bu / h Jr^ subcontractors to Norvect Against this background pro- duction -'of jRovsr IjfSBO, Land- 
three monihs ot i ds ,t .-ear./ clearly at the expense of profit- HoIsi £ iv jj Engineering, HENRY ductivity has suffered and valu- ..Rovers 4hd Range "Rovers has 
For the three months.! the ability. BOOT ENGINEERING has been able output lost. Mr. Ray .been stopped. ;• 

society’s food trade totalled £24m Over a full year, the society awarded a contract for the 

while its non-fond business says its cut rale of margins un: supply and installation of per- ' t7“- -'■■■ “ *'■ 

reached £4.7)11. food represent more than £2m in manent way at Crlcklewood 1k T/-\ * 11 n • - 


Rise in brick deliveries 


Depot— one of British Rail Lon- 
don Midland Region’s principal 
maintenance and servicing 
depots. The contract, valued in 
excess of £900.000. is part of a 
£3m modernisation programme 
for the depot and is expected to 


NGA calls lor review 
of Bridlington rules 



BY ALAN PIKE 


Insulation heln for nftfisioners * as in J n,opcd , SJ| ® S lvhibh hav S mnsijruetion industries Lwnnued i’ng ' 7 o "th^ department’ "There 

Xlfbumuuu Slumped severely Since new speed in Mav - ai . CO rding to provisioaai were SSKin bricks held in stock 

BY MICHAEL CASSELL regulations came into force last fi gures given yesterday. by producers at the end of May, 

in *' P e f- In . c . lll !g m °f ,eds to a The Department of the representing a 78ra fall on April. 

PENSIONERS, THE disabled and to offer grams to anyone insulat- 30 mph limit, these have killed Environment said 476m - bricks This was 72m more than the 

the chronically sick are to he ing roof spaces or water tanks, the market for sports models. delivered u. customers last number recorded 12 months 

given special help to insulate additional financial assistance In May moped safes fell 39.4 m 0nt h acains^ t 447m m Aoril before. 

?n e rin I .n h reHv^t^-,v G ° Vernment TSt ^ m^nTlart^a^toYsB? and the monthly average of 3&i In the three months to the 

Mr. Ernest ^rasttong, Environ- ^Under ^ sfu, which was For the first five months the i 5“^ TS 

ment Under-Secretary, told the given an unopposed third read- drop in moped regisl iralions was I “, ei ^ 1 led ”1" , , 


— . — :ina litem uicrvase tn me iu-ni hi ^hiii. n. > i .-j-g, vpar v f or comnletinn 

Once again the major problem j vo iume of brick deliveries to the earlier output was 452m. Accord- 1 iahe IW0 years Ior com P ,eHon - 


BY MICHAEL CASSELL 


THE TUC will be urged at Con- come under considerable attack 1 - 
gress in September to review its for _ other reasons from the 


•i !VG 

• “ 2r ’"w> 


House of Commons during the ing. local authority grants of up] P®‘ r ccnt 
final stages of the Homes Insula- to £50 will be available for insula- 1M10). 
tion Bill that, apart from plans lion work tn private homes. 


motion from the National 
bical Association will argue 
the procedures are working 
rly against some unions and 


14,029 units to} Brick production in May Fell preceding quarter and 7 per cent School for use as a co-educational ask the General Council to pro- 
5 lightly, however, to 395m lower than a year earlier, comprehensive school. duce alternative proposals for 


Offer may end 
hospital dispute 


T9! 


HI 


WITH 


Action urged to counter threat 
of giant Brazilian guinea pig 


£2,500 OR MORE 


BY CHRI5TOPHER PARKE5 


Send for details of the 

M &G Share Exchange T* 9 '« 

Plan by completing the ■ 

COUpon belOW’- 'B y-ra 


r T m- Mftf? (In 


T'C M&G Gmup.Three Quav^.Tow'erllill. 
Loudon EC3R 6BU. Telephone; 01-626 4 368. 


l HT! 


Please send me full details ofyour Share Exchange Plan. 



,\'rrt at'f’lii ilbii 

m Et n. 


; lb! 530628] 


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

Giant Brazilian guinea pigs 
(eapybaras), porcupines and 
prairie dogs are among the nn- 
nsual beasts now running wild 
iu Britain, breeding and 
threatening to become costly 
pests, the Coypu Strategy 
Group claims. 

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

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


duced in the past to deal with 
problems arising From the in- 
troduction of several non- 
indigenous species in this 
country/’ the group says In its 
report. 

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

The coypu population Is 
now building up again in East 
Anglia and spreading west 
The group recommends a 
long-term eradication pro- 
gramme costing £10.000 a year. 
A team or 24 trappers could 
wipe out the pest in about 10 
years, it says. 


The present programme, 
which cost almost £170,000 last 
year, Is falling to keep the 
increase in the coypu popula- 
tion under controL Almost 

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

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

It believes that the coypu 
population is now a little over 

8.000 adults (a breeding pair 
can produce two litters a year) 
and suggests that if present 
controls were dropped the 
national population could rise 
to more than 100,000 in about 


comprehensive school. ^ H0P ? S raised yesterday of V. , 

h L 19 I?^ ■ an early end to the -hospital 

The NGA is concerned that the electri ci a ns 1 . pay dispute after !v ’ 

a existing arrangements operate to union leaders agreed to recom* 

■ th * advantage of general unions mend acceptance of ah' improved: 

II CdL and , «¥”? th<? inter * st5 ,. offer from the Department of 

■"*> single-industry organisations Health. 

• ”? “ ?' n NG& n uhhin , NO * ■ »- JWB, Adims, chief union. v " :; ' ; 

^ r- Tony Dubbins, NGA negotiator for the group in the '**•» 

J12 SS i Smf n 4"ferenceTbo“g d ffiJSSSSJ E 

three J^seeK Z ‘ 

three years. a jj grades of staff throughout an London nn ^Vnnrt^ stewards in . % . 

Coypus are aquatic rodents establishment. London on Monday. . 

resembling beavers, but they such unions, Mr. Dubbins : .'J 

baye a polnted rather than a claimed, approached employers 1>A ' “ - 

flat tail. Overall Jength and azsued: “Why don't you f A iHlaS SBt- .. 
averages 3ft 6in and adult give us n sole bargaining rights « - _ : 

S 11 13 P°unds. agreement? We will organise f A|* TVfnnilo\r 

They feed mainly on water everyone front door to back irHjiiQUy L. 

tu s n £® sr * glUL ■ pressure within the TUC for representatives of^Mi Nairnnal - 

ha ni) e r lnirr0w,n ® 5 the realistic changes which accepted. Union of Journalisr members ' 

° waterways damage and recognised sectional employed tbere^ a^^S 

drainage systems, and they interests nm^ ' ' "v-i* s ‘- 

L 3 roc a nr°thL d t IT bund ‘/ ?cIs of Delegates also approved aJS^'K'jS^S ” f >V 
acres of thatching reeds and m0 tion instruclung the NGA Monday ‘ ?? oeea .se^ for ? ^ - 

The covni. is now re^rdod n ? Iional W)uncU t t0 mount a The agency’s .services to 'naWs--. . /?. 

as s. dS?Vi dcd vi sorous campaign to ensure papers, Tadio and TV-iartictt- “ 

frem ni Sugua y ha 7ne aP r r ? Winffiy^ St ZSn*™ & 


plants bat are also partial to 
the vegetable and grain crops 
grown In East Anglia. 

Their burrowings in the 


acres 'of thatching reeds and 
osiers. 

The coypu is now regarded 


by the industry s pr?Ft uoions. agaia disrupted YKterday by the - 

If ie 4 viqptiAiilOFlu aavieihdA - i_ a_ • - _ ■ - 


coypus have aU been eaten by 
local hunters. 


It is a particularly sensitive work- to-rule imposed' -'fey -the-*: 

ume fo? a Congress debate, on journalists in- Spouse -.to j'v 
iheBndhngton arrangements, management ift per cent -pay:. 
The procedures have already offer. •• 






-Ewancial Times Saturday June 24 1978 



THE WEEK IN THE MARKET! 


Stags lick their wounds 


. The only sign of life in tho 
City during thi6 Ascot week has 
been in the gilt edged market, 
which after a rumblins atraek 
of indigestion is unsteadily 
setting back to its feet after the 
recent sales orgy. Luckless 
stags, of last week’s long' tap 
have been busily unwinding 
their positions ahead of next 
Tuesday’s £30 call, and there 
has been much unkind specula- 
tion about who has lost what 
To aggravate the morning 
after feeling, there have been 
growing doubts about how far 
the Government is in control of 
its economic strategy, and about 
Whether dividend controls are 
really going to be removed at 
last next month. This week 
brought a really depressing set 
of 'wages and earnings Usurer, 
plus a' deiphic statement about 
dividends from Mr. Mirbael 
Foot; Happily, it seems that 
he’ didn’t have the first idea of 
wbat he was talking about 


from nearly £10m to £6.2m. 

On top of (his the group had 
to cope with further extraordin- 
ary losses — including provisions 
of £2m apiece against the 
closure of loss-making French 
meat operations and against the 
group’s investment in Spillers- 
French. a company that has 
been having problems oE its 
own. 

With losses after tax bat be- 
fore extraordinary items Qf 
£516,000 Lyons would have had 


sem level or trading continues. 
Bul the market has had its HU 
of false dawns at Lyons. 


Allied margins 


ONLOOKER 


ns 


d for 

ontiuli 


Lyons* dividend shock 
... Lyons shock announcement 
that it is to forgo a final divi- 
dend knocked £10m off the 
group's market capitalisation on 
Thursday as the shares slumped 
24p to 76p. 

Ahead of the group’s results 
the City had been expecting 
pre-tax profits of between £11 im 
and £13 Joi. Instead Lyons re- 
ported profits 27 per cent down 


to deplete its reserves by a fur- 
ther £34 m to maintain its final 
dividend. 

Mr. Weil Salmon, chairman of 
Lyons had some harsh words to 
say about Pi’ ice Commission in- 
tervention on tea prices which 
he estimated had cost £13m in 
lost profits. Coupled with the 
dislocation in the tea market 
caused by volatile prices, the 
effect was to reduce profits by 
£5m in the final quarter. 

Lyons' share price rontixmed 
to drift downwards yesterday, 
closing at 74 p. Tbe group 
intends to restore dividends 
to 1976-77 levels in the 
current year — provided the pre- 


Ailicd Breweries' 15 per cent 
profits rise in- the first six 
months was better than most 
estimates. Bui a comparison 
with the performance of other 
brewers suggests that there are 
still question marks over the 
beer side. With Allied, around 
three-quarters of the profits 
growth — perhaps £4. 5 m — came 
from 2p-a-pint price increase 
over a period of 10 weeks. Whit- 
bread, which had no price in- 
crcaies over the more competi- 
tive winter months; improved its 
second half profits by .almost 
14 Per cent while Bass Char- 
ringion's advance for a roughly 
iimiJar period was 4 per cent 
with a price rise for only seven 
Weds. 

Allied is apparently keeping 
pace with the national improve- 
ment in beer consumption 
(around 3 per cent by volume) 
but fhis has done little to ease 
the pressure on margins. As 
always, much depends on the 
fickle Brilish weather and 
unless trading is very good in 
the summer months, Allied's 
margins could be eroded faster 
than other companies in the 
seciur. And there is not likely 
to he- much support from wines 
and spirits where the market 



1970/1 ’71/2 ’72(3 


MARKET HIGHLIGHTS OF THE WEEK 


Price 

Y’day 


Change on 
Week 


UkL Ord. Index 


4S63 


1976 

High 


1978 

Low 


Exchequer 12% 7013/17 £13* 


-1 4.3 


4973 


- 1 * 


433.4 Economic political uncertainties 


£15 


£13i 


Anderson Strathdyde 
Audiotronic 

63 

10 

+ 5 

-11 

64 

37 

46 

20 

Strong second-half recovery 
Unqualified French losses 

Baker Perkins 

96 

- 6 

1Q6 

87 

Disappointing results 

De Been Dfd. 

47 2 

+5? 

41Z 

285 

Persistent small selling 

U.S. broker’s bullish circular 

Hawker Siddelejr 

208 

-16 

228 

166 

Sizeable selling order completed 

ICI 

370 

-IB 

396 

328 

Increased selling pressure 

I C Gas - 

343 

-30 

385 

308 

Ahead of Tuesday's results 

LfOIM (J.) 

74 

—33 

111 

72 

Final dividend omission shock 

Northgaie Explru 

39S 

-60 

465 

24S 

Profit- taking 

Petbow 

224 

+ 13 

224 

ISO 

Good figs./Capital proposal 

PiDtington 

535 

+15 

545 

422 

Circular following ex. results 

Rowlrnson Construrtion 

90 

— 17 

710 

- 80 

Lower annual results 

Sabina Inds. 

62 

-22 

90 

30 

Profit-taking . 

Spear (J. W.) 

205 

-25 

248 

205. 

Second-half profits slump 

Toye 

66 

+ 13* 

68 

36* 

Bid speculation 

TrWent -Group 

66 

+11 

70 

48 

Bid from Starwest fnv. 

Vectis Stone 

31 

+ 6 

31 

24 

Impressive first-half profits 


Up she 



strikes 


SOUTH AFRICAN industrial 
shares which have been a 
, . • depressed market virtually for 

I TOW Ail tbe whole of the last decade. 

** u have staged a remarkable 

'recovery in recent months, with 
the tempo rising since the 
Budget on March 29. Tbe Rand 
Daily Mail 100, tbe key indus- 
- “ trial share index, was then 199. 
• - It advanced steadily to 226 on 
June 12. but the real spurt came 
. in the nine, subsequent trading 
- .flays up to Tuesday of this week, 
when it put on 16 points. On 
_ Wednesday and Thursday it 


paused for breath, but by 
Friday, the underlying strength 
seemed once again to have 
reasserted itselL 
The post-budget performance 
reflected the general belief that 
the Republic's three-year reces- 
sion had bottomed out and 
responded to the first cautious 
moves towards economic stimu- 
lation, which included modest 
tax cuts and was followed up 
with relaxation of the banks' 
credit ceilings. A continued 
buoyant gold price and the 
persistence of. a balance of pay- 
ments surplus contributed to 
the generally more confident 
mood, while long-term interest 
rates declined further from 
their 1977 peaks. Improving 
automobile sales provided some 
evidence of returning consumer 
confidence, though this in 
general remains at a relatively 
low ebb. _____ 


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


has been hit by. big excise excess nf £lbn, even a o.l per 

duty rises in recent years. cent movemenr in ihe gross 

margin will add £Jm siraiqiu 

Tovrn vitrro ce into profits. Overall most 

xeaLC/ iHLieca analysts are pitching estimates 

Full year figures from Tosco this year in" the region of £36m 

this week show how effective to £37m pre-tax. 
the dropping of Green Shield 

stamps and the ••Checkout" cam- t Ailvmttin 

paten have been. In the 38 » *“*uuna 

weeks since the campaign Lloyd's of London is on the 
started sales jumped by 43 per horns of a dilemma. There are 
cent and Tesco's claimed share loo many people seeking 
of the grocery market shot membership to Lloyd's and it is 
forward from 7.9 to 12 per cent, becoming increasingly difficult 
Volume growth must have been to feed the new •'names" with 
something like 25 to 30 per cent, profitable business. Markets 
an amazing gain when it is are saturated with capacity 
remembered that nationally since business has not grown at 
food volume slipped by 4 per anything like the same rate 
cent in 1977. particularly in marine and avia- 

However these gains have tion markets. although 

been at the expense of profit ominously the problem has 
margins which have dropped spread to non-marine markets, 
from 4.3 to 3 per cent, and The favourable underwriting 
pre-tax profits in the second experience — no major run of 
half have slipped by nearly a catastrophes in recent years — 
tenth leaving a total of £25.56m has meant that premium rates 
for the year compared with have been slashed (even by 
£30.19m. Tesco takes pains to Lloyd’s) to often unprofitable 
point out that this result was levels in attempts to secure 
achieved afier exceptional business, 

expenses of the campaign ]j u t conversely Lloyd’s needs 
amounting to £3m. names to come forward 

Having accomplished its continuously in order to 

objective of increasing market provide capacity. As Lord 
share, Tesco will probably put Cromer concluded in 1970: 
more emphasis on profit this “ although a small select spread 
year. Promotion costs will of risks may seem safe, in the 
obviously be lower this year, long run Lloyd's will lose if the 
and Tesco will be pushing hard insured or their agents believe 
on its non-food lines where the that it has not the capacity or 
margins are higher. Food the will to underwrite large 
volume for the whole sector sca i e risks." 
could rise by 1 or 2 per cent go Lloyd's is likely to give 
this year and now that the major rouc h thought to the possible 
retailers have already made implications of any attempt to 
their moves to counteract control admissions, which the 
Tesco’s price cutting, it would chairman Mr. Ian Findlay hinted 
not be surprising to see them earlier this week. Any 
improve gross margins a shade, restriction on membership could 
For a group such as Tesco, with ta jj e form of a ballot system 
turnover this year probably in organised by the underwriting 
— - agents or a quota system super- 
vised by, the Committee of 


SOUTH AFRICA 


RICHARD ROLFE 


re- ii‘ w 

riik> 


■4 * - s . . f : ■ ■ 

i } '• - - ’ 


f ?!v* 




P\ 




ft*' 

V- • 


- I 


K1.000I 

TAX-FREE 


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

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

Wte Peter Whitfield and Boh Tanner, starting 

'.'with £ 75 'each' — have made millions m shares 
: (.Clubman's Club. Orme. Developments, ^). 

Wa are how joining forces with Peter Welham 
^Qiiestorof The Daily Telegraph) * o prodw :e 
Eauiv/ Research Assoc.ates NEViffiLETTEH- a 
fortnightly private investment newslette - 

Equity Resea yoifwhierfto buy and 

investment situations ^ dtei^y ^ bjdg and neW 
SuK?ndkeep e ^°^J t Q a r 5 e ^,°nndijde h,S 

f n^af hv c ompleting. the coupon (below). 

Equity BesoarchA.soci »«6 

28 Mount Street, M«V* ,r ' Equiw 

«*• 

BtOCK CAPITALS PLEASE Sank Ltd. 


Address.. 

PlMMpaVtaUoyKte 8anl! Ud - (3 °'J ^ EQUnVRESMBCH 
Smet,SUlvW-1. ' £ :40on September 11th. 




'Signature - 

BLOCK C&P1 TAlSe . - 



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

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

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

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

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

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

The market has, generally 


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

Among Industrials, market 
leaders such as Barlow Rand 
and AECI have performed parti- 
cularly well, putting on 70 cents 
to 400 cents and 85 cents to 
300 cents respectively in the 11 
weeks since the Budget. SA 
Breweries, which is almost 
entirely consumer- orientated, 
has risen 25 cents to 140 cents 
over the same period. 

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

Yields have declined sharply 
in the process, and tbe index is 
now on a dividend yield of 
8.6 per cent against 10.5 per 
cent at Budget time. But with 
the benchmark Republic of 
South Africa Loan stock now 
down to 1U.5 per cent, many 
fund managers think equities 
are still better value, and that 
a portfolio constructed on, say, 
a 7.5 per cent yield basis will 
out-perform gilts in terms of 
return, even on modest expecta- 
tions of dividend growth. 

The rapid rate of capital for- 
mation by the life funds, pen- 
sion funds and short-term 
insurers, whose assets now total 
approximately R13bn. and 
whose C3sh flows (dividend 
and interest income plus net 
new business written) are ex- 
peeled to be about R2.500m 
this year, should ensure a high 
Jevel of institutional interest in 
equities. From time to time, 
however, some constraints may 
develop, such as hardening of 
overseas interest rates or the 
general trend of the world 
economy. 

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



Dli RING a week in which stock 
prices have fallen along a 
broad front, there has been an 
absorbing side show for inves- 
tors here who are tired of 
worrying about short term 
interest rates aad inflation. 
“Gambling stocks are the only 
game in town at the moment 
for the small investor," observed 
one analyst this morning. Like 
everyone else he was searching 



for an explanation for the vu j nera ble to economic cycles. $4,000 and $16,000. But it also 
unexpected and somewhat an ener gy crisis or other plans to spend $75m redevdup- 
frenzied trading activity this catac )y S ms and which also enjoy ins three old hotels in Atlantic 
week in the shares of companies sueh substantial profit margins. City into a casino which it hopes 
who have interests in one form So in g worc j s 0 f Lee Isgur, New Jersey's lead over the next 
or another of casino gaming. an analyst with Mitchell few years then, it is said, the 
Caesar’s World, Playboy and Hutchins gambling stocks are a will be ready in 1980. Current 
Bally Manufacturing have sot -perfect ’ speculation" because p/e is around 24. 
on or close to the top of the at best the compa nies could ex- Playboy Enterprises: Again 
New York Stock Exchange’s per j ence a huge increase in hopes to upon in Atlantic City 
most active list ail week. earnings which* would make in I960 with a $75in devclnp- 

It has been the same story at their present p/e ratios look a menL Claims it has the invcM- 

the nearby American Stock great deal raore mo dest than nient lined up but nothing in 
Exchange where the stock of a p pear . His advice is to next two years to warrant cur- 
Resorts International has been j 00 k a t the individual companies rent p/e uf 55. 
rocketing, partly as a result of and their prospe cts and not to Del E. Webb: Speculation m 
investors trying to cover them- form a g enera i prejudice that its stock has been Jinked with 
selves against a “short sqaeeze" ^ e seclor j S se t for a boom buying of Ramada Inns. The 

whereby they had borrowed and ne jther that it is vastly latter has a 7 per cent stake in 

stock for onward sale in the over priced. He argues that some this Nevada casino nperatur and 
_____ companies, such as Showboat thought to be aiming to buy 

Inc. and Hurrah's have been its way into gambling through 
neglected by the market and possible acquisition of Del E. 
that their earnings prospects Webb. 

would have justified a rise in Showboat Inc.: another Las 
price anyway. Vegas operator with good profii- 

T„.. r ability and a history of steadily 
In brief, the main gambling j ncreaS j n ^ earnings. It was a 

stocks are: Resorts Interna- Ra raa da Inns target a few years 
hope that they could later t j ona [ ; this company reported a o 0 but approach was rebuffed, 
acquire the stock for repayment $438,504 net win j n its first six ~ Harrah's: another Nevada 
at a lower price „ nnlwcto days of operation and while its operator with similar credcn- 

In the view of many analysts. CUTren t p/e oF around 9 looks u 3 j s j 0 Showboat. A more 
many of the purchases vrnch somew b at startling it is not illiquid stick because chairman 
have been inflating the prices impossible, although it is un- holds 84 per cent of caramon, 
of these stocks are as Prouent likelyi that its preseQt pr j ce Qther companje5 whose stQt; k 

an investment as ~ ambling may be only four or five ^es j S also arousing interest include 
your shirt on zero at the roulette ^ company’s earnings next Metro Goldwyn Maver and Hil- 
table. But the speculation is m year ton Hotels. A small company 

fact predicated on the hope tha Caesar - s w or hi ; One of Las quoted on the Pacific Stock EK- 
S an h«w re ffw ,e op C iortiml» of Ve Sas* most successful casino change. Golden Nugget Inc. was 
watering their shirts and that operators, although it. eammgs also m demand yesterday attar 


NEW YORK 

JOHN WYLES 


it is these gambling companies 


have proved erratic from time it announced it was buying a 


to time. The company hopes to block of land in Atlantic City 
nninnivionrp °P en a casino hotel in Las Vegas for a $7om casino hotel. 

QO UmiClUtrULC . . . • , . „ rpu., , 


thaTthe speculative wave begin in abou t a y ear ’ s time and has The wheel .0/ fortune may not 
n HiSlH un^ i the Md onSK bought a patch of land for an- spin any of the company's into 
when New Jersey’s d Atianti? other $1 15m development which spectacular growth in the naxt 
Citvbecame the first cenlre Sut- * wants to open in 1980. But five years but few analysts who 
thpstate of Nevada for common with aU Nevada follow them fee! sufficiently con- 
cLrina eambl in- operator it will need that fident about future social and 

Kpw T««ev ?n common with state's permission to open else- political developments to argue 
many otiie” spates waTlSoSg where as well as a New Jersey that recent speculation is totally 
for a means of increasing its 1‘cence. raisplaie 

revenues, aud thereby holding Bally Manufacturing: This is CLOSING PRICES 


the iine against higher taxes, the world’s largest producer of M , 
and also of reviving a once pinball machines and of one- ' ?•' 


glittering vacation centre. armed bandits— any new casino Wednesday 
Moreover, there are few other anywhere is good news for Bally Thursday 
industries which are more in- whose products cost between Friday 



Close 

Change 

Monday 

838.62 

+1.6S 

Tuesday 

830.04 

— 3.53 

Wednesday 

824.93 

-5.11 

Thursday 

827.70 

+2.77 

Friday 

823.02 

—4.68 





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


Much smaller, but no less successful, has 
been the Arbuthnot North American Unit 
T rust, doubling in si2e to £2^ million in the last 
few weeks. It also proudly stands at the head of 


^What’s more, one or two of those funds 


whose portfolios contain a fair share of 
companies other than the leaders have in fact 
done remarkably well over the past few weeks . 


the one-year performance table, with a rise of some Most notably, Arbuthnot, whose North American 


12-5 P- c * in T h e 12 Months to last Friday, which 
compares with a fall of S.6 p.c. in the 


Dow Jones in the same, period. 

Divid Collin-,, Sunday Telegraph, April 30ih, 1^78 


Since ihc n-Lonch of vhis fund on tsi September luTti the fund has increased in vjloe by 
io.fj coir p-i.-cd to a fall uf in me Dow Jones Index over ihc some penod. 


and International still tops the one-year 
performance table, with again of 13.4 per cent 
even though around half of the portfolio { some 90 
per cent invested directly into the U.S. markets) 
is composed of 
smaller companies. 


Adrienne (jlecson, 

1 'iiuncial Times. May 131 I 1 , I 9 tR, 


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

Arbuthnot - The Right North American Fund - 

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

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


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

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

Your investment should be regarded as long term. 

Fixed price offer for North American & 
International Fund (estimated current gross yield 
i.o n 0 ) until 5 pm June 30th, 197S at 34-ip (or the 
daily price if lower). 


The Managers rmen e the right t-i dose offers if unit » alui-s n c h;. niotc ih.tn 

Applications will be ackniwledped .and unit certificate, will he ijsoe J yiihin 3 < 
iys. The offer price indudes an iniiial charge of 5 "Hie annual clurpe t* I ■■ '«T. 


All net income accumulated within tie fund. After the dene of ihite nrftrs units ni.'J te 
purchased at ihe week) v (TTiund.n dralwp date, when unit* can a]'.' be , .»id bacr ■ 

Payment irill be' diode n-jt ton U daj-voi the dcalmp date and on rtMiipiof- ■ ur 
certificate duly renounced . The wceklv price and yield appear in in.'St Icadmp 
newspapers. A commission of r; will be paid to rccoiaiitcd agents. This offer is M 
..pen to residents of The Republic of frelsnd. 1 nntees : The Royal Bjrtk of hcoila/td 
Lid. Managers ; Arbuthn-;.t Sectintm Lid. • Reg. in Edinburgh Members oi me 

Unit Trust Ast.^caauon. 


To: Arbuthnot Securities Ltd., 37 Queen Street, London EC4R iBY. Telephone 101-23 6 52S1. 


;w. •• ur^r.-aroic r .iwu;..- ciwi,T i u-.'W>Hiuiui.. ,i> .iiEjw.i>.'[l..MirvL>.>niflhw>(u.ia|. -s 

Cnpit.illjitinlitre«vi%htoinve'-!ihcsumof C imin J Monthly Suving Plan I: 'Sfe wish in in-.-ert the suit of £ ‘run £-|or per montli »n the 

til Jl'C lyouihnm North American and lmcnutinnal l Arbuthnot North American and International Fund and endec-e a cheque payable to .-stouibn-i 

l--:nJ ar.denelocea chcouc payable to Arbuthnot Securities Ltd- | Securities Ltd as ihc initial payment. A bankers order ferm will be sent ■,• you by the man.tccr-: 

Shjte Ee-ihange Scheme - tie 1- . Ih*s fot detail'. "J, | following receipt of this order. This order is revocable at any time by °nc tnomn s nonce in v, n “u;. 


I Vic dcd.itcthai I am <ec .syi tS and r,ot_ resident nutsidc the scheduled territories nor am 1 we acquiring ihc above menu.tned iccurities os ihe nominee •* ■ f ; 
Pet: or.. - . • rendent outride tfiesi territortc*. ,!l*>nu arc unable to make this declaration , It should be deleted and the form lodged through jour Dank. Stockbrol'cr or 


.... tcmtorU-t. . If > iiu arc unable to make this declaration, it should be deleted and 1 

Solicitor in the United Kingd-’m. ■ 

Joint applicants, all must sign, Mr/Mrsi.Mus or Titles and Forenamea. 


Sicr.Jtorctu 


Full Name's) 


Addrco(csl 


ARBUTHNOT 

asm NORTH AMERICAN AND INTERNATIONAL FUND caaa 


PTfir "i.'O 

£333 2 






7 


3 


t. 


&.1 





6 




FINANCE AND THE FAMlL.'X 


Shares in a house 


He l*rjl respond:.''!- - can te j 
c'.ccpiv-i tv ihg. F,n-r:t‘> 7im?s I 
for L".C unswgrs C-i ,n tflfiSC • 
c^uriin;. i/i fa- jin:; v/ill be ( 
covered fcy * c -r as :o~n cj i 
p r : t Jc. 


BY OUR LEGAL STAFF 


. -ft? t 


have given many replies Yes, if all the "tenants” share First ... 


about assigning .shares in a 
house and I ashed an 
esjirricrtced conveyancer just 
ho» r it could he done. He 
thought it could hut asked me 
to inquire, as this is a very 
novel matter, whether you 


£5,757 31 Vil 
£ 1 a i 14“., 


all the accommodation the Rent Next £ 1 1 - >• 

Act would not apply: moreover Next £3,74- at 33",* 

they are probably licensees. It Remainder ai i3‘'„ 

i$ desirable for the agreement However, for 1979-Sfl onwards 
to he expressed and framed as the rates will be significantly 
a licence, not a tenancy, and higher, after the first £3.unil: 


v.'itfc reference !» training 

an injunction, \«;u v.-rote: 


£3,743 at 33",* “Th» cost of ap*?:;- »:ii *» *he 
a l i3"„ Court may bo d isn re portions 


! “ CAN YOU look your widow in rate if she is over the a 
i the eve? " This rather macabre 50 nr has dependent cnij 
expression sums up the need The_ current ;weeBy 
for life assurance, a need -that £17.50, rising to .£19.^ 
until recently many sectors of Novenaber, -plus- £6.10. forj 
the industry itself ignored in This, rate is being 


Ourt may be disiirepurticnalc ; 1hc pursuit ‘ cf savings. The to £8.35 in November, a 
;<t the amount im nd’.ed.” I ; marketing of savings must increase because child b 


e‘of nothing if she is to. 

& Under' 

nutfl Present payments,..- -is-.; ».*■>•& •->. .- 

efits'.^vp. a nd. a -fdrtiier KBSion ^ 


fur each licensee lo have a First 


knew of any reliable precedents, separate agreement. 


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

We regret that the whole area 


No special notice is required, J ext 
although it may he wise to Remainder 


Next £2,U00 at 5",'. 

Next £4,500 at 40",', 

Remainder at 2o n u 


above and a Ttirtfter pension ar» m-arpoi»t«5n>. 

der - based on your - earnings^ reOTr<r r a#£opi^ 
sr‘:r during your working’ Q&AffilL ytifo gfit shwdi;ytja-7di, ■ . 


during your 
don- . will be sevej 


we regret inai in wnuie ««« ioform the lenant th at the 
encompassed in schemes of the lelUnK is being made by a resi . 


kind you mention is so new that “ land lord, 
wc cannot refer you ti* a reliable 
precedent. It is wise to seek, 
legal advice in setting up such /"* „ 

a scheme, and the necessary l_c/J fJUwULllUfl 
documentation is normally best . 

tailor-made fur each particular tax on gains 
scheme. riw may derive some o 

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


Will and 
property 


his builders. C.n * and until we reach retirement and between age® 40 and ! 

recover the costs? the actuarial tables show that weekly pension is grat 

The rirder itself viumld state- we are more likely to survive 

v.iiar Is ro happen to costs, than die. • 

Jf yi'us wen? not awarded cu.*>ts it But these same tables also 

may by possible p;: ! ke a late ! unfortunately show tliat some of IMSURANCI 
application for Mv.v.i. hut there \ us in the younger age categories iiwwiwiiwi 


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


n ii <1 certainty th.>; liiey will | will die in the next few years ERIC 'SHORT 

ii»- awarded. H-)-. 't is 1 and then what is going to 

iik.-;.- that you v •tv awarded I happen to our families finan- 
umr coats. or yiisji '' co.-is in r daily. We should all sit down 

cnti.o" in either even i. it is j & nd give it some thought. ^rriins to aee'at wido' 

only when the ma-i •"- l!nn h »*. Let us examine the existing fronl £5 ^ 5 if Widowed -i 

V "u\ \“h ■ x lh V | screes of income starting first ^ t0 the . fuU pensii 

v.tiuM be taxed ar. ' paid. hanoRii naid hv the _7 _: j i cn v. . 


ERIC SHORT 


Edit inn nf Pm ter and Moorue for units to the value of £2,516. will signed, etc., in England. 


on Tax rianning. 


Outside the 
Rent Act 


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

In view of the retrospective 

nature of this year's budgets 
and the redactions proposed, 
can I expect any rebate? 


or a separate will signed 
anywhere which is to control 
the English side of the estate? 
What would he the position 
If there were no will and 5 hen* 
were immovable properly? 

The will need not be exectik-d 


atedTiQt provide ;$$$ 

->^yisKms. : - r - ; ;j ^ i ■ ' 

TT--’ ■ Next, what WtD^yoii get tfixdi.s^r juirap' * 

.'V; your wnploymr ? " .This- : depe»ds coses .■ 

;V;.'. very jjuch on wtiat-sbrf -ctf pen- InaSaS; 

si 0tl scheme he iia$ . 

7/ what kind at arracn^npri^ „iLe . : ,/;: V . 
"‘ "has made to sopjfleinentvthe ^ your^-ei . . 
new state scheme: , 


- scheme will pctmde - a ; pesdbieT • ti>;: provide ; teneffl 

.xM.lump sum of twice ywir 




i ‘ ts 


Sk£*-|i« JJTt, the tSTSiH of 

with the benefits paid by ine ^ dowed at age 50. Once a {fie P lus chll . d 

State social security scheme. All dependent children tire ol the- Sorae schemes jj jS : 1 

•widows are entitled to the vidoWs hands, her pension 

I w idow’s allowance paid for the couJd be adjusted down^ ards d .®? th ^" t 5 e ^mployer ,p^rua^; the .cqntnh 

first 26 weeks of widowhood. . deoendintc on her age wbe the £lWe under 

■ The current weekly rate is f,T.h ih L«. e w ,1 Then what death coyerispp^_m . 


With reference In your reply 
under Outride the Rent Act 


There has been no significant in England, hut must be sicned 


change in the efiFective rates of an ^ witnessed In accordance COWS 
„v on ohornooKi® with the requirement «.f - 


.WySTi’l, It right cn “IJ??’ 1 "" "" English law ,.nd ahunld 

obtain some protection in ca ! n ’ f ln^ nmrfor Purport to effect disposition:; nor 

policyholders fond (under £ no ^, t0 En . lish Wlthllll! 


respect nf a furnished house 
I ief. by nrranging for all Ihc 
tenants tu share all the 
accommodation? in such a 
esse .should each party sign an 


section -6 (_) la) ul luc suc j 1 a W jjj lbo juumivable 

finance Act. I9t4). property will devolve under the 

For a private investor whose English law of intestacy, 
disposals are solely of fully 


individual agreement? As I am qualifying investment 


thinking of letting a self- 
contained rtirnished unit com- 
prising the first Boor of my 
house, do I need tu serve any 
particular notice to enable 
me lo recover possession? 


Udlil>iu? iii* ^luich i ituai ^r~Y yi 

hares, etc., and unit trust Cost of an 
nits, the effective rates of J 


CGT for 19i/-78 and 1978-79 are in 

s (under clause 35 of in J unLllun 


as follow 


the Finance Bill as published on In your reply under " Enrth ‘i 1 '- 1 que.-ron. 


April 20 1 : 


piled against fence" (June 3). 


A power of attorney 


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


Section 25 nf the Trustee Act. the power was executed r hr si ib- i^*,; . 

1975. as amended by the Act. sequent insanity nf ihe dawr 

Finally, am I right in will not automatically pur an 

thinking the power must be end to the efficacy oi rh? power 

stamped? Section 5 of the Power* nf v 

T . .. . Attorney Act 1971 expressly £iltCr*SSt Oil 

If a person is incapable of p rov ides fur cases where 

executing a document, she can- subsequent incapacity uf tin* 

not give a valid power of donor W jjj noL have the elTe-ci 

attorney. She may. however. of reaction. AV v agree that , 

have the necessary capacity to therc must be full t . apacitv t(1 % .Vh«*n :s a legatee entitled fo 

give a power but still be unable -xecutp the nnwer at th* time interest ;snd at what . ite? 

to cope with day to day nf^rntinn Shoo id ir.? executor- ^-ndcr 


V/ln-n 

? > 

king oi:f an 

vMirancc 

aga:--.> 

1 

vss on proe: 

•. -,s ni 

coin:- 


vs an insur-* 

; •;*.- 



re'iiiirp ri-.-r 

*>r 

cavil >trt 

separate!:.-. 

> v.j:ls 

j-.-MCii 

-7 

? Would a 

••-.::iiiany ! 

ink*.- !< 

iy 

valuation? 


1ii«t:ra 

n*. 

•v company 

-.■:iry in 

tl'.M.r 


li-uini i.f ; 

. >i:'!.iaiion 

v.liivii 

; 

ivy reqi.ur-- 

j-.:d you 1 

sitoi:!- 

: 

lerefnre a-r 

■ in your 

iir?i « 

Ol 

/I'oii. Ah*- 

* iif Them » 

’.v:!i 

. c 

pi w*ur v ;«> 

uaiioii blit 

you 1 

■ 1. 

b-j care! 

■ :! mil lo - 

i:t’-!i?r 

:: 

lie. If yuu 1 

: you may • 

< r:i 1 V 


•over a pr-- 

• rliun of 

ri;i:r 

!•> 

s. even th, 

•ii-li it is 

v. . 5 1 1 : -i 


lie i-ual 

It*, of the : 


i24.ou. nut inis is rising iu dent Then her pension me-ls VJUCU J - " 1 r - . - : 

£27.30 in November. the same as if she .had|jn*5t'S S5aTance 

After this period is complete, become widowed (ignoring the You may well have - taken - Ufe assopanco with a' life 
the woman becomes entitled to widow’s allowance): a fulffpcpr, them out as part of your sa v- ‘ ^ ben efi- <i . 

a widow’s pension at the top sion if she is over agf .50,. ings programme and thus'hdt raay. ■ . . 

• fcV<V.:. • ' V.’ ' ^ ' .. 


.■tuujcijdt III Itii.rt^at. t ;v ui MH- *£}•*/*• Jf-*’! 

donor will not have the elTe-ci *’- c '- m 3 


! /Try pff* note of changes to policies, fpr 

! a 3 STljSIfiCi example a change to a Aotor 

i JL policy increasing the ovoiefs 

*** initial liability under a clasnbr;- 

_ Often the policy holde£>7is 

'“ff&tSB "Sil xw-g * unaware of changes becau^he-: 

'&■ Sisks rv £4 V has not read 1116 notice^and 

; •r when a claim is made he gjefs .a ’ 

nastj' surprise. . . .;; f > ’ . 

f °4r Hence ClTs idea of a ^rrap 

Y around leaflet to encase-: 'the 

formal notice and get poRqy- 
holders reading and awaz«Y-'of - 
S'.iXIETIMES it seems that the thejr insurance cover. >£-:■ 
only time companies think of -j^e motives of ..courser are 
: " co mm unica ting with their nQt completely altruistic. -tiThe 

'clients, in the public relations message comes clearly atatiss. . 

. sense of ihc word, is when they beyond ^ front page that^ 

! want to sugar-coat a bitter piU ^ trvixiS to encourage t 

ior entice people to spend even po ] icyholde f s t0 step upjtheir J 
i more. cover •«"-"•> I 

I The first copy of “Ben^." 1 









[make the public more aware, 
• whatever the underlying motive, 
I is at least a step in the right 


which will be circulated <nbxt 
month, does catch the eye. Page 


]\t what "it!*? 1 direction St & So** Commercial one “ lar ^ eI - v ^ken up -W a But if the motor arttcle la^ r ‘lRenevrar -will . be Updatec 
executor** ^-r.ricr the | union's launch of a new leaflet- P ic ^ re / »«Jf r unhapy some depth the ^next “chapter^. and shoiflc 


Power!, 5 ,tl Jf ,0 ?ttG°™J er .r? a S to^ button <Sf*J pnwiJ'of i"Scd? C ^ C ° C ‘ r! ^ ** j SersTs®^ toto have^osf' “a" bam^wiS^briS ScJntSto ™ ; ^S^pl|SS^!? tfi“ wkS! • 

— SXTi;r^,OT.; f A,. ho,,,:, , hw ore c- -option, WSMl* ... S2lJ£L»« 


Glances. WcjBreethatremursc eK ep, in^ the instances .on- the wnrnl utte'is thit i n teresi I will be distributed to aU nou- However the 


to powers of attorney when the ti 0ned by you. Nevertheless, it «m .ill 


the Act call for witnesses except d° n . (,r * s approaching clinical j s desirable to have a witness in 4 pc-r 


where the Instrument is 
signed under Section 1(2) by 
a person other than the donor, 
or where it comes under 


senility must be approached v j ew of {j 
with great care. disputes i 

Provided the donor of the the donor 
power was of full capacity when deed stain 


lrv isr-'". ',1'le at 'life policyholders along with text falls short of ideal! .. It efFects of inflation on household recrave it dfrect ; every- mofltl 
w'tom S ,lv : date ;l.!hrtrC»l^l»Tin»i“ inform, u, that coata hare, Men iuaurauee cover; ; 


Gold for divergent tastes 


them. 

The basic problem that the 


even rum at tne rate repair p*«r- J.- unontns r wime re uui ~ ~ < _3. : ~ 

costs have been moving up. prices have risen by 10 pgr straiptaway, .out : aS a- sefling 
which would obviously lend centVlt is e^sy to leave oneself vehicles the approach- is soft 


H.VI I’lLCRIATS in Saudi There is confidence about This week market movements 
Arahia likr* reproduction coins $200. It is an easy figure to have been sluggish. But tin: 


made in gold. Middle East de- bandy about and it has been gold shares market has not companies already within the 


,- r„ „„ ill k L-h-’fiue and immediately his own premium increase That would bave^eally brought _“* e 


maud for gold medal blanks has bandied about so much it now been alone in this. Australian 


rhe search fur 


The problem arises when the repair costs and claims for have not : increase 
notice is accompanied with a damages. foy^iew years. - 


insurances 


A ; TERRY GARRETT 


Jed to the Germans boosting has an engaging familiarity, mining shares have also been oi, !wr imhi&tri-ai rnportunatics 


pruduclinn. The Germans, in- And with the price moving drab, following the lower trend continues, "in this way we 
deed, put more gold in their around $185 an ounce, it does in Sydney. At first sight it intend iu achieve 2 more equal 
mouths last year than any other not have much further to go. looked as if the boom might balance between «-ur industrial 
nation thanks to certain pro- The most important strand of have fizzled out, but such a 'and -n;.inir.y imesiraeirts and 
visions of their national health market thinking concerns the judgment is premature. between «mr l-K and foreign 

insurance scheme. relationship of the bullion price xhe slackness of the Sydncv earnings.” he said. 

These facts the temptation to the level of the dollar. Until market can be put down to the Fur i«he ^-liorivr ic-rm, te was 
to call them nuggets of infor- the dollar stabilises, the bullion imminent end of the Australian vague ftbnui ih.o n -r-'pects. He 
mu linn is almost overwhelming price wiU move up, the reason- jinanclal year on .Tunc 30. was <T-,uh::uJ '^.,:t a strop* 
contained m Consolidated ,ng goes and the dollar will Operations have often been cm- m base ,iki-,| prices, but 

JSSSLiS vnment ,h„ CMrtrt Inv..,- 



G 


began 'with the children being 
shepherded by their teachers 
into seats in the nave, where 
they were given a short, skilful 
talk by one of the senior clergy. 
Remembering: my own youthful 
indiiference to things which 
adults thought beautiful. I was-- 
pleased to see that the speaker 
called attention, not to the 


the bullion price and ultimately 


Congressional elections in the market has been. 


coming up in November. It is 


=rtlle the value u r gold mining fdtr ^ eI . efore . that the bullion 


price will have a run-up. In j s .j 


effect, the markets are adding a Consolidated, the London arm 
gloss to the Gold Fields assess- 0 f i^g Anglo American of South 


- CAN we go in there now?" 

ed to book-squaring and therc content that Ch.ii ier's invest- asked one of the numerous small 

5 been no desire to m3ke far- mems on wolfram, diamonds, children The black-robed verger • 

idling investment decisions, gold ind uranium would help to w jng| ed his interlocked fingers EDUCATION 
iding in July will show how sh-ickl ihc -.w<irsp -from ihe thoughtfully. "No son, you 

ongly based the recent rise malaise art-.vtiii.- i-iiv base metal can'tT and I’ll tel! you why." he MICHAEL DIXON 

the market has been. r.imiiK-. indu-ir>. M replied. 

But one place where invest- Equally 'ayse about pros- “Where you want In go is 
m-t -dedaions are being niad«- peers js T:m-:my:ka Cfinccs- jhe chapter house which is the 
in the boardroom of Chun cr vions. v.h.i fU .m-uuaJ report meetinc place for the people --.up,.--.-- aesthetic aualities 
nsolidated, the Lroidwi arm i-aii’e <uu l-hi* a-.i,' u -K As. far as who run this -cathedral. And h ,,j m thu ,miu inturMtina niiuc.’ 



MICHAEL DIXON 


■But one place where invest 
men-t -decisions are being mad< 




Africa -group.* 


mean of bouih min 
In 'his annual inve 


. "no run mis tamearai. «uu hut to the truly interesting ques- 
! 17131,1 t«*ay * F [ lda y corning which , ion of how anvthing of such a 

i.e.-’ii.en, in va.oo M.mere, a when they meet there. It si70 anri hllilt sn , on2 as0 man . 


PAUL CHEESERIGHT 


Certainly the results of the statement. Mr. Murray wh.n.h has l * .-1 li.? j>y ihe l*asc wouldn't do to break up a meet- 

U.S. Treasury gold auction Hofmeyr. ihe chairman, made meial-t n.a'a:?c ar.i «.-an offer i n g which has been held every 

emphasised the steadiness of quite clear where the group's link- in tii* v.jv encourage- Friday iince almost ihe days 

the market. There were 300,000 priorities lie. men: for ».:ik ‘ - 

ounces on offer and bids were 


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

"Those stones over your 




r u • . . received for l.(i4in ounces. The 

Th, =nM r.ihnc,hon demand price revised, of 

pives ,he market a price base sls691 uu comfort- 

on ion 01 which mveslment w jDside |he buI|i raarket - s 

movementa may take place. If current trading range. 

the fabrication demand is weak. Thg confidence of the bumon 

then htsh sold pnees can be market . however, contrasts with 


iiifk- in tn^njv ... encourage- Friday since almost ihe days heads there weig h tons upon 
men: for Uk )c:*r. William the Conqueror. I Tons ' upon ton5 » he said, - but 

expert you vc heard of him, don't fall down, do they?" 
haven t you? Ri-pn- rhilri within mv vipw 


4 kt 




avt-n t you Every' child within my view 

An excited chattering showed looked up and clearly wondered, 
that the children had, and that Next the youngsters were 


. •••* ? ’w 


ruled our. „ the value accorded to gold 

Cbtront S?*5'P to effect mjnin jh which “ bl 
that the bullion price is moving h ,„ n0 , heen at level | c0 *_ 
inexorably upward, to SJOO an sislenL wift , he flmlness of u,, 
ounce re. s on the assu, tptton aenwnd £or thc „ duct To 
that thc demand for tewellerj- extent the mine, them- 

and so on will ten, am strong s „ lves h „ c comrihu[ed „ fte 
This i.- born*? out by the figures 

of the Gold Fields review. Free ;, orld mine productlon 

Last ycai total supplies to the j ast vear al an estimated 9fi5 


OFFICIAL 
-Ti-i COINS Jji 

'H.pRWflltolilMIlMl 

MEDALS & 
-MSDMJUONS 


11 ^UNCLASSIFIED 

I ‘7Z& :noustrial 

1 1 I'DENTAl-l 

I ELECTRONICS 




j the graphic illustration of Lich- divided ad. hoc into 30-strong 
field Cathedral's place in history groups and sent to different 
had impressed them beyond any starting points for an accelera- 
forxciiing. ted tour of the structure. Five 

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

Gnly in March, for instance. T liam the Conqueror in the 
decided at about half past eight vestibule of the chapter house 

on a Saturday night to take a was one of the five. A second 


\i\i5Z 








■ gi i i. 1 - .^rL'i t* ^a../. 

’ Curbme Cockrell 


gold market were 1.607 tonnes, f 0nnes was slightly lower than 
01 which 241 tonnes came from in 197fii while South African 


nfiiriul sales like those oF the ou t pu t was the lowest for 16 


International Monetary Fund. years Th j s vear the latest 
Gut of the total. LIS# tonnes statistics f rom t t, e chamber of 
were used in fabricated pro- Mincs ^veal the South African 
duet*, bj far the greatest m j nes arc on jy producing 
amount going into carat gold s iightly more than last year. 

Thus some 22U tonnes were cumulative total for the 

left for private investment, a ^ ve mon ths of the year is 
sharp increase on the 1976 9-37m ozs, compared with 9.07m 
figure. Gold Fields thinks the ozs over the same period of 
investment interest will con- 19^6- After five successive 
tinue not least because ‘'the months of rises, output fell back 
Sound statistical position with again “J , , a .'*. 
respect to available supplies and ® u i- “ 1,s 1S little account 
industrial demand has brought if investors fear for the future 
renewed confidence to those political stability of southern 
who make investment decisions Africa. There seems little 
on Ihc basis or fundamental doubt that this factor has con- 
analvsis." tributed to the sluggish per- 

But there is also the tradi- formance nf the share market, 
tmnal reason for investment in Although ihn Gold Mines 
r.„j d — the continuing climate Index has come up to 161.5 
nf uncertainty concerning eco- yesterday from 144.4 at the 
nninic and political develop- beginning of May, as the bullion 
merits in the wurld." Gold price has advanced from around 
Fields does not hazard a guess S17Q an ounce to $186,135, its 
as lo the level the price will level is lower than last October 
reach this year, but the markets when the bullion price was 
arc lc.ss reticent. under $160. 




JPHIS J 

Si hT-va: [-sg? I; 5 


ARAT GOLD 
E WELLER Y 


look at rhe exterior of South- explained why the remains of the cathedral organist played clergy about how long it should 
well, near Nottingham. Ap- St Chad were no longer buried them a young person's guide to take an empty Coke can to 
proachmg. I saw a light behind behind the High Altar: “It was the organ ending with a small qualify as a relic leauirinfi 
the west-end window. I pushed Henry the Eighth that caused bands flying to ears and the genuflection, 

..n the door, and it opened. Thc it.” he said, "you remember instrument straimns for maxi- “Trt sav rbo'-hnictomncm^ 


on me aoor. ana II npenca. me », no. saia, you remenmer instrument straining for max l- 

magnificent Norman nave was him. don't you?" Anuther .said: mum volume. 

full of people listening tu a "Those ledges ihere used to i..* D „„„+ , * ■« 


slrument straining for maxi- ‘Td say the boisterousness 
um volume. varies from day to day. Take 

The last event was an act of P^ a F» ^ or example. Yesler- 


^ Af fb Af 7 ^ I * 1 

1968 ’69 10 71 72 73 ?& 75 7g 7? 


first rate chamber orchestra have statutes of saints on Ihcm, 01 dav X ’ dTd •rZS-^Si 

Plains Dvnrak's ScrctaUtt r„r until Cromwell's troopers came fte 

Strings. I shall remember it for and smashed them presented the results of their 

ever As the half-hour tour endnd Precis, including percussion- bfe and ending with the good 

Now hero I was in Lichfield, a host of ™1untZ helperfa " ^ reoital and play. Then they Selwyn swing, in n 

fillin'* in the time hefnrr the th« chni P lJ ed into the waiting buses for distinctly Birnungham .accent, 


jjjs 


filling in the time before the peared and reshuffled the child- 


band recital and play. Then they Selwyn saying, in a 

piled into the waiting buses for distinctly Birmingham accent, 
home, leaving the three-spired that as they’d had sufih a lovely 


start of another job three miles ren for the next round of k,, T* nartv ' Si £ ££ 

away, and strolling in on a rare activities. During the next three JjJHff 1 ®? ?o lSe a^afn n p-rtww tO COin • 

if nnt onimip pwreise in makin? hniirc i«ith a Kraair fn»- nanb-nw rtsheved like a recently visited „ Soaip nest year. • 


LONDON 
GOLD PRIC3 


if not unique exercise in making hours, with a break for packed 
a cathedral's character and per- lunches, the new mixtures of 
sonality known to ihe young buys and girls variously made 
member;* of'ils diocese. up a play about the cathedral. 


ZhJZe new mixtures of B”“too.her. - “ But today, perhaps because 

hoy S h au’d t ^l"Ta r S r S.d 0 e t . How was. the cathedra, stood- 


nuyi aim giris variously maue . wuneurm aiana- p i ay v CrbmwriK* tWioners 

up a play about the cathedral. i"ff up to it? I asked the Hev Croowdls Wegr. 

in c katia. kaiio Rav RikvnpiTi «r “™asning up the , catneuu- 


Lit:;'" --s* ... 

P- ". • . 1 


Thc idea nf "bussing in" tried to design a better build- Purnell, chairman of the Wifll b * J 
mils from Ihe area's nriniarv irui. and assemhlpd a npppncci«n diocesan, children’s mmmittop ... u ..t u ”‘ 5 -_ lorraaaie,J .' 


H 



n-t$ 

r 



V 


1978 

Jun 


pupils from Ihe area's primary ing. and assembled a percussion- diocesan, children’s rommittee, ^ thttv .,, 5 , -, 7 ::^ , 7 ® 

schools evidently originated hand performance. Other in the almost incredible silence dama£ P*. ^uoni ao. .yny ren 
with Mrs. Lil Kelsey, children's youngsters designated “ Press ■■ that followed. WafthP erfni-htm rta i ' Street nF 

i.fficcr for the diocese. On each set about gathering material so "Well, we ask them nicely the scheme worth aDthe labour 
of 10 days this nrnnlh different as lo write up the event fur nut to wake the dead or bestrew of otruistncW ' : ' ' 

school ccmtingents to a total their particular schools, bobbing the place with rubbish, and on Mr! FurnelV tapped his un- 

uf roughly 150 youngsters are about with clipboards and well, the whole they are very good," rolled umbrella sharply on the 

arm-ms sharp after the 10 a.m. chewed pens, interviewing all he said. “But the odd one paving “ WTell. aw legs are 

Matins service and slaying m and sundry including, I gather, can’t resist the temptation to killin| me" he stti^ - * *But if' 

and around rhe cathedral until a specially imported bishop. make a bionic dash up the aisle,- I was a swearing man. I’d sav 

d»se on 3 jvm. .ust after two o’clock they of course, and there has already- the whole thfnff' was bloody' 

The day of my lucky disem cry relumed .tu the nave scats, and been discussion among the marvellous.'' - r - 



IFma^ial Times Saturday June 24 1978 


tj* \ j 





YOUR SAVINGS AND INVESTMENTS 


The return of income bonds 


WHAT. DO we want from ou r 
. ■. investments? Security of capital, 
-high guaranteed return, simple 
administration and an ease of 
; access to the capital are four 
-important features that come in 
' the list of requirements. Some 

them are mutually iacompat- 
_ ible-^-for instance the higher 
- the return,' then the harder it 
becomes to get at the capital 
- fc -a. hurry. Also guaranteed 
-.income. usually means a lower 
\-L return. .than, income that is not 
..guaranteed: Usually investors 
have to compromise between 
v; , these: requirements — and build- 
ing society investment offers a 
: .. good, compromise. 

But even in this field, the 
; . societies offer higher yields for 
investors prepared to tie up 
.. their money for a year or two. 

■ : In such cases where investors 
do not want rapid access to 
their capital, but require high 
• : guaranteed returns. then 
’ ‘ ‘guaranteed - income bonds are 
/ looking attractive at present 

Guaranteed income bonds re- 
' -"'wived rather a bad name fol- 
-- lowing the experience of some 
• investors with thdir holdings 
1. in companies that ran into 


-"'6 • 
/At 



sat: 


: v. f §; 

I T ■- zffj 


TABLE 1 

INVESTMENT OF £1,000 BOND TO 
YIELD 8 PER CENT NET OF BASIC 
RATE TAX 

Tax Rate 

60% 

98% 

Method 1 

Guar. .Bonus 

£ 

£ 

£ 

Net income 

80 

72 

£1 

Capital returned 

1.000 

935 

840 

Method 2 . 
Temp. Annuity . 
-arid life contract 
Net' Income 

80 

78 

75 

Capita] returned 

1,000 

906 

770 






- trouble a few years ago. The 
boom of 1972 and 1973 showed 
711st how keen investors were 
.. to secure high guaranteed in- 
come together with the return 
. of capital, Now after a passage 

■ of time more life companies 
are returning to this field, 
boosted by the high returns 

'-that can now be offered. As 
public memory dims, more com- 
panies are likely to recom- 
mence marketing these bonds. 

■ - In the old days, the method 
'^ used was a combination of tem- 
.?■ poracy annuity and deferred 
^amurity witta cash option. The 
^Finance Act 1975 effectively 


stopped this method by taxing 
the deferred annuity, and Life 
companies have been devoting 
a lot of research to . devising 
alternative methods to soften 
the tax blow. So far they have 
come up with two main sys- 
tems. 

The first is simply an endow- 
ment assurance with guaran- 
teed reversionary bonuses. The 
investor gets his income by 
cashing in the bonus, usually 
paid every six months. The 
sum assured at the end of the 


INVESTMENT 

ERIC SHORT 


period returns the capital 
invested. 

For basic rate taxpayers, the 
income is paid net of tax and 
there is no further tax liability, 
neither is there any tax charge 
on the capita/ returned at the 
end of the investment period. 
But with higher rate payers 
there is a charge, based on the 
higher rate only. The first 5 
per cent on the original outlay 
is free of tax at the time of 
payment, but tbe rest suffers 
the higher rate tax. Then when 
the capital is paid back at the 
end of the investment period, 
there is another levy of higher 
rate tax on profits. It means 
in effect that higher rate payers 
will not get their original 
capital back. 

The other method used to 
provide guaranteed income is 
a combination of a temporary 
annuity, to provide the income 
and a life assurance contract to 
return the capital. Part of the 
outlay buys the annuity, the 
remainder the life contract 
Again there is no problem for 
basic rate taxpayers. They will 
pay basic rate tax on the in- 
terest portion of the annuity 
payments, which is deducted by 
the life company. Their capital 
is returned intact Higher rate 
payers will pay additional 
higher rate tax on their income, 
and higher rate tax- on the 
profit from the life assurance 
contract. 

This complex situation for 
higher rate taxpayers must be 
Warned entirely on the Revenue 
and the complicated tax legisla- 
tion governing this type of life 
assurance payment Slimming tip 
the position, guaranteed income 
bonds under either method /are 
simple enough for basic ratfr tax- 
payers. They can provide - a 
secure and attractive source of 
high income. 


But for higher rate payers, the 
choice of method is important 
because the incidence of tax 
vanes as Table 1 shows. 
Investors have to decide 
whi-ther to maximise income or ] 
minimise the drop in capital 
ths( occurs. Much depends on 
the expected tax situation at 
the end of the investment 
period. 

The outlay is also returned 
in full (less any tax charge) 1 
should the investor die within, 
the investment period. These 
Periods are quite short — three, 
four or five years. But what 
happens if investors want to 
cash in early? Those readers 
with long memories will recall 
that in the boom, companies 

were making 100 per cent return 
after one year — and running 
into big trouble soon after. 

Well, the companies and the 
Department of Trade have 
learnt from bitter experience. 


TABLE 2 


Net Yield 

Term 

Company 

% 

years 

Target Life 

9 

5 


8 

3 ' 

Comhill Insurance 

81 

4 

Trident Life 

8 

5 

Schroder Life 

71 

4 

Hill Samuel Life 

n 

5 

Albany Life 

81 

4 

Equity & Law 

7* 

5 

Hodge Life 

81 

4 

Charterhouse 

Magna 

8.6f 

5 

** Rate increases 

slightly 

with 

increasing age 

t Income paid at end of year 

— ! 


THE PAYMENT of a cash sum 
at retirement is regarded by 
many as an important benefit 
provided by occupational pen- 
sion schemes, especially as it is 
completely tax free. Often 
people at retirement confess to 
feeling secure in the knowledge 
that they have, often for the 
first time, a nest egg of a few 
thousand pounds instantly 
available. 

Lump sum benefits are pro- 
vided in two ways. They can 
either he an integral part of the 
benefit structure at retirement, 
with the member receiving a 
cash payment plus a pension 
(both based on final salary). Or 
alternatively, at retirement the 
individual can have the option 
of commuting part of his pen- 
1 sion entitlement for a lump sum. 
The public sen-ice pension 
'schemes are structured on ihe 
first method, while many com- 
pany pension schemes use the 
second basis. 

Commutation is simply the 
payment for a lump sura in 
return fur a reduction in the 
amount of pension payments. 
The method of calculation is a 
straightforward discounted cash 
Sow exercise at a suitable rale 
of interest over the life ex- 
pectancy of the members. 

The publicity given recently 
to the case of a retiring senior 
RAF officer having his applk-a- 


Illness no bar to cask 


tion to commute part of his pen- 
sion turned down on the grounds 
of ill health may have caused 
concern to some individuals 
nearing retirement and in poor 
health. Well, there is no need 
to worry on that score. The 
commutation option available 
in this particular pension 
arrangement is very much a 
special case. 

If one was using a sirict 
actuarial procedure in the com- 
mutation calculations, then 
obviously the state of health of 
the individual would be taken 
into account. The expectation 
of life, for someone in poor 
health, would be shorter than 
normal, thus cutting down the 
effective period of discounting 
and resulting in a smaller sum 
per unit of pension. 

But in both methods described 
above, no account is taken of 
the member's health at tbe time 
of retirement. The actuarial 
calculations are based on “ nor- 
mal health” mortality tables. 
Even if an individual is on his 
death bed, be can still elect to 
commute part of his pension. 
Indeed, it would be financially 
advantageous to do so — pension 
payments are usually guaran- 
teed for five years, while the 


commutation calculations are 
based on a life expectancy for 
a man aged 65 oE about 12 years. 

The armed services pension 
arrangements are unusual ■ in 
that as well as the scheme pay- 
ing on retirement a lump sum 
together with a pension, the 
officer has the option of. com- 
muting up to half the pension 
for an additional lump sum. 
The original lump sum is paid 


PENSIONS 


ERIC SHORT 


irrespective of the slate of 
health. But tbe terms of com- 
mutation are laid down in the 
Pension Commutation Act. 1871. 
and Uiis does take into account 
the applicant’s state of health. 
There is a Pensions Commuta- 
tion Board set up under the 
Act, and advised by its own 
independent medical advisers 
and the precise sum is derived 
from tables produced by the 
Government Actuary. 

With other occupational 
pension schemes — public service 


and private— the amount of the 
cash payment is limited by the 
Inland Revenue. If it is part 
of the benefit structure, then 
both the pension and the lump 
sum are based on years of ser- 
vice— usually l/80th for the 
pension and 3/80ths of the final 
salary for. each year, up 'to a 
maximum pension of one-baiC 
of final salary and a lump sum 
of 1J times final salary. 

IE. the commutation method is 
used, the maximum pension is 
two-thirds of final salary . and 
the maximum lump sum pay- 
ment is 1* times final salary, 
providing the individual has 
been at least 20 years in the 
pension sdifcote. TftiijS Be can 
commute for the maximum 
lump sum without qualifying 
for maximum pension, which 
usually takes 40‘ years’ service. 

Most schemes . use a 
commutation formula of 9 for 
1 for men at 65. that. is. .each 
unit of annual pension given up 
provides a lump sum of nine 
times that value. So a member 
giving up f 100 of pension would 
receive a 'cash sum of £900. Thus 
if a member is entitled to a 
maximum pension of two-thirds 
of final salary and commutes for 
the maximum lump sum, on the 


above rate his pension will be 

cut back to one-half final salary. 

Consider an employee retiring 
at age 65 whose final salary is 
£6,000 per annum. His maximum 
pension is £4,000— two-thirds of 
his final salary, and the maxi- 
mum cash sum he can receive is 
£9,000 — li times final salary, 
the amount of pension to be 
given up is 1/9 of this sum — 
that is £1,000 — so the pension 
left is £3.000— half final salary- 

The Revenue, however, will 
allow the use of a true actu- 
arial calculation for commuta- 
tion based on normal mortality 
tables, even if it does provide 
more favourable terms than the 
9 for 1 ■ basis And in current 
circumstances it could well do 
this. The tables used for com- 
muting the armed services pen- 
sion have a ratio of 9.71 to 1 for 
age 65. Using this value in the 
above example, the £9.000 lump 
sum would mean a reduction of 
£927 of pension, leaving £3,073 
which is 51.2 per cent of final 
salary. It is a point that em- 
ployees should check with their 
scheme representatives. 

The self-employed also have 
the option to commute part of 
their pension at retirement for 
a tax-free lump sum. There is no 
fixed basis — it depends on the 
individual life company con- 
cerned. But tbe state of health 
of the investor is not taken into 
account. 


They are matching assets 
against liabilities — mainly 
investing in gilts and local 
authority stocks, and surrender 
values depend on interest rate 
levels at the time. If interest 
rates rise, then the surrender 
value falls. Effectively, investors; 
are locked into this contract if 
interest rates do rise — and they 
won't want to come out if they 
fall. 

The yield depends very much 
on interest rates at the time of 
launch. With the likelihood of 
rates rising, investors could be 
well advised to hold off for the 
moment Corah ill Insurance last 
month launched a bond yielding 
75 peri cent net. This week it 
closed this offer and launched 
a new series yielding Si per 
cent So it\ays to shop around 
for the besh buys — Table 2 
gives some indication. 










rf'J 


*• * 

I * J 

•: t* 




■f.t.V"-,'- V 


s to help the low paid maintain 
their standard of living. 


could, at AIHediHambro. . -v • , 

wtive been helping people like you protect your capital 

- • ^^“Sdtheiecords sliow weve had morethan our fair 
x.share ofsuccess with our policy of aiming for consisted abo. e 

examp&Beteeen July 

t^theunitliol^ 618 concerned. of funds and schemes 

v • Butitdoes^owhow^g tback ^. tMatio!L 

: could give your u3i we’d ratheryou first sought 

; . ' theimpartialand expert ad « * bligt group for you, 

if he yeretteigt 


vfil' “WffBE * SIDE 7 


THIS WEEK’S release of the 
unit trust sales for May showed 
a level that has only been 
beaten once — by those for 
April of this year. No wonder 
its all smiles again in the unit 
trust management groups. At 
this level, sales this year are 
going to be the best ever by a 
long way. The private investor 
has returned tn the equity 
market again using unit trusts 
as never before. And it is the 
U.S. market that has attracted 
him — the UK market at present 
is in the doldrums. 

But when there is a boom, 
you*can rely on some groups 
being somewhat slow to take 
advantage of the situation. This 
week saw the launch of one 
new U.S. trust and moves to 
convert an existing trust into 
a U.S. fund. One would have 
thought that this action should 
have been taken months ago 
but perhaps better late than 
never. 

The Crescent Group is pro- 
posing to change one of its 
existing trusts into a U.S. fund, 
and to give the management its 
due. it already has a highly 
successful international fund at 
present heavily orientated 
towards the U.S. Bur investors 
this year seem to want a U.S. 
fund so Crescent is providing 
them with one to join, the 
International fund and last 
week's new launch, the Tokyo 

Potential 

of 

Australia 

ON THE back of its increasing 
optimism for the Australian 
stock market, and in particular 
for mining shares, Barclays 
Unicorn is launching a nation- 
wide advertising campaign to 
promote its £12ra Unicorn 
Australia Trust fund. 

Mr. Bill Hilling, investment 
manager for Barclays Unicorn, 
this week returned from a fact- 
finding tour of the major invest- 
ment centres in Australia and 
this visit confirmed his opinion 
that the country's economy is 
due for a period of recovery. 
He said that he believed 
Australia would enjoy grealer 
political and economic stability 
since the elections at the end 
of last year confirmed Mr. 
Malcolm Fraser’s position as 
Prime Minister. 

1 He said that other British 
1 investment groups were also 
1 talcing a closer look at Austra- 
! lia and at least two of these 
groups had been in Canberra 
last week also on fact finding 
1 missions. 

Barclay’s Australian fund is 
seeking to increase its size by at 
i least a further £Iro and will be 
looking to strengthen its mining 
stocks. It was here that he saw 
the greatest opportunities. He 
did not see the fund pursuing 
manufacturing stocks to any 
great degree, but he thought 
that uranium was a particularly 
strong bull point for the 
Australian economy. 

He pointed out that the other 
major reserves of uranium were 
to be found in Africa and 
Canada, but that Australia's 
currently more stable outlook 
indicated that it would become 
the world’s leading supplier at 
the mineral. 

On the Australian economy 
in general he said that there 
had been improvements on 
interest and inflation rates and 
that tbe government was com- 
mitted to maintaining a stable 
currency — In order to attract 
foreign investment into the 
country. 

He said the budget deficit in 
Australia must be of concern 
but that he believed that the 
government was making strides 
to correct this position. 

“Naiurally prospects for Aus- 
tralia depend upon what view 
you take of prospects for the 
World economy and if you be- 
lieve that this will take a turn 
for the better into the 1980s 
then l believe that Australia 
will be a major beneficiary/’ 
said Mr. Hilling. 

ANDREW TAYLOR 


More 
funds 
go west 

fund, which has pulled in £2m 
in just over a week. 

The group is seeking the 
approval of unit holders in its 
Growth fund to change into the 
U.S. fund. This fund, launched 
in the heyday of the cult of 

UNIT TRUSTS 

ERIC SHORT 


capital growth, has never 
appealed to investors, unlike 
the other funds in the Crescent 
stable. By the beginning of 
May the fund had only 835 
unitholders and was valued at 
£726,000. The Reserves fund, 
which has similar objectives has 
over 10,000 unitholders and has 
a vaiue.in excess of £l0m. 

It is likely to be a couple of 
months before the new fund. 
Crescent American Fund, 
appears on the scene. But the 
managers consider that the U.S. 
market will still be attractive 
to investors at that time. Most 
unit trust groups are finding 


that they need a U.S. fund in 
their stable. 

In contrast. Hambro Unit 
trust is going after the pension 
fund market and has launched 
the Allied Hambro U.Sc A. 
Exempt Fund. Despite, the 
upsurge in private investment, 
there is little doubt that in 
future, most of the new invest- 
ment is going to come from 
pension funds. The group 
appears io have taken the view 
that while the large life com- 
panies are going to dominate 
the field for the main equity 
funds, there is a need for 
specialist equity funds that is 
not being met by the large 
companies. 

Pension fund managers may 
well decide to hold a certain 
percentage of their assets in 
equities, of which a small part 
will be in smaller companies 
and overseas. The large life 
companies consider that this 
mix forms part of their strategy 
in the main equity fund. But 
■some pension scheme trustees 
may well feel that they want a 
specific fund for overseas equity 
investment. Hambro bas found 
this with the Ailied Hambro 
Smaller Companies Fund which 
has been well taken up by pen- 
sion funds. It feels that similar 
sentiments will make the new 
fund popular with pension 
schemes. At present, there are 
only a handful of specialised 
overseas exempt funds available. 


Stiff upper lip 


THE PICCADILLY unit trust 
group's management has been 
forced to wash its dirty linen 
in public but that is .no reason 
for unitholders to panic. Their 
investments are completely safe 
and this has been confirmed by 
the trustees. r tbe .Bank- of Scot? 
land • - ■= '■ ' • 

It was established at the be- 
ginning of last week' that Pic- 
cadilly was named in an unpub- 
lished. Stock Exchange report on 
sharedealings. The report i6 
believed to centre on the past 
activities of stockbroker Bussell 
Coitn-Jones, whose body was 
found at the foot of Beachy 
Head last March. 

Piccadilly's involvement would 
appear to have been small. The 
investment director, Mr. Neill 
Scott, who was responsible for 
the dealings of the trusts has 
resigned. In all a total of 21 
deals over a period from 
December .. 1976 to June 1977 
appear to be in question. These 
amounted to purchases of 
£187.500 and sales of £121.000. 
These figures are not significant 
compared with the trust's funds 
of £10m 'and the deals did not 
incur any losses. 

So at the end of the day these 
revalations have damaged 
Piccadilly’s image but they do 
ppt bode anything iinister for 


the trusts' values. These are 
based on the market value of 
the' underlying securities and 
the Bank of Scotland has 
assured the public that every- 
thing is alright on that point. 

However, one of Piccadilly's 
defensive moves has only added 
to the confusion in some unit- 
holders’ minds and has made 
them more unnerved. On 
Monday, June 12 the trusts’ 
managers immediately put the 
prices of all nine trusts on a 
41 bid ” valuation. Basically this 
is a write-down of the valuation 
on a Board of Trade formula 
which cuts a few pence off the 
quoted bid and offer prices of 
the units. 

This move puts pressure on 
unit holders not to sell out and 
definitely penalises those who 
do. 

Piccadilly hopes to return to 
an “ offer ” spread of quotes as 
soon as possible. The manage- 
ment is waiting for the dust to 
settle and judging by the 
current level of daily redemp- 
tions. which are no more than 
normal, a return to an “offer” 
quote could happen an yday. 
This will automatically raise the 
prices of the trusts. 

TERRY GARRETT 


AUSTRALIA LOOKS AS 
GOOD NOW AS AMERICA 
DID IN JANUARY 


While many investors’ eyes have been fixed 
firmly on Wall Street, we have also been taking a 
look down tinder. 

We believe that Australia could be the next 
centre of attention. 

The land and sea are yielding new strikes of 
copper, silver, zinc, diamonds, oil and gas. 

The country is rich in ■oramum.There is a 
well-established mining infrastructure, and the 
government is committed to the early exploitation 
of all natural resources. Furthermore it is 
encouraging investment from, overseas. 

So even if the ripples from America’s recovery 
are not immediately felt across the Pacific, a period 
of steady growth seems likely. 

Our Unicom Australia Trust zs well-placed to 
share in this growth. It is the largest unit trust 
specialising in Australia. 

The Trust’s aim is to obtain long term capital 
growth by investing in a spread of Australian, 
companies and some British companies with 
Australian interests. Mining and energy-related 
stocks make up the bulk of the portfolio. ^ 

Its performance this year mis pushed it into the 
Top Ten over 5 months in the Harmed Savings 
magazine rankings. 

So although, we’re not suggesting that America- 
has lost its attraction, we think that a stake in 
Australia could make a lot of sense at the moment. 

Yon should remember that the price of units 
and the income from them can go down as well as up. 

You should regard your investment as long term. 


HOWTO INVEST 

Y on can invest in Unicom Australia Trust 
with a lump sum of £2 50 or more. Or, if you wish 
to invest on a regular basis with tax relief, you can 
make a monthly payment from £1030. Please fill 
in the subscription form below. 

There are: two kinds of unit: 

Income Units: distributions are paid half yearly 
on 1st February and 1st August after tax at the 
basic rate. 

Accumulation Units: the after-tax income 
attributed to these units is automatically retained 
within the Trust to increase their value.There is no 
initial service charge when income is re-invested 
this way; it accordingly provides an economical 
method of investing.The price difference reflects 
the accumulated income. 

The offer prices, which can change daily, were 
762p per accumulation unit and 60.1p XD per 
income unit on 23rd June, 1978 with'an estimated 
gross yield of 1.68% . First payment to new investors 
in income units will be 1st February 1979. 

Ibices and ykldappcardailyiii tie FmanoalTimcs and otker 
national newspapers-TIte offer prices inchidcthe initial management: 
. charge of5% and there is 2 half-yearly charge of3/16% .plus VAT. 
Commission at 11% is paid to authorised agents, but not inrtspect 
ofBardaycardpnrriiascs. You qmsdl back units on any business 
day at the bid price ruling when your instructions arrive. Payment 
\riHnonnnllybemadcwiihmscven.daysofreceiptoftiie • 
renounced certificates. 

Alanagcrs: Barclays Unicorn Limited, Member of the Unit 
Trust Assoaation.Trus tee : Royal Exchange Assurance. 


BARCLAYS UNICORN AUSTRALIA TRUST. 


To:Barday3 Unicom Iinntrd 3 g2RamlflrdRoad 3 l J ond(mE7 9JB. 

Surname (Mr_, Mrs. or Miss) ' I ' B oreuanje saai b ll — . - ■ — - — 

(Block capitals please) ... 

Add ress ■ - — — — , — : 

Lump Sum Investment I/Wesrish to invest r to wimmg faririi.wntg ^ ffn »imir«inF Ummni Ans tnliaTmBE 

(Mmaoan £250) 1*> 1 andendoseadjequefbrtinsairxnnir. 

*2>dc tosahxh£t2er~xi!trt c pp}i&ibl2. 

Tfyoum&upurdin&tiimtontsthviGhymBardtycardaaountiletae 1 ” 

fll myour Bordoyoird number here, •— 1 _ ■ I- • 

I/Wetradcrstand that units will behoughribr dk/is af tieoffcT price ruEngoa dayofrecctpt of this appEcaij‘an.y?o , wra2»i?7« 
shooing the ntonber of units purchased aiUbesau lowu- Caiifie au s ^ lbepoMudiatlBanxmektJlfWc declare that I am/we are not 


Cihcr authorised depositary 


trarior/j it sJwxbi be dieted and fonn lodged tlirovgkyaiir bj&.tUKXbmktT or ary 

apfHcasioKaU»mstsign.TMs offer is not actnlablc to resident 0 ) the Republic of Ireland. 


FT240STA 


BARCLAYS UNICORN GROUP 


Regalar investment with Life Assurance and Tax R efiefl 
If you want details of the Barclays Life Assured. Savings j 1 
Plan, investing from £10.50 per month, please tick here | ( 

Resist wjd nffi.-A- At i -rttnhjnl Snocfrl RGtP -satt. fa England u n , ^ holding comoanj Barclays Bank Limited. 






s 



... . JD^ns le .^i ^ 
side Montf 




| n_ {^ e^he art of .;M pfTter Ga . ? n nc i p a I i ty£:' ^ i 

* %,';'i^ otMo iraco consl ructoffo^ft^ ^ e y.£ f , Gpment^ ^ 

# a i"2-W . t uxu ry.'apa rtnve nt a r.e taf n a m e/’ P a r kP ab cej- 

rgg&g*.; 

rfc^g »£sw (iri^«yrar^^ ®* o P s - : ' ---?^ - ■? 

v, 

“Hampton? 


Unglo rfcS t ro el<Hi f 7 i 
fe^^^^sr i el?(n) , i<»3.Wi.Z2>;%^t 


TRURO CITY— CORNWALL 


8.52 Acres (approx.) Residential Building Land 

with Planning Permission for 27 Units 

Prime position with easy access to City centre, schools and 
public transport and bordering o| on eountiyMd* 

A unique opportunity for development in this important 
tourist and commercial centre 

FOR SALE BY AUCTION 
Friday 15 th September 197 S 

("Unless sold privately previously) 


AuclioBeerfl: 



Mansicn House. Princes Si.. Truru XK1 -K*- Tel: lOUi-l 4.111 

Solicitors: 

Nalrter &: Son 

T Pvdar Street. Truro TR1 2 AT - Tel: (0S72) 6101 


^ King & €fo@sesi*©re 


WESY SUSSEX 

PATMANS FARM 

COOLH4M. NcAH HORSHAM 
In the Wee Id of Suite * 
in unspoilt eountr/tide 

LATE REGENCY FARMHOUSE 

with 6 beds. S reeep. sufi flat. 

pair 01 modem totugei. 

Erisnsve Building] and Stabling 
AEOUT I CO.'* 3 ACRES 

AUCTION— AUGUST 2nd 

Oetniii: 

FARMS DE?T.. PI' LBO ROUGH 
(079^3 208U 


ZU&gEr 

on the outskirts of Dorfclnp 
SPACIOUS FAMILY HOUSE 
WITH NEARLY 13 ACRES 


Un:?oii: F autism. well 19'luded, 
glorious view:. Hall. 2 retep. 5 beds. 
2 bathi. kitchen, morning room. 

Oil e.h. 2 E<rajci. garden, orchard. 
r;4dj:-j and woodland. 


FOR SALE FREEHOLD 


Detoils: 

Horsham O/Kce (0403 64441) 


4700 acres 

(approx. 1.9CQ hectares) 

in west central wheathelt area 160 miles East of Perth. 
Subject to short-term lease to Velcourc Farmers Ptjr Limited. 
For full information apply to: 

I. L B. SMEE & CO. 

Chartered Surveyor* 

The Estate Office. Wingfield. Trowbridge. Wiltshire 
Telephone Trowbridge (022 14) 3124 


Herefordshire/vVorcesterehire/Snropshire 

Borders 


Within iMsy r*ai-h nr rh* marl-r luun-s or Tvnhury v>lk. Lii'ilnu- and L'-ominsicr 
515 M.HJES I IN FIVE LOTS) OF 
EXCELLENT PASTURE AND ARABLE LAND 
oil iiHered with 

Vaunt Possession upon compleiiun of purOiar.i.- 
FQR SALE BY AUCTION 
Snbl«.t lo Co wilt loos and :o prior sale 
IN FIVE LOTS. viz. :.i. 130. L4P, 47 nnd 14b jiivs 
\t tn*? Portrullls Half. Ludlow 
ON MONDAY. HUl JULY. J975 AT 3 P.m. 


Auctioneers: 

McCartney, morris & barker 

LUDLOW. Tel. 2251. 

V.-nrtiwV Snlieiiers: Bristows.. Cook- & Carpmael. 
m l.im-uln's Inn Fields. London. W.U.2. Tel. 0l-:c 04V!. 


If you wish to buy — sell — rent or have 

REAL ESTATE 

managed m the 


PRINCIPALITY OF MONACO 


Write to: 


A G E D I 

26 bis Bd. Princess Charlorte. Monte-Carl; 


Principality of Monaco 
Tel. 193) 50 66 00— Telex 479 417 MC 


Documentation sent free on request 


i WALTON-ON-THAMES — BURWOOD PARK 

i SURREY 

I Individually designed Ranch 5tylc Home, only 5 yean old. set in Surrey - ! 

premier 3£Q At'* Private Park. 

6 GMfrO'?ms. 3 Bathrooms. 24ft x IS fc Lounge. Dining Room. Study. 24ft 
Wrighton Kitchen. Playroom. Utility Room. Sun Balcony 2 Car Garage. Full 
Gas Fired Central Heating. Largo Heated Pool pin! Changing Rooms. Half 
Acre South Backing Landscaped Grounds with feature ornamental Japanese 
style Terrace 

PRICE £125,000 FREEHOLD 



Sole Agents. 

2A. Bridge Strcer. 
Walton-on-Thames. Surrey. 

Tel: Walion-on-Tham« 24196. 


FRANCE 
FOR SALE 


CHATEAU 


DE LA BROUSSE 


DOURDAN (ESSONNE 91) 
50 km South of Paris 


A SUPERS 

19th CENTURY PROPERTY 

17 fully furnished roams 
in excellent condition 


FRANCE 

COTE D’AZUR 


C AGNES SL R MER 
DOMAIN E DU BAUD 


The castle includes a basement 
and four storeys extending in 
all to 1.082 sq.m. 

7-room staff house. 
Outbuildings, stables, tennis 
court, swimming pools, 
park of 6 hectares in enclosed 
grounds of 9 hectares. 
PRICE: FRS. 6,500,000 


Write to: 

Mme Thobois 
96, avenue de Suffren 
75015 - PARIS 
Tel: 78359.70 


Small blocks of Hats in beauti- 
ful park with swimming pool 
— Tennis court — Bov/ling area 
— etc. . . - Siudio-Hats — ihree- 
room flats— equipped kitchens 
. . . Some Hals already 

available, 
information from: 

CEUI 

6, avenue ties Phoceens 
06300 Nice. France 
Tel: l AS) 50.07.22 




■CopeWenbor (IS km from Antwerp) 

LUXURIOUS MODERN VILLA 
Spacious private apartments, 
assembly room. staff-lodge, 
guest-rooms play or working 
space, sauna, tennis, swimming 
pool, garage. Splendidly laid-out 
garden with ponds. The situa- 
tion and outline ensure a strict 
privacy. 

Details from: 

M IMMO E 3" 
Tumhoutscbaan 254 
B-2230 SCHILDE 
T«l. (9 aun.-l pan.); 

(31) 83 16 08 or (31) 13 52 62 



BY JOE RENNISON 

MORE EVIDENCE from the 
regions that chat horrible thins 
“boom” is fading from the 
scene. A couple of weeks ago 
I said I hoped never to men- 
tion the word “ boom " in this 
column again for a long time, 
hut that is only when it is 
being injudiciously forecast, 
not when it needs to be 
knocked down. 

Commonsense has prevailed 
in the local property market— 
despite the well-publicised 
.shortage of houses to sell, say 
Bristol-based chartered sur- 
veyors and estate agents. 
Alonzo Dawes apd Hoddoll in 
a mid-year comment on the 
housing market. 

Ho use buyers have not bid up 
prices to unrealistic levels, they 
say. *• House prices, which had 
fallen behind the rise in earn- 
ings, have now, to some extent, 
caught up but fears that this 
readjustment would spill over 
into a massive prices boom 
have, thankfully, not material- 
ised. The current ‘mini bnnm ’ 
is running out of steam and ” 
the agents continue “ there is 
a very real prospect nf a modest 
buyers’ market later in the year, 
with houses more difficult to 
sell and house-hunters having 
a wider choice. 

“ People have clearly learned 
the lesson of the 1973 boom.'’ 
says Mr. David Mewes, partner 
in" charge of the firm's residen- 
tial department, “and there 
have been surprisingly few 
cases of * gazumping'.'* 

Individual price rises have 
fluctuated widely, say the 

agents, bur many house prices 
have risen by about 10-15 per 
cent in Bristol and the county 
of Avon in the first half of 
197S — very much lower than 
some of the wild predictions 
being made at the beginning of 

the ’year. 

Even so, they add. prices, 
have risen more quickly than 
at any time in the past four 
years and the increase could 
average 15 per cent or so during 
the full year, or about three 
times the annual rise in recent 
years. 

Alonzo Dawes and Hoddeil 
give two main reasons why the 
current situation has not 
developed into a runaway hoom. 
People no longer have the blind 
faith in continually rising pro- 
perty values which caused so 
much distress when the 1973- 
1974 bubble burst Secondly, 


the cutback in building society 
lending, partly due to govern- 
ment pressure and partly to a 
fail in investment inflow, has 
helped to ease the pressure. So 
it is essentially a combination 
of caution, mortgage difficulties 
and uncertainty about future 
treads. 

As a final thought the agents 
point to an interesting relation- 
ship between inflation and the 
level of house prices. “ It used 
to be the conventional wisdom 
that property was the ideal 
hedge against inflation. This 
remains true, of course, 
in the long term, but 
over the past few years house 
values have dramatically failed 
to keep up with the general rise 
in prices — as the house building 
industry knows all too well. 

“Now that the inflation rate 
has fallen, house prices are 
recovering from the doldrums. 
We doubt if this is a temporary 
phenomenon, and if the inflation 
rate rises again this year, we 
expect house price increases to 
slacken and again fall behind 
the rise in other costs." 

From London a similar senti- 
ment is expressed by Gross Fine 
and Krieger Chalfen about the 
end of the boom plus some 
interesting comments on the 
mortgage rate and whar could 
be done to help existing and 
future owners. 

The recent announcement of 
the increase in mortgage rate to 
95 per cent has in their opinion 
been given too much stress, 
particularly when it is borne in 
mind that the new interest 
charge to borowers only exceeds 
by { per cent the level of the 
last two months of 1977. a 
period of considerable activity, 
and during that time, the ruling 
rate was well below the 
remainder of that year and still 
vastly down on the 121 per cent 
from November, 1976, to April. 
1977. 

What has been totally ignored 
they think is an effective and 
practical package to contain 
future price rises following the 
plateau presently reached after 
the rapid spiral of home prices 
over tiie past 18 months — not 
just luxury properties in 
Mayfair, Knightsbridge and 
Hampstead. 

The total lack of official 
action in a positive manner 
apart from negative steps, such 
as the ill-conceived corset on 
building society lending, to 
stem and contain future prices 
and at the same time to 
re-energise the residential 


mmm 


wi: 


& ; -:>S 




St&Mi’S ■■ ‘■ AM 



r 


*1 wm 


^You know that hymn about- the rich man in his castle, tb 
poor man at his gate (incidentally I'm surprised the TUI 
has not complained to the Church of England about ife 
continued use of this, particularly the bit about God ■ inad ; 
them high and lowly and ordered their estate) well it strike 
me looking at the above two properties that the rich man ba 
now both his castle and the poor man's gate. Botb the abov« 
built for the poor man will no doubt be picked up by the rid 
(sailor) man wanting to get away from his castle at th 


; . c - weekend. They are. not fag m 
L \ ;^/the Solent On the. left is No. < 


ig fceccatf V 


:; ::. Sff ers of between £17,000 and ^niWaUls, _ 
-Romsey. The other Is No: Lower 

Woodslde, Lynungtoit Itis Bcimg Sbld^^ia>_ kUtliig tenants * 
in Mni. Himu «gfemS. NmT 


development market and poured into central London 
refurbishment of existing stock subsequently overspilled 
is quite unbelievable. Par- the suburbs. Thus, the hi^ 
ticularly when ready measures paid professional person, eki 
arc to hand, such as the follow- technician and company dire 
in cr ^ey suggest. will very often now vie for 


bdijprices. have been nnllifl^ her , 

ltd' cause of the intensified 


thev suggest. wiu very onen now vie mL-sao^incorpararcu auucu mj. ^ uences; over.. xoa^uui*.*- 

Their proposals include irame- same range of property ^'knd Auctioneer into; tie" 
diate depreciation allowances un people from middle mana|e^qf the Housing Market tha^ : tixe;.^Goyehi- 

new residential buildings — after meat and smaller- tradesn®o23L 7 

ail, ihev emst now on industrial etc. and so on down the- Hug: ; The returns, covering “.the ^ so ^ety!lending.WH)uTd^Brip'idown 
property and indeed to promote Until this bottleneck is uncorlred- period from Mw:ch=l;tp Mayr3I.-pdces;;lhfl; T incf9kS!es i: haye been 
hotel development in the early by removing the mortgage Iifffe were completed^ ; 
1970's actual money grants were tation totally, relief of pressures, Agents from all over the coim- “ th^ -fliwrest^.Didies - ranse 
given; tax allowances to house nn ali available property in ttifc try. Once again, there is a stgnl--^^. . 'r-y ^i^pL : -"aVeracp 
owners and long leasehold flat £20.000 to £50.000 is an Jm^flcant fall in the^ ■ ' ^ • J!r^ e ' 
occupiers for major repairs and possibility. y;-!. -.houses on estate agents^, ^pokSi. ^ win t 0 " 

renewal of essential plant and Slightly more bullish; The figure is 12.2 

machinery such as lifts and haps because of delays in prqr -(against a massive 34 per cent V 3 ■ p , 

boilers plus omission of VAT on duction) is the latest survey of fail i u the last Quarter! but.^ ran'™ 
service charge items. What great the Incorporated Society ^again, many sraaHer 

news this would be to tenants Valuers and Auctioneers. NeYfir* expressed “serious concrtn"?' ^at^ ' thl 

of blocks faced with ever in- theless the bulc feelin* it tfe*t the low number al . new. ^ 

creasing annual communal .out- it is al! over. ' ^ tost ructions. -> 

soingx and also to the owners The Government’s actionem. Figures from . individual 

wanting to carry out essential restraining the lending of bull'd^ agents again serve tB>nderMi»e:25S'-*SSS£?l22L ( I 0, !JiI 
works as yet unfunded with ing societies may have inhibited: the national trend. A London . .; - was 

capital resources. would-be buyers during recent agent reports a decline from^ -I80i^.. per J” 

Finally, the relaxation of the weeks, but it has had liftlft.br bouses during the last quarter:' 4 s nalght -pe^e^^ctea, in 

limit on tax allowance against no effect on prices. and. from Newbury, an aeedt 

interest charges on mortgages One effect is that housing reports only 17 houses on thft- “OJ® 6 ., p 5‘^ s 

about £25.000 brought into effect “stock" has been diminish^ books against 170 at the same gefter ^*^ : - a i? ass,v 5 Vj pe f • 

in the 1974 Finance Bill. Not still further and buy /sell chains j ast year . : cent qf/the^agwite qdestianed 

only is this hopelessly out of have broken down because mort- ' itMe kva 


answered 


oniy is injs nopeieesiy out ai na»e oruxen aawn ueraubc inure kua IT.. ■*.. r ■ ■ • -v -* . 

date to compensate for doubled gages have not been readily . A * ,n previous ISVA smrey^ Of tfae mmority of agents who 
. m. . . a* . . 0 • • * 1 . «** • . thn nniKinP msrkPt WAS .stUalCfl tivif nnmh utoro nnut 


values. They say the effect has available. 7 V.. 

been that many British pur- Buyers who had considered 


readily m ateiumpni} oi.t^cuu wnu 

7 : the housing market was studied reported that, prices were now 
idered * n four different sectors: -. ' .. ‘^ static” fflo^ seemed to regard 


• : 


TY 


• ■> .V -.t-. ■ - 


II It 



r. / ; * » av** m * *v*«r#* * - - 

Lands- Estate Agents Surveyors Auctioneers &• Valuers. | 


.iPay \ 

Valuers •' -I Hw 


On instructions from Swain Estates Ltd. 


DERBYSHIRE/NOTTINGHAMSHIRE BORDER- 


NEAR RIPLEY 1.355 ACRES 

Derby, Nottingham and Mansfield within 12 miles. Ml 11 miles, 
mostly on duut carriageway 


AN AGRICULTURAL ESTATE WITH VARIED AND UNUSUAL POTENTIAL 


THE BUTTER LEY PARK ESTATE 
abuut 1355 acres 54S Ha. 

2 superbly equipped dairy farms with vacant possession — ahout 65S acres. 

2 further areas of agricultural land with vacant possession — ahout 122 acres. 

A fully laid out Golf Course with impressive new clubhouse facilities with vacant 

possession — about 110 acres. 

One let farm of 290 acres plus woodland producing £7.3R0 p.a. 

Three further areas of let land about 129 acres, producing about £2,200 p.a. 
Two cottages with vacant possession. 

Two cottages subject 10 tenancies. 

Amenity woodland. 

For sale by private treaty as a whole or in Lots prior 10 Auction in Anlupirt, 
Loughborough Office: Rectory Place, Loughborough LEU 1VK. Telephone: (Uaus) 2u^tHi 


By Order of the Trustees 

SUFFOLK/ESSEX BORDER 


524 ACRES 


THE DYNES HALL ESTATE, ESSEX, 

ONE OF THE FINEST RESIDENTIAL, AGRICULTURAL AND SPORilN G-I eSTATE j. ' - 
IN EAST ANGLIA. . . . ..'.V l.' ’ . . 


Superb William and Mary house in an exceptional undulating parkland setting.' 4 elegant , 
reception rooms, 5 principal bedrooms, secondary bedrooms, 2 fiats and stkff Cottege. - 
Beautiful gardens, lakes, 5S ft. swimming pool with luxitrious pool .house 4tnd/Sauna 
complex. 

Excellent mixed vacant possession farm of 320 acres with faqit buildings. 

Farm Manager's house and 6 cottages. ExcepLionai sportfiig based on weU sited woodlands. 
394 acres wilh vacant possession; 130 acres let producing £2,l^ft pf ^nimm. -'-;y ^ 

FOR SALE BY PRIVATE TREATY, AS A WHOLE OR IN EOTS.'' 

5AVILL5, 136 London Road, Chelmsford. Tel: (0245 ) 693 FI and London Office. . r- ^ 

Tel: 01-499 8644. ' ' ' - ; ' ;• " y - - ' ■ " r ~ \ ' -* 

Solicitors: Messrs. Forsyte & Kerman, 79, New Cavendish Street, London W1M SAQr f • 

Tel: 01-o37 iSfib. . " ‘ ‘ ! ' ' 


LONDON-W1Y6BL 


01-499 9671 


. . .BuftorirOrt-Trtnt/EtcTriHolkCoCighboro'Cj^lT:/ 

28729 | Rom» bury andShreWlbury.^^ \ ^ 


JOHN D. WOOD 


HERTFORDSHIRE 

Between St. Albatis and HarpeTideu. London 23 miles 
THE CHILD WICK BURY ESTATE 


A Valuable Residential. Agricultural and Sparling Estate 

THE MANOR HOUSE— MAINLY lSlh CENTURY 
. A Country House of Considerable Distinction and Importance ., 
i: Reception Rooms, lb Bird and Dressing Rooms. 11 Starr Sidr^ms. 
!0 Ealhroonis. 1 m macula 1 1: TiAibcrcd Grounds. Walled Garden, 
Courtyard with Garaging and Klal. Estate Office. Vioiorun Diary 
House tvlih about 19 Acres. 

rw<j COACH HOUSE COTTAGES AND MAGMKICEXT STABLE 
YARD WITH PADDOCK AND WOODLAND— 18 Acr-4 


CHEAPSIDE AND SHAFFORD FARMS 


Two Well Equipped Com and Slock Farms with about 734 Arm 
I4<: Aerus of Timbered Parkland. 37 Acii-a of Railed Parldn. k j in 
il Lot* and 104 Acres of Woodland unit Valuable Cunmu-relal 
Timber, in 5 Lou. 

Also as separate Lots 

1 * Attractive Hansvs and Cntiag.-s some wilh Paddocks. O 14 Min 
amt o:fi<r Buildings fvr conversion. Stud Buildloiu. Luo«m Boxes. 
PtK'.aUaJ Riding Scbaol. Fishing In River Vc r and aiui Race. 


TOTAL 1,100 ACRES 


WITH VACANT POSSESSION icxcepi 1 lei Collages! 

For 5ata by Asctlon unless sold privately In 50 Lots on the 
14th July, 19T8, at SL Albans. 

Apply 23 Berkeley Sqnara, London. WJ. Bt-H) WS0 (Ref. DCM1 
or U High Street. Harpendon, 058Z7 64343 


EXCEPTIONALLY 
WELL-LOCATED 
Facing “ Boia de Boulogne ' 


Panoramic view of 


PARIS 


On top floors of luxury 
building surrounded by 
gardens 


FOR SALE 
ONE FLAT 


3 larce reception-rooms 
4 bedrooms 


Terrace-garden 
250 sq.m, with 
swimming pool 


COMFORT AND DECOR 
OF A HIGH CLASS 
Staff flat— 34 car garage 




PRIVATE OCEAN. SINGLE-FAMILY CONDOMINIUM HOMES FOR SALE 

Located directly on the beach and intra-coastal, in the most pfestig ioO spires', on the 
Honda Gold Coast Luxury 2 storey single family 2 or 3 bedroom, with 3 baths, private 
yartlo ana prages, wun occupancy in TS at introductory prices from £70,000 with m'ort- 
gawes available. These units offer future capita! appreciation antT.-Wc assist- In 
off-season renting. For brochures, information telephone the President with- more than' 
20 years experience of building many thousands of homes.- Charles Watson. London 
01-235 8050 or write: ^ ■ 


Peel Properties Hillsboro Beach and Yacht Villas- Inc. 

1194 North Ocean Blvd., Hillsboro Beach 35062 Fla. U.SJY. 


NEW YORK 


55 STREET 
OFF FIFTH AVENUE 
3.1 rooms, sauna, F&F 
air conditioning, central 
heating, high ceilings. 
Sale $576,600. Rent S90Q. 
Write 27 West 55th 
Street, Apt. S4, NYC 
10019. Tel: 212-246-2755. 


FARM 

“INVESTMENT” PROPERTY 


250 acres Prime Arable Farm- 
Excellent house and buildings. 
West Midlands. Distinct Plan- 
ning Prospects, For Sale free- 
hold f vacant possession) strictly 
subject to Vendor being retained 
as concractor/managcr. Top 
management / service assured. 
£550.000 Region. Write Box 
T.4908. Financial Times- 10, 
Cannon 5creec. EC4P 4BY. 


Enquiries to: 
Madame Gay 
14 bis, rue Raynouard 
75016 -PARIS -FRANCE 
Tel: 524.61.40 


TWO DETACHED HOUSES — EZ2.500. 
£28.500. WeMterleioi' Rd . rate. Nr 
Bristol. Avon New Houses Wid-war. 
Nr. Bristol. A*on. Tel. BittO" 5004. 
ISU OF MAN — Bungalow in jaoion. 2 
acres. Slumo Rm.. Brcatlasr 8m.. Sun 
Parlour. 3 Bedrooms. Bathroom. Kit- 
cN«nette. Mature Garden. Fruit Trees, 
etc. For sale br auction bv Chrwtai 
Bros.. Stottkcrruish. Rmse* iOOI«J 
812236. on £01 h Julr. >97 q * 

NEAR MARBELLA. SPAIN— ■• acn’ Plots 
in mgh-class properrv. S9.0O0. T«nw 
available. Contact aqenl: Boirihm. Wert- 
bury 10373) 82-2402. 


2 BEDROOM luxury FIF flat to let at The • 
Brndway. fashionable Woodford Green, 
dose to Underground. £65 r.w. Tel- 
01-449 3GS5. ; 

FOR SALE — 5-beoroomed house Beigrama. 
10 1- sear lease. £3.000 pai. Comoany- 
owitcd lease lor bale £75.000. Con- 
tact 01-235 3477. 

INVESTMENT. Excellent 364-acre Exmoor 
Farm tor sale on lease-back oasis at 
£ 120.000 with a rent al £3.000 pa. 
Excellent house, buildings, land anp : 
tenant. Aqcuts Price. Oqocn & Stubos 
T9. Boufport Street. Barnstaple (Tel t 
Nos a I83/9i. 

SERVICE APARTMENTS. The Ivgry Houle , 
a socciat London apartment In exeiusi-e . 
Venetian setting, Beautiiuii* (umishcn I 
and serviced. Available Irom J to 12 
wceM. From E.250 o w. Telephone 4B8 
2aoo 

HA3L5HAM. SUSSEX. A unioue OPDOrtunitv 
to acuuire A lirniry Dctacned House i 
with Mcatco Swimming Pool 5 Acre i 
Paddock. 2.400 so. ft. Warehouse haying 
nrear Business Potential E80.00O fih 
A pply to; Stiles Horton Ledger, in 
Giidrcdn- Road. Eastbourne. Sussex, 
Eastbourne 36244. 


RESIDENTIAL PROPERTY ADVERTISING 


Only £2.00 per line (minimum three lines) 
Ilcturfi this coupon with details of your property together 
with your cheque and publication win take plape .mwt 
Saturday. ' ' ‘ . '“ '* 3 . s f : ' 






CLASSIFIED .ADVERTISING. DEPARTMENT": 
FINANCIAL TIMES, 10 CANNON STREET, EC4P * 4B^. ' . 

■ " • • or telephone 01-24S SOGO. extr 390-. V J \ » 


4*0’! 


r *7- 












jfaandal Times Satnr3ay tune 24 1978 


motoring 




s turl>ochar ® d dieie ' ° r future. | t averages 72 miles to the gallon and the- doors still 

i * °l» n “Her a 40 m-pJi. head-on crash. 




BY STUART MARSHALL 

T dMm^f 8 * 5 ' 6 o few ^ ays ag0 - Tn 8 sbnu ^ ated like bedpans, which has always 
ease or using a steam-hammer 3 fl mnh SJ *% 


i -o* 1 *'*w uvupaiMi, nuiwu oinojo 

to crack a nut it 30 J nph hea d-on collision, the seemed to me a less than ideal 

airbag This passive t f^ rt,3SS wor ^ed well enough but form for something one is sup- 
SK- coffbi sSlfwnmp^™ i h ? Dalse was “» a ia - bore to see out of. 

MSiSrant a ™" beins fired in a teleP 1101 *® bo *> VW*s car for the 1980s (and 
“ evea five ^ ards away from the specifically for the American 
S^ui^tha^ 3 h^npn ^7 n 3 ?- car - Wijat j * would have been market of the SOs) could be 
fS^fcrSMmiriJi bC bke iDSide 0,e Golf defies mistaken for a standard Golf. 
lore^Sd nSSiSS P w imagination. “People are deaf or Rabbit as it is called in the 
Pp0rtUmsm for 3 couple of days afterwards U.S. But its structure has been 
S bl ! t its better 111311 ** 10 % dead," modified so that its occupants 
ni y ' t a ,5 U 7° u P 30 v car said the w test engineer. L -;m hope to walk away from a 
SSI* ill 1 i?J 1 a J c * rs hav ® No doubt. But better still is 40 mph head-on collision with 
. Jf he .. lap and the self-wrapping seat belt for a wall or a 30 mph crash into 
diagonal seat belt with auto- those who can’t be bothered to a tree. 

matI ® retraction has become clunk-click. VW have a system its turbo-supercharged 1.5 
°° us ‘°e a diagonal belt fastened litre diesel engine is basically 

cheapest cars. It is highly j 0 the door frame instead of the the same as the normal Golf 
effective. The Transport and body pillar. It folds around you diesel but it produces 20 per 
Road Research Laboratory an- as you get in the car and an cent extra power with no more 
jj D anced last week that a sur- inertia reel tensions it properly, noise. It meets the U.S. exhaust 
_vey had revealed that if every There is no lap strap: a thick emission requirements for 
^ n « VC j 311 d front passenger plastic foam pad on the fascia several years ahead, drives 
: belted up. more • than 12,000 protects the knees. through a five-speed gearbox 

people would be saved from it meets all the regulations with a very high top gear and 
death, disfigurement or serious and is fitted to Golfs exported gives an astonishing 72 miles 
injury each year. Which makes to the U.S. In Germany, it has per imperial gallon. Accelera- 
nt 3ll the more absurd that beeu a standard option for tiun from WSO mph takes 13.5 
Britain is the only ma.ior Euro- several years at a price of seconds and the speedometer 
pean country not to make belt about £35. which is perhaps said a little over 80 mph in 
wearing compulsory. one-third of the amount an air- fourth gear as I came off the 

Saving car occupants from bag installation would add to steep banking at the end of the 
the- consequence of their own the cost of a car. A refinement rest circuit. 
folly in not wearing a belt is of the self-WTapping belt which Range per tankful is better 
what the airbag is all about. VW hope to hvae on the market than 600 miles. This is a car 
This rubberised nylon bag. one- day has a vacuum-powered «r the future with its feet 
stored, in the steering wheel sliding top anchorage. ' This firmly on the ground. 

-hub or fascia pocket, inflates — makes it even easier to get in The track I was driving on 
explodes would be a better the car and on closing the- door, was their little one. next door 
word-— when the car crashes, the anchorage moves round the to the huge VW plant. The 
and stops you going through frame and locks in place by main one is half an hour's drive 
the windscreen. European car your shoulder. away, within sight of the East 

makers are having in develop Self-wrapping seat belts were German border. There, the 
airbag systems for the models just one of the features of high speed circuit is 1-1 miles 
they plan to export to the U.S. VW’s car of the future I tried long and the 550 yards square 
just in case they do become on the factory test track. Most skid testing area is so smooth 
mandatory. "cars of the future" that are that in wet weather, the ducks . 

I saw a test at Volkswagen’s unveiled at motor shows are think it is a lake and get sore i >. • 
research centre at Wolfsburg road-hugging wedges shaped feet frying to land on it. 1«. 


Travels, troubles, and a wobbly win 


TORONTO, June 23. 
LAST WEEK-END was momen- 
tous for many professional 
golfers, mast notably Andy 
North and Nancy Lopez. But 
in the furore that surrounded 
North's wobbly winning of the 
U.S. Open Championship and 
Miss Lopez’s fifth consecutive 
victory on the U.S. women’s 
tour — her seventh in all in a 
rookie year that has surpassed 
ail records— Jack Newton's 
own particular triumph was 
hidden away in the results sec- 
tion of most of the newspapers 
throughout this continent. 

It may, therefore, have 
escaped your notice that the 
28-year-old Australian won the 
$100,000 Buick - Goodwrencb 
Open at Warwick Hills Country 
Club, Grand Blanc, Michigan — 
first prize was $20,000 — at the 
first hole of a sudden death 
play-off against Mike Sullivan, a 
second-year professional from 
Ocala. Florida. But when 
Newton failed to hole a birdie 
putt of 15 feet for outright 
victory on the 18th green, his 
heart must have dropped to his 
boots. For Jack is most re- 
nowned. if that is the correct 
way to describe the loser, for 
his narrow defeat by one stroke 
over 18 holes. 72-71. at the 
hands of Tom Watson in the 
1975 Open Championship, after 
the pair had tied at Carnoustie 
at nine-under-par 279. 

One sensed on that fateful 
Sunday that the winner would 


go on to greater things, and 
that the swashbuckling Aus- 
tralian. having twice failed to 
grasp outrighr his opportunity, 
might never, get such a chance 
again in a major event Those 
who forecast such an even- 
tuality, and. there were many 
besides myself, were almost 
sickeningly correct 

Newton accomplished little 
else of note that year, and, alter 
two early victories in Zambia 
in 1970, was beset by physical 
problems and fared even worse. 
Eventually he returned to his 
native country in despair, but 
in October won the New South 
Wales Open at Royal Sydney 
by ten shots with a steel-plate 
in one shoe to correct what a 
local osteopath believed to be 
a displaced or crooked pelvis. 

Since Newton bad been diag- 
nosed in England as having a 
foot ailment, and been operated 
on unsuccess fully for that, he 
was by now thoroughly con- 
fused. But his magnificent 19- 
under-par total of 269. includ- 
ing a worst round of 68 — I was 
happy to have witnessed it all 
being compiled — was described 
as the best golf ever played in 
the state. 

Jolly Jack won his player’s 
card in a December, 1976, at 
Brownsville. Texas, alongside 
bis now more famous country- 
man. Graham Marsh. Eut while 
the latter won $107,765 in 1977 
for 22nd place on the U.S. 
money list and was named 


rookie of the year, Newton 
hastened towards oblivion, 
finishing 156th on the same list, 
with winnings of $8,519. 

In Britain and Europe, New- 
ton was placed 124th and won 
only £693.67. In Australia last 
winter he faltered in the clos- 
ing stages to allow Bob 
Shearer, his good friend and 
travelling companion, to win 
the Colgate Champion of Cham, 
pious tournament in Melbourne. 
It seemed that Newton, once 


GOLF 


BEN WRIGHT 


regarded as the most gifted 
young golfer outside the U.S., 
was to become one of the 
game’s many tragically fallen 
idols. 

His early results in 1978 did 
nothing to alter that impres- 
sion. Newton made $400 at 
Inverrary. tying for 67th. took 
away $3,400 for a 14tb-place 
tie in New Orleans, and $570 
for a share of 45th at Atlanta 
oo the three occasions be has 
survived a 36-holes cut. Now 
the whole picture has changed. 

Newton gets a year’s exemp- 
tion from the dreaded Monday 
qualifying, a place in next 
year's Masters’ at Augusta and 
the Tournament of Champions 
iD California, among other in- 


estimable perks. Perhaps most 
important of all, his financial 
worries, coinciding with the 
fact that his lovely . English 
wife, Jackie, is expecting their 
first child, have receded con- 
siderably, at least for the 
moment. It was indeed a 
momentous week-end for the 
Newtons. 

If this ever-popular Austra- 
lian was once almost a tragic 
figure, then Johnny MiUer is 
definitely now deep Into that 
category. Miller was thoroughly 
outclassed alongside, playing 
partners Hale Irwin (69) and 
Gary Player (711 at Cherry 
Hills Country Club, Denver, in 
last Thursday’s U.S. Open first 
round, when he took- 78 shots. 
But Miller for once fought back 
with 69 oo Friday, and with 68 
he equalled the best round of 
the championship on Saturday 
to get baric into contention. 

lake so many others, he faded 
away on Sunday’s gusty wind 
to a 74 and a tie for sixth place. 
So he came to this week’s 
Canadian 0;vn here at Glen 
Abbey at last full of hope, only 
to hurt bis back again, while 
playing in a pro-am en route in 
Iowa. Miller pulled out of the 
event on Wednesday, as did his 
stablemate, Seve Ballesteros, 
who pleaded exhaustion after 
playing in 12 events in 13 weeks. 
Tell that to Gary Player, Seve, 
who is playing for the 16th 
week in succession. And Gary 
must have been much more 


shattered by the worst putting 
display I have ever seen from 
him, as he slumped to a 77’ on 
Sunday — the same final round 
score as the young Spaniard. 

As for Jack Nicklaus, he once 
again failed to stamp his impres- 
sion on the event. And my 
prophecy, expressed some time 
ago, which was met with wide- 
spread ridicule, that the great 
man may never win another 
major championship is begin- 
ning to look too accurate for 
anyone’s peace oE mind, most 
’of .all that of Nicklaus himself. 

Completely forgotten, how- 
ever, while North and Lopez 
were stealing the headlines, and 
the failures of Miller, Player, 
Ballesteros, Nicklaus and others 
were being examined in similar 
detail, was the performance of 
the baby-faced, tiny Texan, John 
Mahaffey, in the Buick event. 

Mahaffey was beaten for the 
U.S. Open title in a play-off by 
Lou Graham in 1973. and hy 
Jerry Pate’s wonder shot to tlie 
last green in 1975. His earnings 
of $141,171 in that year were 
halved in 1976 and decimated, 
mainly by injury, to $9,847 last 
year. Last weekend Mahaffey 
picked up $1,600 for a share of 
14th place, while North was 
taking the title for which little 
John w as not even able to 
compete. But for Mahaffey it 
was also a momentous weekend. 
He is on his way back, and it 
could not happen to a nicer 
man. 












*.7* 


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Saturdays 
motoring page 



IT'S FOR PEOPLE IN A HURRY- 
SO WHY WAIT? _______ 


. T; New cars, road tests, 

'maintenance-checks, 

byStuart Marshall - every 
...Saturday. 

Contact Simon Hlcta tat me 

Tel: 01-248 51 1.5 


FINANCIAL TIMES 

^■gSBS&w» 


master, had a winning position gwjipjy when a draw would have 
before losing bis final game with firs l pr !5* 

L^n. and that settled first VSJlJ SSl!!: 

* Lftadinw scores were Sax Opening: Sicilian Defence. 
Cb£S& and 1^P^B4;2N-KB3 P-Q3: 

l*US5R> 10} out of 15. Olafsson 3 F-Q4 PxP: 4 NxP. N-KB3; 
(Iceland) 10. Miles and Stean 2 p'^S’ Rar'S 

(both England) 91, IVesterinen 7 P-KN4, P-KR3, 8 Q-Bo, QN-Q2 
(Finland) and Larsen (Den- <more solid is N-P->>: 9 Q-R:;. 
iruSS 9. Mariotti (Italy) and JJ-B4: 10 P-B3, P-K4; 11 N-N3 
Csom (Hungary) SJ; and seven B-K3, U NxN. PxN, 13 Q-N.i. 
OthSs B-K2: 14 P-KR4, Q-R4; 15 QxP. 

The general view seems to be 0-0M3: 16 B-QB4! (good defence 
that this result was an unquali- Black's sacrifice of a pawn, to 
fied British success with both exploit White’s omission of cast- 
MLiles and Stean in the top six. linn, would be strong with both 
I find it hard to acree. bishops available for attack) 

True, Stean confirmed that he B-Q3; 17 BxB cb. K-Nl: 18 Q-B5. 
is a strong grandmaster and ,9 X *9*’ 

shared the best game prize with £*0^ • ribe losing move, better 
an elegant win against Sax; but ch l o keep White* Vtna 

Mile’s performance was no ip the cenirei; -1 fMl^ NxB: -- 
better than average for him and RxB ! R-KBi: _•> OxKAP F\. : 
both the English grandmasters 24 Q-K5, Rx.»: -5 QxR eh. 
were unable to consolidate wheo -6 Q-Q3, R-X6: _7 N-K-. N-B4 fa 
leading the tournament. blunder, but ElacV s attack has 

In this respect. Las Palmas faded): 28 NxR. Resigns. 


ART GALLERJgS 


Hi 


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. WATER 
CHARLES 
ontu acts 

feowBOTH A* -1 l- 

ju«- 5? KB* sawr - 




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10-S. 



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CHESS 


LEONARD BARDEN 


& 


LAST MONTH'S annual inter- 

Jw» Saw mJmZZ 


partial explanation, but a deeper 
one is mental resilience. 

By this yardstick, the really 
impressive performance at I.as 
Palmas was the Russian Tuk- 
makov’s. He c ame to the Canary 
Islands direct from the U.S.S.R. 
zonal at Lvov where he missed 
qualifying for the interzonal by 
half a point. 

Few could maintain 


jTv.* 

? ..... 
jdr «. R*’ • f. 

Trio of headliners (left to right): Wade, Borg, Evert. Miss Wade to>s always disliked playing in front of a heme crowd, and at last the 


If *'';* ■■ ■; ■ _ .. . 

^ —'.J* 


a fluctuating battle for first 
place between grandmasters 
from Western and 
Europe. At the end, the East . - 

finished narrowly in front: . . . . 

Olafsson. the Icelandic grand- ™ uch . wl V % ji n ’ . =n 5. iS 


meat after such a setback, but 
‘■pTZiZtl Tukmakov was unbeaten at Las 
* Palmas rill (he decisive final 

There he showed too 


was an echo of Lone Pine a few 
1 weeks earlier. There, Stean lost 
his last two games when well 
placed, while Mestel, requiring 
one and a half points out of four 
for the grandmaster title, could 
only make one. 

A few years ago the Czech 
grandmaster Hort commented 
that English players lacked both 
the stamina and a sufficient stock 
of creative Ideas for success in 
long tournament 
Tills factor was very notice- 
table in the Hastings congresses 
in the early 1970s and in the 
world team championship where 
England several times failed in 
the final round of the qualifying 
competition. 

There has been an improve- 


POSITION No. 221 


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Polvin 


v Krejchik. Vienna 

menTslnce? and Mill’s brilliant 1954. BUck (to move i is two 
ran of victories in the second pawns down a ”f Ebrea T J. e H d J* t ^ 
half of 1977 shows that be, at N-BS ch followed by N-Q7 ch or 
[least, has the competitive energy N-N6 ch winning his queen, 
to play for first place even in What should be play? 


in the strongest events 
'-Yet the general pattern re- 
mains that English players in 
major Internationals often do 
well but rarely win: Keene, Hart- 
ston and Stean have collected 
many second, third and. fourth 
prizes but few firsts. 

Y That even Miles is liable to 
Hort’s disease " was demon- 
strated in the second half of 
tile very strong Bugojpo tourna- 
ment where the British grand- 
master faded after being in the 
leading group earlier. 

Unfortunately, the present- 
day climate of international 
Sport gives little credit to fourth 
or fifth places. Even a bronze 
medallist .sometimes seems to 
have the stigma of a loser. 


PROBLEM No. 221 
BLACK (5 nan) 



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(£, 


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White mates in three moves, 
against any defence (by G. 


The younger Russians rarely ghories, Deutsche Schachzcitung 


show symptoms of ’ Horts Black's defensive choice 


disease and at Bugojno. the ^ ve jy limited, but this trappy 


most prestigious event so far in p ro &i em has defeated many 

1978 the entire Soviet contingent r , 
of four grandmasters finished 

strongly. Physical fitness is a Solutions Page 12 


pressure is off. 



eyes 


FOR VIRGINIA WADE, the 
agonies of 15 frustrating 
Wimbledon years put gloriously 
behind her at the Centenary 
championships last year, this 
year will provide a . new and 
altogether less demanding 
challenge. 

She has always said that she 
hated to play In front of a 
British crowd because . they 
always expected so much from 
her. The pressure is off at last, 
and if she should lose, she will 
no longer feel she has let every- 
one down. 

Certainly at Eastbourne this 
wee?: the Kent girl looked 
wonderfully relaxed. She felt 
she was hitting the ball as well 
as ever — no mean feat consider- 
ing that she has been playing 
indoors in the U.S. inter-city 
Team Tennis League. This was 
her first outing on grass since 
Isst Wimbledon and I was sur- 
prised to see how well she was 
timing the. ball. 

The fact that she lost in the 
quarter-finals to Wendy Turn- 
bull. or Australia, will not deter 
her many supporters, for the 
gale-force winds of Eastbourne 
played into the hands of the 
frit-moving Australia, and these 
conditions are unlikely to he 

repeated at 'Wimbledon. 


But at an advanced age for 
a woman tennis player — she will 
be 33 next month — Miss Wade 
is more likely to suffer those 
occasional lapses of concentra- 
tion which affect all players 
as their careers extend. I 
remember that remarkable 
Australia, Ken RosewaiL now 
43 and still competing, saying 
that it was the concentration 
which goes first, then the legs, 
and finally the eyes. 

As last year. Miss Wade has 
been drawn in the same half 


TEWMBS 

JOHN BARRETT 


as Chris Evert, who is the 
official favourite. But before 
repeating last year’s exciting 
semi-final. Miss Wade might 
have to face Miss Turnbull once 
again. Seeded No. 7. the Austra- 
lian will doubtless be confident 
of repeating her U.S. Open 
victory over Miss Wade en route 
to the finaL 


In the lower half, the all- 
conquering Martina Navratilova, 
seeded No. 2, has been cast to 
play Evonne Cawley in the semi- 
final. If this match takes place 
it could be an intriguing con- 
test. Miss Navratilova is much 
more assured and confident 
since her move from California 
to Dallas. Clearly she is bene- 
fiting from the help given her 
by Sandra Haynie, the former 
U.S. No. 1 goffer. 

In the absence of Miss Evert, 
the former Cezeh. who is now 
an American citizen, swept all 
before her on the Virginia 
Slims circuit at the start of the 
year in. America. There was a 
new relaxation and composure 
about her game. an£ those 
petulant outbursts which have 
often disfigured her game have 
disappeared. 

Mrs. Cawley is seeded No. 3, 
and is probably the best of the 
girls on grass. Thoroughly 
enjoying her new role as 
travelling mother, she too is a 
more relaxed and consistent 
performer. 

Having notched up four grass 
court tournament wins in 
Australia, culminating in her 
third national title last Decem- 
ber, she competed sparingly 


until coming to Britain early 
foT more grass court play in 
her build-up to Wimbledon. 
Tournament wins at Surbiton, 
Beckenham and Chichester, 
achieved against admittedly 
relatively weak opposition, 
revealed a class and natural 
flair that no other .competitor 
at Wimbledon can match. 

With family thoughts increas- 
ingly intruding on her future 
planning. Mrs, Cawley would 
dearly love to add to the title 
she won in 1971 as a 19-year-oid. 

The 15-year-old American 
schoolgirl. Tracy Austin, 
becomes the youngest No. 9 
seed in history, and looks 
altogether stronger and faster. 
Another American, Billie Jean 
King, returns at the age of 34 
in quest of that elusive record- 
breaking 20th Wimbledon title, 
and with her past record can 
never be ignored. 

Of the rest, in the women's 
singles, the ones I sec as possible 
threats are the left-handed 
Dianne Fromholtz of Australia, 
seeded No. 8, and the indus- 
trious South African, Marise 
Kruger, seeded No. 11. 


In Monday's FT: John Barrett 
on Bjon Borg 


E- P. C. COTTER 


SOME THREE no trump con- 
tracts require the most precise 
play if nine tricks are to be 
gathered in. Two deals from 
rubber bridge of some years ago 
spring to mind. Here is the 
first: 


W. 
*85 4 
■•10$ 6 42 
:-9 

4-97 62 


N. 

* K 10 6 2 

<>QJ653 
+ Q104 


E. 

♦ AJ9 
FK753 
V A 10 8 4 
4-85 


S. 

*Q73 

^ AJ9 

v K7 2 

*AKJ3 

Wiih both sides vulnerable 
South dealt and opened the 
bidding with one no .trump, to 
which North replied with a 
Stayman two dubs. When 


Soulh’s two diamond reply 
showed no four-card major. 
North jumped to three no 
trumps. 

Wdtbout any great hopes West 
led ,tiie heart four, covered by 
Queen and Kang, and the 
declarer paused to plan his 
attack. With two beams and four 
dubs, he required three more 
tricks, and diamonds seemed 
likely to produce them. 

So taking his heart Ace, South 
at once led the doarao-nd two to 
the nine. Queen, and Ace. East 
returned the heart three, the 
nine was put up from hand, but 
West won, and returned a heart 
to force out the Knave and clear 
the suit The declarer cashed 
the diamond King, and received 
th3 had news that East still 
had a guard in the suit. He 
crossed to the club Queen, amd 
tried to steal a spade trick by 
leading the ten, on which be 
intended -to play bis Queen. But 
East was not to be caught nap- 
ping — ho played his Ace, and 
returned another heart -to put 
the contract down. 

South lacked inspiration. At 
trick two he should cross to 
dummy’s ten of dubs, and lead 
the diamond three. This is an 
Avoidance play which, forces 


East to play tow — if he does 
not, he. sets up four tricks in 
the suit for the declarer. If 
West has Ihe Ace. he cannot 
attack 'hearts, and declarer will 
have rime -to set up a spade 
trick. When the dramond King 
holds. South crosses to the club 
Queen, and leads a low spade. 
Again East roust duck, the 
Queen wiins, and a switch back 
to diamonds ensures toe 
contract 

The second deal is also most 
instructive: 


W. 

♦ 10 8 
■709764 
'> K4 
+ Q1064 


N. 

♦ 32. 

OQS7&5 
+ AK752 


E. 

* J 9 S 4 
J S 5 2 
v A 9 8 3 

+ J 


S. 

♦ AKQ75 
<?A103 

*> 10 2 

♦ 983 


South dealt at game all and 
hid one spade. North said two 
diamonds, and South rebid two 
spades. However, when North 
said isbree clubs. South tried 


three no 'trumps, and all passed. 

West led toe six of hearts, 
dummy’s King won, and East 
dropped toe eight. If spades 
broke 3-3, the contract was on 
ice, but ‘in case they were 4-2. 
South docked for a second string 
to his .bow. As toe -time factor 
ruled out diamonds. South 
turned to chibs. At trick two 
he led toe club two from the 
table, losing to East's Knave. A 
heart was returned to the Ace. 
but now with both black suits 
proving unkind. South found 
himself 'two short of his 
contract 

The declarer was right to 
attack Clubs, but he missed an 
added chance.. Instead of lead- 
ing .the two at toe second .trick, 
he should have played toe Ace, 
just in case East had a single- 
ton honour. When the Knave 
falls, he unblocks toe nine in 
hand, continues with toe two, 
on which he plays his right, and 
West must duck, otherwise 
declarer can run toe rest of the 
suit. 

Now South .turns his attention 
to spades, leading toe five from 
hand — a saf ety .play against a 
4-2 division Of the suit — and 
gets home with four spades, 
two hearts, and. three dubs. 


5T' 


















BY SYLVIE NICKELS 


TN SPITE of everything, its 
extraordinary how many wide 
open spaces survive in Britain. 
And it is fortuitous for some 
of us that so much of the popu- 
lation likes to jam itself 
(through gregariousness, lazi- 
ness?) into fairly limited areas 
uf them. On the hottest of high 
season days, we have found 
routes with little or no traffic, 
and areas shared with, but a 
few like-minded souls. It pre- 
supposes the whole family likes 
walking and appreciates nature 
in some of its various forms: if 
not. there is litle point in read- 
ing on. 

A peculiarly British charac- 
teristic seems to have given 
birth to a plethora of organisa- 
tions dedicated to the preserva- 
tion of some aspect or other of 
our natural heritage. They 
range from large nation-wide 
bodies to Email organisations 
devoted to perpetuating some 
iittle stretch of water or tiny 
acreage of natural vegetation. 

The British Tourist Authority's 
publication Nature Trails (35p) 
for a start lists over 375 such 
walks in 57 counties and 
regions. Many of them are 
operated by local naturalists' 
trusts or district councils and, 
in each case, the appropriate 
address is given with a brief 
description of the terrain, length 
of the trail and whether there 
is a charge. In many cases, a 
free or inexpensive guide can 
be obtained on the spot. 

These trails are usually only 
a mile or two in length. If you 
want to go to the other extreme, 
the Countryside Commission 
have a leaflet outlining our 
several long distance paths, 
ranging from the North and 
South Downs Ways and the 167- 
miie Pembrokeshire Coast Path 
to the 250-mlle Pennine Way. 
Short stretches of these could 
make an excellent day’s outing, 
especially if a lazier member 
of the family could be 
persuaded to pick up the walk- 
ing party at a later stage and 
avoid the need for retracing 
steps. 

The Countryside Commission, 
the Forestry Commission • and 
the National Trust (Britain's 
largest private landowner), 
through whose territories a 
high proportion of marked trail 
mileage passes, produce excel- 
lent material both of a general 
and quite specialised nature 


covering ail the natural features 
of their terrain and the ways 
in which they can be enjoyed. 
On-the-spot information centres 
often present imaginatively 
designed displays of appeal to 
all ages. 

Ornithological organisations 
like the Royal Society for the 
Protection of Birds and the 
Wildfowl Trust, plus a host of 
smaller localised associations, 
have lists of and leaflets on the 
various reserves under their 
control. 

Serious bird watchers may rue 
a little the immense increase of 
interest in their pet activity 
(witness the phenomenal rise 
in the membership of the KSPB 
in recent years), but have the 
consolation that the majority 
will content themselves with 
the easily accessible. One of 

the advantages of bird watching 
is that you can do it anywhere 
from a "main road lay-by to the 
loneliest peak or pasture; 
usually the rewards are in 
direct" relotion to the amount of 
effort rand patience) invested. 

The Inland Waterways Asso- 
ciation is another private body 
which over the past 30-odd 
years had been battling against 
indifference: in this case to save 
our navigable rivers and canals, 
almost literally inch by inch, 
from irreversible dereliction. 


Many waterways pass through 
wonderfully unspoilt country- 
side away from main roads or. 
indeed, any roads at all. and 
where there is a canal there is 
usually a tow-path. 

Open spaces of a quite dif- 
ferent kind are the concern of 
the National Gardens Scheme of 
the Queen’s Nursing Institute, 
through which hundreds of 
glorious private gardens 
throughout the country, not 
normally accessible to the pub- 
lic. welcome visitors for a small 
entrance fee on certain days. An 
annual guide Gardens of 
England and Wales open to the 
Public (1978 edition, 65p in- 
cluding post and packing) 
details them all from exuberant 
cottage gardens to exotic land- 
scaping on a grand scale. 

These provide a salutory 

reminder that the human touch 

has not always been disastrous 
and, in your wanderings 
through the countryside, it .is 
worth looking out for some of 
tiie other less destructive 
aspects or man's presence. 

One aid to this is the Guide 
to CraEt Workshops (£1. includ- 
ing p and p) produced by the 
Council for Small Industries in 
Rural Areas iCoSIRA). which 
will lead you to any of scores 
of country craftsmen and women 
producing everything from eurn 



COINS -- - v . f 


mackay - 1 


igjs;’- 0U3BHEA& V ^. .. s 
'Wai'I potirreaf t. 

Bank- Holiday ^ -7 ' - 

allowed the Bank of 

iotfiitend the. 



Smti*a--pound 
* inerting 


notes, 




Stratford: fun to visit but crowded at times 
scattered 


dollies and coffee tables to of them scattered about 
murals and medieval weapons. England, from Northumberland Haase; Cm*c**t Hag, CMiamw r 
Another conies from an unusual to Kent and Devon, many of r . Hr. ^ 

body whose work bas recently them set in delightfully little sumy; ( *<**»*i™*« ,« Q<^» Anne; 
come to my attention: the known countryside away from san^, Bedfordshire; wrMfn 

Redundant Churches Fund, main roads. You are almost Trust, sfimbrWg*, Gloucester glz 7BT 
dedicated to saving churches of certain to be passing near one j££*, s JShTm. ni!g 

architectural and historic merit or other at some tune and the Nathwai c ardm schem e, si Lmnr 
which have been formally RDF produce a map for 30p on gggm ^^ 0, ^ i ' sw ^ Bb K 
declared redundant because which they are all marked. common, London swm «ip; RednubS 

they are no longer used for Further Information or pobllcaDons Wardrobe. Queen Victoria Street, London 
regular worship. There are 120 |[ s i* from: British Tourist Authority, EC4V 50 E. 


'tmeas-a 
reinamed in-use 

thigy: were replaced by - tee Um& : /WiuSheiL itt^ 

B ah to of England -notes, -In. The * -- a-.. ~x.-. g.-- 1 *?- * > * 

«rof ■ their ^ - 

Bank of England .- pound tvotes ^; 7 
:have actually been deerMSed '.: 
m >size,' though l ; ami^as^Heil-r 
jbVt this has no conmjeinox^tive_f 
significance, while th^'-'eyefc v, 

Increasing costs ofMgh-grade 
tag paper' would ■; hmte i madeej 
such a trimming of dimensiops 
inevitable. 

.“The 10 shilling note has long 

since vanished, "ah" early 

casualty of inflation that gave 
.way to the much more durable 



s and train 


appeared overnight roam ^^ the inost valuable i - ctiSuT 4ft 
fedion in August, 1914, ^™P®‘generai iflhgzlfttiOB;?'' . •/ >. f- *■* 

production of halves continued'. -Swifiertan dh acL silver r 5~ffaijc ■ 

.. into" 1915 and gold sfatob^pfifcnisis. afthie turn o fthe -century 
^ of -King George V maybe *°u n .“. : which.” were Wdtth iess^l^Ldur. 4-:- r w '"' 
boated up to 1925. Like ' their 1 crfiwhs. : By 19@ whentfe^ were - ’ ' -■ * '■* 
.‘Elizabethan counterparts.' wtech-riipersedeiiby a't^pro-nfekei- 

i L. Minted ‘ onftra fliAoUfl''- ■ .jt.'- : 


Your weekend £; Austria 27. Belgium 
59.SC. France S33, Italy UBL Greece 
5553, Spain 14225. Switzerland 3 Aft. 
U.5. IM. Source: Thomas Cook. 


ANY WEDNESDAY until 
October 4 you can take a 
combined rail /coach tour from 
Paddington and. at a cost of 
£4.75 (children's reductions 
nearly always apply i . travel 
Inter-City to Oxford and tour 
the colleges with an experienced 
guide. After lunch, which is 
not included, you continue by 
road to Bladon, the burial place 
of Sir Winston Churchill, and 
afterwards visit his birthplace. 
Vanbrugh's massive Blenheim 
Palace. While I have given the 
ex-London price, you can also 
join the train at Slough or 
Reading or make your own way 
to Oxford and join the tour 
there. 

For those who wish to see a 
relative newcomer to the stately 
homes circuit, a day’s tour every 
Tuesday from now until 
September 19 takes you to Leeds 
Castle in its lovely setting on 
twin islands, encircled by a 
small lake in the heart of the 


Kent countryside, a favourite 
rural retreat considerably 
extended by Henry VIII. The 
return fare from Victoria Coach 
station, including admission to 
the castle, is £3.95. 

Another fascinating trip on 
sal& until early October (the 
tour is available any day except 
Monday but operates on August 
Bank Holiday), is a combined 
rail /coach excursion which takes 
in Wilton House before going 
on to Stonehenge. 

With a mid-morning departure 
from Waterloo to Salisbury, 
continuing by coach, you can 
return by any train the same 
day and all admission charges 
are included for £6.00. An addi- 
tional note says "sorry, no 
dogs.” The option of returning 
to London by any train is a 
bonus as you can visit the lovely 
Cathedral Close and the mediae- 
val heart of Salisbury. 

To the lasting regret of many 
of us, steam trains have passed 


into history but you can still go If you are a real glutton for ing city with its extensive 

Steaming Through the Shires train travel, a one-day trip on Roman remains, the exquisite 

after catdhing a horribly imper- Friday, September 1 from contours of the Georgian cre« 
sonal modern monster from St Euston to Perth and on to the scents and the Museum pfi 
Pan eras to Loughborough. You Royal Highland gathering at Costume, of which I wrote 
theD pick up a beautiful puffer Braemar takes you by coach recently, 
on any Saturday until the end along the highest road in Scot- There are literally pages 
of the year at an inclusve cost land. Entry to the games is day trips in the “ Go Merrjt 

of £4.25. If you feel like lunching extra and inclusive travel is making" brochure available 

or dining in the old-fashioned quoted at £13.75. from any London' Midland 

way, a full restaurant service is Several specialist excursions Region station or from tbeH 
available on most departures operate on only one date. As an Divisional Manager, British RaiV 
from Loughborough Central. example, on Wednesday, July 5, Euston Station. Londo^j 
Perhaps the most imaginative it will cost you £4.55, travelling NW1 1BG. 
combination of all operates on from Euston, to visit the Llan- I have listed just a handful 
two Sundays, August 27 and gollen International Musical of the many goodies on offer 
September 10. This aptly named Eisteddfod, which has grown in and, whatever your own particn-' 
Flying Merrymaker is also stature over the years. Ground lar interests may be, a little 
available from Rugby and sta- admission will be available on absorbing brochure study win 
dons to Watford Junction. You the day at 35p for adults and certainly pay day-exeursioiH 
then pick up a coach at either 25p for children. dividends. p •: 

Euston or Marylebone, try out If. taking advantage of the Jljldww ^ : awwir9 ioca n_ 

the old with a trip on the Blue- when you each you destination, v at wunss ■bow). Main ua a sun 
bell Railway and end up with inclusive day return fares, you RMd^weSn^pS! 

an hours flight over the Sussex would rather do your own thing Leicester le3 «dr. ’ .National Tr*w* 


countryside in a BIA Dart there are daily departures- of Coacl, aati«L__ Bwadastwai 


. . _ . __ , _ , palace Road. Load bn SW2W STB* 

Herald from Gatwiek. Numbers . £3.70 return from Victoria Coach heal caacn station). 


On- 


are limited so book early at a station to Bath. This gives you 
knockdown price of £12 JO. some seven hours in this charzn- 


PAUL MARTIN 




ljave been minted sporadically ■ v«^aioh. t^ese 5 i ftajoc^pieees-liad. ' • 

Staring the present reign, these iflseh' ^ • 


, . . 

-gold coins have never been in a gaink t sterlibg and 
circulation at their face, value, ^airibBg : Ole' ftew foshy ?'frf tha •' .:*' 
[though theoretically they - are, jjopiid^plas 3iraAe t. . ; J^ unce . ha s . 
'legal tender for gne -pound. endured-: tremendous -fluctua- 
■ Legal tender they may be, but tions ih her ccjrejicy this cenr : . 



them, and even now UK. res3-.^<j&ftlltaBkew*4 ^red better.' - 
.dents may not purchase gold than . 'cterihng: ^ ftraiin n tdeces- 

Ircoins Struck since 1975. ■ ' v Wrfa: irtmrkltn 

Since the demise of the 10, E *’ 

ihflling note there . has . been r Thfe^RralESir Govarrnneait has;. 


mounting pressure for. the in- atud&edir itiie 'case ^for «ie re-' 
ttoduction of a coin to reptace flnr ; 

«be shnmkans pound ^bat-Webalwdtt 


only precedent in Britain for, a ^t^^m«bdng,sincfr>t could 




UJf.LJi 




racilional hotel 


in Zurich's 


famous Bahnhcrfstrasse is lha ideal 
venue (or ihe business man. You 
mesi Zurich's Cily in Ihe comlor- 

JrABLT09 eute hotel 

BakiihafKtRliM 41.8001 Zurich 
TeLOllMl/lZJLlbS AO 


table lounge or in The exclusive 
restaurant. Each guesi room has 
its individual decor. 


"3SAVEL 


IRISH SEA 
CRUISING 


New Moody 33 and New Mi rase 26 
for charter with or without skipper, 
based in the sheltered waters of the 
Mena- Straits. For Further (nformiitJDn, 
te/ephene or write: 

Mermaid Marine Enterprises, 

3, Bay View Court. 

B-nliech. Anglesey. 

Tel.: Tynyjong 2545 


SUPPORT YOUR LOCAL 
GOLFER 


See the best golfers in the world with 
Keith Prowse it the BRITISH OPEN. 


Use of hospitality tent and daily 
' full ft days— Hotel 


entrance £35 for 

accommodation alto available. 


Phone Keith Prowse Golf 
01-589 6341 





International Boarding 
School for Medical 
-Mj Education and Language ^ 

k$|| ■' 'U>V5-.. Ji Studies § 

~~ Combining a Hr»t-da»s rwideniial education with the flwough training ® 
Ij! .in init'i eilin-i prole-j.dGii ofiennfj e.%Ci*llcni po53iWni« 1 

K£a - Medical-technical assistant [4 semesters} fl 

fjF?s - Doctors aide (3 semesters) ■ 

- Doctor's secretary/secretary (2 semesters) I 

~~ - Language courses in French and English, also as one* 
semesters preparatory studies. 1 

Co-?ducdtiorul school in a unique and splendid place. Sp^orm on) new E 
l-M arranged rooms. Strong trench-language education. Complete choice of j 
sport leisure and cultural activities (3 lennis courts, own gym hall, R 
sfjin-q. i-ze-si'Wng). Semesters begin in auiumn and spring. ® 

rjj'jrj F-jr d-ia-lod infoimaiion please wrile to- E 

vxad CoTIego International dasAvants, CH-1333LesAvant5lMontreux) ■ 
S-Aitzeitanri - Ph-xte 021/61 3051 -Telex CB494 cida ch 


ind - Phone OLn.'GI 30 51 - I eiex ciaa cn m 

iimiiiiiniiiivv 


ROSEHILL INTERN ADONAL 
SCHOOL 

CH-9000 St. Gallen, Switzerland 

Well-established co-educational school. College preparatory 
programme with Advanced Placement 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 



Trossachs 


Forest Hills Hotel overlooks Lodi 
Ard and Ben Lomond set in magnifi- 
cent grounds of 19 acres. 

Fishing, rowing and sailing, using 
hotel's boats. IB hole golf putting 
course, pony trekking from stables 
adjoining hotel. Forest walks in 
Queen Elizabeth Park. Lovely 
lounges, relaxed atmosphere, good 
food. 


SPECIAL OFFER 

£7.50 per person bed and breakfast 
including VAT. For brochure and in- 
formation contact: 


Forest Hills Hotel 
Aborfoyle By Sterling. Perthshire. 
Tel: Kinlochard 277 
Please quote special offer. 


FOREIGN HOTELS 


SWITZERLAND. AROSA. Hotel Valsana. 
IX. 74232. Summer mountain Hollo* vs. 
tnooar and OPCn-air swimming cool. 4 

tennis courts. 


PERSONAL 


CANON CAMERAS 


and accessories. Unrivalled 
stocks, the best prices at the 
World's largest specialist. 

EURO FOTO CENTRE 


High Road, Cowley. Uxbridge, 
Middx. West Drayton 48224. 


Cameras, Flash Guns, Ert larger* and 
Photo Accessories. Unrivalled stock*, 
the best prices at the world's largest 
specialist. 


EURO FOTO CENTRE, 

High Road, Cowley, 
Uxbridge, Middx. 

West Drayton 4922<. 


CLUBS 


EVE. 139. Regent Street. 734 0SS7. A la 
Carte or All-in Menu. Three Spectacular 
Floor Shows 10.45. 12.45 and 1.45 and 
music ol Johnny Hawkesworth a Friends. 



>etal other ttnn nU.int out. at%&6*S23m «of TO<*t 
-Lheppy one 

at Shrewsbury and Oxford ZTiJr 

during the CivU War had 

littlegold but an abundance Stand and 
Welsh silver and the com.- 

man dee red plate of -the Oxford -wenL ..Swro, out tiirou^L-^ftxjjs : - 
colleges, and it was logical- -GobSIhi -kuwt: by. -ignoring-, Sia.i 
therefore to strike pounds^ half-' ^tite.-SQp jsted ; 

pounds and crowns in silver, going ’ 

■Hie pounds were four times .the age metal— just . 

size and weight of; the cto Whs and sa^irof^e ;b®gB 2 »: 2 p j: : " ‘ 1 

and .were, exceedingly c^S^r-rreteted-.illo '4^1' - c 1 . 


Island garden in the British fi 


. . .* y- .. - . •■-'.5 a--» •• '.'..j.; 


ON THE tiny island of Tresco 
in the Isles of Sdlly is a garden 
so fabulous that, once within 
its protective tree belt, it is 
easy to imagine one has been 
magically transported to the 
Pacific./Even the little group of 
islands ranged more or less in 
a circle around shallow water 
amid 'the Atlantic deep contri- 
butes to the illusion that these 
are islands encircling a tropical 
lagoon. 

The story of the creation of 
this fantastic garden is one of 
the great romances of English 
horticulture. It was due, in the 
first place, to the vision of one 
remarkable man, Augustus 
Smith, but his dream could not 
have been fully realised without 
the continuing labours of four 
generations of his descendants 
wno even to the present day, 
despite all the difficulties 
imposed by taxation and infla- 
tion, continue to maintain and 
improve the garden without 
seeking public assistance. I 
spent a short weekend there 
earlier this month and tbougbt 
it more beautiful and in better 
condition than I can recollect 
in all the thirty years that I 
have known it. 

Augustus Smith could be des- 
cribed as an autocratic Victorian 
do-gooder though, in fact, he 
was in full possession of all the 
islands several years before 
Victoria came tD the throne. He 
introduced universal education 
by tlie simple expedient of 
charging Id a day for attending 
school and 3d for staying away. 


At that time the islands were 
barren and poverty stricken, the 
inhabitants scraping a living 
mainly by fishing, smuggling 
and wrecking. Today the islands 
are prosperous and beautiful, a 
Mecca for tourists for whom 
Tresco Abbey garden is one of 
the essential wonders to be 
enjoyed during their stay. 

Augustus Smith chose Tresco 
for his personal home because 
he wanted the maximum of pri- 
vacy. It is one of the smaller 
islands, little more than two 
miles long and barely a mile 
wide and at the time of his pur- 
chase in 1S34 it must have been 
a singularly unattractive place. 
No trees grew on it nor even 
gorse bushes, which Smith was 
quick to introduce. There was 
no building of any size, although 
there had once been a 
monastery of which a solitary 
arch within the garden remains 
as a reminder. The monks chose 
this spot because there is 
abundant fresh water here and 
it was probably this, and the 
fact that it is a little sheltered 
from north and west by a low 
ridge, that made Smith select 
for his new mansion which he 
called Tresco Abbey, for already 
he had conceived the idea of 
making a garden in this unlikely 
place. 

He realised that if any but the 
tougbest plants were to be 
grown he must provide shelter, 
but he had no idea what would 
survive. It is not that the cli- 
mate is cold for the island is 
washed by the Gulf Stream 


Drift, which is not exactly 
warm, as many people imagine, 
but scarcely changes the tem- 
perature at all from a chilly 10 
to 12 D C winter and summer. 
The sunshine is so clear that 
it can skin you in a few hours. 
The hazard for plants is the 
wind which sweeps in from the 
Atlantic with unbelievable fury 
in April. I have struggled 
around the cliff paths of 
neighbouring Bryher literally 
leaning against the wind. 


GARDENING 


ARTHUR HELLYER 


So Augustus Smith built his 
house and planted miscellan- 
eous trees in the hope that some 
would remain alive and while he 
waited for them to grow he 
filled his garden with the 
tougnest palms and succulent 
plants from the Canary Islands 
and other places in which plants 
have learned to adapt them- 
selves to similar hazards. 

His shelter belt progressed 
slowly but it was not until 
shortly before his death it 1874 
that he observed two trees out- 
stripping all the others. It was 
a remarkable discovery, not only 
for Tresco but for maritime gar- 
dens throughout Britain. 

For the trees were the Mon- 
terey Pine and the Monterey 


Cypress, Pirtjus radihta and C yp~ 
ressus macfocarpa, \two ever- 
green conifers that jh the wild 
had become 41 most extinct, ex- 
cept in asm all area on the coast 
of California,: but in Cultiva- 
tion were destined to thrive and 
give shelter to gardens in\many 
parts of the world. Both are un- 
affected by salt laden galei and 
grow rapidly in the me 
posed places so long as th 
not have to endure severe 
It was precisely what Tresco 
Abbey needed, and soon the 
woodland which wraps protec- 
tively round the garden was 
replanted- almost entirely with 
these two trees. As they grew 
upwards the flora within the 
garden became increasingly 
varied and tropical. 

Today it can rival many sub- 
tropical botanic gardens -and 
plants are constantly being sent 
from euch places as Kew to test 
their potentiality for survival 
in such very special, man-made 
mini-climates as this. 

When I stayed there a Few 
weeks ago the strange euphor- 
bia — green and yellow spikes of 
more than two dozen. Piiya 
chilensis stood like soldiers on 
one of the ridges and nearby 
P. alpestris was preparing to 
unfold its even more startling 
peacock blue spires. Great 
ecfiiums, some of them wild 
species from the Canary Islands, 
others handsome hybrids be- 
tween them created at Tresco, 
were flowering all over the 
garden. So were aeoniums from 
the Canary Islands, mesembry- 


anthermims, dloeSf 'pelatgo* 
nitons and UHrfsonws iromSouft 
Africa, strange fuseftias and' 
bomariait . from - South America^ ' 
30 -feet fusoraeas from Central : 
America^- kermed^as from An^ : 
trails and' hundreds more..' v : 

Most remarkable of aQ were 
the metescosideros ...from . New--. 
Zealand, some' of .them great- 
evergreen trees WhKh"' 
out aerial ' roots ' even from 
branches high above the ground. 
In their descent they ' strangle 
other trees in their’ path and 
eventually grow into trunks, so 
that, in , time,- one tree. can. xe^ . 
semble a grove. ’■ 

They were, just .bursting into - 
. scarlet flower which at its .peak; 

. can be seen like beacons from . 
St. Mary, "two miles distant' 
across that lagoon-like stretchy 
-of wafer. It 1 is 1 the island 'o&l 
which one- must land by sea -or- 
air on one’s way to Tresco. . . /L . 

Launches ply frequently ,b©r’ 
tween the islands, and- Tresco . 
itself has two esculent hbte&i 
though they get fuHy booked 
for -. the , - high season. But . „ 
because of Its equable climate-'. 
Tresco- Abbey garden has 
flowers to offer at all seasons. 

J • have been there in early- 
March ' and . found' it ., full of 
Australian acacias, and' South 
African heaths as well as 
strange -proteas and". bahksias ■ 
from both countries, and I have, ' 
also been there' in autumn to' 
admire late-flowering bulbs of 
many kinds, kniphofias, Jnschias . 
and the pelargoniums which' 
never seem - : to ; tire, of flowering;' 


% 


Ji, 


cue 


Finding 


for it 


TWO HUNDRED years ago, in 
I77S, there died in Uppsala in 
Sweden . a man of whom his 
monarch. King Gustav m, was 
subsequently to say in his 
speech from the throne at the 
opening of the Swedish Estates; 

I have lost a man who has 
done honour to bis country as 
a loyal subject as well as being 
renowned throughout the 
world.” That man was Carl 
Linnaeus, who is acknowledged 
the world over as the father 
of scientific botanical and zoo- 
logical nomenclature. 

Linnaeus was born into a 
clerical family in southern 
Sweden on May 23 (New Style) 
07. His father was an 
enthusiastic amateur horticul- 
turist, and at an early age young 


Carl began to develop a deep 
interest in and love for plants. 
In 1728 he matriculated at the 
University of Uppsala, where he 
studied medicine (to which 
botany was at that time altiedi, 
qualifying as a doctor at 
Harderwijk in Holland in 1735. 

Linnaeus has been hailed as 
one of the great polymaths, of 
the lSth century. Although it 
is true that he was skilled 
in chemistry, agriculture, 
geography, ecology, geology, 
mining, assaying, and in many 
branches of medicine, his most 
important contribution to 
science is undoubtedly bis 
introduction of a consistent 
binominal or binary (two word) 
system of scientific nomencla- 
ture for plants and animals, 
which is still used by botanists 
and zoologists today. 


When describing a plant or 
animal Linnaeus employed both 
a multi-word diagnostic name, 
intended primarily as a means 
of identification, and also, for 
more general use, a two word 
trivial name, the first word 
indicating the genus and the 
second the species. Before 


Linnaeus there was no one 
generally accepted method of 
scientifically naming the vege- 
table and animal kingdoms. 

Pre-Linnaean nomenclature 
was not only often multi-word, 
unwieldly and not universally 
recognised, but it was, above 
all, inconsistent Although Lin- 
naeus was not the actual inno- 
vator of the binary system of 
biological nomenclature, it was 
his adoption of a single con- 
sistent binary system, which was 
subsequently accepted through- 
out the world, which is Ihe most 
valuable of his contributions to 
science. 

In 1730, while still at univer- 
sity, Linnaeus wrote a short 
botanical thesis entitled Prae- 
ludia Spo7isalianm Plantamm 
(Introduction to the Floral Nup- 
tials), in which he exponded 
his theory of the sexuality of 
plants; on this theory he was 
subsequently to base his system 
of botanical classification. 
Earlier scientists — among them 
Nehemiah Grew of England. 
Joachim Camerarius of Ger- 
many, and the Frenchman 
Seba6tien VaiUant— had sug- 


gested that plants reproduce in 
much the same way as animals, 
but it was left to Linnaeus to 
prove this theory indisputably. 
In his thesis he discusses the 
functions of stamens and pistils 
(the male and female reproduc- 
tive organs) and pollen and 
seeds (sperm and ova) in pollin- 
ation (insemination), and shows 
that if . the anthers (testes) are 
removed (castration), fertilisa- 
tion is impossible- 
This conception, which en- 
ables any newly discovered 
plant to be assigned to its cor- 
rect family, was developed in 
Species Plmdarum (1753) and 
Genera Planforam (5th edition, 
1754), in which 7,700 members 
of the vegetable kingdom are 
classified and are given scientific 
Latin or Latinised names, fre- 
quently descriptive, geogra- 
phical or ecological. Pre-1753 
scientific botanical names are 
not now accepted unless they 
were subsequently adopted by 
Linnaeus or by later systema- 
tic ts. These two works have 

been accepted . throughout the 
world as the basis of scientific 
botanical nomenclature* 


In 1758- Iianaeua .published 
the lQjh edition of h kSastemo,' 
Naturae (the 'first edition of 
which had Appeared, as, early -as-' 
1735),. which performs ihe same., 
function . for 4,400 species of 
animals as the two earlier works - 
had done for plants. Systema ^ 
Naturae has similarly been in- 
ternationally accepted as 1 h«r. - 
foundation of scientific zooieg*-* • 
cal nomenclature. - ; - -- - ■ - ; ' 
Linnaeus ^brought to hisr im-’ ■ 
mease self-imposed task of bring - - ’~ 
ing order out of chaos In the ' * 
classification ■ and na mi ng : of ' ■ 
plants and animals, tremendous . 
application; unusual powers of ! - 
observation and deduction; an 
insatiable -appetite for hard • 
work; a well-deyelopefl senflft^ of 
order, and the ability -TO rworis 
methodically indite recognise is ” 
related seemingly ; . unrelated- 
facts. His work enafales^srieur -v : 
tists in different parts of ,the- 
world to identify," from its oni* ' 
versally accepted binary^ Latin 
name, a- species'-with- differing- 
vernacular, names: : the*; debt- 
owed him by latter-day taxono-* • 
mists Is incalculable. .:”" V;?v" 


r - 

s 5«ri 


* SIW 

Si!',. 1 IH 


Mtibj 

. * 1o. 

'.V 


**«> 


■M\} 


-7 i: '-k 
vs-« 

V2v:‘ 




S- ^ 

% ’ Ui 


CHRISTOPHER 1£VER- 


£ \ »>*! 

$-i, 

V 1 :- c . 


sy a 

V 


V 


l 

L J ■ 







11 


Financial Times Saturday June 24 1978 


HOW TO SPEND IT 



by Lucia van der Post 





ABOVE 

This ring is typical of Jan Goodey's 
work, incorporating as it does a 
rustic gate and little stone wall. 
Made from silver, 9 and 18 carat 
gold and copper, the materials she 
b most fond of. the ring costs £78. 
Round the ring is a necklace, which 
uses Identical materials but in addi- 
tion has moss agate stone. £96. 

CENTRE 

Long earrings by Jan Goodey made 
from silver, red (9 carat) and 
yellow (18 carat) gold and copper. 
Designed for pierced ears but could 
be adapted for unpierced ears. 
£79, the pair. 

RIGHT 

This is Jan Goodey's own drawing 
for a pendant that incorporates all 
her favourite themes — a landscape, 
waterfall, trees, fields and stone 
wall. Also made from red and 
yellow gold, silver and copper, it is 
£145. 



ANYBODY WHO is interested in 
modern jewellery will have 
noticed that the romantic and 
decorative elements are 
currently experiencing a great 
revival. Clare Murray’s designs, 
incorporating little mice and 
daisies, houses and trains, have 
often been shown on these 
pages. The work of young 
jewellers and silversmiths at 
Loot has illustrated these trends 
very well. 

A young jeweller, whose work 
is new to me, Jan Goodey. 
seems to have taken this trend 
even further, but though she has 
extended the use of figurative 
images in jewellery she seems 
to have done so in a bold and 
successful way. 

If you are interested in the 
way new jewellery is going or 
perhaps just want to buy one or 
two interesting pieces either for 
yourself, for a present or as an 


investment, then you should go 
along now to Argenta Gallery 
<*> 84, Fulham Road, London 
S\V3. 

This gallery has always made 
a point of being very 
adventurous. Tt doesn’t go just 
for the commercially proven, 
safe option and yet David 
Jewell, who manages the shop, 
manages to combine a sense of 
newness and excitement wilh 
impeccable taste and judgment. 

■Ian Goodey uses silver, red 
and yellow gold and copper to 
create amazingly rich canvases 
within the very tiny work 
surfaces that jewellery offers. 
Within the confines of the sire 
rd an eurslud she can create a 
vihole landscape — swirling 
streams and meandering walls 
with gates and stiles and trees. 
Her rings incorporate the little 
stone walls, the rolling hills and 
leafy trees typical of the North 


Yorkshire nr Northumbrian 
landscape. She uses finely woven 
and rwisied puld and silver wires 
to create these rich effects. 
Finely contrasted textures are 
the basis of her work and she 
uses the different coinured golds 
(red and yellow i us well as 
copper to add a greater range of 
contrasts and increased perspec- 
tives. Copper deepens in colour 
with time so though at the 
beginning it is very similar in 
colour to red gold, as the months 
pass H will begin to be more 
and more distinct. 

11 is immensely difficult to 
convey both the delicacy and 
the richness of her work — the 
smallness of the scale io which 
she contrives to pack such 
diversity oF texture and pattern 
is remarkable. 1 hope the photo- 
graph and sketches here will 
give you just some idea of the 
range of her work. 


The multi-coloured 


dreamcoat 


I SUPPOSE this is the latter-day 
version of Joseph's multi-col- 
oured dreamcoat. It certainly is 
almost a work of art. Tess Mar- 
tinet* takes the ordinary padded 
jackets imported in bulk from 
India and by covering them in 
a beautifully-chosen assortment 
of Liberty print cotton fabrics 
turns each one into something 
special and unique. Tess Marti- 
neau, and her partner, Carol 
Mordaunt, work from home in the 
country so don’t expect to be able 
to order in bulk and receive 
jnstani attention. 

Because they are all hand- 
made and their charm depends 
upon the careful selection of 
the fabrics that make up the 
patches, it takes at least three 
weeks for a jacket to be made. 
If a hundred people want one 


obviously they will not all be 
able to receive their jackets in 
three weeks but 1 can assure you 
they arc worth waiting for. They 
aren't washable but can go into 
coin-operated dry-cleaning 

machines and can (hen be 
smartened up by using spray 
starch. 

They are to my mind the ideal 
cover-up for our erratic summer 
weather— -they go splendidly 
with jeans and look equally good 
over some dresses. You can 
choose the rough spectrum of 
colours that vuu would like your 
jacket to be — mainly blues, 
browns, greens nr oranges. 

Sizes are small, medium nr 
large. An example of the jacket 
can be seen at Sylvias. 25 
Beauchamp Place. London SW3. 
through whom all orders should 
be placed. They cost £60 each. 



Striking 

faces 


ENGLISH DIAL CLOCKS are 
one of the great, and enduring 
successes of British design and 
craftsmanship. At one time an 
English dial clock was to be 
found in the library and ser- 
vants' quarters of every great 
house, in schools, on railway 
stations. In gentlemens' clubs, in 
offices and everv other bastion of 
English lif®- For some reason 
they came, in some circles, to be 
regarded as old -fashioned and 
many is the architect or 
designer who picked one up for 
a song from some demolition 
yard after it had been uncere- 
moniously discarded in the 
course of some so-called moderni- 
sation. 

Fortunately they have nowa- 
days come to be recognised as 
one of the alltime appealing, 
functional, apposite designs and 
Strike One. a fascinating clock 
shop at la C.amden Walk. Isling- 
ton Green, London NT SDY. has 
decided to hold an exhibition of 
well over 50 such clocks, many of 
which will be for sale. 

The exhibition was originally 
timed to coincide with the pub- 
lication of a book on the subject, 
English Dial Clocks by Ronald 
Rose, which is expected to 
become the definitive work on 
the subject. Unfortunately pub- 
lication has been held up and 
copies won't be available for 
another three weeks. 

Published by the Antique 
Collectors’ Club the hook will be 
available at £15.00 to personal 


Look! 



shoppprs (copies will be on sale 
at Strike One.i or at £16.00 post 
paid. 

IT you love this sort of clock, 
as I do. then so alone to Strike 
One where you will see a unique 
collection of ibem in all shapes, 
sizes and styles. Some Of them 
are very' valuable (the one photo- 
graphed here is by William 
Gostling of Diss and is an early 
form of brass dial timepiece with 
verge escapement, wood bezel 
and a finely engraved signature 
— since it is rare and special it 
costs £950) and nothing at tbe 
exhibition is less than £500. 

All Strike One's clocks carry 
an international guarantee and 


of the clocks that are not for sale 
many were originally sold by 
Strike One to collectors and 
private purchasers. 

The exhibition is on from now 
until Saturday. July 15. and the 
shop is open every day except 
Sunday from 10.00 am to 5.00 pm. 
Besides the English Dial Clocks 
the usual selection of longcase. 
bracket, carriage and lantern 
clocks can be seen and bought at 
prices starting from about £200. 
If all these are beyond your 
means, consider spending £1.50 
for a charming chart of English 
Wall Clocks — this offer is for 
personal shoppers only, 
unfortunately. 


Lovely 


LAST autumn, just in time for 
ail tbe autumnal bottling and 
preserving. 1 showed same of the 
charming, full-colour labels sold 
by Thame Labels. Wellington 
Street, Thame, Oxfordshire 0X9 
3AD. Many readers loved them 
and bought them. First, they 
were unusual because they arc 
in full-colour and the colouring 
is part of their charm. Second, 
they were amazingly reasonably 
io price: £1.00 per pack. 

Anybody who wants some 
specially attractive labels to 
complete tbe appearance of their 
home-made preserves might like 
to know that Thame Labels have 
now extended their range to in- 
clude three types of label. There 
are the full-colour labels in- 
tended for jams and preserves 
and featuring apples, pears, 
blackberries, plums, cherries 
and so on round the border. 
Then there is a label intended 
for marmalade, featuring 
oranges, lemons and grapefruit 
round the edges; Finally, for 
those who are now producing 
their own wine, there is a lovely 
square label which features 
grapes and vines very promi- 
nently, though other fruits are 
mi-luded. too. 

Jam and marmalade designs 
are each li in. by 3 in. (oblong), 
but the wine or bottled fruit one 
is mud) bigger — 3 in. by S in. 

They can all be bought by post 
from the address given above. 
Each pack costs £1.00. including 
postage and packing, and fnr 
this you get jam or 40 mar- 
malade labels or 24 wine or 
bottled fruit ones. All are full- 
colour and self-adhesive. 


no 

trees 



wup utetrl/ 





ka/zLaven/t&rf 


JMBERS, village cricket, 
hiccupping purr of Jawn- 
?rs and the hlowsy soiuno- 
of fiill-blown roses, are all 
e part of the archetypal 

sh. summer, if cucumber is 
4 with its cool green 

rs, delicate flavour and 
moist texture, it is a surer 
-than any barometer will 
that the weather must be 
It would be unthinkable to 

Pimms without a fiottiUa 
comber, borage, ice cubes 
Fruit; ana tea on the lawn 
l lose half its charm if there 


were no wafer thin brown bread 
and cucumber sandwiches. 

Cucumber is the perfect ingre- 
dient for deliciously refreshing 
raita (yoghurt, cucumber and 
garlicj and salads, creamy 
mousses, cold sauces and iced 
soups. It is less often used— but 
equally delectable — as a cooked 
vegetable. 

You need quite a lot of cucum- 
ber for cooking — about <-8 oz. 
or a minimum of one fat 1- 
long cucumber to serve two. The 
skin becomes bitter during cook- 


ing so peel it away (I use a 
Prestige swivel potato peeler — 
inelegant-looking but rating top 
marks for minimum wastage of 
flesh). Seeds should also be 
removed before cooking, the 
flesh cut up (I think raatchstick 
pieces about II inches long and 
no more than £ inch thick look 
prettiest), and some of the 
moisture drawn off. 

The traditional way to degorge 
vegetables involves layering 
them with salt in a colander 
under a weighted plate. I find 
this method too harsh for cucum- 


ber : the delicate flavour is far 
better retained land just as 
much moisture drawn offj if you 
use a mixture of salt, sugar and 
vinegar. Allow .1 teaspoon salt, 
\ teaspoon caster sugar and one 
leaspuun tarragon vinegar for 
each 12-inch cucumber. Lay the 
skinned and seeded cucumber 
match sticks in a shallow dish, 
add the vinegar mixture, toss 
lightly, cover and leave in a cool 
place Vi r 1 — 5 hours. Drain and 
pat dry very thoroughly before 
cooking using lots of paper 
kitchen towels. 


CUCUMBER PORK— serves 4 

ly flavoured dish 

uy good, but more and beat ™^ e easier uian 
:ourse, when made f M f^Z a j epr0 of paper I find), 
pes of veal or us _®*^ tt1l pepper and cook a 
lamb mstead of fe ° U £ a ime h? foaming butter 

flyou'U need about 14 ^ 
large saute pan. Transfer the 
pork to a. warm dish, cover and 

kC Add W a generous * oz 

c s IWCK W Add the cream and snr ‘.on- 

pared cucumber Sickens a little. 

6 a gratin dish ^ dd t j, e cucumbers and their 
spoons ■ fuices and continue stirring ; for 

good Bonding of 0T two until weU 

with a dome or a rrr it u sauce. Taste 
350 °Fgasm^k ^ted^ lemon juice, salt 

minutes, turning pepper as necessary. 

B til tender but or J££f- into the centre of j 


CUCUMBER A LA FRANCAIS 
serves 4-6 


.g fat encumbers 
eded, cut Into 
strips, soaked, 
[d dried as 
L lb pork tender- 
ly teaspoons 
tablespoons good 
veal stock, H 
croon Juice, salt, 
jzs thick cream. 


A variation on petits pois 2 la 
Frangaise which I used when 
most of our pea crop was har- 
vested by the birds. 

2 s 12" long fat cucumbers 
' (skinned, seeded and cut into 
matchstick strips, soaked, 
drained and dried as des- 
cribed), i lb peas (shelled 
weight), 6-8 outer leaves of a 
lettuce, 6 salad onions, 4 oz 
butter, salt pepper, sugar. 

Shred the lettuce and chop 
the onions — green pan as well 
as white. * Sweat in 3 oz butter. 


Pour on a scant J pint of boil- 
ing water, add the peas and a 
good pinch of sugar. Bring 
back to the boil, cover and sim- 
mer until the peas are tender — 
how long this will take depends 
on their age. Add remaining 
butter and the prepared cucum- 
bers and cook, uncovered, stir- 
ring occasionally until the 
cucumbers are tender and the 
fat and liquid have reduced to 
a sticky coating sauce — about 
10 minutes. Season to taste 
with salt, pepper and sugar, 
plus a squeeze of lemon juice 
if wished. 


FRIED CUCUMBER WITH HAM 
serves 6 


WITH 

b with a 


i. «***•*- 

animeflt 

i a first 
right 
«5 fat 
seeded, 
strips, 
ried as 
ns each 
chives, 
s, 3 ox 


rsely 


H f^7ZZnJs - I « 

awr-Mfrssi 

the oven. Fry remaining 
offtheb«l ‘inif well U* 

paB T.r grange ibe chopped 


A creamy rich sauce is used 
to this recipe too: a vegetable 
dish which goes well with grilled 
or roast Iamb, veal, chicken or 
gammon steaks. A really large 
saute or paella pan or wok is 
needed. 

3 s 12 inches long fat 
.cucumbers (skinned, seeded, 
cat Into matchstick strips, 

- soaked, drained and dried as 
described). 3 oz butter, 4-G oz 
thinly sliced lean ham, salt, 
pepper, freshly chopped basil, 
j pint thick ereattu 2 large egg 
yolks. 

Melt the butter in a large pan. 


When hot add the prepared 
cucumber and fry over medium 
heat for 8-10 minutes, stirring 
and turning the vegetables every 
couple of minutes so that they 
cook evenly. Beat the egg yolks 
and cream together with a good 
seasoning of sail and pepper and 
a tablespoon or so of chopped 
basil. 

Cut the ham into matchstick 
strips, add 1“ ihe pan and stir 
in mix well. Reduce heat to very 
low or switch right off. pour on 
flic egg and cream liaison arid 
cunk, stirring continuously, 
until the sauce thickens and 
clings nicely to the cucumber 
and ham. Serve immediately. 


FOR those who believe in being 
comfortable when out-of-doors 
(and, if you can afford it, why 
not?) the most luxurious ham- 
mock that I've come across is 
Rosenthal's mobile wooden 
hammock which comes complete 
with its own support and doesn't 
depend upon nature obligingly 
providing a couple of trees of the 
right strength and distance 
apart. 

Rosenthal produced this design 
a couple of years agu but it was 
initially quite difficult to get hold 
of— now they say they have 
belter supplies. Designed by 
Waldemar Rothe as part of 
Rosenthal's first attempt to 
branch out into the furniture 
market, the frame is made in 
cither oiled or stained beech and 
the hammock itself can be made 
from mesh or canvas. Tbe metal 
parts are completely rust-proof 
and for extra comfort you can 
buy mattresses to fit as well. 

The hammock is delivered flat 
so that you have to put it to- 
gether yourself but this is not 
difficult and has the further 
advantage that you can then pack 
it flat again when winter comes. 

The hammock 'is £249.50 (inc, 

VAT) In black stained beech or 
£237.50 in natural oiled beech. 

Mattresses are from £69.50. 

If you want to make the out- 
door life lusher still Rosenthal It has a wooden frame and two 
sell a drinks trolley which can large circular plastic trays — the 
wheel all the gastronomic bottom one can hold bottles. The 
delights your purse can stand, trays can be detached, which 



makes them doubly useful. In only from Rosenthal Studio^ 
black or while, the trolley is House, 102 Brompton Road, 
£122 line. VAT I . London SW3 but delivery is free 

This luxury range is available within the U.K, 


Potted 

herbs 

A FEW weks ago I wrote about 
some ibarming garden pots from 
Ironsware but in tbe course of 
the piece I also mentioned ray 
own problems in gening herbs 
to spruut. For instance. I love 
the look of all those strawberry, 
parsley and other decorative pots 
but 1 have often found that I 
have only been able to induce 
parsley to grow out of the top, 
leaving all those side-openings 
bare. The answer is to buy a pot 
ready-planted and here a fairly 
nev. nursery called Hollington 
Nurseries of Woolton Hill. New- 
bury. Berks, can come to the 
rescue. 

They h3ve a large range of 
charming pots all of which can 
be sold planted with flourishing 
herbs of all sorts. There is, for 
instance, a large pot. tike the 
one in o»r picture, which can be 
filled with nine different herbs 
< price is £15.75 for the large 
14-incti size. £7.90 for the small 
size with seven herbs). You 
could alternatively buy a large 
pot. 14 inches high, planted with 
three different sorts of thyme 

Easy 

glider 

NO MATTER bow willing you 
ruay be to tip porters, they aren't 
always there when you need 
them and one of the dreariest 
parts of modern travel seems to 
be tbe inevitable lugging about 
of heavy luggage that is in- 
separable from it. 

Wool worths have just intro- 
duced their own portable, light- 
weieht trolley, it has a steel 
frame, rubberised wheels and 
weighs only three lbs. It works 
rather like a small trolley — you 
pull up its handle, put the suit- 
L-Lisc or bag on the platform and 
then puli the elasticated chords 
nver the luggage and attach 
them to the frame. 

It is easy to carry and per- 
forms function well. Any* 


"■W'-V 


s!*.' . vA 

' 

V? v-> • 

. V. . •• 

• S; 

■ ■ • •*». , ... 

■ vCs.1 f * 



for £15.75. There is also a straw- 
berry pot for £6.55. a parsley pot 
fnr £435 (for the small size) or 
£6.5 5 for the large size. 

Because pots are very fragile 
they cannot send hy post but a 
selection of these planted pois 
can be found in a wide range of 
garden centres, including Syon 
Park. Middlesex. Blakes of Chel- 
sea, Riverside Nurseries ol Hen- 


don, William Woods .if Slough 
and Htitiers of Winchester. If 
you would like informal ion about 
your nearest stockist Hollington 
Nurseries will supply it if you 
write. 

If you can get to the nurseries 
themselves there is a much big- 
ger selection of herbs isunie 50 
varieties) and pots at their own 
premises. 



body who is either elderly or \viH have to rtfnovc. the i ml ley 
has a bad back or simply hates when it eome s io checking m 
lugging heavy luggage about your rase at the airport, 
could da well to invest in such Available from all W'nolwnrtfo 
a dovice. Do remember that you stores, this trolley costs £5 79. 


binding 


REGULAR reader? will have 
noticed hy now that I'm a great 
fan and supporter of British 
crafts. J find them an unfailing 
source of delight, lull of inven- 
tion. creativity anti vitality. So 
it is a pleasure for me lu dis- 
cover a craft new to me and one 
that I have not written about 
before — that of book-binding- 

The Manor Bindery of Fawloy. 
Hampshire. i s owned :»nd run 
by the authur Marg-irei Lane, 
who in her private life is also 
lhe Countess of Huntingdon. 
Antoinette Parks fwho stark*' 
and owned the Square Orange 
Buokshop) and Bendor Drum- 
mond who used to own Bum pus 
and tbe Book Society. 

In charge of the binding skills 
is Philip Bradburn who has won 
many awards in the- course of 
his bookbinding career. 

Because bookbinding is a 
highly skilled and time-consum- 
ing business prices Tor individual 
bindings are not cheap — an 
average-sized honk wmilil '■*» 
about' £38 fnr a half-binding in 
leather or £48 for a full binding. 
Cloth bound bouks would cost 
much less. 

Apart from actual binding, 
books can be repaired anil 
restored and in this case prices 
will have to he quoted individu- 
ally. depending on the amount 
of work involved. 

The Manor Bindery will do 
presentation books, children’s 
books for prizes or christen in? 
presents, visitors' books, photo- 
graph albums and tbe tike. They 
can be done in full Morocco with 
gold tooling or leather inlays 
or with -J! the other refinements 
of tbe bookbiDdrag craft 

For those who aren’t familiar 
with all the nuances of book- 
binding a visit to The Manor 
Bindery at Fawley would soun 
awaken them to the pleasures of 
4 totally new experience in rcad- 
ing~ihere the complexities can 
be' explained visually so that you 
can see what a suede douhlurcs 
nr a double silk headhand looks 
tike, you can see. gold tooling 
and fine end pages and make 
your choice accordingly. Tele- 
phone for an appointment first 
Fawley (07)3) S9448S. 



Financial Times Saturday JnM 24, im 5, 


ARTS 


Smouldering still 

Radio re- vivifies. The embers in ihe face oF atrocities commit- : 
bairipreotten scandals, of ted by the SS. Was he just a 
dorm an disputes, are fanned into charlatan and a pervert? Or was 
life again by the features pro- he a great humanitarian revolu- 
ducer and sound archivist. Do tioaary? Mr. Peter kiewicz can- 
you remember the row when the not quite make up his mind; nor - 
first batch of old masters to be could the ewe Dent -radio faatnrc 
cleaned was put on show in the The Third. ‘Adam (Radio 3,'Jtine 
National Gallery? Do you 20) drawn from ' the - book -fiy' ” 

recall the furore which split the James Roose-EvaosT. V 

Labour Party in half when whatever Kowalski -may . We- 
Aneunn Sevan resigned from like irr real-Hfe-we may 
ge Government over National ^ are that he was -reiy xaaHke 
Pf^scnption charges, ^ Ackland. Nonetheless i.-it ' 
.Wibon and John Frro- ^ joss; Ackiand wtw gaye^a 

n^o f v!^ W1 f fc- SUlt ‘ Do tl. most acceptable Interpretation of - 
name Kowalski mean anything him dienifled deep-fimed. 'in 
U> you-* Polish priest who S” f „m^rSoette CrSS w 
openly practised polygamy with Litt1e Mother Geairiii Cainp: v 

the, defendant In a swisational himself olayed the part - 

wL In « P . I92 ?. ? -TJje 0 f Mr. Pererktewicz. The orob- 

sVSB SJ"«iSl!3WS&S ' 

indeed AJS3E?5!B-£ ■■ 


encore 




l%4 


" The Studio'* 1 by' Sophie Anderson . 


: drama. There is alwavg a temp- Ballet Russe, whose haagc. ^^ y 

nnnm tatfon to ovei>dramat1se but in well caught by the vr«fc 

RADIO John Theocharis’s production the flB -- - -" a fasiHOEttble arnbcSe^ OHWWnWt 

setuieces of the trial, the testk - ' lil , I a very pretty score Wi 

ANTHONY CURTIS monv of witnesses., were satis- rv feri^ gS evokes Messacer and PouleiK 

facrorilv woven into the M t - -S g»- ^£^5oijSegg evokes Meswger wa 

documentarv pattern enlivening *nti choreography ^ whfih 

•v .. * i,- it For a bonus we bad music « The Studio ” fiy 'Soohie Anderson 'I 

the matter of some compelling spe cialZy composed and conduc- Theituco oy soph.e Anoerson 

listening this week. tPd another Pole, Andrzej - _ • • - MW i 

Kotvaiskis career was not p anu f n Uc. , _ ra ' • *5-1 

“H?? 1 „ 1 5* ,own ou^ifie Poland j n a much more recent book r # T JL 9 su *wM * 

until the appearance of a ^ Performers Norman # %/ M f*T gmgrl /JffM 1 fi i* fi M 

remarkable book by Jerzy Peter- shraonel sees politics as a form _JL M i/\s V f'W' f 'KJW *'*€'#*' t'l'f/ Vf'f' In the realms of adaptations 

kicwicz two years ago called 0 f theatre. As in the theatre alone, the prolific, unpredictable 

U&e.^ft^L'V'rSS? ££ *Tlte Victorian ItaV Roy onr private indhlgeicc: and the th««el,« very ,clL Th. best ‘v£&“ to 

kiewicz. who is head of the much greater SSn^tte curot MUe5 ’ latest summer miscellany sen d mentality is no longer the picture Is by Millais, a portrait ?oh£ vJSurehlndR^rDel(S 
Department of East European £ niwalaysTereis JESSe (on . until July 28). is both great bamerit was to toe work of the two yoongPender sisters 

Languages and Literature in the whose Hamlet you can seriously “ “j e ^*,*” d ♦“ JSSEPBS 1 f ‘ N 1 ^ C “ ** JSSX 1 fro ,!L? e ^ dStelfriSbhjTNowVs the turn 

University of London, a novelist compare to Gielgud’s or Olivier’s we ha ?® c °™ e t° expect his ^ artists tong and successful of vonnegut, whose first 

and critic, was himself born in for so it seems) and there is no fi ^ 0W 6 t° be, the work not over- decadence. He was the most nriV pi fnnhiished in 1952) reaches' 

Poland. He sRll rememtemthe SliamenUriS’ whose ?reto?? ““P^ant exactly for nin^ ADT gifted of all the Victorians, and •g*****^* * ^ihTS 

shock-waves whenever the name begins to compare with that of J^nth- centuty aeademldsm had MK1 having promised the earth 15 Euartan^ production by Peter 

KowaJski cropped up. In spite Churchill or Sevan. Some of : WiUJAM BACKER have , r S(pl 1 a ?' S£thentt P at the Almost Free, 

of Kowalski’s trial at which he the latter's first was rekindled certai ° qnahfaes that deserve • *.. dered his gifts to gratify his The setting, we are told. Is Ilium, 

was convicted the Mari^vito i. v L iR.iiin i oi > respect: qualities of craftsman- customers. The story seems to «... IT i_ 41v» uHtiim 


! The Diash ilev Ballet presen id hytnned, as one may gather Elisabvtta Tcrabust is fine am 
Lot Chatte for the first time in from Cyril Beaumonti the male the Cat. and she is exceilehlly 
Monte Carlo in 1837. ■ There ’ is body. .beantifBl. - ••••: . '->;•. partncreri by Kenneth McCombie 
a stunning Constmctivist^set ly ^'peiar .Doifeherty' iuuS -pEttvlded 3S the Voung Man. rThe stwy- 
Naum Gabo and Antoine Pew er pwu design in white, and ^ ne o 063 not. at first acquamt- 
— talc and m icar gleaming st dabble suircase xt- whow ?^ 10 * ®® cra particular^ ^ar: it 
black American doth— andSe p» point reposes^ Bffeab«tt*; i *-P® rha PS j t >’P lc:U . of _ *2!S?5 

Lifar was cast as. the young n .. . ■^ rr :- : ; of the version, and of the period 

who fall& in love with a Jfhe- ,t.- — — 1 — — : — ; — . ... ^ " .to : which It pays homage, that 

Olga Spesslvtsevu. obUgin ly-. _ _ one. does not particularly care. 

turned by Aphrodite into a ym ig KALIxT ' - The ballet looks attractive: the 

woman. Love's young dream i a, r , . £ . choreography is fluent, with 

alas, nnned by the appears *■ .-. CLH®«r ■■. some Art Dfco moments: the 

of a ' mouse which . caused i« - ‘ ■ white-clad ' cast are handsome: 

young woman to revert to . sr- -jr-j the ; score makes no demands 

primal state. Bal amdu ne’s «»» , other than those -of being charm- 

graphy was mudi admired. ‘“"Terabust as the feline heroine, lag. . La Chatte is a pleasant 
so was-. Henri San pmfs scoi — g^. at jmlrer; Kenneth McCombie, aequisition. 

1 . 8UPPOTO. V six sporixf comp*Mc©s.' W!K> ; Lmust. in passfna pay tribute 

attracted - Ronald In acrobatic' - eiterolSes'. to Ev* Evdokimova, T*a Woe Bart 

idea of making a new vepnoi Qn 0C c«sio& tt^s fhe hern and Peter Schaufuss who led the 

tne_plece- T| - | ■; J^*ouc end Wnder ■' us reletfon-^^ ^.performance of Etudes which 

, with the Cat Hanoi* was also In the programme. A 

rormanee.- on f“?2SS? appeaxx as Eeie -Fuller coruscation ' of pirouettes and 

A pbrodite — imporioiia and leaps and beats, and an uncom- 
^!3£ '8EB»itti sleeves pe. winge-rided. plicated delight in doing what 
”^i ^ machfna who acts u marriage- they bad to do very well, made 

weUjawgbt b y -the, ***% . it is sn agreeahle. them a' wonderful trio. It is 

a fai i tHOTWh te ariii«w ^> : wj^ ^{ B ^ WP i g bt) aiidaivep~tne score, worth - anyone's money to see 
a very ' pretty score (vrhfcb which Is melodious but plumbs Bart and Schaufuss nutspinning 
evokes Messager and Poulenc); no depths, there is' nothing else' eaeh other, and Evdokimova 
and choreography - whfch Mr. Hynd could do. : sweetly soaring. 


black American doth— and S 
Lifar was cast as the young : 
who falls, in love with a- Abe 
Olga SpessivtEHvU. obugi 
turned by Aphrodite into a y< 
woman. Love's young dream 
alas, nrined by the -appear! 
of a mouse which caused 
young woman to revert to 
primal state. Balanchine’s ebfl 
graphy was much .admired, 
so was- Henri San gn e fs sco 
which'- is. I suppose, > 
attracted - Ronald BScad to 
idea of making a aeW verina 

Colinutn-* by ' Fe^Pi^O B* 
looks like a homage to -th* | 
BaUet -Russo, whose image,* 
wen caught by -the wwrk l C 
a fashionable artistSe spaoveni 
a very ' pretty score (wl 



The Victorian ideal 


piano 


In the realms of adaptations die Third Kind, this is rather At the same time, there is 
alone, the prolific, unpredictable charming. serious talk afoot Vonnegut, 

and uneven James Saunders has ' Yet it suits the material, which l}h« his adaptor, is interested in 


was convicted, the Mariavite j n Nye ( Radio 4. June 21) which r ?!P ect J VwHtieso* craftsman- 
sect (which he inherited from included clips from many of his s “ p * attention to detail, sen ous- 


51 £1Z r” “rS 5 field (People Lifte Us, just ended 7 _ ' logical dictatorship. As Paul is 

S f ^ fro ,^? efin 5 phaseo ^ on television). Now it’s the turn - — • told by his old college buddy 

^ successful Qf Vonnegut, whose first YUCATDT (who successfuUy programed 

elta?rf^u thl novel (pahiished in 1952) reaches THEATRE himself, out of all computer 

-fL^ V ^ onan f:v tu ^ L the stage in - a bright tat”. ' ’ ' ' M data), it’s like a player-piano: 

i ear ^ 1 u spartan production by Peter' GEOFF BROWN one can mechanically play the 

Southcott at the Almost Free. • . -piano roft or one can bash away 

dered his gins to gratify his SPT ^ ng we are told. Is Ilium, on its keys like a free individual. 

New York * 1“ the 21st cemtury— N 0t the subtlest or freshest of 

^■V^T?v ItSSl t . T 5ls a wonderland of electronics and sketched and, apart from David notions, though no doubt it 

paintings are always interestmg. computers reached via a Third Bast's honey-voiced doubter, seemed more to the point 

2252I- World War and a Second Indus- Paul Proteus Cain of the m 1952 when administrative 


bishop Kowalski was aeain Yon can hear a companion pro- inclined to mean what we want themes of earlier rimes We can ” ontD f. r - Sopoie Anderson s 

imprisoned: this time in Dachau gramme to this admirable poli- it to mean, deriving it's authority Sso foreive the Victorian Se S leg “ Uy ^ dui!po ^L 

when in his seventies he died, deal oortrait. From Whence onite as much from the inexor- J_ _ 7- beauty, and a most extraordinary 


Wnntnii, r-.-L' A-J-— euuieas piuwuiun. M. uo uuy am wuc, nuun v^uui uicvc- ‘“"a >« «■>“ 

eieiwiL’ rf£2S«i- An ' Sww-f Visible signs of this wonderland, land), is attractively, vacuous, a satisfactory balance between 


surviving members of the sect health service in Tredegar, as from the niceties of an 
all of whom testified to the Be van's birthplace, on Monday, academic judgment. The sheer 
extraordinary physical and Restored To Life (Radio A chance of survival has much to 
spiritual magnetism exercised by June 20) was the title of a pro- do with it, our museums full of 
the Archbishop. He called him- gramme compered by James lovely and important things, but 
self the third Adam (the other Wilkinson devised by the News important only in that they are 
two heirrc the Adam of Genesis Department on the various tech- indeed fine in themselves, and 
and Christ) and instituted among niques of cleaning and restoring have managed somehow to sur- 
hic followers a series of innova- pictures. It consisted of inter- vive : and the older they are, the 


These artists stand up for Decameron. 

HSC tours small towns 


THEATRES THIS WEEK. . . AND NEXT 


and Christ) and instituted among niques of cleaning and restoring have managed somehow to sur- ; BUSH — Runners. Sprightly new on coming three Wednesdays. ' The RSC have two openings io 

h;«: followers a series of innova- pictures. It consisted of inter- v*ve : and the older they are. the The Royal Shakespeare Com- The group of 15 actors, led by play 0 f athletic rivary in the Opened Wednesday. . Stratford-unon-Avon next week- 

tions. audacious even by the views with people like Arthur narrower that distinction tends pany is to undertake a tour, ian McKellen, will perform two changing room, with domestic ™ TwriP Contain Smitm hv p*ia P Whoi™ 

criteria or today, including mys- Lucas, chief restorer of the to he. beginning next month of 23 new « main^ " productions. Shake- tensiim around the edges. Will .vKl fSSSvSl - 7 v 

tic mam age c between priests National GaUery, and his oppo- Victorian painting suffered a towns and villages in England , vwiftft \’inht rti rw #p^ Knightley acts and lifts weights n j, ng P r ^uction by Harold Prince is in the Other Place and Measure 
and nunq wiih children bom site number at the Metropolitan long period not merely of and Scotland.. The- tour, with speares jiwojui iviflnt airecreu wW| ^ aplomb< opened Man- 2 f much-publiased rock opera For Measure on the main stage 

behind the cloister, the Driest- Museum in New York, expound- neglect, but of actual critical productions especially staged to hi’ Jon _ Amid ana Chekhov's ^ does much to paper over the (Monday and Tuesday). The 

bnpd for women and a People's ing some of the mysteries of abuse, laughed at embarrassedly play in small theatres and halls, Three Sisters directed by Trevor ROYAL COURT— Flying Btittd. An _<aemng evening, Churchill at Bromley ha9 a new 

their eraft. Although highly for its literary preoccupations will last Iq weeks and opens in Nunn. Bill Moris on *s savage farce set ■ Wl i“ i ^ play on Monday, The Woman I 

He aDpfnrs a more haffl'ne sophisticated scientific equip- and its sentimentality; but the Horsham, Sussex, on July 13. In addition there will be occa- in present-day Belfast tranters star buling along Loue; David Mamet's American 

character thun Urbain Grandier mentis used in picture restore- great mass of it survived. Never before have the RSC sional performances of an antho- well from Liverpool in Alan }£th Dav^ Essex as Che. Opened Buffalo is in the Cottesloe on 

at Loudon who«® trial inspired tion today spit and cotton wool actively cherished by a few toured in the UK at such length logy programme of words and Dosser’s production. Opened weanesaay. Wednesday; and on Thursday, a 

F"'-!pv (anri after him John is still often employed as a first brave souls, more generally kept : — and to so many peaces — with music entitled And Is There Tu esday . _,YOUNG.VIC— Bartholomew Fair, revival of Hindle Wakes at 

Whiting and K**n Russell). Most resort. Nowadays it is the un- safe at home by a mixture of a repertoire of productions, and Honey Still For Tea? devised by ALBERY — Roy Hudd FeeWe High-spirited revival of Ben Jon* Greenwich and, at the New End 

of what was alleged asainst him cleaned pictures that cause familiar affection and inertia, many of the venues have never RSC actor Roger Rees. It is music hall programme given at son. classic to open new season in Hampstead, Susannah York in 

was true yet he preserved his anxiety to most "gaHery-goere. Today we find we no longer need before received a visit 'from the about the English and their lunchtime to raise mope^ for 'under* Michael Bogdanov. The Singular. Life of Albert 

authority and his presence even That battle has been won. to excuse or pretend to mock company. Englishness. Wilton's Music Hall Repeated Opened Thursday. ' Nobbs. 



t Indicates programme in 
black and while. 

BBC 1 

7.15 am Open University (UHP 
only). 9.10 Play board. 9.25 The 
Flashing Blade. 9A5 Calling 
Young Film-makers. 10.00 Arlott 
and Trueman on Cricket. 10.25 
" Daieks — Invasion Earth 2150 
AD,” starring Peter Cushing, tl.45 
Charlie Chaplin in "One am.” 

12.15 pm Bugs Buny. 12.28 
Weather. 

1220 Grandstand: World Cham- 
pionship Motocross (12^5) 
The Brllish 250cc Grand Prix; 
Rugby Union: Australia v. 
Wales (1.00); Tennis (1.25, 
2.10. 2.40. 3.10. 3.45) The 
Colgate International Women's 
Tennis Tournament: Racing 
from Ascot (1.55, 2.25, 2 jo, 
3.30); Athletics (3.10, 3.45 j 
The Nationwide Building 
Society AAA Championships; 
World Cup Report (4J5); 
5.00 Final Score. 

5.10 Tom and Jerry. 

5.25 News. 

5J5 Sport/ Regional News. 

5.40 Dad's .Army. 

6J0 Are You Being Served? 

6.45 World Cup Grandstand — 
Brazil v Italy. 

9.00 Lennle and Jerry. 

9.45 News. 

9-55 Kojak. 

10.45 Sailor. 

11.15 Sinatra and Friends. 

All Regions as BBCi except at 
the following times:— 

Wales — 12.05 am News and 


ENTERTAINMENT | 

cc — 'Thru theatre* MX col certain credit 
cards br telephone or at box often. 

OPERA & BALLET 

COLISEUM. Credit cards- 01-240 5258. 
RntrNlMs 01-3 36 3 161. 

LONDON V ESTIVAL BALLET 
Today 3 6 7.30 Sanguine Fan. La Chatte. 
Etndcs- 9E tulconv seats always avail- 
able from 10 am day of pert. 

MUREYEV FESTIVAL 
From Mon. N July 8 with London 
Festival Ballet all scats sold (extent 
InaS. 'July S * Bi. July 10 to 16 
Nurevev With Dutch National Ballet, 
seat s eyaHabte- 

CO VENT CARDEN. CC. 240 1066. 

rturtencharne credit cards 836 G90Si 
THE ROYAL OPERA 
Ton'fltiL Tue. A Thvr. next at 7.30: 
iolsa MIUerT Wed. & Frl. next at 7 JO: 
PrtM« cl MClbandc. 69 Amphr suits 
avail, for all Pert* Irani IO am an day 
Si per#. Note: PersanaliTct. bkus. lor 
jaly Ballet eoen Jaly 1 and Not June 1. 


Weather for Wales. 

Scotland— 5.10 pm Scottish 
Liberal Party Conference ’78. 5JtO- 
5.25 Tom and Jerry. 12-03 am 
News and Weather for Scotland. 

Northern Ireland— 5.35-5.40 pm 
Northern Ireland News and Sport. 
12.05 am News and Weather for 
Northern Ireland. 

BBC 2 

7.40 am Open University. 

3J5 pm Saturday Cinema: 
"Thousands Cheer,” star- 
ring Gene Kelly. . 

5.15 The Money Programme. 

6.00 Flamingo. 

650 News and Sport 

6.45 Carv Grant in "The Grass 
Is Greener.” 

A25 M*A*S*H. 

S.50 A Bird's Life (cartoon), 

ILOO Royal Heritage. 

10.00 Network. 

10 JO Welsh Triple BilL 
1L00 News on 2. - 
tJLLOS. Midnight Movie: Cary 
Grant in “ Only Angels 
Have Wings.” 

LONDON 

&50 am Sesame Street 9.45 
Half Hour Show. 10J5' The 
Mankees. 10.45 Our Show, part 
two. 100 Spencer's Pilots., 
mo pm World or Sport: 12-35 
World Cup On the Ball; 1255 
International Sports Special — 
O) Mountaineering from 
Zion National Park, Utah;, 
plus Australia Pools Check; 
1.15 News from ITN: 120 The 
TTV Seven— 120. 2.00. 2.30 
and 3.00 from Avn L45, 2J5 
and 250 from Rbdcar;' 3.10 
International Sports Special 
— (2) Lawn Tennis: Rawlings 
International Championships; 
5.05 Results Service. 

THEATRES 




cadur’S wells theatre. Rosebery 
aJ^TeCI. 837 1672. Until July 1. Era*. 
7,30 Mat. Sat. 2.30. First time In London 
Manolita and Rafael Aquller's 
FIESTA DE ESFANA 
Soantsh <olk and flannca, 


THEATRES 

A DELPHI THEATTtE.CC. 01-836 7611. 
E»09. 7J0. 3.0. Sat. 4.0. 

The boat musical oM3t6 1977 and 1978, 

*• LONDON'S BEST NIGHT OUT." 
Sunday Peoole. 

ALREADY SEEN BY OVER ONE 
MILLION HAPPY THEATREGOERS. 
CREDIT CARD BOOKING 01-836 7611. 

ALBERY. 836,3878. Party IUW. Credit 
card 6k os- 836 1971-3 from 8.30 a.m. to 
8.30 pjn. Moo.. Tuts.. Wed. and frL 
7 45 B.m. Ttun. A Sat. LJO 4 I.Q. 
-A THOUSAND TIMES WELCOME IS 
LIONEL BARrS 

OLIVER.' ^ 

" MIRACULOUS MUSICAL.- RiuT!^ 
with ROY HUPD and JOAN TURNER. 

■ CONSIDER YOURSELF LUOCY TO BE 
ABU TO SEE IT AGAIN.- Daily- Mirror. 


ALMOST FREE. 485 6224. Lunchtimes 
“ One Off " by Bob W I lion. Tines— 5»t- 
1.16 p.m. Suns. 3.00 & S.00 o.m. No 
shewsy Mo ns. 

ALMOST FREE. 485 6224. Evenlnos Kurt 
Vonneqat'a " Player Plano " bv James 
Saunders. Tues.-Sats. 8 pjh. No shows 
Mons. 

AMBASSADORS. 01-836 1711. 

Nightly at 8-00 Matinee Wed. 2.45. 

Saturday 5 and a. 

PATRICK CARGILL and TONY ANHOLT 
_ ... In SLEUTH 

TJe Wortj-himoiis Thriller 
„ , . by ANTHONY SHAFFER 

Seeing the elav again is jn fact an 
irtw hid total ioy." Punch, seat prices: 
£2.00 to £4.40. Dinner and Ton-Price 
Seat £7.50. 

APOLLO. 01-437 2663. Evenings 8.00. 
Mats. Thun. 3.00. Sat. S.OO and B.OO. 
DONALD SIND6N 

Actor d the Year." Evening Standard. 
■■ IS SUPERB." N.O.W, 

SHUT YOUR EYES AND 
THINK OF ENGLAND 
“ Wickedly tunny." Times. 

ARTS THEATRE- 01-536 2132. 

TOM STOPPARD'S 
DIRTY LINEN _ 

"Hilarious ■ ■ - see It." Sunday Times. 
Monday to .Thursday a. 30. Friday and 
Saturday at 7.00 and 9.15. 

ASTORIA THEATRE. Charing Cross Rood- 
01 -734 4291. Mon-Thun 8 PJ«.: Frl. 
and Sat- 6.0 and 8.45. (Buffet food 
avallable.i 
ELVIS 

*' Inleetknrt. appealing, foot-stomping and 
tteert-thumolng.’' Observer. Soots £2.00- 
£VDO. Halt hour bel.vre show best avail- 
able seats £3.00. Mon -Thun, end Frl. 
B B.m. oert. only. 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD. 
Lunchtime Theatre dally at 1.1 S p.m. 
June 112-23. " A SLIGHT- ACCIDENT.** 

CAMBRIDGE- 836 6056. Mon. to Thun. 
8.00- Friday, Saturday 5.45 and 8.30. 

I PI TOMBI 

Exciting Black Airi can Musical 
" Packed with variety." D. Mirror. 

Seat Pri ces £Z.co-£5.50- 
THIBO GREAT YEAR I 

Dinner and ton.Drice seat £8.75 Inc. 

CHICHESTER. 0243 81312. 

Today . at 3.00. June 2B at 7JW 
A WOMAN. OF NO IMPORTANCE- 
Ton<ghL June 26 and 27 at 7.00 
THE INCONSTANT COUPLE 


520 News. 

i 5-20 Celebrity Squares. 

■ 6.15 Sale of the Century; 

i 545 World CUP -78— Third/ 

Fourth Place Final, 
i t.00 News. 

9JL5 "The Garnett Saga,”. star- 
ring Warren Mitchell... 
11.00 The London Programme. 

- 12.00 George Hamilton IV.. 

12J0 am Close: Music by Elgar, 

■ painting by Constable. 

.. All . DBA Regions -as Loudon 
: aDeept at the following times: — 

ANGUA 

9-25 am Undersea World .of Captain 
Nnno. M5 Half. Onr Show. 1045 The 
•Monkees. 1645 Our Stow. U30 Star 
Maidens. . IZJOO Stan On Ice. 1230 an 
dx Tha End Of The Day. 

ATV 

- 9.B5 am Musket. FUa and Drum- ^ JO 
StMBB street- nuo The ATV.'^afcailay 

- MermnE Picture Show iadudfUB- ^Ttoj 
Crimson. Pirate" and serial rjiyw^ry 
Island." 1L00 pm Jobe Boa -Saturday 
NWtt. (The Music of the War Ytstrs 
1830-T943J. 

BORDER - i 

: .fJS am Bafld Your Own Buv -4J0 
' Dynamnw— The Dos Wonder, am MotoJok 
.F ilm: .“The Swiss Family KoMnson." 

. surrfns Cameron ' MftchelL ' H w The 
Count of Home Crists. 1200 The Beach- 
combers. 1200 pm Juke Box Saturday 
Night. . . 

CHANNEL • 

4213 -wn Puffin’s Plafl)ce. 1U0 Juke 
Box Saturday NIshL .- 

GRAMPIAN 

125 am Scene on Saturday' Including 
Birthday GrecUnss-and Culr Car. M L fl o 
Captain Scarlet and the Mystenms. ' l&JO 
Tarua. juus The Undersea Adventures 
of Captain Nemo. 1230 Space 19SBL iTim 
pm The South Bank Show. 1208 Befiec- 
tlans. T - , 

GRANADA - 

9 JO am Sesame Street. 1825- Paul. 
TULB Saturday Matinee: « AlTs Button 
Afloat." starring The Crazy . jjjg 

THEATRES': 

COMEDY. - 01-930 2578, 

^ * Itrnl ^ E r B s^N°r Juty 16 

.. , ST. MARK'S GOSPEL 

' An unparalleled tour do farce." S. Tins. 
Vge*- to Sol at 8.0. Sun. at 4.30. No 
Pto- Man. Seats £T^5, ca-7*, £2J0. 
£3.00. Latecomers not admitted. 

CRITERION. 930 3215. CC. 835 1071-3. 
Bvgs. 8.0- Sits 3.30, 8.30. Thin. 3.0. 

HALF-AjrarEN*|L^s5s IE A MINUTE 

VBiSSffl.'w 1 

DRURY. LANE. .01.838 8108. Every 


DRURY LAN2 01-838 8108. Every 
MflM 8.00. Matinees Wed. A SaL 3.0. 
.... A CHORUS LINE 

A rare ’Hwastaunfl. joyous, astonishing 
stunner." Sunday Times. 

DUCHESS. 836 8243. Mm. to Thor*. 
Evenings S.OO. Frl.. 5at. 6. IS & 9.00- 
OH1 CALCUTTA! 

" The Nudity Is amnnlna." DaKy Toi. 
Btb Seiisatioiul Year. 

«JKE OF YORK'S. 01-836 5122. 

Evenings 8.00. MaL Wed.. SaL 3.0. 
JOHN GIELGUD 
In Julian Mticheirs 
. . _ HALF-LIFE 

"nrimT,l?. N ^ l r l „ TOEATRE PRODUCTION 
g!g ‘L" HaraM Hobson' mrama). instant 

ew ' rt e ?susr^irt7.oo c r* r •** 

WUniM- *»W- EM. 8.00. Thins. 3. 

. . ^?*l s,do ■Rda.tKL 
Muriel P« tow as MISS MARPLE in 
AGATHA CHRISTIE'S 
MURDER AT THE VICARAGE 

TWttI Great Year • 



6 4801. 
50.8 JO. 
INES 


EXCEL- 
□. Tel. 
WORK." 

1 Times. 

GIXKE THEATRE. 01^37 1592 

Eras. S.T5. Wed. 3.0. SSL 6-0. 8.40. 
PAUL EDDINGTON. JULIA McKENZIE 
BENJAMIN WHITROW In 
ALAN AYCKBOURN'S New Comedy 
„ ^ TEN TIMES TABLE 
TTite must be the happiest laughter, 
maker In London." D. Tol. - An hr esu- 
«bly enjoyable even ing, 11 Sunday Tlmes- 

GRESNWICH THEATRE. 858 7755- 

untll June 24. 

Evenings 7.30. Mai. SaL 2 JO. 

M ^ ™ GOLDEN CRADLE 

Ptan by Yeats. Synge and Lady Gregory. 


f°r 2 weeks only, ■■ The Irish noee at its 
SSSjl F- tone*. From Wed. HINDU; 
WAKES by Stanley Houghton- 


pm Juke Box Sarurtfay NlebL i^no 
Fireside Theatre. .* 

/rorv 

t SJOO am Wabbkt Trouble. VJS Old 
House. New Home. 94S Half Oar Show. 
1805 Batman. liLOS Our Shaw. 1230 
Space 1809. .- 1280 pm Juke Bax Saturday 
" Night. 

KTV Crmru /Wales— As HTV General 
Service except: 538-5.45 pm Canoontime. 
S454JL5 Sion A Sian. 

. SCOTTISH 

VJK am Build Tour Own Boat V30 
l Sean The Leprechaun- injs Batman. 
1230 /Cartoon. -1240 The Bionic Woman. 
•U5 jwn Feature Film: " Banyon," star- 
rine Robert Fonder. 1208 The Somh 
i Bank Show (Hal Prfnoc'i. 1206 Late rjn 
1205 am tone American Siyle. 

SOUTHERN 

1236 am Regional Weather Forecast. 
1249 Sonthsport Presents Cricket; Sussex 
v. New Zealand. 1200 pm Juke Bax 
I Saturday Night iTb'e Music of the War 
- Years UMqi. 1200 Souibern News. 

; : TYNE TEES 

r 9.00 am Lyn'B Look-In. 9 JO Space 1999. 

, 1845 Lyn's Look-In. UJ5 The- Saturday 
Morning Film: " curtain Cali at cactus 
Creek." Ftarnnc Donald O'Connor. 

Lyn'a Look-In. 1280 Lavcnu? and SUriey: 

1 1208 pm Juke Box Saturday Night X2M 
r Epilogue. 

ULSTER 

1040 am Saturday Morning Movie: 

" Tarean's Greatest Advemures." starring 
Gordon Scott, Anthony Qoayle «i*i Sean 
Connery. 1230 Sesame Street. 1048 pm 
Sports Results. li-Oo a Drop in Your 
Baud: Mary O'Bara. 

WESTWARD 

940 am SurvJraL 9J25 The Beatlm. 
9-50 The Saturday Morning Feature Film: 

“ Smashing: Time," starring RJta ■nubing- 
ham and Lynn Redgrave. U in Gob 
H aneyboD'a Birthdays. 123S m™ 
Barbera Special U40 pm Joke Bax 
Saturday Night. 1240 Faith For Life. 

Y ?RKSHIRE 

Early Musical Instruments. 
ISJaD< L P 5 Saturday Swno 
Action Adventure: Tartan »"4 ihe 

JnuglC- Boy»_ m a -Tha Gepi H* chine. 

THEATRES 

HAYMARKET. 930 9832. Box Mice Now 
Open- Praw- July 4 and S at 8 JJ. Open* 
July O. 7.00. 

^PALTL SCOFIELD ’ 
eleantw RRY and «ews 

p Z2E£x 

and 'RENE^HANDL^ 

A "otraSS? & r£9EL ALD HARWOOD. 
ptT1&ctg q PY CA SPER WREPF. 

HER MAJESTY'S, CC. ni mqg 
E venings «.M^ w « ,°l Sl ¥2*. , 

In LESLIE 6 BBI1CUSSE 1 and 
ANTHONY NEWlI’TS 

RA & , asj rt ii s, £ »«>» 

- N nSSiaTf B i? RT SHEVELOVE 
Cheered." 5undayT ! Sig£,„h Tltt BW***"®* 

7 s a 2S8- 

™p®a?S«?Ssr-ras. 

_nm_GREAT ROC K -W RO LL MUSICAL , 
LONDO Ji4 AI l lAS , I ! JM i J < :C. 01-4S7 7373. 

Fr * W * f - ' 

You? bM« a rt2i?L C . Qme ^' 1 B * ¥ °® 

Ronnlra |£5! a .f l S l S see. “Tho Two 

is w beefcnSS Pai‘««w" . 

TOMORROW fS 1 ™ PWrtormances 

5 P6Ci T OTgg g^^ f^ ^ ^ 

L KoT l S£% n .&. ll « 1 ASgg: - 

‘ 

MAY FAIR. 629 30Z6 rr.ii -.it nrir^ 
preytow. -|0. Jon, MS «S! 

stSri * ro * ? 
Is and ...? R E PREVIN. Sorts £4. 

■ I most eveiy turn SC 5>teS *fk.* w , l lw!i 
Wtaoia 1 and v5*J, ^1*?I _ tb « 

K.ftWffis-aHBP.a-; 

^ 1 T r ^SI* l H &gSSSi-'" -imml. Today * 

Argbwirn^ PI«£ B W A) *" 

SSr.W'.ffiff&’KLS 

bv D»M Maim*. BUFTALO 

KSS»*5S? , |? t p*ff fl S r -II three ‘ 

928 2033. - 


3240 Code R_ ZUB pm. Joke Box 
Satnrday \>glit: “The Muse of the War 
Yews 1939-43. 

RADIO I 

(5) Stere opft o n tc bi w J o rt 
£ Medium wave only 
540 urn As Radio 2 846 Ed Stewart 
mih. Junior Choice (SI lnrtmUng 232 
Cross-Channel Motoring Information. 
1040 Adrian Juste. 1200 Paul G a mh accl nt . 
231 pm Rock On From Kaefcworth (S». 
23# Alan Freeman (Si. .631 Robbie 
Vincent with soul and disco music <Sl. 
6J0 in Concert: Alexis Horner's 59th 
Birthday Parly (2> (Si. 736282 am As 
Radio 2. 

RADIO 2 l£00m and VHF 

. 540 am New s Summary. 542 Tam 
Edwards with The Early Show >S> indnd- 
hXB 843 Racing Bulletin. 846 As Radio 2 
1842 Tony Brandon (Sr. 1242 pm Two’s 
Best rsi. 282 Punch Line. 236645 
Sport On 3— World Cup Special (230. 2.00, 
240, 5.001.- Tennis C230, 209, 235. 205. 
3.40. 540i The Raedings InternadonaL 
Colgate Tournament, Wimbledon T8 [ pre- 
view r. Alhletlcs <140. 2M. 235, 202 248, 
200i AAA CtoumrirosHl*; Racing From 
Ascot (L30. 225, 255. 238. with a 
c la ssified check ar 240); Cricket (140. 
1.00, 2-35. 205. 3.40. 5.40) Reports on the 
New Zealand v. Sussex and Pakistan v. 
Surrey matches; news of all other games, 
pins reports amt- news of golf and motor 
cycling- 4 0 * Cross-Channel Motoring 
Information. 844 European Pup . Jury. . 
742 it’s A Funny Business says Peter 
Cavamgb- 748 Sports Desk. 7JZ BBC 
International Festival of Light Music, 
Pan l: Dance Band Day* (Si. 846 Talk 
by Steve Race.. 840 Concert: Part 2: Big 
Band Sounds. 1842 Saturday Night with . 
dm BBC Radio Orchestra (Si. 1202 
Sports Desk. 1235 Peter Wheeler trim 
The Late Show (5V Including 2240 News. 
?IWK* Iff am News Summary- • 

RADIO 3 «ta«. Stereo ATOP 

*745 am Weather- 848 News. 845 
Anbade (Si. 9JB News. 945 Record 
Review Including Building a Library (SI- 
1845 Stereo Release of music by 
Glazunov. Shostakovich (SI. £L2B BBC 
Symphony Orchestra: Janaaft, Dvorak. 
Mozart (SI. 148 pm News. 145 WtoU 
The Papers Said after the Death of 
Queen Victoria. 235 Bach harpalcboTd 


recital (S). 215 WOmart of AOion: Jan 
Morris chooses records (SI. 545 Music 
of the Manors ISJ. 540 Jam Record 
Requests (SI. 545 Critics' Forum. US 
The ClaHral Guitar (Si. T25 Personal 
view by Tkeodare Zeldin. 745 L'EUMr 
d'Amon-: Open In two Acts, music by 
Donizetti. Act 1 IS). 840 Interval Read- 
ing. 540 LTftlhdr d'Amore." Act 2 1045 
Mam In The Modern World. 3210 
Sounds Interesting iSl. 1235 News. 
12401245 Tonight's Schubert Song on 
record (10141. 

Radio 3 VHF Only— 206200 am Open 

University. 

RADIO 4 . 

434m, 330m, S85n and VHF 
.640 am News.. 64* Fanning Today. 
648 Tours Faithfully. AS Weather, pro- 
gramme news. 740 News. 7J8 On Your 


Farm. 740 Today's Papers. 749 Tours 
Faithfully. 7 JO It's A Bargain. 745 
Weather: programme news. 840 News. 
8J8 Sport oo 4. 845 Yesterday in Parlia- 
ment. 840 News. 945 International 
Assignment. 840 The Week in West- 
minster. 845 News Stud. BUS Dally 
Sendee. 1040 Pick of the Week. 12*0 
Time tor Verse. 3258 Science Now. 1240 
News. . 124* pm Away From It AIL 12-27 
The News Quit »Si, 1245 weather; pro- 
gramme news. 200 News. 235 Any 
Questions? 240 War apd. Peace. 200 
News. 345 Doea. He Take Sogar? 235 
Music of the Hasten (as Radio 3). 540 
Kaleidoscope Encore. 540 Week End- 
ing . . . i Si. 545 Weathrn programme 
news. 640 News. 6J5 Desen Island 
Discar 646-Stop The Wfeefc With Robert 
Robinson. 740 These You Save Loved 
IS). 840 Saturday-Nttht Theatre:. “Invi- 


tation to the WalB." by Rosamund 
Lehmann IS). 848 Weather. U48 News. 
1045 A Word In Edgeways. 1340 Lighten 
Our Darkness. 1215 News. 

CHESS SOLUTIONS 
Solution to Position No. 321 
1 . . . QxP ch; 2 RxQ, N-N5 ch; 
S K-Rl, R-R& ch; 4 PXR, R-R7 
mate — a spectacular but routine 
finish which a good chess tac- 
tician should see quickly. 

-Solution to Problem No. 221 
1 B-RL If 1 . . . P-B4; 2 Q-RS, 
K-N7; 2 Q-N2, or if K-N7; 2 
Q-KR7, P-B4; 3 Q-R2. 



WEEKEND CHOICE 


|'\V, 



SATURDAY: What . with 
Ascot and the-World Cup finish- 
ing,^ Wimbledon starting, and 
cricket and athletics continu- 
ing .they scarcely know where 
to put all the sport on. televi- 
sion hut s#em m have manned 
somehow-' ,‘J \ 

BBCl isBEues Ascot . racing 
and the AAA Championships in 
Grandstand At 6.00 BBC2 
repeat Flamingo, a marvellous, 
and truly ' beautiful film by 
Patrick Canty-in which no word 
is spoken. 

SUNDAY: At noon it- should 

Holland’s Rensenbrinki Sunday ' 
.wtonwr 1 . 


he worth abandoning the Sun- 
day business sections for the 
firot of Granada's 6-part debate 
on Nuts and Bolts of the 
Economy with a heavyweight 
team chaired by Hike Scott. 

The World Cap Final kickoff 
(despite attempts, to catch you 
earlier) is at 6.43 on BBCl and 
ITV, and for soccer ' haters 
BBC2 has a World AJbont Us on 
the plight of whales. (The 
International Whaling Commis- 
sion meets in London on Mon- 
day). 

BBCl starts a new series of 
The Editors, one of the best 
specialised. current affairs 
series, at 10.45. — CD. 


THEATRES 


THEATRES THEATRES ' CINEMAS 

528 7616 RAYMOND RCVlnUMUL.CC. 01-734 1593. TALK OF THE TOWN. CC. 70X6051 cu .„ 

1 y,c " 7 B ,a L 9 As»iiD’-Si2s , ^" j *sa 

. -n— . . ™ E IS5!gf. " ff£‘s.%"fX CK UZ‘-J!2; ^ 

July 1, ' ■ VAUMMU «IM1 CC a™. 840. “■^*".^1^ 

ROYAL JLLBCWT HALL. ,589 8212. Dlmh^iemOAN.%ic4 oSaY 8 ’ . i25J , '*,. 0, ? 1 . , t en Tow " 


OLD VIC 
PRC 


CINEMAS 


PROSPECT- AT- THE OLD VIC 
JuueJtoffb Season 
. SAINT JOAN 

"a. great t i a rt p tma iicg 71w Tina 
. Today .2-3Q uaa.TJO 
■THE Wires NOT tos-rurniu 


THE Wires NOT TOK-RURNIMG 
by ChrUtopbar Fry. . . 
Previews June 28.- 33. 3B. July U 

. ■ WMt. 1 

"on outstanding revival " The- Timas. 

Returns jmy io. • 


ROY-AL ALinr HALL. 


6»VX. 7JO. Sunda y neat ' until June Mi ) Bcmr SUMMERFICUX JvneS GROUT Jiaft**? 5 s 2 iS 3 i ALLONSAN- 

• YYQW-DTS GREATEST ACROBATS A MURDER 15 ANNOUNaS ' ,AN <**>■ >-M. 4^5. 840. 9.00. 11.00. 


OPEN AIR. Regent's park. TeL. 488, 2431. ' 

A uuaoMMa , «KHTS,MeAM rr 

Ergs. 7 -46. MW- Wad.. ThlK. & Sat. 2.30 . •- 

wim PULA LEMSKA.v IAN TALBOT. 

EL ILMEmeST^^DWIOV™ ROYAL COI 
Start DARK uwr OF THE SONNETS • £yg, 

■ LoneWmrt Mon. Tlues toad -Art. 1.15. . — 

PHOENJX, 01-836 4294. SmllHB 0.1S. - 1 

Frida* and Saturday 6.00 and SJIO. • -• 

"TIM BROOKE- TAYLOR.. ■ GRACMB — : 3 — “ 


SRUVS GREATEST ACROBATS 
THE CHINESE. ACROBATIC 
:■ -' THEATRE ■ 


A MURDER IS ANNOUNCED 
The NEWEST WHODUNNIT 
■ by . AGATHA .CHRISTIE ... 


CLASSIC 1, 2. X 4. Oxford Street 


B. Sat. 3 and 
FLYING BLIND 
.byailTMontMii 


AMI -CONDITIONED 




"TIM BROOKE- TAYLOR. GRAEME T 1 1 — r 

GARDEN make M,. jMe};** D-' *»■« In ROYALTY Crarflt Cardfc 01-405 -0004. 
THE UNVAH«MH«D irnmi • MS2*W-71igredw . Evenings 8410. Friday 

Tha Hit Comedy FmSSh n s,3< ? BBd ? jla - Saturda-rx 3.00 and 8.00. 

"LAUGH. WHY -1-TBOUGHT I -.WOULD --- • London crtrle*. vote -* 

HAVE DIED, 1 * SwkIbt Timm. "SHEER ' -BUBBLING BROWN SUGAR _ 
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CONTINUOUS LAUGHTER." TlrndL eantt. 


PICCADILLY. 437 4506. Credit card Hon- 

: x. 

“ Rtoraartng Surnffi." Exor«r. 
BEST COMEDY OF THE YEAR 
E«. Std. Award *£5i_S0tSC_ Award 

FULLY AIH-CONPITIONBD 
i--*'-E5DEN LACEY WW Great 


. " -BUBBLING BROWN SUGAR _ 

-,. -'J * *•»» Musical DTI 972. , 

BooMiwY -accwEM. Malar credit canto. 
Special reduced ratal for nutlneaa War 
a limited period only). 


1 VICTORIA RALACE -■ 

SHGMjA HANCOCK 41 

ANNIE 

Eventogg 7 JO. Mata. Wed., and Sac. 2.45. £so 


B-OO, 803. Lett Show 10.50 p.m. 

8.' Jade Jtnei THE COMEBACK <XL 

&N SSSSSA JSf. 



£50 leatu re 3.25. 7.15. Lata Show 11 
gnWIXAS CHAM SAW MASSACRE 

CURZON. Cnraap Street. W.l. 409 3737. 


SAVOY THEATRE. 01-838 8888. 

TOM CONTI la 

WHOM LIFE IS fT ANYWAY T . 

' _ vrttli JANE A5HER 

"A MOMENTOUS PLAY. I URGE YOU 
_ TO SEE IT. Gdn. 

Evga. » 8.0. Fri. and Sat. 5.45 and 8-45. 


01-838 8888. WESTMINSTER. 


WESTMINSTER^ ^- . 01-836 026S0 

SENTENCED TO UFI . 
"MUGG«RIDG« trenc ha nt Unmoor. 
THORNHILL'S dramatic at" a Tel. 
"hrtttisetv Mnag. caring drama. Y.Poet 


"jjSj^RP IfeCE" ~ Tire Timm' "MASTER^ 
WORK"- Tlie Obeerver. "SPECTACULAR 
ADVENTURES » Sunday TtSnl. "VERY 


ADVENTURES " Sunday TlnirtL *' VERY 

IJ^reniL.^^nv. Giiardlan. - hauSt- 

NG Sunttoy eaareaa. 


-"LEfDEN LACEY OPEN AIR. Great ' 

jSSfnfe T®NG K OETHi V aHlsW , M S^JTKmjRY. ■ cc. am 6598. 
July y 45 1 S 1 L MjKfifwC 3-OD1' Box ShJftttbunr Aju. WQ fHteh Holboni etitD 
Snca^ ^1<L7^M. tfA 1MI.J ^Bo&dSi E1W. It 880. JOTN REARimi la 
SSZ41. _ . . KISMET 


836 6598. WHITEHALL.' 


“Jptaw—ly h«nag.»ri»W drama." Y. Port "MASTeRf^Ea" Erenlng Nawn. Film 
Ttiiie udiw Rwpaa," No tM. “I was 8Hy .at 2J» 500 antf Bjb®. Seam 

- atertHy mo red. J- cTVrrwIn. :Boofca«e at £2-50. 

Enw.53a.Mio. wed. sow. sam. -440: — — 

rHITEHALL.' ~ " 0 V9 3O 8692-7785. ^SSSSSS S 5|L» 

Evgy.-8.3a.- Fri. and Sa t, fi.48 end f-QO. Sat. 140.-4:45. 8.10. Sml 2S&. 

Paid - Raymond -preecntx. the. _ SanaetMnaJ Lata Sho* Fri. and Sat. A 


55241. , ■ ■ - 

PRINCE EDWARD. CC. (Foftnarly Casino) 
01-437 8877. Mdndav-Frldrtr mm. 

8.00. Mat Ttiar. Ml^Slt S-30 4 BJHL 

by Tim Rice and Andrew Lloyd Wafeger. 


This muleal haa everylMng.". S. Mir. 
M *1 l NOW TUES and SAT. 3.00, 

_ . ■ An ^ Mam at £3 £2.. £1 . 

Credit Card SooMags B36 8597. 


.«ar 


With David Essex. Elatael Itofy and Joss [SHAW THEATRE. 
Acfctond- Directed Or Haraid Prince. . I'm^Julking 0 ', 


PRINCE OP WALES. CC. 01-530 86*1- 
Monday to Friday * 1 Ml. Saturdays 
at SJO and 8-45- 
LONDON AND BROADWAYS 
COMEDY MUSICAL HIT 

■ LOVE .MY WIN 
starring ROSIN ASKWITH 
- ALLJUffr GOOD CLEAN-FUN.- 


CREDIT CABP > - l aol>i?IHB 


INGS 930 0847. 


^sfrtoSr^^sS^o. vst 

FAITH ““ 

in Alan. Hmte ett't . 

THE OLO, COUNTRY 

PI ay* and Players UtMCrita Award 
BEST PLAT ‘ OP THE YEAR • - 
Dlrmtf W^CL If FORD r WILLIAMS - 


SHAW THEATRE 01-388 1394. 

. T JO. Mats. Wed; 2.30, ■ 
■M ^»= N ^T £i EROSAL CT , 

Low Prices.. Easy Parwas.. 

01-8W 2860. Eveelnga 5-00. 

•„ WE’RE BRITISH 

GOODS SEATS £4210-61.00. 

MAHrmrs. cc.aae iacl e«. b-oo. 
Matinee Turn. 245. Satordava s and a. 
agatha gmsncs 

WORLD'S ^ONG^rSvfiT IHIN ' _ 

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WINDMILL THEATRE. CC.Y14ST 6312. 
TVrke NtoMH B.m aod 10.00. 
Swmm.6.00 and 8.00. 

FlAUL RAYMOND pr a s e nm 


TH6-. BIOTIC eSTpw IENCE DP THE 
MODERN BRA 

55&I& «s 

.. 3rd GREAT YEA* . . 


ae smatimui iJta snow Frl. and Sat.' 1T1 746 pTm. 
S** 1 ™ "«7 bff MR h advance tor 

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"SJJ' 00 - DMON. HAYMARKET 4630 2736-2771). 

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ZjAcicRnMn Aim JULIA (A). s<o do. 
P 1 *. ■*«' Feature CmT 2aS: 

^ dwtltre. 

ilmha wtiat U ODCON LS1CKSTER SQUARE (SOO Bill) 

" 'Ero. Ktowe. GLOM ^COUNTERS Cto* «* THItUi 

f- Credit Card Doors .no*" 11. IS Prfiu All seats nSy b5 


WYNWUfirS. Or -ns 3028. Credit Card Doors open 11. IS Prfiu All seats any be 
Bless. «3S-1071-ifrom 8J0 un, Mon.- - bootaad: 

7Tiurs- 8. Fri. and SM. 5.16 and S JO. 

°2^« M ^?N^OV C72 T 3 HE 2 °^,'IJi 

"Supreme wrerfy onjratand reHgtoo," open 1 J»S. 4-15 7 AS. Utr *owFfL 
wrrru'- - ' fL.fi*- ?<"« «** 11. IS P-m. All seats 
^LAOQwSr , " Gwltoa?™ Okiae. In advance eaoapt late sft ows. 

YOUN G Y1C Vte S8S3 j Jimv Cwryanv— '’wi'^BRMK^'jSGH^fcuCTY^aufsSL 
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Financial Times Saturday June 24 1978 


ARTS/COLLECTING 





Cleaning up New York 



The James Gang 


No less a personage than the 
vice-president of (hi- u.g. 
conducted the ceremony opening 
several off-off Broadway 

theatres in a new complex alon" 
West 42nd Street. Encoura«in- 
as it would be to sec this as 
support, for the arts from the 
.highest levels of American 
government, the event would 
have attracted far less attention 
had the site not been previously 
the centre of the pornography 
■industry; anything that moved in 
There instead would have been 
treated to a celebration.' 

One of the companies in the 
new complex has maintained an 
active production schedule in the 
neighbouring West Side Airlines 
Terminal. As a result, they will 
move in late to their new 
quarters, since they have to 
renovate the interior themselves, 
but in the meantime they have 
brought some life to the area in 
-advance of the grand opening. 
The latest production of the Lion 
Theatre Company is The Death 
and Life of Jesse James, which, 
like the company's last play. K, is 
more a series of scenes on a 
common tbeuie than a coherent 
play. 

With a large, fine cast led by 
John Ingle as Cole Younger, the 
narrator and surviving member 
of the -Tames Hang, the play 
goes over the familiar terrain of 
the myths and reality of the 
American west. Characters are 
introduced and dropped at 
random— an Indian named Chief 
Iron Porrupine. a Mexican called 
Speed v Gonzalez, both played to 
stereotypical perfection by Don 
An spitz. 3 reverend, a president 
and sheriff, equally well done by- 
John Genke. The gang itself 
proves its mettle by having 


Jesse, played by Allan Carfsen. 
line them up and punch them in 
ihv stomaah or kick them in the 
groj/j, The women are variations 
on the lheme of the tender- 
hearted whore. 

Despite the familiarity of the 
characters and theme, the play, 
written by Lcn Jenkins, is 
interesting in each of its scenes. 
Jesse's death is reprised several 
times, _ each time in a variation 
that i.s meant to lend it more 
dignity or significance, allowing 
the production to perform and 
reflect on stereotypes at the 
same time. There is a scene of 
Jesse posing in front of a comic 
honk backdrop, another . having 
him watch television and scream- 
ing at his wife. These hints at 


OFF BROADWAY 

FRANK LIPSUIS . 


what he did or could have 
become cover all the themes 
inspired by the name Jesse 
James. With the excellent 
costumes by Bob Wojewodski 
and evocative scenery by Henry 
Mi liman. Gene Nye’s production 
makes its case that a wild west 
train robber who was shot in 
the back is not necessarily quite 
dead. yet. 

Lanford Wilson's latest 
comedy. The >th of July, consists 
nf four survivors of American 
radicalism in the 1960s. the 
daughter of one of them, 
another's homosexual boyfriend, 
a spaced-out musician and an 
aunt who tarries her husband's 


a.-hes around in a sweet box. 
They sit in the living room and 
then on the veranda of a farm 
outside Si. Louis, immobilised 
like Cbekovian characters, vitu- 
perative like Williams’. Each in 
(urn seems to have his chance to 
act out the disappointment of the 
times since their hopes were 
shattered ia the sixties. Tbe 
owner of the farm has legs that 
were shattered as well in Viet- 
nam, after his cohorts here at 
home, tbe crazy couple now visit- 
ing him. ran away to Europe and 
made him sign up for tbe array. 

Gwen (Nancy Snyderl, the 
woman of this pair, is the most 
interesting character in fbe play; 
an heiresis with a copper company- 
in her portfolio, she assumes she 
can run tbe company while pur- 
suing a career as a counf.ry 
singer. Though business is not 
her forte, she does better at it 
than singing, since she freezes 
up before a microphone, and 
thinks she wants to buy this 
farm as a place to set up a studio 
without pressure from Nashville 
professionals. She has anxiety- 
attacks that make her crawl 
across the floor; she is loud, 
offensive and tolerated because 
of her money. Unfortunately, 
though, the play puts more 
attention on the farm owner, as 
played by William Hurt, who is 
surrounded by his sister (Joyce 
Reehling). boyfriend C Jeff 
Daniels!, aunt (Helen Stetiborg). 
and niece (A my Wright). This 
group has little more on its 
mind than past disappointments 
and anxiety about whether Gwen 
will buy them out. Her 
entourage, boyfriend John 
/Jonathan Hogan) and guitarist 
Weston (Damon Stone), are 
more lively just for having to 
jump at Given’s command. 


Rattle in Greenwich 


Music at the handsome, 
spacious. galleried chapel of the 
Royal Naval College has an 
attractively clear and immediate 
sound — at the opposite extreme 
from the acoustics of so many 
churches. The impact is 
accentuated when the audience 
finds an orchestra almost in its 
lap. My pew positively vibrated 
at a Greenwich Festival concert 
by the Pbiihariuonia Orchestra 
on, Thursday night, and l felt 
apprehensive for the ears of a 
gentleman in the front row. a 
few inches from Michael 
Thompson’s solo horn. 

Mr. Thompson, the very - young 
principal born-player of the 
orchestra, gave a most accom- 
plished account of Richani 
Strauss's Horn Concerto No. 1. 
The even younger conductor wa* 
Simon Rattle, who delivered 
Ravel’s Mother Goose suite with 
an admirable feeling beta for its 


delicate sentiment and for its 
musical equivalent of children 
dressing-up in outlandish 
CosHinie. He judged the 
accompaniment to the concerto 
very well. too. 

In Vaughan Williams’s Sym- 


IVSUSIC 

ARTHUR JACOBS 


phony No. 5. however, the 
brightness of the acoustic went 
against him. By association at 
least (it reflects the composers 
u re occupation with Pilgnm s 

Progress), this is Three Choirs 
Festival music, where distance 
and even a slight fuzziness of 
sound can lend an appropriate 
halo. Mr. Rattle himself seemed 


insufficiently attentive, at any 
rate in ihe opening movement, 
to «tbe .composer's demand for 
extremes of soft and loud, and 
the whole symphony sounded a 
little hurried, a little superficial. 

ft may exasperate Mr. RatUe 
-^-sensitive musician that he is — 
to be assured that he will 
approach this music with more 
insight as he grows older. Admit- 
tedly tbe symphony itself may 
seem a little dated, -with its 
“ religious ” strains perhaps 
over prolonged; but the impres- 
sion of a composer’s definite per- 
sonality is strong. Such a well- 
designed programme in such an 
environment — what a river view 
for a summer evening! — might 
have attracted more patrons than 
it did. Another concert there 
ends the Greenwich Festival 
tomorrow, while sea songs are 
sung in the adjoining Cutty Sark 
Gardens. 


Theatre’s competitive dramas backstage 


THE WORLD WIDE reputation 
of the British theatre is founded 
not only upon the work of play- 
wrights directors, and actors, 
but also upon the unexcelled 
work . of British stage tech- 
nicians. 

In this field, the great success 
story with knowledge and ex- 
perience of stage technology is 
Theatre Projects, a company 
furraed 21 years ago by Mr. 
Richard Pilbrow, the lighting 
designer. Theatre Projects Con- 
sultants, an extension of the 
company's practical activity, 
was set up in 1967 and first 
worked with theatre architects 
on a theatre at Hull University 
and then the new Birmingham 
Rep. 

TPC has just completed work 
on the new Hong Kong Arts 
Centre, a complex paid for by 
private subscriptions and con- 
taining a theatre with seating 
for 450, a recital room and a 
small studio theatre. The other 
day. TPC was sign»?d up by the 
Hnng Kong Government to art 
as theatre and acoustic consul- 
tant on the Tsini Sha Tsui Cul- 
tural Centre which is being 
built in Kowloon on the main- 
land. The centre will be the 
largest of its kind in South-East 
Asia, containing an opera 
house, a concert hall and many 
other facilities. 

Although big is undoubtedly 
beautiful when it conies to sign- 
ing contracts. Mr. Pilbrow and 
his colleagues will talk as en- 
thusiastically about a project 
under the arches of a West Lon- 
don motorway as of their 
nationw ide commitment in Iran. 
What Theatre Projects does is 
to put technical backstage ex- 
perience in lighting, sound and 
management at the service of 
the building industry. In 
Britain it has been involved 
closely in the building of the 
National Theatre, the Sheffield 
Crucible, the Manchester Royal 
Exchange, and countless other 
regional theatres. It plans and 
advises on big restoration jobs 
such as the recent magnificent 
structural overhaul and im- 
provement of the Theatre Raval 
in Nottingham. 

Mr. Pilbrow himself is still 
one of the most sought-after 
lighting designers in the world 
and also has a good reputation 
as a producer in the West End. 
He has co-produced the London 
presentations of successful 
musicals such as A Funny 
Thing Happened on the W ay to 
the I’orum, Cabaret. Fiddler on 
the Roof. A Little Night Music 
and. most recently, the current 


revival of Kismet at the Shaftes- 
bury. TP's first big TV series. 
Tony Palmer’s history of popu- 
lar music, All You Need Is 
Lore, has been sold throughout 
the world, while a first feature 
film, Steallmrs and Amazons, is 
providing a TV spin-off. The 
next film is to be about Wag- 
ner, produced with the co- 
operation of the Wagner family 
and directed by Tony Palmer. 

Plans are almost complete for 
the new home of the Royal 
Shakespeare Company in the 
Barbican; the equipment 
installed in the National 
Theatre'is beginning to function 
successfully after months of 
struggle and disappointment; a 
feasibility study on a project 
in Kuala. Lumpur is underway; 
work is complete on two con- 
trasting jobs in Mexico City — 
the renovation of an 1890 clas- 
sical European opera house, and 
a new proscenium theatre for 
American musicals; the 
National Theatre of Iceland is 
about to rise from the ground 
in Reykjavik; the biggest illu- 
minated sign in Africa has just 
been turned on outside the 
Nigerian External Telecom- 
munications Building in Lagos. 



Pilbrow: London arches and Kowloon culture 


THEATRES 


MICHAEL COVENET 


Throughout Britain and 
Europe, TP provide lighting 
and sound for industrial con- 
ferences and displays. 

The first office of TP was in 
the band room of Her Majesty’s 
Theatre in the Hay market, 
where Pilbrow built a model 
theatre, read a lot of Gordon 
Craig about the stage manager 
being the master of the art and 
science of the stage, and for- 
mulated the idea of a small com- 
pany to hire out lighting equip- 
ment at cheaper rates than 
offered by established firms like 
Strand Electric. He started 
with a £60 loan from his father 
which he spent on a pile of old 
junk equipment: he polished 
the lamps and entered Ihe mar- 
ket place. Twenty years on. TP 
employs over 100 people and, 
on the consultancy side, has 
opened offices in New York. 
Hong Kong. Tehran. Lagos and 
Sydney. 

There is no company in the 
world that is comparable to 
Theatre Projects: most theatre 


consultancy businesses are 
populated by people who stop- 
ped working in the theatre 
years ago. Mr. Pilbrow and his 
colleagues, by way of welcome 
contrast, keep their hands 
decidedly dirty. There may be 
a lor of travelling around, 
lunching of clients and signing 
of contracts; but not enough to 
divert executive attention from 
the latest discovery or fashion 
in the workshop. 

It is this up-to-date profes- 
sionalism that probably won TP 
its biggest consultancy job to 
date, that in Iran, in spite of 
stiff competition from Russians. 
Poles. Czechs, Americans, and 
Germans. The Iranian Govern- 
ment has taken TP under con- 
tract to advise on a chain of 
cultural centres throughout the 
country. The first of them, in 
Gorgan, north east of Tehran, 
is due for completion this 
month. This Iranian project 
is part of the national educa- 
tional system. Not only is the 
idea to try to find a way of 
preserving the ancient Iranian 
theatrical forms, but also io 
incorporate them into the life 
nf the comm uni ty once again. 
The centres are relatively 
modest in scale and include 
facilities for a variety of arts, 
crafts and leisure pursuits.. 

The fees in Iran amount to 
about £700.000. but the result of 
TP’s design work opens up 
orders for the manufacture of 
stage equipment to the value of 
between £15m and £20m. All 
of those orders will go to tender 
and many of them could come 
to Britain. The Iran job has 


therefore created a great 
opportunity for the whole of 
British theatre technology. The 
problem is that, while the 
British manufacture lighting 
and sound equipment as well as 
anyone, the standard of manu- 
facturing stage equipment is 
not as high ill Britain as it is 
in Germany or America. Com- 
petition will be fierce. 

The building of the National 
Theatre in London has been 
something of a nightmare, with 
electronic technicians moving 
in after the shows each night 
to work through till morning. 
This has gone on for several 
years and confirms the impres- 
sion that, in many respects, the 
concrete edifice on the South 
Bank has trike n on the sem- 
blance nf an unstoppable, tem- 
peramental juggernaut. 

It is interesting that Mr. Pil- 
brow should be most excited, 
in terms of theatre architecture 
and space, by the smallest of 
the three auditoria. the Cotres- 
loe. If the National was the 
final fling of the concrete and 
glass explosion in the expan- 
sionist 1960s, he now detects a 
growing preference among 
British theatre professionals for 
the converted warehouse, for 
the informality of intimacy be- 
tween stage and audience. Nn 
theatre building has really 
improved on about 30 of the 
45 houses in the West End of 
London, where /he Victorian 
blend of intimacy and formality 
is something that modern 
theatre architects must redis- 
cover for themselves. Given 
This mood, a mood which Mr. 
Pilbrow first detected about 


five years ago, he cannily built 
up Ihe overseas contacts where 
the building fever was just be- 
ginning. Hence TP's ever 
increasing presence in Nigeria, 
Iran, Hong Kong and Canada. 

Aside from the consultancy 
work, it looks certain that TP 
will continue to withdraw from 
theatre production completely. 
Mr. Pilbrow admits that this 
has some tiling .to do with the 
economic climate, but it is 
mainly due to the mounting 
work abrnad. The company is 
also moving more seriously to- 
wards television and films. If 
a TV project such as Alt You 
Need Is Lore really takes off. 
the world-wide market ensures 
that things can be done 
properly, people paid better 
money, and so on. 

Tbe headquarters of Theatre 
Projects are in Cuvent Garden, 
and Mr. Pilbrow's office is an. 
evocative metaphor of the com- 
pany's activity. On the mantel- 
piece are two heavy Evening 
Standard ■ drama awards, for 
Cabaret and Night Music. An 
extraordinary photograph of 
Gordon Craig bearing more than 
a passing resemblance to Sybil 
Thorndike, overlooks a drawing 
board cluttered with plans for 
theatres, conference centres, 
Nigerian hofels / that need light- 
ing up), and a map or Iran. One 
wall Is dominated by a striking 
picture of the company’s archi- 
lectural lighting at St. 
Katharine's Dock in the East 
End of London. Next to the 
drinks cabinet is a Japanese 
hi-fi and a pile of records. A 
sticker proclaims that “The 
British Are Coming.” 


Gathering objects of distinction 


THE DIAMOND jubilee cele- 
brations of the British Antique 
Dealers' Association, some of 
which start next week, getting 
into their stride throughout 
July, have produced a superla- 
tive festival of quality antiques 
spread country-wide over some 
120 shops and galleries. It is 
a triumph of organisation too, 
that so many objects of distinc- 
tion (whether on loan or for 
sale), covering such a wide 
variety of themes, should be on 
display in such an imaginative 
fashion, considering that many 
of the exhibitors also had to 
stock their stands at the Gros- 





Wednesday, 2Slh June, at 1W0 ' 
ENGLISH & FOREIGN COINS 
in gold, silver aud bronze 
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CtOSVENOR MOUSJ S 

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a*>. A.in.!S>.on tii 


8 King Street; 
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London 
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Tel: 01 - 83990(59 
Telex 916429 
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CHWSTIART 


EXPERIENCE AND EXPERTISE 



Hans Sebold Belmnr Moses and 
Aaron, enpnu’iwp. 1 52ft only stole, 

7.8 cm. by 11.3 cm. 

On Wednesday. June 28lh. Christie’s will be selling the 
Collection of Hans Seitald Beham Engravings formed by 
Gordon Nmoell-Vsiicke. This collection is one of the most 
comprehensive ever formed. Beham belongs to tbe group 
of German Sixteenth Century followers of Diirer called 
“The Little Masters.” so named because of the small 
dimensions of the majority of their work. Beham was the 
most prolific artist of this group. Born in Nuremberg in 
1500 he was banished from the city io 1525 and took up 
residence in Frankfurt from 1530 until his death fn 1350. 
He appears to have been a colourful character, living his 
life mostly at variance with State and Church. He was 
involved with many branches of artistic creation; some of 
his prints are designs for glass and silver and for »lher 
ornaments and friezes. His engravings were an inspiration 
for the gold and silversmiths of the day. His early work 
reflected Diirer and the Italian masters but he soon estab- 
lished his own style characterised by a keen observation 
and depiction of detail and an eye for humour which makes 
so many of his prints a delight io study. The sale nn June 
28tb provides a unique opportunity to sec this collection nF 
Beham prints which are still within the price range of 
most collectors. , , „ 

For further information about this sale, please contact 
James Roundell at the address above. 


venor House Antiques Fair 
which only finishes today. 

From bible boxes to bleeding 
bowls, galanterieruareu ( 18th 
century porcelain miniature 
“toys'* i . to scrimshaw and 
treen. Russian silver-gilt charki 
/vodka cups), vinaigrettes and 
early iron work, most of life’s 
curiousities can be seen; and 
the first thing for any enterpris- 
ing collector to do is to seDd 
for a brochure listing the 
various events (sae to the 
secretary BADA. 20 Rutland 
Gate. London SW7). so that a 
tour can be planned to cater for 
a particular interest. 

Minor woodcamng* of the 
16th and 17th centuries are a 
collecting category to be 
watched, as oak panels and ceil- 
ing bosses, altar rails, figures 
and macks, mostly English, but 
some French and some from 
the Netherlands, can be bought 
for £_5-£550. Fa rn bo rough 
(Kent) Antiques, 10 Church 


COLLECTING 


JUNE FIELD 



Road. Famborough are display- 
ins some 50 carvings for sale in 
this range Uuly 3-29). and as 
a companion to the exhibition, 
Celia Jennings has written an 
informative booklet. Aw Intro- 
duction. To Early Wood carving. 

If convertibility is your 
interest. Phillips of Hitchin are 
holding a private view of their 
exhibition 41 Patent Metamor- 
phic Furniture 1 780-1830.” at 
The Manor House, Hitchen. 
Herts, next Saturday. A fascin- 
ating assemblage of the ingen- 
ious furniture made during the 
Napoleonic wars when portable 
pieces were in demand, includes 
an elaborately curtained chair 
which opens up into a full-scale 
bed. similar to one in the trade 
card of Thomas Butler of 
Catherine Street, London, in the 
1800s. My 'favourite is a 
*• knock-down ’* campaign table 
where the five legs unscrew, 
and tiie top folds up into two. 
More details of the “ change of 
form ” furniture in the cata- 
logue. 6Up post free. 

That English furniture com- 
pares well with what the French 
have to offer, particularly when 
it Is a lop-flight example, is the 
point being made by the display 
i.f both at Partridge (Fine Arts), 
New E'*nd Street, during July. 
On show will be a richly 
decorated George III commode 
attributed^ to William Vile 
1^17(10-1767), which is al must 
certainly a pair to that of the 
une from the Pnncrss Royal's 


Stephen Hussey will be demonstrating rushing an 18th century 
ladderbaek chair at the English Country Chairs exhibition and sale at 
Cedar Antiques. High Street, Hartley Wintney, Hants. The display, 
from July 74-29, is pert of the BADA 60 “ Countrywide Antiques 
Festival " which has already begun in some parts of the country. 


Oxfordshire, has matched up 
children’s pottery plates with 
pincushions, there are pianos 
< Broadwood ) , at Robert Morley. 
4 Belmont Hill SE13, 18th cen- 
tury tvle point (metal domestic 
items decorated with paint), at 
Peter Francis, Beauchamp 
Place SW3, philoenic antiques 
(wine coolers, decanters and the 
like), at G. Noel Butler, High 
Street, Honiton and Geoffrey 
Godden’s **A Hundred & One 
Decorative Porcelain Plates" in 
Worthing, Sussex. 

Overlapping all this wealth 
nf collectors’ treasures is the 
London Convention of Netsuke 
in Japanese Art this weekend, 
with exhibitiuns linked with 
lectures organised by Sydney 
Moss. Doqglas J. K, Wright. 
Spink's. S. Marehant, Eskanazi, 
Milne Henderson and Antiques 
by Constantine. 

Full details from Neil K. 
Davey. c/o Sotheby’s. 34-35 New 
Bond Street Wl. Mr. Davey's 
magnificent book, Netsuke. A 
Comprehensive Study Based on 
the M. T. Hindxon Collection 
* £30, Phtlip Wilson for SPB 
Publications), show how prices 
have risen in this field since the 
Hindson sales between 1967 and 
1969. 


TV RATINGS 


w/e June 18 


collection sold at Christie's in 
1976. “The latter differed only 
in its mahogany top" director 
Leslie Dawson told me. 

English country chairs are the 
theme of the Cedar Antiques 
exhibition 1 14-29 July), in 
Hartley Wintney, Hants. The 
firm, founded by Derek Green 
1 2 yea rs ago, also restores 
custumcr’s chairs, and his 
craftsmen will be giving a 
demonstration of repairing rush 
chairs. 

For advice on how to spot a 
fake or an alteration to furni- 
ture and silver, go along to J»hn 
Bly. High Street. Tring. Herts. 
Their exhibition, which opened 
this week, features diagrams on 
what to look out for, as well as 
showing a cabinet-maker and 
silversmith at work. 

Silver collectors who want to 
match up pieces for their 
antique cutlery sets, will find 
the specialist service run by 
Broford and Heming. 28 Conduir 
Street. London Wl. particularly 
useful. There will be a certain 
amount of silver on display or 
they will search out missing 
pieces for you. Need a ceramic 
lid of any kind? Jean Sewell 
(Antiques), Campden Street W8. 
has a fascinating selection of old 
teapot lids, sugar bowl covers 
etc., which provide an interest- 
ing guide to 18fh and ISth 
century factory pallerns. 


Delomosne and Sons at 
Campden Hill Road W8, 
specialise jD superb glass — tbeir 
exhibition (July 10-22). is 
'•Gilding the Lily — showing rare 
forms of Decoration on English 
Glass of the later 18th century.” 

An unusual aspect nf textile 
art is portrayed in •’lsicniilcr: 
Ottoman Domestic Em- 
broideries.” which opened this 
week until July 15 a t David 
Black Oriental Carpets, yd Port- 
land Road WU. These delicate 
pieces of 18th and 19th century 
needlework depict the domestic 
trivia of the embroiderers — 
coffee urns, chickens, flower 
pots etc., and the embroideries 
ran be bought from £5-flU0. 

The display is . also com- 
plemented by a book of the 
same name, by collector 
Roderick Taylor, introduced by 
the gallery partners David Black 
and Clive Loveless. If the book 
is ordered before the end nf the 
exhibition, it can be bought for 
£8 as against the full price of 

no. 

Joan Eyles. 24 High Street, 
Knareshorough. Yorkshire, is 
putting on "And So We Sewed” 
during the last two week? in 
July, and there you can buy 
needlework tools and boxes, 
samplers, silk pictures- and lace, 
plus thread winders from i‘”. the 
more ornate boxes up /<• £A50. 
Roger Warner ol Burfortl. 


U.S. Top Ten (Noiluii Rations) 

1. One Du at a Time (Comedy) 

(CBS) 23.8 

2. MASH (Comedy) (CBS) . . .. ZLB 

3. Three's Company (Comedy) 

(ABC) 2Z1 

». Lou Grant (Drama) (CBS) .. . . ZL.T 
5. Charlie’s Angels (Drama) (ABC) ZLO 
b. The Lords of FlaLhush (Film) 

(ABC) 2D.ff 

7. Carter Country (Comedy) (ABC) 133 

8. Laverne and Shirley (Comedy) 

(ABC) M.7 

V. Sim iky and Hutch (Drama ) 

(ABC) 18.7 

)0. Happy Days (Comedy) (ABC) 18 J 
A Ncilsen rating Is not a numerical total. 
The UK Top Twenty was not available 
last night. 


Arts Council 


awards 


Awards announced by the 
Arts Council include one to the 
composer Patrick Gowers nf 
Clapham, London, for a work 
cum missioned by the Incorpora- 
ted Association of Oreanists. 

U will have its first perfor- 
mance at the association’s con- 
gress in York in August. 

Patricia Banton of Peckham. 
London, receives an award for 
th-? choreography of a new work 
com missioned by MAAS movers, 
of which she is a member. 

The work will focus on the 
mannerisms of the cal family 
and will be performed by three 
diincers to the music of John 
Ketfehnr 

Nadine F.aylis of Bedford 
Park. London, has been offered 
an award far the design of a 
new ballet by the Dutch choreo- 
grapher Jaap Flier for the EMMA 
Dartre Company based iti Lough- 
borough. 






1 


4 



FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Iclcsnnis: Flnantimo, London PSL Telex; 386341/2, 883897 
Telephone; 01-248 8000 





Saturday June 24 197S 






BY PETER RIDDELL, Economics Corresponi 



NOW IS THE summer of our 
discontent— and nor only when 
one looks at the weather. The 
sickly form of the markets over 
the last week reflects a host of 
half-formed worries — political 
uncertainties, a fear or rising 
inflation, the flat outlook for 
the world economy, talk of a 
further tightening of U.S. 
credit, and the distant rumble 
of labour unresL Profits are 
flat and Government charges on 
industry rising. The more 
favourable facts — notably the 
re-cstahlisliment of quite 
noticeable real growth for the 
first time in nearly five years, 
and the steady rise in the 
volume of exports — are over- 
looked. The view is cither that 
they have been discounted, or 
that they will not last, or both. 

Irrational 

There is always an irrational 
element in bearish sentiment 
nf this kiud. as the market tries 
to ration Blisc its own price 
movements, but market trends 
in recent j-ears seem to have 
become increasingly perverse. 
In i he U.S., for example. Wall 
Street sank steadily from low 
to low as long as the economy 
sustained a historically high 
growth rate, and has only re- 
covered as the problems nf the 
real economy have intensified. 
In Japan, by contrast, where 
the enormous revaluation of 
the yen has so compressed 
profit margins that interna- 
tional giants like Sony look 
weak, and bankruptcies have 
reached a most disturbing 
level, the market rises. In the 
UK the irrationality has not 
been quite so marked, but it 
would still be a bold investor 
who would expect the market 
to rise strongly on a credible 
forecast of improved real 
growth. 

There are several financial 
explanations for the strange 
pattern of the mid-1970s, all of 
them interconnected. First — or 
rather, most striking at the 
moment— is the experience of 
violently fluctuating exchange 
rates. In a world in which 
funds are highly mobile, inter- 
national investment flows follow 
the stronger currencies, and 
indeed reinforce the move- 
ments. The same flows which 
carry a market to new highs 
drive up the exchange rate and 
compress profits. Secondly, and 
underlying this- sentiment, is 
a deeply -rooted fear of inflation, 
which can impose a ferocious 
squeeze on both company and 
national finances, diverting re- 
tained earnings into profitless 
stock appreciation and driving 
governments into large financial 
deficit. Currency weakness 
adds to inflationary pressures, 
and so justifies the flight of 
capital. 

As long as it was clear that 
the countries with large and 


persistent surpluses had under- 
valued currencies, and those in 
deficit required a downward 
adjustment, it was at least fairly 
easy to forecast and allow for 
such trends; but we have now 
reached a point where the 
adjustments have been so large 
that there is a sharp division of 
opinion over whether they are 
likely to continue or to be 
reversed. This is leading to sud- 
den and seemingly unexplained 
reversals of trend. The dollar, 
whose recovery earlier this year 
has undoubtedly been bad for 
sterling and for sterling securi- 
ties has suddenly weakened 
again; in Japan, where industry 
had planned for a fall in the 
dollar to perhaps 210 yen there 
is now alarm that the decline 
could so much further. 

These foreign developments 
have a strong but so far rather 
inscrutible meaning for 
London. The recovery of the 
dollar was one of the most 
powerful forces necessitating a 
rise in London money rates, as 
the Bank of England explained 
in its quarterly bulletin; and the 
movement has created a large 
uncovered differential in favour 
of London. In recent days, how- 
ever. sterling has risen quite 
strongly against the dollar, and 
if the dollar is to remain weak, 
the present differentials seem 
a good deal more than adequate. 
Inflation forecasts for the two 
economies arc not wildly out 
of line, and the U.S. balance of 
payments is immeasurably 
weaker than the British. There 

is still a tendency, though, for 
the London market to react 
fearfully to talk of high Wall 
Street rates, as evidenced in 
heavy selling of short gilts 
yesterday. 

Incomes policy 

Such reactions may not be 
rational on the basis of any- 
thing we know at the moment, 
but they are perfectly under- 
standable. It is easy to sketch 
plausibly how things might go 
wrong; and the Government 
and the Bank only give fresh 
impetus to general fears when 
they proclaim the extreme im- 
portance of securing an incomes 
policy which looks like a non- 
starter. and the financial dis- 
orders which may follow the 
failure to secure one. Regard- 
ing sterling as fundamentally 
weak against the dollar has be- 
come a habit ingrained by long 
training. What investors 
should remember is that the 
market, faced with political and 
currency uncertainty, is tending 
to discount the worst that 
might happen. It may sink 
further in the short run. 
especially if the currency tide 
turns adversely; but if the out- 
look in a few months is both 
clear and less alarming than 
present talk suggests, the re- 
covery could again be sharp. 


T HE RATE of increase in 
retail prices in Britain is 
now at last down to the 
average level of other industrial 
countries— a rise of between 71 
and 8 per cent over the last 
12 months. This is less than a 
third of the peak rate in the 
UK only three years ago, but 
can the progress be maintained? 

There has been a cascade of 
evidence and opinions in the 
last fortnight: official figures 
have confirmed the continuing 
decline in the 12 month rate 
but indicated a marked increase 
in both raw material and labour 
costs. 

Meanwhile, Mr. Roy Hatters- 

Iey. the Prices Secretary, has 

stated as a “fact” that the 
12-month rate oF retail price 
inflation wilt remain around 
8 per cent for the rest of this 
year. While he has been criti- 
cised for bis choice of words, 
his projection has been backed 
by the Bank of England 
quarterly bulletin. The Price 
Commission has warned, how- 
ever. that it may be less easy 
to keep the rate down to the 
?urrent level in the medium- 
term. while the Bank has said 
the maintenance of this rate 
depends un keeping pay 
increases in the next 12 months 
to only slightly over half this 
year's level. 


of both past and prospective 
relative rates of inflation, 
changes in the current account 
of the balance of payments, and 
movements up and down in 
holdings of capital in London 
by foreigners such as oil-pro- 
ducing states. Most economic 
forecasts take account of all 
these factors. It is probable 
that as a result of a more rapid 
anticipation of inflationary 
influences than in the past, the 
exchange rate has a larger effect 
on prices in the shops lhan the 
conventional official assumption 
that a 4 per cent fall in the 
value of sterling will add 1 per 
cent to retail prices. 

In any event, the sharp fall 
in the exchange rate in 1976 
(by 161 per cent between the 
beginning and end of the year 
against a range of other curren- 
cies) reversed the initial slow- 
down in the rate of retail price 
inflation. The upward pressures 
were compounded by specific 
Government moves raising 
prices, such as the increases in 
indirect taxes ■ and in public 
sector charges, while profit 




Retail 

Vtm 








; ■ mumum u 

rir MW XW- «• 




PERCENTAGE if 


over previous 

■ ; i H l', i- s 'W'-V i; i 


.rv::- * :/ 


point 


n,a fS 1 os also recovered from the sector charges: unit labour costs couple of months. This is bqstr fidence p ro duced Jay large -Would" .have- tbfhe 

end of 19 1 a onwards. Jo us in continued r j se a t much the shown by a prices index which ■■ settlements. This iswhere TKaib^owjS.perx^ht-rrinjpJyiiig-oiily. 
spite of a reduction in tne rate same rate ^ b e f ore . in addition, excludes traditionally variable-hecomes importaht. both inTeao- ,5;id .fi%i*er ^cant: Qn. basic -Wage ' 
or growth of average earmngs aere was ^ exceptional!? items like seasonal foods aud ition to earlier: carreiicy and 1 & f ordet-to- feedp 

from 13.9 per cent in Phase l ne f avoura ble factor; while the measured over the last S btimon e tary m ove m enta an das ;an - jarices/- ‘neat year 

up to July 19/6 to 8.9 per cent drought pushed up seasonal months. As expressed at 1 at. influence on future -changes: l^ieVetisQQe^Kt--' - : 
m th e f oil o^nng year.ui eraie food prices sharply ^ 1976 _ annual rate this stood at 6.8 perverting. • .i 

f J? l # n a rise of 44 per in iess cent in March but was 8.0 pa**" *. ' -^-V- a partlculhr roimd is.-immgiy 

taieo irom i-.a per cem v « than six months — a return to cent in May. Although tfce^TTnnrPPAflPtMPfi mfiudiu^d^Jjy/^^Veaily high 
; « nt betwen 19 ^‘ 6 more normal conditions last Tgures have been dSSd% . 

anci vear resulted In a decline of th. v. mnA«n, 


The common thread is that 
the UK is now approaching a 
potential turning point on infla- 
tion. It is tempting to concen- 
trate on pay and the quest for 
a long-term incomes pnliev as 
the key to the prices outlook, 
but this would gravely under- 
estimate the significance nf over- 
all monetary policy and the 
exchange rate. 

The imposition of Phase One 
nf the pay policy in summer 
1975 would certainlv be credi- 
ted by most, though not all. 
commentators with a crucial 
role in checking and partially 
reversing the runaway price 
inflation of 1974-75. But much 
of the subsequent prices story 
can be explained directly or 
indirectly by fluctuations in 
sterling. 

The causal links are both 
complicated and controversial. 
In a world of floating exchange 
rates, it would now be widely 
accepted that the main initial 
result of a faster rate of growth 
of the money suppy (that is ca«h 
and bank deposits! in the UK 
than overseas will be downward 
pressure on sterling. In turn, 
a fall in the pound will push 
up the price of imported goods 
to the UK, encouraging British 
workers to seek offsetting wage 
rises and so raising domestic 
prices. 

Other economists would place 
more emphasis on domestic 
forces pushing up wages, such 
as the strength of the trade 
unions. They would also stress 
the impact on the exchange rate 


jump. ^ri'lSK^SSS®^: SS: 

““““ hV iSS* 10 & «:The increase 


is suggested by estimates pub- lo spr i Q g_ 
lished in last Decembers Bank th- 


The main reason whfp rices ?n ^ ted ^ °Thew 

surras avss ss sr- awas saw cwfegs. 

at the be^imfing was because «*• '«* «™“«- «■*■"»“ fi>, tt«-SgS overfme aufl . ^on 

of a more rapid growth of current ptSsures associated with -the 

import costs. A rise in the cost qaar ^ r have *5** , con ? b !^ : plck-up in econoMc' activity .' So 

of such goods accounted for ^ to a 7 .P« r cent decline In jg j^-ely -that.-lAour-enili'.'^AM 


lent to 
of total 


only about a quarter in indues raw material cos.ts modities. has pushed up the cdst mlar-^ 

expenditure. In con- * “dustiy-s raw materials;:^. ^ unprecedented jump ^ in plies a' iwqaDer rise 

» the SDODS and Sterling WAS nap Aanf If) tIl'MA . . • I __ ■: ■ UK.*. iifam /vf fKa > 


Ml tApcnuiiMiv. jut ■. '*9- RIIIUIS1 CLCKCUI.CU jump ju X ■— • " -V ^ 

trast, the proportion of the rise shops— ana sterling was 5* per cent in the last. tote. ^ take-home pay-’ Thls-^ ^is labour costs.ln view of^ Ibexxi 

in prices explained by higher sdl1 untu early January, months. -S:' after taking account both 'the pected^ rise Tn^utpgt and^ po^- 


labour costs was much smaller 
than its half-share of total 
expenditure. 

The opposite has been true 
during the last 18 months. 
Following the imposition of a 
monetary squeeze and the 


Few forecasters expect-", a slowdown in price inflation pro- - sible. recovery in- productivity. 
VariaHlo particularly rapid growth'- of ^uced by the rise in sterling Aside from The -exchange rate 

v dllaUlc , commodity prices in the imme- ■ and earlier wage restraiht and uncert^nty, this that ; _ . 

diate future because of. the^ imrge tax cuts of.^ the last ^ 

ItemS sluggish lever of world output: yea f ThA Governmerrft hbpe- price r Thfiatiob:^yra[I' fluctuated 

the freezing of the oil -price by : is tfiattthuvrise in ^disposable arbihid- ^^'ipec.iceDt over ’the 
It is because most of the the producing countries is income^ and'- a lower level of pfext^yedr-or^two .- -'Ttds might . 


return of market .confidence at main determinants of prices are indicative of this. Moreover, pj-j^e r&es \^11 provide the mean a higher inflation rate In 

the end of 2976. sterling clear well in advance that Mr. there is some short-term confi- climate fer pay modera- fte .UK than abroad, and. it 

recovered strongly. Indeed the Hattersley can feel reasonably dence among economists that tion. The. discussions so far does.- -of . conrse^ - in^rfy a.' 

upward pressure — and some confident about bis projection sterling may remain stable have beenun the Vaguest- terms doubling of. retail prices every 

of the potential reduction in of little change in the 12-month following both the recent credit since Minivers haV^ not wanted seven years. _ • " 

import costs — was checked as rate for the rest of this year squeeze measures to hold down to antagonise union, leaders in So. the result of the last three 

a result of Government interven- with small ups-and-downs from monetary expansion and in a preelection periodic years of. restraint may have 

tion to hold down the pound, month-to-month. But some out- view of the expected current The Government has said it been to prevent hyperinflation 

Nevertheless the rise inside forecasters are slightly account surplus for the rest of w m no t spell out its oVn views but-' to -leave ffie underiying 

sterling over the year as a less optimistic and believe that 1978. until after the end pf The main long-ternT rate of increase: at 

whole ensured that falling the rate could creep up to just But the pound is still poten- union conferences at the\end of significantly above the level of 

import costs actually held down above 10 per cent by Decern- tially vulnerable, either to a aext month. But the Treasury the -1950s andf . 1960s. Never- 

prices during the second half ber. deterioration in the current forecasts (reflecting its internal- the less. Labour Ministers can 

of last year. The caution expressed by the account caused by a rapid aims) are based on a rise in console themselves with the '. 

At the same time, the Govern- Price Commission about the growth of manufactured im- earnings of between 7, and $ per virtiiai fwnrinty : ♦haritfw*- -ift. 

raent deliberately refrained medium-term prospects has been ports as a result of the current cent in the coming year. Vfbe month '■ rate ' will remain 'at 

from action which would push reinforced by a slight rise in consumer boom or in response Bank of England bulletin last about its current level until 

up indirect taxes and public the underlying trend in the last to a weakening in foreign con- week pointed out that tile rise after an October election. 


Letters to the Editor 


Production 


From the President. 

British Numerical Control 
Society 

Sir. — The announcement that 
we are some 10 years hehind our 
lnternatinnui competition in 
automated small batch produc- 
tion manufacturing technologv 
and that our current research 
and development is very small in 
comparison with other industrial 
nations did not even sain the 
main position in Technical News 
on June 16 (page 16). Couple 
that with a grant of £70,000 as 
against £341,000 for wind power 
and one has perhaps highlighted 
the problems involved in making 
this nation aware of the situa- 
tion, not into which we might 
slip, but into wbich we have 
already slipped. 

Not enough of our effort is 
heins devoted to how to produce 
things, to how they sbouid be 
designed for production, and 
until this is rectified we will 
continue to see ourselves forced 
nut of markets in wbich we must 
be able to compete if we are to 
remain a major industrial power. 

One can visualise, sadly. Don 

Quixote and Kins Canute 
silhouetted against a Rising Sun. 
M C P. Hewitt. 

Parvus House. 62. Floral Farm, 
(.Yinfnnd Magna. Wimburne. 
Dorset. 


throughout its length, unlike the 
fan in wbich the inner part of 
the blade, moving at slow speed 
contributes only marginally to 
the work extracted from the 
wind. 

The drum is mounted on a low 
tower and presents an unobtru- 
sive profile. The same blade 
length, on the side facing the 
wind, can be obtained from an 
altogether smaller structure than 
in the case of 3 fan. 

The conservative design and 
long life of the vertical drum 
wind turbine is well illustrated 
by the examples on the Syrian 
railway where is passes through 
the notoriously windy Horns Gap. 
These were installed by the 
French, when they built tbe line 
in the early years of this cen- 
tury. for the purpose of pumping 
water from wells, and lasted into 
the 1960s. Perhaps those in- 
terested in wind power could 
learo something from these. 

W. C. R. Wballey. 

105. High Street. 

Hungerford, Berks. 


Electoral Reform should strive 
to get included in its party's 
traanifesro a pledge at least to 
hold a referendum on reforming 
our electoral system. 

What is not at all admirable 
is that — with such a pledge only 
a distant possibility— CAER 
should contemplate using the 
large popular support for PR as 
a bait to lure voters away from 
the Liberal Party wbich has long 
been battling for it to the Con- 
servatives who for the last half- 
century have allied themselves 
with Labour to prevent any 
change in our present electoral 
jrystem. 

Enid Lakeman. 

37, Cvh-cnlen Avenue. 

Tunbridge Weils. Kent 


“ that's a very difficult question ” 
which seems to be the current 
alternative to saying “I don’t 
know " ! 

E. C. Bowman. 

Cold Wall Farm, Mellor. 
Stockport, Cheshire. 

Verbal 


Precisely 


Power 


Windmills 


From Air. W. WhaUcj; 

Sir,— David Fish lock’s article 
on windmill power (June 16), 
brings out the point that present 
development in this field is con- 
centrated on the conventional 
fan type, familiar for centuries. 

I suggest that it would be 
worth while examining the 
possible advantages of the drum 
type wind turbine; the blades are 
mounted round the periphery of 
an open work vertical drum. On 
the face of it this design avoids 
the high stresses and poor wind 
utilisation of the fan type. The 
blades move at uniform velocity 
along their whole . length, and 
are fairly short. This eliminates 
the high tip speeds of the f3n‘ 
together with high stresses at the 
root of the blade, problems which 
long dogged helicopter makers. 
Moreover the vertical blade 
utilises evenly the airflow 


From Mr. J. de Rivas. 

Sir, — I read with interest your 
report on acrogenerators iJune 
16). You may he interested to 
know that there is a British in- 
vention which looks extremely 
promising. It is being developed 
by Dr. Musgrove, of Reading 
University, and there are already 
two examples being developed 
for the small user by British 
firms. It is the variable 
geometry vertical axis windmill. 
The stated advantages include a 
very much simpler mechanical 
system and a lighter and less 
obstrusive tower. It is capable 
of operation over a very wide 
range of windspeeds. A 2* xnW 
version is proposed for use off- 
shore in connection with a 
national grid. An American 
firm, Marks Polarized Corpora- 
tion. is reported to be experi- 
menting with a static system, 
which generates power from the 
wind with no moving parts. 

John do Rivas. 

West Toucan House. 

Porthtincan. Cornwall. 


From Mr. S. E. Scammell 
Sir. — The constant interjection 
of the phrase •* You know ” to 
which your correspondent Mr. 
Dewar objects (June 12) is by 
□0 means meaningless. It 

originated in rural areas and 
thence spread lo the city 
(another example of the country- 
man being two strides in front). 
Its meaning is: “ You are as well 
aware as I. or better, of all the 
factors that provide the context 
for and motivation of the matter 
under discussion, and it is not 
therefore necessary for me to 
express myself upon it clearly 
or with precision.” Such a con- 
traction of 41 words to two is 
surely praiseworthy? 

S. E. Scammell. 

East Knoyle. 

Salisbury. Wilts. 


From ilfr. W. R. F. Spearman 

Sir. — Mr. Colin Willsher (June 
17) refers to the words “verbal” 
and ** oral " and their differences. 
The Shorter Oxford English 
Dictionary's definitions are: 
Verbal. “ expressed or conveyed 
by speech instead of writing: 
stated or delivered by word of 
mouth; oral 1591.” Oral. 
" uttered in spoken words; trans- 
acted by word of mouth; spoken 
verbal 1628." 

On the subjecr of modifying a 
written agreement, the Chief 
Justic Lord Denman some time 
ago ruled as follows: “By the 
general rule of the Common 
Law. if there be a contract that 
has been reduced Into writing, 
verbal evidence is not allowed 
to be given of what passed 
between the parties. . . .** 
w. R. F. Spearman. 

35. Abingdon Court. 

Abingdon Villas. TVS. 


Phenomenon 


Representation 


From Enid Lufeemon 
Sir, — It is of course admirable 
that Conservative Action for 


Basically 

From Mr. E. C. Bowman 

Sir,— My particular bote noire 
is the constant, and frequently 
wrong, nse of the word 
“ basically ” which nowadays 
seems to creep into every TV 
interview and therefore copied 
by almost everyone as an "in- 
word” and a sign oF verbal 
culture. I am sure that many 
people dp not realise how often 
they say “ basically ” which has 
become as intrusive as the “you 
know ” to which Mr. Duncan Neil 
Dewar referred on June 12. 

As regards the TV interviewees 
mentioned by Mr. D. R. Hall 
(June 17). l am equally averse 
to the frequently used phrase 


From Mr. G. Szpiro 
Sir. — It might be of interest to 
monetarists and pbilatelists to 
watch the' curious phenomenon 
as the size of our Bank notes Is 
reduced in tine with our 

economic regress the postage 

stamp increases in size. Any 
comments? 

George Szpiro- 

Imperial House, 

Dominion Street. EC2. 


then we shall have inflation for any specific rebate was given to 

ever. any of the other 36,000 sub- 

M. M. Walford. scribers in the Maidenhead 

Newland Comer. charge group for this incident 

Sherborne, Dorset. Don Stickland. 

13, Welby Close, 

Accuracy Maidenhead, Berks. 

From Mr. N. Shapton 

Sir.— Those listeners who hear Rating 
the early morning programme of _ _ 

largely inconsequential chatter ^ T 9! n '^ am P*p w - T 

transmitted by the BBC on Radio „ Sl £ Accustomed as I am to 
4 may prefer tbat the responsi- a ‘* the poor and unconvincing 
bility for the occasional time arguments advanced to preserve 
announcements be removed from abominable rating system, l 
the broadcasters who over the mus t admit that Mr. Sedgwick 
years have seldom mastered the Uune 21) has produced some- 
art of telling the time. Within thing quite new in that depart- 
the past few days one announcer menti The_lad should have credit 
got it wrong by one hour and on f°r his originality — and perhaps 
another occasion the time was some enterprising reader will be 
told in the manner of a four-year- to work out how young 
old— "10 seconds past 10 minutes bachelors who do not pay rates 
to 8" (for good measure we were 2 re subsidising married meo 
churlishly encouraged to “work with families (or elderly pen- 
that one out”). sioners). who do. 

All this is not very helpful to Without quibbling over Mr. 
anyone in a hurry and using the Sedgwick’s self - contradictory 
programme as a time check. Tbe statement that the rates are u a 
programme itself squanders so fairly just tax if perhaps a little 
much money on telephone calls rough,” we cannot help wonder- 
all over the world for the most ing why rate payers deserve their 
frivolous reasons and I suggest rating bills because they are 
that a few pence be spent in “ living beyond their means “■ — 
plugging the transmitter into the for having the cheek to try to buy 
PO telephone time clock which their own three-bedroom semi, it 
tells the time so well and so would appear, 
accurately. The rates are the one horror 

N. H. V. Shapton. of modem life which cannot be 

22 Avenue Road. reduced by the householder, no 

T eddington, Middlesex. matter how frugally or thirftily 

he manages ro live. He can cut 

Totonhnnae down oq f00 ^- f txel clothing, en- 

xetcpnunco tertainment, transport and com- 

From Mr. D. Stickland munication. but so long as he 

cir — Thrwp whn were sur- r® raa, . ns in the house he has 
# H B - We J)L tail laboriously acquired through a 




ft 


From 1st July 1978, the rates of 
interest on investment accounts 
will be increased by 1-20%;- 


Ordinary Shares 
Regular Savings Shares 
Deposits (Individual) 
Deposits (Companies etc) 


,net gross 

6- 95%*= 10-37%* 
8-20%“12-24%* 
•6:45%* 9:63%*. 
5-95%= 8^88%* 


*If you pay basic rate income tax at 33% 


Tbe maximum that can be invested with tbe society is 

£1 5,000 for individuals and £30,000 for joint accounts. 


9“v“JS- HS WJES SiHbis to cal mu ncilrans u p-- 


Inflation 


From Mr. M. Walford 
Sir, — The Bank of England is 
asking for “ moderation in tbe 
next pay roubd.” Can anyone 
explain why there has to be 
another pay round? Surely we 
should get back to the old idea 
of a rate for tbe job and to 
accept that the only ways of 
getting more pay is to work 
harder, produce more, or get 
promoted. If one accepts that 
there is a pay increase every 
year for those doing exactly tbe 
same as in the previous year, 


noiSfrw raaiBly on lo caI amenities he is 

they have perhaps received an j 00 0 j^ j 0 nee( j or en j 0 y an( « 

unexpectedly high bill, may be which Mr LL fn ° 

interested to learn that; (1) The nothing s,eagwlcK & ets for 
published tariff times for ^ one Mr . Sedgwick equates the 
unit are apparently subject to rating levy with VAT. In that it 
an error of plus or minus 1 per i s based « on whar can 

cent, and so a three-nunute cheap afford." You can decide not to 
"B" rate call may cost four buy goods bearing a VAT. but 

units — about 30 per cent more how can you decide whether you 

than one of “Buzby's claims.” ca n afford your rates? Should 

(2) I made an STD call after you make yourself homeless (and 

6 pm on February 5, 1976, and become another burden on the 
discovered that I was being rates) because you just cannot 
charged at the standard rate and find the raonev for the rockettim 
not the cheap rate. The Post rates demands? 

Office subsequently gave me a Bernard Campion. 

£10 rebate. Despite Inquiries, 24. Treveneague Gardens. 
however, 1 am not aware that Monodan, Plymouth, Devon. 



LONDON GOLDHAWKj 

BUILDING SOCIETY * j 

15-17 Ch iswick High Road, Ix»iul<mW 42 NG.‘ ’ Si 

Teh 01-995 S3 Z1 And Branches - * 

Member nf the Budding SodetMsAasoriadoa. 1 ’ T 
Authorised brinwstinmf hyT ^r^' “ 




Financial Times Saturday June 24 1978 




reat whaling affray 


BY RICHARD MOONEY 



favour. And it was on the 
agenda again the. .following 
year when Canada, France, 
f’anama and even Australia — 
itself a whaling country — added 
their support. Pressure for a 
moratorium is stronger than 
ever this year and there seems 
a real chance of Panama's 
proposal being adopted. 

But would a moratorium be 
the whales’ saviour or would it 
condemn them to even quicker 
and surer extinction? Whalers 
in Japan have urged that their 
Government should withdraw 
from the Commission if the 
moratorium is imposed, and 
Russia is widely expected to do 
the same. In fact all these two 
countries would have to do if 
they wanted to continue hunting 
whales in defiance of IWC 
policy would be to lodge 
objections to the decision within 
90 days. This would absolve 
them of all responsibility to 
abide by the decision. In theory 
they could remain members of 
the IWC and carry on whaling. 


Sanctions 


90 per cent of the world whale 
catch and just two of these — 
Russia and Japan — catch nearly 
three-quarters between them. 
Russia occupies the top spot 
with just over 40 per cent and 
Japan - catches about 28 per 
cent 

This will not be the first time 
a 10-year moratorium has been 
suggested. It was first mooted 
in 1972 when the U.S.. the UK. 
Argentina and Mexico voted in 


But Friends of the Earth 
(FoE) the conservationist body 
leading the campaign to save 
the whales, does not believe this 
would happen. Member 
countries of the IWC could take 
“ independent steps.” FoE 
suggests, to bring pressure on 
whaling nations to abide by the 
decision. In particular the U.S. 
could invoke its “ Pelly Amend- 
ment ” and ban all Japanese 
fish imports. Others could 
refuse to allow the import of 
sperm whale oil. 

Whether the non-whaling 
countries would impose such 
sanctions wholeheartedly is 
uncertain. But if they did it is 
doubtful that the whaling 
nations would be prepared to 
suffer the foreign exchange 
losses that continued whaling 


under these sanctions would 

imply. 

Should whaling be stopped 
for io years? The question 
divides into two broad areas: 
ethics and commerce. On the 
ethical side it further divides 
into emoLioa add the arguments 
oJ the conservationists. 

” Is there any serious justifica- 
tion for killing such peaceful, 
highly intelligent and well 
adapted animals as whales? " 
FoE asks. And this is obviously 
tli« main strength of the “ban 
whaling " campaign. The great 
whales are arguably the most 
magnificent creatures left on 
earth and many, people find the 
killing of even one of them, 
whether it endangers the 
species or not, highly repugnant. 
To these people the prospect of 
2? .000 whales being slaughtered, 
as happened in the last whaling 
year, is nothing short of horrific. 

Just short of this extreme, 
emotional view, come the true 
conservationists who merely 
seek to ensure that no species 
of whale is bunted to the point 
of extinction. These people 
favour a moratorium because 
they do not trust the whaling 
nations to stop short of totally 
extinguishing stocks while there 
is une more yen or rouble to 
bu- squeezed out of them. Nor 
do they believe that the IWC 
has the “ teeth " to prevent ex- 
tinction of individual stocks 
through the operation of its 
annually decided quotas for the 
various species of whale in each 
sea area. 

The commercial argument in 
favour of the moratorium is 
somewhat thin. It is probably 
true that if whaling continues 
at present levels— the Japanese 
have said they will “ retreat no 
further" on quotas — '‘commer- 
cial extinction ” of most stocks 
cannot be far off. A 10-year 
standstill would almost certainly 
allow most stocks to recover to 
a level where profitable whaling 


could be resumed at a level 
which would not threaten the 
continued existence of any 
individual species. 

But it is unlikely that after 
a 10-year lay-off the industry 
would ever be revived. Adjust- 
ments to eating and purchasing 
habits — much whalemeat goes 
into pet foods — would probably 
have destroyed the demand for 
whale meat. Substitutes — which 
already exist — would have taken 
over the market for sperm 
whale oil, wbich is used for the 
manufacture of light oils, 
among other things. 

For practical purposes there- 
fore, a 20-year ban can prob- 
ably be equated with the 
destruction of the industry, 
satisfying both the emotional 
and the conservation lobbies — 
but not, of course, the whalers. 
Against this, the whalers argue 
that because it is in their own 
financial interests to ensure the 
existence of whale slocks at 
fairly high levels, conservation 
can safely be left in their hands. 

The most obvious fallacy in 
this argument is that there is 
little commercial distinction 
(except for size) between dif- 
ferent species of whales. What 
the industry would be seeking 
to ensure, through self-interest, 
would be the availability of a 
large tonnage of whale meat and 
oil. If one species were to 
become- extinct, the whalers 
would simply hunt another. 

On a technical level, however, 
there may be a more basic fal- 
lacy. This is dealt with in the 
theory which stales that a profk- 
raaking industry will always ex- 
terminate its natural resource 
base because once the discount 
rate on invested capital rises 
above the rate of renewal of 
the resource, it pays the entre- 
preneur to work towards the 
extermination of the species he 
is exploiting. 

Mr. Richard Filtel of the 
World Wildlife Fund puts it 


more simply: “ The plain fact 
is that, maximisation of profit 
cannot coexist with the exploit- 
ation of a natural population 
any more than a fox can coexist 
with a henhouse! *' 

Acceptance of this argument 
would imply that a further non- 
commercial constraint needs to 
be placed upon the industry, if 
only to ensure its own survival. 
But, short of a total ban, can 
the IWC provide sufficiently 
effective constraint? 



Quota cuts 


Whale catches have certainly 
declined under the stewardship 
of the IWC. In the 1964-65 
season more than 46,000 whales 
were caught by IWC member 
States in the Southern Hemi- 
sphere alone: last year the 
world total was about 23,000. 
Moreover the hunting of two 
species has been banned 
altogether — blue whales in I96S 
and fin wbales in 1976. Sceptics 
argue, however, that the fail in 
catches was due more to stock 
declines and consequent reduc- 
tions in. profitability than to the 
good offices of the Commission. 
This view tends to be supported 
by the fact that in many 
instances the Quotas set by the 
IWC have not been reached. 

The Commission seemed, tfi 
the casual observer, to have 
made something nf a break- 
through at last year’s annual 
session in Canberra where a 36 
per cent reduction in the quota 
total was achieved. This mainly 
reflected a swingeing cut in 
the North Pacific sperm whale 
quota from 7.200 lo 763 on the 
advice of the Commission's 
scientific committee. But tbe 
conservationists' triumph was 
short-lived. At a special meeting 
of the Commission in Tokyo last 
December the North Pacific 
sperm whale quota was lifted to 
6,444 after whal many observers 


saw as a blatant piece of 
“ juggling ” of scientific evi- 
dence. This reduced the original 
cut on tbe quota to only 22 pei 
cent 

Dr. Sidney Holt, the UN Food 
and Agriculture Organisation’s 
representative at the Tokyo 
meeting, was one of ihe many 
observers who were very 
dubious about the new evidence 
which allowed the reinstatement 
of most of the lost quota, V It 
does not appear likely that the 
advice now presented is more 
reliable or more likely to be 
correct than the previous 
advice," he said, adding that 
the complex calculations 
involved appeared incomplete 
and were based on ‘‘guesses 
rather than estimates." 

This lack of confidence in the 
scientific advice on which quotas 
are based is crucial to tbe issue. 
*■ Tbe scientists really do not 
know how many whales there 
are,’’ declared Mr. Filtel after 
the Canberra meeting. 

If the scientists are erring on 
the side of over-estimation of 
the whale population many 
stocks could soon sink below 
danger level. According to Mr. 
Filtel. there seems little doubt 
that within five years, perhaps 
less, the moratorium will have 
imposed itself, as each 
successive stock now being har- 
vested has to be classified as a 
protection stock.” Under the 
IWC’s “ new management proce- 
dure " tbe hunting of a species 
has to stop when its numbers 
fall below a certain level 


(between 35 and fid per cent 
of its estimated normal popula- 
tion). 

There is a case for whaling — 
a human case. The industry 
provides food and employment 
for many people, particularly in 
Japan, and its destruction 
would undoubtedly cause 
suffering. However, tbe extent 
and severity of that suffering 
is difficult to estimate with any 
confidence. In a document 
issued ahead of next week's 
me session the Japan Whaling 
Association claims that reduced 
whaling effort has already cost 
10.000 Japanese their jobs and 
that a Total ban would threaten 
tbe livelihoods of 200,000 more 
people who depend “directly 
and indirectly" on the industry. 

Food industry 

Bemoaning the fact that 
Japanese supplies of whale pro- 
ducts have dropped to one- 
eievemh of their former size 
the Association says: '* The 
traditional whaling industry’ of 
Japan is a vital food-providing 
industry for the Japanese 
people. Whales have deep roots 
not only in the Japanese diet 
but in culture and customs. 

The Association adds that it 
is anxious to avoid confronta- 
tion with its non-whaling part- 
ners in the IWC and is pressing 
for a “ new dialogue " aimed at 
reaching a " peaceful and 
realistic " settlement. Greater 
efforts should be made to per- 
suade non-member whalers to 


join the IWC. "Some of the 
extreme proposals offered in 
past years have made these 
nations unwilling to join," the 
Association claims. 

But these statements have 
cut little ice with the conser- 
vationists. Friends of the 
Earth describes the claim that 
200,000 Japanese- depend on ihe 
industry - as grossly inflated. 
** Only 750 are directly involved 
in whaling and those indirectly 
involved are far fewer than the 
number cited.” 

FoE further claims that 
whale meat contributes less 
than 0.5 per cent to Japanese 
protein intake and only about 
5 per cent of total meat con- 
sumption. “ Sperm whales pro- 
vide no food for human 
consumption but they amount 
to ihe greatest proportion of 
Japan's whaling industry.” 

It is in the nature of things 
that both the whalers and the 
conservationists should over- 
state their cases in this debate. 
And the truth must lie some- 
where between the two camps. 
From an ecological point of 
view it would be safer to accept 
the anti-whaling than the pro- 
whaling arguments but for the 
moment the whalers seem to 
hold the stronger cards. 

If the conservationists are 
right we are at present witness- 
ing the suicide tor perhaps 
hara-kiri) of a onee-grear indus- 
try. It is to be hoped that it 
will not be allowed to take the 
last of the great whales with 
it. 


r. 





Dog 

story 


Going to the dogs these days 
can be a very lucrative busi- 
ness — especially if you are the 
owner, of next Saturday’s win- 
ner of the Spillers Greyhound 
Derby ai the White City. The 
£20.000 first prize makes it tbe 
richest six dog race in the 
world— an eight dog event in 
Florida is even more valuable. 

But the prize money is only 
tbe starters. " The moment tbe 
dog passes tbe winning line I 
reckon its value increases by 
at least £10,000,” says Bill 
Holmes, the general manager at 
White City. Breeding goes a 
long way in do? circles and 
having a Derby winner in your 
kennels means not only the 
probability of winning more 
races but also of collecting high 
stud fees. 

Last year the Derby was won 
bv Baiiiniska Band, itself the 



JBallinska Band: The champ 

son of-a Derby (Irish) winner, 
and a hot favourite again this 
year until it went lame sad was 
eliminated in one of the many 
heats which make the race such 
a demanding test of a dogs 
speed. Batihuska Band was 
trained in Manchester by Eddie 
Moore. " Winning the Derby 
made all Ihe difference in tne 
world" he says. “ We now get 
offers for his use as a stud dog 
at £200 and more a go. in* 
average fee is nearer £60 
Baiiriusku Band w?H not run 
again but he will earn his Keep 
for a good fewr years. 

Eddie Moore trains aS dogs at 
Belle Vue and there are 
hundreds of similar ^mblish- 
zneats throughout the 
often linked to the greyhound 
tracks. With " companies . 
Spillers pushing «P 
money — and the ahernamft > 

undoubtedly grander, ex^n 
enc-cf owning a -race ****** 
prohibitively 
hound' racing is showing 

° f T fcewSs seem modest. Eddie 

Moore charges 3USt C ~ dog. 
plus VAT, to look after 

AT lhe moro foslPorub^^ 

City, where tjere are 

it is only HO* .*«* ’ ^ dog and 

first you of racing 

“ . 

. i. 


greyhound in training is a not 
too ruinously expensive hobby, 
with pleasant nights out at the 
race track. At White City they 
have noticed a few peers switch- 
ing down (or up) from horse 
ownership, and if. in the main, 
greyhound owners still tend to 
be successful businessmen there 
is now a fair scattering of 
personalities — actress Diana 
Rigg, footballer Mick Chan non. 
and broadcaster Dickie Davis 
have all owned dogs— and the 
occasional grandee: the Duke of 
Edinburgh is credited with 
ownership of Camira Flash 
which won the Derby in .1968.’. 

But the real money in owning 
a greyhound is not to be made 
out of winning races, where the 
first prize rarely exceeds £100, 
or in stud potential, but in 
betting. Inside information can 
make all the difference in. the 
ante-post betting, and some of 
the dogs running in the final 
would have been offered at odds 
of 200-1 a few months ago. All 
told £Im will be wagered on the 
Derby. 

At least Spillers gamble in 
supporting greyhound racing 
seems to have paid off. It has 
sponsored the Derby for six 
years now and for a basic cost 
of around £25.000 gets prestige, 
goodwill, opportunities to enter- 
tain customers, and the much 
sought after television plug 
when the BBC transmits the 
event In past years it has 
made much of the winners that 
were fed on its brands, and last 
year Baiiiniska Band obliged on 
a diet of Winalot and Spratts. 
But this year any connection 
between the dogs and their 
fodder is being played down. As 
the elimination of BaUiniska 
Band in the qualifying heats 
suggested, too much can be 
made of the link. 


Star 

wars 

Even this column is not above 
seeing the fascination value of 
a family fight, but it is nice to 

know that this P ar ? c J^ 
a battle in which both sides 
could win- On my «ands 
Lord i Lew) . Grade. 

A TV Corporation and thus n.'-j 
the major film-making arm of 
that organisation. On my right 
Lord (Bernard) Delfont. bead 
of the films and entertainment 

division of EMI and gJwgS 

brother of the Grade trio. The 
battle fields are the unema 
screens of the world- 

Coincidentally the two Grades 
separate decisions a 
couple of years ago to go 

WMMb 

^escf-flWt a-*" 

Of ihe Third Kind EMI m cur 

this 'veek in London.^ 
r icon. P^'ffc fnd is gather- 
h0US ? Marketing strength for 

ing. its niark ” e Boys from 

tbe -rSthlMlSee Olivier and 

o' »■ 

P"*** "E5 rfS'Jim their 

Br,nsh i^tothhavtag been 
recent moves, 





Corrmie CurtrcU 

To celebrate his eightieth birthday Henry Moore has been given the freedom of London’s Kensington 
Gardens to display ten bronzes in outdoor settings. Henry Moore at the Serpentine runs from July 1 
to early October. The sculptor is seen here supervising preliminary work earlier this week 


accused of moving too much in- 
vestment to tbe other side of 
the Atlantic. But both would 
claim that the returns will come 
to Britain, wbich is a nice re- 
versal of the traditional flow. 

- In Delfont’s case there is an 
added dimension. Under his 
rule two young lions of the film 
industry, Mike Deeley and Barry 
Spittings, became the rising 
stars in EMI’s film production 
field. This latest range of EMI 
film Is very much the result of 
the Deeley-Spikings regime and 
on .the box office performance 
: of.tbe Aims over the next 12 
months that their reputations 
wilt rest. For Grade the collec- 
tion of JTC films reflects a per- 
sonal desire to become the force 
in the film industry that he is 
already in television. 

Lord Lew has been accused of 
over-spending in order to get 
the right stars and stories, pric- 
ing some of his Hollywood com- 
petition out of the market, but 
the next six months will prove 
-whether he has been right or 
wrong. 

The Medusa Touch opened to 
what is politely called “mixed" 
revues in London, with Grade 
himself saying that the “high 
brows" ignored it while the 
popular papers gave it rave 
notices. Capricorn One has re 
ceived broader acclaim and 
seems well on the way to being 
a . money spinner — in his less 
effusive moments Grade des- 
cribes it as “absolutely 
phenomenal."’ But Grade, now 
in. his seventies, is not only 
interested in cash receipts. His 
is. so keen on what he has seen 
of . Movie A lorie that he is 
having it pre-released in 
December of this year in order 
to qualify for the nest round of 
Oscars. 

The peculiarities of the Bri- 
tish film market mean that films 
tend to be given their first air- 
ing in the winter months. Thus 
the main EMI products may not 
be seen here for a little while. 
However, Convoy , which stars 
Kris kristofferson and was made 
at. considerable expense in the 
southern V.S.. has done appre- 
ciable business in Tokyo, and 
Driver, which opened in Holland 
in the teeth of World Cup fever, 
has also been pulling in the 
crowds. 

Not to be outdone Lard Del- 
font is planning a spectaeulai 
opening for Death on the Nile, 
a film version of the Agatha 
Christie book and reckons that 


it is “our most outstanding film 
ever.” Big brother Lew intends 
fighting back soon after with a 
film version of The Muppets, a 
mammoth production of Raise 
the Titanic and the rerival of 
the Lone Ranger. 

Incidentally both reckons 
that films will make a notice- 
able contribution to their res- 
pective corporate profits in the 
coming year. AU that and divi- 
dends too ! 


Nostalgia 

corner 


IN JUNE 1938 the Escalope 
Milanaise at the just-opened 
Bertorelh’s Brothers restaurant 
in London's Queenswjy cost 
l/4d. Today, exactly 40 years 
almost to the day after the 
Queensway restaurant was 
opened, the same dish will cost 
you a mere £1.90 — a rist 
hardly sufficient to compensate 
for the intervening years ol 
galloping inflation. 

But realistic prices for good 
Italian (and French and Eng- 
lish! fare in a Friendly 
atmosphere is the BertoreJli 
family's recipe for success — a 
philosophy which has endured 
for Ibree generations since the 
four original Berlorelli brothers 
came to England from Italy just 
before the First World War. 

Having survived two world 
wars and the vagaries of 
restaurant fashion l being lefi 
out of the Good Food Guide 
since 1973 may have been a 
blessing in disguise), the 
family’s two restaurants at Char- 
lotte Street and Queensway are 
doing record business. Charlotte 
Street has, in fact, just added 
on two new floors in the adja- 
cent building; while Queensway 
is currently mulling over its 
own expansion plans 

Yet there can be no doubt that 
any expansion will carefully re- 
tain the Berlorelli atmosphere 
that has existed for the past 
65 years: Edwardian decor; 
white tabic-cloths with fresh 
flowers; handwritten .menus; 
waitresses dressed in demure 
black who are trained to re- 
member tile orders in order to 
save time rather than writing 
them down These factors give 
Bcrtorelh's a nostalgia that is 
hard to find elsewhere. 

But successful business can 
run on nostalgia alone. 


Undoubtedly, the main factor in 
BeriureJIi’s success has been 
that classic Italian tradition, the 
family. One of the original four 
brothers. Lodovico. is still going 
strong at the ripe old age of 97 
although he strictly limits, his 
day to day involvement in tbe 
restaurant. His nephew Pierino, 
who will be 70 in a few weeks' 
time, is a stalwart of the 
Charlotte Street restaurant and 
shows no sign of his age ill his 
capacity for work. Cousin 
bante. himself in his early 60s, 
is the other senior partner at 
Charlotte Street although cur- 
rently suffering from a spate of 
ill-health. 

The "younger** generation — 
ihe driving force behind 
Bertnrelli’s present prosperity — 
is represented by Davide at 
Charlotte Street and Renato and 
Adriano at Queensway. It was 
Renato who, without previous 
experience, turned tbe Queens- 
way restaurant from a loss- 
maker in the raid-6Qs to its 
present success. 

But while the family is 
extremely dose they have stuck 
to three cardinal rules; only one 
son per generation can come 
into the business; a consensus 
on every issue is reached before 
major decisions are taken: and 
nu women can be part of the 
management This policy ol 
family agreement on issues was 
severely put to the test by the 
ice-cream business which Ber- 
uuvlli's built up after the war 
and which brought much 
prestige but little profits. 
Eventually Lyons bought the 
business a >*w years ago. 
although it is still run by a 
branch of the family. 

The no women rule has 
relaxed slightly with the intro- 
duction of Davide's sister. Linda, 
to help out at Charlotte Street 
during Dante’s illness. 

Bertnrelli’s insistence on 
keeping the business in the 
family has undoubtedly limited 
its growth, even if that other 
famous family of Italian des- 
cent in the catering trade — 
Fort c* — has shown just what 
can be achieved by judicious 

expansion. 

Contributors: 

Antony Thorneroft, 
Arthur Sandies and 
David Churchill. 


TODAY — Mr. James Callaghan, 
Prime Minister, in weekend talks 
with top U.S. industry executives 
on whether Britain collaborates in 
aerospace with Boeing or EEC air- 
craft producers. 

SUNDAY — Mr. Denis Healey. 
Chancellor of the Exchequer, at 
Labour Party rally, Portsmouth. 

MONDAY — Prime Minister ex- 
pected to meet President Carter 
to discuss aerospace. Mr. 
Callaghan also receives first 
Hubert Humphrey award for in- 
ternational statesmanship. New 
York. Quarterly analysis of bank 
advances (mid-Mayi. Mr. Edmund 
Dell. Trade Secretary, meets dele- 
gation from Institute of Directors 
to discuss industrial democracy 


Economic Diary 

plans. House of Commons debates 
trade and the prosperity of the 
nation. Two-day meeting of EEC 
Foreign Ministers opens. Luxem- 
bourg! Two-day Financial Times 
conference on Scottish Finance 
and Industry opens. Edinburgh. 
International Whaling Commis- 
sion meets. Blount Royal Hotel. 
London. National Food Survey on 
consumption tfirst quarter). 

TUESDAY — Confederation of 
Shipbuilding and Engineering 
Unions conference opens. East- 
bourne. Sir Leslie Murphy. 
National Enterprise Board chair 
man. at Foreign Press Association 


lunch. 11. Carlton House Terrace, 
WEDNESDAY — TUG general 
council meets. Labour Party 
national executive meets. Port of 
London Authority emergency 
board meeting in attempt to 
finalise a plan' on dock closures. 
THURSDAY — Mr. David Ennals. 
Social Services Secretary, at TUC 
conference on 'Mi h anniversary of 
National Health Service. Congress 
House. Commission for Local 
Administration in England state- 
ment on Local Ombudsmen's re- 
port. EEC Social Affairs Council 
mec-t ing. Luxembourg. 

FRIDAY — Prime Minister 
addresses Confederation of Ship- 
building and F.nqineering, Unions 
conference. Eastbourne. 



WHERE IN THE WORLD 
WILL YOU FIND 
STANDARD CHARTERED? 


Do you ever ask your bank where its overseas branches are? Or, are they 
in the countries where you want to do business? 

Ask Standard Chartered the same question - If it’s Hong Kong you’re 
interested in, we’re the only United Kingdom bank with a branch network —over 
SO branches- We have 2,000 staff committed to serving your business here, and 
across the world we have 1 ,500 Group branches and offices to offer you in 60 
countries. 

'Wherever you have overseas business, you need a bank that’s really 
part of the local scene. Ask Keith Skinner on 01-623 7500 to prove that point for 
you today and also ask about Standard Chartered's international merchant 
banking capabilities. 

Standard Char 

Bank Limited 

helps you throughout the world 

Head Office 10 Clement. Lane, London EC4N TAB Assets exceed £7,600 million 







4 



4 



John Brown better than 
expected with £23.2m 


PROFITS BEFORE tax of John be declared on August 18, pay- year-end position was a net credit 
Brown and Co ’at £23.2m for the able October 6 ot 4.712p or such of some £lom conipared with 
fear ended March SI. 1978, are in larger amount as would reflect £9.3 m net borrowings a year 
"line with the January expectation any reduction in the ACT rale, earlier- 

if more than £2um and are well The maximum permitted total The group has capital spending 

!L"h tf- noSKm achieved in now will thus be paid. The plans this year of flam, mainly 
ahead of the IJO. Sbm achieved m now ^ ^ ^ Qf 7 ^ Sp p f n ;, udcd a Clydebank and Wiekman, but 

AJ '° ■ urlher second interim of 5.28p ret. wiih Markham also significant. 

liquidity. 


■ Th T™i? m he iiouiditv fll ba h nk Ga^Ttirbincs pro- At Wickman. the group is 

improvemut 5 duce d excellent results, the spending both on making the 

b o "rowings h e r27->m directors report It was also a factory more efficient and on new 

and orders on hand to Ul ^ yMf &r Craven Taskcr and pPOdu , t design. Two new prnin- 

11 * " There was a general improvement type machines 

except for machine 


compared -.si 


the directors report. eN.-whcrc. 

Following the good year, the ' ^ 

Board expects the current year. Tax or 17.72m (£1. 73m) has been 
given reasonable economic order, - rovide j j n accordance with EDI 9 
will ag.iin be thought satisfactory. and [hc previous year s figures 


Turnover was £2S3.8m against 
£214.7m. gas turbines and 
specialist fabrication contributing 
f 71.2m i£52.1m>: proce.-s engineer- 
ing and construction £lOl.Sm 
1102.1 mi; machine Loots £4S.2ni 
(£48.3 nil and general engineering 
and miscellaneous M2. 6 m 

(£32.2mL 

A trading profit breakdown 
shows gas turbines contributed 
f7..7m (£2.7ni): process engineer- 
ing and construction £8. 3m 
t£4.1 mi: machine tools -EJ.3m 
(£2.fimj and general engineering, 
etc.. £4.fim (£2 4m). ■ 

Earnings per II stock unit for 
the year are shown ai OS.r.p 
i.V5.2Sp> and net assets per unit. 
3SKp i:;OHpi. 


revised to compare. Prior year- 
deferred tax written back on 
chance in policy was £5.31 m 
l£2.P5m). 


1977-7$ 1978-77 
£«» PICO 
31.SU 214.74! 
23.198 10.879 


XA477 

4 

sn 

lfi.U44 

fi.10 


1.7?» 

9.130 


Turnover 

Profit before tax 
Ta* 

Not profit 

Minoru i rt 
Ruranrd. credit .. 

Makms ««« 9-"- 1 

Interim dividends fi.10 4W 

Second ini.-nm 741 Sll 

ft-lai/led 14. ST- 1 T.ttn". 

The group has wriilen down 
the value of its Westland hold- 
ing by a charge against reserves 
ot around £I.5m. 

Aiked about rhe cash position 
of the group Mr. John Mayhew- 


A second interim dividend will Sanders, chief executive, said the 


type machines have been pro- 
duced. but the main stream of 
the business is "as bad as it ever 
was." 

The £13m spending programme 
is without taking into account 
acquisitions. 

The group is clearly as inler- 
ested as ever in making a size- 
able assei-based acquisition to 
give it another profit-earning 
division, says Mr. Mavhew- 
Sandcrs. 

Although an overseas acquisi- 
tion is not ruled out. John Broun 
is clearly in a mood to use shares 
for at least part of rhe price. 

Thar, provided the deal is big 
enough — Efim nr more, although 
the group may br thinking in 
terms of much mure than this — 
would open up the prospect of a 
bigger dividend. Even a doubled 
dividend would leave the gmup 
with more than live limes cover. 

Sec Lex 



NEWS 




f A f 


cent of the French 



Over the last . couple of cW s 
details have emerges of Sir Jane s 
Goldsmith's' latest virtuoso j> v rouge by whw* 
fonoance 1 — an intricate inti L .. less to say, 
change of assets tnvulving co -~key & the 1 
panies in BHtani. Franje; Panan i, property mM- 

Bermuda and Hong Kong. .-ties... • 7rf . v ;■■ ■ - - riioTitVi^n ren f ’ 

The net result - which Jf 1- ^Qyer 
has to be formally ratified by * 

shareholders meeting . on July 7. formed. a ■dH^et^holdiae-ffiES^er 

- Is that between 41 and 44 * r : two Oecafion^ 
congtomea fe -property 


Generate Occidental* ■ ends 


split between -Sir James irimSK:£Jfi.ftn in cash- T faf";i . , 

and a Hong Kong quoted compa^vfi.-'Aigyle raised ■ ‘a£'Jw-£mgta 


jettS^ap^.y , ; ; JJvpn-' 

T? ■flfim -‘Bt — SaWT#'' 1 1 


General Oriental, in which „ he 
the largest shareholder. 

On April 17. when its 
were suspended pending; 
acquisition. General Oriental 
an insignificant investment 


. ‘ -'enabled it to 
i'-V^T per cent stake 
v?hy private treaty, 
i'-'tfee documents: 

r-OT,000 on buj^ . 
HrCstake in Trocaaero, 


V -U/'.-u 4«iiicuuU 

Mr. John Mayhew-Sandcrs. chief executive of John Brown — 
he is to succeed Lord Aberconway as chairman after the 
ACM on July 28. It's been a good year for the group with 
a further ilquidity improvement and bank borrowings 
eliminated. 


pany with 8m shares, valued ;Sn'^ yrench company- 
the market at £L6m. Yesterday, James, 
trading resumed at HK$8 a shi 
which means that when sfaa 
holders approve the deal it 
be worth £24.am and have li 
shares. 

In between Sir James has gfv 
General Oriental such a.massl 
transfusion of assets that _the i 
asset value per share, despite '1 
dilution, has risen from HKSi 

to HKS1-48. 

Although there 
elements involved the 
in the transfusion is the 31 A 



-^^adero's stem' : - 

is Der cent stake OcottebtaJe. . Jferi* 


&now to toa&tse- il§ ‘ * 

if¥i^Jero to W PSr-cSt 


-SnSSWi"! 1 - rtl 

P-TOocidentalestake from. TrocadCco. i jrtl f| I 

left Argyle with si :f2a?: wrth \JU* ,a 

-stake in Occidentale - of. 2<U .p^,of;-^d^ Pg»^es.. Argyte 3us f vr 
ifecent— and through : its^lhares -Hi-.nnw^eeii;- ;6«gtoe^- r .'flito;.-au 
St^ocadero ah indirect lioWing & ^:ix»veto»t "* 

- . -v* 1 * further 7.4 per cent- in . : ■ - * " 

are ■ othm^-’- just prior to these purchases l>^^.^7amegdasmfes T ^' . sg a‘; . ■• ; i.- 

! life Woil Evon a private Panpmaniiat comivtegic . rhtddings, :iJtero ; . ■ 

■ - - per- rimy’ in which Sir James is ' fee . £4«#K>vin- GavaSiain Reference- , ■ ' 


CCnt Stake l which, .could rise, w usihi aiuuciiwuw ■ -a5 <; .. - • ■ 

another 3J per cent or so through: : outright controlf came .miAfee.' '; More^ .gamoCyaMt. ..U aTest 

options) which General Orien^a scene, it bo u eh 'Ar gyle f rom -fie John 
now- has in Generate Occidentals '. Occidentale subsidiaries.' -v t<r . mpT con- 


edilfusion recovers in latter half 


Occidentale is a major FreBaflivv It is Evon w’hicb ’hais now 

in. r^urn' fdrrAs^iallT-.Cltfev: Jwft; . -* 


OM TURNOVER ahead from 
£13S.fiSni tn £154.3fim pre-iax 
profits of R (-diffusion for the year 
to Jlterch 31. 1978. rose from 
£lfi.47m to a peak £l7.4?«m after 
being slightly down at midway at 
£7.2Sm compared with £7.*53m. 
Tlic directors >;iv profits were 
acain affected by losses in over- 
sea- countries. 

Earnings per 2 op share are 
shown as being slightly ahead at 
7.7ip iT.KOpi and the lota! divi- 
dend for Ihe year is increased to 
the maximum allowed. 4.79Lp 

t42»9pi. with a final net payment 
of S.ftlHp. 

There was an extraordinary 
credit of £4-Hi.00d for the period 
comprising Xh.lfi. 00 n profit on sale 
or land and buildings and other 
assets overseas, less £213.000 


BedilTusion is controlled by 


Turriiiivr 

Trad inn profit 

D(. , prc>-iiili"ii 

C-'iitiiML'iicie' pro*. 
lni*-re>i 

Share a- i-i'3'C .. 

Profit before l«* .. 

Tji ■ 

Hnl profit 

From iii iniiri lii’< 
Ewraurrt. vrHil 
Atirihuiahl* 
Pn-rcrenw dwi'lend 
■ irdlnarv mi.rim 

Ordinary final 

Koiamed 


IS7T-TS 

1970-77 

It) ml 

COrtO 

154.3S3 

I3S.6W 

■W.KJ.I 

27 D7S 

20.7IU 

IS.'JSI 

2.10V 

2.iV>3 

IJ4.1 

lH>i 

■J.Vhrl 

I.W 

27.429 

16.470 

11 1 30 

in., ,0 

4J04 

5.700 

91 

673 

Ub 

— 

B.«W 

0 375 

It 

74 


E. Austin 

Cardiff Malting 


3.2-11 

2.SJ2 


2>1 - 
2. SOI 


comment 


Rediffusion has done a Hi lie 
better than was hoped earlier this 
year. This is due to a better-than- 
jncurred in ihe reorganisation of expected contribution from asso- stand on a p/e of 11.6 and yield 
Redifon Telecommunications; ciates, particularly Thames TV 8.1 per cent. 


which continued to benefit from 
increased advertising revenues. 

Meanwhile, profits at the pre- 
associate level were sluggish for t-onuncntal and Ind. 
ihe year as a whole. All hough J-on. & [..iverpool Tst. 

ihe group had the full benefits of nediffuskm 

a 10 per cent price rise in rental V ,r °up 

activities — refiected in a 17 per 
rent uplift in turnover in ihe 
second hair — Rediffusion is still 
bedevilled by heavy losses in 
Hong Kong and Canada. Its Hong 
Knng TV station has not managed 
to recover costs from what has 
been buoyant advertising revenue, 
while the Canadian cable-making 
operation is still not in profit. 

Redifron Telecommunications’ 
problems are being sorted out. 
bur could see some benefits from 
reorganisation in the current year. 

Meanwhile, the shares. 3t 9:tp. 


Date 

Corre- 

Total 

Total 

of 

sponding 

for 

last 

payment 

div. 

year 

year 

July 27 

2.34 

3.So 

3.4S 

Aug. 1 

o.n 

— 

1.7 


3.76 

6.4 

o.ia 

Aug. 9 

0.13 

0.59 

0.42 

July 27 

3.42 

4.7y 

42‘J 

Aug. 18 

2.43 

5.44 

4.33 


conglomerate owning not onJyji4jgyIe to Oriental, i ^ > - ■ 

98.3 per cent of Banque- Occkbnfc a go per C gnt stake . in Olleatti;::-;. vided s .’£T4ln;of ’ guavanteCs.' to the . 
and General AUmeotaireia^ , 'Oriental already.-ownfidi: invttso dtff^ ^'A|odg:-, tb©^Wa^:lt .Jia5. an 


uJe. 


Dividends shown pence pe 

‘Equivalent after allowing fnr scrip issue, 
by rig hi ft and or acauisiumi issues. 


Current 
pavment 
. 2.37 
n .i 
4. IS 
11.46 
:J.!C 

hurt- ncr except where otherwise stated. 

1 On capital increased 


French food company, but also ; own right about 07 pfer:. cent rtff : optabn ; over -i5a - : peF u J^fflit p£ ,tiie 
" ' “ ' -ha£-. irade-' : to ’^b’^eq^ii^ .ieEiiy ^tinie, .petweeq 


62.9 per cent of Lloyd's insurance. Occidentale and . ... .... 

brokers Wigham Poland anff ifiCagree men t to btc? A . fiirtfier ■ iStl -iib w.-«Si3; 198S^.’_ .- . a ' 4-<7r \ 

per cent of Cavenbam, the' Britu£r v per cent (for more shares) . frtiit - 4f has. a£sp teirtifej SX&r- £200.000 ' 
food retailing and manufa during, 'so me independent directors- .qf wfakai. It-wdU :;use Ao-Tsty- Mr.; 
group, which also has a half share - Occidentale. These^ ^are'now benjg Jtep^alT^ -iO p& ; cent-s5rafe“in a 
in L'Express, the largest weetd^nansf erred to Argyle whlcit jLtsp 
magazine in France. 

In 1976 Ca vert ham 

sales of more than £l.Gbn , . . , , ... , . „ .. 

trading profits of £4Sm. Generate.-' At the end - of the day. liters a txislno = asf^WM las ^f--mlrQ of. 
Occidentale's 1977 net profits fore, Oriental will be the apex of 'Occid»ntale.T;<4^ a t cotdd still 
were nearly £20m. -7'^: a pyramid which directfjr; pWi».. 1 ba^ Msffl.-|or- more, : : ^ : 



ISSUE NEWS AND COMMENT 


Scapa better 



Leigh Interests f 2.7m 
cash call for expansion 


PRE-TAX PROFITS for . fee year 
to March 31. 1978, at Scapa Group, 


..^ T vious^yearf raL- £l4aan: surplus was 
-- :^chJeve<L.;’ 


comment' . 

f el I** from ° '7S3 m “to^Jto^w^capa** rull-year downt«rn>te pnlj-r-j^. ffl«,0TO : 1 :TS64 1 0TO> 

iuioVer of 183.36m- 


deficit is £0.42m at six months 


Leigh Interests is proposing a 
£2.7!m righls issue with an offer 
of twn ordinary shares for every 
five held at I30p each. 

Giving their reasons f*>r the 
cash call the directors say that 


WITH A deficit of £553.000 by quite healthy." “Nevertheless, management 

the motor vehicle manufacturing It was necessary to take urnent morale is now improving dailv 

subsidiary, compared with profits action early in 1978 to establish and there is every indication that the success of the “roups ^l Sn n f 1 ahnn^^M GOO 1 * 1 Thcv ‘exnected fidl yebr nrofitSto final quarter. Also, thanks^to sopaa- ;. f| 

of £15.000, being only partially the motor company at a realistic the group can have a very healthy Sealosafe waste disposal plant has e are Hi sin * P “.buoyancy in the. U.b. and Canadtea . -... 

offset by the surplus of £139.000 size, he tells members. This has future." 


riissm , v; : .Ttre 15 per cent AortfaH pr^BT-:frw ■£3^eQ0■. fe £290,fW0. ■ -■- 

, Jr. . 'nZk' fed at the time of -the offer, for, ilTheicompan y M - Wtric3i_ .owns and 

^ , In Febroary when the _grq^ Bury and Masco. .With about, lets: »roperHes,JS cootroHed-by 

™.a k ? fif!? 1 Prosress payments for announced its offer for -quarters of the group’s sates : tbts:l4n^iiS Motor Group. • - - 

"est Thurrock amounting to Ma^cp (Holdings), the direetpK upj n <, °ene rated overseas- the-" 1 " - ; . 

£400.000. warned that the strength^ v q I;«SSr*tli of steSne Wm ^ -k.‘ v - i --* ?' r-'-'o-.T/- ■ 

Also the joint venture develop- sterling since Dereroberwodd deeply' Into ^econd-hSr /- Vrktl4rhal CPPC 

ment with RTZ Overseas Holdings affect the already disclosed first* b t P y tfa l eve ^r sterling X OUftllSl S0.0S 

and Tunnel Holdings is likely to half surplus of jp Am (£3.1.1 a) Se ne d a^iJS the dulter te the- - y- ; - . 

*SitZite?f£oUti*sjo «£Z recovei^Mh •; 


encouraged them to pursue 

t £2t4,00fn on the engineering re.-ulled in redundancy costs of further opportunities for expan- 

sid<". Reliant .Motor Group £548.000 in Ihe first half and the m commen't sion. 

incurred a pre tax loss or £416.000 final t ft lal of redundancy costs _. cr-ieti,, 

for the six months to March Si. wdl amount to approximately JJg«Sh n ®* “” cl, y ®°. Jnpa ^ h , I f' 

1078 Profits came to £229,000 £600.000. **“■« M#! " * . , Jate ? 1 4l . rMU, i s 

fnr the first seven months of . The benefits of the reorganisa* * h * “'jjj 1 'jj"*" 1J* 

j D7R-77 and £360.000 Tor the full turn are already evident, says Mr. dtl ® t0 a further decline m sales 
vear Nash. The motor company is now ^ nd uneconomic overheads. White 

At the \GM in 5l.-#rch Mr .1 F viable and trading on a profitable car sales figures for the first half 
the chairman, forecast n basis with an improving cash *« n «t available, registrations 

' ‘ stream m April 

making a satisfactory return and 
group trading in the first two 
months of the current year i« at 
a higher level than for the com- 
parable period. 

The chairman. Mrs. Joan Ag.ir. 
says in tier annual statement that 
the directors look forward with 


GIv tax takes f L®o . second half 


being studied with Tunnel Hold 
inns but these have not yet 
quantified in financial terms. 


FuH year OT ^“ ‘S? crease in demand ior paper 

(£1.79m), ^ minorities & 


ings "but these have not yet been (£l.B8m), overseas tax £l3fflin crease 


Nash, 
first-half 


chairman, 
loss of some 


four-wheelers and 


iirft-nan loss ot some £430J9trt flow. He anticipate-;, that, in the ^ „ s th “.u'; 

and a full year profit of not less - s ^ond half-year, the motor turn- bcim tars in the first Me months 

tli in £2011000 P ;,n >’ W, H make a orofit of o> 1078 fell aO |»er cent. This 

approximately £400.000 The fellows a 10 per cent decline in 

mm or company is now urgently *he seven months tn September 

pursuing the possibility of : »0. 1977. The three-wheeler Robin 

developing new products in the apparently fared no belter. The 

engineering and fibreglass fields 
that should be capable or generat- 
ing profits in the rore»ccablc 
future, he adds. 

In ihe engineering division, 

Hodgkin.sou Bennis is enjoying a 
good year and. although ihere 
have been problems at Press H? tr * appears to 



The motor company had a trad- 
ing lo^-s of £7.0iit) and redundancy 
payments totalled £548, ono. In 
la w t year’* first seven months, 
profits were ZlSH.Ofw. and there 
were temporary cm ploy ment 
subsidies of £344,0(61. Redundancy 
payments came to f3I8.0»0/ 

Six Si-v.-n 


engineering division performed 
satisfactorily but Reliant's overall 


in the w-asre disposal neta. was a stronger .uu».. w -uutt- sTVer cent 

The directors ex?)ect. tn the trading than had been anticipated 016 yieia V s V er ce 

absence of unforeseen circum- particularly in North America and \ > 

stances, to recommend aggregate some counter movement of ]\6T* \ 

dividends for the year to March exchange rates against sterling iVllOWSiy tlFOp 

31. I97H. of 4 355p per share com- towards the balance-sheet date. - -4 ^ # \ 

- The volume of orders in the UK Y\\T IV AnTlirkO'C 

is in the current year's opening Mj 



mrhs. 

niihs. 

Yi-ar 


1977- JX 

197f!-7T 

197S-77 


rmi'i 

rnoo 

£000 

Tm-novrT 

l'.’ 

13.W3 

2S.nm 

Motor vohK-li'S ... 

9.53.1 

12.S19 

21.H33 

F.niiiTifcrinj 

3.S60 

2.57S 

4-OW 

Loss bcioro lax 

41b 

•229 

“368 

M*»if>r vr-hi. loss 

553 

“13 

■104 

EntinrnR. profit... 

199 

CM 

MS 

Tax cri-dii ... 

U7 

•67 

♦1*! 

Not loss 

319 

■un 

•177 

Exuvnrri d'--hlis .. 

— 

9 

— 

To imnon'ii-s inr. .. 

1 

t 

1 

Prof, dlvlil-nrfs 

' 2 

2 

4 

R,:(aniird loss 

ns: 

*130 

“172 


position was distorted by redun- conlidence to producing sutisfac- 
dancy costs which amounted to tory results. 

£548,000. However, the drastic Since the end of last year the 
surgery undertaken last year important acquisition .--f Barnett 
following J. F. Nash Securities' and Beddows costing £618,510 in 


paying off. cash and 


acquisition 


plant and lie .termtiial'- losses 
.already incurred in the -running, 
down of . fee MorHs arid 
(Kidderihinster)’ and . 'Gloucester 
Carpet . Company pLani^-which 
.art. .. being... dosed— fmust.' be 
segregated from the trading 
position. : 

Taking. - these factors into 
'accminL\Mf- ."O'Brien added that 

___ Although turnover increased indications, were ' that the group 

revel" of" demand is encouraging, from £644,000 tp £691,000,i pre-tax .would' racOr-. -a ''loss for fee- half- 
At first glance Leigh Interest's The group manufactures paper- profits, of Kennings EsUt^s for year to June 30. 1978, but .would 
rights issue looks somewhat machine and other industrial felts the six months to March 31, 1978. show a substantially improved 

fabrics, and were lower at £63LOOO, compared picture as compared with fea 

wife £688,000. For ail fee pre- second half <>f 1977. 


pared ,, ith 3.6S5p. 

The issue has been underwritten has — ... 

bv Kteinwort Benson and brokers phase been compatible with a 
are Sheppards and Chase. normal level of activity and in 

the North American group and 
other overseas companies the 


Estates 


\ 


9 comment 


combined lo make a 


•Prom * '.tiara*;. 

Mr. Nash now says of the motor 
company that " after drastic 
surgery, the patten I is going tn 
live and vould in fact become 


may not 
. But it 

£200.000. 

The chairman warns that share- 
holders must no i expect the grouo 
to make more than a small profit 
for the year and the directors do 
not anticipate heins able to only a small 
recommend a dividend in respect yesterday, the 
of the current year. tion is £2.7m. 


be Jess 
does not 


Mav 31. in that the company had just 

The directors state that the paid out for an acquisition. Cash 

look as though Reliant will reach higher returns, being achieved flow last year was around £0.'Jm 

the £200.000 pre-tax level forecast from all divisions, means that, and with another strong profits 
by chairman Mr. John Nash al the based on the present capital performance expected this year 

annua] meeting in March. Now employed, these borrowings would borrowings would have declined 

the companuv expects to make show a declining trend. anyway. As it is the rights issue 

However, in the UK Leigh is should pay off short-term debt 
acquire further of ft ,39m and leave the company 
site facilities and with cash of over £1.3ra. 'How- 
ever. it sounds as if Leteh Is 


Stronger base at Warren Plantation 


profit. At 10?p 
market capita lisa- 


committed to 
waste disposal 


Jesuits due next week 


annual report. 
However the 


A fair spread of company improvement. Estimates gener- 
rehults should keep the ball ally fall in fee E2.Srn-E20.5m range, 
rolling next week as Wimbledon Chubb's preliminary figures, 
fortnight gets under way. Pre- which will be announced on 
liminary figures are due from Wednesday, will reflect the 
Standard Chartered Bank, BPR favourable impact nf the eight- 
lndnstrics and Chubb, while week firemen'* strike on demand 
interims are expected from two fnr fire, prevention and detection 


reported a £lm interim profit 
increase and other leading U.S. 
hotel groups have also reenrded 
significant profit increases. They 
point out that hotel occupancies 
account for only 50 per cent of cigarette operation 
the hotel division's revenue, rhe to bear the rests 
rest coining from non-room items 


companies which are pacemakers equipment. But the strongest such as drink and food sates lo 


the public. The catering division 
is expected to start showing ihe 
benefits of the reorganisation and 
rhe performance from the leisure 
sector is expected to improve. 


jn their respective sectors. BAT influence is likely to come from 
Industries and Trust Houses an improvement in the con- 
Forte. Also due to report are tribution of the Gross Cash 
Imperial Cuntiiienlul Gas Associa- Registers subsidiary. It turned 
lion. LCP Holdings, SGB Group, in a loss of fl.lm from acquisition 
Rennld. MK Electric and HicMng date in January, 1977, to 
Pentecost September 30 hut remedial action 

Full year results arc due from taken suggests that it may have 
RPB ori Wednesday and may be pegged some nf this back in the of £l0.5m. 
adversely affected by onnr second half. The City analysis BAT Industries 
weather in the secm/1 half. Much are suggesting a figure in the 

vicinity of £15m pre-tax for the 
Chubb group. 


City estimates or Trust Houses 
Forte's interim result, due next 
Tuesday, vary according lo the 


of ihe scope for improvement on 
last year's £27. Ini seems lo have 
arisen in France where price 
restrictions had hit building 
material companies particularly 
badly. Signs are that new capa- 
city there has increased the 
group's market share. The situa- 
tion In Holland looks to be turn- 
ing round while Ihe Canadian 
market seems to be bottoming 
nut. Profits from this operalion. 
however, are understood to be together with the fact that THF here. 


importance analysts place on the a s £210m. The results, due on 
group's central London hntel Tuesday, are certain to be 


almnst certainly increased. On 
the UK fond retailing side the 
first six monfe* will have con- 
tinued to suffer from the price 
war though the new UK 
will not have 
nf ihe State 
Express launch uniil the second 
half. Meanwhile, there is scope 
for recovery in cosmetics. 

Standard Chartered Innks set to 
report a pre-tax figure of £130m 
when it releases iis preliminary 
results on Tuesday. Us South 
All these positive factors lead the African subsidiary. Nianbic, has 
second group of analysts In already reported n 42 per cent 
estimate a figure in the vicinity profit increase, and falling interest 

rates augur irrll fnr the results even 
is apparently from its UK-based banking, been 
quite insistent lhai interim pre- finance and insurance subsidiary, 
tax profits can only be maintained The Hodge Group. Analysts have 
but most analysts are expecting been firm in their view of a good 

result front Standard Chartered 
for some months so it is surpris- 
ing that the share price took a 
tumble from 41Kp in .iS5p last 
week. The explanation appears 
to be that there is concern at the 


contemplating substantial capital 

cn^it ?hp d »y prices for tea and coffee did 
already allocated EOSm. and the ; n)n 1079 mH it 

rest of the cash may in 


developing overseas activities. 

Leigh's profits are based on 
waste disposal — last year this 
division accounted for more than 
four-fifths of profits. Tts Sealosafe 
method nf treating toxic waste 
in the UK has a technical edge 
over its contemporaries and there 
is plenty of scope Tor taking it 
overseas, hence the tie-up with 
RTZ and Tunnel to give it more 
muscle. At Ifi.lp the prospective 
ex-righfs yield is 4.1 per cent, 
white the P/e. on the enlarged 
capital and based on outside 
estimates of profits of £1.3m this 
year, is 18.7. A very high rating 
for a company which has 
lagged a "growth stock" 
in the murket. 


not continue into 1978 and It is 
likely that the profits for the cur- 
rent year will be not as good as 
the record last year, says Mr. 
Salmon. But with the diversifica- 


tho group to beat last years 
£217m. Estimates are grouped in 
the £ 220 m 2 . 'id m range, although 
analyst one is going for as little 


HENLYS 

The circular containing details 
oT the rights issue by Henlys has 
been sent to shareholders. 


THE STRENGTH of Warren Plan- remuneration paid to UK agents on net earn ings, says the chairman, 
tation Holdings has shown a of sterling tea companies over the Under the new Chief Executive 
marked improvement over the last 16 years. in India directors have reorganised 

past few years and the diversili- Due to these two factors, the the operations, of 'James. Warren 
cation that has been adopted con- Indian Government has stopped and Co. (India) and tftis.is now in 
tinues as planned, Mr. H. J. R. B. the group's outstanding profit a much strodger posiUon to take 
Salmon, chairman, says in his remittances - and WarreD- has advantage of ;new developments ut- 

not received any funds in this the'. agency 'and '- engineering 
buoyant commo- country from India since early sectors. 7 As; a_ first;" step in fhis 
1977. . direction tbe corapariy is. acquiring ' 

The auditors, Parnell Fitzpatrick John Baker, . a ; .metal file .rnahu- 
and Co., have qualified the facturing ope rab'on. in Bombay. • 
accounts on these grounds and- jq ]ine with fee pdUgy of the 
say no adjustment has been made government in 1 Kenya, it' -was 

to the Indian fixed asset values ‘ decided to change the status of 

tion policy, the level of maintain- following transfer of those assets Sasinl Tea-and Coffee into a. locally 
able profit is now higher than in to the new Indian subsidiary com- controlled .company. The .'Board' 
previous years. pany, as negotiations relating to considered feat the mW 'effective 

The balance-sheet reserves of ihe values are not yet completed, way' of ^achieving, this objective 
£1 2.47m (£10.43m) are now con- In addition, the amount of any was to sell 20 per cent of the 
sidcrably in excess of the issued assessments to Indian taxation equity to local Kenyan interests, 
share capital — n. 05m — and the relating to secretarial remunera- Warren Plantation <Mt. Hagen) 
directors are actively considering tion paid. to the UK in past years bad a, very successful year. .The 
a .suitable restructuring of the has yet to be resolved. Until group . has now extended its 
capital to reflect the change in ihese negotiations are concluded interest by setting up. a head. office 
the group's capitalisation. ir is not practicable to ascertain, in Port Moresby and also, taking 

Pre-tax profits for 1977 rose the effect on the accounts. a 25 per ' cent ' interest in Hargv 

from JM.fiTm 10 £ID.Rm from gross fn Assam the tea crop showed oil Palms. Partners in the develop- 
revenue of 123.73m t£15.91m). The an improvement over the previous ment of this palm-oil project at 
dividend total is I4.fi7p iS.io). year. The gardens are in good Bialla in New Britain are the 
On the group’s rupee scheme, condition but tax in India con- Papua New Guinea government, 

the chairman says that in spite of tinues to be imposed at a penal who own 50 per cent of fee equity 

almost continual negotiations over level thereby restricting the and SIPEF nf Belgium, who have 
the last 12 months, the formal resources that would normally be an equal stake to Warren, 
letter of approval from the available for capital expenditure. In the - UK : DKS Containers’ 
Reserve Bank of India has yet to In 1078 the group will be con- improvement- continued and this 

be issued. In addition to the solidatlng 74 per cent of the company: ■'Jrairi proved ^ to be a 


COS 




%HT 


A notice convening an 'egm Is finalisation of these proposals, fee results of Warren Tea. Due to the worthwhile UK diversification. 

“ . . Ill PnfTtO.rO T nOTVP t*i m onr nrn U i#vU ihir Wilnlmn in ni>f*inmki*> IV it 1 J*'* jl '-Vv -■ . * * 


caled for -July 10 at which nn 


operations.' Bookings m this affected by exchange movements, possibility of Standard "announc- ordinary resolution will be pro 


Income-tax department are high tax this dilution in ownership Meeting, 'Great Eastern Hotel 
attempting to tax fee secretarial should not have a materia] effect EC, July 17 at noon:. ' 



area have' been relatively flat bur hut aiven the group's retransla- 
profits are slightly higher due tu tion at the year-end, loo much 
increased effective tariffs. This, emphasis should nol be placed 


benefiting frnn; exports to fee 
U.S. Meanwhile the Price Com- 
mission lias granted an interim 
price increase in the UK while 
the building sector here is at 
least showing some signs 


of where Travelodso has 


Ing a rishts m the same 

time it releases iK results. In due 
course the hank may need to 
A price increase in the U.S. finance its 

acquisition. 

need to go lo the market for more 
funds analysis feci feat it m:iy 
have reached the conclusion that 
the isAte climate l- the best it 
already has been maintained and in Brazil wifi be for the rest of ihe year. 


is in a seasonal business leads in August will benefit fee whole 
some analysts tn estimate a figure first half while November's price 
of £7.nm pre-tax. against £6.3 m. rise in Bra"i| came ihrec months 
The second group point tn Ihe earlier than during the previous 
very strong U.S, performance year. In both cases market .share 


posed to increase the authorised 
share capital. 

Dealings in fee new shares arc 
proposed Californian expected to start on Monday. 
While ir docs not yet 



Aunounre- 

Dividend »p«* 



An inn met- 

Dr 

■ Itlelld jpl“ 

Company 

nn*ni 

Lfl9l 

yrur 

This sear 

Company 


IIM-lll 

Lasl v 

’• ar This year 


due 

Int. 

Final 

Int. 



due 

IrrT. 


Int. 

FINAL DIVIDENDS 





Stead and Simpson 



0.113 


0.46 


. Wrdursday 

l.i 

3 13 

12 

Tranuood Croup .. . 


Tu-sday 

— 

Ml 


Bailrys of VirkihTv 

Friday 

0.9 

2 'Ifig 

10 

Walker and Staff Boldines 


Honda v 

— 

0.511 

_ 

F.CT tiinnibu/i S.rviceS 

... Tuesday 

— 

— • 

— 

Weston-Evans Croup 


Ttmrjxl.iy 

ftsil 

1 !>4 

0.917 

F.PF-. In-ln^irii s 

Wedomtday 

3.4 

3 42CI 

3.5517 

Wharf Mill Furnisher; .. . . 


Friday 

0 tin-: 

o -r. 

0.60-1 

Dr.ihv L»-t»Uc . 

„ Thursday 


2 .TS 

52.II42T 

Wbi'i-erolt 


Monday 

2 .:si 

o 

4.4 

hridcoixl Proccssos - 

.. Friday 

— 

Nil 

— 

Wilson Bros 

. 

Jlnndjy 

0.3 

U 757 

0.845 

Caml • Dundcv • 

... Tuesday 

— 

— 

— 








... Monday 

0.16 

1/45 

l.D 

INTERIM DIVIDENDS 






Cavdzw industrial Nul duuts 

.. Thrrrsday 

— 


— 

Aihdou-n investment Trust 


, ..... Toesdsp 

J ? 

- * 7 



.. Wednesday 

I.SJS 

? -"in 

1.578 

PAT Indnsirles . . . 


TUv-iday 


MDa) 


rtU-cir«h.-oaj|Kin.>nis 

.. Wodnosday 

2 d 

! 3-J6 

2.4 

Bcti brothers 


Wednesday 

n.Kf.7 

1 li 1.7 


KouitV CoMSon liivosifni-ni Tnwn 

. Tuesday 

1.85 

•7.90 

1.93 

Blundell PriiDOsIai.' Holdioes 


OMI 

j.ii.: 


i irst Na'ionul I- mono.- Corporation . . . 

.. Tuesday 

— 

Nil 

— 

Cronlte Croup 


Monday 

11.711 

1.I1.-4 



.. Thursday 


1.7 

1 

CGSB Holdings 


Wednesday 

n.4 

1.107 


(In. sham House Estate Company 

.. Wodnosday 

1.4 

l.fi 

1.4 

Ora nee Trust 


Friday 

0.75 

1 



.. Tuesday 

ll.aT, 

0 6 -» 

ur.it 

Hardys and Hansons 


Wwfm sday 

2.1 

4‘l 



.. Wednesday 

- 

4 114 

2 :ir. 

Xt and C. Dual Trust 


Wertm sd.iy 




Inmr-rul iteniinxHi.il Has Association ... 

.. Tuesday 

3.5 

5 29 

4 .nsit 

J. F Nash Stvonues 


Friday 

2 j 

^7.1 


Mauruv J.iPx -9 tmlusincs 

. Tuesday 

— 

■ 

0.5 

NorloJk Capua l Croup ... 


... W'-dnesday 

n j 

It 4 


j j.uvm amt Sons 

. Tuesday 


4.711 

4.4 

scb Croup 


Tuesday 

2 ,.i 

Z 774 


L' P HoMtnpa 

. Tuesday 


D SO 

•:.o 

Tndont Television 


.. Monday 

n 

i 


11 K Ei.iiri' tloliilnits 

.. Wednesday 

-.1 

2 K9 

5.0+ 

Trust Houses Forie 


Wednesday 

2 Jl 

5 tei'H 


Maltoual Cartwnnriu^ Company 

.. Friday 

— 

1.1 

0 66 

WhaUuuu 


Friday 

0.9 

1 lift 



Fndav 


0.9M 

1.0 







Pts-inmr itensoinlatod oilfields 

.. Thursday 

— 


__ 

INTERIM FIGURES ONLY 





propTry Holdlou and tu veal aunt Trust 

Tuesday 


3. 70S 

- 5 

Johnson and Barnes 

.......... 

Thursday 




p. R^lian Proper bi-s — 

.. Monday 

— 

Nil 

— 

Sekomc Rubber Company .. 


Monday 





.. Thursday 

-.J 

5. 9. VI 

"•net 







Tte-Mw wk Group 

.. Tuesday 

— 

Nil 

— 

“ Dividends shown net 

pence 

ter share and adjusted for any 

mirrvcninB scrip 


.. Monday 

O.. 1 F 6 

1.457 

o.sfifi 

Issue, i Imludes compi-jisallnk 

dividend due in eh-insr 

In tax 

! rate. 

: Second 

<»nrh Cmfiy - 

.. Wednesday 

— 

— 

i fi.i 

interim in lieu of final. 

5 Includes sii.und interim of 

0 .‘Mp. 

\ Includes second 

Stamlard Chanorcd Bank 

.. Tuesday 


|n..72j 

j.aiHf 

interim itf a Op. lai First 

interim of 4 4 p already paid. 





E. Austin 
turns in 
record £0.4m 



Other overseas markets now in favour 


The directors of E. Austin and 
Sons (London) announce record 


Unit Trust groups are still returned from Australia and a Gxed-in teres t market and is offer- 
looktng overseas for their invest- review of his reactions appears on Ing its bchleslnger Preterence and 
ment opportunmes. but this week's page 7. If investors share his GUt Trust WLfeinterStrateTat 


batch of offers shows that they are 


pre-tax profits for the March 31. looking ‘ at' ofeeTmarkets “besides m®-™ M rhi « b «tj«els.feis. year, the 


1A7S year of £404.973 compared tho u s 
with £290.931 last time on turn- Th ' r __, rp _. 

BL“; b D y rofi\° 5 wa, t0 aheYd 5n lrom ^nagera^f feat investmenMn 
£104 000 to £274 OOO aSd dfreclors .should provide good long- 
hopetMor° some improvement for J™ ^««« ‘JJJ"!? 1 :,?*? 
the ful! year on fee figures for ^ ^p^ has had fee fasten 
.Net orofit was £202,938 i? te pf.crowth of the major in- 
(£142.317) on the year after tax lnflalion 


m on his ideas, then he can managers feel feat this sector can 

Au«*MihTn£f JhMhTh* UlUc ? r ? provide a high level .of sttBIe ' 
Australia Trust ^“ch has a mini- income. Because b£ the current 

mum outlay of £250. legislation most of fee portfolio 

The unit trust figures for May (80 per cenr), wfe be heTd- Jn - 

issued this week indicate that preference shares. The mlniinum 

1978 could be a record, year for investment is £500, but investors 

the industry. Certainly in fee should remember feat the incohie''- - 
first five months, investors have is fixed. But the yield aM2.6'per. - 
. » e en going heavily into the U.S. cent gross te ofle of fee highest 
of £202.035 (£148.664). hYui C ««^ Cy r ,s m . a ,f ket a ? d Arbutimot Securities available and fee* .are-'^ital- r 

The directors state that compar- suoie— two more oun points for still remains enthusiastic over the growth prospects should -interest . 

alive figures have been adjusted !. 0 " E J5 rm A l *™ esaiienl - Investors prospects Of this sector. The rates falL- . i - V '. : 

to reflect a chance in accounting ottered tne newly launched managers tend to ■ favour fee In . fee ^airreht %vc«tStent : 
policy in respect of depreciation ^ n r » d ' a L und smaller U.S. companies, consider- climate, fee - inexperienced may - - 

of freehold buildings. „ l '“* »« over worth of ing feat their groirth is not held well: fi^d' mana^g^I^JortSSd 

Earnings per 25p share are well units since its inception on June back by overseas operations, just too much.' So for investors r 

ahead al IB.Iflp (13.43p) and the 1-- However, fee mmimum outlay Minimum investment in the wife portfolios worth at' least 

dividend is stepped up to 3.849p is pitched rather high at £1,000. Arbuthnot North American' and £2.500. fee M and'frgroun^jioffer- "' ' 

<3.481npj with a net final of Bare ays Unicorn in contrast International Fund is £750. or £40 liig its Share EMfaan^e Plan 

2.571 np. The company is involved reels that nnw is. fee time to get |u?r month on fee regular savings enabling investors to switch 1 into -- 

in materials handling and ware- into the Australian market ahead plan. units oVfavSte iSS: ; 

housing, cleaning materials and of the nerd. Investment man- Tn contrast, Schleringer Trust wnirinff-fee prof^oiralTijmi^ei'" 

oil a 8 Lr « Mr, Bill Hilling has just Managers has turned lo the UK ment for feeir '.equity hoKflilBB.' " 


•in 

i.i- 


.'i, 

Ki.' 








•o$ 


0 


-cttd 


‘•is-.:.., 

. ■ ‘ : "• 

i r-' 


iantation 


r 


a sn 


in 


BIDS AND DEALS 



Fi n ancial Times Saturday Jane 24 1978 


1 SUMMARY OF THE WEEK’S COMPANY 



agrees 
offer for Lawson 


IBB. BOARDS Of Afhn Hm wt j-m , ■ ’ • ‘ 

Sccmriths ajod Lawson s*™5u£ 


yesterday announced that thev ®T? U P last w. 

Had.reabbed agreement whereby uSd^ m! ,? ecunties J 188 fund ! 
Asbaihnot wiU acquire the capital jSS? in excess of 

of Lawson Securities. Tbe Voir SS? 1 * this acquisition will 
srctetat/on for the acquisition wHi the totai funds of 

be -£290.000 cash fw tS SiSJ ^^ not owr ^ 13001 mark - 
under management, piu^T esSm £. ^^L 01- stated yesterday that 
for theta* tanraW^ ™« brought to an end the 

Lawson. of £e»nt take-over programme or 

-This- announcement brines to T<t£ ro - u ? - 
an.. end speculation over the sale t n l ten t ,on *s to leave the 
of. Lawson Securities by its unchanged .fur the 

Ma _ lls lime oetne. hut enmn ntmnaltn. 


founder. Mr. Freddie Ltwm. Tie h?* bein ?’ but someTsitonalia- 


endeavoured to sell the'comnanv iJIiT ' V0U J5 Ultc Place in the 
in ‘ 3B7S, but the deal was^.? 1^11' The main fund under 


finalised’ because of* the criticism v£jj* tr r me rH tiie t^wson Hizh 
then aroused. In rSmwSS, bL 


the 1 rumours of an iirnwiSiml 7“. J? Ken into the existing 

^tave been wrtuCBuK t£3S£ ra *!! e 


present high 


confirmed until yestertayr™* S™*? J** 

Lav«on WiU b, 

s h f 33 3SB5 

other unit trust groups jnrh? h»L be *. ta HS e on the. response 
i«l« ws, ifiJjJlrSl S fSS.* r “* Eronp-s offshore 


Me Alpine stake in UBM 


S~M«wsrTS 

worth Ojm in UBM Gmnn ^h! 5 ^partment of Industry. But 
GrQBp - th® the leaders have agreed to the 


builders merchant 
McAlpme .has. assured 
that the purchase is a 


im takeover provided they receive 
trarfft Sr rtam written assurances from 
investment,' not the prelude ro which TeTjne ? p has 

a bid, but the stake S expected ST* 1 T al l e v aT ? d sub) 5 ct to 
to be lira dually ectea tbe approval of their members. 


to be gradually increased. 

The Newarthill group has 
recently been building up a sub- 
stantial investment portfolio. In 
the year ending October 31, 1977 
Its investments rose from £5 0m 


battle for 
henshall 

+ INTENSIFIES 

£JTv£L “* e . chairman. Mr. THT2 battle between Bovbonme 
■ wrote ,n hls annual and Retford for control of W. 
report, Tpe property and invest- Henshall and Sons (Addfestone) 
ment sector is being further the company which makes galley 
expanded as opportunities present equipment for aircraft has 
themselves, a 22 per cent stake intensified. 

District Properties Yesterday. HenshaM and its 
^ on r? ^P 1 a 50 D*r advisers Bra clays Merchant Bank 
S2L“!5**LJ t, «. Hwmb eroaV Off- asked for a full hearing of the 
s re A t en 7 bieerinR Takeover Panel "to consider 
n Abe, * ,c ® fT - the circumstances surrounding 

nJSFSLliLfPS** ta » mvest ‘ acquisition of control £>S Henshall 
ments. the cash inflow at Newart- bv Bovbourne" 
hdl was so great that net liquid 


Take-over bids and mergers 


Air. Kemo Dip re, the property man who became chairman 
and managing director of Tridont Group Printers when he bought 
a quarter share in Tridaut early in 1974, has made his long 
expected bid for the remainder. The offer comprises 63p in 
cash for each of the 3.1m shares he does not already own either 
directly or through his private company Starwest Investment 
Holdings. The offer is not certain to succeed because it is 
meeting opposition from the company’s independent directors; 
the three Tridant directors who are also involved in companies 
which have links with Mr. Dipre’s Starwest have withdrawn 
from the situation. Between them the independent directors 
control just over 20 per cent of the shares, largely through the 
20.2 per cent stake owned by Chirit Investment, itself owned 
by Mr. A. M. Carey, the deputy chairman. 

Mooloya seems to be on the verge of gaining control of 
Customable despite the split between the Terry family and other 
directors. The Terry family, controlling around 26 per cent of 
the equity, has already accepted the 20p a share bid and Mooloya’s 
curent holding is 47 per cent- The bid makes a turnaround in 
stance for Mooloya who only six months ago supported a deal to 
put Mr, Michael Ashcroft and his partner Mr. Alan Cloggie on 
to lhe Customagic Board to revive the company’s fortunes. As 
part of this deal, the Terry family interests were to resign 
from the Board. 

Comereroft has rejected Armstrong Equipment’s bid on the 
grounds of inadequacy because it is substantially below the asset 
value of Comereroft and ignores the company’s potential. The 
company, however, states that it has no objection in principle to 
being taken over by Armstrong at a M fair price.” 

Red! and, the UK-based building materials and contracting 
group, is planning to buy an American roof-fastening manufac- 
turer for $26zn (£24m). . Announcing the bid, Kedland said that 
an agrement had been reached in principle whereby Bedland 
could make an offer of $12.5 for each share of Automated Building 
Components of Miami. The Automated Board, which holds 
around 54 per cent of the equity intends to recommend the bid 
once the necessary formalities have been completed. The move 
is seen by Redland as part of their overall plan to establish a 
stronger presence in the U.S. 

Shares of J. R Eastwood were suspended at 90p on Thursday, 
following a bid approach from an undisclosed source, while BP 
Chemicals is negotiating a £20m deal to acquire nearly ail the 
U.S. -based Monsanto group’s polystyrene interests in Europe. 

James Finlay had made an agreed £7.9m bid for Seaforth 
Maritime, a private Scottish energy service group. It will then 
sell 30 per cent to Taylor Woodrow for £2.8m. and grant options 
to that company on a further 15 per cent 


Company 
bid for 


Value of Price Value' : 

bid per .Market before of bid 
share** price** bid (Ira's)** 

Prices in pence unless Ddienvfse tadicatcd. 


RJnal 

- -ArirYce 
Bidder date 


PRELIMINARY RESULTS 


Carding Group 
Carlton IndS. 


Cornercrott 


Customagic 
FloMrlveBng- 
U arris ons 
Malaysian ESts. 
Henderson (J- W.) 


RcnsbaA (W.) 
Hen shall (W.) 
Investment Trust 
Corp. 

RCA Inti, 

Load. Anst. Iras. 


Load. & Liverpool 
Trust .. 
MarterErtaies 
Mllik Masters 
ItfTtchrU Gifts 
Transport 

Pork Farms 
RKT Textiles 


St. Kitts (London) 

ividaot Group 
Printers 
Turner MftR< 
Wcttem Bros. 

Wood & Sons 

• All cash offer. 


20* 

20 • 

20 

165* 

190 

170 

65* 

71 

56 

20* 

23} 

39} 

72 

78} - 

53 

100§ 

9S 

90 

210* 

205 

155 

20* 

25 

IS 

30* 

25 

21 

273 

282 

255 

29* 

26 

28 

150* 

137 

123 

21* 

24 

19 

25* 

27 

21 

201)* 

197 

163 

83§ 

79 

82 

683 §§ 

6S3 

467 

96* 

92 

72tt 

200* 

200 

170 

63* 

6S 

55 

145* 

135 

124 

S3* 

95 

58 

59} 

53 

48 


4.64 

28.7 


30/6 - 


1.62 


26/6 


1.05 

4#4 


5.65 


OSO 

0.75 

85.72 


30/6 


Lnfgate 
Hawker 
Siddcley 
Armstrong 
Equipment 
Mooloya Invs. 

Tfaos. Tilling 
121 -S 7 Harrisons 
Crosfield 
Cement- 
Roadstone 
Borbonrne 
Petford 

Barclays Bank/ 
P.OJ’.F. — 
Mr. T. Ward — 
Colonial Mutual 
Lire 12/7 

Ascii heijn Secs. & 
W- & A. SAZnjc — 
Blade lavs. 30/8 
Hillesbog AB — 
.WtcheU Cofts 
Group — 
Nthrn. Foods 23/6 
Robt. Kitchen 
Taylor 30/6 
Industrial 
Equity 27/6 


Company 


Pre-tax profit Earnings* Dividends* 
Year to (£060) per share tp) per share (p) 


7.7 

1129 


032 


0.K8 

423 

1J!7 


22.99 
78 A4 


0.78 


2.76 

1450 

1.60 

2.38 


Starwest Inv. — 
Dana Corp. — 

W. j. Glossop — 
Newman Inds. — 


.... — t Cash alternative. J Partial bid. 5 For capital 

not already held. r - Combined market capitalisation. !! Date on which 
scheme iff -fwpected to become operative. ** Based on 22/6/78. 
tt At suspension, fcf Estimated. §5 Shares and cash. 115 Based on 
23/6/78. ' V 


interim statements 


Company 


Half-year 

to 


Pre-tax profit 
(£ 000 ) 


Interim dividends* 
per share ( p) 


Company 
bid for 


Value of Price Value 

bid per Market before of bid 
share** price** bid f£m's)** 

Price* In pence unless otherwise Indicated. 


Final 
Acc’t'ce 
Bidder date 


ACE Machinery 
Allied Breweries 
Anglia TV . 
Baker's Stores 
Crest Nicholson 
J. H. Fenner 
Thomas French 
Greenfield Millets 
Irish Distillers 
Kenning Motor 
Arthur Lee 
Lonsdale UnivrsL 
Lookers 
Scofield Gentex. 
Trans-Oceanic 
VecKs Stone 


Apr. 15 
May 6 
Apr.30 
Apr. 1 
Apr.30 
Mar. 4 
Apr. 1 

Apr.30 

Mar. 31 
Mar. 31 
Mar. 31 
Mar. 31 
Mar. 31 
Mar. 31 
Apr. 30 
Mar. 31 


103f 

f97) 



(— ) 

45,100? 

(39.400) 

1.4 

1125) 

1,960 

(1,300 J 

2. OSS 

(7. STS) 

219 

(136) 

0297 

10.27) 

1,010 

(430) 

1.5 

(1.0 1 

3,641 

(3,285) 

3.0 

(2.75) 

540 

(469) 

12 

(1.0) 

326 

(316) 

0.627 

(0.57) 

3323 

(2,488) 

1.57 

(1.11) 

2,730 

(2.650) 

1.73 

(1.5 J 

670 

(1.030) 

0.44 

(0.4) 

747 

(585) 

1.67 

(1.392) 

853 

(607) 

0.998 

(0.906) 

74L 

(247 )L 

— 

(-) 

53 5 

(428) 

1j 

(1.5) 

205 

(127) 

0.7 

(0.6) 


Allied Plant ‘ 
Anderson S’elyde ’ 
Arbnthnot Latham 
AssoccL Television 
Attwood Garages 
Avana Gronp 
Baker Perkins 
Baraoora Tea 
Beech wood Const. 

Bell&SLme 

Bradford Propy. 
British Steam 
Brown 6c Tawse 
Burnett & H'sbire 
Chamb. Phipps 
Control Sees. 
Dawson IntL 
Dura pipe 
Edbro Holdings 
B. Elliott 
Evans of Leeds 
Hampton Trust 
Lilies hall 
Lindus tries 
F. H. Uoyd 
London Sumatra 
J. Lyons 
Mclnerney 
Novapara Tea 
Petbow 
Plessey 

Powell Duffrm 
Propy. Ptnrship. 
Badri Electronics 
Radiant Metal 
Hand alls Group 
Rowllnson Cnstct 
Sekevs 

Sbaw & Marvin 
SheepbrJdge Eng. 
J. W. Spear 
Sterling Inds. 

John Swan 
Tesco Stores 
Tebbitt Group 
Tunnel Holdings 
Victoria Carpet 


Disc. 31 
Mar. 31 
Mar. 31 
Mar. 26 
Jan, 31 
Apr. 1 
Mar. 32 
Dec. 31 
Mar. 31 
Apr. 29 
Apr.o 
Mar. 31 
Mar. 31 
Mar. 31 
Mar. 31 
Mar. 31 
Mar. 31 
Mar. 32 
Mar. 31 
Mar. 31 
Mar. 31 
Mar. 31 

Dec. 31 

Apr. 1 
Apr. 1 
Dec. 31 
Mar. 31 
Dec. 31 
Dec. 31 
Mar. 31 
Mar. 31 
Mar. 31 
Mar. 31 
Mar. 31 

Feb. 28 
Dec. 31 
Mar. 31 
Mar. 31 
Mar. 31 
Mar. 31 
Dec. 31 
Mar. 31 

Apr. 30 
Feb. 25 
Dec. 31 
Mar. 26 
Apr. 1 


. 2424: <226l| 2.3 


10.5 

15.0 

16.8 

1.9 

r; ■: 


3,970 (3^270) 

1,400 11,0501 
13.700 (11.160) 

89 , (67) 

.2,340 (1,700) a.5 

S.93P (7.9201 29.5 
~ (7771 45.5 

<401) 

(196) 
(3^901 
<l,780i 
(3.060) 
(2,470) 
( 2 . 100 ) 

(94)L 


312 
121 
•L360 
2,270 
3330 
3,080 
3,190 
44 


15,530 (10,374) 
2,110 (933) 

3,660 (3,610) 
5,603 (4,308) 
lfi54 (1,118) 
11L 
130 


2J 

14.9 

02 . 

11.5 

17.6 
46.1 

8.0 

1.0 


6,920 

5,158 

1.340 

6^33 

903 

ISO 

3.142 


39.1 

16.5 

44.5 
2S.8 

4.7 

(94/L — 
(28) 6.5 


(6,610) 
(5.793) 
(1.000) 
(9.982) 
. (653) 
. (Ill) 
(2,786) 


42,880 (40,821 ) 
15.010 (13.690) 
314 (220) 

49330 (33.700) 
187 <154) 

285L (715) 
097 (1,302) 
316 
43 
5,560 
2.343 
933 
168 


155 

(231) 3.9 

(S)L Nil 
(5,840 ) 7.4 

(2.268) 

(606) 

(162) 


28,560 (30,190) 
214L (25 1 

6,520 ( 6.480) 
126 (248) 


(2.3) 

(7.3) 
(12 J3) 

(14.7) 
11 . 2 ) 

(4.0) 

( 1 9.7 > 
( 68 . 2 ) 

(3.5) 

(23.5) 
(7.9J 

(8.6) 

(15.7) 

(24.0) 

( 6 . 0 ) 
(Nil) 

(25.1) 
(16.9) 
<51.11 

(22.5) 

(3.4) 
(— J 
(1.9) 

24.7 (23.1) 
11.0 ( 11 , 6 ) 

4.5 (3.3) 

3.4L (l.S> 
5.2 (2.5) 

67.1 (109.1) 
33B (31.4) 
( 11.21 

(42.1 ) 
( 2 . 8 ) 

USD) 
(5.6) 
C12.1) 

(19.7) 
(3-2) 

(1.3) 

(8.4) 
(26.0) 

2.7 (1.9) 

51.9 (4Z.9) 
5.4 (4IS) 

4.7L (0.4 )L 

36.7 (28.5) 

2.6 (4.1) 


11.6 

41.8 

4.6 

25.5 

.7.5 


33.3 


0.705 (0.420) 
2.832 (2.536) 
10. OS (9.111) 
6.549 (5.422) 
1.45 (1.45) 

1.089 <0.975) 
44) (3.SS4 * 

20.0 (Nil) 

1.8 (l£l 

4.S1S (4.267) 
6^1 (6.144) 

5.137 (4.6) 
4.814 (4J76) 
2555 (2.575) 
2.139 (1.93S> 
0.S25 (Nil) 
3.722 ( 3832) 
4.079 (3,652) 
6.315 (5.654) 
5.320 t4.772) 
1J297 (1.184) 
— f— ) 

1.75 (lfi) 

9.0 (4.43) 
5.312 (4J806) 

4.0 (2.0) 
2.068 17.372) 
Nil (Nil) 

20.0 (Nil) 

8.613 ( 7.776) 
5.406 (4.9) 

10.0 (7.881) 
1.757 (1.573) 
3.SS 10.89) 

1.9 (1.727) 

1.452 74.634) 
2.425 (2206) 
1.514 (1.1) 
Nil (0.7) 
425 (3.448) 

1.872 (1,693) 
156!) (1.15) 
21.786(19.505) 
1.63 (1.459) 

Nil (Nil) 
10.972 (9.8591 
1.408 (1.408) 


Rights Issues : . 

SuteUffe S peatman: One-for-two at 30p each. 


Scrip Issues 


Albright & Wilson 
Bridgewater TsL 
Capital & County 
I -sundries 


193*| 

6 . 6 * 

150* 


178 

9 

140 


123 

7 

97 


115.04 Terra ecu 
0.397 Sag est SA 
L57 Johnson Group 
Cleaners 


(Figures in parentheses are for corresponding period.) 


* Adjusted 
t For 1 year. 


for any intervening scrip issue, f For 2S weeks, 
s For 13 months, g For 32 weeks throughout. 


Anderson Strathclyde: One-for-five. 

Petbow Holdings: One-for-one. 

Petbow Holdings: One Preference-for-six Ordinary. 


GUS insurance venture 


The background to this began . _ _. _ 

7 ? 3m ! DI 1976-77 in May when Bovbourne suddenly A nf TT Q 

d ?P° s , ,ts rose to announced that it had acquired / \ I IS ldlC OI U o)3* 

f8 ^ n - Th* excepbona) profit and just over 50 per cent of BenshallV ?T llU 

^ a JJJ, 1 ™Jli y * dl, r f hare , s - PP holding had come G t Unjyena] stores and the respect of its offer for preference 

resect of largely from Estates DntiM Allstate Instance Company, shares of Warren of 135.165 4.5 

u recouping Investment Trust (12-3 per cent). based in America and a wholly- per cent cumulative preference 

I ^ heavy losses Mr. Philip Henshall a- Board 0tt7ied gubj^jaxy of sears Roe- shares (99.93 per cent). Talbex 


suffered on them earlier. Newart- member (18B per cent) and Mrs. buck have ioined forces in the intends to - acquire compulsorily 
hffl was also paid substantial R. V. Henshali. widow of the ’ ,,BV,S J - 


. . . . - - — — — . UK in an effort to broaden their the outstanding ordinary and 

cianns on other completed con- former chairman (12 per cent). respective insurance interests preference shares ot Warren. 

t™?*- „ Bovbourne paid 20p for these A new holding company is to The offers remain open until 

The 2.685,000 shares McAlnine stakes and Immediately •, offered be formed in which both GUS and further notice. 

has. bought in UBM are said tn minority shareholders the same Allstate will have an equal 

• taw been bought “over a price. interest. This company will join SPOONER /REDMAN 

wrio iL. J , McA1 ? ine is not seckir >B At this point another bW. this up Great universal's All Counties In _ to shareholders the 

any trading advantage from the one for S0p. was mounted by insurance Company (authorised air?ctori of Sooner Industries 
stake and Indeed the companies Petford. a private company owned to transact ordinary long term life Z ir ad^wr-i HiU SaZ 
only have a small amount of by Mr. Joseph Murphy. Ben- business, marine, aviation and d c strongly recommend, 
business with each other. In its shell's directors favour this bid transport, motor vehicle, pecuni- r h -_ tn f ake no action in reseed 
last financial year, UBM increased despite the fact that, as things ary loss and property insurance) of rhcir shareholding and not to 
its. profits. by 34 per cent to £3Jm. stood Petford had no chance of wi:h Allstate’s UK subsidiary the J form of a re eplanC e and 

Its dividend yield at the current ending with control of Henshall Federated Insurance Company. w-ansfer They consider Redman 
market price of 654p per share is unless Bovbourne accepted 3t It is intended to develop the _ ffer to be wholly un- 

9.9 per cent. This Bovbourne has declined existing comprehensive business acce ntable 

t • - - to do. - of lhe two companies through H 

— Now HenshaU’s directors have brokers, the i n s ur ance market, 

J KX l fr L COMPLETES asked the Takeover Panel to order catalogues and stores. ENERGY SERVICES 

TRANSTEL DEAL waive rule 3S so that the y can 'T’aT'RP V /WARItPN Energy Services and Electronics 

Arrangements have how been issue new shares to Mr. Murphy . lAU)tA/ vvAlvKlll> has authorised the issue on 
completed by the Exchange Tele- in return for the injection of Talbex has received acceptinces June 30 of 480^04 new Ordinary 
graph Company (Holdings) and “certain assets.” The effect of 0 f its offer for the ordinary shares of lOp each in settlement 
Extel Corporarion of America— this would be to dilute Bov- capital of Warren in respect of of £ 50.000 due to the minority 
completely separate and ancon- bourne's holding bef«?w the 1.430,273 ordinary shares (95.SZ holders in Neve Electronic Boid- 
necfpd companies— to establish a critical 50 per cent and so allow per cent) and acceptances in ings on the same date, 
joint venture for the manufacture’ Petford’s offer a chance of 

of teleprinters and telecomm unica- success. 

Tin ns equipment in the UK. Rule 38 specifically forbids com- 

Under the agreement, Exchange panies which are under offer from 
Telegraph (Holdings) has acquired issuing new shares during the 


CONTROL SECS. 

Control Securities, the GO per 
cent owned subsidiary of a Swiss 
investment trust, has sent share 
holders a circular giving details of 
three recent transactions and ask- 
ing for approval of two of them 
plus approval of changes to the 
Articles of Association. 

One of the proposed changes to 
the Articles is that the company 
should be allowed to pay dividends 
out of profits realised on the sale 
of properties. 

ASSOCIATES DEALS 

Laurence Prust and Co. sold on 
June 21 and 22 on behalf of asso- 
ciates of Pork Farms 1.277,000 
shares (assented to the shares 
and cash offer from Northern 
Foods) at 680 9-64p. 

Hedderwick Stirling Grumhar 
and Co, brokers to Newman 
Industries, bought 10.000 Wood 
and Sons (Holdings) at 52 p on 
behalf of associates of Newman. 


NO PROBES 

The Secretary of State for 
Prices and Consumer Protection 
has derided not to refer the 
following proposed mergers to 
the aionopolies Commission: 
Hawker Siddeley Group/a 52 per 
cent interest In Carlton Industries; 
and Thomas Tilling /the Yale Lock 
and Hardware Division of Eaton. 


Share stakes 


£3S»k2ri£ “asaas . j .b. kmww- m* 

p^toi fWr atlAn rules Ln mi kin e its offer and that Hayes has acquired a Further holds 2,Soa.452 ordinary stock 

*»fi£S&33»aSwj««! SftaSffV . cffi- ..... 


, ia<; r“’7“ Henshall is now - Rentokll Group: Mr. A. Elsass Francis Industries: West City 

amounts of apgtD matter to the full and Mr. P. L. Burgln are two of securities have sold 40,000 

ffsanasr inis ss?jsu^spbj! % s, *.■ 

— — *- - towards the end of next ween. 


Telegraph (Holdings), up to a 
Tn^TrirwTim of £400,000. Loans for 
working costs will be provided by 
both parties. 


WETTERN FAMILY 
REJECTS GLOSSOP 


Petersen Will Trust, which has )ng to 750.418 shares <10.34 per 
for some years held 9 per cent cent). 

of tbe Rentokil capital. The So m port ex Holdings: Mr. 

trustees have Just covered 426,150 Sydney W3issel has bought 35,000 
'shares tn RentofcU to one of the shares <5 per cent), 
beneficiaries under the Trust As Best and May: Imperial Group 


■W. and J. Glossop i “PPf**"? *® a. result of that transfer Rentokil has notified the company that its 
» fipnnne a losing Dame in ^4. o nl^cp pATnnnnv f nr mt i —*. ^ onnnnn 


UNIP AC CONTAINERS be fighting a losing battle in iis not a close company for tax interest Jf made" up of 200.000 

Uh Pac Containers, o£ p°^- attempts to gam control o* pa rposea. ^ ordinary shares owned by the 

Lincolnshire, which makes and Wettern Brothers with the wet- Rembfa Rubber Co.: Kepang yve Pension Trust and 100,000 

designs packaging P«^ts m tern family, directorsanrt Klein- fetBstmenta beneficially hold on jj Dar o shares owned by 

paper, m«tal _and_ « * wort ^ nOTn d r ^ v ^ n c e e n n t t 0 ?52 208 - 0 , 00 stock units 15 4 per Courage Employees' Pension 

37-01171 7W, Fund. 


announOL'd two 


Scotland and Wales. 


m holding around 53 per cent oi me cent >_ 
ordinary shares announcing -'Anied 


Plant Group: Standiffe 


couaiiu <w“ « — — , mv nruuiw j . ■«“* r - — — r~ Lazarfi Brothers Sterling 

Its offer for the capital ofThe y^erday that they do not Intend Todd and Hodgson have bought Reserve Fund: Mr. A Elliott, Mr. 
Caldicot Works has been accepted . Q arcept Glossop's offer. 100,000 ordinary shares on behalf ^ H Kershaw and Mr. M. H. 

in respect of Mr j H. Wettern, chairman, in of Sootb Yoxkshire Snperannua- EHfot ^ ho j d 450,000 shares (16.36 


company’s capital and has there- defence document sent to tfen Food, bringing their bolding Jr r 0 ” nO 1 
fore c«coroe unconditional shareholders yesterday said that to . 666,666 ( 6.66 per cent) 

In addition, UB 1 Giossop’a offer of 95p a share for ordinary dm director l 


ary snares repmau^ •‘W” Ribbons Hold tup: »•«- h _ nd ^ _ ow j n t ere ct£,d i n 
^ nt discount on asset d. r. Qakley. a director has sold res bene- 


Group: Mr. S. L. Finch, a 
jj r director, has sold 10,000 ordinary 


A13RIGHT/TENNECO 


In addition, un * ^ Glossop’s offer 01 »ap a « 

announced die purchase of the ^ ordinary shares rep respite a - 
capital of Prmtabox (ScoflandJ. 2g cent discount on asset -l . . 

value .28^00 ordinary shares. 

riloBsoo which is also bidding ■ Selection Trust: Mr. A Chester ec >aljy- 

the preference Beatty, a director, has sold 25.000 A Ho™ 

SrSs ™ 

OD^wftrtber the Tenneeo bid for low ^^fL^-rhe total cost of the 5OLS00 ordinary shares (7.17 per Temple B * r 

?he 5Ct2r5“ cent of Albright and the assets. ordinary cent) belonging to the estate of London and Manchester Assur- 

does not already offer for preference^ Mr.D. Nossel (deceased) awe Company .s Interested m 

referred to the , LJf-ht 10,000 shares Brfacton Estate: Mr D. S. 

Glossop poueni * Morpeth has acquired 3,000 


Horace Cory and Co.: Britannic 
now in- 
ordinary 


own should be referred 

Monopolies Commission- re^erday at 95p. 

hid initially provoked some nosn 


£403,583 of the company's ordi 
nary stock. 

Regional Properties: Mr. N. S. 
Conrad lias disposed of 90,000 
“A” ordinary shares. 

Beolov Holdings: Mr. L C. 
Tickler, a director, has bene- 
ficially acquired 25,000 shares 
making a total holding of 29,407 
shares 126 per cent). 

Allied Insulators: ITC Pension 
Trust and ITC Pension Invest- 
ments jointly hold 528.571 
ordinary shares t5.42 per cent). 

Black and Kdgtngton: Mr. D. C. 
Black's non-beneficial interest 
through his wife as a trustee has 
heeo reduced by 84,500 ordinary 
shares and 1,440 preference 
shares. 

Saic Tilney and Co.: Mr. 
P. H. R. Gwyn and bis wife, Mrs. 
Sam Gwyn. have sold 25.000 
ordinary shares and now hold 
95.450 shares (4.09 per cent). 

East Midland Allied Press: Mr. 
R p. Winfrey, r director, has 
disposed of 7.500 ‘'A” ordinary 
shares. Throgmorton Trust holds 
46S.43S 1666 pec cent) shares. 

Grnvebel) Group: Sonesta 

Investment Company has pur- 
chased 5.000 preference shares 
on May S. 5,000 ordinary sares 
on June* 1, and 440 preference 
shares on June 7. The group 
now hold* 244,505 Ordinary shares 
and 41.723 preference shares. 

Wears Brothers Holdings:: J. 5. 
Blonr has acquired 560,000 shares 
18 per cent). 


ci .DOPE AN OPTIONS EXCHANGE 



Aka>m«n. 

Algwnepe 


11.50 


15 

-5 

B 


rplQO ~ ’ 

! F1«0 
a-aj-so — 

0(8 

^yiao -• 

«so{ . - 

fiSid 

viaol 2 -®° 


1** 


*xk 


Via 


10.00 

8.00 

6.6g 

4.60 

5.00 

1.80 


2.60 

L00 


85 


7 

7 

16 

IB 

1 

4 


4 is 

na 


S233 4 


; SS3tB 




37 


12 


20 


SSBii 


*26614 


16.00 

15.00 

3.50 


17 

7 

4 


4.50 

5.80 

110.00 

4.80 
2J!0 


SO 

C7 


7 
6 

8 
3 

25 


K362.O0 


T154 


J1OS.20 


( _ 


IF26.70 


1.80 


-3.60 


60 


20 


F 130.90 


to 1E2.00 



ordinary shares. 

Francis Industries: Mr. D. M. 
Saunders, a director, has sold 
[20,000 ordinary shares and thereby 
reduced his holding to 100.000 

^Crossley Budding Produrts-— 
Clydesdale Bank (head office) 
nominees now holds S50.000 
ordinary shares (5.19 per cent). 

British Printing Corporation— 
• London and Manchester Assoc. Co. 
rwith two of its subsidiaries. Wel- 
fare Ins. Co. and Shortlan 
nominees, now holds 58, 500 42 per 
chht “B" preference shares 
(approx. 8 per cent). 

Loudon Brick Company: Mr. 
M. D. Wright, a director, has exer- 
cised an option under coropanys 
share option scheme and as a 
result 36,000 shares of 25p each 
fully paid were allotted at par for 
cash on. June 20, 1978. The 
have been converted into 88,000 
ordinary stock units of 2ap each. 
■ Provincial Laundries: A dir- 
ector, Mr. J. L Goidring, has noti- 
fied the company that his non- 
beneficial interest in the snares 
held by Linnet Consultants and 
their associates has been reduced 
by the sale of 40,333 shares. Mr. 
Goldring is left with a non- 
beneficial im crest in the 10 shares 
still held by Linnet. 

Automotive Product*: The 

Eminott Foundation has pur- 
chased a further llS.OOO ordinary 
shares. Three of the directors of 
the foundation, Messrs. J. B. 
Emmott, M. Keeble and E. G. 
Barra tt are also directors of Auto- 
motive- Mr. E. G. Barrott has pur- 
chased a further I'.OOO ordinary 
cha res. 

House Property Company of 
Loudon: LyosaX has acquired 


77ws advertisement is issued in compliance with the requirements of the 
Council ofThe Stock Exchange, ft does not constitute an invitation to any 
person to subserihe for or purchase any Preference Shares. 


F. MILLER (TEXTILES) 


(Registered in Scotland No. 2609?) 


Issue of 720,000 11 per cent. 
Cumulative Preference Shares 
of £1 each 


The Council of The Stock Exchange has admitted the above- 
mentioned Preference Shares to the Official List. 

Particulars of the rights attaching to them are available in the Extel 
Statistical Service and copies of the statistical card may be obtained 
during normal business hours up to and including 10th July. 1978, 
from: 


Singer & Friedlander Ltd., 

14 St. Vincent Piace, Glasgow G I 2EU 


Vrckers da Costa Ltd. 

Regis House. King William 5treet, 
London EC4P. 9AR 


24th June, 1978. 


Confident of return to 
previous growth pattern 


Addressing shareholders at the Annual General Meeting of 
Youghaf Carpets (Holdings) Limited held on 23rd June at 
Youghal, Co. Cork, the Chairman, Mr. Brian L. J. O'Brien, said: 


“I am sure it Js not necessary for me to deal 
with my statement in any depth, other .than to 
confirm that the action and strategy which I 
indicated that the company was taking to rectify 
the unsatisfactory trading which occurred in 1977 
is being pursued and I confirm (hat we are confi- 
dent that the trading situation can be put right 
and the company restored to its former pattern 


being re-organised and wc hope that we shall see 
an improvement inthe results during 197$. 


of profitable growth. 
Upon the ant 


announcement of the preliminary 
figures, 1 said in my comments accompanying 
them that at the Annual General Meeting an 
up-to-date indication of the trading situation of 
the company would be given and I shall therefore 
endeavour to explain how the trading situation is 
likely to look for the half-year. You will under- 
stand that it is not possible at this time to give 
precise figures for the half-year which wifi epd on 
30th June and consequently what I say must 
be understood to be a generalisation of the 
position. 


RATIONALISATION 

A considerable rationalisation program me bas 
been carried out at the Group’s subsidiary 
Youghal Carpets Limited, in Youghal. which 
unfortunately resulted in substantial redundan- 
cies in the labour force and a reduction in plant 
output. These measures have now been finalised 
and it is anticipated that Youghal Carpels 
Limited will return to profitability within the 
second half of 1978. The company will work on 
two shifts, rat her than on three shifts as hereto- 
fore, but it is believed that there will be a 
significant improvement in efficiency and that 
from the slimmed -down base expansion can take . 
place over the next Tew years. A lot of work has 
been done on design and marketing and particu- 
lar attention is being given id the important 
contract section of the trade. The cost of re- 
organisation has been considerable, but inevitable. 

Regretfully, a decision has beentaken to close 
Morris & Co. (Kidderminster) Limited and the 
Gloucester Carpet Company Limited. It is with 
great reluctance that the Group has come to this 
decision, but losses could not. be contained and 
the use of financial facilities to continue the 
operation of these plants would be unjustified. 

Our plant in Holland, which has also beep 
experiencing difficulties in common with the 
carpet industry on the Continent, is at present 


FORECAST 

To give therefore an up-to-date picture of the 
trading situation of the Group so far as (his can 
be estimated to 30th June, the special costs .of the- 
re-organ bullion of the Youghal plant and the 
terminal losses already incurred in the running 
down of the Morris and Gloucester plants must 
be segregated from the trading position. 

Taking rhe above /actors into account the 
Indications are that the Group will incur a loss 
for the half-year to the 30th June. J978 but will 
show a substantially improved picture as com- 
pared with the second half of 1977. A more 
optimistic view can be taken of the second half of 
1978 as the Group is currently trading in a break- 
even situation and we would expect profits in 
that period. 

Tbe cost of our raw material, which is chiefly 
woo], has tended to rise over tbe past few months: 
should it rise steeply in the second half of the 
year, it would be an adverse factor: we hope that 
■it will maintain a stable situation, or rise slowly. 

Unfortunately, as stated already, it is not 
possible to pay a final dividend for 1977: this is 
all ihe more disappointing as it is our 21st year of 
trading and in every year since the inception of 
the company wc have been able, not only to pay a 
dividend, but to manage an increase each year up 
to 1974. rc will certainly be a matter of priority 
aod we shall use our utmost endeavour to bring 
back the company to a dividend- paying situation 
with as little delay as possible. 

I have referred in my statement to the appoint- 
ment of Mr. Hyland as Group Chief Executive 
and as a member of the Board. Under out: 
articles he must retire and be re-elected at this 
meeting: it will be proposed at Resolution No. 3 
and. I strongly recommend his re-election. I am 
► confident you wHtJoirrwith me in wishing him 
every success in his rather difficult task. 

I have also referred to the retirement from the 
Board of Mr. John Murray and Mr. George 
Crompton. They have been with the company 
since its inception. I am sure you win join with 
jne iu wishing them well on their retirement. I 
shall also retire from the Board in the near future 
and in due course an announcement will be 
made on the appointment of a new Chairman.’* 


Youghal 


BRIAN L. J. O’BRIEN Chairman 


Carpets (Holdings) Limited 


Copies of tltc Annual Report and Chairman's 
Review are obtainable from ihe Secretary, 
1 % South Mall, Cork. 


LONDON PRUDENTIAL INVESTMENT TRUST, LIMITED 


Performance 


Managers — KLEINWORT BENSON 


Last Year: 


Net Asset Value per share 

FT Actuaries AD Share Index 

Earnings Net per share 

Dividend Net per share 

Ten Year Record: 


Net Asset Value per share 

FT Actuaries All Share Index 

Dividend Gross per share 

Retail Price Index 


30.4.77 

30.4.78 



76. 5p 

98p 

+ 

28.1% 

181^1 

208.45 

+ 

15.0% 

2.41p 

2.87p 

+ 

19-1% 

2.40P 

2.85p 

+ 

18.75% 

30.4.68 

30.4.78 



53.5 p 

98p 

+' 

83.2% 

149.30 

208.45 

+ 

39.6% 

1.58p 

e, 

S 

+ 

173.4% 

65.1 

194.6 

+ 

198.9% 


Extract from the Statement by the Chairman Mr. M. B. Baring 


It remains the principal objective of your directors that shareholders* Income and capital should be 
protected as far as possible from tbe ravages of inflation. To this effect we have continued to 
concentrate the portfolio in the ordinary shares of soundly based UJC and U.S. growth companies. 
Although your Trusts portfolio of investments contains a backbone of shares in major companies, 
the preponderance of investments continue to be in the shares of smaller companies which have 
prospects of above average growth. 


Annual General Meeting: 30 Fenchurch Street. London EC.2F 3DB 
on Wednesday 19th July 1978 at U.AS am 


>• 


■4 





18 



1 




I -'June 1- June 

Slccf i 25 i- 22 


INVESTMENT DOLLAR 
PREMIUM 

R2.60 io £—111% nn 0 ;.) 

Effective SI.5M90 (50% I. (-Wi?o» 
LOWER LEVELS developed nn 
Wall Street yesterday, following 
renewed weakness in the dollar 
and continuing concern about ine 
course oE interest rates over the 
near term. . 

The Dow Jones Industrial Aver- 
age lost 1.6$ to 823.02, making a 
loss nf 13.95 on the wek. The 
NYSE All Common Index, at 
£13.90. shed 17 cents on the day 
nod 90 cents on the week, while 
declines led gains by 745 to 695. 
Trading volume expanded 1.37m 
shares to 2S.5Sm. 

Though Citibank held its prime 
rate at S? per cent, analysis expect 
a further rise soon. And yester- 
days report of a Sl.lbn fall in 
L\S. Money Supply was not 
enoueh to quell fears of further 
monetary lighten ins by the Fed. 

THURSDAY’S ACTIYE STOCKS 

i.’tiaruc 

Stncli' Cl" ms ™i 
irjrf>-<i prii-c d*v 
Rjnurti Inn- .. TlV»i» <1 *■ 

Viccli-'nv Grime- fi.u.HMi i"‘ 

f*u,\ D"V Enterprises 

S'jutbft !|2.!otl 151 •* I 

H.irrjl.'* W'.son ?«; ■‘•I* 

It rd Jnnn.nr* ... .'tcufu 1U 

Her- tdc- . .. n 15 — 

liner. Prilri-. Mi.W' 2M - * 

r>-i e. i\-o& .. . . .rwo r: 1 * 11 

«i(>»> ... . •»* * i 


A and P dropped S Z to S7 on a 
firsi quarter loss and dividend 
rtmiU'-d 

Computer and Semiconductor 
i-sues were under pressure. IBiU 
fell ®i to S262J. Teledyne S10 to 
SL0;!J. Digital Equipment Si; to 
S4C;.. and Honeywell Si; to S55L 
National Semiconductor shed 31 
to h’lMJ despite higher fourth 
quarier earnings. 

Leeds and Northrup climbed $3J 
tn $371— General Signal is hold- 
ing talks to acquire Leeds follow- 
ing Culler-Hammer’s sale of 1.3m 
Leeds shares to General Signal for 
$32.1 in. 

Gamin; stocks again drew 
.specula live interest. Ramada Inns, 
the volume leader, rose $£ to 391, 
Metru-Onldwy n-Mavor $1J to $40 J 
and Harrah’s Zl to 329J. but 
Caesars World dropped $1 to $27; 
and Ball;- Manufacturing lost $» 
to KW. 

The American SE Market Value 
IniJc" adned fl.0!» al 147.27. reduc- 
ing its liw* on ihc week to 2.S9. 
Volume J .43m cj^2mi shares.. 

Resnrl- International ’* A ” 
jumped i to Sftl; and the ”B' 
$11 io AW. Intcrnsitional Systems 
and Controls kicked up S2i in 
S26; and Ijicws Warrant is? io 
si hi 

Pern cur rose Si io 3291- — l-.smark 
agreed tn buy its share- for .Vi2..>l) 
each. 

CAN AD ' — A mixed trend 


NEW YORK-™* Jones 

, I — • i . ^iii.'H.-i'nir.iiHi 'n 

! .liiriM . Jim.- Jnm- June June Jnnu I— 

I 25 . 22 ' 21 20 In | ib ; Hull Lnw • Hi<-h L/iv* 

In.iii-inm ... 82J.D2 B27.70 B24.95 BJ0.04 858.62 656.?; BKv.&l ' 742.15 lBUt '1.22 

.1-. ! i.Wwllih: il i.jgi 

H'niw hnM«*. Be.53 67.85 BB.8I 88.02 6B.I5 S7.ill, Si.sb J 37.50 ' - — 

- li . i3.*- 1 , 

Tm ■■ s|f<i 1.... 213.6! 220.05 2I3.S6 221. 17 222.2' 222.54. 9el.il ' I94.«l 279.SS 18.25 

I -mil iv. 104.65 1 04. GO 104.26 104.26 104.97 105. 15 110.?' 102.64 ItS.iJ llt.ir 

■ Ml. • ..v.l.->- i 4.»2i 

rrt'lmij !■•'. ■ 

23.550 27.160 23.100 27.320 25.500 2t.b'-0 — j — — 


prevailed in active trading yeuer- 
dav. when the Toronto Composiie 
Index shed 0.4 to 112&5. with 
dedines In nine nf its U com- 
ponent groups. Real Estate, up 
more than 20 points, posted the 
largest index gain. 

Douglas Leaseholds rose 00 
cents to &4.S3 — Royal Trust said it 
agreed to sell its shares in Douglas 
to Chalet Oil for $5.34 a share. 

Texaco Canada moved up $■ to 
$391— it reported a West Pembina 
oil find- 

PARIS — Mixed, despite first day 
of new accounting which usually 
sees a firmer trend. 

Banks slightly higher. Motors. 
Steels and Oils firmer but Foods 
and Electricals irregular. 

Mirhrlin fell FFr 2S to 1355 on 
lower 1977 consolidated net profit 
Thomson CSF gained FFr_5.40 TO 
256 on sharply higher lUn con- 
solidated net profit. 

GERMANY — Mostly firmer on 
reader's position closing leading 
to scarce offerings. 

Motor? and Engineerings 

firmed. 

Public Aulhonty Bonds lost up 
to 50 pfennigs, while Rczularin^ 
Authorities bought a nominal 
$Sf).7ni of stock. Mark Foreign 
Loans eased further. 

JOHANNESBURG— Gold shares 
narrowly mixed in moderate trad- 
ing. Mining Financials hiuher. 


N.T.S.l--. ALL COMMON 


J mi.* .Ini it- .1 tin.' .Iiiii. — — 

LS • 22 LI LO ■ Huh 


65.90. 54.07 55.91 54.22 5*-. 29 4c.a7 

: i , i-.U' I $' 


$ 


Industrials also narrowly mixed. 

AUSTRALIA — Mixed in fairly 
quiet trading. 

The Tea and Coffee Group 
Busbells rose SA1.35 to SA4 and 
White Industries 7 cents to 1 -72- 

Pancontinental fell 45 cents to 
SA13.55 and Central Pacific 30 
cents to 5.20. 

HONG KONG— Slightly weaker 
in sharply reduced volume. 

TOKYO — Slightly lower in 
quite trading. Volume 270m 
(2fi0m i shares. 

Many shares rose slishUy in 
early trading, anticipating Cabinet 
Economic Ministers would decide 
on new reflationary measures, but 
closed mixed following -n uncer- 
tain outlook on the Tokyo Foreign 
Exchange Market 

SWITZERLAND — Steady in 
quiet dealings. Market apparently 
did not react to survey by Swiss 
Trade and Industry Association 
showing economic indicators cur- 
rently pointing downward*. 

Dollar stocks firmed slightly in 
fairly active turnover. Dutch 
Internationals little changed. 
Germans quietly steady. 

AMSTERDAM— Mixed in thin 

trading. 

Volk’cr and Stevin each closed 
at FI 136.00. FI 8 and FI 1 higher 
respectively, after repudiation. 

State Loans stead>. 


Rls“ 5 und ^rIU 

• Juno 25 Jiim.- -2 

Ur i ra.it- 1 1.880 1.852 

h W 695 7-1 7 

tjill- 745 i 653 

l ; n -hineM 440 452 

-V* Highs 31 1 21 

New Lo«s [ 4 1 1 J2 


MONTREAL 


^ J uno .1 tine j J'ine 1 June 
i 45 ' r 21 ! 20 


ItT.lir-i rml ' — . >81.59 182.29 135.59 185.08 i!3 6i 

( ■.inMn^l — 190.5b 191.57 132.51 leJ.DD.i.M 


TORONTO i—iri 

1122.5 1.128.5 

1151.7 

1142.5. 

1145.0 (lorti 

li 

JOKANBESSURG 

Ill'll' -1 rla, ■ 

223.3 C23.I 

225.4 2*0 D 

224.9 
241.6 ' 

225.9 

242.2 

224.4 f, [ 
242.2 iA'.+i | 

lii.-. •I'l.i 4i 
li*. 'lAOl 


*Km-um| Ill'll- lmn"f~i in.m Aujurl J J 
4 imo I* 

ln>i. .hi'. \ n»iH ? 


■Iunr-9 .Iiiii.- 

5.43 6.3U 


i > ■ 11- IJi. » 1|>|H 

4.79 


STANDARD AND POORS 

I Vir MU'..; 1 . ..||.|.1I U- 

: I nn*. - liuif . Iiiiw ' .liino .luno. Innv ' 1 

. 25 , i2 ' 21 £0 la Ir. . Ili-H • !»•« ■ Hu-li l^m 

tlii'lu-irm.' 105.80 106.41106.15 106.65 107.78 107.64 llj.:r sb.->2 : 1x4.-. 4 a. 92 

m.ni : evil ' ll.l.lM . -i. »,.jLi 

'A.mit-nllir 95.8S 36.24 96.01 96.31. 97.49. 97.42 133.52 , -.6.:U . 129. -9 4.40 

j iM-i , mil , II I1>i 1 1 «.>Cl 

June 23 ’ J ,, in- l d Ju’ii* 1 _ Yin' iw nii'i.i"'.. 

In.*. 4if. TuU.i 9, 5.07 4.90 : 4.37 


J11-1. ■ 

.1. Hull" 

; 9.11 

9.44 

y.ni 

: 10.22 

l-IIK 

■•nl. Ifrmil 1 uhi 

, 8.52 

6.44 •' 

6.+a 

i 7.57 


Belgium O' 
Denmrk i“i 
France mi 
Gennanr.m 
Holland \ 't 
Hong Kon? 

i«»i 

Iiatv iCJ- 
Japan mi 
S mgapon- 


J 'in.- f‘i». 

23 

4tV.T' 
fc.LT. 9r-.l; 

, 94.86 fti.-Xi 
Si. i ‘ R-i.l 
79&.S 792.4 
- 8f>.4 • 8c>.6 
W.U8 549.72 
ei.t7 *= l .cvs 
412^2 411.73. 
532.37 550.CU 


F.T. CROSSWORD PUZZLE No. 3.701 RACING 

A prize of £5 trill be given to each of the senders of the first 
three correct solutions opened. Solutions must be received bu 
nest Thursday, marked Crnssu-ord in the top left-hand corner of 
the envelope, and addressed io the yinnrrrinl Times. 10. ijannon 
Sireet. London. EC4P 4 BY. Winners and solution uill be given 
next Saturday. 

Same 

Address 


; Juno ' Pre- I In- • S -*7 - 
25 iicus Hull L.« 

PpaiQ i«' 102.33 idlJS- IU.»: «i.s- 

■ ( . . ili. j' 

Sweden >»• i*-i 3i6.no :^.i< 

. lizt ' }:!/ 

Switzer I'd.- 2iff.9 233.4 47 uu 

I 1 | i 14 L' ; iLo,4l 


Indices and base dates (ail base values 
101' except NYSE AS Common - 5n 
SiuiiQards and Poors — ID and Toronrc 
.1*1-1. MO. I he last named fast'd on 1U75> 
t Esdudinit bonds. 1 400 Industrials 
» 40C inds.. 40 Utilities. 40 Finance aim 
2" Transport. iti'Srdnev All Ord 
I'll BelRian SE 31/12/63. Ownhwer 

SE 1/1/73 I’ll Paris Bours- 1941 
i::i Commerrbanlc Dec.. IB53 »!:> \ms>er 
dam (ndmmal 1979. (EG i H.in^ Senn 
Bank 3I/7'S4 >»> Milan 9M/73 ■«. Tnkyo 
N"u- SE 4/l/fi* «h> Snrans Tntivs :9« 

h i Cfos^f tdt Madrid SE W/t2/77 
• ^I SiotUhnlin Imtusrrlai 1/1'3S in Swiss 
Corn nn Cnevallabi*. 


BY DOMINIC WIGAN 




IN SPITE nf the absence of Lyrical, is trained by William 
Rheinfnrd. Nativity Singapore Hastings-Bass, the handler of the 
Star fn.ua ludays Fen wolf Stakes Queen Mary winner. Greenland 
al Ascot, the race could well be Park. 

an exciting spectacle with Steel Hastings-Bass has another in- 
Trade. unbeaten in two races, teresling runner on this Heath 
and Ireland’s Wind of Change card when he saddles Lady 
both strongly fancied. Lindsay in the afternoon's most 

Steel Trade, a chestnut Great valuable event, the Fortnum aod 
Nephew colt trained by Paul Mason Stakes. 

— Lady Lindsay is improving 


.\lihrft 7rfhs .' 

AildIVa-’*.l{«Hib —l 
Aetna Life a. Ca#.. j 

Air J'ruliiets i 

Aim' ! 

AkuuAlLuniiilunr 

AI..H 

A Ilea. Ludluiu ...| 
Alleftlieny Poweii 
Alllfl L'LfiaU-fil.^ 
AIlicl (store?......, 

Allih Clialniert ...‘ 

aaiax. i 

Ameniin Ht-w....; 
.liner, .tirltnes...' 

Amer. Brands I 

Amet. BnwlcflJt.' 

Amer. Can i 

Amer. Cyanamld'. 
Amer. Uist. TeL. 
A:ner. Elue. Pnw 
Amcr. Ejqirffo*. . .. 
Amer. Hi imp Prod 
Amer. Bediral.... 
Amer. Motors.....; 
Aroer. Nat. Cas..' 
Amer. SLanriard-i 

Amer. Siores 

Amer. TeL X TW.j 

.Vmetek —...I 

AMF 

A-UF ] 

Amjes 

Anr-li'ir Hi«-Luu:.; 
luheurer ilurcU..' 
,\rmi.Ti alee!.......! 

ASA ‘ 

A -nn lira Oil • 

I Ammi 

.A ‘■lila mi nil 

.in. Kk-Liielil 

Anl.f Usui Pr>'._ 

AVC 

.lie 

Axua Pr">1iii-lr... 
ttali tv**. Elect ... 
Bank Amenin. .. 
Bk r i tier- Tr. .\.Y. 

KaH^r i »il 

lln»ier TntieiMl. 
Beni ri'-e Fi«iL. .. 
Foii.iiUii-ki-iii-iu 
Ill'll A Hi'itelt.. .. 

lull'll.. . 

tu-iiiiiiifi Cin» 'B' 
Ik-iliklieni siecl. 
Lilai-k x Decker... 

Bieiil; 

IGh- 4! Cascade 

LA mien —i 

lli. i« W'amer. 

UriuiLI I in 

Bia*mr.Y 

BiL-m.l il yin 

Brit. Per. ADU .. 

Uioi-lin-B.V f.i lass.. 

tlniniviiL ' 

Bm j ni> Kn» 

Biili'-t'K " ili'h... 
UiiiliiiKi.ni N'lliu. 

I'liiriiiii'lis 

i. M l.l | -I —fit Snip .. 

I M'lH'Imn rm-ili.- 
i. Mini I Ifnu'l' ill'll.. 

i.'anim i"ii 

'.ariic.-i Lieueial 
I'm r Ur linn Id . . 
a i nr| il I m r Traul s 

c U8 

Ci'laiioifi.i'rjiii... 
Lviiual \ 9.H.— 

Li'imintceri 

i.’oriia Al reran . 

■ iiarf Manliatiau, 
«. lii-iniiTil Uk. XV; 
i. Liv»c(ir|rb Pwal.' 
Clicr-ie Syniem..' 
Uikiiff'BriilKv...] 

t hryahr. ■ 

i.iiK-raiiM 

Cam-. Milacroo.... 

l ilii.-orp 

('Hies benire 

lily lnvebiio^...| 

Ci»» i-i*m | 

I'nlgaie Pnlni 

CiJlius Aikuom..; 

l Y.lutnl il (las ....| 
OiluinliM 
f.'ini.llIsCo.nrAri,- 
lV<inl>u>li"D Buy-! 
('•■mlnhtuio &»...] 
L'ln-w'tli Edix/n., 
t *m* *-’tli a.*il lieu 
i.'"iniii. 7«ielliie.I 
i."uiputerS'lrni-e« 
Cun u Lue lus...... 

I oursc | 

Coa.&Jitoa SAL 

C iiusol F.xmI* 

Cuaaol Nat. Uar.! 
I'.iusuiiicr Power! 
i oDiincDial Cru 

('•.•ntiuonial » »il.. : 
Coninicnral Tele 
1 'null ul Lwra . ... 

* wper lmtu> «... 


GERMANY ♦ 


foroias Gi»— 

CPC IntVueoal' S2- 

I'mne 

Ciu-ken X*t — •••' ® 
Cri.iwrD Zeilortmcb 81 
Cummin? Enc»iie- 39i 
Lurtiw Wright—. 17 1 

, Dana - , 267 

Dart Inrtimries... 4H 

Deere 321 

Del Ai/mie- 261 

UeJrona..— .117 
Denteply Inter. ‘ 22! 

Detroit Edison 151 

lKamoodefaajnrfc' £56 
Diciaphuiir — 1 15 
DiSUa Equip— 46 1 
Disney (naltj—..: 41 
Dover Corpn — . .| . 00 1 
Duw CbemicaL^. 251 

Drava • 27 

Drawer. J- 033 

Dup.wt— 1141 

Dn» Industries 501 
Eagle Ptetwr — : 24! 

Kaat Airlines j 117 

Eaunnaa Kodak.. 531 
Eaton 1 38 

E.G.&G..- • 25 

El PS»o -Nau Gu 15! 

Eltza - : 31fi 

Emersoo Hectrie* 56s 
Emery AirFr’igbt' iS 

Kmhart : ' 37 

BJLL— 85 

BnpeJIiard ...; 221 

Esmack .... ’ aOe 

Eibvt 221 

Exi'in.. 44> 

Fxirrbild tatnera. 31; 
Fed. l>ei if. 35' 

FintrieTiM..... 131 

Pst. Nat. Bust.iB.; 281 

Fiesi Van...—.../ 20< 

Ftinzkuie 268 

Fk'ritla Power.... 297 
Fluor 365 

FJ1.C ■ 241 

Fool 2 i4it. 467 

P.-rcaiLot Nick — SOI 

Futluri'.. ..... 37 

Franklin Mini-... Bl 
FraefMK Mineral 23 i 

Frueiiauf — 30 

Faqce lotti' — . ...; 11 


] G.A.F 

j rannnt. 

| (lea. Amer. lot. 

C-A-T.-i 

Gen. t'al'lr.. 

Gen. Dynamics. 
Gen. Blei-uica — 

Geu. Foods . 

General Mills — 
General Moinrs., 
Gen. Pub. (.'til.., 

Gen. Stguiil 

Gen. Tel. Elect.. 

Gen. Tyre 

Gen esc- 

Georgia Pacific.. 
Getry uii— 


X3<2 
.. 43*s 
. 10 lj 
.’ 274 a 
.. I 6I3 

79 

SOG 

:■ !l* 

59 7g 
. iaia 
_ 3073 
.: 285g 

.. 2549 

.* 6 
. 26i 4 
. 149t 2 


I Gillette — ; 

i Goat] rich B. F 

■ Ij'Miiyear Tire....' 

I Gould 

. G.aee W. i; 

Gl. At lan Par Tea 
I Gn. North Irou. 

I Greybund , 

[ Ctulr 4 Western.- 

■ i.uii ui! ; 

j Hallburtou 

i Hanna Miuing^.; 
Haraischfeger....' 

HmrH» Lurpu ! 

Hein/ H. J. ......' 

Deublein ...» 1 

Hewle Par karri...' 

HulNlar !mi» ' 

H'-mestaLe 

H-oeyveU 1 

Uinrer 

Hite i J-'orp. A iner : 
Uiiuit»u Nal.Gae, 
HonriPb-AtChm 

Hiiti"» iE.F.i 

I.C. Indii&iries...; 

IX A ».• 

in^ers-'il KanU...' 

laiaiwk steel '■ 

(nsil'.r- | 

Intercom Enerayi 

IBM ; .„.! I 

I ml. Flavour* — ' 
lml. Ha noter.-. 
IniL MinkChem 
lull. MiiiiiinmaJ 

IflOT —....I 

Inti. Paper 

IPG 

Inu 

Int. Tel. k Xel.M.' 

luiem ■ 

luwa Beei 

M‘ InlcrnaliuDal 
Juu Waller , 


I 7 
1266.37 

j 24lft 
364 b 
■ 38 Je 
20 if 
16i« 
401* 
35l t 
114a 
3014 
1 

I 353 4 
. UU 
! 305g 



May Dept.Stojnwl ' 

MCA . 

MeDenButr*.^u;.t 

Me D onnell Doig('i 

McGratr Hit/.r-V- 
M emorex .. . LLtV.".'- 
Merck 7 , , 

Merrill 

.41 era Peootttua/ ' 

MG ML SS . 

Minn JUng ASf jji ■ 
Mobil Cnip,.-Aj...| 

li onrantp li: ;■ . - 

Mnqgan J 

Motorola 

Murphy 

Nabisem ^a2J=- 

Xako Obemltfl‘4- 

Xstkmai 1 'jm.- . 

Nat- Distiileai.LL.r- 
Nu !!btVcJMJ k 
N aiioual St^O' 

.\ atoms* I' 

NCR- 

Neptuov Im p... iJ. | 
New KngLandTffir- 

New Bnjlaad j5f ■' 

Niagara Aldhawk 
Niagara Snia^t. 
N.JU lndmirWs^.t 
Xorfolkk Western! \ 
North Nat. Qai,,'J.- 
Nthn. Su(ei£«ij- ' 
Xtbwwt AlrUrabl.' 
Nth nest Baactaw-' 
NptHja5imunu-ci( ’ 
L>d’idcmal PctroLf 
(.TaUry-JUibrtt-.; 
Ohio >kU*ou.-/:'_H 
Olin i.M.^14.- 

Oyerseas 
Dorm Coming: ^ 
uueus ll inoii ufci 
Paul fir GwC SZf. ■ ’ 
Par ilk- Ligbtiiw. 
Pan Pwr. A UcU 
Pan A ru Word Ail " 
Parker HaxmiffiL 
Pe»hi»<v InkCu. - 
Pen. Pw. 5 1£> 
tVnnc J. C-,«. 

Penn.-nLI 

Peoples Dru^.-.L 
Peoples Gas 
Pepisico. i^,i. 

* * 't 

Perkin ElmerL.'L. 

Fbeips Dodge..:. 
PhiIa.lelphta.BJe. 

Ptithfi .Alorria.. 

Phillip* Pepti'm. 
Pilubur>- 
Pitney Bovea._. 

Fiuntun — 

Plewey Ltd'ADlf 
• • 

Polaroid- 
Potomac Elea ... 
PPG lmiOstri®.. ■ 
Procter Giiribte ^ . 
Pub berre Beef. 

Pullman;. ' - 

Pniet ' 

Quaker Oats 

Kapid .American. 

Raytheon..... 

CCA 

Hepul'lir Kiecl. .. 


I ll e.Verbamuer-..[ “25 

.Wblripnc*.- J £2 

White Con. Ind...“ £214 | 221ft 
Wiliam L'u....'...., 181,1 184 h 
AV otiinain Klect-I .26 1 27!* 


t BBL I Artwt. . I Tfufled, 
t.New stodC 


ASCOT 

2.00 — Matinale 

2.30 — Wind of Change** 

3.00 — Lady Lindsay* 

3.35 — Noble Quillo*** 
4.10 — AHolria 

4.40 — Native Celt 

AYR 

L30 — Hop loti 

2.00— Hnlda 

3.00 — Miss Friendly 

KCIJCAR 

2.50 — King IVarl 

4.50 — Blessed Montana. 


fast and if she is allowed to bowl 
along in front from the outset 
she may well prove the blot on 
the handicap of bottom weight 
of 7 st 7 lb. 

Vincent O’Brien and Lester 
Pisgott bad a quiet Royal Ascot 
by their own standards and many 
may decide to oppose Noble 
Quillo in the Churchill Stakes, 
won a year 350 by stable mate 
Transivorld. 

Although Noble Quillo, a 
SL’Oy.OOO yearling purchase may 
not be a world beater he did 
enough when landing the odds 


■ PH. e f »r Dll. 
.1 iiiii-uS Dm. i — . t 


77.1-0.4 - 

A mm V«r-icli...; 488 i + 0-5 31.5 

dMW. 244.5: + 1.5 28.08 

i:A»F — : 130.JBJ— 0.4 18.76 

u*vvr. • 138.6;— 0.1 . 18.78 

U*Wt. Hv|/i , 282 l+O-b 28.1S 

8«ver.Vi»rein*bk.| 314.5!. • 18 

UtMini.Neri.wrlj'! 165 | — 

CommrTzhBiili.....; 226.2i-rl.l; 17 
Gwil Guoinii_.„..! 76.1| — 0.7: — 

Daimler bens. '296.5BIJ+1 ;2B.1S 

Uicum I 259.5 — 0.4 I 17 

Deo ias 1 157 | J 14 

Deuirt'he Bunk....; 302. 5 tflj 4-0.7 [ 28.15 

l>rnHlnerUnnK....l 238 28.12 

lllriritbilTZiNiiG 1 190m + £ ,9.38 
1 ; ui n . .r ... ■ 2nfi n ist 



Price I + ol i'll .IV ill’. 
Fra. — F- 


AUSTRAL1 A * 


I TOKYO * 


m 


ACROSS 

1 Improve truck t4, 2) 

4 Fixers taken to Wales 
initially by fishermen iSi 

10 China making pensioners feel 
at home (7i 

11 Person staggering into dog 
1 7 i 

12 Look out for goods for sale 
(4) 

13 Herald receives the sovereign 

of members (4, 2. 4> 

15 He’s afraid to take care of 
protected child (6 1 

16 Dotty characters for readers 
out of sight (7) 

20 Two extras at Lords may be 
beard soon (2. 3. 2) 

21 Mother left with animal 16) 

24 Unsentimental firm was in 

the lead (4-6) 

26 South American ruler found 
in the main capable (4) 

26 Went with own alterations to 
n development area (3. 4) 

29 Female has a revolutionary 
cut (7) 

.111 Loving music tu be calm 
without publicity (S) 

11 Tradesman calling doctor 
copycat (fi> 

DOWN 

1 Papers in novel form (S) 

2 Tidy jump over a road (5. 4) 

3 Bear up with major or minor 
(4) 

5 Symbolic story with every- 
body oriental covered in 
Wood ($) 


SOLUTION AND WINNERS 
OF PUZZLE No. 3.695 

Following are the winners of 
last Saturday’s prize puzzle: 

Mrs. S. Craven. 5 Town View, 
Kendal. Cumbria. LA9 4QL. 

Mr. J. K. East, 55 Elmbridge, 
Harlow. Essex. 

Mr. W. A. Thomas, Owyth er- 
ica, Robeston Wathen, 
Nar berth, Dyfed. 


6 Office assistant made to miss 
a day (4. fi> 

7 Anaesthetic confounded there 
15) 

8 Anxiety over way sappers go 
no board ffi» 

9 Kerb or some other boy (5) 

14 Music making cornucopia 
across the Channel (6. 4) 

17 Sweet to see fruit fall from 
tree (5, 4 » 

18 Got into a bed awkwardly (S) 

19 Love rowing club to grow 
shrub? (S) 

22 This mare is on foot (6) 

23 First person southern Surrey 
finds untidy (5) 

25 Stern-looking sportsman f5) 

27 Back Foster (4) 

SOLUTION TO PUZZLE 
No. 3.700 


laid on him by 15 lengths al 

Cole, who often has a good Leapardstown last lime out. to 

priced winner at Ascot, opened s u ogest that he will come through 

bis account the favourite in a 13 successfully. 

runner maiden event at Wolver- - 

hampton. SINGAPORE 

He followed that success by — 

making all the running to beat Juu.-za s j 23 $“” 

Dafydd by a length at Bath, and — 

the manner oF his victory clearly ^ Vlrii( ; 

encouraged his connections to K»!.. tP «,i c;.... 2.04 m r r„i,. , 
have a Tilt at today's far tougher i<"<Mn-iiiii.i zm h.-iiia-n 3.mui 

Pj(i0 l ‘mil"! l.l^ I", t-fisnieeni 1.70 

, The Snchae! Kaui) tie trained v „ u . ^ ^ 

Wind Of Change, a bay daughter h™ pnr. .. i.ji Trnn.. r 4*iai 

of Windjammer, has run well on Hume imi.... i.«i i ii-rm.ni .... «.28af 

both her starts. Uu 

Judged by her last effort this 5l70 ^n b i;” H n K l.ss 

filly is on the upgrade and it iininv obh. 1 — ;tnini|. KnuueJ j.SG 

seems more than possible that - :Kvni { « 5.6O10 

she will take advantage of the mh.Bx^iuk 1 -•?* ] 

91b she receives from her Lam- ? I-. 

bourn opponem. '.iwni. Am. 

If there is to be a turn up. I Knihiiian ' m.o lB.-ij.inmi t8Jo 

would expect it to be the Queen's »!<*-u ! :2.3s ;K«iin«r t3.20 

newcomer. Contralto. This chest- ^ 

nut filly by that outstanding jiniui-'.icani: 2J%vHotniioeTui. 6.f<w 

Eclipse Stakes winner of a few ttnit-Tm**. uuw*-hk :2.5 * 

years back. Busted out of iiws.u^i... r. i,ji,,i,H«r. ;2.7ca 


Uiiif.ii'iltnuiia.—. 1 

Hu | in- J.ii'V'i 

Hnri«-lUfi — ; 

Hincb*!...- J 

H'V»'h j 

Hnrien 

km Hint M'J 

hHi— Ill'll J 

hdiillmi 

kiwkner Dll llV. j 

l\HD..„ , 

Kr,l l1' —I 

Lnmo 

l4>« VIll'IKU IO.' I 

Lulllmn-a. I 

MAN I 

AUiine uauiu ] 

Jlciximc» I 

SluncUeaer Kik-H J 


tsoBri+a , 
206 1-1.0 
121 -1 
294.8 +0.8 i 
127 '—0.5 • 
46 ;-i-0.2i 

131 

J37.2:— 0.3 
320 i-l 
221.5-1 . 

90.5 +0.5 
184 -0.1 

94.5 -0.5 • 
244 I-*- 2 I 
l,4IO!+ 10 1 

110.5: 

197.3 1 

158.5+0.3 
214 -1.2 
549 .+ 1 


.Nw-koniimiii 129.5' + 0.3 — — 


Prau—u: DM 1JL 
itncinWci.Kli'cL 

iL-neniu; 

n'nicD' 

'uii uukei 

in.v- en A.G 

»"«* 

» h»A 

»MOiii-.k MV i BU 

V.lllk^ri’diaHI,, 


115.3+0.1 
189 —0.5 
267.5' + 1 
289.8+1.8 
241 -2 

118 >0.5 
175 '-0.5 
120.2 + 2.2 
291 .+ 1 
210 . 8 ' + U .8 


Ul.l Ai'mt«> 

Gie Uuuani«_ 

CiiA 

k'rallb Com Fr'n 

Ueusc* Loire. 

Dijiur; 

». 

Gain. Gi'iiientd • 

■ nteijii | 

Jienina bor+i i 

Lolaive 

l.Orml 

Dstraad : 

.Yin 1*01,9 Hlitfnii. I 
lllL-bedn “B’' I 

■Hurt Han n ( w v...| 

Alnuitiies 

rintai 

Fev.Hiiiie.v_.™ .... 

Periiirt-Kknnl 

I'euiwoi -Citroen.. 

riwtalu 

IGdtt, Teehni'iue. 

Vedcnne 

idir®e Poulenc ... 

Si. Got»ln 

aki* Ko#Mjttk>' .... 

>uez 

loiernwsuuuue.... 
l bnm»ai nnin.ii 
L'MIHU 


STOCKHOLM 


F.'iO I 

l-X. iTius 


BHHGQa BQBnSOOB 
D-D D B Q ' n B : B| 
HBBDHQH 
□ Q Q -iQ . B 'H r P r D 

Z3EH2E/ 

o n n 


SPAIN » 


Q Q Q 0 --B' D- H - D 
bossgbHv BBBnran 
B Q D 'B □ E 
aQQQaBBDQQ BD0H 
n q u □ n q 
HBE nBQB^EEBaQSB 

an. H-n n n 

QQBGBC3B0 KIBHBEH 


EJOHHOEEBE ’ BSSSS 

a ei a s &- 

aBsara- 

0 9 0 ■ H' 'E3‘*'55 
SS@aCIE!l0fflB.^0gHQ 
0 v 

HBinQgsi^-aaBBHHn 

H -!7i - E n *-p] 

BaSQG5Sa^EE0E3GgE 

a -:: j; - 

HEHH->E5]53B53HBE!Eiii 

a d ra - r 

SSSBSEBEa HBBEEa 

w;-W-TH 

H0EES^BjEEa0E0E 


Juno Cl 

.ASIaIII 

BaTi’. o Hi than ... . 

K^nvo Al Ill'll ICO '1.IHBI 

HaiKu i.V-Mral 

riant o Exii-nor . . 
Banco Gi-ncral 
.+jn>.o Cm nail j H.uou> 
Banco Hlspano .. . 
Banco ind. Cal. il.unni 
B. Ind. ?.lo<!ii*rTaiu.u . 

B«r,C0 Popular 

Banco Santander < -J50 > 
Banco UrquUo (1.000.' 

Banco Vocaya 

Banv-i) Saraxosano . . . 

Banknnian 

Bands Andalncia 

BahcOCK WdCO? 

CIC 

nracados 

Lnraobanif 

E. I ArajtOTK'sas 

Espaaola Zinc 

Esul. Rio Tinto 

Fecsa 1 1.000, 

Fcnnsa it.flOdi 

Gal. Pn-ciadns 

Gnipo Vvlanuei «400> 
Hi'lrola 


Ihcrducro 

Olarm . .. . 

Pap-.I.-rai Rcmudas 

Pelmliber 

P'.'lr.-.lvos 

Sarrio Papali-ra 

Sniav-'- 

Sosvfisa 

Ti-Wmiiei 

Torras Hositnch . . . 

Tuba ccs 

Union Elcc. - 


10SJ0 - DJO 

M JO — 0J0 


|"lfi*JYi.i. 

Cn,- 1 


+ - BRAZIL 


-4 Ain'tlla UP 1.05 KO.OU.ll: >1.4! 

— oinv>, ii. Unit-.. 2.05 i-O.Ol -l‘i 8.29 

+ 2 iMiiii.ii | mu 1.28 ,+0.02 ,.3'» *28.91 

+ 1 U'ltfu Mined * Ol 2.16 i+o.Cr 4-7 0 

+ 2 L'«-> Amei. Gl*.. 3.13 • a 6.39 

+ 0.25 IV'in.t-m IT 5.20 \ Is 4.06 

— 1'iriji*! 1.4S 16 10.81 

...^ Ndi 1 1 iw Ol*...; 2.4a —0.061 8.46 

— limp PK : S.oO —O.05 1 4.46 

Z V*: u- "» 11 1 1.20 : .j .a I6.0U 

— Turnover: Cr.vSJUn. Volume 43.1m. 

+ 1.75 Source: Rio de Janeiro SB. 


MOTES: a prices e*<Juae S orenuum. brUuD dividendb u 19 slier 

wnlhhuldiiin la* 

9 MMHi dm, 'in. unlcrs oiherwirf si.iind. VPiasaOO dr-mmi uniuss nUjerwisc 
sinn-d 4> Kr.lUj denmn. univ-s ulherwise suied. ■!■ hra.5on dunum. 'inle»a 
■nhenraj' siaii-ri. u Ven 58 aennpi- unless ui tier wise Muled. 5 Price at Ume ol 
Mj^pcnmi'R u rhwiiis. b Sr+illliiiK^. c :'«ns iiiividvnd aher Dcrxlins netu» 
nnd-nr scrip KSW c Per share. iKruo. a Gros.1 dlv •*. h Assumed dividend 
alu-r scrip and/or ruJtis i-oujc. k A Hit locat laxes. mr 0 ia x free. ■ Krants. 
iiii'hKlinG UnHac div. p Nnm n Mi. ire iplli. s Uiv. and yield exclude special 
pavinem. 1 Indicated dir. 11 Hnoihnal iradinc.- v Minnriry holdcn only, a M enter 
oendinc. * A**ed t Rid 3 Traded. I Seller, z Assumed, xt Fx nib IS. xd £1 
dividend, xc Ex scrip lisue. xa Ex alL a Inienm since increased. 




5.75] 2.2 

4-5 , 7.0 


0.5 1 6 16.8 


107.31 + 0.9 


11 8.1 

11 3.0 

12 6.7 


+ nr I Uiv, ;Yu. 
— I Lire i ft 


150.7! + 0,0 63 


Km 
Du. 
rin. 
lute 

I Ui. . 

14 | 4.01 *led 
IO 4. 1 I Mon 
IO 2.6 
40 2.1 



130 6.7 
80; 8.4 


NINE5 . . 

Juie 23 • -- -Baad +t 

Anglo American Oorpa. u. 5.S3 

Cbartar ConxoQdated L__:. 3 -35 -h 

3.4 Bast Drirfontein ; — 12.T& -1 

- Eisbur* — -i 
7J Hnrmuuy '■■ ■ gw . 

6.3 lOnroes B.OO +i 

5.9 ffloof 9.19 

5.7 Rusrenburg PlftHmnn t^g -1 

6.5 SL Helena 15J0 +1 

7.0 Sooth Van ....... 8J3 

2.0 Gold FjeWa SA m5 +1 

a.5 Linlon Corporation. 4.83 . +( 

5.1 De Bern Deferred 6.83 +1 

6.2 Bbrvoornltticlrt 5^0 

3.4 East R sad Pt7. JJ.® xi 

__ Free- Slate GetJaJd ■ 27^5 

Hr^sWetit Brand 1&A9 +< 

Wwt Stem 1L7S -( 

SU^niein .5J0. +1 

Weal DrieTooteln 33.8ft 

Western Holdings ’ jjjpo . +j 
Western Deep +( 

JIIDUSnOAUt . : . . 

AEO 1, 2J0 -4 

Anglo- Amer. Industrial ._- 10.00 

BariOw Rand 3JH • -Hi 

QIA Investmaas tLTfr 

Currie Finance gjl - "+fl 

De Been iDdufttriai _..Z, 1149 .- 
Edeaxs ConsoBdated lav. jj® : 
Edgars Starax 28-M , -+e 

Ever Ready SA — r - 
Feoenue VUkdbeleggtngg. 2.80 - r-9 
Greatermaas Stores 3JS '. 
Guard tea Assurance (SA) ijtf- 

Hutetta ,;. K 

LTA ..Z....2 i on' ^ 

XSSF'S? Boriway. — Jti -e.88 

NedBaiik iA7- . -ft 

Premier MiUlng -1 ... : 5.93 • 

Pretwte Cement- sja* • +ft 

Rand Mines Properties ... 2.lir +ft, 
Rembrandt- Group ■ S29 '“ '+0, 

Re Wo — -ftAg . —0, 

C. G. Smith Sugar 4J! +e. 

S'Bfewerira j.« -vo, 

.Unlsoc l.lj: -+a, 

■ Securities Raad liS40.7^ 
(Dbeonnt of 37^9%) ' 


1- 





















































Financial Times Saturday June 24 1978 


m Eft NATION A 1 FINANCIAL AND COMPANY NEWS 


Australian 
■ Mobil not 

: bappy with 

results 

By James Forth 

1 • SYDNEY, June 23 

MOBIL OIU AUSTRALIA lifted 
; itrMrtgg, profit by A$4.3m to 
AS?1 3rn CUSS24.9ni) in 1977 but 
\ desw«>ed tbe result as dis- 
, appointing, since earnings before 
taut laetaaUy . dipped. 

The' improvement resulted 
; from a lower tax provision and 
v- foreign exchange gains. Net 
profit after extraordinary items 
' rose from -AS7.4m to AS 19.5m 
reflecting Mobil’s exchange losses 
of ASlOm la 1978, following the 
. Noyeinher ■ 19?8 devaluation of 
thfe’ Australian dollar. 

The .chairman of Mobil, Mr. J. 
1 Leslie, said the results were 
‘ disappointing, despite an in- 
crease in sales volume and 
retention of market share in 
major products. 

• . “The profit result is clearly 
inadequate when- measured 
against capital employed of 
approximately AS300m on an 
historical cost basis," he said. 

• “Gash flow from profits, depre- 
ciation and other non-cash 
ptpvisions. in 1977 were insuffi- 
cient to fund ongoing capital 
expenditure and an increase in 
working .capital requirements of 
A$31m. n he added. 

As' in 1978, Mobil paid a divi- 
dend,, of A$5m to its U.S. parent, 
which was' only the second 
dividend since 1952. 

The Mobil result W 3 S 
announced only one day after the 
.Shell group reported a profit in- 
crease of 'only 3.6 per cent. 

Chalet Oil offer 

TORONTO gasoline distributor. 
Chalet Oil, plans to buy the 
sluices of Douglas Leaseholds 
already owned by Canadian resi- 
dents, writes Robert Gibben 
front Montreal. Royal Trust, 
Canada’s largest trust company, 
owns' nearly 80 per cent of the 
Dduglas Leaseholds shares. It will 
tender its shareholdings. The 
oiler price is expected to be $5.34 
a -share conditional on 90 per 
cent ' acceptance. 



CdF Chimie discloses 
worst ever performance 


BY DAVID CURRY 

OVER-CAPACITY in European 
petrochemical plants, particularly 
in tbe thermo-plastics area, last 
year took its toll of the results 
of one of France's leading 
riiemical groups, CdF Chimie. 

The depressed level of prices 
because of what the company 
calls ** unregulated competition 
m European markets “ and tbe 
economic sluggishness in France 
coupled with price controls left 
the company with .the worst 
results since jtg foundation. 

While consolidated business 
volume had been rising by an 
average of 2D per cent annually 
until late 1976, last year the 
group could only manage a 5.1 
per cent increase to some 
FFr4^bn ($i.05bn) with the 
parent company managing oaly a 
4.2 per cent increase to 
FFr 3.135bn. 

The company turned in a net 
operating loss of FFr 144.7m 
(FFr 6m profit in 1976) and the 
group of FFr 18S.6m in 1977 
compared with a FFr 33m loss 
previous year. Group cash 
flow fell catastrophically from 


FFr 231m to FFr 62m at which 
level it represented only 13 per 
cent of sales. After five profitable 
years the profit and loss account 
for 1977 shows a FFr 46.2m short- 
fall for the company and a 
FFr 70.8m group deficit com- 
pared with respectively FFr 10m 
and FFr 23m profits the previous 
year. 

The Board has decided to im- 
pose all-round austerity measures 
in response to the deteriorating 
profit situation. In the first few 
months of this year losses were 
running at three times last year's 
levels. 

All investments outlined in the 
triennial plans have been post- 
poned with tbe exception of 
those for which considerable 
commitments have been made: 
notably the Dunkirk ethylene and 
polythylene projects and the 
Carling operation for acrylates 
and petroleum resins. Tbe main 
project affected by the decision 
is the planned investment by 
Chemiscbe Werke Saar- 
Lothrlngen for a 60,000 tonnes a 
year polypropylene plant. 


PARIS, June 23. 

AU recruitment has been 
halted and tbe group will have 
to cut jabs. 

Tbe group sees prospects for 
3978 and 1979 as " sombre " and 
does not place much faith in 
the chances of a Brussels agree- 
ment to regulate the market on 
the lines of measures already 
taken for coal and more recently 
chemical fibres. 

The group blames the Govern- 
ment for having contributed to 
its losses by failing to allow 
prices of fertiliser to rise to 
match higher gas prices imposed 
in the autumn of 1977 and 
January of 1978. Thus fertilisers 
were unable las in previous 
years) * to compensate for the 
heavy losses in plastics. The 
price drop for low density 
polyethylene and polystyrene 
products alone, representing 
some 37 per cent of CdF Chimie 
sales and 24 per cent of group 
sales, translated into a loss of 
profit of more than FFr 140m 
in relation to the prices in 
effect itf September 1976. 


Banks explain Growth at Spanish bank 

Boussac move BY DAVID GARDNER BARCELONA. June 23. 

PARIS June 23. THE Banco Industrial de Cata- BIC's parent. Banca Catalans 
. lunya (BIC), the industrial group, is tbe largest concentra- 
CRED1T LYONNAIS and banking arm of the Catalana tion of Catalan banking interests 


The First Viking 

Commodity Trusts 


CommiDdity OFFER 40.0 
Trtist BID 38.0 

Double OFFER 79.0 
Option Trust 8H3 74.0 

Cammodity & General 
Management Co Ltd 
8 St George's Street 
Douglas Isle oi Man 
Tel: 062*4682 - 


Banque Nationals de' Paris, tbe gr^up B of banking interests, and ninth in the national rank- 
main creditor banks of the fail- turned in a profit of Pta 875m ing. It has 22 of the group's 
ing Boussac textile group, have (Slum) for 1977, a rise of 9.5 222 branches, with investments 
publicly expained why they have p er cen t_ worth over Pta 60bn by the end 

declined to give further assist- Deposits are 16 per cent higher of last month, 
ance to the group. at Pta 49.3bn and capital and The bank's rate of investment 

In a communique tbe banks reserves have risen to Pta 6.5bn has recently grown at an aver- 
say that responsibility for the f rom pt a g.75bn in 1976. BIC age of 22 per cent per annum, 
current situation “ is not and will be paying the maximum 6 with over 60 per cent of ils 
never has been that of the banks per cent dividend allowed to credits channelled towards small 
but is a result of accumulated banks by law. and medium-sired industries, 

errors Df management as well 

as successive insufficient or in- ,* . « * 4-1 

ap K ri ™ 0, S, p SS had Scandinavian Bank lifts capital 

allowed the group to maintain by MARY CAMPBELL 

large overdrafts over many _ , _ .. 

years, and had made loans of SCANDINAVIAN Bank Group— tries— has increased its capital 

FFr 185m guaranteed by the the Londofrbased consortium resources by some £16m to £61 m 

founder's personal assets. bank which is owned by banks ^ two operations recently. In 

AP-DJ from several Scandinavian coup- one> Jast month> it raised DM 20m 

'on the D-mark capital market 
It has also rereniiy completed 
arrangements for a $20m sub- 
ordinated loan to one of its 
subsidiaries. The dollar loan, 
which has a final maturity of ten 
years, was placed with a banking 
syndicate headed by Abu Dhabi 
Investment Company. 


THEoynooKm . 

COMMODITY FUTURES 

This monthly investment bulletin gives our view of the 
likely future performance .of the principal commodities. 
Send for your free copy now or telephone 01-248781 1 
for a talk with one of our dealing staff. 

To: Comateo Commodities Limited. Bridge House, 1ST Queen 
Victoria Street. London EC4A4AD I would tike to receive your 
monthly investment bulletin Tbe Outlook for Commodfty Futures - 

Mr/Mrs 'Miss - — — — — 

Address — ■ ■ 

— COMETCO 

The Cammodity Brokers 


Postcode 


Siemens 
buys Osram 
minority 

By Adrian Dicks 

BONN. Jane 23. 

SIEMENS, the major West 
German electrical concern, has 
now gained full control of 
Os nun, the world's fourth 
biggest lamp manufacturer, 
after acquiring the 21.45 per 
cent minority share held in 

the company by General 
Elec trie of the U.S. Financial 
details of .the deal were not, 
however, announced. 

Siemens gained effective 
control of Osram two and a 
half years ago. when it added 
to its existing stake the 36 per 
cent previously owned by 
AEG-Telefnnken. Before that 
deal went through. General 
Electric had shown interest In 
buying the AEG-Telefunken 
shares, hut was discouraged 
from pressing ils offer by the 
West German cartel authori- 
ties. 

In a joint statement by the 
two companies today. General 
Electric was stated to have 
decided that retention of its 
minority stake was “not con- 
sistent with its world-wide 
strategy ” tor the lamp 
industry, In which the V.S. 
company Is already ihe world’s 
largest producer. The state- 
ment also stressed that co- 
operation between General 
Electric and Osram would 
continue. 

Industry sources here specu- 
lated today that the American 
company’s decision may bare 
been partly brought about by 
concern that the U8. anti- 
trust authorities might frown 
upon the world's largest lamp 

manufacturer continuing to 
hold a big slake in the fourth 
largest 

Since taking over manage- 
ment of Osram. Siemens has 
succeeded in improving its 
results considerably. Last 
year. Oswun earned a DM 33m 
($I5.Sm) . profit, compared to 
a DM 44m loss. 

French Esso 


COMMODIUES/Review of tile week 

Zambian copper still blocked 


BY OUR COMMODITIES STAFF 

[E BACKLOG of Zambian 
aper awaiting shipment has 
iched 130,000 tonnes and must 
cleared “as a matter of utmost 
eency," the Minister of Fin- 
ce Mr. John Mwanakatwe. said 
rterday. writes our cor res- 
ident in Lusaka. ^ , 

However, the Minister stressed 
it reopening of the southern 
ite through Rhodesia is out 
til Zimbabwe is free." 

Phe copper, worth more than 
Im, is held up at the 51 per 
it . Government-owned noan 

nsolidated Mines (RCM) and 

ES Consolidated + Copper 

oes. intransit and at the Tan- 
lian port of Dar Es Salaam. 
Phe main causes are 
adequate handling facilities af 
r es Salaam, which handies w 
? cent of Zambia’s traA^ 
>riage of trucks on the wp- 
lia-Zambia railway (Tasara) 

J a slow tur around of the 
icks once they reach Zambia. 
Oxe level of Zambian imports 
in irn at Dat es Salaam has 
nained between 70 . 000^000 
rnes for the past eight months. 
Repeated efforts by the two 

rermrcents to cIea ^l«fui S 
■ have been unsuccessful 1 so 
- Greater use is now being 
he a STthe Mozambique, ports 
Nacala and Beira, but shipping 

trees are pessimistic ' 

ffacala has only four berths 
i handles Malawi’s ■*£«*£ 
ittr is inefficient, and there is 
Shortage of -tracks ?n md 
k "between Zambia ana tne 
izambiQue railhead of Moatise. 
SKI of copper rose on the 

Mtoo -arywayss 

to 9.000-tdnae reduc- 



lion in warehouse stocks. A 
steady opening on Comex in New 
York also helped keep prices up 
in the afternoon. 

Three months wire bare were 
£7 a tonne up . on tbe day « 
£720.25, an increase which 
reduced the loss an the week to 
£13 a tonne. Cash wyebare 
dosed at £700.75 for a fall of 

£l S5oti?£U on the 

week. ending at£«J6.ofc ™ ree 
months were down il-.50 at^ie. 

In Brussels the EEC comm ^ 
sion said it would oppose any 
attempts to form a crisis 

to help support the «epresseo 

zinc market, and a * 

£301.75 a tonne last rngbL Three. 


months metal, gaining £2.50 a 
tonne on the day, was £11.50 a 
tonne down at £311.25. 

Cocoa prices fell sharply on 
tbe London futures market yes- 
terday with the September posi- 
tion closing £29.5 down on the 
day at £1,783 a tonne. But 
September cocoa still ended 
£12125 higher on tbe week. 

: Cocos started the week on an 
easier note in response to news 
that the Ivory Coast had lifted 
.this year's "crop estimate to 

300.000 tonnes from 260.000. This 
compares with recent London 
trade projections of a 290,000 
tonnes Ivory Coast crop. 

However, growing fears of a 
technical squeeze on the New 
York market quickly reversed 
the trend and nearby prices were 
nearly £70 higher by Monday’s 
close. This factor continued to 
encourage buyers on Tuesday hut 
values suffered a sharp setback 
on Wednesday as producer coun- 
tries began offering supplies to 
the market. 

Prices recovered again on 
.•Thursday. however. when 
reports that a serious nil short- 
age in Ghana could delay cocoa 
shipments encouraged specula- 
tive buying- 

Dealers attributed vesferdavs 
laJl mainly to pre-weekend profit- 
taking. 

Sugar prieps fell early in . the 
week when Cuba announced an 

500.000 tonnes rise to 7.3ra 
tonnes in its 1978 crop forecast. 

. Tbe news helped to bring the 
London daily price, which bad 
risen £1 to £98 on Monday morn- 
ing, down to £95 a tonne, where 
it. remained for the rest of tbe 
week. 


PRICE CHANGES 


£K» 

suBOrtoi - 

-£gU&J*J*** 

flwus' -nil {SS& & 



; 

price* 

' peruene | — * 

| unfc*» !«roak, 

i Ri+trii 


CT00J6 '~n* £*** 

as? z&i g&r 

£79<-5 

SSt'tm gf-1 

gf 


#150^ 

£iOL1» 

-I 1 - 5 

SSK',600" - 


sioBiia 

2£9.<»P 


£798.75 

£773.5 

swas 

Slst.iSa, 

£3P4Ji> 

£2r>* 

£133.0 

£L«.fl 

•UZ-& 

2®:75p 

30P.9DP 


S175/S4.J *5S5s 
£ i2&i> i izrc 

MOO S* 00 


£612 
£624.75 

£614.70 

fifflru 1 * 

ezjsre 
Si.eo - 

£Sf.« 

£122.3 

Sac* 

m 

£fc.7l7.o 
1 £237.75 



lAtesl 
prices 
per tonne 
mtloss 
stated 

L [ « _ 

Ifr 

I- 

cm 

c. 

ago 

H ‘* h 

Lo* 


^^KedSpnap. 

Am- Buti 

Winter.— i . — 
Bor- M-iUinfi {new «p> 

'BBt— -W 

Pepper. nhiM.i-| 

Blnck 

es 

Groundnut S* — • — I 

linweerfi t rvrf 0 — — 

Vniiu JUUJM—H 


.} 


£4JM0 

&JUU> 

#600 

£72* 

£368 


#465 


#852.75 44.75 


l+« 


+75.0 

+5X1 
— 1L0 
—12.0 
+22.0 


+ I5.d 


66^ 


SAJSW 

*2.275 


8675 

£507 

£582 


£1.662 }+S 7.0 } 
JJL7B5 +121J5 1 , 

■f iflt c. Ida rv 


S5Spki'.»PP« 

yaneenfiU-a.i 

O'.her . 

ConuiiodJD® / 

coawn inn« —** £856 Ljo.O 

RuhWrIUo £lai 

5X0*0 

i u, -° 


5386 

$233.45 


£S>£J5 

£91.5 

£105 

£4.800 

5722 

£763 

£586 

#6*0 


S4S0 

#515 


£B3X> 

»L!> 

£94 

£4.500 

S£X6l> 

8L076 

S63i? 

£587 

£286 

#4ft4 


>■512.5 

S354 


£3.033 .'iBRIai £l.»ll 
£2.764.75- «U<5v~ 
£t3«J,S -£I.ft52-5 . «f JUr 
69.86c. ,72.76^- *j ol-oc-. 


l+tt.75 


- 2.0 


£7&0 ■ £p>j 
S«13 r 
47J25p ! 5B.7bp 


£206 

S&C 

£110 

£190 

£9Bp 

lBOp 


tiau 

£11* 

£180 

180p 

98 ft 


i-ati 

*457 

io.au 

JS17i 

5627.0 

£04 

£172 

127 P 

82u 


- 'gap trilo bSgpkilo^rfch 0 


WAROGATE COMMODITY 
FUND 

it 3l*t Miy. 1978. Cll.lS-Cll.60 
WCF MANAGERS LIMITED 
P.O. Bo* 73 
Sc. Heller, lener 
0534 20591/3 

Next dealing! 30th June. 1978 


BASE METALS 

COPPBR—5teAdlcr nn the Loudon Metal 
Exrhanxe after recent IjIK. F ' ,n, A r . l 2 
mi-ial moved b-.-ivrecn £717 ana 17.1 
before seiilm* above KTD. helped by r\- 
pcciations or a stticK- decline. In the 
atirrnavB Comex »a- >iwdy and Uw 
close on tltu l/oiidon Kerb uaa> E751. The 
net lull on i ho week na, JJ3. Turnover: 
15.325 lonne? 


PARIS. June 23. 

ESSO SAF reports that this 
year’s results are turning out 
no better than the “ disap- 
pointing’' figures of 1977. 
Shareholders were told that 
although the company was able 
to raise its dividend for 1977, 
the net- price ‘of oil-based pro- 
ducts has not been bigb 
enough to improve returns on 
capital. 

The company, which is a 
subsidiary of Exxon of the 
U.&, and Is paying a FFr 7.35 
dividend for 1977 against 
FFr 5.595 in 197B. saw net 
profits fail to Fr 48m last year. 


U.S. NEWS 


; Japanese 

New problem for retailer 

r issues 

accounting body doUar bona 

w W By Our Own Corresoondent 


BY STEWART FLEMING 

THE American Institute of 
Certified Public Accountants 
(AICPA>. under pressure from 
tbe Securities and Exchange 
Commission, is examining 
whether or not to try and extend 
its ** peer review " system to 
overseas affiliates of UE. 
accounting firms. 

The “ peer review " system 
recently established by the 
A3 CPA. tbe country’s main 
accounting body, requires that 
every three years accountancy 
firms wbicb have SEC registered 
corporations as their clients, 
must allow outside auditors to 
scrutinise the internal workings 
of the firm. 

The proposal to try and ex- 
tend the system overseas, bow- 


NEW YORK, June 23. 

ever, is raising complex technical 
and legal issues. These include 
juridicial issues as to whether 
the SEC and the American Insti- 
tute have the authority to extend 
the peer review system abroad, 
given the independence of the 
foreign accounting partnerships 
and the fact that in several 
countries, including for example 
Britain, accountants have their 
own independent professional 
bodies. 

Another difficulty is that in 
some overseas countries, secrecy 
laws make it difficult or im- 
possible for unauthorised out- 
siders to scrutinise the inner 
workings of accounting firms, 
especially where client confiden- 
tiality is involved. 


A & P $10m loss 


BY DAY1D LASC.E1J..ES 

THE Great Atlantic and Pacific 
Tea Company (A and P), 
formerly the largest U.S. super- 
market chain but now in deep 
trouble, reported a loss today of 
S9.9m in the first quarter of this- 
year compared to a profit of 
S5.4m in the same period last 
year. 

Sales during tbe three months 
were Sl^Ibn against S1.7Sbn lasr 
year, and the number of stores 
operated by the company was 
pared back by a further 88 to 
1,872. 

A and P is iu the middle of a 


NEW YORK, June 23. 

five-year revival programme 
which its senior executives have 
admitted has not produced the 
desired results as soon as hoped, 
despite massive cutbacks and 
store modernisation. However, 
these latest results were 
worsened by an accounting 
regulation requiring the company 
to include a charge of $1.3m to 
reflect the effect of the capitalisa- 
tion of ail capital leases. 

• Reuter adds: Directors of A 
and P voted to take no action on 
the quarterly dividend. The 
group last declared a five cent 
dividend on April 13. 


Pet-IC agreement 


PET INCORPORATED and IC 
Industries have agreed on 
merger conditions and dropped 
all lawsuits involved in the pre- 
viously announced tender offer 
from 1C for Pet’s common stock. 

The companies have agreed 
that a tender offer cannot begin 
until July 17 and that the price 
will be increased to $55 a share 
from $54 a share. 

Pet agreed not to oppose or 
interfere with the tender. Pet’s 
management will remain with the 
new group, LC Industries said. 

A statement from IC added 
that it and Pet will request 
Hardee's Food Systems to 
immediately begin joint discus- 
sions concerning a combination 
with Hardee's. _ , . 

Previously, Pet and Tardee’s 
bad reached a merger agreement 


ST. LOUIS, June 23. 

IC said if Hardee’s agrees, then 
IC and Pet will begin negotia- 
tions for a partially tax-free 
exchange of IC equity securities 
and cash for Pet stock. 

IC said it would not begin its 
tender off before July 17 or 
sooner than 22 days before a Pet 
shareholder meeting or before 
any third party announced offer 
for Pet 

Meanwhile, in Rocky Mount, 
Hardee’s Food Systems declined 
to comment on the delay in the 
opening of its stock on the NYSE 
and said it would have an 
announcement later. 

Agencies 


By Our Own Correspondent 

NEW YORK, June 23. 

FOR THE first time in recent 
years a private Japanese com- 
pany has issued dollar 
denominated non-convertible 
securities in the U.S. bond mar- 
ket without some form of 
Japanese guarantee or col- 
lateral. 

The issue by a Japanese retail- 
ing firm, Xto-Yokado. was des- 
cribed by Mr. Roy C. Smith, a 
partner with Goldman Sachs, the 
lead managers, as a landmark in 
Japanese financing today. He 
suggested that tbe policy 
decisions by the Japanese- 
authorities which tie behind the 
issue could lead to further 
unsecured borrowings abroad of 
this sort. It is possible also that 
the giant U.S. retailing chain 
Sears Roebuck could provoke a 
parallel breakthrough in the 
Japanese bond market by under- 
taking an unsecured issue in that 
country. 

■ Traditionally. Japanese Mm- 
panies have not been permitted 
to make unsecured debt issues 
abroad but have bad to back 
them either with collateral or 
bank guarantees. 

Those Japanese debt issues 
that are unsecured have been 
convertible. 

The package put together for 
Ito-Yokado includes S20m of un- 
secured five year notes which 
have been priced to yield 9.25 
per cent and are unsecured, but 
carry an A rating from Standard 
and Poors and $50m of convert- 
ible securities. 

Tbe convertible is also A-rated. 
Both issues are in the public 
marker and registered with the 
Securities and Exchange Com- 
mission- 

Co-managers to the issue were 
Nomura Securities and J- Henry 
Schroder Wagg and Co. 

Globe, Johnson 
extension 

MILWAUKEE, June 23. 
GLOBE-UNION has been advised 
by Johnson Controls that at 
Johnson's request UV Industries 
had extended to June 30 from 
June 26. the date on which UV 
Industries’ option to Johnson 
Controls to buy lm shares of 
Globe-Union would expire. 

Globe-Union said it has been in 
active discussions with Johnson 
on its offer to acquire Globe- 
Union. 

Agencies 


1.6. Index limited 01-351 3466. Three month Tin 6605-6665 

29 Lamont Road, London SW10 OHS. 

1. Tax-free trading on commodity futures. 

• 2. The commodity futures market for the smaller investor. 


opMi ar •Stf-.’t&tc* ami 

eluded ai :SS3-2SS :p -33Xl-Ha«C). 


SH.' KI2 

lOilJino 4- nr, 

L.M.E. 4- -+ 

1+r 

fixing J — : 

clo>e | — 

tf»<l 

1 pricing 1 1 

1 

- - - - ■ , l 


lUl 1 tH. _ • l nnDj.-M) I — 


Sr., i 288.9Sp '+0.B3' 288. Jt» vl.GS 

3m„nif.-.. 296.55 p *0.8 ;2S6.75 P +I.S 

Fnivnth'.. 304.3 n +0.8 ' — I 

i£inu)!'l- 320.6p VJ.t ' — : 

~ LME—Tu'nnrer 25 ' J60> lots or 30.000 
07.i. liomlr.R: Three munilw 207. 

Kcr6<* Three month? 23G.*. 2W.9- SfT. 
Ain-mvo Three raw l is 297. 7.1. ?. 6.3. 
Kerb*. Three months 2S6. 3. 


1 £ | £ ’ K 

Wlrebars I 

701.5 *5 J 700.5-3 

i months.., 721 .5 -5 j 720.5 

StulWnf 70 1-.5 *5 — 

Cathodes-' 

i/n-lt 697.5 +5.6, 696.7 

« ninniln-... 716.5-7+5 '715.5-8.5 
stall* ra *ui 697.5 +S — 

liJi. »iul .. — I *66.5-68 


COCOA 


t £ 


+3 
+ 7 


+ 5.5 
+5.25 


Amalgamated MeiaJ Trading repnned 
ihai Id ihe morning cash win-bars traded 
at 1701.5, ihree months 1722, 21, 20.5. 21.5, 
21. 21.5. Csihndes. ihree months mi. 
IB.5, 17. Kerb; Wlrebara, Three tumults 
fill. 21.5. 22. 21.5, Afiernnnn: Wirebar*. 

three mtuubs £331. 20. 20.5. 20. 20.5 . is.s. 

Cathodes, three monies £718. Kerb: 
Wkvbars. three znonlhs £730.5. 21. 

TIM — Higher with forward metal 
advancing from a start of £6,530 on lore- 
casts oi a vim** decline and mooring 
ihe fall in the East overnight. The price 
rose steadily and cle-ird on ihe Kero 
at £S.C,5. The net fall n n ihe week 
was 132-5. Turnover; 1.705 tonnes. 

i’ H.m. i-$- or jii.ii'. !t-+».r 
TIN' 1 • tnh.nu ( — '. 1‘ncullelaij — - 


ConiiniiM Producer veiling Sept puce* 
under pr unne throughout tbe day, Gtli 
and DuiMs reported. 

I'e-iti'nlay'.- +l>r ~3icliie** 
(iti.nl Cto m.- — • l»‘tie 

N- .Ct Tift-'l 

.1 mV lBll.n-lB.D — 49.D 18B6.0-1799 

r-.+ I782.0d4.tl — 79.5 (630.0-1775 

|i^- 1741.0-45.0 -22.5 1778.0-35.0 

'■l.in-i. (7114- 14.0 -24.5 (744.0- 10.0 

Mu-- 1700.0-05.0 —20,0 1723.0-15-0 

.l.„t 1600.0-1709 — 22.0 — 

.■>. i.' .. . . 1075.0-90.1} -20.5 — 

Sal»s: 2 5iai5?i«t' lota of'lO 1onn«." 
fntoniaUaiiol Cocoa Orwontsation /US. 
cents per nonndi — Dally price June 22: 
142.27 (139.4J». Indicator pttcoa Jnm 23: 
15-dav averaae 135.42 (US.TBi: 22-dar 
average 134.00 fl33-7Sj. 


SOYABEAN MEAL 

I Yesterday +f>r 1 Btudnew 

( Ctote I — • ( Iftme 

IfMrtmme' ! 

Ancnrt 120,00-20.2 +058 121.S0M.M 

ti-t,+*|. 122.10 22.3' +0.15 125.00-21.70 

Ue*tfnh«r....il21.90-a2.Z + 1.85 122-00-21.00 

February 122.50-2B.9 + 1.46. — 

April.... '125,50-26.0, + 1.25 — 

June. '125.03-28.0 + l.!Bi — 

Aucutt .j. 1 19&M-SA0 . _ — 

"Sales: 151~trti loie of'lOO tonnes. 

RUBBER 

STEADY opening on Ihe London 
physical market, fair interest throughout 
the day. closing Quietly steady. Lewis 
and peal reponed a Malaysian gndnwn 
price of 242 ' 238) cenls a kilo (buyer. 
July). 


Vi.l [Y(«'r>layV; Prc»i»u» 


K.S.S 




C.('.»e 


Biisine^t 

if.ine 


COFFEE 


July BB.75-laS.0Q 58.50 59.2X 63.C0 58.M 

AiiK 53.60-60.00 59.00-60.00. - „ 

J It'-r+'i'l 59.60 6D.0Q 59.30-60.00 60.05-60.00 
< ii''t> I'm 62.05-62.10 62.60 62.4V. 62.75 62.00 
4 hii-. 1I.. 64.05 64.10 64.35+4.40, b5.00-65.80 
.Vpr-Juc 65.45-66.56 65.70-fb.Mj 65.B3-15.45 
Jiv-eem 66.00 £7.00 67.15-87.20 67.10 66.85 
■ m- l» w 08.60-68.65 68.40-68.50,' 6a.70 8B.4fl 
■In it- M ai 70.DO-7O.OB 89.85-69.90; 70.20-69410 
"Sales: W7 r 873} 'tots flf" 15 ’ tonnes and 
i]0> tots n ( 5 tonne*. 

Phy tcal rtontig prices rhtirersi were: 
spur SS.TSn <56J3t; July 38p isaniet; Aug. 
59. io i same. 


Grade *■' : £ • £ . - 

Cavtr 6725 AO' ^ 70 ' 6735-55 +32.5 

i Hiooilii.' 6625- ■ID '+B2.B. 6645-60 ',+70 
■sert.iein't.- 6740 '.^-75 > — 

672S.JO ; .fi7.5 ; 6735.55 V85 
3 nmnvlis.: 6600-5 +60 16615-25 +B2.5 

-fertlem'i J 6730 +65 : — 

?>cniits E.. S1702 — 23 : 

New fork — _ : 

Morning: Slandard. 16.703. 46,700. 

three incrtHh-j 4b'.e0u, 44.003. £<aMt>. to. 
IS.SPS, £6. 600. Kerb: Miandard. three 
monihs l'<.605. 14.600. Afiernvon: 

Standard, ihree mooihs 10,613. Jo. -3. 2». 
High Crude, three nu>nUt> 15.W0. Kerb: 
Standard, three murfllU 46,570. 25, 30, 
33. 40. 

LEAD— -Moved narrowly to routine 

trading as (orward meuJ started at the 
day's hlBh of 1317 and feB to a low of 
£313 before recovering in dftse on the 
Kerb at £815.25. The noi change an Ihe 
week urea marginal Turnover: 2,125 
tonnes. 

I i.m. T+^orl p-m. ~\+ i<r 

LEAD Ofilekl — jDnnacial ; — 


Rnbu 1 ts-> opened abnut >jii higher nn 
i7i*iiitit: - House prufit-iafclns. Dread 
hiimft:i:n Lambert reported. values 
ri i.iuinua steady until early nfloruor.u 
when a tv.'K New York opening t»ri>- 
vof«! i+.-a — ^eQing in London and some 
s;ot»-l"S' l!(|tildaiion, Activuy want^l later 
in tin- it> on and at the dose ihe 
ntnrkd v.-.i-. £30 tower f>n balance. 

D. alcr- J'>1 (hat the sell-o(I was prn- 
i..rud !> iMiae Belling against purchases 
rr r.hy-i.-al -nffee. 

iwieruv"*' ' 

iwu Ck ” i+-' r ) “y;™" 

2 |+;r IMIIUC 1 


SUGAR 


LONDON DAILY PRICE i raw sue art 
435.00 isatnei a tonne cjf for June-July- 
Augusi shipment. White sugar daily price 
was fired ai £105.50 fsamei. 

Kvnya was n-ooned to have bought 
ihree cargoes ot white sugar late on 
Thursday, one each for December 1P78. 
February 1073 and March JOTS — price 
details were laefc in k- The market began 
on a .slight!? oasier role and remained 
cxin-mely quiet Uiranghout the day. with 
Wicve wJUmo a 50-POtot range, C. 
toarmknw reported. 


* I * 

Cash I 3D6-.5 '+6 

S monih>,,|5i5.S-6.5 +B.2G| 
vn'mi'm 306.5 ,+6 
U..-S. ntoi-i — 1 .... 


July 1580-83 .- 00.5 1630-1576 

^I'lH'.i i k-’ .. 14B1-BS —13.0 1540- 1475 

— 1383-84 —2S.5 1438-1561 

..'ii hi, n’ 1320-26 -25.0 1578. J324 

MmlIi 1260-66 — 25.0 1315-1208 

Kh\ 1200-20 —46.0 1260- I2S0 

4.iU_ | 1150-1200-62.5- 1230-1 2M 

^iesr^T45rnfi^7rioii - 7^ _ rTpnniir' 
ARABICas were dull and antraded. 

Drcsel Ournliatn Lambert reported. Close 
i in order buyer. aeOer>: June 190.00-02. 00, 
Aug. n0.U0-Ta.M, Ocl. 155.00-65.00. Dec. 
145.00-55.00. Feb. U5.0O-45.D0. April 135.00- 
45.00. June 1M.00-45JHJ. Sales: 0 lit lot 
at 17.230 kilos. 


Milts r | : 

Vrei. Y enenlny\. Prcii-.-us ' llti-l»n+.- 

Comm. | l'1o*e | Cli«c ! Dane 

L-nu. ! . ' 


£ £ 
306-7 +4 

3 IS. 5 7 j+3 

31^33 I “I" 


GRAINS 


Morning: Cash 4306. ihree monihs £317, 
18 j. ifi. Kerb: Three months £318. 15.5. 
15, 15.S. Afternoon: Kerb: Three months 
£315.5. 16. IS.5. 

ZIHC— Hhshcr on balance after forward 
metal started at £312-£314. Bnt the price 
tended easier In marine trading, closing 
on the Kerb at £311. The net rail on 
the week was £11.5. Turnover: 7.300 
tonnes. 


WHEAT 


BARLEY 


Xcriantay's 


Ye-ier’ lay's 

4-..r 

51 nth 

V-lirl- 


tlOMS 



S4.8S 

+ 0.28 

79.60 

+0.06 

Nmv. 

07. 6 b 


8EJS 

+0.10 

■too. 

90.35 

+ 0.26 

8-4.90 

+ 0.05 

31 or. 

62.90 

+OJ0 

87.60 

+ 0.16 

May 

96.60 

—O.BO 

90.05 

+ 0.10 


Business auuw— wueai: iepu 
Nov. ST.85-Sr.35, Jan. 90.35-90.10. March 
P2.Bd-92.85. May 85 .66- 93 .50. Sales: 76. 

Barley: Vpl 7BJ5-7B.30. Nov. «GJ0-S2.13, 


ZINC 

U.ll<. |+ 

Otot'iai ■ — 

p.m. |t+«r DU.0o-0C.05 Sales: 44. 
l-n.^lciall — KGCA— Lncaoon ex-farm spot price*: 

1 

C»rb : 

j lii.iiil h-.J 

r'aieiii ..... 
I'rm. 11 iil 

V 1 

301-8 +4.5 

*11-2 +4.B7 

302 +A.5 

• Feed barley — Kent £&i.ou, Lancashire 

501.5-8 +2.75 iM - rn ' 

all-.S +2-5 Tlic UK nmneiary •.-ucfficicni for the 

; — ; wu;K bvpumunB June 26 will remain 

[ 5931 1 uiuliBiKWf- 


Ji j««i i ..ii ne 

Ana. 97.60-97.70 S8.5D-B8.6D 98.a0-97.S0 

ii.-L 88.65-99.75 100.40-100.5 \00.5tl-dH.fiO 

I uv I01.B5-02.00 102.65-02.70102.50 01.70 

lUn b . 109.85- 10.08-110.50 10.65 110.65-08.75 
Alai .... 112.26-12.50 112.85-14^5115.00-12.50 

Aug 115.80- 15.90, 118.66-16.96, — 

O.-!.,.. 1 19.10- 19.Su, 120.25-20.40 119.Z5 

~ Sales: 1J177 (2.4311 lots of SO tonnes. 

Tate and Lyle cx-tv finery pnev for 
granulated basis white sugar was £242.40 
(samet a tonne for bone trade and 

055.00 (tmchangedl for amort. 

HONG KONG SUGAR FUTURES— 
Prices were abaut raaimained on the 
week ending June 23 In light trading. 
Friday's closing prices teems per pound): 
July unauoled. Sept. fl.S5-7.00, Oct. 7.10- 
7.11. Jan. 7jsO-7.ro. March 7A6-7.M. May 
8.0S- S.OS. Week's hlgh-Iu w: Oct. 7.09-7^3, 
March 7J0-8JH, May S.17. Turnover: 82 
lots (89 lots). 

WOOL FUTURES 

SYDNEY GREASY — to order buyer, 
seller, business, sales: Micron Contract: 
JOU 344.0, 3444. 345.0442.B. 29: Oct. 349.0. 
350.0. 349.(7348.0. 29; Dec- 345-5, 356.U 
953.6-353.0, 7: Mar. S58A 350.0. S38.635G.7. 
22: Hay 353.0. 304.0. 353.P-382-0. 9: Jnly 

385.0 . 368.0 , 365.0^383.5. 7: Oct. 387.11. 388.0. 
357MM.0. S: Den 308.0. 372.8, 38S.8-3CS.0. 
8. Total Sales: 96. 

i Fence per kilo) 


MEAT/VEGETABLES 

MEAT COMMISSION— Average ratstock 
prices .at representative martlets on 
June 23: GR cattle Tl.lTn per Kg. 1 w. 
i-1.45i: UK sheep 14T.7 p per kg. est. 
d.c.w. t -10.3); GB pigs 62.3p per Kg. l.w. 
t+1.3.: England and Watos-Cattle 

numbers up 10.4 per cm. average price 
71.0TP ■— 1.431: Sheep down 20 per cent, 
a rente/' orlre J47.8P /-lOA*: Figs down 
1 5.1 per cent, average price M.3p *+1.3t. 
Scotland— Cattle numbers dntm 12.5 Per 
cent, average price 71.700 '-8.61»: Shwp 
up 24.2 per cent, average price JM.4P 

COVENT GARDEN (eric's ta SlcrliflE 
per package ■■tcrpi where stated)— 
Imported produce: Oranges— Cyprus: 
Valencia Laics la Wins 4.00-5.20: S ; 
African: Navels -4.09-4.80. Lemon*— 
lutllan: WO/liO'a new crop 480-420; 
spama: Trays I.3MJ0. farKf bores 3.08- 
4.00. Gntpefrnlt-S. African: 2T ril 3.40- 
4.50; Jaffa: 20 kfloa 3.90-4.10. Apples— 
French: Golden DeUdotw 20-lb 84'a 3.00- 
sun. T2's 3 20-.7.M. Jumble bores, per 
pound 0.16-0.17: W. Atumlian- Granny 
Snmh 9.20: Tasmanian: Granny 5xnltb 
9.00; 5. African: Granny Srailh 8.30. 
While Winter Peamwtn 7.39-7.80. Start- 
ing Delicious 8.20-8.40, Golden Delicious 
S.80-8.S0. Yorks 8J204.ni: Chilean: Granny 
Smith 7.BO+.20. Starting 8.19-S.30: New 
Zealand: Stormer Pippins 183 9.20. ITS 
9.20. Granny Smith 9.60: Italian: Rome 
Beauty per pound 417, Golden Ctsllcious 
0.1641.17. 

EmillaA yradaca: Potatoes— Per 56-lb 
3.40-3.80. Lettuce— Per 13 0.60. Cos 0.90. 
Webha O TP. Carrots— Per pound 1 30-1.40. 
Onions— Per SO-lb lJOrjJO. Rhubarb— 
Per pound, outdoor IMB. Cttcumbcr*- 
Pcr nay 12/24' s 0.90-150. Mushrooms— 
Per pound 0.4041.50; Apples— Per pound 
Bntraley'a 0.10-0.28. Tomatoes— Per 13-lb 
English 3-0-3.30. Groans— Per crate, 
K»pi I.W. Cabh3Ke LBO-l.lO. ColtaY^- 
Per 131S 2.549,08. * Stravrfierries— Per 
1-lb 0.18-0120. Caul Wawcrs— Per 12 
Lincoln 1.00-2.00. Kent 149. Broad Seans 
—Per pound 9JI5-0.96. Peas~Per pound 
0.16-9.19. 

+ 

DUNDEE JUTE— Firm. Pnu-i c nod I 
I'K for OcL-ner, Ebiproen:: JBWF- £2S5. 
EWC 1254. BWD £247. Tossa: BTB £2 60. 
BTC £255. BTD £244 Calcuiia seeds 
steady. Quiiuuons c and f VK. tor .tunt 
*hipment: Ifrw 40-in. £9.94: "-'-*>2 £7.77 
pot inp yards: July 13.93 j>« 1 IT 63: 
August-SepL 19.95 and £7.85. * B ‘ mills: 
£27.22, 127.43 and £27.51, lor the irtWlWf 
shipment periods. Yarn and cloth very 
quiSL 

★ 

COTTON, LiveraeaV— Spot and rhipmrnt 
fjlos amounted to 50 ton:iv-. hrlnulng 
tlw tMal lor the wecK n, r-i iunm.-> 
against IM tonnes. A slightly freer lunc 
In nriccs encouraged a modest offrab'e. 
Man demand was to African and Latin 
American growths with occasional sup- 
port for Middle Eastern qualities. 

HONG KONG COTTON — FTlces feB 
about 30 points over ths week in modest 
trading. Tbe premium for December 
over July Increased further to 135 points. 
Friday's dosing prices f cents per pound!: 
July 57.00-58,00. Oct. 5? 50-60 00. Dec. 
6I.7S61.S0. March (n.TB-unour'h'd. May 
fil.TS-unauQtod. Week's high-low: July 
57 40-59.09. Oct. 59.59^Q.N, Dec. 61.35- 
62,06. Turnover: 91-lntS 1235 lolsi. 

dr 

GRIMSBY FISH — Supply good, dcauuid. 

fair. Prices at ahta's side (unprocessed: 
per stone: Shelf cod I3.4O-£4.0ti. codlings 
C.89-E U9; large haddock f4.oa-H.40. 
medium £3.00-13.89; large plaice £4A0. 
medium £4.09-£L89, best sm afl f3.40-£4.n>: 
large skinned dogfish £9.00, medium £6.00: 
lemon soles £8.59; rockflah £lro-C. 49: reds 
£2.09- £3^0. 


Morning: Ca-Ji CJ02.5. £302. £391.5. £301. 
£301 5. Him- munihs E312. Kerb: Three 
mnnihi £310. 11. Afternoon: Cash £302. 
three months £?n, tl.5 Kerb: Ca^h £302. 
three monihs £3HJi. 11.75. 12. 

“ CcDls per pound, t On previous 
offirial close. * SM per picul. 


SILVER 


Silver was flstti Q.S5 p an ounn* higher 
fur spot delivery in the Umdun bullion 
ojartrr yesterday ai 288 J9jp. UJ5. cent 
HQOiva lento of ihe filing levels were: 
Spot 533.0c. up 0.9t: ihre^pronlh 
up 0.9 c: ^ir-momh 653.6c. up 9.4c: and 
li-tnonifr 5755c. down ojc. Tim metal 


t M PORT EO — Wheat: CWRS No. I. 13* 
per cent. June £96.00 Tilbury U.S. Dart 
Northern Spring No. 2. 14 per cent. June 
2S4.7S. July £95.00. Aug. £55.25 iranshlp- 
on-nt Eas.r Oiast. 

Maize: U^./French June £103.75. July 
XlOi.Oti. \«s. £IM transhipment East 
Coast. S. African While June-Aus, C75.05 
Glasgow. S. African Yellow June- Aug. 
£I.i.co Glassow. 

Tbe marfcei opened unchanged. Wheat 
improved slightly hi thin trading on 
trade hnylirc to dose steady at 20^0p 
higher. Harley taw some buying 
support but rues were met by com- 
mercial selims which kepi values d^wn 
lo Uo« 5.13 hifiher on the day, AcU 
reported. 


AiMmllitn 
U rea>v 1 V.W 

Y«real'j - »+ >»r 
thaw . — 

Jliuinm 

Uwir 

Juir. 

260.0-32.0 


__ 

ti.-l.4vr 

248 0-42.0 


— - 

Iwvinler ... 

240.0-43.8 


— 

Mareli 

246.0-48.0 


— ■ 

.Uav ... 

M6.M8.0 


— 

July — 

246.0-48,0 


— - 

iklulwr 

24?.O^OJI 


— 


248.0-82-0 


— 


Sales: NO (nil) lots of 1J50D talcs. 

VEGETABLE OILS 

LONDON PALM OIL-Ciose: Jnne 

300.00- 330.00, July 300.00-330.00. Aug. 

moo-moo. sept, moo-mo*. Ocl 

290.00- 320.00, Nov. 2So.W)-315.0fl. Doe. 

280.00- 31B.00, Jul anquoied. Feb. un- 
quoted. Salts-. Nil, 


FINANCIAL TiMeS 


Jnne 35 f June aaDJicmili sgt. 

Yeursp” 

246.33 i 246.04J Z58.9S 

253.86 

iBase; July 1, 1E2= 

iboi 


REUTER’S 

June 23 IliTno 25"; Month ■^rj’Ti-iii 

_W94.9A495.1_ 1SQ2.7 i575.7_ 

tBnVc: September !B. 1831 = 100, 

DOW JONES 

Rnw | Inn? | June I "Unntlii Ve» 

• 22 J ue" ^ 


,llVM» £3 


>(-*>( . ..f3e3.B2365.5B daS.J9 3f 6 . 11 
Knmre w36 Q.59 358 .86 1 368.70 -6S-5t 
(Average 192M5-TB="ino( 

MOODY'S 


[ June 
Moeiiv'B ) 25 

June jlliniLh'Yn' 
22 j «••• Jas« 

Spte * Vnnmfv|931.4 

sibjiI 935 . 


tDeanuber 31, 1931=100) 


Metals and 
cocoa ease; 
coffee falls 

NEW YORK. June 23. 
COPPER rallied on Commission House 
short covering and trade arbitrage buying. 
Precious m rials eased on light specula- 
tive liquidanve and prb-weekMid book 
squaring, sugar closed on a steady note 
following renewed Industrial price fixing. 
Cocoa eased on renewd trade hedge 
selling and coffee dosed sharply lower 
on good weather to Brazil. 

Cocoa— July 147 JO 1148.201, Sent- 141.93 
11*3.90 1. Dec. 13635. March 133.10. May 
131.45. July 129.50. SepL nil. Sales: 60S. 

Coffee— ■* C '* Contract: July • 160.0U 
(163.751. SepL 143. 60-146.03 < 149.39 ij Dec. 
134.50-135.00. March 1 25 JB, . May 122.73 
asked. July lt8.00-lie.00, .- Sept . UT.Go- 
U8.0B. Sates: 573. 

Capper— June 50.30 tSS.TOt. July 50.10 
i58AU)>. Ang. 60.10, Soul 60.70, Dec. £140. 
Jan. 63.00, March 64.00. May. 65.00. July 
68.00. SepL 87.00. Dec. 68.50, Jan. 68.00. 
March 70 00. Sales: 4.BS0. 

Cotton— No- 2: July 59.05-59.30 f 59.901. 
Oct. 61.03-61.65 (62.411. Dec. 63-55-63.60, 
March 64. M. May SSJ5+3.75. July 66.00 
b». Oct. 6623 bid. Dec. 64.75 bid- Sales: 
5. ten bale*. 

•Cold— June 1S5.W July 188.18 

I1S0.70/. Ang. 1ST 40. Oct. 190.40. Dec. 
iw.40. Feb. 196.40. April 19920, June 
SWIM. Aus. 20J70. Oct. 20S.S0. Dec. 211.90. 
Feb. 213.00. April 218.10. Sales: 4L493. 

tLaj-d — Chicano loose not available 
NT printi* steam 24.00 traded t24.00 nom.». 

IMjiias— July 23TI-2K <231 >, Sept. 
25s: -239 12001 «. Dec 2ffK-2CI. March 
20>;-2fi>:. May 272. .Inly 7735. 

6PlBiinum— July 7t.nn-242.5n <344.301. 

Oct. 244. 30.243 JO '247. -ill'. Jan. 247.00. 
Apr. 240.50. July '13J.40-2S2.70. OcL 
254.D0-2jj.10. Jjn. 257. 70-257 JD. Sales: 
SoD. 

-Silver— Tune srto.Tfl «531 401. July 331.60 
■VL'ln.. Aug. RS'iSII. Sint. KlU.Ofl. DcC- 
ssn.?n. Jar. 554,<»a. March 363.10. May 
.sn. July 5811.70. Sept. 289J0, Dec. 
an.50. Jan. 80320. March 07.80. . Sales: 

S 900, 

Soyabeans — July 677-681 >G86£i. Aug. 

069-670 t6nii. Si..pt. 6S3-BS4, Nov. 636-6341. 
Jan. 639-440. March 646. May 63D. July B5U. 

Soyabean Oil— J my 25.30-23.60 1 25.431. 
Aug. 25.00-24.95 ( 24.67). Sept. 244M4.50. 
Del. 24,00-23.95, Dec. 23.25-23.3S, Jan. 
23 00-^3 05. March 22.90-23.05. May 22.80- 
22 90. July 23.43-22.60. 

ItSovabcan Meal — July 173.10-173^0 
'176,201. Aug. 173.70-174.211 i 175.90). Sept. 
174.00-174.50, Oct. 172.50-172.70. Dec. 
)7» 50-1 71.00, Jan. 170.50-J70.70. March 
172.sn. May 173.50. July 174.00-174.50. 

Sugar— No. 22: July 6.B2 ifi.Ki. Sepf. 
7 n*-7.09 (7.»I. net. 7.22. Jan. 7.(S-7.73. 
March 7.95-7. M. May S.14-S.15, July S.35- 
« .40. Sr PL 8.BO-8.63. Ocl. 8.73-8.75. Sales; 
2.673. 

Tin— 558.73-570.00 nom. (550.00^64.00 
asJf*d'- 

••Wheat— July 321+R215 (S22!-i. Sept. 
323f-3?Vl iKSi. Dec. 3T94-33W. Man* 228. 
May 326. July 31 S affced. 

WINNIPEG. Jtmc S3. ttRye — July 
ira.oo hm fiiwTTO bid), oct. Ms. so nos.™ 
bid). Nov. HELM nom., Dec. 194 60 asked. 

ItDpts— July 78.50 <77.00 bid*. Oct. 
74.30 bid ( 73.00 artedi. Dee. ’J.OO bid. 
Marth 73 00 bid. 

tJSe rtoy— July 71.50 173.10 bid). Oct 
75.10-73 30 ITS 10 hid). Dee. 74.50. Mar. 
74.00 shed. 

5§ FI uv seed— .Toly 234 40 bid (20.00 bidl, 
Oct. -217 JO '537.901. Nov. 236.50 asked. 
Drc. 253 50 asked. 

Er Whe«) — SCWftS 13.5 per cent protein 
content rtf St. Lawrence 163.44 (163.61 1. 

All rents per pound ex-warehousc 
unless otherwise stated. * as per troy 
nunr**— W mare lots, f Chicago loose 
Ss per too lbs— Dept, ot Ag. price* pre- 
rmus day. Prime Ream fob. NY bulk 
lank cars. I Cento per W lb bushel ex- 
warehouse. 5.000 bushel tots, i £s p,..r 
iror nunre for 50 m anils of 99 j per 
wnt purity delivered NY. * Cents per 
troy ounce es-warebmisn. || New -■ B ■■ 
contract in 6s a Ebon ton lor bulk lots 
of 100 shun loud delivered f.o.b. curs 
cbieano. Toledo. Si. Loins and Alton.- 
" Cents per IS lb bushel in store, 
teems per 24 lb bushel tt Cents ner 
48 Jb bushel cx-warebousc. J5 r t -nis oc r 
56 lb bushel ox-warehouse, 1,000 bushel 
Jots. ffiSC per wane. 



20 

BRITISH FUNDS ( 516 ) 


«kpe 1975-78 »f M ' i| B3W. 'ehsc i 


_ . _. A gi:« 93- 1 * <19J6>. 9 i?dc 971=0 

a«i:OC Anns. £‘<p Grower London 9'«ncStk. 9G <19/63. Qisnc 

S^Br^T^^ort stfc 1970.88 61<:<.® ?§&*?&!!& fc'ffi YtW 12 ‘-’ BC 

a$pc* && «. ate $ *N . STd pJj'Vf 5 ^) *• ® 

4oc Cans. Lti. 3Z.-I® 30 2 -. 3 ! » I .19 61 vimnj. u.i 

5 «rOC C diversion Ln. 53 Mi *» . sirrairghjm Con. 71:DcSth. 86'.. 8p 

ShK Exchequer Ln. 1976-73 98. ie « ' ijo.'fii. 9'j0t 950. Cat Ann 

13 ’-sc E*cheauw sti. lOa-d) :• 3 pc 121 .'6 1 

E« chequer 196: 36*.® 1*® *ie Si f i« •* Birmingham DIs C4CI. 13n£tk. 103 
3pt Exchequer UK. 1SS3 SO'n.0 ><i S - 1 . booHc Cpn. 7l*ocSlk. 9Bi; >2316} 

79% 8>>'j 30 Brmnion ■ Cpn. G'ipcSik. 97® 

Bupc Exchequer slk. 1981 92'*ie gnsWl fit* JO 13>jpeStk. IMij® 

S',:* EveitNU<*r slk. 90M) -*t Bristol Cpn. S'zpcDb. 24 121(6) 

gi.pc E«hNUcr Hk. 19 W 92 : i-» N 2 ,. _ Biick>" 9 hainsi«lrp gpcStk. 95 ', < 19 , 6 ) 

»iiPC Cxcheoucr ttk. 1982 A 92- ( l. Wids Cntnden Cpn. S>jpc 97* iZOffiJ 
1, Cardiff CIIY Cncl. Ilpc 94%® >• 

B'-pc Evenequer slk. 19B1 94 ,: i# reni* Con. 7 k 85 

3J>« US"™ T “ k ; ,','V gS^ cc.V^fe^G) .. 


Sh Transport *Tk.1979.B0 61 >:nO igaj 104%. lV.K 107“, «® :BC 

•JO 1 » ?“• 7* *. Barnes Can. (Zi.pcStk. (fly. pa.) ggia. 

Ln 32.” 30 2% 3 I W0 1 3 ‘-« 1M 


-■ i Ju " e 23 


This week’s SE dealings 






Thursday, June 22 


Wednesday, June 21 
Tuesday. June 20 . 


Monday, June 19 ~ ■■“f*" 

Friday, June IS .. — - — — * 

dealt in Msterttay. The huer aw bt dtettoBri 


SlAg 

Hunt M««se 



s?yv.Vjj 




lOrrr E.cncauwr MK. 1933 fl»*. at £9Soc. j Oy"5f f . 


Tbc lilt below records all yesterday's markings and also the latest markings during the week of any sham not dealt n» yesterday, rut ent 
the date tin paremhasM). _ 

The number of dealings marked in each section follows the name of the eases, and the Ibt cannot, t ^ crtfa ? ! - te n *.***u??,n. mwM at the 

Kflion- Unless otherwise denoted shares are a roily paid and stock EMU Mly prices at wWcb bastaos tou teen 

paid. Stock Exchange securities are quoted in pounds and fractions of pounds List npto £15 P-f 1 - en } > - 52^S*SI — - J-TxS — ^ — 

or in Pence ud fractions of pence. . day’s Offloai list. Ho Indlcafloa Is awBaMfett 

The list below gives Ute prices at which bargains done by members of a sale or purchase by memliws or me ponut **** 


- 

iCL 


I— j— KV 


tXjatK9 ' 879 - 4 X 2 


fja fijL S. [wf ga« uoS i&i woiti <onm-Dar^pmam.-npei^^^.:. 

■ ihstoctc Johnse— CtWU -jiyu-yw.^ws fiUBJ nw, aw. ewi ■ *>. tt •*"- -r- ... 


WM.Oe®. CESai 82 Jt*S) v 


10 %k Exchequer stk. i|9S Mf. U %TT Cn^ Gnk 98« 

76 :gc Exchequer sik. 199. 9» ®' < ; ciJ"gew Cpn. gi J St , 9i.? * 

ij'pc’Exchequer sU. 1998 95'* 6 5'i 61,1 c^wfeh fto , nd. f, BorSliflh 0 ot? t 1^^ l «: , "nT- 
ISoc Exchequer rtk. 201-7-17 dy. pa.i “' d j g7. • 1 1 J,oc iESO nd.i *1** , 

94 , . rnc | n?rferdshlre C.C. Si.pc 90 1 S 3 -!*: 78 


Edinburgh ■dir of) iMst. Cncl. 11.Z5HC I The Slack Ex chan bo have been recorded '"The Stock 


Official List. Momberg are not obliged to mark bargains, except 


t Bargains at Special Price 1 ;. A Baivauis done nub or between non-members. -T- Bargains done pnrvio 
Excbangc. Jj, Bargains done lor delayed delivery or "no boymu-m-" iA— SAnsfralian: SB — 5Baham 
SMalayan; ?Me— SHaucan: SN 2-5 New Zealand; SS-sSingapore; gUS-SUnllcd Stales; SWI-SWest Indian. 


12ac Exchequer slk. 2013-17 (*«- at £96 [ ,231 Cl 
pc. LIS od-i 13 i«0 "i* •’* u i* *: I unit cn. 


* Ul * 1: ifiTw. J'* 17®. • '«■’ dg&'yt&hEBtiL 1690 IE no. 1SS.1 

5 fk. 1992 100-.0 18. 12 ^ tSSjm+m 

Hfc, 1994 1020 Kensingti" and CheBW fRvI- BoroMIhpe «1/6i° 

lq. 1981 103% , 19B5-B7 994B 3>; Ix-m 6) Ireland fRen/ oil 


IZ'jbc Exchequer stk. 1992 IOO-'jO 1»« islli'jtO n _£? n - l 0 * * 

1QQ". 1 . 102 '19161- 13'jpc 

12 -« Excheauer «tk. 1994 1020 -» ic« nsin9* 0,, hr® Chelsea 

IZ^ec Exchequer Slq. 1981 103% 19B5-B7 *% | t® 3 1? ** 

ft*, »fS 223 ,re H«? e friS& 


SJ-PC Funding Ln. 1987-91 B4-,« 5 «Q '-0 Uj ewg ffi-’SE?*-!,. 3 %K ’Jbu 

6« Fimd.no In- IBM «2h Jr . W' 1 * 98,40 , SA ‘ PC 


SfVPnnSnB Ln. 1935-87 7=9® 8%0 98'x «UjK «** 

4-c/-d.ng Btk. 1999-2004 iW-iTfr 


Bulgarian 7pcLn. 192S 9% |22'6.. 7iy«Ln. 94J 4 ®. Bt.ncDb. 1577-79 9SJj <20IG>. Bc^ {lincrnatjONl Hl^s.) (250) 540 Dnnl»<50p) WO 

'"*■ dai i «a*Fd,«. ■■■«“■ iaa% ! iiaB?,S 3 , , , T , s?»’Si:i-. 

ii. pe Iceland, iGovt. oi) Si’ncSHg.Stk. 63-88 r™ see 6 >10n) 17'a (216). »’-:PcPf. 17® 02.1) Ouraplpe lotor. fi5n» 110 

is ™«e-cn corps. « SEffiS. r - “ r icat’ip MUk “ w - Ksi bfraunRw 

Sine Kleff fCitY on 5pcLn L4i-» _ nrewcncs fWrexhann l ** ,p ° Bowsters Newfoundland 32 (20 B) 

Japan drcln. at 1910 MJS462 /19>6). frown CMaHhcwi i2Jp» 110 9 C2D)6> Bamhoroc Hides. HOol 49 i22,6i 

6pcLn. 63-flB 70 121 ;6) BueWcv'S Brewery (25p) 47 _ B-ady Industrie (25P) 55. A '.aSPJ 62 *5 — * 



fRen. oil 7i;K S3 IZO 6i 

FOREIGN CORPS- (2) 


japan dretn. at 1910 s 
6ccLn. 63-BB 70 121,6) 


UK (RAILWAYS 0 ) 


Bulmcr iH.P.1 Hldgs. i2Spi 139 i21(E). fZZ/6) 


61,ortJi5.L;. 49k 121161 M MfljM ?«!«», “ ' 

Bo water 197® 2 90 1. ShpePf. «ijO. DrktiS (2tol 26fa9 (22JW i- • 
SkpcOb. 50. 7pcUns.Ln. B4® Dyson NV A QSpVSfl CEO fB>. 

Bowaters Newfoundland 32 (20 S3 

BonthoriK HJdgs. 11 Op) 49 i22,6) >p c> 

B-adv Industries <25 p) 65. A -.^Sp) 62 «S — * 


.^sstBSSKSas 

tfe;: S 

'^SSS! 0 ^MMte a '^atodiUa: : ^RSw.^i|liMA S 

21SM® _ • _ .• f 


«5SP4sa*«>H? 


»fe M|aoaig>a;\*l 

xaifip) % 


9':ocPI. loo:; rzi(S) 


Branhwahe Engineers 140 (20S) 


Canadian Pacific (5C5) E13k JZ1/6). B “JJ®" wood Brewery iForshaws) (25 p) 1SG Bramall (C. D) (25 p1 89 (19/81 


apcDb. 31® 

Central London >Ncw) 4D U i2i/6) 


“ I SoV.h^rt hn- 

7 'iix Treasury Ln. 2QI2-1S 63’4® , -»:® 3, a< • • isj-Be 101k 

Bee Treasury Ln. 2002-06 66%® ‘<® 8 [ ifuinwark^ 97k® , 

8%« Treasury Ln. 1967-1990 i9k T '» f -d (Eor 0 i 12‘;K 99-: ’* UO!B) 


_«2fEi Brammer <H.» (20p) 148 

Cl IV o I London Brewery Inv. Tsr. Old. Stk. Brxvway tlOpl 35 (1916) 
i25pi 57® 6i; <22(61 Breedon Ooud Hill Ume \ 

Courage 6kpc2ndDb. 80I-. 7'4Pc2"dDb. «19-B) 

bfl:* (22(51. 7.1 pcLn. 55 (22l6<. 10':Ot Bremner (250) 52 (20.'61 

Ln. BStj i22(6i Brent Chemicals tntemam 


EMI (50p| 131 2 5-4 3 S8.v 5» 
, (21(61-. 7kpcUl. 57J« (22/6). 
95 • 

ERF (250) 107 (20161 . : 


S 3 iS 3 fc— •' S 55 Sgia< 


^^{'liSrstores 
. 1 ® MW 
2 »nv.% I lr ' > > 




sagsiv- 


ar^pe^ Treasury Ln. T9PO-85 92’ »® 2 'V ^fa'pe (Fv. Pd.l 

B^pe* Treasury' Ln. 19B4.0S B7U *r *« 7 uuji^h 6-%pc 97® 

fl'^c Treasury Ln. 1997 77® 6 ® 6% j55* r rt,c!:i<>.i'e 12i.nc lt)2 (20161 


9"C Treasury Ln. 1994 79® U 8 T > k 5'm 


glc Treasury Ln. 1992-96 79’;® <4® 7 

9^« -*«: 9 Li *i» , . 

Treasury Ln. t9S9 73® '» % B 


SHORT DATED HOND5 
FREE OF STAMP DUTY 


tCPC BPS. Reg. (2S.7l7B« 

7-ra .22(6 


FOREIGN RAILWAYS ( — ) Courage G’-ptindDb. 80':. 7%Pc2"dDb. 

° 9 " Atlta'jgjKa icnlll) Bolivia 20 (21-61. Ln i B t 5i4^77,Ri' 1PCLn- 56 ' =2,B '' 10I= ° C 

5 DC PI 35'« i2DlGl r _ tn ' 03>j izzJqi 

Russian South Eastern 4»:pcB ds. JU'r (20/5) D £ v ( jT e “ orG Br «wy rHIdgs.J i25p) 68 

« 0!B} BANKS (181) Qeve'm-.h ,j. A .) <2Soi 162 78. 5‘iPcPf- 

d4Q i 2,2(6 i 

97ii4>. AlWJiKWra Disc. 239it 40ffl f22 6) OistHl^r^ ^50ai 1741*1*1 17437 ; 

Allen Har>ev and ROi- 293 <22(6) 70. 5%n?Ln 47?, ti.bTli, 63i'® 

Allied Irish Banks i25ot 185 6. lOpcLn. 2... lo.Soelln ttf 016 7 ‘ p ^ Ln ' 63 -* 

ArtSthn * Latham Hides. 1 GO aV^, n (Z |5i A 1 1 2 ®' BDcPf ' 

Austin, and NZ Bka. Grp. «SA1) 270® Greehe^King sSS - cz“l 265® (Z2(6> 
99.99 Bank leuml (UK) 150 Guinness (Arthur) Son r25o- 163® 4® 5® 

Bank Of Ireland 378. lOpcLn. 176® (22 : 61 ‘ ' 3 „, 7 ,KL "v =6: <22 6i 

»■ Bank of Montreal (SC2i 15-s ufi2S.- Ha J^?, ! L (2S "> 1,0 '2Z S) 

Bank of NSW .Lon. Reo.i ,SA2i 545 UlS?™ 0 .,? 1 ®* 1 !/* ‘20p> 129 8 

Bank 01 Nova Scot'a (SCI) 1S<„ <20'6* 

i< flank of Scotland 270 ,P 5 P* 2G 2 T 21 61 

j; :(>: Barclays Bank 3 07 So 9® 12 ® 41® B 10 SSEk^iSiS?!?. ,Z f?i 101ffl 122 6l 
, 13 11 9t S 12 6 . Bi.oeLn. 69%; ?? D ’ ’52 

< 21 . B< Barclays Bk Inti. 7l !D cLn. 69% i! 3 . Gi ”!"*A e,d _?57 (21.-E’ . __ __ 




_ 88J 

M- t® '- 1 '-'V/’V': •• :-• 


Bntish Enkaloo t2 5 pi 14% 


Thompson Evcrshcd I25pl 70 69 S sfo^ 


>1916) 

Eoglish overs pas fins. <10 p> 30® 29 


Newcastle TOni 65 • 4%. 7%P«Pf. 

GpcDb. 67I' B’aPCDh. 


7 \pcPf 7liDcDb. 64*2 
B’ancDh; Srjflsh Levland 


^SSofSc^tH.^/W TOa>,«? P» 




Variable Rate Bds. B.Spc «Z5-2«I* 9S.460 C((*e D(sc. Hfdqs. (ZOp. 74. 


Variable Bate Bds. Bispc <Z5'2(d.« 9S.460 Sr^'K.' "(ZOP. f4: 3 g.:^p?.' 97 7 7 JSn5f 5 ^ 

ISijPC Treasury Ln. 1996 11. ■» 90471 ii9.'6i _ Cammerrbanfc abilsngesellschart (DM 50i s ', f ^ D ! 1 -" t v -7 1 -, 6 , c, Bntl'ch Mohafr SiUnners I25e) 46 C22’€) Eukhiib Trade Trnsiit 

IS 1 . pc Treasury Ln. 199B 121® 20'.® 1 viable Rate’ Bds. 7.G3750C «27i1f82i sue 87.25 «20(6i w a ,n-^ * ET-- V ZSrt 1 ' 5C ’ 2 Ll-^Sl ms h p®"?<nn rVo7<25P) 47 8'b Z'l Enrowmn Ferries (2Sp) 

2‘TPt Treasury s(k. iReq.) on or alter Sg 539 09 642 ng-6i Deufsrhe Bank Br. She. fDfa'SQ) 120';ttt "- 3ln «r Mann Truman 3>apcDl?. - • <® H® b “ *4 -*ocPf A 42<i T » <21/61. 7<apcDb. Eurotherm Int. New (1 

1.4(75 20 S<* 'a® 'll U -23'G» unriable Bare Bds. B-5pc n7 2'02< 99.600 r '-- 6 ‘ . , ii^ Db -^ 5,, a (2016). 4 ‘."rDh, 5’® e 3 ,,%,6i E» l™**- GSp) B9t 

Sot Tr-'asurv stk. 241* u -20 61 on eas -19 61 Fr«er ansbacher IIOpI so *7 2 ^ ‘ 6<v;nb 56® -22 S' -pcDb. 63U e “.k qi-« rerp. R%3<P* 50<s rZl'B- 63«: Q0'6) 

4ik Treisury al 19TS 95 : '» •<» ^ , v ”rin D le Rale Bd*. B.Spc >24 2(B21 99.468 ^r’' l,3n *' ,5 lKol, q' ,2S ,V 177 ® 7 ^J’-uCDb 65<- -21 *1 IOi.-dc 51,oc2ndl»f. 44% (*0(6i. 70CLn. 79B9-0O Ew Ready iHMgftJ Of. 

w Treasury »rk 19S2 Mk »i* I* < V,.- K9C) G-hhs nnronv, Hldqs -2 Spi 41® Dh es (20 61. 8<-oeLn. 5C .22'6I 61 iT^ _ 73 

»?PC Treasury Stk. 1977-30 IS W.> 93V virtab,; *»HS Bds. 7.2 5 pc .19-1 <831 « IHJ Bhh , 3 l®t® A ^*5' ~ T -?'* •-Vlff Bollfh Steam i20p. 91 iffi' f 20a? 

3 1 . 1 . sa rce qq 668 Mg E, i.rlnn'avs Hldos. I25p> 104 I5IP 1 !4i" 7pc3rdP*. ?*- 3 (21 6J British Suoar iSOd) 107® aydde HWSp. (200) 34 

... «r,-B m DO ■>. % H? yaoo?' IP - n _ r unn ,., M.hnn HIHa. 471. .in si 4i-n-Oh Jit. c 1 e-., Bniisn sugar ■ pu w _ IGeoVl MOD) 35> 


•25PI 14<j I Eogllsb Overspas imrs. Hop) 50® 2903^ : x ■ •■*-•••: -CT-<ZW6V r- — <V ••■'•• 

w w 1 2 jSfcWS? w- ,o ^^ j *. 


British Leyla-d Mptor Coro. fort.". 2?}» 6S> ( 22(61 \ I 25p) 671 

40. 7<:ocLn. 53 <22.6). §PCLn. 52% E nglrSh gSjWfc 7MDb. 70® OZ(6).V.;. , 4 P ^ Q1) gy 

%:. 7<«pcLn. 55 eew-'^A^fKSSmazoa TfopOaSg. i 


rt t t Vti bUU ' 4. w u> -»wu. ji-2 KUiflli >1 'a^CDh- S^4) PTl 7i CVS |noj a |, 

Fraser ambaeher IIOpI *0 ‘ 72^1 GnsDb 56® -22 S' -pcDb. 63<. -S..A. qi-« rerp. 8%acP* 50<s (71 1 El. 63 •: (20'6) 

24 2,82) 99.468 Vi® ’ 77 * ? V Sw" ° W « ! = ,9B *- BO R “ 3dy 

25pc <19-1(831 Bras 219:® -22'6» Whir^r-ad r a . A r25 0 1 87 -® 9 T ?. 4%oc B "L.r h S i N m <20o> 91 (I®*) E«red Hljte 

i-rlnrf'avs Hldos. (2Spi 104 T51P' !4® 7ec3rdP<. ff's r21 6> RHClIh Simar iSOol 107® Jwxte HWm 

16 2(83199.600 Guinness Mahon H«t*as. 471, -30 51 4u B -Ds 41 ;.. b<jo<Dc ec*,. 7iaoc nr t ?h syphon <2 Do' 54 (27 61 Ewer IGeoj 

Gumnnss p-o; f?5„ 22R 30; 29 7 Ln 571,®. iW“.*i43r. 3'.* Vra»I J3S wTpgSSb dM 56i;. ««» Eragbur Ji 

Himbrcs (N1 '25(» 180® -.V»,l-pr«. 0 Inresf <25n, 8S 07 '22 01 ..„*■} /. 3r ,4»- 7 9 l^fBcPf. 1 


ssaae 


ril-SDAS OSrt .79; 1 


Jpc Treasury Stk 19*2 Ml, *1* U 4 Vj'jE, ,:9t) ' 41 ® 

*!;«: Treasury Slk. 1977-30 <5>0.' 93V. varIJblf R-’W Bds. 7.25PC •19-K8SI 5 ',',2, *,1”'®’ 

1 1. j B ', C c qq B68 iiq Qt C-rinn'JvS nidai. f?SP« 104 

*toc Treasurv Slk. 1979-81 «9 fl 1 - "* r^c Bds. 8.5l* (ISOTSi 9S.600 Jujnnw Mihji HUa*. i? r . -30 

k 'rr;: M ,B - 1 6S * 6 " ■> •■ sssss W 35 7 

. 1 • P “ ° i* . _ ... n .^ir in nxi and « *-*, v _ . 


S’rbC. Treasury sik. 20DB-I2 <Rc9- «3C 
8^ac "Treasury srk. 1982 90’*i» '*i« 


Pl^LlC BOARDS 1^2) 

FREE OF STAMP DUTY 


turamenn mu new dun ibio w*® '3 , ^„-v,r„„ Mofor 

En Inds. tZSP) B9h CUNGt - ; 6b*e^L* Ban,n9 


9-00 E«r Ready iHIdgsO C25o) 1SB. WfePeJ S«SS VMe^athMwl * r££»1 Tl» 18 XT J 
E^ed HUte. (23o> ITla 00(6) Vi 

RS? n l Ait • • : - V j3% Crow qot»H6^ BOdk 

^Sf. \'7g' r 3 2 jsi i0) 104 <23 * St - KTMKd. to G.) BhPcPt. 3A*a- (Z0/6T-/ 
■change ‘Tewgrapti (Htdgs.) C2fip) .1Q5® » ’ J 


Kent J 

vnM international 


H'll «,muel c>Sr-i «“ 6 7 Wmb 3<-t®. I ^"'vl-hamp-Dn Dudley ,25 


'll". S5 '20 61 


Honnkonq '«hanahal Banking >SHK2 501 ‘-'Pi- 'SNi ,«5 -lg-gi 

,Z~l? Tnvnfc"- 1 75nl 62 3 M"'5> CANALS AMD Df'I'K? (S> 


d*d" DiNtlyy «as-< 3040 7 British Vending Industries MOP) 30 

g-ewrrv A 'Sijp- 174® 5 Non. q,.i!»h v/:,i ,2Sp> b3 (22 51 . clf±L5i 

•iaS-1961 SrttamsaSp) 27-.9<*Sr?r ' 1M ' 1 aD *’ fiSca 


i ciom.'«i «afs® 




104,1 ao *’ <25p,6s Q1 ' 6> 
noS? TOoVia L*» 7 ' "A Construction Grp, (25p) 


rtci Channel Ship R Wfl irers HOpl Ik R-oVen Hill WJJWJ ^^ lr B f T 2 o») 66 Falrbalrn I 

nchesrer Ship Canal 225 3 <71 ’6). 5 pc Rrook Street Bureau or Mayra ir ( top Fairdough 

■ J0 'v BrcHjue Band LJeblg._'25pl_42-S® Falrrfale ■ 


Mnr*nv Dorks 22. SVy-D<- 73% (22 61. 
f’'e«Dh. 41 ;. G'jpcDb. 43 20 SI. IN Or 
Dh i flO 


(2216) Ir-B • •• 

Evptkm Metal (25p) 65 13116) ... _ • . 

fmc asm ee . i_c.p. Holdings oSBiwjja^^. 

FPA construction Grp. (25o) IS •> “.»< LJC. ' Tijyii^gitti .; <»W- 

FafAxaltn Lawson <25o) 55 1 84® 2® M 

Fairdough Const ruction (2Sp) 67 9 <?0to EaSbreke .^Sl^f^ofSLt 

Falrdalc TmcTTes CSP) 16b <22.6). • a ’ 7 » 9 S ' atSn M 
.Non-VoO_ ,S0> tsu (22.6). . SpePf. L f|,^ Mde fimSrwSf. - 


. Qoeehs: Moat House® «S®* > 

Cwfek dh jj? OOvO %41J* aott*. toper 

Mt* •- '• s- 

~twrT<B(su®» evop) as. tear ' 

,Ra«4 Efectromcs. <2Ssd 2*4 2 90 X 3 4 


2<: 4. 5*,p«0b. 73® -22(8). 5'mcLn. lNoo . Vot j l5o) tS4 (22 - & ,. .SpePf. ifl.Sf ^ide Out&wSt • v .'-••• l«4dto- Jte 

%rvs«Sj'i5® -o . diwiffi-. -2 «« >*:■ -aa, Jrv£r V-^^faesr 

Brptherljeod f f '5°°’ ’ ” . Parmrr iSW' (2SpJ >20 (20-6) «?, ' {J/itfGreuP asp) SO® 76. NW/Ord. I H«ne^T. 


-6l4pqLit 50® 
rhier.Mdimtrieb 


Ooekt 7i i20l€) 3'jscDb. 27% Brothorhapd *PJ ' ’ s .l, (S1 Farmer (5V7> (25p) 120 (20-6) ’ G roup (25pj 

co *> |r?wd jectsan i 20 .^.^ 7 pePf. Farn^l Electronics a On) 2550 80 6 ; RSd) 7M6 “Tk 

Brown Tawse I25n1 83 '-0I6». /Dt iwurairt Land Bnllri. Co. (2 So) 41®. ^ -. L.bn Elliot <25p) ! 


*£2^. 33 C21f- 

ssvwwf 4 *'- 


COMMERCIAL (2.143) 


, Brown Cover' Kent <2Sol 52 > (22161 


Federated Land Bolld. Co. (25*0 41® | Lake Elliot >25 p) SO®; 


Tr«-asu«n- »lk 15T2 107" 


Stiincs 3ocDb. 25 


Feedey (10o> M (2D"61 ■ 

Fenner (JH) <25 p> 139® 30 *22(61 *»!;•• 


Latnonr Holdings <*4f*l 

Lancaster (D. M.t (5p)'5U . 


Wenxac Tewttto - OSpj TXT l ' ^ 

RMnday Cnoop '<25kH 6y>® 2 3 
Rarik OrgayWirtion <25pn Ls?® 7 9. 644 
SO (<®4y. . apcW. 67L 3V 

. SttpcLn. J-4&,- AZIGC fiod-P. 63V 119K 


nE-9/F4?h-. " - • ■' 
Ji-ac Wxr Loan 29 


*« 30 2g ">» j co>uiovv.vi:alth govts. t.=n- 


Bri-.,h flecin-.il* J%pcGld c*k. l3’B-75 
95'- 6' 4 '-pcGld.Mk. 1974-79 9S(, 


FiEGISTERED AND iNSCIttaSD STOCKS" 
Australia iCwnuwliiu B'-oc 1975-Te 99 5 


flop) 72*2® It! 2 <22/61 
: HktBnatJL <5p) 37 1*© -• r, 

M bead . "Concrete <2Sp) • 115 la 

Ccumao 3 170®' 2 70 5. Sc 


. "TeleyWou S-SSnere: 71 


London Counry 3pcCans Slk. 23. 5<.-Br 

T 977-01 05'i <23,61. 5>;pt 1982-84 

771;® 0i HP- 5<:PC 1905-87 60',® 6PC 


coupons payable in London 


Anialg. Distilled Products <10o< 34. 9o<Ln. 

97 1 1 9/61 

Bast Charrlngton (25pt 148® 520 49 51 


95 : -2J(61 6 ?k 67?5 ’ Hah.s .Stale of) SocFundlng Bonds 1 91 5 I Ba« CTiarrlngtoi (2Spi 148® 52® 49 51 

Corpn. of LoiSon SijpiStk. 93',® (2316). iPlan A — fnt. now l“»pc) 00 <2161 50 1 *2 *9.. docPf. 32>«.® 3.0. 3><ocDb 


Alcan Aluminium UK 158® 50® 7 
.22 Rl. 10’;PCLn. SI '22 6.. SpcLfi. 
137® S 


S'jpCLn. 64>-iD 3 <22(61. 
‘22(6! - „ 1C , 


gpcLn. 71 Foster Cohn) (25p) 31 
B3 QOyi 

e erth fl rgUI Harvey (25 pi 


AJg e ma P ,?Tnd«:r.« .fsrt*2?S 2( fir S(g v P "S HtdiVTocDt. 67^02 6) FM l»ds. «25pi 71 70 «*«• W- Liner*. K«mF X'QSgj' M»*^« “- 'JmHjgf- ^^0X^9^ 

G.) Sens (T.p-pm 25 p) SO® ^ ^4 n'^^ 0 Paging Industries ftt &|g8ll BM »«?»< ^ " n ^- ! . W- teJWg^te S ' 

Allied Clings Grp. (10p> 30C SO 79 »1 C NPV U.S34.05* p340 ijU/ei Freneh^Klor HkfSl. (25pi 31 %® 2-. 45 y 

Allied Farm Foots EprDb. (--6). canning Town Glass IZPcDb- B9M (20 6) c^nili iThnmaO Sr.n, (1 Opt 65 1ZIIS) New (25p. 120 J . • PCUI 9 . 


Motor cycle 
noise rules 
on the way 


Alqinate Industries '2 SdJ 265 •. T 6» 
Allebor-e It On) 10!; (J2 6 1 .. .. 

Alien lEpgari Banpur ,35 d 1 55 r - 61 
AlVn >W. G.) Sens (TiP-om 25 p) SO® 
<27^1 _ __ 


r XIX: ,cnm 155 <22,61 =nth“rqiii tiarvey 14: 

L^Ort 32--) «U» Jtejjcjj 'C.R-'O?. 


Franc,* lods. <75p) 
68 


Llncroft W SsilrtKW ~ \ 


InsulaSe-s -‘2501 70 .22 6' , 
Plani G(p. nop) IS; ::0pi 


Futei? Hldgs. I25P> 38! i22.-6) 


W WduSralV 1-Agiaij£-i 92 (2D 6) MHUarateTST 

«r c ?s s . 3 ^:?=?iz hmjsr *- ,50,,, “ ,a - 


BY JAMES MCDONALD’ • Financial Times Reporter i: . 

A CALL was made for the with- of whether the RSPCA should XEW regulations on mntorcyck* Andc%pn C str r i l --!': l iv fc 5 izs. a • f)'.® 4 '= 

f~l OTvy iii>i 1 r.r rmrol nitmUflOO F IT. m uipr HpCtrOV *3 hp^llhlr' hill I I 1 U . !_ el T*'l . G-J- A -I _ 


Financial Times Reporter 


IS0PI S0 ' a - ® l,pc0,, ■ Gartord-LilMV inns. <5P)“l3 . . . 

Carr (John) . Doncasttr) ,Z5o) 43 Srtons ^10 p)* 6 lllS) - - 

Carrington Vi veil* .ZSOi 35 '? fe- 6>:OCP<. iBatupl (20p) 10S.v10.-6) 

511, J, 49 -22,6) 8BCM. 62<« -S (22 6) St*T, Fnink Tfc) (25p) J>0 
Carrcn 'Hldgs.) >25o) 50 GdHer LA. J.) <70pl 3B_(20(6) 


G-H ... 

Gr’iWiS*.)*?^)^®^® . (227B|" 

Galll lord anndley 15 p) 57® (22i6> 
Gariord-Liiley Inds. «spl 13 fe -- . 
Garnar Scotblatr i25p> 94 U2f5) . 
Cartons "ICto) 6 119.6) - 


Unread -25p) 35® (22, "6). •• >. • ' g£w" f25pi_B5^ fZVBT 

Lloyd 'F 25 H.'i HufgL (25oL6e%® 71® TO % .Jmookg.OOpy is* bat (22/6? - 

L oo We a ‘S'”: §lg J , 1s7^*’. -■:■ -•• V 

London 


STteff .oaTupwigri os vi®«, * {SOP, w,: v . 

feanwcre . , » . n%“ ? r 6 - 

so:. 6 ptf-n. 66 41 * <19 6 ». lAnsdateUmyereai <^pi 90 1 • • Rouem Adbird ( 25 P) 97 . 


WK1I-.1I V, U*-- aumy. » nt liic» is,|ivu<;u 111*71, uuu« I - -- v. 1 ; , , y 4 1 « r ir u. ..... q,|| Qylhis GrP- <« 

royal patrons are: The Queen: towards 'their dogs and -towards capable o£ more than 31 . US mph a^«iand book Pubiisni-s 12001 sis® «,* ,22 6 > ‘ ° oiijc«e 

Queen Elizabeth, the Queen rociely. Wardens would en- <50 kplif. Mopeds are excluded antim Eng ne? r ,rg Maw 7 | ce-rtrejjwagon n 7 i.PcLn. 970 ( 21/61 G!a» 0 u Mwai P Hid 9 s. 

Mother: and Princess Alice, courage neutering and demand From the new regulations as the “ 


, MFl Fonilture Centres (10p>'-94 3 2. 

r i nni 69 r22.'6i M.K. .Electric Hldgs. (25 pi ig (Z2j6) 

US5* -q® ,22 6) M.r. Dirt (iOpl 580®. <22tt} 


14-:pi / Srtrewa. «SOd) 234 Glass >■«» '5® <22-6) M.T. Dirt (IOpl 5B<2® t2Z(W , 

*•„ .r;« csrffi;,; s ?Rip^.°p, 43 . 22 , 6 , era** aj-Lgh r,%,. t*— . 


Iisumci. riinscM mue, tuu»4,B «vu.r„i, s a.it.uco.auu, '■SJ a AtMcfeled Br.Mh B OOd< -To. 68 5. 5--DC GnSHIBWUln PniPPS ■ <opi *4 .^moi Gla«> Grp. Ga»cLn. 280 MSW- Phl?K,c e DttCPlS (2 Bin ! 92 JOW.WOcMCr l 

Countess Of Athlone. to see licences. . EEC has so far failed to agree un-ai. -SOI' :i: Z 2 0 . 7 'rPtUns.Ln. Chambani Fargws ISP) 14ls® 12or p. SOP) S1*I « 0 /W 49 7i 1B CLn. McBride” (Robert) fMIddIMon) fOpeW. RSbS^kffaiii’yq 

Mr Rihharrf Rvrior t >.4 RCPPA on t-hanserl standards .w a*s i;? «•_ c ^«“ ware, hm 22 <21 &.. i&cn. Gia« Hidgs^son^ sab- si «*. .ssm M®, _ __ SiSSTILiaStt 3 - 3 . 


R opens Ad lard (250) 97. - ■ 

goteOSM^foMli USm 74V.- J9/0).- 
Robiaion Bros. .tlpcK . tos , 

'v^*U*.'6? SW 197 6 '• 

Mott " Mla »- tasio 91® i 
■ -Rtpi'cr Hldgs. a"(25p) 45,%, . 

JHIdgs. (5 pj I 8I1 <20,6) 

RotaFhsx eet Sritaln) (10 p) 52 CZOfGi ' ' . . 

hoioMH-ine 1400 ) 43 22 / 6 ) - “ 

5«“ri FfoEffS™** * 4 Jl 

- i°*?i3(S> Construct, on Slow 1 04® 94 

R ffiOirt e 4ftS*‘rt l J225 ft i5 ? <,J ^400 5. '.' Now 

Bowwn^Hotils U5P) 163 60 (-9ffi> 

5W5J. . WO omjo: 125 P) 126® 122 /8) - 


Mr. Richard Ryder, the RSPCA fbe importation of sperm on changed standards. aisoti*'^' oVrras -Tsa-. 221 ® it:® 2 b 

chairman urged members to whale oil was another problem , Many motorcycles already con- ElflCtrlrsl Inas ^ c0h . 79 , ; 

canvass MPs in advance of a which the RSPCA was fishtine forra t0 the P r °oabie new noise B o',. ssorOb. sb'-o 
general election on these im- Se Sid ** 8 ’ level* and the Department of m 

portant issues. ' Transport said yesterday that the 4 u«wm fk.-ic-im ( 2 ;?i «s. 7 w 


C» e ^p Z °.25p) 105 6. 7-v«Db.67 c&Sn^- B TBS**— 66® 

-‘M .in., mnA inA _l 2 VW ( 2 Z 6 ) __ . 


Bugay Portland . cement <25p) 75® »* «fe 

fS 75 PJ * 4 h < 21 / 6 ). tocUraxS 


Unstd.Ln. 69 <19 , 61 


SSSrel <CE> FoSted Snd SOT C25p) 

(ig>6) cn na-6) 


McNeill Gp. <Z5p, 44 C22/61 _ 
Macpberson <DOfi«ldi Gp. <25p) 


Kusran HormbY. SpcDb_ G 9<a'. 722/6) 

) 7® 122/6' R T" n <L.) Hldgs. C5PJ 12® bi 13 
(20(61 sGa r a5p) 6 l57*.fl C2216). BO^cUmJ* 

im* '■■■■ 


r-., u qh Bros KW 
Gough Cooper (20o) 73 
A Grampian HldflS- (*5P) 


.T giS i 

JgSLSFtSSfl ^ow«9.' (25 P, Vtaw Lysas'. w 

g^fam. Co. <Hldos-> UOg, 18® .,16 ^ ^ « 


Producis ISO. 794 (226* 
reqoi Bin, '22k6). 9PCFf- 


S-l IlOo) 18® fj 16 14U6) - * ■ .wcunsAn. 

ICPf 43 120 ( 6 ) . Scnlumbcrger UUSU £S£h IMUR\ 

.25PI 290® 4t 5t- 

WW 1 " ” 

is:! an 3 :«?- ® S^aSNE**’** 


portant issues. ' Transport said yesterday that the oUocra.OT F^encs nm «s. 7 wcuu*. s%«Db. a hue S^L*'^?^ l SOT» ro ^) 68 0 (zi 6 ) ^ ^ 7 ‘SfSV® 7 *-® <XU6im «**"“•*■* 

First was a call for a ban on UK motorcycle industry would «< ; ® ,* c ». s L S? <.W 3 2 ' gJSSr*^ 4 SUT ind sot case) as ' 

the importation of 30.000 seal have no problem meeting the A ”“' atM fi1 ^Tr’n 5 0 in ‘ :r5 52 - < 20 ' 6 '^ PI rlon'iam H id«s. « ao«) m „k somtiwM < 2 spi it 7 *^ saj» Hoffi« { c 3 S wl^liS . 

skins from Canada each year coll regulations. u&tji. Is*': *21 ®<' _ cmi sere,« supply assw. 4 i,pcob. 57 c-oodma" 5 ^- fSSSS<re n *Gi.B?* «pci*r m O i 25 ol° 47 'i 0 p 1 0 7 ^ a2 ^ 6 ’ tSSSS? %' 'f ‘ i® Vn 5 w 

into the tDv, so avoiding partial 10 SC 11 The annoncement about tini- s^Ccr i as - 1 0 ^ ° 3 s 5 ® 7 crarke’.ckoii* coombiy < 25 p< 64 :® G 29 t ^ 22 r 6 T. n A^rf»b we ( 22 '« mmmhk Agmy and Music <iopi '70 276 ® Ve < “ w 92 .^ 2 [>,, »J- a X 2 Sp) 

responsibility for the slaughter /wwVlL L in§ of ^5 regulations followed Cors,n - A ort - ^ g?; k ? ll ,Si rd V% , 3 p| , 73 ® ,6 ‘ S 3 S 5 «£,s?g£. < 1 ' 8 ® 3 ? *«*» * KSSS^flwBy" ^ -osw &«. 52 

of hahy seals in Canada. Second 1 OilOHl hfllTIP -correspondence between Mr. 1 8 M 7 adei#y (Hiags.) rev AB crawn^iHi™ 74 ® nS® b«« «•** 7 * 1 ^ JA^i?S “TS* ^ 

a ban was called for on the "cruel 1 ™ ,u UU11IC Roderick MacFarquhar. Labour , t » r S- ,c ^ 'Sft 5 i A ^ra C n°°& ^U s 6. 7 « 2 D> 6 ) ^E^T" MoWaw lBW 74W „ 

and unnecessary export trade in THE Greater London Council's MP for Belper and Mr. Audiotronk hipps. mop^si 19 20 c 25 p) d * 3 B in Pramoia w a r t, Pj 5 ^ «® 6, a (22 6 ) MMff n a and C wew l ^xer 1 43 } i 2 » 6 ) <a 18 scnivmtwrav <iusd ess! 

live food animals.- The . third ? 0 Hcy o?se Hina council hSSes John Ho ram. Transport Under- && «ST «»SJW “AV «® 5t ~ 

necessity was the inh-oduction of {o sitting tenants reaches another Secretan,. ^ -,o,< mw c 2 ,^’' Mlvn toh 1 <- 4 «Pf. .. 2 "ca 'w«i M 7 ^ Mir aw 139 « 40 37 

mandatory dog wardens. landmark on Monday when Mr. Mr - MacFarquhar said that *«*£,&■ s^uSS •»«».. ciopiw s c M>. P 66 «uS«.U si® -i tfd. TSEf n 3 » < 6 *«li«y 7 . 2 s?) 5 l^s 0p ^‘ * 6 SSST TpV'ZZr' 

Mr. Ryder said: “The RSPCA George Tremlett leader of the maD y of his constituents had Auiomorv* ^ 5 “V 2 .^? 1 * |^ 5 f. uSwq, ‘iv” - 4 '>i ,clJ,, * cd Ln - zsu - cH 2 " an i> 5 rap^ii^”o^’(Mo)® 27 fi» . « S. i wwmb ^<iop) Tjj* a tfaw? I Sara 

is heartily sick of its role as the S?r s houSne Sliw com- complained of excessive noise Srfcftf- c^^H.f’casp. 109 ® w* ail) K^s 0 u«i < 1 <S§ii 4 ?ls ni _ " 

nation’s destroyer of unwanted SSee, tanS ove® the deeds or from Japanese machines and of *«« s * Wl C A "zspT, 34 ml Sons ,Hld0S -' ,ZSp> ,4 °- seres ' a (bo.soi hb® 9 ® '7**n- 

doss. If dogs cause pollution and a h 0U se to t.hp 1 000 th tenant to lt,lerfereoce t0 television AYO n Rubber 196. «. 9 «ww. so <- < 21 *' i»». .asji m® mdustrui hio« mopi js> w :® M 3 n/!TrN^«geS» !*□ tai«>„ (asS ,V^ 5 0 I24 * ^ E2 ^- A 

traffic hazards — then it is up. to Juy See the Se w s re- reception. lnd(Wtr . ei 25o . s= =® ,7 1 ® » niw bs W' •§“£&." C2 °* ) 123 7 -*■ A N - 

the Government and not the rnmyhirad in Mav last year Mr - Horam t0,d h,m that P° or or® ' *= 7 i® 31 * bbi® 72 7 e- >22 6 . SSn 5 ^.- M " tam 0001 M *SBh t wSL , 3& M 

RSPCA to remedy matters. ^ ^ maintenance could load to mal- g?ou 7 ^'" 2 sp. im compAir <2 ” 7 ,. JsfeSsiShasar w f22,fi ' ' ressr 1 '. .» 

tf We are in business to help Mr. TYenvlett said: We function, but the original design B' l ‘ r J 1 ! :, l , i J ,! 5 ’»• •«? min croton ,j.« son, w»b (Hids*.) < 20 p» ^ , D or SSt OT cS? cos. r?o«i « & 2 ® sS, " ml isw.7 6 . 3 ,.<is# 6 ) . 

animals, not tn help humans by reached the 500 th sale by April 3 nd construction of the machine? co^n 

kHfing animate. I am fed up 27 and now we have sold another was regulated to include Che 5 ,^^" „ 0 p, ie j {SS ^- 

with the wholesale destruction 500 homes m only two months. necessary controls. -i'zb- . 15 l 22 . 6 i. c«*S-* induiirie* tiopi 191 , G IJiV ?-^, and 7 K^ W 6 B ( 19/61 MSSSSTijwi^JfiipBsiizspi i£o®. 6 pc IJwrw^yS'Je^ort 1 *) vSm *** **•- 2 

of healthy but unwanVJd animals “Our target is to sell 10.000 More than 100 different B 5 .“p^pl “ 57 " u si's' 7 i*pei»- 6flJj cop<- Aii-nan international rspi 6 o®. 7 i 2 k dS 1 ** 2 ? 1, Mrta 7 B» sto® i 5 ® P, io ,< ? 2 < i 4 ® 4 9 nc ,a6p > 42 3 n*®)- «•»» 

and I have had enough of govern- homes to tenants by mext spring Japanese models had been ™ z ° d? * 0 '«« 39 '* ^ coS so 4 b ,f.i Co isd) tb® , „ ni0 90 <19 ’ B1 - ■» 9 s.«oi 6 j 

ments expecting the RSPCA to to enable all those GLC tenants tested and approved. Some !|g- Jf^SV®' *w*ieo s^n. so® ? 8 S^ailWiii G^S p « 2 f s|?\i^?i, «o®i M , 5 .T'cS™ , ^? 3 .iBp* , {S 9 UST £SS 2 S< 'k&&U> 

use its charitable funds tn do the who want to buy their own owners subsequently altered the 10 “® 99 OT - 5 - com w«« Group /top) idp a hjwi precision Engin«rin 0 isp< so <20 6 > Mewira* ,hw».< isp; « « 2 » 6 ) -- fbavvcFrancS) cam 2B 7 jr<ii( 6 ) 

nation’s dirty work for it homes to do so before we trans- suppression devices in the belief ?s« aw s 432 .» 6 .. cornjii * 22 , 6 ) mSSh^mSTi oobi 9 m .ii 6 ) R? cM^u^e * 1 ) ^Sm^nV 7 i 1B c i!wni£! d SJwi) ; «a§S'iSS*M 

“We have just set up an fer our estates to the borough that this might improve perfor- B &«k w.uok -zsp< m 7 8 . 4 pcPf. Jjjg' H 5 l l 4 ^rt 5 ,, ? 226 ) tl0^ ■ , ' “ mwSS 1 , ft#? .sw «“* IK 

inquiry into the whole question councils. 'mance he said. ’ construction <iopi 10 cost*m fRkhard) ( 2 Spi 273 4 70 HjiiiSatii'evii tasoi 215 12 < 2 £g) miiict rp.) trexuiei hop) «s r 2 o/ 6 > 120 ( 6 ) . . a °” m w " 7htKt - tu 49 ** 


TflrtPf. S3 >226). BUprt-n 64', (22 6) Marshall's UnhwHl <25p| 1 5fi • 02<6) - Seare^Kklss. asrte^ s 4f sa- - 7teleJ M 
Cretan, Store, A (RO.Sd HU 9® ** - i 

r^rSimk industrial HI dm (iOpl JS'i*:® Martin (Ne w sage mi zsq (2i6>„ ' N.-*tg-- tatg)" iV?$o Ii4 ® 4E2/6). A 


BUS 


gpc 4 F ^ her 42 3 C 1 « 6 J. Nw 


PF. 5601/61. BpcUnwjl.Lii. 90 t19.'H). Sharpe (W, NJ C25U -19s (2t)(B) 
HAT Groop (10 p) 32h lO’vDCUnsaJ.Liv 83^ >21*6) Shaw Marvfnilap) 13-01^* ‘ 

HTV Group (2Spi 111 'l 11 <70 'SI Metal Closures- Go. <25 di SB 9 Shaw Carpets \10t>) Rb'UfiC) 

HaWt Precision Engineering ISpi 30 <20 6) Meta I rax (Hldgs.* (Sp> 44 t22'6t -- Shaw (Francu, (20 p) 23 7)« C2, >6) 

Hiden Carrier (25pi 95U ‘i . Mettov *2501 Stii® <it® 2i* 1 Sheephrldse Eng. X2SW 73iJtt ■ 


10)»peUnsoJ.U. 83% >21 *6) 
Metal Closures Gp. > 25 di 98 9 


..w— — ----- -- - Mettov. (ZSO) 6Hi® <i.® 2t* 1 .Sheephrldge Eng. (25p) TJbb 

Haggis (John) OOoi 104 i21-6) Merrr CMontague L.) <25p) BO.. 7)apc Sherman (Samuel) «1 Op) )3a ut 

Hall Engineering (Hldgs.) (50o) 105 4 <*. Ungcri-LA 72® <«® (22,6) 5(i,,o)i Spinners H25p) 30 ,206) 

7'apcLn. 85 (22«) Midland IntJos i5p) *0 Sldlaw Inds. (S0p> 88. 7Jxocin. 4g si 

Hall fMarthewi t2So) 215 12 (22-61 Miller (P.) (Textllei riOP) 46 (20/6) J20f6) . . «■ 

Hallam, Sleigh and Chestan 7p«Pt. 43 Mining Supplies (IOpl 76 (2i:6i Slebe Gorman Hldgs, C2Sp) loo 


B*«« W.'W's', '.Voil Countryside Properties ISp) 39 (22,6) 

im* , 4 Counaufds (I5 di 114<j® T 6® li 13: 


APPOINTMENTS 


Chairman for Fulmer 


X nu,ll.. n . 1 qfliTt t Louniuioi 1.301 ll*W I bv 14 111 15. Iia.TJl 

IlLT- !|S£, 100‘B 991® 6*® JPtDeb; 74J, Ji. 7AocDob. 67 <4. S i.-DCLn Hi 111 a (IOpl 63 ^ 

B oi e e 506 * oo -® 43; 5lj 6‘ipcLn. 54 (21,6i. 7i«PcLn. Halstead (James) (Hldgs-i MOrt 21*. 

bS? 4 household Store, (Leeds. OOP. c|^s IteM Non-V A Ord. (2SP) HSSS? ,, , l ^! r, f?o;? ,,, 44 T ® 2,4 4 1 ® . 

Baldwin (H.j.l OOp) 6 <19'6). 7pC?l. ** cowan teGroot L*0pl 63 (19/6) Tre** 0 "’ 2 s£?°i 3 3 ? Z 29t°'30 


Mitchell Cotts Gp. i25p> 4 1 &*. 5 <ioePT. Plerithlflfit^tHdglJ'^'opj 5 ^ lDO 

34 (20-61. 1 SpctinscrLn. 97® 7 Silimuette ®.ondoq) A (20o) 43 

Mltchri, Cotts Transoort f25pi Bo (22/6) Sllwerthornn Grp. OOP) 17»i ta( 
MIKhal, Somers dOpi 61 •: (21/6) Swnon Ena. OSp) ZZT 2 

Mlxconcreie (Hldos.) (2Sn) 61® 4«.; 2 Sirdar 025 d) 66 122(61 

Mole (M.) Son (20p> 31 lj (21.-6) 600 Grp: <25p) 82^®..® 

Mollni <25 p) 126® 8'^cLn. .71- (21 (fi) 


• 19 S) 

Bambengers p5p) 49 J2Z 61 
Bamtords (20oi 360 '»2 61 
Bank Bridge '5o» 3 ■•* -1 

670 6 ® . . _ 


Cowie IT 1 (50) 301- 
C radlev Printing MOD) 18® 

Crav Electronics riOpi 25<:® CZZ'S) 


>®Oi 1 6V. BpeLn. I Crellon Hoi (Knag 
| _<22)fii 12ocPfd 


Hanlmex Corpn. (AW.25) 92 (Z0'6t M(jte ^ , Son <20 
Hanson Trust (25p) IIS 2 29t 30- 1 Ajrji n i25p) 1ZRQ 
H-irdy CFumlshirs) f25p> 2^»? Monk fA.J <25b> 9 

Hargreaves Greuo «20 d) 56 (19-6) __ M^anU) 1 s£n.r 


B,nrg ConsoKdated Indus. (20pl 64 Crest rllcholson riop) 84 

Sir lenan Maddock has been To assist Mr. Harold Watt man ag- as chairman of the LIBRARY Barker Dowon mod. iqi ; ® <*« n **■ creda foot ingredients gwup BpePf- 60 ® 

lanfaJ o Hiru-lnr iml annninteri Inn dimefnr with Panramnn'c irwicnov rntTMrn /D i i. IZocLn. 80. -22 6' *on i(Vi , °2 International (1 UP) 46 %® 7h ’» 


riopi 25>:<a (22"6) ~ Monsanto spccnv.uto.Ln. 

os non) imp ISO 17 1SU ‘Ji, jMSL,Gf«lv Q5») „5S®_ (22(6) 

Pfd fFv Pd.l fioo) 7ii 7 Harris ip|*»i (Hojdfngsi (20p) |8 (Mrfii Monlfort (KnRtlng Mills) 
in MOo) 84 Harrison (T. C.) C2Sg) 116 (19 6) (22M1 


Mole (M.) Son (2 Op) 31 h I2V6} 600 &p: <TSp ) 82^s®. 48gpcPf. 34 619/6) 

Mol, ns i25p) 128® 8%pcLn. .71- <21 (fi) 

Monk (A.) (25 p) 93 a 3 SketrthJv (25o) *1 1 8*. lOt- NeW l25d>. 17® 

Monsanto SpcCnv.Gtd.Ln. I18'2® 2D® _16 15‘i 15; 14- 16tj 15pm 

(2216) , w Sitmjjjjphn C.) Tldmas C15« 271, DUS) 


(2S« en® i 


Harrisons and Crosftetd £4H *i “is 467 bo:. Monnemerfe 7prUn«d.Ln. G9ta® <22(6) 
B^ncpr. 50® MoorhooK Brook (20o) 145® >22(6) 


O’Ferrall (10 p) 95 6 (21(6) 


Morgan Crucible t-25-n 117® is® lit I 


Smaflsfiaw (SI.) .-OCnKwear) (lOo) 56® 
S mith - Nephew Assod- 01 Ort 67>i. BecLn. 
1274,' 

5m«h,<S0pl 14-5- dUpcOtr. 70 <19/8). 
SJsp^-n. 30 {20/6). 
lift Whitworth (So) 


SifPcDirsed.Ln. 39 r22(8i 
Morgan Edwards nopi 61® 58 (22/S) 


Smiths ^wl*. (50rt 170 68. litapcLn. 90 


iicpariuiciii ul xiiuubuj, ... yt .nr. uonaia Konm is to oe gam roniami asm re., s. 7 »*i*Ln. 

Jast year ; and “ currently secre- Mr coHn Soenre has been Jfamnal director. West Midlands <i»6< c tf i ^*%i!S , f S2" D i t_( “8 &*'•*■ A No "- HatSiS* csri n Mwnt Chartette' iKJrh' op) i b 

if y d 0 Ll h nnPr^p t n» h n^SfJn? e 1 appointed chief surveyor, area £ eSnon - Departments of the g^.jilmSn c!p» iit®? 4 is m Hidings asp) 22 .. “Sgr"' ■ 0 Ko<52. C r? 0 rt 20 ? ^a-si m SS' rlS ) 1 1 73 e < 22 - 6 ) 

the Advancement of Science. giin-oir nroaoicatinn fiEVSPtar. En*nrnnment and Trnn^nort. and Bcufora emus iio ; , 4?o <S2i6' Currw iim 194# H S,”. e « t1 ° B * a ° 4 r32 fi) - svit* 1,. 61 


("n»s*a/a(” iHnW-osl i^bJ 26% 


ilOpi 0 ? 75 (2i^6^ , * , * s f iO<*) 7 s * no. N«, ^SS^rfiVSSonOTyioblkW reort 52 
Moss Bros. i20p) 112® P ?^< • < ^ 5 n P ' ?89t * B 8 ■ 

Moss Engineering <25oi 67® ISiSSS? -ri5.?JSlUS2 

Mctftercare dOgi 15Z® 6 SOBttoern Varuurixponj <5p> 71s 


Sparrow (20p) 


the Advancement of Science. survev oraanteation. GENERAL Environment and Tron-mort. and Bcauford Graue 1\°SL, 

■*. . nliiirmin (ho WPCTO MTri 1 -Skra.B < 10 « .H 1 


Soear <2Sp> 205 (22/61 
Swncar Gun ISO! 16® (22,6) 

So'Hers (25p) 28- 9. ; BpcPL 4Bij (21/fi). 


HDCPf. 187 * 8 ® 

Hcndnrson (P. C.) Grout tlOni BO f!9<6i. 

Mr. Peter H. Lcwio has been ‘ASSURANCE CORPORATION. ECOYOimc PLANNING Uflfr&fa 7 ™ fto.m» 4 clnuH qop. 76 qz»> N-O— P Swn 5 *ffllrt 5 &' 'JaSiVk"? 

appointed an executive director of with effect from July L He sue* in Blnninyham from Be-cnwood construction chips ' 1 f J 0 P ) Davies Metcalfe nop»* 77 te l Mt* 50 M oeb * s'i» D ( 22 / 6 ) 120 3w 10l4DClstMt - ncr apcla 79 *j (22161 sombb comontion %ki) t 

SAAfUEL PROPERTIES. ceeds Mr. R. A. Laker, who retires ^S ^ead of Jhe' Tendon Plan* I« Gr ?° &$8 ( 250 ) 134 : w -’ ^ tAdB, ”* one1 ,,0B, 2S ’ f ^Vi^T (10w 1M ’ New 

PlpciPd tn th? council of the ^ * n&WiSK in fR K?^ent”' gmrff^n. '^Km^noDi 491 . »JSaSTg n g^^. , & SSSS STOSs ^ IWlW ™ Sfe #, lK' , %« <•'<» 

Elected to the council Of the . . hpadoUTrfnrs in London He contrele Machinery (IOpl 491 . Dwsbb InwwiL «w 1211 * 4 5 4 %. (Alfred, 7 ’dOcDrb*. 6 1 £ r 20 / 6 , N«lgS.rcarboniiiSg (IOpl 38 c*. ■ — 

WINE .AND SPIRIT ASSOOA- Mr. W. Marday, who has been .ndu*.*. . 25 pi = 5 *S5*J2 *} SSESSBVSafi ‘MS 5 1 :T 9 


Mvjon (top, 57>-:a 8(1 


N— O— P 

NCR dpetn. 79*j (22ifil 


7pcDb. 83. 7<«DcOb.'71h 
■ ■AgUweting QSpi isotj® 8® 


8 S (22/6). Do. New 15BO C22/E) 
fPOfnrr Industries <2&») 76ii 
S«Nbb Corporation SlKl) £201, (21/6) 


TION for the year 1978-79 are Mr. director and general manager of L l w’ 
J, H. Balls. Mr. A. I. Campbell, Dowty Mining Equipment’s factory 1R 


succeeds Miss Snsan Fogarty who 1 (l u! w' i^dl!,) 2 5 i {o 9 ' , |g b 7 

is leaving the Midlands on ecristerd* izspi'ss 119 , 51 ^ 


j. h. Bails, mr. a. l umpuoi, uuwiy i «ui s cquipraenis laciory Au*TJSt 18 ‘and who will be takin~ sorwickfinwo rzso) 56 .21 6) 

Mr. W. Kelly. Mr. S. D. Kershaw, at Hucknall. Notts. Since June „„ a nosf in the Denar treem-q 2 !S •!:?, ‘l 2 , 65 Ln. 102 % 2 f 20 ,G> _ _ - HSl a rr COTSum« PrSiT fiK 0 MKrL(»r '49 aSnnSlM 'mfj'l 1 w> 

and Mr. V. Larvan. The following 1977 has been apnointed manag- SfadauaJters in^he autS BESS us?< iltV ” 61 A <2SM ““ H^n-stuart riopi G7 ® e® 7 ,- S 5 '"S? 

have been co-opted to the council fng director of DOWTY HLrCK- r,ea(Jclua Iers in tr,e aurumn. a «t Br«. « 0 p> ss « 2 o.-s» n?i«on - top) 32 ^ 3 ^ a hJJwSoJ wmiams b g?a "mpi 120 *i 9 ;o) SSIJT'SJIii ' 

,Vm I/oar- Mr G H rAUnchacft NAT.T. * Eothi 10 F.r (N,d«.; (5o# IS* 0216) o <*(M M«af rZSp, 69 '* 70 89 . 7 . 5 pe Hfcking Fenrecost fSOoi B 6 EiirilSrawfe,. wi 249 

for the year. mr. U. K- L-OUnsoaCK, WALL. x B.bby <J.S Sons 216 i IB. 6 pCPI- Ml Ln. 70 ( 21 ’ 6 * Hickson welch (Hldgs.) (5001 191 ® 1 JJ Nichols WP) 163 

Mr. R. Laurence. Mr. J. F. * Mr. R. V, Thompson ha® f22 , e) l , , c Dcnbyware ( 25 pj ns ( 2 or« ai:ocyn«c.i.«. 65 < 22 , 6 ) ■ JjowcLimf n 001 12 U ,ig/s) 

Plowman, Mr. H. K. Porter and Mr. B. M. P. Thompson- resigned from^ toe mainltart of K P d cam W* f5o> ' 1 “ ^ 43 S£&r£3&,™ 

Mr. M. S. Thomson. J * n f /■ C J»*™ e BARRATT DEVELOPMENTS, bur p^b& PS»- SSSB' <02. ^Vg® * 77 , m 729 

* have been aprinin ted dpputy chair* continues aq managing director nf Bishop's stores a Nun.vtg. <2 Sp> 123 tK*»h/rsr <i. j.» (idol sa 7 'BO'*'. Oo. Erectroniq* Gn* czopi 35 u .■ p, - . 95>3 - ,7 pclb. jjSA ri9i et 


2^ M Rue <25pi 337® 8 43 _ Heron Motor Grp. (25 d< 130. lOocUns. NegrettI 2ambra (25 p) 7fi 

Da Vc-re Hoiels (ZSv) 170 1 69 I21'6I Ln. 210 120/6) Neif Snpnfw (10o) 107 6 (21, fit 

D rS«!!? l « OW >6i:®.7_Sl-_S._7i«peLii. Heitalr <25ai 96 5 Do. New (fpl (25o< 97 nIhi (SspfflS °° *° 7 6 * 21 


H 09is. ConsumCT Prodl - flPcUnsec.Lo. 49 NcwartMl'l 148# 50 < 
Unwli>n.Qiiart IIAnl Ml If- Newman (25al 79® I 


lHr tr ^S. E " fl,n# « ,i *S *>0p) 79 
Status Discount OOP)- 197 : -•-■ 

S C2,ir 5rUJs ' 2G9 ® ?°- 7bpeLB. 6SH® 

Sleao S/mpsiM-A <2fip) 38. , - 


SCM Barngtt fR0.2S).-«1.fe® 2® (22/6) _• 

' S «f Q 2 mi, 7 peLn. 


Steetley (25pi'ias. 7pcLn. Xia-<221£>. 
Sterling (n^q tides (2 <2 p) 26 (2096) 
Stewart Plastics i?5p) 143 ~ 


^fasK-nattyafe-.- 


BA ^, RATT dei’blophbnts. but IB 3 ISS Kffi. ffS fiS Ssaa'JS?. 

have been aprin in ted dpputy charr» continues aq managing director nf aishoo's stores a Nun.vtg. <25p> im tMwhirsr <i. j.» (inoi sa 
men of Art RU thNOT F.ATTIAM the wholly owned suhtirihrv. -'.^’.'Gi New cfO"' 59 ( 20 / 6 * 


Mr. stronc Macpherson has men of ARRUTHNOT LATHAM the "wholly "'owned' subsidiary' < 5 op'ViT' rez/M JSX&'EJ'agSft* fTSE?’’ m ' HS a, S.wi. a sp. 79 ai« 

been appointed to the Board of AND CO., merchant bankers. Rirratt Devplonments fNorthernV bi«k ^row^Grouu (sou, 35 Dtno^gn Robiiwm ( 25 o) ns. VwLn. finl w ? A l r l, ^.^?A/y. , ° l r 

ROBERT FLEMING AND CO., * Tb- u, 3 iu BMri ■»». leniM or &W* oSt. 

bankers. • With effect from July 1 . Mr. either subsidiary chairman or Buckwood Hodoc .zsp) 001 * rzo/fi’- New n[ n ip m » i-v*. (75* i»fl 

^ ^ t P. J- director of finance, rull-time executive directors. ggfi. 60 ' : Mi * 1 ■ 

Mr, Robert Maxwell has been Guest Keen and Nettlefoids. has * Brackwpod. Morton Sons wags.) ( 25 p> DMrton p.rk ind*. hop) bbl® %. d< 

»^TRE° s f s A P„ ER s S MMiS u F bK?V.=,M ^fesrwt'jr." Sj 3 SSi,%, « , 

- . u_ raniTP p (Viitfp ARFRS manappmpnt i<nmrui» >( JfCbentz has resigned from the <2201 ti9*si. tioeD*i. tc ,,b, ji 

Sion tn mr. ueorge r. Lome. Aiibna, management company of B oar j 0 r 4 rnprEN AND TO Bhm circle industs. 239 6 5 e:. s>: 2 nd nend^ rasoi so 1 <19151 

followinc Pergaraon Press s the pension fund property unit ™ 1 Lunr.ni lu. Db 47lj aBWl . 7 BC d b . 3 6 5 j 4 122 gi. nou«>i« < 2 s«i 91 ® 

acquisition of AUP earlier this trust wwnsorod by N. M. Roths- * JSgffi fit JSPBr u ' 4Z ' ! u0 ‘" MM'W-Vkll ' 5 5 ,2,,M 

year. Mr. Collie is now president child Asset Management Mr. Ray Lacey, county treasurer B'uM<»ii-pprmograM Hidgs. aspi gb Dawmna isop' Zis® 

of the company. Two directors of * of Mid-Glamorgan County Council, BMrdman uc. o.i iwni. rsp> 12 . >a ( 21 , 6 ) Dwmv is 8 pi c i« 7 ® ^ 20 a 

Pergamon Press have joined the The Secretary of State for has been appointed president of |M)««jntni. usn) 57 ® 7 DreLj schi asoi 274® 6 «* 7 

Board of AUP, Mr. A. J. Wheaton Education and Science has the CHARTERED INSTITUTE OF ffiST V wjo# 2 ff'j <m> D oi"w ,5B ’ “ 

as deputy chairman and Mr. H. A* appointed Mr. R, L. Leonard, PUBLIC FINANCE AND BM “ , ■ 6no' n *wmj (|ou) 31 . 20 /ff) guiw »t“ m «t |c u r10o, ,jw 


60 120/6 ). 71idc 

Umee.Ln. 60 f20’6l 
Ho«h*t Finance 10BcUnsK.Ln. 123% 
Hnffnung fS.l <25nj 83 122/6). 4.5Spcft. 


NOTtf-re Ebb'd, IOT. (250. 101. BJSpe WHm "Sfa, '' 

PI. 95*2. 7KLR. 63). (19,6) "raSrei 0 " 15 14h ' 

"eTsZL* F ms 9,9 * nt ■ 1 - 1 (IDO) 2 ®u C 2 W 3 

B ' a5BC T?' ^ 5t S uH * Hld9s - ttOlO 14<) (19(6) 


' 47® 

Bb I Hullai Cm. (501 57 


FINANCE FOR INDUSTRY TERM DEPOSITS 1 


Holt Lion] Intnl, HOo) 13Bi 
Horn* Charm ilQp) 173 w 
Hom/ray (Z5ol 40 (21(61 


H 3 °iTt r ® was. 1 10 a (25 »' 


Deposits of £ 1 . 000 f 25,000 -accepted- for fixed -terms of rB-KP 
years.. Interest paid gross, half-yearly, -gates for -deposits* 
received not later than 30 , 6 . 78 . . - 


H 5S fcl 5?SS?. >'S0 p) 100 2. 7pcp* 

QB t2Tfbl E 


as deputy chairman and Mr. H. A appointed Mr. R, L. Leonard, PUBLIC FINANCE 


Stephens as company secretary, assistant editor of the Economist, ACCOUNTANCY. 


Booker McConnell «S0 pi 244 3 
Boot (Henry) SOW 150BJ 158 


DuDII'or i5n) 19’s. llocPi. (50m 

121 < 6 i 

Dufay Billlfflntlc (lOol 34 I22,GI 
OunHeg-Combqy. Mari' 1 1 0p) 129 (22'81 


5 ( 21 , 6 ) HorLwir^NUOIaiiqs ( 5 p> 92 <j® a. New (Spt 

>1 now art sjrasum j®", 8bcMJ9 

llocPl. (50m 32 Hse. Lerosc (2Spi 51 

Horen noh am Gri). l25o) 79. Rost Vi. 
34 *22,61 *25D) 69’*® B 9 HKt ‘ lB ‘ 


Terms (years) 3 . 4 . .5 6 - 7 .8 10 

Interest % 10 J II II* 11 } iy ' 12 , 12 i j 2 J : 

Rates for larger amounts oh request Deposits tn' add- further ; I 


Duncan Goodricke 433 5 43 4 6 (20/G) I A <20ff) 25 4»* C2L6] 


H 2 W <|. r l ^^V^ r L a % 2Gl » 71 1 ( 22 / 61.1 


information from The CMef Cashier, Finance for- Industry^ 
Limited, 91 Waterloo Road, Lond(m r SEL ,SXP-.JC|L928 7SSB,1 
Ext 177). Cheques payable to “Bank of England, a/c ; i®L” : 
FFI is the holding company for ICFC and FCL7- . r„ ; '■ 


•w 


:n.. 






‘-Financial Times Saturday June 24 1978 


Style Show i 25 pi 60 ' a SO 121 (Si 
>*m<icr 4 rrant,ia^i 1 uDj T 2 u 
Sunlignt Service (TOpp 26 >jp ■: i 2 Z fet 
Supra Grp. OOP! 55 * 

Su ter. Electric* I |S») 1 ? <23 61 
Swan Hunter 132 i 20 6 ) 

.-Sykes l Henry) | 2 SpJ PS r 22 . 6 ) 


Syliene < 25 p) 


6 OOG) 


TACE LlOpl 27 >= 

Talbex (SB* IB'i 

Tarmac (SOpi.i*?#. s^ocOh. 77 u iib si 
Tarry rSWJ < 25 p> 71 <> > 1 »K) 

Tate Lyle 13 B* 40 4 2 £. 7 ';ot±A. S7H 

TfiocLn. 99 j; 

Tate 0 » LcMs < 25 ofc 69 
Taylor Woodrow i 2 Sp) 360 >:O 
Tebbitt Grp. HOPI 10 
Tocalcmlt ( 25 p) 131 ';® 21 ; 2 
Telephone Rontalv I 25 pj 177 iZ 2 si 
TenneCD lOBci-n. 152 120 fci 
Toco Store* i-Spi 43 'a 4 SVi.'iv 2 <i 
Textured Jersey nopi 231 . 

Tim me* P>wraot) i 25 pl S 3 ® 

Tnertnal Syndicate < 2 Spj. H 4 <22 61 
Thornton Orpwilsatien i 25 p# 236 * 8 . 

a; 72 K-P* **ll. • 1 1 ' 67 S.S 3 -*°*. 62 *-® 

J, T 21 . 7 BCPf. ( 25 bI . S 9 <a lj < 22 / 6 ) 

... T— U — V 

Thorn Elect Meal Indian, rzso) 323 s 200 
21 ® 7 2 20 } 4 . 5 pcLn. 97 1 ® 122 /Bl 
Tttburv Contracting Croup 230 
TUllna ‘Jj . 1 C 20 P 1 ItSi-.® i«i ;n ls; # ,, 
14 - J~ 5 /* 4 - 55 J^ Pf - SO ' 22 ( 61 . SpcDb 
741 £ 122 / 61 . S‘:IXLn. 7 o:» 69 k 
.T ime. Product* (IObi 144 7 j 61 ,; 
Tomkins ( 7 - H.) iSoi 23 UZo/El 
TomkioMM carpet* tjjp, 55 
— ■' 1 «otr ■ * — “■ — — 

12216 


Towle* (IOBI 46 

■ (2SW 


■ 22 / 61 . 


MM (Sol 22 >j 


Toyie raSw ‘69 7 2 3 B' 

Toter.. Kemsioy and Mil I bourn iHIdoS-i 

Tralalnr Nome ( 2 Dp> 121 * 20 

7 'dJCJN. 56 CZD/ 81 . SpcLn. 

• gijncLn. 71 . IOUpcLu. 75 
. Transport Development Croup ( 25 ei 7 * * 
Tranwood Group ' ( 5 pi 4 '( 2216 i 
. Travis and' Arnold r 25 p> 129 ( 22:61 
Trident Group Printers ( 25 pi 66 72 
(20161 

Tndcnt TV A NV 11 Dp) 46 1 . 51 , 

Trlelu* -C 25 p) 90 < 2 l,' 0 t 

Triplex foundries Group i 25 pi 90 <22161 

7 Vj? t C II BJ 206 * Opvvrrt*. 

^ nlef lospcDb: ^ 

T ^Pdl 5 , ^ ,rt ? 22 3 |?* *■ 9BCL "- 72 
- Tunnel Holdings a ( 50 p> 260 ® 2 
Turner and Newatl 172 ® 66 ® 9 70 2 
1 2 &f. 10.1 petn. 76 -.. 11 ®peL„. 7 B 6 -; 

' T “ 02 r QW 6 f n l5P ' - 1,,: {2D,6, ‘ 

.Turner Manu. i 25 pr 136 ® ( 2216 ) 

Turrllf Coro. ( 2 Sp) C 2 z: 6 i 
Tysons (Comractorsi (IOdi 29 i 22 , 6 i 
Tynctc (W.) Sons Turner i 75 o) 39 f 21 6 ) 
Tyrack (W. A 1 (1 Op) 25 ( 22 ( 6 , 

U 60 f ( 20 r 5 J B l2S *‘ B *‘ : U2 * ! - SkD*. 
UDS Group ( 25 P) 84 ‘>® 6 <• 5 . 7 'xocOb 
68 -b 1 19 , 6 ). 6 l.PCl.iC 4 S-l. « 19 fi| 

UKD international < 2 Soi 1 44 2 1 * 0-61 
Ulster Television A I 25 n) 66 ® 5 ® 

Unicorn Industries i 25 pj 96 122 6 j. 

, i OKLn. T2 

Untgatc ( 2 Sp) 63 GocPf. 46 7 -. i 20 €). 
7 '.PCOb. 70 K (20 6 ). 6 -;DcUns.Ln. 55 :® 
E'tPtCny.Uns.La. ol'-o -(i® i 22 6 ) 
Unilever i 25 p) 51 DS 17 ® )2 16 IB 21 
IS 15 . 1 *. 6 pcDb. B 9 . fabpcOb. T 1 J« 

*n* i 1 Vs 5 CLn " * 20 - 6 ). 7\pcLn. 

60 ® <« 1 60 : 

Unilever CFtl 2 ) 26.60 ( 22 . 6 ) 

Union International 42 1 . 2 . 7 pcpt. S 3 so 
12 1 o) 

Uihos Steel Corp iRD.soi 17 '- i 2 Dfi, 
Unltech. ( 10 O. 11 B 

Unffrt Biscuits (HJdBS.) > 2 ap> 77 » 4 ® 6 ® 6 
'zV*S) 2SDJ 80 T l2, w - SPcObT 651,# 
United Carriers (I 0 p> 85 * 3 (22 6 ) 
United City Merchants < 10 pi 60 1 -® 6 4 
l DpcLn. < I 8 dj 66 C 20 6 ) 

( 2 ?S> EnB,nCerlnB ,ndustriM HOp) 44 
United Gas Industries < 2 Spl 50 . 7 '»ocPt 
• „ 5 L 5 ^ 120 B >- TPCDB? 57 ® J 22 6 * 

United Guarantee (Hides.) isoj 22 
United Newspapers ( 2 Spj 346 i 

United scleetic Holdings i 25 pl 298 ! 

a ' x, s,4e ’ &P“P ilOoi 27 ( 

D"Z I IV D# 

Unlt-d Wire Group l 25 b. 63 1 '19 6 ) 
Uncchrome International < 10 p) 13 ij 
Usher-Walker .TOPI 60 S ( 22 5 ) 
Ut,C 0 6 Ho,dm 9 , (B 1 > 69 ®. Did. iRI) 70 

Valor < 2 SBi 43 # 39 ;* 44 
Vantona Gra ' 20 oi 122 
Vauchall Motors 7 pcUns.Ln. 60 -o (22 6 ) 
Vectis Stone Gr». ( 10 p- 26 *22 6 i 
Vernon Fasnlon Grp. '44 2 
V^Vers, T 64 6 4 L>. Pf 5 dc Non-Cum.i 
PI : 53 * ft 6 "' 5ocCum - tT 44 Fr ee to 30 oi 

Vlners (jOpj 19 (20 61 . GdcPI. 40 H 9 6 i 
Vmten Grp. J 20 pi 113 
. Viscose D*«*looj!*eo: ! 2 Soi 52 (21 6 ) 
Vesper i 25 pi 167 ® 6 (22 61 


W— Y — 2 

W Ribbon* Hldgs. (lOpi 7 B 6 (22 61 
W G.J I 25 P> 102 (22 6 } 

W 0 «mBion . ^ohni ( 25 o. 211 ® (22 6 ). 

-Wade Potteries < 10 b» 25 (20161 
Wades . Departmental Stores Non. V. a 
12001 43 1 19 61 

Wad ham Stringer <iOo) 42 b® 1 1 ; « i : 
Wagon Industrial Hlags. rZ 5 P« 122 
Walker (Alfred) and Son riOoi 9 <20 61 
Walker and Homer ;soi 12 

(C. and W.i Hldgs | 25 pi 126 


« 20 ._ 

Walker tjamesi ( 2 Soi 83 ( 22 61 
ward anas. W! . 25 p. 72 . 1 1 i.ocUnsLn 

Ward and GtUdstonr 25 n. 87 
Ward (Truss- W.i ( 25 b. 72 . 1 UpcUns-tn. 

85 -r tM 61 . 7 ’racUns.Ln. 71 ■; ; 2 i 61 
WJard Whtte Grp. i 25 pi 75 k . 2 . Si. 10 ;PC 
PI. 1651 .® l-O . 

Wardle (Bernard: ; 10 p- 21 -. I; (21 B» ! 
Waring jtwtfiiJiow iHldgs.- i 25 p| IDO. ; 
Wimr Wrjghf and Rowtand rfOpi ' ST / 
*20 6» I 

Warner Hoildav* ( 10 p» 36 ': 122 6 ). A 
.Ord. ITOpi 34 ': S’; (21 61 . 6 -.pcPI. 

■ Wkwlord. Glass *' 5 P» SO ( 22(61 
Wamough* mfes.i I 25 pi 81 (22 61 
Wateon Philip HOP) 59 l 19 : 6 i 
Weama Gp. OOpl 25 'j 
WeanucU .So) 25 « 22 'G) 

Webster* Publication* i 5 p> 44 1 -nf 4 


Wedgwood i 25 p> 217 ® IS 
Weew; Associates ilOpi 29 
Weir Group (?■=— «■*• 

Wcneo HMbu 
< 1 9:6 ■ 

Wellman eng'g. Cor on. ( 25 p) 4 BI; 
west Bromwich Spring nupi 3 u UOI 61 . 

ll.SpcpI. 1131 . ( 2 Q 6 ) 

S 5 » r 1 i» Wodueis < 25 p) 39 1 22 6 ) 
r¥ 3 ! 2 P hOU * e “cake signal i 25 pl 460 

144 / 0 ) 

,.Q r "* U < 25 pi 31 «a. BocDb. 

Wtejm-nsler Country Proos. ( 2 Sp) ISi; 

CP. > 20 pi 102 ® s 
Westward Television c 11 Op) 26 
Wetlern Bra*. < 2 Sp) 95 4 1 . 

Wnatllngs > 2 Sp) 43 i^t 6 ) " 

Whessoe i 2 E.pl 69 ® 70 
( 22*6 * W, “ on -Hldtn.J ( 5 p. 18 -.® 

W?!’^ ro, t <S 0 pi 4150 12 « 22 l 6 i 
1 " 6 " 9 ' 6 ’ 
Wn-tlingham iWiihamj iHldss.) 1121 .p 1 
iiQ 30 Q 

wnlt^in Electric ■ Hides- ( 5 p> 16 ': 122 e- 
w Btall ■ Henry 1 Son ( 2 Sp< 20 B 
W 991 ns Tea PC 6 >.ocDb. 74 Ai < 22:61 
Wilkin* Mitchell < 2 Sp) 66 ® 3 
W |OpcLn" 761 S'aP«»^- 40 '=®. 

W-jklnsan Warburton < 25 P> 73 < 21 16 ) 

W.l amc James lEnos.) i 25 p) 78 ® ( 22 , 6 - 
Will tams Uchn) CarpiH -ZSP 1 44 
* 03 . ■!* <W ‘ I £ons tHIdB*.) ( 2 Sp) 23 

* 122 , 6 )®***** Son » (Hldp*.) < 25 p) 59 

Breeden (Hides.) ( 29 ) 69 ® 8 122 6 - 
W J !£ (Cotinorlyl Hide*. f 2 Sp) 1360 
iaiSiJ,- , 'ui ’ 0 :DC 2 ndP 1 . 99 ® (22 6 ) 

25 ™^L W !t ,,on E "3 81 122 6 . 

Wgmpey (George) ( 2 &p) 77 ® 51 )® 7 S-i 

Winn IndS. - 20 d) 42-0 

Witter rThomas) ( 25 pl 54 '- 1^2 6 i 

(Arthur) and son (Longpon) (Spl 

WnnH «" J SU P-* ai ® s * 7 

W« 4 h.Trf W .-’ < * ro l20B > 4? ® 122 6 ) 

Wpoahcad ijonasi Sons ( 2 Sp) 92 
WoVtlSffa ^ , * 4 ° n 'Hides.) ( 12 --PI 30 

sssasa Tf! &r, 

Xerox Cpn. ( 1 USI 7 4 o: 

Izi 

V Ln ! 1 1 22 ^ h€m *' ' 25 “’ «•«**). 1 2 >:pc 
V 35 ^*t 22 e 6 ) F,n * Woollen Spinners. SncPI. 

Zetters Grp. (s 0 ) 64 ® 

ELECTRIC LIGHT ( 1 ) 

Brascan A %U.S. 13 ‘i; 

Calcutta Electric Supply Caron. 72 (20 6 ) 

FINANCIAL TRUSTS (69) 

Akrova Sm It hers * 2 Spi 225 # 9 # i 22 i 6 i 
American Assoc. -iSp) J 73 T 2 J 6 . 

A™oiS?T, E ,* P, , l ? Uill ' 40 > 29 ’. i 23 l 6 > 
Armour Trst. nop- 10 V 11 ID's 10 i 20 : 6 j 

‘'■Id. 'AO.^,i 104 

Aulhy inv. , 20 pi 4 jo 

i 20 i 6 °' T,n ‘ I1 " S S<!r *‘ S-;DcRA 2 «idPI. 41 V 
Bishopsgate Pply. Gen. Int. 7 'a 
Bouslead nop. 45 ® 4 
Bridgewater Estates i 50 p- 272 -19 6 - 
r Mrr..w hidt*. jSpi 14 -.* 1 *:» 
Charterhse. Grp. i 2 So> 64 

CoV > .nfSS a ^ 9 ^ 0 “ s «JV*“"'- 3 »«- 

Vi M ;?W(2, , . i ; ,w 290 ,2S ' 6 - 

n?iS V .r® 7 u 2 ‘ 4 ’jPCRd.Dh.- 89 *: < 19:61 
Dawes iG> Hldgs. <fsp- 4 D < 2116 * 

D 66 '" 1 F 23 ® 6 V | GrP ‘ ' 2Sb) 40 -' SocUns.Ln. 

' . u ’ ■ * 'en. Inv riOoi 21 

£ft?}wj r 9 h IndS. Midis. > 12 -;p- 13 ( 20(61 
Electrs Inv. Trst. - 2 Spi iiq® t 23 l 6 » 
tnimn and Dutch Hell aioscnc Bele 9 Bings 

, T 7 \M r-rts. 1 VI: tv ( 20 '61 
Ersklne Hse. Inv. S -.pcCnv.Uns.Ln. 56 ® 
E.Dloratlo— <Sp- 24 ® 

Fin. Inds. Trst. -lOpi 18 < 23 l 6 i 
f™. 1 F-n. Corp. HOP) 2’e. War. 
' 175-83 Ora. O'.ltf. 9 ',-pcsub.Uns Ln. 
1 «^, 6 16 :®. 9 ’apcSub Cnv.Uns.Ln. 26 

Goode Durrani Murray Grp. <Sp) 21 i s 1 
Grlmshawe Hldg*. l 20 ol 25 ® 12316 - 
Hampton Trst. -Sp- 9 J 4 ® 10 > 23 , 6 : 

■nc 1 -cape 40 a* s S 3 7 
Inn. Comm. Finance SKpcDb. 82 1 ? ( 22 / 6 ). 
9 pcADb, 74 ■« - 22 / 61 . 1 Q:,pcLn. 92 ':®. 
lIpcLn. 92 ®. 1 1 'jpcLn. 941 . 02161 

International Invest. Trust el Jersey 177 
Investment Co. i 2 Se) 17 ® <Z 2 i 6 ) 

Kwahu HOP) 21 - 22 : 6 - 
Liovds and Scottish - 20 p) 67 
London Assoc. Invest Trust HOp) 7 >»S 
London European HOpI 27 ® 

Manson Finance - 20 p/ 45 '- > 2116 ) 

Martin -R. P) .sp) 48 < 20 / 6 ) 

Mills Allen Ininl. - 50 ol 180 ® 3 ® 80 2 
IstPI. -SOoi 70 - 2 Di 6 ) 

Moorgate Mercantile HHos. nop) 9 122 / 6 - 
Park Place HOP) 31 - 2216 ) 

Provident Financial i 25 p) 92 ® 3 * 1 . 

TpcPt. 79 120/61 

SL George Assets MOo) 11 < 19 ) 6 ) 

Simc Darby H/das. ilOp) 87 
Smith Bros. i 25 pl 57 - 22 ( 61 ’ 

Sterling Credit -lOpi 26 I 2 DIE) 

Sreriing Guarantee 7 :PcLn. 73 -20161 
Stock Exchange £ 4.25 Red. Ant. iReg.) 49 
SI. 7 -.pcDb 60 - 22 / 6 : 

Un/sec ' 170 . 20 ) 67 '- 

Umted Dominions < 25 p) 37 ; 7 . ' 16 pcLn. 
124 5 - 20/61 

Wagon Finance I 25 p) 4 5 ® ( 2210 ) 

West ot England Trust - 25 o> 55 ( 21 ) 6 | 
Western Select Ion Development i 20 p) 24 '; 
York-green Invests. HOp) 15 C 21 / 6 )- 
Tule Cato < 10 p> 70 

GAS ( 7 ) 

Imperial Continental Gas Assoc. 348 50 
47 . TocLn 155.22 6 

INSURANCE ( 160 ) 

Bow ring -C.T.i - 25 pi 98 101 i 97 . 7 >:pcPI. 

57 1 j 1 ZD 61 1 DpcLn. ISO': 1 h (21 6 ) 
Brentnall Board , 10 p- 36 - 21 . 6 - 
Britannic Assurance -So- 159 ® 

Commercial Union Assurance - 25 pV 145 ® 
40 ® 5 1 2 3 6- 4 
Eagle Star Insurance 25 o- 1 ZG® 40 
Ermia Finance -UK- 121 ( 20 'Ei 
Eaultv Law Lite Assur. < 5 p> 150 48 
General Accident F.re 
202 ® 3 ® 2 f- 
■ 19 - 6 - 

Guardlan Royal - Exchange Assur: » 2 Sp) 
208 ® 6 ® 13 ® 10 8 . 7 pcLn. 62 
Hambro Llle Assurance 25 p- 31 6 ® 18 ® 
Heath <C E-i < 2 Op- 246 * 3 5 
Hoqq Robinson < 25 oi 178 


Howdep -'Alexander- < 10 p- 1®4 2 . Nnw 
■lOpi 150 61 60 59 
L eaai General Assur. i&p} 151 s 1 ' SO 49 
a 

Le-J-e Godwin -IOp) 105 ® 6 
Lor-oofl Manchester -Sp- 126 6 ( 23 / 6 i 
Lon non United Invesi*. I 20 ol 1650 5 
. Mir.ci < 20 pi 185 ® 7 ® 
i Moran iChriviophori iZOpi £9 (20 6 ) 
Posrl .Spl 228 6 
PbMnix < 3 Sp, 235 B 6 
Prudential < 5 p : I 3 S® 7 ® 9 40 3 ( 2 
H *'-ge ( 5 bj 136 ® (23 6 ) 

Roval ( 2 So- 345 to 50 ® 470 50 5 3 49 
8 51 2 49 : 7 : 

5 cc.lt Ish L-lc 57 . 19-61 
•sedgwiefc Forbes II Dp- 403 ' 
i'i-nhoiiw < 25 pj 97 8 

Sun Alliance Lonoon 506 IO 8 4 . & :-r 

Ln. 72 Va® U ( 23)61 
Sun Llle i 5 p> 96 ® 6 
W ilis Faber > 25 p) 247 ® 

INVESTMENT TRUSTS (209) 

Aberdeen Invests. ( 25 0 J SO < 13 :S» 
Aberdeon Trust , 25 oi 135 - 4 pcPt. 31 . 
Acorn Secs. -In) 84 ... , 

A-l^a Invest. Trust ( 25 P- 108 ( 23 . 6 -. 

SpcPt ■ 38 ': (21 lb> 

Aliljncr Trust < 25 b) 223 1 J. 4 pcP*. 


R-ver Mercam<le Trust < 2 Spl 168 ;®. 4 -«pe 
Db 96 -21 6 . 

River elate Gen- Inv. Trust Did. ' 25 p> 
136 4 

Rpbcco - Rottcrtfamsch BrlconingscaiisOTtninl 
NV- ill so I £62 1 .® <22 6 i. SuB-ShS Ot 
Nat. Proa. Bank -TLSi 616 ® 16 
Ronnco NV IFI 50 ) 47*1 ( 19 - 5 /. Ord. [Nat 
pro*. Hihki 4 B 5 ( 196 . 

Romney Tnj*« < 25 p< 92 ‘20 6 i. J '.PCLn. 

90 ': 1 -J 0 6 . 

Dosed-mona Inv Trust i 25 o> M 
RothSCh-ld In. Trus: < 50 p< 182 '; I -22 6 *. 

3 -SpcPI. 30 ® 2 . & 'sptLn 105 :8 
51 . Andrew Trust - 25 pi 117 '. 22 6 - 
Save Prosper Linked Inv. Trusi ' 10 P' 15 b® 
■ 22 - 6 < C’pital -IOp. 54 
Scottish American 50 p- S 9 'i t 9 . 3 ';PcDb. 
22 -21 6 < 

Scortlsft Continental Inv. 2Sgi 74 < 7(1 S> 
Seal Min Mercantile l-v. A - 25 p- 99 101 
• 22 . 6 - 

ScalMsh Cli-e* Inv Trust A < 25 o> 156 
StedWi Caurrn in* Trust . 25 a- 137 '- 
Scottish Inv. - 2 Sp> 990 8 7 9 
Scottish Mortgage Tsl. i 25 p> Ills.* 12 . 

A'jpcPI. 13 i 19 l 6 i. SocDeb. 70 | 19 hi 
Scottish National Tst -USo- 145 I 22 . 6 < 
6 pcPI 47 uo 

5 ca(l/sh Northern Inv. i:Spi 99 hi. a '.nr 
Pt. SB < 20.61 

Scottish Ontario < 25 p> 1 « 1 <. 

Scottish. United In*. rJSc, 74 >r® 5 . SpcPI. 


Lile Assur. 
200 3 . 7 >? 0 CLn. 


■ Z 6 pi 
63 '. 


LOCAL AUTHORITY BOND TABLE 


Annual 


Authurity 

f telephone number in 
parentheses) 

Bark in" ( 01-302 4500 ) 

Barking ( 01-502 4500 ) 

Barnsley Metro. (0226 203232 ) 

Kftowsley (051 5486555 ) 

Poole 102013 5151 ) - 

Poole (02013 5151) 

Redbridge [ 01-578 3020 ) 

Sefton Mel. BC l 051 922 4040 ) 

Thurrock ( 03 ?. - i 5122 ) 

Thurrock (0375 5122 ) 


gross Interest MinimuiD Life of 
interest payable sum bond 

% 


£ 

Year 

102 

4 -year 

1.000 

4-0 

111 

j-year 

5.000 

4-6 

11 

J-year 

250 

n -7 

Hi 

4 -year 

1,000 

5-7 

10 i 

J-ye 3 r 

500 

5 

m 

1 -year 

500 

fi-T 

Hi 

J-year 

200 

5-7 

111 

l-year 

2.000 

5-7 

111 

j-year 

300 

4 

u j 

j-yesr 

300 

5 -S 


I 1 » *j (20 6 *. S'jotDb. 61 •*«) - _ 

Alidund Inc. Shs. ( 50 p> 116 ( 20 . 6 ). Cap. 

5 n-. iSOp} 186 120 , 6 ) M . , , 

Ambrose Invest. Trust Inc. C 2 Sp) >4 
rzo fii 

American Trust 8 ( 2 bp) 43 ':® 

Anulp American Secs. Corp. < 2 Sp) 101 ':® 

1 ApCDb. 70 

Ar.q/o-intni. Invest Trust Oiv. Shs. ' 25 o< 
43 (23 6 ). Asset Shs. >ZSp) 131 (ZOiG) 
Archimedes Cap. l 50 »i 35 ® 

Ashdown ( 2 Sp- 120 1 123 0 ) 

Atlanta. B.-iltlmore and Clucago Res. Inv. 

Trust WrrntS IO sub. 24 
Atlantic Assets Trust < 25 P> 92 'j 
Anas f/ectric and Gen. Trust ( 2 So/ 5 7 '/® 
'»■ 5 PCPI. 39 '*®. 5 pcDb. 9 S« 
Australian and Ininl. Trust ( 50 p) 99 ® 

i 23 . 6 » 

Bankers Invest. Trust ( 25 pi 56 'j®. 4 pc 

Db. 28 (19 61 
Berry Trust - 2 Spi 64 
1 <i(TCasOJte Trust < 25 pi 1 66 <23 6 ) 
Border and Southern Stockholders Trust 

■ 1 Oal sail 

Bnusmvater Inv. Trust (IOP) S';® I; 

Brii.sh American and Gen. Trust ( 25 pi 

British Assets Trust ( 25 d> 741 ;. A SocPI. 

591 ?. dpcOb. 69 (21 B>. SpcLh. 1 41 
Br.ilsn Empire Secs, and Gen. Trust ( 5 ot 

lO'a® 

Indus, and Gen. DM. ( 25 p) 100 

3 * l ih Invest. Trust ' 25 m 164 
RroadSTOno < 20 PI 14 Sa 3 ® 5 7 
R'unnnr inv. Trust ( 25 bi 34 |20 6 ) 

C.L R.P. Inv. Tst. ( 25 p) 64 3 < 20 ' 6 t. 7 oc 
I Ob SS i 19 ' 6 i 

I Citedonian Tst. i 25 o> xl 80 ': 
i Canadian For. Inv. Tst. < 25 pi 109 i 19 ’ 6 > 
-Cardinal Inv. Tst. Did. > 2 Sn> 10 L 123 . 6 : 

Carlioi inv. Tst i 2 Spi 110 ':® 

! Cedar (n». Tsf. < 25 oj 62 ® 

: Channel islands Cap.sns. f -48 I 2 G S’ 

■ Charier Tst. Agency i 2 Sp> S 4 I 73 6 i 
• L'l/ Cornel. Inv. Tst. inc^hs. i 25 pj 29 ® 9 . 

: C.D.Sht 104 ':® 4 3 2 123/61 
'c.!. Fot. Inv. < 2 Sft) 65 ': 

. CUverhouse <«i. Tu <sdpi 80 # 

, Cl/desdalv Inv. < 2 Spl 80 . 8 < 25 p> 78 

■21 6 < 

j r -w'zr t31 in<suiti ' Tsti t2SB) 792 7 

Cununentnl Union Tsr. > 25 p) 111 ( 22 . 6 - 
I Crescent Japan Inv. Tst. < 5 'lpi 177 9 . 

I Wis, io sub. tor Ord. 79 7* i2t»Si 
Crosslnars Tsf. i 2 Sp> 7 D« 22 :ii 
i D ? ni,e *i nv ™* '"'.Shs r 50 p> 42 «19 6 i. 

I Cap. S hs. (IOdi 3 *.m 
I Orb. Can. t 25 pi 60 u® 

Della Inv. (SB 1 1 150 ® 

Derby Tst. Inc.Shs. 221 i 21 ' 6 ) 

Dominion Gen Tst. t 25 pJ 192 H 9 l 6 » 
□ravtln Commc/. Inv. < 25 pi 124 6 Coe 

I knedlb. 95 i ; U 2 6 i 
Drayton ConSPld. T«. < 2 Sp) 143 <21 6 ). 

: 7 ':PCLn, 117 i 22 8 | 

; Drayton Far Eastern' Tst. < 2 Spi 41 
Oration Premier My. Tst. < 2 Sp) 187 # 9. 
7 ''DCL«. 1993 113 ® 13 122/61 
J Dualvest Income <S 0 p) 63 < 2 Q 6 i 
| Edinburgh American Assets Tst. I 25 pi 127 
6 8 

I Edinburgh Dundee Inv. SpcPI. 71 <20 6 ) 

| Electric Gen. Inv. 9 pcDb. 80 
; Enul/sh Internat. Tst. <Z 5 p) 84 . AhpeOb. 

I 671 ; 6 >21 6 ). 7 pcLn. 101 ® i. > 22 . 6 ) 
English New York Tit. i 2 Sb< 7 ’ 4 ® 3 <*. 

4 i;PCLn. Ill 

English Scottish Investors < 2 Spi 71 
Equity Consort Inv Tst. 104 < 20 ' 6 ) 
Eauiiv Income TsL ’ 500 ) 205 4 T22 £i 
Estate Duties Inv. Tst. 310 i 20 6 ) 

F and C Eurocrust < 25 pi 49 < 19 i 6 ) 

First Scottish American Tst. i 25 p) 94 . 
SpcLn. 87 f 22 ; 6 ) 

Foreign Colonial Inv. Tst. < 2 Spi 161 ':. 

• 'jocDb. 62 ® <2216 ■ 

Fuod'flvest Cao/tal < 25 p* 56 
G.T. Japan Inv. Tst. ( 25 o> 132 ®. B’; 0 c 

In. 107 ® 122 6 ) 

General Consold. Inv. Tst. I 25 p) 81 ® 

Geni. Funds < 25 p> 1 S 2 3 

Genl. I ms. Trustees i 25 p) 99 i 22 - 6 ). 

3 i SpcPI. 34 (20 01 

G-’nl. Scottish Trust i 2 Sdj 91 <• <21 6 * 
G'aipow Stockholders' Trust - 25 oi 99 * 
SpcPI. 40 i-<a 

Glt^khn ( 25 d) 92 <: 1 22 6 i. Wts. S: 

C'enmurray l2Soi 7 ) 70 '* -21 61 
Globe > 250 ) 1120 11 ';® 11 ® 10 i.® 11 - 
'I. 5 -pcLn. 891 
Govetr European r 25 m 63 ® 

Gf. Northern < 25 p) 96 ']. 4 ’ JD cP(. 37 -; i* 
*'20 6 ) 

Guard-an i 25 pi 73 » : *. SpcPI. 39 '- '21 6 l 
Hnmbros OSpi 90 , 5 pcP(. 23: : (20 6i f 
H»rtn>« IlOpi 3 S 

Hill f Philip i I 25 P) 172 . 4 -pcDb. 7 S*a I 

Hume Hldgs A ' 2 So 1 75 '? 4 '- -22 6 ' I 
Industrial Genl. < 25 p) 49 - 4 -pcDb 
109 - 1 20 ( 6 ) ! 

(nternatl Inv. Trust ' 25 c 73 * 1 •. Wts 
31 ': <22 61 . 6 '«PcDb 52 '• (20 61 
Investing in Success < 25 pi 143 # 

Inv. Trust Cpn. i 2 Sp) 263 . 4 -ocPI. 93 ® 
Investors Cap. Trust < 25 pi & 1 . S'.pcPf. 
40 '; 

Jardine Japan < 25 a< 142 3 - 
Jersey External Trust W. (Ipi 1 S 6 j 
J ersey G»nl. 2361 i 22 6 ) 

Jove ( 10 p> 45 -21 6 '. New InC. ilOpi 
4 S'l^:® '•*# 4 ': (22 61 
Keystone '( 50 p ■ 132 i 20 ' 6 i 
L ake View < 25 p) 88 ® 7 <« ■ 

Law Debenture < 25 nl 103 '? - 

L"H". Ho v mod Tr»*. < 25 oi 113 <20 6 1 
Lndn. Lennox Inv Trst. < 25 di 85 (19161 
Lndn. Lomond In*. Trst i 2 S<» 71 iZI'Bi 
X* n ’*r/l-l T<« '(■!, <) 8 « 

Lndn. Strathclvde TrsL < 25 p. 4 1 <22 61 
Lndn. Atlantic Inv TrSL < 25 bi 65 119 £■ i 
lndn. Inv TrsL ( 5 pi 3 i 21 » 6 ) ! 

I - < — h Secs. 25 Pl S 7 Cap. . 2 £p> j 

Lndn. ^Tt 6 'old. < 25 p) 196 ® -22161 | 

v. D '/ T * SI <■»• «*>S lOpi ' 05 ® 

MG 2 nd Dual Trst Inc.Shs. HOci.Mi : i 

( 22 / 61 . Cap.Shs. < 4 p) 19 ® I 

Mon. Lndn. !n». Trst. >50n 22 < 19 / 6 i 
Mercantile' In*. Trst. i 2 So< 37 <«# '* 7 . 

SPCPI. 43 !?®. 4 »,pcCnv.Db. 75 ' 22 / 6 - 
M-»- , <x 1 |r TV * 1 f‘‘nl 4 .pcPI. 35 '; 
Mldiand Trst. iZSpl 77 ( 21 / 6 i 
Monks Inv. Trst. - 25 p) J 95 i^ 2 / 6 i 
M ontagu Boston In*. Trst. IlOpi 59 ® 7 
'( 2 Z( 6 r War. 31 
«»<'<•' I-- TO - '20 6 ' 

Meorstds Trst. i 25 oi 93 ' 2 i 6 - 
Now Throgmorton Trsr. Inc Shs ' 25 pi 1 7 
121 / 61 . Cap-Ln. 110 ® 8 91 i 22 / 6 J. War 
' 16 

NY Cart more Inv. TrsL ' 25 pi 40 < 21 l 6 ' 
W-— t" "••enty-Eight Inv. Trst ( 25 pl 
'217 < 21 , 6 ) 

North A riant lr Ivciriliei ' 25 pi 94 . 7 i;pc 
Ln. 108 '? <19 S» 

North British Canad'an In* < 2 S-I 63 # 
Northern American Trust ■zae< 9 «': 3 ;pi 
' P». 361 ; ■ 22 S'. SpcLn B 8 '< i 20 ' 6 > 

Northern Industrial (morovemerr Trust 

Northern Securities Trust * 25 pi 105 i 22 6 i| 
OK Associated In* Trust < 2 So' 56 '20 6 > i 
Dutwtch Investment Trust 23 pi S 5 2 ~ 6 < I 
Penttand Investment Trust .*.Sp> it 3 < 22 jb- 
^^rewtve^ecuritles Inv. Trus: ' 50 S' 69 L | 

Raeburn Investment Trust < 25 o' '21 4 . 

- SpcDb. 35 '19 6 i. 4 ': 0 CLn. 92 '22 o, I 


«1 120 ( 6 * 

Scottish vveslern In*. <J 5 p> 96 i.® a B 
I 25 pl 92 i]®. 4 — pc Pi. 35 (20 $i 
Second Alliance < 2 Spi 191 89 4 <>PcP< 36 
i 20 ' 6 1 . 5 L pc Deb. 71 - <22 6 i 
Scuand Gt. Nprtnern < 2 Sp< 6 B-j# i 22 < 6 l 
Sccurllies Tsl. Scotland < 25 pi 186 S. 4 -pc 
P i. . 35 ': (ZO 6 ' 

Sphere 1 n* < 25 P) 110 - <St. 6 <. S-ocDeto 
To (I 9 .bi 

Sterling T«. i 25 p) 171 t 22 - 6 i 
Stock holders Inv. < 2 Spi 93 - 
Tcchnoloq* Inv ( 2 Sp> 94 
Temple Bar In*. i 25 pj 39 90 
Tlwoamgrion Secured Grow in « 2 Sn> 22 ': 

r ? 8 ■ Tlt ' { - 5d ' 7 °’ ; ' FhPCU. 

Tor Inv. Tst. Cap. < 25 p) 102 I 21 < 6 ) 
Tribune Inv. Tst. ( 25 pi 73 <.® 

Triplevcst Inc. ( 50 p) 61 <_• ( 19 / 6 ). Cap. 

Trust Union ( 25 p? 103 1 - ( 20 / 6 ) 
Trusrrvs Corp. <J 5 p> 130 29 
Tyneside In*. Tit. 12501 111 <■ 10 
Utd. British Sees, t" ( 25 pi 1241 " 
United States Deb. Corp i 25 p! 95 ® ' 6 

f 27 ' 6 ) PCDb ' 3 °® t22,61 ' SpcLn. 97 - 
Vtew Fpr<n ln*. TSI. i 2 SO' 52 '22 6 ) 

Viking 1 Resources Ts». ( 25 pi 82 :® 0 

Dfi. C « S 7 . 20 ) 6 ) T< “ H * lnW ' T5t ' wrtS ' * ub ' 

W/nterbonom Tsl. < 25 pl 194 ( 22 > 6 ) 
Wiran In* i 25 pI B 6 ® 6 - r 22 6 ) 8 

' 25 pi 84 f 21 ' 61 . BocCnv Db. 68 i 20 ' 6 > 
vorlsnlre and Lancs In*. TSI. i 2 Sp) 29 - 

IZOib l 


UNIT TRUSTS (7) 


M. and C Ameikan and Gen 
52 4 . Acc uni 51 -® 

G. Australasian and Ccn 


Inc S 2 -# 


Inc. 


paramount RealE» N-xaings SpcDeb. 77 

Property Corp TSo) 7 S® 

pmpm?* . RTvers-on^rr in*. Corp. a Ord 
( 25 pi 297 ® 12-61 

PropcTTV Holdloo ln*eu. Trust r 2 £p) 305 ® 

Prelenv Pirtoersh'P ' 35 pi 111 9 < 2 * 6 ) 
Raglan P r °P- ‘ 5 u' 5 -® 

Regis Prop. H(M S . _b :pcu>. 53 


Tsi 

Hldgs __ 

Rush and TomPkl"* Grp. ( 25 o) 114 
Samuel Props. 115 ?' 7 E® 9 • u 

Scottish Met. Prep t 2 Cp) 103 . 6 '^pclss 
Db. 103 . 6 'aPCtstBt. 76 : <20 61 . BpcLn. 
156 : 122 6 ) . 

Second city P™* /’Opt 34 

Slough Ests. ( 25 P. 114 13 . 7 : :pc 1 stDb. 

69 1 , i 22 - 6 <. lOPCLn 161 
Stock Convsn. ( 2 Sp* 236 . 5 rpcLn 243 
6 ) _ , 

Sun/** (Sernard) /avsi. Tit. i’Sp) 207 

Town and City IlOpi 11 .® u 1 ; i« 
I ■■:. 8 - 1 4 DCLn. 89 ( 20 ' 6 < 

Town centre Secs. < 2 Sp> 57 ® 122/61 
Triflora Park Ests. ' 25 pi ita>-® > 122 6 ) 
Utd Kingdom Prop. , 2 Sp> 19 ri 9 . 6 ) 

Utd Real Proa- ( 2 apt 24 so 7 
Warn/ord ( 20 P) 273 r 20 61 

Webb ■ Joseph' < 5 p> 15 <21 61 . 7 'ipcPt. 

4 7 < 22:61 

Winston Ests. ( 25 pt 36 122 61 

RUBBER F 20 ) 

Anglo- Indonesian Corn 'ZSpi 99 too 
Chersonese (r» M. Si Estates New (I Dpi 
43 - 120 / 6 ' 

Consalioared rlantations (IOp) 37 -j 
121 / 6 '. Wrrts Sub 64 ® 1 

Guthrie Corn.. 2.0 

Harrisons Malaysian Esiac-s (lOpi S 7 

<zr/«ii 

Highlands and T-owUnda Berhara (VMOJOl 

Holyrood Rubber £ 14 1 . 1 21 . 6 - 
Kmta Kedas Rubber Estates ( 10 p» 77 
• 1 9 i 6 > 

Kuala Lumpur Kepong Berhad IS Mai 1 
70 

London Sumatra Plan) aliens i'Opi 1504 ® 
600 50 

Mo/edle invest, tl Op, 67 < 21 ' 6 ) 
Narbarough (F.m.s ■ Rubber Estate 
■ 1 Dp> 21 ? *® 'a® 2 ® 

Plantation Holo ngs | 10 o> 70 '; 1 . 70 PC 
Sogoniana Group ilOpi 169 ‘4 70 '* i 22 i 6 t 

TEA ( 7 ) 

Assam Frontier Hlng* 302 1 i 22 : 6 ) 
Baraoora HWC*. ' 25 ni ' 3 J < 21 . 6 > 

Blahtyre HW 91 - 600 .22 6 ) 

Camel la Hldgs- <iOpi 283 <19 6 . 

Deunli HIOOS- ' 5 P‘ 145 , 21 / 6 ' 

Dhamai Hldgs-. 160 . 20 ' 6 i 
Empire Plantations 1 IO 01 27 : . 22/61 
Lonabourno HWfl* 300 ' 21 mbj 
M cLeod RUM* 22 J: 6 pcPl. «0 

> 22 i 6 ). 7 pcln. 55 : < 22, 61 
Romai Hldgs. 31 S ' 22 'EI 
Slnglo HldOS- 1 SpcPI < 500 ' 99 
Surmah Valley ' 25 a. 112 121 . 6 ) 

Warren Hlops i 25 ei 347 51 49 6 50 
Williamson Hldgs 170 - 22 . 6 i 


Lee Valtey Water S'pK 
Mid Kent Water 10 EC PI. 103 UO 63 - 7 PC 
Ob. 58 # <22 6 ) 

Mid Southern 9 ocPi. lOOH® A>® <Z 2 .®) 

Mid Sussex rsosOo. Ida < 21 . 6 ) 

Newcastle - 4 . 2 pcPf. 90 90 <21 tj. 9 « 

PI. 105 - 1.1 1 0 pe PI. 10 S < 81.61 , 

North Surrey Water 4 pcDB. 27 |20 6 ). 

7 'tDcDb. 600 'Z 2 6 i 
Sunderland S. Shields 7 ocD 0 . 65 >20 61 

west Hanipsh.re 4 oiSb 27 r> >X 2 61 
West Kent 12 -pcDu. 1986 25 U 5 >x •*» 
‘IB 6 ) 

York Waterworks 9 acPT. 104 is# *j* 

SPEOAL UST 

Business done in securities quoted 
in the Monthly Supplement. 

JUNE 23 (10) 

Bulgarian BpcGoloLn. 1902 £ 8 ®':- 4 ';PC 

GoIdBds. 1907 £ 8 ® :*#. 4 -pcGoldBds. 
1909 L 7 L-O SO ;® 

Nrkolael -City o') 5 ocGotdBds- 1912 £ 4 '?* 
SaratoB (City ofl 5 pcLn. 1909 £ 4 'jO 

JUNE 22 (Nil) 

JUNE Zt (2) 

Barton Sons 6 ocPt. 43 o® 

JUNE 20 (Nil) 

JUNE 19 0 XU) 

RULE 163 (1) (e) 

Bargains marked in securities 
which are quoted or listed on an 
overseas Stock Exchange. 

JUNE 23 

Afrikander Leases 220 
Anglo Utd. 182 5 S 9 8 200 184 204 1«5 
205 13 .□ 22 

Australian Oil Gas 4 5 ® 6 
Avon Prods. US* S 0 -:o 
BP Canada £io u „# 

B'OCL >H. R.; £ 17 <« 

Bougainv/l/e Copper J 1 J 14 
BrU. ^CMumb-a Telepnone £ 1 1 :® 

tuon Cpn. £370 
Hooker Cprt- 64 # 

Hutchison Wampoa 107 - 8 >* 

Jardine Matheson 278 # 5 
Ja dme Secs. 136 
Mid East Minerals 38 ® 

Mm. Lyell 29 
Northern Mng., 76 ® SO® 
onshore o.l S':® 

OU and Mineral 30 
0,1 Search 9 
Pahang cons. 66 


I rjung L-)m. db 

4 pcDb, | ParKonimenial £ 12 »* :» 
I Peko waiisend 484 # 2 
Preston Mines tu-c 
Swire Pat. A 141 
• Swire Props. 64 - 


TRAMIVAYS (1) 

Anqla.ArgedUoe 'Sol 16 -22 6 |. 

Barton BpcPf. <2Spi >6 - >19 6) 

SHIPPl.v; (.IK) __ . 

Bn. Cornmoriweallh Sh.opmg i 5 Dp) 287 ® ! T mess Hldgs 244 
910 J Iwneolcek Maroon a 55 

Caledonia inv. - 2 Sp> 242 <21 6 > -Whim Creek 55 

Furness Withy 226 ® 4 5 I Wood side Pels. 68 ® 7 ® 

Hunting Gibson 154 -19 6 > 

Isle of Min Steam Pact*: ISO 
London Oversea* F<-e>Sh<ers - 250 ' 250 
Lyle Shipping A NV < 2 S Pl 123 - 21-61 

Ocean Transport T-arf-ng . 25 pl 114 # 

15 14 i: 1 

P and O SpcPI. 37 '- <21 6 <. Did. 90 - 89 '- . 

90 1 . 5 'iPcDB 53 -22 61 
Reardon Smith > 50 p. 71 . Do. 

3 S# < 22 ' 6 ' 

Runclman (ZSb* 75 # e 
Stag Lina 122 - 22 ' 6 . 


JUNE 22 


<69 


A NV 


WATER WOR KS (S) 

Rr.fiel Waierwcrls 3 £o : p- js <20 61 
East Surrey Pdcp'. ios-. 119.61 
Essex Water 7 ncPi. <£io po.< 1 Hr V 9 oc 
Pt. 1931 103K- ’SO' 6 


American Tel. and Td. 1)55 60 s®. 

4 PC >933 £.710 
Ampol Pea. 73 
Australian Cons. Inds. 148 
Berluntai Tin 2 BS# 

Boral USS 2.53 
Bow Valley £ 20 : 

Deere US\ 31-1 

Hang Kong Electric 103 

Hong Kong Land 1650 4 - 4 8 

ICI Autt. 20 3 

Kulim Malaysia 51 

M-lChell Energy and De*. £17 

New Metal 4 — 

Oakbridge Secs. 168 ® 

Salewav £J 3 --« 


Do. 


Folvesione »no Oisin:< 9 ocPt. 101 "u®lTai Cheung Props. 34 -: UST 0 . 40 h 
'.®. TOocDb. 86 .. < 2 r 6 i 
HarilecbDl Wate. 4 . 025 PC < 5 'rpci PI. 71 
< 19 / 6 < 


Thless Hldgs. 240 
Tongkah Harbour Tin 8 b 
Wallens 91 


S eMeld Minerals 9 S* I 
haelocir. Marten B 4 
woolworm IF. W.) £15 

JUNE 21 

Ampol Eh. 1 1 6 ® 

Aacd. Manganese £17 U 
8 H SBuU 107 
8 ary min Ex. 55 
drown Foreman A £ 21 '4 
Central Pac- Mins. 5 o 0 30 : 
Cheung JCeng 154 ® 

Clba Ueiey BpcCn*. £ 90 : 

E. Atrxan Brew. 94 ® Sr® 
kieelroluh 8 RU. .6 
Endeavour Resources 18 - 
Haw Par 44 - 

Hong Kong Kowloon Whirl 379 ® 
Jones tDatldr 1 > 4 ® 

Lend Lease Cpn. 1 S 1 ® 

Lone Star Inds. £ 15 -® 

Macmillan Inc. 940 
Madison Fund £1 Ira® 

Masland (C. H.t £ 1 2 '14 
Ocean Resources 21 ® 

Paul Y Construction 53 ® 

Pioneer Concrete 144 ® 

Procter and Gamble £70 
5 eUitger Prop. 66 -:® 73 ® 
Siemens USS 138 ® 

t mpson Stores 388 ® 

in Hung K 4 I Praps. 127 ® 

Timer Oil 6 '::® 'i.i® 

Traits Canada Pipe Line £ 12 ® 
Utah Mflg. 415 ® . 

Westmex 5 

Windsor Ind. Cpn. 58 ® 

JUNE 20 


Bridge Dll 91 ® 3 
Consd. Gold IFelo* Australia 305 
Conz-nc Rle TlnU Australia 228 
Hitachi 100 

Myers Emporium 162 ® 2 _ 

New Zealand Forest Prods. 168 ®. Do 

BupcCum.Pf. 381 ® 

Nicholas Ininl. 76 

Pac. Copper 380 

Paul yv Construction *B'j* 

Raytheon £ 39 -*s 
Republic Steel £ 19 *«; 

Schaefer If and M) 37 D 
Selangor Coconuts 95 ® 4 

JUNE 1* 

Apex Mines 775 
Coles (G. J-) 184 * 

Emerson Electric £ 29 '* 

Hill 50 Gold 5 
Husky Dll £ 36 -:* 

Jennings Inds. 115 
Johnson end Johnson £ 66 ':t 
Meta' la. 27 '?® 

Petrohn* £90 
Prsiea Hldgs- 74 ® 

Rio A loom £24 

Sc udder Duovest U 2 « iS 8 

TriContlnental « 

Unilever N-V IFI 20 . £ 44 ® 

We 5 t Coast Traxsmls&lon 37 5 
woelwortn HldBfcs a 21 6 ft 

RULE 163 (2) (a) 

Applications granted for specific 
bargains in securliies not listed 
on any Stork Exchange. 

JUNE 23 

All England Lawn Tennis Ground £ 50 Dbs. 

1976.43 £2200 £ 2100 , „ ... 

Cedar Hldgs. 10 . 25 pcDo. 1991-96 £SB 
Drilling Tools Nortn Sea 8 400 
Forestry Pulp Paper [As 1 ) -19 
GRA Prop. Tsl. 14 '. 14 1 S'. <x 
Gadek « Indonesia) 46 4 
Mining Inv. Cprt. 35 - >4 35 34 
Manunakula Tea Estate 5 
Nationwide Leisure New 7 
New Court Natural Resources 12 11 
nmw Computers 162 
Romlord FC ID 
Wvnnstav Props. 320 


Castletown Brewery s-pclstMtg.Db. £30 
Cedar Hldgs. 13 
Cialrmace 34 

Clucas Laundry (I 94 fii 270 

Clyde Petroleum 122 20 
Dalkeith iCevloni Hides. 9 
OarCns Fund (57 4 
Du . BPiS 10 

Grampian Television 40 ' 

Grcndon Trust l lpcSun.Uns.Ln. 1976-81 
£53 J 

Island Garages '5 ” 

Jennings B-atnes ?D 
Mld-Souttiorn Water 4 pcPrp Ob 07 * 
Nationwide Leisure New O' o 7 >: 7 6 ' 
PMPA Insurance 35 
Queen St Warehouse ■ Hldgs.: 3 <>is 3 *t 
Urogate Inv. 76 ': 76 

JUNE 21 

Ann Street Brewery 510 
Arbour Court Invs. I.I 
Blvih Greonc Jouraain 185 
Dart Valiev Light Ra-lwa* 30 
Doleswella Hldgs. 26 4 
Ferranti 340 

Isle 07 Man Railway £10 
Jersey New Waterworks 3 ■.DcCum.JrdPT. 
(£ 5 ) 130 

The Londonderry Gaslight Cons Ord 40 
Mid-Kent Waier 3 pcPrp.Db. £19 
Mining Investment Cpn. 34 33 'a 33 

Nedecm Tea SbCCum.P 1 . 2 
Norton Vill'ers 2 - 
Oldham Estates IZg 

Viking OH 130 
Wad worth 300 

JLfNE 20 

A ran Energy 115 11 
Channel Hotels ang Proos. ZD 
Cramp Horn 290 
Deltenne > Hldgs. < S'; 

Eachem Hldgs. Stk.Umts < 50 pi 23 . 

Fuller Sftth and Turner A 285 
Gen. Ceylon 'Hides > 6 ': 

Grampian Television 40 58 
Le R-ches Stores 530 

JUNE 19 

Cunninghams and T. W. Thwaiics 4 pc 1 st 
MI 3 .Pero.Db. £ 31 - 
Sldr-dae Paoe a >76 

Jersey Eleoritity s-DCCum.Naii-oart.pf. 

Jefsn* E^KtriC'lt SocCum.Pvrt-PI. (£ 1 ' 46 
Le Riches stores SocPf. '£ 1 1 35 
•Vynnstar Props. 525 

RULE 163 (3) 

Bargains marked Tor approved 
companies engaged solely in 
mineral exploration. 


13 


JUNE 22 

Aston Villa FC £16 
Cambridge instrument 1-1 


Currency , Money and Gold Markets 


M. and 

57.1 < 20/61 

M. and G Compound Growth 1 to 3 
M and g DWIdcnQ <nc 123 ‘< - 19-61 
M. and G. Eitri Yield Inc. d 6.6 
f 4 . and G far Eastern and Gen. Inc. 

57 -®. Accum. 64.9 (20 6 ) 
u 5 4 i r "t ra . 1 ™ lrt< - 770 ,19 6: 

M. and G. High Incom 104.9 < 3 l- 6 i 
H 4 J!f Japan Accum. ISSO 
M JM G. Magnum Inc. 217 4 < 22 d 
M. and G Recovery Inc. 86.3 i 2 a- 6 i 

MINES 

Auslrjlian ( 21 ) 

Hampton Gold -Sp- 122 # 

• 4 iM Trdgi -VAo.so) Igor 
Nsrth ^Broken Hill /JA 0 . 50 i 121 ® 18 17 

Nerrh ‘Kalgurl. (VA 0 . 30 < 13 '. 20 6 - 

Parlnga <?pi 39 -« 401 3 a 4 
We^MM-ng HAD. sot 1 < 6 ® 3 ® 3 s 

niiKeellaneous (G 2 ) 

Amax 8 pc Dbs. VUS 90 ® 

Aver Hiram p .355 
Berall < 23 p) £3 
Burma 1 17 >pi 14 i 216 ) 

Charter Cons. > 25 oi 141 ® 39 7 8 . SpcLn 
67 ( 1 9 6 1 

Cons. Gold Field*. > 2 Sp> 175 ® a# 2 1 4 
70 . 7 -<acLn 61 - 122 fit. 8 'apcLn. 70 : 

El Oro i tool 54 -;® 

Gopcng < 2 £p' 28 S* 

Idrii il Op) S3 '22/61 
Malayan ,VM 1 > 395 ® i 22 . 6 i 
R io TmtolZ-nc Corooraiion ( 25 p> 220 1 
18 19 17 Oro. 'Bd - - 25 p 1 230 '20 6 ). 

Accum Ord CSpi 217 . 3 32 SpcPi. A 

38 '20 6 1 

Saint p-ran < 2 SP- 50 # 48 # 9 
Selection Trust < 2 Sp- 412 
Slivermmes i 2 ':P« 45 -22 6 - 
South Croliv nao* S 8 # 61 * 60 
Thsrs-s Sulphur and Cooper 250 30 : 

Trnnoh Mines MalUvsia Berhad ISMa > 210 
■21 6 . 

lihodesiun ( 5 ) 

Botswana RST -Pu 2 - IS:* I 9 -; 

Falcon Mines 12501 168 (20 6 ) 

MTD <M»ngulai ' 25 d 1 49 -21 6 ) 

Minerals ant) Resources Core. -VBDI. 40 ) 

195 

Rhodes- an Corporation < 76 jo. 17 <; (20 6 - 
Roan Consolidated M-nes B -K 4 ) 651 # 

Tanganyika Cenccssions > 0 pi 1520 3 -® 

Wankie CoHierv S'.pcDb. 35 21 6 - 

Zambia Cooper ln*esimenu -SBD 0.241 13 

Soulh African ( 23 ) 

Anglo- American Coal 1 RO.SO 1 598 
Anglo-American Con. S.A. -RO.IOi 326 : a 
Anglo American Gold In. iRI/ >US 21 
i 20 ' 6 i 

Bisnopsgate Platinum -R 0.101 85 ' 20 / 6 ) 

BIvTOeruitr'cht -R 0 . 26 ' 323 < 19 / 6 ) 

Bracken Mines -R 0 . 90 - 76 - 19 / 6 . 

Suneittc-ni^ln tR)< P 1070 ' 2 l 6 | 
conso. Murchison -RO.IOi 240 
Coronation Syndicate -R 0 25 - 78 < 21 /b) 

Dccltraal -Rt- 20 / 78 - 20 / 6 - 

Doornlontem -R 1 ) 305 -22 6 ' , . , ...... 

Durban Roc-depcgrr Deep 'R 1 - WS 2 . 60 ® • mulUritlOh Of UWOm. . .. h . nt . hrmiuHl 

E«r'Sf'«.onie.n IRI. 74 S* VUS 9.30 C 74 z| Day-tcKijiv credit *x* agflin in °*J er h „ lfln i e The dollar's weak ness was 

- 22 i 6 i 'short supplv in the London money forward balances above target s j, 0 wn in other currencies,' with 

E«t rIISj S 53 ' uranium : .R o. 50 i 373 * ; market arul. as it turned out, the and Government disbursements the Swiss franc improving to 
21 ’ 120161 New 1 shortage was much larger than exceeded revenue transfers to the SwFr 1.8650 from SwFr 1.SS0 

■iaM) 5 rand_iR 0 . 20 i Exchequer although not by as while l he West German mark rose 


JUNE 23 

5 teec«s Dil and Gas -U.K .1 335 4 
28 

JUNE 21 

5 -ebens 0-1 and Gas lU K.) 330 

j\;ne so 

CCP North Sea Associates S 25 


and Gas 'UK. I 334 .0 28 

6 5 4 0 

JUNE 111 

CCP Ncrih Sra Associates 825 

Sieb«n? >< oil 1 and Gas IU.K.J 337 40 4 8 
50 2 3 6 

JUNE 16 

CCP North 5 « Associate* (£ 1 1 825 
S, chens ON and Gas -UKi t£l) 3*4 30 4 
6 B 4 Q 4 6 B 50 

ERRATA 

dull 0-1 Ord. PB 12 - Should have been 
pal 3 -: H 9 (i 

i flu pi-rniissii-u <>/ ll»f Nl*u-fc En hnugc 

lc<lll/i-|(- 


Rise in bill rate 


Bank or England Minimum 
Lending Hate 10 per cent 
-(since June 6 . 1978 ) 


UK MONEY MARKET EXCHANGES AND GOLD 

Activity in yesterday's foreign Sterling also improved against 
exchange market was at a Ihe dollar in very quiet trading 
generally low level, the one although a little commercial 
exception being the Japanese yen. demand helped boost the rate. 
Further demand for the yen After opening at $ 1 . 8420 - 1 . 8430 , 
expected. The authorities gave prompted central bank inlerven- the pound touched $ 1 .S 4 « 0 - 1.8500 
assistance by buying a moderate t ; on several centres in support at one point before closing at 

, . amount of Treasury bills *11 0 f the U.S. dollar. The latter was SI. 8485 - 1 . 8485 , a rise of l.lc. 

The Treasury bill rale rose by direct from the houses and a seen at Y 20&.40 at one point but Against other major currencies it 
U .1198 per cent io 9.2546 per cent small number of local authority plunged to a record low of showed little change and the 
at yesterdays tender and the hills. Total assistance was large Y2Q6.3Q before closing at Y 207 J Bank of England’s calculation of 
minimum accepted bid was £ 97.68 and very probably overdone. froin v’ 211.00 on Thursday. The sterling's trade weighted index 
3 gainst £ 97 . 71 ! last week. Bids at The mar ket was faced with a dollar's trade weighted deprecia- was unchanged at 61 . 4 . having 
'Jf'jrur-flr nr? -r 1 fnirly l.rsen-, nkc-u„ 0 fTre.sury Hon on Morwn G U .r.nty fisores <-o~' o- 114 o' noon and m early 

tendered 
bids 

offered _ .... . . # 

1300 m will he on oiTer replacing Thursday's moderate leans. On 41.5 percent against 39.2 per cent. 


*r cent The £MQm bill s 7 Th- at noon in New York fell to 6 .S dealings. 

red and allotted attracted bills and a similar increase in the cent from gs pef eenl pre , r; 0 | d tra ded in generally quiet 
of £ii 1 7 . 117 m and all bills note circulation. This was in v j ous -, q d a similar basis, the and featureless trading to clnse 
:d were allotted. Next week addition to the repayment of V en’s appreciation improved to SI an ounce higher at 


212 < 20 / 6 l. 

-*R 0 50 1 -.US 19 ':® 


GOLD 


Free S'xie Gduld 

Gold *7 - el 04 S.A. IM.HI OSS 1 | ! iJ . 
Geld Fields Frcperlv -R 0 . 02 ':- USV 0 . 95 ® 

Gnqpaland Exolro Fin. -RD-OS' 207 <2 ^ 
Grootvlei Ptopv. Mires 'R 0 . 25 I IIS <»- 6 l 
Ha«nt.<w Gold ‘R 0 . 50 J 3SC 
Harteo**rtrtontem G-Mc R ■ * 1C 1# * 

Ju"bu~g! 6 Consd. <"»• -R 2 i 1 i‘*® ( 22 . 6 - 
Kinross MV J5W >22 6- 
meet Gold '"l*.!? 2 ,. 

Leslie Gold 'B 0 *®, 44 , ^ S xn°T .so- 6 < 

Lvd-'<* 0 urg PUL J Ba J n *Vn| 6 ras- 2 # '22 6 l 
Manevale Consd. -R 0 501 'Ob -® | 

Messina .Tr»n*-.Mll Dev (PO SOj F 8 U- 61 
Middle W'twaicttrand (W«Hter» .. 
-R 0 . 26 - 1C8 <20 6 /. 


BpcPt. fR -1 ' TT 


East sss 

U?s JJi -8 


-RO. 10 ) 81 8 P 


THE POUND SPOT 


j-m-a 


lfc.nL ~ 
mlw* 
i I 


Uni'* 

S|.|.w.l 


('I— «• 


great an amount as had been in dollar terms to DM 2.07621 
previously expected. against DM 2 . 0885 . 


OTHER MARKETS 


Join L.> ! JuneCC 


f.S. > 
LxImmI-i— ' 
1 <UII<I<< 
KelL'lfii K-. 
iHiii-li hi. 

Ii-Mwri 
I 5 «f. 1 «. 
> 1 «'I. IVs. 
law 

Xrujn. Ki. 
Kiv/nli 1 i. 
4 r. (ili-lik i . 

V.i< 


1 1.1420 l.t &00 1 . 6485 - l.f 495 

EI*,a.OS 75 ;.D*D 0 2.0770 2.0785 
4 4 . 11 - 4.14 4 . 1116 - 4 , 12 Jg 

5 l S : S 0 . 20 G 0 . 5 D 60 . 22 -M.S 2 


£ 

\-Hi- lta<* 


Aia^ni nia ft*. -... 1 . 456 - 1.460 ■? 87 . 45 - 789.62 Autirla 

Uc-Iji 1 mii> 

L*t-nni«rV._..._ ; 

F r«ni-e : 


o i in i* 7 ; ID 42 10 40 A 10 411 Au-IrtlU LN 4 Ur.... 1 .G 03 Q -1 61 fi 9 ; 0 . 8708 - 0 . 8?84 

S ! J.i jiv !:"'.](( H..U.M.I 7 .B 8 - 7 .B 91 ? 4 . 271 (M .2730 

ID P 4 . 00 -e 5.00 S 4 .D 5 14.85 Hp-lUiiuMm ! 38 . 58 - 33,58 | 17 . 62 - 18.16 


5 , 45 - 4.50 

it 0 - 1:0 


RuSlenbure Pljt- H'M* ,R 

P’'^rr^ r 'R 0 , ° 5 ' 0 5 O ? - , ® e 2 2 2 6 l' ^O-;* • , *<?• oiu-j.v 

| 2 Sth*^l “id# i. ( R 0 .S 0 . «USS. 9 l . 2 . 6 < |\ ll Jrig-.l. 51 ? 27 6 1 - 27.80 
Stilinntcin 'R 0 50 : <U «3 03 21 6 l <«-.)>. 1 ■ 5 . 43 ^- 1.47 

v^r.^er^DOSt *R* 1 . 


building society rates 


Gloucesterf 


Abbey National - 

\_ AUiancer . v 

^Anglia - 

> Birraingbaiu 

t Bradford and Bingley 

r Bristol and West 

Bristol Economict -i- 

Britannia: 

.BuTnleyt — 

Cardifff — 

Ca'tboTic 

- Chelsea t ;. 

• Chelienham 

Citizens Regency 

•- City iof Lnndorir .<■■'—•■■ 

‘/.dciyentry Economici 

( rCcweatn-' Provident 

j-flerbyshiret 

Catewayt 

^Goardianf i. — 

.'jblifoxf 

: - 5 fas,tingS and Thanet 

'Heart of England ! -■< 
Hearts of Oak & Enfiefd 

-HbSacidcId * Bradfordt... 

t^pjiftgion Spa* •*•:**.* 

Ueed? Permanent 

Leicester? "V" 

i Liverpoolf ****** 

- fjjacfoB. ColdiJO*^’ 

- 3 fdt«n Mowbray t 

Midsbireat- 

Morn^swn - 

, Xaiiojiat ^Counties r 

NaUba* 3 tf 6 t : ”:*; 

Newcastle Permanent 
.New r .i 3 ross 
■ 7 Sorthero.B 4 > c K r 
. itoTynzh .Ty-r ”*"”"?!»■ 

paisiey:. <•■■ '.V"" ’ 

peckham Mutual? ■•■•■'■'*' 

pnogressivet 

property Owners. 

..Provincial — ‘**’1". - ...... 

suipton • 

Sussex Mutual — 

.pnww 

.woolwteht variable in 

•* 3 &r!yst - .. 


Deposit 
Rate 
. 5 2o% 
6 . 45 % 
5 ^ 15 % 
5 ^ 5 % 
5 J 25 % 
5 . 25 % 
645 % 
5 Ji 5 % 
6 . 45 % 
6 . 45 % 
5 . 00 % 
6 . 45 % 
6 . 45 % 
6 . 45 % 
6 : 70 % 
6 . 45 % 
5 ^ 5 % 
6 . 45 % 
6 . 45 % 
6 . 45 % 
6 . 45 % 
5 . 25 % 
5 . 23 % 
6 . 45 % 
B. 70 % 

B. 45 % 
6 . 55 % 
5JZ5% 
8 . 45 % 
6 . 45 % 

' 6 . 45 % 
6 - 55 % 
6 . 45 % 
5 . 20 % 
6 . 70 % 
6 45 % 

а. 00% 

7 . 25 % 

. 6 . 45 % 
. 535 % 
5 . 35 % 

б . 75 % 
5 . 25 % 
fi. 45 % 

C. 70 % 
6.45% 
• 535 % 
535 % 
‘ 550 * 

6 . 45 % 
6 - 45 % 
line with 


Share 

Accnls. 

5 . 50 % 

6 . 70 % 

5 . 50 % 

5 . 50 % 

5 . 50 % 

5 . 50 % 

6 . 70 % 

5 . 50 % 

6 . 70 % 

735 % 

• 5 . 60 % 

6 . 70 % 

6 . 70 % 

7 . 05 % 

7 . 00 % 

6 . 70 % 

5 . 50 % 

6 . 70 % 

6 . 70 % 

6 . 95 % 

6 . 70 % 

5 . 50 % 

5 . 50 % 

6 . 95 % 


670 % 

6 . 80 % 

5 . 50 % 

6 . 70 % 

6 . 70 % 

6 . 95 % 

680 % 

6 . 70 % 

630 % 

7 . 00 % 

6 . 70 % 

5 - 50 % 

7 . 50 % 

6 . 70 % 

5.50% 

550 % 

735 % 

• iaO% 
6.70% 
6 . 95 % 
, 730 % 
5 . 50 % 
5.5Q% 

5 ^ 0 % 

- 5 . 70 % 
6 . 70 % 

changes 


Sub'pn 

Shares 

6 . 75 % 

795 % 

6 . 75 % 

6.75% 

6 . 75 % 

6 . 75 % 

7 . 95 % 

6 . 75 % 

7 . 95 % 

835 % 

6 . 75 % 

7 . 95 % 

7 . 95 % 

835 % 

7 . 95 % 

735 % 

7 . 50 % 

. 730 % 

7 - 85 % 

730 % 

7 . 05 % 

6 . 75 % 

■ 6 . 75 % 
8 . 43 % 

7 . 95 % 

7 . 55 % 

6 . 75 % 

7 . 95 % 

8 . 15 % 

830 % 

7 . 95 % 

7 . 05 % 

8 . 00 % 

7 - 95 % 

6 . 80 % 

7.95% 

7 . 00 % 

6 . 75 % 

6 . 75 % 
7 . 95 % 
7 . 95 % 
S. 45 % 
6 . 75 % 
6 . 75 % . 
7 . 05 % 
+ 10 . 00 % 
7 . 95 % 

in ordinary 


♦Term Shares 
6 . 50 % 3 yrs., 6 . 00 % 2 yrs. 

7 . 70 % 3 yrs.. 730 % 2 yrs^ 6 . 95 % I yr. 
6 . 50 % 3 jcs.. 6 . 00%. 2 yrs., 5 . 75 % 1 yr. 
6 . 50 % 3 ’>ts., C. 00 % 2 yrs., 5 . 75 % J yr. 
6 . 50 % 3 yrsL* 6 . 00 % 2 yrs.. min. £500 

6 . 95 % 3 months* notice 

6 . 50 % 3 yrs, 6 . 00 % 2 vrs.. min. £500 

7 . 70 % 3 yrs., 730 % 2 yrs. 

— • 9 : 80 % over S .000 
7 . 45 % min. £500 6 months’ notice 
7 . 70 % 3 - yrs., 730 % 2 yrs. ( £ 500 -£l 5,000 1 
8 . 30 % S yii, inin. £ 5.000 

732 % 3 yrsL, minimum 

7 . 70 % ’ 3 ; yrs. min- 3 months* notice 

6 . 75 % 3 yrs. 

— up to 73 %. 3 months' notice 
7 . 70 % 3 yrs.. 730 % 2 yrs.. min.£ 500 -£ 15,000 
7 65 % 3 months’ notice, 0,000 min. 
7 . 70 % S-yrsC 730 % 2 yrs. 

6 . 50 % 3 yrs.. 6 . 00 % II yrs.. £ 250 - 03.000 
6 . 30 % 3 yrs, 6 . 00 % 3 months* notice 
7 . 95 % Syrtw 7 , 70 % 2 yrs., 7 . 45 % 1 yr. 
7 . 70 % 6 months. 730 % f month 
7 . 70 % 3 jts, 730 % 2 yrs. 

S 35 % 3 yrs, 835 % 1 yr.. 7 . 17 % monthly 
6 . 50 % 3 yrs.. . 6 . 00 % 2 yrs.. nun. £ 1.000 
7 . 70 % 3 yrs_ 730 % 2 yrs.. 6 . 95 % j-yriy. 
730 % 3 yrs., 7 . 30 % 2 yrs.. min. £ 1,000 

7 . 55 % 3 -yrs^ min. £ 2.000 

7 . 70 % 3 yrs^. 730 % 2 yrs.. min. £250 

7 . 45 % 3 months, min. £ 1.000 
7 . 70 % 34 yrs-, 730 % 2 >ts., min. £500 
6 . 80 % 3 ,'yxs., 6 . 50 % 2 yrs. 

7 . 70 % 3 yrs., 730 % 2 yrs„ min. £ 1 M 
635 % 2 yrs., minimum £500 
6 . 50 % 3 yrs., 6 . 00 % 2 yrs.. min. £500 

6 50 % * 3 yriL, 6 . 00 % 2 yrs., 5 . 75 % 3 mills. 
720% 2 yrs^ lomimum £500 
735 % 3 yri, 7 . 70 % 2 yrs, 7 . 43 % 3 mths.noL 
7 . 65 % 3 nHhs. not.. 5 . 7 o■ , :. to limitd. cos. 
6 . 50 % 3-4 yrs., 6 . 00 % 2 ITS. 

6 . 50 % 3 yrs., 6 . 00 % 2 yrs. 

6 .S 5 % 3 yrs-, 6 . 55 % 2 yrs.. 635 % 1 yr- 
7 . 70 % 3 ynk, 730 % 2 yes. * Max. 1250 
730 % 2 yr 5 „ 7 . 70 % 3 yre, 
shave rates. 1 Effective from July I. 1978 . 


Ver.-en po&t - - 7 =, , 

VIpLionrel" <R'< 6 ,°-n' Z | 2 ?o 6 , 

Wf'kom IP 0 50 - 268 '20 6 ' 

SSOTfv |S- 6 * 

SKS SS?s. L -M.»“p' 6 eeSuS 23 2 -< 
<20 6 ' __ 

W*nke"*»»( 'j* 11 6-- 7 ,22161 

ZindP 4 n 

West African (!) 

Gold B«sc k , 10 

janur ■ 1 2 '-p* S'? n, 6 ' m 

Dianiund 1391 

UnnlD-anvi'Un <R 0 SO. 41 ' 20 6 
DrBtto Did 'R 0 . 0 S- JB 6 ®_ 99 



Hiletjn mic is lor convert ib/i- fra <ict 

k-nuiKijl (races StHlMJO.SO. 


1 . - 1 \wii I *. ii rs: f re iir 60 . 2 aj 50.32 32.58 32.60 A.irirxy J 

Malxi iui LL.ilni 4 . 37 - 4 . 381 * 2. 3 75 5 2. 3 76 5 JV-rtu**/ 

X*« /wiiixiiiil'oliai 1 . 7925 - 1 . 81040 . 973 14). 981 7 K|® in 

fw.Hl- Ainl't* lliypl. 6 . 31 - 6.41 3 . 41 - 3.47 Umi/vrUn-l 

Siug«|».n< IkdlHi-.J 4 . 28 - 4.300 U 22 S- 2 J 2 U it Him* Maid-,.,... 

.Nantii kirh-an Unn.ij 1 , 5938 - 1,6106 0 .B 62 O 4 ). 8710 'Vnc-ol»Ti* 

Rale Riven for Antenilni In 'free rale. 


271 - - 88.0 
60 ^Ue 
10-30 10.45 
8 . 4 oa;so 
3 . 80 - 3.85 
1560-1590 
385-395 
4 . 05 - 4.15 
9 85 10.00 
B 0-84 
1 43 - 1-48 
3 . 40 - 3.50 
1 . 84 - 1.86 
34 36 


f.«lil IblllllVl M 1 1 III*. 

-iin<t?i 

Oiw S 1 BB,‘-I 86 J S IBtJ l 86 | 

UKiiiiiU S 185 186 ; StB 6 165 ; 

M.<rninR IKinu S 185.20 S 185 .E 5 

< 1100.3741 - 1100 . 486 / 

AII<<riH<--ii Iimiir.... w 185 55 S IBS . 50 

. 11100 . 538 / < 1100.2461 

((•.ill 

■ I.-Iik-M 1 -nllC 

k'mufittiiHl S 132 ,‘-I 54 i kl 61 185 

<llO 4 :-W 5 ;<<l)fl 3 .M 04 J) 

,\e*i Sll'erelull^ " i 54 ;- 56 l > 54 :- 56 ; 

j.CSx.'.SOXl 

I'M Mix -Teiu-iK I S 55 57 

iil 29 j-S 0 jr 

li--M ('..ins 

inlrr-ml Ii'iihII.' ' 

knu«.iTRii-( S 190 ,- 182 ; S 190 ; -1821 

- 1105 : Ui«:, <ll 0 a..-ID 4 H 
Neu S-l*iri»iu> ^ 53-55 S 55-55 


-LM.liOii 

>' 55-57 

1130 - 51 ) 


LONDON MONEY RATES 


1 . 128 ; 28 ,’| < 128 . 23 -, - 

OH Sui ciwu «» '>' 55-57 ,> 55-57 

Iil 28 ; 50 , i ' 150 - 51 . 

SZM K*L<ie* S 275 ;. 27 B; * 175 ;- 27 «i 

SK- Kxttlv- I.« 136 .' 158 . SISS-IJS 

> K «1 sa 61 . 102 ; S 99 - 1 D 2 


Jim- 

!<-' 


M*-riin« 

' *v-t 'limlc 
til .li<|>. n- 


•»*i 'fx«»l Aulh.J Flnenre j 
l-..ni\ nre<M.i. - H.x»-> |<.'*<ni|«nv 

Upi.Is ! |le|*<-il» ! l)H|a< it 


l»n 

\ in 


' l»te>niiii 
. Kiatkei 
■ 1 ei«i -I 


I rax-ury 
Dill. * 


Biiactiiit- 1 

Itxnk IKineTnuU? 
Hilo ® Hill-.® 


91?. 10 


1 “ 


1 400 

* 5 J.B 1 *P 392 s c: 93 - a; >: 4 - 407 

OIL ( 169 ) 

Attack Petroi«ura^-_ 20 o/ ( 3 &O a '22 6 ' 

57 :® SI® 


•-'J.Ti'? ei s V V«? S 5 «l HPL 

43 9 « 2 ndF< 77 >:# 6 prDd. 900 


9 pe 2 «dP* 

Bunnan Oil 65 * 1 ® } 
20 6 ». T'iPCLn 63 ; 
CcKiu'r O-'s 'lOo- 5 #':< 
Chartnrhall -So) 20 '< 1 


. <n-. • l«.<C. • . 

1 (in- ri -i il J - . • | 

I <■>- - II . H 1 I :■ 

I l.i<*« in. i.i I*- ./ 

.. . ..’ 10,;- 10* 

\iiu iu- *<ii j ■ - •"« io,;.. io, 1 . 

'.*i' j 1014 - 10 ,'. 


10 9 : fl 
10 - 9 -a 
lO- 0 )j 


BJ'-IOIh 
9 ;.. - 10 ,: 
9 , 10 .', 
9 , - 10,1 

10 10U 

to,;, ids 

lO'ilOJ* 


9 i, 10 

9 /r 10 

9 . 0-10 


10 I 9 . 97 B — 


9(6 

910-10 

976-1050 

I 01 ;-I 0 >j 


9 >»- 10 »« 

93 * 101 * 

9 i?- 97 g 

9 * 4 - 91 * 

91*10 

934 -lOlg 


10 U- 10 SB 
10 'a- 105 g 
IOIrIOJb 
iOae 

10 * 4 - 10)2 

1050 

1050 


10'4 

10*4 


I 


_ I " 


tOH 


9 il- 9 J« 

9 i* 

91* 

9 i* 


9 i,- 9« 4 

A 

9 .; - 93 * 


97 B - 9 :i 
a:.-.-s-s 
9 r : - 9 .. 
93 ; - 9 ; J 


10 >: 

lO'j 

10 Sg 

10 S* 


CURRENCY RATES 


June 22 


Special European 

Drawing Unit of 
Right* Account 




- i - 


0 X 57674 

lJCSk 

JJ 3487 

18.4540 

4 DX 423 


SutDdr 

l’ S. hollar 

Canadian dollar 
Austrian sduliUiR .. 

Ri-lKlan franc 

Danish Krone 6.95025 

“ ™ — " DhiikIk Mark 2 J 6534 

•niihority pi A Rnino Iowm-s n-wn days' nmicc. mhcr.* seven days’ fixed. Umcer-ierm local guthoriiv mniHLUv rale -luilder 2.75435 

;-ikPI. j? ' n-'in-i' -!h -l-rec year-. UMl per «ni: Imir year* lli -12 per i-eni: nve years 121 - 10 : per cenl. • Bank bill. rain, in labk- arc l-reneb franc 

S';ocLn. 60 ; buM/u rJ*<-‘ f-T prime pai.er. luvinx rales for fnur iiiuDUi bank bills 8 *-'-* per cent: (our- month trade bills 10 : per ctnr . Lira 

I ' Ar-i.r- •'.in-ale selllus rale; l.<r Treasury bills per eeai: ttvo-immth 91 - 85(6 PCr cent: and ihrce-munih V 


f^rretomSr^clsVDb. 50 '. 50 ' 7 9 I**’* ^ l ?? 1 ' 'npr-.vm.a.-- ran 


f-r one-inomn bank bills 8 "»- 9 ; per erni; and tu/n-niMiih 9 “<* j*r reni: and NnrwcRlun krone 

-- - ,- c , • 9 -' l <^ 9 l *i» per eeni. Oat-in'®lh trade bills IBS per cent: tuo-moniii I 8 f per cent: and also three-m-nihs Idf per Peseta 

-® C A e '< 7 .^n JJfoiiaJ - 2 I 0 » 25 ® 6 . 6 pcl»P«. , v ni Swedish krona . .. 

*'* - 1 10 0 ! ; Finance House Base Raws > imblidted by live Finaiu.v Huuses Aa«nciaii«n 1 AJ per cttll from June 1 . 197 S. Clearing Bank Swiss franc 

London Scoii-t* Marine '**»' *■*{?■ 5 jj ' Dcpesu Rales -fw -rm.ill inirv ji -•veil dui.-' nr-iiee- fit -7 per ccm. Clearing Bank Bast Rates for tcndlns 10 per eenl. 

Pradud'O" 'IOp: Z.o ■-« » • | Treasury Bills: Average lender rale* -f dlscuunl B.J.V 16 per cent. 

10 ; -21 S' 1 


5.64542 

1056.25 

299.344 

0.65375 

97426 S 

SM 561 

230730 


0 669061 
1.23653 

uwa 

1 & 3 MT 
403(622 
6.97164 
2_57300 
276288 
5.65997 
1059 >9 
260 JUKI 
6.67643 
1TM7p 
5.93250 
231239 


Modll C&rd. ' 5 USJ- 50 ' 3 J r . » 9 B. 
Oil Eaoloral-gn ;H ( 1 « ’ 

Prerr..« r Cons ' 5 p* JS’*.F 1 S -dT''sUS! 
Roval Duteh N.W <Br \ -Fl j. 0 . u». 


. . . ... USSB 2 D® 

W?t ra 

s.tt>aiia RomsM ‘ Br '' ,s , h \ < ! ? 5 fp ’se'^n 9 >'bi 
T rKWrtrol'^j'spj' * 7 6 2 t. iFore- 9 " Held* 
UIWmJ 7 ? 25 P* 251 . 7 oeP.d. 144 ® 1 
- 22 / 6 '. 

PROPERTY (tl»t 
AMnatT London Proos- 
Amalg. Stores 1 SP' 9 i 20 - 6 < 

m.m. , 4 , 

Avenue Clwe ' 20 p* 739^2 -22 6 - 
Bamotpn Hldgi F',otLn. 

Bamplon Prl 7 '.PCLn. „S 1 t 


! EURO-CURRENCY INTEREST RATES* 


rMi.'ii i. - «> ■ 

(•In'. - n-auw.' 
U.'lllu , 

I l.ian- 1 - 1.411 !-%<j 

-•1 it,, -fil li- I 

I I -J 


SIl-i IIHs 

l ■(MMHfl 

il..| Im- 

I'jj. lMI«r 

lt'llcll liuillier 

-win- Fmdi- 

Tl . L»»*Mll»fl 

Mark 

Frem-n Finn- 

llA'IKIl Ltlfl 

A •un F . 

J<ixw 0 »c Yvu 

10 10 * 1 : 

7 i, - 8 *i 

75 r 7 I 3 

4 4 U 

id *2 

3 |L 

7 :? S'* 

10 14 


6 - r, j Bij 



770 8 i b 

4 - 4 *. 

150 17 , 

348 - 4 '* 

8 '? B>, 

10 )? Ill* 

8 .V 8 ... 

i 2 ;,. 4 ... 


75 * ■» 

a,: b,„ 

41,440 

1*4 1*4 

3 »b al* 

9 Hi 9 '« 

12 13 

BIr-BU 

i 3 a, 



a.- 

4 ', -Hi. 

I** T 5 , 

330 - 41 * 

- PTglOlB 

12 * 7 - 13 ** 

85 m 8 J, 

1 3 ,;-. 3 ;.. 


8 l?*b ip 

8 ;.: - 9 ,., 

5 - 5*4 

1**2 

4 ‘r-sns 

10 ) 0-1050 

13 1 * 

9 - 9*6 

1 35 , - 4 ,'. 

li** 121 * l 

8 V 9 '« 

9 .L 9 „. 

54 «-S 3 B 

aiB-a *4 

3 -ii-a 

11 If. H »0 

13 N 143 , 

9 lfl 9 ', 

4 ,, 4 


The fulk*wins iwminal rah-s were Qiioied for London dollar crrliOcaies ol deposll: One month 8 . 05 -BJ 5 percent: three months fc. 30 -fc. 4 O per cent: sit monihs fc.B.vuTS 
pi.-r ■ •. "I • oik- year >. 93-9 Ol. _ . ' 

campinn r.. < .,n<.i <s l I oni.--i.-mi Rgrodolljr rl.-cvxiis- I wo years 81-96 per CvM: Ihree years 9 i- 8 i per eenl: four years B 7 I 0 - 991 I, ix-r ceni: Hve years per cent- •Raws are nominal 

3^-1 and Commercial n'eiis 1 111-1 < b-Jlii ■ tusii — riil'-s 

Beaumont Preps. <-Sp< £3 <2 >- ’ *" "^in-ri-i- nn nkg are eall fer sirrlinp. 1 * 5 . dollars and Canadian dollars: iwo- days' notice for guiklers and Swiss francs. 


50 # 


■ 19 6 ) 


■21 6 ). 12 pcU«sc 

10 . 4 pcls 1 Mi.Db. S 3 



Beaumont 

Sefcav Hidos- < 25 p' 60 ': 

Berkeley Hambro Prop '-SP* " * 4 

sa^nssvjfisS lsoc 

fiffjs rA3r 

50 49 W»rfanis '-O 1 22161- 9 jO-.Ln 

Central and D'St. Prop. 7 ',p<lsiMlDb 63 

CentrovlnCiai Esls. 'JOP'^ ChD.i*' .IOp-!' 

60 . Lr - 6 '. Pci S 2 i<< 1 . 16 ' 

Churchh'i<-r Ei'L < 750 . 2a 3 '’ 9 6 ‘ 

Cltv OMwes ' 2 s<oi 5 — ppreii 
Corn E».njn„<. - ICc ’ 7 t °,, , 7 T 6 
country New Town ilOW * * 

County Dlf. Props 1 * DP* 37 
DiriiS HI999- J 2 SP* M 
Dare, Ests • * 0=* * 7 <20 6) 

English Prop. Cpn. l 50 P' 4 2 
6 : ;pcUnsec Ln 91 
Ln 67 ( 27 . 6 / 

Euslon Ccnlrr Props 
■a 6 <19 6) , 

Evans o< Leeds i 2 Sd* 85 

Great Ponland Ests. iSOp) 2 S 3 # 78 6 . 

Green* *iR.* Proos- MOW »• 

Guildhall Prop- &P'- p < « 1 ':® I 2 -. 6 < 

Hjm mpfW n P tftpm invckl Tsl « i 2 SD> 
S 7 go 64 < 27 /fii 

Host-mere EUS 'TO®' 226 . 9 ;oeUn>« 

Ln 1!4I*«22 6* . 

House ProD London laDpI 12 < 8 

Imrv Prop Hldgs < 25 o> 312 # 

Inlereureocan P' CD Hide:. <lOpi 29<*0 


BL 122**1 a'.’CtLn C 6 67 <:. S ,pcLn 
161 £',pcLp 141 ' 2 a< 6 < ICPCLn. 140 : 
39 

Law Land i 20 ni 38 ' <22 6 > SimcD.’b 54 
' ■ 9 - 6 1 . 5 pCLn 76 ® 


>1 Or' 91 •■* -22 €■! 

London Coun'v F<t'ho' 

6'..psDeb. 61 7'<W 

LOndnn SHOP Prooett* 

■21 6 . 

'.•lion hrjdings ' 20 pi 119 * 

MEPC 1 2 So i 119 20 . SpcLn. 60 ; 1 ": 
5PCLn. “4 

iicKar 5*r"ril<ns <20pl 7.21®. 

M«iroD 0 'iian Railway Suroli 

n,-h 62 1 20 . 6i 
M'Onursi ®<l»'l- Holdinns !10pl 41'. <20 61 
Mount vi-*w Estates <Sl»i 5?'> 'I*'6 
Murk lew 'A J . .Grand ' 2 Sp* ITS 
Municipal Properties 'SOp. 230 {30.6} 


Truil 6 :PCLn. 79 


ilus Lands 6 1, If 















UJ£. CONVERTIBLE STOCKS 23/6/28 






data 

Stacltdcs provided by 
STREAM Inu root tonal 





Con- 

Flat 

yield 

Red! 

yield 

jPrcmiumf 

Income 


Cheap( + J 
Dear!. 1 — )■> 

Name and description 

(£m.) 

price 

Terms* 

dates 

Currant 

Ranged 

Equ.$[c 

:onv.S 

Diff.fp 

Current 

.\li-;in Aluminium Ope Cv. SM-04 

9.05 

155.00 

100.0 

76-80 

5^ 

3.T 







Ary.O''ia(*.'d Paper Wipe Cv. S5*90 

1.40 

114.00 

200.0 

76-70 

8.3 

6.0 

-0.9 

-10 io 0 

5J 

4.5 

- 0.5 + 02 

Bank nf Ireland 10pc Cv. 01-06 

S22 

173.00 

47.6 

77-70 

59 

. 32 

-3.1 

- » to -2 

10 K 

9.4 

- 0.8 +■ 2.3 

Briti>h Land 12pc Cv. 2002 

7.71 

133.00 

333^ 

80-97 

0.1 

8S 

28.7 

17 to 30 

0.0 

92.5 

89.5 + 60.8 

English Propurty ti:pc Cv. 08-03 

SJi4 

93.00 

234.0 

76-79 

7.1 

72 

-3.1 

-11 to II 

8.3 

3.1 

-5.4 - 2.3 

1 English Property I2pc Cv. nft^lo 15.31 

SS.00 

150.0 

76-84 

139 

14.0 

43.1 

24 to 102 

20.4 

4K.5 

2914 - 13.7 

j llauson 1'rust 6! pc Cv. SS-!i-> 

4.51 

SI .00 

57.1 

76-80 

82 

9.0 

6.6 

1 to U 

8.2 

9.0 

1.0 “ 5.6 

; lleivdvn-Muart 7 pc Cv. ]SW5 

0.07 

270.00 

470.4 

75-79 

2.6 


-14.3 

-18 io -7 

»2 

6.7 

~0S +.13.6 

; ivntoo 15pc Cv. 1US5 

1.06 

14S.D0 

166.7 

76-82 

10.6 

7.7 

2.1 

— 5 to 36 

42.5 

49.5 

4.8 + 2.8 

j Slough L-lutes 10pc Cv. S7-9U 

5.50 

160.00 

125.0 

78-87 

62 

2.5 

' 12.1 

T to 14 

26.5 

52.9 

. U.3 - 0.8 

! Tu/.vr. Kemsley 8 pc Cv. 1!'S1 

7.33 

9K.00 

1534 

74-79 

R.4 

98 

13.4 

5 lo 35 

7.2 

7.5 

O.u 

-13.1 

Wilkin-*»n Match 10 pc Cv. JW-98 11 . in 

sn.on 

40.0 

7643 

11J* 

11.4 

37^ 

29 10 40 

27.5 

37.0 

14.6 —22.7 


\ uuib, r of orJm.irj M har< ►. «i<o wtiitfft fK**? iKiminal of ranix-rtibic flot k U convertible, v The «ira ed« of nivixmcm m ivnvnriiblv cap rcosed as per ucni ol rbe 
.,..-.1 hi |h- i-Eiimy in Hu- nxii.-rnbk' siuek. ; Tnrce-monih range. ( Incdoie un number of ordinary £bnres into which IHW nominal gl i-onvcri.h).; cioeP if cows-cnihle. 
■ ins ino"* esprs-'v-d m p -s summed from pre®.-nt iin<c umit Income an ordinary shares is nrcaier than income on ilM nominal ol eunrcmble or the final 
i -nil n rMu'' ddit wbkln nr is earlier Inn) in is assumed io srow at 10 per cent per annum and is present valued ai I- >-' r tvni per annum. « lneo.ni- on £ion nf 
.niti. rl:bi' Income is summed uniil evcsersion and prcs'in valued at II per «nl pef annum. ^ This la income ol ihp tonvr ruble less income of the underlying emuiy 
ixpr. s-.<J as per lx-ui r.( i /t. value <>/ ibi< under) vine vtiuhy. O Ha - di/Tcrcniv between lie premium and income d/flprence expressed as per CvfU Of lhC YOIDl 1 Of 
««d. riyina I'Diiliy. -<- jn indieuiian ul relative chi-apncm. - li an ihdlcauon ot relative dearness. 




22 




Stags again sell long tap ahead of Tuesday’s £30 

Gilts down S but small rally in equities-John Brown good 


FINANCIAL TIMES STOCK1NIHCES 


Account Dealing Dales 
Option 

•First Declare* Last Account 
Dealings lions Dealings Day 
Jim. Ii! Jun.32 Jnn.23 July 4 
jun. 26 July 6 July T July 18 
Juivlfl July 20 July 21 .Aug. I 

• New lime “ dealings may lake place 
from 9J0 am lmo business days earlier. 

LK.VBIW EQUITIES staged a 
small technical rally as the 
Account drew to a close ye.ster- 
rj::j. but sellers held the upper 
hand m (ho ft ill -edged sector, 
nhb'h ended the day on a dis- 
ti nelly dull note. The Jailer made 
a steady to firm start, bill short- 
dated stocks mok a lurn for the 
wor-e mi i:ilk lli.il lines of slock 
were on offer outride the markoi. 
Jl transpired later lh:it some of 
liicsc had hern pul through the 
market and final losses in this 
area extended to l. The longs 
followed m the wake of the early 
maturities. Selling, houeur. was 
minimal, apart from fresh per- 
sistent .small offerings of the talk 
tvriiequcr 32 per cent. 2613-17 
if 15 panl». down ) ai ml. ahead 
of ni-M Tuesday’s £N0 call. The 
Government Securities index lost 
n.-iS to li'.ljll for a fall of 1 23 on 
the week. 

Bear closing after the previous 
uni n * err opted four-day slide in 
the Indu -trial leaders leTt ihe FT 
.10-- ha re index with a rise of -3.0 
al 456.2. but still showing a loss 
of 14.." un the week. Although 
there was lirlk* genuine interest 
and the majority of prices were 
barely lasted, support was forth- 
coming for companies with large 
dividend covers, despite conHict- 
jng views on the abolition of divi- 
dend restraint. Annual resulis 
v.'-ff in evc'-ss of market expecta- 
tion from John Brown, up 26 at 
372 n. tended to help the general 
undertone. 

The majority of second-line 
equities continued 0,1 a downward 
palli. this being well illustrjied 
hv the 2— 1 ratio of falls over 
rises in FT-quoted Industrials, 
irerall. it was a rather nuict dav 
and official markings of 4.436 
v.i-re the week’s lowest. 

Subdue* I by the latest reaction 
in the inrun funds. Corporations 
drifted a shade ••osier. The tosses 
were usually limited to 1. although 
I.CC r.J per cent lHHs im shed ! 
tn «7. Recently-issued scrips held 
iheir ground with ihe i-xcepiion 
of Thursday’s newenmer. Smith- 
end-on-Seu 1- per cent 1 US7. 
which eased 1 mure to S;. or U 
di-count in £H)-paii1 form: ill per 
cent of this issue was left with 
the underwriters. 

Rates for investment currency 
moved narrowly throughout. 
Small offerings released by- 
arbitrage operations in overeas 
securities initially lowered the 
premium to 1101 per cent, but it 
rallied late to 111'; per cent on 
the appearance of an enthusiastic 
buyer before reverting to ‘the 
overnight level of ill per cent. 
Yesterday's SE- conversion factor 

was O.HHKfi t0 Kfiti.ii. 


Activity diminished in Traded 
Option* and the total number of 
contracts. done fell to 3lifi com- 
pared '■ ith the previous day's 
total of. fi47, which was the 
highest 'ince the beginning of the 
month. fiEC attracted a fair in- 
l crept and nearly jfl(t contracts 
were done, while 1C1 and Shell 
followed with .7u and 43 respec- 
tively. 

Banks mixed 

Apart Tt-om Barclays, which 
edged forward 2 lo 312p. the 
major clearing banks were 
inclined easier again although the 
losses were not on Thursday's 
scale Molds and XatlVesi both 
closed S cheaper at the common 
level rtr -■"»2p. A dull marker 
.since .Mondays announcement of 
ihe proposed ASHlrn rights issue, 
AN 35 picked up 3 to 27Sp. EUe- 
v* here in Foreign is'ues. Hon" 
Kong and Shanghai slipped 3 to 
:tllp. Hire Purchases displayed 
no >ei trend following a thin 
trade. Provident Financial lost 3 
more m Hip but 1'DT improved 
a penny io 3*?n and Sterling Credit 
pur on 2 to 27p. 

Aval nst a quietly firm trend in 
Insurances. Brenlnul! Beard snood 
out with a reaction of 4 ro :!0p 
following adverse comment. Engle 
Star hardened 2 lo 13!i|>, while 
Guardian Royal Exchange and Sun 
Alliance closed similarly dearer 
at 212p .md 512p respectively. 

Breveri*'*- passed an uneven (fill 
session. Guinness. in::p. and Bass 
Charrington. 131 p. closed without 
alteration, while Allied edged for- 
ward a penny m &4p. .Distil lories 
provided a couple of dull spots 
in Highland. 3 off at 12!lp. and 

. 1 . Hell. 4 ouster al 22<lp. 

Contra-ding and Construction 
issues held occasional small 
improvements and French Kier 
hardened a shade to 321 p. await- 
ing any developments at yester- 
day’s annual meeting. THhtrry 
Cuntnivting. recently the subject 
of bid speculation, held steady at 
283 p despile the denial of any 
approach, hut in the absence of 
support. George Wlmpey softened 
a pennv to 75p. Milluiry gave up 

5 to lOOn on continued prolil- 
taking after the recent results, 
but Vector Shine added a penny- 
more tn 31 p fnr a two day rh-e of 
li since ihe interim result 1 ?. Wet- 
tern Brothers shed 3 tu M2p on 
the Board's rejection of Ihe offer 
from \V. J. Glossop. hut firmed 
later to dose that much higher 
an balance ai asp. 

ICI regained Thursday’s loss of 
4 to close at 37cip. while Fisons 
edged forward a couple of pence 
to Sfifip. Still awaiting the Office 
of Fair Trading’s decision on 
whether or not to refer the bid 
from Tcnnecn to the Monopolies 
Commission. Albright and Wilson 
eased 2 to i7fip. 

In easier Televisions. LW’T A 
softened 3 to l20p and Trident 
drifted fractionally lower to 45 tp, 
the latter ahead of Monday's 
interim announcement. 


The chairman's declaration at 
the annual meeting Unit the cui- 
nmt year lias started very ‘.veil 
with substantia] progress m both 
turnover and profits not only 
helped Marks anti Spencer move 
forward 2 to 14lip bill also brought 
firmness U> other lend ins Stores. 
1<DS added a similar amount u* 
f-7|> as dirt y lot iter cure m (Slip. 
Elsewhere, Henderson Ken tun 
improved u couple of pence lo 
TSp. while further small buying 
in a ihm market iefl .11 I I Furni- 
ture 4 up at !!4p Auriiuirnr.ic. 
hoviever. down a penny more al 
20p, extended the loss since Tuv.s- 


eased a penny more to im!|> follow- 
ing comment on the divni'pnintinC 
results and Siicepb ridge cheapened 
2 to liQp on further cun -1 'deration 
of the static second-half profits 
performance. 

Following Thursday's slump of 
24 c »n {be final dividend •nnisslon 
shock and profits setback, business 
in J. Lyons became mure evenly 
matched and the price finished 2 
easier on the day at 74 p. alter 72p. 
Other Fnnds were idle and little 
changed. Bernard Mai thews 
hardened 2 to 147p in the wake of 
the announcement, that .1. £. Eosl- 
uuod had received a bid approach 


F.T. INDUSTRIAL 
ORDINARY INDEX 


- - 1 -- 






ggj 


day’s news nf the capiial raiding 
proposals and unquamilied 

French loss In 1». I»ixi»n Phutu- 
sraphic shaded U la 131 p and 
Cope Sportswear dipped 2 lu -Sip. 
In Shoes. Gamur Scotbluir came 
on offer al !i3p. down ii. 

Deceit came on offer and in a 
limited market the Ordinary lost 
IS to 430p. while the A fell a 
similar amount lu 420p. tlacal 
Electronics coni rested with 
another rise of 4 to 252p in further 
response to (he be tter-( ban -ex- 
pected preliminary figures, while 
gains of 3 were seen in leading 
Electricals such as EMI, 135p. and 
GEC. 2.75 p. 

Preliminary profits far in excess 
of expectations prompted a jump 
of 2« to 372p in John Brown and 
helped other Engineering leaders 
lake a firmer line. Hawker picked 
up 4 more at 208p. while GKN 
added 3 al 23 tp. Vickers, however, 
failed to respond and lost a couple 
of pence more tn a I07S low of 
ltfSp. Secondary issues were 
generally out of favour with 
Spirax-Sarco. 150p. and AFV. 200 p, 
down fi and 7 respectively. 
Stave ley Industries declined 5 
mare to 26Sp. while similar falls 
were seen in Bra ith waite, 135p. 
Peter Brotherhood, 134p and 
Builotigh, 137p. Baker Perkins 


1976 1977 


from :*n undisclosed party. white 
small buying in a restricted mar- 
ket raised IV. J. Pykc .7 to 45p. 
Kraft edged forward : £:W{. 

but modext losses occurred in J. 
Rib by. 2 ll'p, and United Biscuit. 
77p. 

IC Gas lower 

Miscellaneous industrial leaders 
staged a modest end-accutmt rally. 
Helped by bear closing, r.cechar.i 
suinecl 7 to H37 p and Vnilever 
improved fi i»» 520p, while Howater 
closed 4 to the good at ltnip. Tn\e 
conrimied firmly among *.econd.iry 
slocks as further speculative buy- 
ing on bid hopes prompted a fresh 
improvement nf 4 to Slip, after 
RSp, taking its rise on the week to 
13J. Still drawing strength from 
Wednesday's favourable results 
and proposed rights issue. Sutcliffe 
Speak man firmed 4 to iCp and 
Scapa edged forward 2 to uSp on 
the bettei-than-expecied results. 
Renewed sellinx ahead or next 
Tuesday's preliminary figures 
brought a further fall or ?' to 34Sp 
in 1C Gas. Leigh Interests -.oftened 
a penny to lfiap in reaction lo the 
rights issue announcement, while 
Hunting Associates declined 4 
more to 203p. Kelsey Industries 
tost a like amount to 8Sp and 


A. and R. Findlay relinquished 2 
to 34p. 

Motors and Distributors were 
generally easier where changed. 
Heelys, at l'JOp. gave up a penny 
of the previous day’s rise of 2 
which followed the dividend-boost- 
ing rights issue proposal, . York 
Trailer were dull at 5flp. down 3, 
while more modest losses 
occurred in Heron. !32p. and 
Wadham Stringer, 40|p. Against 
the trend. Reliant Motor finished 
a shade better at lOJp on the 
optimistic trading statement which 
accompanied the half-yearly 
figures. 

News International. 5 higher 
aw citing the interim dividend, 
advanced a couple of pence more 
on the announcement to close a 
net 7 up at 230p. Other Newspaper 
issues made progress on scattered 
new-time buying. .Associated 
firmed K to Ifit'p and Daily Mail A 
S tu 2si.jp. Elsewhere, .Associated 
Book Publishers advanced 14 to 
237p as speculative interest 
revived but still ended a net 13 
lower on the week. 

Properties ended the account 
on a steadier note. The continu- 
ing bid discussions with an un- 
named Continental group 
prompted lute demand for Eng- 
lish Property. 2 higher at 43; p. 
while leading issues held close to 
their overnight levels. Second 
line stocks encountered some new- 
lime interest, particularly Great 
Portland and Property Security 
Investment, each a couple of 
pence higher al 2S4p and 140p 
respectively. IVamford Invest- 
ments finished 5 better at 2/op 
and Bel I way Holdings put on 3 to 
Wp. the latter on revived takeover 
speculation, but occasional selling 
in a resiric>ed market lowered 
intry 3 to 310p. 

Shell firm 

British National Oil Corpora- 
tions significant oil discovery in 
the North Sea coupled with hopes 
of an end later this year to divi- 
dend restraint stimulated interest ■ 
in Oils. Shell, which has a 24.5 
per cent stake in the BNOC con- 
cession. advanced 17 to 547p. after 
330p. with sentiment being also 
helped by dividend possibilities. 
Oil Exploration, which has an in- 
terest in a neighbouring North Sea 
block, pur on 12 to 240p. in sym- 
pathy. British Petroleum were 
overshadowed and improved only 
4 I ci 850p. 

James Finlay, which recently- 
announced an agreed £9.ffm bid for 
Sea forth Maritime, a private Scot- 
tish energy service group, fell 8 
to ufi7p. Harrison and Crosfield. 
at 473p. gave up the previous 
day's rise of 23 attributable to the 
chairman's statement. 

Investment Trusts were easier 
for choice. Channel Islands capital 
fell 10 to 540p. while Jardiac 
Securities. ZSfa'p, and Jersey 
External Preferred, loop, lost 7 
apiece. London and Liverpool 
Trust, however, closed a penny 
harder at 25p on the increased 
earnings. In Financial, renewed 


7.-1, jaa: 


speculative demand lifted Grim 
sfaawe 3 to 25p and Kakozi .5‘tb 
llop. 

Comment, on the industry’s 
problems failed tn unsettle.- Mad* 
ii tg Shippings which fluctuated 
narrowly before closin gat^or jw&c; 
their overnight levels. P&Q 
Deferred typified conditfons ;and- J 
finished unchanged at 90p. Amotg 
secondary issues, Walter Rnnci- 
man eased 2 to 76p: the- company' 
has acquired a 51 percent interest, 
in Liquid Gas Eqidpment^pf-; 
Edinburgh, a private concero 
specialising . in liquid -^as 
engineering. ■ -• ~ 

Tobaccos ended on a -firm. note 
BAT Industries Deferred edged 
forward 2 .to' 276p awaiting' nest" 
Tuesday's interim . statement, 
while Rothmans JotenratzoBal 
finished a shade harder, at 54jp 
and Imps a penny better at 76p._ 

Recently , firm on domestic mtiijv 
her advices. South African indo#-- 
tnals met profit-taking - wtth^OK' 1 
Bazaars and Anglo American 
dustrial both losing 10 to 440p- 
and 565p respect i rely. . • • 


NEW HIGHS AND LOWiS FOR OTS 


The following securltfeB wotwl fti-Sre 
“■ww-l'T! 1 r- 1 ' ’ . . Share Inform* Eton •-Service' -YnSHerdav. 

J .^® rren » - due t0 be quotedrVe*. attained new Highs and : Lows fer.T97S., »_ . .. -. - • 

d iridend on ^onday. were bought; mr.nr ; i9S \ v-\: i- - ^ f v 

for the grosr dividend amonnr amf..- • NEW tZsj-. > -i .T hom.' -!n™3l s4Sc.:ii9al ■ ■ 

^ Sed r“u hard . er at 3 la7S P^'pfr - AMERICANS-'ltJr > :> f'/ ^ 'r 1 

240p. Other firm spots in PlanuT---3 , lt i Systems Controls •: ■ Trees:. S^ScriBfff r-rTTixHi. TZJUPC 1902 ^ a? 

tions included Guthrie, 4 otfat/.*- buil dings t» - ' * 

-t-P- and -Assam Dooare, 5 higher' v«ctu stone vw*twn» arwu^.--’ - ' “tkchon.-a w ywz v- r • 

at 240p. ?: --{• fittqn.B'Wr’W'A. Ttai l 'Ttmc-2(H2.T5 1 

Anstralians rally . . ownnrst «. j.< -• r . . .«-* ' 

After losing ground througfiodg-^^.. Fimf£ ra i SA ~ L ?* ,1> - : ‘wnmerf ~ • 

the week, otving to end-ye^to^^' 0 FlttlnBS . ' ?:-■ ! -' ~ ' > > 

selling in Australia coupled with . knoimhring ay . • -.vtHcmwtuui ^ 


AVifkinsOff Match- — KelseV Jfldi."-' 

• • ' 1 0oC'.CotW'- .V • •• • 

. -- --- - . WKwaiTY ca 

; .. ': r 

; - . . FcsDkkI <Sf . -i --.»l->Th*ogmorton ■ I ne. >• 


selling in Australia coupled with' -j ^ enoiribun© <ty =:. r-\i ^ 

continuing profit-taking Awstndiatt < "® ,nro Cons ' foods (i> - AvMommk- 1 

mioins issues staged a strong. tw- -M 

persistent “new time ” buymS;® 0 ^ j.) ; , :: ; l: . 

JIOSI of the interest was centred- 70 ^ : ... British Northrop ..r Warwick E«b 

on the more speculative^ ' ■rtbclatfiiii,. a codi" SURA ^? " ?,<*.'■ ^ G ^ m : f ' 

Northern 3Iiniag advanced , \ " - . .1 W«3m..5tflJ*acae* • 

DOp, Pat^c Copper 5} to 40p aridV^. counties wS™%/? .l_ r -- Lvons ^r^iNWiiTWAiibu ’ : : r .y v 

Metals Exploration 4 to 27p. :-->?■ TEXTILES 'tn " WfftinsowMaWe- — . tCeiseV Jndi."- .. ... 

Base-metal miners also attracted: tom» rim ' : * - - -* : 1 . 

some good buying with ConZnK&, Brazil Fund PtriT Placa jhv, v : 

Riotinto 5 higher at 23 Op and Btt-Hiw. capitals T ' r Delia -~ • 

South and Western Mining both ' Mala ho o rubbers, tit . . : ^RCM*si r ir''cejF- ■ - 

3 tetter at 109p and 143p ^ - TEA ^ n p,^ ^ ■■ • > y 

The Bundle oil shale partners., be Beers dcm. m,nes f1, _ me. '»■ 

recovered some of. their recently l ; 1 ’ 1 1 ■ - ; — ■ . ■ 4 

lost ground with Central Pacific ' 4 % 'Kffiin'mMC' ' - ' T - ‘ 2‘ 

in firmer at 5Q0p and Southern - . : ■ •-■M "Nr.- . \ !•••• 

Pacific 5 to the good at 190p_ Dn '. DEALING DATES . Interhafional, -JT. * Lyons, Shaw 
the other hand Uraniums eased. .,, t 1 j: - iSTonfatru •• ttncfnn 

nirther. Pancontincntal gave up Fil L «J- ’ L * st ~ *>r_ 7 

1 more to £12*— leaving them n? Deal- Deal-' Declare.- 

cheaper over the week, while' togs logs.. hon menL, j”?. 0 ? ' • 

Peko-WaUsend dipped 4 to 484p; Jun. 20 July 3 Sep.l4;;SejL2fl;2S^°? ^ a---' 
Outstanding in an otherwise July 4 July 17 . Sep. 28 ^.Oct.10 InteniattoiihL and 

subdued South African section July 18 July 31 Oct 12 Qcf.24 Bank. Puts weye done ^ 

were De Beets, which climbed ^ Fnr ■ in- Brwim and Jacksm and H. P- r T- s- 

raore to a 1978 high of 412 p' - for >.,r?^ ^ Bulmer^ while doubles were... ; ;t 

owing to heavy U.S. and ‘ 5b are Information Service .-arranged ln l J fisrho,.,Jmira > 

Continental buying following , a Stacks favoured for -the -call -Crean, Barker. 4ind Dobson and 

U^3. brokers’ bullish circular; 1 , on included Racal Electronics, Orme Mersey Dock Units. A short-dated ^ 

Friday the shares were around Developments, Caffyns, Ddwson call was rtransactefl in J. Brown. ^ 

3 1 Op. ■ ... - — • .. . 

A agio -.American Investment .. • .v - ; . ■. ;. 1 ... 

Trust which holds 2G per cent, of The Gold Mines index hardened - recent downturn : in: copper had ;' 

De Beers, improved a point’ to 0.5 to 161.5— a rise on the week of beerr overdone. ' f • 

a high of £42 a week’s gam ol 3.6 re- ‘ In IriWCWdian^j&iKtoUntted ' 

-.4. After driftiTig^ torous^out tnc rbn^iiL-nMnmt . jr f , .. * 

A SI recovery in the million day London registered Knancials^ 2? > * re S: - 

price to S1S6.135 per ounce rallied towards .the.- dose. Kio to do^.Sl l^t^ on the oay. at , 

enabled Golds to register small Tinto-Zine were finally 2 firmer at~ 215p; while Sabina recoirped : _4 to r - 
scattered gains in quiet trading. -?221p- reflecting the 


iLh Central Pacific - : • . rtOTPIrtiiidir :•'& ■'.S’::'"' ’’ • - . 2" 

JOOp and Southern " \ 

• good at 19&P- -On . DEALING DATES. - litterifaiSbnal, JT, - Lyons, Shaw 
d Uraimtms eased First Last • Last' For Ga^pets^ Montagu ' Boston 

than SV Deal-' J>ec£a- Settle- : UHf** W “^ ts * * ' ' 

the wfe^ wSI ings logs ■ tion , menL ^ er . l ^ I ^ bs ^r tS? " 
dipped 4 to 48ip; Jun. 20 July 3 Sep.l4;;Sejn2fl;JJ«f“7 ! *^5 f- • ' 
in an othera*e July 4 July 17 Sep.28\Oct. ie ImteroatMUdL and ^ > 

h African section July 18 July 31 Oct 12 qet24 "WdlMd Bank. Puts weye done ^ 

l which climbed '^4 ^ ^ j, in- Brown. ana-Xackstm and XL P- T- ,-- 

978 high of 4l2p F^rate indica tion s se e en d pf Bulner, while doubles were ,! ' 

heavy U.S. and ‘ Share Information Iservlce '.- ^arranged " In ’. Lonxiio,., Janes •f-' > 


eetr. overaone.. ; ..- . - . 

In Xash/Canadlansr'Ah^otMted V 



ACTIVE STOCKS 



YESTERDAY— 







:Vo. 





Denorsiina- 

or 

Closing Chance 

1079 

HITS 

Stock 

linn 

marks 

price ( |>) on day 

high 

lou- 

Shell Transport ... 

■J5p 

17 

547 

+ 17 

.'1S1; 

4.84 

r*o Beer 4 Derd. ... 

RIM)./ 

13 

412 

+ 24 

412 

285 

BP 

n 

!) 

S3I) 

+ 4 

Sfrj 

720 

• K.ic.il Electronic 

25 P 

.M 

252 

+ 4 

254 

lfi« 

lCciy;i| Insurance.. 


•J 

:<52 

— 

425 

34fi 

- BAT* DeftI 


S 

27fi 

+ 2 

2'.»i 

227 

Barclays Bank ... 

£1 

s 

312 

+ 2 

338 

296 

NatWest 

£1 

s 

232 

- 3 

20S 

252 

Brown i.l.) 

Ii 

7 

;\72 

+ 26 

37ii 

231 

Dunlop 

50p 

7 

T‘ 

+ 1 

no 

71 

t..rand .Met 

50p 

7 

103 

- 1 

1 17! 

87 

GlfS “A" 

23p 

7 

2i;t*. 

— 2 

312 

256 

- ICI 

£1 

7 

370 

+ 4 

3.46 

328 

Lyons 1J.1 

n 

7 

74 

- 2 

111 

72 

Lmlever 

25p 

7 

520 

+ 6 

548 

476 

The ahme list nt active slocks is based on f/tc iMiinber of bargains | 

• recorded ncsivnluy tu Hie Official List 

uni under hide Iti’Jt 1 ) tej inuil 

reproduced tn-day m Stock Exchange dealings. 



ON THE WEEK— 







No. 





Denomina 

or 

Closing Change 

1978 

1978 

Stock 

tion 

marks 

price ip/ on week 

high 

low 

.ICI 

£1 

fio 

370 

-18 

3»t> 

328 

Shell Transport... 

-3 P 

fi.'j 

547 

+ 7 

586 

484 

BATs Derd 

25|» 

54 

276 

-20 

2U« 

227 ! 

BP 

£1 

53 

S50 

— 12 

S!)2 

, 720 

De Beers Del'd. ... 

no. 05 

-IS 

412 

+ 41 

412 

285 

Barclays Bank ... 

£1 

41 

312 

-13 

358 

296 

Grand Met 

sop 

40 

103 

- fi 

117} 

87 

Royal Insurance... 

^5r/ 

3f» 

332 

— 18 

423 

346 

Rank On; 

25P 

3fi 

238 

-12 

268 

226 

Distillers 

“iOp 

35 

174 

— 7 

1S7 

163 

GEC 

25n 

35 

255 

— 7 

278 

233 

HK & .Shanghai... 

HKS2.50 34 

311 

- 3 

327 

203 

Lucas Inds 

£1 

34 

207 

-13 

::i8 

240 

Pilkjnglon 

£1 

34 

535 

+ 15 

545 

422 

Bcecham 

-OP 

33 

637 

-11 

678 

5S3 


RISES AND FALLS 






Yesterday 

On the week 1 




Up 

Down Same 

Up 

)ourn Same 

Brlllsh Funds 



2 

71 4 

31 

240 114 

Corpus Dominion and Foreign Bonds . . 

2 

17 46 

ri 

77 250 

Industrials 



192 

402 W 

7M 

22>U 4.405 

Financial and Prop. 



75 

128 317 

253 

943 L404 

OIK 



11 

0 17 

U 

67 SS 

PldnUUDnt 




6 

7 14 

31 

23 100 

Minos 



« 

23 62 

203 

202 220 

Recent Issues .. . . 



4 

9 25 

15 

64 109 

Totals 



XU 

6U L434 

L3U 

4432 b.MB 


LONDON TRADED OPTIONS 


Ky'nl-V I l-i-lllv 

|o |. ,- i.fl ,-i- 


U14T 

■ ,liifr T"l. 


Ill' 

m* 

HI* 

Ml* 

« '■•hi. Vin- n 

1 "III. I.'lllrilr 

'.'•im-. ii"l.l : 

t.illN. (inl.l 

L"iirlaiiM-< 
Oiuilniihls 1 
I'minauMa 
('-■■iiibuM'. 
IlhC 

HKi; 1 

«KC 

CM- 

fioui*l n<*. 

I.* mu. 1 Aid. ; 

•irKllll .'U-l - 

in 

It I 
1> I 
It I 

Iptllil Sent. 
I-iimI N'-. 
I^ml Sti-. 1 
.'talks. V .7|*. 
Mark- a Jtjt. 
'larK> J. .-’ll 
>lwll 

•■Hull , 

Mull 
'I "I* In 


36 . t 

16 1 5 

5 — 

ll 2 ! 35 
5 17 

Us — 


KQUITY 

GROUPS 

and 


Fri., June 



Est Gross EsL 

SUB-SECTIONS index Day's VSn vSuH ItaUo Index Index Index Index 

No. Otmp> iMax-i lACT iTVet) No. No. No. No. 

Fininn in piicmlie-ws klw« “■ Curp. Corp- 

number of sLucfcs per aerlioa. T» a?t tsa H?. 



RECENT ISSUES 


EQUITIES 


pri.-p j- j t- 



K.IV 50-6 
K.l'. I 5/7 


£|T Umnwll ll.'.L'.l . 

14" I Tin l,i-i ,» 

33 TIihiiuv I'lvf "i 


••4.5 - 3.ll 7.7; 4.B 
3.01 2.4 15.B 
: '.2.0,1 2.3' 8.9. 7.4 


FIXED INTEREST STOCKS 



CAPITAL GOODS (171)— 
Bui Wing Materia Is i28) _ 
CoDncttnn Constniction i36| — 

Electricals '15> 

Engineer) np Contractors 1 14) . 
Mechanical Engiwerin072).. 

8 Slelals and Metal Forming Ifii 

CONSUMER GOODS 

11 IDIBABLEHS2I 

12 Li. Hectronics. Radio TV <!5) ' 

13 Household Goods i I2i. 

14 Motnrsaod Ios(nhulorsi2i)_ 
CONSUMER GOODS 

21 INON-Dll R.4BLE i (1751— 

Breweri«.(l4i 

, Wines and Spirits t6i„„. 
Enlammiaent, Catering i IT»_ 
Food ManufacturinsC2Zi 
26 FoodReLailingil5} 

32 Newspapers. Publishing 1 13)_ 

33 Packaging and Paper (15»_. 

34 Stores 1 39 1 

35 Textiles i25j 

36 Tobaccos (3i 

37 Toys and Games 'S' 

41 OTHER GROUPS 197) 

42 Chemicals' 19) — 

43 Pharmaceutical Products 17).. 

44 Office Equipment 16). — 

45 Shipping'lOi 

46 Miscellaneous (55l 


INDUbTELALGROUP 14931 


«l3'5) 


.1 18.10 
5 18.68 
-03 20.80 
+0.8 15.52 
-03 19.43 
+0.2 19.00 
— 17.79 

-02 1733 
15.34 
1634 
-03 30.55 

+03 16.51 
+0.3 15.60 
+02 16.39 
-0.2 16.05 
+0.1 19.91 
14.71 
1U4 


5.79 7.71 208.38 
5.84 7.70 187.85 
4.12 6.99 333.91 
4.11 9.13 43965 
6.61 6.85 309.81 
6.37 7.16 16759 
8.74 7.66 160.99 


210.15 
18856 
33922 340.69 
44234 450.09 

314.15 317.16 
16938 17252 
162.08 162.99 


4.99 8.11 193.09 19521 197.57 199 J4 169.06 

3.79 9.1B 227J71 229.42 233.02 234.84 190.71 

650 8.29 17453 176.04 176.61 178.67 163.98 

6.47 6.84 12L63 123.72 124.80 125 Jl 11L77 

6.00 821 194.91 196.83 19938 20064 165.97 

6.16 9.12 a9.1I 22186 225.47 

5.84 9.25 24632 

7 01 9.03 244.02 

5.82 6.68 19157 

5.12 9.43 197.62 

3.46 12.80 356.27 

7.89 6.65 

4.68 12.22 174.11 

8.00 6.88 171.46 

7.65 526 24277 

5.99 626 104.01 

5.93 7.88 191.87 

6 34 7.50 273.66 

4.07 10.64 249.72 

5.08 6.32 128.90 

7.38 7.10 414.96 

759 198.74 


19925 06/6) 
235.96 (6/1) 

18433 (9/1) 
127.42 03/6) 


^^^vl gMi eBB3g£gKEi]B33EElCiZgaCrn^3Ej3I31^^^M 


SOL37 07, 


fcrttt i 'J " ■ FTfMI CIH FTW?3 ffra WfAl Firkin 


BASE LENDING RATES 

A.B.N. Bank 10 % ■ Hatubros Bank 10 % 

Allied Irish Banks Ltd. 10 % ■ Hill Samuel 3510 % 

American Express Bk. 10 % C. Hoare & Co 110 % 


Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 

A P Bank Ltd 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 W. 

Bank of Credit & Cmce. 10 % 

Bank of Cyprus 10 «?/, 

Bank of N.S.W 10 % 

Banque Beige Ltd 10 % 

Bauque du Rhone 10; f 5i 

Barclays Bank 10 % 

Barnett Christie Ltd.... 11 <5, 
Breniar Holdings Ltd. 11 "o 
Brit. Bank of Mid. East 10 % 

B Brown Shipley 10 % 

Canada Perm't. Trust 10 % 
Capitol C S= C Fin. Ltd. 10 9f> 

Cayzer Ltd 10 *?, 

Cedar Holdings lQi% 

B Charterhouse Japhet... 10 % 

Chou la 7-107)5 10 % 

C. E. Coates 11 ^ 

Consolidated Credits 10 % 
Co-operative Bank ...‘10 % 
Corinthian Securities... 10 % 

Credit Lyonnais 10 9Ti 

The Cyprus Popular Bk. 10 % 

Duncan Lawrie 10 ^ 

Eafiil Trust 10 % 

English Transeont. ... 10 

First London Secs 10 % 

First N'at. Fin. Corpn. 11 % 


Julian S. Hodge 11 ‘5 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 9 % 

Kyvser Ullmann 10 % 

Knowsley & Co. Ltd.... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Man son <t Co. 11!% 

Midland Bunk 10 % 

Samuel Montagu 10 

Morgan Grenfell 10 Tj 

National Westminster 10 % 
Norwich General Trust 10 
P. S. Refson & Co. ... 10 % 
Rossruinster Aecept’cs 10 *5, 

Royal Bk. Canada Trust 10 % 
Schlesinger Limited ... 10 ^ 

E. S. Schwab 1U% 

Security Trust Co. Lid. 11 % 

Shenley Trust II % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 ^ 
Twentieth Century Bk. 11 % 
United Bank or Kuwait 10 % 
Whiteaway Luidlaw ... 10'% 

Williams & Clyn's 10 % 

Yorkshire Bank 10 % 

Members’ ot the Auciwdv Houses 
Comm in w. 

•■day deposits t*,. Lmonih dc-oosits 
75%. 


100 f.l\ • lu.'.^ 99r. \jiu-. M*«l. \mr. litttir Mil.. 1% 99:" 

* ' K.p. '21i7 • *,(. ■*! vine l'i..|«. V? P»el 96t»i 

V98 £10 <flI9 1£ •"« iwmtu-i n.% l;„i. jOi*| . 

•• V.V. 14;7 «J|- 3i»|> ■«, !■* — On. -Mini :»;» t him. I*t«-i 9Q|>! 

• Mt — ii<ni|''n-lk>n lt'1. l'.,ui. IVul. I lj!l-t.i ,,* 7paji — I 

•• ",7 Sloe ■ 9t|* Ui'wliu-t •)-% Oiot. I"ivl 97p_l 

£100 1 — • - I Kuie tiw.5 . MiiiLiirub ii uy ..it V»r. I'.ft’c* !.ll00,t 

:»£»?. S3 £10:28-7 II . I0i» b. -i-s U aii-r i i, Uni. I'n l, t 1 *:^ H 

I! F.P. 25 '8 3>«!>im- > t|«m Fximei* K»t>. t3.CJ% IM* i ( nm .. .. 

•• ' F. I*. .25.8 W|- ■•nxiiffebt Alilh-tt- 10^1 un,. II h. . .. "'991 a p +h 

C99 'fsO 1-3 d 4fUs iifrctiwH i. iLmii. t(.«r>*. il.j li^l. I fi- 1 471-' 

** F.l*. 118 I I . +' |l-»«-u. .v I'n I'llOO*!.... 

* * , P.I*. 21.7 | >•».•* Ai«*»fi-nl> Cmih. I’ki 02i> . . 

1 JU|. — 24-6 k**|. ■ ruum, rn ***■ 97(^1 

* ■ K.l*. JO'6 10 i I lu* iPn.'>s«.- lu$ % ».iini i*rei 100 I ...... 

* * !•.!• 7.7 iUi I St •i/i.iik .U.i..!.. UTi I’n ”,99 

; 109 IM*. — liW|« I04|t Hr**» t!‘ t'.-»*i 109fr . 

"• K.l* 21-7 !•* i- *4» (•'a* II ill !< *i tut 'tn s*-% » mo. ** 97i,~l* 

£90'« £10 — 1 UU ^>0 •<*•••» »>or»*« -•••» S«^i 1^, Hot. i*iy? * B'a — *a 

row LW £17' lu... Jiih-.i.Ii- ( 4;* f.V». I set flrn . .. 

t’lJ’j t’.l*. ub 6 Ivl W .li-ii-il I-", im. t M-. Lii.UiS . Q6ij|— 

£98% £50 19 rvlz 4tS 4l l.«ne& %t«wr lift, Ital. l*o<> , 48'jl . . .. 

** IM*. 16.6lvl'-i> v»|.!Wi».l.- 1*. .tt.-.**. !■►*. |*r» t ‘ 99i,| 

£98*4 £25 .. Cr4 ? 2a «Vi K t m U«i»* l?% IM.. IV..... . ’ “ 1 25 1 .. 



+ 0.1 

-03 26.73 



81 Mining Finance (4i 98.69 +0.2 17.51 

91 Oi-erseasTradersnO) 303.80 -0.9 17.34 


99 1 AU.-SH.\RElVDEX(ff73)_| 20953 1 +03 


1059 

7.04’ 

7.03 

4.84 9.84 32236 325.37 

. 6.26 — 7931 79.80 

3.61 3^6 46.94 226.86 230.97 

25.541 7.78 5.42 104.15 


20920 212.06 
98.52 99.89 
306.68 306.66 


5.68 



178.96 tWl) 
20436 (23/1) 
22833 (4/1) 

17055 (12/1) 
15139 (6/1) 

143.46 <6(1) 

351.81 aa/5i 

8522 (6A) 

25529 GOfli 


188.95 

’. (V3) 

166.30 

(3/3) 

289 35 

(6/3) 

404.47 

(2/3) 

270.95 

(6/3) 

149.87 

(2/3) 

15422 

(27/2) 

173:63 

(3/3) 

209.01 

£3/3) 

16034 

(6/3) 

104.68 

m> 

179.46 

(2 ,<3) 

204.04 

(27/2) 

229.85 

(20) 

219.62 

(23) 

37537 

C27/2) 

17653 

£3/3) 

26959 

12/3) 

119J1 

.(15/2) 

16517 

(2/3) 

16055 

(2/31 

214.83 

0512) 

93.79 

izr/ 2 ) 

173.08 

33) 

233.69 

(2.3) 

228.41 

13/3) 

137.48 

' (3/31 

39854 

a7i4> 

178.47 

(3,31 

186.02 

(231 

B 'ii Ml i| 

205.42 

(23) 

153.85 

(27/2) 

17158 

127/2). 

185.20 

(13/4) 

13652 

(17/4) 

124.97 

H7/4) 

12025 

(24,-2) 

30120 

(6/2) 

7100 

(2712) 

210.03 

QW 

99.61 

<27121 


228JJ3 (14/9/77) 50.71 (13/12/74; 
233.84 (2/5/721 4427 (31/12/74) 
38933 119/5/72) 7L48 (2/12/74) 
48169 (21/10/77) 84.71 (25^/62) 
33222 -(13/9/77) 6439 (2A/75) 
187.45 (14/9/771 45.43 (6/1/75) 
177.41 127/4/723 .4965 (6/1/75) 

22778 (21/4/72) 3839 (6/1/75). 
26172,(21/10, 77) 42.85 (13/12/74) 
26322 (4/5/72) 63.92 Q7/12ff4) 
17059 05/1/69) . 19:91 : (6/1/75) 


226.08 <16/8/72) 
28187 Wn/lZ) 
26530 (5/5/?8) 
329.99 0212/72) 
214.63 (ZmOfTJ) 
244.41 (27/M/77) 
39143 (17/5/78) 
144.a (14/9/77) 
20439 06/8/72)- 
235:72 07/1/67) 
33936 (2/8/72) 
135.72 (16/1/70) 
213.70 (14/9/77) 
29530 04/9/77) 
262.96 (60/78) 
246.06 tl/9/72) 
53968(18/5/77) 
25883 (25/72). 


6141 (1302/74) 
69.47 (13/12774; 
78.88 (1302/74) 
3463 (9/1/75) 
5967 010214) 
5425 (11/12/74) 
55JJ8" (6/3/75) 
43.46 (6/1/75) 

52.63 (6/1/75) 
6266(1102/74) 
9434 03J6I62I 
20.92 (6/2/75) 

58.63 (6/1/751 
7120 (102/74) 
28,41 (3/3/78)' 
4534 (20/75) 
90.80 (29/6/62) 
6039 (6/7/75) 


63.49 (13/12/74) 


24L91 (11/4/72) 

28832 (2077/72) 4 tO.« 
293 33 (2/5/72) ' 8L40 
.433.74 <4/5/72} 

194.46 (15/3/72) 

16L72 (6/10/77) 

37L53 <15/9/77) 

27837 (13/72) 


Z1434 16521 
99.98 88.96 
311.27 269.56 


30338 08/5/72) 


208.86 1 21069 1 21Z93 \ 224.76 1 186.72 1 21832 (15/5) 



7163 (13/12/74) 

6631 ( 30 / 9 / 74 ) 
'9737 (6/3/75) 



FIXED INTEREST PRICE INDICES 


Hri. Daj-’s ml artj arl j«tj. 

British Government June clianiju Tu-uay 1978 

23 % tu date 


FIXED INT ERES T 

yields 

Br. Govt Av. Gross Red. 


20 F.l*. j 13/6 7(7, 135 ■ 176 (front Cbemn-aU 

43 .Nil | — — Uf/m'firitish Tar FoHlt/vf* — 

BO • Nil 9-61 ?.-7‘ ►'U 1 ■Xi )I*ohI«i1uoih., 

70 r.r. 1 16.6 21/7: lCO'ri -G Hol^.n »Vrk io.U- 

— — l 30.-6: 25/8- lh 111 Erts....- 

82 Nil J — § — i Suixiii Ui|»im HartnolL 

o4 ! r.V. 22(6' 19.71 97 ! 94 H^r«ir 

145 - K.l'. 16'6 21.7 i la* tl*#«.|*-ti 

29 >t- : 3/7 ■ 28/7 lst(iin,9*:>^ih H» man it. ati.t— 

92 • N»l . — 1 — 20 |«h : !5|.im .>L-.-U tiloy 

20 «•. I*. - 5,6 17 7 ri's 


188 -I 
Zlt-oi ...... 

SB 

99 -1 
1U .... 

15 om -2 

96 

159 1+2 
I2t»pmi— l * 
lSljl.m, ♦ is 
21*8 


I.nder5> , ears.. 

5-15 years 

Oierloyears- 

Irredeemables 

All 


104.15 -Oil - 

11255 -0.62 — 

-0.69 
12249 -1.09 

3.1126 -050 




First Nat. Secs. Ltd. ... 11 % 

AntonV Gibbs 10 % t T -d?> deposit? m sums nt riO.HM 

Greyhound Guaranty.. .^10 % - «' • 

Crindiays Bank +10 % I Call deOMUi over ll.ow 7%, 

Guinness Mahon 10 % I Demand dtpusiis r;.,. 


R«itUlk:ia'ion aattr usually last flav lur dealing tree ot siama duty, o Meures 
baseii un prosoeclus esiutiuiu- o Assumed divtitemt amt vteld. u Kurocast dlvidei/d: 
cover based on prev/nii!. vear's earit/iius r Divirtend siici vietn haseit on prospectus 
nr other official csunures tor 1979 u Gru-*s i t-Ujurvs :is««ni.;ii : cover aii.u*? 
lot cwHorsJOd «J shares not now ranking Jar dividend or rjuirinc only lor restneted 
dividends. ) Placing prw«.- tn public. i> r Fence unless uini-ru isr uiitn-aiHd, s Issued 
by iHrtd.;r. p OtTored to holders of Orrtinury shares as a " riches " ” Issued 
by way of capn aliss non. t* Minimum lender price. 5* Reimroitucnit. II issued 
tn connection «-nh reontantsalioo merger or take-over llil Inrroducuon. Q issued 
to former Prelerence holders. B Allotment letters (or folly-palil;. tp provisional 
or partly-paid allotment Idlers. * With warrant*. 


15 20-yr. Bed. Deb. & Loans (15) 

16 Investment Trust Frets. (151 

17 'ComL and Indl Preta. (SO) 

Section or GrouR Base Date 

Pharmaceutical Products 30/12/77 
Other Croups 31/12/7* 

Ovorseas Traders 31/12/74 

Engineering OmtractArf 31/12/71 

Mechanical Engineering 31/12/71 

wines and Spirits lb/1/70 

Toys and Games li/LTO 

Office Equipment 16/1/70 


JFi iity June 23 I j I ; . i 

- — i — - -- 1 Tbur.| Wed - Tucv. 1 31<m. j Fri. TDur. Wed. j 
1 1 inli;* | 1 Il'Ii) I Juno j.luxin ■ Juno , Juucl.Tiiuo i.liino Juno 

j . % ; a ■ Zt j 30 I 19 | 11 { 17 -k J 

.67.40 ;i 12.93,67.48 ]6?.M ,51.53 £7.14 157.16 '57.37 57.M i 

61.62 .16.12 ,61,98 62.18 I52.M *2.79 152.78 75 ^7 94 

..70.5E ; 15. 10 170.63 '71.17 ,71.17 71.55 171.59 ||T« 17174 


Fri. J Thurv, 

Juno | June 
23 


8.92 8 82 7 .62 

1U2 1L02 1235 
3186 1176 12.41 


1171 1153 
3235 1123 
12.41 1234 


1186 ILH 1LD3 

1284 1271 1327 

13.08 1299 1348 


12.83 


65.67 <25/1} - 1 66.72 f£«* - 
07.71 Illrl) : 51.63 
78.80 (1U1) 1 69.85 ti/M 


Sue value 
261. n 
*0-79 
1H.DO 
15JJO 
15384 
144.76 
135.72 
128J0 


Seeilon or Group Base Due Base valm 
Mlfcellaneous Financial J1/12/7B 
industrial Group JJ/12/78 rxrx 

Food Manufacuirlna 29/32767 m j g 

Food Retailing 29 '12/67 31U3 

Insurance Broken 29/12/67 96.67 

Mining Finance 29 .’12/07 loo.op 

All Other 10/4/62 UO.0O 







5SW 


- t Redemption yield. A new list ot tiu cimstltiicnlx 
H Available from the Publishers, fMo.Ftnamhd. Timas, 
Bracken Mouse. Cannon Street. London, COL price 
Up. by post 22 p. A fataigMbr record of group and 
subseciloR indices, dividend yields- and earning^ rtgurec 

*l" ee ”**■ ***?» -hmrterty hfahs , amt (owe - «f .0* 
indices. Is obtainable (rasa- FT- Hatfa»s Emerpridcs. 
M Bolt Court, London, £U, «. : £M' par. copy. 































































































, . ‘Slj 


1 , Euiaficial E rnes Saturday June 24 1975 

~ . insurance , property , 

.. BONDS 


P ; j _ 

AUTHORISED UNIT TRUSTS 1" OFFSHORE AND 


Abbey life Assurance Co. lid. r 

i^J^ ChDzri H!^- HM- Ql'Mnii Sal!?!*, Por,f ® ,, f UIt Jog - C.Lid.9 .VPI Peasfoas Management Ltd. 

l«lw aSSIlTZzK l ”3 •• - Portfolio F„™ Wt 1 i ClW fL ] 1 *[i ai3,:i **■ OrmeabUKk St. Ft 3P31IH. 01 <=34800 1 

1550 ■ ■ ~ f»nloli„C Jj" a,“‘ " Mandrel Fur.d . !IM 9 156 1J I - 

ig|: : z Grchsn.Lle^ soc. LW. ~ „ 1 

137. « _ * Peine- « Wales rr, B’nxmui aax TWin-rt 5** ZeoUad Ins. Co. fl’.K.) Lid.? 

137 5 O J- Cuh Puna W65 101 M i MatUmnrt Hnurn 5<Hir<MMd 5$ ( US HTUL’ffM 

IS 5 _ S r^Sjy^nd. .105 7 1113 _1 KlwlKjrln" 1'lon 1132 5 . I ~ 


Equity Acr._ 
Property W. 
Property Aee 

Selective Food,. 
Coowatthle Fund 


MatUmrui Hnujrr- 5o.irnx.10 55 ( ZJS 0TU2 (*2092 


Peas. Select)^ 

Pens- Security. 

Pena. Managed 

at 

HfMUu F^Ser.* 

-SgttttE&K M--I- 

moavm.s«r.A..^ou HiS — 

Price* atJnne 30. Valuation nona2uvT..- ^ l;r 

Albnp life Amtmuce Co. Ltd. 

raj<37sBBs 


5 s ! - PWl5? ^end. .105 7 1113 _ Kiwi Kct In- l-lan 1S2 5 

ri y* 1 -.. feiai 115* _ SnaUICf-sFd . _tt9 

Pi IK? *^* ,1 «* — fiM* - 1*6.2.... _ TechnologvFd .. nl 

«i.LPply.Fun4.._|%e 10151 .. __ Extra Inr.Fd . ,.B4 

Growth & Sec. Life Ass. Soc. UtLV “ uoi 

weir Bonlc. Snri-M Tiama. Berts. 0628-34394 n<R Fd ... 703 3 
Flexlbir Finance - 1 £1064 I I _ (-on. Deposit FA — folL5 



s Co, Ltd. Guardian Royal Exchange 

01-4375882 5°*** Exchange; K27JL - St-283 7107 

U95) _ P~**rtyaond»__H7M 162.0} f _ 

12 dj) — ??*“ 1>ro life Assurance limited V 

““/I “ 70ld_F^rk La*,,. Ujodno. W1 01-499 0031 


CPtrLHooPenj^ 

JntUfD-PuFUAcc. 

SSSKSte _ 

AMEV life Assurance LtdJf fen J-jjep.Ac 

Ainu Han, Alma RrL.Bei gate. Retoate*mni F^pES'SE’ 

AHSVIImm!_lwo S?* Aec- 


Ftxed lot Dep. 
gqqiiy— 

Property. 

Managed Cap 
Managed Ace 
Overseas .. 

cm cdr«i 

American Act _ 

Penj. ; lD|p.Cap 


AMEVKgd. 

AMEV 
AMEV 
AMEV 
AMEV 
AMEV 
AMEV . 

Jtariplan 

Arrow life Assurance 

30. Uxbridge Hoad. W.12. 

psosessdu 1 


102 _ 

122.0 _ 

110.4 _ 

135J __ 

96.4 .... _ 

102.0 _. _ 

102.5 .... J _ 


Pen. Man. Cap. 
Pen. Man. Acc . . 
Pen. Gilt Ede. Cap. 

SS:S$gg- A “- 

ftfKLfcSs 

P«. D.A.R Arc 


— 1 • Abbey ■~apHnl .1317 3371-011 4 

• Ahbeylnpmw . 138 ' 4Q 7\ — 0 l| 5 

.VPI Pensions Management Ltd. JSSSSSt” Bi USMi 4 

48. Graccr hurch St. EV3P31IH. 01<=34S00 « Bf -O.lf 4, 

Mana^rd Fund , ]149 9 156 l] [ — Allied Hambro Groups ia)fgl 

rnn-« June 1 Nvu dealing Julv 3 Hambro llsw . Union. Brent wemd. Ewe. 

New ZeaUnd Ins. Co. IV.K.1 Lid? ni ““ **“ or «~ n “ 00 « 1 ^ I4S « 

MalUanct H nurr* 5<Hir Ax.id 5S ( 2JS 0TU1*(*3992 Oalanrxd ra«l» 

Kiwi Kevin- plan 1*2 5 ltt« .. _ AUK-d Irt . 537 . M 71 - 0 2 

-SniflJl Cl's Frt . a* o j 5 _ i . Kill Indi. Ilind.. W* 64bd) — 02 

TpcIidpIdrv Fd ” x l ug .j i OMh A Inc . - 36 4 3IM -*0— 

Extra Inc. f-rt "Si Si _ni ” Klert. A InU Dev 372 3c3 .. . 

Araenian Fd. . ! J.' 101 9 107 J . — 'Ul'wi Capila! Hi W a -0.2 

FarEaxlFd 1801 105 4 -17 llarabn* bund ...... 100 2 107?«n-0 3 

rUttWjrfPd-.^rSl 1 m; . . ~ Harabno Arc Pd. — J114.7 122.7? -0«| 

Con. Deposit Fd. — KU 1015 ' — Income Fane* 

Norwich Union Insurance Group Hu-b 'nnme ~'IS 2 67 S -o'^ 

PO Bor 4 Norwich NRllNG. 0CP3S3W 'VH.Kq lDC. IS7JJ 404j .1 

Managed Fund 20SL1 a9.0| -Q.l — iMemlUnal Fuads _ 

BpdlyFund 333 5 351 0 -Q3 — Lnieranllanal tttJ 28 31 +0.11 

property Uand — -.128.1 134.0 +0i — Pudbe Fund f».7 46 9.. I 

FtsodluLFliBd — 1«8 157 6 +0J — Secs. 01 America _{3 b 57.bj3 +0 l| 

DopopilFuBd 105 a 11U +0J — U.5 A. E-vunpCp^ P00.0 1 iff 

Nor. Unit June IS- XU 1 — Sp^alM Funds 

Phoenix Assurance Co. Ltd. - S5SS5f0 1 ?Sbr-Ka 2Z3"n i 

4-5, Kins WUlum SL, EC4P 4 HR. OI«8B078 R^ljeiy Su£ Fd_ "El9 b 7'3 Ifl7 

WeallhAsv mU U6.9{ | - Mrt^iZ*C'(*:..K:7 «.§ -0J 

S r - L , 77 7 J — Oversea-. Eaminp B5 4 543d -OJ 

Eb r. PtLEq E. 1761 H.M — Bent Smlr.Co-. amS.O 227 fi -OJ 


Abbey Unit TsL, MgTs. lid. (a) Gartxaore Fnnd Managers V fajigi perpetual Unit Trust Mngmt.V (a> 

75 no.ti.-.h-hw >e 0,1 . Aylesbury. OSW MM1 2, St Mary Axe. EC2 0 1^83 3531 4B Hart St.. Hcr.lr* or Ttarera 04912 »W 

!2’ SIS **»A«»gfl2®IS HJ i SIM .... I on i'peioair.ft u«r. [399 42 9 | 3 «i 


1«9 — 

915 -12 — 

WO -31 — 

931 - 0.6 — 

1073 . — 

3054 -3 2 — 

ins? _ 


5 w S 1 M sJlj - “ H Pp4=oair.p u.rL„|n 9' . -7 si | 3 « 

csawMdiVfjjSf.e- aj j J66.9e -oj 2.72 Piccadilly I ni: T. Mgrs- Ltd.Y tanbi 

^aTriVSS '375 J?g wart^ie !!».»■ L«n*a W.H ns c»«»l 

ingiiio qwe™ 37 9 62 2 -03 8^ *-!?52 313 22 

lneomeFund — 73 1 76 4 - 0 4 6 65 if*,? “ • i??2 

-ln«.A«eiirwa. .. . 1354 1«40 -0 01 3M « H 2S 

Inll DonptFd , .14 0 b 11 Krn. 3*ol h 7 irj / W 

X3i sr.!1 S? gg 

I5J Gibbs lAutonyi Unit Tsl- Mgs- Ltd. Technulusi FurJ-.'M t flTol . 

538 S3. BlornM dd SI . LC2?,f 77.X. 0I-5S84UI ?**£ *»» Vil _ — 

515 in' AlS-IoroiBe* . p-2 45« 1 BJ0 - % " r, «n kund„-|23 B Z5A^ 

■— ■ 1 2-SS Practical Invest. Co. Lld.V (vkcI 


■iJxFuR'l |U7 

tmltr Ku i.d SS7 
wlintv Kuit J *54 4 


IIS- 

ZSAd 


, .. I — ' pexlblc Finance™ £1,064 _ Coo.Depo>n FH — (963 201 5| j — Income Fund* 

:l — I?* 1^* Ace- tu < °°119J Z Norwich Union Insurance Group Hu-s 'nraro^-'Z'IS 2 

ly Tuesday. ”• “ s - Super Fd._. £7954 ...... — PO Bor 4. Norwich XR1 3NG. 080322200 AH.Eq.Xne |37B 


Managed Fund 2011 3931 -0.1 _ 

o. gPdlyFund 333 5 351 0 -Q3 — 

01-283 7107 Property Fluid — U8.I 134.8 +0i _ 

f — Fixed lot. Fund 149.8 357 5 +0J — 

nlted* DopmRFund. 10SJ. 111.1 +01 _ 

“* iea ” Noe. Unit June 15 — HM.1 


1 44. Btoomahur- S-l .UU112RA 01-6X18850 

Practical Juae 21 I15L9 16121 | 418 

A drum. I'ctts J214 8 22J.9t ... .1 4.18 

*‘3*55 Provincial Life Inv. Co. LuLV 

"""I 197 222. BIsbopsRalc, E.C. 01-2476533 

0. Prolific Units IE23 B8.7] .1 3.13 

>M Htsuincowe JlW.O 116 ij 7.60 


_ Phoenix Assurance Co. Ltd. 


— ™,mui v .miiia^c. l , u - 1 na, ui-iusmio KeteieniSU. _ Hi. t 

- Wealth Aa6 MU 11 6. If | - MrtTMtAiW: “Ba? 

Z SimBfb— “Lf 77 - 7 .»J-— I — Oversea-, Earning p5 4 
~ Eb r. PtLEq E. — 1 751 H.0| [ — Expe Smlr. Co i_.o[2l5.9 


Si5 « Aa * r BSiftUt M-* 030 «««. 

iTntrSi Practical Juae 21 -1151.9 16121 I 418 

74 a -Ml Aecum.L-^ I214S 22j.^ ... .| 4.18 

«3" 0 i 7“ suiSSS^-'fSbA 147 w provtucial Ufe Inv. Co. Ltd.P 

* 718 i>m ArCtUB- Unit —.. J168.2 177i ::Z2 222. Blsbopsgalc, EC — 01-2476533 

Nmt deoUty; day lune 30. Prolific tr.ni IB23 B&z] J 3.13 

* 01 ££ Grieveson Management Co. Ltd. P”-° ---J 7 « 

57.5x4+6 ilf 1.99 so Gresham Si, EC2P2DS. 01-0064433 PndL Portfolio Mngrs. litLV taifbXc) 

. — 11M Bjurlngtou June 2 11207.2 auji 40 Bol bom Bars. EC1.V2NH ' 01-405S222 

37*J _0 11 46B HI ~ Sit pros 12801-051 4JS9 

46.3 -0.1 sis SSSufe — 1772 21D.5 ao2 Qa liter Management Co. Ltd.P 

53s “2? — 35S2 3?5c +2J TbeSUt Exciumec. EC2N 1HJ*. 07^304377 

»I-il l” ^35 8SS-&KB9 SH “j *8 


37 of —0.11 4.68 B-tniliLYdJua 
46.2 -0.1 825 (Acecm-Untoi 

87 6 -0.7 616 EiuWsv.JJwea: 

42.5 -0J 539 lAcCtun-UnlUl 

593e -OJ 4.72 Gntcbstr.JnB* 
227 3 -03 528 (Aceuaa. Wui 


993d —31 
103JJ-3J 


Prop. Equity & Life Ass. Co.f Aodersen Unit Trust Managers Lid. uumalldi' 

1 19. Crawford Street, W1H —AS, 01-080857 158 Fenchurch SL EC3M dAA 0239231 GuardUB Hoyal Ex. Unit Mgri T *fl . 


I - ■ 3ffZJ - ®yiWoir:l 

1 Hearts of Oak Benefit Society Abbey NM.ru iai. 

15-17^ Tajuiock Place. WC1E8SM 013875020 Fd’^Aj" 

01-7408111 He»rt4orOak._.....|36 4 3831 . .( _ BBgRSrtZ TZi 

— Hill Samuel Life Amor. Ltd.O F^onyFund*Ai_ 

-•---• NLATw r . Addtoc— l boHd, Qw. OH38043S5 Mcmcy Fund lAl!Z 

i OPronrrtv IVI-, nnn sens! i TH5L.iH.iiS?" — 


R Silk Prop Bd _... I 1B0.S I I — 

r»o. Eqully Bd ( 74 5 | I — 

Fie* Money Bd | 149.6 ] | — 

Property Growth Assay. Co. Ltd. 9 

LCOD House. Croydon. CTtfl U.U 01-880 0800 

Properly Fund 191 S I ... I — 

Property FundiAv. 179A I I — 

AcnniUiiisI Fund. - 7377 1 ..... — 

Aorlc Fund I Ai 7515 

Abbey Nsi. Fund. . 153.4 

Abbey Nat. Fd iA). 1532 


73Jj J jh Reliance Unit Mgrs. LttLp 

«7J~ VTS Guardian Royal Ex. Unit Mgrs. Ltd. 

— (Andera&n U.T. W1 53.1/ f 4J5 Hnyai ESeebamje. EC3P3D.V. 01-4088011 SckfordeT. r Art I..UU 44ij -0J 5^1 

Aaahncher Unit about. Co. Ltd. tag)Gi«nn>iuT«..|872 9031-021 4.49 seMordeT.inc. — (402 s.u 

iNoUest.EC2V7JA. 01-0236876. Henderson Administration? raHcKg) Eidgefield Management Ltd- 

Iitc. Monthly Fund. P65.0 175 01 ... | 8.90 7'remler UTAdm Liu, 5 Rayleigh Road, Hunoo. 38-W. Kennedy SI, Mane tester 0612MB521 


Arbis then t Securities Ltd. ISKC) muniwood. Fr ^*x. 

37. Queen SL London EC4R1BY U1 230 5281 Cnp Growth tnc 


01-74001 

#!e.i = 

«A»I | - 


Barclays Life Ansar. Ce. Ltd. 

SSZRaatfiUd gd, E7. 0I 

Bareloyboude- T1257 10 


{Property L’nl 
fVopertySetl 


1UM -... I — Actuarial F\inii 


+0 a — 
*0?1 - 


*■ M^M^WoiU 

01-53416(4 SSJfS 
-i-. — Morey Uni B .. 

-J-* — ftonc+ Scnes A . 

+02 — FUedtni Ser.A .. 

■v, — Pm. Managed Cap 

-0J — Pns Managed Ace 

~ ^a.Gc»f.rap. 

— Par. CTlectL Aec . 

— Pen*. Equity Cap 

— Pens. Equity Acc 

— PnnFxd.lnt.CBp 

~ PnaFnd.InLAcc 

..... — Pom. Prop. Cap_ 

IF. Pens. Prop. Acc_„ 


17BN -U 

mo.? -or, 

9B«-0i 


ktojfeaAccimn n* 

Muncy Pen*. Arc. _ 1863 

Dfc ^h5=nSKm.SBii;-'i - ffigSSL 

Beehive Life Asaar. Co. Ltd.? Imperial Ufe Ass. Co- of fa»n 

71. Lombard St, BCX 01 An 1288 t™!*"**! Houw. GuUdford. 

Blk. HorS* June 1_J 128.76 I 1 GrowtbFd J me 23.. 170 J 

Canada Ufe Asaannee Ce. Pen*. f<l 4 p 


GrowlhFd Jime23..17»J 76. 

Pen*. FU- June 23. . J&5.0 70. 


71 253 
-2J1 _ 


3-8 High SL, Potters Bar. Berts. Pjfer 51122 nSMS 

MS I » IH r SL«--ls 


Unit Linked Pbrtfolin 

rad 1945 99.41-031 — 


Rumt. Fed. Junes.) 1193 
Cannon Asaturance Ltd.? 


Secure Cap. Fd .Iko mo] +0'. 

Equity Fund 196.0 16231+0. 

Irish Life Assurance Co. Ltd. 


^ = 
+03 - 

+0J| — 


— Gill-edged Fuad— 1215 — 

— Gilt-Edged Fd l.M. I 1215 I J — 

— ^Retire Annuity 1 181 7 I I — 

— (Iirnnrd. Annly— 1435 |. .{ — 

“ Prop. Growlb Pnwtanx * Axtraidr* Ltd. 

— AH Wither Ac t ; riflZ49 1355.... — 

~ VAlJWenUwr Cap.. 122.0 128.4 — 

— Vtcv.FU Uh 1378 ...... — 

— Pawlra Fd.rta. _ 129.7 — 

— PenaFd. 1462 — 

~ Cnv. Pns. Cap. Ul 1322 — 

— Man. Pans. Fd. 143 9 — 

— Man. Pena Cap. Ut 132.8 . . — 

— Prop. Pena. Fd. 145 8 ... — 

— Prop Pens.C*p Uts. 132.9 — 

“ Bdffi Sot Pm. Vl 130.8 _ 

— Bide. Soc. Cap. UL- 1203 — 

f.„ Provincial Life Assurance Co. Ltd. 

,lsa 2XZ,Blxho!»cale.e.CZ 0]-2«78S3 

_ Pro*. Managed Pd.. 0132 119.S ... . — 

Pro*-. Cesh Fd.. 104 S 1101 — 

_ G4U Fund 20 U45 120.7 — 

_ ProperfvFiind 95 4 100.5 ...._ — 

_ EqutfeFUnil 979 1932 — 

— Fxd. Int Food - (953 100.4j .. .. — 

Prudential Pensions Limited^ 


Extra 1 ncomc Fd . 104 2 

Hirlt Inc Fund 4G 1 

9f Arcum. Cnit»< .. 53 9 
|«^. W’dTBl I.1|*.|S39 
P»prermro Fund .. 15 * 
i Accum Vi vlsi. .. 174 

l«;iiUl Fund 19 7 

Commodity Mind ... 59 8 
i Ace urn l.'nlpi .. Bb 0 
(lOVWdrwl.U (._.. 523 

FinU*r>pFd._ 17 3 

CianUKund 396 

lAceuat L'cK+l 45 1 

Growl h Fuad 12 3 

i Areum. Unilxi .- 33 4 
Smaller Coat'd .26 4 
Ejutem4iInU Fd. 270 

t(Ra Wdrwl L'la i 23 2 

Forelun Fd. - 54 1 

N. Amrr. A lr.L Fd 131.7 


1121 -02 
436-01 
50 6 -0.; 
58b -02 

272 

A01 , 

21 0 

61C 

93 5 .... 
569 . 
187 . 
415 -02 
4S0 — CE- 
348 -Oil 
«19 -0V 
28 4 - 0.L 
■ 293 ... . 

22 9 

91 Is ._. 
341 


-0 21 1139 
-Ci 1 925 

-D.q 9 25 

-03 S3 

....7] 1230 
J 1230 


I S»1 Unp Growth Inc __ |4t 6 
it va cap. Growth Acc .wil 
925 InemneAAMetj „ |3i8 

9 25 uieh laeawe Fund* 

93 Hixblncooie _|590 

1230 Cuot&dni Inc p33 

1230 Sector Wb , ^ ^ 

— __ PlnanewUiTTU — 123 9 
55 011 & N*L Res (26.8 


wa -031 

sura 

631) -0 21 

StZxd - 0 . 1 ) 


U* Oil a NHL Res 126.8 28 6t+oi| 

1 5 luiumrlnrTil 

\ S Cabot"-—- (?* 1 91.7] +0 II 

Irtcrnattflsal - taB 34 3+0.1 

±S Wrld Wide Junc23..{73 6 7B 7j -22) 

3 ns OteneM Funds 

3 03 AustnUtn 33 8 361 -01 

453 European-. 386 4L1-0J 

Vj3 Far£& 731 78 2 +02 

tn North AUTO. .396 42.4 *03 ' 

NJ\mGT5S.JuiwZ. 1212 1263a 

200 CafetAmerEmCo. J51.4 543) +0.1 

Hill Samuel Unit Tst Mgrs.t (a> 
wc * 4aBp«±SL.Ei^rp£i.x oi-ass 

ibi British Tniv .IMS4 155 61 1 , 


0277-217Z3S Rideelleldlm-UT. 11013 lC7(hd I 262 

Ridgefield lacome 193.0 99 0 d| 1 10 49 

-Oil 362 Bothschiid Asset Management (g) 

I 632 72-SO. Gatehouse Rd . Aylesbury. 02965041 

N.C Equity Fund-1164 6 175.11 +0.11 309 

— 0 21 813 N-L'. Eno JIes.TsLU09 8 116 i +li| 251 

— D.ll Lb7 N.C. Income Fund (1436 152-7cfl +02) 6 99 

-VC. InU Fd. fisc. 1902 95 W *0 4/ 175 

-8 II 4 51 N r - Inti Fd. f Acc-ilWi 95 « -04 1 75 

+o'i 1.97 b.C. Smiir Coys Fd|150.6 360 i| -05^ 4.66 


3* if -oil Ltt Rowan Unit Trust Mngt. Ltd.Pi a i 
78 2 -rO^ 3*46 City Gate K*e_ Finsbury 5q.,EC2 01-806 IW8 

424 +03 134 American J’ jjw 22 .1685 7151 097 

63a .... 233 Jtecunues June 20- 1680 1770) 4jo 

5431+D.l) 133 High \”kl June 22-. 532 56U — 7 79 

+ ,_V 1Accum.Ulut»i 75 0 79M 779 

ngrs.T wr Merlin Jure 2t 793 B3.3 3 E0 

01-6288011 ( Accum. Units') 968 101.71 330 

•pS Royal Tel Can. Fd. Mgrs. Ltd. 

83.1 ! - 2.SB W. Jermvn street. S 7.M. 01-6=98252 

301 -0J 406 r^tvityd. (&96 735J | 355 

941 $ 4.90 InromeFd - .|719 75St .... I 7 43 

27 4 -0.1 7.99 Pnc» at May 15. Next de aling June 30. 

o 7d| -b jj 833 Save & Prosper Group 

4. Great SL Helen*. 1-ondbn EC3P 3EP 


Archway Unit Tsl. Mgs. Ltd.* taMe) ” ^ r E»ri r 
317. HIBh Hoi born. WC1V7NI- 01-8316233. |M 5 . 

Archwoy Fund - 180 9 M.Ud • I 616 <cdnl1Tru*».. 1 37 3 

prices si June — Nett suh. day June 2ft. (gi CMUarTnist (77 6 

z Barclays Unicorn Lid. raxgtfici l&FlSS&ImwL w* 


1, Olympic Wy, Wembtoy HA0ONB 02-0028875 33, Flnibury Sqi^sre. HC2. 


Equity Units. 


9Qd -d. J — 


tquityuond/Exec 
Prop. Bon d/Exec .. 

B*L BdVExec/UnlL 
DnpoeiLBoad 
Equity Accum... 

Property Actnun 
Mncd Accum. 

2nd Equity 

2nd Property 
2nd " 

2nd 

2nd 

2nd Eq. PenxJAcc 
2n <fPrp.Pen_V.4cc. 

Sd Mgd. Pen*.' Ai 
2nd Dep.Peus/Acc. 

2nd Gilt FeaB/Ac 
LSeE SiF_. 

1 ' ,ESJJ aS55‘S. - 

Cnptml life Assnnnce? 

Coaiatun Bouae, Chapel AatiWton 000280511 

Key fa vest Fd. 1 10X21 [ { _ 

PaceoiakerlJivJ , d..| 102X3 I J — 

Charterhouse Magna Gp.? 

18, Cheque-; Sq, Uxbridge UB81NE 52181 

Chrthse Enemy -OB.4 48.41 _ 

Cbrtbs&Mroer 29.4 JIM — 

Otrttae. Managed- 38.4 «.« — 

Chrthse- Equity 3BX 37.« >.... — 

Magna BW.Soe. — 124.6 1 _ 

Hagua Managed 1580 | — 


_ Bine Chp. June 22.. 71.7 7531 4 40 

_ Managed Fund __ Z2L6 2Z33 — 

_ Exempt Man. Fd.-. I0U IB&ij — 

__ Prop. Mod. June 1 _ 1773 Jtt.fl — 

_ Prop. Mod. Gth (im 2012) — 

— King & Shazfioo Kid. 

— S2. Corn hUJ. ECS. 01-6235433 

— Bond Fd. Exempt -.1103X2 1845^-0251 — 

— Next dealing date July 5 

— Govt. Sec. Bd. W«40 325.7#| ..... | - 

— Langham Ufe Assamnce Co. Ltd. 

— Langbam Ba. Holmbrook Dr. NW4. 01-203 521 1 

— Langham ‘A* Plan.- 163 8 67.3] _....! — 

— JProp Bond 1413 1487) _ 

— Wiap iSP) Man Fd|785 8ZX| — 

~ Legal & General (Unit Assnrj Ltd. 

— Kingsw uod House, KXngswood, Tadvrorth, 


01-8288253 Hoi bora Bars. EC1N2NH. 

4 40 EqultFd June21-!Q459 

— Fxd. InL June 21—08.72 

— Prop. F. June 21 J22S.78 

'.Z.'. — Reliance Mutual 

Tunbridge Welti, Kent 
01-6235433 Bel. Prop. Bdi — -| 191 


_ ... Unicom Ho. 252 Rominni Rd. E7. 0l-.534.Vi 

LO. 1X8, Unicom America ,.B3 6 36141+0 3 U 

01-2476533 Do.Ausl.Aro 1704 76 2 -0 1] U 

_ Do.AuA Inc 55 4 59 901-02 16 

_ Do Capital- 1643 695 -0] 44 

— _ Do. Exempt Til. (IC53 JOJ6 -Oil 66 

_ Do. Extra Income -127 2 294 -0 3 86 

Do. Financial B7.9 62.6a -0 3 5 J 

_ Do. M0 )712 77X1 -O.fl 60 

" • Do General 130 4 32.9 -0 1 62 

■effe Do. Growth Arc —L59 5 427 -0 7 flj 

nfjnKrr-rr Dp. InCOOlpTsi M2 4 89.1 -0 bj 62 

1 01 -40S 0222 -do prf Vox Tsl (1372 14421 . I 50 

I — Prices al May 30 Next sub. day June TO 

— Do Recnroro .. MI 3 44 7 ... 58 

. — ! — De.Tniatcn blind . 1107.7 114.4-27 53 

Do. WTdvidc Trust)49.6 53 6 +0 1 15 

Blair- Feline.. ...W>7 632 -02 4.9 

0#®3 22271 Du. Arc am (69.4 72J -0 Jj 4.9 

I — -I — Rarine BrMhrn A Co. lid.O Isuti 


0IJS34.WM ibjtneou»l>tisl -C5.6 27 4 -0.1 7.99 

+03 121 fb i Security Tmsi ,.K5 S4.1J .. .. I 539 

-oil XB fbi High Ytdd Tsl. [287 307dj -0-l| 823 

InteL? <*K*! 

Zfljl 15. Chn*Opber street. EC2L 0JJ47724J 

— 0 ?| 860 InteL Inv. Fund. ..|U6 9LR.-I 6.6S 
1| 5-S Key Fund Managers Lid. (artgl 
-01 627 25, MilhSt. EC2V 8JE. O1«M7070 l 

-07 4J8 Key Energy In Fd. 75.4 8021-0^ 360 

-0W 626 Key Eqully i Gen- 663 7051-0? 498 

| 5 02 OKevEnmpt Fd ... 153 0 162.71 613 

June TO Key Income Fund 767 B15dl .....: 8.42 

... 583 Key Fixed Tni. Fd... 694 6421 1220 

-21 531 Key Small Co's Fd .(94 C 1OO0J -0.6| 628 

1°] 499 Kleinwurt Benson Unit Managers? 

-OjJ «.'99 20. Fenchnrch SL. E i.A 014B3TOOO 

Baring Brothers & Co. Ltd.? lagxi M^^Mtni-Ac'zRo60 iis^ ","J Io3 

R8. Jxiadenball KU E.C.3. 01-5882830 K-B-Fd-lnv. To* . .155.2 59i| .... 1 4.47 


Ml u— ut C4-73 Queen SU Uduiburph EJC 4NX 
1 ‘lut L*" 1 *"®* ‘9- 01-S54 C8» or 031-228 73SI 

‘ Save & Prosper Securities Ltd.? 

International Funds 

“ItJ"!®??- Capital (350 33 7d) +0.1] : 


Rothschild Asset Management fn.joadenbaiiSL-EC.3. 01-5882830 k.b. rdim-.T^ ..iss.2 59J4 — I 4.47 omm* 'fob<imx) ' 

Sl Swithins Lane. London, EC4. 01-8284356 Stratton TsL 1 Hi? 4 1766J | 435 LAC Unit Trust .IfauaRemeDt Ltd.? gUt 

N.C. Prop. Mar 31 U243 121.W..-..I - * 05 The Stock Echanu*. EC2N 1HP. 01-588 28D0 ffR ^ZZZZTlR* 

Next Sub. Day June * Ju,y L&Ctnr. Fd — _[I373 KIAI | 761 sector Fends 

Royal Insurance Group Bishopsgate Progressive Mgst. Co.? LAClnU *uenFd.p»92 1WJ( — J 217 comaoduy U46 

New Hall Place. Liverpool. WI22744S2 O1-WO0O LUfOSOD Sees. Ltd. ?TaMc> En^o bfi| 

— •Mm.ao.nB44 146«a« I 3.66 03 George Sl.. Edinburph EH2 2JG. 001-2263011 bees. / 


Royal Shield Fd. [1335 1412] | - 

Save & Prosper Group? 


3“ .. . 4“ 

4J* Ujiiv.Uiwth (663 7X0) +C-2} 2CC 

nsJ - 8 42 InemiibK Income Fnnd 

M2 I. T? 70 High-Yield 151.4 552) +03] 7.53 

1008) -0.M 628 High Income Funds 

it Managers? Hlsh Return...: — [64 7 69 a -0.31 8 64 

ni-^TOOO lDCOnw ■ ~1 915 

jh U-R- Fnsds 

5.09 UK Equity 1422 45 J| +0.1( 4.92 

4.47 Overseas FnadMx) 

Europe 1853 9171 -0.M 331 

Japan M97 1073 -oi| 077 

II ST (753 «)3 -03 124 


_ Surrey KT208EU. 

Cash Initial [955 

Do Accum. 972 

Equity Initial 1X5.9 

Mil, Do. Accum. Ug.o 

28811 Fixed Initial U5.4 

— Do. Accum. 1173 

— lutL Initial »7 J 

Do. Arc am. 97J 

Managed Initial— ■ 115 6 

52181 Do. Accum. 117.6 

— Propeu-ty initial 99 JJ 

Do. Accum IDOLS 

Legal & General Il’mU Pt 

— Exempt Cash IniL 

— Do. Accum——— 


HoBtb <- GLSLHelea's. Lndn., ET3P 3EP. 01-554 8880 


tojh Heath 5545 

iaSli — 

-03 — 

ma+03 — 
S|4.i — 

jk| Tq.b — 

— 


Magna Managed .( 150.0 ] | — Exem pt Eq ty. IniL. 

City of Westminster Assnr. Co. Ltd. ^e^’nxodlniL 

Bingstend House. 8 WhiLehorxc Rood. Do. A ct um . 

Croydon CROOTA. 01-85488&L Exempt Mngd. IniL 


Dal inv Pd. 1263 133.71 -0.4 — 

Property Fd.* —152.7 1AL6 . . — 

GlitFd 110.5 125.1 +04 — 

Deposit Ftf* 1231 1296 — 

Corap. PenaFdt MU 7122 — 

Equity Peas.FM 178.9 1081 +02 — 

Prap.Ptns.Pd.*—:.. 2183 2503 — 

Gill Pens. Fd. 923 “72+02 — 

Depos.PnnftW.t_.IS85 103. 7 — 

'Price? on June 20. 

IVcekiy dealings. 

Schrader Life Group? 

Enterprise House, Portsmouth. 0705 277! 
EquitjJunoSO- 
Equity 2 June 20 


Bridge Fund Managers Via He) 

Kins William SL.EC4R9AR 01-8234051 

American &Gcn3- p53 263] I 243 

income* Hi 56.9 f 1 632 


f-S IRssr. Material 
Hj IbAcena-l'nlu 
-Growth Fund. 
*tAcetnn. Unitsi 
trGilt and ‘Warrant. 
iAmerlcoo FA 
AesumUnit* 
High Yield .. 


Z Income*.. 54.5f 632 *+ AromnDniD < _ . . 

n _ CmoiUl Inc.t. 3.9 381 321 DotL *Moo. -Tuos. tlWed. tTburs. ~FYl ScoLEftYld.**..- 

HOjj - ufco iSj Legal & General Tyndall Fund? Prices at June i- 

1 — tateniU foc.t— . 165 175 !!!!. s.« ]8Conyn*eRoad.Bri*U>L 02723341 Schlesinger Tr 

Do.Acc-t 162 293 .....J 351 DiftJmwH 1578 612) J 526 (lneoroorallnc Trt 

Dcnllns *Tuex. tWed. tThnrn. Prices June CAccmn.Uniu:...__[72« 76S I 526 1 40. South Street. C 

SOaufe Neat «ub. day July 12 Am. Exempt— 

070527T38 Britannia Trust Sfauagauent (a) (g) Iiemd^ Administration Ltd. toGjWhZ 

— 3 London Wail Buildings, London Wall. 2 Dube Sft London W1M &IP. 01-^8N81 UlrtLdrx. 

— London EC3J5QL 01 -8H 047810478 Leo Dist [733 7721 -05] 513 Extralnc TsL 

Asocts. (697 7451 -oil 536 leoAccnm. (Sfl3 845) -D.S1 4 M incoox-Dist. 

z ropitni/ce. s?4 54iJ -as 423 Lloyds Bk. Unit TsL Rbigrs. Ltd.? (a) 

— CoSSi^i» p& I 821^-02 5il u'So'c” GoKn *^- Sca - B1 — Ini- TBLUnitr.I 

Ka-; MTeJ-fll A£A WOf^htnR, WC^SlIUCA Ol-ffi3l200 yjrtnl T oarfm-s 

— K-:ZF7 m.ra 7^ FirxtlBolncd.1 g.3 SLY-flOj 4 65 SnfwJ “ 

Z &^lncom+ 592 42.ll +0.1 922 Do iAccwn.- 66.4 713 -03 4.65 Pret LGiltTnnl 

PsrEsrt 1210 22m — 0 J 319 Second (Cap i 513 54.9e 331 

— Finxiociar^rr-.' UJ 65 4M-0 6 407 Do.lAectim.1.. 643 64.1 .... 331 

z £3S*fciSaz:g.2 SS ThUdOncome-— 79.6 «•? -** *« jfltath. Accum 

z Growth. (785 *4.a3+0.4 4.0T Do.tAecmii. .. — l«G 117 3 -OJ 641 UJCGrth.Dlu 

Z Inc. A Growth 71.0 763-0.4 756 Fourth ®xi nc.J 573 61-64-0 1 830 „ c-t—n 

lnt'1 Gnroth— Z(622 66.3 TZ. 235 Do.iAcemn... 653 7D2-0J 838 J- Henry Schro 


, Hiph. Wlnl iiw n FrauD 

i ?5 Select InternoL 12543 26811+0 6} 

;.Z yg select income pl2 S4.0|-0.4| 

— Scotbits Securities Ltd.? 

~. D 50 Scotbiti ~.(S83 40.9 

050 Scotyield Ra.4 520 

._.. 1087 Scotoharcs. [55.6 £9.74 

— 7DB7 Scot Ex. Gth**. QC45 25604 

«• Tri. SroLE*. Yld **..- 067.2 17514 


3-g Legri & General Tyndall Fund? P"*** « June 14 - Nest sub. d«y June 28. 
is Conynge Rood, Bristol. 0272S34I Schlesiuger Trust fdagrs. Ltd. (aHz) 

351 Pt ftJnn el* 1578 6121 J 526 (Incorporating Trident Trusts i 

June vAocmn-UttlU: |7i* 7fcfl \ 526 140. South Street. Dorking. itnOSiBSMI 

Neat mitx. day July 12 Am. Exempt— (218 22.91 *02| ?67 

m Leonine AfLmluistration Ltd. Am. Growth 


Equity 3 Jane 20 
Fued InL Jcne 20 
FLtedinLS June 20 

IcL Ut June 20 

K& S Gilt June 26„ 

K& Sc June 20 

Mngd. Fix. June 20 



feu. 
Peas.Knsd.Aec. 
Peon. Money Cap. 
tasHnwAcc 
Pens. Equity Cap. 
Pens. E quity Acc- 
Fund com 
Perform Uai 


1^1 

. 990 

598{ 
Med to new i 

2848 | 


’-.h Do. Accum. 

0I-65486&L. Exempt Mng<L IniL 

Do. Accum. 

...... Exempl Prop. IniL 

Do. Accum. ira.ii <ku| I — singn. r u. June m 

- Legal & General Prop. Fd. Mgrs. Ltd Jjg*- 

11, Queen Victoria SL.EC4N4TP 01-248 967 S Noney3Juoe20' 

LAGPntFd. JumS |95 9 1013| _....! — JYopcr.y Jun>*20.._ 

Next xub. day July 1. Property 8 June 20. 

— • Life Abbot. Co. of Pesnsylrada UrnAroiji^eao 

Z 3542 New Bond SUWORtt. 1 0J-ffl3B3B6 MnPW^BJunc 20. 

io'.9 _ LACOP Units. f997 WJSf . - McPr.A^HJnnd». 

A^ineS. ^rds Bk. Unit Tst. Hngra. Ltd. 

— - 71. Lombard SL. EC*. 01823 1288 ftnp. Pea- Cap B. 

soc Ltd. f St-TZ-r* 1 1 7 " 

. Lloyds Life Assurance Hooey Pea. Aec. b. 

. * Clifton St . RCSA 4 MX Oyeraeaa< 


cu, °( Wwted MteT Acu,. to. m. 

TMrohuae 01-flW WM ^ 2C, nifton SL, EC2A 4MX 

WStecr-W ?J=J- SSSSSSSssEMi’^J 

Commercial Union Group opUEqiyJunesa. Ig.6 1344 

SL Helen’s. I. UndanhofL EC3. 01-2837500 S5jft£SS£s; }« 9 1 53 b 
JTAaAeUt June 341 S.« iSJ 2»-9 

Da Annuity Uts — I 1082 I -~l — . h 



Z |3 London Wall Buddings, London Wall. 


Scottish Widows 7 Group 

PO Box 802. Edinburgh EH105BU. 031-6559000 


London ECLBc SQL 

Asocts „)692 

Cnpitn/ f cc....„__.i574 
Commulrd K4 7 

Cocunudity 1763 

Domestic [363 

BSfcssrr; P 7 

PorEart — 1210 

Financial Sera 1642 

Gold & General — -.1832 

Growth. 1788 

lor. A Growth 171.0 

I nt’l Growth (622 

limesLT»LSh.\rot; ,p73 

Minerals- P6.7 

Not. Sllgh Inc — ...... |78.7 

Ntrwlscje - D4.2 

North American — (29.1 

Professional .MC5 

Property Share* _..!J89 

Shield 1443 

Enin* Change 130.4 

Uni* Energy [3L3 


01-838047810478 
7451-051 536 
5 421 -03 4 JJ 

K3\ -0 J 4 .79 
21^-02 511 

9l3 -01 4A4 


3il«d -0J 
113.7] -05 
42.1} +0.2 

22 3 -01 

65.-ta — 0 6 


732 FiratfBalned.i (483 5U -03 4 65 ‘Nil Yield’ 

932 Do. I Accum.'.- 66.4 713 -03 4 65 pret IGiUTnul 

319 Second (Cap 1 513 54.9n 331 

4.g7 Do.iAccum.1.. 643 64.1 .... 331 

457 ^A^^-rZ mi T^i | S U^Grt^Dhft^lMA w e| ^o'i| SS 

^ 7^1 -o3 j. Henry Schroder Wagg * Co. IXd.? 

I?. Lloyd's Life Uuit Tst. Mngrs. Ltd. gftgjmpride.i ECjL , oi nosfm 

857 72-CO.GalelWiseBd-Aylexbury. 0286 5841 iAmubj __|l23 7 128 ^ .'""J 237 

4.76 Equity Accum. 11538 1618| J 437 incotneJuneSO fi|z3 165 wj .1 716 


22.91 *021 267 
295 +0.2 135 

‘ 265 -0.1 856 

26.0k -0.1 4 41 

313 953 

408a -0.2 1035 
30.9XU -02 - 
515 -0.2 2.66 

27 oe -01 427 

3013 ... . 4.66 

293 +03 - 

24 OK -03 1253 
27.0 -0.2 250 
2 Be -01 2.53 

225 -0.1 538 

198 -0 1 538 


M & G Group? ivHcK*. ^SSj U J^iC. |g? 

Throe Quart, Tower HUI. EC3R 8BQ 01828 4586 , Accum. UnH.>.i___Roi' 


See also Stock 

American H 

t Arcuct Unltsl p 

Australasian p 

I Accum Unltsl 15 


Da Annuity Uts — I 1882 I — I — . 

Confederation Life Insurance Co. 

M. Chancery Lane, WC2A1HE. 01-24C02M 

ffiffiSS-TterESi $3 - 

Personal Pen. Fd. 

Equity Pen. Fund 
Fixed Int Pea Fd. 

Manag ed Pm- Fd.. 

Property Pw-Fd— 




CeraMU insurance Co. Ltd. 

tt Cmb U l ECA 01-8285410 lav.TniEtFund 1 

Cop. Feb. June IS-MJ — J j — Property Fond --I 

»»»»,«■«■= 

Credit ft Commerce ZusuraflCe Pen. Pram on 

tan TUmwit St_ Loudon W1R5FE. 01-4287081 CnayJDepoelj. 

^^‘wL-JUZ-O I - priTyW- 

Crown Life Assurance Co. Ltd? SjPM^T 


16L7] 1 .— taftP1v5cn«l IMZ9 102.91 51 - 

8§3Ki£^gS5 - aWjfczzW 

London Indemnity &Gnl.Ius. Co. Ltd sluu^j “/ul! i»8 lki'y — -fticca June zi Nc 
18-20. The Fortuity. Reading 583S1 L MgiLPen June 21 _p&Ll 2613] — Brown Shialev & ' 

irot 3 ld} loll Z Stdar life Assurance Limited ji-nera. Founders cu f< 

Fixed Ini erost D81 36.fi| .....| — 10/12 Ely Place London E-Cih' 6TT QL2422B05 ESUnlU Juno SO —1213 

The London & Manchester Ass. Gp? Solar Manot ^dS-fusa i^5j +02| - 
The Lens, Folkestone KenL 030357333 

Cop. Growth Fnnd- 224.1 — Solar Fxd. ToL& 

AFieoc. Exempt Fd. . 1334 — Solar Cxth S 

©Exempt Prop. Fd. 09.9 — Solar InU. 8 

♦BtpL lnr. TsC Fd 149.7 — - Salxr Managed P. 

Flexible ^ud — llj-J — ■ Solar Proper 

Inc. Trust Fund UM Solar Equity 

Property Fund— C2-7 — Solar Fxd. I dLP 

M & G Group? SSfiW. 

Thro* Onaya. Tower _UU1 EaHBE^ 01 -®6 4HB . EbmpLJuncL: — pi.s 

— 3 — . -45 — Son Alliance Fuad Kmngmt. Ltd. , 

9 !g-| — Son Alliance House. Horsham. 040364141 Canada Life Unit 

| " Z Eap.PdJnLJunel4 (05030 160.031 | — 2-8 High SI .PntteriEbr 

7 _ _ Int. Bn. June 20 | a 433 I ... J — Cin.Gvc L'ist. B7J 

Z ~ {1 ‘* Z Stm Alliance Linked life Ins. Ltd. Do.ln"nwL^!l.' 'i».’a 


The British Life Office Lid.? iai » Accum umtsi 1 

Relicncc Har . Tnnbrlds* Well*. KL OftK 22271 1 

aBSSifczK * « I :::: I IB SSSSSI gS&! 


'“9-S Managed Bd. 7*- 

=H 1" MfflTSii: 

=- 


Thro* Quay*. Tower HUI EC3H flEQ 01« i 
Pen. Penman**" — gj<5 — u “*- 5 

Coav. Deposit* —..B17.9 1238 

Equity Bond** 1^6_3 143.J 

7 U2.2 Z)A 
9 1083 ...... 


= 


Brown Shj^ey & Co. Lid.? 
Mngrx Founders CL EC2 
ESUnlUJuno 20 —12130 229.91 

Do.tAcc.13une2fl_p66.4 206.41 
Oceanic Tntals tal «l _ 

Financial pi 5 355 

General 1B1 152 

Growth Accum. ...443 47.0 

Groat h Income -32 37 3 

Klch Income 290 TLt ■ 

LTV W5 ZLS 

Index 23.9 26.0 

Ororoeas 193 20 7 b 

Perfortiuncts 564 60.9 

Recovery 20.9 222a 

ExmpL June 12 p7.9 603a 


45 a ”" I a in Conrorsloo Growth 

mSj™* tes&z: 

| JA W i Accum. Urdu;. — _ 

European . 

ot-eoOBaao (Accum. Uoluj 

22991 — .1 475 Extra Yield: 

S06.4( 4 4.75 l Accum. UntUi 

Far Eastern 

35 a — Jt_3i 4+1 i Accum Units!— 
15 3 \ 3 94 Fund Iwv.Tltt ■ 

47 Ql — 6 ll 4 85 (Accum. U nitty 

373 -0.1 1 4 85 GvDeral 


1201 

1EB9U .... 

2307 .... 

0BQ 01628 4588 lAcnH VafeTZLImS 1061 357 

% D*aliiroa. _ Europe June L> 313 E.O 221 

21-02 182 LAcnm. UniU,.... . J44 363 ..... 237 

543 -02 182 *Pen|tCharFdJn20 1567 171.8 4.44 

B.71 -U l« 'SpecRx. June7 2433 2S05 373 

5o.w -FT iw -Recovery June 7.. 189 5 1953 ... 4.97 

80.41 -68 4.40 *For lax exempt funds only 

ilia ^36 Scottish Equitable Fnd. Mgrs. Ltd.? 

66.3-15 5.02 SB «. Andrews ^Edinburgh O31^50giai 

, “2 "9 ? Income Units— M93 5231 1 537 

Accum. Units 1»1 M? .... J 537 

3M Dcallnp day Wednesday - 

523 -0 ® 3.44 Sebag Unit Tst. Managers Ltd.? (al 
fra It 0 rS POBo«5I».BrkJ»ifT.Hsft.EC* OIJ305OV 
601J -07 258 Siebog Capital Fd. -ITO3 334+039 3.92 

S a Io 7 1 08 Sebag Income Fd. -1298 3L3 -03] 836 


5l 3 —01 « 72 lAccum UsiUO. 

7i 3 -Q3 JJ2J H'lb Income — 


Mil -0. 
1175 -LI 
M3 -0.. 
65.9 -o: 
65 74 -o; 
803 -0.' 
1788 -1.‘ 


a* (Accum. t'nltvi- 1655 176J 

jtt Japan Income— ___ 1535 163 Ai 

4 48 (Accum Unita 154.0 164.' 

5 in Magnum 2033 2171 

In lAcc-om. V'nitgJ 2535 Z7L 


04036<i4l Canada Life Unit Tst. Mngrs. Ltd? l w Vc ^ r , Utl lt ^ 

| — 2-6 High St . Pnueri tar. Hen*. P.BarhJIS t a! Vict- V nioiZZ 

_ J — Can. Gee Dirt. |37J 395] +0 31 44* Second Gen. 




xlotvcYl Fond Arc. 

- Mous'd Fd. Incm. 

Mous'd Fd IniL 

Equity FU Acc.. 

Equity Fd bum— 

Equity Fd. IniL- 

bxv.Toft F«L Incm. 
fav.Tkt.Fd.lnlL- 
, Fixed InL Fd. Acc. 
y urt let Fd lean. 

Inter i- Fd Acr..- 
lnterT Fd Ir.cm. 

..Money Fd Ace- 

- JIotK+Fd. loan. 

jDTOft Fd incm. -. 

Vtnralo. House. Toww PL Ed 01-ffl6»31 ^ UA 

"Ctb. JfTop. J no® 8 — I 7 ®- 1 'Z 1 MUUw Court Dorktng. Surrey 

^^1212 n&z&srJEL 1 

iSSSSGSEB- 


-iuST^r-June 2'-Ju« Id SSSJrtFtod 
Merchant Investors Assurance San life of 

125b High Street. Croydon. 0171 iXLCockspai 


SaaAiiianeeHoiue. Horshotn 0403641 

Equity Fund 111* 8 120 -05 — 

fXrtttnteeaiFd- lMj: 109.7 +aj - 

Property Pa nd 108 4 1142 .. — 

ihtoSjtlcHtol Fd. - 1081 113.8 +0 2 - 

Deposit Fund- J»s_ 10L7 . ... 


~ J — Can. Gee Dirt. B7J W 

_ . . Do 'Ten. Aocura— .1403 47.7 

as. Ltd. Do Inc. niiC l32.3 MS 

040364141 DO.L-K. Accum . — |425 *53 

ijl z Cape! IJamesl Mnfit. Ltd.? 

_ 1COOM 3nwd S( . EC2N 1BQ 


Capitol S3 3 88 H 1 

Income — — .178 7 83 0] ■■ -4 

Price* on June £1. Next dealing July 


+0-3 — 

j! u 


ms.8 


Property.. 

__ Property Pun*.. 

^ gSlgp^T” 
aw te'prr’Z 


>ce Son life of Canada fUJCJ Ltd. 

“J* 8 ® 171 814.CocksparSt..SWJY5BH Olfi 

*2i( “. Maple IX Grth 1 19*5 | I 

+ H1 — Maple LI. Mangd - 1315 — J 


S3 S3£i¥KL~ 

mJVf Managed 

“ Managed Pens- — 

Inti. Equity 


Maple U. Mangd - 1335 _.. . - 

1 = 1 : 

Target life Assurance Co. Ltd. 
Target Horae. Gatehouse Rd_ Ayirtburv. 
Back*. Aylesbury 10266 ' 5 


Ad. fariiol Unit Fd. Kers. Ltd? ia«ci 

QI-S30 6400 Mllburn House. Newcnstie-upon-Tyn* 21165 

— -I — Corhc-l. —169 6 72.1J I 3 92 

1 — Do. Accum. Units - 183 4 86 91 ... — | 3.92 


SpecUllsrd Fund* 

n, Trurtec. 040.6 1*9 7] -1W 

014880010 i.\ wi im. 1’nitai Z7L3 2889 -32 

1 SSI Clion bond June 2D. . U80 , 1 

- 4 7 28 rharild. JuneSO _ M63 M8J *. 

F July 5. l Arcutn i-iutot— — 18L2 IM-t ..— 

„ lVni.EUunel9_ (1358 1433| 

L' '•lifts MauuLife Management Lid. 

13 92 **• Icwti Way. Ste% cnoco. OUBJ 

!Zj 3.92 Growl h Unit* |S0J 52 71— 3 .8f 

.. ..J 833 Ma.vflower Management Co. Ltd. 


-02 S.48 Stewart Unit TsL Managers Ltd. (a) 
-03 Lg 45. Charlotte Sq-Edinburzh. 001-2263271 
an 3’S tStewort American Fund 

lij ££ Standard Units — IM.7 6911 J 1.40 

-23 cm Accum Units ......169.7 74J| J — 

-20 439 Withdrawal (Jolla . pli 553| 4 — 

-1.9 439 -Slewort British Capital Fond 

-1.7 541 Standard U334 14*01 1 4J5 

-26 5 41 Aaron. Unit* -|i52fi 166 1| 4 43o 

-1.9 425 Dealing TFri. ‘Wed. 

-2«] 485 5,^ yiiancr Fund Mngt. Led. 

-l_b! 6 66 Sun Ail iance Hse . Horsham '“W3 &1141 

-321 6.66 &pEQTrtJune 14]t21L0 222.3 .. } 434 

.. .J 1Q B4 VTbr Family Fd....7(942 10C 3 -0.31 353 

Target Tst. Mngrs. Ltd? caiigl 


433| 4 587 3LCreshani SuECL 

U A Target Cpnaiodiiy.|355 

“**■ Tareei Financial— 5S6 

<M3B56t01 Target Equity 36 5 

5271-3.8) 433 Tonrt* Ex June 21 .. 208 1 
i r ft 1 u ♦Do.Acc.Uml*^- 262 6 

. LO. UM. Tarrei Gill FusSZ 1136 


Income June 2D - (107.7 113.41 | 

I’ciumi Junes (69.8 7351 . -J 


01-0068099 Target Growlb. 


8.13 TareetlirtL — 1274 

533 Do. Re inv. Units 129 9 


Knnltv At LJW life ASS. SOC. Ltd.? NelW Glh Inc Aec - 

■Amen*aniRoati,H«i!WJ«>tnbe JjdMxd. Fd.Cop - g? 

tua.3 - 01 ! ’ Mol Mid. Fd. .Acc— «5 


Equity Fd ■ • — 

K^Si.1, 

Gtd,DwposuFd — 
Mixed Fd 


ri-o.l .— 

S^ol — 


z NelMad.Fd.^c-1 


USB -1« 
65 a +0.5 
69 0 +0? 
SO. I -15 
SL1 -J-3 
50.4 +0J 
5L1 +0? 


— . Mon. Fund Inc — _ 

— . SSan. Fund Are 

_ Prop. Fd. Inc. 

Prop. Fd. Ace. 

Prop. Fd. Inv. 

BBii Fixed tot. Fd. Inc. 
Z Dep. Fd. Acc. toe _ 

Rei. Plan Ac. Pen... 

■ ' JUnnCan^n — 
_ RoftPlanMan.Acc. 
_ RetPtonMnn-Cap.- 

■ - Gilt Pen. Acc. 

_ Gill Pen. Cap. 


SttLB i""l— rallwbVieJd ._K17 4421.. ..J 033 iri3t.iowwjnnnagemenii-o.ftHi. Tarcet Ctir FiiadZ 1136 

„ ' ' Do Accum. U.ms . |51.9 54 4| ...J 8J3 n,l5f.rL+ha»St.,EC:V7AU. 01-0068099 Target Growth 772 

ance Co. Ltd. AW dvalms date June » !nc..mr.rune2D (107.7 113.41 1 813 Taratf.Ina~.-w 274 

use Rd- Avletburv. Charities frf ficial Invest Fd? i-.tr.eral June® — (69.8 7351 . ...J 533 Do.Rarov.Units.... 9 

AylMbury.KSS'SWl 77 Lrradcm Wall. E'-’S.V 1 DB. 01-W8 1815 MercnlJ’ Fund Managers Ltd. Tci^Pr June21~~ 1560 

-J — — Income June 20 U3J4 — | ... 1 67D TO.*:ro;bamSt. I EC2JP'gEB. 01-0004655 Tgt- Inc Z_ 287 

i S3 z rSii:«- a vS,e u,-5eg! Chiue, ttStiSFJK W :::i 38 J^UhFizSl 

, : z Charterhouse japfcet? JKS^SSSi: nl 7*.S fjl Target Tst. Mgra. « 

5 1041 — L Paienmtcr Buw, EC 4. 012463959 Mcro Ejcvstoy 35 — 214.1 223 0 4 42 10. Athol Crescent- Edin.: 

5 76.6 +0 4 CJ. Internal’! IZ3.E 2541 ... J 1.85 Accum i.U Anr37. [2555 266.1].... 4.42 Target AmerXaglet^.l 


Dealings: WSfiSMl 

383| —Oil 390 

63.d-0^ s60 


1192 +0.6 
792 -0^ 
295 -0 2 
3 22 -02 
32.B -oj; 


= 


102.1 .. . — 
756-0 4 — 
633 -0.4 — 

1312 — 

1201 _... — 
1352 _.... — 

12E.( — 


Soil day Jnae 23- 


Transinternational Life Ins. Co. Ltd. 

S Bream BUge, BCVSV. 01-1058407 


Ac-rum. Units — 28 0 

CJ. Income J2.6 

CJ. Euro.Fln »4 

Accum Units » 6 

CJ.Fd.Inv.Trt — 27 B 
Accum Units 1318 


Lts Miciaad Bank Group 

1*6 Uai: Trust Managers Ltd.? isi 

356 '.'curtwnod Horae. Silver Street- Head. 


4 62 Coyne Growth F.J . 518.7 201|-0.1] 423 

235 Target Tst. Kgrs. (Scottandl <a)rt») 

4 42 19. Athol Crescent. Edln.3. 031-228863112 
4.42 Target AmerEagIel27.1 291n9-0.ll 134 

Target Thistle M7 -<UJ 5F7 

Exlrotocomc Fd. 6L71 -031 1038 

Trades Union Unit Tst. Managers? 


Tulip Invent Fd 11410 34951 — 

ffil-: = 

Man. Pen. Fd. Cap.. 119L9 126?.— — 

Man. Pen. Fd. Acc.. (1273 ISiM — 

Trident Lite Assurance Co. Ltd.? 

Renalade Horae. Gloaeesier (H5238& 

. - H469 154;; — 

pro^SwZZZZI l«e.l 1551 _ — 

Earuty/Attericui K? +0.4 — 

u!Oqu its- Pond- Swa 1102 +0.5 — 

gMmSjZZIZ B 127* "Z. — 

fflSSa3sa=li II » = 

Fiscal H2S 4 132.8 _.... — 

Growth Cap — —ftDl 1305 — 

Growth Acc [126.8 JJJa — 

Pens. Mngd. Cap— PU8 IW.7 ..._. — 

Pens. MnRd. Acc . -IJJ7 4 M45 — 

Pros-GULDcpCap.. 10L9 107 J — 

Pena GCd.Dep Arc.. 1058 112.J — 

£s*-K Jr /* p -— mf* m ” 

Pens. P»y- Acc 1^73 +5 { — 

TrdL Bond — _. Jg5 378 ._.. — 

*TrdLGLDood.-..(973 - •• — 

•Tosh value for £100 premium 


Conference? Swwiar. 
Company Meetng? Reception . 
Him Preview? 
Advertisin g Presentation? 

l SS^gsSSSSSr^ 
! S SffiSVfSSSSSSJ. 

All WSJ 5 E^ 2 floS 5 i!ol! Street, 


125 TUin June I 150.1 


^23 9!-fi9 New Loodoa Rd. Cbdnicford02*i&51d51 


_ ... Accum. Units 1318 M.cl ...| 35S rommodjiyAGen.. b62 71? -M TUUTJurwI 150.1 53 I 530 

CO. Ltd. Price June 21. Neat dealing June 28. Do Acrum JhA BZ2l 5.«9 - .. r< .„ 

r?i-wMS407 . ......... Growth.. 16.7 j94rf +flj 338 Transatlantic and Gen. Secs, co.y 

D1-W584B7 Tra;3t Managers Ltn.?(a)(g) u. Accum— J93 3.18 gi-MNewLorutoaRd. 

— ■ - IIN^SCECZM+TP. 01.283 2^ r^-umZZZZ “ a J2M -M SS ^rblren Junoa_[7«. 

— Axnancan (<2*23.1 24 BJ I lu jnrn-ne cn 7 tJa —0,4 6 U 1 Accum. ULI 

-- — TliKhlxi^Mtie -^.-^HOJ. ~ UJ \ JJg D^Accini 57.8 US -D3 b b3 Barb£jrotJ4ay3l^ S5^ 

....J — International Trt— I^j24.4 .... j^rnauonal Hj sS3 .. ... 230 Buckm. June 12 TO 6 

»M » Basic P.usrce. Tst4263 283| -0.1| 4J9 p.x Accum 514 55t| +0J 2J0 (Accum L'nltsi 973, 

IH5238S41 Confederal ion Feeds Mgt. Ltd.? (al r^'ireumZZZ - tSl -0-7 tAecn^nltM — 140.^ 

...... — 30Ctai.nccraLane.WC2AlUE 01-2420382 Equitj- Ererapf_Z 103 6 lOftS — . SA 9 Ctnnbld. June 21 _ 503 

r* = ^Fuo^_J^ 5 ON-f 435 

S i “ Cosmopolitan Fund Managers. Minster Fund Managers Ltd. jtSibS^j^sSZ 

3 _ Sa Pom Street. London SB1S !7EJ. 0J-Z35SS2S. Mae, Arthor St.EC.4. 0I4K3 1050 f Accum Unite*-... 595 

— Cosnwpoln.Gth.Fd. {173 U6|-03| 493 nins-.yjune 12___B5.3 3731 I 557 VaaGwth. June 20 50 0 

Z Crescent Unit Tst. Mgrs. Ltd. falfgi ' Wirwm^L lid. - M> ^SSjuSJmjTZ J2i 

— filivlrtltoCro^ Ed-rburaha 031-226 4£01 ™LA Unit Trust MgeUWL 5*0. Vans. TeoJuneal. 43.5 

B6? Sh3 ' 20« ra ^ | 4^1 OldOurcnStreouSWlHWG. 01^307333. (Accum. Units ' «.l 

— SS'SSSEFzbM . SSI n in^un.^ 1399 41?.. j *29 yh^rjura® _ »3 


I -O-l 325 Itorblcan Juno 22-1743 

—0.4 66S 1 Accum. L ml*, t 11LS 

-03 6 63 Bar bFjipt-May 31_ 158 

7 to Buckm. June 22 706 

+03 220 (Accum L'nltsi 973. 

6431-0.6 852 Colcmo Jane 23 12? 1 

fg vl _o 7 852 (Accum. 1' nil*)— 148.4 

M::.-: Ht SSSSSSKlr i » 

c.'toSJutwTO Ul 


■ If =j || i 

— r‘ 'IdT""] 0 w ’I6.tcpth..ll AVO..EC2RTBC. U1 AM 4803 Do. Accum - ... |755 7 

—*■ ^ -~v* "5S» S'S^ril 1*3*1 is ZESSSEX** 

K.Blom!ieldSft.E«..M.AL Ol-OSj-a® Mumi.un-uyi^. gaB W«I -Oil »-90 IncomcJuiw-21. |°7 6 lfl 

Disctaev-me .1-600 t7LJ|-ia[ S2b Nal [ on al and Commercial .*ra»t»; ..BB* ic 

EL F. Winchester Fuad MngL Ltd. at.SL .'Jicirew Square. Edinburgh Q31-.9S6 Pl&l !* vSirniuSisi 1175 0 1C 

Old Jewry. EC2 «H-80621B7 Inojnrt tone 18 11464 J5LJB „ ..I 612 E, ¥mp tJumj2!._ .|U06 11 


I Tyndall Assurance/Fcnsions? 



7871 S.69 

1185 5 69 

SS.4a 433 

8234 486 

10LS ... 4 66 

229.6 -3.2 425 

1563 -3Z 6.15 

532 716 

5C3 7 16 

57 0 530 

732 530 

542 266 

61 P ..... Z66 

52-7 3 49 

647 3 49 

759 465 

458a 635 

475 655 

62.S . . 5 44 

7 42 ... 5 4* 

673 -1 5 B.72 

773 -U 6.72 


007^32111 

i G3D 


Great Winchester .118 D K«.. I 624 “?■? 364 < , A f c ^ ' ’ mS 6 

GishanroMbi "«• I 4 “ ;^?u,d l u,-c::g4i toia IS 


lft Canynse Road. Bristol. 027232341 Great Wine Sevier .|1ED 

3-Way J uw 22. 123 0 ... — GLWlKlrtr iTMepii 

iS^Joae2^ZZ 164 8 — Emson 4 Dcdley Tst. MngsinL Ltd- National Provident Inv. Mngrs. Ltd.? ivd Junes . — 

Property June 22... U52 ._... — »0. Artu«lonSL SW 1 01-43P75M «.GrJr«hurohSt.EC3P3HH 01-8234200 .t,- 

1469 Emaon Du<tloyTst..|675 7L6| \ 380 Jj IP.I Gth .‘-aTW-gg 481 J ..- 1 Jig J^StTuolfc-.. VJ 1*24 

gssafasa: gj = = s~s.LM.iae> kTrs^SdK, d a 

Do. Bone ^ — 174S — Prosrevsire 1658 68.81 -0J| 4J4 .pnees on June M. New denlin* June SB. Do-ACTraniL.— 

Do. prop. June 1-- 1^9 — Etjolty & Law Un. Tr. BL? (aMhNri National Westmins tergal i£ I Z£S£?!^ 

Vanbrugh Lite Assurance ■ AnierohaxnRd-. Bi^h Wjcombe. 0494332T7 IBI. Cheapside. ECV 6EU. 01-flW 6080. Financial Pr rty 

41-43 llsddeg 5L. Ldn. W1R9LA. 01-«84S23 SquitvALaw |645 67?. | 430 Cjpiul Accum) — 164.4 693i8 —0.3] 4 32 Do. Accum.. — 

Hbnansd va _1436 191 2 — . ,, .. . Rstrolnc — M » 685 — 0.Z tub High Inc. Pn only 

SS«f^ft_ZZT 2233 23S3 -0.7 — FranrJagtOD Unit MgL lid. (al Financial.- 34.7 37 3 -0.1 535 International. 

totST'Fund 1M3 105.B -01 — 5-7, irmond Yard. EC4E, 5DU. 01-2+8 6071 G rowth to* 867 WJ ..... 534 SpocialStto. - 

SsS RVZSti ISit 0 . 5 r (&«, ,§3 —I HS- S£SSf»iKHz SJ ifai §5 tsb unit Trust* ui 

Vantmtgh Penrions Umited ^^^ZT.fe lfl zj !« *££%* ZEES** ""Lt 

ST *■ SSbMdW Sl! W ® SKE^E 13.1 

Blt-Em H^= izsssxt sskssc-B 

n« eran w+d aee ’in*. Bear Rate*’ (able. _ ... „ m Norwich Union Insurance Group tb) Ulster Bank? (at 

Welfare Insurance Co. Lid? w-Fir^r- c:rcu>F 'Imtdd * mw»i f ji SSSSSSJ i 

_J ^A« p ;7; - 'll, ijl-i? 1% ^ T«JI Managera Lid. laKgHz. mitTrusi Account < 

Forouin M -r\ i| r^i^szsr* 1 sail “.r^ 

Windsor Life Aasur. Co- Lid. ’'J {S’ §4 *-■- TviritoV^ZZ m f wf-oi »» Ui 

1 Hisb Street. Wraortir Wlnd»rB8l« "j T. InM ^und . - gC 0 7 ’ D1 t-SJ T'.orl 1‘mtTrt _ 339 » 5d -0 lj 527 l® Accum. . .. -|34D 

uSKi. -M3 7L9J - G.T. t v Iff 1 (i^Fd ... =4.1 57 tj o iAl -j um . 1 ». tt , Jo 0 *7-3 -t* A 527 w ie ] er Growth Fund 

FytureAwiGihiai MW - G. & A. Trust ‘aHgl Pelican Units Admin. Lid. (gllsl Kmc William St fjKy.vit 

L raw """ - b.Ptorteiehf.ri.Brrntwnod .(CTTSS^irt Fil-^urtair Jton.-hx^er '*IM'* Incmn- I’mto _I295 

Jili - G.&.t. 1312 33J4-0JI 4.9S nrhsaplmti fil . 2 0TJJ j 320 .Ucumlmu 1 » 2 


37« -0J 
704J -0J 
643) +OJ 


=a,, fbfTSB General. 1438 

ihj|>i. Acnim 1555 

iSZ chi TSB Income [572 


Ai-joani-n IV' y^' 4- '•‘onrich. N« 1 3.V7 OM3Z2M K’anrrSlre 
Frt... .. |3375 1S5.3] -D 31 5 21 Uj.l.’Lrtef.r 


4tfl 391 

59q.. 391 

60.4d -0 Z 7 60 
635^ -0 2 7 HI 
67 ll -0 1 2 S7 

93 3-011 2C7 


ascs--,2r.f 

. I S« 


lzl Unit Trust Account & Mpnt. Lid. 

ftL 1 King William S(. LL4R9 ill 01 «_T4itr.i 

Irr, Fri,.r»Ilv? Fi.o.1 -|1520 162 0|... ,| =19 

6Bb “<cW-r'.rtA h,J |r+3 30^ .. . | 4ja 


G. & A. Trust (angj 

S. Rtriugh F.'l . Brrntwnyjd 
G.&.t. 1*12 


DI-ATi-ani 

ttij 4 33 , 


v V j 1 *! * 6 \ ! 


95W*0J/ 175 
95 «a-04 175 

36031 —05| 4.66 


, Rothschild & Lowndes MgmL (a) 

i i? St. Swithtns Lace. Ldn., EC4. 01826 AIM 

467 NewCL Exempt— 1025.0 132« .._. | 354 

Price on June 15. Next dealinc July 17, 


ATbuthnot Securities (CX) Limited 
P O. Box 284. SL licitrr. Jerstr. 03M721TT 

Cap. Trt- (Jerae; . . _ |Ub 3 120. Of 1 412 

Sf*l drahiic Uaie lull A . ___. 

EratilnU I«.CI- IU60 li30] I 3.65 

Next <ub. July B. 

Australian Selection Fond NV t 

Varied fipporr unities, r f 1ri»h Young A 
i>ijihw*Jtr. 137. Kent St. S-.dnej’. 

L’BSLSIiues I SCS154 I 1 — 

Net Ax<ct Value June 15 

Bank of America International S-A- 
35 Boulcrard Rwal. Lutemboorg G.D. 
Wldunest Income.. Ill SUZM UZttJ+020] 643 
Prices al June 22. Next FJh. day June 28. 

Bnh- of Lada. & S. America Ltd. 
4008, Queen Viciorta Su EC 4. 01-8383313 

Alexander FuDd-.- ISCSi 9b - I I — 

Net asset «aJue June 21 
Banqae Bruxelles Lambert 
2. Rue De to ftegeoce B 1000 BttUMlf 

Ren u« Fund l-F P.B65 1.923) -A .782 

Barclays Unicom InL (Ch. Is.) Ltd. 
i Charing CrasftSL Heller, Jar. C534WMI 
Overseas Incotae *146 8 58 «— L3) 

l Inido liar Trust- — IsiSUlt ttW 1 

Unibond Trust |SL'SUL29 UOKj — 1 BLOK 

•Subject to fee and in th bolding taxes 
Barclays Unicom InL (LO. Man) Ltd. 

I ThomraSft Donslax. laJt 06M 48S0 

Unicorn Ausi. Ext. . 1533 57.11 1-60 

Do.Aust.Uln — X3 0 3S5w 3 70 

Do. Gnr. Pacific — 622 66.9 — — 

Do. InU. Income — - 385 ^-4 ..... |5Q 

Do. 1. or Man Tst 45 7 «2 -02 8 TO 

Do. Manx Mutual - fo 1 28.1] ..... L40 

Bishops gate Commodity Ser- Ltd. 

P O. Bo* 42. Douglas. JoM. 0S2+33W1 

AR3IAC 'June 5 Ul.TWtt — | — 

CANRHD* “June 5.. 10355 1^ — _ 

COUNT** June 5 .... £2512 Z.66S —• J LW 
Originally issued at *510 and **U-00. 

Bridge Management Lid. 

PO. Box 50& Grand Cavman. Cayman la. 

NTjashi June 2. 1 Y15.338 | J — 

GP.O. Box »0. Hour Kong . 

NippoaFd. Junc21 .SraJM DB] — J 0.70 

Ex-block Split 

Britannia Tst. MngmL iCt) Ltd. 

30 Bath Sft. St Heller. Jersey. 0634 7311* 
Sterllag Pcno mln c tw l Fd*. 

Grovtn InvesL 1315 34 W-L7I 4.00 

Intnl.FH P98 

Jersey ESsersyTxt.Jii? 8 l**8j -3.1j ISO 

Unlvai. 5 Tst Sir — lE2.ll 2^-031 1-W 
KighInr.Stlg.Tst_. lC0 97 UQ-OJO] 22.00 
UJv Dollar Denoodnatetf Fdo. 

Uiuval. STs*. (SL’S506 RMl — D.4I — 

InL High InL TSt Ik’ 58 47 lti] I 9.0 

Value June 23. Next dealing Jane 28 
Brown Shipley Tst. Co. (Jersey) Ltd. 
P.0. Box 583, St. Hell tr. Jersey . 0634 747T7. 

Sterling Bond Fd — | CIO 07 10221 — •< U80 

SutterQeld Managemant Co, Ltd 
PO. Box ]{6. Hamilton. Renoada. 

Buttress EqntD — [236 2 44j 1 l.W 

Buttress Income — JL97 284] .! 5® 

Prices at May 12 Ncxl sab.. day Jniy 10. 
Capital International S-A. 

37 rue Xotre-Damc, Laxetnbourg'. 

Capita/ Int. Fund- I SPS27J0 / 1 — 

Charterhouse Japhet 

1. Paternoster Row. EC4. 01-240 3989 

Adiropa tOOlU &3H-J91 550 

Adivcrtw DHM29 Slti-HJJO 535 

FondakZ E8D31I B« ..... |.92 

Fondto toOin 2ZJB+0JO 5.68 

EmperorFund SU5291 1® . — — ■ 

Kurpano- IU539J2 «llq 280 

dive Investments (Jersey) Ud 

P.O. Box 320. Sl. Holier Jersey. (153437381, 
ClheP/lt Fet'd >.110.05 30-071 .. -J 33.00 

Clive Gilt Fd. iJsy 1(10.03 10.05] S 1X80 

Cornhill Ins. (Guernsey) Ltd 
P.P. Box 157. SL Peter Port, Guernsey 

total. Alan. Fd [1688 183.0] I — 

Delta Group 

P.O. Box 3012. Nassau. Bahamas. 

Della Inv June 12. |5LHS L94| ] — 

Dentscher Investment- Trnst 
PosUach 2885 Blebergasw 8-18 0000 Frankhiit. 

toL^tenftrads'Z J$tm» — 

Dreyfas Intercontinental inv. Fd 
P.O. Box S3712. Nassau. B aha m a s . 

NAV June 20 ]SU6U4) 1SX| I — 

Emson & Dudley TsLMgLJrayJJd 
P.O. Box 73. SL Heller. Jeraay. 05343*01 

EJJiC.T. 020.0 127? _..-| 380 

F. 8c C. Mgnl. Ltd Inv. Advisers 


Ring & shaxson Mgr*. 

1 Chartnc i-rrov SL Uellor. Jer»er.<tBa+>73W 
Valler Kso. St Peier Part. Gnuy. iMOli 24986 
1 ThonuLi Sin+I. Douctis. Kill _ lOCtidM 

Gill Fund 'Jereev- 19 tb 9191 112.00 

Gilt TVuxt 1I.0.M • . U27 105^4 ...... 1200 

Gill Fnd. Guen»eil936 9«H J 12.00 

IbU. GerL Srca. Tu. 

F irrt Slciitnc [18.57 U63I — 

Flrrtlntl — jlB5 16 186 w] | — 

Kir in start Benson limited 

». Fenchiucb Sl . EC3 01-023 BOOS 

Eunniexc. Lux. F. 1.063 —1 329 

Guernsey lac. 63.9 67.7 430 

Do Accum re. 9 BJ.6 4.10 

KHFkrEaitFd SCSU55 131 

KB I oil Fund SU.S11.46 m 

KB Japan Fund SUS3257 0.77 

K B. US. Cvrth. Fd_ Sl'511.96 035 

Signet Bermoda IBS479 — -03 IS® 


JnH03d»iDJU» 

•KB act as Load 


0 1960) ] 0.67 

paying aceata only. 


Lloyds Bfft (C.L) U/T Mgrs. 

P.O. Box 185. St. Seller. Jersey. 083427801 

Uoyda'Ert.O'Eeax-. 158.4 6L4| | 124 

Next dealing; date July 17. 

Lloyds International MgmnL SA 

7 Rue du Rhone: P.O. Box ITS. 1211 Geneva 11 

Uoydj lot. Growth. |S7S15fl SBS] | 180 

Lloyds inL Income. |SF3n50 31) 9j ] 6JS 

M & G Group 

Three Qtutrj, Tower HUI EC3R SBQ. O1-0SO 45BS 


01-2403009 
-0.10] 559 
5J0| 535 
:....] 5.92 
030/ 5.68 


K 80 3 I0 9 all Security Selection Ltd 

im _1.4 593 1518. Lincoln's Inn Fields, WC2. 01831 68M-9 

272? -2-3 5.93 Unv| Gift Trt Acc _B48 25® .....J 229 

1048s -1.1 B.55 UnvtGtnTBlnc — J213 225 nf 1 229 

376-3 “1-? 055 . 1 , j ... 


Anchor Gill Edge 

Anchor InL Fd. 1 

Anchor In. Jay.TB. 

BenTPacFtL 

BerTy PneStrlg 

G.T. AnaFd — 

C.T. Aba Sterling-- 
G.T. Bond Fund — . 

GT. Dollar Fd. 1 

G.T.PariBeFd 


8-90 Income June 21- °7 6 102.6 E30 

I.IC.M trait'-’ .178 4 1CJ4 • -- - 
..1. Catnial JuneTl 1252 131 b . ... 428 

( Vwum Units ■ 175 0 1C3.B - 

632 Cxempt June 21 ._ . 110 6 1162 733 

6 17 (Ae^um linllri . .156 0 164 0 .... — 

36* InL Earn June 21 _24J6 2558 5.15 

3 64 1 Accum. Untui 2710 2»a 6 .._ — 

Id.? Fed June 21 . ... 99 2 IM2 685 

(Accum. Units'. 1232 1294 — 

**£? Scot* Cap June L’ 1.136 4 143.4.... 339 

f-S (Accum. UnlLM. ....162.4 1705 — - 

^7^ ScoLlnc-JuncSI .. |l63-4 171.6 885 

85 31-071 687 
872 -0.7 _ 

39S -0.1 10 00 
46 0 -03 — 

15 8 5 .44 

192 — 

6494 -02 882 
33.0 +0.1 256 

■32.71 .... J 521 

TSB Unit Trusts (3-) 

22b £1, Ch*nll>' Wq, Aiukivcr. Hants (OHIClffl 

I Deal inRi to (CM £3432-3 


1-2. Laurence Pountnev Hill. EC4R0BA. 

Pl-823 4830 

Ccnt-Fd. Jane 14 — | SUS550 | I — 

Fidelity Mgmt. & Res. (Bda.) LtiL 
P.O. Box 870. Hamilton, Bermuda. 

Fidelity Am. Ass -..| SUS25.49 | ...„ J — 
Fidelity InL Fund _l SI-S2L25 -0.77 — 

Fidelity Pac. Fid. — [ SFS46 37 _ 

Fidelity Wrld Fd ....] SU31425 | .. ..| — 

Fidelity Mgmt. Research (Jersey) Lid 
Waterloo Hie.. Don SL. SL Hd ier. Jersey. 

0634 27561 - 

i-cnes A ilntnJ 1 — .1 D73 1—0 17f — 

Scn£iB(Pacinc...[ Uri. ..... — 

Scries D (AcftAi* l| £17 66d | 1 - — 

First Liking Commodity Trusts 
8. SL Ccorge'aSL. Doogtoft I o-M. 

0624 4082. Ldn. ARtoD^bar ft Co, Ud. 

53. Pall Mali, London SW175JH. OJ-fiB07857 
FsLVifc Cm. T bL_BB.D 4081 „..J 

FW.Vk-DbI.Op.T*t _ |748 79-M ] 1-70 

Fleming Japan Fund S-A, 

37. rue Notre-Dome. Lo'cmboure 

FI nut. June 21— ..J SUS49.E2 J ] — 

Free World Fnnd Ltd 
Butterfield Bldg, Hamilton. Bermuda. 

NAV May 31 ] SUS17525 | ...._] — 

G.T. Management Ltd. 

Park Use- 18 Fixsbmy Clrru% London ECS. 
Tel: 01-828 813L TLX: 886100 

London A eon to tor. _ _ _ 

^chtir'B’T'nlto-.lrSan 095 173 

Anchor GiU Edge. E9.B2 98B +0.0B 12.B5 

Anchor InL Fd SU54J5 461 ..... X75 

Anchor In. Jay.TB. 262 28.0 +0J 2.79 

Berry P»C Fd. SUS4505 ...._ 059 

Berry pne Strig — . 275.0# 288.08 108 

G.T. Asia Fd — BDOLn 9U 150 

G.T. Asia Sterling-, £1357 34 71 3 41 

G.T. Bond Fund — SDSOiBS 490 

GT. Dollar Fd. SUF7.09 -0J7 0.70 

G.T.ParificFd SU513.40 . ... 1.15 

Gzxtmore Invest. lid Ldn. Agts. 

2. St. Mary Axe. London. EC3 01-3833531 

GsOMrr Fnnd Haft (For Era!) Ud. 

!503 Hutch Iron Hh,] 0 Harooun Rd. H hone 
HK t Pac. H. Tst ZSHX3155 3«M*oiKl 230 
JspanF-t.— — &HI3655 1448.. ..J 0 60 

N. American Ta Jamil U Oil .1 - 15 

Inti. Bond Fund —RtSailQ IliU] 1 5.70 

Gonmore Ixnataul Rap. Ltd. 

P.O. Box 32, DouctoftloM. _ 0624 2381 1 

GarUrj.ro InU. IncTMj ] 10.90 

Gt-rUnore InU. Grth]6S2 69 j] ... .1 4.0 

Hambro Pacific Fuad KgnL Ltd. 

2110, Connaught Centre. Hong Kong 
Far East June 21--. (12-22 12B9( .. I — 

Japan Fund |5PS7.C 7B1J+0.1B] — 

Hambroa (Goernsey) Ltd./ 

Hambro F&nd Mgrs. rC.f.l Ltd. 

P.O. Box 88. Guernsey 0483-23521 

C ( Fund —[140.0 1491J 3.70 

Intnl Bond SUS 105.03 1BB38 8.50 

InL Equity SJ.[S 1084 1UB 2-50 

l«L Sets. *A SL'S LB2 1 D5 R50 

lac Six*. -B- SUSlZn Liz] . .. 250 

Prices on Juno 21. Next dealing June 28 
Headerson Baring Fund Mgrs. Ltd 
P.O. Box N47C3. Nassau. Bahamas 

Japan Fd. KC51BJ9 HUJ .....J ~ 

Prices on June 21. >^xl deal int; dale June 2& 
Hi I) -Samuel 8 p Co. (Guernsey) Ltd. 

8 LcFebvre SL, Peter Pott Gccratcy, CJ 

Guernsey Tsl j 145-4 155 6) | 355 

Rill Samuel Overseas Fund SA. 

37, Roe Nntro-Daine, I+uccrac-curg 

151080 19551+007] — 

(nternatloaal Pacific Inv. Mngt. Ud 
PO Bor R237, 65. Pitt SL Sydney. A art. 
Javelin Equity TM..I0A287 213-0841 — 

J-E.T. Managers (Jerseyi Ltd 

PO Box 194. Ro>al TsL Hue. Jcrsey0534 27441 

Jersey Extra). TSL_J1638 17? 01 1 — 

As at May 31, Next tab. day June 30. 
Jardlae Fleming & Co. Ltd 
46th Floor. Cocuuaght Centre. Hone Kong 
JzrtllneEMn. TsL_l 9BK2S436 J .— l 280 

SSSSSS^A^^ « 

Jordine Flora lnL._ SHK973 I L — 

NAV June IS. *Zqulr*]cnr 5US7I86L 
Ne+t cub. June .TO 
Keyselex Mngft, Jersey Lid- 
PO Bor 98, SL Heller. Jersey.. rh'nC 01-806 7070| 

Fonsirlt-x ]Fnl513 liH ... 290 

Bontl«.|*>t PoUl.n ITS V — 

Ktywlri Int 1 £6 61 7 29 . .. — 

Kcvs+lcs Europe... E3 96 4 46 3 70 

Japan Glh. Fund 115233 ’Til . — 

Kenwlec Japan 02 74 U 92 -060 — 

Cent. Areetz Cap £13385 -D03 


Samuel Montagu Ldn. Agts. 

3911 114. Old Broad SL, EC2 01-5888484 

— Apollo Fd Jane 14 |SP4S«B 52551 356 

Japfest June 15. — kHBtn ug 3.09 

- 1 -* 7 117 Gn>. May 31 Rl'SUB 11« 1.98 

^ 117JenevMay31._|£S 06 5 351 0.76 

117 JnyO'sJ une7 — {£12.55 13J0I . — — 

L Murray, Johnstone (Inv. Adviser) 

163. Hope SL.GtosCov.C2 (MI-2215521 

atm -HnpcSl Fd ] SVS33.63 I i — . 

'Murray Fund 1 SUS1L17 | - 

•NAV May Ji 

73114 N'egit S.A. 

Id Boulevard Royal. LuxrobouhE 
4.00 NAV June IS I JLSlll.M ] ( _ 

iiS JVegll Ltd 

180 Bank o( Bermuda Bides., Hamilton. Brsndft • 

I2-W NAV June 18 JCS.41 - ]+0J»( — 

_ Phoenix International 
5-0 ro Bot 77. SL Peter Port, Guernsey. 

I Inter- Dollar Fand_fS2JS 251] J — 

^ Property Growth Oversells Ltd 
ism 28 Irish Toon. Gibraltar (GibiSlOS 

Ltuo U iJ. Dollar Fund— | SCSSSM I 1 _ 

. Sterling Fund ] 023.77 | | — 

, n. Quest Food Bfugamt. (Jersey) Ltd 
5 BB P.O. Box 194. SL Heller, Jersey. 053427441 

10. Quest SitoPxdlntj £ I I — 

Queji tnlLScca. | SL'S I I — 

Quest Inti Bd 1 SUS ]. | — 

Prices at next dealing 

” Richmond Life Ass. Ltd 

. 40. Athol StreeLDougtos.LOJL 0824 23014 

(xiTheSilverTru<L(1095 U23\ +0.4] — 

550 Richmond Bond 07. 0733 1824ri 10 M 

5J5 Do. Ptatinura Bd U23.7 130^-0.4 - 

5TZ Do Gold Bd 006.4 112.0] -0.3 — . 

£60 Do. Em. 67/02 Bd.„ (160.0 177J/-1J 1U50 

280 Rothschild Asset Management (C.I.) 

P.O. Box 58, SL Juliana Ct. Guernsey. 0481 28331 
738] O.C Eq.Fr. May 30...|552 58^ 271 

tim O.C toc-Fd. June 1- 1471 155.9d 751 

rf’ff OA’.InlLFdt SL28 Ufij 123 

L *’ 00 C* C.SmCoFdMy31... 146.3 156H )B 

O.C. Commodity* — 134.6 142? *52 

O.C. Dlr.Comdty.t . B26.U 27.77] B.7Z 

•Pnco on June 14. Next dealinc Jane TO. 
t Prices on June 21. Next dealing July 7. 

Royal Trust (CD Fd Mftl. lid 
_ P.O. Box 184. Royal Tsl Hse., Jersey. 0534 27441. 

RT.tot’LfU BUMM 978 1 3.00 

R.T.Inrt.iJ«y-1Fd. M «| .] 321 

fnrt. Prices at June 35. Next dealing July It 

Z Save & Prosper International 

I Dentine to: 

L 37 Broad SL.SL Helier, Jersey 0534-20581 

US. PoiUr-droamhuued Funds 

— Dir. Fxd- IcL" 1939 9.7SH | 738 

A intemsL Gr.t 17 04 7.6a ] — 

Far Eastern *C (41.09 4486] I — 

®*l North American *2. D. 79 4J0 J — 

3JM Sepro**t ^484 1554] J — 

5 SterUnK-denotnlnatfd Foods 

Channel Capitol0._B2S.l 240J3 -25 167 

Channel IsloodaO— 5*27 15o3 -021 537 

Common.— (223 2 12977 I — _ 

— SL Fixed*" .Jm.4 117.9| | 1L79 

j Prices on ‘June IB "June 21. "*June 22. . 

f Weekly Dealings. 

— Schlesiuger International Mngt Ltd. 

— *]. La.Moiie SL.SL HcJjer.Jarec}'- 0534735Ba 

— iSz IS 

^ JA -1 W 

Inlnl Fd Lxmbrs . 11050 111J+D02 — 

_ *F«r ExscFund. ... 95 3TO 3 M 

_ -Next sub. dsy June 28 

“ Schroder Life Group 

Enterprise House, Porttroouth. 070527733 

ta-BSBCiabi «« - 

Z® 7 S Equity 026.0 134.0 ...._ — 

LnWlaleresI B36JI 1447 . — — 

*-70 SFIxed Interest J104.8 UL4 — 

t Manured — .]130 4 138.7 — 

SManaged |U5-2 122 5| — 

~ J. Beary Schroder Wagg & Co. Ltd . . 
IZO.Cheapside, E.C2. 01-B884000 

CbapS June 22 SUE1153 ]-UCj 251 

— TraialMrMay 31 — SUSU9.41J.Z1 — „ 

Asian fU June J2_. SITSliW 17 « ... j Zffl 
Darling Fnd. &AL82 3L9sl-0Jia 530 

EC2. JananFiL JunelS-lWS&M 7JDJ — .TJ CJ9 


Darling Fnd. KaLK l-TO-oaa 550 

JapaohL June IS. HUS454 7J2J Z.7.TJ 0J9 

Sentry Assurance International Ltd 
P.O. Box 320, Hamilton 5. Bermuda 
Managed Fund RUSUMI UW| .....J — 

Singer & Medlinder Ldn, Agents 
20. Cannon SL.EC4. 01-2489848 

Dekafonds {082545 26W .1 654 

Tokyo TsLJ une 2._J SUS3580 | 1-77 

Stronghold Management limited 

P.O Box 315t SL Helier, Jersey. 0534-71400 

Commodity Trust -192^8 97J4| i — 

Sarin vest (Jersey) Ltd (a) 

UireenxHse. Don. Rd SL Helier. Jsy. 0534 27340 
American Ind.TSL..|E8M a«7]-D.02> — 

Copper Tnirt 10057 li.12Uo.oy — 

Jap. Index TsL 10196 lUOf-OOSI — 

TSB Unit Trust Managers (CJ.) Ltd. 

Bagatelle Rd_ SL San our, Jerscr. 0S34784M 

Jersey Fund M7 1 49 61 J 4.84 

Guernsey Fund H7.1 495] i] 4 04 

Pnces an Juae BL Next sub. day June 38. 

Tokyo Pacific Holdings N.V. 
lntimis Management Co. N.V.. Curacao. 

NAV per share June 19. SLTS55SS 

Tokyo Pacific Hldgs. (Seaboard) N.T. 
Inanus Management Co. N.V_ Curacao. 

NAV per shore June 19. SUS40.74 

Tyndall Group 

P.O. Bax 1250 HamiUon S. Bermuda. SOT 

CH cnees June 21. .HtTUX 2251. i 60S 

iAccinn unlui pv5ira iy ) — 

3- Way InL June 22 _ ISISZUS — 

2 New Sc, SL Helier. 

TOFSLJuae22- 

< Accum Shares' 

American June 22 _ 1825 SS.Ol 200 

1 Accum shares) »25 8H 18 1 - 

Jersey Fd. June 22.(1948 206U 7.62 

iNonJ. Acc. Uls>.._ Z73J1 2TO.S — 

GUt FUnd June 22_ho6.0 US.0d ... . 11.11 

(Accum. Sharesl [137.0 139.6d| — 

lletory House, Dnslas, Isis oT Man. 0624 241 U. 
Managed June 3SL-P29.4 136.4/ +05 — 

Utd IntnL Mngnrat. (CJ.) Ud 
14. Mulcaater Street. St Halier. Jersey. 

ILLS. Fund UUSHTt llLOil J BJ6 

United States Tst. IntL Adv. Co. 

14. Rue Aldringer. Luxembourg. 

US.TR-Inr.Fnd._| SDSU.40 | ] 0.95 

Net asset Juno TO. 

S. G. Warburg A Co. Ltd 

30, Gresham Street EC2. 0148)04550 

136 I..- / 230 CniMPd. June 22/ SVS9J6 I-0VSI .- 

LIS 1 EnRy.InL June 22.71 SUS17J2 -DM — 

24 . — 1-90 Gr SLSFd. May3l — ] 5LS7.09 — 

7} Lajn-L— MrSur.JuneZI ItlSlIJS U«J | — 

crit 5 Warburg Invest. Mngt- Jrsy. Ltd 

1. Charing Cro&s.SL Helier. J*>' Cl 053473741 

L’JIF Ltd. Ma» 25 ... [tCSIZJC ZMl — 

CMTUlt.May35„. 02 5B 12 W — 

Metals Tst June 10 [£12.17 12 47 — 

TMT JuneB BV5U57 UK — 

TMT Ltd June B |C10.68 1096| — 

World Wide Growth Management? 

10a. Boulevard Royal. Luxembourg. 
Worldwide Gth Fd! SCSI* 89 | I — 


0534 37X31(3 

d .....4 6.00 


NOTES 

Prices do not include S premium, except where indicated +. and are in pence unless otherwise 
indlcalcd. Ylaldx xt (ahown 19 ia*i columni ailoir for all buying expenreft a Offered price* 
include all expenses, b TO-da-- s prices, c Yield based on offer price, d EacLmated. x To-day's 
opening price, h Distribution free of C.K. taxes, p Periodic premium insurance plans.* Single 
premium insurance, x Offered price include* ail expenses except agent's c omm i ss ion. 
y Offered price Includes all cvp+nws if bought through managers, x Prvulora day's price. 
9 Net ol tax on realised capital rains unless indicated By 9- 4 Guernsey gross. 8 Suspended. 


d capital rains unless moicatea ny 9. s nuern 
* Yield before Jersey tax. t Ex-subdirision. 


COR-\L INDEX: Close 454459 









t- 24 


mmm 

„ connoisseurs’ 
s cognac 


BONDS & RAILS— Cent. 


BANKS & HP— Continued CHEMICALS, PLASTICS-ConL 


m 

nieb Las 


Pnce [ i wlHi»- r - B'd- 
t ! — | lirws 1 if III 


• IpTS i 
then Ijiw i 


l_ nr' 111 -.' ' -1 M[ 19 TS I or 1 liiv _ 

Prict ) _j vj |C-.r|C*r\ P.E jr |?ll ^ j fwk Pries ; — l Set CtrlGrY PE 


**BRITISH FUNDS 


83 83 Irdan-i'-pc'BIP S3*?)i 7% 11 96 

**1 T9 foftiniM# W 3 -i ■ ■■ 9>« 12 94 

375 265 Japan 4t>-; lu V- 365*il .... — — 

87 ;o l'n?at’m-88 71% .... 6 1110 

If 0 ]45 P*-rv A-v.lipr 155 3 195 

75p 75p $.i'.LP>pcl»0 75p 6% 867 

599 594Ii Turin 9pc!991 .. S94% 9 9.52 

D m Dllfl Tunn6t;K 1964 - DM91 . .. . 6% 10.70 

96 94 jl'tuojav 3%pe .. _ 96 .... 3% 3.90 

US, 5 Sc DM pnce; wxeiudi? ini'. S premium 


<!Mlh& VW- 


1 j J — - |C30U]£22T2.\ar;«j.H.uw.._ ju/ 

5.C1 - ! ?S 7 n S5 72 ftwlOp ' 77 


?, 7 si IS fc 


1978 

High Lmr 


*■ oH Tidfl 
- I lot. 1 HaL 


AMERICANS 


Well.- Frfraow.™] £22 I SI J 0 I 
JWianu'ialp — | 61 |_....|3C3 | 

Hire Purchase, etc. 


* , Shortfi ,, (Lives up to Five Years) 

98*8 l&ch. 5pr 7S-78K ....... 5.J* 

101 A TreanuTUtzPrjw*- MV* U-j5 

94i Trea-un'3pc79^. — +ji 

951® Elecinc 4%pc 14-79 — 9% *»» 444 

99% Treasury W'aPsTOi---- “ l| 1 ?t2 

94* Electric 3%pc 76-T9 ..... 96 ..... 3.65 

47 Treasure 9pc IS80S..— 97 -% 928 

9)% Treasury 9%pc '845— 97%) -J* 973 

92% TPOTUiySjpcTlOJ.- 93 —s 37b 

93% F'iniliQg5>.fN7M0r. - l i &g 

103, J * Exchequer 13pc 1WK 1033: “A J; 58 

99 li Treaaurj lltjc IS8lt* 100%d 1149 

8a% Treasury 3%pc!?*$l 89_ ..... 3 93 

95 7 e Treasury $«pc]9ei~. ®'s “J* M-J* 

Wi* £.vi:L tPiK 1961 92% -% 8 44 


88% Treasury 3%pc 197981 
45 7 e TreasuryO-iPclKl^- 
92% Eifh.lP.pclBBi 


£«h ** -% mb 

85% E\ch.3pcI98t-. B6|a 

95% Tress Variable HI?* . 95 a "i* JMg 

102% Each. IKipr I961it- — 102% - « 12 3? 

9H’ Treas8ijfW«^ 91%«i -, T * 

83U Treasury Jw ffist-..- J&f "% 

106% Treasury Hpc «£ - - !«>■> -i» J3 ID 

94% Treai. Variable B2j}_ -A 10 If 

89% Treasury B^pt 82 90&sd 9.15 

91% E-reh.^pclftE 91% - ’ 10.09 

91% Exch. 9 4 p. 1882 A "S ^ S? 

90 Excuse 1983 J 

79% Escfaapc — - 79% -h 376 

101 Treasury !2pc !B93ti_ Ml -% 1LBS 


79% E-iohapcTO — . 

1 101 Treasury 12pc I Witt— 


Five to Fifteen Years 


89% Treasury 9%pc 'S3 8 

13% Each. !0pr 1333 '£15pd»- 
S0% FundjDBSipCSJWS. S 

86% TreasuiytBjpcWBBt 0 

77% Funding ®iPc'B>?Ttt- 
79% Treasury 7%pc‘8W»£ T 

60% Transport 3pc 7M8 — n 

64% Treasurv5pC'86-tB — 

101% Treasury 13pcl994tt._ 10 
77% Treasury 8**87 9CCT — 

92% Treasury IH«ji IW1 — 9 

63% Funding 5% pc TP-SIS:. 

99 Treasury I2irf<c 92£__ 


SS|:S 


B5tj Treasary lOpc 1892 

98% Each. 12 %jk "92 


SI'bsbI-% 676 
86 7 BSd-% 9 75 

78% -% 3 90 
79%MI -% 9.64 

617, all -% 4 85 

65%-% 7 72 
iOZUd -% 1265 
78% -% 10 « 
93 %m 1 -% 1246 
£s -% 9.03 

99al -% 1276 
87% -% 11.51 
100% -% 12.74 | 


Over Fifteen Years 


iw 

BJgb Uk* 

17% 23% 
60% 60% 

31 22 

32 21% 

33% II 
15% 969p 
29% 18% 
19% 117, 
32% 22 
23% 13 
11% 625p 
13% 857p 
65 41% 

48 30i 2 

42% 2£i* 
48% 32% 
27% 17% 

22 13% 

11 7u5p 
21% 13% 
14 723jp 

25 14% 
18% 12% 
47% 29 

26 15% 

25% 17 
28 20% 
46% 20% 
32% 22 
26% 17% 
40 28% 

12% 670p 
18% 11% 
32% 20% 
41% 26% 
25% 16% 
44% 29% 
24% 151, 
48 28 

14% 750p 
224% J71 
52% 34 

19% 735p 

976p 705p 
28 18 
32 20 

41% 26% 
17% 12 

18% 13% 
21% 14% 
27% 15% 
30% 16% 
17% 11 
22% 14% 


I* oH Dir. Vld 
] — [ Cross Cvr fir's 


ASA 

AMF^COBV.HT- 

.taai SI 

American Express. 
Anwr. Medic. InL.. 

Asareolnc 

Baker laisL Carp. SI. 
Barrier Grp 5S? — 
BeadixCorp S5<— 
Erth Steel 58. — 
Brovru f Fer.clPj 
Brunswick Corpus 
Burroughs Co rp. So 
t P.5 £50 — 

CPC. 8% 

Caterpillar)!. — 

ChaseMhtn.SL15... 

CherebroughSI..,. 
ChrysiBrSfi 1 *.—— 
Citicorp 54—-^. 
City in^. SI 25 .. 

Do Cn.Prf.BSl - 

Colgale-P SI 

Cell luds S! 

Cwil Illinois S10._ 
CwiL Oil S3.. ...~— 

CroKn Zell. S5 

CuVler-namrnerSj . 
EalpnCrp.SOjO — 

Els mark 

Ettonll- — 

Frresloaerire/l— 

First Chicago 

Fluor Carp. S% 

Ford Uator 5£ 

GATX — 

Gen Elec 152% 

Gillette SI 

HonesTceilSLaO — 

Hutton EF. 

LEM-ChroS 

Incereol] R52 

ItU-ScSemsiCon-Sl 
L U. iDteraatiouaUI 

Kaiser ALSij 

ManL Han. L'SST jO 
Morgan iJPi L’SS25 
Norton Simon Inc.JL 
CnreM.HI.S3 125-. 
QuakerOaUE L T SS5_ 

ReliauceSOJS 

Rep.N.V.Corp S5.. 

Rexnordla 

Richdsu.-Mn , l]51% 

SauirB-F.iSl 

Shell Oil SL 

SinperiSlO' 

Spem Rand SO 50- 

TRWIecSI'* 

Teuneco 

Do.105oLn.Slk.9I85 
Tcsotti Pl I'SSO. itfj _ 

Texaco 58J25 

Time Inc 

TransamericaSI 

I'td.Tech.Sl'Sa 

C.S Steel SI 

Wool worths S3% — 

Xerox Cotp. SI 

Xijaicslnc. 10c 

Zapata Crap. 25c 


80c 

5% 

-% KL75 
-% SL40 

30c 

40c 

+% 64c 

-% 90c 

-% S228 

51.00 

-% 40c 

70c 

f% Sl.Ofl 
+% 5240 
f% S*L50 

f% 1) 

-% 52.20 
94c 

-22 5100 
+% SLOb 

5100 

S2 

, +% SLOO 
I -% 5305 
, -% SU2 
. -% 5140 
; -% si.90 

-% 5140 
i +% 1125 
I -% SI. 84 
-% 5320 

5110 

I -% 5100 

i 5120 

+% S3 .20 

I 52.50 

I f % 52.20 
,+% S150 
, +% 51.90 

50.68 

, -1% S11.52 
- 7 . S3.00 
i +1% 25c 
+8 90c 

f% 5160 
,-% 5108 
i +% D 
i -% 76c 

, +% h$3.06 
I -% 5104 
i +% 15c 

I 5LOO 

, 88c 

!JJ * c 

hS160 

i +% 60c 

, +% SL12 
i -% SL80 
+% $100 


361, 31% CalUeV •».’>« lllrf 34 h2.03 1 7-71 9.1110.0 oq 

£61% £35 fie ben? Ft. W0. £56 Q1T?«| — 2.7 — 

3 a i.reditPaialtip.. gjs _ I — I I (P 


- / 220 190 SroLAs.lnd.a_ 220 UJ. 

H\ ~ 1151 108 Siewart Plastics. 142 -2 *dl( 

•■ s l “ 15 V 2 ?aSr r ar3arooHs... M 0-M 

23 17% WardlefBcr ilBp 20% 

205 162 IVolsteohdne— 205 --—-7.32 


[VoriaCbeEJS. 


u? si [SSS 1 »SiH cinemas, theatres and tv 

43 30 Lrd.S«LFin.lOp 41 gL37 30 6.9 6.2 90 70 AngUaTV*A-„ 72 TUB M M |3 

14 8 MiwrJaie Jlcrt. lUp 9 ..... 16^9 98 A4i.Tele.“A"„ 1M — 635 * J 9 -5 # 

102 85 ProriFinaatiaL 91 -3 4.87 2.3 f-J 8.1 4Q 32 Grtmpiai*A'10p 38 -1 12 Ifl 8.8 6 j 

33% 23 Sirie Credit lOn. Z7 -“-2 hil.3 13 7.3 i.7.4j £5 55 Green Group lOp 65£ — — Q}^ 

20U 10% Sturia Hides. Wp 15i 2 - - — -- Z7 18* 2 IT«frdWyd20p_ ,27 t033 -J - 103 

48^i 39% Wagon Finance.- 43 h2.oTl Zy 73 4 j 127 108 HTVNiV _ 11D ..... ts6 6 2|| 9lj 6J 


76% 72 HdiLT\'Pret£l- 72 6.M Mipl? - 

BEERS. EZINES AND SPIRITS 1 56% j 45 ptdtfv’^lH S 2 Li a Z.K [ 2.1 9.3 5.j 

S 3 BSrt&W: 3 ± SS| “I if- & & iSfflSfcl S. ■- il a b 

171 137 Ei.- Char jit* 1 !- 151 .... MW, 33^ 93 nDADFCV ANTFl CTAPFfi 


258 196 BellAnhurSip 226 

51 37 Btlua.wiBrcwwt 46 

111 92 BiyidinctoBi . 106 

73 bb EenJerBwt'f . 76 

122 100 Broun j Matthew.' 110 


Mi u JJSlSl iifi ■ DRAPERY AND STORES 

» - rs»”5 : i! ra sssssc it !±is t' 

7* ..... 3.50 1 3-0 £-0 10.8 J; |g 39 I IL53 I 3. 


3%T 20 r.UlU.B 

t592 2.41 55 U.7 « 

i V n r| :iim -A! 


51 40 Buckleys Rrew - «Hl 1.79 2.5 2 b 101 , 7 

357 133 BulmecH P 1 — 133 -1 L’6 5 =3 '-5 7 .2 fi 

160 140 Bunnwowi — 154 1 10 51 3J- ,9.5 

63 55 CireUn DeL — 57 +1 2-4 16 6.4 146 

152 114 Clart 'Matthew... 132 ...... t5 2! 3.3 6.0 7.7 

187 163 0 l« tillers 5Bp„_ 174 +1 654 31 5.7 85 f, u 

26 13 Gordon iL'IOp.. 24 - - -137 


- : - - 137 


54 4 3 Gough Bnfe.ClIp- 45xd 2.80 1.9 9.4 7.0 ~ 

119 93 iTroenall Whitley 111 -1 t2.62 41 3 310.4 -tb- 

267 213 Greene Kin; — 263 to 5? 2.B j814.7j|q 

191 154 Cumness 163 t7.02 i4 06 6.2 

158 129 Hiatal d Di£L20p 129 -3 2.9 25 3417.9 ,£| 

102 83 Inrergorton — _ 99«l +1 123 * 37 130 

154 109 Irirh Distillers— 154 t3.55 4 2 31 10.3 ^ 

320 270 Macallan. Glen _ 320 4.62 23 22 23.1 g 


— 6J 475 >60 norland 


I 475 12.45 2^ 4.0 14.4 


23 2.2jZ3.1 1 g 
W 4.0114.4 L5? 



70 50 Sandeman 57 ...._ 2J1 d 6 1 ,0_ jm 

71% 62 Scot! <: New 20p. 65 »3.1 20 7.2 10 j ^ 

117 95 Tonulin 112 3.00 2.6 J.113.9 f?- 

124 94 Yaux. 114 t4-02 2 4 57 21.7 * 

101 82% Whitbread 'A' — 88 . — 3.97 25 6.8 85 iV? 

a2 18S Woh-.Dudlec..- 207 mJ ... t5 74 3 0 4 J 1 2i 

182 145 VoungBreWASlp 175«d fl 3.18 3J 2.8115.6^ 

53 

BUILDING INDUSTRY, TIMBER ^ 
AND ROADS g 

95 81 Aberdeen foad- 50 4.61 >5 7.8 5.0 18 

164 138 Abort baa'Cem— 147 6.76 3 5 7.0 5 4 50% 

17 13 .Allied Plant 10p_ 15 0.71 ■? 7.4 t> 30 

75% 59 AruLtageSIwks.. 67 -% 4 3 6 10.1 4> 157 

251 203 BPBInrtr. 50p 217 t6.93 16 4 8 6.8 119 

34 31 flaggeridgeOrt. 31 2J3 1 4 11 ■» 95p26 

15 10 Bailey Ben 10p._ 10 tdO-55 18 $10.2 4a 

50 44 Bamherea-i 50 t2.9 3.1 B.8 5.7 70 

128 100 Barralt Dev. IDp . 100 tfi.06 2512-2 4i u 

27 1 2 20% BeecflFOOd I0p._ 24 L80 6 12.1 4> 145 

31 16 BenloaMip 16 10.75 - 7.1 - 316 

57 47 BenlordiLIOp- 49 LB2 4.4 5.6 6.15x2 

69 64 BettBnw.20p.._ (A t£L7 5.4 4.0 7.1 50 

76 64 BiockteysSOp ~ 75ni 3.S2 4 0 7.7 5JJ 37 

272 220 Blue Circle 11 236 _.... 9.34 3.5 0.4 7.4 jfi 


L80 0 12.U » 145 

t0.75 - 7.1- 316 


272 220 Blue Circle U 236 934 

69% 61 Blundell Pena- 66 2.89 

104 75 Breedon Lune._ 104 527 

38 ZL BriL Dredging.— 34 403 

125 24 Brown Jksc. 20 d 117 +1 LO 

61% 48% Brownlee 61 227 

58 36 Bryant Kldga. — 47 1226 

184 153 BurneUtH 1S1 285 

190 170 Burl Boulton £1- 170 -5 dl015 
331? 22 C.Rober'A’IOp. 33 +3 L65 

26 20 CaTnderiCMHOp- 23 132 


4.4 5.6 6.1 5x2 256 

5.4 4.0 7.1 50 31 

4 0 7.7 5J) 37 lb 

3.5 0.4 7.4 36 24 

5 4 6.0 6.4 20% 15 

17 8.013-2 200 155 
— } — 87 63 

8.0 1310.1 23 lei, 

21 5.8123 fcfc M 

22 6 6 9.4 173 
«b 2.4 * 152 
35 JO 4.9 166 

7.6 # 


26 20 CaTnderiGJB IQp— 23 132 1 ZS B.7 . 

48 40 CarrUohui 43 tdWJ.91 7.1 3-2) ‘ 4 

58 40 Canon 50 3.58 11 10.9 0-^ 

82 68% CHEMlRoadriooe 80 +1 h2.96 35 5.6t7.7; 

38 28 Comben Gp. IDp- 2ad 170 b 4> 

300 236 Costain R 274 +2 3.46 12.4 1.9 il 

41 31 Countryside5p_ 40 +% til-19 1.5 43®— 


62 Conley Bldg — 1 63 


4J3 OJ 9.^iO» 


80 Crouch'HuOOpL. 91 +1 3.94 3 3 6.W,7.1 


65 Crouch Group _ 70 
84 Douglas Kobl.&L 94 


.74 2JS 5.910.1 
Q1 5.4 5.0 ct 


220 200 D-wningGHaOp 215 fM38 5 4 73 

72 53 EronatOp 66 ...... 0.96 21 9.4) «i/ 

97 69 EUis&Everard- 81 -1 5.03 1.2 1 

90 68 Erith 90 5.49 1 5 - 

26 14 FJ".A Const h — 15 _.... 03 38 5 0 

79 60 FaircloughCons. 69 249 3 « d 3 

26 19 Fteb. IntL lOtp — 24 dl76 18 11.1 

25 19 Do.'A'IOp 22 t£L76 18 121 


34 [Fed. Land ABM. I 41 


35 21 FtnlanUotmliOp— 

16 11% Francis Pkr.lOp. 

47 41 FrannsiGRjiOp.. 

35 26 FrenchMer 


41 |d334j 16I13JI 7 


32% +1 175 


66% 52% GallilonlBr.Sp... 55 |-% 1 3.07 


3 2 8 2 5.r 
2.8 83 t - 
23 9.5 


30 25 GibbsirdyAlOp 29 182 23 9.5 

49 39% GleesondU 'lOp. 39»’ -% |l-8< 7.1 61 19 

63 48 dosjop W.AJ — 62 -t 3.7b 23 9.6 6.2 17 

B6 74 G'gh Cooper 20p. 74 -1 5.28 14 10310.2 W 

37 30 R AT. Grp. 10p— » -% r!95 3.1 9.0 4 3 284 

36 21 Helical Bar 32 jlOa 12 i 13.« jr. 

79 59 Hendsn.'.VJOp, _78 4.3b_ 3.^ 83 4.2 

61 6 
2.9 4 8 
03 - 


210 13B Hee4er»niJ.W.i_ 205ad y|2. * 61 J 

68 49 HendeuSLWp.. 67 12? 7.6 2.9 4 

£310 £220 Do. "wC-Gci — £310 _.... tKl fZJ - 

122 64 HerwaWm. 50p_ US 64.50 19 6412.7 

92 72 Higgs & Hill 76 -.. . 3.4? 58 69 3.8 39 

78 £6 Hoveringham — 76 108 4.1 4.1 9.0 130 

73 55 Do.Rcs.Vtg. — 69 208 , 41 46 82 98 

33 22 Howard Shut lOp 24 . — tins 3.B 9.9 4J 34 


112 ...._ d8.93 0.7 


118 104 LD.C3IP U2 ...._ d8.93 0. 

378 125 IbsockJolmsen- 166 !+l 614 3. 


136 108 InL Timber 323 -1 7.04 4 9.0 

75 51 J.B. Holdings 5p_ 72 -% 1.06 118 2.2 

30 22 JCsEG 26 ...... 1151 19 1 

197 162 Jarvis |J.) 177 ...... t8.n0 25 7.4 

123 90 Jennings SAD 50- 107 -3 t£20c — t 

,134 .79 Johusoa-RIttank- 92 6163 b6.9 27 

17 12 Joces EdwdlOp. 14 0. c 2 IB 10.0 

45 32 EiroliU.Pj]Dp_ 32 72.06 18 9.8 

£35 £18% Lafarge SAROO £34 3 5 5.9 

178 121 Laingflohni-A’. 173 5.12 6.8 2.7 

125 110 LaLbamiJjO 123 th6.72 2.6 9.0 

204 88 Lawrence (ff.> — 88 6.5 5.81V 

86 70 Leech (Wm.i£flp_ SB fl 6.00 6 112 

75 57 Leyland paint — 72% +1% 2.70 3.7 7.7 

79 61 Lilley FJ.C 68 15 43 5.6 

76*2 61 London Brick — 67 -% 3.2.’ 3.7 7.3 

90 74 LpvcII'V.J 84 .... 3.69 3.9 7.0 

59 38 McNeill Group _ 95 - — — 


PBF* 


67 -% 3.23 


3.69 3.91 7.0jl< 


204 170 Maenol fcSlhn*.. 1178 


53% 42% 


Magnet At 
Mjlliown- 


Dcnnyl 48 


1D5 84 JlandemHUgl.. 88 +2 2.54 3J 4.4 11.2 

325 224 Marcfawiel 292 43.4 12.7 1.8 68 

93 73 Harley 75rt d2i9 3^5.0(631 

101 88 MarehaUs'HIxi- 98 _.... t<15.24 23 21 67 150 

81 60 May & Hassell—. 64 12.7 B 48 66 « uo 

31 18 Mean Bros. 19 -1 L73 0.4 142 [HJi 133 

48 38 Melville D. & W .. 40 +1 2.70 20102 7.5 26 

87 73 Merer (Men l L-. 81 .... t«.18 35 7.8 4.7 21 

•113 65 MUbure. 1W -5 4 30 * 75 * 160 


14 9 teller 1 Siam Mp. 11 

68 52 Miawacreie — 63 

39 37 Mod Engineers 37 

103 79 UonkiAi 94 

140 108 Uowlen-Ji 109 ’1 

185 138 Newarthil]£l__ 149 . . 


th315 3.6 51 
b.5 3.51 9.0 

ri4 84 7.W 4.9 


<t 75 160 

12 10 3 11.7 515 
15 7.710^1500 
17110 


98 79 Norms HoM-. 96*0 -1 4 5E *7^* 

280 210 NotLBnckWp- 280 . .. . til 55 3.4 6. 

57% 40 OrmeDevs I'Jp- 40 -1 t!62 0.9 9....... 

U3 98 Parker Timber.. 98 5.44 35 8.4 52 

1 175 138 Phoenix Timber . 155 .. t;..88 132 3.B 2_1 

147 82 Pochms 133 -2 61 52 53 5.7 

139 107 R.MC 116 5 77 2.9 7.5 6.6 

148 116 Red land 130 -2 T3.81 3.4 4.4 a9 

86 70 R'cfa'ds. Wail lOp 78 d4 5 22 8.B <61 

100 94 Roberts AdlartL. 96 4."2 2.7 6.8 8 

112 80 Rohan Group 86 2S 3.2 3-612. 

110 80 Koudioson WpA. 90 dZ43 4 42 

I 41 29% HWco Group 31 -% 150 23 7.3 

40 30 Ruberwd. 36 -1 2.:* L5 9.9 


FINANCIAL TIMES 


BRACKEN HOUSE, 19, CANNON STREET, LONDON EC4P 4BY 
Telex: Editorial 886341/2, 883897. Adverttsements: 885933. Telegrams: Finantiino, London PS4. 

Telephone: 61-248 8869. 

For Share Index and Business News Summary in London, Bir mingh a m , 

Liverpool and Manchester, Tel: 246 8926 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amsterdam: P.O. Box 12M, Amsterdam-C. 

Telex 12171 Tel: 240 ftSS 
Birmingham: Georae House. Georce Road. 

Tele* 338650 Tel: 021-354 0B22 
Bonn: Press ha US 11/104 Heu^sallee 2-10. 

Telex BSSXM Tel. 210039 
Brussels: 38 Rue DucaJe. 

Telex 23283 Tel. 51^9007 

Cairo: P.O. Box 2040. 

Tel: 938510 

Dublin: 8 Fitiwilliam Square. 

Telex 5414 Tel: 7B5321 
Edinburgh: 37 George StreeL 
Telex: 72484 Tel: 001-326 4120 
Frankfurt: Im SachsenJager 13. 

Telex; 416363 Tel: 555730 
Johannesburg: P.O. Box 2128 
Telex 843257 Tel: 838-7545 
Lisbon: Praca da Alcgria 58-ID. Lisbon X 
Telex 12533 Tel: 302 308 
Madrid: Eg pro need a 32 . Madrid 3. 

Tel: 441 ST72 

advertisement offices 

Birminsliaro Oeorpe House. iTeorge Hood. 

Telex 33B850 Tel: 02MS4 M22 
Edinburgh- 3" C.corge Sttyet 
Telex 72484 Tel: 031-22B 41.T9 
Frankfurt lm Sachsenlager 13. 

Telex 16263 Tel- 554A67 
r^js- Permanent House, The KcadroW. 
Tel: 0532 4549^* 

SUBSCRIPTIONS 


B9 66 Rugby P. Cement 75 M3.? 2.5 7.9 

162 135 91B Group 156 -1 5 25 33 51 

37% 31% Ssbah Timber 10p. 35l 2 Lb3 4.8 7 0 

43 30% Sharpe 4 Fisher. 02 hl.89 22 b.8 

55 40 SmartiJ.-lOp — Old . — tdZOO 4.6 7.4 

9 6 Southern Coo. 5p 6% — — — — 

38 27 Streeters IQp 29 L69 -3.4 9.1 

162 124 Tarmac 50p 150 80 22 9.9 

412 330 Tavlor Woodrow. 362 -2 7.60 53 32 

297 233 Tilbury Cl* El._ 283 +1 26.04 2310.7 

144 130 Travis L Arnold.. 131 +1 d3.Sl 62 4.4 

280 225 TuonelB.Vjp 260 -2 10.97 + 6.6 

77% b5 LB11 Group 65%xd 4.50 11 9.913. 

31 24 V«us Slone Mp. 31 +1 tl 25 7.4 8 

177 155 Vibroplant 172 rdusi L8 8410 

39 33 Hard ffl.fcs.IOp. 33 d264 18 12.M1, 


Mnnchexter Queen's Woute. Queen Street. 

Telex 6S6813 Tel no I -834 S381 
Moscow Sadcn-e-Samotcchnaya 12-24. Apt. 15. 

Tele* 7900 Tel: 294 3748 
New York- 75 Rockefeller Plaza. N.Y. 10019. 

Telex 66330 Tel- i212t 541 4«5 
Pam: 36 Rue du Sender. 75002. 

Telex 220044 Tel: 23657.43 
Rio de Janeiro: Avenlda Pros. Vargas 41B-1Q. 

. Tel: 253 4848 
Rome: Via della Merced* 55. 

Telex 61082 TeL 678 3314 

Slockholm: uo Si-etuka Dapbladet, Raolambcvagen ' 
Tele* 17603 Tel: 50 00 88 
Tehran: P.O. Box 11-1879. 

Telex 212634 Tel: 683898 
Tokyo. Bth Floor. Nihon Keizai Shimbun 
Building. 1 »-5 Otenuchi. Chiyoda-ku. 

Telex J 27 HH Tel: 241 2920 
TVashington: 2nd Floor. 1325 E. Street, 

N.W.. Washington DC. 20004 
Telex 440225 Tel: r3EV 347 8578 


Manchester Queen's House. Queen Street 
Telex 666813 Twl. Otfl-834 9381 
New York- 75 Rockefeller Pla?a. N.Y'. 10019 
Telex 423025 Tel: i2121 489 KHH 
Paris 36 Rue du Scntier. 75002. 

Telex i»:H4 Tel: 23686.01 
Tokyo- Kasaham Building, 1-8-10 I'chikanda, 
I'hiyodu-lm. Telex J 1TT104 Tel: 295. 4050 


53 35 vVamncJon 

116 95 iVatis Blake . 

40 30 Westbnck Proi* 


110 hL80 31 


98 56 VYi-Kura Bro; . . C8nJ]+3 *2.071 0.7 3.394. 
46 40 vroailinjiSap - 42 2 57 3.ffl "3 5. 


20 V,hiiBhmli?P~ 30 hi 1099 


21 22 w-caav O-n. IfT 24 

1« 99 w-isiin-rmwolli i 136 . ... I iiz.50 llfi.ll Z8j 5. 

84 63 Wlmpcjifiwi 75 D.b8 15Jp 1.4| 7- 


tl 55 r 22\ m l 


CHEMICALS, PLASTICS 


m % mo AKzn m _ -I- - 

178 86 AibriEhtftlison- 176 -2 44 61 3.3 4.0 9.9 

295 253 Alginate Inch, _ 265 113.96 U IB '* 

97 84 Alula Pack lOp— 86*0 6 32 * 111 

90 61 AJl dCelloidlDp 77ij -% MhL54 « 3.01 

79 60 AachnrCItea. .. 69 +1 d4.16 2.4 9.1 

£57 £40% Barer AG DM50. £55j -1 cQJ7t t L4 2“’ 

246 122 EUedraK03»es. 228 12.0 1? 8- 

■191134 RrentChemJlOp 187 -2 113.12 6.0 23 3f£ 

25 19 BnL Benzol lup. 20 +1 H2 55 t 3.0 

*59% 45 RriLTarPni.l(lp 56«r -% tZ.08 * 5.8 * 

14 j 4 10% Burreil &p H 0.92 0.9 12.7 (Mfl< 

41 27 i.-.riM.<rapellOp.. 31«tf -1 0.92 * 4.5 O 

49 44 rjishn 45 ..... 286 L9 9.6 8.4 

£95 £89 -jhafi'syTVoLB £91i 2 Q7% 4 f8-? — 

£99 £90 hiOVniBl !H £90 08% * f?.l - 

£98% £91 DtfKiVftnrKS £92 +1 08%% t W 7 

79 64 i.'cBliiu '. iiem . 65u! .. '78 4 6.a J 

75 59 Cnai&Bnfe & ...2 32 38 52 7.7 

74 57 r>o A N‘V — 67 2.32 3 8 5j J 6 

2 ? 39% i.'nnirtorare-np 23 .... 0 67 5 3 4.4 b.l 

601, I'rurialDi mo.. 46% .219 31 7-1 5-9 


w-te teKte?" MJLr 1 m 


79 64 i.'cahiv <. iiem . 65u! . 

75 59 Cnate* Bro» 68 . 

74 57 Do A XV — 67 .. 

23 39% i.'nntrtorare-np 23 . 

60% 43% Crudaln! |Op. . 46% 

’31% lb I'ryilaL-ilcip . . 27 - 

57 46 Knalun Plastici- 46>d . 

44 J6 Farm F««l 38a) . 

394 325 F;cr,ns£! ... 360 T 


65 u! .. 2 78 6-a ?_ 

63 ... 2 32 38 52 7.7 

67 2.32 3 8 5j JJ 

23 .... 0 67 S3 4.4 6.1 

461 2 .219 31 7.1 5.6 

27 -% .0 66 6.2 3.7 82 

46>d . . 4.51 1-0 14 B 11 0 

38ai ... 0 66 *.??$- 

360 -r2 12.85 3-0 5.4 7.2 


24>a [ 13k H'jldead 1 Udp" 22 - 1 * I 'O 52 3 7.' 2.2 '133; 


iCKlritUiNo ^ . . , aT 15b HbTEM^ •• ^ 2? « 

Conies, obtainable from newcasents and hnukrially wnrlriwide nr r»n recular subscription from 5id Hoi«fh«fiMi 493 [-2 i}lb 4 i * 4 2 v 

Suliscnpiion Departmem. t'munciai. Times. London £125 £U?i L*, r aii'jVii.3s4j.- £lZ2j-l qIONi — f8.2J — 














































































































I’lnaacdal Times Saturday June 24 1978 
INDUSTRIALS-— Continued INSURANCE 


J °0J>\ LF «^P ;i 


PROPERTY— Continued 


a “ ek I 1-1 St Icrrlcrtl PfE | «*"*■» ! 

» I r-_l — 



Sto* Priee | -"} Set |c\r GFs| P[ e| IHtfTlrw Stork | Price *-* M Ctr LF<| P/E J ffi^Low Stock Price Nrt 


INV. TRUSTS-Continued FINANCE, LAND— Continued 



ImTLinva„ 


19 I 99. 

». 138 

56- t <&t 

•**0 



57 

a 

91 
173 
57 
rn*A 

99 
. 70 

ideBbLIOpI 135 

U>, 

to 


IS 



■...1310 1-5 11-1 fi 1 



: 1 1 ■ rrl n anrTulH Jl 


■fCiriial (top I 74 

rift'A- r I 60 

Rush It TomnUibl 114 
79 
102 
34 
113 

£161>d 
238 
204 

if 
12 
107 
18 
248 
127 
275 
15 




54rfl.:..|132 

115 1-2 Ult222 
46 1 I >« 
77 
303 
110 
m 

295 
140 

* 


I n* M ffi IcbISIw I a* ■ I W* M S |ci,P w 

S U IS |iSSiSM S \-l oJ.|rJr. K - 

£43 

1160 


'ardirul II 
'idiot In-. 


ilaDllc In'-- -l 


Hyiiuni !nc 


ClwhsM..!'? .n; 



LUe Shipping 


49i 
90 
931 
161 
51 
361 
57 
132 

4 Cnnnncl. . I 144 
Corculdla 1 80 



10.4 53 
5.0 39.7 


■h am 9 

2 5.58 3. 

U 1.49 3. 

0.40 9 

mo i 

tl.43 7, 

HP 

L45 

lfii 

w 

ts .00 

430 


10 ?4 (Nelson David 5 

13*41 .4 Pennine Jttr.M 
107 77 PenylttlMBS. 

48*> 26 




aMire william. 


Home Counties. 


HOES AN 

AUtbone \0p-i ._ 

BaofMnfnTi 

Footwear lift? 

93 ilamar Soolblair 
29 H«d lam. SinwSp. 44 

64 Hiliotts^Op 89 

K Shots- 66 

Lambert Hlh.30o 41 
NKboldi Barts. 50 

Oliver iGr.V 46 

PittardGrp.. . . 55 
Stead fcSim'A' 38 
Strong &Fii her. 57 
Stylo Show 60 
Turner WiElbp- 30* 

Ward While 74* 

WeamlOp 25* 

SOUTH - 

AbercomRWO.. 

Anglo Am. In. R1 
.VngTr'slrd.SJc 

EdworksUV; 

Gold Flris P 2!< 
Grunt* A’Sflc . 
RulrtfsCpn R1„ 
OKBa&mi'SQi.- . 
in arose KMj - 
Her Tnastu \v5te 
SA Brews 20c _ 

Uper I'otsHl — 


A Hied Textile.... 
Atkins Fit's . .. 
B**les(Jt20p . 
fteckman A. tup. 
Blaekmwd Mart. 
Bond & Fab. Hip 
ErigW detail — 
Kripayilni5p_ 
BriL Stibium. — 
Bnt Motor _ 
ftnlmer L'mb Sip. 
CajJiDundeei . 


20 8 2 !7.oi 
34 31 9 37 
2.4 ID 4 6 2 

4.1 73 44 
123 179 4: 3.5 
4.90 1 2J 8 3 7 9 

50 52 46 
25 117 5.3 
3 0 8.5 5.9 
27 62 9.1 
42 76 4.7 

1.6 7.6128 
2.4 11 5 5.7 
32 4.5 10J 
38 58 69 

8.1 8.1 38 

2.6 7.8 75 


17 i 35 
Z4 6.7 6 J 
9 9.8 4> 

19 3.0115 
12 6.0132 

PiJ V 

0.6 7 j 2^5 £ 

4 01115 2.4 
9 9.1 9 g 

* 53 * m 

12 9.1 95 


47 

re in. Inc. lOp j 45^ 


done Id ;dp 



3J28 • 7. 

135 61 4. 

14.92 17 7. 
258 2.4 5. 

?25 105 3. 
*25 10.8 3. 
f3.5 6 4 3. 

935 6.4 3. 

d2.40 7.7 3. 
t5.08 3.9 4.3 
d4.01 51, f 
3.27 18 11. 

dL2 



a4l»-iS5u!'S. 1 


SFhliiiGiLtfJ: & 


I'auaiomStr J.'. 



76 

F-nlas Holdings- 1 U0- 

45d 

«- 


$■ 

M 

39 
131 

£804, ... 
37 31 

135 99 

134 98 

74 55 

35 27 

37*2 25 
110 85 

89 79 

13 10>z 

55 45 

64 53 

56 40 

34 27 

32 26 

40 28 

53 42 

63 38 

21 15 



42.0 
d3.4 

2lSB 

2.40 

_.. 141 
12.4 
7.34 
4.94 
♦3.2 


Bertel*} ibowo 
R ilton iPort-' , — 



Fairr.ewErts.JhP 


Carpels 1 iU.50el. 52 
CarTgln Viyelb.. 37 

Cawtra-^lnd - 30 

Coots Patera. — 71>a 

CVmh — - 32 

Cmirtaulds... ... 116 

. Do. 7% Deb 827 £74 

31 CrowtberU.1 Md 

99 OnnwInU. 123 

98 Do. 'A' 122 

55 Dixoni'Dacidl — 68 

27 Early IC.itM.lPp 27 

25 Foster John) — 32 

85 102 

79 Hiauiig P*Et. 50p. 85 
10i z HteJdBros.5p— 11 

45 Kifi hams — 48 c' 

53 Hollas Grp ap — 58 

40 Hnnrfray 40 

27 nrgw>rtHM.30p 29 

26 Do ‘A’aip- 28 

28 Ingram (Hi lup^ 37 

42 Jerome rHlilss. 1 . 50 

38 Leeds Dverx __ 63 

15 Lagh Mills 18*2 

Leiex5p .._ llij 

Lister.-.. .. 46 

W K tS <2ip.__ 62 
Llac1a>'Huith . . 44 

SiackinnojiJxiit-? 35^ 

Martini A i2Dp.. 94 
SfllleriFilOp — 44 
Monttan. .. . 61 

Noftp iUjnfg 119 

NovaJenA-SOp. 
parkiand .V . .. 

Pickle* 'W. 1 2c Co 14*2 
Po -.V.\Tjpp„ 10 
RK.T.10O. 92nl 

FLadlep Fasnions 50 
69 ReediWmi .... 85 xJ 

36 FelianceSmiSip 42 
19 RichardslOp — 19 

48 S.E£.TMp 59 

Scotl Robertson. 45 
SekerylnL 10p .. 28 
Soar Carpet* lup. 33 
StaJohSpincers. 28 
SidlawlndsJOp.. 90«l 

Sirdar 67 

Small icTidmas . 30 
to \ iwopa L1200- 68 
r«,Pric-.U3fO_ 42i ; 

Spenrer(Ciea) — 45 

Stoddard -.V — 27 

Stroud Rile; Dr’d _ 32 
TemConsulae- 54 
TfeKtrdJrsy. I0p. 23 
Ttunkuisons-. — 56 

Tooial 47 

rorayYSO 56 

Traffmd Carpels 28 
Them iUe 10p. — 62 

VUa-Tei20p 41 

34 Vorts Finew.20p. 43 
31 (Yousbal 35 

TOBACCOS 

346 267 EuVniids 322 1+2 J 13.01 1 J3.4I 6.11 5.5 

296 227 PoDrfd. 276 l-*-2 I - I— 1-1 48 

360 330 [lunhilbA-lOv 3 55 
81 71 1; fmpcral . _ 76 

57lj 45'; RoUureniPlIlTp . 54' 

66 55 S;e3i3WBUii.:up- 60 

TRUSTS, FINANCE, LAND 

Investment Trusts 

52 ( 49 Aberdeen I/n v . 

141 [118 .Aberdeen Trust. 136 

ill l 95'j Aila ini 307 

Alliance Im 95 

.Alliance Trnrt. . 224 
Alt ii and lac. SOp. 116 
Da Capital 50p_ 182 
Ambiwelnc.Iac.- 53*;«d 

Da Cap. 58 

American Trust.. 44 
American Ttt'F 431; 

Anglo .Am Secs.. 102 
Ando- Ini. tn... 43 

Ik.’ .ASH-'I tJix — 130 
Anidu-Srnt lm 42 
.Aid)in»d« Jnr 67 
Datlip Alip - 35 

.Aniii lm iS-ili 146 
.Wldcanlin ... 122 
A* Ionia Kali 10p 64 

AilmS ti-AiseU . 93 

Atlas aen. ... S7ij 
Ansi iStlnujOpi. 97 
Bankers' Im 56 
HtnyTnw 64 
B-rnep-ial-lM' .7ii 
Ki*hiHisi.auT»t 168 
Eurdi.r .V Mil- :i-r 
BrjullFui«1t'i5l ' 

Brarilln* ' rSl — ! 

RtoiurT‘1 .... 

Bnt Am i- t#n - 
KritidiA-jeti. . 
fcm Fjap Fi’.* : -t' 

S8 Bnt Ind Aoen... 1 00 

,U0 Bni lire*! .. 166 . 

]\ 9 llii [122 Urujdali’iKiiipi 147 1 1 5.15 1 W| 5.3128.9 _ . 


1 .-/^v • ... * • 

Chestertons 


MINES— Continued 
CENTRAL AFRICAN 


61 
Z26 
£64 £55 
186 130 
294 194 
161 120 
190 86 

ICO 
77 


245 

- - I 72 
6.9 * 1 138 

- 55.3 LS 
74105 U20 

1 39 






COPPER 

100 1 70 [Messina Rtl 50 | 92 |+2 |1Q30c| 

MISCELLANEOUS 

37 9 Burnw Mines J7d>. 14 — 

300 220 i.'ans. March. Itlc.... 245 -5 1Q30c 

465 245 NanhisiieCSl „ . 395 • +5 — 

234 164 R.T 7. 221 +2 95 

90 30 Sabina Inds i?51 _ 62+4 — 

£12 750 Turafiptn 51 £20% ~h — 

-45 43 Tebidvl^aerablO?. 43 133 

180 120 Yukon Cans. C$L_. 180 Q7c 


UVD SISALS 


1+ art Drr. Vld 
I ~ 1 Nrt £>r Gris 


Highlands .M50c 


98 -1 
93 -1 

16 

50*;- 

260 

43 +1 

38 

10 ..._ 
272x1 +4 
98 .. .. 
114 +1 

70 

51 >2 -1 
153 

S B +1 
Pa 

a ,j i 


275 9 4.4 

35 15 5.7 

27 To ?J 

S28 1.0 1 6 

hUB 1.2 4.8 
hQ30 12120 
0.55 ♦ 8.3 

15.0 qL6 8.4 
♦14.0 - 6 2 
Q20Bc - 39 
W12IJC 15 39 
IQllic 03 4.9 
♦40 9 4.1 

J20c 19 4.4 
h0.43 3.1 14 


-i I 15.67 
-2 11.79 

2 


JAS 

Bangladesh 

240 *5 49.51 591 6.0 

305 hl5.Z5 4.9 8.1 

122 -1 7.D 3.7 8.7 

28 41.98 L6 10.7 

340 flZOO 35 53 

360 41000 66 42 

230 -3 U35 Z1 8.9 

375 ..... 15.08 4.9 6.1 

26 4F172 3.210.4 

249 +2 14.67 9 93 

170 -1- 9.0 4.7 HO 

Lanka 

175 | — J 55 I 15| 4.8, 


6 00 J J 50.0 J 9 (22.6 

185 I j 13.0 ( <p [lO.b 

NES 

iL RAND 

219-4 — I — — 

284 +8 — I — — 

£35 +J d H»5Qc 2.5 6.1 
114 TQ13c| a7| 7.0 

!NRAND 

75 -1 1025c 1519.9 

271; tO20c 12 _ 

369 N25r - 4.0 

312 tt}19r 18 30.1 

345 1Q34c 1.8 5.9 

C5 -1 Pile 12 4.0 
105 -2 IQto? 1.0 262 


55 +1 025c 0.4J27.2 
682 +4 «J86c 1.7 7.5 
54-1 - - - 


NOTES 

Ifa/rss oitrnr-M? inticsUML prices tad net dfvMeads *n la 
pc err and ercmoiuiimB are Up. EiSimted prieefearafaig> 
mite aod cover* ar» InMd 00 lamt aaaiii reports udaccacrola 
and. where peaUe. are apdalrd 00 hall -yearly flpoMa. PIE* are 
calculated on the buis or dm diaUibnltwi: hractorted fipores' 
laditBtf 10 per crnl. or mere dUTmamr V calcnbWed n “nil" 
dii^ibotittn. rovers are based an " m a xi mu m " dSatribOUm. 
Yields are based on middle prices, are crass, adjusted to ACT of 
3i per cenL. amt altow lor value ot declared distritmtimn, and 
nphU- See un lies wuh dnuuninaUmn <Mber than staciiac in 
quoted Inclusive o< Uie lnwnuaeni dallnr pcendnm. 

4 Sterlinc dcnominalad securities which include inveatmwd: 
collar premium. 

* -Top” sioek. 

- Hi/jiiy and Lows marked thus have been adjusted to allow 
tor np.hte isrues twr cash, 
t Interim since incrcawd or resumed, 
r Inionm since reduced, passed or defarrwJ. 
ft Tav-lne 10 non-re+ldenla on application. 

4 Figure* or report awaited, 
rt I'nlisted accuntj-. 

* Price at time of suspension. 

1 indicated dividend alter pendimr scrip and/or rights issue* 
cover relales to previous dividend w loracask 
•* Free nf SLurap Holy. 

* Mercer bid or reor^anisaiuiu in progrras. 
a Noi eomr-arable. 

* S*nv? interim- reduced final and/or reduced cerulnca 
indicated. 

J Force o it dividend; cover on earnings updated by latest' 
interim uaumeni. 

J Cover allows tor ronvervlim of shares not now ranking foe 
dividends or ratilnoe only for restricted dividend. 

1* Cover does not allow for shares which may al«o rank for 
dividend ai a future dote. No P/E ratio usually provided. 
9 Exrlu-Unc a final dividend declaration. 

-> He “loon i price. 

,1 No par value. 

1 To* Ire*, b Figures based on prospectus or other official 
KJimaie. e Cents, d Dividend rale paid or payable on part 
of capital: cover bast'd on dividend on full capital, 
c Redemption j leld. I Flat yield g Aummed dividend and 
yield, h Assumed dividend and yield after scrip issue, 
j payment from caplul sources, k Kenya, in Interim higher 
Hum previous tutoj. n Rights issue pending q Earnings 
based -in preliminary ligures. r Australian rurrency. 
f Dividend ard yield evcluoe u npecfaf payment. I fndiuaietf 
div-tdeod- cover relates to previous dividend. F(E ratio hased 
on latest annual cnrninie* u Fort-caul dividend, rtwer based 
•in previous yejr’s carnmlW. 1 Tax free up to 30p in the £. 
w Yield allows tor currency clause y I>ii1dend and yield 
Ivased on merocr ler ms. r Dividend and yield include a 
stwrial payment: Over does not apply In special payment. 
A Net dividend ond yield. B Prclcience dividend passed or 
delcrred. C Canadian II Cover and P/E niLiocxrlude profit* 
of l_‘ h .vjrospacc sub-iriiariev. E 1-wuo price F Dividend 
.md yield bunt on prospectus or other erticial ostimaUss for 
I9T7-T& C Assumed dividend and yield after pending scrip 
ar.d’or nchlr. issue. II Dividend and yield hased on 
proypi'cnis or other official estimate-: for 197^77. K Figure* 
ba-ed 011 prospectus or other official estimates for 1978. 
lit Dividend and )k-ld b.v-e.1 n n pro.-.pecius or otiicr official 
etlRutvs foe 1978 N Dividend and yield h^.ved On pranwrtu 
or other oil 1 rial Cslimalev (or 1979. t* Dlvliicnd ana yield 
ha^ed on prospecUu- or other oflivlal estimates for 1B77. 

If i.iraso T Figure* suuni'd l 1 No significant Corporation 
T«< pavut.H' Z Dividend Inal to date, fi Yield based On 
assumption rreasuiy Bill Rale tXays uncbanKed untli maturity 
of at».-k 

Ahhrcv i at ions. W ox dlv Idend; k ex srrl p issue; a- ex rl Rhto; n ex 
all. d ex capital dislriliution. 

** Recent Issues " and “ Rights ” Page 22 


ST RAND 

333 I [Qp3c I 

£10*2 Ql70c 


333 ...... 

£ 10*2 

80 

312 -*4 
746 +8 

203 

110 +1 
£14 -J« 
527 ...... 

568 

487 

260 +13 

£14»< -*« 
231 +4 
£22 -to 
167 -1 
822 

235 +4 


This service is available to every Company dealt In On 
Stock Exchanges ihroagboal the United Kingdom for a 
4 [124 lee of £400 per annum for each security 
* 95 


REGIONAL MARKETS 

The following is a selection of London quotations of shares 
previously lifted only in regional markets. Prices of Irish 
itoues. most of which nre not officially listed to London, 
are os quoted oo Uie Irish exchange . , „ 

. ™_i _ 1 1 Sheft Rcfnhmt.l 52. I I 

Sind oil iWmi..-[ 100 J. — I 


O.F.S. 


KJ> SaainlaasRl 

Ltoi- 

hvv 

Pres. 

<4. He 

t'm*e 

Weikn 

W.Hol 

*81. — 

brand V* 

MtinfOc — 
enaRl 



ni.iflr. 

dmgs SOt- — 


80 

£16 +>* 
83 ... . 
357 . .. 

97 +1 


872 +10 tQU5c 
172 -2 - 

268, . tQ35c 
£18*4 +‘t rtSaOc 


Albany Inv.20p 23 .... 

.Ash Spinning.. 45 ... 

Bc-rtam 22 

Edg wtr EsL 5f^i 267 -3 
nmer Cmll 26 

f'-rn-gA Unset 1 445<d .. 

I ■ won 1 R. A 1 A 37 
Elli.'&McJIdy.. 61 .... 

F.verad 1» 

Fife Forge 50 

Finlay Pkj; Sp.. 24 .. . 

ilr.ilv.' Ship £1. 154 

ID j -"n-. Hrvw .. 7B 
1 ■ ■ M Sim £1 ... 150 ... 

n..ll‘J'»r • - JSp 263 
N rhn iloldsmilh 55 
[t'rnriC.H i„ 165 

p.-rt Mill 20 ... . 

She! fi*?M Ericl: 45 


Cnnv. 9“. WJ/82. OOh 

Allianeetlas. 73 

Amort 340x1 

Carroll 1 PJ.i %id +4 

Clundalkin. 94 -1 

1 ont relc }Ti«fs . 130 

Hl-iLoii 1 lllditb .1 44 

Ins torji 148 

fnih Ropes. — UO 

Jacoh 65 

Sunfcdm 30 

TMti ._... 170 

U Did are 90 


FINANCE 


PSnaiice, Land, etc 


-J532 J.AlTtKdSnitfMrsi 222 
IJMICTSL 10p 
iifipritylHr.ap 


ls^RsasKr. 

103 l-.^altan^irrpsi 
56 !i 'ii.nerhuo.se ilp 
t-i'i' ••’iSiH'nSM.I ]n 

”1 [;-.dv-iv£i. 

" ' Vvli.iTlu 

,i»i)iHUr-ll 
Inal 

ntiup 

ir.-lioibe 
(..l-.'vklfft, 

" r.''.-jni..i 

ip 

*• I«uJ H'p 

. i‘. 1 !unal^,_j 13 


3*0 
E17 
800 
150 
204 
25 
£17 
£13 
£14 
195 
34 
1% 

4.7113.7! 2.41122 
£U 


585 

328 -2 

£17 

780 ...... 

139x1 ...» 
172 -2 

171 2 

£371; -t, I 

£13ij 

£13-4 -i B , 

192 

3* +1 

194 

115 +1 

£11*4 .... 

54 

410 

219 ...... 

45 ... 

£14*4 -*4 
234 .... 

280 -2 
62 


34 6 1 1 
♦ 6.8 
11 6.0 
* 92 
qL4 9.0 
2.6 8.0 
13 9.1 

21 7.7 
12 49 

22 7 4 


OPTIONS 

3-moisth Call Rates 

Industrials TCf.. 20 Tube Invest. ._] 30 I 

A. Brew 6tj ''Iiubs" 6 Unilever M 

A-P.yemcnt .. ltf ICu. — - 20 Wd LpraperyJ 7»; 

BSR. 9 InveresK. ....... 8 Vickers. j IS 

Bnhc.Tk 11 KCA 3 Woolwortha_J 5 ] 

Euircl.ivs Bank. 25 Lodhroke 17 ^ 

Bcecfiam 35 U-Ral&Ccn... 14 Property 

ItoOts Dnig 15 I^x Setvicc 7 BrlUUmd 1 3A.I 

Bvaators 16 LloytoBank- 22 Cup. Counties. 4i> 

B. ,\T ... 24 "Lofs 4 __ I 5*1 

Brm.-!i Oxygen 6 London Brick. 5 inU-eurapean ] 4 I 

Braun 1 1 1 20 tonrho. .... 5 i^nd SedT_. J 16 

Jlur-nn A 12 Lucas Intln. — 25 jiEPC J 12 


DIAMOND AND PLATINUM 

£42 T 1 IQ608.- 1.1 8 5 
84 .. |t07 k 10 50 
412 -24 k&Jc 33 76 


'09 £52 |£30 VnjIo Aifthr.Vfc. 
f , 90 64 F' Mp-wlv IT l«c 

,5' 412 285 iK' Lt+r: HI -V. 

192 £11)925 Ik.-KV-rf R1 

83 74 f.a iiiii-nUir-: 

. 9ti 70 [kid Plut. 1IX .. 


in.iv* 

1. 1 + -A'.... 


1‘sriliuOi — 5 Lyons 10 pc^rhev (8 1 

nmruuM* 10 ’ Samuel hops..] 9 

LVbvnhams 8 Mrkx fthjincr 10 Town & C»ty™[ lU ' 

Dl.-Ulcrj 15 Midland Hunk 25 

Uuiih'1* ' '• =-.l • « Oil’s 

Efifl'-M.'f -• U "' 31 I’W ?-ini 22 

pi I 14 Ik,. Warrant 10 fetrolnim. 45 

«v'r ' ••• idi-nf 11 i*J5i"lifd .. .. 8 HiirmuhOil.. ., 5 

I Eleclnc 18 PI»«eJ. f i'S"n l * rt,a,, *“ lo 

40 RUM 5 ?8 


40 RUM 5 Midi...- 

9 fiiin). ‘‘m.-AL. 18 L-llrjtuar. 
20 Kvwl Intnl, . — 12 


i.u.mii.in. I Ifl jSpilleni 1 3 


412 -24 {Om 33 76 

£21-4 tHOft- HO 6 102 

62 7c 2.0 i 

82 W>sl 1.4 i 


as . 

llP'ikrftiH 


22 iT.-si-u.. 4 


HeiDt'-'l i rJior.l 12 ]Tru>l House*. J 15 


'.■|i'4rtcrCons..| 32 I 

c»ns. fluid 1 14 [ 

JfjwT.amc. 1 16 j 


A select mn «( Options traded in given on the 
Loudon Kloi.k K^diun^e Kcfiort pac* 










































































































































































MAN OF THE WEEK 


• J • o 


BY LYNTON McLAIN 




BY ANTONY THORNCROFT 


THERE USED TO BE a rather j 
malicious adage that in the] 
world of tin- Londun salerooms : 
Christie's were gentlemen irking ! 
io be businessmen. while J 
Sotheby's were businessmen j 
while hying io be gentlemen. If] 
anyone c-nuld give the lie lo this 
single handed it is Mr. Peter 
Wilson, i be chairman .if Sotbeby 
Parke Eernet. who this week has I 
been taking up his gavel to j 
dispose of the sale of the; 
century, the von Hirsch i.ollec- f 
imn of wurk-s of an. j 

On Thursday morning alone j 
Peter Wilson, or “FCW” as hei 
is known in Sotheby's, knocked/ 
down 97 jots fur almost £6.4m. 1 
.1 record for any session in the! 
saleroom and t.-quul to trip total | 
from last year's week-long 
Soiheby auction at ilentmore 
Towers. 

Wilson .shines with charm, 
case of mann'.'i*. and gracious- 
ness, the traditional attribute of 
the English gentleman, blit 
hencnlh the surface there must 
lie other qualities. For in his 20 
years as chairman of Sotheby's. 
Wilson has increased turnover | 
from £5ui-plus to approaching 
£150m this season, and through 
the take-over of the major U.S. 
salesroom. Parke Bernet. in 1964 
ensured that Sotheby Parke 
Eernet is the international giant 
of the art world. 


i THE CHIEFTAIN main battle 
tank, which provides firepower 
on NATO's front line, has been 

let do-«n " by a history oF 
faults on its Leyiand engine, 
says a committee pf MPs in a 
repmt vesterday which is also 
highly critical of the Ministry of 
Defences role in the affair over 
the la.U 15 years. 

The lank gun and range- 
finding equipment had a "first- 
cla*s performance.” the defence 
and external affairs sub-commit- 
tee of the Commons Expenditure 

Coin in i lie-? says. This made it all 
the ni'ire unsatisfactory that the 
tank should so often have been 
■* let down by its engine." 

The Chieftain would be well 
over half-way through its 25-year 
active life before it had an 
engine to match its other assets. 

the MPs add. 

The oncine had failed regularly. 
BL. its manufacturer, had taken 
16 years from the award of a 
Defence Ministry design contract 
in 2957 l/> pet the engine to its 
intended power specification of 
700 horsepower. 


Production 


The engine did nnt enler 
operational service until 1966. 
Even then, it could achieve only 

630 horsepower and could not 
use petrol as specified in the 
original multi-fuel contract. 

The British Army of the Rhine 


has 600 Chieftains on the East 
German border. Many are now- 
relegated to an almost stationary 
role? as a result of changes io 
NATO strategy. 

According to tiic report it 

takes the soldier four hours tn 

replace the engine and cnnling 
unit compared with 30 minutes 
for the engine in a West Gorman 
Leopard lank. The Ministry said 
it was not practicable to reduce 
the time without a major re- 
design. 

In 1972. defects appeared on 
Mark 7 versions of the engine. 
These were traced :o fuel injec- 
tion timing and to a change made 
in the exhaust system by Leyiand 
engineers to speed production. 

These problems led to the first 
investigation of the engine by 
the Commons committee, which 
reported initially three years ago. 
In June. 1976. a second report 
said the frequent failures of the 
engine stemmed from faults that 
“went beyond those of normal 
wear and tear.” 

The source or these faults has 
now been identified, and ihe com- 
mittee expresses "guarded 
optimism that the present pro- 
gramme of engine modifications 
appears to be meeting with suc- 
cess." 

The main cause® nf engine 
failure were the cracking of 
cylinder liners, problems with the 
breakage of piston rings and 
failure of the seal between the 


cylinder liner ami the cylinder 
block. 

New designs, Mr. Fred Mulley, 
Defence Secretary, told the com- 
mittee last year, had brought 
about a “ significant increase " in 
the mileage between engine 
failures. j 

Performance figures have been | 
deleted from the report, but the 
new pans have been incorporated 

in all new engines produced since 
April 1977, and in all reworked: 
engines for ihe British Army I 
since August last year. 

Redesigned 

All the Chieftain tanks being 
supplied to Iran would be. 
powered by the Rolls-Tt-'} ce 1.200 
horse power diesel' in a 
redesigned tank body. 

The Ministry had told ihe com- 
mittee it would not be worth- 
while to fit the Rolls-Royce 
engine to Eritish Chiefi'jin tanks 
“ because of ihe requirement for 
a replacement tank i>< be in 
service by the late I9Sft.«." 

This tank is alread:- being 
designed. 

The Chieftain saga - does noi 
reflect well '' on the .Ministry. 
Ihe committee says, "it is diffi- 
cult to feel confident about the' 
future performance of ihe engine ; 
in the light r.f subsequently unful-j 

filled assurances from the 
Ministry of Defence to the Com- 
mittee of Puhlic Accounts in 
June. 1975." I 


to appeal 




BY MARGARET REID 






SY ANDREW TAYLOR 


THE FORMER chairman of the 
Singapore company Haw Par 
Brothers International, who 
had been due to be extradited 
on Monday to that country to 
face five charges won a tem- 
porary reprieve yesterday in 
the High Court. 

Mr. Richard Tariing, 43, once 
a business colleague of Sir. Jim 
Slater, the financier, was given 
leave to apply for a fresh order 
of habeas corpus preventing 
his extradition. 

Lord Widgery, Lord Chief 
Justice, sitting with Mr. Justice 
Talbot and Mr. Justice Watkins, 
said the case would be heard 
in the week beginning July 17. 
The date is expected to be 
July 20. 

At Bow Street yesterday, Mr. 
Patrick Good body, a former 
Slater Walker executive, faced 
extradition proceedings 

brought by Singapore. Mr. 
Goodbody, who had sur- 
rendered to police shortly 
before the hearing, was 
remanded on £30,000 bail, half 
of it on (he surety of his 
mother. Lady Goodbody. 

In the High Conrt, Mr. 
Louis Blom-Coopcr QC, Mr. 
Tariing's counsel, told the 
judges that Sir. Tariing's was 
one or those rare cases in which 
somebody facing extradition 
had a right to make a second 
application for a writ of habeas 
corpus. 

The Lords ruling on April 19 
that Mr. Tariing should not 
he extradited to face charges 
of dishonesty made it possible 
for him to claim that his extra- 
dition on the remaining charges 
— which did not Involve allega- 
tions of dishonesty — was unjust 
or oppressive in view of the 
passage oF time, said Mr. 
Blom-Cooper. 


Peter Wilson 1 bids and deals 




Wilson has always been a 

Sotheby's man through and 
through. He joined the firm in 
1936 when a lack of shorthand 
curtailed a potential career as 
f journalist. By 193$ he was a 
director, and 20 years later 
chairman. He has worked 
through all the major depart- 
ments and bis connoisseurship 
is reckoned to be the equal of 
the top specialists at Sotheby's. 
But combined with the know- 
ledge and experience there is a 
tremendous energy. Colleagues 
tell of being awakened at two 
jn the morning with a Wilson 
idea and then four hours later 
with another. But the sweetness 
oF the intrusion prevents any 
hard feelings. 

Now. at 65. there are no 
thoughts Df retirement and no 
apparent dimming nf activity. 
" f Lhink our success has been 
due to the fact that we have 
gone our and beaten the bushes 
and made London the art centre 
of ihe world. 11 It has been the 
Wilson trips to overseas collec- 
tors lo persuade them that Lon- 
don was the best place to sell 
that has formed the basis of the 
staggering growth: that, plus his 
contacts. 

He was. for example, at school 
with Robert von Hirsch's step- 
son and first met the German 
collector in 1938. Sotheby’s has 
been evaluating his works of art 
for years and it was no surprise 
that it should be selling it now 
on von Hirsch’s death for a sum 
which will probably exceed 

Wilson has very little private 
life. There is a house in the 
south of France but rarely the 
Line to visit it. If he has a hobby 
it is gardening and. of course, 
collecting. He has a wide taste 
with a preference for European 
works of art. His favourite piece 
is a small Romanesque bronze. 
But it is Sotheby's that drives 

him on. visiting every- cranny in 
the chaotic Bond Street head- 
quarters, inriuirins after the 
wives and children of employees, 
taking as many auctions as he 
can find time for. even very 
minor sales. 

There is a determination and 
dnggedness under the charm. 
Peter Wilson has managed to 
make Sotheby's in his own image 
— a centre for aesthetic apprecia- 
tion and gentlemanly collecting, 
but of course, it is really an auc- 
tioneers. making its profits from 

selling works of art for the 

highest possible price. 

Wilson is famous for his quick 
decisions, but many must con- 
cern filthy lucre. He does not shy 
away from the connection. **lf 
works of art Fetched very, very 
little it would suggest that they 
were not of great significance in 
the world. But you cannot deal in 
art unless you have a deep love 
of it and faith in what you are 
doing." 

In Wilson s case bis love of art 
j s equalled by his love of 
Sotheby’s, and it is this obsession 
which has probably prevented a 
more public career. Although 1 
he resards vyn Hirsch as “thei 
most important sale we have ever] 
had, a landmark for Sotheby's 
and’ for art prices.” he is Still 
looking for the next one. 


WESTLAND AIRCRAFT is letters to be sent to ail the Since the group’s warning A statement 
believed to be on the point of manual workers. about increased provisions. West- 
sending dismissal notices to It was understood that these land's share price has fallen The Home Office had given 

2.000 manual workers at its were dismissal notices in which from its high of the year of 52p an assurance that there would 
Yeovil helicopter plant where the workers would be offered to 31! p. Last year, the croup is be no question of extraditing 
attempts to negotiate a new wage their jobs back but under new thought lo have made around a Mr. Tariing pending the hear- 
deal with them have entered a terms. The management has £5m provision against the hell- ing of the fresh application, 
crucial stage. made no secret that it intends to copter contract Nor wonid Mr. Tariing take 

Last week the group announced end the piecework system, which This W ., R ta cover fixed-price “^vantage of the adjournment 
it was forgoing an interim divi- it says has pushed up the wages elements in th* helicopter con- 10 Keek t0 <* oasl1 the extradi- 
dend and warned shareholders bill and caused dissatisfaction tract which was negotiated in liott order on the ground that 
that profits were likely to be among other workers. 1973 and a 'i<s 0 lr , co ,^ r the fac- he had not been extradited 

disappointing in the current year Westland has already given j ton's risin-- wa-e bill I within one month of the Horae 

because of the long standing pay warning that provisions made ' * , • Secretary's warrant 

problems at the hcliconter against its helicopter operations . *1 ?, n -n Mr - I!arT >’ Woolf, counsel 

factory. last year might he substantially for ,,JC Hora * Secretary, sob- 

These have arisen because the increased in the current year. J 1 n ? u!; t 7 that ,hprf ' were no 

company wants to end the piece- This statement has caused j,, 1 !]*. „„Vc in . , vl U ' aild 2™ un, is for granting the 
work system ««f payments which concern among the company’s l J; s . _ JV,:™ T - n 10 1 application, 

apply to fewer than half the institutional shareholders who ine !' ieceworK -«‘ rnin i> s - | Mr. Goodbody, whose extra- 


Mr. Goodbody, whose extra- 


2.000 manual workers. Attempts had believed that the earlier pro- It has been trying for some I dition has been sought since 


to negotiate a new agreement vision made against a Ministry of time to negotiate a new pay late 1976. was named in four 


: broke down this week and yester- Defence helicopter contract agreement to cover all manual charges of conspiracy brought 


day the company v.as preparing would not be repeated. 


workers. 


Dollar weakens against yen 


BY MICHAEL BLANDEN 


I THE DOLLAR renewed its In Japan. Mr. Yusuke Kastai- 
I recent decline yesterday after wagi, the president of the Bank 
[ Thursday's temporary recovery, of Tokyo, one of the leading 
again bitting new low points foreign exchange banks, said the 
against the Japanese yen. dollar could fall below Y200 at 
In spite of further official sup- at some future date. For the 
port in Tokyo and other centres, time being, however, he sug- 
the dollar at one staged dropped gested that it would continue 
Y206.3 in London. It recovered to move in the range Y20Q-Y210. 
slightly -in later dealings to close The further fall io the U.S. 
at Y207.5. down from Y211 on currency followed a week of 
the previous day. sustained pressure, interrupted 


AGAINST 
THE YEN 


! 1 1 1 : i I : 


may recall 
15m tyres 


sustained pressure, interrupted 240 — | — ! i ■ ‘ wp k 
only on Thursday when the . • 1 1 1 ! ' , i 4 

dollar was briefly helped by a 1 1 II M • 1 1 • 

reports of U.S. plans to cut oil non 1 1 1 1 1 ' ! -i- — ?4*J 
imports. ; ! | I i : i I : | | \ ^\ 

Over the week, the dollar has j , : : ' : — rrr -- — r-| 

fallen from Y216. with the Bank "nn ‘ • 1 = ■ 1 ? ' • » ■ ' ■ ' 1 i \ ■ ■ ■ . 

of Japan maintaining a policy ■■ j 

of only limited intervention to 1977 1978 

stabilise the market. 

The Bank was reported to have 

bought about S40m <£22m> Vh • ?u S C ^‘ 

yesterday. a modest amount r *^ ic , !> -. ^ s, - rda J *h*; 
compared with total spot turn- 7- v - f 1 '3 ff „ c ^ Us t0 A & 1 -®* 90 ’ 
over in Tokyo of 8660m. effective index, show- 


200 * ' ' = ' ' * ! ' ' * ' ' 1 r ' 1 ' • • 

fcUU jfKfitJiajONfljfsugj , 

1977 1978 


By John Wyles compared with total spot turn- . tc ' bl.Ww, 

NEW YORK. June 23. over in Tokyo of S660m. ' In?!' ^ I . l J"^ n ,ndex ’ i ii 1 l . 0v ^' «* *— — 

FIRESTONE Tvre and Rubber Earlier in the week Mr. 1 ”S a e«* lQSt ^ International nor wa s I ever a 

mav be ordered by the U.S. Teiichiro Morinaga, the Governor ^*^ t 0 f . 0 ^^. c i* rr vncies. was rcs ident or Singapore. Although 

Government to recall 15m of its of the Bank of Japan, had u DJ => ea W i I a m not a resident of the UK, 

steel-belted "500" radial tyres hinted that there might be more The weighted depreciation of 
because of an alleged basic active intervention if the rate the dollar widened from 6J3 per 
de f ect fell towards Y20O. cent to 6 .S per cent, compared 

The National Highway Traffic The weakness of the dollar has with 5.9 per cent a week earlier. 


hy Singapore against Air. 
Tariing and Mr. Jim Slater, 
former chairman of Slater 
Walker Securities — of which 
Haw Par was an associate— and 
in one other charge against 
Air. Tariing. Mr. Slater was 
cleared by the Chief Metro- 
poiiian Magistrate of all 
charges against him and Mr. 
Tariing appealed successfully 
on nil the five charges brought 
against him in which Mr. 
Goodbody also was named. 

Last nlglit, Mr. Goodbody. 
who lives in Ireland, said in a 
statement through Lovell 
White and King, his solicitors: 
"The charges brought against 
me hy the Singapore Govern- 
ment, in respect of which my 
extradition is now sought, 
relate to a complex series of 
transactions which took place 
be I ween 1972 and 1974 when I 
was a Slater Walker executive 
temporarily seconded to Hong 
Kong. 

“ I am advised that these 

offences were all considered by 
the divisional court and the 
House of Lords in proceedings 
against Mr. Tariing and that 
both courts round in Mr. 
Tariing's favour in respect of 
each of them. 

“ Furthermore, 1 was not a 
director of Haw Par Brothers 


Safety Administration is under- 
stood to be close to alleging a 
basic defect in the lyre after 

an investigation prompted by 
about 2.000 consumer complaints. 
In addition a House of Repre- 


leY ■ ■■ 


and have not been for some 
time, the extradition proceed- 
ings have been brought here 
by the Singapore Government 
and I am voluntarily sub- 
mitting to the jurisdiction of 
the English court in order to 
dear my name.” 


1 In addition a House of Rep re- UK TODAY E., Lcni. N.. N.E. England, 

sentatives sub-committee has COOL: some ram or showers in Borders, Edinburgh. Dundee. r^ntiniTpri frnrri Pa crp 1 
; received reports of 19 fatal , n0 st areas. Sunny spells in S. Aberdeen. Glasgow. Highlands ^ uuuuucu A1U1 “ * 
incidents, causing 27 deaths and Wales and southern half of Mostly cloudy, rain at times. « 

31 injuries, which involved tyre England. Max. 13C l55F>. ^bT^Pi 

bursts. . . .. . .. London. SE- S.W., Cent. S. Wales. N.W. England, Lakes. kJICCi 

tirestone said to-daj that it E ng j a nd, E. Anglia, Midlands, Is. of Man. N . ‘Ireland , . ... 

was confident that the 500 was g, Wales, Channel Is. Mostly cloudy, rain at times. now lcavi ?3 ll , b f cause 11 

without any baste defect. Any c.innv intervals- showers, some v>r electorate has clearly given it 


Steel 


without any basic defect. Any Sunnv intervals: show* 
recall that would have to fol- heavy _ Max. 16C (B1F). 

low such a finding would be 

unwarranted. The 500 was the BUSINESS CENTRES 

company's prime radial tyre and 

was marketed from 1972 until Y’day 

May of this year. None has been 

produced or sold in Europe. Ansmim. r h st Laxembr* 


Sunny intervals: showers, some Max. 12C (54F). 

:avy. Max. 160 (61F). Moray Firth. Argyll. NJ£.. N.W« 

S.W. Scotland, Orkney,' Shetland 


the thumbs down. 

"Mr. Steel's threat to ‘kill 
the Government * is yet another 


Y'ddj 

mid-duy 

•C *F 


Ma ?n-C nin at evampte oE lLhe Liberals Skul 

Oilliifc UnJiunsoi. ‘® cre<iit Eor wE,3t WaS 


The company, based in Akron, Altera 
u:. unn nH „ Bjnraln 


Amstnlm. R 14 51 Laxembrg. C 14 aT 

Athens SMB Madrid S TL 72 

Bahrain S 31 38 Manchstr. R 10 50 


Pollen count: OnE (very low). l0 j5hS Lfoyd'^ritw from Perth: 


Ohio. has. long arsued that any & i SJ S hS c h ?z 
incidents involving the tyre have Beirut s 2- ei Milan f w r. 

been caused by owner neglect 5 c i fa8t - ? 


HOLIDAY RESORTS 


The Scottish Liberals decisively 
rejected a motion proposed by 


properly aligned. 

The company h 
one brush witl 


it conducted among 
owners of the lyre. 


way into print. 



S 

27 

SI 

Milan 

F 

23 

r. 



Vday l 


Yday 


R 

a 

40 

M annual 

C 

16 

61 


mid-day t 

nUd-da: 


S 

W 

77 

yiunich 

V 

22 

7- 




’Kl 


’C 

°F 

Berlin 

V 

21 

Til 

Ncwcasile 

c 

12 

34 

Ajaeolo 

S 

23 

73 ' Las Plnis. 

S 

22 

r. 

Birmgnm. 

R 

13 

w 

Mew Delhi 

c 

29 

94 

Alders 

s 

30 

86,Loc:inio 

R 

20 


Bristol 

F 

14 

57 

New York 

s 

24 

75 

Blarrin 

c 

14 

ai ;l.inor 

5 

4fl 113 


C 

14 

Jl 


c 

16 

i:i 

Blackpool 

c 

12 

rq .Maicrca 

S 

24 

75 

Budapest 

S 

26 

79 

Pans 

c 

17 

61 

Burdvaux 

f’ 

17 

63 IAlal'Jt;a 

S 

29 

M 


t: 

]2 

;ai penh 

R 

15 

39 

RouJukuo 

i: 

Kl 

33 . Malfj 

S 

27 

61 


s 

Jbi 100 


9 

22 


(^tsablnca. 

V 

■21 

ill jN.iIrnhi 

S 

2t 

71 

CorduT 

F 

14 

57 

Reykjavik 

X 

y 

*t 

Cape Towi 

s 

It 

B4 ; T.-lplvS 

S 

24 

73 

Ouiasn 

S 

■»■■ 

73 

Rio do J - Q 

5 

24 

• 9 

Corfu 

s 

23 

H 2 i 'Ciiv 

s 

21 

To 

Cologne 

R 

IT 

h:: 

Romo 

S 

23 

77 

Faro 

p 

2!i 

i" 1 Nicosia 

s 

26 

79 

Copnliagn. 

R 

l.» 

5P 

Smcapore 

S 

Si) 

99 

Florence? 

K 

24 

i-vJlipuNO 

c 

17 

OS 


C. 

11 

ji 

sio'-'Wiolm 

S 

<** 

73 

Funchal 

F 

19 

6h ] Rhod>-s 

& 

M 

7! 

Edlnbren. 

c 

12 

54 

Sirashrg. 

c 

17 

63 

tilbraliar 

S 


t2 iSalrnuru 

37 Tangier 

F 


72 


T 

13 

‘J) 


s 

13 

59 

Cuomsey 


14 

S 

21 


Ctnvva 

R 

1U 

61 

Tohran 

s 

15 

77 

ImulmiLk 

L 

-.4 

• I iTelicrtte 

S 

15 

64 

Olasaou' 

C 

l“i 


Tol Aviv 

s 

27 

81 

Inverness 

K 

11 

52jTunus 

i 

29 



R 

13 

ZB T<JkFO 

H 

21 

7« 

1 of Man 

n 

ID 

30 1 Valencia 
*2 ! Venire 

s 

5U 

6$ 

H. Kong 

C 

30 

% Toronto 

S 

1.1 

39 

Istanbul 

s 


F 


77 


S 

Jfi 

61 

Vienna 

r. 

24 

75 

Jersey 

R 

12 

33 





f' 

21 

711 

Warsaw 

r 

■in 

T? 

S— Sunny. 

F- 

-Fair, n— Cloudy. 

R- 

-Rain. 

London 

c 

14 

57 

Zurich 

c 

Is 

sii 



X- 

-Thunder. 







Those who sneaked 

from the city rose 

choice: it has been a distiucUaF'^"* - 1 ^ 
uncomfortable week -in 


uncomtonacie wee^ -in d d 

stock market The oices^ 

market has been suffering: a’-v,: , Q Mpw-sm 


nasty technical squeeze as who - '' 

stags of 5®^!? -IS? -ftfoiftiMjqr.- ' 

tJ^inSS? 3“®"* is that good- money.gUn^r ' neit L to-loi^ease . ■ 

2013- 1 ? have tried to . unl^ggu^s wiU boost ^.conlMai^. SS^t-^wbwdiliy.aext : - 
without having to put up the current indijEe0 ioix-ha^_- < ^ ^ - .it. - - .. ' 

£30 caD due next Tuesday. j overc 0 me. - r " ' * - ' .* 

last night, the final opportunity, V tTS.' / > • 
for selling on a £15 paid basls/ i , Jtrnm ' • . 

disillusioned stags were oniy ^Ohll BrOWll : . : v; ; 2 

getting £13t, and were, conse^;" After a period ref- disappoint- twists andj'-ly ig . ^ y.S. 

quently showing a loss - of- fng results from big companies Sendte ><&lfci dayr following the 
almost 12 per cent on their^John Brown at least has, not 'Ara>arent ; .the 

money. -V^iet the opthnlsts down. 1 ' For U^S./AJ A ' doable tax • 

The weakness has spread tn has turned in 

equities, which after hoverujg.'iinprovement .- 

for a number of weeks at jtjsr. profits which *ow: amount 

above 470 — as measured by the £23.2m. This . is comfoitebly aSSSSSSS • 

FT 30-Share Index— have fallen :,ahead of the minimum of £2p.m:_ ^^ Mmp^^-opereuug m 
back in a manner which h» previously forecast by the group states now 

made some of the chartists' and contrasts with;profits of v - 

nen ous. On Thursday morn->fess than £2m two years ago they wiJL have tn make ; tbe best jV* 
ing in particular, some sizeable;; when John Brown's fortunes -of ^ ; f°r .n^few. .mere -years 
lines of stock were on offer, and were going through one of their ' But' the. suggestion that a 
though bear closing left pricer- (up to then) aU-too-frequent. fresh vote may’ be ..ttkgn next 
a little higher yesterday the'.bad patches. / : .Tbesday . cagts^doiibt on the 

Index is off 14.3 points on the: a dramatic improvement has xoatter^ There is a. possi- u.»yv 
five days. yc cotoe about since then. °J(^m. bUity.tbat-aegotiationkare going g: 

There are a number d* Brown is now left with term behind ihe .scenes, and cer- 
strands to the bearish picture: of only £6m 

One obvious point is that com-' assets of £Wm,- and h^ £15m^^^€^iolly Mckiz^.ta bargain- ; 

pany results are still proving *;cash in the bank .to boot.- Jloi^: Jng power. •' ' .7/ . 

to be on the disappointing side over, inflation accounting does.- Thus U.S. investors in. Britain 

—an extreme example being 1 not destroy the profits: cm a may Jcontraue to stiller bearier 

J Lvons with its U'ny profits .Hyde basis the pre-tax figure ih ; taxfisf, -for- they are threatened . 

and missed dividend. Secondly, about £l9m, against maybe £9m ,-«rtth the. loss of -the advantage ^ or 

fund managers are becoming -.in 1977. ■ --■ -'wterdd-rhy;’ t|)e -proptw^^Owly' 

less optimistic about the-/ Almost £5m. df the ' . profit ^p. : -reclaim ..7 . wilgtpP 1 ^. 

prospects for dividend freedonr increase has come ~ from- gag /-eredrts.on dividend xemittenpes. . 

beyond the end of July, wfefq turbines and specialist fabric*- e^imated that^chL refunds . 

current legislation expires. -If tioh. where net margins, have would have amounted to around 

further controls are introduced. '. doubled to over 10" per Cent.' ^SO™ ■annaaHy. -and/ tner^ .^as 

the present reverse yield gap giving a total -contributiorL of 3lso a retxoacdve, paymeitt-due. ■ 

of getting on for 7 per centage £7Jm. Another £5m relates to of at least £200m. 

points between long gilts and- the high risk /high- profit Most of all the imtnlrten t loss 

equities could leave shares engineering process and con- of the treaty threatens future 

looking vulnerable. ’ Another struction side, which accounts trouble, f on m^tination^I ^Qin- 

problem is that short terin^pr 40 per cent of group profitSi pam^ whatercr theft.^fflto^ gsSi?l Sir- 

Interest . rates are rising in the All-ether areas have dong well* of drigin. : Unitary: Taxatioir pf . 

U.S. and the hoped for early with the exception -of the world wide ihcdme is a ifiagusi' 
cut in MLR here is.Iopkfng less machine\tool division which, theyw_ ant to prevent spreading 
likely— the Treasury bill rate though absorbing a quarter of outside the U.S.' Indeed this ... 
rose at yesterday’s tender. Brown’s capital' employed, con- treaty was to have been a model 
But there is one area of the tributes less than 10 per cent for others .between the world’s ■ 
stock market, the long end of of profits. \ mdin trading nations. ^ . . 





i : 2ii K j 


3rs :e 


The new Schlesinger Preference & Gilt 
Trust is invested entirely in fixed interest 
securities which offer the benefit of a high 
predictable income and are likely to have 
less risk and be less volatile than equities. 


Planned income payments 


High income-low volatility 


By investing only in preference shares and . 
British Government Securities (Ciltsl. ihe managers 
are able to obtain higher levels of income than could be 
expected from a managed portfolio of equities. Whilst 
equities would provide greater op pon uni ties for 
growth than fixed interest slocks, the Jailer are-likely to 
be less volatile. The proportion in preference shares 
and Gilts will be varied at the manager;’ discretion. 

Schlesingers also expect a useful degree of capital 
appreciation from this trust, over the medium to 
long-term. 


In order to help investors plan their income, the 
distributions will be paid quarterly on the 30th of 
April, July, October and Jab aary, siarting-October 
1 97S for new investors. The table shows the 
a pproximaie- level of income (net bf 34“ 0 basic rate 
tiL\> we estimate you would receive every three ' 
months. This equates lo a gross yield of 12.6 % at 
current tax rates and based on the fixed-offer pries 
of24.0pxd. ‘ 



Because dealing costs arc lower Tor fixed interest 
investments, and the initial charge on this fund is only 
the dealing spread is attractively low. 


Investment in Gilts 


The distribution dates have been carefully 
selected to complement those of die all-equity 
SchJcsingcr Extra income Trust: "By invesiingequalfy 
between these two funds, shareholders cart obtain eight 
evenly-spaced and approximately equal distributions - 
per annum. 


Under current legislation, most interest 
received in an authorised unit trust from gill-edged 
securities is subject to corporation u\ u hich is 
disadvantageous to unitholders when compared with 
direct investment in such securities. 

For this reason initially some 80° , of the fund will 
be invested in preference shares, and 20 0 o in 'Gilts at 
which level Schlesingers estimate any disadvantage 
will be minimal. Should the legislation be changed, the 
fund will be invested entirely in Gilts tsee General 
Information). Your in vestment should be regarded as 
Jong-rcrm. 

Remember that the price ofunits and the income 
from them may go down as wcll as up. - • - 


A fixed price offer 

.Units arc on offerat the fixed price of.24. Op xcL- 
Cestimaied gross yield 12.G? J) fori investments re- 
cei ved by July 5. The offer will close before July 5 Tf 
the actual offer price varies by more.than.2}% from , 
the fixed price. 1 □ this event units will be available at 
the price then ruling. 


General TnTormadoD 

In the cttui 01 j chance tn GrxaUnn «hTdL would remove ihe 
dWadtunUimcxiS treatment of ctll Income. Il tvta tended that ■ Ko whole 
«>l ihe num.MinhlH hr re-tnic-ucJ tn hlKh 1 krldlnc BritJsA Ct>«emnicn£ 
Sciundi-.. Such a chance n'otlld be Qiudc irtllj.it. id-Lhc iudRcjncnl o£ 
(hcnunaec.-., a uuuU n-ji he dtuiUvaiuaKniB loimliiKtldnewul ■ 

J* ,B nanuur.UtuTrual wuuKl al',' be eh jnfred IO 

.V.lik-iiniu:r Ci'l' TrW't*. Te imcM. u»e tbe coumu ormUnLAbDliiSiilciiix 


Schlesingers' PI MS service 


Investors of£2.5tXiormorc will receive the 
Schlesinger Personal Invesmieni Management Service 
i PI MS) which includes regular investment reports and 
invitations to meet the investment managers. 


«. ’ 1,niUT 0,11 Trv ' 1 - To uw ibc coupoti EircnUnL A dd 1UI loos 

\vill K a»:k ncak ire J. and c^rtlllcanuA mlll'bc knuiui iluriOR' Aiqetnl, 
Ttentokrmm IntcsuncDz In ihe Fund Li 1506. Th? UhIlPtIct and Field arc 
published uuil) mJradinn nc^-.v^pcr^ Ta Sell units. flmpfvrciErm your 
^L-riliicaic japrur.-LucIv endorsed on Ihe had: - rvvmeni is ni.rmjUy 
nude nithln - d^is .if nur tesclvinirihe rawuneed certllldWe. 

C anusteunii vf I J a ill be pule U^rcd'enbed acini S. CbarDK S An ' 
initMi ckwl'cvi 1-ir.i.liiJcd in uie Oito ru^c. A clurcc at bn 
annujlruico! iplui VATiut iuu Vdluk-nrme Pundh deduct dd from 
ifr.w.'. Inv.imc t»uut J-- 3dmln»im<tv s spenw. ’Trucices: Midland lunjc 
I ruul .i. l id. AHdJiort; MjmicJ. Mkehell A Co. Minetn; 

sehlednccT Tnii Mjrjiin-. Lid. iv IUfi v vtrMuj>K. London W.l. Rcft- 
hjmd in thtJjail Kc. yj5S5J. Mian beruif Hid l’n« TroSr Assoc taiioo. 
THU oner u noi avoiljtile to rattans nf tbe Republic of Ireland. 


SLhlesmgers-speaaljstsmtfe 


To: SchicsingcrTrust Managers Ltd., 

140 South Street, Dorking, Surrey. 

U ivkciiti iuid L. rating Mntaphonc Tel. Dorking nUlV) 16441 


T wish to invest 
(niintmum4.$0»> 


in the Schlcsineer Preference and Gilt Trust at the 
fixed price of 24.0pxd. 


L declare ihat I am not resident outside the Scheduled ;r 1'. 
Tcrmories and that l am nor acquiring the units as a nommeo 
t>r anv person resilient outside Hie Territories, f If you ire 

unable ia make this decttrrftioii, It sboold be dehnetTand this 

application lorrn bhould Him be kxlged Uiroughyour U JC_ . . 
banL.suacl. broker or uolicitor.i Minora cannot he . 

but accounts tlCMUtuaed with ibeir innlale trill N* V 


Government. 
The motion 


deplored the B I wish to have my dividends re-invested 


Surname^ 
First name 
Address*. 


-( BLOCK IFmiCS TX£A 5 E> 
— — ■ ■■ iflafaD), 


Conservative 


I would like further information, including | — j 
details of Share Exchange scheme t 1 


present Conservative 


A cheque is enclosed in remit lance, nude pavable to 
Midlund Bank Limited. 


Signature • 

(In the atsc at d joint application all mustsigD.) - 


Mr. Keith Aitken, chairman of 


driving ambition of a Richard 


r-i . * v • 

SchlesingerPrefereiice &Gilt Trust