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LONGENES 




NEWS SI M MARY 


1ERAL 


BUSINESS 


Drop in borrowing 


Belfast Equities gives headroom 


ag 

lay 


on 


terrorist, posing. as a tmiver- 
v rag student, ^hot dead, a 
man security guard and a 
dier in tbe centre of Belfast 
tterday. - • 

Tbe City .w'as . crowded with 
dents from Queen’s University 

0 were celebrating Rag Day 

1 collecting for -.charity when 
ro lists, wearing'Arah costume, 
i roach ed a security, gale. One 
them opened fire. with a pistol. 
The Rev. Ian - . Paisley, Mr. 

, ; ■ nest Baird and seven of their 
• * "‘iifj-rter Loyalist supporters*' were 
ared of charge^ alleging that 
>>* impedcd-tho police in BaUY- 
■na. Co. Antrim , during hast" 
u-'s Loyalist strike, 
n Dublin, it was announced 
■«t Eire is to set up an elite 
li-ierrorist police 1 task force of 
men 

racks found in • 
oncorde wings - 

lirline cracks have been, dia- 
pered in the outer part of - : the 
ngs of British -Airways' - Con- 
rde fleet Thpy are to be 
paired during' rpwhe mahdten* 
ce in the next ' few weeks, 
l* airline said, eraphaifelhg that 
ere was nothing dangerous 
•out them. India has refused 
a Mow Concorde tb overfly the 
untry at supersonic speed, 
ilaysia talks. Page 4 

ed Arrows 
rashkiffstwo 

i RAF Wing Ctfannander and 
ighi-Lieutenant. died yester- 
v when a Ghat cradled oii the 
nwa.v at Ixcmblp jGlok, during 
Red Arrows rctrt&e reteattaL 
m* aircraft were airbom© -at 

* time, but there was no wkL- 

• collision. - 

lore crime 
i London ' 

ie Metropolitan Pbfice reported 
•tg eri me increase for last year. 

«• David McNee, Metropolitan 
iliru i>ramissioneE,is to:set up - 
mm iti ces to consider aspects of 
big reorganisation. Power is 
.ely to be j devolved ■ from 
oils nil Yard tadi visional eom- 
mders. Mr. James Callaghan, ; 
•iine Minister, opening a Cardiff ] 
lice station, appealed to the ■ 
blic to help thrir.hack “the tide , 
crime." Page £ . .* | 


FI Industrial 

| Mnanr 
?\1 index 


week; for £ 2 bn. tax cuts 

[tis fir m BY ^ETER RIDDELL, ECONOMICS' CORRESPONDENT 

Borrowing by the public sector is nnmmg at the lowest level for four years. | 
The latest figures suggest that. there should be sufficient headroom for the 
• equities responded to expected £X.5bn. to £2bn. tax cuts in the April Budget within the ceiling 
wMmSSt^n^rSlS agreed ^ International Monetary Fund. 

The public sector borrowing Apart from the absence next year ■ — ■ - 

■ requirement was £3.6bn., season- of once-for-all influences such as PUBLfCSECTOR BORROWING 

ally-adjusted, in the first nine the sale of BP shares, public ex- * Requirement 

B months of the financial year penditure is projected to increase » 

1977-78. according to. a Central and there may be "less under- 1975-76 . 10£83 

Statistical Office estimate pub- shooting than recently. ,07x77 “ — XWii 

Jnsiwd yesterday. The main turnround in the V?27 

This is equivalent lo an annual fi n ancial position of the nation- .. 2nd 2.120 

rate of £4J8bn. While the her- alised industries may also have 3^ 1797 

rowing trends may not be quite been com pleted and local 4th 1,926 

. as favourable in the final three authority borrowing may rase. ■ r-— 

months of 1977-78, the outcome On the other side, revenue, w #-/««* 

looks unlik ely to be more than notably Corporation Tax, could r*j , 

£55ba to £5.75bn_ on present remain buoyant. -it? Li£! 

indications. This would be the So. even it the magnitude of Seasonally adjusted, constrained to 
lowest figure since 1973-74. any borrowing shortfall could be financial year totals. 

This compares with a Treasury last Octo- 2SZ 

projection of £7.5bn. last Octo- fjSf for 197S ' 

28. 1 •• 2 . “3 . v^itSaii -SSStp^rf fRKhn T»» ““tag agreed with the of tax cuts would push the bor- 

es 0111 ® 16 of £6^bn. jjyp j S fg.eb'n- for the next fin an- rowing requirement up to £9.4bn. 

indeed, after taking account of cial year next year. 

[ex dosed 2.8 up at £lb &- tax cuts last autumn. The general view in the City The latest Whitehall estimates 
irihff a loss of ^ points tiie borrowing requirement may — reflected in tbe London Busi- are believed to suggest that both 

mpp^ •“ turn out to be nearly £3 bn. Iks ness School comments this week the borrowing and current 

, than originally forecast in last —4s that there should be suffi- account constraints point to a 

made small gains: and y ear * s spring Budget • dent room for a net stimulus of stimulus at the lower end of the 

tautest* OmnriHM in- Tbe latest figures were better at least flfibn.. and possibly as range. 

iTiTn-T. Iban expected by the City. much as £2}bn.. according to the But Mr. Denis Healey, the 

-up at The low level of borrowing CBI. Chancellor,- is still undecided 

■ rMr* mi *n ..n t .'.tn this year cannot automatically The National Institute, how- about the precise figure and 
-Oivia.teu^zu poimsiQ be use( j ag a 5.^ f 0r 1978-79. ever, .suggested that £2bn.-worth Continued on Back Page 


ALL-TIME HKH 
-S«* . 

. uraair 


muggy Movaians" 
raws cube 


PUBLIC SECTOR BORROWING 
■ Requirement 
£m. 

1975- 76 10^83 

1976- 77 8,770 

1st 2,927 

2nd 2.120 

3rd 1,797 

4th 1,926 

1977- 78 1st 1,551 

2nd 924 

3rd 1,131 


> MARCH-.1g?B] 

?&. 1 . 2 ~3 . 

- ' ' 1 — 

nary index dosed 2.8 up at 
436.2, making a loss of S points 
ever the week. 

• GILTS made small gains; and 
the Government Securities in- 
dex dosed 0.02 -op at 74.46. 

• STERLING fell 20 poldB tq 
SL9395 in dull touting. Its trade- 
weigfated index rose to 6SJ 
(65.1). The dollar recovered a 
BUle .-and Its depredation nar- 
rowed to 5.41 per cent. (53). 

f .GOLD fell 31 to 51831.; - 

• WALL STREET dosed 03 
up at 747.31. 

• "PROPOSALS for financing the 
pJanned.Cbtmcfl for the Securitfes 
Industry is. expected to . arouse 
controversy, &a financial idstitu-' 
turns /begin discussing a Bank 
working paper. -Back Page 

•' JAPAN’S Ministry of Inters 
nalional " Trade and - Indusliy 
appears "to hai^e given ; under- 
takings to Britain to restrain car 
exports, to the UJC^ although no 
announcement is being made for 
the time being in Tokyo. Back 
Page •• • 

At the same time, the Japanese 
Government is to cut tariffs on 318 
imported items from to-day, after 
detailed negotiations with the U.S. 


U.K. recognition dilemma 
over Rhodesia agreement 


BY BRIDGET BLOOM, AFRICA CORRESPONDENT 


painalrcrash 

Iberian DCS "caught 

while lanjih^atSantiago de 

"i V postela,' Spaftu More than 50 

■r^-~ ;»i^ssengew wece^iajured. 

jMpai^e/Iifijk^p- ■ 

Bemiac-’rito first Czech 
-^Buionaa^iad his Soviet com- 
V /r^jinder .docked Soyur-28 with 
v 1 *e . tpiU9itod : orbiting space 
^JTJ^JorHtmjr.VSalyuUB. 

MSSreSft;fbr Wigan 

Wigan’s three starred 
'‘7-'--y:-:^l«tibns all won yesterday— 
■r^-^L^WWdWW* (7-27. The Alickadoo 
><="•? IF u.-. 1*4) -and Queen’s- College (5-1) 
VijA itfg etvlng a 50 M treble.. Jiis five 
■•^TJV^lections also included Desert 
JT.-jr-^^Ind 1 9-1). Today’s racing, 

. gv 20 1- 

rief ly - - - 

■e Conservatives are 1-2 
i-o u riles at Ladbrokes to win 
& next General Election with 
■boor, M. After Ilford, Back 
IRC ■ 

me nr West Germany’s big 
tinnal newspapers appeared 
sic r day because of strikes and 

;-k-OUtS- . . 

lilt- released 12 Christian 
. ;• jmocrat Party leaders from 

lori’Cd exile in the province of 
Yica. 

r. Alfred Atherton the U.S- 
.uitlim: Middle East peace 
envoy, arrived in Amman 

, painting by Sir Winston 

■jurchil). sent for sale, by the 
nitvd Services Club, fetched 
mi i>,5(Hi cl Christie’s Saleroom, 

ise 6 

fmium Bond X 100 .000 prize 
5 been won by the West Sussex 
Oder of No- 4 FT 550571. 
T«.ldent Tito of Yugoslavia is 
vifj: Prewfietii Carter front 
a Pell 7 tn. 9. Mr- Karumanlis, 
-eek Premier is lo meet Mr. 
:i>v it. Turkish Premier in 
ontreux from March 10 lo U. 


• GUARDLAN ROYAL Exchange 
Group will a$k about lm. 
motorists to pay on average 14 
per cent, more in insurance 
premiums from. April 1. Page 4 

• FRANCE .has defied an EEC 
Commission ruling to increase 
monetary compensatory amounts 
on its exports of farm products 
to other EEC countries, -which 
are applied to offset currency 
fluctuations. Page 2 

• CANADIAN Government is to 
borrow 8750m. in the VS. 
through public Issue ' of govern- 
ment bonds to support the 
Canadian dollar and cover inter- 
national transactions deficit Page 
.2 

Tanners’ right 
to sue NEB 

• INDEPENDENT tanning com- 
panies appear to have won the 
right to sue the National Enter- 
prise Board: for what they claim 
te a breach of its duty lo give 
financial backing to British 
Tanners Products. .Back Page 

• BP is to spend about -Elba, on 
the exploitation of its Magnus 
Field, which could be adding to 
U.K. oil production by late 1981. 
Back Pag? 

• COMMONWEALTH OIL has 
filed for protection under 
chapter 11 of the U.S* bankruptcy 
law's. The company, which bad 
revenues of over 51 bn. in 
owes banks and. other creditors 
8300m. Page 21 

• OPEC member nations are 
losing about $14bn. a year due to 
the shrinking value oi the dollar, 
the currency in which petroleum 
purchases arc made, the OPEC 
secretary general has said. Page - 

« MR. PETER. SHORE, Environ- 
ment Secretary, has said that the 
Government is determined there 
will not.be another house price 
boom like that of 1972-73. Back 


BRITISH: -Ministers recognise 
that thpy may have to endorse 
an elected Rhodesian Govern- 
ment emerging from yesterday's 
settlement-.- agreement between 
Mr. Ian Smith and three internal 
black nationalist leaders. 

- There is no question of British 
endorsement of the agreement 
itself, reached while the gnerrilla 
war continued and with' the 
Patriotic Front excluded. 

Government ministers are 
aware that any such recognition 
would probably be deeply 
opposed by many African states, 
some of whom might take 
retaliatory action against British 
interests in their countries. . 

No decision on recognition will 
be jnade before the acceptability 
of the agreement to the people 
of Rhodesia as a wbole is tested. 
This, test— the key fifth principle 
— which Britain has laid down for 
recognising Rhodesian indepen- 
dence is unlikely to take place 
for several months, and possibly 
not before the end of this year. 

Dr. David Owen, the Foreign 
Secretary, has been careful to 
point out in the last few months 
that no single party to the Rho- 
desian dispute could have a veto 
over a final settlement but there 
are two main reasons for what 
appears to be a distinct soften- 
ingjn the Government's approach 
tb the internal settlement. 

The first is the relative speed 


with which the. Salisbury agree- 
ment has been concluded. This 
has upset the Government’s 
attempts, on the basis of the 
Anglo-American proposals, to 
bridge the gap between the so- 
called internal black leaders and 
the Patriotic Front. 

In spite of public statements 
that, he will continue to try to 
reconcile tbe internal leaders 
and the Patriotic Front, Dr. 
Owen believes that there is 
almost no hope of persuading 
the Front leaders. Mr. Joshua 
Nkomo and Mr. Robert Mugabe, 
to participate in the Salisbury 
arrangements. 

It is also now- clear that Bishop 
Muzorewa. the Kev.-Sithole and 
Mr. Ian Smith, the Rhodesian 
Premier, have abandoned the 
Anglo-American plan. 


Pressures 


The second factor is that Dr. 
Owen, in particular, has come 
under heavy political pressure 
in Britain to be more encourag- 
ing to the Salisbury settlement. 

Few members of parliament of 
any party would urge immediate 
recognition, but many believe 
that if most Rhodesians were to 
he seen, either through elections 
or a referendum, to endorse the 
settlement then Britain should 
also recognise it. 


The Government’s formal posi- 
tion is 'that it still believes that 
the Anglo-American proposals 
offer the best hope of a nego- 
tiated solution which would end 
the guerilla war. although it Is 
admitted privately that the pro- 
posals now stand little chance 
of being implemented. 

The Government has not how- 
ever. abandoned hope of mediat- 
ing .between the internal and ex- 
ternal groups.. It is recognised 
that the Patriotic Front's hostility 
to the internal settlement could 
resnlt in an escalation of the war. 

There is also tittlp optimism 
that the internal settlement will 
operate as smoothly as it signa- 
tories hope. 

Ministers believe that Britain 
could again call a conference be- 
tween the Rhoderian parties. Dr. 
Owen is. therefore likelv to 
maintain bis cautious attitude, 
towards both the Salisbury 
agreement and fre demands of 
the Patriotic Front 

Ministers recognise that they 
could face an acute dilemma if 
the Patriotic Front were to con- 
tinue the war and a transitional 
government in Salisbury were to 
hold elections in which a 
majority voted for the internal 
settlement Many Cabinet mem- 
bers. as well as MP's of all 
parties, would favour recogni- 
tion in those circumstances. 

More Rhodesian news. Page 2 


Co-operative cuts tea prices 


BY ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 


TEA BLENDERS ranks were 
broken yesterday when the Co- 
operative Wholesale Society re- 
duced its prices by 2p a quarter 
pound. The move forced the 
other- big companies-- Brooke 
Band, Lyons, Tetley and Typhoo 
Tea— to make similar reductions. 

The 2p cut is 3p less than the 
Government was planning to 
impose on manufacturer^ througn 
statutory controls in the wake of 
the Price Commission report on 
the -industry and about lp less 
than it boped to get through 
voluntary agreement 
' Dnlike a statutory reduction, 
however, it will take effect in the 
shops immediately. 

Tie Department of Prices said 
test night that it was still con- 
tinuing its consultations over the 


proposed maximum price order. 
This may be a tactic to persuade 
the blenders to make a further 
voluntary cut of perhaps Ip a 
quarter and so bring .the price 
down to nearer 21p-22p a quarter 
as suggested by the Price Com- 
mission 12 days ago. 

The signs yesterday, however, 
were that the companies would 
resist pressure for further action. 
The Co-op's competitors were 
clearly annoyed by tbe way it bad 
taken the initiative. 

Yesterday's ent will mean that 
“ medium priced tea ” will prob- 
ably be selling at about 22p or 
23p a quarter in supermarkets. 
It may be available for less on 
special offer and be more expen- 
sive in smaller grocers. 

Last night, negotiations were 


beginning between the retail 
trade and the blenders over who 
should finance the stock losses 
involved in an bvernight price 
cuL 

Retailers who have bought tea 
at the old price will want tbe. 
suppliers to .give them a rebate 
on their entire existing stock. 

The companies, however, were 
incensed bv the Commission's 
report. Speaking yesterday lunch- 
time Mr. >T. Brock, chairman of 
the Tea Trade Committee ,said 
-the errors totally invalidated 
the baste on which its recom- 
mendations were made. 

He described himself as 
“ shocked ” by the way a Govern- 
ment department had not 
allowed proper discussion before 
publicising Uie report. 


a HOUSE BUYERS could be ex- 
ploited by " rosnm ’ " : mortgage 
brokers because of OFT rules on 
Restrictive Trade Practices, a 
mortgage brokers' association ftah 
wanted. Page 3 


CONTENTS OF TO-DAY’S ISSUE 

Overseas news 2 Leader page — 14 Wall Street 20 

Home news— general ... 3,4.22 UJL Companies 16-17 Foreign Exchanges 23 

—labour 4 Mining 5 Farming, raw materials ... 21 

Arts page 12-13 IntL Companies 21 U.K. stock market 24 


ifflEF PRICE CHARGES YESTERDAY 


’flies tn pence unless otherwise 
indicated) 

RISES , , 

unary 10% 1 292 ...ON •+ \ .. 

vat Leisure JJJ + J 

bwm, puma. }g J* 

fee t f 

anker siddeiey 170 y 4 

=rsey External Pref. 312 + J 
ippa h Ed,- StwUns »» + « 
oyah Insistence ...... 362 + T 

ulC CaltW -r ^3 -r J 

Kassel MS + 8 

UtU» 323 -1- 36 


Falcon alines 

Western Deep 

WlnWbnat 

Argo Invs. 

Bccchom 

Brown (J.) 

Durapipc 

1CL 

lnr. Pacific -bees. 

Metal 

Myddleftwi Hotels -■ 
Fye Holdings ........... 

Wdseleyllushes 

OH Exptoratmn 


210 + S 
767 + 17 
727+13 

111 - 3 

5S3 — 12 
272 “ 4 
SH - K 
208—10 
■136 “ 9 
2SS - 6 
105 — 5 
00 - 0 
176 - 6 
194 - 10 


Fish- and chips net what 

. they used to be 14 

The spectre haunting house 
prices 1S 


FEATURES 
French election: Focus on 
. Marseilles 2 

Hanoi’s final option 2 


Landes banks restore a tar- 
nished image. 19 

FT REPORT 

Swimming pools 18 



n 

Hem t» Spend It 

u 

Unit Trots 

23 

Art HU At. STATE K6 MTS 

BfUflb 

s 

losarim 

6 

Weather . 

2S 

S. w. Ocrtsted 

IS 

CtMU 

8 

Letttri — 

14 

Year Savings ft lav- 

7 

Brunner I Brest. 

17 


13 

Lex 

2t 



Cardinal lavfol. ..... 

17 


20 

Han ot tbe Wert - 

» 

OFFER FOR SALE 





as 

Meurtaa 

4 

CMOMPAU14S. 

a 




-.9 

Preset* 

» 

Cartmere America 

17 




12 

HacSsss •... 

20 

LatWMi ‘ Double' ... 

b-7 



Fhmca ft F*aH¥ 

0 

Sham MarnwiiM ... 

2ft27 

M & C Speelat 

7 

Base CemUos Rates 

24 

FT-Actasalw iwflcce 

2a 

SE Wert's Dealfcaas 

22-25 

Pkewmiy Flexibie 

• 

Bh1M1u.Sk. Rates 

23 


U 

Tweb! ..... 

•- t 

SdrioslBser la come 

1 

Local Authy. Bands 

23 


9 

TV pnd Radta 

12 

(Cosumanii Pose U) 


UJC. Ceawffiiias ... 

23 



For latest Share Index ‘phone 01-246 8026 




WoricTs 
i Most 
#Honoured 


PORTUGAL Esc JO; SPAM Ptu.40; SWEDEN Kr3^5; SWITZERLAND Fr.2.0; EIRE 15p 


Engineers Oil imports 

ST add to U.S. 

over pay trade deficit 

1 » BY JUREK MARTIN, UA. EDITOR WASHINGTON. March 3. 



A TWO-DAY strike is to be 
called on March 20 and 21 at 
most of Britain’s big engineer- 
ing companies unless a dispute 
about the pay policy’s applica- 
tion to minimum wage rates is 
resolved. 

As the decision was being 
taken yesterday by engineering 
onion leaders, the Advisory, 
Conciliation and Arbitration 
Service Intervened. 

Officials of the Engineering 
Employers’ Federation met Mr. 
Jim Mortimer, A CAS chairman, 
and Mr. Andy Kerr, chief con- 
ciliation officer, lo explain 
their side of the argument. 
The unions are to meet ACAS 
on Monday. 

By setting the strike date a 
Fortnight off, the unions have 
given themselves plenty of 
time for another approach to 
the employers. 

If ACAS fails to settle the 
dispute, the Department of 
Employment may step in. 

Non-members 

Mr. Hugh Scanlon, president 
of the Amalgamated Union of 
Engineering Workers, made it 
clear that the unions want 
agreement with tbe employers’ 
federation before the Govern- 
ment becomes involved. 

A strike, with the possibility 
or further action, would mean 
calling out about l}m. workers 
employed by 6,000 federation 
member companies. Some big 
UJS.-owned companies, includ- 
ing the three car manufac- 
turers, are not members. 

Asked If Leyland, which Is a 
member of the federation, 
would be indnded, Mr. Scanlon 
said that it would have to be 
seen whether the company was 
really affected by the present 
negotiations. 

The decision by Use executive 
of the Confederation of Ship- 
building mid Engineering 
Unions and. by a subsequent 
meeting of executive, members 
of the confederation's con- 

Coniinued on Back Page 


Financial Times 

Changes in the Saturday 
Financial limes mean that 
some regular features this 
week have changed places. 
News, both home and over- 
seas, is being concentrated in 
tbe first few pages, followed 
by a review of the financial 
markets, and then by the 
magazine pages. Radio and 
television^schedoies are with 
the entertainment guide on 
the Arts and Collecting Page. 


THE UJs. trade deficit increased 
■last 'month by more tbao $260 m. 
largely because of heavier im- 
ports of oil. 

Tbe January deficit came to 
$2-38bru. up from tbe $2JL2bn. of 
December. Exports dropped by 
□early $lbn. in tbe momb to just 
over $10bn.. whereas Imports 
fell from $13.12bn. to S12^9bn. 

In December, both the export 
and import returns were artifi- 
cially inflated as goods moved 
again on the end of tbe East and 
Gulf coast dock strike. 

Temporary factors may also 
have, at least in part, accounted 
for January's surge in oil im- 
ports. Tbe bad winter and tbe 
coal strike raised tbe level of 
demand for oiL 

In January crude oil imports 
were worth over $2.6bn. and 
over $3.3bn. for all petroleum 
and related products. In Decem- 
ber. the comparative figures 
were S2^bn. and S2.9bn^ res- 
pectively. 

As President Carter said yes- 
terday. the administration still 
believes that the level of oil im- 
ports should flatten out over this 
year. However, it seems clear 
that if the coal strike is not 
settled soon — and the early 
returns of the miners voting 
axe inconclusive — then the 


demand for foreign oil is bound 
to rise. 

If extraneous factors such as 
the weather and strikes axe left 
aside,, the January trade figures 
suggest nn deviation from last 
year’s trends, which combined to 
produce a deficit of nearly $27bo. 
a record. 

Food exports were down a 
little, and while the export of 

The U.S. Senate has con- 
firmed Mr. G. William Miller 
as new chairman of tbe 
Federal Reserve Board. Mr. 
AUUer, chairman of Textron, 
succeeds Mr. Arthur Burns as 
chairman of the Board, for a 
four-year term, 

machinery and transportation 
equipment was nearly 5500m. 
below that of December’s in- 
flated levels it was close to the 
average monthly return for 1977. 

Imports of the same categories 
also declined. The overall level 
of imports remains quite close 
to the SI2.59bn. four-monthly 
average of the October-January 
period, which in turn was a little 
below the $12.69bn. level of the 
preceding four months, a period 
unaffected by cither strikes or 
bad weather. 


Pressure on dollar 


eases 


BY MICHAEL BLANDEN 

THE DOLLAR recovered slightly 
against the strong European 
currencies yesterday, possibly 
with the help of some official 
U.S. support in thin exchange 
markets. 

The improvement followed a 
week of intense pressure on the 
U.S. currency in nervous and at 
times hectic exchange market 
dealings. The heavy speculative 
movements took the -dollar below 
the DM2 level against the West 
German D.mtscheraark on Wed- 
nesday and again on Thursday. 

The pressures have also 
brought a series of increasingly 
severe measures by the Swiss 
authorities to stem the inflow of 
funds, coupled with warnings by 
Kuwait that it might put forward 
proposals to protect the earnings 
of oil-producing countries against 
the effects of the fall in the 
dollar. 

Tbe prospect of a further 
decline in the dollar was held out 
by Count Otto Lambsdorff, West 
German Economics Minister. He 
said in West Berlin that the 
tendency remained for the dollar 
to be devalued and argued that 
this could result in a slower 


Deutsche Mark 

i-9a - against the Dollar- — I— 


# Days Close 


1 ! I—---'-’. 

27 28 1 2 • 

*€B 1978 MAR 


growth rate for Germany. 

The dollar closed yesterday at 
DM2.0220, up from DM2.0090 on 
the previous day. and rose 
against the Swiss franc from 
Sw.Frs.l.S350 to Sw.Frs. 1.8650. 

The pound slipped 20 points 
to $1.9395, but its trade-weighted 
index rose to 65.3 against 65.1. 


£ in New York 


Mrnvli 3 Preriou* 


Svrt Sl.9M0.imo i $].941*J4Sa 
1 niofitlf iUM-OaS iH-eiu OjA-CuM iw 

i roonlhs , ii-CE-tUf 4m OJS-ulO .tw 
I2nmntli« 1.07-1.10 .«« 1.16-1.10 Hi* 



per 
annum 




Why all equities? 


Sehlesi n£ers’ Exira Income Trust is a im-tce 
investment and offers one of l he highest returns 
currently available from a unil trust invested onh in 
ordinary shares. 

Whilst the managers could obtain a still higher 
yield by including some li\ed imeresi investment-.. 

' such investments cannot increase their dividends and 
also liave less potential for capital growth. The all- 
equity portfolio of the Schlesinger Extra Income 
Trust, by contrast, maximises the potential for growth 
of income and capital. 


A current opportunity 


By careful selection of sound slocks including 
attractive recovery situations and wdl-rescurched 
regional equities. Schlcsingers provide a particularly 
high equity-based yield. 

However the recent downward trend in interest 
rales, and the growing relative uttRicl ion of ordinary 
shares with very high yields suggest (hat such yields 
may not be available to new investors indefinitely. 

Indeed, many investors have recognised the 
urgency of" securing ihc current opportunity by placing 
over £7m in ihc fund in the nine months since its 
inception. Cher this period, the unit price has risen 
J7.b“ 0 and the FT Actuaries All-share Index .1.8 ,, 1< . 

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

Schlesingers’ PIMS service 

Minimum investment in the fund is £500. 
Investors of £2.500 or more will receive tbe Schlesinger 
Personal Investment Management Service ( PI MS /l 
which includes regular investment reports and 
invitations to meet the investmen t managers. 


Quarterly dividends 

The tabic shows the approximate level of income 
Inet of 34" .. basic rate laxivou would expect to receive 
every 3 months based on the current estimated gross 
> ield of 10.43 on the fixed offer price of 29.4p xd. 

Payments are made on March 12, .June 12, Sept 12 
and Dec 12. starting June 1978 for new investors. 


£5000 I £524 ; £86 

£2500 i I2b2 • £43 

£1000 i £104 i £17 

1 £500 i £52 j £8 

A fixed price offer 

Units an; on offer at l he fixed price of 2 k ».4p \d. 
for imexuneni* received by March 15. 

The offer w ill close before March 1 5 if (he actual 
offer price vanes by more than 2i ", from Ihc fixed 
priqc. In this event units w ill be available at the price 
then ruling. 

Remember that the price of units, and the 
income from them, may go down as well as up. 

General InTorroauon 

To hnu . bi inMoia onprmliM. A mM n_uiu im HI he acLaou-ledMd 
anJ vcwiltsciul vnu a iteiaikJ btodmreai iftc umc lime. CcrUQcaici 
will be senl gui Jmms .V1.iV. L: Bits Will he available after Ibcufler 
iIoik Jl ihc rrliz aunlbl In Hie dull v press. Tbe ndetaaon (afedmeae In 
iha Pint* a C500. Tbet-oli Price anil yield ore runJj^hcil ilallv tn Lesdtan 
nee -drapers. Tu Sell W*. f imply iwuro y»ur ccttdicaic jpprdpfutslr 
endorsed on ihc bjtfk- r-n mcai is n.-inr-ini made vcillun "dareofour 
iccdvtnc ibc rcnnumxd wcniUcjie. C imln l u n ul I J % * 1 U be paid in 
reengnBed at oil-.- Oiaiw. Anuilual charec nr S":. it included in l hr 
Otter prlix. A L*si 2 c at on annual raicm «p(ut VATI or Uk value dT 

■he Fund is deducted from Erin.-, menne (lim jnlk .ulminiMrallrt 
iimiks Tmieet: Midland Hunt Trim Co. Lid Andierti Peai. 
Mirukk. MII.WlUCu. Mawm: SdiJcimcnTnikl Managers Ud. 
ISHjnnrcrSiiiiiirc-LvRdi’n. W.l RqsiMtrcd in England. Na.MMSS. 
Memben «f itw L mi Trim Auadaucm. Thiioirer hm >«AlUbkio 
Tesldesisoi Uu Rcs’iihllisor Irdnnd. 


Sch lesingers-specialists in the itianagementof private. institution a3 andpension funds 


To; Schlcsmger Truit Maiiugcr, Ltd« 

1 140 South Street. Dorking. Surrcv. 

It'fX'kriHl tirul Lvtnins flnwphorm Trl. Dorking OWM l SMf 

| I wish to invest- / 

I (minimum £300j ... .. . 

In lhcSchlesiiiBLT Extra Income Trust ai the ILxetl price of 
2v.4p sd. 

^ I wish to have my dividcrate re-invested 

8 i would like further information, including I 

( details of Share Exchange |__ 

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


I dew-lure ilui 1 um iml resident iHikude ihc Scheduled 
Territories und ihni 1 im nm acnuinntc the units usd nominee 
ol any peixon rcndcnt outiide the Territories. ( I f you arc 
unable to moke ihi-- duclanuoii. it should be deleted and Uus 
=tpplication lomi should then be lodged through your U.K. 
twnlc, stockbroker or --olieilor). Minor, eetlnot tie icsotered, 
hut a.svw..ni« desifiMted unfa their initial- «. ill be accepted. 


Surname. 
Fif>t rum 


-ISUXIt LiltkJlS PUASE> 

tin liill) 


Signature - 

tin the case of a joint application all nnmiign.l 










OVERSEAS NEWS 


RHODESIA'S INTERNAL SETTLEMENT 


THAT IJlNS 


Black leaders set out to 


France defies EEC increase in MCAs 


BY ROBStT MAUTHNER 


PARIS, 


BOCfflUfflOTT 

^ iswaari 


SALISBURY, March 3.' 


imcbwdki 


Invasion 

Diay be down as Prime Minister when faV'as^its” beer* actifftfeT are ell— on the executive council 

tt • • the interim Government is concerned) and will use Delta which will have a rotating chair- 

Hannrc formed Within the next few SrooSSo aSthenaS oftiX manship. Decisions of this execu- 

nano 1 s ms - wkjt ss-s 

solution assssM-asi a »££? ££ an «» «*».* « iU 

OOIUUVU four of fee falD0US fiv€ prin- be composed of equal numbers 

By Richard Nation in Bangkok | “ Sources here say that there £SKiS!? idl “i ° f t ^ c rft en ’ S5th*ft»» Ministered one'wSte 

is no enthusiasm on the part of lar 8ed Breweries group indica- one jjj ac fc) f or each portfolio. 
THERE HAVE been numerous anjr of the four signatories to the . Pariiamanf win mntmiip tn fimr- 

signs recently that Hanoi is agreement for one-man one-vote l 
preparing the ground for a referendum to test the accepta- 
major military strike against bility of the plan. Instead the 
Cambodia. While almost leaders prefer the present 
certainly exaggerated, recent arrangement, whereby a general 
Western Press reports of a mas- election would be held late in the 
sive 20 division mobilisation of £* r “ VP 6 for ^dependence to ? 

Vietnamese troops on the bf formally assumed on December = 

Cambodian border underlines V,, . : 

the dilemma facing Hanoi — agwement signed to-day ». 

that only a straight military P™rides for the establishment ■* 

of an interim administration 


! FRANCE TO-NIGHT defied the nonneed to-night; that they pstn currents ex would 1 j»ot 1 be these might be another na 

__ • - European Commission bv refus* should be raised to 23 pet centr wiped out by arise in the com- thetonc just before polling,. 

_ ■ _ A ‘ 1 1 it ,„ increase the sallied ° a Monday. The French intend pensatory amounts. Paris now hopes that 

COll O fTrO^iriAflt O nl*AQ n SL£rv rwJSStn™ to leave the MCAs unchanged Generally speaking. the Ministers of Agriculture .of ' 

MSI! /ImI C dll CIlL A If 1 Uutl Monetarj Compensatory for at Ieast .the next week-end. fanners’ vote is esperted to Nine, who are due-in. m 

Amounts (MCAs) on its exports possibly, until after the general benefit the Government coalition Brussels on Monday and Tn«. 

of farm products to other Com- election is over on March 20. parties, which are currently will take a softer line than 

TOMY uawkwjc ... c at iwimv v=rrh 1 - tauaitj countries. MCAs ofifeet France’s move wai in line with lagging far behind the Socialist- Commission. 

BY TONY HAWKINS - SALISBURY, March 3. tamey fluctuations by making the UTgent made b y the Communist opposition m the The French i Goven^t 

■ up the difference between the ..i. fnwmmunt m thp r« m public opinion polls*. Tie loss of already said that it expects 
THE THREE Rhodesian normally reacts ebulliently to efficiency and free from political normal foreign exchange rate ^Tfnn gJL that vric a Section of this support as a Council of Ministers to" put 

nationalist leaders who signed optimistic, political news. Darely interference.” and the “green currency” rate should be frozen until after the result of the fanning com- end to what it claims to be 

to-day's internal agreement are reacted. Prices went only The transitional Government by' which EEC common farm « TP hanee nranitys discontent could spell ticulariy senous distortions” 

embarking on overseas visits to modestly higher and remained will be a two-tier affair with one prices are translated into of the franc w«dd disaster for the coalition in the the pig-meat sector and basis 

try to sell the deal Bishop below their levels of 10 days' ago. member from each of the four national currencies. affected hv political uncer election. severer unilateral measures 

Muzorewa left Salisbury today for Business leaders expressed parties involved in the agree- . STJOtesmail ^ *h e French taintv The Government deartV The French Government hoped advance -of a decision In Bn® 
London vowing to tell Dr. David cautious optimism and — only ment— the • ruling Rhodesian * Agriculture said that wtmts" to ensure that the price Its request would be treated In the longep-term. the Ftp 

0™- tte Foreign Secretary. by coincidence - Rhodesian Front Chief Chirau’s Zimbabwe % ISSSwvSed hr F® ; w£i Tym^thy in Brussels, parti- are calling for the ro S£ 

2 ?*' JFtiJ? XffS£ at r£2S‘ Breweri . es 7 Lld ” one of the 0rsa S»«Sn^ MCAs at their present level of. fSSereover the past two weeks cularly given the present tensions aboUtion of monetary correct 

nibon of the intenm Govern- country's largest corporations, M*- Sithole’s African National ^ per' cent, in spite of the from the depreciation of toe on the international currency to agricultural trade within 

Kr. Ian Smith, who »U1 step SST&Siii Commission’, decision; «. 4m,c egemst the stangortW numkete ami the poeiihiUty that Community. 


Parliament will continue to func- 
tion as and when summonded by By Andrew Whitley THE NUMBER of unemployed- rate of increase In pensions over 

the executive— mainly for major ttpot *v ufawi, ** in West Germany rose . last the next four years. It was faced 

legislation providing for the month by 10.600 - to a total with the prospect of a huge 

elections later this year, Mr. TALKS ON the future relation- 199 4 000 an increase caused deficit because of the continuing 

Smith’s promised referendum of ship between the National largely by the particularly high number of unemployed — 

white voters and the 1978 Budget. Iranian Oil Corporation (NIOC) severe winter weather. who do not pay contributions to 

_ The imemplermeht ntr «« the pcrnioD funds. 7 


Iran oil 
link to be 
discussed 


Weather puts W. German! U.S. Senafo 


unemployment higher 


BY JONATHAN CARR 


BONN, March 3. 


By Andrew Whitley 

TEHRAN, March 3. 


confirms 

Miller 

nominatioi 


By Jurek Martin 
WASHINGTON, March 3 
THE VA Senate to-day m 
whelmlngly approved ' 


solution is left. 


Two weeks ago the Hanoi polit- “ESSWffi ! 

burn despatched its veteran 5f??® 
political troubleshooter. Lei Due 

Tho, to the southern war zone. . 

Ttjr triTTc i.iim nrafninii TTanni'r 3Du rehabilitation programme 

yff**g*.* Mr. SflSW; M B uz„ h .. 

SSSSS 3 * 

■m 1 «> 10,15 now that majority black - 
thTt rule is assured on December 31. 

S-5°!9£ ,l SLft?. , SJ2S: In addition, the transitional r"- 


of another sign that the con- 


_;_l, iu ouuiuuu, uir u«iuiuuuai 

h at *r . ^ aD Government will have to cope 

• ^tSU^imSS' the with the release of detainees, the 

Ngnyen Giap toured the n .« nn< tn 


Kgnyen uup toured tne 
troubled southern war zone 
himself a month ago. 


with the release of detainees, the . 
review of persons sentenced to 
prison for political sentences, the "" 
further removal of racial dis- 



“entrench” the safeguards re- consortium led by BP. j which 54 ^ same £suie Now there is also the threat nomination of Mr. G» WUB 

quires that at lewt 78 of the 100 stiU produces^ and exports the ^ £ Janaa ^ blIt up on tK'SB of a big deficit In the budget of Miller to be the next ch. 
atFs—thar is all 72 biacks and at butk of Iran s oil, resume in per of Febreary, 1977. The the Federal Labour OfBce. The man of the Federal Bese 
least six of the whites— must vote Tehran to-morrow. - number of those on short time Government is not prepared to Board, succeeding the rear 

for any amendments to these According to franian offic»i& was ^g^iy constant at 252.000, say yet that unemployment in- Dr. Arthur Burns. 

**■“•**:_ n ' the 3X6 £ cl,efl 4?*M , t tl 0 Jf? while the number of vacancies surance contributions will, have The Senate action came 

Onr UN Correspondent writes, a working week, probably wind- . tft 994000 tn >u> increased. Bur the alter- a voice vote, with the It 


ItPs-tharisall 72-blacks andat betik of Iran’s oil, resume in Tto 

least six of toe whites — must vote Tehran to-morrow. • . . mimhtr r*# +>»««• rm siwirt- tim* Cmprnment is not d reoared to 


The Senate action came 


uururv ^fresponacm mraj a woriong wmk, proDaoiy wmu- r(jse b 19.000 to 224,000. to be increased- Bur the alter- a voice vote, with the I. 

SjwrtS? HT 1 a^n eared Debate in West Germany cm natives to that seem to be either andible dissenter remain 

®?25*8[ J^^Tthe sffiSurv £3*?? v! Sih^Stcliffl ^ the market situation is a marked irnprevement on ihe4 Senator WHJam from 

to-day to regard ^^Sahsbury led by Mr. John Sutc^Ee. a now focusing less on the figures labour market, which no one chairman of the Banking C. 


mittee. His determination 
delve Into the details 


majoruy ruie m roonra». m nauons wire Iran m revise ins f or the social security system.- . held almost impossible, or a rise Iranian payments made b; 

,s afsas, 

said that as long as some ele- 1 m0 re than two years ago. _ , 08611 IDrcea 10 aCT 10 delayed ratification of the 1 


ments were excluded from the The Iranian side will be led, 
political process — an obvious at least initially, by NTOCs 
reference to the Patriotic Front chairman, Mr. Houshang Ansari. 
— “it must be recognised that but after the opening day the 
the problem will not be solved talks are expected to get down 
and that the conflict will con- to details at the expert leveL 
tioue; with grave consequences The opening day will probably 


been forced to act to curb the undesirable. Mr. Miller had headed, 1 

delayed ratification of the 1 

— ’ - ~ Fed eh airman by some 

Swedish forestry credit I his opposition to' the cud 

this morning's brief deb 

BY JOHN WALJCSt STOCKHOLM, March 3. which came as a break in 

protracted Panama O 

THE AILING Swedish forest conditions for the loan include deliberations now consum 


STOCKHOLM, March 3. 


^ fan smith STOCKHOLM March 3. 

sgOnPSS ssskss « d rm b L of shape o( *^\£Lsrc*. iss* up ^ ^ ™ ^ «- «. >»- 

Stituendes and the drafting of a The detailed agreement pub- Lusaka: The Patriotic Front Informed sources here fear industry is to get a state credit P^f * 6 Sn 

SSSS^JS ^ detailed constitution. lished this' morning after the leaders, Joshua Nkomo and that the recent top-level reshuffle guarantee amounting to 1 c ®? L eo -T Th^ 

A statement Might from the formal signing ceremony con- Robert Mugabe, were expected to at NIOC may limit the extent Kr.900m n Mr. Nils AasMng, the 
^ . Rhodesian Foreign Minister. Mr. tamed no surprises. It includes a meet to-day in the Mozambique to which the two sides can get Minister of Industry, has an- 

Pieter van derByl— who in terms clause specifically excluding the capital of Maputo for the second down .to specifics. nounced. The Minister will place J®JSS? ^ 

2L* thTt of the agreement will soon share 28 specially elected white time in a week to discuss intensi- A prelmunaiy one-day meeting the proposal before parliament "tntanMw 

iSL™- « MriS? L2*Sf“*JS! memb fP *. a propped lOO^eat fication of the Rhodesian guerilla in Tehran at the fend loT fomUT, next week and has indicated SI r "S.S SSSf durSf^he 


the Senate. He described 
BUller as a “raw, out* 


Federal Reserve would ren 
under a cloud while invest 
dons into Textron’s over 
activities continued. 


‘ 7 — •* — . — , "V «« in 4 uu ic iu iue a governinent. tnouen taere is here neiiDer sme nau ueen paua-umnj l.,j._ rH _ initnotn „ *» — .r . fr : — — . r - _ 

^SJSSnSS- ‘ 5 SIHSL Quentin Peel writes from Cape | 1 companies wti. be°asked tfS S&STlZT&eSS. Canada tO 


Observers 


leaves Hanoi time to play out bear the consequences. “Rbo- pensation is paid promptly, and practice, Mr. Vomter said “will strated in next year’s budget pro- fcovermnents proposea pngnter. 

it* current diplomatic and de&ia has aiways abided . by its for protection PF pension rights, depend on the one hand on the jections. These foresaw an actual . : — : ^ ■ *- 

propaganda offensive based right- to the Internationally- The otiier safeguards include »ood faith with which the parties decline in earnings from the coik _ 1 . j 4. a >p. '•'£*' •_ 

around its three point peace accepted practice of hot pursuit” an independent judiciary, an in- adhere to and implement it in sortium of ?L3bn-, while NIOC's K flTik I162.Q 13K8S OlliCG lH jDElll 
proposals of a mutual troop the message (addressed to_ Mr. dependent public services Board practice, and on the other hand 0^° direct exports are projected * 


withdrawal, demilitarized zone Ivor lUehard as president of the ( to make public service appoint- whether they are allowed by so- to soar by 61 per cent to reach 
and international guarantees. Senility Council) said. mems). guarantees of freely called public opinion, as well as $6— bn. in 1978-79. 

Many here suspect a renewed Tb* agreement has won only a remittable pensions outside the African and world organisations 
military push to he “inevit- muted welcome. AU sides agree country for public servants, dual and countries, neighbouring or Wnivmoi 
able.” if the present debilitat- ***«« 15 1 Ion S W1 T to go before citizenship rights and that the far away, to arrange and deter- FT CL&UUti 
ing stalemate continues. the deal can be said to have been “police, defence forees public mine their own affairs according ’ 1 t't 
F irst, although Phnom Penh has succesrfullv clinched. - .Even the service and prison service will be to their own wishes. Time alone 3SK U .jj, 
never altogether rejected Rhodesian Stock Exchange, which maintained in a high state of can give the answer to this.” 

Hanoi's peace plan, it has ruled ' . IHliltSrV 


MADRID, March 3. 


out each of the specific ele- 
ments time and again. More 
to the point, no signs of 
division in the Khmer Rouge 
ranks appear to have surfaced 
to encourage Hanoi in a policy 
of attrition aimed at toppling 


U.K. move on S. African arms 


strated in next year’s budget pro- The Governments proposed brighter. has announced that it si 

jections. These foresaw an actual . ■ — ■ : 111 ■■ — — — y to borrow U.S.$750m. in 

decline in earnings from the con-. , • , . a ... • rV • United States throngi a pt 

SI%£&S&S%SSa Bank head takes office in Spam ^.1°™='.^ 

to soar by 61 per cent, to reach The money wifi be use* 

36Jbn. in 1978-79. BY OUR OWN CORRESPONDENT MADRID, March 3. support the Canadian di 

- ■ . ■ and to cover a deficit in ii 

t • a. THE NEW governor of the Bank parties. The Government said its na^nni transactions. The 

Weizman to of Spain. Sr. Jose Ramon Alvarez main concern was with the lack jjouj, cement comes after 

V J? n Rendueles, took office tiwlay of investment and unemploy- 0 Ser dedine in Se^Ju- 

ask ITS for resignation of Sr. Jose ment. now offirial^ at just over ^e Canadian dollar intern 

aoJV. U i.l/1 Mana Lopez de Letona. who has a million out of a labour force of yjj fnnds 

wtilUnwr L rt l« been the Central Bank head since 133m. The Madrid Stock International money W 

military belp Ju i yl ?T 6 * „ . , . „ '5 to ^ h V tf r t r W PP e itf dai * poshed the Canadian dolla 

Sr. Alvarez Rendoeles, only 37, since the death of General Franco 39,33 yjg, cents ^tei 

Bjr David Lennon was the chief technocrat in the in November 1975. aft er learning that* Car 

TEL AVIV. March 3. Monomy of the last Government. However ^ new governor may spent S7153m. of its U.S. 
ISRAEL'S DEFENCE ^ . 


Weizman to 
ask U.S. for 
military help 


V^. funds. 

International money trai 
pushed tbe Canadian dolla 
89^3 UJS. cents yestei 
after learning that Car 
spent S7153m. of its TJ.S. 
lar holdings last montii. 


IO ens«Kirns« niooi io a Houej * BY MARTIN DICKSON . " »f. o«t nsiuuau, u.w » n «u- economic minister ana ^ — -~r-; Chrpflan* ripsrrihpd 

of Ittntion aimed at toppling *T . , ington on Sunday to ask for more poliey maKer. who resigned last *S JfSSrtS. ,52 moS^** a nSSStSlv i 

the Pol Pot regime politically. THE BRITISH Government does not appear necessarily to go ment such as shields and water U-S. arms and money at a time vreek. and the Finance Ministry colt month.” P * 


ISRAELS D&raiMGL mimsier, Ennqne Fuentes Quintana, the £ w ihi ^ 

Mr.Ezer Weisnun, fiiw to "Wisb- Simster*' and *85^ "^S 


— — — — * ”* * « . r „ ' ***« --ALL A A «JA A VJUICI IUULUI LAUCa UCVS«M1«J LU fiU AAA L. LAV BUU1 M BUICiWi <U1U WALU — ? “7 WCCN <LAAU U1E rUlOAUC ilUUUUJ munm - MlnMn |- „4I| 

Third, while avoiding direct jyestertay presented Orders to as far as that of the U.S. Govern- cannons, but applications to sup- when U-S.-lsrae) relations are headed by Sr. Francisco Fern an- recove^wu 


reference to Peking, Radio parliament further tightening its ment 


month ply otiier equipment covered by under serious strain because of jez Ordonez.' 


expected. 


Growth ha* slowed down to such ^ b]abaX «h,o» 


. national reactionary force meat said its action was "very fuel tanks— for use bv the South electronic equipment) will be respite the inauspicious timing policy pursued by Prof. Fuentes 

sustaining the Cambodia war vea * disaDoointina." African military or police. considered by the Government of the visit Mr. Weizman is deter- Quintana, embodied in the Mon- 

effort Given this language. , _. .... _ ‘ M “on their merits.” mined to press for more U.S. c loa Pact with the political 

observers here rule out any In lme with the UN mandatory The British action still leaves The Anti- Apartheid Movement military assistance and less parties, will not be basically 
-possibility of a bargain arms embargo on Soutb Africa considerable discretionary- powers yesterday argued that the Gov- American political pressure. In changed. It is normal for the 

between Hanoi and Peking— last November, the Government to the Government to decide ernment's action did not go his favour was his decision this Governor of the Bank of Spain 

TShnn-n Duh 1 . m,inp nllf nn hjc forbidden any DfV WMDDILv whether SO -Called ‘ PT 0 V area I.. .... L. a mm ..Iu.aaL. t/s .Inn <Ln nmtiiM nf « A- .1 .... ...Un !c 


Phnom Penh's major ally — on baa forbidden any new weapons- whether so-called grey area nearly far enough to tighten up < week to stop the creation of a to change when there is a new 
a mutually acceptable political related licensing agreements with equipment — which is not neces- « grey area « loopholes, since new settlement in the occupied Government, 
future to Cambodia as a means the country and the supply of sarily designed for military use electronic equipment was not Sinai. To this effect tile new Govem- 

to peace. specified para-military police but could be so employed— will specifically included in tbe ban It is. expected' that this will ment issued last night after its 

Diplomats based in Hanoi say equipment not covered by tbe be supplied to South Africa. and there would be no controls help his case as will the U-S. first Cabinet meeting a statement 

the Vietnamese view them- existing U.K. embargo. The Government has forbidden over the sale of such vehicles desirer to bolster the reputation reiterating its support for the 

selves as struggling against a However, the British move the export of riot control equip- as Land-Rovers. of the Defence Minister. Mondoa Pact wfth the political 

conspiracy of encirclement ■ — ■ ■ * - * ' ~ 

Peking in which Cambodia is MARSEILLE BY DAVID WHITE 

fggjlSThe solar plexus of Algerian France 

inc^to *n on-al imed * group PLACE D'AIX. MARSEILLE, at leaders since 1790. There are vote. Even the Marseillais voted southern side of town art being 

in the UN. S.30 in the evening. In the only two empty panels left. against him. but that, says M. reclaimed for tourism. 

Tbe Cambodian conflict it not corner cafe, a television set an- At 67. M. DefTerre is heading Defferre, was just because they a magazine survey last autumn 

only undermining Hanoi's nounces the start of Darcy the Socialist Party’s regional reckoned he would lose. on environment and the quality 

efforts to move the “excess political broadcasts. A group of election effort, in a contest where Marseille is a traditional city of life In 39 French towns put 10.000. has been m difficulties 

population M of Saigon to the 20 men sit almost motionless at Socialists and Communists stand swollen by rapid population Marseille in bottom place. . AT and the main yard shut down 

new economic zones along the empty tables. They are not to divide nearly all the honours growth. Over an area far bigger though M. Defferre can pro&dly for a while, 

chronically insecure border drinking, but they smoke, their between them — or to wreck than Parts, it bustles ana sprawls claim it has lost its role as Redemption was planned for 

region— the fragile centre- cigarette ends lining tbe saw- each other. The rivalry is old : nd out iq low-cost flat developments. France's crime capital — that Marseille in the form of steel 

piece of plans tn digest and dusted floor. All of them are strong. HL Defferre. a moderate* A spanking new Underground title having gone to Lyon — and chemicals at nearby Fos. 

develop the south — but it is North Africans, recent arrivals among Socialists and a late con- railways runs out into the more Marseille cannot easily shrug off But the giant steel plant, the 

compounding the initial prob- in France's second city, once the vert to the Common Programme prosperous part of -eastern Mar- the shadey reputation that has first in southern France, came 

lem or war refugees by push- gateway to an African empire, of the Left, taunts the Com- seine. The centre, hardly touched accompanied it from the Coont into operation just ax the steel 

ing another 100,000 Cam bod- now the Mediterranean's first munisls by saying they only since the war, has gained a huge 0 f Monte Cristo to the French market slumped and nas been 

ians across the border into foothold in France. agreed to back him in tbe modern commercial centre, with Connection. set back probably by two years. 

Vietnam. In the first seven The Place d'Aix is just up the mayoral stakes last year so as not mum-storey flats attach ed, w here Unemployment has been rising Another grand design, a cavig- 

months of the year. Hanoi re- road from the docks, tbe first to expose their numerical in- washing already hangs from oai- since the oil crisis and is well able link between the Rhone and 

ports that 17.000 Khmer place an immigrant can find feriority. eomes m the tradition or the above the French average at the Rhine. which would 

refugees fled across the border, someone to talk to, the solar The mayor himself is certain dingiest alleys of old Marseille, about 10 per cent. A couple of strengthen the role of Marseille. 
The general uncer taint y of the plexus of Algerian France, of re-election as one of the city's The city’s pollution problems engineering plants have closed, already the second fiort of 

war nas renewed the scope for Marseille has about 13 per cent, eight deputies, and is eager to try have long been awaiting sola- Attempts by unionists to save a Europe, is being held up await- 

tuesutance movements based foreigners among its 1m. inhabi- bis hand again in national gov- tion with a sewage treatment dairy factory ended when the new ing funds. 

in the southern Delta region, tants. twice the national averaee. eminent. He shrugs off tbe. poll- plant that tbe authorities have owners sent in thugs to break The depressed industrial belt 
If a strike comexfrom Hanoi it But many more pass through, tical setback he suffered in 1869, not yet been able to afford. In up the machinery, triggering off of Marseille is Communist terri- 


of the Defence Minister. 


Mondoa Pact with the political 


MARSEILLE 


BY DAVID WHITE 


The solar plexus of Algerian France 



Private company 
directors... 


Are you 

missing out? 


■ i.-D 


Raa a a &i TSures Satarday March' 4 TB78 • 




to t “ v 
of |H»' 


I.iim!** 11 

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M audit 
for trad 


is bardjy likely to begin while coming for or coin* back from when be ran for President tbe meantime, sewage is put a a dockers’ sympathy strike and toiy. Of the current deputies, 
premier Pham Phan Dong is | thdr holidays— as many as lm. against M. Pompidou and col- bit further out to sea than Jt a majorloeal scandal. ^ The ship- four. out of eight in the town 
abroad in India and Sri Lanka J .... - - l - 


Here, the problems of adapta- lected only 5 per cent of the used to be. while beaches on the repair business, which employs itself, and two of the other three 


THE LATEST public opinion 
polls confirm (hat, barring an 


presumably sounding out the tion — for those who bring their 
views of these two major families — and exploitation for 

countries in the non-aligned single men having to share vnirnnl 

movement accommodation— are at their I If IIS icVcdi 

Even if the diplomatic climate most obvious. The local authori- 
is right however, the military ties offer advice and educational niro nwN correspondent 

option has its own pitfalls, services, but unemployment in BY ou * 0WN CORRESPONDENT 

Hanoi must first decide the city is high and tensions 

■whether it can achieve any- new the surface. THE LATEST pnbhc opinion 

thing short ot -a drive on The North Africans, it seems, polls confirm that, barring an 
Phnom Penh, and whether ore not even wanted by the eleventh-hour . agreement- 
Peking wtil tolerate this with- Foreign Legion, garrisoned in between the French socialist 
oat intervening militarily town, whose recruitment and Communist Parties, their, 
itself. Moreover* Cambodia’s posters offer “ dynamishi quarrels eould well deprive the 
regional neighbours may feel new horizons, social advance- Left of victory in the ‘general 
that Hanoi managed lo silence ment” They could easily be part election, dne to be held in two 
accusations of expansionism of the election campaign. rounds on March 12 and 19- 

onlvbe confirming the charges. Throughout it all is M. Gaston Though voting intentions tor 
And thirdly, it must have Defferre, mayor of this town for the first round have remained 
occurred to someone in Hanoi exactly a quarter of a century. In virtually unchanged — 51 per 
that once only the military the reception room of tbe little cent, for the combined parties 
option is left, the wider !7th century Town Hall, his of the Left, compared wife 45 
political war for loyalties is name occupies the last three per cent, for the Government 
already lost. panels listing Marseille’s 40 -civic Coalition Parties; ac c o rdi ng to 


Polls reveal vulnerability of Left 


a poll published in Le Figaro 
to-day— this gives a misleading 
picture of the final outcome, 
which Is likely to be very 
close. 

The Left, it Is, now generally 
accepted, can be sure of 
victory only If. in the decisive 
run-off on. March 19, the 
Socialists,' ' Communists and 
left-wing Radicals support a 
joint candidate. But so far 
only the Socialists have given 
an undertaking that they will 
stand down in favour of lead- 
ing Communist candidates 


in the Bouchesdu-Rhone depart- 
ment are Communists. In the 
T dockers’ sector in the north of 

• 1 IjPI 1 the city a Communist has always 

been returned* by a straight 

park thnh 1 Majority in the first round. 
PARIS, March 3. . Tjjg quarreIs between Socialists 

.. 4 . . ... „ ^nd Communists— which in Mar- 

after the first round, withoot seille g0 back to before last 
any guarantee that the year's split at national level— 


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the advantage of Controlling orExecutive 
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Oui iovestment Management is in the ~ \ 
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C ommuni s ts w in reciprocate threaten to dislodge X. Defferre’s 1 I Send tbis coupon to : Schroder Life Groun Free nost 
In constituencies where closest lieu tenant, M. Charles-' * tvm ™ up ' r , . . _ 


Socialists head toe left-wing Emile Loo, one of the four 


T ®“* . • _ Socialist depones in the depart- 

The Lefts prospects have ment . 

been farther undermined by • Governing majority ex- 
the poll’s findings that a very pects at least to keep its seat In 
large proportion o£ Socialist tie commercial centre of Mar- 
voters do not Intend to respect seille, held by a Gaullist. M. 
their party’s instructions to Defferre accuses the GaiiUbts of 
vote for a Communist can- trying to tip the balance with 
didate when the latter remains 2,000 proxy votes irregularly 
as the only representative of recruited from French residents 
the Left in the second round, in ivory Coast. 


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Financial .Times Saturday March. 4 1978 


NEWS’ 


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f R ECTLY-KLECTED Euro- 
1 'ail lament will face an 
llal laskrin- makius the 
cil or Ministers and the 
?ean Commission account- 
far the policies they pursue, 
.Christopher -Tugendhat. one 
c British members of. the 
uifsion. said. yesterday. .. 
aking in Glasgow, he said 
it was true individual 
‘ J thal parliaments - would 

ion their own represen ta- 
un the Council, they ooukl 
% -« (interrogate or influence the 

\fill ciI as. a- whole' about the 
. v||S|Ah ios for which it. was 

ai *L| msible. 

m 'nly a supra-national', body 
Jtllf fj used on a Community 'basis 
’•■liMjiope to perform the vitally 
ssary task of ^forcing, the 
' cil fully to explain and 
-. fy its corporate acts,” he 


ust because this is so, the 
t of the European Parlia- 
. properly discharging this 
tion will not be to encroach 
the legitimate preserves of 
; r >nal parliaments, but rather 
- 'cure an. extension of demo-. 

c influence which otherwise 
’ i not take place.” 

m-e. like the American 
1 tress, the European Parlla- 
.‘•t would not be able to form 
’■uemment. it should follow 
press's example -'and develop 
own powers' to demand 
’ rmntion in order to scrutinise 
rously the activities of other 
tu lions. 

a later - speech, Mr. 
?ndhat defended the Com- 
mon's decision to press for 
loinic and monetary union 
a time when -many people 

■ n?ht it was '• politically 
radical. 

■ We are now campaigning for 
• inmic and monetary union, 

t because it is'central to our 
Mcrm aim of developing the 
inmnity and ^because we 
eve it will provide a Irame- 
k within which Europe's 
ral political-economic prob- 
of high unemployment. loW 
inadequate 






hs M f L 


'V: 


-could lead 
to 

of home buyers’ 

BY- MiCHAS. CASSELL 

HOUSE BUYERS could be finance and life assurance brok- 
exploited by “rogues mortgage ing industry “could be negated 
brokers because of laws on by this decision because it will 
Restrictive . Trade .-. Practices no longer be possible to offer 
administered 'by the - .Office of firm guidelines or advice, ^cir give 
Fair Trading. ■ ■ guidance on any charges* made 

The claim, was made yesterday by a non-member.” 
by the Corporation 'of Mortgage; It added: “We do not con- 
Finance " and Life Assurance sider it to be in the consumer's 
Brokers, which . described the interest for an * open ’ market to 
legislation as a retrograde step be created by the removal of 
and claimed it encouraged dis- these controls. The failure of 
reputable mortgage broking the Consumer Credit Act 1974 to 
activities. . . _ _• _ curb the activities of * rogue * 

The; corporation sayaffrat it is brokers because of a weak and 
no longer able to qiiotefeeither apparently unsatisfactory licens- 
a scale of maximum fees, recoin- ing system reinforces the neces- 
m ended fees, retainers or - any sity for self-imposed controls 
Mother charges. All - relevant within tbe industry 
mortgage brokers’ literature' has Developments bad created a 
been . amended and - members “ rogues charter ” in the opinion 
were being circulated with the of the corporation and “the 
revised guidelines. ■ office of Fair Trading must accept 

The corporation said-' its' pr-o- responsibility for the con- 
gress over the last few years- to sequences of their decision to 
self-re gu late the - mortgage, remove these controls.” 


London’s violent 
crimes lip 23% 

VIOLENT CRIME- in London in- The redaction in the last quarter 
creased by 23 per cent, last year came after a number of arrests, 
and the total of all crrine'ih the Burglary, increased by 15 per 
capital was up by 12 per cent, cent, and automobile crimes by 

Mr. Giibert Kelland. Assistant 16 P” cent ; , . 

Commissioner in charge ’of CTO, The number of crimes cleared 
said yesterday: - It is- cold com- u p aod the number of arrests 
fort to me that the figures will increased. The totid of 
be slightly -below the national offenc « cleared-up was 1193J7 
average. • . • ? — up 5 per cent on 1976 at 21 

. fi? ure . has not p Arrests for indictable offences 

publish ed^ but is likely to'he 14 to talled no.354. an increase of 
P* 1, cent - . about 30 per cent since 1970. Of 

The total number of feiimes those arrested 29 per cent were 
recorded in 1977 by the Metro- children aged between 10 and 16 
politan Police was 368352—12 and a farther 22 per cent aged 
per cent up on 1976 and. more between 17 and 20. 
than twice the rate of increase The Yard said that, although 
for that year. 1 " ' : • fe they would not conclude from the 
Scotland Yard said the- u rela- figures that 29 per cent of all 
tively high" rate of: increase crime was committed by 
became apparent only during the juveniles, the figures indicated, a 
last six months of last ▼ear, when “ disturbing involvement in 
the increase was 18 per cent— crime” by juveniles and young 
much mare than for the year *s pecmle. . 

a whole. The one department of crime 

There were 41 bank robberies, that fell during the year was 
compared with 28 in 1976. hut. fraud and forgery, which in- 
38 of the bank raids were in'. 'the eluded 16,500 cases of cheque 
first nine “months of last yean, fraud. 



HMS Discovery, to the left of 
the line-up' of permanently 
moored ships beside the Vic- 
toria Embankment (above), is 
up for disposal. The Ministry 
of Defence said yesterday that 
It wants to find a new owner 
for the ship that took Captain 
Scott to the Antarctic in 190L 
Discovery’s prime function as 
a drill ship for the Royal Naval 


Reserve has disappeared with 
the reduction of the RN2L Also, 
the latest survey has revealed 
serious ' deterioration in the 
wooden hulL 

An expensive refit plus 
annual' maintenance costs can 
no longer be borne on pared- 
down Defenee Votes, but 
because of the Discovery’s 
history, the Ministry of 
Defence -said it would, rather 


7 'em Xtrfc 


than scrap her, happily give 
the ship to anyone who seemed 
capable of preserving her. 

HMS Discovery, 1^20 tons, 
with a waterline length of 172 
feet, was built for the Royal 
Society and Royal Geographic 
Society. After Scott’s expedi- 
tion, she was used as a supply 
ship.- In 1929 she was used 
on one more Antarctic expedi- 
tion, under Douglas Bfawson. 


T~ 


siment and. „ 

. . .Vi h can be tackled,” he j last six months of last year, when 

>raa«. I 

n election 

. MERLYN REES, the Home 
rotary, has been warned . by 
Police Federations pariia- 
nary adviser .of - possible 
cnce at the next general 
•lion. 

Ir. Eldon Griffiths, Gonserva- 
• Ml* for Bury- St. Edmunds, 
wests in a letter to Mr. Rees 
t police chiefs should be given 
or principles or guidelines. 

- My anxiety is : that for the 
- i time since the 1930s a 

. has been recom- had alm frj been fihoWb by one 



r 


for trade centre 

FINANCIAL TIMES reporter 


.ins in various *i»rts of the 
□try and frequently at very 
: rl nut ice. •.£ 

Tin* National Front seems 
lain in put up a -large number 
;jndidates and" groups of Left- 


mended as the place for the potential developer, 
first world trade centre outside Councillor Gordon Conquest. 
London. Civic leaders said chairman of the Lands Coninut- 
vesterdav that a feasibility study tee, said Manchester had been 
of possible provincial sites, recommended because it was “ at 
carried out by the Association the cross-roads of Britain's trans- 


-,w extremists 'can be expected! of World Trade Centres, had port system, had a first-class ai£ 
nsi violent nieftods lo stop [ “ eomc down firmly in favour of port, and major seaport, and 
. . U.JU1UUS w aiu r Manchefiter ~ more banks and insurance coru- 

- _ii iT> panies than any other provincial 

Seven potential sites, all Sn .. . • _ii ihp> l&reegt and 
central Manchester, are .being S arthTe Stock ExcbaSe 
investigated, including one m the S 

■ cits' s Albert Square. Other sites being examined 


Ur crash cost 

Irwrl’c £ 1 A *7 m 1 clty ' s WBert square * "T>tbei 

Ivj U 3 - j a four-storey complex, either include 



■J ^ 

OVD’S of London yesterday 
-'d out S19BU1. (£10.2m.) in 
Moment of claims arising from 
Continental Air- Lines DC-10 
h in Lok^Angeles last Wed- 

idjy. ' .- 

he payment represents 60 
cent, or the 333m. total value, 
the insurance cover. The bal- 
-e of it was placed in the 
|l> lied States. 


purpose-built or a conversion, is 
envisaged, providing 50,000 
square feet of exhibition space at 
ground' level and- three upper 
floors bousing a multi-lingual 
secretariat, conference suites, 
offices, penthouse service flats, 
restaurant and cafeteria, and a 
world traders’ club. 

Mr. - Bryan Eaton, the city 
estates officer, said that interest 


the former Centra! 
Station the Arndale shopping and 
office centre, now at an advanced 
stage of construction, and the 
Cook . and Watts building in 
Portland Street. 3;. 

Councillor Conquest said the 
centre, which would be linked to 
the- formation of a world trade 
association.- would serve toe 
North and be a shop window' for 
its export industries. 


yoU Liverpool port has 




t would be no 
rsfj Docks and Harbour Com- 

iy approaching 

M with a begging 


ready SSOm. of loans had been ping. 1 have seen nothing which 


BUILDING SOCIETY 
OR GILT INVESTED ? 


vou are currently invested in the above, you can substantially 
•r.Mse vuur net income by investing in a new Guaranteed Invest- 
lit Plan, rue figures for £10,000 invcsUuent are as foHOWS. 


Qt&lP 


BY OUR LIVERPOOL CORRESPONDENT - V. 

E TORT of Liverpool has all made -- available. said the could, not generate a feeling of 

* potential for a renaissance. Minister. hope; given energetic leadership, 

t there could be no special' He was speaking during a day- Indeed^ there could be a renais- 
v eminent funds to help to- long inspection of dock facilities sance^ .he saiu. _ . . 

ids this end. Mr. William on both banks of the Mersey. Asked about pMsible financial 

deers. Transport Secretary, Afterwards he had private talks a»iStance for ihis witb .Mersey- 

d wsterdav with union representatives and classified as a x^ciai 

■ ie no Rood the shop Stewarts. d^eiopment area. Mi. Hodgera 

“ Although Liverpool has said: *T do not think the pon 

the Govern- suffered like all British ports needs special treatment. After 

bowl, from the decline in world ship- all, £50m. of loans have been 

- made available already. 

*T have been able to make a 
visual assessment of the potential 
available and I am sure the signs 
are-good-." 

'A Government grant of up 10 
50 per cent could be made avail- 
able' towards the cost 0/ provid- 
ing a freightliner terminal at the 
£50rti_ . Royal Seaforth Dock 
complex at Crosby. This would 
handle up to 15,000 containers a 
5*ear. . . 

At present, containers are 
taken: by road from Seaforth, 11 
miles across the city, to the rail- 
head at Garston. 

. There have already been talks 
on the: £700.000 scheme -between 
Mersey Docks and British Rail 
and the proposals were explained 
to the Minister on the rite. It 
would- be a modified scbcme,.com- 
pared. with the original concept 
for the site — shelved on the 
grounds' of economy. 

No lime schedule or. destina- 
tion terminal has so far been 
agreed. 

Sir Arthur Fetezson, chairman 
of the docks company. -told *he 
Minister that the port's rail link 
was- essential to -attract more 
trade., It would provide a. better 
service . for shippers and ease 

f4at -. • - - congestion on Liverpool roads. 


1 .ix Kate 
' 34 ‘.'j 






Investment 
Building Society 
Gilts*— 10% 
Guaranteed Plan 
Building Society 
Gilts— 10% 

Guaranteed Plan 
Building Society 
Gilts— 10% 
Guaranteed Plan 


Net Income 
' £600 pa 
£660 pa 
£775 pa 
£318 pa 
£350 pa 
£534 pa 
£91 pa 
£100 pa 
£341 pa 


more to Invest, the above net income can be 


£25.1)00 or 
treated even more. 

r<n* further details of the above, complete the coupon below 


lw 


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ihouim a fhwH WW iHW 

snaswr **." 1 ■ -. ■ 

Viid snc dcljib <h roar erw Giurjasecd Waa 





Call for reduction in tariffs 
to improve textile exports 

BY OUR INDUSTRIAL EDITOR 

INTOLERABLE tariffs against a prime -object of Britain’s nego- the export value of imported 
textile exports from Britain and tiators at forthcoming talks m cloth and Brazil, which imposes 
the EEC must be reduced before Tokyo on tariffs, Mr. MacArthur a duty of 205 per ceuL, to join 
Europe cuts its already very low tqld a meeting -of tbe National us in seeking harmonisation in 
ones, Mr. Ian MacArthur, direc- Association of Scottish Woollen these artificial barriers,” be said, 
tor of the British Textile Con- Manufacturers in Ayrshire. There were also problems with 

federation, said last night. The OX had tariffs of 13 per the developed world, particularly 

Britain’s wool textile industry cent, for imports of wool cloth, tbe United States. The U.S. 
exported nearly £390 m. of goods “ These are among the lowest proposal for a cut in the high 
a year and this would rise as in the world and we look to' other tariff on wool cloth imports was 
trade barriers were eased. nations, like South Korea which no more than a “ tiny, extremely 

Reductions in tariffs would be- imposes an 80 per cent duty on disappointing token.” 


Tory rates pledge 
‘a pipe-dream’ 

BY JOHN HUNT. PARLIAMENTARY CORRESPONDENT . 

A CONSERVATIVE authority on His proposals suggest that the 
-local government finance, Mr. Offsetting of rate demands against 


Roland Freeman, has dismissed 
as a “political pipe-dream” the 
Tory commitment to abolish 
rates if they are returned to 
power. 

In a pamphlet. The Rates 


income tax would spread the 
load more fairly, shifting more 
of the burden on to : non-rate- 
payers, who use the services -and 
amenities which ratepayers alone 
pay fbr at -present 
Householders would receive a 


Fiddle, he offers his alternative rate demand showing a net 
proposals for householders to off- figure after deduction at. the 
set their rate payments against lowest Tate of income-tax. 'The 
income tax. local authority would then re- 

The .pamphlet is published by cover the deducted tax from the 
th2 Bow Group, which is opposed Exchequer, 
to extreme Right-wing Tory Education would also be 
policies. Mr. Freeman is Greater financed wholly by central 
London Council member for Government, while county- coun- 
Finchley — tbe constituency re- cils and tbe GLC would lose the 
presented in Parliament by Mrs. right to precept for rates. This 
Margaret Thatcher. He i's also would remove the need . for 
a former GLC finance committee general rate support grants to 
chairman. local Government. 


Leyland buses orders 
reach £143m. record 


BRITISH LEYLAND announced 
yesterday that an increasing 
worldwide demand for its buses 
meant that it had a record order 
book worth £143m. More than 
7.000 buses, half of them double- 
deckers, had been ordered. 

By tbe end of last year Ley* 
land's penetration of the home 
market had risen by more than 
4 per cent, to 87 per cent, for 
double deckers, and by 3.6 per 
cent, to 52.4 per cent, for single 
deckers. 

Export orders for Africa, the 
Middle East, Australasia, Portu- 
gal. Denmark, Jamaica and Hong 
Kong were worth £43ni„ Leyland 
Truck and Bus said. 

• A revamped cab for Leyland's 
range of light and medium 
trucks is to be introduced in tbe 
UFL. following its launch in 


now an important factor in lorry 
sales. The Boxer range is to be 
built with lighter bodies,"which 
will increase payload by about 
5 per cent. 


Mental illness 
dismissal ‘fair’ 

THE National Association for 
Mental Health (MIND) said last 
night that it would appeal 
against a Liverpool industrial 
tribunal ruling that the Pruden- 
tial Assurance Company did not 
unfairly dismiss an agent who 
failed to disclose a history of 
mental illness. 

The company told the tribunal 
that it would not run the risk 
Europe at the Amsterdam show of embarrassing clients 
recently. But tbe agent, Mr. Henry 

The G-cab replaces the O’Brien, 38. of Formby, Lanca- 
“ ergomatic ” version and is part shire, last night called the deci- 
of a new campaign by Leyland sion a “ gross injustice land 
to improve sales. “ bad -for the many people' who 

Leyland claims a- substantial have suffered a nervous break- 
improvement in driver comfort, down as I did.” 



oim 



1 

■ 



Because we handle iri ore moves out of the 
UK than anyone else, we know 
w . -r . . the problems people worry 

■> about About moving, about 
‘the countries tiiev are going 
to, and about the many 
/ arrangements involved. 

To help you, we Ye prepared 
a number oflcaflets and ■* 

t brochures covering the 
. answers to these queries - 
. ", . . and the ones you wan t 

are yours free,if you’ll 
just send us this form. 


Moving to a new countr y. 

To start with, we’ve prepared individual broenures on trie 
countries most people go to,filled with useful information on what 
you need to know if you are moving there. (e.g. from customs . 
requirements to accommodation and schooling.) 

In addition, were prepared a general brochure on moving 
overseas, describing the hest way of paddngand shipping your 
goods. This includes our “Shared” Container Serv ice, which can 
save you money at the same time as getting vuur goods there fast. 

And, of course, well include with these brochures our free 
Home Moving Guide. Sixteen pages in M colour filled with 
useful information -including a special section on moving overseas. 

Simply fill in the coupon alongside for the information you 
require. ' 

. . Free financial guarantee.- 

Because many overseas shippers became insolvent last year, 
a feature of our service that is well worth 
mentioning is the free financial guarantee we 
provide with every overseas move. 

. This guarantee is underwritten 
for us by Credit & Guarantee 
Insurance -a leading specialist 
Credit and Surety company. 

• - This guarantee provides 
complete assurance to you 
that you will get the move 
you have'paid for. 




movin g 
overseas kit 

The information weVe offered 
you alone is particularly helpful 
when you’re planning your move 
to another country. 

Bui when you are coming right 
up to the move itself v you’H find our 
kit a veiy practical guide to all the 
final details you need to remember. — 

Well give you this kit free, together with an estimate oh 
moving home - and on storage, ifvou need it. 

lo get your free kit and estimatc,ail you need do is phone our ' ' 
nearest Pickfords branch (you’ll find it in your phone book). 

The kit includes advice on. who to tell you’re moving (what ‘ 
to do about your bank, the Inland Revenue, your medical records, 
etc), a guide on how taking your assets is affected by current 
exchange control rules, as well as advice on how to size up the 
estimate. 


The advantages of the bi ggest 

Pickfords are Britain’s most experienced overseas shippers. 
We’re also the largest, which gives us the chance to get your goods 
away promptly. 

And because we’re able to take advantage of bulk shipment 
rates, we can quote you extremely competitively. 'Which, again,is 
one reason why we do the most overseas moves. 

I Please send me, free, your brochures on Moving Overseas, 

and vour Home Moving Guide, as well as your brodiures on: 
Moving to □ Australia n Canada; ; . 

□ New Zealand; □ S. Africa; □ USA; • 

□ Belgium; □ France; □ Italy; □ Holland; 

□ Spain & Portugal; □ Switzerland; 

D West Germany; □ The Middle EasL 


Name. 


Occupation. 
Address 


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\ Post to (no stamp required): 

Pickfords Removals Ltd, 

Head Office,FREEPOSX Enfidd,MddIesex EN1 3YB. 


F 1 4.3. 


P 

J 



REMOVALS. WFREIN YOUR PHONEBOOK 


- V 









Financial Times Saturday Marcff 4 1978 


HOME NEWS 


LABOUK NEWS 


Sharp fall in frozen 
vegetables sales 


Motor premiums Thames 
to rise for lm. water 


Denning criticises f 
immunity given 
to wildcat strikes 


ill 


by eric Short 


iU 


h 'If 


BY CHRISTOPHER PARKES 

SALES of frozen vegetables per eent. share or the U.K. increased interest in frozen ^ “rSJSi Sra dSing W7 “as^petzol 

have fallen this winter. Birds market to frozen vegetables, goods, but the interest was short- grange Gro unfa repaying on prices remained steady or have 
Eye and other leading processors regards the consumption cut this lived. arc race an czcrn Mwrctot for been reduced. 

S 2 HZ™ * .J 522 T 5 K. •JSZ r t JL JSE S 3 ?* «~t« u» of a* mnr «**. 


rise cut 


• BY PHILIP BASSETT. LABOUR STAFF 


over stocks m their cold stores 
of peas, beans and sprouts. 


The U.K Association of Frozen accepted the Price freeze philo- ! 
Food Manufacturers said the saphically. They had a record 1 


As a result, farmed who grow m">M» ‘1™* ’»>*" 52L5,,“ , !L3$& « I thMftom'Srtf U “is’iSe its SmplMeu“ora'oS“ 


h.dV insurance. of 1874- which caused motorists' 

i> fAiinvomt an The company has announced to reduce their driving has now 


by james McDonald 


THE THAMES Water Authority, 


for this year. sajf-s boomed. National Fanners* Union vege- mercial vehicle, rates by on levels pertaining before the charges for the coming financial 

Potato growers, loo. have been Good profits tempted ihe table committee, said that far- average 15 per cent. crisis. year -- 

warned by the Government to freezers to increase their intake mere could expect higher prices -guardian Royal . Exchange pat . Sun Alliance also said that: it The new charges will come 
limit planting this spring or face or vegetables for processing last only if the processors made Qp lts motor nteg ^ months ago is raising Its motor premium into effect "from April JL Com- 

a surplus and falling prices next year. The weather obliged and profits. But he warned that he ^ average 15 per cenL The rates from April 1 by an average pared with a proposed increase 

p,.„ w ^ „ n ^ bumper crops provided them with J ce t?,!2£ (1 an , > f2 ,e company has now .rerated its 12} per cent But the actual of about 15 per cent, fdr house- 

Birds Eje has ordered- a J) per ample supplies. tail prices during the coming premiums on an annual basis for increases will vary according to holders, the rise -will now be 

^ acreace plained Bui i he increase in output cn- reason. • several years and intends to keep location. about 10.4 per cent, and the 

wuh Bn^scls sprouts this mailed with a mild autumn and In a Parliamentary, reply a yearly -baste as far as pos- In some areas, It will rise by planned rise of l&fi per cent for 

season, a 30 per cent, reduction winter, which meant that fresh yesterday. Mr. Silkin. Minister of s ible, since it regards this as the as little as 7 per cent. In others, commerce ana industry has been 

!“*!?* sown with beans, and produce remained available and Agriculture suggested that far- fairest method of treating policy- it eonld be as much as 16 per reduced to about 10i8 percent 

a jo per cent, drop in pea pro- cheap. Shoppers reverted to mere should take “the prudent holders. cent Ihe company wasnotpre- But it was stressed at- the 

du »SE£'. r . . _ . buying fresh vegetables and Course" and reduce potato sow- The company, in common with pared to give more specific authority’s special meeting that 


LORD DENNING, Master of the 
Rolls, yesterday criticised the 
immunity given by Parliament 
to. unofficial and wildcat strikes. 

Addr essing the Holdsworth 
dub, whose members are law 
faculty staff and students of 
B irming ham University. Lord 
Denning said that wildcat strikes 
were called by groups who were 
answerable to no-one ana who 
were, he feared, sometimes led 
by those who had no sense of 
responsibility. 

People sometimes spoke of a 
right to strike as if it were one 
of the fundamental rights of 


contemplation or furtherin' 
a trade dispute." 

The definition of * - 
dispute was so wide that 
great stretches of human a 
the power to strike was 
limited. • • 

He sometimes wood 
though, .why Parliament 
extended that power fd cove 
official strikes; sometimes t 
contrary to union instruction 
to wildcat strikes which infl 
sudden and disastrous ii 
without warning. 

Lord Denning also criti 
the system of selecting eon 
directors, which be 


. . ;Vr 


Prices paid to farmers will be frozen food sales slumped. mgs by 13 per cent, “and thus ot her motor insurers has seen a details 
the same as last year. In January, a cold spell pushed avoid the problems which a heavy 1 

Birds Eye. which claims a 50 up prices of fresh produce and surplus can present.” 


Airline division has £!bn. 
ticket sales target 


Give pay guideline pledge, 
advertising agencies told 


BY JOHN ELUOTT. INDUSTRIAL EDITOR 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT tub •juvjskinmjunt nas demon- me uoi nas saia mac urc — win be about £4.75 - hd 

TICKET SALES of more than need to restore “credibility" in tect the aircraft availability and JJ* 22L|I!?^?S!Sii t 55 on the year to £36.75. compared 


THE GOVERNMENT has demon- 


the new reduced increases in 
charges could only be interim 

al 1 HO 111 aria A Under its constitution,, the 

LXUlw UXCUbV* Price Commission, until' its 

inquiry is completed b y Ma y 23, 
• j i. i cannot allow tbe authority’s esti- 
^T) pl AC TO III ■ mate— included in its original 
^ V^AV'»3 ll/lU. charges — of about £5m. antici- 

pated increased costs. - 

EDITOR For tile average London house- 

holder. tbe . increased • water 

Th. Col bu aid flat the *££?• 



Winders’ row could 


_ ‘"we «imu ui-cu iw icMviu utuiuim.v in iret ibk aiiujn avtuiduiu aua j-j „ . -i, nn « OH me year uo 

£500m. From tbe British Airways the market place. “As we all capacity we need for the 1978 ° ft 6 P* n tnr with the authority’s original p$o- 

t*.K. and Ireland division were know, 1977 was a year of one summer season, particularly for ?f (hiveramen: eon- esceed^the pay ^ildelmes or posai of about £37.50. •*. 

essential in this financial year if crisis after another, and the the Shuttle and other trunk t* 30 * 5 . by including advertising them own . _ r . F 

the airline was tn meet its over- people who suffered most were routes which suffered so badly agen ®l®^ , m . . the . .businesses ‘ C ^f? > Tw 5™^?- 

all financial target and be able our passengers and shippers, and last year. expected to pledge that they will has als o said that the agencies 

to afford new aircraft for its particularly those travelling from “ We art: also trying to lm- n0 * break the pay guidelines. are responsible for the, wages 

Heet. it was claimed yesterday. our provincial airports. - said Mr. prove connections from provin- . Ac ^ in 8 o° vnstrecuons from paid by their suocontractors. Hus 

Mr. John Norton, controller of Norton. ciai points into and out of Treasury, the Cenrral Office is one of the key points at issue 

the newly created U.K. and Ire- "Shortages of Tn dents caused Heathrow, and as the summer of Information has written to the in the talks between the Govern- 

land division, told staff yesterday many cancellations of flights develops, from Gatwich 1° main advertising agencies ment and the CBl which resume 

that meeting this sales target which particularly affected ** With the strengthening of the through which it places Govern- on Monday wltii a key meeting 


shut Doncaster pits 


Courtaulds cuts 
560 jobs 


BY PAULINE CLARK, LABOUR STAFF 


By Our Liverpool Correspondent 


was vital. It represented one-third customers wishing io make con- pound sterling against many ment advertisements In news- between Ministers and CBI MnRir mr,«» em wnrirm nuiet 
nf the total revenue budget of flections on to our long-haul foreign currencies, the financial papers and othet; branches of leaders. ' 

British Airw ays for 197S-79. mutes out of Heathrow. task of the U.K. and Ireland the media. These ’advertisements However, fears that the Gov- 10 . 

But equally important was the “We are determined to pro- division is also vital to the profit- cost a total flTm. last year. J0DS 83 8 re8U11 01 “ e «*vsure 


® NEWS ANALYSIS-NATIONAL ENTERPRISE BOARD 


A winner in the North 


BY JOHN LLOYD 


eminent would regard news- L“ “J^ uu S 

»aar«BSaa SsraffHaP 81 
fflsssr SKrass 

missed as unfounded by the CoL Wfl]es heard of^eir redtmdah- 
Agenaes checking on tills des tn a company statement yes- 
point have been told that they terday 

will not be held responsible for The ’company said it was clos- 
the wages rises awarded for lng the warp-knitting and dyeing 
example, by national newspapers, sections because of £3m. losses 


THE coal producing area around 
Doncaster yesterday came under 
threat of a strike by winders 
because of a dispute and early 
retirement 

The 90-strong National Union 
of Mineworkers' winders group, 
whose members operate the lift- 
cages at the surface of 10 pits 
tn the area, said they were issu- 
ing notice of a strike to start'in 
three weeks’ time if no solution 
to their grievances were found. 
The decision followed a ballot 
in which a big majority was said 
to have come out in favour of 
industrial action. 


Board seems — judging by bis past in South Africa, and that its been the lack of much competi- other market under their own 
form— to have picked a winner, suppiv time was about 18 months, tion. There are three companies brand names. 

The Board is subscribing for Mr. Allen, from bis twin in the "quality'* badminton Theeomoanvhasbeeninnova- 

n/nnnn..n.»k »( ... ..... ■ ■ e.u. tn _ IJK iub wru «»«»■ 


s meeting' may be .called 
Transport and General 
1 Union on Monday. . 


Allen, from bis twin in 


‘ quality ” badminton 


£140.00P-W0rth of convertible pre- vantage point as salesman and racquet field: Vieort; Carlton, a tj Ve jj,- Alien went 

ference shares in a company player, had spotted two trends, subsidiary of Dunlop, based in tQ the University of Newcastle’s 
called Vieort of London, which First, that badminton was Essex: and tbe Japanese com- TlanaHmunt W 


called Vieort of London, which ' First, that' badminton was Essex: and the Japanese com- Mpt^nurc iraT ^Dena rtm e nt*" Tor I .QrOPl" llATIPh mf\ iTV 

is. oddly, based in Newcastle becoming steadily more popular pany Yonex. aSSe S tiie ZE w hSi - ft" "vlll/ll iU U J 

upon Tyne. —it is now reckoned to be the There is. of course, a good b uS€S f __ ^ frames and he ° V 

The Board retains the option fastest - growing participatory deal of “ rubbish "—Mr. Allen’s desiened the shape of B fl* *1 j a 

of convening its shares into 3*2 sport in the country, with about description — imported from th head an # qe t'the balance of = l%/| nil /tAYIrATIlflr /lOCA 

per cent, of the equity, and 3m. players-and that there was India. Korea and Taiwan, g! ■ IyISIII CODlCIuDl C 21 S 6 - 

Vieon retains the right to buy a rapid swing away from wood '’Quality” is a racquet costing the racquets. - _ XTA.WAA VVULVAU^L VUkJ V 

the Board out. to metal frames. about £14: “ rubbish ” comes in He also had hft machines made ' j ■ • .. 

The decision was the first He resigned from Grays and. at £4. to his own specifications by a THREE JUDGES decided yes ter- Donald Hall, whose body< was 

investment approved by the with the backing of a friend. Aggressive selling has com pie- local company. The machine day that a case involving an found in the boot of a car at 

NEB’s new Northern Regional secured an £8.000 loan from mented the sparseness of rivals, bend the ainmininm. groove it alleged contempt of court by the North Berwick, Lot hian . 

Board, which began work in Lloyds Bank. Vieort markets through the main and punch. boles for the Mring. Daily Mail should be heard by On January ig, the Daily Mail 

January. It can scarcely have Vieort of London was set up sports retailers, multiples such Tbe export market; ■ which a larger bench of judges so that edited by Mr. English, had pub-. 


Although only a small group, 
the winders occupy key positions 
in tbe pits and their action eonld 
bring production to a complete 
halt in the last financial year, 
the area contributed some 7.7m. 
tonnes of coal to the total coal- 
field output of 30.6m. tonnes. 

Neither the Coal Board nor 
the NUM has yet received 
formal notice of the winders’ 
decision. But the group has a 


militant background. Only > 
weeks ago they organised a 
day strike over the bonus i 

Tbe winders complain 
having received a “ raw deal 
the outcome of recent nag 
tlons on bonuses and earl; 
tiremenL . 

Under the NCB product 
scheme coalface workers re< 
the highest bonus. Elsew 
underground miners take 50 
cent of that bonus while sw 
workers — including winder 
receive 40 per cent The 1: 
payments for the week en 
February 25 gave the t 
groups £20. £10 and £8 re* 
tively. 

Meanwhile in North Dc 
shire, the area incentive sch 
has caused a spate of stx 
affecting High Moor Colli 
□ear Killamarsh, where, al 
500 men are on strike, Tenis 
Oark Colliery, where sort 
men are not working, and 
land Colliery, where miners • 
yesterday returned to work a 
a two-day strike. 


Kodak withdraws threat 
over bonus payment 


FINANCIAL TIMES REPORTER 


manv qualms about its ‘invest- in Newcastle because nf govern- as Woolworth, and direct-mail already accounts for 40 per cent judgment in a 1959 contempt lished an article written by Mr. 
meni's future success. ment grants — interest relief, advertising, a particularly sue- of sales, is seen as the main case could be reconsidered. Davenport and Mr. Thompson. 


Vieort was started in 1974 hv employment and training grants, cessful area. growth area for the immediate Lord Emslie said in the High * he petition said. This article. 

Mr. Allen, then 26. A South Initially, it employed seven Even more profitable, because future. ' Court in Edinburgh that there together with a photograph of 

African, he had sold racquets people. there are no promotion or sales Indonesia, Scandinavia; and were reasons which would former Labour MP Mr. Walter 


there for Craws of Cambridge. It is now capitalised at about costs, is the production increas- Holland have been selected as justify another look- at the Scott-EHIot with his. wife 
takmu ;< few months* sabbatical £500.000. employs 120 people, has ir.gly undertaken for other roanu- Vieort targets. ' l-previons judgment — Stirling v. Dorothy, comprised the whole 



investment 
^ ! opportunity combining 

ormanee and sceuritv 


FLEXIBLE 



Piccadilly Unit Trust Management and The New Zealand Insurance Company 
(U.K.) Limited have combined their experience worldwide to enable the 
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Associated Newspapers. front page and continued on 

P M?. K^Lth Cameron. QC. for 
Associated Newspapers, snb- 
nritted that Mr. Hall had not 
c* 1 ®*?® 1 at the time of pnhli- 
port and Mr. Frank Thomson. ca y 0n an g that consequently 

ttcre bad been no ctotem P t - He 
3JKS3S StaSS* said a considerable amount of 

fe £°s the course of justice, information published in the 

Tbe judges • dismissed the newspaper came from Press con- 

petition so far as it applied to ferences held by police. 

Mr Sft TiJ « e K«4 »«n general pnbli- 

:« a?« £ z&AviX 

»?iflrs? I S 3 K ntS'Z 

53,. alleged that a report in -the fr related to contempt and in 
newspaper on January 19 might aakfw o%er in S 

S^^ated impressions which Mr. Davenport and Mr. 

would seriously prejudice his Thompson, 
trial. 

The petition, alleged that tbe • In Stirling v. Associated News- 
Mail report constituted “ a gross papers in 1959, the editor of the 
interference with tbe course of Scottish Daily Mail was fined 
justice.” It staled that Hail was £500 and Associated Newspapers 
detained by the police on Janu- £5,000 for contempt after a peti- 
ary 16 in connection with inves- tion was presented on behalf of 
tigations into the killing of a man accused of murder. 


KODAK DIRECTORS have with- 
drawn their threat not to pay 
their 11,000 employees £4. 3m. in 
bonus payments. 

On Thursday the company had 
suspended average payments of 
£400 because of - unofficial indus- 
trial action by workers at its 
Harrow and Kirby plants. 

But after nine hours of tough 
negotiations yesterday, Kodak 
agreed to reinstate the bonus 
payments and in return the 


Kodak union leaders hare agr 
to urge Kirby and Harrow 
return to normal working. 

The unions have also agr 
to make strenuous.,. efforts 
'ensure that in future Ko^"" ■■ 

workers act within -the. agr, 
nmrednre. ■ 


procedure. 

A statement issued by mass 1 
ment and the union did not 
dicate what will happen if ' 
workers do not accept un. 
advice to work normally. 


-El: A 1 


Railways pitting section 
against section-Buckton 


PERFORMANCE . ... * 

Piccadilly Unit Trust Management Limited are members of theUnit^ Trust Association ana_ manage a ritpriber- 
or unit trusis covering a wide range of investment requirements. An active investment policy is pursued and, - 
three funds feature among the top thirty unit trusts over the past twelve months. 


SECURITY J- ■ ' X 

The New Zealand Insurance Company (U.K.) Limited is a wholly owned subsidiary of the New Zealand 
Insu rance Company Ltd., which was established in New Zealand in 1859* NZI’s Report and Accounts ^dated • 
31 May 1977 shows a net premium income of NZ$ 124.3m (,£69.501 approx.) and a -record net profit of 1 
NZ$7.8im (^37m approx.). Its shares are quoted on the Australian and New Zealand Stock Exchanges and 

the market capitalisation on that datewas more than NZ$37m (£20.702 approx.). "| 


Malaysian Concorde 
talks to resume 


MR. RAY BUGKTON. general 
secretary of the train drivers* 
unibn ASLEF, warned the 
British . Railways Board yester- 
day that peace would not be 
achieved in the rail - industry by 
pitting section against section. 

. ASLEF’ s threat of a strike .was 
called off this week but the dis- 
pute is still simmering. Mr. 
Bnckton said that by making tbe 
offer to pay-train guards, which 
is at the heart of the dispute, 
the Board had “ decided to turn 
the dock back.” - • 

By pitting section against 
section, the Board would create 
an industrial relations climate 
disastrous .in a nationalised 
public service industry. 

The warning, made in the 
ASLEF union journal. Indicates 
that tbe resumed rati pay talks 
could see some tough bargaining 
as. ASLEF tries to restore dif- 


ferentials lost In the last tin. 
years of pay policy. 

Mr. Buckton claims that '' 


Board has eroded the prindp 
and spirit of a Railway Si 


and spirit of a Railway Si 
National Tribunal • deds) 
nearly four years ago calling l- 
the consolidation of all bus. 
payments, including those : 
guards. 


Steel workers 


return 


A TWO-WEEK strike by- 
engineering workers which 
crippled tbe Ebbw Vale 
plant in North Gwent is over. 1 
men, members of the An\^ 
gamated Union of Engineer 
Workers, called off the strf* 
yesterday in the light of talks'! 
be held early next week. 


BY OUR AEROSPACE CORRESPONDENT 


Radio officers end action 


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basis (Piccadilly have 3 trusts in the top thirty 
performers for 1977). 

■ A choice of seven different Funds from which to 
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■ Facility to switch, quickly and cheaply from one 
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■ Tax efficient income - by way of a quarterly 
withdrawal facility of between 5% and 10% a 
year (for investments of £2,500 or more) » 

■ Added life assurance benefits. 

■ Share Exchange Scheme — enabling the ex- 
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a bolding in any of the Funds without incurring 

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■ Quarterly bulletins providing regular informa- 
tion on the investment strategy and performance 
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■ Tax advantages: 7 

In most cases no tax payable by basic rate tax ' 
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Favourable treatment ibrhigher rate tax payers. . 
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the Client Services Manager at 01-638 0801; or 
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j Address. 


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MPFT.VS # 78 


'ICCADILD 


TALKS BETWEEN Britain and day. to continue refusing Con- 
Malaysia about Concorde flights corde permission to overfly 
through Malaysian airspace to Indian territory supersonically, 
and from Singapore are to be Concorde has never flown 
resumed next week in Kuala across India. During both the 
Lump nr. proving flights for the Singapore 

Mr. George Rogers, Department service and the fare-paying 
of Trade under-secretary respan- passenger services last Decem- 
sible for airline route negotla- ber, Concorde flew round the 
dons, will be meeting Malaysian southern tip of India and Sri 
officials on his way back to Lanka, completely avoiding both 
London from discussions in countries. 

Australasia. Permission to .overfly India 

Concorde flights to and from supersonically had been sought 
Singapore have been suspended by Britain because it would cut 
since December, after only three the time and fhel consumption 
round-trips between Bahrain and involved In flying south of India. 
Singapore, because of Malaysian thus Improving Concorde’s pay- 
objections. These are ostensibly load on the Bahrain -Singapore 
on environmental grounds, bnt sendee, 
many aviation observers believe Without this overflying, the 
that other factors <are also payload would have to he 
involved. restricted, especially during the 

One Is Malaysian dlssatisfac- very hot monsoon periods, to 
tion with the Anglo- Malay si an enable more -fuel to he curried 
bilateral air agreement - It is for the non-stop journey, 
believed that Malaysia wants -. Supersonic overflying of India, 
additional flights into London .although desirable economically 
and Hong Kong. . and technically, is not essential. 

If tbe talks are successful— however. British Airways and 
and according to Mr. Donald -Singapore "Airlines can continue 
Hawley, British High Commis-.the flights as they began them, 
si oner In Kuala tamp m -, the by making the detour of several 
U.K. is “ optimistic Gen corde hundred miles, 
services could be resumed The supersonic corridor sought ; 
quickly, possibly before Easter, across' India would have run 
They will not be affected by from north of Bombay to south 
tbe decision of the Indian of Madras and would have 
Government, announced y ester- taken 20 minutes to cover. ! 


INDUSTRIAL action by radio union bad called for stepped- 
officers working on North Sea oil action by its members, 
rigs has been called off after After a series of eonsultatit 
settlement of a dispute over pro- with the Employment Deps 
ductivity payments. ment the company said yest 

,Tfce Radio and Electronic day that the radio officers woi 
Officers’ Union agreed to end receive the Phase Two pay . 
the nearly two-week work-to-role crease awarded to Bloch: 
by 44 radio officers after Marconi Navy radio officers backdated 
Marine management agreed to last June. t 

bring tbe officers under last They would also benefit 
years National Maritime Board 121 to IS* per cent productiv 
pay award. Only a few hours be- Increases dating from Ntfte 
are settlement was reached, the bear. -.sr 


Storekeepers continue strike 


G£C STOREKEEPERS; on strike 
for three weeks over a pay claim 
which the company says is above 
the pay guidelines, voted yester- 
day to contiime-lhe stoppage 
The 300 strikers, who have 
rejected mediation and arbitra- 
tion. offers, do not meet again 
until next Friday. They want a 
SUBS, flexibility allowance In 


addition to a 10 per cent ? 
increase. 

The company says it c ihr 
offer more than 10 per cent i 
fear of losing Post Office te 
communications eqnlpmc 
orders. ..... 

The strike has halted prom 
tion at GECs four factories 
Coventry and 2,500 workers ha 
been laid off. l ’ •* 


Aerospace staff discuss tactics - 


THE executive - of tbe British 
Aerospace Staff Association meet 
to-day -to consider the possibility 
of taking industrial, action on 
British Aerospace sites over 
recognition and a participation 
plan. 


A non-co-operation pbj* 
which the association's- 2,u 
members could be asked !&.£. 
into practice, would hit ™ 
engineering jobs in the airer* 
and missiles sections of Brini 
Aerospace, 


i \^f>^ Q*' 



Financial- Times Saturday March 4 1978' 


Iticlses 

iven 

strik 


THE WEEK IN THE MARKETS 





{•I'.V 

iiw 


iti.il 

S» 

HS'i 


it... ^ 


fc$ 



equities 


)W 

ster pi 


Investment demand suffered 
i a week of growing industrial 
nresr and a warning from the 
iivemment that the estimated 
-■ rowth in GDP for 1978 might 
at bo met. For the bulk of 
’ «p week markings fell well 
-low the 5,000 mark. 

For the first three days 
luities meandered along 
uietly allhough the small gain 
r'n Tuesday was the first for 
■ -ven trading days. But the 
.me changed drastically on 
hursduy. following the Govem- 
■ »pnfs announcement together 
- *ith the poor results from EMI, 
ini the Financial Times Indus- 
' ial Ordinary Index fell over 
■h points. A better showing was 
.’ -en late yesterday but again 
ilerest was minimal 

7 MI shaker 

. EMI’s first-half performance 
esembled that of a quality 
■:.?cord being played at- the 
..■rang speed. The potential for 
•weet music is there but the 
: ound currently coming out is 
11 wrong. - . 

In the first six months group 
refits almost halved- as cam- 
med earnings from EMrs 


The music divisions have also 
had a tough time. The business 
has traditionally worked on the 
principle that half the records 
sold in any one country are 
locally produced: the rest are 
imported sounds. In earlier 
years UJK. artists, such as the 
Beatles, have taken a lion's 
share of this market— to EMTs 
benefit. Currently U.S. artists, 
aggressively promoted by the 
Warner and CBS labels, are in 
ascendancy. ; 

Capitol, which is EMI’s record 
company in the U.S., appears 


LONDON 


ONLOOKER 


250 



110 


1976 


1977 


1978 


coni rincipai divisions, music and 


aw 

VHU'iil 


lectronics slumped by 58 per 
ent. Prospects for the second 
alf look grim. Group chair- 
man. Sir John Read, ironically 
bid a meeting of institutional 
nvestors' and ;; advisers in 
london yesterday that EMI’s 
econd half may be as good as 
...he first — it might-even be a bit 
\ etter. 

Electronic profits in the first 
. ix months slid from £ 1 2.25m. to 
- l.3m. and one broker yesterday 
' slim a ted that worldwide losses 
mm EMI’s scanner business 
•lay have been between £2£m. 

• i. £3m. 

These may have been even 
. lighcr in the UiS. where the 
roup has faced increasing com- 
'eiiiion in a market which has 
, *een seriously damaged by the 
barter administration's restric-. 
i ve policies on medical expen- 
1 1 tore. In addition EMI has 
act'd beavier-than-anticipated 
o.>i s for up-dating existing 
i\inners under its one-year 
warranty scheme. - 

EMI believes, that it is over 
he worst of these costs and has 
a ken steps to reduce its heavy 
•vrrheads by cutting its US. 
.tanner labour ■ force from 
round 780 to 820, and will 
•wuluaUy reduce this to 500 — 
hunt half of which will be in 
he field, on self-financing 

, . *U-eiTicc work. 

> Mill However, competitive forces 
re .Hull mounting, there are now 
-1 rival suppliers of scanners in 
he U.S. alone, and elsewhere in 
he world other competitors are 
• merging. Some mil] eventually 
all by the wayside but It may 
ake as long as two years for ihe 
narkft to settle down: - 


to lack big name stars and has 
currently been left behind in 
the race. It has been spending 
hard on new talent. (and there 
are plans to launch, a new 
record label) in' a Did to catch 
up and this has . further 
depressed its figures.-. 

The potential for the music 
and scanner businesses is great; 
it is just a question of getting 
in the right groove. 

Jobbing betrothal 

The Monopolies Commission 
gave the go-ahead to the plan 
of two leading jobbing; firms. 
Smith Bros, and Bisgood Bishop, 
to merge. But - whether, after 
this enforced pause for- reflec- 
tion. the two will actually make 
it to the altar remains subject 
to negotiation, for the original 
terms are how obsolete. 

Despite the dwindlingiramber 
of jobbers now making markets 
on the Stock Exchange-floor, 
the Commission bought, the 
argument that there was a rela- 
tively small overlap in the 
ranges of shares dealt "in by 
both firms. It also accepted 
. that a third big jobber in the 
share market might challenge 
the dominance of. Wedd 
Dor lacier, and Akroyd and 
Smithers. Finally, there was 
the chance that the merged 
firm would be in a better posi- 
tion to compete in the. interna- 
tional security markets and thus 
boost the City's invisible earn- 
ings. . •_..... . 

This last point raises the 
question • as to how joining 
firms can gain access to the 
international markets. London's 
Stock Exchange is almost. aIon% 
.in imposing rules that* hi 
theory, deprive its market 
makers of all contact with -the 
outside world except through 
its member-brokers. The lure 
of international securities 
business, where firms tend to 
combine the function of 
market-maker and broker, has 
encouraged jobbers to find loop- 


holes in the rules that allow 
them to ' deal directly with 
foreign security traders. This 
has led to tension between job- 
bers and brokers in London. 

The Exchange is now moving 
towards a change in the rules 
that will give greater interna- 
tional freedom to the jobbers. 
But each step in this direction 
makes the separation of brokers 
and jobbers in London appear 
more vulnerable. 

BP projections 

BP’s shares are languishing 
around 720p. their low for the 
year, with good reason. Analysts’ 
forecasts have been pulled back 
steadily since the middle of last 
year. ‘ And Tuesday’s reassess- 
ment by the New York broker- 
age house Wertheim highlighted 

THE TOP PERFORMING SECTORS 
IN FOUR WEEKS FROM FEB. 3. 

% Change 

Insurance Brokers -f- <8 

Tobaccos — 0.1 

Breweries — 23 

Chemicals . — 23 

Insurance (Composite) — 33 

Mining Finance — 13 

THE WORST PERFORMERS 


All-Share Index 


- S.l 


Contracting and Construction — 8.7 
Shipping " — 93 

Merchant Banks —10.1 

Entertainment. Catering —103 

Hire Purchase —10.4 

Newspapers. Publishing- — 17 j4 

the trend that some London 
brokers have already been 
anticipating. 

Wertheim's reassessment led 
to a temporary suspension cl 
BP's U.S; associate Sohio. and 
a subsequent drop in its share 
price'cf over $5. In London BP’s 
shares^ropped 6p to 720p. 

The specific problem with BP 
centres on its U.S. output where 
Sohio has\pnly been able to sell 

180.000 barrels a day into the 
West CoaSt market against 

250.000 b.<L hoped for, while 


transport costs have been higher 
than anticipated. 

As a result earnings per share 
from Sohio have been pulled 
back from around 65p-70p to, 
taking a conservative forecast 
40p a share. 

All this and the disappoint- 
ment with the Forties field not 
reaching its planned 11 per cent 
increase in volume, together 
with weak oil prices, poor 
market conditions for the 
chemicals- operations. and 
adverse currency movements, 
now means that BP could turn 
out earnings of ZlOp a share for 
1978. against earlier forecasts of 
up to 2O0p. 

Composites shine 

It was all smiles this week 
when the three composite 
insurance companies with big 
U.S. interests reported tbeir 
1977 results. For each one. 
Commercial Union, General 
Accident and Royal had good 
news to report from this 
problem territory. CU and 
Royal returned to underwriting 
profits while GA bad only a 
small loss— the final quarter’s 
business in each case proving 
extremely profitable and result- 
ing in market forecast of earn- 
ings being too low. The out- 
look for this year in the U.S. 
continues to look good, indicat- 
ing even better results for these 
three companies in 1978. 

The U.S. Turnround more than 
compensated for adverse results 
in some other areas of opera- 
tion. Holland is proving a most 
unprofitable territory in which 
to. operate, and continental 
Europe as a whole is unexcit- 
ing. Results in the UJC. from 
the three companies were 
patchy, with motor business 
turning sour in the second half 
of the year. Meanwhile ClTs 
share price continues to shine 
in a sector that has generally 
marked time with the all-share 
index this year. 


MARKET HIGHLIGHTS OF THE WEEK 


U.K. INDICES 


|JL! 


nd. Ord. Index' - . 

Price 

Y’day 

4363 

Change on 
Week 
- 8.0 

1977/8 

High 

5493 

1977/8 

Low 

357.6 

Contd. fearj about o’seas earnings 

ict-clum 

583 

-30 

693 

372 

General trend 

».P. 

724. 

-30 

966 

720 

.Bearish view of Sohio associate 

lury and Masco 

93 

+13 

98 

44 

Bid from Scapa Group 

Davenports’ Brewery 

100 

+11 

102 

40 

Revived bid speculation 

;Ml 

144 

-21 

254 

141 

Poor int. figs ft bearish forecast 


I 






■jsons 

Cl 


340 


+10 


397 


280 


Ahead of Monday's results 


nt. Pacific Securities 
.unaica Sugar 
Penning M otor - 
Inott Mill 


_33T_ 

_ 736 


- 8 


446 


325 


General trend 


145 


97 


Unltiatton plans 


.illcy (FJ.C). 

<Hh and Alien Inti. 
Top. Inv. and Finance 


J 8 _ 

_65J 

2DJ_ 

61_ 

_155_ 

102 


+ «i 


25 


Compensation hops 


- 5 » 
+ 4* 


84 


49 


Profits warning 


21 


Speculative demand in thin market 


Average 
week to 

March 

3 

Feb. 

24 

Feb. 

17 

FINANCIAL TIMES 



Govt. Secs. 

74.41 

7435 

74^1 

Fixed interest 

77.42 

7733 

7737 

Indust. Or«L 

4393 

450,4 

459,4 

Goid Mines 

1613 

1583 

1553 

Dealings mkd. 

4J97 

4319 

5,674 

P 

FT ACTUARIES 



Capital Gds. 

190.50 

19633 

20031 


—16 


89 


34 


■ Persistent small selling 


+10 


158 


25 


Excellent first- half profits 


+15 


105 


85 


+10 


93 


_40_ 

30 


Castfemere Props, projected bid 


Consumer 

(Durable) 


17532 18033 18437 


Cons. (Non- 
Durable) 


18075 185.11 18847 


Friends Provident buys stake 


jfnd. Group 18739 19235 19073 


r; 


cdswick Forbes 

345 

+25 

394 

225 


500-5hare 

204.97 

27231 

^1730 

c 

Q 

l 

O 

c 

157 

-33 

255 

122 

-North Sea benefits downgraded 

Financial Gu. 

15530 

15739 

160.91 


181 ; 

-15 

252 

130 

Ini frmt oF and after results 

All-Share 

19230 

19735 

200.99 ' 

'sntona 

109 

- 9 

132 

77 

Profits standstill 

Red. Debs. 

6033 

6 LI 2 

61,40 


Lugubrious 


rm 


LQOOh 


NEW YORK 

March 3 
JOHN WYLES 


SNOW IS FALLING again in 
New York to-day. clouding both 
the .city’s skyline and the 
nation's economic prospects. The 
economic statistics published in 
Washington this- week have not 
been good and have confirmed 
the lugubrious view of the 
, world down on the New York 
Stock Exchange. 

The Government’s index of 
leading economic indicators 
which is regarded as the most 
potent harbinger of future 
economic activity plummeted L9 
pef cent' in January. This was 
the steepest plunge in three 
years and was not unexpected in 
view ■ of ' the severe January 
storms 'which have so severely 
disrupted the nation. The 
February statistics will almost 
certainly be similarly affected 
with the result that it will be 
virtually. impossible to discern 
whether the underlying health 
of the economy is sufficient to 
produce the 4.5 to 5 per cent. 


real growth expected by the 
Carter administration for this 
year. 

The coal miners strike will 
also distort the figures for the 
first quarter but however much 
the miners and the weather have 
dragged the economy down, the 
Administration expects a 
sufficiently vigorous bounce back 
to justify its expectations for 
the year. From the investment 
point of view the irony is that 
if the economic indicators 
could have been taken at their 
face value they might have pro- 
vided the first stimulus needed 
to stir the stock market out of 
its lethargy. 

However optimistic some 
analysts may be that the techni- 
cal basis for a powerful rally 
may just be boving into view, 
there is plenty of evidence to 
suggest that stocks are unlikely 
to move upwards until the 
market’s pessimistic view of the 
future of the economy is proved 
justified. 

In other words tbe market, 
whose predictive powers the 
wags say have pointed to nine 
of the last five recessions needs 
to be proved right before money 
starts to flow into equities. A 
few other things also need to 



500 


1975 


1976 


3977 1978 


happen, of course, including 
stabilising the Dollar abroad 
and curbing inflation at home 
(in January the seasonally 
adjusted annual rate of infla- 
tion was 8.4 per cent.). Rising 
prices and the failing Dollar 
are both regarded as potentially 
powerful stimulants lb short 
term interest rates. 

There is little doubt that the 
institutional money which so 
many analysts believe ought to 
be purchasing equities is at the 
moment sitting on the side lines 
in various forms of cash equiva- 
lents waiting for an interest 
rate peak. Despite the fact 
that price earnings multiples 
have not looked better for 


years, many institutions are still 
restructuring their portfolios at 
the expense of the glamorous 
group— International Business 
Machines. Texas Instruments. 
Philip Morris, National Cash 
Register et al. Despite their 
widely predicted decline 
secondary stocks arc still 


attracting money and 

are hold- 

ing remarkably firm. 

but this 

group could 

well take sick 

through profit 

taking 

over the 

next few weeks. 



Close 

Change 

Monday 

74034 

-7.89 

Tuesday 

742.12 

— 6.73 

Wednesday 

74333 

+ 737 

Thursday 


- 3 >2 

Friday 

74731 

J 0.C6 


To the end of the rainbow 


THERE WAS a note of defiance, 
a touch of desperation even, in 
the annual statement of Mr. 
Edwin Carter and Mr. Charles 
Baird, the chairman and presi- 
dent of Inco, the Canadian group 
which is the world's largest pro- 
ducer of nickel. 

rf We remain convinced that 
nickel is not going out of style ” 
they said. They could scarcely 
say anything else if they were 
to mollify nearly 80,000 share- 
holders, especially as they are 
sitting on top of a stockpile of 
341m. lbs of nickel worth some 
$682m. (£3 5 2m.) at current 

prices. * 

Inco’s stringent retrenchments 
to preserve its financial position 
are now part of history. Allied 
to a near halving of capital 
expenditure to $220m. 
l£113.4m.) this year as their 
Indonesian venture is completed, 
they should allow the group to 
end 1978 in better shape than it 
ended 1977. 

But the heady expansionist 
days of the early 1970s look as 
far away And as difficult to 
reach as the end of the rainbow. 
Certainly a dramatic improve- 
ment in the market position is 
ruled out. “We believe there 
will be some increase in the 
demand for nickel in 1978, but 
it continues to be extremely 
difficult to foresee market 
developments,” stated . Mr. 
Carter and Mr. Baird. 

The group is receiving .an 
average of $2 a pound for 
nickel at the moment, which is 
17 cents less than the average 
for 1977 and is roughly at the 
level for 1975. Even this price 
is at a substantial premium 
over the free market price 
of S1JB4. , 

loco’s problems are the prob- 
lems of the international in- 
dustry writ large. The cutbacks 
in Canada have been matched 
by difficulties ' in Australia, 
which' have shown up in the 
latest figures from Western 
Mining Corporation and Metals 
Exploration. 

Itr the 2S weeks to Januaiy, 
Western Mining’s nickel sales 
were 21 per cent, down on the 
same period of 1976-77 and the 
prices received were lower as 
well. The group is fortunate in 
its investments in gold and 
aluminium, revenue from which ' 
ill come through more 
Irongly in the second half. 

But for the first half there 
as a sharp drop in' net profits 
> AS 5.8m. (£3 .4m.) from 


period of the year before. For 
shareholders the result has been 
a halving of the interim divi- 
dend to 1.5 cents (ORSp). A 
total of 6 cents was paid for 
1976-77. 

Metals Exploration is a 
partner with Freeport Minerals, 
of the UR. at the Greenvale 
Iateritic nickel venture in 
Queensland. Last year it de- 
consolidated its operating sub- 
sidiary at the project to avoid 
distorting the parent's accounts. 

It was just as well. The 
subsidiary lost $A6.92m. 


MINING 

PAUL CHEESERIGHT 


(£4. 05m.) in the six months to 
December, against A$7.08m. in 
Ihe first half of 1976-77. Tbe 
parent managed a net profit of 
AS223.000 over the same period 
after having a loss of AS3.000 
in the six months to December 
1976. But there are no divi- 
dends. 

With its technical problems 
and heavy debt, which was 
restructured last year, Green- 
vale's position is bleak 
although it is now selling 
enough nickel and cobalt to 
cover operating costs and mini- 
mum interest payments. 

Freeport is doubtful 
whether it will ever make 
enough money from it to cover 
its investment. “It is not 
possible to determine whether 
in the longer term Freeport 
will be able to recover all its 
costs,” a spokesman said this 
week. Of course it all depends 
on what is meant by the longer 
term. 

The general impression, in 
the industry is that the nickel 
market is likely to remain, slug- 
gish at least until 1980. After 
that projections become 
extremely tentative, but Amax 
of the U.S., a relative newcomer 
to 'the industry, has sufficient 
faith to sign a contract for a 
joint venture developing a 
deposit in northern New 
Caledonia. 

The project could cost more 
than SoOOm. (£258.7m.). It will 
be run by Cofremmi. which is 
presently 90 per cent, owned by 
Bureau de Recberches Geologi- 
ques et Mini e res. a French 
Government agency. 


For the venture, this 90 per 
cent, stake will be held by a 
new company in which Amax 
will have 49 per cent, and 
BRGM 5 per cent. This sug- 
gests that there will be a search 
for another investor of the same 
optimism Amax is showing. 

Nickel's twin in depression is 
copper. The lower earnings from 
Lornex, the Canadian producer, 
announced last month, have now 
been reflected in figures from 
Rio Algom whose stake is 62.7 
per cent 

Rio Algom is a Canadian unit 
of Rin Tinto-Zinc of London and 
best known as a uranium pro- 
ducer. Last year its net earn- 
ings were C$42.8m. (£19.9m.), a 
significant rise from its 1976 
income of C$31.6m. The earn- 
ings would have been higher 
but for Lornex, because revenue 
increased from uranium after 
the re-negotiation of contract 
prices and even steel operations 
produced more revenue. 

Uranium production is being 
increased at Rio Algom's Elliot 


Lake properties to meet con- 
tractual comoiibnents. but its 
interest in nuclear fuels 
stretches to Namibia (South 
West Africa) because of a 10 
per cent, stake in Bossing 
Uranium, where work con- 
tinues on building up towards 
full capacity. 

In the markets 

The bullion price has re- 
mained above S1S0 an ounce, 
closing yesterday at S183.875. 
helped by the fluctuations of the 
dollar and the latest Inter- 
national Monetary Fund auction 
where the price obtained was 
SIS! .95. Bui gold shares have 
been relatively subdued, 
although tbe undertone has been 
firm. 

Moves towards an internal 
settlement in Rhodesia have not 
provoked much interest in 
Rhodesians. Tins have been in- 
active, apart from Saint Piran, 
while Australians have been 
quiet 


y-Ly V .* 

p^l 5pt3persljare 


3 4 



EARNINGS PER 
SHARE OF-M 
STOCK 

*73 '74 '75 '76 ’77 


iONn.uBNiNBs;; 

pp'jwjw#;-''. 

H 



t i * 


PARIS 

DAVID*. CURRY 


'HE MUST active issue on the 
>aris Bourse over ilie past few 
aunllis has been the ticket 
li'iiribution in the underground 
dr park. Above ground, 
icspite flurries around a small 
lumber ,nC shares, bonds and 
,oUl market, activity has been 
lUifreably slack. The main 
,-ftson for tills is the general 
• lection dun in eight days" titne, 
<r.. It* get Frenrh priorities 
sfitt, one day after ihe crucial 
■sumeAVales Kusby match at 
lardiff Aims Par!: which will 
lende whether France *5 to 
epeat the grand plant. 

' • But the election is not the 
i-* 1 ' inly reason, arid it is as well 

0 .he clear that it will take 

than a government victory 
n a foruimhi's time, io breathe 
■iewWifc into the Bourse, even 
ihmigii uiai would certainly 
selp,; 

1 tHo first problem is that, 
imfif the government wins, a 
scried of severe tension on. the 
industrial relations front is 
sxperted. It b sometimes said 
„tiiat French elections take 

;!.$»» ju three rounds: the first 
i* which is .* referendum, the 
|ccdqd which is the winner* 
UdttSHiU run off. and the third 
hi which Ihe Trades unions 
decide whether they like the 
IVslllL - . 


A conservative victory follow- 
ing upon an almost certain left- 
wing popular majority in the 
first round of voting would 
endow this protest with a 
certain spuriom legitimacy- But 
even without such a wave of 
protest there ore serious doubts 
as to whether a conservative 
government could stick to its 
austerity programme. 

In particular, an acceleration 
of purchasing power (demanded 
by Ibe Gaullists), a deliberate 
effort -to push up the lowest 
salaries (already been promised 
by the centrists to try to counter 
the Left’s spectacular promise 
to raise the minimum wage by 
37 per cent, overnight) and con- 
tinued sharp restrictions on 
price rises can all be expected 
from a new Giseardien govern- 
ment- 

Leaving aside the rather 
vague presidential plans for 
company reform, the prospect ia 
one of very poor profitability 
for French enterprises. The 
leading private company JQ 
France. Saint- Gobain -Pont- a- 
Mnusson, reported group results 
Iasi month with the acid com- 
ment that it was making , half of 
its 'sales (of Frs.31bn. or 
£3.37bu.> in Franco, a qimrter 
of its cash-flow and only £P er 
cent, of its profits here. There 
arc also certain structural P 10 / 1 " 
leras hurting the Bourse and the 
main one of these is the differ- 
ence In tax treatment between 
shares and bonds. 

For The French Bourse is 
dominated by fixed interest 


issues. The rights issue is rare, 
aind the convertible hardly more 
common. Last year, for example, 
Fraolbn. was raised on the 
fixed Interest market and less 
than Frs.lObn. in shares. As for 
transactions, in 1977 (which got 
off to a bad start with the land- 
slide victories for the Left at 
the March local election?) the 
global amount was 12.5 per cent, 
-down- at Frs.48.16bn, while 
shares transactions were 183 
per cent, lower on top of their 
-already groggy decline of 14.5 
per cent the previous year. 
Again, last year share dealings 
represented barely more than 
45 per cent of total transac- 
tions. What irritates the Bourse 
i£ that the tax structure favours 
bonds over shares. 

TThe Government's own finan- 
cial needs lead it to attach use- 
ful lax incentives to bond- 
holding. while the bete-noire of 
the Bourse in some sense is the 
possibility for the holders of 
substantial parcels of fixed 
interest securities to separate 
this income completely- from 
their' normal revenue and pay 
a fixed-rate 25 per cent tax on 
it, after deducting the first tax- 
free Frs.3,000 of income. 

-Shares earn a tax bonus of 
50 per cent, and the Bourse 
has * been knocking at the 
Finance Ministry's door for 
years seeking to match the Ger- 
man lOO per cent, bonus. But 
while the reception is 
invariably favourable the posi- 
tive results are nil. as they will 
c ontin ue to be while wage con- 


trol forms part of economic 
policy and general austerity is 
tbe order of tbe day. 

A further factor in the. 
Bourse's eyes, is that a .con- 
siderable part of industrial 
investment is financed by 
specialised lending institutions 
in the public sector, which 
themselves raise money on the 
bond market under State 
guarantee. The Credit National 
falls into this category while a 
number of companies in par- 
ticular sectors, notably steel, 
have their own joint money- 
raising arm operating on the 
fixed interest market In other 
words, they act as inter- 
mediaries which make it 
unnecessary for concerns to 
approach the stock exchange 
directly for funds. 

This is a gloomy redial, so it 
is only fair to add whatever 
silver lining can be detected. 
The first is the fact. that since 
the war. during France’s 
remarkable economic growth, 
the property market has been 
a considerable consumer of 
savings. Now, with France 
fated to share the average 
growth rate of the industrial 
world, and her deficit in the 
bousing field to some extent 
made up. there is some hope 
that the Bourse can .attract 
money looking .for long-term 
placement. 

The second is that companies 
are. now so over-indebted 
because of the traditional 
preference for raising money 
through debt that their capital 



Marehaj* and Mitterrand: stock questions. 


structure is severely unbalanced 
and their own resources stand 
in need of replenishment This 
gives the market hope that the 
bourse may assume more 
importance as & provider of risk 
capital. 

But what about that Genera] 
Election? The Bourse CAC index 
reached its low point on May 10 
last year at 50.4. The first hope 
dawned with September’s break- 
up of the Uniion of the Left. 
compromising the Inevitability 
of a left wing election victory. 

By year's end the index was 
at 59.9 and it. has since moved 
erratically within small margins 


to begin March at 58.4. In Feb- 
ruary, with the- attack on the 
franc contained, transactions 
were 19 per cent up on Janu- 
ary and more than 50 per cent 
higher than in February 1977. 

Some of the recovery is due 
to improving prices for "basic” 
shares like St-Gobain, Radar, 
and Guyenne et Gascogne. The 
superstars have been the 
electronics, engineering and, 
above all, missile manufacturer. 
Matra whose strong profits and 
order books (foreign customers 
getting in before the left starts 
being too inquisitive) moved. the 
price from Frs.500 to Frs.1,400 


a before it settled back to 
1 Frs.1200. 

Some of tbe “ national isation- 
' ablcs” have also found takers 
because of the attractive yields 
offered by rock-bottom prices. 
Paribas, the financial group, was 
yielding 13.5 per cent at one 
point, enough to tempt institu- 
tional investors to take a 
gamble on the election result, or 
at worst, face a left wing 
Government in the virtuous 
position of having bought 
French, 

Carrefour, Peugeot, Terrier, 
and Ski 5 Rossignoi, the last 
three with strong foreign earn- 
ings. have stood up well while 
tbe options market has been the 
liveliest part of the Slock 
Exchange. 

The fixed interest primary 
markets have barely stayed alive 
over the past few weeks. Inves- 
tors are keeping their powder 
dry and even State-backed issues 
don't tempt. Charbonnages de 
France’s Frs.600m. (yield Ii.17 
per cent.) proved singularly 
non-combustible; Credit Nat- 
ional’s Frs.S00m. (yield 1135 
per cent.) hung around inspir- 
ing neither interest nor charily: 
while over half of Credit 
Hotelier's Frs.850m. offering 
(11.36 per cent) stayed in the 
hands of the banks. 

Investors know that whoever 
wins the election the fat will 
have to come to the market. The 
present Government will need a 
good Frs,10bn. and the Socialist 
programme requires a loan of 


Frs35bn. — both almost certainly 
indexed. Where small investors, 
in particular, have shown their 
paces have been the traditional 
flight into gold. 

The belief in gold transcends 
social economic gloom, genera- 
tion, and heredity. The 
favourite is the Frs.20 
Napoleon gold coin, containing 
precisely 5.8 gr^mmes^nf pure 
metal. As handy as a’ shilling 
piece, ii is traded quickly, 
quietly and tax-free. At the 
peak of January's sold rush it 
reached Frs.3U0 lit is now 
higher) which ga v e it a pre- 
mium of 80 per cent, over its 
gold contents. Tbe half- 
Napoicon scored better — at 
Frs.226 it was selling at a pre- 
.niium of 170 per cent, over its 
goid contents. 

The 1kg. gold ingot, 
influenced by higher inter- 
national gold prices and by 
currency disturbance, moved 
from a 12-months’ low of 
Frs.21,350 to tickle Frs.31),0mi. 

Next to guld itself, gold- 
linked Gilts have been in 
demand. The 4) per cent 1973 
linked to the Napoleon moved 
from a 12-monlhs’ low of 
Frs.B10.90 to Frs.SOl and is 
now around Frs.767. The 7 per 
cent. 1973 linked to the ingot, 
has ranged between FrsR.TOO 
and Frs.3,049 and now stands 
at FrsJ2,8IO. Their . dose 
cousin, Ihe Barre. S.8 per cent 
1977, linked to the European 
unit of account stands at 
Frs.112.50 which is dose to its 
high of Frs.llo. 


V 













Financial tiroes Saturday March. 4 1&?g; - « 




FINANCE AND THE FAMILY 


INSURANCE^ , 


, ■ t-f, > 


t J i 


A licence and a lease 


«7'|W • 

” r 


BY OUP LEGAL STAFF 


No legal responsibility can bt ' 
accepted by the Financial Times 
for the answers give n in these I 
columns. All inquiries . of HI be 
answered by post as soon as 
No legal responsibility can be 
possible.' 




BY JOHN PHtLIP 


l would like to let a small 
house to an elderly lady, 
but would want to avoid the 
transmission or the right to a 
tenancy to a relative who 
might come to live there. 

I have heard mention or a . 
‘•licence to use.” Would this be 
the answer? 

You cannot give effect to an 
arrangement such a* you pro- 
pose without a serious risk that 
the Rent Act 19 n will apply, 
as the courts look at the sub- 
stance of the transaction to 
determine whether it is a 
licence or a lease, and there is 
thus no certainty that a 
’* licence ” will not turn out to 
be a lease. The only effective 
ouster or the Rent Act in this 
case would be a letting at less 
than two-thirds of the rateable 
value oT the premises. (as at 
Harch I860). 


Art) provides that the 
registered rent is the rent 
limit: but Part IV of the- 1868 
Act (Section* 66*72 of the 1977 
Act) shows that the registered 
rent is the rent “ for the 
dwelling house. - ’ not for the 
tenancy or contract- Thus, as 
with the old register of 
rumisbed rents the physical 
entity of the demised premises 
becomes subject to the 
registered rent. 


which we contrary to the rule be construed in the light of all 
ffor example, Rossano v. Manu- its terras and of the relief 
facturers life Insurance -Com- claimed in the action, tf the 
pany (1963) 2 QB 352: Re order expressly, provides for 
Helberi Wags and Co. (1956) mesne -profits up to a particular 
Ch 323). Thus although the date and does not adjourn for 
rule still appears to exist, it further consideration any pan 
cannot be predicted with con- the- claim, it is unlikely that 
fidence that it will continue to anything £“ h* read into the 
apply. If applicable, the rule Ordgr S» enable further mesne 


will have the effect you P rofits obtained. 

describe. &> long as the seal ■ 

is duly affixed (and is not solely A tl/itC . 


Sealed 

policies 


aescnae. 50- long as tne seal *t>w 
is duly affixed (and is not solely A tie tluie 
for identification purposes) the ^ _ J " 

principle may be invoked. The tO rvK.il 


identity of the signatories may ^ future. wife , s |» salaried 
depend on the company s employment atatf proposes to . 


Registered 
rent and 
sharing 


I refer to your reply under 
Registered rent over payments 
(Ueceinbcr 24. 1977) in which 
you state that those who 
have entered into sharing 
arrangemems outside the Rent 
Acts M cannot be required to 
pay more than the registered 
rent.*' It seems to me that 
those who hate entered into 
sharing arrangements do not 
bold protected or statutory 
tenancies. SJi(J of (he 1968 
Act does not limit the amount 
payable under such arrange- 
ments. would you say which 
Section of which Act does? 
Also instead of saying that 
the registered rent attaches 
to the Oat. would it not be 
more correct to say that the 
registered rents applies in 
any protected tenancy of the 
flats by virtue of S.20 of the 
1968 Rent Act ? 

We agree that our reference to 
rent limits in the case of shared 
accommodation was misleading, 
as shared accnmmodation is 
either outside the Rent Act or 
within the protection, but only 
as to security of tenure (Sec- 
tions 101 and 102 of the Rent 
Act 196S. now Sections 21 and 
22 of the Rent Act 1977 1. How- 
ever we remain of the view that 
a registered rent attaches to 
the property and is thus effec- 
tive in rent. Section 20 of the 
1968 Act (Section 44 of the 1977 


It has been my understanding 
that whole life or endowment 
policies, or investment bonds 
written under seal by UJc 
insurance companies are 
not considered to be U.K. 
assets, and so not liable to tax 
for even non-U Jt. residents. 
Could you tell me the- Inland 
Revenue and Probate Registry 
implications of this? 

I) is correct that there is a 
rule chat .a specialty debt is 
situated where the specialty 
(deed) is located when the debt 
is due. Tbis is a curious sur- 
vival from ecclesiastical law 
and may not be viewed with 
favour in modern circum- 
stances, and there axe dicta 


articles of association. 


Mesne profits 
and a flat 


1 sued the tenants of a flat, 
and an order, was made by . 
consent, having agreed with 
the defendant that possession 
would be given up in nine 
months. Mesne profits were 


continue after wc_are married. 
Sbe.has no Investment, income 
and earns. about £4,500 a year. 
.Is l understand it' ft would 
not - be advantageous tax-wise to 
marry before the' end of this 
financial year. Thereafter, what 
would be the most beneficial 
month to produce the greatest 
tax saving ? 

You seem to have inissed the 
report of the Chancellor's spring 


awarded to me up to the date Budget -speech- in -1976 and the 
of bearing and half- my costs, — comments .in .the.- .Financial. 


based on hte law as it was ap 
to 1975-76. Under sections 36 
and 52 of the Finance Act 1975, 
the taxation of a man and 
woman For the tax year in which 
they marry is basically the same 
as if they were still single, apart 
from the fact that the man’s 
personal- allowance is raised 
(according to the PAYE month 
in which the wedding takes 
place). The ten subsections of 
section 36 -and the four sub- 
sections of section 52 are pot 
easily paraphrased, within the 
scope of a brief answer, but none 
of the various modifications to 
the basic principle of treating 
them as still single appears to 
be of particular significance in 
your case. 

You have not told us much 
about your own finances, but 
prims facie there is no reason 
to postpone your wedding to 
1978-79, and it -seems, unlikely 
that it will pay to elect for 
separate taxation of your "wife's 
earnings (for the tax year fol- 
lowing the year In which you: 
marry, et seq.j. * 


but nothing was said about 
the nine months when the 
defendant remains in 
possession. Do you consider 
anything payable to. me for 
these nine months? 


Times, for your inquiry about 
the best month in which to get 
married in 1978-79 and your 
assumption that it would be 
financially advantageous to post- 
pone your weddlqg beyond April 


A measure 


of damage 


The order itself would have to 5, in any event, appear to be 


Problems with a pension 


I am 32 and have had several 
positions with various 
companies, as to which I have 
been unable to transfer pension 
rights, with the result that I 
shall now qualify at age 65 for 
only 13/20tbs of the new 
Government scheme from nest 
April. I should like to take out 
a private pension which will 
provide a lump sum to my wife 
should I not reach 65, a pension 
to begin earlier than 65 if 
circumstances demand it. the 
amount payable to be inflation 
proofed, and the pension to be 
a fixed sum. rather than 
dependent on the' abilities of 
the insurance companies 
pension managers. What, please, 
do you suggest? 

Your inquiry raises a question 
which affects many people who 
have taken up their present 
.mbs in their late 40s or early 


50s. In your case your pension 
will be based on 13 years* 
sen- ice and not 40 years. From 
your letter we understand that 
you are not in a company pen- 
sion p _an but merely look 
forward to what' you will 
receive from the Castle Scheme 
which starts in April this year 
plus ths state flat rate scheme 

If you are in a company plan 
then tbe best deal you could 
possibly do would be to go to 
your employer and either 
arrange to pay voluntary con- 
tributions or agree a salary’ 
sacrifice deal whereby the sum 
that you sacrifice from salary 
is paid into a special pension 
arrangement on yuur behalf. 
Using this route you get 100 
per cent, lax deductability on 
what tn effect are your contribu- 
tions and Llie money accumu- 
lated on your behalf earns 
investment- income lax free.' 

If you are not currently in. a 


company plan (but only going 
to be covered by the Castle 
Scheme) then this solution is 
not open to you. Your only 
practical route is to take out 
a seU-empioyed retirement 
annuity- You cannot take out 
a self-employed retirement 
annuity if you are covered by 
a company plan even if the 
company plan is. inadequate, 
unless you have freelance earn- 
ings in addition to your job and 
your salary in youf job is fairly 
modest 

You can get a -fixed pension 
although we would expect a with 
profit- fonnula over a period of 
13 years to give. you a better 
buy. No insurance company 
will guarantee to inflation proof. 
The only way you 'can get - a 100 
per cent, guaranteed inflation 
proof pension is by working for 
the state, whether as 'a civil 
servant. 1 local - government 
employee, NHS employee etc. 


In October 1976 1 bought a 
cottage that iii inspect of 
agents’ particulars and ’• 
solicitors* inquiries before 
contracts had the benefit of 
mains water. I recently 
approached the Water Board 
because of pressure problems 
and understand from them that 
the pipeline rrom the nearest 
farm to the cottage is, as far 
as they are concerned, a private 
supply. My solicitor does not " 
consider I have a very strong 
case against anyone and 
suggests 1 should have tbe 
matter legalised and obtain a , 
written agreement from the 
Freeholders for passage of the 
pipe? Do yon agree? 

You would certainly be wise to | 
obtain the appropriate consent 
or grant of an easement from 
the owner of the - land through 
which the water passes. How- 
ever, that does not preclude you 
from making a claim on your 
vendor for misrepresentation, 
if the documents to which you 
refer will, 00 scrutiny, support 
such a claim. Indeed the cost of 
obtaining such .an easement is 
a ■ useful measure, of your | 
damage.' 


WHEN YOU take your ear in 
for service or repair, even now 
you may well be -asked to sign 
some "kind of authorisation 
form before the- work is done 
which- somewhere contains a 
danse absolving the - motor- 
trader from loss .or damage. 
You may or may. not see -a- 
notice in the o ffice 0 r entrance 
waning that - all cars are 
accepted serviced and repaired 
only at customers’ risk. The 
account you get when the work 
is done may contain a iHs- 
daimer of defective wprkman- 
ship-wthat the repairer is. not 
responsible for failure to do 
what you have paid him to 4a 
Tn the month since tbe Unfair 
Contract Terms Act came into 
operation apparently little has 
happened either in the -motor 
repair field or -elsewhere to 
suggest to anyone that the -Act" 
has effected a fundamental 
change in the law. . . _ 

The new liabilities are civil 
liabilities. Behind most of die 
reailers repairers and suppliers 
services stand insurers, com- 
panies and Lloyds’, who pro- 
vide protection against legal 
liability claims, in just the 
same way as they provide each 
one of us in our' personal 
capacity as householders, 
motorists and boat owners with 
such legal liability protection. 
So the changes brought about 
by the Act are inevitably 
going to bring more of us into 
contact with insurance claims 
departments. 

The . Unfair Contract Terms 
A« makes two basic innova- 
tions, in the taw of negligence 
and as regards breach of 
contract. 

It is no longer open to anyone 
to disclaim liability for death or 
bodily injury, though • dis- 
claimers for loss of or damage 
to property may still be valid' 
and operative, provided they 
stand up in the tight of the 
reasonability test imposed by 
the Act and ultimately, in the 
event of dispute, to be 
determined in the Courts. 

Thus, for example, if yon go 
into a lift In a multi-storage 
garage, a disclaimer “asserting 
that the proprietors are ndt 
liable for any injury or damage 
to persons or property therein, ' 
howsoever caused. cannot ' 
prevent • your claiming for 
injury sustained white using 
that lift, but might still perhaps' 
be an effective bar to youT' 
claiming for damage to the- 
goods -you arc carrying, with 
you, /*• _ 


But- I must emphasis* that 
the Act goes no further than 
the abolition of the disclaimer 
as a barrier to personal injury 
claims— it does pot give you. the 
injured • person, the absolute 
‘ right to compensation from tbe 
alleged wrongdoer. Zf ii still 
necessary for you. to show by 
the general law of negligence 
and.tbi particular rules applic- 
able to your claim that the 
alleged wrongdoer is in fact 
legally liable to pay. And by the 
same reasoning. If your claim ts 
for damage to property the 
.decision that- a disclaimer 1 is 
unreasonable only removes one 
hurdle . from your path— you 
still have to prove legal fault to 
get your compensation. 

If you are unfortunate enough 
to have to make a claim: and 
remember also that insurers 
standing behind all these 
potential or alleged wrongdoers 
are not only fully entitled, but 
since they are custodians of 
Policyholders* funds, obliged to 
avail' themselves of all appro- 
priate legal defences to liability 
claims made against their 
policyholders. 

Sometime later this month 
and probably before Easter, 
lawyers and insurers expect pub- 
lication of a report on civil 
liability and compensation for 
personal injury which has been 
prepared by a royal commission 
under the chairmanship of Lord 
Pearson. There is no doubt that 
a number of different ways of 
reforming our fault-liability- 
compensation system will be dis- 


custtff in that report, gpg w 
reasonable to assume that thi 

wiU be recommended a- puml 

of changes- which In tfcp ^ 
months will be widely sha 
times hotly debated before g 
parliamentary action is taken ! 
implementation. ; -t 

One aspect that is ahaoiut 
fundamental at all stagea«f r 
coining argument is tbe cost 
change to the community, toy 
and'L However compeuisgi 
argument on moral or m 
welfare grounds, the qu«lt! 
we must ati a?* at each sti 
clearly and loudly. Is can we, 
premium paying poheyhoi* 

a$ taxpayers, as- the pqrcha* 
of goods and services, cap 
afford the cost of all or afly 
the proposed changes? . . 

Liability compensation fit 
not derive from self generat - 
funds: it comes, in howe 
small amount, out of your pot 
and mine. To come back to'-’ 
Unfair Contract Terms Act--' 
cost of knocking down 
claimer barriers falls, of coin 
in the first place largely pff- 
shoulders of insurers writ 
commercial liability biisipi 
Thereafter it is reflected in 
increases of premium that tiv 
commercial policyholders, 
obliged to -pay for their .cos 
But, tbe mere significant a p 
those premium Increases eemc 
be of tbe operating costs t 
commercial enterprises in* 
the more certain it is that tit 
costs have to be passed on to » 
and I, the ultimate coruantt 
in the charges made for 
goods and services we pufriis 


SALEROOM 


ANTONY THORNCROfT 


PIECES AT auction for modem 
British artists tend to reflect 
tbe health of the British 
economy. Yesterday collectors 
seemed to be optimistic and 
Christie’s held a successful sale, 
totalling £299.265, ,with many 
artists setting - new- price 
records. 

A gnew paid £18,000 for a. por- 
trait by Harold Gilman, just 
short of a record, while The 
£17.000 from Basket and Day 
for Robert Bevan’s “ Hay Carts " 
equalled his highest ever auc- 
tion price. Perhaps the biggest 
surprise was the £16.000 paid 
for “The Little Flowers of the 


Field” by Sir Georg* Claus 
Tbe previous best for a Clau 
was £3.800. * 

Sir Stanley Spencer's ”| 
menade at Women" went 
D’Offay for £13,000 and J< 
Singer Sargent’s “Study fa 
portrait of Graham Roberao 
was bought by Leggatt Broth 
for £10,000. Another reo 
was the £9,000 paid for “C3 
wick Hall " by Laden Final 
Two other records were 
£6,500 for 3 work by.Hei" - 
Lamb,' and the £6.000 for “H-'' 
vesting-” by John Nash. 


A miniature porta 
mahogany bureau made 
Queen Marie-Antoin«tte * 
bought anonymously for £2.- 
af Sotheby’s. The desk, Jo int 
tall anfr 16| inches wide; 
stamped with the mark of Ga- 
Meuble de. la Heine, and da 
from about 1785. 


“ The basic reason why the Discount Houses are still in existence is that the U.K. authorities 
prefer things the way they are. They serve as a useful buffer between the Bank of England and 

the clearing banks/’ writes COLIN MILLHAM. 


Reality hits the discount market 


The rise in MLR to the record 
level of 15, per cent in October 
1976 "did : ijot have the same 
effect, however. In fact it was 
the root cause of the houses* 


DISCOUNT HOUSES, judging 
from the recently published 
reports of some oF them, en- 
joyed tbe most profitable year 
in their long history in 1977. 
This was thanks to the renewal 
of financial confidence, which 
led to a srem resurgence of 
business in Ibcir traditional 
markets. 

They remain something or a 
mystery outside the City of 
London, however. 

Those who realise that the 
discount houses form an 
integral part of the banking 
system — and are essential for 
the control of the money 
supply — may still be puzzled 
by their exact purnn-se. An air 
of mystique has been deliber- 
ately fostered by the houses 
over the years. 

Discount houses arc in the 
business of borrowing other 
people’s surplus money and in- 
vesting it in Government funds 
and other low-risk securities. 

They form a critical pan of 
the money market in London. 


but that alone is not justifica- 
tion for their existence. There 
is no reason why the Bank of 
England and the commercial 
banks could not work Together 
to carry out this important 
function, as in other financial 
centres around the world. 

Fn fact if the houses had not 
been operating as brokers of 
trade bills from the early part 
of the 19th-century, before the 
present banking system fully 
evolved, it is doubtful whether 
they would have come into 
being. The houses have grown 
up with the modern banking 
system, and have evolved as tbe 
system has developed. 

The basic reason why the 
houses are still in existence is 
that the U.K. authorities prefer 
things the way they are. They 
serve as a useful buffer between 
the Bank of England and the 
clearing banks. 

Bank of England Minimum 
Lending Rate is the guide to all 
other domestic interest rates. 


recent good fortune. The 
houses were not holding gilts 
for obvi6us reasons; but were 
encouraged to reinvest because 
within about a month confidence 


The price paid by industry for Large companies and other began to return on the prospect 
loans and the cost of a mort- organisations outside the bank- of a loan for Britain from the 
gage to buv a house will sooner sector are also potential international Monetary Fund, 
or latpr be influenced bv the customers. Several houses have ■ over thp fn ] in wing 12 months 
1 i r.rii t !,. * ™ tapped this raarket wltb con * MLR fell from 15 to 5 per cent 
level of Minimum Lending Rate s |derabl success, and would be a n 0W j Dg gjivedged Mock and 

(MLR). Tbe Bank of England glad to hear from anyone with Wi , s t0 be bought .and sold at a 
offers Treasury bills for sale large amounts of cash who feels Jarse pro fit. . . . 

each week to raise part of the Confidence was helped by the 

Government’s revenue, and the reduction, in the Public Sector 

average price paid for these Borrowing Requirement, and 

bills is normally used to caicu- ? e ^^ori ties' commi^nent to 


. , ” 7: flWlr- firm monetary targets. This was 

late MLR by a fixed formula. |DKk reinforced by the fact that ster- 


ling was allowed to rise to stem 
the flow of soeenlative capital 
into the country rather than 
allow the money supply to get 
out ot_ control- .. 

However, the latest money 
supply figures have given rise 
to fresh concern, leading to 
nervous conditions in the 
money raarket. and a rise in 
interest rates.- 

Capital profits have dis- 
appeared and discount bouses 
have become much more con- 
cerned at the margin between 


ADVERTISEMENT 


BUY NOW — PROFIT LATER 


Lawson Securities Limited, the Edinburgh-based unit 
trust managers, are currently advising existing Lawson Unit- 
holders to commit further funds now while markets are weak. 


Investors are often advised to buy units »» hen markets 
are booming and over-valued. In contrast. Lawson are advising 
their 11.000 clients to invest now into weak markets. The F.T. 
index baa fallen 100 points in 5 months: the Dow Jones index 
b as fallen 250 points in 13 months- 


Managing Director Freddy Lawson can justify this advice 
on past experience. Tbose investors who followed his judg- 
ment in late 1974 and invested a total of £1 million near the 
bonora or (he worst bear market on record now have sub- 
stantial profits on their investments. 


The case was stated over 70 years ago by Charles Dow, 
the founder of the Dow Jones Index: — 


“There is always a disposition in people minds 
that existing conditions will be permanent While the 
market is down and low- it is hard 10 make people believe 
that this is a prelude to a period of activity and advance. 
When prices are up and the country’ is prosperous it is 
always said that, while preceding booms have not lasted, 
there are circumstances connected with this one which 
make it unlike iLs predecessors and give an assurance 
of permanency. " 


Today, the market is down and activity is low hut 
sentiment can change very rapidly and timing is often more 
important than Stock Selection, which is why Lawson 
securities advise investment now while prices are relatively 
cheap. 


Until 17th March- 197$. units in any of the five Lawson 
Funds are on offer to existing holders at a discount of £10 
or 1% (whichever is greater l on deals over £460. Current 
prices and yields are shown on Page 21. 


If you are interested in unit trusts, you would do well 
to write to "Mr. Lawson at Lawson Securities Limited, 63 
George Street. Edinburgh EH2 2JG (Tel. 031-226 391 li for 
further information. 


The houses underwrite the 
Treasury bill tender each week. 

No matter bow low* the demand 
may be for Treasury bills the 
houses have an obligation to buy 
them alL In other words if 
£300m. worth of bills are offered 
the houses must apply For at 
least that number. As the prin- 
cipal tenderers for. bills the 
houses are the major single 
group responsible for fixing 
MLR, but the Bank of England 
must be satisfied that any 

change, should it occur, is in cemeu at Uie margin reiween 

line with its own policy at the ivan Smith, managing director of average cost of money and 
time. Alexanders Discount ■ Hotae and ^ 0o investments* This 

A developed banking system chairman of London Discount Is | Ulown as the running profit, 
requires a method of smoothing r Awoaiuon. and ha{j under some 

out daily fluctuations in the *.. strain in the early part of the 

suppty of money. Providing a i* 131 leaving it on deposit at the y e ^ Tm byt j^g unproved re- 
ready market for any surplus of local bjuik is not the best way c^ntly. partly because of ac ti o n 
funds is another major task of of making the maximum use of ^en'by the houses to improve 
the houses, and they do it with resources. margins by pushing up the yield 

total security. The H discount Money invested through the on bills, and partly" because 
houses ant the only organ isa- market can be instantly turned nervousness in the market has 
lions to «njoy lender of last back into cash, arrd this instant concentrated lending' in the 
resort facilities at the Bank of liquidity can be a. major attrac- very short periods where the 
England. This means that if tion to commercial customers, bouses operate, 
there is 3 shortage of money in .Discount houses will, pay in- About a moDth ago it was 
the system the authorities wiU terest on money lent to them on suggested that - the Bank of 
help the houses to cover their a day to day basis or for various England was looking at an 
obligations by buying their fixed periods. Alternatively they alternative method of ealctxlat- 
investments. such as Treasury will sell customers bills, certi- j ng MLR, but present feeUnc in . 
bills, or by lending, money ficates of deposit, and gilt-edged the market is that this idea has i 
direct. stock. been shelved. 

Under Bank of England rules These holdings . fQnn the Fears about « WEtt - restric . i 
governing Competition and houses’ book. and. the size and tjon - to ] JmJt bank lending have 
Credit Control, banks m London length of the book .depends oo actua u y helped the discount 
must keep at least 121 per cent, the amount of confidence the bouses, as banks have tried to 
of their deposits in the form of houses have in future economic bu ild up their monetary base 
reserve assets. This strengthens events. When it -is- high they w re window dressing to their 
the position of the discount will increase the length of their monthly figures, 
houses, since their market books by buying giit-edged stock . " . .■ 

could also aptly be named the with maturity dates of up to ^ 

reserve asset market. five years. el. e ble l. i atfimes wh' e ,i the 

same time preserving ratios on 

Treasury" bills, various other la times of financial crisis reserve assets. This has been 
bills and Government stocks they will get our of gilts and done by lending massive 
with less than one year to concentrate their holdings in amounts to the discount houses 
maturity are reserve assets, bills. This is What happened in 0 n the third Wednesday of 
which the houses both buy and July 1973a when "some houses every month, when the banks 

sell. Their main strength how- were left virtually bankrupt by calculate their monthly figures, 

ever is that under the 1971 rules a sharp rise in interest rates, it has led to large differentials 
on credit control, money lent at u 1S one thing" to hold bills between interest rates in the 
eall to the discount houses also which mature, in three months, discount market and interbank 
became a reserve asset. This but quite another to. be heavily market. This Is a crazy situs- 

money, which is repayable on involved in investments which t’O" and only exaggerates the 

demand, represents about 60 per w m not mature 1 ' for several problem. possibly making 
cent, of the banks’ total reserve years, and can only be sold back re imposition of tbe “corset * 
asseTs - to the Government broker at a more likely. _ 

Banks are not the only massive capital lpss if interest The profit figures published 
source of trade lo the 'bouses, rates go through the roof. by discount houses so far- this 


year have been at record levels, 
but their performance • has 
varied considerably. 

In favourable conditions a 
relatively small staff at a 
discount house can produce 
quite exceptional profits, as 
Alexanders Discount did - last 
year. At tbe.same time a much 
larger staff involved in money 
broking cannot hope to achieve 
such figures, but because the 
nature of their business is much 
less volatile, can act as a useful 
cushion against the bad years. 

Alexanders, which is purely a 
discount bouse a*d has never 
diversified, produced twice hs 
much profit last year as Gilfett 
Brothers, which has a large 
broking subsidiary and a fund 
management section. Hi Up It 
has a much smaller discount 
market .operation than 
Alexanders, but produced nearly 


twice .as much- profit in 1876, 
thanks to contributions from 
broking: 

Other ' houses fall . between 
these two. philosophies and it 
will be interesting to see now 
they all fare, although it Is hard 
to Imagine any house exceeding 
Union . Discount’s disclosed 
profltoff6.ini.'.-... 

Gerrard and National is 
Union’s nearest rival, but cotn» 
parisons are made difficult by 
different accounting year ends, 
and one very, good month in the 
gilt-edged market can turn up 
m 1976-77 for one house and 
1977-78 for another. 

- Over a period of years, it. 
balances out however, and 
recent performance suggests 
that the future may remain 
bright for pure discount market 
operations — even though this 
year has got off to a shaky start 


—and there is every prospect 
a rise In interest rates at so 
time.- • 

In order to survive in volai. 
markets the houses have b* ' 
forced to come to" terms with ■ 
fact that the performance 
their staff can make or Sri 
them. 

They are not thefe.'td-make 
easy Hving in a soft market ; a 
longer. Volatile conditions fu 
produced some highly . skill 
operators in the . discot 
market who are expert at nx 
ing profits as jobbers, movj 
quickly in and out of tnarta 
and making sure they are t 
left holding the baby. . ^ 

There Is no way that t&ey.Vta» 
make as much profit as lirt yerT 
but their new attitude towiS..' 


themselves, and the roleitjf ■ 1 

nlav In •thp-'finniu'iaT .umrlil'lL ft i 


play in tbe financial -wmijfcLg 
encouragement for the futiirfff 


stoi; m 

.... . 

IlJtv t-. - 

=* ■ • • 




'•■fi 


r- 




30ZCapitalgamfromshortdated 
government securities 


.The Money Manager Service is a discretionary investment service; The- 
Semce aims to provide a greaterafter-tax return than simply purchasing ishort dated 
government security and holding it to redemption and to achieve a more realistic after- 
tax return than any comparable short-term fixed interest investment. These aims art - 
met by investing the fund in the “most attractive” short-dated gilt-edged investment. 
This stock is selected by the use of computer programs and three principal statistical 
aids: redemption yields, variations from the yield curve and gross price ratios. The 
service thus attem pt$ to identify anomalies and improve upon the inherent trend to 
maturity In short dazed Government securities. ■ 





The Sen-ice is divided into two portfolios, namely CAPITAL and INCOME. 
In the calendar year 1 977, an investment in the Capital Portfolio rose by 30.0 percent 
compared to an increase in short-dated government securities of approximately 15 per 
cent. For example, an investor who had joined our servfceuo.uld beable to purchasean 
additional 14.9 per cent ofour reference stock Treasury 3 per cent 1979 at the end of chc 
year. ■ -. 




.-?£ £ 




The Incom e Portfolio was launched in October last year and its aim is to 
provide a yield 1 rio higherthan the F.T. Actuaries High Coupon Short Dated Stocks 
Index. At this time the yieldoc the latter is 1 0.06 . At thesame time w.e seek to take 
full advantage o f the inherent trend to maturity available in short dated stocks." ■ 


Postto 


Name 

Address 




Four Yards Services Ltd, 
16 Cross Street, 
Manchester M60 2EP 
Tel: 061-832 9589, 


Day Tel. No- 


| ‘ Evg.Tef.NV.] 


Date |. ’ 

I am interested in your Money Manager Service, kindly 
send furthennfOrma tion .; --- - 




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-e^ BY ERIC SHORT- * - . ^ 

• jSmiSbS D rovidps 5 ^^^ 8 ?^’ ^“Sl 011 normal business are pitched low. 

- ■ 5ur mfinov «nth^4i« jj j return on -. .->* The actuary can get around fhfg problem 

, 'ilief on your contrlbiaiiSf^ 0f ^ flrst : ^ calculating the guaranteed sum on 

•; onal ^S 5 SiStrSSS£.» a conven- very conservative forecasts regarding invest- 
s endowment assurance may ment returns. Then he can operate a 

' era 1 S ^animvprt P 0 * 0 * wi L ich ^rent. bonus rate from that offered on 
.. by orations of main-line witfrprofits business, which effec- 

,, jnsewaUve^ertors Uvely penalises the early cash-ins. But still 

’■' ‘ ^awhsrk^TWfiSt ! f ? K ?!?“?“ has M some life company actuaries wiU have nothing 

^ ir for to***®*® to do with -flexible endowment 

• ' 10 88 ve re Sulariy every If you do want flexibility with guarantees, 

' v ^hlf r^ti°K y S u *' **»■ wam -■^ en ' y°w to be prepared to pay for them: 

• *. -»iCl OR yOUr CODtnbuhnne .QbpnruUir If n«il ,<-h!n IF in. f. - 


UNDER what circumstances do 
investors, put' their . money into 
commodities? ls .it when bnsi-' 
ness activity is picking up, the 
price of raw materials is set to , 


Investing in real assets 


modity Analysis. Authorised 
U.K. unit trusts may not invest 
direct in commodities, under 
the provisions of the Preven- 
tion of Fraud (Investments) Act 


rise, and there are profits to be fihoTl1 ^ Iar S e umts-and in the second, options: that way the full extent jgsg—though there are offshore 

made upon a holding? Or is it J*? r ( J2“?" e * : ■ and m § om S to need a very of the commitment can be fuqds whl( * S Jua that. - 

when, with currencies and stock S 7 a?ns S***” 1 ® 1 *»<* U P 111 tenns of aUowed for irom the outset ^ authoriaed commodity 

markets in disarray, “real" “ d0 “f y f L How 5 T e r. liquidity, since they may be The arguments don’t, of course, unit in the U>K _ in fact 
assets seem to offer a prospect the commodities called upon by their broker to apply in the case of ‘gold— invests j n the shares of com- 

of security denied to those who 2® <S. remain: and make good any losses exposed where ns possible to- buy panies ^th a higb exposure to 

put their faith in their paper *3 that day’s trading-whatever sovereigns or krugerrands at a {j, e vagaries of rawmaterial 

raunteiputs? *“ datt M "'T*,? 8 S' small o,.tl.y. , pric4ta.l a.d S 

To go by the behaviour of ,*■ Mm< ?- *> r R 0se - " ant , to ““t compsnies. for example. Those 

geld in the recent past as the ? end Pff ^ stoply h’gh er-as Anyone who wants ezpwurein their nsks its otmoosly much ^ 01Ir accompanying table Have 
Vfllne nr the dollar tmrMnH the tePP® 11 ®® ^ It “ cotlee Prices a particular area would prob- more sensible to go in for a Keen elected for a five veir 
latter ^^nte b^*rSntty “Xf m m"?™ 14 "“fj d ° ^ '“l 1 ”' 1 lt - of the Mnd rec0 nl-iliere are several which 

been intbe ascendant Stories Br “^ m crop “ ? 976 ’ - at ieast by « »““* o«®«H ^ a** « Com- ^ve started up. and in some 

out of New York suggest- that Wi™. commodities, however, ... . ■ cases proved to be very suc- 


AUTHOR1SED U.K. COMMODITY TRUSTS 


■ • *- ; . . * . aug, auu{jjc taerosB in corapanson. j,ne ' — ~ ... , h-- w-fin fht* urav un Filins 

- ’ _ ^w«inked life assurance plans do.not table shows the estimated difference between average^ looking desperately be of ^hi 

“ tii^-inflexibility. and their competi- a flxed^erm endowment and a flexible contract ■ for mvestoents .wtoch command ^caTpSct or^ future^ 

• 5 on has forced many life companies to market - cashed in at the end of the same period. Flex- ^ther more confidence as a ™ 


... PsiMe endowment contracts, in order to meet ■ Ible endowments have not yet been on the 
•, > needs- of those investors Tirho are - not scene forJLO years, so we cannot compare past 
i aving for a specific ‘event, bat may want bash values.; . 


■t any time. 


You need to ask yourself, on-being offered 


The flexible contract is quite straight- one of ; these contracts, whether you need such 
orward in concept It is either a whol Wife flexibility, and whether you could do better by. 
•— olicy or an endowment maturing at age 65, taking; out a fixed-term" contract, and putting 
. roviding- guaranteed cash-in values. from the the. proceeds after its maturity. into a b uilding 
. 'Oth policy anniversary onwards. The bonus society. - • Get all the figures before making a 
, ‘aid-at the time of cash-in is based on this derision. 

uaranteed siimJ In effect, the life company -.'.Provident Mutual Life has entered the 
.,- ;■'* .Suaranteeing 'surrender values-^-something - -flexible market offering just this type of con- 
■ k®? * l will not do oh ordinary fixed-term tract— a. : 1 0-year policy with the option to con- 

r .‘ policies. r tinuei for a further 15 years, although for tax 

. The flexible endowment has been thh reasons- the contract is written as a 25-year 
• Answer to the life assurance salesman’s prayer, policy. " For- the first 10 years it is a normal 
' How many investors really know now that they with-profits contract At the end of that 
y ill want money in 25 years time? Having- - period,- the policy money and further premiums 
’ -'fco decide on^theinvestineht’ period, at outset, are -effectively invested in a deposit account, 
-jiandicaps many a sale. The field staff of and they'can be cashed in at any time'.- Such 
'' ft- nsurance brokers have long wanted a contract a contract solves the actuary’s problems regard- 
-' vith life assurance guarantees, from. which the; ing, matching. t But yon may 'still lose out, if 
’-"nvestor can take his money whenever he you^ ^compare your returns with a longer-term 
ikes. As for the 10 year' start, that is simply with-profits contract Whether you do depends 
i barrier Imposed by the Revenue. Attempts on intereist rates available on deposits, which 
- o ca^i in earlier will incur , tax. penalties. ran at times -be very much Jess than at the 
Of course, life companies marketing such, long end of- the market 


store of value. Commodity contracts, is much more readily Trust - p 

movements over the longer practised; all well and good for Allied Mctab, Minerals a Commods. 38: 

term, however, suggest that the those who. are adepts in their Arfwithnot Commod. ■ ‘ 55 

big price rises come when world particular markets, but it does Britannia commod. 70 . 

economies are really overheat- mean- ti»t the uninitiated have — 

ing, as in 1873-74. And the in- to look out for declines quite Britan " H GoM * Gen ‘ — 

creases then were quite as much rapid -as the price increases Gaitmore Commod. iI3 5J 

a function, of "panic buying as of can be.-. Midland Drayton Commod. WL 

precautionary he^ifg. The uninitiated should in fact s & P Commodity 67. 

At the moment it looks highly steer well dear of investment -r™,-* Cammoditv W' 

unlikely that such a situation in the physical commodity, ■ T~ — ~-~r — r 

will be - repeated — unless since, in the first place, they Wednesday! prices 

developed countries like West are going to need a lot Of money Performance figures from Money Management 
Germany and Japan respond to — Contracts are quoted in vwy — ■ ■ 


Growth Growth 
over over 
Price* 12 months 5 yean 
P % % 

38-2 8.9 21.5 

55 17.5 58 

70.6 10.2 383 

103.9 34.9 —16.4 

J3L5 5j4 1,7 

60^ 172 50.9 

67.4 11^ 31.4 

33.7 9.7 - 5.9 


cessful. within the past three 
years, but we took the view 
that their record was still too 
short to give a decisive indica- 
tion of the quality of the 
management. As the table indi- 
cates. the greater the exposure 
to any one sector— <as in the 
case of Britannia Gold and 
General — the greater the risks, 
and the greater, likewise, the 
rewards. By and large, though, 
the performance of commodity 
trusts has been surprisingly 
consistent — rather more so than 
other speciality trusts with an 
exposure to particular sectors 
of the market. They should 
form a constituent of every 
portfolio. 


A life 
for sale 


Consumers squeeze CU 


Mans find them to be best sellers.. .But some 


Scottish Provident was the first life com- in, what do you do ? You can 


*rr; . * 

V»: 

' 

»*? I - 
*!f ' ' - 

£4! ‘-r i [ 
•lit V. 

Va 
* *. 


ife companies "refuse .to market-, such- plans, pany to market flexible endowments, and next __ 

iespite pressure from their field, staff: The year will see the 10th anniversary of the first pany, and accept the surrender 

ii-tuarial profession .is . -divided ', over their issue of these contracts. There will be a temp- value it is prepared to pay you. 

nerits. The guarantees in- a traditional life tatioriifor mvestors holding these plans to take That is well known. But did 


y» -g I IF YOU are a motorist, yon are These companies, with Royal sends administration costs soar- 

T/jjl QfiliP k perhaps immune to the fact that Insurance (which -also reported ing. But since motorists ran 

/ \ Jm f you have to pay more each P™® 1 figures this week), all take their no claims bonuses 

“V Tt v k ‘ _ year to insure your car. Or «cp®«enced heavier claims in with them when they change 

IF YOU have been paying pre- ^ i, " the final quarter of last year, insurance companies, it is sur- 

miums on your traditional with- perhaps not Perhaps you do why? Well, since the petrol prising that more of them don’t 

profits policy for a. number of not passively accept these companies have been reducing shop around. We are now seeing 

years, and now want to cash it increases as a natural cause- prices in face of severe compe- a trickle of discount schemes 

in, what do you do ? Yon can , _ . ■ ‘ . quence of rampant inflation, tition, motorists have been for motor insurance — the RAC 

surrender it to the life com- exatement of You may have taken active making more use of their cars, launched one this week 

pany, and accept the surrender auctioning Jm We policy was too steps to keep the costs down. When the Arabs put up oil Commercial Union admits 

value it is prepared to pay you. ’. J" 114 * for h™-” either by switching from com- prices in 1974, we left our cars ^at it will have to raise motor 


IF YOU have been paying pre- ^ m 
miinns on your traditional with- ^ 
profits policy for a. number of 
years, and now want to cash it 


-■-.ontract require that assets should match the caskhow it is available — we are aH imbued 
iabilities, and given that thereis assets groiyth. with. the bird-in-the-hand philosophy. But any 1 
-. hat won’t happen all the way through, a con- -one sn tempted should first check on whether 
.. xact Normally; the - assets held match the they really need the money, whether they 
.'iabilities at maturity. With a flexible -endow- could du, better by taking it out and. reinvest- 
i.' nent, there should be surii matching -when- ing it, or whether leaving it in will seek faster 


you know that you ran also sell 


prehensfve cover to third party in the garage. Cars in garages premiums this vear. but it also 
fire and theft, or going shop- are not likely to be involved in says that the rise may not be 


.-ontract is the . basic reason why surrender the correct 'decision. 


COMPARISON OF PROJECTED BENEFITS ON FIXED TERM 
AND . FLEXIBLE ENDOWMENTS 

10 years ISyeare 20 years 

Company . Rxed HexIMe % Differ- fixed' Flexible % Differ- Fixed Flexible % Differ- 

- , £ • £ nmfe- ~.£ . £ ' cnce £ £ ence 


21A 1402 1026 12-4 5^72 5J»1 11j4 


2X 5304 1343 3J0 

ljOQ. -,IJ530 9J lj07 ,1877 8 A 5,127 4^15 6.5 

1632.1^32 14J ... 2.963 3.626 : >2 J -4J89S 4^60 12J 


MW - 9A . 1007 2,784 


ovident Mutual . M72 .1,600 4^ 1139 ^530 ~ 5J85 I860 - 

. (a) Company will not quote: estimated terminal bonus Wen though it pays one. 


the poUcy to a third party, by ?hlT rS pmg around ^ msuraDce «» m ‘ accidents. But now the cars enough to keep the account in 

way of auction ? Probably, not, - Rames to find the cheapest are coming out again, and not balanra because of consumer 

yet auctions of life policies P 0 ] 1 .® 1 *® rate ‘ Enough motorists are surprisingly, the number of reaction. It will be interesting 

have taken place since 1843. neS ^ some Mrt + «* accidents is rising. ITsee what a. rise wm^Sf- 

Foster and Cranfleid, aim- ■ j ^ ^ capital concern *? tlie motor This means higher premiums, mately be. but it seems that 

tioneere situated in the City of JSSJE. msurance companies. but GA admitted this week that companies are prepared to have 

^ „„ This week Commercial Union in imposing a 9 per cent rise motorists subsidised by other 

tions of tafe policies, and tins “ tax basis^to thatnsed General Accident, the in February, it was well within accounts in order to keep their 

week they made the news head- b jj| e companies. The pur- Iai * e8t motor insurers in the the limit given by the Depart- policyholders. This may be 
lanes by offering for sale a with- c j Jasfcr ^ either continue pay- bot b admitted to experi- meat of Trade. The company good news for consumers in the 
profits policy for a sum assured ^ premiums (though he will encin 8 consumer pressure in adjusted its rate to take account short term. But in the long- 
of £300.000. It was issued by ^ be abJe t0 ltax re aief ) the motor market, and having of consumer reaction. Insurance term it cannot be healthy to 


London Assurance 


or make the policy paid-up. 


to take account of it in fixing companies don’t like policy- have an account permanently 
rate increases. holders moving around, since it in the red. 


.K. Provident 


ottish Amicable <») 


Working wives and the Revenue 




rntise 

."VESTMENT 


ai> xu jKmiJt PAmnativ twiw nart fvf Cnn AWi 

- : . R»ed B«dWe ^Differ* fixed'.Regjbie % Differ- Fb^d Fle^ te % Differ- ^Sd’ ulSaiSS Theiargest policy ever soW 

. . £ • £ entt- .£ £ ence £ £ ence has bonuses ' of by the firm, was one with a sum( _ . _ _ _ 

£185.622. It was sold for assured of .£500,000. But poli-- 
£120,000. des of this size are very much 

Policies sold by auction the exception. The firm does 

realise more than the surrender deal with policies with THE TAXMAN, for his sins, the treatment of investment in- of Wife's Earnings, gives a brief 
value, and Foster and Cranfield very modest" sums assured, must live with a series of legis- come. Anyone who wants to run down on the system of 

bases its fees on the excess If .the surrender value tive anachronisms: but none, elect for such treatment— and separate taxation, including 

achieved. Therefore it would is at leas* £1,000, then it is surely, can be more anachronic- it’s not normally worth it some figures indicating the'point 

pay investors wishing to rash-in worth considering. tic than the treatment he must financially unless the joint in- at which it might become worth- 

■—. « i i — — — mete out to the married woman, come of husband and wife, while in financial terms — no 

. . . Pacific ■ Securities, the * invest- jT*l\ 1 1 f , • . ' w On the Inland Revenue’s own before reliefs and allowances, attempt being made to place a 

tft went. trust run out of Hong f xlVlTllf ft ft 99 ft I/7YIM/IW C tftlfO statistics, published a couple of is over £10,421 a year— must value on the lady’s self-respect, 

. . ‘ Kbng under Jardinn.-’Fleming’s V# m U'fWfl' UUMW MM MmXrttwAM *3 weeks ago, there are now more make an election to do so With that leaflet have been pub- 

. ■ management, are recommending ** of such women working than (using form 14) not earlier lished two more, Income Tax 

to. shareholders proposals tmder LAST WEEK’S brief cmnment Retirement issue. And the For higher rate taxpayers/loo, hot; yet it is an assumption than six months before and the Elderly (IR 4), which 
•• which the company would effec- on-, the index-linked National higher the tax irate, of course, the National Savings Bank has boilt deep into our tax legisla- the beginning of year of gives an extremely useful run 

.trust ‘ share- tlyriy be unitised. The reasons Savings Certificates — the so- the greater the incentive to stay, its attractions — the £70 interest a married' woman's in- assessment concerned, and not down of the more common 


\ 

Gmnnybond and taxman 9 s take 


mu. It «ppears,lrowevet, that the fact that the shares have of other readers. Quite right say, British Savings Bonds: for marginal rate of tax. But it is coine taxed separately from that better get it done within the Foreign Pensions: Finance Act 
ey have- not . been the. only been selling at a big discount too: we were at fault What we the tax free bonus has to be necessary to be careful about ° f h ® r husband— but only if her next five werics. J977 (IR 25 (1977) ). All of 


les to fed the: draft Now the: to the value of the underlyin 
rectors of . . International securities. 



*7 

dill 


T/t'i' 

■J 


LAWSON 

RAW MATERIALS 

and genera! unit trust. 

BEST PERFORMING 
COMMODITY 
UNIT TRUST IN 1977 


-Lamontmaothlngto blush tor in mep^fomrnocoofth^hmd. . -a 
rise of mamffmt twk* that shown by * » F.T. IndeKta ftp same 
period*— Financial ^ Times 4/2/78. ‘ 

Whan the fund was launched In fartrffir substantial growth and io- 
March 1976 the aim was long, term coma In- the ftituce. However, 
caprtai growth trpm awida rangaof Investoisarmeminded that the prx» 
convnodhy shams and eft obow ot units and the income troni them 
average income - . When compared can go down as walFas up, and any 
with the growth of the F.T. Index of Investment would be bast regarded 
i7®« over tho same parfod-the fund as medium to long term. The fund 
has obviously been a sound invest- Invests in companies tmohed with 
ment. (inconft units up baste raw materials such as Cold, 

accumulation units up 65flfc). Few Diamonds, .Tut, Tea, Rubber, Sugar 
other forms eftovestmant will have and Copper- - Lawson Secunttes 
performed as when linked with advise that at least p art ofj four 

tho easy accessteUJtyfoyourcapftal. cwhalbetevestedinfiieworfafarMl 
and an above average incomopaid wealth as a hedge ageiret the 
twico yoaHy. " continuous fall In the value of 

Tho manats coftfittatfiy expect money.’ 


47% GROWTH 

in 24 months. Yield 7.1% p.a 


F1XEO PRICE OFFER CLOSING WEDNESDAY MARCH 15th. 1978. 
{OnATTHEDAJLYPniiKiFiovrem . 

T^ManaBTOiB»voltortsM»Soseilw«^ Btfte true pnainwibynnra than ?.Sa 

income Units 3&9p. Accumulation Units 41.^1. 




failed to take into account is taken into the equation. But it the timing of deposits and with- husband agrees: and even then A new leaflet out from the them should be available from 
the fact that the amount by doesn’t rnakg much sense for drawals. Interest is paid for each that option does not apply to Inland Revenue. IR 13, Ttmrticm vonr local tax office, or HMSQ, 
which the value of the certificate non-taxpayers to be invested in complete calendar month that 
increases, to reflect changes to this issue, since essentially it the money is invested, so ideally 
the- Retail Price Index, is free protects the real value of rapi- you need to put it to on the last 
of tax: so is the 4 per cent bonus tal rather than providing day of one month, and take it 
paid when the certificate reaches income. They should put their out on the first flay of another, 
maturity after five years. So money into an investment Incidentally, interest is calcu- 
even if the rate of inflation account at the National Savings lated once a year, at Decem- 
dnopped comfortably into single Bank instead. It may decline in her 31; but if you dose down 
figures and stayed there, the value over the longer term: but your account earlier you will 
likelihood is that any taxpayer it will give them something to receive the interest due, on a 
Would do better to stay with the live on in the meantime. pro-rata basis. . 


AN OFFER FROM M&G 

SMALLER COMPANIES 


IN 12 WEEKS ZKZ 
YOU COULD BE sb. 
DEALING IN 
STOCKS &SHARES... 
.more profitably 
than2million 
other investors 


RELIANCE SCHOOL 
OF INVESTMENT 
. lElltJ FREEPOST 
- London W113BR 



Many pcoola maka man ay from stocks 
and shares. You could be cum or them 
— able to buy or sell stocks £ snares 
end use money more shrewdly than 
Britain’s other two million Investors 

HOW IS THIS POSSIBLE? 

Simply through a unique 

B 1 2-weeM home course. The ■ 
Aft of Investment, written 
by. professional .investors, 
|n stockbrokers and account* 

IV ants." Step by step they 

snow you bow to make 
money. 

NO RISK— It cosit you 
9 -nothing unless you are satisfied. 

Even without previous 
know-how— even wKB a 
caploi as I owes ciop— 
IDOL you cirald be profitably 

icniT dealing In stocks-and shares 

l c 1 In 12 weeks’ time. 

*051 

3BR FREE BROCHURE ’ 

(No namp required). 







NwSwJnluB 

P*^wMi»7Wi 


Don’t Forget I . 

SHARES SHOULD BE 
BOUGHT AND SOLD 

.Gone arc the days when a “sound portfolio” of shares could 
just be bought and forgotten. 1974 proved that Today's 
investor has to be alert. Buying tomorrow’s favourites at 
today's prices. And, of course, remembering wh en to sell them. 
^Before the next “1974." That’s why the FLEET STREET 
‘LETTER, Britain’s oldest newsletter, emphasises the Im- 
portance of knowing when to selL- 

The only way to be sure the FLEET STREET LETTER is right 
for you is to see a copy and Judge for yourself. So just com- 
plete and return the attached coupon, and we will send you a 
FREE COPY, without obligation of course. Pius a 'detailed 
‘"analysis of F.SJL/s two latest ideas, companies wixieh most 
other investors have not yet discovered. 

PSj FBJj." has been recommending share sales for some time 
now, and expects to recommend further extensive sales, later 
In the year— make sure you are u on board" before then,' it 
could save yon a fortune } 


To: FLEET STREET LETTER, 

SO Fleet Street, London EG4Y 13H. 


I "Address 




Mortgage 

protection 

SHOULD you be beytog your 
first house, your main concern 
is probably to keep your 
monthly repayments down to a 
minimum - to conform with your 
limited means. Therefore you 
have probably opted for the re- 
payment method, and under 
these circumstances life com- 
panies really have had nothing 
to offer you except decreasing 
term assurance to pay off the 
outstanding mortgage should 
you die before it is paid off. 
- Now Sun Alliance and London 
Assurance has brought out a 
new contract — The Mortgage 
Protector — designed to offer 
much more to the first time 
homebuyer. It is designed hot 
only for .his immediate protec- 
tion needs, but for his future 
savings requirements. 

The plan is a combination of 
two contracts — a convertible 
with-profits whole life contract 
for 20 per cent, of the mortgage, 
with the balance covered by a 
level term assurance. After five 
years, the investor can exercise 
his option to switch to endow- 
ment assurance, thereby con- 
verting to a savings plan. This 
combination keeps premiums 
low at outset, but they would 
rise on conversion. With this 
plan, the amount paid on death 
rises with the passage of time, 

! while the outstanding mortgage 
' declines. Thus there would be 
a useful sum paid to the estate 
fi on death, to addition to the 
mortgage being repaid. When 
you move house and take out a 
bigger mortgage^ you can adjust 
the plan . without providing 
evidence of health, or losing 
its tax qualification,' 



■.^oritt ^vesting in sraalfef con^ianSes and has a ■' 
portfoGtfof about 70 holdings. BRotii address 




inctmw (fistrijutions, ai tfie buying pries of 145 ‘6p xd 
on 1st March, 1978. fii'is represents an increase of 
191-2%, comp ar ed wKh a rise in the F.T. Industrial 
Ortfinary Index of 13'5%.The current estimated gross 


31st March net ol basic rate tax and are reinvested for 
Acca mutation units to increase the value of the units. The 
next (fetnJxrfion date lor new investors win ba 30Ui Sep- 
tember; 1978, provided you invest before 7th August, 
1978. !bu can buy or sell units on any business day 
Contracts for purchases or sales rill be due for settlement 
2 or 3 weeks htetli% commission is payabf et oaccrofitfid 
agents. Trustee: Barclays Bank Trust Company Limited. 
The Fund is a rider-range security and is authorised by 
the Secretary of state forltade 

M&G is a member of the UrntTrasl Association. 

TWO WAYS TO INVEST 

As an alternative or in addtion to investing a capfel 
sum you can start a Regular Monthly Saving Plan 
through a file assurance policy (or as ftUe as DO a 
month. Ybu are normaBy entitled to dahn tax refief at 
current rates of £17 for each £100 paid. 

On a Q0 Plan, lax refief at present rates can bringdown 
your net monthly cost to only SB-30, with which you buy 
units usually worth considerably more. Regular investment 
of this type also means that you can take advantageof the 
inevitable fluctuations in the price of units through Pound 
Cost Aroagin& which gives you a positive arithmetical 
advantage because your regular investment buys more 
unis when the price * low and fewer when it is high. You 
atso get life cover ofat least 180 times your monthly pay- 
ment throughout the period Ifyour age at entry is 54 or 
under (women 58). and rather less up to 75. 

If you cash in or stop your payments during the first 
four years there is a penally, ana the lax authorities re- 
quins us to mate a deduction, so you should not consider 
the Ptaa for less then five years. 81% to 94% (denaidme 
on your starting age) is invested, except m the first two 
years when an additional 2) per cent is retained to meet 
settirw-up expenses. 

" M&G is a member otthejife Offices? Assocation. 

TOfcafferis notevaSaWsto resafcitte of tbe Repubflc of Ireland. • 


■ I net li ra uai i are nm.reJueur uusne ine umieo wr^uom. uie uiaunci stanas, 

■ the Isle of Man or Gibraltar, and I an not smwiRg the units as the nominee ot any 
_ parson resktert outside Ihose Territories, iff you are unable to make this 

■ dectuatkw you sJnnrid apply (bmu^ a bank or stockbroker) 

I SIGNATURE DATE 

I r.T •W^r|lttanpMefhhsecfioaifywwitatoiiiataa Regular - 
_ Saving (DEBirenn £10 a roonft). 

"iWTSHTOSME Ie — | mch month in the MSG Special Trust 

I eadose my cheque for the first mon&dy payment, made payable to 
I M&G Iresf (Assurance) Limited, 

_ I undestarel dot this payment is only provisional and that the company will not. 

I assume risk until formal notification of acceptance has been issued. 

" DATE 

B OCCUPATION ■ 0F8IRTH 

_ NAME AND ADDRESS OF USUAL DOCTOR (to crinm rdcroncc may tie madeL 1 


Are you an Busting K&S Plan holder 7 Vtes/Mo ■ 

I"# you cannot sign Part I otlhe Declaration beloBtWcra t areisicn Part II; ® 

B Dedvatieo nun" 1 1 declare that to the best of my belief, r am m good health and | 
free from dsease. that I have iwi had any scf>ous rtnecs or major operation, that I B 
do not engauinany hazardous sports or pursuits, that I do not engage in aviatt 0 Rr B 

I srceoi as a fere-paying passenger on recognised routes, amf that no proposal on B 
nw life has ew been" aaiKiseiy treated. ■ 

I PART niazrec ihat any dcctaratioo made by mem connection wBh B 

the proposal shall be the basis of the conued between me and M&G lust 1 

(Assurance) Ud. and that I aril accept thetr cuslmnaiy fonn ol policy I agree to ■ 
fl provkleany further atfojnrabwi the ounpaiw mzy require. i 

B, (A Specimen d tbe policy farm c available on reqwsT) — 

| SIGNATURE 

| PATE 1 | 

,Reg5teredin En^and No.lOCS359. Reg- Ofljcoasaboae. H WaC "Hw® 













8 


Rnancial Times Saturday March' 4 1978 . 


.! V * 




PROPERTY 


ifwig Canute strikes again 


BY JOE RENNISON 


THE MANDARINS of Whitehall 
who think they can prevent the 
tide from coming' in are once 
again sitting on their thrones 
on the seashore. It is entirely 
predictable — indeed one would 
take a bet of any size — that 
their efforts will meet with the 
same kind of success as that of 
King Canute. 


I refer, of course, to the 
moves being made by Depart- 
ment of the Environment Execu- 
tives to persuade the building 
societies to limit the amount 
they are lending for fear of 
fuelling a price explosion. It 
Is hardly to be believed that 
such folly could be contem- 
plated after all that the country 
has been through over price 
rises and price falls, the short- 
age or the flood of mortgages, 
the scare talk about gazumping, 
etc., over the last six years. It 
surely must have occurred to 
those who are supposed to 
understand the workings of the 
property market that any move 
of this kind will have no effect 
and if anything have the oppo- 
site effect which it is intended 
to have. 

Tt has been reiterated in this 
column from what seems to be 
time immemorial— -but it must 
be said again — that house prices 
will -always find their own level 


and that the efforts of 
politicians or money-lenders to 
alter the market forces are 
useless. 

If the money is there and the 
supply of houses is there, and 
the people are willing and able 
to buy and/or to move then 
nothing will prevent them pay- 
ing the price they expect to pay 
or thaT the seller wants to put 
on his property given the 
average market trends. To cut 
off the supply of money can at 
best simply delay for a very 
short while a rise in prices if 
that rise is to come. 

Events since 1971 have shown 
this to be a self-evident truth. 
The boom in prices in 1972 was 
caused by the fact that houses 
bad been undervalued. They 
shot up In price but dtd not go 
beyond what people can afford. 
They stood still for the next 
few years and in the upper 
brackets fell considerably be- 
cause again during. these years 
of gloom They reflected what 
people could afford. Prices will 
find their level in the same way 
in the coming year and the year 
after that and the year after 
that, etc. 

The building societies— al- 
though no spokesman from the 
movement has said so publicly 
— are extremely unhappy about 
this situation, but their hands 


are tied. Since the societies 
put themselves into the hands 
of the Government when they 
begged for a loan in April. 1974, 
the Government have called the 
tune on lending policy. That 
this should happen at this time 
is unfortunate than for just the 
potential buyers. The house- 
builders who were beginning to 
sec a glimmer of rerival now 
see their hopes dashed because 
of the limit on borrowing 
power. Their hopes of lifting 
the housebuilding figures out of 
the doldrums of the last four 
years will be dashed. 

It is difficult to see the 
motives behind such a move but 
one can only presume that a 
possible autumn election has 
something to do with It. Maybe 
the present Government thinks 
that rapidly rising house prices 
would be bad for their image in 
the run-up to. an election. But 
presumably they have not 
thought of the other side of Che 
coin: they are going to look 
pretty silly among the electors 
when Mr. Average is turned 
down by the branch manager 
at the building society on the 
instructions of central govern- 
ment. 

There are more things than 
are dreamt of in your philo- 
sophy, dear Whitehall, so please 
leave well alone. 



Blocks of coral being sawn up for building the Hon. Colin Tennant’s 
new house in a coconut grove running down from the beach at 
Mustique. 


Mustique mystique 


Two 17th Century Suffolk 
farmhouses have recently 
come on the market through 
the Newmarket Office of 
Jackson -St ops and Staff. 

The first is known as “ The 
Old Farmhouse " and is 
situated in the village of 
Ch eve ley. about three miles 
south of Newmarket. It is 
listed as a Grade II building 
and has a number of inter- 
esting carved timber embel- 
lishments. and large open fire- 
places. The accommodation 
comprises — drawing room, 
study, dining room, kitchen, 
four bedrooms and two bath' 
rooms, with foil oil-fired 
central heating and double 
glazing. The attractively 
thatched and timbered house 
stands in landscaped grounds 
of about IS acres, with a 
heated swimming pool and 
outbuildings. Offers over ' 
£40,000 are being invited for 
the freehold. The second 
period modernised farmhouse 
is known as “ Pettett’s Farm- 
house'' (see picture) and 






2>v.y 


Ip 

SRI 


i* 




■ " "-tpfni-r -v m " ■■y-M 



stands on high ground with 
fine views of the surrounding 
Suffolk countryside, on the 
outskirts of the village of 
Great Bradley, about nine 
miles south of Newmarket. It 
has a Norfolk reed thatched 
roof, a wealth of exposed 
beams, and two fine inglenook 


fireplaces. The accommodation 
consists of reception hall, 
drawing room, dining room, 
kitchen, seven bedrooms and 
two bathrooms. Outside there 
is a double garage and well 
maintained gronnds of about 
three-quarters of an acre. The 
asking price is £42,800. 


PROPERTY 


WOODLANDS FOR SALE 

COLLEGE WOOD. OXFORDSHIRE 193 Acres 

A well-stocked Chiltem wood containing 327.000 h.tt. of BEECH 
and OAK. Also 31 acres of conifer plantations. Good access. 
Sporting in band. Offers over £90.000. 

COED NANTGLYN. CLWYD, N. WALES 100 Acres 
Mid rotation Oak, mature Norway Spruce and young conifer 
plantations. For sale In one or six lots. 

CHUBCHMOOR WOOD, SHROPSHIRE 53 Acres 
23 acres 70-year-oid OAK and 30 acres conifers planted 1957. 
ALSO WOODLANDS FOR SALE IN: 

GLOS.. KENT. SUSSEX. DEVON, HERTS, VALES and 
NOTTS. 

Details o.f these and other woods for sole from: 

JOHN CLEGG & CO, Church Sl, Chesham (Tet 4711), Backs. 


If you wish to buy— sell— rent or have 

REAL ESTATE 

managed in the 


PRINCIPALITY OF MONACO 


Wr/te to: 

A GE D I 

26 bis Bd. Princess Charlotte. Monte-Carlo 
Principality of Monaco 
Tel (93 ) 50 66 00— Telex 479 417 MC 
Documentation sent Free on request 


BY AUCTION FRIDAY. 
3 1ST MARCH 


DISS 

NCRFOLK/SUFFGLK 

BORDERS 


4 Bedroom Detached Residence 
in It Acres. Timbered Gardens. 
Paddock. Orchard. 5 Acres 
Additional Pasture. 


IN THE UPPER 
WAVENEY VALLEY 


Modern Country House in 7 acre. 
4 Reception. 3 Bedrooms. 2 
Bathrooms. Double Garage. 
Greenhouses. Workshop. 


THOS. WM. GAZE & SON 
Roydon Road. Diss. Norfolk 
Tel. 2291 


INVEST IN 
AMERICAN 
REAL ESTATE 


* CA LIFOR NIA and utter pHme 
WESTON STATES praperdcc 
SI 00.000 to $1. 000,800 

* FknncJnx aval table 

4 F r rtwt a nal Naugnwtt . 

* Apartment Complexes 
V Shopping Center* 

v Emeu ti re OfRee BuMbifi 
Sf Hotels and Moteb 


* Atria? Kuril A Farm Umd op to 
US aA on cadi return 


Lofty term MNN Leases 
for tfmlSe ntfonootion on jour 
reouiremeflU call 
(4151 574-1616 or write: 
JOHN BERGMAN 
INTERNATIONAL 
VESTING INC. 

2121 El Cambio Suite 700 
SAN MATEO. CALIFORNIA 94403 
USA. 


For sale 
Southern Tenerife 



In the mi b -tropic*! earden development 
of Chayola de lot Critclano nvo acvec- 
dve residential /hoJid if bungalows each 
with large lounge, two double bed- 
rooms. kitchen with breakfast bar to 
lounge. lumber .room and garage. 
Party furnished. Beautiful ornamental 
and fruit garden. Heated swimming 
poet. Surrounding wall. Sea view. 

Price: SFft, 375.000. 

For chr complete property or single 
bungalows with rand oy arrangement. 

Full docaili Irani tax No. 100.443, 
A5SA. 9001 St. Gil'. Switzerland. 

Local contact: Nr. Hermanns. 

Los Cnsrxnoi. 

Telephone: 0034 22 74 1! 10. » 


ULMER & COMPANY 

(Land Department) 

THE MANSION HOUSE. 
TRURO. CORNWALL 
Tel: (0872) 4211 - 


HELF0RD RIVER 

S. CORNWALL 


With lovely garden*, water frontage. 
Tennis Court and Paddock* and enjoy- 
ing superb views over the Helford 
River u tins imposing gentleman's 
marine residence. 

S bedrooms. 2 bathrooms, spacious 
landing and boxroom. 2 cloakrooms, 
ball, large receptions suitable for 
entertaining or conferences. On CH. 
Excellent condition throughout 

3 bed room ad staff flat and extensive 
adaptable outbuildings for garages/ 
boa (house s / stab le s . 

HIGHLY RECOMMENDED 
AT 6U7.S00 
• FREEHOLD 


INVITATION 


A series of three investment dis- 
cussions arc being given by an 
Attorney on bthtlt et Pan-Arabic 
Investment Trusts in London. Geneva 
and New York. 

Tim first presentation, including 
colour films, slides, ee. of one 
investment area and propo-ty in- 
ventory, will be given at the Carlton 
Tower Hotel, on Mondxy. March 
6th it 1 1 a.m . followed by a 
cockuif buffec ftineheon. 

Formerly a private affair, it n now 
ooen to a limited numb*' of Trust 
Managers or ache' interested invest- 
ment prof ess. on a Is. 

Entrance br invitation only 
for detoifs phone or nil: 

Mr. Andrew M. Connolly 
from 10 a m B 4 u m. today 
01-584 9061 01-584 7467 


RIVER TWEED 
TO LET APRIL 1978 

Junction Beat 


Lower floors BtH 
_ 17-22 AOTil 
.. . SottMten Beat 

10-15 Aoril. 17,22 AlTII. 24-20 Aurll 


Apply* Sporting Department iretjjWi, 

?^V«ri«Von.^ix S ^t 


Tel" 01-625 728 J 


MM AS, SPAIN 


Superb new villa In exclusive setting 
vet only 1 5 miles from Marbolla. 
Beach, golf, riding, fishing and world- 
famous Lew Hoad tennis dub ail 
within easy access. 

Villa sec in 3.300 SR. metre* of 
landtcaped garden, comprising 3 large 
bedrooms. 2' bathrooms (one en 
suite), modern fitted icitchvit. spa- 
cious living and d.ning room, swim- 
ming pool. Paso with fitted barbecue 
and ca-port. Electric wail heaters. 
F'oon fu!ly tiled throughout. Mains 
electricity and water and sepoy wk 


Pr.se Sterl.ng £50.000 00 
I 50’ : payable in Spain} 
plus registration fact. 
Principal* only prepared to vitit Mijtn 

f&met: 

WAYWISE LTD, 

1, London Road. Hind head. 

Tell 042473 6020 


•PAIN — Apartment or villa isantco lor 
private buyer. Not too expensive. 
Immediate settlement- Write bo: Mr. 
M lllU ' 4 Rd ” Sa |Ue *" B’ham. 

SOUTH CORNWALL: R05ELAND — Pprioo 
Residence 01 areal cftvm in Deaotlhil 
country sotting, Mm |y for sailing 0 
mam lovclv KMenet. 7 IMmis. 6 Sato- 
rooms. 2 large R«.. Outbids.. Ban- & 
pUIM. z jKres. £65. 000. _ • Further 


i land Optional.! tee A Co.. Truro iTei. 

1 HAR^UV. hF^AA’daRTFORD. Kent. Fur 
! sa!e freehold pan excavate? chalk 
puarrv 1 1 acres in total. 6 acres 


■norai unwonted. Valid planning per- 
' JiTd-ntm. 


mission Some typical auarr* pu.l_ 
oners. A poly Praii. Cnimran a, Prall 
Charterer Surveyor*. 76. Sjn'sl Street. 
Camera. Kent- Oartlord 28831. 


MAYFAIR 


four flats let unfurnished tenants. 
Low income with great potential. 
£40.000- 

SUTHERLAND5 

800, Fulham RtL, London, S-Wi. 


COMPANY NOTICES 


THE COMMERCIAL BANKING 
COMPANY OF SYDNEY LIMITED __ 
Notice is heron* _ eiven ihat. . the 


Transfer Books ano Realtor «f Mem 
■■ S 00 P.m — 


hers win ee closed at 

the 20th March. 1073- Mr tin? ourposc 
Of determining Sbara be leers entitlements 
in .the Banks 10", .COMHNIft 
Unset, urn 3 Notes issue. 

07 Order Of im Chief Bona. ; 

J. E SEAR L E- 

Cinel Manager, tonoon. 


THE LEGAL JARGON of “to all 
to whom” these presents shall 
come, which heads The Mustique 
Company's land conveyance 
document is particularly appro- 
priate for the tiny Caribbean 
island in the Northern Grena- 
dines where Princess Margaret 
has a holiday home. 

Because Mustique, 3 miles 
long and less than half that 
wide. 18 ' miles south of SL 
Vincent an independent state In 
association with . the UJv (of 
which it is a part), is going to 
promote its delights to a wider 
audience, in a limited manner, 
admittedly. 

The island,* bought by the 
Hon. Cotin Tennant in 1958 the 
gave the Princess some land as 


a wedding present), and im- 
proved, rather than developed 
with proper roads and services, 
-is under new management. To 
put it at its simplest, new money 
has been brought in to form a 
fresh company, in which a con- 
sortium of two Venezuelans and 
a Canadian own 60 per cenu 
other directors including 
Tennant and the Hon. Milton 
Cato. Premier’ of St Vincent 
The new investors who make up 
the consortium, and who already 
have holiday homes on the 
island, are Hans Neumann, 
president of a Venezuelan con- 
glomerate, Corimon, whose main 
products are paint and orange 
juice, Alberto Vollmer from a 
wealthy Venezuelan family 


whose business interests have 
been strong in sugar and. nun; 
and, as chairman, John 
■ McCIaren, who runs M. F, 
Hol ding s, a graphics company in 
Toronto. : f 

Managing director is Dennis 
Gibbs, former administrator of 
Montserrat, an English man 
whom Inset on SL Lucia in the 
nearby Windward Isles last year 
where he was also concerned 
with property. He insists that' 
they are all aware of - the 
importance of retaining - the 
privacy of the past although . 
there are certain essentials that - 
need to be attended to. “Narrow 
winding roads have to be graded 
to take out the bumps and jolts, 
a more ample supply of electri- 
city is necessary, and the air- 
strip needs lengthening.” - (If 
you want to pilot in your awn 
'plane the tiny thatched hut air- 
port win take light twins, or 
you can sail into Britannia Bay). 

So what is it going to cost 
to buy into this idyllic spot? 
In 1969, as a result of the 
Mustique Ordinance, a 20-years 
agreement was enacted that 
exempts house-owners from all 
personal taxes and tariffs on 
rhe capital goods that ~ are 
needed for building their 
homes. 

However, that does not mean 
that anything is cheap in tins 
1.350 acres of long white sandy 
beaches, lush green pastures, 
palms, passion flowers and 
other tropical delights in an all 
tiie year round temperature of 
75 to 85 degs. You can buy 
a few existing small villas with 
a limited amount of land at 
£30,000 or so, which are 
extremely good value. But plots 
in the privacy of the coconut 
groves (planted in 1969). run- 
ning back from the beach, 
where Colin Tennant is having 
a new house "built in blocks of 
gleaming white coral, will cost 
somewhat more than that for 


the land alone. While on 
remoter -rocky headlands over- 
Tooking lea and wooded hills, 
where you can buy -sites from 
2% acres aid so create a small 
plantation, the price will 
obviously woTk 6ut atyery much 
more by the time a building is 
on it 

" Work on roads and infra- 
structure to accommodate the 
new venture have just begun. 



The selling has been $vi 
into three phases, and the < 
promotion is due to get off 
ground in Europe next mo 
handled by Sotheby 
Be met International Be" 

Corporation, 9S0 Mad 
Avenue, New York, IVar > 

formalities have to ■beV/ '>" r 
through before the 5 

can be marketed ■- 

•- ■■. ■ ;•-? -*• 

more river . 



%-’"V -r 


IT IS ONE THING to own fish- 
ing rights on a river but quite 
another to own a whole section 
of a river— lock, stock and bar- 
rel-— and no pun intended. But 
such could be the case with 
the forthcoming sale of a large 
section of tho Elver Crouch in 
Essex. 

. Just think what one can do 
with a river, childhood fantasies 
can become a reality- Splosh 
about in mud without anyone 
telling you to cut it out: play 
water-borne cops and robbers up 
and down the stream and even- 
tually rescue the beautiful 
heroine: launch boats of your 
own making. 

The major sections of the 
River Crouch, which ..lies mid- 
way between the- River Black, 
water and the Thames on the 
East coast of Essex, have been 
placed on the market for sale 
by private treaty. The Crouch 
is thought to be one of the only 
two tidal rivers in England, 
which are privately owned, the 
other being the Beaulieu River. 

Included are the mill, fishing, 
shooting and mooring rights in 
respect of the sections .which 
ars for sale. Timse rights were 
originally granted to the Lords 
of the Manor Burnham in the 
11th century, and the present 


owners are the successors 
title. 

The Crouch is a - weil-kn 
sailing river with five boatya ! 
The Royal Burnham and 
Corinthian Yachting Clubs 
several sailing clnbs on' 
banks. The main centre < 
Burnham on Crouch, whlci • 
less than 50 miles from Lon w 

The total area for salt 
about 9,800 acres, corerin 
distance of about seven n 
from the upper reaches to 
sea. a substantial part of w. 
is in hand. 

In addition to the river.. 
sale will also include the 1 
hold of 3/3a High Sb 
Burnham on Crouch, compri 
two vacant ground-floor sl 
with a fiat above, a lam 
stage freehold and lease! 
oyster layings, pit and purl 
tion unit in the adjoining R 
Roach. Also included i: 
37-foot boat of about 4} - 
with 60 hp BMC diesel eogir 
10 -foot render with outbf 
motor and all oyster stock 
equipment as laid. 

The price quoted for 
assets of the Burnbam R 
Crouch is £200.000. Joint ; 
Agents acting in the sale 
Pepper. Angliss and Y&nv 
and Strutt and Parker's Lei: 
Management Division.. 


BRIDGE 


E. F». C- COTTER 


A PAPERBACK edition of that 
masterpiece of ' fantasy Bight 
Through The Phck (Allen and 
Unwin £2.75) by. Robert Darvas 
and Norman de V. Hart has re- 
cently been published. If you do 
not possess a copy, J urge you to 
get this new edition, even if you 
read the book when it was origi- 
nally published in tbe early post- 
war years. The fifty-two hands 
to which you are introduced are 
so ingenious and fascinating that 
you should be able io refer to 
them from time' to time for in- 
spiration. ‘ 

Let us start wttir the Tale 
of the Fire of Clubs. 


to hand with a diamond to cash 
three tricks in the suit. The last 
diamond effectively squeezed 
East, who had either to throw 
his heart King and set up South's 
Knave, or unguard his spade 
King and surrender the last two 
tricks to dummy — an. elegant 
combination of early throw-in 
and final squeeze. 

We turn to the Tale of die 
Seven of Hearts: 


■*N. 

4 A J 5 
SAQ3 
O A 6 5 3 
.+ 9 8 5'.. - 

W. _ ■ E. 

4 86 3 4 K 10 9 7 

« 9 7 4 2 • K 10 8 ■ 

OIOS 73 ft 4 

*53 • 4KQJ10 7 

S. 

4 Q 4 *2 - 
5J65 . 

CKQ J 9 
* A 4 2 - 


N.“ ‘ 

4 J 10 3 
<“>K‘J10 8‘ 
ft 9 6 54 2 

4-8 

W. E. 

484 4 Q 7 6 5 

■5 9 3 r A 7 5 2 

>87' ft A K 10 

♦ A 10 9 S 7 5 2 * *43 

' • • -S. ' 

• 4 A K 9 2 ' r ■ 

• C? Q 6 4 
ft Q J 3 
* K Q J 


East dealt at a love score, and 
after three passes North opened 
the bidding with one' diamond. 
East doubled, and South re- 
doubled. East took out the re- 
double into two clubs. South bid 
two no trumps, and North raised 
to three no trumps. This was 
doubled by East, and all passed. 

West started off with tbe six 
of clubs, dummy played the 
eight and Souih took East's ten 
with the Ace. He then crossed 
to the Ace of diamonds on the 
table, and led ME. the five of 
clubs. Yes, at trick three he 
started an end play against his 
right .hand opponent.. 

When East happily ran off his 
four club winners, the declarer 
discarded two diamonds from the 
table and Ibe spade two and the 
heart five from his own hand. 
Now East had to lead a major 
suit, and he chose the seven of 
spades. Winning with the Queen, 
South crossed to dummy's Ace 
of hearts, setting up East's King 
— the Vienna Coup. He returned 


At game all, with North-South 
30 below. East bid one (weak) 
no trump. South doubled. West 
rescued into two clubs, and 
North said two diamonds. With 
his eye on the rubber. South said 
two no trumps, add all pasaed. 

West led the club' ten. which 
was won by tbe King, and the 
King of spades was cashed. This 
was followed by the heart Queen 
and a low heart to the ten. East 
holding off each time. Now the 
Knave and ten of spades were 
cashed, which East refused to 
cover, and a diamond was led to 
East's King, and the Ace of 
bparts was made. 

At this point West had five 
clubs to the Ac c. dummy ba(L| 
the heart King and four dia- 
monds, declarer had the Ace of 
spades and the Queen, Knave in 
each minor suit. East who had 
the spade Queen, tbe seven of 
hearts. Ace, ten of diamonds, and 
tbe four of clubs, wondered wbat 
jo- do. Then he.- led ME th.e 
seven of hearts. That’s a nice gift, 
said South, but suddenly he 
realised that be must throw the 
spade Ace. Oh well, said South, 
exchange is no robbery.'Dumray 
now had to lead a diamond. Eaat 
look his Ace, and cashed the 
spade Queen, which was now 
good. The unhappy declarer 
found that he bad no discard 
that was not fatal. 

A progressive squeeze against 
the declarer is indeed a rarity. 


CHESS 

LEONARD BARDEN 


WORLD CHAMPION Anatoly 
Karpov will feel quietly content 
when he studies, the results of 
tbe traditional annual tourna- 
ment at Wljk aan Zee, Holland, 
held early last month. Allied 
to results at the Rassian cham- 
pionship and- Hastings. Wijk 
showed- that none of Karpov's 
potential rivals in his own 
generation is yet a serious con- 
tender for the throne. 

Similar matches in the past 
suggest that Karpov, who- has 
proved himself an outstanding 
world champion, should beat 
Korchnoi with something to spare 
if he Is in normal form and 
health. There is not just the 
evidence of their previous ma tc h 
in 1974, but the 20-year difference 
in age Favouring the champion. 

Only if the tensions and psycho- 
logical manoeuvres affect Karpov 
more than Korchnoi, or if the 
match develops into a “timeless 
test " roarathan where Kar- 
pov's light physique and low 
blood pressure could- affect the 
issue, might there .be • real 
danger. And even in the event 
of defeat there is_a scheduled 
return match when Korchnoi 
would be nearly SO. 

Apart from the Botvinnik-Tal 
return in 1961 when the younger 
man participated a few months 
after an operation, outstanding 
world champions have only lost 
the title to players of their own 
generation (as when Alekhine 
beat Capabtaaca. who was four 
years older) or to significantly 
younger men. 

On this score. Karpov can 
currently have few worries. Of 
potential rivals In his age group, 
Romanishin failed In the USSR 
championships while Sax could 
not maintain a fast start at 
Hastings. At Wijk four potential 
young rivals. Aadersson. Meck- 
ing. Miles and Tinman were 
outpaced by Korchnoi, aged 46. 
and Portisch, 40. 

PordRCb essentially won the 
first prize because of Korchnoi’s 
loss to tiie tail-ender van der 
Sterren, but on his form at Wijk 
he would have - been a more 
dangerous opponent than Spassky 
in tbe final candidates match. 


Results were Portisch (Hun- 
gary) S out of It, Korchnoi 
(stateless) 7*, Andersson 
(Sweden) 6$. Ree and Timraan 
(Holland) 6, Pan no (Argentina) 
54, Mocking (Brazil). Miles 
(England) and Najdorf (Argen- 
tina) 5, Sosonko (Holland) 4t, 
Kavalek (UB.) 4. van der Sterren 
(SoHand) 3. 

Tony Miles lapsed from his 
fine performances of the second 
half of 1977. One- reason for 
his setback in Wijk was that an 
old weakness, a limited opening 
repertoire, caught up with him; 
in the game below. Black is 
already lost after eight-mores. 

White: H. Meckmg (Brazil). 
Black: A. J. Miles (England). 
Opening: Caro-Kann (Wijk aan 
Zee 197S). 

• 1 -P-K4, -P-QB3: 2 P-Q4, P-Q4; 
3 N-QB3. PiP: 4 NxP. N-Q2: 5 
N-KB3 (an ancient trap worth a 
try against a naive opponent is 
5 Q-K2, KN-B3?-; 6 N-Q6 mate), 
KN-B3: 6 NxN ch. NxN; 7 N-K5. 
B-B4? (P-K3 or P-KN3 are more 
precise); S P-QB3. P-K37 (N-Q2’>: 

9 P-KN4.-B-N8; 10 P-KR4. B-Q3 
(Miles has got confused with a 
similar variation- where White 
plays B-QB4 rather than P-QB3; 
now there -is nothing better than 
p lasting' P-KR3 _ when White 
wrecks the black pawns by NxB. 

10 . . . B-K5' fails to 11 P-B3, 
B-Qi; 12 P-QB4). 

11 Q-K2. BxN; 12 ,-PxB. Q-Q4; 
13 R-R5, NxP (desperation, but 
if N-Q2; 14 P-R5. B-K5; 15 P-B3 


wins tbe bishop): 14 QxN, 
ch: 15 R-K3. Q-QR4; IS Q 
Q-N3; 17 P-R5. B-B4; IS R 
(H): 19 B-K3, Q-Ql; 20 R-Qi Q 
21 BxQ. P-B3; 22 B-K3. P-K4 
B-B4 ch, K-Rl; 24 F-Rfi. PxP 
BxKRP. KR-K1 and B 

resigned — 26 0-0-0 is an easy ' 

The recent Wijk toornan 
was the 40th and perhaps 
last in the annual series: 
worldwide steel recession is f 
ing cutbacks on the sponso 
Hoogoven company. Even, ic 
economised version.' Wijk . 
said to cost £70.000 this y 
nearly double the en 
sponsored and unsponsored 
come of British chess from 
sources. 

Its disappearance would 
serious but hardly fatal for cl 
in the Netherlands. The R' 
Dutch Chess Federation rece 
subsidies of £50.000 from 
Culture and Recreation Mini 
(chess, like bridge and draug— 
counts as “ denksport ~—spor 


the mind) and around £45 % s 
from the national lottery. * ' 

annual IBM and tater prwn i 

tournaments are sponsored. _ 

£40.000 and more each; • SidSBKt 
there are also sizeable- 4>»cl 4 j > 

for the national team 
coaching. ^ 

In Britain, Lloyds Bank wlT 
£10,000 programme incln 


Nigel Short’s match against v.-**, * 

City of London played last w tv An v : 


are the most generous apoa 
of national chess. 


POSITION No. 205 


PI 


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PROBLEM No. 205 
BUCK (5men) 


WHfTE(ITiwn) 

B. M- Lawrence v. J. Pearce, 
North Circular League 1977. Mr. 
Lawrence, as FT reader, had this 
position as White (to move) in 
a recess match, and brought off 
a fine win. How did the game 
end? 






i 









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’ 4 







-/ 







JJ. 





A 





“ 



















ho: .. ■ - 


WHITE (3 men) 

White mates in three moves ■ 
latest, against any defence ( 
Sam Loyd i . 

Solutions. Page 12 


Cook's tour 


THE FIRST stamp album 1 
ever possessed contained snip- 
pets of useless information, in- 
cluding the fact that, with the 
exception of Que&n Victoria. 
Christopher ' Columbus had 
appeared on more stamps than 
anyone else. I hasten to add that 
this titbit dares my album and 
not me. and Colmhbtis has long 
since been overtaken by others 
In the popularity stakes. Among 
explorers, however, he' occupied 
the premier position but in the 
past decade he has been super- 
seded by Captain Cook. 

James Cook was bom in 
November 1728 in Yorkshire, 
the son of a Scottish argricul- 
rural labourer who rose by his 
own efforts to become a farm 
bailiff. Younc James had little 
formal education and at the ape 
of 12 was apprenticed to a shop- 
keeper in Sraithes but he soon 
quarrelled with his master and 
left to work for Messrs Walker 
of Whitby., shipowners with 
whom he served for several 
years in the Newcastle and 
Baltic trade. In 1753, when war 
with France seemed imminent, 
he was mate aboard a vessel 
lying hi the Thames, and fore- 
stalled the press-gang by volun- 
teering for service in. the Royal 

Navy. 

Cook began hia naval career 
as an able seaman aboard HMS 
“ Eagle,” commanded by a 
fellow York shi reman. Hugh 
Pailiser. He took a keen interest 
in Cook and secured his. 
appointment as master of the 


” Mercury " in 1759/ In this ship 
Cook sailed to America and 
charted the St. Lawrence 
channel, enabling Wolfe to take 
Quebec by surprise. At the end 
of tbe Seven Years War. when 
Palliser became Governor of 
Newfoundland, Cook was ap- 
pointed marine surveyor of the 
Newfoundland and Labrador 
coasts. His sailing directions for 
this area were published in 
1766-8 and earned him a repu- 
tation for accuracy.- . This 
brought him to the attention of 
Joseph Banks and the Royal 
Society which was planning an 
expedition To the South Pacific 
to observe the transit of Venus. 


y 3.’ * - 




-v7 j- tv 



STAMPS 

JAMES MACKAY 


On Palliser’s recommendation 
Cook was appointed to com- 
mand ' the expedition and its 
converted Whitby, collier, HMS 
“ Endeavour.” The bicentenary 
■of his appointment was marked 
by a British, .stamp depicting 
the “Endeavour” and Cook's 
signature. ... 

On the homeward voyage the 
*• Endeavour ’’ . circumnavigated 
New Zealand and Cook landed 
at Poverty Bay on October 6. 
1769. This, scene was depicted 
on a New Zealand com memo ra-. 
tire m. 1906 and the 2 shilling 
definitive of 1935. The' “ En- 


deaveut,” Cook’s portrait and 
chart of New Zealand appeared 
on -the penny stamp of tbe 
Centennial series of 1940. In 
March 1770 the “Endeavour” 
sailed westward and 19 days 
Later sighted New Holland. On 
April 29 the ship anchored in 
Botany Bay. an allusion to the 
rich harvest of botanical speci- 
mens gathered by Banks. Cook 
named -this coast New South 
Wales and 18 years later a 
colony was established there. 
The centenary of this event was 
celebrated by New South Wales 
in 1888 by One of the world’s 
first commemorative sets, and 
Captain Cook’S portrait by 
Nathanial Dance appeared on 
the 4d value. The entire paint- 
ing was reproduced on the 7s. 
6d. definitive of 1964 and' the 
75e stamp of the decimal series 
in 1966. 

The bicentenary of Cook's 
first voyage produced a fine 
crop of Stamps in 1969-70- New 
Zealand contributed- a -set of 
four stamps and a miniature 
sheet, depicting chans. the..ship 
and portraits of Cook. Banks 
and Dr. Daniel Solander, tbe 


strip's botanist Australia pro- 
duced a -set of sue stamps and 
a miniature sheet with a mon- 
tage of motifs symbolising the 
progress Of Cook's Pacific voy- 
age. Sets of stamps honouring 
the first voyage were also 
issued by the Cook Islands, 
Norfolk Island and Samoa. 

On his return to England in 
June 1771. Cook was promoted 
to commander- and appointed 
to command a second Pacific 
voyage which set sail in July- 
1772. This time he commanded 
two ships, the “Resolution” 
and “Adventure " and his brief 
was to discover the fabled 
Terra Australis or great 
southern continent In Janu- 
ary 1773 he ' crossed the' 
, Antarctic Circle — an event com- 
memorated by a 35c stamp of 
Norfolk -Island. He reached 
New Zealand in May and went 
on ttTdfecbver the islands which 
now bear bis name. His land- 
ing was depleted on the Jd. 
stamps issued in 1920 hy 
Raroiohga. Aitutaki, Niue and 
Penrbyn and Cook himself was 
portrayed on the I*d. stamps 
of th£ same date. In the unified 


series of the Cook Islands. 
1932 the landing appeared ,- 
the id. and his portrait on t 
Id. The Dance portrait p 
depicted on the Id of the 19 
series, while the shilling stafl 
showed his statue at Admiral 
Arch, London. 

Early in 1774 Cook sail; 
again into the Antarctic and"- 
June returned to Niue who' 
Id. stamp of 1950 showed tl 
landing at. Upaahi Point A 5 
of four was issued in 1974 . 
mark the bicentenary oFrir 
visit. In October he .sail 
the “Resolution ” into 
tica again and discovered 
Georgia. ' Cook’s po: 
appears On the curren 
stamp of. British An 
Territory and South GS 
issued three stamps in 
1975 to mark the bicen 
of his discovery. ^ 

His ' return ro Ei 
brought him promotion to-* 
captain and command of a^ft 
expedition, aiming at tftspt 
covgry of the North 'Sw * 
Passage. During this 
he' discovered - Hawaii 
Alaska and surveyed^ 
western seaboard of 
The United States re-issued 


-V, 


Is 




2c and 5c' definitives itf-fiET: 



with & commemorative^ « 
print and celebrated the"bli 
tenary last month with two' !*, 
stamps. The Alaska < stBjaK l . 
shows the Dance partraiC&pu, ’• . 
the Hawaiian stamp. reprSdU®® ’.-. 

John Webber’s sketch of-Ow^* • 

ships at “Owyhee.’* StamUyf . .. 
honouring the third voyage.haa ' ft * : 

also been released fay Aitut**'\ k 
N iue, -Norfolk -Island -and'IW. • - . r 3 a » , 
Cook Islands. 




if 


i 






9 




Financial Times Saturday March 4 1978 



GOLF 



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reneya 
akes a 
’iew 

STUART MARSHALL . 


A great reply to Nicklaus doubters 

BY BEN WRIGHT, Ft. Lauderdale, Florida 

THE ONLY REGRET in the six, to enable him to come home dies while he had been limited rough grass in front of him and middle. When Nicklaus played 
minds of both those who wit* in a remarkable 30 strokes to two— at the 9th and 11th then 15 feet of green tharply a glorious nine-iron shot four 

nessed it or took part in the against par of. 36, and Irwin holes. downhill to the pin. Jones feet from the hole, the crowd 

remarkable finish to last Sun- four and. Jones three in their But then fireworks ftmnd centre of the green went wild. 

Sg£"“; respective inward halves of 33..*^ Niddaua rat ^ ^ve with yet another magnificent But while lrwin was 

As the drama unfolded In the at the 14th, pulled his second iro T M ho1 H ... . . struggling for a brave chip and 

For last two hours of play, the wind shot SO feet wide of the hole, d ff ho ^ to h ? p *“! Putt par, Jones gave himself 

2* *JEE£ was gU5ting up 15 m P h “ and then ran the ball up over ^ ou ! f of t . the . fn T ns * “J went every chance, leaving himself 

* the warm sunshine. At one a hump straight into the hole. Past the hole to drop a a 15 . foot putt Alas> his nerves 

Sm^erririMwhnte mnnmirin« p0int Je?77 Pat<? and Aody Irwin 1311 in his birdie putt B ^ oke '^ hlle J(ra * s putted up faiJea hlm at ]asL ^ he came 

Besn • vere co-Jeaders with from some six feet, Jones made adequate^ enough for Ms par. up short> ^ere was a mas . 

over the past year or so that- Jone5r unlike Nicklaus par . . Only Nicklaus went for chip had . to he 5 & e IboM NicklauS 


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Under the bonnet of the restyled Fiat 131 Supermntfum is a 
• twin overhead, camshaft 1.6 litre engine. Top speed vs around 
’ 100 nup.h. 

ment for the outdated Toyota seaters though only the Chrysler 
1000 saloon. Toyota ' .. Great is a hatchback. The move away 
Britain's aim is to price. the Star- from a tailgate in favour of 
let keenly enough to make if conventional boot appears to be 
appeal to family motorists as an gathering pace. 
■nmMrt^tte UPWIIU The ^ttionally laid-oot 
or Ford Fiesta. Piat 131 Mirafiori has .been np- 

The new Datsun Sunny has dated in style and refined mech 
the mechanical mixture much as ically. * Soon a diesel-engined 
tt onT r „ • • „ . before though the styling is so version will be available. To 

pJoreBntsh European it could easily- be accommodate the heavier and 

• « 0I j« e r °?T S °. f ® w,t ^ erl ^ nd taken for a scaled-down' Volks- rougher power unit Flat has 

m “ st otJle 5 foreign wagen Passat The "Sunny will made a number of small 

' ^ Barlse J share, reach Britain in the summer to changes to the engine mount- 

• rf III n ov ? r years replace the current Sunny which ings and transmission. The re- 

uny 3.6 per cent compared has for long been our best- suit has been to make the exist- 
ntjermanys 46 per cent, the gelling Import. . ing petrol-engined Mirafioris 

' -Tercent f *** Ley land is putting on a- brave ™ J tion ^ ^ et . v i bra ' 

• ' . . . *" show at Geneva in a bid to win hon-^a The Oirpler Honzon, 

,a P“. ^ ne ? s^es from back sobe of its lost' Swiss busi- ^hjeh-Uke the larger Alpine 
traditionally value-conscious ness. Si chest hones rest with '" has been developed from the 
is at the expense of the rest “^“er S Si MOO Simca 1100. Is to he 

the world's motor industries. u, e Princess and Allegro and. a , *™ 1 » WOI ' ld , car. Chrjsler's 
it year, Japan sold over 28,000 o£ muIM , the Mini. Two kinds g a "f “ J" 

. s. mainly Toyntas, compared of Mini are sold here — the Bntain * n <* in the UA will 

' iLi 8 !? 0 ? •^ ust familiar British one and 1 “the nea f^J 

ped Italy into third place. mu( ;h smarter and costlier gfe ffg ! SS-'S’ mHl 

— A >th a new baby Toyota, the hatchback, designed by the “ hatchback bodies, 

rlet. and a new completely Italian coachbuilder Berfbhe Geneva Show has been full 
kinned version of the Datsun and made In- the former Leyland °f rumours concerning an 
my making their debut at- I nno cent! plant. alleged plan for Leyland to 

neva. the Japanese are out Moving un the range from new Renault 18 

consolidate them gains. The M , D f s> Sie Tos^Stariet ££ "5} 1 
rlet is a three-door or five- thA Fiat 107 /still EunmeVbest gap , unW “ e Marina/ Allegro 
ir hatchback with a 1,000 cc 15 *1** ta 

4ine and conventional rear cjJS? attention here ' is 19 ?° S °^P osnbl 7 94 f sub- 

nly like a Maaia 323, though are Peugeot 305, Fiat 131 . 

is just a little smaller. Mirafiori, Chrysler Horiww and . R ^ n , auJ V X*™* S°- 
iquely for a cheap Japanese „ . of thi ^ fnnr to help Leyland because they 

.r drive car. it has rack and Ren f uit ^ The last of ttisfonr wouId be horrifled t0 see their 
lion steering, which promises 18 the spectre- at the feastr it Austin/Morris side 'sold , off to 
make its handling precision is not at Geneva but will make an American or, even worse, 
ser to the European ideal. its . debut at ; Turin in two Japanese car maker. .And Ley- 
The Starlet is to sell in months' time along with Fiat's l®nd, it is said, though fearful 
irzprland with a choice of successor to .the front-wheel- , uni0 ^ r ® 8Ctio * 1 ti ? e P os - 
ir-speed or five-speed gear drive 128. , Si ble assembly of a foreign car 

»e« at prices from £2.750 up*. . _. ^ • at Cowley, would like to have 

rdfs. It will reach Britain later Other than the Fiat Mirafiorif something to sell that was less 

s j-ear. though only with four- all - are . classic . transverse- outdated than the Marina or 

;ed transmission, as a replace- engined,, front-drive, four/pve • 

. - The air is- full , of denials 
from bath Leyland and Renault 
that any. such deal is content 
plated. Inhere is, however, 
kind of logic behind it and the 
rumours wi\J persist 
Switzerland is a good market 
for light four-wheel-drive cross- 
country cars. After the Mini 
the . Land-Rover and Range 
Rover . were Leyland’s most 
popular products here last year. 
The Swiss are crying out for 
Range Rovers, because it re- 
mains “the best four-wheel drive 
machine of its kind in the 
world by a considerable margin. 
It does have its imitators, 
among them two Swiss vehicles 
made by the small Montiverdi 
and Felber concerns. Neither 
of their products has the sheer 
panache of the Range Rover. If 
only they had supplies, Leyland 
could double or treble sales of 
the Range Rover here without 
difficulty. Its American rivals 
look lozry-like by comparison 
and its Japanese equivalents, 
though much cheaper, lack its 
spaciousness and performance. 
The Soviet Union has got into 
the act and is showing the Lada 
Niva that impressed me so 
much when I drove it in Russia 
recently. 

Strangely enough, the Swiss, 
though afflicted with a rigor- 
ously enforced 62 mph motor- 
way speed limit and a 50 mph 
limit' elsewhere, continue to bny 
fast cars with enthusiasm. Sup- 
pliers of high-speed machinery 
like Ferrari, Alfa Romeo, Lancia 
and Jaguar have all increased 
sales significantly in the past 
year. What do the owners of 
the 86 Ferraris sold here last 
year do when the Fmstration of 
driving them at a third of their 
potential maximum speed be- 
comes unendurable? There is 
always the German border to 
slip over for a -pipe-opening 
blast on : the Autobahn, I sup- 
pose.- 

An. attractive feature of the 
Geneva Show is a display of cars 
from * all -over Europe that for 
one reason or another did not 
make it beyond the prototype 
stage. These “ caw that might 
have • been " include Rover's 
mil-engined P6BS sports coupe 
which- was. to have been assem- 
bled by Airis in the mi<F1960s 
but was killed off by the Ley- 
land rationalisers because it 
could have hit sales of the 
Jaguar XK model. Ford (whose 
facelifted .Capri is making its 
first public appearance) also 
has- a mid-engined prototype of 
nearly 20 years ago on display. 

I once only suggested that the 
Society. of Motor Manufacturers 
and TTadern might consider such 
a display, at its own show. Per- 
haps It could look at the idea 
again. Quite apart from the 
Rover P6BS, there must be 
plenty of . skeletons in the cup- 
boards of Birmingham, Solihull 
and Coventry that might now be 
saf^y aired for the Instruction 
and. amusement of British motor 
show visitors. 


° ^ lhS 8 ., 11 ad become straight pars to tie for fourth at the 532-yard 15th. which is ^ than Irwin s - The maestro against the hack of the hole 
S 2* rSJr rlT.11 S alway * wt for a grendstand and in front. He pushed his and reUed slowly 17 feet on the us tour dl 

Campbell _Loa it was just that no-one three-wood shot deen into the straight into the hole for the hie urnrc+_mrn»* vnimrl nn 1 


Angeles Open 
weekend. 


against 

his 64th 

... despite 

n—rimic — r ----- , - - three-wood shot deep into the straignt into the hole for the j-je worst-ever round on Inver- 

previous Weltered it would include trees dose to the cart path- second chip-in In three holes, 7,173!^ par 72 East 

Ni(*lans. - With his swing restricted by a Suddenly the huge crowd Course, ’a 75 on Friday. This 

Of course Nicklaus is not fin- When JOnes played superb tree trunk, Nicklaus tried to had begun to believe in was his third victory in succes- 
ished at the age of 38. Past his iron shots four and two feet trundle the ball up and over miracles, and they scampered sion on that course, and in four 
best, perhaps, but Sunday’s respectively from the short 12th .th* bank, but succeeded only in ahead. Nicklaus pulled his previous appearances Nicklaus 
finish of five consecutive birdies and par four 13th holes to re- reaching the fringe of the green, drive at the 400-yard 17th has never finished lower than 
to deprive poor Grier Jones of cord birdies at both he was, at He calmly rolled in the putt almost into water, but played sixth. He has now won no less 
victory his splendid golf had 20-imder-par, one shot ahead of from 15 feet, while Jones and a great recovery with his six- than S3.166.986 in the U.S. 
deserved, indicates that the twi- pate and Bean, playing ahead Irwin both fashioned their own i TOn . 20 feet from the hole. The For Jones, who has not won 
light of the maestro’s career of him, and two in front of birdies with exceHent pitches tension mounted as Jones came individually since 1972. this was 

will, in the words of comments- irwin (eight under). At seven- close to the hole. up five feet from the hole, Irwin a heart-rending experience, but 

tOT l J 8 ** w 5 itaker - “ Ion S under-par Niekhras. in fifth The 199-yard 16th is four. Unbelievably. Nicklaus he took it with a stoic courage 
and brilliant as an arctic sun- placer-three shots behind the fiendishly difficult when played holed his putt, as did Irwin, and grace in defeat that is such 
seL leader with five holes to play — downwind, as it was on Sunday, but Jones hit the hole and a pleasing feature of the U.S. 

For those interested in a PP® 8re,i yet again to have pro- go shallow is the green at the stayed out— his fatal mistake in tour. One can only hope that 
statistics, the final trio of the too little too late. end of the lake, and Nicklaus retrospect his defeat will not haunt him 

day Nicklaus (65 for 276), Nicklaus reminisced later, went through it with a four-iron Nicklaus cannily played his forever — he deserves far better. 

runner-up Jones (67 for 277) when he was as elated as I have shot Irwin was through and three-wood perfectly from the But what a sprint! Any 
and third-placed Hale Irwin (69 ever seen him, that be bad to the right the side he 18th tee at this 407-yard hole writer who thinks he could 
for 278) — had no less than 13 played really well for 13 holes favoured all week, and found to get in his blow first Irwin dream up a more dramatic 
birdies between them in the and bad- become downhearted as an impossible spot on the down- drove almost out of bounds to finish should be making a for- 
last nine boles. Nicklaus had his partners kept making bir- slope of a bunker with much the right Jones solidly into the tune in Hollywood. 


Out among the pleasure islands 


TRAVEL 

PAUL MARTIN 


WE ARE AN island race and 
perhaps that is why many of 
us prefer spending our summer 
holidays on the pleasure Islands 
of the Mediterranean with a 
reasonable assurance of sun- 
filled days and, while it would 
take a whole series of articles 
to list the pros and cons of 
them all, each has something 
very different to offer. 

For many, years past we have 
gone off In droves to the Spanish 
Balearics and, in particular, to 
the major holiday centre of 
Majorca. While, there Is an 
undeniably fish-and-chips aura 
id some leading coastal resorts, 
the island is a pretty big one 
and, if jrou hire a car, you can 
easily go inland and escape from 
the crowds. There has also been 
considerable development in Frenchmen 
Ibiza but less in Minorca. 



over to the little harbour of 
Mgarr on the neighbouring 
green island of Gozo and go on 
to Xlendi and Marslform, where 
there is an attractive and active 
fishing harbour. Medallion quote 
£164 for a ten-day holiday with 
demi-pension at the Hotel 
Calypso there from May 16 to 
June 30. 

Gozo also has, at the Ta-Cene. 
an imaginatively-planned and 
quite delightful holiday com- 
plex, based on a central build- 
ing and bungalows set out 
around the swimming-pool. This 
is in the luxury class and four 
people, sharing a bungalow and 
with demi-pension, would pay 
£297 each for 14 days in the 
peak season, July 1-September 
30. 

Each Mediterranean pleasure 
island has a different appeal 
but, in the_ more familiar and 
popular ones, there are often 
considerable savings in going 
outside the relatively short peak 
season and it is well worth doing 
a little shopping around to find 
out wbat is still available. The 


spend their-, own with Napoleon — he never features Ponza, using both the . . 

ium. uui iu uuum.wi. holidays there, the island has called in for a drink or -to water Hotel Mari, facing on to the ; over p Dnsm ,Ig0ts ™ ay 
. While the Balearics are un- not acquired that somewhat his horse! The Italian specialist, waterfront and the luxurious fj® * IhTvartS. 

likely to show any decline in spurious international character. CIT, covers the whole of main- Ponzie Pilato. A 14-day peak- r®** J ail 

the number of British vsitors— One of the best beaches is at land Italy and the offshore season holiday at the Hotel Mari ;*? rj 

in spite of inflation, the in- Propriauo, south of the capital, islands, including Sicily, which costs £150 on a bed-and-break- “ Janas 1:311 pro*i°e quiet p 

creased value of sterling is an Ajaccio, while, almost on the. is far enough south to be vir- fast arrangement and demi-pen- Addresses: 

added incentives— virtually every southennost tip, high dills form tually a year-round holiday sion at the Ponzio Pilato starts CIT (England). 256 High Street, 

major tpur operator features the the backdoth to the harbour of place. at £145 for a week between Croydon CR9 ILL. 

idands and, except in the case Bonifacio from where you can My own favourite Italian April and June. jErna Low Ltd, 22 Old Bromp- 

oi specialist operators conceit- cross to Northern Sardinia. island is the diminutive one of I have sometimes been asked ton Road. London SW 7 3ffZ. 

trating on particular areas, I As I wrote about Sardina quite Ponza, the largest in a group where people should spend their French Government Tourist 

suggest contacting the respec- recently, I will only add that an that includes Palmarola, first holiday abroad and have Office, 178 Piccadilly. London 
tive National Tourist Offices for even wider choice of holidays Zanone and Ventotene. Ponza often suggested Malta. In spite wiV OAL. 

detailed lists of who operates will be available there this has both tbe advantage and dis- of various little local difficulties, Italian State Tourist Office 

to where. I have given their summer, ranging from self-eater- advantage of being somewhat Malta remains, in an odd, unde- (ENIT), 201 Regent Street, 

addresses below. ing arrangements to the luxury, remote, linked by steamer ser- finable way, very British and the London, W.Z. 

Quite apart from a personal of tbe Hotel Romazzino from' vices to the Italian mainland at current popularity of self- Magic of Sardinia. 190 Chisioick 
choice of a given resort, child- the specialist operator. Magic of Anzio and .Fonnia- I have catering holidays is also in evi- High Road, London, W.4 
ren's reductions nan vary con- Sardinia. recently been assured that the dence there. The specialists here Malta Government Tourist 

siderably according to the tour Elba shares with Corsica his- previously on- again, off-again, are Medallion Holidays, linked Office, Malta House. 24 Hoy- 

operator. There are a great torical links with Napoleon, who, hydrofoil service will effectively to Air Malta’s scheduled ser- market, London, S.Y/.l. 

many Mediterranean islands, but born in Ajaccio, was later be on again this summer! The vices. • Medallion Holidays. 182/184 

much as I love them, I am not banished to Elba’s capital Porto- underwater swimming and scuba The island enjoys a marvel- Edgu>are Road, London W2 

going to try to include the ferraio, which failed to hold him diving in the clear water is lous sunshine record and many 2DS. 

Greek Aegean Islands. for long. superb and the little town of leading hotels are grouped Spanish National Tourist Office, 

For sheer beauty of scenery, Tbe island is just big enough Ponza, set above the harbour, around Silema, near the impos- 57/58 ' SL Janies Street, 

spectacular mountain roads and. to offer real contrasts between is delightful in an off-beat way. ing and massive fortress town of London, S.W.I. 

the beady perfume of the the mountains and the lovely Palmarola is uninhabited but you Valletta with its Grand Harbour. 

flowers and shrubs it shares with coastline. An attractive little can go out there by boat for The landscape is somewhat harsh yht wcek-md c : aomtu zltb. senium 

mainland Provence, Corisca tavema at Procchio proudly the day. and barren and a very different SS- 3 ajoo. Gr ifsI 

stands apart and, as many claims absolutely no connection In addition to CiT, Erna Low scene awaits you if you cross 1.9353. source: Thomas cook. 


Questions of means and objectives 

A VERY ODD thing was said best products. How then can the One could hardly have a bet- will continue to increase. There- 
by Minister of State Gordon education system produce at its ter example . of the prime, after the number of British 

Oakes when he introduced tbe highest levels people capable of difference -between, the liberal youngsters reaching 18 will 

Government's discussion docu- uttering and tacitly approving if and the Marxist approach to start to decline, slowly at first 

ment on higher education last not — as I have sometimes seen education. Which adds, in my but from about 1990 onwards 

week. Bertie Boak, my fourth- happen — applauding such view, a somewhat sinister tone very sharply. On the “ central ” within that framework would 

form physics teacher, would not obviously refutable statements? to the Minister’s assertion even of the docinnenfs three esti- hardly be in the interests of 

have let him get away with it. The answer can surely be only though for perhaps still more mates, at the top of this hump intellectual rigour. There is 

So the audience of university that the system is .failing to so, because) Mr, Oakes seems in the age group there would clearly a sixth option. It is to 


fill the excess places by en- 
couraging demand from older, 
and especially working-class 
students. 

However, a public debate 


CAREERS 

MICHAB. DIXON 


dons who heard Mr. Oakes’s instil rigour of thought even 
assertion apparently without into its teachers.; And that is a 
demur, must stand charged with fault which weakens the foun da- 
dereliction of duty. tioiis, not just of educational 

"Education and research,’* the practice, but also of Western 
Minister declared, are “indispnt- liberal democracy. To show how, 
ably good things in their own I wfll cite an exchange from an 
right” Oh yeah? What about educational conference which I 
the education and research per- attended in Brussels last 

petrated by the Nazis, for weekend. -j * t -a. 

example? While those taking part in- a *?c side of the Labour Party. 

Mr. Oakes would probably eluded a majority of people For 1115 assertion that 


whether or not “indisputably" 

those activities education and liberal principle?, there were education is a good thing in 


research, insisting like Humpty- groups from East European j* 5 ®™? 17^* is not a tliouglit. 
Durapty that his words meant Marxist countries. The report , * J by ? e ** 

only wbat he meant them to submitted to the conference’s least tacit approval given to the 

mean, neither more nor less. But final session for approval was same sentiment by educators 
that would be no defence. He compiled by Western liberals. P^eraUy on the many occa- 

asserted something as indisput- It said that the fundamental S10ns ^° en 1 have heard it ex- 

able. It has been disputed. The aim of teaching should be to Pjess®d ™ them, a large number 
assertion is therefore nonsense, give, students the skills of shPP liers 

It no longer makes me rage philosophical analysis which of eduration hold it to be a cor- 
to find the people in charge of enable them to examine the rec * ® e “. ; .. < L ,t 1S “ ie ° e ! ,e * 
this country’s education system bases on which both they, and which the Government has 
selling and buying such cods- people with different ideologies, e based its thinking in 
wallop (the assertion, by the think as they do. Given such P. uTtlll S forward in the discus- 
way, was no slip of the tongue; skills, the students could decide ***“ document five possible 
it was printed in the previously for themselves what to believe, flfategies for the shaping of 
prepared text of tbe Minister’s At that point, the Marxists J , S" er eoucation over the next 
speech). I have heard far too made an objection— -which was few ^ rears ‘ * . 

much of the same sort of fuzzi- recorded as such in the final The main problem which the 
ness these past nine years to report. Tbe Marxists argued document purports to tackle is 
have any anger left But it still . that the fundamental aim of as follows. Until about 1983 
makes me despair, and for two teaching should be different the number of 18-year-olds from 
main reasons. First students should, be taught whom higher education (by 

First Mr. Oakes and his last a set of correct beliefs. That which the document seems to 
week’s audience are, by educa- would form the basis of their mean courses of degree level) 
lion's own values, among its very later thinking. draws tbe bulk of its intake. 


be a British demand for about reduce the provision of degree 
600, 0C0 student places, as courses below tbe planned 
against the 560.000 which the 560.000 places in 1981 or even 
Government already plans to below the 520.000 existing now. 
furnish by 1981. This would enable some of the 

Tbe five broad options stated annual spending on higher 
to the document as the frame- education — currently around 
• work for public debate, all have £1.340m. — to be invested some- 
. ^ ... ^ their particular benefits and where else. 

2?f ilIs - Put ' r <> u gbly, they are: Mrs. Shirley .Williams has 

1. — Increase provision of given an extra S50m.. 

student places on the present ^ 0U J d Pot £10Dn }* lnt0 

basis to accommodate the ^ h,!/W ” 

peak demand, then contract it 
again. 

2. — To hold provision at the 
360,000 places set for 1981 


tbe budget for scientific re- 
search, and the remaining 
£150m. into increasing the finan- 
cial support for students on 
post-school courses below de- 


and turn any excess demand Ievel U she cannot hare 
away. money now. however, the 

3.— To accommodate the Education and 

top of the bump by trying 5° ence 00111(1 aav ® it «p over 
to cram mere students into De ^ f( ? w 5«ars. The £350m. 
the present system, and be- 000115 1S rauch the same as the 
yond that relying on rented estimated annual . cost of in- 
premises and temporary staff. °reaang the present provision 

4—TYi ** degree-course places to 

fl “recall the strain accommodate a peak demand of 
of. any peak demand by de- 600000 

22? twn *® #r at the the savings from cattail- 
™SiI ee " year 5 0Utses ’ ing k 1 * 1101, education might be 
obliging more youngsters to invested even better iu mea- 
wa.t a year or so between to restore from primal 
aUd enter “] g schools upwards the intellectual 

part-time etc ^ ^ 50 gently lldthTfi 

p 1 time etc. the education system. Why not 

S.-To provide permanent at least a £250m.-a-year pro- 
capacity to accommodate peak gramme to provide extra, effeo- 
demand, and when the 18- tree teachers of basic literacy 
year-old .age group declines, and numeracy in the schools? 




-_;;V 


Financial "nines Saturday March' 4 1978 T* 




FASfflON 




Suit 


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’-■^zirepsi: 


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in white 


sv~-a 


LUCIA VAN DER POST 


1 


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FOR THOSE who like to know 
about such things there will be 
two very easy ways to identify 
the truly fashionable woman 
this spring. She will either be 
clad in white from top to toe or 
else she will be wearing a suit 
She may even be wearing a suit 
that is white. 


mM 


a- 




CV:: 

idllW 


Wliite is, even now, to be seen 
parading up and down - the 
smartest rues and strasse and 
several of my friends, who' have 
been abroad recently, rushed 
straight out to buy something 
white on their return, so old- 
[ashioned did they feel' without 
a white outfit in their wardrobe. 




From the Hardy Amies ready-to-wear collection, here is a crisp white 
cotton pique skirt (about £27.00) and fresh white embroidery Anglaisc 
blouse (about £29), which sum up the freshness of the spring look. 
Available from mid-March from Hardy Amies at 42, H?ns Crescent, 
London, SW1 as well as his shops in Harvey Nichols of Knightsbridge, 
Browns of Chester, and Jcnncrs of Edinburgh. 


I would be the first to admit 
that it is the least practical of 
colours, but I'm not here to 
make fashion, just to report it 
White, though not practical, 
docs have other advantages — 
it is immensely Battering to 
almost everybody (it’s not for 
nothing that our grandmothers 
were great believers in a touch 
of white near the face) and if 
you can bring yourself to cope 
with the cleaning and launder- 


ing problems it poses, - nothing 
looks fresher, crisper or more 
appealing, than newly-pressed 
white cotton, silk or wool- 

When 1. first started work, 
several years ago' now, suits 
(and white gloves; and if you 
were very important, even bats) 
were what the ambitious girl 
wore to work. We teetered along 
in our stiletto heels, and tight, 
tight skirts and thought we were 
immensely smart 
. Well, suits are back. Though, 
happily, not Ur the same way. £ 

Skirts axe more' skilfully cut so £ 
as to look slim and yet be com- £ 
fortable to' sit about and more #■ 
in a» well. Jackets are looser £ 
and the. look is softened with 

frilled, ruffled .''or • bow-tied 
blouses. 

The trouser-suit, too, is back. 

The top Paris houses, in par- 
ticular Givenchy, Nina Ricci and 
St. Laurent, all showed trouser 
suits (or pant-suits as they are 
now frequently called)- On 
those who are tan, thin and 
naturally elegant they look 
wonderful bat itife not an effect 
I would recommend far the 
average British pear-shape. 

As you can see, the trouser- 
suit has undergone several 
subtle evolutions since it was 
first sprung upon a shocked 
world way back ‘ in the mid- 
1960s. Trousers are fuller at 
the waist and taper down to the 
ankles and also have turn-ups. 

Jackets are what they call ***.•>». o 
" unstructured ** — this certainly •<. -» 

gives a less rigid look to the ^ • .’•S''! 
suit Though ties (a la Annie 

Hall) are often worn, so too :?<£' - - 

are soft ruffled blouses. T 




W&i i 




\h 




l This white flannel double- 
breasted - suit'is- just one 
of a big range of white 
flannel suits:- that Wallis 
ShopswilT.be selling from 
the beginning;^, March. 
There- are’ Trouser-suits, 
suite with, straight skirts, 
gathered: skirts, single- 
breasted . • :.:or . ‘ .double- 
breasted'; -jackets. This 
particuIaTTrae is teamed 
with a silky spotted shirt 
• with a tie .neck. The suit 
-is made frbm. ■ .white 90 
per cent. J . wool/10 per 
. cent. • hyloti- 1 material 
(£39) while the ^blouse 
may be^gteen.hlack, pale 
blue or • dusky pink 
viscose . crepe : (£11.95). 




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Right: : 

From ; Givenchy’s haute- 
couture collection, here is 
a new. wool trouser suit 


msm i 


showifijg;- the high waist- 
band, slightly full 




U£ 




band, slightly full 
trousers and turn-ups. 
The jacket is simple in 
shape but features the 
wide, padded - shoulder 
look which is part of the 
1978 style.-.- Both St. 
Laurent and Givenchy 
like to see their trouser- 
suits worn . with high- 
heels and a stylish, man- 
nish hat. 1 Harrods stocks 
a selection of Givenchy 
ready-to-wear designs. 


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MIDDLE TAR As dc lined in H.M;( juvemnicnt Tables 


I i,M. Government Health Departments’ WARNING 




Pruning roses 


FEW PEOPLE. I imagine, will a special ‘ pruning saw - 
have pruned their roses early narrow carved blade for prt 
Uhls year. Certainly most of ence but any saw that car 
those* I have seen lately have slipped easily between 
been still unpruned and that branches wilu do. 
goes for all my own roses which When the removal of .ua 
I am impiirg’ to pruoethis week. 0 y wood has been cooiph 
March is the traditional month the rose bushes will prob 
tor rose pruning and I -have i 00 fc very different and, ,tf 
never seen much advantage to be much easier to judge u 
be. gained by departing from it $till needs to be done. Prob* 
except for special reasons very little if the rose 
mainly of concern to exhibitors, naturally vigorous, certain]? 
Roses pruned now should be more than a moderaie shoi 
growing nicely by midAprll jne of remaining stemis t 
which is quite early enough to quarter lo one -third t 
expose the young shoots to the length which will m&feA 
rigours of a British spring ra all branch lower down than • 
but the most favoured places, would otherwise rfo and: so 

There are even more opinions ven J f ™ XB - 

about how roses should he awkwardly gaunt Hard p 

pruned than there are about the ® pt ™ P f I 1 ° dU ,5T rf S 

best time to do it. Again many growth and if rhe 'an t 
of the differences are con- Orally vigorous .1 .-.ay 
cerned tti-th the special needs of 

exhibitors who tend to be -more • • 

vocal than other rose growers — , annrkSlklf 

and* so are in danger of being UAKUtlllWw 
taken -too seriously. Exhibitors 

are concerned with quality ARTHUR HELLYER 


ARTHUR HEUTUR 


rather than quantity and they 

also , have problems of timing, 

Since the dates of the shows at 

which they hope to .wm prizes he growth at the exfteasi 
are dwerntined months, some- flown. ■■ 
times- 'even years, m advance But for roses of. average 
and cannot be’altcred to suit tlie jp^ 5 than average, vigour ha 
weather. pruning -will 21 re longer .M 

None of this 4s of any con- and better flowers: Good st 
cem' - to ordinary- gardeners can be shortered by up to 
whose aims' are' to obtain a good thirds, weak ones may he 
display- In the garden, probably with no more than a conpl 
with enough- flowers to permit growth buds. These, are 
some -to be cut for the house buds formed where 

without their being massed- stalks are attached to stems 
.Precisely when they come does ar this time of year they apj 
not matter and, hopefully, there as swel w C s with the f 
will be some to enjoy most of f car ,eff ^ tlie , fallin 5 l eaf 


the summer and well on into below each All priming 

the autumn, if the weather is ""» * ”?***"* J,b0 " n 5 
kind. Tet even for the least a b«d. preferably one pmn 

show-conscious- rose grower f ^. d,r ®5 hnn 


in the direction you would 


show-conscious rose grower V Vf . ■ . •. 

the new shrmr to-take. Norm 

tills' will hp away from-. 
of pruning to suit the very “ f „ wi 


mtJSZTLS* centre of ihe mse bush wJ 

different growth hab.ts of roses. df}e _ nM neRd fn bp 

It" would, for exampJe. be with inward growing, ernsi 

■foolish, to prune Queen Eliza- stems: . . 

both, a giant, and Topsi. a “ Qualls the top bud is' 


dwarf, in precisely U« same t0 ^ growing, folld 


possibly, by otJiers lower di 


Before even starting to prune the stem. -However, things 
it'is wise, to stop a moment and not always go according to T 
ask oneself why one is doing it and so it is wise to keep an. . 
at .ail. The answer should be to on the rose bushes during 4 
get new growth, for that is what .to see just what is happen 
roses depend on. In the wild they If. in some cases, the top. 
allow their older branches to has remained . . dormant ~ 
die so that they can be replaced another, lower down the » 
by new stems but it is not a has taken over, the stem s^g- 
.very 'dean and tidy, nor is it a. be further shortened to?: 
very safe, method of pruning, shoot. If this not done^ 


So the first aim, when' one 


probability Is that the 


die back of its own 


sattxesout with serateurs and hat * natliral met Jirt 

saw,- should be to haEp nature in but neither a tiefe 

its own work by relieving rose J gafg^one since decay. ’3 
bushes of branches that have starte d can progress fori 
ceased to be useful. Some wiU 0 „ e would w i>h. 

b&. genuinely old branches with ^ . ;• * ■ 

dark, hard, furrowed bark and P*™* ,d f - 

very Uttde new growth, others h hv a 

“ d growth, the 1 roses must 

Rrsl wUh a cora P° imd 5 

' sprinkled over fhe surf— 

bosh :tonds for toe strong jounq Whatever rate is recomrtS* 
StoBM. those that must be bv - the manufacturer, an** 
retorted, have smooth, polished- b ' v a mu i c b of. manure. J«a* 
^rins; . free , from any major- „ mpos t, peat or shreddecW* 
blemish. .. Manure is best because 

'So make a start by cutting the' roses more -generous!? ? 

bat everything that does not comport-. Peat and 
' answer tills description. Of bark scarcely, feed at Sji j 
eourse- some of the good, young they are very goon 
kems. .will be grow'ing from pressing weeds , anu 
older ones and that does nor moisture near .ih.e ^urfaeSvi 
matter at all. Branches that are both help the. roses .10 .*» 
£till !able to produce sturdy Some gardeners fear rmww, 

1 .u -u_ - > j l... umII rtpnrr»MS "-fortllitV.- ""]? 


[young: growth may be old but riepre'.^ --feniliiy.--* . 

irKan* arp nm apr*d. urhieh arn -nco dUri docs, by .eitCOliragWK . 


m are not aged, .which are -wo . ^ •TSnnftii' 

different things. Even . so, »nal activity witimut .P.roT^ 


qo &£ 




■.■_y.*xv~ a r*e e & 


%rA> y - 

4*' 

i':A ■ 

T ,&. 

gp 




•“ •--- £/ 


- aS ftouia te cu hack ,, far the «,ra mlrocer, the . 

■ as- the -young growth, so con- J n *y_ filT. «u; g ‘ a'njM . ■ 

:■ -J soums h",n^n ™ .irept^-. 

- <vhere .they will <to moat sooc. ^/ h!irk ^ ra} , &,:■ 

r'or :most of this iniTwl thsh-^ an( | ih^re is liiflc nr nq ind» 
ding- a strons pair of loppin?. in the.hRct»r»r p'njmlktin»Sm : - 
shears, to he used 'with both makn< a clean and 
.hands, -may • he belter than in the .rose- beds andjMFflTi 
secateurs, which have to be used can. be very <h ^r; 

■ one handed. A tittle of it may a hw*. if weeds do.^^Ww"' 

atiually require : a small saw^ thrimgli. N . -1 






** Mstw, , 



••Satedar ; Maffi - a 1978T": 



It 


by Lucia van der Post 



roses 


'- fcmdMMt etiCyrftojweffla to- be 
' ‘ organised- fay thanes rather than 
.'simply' alphabetically., 

' They. identified £3 major areas 
.of knowledge, all of which are 
‘ treated in- a- general: way and put 
1 into their proper .context-*- for 
instance, so many encyclopaedias 
deal with, say. the French Revo-, 
iution without relates to what 
“else was going on iii the world 
■and what. came, before and after. 
Wherever possible Reader’s 
Diged have trted to treat the 
subject matter in this way. Each 
area of Knowledge, or topic, is 
followed: fay •*. glossary section 

^ for cptiSc' reference. •' - 

' They defined a .good encyclo- 
paedia as : needing, to provide 
two fliing a . cc ope for seTS-edtrca' 
tion ’(and. tins' they dp fay treat- 
ing subjects' as' a whole) and 
a quick reference system. Cer- 
tainly their volumes do both of 
.these. Magnus Magnhsson 
apparently has a - standard test 
be applies to epcyckfpaetUas-rHhe 
looks up the theory of relativity 
and having done - so La ads 
-'encyclopaedia he declared . ft. to 
be the first time he had ever 
understood it 

They have- aimed at great, 
-clarity of writing. They wanted 
such subjects as relativity, evolu- 
tion and -an the rest to be 
accessible and Understood fay 
everybody. They got experts to 
write each section but the brief 
was clearly to write not for other 
experts but for those who needed 
to understand. „ 

Finally, they took great care 
oyer the diagrams. AH the illus- 

n r^- m- «pS a *“* b «y Ws pamphlet by p5ce^ ybrtueof ihetacmtribJJ 

4 - matter were ££*8? a 2? sti & <t rder ° r «■»«»■ tt<ra to the understanding ot the 

meftods in Septet f^i ed , “j®?** 1 £> r - ■*« Reference Books subject they were muftrating. 

1962 and. an assessment- flnd^^out._too ,iftte[ 44at ®®sear(5i Publications, 51, High Every single 'one does a job. 

W-vofe»me sets, in 1964) but ^5? S [£2? Street ' CroydoiL ' 0X0 IQP- ’ none was used just to pretty up 

-- W*. back *&;**-* * far as the tatost addition to 1 


to. 1 air 
s that 

—f -iTTv^'^S'^ying. .an - 

eyciopa^d&i,; j ftT' ifri expensive 

lowledgfc. ^f-tiwusbt, in the 
lde * to .fi^^rfernttkaWe Value 
e that ; ttaJjaM^wohripes •• sen 
•‘a totaJ>q*7$3&95'~ (.from most • 
okshops) faut- wm .can -pay up 
**» ytm .»b:ter waoeXimg 
:e the. Nmv,, .fejcydopaedia ' 
itannica and i%&es between 
5 and ; . £175;^ “tap i;.penfertly 
So fo^t-gie average 
use hold baying?- -a 
ferenee booka^iis a huge 
«stoent a$£*.r3 is_ vaSg 
Pprtant to make-sure they get 
tight -.- 

rhere’S no dae aingle best buy 
i anybody rlwht^ thinks ^a t ' 
bjt chU dren or gran dchfldren 
ve come to tie: age when they 
«d a good reference system, 

“Id perbaps“best . start off by 
*ps to thq? -local . library _ and.- 
vtcmatkailjr-ioplsiUE up various 
yects in ajl the available sets 
'll ^ 1 59™ parin 8 ^he treatment” 

B ■'T 1 ** 7 hasn’t tackled the sub- ■■ 
? t recently (their last re- ~ 




S 


Taplo Wirkfcafa's Variation glasses— designed about 18 years ago 

if*. 


you 

can get hold 


Rosenthal's Snow flower Suite designed by Michael Boehm 

Glasses 
Galore 


of them they atBDn is handled. He Joefcsi at fk^*.£?£ a ® *®test addition t? I have certainly ■ found tbatr 3 *^? hasbean in the news In 

■*" - — ■*. w-aa; $» sse «ss.sa-as bmjs s » ass 


ceitein criteria that msffii &■ SSSK j£. lKS?.. i H!S5R tmSt"wS The ^"worij **-'4. « ™s_to.me the' 




childjeh^^^ $BE^ff£i"S£& intarertiiig and «hS me 

i encyclopaedia. . wwasds^anttv&iafly;--f i i^?the- E u t M? e w t : Si! ft STi-in?o U j? + u ^ World and the third with The most P 1 ® 4 ® 11 ® » the develop- 

uch more Up to date andT^ t SlStaStff^S ?e?r Everyday World) hafe SSataed at 

Vriwd>ly thorough is » r»^ b& “^t hy. jihfailes, «dfofe jttnd . to lL «w next year, things to me that I have never The Glasshoa«e. 65, Long Acre, 

t on encyclopaedia ratanes muver&itiei - . Reader’s Digest feels that its understood before. Experts tell w®don, WC2. the new. much- 

1977-78 by James P. wZ La&'Ofr&t* m a 'yerir aoar three-volume set, designed for 10 me that it is. particularly strong ertarged premises of the old 
librarian, who is also the ?L^ e ® ost ^ rfian upwards, does have on the technical and scientific worieshop at 27 Ncial Street 

— — _ ji ■ *. ° * uau " mDUtPrt Qptc flfiii nAf./mw <4 <Sa.am« .tr A _ j . t • — _ « Mnct TtAnvtlp Imntir 


or 

j>s 


of several ' pamihl^ S?i!S te J set V5. d iMerent to“ offer" side and lor those whose ^ 'educ* . Most people know that glass is 

into the; camrnrtdm S 1 * ■^ u ? lrt y.' -twhicb Firstly the Information has been tion stopped even as late as ten nsually made in two ways nowa- 
ts of other works ofrefer- org mjised quite differently from years ago there is mnch catching da y®~^ lt ^ er ^ by han^ltwing 

like hlt^istspri^^lpff most^ other encyclopaedias. After up to be done. The. volumes . «- 

He sets out a dear last tin 

--- — - -- - — — — - “"■= a ua i uneno-m . . . , 

. «. — — r „ t,, now and read ‘ wbicb ^ n °w so automated 

personal comments;-: discovered that most people pre- all about the theory of rdativity. **“*■ S 1388 ^ produced so fast 

and efficiency that prices are 
quite astonishingly low). Raven- 
head is a British firm which is 
one_ of the most automated, 
efficient and price-conscious in 
Europe and it has currently 
decided to help support and 
bolster the efforts of one of the 
smallest, most craft-based pro- 
ducers of glass in the world — 

| the new Glasshouse. 

Readers may remember that 


Maple 
table 


. »T PEOPLE who know any- 

e about current ‘methods oi 
ufacturing furniture will 
v that almost all of it is 
n*red— that Is chipboard is. 
ifly the basis upon Ti&ich an 
ihetfuraUy thhr piece of Jbe 
ace wo off (teak, oak or w£at- 
-*) is -ghted . - Mederor glass 
now so strong that they have’ 

G Af?DE,N ,:Sfonne 4 n^ntfacturing 
v-««^L,i. ;ess and enahted these very 
veneers to he used success-' 
'■ »’• ‘ ■ ' . 
.. Jiere are still vjery few 
MBufactiu-exn (Of whM> ErcoJ 
or largest and most otmtanff 
who cling to the belief that 
1 wood is what all true fur& ' 
- should be madefff. A worjU . 
■tape 6f ' wood Eos enwwjtl . 

on the- whirie;soHd : wood- 
litwe is mi^tfly ccpeasivhr : 
If Martensson iaap American 4 
, with his Wifer canw-here 
m years ago ^nd- who. being ' 
umiture designer AuaUiar: 
i maple, deddeff-to-sMo.--.iC 
coaid concentration making 
i, solid, maple fhrmtare. .He 
l appreriated the price |wob- 
• but saw that enly ; as an 
itional chaUeawt there for 
tu solve. ' *7 : . 

If Martensson ha*, started by 
iting the range eWOs designs 
e just produces i^des at the 
went— round vttt'.^rectangular 
s. Bases may be madc with 
trestle or trfd&ona] legs, 
are made from maple (which 
feels is- mmffi.titore beautiful 
a-, pine and Is almost as hard 
oak). The tables are made : 
n 2 inch by 2 inch strips of 
timber, planed and laminated 
rther. The tables are there- 
i 9 inches thick, all of eo'dd 
kL. Very, often tables also 
? abo.nt two planks of birds-, 
t maple in them — blrdseye 
»le .f« wood with -a little -flaw 





One of Peter Tysoe’s hand-blown 
glass goblets 


Another Jubilee 

THE name of Rosenthal must 
be familiar to almost everybody 
who has ever looked at china 
and glass. This month Rosen- 
thal celebrates 25 years of glass 
making at their factory in Ger- 
many and to mark the event 
they asked Michael Boehm to 
design a special range. 

Rosenthal specialise in high- 
quality lead crystal and Michael 
Boehm’s Snow Flower suite wax 
designed to exploit many of the 
special processes Rosenthal use. 

All these glasses are hand- 
made- and the white swirling 
snow decoration is a unique and 
closely-guarded Rosenthal 
secret Because they are hand- 
made and decorated no two 
glasses are ever identical, 
though, of course, the range is 
so similarly decorated that it is 
clear that they are linked. 

There is the usual large selec- 
tion of shapes and sizes as well 
as a selection of candle holders. 




Chris Overton 


i, unique 

and individual. There are also and are priced at from £9 00 to 
courses n» glass-blowing for those £12.00. The complete range can 
who are interested— either be seen and ordered from 
during the evenings or at week- Rosenthal Studio-House, 102 
ends-— bat write directly to the Brompton Road. London. SW3 
Glasshouse for details. and Wilson and Gill, Regent 

Photographed above left is a Street, London, W.i; and 
10 inch high goblet designed by Liberty, of Regent Street, W.I, 
Annette Meech, who was one of The Brompton Road branch will 
the chief links between the 3180 dispatch by mail order. 
Glasshouse and Ravenhead. The . The Snow Flower suite, in ray 
i* re, - — goblet has a white background ^ew, shows just bow much 

Sf M «^S? Sh0USe unique in Hand-blown class goblet by Annette with a green and red “^e^feste has swung away 

being both a workshop and a Meedi Sf TheGiasshouM ^^ ** decoration and it is about £25. f C° m the austere and simple 
retail shop People could come T Readers who live in the West ? bapes ttat . were J" ust c °rarag 

along, see how glass was made . . _ . . _ . # J Countrf mieht like S kJnw of mt0 vogue when Rosenthal first 

and hoy at the same time- This f ajd fi ^ at n Ra ,^ Dh ^ d tried gcScSl GalllriK at 5 ^ed manufacture. Just to 
old idea will stiU continue but J* JE* ; \ f« y l ®“«>urage gj ' VsSS® Batt SS. toere blg hlight what has happened in 
in addition the artists/craftsmen ereat3V1 !7 . be . for ® but it wasn t ,-;xJ! re !\S n . i' those years I have chosen to 
will have 
and sand-blast 
as well. 

Tub Glasshouse has been wv *%. «upu A _ u*v uiiuuauuucujv- 

greatly helped in the Sst b^th offered jDvnlvement JgJ ^ la ^^ e h d QS ^^ 0 d r ) k ^ famous Jinn^they are stiU on 

by a private benefactor 
the Crafts Council but 

now to see a big commercial coin- w ’ a ® a goou medium tor “ encour- 

,pany ackno^edgins tft a sing artkts and designers to 7s , Anybo ,1 y who 

importance to their own profits-, understand the mass market gwe bimSlf PhotoeraiS simpler line may stil -order them 
'of small workshops John -.requireraents and processes." £ a ty pical eramolU- froru + - ^ nih 2l stoc £ sls 

Spencer, sales and marketing ■ What all this means to the size and colour vary and prices SSSTare jusTa fewftanffle 

sex o M?%ssrr as arus ™T “ £1 ,° and T „ 

the opening of the new praises ordi^rUy imerestlng work being ^ "^ch’Sf^HdhW «n SriS? g hL " OA 

" ~ | also see and buy Peter Tysoe’s the tall champagne glass at the 

Most of us from time to time available has been in 250 ml work — the Craftwork gallery at back is £6.70. the saueershapsd 

need a very small amount of and most colours and finishes 38, Castle Street, Guildford, will champagne glass is £8.85. 

paint for some of the odd jobs were sold in either half or be featuring his work from now 

that need doing in most house- litre tins. Now Donald until March IS. 1 haven't seen 

bolds. There are always small Macpherson who manufacture his most recent work but I’m 

things like plant pots, trays, Cover Plus paint exclusively for told it has an “ absolutely I 

picture frames, the odd table Woolworth have started pro- beautiful irridescent quality.” If I 
which can do with brightening during a 125 ml (i litre) size in you want to go along and see. 
up with some new paint. Until all IS of their gloss colours, the gallery is open from 950 to j 

now the smallest paint tin size From 17th March, 39p each. 5.S0 from Monday to Saturday. 



after that is charged according to i 
cost to them. 

Round tables, too, have been 
made by this butcherblock 
method and Alf Martensson finds 
that 54 Inch and 60 inch diameter 
are the most popular sizes. 

Prices vary from £130 to £250 
hut if you compare those with 
'solid wood furniture in the shops 
.(that is if you can find, any; 
Ercol furniture in several -shops 
now has an 18-month waiting 
list)' you win realise it is not 
expensive for wbat it is. To give 
a precise - price — a rectangular 
table with a four-leg base measur- 


i. »nA valuable table with a fourieg ease measur- 

iS and this way he aims to keep Ktadn by ntadiw _would 


Alf Martensson will also take 
on -special commissions, like 


ttiC ^ m Prices dowm* ' " ' be" £188 (this is a standard size 

arc frames. . - - Tables can be made to any which can be bought finom stock). 

11 tlto' tahlea'-are finished with measurements, and i£ not in stock 
-hot polyurethane — so the delivery would take ‘ between 

ace is matt and-smihbabie. four and six weeks. There is a fcitdhen”cSmters and chopping 
Crtrtched or marked > in big selection of rectangular, blocks (12 inch by' 18 inch are 
. .the marie ca n;be n ibbed out- tables which can be seen at the £j2J50 while 18 inch by 18 inch 

mins fine- glasspaper or wire workshop and showroom at r sivsfi) an» also on sale. 

L It should Then be resiled Albion Yard, Brife Street, are are also on sue. 

wS°if Muiensson- has IlSiS ^si& 9 L ' Ctot o? ?i d Albton 

ss*sasa»« sf.-eass 

MS asiggAsa-igar * 



^Ick a 
clower 


SDALLY have an aversion 
Anything that goes by the 
e^f a vase— ^nore Wdeoas 
dtt have hew produced 
wkl flowers than In **y 
r rinrie field that I tui 
\ aE However, m»e f»o 
- tnun the Banish firm of 
Afiff Grendahl seem to 
artraonUnarily pretty -to 
®er oW-feshloned way. 
tre made from Cepen- 
r Powlata company^ 
tabbed undertaxed .por- 
ta t palest Une . colour* 
to hand-printed and 

X simple h®t •kf*® 1 
-There are two shef* 
s'** inches high *»d is 
i fee other l* At hiches 
(tiff is £31-06. _ __ 
t can find to«n ** ™“ 
v of Cambridge, C. *■ 
t. of Bundle, 

Kh, RaveBsbonrne GJJ- 
. of Betkenhanu Kent*. 

rtft and CoTo£"Blackburn 

ferrods Gift Department- 
Briber stockists write to 
hagen Itorcelato *t 
» Pariw Bfilton Bead, 

14 *®*..;: 



Proper Puds by Philippa Davenport 


Custards . cereal and sponge puddings are admirable foods 
for -this time of the year when the choice of fresh fruit is 
both limited and somewhat expensive. A properly made hot 
rice pudding (velvety grains in a creamy rich sauce topped 
with a crinkled golden skin) is one of ray favourites and 
hard to beat, especially when served with lashings of whole 
black cherry jam. But, although ideal for nursery eating or a 
family Sunday lunch, this comforting and detectable dish 
could hardly be described as dinner party fare Here are 
three more sophisticated versions which would not seem at 
all out of place on a dinner party menu. 


Rice Brulee — serves 6 

A simple but excellent pudding which men particularly seem 
to like. When soft summer fruits — such as strawberries, rasp- 
berries and blackberries — are plentiful, you can place a few 
berries in the base of each dish: sprinkle with sugar (and a 
drop of liqueur if you wish) before topping with the rice 
mixture. If you include half a pound of fruit plus the other 
ingredients given here, there should be enough to serve eight. 


2 oz short grain rice, the finely grated zest .of 2 orange*, 
a pinch of ground cinnamon, i pint milk (preferably gold 
top), 4 tablespoons single cream. £ pint double cream, 
easier sugar. 


Ri% a llttpevatfice - serves 8*10 

This most luscious of all rice puddings makes a handsome 
centrepiece for a buffet. In winter, decorate it. with nuts and Sprinkle the rice into a pan of fast-boiling water and boil, 
glace fruits (Selfridges sell brilliant green glacffflgs which are stirring occasionally to prevent sticking, for 5 minutes. Drain 
particularly attractive) or halved poached pears. In summer, we u and (urn into an ovenproof dish. Scald the milk with the 
decorate the immoulded rice with frosted berries and serve it orange zest Stir in 1 tablespoon sugar and a little cinnamon, 
with a bowl of sahee ; made fay sieving soft berry fruit and p our it over the rice and stir again. 

Cover with buttered paper and a well-fitting lid and cook 
at 300* F. gas mark 2, for 45 minutes or until the rice is beauti- 
fully tender and has absorbed most of the milk. Turn into a 
shallow bowl to cool quickly. 

Lightly whip the creams together.' Stir 5 tablespoons or 
so into the rice and divide the mixture between 6 cocotte or 
individual soufflfi dishes. Continue whipping the remaining 
cream until quite thick,, then spread it over the rice. 

Chill for at least three hours. Heat the grill until very 
hot indeed. Sprinkle {-inch-thick layer of caster sugar over 


sweetening & taste with icing sugar. 

i lb short grain rice, XJ pints milk, 1 vanilla pod, caster 
sugar, 2 oz best angelica, 2 tablespoons green Chartreuse, 
apricot brandy or lemon juiee^ 3 egg yolks, 1 teaspoon 
cornflour, 4 teaspoons gelatine powder, $ pint double cream, 
fruit to -decorate. 

Scald the milk with the split vanilla pod, cover and leave to 
infuse for 20 minutes. Sprinkle the rice, into a large pan of 


festhoihng water Md hod. alrnng mn^b. te B minutes. ^ dflin ^ f ,. 3 mJmUts . Chill for at least half 
Dram well and tarn mto an ovenproof dish. Scald the milk * w® 
again, remove the vanilla pod and pour half the milk on to the 11 


Lemon Rice Meringue — serves 6 

I like this best served warm — about 15 minutes after it comes 
out of the oven. 

2 oz short grain rice, ? pint single cream, the finely grated 
zest of 3 lemons, 2 tablespoons lemon juice. I oz candied 
lemon peel (optional), caster sugar. 2 small eggs. 


rice. Stir in a tablespoon or two of sugar, cover with buttered 
paper and a lid and cook at 300* F. gas mark 2. for 45 minutes. 

Chop, the angelica and .sprinkle with liqueur or lemon 
judee. Stir it into the cooked rice and turn into a shallow 
dish to cool- 

Make an egg custard: cream the egg yolks, cornflower and 
4 tablespoons sugar; gradually blend in the remai ni ng milk 
and cook in the top part of a doable boiler over barely simmer- 
ing water for 20 minutes or until thickened. Allow to cool, 

stirring occasionally tor prevent a skin from forming. , . . . , , 

Blend in the gelatine powder dissolved in 4» tablespoons Sprinkle the rice into a pan of fast-boiling water and boil, 
water, then, this -mixture gently but thoroughly into the stirring occasionally, for 5 minutes. Drain well and turn into 
rice. Cover and chill until quite cold but not set an ovenproof dish. Scald the cream and stir it into the rice 

Meanwhile, brush a mould of. 2§' pint capacity, with flavour- together with the lemon zest and 4 or 5 tablespoons caster 
less oil, place greaseproof paper in the base of the mould and sugar. Cover and cook at 300° F. gas mark 2, for 30 minutes, 
grease again. I find a loaf tin is ideal—and a good shape for Turn into a shallow dish and leave for 5 minutes. 
decarateg^ioo. Kl - M ■ • Separate the eggs. Beat the yolks and stir them into the 

.. ^verwft* a riomp cooling rice. Carefully blend In the lemon juice and the 

SWflS 6 dtattie mSd eawKed lemon peel (if used). Divide the mixture between G cocotte 

of foil and chill for ab-least » hours. To turn out, tup tne mould ...rfiridual souffle dishes, 
in* hot water for a few seconds only, run a palette knife between or 
the sides of the mould and the pudding, invert on to a large Make a meringue mixture with the egg whites and 3-4 oz 
*hni»d dish and peel away the greaseproof paper: Decorate caster sugar and use it to top the puddings. Cook at 325° F, 
the top and. surround the base with "fruit of your- choice. - gas mark 3, for 35 minutes. 


Stunned 
by high 
prices 
in art? 

Now you can easily 
afford important 
ordinal works by 
international artists. 

In recent years, the 
international art market 
has transformed the art 
of collecting into a sport 
for millionaires. Most art 
lovers have had to settle 
for reproductions, posters 
and trips to museums. 

But Christie’s Contemporary 
Art offers you remarkable 
value in original etchings 
and lithographs by 

outstanding contemporary 
artists. From attractive 
landscapes and figurative 
works by young artists 
for around ‘£30 to the 

work of such masters 

as Henry Moore and 
John Piper. 

Each work is an authentic 
original, numbered and 
signed by the artist. Then 
it is stamped with the 
Christie’s seal of 
authentication and delivered 
to your home. 

Write or telephone for a 
free colour catalogue 
and pricelist. 



- Christie^ 

I Contemporary Art 

I 8 Dover Street, London W.i. 
I (01-499 6701-24 bouis) 



1 


1 

Post Code. 

1 



FT103/78 J 








12 


Financial Times Saturday March 4 1978 


THE ARTS 


St. David salvo 


"■Welshness and the Welsh 
language are not synonymous."' 
concluded Professor Gwyn Junes 
at the end «if iho BSC Wales 
Annual Radio Lecture, recorded 
herore an Invited audience at 
Broadcasting House. Llandaff in 
November last year, and broad- 
cast appropriately enough on St. 
David's Day earlier this week 
tllarch 1 . Radio 3r. The stylish 
lecture ranged freely over a 
Ereat many things Welsh, from 
the beauty of Pembrokeshire to 
the Welsh Arts Council, but what 
if kept coming hack to was the 
marvellous flowering of the 
V.'eish spirit there has" been from 


ANTHONY CURTIS 


B&rSa&S 

the pens nf Welsh novelists and 
poets writing in English, particu- 
larly since "the 1930s. Until 1 
hoard this lecture i had not 

1 bought of writers like. say. Alun 
Lewis or David Jones, as being in 
any way Welsh, regarding their 
contribution, a considerable one 
in both cases, as to English 

literature as a whole. 

Indeed if you removed the 
“Welsh” element from "Eng- 
lish " poetry m the twentieth 
century you would make a gaping 
hole in it. Wbat Professor .Tones 
made m* realise For the first time 
lhai <minng English-speaking 
Welsh writers whose work is on 
many different levels there sub- 
sists a bond of kinship, an 
essential Welshness. and this is 
true even when they are not 

writing specifically about Wales; 
their work partakes of the 
identity of Wales. It is a part oF 
modern Welsh literature as mtirh 
as work written m the Welsh 
tongue. The talk was seasoned 
with a sprinkling of quips, pro- 
voking an appreciative chuckle 
in the Welsh audience, and nnly 
once during the whole absorbing 
hour did the more controversial 
sniff produce what sounded like 
an interjection. 

Although Prof. Jones referred 
lo him as one among several, 
the figure of Dylan Thomas in- 
evitable over-shadowed this lec- 
ture. Here was someone whose 
Welshness was never in doubt, 
but who dominated literary Lon- 
don In rhe 1940s. and the Ameri- 
can camnus circuit later, as the 
mitsunding living representative 
of English literature. Thomas's 
Welsh’ mots were nowhere more 
reveal ins ly and entertainingly 
disclosed than in the series of 
broadcasts he gave about hi? 
childhood fur the BBC. The 
most famous of them, the one on 
Christmas, was originally given 
on ‘Welsh Children's Hour in 
December, 1945: along with 


several others it has happily 
been preserved in the archive 
like the pure gold it Is. Good 
use was made of this material i □ 
another St. Davids Day pro 
gramme Subject ire Welshman 
trnnW to trrite of Happiness 
(March I. Radio 3> by Russell 
Jackson of the University College 
of North Wales. The title was the 
heading over an interview with 
Thomas in the college magazine 
when he went to Brvn Mawr to 
read his poetry there. As Mr. 
Jackson pointed nut it sums up 
ihe unifying mood of these 
broadcasts. Like Dickens whom 
he so greatly admired land in 
many ways resembled i Thomas 
was able to recapture the child's 
eye-view with astonishing acru- 
racy in middle-age and to re- 
■•reatfi it through a rich, freely 

associative language. 

One of the earliest broadcasts 
recalling the Swansea of his 
young boyhood happened to tie 
in with Professor Jones's lecture 
in that it showed the poet's sense 
nf two foreign countries beyond 
Wales, “one was called England 
and the other was called the 
Front. The Front was a country 
which only young men visited 
and from which they never re- 
turned."' Most of the broadcasts 
from which this programme was 
compiled are old favourites but 
they still wear amazingly well. 
Luckily we were given generous 
helpings of them with an admir- 
ably un fussy commentary. 

Apart from his poetic genius 
and his skills in prose Thomas 
was a floe actor. He played 
Satan in the original Tbini Pro- 
gramme version of Panzdise 
Lost. His eloquent manner, un- 
ashamedly histrionic, loud, clear 
and declamatory is unhappily 
nut of fashion nowadays. It 
stirred the nation daring the 
austerity period after the war in 
the way that Churchill's more 
sombre broadcasts had earlier. 
The oi her great master, indeed 
the inventor of this histrionic 
manner in British polities, was 
another Welsh genius who ruled 
in England. Lloyd George. He, 
too, was the subject of an excel- 
lent St. David's Day feature 
Ttie Coat and the Wizard by Pat- 
rick Hannan. Again the title says 
it all. From books and papers 
published over the past few 
years LG's goatlike activities 
have emerged Into the light of 
day while historians still argue 
a hour his policies and downfall. 
Mr. Hannan gave us the whole 
man. the politician and the char- 
mer of women, with the help of 
the most recent research and 
several contemporary witnesses. 
He was fortunate in having 
Emrj's James to impersonate his 
hero. In this kind of programme 
actors lend to make historical 
people sound like actors but with 
Lloyd George that danger docs 
not arise. 



Hidden masters Theatres 


Stafford Dean 



io in Glasgow 


Into Die Entfuhrung or Sera- 
glio as Scottish Opera call the 
work. Mozart poured greater 
musical riches than the frame- 
work of escape and clciuency will 
conveniently stand. This 
explains the impression made 
by this score, of a cluster of good 
things no: quite consistent!} 
ordered, hopping from shani- 
Turkish colouring m lo'v music 
in the ardent vein nf the t-mhn 
concerto? — in at least one »f 
those works Mozart reconciled 
the two manners, but he was 
not yet ready to do ibis on an 
operatic scale Hence the difii- 
culty producers not content to 
take the easy way find in getting 
Seraglio right. 

David Pounrney's new produc- 
tion for Scottish Opera, seen at 
the Thearre Royal. Glasgow, on 
Wednesday, is fairly amoitious. 
He and "hi.? designer? David 
Fielding (set'i and Maris Bjorn- 
son (costumes), have invented an 
island fortress in Bosphorus- 
tumbledown style, with cm m til- 
ing masonry and rusty corkscrew 
staircases. The exterior has 
charm, but the wall* open in 
reveal claustrophobic apartment-, 
heavy with jet black veils, cold 
tassels, sealing-wax red drapes — 
lots and lot? or red. for confine- 
ment. erueltj. hell, "hat you 
will. Too much red— lustre tiles 
cive some variety yf tune, but 
the eve needs more. The effect 
is glaring, fussy yet lifeless. 


During two at least or the score's 
great moments, the quartet and 
the duet for Constanze and Bel- 
monte after the failed escape, by 
contrast with Mozart's truthful- 
ness the stage merely looks like 
a draper's shop gone mad. 

In this private inferno, nerves 
are stretched to Ureaking-point. 
Pasha Selim fRnpert Frazer) is 
a Muslim playboy torturing him- 


OPERA 

RONALD CRIGHTON 


self with past insults and present 
failure to make it with Constanze. 
Mr. Pountuey's new translation 
gives the Pasha too much 
dialogue: the more the character 
has to say, the more one regrets 
that Mozart bad no singer for 
the role. Constanze. in spite of 
her protested fidelity to 
Belmonte, is clearly within sight 
of vie Id ing to the Pasha. Blonde 
i? not beyond giving an encourag- 
ing slap or two to Usmm. That 
officer, instead of a far. comic 
bully is a shaven -headed 
melancholic. grinilj distin- 
guished. The poison has some- 
how spread to Belmonte, creeping 
miserably round ibe outside 
walls in the last stages of 
desperation. Only Pedrilio 
appears at ease. 


The men provide the best sing- 
ing. Stafford Dean’s admirable, 
blue-black bass lends infinite 
longing to Osinin’s sad cantilenas 
and sharp precision to his bursts 
of rage. Graham Clark as the 
untroubled but not insensitive 
Pedrilio gives the other outstand- 
ing performance of the evening. 
Robert Tear's Belmonte is 
extremely musical, quite un- 
German in timbre, always 
interesting. He is not allowed his 
third aria, but the mood of the 
piece would hardly match such a 
lease reading of the character. 
Catherine Malfiiano sang 
"Martern aller Artec ” with an 
edge like a polished scimitar — 
brilliant, but illuminating only 
one side of Constanze’s character. 

Gary Bertinj conducted. His 
Mozart did not rival the mastery 
remembered grateFully from his 
Ariane et Barbe-bleue in Paris. 
There were moments oF needle- 
like delicacy (the accompani- 
ment to Mr. Clark's beautifully 
sustained soft singing of Ped- 
rilia's serenade among them), 
others of thinnish raggedness. 
The overlapping of the final 
vaudeville with the last line of 
the dialogue was presumably not 
intentional. The Scottish Cham- 
ber Orchestra on this occasion 
sounded like good first desks 
with also-rans further back— at 
least this ensured sound solo 
work in the concertante aria for 
Constanze. 


Composers of our century 
belong mainly to two groups: 
they are either dead or they are 
affiliated to University- College, 
Cardiff. That, at least, is the 
implication of the Cardiff Festi- 
val of Twentieth Century Music. 
Thfe festival's artistic director *s 
Alun Ho^linott. who heads the 
college department of music: be 
has programmed three works of 
his own. along with four by 
faculty colleagues and one by 
an ex-student. 

As well as paying special 
homage to Sir Lennox Berkeley 
in honour of his coming 75th 
birthday, the festival finds room 
for Elisabeth Lutyens and six 
decidedly minor British (non-' 
Cardiff), composers. But -the 
only living foreign composers 
admitted are Durufid and Paul 
Tortelier, the latter appearing 
primarily as conductor and 
cellist It is all so engagingly 
immodest and parochial that one 
can only smile at the idea of 
this being counted a serious con- 
tribution to Europe's festival 
calendar. Save for Tortelier, 
again, no stars of major celebrity 
are present. 

A fair number of the events, 
remarkably, are free. But this, 
is in some measure because they 
are BBC fixtures. The festival 
has moved forward this year in 
order to avoid a clash with the 
coming season of the Welsh 
National Opera, and in so doing 
has found an overlap with the 
special St. David's week of BBC 
Wales. Accordingly, non-payers 
on Wednesday night heard a 
concert by the BBC Welsh Sym- 
phony Orchestra, and on Tuesday 
a non-concert by the Fires of 
London. 

I call it a non-concert because 
to assemble one hour’s music, in 
an auditorium (the University’s 
New Halli where most of the 
audience could not see the per- 
formance. would not in other 
circumstances be considered a 
recent musical promotion. It 
will primarily serve the BBC 
transmission on Radio 3 next 
Sunday, where one hopes that 
better programme-nates will be 
anrally provided than were 
skimpily presented In typescript 
at Cardiff. Biographical informa- 
tion in the festival programme 
generally has gone by default. 

Nevertheless there was special 
interest in newly hearing tbe 
Fires of London (Peter Maxwell 
Davies’s group), the personnel 
having almost completely 
changed about a year ago. It 
was clear that the new. youthful 
team carries great skill and sen- 
sitivity. not least in the way that 
Lesley Shrlgley Jones has taken 
over those cello parts in Davies’s 
own works which were so memor- 
ably associated with Jennifer 
Ward Clarke. 

At this concert. Davies was 


represented by the Hymn to St 
tfagnus, which •strikes me as one 

of his more confused and c on* 
fusing works, and by the attrac- 
tive bat lightweight rearrange- 
ment of a 17th century Scottish 
piece fKinloche his fantassie, to 
use Mr. Davies's fussy-antique 
spelling}. Between them came 
the work by Mr. Hoddinott’s ex- 
student, Robert Swain <b. 1947). 
There is a decided talenrin his' 
Sonatas and Interlvdps. but too 
much -discrepancy is evident be- 
tween the .serial modernity of 
some parts and the naive explore- 
.turn of one single note and. its 
major chord. 

Visibility of the - performers 
was hardly better at Cardiff City 
Hall (such are the capital s cm- 


MUSIC 

ARTHUR JACOBS 


tural. amenities!) but at least 
here was a foil-sized programme. 
Presumably , through under- 
re hears aJ, the BBC' Welsh 
Symphony Orchestra under tbe 
Romanian conductor' Erich 
Bergel came to an unscheduled 
stop in David Wynne’s Octtjd 
and had to restart. It is a well- 
knit and vigorous piece by this 
veteran composer (bJ800) and 
a further bearing is called for. 
The triumph of the evening was 
Heinrich SchifFs in Prokofiev’s 
Sin/cmia Concertante for cello 
and orchestra: not since Rostro- 
provich’s introduction of this 
work have I heard such an im- 
posing. songful tone- and such 
tremendous delivery of its most 
difficult rapid passages. 

Michael Robinson, the col- 
lege's distinguished musical his- 
torian. proved with a Duo for 
violin and piano that he is a 
thoughtful composer too. The 
performance by Clarence Hyers- 
cough and Martin Jones missed 
some rhythmic Idiosyncrasies of 
the. score, but brought out a pas- 
sionate complexity that Sugges- 
ted t^e inspiration of Bloch or 
Szymanowski rather than of to- 
day's trendy models. 


Bank aid 


The National Westminster 
Bank is to sponsor the Welsh 
National Opera’s new production 
of Madam Butterfly, which is 
premiered in Cardiff on Novem- 
ber 1. Its contribution is £16,000. 
Earlier in its season — on March 
15 — the WNO is presenting only 
the second performance outside 
London of Richard Strauss's 
Elektra. Tbe production is by 
Harry Kupfer, opera director at 
Dresden, where. Elektra was first 
presented, in 1909. 

' ii .'.I h" ■ ■ 


this week , 

YOUNG "VIC STUDIO — Seeen 
Samurai. Deft bat brittle mkue. 
Reviewed Tuesday /Wednesday. 
THEATRE ROYAL. Bristol — The 
Provoked Wife. Uproarious pro- 
duction ot Vanbrugh's, splendid 
comedy. Reviewed Wednesday.. 
RIVERSIDE STUDIOS — Hello 
and Goodbye. Excellent produc- 
tion of Fugard's early play, with 
Yvonne BryceiancL Reviewed 
Wednesday /Thursday. •• _ 

PHOENIX— Kings and Clowns. 
Nothing ex ail in this musical 
about Henry VIIL Reviewed 
■nrurshBer/Friday. . 

ICA— Scored fa Death. Sharp 
social 'comment in. hospital play 
bv talented -Dutch company (>in 
English). Reviewed Thursday/. 
Friday. ' 

DUKE OF' YORK'S — Half-Life. 
Splendidly civilised conversation 
by- John Gielgud and strong 
supporting company. Reviewed 
yesterday. 

... and next 

Monday:. . Whose life is it any- 
way? at the Mermaid, with Tom 
Conti and Jane Asher. Tuesday. , 
Twelfth Wflhf at the Young V-ic. 
Wednesday. Class Enemy at the 
Theatre Upstairs, and at. Cam- 
bridge the Marlowe. Society . in 
The Winter’s Tale. Thursday. 
Moliere’s Don Juan at Green- 
wich. and a piece by Howard 
Brenton and Trevor Griffiths, 
Deeds, at the Nottingham Play- 
house. 

Edward Thomas 
Centenary 

This week-end sees the 
centenary of Edward Thomas, 
poet and writer about the 
English countryside. Thomas was 
bom at Lambeth on March 3, 
1878 died in .1917 at the 
Battle of ‘Arras. Before he joined 
the army Thomas lived fa 
Hampshire and the centenary 
celebrations will indude ft 
service of Dedication at 5.30 
to-day in Steep Church by the 
Reverend R. S. Thomas of a 
Memorial Window designed and 
engraved by Laurence Whistler 
with readings . from Thomas’s 
work by Jill Baton and John 
Westbrook. 

To-morrow a Centenary Walk 
will take place from /Steep to 
Selborne. Walkers- will assemble 
at 9.45, ajn. at -Steep i Churirh 
departing at 10 by way nf 
Shoulder of Mutton Hill. At the 
sarsen stone the leader of the 
walk, the playwright John 
Bowen, will read one Qf 
Thomas’s poems, after winch the 
walk will proceed by way of 
Oakshott and Prior’s Dean Io 
Selborne. .: 


n s 

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■rriri* 

-i » * l 
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:--tr 

..iip 

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■ Its 
?<i 

r»lirt 

Isiapr 

■Wui 

■GO.1 

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Ac 

1 VI.: 

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TlhliTI 

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skies. 


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»C«. IT 



t Indicates programme in 
black and while. 

BBC I 

9.00 a.m. Teddy Edward. 0.05 
Indoors Outdoors. 9.30 Multi- 
coloured Swap Shop. 12.18 p.tn. 
Weather. 

12.20 Grandstand: Football Focus 
1 12.23; ; Hockey 112 35, 1.4U) 
Rank Xerox Indoor Club 
International: Harms: from 
Newbury ( 1.23. 1.30. 2.25>: 
Racing from Haydock Park 
i2.H). 2.40 1 ; Rue by Union 
1 2.50 1 Calcutta Cup: Scotland 
v. England, and ai 4.30 
Ireland v. Wales thichlightsi: 
4.40 Final Score. 

5.10 The New Adventures of 
Batman. 

SJXS News. 

5.15 Sport Regional News. 

5.3(1 Jimll Fix It. 

0—5 Dr. Who. 

G.50 Saturday Xirhl at ihe 
Movie?: “Tat-e The Hipb 
n round." * tar ring Richard 
Widmark. 

8.20 The Les Daw-son Show. 

9.00 Star&ky and Hutch. 

9.30 New- 

10.00 Match of the Day. 

II.Oli Saturday Niriil at the Mill. 

All fJeclnns as BBC 1 except at 
the fallowing times: — 

Wales — 8.40 a.m. Indoors Out- 
doors. 9.05-9—0 Teliffant. 2.30- 
4.40 p.m. Rjjfibv Uninn: Ireland v. 
Wale*, including 4.30 Scotland v. 
England i hichtightsU HiO Xevs 
and Weather for Wales. 

Scotland— 4.55-5.10 p.m. Score- 
hoard. 5.43-5.50 Scoreboard. 10.00 
Spnrticen*.* tn.30-ll.0fl Songs nf 
Sam land. 11.50 News and Weather 
for Scotland 


Northern Ireland— 2-50-4.30 p.m. 
Rugby Union: Ireland i. Males. 
4-30-4.40 Rugby Union: Scotland 
v. England i highlights ». 5.00-5.10 
Scoreboard. 3.45-5.50 Northern 
Ireland News. 11.50 News and 
Weather for Northern Ireland. 


BBC 2 


7.40 

3.10 


4.45 

5.15 

6.05 

6.30 


7.30 

7.45 
8.15 

8.45 

10.30 

10.55 

tll.00 


a.m. upen University, 
pan. Saturday Cinema: 
“The Far Country" star- 
ring James Stewart. 

Hit the Nolel 
Horizon. 

Open Door 

Sight and Sound in Concert 
featuring The Tom Robin- 
son Band. Sad Cafe 
i simultaneous with Radio 1 
stereo; . 

News and Sport. 

Network. 

The Book Programme 
Film International: " The 
Long Holidays of 1936." 
M*A*S*H. 
ive News on 2. 

Midnight Movie: “They 
Were Expendable.” star- 
ring Robert Montgomery 
and John Wayne. 

LOIN DON 

9.00 a.m. Sesame Street. 10.00 
Our Show. +11.00 Saturday 
Cinema: “ Emergency.” starring 
Zena Walker and Derma t Walsh. 
1Z.OT World or Sport: I2.0-‘ p.m. 
Motor Racing: South African 
Grand Prix -live” from 
Johannesburg: 12.40 On the 
Ball: 1.10 News from ITN: 1.15 
The South African Grand 
Prix: 2.10 The ITN’ Six— 2.20, 
2.30 and 3.2o from Hereford: 
2.33. 3.03 and 3.40 from 

.Market Rasen: 3.30 Half- 
time Soccer Ronnd-up: -4.no 
Wrestling; 4.50 Results 
Service. 

5-05 News from ITN. 

5.15 Happy Days. 


5.45 Logans Run. 

6.45 Celebrity Square.''. 

7.30 Enemy at the Door. 

8.30 Sale of the Century. 

9.00 Within These Walls. 

10.00 News 

10.15 The South Bank Shmv «virh 
Melvyn Brang and Jacques 
Loussicr 

11.13 The Adult Movie: “ Who 
Slew Auntie Root* ” star- 
ring Shelley Winters.. 

12 JO a.m. Close — Urmia Han ray 
rends, a Frances Corn ford 
po«*ni. 

All IBA Region* as Lmnrlnn 
except at the following times: 

ANGLIA 

A 00 a.m. .xairaa: Alphabet Pa-a^i 8.10 
C»rr<*>n Tim-. 9J0 TUwas lajq run*' 
Phaninm. 10.4S Tiswas. 5.15 p.m. C-.i-.-brrv 
Squares. 4.03 Co** R. 7X0 Sale £.! :!».• 
Cenmtv. a ?o TV Mn*-ic fr*'-:-. k •• 
Herd." 11.15 ’AV-htn Thest Walls. 12.15 
p.m. At Uk End of rhe Day. 

ATV 

1X5 a m. The Pnlf Har.U S.1-) ». 9.30 
Tlswa*. 5.15 p.m. Six Million Dntiar Man. 
4 AS I’avoc. 0.00 Th. Awyasr. 11.15 TV 
Saturday Suspense Movie . -Scruaai Pretty 

Pvs*J." namog Bn;;* Ha'is. 

BORDER 

aJO a.m. Twis. 5.15 p.m. i P:i-. 

4.15 tta’OV. S.J5 Sal- nf '■ ■r.-urr 7.15 
r.M- nn .ii th- E>~ir. 8.15 Him : • Tne 
Good Guys and the Bart Gws. sMrr.sa 
Rolvr Mlv-huRi acd Geiinw f •■v.- >:•••. 
U-15 The Oumrtrrs. 12.15 a.m. T.lv Odd 
Couple. 

CHANNEL 

11. *8 a.m. Puttin''- r-.a ... S.15 ' v.,r f 

Run. 4.15 Hapts Day- 1.00 :<•■>;. , 

1145 Anpuintmem '*:th ■ 3r. 

R!Mi .VPB.V 

GRAMPIAN 

4.00 a.m. S. .1*. -a-iirl..;. ’3 

0JS Th- Win.!. 1 Twin 1 K.T 1C.L5 

Woods .r i 10.45 Ta.-vir T.-. 11. fa 

f «(v tin $-..•■ v. .ci.: :h •. It. M 

The Clue rnu't. 543 p.m. R 

foUc-A-d l<; in 'ci'f.'f for- .-a- 1 
UnJ L-11411. ar.d S.i:'..> -• ».< ». 645 

Kator b 45 *>:-• -h- r.fir: 7.15 

Em tor »• \nr nc«r. ais ?•» 

Kt-.-’in. ‘ PiiTirt M. 'ii.t-: ‘ ii' 

bun'-, CirUldaj >. 1105 Sr* ; • 545 

RUto PwiiiKf. 11.15 W.:h:- T>-« Wa: - J 

12.15 a.m. ReP-cteai; 


GRANADA 

9.J0 a.m. THH'as i.tcfuiliatf IflJS Dynu- 
m-iu : T.ie Do? ‘.'.■or.der 10.47 
5.15 p.m. Levan's Run. 445 Havoc 0-45 
Sale of ihe lemur?. T45 Enetur a* the 
Door. 845 " CheiApoiiit." siarr.ng 

Antho.tr SteeL 11-15 Siini on 11.45 

'• Pjr,,d!*« 1 TV murid. 

HTV 

■.05 a.m. Masitr >-•>!:. 3 JO Ti-was. 10.15 
lijttKjr.. 10.45 T:vi..» irnnjrr.u-d-. 5-45 
p.m. i;.-l— hriiy ->iuar- s. 5J0 Losan .« Run. 
U45 MotT.iiian. 

HTV Cymru Wales— As HTV ij?nonl 
£:r« * eJaent. 5.45 Drtw Why Brycjan 
Tell U 45-12.00 A '.han*. cf Mind. 

SCOTTISH 

1.00 a.m. TiM:i-ii. 4.30 iu:1ud:n^ 

w.nn.ns wi'ft WtiRie. 545 P.m. Lo^jn's 
tfj-j. 4.15 H jvOw. 6X5 Sate ot tht CeDtnrr. 
745 Enemy a' the Poor. 845 rValure 
Film : '•GamubeU'i Kingdom.'' aramus 
D:rk Bo^ard-. Sianl-y Baker and Barbara 
”nrny. 11.15 La-o CalL U-20 Panzer in 
Paradise. 

SOUTHERN 

8.50 a.m. Wevkrul. fnUmu-d t)T Reyio-.aJ 
W. a-bi r -or era -it. 4.00 Sesani- Street. 
lO.oa i;ur Show, including ILOO Sole One. 
1145 tfjpoy Day. U JO Waekvut. fullowcd 
b-' K-^iOtial W-ath.-r Fa recast. 545 P.m. 
C-.tf-or;':' Squir..s. 6.00 Six Million Dollar 
Man. 7.00 Su. . 01 the Century. 8. JO 

Ci inr.bo. 1145 W-thin These Wails. 1245 
«.m. South-m T-vj. 

TYNE TEES 

4.15 a.m. bom-, on WHdlile. 9.45 You 
Can :.!a: •• I- 1045 Adventure Time : 

'• '-arrl-.i walker. 5.15 p.m. 
Lr;.i r'. Run. 6.15 Hjtdc. 6.45 Sale ol 
-h . ntitr: . 7.13 'Tr .r.y at the Poor. 8.15 
Pars' r - ?:<ra1i'-.. U45 Til- P.-ari;-'. 
1LS5 1 Sjta.r;. D«-<mauirs. 12-40 «.m. 

ULSTER 

15.10 a.m. Th- ii tB, 1020 Tr»- Too 
23.14 '-.pr-T 11.40 Sw:. 

5.C3 a.m. tpi.r. X 5.15 Lo^an'.- Run 

*45 ’. — ;-;:r Etand. 6.45 Sal-- -if 

- { . 7.15 ir-rney <: 'hr D<’ir 

s U ■-'•• •. •'..?> :.ad Guy*. ' U.15 

urSTWARO 

«.19 a.m 7n • r-a'lrs. 425 
f r : ft- '.„r:ain S:r.ead." 18.45 

S'V/ f-.iw ar-j rtu« ft or- ••• 
\Jr. p.m. Liw.-i • Au.: 645 Happy Dav». «.M 

11.1s •\oP4.o:nte'.'t -#.-h 

T * ?:..h < Rrft-t r>." 

•j r.' r~. . 12.45 a.m. Faith 


YORKSHIRE 

4.00 a.m. The Rolf Hams Shw. 19J5 
Cusurd Pie Parade. 9.45 Saturday Scene 
Action Adventure ; "Tlic Brlxand of 
Kandahar." 1XJJ0 Happy Days. 1123 
Calendar Kids. 5-15 p.m. Lotsan’s Run. 
6.15 Havoc. 6.45 Sale of 'he Century. 745 
Enomy at the Door. >45 "Danser in 
pjraujse. ' 1145 Tik- Mary Trior Moore 
Shine. 11.45 The Outsiders. 

RADIO 1 24710 

(S) Stereophonic broadcast 

6.00 a-m. An Radio L 8.06 Ed Stewart 

win Junior Choice ■$*. 10-00 Kid Jensen. 

12.00 Paul GambacdnL 121 Rock On >S‘. 
2-30 Alan Freeman (S'. 521 Alexis 

Homer's Bints and Sool Show tS'i. 620 
*ieht and Sound in Concerr «Si reatunna 
The Tom Robinson Band and Sad Cate 
Mlmuluneous with BBC-2 television'. 
720-1223 a.m. As Radio 2. 

RADIO 2 1.500m and VHP 

6.00 a.m. News Summary. 6JC Cricket: 
Third Test: New Zealand v. England 
■ r*'purt‘. 6.83 Tom Edwards with The 
K.irly Show »SI. IndmUng 722 Cricket: 
Third Test (close-of-play report > and 823 
Racing Bulk-tin. 826 As Radio I. 10.02 
Wally Whyton on the Sutmmde of Satur- 
day .S'. 12 03 Two'S Best 'S'. 1.82 The 
vs HnddlW*. 120-525 Sport on 2: 
ilrand Prls Sp.;eial 'l.Sn. 2.00. Sl.Sii . South 
A'ncan Qranrt Pris: Rueby <120. 2.53. 
4.50. 523 1 Calcutta Cup: Scotland v. 
England and Ireland v. Wales: fool ball 
L-jaUe • 1 ‘JO. 2.30. 2.45. 4.12*: Raanu 
from Havdori: '1.30. 2.10. 2.40 plus results 
from other meet inns with a classified 
check at 4.50.: Crtckci il.30. iW. 5.S5i 
New Zealand «. England: report on the 

e CHESS SOLUTIONS 
SuiutloD to Fositioa No. 205 
1 RxP! BsR I if Q-B2: 2 Q-N5. 
F.xR: fi Q-B6 ch. or if Q-Q2; 2 
RxB. Q\R. 3 RxR. RxR: 4 Q-R7 
ch. K-Kl: 5 Q-BS ch and 6 Q?rR); 
•J RxR. R-N2 tit RxR: 3 QxP ch. 
K-Bl: 4 NxP ch»: 3 B-N4I Resigns, 
for if QxE: 4 R-R7 ch wins. 
Solution to rroblem No. 203 
1 Q-K6 (threat 2 Q-R3 mote). 
P-N3: 2 Q-B4 (threat 3 Q-K2), 
P-K6: 3 Q-Q5. tf I...K-N7: 2 Q-F5 
and 3 Q-KBI. If 1...K-K8: 2B-K5. 
and if K-Q6; 3 Q-N3. or if K-B6; 3 
Q-R3. 


hrst day's play. 540 Spans Report: 
Classified Football checks at 5.00 and 
5.45; rufibr round-lip a .25: motor sport 
340. 603 Europe T&. TJ2 -Would the 
Last Businessman. . . . 7 JO Radio 2 Top 
Tunes 'Si. 845 Mas Harris at the piano 
■Si. U0 Sequence Time at the Radio 2 
Ballroom (S'. 930 Saturday Night wtth 
he BBC Radio Orebcstra tSl. 1L02 
hnoriB Desk. 1140 Alan DeB trtth The 
Saturday tale SOmr. including 12J» News 
and Cncket: Third Test (further it pom. 
1231-12 J3 a-m. News Summary. 

RADTQ 3 464m. Stereo & VHP 

t Medhzm Win only 

17-55 aon. Weather. 8.00 News. 8-05 
Aubade tSt. 4 00 News. 9JB Recont 
Review tSi. 1035 Sterwj Release iS>. 
10.45 Robert Mayer Concert (Si. 12JB p.m. 
James Galway presents music on records 
(S.. 1255 News. 130 Herltiwe. 145 

Srtuben and Setwenhnrs: chamber music 
concert «S» 245 Han of Action-. David 
Rudkin chooses records iS>. JJ5 Music 
of the Masters by Beethoven. Chopin. 


Debussy (S'). 5.00 Jus Record Requests 
(S i. 5.C Critics’ Forum. B.S5 Ttw dasat- 
cal G attar (S). 7 AS Persons! View ffaBc 
by Rosahm Hbvtns). >JB “ BetulLa 
Uberauu" Sacred drama In two parts, 
music by Mozart. Act x (SI. 940 interval 
Reading. 445 “ Be toils Liberals.” Act S. 
J0J5 The Lovely Yean compBed - and 
presented by Martin EaaUn. 1 0 5 5 Sounds 
mterestins (Si- . 1U3 NtM. 1L40-4L45 
And TonJgbrs Sdmbert Sons on record. 

Rwffo 3 VHP aafir— 6J84JI0. ami. Open 
Uttlvendty. - . . 

RADIO 4 - 1 . - • ; ‘ _ 

434m, 330m. 285m and VHF 
630 am. Neva. 632 FaraHna Today. 
630 Your* Faithfully. IfcH Weather, pro- 
grammo- oewo (VHF> Wesiooai Keen. 
730 News. 740 On Yoar Farm. .7 M 
Today's. Papers. 745 Yours Faithfully. 
7 JO Trie a Bursa In. VJB Weather. 
gramme news fVHF) Reokmal News. 8.00 
News. 840 Sport on 6 Ml Today's 
Papers. MS Yesterday in Parfiammu. 


LB Party Political Broadcast by Am 
Conserv ativ e Party. 9J0 News. J4AS 
Imemattaoal Assignmem. tU8 The Weo^ 
In Westminster. 8U5 News Stand.- 1U45 
DaBy Service. 11830 Pl*fc or tbe U>ek. 
UUO Tmw for verse. *mo Srt«w<> 
Now. 1200 News. 1242 pa James 
Galway »S> fas Radio 3>. 11235 weather, 
prosnurune news VHP (except London 
and SB) Regtonal News. MB News. 145 
Any Questtoo*: Z24I0 Frank Muir Goes 
Into . Tbe Navy. J2J0 Tbtrty-Mffiui": 
Theatre: “The- Old Mao of Uw SkM."' 
ZJJBO N«ws-..tMS Doss Re Take Sugar? 
5335 Music of the Masters <as Radio 3'- 
530 Kaleidoscope Encore. ■ 530 Week 
Ending . . '. JS^5 Weather, procra mreo 
uewa VHP Retdooal Tie -vs and bJN News. 
645 Deoen Island Discs. 6 38 Stop die 
Week with Robert Robinson. 738 Thcs* 
Yon Bare Loved (51. 8J6 Saturday 

Nkflht Theatre (St. 938 Weather. U.m 
News. 1045 On the Town. 1230 Lighten 
Our Darknesa. 1145 News. 

□pea llalre rsftv (VHP anty] 935 urtr ; 
1230 ud 7.00-5.00 p.m. 


Weekend Choice 


All the best winter week'ends 
include an In tema lional Rugby 
Union match, and to-day’s 
(BBC I. 2.50) is the England v 
Scotland game For the Calcutta 
Cup at Murrayfield with com- 
mentary by the exemplary Bill 
McLaren. 

By and large the rest of 
Saturday's programmes make it 
a good night to go out, M.A.S.H. 
alone providing a strong 
enoush reason not to (BBC 2, 
10.30). Even aEter losing two 
central character tbe series is 
still consistently sharp and 
funny. 

On Sunday morning most 


areas get Jack Hargreaves’ 
unique programme Out of Town 
(ITV, 11.00) -which is almost as 
good as a week-end in the 
country. Later, in the clash 
between The Sea on BBC l. the 
first televised Edward Bond 
play (8.05) and the last part of 
The Mayor of Casterbridge on 
BBC 2 (8.15) the sensible 
course is to watch the play and 
catch tbe Casterbridge repeat 
on Friday. - 

The only snag thea is that 
you still miss most of Two’s 
Company (ITV, 9.30) which is 
one of the funniest series of 
for years. 



Jack Golloway as Farfrae 


ENTERTAINMENT 

GUSDE 

CC ■ — T '•*'<! ;r»jirps accpot iertsl" c'vdit 
care; d» i-icononc cr ai i*e fce« oRice. 

OPERA & BALLET 

COLISEUM. Cr~iK ci>» 01-740 5253. 
fi:t*rvit,ori Ot -S36 3161 
ENGLISH NATIONAL OPERA 

& 7'iu.s. >-c-.: 7.30 v&v:»: Tu«i. 
8.00 lav s»Hc~Paficc of Outc 0li«- 
oi«;ra! CVKi! Ii.»rn Sch -.-hi. ■■ A a<iub«r 
m.mB.1 !cr :*«; E NO." Trthune: Wed & 
Fr,. 1.ZQ Ddi- G-cvanr.t 10*1 oalcona 
-.r,!; )i«in a.attab'* dar 9' 9«rt. Now 
book ni !or Asr-l acr! of -ranees. 


COVENT GARDEN. CC. 24C 1D66. 

-.CardWNrSf ercott canto 516 6803) 
THE ROYAL BALLET 
Toniq*i». aiifl Tvcs T.aosm Swar Lake. 
Fr.. 7.30 ir.<; 5io*:= -no Beaiitr. 

THE ROYAL OPERA 
Mon 7 209*" Mad4Ti3 Bu(M»*lv Thur 
7 om le i 9i’ , .-'’c-9. 6S An»v lea's *e.- a-! 

pc—; o" '.om lOa-n o-. <ja« of serf. 

!>uN.n( C.NC.R 1 

jam Tim Ominu. Tc.a £•- 

fj ( 

CONCERT TRANSFERRED TO THEATRE 
ROYAL. DRURY LANE. WILL START 
AT 0 .T 5 o.m. ROYAL OPERA HOUSE 
TICKETS VALID. 


SADLER'S WELLS THEATRE Revc6"<-f A.o 
EC1. *J7 1677. La<7 P-:r*; 
BALLET THEATRE CON 1 EM PC RAIN 
Teea, Z JO and 7 5-3 Tn# Four Tern- 
ovri>n-a>r,u. iclil-c A#Iut.b m*-M a"0 
C not i -xr rrener. Mar 6 1c IS BALLET 
RAMBEBT. 


THEATRES 

A DELPHI THEATRE. CC. 0I-B3B 7611. 
E*3=. 7.SO Mis. Th-J-S. 3 0. Sal A.O. 
-LONDONS BEST NIGHT OUT. 
IRENE 

THE MUSICAL MUSICAL _ 
SPECTACLE CAPTIVATING TUNE5 
AND RACY COMEDY." S. PcOPlB. 
IRENE 

INSTANT CONFIRMED CREDIT CARD 
DOOKINS ON qi-835 7611. 


ALBERT. 3 35 3B~3 Credit card BFb*. 
836 '771 S?!-. M91 Tuo-i Wed. 

4*v: Fri 7 43 Tnur. are Sat 4 30 and 
8 Ertra Eai:rr mal Wi-d 22 March »t 
4.30. 'A THOUSAND TIMES WELCOME 
IS LIONEL CART S 

MIRACULOUS MUSICAL.- F.P. Times. 

OLIVER 

■»«:*! BOY HUCD JOAN TURNER 
' CONSIDER S OURSELF LUCKY TO SB 
ABLE Tip 5EE (T AGAIN 1 Olttr Mirror. 
APPLY BOX OFFICE FOR SPECIAL 
PARTY RATES. 


| THEATRES 

ALDWYCH. 336 6404. Info. 836 5332. 
ROYAL 5MAXESPIAHE COMPANY m 
1 reoertoire. Todav 2.00 & 7 JO Men. 7.S0 , 
1 Final Deri. Jon*cv» THE ALCHEMIST 
•sold ect> RSC also at THE WAREHOUSE - 
1 '»ee uneer wi j-*d at tt*e Piceadittr 
Pl,er HfclKjl * PRIVATES ON ; 
PARADE. 

AMBASSADORS. 01-356 1171.1 

E »7*. 3.30. Mat. Tu«. 3 00. | 

_ OUENTIN CRISP 1 

>fcl>*42 E3.SO and L2.SO Incl. qlass Of 
wine. This Is wnnou? doubt me most 
ntraord.narv entertainment in London.” 

E 'M-n News. 

APOLLO. 01-437 2663. E»gs. B OO. . 
I Mats. Tirnra. 3.00. Sals. 5 00 and 3.00. . 
... DONALD SINDEN 

' 2?.J5£_ y, “ r -" c - Standard} 

•'IS SUPERB” N. dl World. 1 

SHUT YODR rYBS AND i 

„ THINK OF ENGLAND 
■■WICKEDLY F UNNY^VmeS. 

ARTS THEATRE. oTIe 36 2132. • 

TOM STOPPARDS 
, „ . DIRTY LINEN 

• HiUr.ouj . . . ve, lL -- sunda, T.mea. • 
Monday lo T.Turulav SJO. Friday and - 
Sayj-my a*. 7.00 and 9. 1 S • 

.THEATRE, cnar.no Cross Road. 1 
C1-734 4-9.. N-irri: Tuot Tattennam 
Courr Read M;n.Tl-ir,. E.00 o.m 
Frida* nid Sa*. too and 8.4S. 

Tlth-t: 61.SO-&5 50. I ni-jr.r Credit Care- 
RncrviHtnl. Eat 'n cur f-ji|, 1 ce.rJfB 

Brs.il/-ar o- Bun-- Sir lunc^T-me an: 
Oetore or aftw- me* — bookable m ■ 
adeaece. ComS.ncd pinner and Too or-;e 
lick#: C2.SC. 

CLVis 

•' irtectlaus aami-ng. icdt-stoma-no ana 
hMH-rn. moma 

_SfS7 MUSICAL OF THE Y(aR 

EVENlHo STANaARQ AWARD , 

CAMBRIDGE. CC. Ol-SSB GC36. Mon. to. 
TPuradav 8.90. Frjdav Sal. 5.45. B.3B 

■ PI tOMBI 

: PULSATING MUSICAL.' E,e-iq. Noa. 

THIRD GREAT YEAR 
Seat oa-kes £2.00 and £5 90. 1 

! Pin—- and IQo.prlta tear £8 .2 S ire. 

(COMEDY. 01-930 2S7B^ 

i (ronlnas a.o. Mat. Thurt. 3 41. Sat. S.30 
{ ai-d 6.30 

I MOIRA LISTER. TONY BRITTON 

i Mir oar nr COURTS NAY. Dwv« WALSH 
* A rt^M Comedy Thrltie- 

MURDER AMONG FRIENDS 
j "GE N UINELY FUNNY." O Va tt. 

[CRITERION. CC. OJ-939 3: is. 

■ C-rcmngs 8 . Ml 5.30. 8.30, Thura. 2-0. 
LESLIE PHILL'PS 

> Inwacubli ... a r» S. Tine*. 

1 -n SEXTET 

J -HILARIOUSLY FU NN Y • N. i f W:r'c 

IdRUPY LANE. 01-336 3100. E*cor Niqht 
I B.oo. Matinee Wrt and Sat. 3 -O. 

I A CHORUS LINE 

' " A rare aryastatmo layout bsiwiiip.uk; 
l Itunnar.-- Sand«y T.mes. 1 


THEATRES 

DUCHESS. 836 3243 Me-. -: 

Ev9S. BOO. F' . Sa- G.'i and 9.CC 
OH! CALCUTTA! 

"Tie Nudity -s iTunmns ■ 3a.> -, r . 

BIB SENSATIONAL v Ei^ 


y 


THEATRES 


DUKE OF YORK'S. O'. 533 J'2: 

(w. 3. Mi r. Y/»d ;nt 5aL a-. 3 
JOHN GIELGUD 
•n Julian M ■•{'-.* I l 

HALF-LIFE 

A Nat-cnai Tneatre P-odu-‘ :n 1 C- 

l-an'.l* yr —r r-3 dir. :BJUi- — ); • 
Ha'014 How;- ic-a-ia. rrr- B r- ; ■ yz 
esrd 'ei-r.atic r». O-ne- and tee r- : 
sea; F7.C0. 

FORTUNE. 23S 2238. E»ai 3 Tn.-,. ’ 
Sal. 3- CO an* a.C0 
Muriel Pjr'f>w a: MISS MARPLI 
MURDER AT THE VICARAGE 
Third Great v <4 _ 

GARRICK THEATRE. C-S2S 46? ■ 

t*as e.o. we<i. m«. 3.0 Sa; s '.5 14; 

Jl’.fc MAPTIN JU-IA i'JT73.T 
ERIC FLYNN and POBIN RAY 

"BRILLIANT 'MUSICAL 
ENTEP.T AINMCN r ?CC" r 

SIDE BY SIDE BY SONDHEIM 
'GO TWICE S Ujr.. P u -<- 
" GO THREE TIMES ' C 5a.— e.. N ? ; 


HER MAJESTY'S. CC. 01-930 660*. 
Ose----.c March 23 
BRUCE FORSYTH 
- •> B- .uive a- a Afrtdt>"y 

TRAVELLING MUSIC SHOW 
- ;r. SE °Ei.-. GRIFFITHS 
= r~-, e SUHT SHEVELDVE 
p - e, ens *r;.n March IS 

KING'S ROAD THEATRE. 3S2 749B. 
Mr- ■: T-,“. E c Fr. .5*T. 7 TO 9 SO. 
THE ROCKY HORROR SHOW 
*I2-.V :-r its POCKING year 
T- i Z-1--T RCC-. N- ROLL MUSICAL 


GLOBE. C-.4J- :S-S2 E»as 7 : s*a:, 

A'«ll It 7 O 

Barry FOSTER ClIVS =BA%; j 
PONALS GEE JEREMY 'PONS J-- 
S' MO -4 WARS r 
THE PEAR COLUMN 
5IMON GUAY'S -s -in-1. 

I leer a j nji, as rr- , »-:u -a,- ? -/. 

D-rr<-cd 2, HAROLD PlNTEO 

GREENWICH THEATRE. CT-TsS '7 = S 
E»av 7 30. Mar. Sat 7 30. AN IDEAL 
HUSBAND a. Osca- Al-f 'A- 4r;;ajs 
as *“rste“A4i r.; cin-.'-'! D. 7 r_- s-;- 

Marsn a SDN JUAN ■ cvr-rc- v 
I Mol-cre. 

HAYMARKET. 71-SIC 9eii L.ss SI 
Mat. Wedi 2 JO. Sals 4 3C J-r ■ r; 
INGRID EE PGM AN 
WINDY HILLER 

DERE* DCWfj FRANCES 

GODFRtv HARE ZU*. A 

■ r 

WATERS OF THE MOON 

•• livjria Br.j-rai- mane* vac- 

ra-.a:- o.-n-a lasln cnai-«-»." 5 Vi 

" W?r.cr H Her ii ' 5 j-. v .to - 

HER MAJESTY S. CC. C-9T5 E-6 36 

Tire-. :.5 an- S3 
GLYNI3 JOHNS 

LEE MONTAGUE HELEN L'NOSAv 
-n TERENCE PATTI GAN S 
CAUSE CELEBRE 

RATTIGAN EEVEA.S H'i MAST£P« 

S T«r -GLYNIS JCHNS s .a,j 
e -1 l-ant'..' 1 c. Tt , Last 34-. 


LONDON PALLADIUM. Q1 -437 T372. 
MARCH lOm FDR TWO WEEKS 
MISS 

GINGER ROGERS 
a"; S re: a' Gcet; 1U' 

DONALD O'CONNOR 
>-L CHis.ij SMITHERS 
A G7=-.- f-EYl.C-S ENTERTAIN YE NT 
W.-h HOLLYWOOD'S FOREMOST 
MUSICAL C 3MCDY STARS 
aoc'. NOW — seas £2-C6 

LONDON PALLADIUM. CC 0! -437 7373 . 
THE TWO RONNIES 
fpDm Vi' ; 5 ro AUG. 19 

LYRIC THEATRE 3- -7 37 36 Si Em S i 
Mai- T-j-s : 5 s»ti- S.O a-'d B.33 
JO A N P.OWRlGHT 
CTL r p'.AKELV 

»-«- »A-=I7IA HAYES '■ 
FILUMENA 

7 ■ Era---- . ae F.' B74 
3 — t— d =' JSiNCO ZEFFIRELLI 
T3Ti. T-II.VPH- E- "4—— . 

- ■■ ~ -3 - 5 ; 5 SU 3 E 3 M 

"MAY T Fr-_ THE LYOiC 'CH A 

“L‘.35!3 'EA = 5.“ Sunday Trn. 

MAY FAIR O' 623 iCTi 

Mr- «T r- »; Sa;. : 3C *nn S 45 
LC'CC ‘4 --ai-r - Br l’-a— " £ N. In 
.THE ELOCUTION OF 
BENJAMIN PRANKLIN 
n ■ i Soviri 

— rn, ;c ■ . m , hertei' e’eaunn- . 

' ' C:i c-j! E 5- "W.c-ejl. 

c Mm. - Soelloi"<1’n“ “ Css 

MERMAID 7££6. Ren- 143 2933. 

: — . 30NT- Jane ASHER n 
WHOSE LIFE IS IT ANYWAY 
• ■ • ' : • j Marcn ii:"I 

s-a:: • ;i,-. £-. J 5 »0 r 5 jO 
7 - " 3 f — Trea-.rr L5 95 

NATrSNAL THEATRE 32S 2252 

OLIVIER -09 r - Today 2.45 a - = 

7-7 . r 7 73 the CHIRR Y ORCHARD i 

Michael F-a<n. 


THEATRES 

OLD vrc. Sia 7616. 

PROSPECT AT THE OLD VTC 
Sar. m ieasan W Marcn 2 6 
. In :co. ANTONY & CLEOPATRA today 
| 2 iO HAMLET iddav 7.20. ALL FOR 

■ LOVE r*fum, March 6: SAINT JOAN 

■ rciuini March it. 

Sunca, M l-;n 26 at 7 3C 

THAT MIGHTY HEART 
■•y’tn Baroara »eOoro. John Turner 

OPEN SPACE. 01-38’ 6169. Tum.-Sun. 
SC Mn. S.\t. 5 0 u-.-.il fcUr.B II. PENTA 
Dutch Surreal Theatre of movement. From 
March I 4 

STEPS. NOTES AND SOUEAKS 
BnrMasso.a. Glcqud. Louther. Slrro. 

PALACE. 01-437 6834. 

Won..Tniin g OO. Fri . Sal. 6 OO A B.40. 
JESU S CHRIST SUPEBSTAR 

PHOENIX, 01-835 361 1. 

Sr». S. Mat. Wed. 3.D. Sats. S.O A B.O. 
FFANK FINLAY m 
Tim Leniic Brinoje f'lmca 1 
KINGS AND CLOWNS 
Direr.,.* hy Met Shaelmj 
" iiti'MIcl. S'ltV. Snter-Jirina " C.M. 

PICCADILLY. 437 4506. Credit cars 9Mi 
335 10TI E»m. B Sat. 4.45 and 3 IS. 
Wed. Mat. 3 0 . 

BEST COMEDY OF THE YEAR 
E.rn.nn stn Award and 5WET Ai>ara 
Roy*' S'arcnncor" Cmim-i in 
PRIVATES ON PARADE 
ev Peter Nicnnia 

• Pri— as-. Nn- Seitanin lor C ni'ni cnl 
'HUGELY TNTERTAINING 
EY'-PAV AGANZA ' S. Time*. 

PRINCE QF WALES. CC. 01-930 9681. 
V-.-i.ja . to Fr,eav at S am. 

Sat. 5.30 and 8 45. Mat Thiir». 3.QC. 
" THE STAGE IS AGLOW." 

Daily Tniedrapn. 

RICHARD PECKINSAL2 
>n 

I LOVE MY WIPE 

"NAUGHTY BUT NICE WITH A LOT 
OF LAUGHS." Nvi o' thn World 
INSTANT CONFIRMED CREDIT CARD 
BOOKINGS ON 01-933 DB45 


THEATRES 

1 ROUND HOUSE _ 267 25B4 Eyv B 
LIMITED SEASON to MARCH IB 

■ THE LIVERPOOL PLAYHOUSE CO. 

) with Jam«s AUBREY and Don WAHRING- 
TON in ■• A red hot Broduetlon." Gdn. 
STREAMERS 

■ be David Rate 

I •■ One ol tbe three best a hays in London 
| . . awesome strength." Ohs. 


1 ROYAL COURT. 730 1745. E»i. B. Sat 5 
and d.20 Pauline Cclllns. Oar'd Sufhot. 

; Leslie Sarory in THE BEAR bv ChWrhov. 
THE KREUTZER SONATA bv Toisw. . 

- From Marcn 14 Hull Truck ,n A BED I 
OF ROSES "made me feel nlad to be I 
alien •• d. Eigrtn: See also Theatre I 
Up s tairs. ! 

ROYALTY CC 01-403 8004 [ 

Monnay. Thursday even I no, BOO. Friday I 
5.30 ard B.4S. Saturday 3-DO and a.00 1 
London's critics vote 1 

BILLY DANIELS In [ 

BUBBLING BROWN SUGAR 

Beu Musical ot 1B77 I 

Tel. Hfcgc. accented. Malar credit cards 


THEATRES 

VAUDEVILLE. 836 99B8. ErflS at 8. 
Mots Tues. 2. AS. Sats. 3 and 8. 
Dinah SHERIDAN. DulQc GRAY 
Eleanor SOMMERFIELD James GROUT 
A MURDER IS ANNOUNCED 
THE NEWEST WHODUNIT HIT 
bv AGATHA CHRISTIE 
•'RB-enttr Aretha wiih another who. 
gre w lift _ Aretha Chrtme i« tnlMnq 
the west End , vet ana in with another 
1 ol her ttcodlshlv tnoenioos murder 
mYMeries.’" FeHx Banter. Eva. News 


WAREHOUSE, Donmar Theatre 836 USB, 
Roval Shakespeare Company- Tonlcrrt, 
Mon. 3.00 Final oerfs. Edward Bond 
THE BUNDLE. 




Eyenmes 3.00. mm. Tt» 

^ Saturdays 5 and a. 
Tickets £1.SO to £4.00. 
PAUL JONES l« 


MUST END MARCH 4 


SHAFTESBURY. 

Opens March 2: 

John Reardon and Joan Dicner ,n 

KISMfcf I 

The Ictencar* musiui. Prenews tram ' 
13 Mar. B pm. Sat. 3 00 and B.M. J 


WHITEHALL. _ 01-930 6692-7783. 

fsb k-o* 1 _ E*?*- »■»?,• Sat. G.43 and 9410, 

6 96 6596. - Paul Raymond presents the Sensatmuai 
Sex Rrae ol Hy Centory 
DEEP THROAT 

New live on Stage. Limited Seaton. 
t2--week leaser prior to World Tour. 


SKA W. 01-388 1394 I 

E.gs. 7 30 -No pert Mon.; Mat. Thirrs! I 
7 30 Last 2 weekk. • 

[ AN INSPECTOR CALLS 

> oy J. B. Priestley 

Highly entertaining.- q f e i 
J Low Prices. Eaa» Parking 

. THE SH«W ON SUNDAYS 6.00 

THE IRISH HCSREW LESSON 
By Wolf Mankowitx 
Leonard Ten ton. Patrick Dniry, 

.. , Patr-ch Cpmw iM Michael Low 
' ^ V O. Tel " OirtsUrming." 

Gan- 1 0O Eustor nd- Ol -SO 3 1 3S4. £1 . ’5 


LYTTELTON r'-.'-tnJjm Stage' Toca» 

• a-- 7 4 : TWk last FROM MAXIMS 
“ ■ " r - r.yo -. »-.m- y. John Valine- 

“ ' ~ T 4 :■ T-c Giurdyman. Ra 


QUEEN" THEATRE 71-734 'toft 

Eroi. 8 S. SaL S.O 8-32. Mi:. We-a. 3.0 
ALEC GUINNESS 
BEST ACTOR OF THE YEAR 
Vlr», Cu-b Ol GB Awl'll *n 
THE OLD COUNTRY 
A V. P1j„ >,1 ALAN BENNETT 
a-wflrl O' CLIFFORD WILLIAMS 
BEST PLAY OF THE YEAR 
P'a-". aid Pis very l c-AdO" cr.t-ej award 


STRAND. 01-536 2660. EveMim *m 
M at. Thur 3.00 _ Sat* 5.10 and o'^ 
NO SEX PLEASE — 

WE’RE BRITISH 
THE WORLD'S GREATEST 
LAUGHTER MAKER 


WINDMILL THEATRE. CC. 437 6311. 
_Twlce Ntahtly 8.00 and 10.00 
OPEN SUNDAYS 6.00 and 0 . 00 . 
PAUL RAYMOND pnseMa ' 


THE EROTIC 


_ nrpfl&ei 

MODERN ERA 


■■ Taken b» unwece tf eiited Unha wbat Is 
■ mrmtunjle on «ar staaeE.** Eyb. News. 


WYNDHAMtS. 836 3028. . Credit Card 
hookhwA 836 1 071_ teMpc SatjT 


wsnj ‘srs.irsid , 53s: 

" ENORMOUSLY RICH. 

VreV FUNN^ Cwnlw Nm. 


COTTESLOE r d, a5S^or.-v 

a-6 «tl 5 LOVE LETTERS ON BLUE 
P4PE-’ a — ; ; -weyke- 

v -*t r^.e-'-r: .- -,3 ;eais »!' S •’ti-f 
Zi'.. -'. Ca- rirk. Re«*u*S*t 32!' 
2;:; 2-- : ca-2 .^sa- ’iB ”L5. 


RAYMOND REVUSIAK CC D1-T34 15B3 
A; 7 g -*. Bom 'I o.m. *Oten 5ani.l 
Paul lATMOMD arcacnis 
THE FESTIVAL OF 
EROTICA 

t Air EnnM|»,enee Yq.j mar I 
3-n« -ire vTioae ire ,.,i«.ton-jrr, } 


ST. MARTIN'S. CC. B36 I 443 Evs BOO 
Mat. Tire*. 7 45. Sat & Good Fri. 5 W 
AGATHA CHRlSTlk -5 5 * h. 
THE MOUSETRAP 
WORLDS LpJGEST.EVER RUN 
.■In YEAR 

TALK OF THE TOWN. CC 7J4 5o<r 
BOO □ mng.Darr-Jng. B.30 super Bnn. 
RAZZLE D»*at 
ana at 1 1 p.m. 

JACKIE TRENT AND TONY HATCH' 

THEATRE UPSTAIRS. 7 M 2 RSA 

LJlt C-Tf ton t 7.30 
IN THE BLOOD 
Bv Lenka jaciurafe 


YOUNG -VIC wear OW Vk3 99B 6363. 
Todaiy at 3 and 7 .4S ROSINCKAIttZ 
AND CWL P tHEimH ARE ORMtKn 
M*L 


, . - CINEMAS 

ABC 1 * B SHAFTEE4UWY AV*. 836 
[ B061. See Peris. ALL SEATS BKBLE. 
i l: SILVER BEARS (A): Wk. A Sue. 1 AS. 

I fjsii iwb ,,v ■ 


i S3S."«s'Sa K SSb."SSK t ' r 


CINEMAS " ^ ; 

CLASSIC T, 2. S. 4, Oxford EL.(0».! 
TotwnhatB Court Rd. TubeJ 636. 0310. • 
AMA _THB MOVIE (Ui. Stcreoptiodje 
Swwd.. Progs. 1.30 3.50. 6.10 l 8.30. 
Late show to . 30 p.m. _ 

^ THE HIDING PLACE (A). Sen. PeW?. 
2-00: 5.00. B.oo. Lata strew ivcpis. 

w^SJSSyS'Sr* , «5? YLIENT GRn:N CAAi.’ 
WESTWORLD lAAl. • .— 

31 LOOKING FOR MR- GOODSAR iXI. 
Prog. 2.30. 6.03. 7.50. Late.' Mg* 

4: HOLOCAUST "2000 (50. Progs. iT.ZO. 
3 40. 6.0S. 8.35. Late Show 10.SQ P4R-. 


CURZOJL Corton Street. W.I. 4M ’3737. 
PARDON -MON AFFAIRE (Xr. tEnstUh 
spb-dtlesi “ A sparkling New Frc«w 
Comedy. .Directed nHtti Ikneae bv. Ywn 
Robert." Sunda* Express Prop c. "at. 1 .SO 
mot Sun.i. 3.SS. 6.T0 and 8JS0.".;: : 


GATE TWO CINEMA 837 T 177-8402 
1 formerly r.M.I. intern 1 Honan, -jriijrtwa 
-Squaw Tot*. DEREK JARMAN'S- 
JUBILEE IX J. . Sen. Pert*. US. S.ofiT 
6Jja^7.0ffl. -B.10-- THE LONG 00006268 ' 


L EICES TER SQUARE THEATRE '930 'SZ5£ 
qtt*er Peed. Smmb Ceoroe and irmnv 
Kher stars. TOMORROW NEVER COMES 

BSJSS^M ^ 'S'.wajs*- 

«xeeot late shows. 


OTOBS. Sat- .-aotf Srfn. 


ODEON HAYMARKET ■ C9M 2706-277). 

Fond#.. Vanessa Redon ve -m-» Frtd ■ 
gttmamuimr'him JULIA ?A! SA.-Azcm- . 
PlL I-S9- SAS. 8.45. Feature Bhr-2 *J- 

^STbkwr 5 " m F * at “ r< 'Ws A“ 


sai£'.t&gft i 7 ijt ^ * 


<723 2011-7). 
;SO-. Cstd show Fri. it Sat. 12.00 

L AH seats bkWe. except 1.S0 


sa 'i£«l u i**; Mar 8. * 



PftCWlP 1:S: 

Piafic PANTilBR 11 «"*»»! *# THE 
P!"* fahther ruj Sun. -Thur, 3.2*. 
7.30. Fri. and Sat, 2.JS. B.40. to.w! 


\ ■ \ Ox 1 

••iO- \uc-' A 


.T 


fti 

U -4 




Wi 




\\ , 




financial Times Saturday March 4: 1978 


arts 


13 


this 

jjfmui-.i ■" 

JT rtiT.J •- 

. 

sfeiiU*,... ‘ • 

• ' 
Hyti.S: .' .' 

iw,,; • 

f*US , • 

Xv: 

Wrnii, ._ 
ftHfKv-V 1 

tLv ■ 

tsui*-.-.'- 

&r- --4 .- 

IrW; 1 j 
tn-i-.j. 

Mir •»;*;, -i 

iVf ir. 

s 5^5S“ , r'. . 
lEirfer* .. ■ 


' t 
nrj* ; _. 

t-Hi- ).- 

'?-*«•■ J'-' 
r ?7^ K 


it-tX,: 

V» - "i 

&/ 



Royal Court 
in the Hews 

The Royal Court Theatre is In 
the.- news this week. It has 
learned that its annual grant 
from the Greater London Council 
— £12^00 last year— wiH not be 
forthcoming- in- 19JS-7B, and It has 
1 announced that the first preview 
of Annie, voted Best Broadway 
Musical of 1977, will he a charity 
preview in aid of the Royal Court 
Theatre Society, which greatly 
supports the - theatre financially. 

Although the GLC grant is not 
nearly, as -important to the Koval 
Court as help from the Arts 
Council, which should be forth- 
coming any day now,, it is a lot 
when set against the -annual pro- 
duction budget of £60.000. The 
Annie preview, on . April 23, 
which win be attended by 



master 



GONE.. ARB. the days when a of the season and when as th. 
paperback implied something of small-talk flowed around him he 
negligible cost which could be would pick up the precious 
slipped into a coat pocket, read- particles, the grains of plot, 
^f° WQ - awa ?; We are which would one day germinate 
™ “ de J ed la bis greatest novels. Since the 

3 re r? ed 1 already ’ original five volumes were pub* 
2K"T 0r a , very lisfted severally. Dr. Eder has 
*}?* J® Icorat new facts about Henry 
afford a . hardback book, and James:- these have been incor- 

too^ricey for V ^ ted - ®“P*“®s changed, and 

in fl 1 - who the w* 1 ® 1 ® writ tailored to the 

badb SSi ofSta Edlr^Tfa 1 ^ needs of tbe general reader with 

Ilr °“ d £20 - M0 - -« ^ .olnines 


[ was -already planned. 

TV Rating's 

Week ended February T9 

, - “:*■ TOP 20: Viewer* tm j 
£* * l«*te W Breen (A TV) igjs 

2- =«««**» Sfc (Hen.) (Gnmmdai j££ 
2. This Is -Your Life '(Thames) . ILU 
t tWw, ‘* Mi»n« 17.73 

£ 1?“ -^ LaiWWtJB (LWT> .. 17.40 

$■ Th e Pro fessionals CLWT? 17.35 

T. Crnssrmds (ToeO (ATV) 17.00 


as a Peregrine Book from 
Penguin costs' £10 for the set 13 Serare ’ ® 0TO *- from 
Yet I wonW recommeniT It^o Lan *. H ^ se at 

anyone who has an Interest in the 1415161 

a number of devotees among the 

younger novelists. The most 
-famous of these was Hugh 
Walpole, and the section on him 


PAPERBACKS 

ANTHONY CURTIS 


. Nicholas Monro 


is ope of the most fascinating in 
the whole biography. Walpole as 
an aspiring writer sent one of 
his books for James to read. He 
got a letter back bo'fri warm and 
discriminating. An invitation to 
Rye followed and a friendship 


fia 6^^*nSrS G 7™ £ SS| the literature and the literary ^ flowed anti 

- ocular of Eneii h ?**■ In ° ,t Kon S he .made some years all life-size and dreadfully ereen. ** C p££o *' tiSci loSliffe. 0 * 5^?°^ century: it is a M ,f£? ’. 

: nguiar of English sculptors, an ago was refused pianntnS. per- ^ , ?- fireea ’ 15 *wndin- Thnitor 

Id man out and hard to place, .mission by- ■“* V P is. LfEJET^ «-* 

s work inconvenient, and even much to the dismay, of cn»««te K 

■niinn .I.- its-nroud ownpr- «n>< h»*iw t&c*- .® equally artificial erand is.stanjcy um Hatch cbecj 

— iisi I Dna nf ft* aM,»aiP, i. about such things 


r^:i. 

ir-.i 

aii- 

IV 

*'u . 
Sie-'-, 
>i ,-i . 


* high a price to pay but I thinic , Ja ? es ,_ caUed Walpole “ be- 

io-J worth it_ to have Dr. Ed el's °° y ”, but iD 

s wv4 K inconvenient, and even }-**«• nwu •» iae oisraay. ot ail d anTTaTh ? — cnonmas wonderfoDy complete biography , s ^ nse lo vers? Somerset 

U'fjy.J Tiizzllng. certainly disconcertins- i ^ s P r0 “ cI ownerj and oniy.last niuiDc^^fn? r d ""3L (BBC ? «as readily to hand at home. - who tended to know 

Ul d lit it «. in., zSFSSSsz M aas^efimr^as ««.•» #» *«,«* ™™ K is ss«..«* thh». M 

* • id i'haiion«^ ♦».*- — , ... ■ r variously contorted Max Wall aaoDlle<1 ^ Audit o# Croat that although .it is vast, each "“P 01 * offered himself but 

in h« short coat big boots and S^T^iSSn^A^SS 1 : containing more than Dr ‘ 

too tight tights, has a most mictahi. _ 800 pages, covering its hero’s Ede * 100 doubt s whether James’s 

curious effect: for we cannot , . T F w _ t ? tfeb *" ^mogi) 73 years in massive detail it -is *ff eca ° n ever took this form 
escape the association— indeed V""* 0 -- not at all a difficult or laborious tirou ^ 1 he did have a “ tactile ” 

« fi cap ®,* r and x cabci “: si.! book to read. This is because touching and patting his 

ttSr.Sr.lteScMi’S; t ffi.'S «k! 3I 'iuriDgthe 20 years it took ^ tn«^ . and was da- 

usi-and yet tS assocStion £ £ (akt 37J to w-rife the biography Dr. Edel “ onstra ^ve to the sculptor 

ffends to the pubUcaTla^ wSh fiSf J®Pt ft a remove, not neutra Used thomugUT : refined his raw Hendrik Anderson and the Irish- 

orecambe and Wse in Reieffil « allow^hlm but distanced by the physical £ * WKr ^ { 9 BS >. *-3 niatenal; what we read is a IMn Jocelyn Perrse In whose 

irk are his doing; and for See tbe^nd of a JrJhe^*^ °° and 9 ‘ "" d ff9S lon iJ ,ot 65 with so many “mpany he specially delighted. 

is figurative sculpture, and not His latest^ vo Ik mum a Monre’?^?nrk ln S W. — ” 35.1 scholarly biographies a total . Hone of this affectionate feel- 

lstraction. that is excitine remartahia ■ . SI FeUdty Samuel SSSTtaiJft'r .Bo~~L=3!!** J Z'XH J5* *22=??? <*■ hm ”™- 

i=iati to the biographer. . from giving merciless critiques 


t ' . '? challenges the orthodoxies 

^ only of modern sculpture 

jt also those- ot the tradi- 
• mal figurative disciplines. This 
. izzlement is not restricted to 
■e small world of his profes- 
onal peers, the artists, critics, 
id dealers - of -whom many 
ankly enjoy his work, but refused 


ARY : 

WILLIAM PACKER 


mtroversy and obloquy. -The M^Twal£ Row^ £muS*9L 


A Nfeben ratios is oat a i mn p ^ ini 


I total. 



, J 4 'VJV T .'* _i* v f Ty g -'- w !* 7- • •• 

( . ■ 1 f • . • • . 




tr ■'p 7:7=- 


with the 

fen 



'RDirTTVE men cart-ed mes- 
ages on stone with a . bard 

— *iomr. Eventually; to make the" 
peration easier, the surface 
■ •as waxed, and the "style,” a 
rude version of &e first pen, 

■as used to form letters. With 
>■ *c invention of papyri and 
arenment, the style evolved 
Uo a sort of spatula which was 
ipped m a liquid and applied 
*: a painter puts paint to can* 

!3. In China the" brush took 
ver from the spatula, and the. 
uiH came to the.WesL - - 
"The pen trheretciih thou 
dost so heavenly sing 
Made of a quilt from tin • . 
angel’s icing." 

i.ipsodiscd the- Ifitb-cehttuy 
Jet Henry Constable over the 
will, which was in "general use 
-^nii! about 1840, -with Joseph 

■'vice for P a quill nib in XSOb!^ ?SSrh we SL for ^P 50 , 10 ^ death - T °-day Watennai 

The earliest- recorded steel a . nd ™vS a f - MoIton Street deaJer - p «is (UJC.) Ltd. is part of an 

“ raM ■“•■‘■Vi ITTTPnra TAT TTlflTf) n«wa nnmn «■* ' 


j — 4=» ^ o*«— u AuvAiaiWd UIUI|Ue5 

In the early days the author 04 his young friends’ novels If 
devised a most felicitous ^$7 were bold enough to send 
method of dividing the story them to him. One friend, Howard 
into a sequence of separate O* Sturgis, who wrote what many 
short sections. Each section -People consider to be a master- 
follOws on easily and more or Piece,. Belehamber, was so 
less chronologically fro* the mortified by -what James said 
last but it is- complete in itself about it that he gave up writing 
and has its own heading such novels altogether. Of one of 
as Parisian. Life. Silk Purse and Walpole's novels James wrote- 
Sows Ear, The American, In “* . . the whole thing is a monu- 
The Provinces. A Channel ment to the abuse of voluminous 
21 “? - th r^ e „ corae from diato S« e * the absence of a plan 
iS?-C’> 0ar ' 7116 Siege of Paris of ^“Position, alternation, dis- 
1 Th- „ tnbution, structure, and other 

volum ® e uds not phases of presentation than the 
01 Lond0T1 ’ so that the Une (the 

™ n this uncomprom- only. thing I value in fiction etc.) 
is, - 5 ?a se " ous Anjencan in his is replaced by a vast formless 

mid-SOs became the -most featherbedineilbSfws fa 

soUpht-after dinner - guest which one sinks and is lost 


8 King Street, 
Stjaraes’s 
London 
SW1Y6QT. 



TeL- (01) 839 9060 
Telex 916429 
Telegrams 
CHRIS TIART 


EXPERIENCE AND EXPERTISE 



EJtoi head-dress, 12 \ in. 

(31.7 cm.) high. Sale, 

Wednesday, March 15. 

That the mask shown in the photograph here is a 
personification i>f beauty is ohvious, but less obvious are 
the materials used. Over a base of carved wood is steamed 
arid stretched the skin of an antelope [it i s said that human 
skin was sometimes used): the hair, dressed in small 
clumps, is represented by detachable wooden pegs and the 
scarification and face painting is drawn in black pigments. 
It would be worn on the head, tied by a string beneath 
the chin of the masquerader who wore a cloth or knitted 
string costume which he could see through. Such masks 
are worn by the Ejagham or Ekoi tribes in the Cross river 
region of Nigeria and the adjacent part of the Cameroon 
at funerals, rites de passage and when public entertain- 
ments are required. They are used by dance groups, ase sets 
and associations of warriors and hunters connected in the 
past with human sacrifice and head-hunting. They are «tiU 
^? C K 1 !^ a J^ W - area u- but P resen t escample was collected 
rentufT ^ ^ th ' S Mlintry at toe beginning of this 

Mle ?* JO- 30 a-ra- On March 15 includes 
^^ d c 0the J £ arvin E s not only from Africa, but also 
the ^ ea8, artef acts of the North American 

“ d Precolumbian pottery. For farther information 

?^ Tribal Art * P lease intact 

uernuone Waterfield at the address above. 


ART GALLERIES 


I 4 NE1 , i U -£&££/* FUSION: MlntW by 

”*1 L vimiiM 1, » RA S C 5 TL GAiEb” 

j&. if- M sssr* jam ^ 


BLOND FINE ART, 33. Sackvllle ft Vl" 


1 SU W - T> 






io-i 1 8 M * re,, ■ Mon.-Sn. gjio- 


Selection of pens and pencils dating from William IV. from the collection - of a High Court judge. In 
• Bonham s silver and plate sale on Tuesday 21 March. ^ 


F S5» C ta, LL B5| , M« ° ( *»W B«nt. 

London, w.1, Tel. 01-7X4 2S5« S^r 

«rs lo-fi. ’s«L 30-1. 2620 ’ VWc *' 


"wlmbteioii XW.Isl^^TNertimSs 
e?hlbJUon 7 el 'iSSEGff 1 ^^ 

T^m. a,,v , «t*uPBsaw , sa 


fine stamps 

AN ALTERNATIVE 
INVESTMENT 

For fully doterlpUn bne hurt 
write to : — 

. U. H. FINE STAMP 
INVESTMENT SERVICE 
(F.T.) 

9, Christmas Steps, 
BRISTOL BS1 5BS. 
Telephone: 0272 20442. 


m"- 


he earliest recorded steel r ' ‘.““T aeaier, rens (UJt.) Ltd. is part of an wens 

17S0. 3 “ le r^ci cmeera^ana th. I SST! 

^edited to John CHamson, a a i,a |? Montpelier Galleries at Christie s South Kensington company's collection of old pens | 0 £f4. * 

«as3biM>e in <m _ ThuIsda y- March » ■ “ -■ - ■ • ^ ' F " ntt 

aitSoBgh' if did not ¥ln:h 21 ‘ “ Uecaon *•■ 


TMWSi'ttWSB 

jy bgr jrtfcg ™ ct "- 


ne into Miwai use until the J?\JL ^ SC if _ 1 ^ 3 ? re readiI y traceable, surely have been, the Prohfai- 

S^Stts. T9ie first nufahmc tool has been getting it together Bartholomew Folsch fa 1809 tion pen of 1921. which looks 


GALLJpCIESi jrju^k British soil 

.... fa their archives fa Ifaris.i ££££* mar mM™ p lo-u res’ 

The origin of fountain pens One of the most useful mn=c Lxi* e !L P1ccadl,h, ^ w ‘ f - 




\»r:. mairafticturing steel pen- 
ildcrs abd nibs was devised 
r John hfitthell aronnd 1822, 
J V»le mass production was in* 
■“• i^peed by Joseph GiBoft tvi’o 
* wys later. The hole in the -alb 
^ : leve tbfrsplil measure a regu- 
> ' 'gifewL of ink was patented by 


?=* * 1 7,r» . w ■I'iwiCH ' imtii 

: — “ '■ w y‘ r “«"« 01-111*1. W-niCT Wwilrcl _17- wwfcdjys 9 JO-5. £ m. lo^iz! 

oein& credited for inventing the to mc'&s if it hsd a ep/w^ ^-,1 miles, b Duke strNt.st 'jama 1 !! 
first pen with an ink reservoir, jU** *£££*? ^ 

while a quill pen with a A.CJ»^\ Chicago, to d^Oare: ^ 


COLLECTING 

JUNE FIELD 


SLOANE STREET GAlUfflES, 1 SB Sh»iic-' 
Motftrn pafneings. scillBtiirea 


u SE* c aT 11 * 1 - Tvek-lrl. 


artists 

10-00-5-00- 


a quiU pen - bU1Ga v U( w ce ciare- 

reservoir was devised by J. HL - Mv Waterman? 

of mtMte 1819, A variety in good spirits.” Hilaire Belloc, I AP oa^s.oor Mjirigog.ioo. — 
or patents are recorded around who is sud D osed to iw™ tbackbray,o*lleiiv. i B 

this time, but the first fount™ Tte Z Z TZ 

pen proper is claimed as the compos "Gad SheLSf 
bfainchild of ao American. P SV « evS So“ 


PERSIAN RUGS 
CLOSING SALE 

WHOLESALE CARPET 
IMPORTER RETIRING 

fjiljjj -* H Fin# 

Hinn-mug mum Run Uid Larp? 

dtan r nhu, frMi 
C3B. OlMn 10 a.a).-7 p.m. Including 
Satardar and Sunday - 

“U-J 3* MASONS YARD 
DU ?,?I- ST-.JAMES, S.W.I. 
Telephone: 014139 25U 



MONTSERRAT 4^ 


Very Special Commemorative Postage Stamps 
25th ANNIVERSARY OF THE CORONATION 
OF QUEEN ELIZABETH H 1953-1978 

During the nert few 
months Great Bri- 
tain, Jersey, Guern- 
sey, Isle of Man and 
a number of otber 
British Common- 
wealth countries will 
he issuing special 
postage stamps to 
commemorate the 
25th Anniversary of 
the Queen’s Corona- 
tion . <2nd June 1953). 

'Omnibus’ issues of this nature Urch Narris & 
DrespnfnHnrf very special, individually numKrei 

mmt u sets of toese stamps for 

Sofa 'SSSwS: be ° n tie <7 U-e ^ampi 

SEND TODAY FOR FULL DETAILS- WITHOUT OBLIGATION 

i 

To: URCH HARRIS & CO. LTD. 

7 Richmond Hill Avenue, Bristol BS8 IBQ 
25th Anniversary of Coronation Postage Stamps 
Dear Sirs, 

^sss^jssss- jsjssi 

Sa^bovS 1 ^ o^r^” 8 “ “ meCtlM witi 

Name 


Address 



"»W-VA MMX puwruvtu VJ .g ^ . . _ WMfly wi j o UUIU MEraiOfl 

« Pony jo- MKriw over the past 2M0 yea«. meti- ° f w *" ' ? > “ era “?V“ was even more 

*fas also, responsible for culously entering each item in 1M1 %. fulsome in his praise: *' The pen 

««^ n f 8 Limpid Ink. - Wd-J..! k^i, ,.^*u „„ — »i, Three times married. r j ~ 


CLUBS 


. Samp- a loose^eaf book with as much varimSy 6 " °* pnre sold, as was the 

^fortian and Co., manufac* information bn design, date and „ n pr an ri throne of Charlemagne, fa the 

^ " of portable quill pens marks as could be gleaned from “gfa “ d ^® Song of Roland.” * 

- silver holders, also pro- trie pens themselves. Dating L^ 862 - For those with th- 

iced propelling pencils, called from about William IV to the the ^ 0 1884, in to research, the 

Patent Ever-Pointed Pencils,” 1920s, the collection is espected a! % 

lvertising: “The Black Lead to make il. 000-plus overall, with Jj®™” fcr J cenhiry^Si 

not inclosed in wood, os individual items in precious jQiiai. nniir^^Wnm iiiformatiQn. imrV 7nvr’o“ m ^.J?f 

pual, but in a Small silver tube metals in the £20 bradsel. rtiinad 'uiP contrsn? p JS K ‘VlTialley : fa fhe^eriJS^r 

. . the diameter so nicely pro- The “ dip^pens ” have holders JSf v£XJES*& JSLSS S ImnEZ+r*? *!, 
mioned as Not , -to Require of silver, gold, hardstone. tor- wit j, anf>t i,or Accessories— wSS^lSt '» 0nd 

ver to be Cut or Pointed” toiseshell and mothew>f-pearI, 

■■min s th,l -Attempt, have with two in -ivory teith lirtle “ “ d ^ and“b^ 

lely been made to impose photo-insets of views of Brigh- a... .. . ... . immensfe nalnc t n* 

ubUc an imitation of ion and Wdymouth, while h ^^mediate3y 

icir Patent, fa which the Lead another has a metal-mounied off to make with bis wra first-class blblinpranh* -i, n 

acbodio the propel- glass body filled with, multi- ' Si SStaikifflSSL/S 

ng- wire 

instant danger 

The full story of steel pens Wight. 


SVE. 189. Regan i Street. 7U 5BT5 A la 

£ 1 ar t e fij All-In Mann. Three Spectacular ■ 
Floor Shows 10.43. 1 ZA3 and l5s and 
BWSiC Of Johnny HawlSSwS V FrteiStel 1 


Exhibition 

URGE UNDSCAPES 

by 

ROYAL ACADEMICIANS 

F1ELDBORNE GALLERIES 

-63 Oueens Grave. St. joho'i Wood, 
London. NW8 - OI-SDi 3600 


Mon.-Frt. 9J8-SJB p.m. 
Tbara. umi 7 JO p.m. 


AGNEW 

Three centuries of 
British Paintings 

Opening Thursday, 9th March 
43, Old Bond Street, W.l. 


Tel.: U-429 617ft 
Cobles: Resemble, London 




mo the Public an imitation of ton and Wdymoutb, while 
cir Patent, ln which the Lead another has a metal-mourned , 

being attached to the propel- gloss body filled with multi- ” 1UUI liste Heniy ^re’s 
■ it is therefore in coloured sands, presumably £***«£ “ R ^r.” so ^ 
huger of breaking." from Alum Bay in the Isle of j?!?* 15 S ,at ^ te ™® d toe with a Description of the Mina^. 
t story of steel pens Wight. Other pens double as fountain pen, ari improve- Process** h„ • whfUu 


ilhered because complete have matching seals, and there pwwise of its special ink-feed- Magfanis's “'Reservoir -FAim.' 
n-umentation is thin on the are a couple of plastic-bodied mg device. From pS4-S7 Water- tai n an fl Stvlographic Pens" in 
mind. “ Pens are an esoteric fountain pens. man^or^anised and. operated the ihe Journal oi fhe Bemal Societn 

ibjni that still need a lot of Since Christie’s South Ideal Pen Company, which was oJ Ans ig j, 5 a 
seajrch.’* -considers James Kensington sale of fountain incorporated as L. E. Waterman Making. at Keswick," in the 
owe. head nf -Bonham’s silver pens in January, when 340 and Co., of which he reraifaed 3854 Illustrated Magazine rifl 
.‘partmern, who has been cata- belonging to American writer president and manager until Art. ■ ■ ■ 1 




fjMv. i 








M bil Concert Season 


Royal Naval College Chapel, Greenwich 
Friday 17th March 1978 

The Tortelier Family 




an 

1au!Pfflrte!ier Cello 
■ Paul Tortelier Cello • 


Saint-Saens 
Handel . 


i 

I U.’i 


resRunch Enfana^rncnt Service. Sox Off:cs Td.01 -6545250 



is coming 

dicx>seher favourite 

i^tfeelitde piece ctfWfedgwwxl 

*1 - >l | ve ^^ ^eping forjfust such an occasion. 

•mi Jh^^Jiaventyou? 


^ Blue Pacific oven-r<Hableware • ' 
; Av^lablein e ve^thiiig froman . 

.. v ^g'cnpu?a5-pint casserole. 


Josiah Itfedgwood 6 Sons Limited 
• ^ I *^on»Stoke-oo-'llienT. Stafior*lshire STI2 9ES 
jura.i-t VVi^raore Street, London WIH OHU 





14 


financial Times. Saturday; Marcfc 4 1978 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET* LONDON EC4P 4BY 
Telegrams: Flnantima, London PSA. Telex: 888341/3* 883897 
Telephone: 01-248 8000 


Saturday March 4 1978 


More dollar 
trouble 

IT HAS been another dismal disagreement has attracted is 
week for the share market One neither diplomatically useful 
specific reason for this week’s nor settling to the foreign ex* 
performance has been the very change markets, and an attempt 
sharp drop in half-year profits is now to be made to move for- 
reported by KMT. A more ward in a different direction, 
general reason has been the Senior officials of the Organisa- 
downward revision of hopes tion for Economic Co-operation 
about the economic prospect and Development have reached 
and the Chancellor's scope for broad agreement that respon si- 
reviving the economy in his bility for reviving world growth 
coming Budget. The usual and trade should not lie on the 
flood of pre-Budget forecasts three strongest economies alone 
and recommendations is coming but that others should assume 
in and the range of opinions ex- a share of the burden, 
pressed is quite wide. On the -j.- . 

whole, those most interested in P nce 
gilt-edged are nervous that Mr. What so vague an understand- 
Healey • will ’ stimulate the tog means in concrete terms 
economy too much and bring remains to be seen. The 
back rapid inflation; those most officials had no power to commit 
interested in industrial equities teeir governments, and their 
fear that he will not stimulate main object was to prepare the 
home demand enough to make Wf for ® Ministerial meeting 
up for the likely drop in export tee OECD in June and a 
profits. He himself told the Western economic summit meet- 
NEDC meeting on Wednesday tog 1x1 July- There does now 
that a significant stimulus seem i however, to be rather 
would be needed to achieve the ®ore hop® that the Ministers 
3i per cent, growth rate pre- he able to agree on some- 
dieted earlier in the year but teing that the summit meet- 
seemed uneasy about the ability tog amount to something 
of the economy to cope with a m °re than a sla ngi ng-match— 
rapid expansion. which would do nothing at all 

Besides its purely domestic 10 hel P "* International flnan- 
eoncern. the stock market must system which needs all the 
be influenced by the gloomy help it can get. 
state of Wall Street There, Even whUe tee OECD meet- 
too, the predominant fear is lng was Soing on, in fact, the 
that the economic recovery will dollar was in further trouble, 
not be maintained as long as ^"h® Swiss, who took measures 
originally hoped. But the latest *° discourage the inflow uf 
price index has worried inves- foreign funds (French francs as 
tors who have had to put up muc h as U.S. dollars) last week, 
with another week of uneasy took further measures this week 
speculation about the dollar. — banning stock purchases by 

foreigners, extending the nega- 
Co-operation tive interest rule on foreign 

It was the present state of deposits arid making it apply to 
the foreign exchange markets central banks as well as private 
which induced Mr. Harold Lever citizens. But what helped the 
to inform a banking conference dollar last week was without 

effect this week. The Swiss 


at the beginning of the week 


measures were more than offset 


that some way would have to be ^ ^ fa« the Q e “r^ 
found of restoring the interna- who had been expected to take 
tional co-operation which func- similar action, did not; by some 
tioned in the monetary field for ambiguous remarks by the 
the 20 years after the war. German Economics Minister 
Without that, he said, the about the dollar/mark exchange 
existence of balance of pay'- rate; and, above all. by a warn- 
ments deficits which were tiny ing from Kuwait that, if the 
in comparison with world pro- decline in the dollar continued, 
duefion would lead to protec- she might call for a special 
tionism and mutual injury to all meeting of oil producers to 
concerned. protect their earnings by rais- 

An attempt was made this ing the dollar price of oU. 
week to dispel the acrimonious It was at this point that 
atmosphere which has been up- President Carter intervened by 
setting relations between the declaring that the foreign 
U.S. and Germany in particular, exchange markets had got it 
The U.S. case, which the Ger- all wrong. Such interventions 
mans have been unwilling to usually have much less effect 
accept, is that these two coun- than intended. If anxiety about 
tries together with Japan should the dollar persuades Congress 
seek to bring about a general to take prompt action to control 
revival in world trade by fur- oil imports, however, the 
ther stimulating their econo- President may still turn out to 
mies. The publicity which this have been right. 



rinTwM 



lota 


BY JOHN LLOYD 


H ENRY MAYHEW, the hankering after the old chips, McDongall, which has 23 shops, 
chronicler of London's and it is borne out by the The other is Seafarer, an 
working and out-of-work arduous work being conducted Associated Fisheries subsidiary, 

, n by Sue Eastern, rfthe Acumen which has 22 shops, down from 

classes (London Labour and the 26 in 1974. 

Are Ash -and chips much Significantly, most of . the 
first to mention the fned fish more expensive? Yes, they are. Friar Tuck and Seafarer shops 
trade In print. It was probably The fish friers' turnover for are in London or in the South 

Charles Dickens. But Mayhew 1977 was around £275 m., up East There are about a 

was the first, in this as much from £160m. in 1973 , the rise dozen other efaainq in the same 

else, to put the trade into its being _ almost wholly due to area with between five and 16 

social context price increases. The enormous shops: there appear to be very 

“The fried fish sellers lire la r ^ se in the cost of potatoes has few in the North, 
some out-of-the-way alley,' and been the greatest contributory division between the 

not infrequently in garrets, for tector. up to >8. high 1 of ^around sq^ the North in fish 

even among the poorest class' £6 r J or a 56 lb hag in frying is marked., and may be 

there are great objections to ™ c ° st &■*' dropped pnestlaad provides 

their being fellow-lodgers on ao- snarply to around £2: but m 3 historical perspective: 

count of the odour of the fry- tee cost or “Between the artisan filers of 

Ing.” Mayhew went on to re- J® 5 doubled. Fish fnersr prices ^ ^orth and the more oppor- 

port an Informant telling him “ ave n ®*» and -large, come t unis t coster-friers of London, 
of the trade’s preferred loca- down: they sayi chat they did not was ^ distinction 

tions: “A gin-drinking neigh- adequately reflect the P°“™ . . . accounted for partly by the 
bourfaood suits best, for people nses * teat fners must character of London’s 

haven't their smell so correct no y recoup. M_weil as mKe p^pHiatloii. compared with the 
there." . a «? rat .tee erfra cost of Ssfc. tendency & stay put around the 

The historian of the trade, _ Kegonai variations are aaige. factories of the north." 

Mr. Gerald Priestland (now the Today, the division is in parr 

BBC’s religious correspondent), ^ 8 * ItkWthS the fish Perpetuated by there being two 
writes in his informative and “j™ Wmani -.S SSroutii i?s trade associations. The oldest, 
entertaining book Wng To- in 1913. is the 

night (1972) that sellers of fish “ , J1 I Ue S SSS srim! National Federation of Fish 
and seUers of chips were orlg- based * Leeds- to 1872. 

inally separate trades. The two 2!^* no Evidence lt ** lit and rival Confedera- 

commodities were probably uu tion of Fish Friers and Caterers cline. We have to modernise if, into kebab takeaways. There are the 

hmupTit tnppit'her hv thp MtinP 01 OVercaarglllg. 



A whiff of vinegar: two of the early family and their Denmark Hill shop. 


brought together by the eating 
experiments of customers, then, 
through the initiative of an 
Oldham tripe dresser named 
Dyson, who commissioned the 
range-making firm of Nuttall's 
to build him a range for frying 


_ dynasty weaken!^ 

Associations was formed, which we are to compete with Kentucky now reckoned to be about 1,200 offered my sons an educ 
is strongest In London and the Fried Chicken and the Jnflbro v£ them, and they have spread but they preferred to use 
South. and Chinese takeaways. People from London to cover most of Intelligence, now they're 1 

The older Federation Is an tended not to take their gW the U.K. except, it seems, the and chips with me.” 
energetic body, which publishes friends into a fish and "chip North East. Is Harry Ramsden’s the- 

a highly readable monthly shop.” ’’ • Are fish and chip shops now alL ***** chip shop in the a 

Have fish and chin shops review and runs training courses Are fish and chip shops being run by foreigners? An increas- Harry Ramsden’s says 


Increase in 
the South 



tomer: and that rising standards s®* 11 * front-parlour operations, modernisation: iris own most- &h ^ rt winde(L 
of cleanliness (much improved *P*inly in the North: the only favoured shop in the country as The Anglo-American 


comments: “Does any other 

Hot Association or Branch of the taare. It has a late 

a American motel exterior* 


range) 

well sis others. In the course of 
time* and 
course 


*s is no longer -i 
its founder. Ini* 


that the quality is as/ 
ever. Mr. Sanderson of t 
eration thinks itV slipped^ 
then he would, because I 
den’s is a member of the 
Confederation. The profit! 
,, , .. certainly delicious, if com 

Mr. Lorenzo di Ciacca, a sue- tire iy expensive— £1.38 for 


Glaswegian 

frier 


tv.* ummm « , less 900 to-day. Turnover man. * Scotsman, a Welshman, and Ctdp Shop i. 

The small shops have often Mr. Geoffrey BeH, die part- for the coptQ- « on K, nD a Greek, an Italian and a World underneath. Inside. 

ind especially in the gone out of business simply tune secretary of the Confedera- jn the last four y^usf from Chinese”' Look out for next British restaurant decor 

of Ihe last world war, ** * New Man. With his £30i^to ^4^-a ris? whSS month’s review for replies. plete with gained glass wl* 

- be ^ pace «esin . P««, be rans sjren dne to price r]!K . . Foreigners have a leng and *!«*“«* atmosphere 

bv Their place is often taken hy L® 0 * 1011 * ao J_“ Kentu«*y Fried Chicken, the honourable history in the trade. ^SSmsdon’- 

he high-street IMtei! with one . “* . Americans. Is soil expuidta 

‘ii^aSSrfctaa ^■■^° P .- rePl * Cblg tW ° ° r thlr “ standard 1950s Btdng*. ioolang “jwed * 5 fnm SB nm'ibaj* a eration records show almost all 
S^nrhooS. SU, - d ™ lang S °nere^ perhaps surprisingly, « “ %*r to H. It has about^ its members in Scotland are 

WhatthraTof the trade little evidence tot big bu..mess * ftersh ^-' rt »^ shops hHiay. The on& otter Italian. manner. . Is naturally 

toeW Max people luve has much to do witt the tange. mock-Oirfor dnnng ares chain of anp size is United Big- 

opinions about flttWnd chips tonges. There are only two- and glemrang exterior. cults' Mte V Take, tom which 

and they seem to agree that fish-frying chains with more “Our opinion is that the top has declined from <0 shops- in 

they are not what thev were, than 20 shops. One is Friar end of the market will grow,” 1974 to 40 to-day. 

Prices have gone up, and the Tuck (an amalgamation of two said Mr. Peter Bei 1 . “The There is, however, real growth 

traditional chip shop is chang- smaller chains, Crusoe Fish bottom end— the chap wno buys in what is known as the 

ing. My research suggests Friers and High Tide), a sub- fish and chips because he can’t “ ethnic " takeaways-eltiiough M 

there is good reason for this skUazy of Ranks Hovis afford anything else— will de- the pace of it seems to have cessful Glaswegian frier, puts dodTantl"cbips^- and there 

faltered. The Chinese lave been it down to native poverty and it »_ popuIar Loag^isi 
the most assiduous hexe-^Ttferevemulation:' “One .came here, coa^gg ^ eer ^ theM 
are some 4,000 Chinese found he coaid make a good feed their customers there 
restaurants and takeaways, of living, went back to Italy, told ^ SD pplies adeqi 
which 2,300 are only takeaways his relations, they all came.” At present , ye s, although a- 
—60 per cent up on 1973. How- Mr. di Clam's father founded height of the cod war there 
ever, the great leap forward for toe family business in the early much talk about -blue wh 
Chinese reatuaiants was in 1920s. - ■*. His brothers had wiming fn as a substitute 
1970-75 when they were taking taken tije more traditional route cod. Tests are .going on at 
over fish and chip shops, and to America and, discouraged by Torry Research station in 
establishing themselves in- the activities of the , Mafia, re- deen to determine whethe 
residential neighbourhoods. turned to Italy. Mr. di Ciacca no t tfie'fish can be " re&uik 
Indian and Pakistani senior obviously considered that is shredded, and made 
restaurants and takeaways — of Rangers* supporters a more reasonably-sized portions, i 
which there are now around manageable risk, and opened a ^ done with fish fingers. 
2,000— were growing, too, though, shop in Glasgow's Shettleston pr0 Wem for the moment is 
more slow4y. But possibly the Road. in its unreconstructed state, 

most successful, in growth - . Mr. Lorenzo di CSacca was in whiting is too boney. and i 
terms, have been the Greek/ the- business part-time when a •* rebuilt,” it tastes horn 
Turkish kebab houses, boosted child, full-time on leaving Besides the urgency for 
by refugees from the Civil War school at 14. Now in his early moment^ has gone. 

in Cyprus. Some of these 60s. -he has a large house in a — ^ 

refugees operated Kentucky or pleasant suburb. The family has 

other franchise houses, kept the six shops in Glasgow, and; a mart** mnrMgnMM for « 
premises when their contracts brother has opened up in Edin- "flntf Erf" " 

A pinch of new spice: Mr.Peter Ben, joint head of the modem BeD chain. ran out and transformed them burgh. There .are no signs of cmp. - • 



Letters to the Editor 

Punishment 


From Mr. C. Rad more 

Sir. — Joe Rogaly's article “The 
politics nf crime and punish- 
ment” (February US) is full of 
rontr.idiciion.s and his coniorted 
attempts to justify a point of 
view to which he was obviously 
already wedded do not enhance 
his reputation as a sennus com- 
mentator on social issues. 

He cautions us against the 
demagogic use of dubious statis- 
tics (although be does not tell 
us when a statistic becomes 
dubious) and then proceeds to 
base his article on statistics. He 
proceeds to draw comparisons 
between recorded crime statistics 
in the "United States and the 
U.K. and then accuses politicians 
who associate our condition with 
the U.S. of misleading people. 

Finally in three paragraphs he 
castigates the Conservative party 
for having the temerity to dis- 
cuss “law and order" Issues in 
public and baldly asserts that 
the Home Secretary is right to 
say that a change in Government 
would produce no change In 
policy giving no reasons other 
than (presumably) a personal 
prejudice. 

It has been said many times, 
but Is none the worse for repeti- 
tion. that the most effective 
deterrent to crime is the cer- 
tainty of being caught. To that 
end. any government which 
places public safety at the head 
of its list of priorities should, 
as a priority, improve substan- 
tially the pay and conditions of 
the police force especially in the 
Metropolis and ensure they are 
working with the most modern 
equipment available. 

A thorough review of the 
workings of the Children and 
Young Persons Act I960 should 
he undertaken with an eye to 
reversing the increasing trend 
of juvenile offenders to treat 
the courts in an off-hand and 
flippant manner. 

As has been suggested by a 
group or Conservative lawyers, 
there should be a move away 
from lengthy custodial sentences 
towards short, hard-regime sen- 
tences. 

A change or Government will 
obviously nor bring overnight 
changes but tbe attitude of the 
public, many of whom are afraid 


to open their doors at night or 
are afraid of being attacked in 
broad daylight, is now such that 
the more “soft" politicians like 
Mr. Rees and' muddled journa- 
lists like Mr. Rogaly try to 
sweep the issue under the car- 
pet. the louder people are going 
to shout. Like immigration, law 
and order is not a subject that 
the Conservatives will try to 
turn into an election issue, it 
already is an election issue 
because the voters choose to 
make it so. 

Christopher Radmore. 

Holborn and St Pan eras South 
Conservative Association. 

26 Argyle Square. WCI. 


Silence 

From Mr. J. Dews. 

Sir.— Reflection on the present 
situation leads one to the 
disturbing conclusion that this 
country is heading for a Left- 
wing totalitarian takeover. 

There are two incontrovertible 
facts to be faced: — Cl) The days 
of cheap fuel are over, and 
therefore (ii) a lower standard 
of living will have to be 
accepted. Politicians who hold 
out any hope of winning the 
next Election dare not publicise 
(ii) above nor would publication 
by the Press constitute a selling 
point to boost circulation. 

Unemployment, which has 
grown since the oil embargo of 
late 1973 will continue to grow 

unless some permanent effective 
action is taken. This can take 
two forms: Ca) work sharing, or 
(b) the mass injection of funds 
to create employment in the 
public sector— further hordes of 
civil servants to control our 
Lives. 

When is action going to be 
taken on (a) to avoid (b)? 

John Dews. 

18. Westminster Road. 
Stoneygate, 

Leicester. 


Lofts 


From the Secretary General 
Association of British Manufac- 
turers of Mineral Insulating 
Fibres. 

Sir,— Mr. Grayson’s letter 

(February. 25) implying that 


with a sealed “hatch" (trap 
door), there was no need to add 
roof Insulation, appeared to 
suggest that draughts coming 
down from the roof were the 
main problem. 

Insulation, which should be at 
least 100mm. (4 inches) thick, 
laid between ceiling joists (and 
on top of the trap door) is 
necessary to reduce to the eco- 
nomic maximum the heat lost 
from a heated home into the 
roof space— a saving compared 
with an uninsulated ceiling of 
up to 87 per cent with a normal 
tiled, felted roof. Not only is 
this economic sense but also a 
vital energy conservation 
measure. 

What must not he assumed by 
your readers is that ventilation 
in the roof space itself should 
be reduced. Adequate ventila- 
tion to British Standard 5250 
should be provided iu order to 
protect the timbers. 

I. Monro. 

64, Wilton Road. S.WJ. 

Insulation 

From toe chief technical officer, 
the Brick Development 
Association 

Sir , — -While refraining from 
commenting on Mrs. Isherwood's 
views (February 18) on the sug- 
gestion arising from the Advisory 
Council on Energy Conservation: 
I should like to clarify her com- 
ments on tbe functions of a 
cavity wall. 

Yes, cavity walls were de- 
veloped to prevent water pene- 
tration. Yes, water will pass 
through the outer leaf of most 
cavity walls. The water may pass 
through the bricks, through the 
mortar or between the brick and 
the mortar. 

No, it Is not lunacy to fill the 
cavity under the right condi- 
tions. If a cavity wall is func- 
tioning correctly then when that 
cavity Is filled with certain insu- 
lants, such as blown rockwool 
or urea-formaldehyde foam, the 
wall will continue to resist rain 
penetration under most normal 
conditions of exposure. Tbe 
manufacturers and installers of 
such products are supported by 
Aarfment Certificates which 
describe suitable situations for 
fl(irng cavities; such Insulation 


when correctly installed does 
not become saturated or allow 
water to pass across It. 

I submit, therefore, that cavity 
insulation is normally technically 
sound and that Mrs. Isberwood 
need have no fears on'this aspect 
of her letter. 

Robert G. D. Brown, 

Woodside House, . 

Winkfield, 

Windsor. Berks. 


Draughty 


From Mr. A. RusscZL 

Sir, — Mr. Grayson imagines 
he has discovered a miracle 
method of insulation for roofs 
(February 25) in the form of 
draugh (proofing and cedllng 
paper! 

May I implore your readers to 
ignore bis dangerous fantasies 
lest they start dry rot in their 
roofs which might spread 
throughout the house and' cost 
many hundreds of pounds to 
eradicate. 

What is needed -is a draughty 
loft with plenty of ventilation 
at the eaves and at least 100 mm 
(4 indies) of mineral wool be- 
tween the ceiling Joists — except, 
of course. Immediately under the 
cold water tank, which should 
also be boxed in and insulated. 

Alistair Russell. ~~ 

42. Raoenscroft Avenue. N.WJLL DtPectOTS 


local and national exchequers 
in lien of present taxes on pro- 
duction and service. Johannes- 
burg, has been re-built twice in 
82 years. Here site (land) 
values have been rated (or 
“taxed") thus land holders are 
encouraged to develop sites to 
full potential so cancelling 
inner-urban blight. 

The salient factor is that 
land and labour (mental and 
physical) are the prime factors 
of production. Should we treat 
land values as common property, 
holders of unused and under- 
used sites (pieces of land) would 
be stimulated into, using the 
sites or letting them go to who- 
ever could use them in return 
for paying the commercial rent, 
which would not penalise im- 
provements. Employment is the 
application of labour to land, so 
land value taxation (site-value 
rating) is the key to full employ- 
ment 


How our chests would swell 
with pride if we thus released 
our great potential of land and 
labour and gave up subsidising 
tbe Involuntary unemployed as 
well as the undignified crawling 
to international finance sources I 
T. F. Haidcroft 

20, Monaco Place, 

Newcastle. ■ Staffs. 


parties who are being encouraged 
to take in one anotbers washing 
at top leveL What is needed 
are more non-executive directors 
who can educate existing boards] 
and chairmen. Of course, I do 
not mean this literally, but a 
good non-executive director most 
not only be able to make a 
significant contribution tb 
normal Board decisions, but 
must, if circumstances demand, 
be willing to rock the boat with 
the aim of getting his Board to 
face up to unpalatable facts. 
Most corporate troubles arise her 
cause tiie Board and particularly 
the chairman have not been will- 
Ing to face up to a deteriorating 
position in good time. 

2 propose a Guild of Non- 
Executive Directors who are 
completely independent (unin- 
flnenceable through lobbying 
from, power groups) and who 
subscribe to a published code 
of conduct which Involves them 
in resigning their directorships 
In specified circumstances. They 
would agree to give specific 
explanations to the Press for 
their actions. The publicity 
given to such resignations should 
exert sufficient pressure to make 
companies mend their ways and 
alert all investors without there 
being any possibility of insider 
trading. 

O. R. J. Lee. 

Cresto, S. West Side Common, 
Wimbledon. S.WJ9. 


Land 

From Mr. T. Boldcraft 

Sir,— Mr. V. Bradley (Feb. 20) 
is right when he says that high 
laud values can only be harmful 
in the long term. While it la cor- 
rect that building is the firs t 
and obvious victim of- this trend 
the whole of the economy of 
the country is steadily increas- 
ing land values which -are largely 
privately owned. 

Of course cheap credit brings 
more potential : buyers of sites 
for homes, industrial and com- 
mercial site-use . (not to mention 
agricultural land). The printing 
of additional money inflates all 
economic values. What we 
should be primarily concerned 
about is the permanent basic 
factor that unimproved land 
values are community-created 
and should be . channelled into 


From Mr. Q, Lee. 

Sir,— la the February 24 
Lombard column, Anthony 
Harris seems to have fallen con- 
siderably below his usual 
standards of analysis and con- 
structive. comment My reaction 
is probably coloured by what I 
hope was a sab-editor's title— 
“Putting a monkey on the 
Board.” This Is somewhat insult- 
ing to existing non-executive 
directors and is not exactly com- 
plimentary to the CBI, Institu- 
tional Shareholders' Committee 
and Institute of Directors who 
have advocated more use of out- 
side directors. 

I bare doubts about the details, 
but not the fundamentals of pro- 
posals from these bodies. Hy 
concern is that tbe CBI and 
loD seem to view their own pro-: 
posals as being mainly educative 
for tbe non-executives in order 
to benefit their employing com- 


Unarguable 

From Mr. R. Histone. 

Sir, — One of the oddest con- 
temporary ma lap top Isms is the 
use of 6 unarguable" — a term 
favoured by lawyers for abusing 
the other man’s case— to mean 
“ incontrovertible,” its exact 
opposite. 

Hie Leader of the Greater 
London Council declares (Feb- 
ruary 23) “That London has 
more to offer than any other city 
in Europe (let alone in Britain} 
is unarguable.” The majority of 
Europeans. especially non- 
English ones, will no doubt agree 
with this statement But does it 
mean what Mr. Horace Cutler 
meant it to mean? 

Ralph. Instone. 

IS, -Qld Square, 

Lincoln's Inn, W.CJU . 




TLe Gavmmienthas counties 
schemes tohelp the maintain 

their staixlarcl of 


We could, at Allied Hambra. 

r WeVe been helping people lifceyoa protect; j pa rcap i faT ^ • 
and savings against inflation for some forty years now: . r 

(Indeed,^ we were one of the pioneers of the unit trust - •? 
aovemeat). - - 

And tie records show were had more than oot fair 
'^iaraofsua^ss with our policy of aimingfcH: consistent, abtrvO 
average investment perfomiance. 

Ta ke our High Yield Fond for example: Between July 1 ■ 
1974 and December 1977 the cost of irringrose 72%-Those ' ! 

who held those units saw their groasineome from tbisfund 
.iiseby78to. 

We wooMnl like to imply tiat we coald always repeat f ' 

that pgjfgmnncfiy'nor that it solved all thf» financial prihfarna. «>. 

afthetmithoWerecwnceraed- ' 

But it does show how ourrangeoffimdsand schemes^ 
could give your capital a chance tb fight back a^nstinfiHfflt" j. 

TOtewe'd like you to join us, we’d, rather you first ; 

the Impartial and expert advice of your professional advisee. ;*/• 
If he thinks were the right um'ttrast group forywvj . .. . ‘ i 
lien perhaps we can get together and help you. ' ' \ Z'-. 

For itijolly unlikely the government will. . ‘ . 

iAluedHambro '...-.r 

“WE'RE GNTORSUST . 

qri.r»wmwnmnfrnr> l «i 






15 




*».'• Man* . 


l K 





:«c.i 
■ <*>'>•' 

r.H: 

■1 . 

> |S..r 
t d!»«i . 


Finandal Tiiaesi Saturday March 4 1978 




spectres haunting house prices 


BY MICHAEL CASSELL, Building Correspondent 


t« 

y* • 

.* : r; • 

, 1 ' 


^tfc^OpyERNkENTS obses- 
“ spectre of rocket 1 

•iMuser prices has finally 
l U . tO stop. ia. and. clip 
- W societies’ wings. - 

; I^ isfii^aics ^is week 1 that 
Ch« soctetT^* mortgage lending 
“ ame eiroaId1>Q artificially 
ind^ft ■ attotewhen they 
ive never /bed; more money. 
r *ttabh»; tin. lend is already 
Ang deserfbod .by critics as a 
ovcNreac^on and an 
| tirely ^ Unnecessary ■’panic 
-easare.-- 

ISie building -societies and. the 
bnlldiws are, angry at 
ft they ire convinced is mis- 
■ tSwenunent tolerven- 
Neither can tha potential 
vftoyer be expected to yer- 
:-the' news once it is dear 
at mortgages are becoming 
ore dfi^ch34to: get. -- / 

Th® Government, however, is 
itted^ in- ensuring, -that 
uise pric^ ^o aot run out of 
control, as. they-' did six years 
t ago when , the average cost of 
.* home rose by nearly half in 
; 12 months. i . 

v-r.' Ministers are gambling in 
what is. likely tt> be an election 
y e &r — that the promise of house 
;il .. prices rising at only a gradual 
. rate, keeping home ownership 
.. within the reach of more people. 
- .will override complaints that 
mortgage money is being held 
back. 

- Opponents of the move fed 
r the Government has made a 
major miscalculation and that 
•. people would rather face pay- 
.. Ing higher prices' for their home 
as they are now apparently 
ready to do — than find tbem- 
. Selves unable to -hoy one at all. 

The critics, add that the 
. ■. additional numbers of people 
‘ helped to achteve owwar occupa- 
tion through a dampening down 


of prices will In any case singly 
be offset by the ittonbescs aniable 
to. get a mortgage because .of 
the new cut back 14 the supply 
of housing finance*- .V • 

■ .But what annoys the societies 
in particular is the assumption, 
implicit in the Government's 
action, that it is primarily the 
volume of mortgage. ./lending 
which dictates the movement of 
house prices. v> - 

Wider factors 

. High . mortgage lending end 
spiralling house prices have been 
regarded as the corollary pf 
each, other . since.' The two 
phenomena . occuned. together 
in 1972 and 1973. but the socie- 
ties do not accept ftetheory. 
They have confiistently pointed 
out that no amount of mortgage 
finance can trigger of^ibcketing 
house, prices unless-, "wider 
economic factors anp fcrimgfot to 
hear on the situations 

Their : case is well dwnon- 
strated by the fact, -that the 
largest ever mortgage ^advance 
programme in the TJJEL was 
accompanied last year by what 
amounted to virtually stagnat- 
ing house prices! > "• ' 

But even . If the Government 
accepts the societies' argument 
it now apparently thinks that 
all the factors for sharply 
rising priees do exi$t arid that 
it can defuse the situation by 
rationing finance, and ensuring 
that the full extent of boosing 
demand is not - allowed ■ . to 
become effective. The societies 
believe Ministers - Could be 
storing zap more problems than 
they, believe they are solving. 

At the centre of the Govern- 
ment's controversial action are 
figures which Departtoenjnffte 
Environment officials put. before 
the' societies at a meeting last 
week. Originally from' -the 
societies themselves, and sup- 
ported by other evidence from 



valuation experts, 1 be. figures 
showed that, after four unevent- 
ful years, bouse prices were 
beginning' ' to advance . fairly 
rapidly. 

According to the DoE, aver- 
age prices for new homes 
during the DecemberJanuaxy 
period were rising at an annual 
rate of 19 per cent, against 
the 6 per cent figure recorded 
in the middle of 1977. At the 
same time, average prices for 
second-hand homes were in- 
creasing at a 14 per cent 
annual rate against 8 per cent: 
six months earlier. 

Ministers were' ‘ dearly 
startled and could no longer say 
there was only anecdotal evi- 
dence to suggest tiie market was 
moving. Their January agree- 
ment with the societies that 
£720m. a month could be in- 
jected into the housing market 
without upsetting things was 
already looking questionable. 

Mr. Reg Freesoa, Minister of 
Housing and Construction, had, 
only a few days before last 
week’s meeting, gone on record 


as suggesting that average price 
rises for the year would be 
contained to about 10-11 per 
cent. 

His action was apparently an 
exercise in ' psychology to try 
to calm the market down, 
undertaken in the knowledge 
that something less than a 
stable situation was already 
developing. 

The chances -of the Govern- 
ment stepping in and saying 
“ enough is enough ” have been 
present for some time, ever 
since the societies’ mortgage 
commitments, as opposed to 
their actual lending, began 
creeping towards the £S00m. a 
month -mark in the latter part 
of 1977. A year before* com- 
mitments had been running, at 
around £450m. a month. 

The societies knew that the 
Government might be tempted 
to apply their brakes for them 
at any time, although no action 
was expected so early on in the 
year. 

Their reaction to the latest 
situation, basically one of an- 


noyance hut of resigned accept* 
ance, has; been formed after a 
quick assessment of both the 
political and economic con- 
siderations, the basis on which 
all their decisions must be 
based. 

They believe they have a very 
good case for opposing any 
further intervention in the 
housing finance market at the 
present .time (even . current 
lending levels reflect an element 
of ' self-imposed restraint) but 
they also know that failure to 
comply could bring nearer more 
direct Government control over 
their affairs- 

Neither are they prepared to 
take the risk of bring blamed 
if, however unlikely they con- 
sider it to be, priees really did 
take off. 

The societies emphasise that 
house price rises have been 
sluggish for over four years— the 
average increase in 1977 was 8 
per cent — and that increases on 
a greater scale are acceptable 
and positively necessary if new 
homes are to be built. 


Prices, they point out are 
still too low in relation to re- 
tail prices, earnings and the 
mortgage rate and a realignment 
has for some time been inevit- 
able. 

There is no doubt that the 
consistent fan in the cost of 
mortgage finance, from 121 per 
cent at the start of 1977 to 8i 
per cent now. has been a major 
factor in stimulating the market 
As one building society execu- 
tive explained this week, the 
average advance at the begin- 
ning of last year was £8,400 and 
for the same mortgage repay, 
meats a bouse buyer could now 
borrow £11,150. 

But the societies still believe 
there is no cause for panic and 
point out that there is no 
evidence in their hands to 
suggest that prices are moving 
ahead rapidly right across the 
board. They emphasise that the 
rather dramatic increase in the 
price of new properties now- 
being experienced in some areas 
has only a minor effect on the 
total housing market and 
represents no more than 15 per 
cent of their total lending. 

To the builders, however, the 
prospect for prices in the new 
house sector is the most essential 
consideration and they have 
wasted no time in writing to Mr. 
Peter Shore, Secretary for the 
Environment, warning hhn that 
the revival in housing output 
could be snuffed out by the 
Government’s action. 

The builders suggest the 
sharp Increases In prices being 
reported represent a once-and- 
for-all market correction after 
a long period in which house 
prices have fallen in real terms 
but in which building costshave 
almost doubled. Further rises 
are therefore essential, they say, 
if the economics of housebuild- 
ing are to be re-established and 
builders step up output 

Mr. Ian Deslandes, Director of 
the House-Builders Federation 


commented: “The immediate 
remit of any cut in mortgage 
lending would be that house- 
builders' confidence would be 
hit just at the time when ft is 
starting to recover after four 
exceptionally bleak years. Pri- 
vate bousing starts would be 
much lower than would other- 
wise have been the case, and we 
would be back again in the stop- 
go situation which has be- 
devilled our industry for so 
long." 

The' builders also believe, 
along with many of the build- 
ing societies, that far from 
restraining increases in house 
prices, a cut in mortgage finance 
could precipitate a sudden in- 
crease in the demand for bouses 
and loans because of fears of 
future shortages. 

As 'far as second-hand prices 
are concerned — the key to the 
whole market — the societies do 
not believe that the sort of 
annual rate of increase now 
showing up is cause for interven- 
tion of any type. 

Closer control 

But despite the initial readi- 
ness on the part of some societies 
to stand firm on the issue, poli- 
tical considerations — more 
bluntly, their fear of closer 
Government control over their 
affairs — have played a major 
part in their reaction. 

Their longstanding desire to 
keep Ministry officials at arms* 
length has usually ensured that 
the societies have been careful 
not to ignore the views of those 
people who could make their 
lives potentially more difficult 
Compromise rather than con- 
frontation has been the keynote 
and this approach can be ex- 
pected to continue. 

As for the societies* own 
operating position, the money 
which will now be held back — 
expected to be something less 


than £100m. a month— will for 
the time being at least be in- 
vested elsewhere, probably in 
short-dated gilts. 

The move will help maintain 
the societies' strong financial 
position and serve to highlight 
the irony of a situation in which 
the full benefits of their unpre- 
cedented success will not be 
allowed to be passed on to their 
Customers. 

Of one thing the movement 
seems fairly cert am; the addi- 
tional surplus will not create 
sufficient pressure for tlie 
societies to reduce interest 
rates yet again in an attempt 
to cut off the inflow oC new 
money. They point out that, in 
any case, the intake of funds 
has begun to fall back. 

The volume of mortgage 
money being withheLd from the 
market will not be large enough 
to justify a further trimming 
of rates and it is clear that still 
cheaper mortgage finance would 
only add to current inflationary 
pressures. 

In the coming weeks, the 
societies face the tricky task of 
implementing what is effectively 
a Government directive that can 
only lead to lengthening mort- 
gage queues. 

They will be anxious to 
emphasise that the effects of 
the lending cut-back should not 
be too dramatic and that they 
will still be lending more in 
1978 than during 1977. 

The societies will, however, 
only be prepared to act as a 
buffer between the Government 
and an unsatisfied public for so 
long. If, as they suspect, the 
reduction in mortgage availa- 
bility has no apparent effect on 
house prices — or only serves to 
exacerbate the situation — they 
will be back at the Department 
of the Environment calling for 
an end to what most of them 
regard as a rather clumsy 
attempt to influence market 
forces. 




Weekend 


In Britain and America hot breath is once more burning on 
heaving (but covered) bosoms. The romantic novel is making 
more than a comeback, it is sweeping recent best selling lines 
such as horror and science fiction from the shelves. 


lovers 


m 


periences, the reader j& not 
treated to any but the most-flown 
deseriptions and these are sever 
in. any way explicitly /sexnat No 
E-rate language is aUcrwed. . . 

- These. books are definitely for 
general audience, and. the -mar- 
keted fbr the casual reader. who 

buys her books in dnig' stores, of late, those two one-time continues his investment affair Hospital site at Hyde Park 
dhne stores like Woblwoflihs and educationalists who now control with the US, the Americans Comer when the medicos finally 
B btafc rack aiaT the subway, fte Authority’s fortunes, chair- are returning the favour with move out . to their new home in 

BOOK • - " and then mads them mainly on man Lady Plowden and director continued aspirations as far as Tooting. 

the ride to and from work - - general - Sir Brian. Young. British properties are con- 
Woman’s namM are seeffied determined not to tell cerned. A few days ago Loews \U a f or 
finmmnnrVv rh* ^ out of school no matter Corporation discreetly opened TlwlCi 

It would seem.ft spite of fte ™ aavSir^)f^ri?. how nas ^ ^ buUies were the doors of its recently- " 

sexual revolution and- the . - Mm tM1 , :iik .being behind the bicycle racks, purchased Montcalm, at Marble W3VS . . . 

women s- • liberation, movement, j Mad claim, Rjrfaelia. What eventually emerged Arch; Marriott will soon' con- K « 

that many women are not averse^ sheTfcS was that the Treasury has been firm its acquisition of the ^ s |J ce . -day f ® f .. fte 

.to picture themselves as chattels ( SlrSTto «sh massive- south bank property hard-working Duke of Bridge- 

and ses obrects.- Aaiew brand of *?*?*/ -^ i Sir Fri-m -"irH that was once the apple of ^ Britain's camd 

.. he women's lomwiticnovel fidesiremraa world of scarlet or m shr Mella's rathuaasB been, pvew&ch 

now running in heady rivalry to >' . . . Jr” JH* S^.^e W hut then turned sour; and owtausm oi the 

:he old romantic hovel which. Is Authority wants the money to ft ft® Brussels European head- future of the waterways as -they 

- hill flourishing iff the US. as in spectfio^phaataw: ^ quarters of Sheraton, area chief -received tins -week The opti- 

. 3ritain. - / i-WC Former More. P** vaulys Jon Karfoltes broods over po^blenew W 

love list where thfffreroines are. usua u y ft”** MW thm * D « u " y Marketing aggression seems thfi seIect committee for 

til virgins. has-JjOm.' eff her r embracing o£ commercial radio to be the name of the hotel nationalised industries on the 

wioks in print ftjse U.S. riorum L u 5l \ n g t h e costume^o? the stations. Having salted away a game these days so it is hardly ,f the nationalised 

- -** 31 iV«=: SSSSSSS 


nanager for : by warm ’colours S^tPlStixTShote thing Si Sd ^ e its duties - 

' * *'1*1 T lR mig^S T& ^ X P nit SecSe. At^ Unlike^ many nationalised 

■ lorgi in the Ult, Bays: “ She The back cover gives dear ^ ^ conflict was no ra ^a sales meeting recently I industries, the ■ canals ' are 

tinent geographical and his- The ISA’s annual saw Sheraton executives pujnp- recognised as an industry that 

torical information. The nero ^ MW five months late in g home the " Hilton andlnlex- has every right to expect 

hasn’t changed much, usually a ^ ^ ],,, published, as the continental were the companies government aid.- Indeed, as the 
dark dashing powerful M PB flrp t0 po int out, a committee of MPs quickly 

passionate scoundrel, the black 12 m0 nths after the end of 

WIm maKIa fom tIvt ttl* a _ . * s_i 



1977. probahSy more than 
' 1$®.' author .. published in 
've!'.’,' 'Jmerica. certainly for -Ba nt a m . 


sheep of his noble family or a ^ financial year, 

nuhi^ly «»l>Wo<u ««b on ^ ^ is 

°? 1I H® nate ^ . not start- complaining about doable . 
introspective. . The mam taai! ^ t j 0 i 1 (or should It be triple, v 
difference in ber at 1«« srfiat.with the levy and all). In ■ j 
is that she is able to adjust to 0 f th e radio companies 

her circumstances and given ^ has Revised a sneaky 
that these are generally jjtfle system which should, in 
intolerable, we may add, theory, keep such cash out of 
^ L.r‘L n W «TiMMi stubban, ‘ 1 ' ^ the hands of Whitehall. When 

ill?: . «.thw® seem lo be a ra<Hb sms maidng healthy. 


joke and many people read 

them f ® r dbvfous camp AU]UUUUU 

;menca. eertainly for Bantam. one place they are not oa ]y Clyde paid them, but 

/Georgette Heye^ thu Regency laughing except for glee is in soon London’s Capital, Man- 
itajtiice quecn, had over lm. of tb e ^accounts department of Chester's Piccadilly and Birm- 
et books printedby Fawcett iXL Av0n -Warner Bantam and Dell ingham's BBMB will be asked 
177.- The new genre known as foots. These books generally f or more> The money so raised 

j C - erotic ' historic witninos. :.i, «v>.* jaiui,- « _ . , n„ 

illpd by 
i>tcrical romance. 


profits the JBA has a system of 
additional rental charges. Last 



spotted, without aid. the Boafd 
has hardly a canal in the 
Sahara's chance of doing its 
duty “to maintain .the oom- 
merdal waterways on a suitable 
condition for use by commercial 
freight-carrying vessels and to 
maintain the cruising waterways 
in a suitable condition for use 
■by cruising craft. 

Almost the only person not to 
recognise the obvious, appeared 
last week to be Mr. Denis 
Howell, Minister -Of State for 
the Environment, and in effect 
Minister for canals, as well as 
water, droughts, snow and 
weather controL He was 
criticised for not acting on the 
Board’s dilemma, and the 
dangers of collapsing canals. 

Now. if the Government and 
Parliament accept the recom- 
from the MPs, 


. [.-kiss. .... 

j ‘ our new lady is normally - ^ . 

toy™ out into the world MQfg SGFBSn 
-• irijpgh a series d£ unfortunate 

circumstances and proceeds to gems 


mendaiions from the 

Kapfoltau build up - Britain’s canals can expect an 

. . investment boost of some £60m. 

So This would go entirely on 
eighties theme, a nreftnt (y needed maintenance. 

as the Ketmet and Avon 

enthusiasts are concerned some 

*« •- ii r«r*.wimpnt/rRA of ft ° u B ht t0 b* putting 

By aeasure Sherafta’s into ship-shape order the magni- 
"Sftwifv itSf Mases Kapioltas is looking after a ficent Devizes steps, currently 

S “ ™«iy »»-«»« -a- 1 ^ , beUe£ ', but pn> - 

uuIbss ' present statutes are empire. From his Belgian tower f *“ 

renewed or replaced. This raises block (Eurohome of parent ITT ^ ***&& of reeds 


- --r r- , UWIIIV — - UlUtn, ihiuvuvuic (funi, *»* , , 

■ kidnapped, taped, ravaged, o thfrlhteresting legal problem of welI1 he iooks ^ anQ weeai5 * 

•Td into slavery, prostituted. It was a hit like the stitth form pgr haps entering into ^ nw>nArtii»e nirronrtir ’-*■*» - More likely is that the money 

»meftnes bcateh,.aad acnerally hiing. dragged before the ^SKctTwhen fteir own con- dozen properties currently m ^ go on locSu ^ 

ild down Hie' river in every lm- Governors when the heads of ___ , operation still has a operation and plots further aqtia dncts that are, as the MPs 

UJiabJc way while travelling the Independent Broadcasting 0 f expiration, expansion. This includes *a 600- kept stressing, a danger to life 

iouMtnds : of -miles across ^ contl- Authority faced a sub-eoianHt- p^ tests about the position have room project in Jeddah, 350 and limb. 

•nts. oceans^ jnmintains and tee cut no ice so far with the Home rooms in Bahrain and 350 rooms Only when this aspect of 

niceatoy ujUsvemWe terra“ fte w -pijsdied^rd °® ce Minister responsible, in Dubai lo an impressive array Britain's canal heritage is put 

. pursuit of her true love. L«d Harris, who shows no signs of MiddIe ^ deve i 0 pments. hack on a sound, watertight 

But, the old and the new hare to Rive ©nut drt^sof of urging, along the publication « ™ 1 ^ ^ f f0otin& ^ the eothusiarts of 

ic very pertinent ptnnt in that of ' toe White Paper on the Crofton realistically expect to 

immon. Through all these ex- between the IBA and ft future of. British Broadcasting. Sheraton is trying to do m the theh . mue b-ioved lines of 

• ... . MiifrHe East what the. rivals Aid ^ 


... THE ROMANCE LEAGUE 
r'tdted LavhqfvfJcs, Rosemary Rogers (Avon), 3,1ft- 
arkTPire*,' Rb^mary Rogers (Aren); 2B8tn- .. 
weet Savage Love, Rosemary Rogers (Avon), 2.i3m. ' 

hf fflanw and the Flower, Kathleen Woodiwias (Avon). 2 -oft- 
oves Yeadtt' Fiuy. Jennifer Wilde (Warner). 23xm _ 
he Wolf and Ihe Dore, Kathleen Woodiwiss (Avon), 
hatma. Kathleen Woodiwiss (Avon), 1B4 ol 
■ oomfrudk Madness, Laurie MeBain-(Ayon)» LSm. 
hts Lovtng Torftenti Valerie Sherwood (Warner), l-sm- 
awft oE Desire, Joyce Vorctte (Avon), l-3m- 
avreea. i^aire Lorrimer (Bantam). iJin. 
irege Surrender, Natasha Peters ‘(Ace), LSm. 
lliane, Airaabel Erwin (Wariier)i. LMft- . 


UA 


gioi' ^twwim mw-vark 


lore -- ~ ^ , see ineir muta-iovea unes oi 

At the subcommittee hearing huddle East whai the rivals did sji ver water filled again from 
thosfr- sitting near the IBA in Africa and Latin America a end to end with bustling traffic, 
witnesses were able to hear its decade ago. ' Then, perhaps the public and 

director of radio, Mr. John At the last count Sheraton even industrialists, may begin 
Ttobmpson say to the question, ^ tbirfdug in terms of more 2J5S, 

“When will life become buildine nroiects acW ? Ily fiuancjaBy worth while 

^impossible for you ? "—“Now.” ^ 60 ™ T iL P f! t0 for S° tbe <* 

r for completion by 1982, about 'time ” so much stressed last 

half of them to Europe. As far century when "immense 

as Britain is concerned pecuniary savin gs** were fore- 

KapioUas reckons that he would told with the coming of the 

leap at the. chance of a good raUways ‘ - . _ 

Anytme who thought that the site to the capital to add to his 
great hotel boom in London present stock of- three. He. like 
ended tour years ago had' better others to. the field, is wondering 
prepare themselves for further in- particular what is gotog to 
shocks. While Sir Chariesr Forte happen th the St- George’s 


House 


Caroline Hytite, Arthur 
Sandies end hyraon 
McLain. 


MONDAY — CBI leaders in talks 
with team of Ministers on con- 
tracts and pay policy- Steel 
unions meet Mr. Eric Varfey, 
Industry Secretary- Two-day 
meeting of EEC Agriculture 
Ministers opens to Brussels. 
Wholesale price index (Feb-prov). 
Housing starts and completions 
(Jan). Hire purchase and other 
instalment credit business (Jin). 
Retail sales (Jan-final). Sir 
Derek Ezra, chairman NCB. guest 
speaker at Goal- Industry Society 
luncheon, Hyde Park Hold. Mrs. 
Margaret Thatcher at Ideal Home 
Exhibition. Olympia. 

TUESDAY-— Amalgamated Union 
of Engineering Workers national 
committee meets. Announcement 


Economic Diary 

by British Steel Corporation on 
new business venture with UJL 
Atomic Energy Authority. State- 
ment by Commission for Local 
Administration to England on new' 
code of practice. EEC Foreign 
Ministers meet. Brussels. UJv. 
banks’ eligible liabilities, reserve 
assets, reserve ratios and special 
deposits (mid-Feb). London 
clearing banks' monthly statement 
(mid-Feb). 

WEDNESDAY — TUC economic 
committee meets. Agricultural 
Health and Safety report. UJv. 
balance of payments* (4th qtr). 
Construction output (4th qtr). 


THURSDAY — House of Commons 
debates reports from Select Com- 
mittee on Nationalised industries 
on British Steel Corporation. 
National Union of Mlneuorkers* 
executive meets. TUC Women's 
Conference. Scarborough. Central 
Government financial transactions 
(including borrowing require- 
ment) (Feb). Provisional figures 
of vehicle production (Feb). 
FRIDAY— President Tito of Yugo- 
slavia begins two-day official visit 
to. Britain. Building Societies’ 
receipts and loans (Feb). Usable 
steel production (Feb). 
SATURDAY — Mrs. Margaret 
Thatcher at Conservative Trade 
Unionists conference. SL George's 
Hall. Bradford. 


All round growth asntinues 

Profits and Earnings have surpassed 
all previous records 


Sales — up 64% 
to £1^61,567,000 

Profits — np Wo 
to £23,5X4*000 

Earnings per 
Ordinary share 
up 65.6% to 57.48p 

( 1978 and 1077 figures based 
ca revised tax charge) 



Dividend— np 25% to 8.25p 
net per share, covered 
nearly seven times 
hy earnings. 

Scrip Issue proposed 
of one new 

Ordinary share for every 
Ordinary share held. 



W&l* 


The last eleven years have shown 
consistent and substantial growth. In 
tile period frcsm l9ST to 1977, 
turnover has grown by 1,871%, 
pre-tax profits by 6,813% and 
earnings per Ordinary share by 
5,427%. The Company has never 
beenfinandally stranger and the . 
Management has proved its ability to 
deal with problems as they arise. 



Further acquisitions in areas 
related to our main stream 
activities are actively under 
consideration; these, together 
with a further degree of the 
inherent growth which has played 
such a major part in the results 
will, we hope, enable us to 
present another satisfactory 
report m twelve months’ time. 


S&W Berisford Limited 

Irdernational Food Mexchanting, Commodity Trading, Metals and Insurance 

Copies of the Annual Heport Sr Accounts for the year ended 30th September, 1971 
say be obtained irom the Secretary, Berisf ord House, 50 Mark Lane, London EC3R 7QJ. 





16 


COMPANY NEWS + COMMENT 


FNFC optimism with qualifications 


IF INTEREST rates continue at 

in property values becomes firmly DIVIDENDS ANNOUNCED 

established, the second halF n-.,» r,om*- Torsi 

profitable trend at First National Currant of snondtoi? for 

Finance Corporation last year £™* t n a ^ e nt cSr B JSr 

^r° U 1oh b n r7?i nta rSS d Trust ? *5 ? May 8 4.73 7 1 

iSLS 4 * a chairman, Araa j. Tj n Mines inL l April 27 nil — 

tcllf, memoers. Bridgewater Estates S.5 April 3 6.6 13 

However auditors Touche Ross Cockbnrn Cement 4.75J May 10 4.5 7 

and Co. repent their strongly. George Oliver 1.28 April 29 1. 13 1.87 

qualified report on the accounts Trans-Orcanic Trust inL 15 May 3 1.3 


Total 

last 

year 

G55 

2.51 

8.83 

6.3 

1.6S 

S 


Industries, a subsidiary of Pye 
Industries— itself owned by 
Philips* Lamps. A statement 
issued yesterday says that “cer- 
tain irregularities ” have come to 
light involving an “overstate 
merit of assets and other factors, 
which are heing inves ti gated. 

While no further details were 
forthcoming, the Pyo Board 
states that trading of Cabinet 
Industries — which employs 



18 k, amounted to £286m.. would throughout, 
make the going-concern basis For tmm 

the 197K-77 accounts inapplicable 
.old further substantial un- 
provided losses might be suffered. 

Under the reorganisation in 1975 
rlie support group comprises the 
Bunk of England and the Clearing 
Banks. 

For the year to October 31. the 
croup pre-tax loss was cut from 
£i2.11m. to £4.S7m. following a 
turnround to profit of £2.6m. in 
the second half — as reported on 
January 14. 


Burroughs 
Machines 
tops £13m. 


G. Oliver 
climbs 
to £0.55m. 


revival in confidence in the dollar 
and the Carter administration. 

In September the directors 
arranged a $UJS2m. overdraft- 
facility from Kleinwort Benson 
and in December this was in- 
creased to $3m. The proceeds of 
the overdraft are being used 

primarily to increase the U.S. AFTER depressed first half tax- 
^ , _ dollar component of the trust’s able earnings of £37,140, against 

« TURNROUND from a pre-tax portfolio at a time when certain £175541, through lack of demand, 
loss of £2.27m. to a record profit ujj. common stocks look attrac- as forecast George .Oliver (Foot- 

Mr. Glyn stresses that the im- of £13.14m. was achieved by lively valued. wear) improved in the second 

provemem must be related to the Burroughs Machines, the Middle- The AGM of the company is to six months of 1977 and ended 

overall net deficit which now sex-based computer and com- be held at 20. Fen church Street, the year ahead from £54S.44S to 

amounts to £762m. After deduct- mumcations equipment subsidiary E.C., on March 31 at 12.45 
ma this from £932m. in respect of Burroughs Corporation. U.S.. 
oi the support croup's deferred for. the year to November 30. 
and subordinated loans there is a 1977. 

margin of £17 rl. Mr. Glyn ex- Sales climbed from £84.71m. to 
plains. £107. 76m., At halfway there was 

Interest is not currently payable a surplus of £3.6m. (toss £2.lm.) 
for 1976-77 to the supporL group which included an exchange gain 
on these loans but £12.6m. in- of £l.03m. The full-time 
terest on income loans now exchange gain amounted to 
qualifies for payment. This will £2.41m. 

leave total unpaid interest on all After tax of £4.74m. (£15m.) 
loans of £34.5m. which has been and all other charges net profit 
accrued but not compounded. 

There was an increase in cash 


Alliance 

Trust 


a record £648,440. Sales exclud- 
ing VAT, were £1.03m. better at 
fS.lSm. 

Tax took £305532 (£299,4161 and 
earnings per 25p share are shown 
at 625p (4.5lp). A net final divi- 
dend of I59p lifts the total to 
l-87p iL68p). 

Extraordinary credits this time 
amounted to £411,189, compared 
with £24.469. 


expands 

for" the v^ 1 ‘JTaAm 1 ON GR0SS avenue highiT^t • COmiHent 

sjswratf sst ssresss ‘ 


and short lerm funds at October 
31. 1977. of £840.000 (nil) and 
loans, advances and other cus- 
tomers' accounts amounted to 
£221. 05m. i£239.QSm.J. The support 
croup's direct loans to the con- 
sumer credit division amounted to 
£101. 73m. (£ 102.03m.). and support 


interim setback 


Brunner 

Investment 


irust v-ompaiQ- expanaeu aner- Ceorge Oliver st2ged 3 major 
tax revenue for the year to Janu- come-back in th* Hn«in? sr» 

months, to 


ary 31. 1978, from £3.42ra„ to a 
peak £3.78m. After deducting 


in the .closing - sis 
leave' the full year 


prior Ks «t S “S3 ^U5 EJK 

value per 23p share at year end JSS^’JSSSS 


TcSdS *5? 5 5£p. -eathSThlt^es 'S'tJSSS 

The 16-4 Per cent, rise in gross ao V, al t ^ SSSt thl “ ti ml of ' footwear, but the drab weather 


income 


loans were 'ESS *27.733 equhral^t To 023p per ^ ^^ed .through to the 


Trust for the year to November earnings are stated without autumn was S°od news for sa3 ® s 

30, 1977, was mainly due to gams this credit at 757p (6.66p). The o£ winter footwear. Moreover the 


group s 

£1 10.04m. (£1 16.03m.). Short-term 

do^o "at 1 £13 4^ d (JC3 BmT |n UN. and foreign investment ^ toiSTd Mdmd ‘is rated to 7,ip Public started to .trade up into 

The directors object for the mC , 0me ; Alth ° ush useful furth ®T f65op) with a final of 4.9p. To expensive higher margin 

current vear must be to wmtfoue B8,ns fr ? n J tb “£, so !? rccs ** reduce disparity the directors in- footwear range*. and Christmas 
repayment of thc ier^SSe “P?cted Jn 19718 i htwe ? re *»• teo d to raise the interim for the demand was well up to the mark 

borrowin'* from the support "toud U , , f ely b f- 011 such a 503,0 as l ° current year from 2.2p to 2.5p. to add that extra boost to second 

and at The Sine iff earn ^ a ^ ow the directors to recommend At the similarly managed trust half profits which jumped by 
nrofit to reduce the nrofit and 0,6 same Proportionate increase Second Alliance Trnst Company, nearly two-thirds- against the 

K l L4°un r r deficit Th/SSnSS jup“ Sr ?- ssscrtS ’~ l ~* 

ccmmenis. 


Commitments overseas have 
been considerably cut back and 
almost total disengagement is 
hoped for in 15»7S, Mr. Glyn says. 


_ _ period. Costs 

year as they did for the year lugs per 2op share for the year meantime tended to .stabilise with 
under review when the rise was to July 81. 1978. win exceed 6.3 p. a Stage Two wage settlement 
from 2.93p to 3.53p net compared with a stated 5Jp last coming in last June. Given an 

Announcing this in his annual year. Improving level of consumer 

statement Sir. T. B. H. Brunner, ' Net asset value of this trust at spending and tbe obvious 
chairman, goes on to say that July 31, 1978. was marginally’ recovery potential of the first 


Two of the three directors with during the year the proportion of down at 220p (221 p) 


interest in the equity reduced 
their holdings during the year. 
Mr. L. Maxted’s holding at the 
year end was 196-594 (321.315) 
and Mr. T. J. B. Wrigley’s holding 
ua< 38.411 (438,411). Mr. L. 

Samcr’s direct interest remained 
at 23,090. 


investments held in the U.S. was 
substantially reduced. This re- 
sulted from the greatly superior 
performance of the UJv. equity 
market in 1977. In 197S he believes 
it may be the turn of the U.S. 
market to pat her strength but 
this is unlikely to precede a 


half — last year interim profits 
collapsed by £138:000 to £37.000— 
die outlook for the coming year 
looks reasonably bright. But at 
43 p. the p/e of 6.7 and yield of 
6 B per cent, is probably as high 
a rating as can be expected for 
Deficiencies of arqund £L5m. Oliver within the footwear sector 
have been uncovered at Cabinet at present. 


P YE SUBSIDIARY 
DEFICIENCY 


Brixton Estate arranges further £5m. loan 

TO ENABLE it to lake advantage peers for this type of investment quent options to the Royal Insur- shares under the new facility it 
of opportunities for property dc- arc improving. ance Group Pension Scheme. will then hold 4.S12JS89 Ordinary 

yclopment and investment par- Undcr lhe nevv faciuty RoyaJ The facility is subject to shares— some 12.6 per cent- of 
SLi. SL. will make available to Brixton a holders* approval at an EGM of the Ordinary capital of Bnxton. 

5™!®" 13-yeac secured loan facility of Brixton (notice of which will he The Royal Pension Fund cur- 

Rai-Ii f wllh up to £3 hl which may be drawn sent shortly) and at which an rently holds 804.327 Ordinary 

\rtth Ihe -,rr->n«r» down'over three years. The rate increase in Brixton's authorised shares in Brixton so that assum- 

ment R ival has he?S mifod oE interesl wU1 be 1 per cent less capital will he proposed. jng full exercise of the options 

options over Sew l55lofoS r^cmpUon rield Under ^ esisting a^ge^nt for 2a0 ' 0M shar “ under ^ nw 



Royal already holds. Royal would 
thou have a stake of some 12.6 
per cent, in the Brixton equity. 

smnn lutc UI " ,U1 vukh *mu ut ivan — »v-*i uyiiuiu v»u 

n" P , h ™ C ' a» drawn down at a subscription gra»ted ^under the new facility cenL 


As part of the terms Royal will Ordinary shares at 74.5-Ip per 
be granted options over new share. 

Ordinary shares in Brixton at the The maximum number of new 


Brixton. 

Clerical Medical and General 
Life Assurance Society, which at 
present holds 8235,077 Ordinary 


2 76 per cent. At present 

"•^SES JTSttib •asus* 


rate of 25 for each £190 of loan shares over which options can be s t,ares ; n Brixton (some 23 J6 per 
drawn down ai a subscription granted under the 

price of lU4p per slrare. The is 1230.000 shares. capital), has been informed of the 


of the issued Ordinary 


„ v - w _ , Royal currently holds 2.437,689 negotiations with Royal and has 

facility will assist Brixton to con- }' ears from the date 0 f the draw- Ordinary shares In Brixton so indicated its intention to vote in 

limic it< poluy of developing first w W * 11C * 1 the options relate. thaL assuming full exercise of favour of the loan facility and the 

class industrial and commercial Royal intends to allocate £lm. options under the existing loan increase in authorised capital at 

properly at a lime when pros- of this new facility and conse- agreement and options for lm. the meeting. 


Results due next week 


Heading m*xt week’s list of from £545m. to 1360m. compared been tending to w rite down their downs at Judge. Demand for 
company results are two Anglo- with the £602m. Unilever earned forecasts for BTR's full year re- record chargers has been Hat 
Dutch gioni.v. Royal Duich-ShWJ in the previous year. Since then suits due on Wednesday. However apart from the U- S. nut w ith some 
and Unilever. Also due is Mid- the group’s slake in its important the market is generally expecting 70 per cent, of record changer 
land Bank— the last of the major Nigerian subsidiary has been pre-tax profits to be around £30 in. sales going to the States tne ran 
I'.K. cl carers m report, in addi- reduced to 41) per cent while with some top range forecasts of yaJue or the dollar wn nit 

Mi'ii r.TR. record changer group exchange losses last year may around £33m. This compares with P 1-0 ^- The results are expectea 
BSR and high si reel retailer have amounted to around £28m. £242m. earned In the previous ° n Tuesday. 

Wmilworth arc all due to Meanwhile the performance in year. The reduced forecasts are Analysts have been making 
.lunnuncc figures. Europe_ has been Oat as pressures largely because the effect of ex- small -upward adjustments to 

Rami ! illicit-.’ Shell's r u |i vear havc intensified on consumer change rate changes at the end their forecasts of Woofworth’s full 
Inures due on Thursdav are s P° n ding. However, stock losses, 0 f ] H ^t year are now expected to year results due out next 
t-xp.'Cioil to show net jiicoua- wh,ch occurred in the third |, ave had a more marked effect on Wednesday. The third quarter 
i-U‘hnl:ng F\S S disinrtinns of quarter, may not have reappeared profits than was first anticipated, figures were already pointing- the 
. i round £l.4bn. for 1977 compared in ***£ fourth quarter. After nine Meanwhile U.K. profits are w-ay to some recovery after the 
wiih £l Jbn. The FAS s currency morith ? Pre-tax profits were j per thought to have substantially disappointing second t qumiler. 
.'ll tust. nent could amuuiii In a cent, down at £4,i.j.tm. advanced while the U.S. is also when profits fell £2m. to £52m. 

ifchil for lire year of £i;ont. But At the time of its £90.410. rights thought to have done welL Per- pre-t ax. _ After nme Tno ”J™ 
the succes.’-ivi; dclerioravion of issue in January Midland Rank said formancc in Europe, however, is woolwortn s profits were still 
iJip previous three quarters could that pre-tax profits will be in the thought to have been patchy while on! ? short of the comparaoie 
have been hailed. Net income order of £190m. for 1977, com- 'South Africa and Australia have Pf.ciod at Q0. tm. and tearing in 
pre the FAS s adjustment could pared with £lfii>.4m. So there is struggled although the latter is ?. ■ ,. ne £ g , ncj !. y 
oime out .it around rn.iOra. for little variation in anal>-sts* now thought to be recovering. . J "Ti 1 ° “! g * r-nnw 

rh»- final three months, atter estimates which hover between Brokers appear to be having s 

i’47»m . £J4Um. and £314 m. in the iisoin. and £l'J5m. The overall im- some difficulty in getting v ,J\v . su bow' think- 

,irci-*r.us three quarters. And provemem of around 14 per cent, conformity into their forecasts for 
there is the odd forecast of [ v m have owed much to the BSR’s annual results due to 

£:iJ*3in for the fourth quarrer. ^roup's non-banking interests, currency fiucruarions. Tlte spread compared with £4im. last 

Tho bad winter is expected to Here insurance broker Bland of profit forecasts is from £20m. J' car - 

Hate -liven .i fillip to natural gas Payne is the premier performer, to £25m. compared with £28. <m. Also coming next week are the 
profit.--. Howeter. the weak w ha S already declared profits for the previous year. At tbe full year figures from Fisons on 
•-iier.uc.'ii nuirkct. and the badly w hicb showed an increase of +4 half-way stage it was poor Monday an d prelimfoaryresults 
ilenresM'd tanker business will pant to £21 9m for the year, demand for record changers in from Inveresk and Prorfdear 
bate pegged Hie full year Tho maR Cook is expected to be most markets apart from the U.S. Financial Group on Tuesday. The 

advance in net income to undcr JJffK, /mnroved ffstUl suiaU and los , ses , at The consumer pro- following day Stectley wfll reveal 

.1 tenth. ^,lnh,Hinn P -,r^n vi th* ducts division, which caused a slip its foil 12-month trading picture 

Unilever's full year results are SworJato level Standard and in Prc-tax proCts to £122m. from and on Thursday annual rtsulte 

due on Tuesday and the market Stored could hare foc?5sed to £ ' 3Am - DurinE ^5 second .half are due out from T^port 

has rather mixed views as to how [JiSSSi? to oir J?Sn consumer products division Development Croup, Alexander 

far the group's profits may have co nCnbunon to oveP ™ n - should have staged a recovery Howden. Lex Services and Refuge 

slipped. Current forecasts range Analysts in recent weeks have without the heavy first-half write- Assurance. 




Annmmrr- 

Dividend m 

1- 

Omiidiir 


mriil 

L^st year Tmi year 



due 

lm. 

Final 

lm. 

FINAL, DIVIDENDS 








Wtfdnwdjy 

1 113 

l.rtn 

1.3*3 



l-rtd«y 

— 

»jCJ 

— 




2.1 

w: 

- "i 

' \f>:ikrs iHnWniisi . 


Tuv-StlW 

2.S': 

■|.4BSi - 




TUL'Sdrf 

neg; 


1.243 



WrdnFSda? 


!B ‘.*3 

4.dJ 



TtniRUlaj 

0.1 

n 7 

II > 

D< r. v CrciKl: ■'Co , 'irai.ii'~.> 


Thursday 

I.ftK 

2.495 

Mil 




■J.C. 

:i.i* 

:l.2'd» 



llofldjy 

A- 

"'.Wl 

3.4JU 



MmkUv 

XII 

MI 

n.i 



TiK-stlir 

n.'uT 

0.74 

0.57 

Harr;* ft i-’hi-Mon Rmup 


Thursdjr 

2-JKy 

1.3W 

1.413 



Thursday 


n..j 

1 j 

7fv.r,«fc Croup 


Tui'Sdity 

t.*jj 

5.103 

l.’JoO 

Jtol.i- K»«Jua Tjrtnr & Co- 


Tuesday 

— 

Vll 

— 

:.r\ fiTTifu v’.roup 


Thursday 

1. 17 

1.733 

LEfi 

tort 

.tt t 

WnlnvsdaV 

1.1 

1.148 

1.H 

M.Ci.*ry L'.VnsA r.roop 


KnAJf 

0.754 

0.5 

Xi)>c5 

, .t -f>an , 'io tnc.'-iTTv-Tit Trust 


Monday 

0..S 

0.93 

0-13 

•.t'-llard Eant; .. 


Friday 

5.0 

7 024 1 

a.u'CJ 

\.-d:-Ts 


Thorsday 

Nil 

Nil 

Nil 

v<:i 4 SpKT-e*’ liotjings 


Monday 

9.S3 

1.119 

0>13 

N.'v.'j* GrMcr 


Thursday 

Nil 

Nil 

NU 

tnjUttfnis 


Wednesday 

n.R 

n.stfit 

n.ffi 

V.* L Pj'.'nn .V Son - 


Wednesday 

Ml 

Ml 

Mi 

r*.-jrfvr PropiT.- Comoro turn . .. 


Thursday 

n.rti 

0.23* 

Nil 

»*r«r. :<!• at 1'iruncial Orouo 


Tuesday 

1 .44-4 


1.013 



Thursda? 

l.S 

.■5.13a 

2J 

t. mnLu r.roop 


wrdnesday 

0.3S3 

0AJ7 

O.bS 



Tuesday 

1.5S1 

2.567 

1.233 

•ton tirvf'itxijrnl Trust 


Tuesday 

L9 

IJh 

2.0 

••n:i;th Ejtum tnrcstiMcW Trust 


Monday 

1.0 

2.3 

1213 



Thursday 

1.304 

1.72P - 

1.443 

•• .«h v -t: *• Ttj report & Ttafiln* Co. 
g:«.i:s-y Ct>:0,-'«ny - 


TJiursfij? 

72£i 

GSS2ia-- 

8822 



Wednesday 

ZJ 

xeasihi 

2Jj< 


Company 

Announce. 

ment 

DlridMid fo 1 * 

Last year This year 


due 

tut. 

Final 

Int. 

Tavcnn.-r f.ii: in fee 

thorsday 

2.6 

5.6- 

2-N4 

Transoorr Dusolomoc-nt Croup 


1 o 

l 

1.125 

Votknrer 

.... Tuesday 

■MS 

7-tiibj 

4.66 

Warerkr Camtros 

Thursday 

— 

S.794 

— 

F. W. Wnohi-iirth 4- Co 

Wistai-idaj 

1 22S 

ITS 

1.235 

Yule Cano 4 Co 

"Imrsday 

0.3 

0.721 

0-6 

INTERIM DIVIDENDS 

.4 .4,11 


5.0 

6.0 


Matthew Clark i Sons Holdups 

UV-dnesday 

i.J 

3.09 


«J. IL Dov.-nln; 4 Co. 

.. . Wednesday 

4 3 

5.7W 


Coliiford Drindlc-y 

. Thursday 

0.75 

2.309 


cisntM'td Se-.unru-s 

Friday 

4.0 

■4J 


Uarapeoo trdustflf“! 

. Wednesday 

lljj 

0.432 


Hunt * Momtop litiddletosi ... 

Thursday 

0.238 

0.463 



Thursday 

4.0 

4.543 


LaBi- * Elliot 

..... Friday 

1.43 

2.061 



BIDS AND DEALS 


Supermarket chains 
in £l.lm. merger 

A former foil back with Black- Board, which has already advised 
burn Rovers football club, Mr. shareholders in the company. •— 
David Whelan, is selling his which is quoted only in London-f- 
su perm ark et chain, Whelans Dis- that their assets were worth $AL67 
count Stores,' to William Morrison a share at tbe end of last year.' 
Supermarkets for about £l.lin. Tbe directors of LAIC have been] 

Whelans operates six super- considering -alternatives to- the 
markets in Lancashire with com- Colophonium bid since it was 
bined space of 140,000 square announced, and are •’expected u> 
feet. The buyer believes it can come up with some positive 
increase the turnover of the advice for shareholders in the 


Financial ’Times Saturday March' 4 1978; ^ 


UNIT TRUSTS 


and overhead savings. 

Morrison’s finance directoc. .Mr. 
Howard Watkinson, acknowledged 
yesterday that the timing of the 
purchase might seem odd In view 
of the supermarket price war. 
But two of the stores, were of a 
good size and are expected to 
attract much -higher sales under 
Morrison's wing'. 


nothing. 

London Australia’s shares closed 
Ip down yesterday at U5p. 

DEANSON MOVES 
INTO SECURITY 
PRINTING ' r 

For £75,000 cash and -the issue 


Mr. Whelan, on the other hand, of 300.000 Ordinary shares; Dean- 
takes a more jaundiced view of son (Holdings) has acquired A GW 
the supermarket business, bellev- Computer Security which is en- 
ing that the price war is going gaged in security printing -mainly 
to get even worse over the next producing cheques for banks and 
year. He says: “ I can't get enough local authorities. ~- 

profit to expand and I don't like Deanson had been considering 
to stand 51111.’' starting up this activity and 

He is going to invest part of therefore welcomed the opport- 
the proceeds, of which he receives unity to buy a company already 
I4m_ on completion. In his sports establisheda nd well connected 
outfitters business. This is a busl- with a consequent saving in oer 
ness closer to his heart since he search and development coats, 
used tA play regularly for tbe re- Mr. CG.R. McMahon, the former 
doubtable First Division club (as it owner of AGW. has joined .the 
then was) Blackburn Rovers. But Board of Deanson. 
his finest hour, playing against Pre-tax profit of AGW for the 
Wolverhampton Wanderers in the year 1977 was £20,383, and net 
1961 Cap Final, was somewhat tangible assets at that date 


marred by bis bre 


a Ti 


•fc. 


Mr. Whelan remembers from 
those days another man who used 
to be associated with Rovers and 
went on to make a fortune in 
business. He recalls that. Mr. 
Derek Barnes, who became a 
multi-millionaire through North- 


totalled £44.886. 

PILKEVGTON STAKE 
IN FINNISH 
GLASS MAKER 

Pilkington Brothers haS 


era Developments (now wound acquired 50 per cent, of Dahden 
up), used to be on the ground Lasitehdas Oy (Lahti) Finland's 
staff. sole sheet glass manufacturer for 

well under £lm_ according to tbe 
s' nr r»r»ortMTTTA^ 2r° u P yesterday- The remaining 

COLOPHONIUM 50 per Mnt. has been acquired 

d atccc apctd bf The Bank of Helsinki with 

RAISES OrrfcK other pinnfei, partners. 

Colophonium Pty., the company pilkington intends that there 
presently bidding for the Sydney- should be close co-ordination 
based investment trust London between this new partnership 
Australia Investment Company, and the group’s other Scandi- 
has raised its offer from SA1J30 to navian activities, particularly the 
3A1.40 a share, and its directors fiat glass manufacturing com- 
have committed themselves to patty Pilkington Floatgiass in 
allowing LAICs shareholders to Sweden. 

retain the final dividend of 5.5 The investment in Lahti, whose 
cents a share which is to be paid turnover in its last financial' year 
In March. ran at around £10ra. has received 

The .new terms, howerer. are the active support and approval 
not expected to impress the LAIC of the Finnish Government. 

78p per share offer 
for Anston Holdings 

BY ANDREW TAYLOR 

Mr. Raymond Stoner is bidding received from certain- directors 
approximately £L8m. through his and other shareholders in respect 
privately-owned • Clerk's Acre of 30.78 per cent, of the -Anston 
(Hassocks) company to gain full equity. 

control of Brighton-based fiats if the bid succeeds, the exist- 
and offices group Anston Hold- jng- directors of Anston, other than 
ings, of which he is managing Stoner, will retire without 
director. compensation. The offer is condi- 

Mr. Stoner already holds a 25.04 tlonal upon acceptances being ne- 
per cent, slake In tbe property eeived from not less than 75 per 
company which he started, with of the shareholders (other 

the current chairman Mr. Claude than CAH) and acceptances re- 
Pascoe In 1962. Mr. • Stoner is ceired will be in respect of not 
bidding i6p a share for Anston ^ 90 per cent of the equity 

which went p ubbe in 1972. The f or which- the offer is being made, 
bid values the company at around Th e Bowater Corporation cur- 

rentIy “ 26 per cent stake 

0 A D S^ b fii < i* , J fl th0 m Anston 'V'hicb owns two large 

A large slice of the finance is office blocks and other property 
being, provided by Amex Bank, j th e Brighton area, 
principally in the form of a loan. 

A spokesman for Amex said TO® company which also builds 
yesterday that the other major and sells flats emmed a pre-tax 
shareholders on the Board -had £151,160 (£14«,19o) in 

passed retirement age and had 1976-77 to produce earmngs per 
earlier indicated their wish to sell 25 p share of 2.1Sp. At the height 
their stakes in the company. Mr. of (he property boom in 1973 the 
Stoner was worried that thg com- group was earning pre-tax profits 
pany could pass into othri^ hands of £306,000 and earnings per s h are 
and had decided to go-it-alone. were 6.73p. 

The Board of Anston (excluding In addition the company is pro- 
Mr. Stoner) and its advisers posing a scrip issue to reduce 
de Zoetc and Bevan are recom- the cost of stamp duty liability, 
mending shareholders to accept Full details of the offer are ex- 
the hid. Irrevocable undertakings pected to be sent to shareholders 
to accept the offer have been on Monday 

Argyle Secs, shell sold in 
Goldsmith reshuffle 

BY JOHN BRENNAN. PROPERTY CORRESPONDENT 

THE CASH shell of the former bolding in Argyle for an undis- 
publicly quoted property group closed sura; 

Argyle Securities is to be sold to Anglo director Mr. Louis Sher- 
a private overseas investment com- wood, said yesterday that the 
pany “ in which family companies company had accepted the de- 
asso dated with Sir . James Gold- ferred payment because of 
gmifh have a minority interest.” Argyle’s “lacklustre” perform- 
The latest reshuffle within Sir *nce as an investment Mr. Sher- 
James’s corporate empire, is. kelieves *at the March, 

fascinating in its form. - rather than the December valua- 

On Tuesday. Argyle, which is 53 wo f r |” d ( , *° Anglo’s 

per cent owned by Belvedere SA, advantage because of small cop- 
a Luxembourg associate of Sir revenue Iosses^^ within 

James’s Genera) e Ocddentaie Argyle smee March. As Argyle s 

SoS. annoSSd that ttted raid 

its principal property holding com- ^ »«2£Jg“ Jgg? 
pany. Alliance Property Holdings, 

raanoeuverlng over «he past week 
Argyle received £10.<m. from never appear . 

Cavenham, and paid itself, a 9 
further £S.14m. in the form of a 


14m. 

dividend from Alliance paid im- 
mediately before the sale. 

Argyle had, therefore, received 
total of £18Bm. cash for Alliance 


GREEN GROUP 
SUSPENDED- 

Shares of Irish cinema opera- 


before any subsequent additional tors ^ Green Group. were 

payments from Cavenham. suspended at 63p yesterday pend- 

Cavenham based its purchase j ng publication 7 of a circular. The 

ETn sJpe“°lo“ -as -o: at uTe c™ 

to an Argyle directors^ December nairr’s-raouest. 

1977 valuation of Alliance’s of neartv 6 n » 

™ ffi 


to 

receive 73 


^IvdoniosTt-r 

Par# or KnoU 

Pari. Place taresjowau ... 

SsiwUiorsi Mariu-UDS 

Scoui5B ClUirs iDTC-nairEn Trust 


Monday 

Thursday 

Tuesday 

Wednesday 


0.4 

0-ST3 

D.25 

0.2P2 

jjj 

US 

1.7 

0.75 

1.191 

0.6 


2J333. 

0. 75 
0«3 
3,75 
0387 
3^1 
L«t7 

1. W 
0.771 


Staffonlslilrc Poncrles lUoldlngsi Tuesday 

SinuK and' Fisher •Holdloast - — Wodncsday 

Siocfciakc Holdiiu3 Thursday 

Victor Products fWalbend' .... Monday 

West of E ac land Trim — .Thursday 

INTERIM FIGURES ONLY 

Harrisons Malaysian Etfam Thursday - 

* Diridcnds shov.-B on. pence per stun; and adjusted for any -lnturionms scrip 
ifHe. * Second tatertm In Uco of flhdi. i includes special diridend Of 0-0593. 
{ tnclndcs $ pedal dividend of o.(terp. ' I act udes special dividend- of CSS8P, (ai In- 
cludes special dividend of B.1M5. ibt Includes special dividend of Q-Hp. tej Second 
Uuerlm of 7.23U already said. Forecast final of l-TSp. (di Forecast final of not ten 
ibaii 1.1 3. <e> Present period rlsbl month to December 3E (f> Second interim and 

*nai (,£) includes second nnertja of fl.4p (h) Indndes special dlridsod Of 6.8533. 


— .o per cent, of any g thotghMo ** *' «*; 

surpluses above that discounted ^Jerser? chairman of ‘ G^„ 

" GroupT anti ou need in No v2E£ 

on future, property disposals. » Q chnreholders that £160 000 nrafi» 
Although Cavenham bought 

Argyle’s major subsidiary on the SShS^HiS Sii 1 

basis of a December 1977 valua- f? r *' 

tioti. in yesterday’s deal another 

Goldsmith company, Anglo- relation to Greens 

197 7 ® r0U P' 5 * — “ “ X: tSS 

The private overseas invest- * L amb ™ s ® ank Md some 

ment company, Evon SA, is paying ot V *vasseur who 

Anglo I7.gm. for Its 47 per cent “1?“- -S? 6 ® nH ™ x . a 
in Argyle, u a figure 'equal to the resl1 ^ °* transaction, w hich 
net asset value of Argyle based w ent through at B6p per share, 
on its latest audited accounts at Subsequently the bikers have 
March 31. 1977." This payment ° on * ^ ™ the seller, 
is deferred for two years without ljJ ^en gtoup, has correspondingly 
Interest Anglo explains that the Sr 36 ?. an S WBn . Skater profit 
deferral reflects “ the fact that “tan it actually obtained. Yester- 
Argyle is subject to a restriction day^Milis and Allen shares closed 
which currently precludes the at ^P- 
payment of dividends." pending 
payment Anglo will retain its pr atTPVsc 
A rgyle shares together with dlaae x o 
additional, unspecified, collateral. Centreway yesterday purc has e d 
Evon has also agreed to pur- 50.000 shares at 47p in Biakev’s 
chase Belvedere’s 53 per cent. Ofoiieahie Castings) 


Small companies 
for growth 

jjpatSt ^thSaieSte StoSS™! SS 

^^medSnn for the short-term Eastern and Europran W 
investor; and for all that the however, the US. has h( 
advent of the specialist funds has started to & 

done^some thing to undermine the always the chance that 
argument, for the general funds get- worse heforo they^j 
It is as valid as ever it was. Any- So this is a fund for th6$ 
one coins into an investment on want capital growth, ore 

_ - . b X mam hyiur. 1/inmp tprm. 


a four to year view, how- longer term, 
ever, needs to be certain of some Gartmore’s argument is q 
things' first, that he won’t' need time to buy is when stare 
to sell at a given point in time—; are low, not. when they 
In case the market is against him; risen: and it's an argiuaen 
and second, that there is under- Freddy Lawson of ; 
lying growth potential ' in the Securities has picked ' up 
vehicles he chooses. backed with a 70-year-olfl ■ 

It’s the' underlying growth tion, as true to-day as it Wa) 
pote ntial in small, companies that from Charles Dow. tbe fotm 
is the attraction to two of the the Dow Jones Average. L 
unit trusts which are advertising itself is inviting applicatior 
this week: H and G’s SpecfaL arid week for its Raw Material 
Cosmopolitan Growth. The for- General -Trust, 
mer has made a poor start to the The general case for conn 
current, year, but all that really investment is discussed this 
proves is that short-term perform- on page 7, hut the Lawson 
ariee means very little. Going being only two years old,. , 
back over six years, it has an included in the table. It has 
extraordinarily consistent record said, however, that this bat 
is a strong performer: not quite a very good performer a ■ 
as consistent as H and. G with the units increasing fa 
Recovery, perhaps, but there isn’t by 47 per cent, over the 
all that much in 1L months of existence. At. 7. 

As against-M and G- Recovery cent., the yield is worth :h' 
the Special fund does, moreover, too. The minimum investttb 
have one advantage: it is small £100. ■*’ 

Itself— only £9m. under manage- Anyone looking for h 
meat. And that means it can put should, however, consider K 
a proportion of its funds big Schlesmger Extra Income \ . 
enough to make a difference to instead — it 'is, after all, yh 
performance, into companies with 10.4 per cent, and sjnce='- 
a snytii capitalisation, without dis- an all-equity fund that r 
foiling the market in their shares; can be expected to grow, 
You can put capital into M & G distributions from this fnm'* 
Special (a tnlmmum of £500), or made quarterly— a useful s»' 
use It as a vehicle for regular for anyone proposing to & 
saving by way of unit-linked life the income. The minimum 
assurance (a min imum of £10 a scriptlon is £300. 
month). Those who choose the That yield compares rela 
former route must, however, come weU with the 10.06 per 
to terms with the fact that this is currently available on the hr 
a' growth fund, and the shares in portfolio of . the Money Ma 
which it is invested are not chosen Service run by Manchester hr 
for income: the current estimated Charlton Seal Dimmock — tt 
gross yield Is only 4.6 per cent, that in turn, of course, com 
As against that the distributed well with the yield now ava 
income has increased in every year from a building society, 
since the fund was launched, back Money Manager . Service 
in 1967. originally set up for those on 

Those who want to live a little tax rates who were lookin) 
more dangerously might care to capital gain by way of invest 
look, instead, at Cosmopolitan in short-dated gilts; and th 
Growth, whose, managers are exactly the sort of clientele 
inviting subscriptions for a which its Capital portfolio 
minimum of L000 units (£178). In caters, 
contrast to M & G Special, Cosmo- It aims to take the subje 
pol ton's longer term record is element out of the choice 
nothing to write home about: but short-dated stock, by the u; 
again, that doesn’t prove much. Datastream: but there art 
for the management of the fund promises of certain capital, gr 
changed last year when Joseph in this game, and while the 
Sanders moved in on its parent over the 15 months - since 
company. Nowadays the policy is fund was set up are impre; 
to invest in small companies the most recent performanc 
whose dividends are very fully a depressed market, has been 
covered. In the- belief that, at the so. The implication is that 
least, an easing of dividend service relieves you of the 
restraint is imminent. As it is, the siorts over which stock you sh 
yield on this fund is not unattrac- invest in, but not of the deri: 
live, at 52 per cent.; so obviously, over when, 
if the managers’ predictions prove And finatty. both Schroder 1 
to be accurate, there is plenty of and PlecadfOy are drawing 
potential for short-term capital Testers’ . attention this wee! 
growth. their investment expertise. 

Given the way that the inter- both cases, however, you are g 
national -funds have started to per- to have' to 'make the major » 
form; some investors might prefer sions. Some people like it 
to look abroad for growth: and to way. 


MININS NEWS 


Fiji copper venture 
nears new phase 

BY KENNETH MARSTON, MINING EDITOR 

WHILE ' copper' prices have large but of a comparatively 
weakened to levels- uneconomic grade and it is in a tropical 
for most world producers and in- vironment similar to the 
vestment in new projects has Unto-Zlnc group's highly succ ' 
virtually dried up, exploration fui Bougainville mine in Pa 
work continues at the big Nam'osi New Guinea. N»nosi, wh 
porphyry copper prospect, 25 would also require to be wori 
miles nortb-west of Suva on Viti as a large-scale open-pit opt 
Levu Island in Fiji. tion could need a total Inn 

In Suva yesterday Mr. Mffitoni meat Of some 5600m. 
Leweniqila, the Fiji Minister of 
State for Lands and Mineral 
Resources, announced that ■ two 
members of the Namosl consor- 
tium, Conzlnc Riotinto of Australia 
and West Germany’s Prenssag; 
had exercised their options for 
the seo>Dd stage of . the prospect. 

They are now committed to spend 
« Qm / Mn, \ .,7_ _ 


Sylvite sale 
boost to 

. Hudbay profit 

w-om. (13m.) on possible sampling, r .r, rn i mn , „ 

engineering and feasibility studies. a ;£££JL quart ,?^ 

Subsidiaries of Preussag and (S76.600). the . Anj 

CRA joined the consortium in late- American Corporation grouw 
1976 and mfd-1977, respectively Canadian Hudson Bay Mining aW 
The consortium now comprises , mglt>ng ! has made -earnings : 
Amax with a stake of 253 ner ^fore extraordinary ft eg 
rent; Australian Anglo American ^^41:11.. or 44 cents (20p)' p 
252 per cent (including an in- TOis compares w)-.. 

direct Interest of 1.9 per cent held SC282n3 ^ 0T 28 cents per share, 
on behalf of Emperor Gold *®Z§; 

Mitring); Preussag 25.1 per cent- ' The extraordinary item ou t 
and CRA 24.4 per cent The ex- * atest occasion reflects 't 
ploratioti programme is heinc *CS8L5Sm. gain on the sale of-tf 
operated by Amax’s R ST (Fiji) group’s Sylvite potash division; 

The last-named has completed lhe Potas b Corporation of -.St - 
over 13.000 metres of reverse ^fobewan. It brings total -ear 
circulation drilling on Ui e fogs for 1977 to 3C56.99mv .< 

property with. -results sufficiently SC5 - 64 P«r share. There M? 
encouraging to warrant con tin u- 5oss * after debiting extra ordiiff 
ing evaluation of the prospect, items; of SC828m. in 1976. . ' 

the Minister stated. Members of As already announced, Hiullx 
tne consortium plan to meet in has omitted its last quorteriy dh . 
Fiji shortly to discuss details of dend . declaration. The comjiar . 
the second' phase evaluation. So points out that base metal marite 
-t ar th ey have spent $9m. on tbe remained depressed last year "ax' 
P r ° s P®£r„ . . , there war s weakening in fertiUst 

American markets in the second half. Hi« 
started the exploration in 1968 factors largely offset the improve 

scene 1° results of the company's oQ-aB 
1972. The deposit appears to be gas subsidiaries. 


Brokers set up options ; 
clearing agency £ 

MS S3RA5 SS &£■ 

t . eo ? oei 2 W **I record trades for brokers aflf 
caned Opdear. which is designed produce a dally list and will *" 
as a clearing agency to operate m up and maintain a position fiteact' 
the rinded share, options market option series and class. The 
which is expected shortly to be tlooS will be monitored 
set up m London under the Stock Opdear will have ex tensive- coB*'. 
Exchange s control. puter ecui pmenL ; r ” . 

Clearing agencies are an essen- : 

Hal intermediary between, the cen- nrnririwc mait - 
central clearing bouse, the London VLlfctiNo MOAT 
Options Clearing House, a subsi- The latest addition to the 
diary of the Stock Exchange, and Queens Moat Houses group: 
operators in the' market. Indira- 109-bedroom Hertfordshire 
tions are that, at least three other House at Sl Albans, opens ^ 
stockbrokers are planning to act Monday. • - T • 

as clearing agencies. Group turnover wfll rise ** 

Opclear, the first joint vedture about £L5m. as a result- of 
between two stockbroking con- additional of the JJertfordsbu® 
ceres, will be a separate entity Moat House and of two other* 
from its two owners and will offer last yeai^-the Thatched' 
a confidential service to other Hotel, Elstree, leased in 
brokers. ' and the Hampshire Moat House, 

Under .Its plans, which are added in September. 









1 


litftir-. . . 

'*<•! v ■, 

■i , 

&:a\ 

ftV. 
i >. i r 


Financial Times Saturda y, March 4 1978 

liMMARY OF THE WEEK’S COMP ANY 

ke-OVer bids find m6rQGrS Decisions are likely to be taken soon on whether the pro- 

- ~ v jected merger between two of London’s largest stockjobbing 

' { 5 h J* ™ ade ar * asreed takeover bid worth around concenis ^u\d go ahead and on what terms The planned 

"J fL?«“«L“ d Maseo < Ho *dings)t manufacturer of wooUen ^ er?e 5 between Smith Bros, and Bfcgood Bishop has been 
iff ™>n.woven industrial fabrics. The offer com- deared b ? the Monopolies Commission. W 1 *™ 1 (iL, 

Ma sm , h,ri f „Y™v P oc U |b“t4 n p“d h bv 0 h r oS' onfc hn £1R8m ; d “>- ** Goldsmitb s Cvenb™ Group T 0 "" 

of the B and M capital. These holdin^ rf^^L t -K h ,*f la * en over Securities’ main property holding sub- 

interests of the Throgmorton Trust whilTS? B Z m 6 du,ry * AJUajce Property Holdings, while Tootal is buying 40 

33 Er'zxsti swaMS?* srrrs 


17 


Company 
bid for 


Value of Price Value 

bid per Market before of bid 
share 1 ** price** bid (£m‘s)** 


Final 
Acc't’ce 
Bidder date 


PRELIMINARY RESULTS 


37 

34 

28 

242J§ 

202 

103 

S3* 

82 

66 


1.11 Assoc. Paper — 
12.60 Comet 

Radio vision T 3 
3.4 Trafalgar Use. — 

* AH cash offer, f Cash alternative. I Partial bid. 5 For capital 
not already held, r Combined market capitalisation. Date on which 
scheme is expected to become operative. ** Based on 2 .1.78. 
■H At suspension. *+ Estimated. $$ Shares and cash. rr Based on 
3/3/78. 


Company 


pre-tax profit Earnings* Dividends* 
Yearto (JEOOOi per share ip) per share fp) 


range of industrial textiles in world 


Company 
bid for 


<■:» TlK : 


0 comprehensive 
k»*ts. 

bid for bricfe makers Hamilbome has 
* pr J, vate company. Ferguson Securities. 

Hamil borne's listing by placing all 

if L thp r n^r‘w th i C S n are ^ Accor ding to an official state- 7 
' ™ offer lta* a * ready irrevocably accepted by the r^, 
irnian. Mr. Doa is Barkway. who controls 29.9 per cent, of Btokev'* rw«,ii«. 
mlborne through his private company. Energy. Finance and .w'ecLKf 
icral Trust . Bury & Masco 

The expected bid for Dlror from the group of businessmen SSST* 
ch bought Matthews Holdings’ 57 per cent, stake last month 
now arrived. Shareholders are being offered 28p per share ®|| s &Co. 
i. matching the terms of the deal with Matthews Holdings <Rictanond > 
a substantial ' discount on the current market level of 43p 

1 consortium has indicated that it does not intend to acquire 
entire equity and hopes to maintain the company's listing. 

After buying 110.000 shares in Blakey’s (Malleable Castings) 

1 1 p per share, Centreway is raising its general bid for Blakey’s 
he same level. 


Value of - Price Value 
bid per Market before of bid 
share** -price** bid (fm's)** 


Scrip issues 


Bidder 


Prictts In peace aalafi KbenrfK indicated. 


125+ 

47*5 

99l$$ 

12S 

28* 


J20 

46 

94 

119 

43^ 


24 f 23 


BamDborne 

Harrison (James) 
Le Vail on et Tst. 
Liner Concrete 
Lockhart (A.) 
Lond. Amt lavs. 
London Pavilion 
London Sumatra 


A takeover bid may well be in the offing for Property 
estment and Finance following the purchase of an 18.8 per 
it. holding of 810.000 shares in the company from British 
id by Castlemere Properties. 


Pontins 

See. Broadmount 
Trim 

Warren (Jas.) 
Wests. Canmlfl InV. 


48* 

53} 

26* 

31 

210+ 

S2*fi 

330* 

110 * 

8955 

36.3ft 

574 
650* § 


47 

55 

27} 

30 

200 

1]6 

460 

117 

38 

32 

53 

650 


53 

35 

80 

87 

47 


43 

51 

26 

32 

170 

101 

360 

98 

3Stt 

2S 

63 

630 


1.48 

0.91 

6.46 

5.16 

0.31 

1-19 


0.75 

2^8 

0.6 

295 

1.6 

4.53 

0.44 

17.52 

47.51 

3.59 

0.86 

0.55 


A. P. Cement — 


Final 

Acc’fce African Lakes Corporation: One-for-four. 
date Aii en Haney and Boss: Three-for-five. 
British Vita: Qne-for-five. 

Charles Baynes: Four-for-one. 

Snngei Krian; Four-for-one. 

Temple Bar Investment Trust: One-for-one. 


NatWest 

Dec. 31 227,553 ( 1S7.772J 

45.S 

(42.S) 

11.4SSI 10.262) 

Olives Paper 

Dec. :n 

13S (SSI 

44* 

(3g) 

2.25 

(1.25 » 

Ransomes Sims 

Dec. 31 

2253 (2.0171 

80.1 

(30.5 > 

S.53S 

(7.7271 

Rea Brothers 

Dec. 31 

501? 14711 

5.4 

(5.1) 

1.653 

• 1.493) 

Royal Insurance 

Dec. 31 134,900 tT8,600l 

50.0 

(33.51 

10.448 (14.726) 

Sedgwick Forbes 

Dec. 31 

23.189 1 16.6041 

29.0 

1 hllo. I 

9.5H 

(S..79) 

Suagei Krian 

Dee. r.l 

789 (499 t 

173.9 

(llll.T) 

75.0 

1 50.0 » 

Tnnier 6c Newail 

Dec. 31 

45.251 (35.37S ) 

2y.b 

(25.41 

10.036 (9.122) 

Vantona 

Dec. 2 

6.730 (6.370) 

nj] | 

(20.4) 

5.151 

(-L65S) 

Waterford Glass 

Dec. 31 

9.2S4 16.753} 

4.2 

(3.0) 

1.302 

<0.9491 

W'house & Hixson Dec. 31 

196 (625) 

2.1 

(7.1t 

2.318 

• 2.076) 

INTERIM STATEMENTS 


S.? 


Centreway 

Scapa in i 

J. H. Penned — 

Mw^DnBmore PRELIMINARY RESULTS 

Gough Bros. — 


Company 


Half-year 

to 


Pre-Tax profit 
(£ 000 ) 


Interim dividends* 
per share ip) 


Pre-tax profit 
(1000 1 


Interim dividends" 
per share (p) 


Company Year to 


-tax p: 
(£000 


10 1 


Barrett Devs. 
Air Call 
Thog. TUI inn 
Irish Ropes 
Hooker Corp. 
Hr. V Sandrsn. 
McLeod Russel 
SipefSA 
Coral Leisure 

Chieftain 

Talbex 


Earnings* Dividends'* 
per share fp) per share (p) 


7/3 A- Harvey & Ross 

Feb. 5 

12200 

• 700) 

r 

(*:) 

30.716 (27.5) 



African Lakes 

Jul. 31 

12247 

(994) 

114.4 

496.5) 

4.4 

(2.75) 

5/3 

Arnott&Co. 

Jan. 14 

2486 

(1,729) 

2S.3 

(20.6) 

10.0 

(7.37) 


British Vita 

Dec. 31 

6.179 

14.021) 

26.3 

(13.6) 

2.13 

(1.01) 

.0/4 

Charles Baynes 

Dec. 31 

394 

(229) 

26.9 

(18.3) 

3.35 

(3.0) 

6/3 

J.H. & TJFi Braime Dec. 31 

321 

(268) 

10.0 

(8.4) 

3.32S 

(2.979) 


CotnmeL Union 

Dec. 31 

99.800 (47.300) 

19.4 

(10.8) 

7.643 

1 65112) 

7.3 

Dunford & Elliot 

Sept. 30 

1.710 

( 1.16Q)L 27.6 

(Nil) 



t — 1 



GenL Accident 

Dec. 31 

70,200 (42.600) 

29.2 

(22.8) 

S.097 

(7.25) 


IMI 

Dec. 31 

342201 (30.075) 

S.2 

(9.8 > 

3.294 

(2.974) 

— 

Lnnora (Ceylon) 

Dec. 31 

99 

(47) 

7.6 

(3.4) 

a.D 

(3.575) 

_ 

Metal rax 

Dec. 31 

1.466 

(S45) 

6.1 

(5.0) 

1.132 

(1.014) 

— 

ML Charlotte 

Jan. Z 

52 2 

(43) 

1.5 

(0.2) 

0.495 

(Nil) 


Half-year 

Company ;o 

Campari Dec. al 

Clifford & SneU Sept. 30 
Diploma lavs. Dec. 31 
R. M. Douglas Sept. MO 
EMI Dec. 31 

Manganese Bronze Jan. 31 
Mills & Allen Dec. 31 
Mitchell Cotts Dec. 21 
Myddleton Hotels Dec. 31 
Raixie Eug'g. Dec. 31 
RosglU Holdings Dec. 10 
Thos. Walker Dec. 31 

t Figures in parentheses are for corresponding period) 
Dividends shown net except where otherwise stated. 

* Adjusted for any intervening scrip issue, » For set en months 
througbouL JFor US weeks throughout. 5 After lax. r Not given. 
L Loss. 


8137 

(723) 

1.996 

(Oil 88) 

05 

iliO) 

0.312 

(0.154) 

2.045 

(USD? > 

1.245 

11.132) 

1.450 

(1.4S0) 

0.SS1 

(0.8) 

25.224 

(41.768) 

3.41 

13.41) 

1.141 

(917.1 

— 

l — ) 

2,117 

• 7471 



i— > 

51 1 

(403) 

1.3 

11.155) 

329 

(24S) 

2.64 

(1.65i 

103 

(395) 

0J2S6 

(0.2Sli) 

202J 

1 127 iL 

— 

• — i 

79 

(lOol 

0.1 ss 

1 0.168) 


PPOINTMENTS 

Changes in plastics division of ICI 

Ir. D. C. In groan has been becomes divisional marketing responsibility as managing Eley, deputy chairman, Mr. D. G. 

tie a deputy chairmanof the director . for the Distributor director of the group. Mr. Booth, managing director, and 

- trf IWERIAL European Operations... He was Norman Marshall has resigned as Mr- A. £. Adcock, executive 
LMiCAL INDUSTRIES ftom r ecent ly managing director of a director because be is no longer director. The new company will 

ril i in place of Mr. A- 9 . DITTHA, the German subsidiary resident in the U.K. bare management responsibility 

rrison. whose appointment as of the division. Mr. Bevins and + for .the following existing or pro- 

nag mg director nf Scottish Mr. CTLoughUn wig report to Mr. Mr « c nn d,v has hM> n PO«d trading subsidiaries: Ples- 
rtcultural Industries has been L A. Martin, director Europe of aDDO i n t Af / a nfnvwiw sev Duac, Bfrkhys Plastics, Kem- 

10 i« nCe i?' „^ th ® S ^1 t,n ? e - the ITT Distributor Divfeioarw4io REF^CTORJ^wmtS 5y P«S 

e "or & research a^ * ““ f^AUiSSScaW Sd 0?.“*- sE. gl ^Sr. ^oth "^ 

Spit D E * Pit Refractories Division of thf «peratt f™oi Kemfarey Bo-inecr- 

Hr r w ^ J - “1 J- n»» sroup. tog in Swindon. 

■lsion's personnel and overseas . * t*-, N-.r Funt bas^^wn * * 

ector. low yfw^n An^ATon rn S pany British Electric Traction states . M *-C' a w »^ a 

★ *»»«» Mr. Geoffrey Nugus has been of ^ HOVERING - 

and has become the executive app Q i nte( j t0 t j,e Board of H^AM GROUP, is to reKire on 

March 31. to devote more time 
to Ins family Interests. He will 
relinquish all bis executive 
May 15. Mr. Harvie- appointmenits in the group but 
ini Monday Mr' BaflUeiTwa* ' v ‘ 3tt will then return to BET wfll remain as a noo-exeoorhe 

et ioiil> an erecutire director ScasatL^^ g director of Odex head office for other dutJes director of Hoveringham Stone, 

d vic&chairmari of Banque • * + 

•l^e ;hii, 1 a managfac director of .. T l « Mr. I. R. Eiloart has resigned as Mr. Peler M. Davidson has been 

,w nay Day and Company. rioPmSl Sm a director n{ INDUSTRIES and appointed managing director or 

* ' SS^fo^RRffiRmlrR: U ,eavin S the group. SWIFT. , ^diaiT « Tor Line. 

Mr. Robert S. Barnes if to * * 

n.nie Part-time technical > • y / s . rf MHlBmL . T-r Mr. T. M. Stockdale and Mr. Mr. L. D. Cotton has been 

v(<cr to BOC from April l. l)n ^ 4 'j J. T. S. Bower, an executive appointed a director* of 

a I an 10 he will take up his direcior of Amex Bank, have been SIATHESON GILL AND DUFFUS. 

■uni moot as Principal, of t :*s#wKT - » 'SML anpoin ted non-executive directors * 

SvggHS** 3 ® OVEBSEAS Mr. T. A. Preston has been ap- 
IXVESTMENTS pointed producUon director of 

* FISONS FERTILIZER DIVISION 



Tories toast Ilford 
North victory 


jceit 


ph 


Elizabeth College, & ... . 

n i verity of London. Dr. Barnes -t W: &*' V.**; '• 
ai present chief scientist of the j ‘ 
riii«h Steel Corporation and ; > ■ > 

efnre 1975 its director, research. , - 

mi development. 

* 

-Mr. Denis B. Cameron has 
<:«ned as director and technical 
— msuhant to the CAMBEX 

I(<LD1NG$I group. Mr. Cameron 
I'rt'il from cxecutit’u responsi- 
hty m ]*J76 because of ill-health 
il lias now decided to sever all 
'“nncclion with the compauy. 

★ 

kritish RAIL Western Region 
!![;•= appointed Mr. Gordon C 
~ i 4 Ul'itiri as chief passenger manager 
succeed Mr. Jack Smith, who 
-rmly took up an appointment 
ill the railways in- the U.S. 

J ^ r* * 

J ^ W Dr. F.ric Clatwortty has been 
noinicd BRITISH GAS COR- 
i NATION'S director, industrial 





f < V *lr. Michael BamfO rd has been from April I. He succeeds Dr. 

■: v ~j . J * appointed manaamg director of j. G. Hunter, who continues as 
VS T -S?AW AND SONS. Mr. Frank deputy chairman of the division 
Phillips^ formerly managing an d retains overall responsibility 
■« director, continues to be res do ns- f 0r production, research and deve- 
Ible for the division as a whole lopment and safety and environ- 
and has also been appointed as mental matters, 
divisional director, nw projects, * 

of Tridant Group Printers, the Fo ij awinB the acquisition of 
parent concern. SOUTHERN MICROWAVE LABO- 

_ * ... _ , RATORIES by Product Applica- 

rv h « n f tion Engineering and Development 
Dr. Richard \esblt Evans have. Group, through its subsidiary 

TlS^of^rsTRffis" Credo wan. Mr. Denis Shirley has 

lurMJL iNDLbiKiBb. been appointed chairman and Mr. 

r *. . Brian Lewis takes over as manag- 

The Scretaiy for Enenor has ing director. Mr. BUI Boden and 


S’i i 
lx 1 ? 

(!■:: 


\,1<* 


trfffi appointed M. Richard T. Gales to Mr. John Shed continue as direc- 
•fflffg tors of Southern Microwave Labo- 

MERSEYSIDE AND NORTH stories, being responsible for 
„ v _ ““ WALM ELECTRICITY BOARD SehnicSl developSntT ^d Z 
Mr. Joseph Maliga for five years. Mr. Gales, al pre- search. 

sent chief engineer of Ihe North «■ 

d comnimW gaa, responsible XATIOXAI. CORPORATION and V ’^ ter ? r Electricity Board, sue- Mr. A. G. Coles has been ap- 

V r - B - *}■ f0 I will be based at the European * eeds Mr - ®- ^ H«tings. who pointed secretary of ESSO PET- 

lrkeitm*. for all industrial and headquart ers offices in Knights- heisune chaiiman of MAKWEB ROLEUM COMPANY from April 1 

mmercwl markets. bridge, Loudon. al tbe * ,e B innm 8 of tJli5 > ,ear - and will continue as the company's 

,« . _ * . . . , „ * l B B al adviser. He succeeds Mr. 

TT has appointed Mr. A. S. . Captain J. E. C- hennon. Royal e. S. Kirk, who is retiring, 

vlns as managing director, ITT Mr. R. J. V Bull has been Navy, is to be promoted Rear + 

iiributore from Abe end or this P0RT '. Admiral from July 7 and to be Mr. G H. Grlnsted has been 

mrh. He will succeed Mr. H. E. FOLIO MANAGEilENT. Assistant Chief of Naval Staff appointed company secretary of 

0 ^ ^ u_ Mr (Policy) in June in succession SHELL UJC. succeeding Mr. G. S. 

3 of 1978 and until then will Mr. Frank ^ Marvin ana Mr. Rear Admiral B. J. Straker in Simpson, who has relinquished 
:i«t the director Europe on a William Warburton have been ^ p f Rear Admiral, that post but continues as finance 

•rial assignment basis. Mr awomted to the main Board of * director of the SSm 

'ins Is at present commercial MARSHALL CAVENDISH and yh e Hessey Company is to * 

ector. Mr. F. W. O’Loughlfa Mr. Robin Vivian takes over full , fonn a roncem to Mr. L. A. Wadham has joined 

be called PLESSJEY ENGINEER- the Board of LONSDALE 
TNG. Its Board win be Mr. W. J. SYSTEMS as a non-executive 
DalzEel, chairman, Mr. M. St A. director. 



i*** lf ‘ 


.. -i Vl 

:/**.,. -‘i . 

:**'/■ - • -viij*- . • ; 



THE ComservaDve victory in OCTOBER, 1974; Mrs. M. Miller 
Ilford North was stiil being (Lab.) 20,621; Mr. T. Iremonger 
toasted yesterday morning— with (Con.) 19,843; Mr. G. L. Wilson 
cups of l*?a — by Mr. Vivian (Lib.) 8,080; Labour majority 778. 

MP 1 aid u! Sife Ano” 0 ‘ 0nl -'' «■« Conservatives, with 

mp. ana his wife Ann. 50.3 per cent, of the vote, and 

Mr. Bendali, an estate agent. Labour, with 38 per rent., kept 
overturned u Labour majority of their deposits. The Liberal vote 
778 to take the seat by 5,497 slid from 1B.6 per cent, in the 
votes, a swing of 6.93 per cent. October 1974 general election to 
against Labour. The by-election 5 per cent. The National Front, 
brought n 6S.5 per cent, turn-out which did not contest the last 
from an electorate of 64.836. election, took 4.7 per cent, of 
The result was the vote. 

Thursday night's result leaves 
Labour with 307 seats in Parlia- 
ment, the Tories with 2S3 and 
the Liberals with 13. 


: t . I 


BRUNNER INVESTMENT 
TRUST LIMITER 

The following Is the statement of the Chairman. 

Vlr. T. 8. H. Srunner, circulated with the Report and 
\ccounts for the year ended 30th November, 1977 . 

Stockholders will note from the Annual Report chat in 1977 
:he Trusv's gross income increased by 16.4% to £1,023,821 and 
lev income Vi.*- *f**t providing for administrative expenses, interest 
Myinencs, taxation and payment of the dividend or* the Preference 
Stock) increased by 174ft -.to £S7L398. Consequently your Board 
Kil able to declare a higher interim dividend of 1.60 pence per 
mit. and now recommend payment of a higher final dividend of 
■ 95 pence per unh resulting in a total distribution for the year pf 
1 55 pence per unit (2.95 pence in 1976). Stockholders will Further 
ion: char invested funds at 30th November 1977 were valued 
ir i2l,550,006 (Cl4.739.44B in 1976) and that, after deducting prior 
har C e* at par and net current liabilities, such *unds were worm 
24 5 pence per 25 pence unit, an increase of *i% over the 
vrnous year. In the same period the FT Actuaries All Share Index 
dje by 6»,6?o but the Standard and Poors Composite Index *ell 
a 7.1*-: < 16 2°p after adjusting for the 115. dollar premium 
nd thr exchange rate). 

The me in gross income to over £1 million in this the Trusts 
iOth year of operation owed in the main to welcome gains in 
JK. and foreign investment income. Although further useful gains 
•rom these sources may be expected in 1978 these ire unlikely 
o be on such a scale at to allow your Directors to recommcid 
hr same proportionate increase in toial distribution to Stockholders 
'txt year. 

* The Huiorical Record on page IS of the Annual Report 

i ; i { ! I-* fidicatcs a substantial reduction in the proportion of invesimenrs 
1 « e <cid in the U.LA. This resulted from the greatly superior 

performance of the U K, equity market In 1977. rn 1978 I believe 
<1 may be the turn of the U5. market TO gather strength but 
this 1 is unlikely ro precede a revival of confidence in the dollar and 
n Mr. Carters Administration. 

A year ago I promised Stockholders that they would be jdvised 
sf any material change in the financing of the T rust s assets. I 
ihould therefore report that in September your Board arranged a 
US, $2 million overdraft facility from ICleinworr Benson and that _ 
*n December this was increased to U-5.S.3 million. The proceeds 3? 
the overdraft are being used primarily to increase the U5. dollar 
remponent aF the Trusr’s portfolio at a time when certain U.5« 
common stoats Iook attractively valued.* 

Mr. G, M, Duthie. a member of the Board since 1969, -esigned 
on 4th November to take up an appointment with B -A.T. Induscnes- 
- Mr. Duthie'* counsel has been much appreciated by his colleagues, 

snd we wish him well in his new responsibilities. In-flls place - we 
nave invited Mr. j, F. H. Trott. * director of Kleinwort Benson, to 
iom the Board. At the forthcoming Annual General Meeting 
Stockholders will be asked to confirm Mr. Trout's appointment. 

The Annual General Meeting - wf/f be held on Friday. 3fst 
north. 1978. et 12.4S P.m. at the Company's regltiered office. 
W Feaehurch Street. London EC3P 70S. Copfos of the Full 
Annual Report ere obtainable, from the Secretary et that adores*. 


Mr. V. Bendali (Con.) 22^48 
Mrs. T. Jo well (Lab.) 174)51 
Mr. J. Freeman (Lib.) 2^248 
Mr. J. Hughes (Nat. Front) 2,126 
Mr. T. Iremonger (Ind. Con.) 671 
Miss Carole Rowe (People's 
Front) 89 

Mr. A. Burr (New Britain) 48 
Lt. Cdr. W. G. Boaks (White 
Resident) 38 

Majority 5,497 
Poll 69 2 per cent. Swing to Con. 
6.93 per cent. 


Extracts from the Report and Accounts and the 
Statement of the Chairman, Mr. R. H. Wethered. 


The year in brief 

1977 

1976 

Total revenue 

£1 ,090,41 9 

£986,640 

Revenue before taxation 

£707.626 

£612.157 

Earnings per share 

. 4.08p 

3.53p 

Dividends on deferred capital 

3.9p 

3.3p 

Valuation of investments 

£20,224,540 

£16,303,680 

Invested in equities 

90.90% 

92.89% 

Invested in Great Britain 

63.40% 

51.99% 

Invested in overseas companies 

36.60% 

48.01% 

Net asset value pershare 

147^p 

122p 

Net asset value of £1 00 of 
convertible loan stock 

£119.54 

£98.66 


e Income: 

For the firsttime total revenus has exceeded £1 million, 
e Dividends: 

The total of 3.9p for 1977 represents an increase of 18.2% over last 
year and maintains our policy of improving income to the greatest 
possible extent without jeopardising capital growth. 

• Assets: 

Net asset value of the deferred shares increased by 20.9%. The 
discount as measured by the market price narrowed from 40.2% to 
28.9% at the year-end, an improvementbut still too large a discount 

Copies of the Report and Accounts may be obtained from the Secretary. 


ThaF0ra>gn«ndCakini*]1iivwememTftatCo.Lld. 
Gmawl lnv**o««/idTnjstves, Ud. 

F. & Cl. Euotrust UA 
CanmnatYFund&A. 


The Cardinal Investmrni Trust bd. 

Alliance Investment Co. Ltd. 

Foreign and National Investment Fund SA 
Anglo- Nippon ExompiFuad 


FftCOOUP 


1/2 Laurence Pmnrtney HTU, London EC4H DBA 
Telephone No. 01-623 4680 


Tether tells tribunal 
of ‘mean’ behaviour 

MR. C. GORDON TETHER. Mori son had said that he had 
former Financial Times column- made personal attacks nn him, 
ist, complained yesterday about insulted him. and expressed hun- 
the “mean and almost secretive” self in immoderate lancuase 
way the paper had dealt with his throuzht the case, 
departure. “These allegations are serious 

Mr. Tether. 64, who wrote The e n °u?h but what reallj makes 
Lombard column in the Fin an- them a matter fnr concern to me 
cial Times for 21 vears. claims 1S ^at they would appear to 
he was unfairly dismissed 16 upon one of the issues m 

months ago after a long coniro- c , aSe Finan cial 

versy about the control of the Tunes contention ^hat unreason- 
editor. Mr. Fredy Fisher over able and immoderate behaviour 
his daiJv column on ra >: P art J was one th . e 

He told an industrial tribunal led dlsmi “ al . 

hearing his reinstatement claim „ Tether said, 
that the notice in the paper say- , He al !° complained about un* 
ing he would no longer be writ- &oSson inainuaUoDS bj Mr * 
ing the column presented a „ 

misleading picture cl Is replkd that the 

It sueeerted that he hvri tribunal meant by its comments 
stopped writing but the truth was 11,61 j U „ ua ! cour L e5i ?5 b ? T ‘ 
that he liad been stopped, he J^mamed^ v0ca ^ es shou,d be 

The departure of a writer of _ ,^ e }^ er , lbat , bc 

international renown would have iSL^fn'fL HSunf s 

been the occasion of a notice of a, * end •* meet, n^. in the editor s 
some substance, with a tribute, ort * Cf sponsored by the News- 

and the circumstances clearly ?! T h * r °N?ti n°nM of 

spelt out, he said. The fact that * nd ,. e ^tiona Union of 

this did not happen created an J nurn ?L ls ! s ^ ls P ules committee, 

air of suspicion about the way « ,d be had participaied in 
in which he had gone- the d| sput<-« procedure all the 

The sudden, dramatic char- wa >’ through and had done all 

acter of his departure followed f e POuld t0 hnn S 1116 matter into 
in a few days by this enigmatic f0 £“ s - ^ . . . 

note meant that he set off for . ^ r - J T ether said that he 

this new part of his life under a hA, "* v e d the eommirtee would 
cloud. continue tn investigate the dis- 

“It was very mean, on top of pnTe - and had been tn,d b - v an 
all the other meannesses, to pre- N1IJ national organiser that 
sent my exile to the world in this thpr,? "'•'rt another stage of the 
way," Mr. Tether said procedure. 

He protested that comments He h * d r£,,iP ' 1 nn that asKlir " 
made by the tribunal had sue- 3ncR buI iT ***“•>* nothing when 
posted that he had been behav- hp was in*f*mlv dismissed, much 
ing in an immoderate manner as . an emnloyee who had mm- 
during the proceedings. mi«®d somu serinus misconduct 

He asked for clarification of a Mr - Tether told the tribunal 
passage in Thursday's ruling on that he would have thought Mr. 
admissibility of certain evidence. Fisher big enough, once matters 
Mr. William Wells. QC. the before the tribunal had been 
charman said the tribunal hoped sorted out to ensure that what 
that “ some moderation *' on Mr. bad happened would be set 
Tether's part would promote behind them, 
smooth and speedy conduct of He would be able to get on 
the proceedings. successfully with Mr. Fisher as 

Mr. Tether also complained a writer of a column of the type 
nhout comments made by Mr. he was writing before these 
Thomas Morison. counsel for the developments. 

Financial Times, during rhe The hearing was adjourned 
hearing. He claimed that Mr. until next Wednesday. 



The last few years have been 
particularly disappointing for 
investors in America. 

Share prices, as measured by 
the Dow Jones Industrial 
Average are now standing near 
their three year low, selling on a 
yield of 5.5 % and a price 
earnings multiple of 8.5 % . 

Equities are depressed, 
largely due to the current 
balance-of-trade deficit, and the 
consequent weakness of die 
dollar. 

The American Stockmarket 
has become cheap relative to the 
normal investment yardsticks 
which have prevailed over a 
number of years, and we do not 
foresee a return to die verv low 


yield and high price earnings 
ratios which characterised the 
late 60 s and early 70 s. We do, 
however, believe that, with share 
prices at rheir present levels, 
investment in America lias 
prospects of substantial gains 
over the medium- and long- 
term. 

Gartmore .American Trust 
offers one of the best ways to 
invest in American shares. It is 
managed by Gartmore Fund 
Alanagers Limited, part of a 
group which manages funds in 
excess of £650 million and has its 
own office in the United States. 

Send now for full details of 
Gartmore American Trust, or 
the other products listed below. 


J 


To Gartmore Fund Managers Ltd 
2 St Mary Axe, London EC3A 8BP Tel: 01-283 3531 


V 


Please stud me details of: 
dJ Gartmore American Trust 
□ Single Premium Bonds 
Q Tout entire range of Unit Trusts 


Name 

Company 

Address 



SvafpUcaMe 

loEire 


^ 650 , 000,000 under Group management 

Macbn (g ike Cat TnmMvau^uu 


rTo*o,j 






- >t 





Financial Times Saturday March 4 


L And send it off for our-cdour brochure to find out about 

: oarsuperb range of quality swimming pools atsensible prices: ' 

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SWIMMING POOLS 


BUYER'S GUIDE 



year 

ahead 


BY ARTHUR SAN DUES 

SEVERAL factors have made 
the swimming pool industry feel 
a bit more cheerful this year in 
anticipation of a livelier market 
than has been the case recently. 
Topping the list is the 'way in 
which ‘ the property market 
gives every appearance of being 
on the move again. Whether or 
not a swimming pool dramatic- 
ally affects the value of ydiir 
property is ' arguable, and 
fiercely argued, but certainly 
while the house market was 
stagnant investment in a pool 
was faced- with yet another ques- 
tion mark. 

Another factor bringing faint 
smiles bade on to the faces of 
pool producers and equipment 
suppliers is the slight improve- 
ment in financial- optimism in 
the U.K. More people .seem will- 
ing to reach for their cheque 
books than might have been the 
case two years ago. 

Fortunately for purchasers 
the lean years that tbe business 
has seen of late has thinned the 
ranks .of suppliers somewhat. 
Traditionally it is an industry 
which attracts here-to-day-gone- 
to-morrow operators, much to 
the irritation of the large corps 
of reliable companies, and the 
poor years have taken their toll 
of the weaker brethren. 

However, buyers should still 
beware of the seemingly 
amiable chap who knocks at 
the door and offers to build a 
swimming pool. It is a highly 
specialised business which re- 
quires considerable experience 
and expertise. There is no par- 
ticular reason why this experi- 
ence should be -gained at your 
expense. Mistakes in pool con- 
struction are dauntingly expen- 
sive to correct, even if such 
correction is possible. 

It is impossible to give any 
sort of sensible guide to the 
cost of a pooL A simple plastic 
above-the-ground affair may only 
carry a price tag of a few hun- 
dred pounds, while something 
elaborate will cost several thou- 
sands. None the less, as with 
most products, the customer 
who sticks closest to the stan- 
dard range is likely to be the 
one with the least financial 
shocks. Freeform pools may 
appear very glamorous, but they 
can involve you in additional 
design and construction costs. 



Tbe other factor against being 
too fanciful in the design of 
your pool is its resale value. 
A future house-buyer may 
actually be put off by the 
odd-sbaped cool which so 
mnch took your fancy on the 
design .board. Straightforward 
rectangular pools seem to have 
the purchase edge when it 
comes to resale potential. 

Even in choosing such a pool 
you should still spend a great 
deal of time thinking about its 
future use before signing on the 
dotted line. Factors such as 
depth or width are of rather 
more than decorative impor- 
tance. 

For example, most adults, 
even non-swimmers, like a 
decent area of water between 
3} and 5 ft for splashing around 
in, and all too often a pool 
designer will plunge you too 
quickly from a children's area 


to, diving basin. If you intend 
having a diving board then it 
is unlikely that you will want 
to risk much less than 9 ft 
water depth under it and a good 
run of deep water before the 
shallows start 

Again, for resale purposes, 
even if you do not intend div- 
ing,, the provision of sufficient 
depth may be a telling point 
if keen swimmers are looking 
at your property. Remember 
that the higher the board you 
intend having the greater the 
depth you will require, and a 
great length of recovery water. 

Something else that pur- 
chasers often overlook is the 
need for coping and decking 
around a pool, which consider- 
ably increases not only the 
space required but also the 
visual impact of the pool. A 
25 x 40 ft pool therefore re- 
quires something around 31 x 46 


ft in area. All too often pools 
are constructed which dominate 
the garden area rather than pro- 
viding a focal feature. 

It has been Interesting to 
see how lately British pool pro- 
ducers and equipment makers 
have been making greater and 
greater concessions to our 
weather and to the costs of fueL 
It is very tempting when you 
first have a pool to keep the 
temperature of the water up to 
comfortably near boiling. Un- 
fortunately, such enthusiasm for 
warmth tends to wane when the 
first gas/ofl bills come in. There 
are, however, a variety of sys- 
tems for 'both enclosing pools 
(including one which supports 
a bubble over the pool with 
gentle air pressure and requires 
no structural support) and for 
covering the water itself to pre- 
vent heat loss when the pool is 
not in use. 


Making a choice 


ANYONE deciding to invest in 
a pool is likely to need all 
their enthusiasm to carry them 
through even the first wave to 
technical facts and figures 
which suppliers are likely to 
throw at them. The consumer, 
eager only to have his pool 
ready for family and friends by 
the first warm day of Spring, 
should bear in mind two fac- 



Why is Penguin the top name in swimming pools? Simply because over 19 years of building 
thousands of pools throughout the U.K. has given them reliability and dependability. 

Buying a Penguin Pool is the best investment you will ever make. 

A Penguin Pool is a top quality product built throughout Great Britain and many places abroad 
by the same patented methods of construction and using the same specialist equipment— locally 
by our own teams and beyond, by specialist trained area builders. 

All Penguin Pools are constructed of vibrated reinforced concrete with a terrazzo marble or 
glazed mosaic tiled finish and incorporate our labour-saving Blue-Ripple filtration and heating 
systems. DO-IT-YOURSELF KITS AVAILABLE 



SPA7A 

THE GREATEST NAME IN QUALITY SWIMMING POOLS 

Five Trees Works, Bakers Lane, Gaileywood, Chelmsford, Essex, England 
Telephone: Stock (0277) 840711 (12 lines) 


Telex: 99301 


National Group Builders — Ask for Free Brochure 


PENGUIN (SOMERSET S ADJACENT) 
Hellard Brothers Ltd, 

Chewlon Mendlp 208 

PENGUIN (YORKS SN. EAST) 
Allisons (leisure) Ltd, 

Pocftlington 2001 

PENGUIN (LANCS & N. WEST' 

Wm Taylor (Swimming Pools} Ltd, 
Preston 612047 


PENGUIN (ISLE OF MAN) 
Bonito Limited 
Ramsey 812911 

PENGUIN (HANTS, ISLE OF W„ 
W. SUSSEX) Alan Evans, 
Coslum 74570 

PENGUIN (DORSET 8 HANTS) 
Jack Wlostone.'Grauo, 
Chandlers Fort 67111 


PENGUIN (DEVON & CORNWALL), 
Swimming Pools iSW) 

Plymouth 20709/52560 
PENGUIN (CENTRAL MIDLANDS) 
Tf Smith (Swadlincote) 

Barton on Trent 216332 
PENGUIN (N.W. MIDLANDS & 

N. WALES) 

Ruddock & Brown (Recreation) Ltd, 
Cheshire Nortfcwich 6055/6155 


PENGUIN (SOUTH WALES) 
Raymond Davies, 

Swansea 71479 

PENGUIN (LINGS & E. MIDLANDS) 
Charles Payne. ’ 

Grimsby 851348 

PENGUIN (CHANNEL ISLANDS) 
Graham Ogler Ltd, 

Guernsey (0481)64018 


tors— whatever the technology 
the pool has to be strong en- 
ough to hold several tons of 
water for several years, and yel 
withstand pressure from out- 
side when it is empty and 
“ floating." 

It is absolutely essential that 
the pool installer knows some- 
thing about 'the ground he is 
building on and is confident 
about the strength of the foun- 
dations. There are many who 
will tell you, with some convic- 
tion, that the most important 
part of swimming pool construc- 
tion is the hole into which the 
thing goes. 

The type of soil you have can 
seriously affect your costs. Very 
wet conditions, or the presence 
of some underground stream, 
rock and sand can all bring 
trouble to the builder, along 
with the more predictable wor- 
ries of finding out where the 
mains supplies and drains run 
through your garden and dis- 
covering whether you can actu- 
ally get a suitably sized earth 
mover into your site. 

I once saw a swimming pool 
built in Chelsea which needed 
every shovelful! of soil to be 
carried out, by bucket, through 
the little, but highly priced, 
terraced house behind which it 
was being constructed. 

Your pool supplier is likely to 
offer one of four types of pool — 
concrete, plastic, fibreglass and 
metal — and really all of them 
have arguments in their favour. 
• The concrete pool comes in 
a variety of forms. Gunite is a 
system of firing very dry cement 
around steel reinforcing rods 
and normally directly to the 
soil. The cement is literally 
shot from a special gun and has 
the advantage of considerable 


flexibility in pool design and in 
the speed with which the 
material hardens. Tbe pool shell 
Is later hand finished,. 

Poured concrete, either into 
forms or against masonry, is 
still used, and these too allow 
you to exercise your' whims over 
the pool design. 

• Metal, either steel or alumi- 
nium, is increasingly used. The 
advantage here is the con 
siderable natural strength of 
the materials and therefore they 
are particularly employed when 
site conditions make other 
materials difficult to employ or 
expensive. Both can be used for 
larger above-the-ground pools. 
Obviously you normally have to 
choose a pool shape from a stan- 
dard range. These pools will 
normally be lined with: 

• Vinyl, one of- tbe most fav- 
oured mediums for those who 
are determined to construct a 
do-it-yourself pool Vinyl’s 
attraction is that the pool wall 
does not have to be completely 
waterproof. It does, however, 
need to be free of the sort of 
cracks or projections which 
might wear the lining. • 

• Fibreglass has tended to be 
used for the smaller pooL Its 
advantage is lack, of mainten- 
ance. Even the colour can be 
built in right through the pool 
materials. Many of the pools 
offered on the British market 
to-day are fibreglass with vinyl 
liners. Early fibreglass pools 
suffered from problems result- 
ing from ground stresses and 
from chemical reactions, bnt 
these have been overcome and 
reputable manufacturers will 
ensure that you have a stable 
pool with an impressively long 
life. 



fYfes* *; S' fe- 


i >' 


B0YSPAN AIRDOMES AND POOL- 
both can be zero rated 
if purchased simultaneously* 

. • VAT copy, letter available from manufacturers 

Boyspait translucent polythene tirdomes retailing at average cq 
of only £400 to £700 (tailor made for large municipal domestic 
school pools and other sports halls or warehousing areas). 
Boyspan has -already installed over 600 domes which are creating 
new fashion for warmth and cleanliness in long season swimme 
at tow cost effectiveness. Extremely strong membranes thorough 
tested for fire — high winds— UV degradation to provide S to 
year life. National after sales service and advice covering supply . 
failsafe stand-by generating set and heating equipment. 

Consult your swimming pool Installer or write direct to: 

. (Enclosing a SA.E.) 

BOYSPAN PARTNERS (SALES LIMITED), 

43 WsHsmgham Road, Hove, Sussex. 

Tel: Brighton (0273) 721170 

or 

BOYSPAN INTERNATIONAL LIMITED, 

Richmond Road, Ibstodc, Leicester. 

Tel: Ibstock 60616 


GOLD MEDAL WINNERS 

Lars* Oooftr. small ooo/s. concrete or Orefabrlcoterf. 
simple or intricate, difficult or easy. Indoor or outdoor, 
home or overseas 

Atwapr provided you want the best 

ChMlfcsJs. servi cing , renovations. Siuna. Solan urn, etc. 



aquarius swimming pools 

1 1 1 |~~l I 5a Prospect Street. Caveroham, Reading 

"V" Berkshire RG4 8JB 

Telephone: Reading (StD 0734) 478405 




THE BISHOP 


GROUP OF COMPANIES 

We offer a complete swimming pool service • 
from design to construction including ait 
landscape works 

BISHOP HOUSE • BATH ROAD 
TAPLOW * MAIDENHEAD 
BERKS * 5U 0NY 
BURNHAM 4444 (10 lines) - 

Please send for coloured brochure 

- w 


CAPITAL! HOW TO 
SAVE ON INSTALLING 
YOUR GARDEN 
SWIMMING POOL 

. .• Member of SPAT A . 


CAPITAL, leading distributer* over ; 1 
years, supply .complete Pool- Pi ky - 
liners. pumas, rslycs. Biters httlno 
chemicals, test kits.’ from aroun 
£1000 inc. VAT A Carr. Vou sup* 
ihe hole i Easy to Install. CAPITA 
also supply Individual Items. *«» 
wna, chemicals. Ask for FRE 
brochure. 

CAPITAL SWIMMING 
-POOLS LTD. 

The Bury Farm. Pednor Road. Cheatan 
Bucks. MPS 2JX. Cites ham 72881 M 


TANBY SWIMMING POOLS 

. (SJP-AJA.) now add " family fun ” pool to their 
range of- concrete pools. Full details — write or 
. phone Frant Station, Tunbridge Wells. Frant 456 
(5 lines). 


Croda Paints Ltd 



Grads Paints are the.: leading 
suppliers of swimming pool 
enamels both solvent borne: 
Regnador. and water borne: 
Hydroprene. Free .echnical 
advice and site visits available 
* at short notice. 

Croda Paints Ltd. 

Park Lone, Hsrefleld 
Middlesex UB9 6HQ 










v.lMtTtLWnctiNiaro 


Why are we 
Britain’s No. I 
in client's 
satisfaction ? 

Highest quality. Lowest price, 
Deiigned, constructed, maintained by 
the most competitive swimming pool 
company. 

Write or Pirane to-day: 

SURREY SWIM POOLS LTD. 

3 Headley Road 
Htadhead, Surrey GU27 ALE, 
(STD 042 873) 6410/4481 


MNHfOt POOLS 

if you have ever considered a pool then been discouraged by 
thoughts of excavation problems, the mess it will all cause, future - 
house moves, or quite simply, cost then what you are really looking 
for is the entirely new conception embodied in a Pinetog Pool. Easily 
assembled, semi-inground, its self-supporting walls are suitable for 
any site, natural pine blending attractively into natural surroundings. 
From £1 500:$AUNAS, LOG CABINS, POOL HALLS. GUEST CHALETS, 

pfaetog Products LM, Dept 11, 

Rhrara hfe World. Mwwwll, Dutrphim DEC 1GJ.TM:[STO 082-981 J330T/2. 


COVERING THE NORTH MIDLANDS. 
CENTRAL ENGLAND. . NORTHERN 
ENGLAND AND ALL SCOTLAND 

PAKP00LS of HULL 

MqmvIs Horn, Manchester Street. 
Huff, North Humberside. 

^“^.£”=33 

SUPftT A INSTALLATION of ant 
TYPE OF SWIMMING POOL, ETC 




For free colour brochure on 

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FordVEaunu BnUutuid SOpS ft 
NttTSC&m&Z.-.a.Drin flDr 
IMgj te . 8aie»'Wgihanc<9*«i 


tOtiCASHB-SOUWlA • 
GLASS 5 HOV/ER ENCLOSURES 




LANGLEY'S 
Ceramic Tiles 
\for 

Swimming Pools 

.17 .-you is r» . ; j i uKn i u s w i m m • .-••• 

por . . -,j. v. i art ir 'll- a ..Un 
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ygisyV ';in>i Icorsrriic-: <z 

Vo u". pool'cnci- 1 surroCJfid.- 

' LANGLEY LONDON LIMITED 
THET.TILE CENTRE 

0 '-'A' Cs. 



totSf-Cnn’in 

APR 1 1 ii 


ALL SWIM LTD. 

for all types of pools 
and D.I.Y. Kits & 

Pool Chemicals. 

11 Crwys Eld., Cardiff. 

TeL: 41 884 or 

Mill Lane, BlackpiLL, Swansea. 
TeL: 6154L 


FOB THE Riff ST 

SWI1MNG POOLS 
FILTRATION 
CHEMICALS AND 
SELF BUILD SCHEME 

Rutherford 

BATTLE SUSSEX ENGLAND BBATTIE 22« 



!l\ 


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A POOL FOR ’78 

PAS of Woking can design asg 
build a pool tailored to your .. 
and price with first <da» «rvic^ 
back-up. Ring us t^day- 
POOL ADYEORY SERVICES 
EfiLET ROAD WOKING SUftREf 
TEL: 


Pacemaker 

MAJI XUNEi nwd/m&wf wtwjirwW 
«murt/imrbl« pool Iming. „ - 

PACFCOTfe high quality aoi* P 0 ** 

PACECMTfc ready mi*** 

wily sjYftvd pwtaf I* 
Hdot aod pod BJrround*. 

■.O. BOX 700, ETN5KAM. 

* TeL IIS! 17 






















financial Times Saturday March 4 1978 



19 






. f . 

#*r 'a-. _ 

y-^rwa.: . 
^ ]ri: 





ima 


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THE AJIAZUVG thing about 
West German Landes- 
- ,nKs ' • American banker 
fry once remarked to me.' M is 
• lc,r ability to lose huge sums 
■• nu>ney and still surviyp."" 

• This somewhat jaundiced 
•mmont encapsulates the atti. 
Jde or many foreign observers 
1 one of the Federal Republic's 
n*t powerful banking sectors. 
• :mi!ar views can often be 
a ard from German private 
inkers — only the amazement 
missing. 

Certainly, the Landesbanks 
,% T provided the banking 
immunity with plentv of 
WS| .P in recent years. 
<^sische Landesbank’s share- 
_ aiders have had to write off 

J2J* amounting to well over 
~ — «^«-bn. after a series of 

W ~'^>0“ r t f d in_the first half 

5 Rl KPPn ^ derate. The prestige of 
ft Eft" Wes t"T>eutsche Landesbank. 

“vie Federal Republic’s third 
-■ rgest bank in. balance-sheet 
.••'tal had scarcely recovered 
om the ■ 1974 foreign ex- 
'ange losses, when it ’ was 
icked by a polidcal slanging 
aten following the resignation 
Herr Ludwig Poullain, its 
..jg’chitect and chief executive. 
vvS&Hei-r Poullain. the man who 
• .j>ohably did most to lead the 
^ndesbanks . into the inter- 
- Rational market, gave up his 
.^DSt after accusations that he 
sd behaved improperly in 
■cep ting an advisory contract 
* Com a property concern which 
■ ter went bankrupt. He 
'fended himself vigorous!'- 
v the row' • that ensued 

T,f. • ^suited, aiming . other things, 
tb® resignation of the 
^^^sOinance -Minister of North 
hme — Westphalia. 

The Landesbanks' primary 
metion is to collert and re- 
nt#**>* , - p,oy the surplus liquidity of 

nifty vOClS ,e pnI}Jlc authority-owned sav- 
iss hanks. Some Landesbanks 
•r.- i t ro act as central banks to their 
(dividual federal states and 
' J- .»nie act as central cleanna 

... tine* Tor the Giro. While all 

... ... . 7 them hsve Qr slate P"Ji- 

• cians on their ■ supervisory 

\s\%w;vxiards, not ail haye their equity 
§ j»r *lit between the state and the 

ft [ j j - * mngs banks. • 

Wrst Germany.. unlike Britain 
r the US., has a universal 
anking system." Investment 
anktng is not separated by law 
■nm rhe commercial side of the 
usiness and. therefore. German 
anks usually offer the whole 
amut of services under onp 
™f. The landesbanks and 
inr savings bank shareholders 
nmpme actively for business 
t»li Hip commercial banks and 
ic targe co-operative tanking 
ermr. 


BY GUY HAWTIN in Frankfurt 



A sene* of unhapps 1 
not only financial 


yinvesmienh. has brought Ke&asete Landesbank n.. s - , _ 

,:w, , IINnw problem but some hostile political attention. J * “SMS Clie Jr resident resigne 
Andrew Hargrave, .FrmVfiirL CorTOiporjdcm rommes die events after armifde; 

and atdrades which have brought about .. . " u,s JnOn problems 



the background to 
•Girccfiuralc 


Westdeoecfte'^s’ Growth-at almost any price. 

Joss at Dm 27 fh* 


■N? 



l-Vfr**. 

!!*««»- 


so.** 




By any yardstick they are. 
very large banks indeed. The 
West- Deutsche Landes bank has 
a balance sheet total of over 
DM75bn., while the Bqyensche 
Landesbank Girozehtrale boasts 
total assets . - ' ojf_ D.Vtoabn. 
Hessische Landesbank ’total 
assets amount ■ to DM40bh. and 
even the seventh largest in the 
league. Badische Kcunmaadle 
Landesbank GirozentraJe, has 
total assets dr. more "than 
DMlobn. 

It was not until the" mid-to- 
lafe 1980s that the Landesbanks 
became in any way contraver-. 
sial. Before then they, were 
very much concerned with their 
domestic business and- played a 
particularly strong role in the 
post-war reconstruction of 
German industry. They were 
far better placed than the com- 
mercial banks, for instance, to 
finance the various sections of 
pre-war industrial empires, such 
as Krupp and LG. Farjben, *plit 
up by the victorious allies -at the 
war's end. Nobody had- much- 
idea of what effect "tue.. indus- 
trial dispersal would have . on 
the sundered companies end the 
commercial banks- had .neither 
the same access to long-term 
funds nnr thp ability f» 
shoulder- ;ihe bulk of the 
unknown and unassessable risks 
involved in such projects*: 

If the West German comm er- 
rial banks came relatively late 
into the. post -war international 
arena, the Landesbanks were 
even later. They were, to use 
the old metaphor, thr sleeping 
giants o f the industry. But wheq 


they did enter the market. 


was apparent that the larg 


i 


ones, at least: were determined 
to make up for lost time. 

What impelled Thera into the 
market in the first place? 
Grind old-fashioned market 
forces appears to be the answer. 
Herr Hans Berndt, ■ Badische 
Knromunale's director in 
charge of overseas businpis, 
said that much of ihe pressure 
to increase foreign activities 
came from their savings bank 
shareholder?. 

“ The savings hanks had bpen- 
facing more and more competi- 
tion from the branrh hanking 
operations of the large commer- 
cial banks. Customers in small 
and medium -sized industrial 
companies needed the foreign 
facilities offered by commercial 
banks to conduct their export 
business. H did not take the 
savings banks long to discover 
that if they were unable to offer 
the same overseas services as 
the commercial’ banks, they 
would not only lose the foreicn 
business hut also all the 
custom." he *aid. 

It was quite impossible for 
*mall. lnrally-based savins? 
bank* to hiuld up their own 
overseas hanking network. Mid 
Herr Berndt. and. naturally, 
they turnrd to tbpir Landp.- 
hank to provide the service Dr. 
Heinz Sippet, the man charged, 
wiili putting Ihe Hessische hank' 
hark on its feci- afler 1974'«i 
huce losses, agrepri. But h*>l 
aKu pointed nut that, in th«>: 
heavily industnali c ed area?, 
particularly, the Landesbank? : 
tbem>elvc? had started the, 
move into the overseas market J 
:.Tbe. Iiiujriesbank'v. like any.- 
other banks, actively, sought 


husiness and. naturally, were 
-non advancing loans to 
German exporters. As the 
“ economic miracle " got under 
way. and the deutschemark 
regained convertibility, the 
Landesbank.? found themselves 
more and mare in the business 
of. financing foreign importers 
for specific - deals with West 
German companies. 

“German companies v.vuid 
point out to us that the loans 
they took out would, in effect, 
be passed on to a foreign im- 
porter and that they were 
businessmen and not bankers. 
The logical thing of course was 
for. us to do the business direct 
and save our German client the 
paperwork.” said Dr. Sippel. 

Dr Walter Seipp. deputy rhief 
executive of West Deutsche 
Landesbank and head of its 
foreign operation, put it more 
bluntly: " The size of the mar- 
ket wa* such that no bank 
could ignore it." Dr Hans Peter 
Linss. who is in charge of 
the Bayerische Lande«hank‘s 
foreign business, suggested that, 
although the municipally owned 


savings banks had a large slice 
of Germany .? savings business, 
they had a much smaller share 
of the industrial lending busi- 
ness and ihe Landesbanks had 
a duty to ?ee that their sector 
had "a proportional interest in 
Germany's foreign business. 

If the move into overseas 
business was a natural and prag- 
matic development, rather than 
a vainglorinns rush into an area 
nr massive potential profits, why 
the high losses repnried by snmp 
of the banks m recent years? Dr. 
Lins? pointed out that the West 
Deutsche Landesbank"? foreign 
exchange ln««r»s happened under 
unusual circumstances that 
could hav« affoetpd almost any 
bank, while Hessisrhe's massive 

writc-'offp wore almost entirely 
attribntahle to domestic market 
operations. 

Certainly many hanker? m 
the private sertnr would holly 
dispute- that the circumstances 
of the West Deutsche Landes- 
bank's -foreign exchange losses 
could have arisen in their 
hanks. However, it should be 
pointed our that they resulted 
from an attempt hy a spnior 
member of the staff to recoup 
fnreicn exchanee losses by 
further speculation — circum- 
stance? not without historical 
precedent. 

Many private hankers contend 
that the losses arose hecause 
of the relative lark of experience 
of the Landesbanks in new areas 
of operation. Dr. Seipp pointed 
out that at thp time that the 
We«t Deutsche ? losses occurred 
no hank had had enough experi- 
ence in dealing with a wildly 
fluctuating foreign exchange 
market. The foreign exchange 
business is a negative business 
in that your profit is always an- 
other man'? loss. The business 
is. of course, essential if you 
want to offer clients the full 
range of Foreign services and. 

I can say. that since 1974 the 
West Deutsche has not Tost a 
pfennig in its foreign exchange 
business." 

What of the Hessische Landes. 


bank's loss in the property mar- 
ket? Dr. Sippel pointed ont 
that the saving? banks and 
Landesbanks have always been 
in the property business. Financ- 
ing local development through 
their building societies has for 
long Keen a primary obligation 
of the savings banks, the lead- 
ing shareholders in the Landes- 
banks. • 

However, he agreed that dur- 
ing the property boom of the 
late lPfifls and sariy 1970s their 
unrmally . conservative specia- 
lists in property abandoned 
their- normal caution. Many com- 
mercial banks behaved in the 
same way. he said. Some of the 
Hessisrhe's property losses were 
st» spectacular that they -anil 
never hp recovered, but. said 
Dr. Sippel. a large proportion of 
them Innked not half ?o bad 
now as at the end of 1974. A 
property pnrtfolio could not be 
looked upon a purely short- 
term investment 

Contentions from the commer- 
cial sector thar the political 
representation on the super- 
visory board? of the Landes- 
banks makes if difficult for them 
to pursue a strictly commercial 
policy are perhaps more diffi- 
cult to deal with, Herr Ludwig 
Poullain's resignation as chief 
executive of the West Deutsche 
was preceded by a political row 
ai least ostensibly about the 
bank's overseas business stanep. 
The major political debacle that 
followed ended in the resigna- 
tion of the North Rhine-West 
phalia Finance Minister. 

Most Landesbanker? seem 
agreed, however, that the clash 
between Herr Poullain and some 
of the politicians on the Bank's 
Board was a clash of personali- 
ties. and that the Bank's over- 
seas business policy was not 
really in question. Indeed, 
since Herr Poullain'? departure 
The bank has been at pains tn 
assure Press and public that no 
change in policy is- contem- 
plated. 

Dr. Seipp insisted that poli- 
tical consideration did . imr 



Dr. Heinz Sippel— head of 
the Hessische Landesbank. 


figure in the supervisory Board's 
decisions. These, he said, were 
made on strictly commercial 
considerations. 

Dr. Sippel said that he had 
never suffered from political 
pressure at Board level and 
that nobody had asked him 
his politics when he was asked 
to take up the job He aJ-?o 
has the rigbl of vetoing the 
supervisors- Board's appoint- 
ments to the management 
Board. 

Shareholders, however, have 
rights, as Dr Sippel has pointed 
ouL While 60.000 shareholder? 
in a commercial bank could dn 
very little to assen themselves 
— thu« effectively putting total 
management power in ihe hands 
of the executive board — the 
two blocks dominating Landes- 
banks' supervisory boards 
meant that shareholders could 
exert far more influence. The 
Landesbanks" supervisory 

hoards, because of their nature, 
were much more open than 
those of the commercial banks. 
The public's "' right to Know “ 
meant that the Landesbanks 
had not the same chance to hide 
their errors as the commercial 
banks. 

But the politicians are nut 
■without influence. One leading 
banker ar a smaller Landeib-mk 


Pr. Waller Seipp— deputy 

chief executive of the West 
Deutsche Landesbank. 

fold me that the local majors on 
hi? Board were not so Keen c-n 
expenditure to develop foreign 
business as the di recto.-* from 
the savings banks Dr Sippel 
said thai politician? were, 
naturally, interested in develop- 
ing depressed areas within their 
State but if risks could not fee 
.justified commercially. the" 
State Government would be 
asked to issue a guarantee 

The crux of ihe question, 
however. is whether the 
“ Poullain Affair." coupled with 
pa?r mistakes, will mean a 
change in direction fur the 
Landesbanks. The answer is 
almost certainly rhat the pre- 
sent course will he maintained. 

If nothing el?e. market forces 
dictate . that the Landesbanks 
will retain their growing 
interest in foreign business. 
The domestic industrial lending 
business remains slack with 
little hope of major improve- 
ment this year. Consumer creffir 
demand may well pick up 
further, bur this is unlikely m 
change the Landeshanks" over- 
seas business policy. 

Dr. Seipp emphasised lhat 
thp West Deutsche."? policy 
remained unchanaed. although 
the rale of expansion was 
hound to tail off a? the foreign 
business base grew. . 




A FINANGIALTIMES CONFERENCE 

ON ; 




UP 


% s 


u-' - 






Hotel I nter-Continental London 
f APRIL 6-7 1978 

The. Financial Times, in association with the Institute for Fiscal 
. Studies, is organising a conference on the Meade Report at the 
Hotel -triter- Continental* London on April 6 and 7v. 

Professor J. £. Meade. Chairman of the committee which pro- 
duced the report "The Structure and Reform of Direct Taxation", 
and the deputy Chairman Mr. D. J. Ironside together with their 
colleagues, as well as Mr. Dick Taverne. Q.C V Director of the 
institute, will be explaining the proposals and giving answers to the 
comments that will be made on them. 

City, industrial and trades unions* views on tbe Meade Report 
will be presented from their individual standpoints by leading 
speakers from these areas. » ‘ 

The conference will allow substantial opportunity for questions 
and discussion. 

FINANCIAL TIMES 

fUROPFS BUSNESS NEWSPAPER 


A 


* — — — — — — — t*!-'— — ; 

V completed and returned toi 

£*■ The Financial Times Limited, Conference Organisation - 

Bracken House. 10 Cannon Street, London EC4P 4BY 
_* , Telephone 01 -236 4382 Telex : 27347 FT Conf G 
s.-s.fV?* Pieas& send me further details of THE MEAi 


MEADE REPORT CONFERENCE 


•'BLOCK CAPITALS PLEASE 

[ “*T v NHHMWUUHtn 


vliinlaiimifin 


_v" Comwinv.M. 


'"Addmw.« 


w wm »m m 







«* *• 


.. r- 







Financial Times Saturday March 4 197S-& 


WALL STREET + OVERSEAS MARKU S + CLOSING 


Small gains in majority 


BY OUR WALL STREET CORRESPONDENT 


MOT YORK, March 3- 


S?*XALL GAINS were in the 
majority an Wall Street tn-Uay, 
although the close was below the 
best. 

After opening 2.16 up at 748.61, 
the Dow Jones Industrial Average 
finished at 747.31. a net gain of 
0.S6. and redurine iu lots on the 
week to S.fW. The NYSE All 
Common Index. at if+5.67. was up 
7 cents on the day hut down S2 
cents on the week. Rises led falls 


FRIDAY'S ACTIVE STOCKS 


Change 



Stocks 

traded 

Closing 

nnce 

an 

day 

Lawler Chemicals 254.3M 

q 

+ i 

Marshall Fhld .. .. 

225.500 

531 

■4- l 

Reserve Oil Gas ... 

5JJ.HW 

131 

■••Is 

Amer. Alrlmus .... 

IKI.»in 

0* 

- ^ 

Kennecnti Copper . 

IS7.MMI 

5T.{ 

+ 14 

Wnifinghoiisc EIcc. 

is ;. oki 

174 

fr 

IBM 

ITS TO 

24. 

-4 

Cooper Laboratory. 

lTfijnn 

26 

_ | 

United Nuclear ... 

lra.TTM 

374 

+r.j 


Ford Motor added Si at S43S on 
n 20 per cent, rise in late Febru- 
ary car sales, while Chrysler shed 
Si to SlOi on laTe February sales 
down 27 per cent. 

Getty Oil climbed S6J to 8160 
on 9 four-fa r-one stock split 

United Nuclear jumped S3* to 
£374 on winning its suit against 
General Atomic. 

Emery Industries fell tSi to SISi 
on a revised offer. 

Tym share lost $2} to SIS*— it 

reported lower fourth quarter but 
higher year net earnings. 

Shaklec dropped $2 to $20 on 
cuts in estimated earnings. 

THE AMERICAN SB Market Value 
Index rose 0.03 to 123.09, reduc- 
ing lie loss on the week to 0.7S. 


OTHER MARKETS 


Canada higher 


by 734 to 552. white the trading 
volume wa» little chunged at 
20.12m. «20.2Sm.» -hares. 

The markei opened higher on 
a . report yesterday, the U.S. 
Money Supply declined modestly 
in the latest statement week and 
on reports the dollar advanced in 
Europe. 

But investors were cautious in 
advance of the week-end voting 
by coal miners on the proposed 
contract with bituminous coal 
operators. 


With the exception of Golds, 
which dipped 8.4 to 1,337.8, ail 
other sectors gained ground in 
moderate trading on Canadian 
Stock Markets yesterday. 

The Toronto Composite Index 
put on 4.9 to LQ14..1, Metals and 
Minerals 2.1 to 783 a Oil and Gas 
IL2 to 1,335.1, Banks 3.31 to 246.03, 
Utilities O.fil to 163.26 and Papers 
0.47 to 93.99. 

PARIS — Rise continued but at a 
slower pace than previous two 
davs. 

BRUSSELS — Mostly lower in 
very quiet trading. 


Gcraert up Frs.2 to Frs.1.236 on 
increased 1977 dividend and earn- 
ings. 

U.K- German and French stocks 
rose. Dutch and Canadian little 
changed. U.S. mixed. 

Gold Mines rose. 

AMSTERDAM — Quiet and 
mixed. 

Internationals little changed. 

Transports widely mixed. Bank- 
ings weaker. 

Dealings in K5H suspended. 

OSLO— Bankings and Indus- 
trials quiet. Insurances and Ship- 
pings easier. 

COPENHAGEN — Mixed in mod- 
erate dealings. Banks, Insurances 
and Shippings higher. Commodi- 
ties also generally up. Communi- 
cations and Industrials mixed. 

VIENNA — Market continued 
easier. Constructions edged lower. 
Breweries irregular. 

SWITZERLAND— Markets edged 
lower In light volume, after re- 
cent heavy turnover following 
ban on foreign purchases of Swiss 
stocks and bonds'. 

Banks eased over a fairly broad 
front, including Bank of Switzer- 
land despite its better results for 
1977 and proposed capital in- 
crease. 

Financials and Insurances 
barely steady. 

EG-Laufenbnrg slightly higher 
on pro posed capital increase. 

GERMANY— Slightly higher, 

reflecting lack of any Foreign Ex- 
change control decisions by 
Bundesbank. 

Gains chiefly in secondary 


slocks, with major Chemicals, 
Banks and Steels largely 
neglected. 

Public Authority issues put on 
up to DM0.30. Bundesbank sold 
PMG.3m. nominal of stock. Mark 
Foreign Loans also higher. 

MILAN. Mixed in fairly active 
trading. 

Leading Industrials showed fair 
gains. Financials irregular. 

TOKYO — Higher in active trad- 
ing. in anticipation bf an early 
official discount rate cut Volume 
370m. 1390m.) shares. 

Electricals and Cameras rose. 

Rico gained YU to Y507 and 
Canon YI4 to Y470 an good earn 
ing prospects! 

AUSTRALIA — Some Industrials 
rose on selective demand, while 
bargain bunting helped some 
Mining leaders. 

Bank of New South Wales rose 
6 cents to SA5A6, while olber 
Banks were mixed.. . 

In Golds. Central Norseman put 
on 10 cents to SA9.Q0. 

HONG KONG — All sectors 
advanced sharply, except Textiles, 
in very active trading, attributed 
to abolition of stamp duty and 
the generally bullish Budget 

JOHANNESBURG — Gold shares 
firmer in modest trading. 

Ergo rose 25 cents to R5.50 on 
gold and uranium production 
reports. 

Financial Minings mostly 
harder in light trading. Platinums 
steady. Coppers better. 

Industrials narrowly mixed is 
slack trading. 


Indices 


R.Y.S.E. ALL COSMO# 


NEW YORK -DOW JONES 


Mur. Mar. i Mt 

3 2 1 


Feb. 


isn-n* 


Rian and CHI la 

Mar. 3 [ Mar. 2 i 


28 High I tat» 


Mu*. . Mat. 


1977-fS .iiu-e l-oismIm'd 

Mar. . F»b. | Frh. < Fab. | - • - ■ 

l •. 28 • SI . 24 ■ Hurt) | taw | High ; taw 


Ihom traded-... 

Rises 

Fan* 

Lnrfasnrje.! 


<8.67- 48.S&1 48.43! 48.45 S/J7 ( 48.45 

I 1 |rt<liT!i ci8J5u7A Htetia. 

>•«* Laws. 


Mar. 1 


1.830 

754 

552 

534 

35 

51' 


1.836 

740 

578 

61S 

19 

77 


1.833 

554 

660 

930 

10 

107 


Industrial .. 747 it 746.45 745.35, 742.12 748. 5B 766.24 risa.Th ! 742.12 IUSI.70- 41 SI 


_ • «5>l.'77i j*-fiB>B, ie>iU#U74| (2/7/32) 

ITiru»Bnl«». 89 50 83.46 89.46 89.49 89.62 99-61 95.87. B9J5 - - 


„ l7/* k-45/liTalJ 

Tian-f-ut....' 201.65 201.84 201 . 1 1 - 201.40 203.89 206.85, 246.64 I latf.BG 1 279.98 I 15.25 
... , .l£»Oi fSiilOi rt'&tfft : (3 1 JB) 

Ltilitiea 105.65 105.45 105.55 106.76 102.94' 1M.2I 1(9.67 j 102.64 I 165JZ < 10.08 

_ l.iK.-2/7/i r22«/t6i(aua/6W) 

Trailing vni > 

W«l 20.120 28.2BD 21.010’ I9.7S0 19.990' 22.51D : 


Ka-i> «if »nn^* charmed *nnr» aiunwr 14 


KOXIISLEAL | 

Mar. ) Mar. , 


1917-71 

9 


5 ! a 1 

! 1 ; « r 

High j 


Indmtrinl 

Combined 

[ 1S4.52- 1 64. SI? lBS.ea T 68. 171 
| 174.14 178.47, 172.77; 172Jfl| 

1«L47 (11/31 
ll7.-« (19.1.17) 

19a.u2 *83/ 1ft 

166.60 ifoflOl . 

TORONTO Composite 

| 1014.6 mOJBj 

I lOOOJj 1006.7! 

WB7.4 (19/71 

*81.0 (SK.lUl 

JORAHMESBOKG 

Gob] 

[ 206.1 i ZB8.4 

80 Ijj 200. J 

2lr/ (I mm 

ISS.I l2t/« 

1 iu1u«lnali> 

188.B i U9J 

108.9! 19fl.4| 

>14.4 /4.L/IA 

16m. 1 f£iA\ 


In*l. .li r. yield -J 


tr-k 24 


Frh. 17 ; Feb. 10 Fear atpi taoprnx.i 


6.14 


6.15 


5.94 


4.60 


Mar. 

3 


tfuiv. ,liu. loLtii- la 

•mi* Hmb ' ta« 


Spain 


til) 


STANDARD AND POORS 


. Mar. Mar. . Mur. Fr*.. 
1 :• i 2-- 


IHii-Il' '-ineal.<«Tijiiiai'n 


IVh. 

leh. — . 



27 . 

i;4 . Hurt ! 

taw 

- Hi-h i ta» 


. , '3-1. -77 VdBi ufj'*11-|('Mi|»aC.ti,5iO 

*Cnrr^*Ur ; 87 45 B7.52 97.19 87.04 87.72- 96.49; 107 . jO • B/JI4 1 125.85 1 4.40 


Aiucnlia(*ii *42.39 
Belgium (Ci 43.U 
Denmark “i, 97.16 
France 

German v(;; i 799.5 

Holland ifttr T9. 9 


i • i.t.l.rli Omlhrii'i.tll.I.iM il.+tsc) 


Mm. 1 

F«h.22 . 

Feh. lb 

( Irerac’itnpfTOX.i 

Itbl. Hir. rirM t 

5.57 

6.47 

5.55 

4.15 

Ini. P b Kftin. 

8.40 

8.45 

6.57 

1 10.85 

tael, li.+U M-ui-i tie,.* 

8.23 

B.27 • 

8.26 

7.76 


Hong 421.62 

Italy 1631 K-hG 


Japan *ei AJ2.M 
Singapore 1 269.94 


S4LK6 4ld.«, 

rd.-li ib){l6/2>77 

• 95.07 1 an. 1 2 ; -0.45 

(lUil.-Tl (12,Ii7B 
I 97.47 UWJtt i 94.00 

| , iJrtJ' 

! S2.9 30.4 • 4i.fi 

i (LI/ fn; (luiSi 

. 7W.9 el54 11JSJ4 

'll Mil ilOtf) 

• 79.8, 94.2 IDA 

. , H/O) ! t2UM) 

• 4I2JS5 . 429.W ! 60 AM 

1 i 01*1 liU l,7t 

! 61.91 74.11 ! b4jju 

1 '(Cil 77V (22(12) 

3WJS1 1 3-2.64 aM.4M 

i3 3i«3) (34.11) 

»9.d9 *i|.bc , 

I '3*Ji 


Sweden 


Switrerl'dl 


Mta. j Pm- 119/7-79 {1977- |C 
3 mu l Hurt taw 


BL20 


90.76 luau.- 1 0.76 

i I IOO/121 h 2 5 It) 

364.B6 1 547-58 j ujoA' 

. )2&5j 1)24, Uj 

303.1 1 305.0] AZa.f i 

• fM-27-i «•« 


Indices and base dates tall base values 
100 except NYSE All Common — M 
Standards and Poors — 10 and Toronto 
MO-l.WO, the Ian named based on lSTSi 
tExdudinx bonds (4M Industrials. 
14M lads.. 40 Utilities. 4B Finance and 
30 Transport fti Sydney AH Ord. 
t|li Belgian SB 31/12/81 <**1 Copenhagen 
SE 1/1/73. <tt) Pans Bourse ISfflL 
CoonwTzbank Deit, 1933. ijpi Amster- 
dam. Industrial 1910. < r .'-i Hans Sena 
Bank 31/7/84. (liit)MDaO *ri/7-l. ia» Tokyo 
New SE 4/1 '68. (b) Strain Times 1966. 
inclose. Lri Madrid SE 3fl/l2/T7—higb 
and low for 1978 only. fn Stockholm 
Industrial 1/1/58. (/) Swiss Bank Cont- 

ra' Un» variable 


F.T. CROSSWORD PUZZLE No. 3,609 


A prise of £H mil be giren tv each of the senders of the first 
three correct solutions opened. Solutions must be rcccired by 
ncri Thursday, marked Crossword in the tap left-hand corner of 
the envelope, and addressed In the Financial Times, 10. Cannon 
.Street. London. EC4P 4BY. Winners end solution unit be given 
next Snturri«!i. 


\nnic . 

.Address 



in 


it 

12 

ir. 


H 


2(1 


34 


2fi 


^1 

2S 


ACROSS 

ijn.irry several find playful 
f. Si 

A l.iriie nuuibor wph tendor 
rnc*-t ifi) 

Mi -lake by li .dim oncer pre- 
paring plaice i5i 
Man's lees end in yard (5. 4) 
Knin finished east (Hi 

Holiday cenire recently stolen 
by the Spanish <nl 
Thwarted dunderhead one 
Innk off (Hi 

Hr wnrki hy the w.iv (7) 
Notice mud tn right of fan 
i7» 

Insert from Ch.mnri Islands 
c.mcht hy girl (fit 
rermii key lo become out »f 
date tnl 

When the S"() k cancelled, 
passengers are left without 
ir.Mnictiion (P» 

Lake pnsMhlv that girl would 
regard ns turning point 19) 
Hirl well when hoarded (5. 2> 
Banc goes a news item (Si 
Qmct prnpir with .stamina 
nerd more than one dressing 


city when fully developed f”) 

6 Running costs concerning 
chief pricsl's flock 18, 7j 

7 Slreel for those going to press 
London flower 15) 

R Remarkably brisk though 

somewhat noisy (S) 

9 Manufacturer working to the 
hitter end (6) 

lfi p.irisicnne leaving South of 
France on clear note (91 

17 Chap might make labour 
available (Si 

19 Hooligans wearing fancy neck 
wear ibey say (fi) 

20 Cronin's strong point 17) 

21 Handsome chap said nn for a 
change (61 

23 Didn’t gn in bed until day 
finished 13. 2) 

Solution lo PtU7.|p No. 3J>0K 


EQaaiaaQ BaganGQ 
H 
S 

a 

E 
□ 


IK U 1 

L 

fl 

U 

£\ 


DOWN 

T Ape famous histnri.in (fil 
2 Stylish trick is kind to one 
ver^oant-major (9) 

K Injured porter (9. 6> 

4 Marncd gams round ancient 


BansatrsHns sssoh 
ei s a 5 9 
ssshh agaaaoaas 
a- b n. -B a -s s s 
sBasssans hsbsb 
e a ji ra - m h a a 
finsBgaa f 3Bg!3?5nEi 


SOLUTION AND WINNERS OF 
TUZZLE No. 3.603 

Following are the winners of 
last Saturday's prize puzzle: 

Mr. Michael Muntsumcry, 
14. Randolph Atfrnue. London 
W!l IBP. 

Mr. A- fl. Prafle.v, Park 
Lortcc, Horton, Nnrthanls. 

Mr. E it. Smith-Wripht. 
ShnthM Farm Cottage. Ford 
Hoad. Chobbam. Surrey. 



Midnight Court 
can break Dawn 


FORT DEVON has come through 
his final Cheltenham “prepara- 
tory". with flying colours and 
now his only serious market 
rival. Midnight Court, is to out 
his reputation on the line. This 
afternoon. Fort Devon’s top-class 
rival will try to maintain his 
unbeaten record for the season 
in Newbury’s Morgan Grenfell 
Geoffrey Gilbey Chase. 

The 21-miles — principal prize 
in a programme in aid of the 


RACING 


BY DOMINIC WIGAN 


Greater London Fund for the 
Blind and the Berkshire Blind 
Society — may be on the sharp 
side for Midnight Court, but I 
feel reasonably confident that nis 
class will carry him through. 

I hope to see him control 
proceedings early in the home 
straight (as he did when clearing 
Master Spy two fences from 
home in the SGB Chase at Ascot) 
and winning at the expense of 
last year's winner. Even Dawn. 


in spite of the withdrawal of 
the Irish pair Tunzenberg and 
Hippolito. the Philip Cornes 
Saddle of Gold Ilurdle remains 
an intriguing event 
Here Ballyfln Lake, winner of 
his last three races, bids to beat 
Lighter. I feel that lighter, 
exceptionally impressive, when 
defeating Nlmrody by 10 lengths 
at Haydock last time out will 
prove too smart. 

NEWBURY 

1.30 — Major Thompson 

2.00— Jan Stewer 

2.30 — Lighter* 

3.00— Midnight Court 
3J30-— » Goose Pimple 

4.00— ' Tim rale’s Battle 

HAYDOCK - 

1.43 — Apple P.rincess 
2.13 — Rambling Jack 

2.43 — Bootlaces - 
4.15 — Mark Henry 

HEREFORD 

1.43— El Cardo 
2J»D— Nescio 
3.53— -Nimrody*** 

4*25 — High Prospect** 

MARKET RASEN 
1-10 — Charbonnier 

2.00 — More Luck 
2.35 — Cavity Hunter 
4.40 — Choral Prince 


Bankers forecast dollar 
weakness will continue 


BY ANTHONY ROWLEY 


SINGAPORE, March 5. 


CONTINUED WEAKENING of 
the U.S. dollar, coupled with a 
further strengthening of the yen 
and possibly with renewed pres- 
sure on the pound was forecast 
by U.S. bankers meeting here 
to-day. 

At their annual international 
money management and foreign 
exchange conference, senior 
officers of Bankers Trust Com- 


pany — predicted, a 1 so the contin- 
uance of “very nervous" condi- 
tions in foreign exchange markets 
for the short term. 

This mood would continue 
“probably until later this year 
when we would expect to see 
some emerging improvement in 
the monthly U.S. trade figures. 1 " 
Mr. Gordon Curtis, senior vice- 
president of Bankers Trust, said 
after the meeting. 


SPAIN • 


March 3 

Asland 

Banco Bilbao 

Banco AUarmco (LOTH 

Banco fnmral 

Banco Exterior 

Ranco General 

Banco nraoada M.nooi 

Banco llupano 

Banco Ind. Car. 1 1.0001 
B tad. Medilerraoeo . 

Banco Popular 

Banco Santander (35) 
Banco L'rouUo IIJM* 

Banco Vlzcara 

Banco Zarasazana 

Ban Iranian 

Banns Andalusia 

Babcock Wilcox ........ 

ac — - 

Drasadas ........ 

E. t. Arasoaesas 

Espaaola Zinc 


ExpL Rio Tin to ......... 

Fecsa U.IHDi 
Fcnosa *1.0001 ......... 

Gal. Prcctados 

(Trnpo velamucz fun 
Hldrola 


F*r cent 
UD 
2S3 
200 
383 
2Tfc 
282 
IS 
2D3 
U4 
U2 
205 
310 
Bfr 
2B2 
300 
134 
221 
29 
U0 
222 
58.50 
111 
%J0 
4T50 
43 
K2 

145 - 

» 



lbenJnero 

13 - 

+ 1 


Imnahamf .. . . 

n 

- 5 


Olxrra 

u 

— I 


Papeleras RennHlas .. 

50 

- 3 


Pptrollber 

130 

— 1 


PemHeo* 

1ST 

+ l 


Sarrlo Pspaiera 

45 



— 

Fmace 

suo 

+ 030 

— 

Sogefba 

120 

-re 


Telefonica 

IM1 

+ US 

— 

Torres Hostenrh 

191 

- 5 

— 

Tubaccx - 

15 

- 1 

— 

Union Elec. 

ax 

- 030 


-10 


BRAZIL 

3!ar.3 


+ l 
- 1 


+ US 


+ 2 
+ 1 


- 2 


Acroim — . 

1.39 ; 

Banoi Brasil PP.. 

! 3.92 

Banco Itau PS — 

1.U7 

Hdgo MlnairaOP 

2.10 

tarns Araer. OP_ 

3.15 

Pttrobraa PP 

3.62 

Pirelli OP, 

2.60 

draoaUrnz OP... 

4^0 

Ump PH 

6.u6 

Vale Rk> Doce PP| 

1.80 i 


Pno# ITW. 

Cnu ~ lUruel % 


j.lfc 4.63 
— IJW..1V 4J4 
+.0MJ.16 MAG 
-aOBtJ.lfc a-71 
!JJK b.35 
_0 JHSj.1i. 2.76 

jj.16 6.1 1 

6.48 

hA. 6.41 


+ U0 


VoL Cr.i73.om. shares TLlm. 
Source: Rio do Janeiro SE. 


NOTES: OreBwas orices cachnle S wemltun. BeUrtan diridenda are after 
withhold Inc tax. 


mouinx tax. 

e DilM deaom- uulwa Otherwise stated. V PiaxJOO dPiemu unless otnenrise 
naicd. X Kr.lM denoin unless otherwise stated. <t» PrsJOO denom. nnleffl 
qUKrwise stated- r - Yen .ai draum. unless otherwise stated. E Price at tune-, or 
mu pension, a Ftartns. b SctiUTtnas. r Cents, d Dlridimd after pendin g, rigns 
and -or scrip Issue, r Per sham, f Francs, a Gross d|t. t i-. hAmned dl*MW« 
after scrip and/or rights Issue, k Alter local taxes, m Cb tax tree. « Francs. 

■ ■ II IT.it.. JIh n Vmvi . Chnu . Mu Anil £HPOll 


■1 


OVERSEAS SHARE INFORMATION 

NEW YORK 


InvJS Pr«m- at 
Effective rate 


$2.60 to £-841% <u 
(at US95) 37*% ( 38 ; 


Stock 


Uu. 

3 


Mar. 

Z 


aas* i 

«ls * 
54 ' 

SB ta I 

a9 He - 
25 ; 

59 f 

ie*s ; 

lass : 
557 6 ; 
20 ; 
U41« . 
33U ! 
257* i 
: 

45 

575g I 


Uuhd Lahw_.....i 

Iddra—ugrmpb ...I 

Aetna Lite i La »», 

Sir Producia...... 

Airca 

.UcnnAhun minin' 

Alcoa ....[ 

Allesheny LudL.i 
Vllegheny Powwt 
Allied Lbenncal..l 
Allied Aurce j 

Mils Chaiman...] 

AM AX- I 

Amerada H«h — I 
Amer. Airline.... : 

Araer. Utwnda.. -1 

.UUer. BraadcaM-l 

Amer. Can 35i* 

Aiuer. jXtwmM' 24 
Amer. Klee. Pow.j 
Amer. Hapre*»_. 

Amor. Borne Prod 
Amer. Medica>... 

Amer. SUscra.... 

Amur. >u. Gawnf 
Araer. dtaodaid..' 

Amer. Moie*. 

Amer. TeL A Tel.- 

Amecek— i 

AMK 

IMP ' 

Am per — I 

Anchor Hrekfng.; 
.\nheuaer Bo*cb_: 

Armw Steel | 

AjsJK. 5 

Ammi* Oil... — I 


BSfSg 1 
32U I 
27 i 
1B3| ! 
4H | 
<U3 ; 

54 

29 la I 
W7B l 
29ia 
16ig 
24ia 
12 

26 I 

17S« | 
at* 
21U 
si* : 
155* : 
883* 
4573 
24a* < 
93* ' 
lb? 8 | 
45 ! 

26** 

Mis | 

6Hl* 


2bla 

10 la 

29 


Anno | 

Ashland UiL. : 

AtLUtcbnetri — '< 

Auto EMw P»- ' 

A VC -..! 

Avoo >; 

Avon Prod not*...., 
dait Gaa B*r«-r — [ 
bank Araeriiau....) 

Bankers fr -S-Y.j - . 

darter On 87 U , 

Baxter Tnvenoi-.l 5 5s 1 
Beatrice Fuod.._.! 287 b 1 
tJedoo DtcKenson I oOSi ; 

Bell A Bowen. IbSa t 

Beddlx 55Ja j 

dengnee Loin'B.! 5la - 
Bethlehem ateel- 21 U : 
Black k Decker.. -I 151* i 

doelag-- — j 53*8 i 

BatMLaaeule..... 2»i* > 

Hordes 48 i 

Burg Warner.. * M - 

drantff fnL ( 

anucu 'A* 

Briitoi SI pen. 

Bril. PM. ADR.-.f 
BTOCkwayOlam..! 

Brunswick | 

duryrua Brie. I 

dadd | 

duiava Waluh .. > 
Burlington ,\rbn, 

Burrnugha . — : ..." 

Campnei- bonii... 

Lanadian Pauibc. 

Cbimi Kandoipb.J 

Caraatk'in 

Carrier A General 
Carter Hxwiey... 
CatwrpliierTnet# 

vtW - 

L'enneae Corpn .. . 
uenirai £ 5. W... 

JertaintMd 

Leww Alnfafi . 

J bast Manhattan 
CUenueai Mk. N Y 
Cbeeaflbqch Pood.j 
Jhente system...; 

Jhknco Bridge.... I 
Cbromalldy^.^....l 

Chn>ier I 

Lineranni 

Clot-. Miiacn>a...J 


131* < 
80 I 
14 j 
17 | 

58 ; 
cl* ■ 

56Sg j 

59 u ; 

353* 
147* 
lull I 
8.71* | 
13 • 

lo3* 

*8r* 

44 

c6U . 

l6l| I 

193* 

517* 

Bbi* 

37A* 

217* 

32i* 

443, 

is;* 

107* 

eS* 

193, 


^ire-. jiuaciun — . 

Citicfup. >..| 807* 

I Hr.ln. Mrcli* i •• 53. ! 


••S3, 

LcA* 

67 


Uttlen oenrVaf.-.j 
City InvtsUnu-J 

Lois — .. 

C-oiat Palm —j 19s* 

Colin Altman...; ZU7* 
Columbia Uaa-^.l 
Urfurtlbia Pkl 
Cbm. ln«Co.utAm 
Combustion Bn«. 
Combustion htr -.j 
C’m'w'th Kdiinu 
Cora’w'tb CM I Keif 
Comm.- BatelHteJ 
CmnpnlerSiHent-ef 

Coorac 

Con. BAiaon N.Y. 

Coueoi Food* 

Consol Nat. G-sa. 
uomumer Puwen 
Continent*. &rpJ 
CodtlnaDiBl oil..; 
Conrineniai Tele.; 

Ctmtnit Data ’ 

Cooper Indn*. 


886 * 
14ig 
la 3* 
526* 
143* 
271* 
21* 
551* 
BJ, 
IBM 
227* 
236* 
37 
237* 
891* 
27 
16 U 
241, 
41* 


58ti 

16l£ 

345* 

261* 

391] 

251* 

59 

10 * 

1IH* 

557* 

80 

245* 

334 

255* 

HA* 

447* 

379* 

561* 

2d* 

223, 

523* 

26», 

ISA* 

43* 

40 

54U 

893* 

697* 

29 

lb$s 

241* 
1Z 
86 
173, 
267* 
211, 
819 
1ST* 
28 
431- 
243, 
93* 
Ibis 
443, 
2a 7* 
8114 
041* 
261* 
3a i* 
221* 
36 
1B3, 
3b U 
3i4 
20i* 

151* 

52S* 

2a 

29 

261ft 

2L5, 

15m 

89 

157* 

261, 

144 

167* 

32 
aW 
564 
59 a* 
531* 
147a 
luu 
27 la 
111* 
169* 
494 
44 

E* 

183, 

all* 

28i* 

a7a* 

21% 

329* 

44% 

167* 

lit* 

24 

197* 

804 

•♦63* 

la* 

3698 

193, 

11 

xaa* 

143, 

J&4 

581* 

14 

367* 

84 

44o* 

SJ* 

191* 

289, 

234 

37% 

2X3, 

29% 

264 

164 

24 

414 


Stock 


Mur- 

3 


Mar. 

2 


Ccvanti&tfcui.....! 
CPC Int’n’thxnu ! 
Crane— —.—.J 

I'm-terNiU.. 

CrownZetterbndai 
Cununiib SnelMi 


46 

46% 

16% 


34 


Cart Wriflht. ( 171* 


48% 

46% 

26% 

84t* 

.29% 

34 

17 


Dana,.. I 

Dart Industrie*,.. 

Deere 

Del Mmue., 

IMlona 

Den li ply Inter...'. 
Detroit Edbon—i 
Diamnnd ahamrkj 
LMctapfaime« 


Ui||IUi Equip..... 

iWalt)— . 


20 % 
36% 
25 % 
24M 
6 

17% . 
16W l 
294 

12% I 

401* | 

35 


Uanm 

Dover Corpn...... I 4UI* 

Do* Lbnotw....: 22 % 

Draco " 

UtMoei — l 

Du Punt :...J 

Urnvi l mtmene*-: 

upie Ptchar — 

Baat Airline*..-.^ 
Eastman Kodak.. 

Baton 


LG.il... ; 

El Ptao Nat. Gaw 

KKia ; 

buemoa Eleetnci 
K merj- A IrtV lebt; 
haihflt .. .... ... 

b.U.t 

bnneibart. 

tiamark. 

KtQj-l... ' 

Unm 


Fftuuhlirt Oaraerai 
Store*-! 


C*L Dept. 

Fi resume tire... . 

Fat. Nat. Boston- 1 

1'ifexi Van j 

FUnUiAe 

Florida Poaer... ; 
floor I 

FJi-C. : 

Font Motor- ■ 

Fotemost 

foituiu.,,.. ! 

trank l la Mint — ' 
fc'rap.m Miners. 1 1 

Kroebsm - ; 

Faqus-lnds 

G^A.F I 

Gannett — 

ben. Amer. Ini...' 

G.A.1.A ' 

Iren, cei-ie. I 

lien. Dvnaraics. ‘ 

Gen. Kiecmra.^.-i 
tiearoi Aouds... I 

General Uilia | 

General Uuuin.. 

Gen. Put-. L'tll....' 
lit*. Blgunk..— i 
Gen I Tel. bled- ! 

Geo. lyre i 

Gqh&>co I 

LHforpwi hcthtf.-l _ . 

Getty Oil [ 160 

Gillette : an 

Utiudrfc-h F.P 19 

uoud>wTlre_...t 16 

Gould- 24 

urm.eW.2 24 

Gt. Atuu ParTeal « 
urtJSunb lrun...| 23 

Urvybuuoil 15 

Gulfi VV'estern.. i 11 

ChlltOi 24 

UaiUain.tn 1 c5 

ring* Minlap. . 1 57 

H*rnmii[«*o'_..‘ 1 j 

Hums Corun * *J 

Heinz H J... | 37 

HeuUetn— ; 2b 


26% 
o6Sn 
99 1* 
13% | 
16% 

41% j 
3d I* ' 
19% 
Id 
871* 
29% 
38% 
29>* 
2% 
&>% 
2a Tn 
187* 

441* 

261* 

54 

*** I 

z6 

17% 

2w7* 

501, 

3H, 1 

Su% 

43% 

li 

291* 

lie 

187* 

23% 

9% 

10 % 

Sal* 

87* 

2d 

12*, 

41 

441, 

*6% 

28 

sbi* 

lvi, 

24% 

86 % 

241* 

-h 

24% 


k0% 

36 

83?e 

24.U 

6 

Hk 

16% 

35% 

l*k 

40k 

oat* 

40k 

22% 

265, 

£Bl« 

99 

127* 

16% 

7 

421* 

351* 

19% 

15 

. 271* 
297* 
noB* 
30 
2% 

867* 

187* 

44k 

80 

541* 

15% 

96 

171* 

20 % 

dO 

51 

21k 

42% 

17% 

29% 

71* 

lb% 

26 

9% 

101 * 

351* 

9 

22% 
12% 
40 s« 
44% 

261ft 

27% 
oa% 
19k 
84% 
281* 
241* 
-•% 
241* 
la3i* 
2ol* 
191, 
157* 
2b 
is 4% 

7% 
23% 
12 , 
ill* 
241, 
=5% 
57% 
iJ 
421* 
abT* 
261* 


Hewlett Parks p ■ 

H-ikIbv Inna ) 

Uiimmtake. E 

H.«ie\weli i 

Hwer — . i 

HiqpCon.' Amer.: 
Housion NaU lift 
HuntfPh.AlCtnnl 
Huttim lEJ'.!-... 

I -CL ImluilriM... 

INA 

Intceraol Hand....) 
Inland sited...., 
Insik-o- 


Stock 


liKt. 

3 


Ust. 

t 


Stock 


Mar. 

3 


Johns Man villa. ..j 29% 
Johnson JahOMja! 67% 
■Intuihon Ccntret.l 87% 
Joy Manufactur'd dll* 

K.JUst Ci*v-.-Ti 

KajserAiummi*in 
hsiaer Inttutrlei 
Kaiser Sum ...,-. 

K»J ...... 

benneien— 

aert Midiee 

a Mde Waiter 

Kimbeny CterW-, 

aoppan 

Krart - ; 

•uoser Crt. 

Levi snaua*_,., 
CsbbvChir Joed„. 


241J 

2tJ% 

.4% 

23 

el, 

237* 

41% 

*7 7a 
48% 
19% 
487a 

29k 

Sol, 


0O 

67k 
27 k 
3Ua 

24% 

28% 

■*% 

23 

ok 

22% 

407* 

2’il* 

45 

197* 

431* 

2b% 

501* 

aoU 


Xenon ■•••■ 
Heymrids Metal* 
tfeynold* K-J— - , 
Hich'eou Merreic 
Borireril Inter- 

Kohm&HMs 


39% 

2fil, 

54% 

21% 

30% 

29% 


Mar. 

2 


39% 

861* 

Ml, 


SOS* 

29ls 


Liggett Group, ...i 373, 
Lilly (But | 39!* 


URCO iDdWL.— 
tack bud Anisr'n, 
Umebtar Lnil~.... 
Urns l»ianri Lid, 


(M 

UwklaiM LukL. 

Lubn»ol 

Lucky Store** -... 
L'kes Vuugn’wtl 

MncMilbm 

Mw> tt. R.-v 

Mtr B*nom_.. 

Mapco 

Maratbuo OH..... 
Usnne Midland. 
llarsha.li Ftekl _ 


161* 

14% 

IB 

181* 

2Una 

351, 

13% 

53, 

1U1 2 

6Bi* 

BUI* 

32 

411, 

12i* 

23 k 


27% 

391, 

15 

141* 

177* 

18k 

20% 

353* 

15% 

8% 

1U1* 

35% 

29% 

311* 

41 

12k 

23% 


Kovai Dutch.... 



Kusa Loc*— 

Kyder Syaienu. 
refemv dtoreB— . 
Si. Joe Mineral!'. 
St. Kepis P*prr - 
Santa Pe (nda... 

hau> Invest 

Saxon Idds - 

svhUts Brewing 
Suhlumberiger..- 
SCM 

Scrct P»f*r 

Sami . 

^eudr' Lhsnr Veil 


577a 

131* 

Ilk 

14% 

36 

26% 

267* 

54k 

6k 

5 

13 

651* 

lB-Sfl 

127* 

BOlj 

6k 


57k 

13k 

11% 

iai, 

35T* 
26k 
26% 
34 U 

5 

Bt* 

12k 

65k 

16>3 

12% 

207* 

6% 


221 * 


Xli* 
«4k 
X2k 
X-% 
177* 
X8 k 
6X% , 
l-3fl I 
3C% I 


May Dept : > tor* 

V1CA 

MeUerraotL.. — 

UL- Donneii. Don* 
.VlcGniv Hln-... 
lletnurex 

Merck 

Mcutui Lracb....i 

JIm LarwmniJ 

MGir B6% 

MinnllinpAMt*.. 4a 

Mobil Curp. | -91* 

Monsanto... 441, 
McnsanJ. P.....W 4 g% 
MutOtiSa....- .:..l 35k 
■Vlurytiv Ui J 35% 

.\at>L«oo I 48k 

Naieu Cbemhan..'. Hb% 
National Can.'..'. .[ 14 


84% 
51% 
30>* I 
3e ; 
28% 
32<* 
10% 
IB I, I 
49k. J 
17* I 
24% 
25% 
16% 
30% 
32k 
46% 


Nat. Distillers... 7 
Nat. Service lodj 
National Steel... .[ 


NCK — 

Neptune Imp-.. 
New tingiaul El. 


New BnvVai»ilei| 
araMntnwki 


Sea IW) miner.. ; -- . 

Srerieffl-D.) 117 » 

Sears Koehw*.— 

SEDUO 

Shall OU 1 

Shell Transport... 

Signal 

SlpOKteCarjx 

Sinpliettv nu... 

Sinner 

Smith Kline- 

SuJIlmn 

Sisiihiiowii — .... 
SnuLherd Cal- W.j 

Soiitberu Co. 

Sthn. Nat. Um...| 

Si inhere PaciB- . 
SnutbertUallwayl 

[ ^3% 

s“«'i Bsnshaiea. 8 m 
S perry Huluh— 15% 

Si«ttt Hand I 351* 

Squib- | 22% 

Slaiblanl Bramlej 5525* 
St'l.OllCalltnrnia 5Bk 
SUI. Otl tndianfJ i4k 

.Std. Oil Ohio 

TH.uffObemwsl.-i 
sterling Unit — J 

slifttetuer 

Sun Co. 1 

sundstrasd-..-. l 
S yniex 

technicolor. , 

, I'efciti.mt* ; 

Tetedyne { 

1 Telex 

I'eoeco — . 


21i* 
21k 
111* 
241* 
32% 
30k 
58 
28% 
52% 
107* 
lc% 
48% 
Z 
26 
25 k 
16U 
50k 
32 
48% 


61k 

3C% 

13 

4Bk- 

a5% 

54 

257* 

8 

3 3% 
74k 
ak 
28% 


24 

24 

151* 

527, 

88% 

82% 

377a 

441* 

611* 

3bk 

127* 

44*k 

36 

53% 

22% 


33% 

75k 

3k 

88% 


Niagara 

Niagara Share-..-! 
,V L. loiu&iriea .{ 
N urtoi LAW esiero; 
Nurtb Kni. (%»-.' 
Nthu Matey Fwri 
MbwM Arritnex 
NtbWoot uaiu-orr 
Norton Snoiw .... 
U .vwienia Petriu 
Ogiley Mather... 

Uluo bdiftoa. 

oiin-.: 


ijverscae Shlp.,-.| 
Uweu.Cornmp.. 1 
Owens nilnola... 

FscIBcGaa. 

Pad Be Liphtm*., 
Par. Pwr. A Li..J 
Fan Am World Ain 
Parker HbruIBhJ 

Peabody Im 

Pwi.Pw.AU..-.. 

Penny J .(J - 

I’eunzolL- 

Peoples Dreg 

Peoplei* Gas. 

tk flcn 


tesnu Prirotenm 
Texsi-o...... .— • 

Temtauil 

fpxni (natrn.— 
rexaa OH ft Gs. 
Texsa D’UlWee... 

I'lme Im 

noi« Mlnwr.... 

Omban.— — • 

InUie. 

I rransmerVii 

I'lMueo. — 

rmiu Udkib. 

[iraorwav Inl'mi; 
I ran*. Wori*i Air.’ 

I Trat«lien i 

enbal J 


M Continental. 


9 

2s. 7* 
16% 
63% 
29T* 
201 * 
a5k 
23% 
43 
317* 
If % 
18k 
3“ W 
28% 
1* 7* 
89% 
U% 


9% 

26% 

15k 

64 

89% 

20k 

55 

23k 

43k 

31k 

15% 

Ifal* 

341, 

82 

la 7* 

29le 

lb% 


L1LW.- 

dtob L'enmrv Fo, 

UAL. 

LAKGO 

ml 

LOP 

Lnliever 

CnLevet 

Lnkm Bancorp.. 
Union CartiMe-. . 
Lulon Luronulteej 
c olon Oi Lalil.. 
LnKwi PMnftc- — 


481* 
22k 
2 l% 
211 * 
22% 
19% 
o- % 
:6k 
Is 
sfc% 
1 % 
•-B't 
42k 


fi2i* 
82% 
idcl* 
211 , 
3 1% 
19% 
«6% 
04 7* 
13 
58% 
6% 
49 
“8k 


Inmormt Energy} 
(ntL FfatriMt* 

InU. Harreater.... 
I ntL Alio A Che ml 
I olL Mnlt1f*».*1..j 

loon 

Inti. PXps- 

IPG 

Im HectUer 

lot. Tei. ft Tel... 

invent- 

low* Beet 

1C IntecnationalJ 

Jbn Walter— 


7% 

249 

x*.k 

277* 

db% 

20 f* 

133, 

36% 

27 

• 9k 
27 
Ik 
301, 
Uk 
27% 


Perkin Hlrner— ..I 

Per....- - I 

PRw I 

Plfril* Dodge-. ..i 
Philadelphia Hie.' 
Philip Moms — 
Philips Penoi'ni 

PUabary 

Pitney Bowea.—. 

Pirtttim. 

Pwwrey Ltd ADR 


Polaroid [ 

Potomac Bleu... 1 
PPG ImloaLnee.. 
Procter Gamble- 
Hub Serve Gleet- 

Pnllman .'. 

Pure* 

Quaker Oats. 

Rapiil Ameriisui.. 
Kavtheon.— . 

UCA 

Republic Sled.... 


l-nnvyaL 

United Bib nd^... 

US BMiinv- 

Ur*. Gyre i™- 

US. Shoe 

US. Steel 

li. Technokiglea.. 
UY Industrie*-..! 
Virginia Elect- ..; 

Walgreen. i 

Wamer-Cfunran.. 

Wan»«-Uint*rt. 

Waate-Man'meni 

Wells-Faroo 

Western BArfOrt 
■Western N . Amw 
Western Druon... 
WeathiKhw Meet 


76* 

71, 

28% 

iZ 

fc3% 

r 5 t8 

19 
156, 
18k 
52% 
8c k 

197* 
26 
3 I* 
241* 
16 . 
177* 


7% 

7 

28% 

816, 

23k 

26k 

347* 

18k 

13% 

18k 

52% 

26 

19% 

P4.7* 

30k 

85% 

161* 

17% 


Weriayi’O ...J 2/% 


Wnyer'haeuref. . 


lVhli I pure 

i Con. Ind., 


White 

William Vo. 

Wisconsin Elect 


*3k 

211* i 

20% j 
171* ( 
27 


237* 
217* 
2 IT* 
80% 
183* 
267* 


Slock 


I Uar, ‘ 

' a • 


WootworTb- 

Wvty 

Xerox........ , 

Zapata. 

Zenith Radio. I 

U^.TrwniaW. 
CS.Ttt«a4i'i75/7P i 
D^.SODay bfik! 


17% 

0% 

42% 

iaS 

Si* 

6.34* 



CANADA 


AM7UM Paper.... 
.Vffnteo Hittle— J 
AlaanAlumlnininj 
Mcoma Steel ._. 

Asbestos _J 

Uanh of Sfratmil 
Hanhftnnt 'ootlaj 

llanc Hamiim, 

t%u Tekpbi«te., 

Bow V si ley Ind* 

UP Canada 

Uramo 

Brlnco— 

Lkiiiary Power-. i 


UUmfo Uin<*'.....j 


ybiuada lemetiu 
Uaasds MTLaiwi} 
(Jan ImpBokUom 
C-snwUa IniluU ...! 
Can. Pbultlc ! 


Can, Psrlflr I nr^ 


(Jan. Super DU.. 
Carling O’Keefe .' 

Cassiar AsbeMOftJ 


111 * 

5% 

86i 4 

18 

491, 

lfc% 

19% 

b 

35 

22% 

18k 

lau 

ts.ao 

37k 

lok 

9% 

1C% 

16% 

19% 

tlSk 

lb% 

OS% 

5.46 

9 


rjiiettatn 1 

i-'oniinoo 

Cons Bathurst 

Coo Burner Gsa-- 
Coeelri Keenurces 

Costaln Rich. 

DOoiion Mines... 

Dome Stine*. 

Dome Petroleum 
Dominion Bridge 
Domtar..... — 

Dupont 

Fsioon'ge Nickel. 
Pont Motor CaoJ 


19 

231* 

2o% 

16% 

fak 

*■-7* 

59k 

761* 

09 

86 

141* 

tl»% 

16% 

71k 


Genatar i 

Giant Yei.wknliel 
Quit Oil Canada. 
Hawker Sid. Cm 
H olitniter ..— — . 
Horae Oil 'A 
Hudson Bay Mng 

Hudson Hay 

Hudson Oil ft Ga* 

I.A.C.- 

IcnsccD — . 

Imperial OH... 
1n&> 


86 

13k 

B6i, 

57* 

301* 

38% 

la% 

17% 

42k 

177* 

30% 

18% 

15% 


I *;>l 


s 1 - J ■ ~ 


Inda 

Inland .Yet. Gm... 
Ins'pr’yPipelili'ej 
iunser Resources. 
Uunn'i KliiCorv! 
f-*»w (.km. 'B.'- 
Mc'imil'o Bleed l - 
llsssey Ferguson 

dclaiyre 

Moore Uninii 

■Nurands Bllnet-. 
\urcen Baeno — 
MbruTeieann-.. 
.Varnwr Oil A Gut 
Ikheood Petr'm. 
Psdtic OpfWr M. 


1U 
1CI* 
137, 
lo 7* 
7k 
(5-4 j 

16k 

Ik 

19% 

a3 

22k 

16 

161, 

18% 

4.95 

1.86 


ikrillrPetniieuRi 

Pan. Can tVt’rn 

Pktit».. 

Peopm- Dept. ». 
Pmi* t'a- X OH... 
Placer Devempmtj 
Puweri.'<irj.»rrH t ' □ 

i*i in- — 

Ouehec Sruarenn 

liauger Oil 

Kw.l iibiiw 

l(lo Awom 

KuymiBh. of Can 
Kovai Trust 


48% 

53k 

tlo-* 

14.00 

: .t4 

80k 

10k 

ia 

26% 

9 

26 

881* 




B-eptretTsoincesi 8k 

ifALitmi j 8o% 

shell Canada ] 161* 

SherritlD.Mlnfci 4.55 
Hi ebon* O. G . — 

■ilin (*on« 

stem of Canada.. 

Steep Kn-k Iron, 

Texaco Cads da 
roronto Dean -Bk 
rnutriJan Pi petal 
rranaMoimt.Otw 

triwe.- - 

Union Gas 

Uld-Si»cpe Mines] 
Walker Hiram.... 

West Oast Trai-. 

Weston Geo 


30k 

4.6U 

23k 

2.40 

48% 

14% 

i5i! : 

10k 

7k 

51k 

32% 

15k 




fl - ■ 


2 

1IM 


•Maented. rWrt. I Art,. 
• Traded. Iltn araek. 


:S Review of the 


GERMANY • 


Mar. 3 


Uni. 


■f-"i 


AUG —J 

Allian* Versicb,. I 

BMW 

HASP 

Bayer. — ■ — | 


* % 




eS.8,4-0.7 1 - 
476 r-4 ; *18 
226.6' +0.5 2U 


Bayer, VnreJnsbk 
Clteltit.XoLwnai 
Uwmmeiabsnk... 

ContiGummi j 

Dalmier Henz. ) 

Uesrtnwa \ 

Derna* { 

Deutsche Bank... . 
Ure-dner Bank. ..j 
Dycfcerboff Zenil.! 
GuteboffamiH ~~i 
HapeK taoyd.... . 

Hiirpaier l 

Hceehst [ 

Hnrech- • I 

Horten I 

KadmndSelc 

Karstadl ! 

Kaulhof-. 

KJocLner Dm 100.1 

HELD - I 

Krupfft - I 

Linde... i 

tawenbran 100. — I 

Lufthansa 1 

MAN 

ItaanrenuDn 

UeUuilitD 

MiuertenorUuckJ 

N'eckarmann 

Pneusau DM 100. 
IthemWey Jireei. 

dcheritu; 1 

Siemens ] 

'iid ducker | 

rh.VN«i A.G | 

Van* i 

VEBA ( 

VeremA: Wwl Hk.i 
VoXkfwajsen I 


18 


IB 

I 17 
! 14 
20 
20 
4 


137.2-0.1 
157^,+OJI 
286 1+0.5 
081.8. — 0.2 

210 

230.6, - 

BO.r+2.1 

5i 9.8 +5.7 
273 +8 

169.2! 

5L8.1J-1 
249 -0.5 
147 +8 . 

aOLmj + l.Bi 12 

112 I- I 12 

dtB.B +8.8 1 «9 

128.L+U.1 16 

4b '—0.2 ' 4 

121 j+0.3i 10 

107 '+2.5 « 9 

2U2.S ; 20 

8L3 1+l.Bi 20 

94 ' 

175J-+1 
5i6J5| — 05 
246 1+0.1 
1,530.-20 

108 -a] +0.4 
196 

168 j — 0,5 I 14 
2*7 1+4 lO 

B50 ■ 18 

111 ! ; - 

112 I — 1 | - 

202.&H.+ 1 I 16 
*48.9! + 1.9 , 2u 
296 +1 : 16 
262 - 2 i 17 

184.7+0.1 11 
181 ' + 1 14 

1J6.7. — 0.3 j 18 
304 i + 1 > 20 
811.4-+ IS! I 10 


I UB 

I 4.4 

\ti 

!:! 


i 3.9 


; 5.1 
I 3.1 
| 4. 

5.2 

4.0 
I 1.4 
1 5 JO 
i 5.4 
I 5.5 

6J5 
i 4.4 
I 4.1 
, 257 
i 3.4 

5.0 


12 | 5.4 


16 

*u 

7 

12 


: 3.5 
i 1J 

\ 5 AS 
I 3.1 
;4JI 

1.7 


i r. 


401 
1 4.0 
i 2.7 
1 4-4 
[ 4.4 
1 5.9 
I 9.2 
; 5.5 
. 2.4 


BRUSSELS/LUXEMBOURG 


M*r. o 


Price 

Fr*. 


I 1 DtT- 1 

+ or] Frs,.yid. 

- I N«*U 


+ lo 

Ffo 

i+f 

1*1 


6J 

112 

90 


177 

.450 


Arted . 8,300 

Uq. Brx. Lamb — |l,-* 10 

Ueken “Ft".- i 1.736 

C.B.H. Cement..-! 1.1+2 

Cocke ril 566 

88 Ea - ja.560 

Electrchel — 6.030 

FabriqneA'at. 'Z.aSO J '170 

GJf. imio.Bm.....!l,tfbS i -.130 

Gevawt- -j%85a +2 I 80 

Hoboken ;2.3lW-20 170 

IntenMia a.t>55 | J 142 

KrediermnL >6,430 .+ 30 :^66 

La. Krernle Beige.. 15^80 [+70 1505 

Pan FLoldlnc U.-80 

PetroAna 'MBS 

We Gen 8anqua-i2.76S 
sw Ben Bets In ae 1 1 , » 4 S 

dodhs ;a.i so 

■roiray Je.460 

Traction Eietf 2,530 

UCB 922 

L'n Min. il.lOi 710 

VlelUe Mrmtagtke- 1.546 


(SZJB 

36 174 
-35 189 
+ S 1140 
— 5 1,09 

— 40 >4200 


-BO 

-18 

+4 

!+a 


163 


7.9 
7.1 

7.1 

6.9 
6.„ 
7 A 

7.7 
5.a 

9.8 

3.1 

4.6 

6.8 

7.2 

6.7 

8.2 
6.4 


i 60 

IlOO 


8.9 

7.4 


SWITZERLAND 


Mur. 3 


Price |+nr 

Pra. i — 


Div-irirt- 

% 


Aluminium L1B0 

BBC 'A' -.1,680, 

Clha GnigjriFclOOl L240 
Do. Pt. Certs-.j 905 

Do. B*» 1 h7* 

Credit Mitue.. j 2.429 

BkKXrowatt -t 1.646 

FttcberfGomse)"] 720 
Hoffamn PtCdrtsj 84,000] 
Da (Small).— .16.390 

tnteriood 8 4.850 

Jelirmll lPr.10dl_ jl.470 
.Settle (Fr r 10Ch_.!4.470 
Do. Kes ja.526 


j- 25 
— 10 


+ 3. 

—10 
— IB 
+5 

i — X20f 55 
1-50 j BO 
20 


6 

10 

22 

82 

22 

16 

10 

6 

650 


2.6 

8.9 
L7 

2.4 

3.5 

3.3 
3.U 
3.5 
0.7 
U;7 

5.9 

1.4 

2.5 


+5 isJSj! 5.6 
UerlikuD £fF2&0[2Jlfi i— lS |TlS 16^ 
Pirelli SI PfP.lfflW 866 !— 4 I 16 i DJj 
SaadoffPr. 86ft.. 15.750 t-50 26 ! LB 

Do. PftrtCerta.i 470 I — 10 I 26 i 2B 
ScblndkrCta Fit® 310 !+5 S| 1.5 
SuUcr Cls CF.100>. [ 370 >8 I 14 J 3.8 


,ir (FJWi. 


Union Bank ' 

Zunrfr Ins 


833 7 


SwIrtBfiliJtfF.iaS 384 \-9 J 10 
Swiss (H*J-260i..i4.675 J — 00 f 40 


a.67! 3.7 
2.6 


rt.OJO . DU HU 

P.3QO I — IS 20 

10,825 40 


2.2 

3.0 

IB 


PARIS 


Mar. 5 


Price ! +or i DIv.lYid. 
Fr*. ! - ! Fra. j % 


Heme Hi { 780 !+U.Sl 4% u.h 

AtrlnueOaddYie 342 j + a |2M9 6.2 

Air Liquid I k61.5 +2 I 16 jd 0.3 

Aquitaine I akd-Bj— 1.4 ’ 24 I / 4 

BIL- 1 475 —20 12.fh! a.7 

Bougnea. I 424 1+6 Idl.bb' 7.6 

BJi.N- Gervais.... 596 +3 [57.:jl0.7 

CarTriour ;1.385 +80 < 75 ! s.4 

xB2 l+d i 37 .b] y.4 
c83 i+13 |58.i, 6.6 
256.6+0.7 12 4.7 
356 •+ 6 I 6.3S1 1.8 
111J3 +0.3 | 12:10.8 


C.G.H 

C.l.T. Alcatel.— : 

Cie Banoaire.... 

Club Medtter... 

Credit Com Fr'i-e| 
Creiiaot Loire. 

Dunies- 

Fr. Petrol ea... 

Gen. Oreldentaiej 

Imeta 

Jacques Borel.. . 

Laiarae— 

L'Oreai 

LcrtmiI.- j 1,351 

Maitvna Phems.J 749 
Miohdln “B"„ .;L140 
Muet Hcnneesr...' 
Moulinex 


56.1, +0.1 
468 ! + l 
1 + 0.5 
1-1 


103 

183 

nO 
BO 
195 
55 j 


i— J.l 
1 + 4.5 
-2.5 
+ 6 
+ 11 
+ 14 
+ 16 


373.7+3.7 
194 1+2 


18 121.4 
7-5. l.b 
I4.lt 13-7 
a.2&j +.5 
i Jo. 10.6 


Pari baa - i lafl.9' + 1.4 1 LA T8.5 


lb. 77; 10.8 
16.!/; 2.9 
31-Sff ,.4 
39.31 o.3 
SZOit 2.9 
12.b: 3.4 
3 1.9 


Pechiney 
Peruud-IIVanl-..! 

Peuaeot-Ci (men -I 

Fcdnin —J 

Kadiu Teehnique.i 

Hedoute ] 

Hbune Poulenc ...• 

at. Gohaln- | 

dkl» HossIkdoI 1,468m.— 11 

duiw. ... ; 229.4' -0.6 


79 '+0.3 : 7.5 9.5 
Si. 8.9:— 1.0 1 7.5; 3.6 
289 + 5.5 ! 19 9.1 

111 —6.3 1 - , — 
36s +6 ’ 25^. 7.0 

600 ; + B : ,4 ] 4.8 
96.4 +0.9 i 9 19.4 
131.7+0.4 ;i5.S61U.S 
39 , 2.5 
. d5.t 11.1 

reierrmwnlque.. ] 552 . + 1 >32.75- 3.9 

rhixn+ra Brand l.i 146 +2.5 llb.15l..4 

Dal nor I 19.8—0.7 | — ; — 


STOCKHOLM 


Mar. 3 


Price I +w : Die. Ywi. 
Krone — 1 Kr. 1 •£ 


AG A ai> iKr.cO:.. 
AiH Laval .Hi KrbOl 

A SKA (hr.cOi ■ 

Atlas CopL-ofKrKfi 

BUIen+i 

Billon 

Canto 

CeUuloM 

lux >B'(K&a 
Hricssoa "B’UuhC 

Ksselte **B” I 

PntfersM 

Granges ilreel .... 
Handetaba aken-. 

UtnbM 

Mo Oeta Dorasto- 

■oanrivlk A.B 

s.K-F. *B‘ Kra.-. 
dkaod Hnskilda... 
Tsndstih *B*ffrS0 

Liddehoim 

Ynhw (Kr. Ml. 


164 j + 3 
166 j+l 
84.5 + 1 
117 1 + 2 
76 +1 

lo3 L 

184<cc>+ 1 


209 

133 

142 

846 

tS 


6 

2 

+ 6 


40.5!+ 0.5 
290 


130 

fi8 

816 


131 
80 J? 
45JSI 


+a 


5.9 . 3.9 
9 • 3 2 

5 j 5JI 

6 > a.2 

VAM I 9.0 

4 | 

I 10-5 A 
10 1 4.8 
j 5.5 i 4.8 
i S i 4.4 
B r 3.+ 
8 | 9JJ 


+ 3 
+2 


65.01+0-5 


+ l.’b 
+ 2.5 


68 I 


16 

B 

6.5 


3.5 

6.8 

11-2 


9.05 j 2 3 


4.9 

8 

5 


6.9 

6.1 

6.2 


8JB 


COPENHAGEN + 


Mar. 3 


Price j + nr i Dir.iYid 
(Kroner j — | % * 


Andnebanken — J 

Unrm'srr W. ms— J 

Danske Bank 

East Astatic Co... 
Flnanrirnnkeo-.. 
For. By-pearler ... 

For. Papir. ; 

RanAalalianlr 

G. .Vth’nH .{KrflO) 
Jford KapeJ._., 

OlieSsbrik 

Privattank ; 

Ptocinahank.— | 
Soph. Beiwndseraj 
Bnperfaa i 


144ig;+8S, 

440 I 

136 |+2 1 

234 l S ; 1 


1361*' 

338 

741* 

138 k 
266 
273 


+ 2k! 

+ 1 ! 


+2% 


11 I 7.6 
15 ! 3.4 

12 j BJ 

12 1 5.1 

13 j 9.6 
12 i 3J5 

8 llu.8 


89%i+l% 


141 

148% 

377X1] 

167 


+ 1% 
+ 2 


+2% 


8.0 

3.9 

4.4 


7.3 
7 A 

6.4 


MILAN 



Price 

Mxr.3 

tar* 


Anic-- 


Barton! 

Flat 

Do. Priv 

Pitudder 

Ttahrement — 

[talnlder 

Mediobanca . 
Montedison — 
CHirirtti Pnv 
PtroUiftCo. 
Pirelli 5|»- ., 
Snta VtKOn - 


-f- oe |Dhr. Yld. 

- Itare!^ 


. 629 ; + ll ! — I _ 

L«aa l+i6 ! iso 7.6 

1.623 >13 ’ 150' 9 3 
86.25,-1.75- — ' J 
. lu. 890+140, 2Qo! in 
.! 134 • 

.! 31.800 +27G 1.2*9' 5.7 


AUSTRALIA 


Uar. 3 


A oat. 8 


ACMIL (2b cent) 

Arrow Australia- 

Allied MnUrd*. Indus ? 1 

Aropol ExpicnatJorL. 

Ampcri Petroleum. — .... 

Aaao*. Minerals.— 

Asaoc. Pulp Paper 3L. 

Asaoc.Coo. Industries. . .. 
A ust. Foundation Inenr... 

A.Df.1 

Auditors) 

Aost. Oil ft Glia 

Bine M*ui Imt 

Boa^ainviUe Copper — 

Broken Bill Proprietary.... 

BH South 

Uadum United Brewery....! 

U. J. Coles. — } 

038 (311....- - 

Com- Gold fleM Aua — , 

CootaineriSI) 1 

I'pnzliic Riotinto 1 

Caautn AnstnUla 

DnnlopBnbbenSli I 

BSCOtt. 

Eider Smith ■ | 

EJL. Industries—.—.- > 

Gan. Property Trust. 

ttonuTBlcy — j 

fluojtex, — . . . . 

I .CM. Australia— 

ItUer-Copper— ] 

4ttniuigfi UnlufitflttMM • ...» 

Jones (Daridj 

Leonard OH — 

Vlecals Espioratton- 

HIM BnWhia* 

Myar bmjmriuTn 

News.— 

Nlcholaa InteroAtlnnal.. 
North Broken If d loss ihOl 

Oalrtrtdne 

Oil re arc h 


TO.67 
10.88 
+8.12 
+ 1.15 
IU.7U 
10.75 
Tl.10 
tl.55 


[+0.01 


+U.U* 


ti.oa ^ ... - 

11.36 


WLH I 
+0.01 
+0-01 


I+oltti 

1+0J7S 


JO.44 
t0.i4 

10.97 
tO .90 
15 36 i+tua 
10.83 
tl.82 
11.79 
12.66 
td.45 
(2JJ0 
tl.62 
J1.33 
ri.26 
1U39 
1LU7 

11.97 
11.44 
18.16 
♦0.68 j 
ta.o 

rO.89; I 


l+OJW 


1-0.02 


!+0.d1 


TOKYO If 


Mar. 3 


•Price* I + or I 

Y-m I - 


Dir. 

* 


lock pile sale 


322 

470 

613 

386 

019 

578 

220 

561 


A sabi Gians...—. 

Canon- 

Casio 

Chino n 

Dai Nippon Print 

Fuji Photo 

Hitachi — . 

Honda Moton— 

House Food. JL240 

C. Ieoh. ! 817 

Ito-Yokadn 1,130 

Joeea. - -I 674 

J.A.L. -4 , 730 

Kanral Elect. Pw.j 1.090 

Komatsu ; 317 

Kubota. 280 

Ky<AreCenLmtc...i5 l 880 
Maieushira Ind...: o36 
Mitsubishi Bank-! 87 m 
M itaabiahlHeavyj 138 
Mitaobtshi Corp..i dll 
Mitsui ft Co. [ 309 


Otter hxpkiTatlno... 
Coorn 


Ptaneer Concrete 

Itoddtr ft Column.. 

H. C. Sleigh 

SontbliM Mining 

fnotb fUti... 

Wsttonn 

Western Mining (60 rents) 
WoolwtrrthB 


tl.15 

tu.hS 

iaao 

to. 15 
11.98 
H.67 
12.20 
tO.uO 
11.02 
tLbB 
10.08 
10.16 
11.39 , 
t8.66ar! 


Uu.,3 


1+3.03 

1.01 


U.J.1.1 

M.OI 

I-3JI1 


f0.75 

10.19 

11.75 

10.89 

11-8 

tl_50 


+UJJ3 


+0.U2 


WUll 


AMSTERDAM 


Mar. 3 ! 

Pnoe 

* 

+“■ US’l 
— 1 ■" 

Credit* natal t 

550 

! 10 


566 

+i «s 

Somperit 

90 


Steyr Dahnler— .. 

183 

—S fl 

Veit Magnaab . 

250 

-1 t 14. 


Mar. 3 


Price | + or Diw^Yld 

FIs. 1 “ % j % 


Ahold (F1.20I- j 

Ahro(F!20)...-.._ 
'l.lDOj 


.VlcamBnfefPl.lDO 

AM8V (FLlOL— 


Amrohaok (FL20) 

mj antemf 

8osaWeat'm(F.10| 
BurfannEPltorodel 
BtaevtarfFIJO.... 
EnniaJf.Y -Bearer) 
EoipComTstFl.lOj 
Gist Brocades I F10( 
KetnekentFi^9i..l 
HoagovenaiFJ20*| 
Hunter D.ffl. M 
LH.C. Holland 


98.fi 

21.7 -OJ 
396^-0.5 
79 !+l 


24 


71j|+L2 


jASftfi 7J3 

:Art4^ 5.5 


7931+0^ 
111.5-3.6 
66.7j-OJ 
277 t+7 
ldg^l + 0.3 
65 ‘ ! :. 


4.9 


K-D.U.<FI-U»)...| 
In Uu11ertl20).-. 

jraaiden (FUOj. 

ftatNedIns.(FI." 
Jf«d CredBkt 
XedMMHkt 

Ore (PL20J 

Van Ommeren 1 

Paichoed (FLSO). 
PhUHpeCFLlC® — 
KjnScfaVertPLir- 
EEobectKFliOt 
BoUncolPtaSO 
BoratuofFIJx. 
t toyalD utchtFl 
Slivdotyui^, 
StertnGrpI 
Toayo PaiuHlrH. 
Unilever (FL20) 
TIUngBes-IntfSl 
WertlanMn. Banx 



Uitsokofthi 5u8 

IS'lppOu Denso.. ..>l,53u 
Slppon Bhinpan J c83 
N man Motors.....! «o6 

Pwraer 1,470 

Sanyo Electric.... 814 

t%kua I Prefab J 834 

Hhlaeldo i 1,190 

Sony- - il.a40 

TakboMarine—.i 851 
TakedalliemicBL 331 

l’DK - i 1.620 

teijln ..1 lia 

roJrio Marine.:....! 519 
Tokio Elect Pow*r!l.l3o 

Tuayoaanyo j. 2b6 

Tokyo Shitaura. ..( 128 

Tway - 125 

Toyota Motor ■ 911 


1+1 

14 ■ 

+ 14 

18 

+5 

B5 

-4 

20 

+2 

18 

+ 20 

16 

+ 2 

12 

+ 1 

18 

-10 

55 


18 

-io 

50 

+ 58 

13 

+ 30 

10 



18 

+ 1 

la 1 

i+iao 

55 : 

+ 8 

2U | 



rj i 

+ 3 

12 

—4 

IS | 

+ 1 

14 

+ 5 

30 1 

+ 70 

16 

+ 26 

12 


16 

........ 

+ 40 

48 

-4 

US 

-2 

ail 

+ 80 

20 

+ 30 

40 

+ 4 

11 

+ 1 

la 

+ 100 

30 

-1 

10] 

+ 8 

u> 

-10 

8. 

-3 

12 



1U 

— 3 

IO 

+ 1 

40 


*f \ Til 

1 V ■ 


Vv 


Sonrce KOtko Securities. TakyO. 


VIENNA 


JOHANNESBURG 

MINES 

BCarrti 3 

-Anglo American Coran „ 

Baal DriefonteJn — 

Etobwrg 

Harmoc y 

Kinross 

Kloof 


■i 2 


St. Helena 


GoW- Fields FA 

Union Corporation 


Band 

ASD 

1L8S 

s, 

(LSO 

C43 

8.50 

13.50 

SDrfO 

4.00 

5J3 

S.M 

1J3 

31.00 

12J0 

4.40 

4.70 


+0. 

fr 


V P"a 


+1 


OSLO 


Mar.3 


W* •+' 

Kroner - 


forTDieriTld | 
- »■ S ; 


S 


. 163.01 ■>. 2.0 

J 861 i-8 




1.G45.01 + 14 jj 
656 ! + 14 




110; 4.8 
801 7.5 


ttsgwr Bank \ 

Horreg aa rd 

Cradittank .... 

Kosnua — 

EredUbunen ....... 

JforalcSydrnkrJBOj 
Sroresnaad J 


90.B-0.fi | v jl0_0 

94- • 4 r 7.4 

103*0 — 1 11 9.6 


280 
104. -+-0.2B 

lao-.-t-a I 
80 2J5 


6.9 

10.6 

6J 

lli 


D e Beers De ferred 

Bly uuuiuiulcht — ■ .. .,.. 

Bast Rand Pty. 

Free Slate GednW 

President Steya — 

SUlfometa 

vrelkofn 

West Driefbntebi 32.25 

Western TftMtim 30. W 

Western Deep - 13-BO 

INDUSTRIALS 

AECl 3.10 

Anjflo-Amer. Industrial _ S.03 

Barlow Rand 320 

CNA Investments 1.10 

Carrie Pittance 0.37 

tie Seers Industrial ... 9.70 

Edga r* Consolidated; Inr. 1.60 

Edgars Stores .—.... 

EwBeady 6A 1 

Federate Vdtobdeggtnga 
Creawnaaa* Stores . 
Cnardiaa ASMnuxe (SA) 

RuleO* 

LTA 

WcConte Redway 

NedBank 

OK Bazasni ..... 

Prernlw hiuunz 

Prerona Cemwif 5.75 

Prmea Hold toes 

Rand Mines Propertfoa ... 

R-ifibrsiidl Group 

R«teO ... 

Sage Holding* 

n G. Smith Sugar 

Sorec ; 

SA Brewerie* 

Tiger Obis and NatL SCUb 
Unisec — 

Securities Band 
(Discount of 37-8%) 


«SE 


■M. 

-1 


'•-+1 

i+l 

+S 


+0 


aoo- • 

IL75 ’ V 

IM 

1.™ J 
n.** 
utf ■ 

IM- 
O.fiP 
2.1T- 
13.40. 




«04- 


* 2 . 10 - 
3.W 
0J7 
I JO 
*1X0. 
1ti.nl 
1.0 
9AS. 
LOS 


J> Si 


+fei 


_'i 

+ft< 

-0.1 

+« 






CANADi 


; v-iiiwi w g g jj seeks to 

dividend , to save Oo miTl OTi Wealth Oil files Motor 

■«52l-V suspend payment Sardinia , industry 

H - vMBptiG - Mart± 3 by Charles batchelor Droiect UnCUST CilHpt6r JLiCVCD shutdowns 

■ EEEINS-tmd Westbank* West! AMSTERDAM. March 3. ■* J 

lemumys largest-regional bank TROUBLED >tarch and figures for the 1976-77 year wiiieh - DETROIT. March 3 

*77 * mfrotTm -pJ?.SS- 3582,? ** ^ TOE ^ CORPORATION .« 

lifldVnd towing ^th^^thd^i 18 * of report “ra “a^oro^re^Df “the i project In S*r- COMMONWEALTH Oil Refin- Another problem has been U.S. Bankruptcy Laws under Plants .fo^nextVeeb “to'rediire 

o DM9 per share. • . °ML0 J dima > involving British Petro- fag's year-long battle to rivalries among senior manage- chapter 11 will give the cbm- Inventories of new cars on dealer 

V-Sw is th^flist among the ^StbS^SSaS The Se Sed to SLSSEZ *?“- T 1 *S£„ *0*211 ? void ™ 10 an eQd " ent and between fae panj protection frbm cEditeST lot.. 

mhVa?d d banS nv t ° "3? its j manager appointed to- supervise meeting in Amsterdam today. thJTuiian hLlth jfled TS "protection “HK compan > aud a shareholder. Mr Davis gaid ^ he Kpecla general Motors Corporation 

«vil S **SU*ny provides ajthe Testructbnng of KSH. Mr. In Its annual report it said it authorities give an earlv and [ Chao ter 11 of the US hank- Since May of last year, Corco Commonwealth's refinery and sa1 ^. 11 bas scheduled one-day 
£ Fm«w F - van H«»sd«L tas resigned has no .future as an independent definitive ruling permitting SpEy laws. The Smpanv which has been SIavri °S off bankruptcy, petrochemical plant* would con- JgJJ* 1 , d0 *j"Sf at *** pans 

3iff Three.'’ The!” 1 Protest at the -fSOyemment company in its present form, be- th e production mi a eoauoer- had re wine's of over sibn in initi ally with the help of Ashland tinue operations and that all or *“ 1 “? ana . because of 

i?<vn?mfi m d 1 « dins - ' tlie <I*vidend d€Clsi oiu The company’s shares ca «se it lacks the financial re- eiaj scale of Bioproteins for ig7S and owes banks and other 0i{ wh ich for several months the company's customers will be PO**r cutbacks related to the 
' uda< ^ on * mu <* « ex-h rer ? t0 ^y suspended, on .the sources to recover unaided from suSnSfeed. - P rSitSs-SSMm^irrrS^nftS negotiated to lake over the com- supplied while the proceedings stnke - . G “ , said Pk n “ « 

ected. incorporating total asset* Amsterdam Stock Ekcban&e. the financial set-backs of the. oast ... ■ ... ^ nanv ia«- Nnuomher. However, arc nendin? Anderson and Kokomo are slated 


BekS tO Pressure 

to save 

payment Sardinia 

AMSTERDAM. Ih»i 3 PrOJCCt 


AMERICAN NEWS 


Commonwealth Oil files 
uhder Chapter Eleven 


ROME, March 3. 
THE COLLAPSE of a £4Qm. 


BY STEWART FLEMING 


NEW YORK, March 3. 


~ »»«V AO V. 

o DM9 per share. 


?cOnim eqdaUon. is - much as ex- were to-day suspended, on the sources to recover unaided from animal feed.. 

• lncor P0rattng total assets Amsterdam Stock Exchange, the financial set-backs of the. past .. UTP^ns'VoTrmi^Tinnl in' r£\ paDy last November. However, are pending. - Anaerson ana tvoKomo are siateo 

• p liJZ.per cent, to DUT^hn - . few years ■ ■ Italprotetne, the Joint fifty- largest corporations to fail, A=hianrf hrnke nff formal nen 0 Ha- to have production reduced to- 

i good thirdof Sat S?c ° It is at present negotiating -**9 vcatuTt between BP and ranking alongside Penn Cental uons a ndSmonth ™SoSfy Si As lfQ 2 lh - v negotiations day. Another plant in Anderson 

ss i^s&sihsa - ^^"srpSK % 

member ft -Jl£RaS$£8£-t£ Since.hen, the co^oy ‘Sjf " Z ^ 

GtoSSS*-Sft3S SSy^^grichlture i^ggS^ '** ** '** tSTta SS.SS^ ^ifownT^was arrangement with gg“ Jons. sSwfhe complny’f clos^I^ll^be af^iuTfSK 

x reforin on ae b^ks^vfdend said it,was ready to.ex- The slnasish level of ■Worid de- commercial production. particularly vulnerable to rhe DanK& refinery is the only major petro- Delaware plant, which buildft 

!I„i7^ D T d ~^ tail ? t d .? ro ? ts ' ^? e "3“~_ . *^° tnontbs the. initial mand j,aa meant KSH’s major However rhe Italian mriner rise' in ®e price of oil in 1974. Mr. Gary W. Davis, the com- leuni operation in Puerto Rico compact and intermediate-sued 

fp r t0 customers, the paper and textile fc comiiie -under ^ronr and haS * een iucutriug' heavy pany’s president, said that Corco and supplies most of the island’s cars, and it* Windsor. Ontario. 

'rttjPruF ®b are 5 , b? de *'5. would be February 10 if JtSH -could pro- industries, were workine at low uressure front both ^jsanlover 106568 since 1975. The company , was trying to work out a plan in needs as well as employment for facility, which also builds inier- 

°£: 41 - P *J. cenL) JP- ?,“«.« restnicturing plan within le ?elfc Th? mSIS? LuZ JI?1Sde nSon orea^saSs bas °*so Maimed that changes a short period of time which he some 2.000 staff, political pres- mediate-sized vehicles. The 

• . /.?. tax credit fhat time. Taikn witii a .number have iien iaH +<% «« s_ 1 e.u h..t tin Government regulations in the honed would enable the comDanv sures will also be a Factor in closings will idle temporarily 


. snt. rise in operating income. - tion of KSH last' September* after wel * 35 .® ntck » companies which 

. Management Board member Dr ^ T ^ 

" ans Joachim Beehlold noted tide P an - V chairman; resigned. . . SjJ? i555!SM t il!S! , J l ?S ?« 
• fects of Germany's corponrte T^ 1 * of. Agriciilture STSiSmS?” h y * led 1 

x reform on the bank’s divfd end f aril ex said it, was ready to. ex- t 5?5JIS* i e ,*. of w , d d . 
...Hcy^uid retained profits.. The tend by two months the initial SamLrn kSK° ifaSfr 

- : era11 ,. ' IW7 dividend; ; for guarantee period running to SSomeX the nfner^d tattle 
mpstip •thnrrfirtirU-rc umniA v_~ v^hrnnn; in if veu vusionjers,- me paper ana textile 


It is at present negotialina v ««» between BP and ranking alongside Penn Cental uoMand last month a subolv^ con- As ^ {en - lhy negotiations day. Another plant in Anderson 
ith a nu^beV of AmeSSL al said -earlier this week Railway a?d_ stores group W- T..™*"®. Jf “®”“ , |® app > y X with .Ashland for a rescue take- will be closed partially on Mon- 


mestic shareholders, would be February 10 if KSH -could pro- SSSSKt'SerP wShS? l fT 
dl4.06 (up 41 per cenL) in- duce a restructuring plan within levelf^^ , l „i 
tding an associated tax credit, that time. Talks with a number .£_* ai-P.trf ! £f ? s 

' • ,e i^ s v re r ° r: ®Stributed profit ■*;*”•'* companies interested in i n t B re«^hL^K SaSSSHtS 
Muld be down from DM17, 9m. over parts of- KSH’s h U <i- vSv at Ii^S ted 


Din 6.1m, btu retained earn^jne^ »-r,c e since mri-'inio difficul- aiv er«iiy .into high fructose stood that the bp Board itself 

» would be 72 per cent higher 1 tie® over the price, to bo paid. Sr P i*S?HiSf ; «^h c «,“ 8eB ln JjLJIlt **’ 5,1 ^ aa f li ^ as ,n 
DMIOto - -■ ^ ; —v .... -f ■ ; ; . • EEC regulation made this uneco- deciding to terminate the pro- 

Herr Bechthld rnmnionted KSH s Fls-25 nominal ■■ shares nomical. It bas also had high jecl. Italproteine said on Wed- 

‘ ■» need to keen a strong ^nniJS f °P Thurt4ay^t P|v2 fol- costs to meet more stringent en- nesday that an extraordinary 

■ ’* n i! thU SEiig?aSS ^8 tte release of provisional nronmental controls. "* meetiig of., the company 

ies. _ Outside ;■ obsemra were InS i^Ssl^ 

The Italian authorities have 


r have also led to an increase in to hold back any BmI Uonida- in Government regulations in the hoped would enable the company sures will also be a Factor in £ 1 2*’ n “ s 'f 115 ,d . le iemporarily 
3 interest charges. KSH attempted tion derision and it Is under- u - s - Puerto Rico have to be discharged from bankruptcy the resolution of the company's 9.300 hourly workers. 

|; to diversify into high fructose stood that the BP Board Itself adversely affected its operations, with “renewed viability.” The bankruptcy petition. AP-D.r 

syrups Just before changes in is not *s' yet unanimous in — s — 


jre Interested in the apparent ' -i # pi final decision. . . 

• x'ibility in -dividend 'policy IM V P/ £)T)Ill If* sill OTIC QWAll The Italian author! tii 

. .neb V-und TV’s figures seem to ^1-J^jm.WtHB.vBJHo d v? wJUL withheld a derislo 

IRate- Deutsche Bank and ■ BY OUR OWN CORRESPONDENT AMSTERDAM March 3 commercial production 
esdner have already signalled mac- , . „ proteins for animal feei 

)t they may cat the cash divi- Jj?® es ^ rules governing UJf. firm’s ing further investijrailo 

nd by only DM0.50 to DM9.50 *®Wed membership. There ia strong possible health hazards. 

w> applications for 162 membership interest from Belgium, but some Another meeting of U 


Payments by 
Uniroyal 


Judgment for United Nuclear 


. WASHINGTON Mamh ? BY OUR OWN CORRESPONDENT 

nc CH7AI I The Italian authorities have Washington, March 3. 

Lid 3»T VJLI withheld a decision on j A NEW. report on Uniroyal dis- UNITED NUCLEAR has-been 

MCTvnniM » commercial production of bio- ; closed the tyre maker made- awarded a default judgment 

uai&KjJAja. Marca proteins for animal feed pend- ! more than S3m. in bidden pay- in a New Mexico conn in its 

governing UJK. firm’s ing further investigations into mentis overseas, apparently to $2Jibn. damages suit against 

■ship. There is strong possible health hazards. help agents and customers evade General Atomic, a join] ven- 

from Belgium, but some Another meeting of the rele- local income tax and currency lure or Gulf Oil and the Royal 
smaller firms are baying; -vant commission or inquiry is laws. Dulcfa-Shell group. In making 

i groups, so as to meetl fo take place to-morrow, and Although many other U.S. com- bis ruling, however. Judge 
Is of the operation. The j a new but unofficial deadline panies have reported such Edwin L. Felter said that the 


AMSTERDAM. March 3. 


B. GRACE & CO. 

Mina OMrttr . -i irn 

.. s 

venue .1.1 bn. 

•t profits ...... .. 304m. 

-it per share. 1. 0.80 


— r- seats an< * fiy .tile time trading of the smaller firms are baying; -vant commission or inquiry is laws. Dutch-Shell group. In making 

starts on April this, number to form groups, so as to meetl fo take place to-morrow, and Although many other U.S. com- bU ruling, however. Judge 

will be almost 200. according to the costs of the operation. The ' a new but unofficial deadline panies have reported such Edwin L. Feller said thai the 

1B ** the ^Exchange. The EOE now EOE is bolding talks with the has been sot for March 10 for “accommodation" payments, the trial should continue in order 

1 Obn 5®? *5 public oroer members. 32 Belgian Bourse Commission a final report which, ulli- UniioyaiV invoices that “the lor the court to determine 

og 5m ' | floor broke; rs ; 55. market jpakers which may lead to the Commis- mately, would have to he Appointed Special Counsel, pro- damages. He emphasised that 

rt I and 10 clearing member*. . sion taking some seats which approved by the Minister of vides intriguing new details his ruling does not cover (he 

m _ '■> . : •■ » : TunilM Ki. L. TV .... .L._i Aa ........ .1 L d.HIQaa. . n#l IV.I 


sion taking some seats which approved by the Minister of vides intriguing new details his ruling does nol cover (he 
would be distributed to Bourse Health. about the purpose of such damages request, and that 


The list of market Thak era w °uld be distributed to Bourse Health. 

3.6bn. consist s- of 45^eric«n. ftrms m ®“ bc ^- . Italproteine sources deny 


venue 4.0bn. 3.6bn consisrs, ™ ^merican arms 

it profits ....... 140.5m. 132.7m and 1 . on ^ 

it per share.:*.- v- 3.71 3 gj ! applications from . 10 potential 


m. 132.7m i v “y The EOE has still not reached that the announced decision 'mJ 

71 3i51 !applicahons from. 10 pot^Jtial agreement with the UB. clearing to Hquidale Ihe Sardinian s ? ! Mr ; 5®L°“ *2 %S. 

Dutch members are. now being. institutions to enable trsns- operation. where limited view of the period from 1971 

— , vetted. The number qf^dearing actions in U.S. options in experimental production has 1976 ’ pay ?i1?i S « 


arrangements. 


United Nuclear will hare to 


As described by Special Coun- establish any damages in sub- 
>1 Mr. John Peloso in his re- sequent legal proceedings, 
lew of the period from 1971 to United Nuclear said to-night 


Commodity OtiFERUML,, 

Trust v y*jnujr 

Double ORFER 11,0 
Option Trust ^BID 86.0 


Comiitoday & General 
Managuimt Co Ltd ' 
8 St Erais«‘s Strait 
Douglas talc of .Man 
Teh OS24.4Bfl2 . 


vetted. The number of- clearing actions in U.S. options in experimental production bas 1976, Untroyals payments were that the judges ruling had 
members is unchanged from the Amsterdam to be cleared brai sanctioned, ‘was made generally made in third conn-- come as a r«ruJi of the failure 
first list issued early la* month through the' U.S. system. It has. wilh a - view to briugin- tries or to .third parties on behalf of General Atomic to produce 
but. there may be one or two however, made the Amsterdam further pressure to bear on 2l the # agents and customers, evidence in its defence. In 
more after the EOF hastened, market compatible with the UB. the authorities, hut there are Z? Slt fi a d i mentl rXr^AtomiSi 

: It expects to -start aa planned fo that _ the two can work signs that it has had this effect, "JJi? SuS i “ cv^n/ dUareeud 

;;Aprii * rtojssaHfti ■« SB's. ttt:; SETS 


take all steps neeessary to have 
the judgment set aside. 

United Nuclear had leant 
heavily on evidence or Gulf's 
involvement In the inter- 
national uranium cartel ln 
bringing its case. -United 
-Nuclear was seeking to avoid 
delivery of about 24m. pounds 
of uranium to General Atomic. 
Il charged that Gulf had execu- 
ted the purchase eoniraels at 
low prices which it knew would 
soar as a result of the cartel's 
operations. 

Gulf and General Atomic have 
argued that uranium prices 
rose after 1973 and 1974 be- 


NEW YORK, March 3 

cause of factors other than this 
international cartel. 

General Atomic is expected 
to put ont a statement on the 
judge's finding later, hut initial 
Indications are that it could 
appeal .against the ruling. 
General Atomic has made it 
clear that i( is not happy with 
tbe judge in the ease, and at 
one stage asked Judge Feller 
to disqualify himself on the 
grounds of bias. 

Observers have suggested 
Hut one objective oF General 
Atomic has been to avoid the 
precedent oF an anti-trust find- 
ing in New Mexico, and also. to 
shelter Gulf 


Steel chief optimistic 


BY OUR OWN CORRESPONDENT 


ceremony being partotp.^by The exchange floor has the «"*• «*>«. *«*ii»* *>r Um > SSSs" iT UnSoyars files ' Mr' Disco^ and the cou^rdiV- ™ RK ' March *■ 

the Finance Minister, flr. Frans capacity for SO options and this project Peloso said- ? " covery 'orders, of concealing FURT *J? R . EV p E ^ C£ IT °| S row ‘ reduction to 15m. tons from this 

Andriessftn. . number could be doubled with- A final decision by BP, for I ^ special Counsel’s report rather than in good faith “Ptimism in the U.S. steel year’s record 19m. tons in the 

The Exchange hopes , for. a out too much difficulty. Amster- 11s part. Is likely to be based i r»i£lw n^>r MTat srranpp- r*vWlim> ih» mn. industry about the prospects of volume of steel imports. 


.The. Exchange hoptt, for. * out too much difficulty. Amster- Us pari, is likely to be based i further noted that such arrange- revealing the true facts con- 1 ? du f try 4 i bout tiie prospects of volume of steel imports. 

da i n befiin wlrh cal1 °P ti0 ?s on whether any qualified j raen f s contradicted claims on cerning ihe international fJlS* 11 .* *5?. *K? rt iL?-£?J!5!*2 Mr. Jaicks’ remarks follow 


England and Jh^Board.Of Trade onJy but puts are expected to be ministerial approval would |untroyal’s invoices that “the uranium cartel in which Gulf imports this year emerged announcement yesterday from 


within the next few daysi.nn added after a few months. 


WAROGAT* COMMOOtrr • . 

FUND 

at 2*th Frtiwir JWt lt.S44f.fS 
WCF MANAGERS LIMITED 
P.O. to* 71 
.St Heifer, Jener 
- - - B514-M5 fm . 

- Next deahnsi XUt forth 1f7r 


, - _ _« _ r — - — * : _ , .. i UUirUMJ a in VUILCD U»flL LUC aiB*UIUU ViU ivi 1 U WMICU UtUI . J... ^ 7 , »i.«wiiinniuisiU Irirl IAULU 

added after a few months. allow- commercial production i ab ove. invoice is in all respects was involved” , 01 ,h ? ^le industry leader U.S. Steel 

Negotiations are now under °P 4 “® ci * nt e * e *l* justly correct and true.” General Atomic this evening ? c f , ln !f “ d °^f Qf 'hat it was withdrawing an auti- 

wav wilh the Dutch press for the original investm ent and j The Special Counsel also found described the decision as “out- the nation s leading steel makers, dumping suit it had filed against 

details of trading to be published «P** wy ® ai T 0C ” ,n harmful consequences from Uni- rageous and unprecedented, ” Mr. Frederick Jaicks said that Japanese steel makers. The 

daily. The EOE does not plan Sardinia. royal's practice of overbilling saying that it showed utter he now estimates that the trigger announcement was widely inter-, 

to publish a daily price gazette One unoffilcal suggestion is customers and rebating the over- disdain for Its right to due price mechanism which the gov- preted as at least a tentative vote 

of its own. that the Italian authorities billed amount to customers' bank process and for the facts of emment has established for set- of confidence in the prospects of 

investment In tbe EOE so far .may finally give the project accounts ihl^ird countries. tbe case. General Atomic’s ting off government anti-dump- effective implementation of th* 

has totalled Fls.12.5m. restricted apprbvaL AP-DJ attorneys are now planning to ing actions could lead to a trigger price mechanism, 


iOMMOSITIES/Review of the week 

SLU SH : Uum.rft . 14- «■' U.M.II. {+ or 1 IMPORTED— WImm: CWRS No. 1 m 
■ , ' DICE MFTAl Q . f" • • , «" 1 C. ‘■w t— B*r cent. March 8*.M Tllbnrs. U.S. Dark 

_ -f. -■ . ,'TI -.i... .. V j ■ I»/V5C [TIE. I ALo trw ; pMuag j l Non hem Spring No. 1 14 pt-r coni. Marvli 

1 I w nn I nr CAllfYnT coppER^tftw' os ute unaw «et»r - 1 — — ; r^ ~r- ■ — 1 — - m.MWpBK™ an uo«h. 

U .u. StOCKplIC SalCS SOUSOl as ssfj&rz »s ^ ^ ® 

■■ - ■■ ■■■ O SuemhjnBrtnt Bm tie re wu no «wnib^. «6a.4Sp *1.2 ■ 863.15,. ,0.26 Ajxentlno. Sonet. EEC Feed. EEC Mlllmx 

~ fellow thrauA on Co me* and the ferwant ~ 'i onfl EEC (aq all uoquoird. 

BY OUR COMMODITIES STAFF - .. affiS 

5G1SLATION REQUESTING per cent, cutback in production, intentions. Neverthelws, copper “e^tS^Snsl" t»SS Mornfe^ ljrij monjto “^; aU'»i 2 ojm roo. ' * ™ * 

thorisation to s*H 25.000. long This effectivoly reversed a pnees t /were also lifted by fore- 3S.fi3 tannes. • ' tiu« moBtm 'iss.*/ sa "Ajtenoani Bartey ' s,rstu,m ' 0iI “ : on<niol « L 


MARKET REPORTS 


BASE METALS 


w SSS«-S5f.2p 1 3Dl-jdSfC> and ctofcd at bartay: Kent 76. w. Lancashire 76.70. 
2SU-C3fJo <301*-SMc,. Thp U K. monetary cqcfScieni tor the 

— 1 work bcfitanmB March 6 teUJ increase to 

| , . | l.SMi. 

SlLVHKj Uiiiii.iA ■ 1+ qr L.M.1L W- or IMPORTED — Wbaai: CWRS No. 1 m 
par . itatoe. r— ‘■’k** I — o*r cent. March 8*.30 Tllbors. U.S. Dark 

trw na. ; pncjob j l Northern Spnns No. 2 14 pt-r cmt. Manrh 

“ ' : — -7 s rfr 1 1 . Sl.oo. APrtI so.uo transhtpoR-nr East Coast. 

' _ „ U.S. Hard Winter ordinary. West Awn. 


WOOL FUTURES 

LONDON— A shade easier lx llchi trad- 
ins. Bache reported. 

i Pence per KjIoi 


BY OUR COMMODITIES STAFF 


Argentine. Sonet. EEC Feed. EEC 
and EEC (aq all unquoted. 

Malae: U.S. 'French March 


Barley, Sarghum. Oats: nnouoted. 


iv of tin. und f&5m. troy decline that had De«n triggered casts of another steep decline— ^opphr' * : ®l- " + « ' r +°' 

Ices of stiv^ from the U.S. off by the UB. producer, Asarco. of more than 20,000 lonnes-in o«fo» . - j vmM; ~ «- «■ ^ 2 *l 2 ..m. 


import curbs. Cash wirebars ’“"“''l*- ^L B K b43 -- 5 + 1 

Closed, test night £18 up on the gfla g ~ 

week at £632 a tonne. - u«ih 624.S S+17 ezo 1 +B.75 

Lead and- zinc values were also 6 S«'*t 1 }? °?' 4 + J.._ 

firmer on predicted .stock de- lv«. -mi.. - *o-6in 

clones; and buying reported to Amaleamaletf '^ui Tndin"mMHud 


nws of silver from the U.S- off by tbe UB. producer, Asarco. oi more man zu,uw tonnes— in 1 - 

-iitcaic stockpiie-was aubnoltted cutting its domestic price by 3 warehouse stocks this week, be- r £ a e 

the UA Congress, yesterday, cents to 60 cents a lb.— 81.50 heyed lo be more shipments to wsrabajA 

. - ... ... . the 'lilS. to beat any possible uaah 633,5-4 +i6j62s.s-30js-t7j 

The General Se wees Adm lms- import curbs. Cash wirebars ’“““‘h*-- M7-. 5 *jb_ 643-.S +7 

vuon, '-e^onaiM^for tjrt 1 stock- ", closed test night £18 up on tbe AftUi “ 834 " ,B - 6 “ 

e. IS 3 I s ® in 75fl0 i ■ " I week at £632 a tonne. - 83™“ 684.5 5^ 17 6201 *5.71 

ease «>ne other materials, in - 637.e8+iss ojs a +7 

• stockpile -deemed io be t l Lead and-zlnc values were also vnrm'm 625 -17 - 

in rani reman ts aH firmer on predicted .slock de* u.s. -,„i.. _ eo-sui • 

Ph* Bill was r introduced on moo-. JUt ffl fT|f _ buying reported to Amalxamaletf Mxul Tradixw rexonea 

™e “‘i 1 . W i_l Vj~ t „ i *T ri. 700CI fn 1IH be ; Off behalf of producer in- that tn ihe wwhha: cash irfrohais trade, 

aalf of the. Carter Aamuustra- j* / U 1 . - . terests; Cash zinc even moved ** isss.s. ihwo month* sstt. <s, 4s, 

n by Senator Hirt, whose sub- Ad w I t0 a sm au premium over, the f -,^, 43 - 5 - «; VSJZ 

nmittee op s ldgP»e poUcy is I 1 .three, months quotation. , SS S 

4day. S ft follows *apP«> v ^ by 5500 1 ~ n P ri « s W 1 back sharply Sroe^niaSfer w«. «S!T?«a« 

subcommittee early . . tiL *A on the London futures market «j. <3. 45J. «. 4S-s. kk*. wirthar* 

* Tlmlnistration ' TMlA yesterday following reports that 11™ xn*mtb» - 

.5 week Of an • [ If \J RnBEin wac cA^biriP d plav« nr „n TtN—Uttte Ck«m4 .awwasb fenwrt 

iposal to release 5.0TO tons of II f nw,,u “.s* 6 -**- 5 * 0 *» mrimi 

Mrtila tin as iia contribution MM — — —— — 3} — ___ to two months on contracted snip- after a hUther BWfcra price *nd loiccasa 

vft Tin Council J 1 m exits. The May quotation, which of « kock* d etffee., ifej a» gfe* fet 

- }« ttoT ■ SF lfflBBHf . had earned £177 earlier In the 

k arysr-ffiita ■ r> >» v * « gl - i <aa- k-uj**/? 


RUBBER Safe*: 7 (0, lot* or 1.50® kilos. I 

STEADIER opDDinx oo ibt London ^ SYDNEY CREASY — Close „„ orter. = .“^LS wm bNrMP| 

jysiol markoL Fair mrernt ihrompiout »uypr. snUcr. bnsraew. sales H-MIcroo i * SfJJ" 

e day, closing on an easier norc. Lewis “■*"“?«»"* <M4«-5. M1.M4DA S".: ■ ' *?£*•„. r ° p i! fl L. l ^ Blo j. t - OU ^ wtn f 

KI Peai roponed ikar xhf Malayahm 347.IW43JL_.17: Julj- :W. 9. J “StoJ 2Srtu^ sm'a'r'^toSd Smew 

Kfewt, once was « -.SB, «m. a hd. VS* *£? X 


Amliwllau 
lirrMi* Wi*«l 

\rmrrila\ + .d-i 
Hi-e ; — ! 

Itiulue* 

Ihme 

Xlmn ll 

1. 

Z2D.0-a.D —4 -B0* 

226.0 

M«i- 

250.0-52.0 -4.00, 

234.0 

July 

’56.0-58.0 


tl i.iber 

UB.O-42.0 



|i«.vmlter... 

241.8 44.0 


Mun-li 

I44.0-4E.D -3410 



AM 

144.0-4B.D -5.00 1 

.. 

J’>|\ 

(44.O-4S.0 -3JB0 

247.0 


U.S. Markets 


Rally by 
copper; 
sugar weak 


NEW YORK. March 3. 


COCOA physical n 

- As ctunJsi Bunns .sobsided, prodi- d ^L' ? 
taking and csnilnnrd HraiJsand aellLas 
poshed prices sharply lower. GID and 
Dnffus reported. ,banr j * prt, ‘- 

\WlpnUv*p>~f « (m-liitw . . 

4.4X1, A l HU# — : Done ' •' 


Nix t lYmenlayr- I’rrvNse 
H..S.S. >-li«e i-wiiii 


Uumiiew 
ihmp ■ 


Amaica mated Urul Tradins reported H u di 17SD.O-5S.O i— 124.0 1185.0- 1748 


333 3 «: D«fi 1.1*1 Q iai n.-uji n i-i- * ul “ r ““ “ yul dl-ok* wiiiuk ouimimuiu: 

! Commisaon-nouw boyins. Cocoa clued 
sW'-Msi 170 3 jSiv — T- « 1 ,ow *° r on ‘-'ommiasJOB-House profti-ukins 
ni^r B Toil. «hi“ b is",; ^ ,radc wllt 5« f8Uovln * 

MFiT/vcrcTAm „:*•* • dv “ w - 8 -^ «»•«««. 

IWLA I./V tot I A BLhS ; CecH-Marvh 1K.J5 il».30i. Way 141.4* 

CO VENT CARDEN— , pnce* In Kerims ' HMa IMM jSfe 

PIT packugi- rs«pt where otherwise , ,2'U' 1 1#1 J “ y 

staled,: Imparled predace: Oranges— 23 *■ *- 1 ' 3 - 

Spania: Navels Bloods 3.06-3.40: Coffee— ■■ (7 " Laoirai-t- . March WS.7S 

Jatta-. S.«3-4.M: Cyprus: VaWiK-ia Lates ,172.731. -Way \31 j* «7S*fi>. jpjy 13T.P0 
3.B0-.1S0: l !0 kilos 3J2U4.N: Jiorortan: Hiked. 5epi.vi3j.MI asked. Dec. 12J.M. 
:t.99-3^. Lemons— 1 1 alien; H#.i:o :;.W- March lia.M-ufij®. Way lt3.il. July 
3.M: Cyprus: iBIWJ®: Spanu: n.M-3.;at. 114^1-113.00. Sales: E7 lots. 


sHiuuauf 
^ umwim • 

ta2zJ i. l- ■ — taJ 

OCT NOV DEC JAN FES MAR 


ybstorday following reports that cemTp^ poRP«.-Dga»' aM s 

Ruwia was seeking delays of up ln *!^y f S: 

to twa months on contracted ship- after a huaser Ea«em price and tocooaatc - &d * y 

ments. The May quotation, which of « *kk*« d««ae. ft* n, wtow • 

Sri A earliftr ♦? ?* STi&JWSMNSK dShS 0 ^ COFFEE • 

wees, ended *83 lower on the day ibe Km* at re.lW. NO cafe OB the week Roburu again traded down to new lows 
at £1,656-5 a tonne. waa BSI.5. Turnover LOIS toauoa. tkdore rteoverlng sHfchUy. Dre*£l Bum. 

m, - .. . . t _ . - - , — l -a ■ ' i£ m ha at Lambert' rebortdd. . Volume was 

The earlier rally, which took ,vj “■ rew»ft*wr fed imum .- good «mmis»on 

May cocoa to the year’s highest 1 1 - . house Interest. AI the dose values were 

level,' was seen by most dealers Oteh grade * ’ y t 

35 "jan extended correction to The HoSS hSS SSoS^Sb dediai« vaiaos sentiment on 

recent oversold situation.” But 60 ■ “ . u* market w-s uraiy, bearish. 


April 49.5P (49.0*. 


SOYABEAN MEAL 


. . ■■ ■ — 4n j may cocoa to u m? years xuEixeai • ; > - wiora. uw ovro vuue» 

Wfl OH Stockpile. tcJMWS and u«v wa .p - Vy Healers Anil^ *■ ■ v * v ! C jost -off the loirs some -£S4 lower on d 

v l ?rc ly reMteed imetime ***** J clo ^ h tlle pt l“ announced 35 “an extended correctioo to The SSfi'^SSuSS^B , 

>• arc resolved. by other producers. recent oversold situation ” But S tm - ^ °»«k« »nm y, bearish. 

■ho tin market, which' started -There j S considerable uncer- some-market sources thought the standard! . 

week on a .buoyant note, tainty ts to bow effective the week s upsurge had created, an VESiSir" Imo-“ ‘tmi eilo io -ijs COFFB,£ ; ^ *F^T 

ante thoroughly confused *nd proposed 15 per cent, produc- e<rually senous overbought situs- - ut [wri.mei . 

NOUS. But forecasts oF a Sharp ti oa cutback will be in reduc- non before yesterday’s decline. :>un - — grjp --; — — - 

line tn warehouse slocks and ing actual supplies, although Coffee prices fell steadily all -*'”- Ynrk -„ r._- Jj; rb jISSo wii 

■ tiueeze on supplies available Zaire yesterday said It would WO ek to end £113.5 lower on j? J»qrrJ7!".i»«M-!S?~S-lSfe« 


kninxi'i ■ 

| CIIMV 


+ id . IIIII.IIHW. 
j UllTI<- 


ImnMc pack, per pound Uoldeu OeUdOUS ! 39.fc9-5G.S3 <38.52 1 . July 57. 95-59. BO Oof. 
e.11-0.12. Granny Smith O.lLD.U: lialian: | SB. I A Pw. a.72. March (HUB. May' (1.2|. 
Per pound Rome Beauly' O.is, Cl olden July Si .40. Sain: 22D JflO bales. 

PSllaM? U J^L *£? £. eU i\ owi ^Md-JIard! 183.40 <18U.M-. April U4.W 

?«?f. ' 0 r-'_i2r5 a 0 r U.wT VlOM WdShlng- |'1 85.001 May IS3.M. June 1S7.50. Aue. 

ion. Co»M DeUdoas iM: Easiom! 190.M. Oct. IK.BO. Dec. t R5.5fi. Peft. 1 ( 8 . 10 , 
“W“wnau: R.'d ; April 201.10. June IW.lfl. Auc. mtjd. 

Delinon* -.Oa. Dammiu- Spartans 0.09- ot-r. 21010 . Dec. 213.10. Feb nil. SaJ(p: 
0.10. Pears— Italian: Per ponnd Passa- ; g.000 lois. 


AW*' ; 10W0 IS.5 + 1 J5 - 0.1S.. 

S'aJea: 122 ciGG) lots of 100 tonnes. Canary: 

. _ Melons— 

SUGAR L.iE 

LONDON DAILY PRICE for raw suaar 2 0O-S.50. 


sSxt^reJSrTs 5o r «n? «! 


si iS ?^ i, iSry£S w **** 

Cuenrnbers— Canary: Dutch. I *sii™r_U^h' iocaa m. 


opper prices wfire boosted by cutback was applied, 
-'a- that three of the leading However. Chile bai 
orting countrlds—PeriL Zaire agreed to «duce-prei 
Zambia— had agreed to a 15 there are doubts aboi 


eekly price changes 


. : 

1 pn«f» 

■jerkfe Ml <?o : 
■ unlOta : WOOL 

; watert : 


lators decided to liquidate their kces snaoart. three numbs s&iso. 
“lone” ' boldines. There was LSAD-Very ste*fe with fenrart twuu 


'Sliver— March 4K.W I4H.90'. April 
sol .30 iSnt.TO', May 305.00. July 312jn 


£100.00 ( samel a tonne Of lor March- English produce: Peutoos— Per 38 lh. Unai pn«nn«P wi-erin t 

April shipment. White stisar dm ly price Whiles Reds i.hm.to. Lettuce— Per i« • M J rcl1 

was fixed at flliJMl'fHiu.. Indoor UW.TO. CMbast-Per^ 4-bap i Sj’S' 5? SJ4 ' 

The marker again raffled on very small- Prlmo a.fifl. Beotroei— Per »lb U.90. ‘-Qm ' ».«« uinn.- dT™.- — 


3ivr«™ wumw. ■ m-auKss ur-uv sowUBH Stnal Mnu „uh riw, i— — A to* » o— i 1 mej I lBI.ilii. July 

tbonshl to he at Prtdticer acrtOnf a&d Arabkas 174.W USCOfl: other mSd the 5 | MS 3*.|«s.«. Aug. ia3.SB-ino.M. sept, 

nadw jrtnena Awhtas 177.78 fifenu Robiutw 16X08 ^ JUg^le^S; tla! tSii ^tESSSLofc ! ® c Ji J«L 


oft ire Kerb ins on nRilk: D&Hr -ivehua mM'j 112.3(1. — 1 

I the wMk was EM. Turnover 9.8M toonet LONDON ARABICAs— Arabicas were --u«ai : _ 

■ a.M, pjm. I+If notably weak- dot' IP a pencrsl absence fret; .Yen’irlavVi Hre 

. Offleu' 1 — ‘ : L'nnlfcisi' — of bnrinc InteresL .Yibres were np to t'umm. t'k« U 


Lkibb ! 

. priopt .‘Ch'fd ! Year 
per wow] Oh om 
unletr week > 

•dated • 


i Whsai :■' ' 

S,„ !- Sit.l ltolSpr.nc. £8W >0.5 

UaiLri c.t.r... -rirt.Hl : - ; ri0!u» AB,,& \viaw . _ 

ffirtSv jbgUiutagmsNWfiM;;. ~ 

i f^-^rS 75 S5ji»»Sdi»SS--S. gf. juu 

s^jsss'issl teaatr^ a?, & 

s*-— .-J L,. 


Cash ! 801-3 +M* ■ 299 .5 .+1.25 

5moaibs_j 308-3 VlU* 301.5-2 -r8 
'*pf7*lin , nt! 301.5 +12J- - . 

r 8 m* a. i — _ •••xl'.- _r — 

Morhinfi: cash H». 1. :.“l.T5. L5. 
three months .Ota. :. u. l. SMHLS. l 2. 


Mhsai ! 



Prel, .YeM’iriiv’t 

i Previwm 1 

1 Hwtlnet* 

i’limm., Ckw 
Irmii. J 

1 — ■ 

t-'loce J 
1 1 

Oofie 


]«.' WV1I53 DC. March 16S.IH)-]M.i». 


I C/ZX ttRji 
; ObJ) , £»i 


2.5. 3. Kerb: Three months £SB84. 3. *. m -a ro on 
ii Afternoon: ThcM m onths £382. 1:3, }~_”y ..K, 
LUi-LUi Kerb: Cash CBS. three ^ 
months £H2. 1 . 2. GRAllXS 

21 HC— Pinner as inflnenttal bnytns of 1 

unfa metal caused > lishuninc of the 


38 Uwtfr at the dMe Orncel Bnnmam l 'non. \ 1 

Lambert reported. 1 — ■ i . 

Prices fin order Buyer, seller, change, l >«i lumv- 

ffSSr-S- JS JS~i3fS IS to IS I? -SI! til » 
iS“: *5jf- JUtSSf" -7u‘ i iSat- \ M ■••»»**»»»»»■». Jwb.»i»iS 

D?L^' iui£h -zk ma- fS - ' 'J*-- ' kl *-22-“ i».ss 22./s>3 so. 175 

133.D0-137.MI. -J.ob. ltt.BO: • April '138.00-' jM? !?2'5 H'iifi. W. fi * 6 50 


nte-plr lT h ^Tinni SnyaheaNs-Mareb fil4-HI2 isASji. 3dw 
0 -^. 59 ^ fsn - , ‘ -»H*V Aos. SsJt. 

5arat*»a=r 5a.*s* *"■ ■® sh ^ « 


, 1 ws*.» 

£30t.?ii 

E.-04 iJ»0i.b . 


*Cfcw#fc. fJ'S, 1 

I'ippet. White-..' fi.W 

Eto-k S&ft 


v*'™* 1 ’ ' Sales: lKB ri.iss. lots or 50 tonnes. 

LONDON FUTURES ( GafTA *— T he Tate and Lyle ex- refinery Price for 


5iE.8te Sm!s 7> SS 1° SSout.-muiiVf* sm 

V 5 J 1 ‘Utii.n- : tirDumtaut: oi. • 


;rs - S?r i 8 ;«SES:KSjV isiSSS«m=t ! S2J- rTs! ^ 

S3g».:J!Sf :S5& 

'SSS£=^J&i£$, B8 sSa. fef pffl •»? 


.. — : X 3 . 0 U' Cd.'JJO ‘ '£4^7o nearby position and produced a bach- feature wo <* rise of more than snuuilared basis- wlilio sonar was £242.40 

**-»)■ "A-1&.0 l NL 6 && ’ SWOOi wartaUon. forward metal ■■ltmiw trmn a Bn nU crop wii-M due to spccolanve isamei a tonne lor home trade and £171 

54*73 t 10.0 , S45GD •' S2.d3J' stico s* 3 i 10 t * 37 and closed mi the Kerb at ^ Mae trade bu-Hf and scry hmiied isune< for export. 

1 i J {298.. Net ir»fe on me week was flU. «Um* interest. Vabt*a eased towards ■ lournatiooal Sugar Agreement— I ikLcj- 

5610 :+lb.O ■ r ' *B20 . ' SU£.b Turnover 7300 tonnes. ted close on probKHkl, bui further trade lor prices iUJ. rans per pound fob and 

C601 •' tfeb j *J4ja - buytn* was uncovered, -t 400 below ihe xiowod Caribbean port > for March !: Daily 

£ 2 »T 5-2J) 1 i ilflSd ; i»46. a-iu. + ie, tuu. 4 - or dar's Mihs. Atll repOrti- price S.4I i*J3i: JS^lay average. SJ9 

Sb» ; S&71 • *S7b [ MUc ZINC 1 Offldm - Cooffleftn.- Old , crop Parity ftlita teed steady isamet. 

- 1 ; i ■ ' — .— ■-_> — tarouihoot the day .wnn * md two-way Raw sugar futures: Prices eased in 

■ ! • i *r - .j; ' r shipper trade 00 . the -May m»n»n. New light trading. Friday's dosing Brices 


4rtN*r»7i9to^ SWA-38 pAd 1 «»« 
wperw. fe'.&jp :tU 
«ibB-*er.v..,: m*tp !+j 3 aup-- 
w*h. £A4ib tGJSf 

«.«o 

.an SIBLort !< i [J 'i 5‘^Sf *. 

Sffi S ! «i 

■•non* .-; 3 -««£i 0 . “•[' t7 * 


mi 

»vbtp J - 

no IV(iim.N.i'- £ILl 

M .\W YbUos 

i \ teririlfrtlOl.D 


: - ; £843 

+0.7S i -era-* 


: doraaaana fir.s.i ...I «M;tu i • ; 

mae-l aiMhi Oth Pf .. .. - : f - 1 ■ 

US^~ jSSSS'Sffbi^l’Wiu^^^ 

pa’-Mw w |K ew »■ c’lajjnd pou.^w«.ii ♦HjfljSteM 

• :• SnSvdPatort* ifey ew»- 

8178.88 Iw«l44 Lwapn- lode*— — - J . »&. 

Dm Chvomfl^ : £745 

Etoi-fc. Iczn.Tb Juratj-onvccrdej S«8 -f-r WW 

«• tSRSt=: Sit': **! M 

- Sfc A i 1 MiflfW . -M ; 880Q- 

£fo. 9f34>. - Sngqnwfl...... — ; “}»* -' +L0 : £B4 

Fit 1 1 «m_a • faMM Nth 1 — ' J-IB 8 

CO*.. W6 . , tsgp ... ^ ^ 

ipfefe! Rite • : • sap' , ; - . tap 
-IUOI). £f®.b M* Warp:; 271p «lfe, I — _ S97pKjk 


Caab....— ' SSfLl rUf 256.5- 7 ; _aq had a fturiy OHM. day, itnfsblnt 5p‘ uenls pur pound*- May 5, July 

dnumiha»i 936-7 ; + U<,Z56-J '+9.S 7 Q28pdown. ■ ■ ^ 9.IM35. Sfipt 9.4M.44, 0«. 9jW,63, Jan. 


23 * it- 15 
Pnn.w«*t| — 1 


' B 84-0,99. March 10.21-18.53,. Week's. high- 

■aRLEY low: March 5.56. May 8.&WI.S8. July 9J5- 
y'it 4- i.i 4.13. Sept. 9.78-9.40, Oct. 9.B0-9J5. Tdra- 


£VTU.bit4U [£2.755.5 ! £3J>12 I fiUU »»«JU S3SS. KS. 345. 33. M"hth| V *^i^ y ^ + « i| + 1.1 

£i.6gA.BIidttw - : aTm 2 F- « A — i- ■ — — — cotton. u «r 


aj u- bl 345, 57. A#tem«*c Cash 525*. three' \iir. 


COTTON, Uvcrpeal— Spat and shipment 


nunuhs ess. Kerb: Tte»e months use. 


fl-W. Cornice 9.18-0 .M. SareoU— Per laVnfLtK m j Miirrti mb fflioM ' ■■ 8 tL 

<S* 'SStK-STTr %!£ j SWS S&iFiJSr 
SfttSZEF'HSSe ii™ : 

.jspwssi rs=ts a sfis 

qH0, * d ' . AUK. ia.T3-52.WI. Scpi. -’>22.20. 0«: 

VEGETABLE OILS J “- S5 - 15 ’ 

jssa-Tsa 

20a.no-SO.VTO. June 277.«L8.7.M.'Jbly 273 I !£*£l 10JB.I0.M. Ifiy 

M OD. Ang. J5L60-7S.OO. Sept: i 

Oct, 203.00-72.00. Not. 2IB.I»-r5.«. Rrai- f , J., 4 , C-0fr . “ •■"S.DO-aos.OO 

now nit Sales pil. ■ 1 . . .... . 

■ wneal— March 2 M- 2 SS ijsoji. May 

: 2702-277 1 t24K7>. JnK - J70-2702. Sept. 2T4J 

. FINANCIAL TIMES • yt7 ‘- 

■ « W14MPJK.. March 3. fin — Mar 

Star. 3 ,"Mar. 3 !M<iuiii f te 4 - M , l>lrt ' J 1 * Jnlv 106 .M bid tlM^lB 

i , — 1 „ • bid*, net. 106.46 bid. Nov. 1M.IHI. 

226.66 237,88 1 22736 1 284.78 ; bhJ bldi. July 

. iBase-' Jul»“i‘"'igff , =ifiii" ‘ i4.rf aakafl i.O-WI nomA. On. 7J.30 bid. 
(Base, juty 1 , ifot—lW) • _ ;Bariey_j| BV ts. to hid ff«.20i. July. 

RFIJTFR’C • 77 TO i77 TCii, Oct. TTJ1 ashra. 

KtUrtK & ( MPUueed-Mav S53.M hid i523.0a hid, 

55 *-" 

13 M .8 wl^OM ! 1699.8 i t ^ 35 T«*£r , £SJf r £"i,S 55 

■ Baac: September IS, 1B31=IM> < 1151 . 221 . uanie- 

DOW JONES ■ i-S. TSLC-Sff 1 "^"SS 

i i' ;!7 -= i '' r !" s = r i j? „ 

W 3 a ■;«.'! .J .noma,,. Mv ruTn fo» 
^o»*-..i35z^sU5s.oa!aB0.7i4sg.Bs -?,Sr a ?..5 er . ** huahn M . 


FINANCIAL TIMES 

-H*j. 3 , Uar.2ru«niu s:i.j lnu u> 

228.66 237,88 i 22736 | r 284.7a’ 
. tBase:"July - iriB3S=lMj' 

REUTER’S 

'jiir.'S . Uarl 2|M>miiTagij'Ye*Fn a . 

1386.8 1588.5 [ l 5BB?4 i 169s!s 
■ Base: SeptcnTber ' Ilf, 1031=100) 

DOW J0NE5 

~ Botr , Jlar. • ilar. i“ii7^iti7i k«-.r 


Alar, i ,ii.-tii in in. 
2 . : ««i > S 3 . 


SILVER 


• aiaaaeaonr 


BN6 £7B0 l £870 oar pound. 7 On anrrwa ! 89^g .--—J * 22*65 ,-0.06 -alnai 2.902 lomaw. F. W. Taitewallo Hpr»-..>352J86 ! 35S.Ma60.7a<IW.25 ^n-houw T9M 

««* . M» • Mdi unofficial cloae. SIM oerplmL l>ov._ • SMS ®9-W i-O.15 t . -Kincd Steady purdiasiRg MMlined a* Fumrw I331.30^33.5&a53^7421fi« ; ^ ^ -A.2H55S 1 .. l " s ; 

> 84p S7JJI 1 M!d ■ - Jan. 87.45 r-OJfi! . 82.60 (-0.15 vai-ata moved cmfnly upwards. Mort^ Kv w r aA 'wwa-iii, — r ™ - fl !A- , 0 r .*»-owc e _Uhiid 

& gmLflg,-. SILVER JSiu™ feMid^^SSliticrS (Avemt ,fg- ZS ESEU?-' • 

MM; WOO !*B16rt0- OUiTfin • May 85^84^0. sept . aa4M5.5e. Nor. Mpp.'fed Qr mterott in African grawtlui. MOODY’S SwraMm ”s7Z.«i & 

tJW 1 fagi surer wu fizgd Uto as OOnca hicber 35JS-85.0O. Jgn. JPMK&. Safes; 13 f HONG KONGr-Raw cotton faur*; I W ._ UT S . . IM ahort 

: filW far OOl. iMvttry in (he Laadin *M*o 100 . 8ari*y— «■«*• JUfl-Tfl.K. May Prices were easier. Friday’s- dosing , 'W. , Ua^5.mih|isr ! O)iw:o 'Thledo^ 

l»Tr Itop market rmertay. at 23t.np. VS. cent 7S.19-3SJ0. Sepr- M ^«-n45. N'pv. SflJfl. Prices limits ntr Pottndi: March 55 .M. Uowlv'. ,3 * 1 - c7n« m lh tti 

JP *. : c^'»fe*M M Ute dxlngleMig.wwc: spot S040. JM. 82.0-82-W^ gala*: IBS feu. 30.80. May 35JU40.73. July S7.SM7.M. ; i- ■ * ' « SS nSTasni SkM*1 

497pwk* Jaiplclte.WpLllo aftde. na Uc: ihree-a»nffi 5«S4c. up HCCA^-uxatfea axim «pot priced. Oct. 3S.MM8.00. Dec. WJSMS.BI. wtok't Md* tidiamtv JOL2896.0 «94.ioss s ; 

jte sajnwmth ar.fc. n LJr. and ¥t- Other mlllfes wtoM= /-No t nu*t Feed tub-iow: July 5S.5Bsi7.46. Taroover 200- ili e eember - si7 - WM= 1 M ^ « ft nashei »wSrSS2; \ 

m ; iwaith 5SBJC. up 24c.- The m*ui oseMd wNmc Xeot M.00, huKtabln »jjo. r^t a6« » Sot*.- ' . S™ JSS?*' **2?"*' 1 


(Average iK4-25-af'=iooi 
MOODY’S 

, t’Sar. ffiar.;u.«iVfci|Kn7. 

*000 V I I j 2 | . 

■■Ul* Ufflnifrtv-flQ Lae96.0 4^4.3,562.0 

ioreembtr - 5i, w«=fooi 


. iran nuuw... .i.kiw apsnei lots. » r* per 
1 riw ounnt. tor jO-oune# unite of ».• »»r 
' cent, purity fl"Urerpd jsy. - * 

■ troy ounce ox-warehouse. ;; Xrw ■■ b 
i-onirari in ffs a short too (or balk tett 
jor too ahart tons delivered r.o.b. cant 
, cajinifio. Toledo, si. Louis and Alton. 

. ** Crow per 69 lb bushel in sror* 

, ” wr 24 b> bushel. » cents per 
« « Cents p*r 

» ft trasbei n-imrtuMKC, 1.000 hutod 

lots, T SC per tonne. 


V 






22 


U.K. shipowners 
attack aid 
for competitors 

BY OUR SHIPPING CORRESPONDENT 


BRITISH SHIPOWNERS will not 
order vessels in the future 
if they think they are being 
undercut by ships given away 
in foreign owners by British 
Shipbuilders under Government 
subsidy schemes. Mr. Peter 
Walters, president ■ of the 
General Council of British Ship* 
ping, said last night. 

Mr. Walters was criticising the 
proposed use of Government 
overseas aid for ship sales lo 
India. Vietnam and. possibly. 
Pakistan. He said that Asian 
competitors already had the 
benefit of lower crew costs, often 
lower interest rates and lower 
taxation. 


" Tb give these competitors 
cheaper ships at the taxpayers' 
expense is damaging Britan 
shipping companies. British tea 
farers and the British economy. 

Imagine the outcry iF our 
Government were to subsidise 
Korean shipbuilders." 

Mr. Waiters, who was speakin 
to shipowners in Manchester, 
said he believed that In spite of 
political ' problems and depres- 
sion in the bulk markets, the 
outlook for British shipping was 
good. It had a young, diversified 
and well-managed fleet, which 
by European standards was 
competitive.. 


Health Service near 
6 breaking point’ 


A WARNING that Britain's 
health services were close to 
hreaking point was issued yester- 
day by Miss Catherine Hall. 
Royal College of Nursing general 
secretary, in a letter to Mr. 
David ' Ennals. Secretary ' for 
Social Services. 

-She. .called for ihe Nation'll 
Health Service to be given fir 
more money in the April Budget. 

Later, the Department of 
Health and Social Security con- 
tested the allegation, maintain- 
ing that services were holding 
. up under the strain of the biggest 
cash squeeze for a decade. 

Stall levels of qualified nurse-? 
had fallen so drastically in the 
past two vpars that looking after 
patients properly had become 
impossible. Miss Hall said. 

Management had been forced 
to close wards in hospitals follow- 
ing pressure from overworked 
nursing staff, and this had inevit- 


ably helped to build-up waiting 
lists of patients. 

“The College is appalled at the 
growth in these, lists." she said. 
Recently Mr. Ennals revealed 
that 600.000 sick people were 
awaiting treatment id Britain's 
hospitals. 

Hospital services had deterio- 
rated because , of increased 
demand for every kind of health 
treatment coupled with a cash 
squeeze, reflected particularly In 
a cutback in the numbers of 
qualified nursing staff recruited. 

Miss Hall called for a complete 
review of Government spending 
programmes on health, adding 
that the Royal College of Nursing 
itself was setting up a survey of 
the most critically-effected areas, 
in the Thames region. 

The Department of Health and 
Social Security said that health 
services were gradually being 
streamlined, as spending pro- 
grammes were trimmed. 


Sekisui opens plant 
in South Wales 


THE LATEST Japanese factory 
tn he established in South Wales 
was opened yesterday by Mr. 
Tadan Kato. the Ambassador, in 
the presence of Mr. Alec Jones. 
Parliamentary Secretary at the 
Welsh Office, and local officials. 

The plant is run by Sekisui 
tl'.K.). and is in Merthyr. It 
will make a form of polyethy- 
lene foam developed by the com- 
pany. 

South Wales has gone out nf 
its way to attract Japanese firms, 
and Sekisui is the fourth to 
•start manufacturing there. 

First, and still the biggest, 
was Sony, with a television plant 
outside Bridgend. 

It was followed by National 
Panasonic, in Cardiff, and Takj- 
ron. another chemical concern, 
at Caerphilly 

That the Japanese have been 
welcomed in Wales has been due 
in no small measure tn the work 
nf the. Development Corporation 
for Wales. The Corporation has 
assiduously wooed Japanese in- 
dustry. sending missions to Japan 
and courting Japanese business- 
men in the U.K. 

The Corporation feels that it 
hii* been successful in this cam- 
paign. and was greatly upset 
when Hitachi decided not to open 
a plant in the North-East of 
England after strong local oppo- 
sition. 

It believes that before the end 
uf this year at least one. and pos- 
sibly two. more Japanese con- 
cerns will announce plans to 


manufacture in Wales. 

The Merthyr plant of Sekisui 
is not large by comparison with 
the otbers. Put up at a cost of 
£ 2 m. on the southern edge of the 
town, it will employ only about 
30 people at first though there 
arc plans to enlarge this lo about 
60 within three years. 

Since tbe town has more than 
7 per cent, of its workers on the 
dole, the 30-odd jobs created will 
not do a lot to alleviate present 
unemployment. 

It is the growth potential that 
interests local officials. 

Mr. Michael Phillips, director 
of Sekisui. said recently that “ in 
Japan Sekisui polyethylene foam 
is the market leader, a position 
which the company also enjoys 
in America. 

“Our factory at Merthyr willh 
have an initial start-up capacity 
of 500 tonnes of foam a year, 
and this is expected to increase 
considerably, firmly establishing 
the company as the biggest pro- 
ducer of this type of product in 
Europe." 

Sekisui is the first occupier of 
a factory’ on the new Merthyr 
Tydfil industrial park. The 
estate was created by levelling 
a disused tip from a closed coal 
mine. 

To reclaim the land over l.5m. 
tons of refuse bad to he carried 
over the adjacent main road to 
raise the level of the land in the 
estate. The cost of this exercise 
was fl.Sra. 


Unit trust foreign 
funds prospering 


BY ADRIENNE GLEESON 

AFTER TWU YEARS in which 
the unit trust performance 
figures have i»ccn dominated by 
funds invested in the U.K.. their 
counterparts invested abroad are 
again coming into their own 

Latest figures Irom the maga- 
7 ine Pin lined Nnriup.s show that 
the Far Eastern funds have, 
generally speaking, been the best 
performers of the year so far. 

Top uf the table is Britannia 
Minerals, with a gain of I5.S per 
crnl. Britannia Gold and 
General holds the third place, 
with j gain of 13.3 per cent, this 
year. 

That apart, all but two of the 
top ten trusts are invested in the 
Far East, with fund managers 
Henderson. M & G. Gartmarc. 
GT. Save and Prosper, and Allied 
Hamhro making a showing. 

Tbe two exceptions are 


invested abroad Charterhouse 
European Financial, which holds 
eighth place with a gain of 7.1 
per cent., and Henderson Euro- 
pean. only fractionally behind. 

The improvement in the over- 
seas funds, largely a function of 
the rise in the Tokyo Dow Jones, 
marks a -dramatic change from 
the situation which prevailed last 
year, when funds invested abroad 
were relegated to the bottom of 
every performance table. 

It is a measure of tbe change 
in conditions that the star per- 
former of 1977. M & G Recovery, 
should hold only 125th place so 
far Into 1978. with its units 
slightly lower in value than at 
the New Year. 

Still, the Recovery fund, with 
272 other trusts, has outper- 
formed the FT industrial index, 
while 307 Trusts have outper- 
formed the All-Share. 


‘ BRITISH FUNDS (714) 

2-zOC Anns, 21J« HlJJ _ _ 

3 .pc Ann*. 23'* 3 

3 pc British Transport ? 11 K« 

3 ii **1 '» * "id* *i« 

2';K Cons. Stfc- 2U4 '"*. 2‘i 
4pc Cans. Ln. Wi 5 
3>K Conversion La. 36'» ■* 6 

5 PC Exchequer Ln. 99 * 3:0 9 ■'» '« 
UUpc Exctieqifflr Ln. 11 U» 1 ZU 
3k Cuhnauar Stk. 47^ >* 49-64ihs -V. 
3 pc Exchequer Stk. 1983 83>ja® 2--*.-® 
30 3 2Uia 3: 2ti 1 “is 
S >.pe Exchequer Sth. 1981 96 i; *1 -|- 
9uoc Epchaauer’ Stk. SS-vo <i »0 b ■ » U 

9-’PC°lxch«rtiise Slit- 99Ui* -i 
10 '*K Exchequer Stk. tfy . pd-) 89>«0 
90 'u 

10‘;K Exchcaucr Stk. 90'** :» ■- i 
1 Z'.oc Exchequer Stk. 1892 131-sO 40 
w K ; 

12I-JK Exchequer Sth 1994- 103U® I* 

12 -'»k Exchequer Stk. 

ixk Exchequer »stfc. loawtO 7^*0 y 

I'iK Exchequer Stk. 1983 9f‘» *u 
5'«p< Funding La. 951* h V *i» 

S upc Funding Ln. 67 'sO * ■» 

6 pc Funding La- M'i •* 4 » s 

6 'jpc Funding Ln. 83'** '* 4i w 3i 4<i 

3 £pc ^Funding Stk. 39 ■■ 

9 :ac Funning Stk. B5>a 6 S'* B'a "s 3“n. 
G'.dc Treasury Ln. 67 :• 7 
7-‘-K Treasury Ln. 1985-88 85'** i L 

7UOc‘Traasury Ln. 2012*15 71 ■:* 

8 dc Treasury Ln. 71 *® 2'» ■■ - 

8 'IDC Treasury Ln. 84)*® 5 '« l* •» 
B.-pc Treasury- Ln. 1980-82 97 '< J io 

8 :;pc“ Treasury Ln. 1984-86 93*0 **0 

1 |^ ' 4 J f| \ 

Vpc treasury -Ln. 79* -S® *• t 

9k Treasury LP. 1994 83 >i® -50 ’» *a 
U 

9pc Treasury Ln, 1992-96 Hi. 1 ;# -» "* -i n ^ 

9';pc Treasury Ln. 851.-# 63* 

1 2 dc Treasury Ln. 107- 1 *® -S ■» 7 
12iioc Treasury Ln. 10S® 4 y L -5W 
1 2 1 • dc Treasury Ln. 1992 lOSW# »* 
T2 j.dc Treasury .Ln. 1993 lOSti® ■? ‘i 
13 'jpc Treasury Ln. 1997 109** i; H •'* 
13'ipc Treasury Ln. 1993 1 1 XT* s» A 
* 4'iK Treasury Ln. 116# 1 S 1 -Ho® 16<* 

■ 4!iK Treasury Ln. tlS-TS S 6 *» 6 5 » 
IS -K Treasury Ln. 122S 3 2-. 

2 :;nc Treasury s«k. 21 1 * >i* 

3 pc Treasury stk. 25*:® t 12 3> 

3oc Treasury stl*. 1979 9&« '•u, S u« 

3 pc Treasury SUE. 1992 8 S^m# i 6 5 u i* 
j* u to 

3*.-pc Treasury stk 1977-BO 94# '«•/) 4 i« 
y : oc Treasury stk. I979-8T SD-'ta * ■> 

5k Treasury stk. 1988-89 7QUB Sio 70# 
■b -» I 4 

5'ipc Treasury stk. ST* S : i * 

8 >«pc Treasury stk. 950 'it# '■«# >* Ms 
9 l*DC Treasury stfc. 9C\;« J* -■* ■**« 

9>;k Treasury stk. 101 'a# *x# NO 


This week’s SE dealings 


.Financial Times Saturday . March 4 i{ 

• ■’ i M i H ^2s 25o> ,5S37 ^- 


N— 


Friday, March 3 ; 4474 

Thursday, March 2 4492 


I Wednesday, March V . v . • 4,284: 1 Monday. February 27 ............ — 

I Tuesday, February 28 .................. 4;TO-1 Friday, February 24 ... .... 


.... NCR. 4pc9»9 Dollar Lil k. 
5442 MSS Newsagents HOn) 
r 173 Nash U .P.J Securtun. t ®., 1 
9 > I,J Nathan [B. and l.i 


The iut below menu ell resterday 1 * marfthBS.Bnd oln to latest asrirtna* dw-te»aeimri> of 'w. iMN Mi dMB ii ytatotxf- Tlio utter cBB..b*'dlitliiBBiaiNlf ter 
4he dn>« da porastosn). 

The number «i ee^<iB 3 S marked in each sectlra renews, to name at to 
seemn. Unless otherwise HeMMd slwres are a hilly paid and stack 090 tally. 

POHL Suck ExtJHbse seairittac are quoted to pounds and fractious «T pounds 
or m peace end fractions of peace. 

The list below gins to prices at which Bargains dune By otemters at 
The Suck Exchange' have Been recorded In The Stock Exchaaso Dally 
Uncial Us*. Membery arc w abliyed to mark barsams. except m saectoi 

; Barsaua at Suenaj rtitea. A Barsams aotit with or Bdweei. wu-nwotors + B araarn doaa. rwroos day.. Hinua «to- wtUi 

E^chanso. A Barsxuu dooc dotajed delivery or no 010108 - 10 ." 5A— SAUft rallso: 5 B— S Ba Jrwrm a n ; SC-aC tn a dn a ; SKK-dHona Kanin- SMJanuicaa. Ala— 
SMoJayao: tolg— MJ exlean: S?T2— Xeatadd: IS— SStaaapore: SUSr^Umted $taua: swt-8We8t Indian. * . . 

Fishguard and Roular* Rlys. Mbr*. Pf. : Sasgerutoe Brick :23 b; 31 (28~21 ‘ . Currys I2Spr 1630 8-S 12/S1, 6i;pcPf. 

29 126 . 21 . : BaUey TCH.)v10p1.6\ " “ ” 


. and to Us conaM, 7 tneretei^ «e resarded 80 a complete «»ni w 

arms at which ku toy done. pro raeeeried to to onttW 

-Ito. up a 2JS pat*. mUy. bat lOtor MhaBCtto* eaa *e toewdad to to fWtowtaa 
day's dlBrial Uau ff» tddicattor to wtokbla -as to u toa to r. e bargate reweaawx 
-a sate «r.puedU«. ter tomha r a w to puOUcl muiIuno w iw nt.cox»arwy 
to srdsr of ewnaa. '.'add 1 ' aety. was eaisala to 


any one oucartty ituim 


*Hca to rewded. 


Ontsno 'ana Quebec RIy. Sortto- 414 
(27 2J 


Armavir 

•2,8) 


FOREIGN RAILWAYS (— ) 

Touaps* ' Hly. 4 ;pc8ds. £1’: 


BANKS (150) 


Baird rWMUam) 145 tli5> . _ 
Balawln Franca Uiktos.} 260 ( 2 3) 
Bamberger* f 2 Sp) 4iii# 

Barm ores .20 pi 40 (1-31 


.Carrys C25pr 1630 8-S .C2.-81. 

Mlal p(tol.?(M27i2l 


Bank Bridge (SpJ 4t# t* (3L5) 
Barget nop) 29 (28 2» . 

Barker Ootson (IOp: 12<« i2 '*_! 3 
Bartow Rana CR0-101 1890 iZ-3L 
Uns. (RIO) 435 -.2 3» - 

Birr lA. &-I ; 2 Spl 202 (2&2V 
Barren Develoarnents (lOo: 102 5 


7pc 


Me JBtototo totot.'(10M. IMi -SD ; 
DartitaDath llwesas. (Sni 1 .H J7>: 
Dswnporr Knichear- tUM -491<* 

Davies Newmao- (2Sp) 1 TSO-J 12 . 

M. *» | »»! m ugmjmnbm 1 «M .» *-«*» 

Rws H-7® lfwl „ Barren Dev^opnients Cl Op; 102 5 I Dawtoa- (Junes) . Son 050) 116 <27>.2> ■ 

■ f JS S"** (2501 151. .lOptLn. Burrow Heaburn I25p> 460 6 4 U3). ocURm « 2 Sp> 229 30 2 1 O, S^pcPI. 
.12 2 . (2 *3) ] 12 pcUns.Ln. eSO f2f3j 1 ■ C2f33 . 

Artuttmot-UthBin Hidns. 155 50. toe; Bassett (Geo.) Hldgs. .25 b) 124- j De Vere Kocms ( 2 Spi 1 S 1 «.«»-•. 

*- n -89 - - i Both Portland .7isRrt»*_.63ss.Jl,-SI ; Debutuwns CZSot 0 L -BO. 5>j>cOu_ 80^0. 

•- 123) frispan. WVei 7>*pcLn. soup, if PC 

: Eton < <Z£a? Ma. A C2Sp» S 8 t . 


*»treila and New Zealand Bnfc9. Grp- a*uvn Yarksnlre'lO»cPt. 105. 

8. For delated settlement Bcmon curt (2So) 154 - 

,(»AI1 197 S BcilLk UanM*; A (25 p1 90 (23) 

ank Leooti-Lc- Israel BM ilti lb® ! Bcauiord riDp) 47 (2'3» 

,ank or Ireland 318 20 12? (2.'s). 7pcj S g (lDp) 510 


Bank 

Bank 

Ln. 63>t 1*2*3). 


(IOp) S10 

Beckman ilOpl 64 I28,2> 


Delta MeW (25PL 
128*2) 


7^PCD)l 73 



Ciiir d«i h 7 c, ■- I Bella ir Cownetlu (IOp) 15 

C ?l^ XT'** 0 Co ™ n - ^ * U “- 5 a, lBSEii£ ‘.nSSitrtll 'nsil. 2 S i; . 1 .3^ 

Cllre Discount Hldas. (JOpi 70 128 2 i 1 2S?5orrt' 1 S? , ^ S ® 7 "-^ , ‘ 4 S*|-*B : 2 ) 
CojTwncfCUl Bank -Af Ausna.u -Lon. Rea.) i "222** J ' 7 - pcW - 45 UB 23 

«A1, 1 908. OrdJhSTW a: »A1 Ai \ M .« 2 . 

Et Dei l Berwick Tlmpo t25p< 50 (2/3) 
e* oes!__ May *27.2'i 


741* 

88 


Students help 
track satellite 

SLRREY UNIVERSITY'S satel- 
lite command station — the only 
one in ihe world run hv students 

— is tn play an important part in 
launching a new amateur radio 
i-ommiinicntinns satellite. 
AMSAT OSCAR-S. 

A Thnr-Deltn launch rocket is 
due in lift off from California at 
5.54 p.m. next Sunday to put 
OSCARS and us main triad, a 
Land sat ground and resources 
manpins satcllitp. into orbit. 

Tbe Fatellitp will separate from 
the second stace of the launch 
vehicle over Greenland and will 
then .conic within ram;c of the 
university command station for 
about four minutes hpforc dis- 
appeanns over the Arctic 
horizon on its first orbit. 

Burins those four minutes: 
members nf tb? university's elec- 
tronics and amttleur radio sneietv 
will track the satellite, switch It 
nn and check out it* 
performance. 

The university will hr linkrd 
hv telco hone to the U.S. Goddard 
Space Flight Centre. 


! Preservation 
! ‘at any cost’ 
i criticised 

A LEADING architect turned 
. last night of the danger of want- 

• ins to “ preserve all x>ld buildings 
!at anj' price, irrespective of any 
worthwhile use in modern terras 
. or of their real . historical. 

• environ mental or architectural 
< merit." 

. . Mr. Uwen Luder. honorary 
.treasurer of the Royal Institute 
. of British Architects, told the 
j annual dinner or the. Suffolk 
; Association of .Architects th 3 t 
’ there were examples of Victorian 
' houses in parts of London and 
other cities that were, by any 
, realistic assessment, beyond 
: worthwhile, repair. 

The fashionable pressure for 
preservation at any price meant 
however, that such houses were 
; be in* virtually reconstructed. 

Redevelopment in a sensitive, 
sensible way would represent a 
better environmental solution 
: nnd. in many cases, a far better 
, economic investment In the 

• longer-term for the-communily. 


9 '.PC Treasury sik. 1G0’‘i»O *- 5 5-64. chi 

10 DC Treasury stk. 88**0 9:o 8>0 9 8% 

9’« in ■> SS <a 

i D ':pc Treasure stfc. 1973 ioi '* 

10 :o c Treasure stk. tos'mO ■* 

10:;bc Treasure stk- 1999 90*0 ia -t > 

<a 'l 

11 , .'dc Treasury stfc. .1979 104*i-o 4 
n :-bc Treasure nfc i9Bi 104J> t- c* 

1 iliac Treasure stk. 101k 100V 
12oc Treasury stk. 1001*« II* -* 

13pc Treasure stfc. inwk f a * 

14ac Treasury stk. 113ti»0 12 57-64thss 

13»» 

9pe- Treasure Cn*. stk; 101 *« »ii* i‘i» ■* 

v*rrabic Rate Treason- stk. 198 1 96 S 
Variable Rate Treasure stk, 1982 9£'-i« 

H;K War tn. 35‘ito' -‘< 6 S*r*- * 6>>» 5«f.. 
British Electricity 3*ipc SEtibio Sv. *, *. 

'■ < B7-S» 1* 4 

ih Gas 3 dc 48:;® •« 5* 9 8”i» 

CM 4 1*pcSds. 57:; 

Irish Free Stale £ --dc B us. 59 ■- M 31 
Nortti^ or Scot. Hydra-Elec. 4 dc 98's9 > 

Non be re Ireland 6':oe Exchequer stk. 89 
3 pc Redemption stk. 46-*>.0 

INTI*. BANK (—) 

5 pc stk 86 I* <28 *2) 

FREE OF STAMP DUTY 

CORPORATIONS (53) 

FREE OF STAMP DUTY 
Loundon County SocCons. 25>p ** s 
5 PC 81 ;® 80 'j 80 1i. S : ;pc 1977-81 
S4 - ■2*11 5 ;pc I9B2-B* 81 '« 1 2; 3 > . 

5i : pc 1985-87 721.-0. 6 PC 9S**« 6U. 

6'. PC 72l;« V <2 3) 

Cera, of London 5i*pc 93 <27 2). 6'-oc 
l|%-. 9l«ac 97 i282). 9*.?pc 99NO. 

13-.BC 1 12*s® Hi* 12 3) 

Greater London 6 '«pc 68 no 7 '.oc 
9**PC 98: C28'2>. 121; pc 1982 104-**. 

13’aPC 1071- I* 

Aberdeen 3pcRd. 67 <28 2 ■ 

Ayr County Council 97v. :1 3) 

Barking Cora. 99** f28 2> 

*arn« Core. 7i*pcRd. 9»»i« 31-64 (27 2 1 . 

14o6Rd. 112:7 
Bath 'City on 102 

Breinnire County Council S9‘itO S 64® 

Birmingham Core- 7'*oc 91® 

Birmingham Dis. Council 12>;pcRd. 106:-® 
(2 : 31- ISocRd. Ill',® 

Bootle Core. 7ocRd. 98~c >27.21 
Snghton Core. 97'* :2B 2) 

Bristol <C>ty ol) 13'*PCPd. 109 (28 2< 

Bristol Core. 7J,pcDb. 92'; (27 21 
Buckinghamshire Countv Council SocRd. 

98" I2.'3I 

Camden Coro. 6 >:pcRd. ' 98' 1 , »'*> Ue 
27 64 C27-21 

Cardin City Council 100'.;® 

Cardllt core. «7>*0 '* 

Coventry Core. 6 o£Rd. 99 >27 2'. 7ocRd. 

99 1; *27-21 

Croydon Coro. 6 -fcacRd. B 8 <; i2 31 
Dunbarton Count* Council B!*pcRd. 9B 
(V3). 9 : ; pcRd. 97** (2B 21 
Edinburgh Core. 98'* >2 31 
Glasgow Core. 9>*PCRd. 95-*<s 6 '* 
Gloucestershire County Council Si«pcRd. 

93 (113 >. 9uPcRd. 97 .2 3) 

Grampian Regional Council 9B>* 

Greenwich Core. 99-'* r2'3i 
Hammersmith Core. 1001* «2'3) 

Hampshire County Council lOO'is i28 2 
Hertfordshire 
91 

Islington' 'Core- lOncRd. 100 : 5 
12J*ocRd. 108'-:®. l3i-pcRd. 

■27'2I. 14PCR0. 112l« '27121 

Kensington Chelsea IIUoc (F.P.I r 
10 m. 1 1 J*oe . hs. at £98 Joe — £50 pd.) 

523. 

Kent County 5'jpc 99* 

Lanarkshire C.C. Si-uc 97>*B. 60 c 91 1 . 

Liverpool (O tv oil II'jK 105U* 

Ljvereool Core. 2toic 201; 34PC 29 1* 

(27 2 *. 5-'* DC 98-'. >27-21. 9Vpc 97 1 - 

Manchester Core. St»C 1928 23'* (27 2 ) 
Middles?* C.C. 5UPC 93 (1-3) 
Newcastle-upon-Tyne Core- 9=«OC 78.80 
Do. 81-83 97 ■* (1 3) 

Northumberland County 7 pc 95 127*1 
Norwich Coro. SPC 92'. (2 3' 

Nottingham Core- 6 -*oc 99>’w (27 21 
Salford Core. 5' 2 PC 66 *. (V3) 

Sandwell 13pc 1982 106'r® S7-64ths«. 
Slouoh Core. 8 -'*pc 971* (1 3) 

Southend-on-Sea Core. S>*oc 97 1 - (28 2» 
Southwark Core. 1 1 '*«c 103U (28 2) 

Stirling CC. 7-*pc 97-**<B 
Sunderland iBorOugn of) 12 i*pc 105>«® 

'2.131 

Surrey County 6 pe 93«a® . 

Tameside (Metropolitan Borough of) 10**oc I 1 0 
(F.P.) 99® 8 'a. Do. nss. at £99 UK £50 

Taunton Coro. 7 PC 96 (28 2 
Walsall Core- 6 -'*BC 97*s. 9 -*k IOO'j® 

(2.3) 

West Bromvwcn Care. S>*W 95 (28 2) 

Wigan Coro. 3 k 24 (27*2) 

SHORT DATED BONDS 
FREE OF STAMP DUTY 
1 0i;PC Bds. Reg. (29 3 78' 100»u 100.354 
100.357 100. (2 3) 

102k Bds. Rag. (5 '4 78) 100.3650 100. 

157® 100 1 9-641 iss ->? 

9 ioc Bds. Re9. -12 4 78/ 100*i« '2 S' 

9>.K Bds. Reg. >24-S'781 100.594 100 . 

S96 1.28 2) 

9-.oc Bds. Reg. >7 ’ 6 781 100.721 100.726 
<28 2 ) 

S‘*K Bds. Reg. <14 6-781 100X36 100 . 

9 *oc BdS-*Rcg. >12 7 TB' 101.094 101.097 

8'«2 2 Bds. Reg- <30'B 78) 100 565 100 . 

S 6 B < 2 >i 2 ) 

IKK Bds. Reg. <6 9 78* IDO. 526 100 . 

6 ua? Ms. 2 Reg. >11 I 0 78i 99‘*e '<* 

6 >dc Bds. Reg. <18 10 76) 99X180 99. 

6^1°Bds. Reg. ‘28:10781 99 <1 3< 

6 :*pc Bds, Reg. < 8,11 78) 99' 

7 : :pc Bds. Reg. i29 1 ir»r 100 'w 100.S81 
100.524 100.5 <231 
6 >*K Bds. Reg. '17 : 78) 98>i*® 

7Jpc Bds. ROB '7-2-791 99-.o -. <312 1 
8 dc Bds. Reg. 28 2 79 99V O 
B'-ac Ms. Reg. 17 3 79) too <2 3< 

“l^PC Bds Rea. -28-3T9. 103JS42 242 

103 245 (23'2* , 

9'; pc Bds .24 9 80 ' 98 *j (2721 
1 0 Bds. >12 1 , 

9>pcBcK. s24 9S0* 9f*. '27 2' 

10 'iKBds < 12-1 831 97i« 


1 DMSO 1 


:SA1) 125 .28 -21 

PinS 

““ Sh " 

fTMer Ansbacher OOdi 1 1 

Commercial Banking Group <25p) 
66 ® 8 ® 7. a. ITpcPf. 88 ® '2‘31 
Nf I'onN. .Bank of Australasia t London 
Reg.l (SA 1 ) IBS (2/31 
National Westmi tutor Bank 2 SBO 9® 630 
2 60 5 58. Warrants 81® 2. 7pcPf. 

1993 1980 9S °- 90An - 

,,c v ,7 ^ ,a * 

| Smltlv ^ SL Aubyn Dfotoings) < 2 So) 

S i03 fr ?> .§“ , * <retf ®* n> - 38S - ’S'tocLn. 
TorontD-'pommion Bank (SCI) ll'n (282) 
Union Discount Co. of London 405 2 '31 
G*mrd National Discount (25oi 160® 2 

g lbbs (Antony) Holdings (25o) 37 9 t 2 3) 
li'ow 8 roA Discount 213 (27'2) 
wrlndlays Holdings ( 2 Spl 109 (2 ’31 
Guinness Peat Group (25 p) 187 91 2 
Hwribros Shs. aso) 158 64 A Shs. 45® 
•A^L- 7 kGi. 69t® 701: «:3i 

Croup (25 p) BJ# 2® '*: 2. 

’ or ° r “• 3 ‘'-’F- 

70 

I essd. Toynbee (2 Sp> 6 S - 
oseph (Leopold) Holdings 160 ® 580 

-Holdings < 2 Sp 1 38. 7i«k 


K 2 -S 0 ) 261®~sUS3-S® k Zl?30O C 8 r % 


Koyscr 

Deb. 65 (28 '21 
K;r g SHix sov ( 2 Op) 55 60 (26 2 ) 
K <S!Sh 0, >U Lonsdale < 2 So) 93 

SpOFfu 60 f 1 3l 


L 7UKuf an 8b5 42# 7 * S® 4® 5 3 IS. 
L ? 1 ^Z) rd " N “^ h C,ntr * J 5oc2nflPf 40't 


Bestooell l25p) 144 127-2' 

Bestwood (15pi 130® (2:3) 

Sen Brothers ( 20 p) 64 ( 2 B' 2 l 
Bovan i5o< 15 <28'2i 
Bibfay IBS® 

Biddle (25PI 60 12 3) 

Birmid Qualcasi <2Sp> 59® S'e 
Birmingham Pallet <10pi 82:?K 
Bishop s Stares (2Soi- 160 '1 3) 

Black Edging ton <50ei 98 UBI2) 

Block Arrow fSflp) 27® 9 
Black (2SP) 129 aT,2i 
Blackett Hutton S’jdcPI. 36®. S-* 0 CL 
. 79**0 

Black man Conrad > 20 pl TSfcC® Uiat®_ 
Blackwood Hodge i25p) 699 :;: 70t 2 
Blackwood Morton < 2 Spi 22 (27:2i 
B loaded Noakes <25pl 209 10 
Blakev’s ( 2 So) 4S=:» 6 5 sv 7 : (2 31 
BLocklevs > 2 Qdi 68 (2B.2> 

Bluebird- ContectMocry <25p) 14S <2B’2i 
Bluemel Bros. (2501 61* (2'3> 

Blonde! I- Permoglaae <2Sp> 62 *j rt 31 
Boordman (5pi 111* (2'3< 

Bodvcote Inter. i25pi 6 Q® 

Bolton Textile MIIL ISO' 10® 10 
Bond Street Fabrics nOp) 53'<® 

O 3) 


amide Heel to )- 1 *%• raw. . . 

Diploma Invests. (25pl 152® M M- 
Dixons photos- Cl Op) 127® 32® .1 2 


Dotson Park lndLlI 70’^. 1.(2-3) - 

■sisl?®. 1 WL 5 SB, « , 

Doolton- 8 i*kUrs.Ul‘S 8 (2712)-' 

Downfcbrae HldSS._-il.OP) -30 . . .. 

Dowry 1 sop) TSat® 62 1 60. 7PcVrtsJ.n. 

D^to toT Hldas. <25p3 21 V (2.3) 
Dreamland Electrical AaMlancos (1 Op) 38 

DuUiim- (5Pl 1 «ij ITS*.:. tlKPf. tSOp) 
XXLQ -'O ’(2/3) •* * -| .* 

Ductile Sleds C2Sp) tlOl ft'M 
Dufay Bltomastic-tjOp) S3® v, 

Danfaue Combot-Marx-ClOp) 1S3® 3 2. 
Duncan (Watte r> Goodrtcko 380 (28.2) 
Dtmdbnlan ^(2Mf 4>~ 


DunhDI l 
Pf. 49 


Boulton Paul 7ocPf. 52® (2-3) 

Boulton Wm.i Grp. 11 Op) ) 8 ‘-r« >* > 

Bo water Con. 168 7 70 69 SC, 5: : ocPt. 
47. 7pcLn. 75 t; 

Bowthoree Hidgs- < 10 p> 51 2. 7pcla. 

I 521 i2-.3< 

Mercury Securities (2 Spi 108® 7 8 TO 9 1 Orany LetNe BpcPf. ao ao. 2 < 

GpcLn. 7T® 1 *® <2'3) Brody Inds. A Ord , IZSp) 64 (28 2 1 

Midland Bank 330® 3 JO 2 7 5 , New Braham Millar Grp- »10 p) 29 

335® 8 5 7 6 . lO'.Kln 9lC® 90*« Braid GrO. ISO) 36 (28 2 ) 

.I, 1 : 904* 7i;pctn. 90® ® Brammer 1 H .1 ( 20 pi 1160 

Minster Asms aSo\ 57'- Braswav nop) 31® 

iSOStiiJj fl^3gr Shs * Com - »■ *'<!$$ Clouo Mlir 


iOp> 535 a xi^ - Aaoc 

Dtmlop~HldgA. (SOo) 79® to S 80 TTa . 
itefl- 47 w® 7S® Bt. - 4>*PCDt» 1972- 
1982 BSj iu -a.3).- -SpcUiKta. BBIj 

Dun too Textiles «t;utff. 50 V; 50tC28t2) 
Duple tntnl. (SB) 1 IH IZi; 0X23 ■ - 
Ouport 25 d 1 Sis« U IV 
Dutton -PorshaW ( 2 So) 3»te® 40® (2)3) 
Dwek (lOo) 9 07.-2J ‘ ' ■ 

Dvson (J.'J.) >29o> 54 (2l3)i Non-Vtg. 
A i25p)-S1<2 (2.-3)- 

. ’ B-ip ".f 

Boots (25pj‘ iac® K 3® Z S 0 B e 9 (2 3'. GpcLn. isMf 1 5 Op') 1460 1® 80 500 IO 430 40 
791 ^ 7>*pcLn. 68U n.31 I 2® 52® 470 40® 5® *0 2 «; t. K 4. 

Bortbwlck (Thod.) Sons (SOP) 65® 8 9 1 7pcUro.Ln._65l*, 41; pc 

hi# uiO 61:-' 6 * . - 


:* s 


Bonser Engrg. <20pi 19® 12 3) 

Btofcer McCormHI (SOp) 1970 80 200. 

BpcPI. 4B '27 2) . 

Boosey Hawk as i25p< 200 (2 3) 


Heron Motor Ofc (fSo) 93 h (1,'S) 

i^tfre-Shiarr Plant (10o) SS'aO J 

W^rood WHHoms ©re., <Mtot • ««0 
Hiddng Penteto** CS») 80 l£3l 
HiSsMi Welch (Htogsj (SOp) 1530. Nto* 

Kd^pBre*: <5*1 IT C27.2) . 

3 ’- ,2V “ 

ffilrsmith OSp) {TO 
KUIordi nOp) 1 («■ 

Htrsl- Mailinson- 


i 2 Dp) 29h *27121 
UwbTlU-.j 1213) 

fiS5S”(ArtMrfai« 620 (2/3) 

Um* rtiann *. 100 ) 1034; 3 HiJ) 


Hosckot- lOpeLa. 
Hd*mH»9, 


Hoax? Clwrtn fclOo) 1034, 


K VofT w " 630 (2-3)- _ 
'hto^Tns Hortoa t20»» 1 39h. A l»3* 
House of Frawr (»P> 11#® * 2 *- 


(U<pc 


..Ln. 67» 7 
House ol. L> 


asp) 57 11 r» 


Restw 


Lime works < 2 Sp) 81 


BREWERIES (127) 


Bremner (2Sol 480 500 

i Into). (IOP) 1860 £2'3) 


i Brent Chemicals . . . 

Allied C2SD1'Blto) 79w an i e-. w gi I Brent Walker (So) 48 
51 l2J3» R 7hKPf Mi-a "» n !n-v? Brlckhouse Dudley IlOpl 330 (2*3* 

Db. 44 a Brldfiend Processes i5p) IIO 12 11 

6 «' 7 Oo ’ 4 I&7?| > b2w ' »rt^^ B MaVd5»!°C20p. 33 


Ln. 45 (3'2). 6 t*ocLn. 46 •*" (27.27 
Amalgamated (lOpi -31 


Bristol Evening Post (25o) 1100 <2 -3' 

- - ' - 80 9* 400 <27 2) 


British Aluminium 365 


B 3idicnh irr !*?if n a ?f > ' , 3 ro%y^S. ,2 ' j Brtfl 7li - Americ w"t O ta exo" 5 PC Pf . V 5> . ~'s PC 
8 Upc 1977-79 96--* 2ndP* 57 :0 <2 3) 7dcLil Bt-I* 

9°- «, 1 .®5?*®2. 74 1; I* 1 28:2 J. 1 British American Tobacco Inv. lOpcLn. 

84 '* 127 2>. lOhPCLn. 96® 4*0 Is 9 >K 


9S.> Ho* GW; TTO® VO® i2-3) 
Marriott tWBtney) no d) 


8 k 


( 2 B,' 2 >. 

4'recLn. 45. 7>*KLn. 64 -. 

’jCkarriOQtOP Brewers 7bpcLn. 62 

Be I haven (25oi 43'to 4 3 (2 31 
Be 4pcDb. 29 C2B-2I 
Bdl (A.i <SOpi 197® 8 ® 200® 198 
Boddlngtona I25pn too ,2 31 
Border (2Soi 72® • 

Brown <25 p) too I27 2 - 
Buckley's (25pi 4 L* 3 
B ulmer (25pi .136® '2 3. 

Burtonwootf I25p) 140- 
C (272 , » London ,25Bl 540 *■ 6 DC PI. 471. 

SffSSS^ft.--3 k 4i,Dc0b. ; ■79HhSUd 

British Mohair Spinners (2Sp) 355'*® 


Ln. 140® 40 

Brittsb Car Auction '10p> 42h Z 
British Dredging I25n> 29h0 9 8 . 

Unsec. Ln. 5 St ' 2 ' 3 r 
British Elect. Tract. Co. Did. 96hO 6 S 
»• 47. 6 pc Pi. I25pi 62® (2.3) 

British Enkalon >2Spl 10 ® 4*® 11 ® to 
British Home Storm <25a) 176 3. S<*K 
Oh* 60>: <28/21. 6 'iocOb. 68 (2621. 
•.7':PCDb. 69-** <2B Z1 
British Ley land 'SOp' 29;® 19S0 19 20 
British Leylaod Motor Cpn. 6pcUrcacc4-n- 
38 | 2 ' 2 I. 7*tOCUnsec.Lh. 49'Hh 50 H 


V <2'3>. 3 ViPCOh. 28J*' , 1 - 31 . s p^cDhi 
•'* (2 SI. 7pcDb. 71 at 2 : (213.. S^pc 


Db. 724* (27-21. 1 0^DCLn. 861* (27)21 
Oa» en port 4oeDb. 331-0 
Davenports' ( [2Spi 107® 1001:0 100® 3® 1 
ipsfilre County Council lOO'i, <28 2' | nS?ik!^ r50p> ilr^i /3 ’0 = ,, , 

tfordshirc County Council S>*DcRd. ^ siSetB 4 ® 7uJlI l 

■-S3. S rocRd- BOV '2B.-21. 6J*DCRd. T? 77 IO.sSllS: 854* * 7# 8 

: (37 2' . _ _ Eldrldge- PdDe SlinrLTT *?m f->T 


• 2 3). 
1081; 

85-1 


Eldfld. 

Greene 


7'*KOb. 


British Northrop iSOp) 89 128 - 2 ) 

, British Printing Cpn. (25 pI 40 H 40 (2-31. 
L B'apjDb. 75 <2)721, BF.-KUnsie.Ln. BBti 
,'l 'l)l- 84 <kUoskXp. S7ia hl9 4 
Brit!** 1 , Shoe Cpfi. 6 '.- 0 CPf. 56^ '27*2i. 
6 ' 3 »c 3 rdPf. 58>S> «; 4* C2,’31. 7pcUnsoc. 
Lit. 6 S 0 4® 5 
British Sugar Can. 4 oat 
British Syphon Indusu. (20pl 


I9e Pope 61*KLn. 47® (2 31 
--.jH^Whifey i2Sp< 106. 

704.® (2!J>. ai-KLn. S7'- <2'i> 

K, "| OSpi 213® (2.3. 

°64 " 0 “ f25Dl ,53 ® 3 8 4 - 7 t*ucLn. 

Highland <20m 13tt® 29b 
nrereordon >25p) 86 I VS. 

Irish (25pl 110 -, 127 2 , 

Mansfcdd I98(2*3i ..... 

Marston Thompson Eversned (25oi 53 ;® B £= ok «L®°, r “i Liebig . i25o) 43':® > 4. 


Uas-Ln. 

ERF (Till 
Early (C 
29 >28)2). 

Bast Lancashire- Paper C25p) 46 (23» 
Cost Midland Allied Trass .(23ol 72 (2.’5). 

A (Limited- VtoJ (2SP) SB (2-3) 
eastern Produce ■Kldgs.t'&Op) its 2 
Eastwood 4J.6.V (5o), 843* 4 <2’3% 
tcorw (1 Op) 550 2'i 
BtfUrd- IHIdgvl r2Sp) 143 (2131 - 

ICrd;)- 0 l 0 ^. CJ w '* c6 «tert<5p) 12 

m-co-hido*. ri opt- 390’ 

Becttfcai ind. Secs. (23o)-3ii® • 
FlrctrocomDonents ( 10 u» S2S ' 2 ®- 2 i* 
Electrodc MacMne (25pl 23 ;2T3T 
rectronic Rentals. 'IOp 1 1070 
FiRfftt (B.i nsoi 89 *. 

ElKott Gro. Peterboro u gh (top) 200 3 
SiS t Richmond) (Sp) 23' 
tills- Everard ;25ol 70 ( 262 ) 

Fills .Gotoscdn 1-HldgA)- (SOI 38 *« . • 

■Ison Robbies TCSoi 69b® 6 (22s ' 
Pswldk-Hoooer >(5 d1 IS"-® 

Emhart Coroorzrion Warrants Sub. for 
shs. 610® (27.-2< .- - - 

Empire Stores Bradford) (25p) 1380. 
.8i.bcOb.76u ^ r 2 7 21 r*. . 

Energy Services- Electronics :K)d» H (27 *1 
Enoiand [J- E-l Sons (Wdlbigton) 8 PI 34U 
(27 21 , • - 

Enolish Overseas (l0oi.24ijO 3 . 

EnpMeh Terd Clothing '2 Sb>.740- ■ 

E relish China days n 3o> 76iy* 60 u 6. 

7--rerUnaXn. 64** C2721 .. 

EngHsft- Electric. r-rPcDb. 1979-84 79 -*® 
fC (231. - .7pcOb. T2u® 

FoTrure Hldps. (5n< rot;® 

Frith (2 So) 79 - '27-V • 

Eeoeransa Trade; Transport -TTSfcor 12SO 

Furooeen Ferries r25oi'l01Sb-O*x 34 3 
-Eve Wuscries (2Sol 87 *2872) • 

E«er -Reedy: (HltfaLl *2501 1 - 47 ® 510 48‘-; 

9 8 7 8. GteOiv.Uhs.tn: M (27*31 . 
•Gwer (George" n Ob» 24*-:®. ' 

Esrvi'bn- JeweHery-- I.LJpcPf. II 6 I 9 O 
14 g® 

expanded Mgtel.fZSp) 56* 5 ; 

F-MX. S.45ocPf 57vj (2B/2) 

F-P.A. Conmucdon Gre. asp) 20>t 


uSSirtMhSS 20 -. (262*. « 
23** ** 

Htordeo &». (ZSto 

S^U^^totSg) (50. 241. * 

Hurting Assoc. IndBStej <25p' I860 
Hurtle* eh Gto <10 pi 93 2 l^7l2i 
Hunt lF-i <25p* 780 «v 
/ESSS&U. SJ (5Pi .a*«j V 

• M— K 

tuhinmfh 1 Marrj Z 0 p> 251;. A (Non- 

“teSSTtlOp* 25~ S^e'spiandPf. 4Sbt 


4 « 

: &F( sls aSP£t‘ajit. 

impf MM4I industs.' (25pi 560 6 --2. 8pc 
Cnn. 5«^ 

intf; TO. lidTeL Cpn. Shs. (SOW! IB^KO 
(23 


Needier* <2Snl 26 ...J.t 

Negretti Zambre <25p> ih., 
Nell Spencer Hld«s. HOob W 
N«ll iJJ Hidgs. (25pTaa , 
I25P) 86. 1 1 DCDb. 98 (219 

NewartAill 1400 msj 
NewOoM Burton Hides, m,' 
Newer *90 (Z/3) Ma * 1 
Nownan Into. i25o) £S 
New mao- Ton ks i25r) 61 m* 
News International »25p) J? 
TirecDb. 72 1 j ( 28/21 
Noble Lund MOo) 18<- 
Nwcros ttfip) 77H0 ‘80. 

Norfolk Capital (Sp) 36 

MSSW# 

Northerr. Foods _ (2^) 74 ^' 


SS G5M 74V 


Northern Goldsmiths ~ (25m ■ 
Norton <W. E.) iHtoqs.i mJ 
Norvic Securities (lOoF 23i?c 
hforwgt^t OM.ttU 
Nottingham Manufacturing ' 
..3® ..5 3 4. 6 l;prtJL 
Ngydlo and Pexcdek HOuv «> 
Na-Swlft . industries (Sp) 241 - 

O.K.. Baxasr* (1929) (ROJSO 
Orean Wllsoja ( 20 n) 63 ® 7 
and electronic Machto* 

Wives Paper Mill UfOo) 28 
Olympia - 4 pc Ob. SS (2 131 
Orel* Development* (lOu 
9KPtly.Uns.Ln. 30* iTa, 
Osborn iSamnef 1 l25o) gj . 
Otren Omn <25p) 69 n/SJT 
Oxley Pdnttog Group (26d) s 

Parker Kooll <25 b> 105 , 
I2&P) 1050 (2)31 
Parker Timber Greup (2 Sol 
Partfcrnd Textile HUgs. a g 


ParrWi.(T. T.) (2Spl 40 1 
Paterson Zochonis 11 Op). 1 
185 8 S0.2U 127/2) 


Pauls and Whiles «25oi 108c 
Pawson (W. L.i Son rspi 2 ei 
P earson Longman i25n) T 75 
Pearson; (5.) <7 So) 1690 T 6 

Ln. 1OT0 

p rei*T-jtenerslov (23 d 1 153 ®. 

Pennine Motor (1 Dp) 4 fJJv 
Pent I and Inds HOp) 20 

Pentns itOp* 68 70 
Perry, (Hareldi. Motors rJSnj, 
Pet bow Hidgs. flOu) 1B3* 
Peters Stores dOoi 33 tim 
PetrKon Grovo <i:t-o* 63 5 * 
Philips Finance 51(OCLn. 56® 

TiilitiirJ Mirn, StOfft fii'PCM. 

Phoenl* Timber I25pi T4S4) 
Pure Hidgs. C20 d) 96 a7T2 

Ptlklngton Bros. 419® 33 j ; 
PtrdK Goal. Cable Weria 7 o 
(28.*2> 

Pitta rd Group <25p> 69 ' 
PLasttc Construction, n 0*1 71 
RhMon's (Scarborough) <25p) i 
New (25P) BS 08.21 - 

PlOasirama (Sp< 64-(2'3) ' 
PteSMty (SOp) 890 8 ® 9 h 
7i*pcDb. 66 rK3> 

Plwtu niOn) 77 '231 
Polly Peck (Hldas.) MOpl SI 9 * 
Pontln's (IOp) 35: B (2’3)i 
Pork Farms ( 10 p> 4070 12 1 < 
Portals Hidgs. <2Sp) 2180; 

an 

Porter Chtdburn >20pi 1030 4 
PoruixMO Sunderland Ncmg 
49 (382) 


tjgHHarafr"- 4s i Rsrat. a JH.w. 

t2IL2.'. 42PC2ndPf. . 1012 . fir.M. Pr Jtt (F.l Eng a. <2 Sal 68 70 

PreedV CAM red) C2Sp) 82 G 
1 f25p» -61 12772) 

Press (WttHani). son <8 p> 23 J 
Pressae HWgs. OOo) 77 (28, '2 


■Jackson (J. and H. B.) I5p» 260 5-isO 8 *t- 

ilmrica Sagar tso to <^Sp> 174 d 13 1 
j J <SSr^"39 cSfl) 

James rMauriteL Inds. (20p» 11*4. 10pc 

JtoJ S l ‘^ocotote* OOP) 68 127 2< 
jenks and Cattell (25p) 80.<l'3> 
irntiaJe Hidgs. (26p< 24':® 

Jessups (Hldgs.1 MOP* 36.072) 

Johnson and Firth Brown. (2501 61# 'jj 
J 600 2. 1 1.05oePf. 133. lOpcLn. 91 P4 

SS, 11 PCLn. BO 79*j C2»:2» 

Johnson Grotto Cleaners (25o) 79H 
Johnson Matthey 3840. 5'tocO®. 61 1; 

johraon- Richards (H. arfo R.) Tile* (25o) 
.780- N«vr.(25pi 78 GU31 
Jones (A. A.iSipman (25p) 11T (2.’31 
Jones (Edward) (Contra c tors) MOP) 141* 

Jonc* 1 Stroud (HoWIngx) (25p) 83 

K <Sh'on 


IS 

Kalama 


8 «» 8 t? ( 2 T 0 

(i'll 


K IsSStoOW#) IOI 128/2). 10 k 
P f. 101 


IS TSS^SSS ^^ ' teasfflTfei Tbv . 

n« > T_0»2 27(* 7 <2 '3) . FXIrrlew Estates -UOpi BO 


British Vita (Z5 bi 82 3 1 
Brittains (2Sp) 26’j 
Brock house (25p> 541;® 5 
Brocks Group tl Op) 66® 6 
■’■jmsarev* Casting Machining (5p> 30 

Bronx Engineering Hldas. nop) 34 (I 31 


PUBLIC BOARDS (21) 

FREE OF STAMP DUTY 
Ar-i culrur*t Mort. Csrp, 4'-JtOs. IMM1 
S3:- '2B--2I. 4<-ocDb 1977-82 82 <28'31. 
Socbb 62 '28.2'. GljocDQ 67b 1 fZLg. 
7 -ixDb 1981-»4_ 84f, J2I3* 7S«pcOb. 
1991-93 rO-‘> <27 21. 9pcDb. 94> (28' 2*. 
9'.0CDU. igaa-SS 89 : n-3L g::DCD5- 
89 9HKD0. 93. 14'* DC Db. 107 (23» 

Commonwealth Dev Finance 7'«KDh. 80 
•28*2* 

Fln*Ke *v Industry 13 kLii. 10S> Mi3i 
Metropolitan W.rier _ Baard Met. Water 
3a: 32 1 <28'2> 3 k 32®. 3 : :PC 8 Si* 

Port ol London Authority 5>iK 98*: (28'2) 

COMMONWEALTH GO\TS. (21) 
REGISTERED AND INSCRIBED STOCKS 
Australia iComwfth.) 5 -pc £75-781 98** 
■* 1 1 13). S'-oc 176-781 IOI 55-64UIS 
<2:31. S :oc (77-80) 94 : . 2 : 31 . S-y* 
>81-32) 84<* • 1 .'31 6K 177.80) 92(* 
<28 21. 6 k i81-83i 84 <27; 2). 7K 
50 >2 Si 


6 ‘*PCDb. 731? <2 -31 

So TKP. A TR e f? igs- 20 ’ fiSa 3 - 3 ‘2 »• 
Fomjtln (25pi 94 
Truman 10(*KOb. BS (1 11 
Vaux Breweries (25p) 930 

oi^s aau - 6: « 

Wh' (bread Co. A (2Sp) Bit-® 2 H. 2 :, 
* liSoV 83 I rst- 5t:K3rdPT. 49 
?.* 2 y, 7oc3 [2£- ■ 8'aKDh. 

Z2Ji *>• ^?cO,h- ri-3. 91«[>cOb. 

Ln 'M'. 31 ' 7s * otLn - 62 » *1 ’JO. 75* oc 
Whribread Inrest. ■ 25a) 70 (1 '3» 
WQlrerhamot on Dudley Breweries <2 So) 


CANALS AND- DOCKS 


B S ,l (21,5l **""***”* 'Hidgs-) (25p> 

BrottiCThixfo- iP.l (SOp) 122 5 18 >2131 

sssr isssrJlfi 8?*. 

Brothers ilOpl 21 h. 8>recLn. 69k 

Brawn (John) 271 4. 5*KLa. 48v* (27.'2) 
Bruntons 'Musscibargh) '250) 10/ (213) 
gr-raerr Hidgs. (25p) 48^0 
■■W" <A. F.) (Sp) 27 (2812). A iSp) 
2<W <Z'« 

Bullougti <20 d) 122 «2,31 

Bu.lmer Lamb 'Hides.) (20a) 42 '1 >3) 

K RVffl&W* ,01 « 

B a r 1^3ra^i ,Hldaf - } ,2ip) ^ A 

Bumdene Invests. <5pl 15 (2|"3) 

Bumm Hadamshire Hidgs. A i25p>'154 


Prifctel Channel Repairers <lOp) 6)* <28 2) 

Mwtey OocHi Ha C rbS?t 2 <SJnb. Unit. I6L® ! gKrell^reoPlS'.- 10 "* JS i27 l 2i 
Milford Docks 74 '28-21 


COMMERCIAL '(2J21) 
A— B . 


(2So! 103 11,37 . 

„ . Hectrome Proas. Gre. (25p< 910 90 
AuB Research Hupi 8b. New MOpi i> 
6 (2.4). New (I up) 19 (1 3) 

A.P.V. Hidgs. vSOp) 179 80 127.2) 
Aarenson uros. Hupi 51 2 (211) 

Abbey Panels USp) 44 ® I 3 O 4 (2 31 


Burt Boulton Hides. 1807 
Burton Group 'EOo) 108® 6 (213). A 
■ 50a> 1028. Warrant for A 16'-- '27'21. 
BKLn. 6T 127-71. 9<*pcLn. SOI; <2/3) 
Burv Masco (Hldas.) (17i.pl 92 ® 2 
Butlins 6=;BcDb. 71® > 2131 
Butterfield Harvey (2Sp) 60 (115) 


C — D 


New 


Abercom Inv. 1R0.30) 8a® 

sn Gre. _i23pi as 


Aberdeen Constreuion 

^So?*r3e 8 |2«°7i " UM Port - Cert, '<’‘ 
At row I25p) 109. H.V a i25p) 699 
72® 1 7(1. 1 0 '*pCLn. 86 (27.2). 
Prir.Cnv.Ln. 72;® (2/31 
Adams Gibe on (2Spl 61- 
Ajdai lotnl. .lOpi 32 'a (13) 

Adwest Gre. ( 2 io) 228. BpcLn, 128 (i ll 
A =ron*uttcaJ uen. instruments 4 < 3 ptpt. 

Airtlx Indust. ( 20 pi 42 imp 4 i : l Wmts. 

7; (2 3). 7 ' ? pc Ln , 82 [1.31 

AlWOn (20p) id (28 21 
AJbrtghl Wilson i2Sp). 990 101® 100. 
.Sptfl, 41 {27"2> • _ 

Ajcan Alurnimum IU.R .1 lO’yocLn. 89). 

(28.2). 9PCL1. T«3 (2,_3J 
Alenanders Hides. (Sp) I5>» (2:3) 
Alginate lndu«. (2Srt 280® 

Aii da Packaging Grp. (1 Op) 85 12 31 
Ajlabone (Idol 16 <2M) 

Allen^Edgar' Balfour (250) 550. 5PCPT. 

Allied Colloids 11 Opt 640 6 _ 

Allied Farm Foods SpcDb. 74 (28-2i 
Allied Insulators (25P) 58 '.-O '2 '31 
Allied Polymer Group IOdcU). 95 n 31 
Allied Retailers ilOpl 190 88 (1 Si 
Allied Suppliers SpcLn. 64' 

Allied Ton tile <2 be) 130 (1.-3) 

Alpine Hlagv op) 40 1 ^ <2 3< 

Alpine Sole Drinks OOal 113 C2-3' 

Mill, industrials 7pcP>. 46-: a24.Z> 
Amal. Metal 283 '27-21 
Amal. .Power Engg. rZSpt 109®. - 6 pcLa 
41 (27-.21 

Aber Dav Hlogs. MOP) 53H 128 2 1 
Anchor Chemical 60 c PI. 23>tO 
Anglia Television A (23 P) 7b® <2 3) 


C>L lodcstriais (IOp) 30 1 
c »J>'rior* .'85) ST7'-;® 9®. 61® 54. 

_(5P) 55_ 

Cadbury Schwepoos (25 p) 48 > 7V u 7 . 
3:pcPf. 45 Vt® 6:«. l'.pcU. 7011. 
( 28 ; 2 ). 9K Ln. 78’* < 2812 ) 

Cairo 'Dundee) (IOp) ISO 
c->k'jbread Robey A nop) >1 <28:21 
Caledonian Cinemas <2 Ep) *15 n.'Si 
ana 1 S* rT,Fl3r d Engineering (TOpl SB® 7«t 
'Ji’g ! Campari (20 pJ T03. Do. b (20pi 96 


Camre* (Hfogs.) (20p. 66 i233> 

Canadian Orereeas Packaging indusL 218; 

Canning fW.i (2Sp) 66® 

Cantors A (20ol 32 - 
Cane indust. (25p) 109 (2'3> 

Ca Doer- Noll I (IOp) 55® 4h® 6 
CapseaH <5 pi 42 
Carareai Inttmn. (20 p) 776®_jt 
Carless Capri. Leonard rtop) 32': 

Carlton Indwst. CZSo- 152® 

Carpets Into mat. i50p) 41® 400 39<- 41 
Carr (John) (Doncasteei (25p< 40t; (XZ> 

^“Jlc anfflyw T23Z. 

53 1; .2-31 

Carroo /Hidgs.) (25p< 47 
Carr-s Milling InduSL <25p) 43 Ct:3l 
Carter Penguin Gre. 26® (2:3' 

Cartwright (R.l (Hidgs. 1 (IOp) 54 

S uit's (Hldgs.i IlOpl 3t® 2 
uston <Sir Joseph! '25p- 15 - 
Caven ham 7ocPrt. 4SH®. 7 uotPrf. 481- g 
>2B'2>. lOucPrf. 955s;® U:* 89 90i 3 . 

9>*KLn. 70M :? 70 U I2'3i. lOpcLn. 

73«- H-li 

Cawoods Hidgs. r25pJ T1IO 
CemviTt-Poadatoiw Hides. (25pr 116 (t 31 
O-ntrel. Sheerwood (Sp) 41 1 ?® T. IQpcLn. 

90’* _ .. 

Central Manetact. and Trad. Gre. 'TOpl 
63. 8KLR. 61 (2/31 
l Centra' Wimn 97'- (2 “l 

1 Centreway (SOpt 198 OT-II 

: Chamberlain Gre. r25p< 450 ! Gordon (Luis' Grp. ( 10 e) 

. Chamber la In Phipps f10o> 36. 9 pcLa 76 1 Gough Brothers (20pv 46 

■2 ’3) _ I Gough Cooper C20p »75 

- Grace <w. r.i tsusn £ 17 ® u si 


Far nefl Electronic* aort-186^. 

Feb tntnl, ClOpJ 22 (27/21 
Federated -Land Bnlldlng (25p).4T' t O 40® 

Ftofi*’ MOo* 30® - 2® (2-3) ' • 

Fennel* a. HJ (Hldg^l C25 pJ ISBO^SOO 
Ferguson lmUst. HJdgs X25c) B9 <28.-2) 
Ftoalriy Radfo -CTOP) 71.^8 <27 .2) • 

Fite Forge -<2SP>- 47® >B® \ . . . 

Findlay (Andrew R-L Grp. (2Sg) 24- 5 6 
(28 21- . ' .- . 
Fine Art Dev. (5o) 39 ha AQi* 

FWaf .'James) csop) 248 
First Castle 5«S- (TOp» -42 'r® 

Prth (G. M.) -( Metals) (Top) 20 » U7J2> 

F Iso ns -355-60 58. 6oc2PdDb. SB']. 
6Uoc2ndDbw 6*1. 072). 54apcLA .45l* 

FHch 3 Loton <2001 620 3'yO 3 4. 7i*peLn. 

F^ddrire ?ngllL;lCOrt 5*0 0 33 

Fodeos fSOpI 58 ■ • • ■ . _ . 

Fooortr (tl) lOljPCP T. 107 »3) - 

F olkes (John) Heto (Sp) 200. N.V. CSp) 
201;® ... - 
Footwear Indpst. lov. (25p) 60 (27 "ZI 
Ford intnl.'Caa. Core. G 0 d. 1 L 76 (2.3) 

Forward TtOinoJpgy Indus. (SOP) 93 
Foseoo Mwsop (2Spl 130®. 3D 29 h 
Poster Bros.. Ctothlng (ZSP) ■ BS® 

Foster Uohnl 9 pcUl 60® C2/31 . 

Francis (G. R.> Creop.dOpS 44, 3 C28«> 
Francis Padrer MOp* ITi; a-3». 7UocLn. 
53® 2^0 

Freemans •-London SW9) ,«2 Sp< 2620 
Prenc* kicr HWgs. -250>30’r« l 30 
Fried! and Doggsrt Group '2Spi M C7.-2) 
Fbtora Hidgs. C25p» SB <27. 2> 

G— H. 

GEl Jatoraattonsd OOp) 67 
GJL (Hides.) 50 p< 420 17 230 
GaWtortf Brindley CSoi 550 i2*3. 
Gartord-Llltey Industries >5p» 15*« 1 ; <2'3f 
G orton Pnouiee ri ng •IOp) BO J2K24 
Gxsk«M - ( B acupi 20 pr 84 (2 -3i. SpePL 
32 GL'3< , • 

Gates (trank Gi 030 51 0.3) 

Geers- Gross Q fts* 41 (27 -Zi. New Ord 
nopl 37/aO- 80 CL3» . 

Goffer -’A. and J.) ^Opi Z2 <28 21 - 
General Electric Company iSUVLSOj 32 - 
General Boaric .>2Sc> 2360 7® 40 2 37 

?7 2®V.^.^Vt ®i?- T ,5SES: 

G 5 US 7 * 95 ® Jt ° r * C«FP. 8r. oep. ba Barosys 

“sf’gsrcSRdfc ft*.* 5 * n99 \: 

Gibbons Dudley .25p< 56>cO- 
Qfobom cSteniryi inurnaapnar (Z5p) 1700 
69® 73 (2<Si 

Glbbo and Dandy HOp> 36® < 2 . 3 < 

Gfores Group >iSpi 930 2^, .t3» . . 

Gil pate. Tttoos. (KM 9b iXT.tt 
GM and Duff us Group t25pi 1-91® 3 ■ 
Gifteour non 47*, «7 sl BLteLn. 864, 

IwO.A ^ 

^Sd^sSto 6 .^ gsr 31 

Gfoeson >M. • Jj r contractors) <,iOp) 400 

jasmasfc; ,w - 

Gomme Hldss. (25p) 790- 
Goodwin CR-t Sons (Eng.) (lOpi gt- rsn-y-i 
GoodvMr Tyro Rubbec (GB> 32re q;j> 
Gordon _(Lulft Grp. (IOp) . 19® ^ 


Anglo-American Asohalt t25o> 550 ; Chambers. Fergus (SP) 12‘: <1-5> 

Applevard Group of Cos. <26p) 76 (2 3i I Ch-re- w* r r«. r*go) 19 r2Sf2». 12oePla. 
AouasCutum Assoc. Cos. * Sol 330 2':®. A*, (ion) It'; <2.-31 
*5P> 32 irO ! Channel Tunnel invest. -'Spl 380 5 

Arlington Motor Hidgs. _'25p! 1090 1 Chloride Gro. (2501 931; 

ArmttaBC Shanes (25pi 59!: 62. IOKLa Christies Inttrnat. riopi 73 

2i ^ -ww,! onion I Chrlslie-Tvlrr rlQn) 65 (27 21 

Armjtro^B EQuiomeux CTOP) 55J?0 f r iw-Krv i25di 40 iTrS) 

*-V{| ,H* CV ,2SB * ,TZ n 3> ' iocD ^- 71 ' Chubb'and Son ( 2 t>«) 112® IS T3 

Aspro- Nicholas Si.pcPI. 45 I2 3l ' Cwir Ch Se^ce Vuooiy 7 AkHi 4UseDb 50 

ASSOC. Biscuit MnltrL (20pl 72 3.65PC , C r, , i.,S* ,rv * c * S “ op,v UP '^' S “ 



78*1 2-3) 




Keitnddr Smale OOo) . 27^ ... . _ 

Kenning Motor Group _iz4pl65'j® 5. 

SHpcPf- -42 (SCI). 7KPJ. 52 tO . 

Rent CM. P.»-C»oiF 360 70 
Kershaw CA.1 Sons (5D) *9V<282J 
Kitchen (Robert), Taylor n DoJ 54 (2-3 j 
Knott Mill ftofolnbs.dOp) 20ir 
Kod. International <25P> 770. __ 

Kwlk-Flt nVres -Exhausts) Holdings (TOpl 
50>- *- I* > 

Kwtfc Save 'Discount Group (IOp) B2i; 
-£27 '21; New Ord. (IOp) 78 

,'lrM 

L^rtteSStfonaPlltol?^® *18 9 (2lS). 

W cai2). M 

pss 

La port* . 

Laurence Scott 

Lee (AJ (iSkp) 21 1* 127 2) 
tSds D^res’oSor 41 (219) 

102 C2.3J 

Lerwons (TOpF 290 7»r 8 - 

La en ay.r5p) ,57 
Letraset Inter. 4106) 880 8 
Lerex (5 p) 1 3]i (1 '3l . 

Lewis C)5 SkPT. 45 h. 7WR. 55 
Lewis’s Inv. 5pcOb. B2*. <3l82) 

Lex. Service' (25pV 644*0 5h (213'- Second 
Series wretc 17®.. Siyin. 670 
Lfytand Paint -425 p)' 58 r(27/2i 
Ley's Foundries (2 So) 5B0 .8 (213) 

Liberty- 20 <2312* 

Lld*n (j Oj»F 22*8 (1-3» 
tWay <25 pi 62-4 1 
LhKTutt Kill our. OOP) 52 
Undsar Williams (23 d) 33 i* > 

Undostrles ,(25d< 132 1 1273) 

L’nfood (2501 1450 80 5_ 

Unread- (25p) 280. 71*pcDb. 63 (28,2) 
lister (250> 39-42)31, 

Liverpool Dotty Pott <50o) 1260 3® S 
Lloyd. (F. H.T.HIdns. (25p» 701* 

Lacker (Thomas) {Hidgs.) A <5 d' 140 (2 31 
London Midland Industrials (25oi 75 6. 
5wPf. 37 (27.-2). 9tfPcUL 87 (27 2) 
London North^n Gro. <25P) 2S 4 u 
London provd. Paster »50p> 183 2 <2-Si 
Laodob RrJc <c.(95o) 624*0 30 l;® 3. 14 k 
, Ln.; 129® 9 rZ3) _ 

Con gton T ra nsp ort CZSo* -SSh 3 (131 
Lp-rWo’ '25~» 660 8 7 9 fl:» 6. 8ocLn. 
-1981-86 - 

VOOK-TS rjFo) 90 (213) 

Lovell (V. J.) rHldos.1 (25oi 76 C2 S» 

Low CWm.) (70® 1020 
Lucas 2380 90 41 2 . TLocLn. 75U «r3). 
-10WLI1. 8“ C27r*>. PTtpcLh. 1020 3® 
Lyon Lypo (23a) 79 f28'21 
Lw« O.) 88® 9 t, v* .90. SocDto 
1983-88 71: BLnrLn. SSri^h (2/3). 

76k Ln. 1981 81 <28.'2) 

MB Furniture’ Can tie* (10pl 1740 14 
MK Clectrkr Hidgs. (25 ol 1390 80- 
ML Hidgs. -25 b i P4 (2BC2) 

M.Y. Dart MOp) 60 
Macante (London* if Op) 200 
Macarthys Pharmaceuticals (20 p> 92 1 
f’7/2L -»l2PC8P». 42 (2712). 6pcBPf. 44 
127.71 .' . . 

MCCtojre_L’Ainfe&T> (25P) 9*i« Oil) 
McCorquodale 227® 2® 

Mackey (Huah7 (2So) 4Z (2f3) ' ’ 

McKedmle Bros. U5 b> 84® SO 
MeNeW Grp. RSPI 41 
Macoherson (Donald) (25p) 54 (2-3). 

-7t*ocLn. 61 1* 

Magnet Sootitern* (2501 1750 7 5 8 «2.3) 
MaJUnson- Denny (25pr 421 ieJ 2T (2-3) 


Manganese Bronze Hidgs.' (Z5D1 750 
Mapfa (HMgs.( (fOo) 14 (2/3) 

Marebwlel fildgs- C2Sp) 230 C2.-J) 

Mala and Spencer (2Sp) I36: : * 6 7 9 8. 
-7pcPt- JBSS 

4 « »’ 

Maahall Cavpadltti CKW) 52® t.® 3 
Mere be lls (Hell fair* (2So) 890 
Marshall-* .UoTvorul ,(25 d) 143 ® 1 
Martin --Black (25 (K 46 51 
Matthi The Newsagaat (2Sp) 232® 
Massey- Ferguson - p660 
Matthawr (Bernard) (25c) 1050- 
Mxy ami Hossen (2Sp) 61i* (2,3) 
•Maynwds A 2 pcPf. 37 ® 9 ® ‘< 2/3 
Megola Hidns. (So) 13 :- ’ 


Mentmore Muftrg. (5t» 10**0 
MSwB . tlnhto ^Hldss.)- (255) 308. 



Grampian -Hktgs. 42Sp) 51® 49® (2.3) 

Granada . Grp. A (250) 07 8 
Grand MetrooofltaD (SOpl 85te> 6*^.9 81; 

6 .5- 07 9^ Ttr ‘ Wacrsrts to suO. for 
l-sgs B'r® 71; Q-3). 6i*Dd*f. 49>S 
8 HgC Ln . 94.-56. IDp cL n. 104*; 5 : *C 6 

Grastan- Warehouse* <Z5s> 112® 12 , . - 

! ST^jesL^aj v w 5 - 

(24-2). .xzrskliRSSg.SS^i.^SS 85 a#2> 


rt , A Hld9S.)- (2S6) 308. 6 k 
P f. 72S US (2 3) 

hfc« Sox 290® 890 930 1® 88 94 90 2. 
GpcLn. ,8960. NHrocLn. 89 
Metal. Closures Gre. (2 Sot 80 (27.2) 
Heater (Hidgs.) (So) SB 6 9 
Meteor «2 Spi 350 5 


Prestige Group <2Spl 1370 ■ 
Pretoria Portland Cement 'HP 
Priest (Beniamin). Sons (HWge 
<2/3>. New Ord. *25o) 72 C 
Prince of W*(r» Hotels i2Sm 
P ritchard Services Group '5pi 
Proprietors of Hiy-J Wharf 
B'tDCPf. 531: <1(3) 

Provincial Laundries (Sol 9V 1 ? 
Pullman (tt_ JJ <5sl 78 L-® 9® 

Pro Hidgs. < 2 Sd 1 98 7 

Q— R— S 

Quaker Oats (tUSS) SUS2Hi 
Q oeene Moat Homs, <sp> 228 
Quick. ttL, J.) Group (So) S3 

ILCF. HMgs. (25o) 37 (1/3) - 
R.F.O. Group ilOpl 48 (2*3). • 
R.K.T. Textiles ilOpl 67 (2/5) 
Racal - Electronics <2Sp) I960 
Radm Rentals (HldgsJ GpcPt. 

6 'tocLn. 54 (26{2> 

Radley Faaidons Textiles OSA 
Rain* Eng. Inds. <10pl 141* 

Raman Textiles <3 oj 13 '28/2 
Randall (J.. L.) (10pl 510' 
Randalls Group i25o> 72 07 
Rank Org- <25pi 2280 310 2. 

91 5 30 24. &i*pcPf. 54*. ( 
IQ-SocLn. 851* ’ 

Ranks Hov 6 McDougaH <Z5o» 
6KPr. 521;. 6 -bocLn. 67 
S^recLn. 7is CU31. 7to» 

Ransome' (WJHIomJ. Son (IOp) 
SpcLn. SOt 

Ransome Homanr Pollard -(25 
Ran semes Sims. Jefferies 138C 
Ratcliffs (G.B. 1 - (25p) . 61 59 C. 
Ratcliffs (G.B.) ( 2 Sp) 61 59 ( 
Ratners Ueweilm) (IOp) 890 
RMdkut Intnl. (5p) 26k® 

R ^,*M < WL£ 0,,er " tc (25i > 3 

Ln. 100 

Reckkt Cobnan <50p) 357® 5 
Db. 7 D'tO 

tmisr'uspit&n 

wa&snj’f 

Rodman Hecnan Intnl. (IOp) 4 
Reed (Austin) Grp. A <25p< 65 
Reed Ifitnt 107® 6 : 9 7 IT I 
PI. 52. lOnctn. 70* ia'3) 

Reed PubUsblng Hldss. 4t-pcLn. 
_Ln. 641s® (2(3). 9pc£*t « 
Reed <wl}flarn) Sons OSp) 7a 
Reliant Motor Gro. C5o) SVb* 
Refvon PBWS i25p) 73 £2712 
Renold 1210 
RentOkU.Grp. (-IOp). 50 
Jienurtck Gro. OSgi I71eO 
Jtestmor Gro. r25p) TIT - IS C 
RevertecChemicals *25 p) 87, 
Rexmore Q5ol 57 .. . 

Reynolds. (W. JJ HMgs. (Bp) 

Ricardo Engs. (1927) (25pl-1TB 

Richards Wa Kington Inds. Cl OUT 

7 VpcLn. 760 6 -<2:3) 

Ifaviln (I. D. 5-) HldosJ «0p) 

Rtx (OHrorl i5p) 50 

RotK-rtson Foods <2Sol 1 1? 

RoMs-Rovcc Motor* (25a). 640 . 

Rosgill CSP* 1 V-: C2.31 
RoteRex <GB' < 1 Dbl 43it • 

Rotaprint f20p> 45 (2:3) 

Rothmans Intnl. B ri2':P' 471; 
Rorork (IOp) 105 lZ!3l , 
Rowllnson Construct, si On) 80 1 
Rowntree Mackintosh (300) 341 
48 7- «KPL 54*. 7PCPL ' 
Rowton Hotels. (25 pi 1400 38- 
33 

Rowal Worcester <25 p) 105 
Rovco 42 5 p) 30 0.3' . 

Ruberoitf C25p< 31 12/3). 10>2P. 
.<Z>3> 

3 and U Stores (12iip) 16>- 
SGB Gre. (25o) 136. Stictoi. 
Soinsburv g.l I2SPI 1640 600 2 
7tipcDb. 694* (1,3< 
sale THnev ( 2 Sol 194 (282) 
Samuel (H.) (3So) 265 (27)2). 

236:® 430 1 2 3* 

Samuel son Film IZOp) 108 (2 3) 
Sandaman (Geo. G.) Sons l2Sp. 
Sandhurst MktB. (lOpi 26 QT. 


12712 1. 7'?KUn«Xn 641; 

-28 21 - — - CKkeedgr tH Idas.) (25pl 62*0 

Assoc. Newspapers Go. (25p> 1300 3® 1 ® : Cohen .A.< (20oi J60 (27 2 > 
f. S '.ocLn, 7a *2 3) ; Coro (R. H.) (2Sp) 110 

Assoc. Portland cement Mjl* 222® 20 :® i ColiatL OkJteoson. Peirce ir 
2. TdcDQ. 67a >2’3L lO'aPSOb. 83 I .53 (28 '2) 

. 6<«kLp. 46 . Cohn are Invests. f25p) SO:® 

FOREIGN STOCKS Cl o) I ASSOC. Sprayers 'IOpi '30 .. Comben Grp- MOp) 29 5 (27; 2) 

COUPONS PAYABLE IN LONDON l *ssk. TV A i25di IDIsO 990 1000 99 . CPmbjned English . Stores Gro. (12 74 

Chilean SKAim*, Scn» * »*«£■*' ** a , [ Aslbory Midriey >Hidgs.» fSP<_ *2 i27.'2i i Comet Rae.oviwon Senncus <5gr 1040 30 


263® s® 90 

_ - , lO'rocDb. 9T 

Non. V. (ZSol 87 C2SIZJ .. 

Coats Paton (2So) 67 Vr 8'j 8 '*. 4 'roe ; JhA-T. GROUP «Op>- 52® -42.3) 

Uns.Ln. 381* (2712). 6X.pcUnS.Lr). 5S-’< H.T.V. Group N.-V. (25) 110 


COMMONWEALTH CORPS. (— ) 

South Africa iReuubllc o>> 9‘;pc 94 <27'2l 


I ComnAIr <2Sp) .89 (1/3). 3?*pcDb. 73U 
I (28 r Z) 

Compton (J.) Sons and W«bb (HWg*.) 
1 (20P) 27 

I Concentric OOP) 39 


'Sj'jes 8 92 '28 2'- Do. Series C 92 : Astra IndusL Go. .10B> V»- U 8- _ 

(28 2) Atkins Bros. 1 Hosiery' i2Sp* 55 <27 2 1 

Greek 7 k Refugee w. i«4 «4 i28 2- lAtrw0ort <2So> 22 '2;3i 

Ireland <Rcb* «' •■-X 870 2 3). 9-*k Audiotromc Hidgs. (10|» 34® 4 

jSa 4^S.LP 19*0 5US32S l2B'2Li^ B 0 *{ga s . e S^%5V J 3, 

6«cDo. Bb ■ : i27 2» cijsvx Aastin *F.i >Levtaai HOP) 10-s 11 f27l2ii Cook and Watts 9X40CLn. 68 C27.-2) 

Pgrtuflufcse External 3oc (3rd Sengsi SUS33 , Alllonlglei , s«urlty 'Hhtea.* (i&oi SO ! coooer Inds. (IOP) 17i;0 

J3 3 - Einantm u LteSot 95® I **■'» 8pcW. 132 SJfflS,,. ^ . ;.Copc AHmafi Inti. C5pi 33H- 7>a8«LB. TSt 

2 c ?2 , - , 5r , rS 1 Automotive Prodi OSpi 88=;® 10.4PC \ co^fs Sportswear chip) 85 J B«i 

Burmaf; Oil S-jpcM*. M'jO 90 ■ Ob 880 (2.3' . Corah a5p> 34 (2ftr2i 

Com pair S'.-od®-. SUS1 10-:O (2 3) i Avan a Go. .Sd> 20 ** J '« *a 30'; j Coral Leisure Gre. riopi 10BO 10 7 S 

ICI l ml. Finance 6 i*f®5dA «S® , Avery* >25P> 1440 SO ‘S*. _. _. 1 Corntrcrott <2 Op) 480 <2/3] 

inciicape rBermwta' 6'*KBas. 104., -^<1.3) . Avon Rubber 176® 1 2- S-JpeDb. rlO.Cesalt (25p* .S'*® - 3®. . lOpCLH. 69 I* 
Manitoba *Prgy. of' 9'.PcDbS. SUST02'j ' O T- • , (2B.2i 

12.3 “ ■ ' “ ' ^ ** 


I Hadon Carrier- (ZSpi 88 -C2 3) 

- Haegas rjohn> '1 Dpi 94* fi 
i Hall Cng. <Hk£zr.i <S(to> 82 3 >2f3i. bi-dc 

I Pf. arrijaa. pArocLn. wo 1 2 -.. rail) 

MOp) I Hair 'Matthew) «2Sp) tag® - 

t HaUam. Slolgh and Cbesten 7pcpr. 43 
■ Haima (TOo) 53<;-<1/3) 

Halstead (Jameg< ,CHld« J OOpviei,® rax 
Hamltboroe )(2ho\ 80 So (2-3) 

Hampton Ind. C5rt. 121^. TbDcPT. 72 

Hairlmcx Corp. 'XA0.2S7 92 S. 

Hatoti Trim OSD) 125 s*.- 6! : pstn. 7B 

Hardy. (Furnishers) *2Sp) 2 S'- (»‘2). A 
Or*, (res. , rot.) <25o> 24® 

Hargreaves Group (20 b) 520 (2<5i. lQlyJC 
Db. sins (3'n T .« • i ■ 

Karri* and sbgdon Gp. <Z5 p). 42® s® tj 


STERLING FOREIGN 
CURRENCY BONDS 


CosUin (Rtthard) (25p« 2S7 S * 

BJL.T. Inds. (25*) 280® X 80 1 5 2. , Courtaulds (25P' 103^ 7® B 7 U 10 9 7. 
QIC Ord. C25p) 24210 40 4 3* S 5*1 TpcDb. 73'* 3. 74dj, 695*. S^pctn. 
6 4* 5 50S*. 6>reeLA SSO Jz.S). 7foKLD. 

60--*. 7-HbCLn 820 (ZrjV- 
Cowan d*. Groat ClOn) 59 (25.-2) 

[ towto (TJ (Sp! 36 (27-2) 

■ Creiian Hides. ttOoi 23 2 (2(31 
i crest Nicseisan iiop< sso 



Finance (or i™dw** r > 

>0 -*iO 

PlnaiKlcrinq MMlstoppiJ 
97'lSO -'i:0 ">3 3® 

Flsons Inti. Finance _ _ 

<T3i _ ; 8P8 Industries- rMp: 2070 l!ff . 8 

Rowntree Madurtpsn Inti. Finance IO«kI ioJ«aeDd. BS'-O (2131-- 7AKLn. 121 ; croisland (R. and A. ~Gj (Sol 1ft (W.31 

SIIS.84S- 950 _ -l -!BiG. liner national - HOP) SS^sO 45* Crouch (Hereto (Contractors) C20p) 82 4 

Scare inti. Finance 10 -mSrg Baa. 95>iO ; i 2 >pclto 5 .Ln. 991 . ! _>27'2> 

**o - — -- 


‘Crodi -inti (IOp) 31 ' 

Crosby Spr}nfl Interiors (IOp) 14> (a.'Si 
. Crossland (R. and A. Gj (Spi 37Jj <37.-2 


SESS “ ««s 

TO* 1B?*'3SSS d *♦ * «* 

Kartie Machinery Inter. f2Sp) 25 ® 

Harder tod. Tst. (208 ) 2U> (Z,-$i 

HartwriU a».-(25rt 73 

-Hawker Slddefey Go. (ZSpi -170® 680 60 

69 71 f 

Hpvtdns and Ttpaon (2Sp) BS ra,® . 

ssssars?^ ■« 

new* 
600 ^ 


Sanger U. E.) C10p< 46 izra' 
Sangers Gre. (25p> 74 S alt. 

Sarille Gordon (JJ (lOpi 18*fia 
Savor Hotel A P10P) 67. ■*; 

(25 2) - - 

Scans <23 pi BOO 10 897® 


Scottish Universal Invests- I2JP{) 
Suttish ^English European TkU| 

Scrttish Television N-Vtg- A <1^ 

Score Eng. BpcPf. 48(28 2 ) 

Sears Hldas. (25p) 55HO 8i» ?' 
Securicor Grp. (25pi 56 (28:21. 1 
-230 > 73® 

Sekare IntT. HOu) 23 (2H2) .. 

SeHnconrt (5pl 211* >7 1 

Sena 5ugar Estates I50pi 6 (03 
Sempr Eng. Gro. ilOol 2TO - 1 * 

Sereic*(2Soi 81 i 10>*pc£fo. BBfcd 
Sharna Ware i20p) 69 (28 2) 
.narpe and Fisher I25p) 41 

Sharpe (Charles' 563 _ 

Shared (W. N.* (25pi 136 XB 

tUihW&zi • 

Shaw (Francis' (2 Op' 270 (2.3i, 

«h-wpbridge Eng. (£3e) 6S4 6' 
Sldlaw (nds: iSOpi 87 (27.2 > 
aidroy B-'*ocLn. 50® ‘2?S1 
S*ebe Gorman Hidgs. <2Sp’ ISM 
Silhouette (London: (20ot 45 (2 
>20p) 39 aS;2» ■ 

'uikoiene Lubricants n Op) 77 
SUverthorne Grp. (lOpi 19 C22.-2 
Simon Eng. <25p* 202® - ‘ 

blmpson (S-> A rase 72® ~ 

'■■4T >25p) 49 I38!2i 
00 Grp- (25p) 70® • ■ J 

ketehlev - (25b) 97 (2 3i J! 
Small (John c.i and Tidmas '.231 
Small sharr (R.i (Knitwear! <10p)4- 
Smart UJ t Contractors) OOPk“ 

Smith and- Nephew Assoc. ddpS? 

9. 8pCLn- 110'; • r--?: 

Smith Hidgs- Wh 11 worth) (5o> &} 

■■■« - - M 



Mdn Ma raters Grp. (SOo) 140 (28-21 
Minina -SuppHe riopi SltuO '*• ■ 
Mftch«n.Oxts-GaJ. ras*» 43 (29 2) 
Mitchell Cocts Transport (25®) 530 
Mitchell Somers (IOp) STO 
Mtxcdncrete (Hidgs.) (25u) 54 
Mole <M.) raonl 237*0 . 

MtilllK (250) 99® 

MOOir VAJ <23p> JO 

Monsanto-. (3US2) £32 » ig 


Solicitors- Law Stationery Soc. .CP* 
(2:3) 

Sothetrr Parke Hemet (7SpL 
Soethena Stadium iSp) IS <20-21- 
Southern Constructions iHIdB*-?-! . 

• 2 3) ■ ." 

Soarrow (G W.) <20p) 10S ■« . 
Spear Jackson Intnl. (25pl f(4 
Spear <J.WJ I25p) 230 <2712)1, 
Spencer Clark Metal IndBits. . W 
[2C.ZI 


Monttort (Knitting- Mills) (25p) SO 1 C23) ] Seenter Gears (HMgs.) iSp) 33 t 

— Sellers <25(11 27 8 6pcW. 5« 

_7uecDb. 72‘».il 31 •_ 

SPlrax-Sarco Engineering rzS®W 


Moaunent Secs. (IOp) 90 (2 3) 

Moreen Crucible (2 So) 1060 7 
Moreau Edwards (IOp) 24 
Morris maker. Wall Pwars GCSp) 43 
(2812). A (S5P) 42 <2131 ' 

htorrhOT iWraJ- Supormarkets -HOp) 1700 

MKt »0t. OOrt -93® 4 '(2/3) ' 

Moss Engineering. (25 b) 85 0512) 

Man no rros) 32-nrs) 

Mothereare (IOp) 150* 49- B 8 _ 

Mount Charlotte Invests, nop) 160 IG 

i1(toj.llBO 

Mawtem- UJ «5p) 1150 


Spooner indtats. i25ol 47 (2.721 
Staffordshire potteries iHIdgsJ Ot 

Intnl. (25ol 141. 1'J_ ‘ 

SUB Furniture Hidgs. (2 Sp) 36® , 

JOpcPf 96 (2*3) ■ 

5ukt( mao.) Organisation ilOq>f 
fttnJev <AJS.l Hldas. to) ij.0.^ 




Sttrtrite Engineering (20p) — 
SWus Discount i10o)_124O.^,«g 


217. 


Sons (Adgtesrane] Offp) 
Hewnr [ftirnlturo- Trades)' ‘a FK-vtg. 


U.K. RAILWAYS (3) 

Canad'an Pacific (SCji £1Q*,:0. 
351*0 *9 h 


aoa) 22 h_ OTiOj 


BSR IlDfi 920 "iV • Crouch Brogp (2Sp) 66 7 ai' 

: KTR (2Sp' 208 7 _ I Crown Hdum-(25d> 4BO 5:- 

• BsBcgck wilccx (26pl 1 07 4pcCiJn>.-pf. i Crawther (John) Gro. (2 SpI 31 '27,2' ' -i Jlcpwort h ' Ceramic Hidgs. rasni 7 - 2 we 


licpwoi ifftl JQsrtKW - 


. . FCVANCE FOR INDUSTRY TERM DEP(®TS 

Deposits of n,000-£25,000 accepted for fixed 
years Interest paid gross, half-yearly. - 'Rates for -idepoi 
.received- not later Sum 17.3.78. . • 

T%fms (years) J ,.4 S ■ 6 -7 S 

. Interest % . 9J- 10 I0i ioj ii : ‘ • in it*^ - 

- Rates for larger amounts on request Deposits to and 
in formation from The Chief Cashier. Finance for .Indhs 
•United, 91 Waterloo Road, Loudon SEl SXP 
vEsL 177):. Cheques -payable -to “Bank* of England; a/c\W. 
• ■RFI is-the-hoWlng company for ICE^C and FCL 






•|ir 


-fu*, 

- H«*>w 

£=r. 




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. . 

■. :*■ 


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. 

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S^aj^isy 4 " mvs » i«. «>«■».. w 


ewsg-' Ittg* «■»! u» «**»■• 

■au^SfeWiitfr 

IsttAv. «., 


Mb 


gSB£S£'W!Ap S 

SBT?.*?8 PHTiyr^aa ■ 7 

•.g , 4?P!B 8b"» 

r94 10 

i 18 W* — ■—-'•■'* -•■-'■ '' 

! mnee 
wl» 

:• «>i 


Shfra (2frt 43I-® .' ■ * 

?SBreiBwan w i B 

Ora. (lOpistij 6 ^ 

T-^U— V 
MW’®?.??-** T * -Oxw, 

■• Ibea Grp. (toi 20® t* i* . 


23 


vinitrn Bros, > 2 &rt sa uoi 2 ) 

WJiMilnp* <24rt 444 
Whatman Riw Angel -asrt U08 . 

DHL Trof i25p) 12BO 

wwtthou».. ifitamt) (Inns) (30p)_ 76 

IWW ftJ. S. w.j 2541 44 >27-2) 

wwwnBham t»m,i iHltfgs.) nzbo) is. 

3KUB4.Ln_.534 I2»3) ■ -• - ‘-' <- 
WJJB 4 I 8 Fining: UOa) MB* L27 2) . 

wpmSiruSift?™ ■ 2r ”- 

WinCim MHciwU (25|>) w (78-2r 


*^f 0 , US y SO-GS'S*' 

Amwrkan Tsi. [25aJ- 57-Si 
Anglo American Secs, C23p> 83 i-» 
^"•joilntnl. Jnv. Tst □». (25p> 44 tJ/3) 
J w - JS 1 - (23 oi 36B 6 
Ashdown Inv. Tb: (2Spj 1074 8 :2(3) 

Cnicaoo Reg. In«. tsl 
1100) 521, (28. JJ, jWmts-.2SB 
M;W« A44KS 1st- Cisp) -Jo® 69 
AtlM El«. Ger. Ttt (2£pl 51 1; 

Australian Intel. T*i (5QP) 7S»»# (2-3) 

, bankers ln». Tjt. ffiSo- as a iS 
.Berry 1st fZSrn 454 

'.'Get(. I«v.' Sli 1 1 >31 


'{ wsnniu Prao.' _ .... _, .. 

,.‘ 3 . tr -..? olrtl ’* rTT ' Srorrholriri-j tm. tsoot 
24 1 39 (2 3) ..; 

5'*tlw American "Gen. Tst (23 d) 34 


Stockholders .Invttt.- TM. 23s) 7BH (2)31 
f TeCinoJoay rarest. Tsf i2Soi 8tT| 2-fl.*i 
.JT empjt Bar lovett. TR. 2S0i 167 (1(31. 
BscLn. 71 (2.3< - __ _ • - 

Throgmorton B'-pcLn. (06-; '2/3) _ 

Tor inc. ■ 28s) 72 *2812). Can- 'ism 944 3 
Transoceanic (230) 143, 4bPCUv 84*; 
(2 3) 

TTanscuirtK Markin (TP* 9b (27 21 
Tribune (SOm 5904 

TrtpJeran Inc; (EOs* 6t *2 3*. Can. ill 
Trustee* Con <25aM2ibft 
United British Sees. i25»' 106 (2:3i. 5« 
Pt 43 (28 2i 

UM. States GenL (25oi-t64 >28 2) 

Uto. Stiles Deb !2Sol 610 U. ■ OpcDb. 


WtikinM "nMotch 1594 b?.- 'SJjocCum.pi I ^SlN* s? vowi 61 SoeAPt 


e-.-. 

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I., ■ s 

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i« and.xeio 

( 2 i» - 

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: '£■ *»H»t 8 r tMp» 


sir 


|fl. 4bpc)(i 
SijKDb. 73b. 
T3«Um-Ln. 


a. 

11*07. (27*2) 


.ivswar ^ :■■>■ *• 



«. ... . 

t A*raaf»«i ciOn) 6(3 il&n - 

S»€i 

• .KB* if. W.l 

.' W*«-B*T94» .. 

; $CA8S!a 


<wie4 

■ ve (asp* 43 4 

sin ^OtOoorn iHWo* » -f 20 si 

•w. taBSW.iJSBi«'art; 

■.■ ai ‘ , 

■ }? , f 0 3b °* w “SPJ l, !f“ 6"*- (2581.631*4 

■ .nwoos^Grp./rSoI Xb'CtB Z* 

* A»n«ld (230* i44-7pci«tpr. 69bt» 


■J 7 ii«2±- r -3.23nc 

srwafeffii-igkn 



46 10PCCn».Ur« Ln. 88*?4 . 
WlHitRTs anp James. (Cnms,) *21 
W IJohtu.CardMMKP*. 38 
Wl mst.Breedttn midos-* i25b)- 1 
W son atm*. <20oi 41 i27/2i 
Wlson (connoiivi ;25pi 1210 
WHion Wail on Enenrs. ilpo* 634 £4 


KIP' 1 Enonrs. ilfisi 

W msve (Georwi *25s> U"3*s : 

Winn Inds. ,(20 bi 4o 
wmer iTnomBs; (2&i 36 (2Bi2> 

o!ls^MM B *c?s)'^ , *?•.**• iok 

fna. (itoKta (27 2> 
Wood H»KT*t.j2SP!_ai4 A 15* 


(8-3) 


29b *2 It ^KLo. B2<: 

vi kino Recourcc* (25 di 740 is 

Wemvs.280 <28 21 ■ . 

W‘»aa rzsoi ED ■* -iT> 
Yeoman (Z5 di 148>? M 3) * 
Yorkshire Lancs (2501 36 


W^Siorth IK W.i.(2SPl 6tt«r'j( 1 2 
,f >‘ 5«P (AISOC -Cosj 1IO01 24 
K|Ce'4l ^ 


UNIT TRUSTS (13) 

- (PRICE IS INCLUSIVE OP 

STAMP AND- FEB 


74 -2 3) Acnm. 


! M ana G American me 
10* I m. ana Tj. DiwdOM InC. 110.50 


- — ’t,"*'! 4arDB. S7'!2Bf2) 

lOKCnv.UmLn. B8b4 | British Empire Sets. Gen. Tst. (Sp) 700 

2Eo- ,34. i _(2 3) 

Tw"i * Sritlsh (mr. TB. (2So* 140 
680 90 ! Sroadsrone Inr. Tst <boctn 2S** 

Brunner lev. Tst, (25 f» 78 (Z7J{> 

Bnrcourl fn». (50oi 7 DO 70 i2 3k 
Caledonian Thisl rZ5pi 59 : :0 

CMItal and National TniR . i25R 

Cirmi»i &, K2£rt 9 ^Br ; cHrf tsxac aoV.a « . “■ g!' «* wa*Vield^ "jn«.'80>0 . 

«r^n,i litveit. TlTIBt Old. (ZB of 89-:* 9 ! M . amf G. GcnWrf-Inc. issyp , 

Cer-Io Investment TruSrtt3p* 940 (2-Ji j lr,co,n ' , " t 

Ced«r InvutmCM Tmif ■'Siorafii: iSB-2i. . Am um._1 56.34 
9»CLn <03-128 2) - 1 

Cha-nel Isttmti and. .Inter, lor. TtL- cap. 

4S5 1 * " 

Charier. Trust and Agency iZSpi 46 
■CW and Cm'. Tw Inc. 1 26 pi Z7i* 5J. 

^C»8. 7S 51 ' 

ClaverneuM inrew.- TniR iSOoi JT i2 a 
CaotlneiRW md'InduttrUi Trust -25tpi 163s 
3 *3.3) 

.. . ‘-am 1 1 Rental Union Trust •Jim <.04- -z 1> 

Hides. ( K>pi/1S54 . A (Dm P r, I Crescent- Japan IrTTHSCroenj Trust usOn, 

1 U>v. Warrants 37 (£.3i . 

Cteoenture LOrporanon (Be 6 7 <1,1. 

Jartw Trust- I k. aig ■ ■• 

(wmnion anp (Nmerai Trust i*tn * 

or- V o p Commercial Invest. fibpCCn. 83 b 

Drarton Consd Tst.' t25p) . 1220 12l3). 

•6 tPcACnu.UnsAn. S9lt*>< 127/2) 
uravion Far Lauern- is*. (250) 47 ' 

Dravtan Premier lb*. Tst iZSp) I S3 4-. 

. ^7«)r - J^pcADnr.Dni 

Armour Tat. nop. 70 8. lOlftcur. 63® ! Owir^' . ihL- «sop, :6V ii, V . 


Rush TOmoMn Go. <25o> 96)e n >Si 
3am not Erppf: <?3o* 79 i13i 
Scottish Met. Prop, <23PV fij 
Second Chv rrcos iiDp) 37® 12 51 
Slough Eitv. i25p> 110* lb .2!S«. 4pc 

P*. 93 (27:2'. lOocLn, 1SD4 (2 3. 
Soret (fit* 28 -1 3) . 

Star (GBi Hld». 6oeitiDb. 59 » -27 2* 
Stock -.Conversion Invest. ' tt. (25»i 7344 
Sentry (Bu Invest. Tn. i25ai 1 S7 
Town. Cttv Props, ilopi 2., 1 1 «, 12 1,; 

6pcJ-n. 77. -8-14ocLn. eg 00 <27:21 
Town Cmitrr s*(» l&pi 56 1 
Trathwd Park Esu. izspi 91 '27 2i 
UK proper** iJSoi 18b 7B 2 
Utd> 'Roal "'P(op Tjt. -25 b< 25' . ' 
wamtara mmii. nzom js«o 3 
weha 4 J .1 r5o' i4« 7 o 
WestmlubK 7rap Go ego, ifi-, ci'S) 
Winston Esn. *7 5 di T 2 


7ms Inatrument* 643V. 
Timor OH 3b 
Tn 'ComircfiHJ 6l3bO ' 
Unldev 45 
VuKin Minerals 10 
wooauee Pets. 60* 

ERRATA 


Kerr A«d Mon A 6fQ ' 

SJ5S ffitu M«4W.- 

wheekxk warden a 33> 


f Aston Villa CIS 
I Dart I ng- Fund 13S 
! Gererd Covlpn 9 


153 


FEBRUARY 27 


, . ! AJIlaote OH DOv. 13 

De/hn « 34 should »p( hg*e been merfctd J Ceckbum Cement 89 
undor Rule 163 Ml <•* iZ3) _ 

MARCH 2 


I Ainhanacr Leases 390* so 75 a 
1 American Shipufailolng Wrms. 1604 
; Arno invt. 115 
jAustralain Con*, mg* 124 
I Australian Foundation 84 
BP Canada 945: ' 

1 Beach Pet*, no >2 

- RUBBER C 15) | Beatrice fboos. su52j-'»* 

Anglo- mopfiewan Cor novations (25pl 92 ' Bol w ^CaiMde^E’t 6 b4 
cStSuitf, OC'-n*. Rubber Ssure <18.* | ^ ffg 1 «* 

cl^,®>.MS.» Eatates OOP) SSbiK^ 10 
j ContotlWt*^ Ptknrations *(0o) 103m 4b* j wiv^of* K1 ' 

? 964 95 ?. ««'"» fi ° 0) ! nss£ J n "tr*** 1 * ■ 

I 11.12.'*] ___ 1 MCArthv Grn. 550 

(TOO) 66* ; &*?£ »! n TL,5, u -1 


colonial Sugar Rekr.eHqa 207 W 
Consumers Gas 3USl4b 
• E2 Mds. 14074 
. El Pa*o ClDiii: 

1 Hooker Cpn 3)t 
1 Lend Lease C6n, 1 96* 

I Little Long lic Mines * 37* 
Mans Dept. Stores 1US21 b* 

’ onshore ai it . 

] Peko waDMifd 459 
1 Pin** »k MI«e;W* ’0 
1 Rina Leases J*e _ 

Thless HM4?. 12B 6 

Thomas Nationwide Transport 76 

Yukon Cow. ns 


Ijenev New Watorweriu 3i:peCum.P». 
1 12X 7LkM:.Dd £B7. 5DC3raCum.W. 
! 93. SpcCjm.Pl, 180 
[ Manot Tramwav* and Light 1 
Morton (George' 100 
North Sea Assets 858 854 ■ 

< Teibedde Aagalla In*. 8 
-Twinloek iZKLnSVn. UD 674V 

FEBRUARY SS 

Channel Hote>s ana Praps. 19 
Crystal Pala. p f ana AC 140 
Ferranti 280 
r.iph* 6ea>es 26 
Irish Marine O.i so 
eaningc Bro*. 57 Sii* 
ersev Gas SpcACum.Pf. 
enmarr Oil Eaidoraiion 
Lo Riches Stern 50D 
Quctn* Park ungen sc 110 


ii 1 


2*7 


M A ^ m Oj.„n Genl. Me. 135 3 «»*> „ u „ - 

M and G. Recovery Inc. 75.J4. Accum. ^'5™. Jn ‘ T * * Estates (•.««» 00 . Nlehol , s 7^ 

75.2® I Highlands* kOwl«"dl Bertwd rSMa.O 50 1 5. 11 Search b'& t 

7gi-i f2.“3i I r onerr tontirvt 

Killing hair. (Rubber* Development Svna I £r,ce 695 


M. and Gi Sgeciar Inc. 143.4 tl'31 

[RON, COAL & STEEL (20) . 


BriNhvMiie fnguMOff 1200 - 1]4 20 

Bi 


I25pi B2U4.34 Hi 
IHlSfS-l .(29 d) 38 b 


; 1 covttle nttoj 47 (2ai* 
^^fBundrlM ■*- — 


. oundrtes Gm. (25nl 74 «/3i 

- io 0 ^ 0 ^^ 1 "* 5 *^ 6 


OpcLn 


(Ml HI do*. ■ (SOh-ZZB Ml 
S!? r *. > frj** , \ J79*i! Its W J. ' 


npany (2fp( 994 

.-re- fw.. E.I-fFObi 28 
mn» CW. -M.l itOpi 22 T (28/1) 


V lfa, r v* 

Ycrkwnrg Clwn. 
ywwhai Carpet* 

Young Auyten Yog ng* (25.1*88' (2 8?2i ’ 

Siitm* Cart, A^Reg.! f50w W ■"* 

ELECTRIC UGUT (-) 

CabuRa Eme. Supply 89* >o*t 2 si 

FINANCIAL TRUSTS 

0 

. U4 

Bridgewater- tsn. (50pi 277 I6>'- 
Bndgewiier, Invest Tsi. .10 p» 7b« 
m^annla Arrow Hide* >25pi r*B V .IBb.l 

Chmgfhoui* Op.: l25oi 56 tz W -9.7Soc [ E *«|« , Bh Inv 1 

SS®- w: >»: f J 31. SbbCtn. 67 b I c|iL,V r rSIirJi 


(5 Op) 65; 


1114 

lillingttdir (Rubber! Development Svna I £. r '*£ 6 * ' 

MOP) 205 (?7'2) ■ '*M*bft sturgeon R'vgr Trao. 990 

Kuala Lumpur Kepong Bemad rsMa.ii 45 ; S'* 1 ™™ Llovds .*S.A.l 103 

J* 1 ^ S f 7i,^” rl ”* rr * iA ^' 4Z2 *'*°® [London Sumatra Plantation* iiOet J1B:;TJa^T Canana Pise Line 9SB 
lunfero a«L Bllwt BUPeBti ,73t. (2,3, .. , J/ Wkaff llMj „ 68 j ^"Tg^a^So” “®* 

PlanteHO" NoWno* nop) 64 1? 3'. W*lk*r 'Wrarni 519-bc 

Rembla FSiWH* i5p) 24 V 5 '2B'2» i 

Sogpnuna Group now (S2 _ 

Sunael. Bobra -Rubber Estates MOM 45*; , MARCH 1 

(38(2) -i 

5 ungei Rrun StuMvr terete 25>rO 6 I AHlance 0,1 Devel* II 

yn . - •.• Amer-ran TeC Tel- U?1 

TEA ( — ) 'Australian Guarantee 123 

I Betu Kfwan 39 b® 
i 8a*lc (reiircrt 395® 

BH Sou in 6"® 8t® 


RULE 163 (2) (a) 

Applications granted for specific 
>in» ia securities pot -I 
on any Stock Exchange. 

j MARCH 3 

i Balmoral iceyJon) Esu # 2scCum.Pt. TO 
[Cambridge H&irumont h , 

1 Ceylon «nd InOUn Planters Higgs. (2>c 1 
I Cum PI. 25 


FEBRUARY 27 


All Enetang Lawn Tennis tMQhs. £4100 
I Brit. Photograph ■( Ird*. 6 4S-E4ths CV 

: bargains ia securities vot I listed ( SSm?' B ' :D£Un *- Lj1 ' *** 

1 Jtrttlni • t Robflrt) -Hldas.) 317- 
iKattilnn inv*. 'Australia) 90 BO 
'T^eldr Grp. BorUnvLn. £93 

i Truscon 4 JocCum-Pf. It'* 11 


RULE 163 (3) 


Dm * . - . 

flaw: horn at. amt W.* Leslie 

(27 2*. SKPt. 45 .28 2) 

MacLeiian :P ana w.i t 20 a) 17 <2712 

4 ;pcDb- 27 

K««RMM| (25.) 4)1:4 (213} 

hlctiMunt. vgitsiitt (SOpi SB 


Clyde Petroleum 120 
DlfflbuJ* VaJfrr .Ceylon) Tea SacCvm.Pf. 
' Doioi Tea bilag*. S3 BO 
| Doloswella Hldtf. 30 29^j? 

U'hem HI403. 2T 

Oeltn AuUrfiln Puns MOO 56 34 
Gfi« Prop. Tst. 1217 12b 12 11 11 U 


in 


Whcssoc (29p> B3« S. 7bpcOb. 6B (28 2 
' ' 1 - ■Hides.) 


RtaDK 


(lZi)pi 


.capital sn*. 166® 4 
IDunaga London Inv.' Tst. iZSpF 65- (2 Ji 

I LDlhburgn : 4mtr<iD Aseet* Tst USD* 

47 6-j J2TJJ 

Tst. S^pcCjmPtd. 38 

'al " fnvest: ' IZSpj 60*;®-' 
an Invest. 5*rac2ndOb. 75 


Coflii wilin' Hides ilOtM 1 B'l27(8i . i 

k isoTam m h ' £n »']»» TSL 2SP) 73 .2S 2. 

DlUdv % IS B si 4 ■ W? »2 S? ‘ £ r ' ol,6h “CW York T» (2So) I3<>»® b 
uaignv 400 Z9 D 31 « a5eePi ;.SB (2.3i. Engtish Sroc.at, .investor? (25o) SB (2'35 


6'rpcDb. 1979-84 68 128 2> 


S ean Hunter 4p. 135 b 4 (28^2* 
rjm t (Thofr. W.) (2Sp) S6® B. 7'jBcLn. 
■5 ' 

Wc^dhouu and 

MINES— AUSTRALIAN (7) 

Hamaton Goto I5p1 89 ,1(3) 

)) tr 

idga. 

10 i? 

Western Mining iSAOTsO) B4® 64 


M.I.M. HlOffS. 

North Broken 
(213) 

North KalgaTlI iSAO.301 
Parlnsi (5^* 124 >2(3) 


^AOJO) 125: (213) 
Hill Hidgs. iVAO.50: 


82 


Dawes >*G. R^» H|p< 
Dawnav Day Go 


(250> 62® 


fleetra Invest.: let. ‘25e> 9-» 

Eratcine House Invests. c2Spi . nc>:« 

FJlJl National Pin. »dpi jui <<4 

iTares* u ^ lzo%Lr 


Equity Consort inv. 1st. Die. ,SDO) -103® 
[ Enyity Income Tst ,<5jp) 17_D (1,3) 

Dum ‘ ~~ 


■ tSilH 


:>e* Inv. Tst 258 


M INES— MISCE LLA.MEOUS (53) 

UMAX fine Decs. SUSO.93® 

Ayer Hitam Tm Dredging Malaysia Berhad 
'vMa.1l 285® i2i3) 

, Benlt Tin Weilrim i25co 51 1? 50 1 i2,3) 
j Burma '17-<p1 B-> >28(21 
1 Charter ConwIMvtecf if 


Assam. FrpnU®' Tea Hlog*. 280* fa 31 

Assam Inv. *05 '27 2 1 

Lunuvs ICevlop) Tea Rubber Ests 1 33® | BriageOir *64* 

tij.ZL. pm-i 1B7 .y« 5 . a : Castlemsiee Pfrtnnj 305* 

>9 8 |27 2/- 2PtPf ' 44 I cnm“o«v A BbPl - 

Sing la Hides (IO01 IS .2-3. . I 90 

5nrm«h Vilify J25 d» W C2S21 t Dormiin Latia fSAi 315* 

Warren Plantations Hlsgs, rzso) 187 (27 2* EjoonCpn.fi/s44V® 

TWIlhw'P U (atWr ,D« • a ■ ■■ w.. Ellt AfflflD B rfWJ, 409 ^0 

TdTfBBW Hl«w- MB .2 3i Etlt Africa " Power and L-ghl 2S 

. . '. 'SHIPPING (42) |bSS» M OM e 20 C, ' K * JTOHl * 7,1- ‘ 4 ' I: ® 

' Brit. Coniwtth, Shaping (SOo) 253 Imperial Oil Caud* >12b 

I Caledonia Inv*. i29b* 214 i2B 2' 5gCAP>. > Jardlne Sen. 87® 6 
• 39 i2 3L ' 1 KuMm Malivs a 34-y 

| Furness Witny 24BO 6® I Medhova Gp. £33:® 

I Hunting dfeton 1BOO 75® >2 !• a anconttv«-jal ESO® 63*® 

1 Isle or Man Steam Packrt 140 <1.3* 1 Pan American Cap SUt. 3350 

Jacobs l John) QOpl 39 >i® ; Smith Klein U9 b . 


in* It 'tin 
Gadek 'Indonesia 
KotmiHe Valley I 


Pt. 20 


Estate -or Orion SpcCum. 

21 


s Freighter* ,J5n' 32 r* 



Ln. 72 iXfZ). 1 2 bpcUpbln. -98® b® 

InS^Comm. SiypcDb. BY. t2*wv"»*ip«*». 
7B': (2B2l A J3Bl 89<97 67b. 

7 UPC A Db. 91 -94 69, 9ncA Dh. 75 b. 
IDhpcUnCLn. «7® 7 ; (2 tJt, . YlpcUM. 
Ln. 97 (I II. t IVpcUns-Ln. 300 (28r?i 
Ubvd* Scottish I29P)- 95 tp 


It* (2/3). lTVpcLn. 96b 

- TW wow rspi g-orsv 

t Manufecturlng Cempi 

‘.•4- iw ■ 

an cv 

,M Go. 115*1 i Bit: • 

5 fij; '25P 1 64® lb® a 1b 2. 4bor 
». 51 b® . 

j Prooertv'’Jnveitynent Finance *103® 4® 2‘y 
2. 6ecUn*.Ln ' C3'j® ;2"3'. ' ' ' 

r : Prov'denl Financial .s25p* 64®. 5® 4 

« '■* 5 '- Rosehaogh -25o< 164 r 2s 2> - 


1 Mills Allan Internet (30 d) #68® .53 

i 1 : 8. Cum. PI. (SOpi 69 J» 


Yule 


0 Intnl. ,23o. 149 t28 2 
Tealltes. IIBpi. 4'* i2'3' 

. ter TV- Non-vcg A l26ai -54® 

'bat- '25o* *6’;® 7-6:, s 
6'# T2 3l . B'«ncLll. iggi .06 56 

* 992-97 • 60 - 

•• -Iiever >25oi 478®. as® so 75. r pc 1st • 5,nw 
64 'i®. 4oc00. ' 39-bt® 71. (2 3, 

bBCDb. 731. SbtKLn 47 "128 2 l 
bpCLit, 63® 6V® -•* 4® b b 

- (.ever >NVi :fl!2i 23b H 4‘* f2? 2, 

Um ft imri-i spcPt. 43®r '4> : . iopcapi 

Itih n Op* • 90® BBb 1 >. 

1 Biecults (tCdgs.) £24n< 142® 3B 9 
» b 1. BacJDbr 71 (IfXl 
1. Oltr Mercnaws iTOpi ag. tOoeLn 

i.f I. Engineering Indwstik. dOoi 25 (2B)3< 

■^7. Gas Indwts. fMorJflb® 

]. Glass 7bpCl*TDlj, 76 
.- :j. Guxmuee iHtdgfcr^fi, 15 (27 2) 
j Newspaper* <255* Jpfo (2B 2) _ 

1 Scleotlkc NldtiLriaA* 260® 1 99 68 
i Soring Steal Cw.JtfOPi 23® (Z/l i - 
.. a wire Go 'ZSBi^srnr.'Zi 
. schrame l«m (10a» 2b <26,21 

- ton >E.| A NbflWtgr.fZSo* 30 r27*l 
ICO Hidgs. 6 ifoSiidpf wf7 <2T<2i 

Mono «?pi J iViii.*.‘»»eLn. « 

4p;Ln. 2QBw . « ' ? 
imixal) Mototii-7peUyji3® 
r"on Paohlon (low. 7B . 
yroolani (25 •) 162® ; ■ 

hten iZOpi 90' 
spor 125*) 1*6 T (27^1 


, h 51 
HlflOJ. <3jjp| 


Moo rg ate 
<2 3s 

p-rk Place Invest .TOoi 3). (2 3) 




j_P\ 77. 


first- Scottish American, tst. 

3 IKu.lim.PI. 44b 127 2) 

Fofwign . Colonial - Jny- Tit. 23p>' 130': 
^2,3). SocCum.Pf. 42b (2/3i. 7b*cDb. 

F unainvest- Cap. Mis . 

G.T japan Inv.' T*L I25*> 

General -Conyd. in*. Tit. 

General Fgnas invest. 


lZ5p) 5^® ' 1213) 


£97.2) 
j 12/3) 
(25 p> 126 


(^5e) 76 ij,3) 

0 (nv«« (ratut* i25g>) 89® C2.-B) 
) 74 C28'» 


Genet _ ... 

General Scottish Tst. i2$p) 

Glasgow Stm.knoloers' Tsu 

Glenaevnn- Invest. -TCt. . 25pl 
Giooe Invest- Tst. (25*3 97 . _ _ 

Um.Liu 79® U®. SupcUnALn. 

(2,3) •■ > 

Covert European hi. CUp) 61i«k - 
Great Northern invest. -Tsu i2So) 90b 
urAvniru, Invest. I25p> 66 27-2i 

moup Investors' i23p) 48 >27 2) 


IAS** 1 


(Jew 1 10 a* 


(25p) s iiz 12? in 
Saint Plran ,25 p) BO® 1 
Select ton Tno-t <25*1 37S ? 5 
SKvermines r2bn) '33b 
South Create it Op) 53 pa (213) 

Southern Kioto. iSMa.0-50) 14B 
Southern Mauvon Tin >5Mj.T) 248 C2B/2) 
Tin long Tin i»5o) 98 <27:2) 

Trajmh Malaysia «x*U.T) SUS2.42 ^43 

- MINES— RHODESIAN (IS) 

Botswana RSY tPv2, 10® 


Oarhv Hidgs. :iDoi 101®- IOpc 

Uns-Ln. 1978 206 >13).. ~ 

Ifm'tn Bros. (2Sp< 56® - 
; Stock . Excitant* £4 25 bod 

7 ' qrqtj 66 '-;® • . . . 

'United Dominions >25e1 33 A. S-ISccPt. 
■ 31*. 1 bpeUns.Ln 126 

Wagon Fmance -2SP) 83 


Guardian Invest. Tst. <250). 7Q-.S9ta 
H.T Invests. i25p> 91 
, HamDros Invest. Tst. 25 P) 78 
1 Hsicras Invest. TSI. iiOp> 25 

Mmi iPh.lToj- invest. Tit-' I6t,i* 60® 

- -4 ■ BiUr.s.in' B8 (27 2> . , 

Hume Hldas.. A >25p) 7)0 l. 8 250) '■ W»-eie Cniherv >50 p> J9'r®. 5>;pc1stDb 
TO ,1 31. 7o<bb-. 65b i28 2l. 6pcPI. 63 : 43* t2'3> 

. It 3) (Zambia Cooper inv ifBDO.24) 100 *j 11 

. I inausinai Gdnerai'-Tst. -25p) ,*2h b 3 . uy— . m. - - . .. _ — . . . . 

. 5'iPfDb 49b '28 21. 4 jpcob ■ 88 rt 31 i MINES — SOUTH AFRICAN (74) 

50 : ’2 3'. . International Invest. Tsi. <26 p) 668 

?7E 7 


fal«Jh Mine* (2Sp> ZOO 
M.T1). (Mangu)ai (25p) 47 (1>3* 
Worth chart tnv. (5pl 24 
Rhodesian Corn. flEin) 23>-® 5 4 
Roan Con*. Mines 8 (K4< 670 
Tanganyika Cone ess, out (SOp* 122. 

(BDp) BO 79b 


1BBO 
•82 7B*- 


Cpil S. Africa tR0.10> 


W-w-Y-*® 


.Ribbons >10o 
"" 20S> 30 * 


(3#/2< ' 

ice '20s) 30 UBllk •- • 

»de Pottemi itO*> 29b 3Q>: iz62i 

■■iKr,a n .n r ii'W'» M ' 

aeon liHUistrial (25M-1;T7 >28.-2) 
liner (A.) 'tog* Sty®/- 
aiker Honor tSol T3tf-- 
4lk«r <25p» 100®' '* 

ant Go hi Stone i25»i 89 (2,3) 
ard ilOpl *4 *2.3.' 


ot England (25o; 39b® 
Catto <l< 


IQpl ' 810 

gas n*> 




Imperial Centln4p«a1 Ga* Assoc. ;31$®u20 
18 IS 21-' EocUncec.bn. 152 ■<*«»-: Tpc 
Unsec.Ln. 148 t2'3) 

INSURANCE CXI5>; 

Bow ring (C. T-l (25pi 103® Ib’V Spc 
Un«K.Ln. 102®. 1 0PcUnsatvLn- J39® 
Brehtnall Beam (WdgsJ flop' 43 X07-2) 
Britannic Assucaneo IBP) 147® .59 
Commercial Union Assurance 125*) - 1 
40® Bffi 39® 4) 3 40 ' ... 

|«SS s S'!r. w S>5 ^SSUSjrJ,*- 4, B 

tnnu FI nine* lUolw.i vfKLUKBCC.|.Ti> llg 

(27/21 

■M Law I lla aura 1 *M 

1 . Cm. 


& 

tiSfykH ,nd m * 


Eouitv end Law Ll(e Alice. 164®. 
General Accident .FI 


433o> 20 . 


(25pi 

tail. (27 )). 


213. 15 :f£ 1 * 

TBCUnirc.Ln. AT - . 

Hjmr.ro ' Life ASSCC <25o) 261® . 

Heath ,(C. 6.L '20BI 26D® SBt®-A» 8 


invest. 


3<t I 

Irt-rr jtionil 
•37 2) ' 

"investing In Success" 
12 3) 


Tst. Jersey 1SS 

kquITtes '25 pi 108 


Invenment 1 Tst- Conw. izQol 1750 6 4 
Investors .CijHial Tit-, (25 d); 63*5 Sboc- 

>3ricken Mines (ROJDi MJS1.20 
'Ai- J '-iffeisionwn Goig >R1 ■ 3l 5 . 
j Consd- Murchison CRO.l0' 23O f2 


50 . . 

Leslw drU Godwin ; rHldg*.l itOfll . 91.-* - 
L ?28°2) ^ - M * neh ** tw *“■ { 3o) 124 

! London-. United i^v». (5p> iSa 11 S.*..'* 
MlttSlnw* Wriohtvan Hides. ----- 
7 5 - 7bPcU>K.tn> 76 (27(2) 

- _ ,9 

(Christopher: 


jov# Invest. In. me. MOp) *6- a 
Cap.- (2o> € l 2’3) "-.--- 
Kevgtonc Invest- (SOpi .123 
Kingslde Invest. (25P) 47 
Lake View Invest. Tkf >25o) 75b K d ll. 
•56rPf. 43. 4prUns.Lh. 95b . 

Lancashire Lpndon' inwagt.' Tsf. (25 P) 39b 

-tv nvbmariire Coron. nt5n) ' 91' 

Leda Inv. Tst, UOp* 54b (2<3c 
Le *, a lionet inv i25D* 47b -t28FD - 
London -GartnHW* (50P* 54_J1I3) 

London Hplvrood (25p»- 9£® C2|3) 
London Lennox r25o1 62®. 

London Lomond >25 d* ,59b U S' . 
tendon. Provincial' CZS01 94-b 1281) 
Lpndon Siritncivde' CZ5ov 34i< XT. Si 
London Australia (Uti Ti5‘ .-• 

."■si" i"v t5o- 2b V ... ■ : 

London . Merchant Secs. i25pi 73b®. Do. 
CRP.Sftl. :2Sni 72 1 (282 j 
T* i. ^fd i26d 174 


Anglo Amer can GoM invest. 

‘US2J.5ilfi 


|R1I 

(R0.50* 


15.7-7 

oS70 


Angio-Tranwaai . Consd 
13721 

1l5h0PMare Put. (RO.10) 77 8 i27 2) 
BIwOornltaKht. Goto rR0.25) 337® 35® 


Hogg Robinson tJraap «2So) 1 S9» i2/3) M and G Dual Csp.sh*. (10p> 91b il-3* 
Howden tA-t Groao mDdi IS5® .MC® 7. 9 M and G Second Ouai Inc.ths. >10*. B5>:. 
Lent! and Gen. As*. Sot. (So) 1MB 1 3 Cao-shs i4o* 17 (27/2 1 

- ' 40. >2 Si 


n7 75 (27(3 

1 Vi I net HW* (20o) 169 
! Moran (Chrlstopt 
1 Pearl Ass. /S p) 2 


(200) 289* 


, — r . Grp. 120 p 1' 5® -(1r3l*f 

. Pearl Ass. /Sp) 230® 1 
. PRo-miv 'At®. . (25iri 234* ,40-36 
■ i.v. rt®,i - 25*i. 1 207 

2*0CPf ' C2001 37* 


ard WhrtE I25P* 67b® 6. . ■ .- ; ' '8 Qrt. >Non-vtg:. 

.'ardle'ltoef 18G-. ' ' ! Pydv'-ncUl ' Ins. 2J 

•arlbg G-llow. (25p* 76 <Z8-2i ' \ f2iS) ' _. . 

jrnfr Wright Rowland (10o) 38b i28'2* I Prudential Ass. (Sp) 1.43* 2® 4 2-) 
arner Holidays 11 Og* 29® < Refune Ass. t5pt- 128« (213) / 


6 . 


London Tsi. 6td i25tf 
M and G Dual Cu.sh*. 

STfi 

•m Hw. i2Sn) 

Mercantile Inv (25»i. 33. SpcPi, 46® '• 
«2 3, 4 '.pc Pern. DeD. 31b 127:2). 4bpc 
. Deb. 72 (2 3i 

M-rcha.-ts T*t. (2 Sd) 62 b- 4«Un»ec.Ln. 

Metropolitan Tst ai.pcPt. 36.% t27>2» 
Manks Inv. >2&p*.41b 128 2. 

Montagu Boston Inv. <iQb> 55 (2B2* 

• ■"*'.« J"*. '25o> 78 (27 2»„. 

New Th room or tan ftt. Inc. in* >25 d' IB,;. 
Can.Ln .69j 71®. WratsiPurch- ■ £1 Can 
■ Ln. 1 2 (27 Z 

■«' New. York Gartmore <2 5 ox SJ <26>2‘ 
Meen Twenty-Eight czsoi 1B4 
; North Atlantic S(£s. '25 b) 79 >2l3l 

1280 (2131 J ■ 7*.|R:Lfi Ole 

arren lOpcLb. 96® • iRtagl h**. <25pj M7® 65 69 53 / 62 J T ™« '?5 01 *’ 79i ? 

ssps m*** j wSf Hiss: Sr ** z * 5 ! j — « 

■- ' I Sun Alliance and- London In*. 5)6 TO 

j Sun Lite as*. Jqc-ISp) 92® 3 ? 

{Trade indemnity.. (2 5 d) 1S6-/W3) 

WIHS FaherTZSp) 268 ' . -> • 


Coronation Syndicate IRO 25* 90 (2.'3) 
’erikrojT Gold (Razo* 95s® 

Roodeogort Deep [RtJ sus 4®2« 
* 75* 4.77® 

East OrieTomein Gold (fill KU59.70® 9.65 

P7p4 

■^k»yo a aS! ,i - Urtolum (ROJO. 

East land. ^Ojj. (R«l SUS5.30 


Elandsranjl Gold 'ROJO) WS3.20 (28>2 
‘^ure fold rnii 149 .1/3) 

Free. State GedMd (RO-SO 2 2 ST £16.02 
Free S tate Saamlaas Gold (RU 92b « 7 2 il 
General Mining and Finance Con IQJ | 

*K, 


SPECIAL LIST 

BasfUMMo&e in securities quoted 
ip the monthly Supplement 

. MARCH 3 (NO) 

MARCH 2 (4) 

Cbeogtow Racecourse p376® 

: Spentl (C. AJ (The Special Agency) pi 2D 

b 


. I 


ircrtord Glass '5o> 44® <2 3). . , 
atmoushs •M®jFs:i i25WT5 » <27 2> 
•rsort and PMIto rtOjri ' 55 . 

((sen <R. K.i >10»I $0 
-«k Stake Bearae >2Sg} 143 (28'3) 
■am Group flop) 2®.I28I2J 
•••we>i Sni 19 ' , 2 'I* ' ■ 
her Hides. ■ «0p> < 132 >27'2). . 

'r Grcv> <Z5P>_ 11tt : SlF 11 . ■ . 
TtOrick Products (25a C 31® 12-31 
st-m Bra-tf M«M» T065 60 J7 21 
•r|»«!Y 3 i.i:e Brake S'PMt-<25Di 450 r Z'3) 


INVTSSTMENT TRUSTS-(176) 

Aberdeen Tst. i25d< ITS. - 4scPf. S3b 
Acorn (ecs. Cap. :{1P) 67>sT® tit®/. 
Alia .Inv. TJB. T25o> 95' 

AlCar — ,,l -‘ ■»*«• 

A Ilia, 


ti '1131 

Nprther.n Socunues Tniit '25pi 05b -27'2> 
Pentlind Invst. Trust SBC Pi .45 
RicQurn Invst. Trust -25d) 103<Hfr «*• 
Robnink Inm. Trust >25o* 59b 40 it. 3) 
R>**r. Mercantile Trust ^1“ 

River Plate. Gen. Invst. 

ffii* 


Mercantile Trust *Z5pi 14# 

Tryst DM. 124 


S ince Iml (2 Sn* 76® SpcDb' 79 (27 2) 
nice Tst.425p) l*3<r® ^ 4. aivixPI. 
17. 8ocPt 44* 4 (2 3*. 3’*orOI»..65i*, 

a 7 21. 4k;PCOb. 36"! S) S’ipcDU. 716b 
V (28 2) 


RbtMed'iP1MT"B2V Suh-shs. IFIJ] 535 
SpcDb' 79 (27 2) i *olineo >FL5DV.37l«. Warrants to Sub 100 


| Ort. Suk>shs. •fl.5) 1US5 3>i oS72 i27;2) 

j 5?S5? V <29®f.-7» *26/2) *. 

• RoyekJmDnd Invst. Trgsl Income <25 0* 54b 
’ 2/3*. Gap. c2So) 49 


LOCAL AUTHORITY BOND TABLE 


Annual 

gipss Interest Minimum Life of 
interest payable . sum bond 


( t clep hnri e ■ jiftnber. in 
parenthsscz) 

-V. % . £ Year 

3arnsI0y M«tro. : jD22S 203232) 9* i'J’par +- 7 

■•Dole (02013 3ISI) ■ It^nr 300 . 4 

^oole (02013.5151) ..fyear 300 3-7 

teadinp (0734 3f2^J7) 10-' i-yoar 1,000 3-7 

led bridge (0I-47a T 3020) 10 ■ ^yenr 200 3-7 

Southend -(OTUHH431 ) S * 4*year 250 3 

Thurroch. (0373 ?t22) 9 1 • i-year .300 4 

rhurrock f 0373 3122) 10 i-year 300, .5-7 

.Vrekln- {0952 50031) : “8- >year‘ 500 2 

Vrokin (0952 503051) 10 ; yenrly 1.000 . 4 


. MARCH I <NiJ) 

'ridj. S.A. -R0.25- HJS16* 

Harrwiv ^Gald Milting <»0 SO) CUSS. 28® I 

Hartebmrianfe;n Gobi «R1* 1U516<«® 

Jdhannesb'jra Cpesd. /R2< 12: (2 31 
Kinross Mires >B1 360 

■ Gold Mining >R1 488 5 
■KS Gold Mixes <P0^5' )U50.60a 

P.58b® 0.59® 0.59b® 0.59<j 
Libanon Goto -R-) W57 70* oSSI 5 60- 
WS1.60® '1.62# 1 .53® ' 

Lydenbu/g "tot RO 17 0 «r. 

“‘"N't Consd (R0.50I H7 - - 

Me# ti"ns® '7S5!T M v'i- '®o.50-.whleh are quoted or listed on an 

□s® 1.07* »74<» z . overeea , Sloek Exchange. 


FEBRUARY 2» (3) 

| Stewart wight »S90:® 

Tr pies Fouftpriei G>p Eb-pcPt. eY4i® 

FEBRUARY 27 (Nil) 

RULE 16» (1) (C) 

Bargains .marked in securities 


. — os ® 11 o 7 ' ° 74 ® 3 
rR 0 . 2 S. WMtrT " Ar «* 

^ ,'j. Cental Wdwatersrand Areas (RO 50) 

“'•s-n-ni Brand Cp*B CRO 50, 0950 
yw' frm Steyr Gold RO 50* SUStO'-: 
Randfonsein ems. m 2 sU54 3b® 
"ustenbum Wat' Hldas. >R0.10> 89b 
Meiena Gold 'Pil 790o 


MARCH 3 


5t .... 

eS!2L us, .?? ,w ' 1 ' * 00 . 10 ) 202 a 

OJM <}*'■" ^* ni * *1*0.35) 5US0.64® 

5°y ,lw ;,* 1 *?*«* (R0.50* 5U57 <27 2> ! 

Tra-»*- N ata' Coal -00.50) 135 j 

TwyetOPteb, Unlrad -RO 50) 530 (28 7) 

I’jrvst ,PTI 77»m 70 <2.3* 

Union Cprnomfon >R06: ( * 270:® 1 

UHlwV Gold *U5? 43 'Jtrli . 

Vori Rryfl Ejmlocarlba FRO. SO) M517J.® • 

V !^63i^ d (P1L. 9US3.60B 3-35®, 

Vlekfonrer* Gold <R1) SUSO.70 0.7r i >•* r orest rmos 


New 12(4 J2 


101 


I AiliCd stores L.4:<* . 

I Ampol E»Dirn. 92 

; Ampul Ppts. £$? 

! Ar.gio Utd. 53 
■ BH South 65 
etc* Geigy 

. Dunlcp Rubper , Australia) 

. Eatiman Kodak 530'* 

I Enocavoui Rcsaurt.es 10 ■» It ' 
Faiconbr.dge Nek® A H0V. 

Hrnw 'H. J.) E26 b • 
rieng ■ Kong La >-6 105__ _ 

Hutchison Whanpoa 57 b. 7 <:olW, )4<:® 
laroine W'lnewKy. IMS 95'. ■ 

Merck 637b ' 

263o®. . ... ■ New Mrui Mines I A _ _ 

Wlatdo^fefl. Geld IRD SU 60.70 0 . 7 r J HZ Forest Prods . 


Welcome >R030) »US3 68 >2-3* 

Wen Dnetamehi Gold >Ri) tUSZB^s s: 

West Rai*a Con. iRl) *35oa 


1/31 

RMAschiM Invst Trust >50#) 158: 60. 

. SwPli" 4# ,V31 i 3 5ocPt <509) 26:® 

■'2/W. BbPCLn. 96‘rt® 7t® tta-JKO 
SrtBBuara 4tid». Inv* l*. <23 pi 87 >27(21 
£r Andrew Trust <2 Sd!'1(M 

AP Ot ^ lnlce,, l " v ** v’ , * t C4P> ,,0 °* 

Scottish American Invst. <S0p1 77 6 b 
Vc dtrU r.-.C roDncntal Invst, <25 pj «• ^2;li 
ln * n ' ! ,S||M 10, ®‘ A 
ClUes invst. Trust A i25e). 156 
ScqtUih .Eanern Inyft'Tniu <Z5 bi 113 
SSSiC ■ ^ urop » J '’ . [Ml '25 p> 34. M ;ii 
5 455MAPf^r'' -* a ® *1® 2. 

T K..*23»' IOOS® 94® 5. 

_ 9 W(. 44 rz Sl 
Scottish National T«. 6pcPt, 5Z'r 
SrottlsA Jtorthgrn imufst, r«. i25pi 88b 

ScenMi: tftn, 'imrtitars rzs»< 74® 4 -"Bnt. Borneo Pet S»nfl, *1 Cp 1 13S 
Scottish Wtttern. Invest. >25 pI 72b- A I BP 7)0:® 28 6 3 2& 55 17 16 22 5. 

' SacittPl. 75® o *•: 5 <> ». 9pc2nd 

5 octet Do. 95V. 6 pcOiT^89 

Burmin Oil 4Z® 4 jij® ^ ^ ^ ^5 b 2L % 


Wettern Arras Gold >R1) 237® 6® 40 
We«rem Deep Lewfts -R2J 720 708 >28 21 
Wetter" Hidgs. iRO.50) sU524<.® 

W nheihaak Mines TRIl 700 -'1 3) 
WHwvtersraiJd Nigel. 'R0J5) 5&<; 60 . 
Zapdnan Goto <R-) %USr.-*OtO 1944® 

MINES— WEST AFRICAN {— ) 

. Amalgamatea Tm >10 p' 38 >1 3* • • 

1 Jamar <12 bp) ii* <z 31 
I United Tin <tz jo) <ze 2» 

MINES— DIAMOND (6) 

AngjO-Americat* Invest. 1 RO-SO) 32 b® 

De Beers Coitw. 40r»cPt. iRO.OS) 10® r2<3). 
Dio iRD.05) 318® 12® IS. iBr.) (Md5) 
370 >213). 

OIL 090) 


PetroAna 686 a 
( K eren lo SL560> 

•Sears Rse'-ufV E ] 7 Q-- 
Southern Pas. Props. 7 V 


(25a* 68 rv3! 

Swoad Alliance Tst^ (25ai V6Z 4bocP>. 

37b- • - 

Second Great- Norther* In veer... TW;; «25p< 
Securities. Tst. Scotland ''25o> 76A>~- 3 

(2812* ' 'ifc? 

5hi«es-lnve« 1 i'5api'iia. •• 

S»ewel(- European Invest. ■ Tsc H Ow 61 
>28'2i 

Spnera, (nvect. Tst.- (25 p* ga® J* (2'3>. 

3bt>‘Db.. 76b r2 3< 

Sten'op Tsi, rasei 147-I2 3* 


BUILDING SOCIETY BATES 


ibtrey National: 

Mliance 

Vngiia ; 

Birmingham 

Bradford and Sanglfty 

Sristol and -West 

3risio) Economic 

Iritannla . 

Jurnlcy 

!^rdiff ■■■■■•• 

Jatholic 

^\el«a 

ateitenham and; Gloucester 

Jtizens R9fiMl&3 , : x -- 

:iiy of London 

X7vcntr>’ Economic 

inentry Provident 

lerbyshirc — 

Jateway 

Jracnwich ...»».•»>— <- 
guardian 

iailfax 

fastings and Thanet 
feart of England 
team of Oax & Enfield ... 

tendon. ...; 

■haddersfleid & Bradford •<* 

eeamington. Spa .... 

jlieda Eermapept ......••/•■• 

-eitesier 

irWetpool 

London Gojdtek 

.iftJtpn.MpWhi^y 

MI4»Mres. — 

Mornington 

Naaional Counties 

Nationwide;. 

i*!®«TaEii® 'Permanent 
StBL-Cross . : . 
pro Rwk 
ich> 

PtnWiam Mutual 

Pbrtman ' 

Progressive - 

Property Owners 

Pro'v^jeial ... — '• 

SkjpfDQ- 

3Ud|K. Mutual;.. 

fdira and Country 

A'odlwich • .....v. 


. “Term . Shares . ' 

B50% 3 yriL, 2' yrs. v . 
(L509o 3 STB^S.Ofio& a yrs-, 5.75% 1 JT, 
B.50®& 3 y«Li-ft<H)9J'2 jts.. p.75% I yr. 
6-50% 3yrs;. J 6.40%2yrs_5.75% lyr. 

3 yrsL-']BA0%. 2 yrs, min. £300 


Deposit ■' Share Sub'pn 

Rates ■ A cent s Shares- 

5J25% 5 50% .. 6.75% 

355% - 550%. 6J5% 

555% 5.30% 8.75% . 

5.25% 3.50% 6.73% 

323% SJ50% 6.73%- 

. 3JK% ‘5j0% 6.75% — 

5.75% 6.00% - 7^5% 6J33% 3 xhontius' notice ■■ 

5 23% 350% 6.73%^. '6j 0% 3 jTU^ eiW%- 2-.vrs.. 

5^3%' 5.30% 6 75%-.. $50% 3 ynt, 6.00% 2 yrs. 

5.75% : &30%' -7^0% r — ■ : • - . .. . ■■ 

550% '.»R20% 7^23% . — • 6«%- ore r £5.000 . 

<_ $4!5% ft. months.* .no dee. minimum £300. 


7.05% 3 yrs. oief £5,000 
6.72% 3 yrs., min. £S00 -. • . • - - 

fl.75% S'yr&'. ~ . > 

e. 75 % s yfiu v ■ ■' ". 

— Up nr'0% 3 months' notice 
6.75% .. j&abdn - Syrsu 2yrs., miri.£500-£15,000 
’ 7-50% 7.10% 2 >;nu1xed.l% over Share Acets. 

-6^0% 6£«% 3 mths.' notice, minimum £U000 

. 6J5% . fi.50% S jti;'-6.D0%' 2 yrs, 

6.73% 6 3Q% 3 yr&i 6.0D% ,1J STS.. £35D-£13,000 

•6.73% • 650% 3 ^rs_ : 6% 3 months’ notice ■ ; 
7.23% 6.75% 3 yrP4,“e.50'%- 2 ITS-. 6 25% T 5T.- 

7.00% 6 months’ notice, minimum £2J)00 

$.75% 6.50% 3 vrs* 6.00% 2_yr6.. £IO(j-£l3.0|)0. 

7.36% 6.35% 2L yrs,. 

■8.75% •••• ■ - 

-675% BjQ% 3yrs^^M)0% ?yrs.; min^l00*£l3-000 
; 7.43%' 7.10% 3 yrs, *.60% 2 'yrn.. inin. £l»0d0 
7.50% 7J25% 3 yrs.', 6J5% 1 jt,. 

$.75% '6.35% 2 yrif. min. £2,000 . 

6.73% - 6^0% 3 yrtL, 6-03% 2 yn. imn. £230 


5 25% 

.0-50% . 

.6T’% 

5.23% 

3.30%' 

ff.73% 

0.35% 

5.S0% 

Mb% 

5.50% 

3.80% : 

6.13% 

525% 

5.30% ' 

7j0_% 

oJSSo- 

-M0%*- 

. 7J0% 

5.25% 

1 5.50% : 

6.73% 


555% 

5.73% 

575% 

5^5% 

555% 

5^3% 

5 23% 

800% 

3^3% 

539% 

5.23% 

3.23% 

5,73% 

5.73% 

533% 

3Ji5% 

3.70% 

3.50% 
i2S% 

3.00% 

6$0% 

5.25% 

i»% 

5^3% -.5(30%. 
3-30% V 4.00% 


3.50% 
6.10% 
6.25% 
5.50% 
5J0% 
340% 
3.75% ' 
■840% 
340% 
5.60% 
3.30% . 
340% 
840%.- 
■645% 
5.60% 
440% 
6.70% 
5.S0% 
5.30%' 
5.50% 


6ii0% $.23% 6 months, 

$.75% 840% .b-l yrs- pifn. £500. 6.00%. 2yrb. 

646%. 840%.3 ) , r& } 64()% 2 >rs. 

6.73% ■■ ■ •- ' - ■ : ‘ 

' $j50%' ■ : 6.73% B40% aynb. 6.00% S.ynL. mixi. .£100. . 

540%. 7.00%- 645%' 3 y^.m'inimum »00 : .V' .-ji 
6.75% 640% 3 yxs*. : &.0S%.2.yzs. tula- £500- - - 


W3% 
- 5.40% 
■5 73% 
345% 
. 3 25% 
3 33% 
343% 
...343% 


’ 540% 6 73% 640% S vts - 6.00% 2 jttL 3.73%, S mths. 

' 5.63% 8.75% 6.65% 3yrs*TL.40%4yl3.. 6.15%?mt/is.nDt- 
6.30% • -7.73% 640% 3 mths/not M&00% to limitd.cos. 

540% «.73%\ 640% 

340% ■ • * 0-73%; _ 640% 3 yT6i’640% 2 ^tb. : ‘ - 

540% T.03% 6.10%;^mj*? , ^'l'61lcv»n'inhihjm£500' r 

350% + 10 / 00 %- &3098 3 yrsw-a.<tt% 2‘yr*,. -6 Mai. ’i 2 o 0 
5.50% 8.75% 6.00% .3 yr&. ? 64Q% 8 yrs 


■ *Jtii'ies.MnRil!II . vjrubip tnrJme .with, changra .in ordlnaiy-inhar® wncb.*' • • 


StdcLti. S5-: 


20 .’ 


l*U>t. 42 <27 2L 

57 (1 3). 7.bocVn. 63b®. 

Century oils Grp. <10oi SOb 49b SOJ. 
ChortartMJt :sp) SDb® T‘«® 20 % 1 - 
20 

:aboisq-rt» 8 b 

LPMOn. Scottish Marine OU i25ol 1 3ZO 
U 5. CHIProd.Unts .10pl 2 EE® 7. I4pc 
Ln. 181 

Occtowital Pul-- Cpo- (3US9-20) i6--<t 

Oil exolro. IHMB* r >1 Dp) 2 DO 199 
Prwnler Con*. - OlHleio* (5o» (Z« 13 

Ranger Ob tCamoa) njt.*. i 6 u n si 

Rtnral^ Dutch Petroleum 'FI201 . 1USSB‘< 

Shell Transpan end. rramog .'Reg-i (25 b: 
484®- 2® 90 88.3 go? 8S 6 7 9. 
Ord.Shs. C8r ) (25p) 49S (2 3*. Sbnc 
IttPt. 51 (28 27 7pc2noPt. 550 
Texaco Intnl. Flnnmcial Carporatton 4Voc 
J.->. 57 (1 31 

Trirentval ■ CZSp) 129® 31® Z7® 9.30 
7pcLn. 140® a/3) 

Uttranuir rZSpi 193 ® It 1 2 J 1. 7dc 
PM. 120. 7ncLn. IDOb 120 

„ PROPERTY (105) 

*07*2? Pn *“‘ ®HPsDt*. 731, 3 4 

Allied London Props. Cl Op) *S 128 2) 
Ailnan London Prons. 7bKistOb. 57', 
Am«g. Store* <5P)-8 
Afluli Sen. esp) 170-37 
12 pc Do 


U<4d L OlUk... 

.Intdrnm'-i.i • 1 

Krauernihi.. * 189-191" • [SMBli IBOlf 
^ (£6713 90tfi< hAD|l«.9ai<> 

N'w stirt-im- p57 59 ■FJ7i<.s9 l > 

(t'29lj 30*3- >>£3291r-30iai 

tlkl .-yivr'ijoi ;S5Sle -6l/>* 

i£293*-o..-el n£4U-Sl> 

■S30 Factor F'296 MSI 't-297.301 


Argyle Sees. 


80' 


250) 


_ *28 2i 

Avenue CtOM (20o) 61b 27:3) 

3mk Commercial Hidgs. ilopi 3 it-3) 
Beaumont Props. (250) 70®. New (2. 

8 . . • •••.-. 

Bellway H tops' >25pj SS>>® 60 7 8 6 
Berkeley Hamtiro Prop, ain't 69 91 >1 3) 
BHtoi* (Percy) Accmltrj- f25p< 150 (1 3) 
Bradford Proa. T«. C25n) 224 f2>3) 

Brrtisri Land czjp) 31® iSocinDo 
106*, (lw.12pd.li. l£6t- 
Iflwton Estate 'Z501 94 6 (28 2j 
.Spiral counties Prop. >25 p) 46b® 7 
6’sOClBDb. 62’. a 3). 9^X10. 70 
Ca>0iqg Gro (So) )4- 
Orrinotm ■ Inv. (SOpi 90® >2 31 
Certral Dlst. Prop. PocLn 51’* (2»2) 
Gemrovinclsl Ests. (20o) 76 <27/2i 
Chfriwaod APiwe Hides. 8)<oclstDb. 75 
TbOCtn. (SOrt 19 

ChMICrteM Praw C25o) 292 (27 2* 
Chown Sees. rZ5n) 93,® U7) 

Co 1 man ;EJ Alec) Invest*, 'xiinsui. S3 

ri 3) 

ram Ejteharoe *10rt 163# (2'J) . 
Cmmmr and New Town Proos. 100} 23 top 
Cogrty and Db®. Pram. *1fia) 74 
D>«lB" Hidgs >250) 68b® 9® 8 
Oaros. Cttati UOa; 14® 

OorriiwTen Invest (!0s) SOb 
Tnoflsh Pros Cam. >500) S«» 5 42. 
9"u.'lstM-JD8 S4*a fl 3) SbxClty Uni 
Ln. 84 -IBS'S*. ISefCnvUnuLn. 92 .j 'j 
«'«" P«a Ineest J25e) 78 
Cu«m Centre Proas lOApcJftMfcDb. U 
f27'2) 

Even, »F Leeds 'B5 pJ 82 „ 

Five Doles Inverts- .25e; 5*7® (23) 
‘T'-attev's 5a). 5- '28 2 : 

'**nol PPttl?-^ Estate* -SOo) 29S . 

Gran (It* Proos :iT»o) •11*0^3. 7 
Grrantaat Proas. Soi 7 (23 2; 

*<•>1 Pm*- 2SP) 32 
Mitfamei* Estate, r tea) Z 22 D i«. io:*« 
33®. 9i:XCrw.UnSJ.n 1231*® 

• 2 * 31 

Hem* lO'dXf rtVIUDh. 80'? u ’28 2) 
inte-OHraae’it Pr**o. Hldas ‘toot 28 -28 21 
Land Trvtttor, *25« .124 6 'J???) 

. La’id._9PC« rl ‘i'‘£ .Inv T« rshnl 202C* 2 3 
75 P-1 «»«♦.&*». 5*1, b 27'Bl 9sr T st 
Mt Ob T9 4ij.iZ7.-2) S v-eUULLn 57:- 
t?-») . Bf.-rUn, '.m. 89 .1*71 5*v-vCrv 
UraLq. 9.C4- S’.-*Ci*vTJn» 1 n *24 33 
. (79 2: Ittyrcra ljru.y .132 >28 2)- 
<»»v t<nd 'I'l-i' (!.’4 
London Coenri- Freehold Leasehold Prop*. 
■ 6-<KlttMtJ». 64 (28(2). 7.feK1KMt 
■Db' 70b. -2. U 

Lordoa Shoo Pvoo t<r. bSM 564 120 - 2 ) 
LVntgn Hide*. OOP) 112 . 

MT PC >750). Its® 14 IS. 4KI»MtJDb 
50 tn-Zt. BacibM-Ln. 592. . SdcCbt' 
UTLLn. H 7.7! 

Mtohurst Wvw HtoiB.1 <*Op) ,3SU© U 
Mprldew t*. • J.1 f26r) ?« 

Peech-r Pfr u is*-' 71-1 • J-J). fux 
. ttMtdk 78 -2T2* 

Ptopmiv Rjersfans** tnv A 25a) 298 

" 7 'f (3*7) 1 ' _ 

»* ro c»e c - v Httfo. Inv. .Tst <25o> 312® 
Frod»rtr'Fjrtiiw*''i«t :25o) 52# -2 ’3) 

.Pvmjw-v f*b. tnvesi T«i 5"n !JB® 
ivdivi T*». *5 p‘ 3-fl t. 
»ra*l|u"' P»0«H.' ‘794' J2 .28 7 
a*->l«n»i Pram '25r' M. A -2Sj>- *7':® 
Regis Prop. Hides, s-zpclt- 62 .27 21 


~..V 


GOLD MARKET 


.tliir. 3 


Mm. 


Gobi Hulliuu. 

■■ Bhr outlet • _ 

Un-e. 518Sls-104U S1B4-1B4>* 

OueiHiu; PIB41* IBS*! ilBiii-lfiili 

Uorniud B*\ 5 J B4 80 6 Ida. 30 

iL-94 69B ( ;u.U4.617i 

.Vnmi'u lii': s-JSS.4 t 5184.83 
,jC&4.a86i I134.92&I 

liokl Uiin... • 

Pints iiuall} 

Knigerroud. 


sieate-lBUg '919S1*-1941« 
<£97S* 9BS* '(CBS-l-jOi 
Nan- Sov'tD- . Sc 7 J j -59 '1 .cao-oO 

.Jl' 29»4.-0A41 i£493*.30**i 
■'2nl Mtn 'ren i)7-q-59^e >5i960 

. 1129^4 -bOS* 1 iJHJfl‘j-503*. 


FEBRUARY 28 

Amsterdam RoUeream Be. L23k 
American Can C26'«i 
Asatfl Manganese LIB-v 16: 
BrK. Conte Oilfield, 10: 

Florida Steel SU521;® 


'2 5P' 1 22 1 ■;. I London ''S)vMHwV'Freighter* <25 p» 32 t# J 5eI.rast.Zi 
<Br.) <2 So; 122b 2 ’VS). Sptin 69 ■ 1. 2 I Swire Pacihr A 83 

Consolidated Gold-Fields <?5 p* 187® 8® I LvWb hipping >25 p) 127 «2 3> A '25tf» ' T»sn*l<*e» 20 
8. 90 87 91. 8'jDCtn. 70L I SO (27 2>- 1 Thomas Nationw<de Transport 81® 

El Oro MOP) 36® 5 1 2/3) Ocean Tranwran Trading. (Z5pi 122b 4b 

Gooena Consoildetea ■ >Z5P> 250® 495 ! 4 . 

Kamuntinq Tin Dredging Berhad iSMa-O-SO) : P and O .Swam Nav 41 ,2.-3). Did. 

_66-. 127)2* l. 94® lj4 5 4b B‘l 4b: J) 6. SbPtPb 

Pengfcolen UOp) 50® i S'r («Ji- • 

Rfo Tinto-Zloc <Z5p) 163® 4® ST® 8® Reardon Smith Line «S0o) 97 UB 2i. A 

4Jl® 4b^4 _s_6 5 4h. Aoumulatlng jSOrt 35 £ . 

Runciman waiter* <25 b) 97 S I QJ) 

WATERWORKS 08) 

Bristol Wotttimriu 4.025 pc (fmiv. 5tox? 

M71983SS 66 C2B-21 . ^ 

CambrxMB Wtr- Co. 4.55 dc ttniiw. 6boc 
PI. .1982-84- 73b®. 7peDb. 79b 
Chuter WMerworks 3.1 Spc rtmlv. *bPc) 
pi. 1979-84 55 M> U5® 

Sa| t 3 5um^4 i 2PL 3 S4Mi I*;®. 4 55Pt. 81 

Cast WMlflMIfW 1 re 7u 660 <27-2* 

Eastbourne TbocDeb. 66 t2.'31 
Essex UPC NewOrd. )M i2'3>. S.SocPr. 

37b; 3.H50C 74b >28 2< «.D25ocPt 

198i-"88 64: b: (3 31 4bocDeb. 

19U1 82 (2 3) 4<<pcDeb. 1960*1 
-n<. IOpc Deb. SI : l2r3< 

Folkestone l2*;o>Db )«'• <28 2 
H'rtlepoof 4.0S5PI. 72bW «® 

Lr* Valiev 3. 85 PC PI. 68b: >*t (2'3'<. 4.2pc 
W 75'I Jl 

Mid Kent 9prRes.Pi. 1982 111:® 

I Mid Sussex 4 02 Spc ilmlv 5*xpcl 69 1® 

1 ■>« 7pcRed.Pi 1983 i£10 Pd.< m TJ 
■2/3*. 

Newcastle Gatesnead 3.5 pc xmlv 5 k 
86 "• 6 or DO 89 

Rlrkmaniwnrtit uxbrinpe Val'ev 2.spcP» 

30 :® rz/tt. 4.025BCPF. 72I<» ■*:# 

4 9tKPf. 66 ; r- 

So«4eriaiid Stfvth Shields 3 5 bcP< 81 
>78/2). 34 Sac pt. 74 <«:® b:®. 7pCDb. 

70 UI3D . 


Oldham Estate 1 134 
Quran Hlghfielda 50 . . 

queen Street Warehouse wises.) ?>: 

, Portsmouth Water 4 bocDb- 07 
BUncCOnv. Ul'v® 20 Tli ftf 1 Suttpn Harbour Improvement 97 

“ ■ ! Trlcrnt/cl wrnt*. b5 

1 Viking Dll 180 

M.\RCH 2 

I Cedar Hides. 6 5 
1 Cedar Hldfl . SptRd.Cnv.Pf. 21 
.Eto'dge Pcne A 173 
1 Ferranti 267 260 

I Grand Hate) {Bristol) 4KPerp.1ttMt.Db 

! Grendon TM- 11pc5ua.Uitt.Ln. £46 £45, 

Liverpool FC £100 

UMvV computer* 99 
“Ipham Brewery 17 
Provincial inturar-ce A 2526 2J1i 
Queen Street WarehouM -HldU.) Sc 

So.thern Nrwcpap'ers 220 2196 
WPlraHwmpto* Wanderers FC OB23) £35' 
£34 


I Bargains martaxl f®r approved 
companies engaged solely 
mineral exploration* 


MARCH 2 

CCP North 5a* Auociare* 6*7 > 

S un Dll 400 
s and O i Acreage 99 
Sletnns Oil and Gat -UK.* 22S 

250 231 232 237 234 234 


:u 


MARCH 1 


339 241 


CJuD Oil 387 <t 
,1*1 and 0<i Acreage 98 
'S-ranns Oil and Ga* (U.K.i 
236 

j FEBRUARY 28 

I CCP Nwth^Sea Associates 890 962- 
' CtuK OH 4dD 

I Sirhen* Oil and Gai -U.K.t 243 238 246 
j 240 242 

! FEBRUARY 27 

'CCP Nw-tn Sea asu/uui £9t W< £5'-: 
(Gas a«d OK Acraice 99b 1O0 102 

CIvum rkl mm* r... .11 It via 7 


Slebens Ol. and 
244 244 244 


256 254 


FEBRUARY 24 


MARCH I 

AdMm* 8 JSO i ' 

Arm* Park (Cardiff, Greyaound Racing Ml 


1 Glut* OH 400 

Stoten* Oil and Ga* IU.1 > 248 249 2S0 
| 252 258 259 26D 262 bp 

Bp per mu t pln n at the Stork EjxkSnH 

roilmriii 


MONEY + EXCHANGES 


Bill rate steady 


Bank or England Minimum 
Lfpding Rate 61 per cent, 
(since January & 1978) 


compared with £39S£Sra. for bursements exceeded revenue pay- 
L'iOOm. bills Iasi week. All bills menu to the Exchequer. These 
offered were allotted. Nest week were outweighed by a very slish? 
£300m. will be on offer replacing net take-up of Treasury bills, and 
The Treasury bill rate rose by the same number of maturities. a fairly large rise in the note 
0.00213 per cem. to 5.8S40 per cent. Day-to-day credit was in slightly circulation, 
at* yesterday's tender, and Rank of short supply m the London money Discount houses paid up to s 
England Minimum Lending Rate market, and the authorities gave per cent. Tor secured call loans, 
was unchanged at Si per cent. The assistance by buying a small but closing balances w ere taken 
minimum accepted - bid was amount of Treasury bills and local at 3J-3 per cent. 

£93.30 j, and bids' at that level authority bills from the discount In the interbank market over- 

tvere met as to about 58 per cent houses. night loans opened at 6HS] per 

The 1400m. . bills offered and Banks brought forward surplus cent., and eased to 4-5 per cent, 

allotted attracted bids of £58I.05nu balances, and Government dia- before closing at 5-3) per cent. 


Mar. 1 
1978 


J Met ra* 

] Certtflcnte 
j ■« rivpralt* 


)veniiclii | 

(lay* m 4 Ice...: 
<tay» >-* 
liny* not in-., 
toe in - hi ili — 

. m. util', 
i hree linin' ti» 
■IV ill- null- ... 



tor \*m ; 

I tr- .. 


fcl.?6e 

8.4-0 

84®-B 


mrerbnnk 


Lorn 

AlIthOTll* 

<«|xwlV 


4-6*4 


6l4>6i« 

6i S 6fi 
65, .67. 
'lArlt 
2 s *?*. 
B>g-8 U 
Sl, 81c 


6 Ha-Big 

6ie-6»* 
64. 6ig 

67.-7 

7tfi.73, 

8L 84. 
9 '8-9)2 


L® ■ AuLta 
negrttotre 
hwel- 


Eiaum-e 
Hen we 
Pewunt' 


- 


67.-6). 

67.-61? 

7.65. 

7U-67. 

818-7*4 

83.-8 


61*. 7 

6)4^7. 

67.. 71. 

71.. 73. 
7 7.-81. 

83. 

Sl 2 


i om am 
I e ««<Te 


6*4 


6*4 

61 . 

7«a 


IHwiwn , 
ai*rhe< 
hspevii | 

I'reoaun 

Bill*® 

I Biurihi* 
Bonk 
| Bill* ® 

jnne 1 ni de 
f Bilh ® 

3is6 | 

! __ 

1 __ 

! — 

! - 

6-6'a 

s-iii 

6i*‘ 

'SS - 19 1 ' 

tn 

6.V6U 

6ifl 

7^-7 Ss 

» • _ 

' 

7, C ; 

' ~ 

- 

- 

1 — 


Local aoihonne^ am* Urtarw-e bouses seven days* noucc. others sen- flays fix- a. loju-ierm local authority mortaase rate 
nomtnaJly ihrsc years -OMOi per cem : Tour rears IBl-iOi per cent.: ttvc years IDrll per cent. 4. Bank bin raiea in (able are 
buyuu rair* (or prim- pap>.-r. Burins ran« (or (uur month hank bills 015 m - 7 per cem Footritionih tnifle ton, 7<-T« percent. 

Approx 1 mail- sclllnc rales (or otto-mom h Treasury bills M-S27 r. per cent.: "wo month alSi. per cent : ami ihree-motuh 
sskis-sit j2 per cent 4ppruximaie st-lllns rate lor om--momh bank bills 6i» per cem . two-month «! >Wi7 per cem.; and three 
mown* i.4 per cent tine-month trade bills 1 p--> ctm : iwo- month 7 jr?r cent : ind jtoo ihrrr-momh 7-7J per cem. 

Finance House Bas-- Rates ipnhUshtd by the Finance Bouses VKOcianon • 7 tx>r rem Iron) March 1. 197S . Clearing 
Bank Dcor-sk Rates 'for -mall sums at kpv-ii days' notices*: 3 Per. cem. .Clearing Bank Rates far lending. 81 per tent. Treasury 
Bills: Average tender rales or discount -9.8640 per cent. 


FOREIGN EXCHANGES 


Hank- 
Mar. ? Nates 


New Via* .. 
Muairea .... 
Amsteiiiuiii 
bru«ei.* ... 
L upon haven 
Franklurt... 
Ij-he 


EXCHANGES AND BULLION 

Trading was generally dull and of England- rose to fln.3 from fh.O. 
quiet in the foreign exchense and its trade-weighted deprecia- 
market yesterday, with the U.K. tion. on Morgan Guaranty figures, 
dollar, saining ground In the narrowed to 5.41 per cent, from 
afternoon, but finishing below its 3.5S per cent.- 
best level of the day. < 1 ^ poun d opened at SI. 9415- 

Publicatton of a large VS. trade 1-IH25. and fell to a low point of 
deficit for January was no sur- SI.M73-1.93S->. before closing at t i _ „ 
Drise. but the figures may have *1.9390- *.6400. a fall of 20 points, 
irompted iniprv;ent*on by the on the day. I jiiim..!”™- 

U.S. authorities, who probably Sterlina’8 trade-weighted index. [ 

took advantage of the quiet cond:- nn Fink of England fisures. rose I ^V' 
tions to push up the dollar against , Q 55.3 from <55.1, after standing- r £ k „ 
maior European currencies. The nl 65.1 at noon and 63.0 in early ! vi«oa'.’" ." 
dollar finished ar Sw.Frs. 1.88)0 trading, 
aaainst the Swiss franc, compared „.. <cj , 

with Sw.Frs 1 6330 on Thursday. . Go,d ** JJ**?®**' 1 ®*-- ’I 1 " 
while the us. unit also improved Krawrrands. P[«nium over its 

ssninsr (he D-raark. to DM2.0220, {£, 7 . ^ e li® XL***- 
rmm DM2 ofluo from 4.S1 per .cenL for domestic 

from uaiz.wihu delivery, but rose to 3.33 ner cent. 

The dollar's trade-weighted from 3.05 per cent, in the intar- 
jmdex, as calculated by the Bank national market. 


MnrLet ftitp* 


Day'. 

tt)irea<1 




1 Zurli-h 


t-t e 1.8276 1-9426 1.9590-1.8480 
71 S 8.1670-2. t/55 2. 1/58-2.1745 

4lj 4.1tvl-4.i8/, 4-2B.'-4.!*i 

61s. BO.Ofl-bl.SS , 61.0661.15 
ft 1D.i7 10.B8 :loJBi-10J7} 
.< ' 3.886-5.94 1 5.iI-3Jii 
13 7S.-h-7S.00 78.60.70.90 

8 166. 15- hw-56 156.55-166.45 
ills l.e48i-1.»1i'l.t4Sfl 1.650) 
a 111.-. 5 lu.54 1b.55.10J4 

Ills a. PS-9.24 . t.22 6.24 
: . e.sa.l s.95 I a.ifSi' B.34i 
41* 467-487 , 4554401; 

at; 2 rai-itJSO : h«.20-SB.*B 

I 5.57^-5.62 : i.BOj-i.Ol) 


; Raies Kivm arc for converUble franca. 
Klnunial Trane 61.00-SL20. 


EXCHANGE CROSS-RATES 


CURRENCY RATES 


tirawin 


-ler-iito 

■ riv ar.... 

■llailuui 

Lgri'rw -wit... 
«4<*i< i rail- 

UiiivJi a»-iiii 

'eiriM-heirnn 

hll^-li .,u ill- 

uttob nan- . 
>a ian irn..-. 
^Irincs-e ven 
inrviv lil-Mli ■ 

!«un peran . ■ 
awilvh *ron. 
wm inw ... 



Uii. 3 

ruikiult 
ie». l'.ir. 

nrlv 

• u t* , 

• mil, hi.... 

tm r <«<p 


fco&oaib 

,-'-46jT' 

- 55, . £7 

, f M o ; it 40 45 
: A.92 ,? : I. 391Mb 
I ’ 016 UW< l>0 Si 
15S2.*JX6 I. 6) 62 


v 36 b 

21 0006 

:'60 S ; 
-E£24 
83.29 

' 0 19 1®. 


-.*i8 It 3.^5 ; --3^3 45 

3.18 B76 I. aoo 10 to. tc 30 
l\l 06 .M ISO b -21o gOtobb 
. cv S4 61.1- • I- .<7 62 
10. la -. .;. 20^214 : 

*< 1?6 a./fflfi <>47 • 

. B7b Oo03 3 fiOM'M 0 6 «27 8-3 


lv 10 40 
5 7666 
7b .26 
6 86 17-Ce 
tin U 
16 iso £0c 


L. . . . I.ii. 21*1 0) ... 

toma-itoii - Xe« l',q s = BH.2-' 30 - u.j, f ui ^ltUn UU.86rii6L4U. 
*cnlnj in Mnan IS47 M-lr43 50. 


EURO-CURRENCY INTEREST RATES* 


Mai. 0 

■»ci l*» 

Ubt M 

If 

. 

■ l|p H 

13*1*1 

fin 

IV ilcllll 
Wl** 

.siitin roriii.. 

6 >* 66s-' 

•bi c / 

r-N- ^ 

65* 7 
bi*.7 

61-.-7 

61,7 

58 *3 

58 »* 

4'j 3*8 
44s 4>a 

i lir««f nr 4(i ii- . 

>.|* *»• ; .. 

His 81* 
bJe-d^i 

/ip- I* 

I'iiCll 

7 L*- / In 
7ra-7.'s 

7 If* •# 

Slp-S** 

Sl*-3lg 

Soti.j 

ii (i 

Sis 

31* as« 
3L o3b 


OTHER MARKET 5 

Apia- Bata* 

Argentum. 1627 1651 An-eiitin*.' *260-1560 
AiiXTalio ..jl.GdaS 1.4 liSAuritta.....: 474 28, 

5l.0B-56.b6 ,ih«±!Iuiti...| Ml.bl* 

r'la anU ....7 .l81shiJI is 66-40 

lirnit it. I66-/0.8<Q'l»ii»i1h 2.10-2.186 

Hkor hiU-fTjjilis o. 4; .Ueinuark.J IO.b-10.8 

.r-« 152- 15s Fian-to jS-10^J6 

imiw m ...... u.boa-0.54a .Gei-nuny.J5.U-5.95 

<u,uni<'-|- ol Oi-bl.la Giwv 1 67-76 

3ifila,v>ia... 4— 4%l-4.o62!j , llaiy HEM- 17W 

.N.4*auutL..l.o7fl-< 1.0 Hb-l4|on ' 415-423 

-uiiiJi A.»l-, b.64 8.7* '.Veiberi'uil 420-450 
10. 10- JO 
74-85 
164 180 
5.50 -4- SO 

1.95-1.85 


Mnjj4pure..4.4c4Q J.(7r».>vi-way 

. AX k« ... Lb/ IP- 1.69/ > EVHiupaJ . 


,>l»uu 

fi* o/'iao-l 


t’zk. : 

.(llidl 

Vbl.... ,Ljl. ..MM.H 

L'.-s. urii l ■»_ BS, 19-80.22 Viwu-m* 564-38 
Rale given (Or Antendiu Is a free ml®. 


FORWARD RATES 


Line nxmili “fhraemeufhs 


Euro-Erv-n.-h dtpasii raiw: nra-day '0J-1D« per cem.: seven day per cem 

pne-inumb- lai-i}. por wn ; 'brct-riotiih wi-t3J per wm.: alx-mpnib 1M-13 per 
etui., one >eur I2H27 per rcnl. 

LPTUi-htm EorodvlUr depoMte: iwa vesrs SHt-aJin pvr cem.: Three wars 
S5»-Sj|6 her erm-s four feora Slu-fi?!* «*m.: fiv- years SM) per cam. 

The (aUatrUu nominal raies irriv oooied for Loodori dollar uertiflcaies ol 
Ji-uoni one-monUi 6 95-iDJ per wn*: Ihnv-monih 7.10*7 ’O per cenr.: slx-mon h ! ' woiu.... |ar-10 ercMlia 
7.40 7.'® PIT (ent.T on<**sv»r 7 70*7/00 per (tont. 4urn-h.-...,.68.1S8 >'. pm 

* Rjipc are nominal cal ling rates • • 

? Siran-tcrm ram are call for verllnu. U3 dollars and Canadian dollar? ran Sm-month Joncarfl dollar 0.80-0 J9c pm. 
days' noun? (or ^ilidrn and Swiss francs. *l2*inonih 1.05-0 9ic pm 


.New )'■ <rfc j.vZi .i-in-0.08 rlv. J.aB-o. IS r.pro 
Mumrm- .<0.1 3 .|iinJ0.D7<ilv J-ISu*0.10c.[)ia- » 
\ni-.r.iani <a <.-.(./u- lg <> aie J5a i'- (<■>> 

5> i«ii-5 «-. rti» 

L ..[I'un^ii. &-S n|e-«<L* 

r'mtikiiurl ,17g V 3 [<l. )<iu 

U'ln-n 6u-l^u*>-. «'!«• 

lli.ir< 1... Su liJU •■..Ilf 

Milan 3-11 lira dm 

4); 6 I» «<re ■lie 

Hbrik 31; 61* ..IT* 

Isi'iiii 4 4 UK lilft 


13-9 1 . pm 
17* IBi urxritv 
0<a-4lh yl. pm 
dau-37l> ttn 
18U-S460 L-.cfM 
21-29 lira di* 
14^-164 media 
.lap-141 l-. dia 
: j-7 we d> 
ilu-Bu cro di* 

, 7-B c. pm 

















mr noNvKif T ikT *e stocks 3/3/zs 


























1 

■ 

Con- 

Flat 

.yield 

m 

1. i 

Premiumt • j 

Income 

Cheap(-i-> 

Dear(-)<> 



dm.) 

price 


dates 

Ena 


mm 

Equ.§j 

Conv.J 


Current 

Alcan Aluminium’ Spc Cv. S9-94 

D.05 

143.00 

100.0 

78-80 

6.4 

AS 

- 







AssiOdated Paper DJpc Cv. S3-90 

1.40 

95.00 

200 0 

78-79 

10.1 

10.4 

■u 

-10 to 

1 

S.S 

S.9 


- 1.0 

Bank- of Ireland. IOpc Cv. 91-96 


8.22 

137.00 


ESS 

75 

55 

- 9.5 

-12 to 

-3 

15.0 

9.1 

- 3.9 

+ 5,7 

British Land 12pc Cv. 2002 


7.71 



.80-97 


97 

21.9 


36 

Tl 

95-2 

922 

* -70^ 

Change Wares l2pc Ni.Cv.Pi. 


0.35 

0.18- 

10 

79-83 

9.8 

6J! 

- 7.5 

-14 10 

27 

29 .3 

669 

18.8 

+26^ 

English Property '6i pc Cv. Bfi-03 


884 

84.00 ' 

234.0 

‘78-79 

7J 

. 

■2.6 

- S to 

3 

II .7 

6J2 

- 8.7 

- 9.2 

EnBlIflh Properly; I2pc Cv. 00-03 .. 

15^1 

93.00 • 

150.0 

70-84 

13.5 

13.3 

77.J 

40 10 

77 

31^ 

32.$ 

; S9^ 

-37J • 

Grand Metropolitan- lQpp Cv. 91*96 

IS2.30 

104.-00 

■120.2 

73-78 

10.0 

10.0 

T (L5 

-13 (0 ' 

■3 

fl.0 

■TM 

ms 

+ 0.5 

; Hannon- Trust BlpC' : Cv. 88-93 

.4j! . 

78.00 

57.1 

76-80 

8.8 

9.6 

' 10.1 

- 1 to 

10 

U.0 

11.9 

u 

- ss 

Hewden-Stuart 7pc-Cv. 1995 



<5-79 

3.2 

o.r 

-10.9 

-17 lo 

-5 

14.7 

8.5 

- 

+ 7.8 

Pentos' 15 pc .Cv; 1985 

LOfi 

124.09 

266.7 

76-82 

124 

I0J 

si 

3 to 

9 

- 48.0 

47J5 

- 0^ 

- 6.4 

Slough Estates AOpc Cv. 87 90 

3-30 

130.00 • 

125.0 

7S-S7 

6-7 

SrS 

9.6 

• 5 to 

15 

37.9 

3 JJ 

13J! 

+ 3.8 

Tozer, KemoJey.fipc Cv; 1981 

."■53 

87.00 

1535- 

74-79 

9.5 

13.6 

28 -5 ' 

27 10 

41 

12.1 

I1.I 

-. 1.4 


Wilkinson Match IOpc Cv. 83-98 

U.10 

89.00 

400 

75-83 

II j 

1 1.B 

34.8 

22 tc 

38 

26.6 

40.6 

213 

-13.7 

- Numbf-T oi urdinwy Mare* tmw wtntn fl® nominal w cot feniWe^ srork w converuble > The gxira cost ot dhwdmjtt in Mrav*^»:Wf nprtMi » -rar -/ .l- 

ow al (he e<w*ir iB-Uw cpiirrrtlbto-nort. . "into mpnili. ranee. ( hicomr on numm-i of Onjinary aharw wo irsi.-h rim nominal «i wuivt-nih'* Fi*.-fc a Qxm-rTihto 
This sovorne exotytM in pep«. 1* jwann>*d hum pr-j*m iimr wnil income on Onltiurr *har« is Brraier than inoontt- wo *100 nominal nf fomitnihto nrth« but 
PW,T !I?«5r «T. in.ome toasMiwto m sj w 10 per rt®( rTim and i» prewsm valued si i: b*t -ru per annum. ' mewn^ mi nofof 

.-ornwrihl*- W ™mn«» omtl wiwwirton and presem *M n W tw cent par annum f/ This is mtoam 0 I tlk ron>erriblt- less iwomr pi tb* nndvrlrtn* inuiw 

0,:, i w 0, n» flMJerww DittWfB ihe ur«n*«ri and. income' dlTfr/eno vs pressed as per cent at Uvnliie * 

nrJi-rMnn eomlj w au fndlcailon of relative cJbeaponw. - l* an •ndlnripn of roUiiv: dearness . . v,,u * w 




























Financial Times Saturday March 4 1975* 


STOCK EXCHANGE REPORT 


Equities steadier in thin trade after Thursday’s falls 

Index up 2.8 for week’s loss of 8 points— Gilts harder 


FINANCIAL TIMES STOCK INDICE 


ir. , . Fetv. ; Feb. 1 FeST" 

2 I i i a ! a a 


CuVBiUBIfflt S tfCT. ■■■■■■ ■ 


Account Dealing Dates 
Option 

“First Deciara- Last Account 
Dealings tions Dealings Day 
Feb. 13 Feb. 23 Feb. 24 Mar. 7 
Feb. 27 Mar. 9 Mar. 10 Mar. 21 
Mar. 13 Mar. 30 Mar. 31 Apr. 11 

* “ New Umc " dealings may take place 
fnm 1J0 am. two business days earlier. 

Equities traded narrowly in 
subdued conditions after the pre- 
vious day's sharp setback in the 
leaders following EMI’s disappoint- 
ing interim statement. The tone 
was helped at the start by a little 

“cheap" buying which took the 
FT 30-share index to a gain of 
2.S at H< a.m., and the rise was 
held to the close of -136.2 despite 
.some hesitancy in the intervening 
business. 

The majority of the index con- 
stituents ended the day with 
minor gains, hut Beecham, on n 
broker's seli advice, stood out with 
a Tall of 12 for a week's drop of 
30. at 583p. Yesterday's index rise 
reduced the week's loss in the 
indrx to S points to make a three- 
week rail of 34.S. Second-line 
equities performed fairlv well in 
staying close to overnight levels 
despite Thursday's sharu setback 
in the major issues, while occa- 
sional firm spots emerged follow- 
ing favourable comment and on 
snrill s'lecuhtjve demand. 

British Funds again moved 
wiihrn narrow limits, blit with a 
tendenrv to firmer values and 
gains to V In long-doled issues 
were doubled in the late business. 
Shorts were also a shade better, 
in places, but were gencrallv 
re-rtminorf by the debut of the tap 
sto"k which barely traded. 

Thn overall tone in eauities was 
mixed, but the FT-Acfuaries three 
mam indices all closed siishOv 
hctler and l bn All-share index 
closed the week with a loss of 
about 1 1 per c^'U. In marked 
rnntraxi. the oil con ten » of thy 
.Yew *pa no*- «iih.spnt!oti left tint 
index with a vwV\ riron nr 11 
per een*. folio" *ng a imieriuc of 
es peri -ninns about North Sea 
benefits. 

Trade on the whole was "cne- 
ral’y fo;**nmless anil nifiejal marl- 
ines of 4.“74 brought the week's 
il.iilv :ivpnrif io J.797. its lowest 
since the start of tlic year. 


in the evning were i higher on 
the day. but the shorts made no 
improvement on their .3.30 p.m. 
levels, which were a maximum of 
} harder. Corporations failed to 
follow the main funds and were 
sometimes $ easier, but the nearer- 
dated Southern Rhodesian bonds 
responded to the signing of the 
majority rule pact with gains to 
4 points: the 2J per cent. 1965/70 
gained that much to £63 but most 
other Issues were only one or two 
points higher in sympathy. 

Offerings of investment cur- 
rency released by arbitrage 
business in Far Eastern, particu- 
larly Hong Kong securities, 
were 3gr«in evident in yesterday's 
early trading and rates slipped 
lower. .Is a result, the premium 
closed another 1} points down 
at per cent., after 84 per 
cent. Yesterday's SE conversion 
factor was 0.72S5 1 0.7186). 


steady at 360p ahead of Monday's more to 109p on further considers- on further consideration of the Thursday’s results, but doTlarpre- 

prellmmary results. turn of the disappointing results. Interim figures. mjum influences left Ri^ai Dutch' 

Dealings in Irish cinema concern The Engineering majors failed j.™ i lower at £40|. /unong North Sea 

Green Group were suspended at to show a decided trend. Hawker BeeCliam flOWn L * 8 ™’ 0PS . encountered 

65p pending publication of a Sidd*!^ took a turn for the better Publicity given to a broker’s JJ 1 ®**- “JgT 

circular. and edged up 4 to 170p. While -sell” circular upset Beecham m ®*P; 

__ , - GKN managed a final gain of a again which feH in 380 d before wer ® sold and closing a 

Pye down late penny to 266p, after being higher a further 12 down on the f- m T p ar SSfiSSSS" 

. .**? Holdings featured Elec- at 26Sp initially. John Brown. day a f 5S3p and SO lower on the f?2^ < 5!S , l £r3S5t 


Fixed Interest 

77.17 

Induatrial Ordinary^. 

436.2 

Gold Hides — — 

162.9 

Did. Dir. Y«eW 

6.17j 

Earning. 

IB. 38 

P/B Ratio iMriCT) 

•7.64 

UatUnpinefcaL — — 

4.374 

Equity tdroorer £m~ 


Equity torjtta* tntal.J 

— 


74.46. 74.44! 74.52: 74.41: 
77.17i 77.32; 77.46.' 77.6li 


II 162.6] 
'I 6.19 


166.1* lS8£j 
6.06: 6.06| 


4.S92j AB8* 4.7831 
6S.0S 62.81) 6tL06{ 
12.S4sl 11.490i 13.608) 


-.-v duun aay ai oaap ana w tower on me _ tha rM>«nt 

tncals with a late reaction of 9 however, encountered fresh week, other miscellaneous Indus- 2 t0 228p ®“ er “ e recem 5euwcK - 
to 90p on the board’s announce- scattered selling and gave up 4 trial leaders plotted an Irregular International Pacific Securities, 

* man t tWof pOrtoivi fnHhav f#v OT<Vn UTmui hnro a _ . — a? J*L. a * ThiMMirOiti'A 


iff 41 ill, vu. u n« u *» “7*" 

2 pJQ. 434.fi. 3 P.m. 434 J. 
Latest Index IO-W 8026. 

• Baaed on 32 per cent, corporation rax. 
Basis 100 Gon. Sees. I5.M/21L' Fixed hJL 133. 
vrrwac 12/9/63. SE Activity July-Dee. 1942. 


74.7 lj- 
77.65 ' 
44421 
158.S| 
6.02 . 
17-9S) 
7.B3I 

6,1531 

77W 
im . — 


+ NU=7.39. 

ImL Uni. 1 '7,-33. 


ment that certain irregularities further to 272p. Elsewhere, course In thin trading with MetaT at 136p, gave up 9 of Thursday’s 
have come to light in one of its BJahey’s Malleable Castings dosed notable for a reaction of 6 late jump of 15 which followed 
subsidiaries which appear to a penny firmer, at 47p, which is in t0 2SSp and Rank Organisation the announcement that the 
Indicate deficiencies of the order line with the increased cash offer ^ own 5 at 226p. Turner - and' directors are recommending 
of £l-5m. owing to the overstate- from Centreway Securities. Other jvewaU. at 181p, steadied after unitlsation. Argo Investment 
ment of assets an dother factors, modest improvements induded recent disappointment with the reacted 5 to lllp. while Bishops- 
Elsewhere. EMI became a much Jones and Shipman. 2 up at l08p, annual profits while Reed Inter- gate Trust I42p, and Estate 
steadier market and rallied 3 to and Warne Wright a penny nat i 0 nal moved up 2 to 110p f after Duties, 258p. lost 4 apiece. Follow- 
144p after the previous day’s set- dearer at 40p, the last-named u2p. Elsewhere, Coral Leisure ing the increased offer .from 

gamed 4 to IlOp in response to Colphonium, London Australia 


highs and lows 


S.E. ACT1V 


an investment recommendation Investment closed a penny off at 
and Caravans International were 115p. Jersey External Preferred. 


a shade harder at 76 5 p for a however, improved 8 to l!2p on 
similar reason. Wedgwood put asset considerations, nr the repay- 


Hambros edge forward 


Lnnjr 


The bites! Public Seder Borrow- 
in': Rccuireinent rave a small 
hoe-'t to Innc^r-d.nred British 
Funds Nil ihp s’mrler mM unties 
wen' he'd in ciie ,, k >»v th« ure«:n<M* 
of *hc* non f;m. Penlip^c in llr* 
np hn-nn y^sl-'rdav but the slock 
Exehoon**r R’ nor rent. I9S3. was 
nnlv tokeniv trifled and closed 
sM«rh* , v above the issue price at 
PS 17 'S2. Purines* [ n all sector* 
r>f th° market rmild only he 
drscrihed a« liqht but the tone at 
Ihe lr.n«pr end was ha r 'rally firm 
thrniirjhciit and small aoins. 
which annearert tentali-e on one 
or n--n o"rasinns were fin.allr im. 
p-oved »*non o f ter the nffiriil 
close. Tfivh-coupon issues late 


A dull market of late re Reeling 
concern over its substantial Ship- 
ping interests, flambrcs rallied 2 
to lfiOp on investment comment. 
Frerh buying interest in a thin 
market helnsd George Stnria 
ed u e forward a fraction more to 
lPlp. for an advance on the week 
of 31. while Sterling Credit 
hardened It to 30 Ip. Provident 
F-'nancial remained unaltered at 
S.»o: the preliminary results are 
due next Tuesday. Further ccn- 
sideratfon of the ann>ial profits 
urwurge helped Allen Harvey and 
Boss sain 10 to 4S5p among 
Discounts whore Sercomhe 
Marshall and Campion nut on 20 
m 2inp in a restricted marker. 
Th" mainr clearers closed qu'ptlv 
firm aoart from I'syds which 
eased the turn to 242 p. NarWcst 
^ai**ed 5 to 2fi3o and Midland 
hnrrlf'ned 3 to 333n; the latter's 
results are due next Friday. 

f'nmment on .he ?ood pre- 
liminary figures helped Rm;ih 
ri--e 7 to 3t*2o among firm Com- 
posit" Insurances. General 
ArrWent. 208n. and Phoenix, 240p, 
add**fi 5 and 4 respectively. 

A 1 though Brewenea were 
fleiterall*' quiet and little changed, 
A. Guinness, at 157o, regained the 
previous day’s fall of 3 while 
AlMed, Sip. and Boss Charrinctoru 
141 o. improved the turn apiece. 
DistiPerie* had a firmer inclina- 
tion. Distillers hnrrienlng a penny 
to tun and A. R 0 " 2 to "nQl 

In a lethargic Building sector 
F. J. C, Lilley cave further ground 
tn Kin. down 3 more, while 
Jtilhiin- receded 5 to SOo and the 
new nil-naid were a like amount 
lower at 30n. Richird Costain 
cheanened 4 to 236p as did 
Marcbwiel fn 224p. and Timnel B 
lost K to 22Sp. Still reflecting 
adverse comment. London Brick 
eased a shade more to 82p. By 
way of contrast. Countryside 
Pro or riles edged forward a -penny 
to Slip. 

ICI. at 3310. retrieved 3 of the 
previous riav's Fall of 5. Among 
other Chemicals. Flsons held 


F.T. INDUSTRIAL . 
ORDINARY INDEX 


on 3 to lS3p and Abel Memd] ment plans, English and Cale- 
found support at 40p. up 3. I CL, donian Investment 41 per cent. 


1977(73 

hlneo Com pilau on 

High 

Low 

High f Low 

79.86 

(30(9) 

60.45 

l*(J) 

127.4 ! 49.18 

(9(1/36) 1 fri/lj’/b) 

81.27 

(8(1(78) 

60.49 

(4,1) 

150.4 1 sa sa 

<28(11 '47)i |5;J (76) 

549.2 

(14/9) 

567.5 

-412/1) 

649.2 1 494 
ti4(9('/7); fi*/b.40l 

174.5 

(18rl0) 

95.1 

(1(2) 

442.3 ! 43.5 
(2£rtx7B):(2fi.'lO.-7I) 


1 

Uar. | 


3 1 

— Uxn.v 
UllC-lM£««l... 

1 

155.7 

Indoairies.^ 

145J) 

Tutair 

99.6 

: tKlar ArVu^v 
GUt-AlgeJ ... 

166^ 

lliilllMrialn... 

162.3 

SSpeculStivp.- 

T'd" 

42.3 

1098 


however, came on offer at 20Sp, and 54 per cent Redeemable 
down 10. Diirapipc lost S to 94p debentures were both raired 29 


and Bath and Portland 4 to 67p. points to £36. In Financials,' Yale 
Motors and Distributors were Catto rose 4 to a 1977-78 peak of 

- _ j - 1MI. Oln i'ti antlmn.tinn rtf n»vt Thlirt 


idle again and closed little- 83p in anticipation of next Thurs- 
changed. Lucas Industries, at day’s results. Nippon Fund 


242p, regained 2 of the previous Sterling were 40 better at 260p, 
day’s fall of 7: the interim results mirroring verse as advices. • 


were announced on March 31 last Hunting 


continued 




l i J TT -H4 1 1 1 1 • 1 I -i - H t ! t H -! t year. W. J. Reynolds continued firmly, rising 5 to 205p for a 

A iIm! PhT 1 ! 1 1 1 1 ] 1 1 J Ti-1 ■ ! 1 1 1 1 + -+- 1 : to meet with speculative demand twi>-day gain of 25 on small buy- 

300 TiVl ffrtiyTtX -ii 1 1 i I j j | j ; T + " and hardened 1J to 30ip for a ing In a restricted market Other 

tn 1 14- T+r+H+H+f 4-rl \ I f + • rise on the week of 3J, wtele Shippings were also a trifle 

250 j 1 V! -W iT 1 1 f I : ! ITT 1 1 ! I l‘t ! ! nT -I ! 1 ?! 1 1 ! FT — - marginal improvements were seen harder, P. and O. Deferred closing: 

IBBtHoXl t m ± in Heron, 94ip, and Hartwells, a penny better at 96p and Ocean 

— :Trn» U IWtff $ 73p. Transport 2 up at 124p. 

200 . i f .) 1 1 *-l-n4 ~ TTr I i ! 1 1 t'rTffP +• * Light profit-taking after Thurs- Textiles kept close to the over- 

±I+ir j { j | 4H 1 1 ( ) 1 1 1 }• ttt u ■' 1 \ 1-14- + day’s jump of IS which greeted night lereis. Courtaulds, af .IlOp, 

150 iTT'T Till i I (14-t- T-h 1 1 1 1 1 il T- T - the excellent interim profits per- regained half of the previous day’s 

i:[.{4xrl : i -— +■ ffttH-'V-H'-l I 1 1 tl i }{j T formance, left Mills and Allen a. loss of 4 and- Lister hardened- a 

.(Ti-M-rfri^ :p4’M'R-f- 44 1 ). 'iH r t nt ff TOWT+fet t , 1 1 few pence cheaper at 155p. Else- penny to 40p. Tootal were a shade 

100 ^ - 1 Q 7 A loW 1Q7 K icj-tt iQ7fl where, Inveresk hardened 2 to higher at 45p foBowihg news of 

. J • ' .... 67p on small buying ahead of the £9m. deal whereby the com- 

Tuesday’s preliminary results. pany is purchasing 40 per cent 
. , , . _ „ , _ • ' _ Trading volume in the Property of the Australian-based Brad mill 

back of 23 on the gloomy interim following favourable Press men- se , tor apairi left mucll t0 ^ industries. 


150 




44 -tfH-H 


-T 1 f HT ' T 


trend and as profit-taking became 
evident prices gave ground to 
dose barely changed on balance. 

Nevertheless the Gold Mines 
index still managed a 0.3 gain at 
162£. making a week's rise of 
4.6. 

Of the heavyweights Western 
Holdings, i firmer at £173, and 
Free State Geduld, J better at 
£158. both registered new 1977/S 
highs. Medium-priced issues 
showed Wlnkelhaak 17 up at a 
1977/S peak of 727p and Western 
Deep a similar amount to the 
good at 767p. 

South African Financials moved 
narrowly in quiet tradi ng . De 
Beers were undisturbed at 313p 
■in front of the 1977 results, which 
are expected next Wednesday. 
Union Corporation, 275p, with 


1977 figures also due next 
were similarly unmoved, 

Australians, however, re 
depressed throughout the 

in line with Sydney an* 
bourne markets. In Ur. 
Pan continental closed 25 
over the week at 800p. 
moving up to 900 p on T 
on rumours of a new r an 
method of disposing of u 
waste materials. 

News of the signing 
internal settlement ? green: 
Rhodesia lifted prices c 
country's mining issues ah 
turnover was only mo 
Falcon Mines put on 8 to a 
high of 210p while Rbt 
Corporation hardened 2 ir 
24p and Wankic Colliery a 
to 40p, 


statement. GEC also took a turn In contrast Wo iseley -Hughes desired. .Among the few bright OJC Bazaars, 10 cheaner at 315p, 
for the better and picked up 4 ° ,e , 1 ' vi £ owasional se ling and B rixton Estate hardened a provided an isolated duU spot in 

to 24tp, but Tborn ended that * ost 8 , 1 J omall laiis oi t0 g5 p following news of South African Industrials. 


RISES AND FALLS 


iv wul iuuiu yiiuwu uiai , q . , . m i^iiiij iu iuuvh iiiq iivna v* k/vuut ruttwnu auuuju into, 

amount lower at S36p after having the arrangement with Royal Insur- McLeod Russel stood out in 

improved to 342p. Scattered losses p^ anj . b-Pl ““ Burgess ance for a further £5m. loan Plantations with a rise of 6 to 203p 

in secondary issues Included rroaucls - dU P- facility to enable the company to on revived demand. . London 

Decca, down 5 more at 390p, and News that the company's share take advantage of opportunities Sumatra reached 122p on renewed 
Electrocomponents, 4 cheaper at of the highly competitive market f or property development and speculative buying, before doting 
318p. Ever Ready eased 3 to 147p for basic grocery products has investment. Further speculative without alteration at 117p, still at 
and Rotaflex were similarly risen by over a fifth in the weeks demand left Bellway 2 to the good a premium of 7 over ibe McLeod 
cheaper at 44p, while Muirbead immediately following the launch at 57 p ^ ^ capital shares a Russel/Sipef SA offer terms, 
gave up 2 further to 156p. of its discount programme in g ,- m ji ar amount dearer at 56p. 


British Foods - 

Corpus. Dent, and Fweiao Bonds ... 

lodsstrials - . 

Financial and Prop. 

Oils 

Plantations .. — 

Mines — — 

Recent Issues 


Store leaders brought a colour- £ anuar F ? a £ led f 0 s us _ lai ’] J '^ aIns r while dealings were resumed in fjnldc oiiro nn 
iss week to an Srleulm- close! wh ‘ ch 2 J che *P?5 u * t Anston Holdings at 74p. compared U0AtlS ett S e U P 


Yesterday 

Up Doom Same 

On the 

Up Dow 

50 



24 

151 

12/ 

IP 

12 

M 

29 

7t 

205 

355 

WB3 

1811 

2J» 

47 

1 m 

327 

3S5 

71> 

6 

3 

20 

17 

£ 

2 

5 

27 

21 

r. 

39 

23 

61 

194 

in 

1 

3 

U 

20 

34 

350 

560 

1824 

vm 

3 262 


less week to an irregular close. ***** ******* * 74 P- co™Pa«d “ 

Defaenhams. 91p, Gussies “A," the susponson P«ce of 70o, South African Golds ended a 

238p and Mothercare. 14Sp, all u 0 int»n!lf ^Dowlng the agreed bid of 76p week* of marcinaJ movements on 

hardened 2. while Marks and cash per share from Qerks Acre d slightly firmer note despite tbt 

Spencer. lSSp, and UDS. «Qp. a (Hosrocks). Inclined harder at modest decline in the bullion! 

edged forward a penny. Burton 5.T.. „ ■■ , ° n ° / r ' w "" , the start, leading Issues eased price, which was finally 50 cents 

■•A.” on the other hand, receded a ' 'JbS back to close without much easier at S183573 oer ounce. 

2 to 101p as did \V. H. Smith “A” t*’ alteration on balance. although still $3.50 better over 

to ISSp. Elsewhere. Dixons Photo- ^p'*®** MjL j" ,1^ the week following the satisfiae- 

graphic at 132p. picked up 4 of Oils nniet t°ry outcome to Wednesdays 

the previous day’s fall of 6 which foj lo ) ymg W5 ,,5.t Jll? quiet Internationa] Monetary Fund- gold 


NEW HIGHS AND LOWS FOR 1977/ 


The tollowlnfl securities Quoted In the 
Share Information Service veaentjY 
attained new Highs and Lows tor 1077-78. 


NEW HIGHS (23) 


Internationa] Monetary Fund- gold 


had stemmed from vague talk £^L“ as '; ®*. Oils passed a rather uninterest- auction. 

that a Japanese supplier had run ? t0 T?. s - a pnrate company based ins session. British Petroleum Initially share prices moved, 
into financial problems. Vernon ,n w, 5 an> edged higher to close 4 dearer, at ahead as overnight U.S. btiying 

Fashion revived with an improve- Hotels and Caterers had Grand 724p. hut still down 30 on the spilled over into the morning 
mem of 4 to 69p and Executes Metropolitan 2 op at Sflp and week following a VS. broker’s trading. However, the lower 
and Fair-dale Textiles both !m- Ladbroke 3 better at 165p. both bearish circular re-rating Bp's morning bullion fixing and the 
proved a penny to the common following Press . comment, associate company Sohio. Shell reaction In the investment 
level of ISp. Yantona softened 2 Myddieton, however, fell 5 to 195p firmed 5 to 490p ahead of next currency premium reversed this 


BANKS (21 

Trade Develop. Bit. Sturu (G.< 
BUILDINGS 111 
Warrington (ThoM- 

DRAPERY A STORES (2) 
Execute* Faii-dale Textiles A 

ENGINEERING (21 
B la key's ' Tace 

INDUSTRIALS <21 

M Or rail (AUell Provincial Laundries 

' NEWSPAPERS <11 
Wetsters Publications 

PAPER 111 
Lon. & Prov. Poster 

PROPERTY (1) 

Anston Hldgs. 


TRUSTS 15} 

Brarll Jnv. Nippon Fd. S' 

Derby Trust Inc. Yule Catto ■" 
MafedlQ Inn. 

MINES (G) 

ERGO Welkom 

Wlnkelhaak Western Hold 

F. S. Geduld Falcon 


NEW LOWS (6) 

CANADIANS 11} 

rnco 

BUILDING5 (If 
Tarmac jhoustriaLS HI 
Nevrey Group. „ 

LASM ° MINES <2i 

BH South Colby Mines 


ACTIVE STOCKS 


OPTIONS TRADED 


ON THE WEEK— 

No. 


Di-nomiiu- 

uf 

CInsina 

Clnnse 

1977-78 

1977-78 

Stock 

tiOil 

marks prire iu) 

on week 

Irish 

low 

BP 

. l'l 

03 

724 

-30 

(MM 

720 

BATs Dufri. .. 

. 23)1 

ss 

247 

- 3 

2H0 

202 

.Shell Tr;ins})orl 

2Sl> 

34 

4IM) 

- s 

835 

454 

Beecham 

. 23p 

52 

ass 

— 30 

693 

372 

ICI 

. fl 

.31 

:)3l 

- S 

44ti 

325 

EMI 

.inn 

4S 

144 

-21 

254 

141 

Ttreil lnil. 

. £1 

47 

110 

+ 3 

233 

100 

Grant! Mel. ... 

riOp 

45 

S!l 

- 3 

100 

82 

Rank Oru 

. 23p 

45 

220 

- li 

278 

128 

GEC 

. —op 

4D 

241 

- 4 

2S4 

IBS 

IV. ,ii Hors 

. all n 

41 

1l»4 

— *2 

103 

120 

RTZ 

. 2,-.|) 

4U 

ili4 

— 7 

247 

184 

Burmali Oil 

. £1 

:jr» 

43 

- 4 

S3 

41 

Do B<-r- Dofd. 

. RO.Uj 

:in 

31.1 

- 4 

323 

1SS 

I* ft O Di-ftl 

. £1 

M 

98 

— 

173 

95 


DEALING DATES 
First Last Last For 

Deal- Deal- Deciara- Settle 

Ings ings lion ment 

Feb. 21 Mar. 6 May 25 Jnn. 7 
Mar. 7 Mar. 20 Jnn. 8 Jun.21 
Mar. 21 Apr. 10 Jon. 22 July 5 
For role indications see end oj 
Share Information Service 
Money was given for the call 
of Grand Metropolitan, Mills and 
Allen International. Premier 
Consolidated Oil. BP. Ladbroke 
Warrants, Town and City Proper- 


ties, Dnfay Bitumastic, Charter- 
hall, Brittania Arrow, W. J. 
Reynolds. Coral Leisure, Howard 
Tenens, Thomson Organisation. 
Britisb Land, ICL, Hawker 
Siddeley, Aquis . Securities, 
Burtnah Oil, Rustehburg Plati- 
num, Lydenbnrg Platinum Cable 
form and ZCI. Puts were dealt 
in French Kler, Booker McCon- 
nell and Dixon’s Photographic, 
while doubles Mere arranged in 
Premier Consolidated OIL Lad- 
broke Warrants and Magnet and 
Southerns- 


FF-ACTUARIES SHARE INDICES 


These indices are the joint compilation of the Finanrial Tmies, the Institute of Actuaries and the Faculty of Action 


EQUITY 

GROUPS 

and 

SUB-SECTIONS 


__ _ Thurs. Wed. Toes. Mon. 1 Year 

Fn, Mar. 3, 1978 


Highs and Lows Index 


FSRuiet Is punlkm show 
numb a- of au>rlu per ifftrflft. 


Eat. Gross EsL - 
£mm Div. p/e 

Day's View Yield n Ratio Index Index Index Index Index 
Onse (UaxJ (ACT (Net) No. No. No. No. Na 

% Carp. MM Com. 

TJa Xt. Tn 39b 


1977-78 


Since 

Compilation 


YESTERDAY- 


RECENT ISSUES 


Donum ina- 

of 

CInsins 

Chance 

1977-7S 

1977-78 

Slock 

li>'H 

marks prl^etp) 

on day 

hi^h 

low 

Beecham 

23p 

H 

5S3 

-12 

093 

372 

BP 

£1 

9 

724 

+ 4 

988 

720 

ICI 

£1 

S 

331 

+ 3 

448 

325 

Bank Ore 

2.‘p 

S 

220 

“ 5 

278 

123 

Shell TriSKiwiri .. 

2.'in 

s 

490 

+ 5 

835 

434 

HAT* Deftl 

25p 

7 

247 

- I 

2fi0 

202 

lu-iilk-rs ... . 

.kin 

i 

184 

4 l 

1WS 

120 

Gr.uifl Mo! 

5H p 

7 

sn 

+ 2 

ina 

02 

Hawker Siddeley 

25 n 

7 

170 

+ 4 

214 

113 

EMI 

5l*i> 

B 

144 

4- 3 

254 

141 

ucc 

25|> 

r. 

24! 

+ 4 

2S4 

163 

P 1.1 DefU 

£1 

6 

ns 

+ 1 

173 

95 

Ft vri In:!. . .. 

£1 

6 

110 

+ 2 

233 

100 



25 n 

6 

184 

— 

247 

164 

R«i). , l In -.nr. met' . 

23n 

6 

382 

4- 7 

400 

230 


EQUITIES 


I 5i ,ji. ■ 

= 5* : it £? J£ 

: i~Z nt|“ £ ,££ 


! 

■ £ High Low 




7'l-.' .■fi.i-i* J.s-r .if r.-zirt* .-*rt is txisert on the number of bargains 
v.v>rn*T i iii'Mffit'iiifH tF-i’ ( n7J l' in I List (itirf under Ride 163 fl) (e) and 
wr.-dnev./ iu+h;:t'in Jtitcfr Exchange dealings. 


FIXED INTEREST STOCKS 


BASE LENDING RATES 


A.B.N. Bank 

Allied Irish Banks Ltd. 
American Express Bk. 

Amro Bank 

A P Bank Lid 

Henry Anshnchor 

Banco de Bilbao 

Bank nf Credit & Cmce. 

Bank nf Cypnis 

Bank of N.S.W 

Banque Belcc Ltd 

Banque du Rhone 

Barclays Bank 

Barnett Christie Ltd. .. 
Bremar Holrtincs Ltd. 
Brit. Bank of Mid. East 

I Brown Shipley 

Canada Permanent AFI 
Capitol C & C Fin. Ltd. 

Cayzer Ltd 

Cedar Holdings 

I Charterhouse Japhet... 

C. E. Coates 

Consolidated Credits ... 

Co-operative Bank * 

Corinthian Securities..- 

Credit Lyonnais 

The Cyprus Popular Bk. 

Duncan Lawrie H 

Eagil Trust 

English Traoscont 

First London Secs 

First Nat. Fin. Corpn. 
First Nat. Secs. Ltd. ... 

(Antony Gibbs 

Greyhound Guaranty... 

Grindlays Bank 3 

I Guinness Mahon 

I Hambros Bank 


■ Hill Samuel § 6**% 

C- Hoare & Co t 61% 

Julian S. Hodge 7*15 

Hongkong & Shanghai 61% 
Industrial Bk. of Scot 61.15 

Keyser Ullmann 61% 

Knowslev & Co. Ltd. ... 9 ir 

Lloyds Bank 6J% 

London & European ... S % 

London Mercantile 6fr% 

Midland Bank 6*% 

B Samuel Montagu 61% 

■ Morgan Grenfell 6*% 

National Westminster 6J% 
Norwich General Trust 65% 
P. S. Refson & Co. ... 61% 
Rossminster Accepfcs 81% 
Royal Bk. Canada Trust 6 1 % 
Schlcsinger Limited ... 6»% 

E. S. Schwab 84% 

Security Trust Co. Ltd. 7*% 

Shenley Trust 9*% 

Standard Chartered ... 6*% 

Trade Dev. Bank 6*% 

Trustee Savings Bank 64% 
Twenrierh Century Bk. 7*% 
United Bank of Kuwait 64% 
Whi teaway Laidlaw ... 7 % 

Williams & Glyn’s 6*% 

Yorkshire Bank 64% 

|| Member* of tin Acceptiok Hooses 
CommiUcr. 

* 7-day dtnoslu 3"i. l.mantb deposits 
31-p. 

t 7-djy doposds on sums af ttu.eeo 
and imdiT 3- no to £23.800 aHc 
and over na.oeo a*,. 

* Can ik‘P0<4ls over £1.000 “i. , 

' Demand demsits 4?,. 

tote also a optics to Sierlhs tnd. 
Sues. 


n XI r.H. 

— K.e. 
- K.K 
£100 F.P. 

■ e.i\ 
Cl JO : £SO 
X1UO I V. I*. 


i; = ~l i8n.*!s » t 1+ ,,r 

13 = * : Slt»CK =~ — 

.1 ' — -| . ■ 1 — — — 

.'30/2 j ItC I UK AniMnaieii am. e-fe Cnv. him, Preu. |ld 2 .... 


£4 2 I Iul|>' Irttle.t a ••« Vvctahuv lie Hrwl — • l 5S p l — — 

iJl -8 I IC-«i , IKt-iiin. hn 102|»1 .— 

— I 987a’ SSSaF.F-t. lOJSrorling Bd>. tfl&i • OBSai — 4 

■ 3 3 I 101 1 rx>i 4 tirum|Miu Km{. iwif Itf-b a/ijaii 

‘ 24-s; wa*; rOiv’keiimauira .VChriwa llftis-eJ I 381*1 

— . lvjril*: iauia'Ia-Hvin via* jlOOt* 

'2817 12V 12 31id^u»M*WnerT%Ked. Prf. 1383 — -... 121*— l B 

, lid | iUu .I'nnui is. I'll . c ur. Lai. IHO.S»fc - ....,102 

; — | S 0 V **. K.rttmree loti. 10 U ls«- — >*. ♦ 98Sa — lg 

— M 9tia' e» Ini., tin. nTv. 10 £i lnr S * 98la— Is 

— 1 S9- , hen Inn. Fin. M<V. i,,mr. NUet 19A..JS961*, 

> — lOOrt IhmeMite Vnrixbie IH63 1 B9.*i 

28-4 106b! Ha l>" lOfif Kvt ’^-a- I. 9**: 

124.2 1 I0?|- 1 10*1 WhUrtnn— lfl.i I IV rum HrW 1 103*,.' 


T5 I in 
rtoOi ! t.P. 

- : e.e. 

— 1 K.F. 
1-9BJ, K.F. 
t-991*. £10 

F.1V 


3 CAPITAL GOODS ti7»)„ 

2 Building Materials (27) _ 

3 CcBtranu^ConanKliooCS — 

4 Electricals (151 

5 Engineering Contractor* (14). 

6 Mechanical Engmeoing (71). 

8 Melals and Sela] Formas (17i_ 

CONSUMER GOODS 

11 {DURABLE) (32) i 

12 U-Sectronio. Radio TV (13L 

13 Household Goods (12) — 

14 MouraandDiaribotaG(S]_ 
CONSUMER GOODS 

21 (NON-DUKAELEXI'iS) — 
23 S reveries 1 14) 

23 Wines and Spirits 161™. 

24 Euernuuneai, Catering H8L 

25 Food Manufacturing (22) 

26 Food Retailing (16) 

32 Netrepapera,Foblishiag<13). 

33 ftjekaging and Paper 051 _ 

34 Stores (33) 

35 Textiles (25).; 

36 Tobaccos (3) 

37 Toys and Games 161 

41 OTHER GROUPS (97) 

42 Chemicals (19) 

43 Pharauceu Li cal Prod nets (7]- . 

44 Office Equipment 

45 Shipping (10) < 

46 Miscdlaneons (55l 

49 INDUSTRIAL GROUP (495) " 
51_ Oils (51 

3 586 SHARE INDEX 

61 FINANCIAL GROUP (1M)> 

62 Banks (61 

63 Discount Houses (10) 

64 Hire Purchase (5L 

65 Insurance i life) (10) — _ 

66 Insurance I Composite) (7)— 

67 Insurance Brokers (10}_ 

68 Merchant Banks (14) 

69 Property (31 1„ 

70 Miscellaneous (7) 

71 Investment Trusts (50) — 

81 Mining Finance (4). 

91 Overseas Trederai IS) — 
99 J ALLSHARE LNDEX (08 1 


6X7 732 188.95 
636 7.77 16739 
435 7.39 -29430 
434 8.75 404.47 
.7.41 730 27160 

6.83 7.02 14937 

8.83 636 15434 


22803 04)977) 
( 214J2 (24/10/77) 
379.99 fl4/lfl/77) 
48339 (21/10,77) 
33222 03/9/77) 
187.45 04/9/77) 
177D2 QQtWTT) 


13533 (4077) 
11711 (5/1/77) 
167.99 (4)1/77) 
26535 Q2W77) 
16898 mm) 
125.42 (12)177) 
11325 (4/1/77) 


228.03 1 14)9,77) 53.71 (I 
233.84 (2)5)72i 44.27 (I 
38933 09/5/72) 7148 fl. 
48369 12110/77) 84.71 (2 
33222 03)9/77) 6439 <L 
187.45 04/9771 45.43 (( 
177.41(27/4,72) 4935 (!' 


-03 19.76 
-0.9 17.05 
+03 1932 
+05 24.19 


539 733 174.16 176.70 17636 17506 14130 21335 (21/10/77) 11721 02X177) 

3.99 847 21035 213.71 213.79 21035 15924 26172 [22/10/77) 12959 (12/0/77) 

736 6.96 16L28 16138 16234 16136 14422 199.07 (27)30/77) 12231 (4/177) 

732 6.08 104.68 106.74 108B 10625 9228 130.95(35/9/77) 7727(12/1/77) 


227.78 (21/4/72) 3839 fl 
26172 (ZL10/77) 4285 Q* - 
26322 (4)5.72) 63.92 (13,. - 
17039 050/69) 19.91 (6 


6.40 7.86 

6.41 9.6 3 
622 8.48 

7.72 7.76 
638 6.27 
537 925 
4.60 11.99 
959 633 
4.76 13.57 
825 5.46 
8.47 4.75 
629 623 
635 7.47 
738 6.93 
434 10.65 
530 5.69 

7.07 4.98 
6-87 8.04 
626 7.64 
453 738 
632 7.60 
5.81 — 
632 539 
8.68 — 
539 1131 

6.43 — 
6.90 - 
439 1038 

6.73 — 

3.07 6233 
7.79 5.42 
534 27.99 
6.85 638 

7.44 7.04 

6.00 — 


21383 (21/10/77) 
236.74 (8/2277) 
256.45 (29/12/77) 
27282(21/10/77) 
21463 (21/10/77) 
244.42 (27/10/77) 
36082 (60/78) 
1442104/9/77) 
20482 (Z7/HW77) 
18L41 (15/9/77) 
24386 (7/9/77) 
119.68 (27/10/77) 
213.70 04/9/77) 
29530 04/9/77) 
262.96 (6/1/78) , 
14125 05/9/77) 
53968 08/5/77) 

zi&ig auuim ; 

22212 amufiv. 

54320 OS/9/77) I 
24832 04/9/77) 
184.48 l WO/77) 
20436(23/1/78) 
24930 (3/10/77) 
199.47 (700/77) 
15905 (21/10/77) 
161.72 (600/77) 
37133(15/9/77) 
9782 (700/77) 
25529(20/1/78) 
11338 (3/10/77) 
20922(7/10/77) 
105.96(20/9/77) 
297.01 (15/9/77) 
22699 (21/10/77) 


13679023/77) 
24323 (34/277) 
1563504/2/77) 
172.97 04/2/771 
15084 (4/1/77) 
13L15 (12/1/77) 
20L08 02/1/77) 
9024 (5/177) 
10935 02/1/77) 
322.71 (5/1/77) 
1914104/2/77/ 
7634 (4/1/77) 

144.93 02/1/77) 
20426 020/77) 
228.41 (30/78) I 

7765 (40/77) 
405.40 040/77) 
14061020/77) 
142.08020/77? 
417.96 (2QOB) 
164.45 02/1/77) 
129.90 (4/2/77) 
33636 04/2/77) 

147.94 04/2/77) 
8432 (4/3/77) 

10a97 (27/7/77) 
9534 (5/1/77) 
22575 (12/3/77) 
59.49 (4/1/77) 
142.69 (40/77) 
7184 070/77) 
35539 07/1/77) 
83.60 05/2/77) 
21480 (S/1/77) 
153 JO (12/1/77) 


22608 06/8(72) 
28187 (2802/73 

257.40 03/772) 
329.99 021272) 
214.63 (2100/77) 
244.0 (27/10/77) 
36082 (60/73) 
144.21 04/977) 
2D439 06/8/72) 
235.72 07/1/67) 
33936 (2/872) 
135 72 060/70) 
213.70 04/9/77) 
29530 04/977) 
262.96 1 60/78) 
246.06 (1/9772) 
539.68 (18/5/77) 
258.83 12/572? 
22232 (21/10/77) 
54320 05/977) 
24832 (14/977) 
24141 01/472) 
28832(20772) 
29333 (2/5/72) 
433.74 (4/5/72) 
194.46 05/372) 
16172 (6/10/77) 
37133 (15/977) , 
27837 (1/5721 ■ 

357.40 (901/731 
30338 08/572) 
245.79 (25/4/72) 
175.90 (28/4/69) 
2978105/977) 
228.18 0/572) 


6141(13 .. 
49.47 03* 

78.88 (33 

54.83 (9 
59.67 01 
5485(31- 
55 08 (6 
43.46 (6- 
52.63 (6 
62.66 (0 
9434 (13 ' - 
20.92 (6>i 
5883 (6- 
7180 n/- 

228.41 a 
4534 0i- 
90.80 (29 
6039 16/ . 

59.01 fl3f 
8783 (29, 
63.49(13/ ^ 

55^Sa3?'0' 

1 62.44 (l2f.- 
8140 OBf. 

33.83 (Obi- 
4488 (2f-^- 

■ 43.96 fl3/*w 
6586 040 ^ 
3121 7/3 
5681 <201 
3389 07/1 
7183 i33/3' 
6631 (38/ 

9737 (60 
6192(13/1 


FIXED INTEREST PRICE INDICES 


“RIGHTS” OFFERS 


“FIXED INTEREST 
YIELDS ' 

Br. Govt. Av. (butt Bed. 


(•sue 5 ' ; 
Price, l-s 

»>: ■ £ I 


Utai’ 

Reuunu. 

Uwe 

• i a 


High ! l£>w 


jCiuviu-. ■ 
Price J 
I u * 


British Government 


1/3- 31/3 
133; 4(4 
o 1‘ 10;3 
34.2: 10-3 
83 31/3 
1-2: 17,3 
2w» 3 a0/3 
3L 2; 41/3: 


17 2: 3,3 

10,2. 10/3 
5.2j 3(3 


f6 • 24 '.VGli 

10] .mi Bpm.deaurauQi Properties — 

?a ' v iJn^ieiunn..-. 

1S5 190 jlrtimm. Bsnkot Aunnlla 

211«; 19 .Crjctatala^.M — ...... 

a 2 ig 36 :L. 3 .L. Imerwioiuu ... 

28 ; S 3 ’UsiL-bester Gsraees r 

347 330 ' timbiiM bnnk 

35pm: 50pm Milbuiy 

2U1 181 -XaUUM- UMIt Of A»np,l—h — . — 

! UUg aw-- iJns-I 

■4 r /l iPreedy (AWndi 


| 86 | 

' 9 -ml „... 

r 56 -i 

j 195 ; 

19l2j — 

I *8 

j 25 
• 337 I+* 
SOrvn— fi 
186 |-4 

ao 

81 


1 Under 5 years— 

2 3* 15 years. 

3 Orer 15 years™. 

4 Irredeemables. 

5 Allstocb 


Fit , 
Mar. 

3 I 

Day's 
change 
- 14 

xd ad/. ' 
To-day 

xd ad/. 

1S7B 
to date 

108JZ1 

+822 

— 

210 

219.76 

+025 

— 

159 

126,64 

40S9 

— 

23Z 

141.76 

— 

— 

L7S.I 

119.66 

+2.07 


207 ! 


5 years— 


8 25 yesra-- 

4 Medium S years... 


25- years. — 


8 Coupons 15 years.... 

9 . 35 years— 


287 jioj irredeemables JI 


Frf. 

Thurs. 

Year 

Mar. 

- Mar. 

ago 

3 

2 

i approx.) 

7.84 

7JS4 

7.96 

10 JA 
10JU 

1815 

10.61 

1157 

1226 

129 

9.91 

1853 

3114 

1115 

3247 

1131 

1132 

1127 

30J3 

1057 

1165 

3205 

12.07 

uas 

1214 

1216 

1413 

1137 

1056 

. 1315 


581 (&W 
8.76 (XIV- 
9.63 (XV 

8.73 (»V 
9.70 (30/9T 
9.91 (38/9.i 

8.93 lilOA. 
10.78 GOrW 

1086 GtoVt 

1087 


[ Pri, 1 Ut 4 l i J 

U : Thor. Wed. ! Turn. ! II.. a. I PH. 

j Index: Yield I Mar. Mar. Feb. ; Feb. j Feb. 
1 XoTl % ! 2 I I 28 | 27 | 24 


Thor. Wed. 
Fell. FeU 
25 22 1 


Sinuo - . ..ii 
CompOntipa 


RcnuECfadon dale usually last day for dealing free uf stamp doty: b Figures 
based on prospectus estimate. 0 Assumed dividend and yield, a Forecast dMoend: 
cover based on previou s sear's earnings, r Dividend and yield based on prOdbectns 
or other ofScUI estimates for 1919. q Gross, r Pignm assumed. ( Cov er all ows 
for conversion at shares not now ranking for dividend or ranking only for reetrleted 
dividends, a Placing price to public, pt Pence unless otherwise indicated. C Issued 

V- 1 .^,, II ol flnllnM cS.rv.. .. . ~ MrilM." •“ SlslltS 


lS20^r. Sad. Deb. ft Loans (16) 
lfijlnvesnnwir ISnur Prei*. (16) ... 
, 17*ComL and lndl. Frets. (20) — 


>6089 'il2.2ftB0.8fi (80.77 160.72 SO. 90 SUM 
..&.6T 1)2.45 5787 S787 57.07 b7J)7 [57.18 
.77.00 111.60 17685 7788 I77.M I77.10 7727 


081 ffl.13 
7.18 187.17 
787 ]77 jC2 


by way of cnpluUsadon. M inim um leader mice, 1) Rctanrodaced. H J 880 ^ 
In connectloa with reorganisation merger or lake-over. III! imrodnctttn. 
to former Preference holders. ff| Allotment letters (or fully-paid). • Prsvimotml 
or partly-paid allotment letters, dr With warrants. 4 Quoted price subject to 
* premium lor UJv. residents. 


SemiM or Grasp 
Pharmaceutical Praduax 
Other Group* 

Overseas Traders 
Engineer! ns Contractors . 
Mechanical Engineering 
Wines and Spirits 
Toys and Gamas 
Office Equipment 


Base Date 

Base Value 

Secuon or Group 


Base value 

38/12/77 

261.77 

Industrial Craup 


TSfiJd 

31/11/78 

63.75 

MbcaHaneon Fteandal 

’ 3102/79 

12U6 ■ 

31/12/74 

IflO JO 

Fond Maaufaciurlna 

29/12/67 

.11413 

suum 

15324 

Pood Retailing 

29/12/67 . 

11413 

31/12/71 

15324 

Insurance Brokers 

' 29/12/67 

■5667 

n/i/7e 

140.76 

Mining Finance 

29/12/67 

MOW . 

14/1/10 

13S.72 

All Other 

1D/4/62 


16/1/70 


t Redemption yield. 

A new list of the constlueats 


4381 163-67 0(1(77) 146.97 (4;U77) 113.43 lE3(lO.-66) 37.01 gjjg 
4888 I57.71 (11/1(781 ;44.78 i4(t(77) 114.41(13(9(85) 34.48 

88J7 179.53 |3;1Q|77) 162.76 (4il,-Tij 114.96 t7/)0fl3) 47.67 ffW - 

Base Value to available from the PoMtohvs. The FUam Ul^, r 
*rat»» House, Cannon Street, Laudas. ECGjjttf ^ -^ 
■114 J 3 by post 22 b. A forxnlgMly record o( SttW-ff*. 

-11431 CACtian Indices, dtoMend yields and earntoy^R 

since U62. witb qnartorly hlgba null ioWS 
' ■ to obtainable from FT suStows EntorprbnS. * j 


r--.--': -'j r*i 






«= -*’•«'* ■ • • 'S, 


Financial Times Saturday March 4 ' 197 S. 



INSURANCE, PROPERTY, 

bonds- 


25 


owu 


ft- 




rtnd mi 

[ilO' Ace 57.0 

«mv ml mi 

.\rt v tef. -> u m3 
k-l »»»>Wn\d«* !£L3 
tcr-riihlc Fired.. 1284 

piwy Mind. — un 

lv I.Weife 1M.J 

r NcJAtlve 7L& 

h Jmirliy.:. . IRA 
MilltOfitll Wi B 

.. Mia 

i hilMr.j 1708 

. _ I'd Srr.4 124* 

/qa.TytirfScr 4- ffll 
i* 1 F.1.KW 4 . WO 7 
Ruts MSw a.. M7.8 



■i^3 — 1 

M 

nia 
M3] 

127.3 

131 ll 

m 

V c “ FcK 3 n*Sn»By Ttoo. jSffi&SS^irBS 

I* Anuntnce C„. LM. RS.gSS£SR: SI 

Pfn.B5.Cap w % 

l»7i ' T'~ fen. R5, Acc..— l»9 

143 3 I __ > W) D.A F.Cap.;,. 

11 b. 9 “ — | _ Pen. ILA.F. Aec__ 

H»3 
iiiSJ LI 


ZL. ™*P« , ir®OBiJs--.lU« 


m Norwich Union Insurance Group 

tK-3837107 ~ - 


, PO Bat 4, Noftticb NRI 3NC.. ORffi 
—■ J MantfficdFW.^ .JH7.3 ' 2B7:6j -0 41 

Life Aasttrft&ce limited ? Property And., loi m2 +o!« 

f«*dlnt.Ftari 1542 1623 

Depusit Fund 102.1 107.4 

Nor. Call. Feb. 15- 10ft 0 


t'tiiUuritnfitwSt.WJ. ' 014S7B9B3 Pfl]- B5. Cap. 


<lW«;Fd Arc.-. . 
■v.-ii ir,L a«: ...... 

‘r Mim-Hl Ar. 

•II fifes. FdAcm. 


UU 
lUM 

U2.3 

K. 

153 6 

J'tv HrnfUAw. MB2 


■+-p.F«LArc ... — 
pi i- In v Arr.. w 


' : .id I I'm Ai'g , 

1 Mon.rvn.Aec.. 
iMnHnFVUrt- 




Hi 

139J 

3329 

IWJ 

£i 


ipw flwk Lme. London. Wi 01-HS0031 

,7 3302ft 

1656 , 

163.1 ...J — 
3343 

SSi ~ 

8H ::: 

265.6 

mizz 

H96 _.... 

1352 

32R6 

144.1 -._. 


5t*n5eflCBp._.^_ ml 
MmuftOdAcc 1568 

«WWBtt._^. . lj£a 

iaSSfecffil 

■gen. Prop Aw 2R3 

gw. 3Ua.Cap._L 


IMA 

100.7 


Phoenfx Assurance Co. lid. 

®-5- K;ns William SL. Ed?4HR 01-8368576 

WMHh A sl_ p{B.fl wj 1884| \ _ 


_ Eh r. JH. Aflr. 
_ Eh r. mjjj - 


1102.8 10841 t 

t—lM 73.3-.-r 


Prop. Equity ft life Ass. Co* 

118. i/ravlcml Street, will 2A5. 02-4860857 

R-KillcMo^Bd.-LI 1703 )■_....)._ 

Dt>. Equh>‘ Bd — J\ KJ J _ 

liny. Bd. Fd j 1SL2 J J — 


— Do. It 


of Oak B e n e fit Society Property Growth Assnr. Co. lid.^ 
EcsMin Road. London. NW1 01-3873020 L*«t House. Croydon. CR9 1 LU 01-08006 


rSiSxsciyy 

IEV Ufe Assurance Ltd* 

Kir. Alma Rd, Rdgate. Rcisate-40103. 

Kttte fev, w-j 

EVMcsiryFd.* 1M6 

RY Equity Fd KB 

E\ Fi«rd lal g.B 


r Hearts «rf CrnJc pfc.1 38J| »»J. - 

— HiU Sa&inel Life Aarar. LhLV 

NLA Twr^ Addlanunbr RA, Croj-, 01-0064335 


RV Prop. I'd. 

1 7.WeaPra.Fd J4M 

EV 3t0d Pcn.'B+M.fl 
“plan— 1 — ft9.9 


■So 11 


... JH 

mo| 

mow 

303« ZZi 

-»33^ J 
MS 2 


gPTOpeiw Unm _JW.4 
"•penyBrriVBA- «3 
Menaced Cnita — 1903 
Mehojfed Series A_ BSJ 
Manasrd Acrtes C_ B73 

Mo«iy Units 1387 

Mon<-r Serif* A «l 

FLxr dlnl Ret A— B b 
Pna.M£d. Cap — —S35.7 
Pna Mgd. Acc.. 
Pni.CM.cap_. 
Pns.GM.j4ct— 



Properly Fond. 

Fropcrir Fundi A).. 
AxtuhII urjl Fund, 

Aerie. Fund < Ar 

Ahhct Nat, FUnd.-, 
AhlwjfNnt Fd.(.AJ 
ini m-lmcnlFoad—. 

liuesimvnTFiLiA'. 

Equ ity Fund 


.row life Assurance 

Uabridfio Road, w.1% 
Mt.FiL>Uut.|Wi *52 
»nLFttsTunt_f^ 
isionsSielFd— f 


relays (1R> Assnr. CO. lid. 
Romford Bd-E7. 
c taihnads'— -DM * 

IW3 HO-& 

-ed^ed. Ulk 

Kriy — IziLLB 


u«ed 

iSmsZiciSLT Si* 

Inlnal 9521 

EdsFauAcc... 963 

Initial- 15.1 

leyAmAcc— 980 
Initial-- 1%.9 


320.71 


Imperial Life Awf Co. of 
lmperinl House. CnRdford. 

Ol-TOBUl |J g| -( = 

^ V alt UnM Fortiolw 
.. raid _ 

iLFd. 

ywnreCnp. Fd.. 

Guilty Food 

oi-bush Irish Life Asswanee Co. Ltd. 


Equio FtindiA) 

Nonw Fuml ■■ , 

SIonejiFljndfAi— 

Arluanal Fund — 

Uili-vd ced Fund 

<4iU EdjedFd Ml 

ORemvAsnuHy— 

dimmed. .4nn"t? 

Prop Ciwrii Pml 
All Wtbur Ae Uu. 
, 9 All WpMIierCap. . 

7135S Wnv Fd. Llx 


Peorana Prt. Vts.._ 
Conv. Pens. Fd. 

_ S£&STJ« 

— Man. Pena. Cap. UL 

— TYop Pem. Fd. 

— PttwJVnsi’ap.LTs. 


T07 Q — 

S?J ^ - 

8163 -C.1 - 

£5 ~Z ~ 

1HM 

3016 

UXI2 
MT2 __ 

K)17 


■Curreni anil value Feb. 22. 

*tw Life Ahqi, Co. UA* 


13. Finsbury Square. ECS. 

Managed Fann — f 

PtnpJkxL Feb.l Iu»a 

Prop. Hod. GUi. Wl 


01-6288263 MC-**.»p. Ut_. 

“} PtOTi 

— 4 — 222, BJj 

-"4 ’ Pm- 51 


. 175 7, 




273.9- 

714* 

ra.ra! 

— 

7093 




150B 

, 


3506 

604 

— 

— 

64 2 



1SS6 

-a* 

_ 

IS* 

-02 


137.3 

+0J 


1367 

+02 



UAJ 


_ 

1253 

+0.7 

_ 

XZ5.5 

+02 

_ 

1746 



2383 

’ 

_ 

ana A OihS 

crU 

L 

1269 1336 

lmt 


122J 1273 

| ||t " 


in?? 

m , 


1272 



_ 

1421 

130JZ 

— 

— 

MLS 




1317 



2422 

23 L0 

“ 


I2BJ 



1186 




Provincial Life Assurance Co. Ltd. 
B»*hDpsgate.KCi. 01-2478333 

Pm. Managed Fd-tUOS 3I6J1 I ■ 

Ptot. C ashFd. ina.9 5H« I . 

cut Fund 20 022A 128.W +3.4) . 


King & Shasxast Ltd. 

52. Corahill, EC3, " 0F823B433 

® “ Pni**^ Pensions limited* 

GoelSec _B*L S&XB 1303W I _ Botbonj Bars, BC1N" 2MH. 01-4058222 

EqultFd. Feb. 15— IEZ3.06' 23771 | 

. Ki ^ cl _ - Lsngham life Assurance Go. Ltd. ^ “ 

^ , w „ ..OWBSOtt laagbam Ha. Ht&nhmbk Dr.NW*. OFHBSai P l ^ 

.kHoraeMar. l| 1» »_) - ReLance Mutual' 

™p <339 Man Fd [33.4 773) -u) — Tunbridge WeHa Kent. 

I-tffeCnnmflWtfeRrilid ““ ‘- 1 " 


— i - 


iadn LUe Assurance Co. 

m£b St, Potters fur. Heats. PJJsr miw 

' aa i=i = 


i Fd. Mar. 1 I 

DM.Kcd.Fch. 6— [ 

mn Assorance LhLV 

LimpieWy, Wembley HA0OXB 02-0026876 

HyUnK* 105 47 — 1-0 Mi — 

SH^iyl'iiiu 4 

Itv Sond’EseC..}! 
p oond'ENec— , 

Bd. Rtcc.'tbdl.l 

afR flood f 

it> .UniD...— .1. 

*rV- AcruBL. 
iL AcCUHL. 




K 


XqslO- TSf3 

ftopwirrimiji 

KSuluKed.—. 199 7 

rvpSi fei 

lisfL -,}B.6 

Fq Pcaa.'Aecj.ino 
PrpJVns-'Acc. -iU 33 
Mcit remJ .Vcc|*M 3 
Dcp Pena'AcelH 3 
tiih PciUiAer-i t. . 5 

ESiF. U5J 

ESJLF.r-.._...te» 


Sn "?* 

- — 3| 

= --i 

■ S8JJ -0.4 

-MM 

-M 

103.2 

-4691 ..... 
. CTJj -OjJ 

3fll< 

97.0 
381 

27.0 


CaatafeiU 

Do. Aeewji 

Equity Initial 2044 

Do Arena HJS.4 

Fiard Initial 1138 

Da -1 mm IMS 

Managed Initial— BJ94 
Do Ad- urn U0 l 

Property Initial __ 95.0 
Do. Aceua. . S.9 

L«Cri A Ceeend (UnU Pwriwii) 

Eeesnpt CMb In] L . K5.4 

Do, Accvm. 95.9 

■ Eremj* Eqiy. JnOL_ Ml 9 

Do. A cram. 1925 

Exempt Fixed Inil 102.7 

DaAeewn. M33 

Exempt Mngd. Inn. U1.9 

Da Accmn. 1025 

Exempt Prop. Inti.. B.4 
Da.Accum.-_ 95.9 



Sb SaithlBs Bane. London. B04. 014084380 

NX. Prop. Dee. 30... [1141 in a :1 _ 

Nest sub. day March 31. 

Koval Insurance Group 

Nw Hi! I Place. Ln-erpool. - 06I2=7442Z 

Boj-a] Shield Fd [USA USB) —4 — 

Save & Prosper Group? 

4. Gl_SLHdea - 6v Lndn- EC3P3EP. 01.5540880 

BaLInv.Fd M7.7 -129 

Property FdL* 3465 155. .. . 

Glh Fd DU 1265} +0. 

DgpoMtFdt ... E15 I27a 

Com piften*J r (lt— 192.7 2d2« 

Equity Pen S.FH 15*1 366.4 -05| 

PippJVns Fd.-_^ 2059 217.4) -_J 

Gill Perns. Fd. 92.9 97* __J 

Depas.Pea*jrtLT_ 96.6 II 


Currcm value much 2. 

rito] Life AssmaesV 

lrtoa Hcuae. (3mpcl Art Wion 000258511 

U4J& | ‘.-"J — 

■ srtertHmSc' KUgaa Gp.? 

icq u era Sq, Csbrlilfte.UBS 1NE 52781 
:fcie Cu»y_ 

;hse Knws 

KraWi!. 

:h-r- Equity 

ru Pld Soc._„ 

tm Manared 

>■ o? Wntsduter Anar. Sec. ltd. 

: Ji.*d HtWe. «, WMtetanio Rond. 


Prices an 'February la 
TWeeUy dealiogs. 

Schroder Life Group? 
Enterprise House, Dmamoutb. ' 

( 206 J 

1197.0 2073} 


B»2 -55* 


79J -. SO. 8 


kI 3 * < 

... 


ir ... 

m 

olt% 


Legal & General Vrop. Fd. Mgn. Ltd 

3 LQmcb Victoria SL.BC4N4TP 6F34B8S7B 
LNGPrp^it. FVb.6.}970 lMJJ — J _ 

Next Snb. Day March 1 

life Afisar. Co. of P e nnsylva nia 

3942 New Bond SuW17fifift, 014038395 Fcced lpL Feb. 28„ 

LACOP Unh3___P015 fixed int3 Feb 28 

. la— I -T Feb. 28....— 

Lloyds Bk. Unit Tst. Mngra. Ltd. £| S S ffl!4 F febk 

7L Lombard SI.BC3. 01*31288 MnRd. Fix. Feb 2a. 

Exempt 197.9 MM) 1 7JB Mnftd. 3Fcb 2S 


Equity Feb. 28 

Equity 2 Feb. 28 

EquiD-3Feb.28 _ 


Uoyds life Awnmce 
13 1-eadenhaH Sc. BC3M7LS- 


.uocTWBJA 01484 OWL ______ 

mtVssrjuf sa=j = math 


y of Westminster Ass. Co. Ltd. 

frti*ad Hmree. 8, Wh U ah mc e Road. 

• dPxCEOCIA. 01484 0886. 

a Db>;» Fund — B7B 

iityHirwt. ._.. 

.fnlJnii Fntwt . 

i*r iVnd 

.. . 

.4 mind. ... .11700 

d riiTrealfv rinsed ti n n r lumtnml 


L26967 

[12241293 I- 

m> 119 fl) „ 

1550 164.9 ... 

1»4 l«3 .... 

X3pLiDeptKMrJL— OfiLl 1265) ... 


Mt.Gth.Mm-.2_.' 
OjX.5 PrapJBblr2 — 
optskoinri 


014334 


Mouer Feb. 36. 

Moncj- 3 Feb. 38 

Deposit Feh. 2t_„ 
Property Feb 28_ 
Property 3 Feb. 38- 
BSPo.Cp Feb W . 

BSPn Ace. Feb. 28., . 

Mn. Pa rp.Feh.28.hBi3 
HnJPu4cr^eb3C-B17.7 


5076 

5390 

ni49 
P45 J. 

RZ26 

1234 

135.7 

1059 

115.9 

U2J 


M64 
157 J 
1203 

1»5( 
i«£a 
ES3T 


0 154.7] 

113.4 
1275 
195.11 
229^ 


•'rm. Fcils. _] 


9^' 

Growth Fund- 1 
game. FieLFd.1 

■.ntcpriai Uniat) Gnop 5 j£p?$i/t!bl fSj 

ricr’-. l.t’ndeKhaft.BCS. OMB87SOO Sy^i/SK 
t,..W.war« } OH .|-4>B3j — 


Scottish tVidows’ Group 
POBm 803. FdUnbargb Q0USBV. 031455W00 

llivJ1y5ericsl 194.7 947] — 

-U Inv. Piy. Series 2„. M.4 942 

1 w„ Cash Mar. 1 — «6.6 1017 ._ 

Ex UL Tr. Feb. 7S_ 129.5 155.1 
MKcLPcn. Feb. 33 - [2JJ5 244 B] — 

The London & Manchester An. GpL? 

ntl4u.FdktttiM.Bmt * 030307333 Solar life Assurance limited 


London Indemnity A Gnl-Ino. Co. lid. " 
10-20. The Fortuny; RaKUa* SCSI L 
Mooct Manager— ..{29.2 
XJC.Flm1ble.__ ra.4 
fTUotflatcrott— _|345 


HU91X. 

3L4j — j -0J 


«: niiity L'tS ; 

rederotion Life BusTtnce Co. 

n.-r.een iaiW'.WCEAIUK. 


4m. Trust Fired 

Property Fund 


2B.4 

-4.1 

2253 

-2* 

847 

-11 

1356 

-3J 

203.7 

-1* 

U94 

-2.7 

79J 

-0.4 


i:rt n-nit. - ..gi 

IOd— .}!' 


• a.-od Fund 
■n.il Ten. Pd 
Fcr FVeri 
1 Int Pen. Fd 
Pm. FA . 
mj i'efi. Ki.. 
.relfB la. PcL; 


!4L9 .. M9ti 

,74 0 MiJ 

, * 9J ro-. 7Z, ' 

SK 

1761 


M ft G Group? 

01-2420282 Throe Tower HiH ECSB SBQ 0149 4588 


3514 

1 hill Insurance Co. Lid. 

■rn'nill. ECJL 


h! n+. 15. _JU3S — I — J — 
.-«■ Feb. II — <65 — { — 4 — 
ihK.1 Feb. 20. {159.0 1675} ..-.J — 




11U 

386 

3256 

3558 

77.8 

59J 

95J 


4.0! 


Pen.Kauiw a **_ W2.4 

C«ae. DcporiT* U64 

Kqurrt' ftaxrt’ 12L2 

F»mlbrT»S<P"-_i. M4* 

Family 8140*" Hll 

GihSoud*** 1*59 

IMenaUil.Bond”. M3 
MaoasatlBd”* — U9J5 

W«««KI j£SScM%K 431 

JapmiHLBd." *56 

rnroa oa - JSStL-Mar. S. —Ft*. 3. 


3 


lOTChenpeiile. ECZV BDII. 
Solar Managed S _ 0215 
Solar Property S_ 1070 
Solar Equity S — _ 1434 
Solar FxdInt.S — U73 

Solar Cash S 90 1 

■ Solar Tati. S Ml 

Solar Managed I* _ 12U 
Solar Property P.„ 106 7 
Solar Equity P. ,.„ 1417 

SolarFMUnl.P U71 

Solar Cast P 9*0 

SMarlntLP (941 


014080471 
127.9) -BJJ 
112.7 Z] 

351.0 -06) 

1235 +03 
3853 . 

100 0 . 

1277 -0.1: 

150J -0.6 
1233 +0.3 
N52 . 

1803 . 


Merchant , limiters Assurance? 

133. High Street. Croydon. 01488D171 


Conu.Dep.FH 
Money Mrlrt. Fd — . 
Met Iut Man. FA) 
Mer. Inr. fXjr.HL 


tit & Ceraoem Insurance 

•venlSL.LoodeuMXRSFE. 01-43870BX 
■Injrd Fd ..-.B2CT 13ZBJ ....-1 — 

sdsr fasat ranee Co. Lid. 

:a !SouM*,TouerPL,GC3 014288031 Equity Betid 

T.,p J.U.T..-I66S n 4) ...._) - ffiy ay 

e Star insOr.'hfidlBnd Ass.. c2SwE5Si«aZI 
rj.tefedieM.rc2. oi-388 jar* SSSjSftSEr: 

M.A UtIU_VJ6.4 M.7) — 4 635 

O & Law Life Ass. Soc. UtL? iStcSSStoftnrwr 

* -Sal 1 3 ? 77 Trelex Bq. 

rtvFA. 1— [1C^4 ' 107 

inleretf K (1BS6 114 

i-ne-.ilFd H73 102 

M! FlttS M7. 


1Z7JS 

1411 

Si 

S& 

UU 

158.9 

ISTi 

DM 


+ 0.1 
-0.4 — 
+04 _ 
+2.7 ~ 
-0 4 — 
+J2 — 
+ 0.8 — 
-17 — 
+03 — 
-06 - 


— Sun Affiance Fund Mangurt. Ltd. 

_ Son Alliance Bouse. Horsham. 0403M141 
_ Fj.pFAlol.Ftb 8. . f £153 90 KA3BI — .1 — 

_ lauBn.Feto.38 ill-22 4 — 


Sum Affiance linked JLife Ins. lid. 

Sun ADjuro House. Horsham 0403M141 

Equity Food Ml 103^-031 — 

Fix iid Interest Pd... 1BL2 U66 . — — 

Property Fnnr) 1015 107.3 -3 7 — 

Intenumonal Fd. — 183 915 -1.9 — 

Deposit Fund 955 1S06 .. . — 

Managed Fund-.— 985 1035 +0.9 — 


Son Life of Canada OJ.K) Ltd. 

2.3.4, CoetatmrSUSWiVSBS 01-0373400 

Maple U-Cnb ) 180.4 

BbqduU.aOfflEd.-i 1248 
MaptoUSWj.„.| lift 
PereaL PuTW. 19362 


01-030540 

li 


sni 



rel Portfolio Life Ins. C Ltd.? 

: nolnmen- Cl - Walt bam Cross. TO3AS71 

liu Feed __l 129J . J } — 

lia Capital yQ6 43 7] — -4 — 

uki Life Ass. Soc. Ud 
re iir Wales Rd . XftnouUi. OSB 989085 
rthnuuf ....K53 •• lDOM . 

pat' F nud- -P44 Jlj • 

It FdnU . (Ual lMfl- 

rl I'uiul WS 1CW - 

4 } . Fuml ..-.W3 1MJ) . 


Nelex Eq. Ac com. -1987 
Nclex Money Cap.. HU 
NelfK Mm, AK.IH4 
Nelex Glh lac Ace_|44.4 

NtolmGtbIneCap-|4U 

Next aab. day March 



For 


tfizsffispsz 


m under 


Target life Assurance Co. Ltd. 
Tarfirt House, Gatehouse HA. A+lesbutr. 
Bueka. Aji«iboxytQ2Wi5Ml 

Man. Fund Inc (90.7 966} 

Man. Fund Are 1074 113.7 

Prop. FA Inc. 106.8 113.1 

Prop. FA Arc. 131.0 

1-rnpi FH. Tnv ... 1025 . 

Fined InL FA lncjl« 8 1125) 

Den ML Ace. lac _ 


. Ref- jPJua Ac.Pen. .(SI 

1117.0 


■ ReLPfanCapiPen-- 
RefcP toiMsti A n- 
RciJ , It«nM»D.Cap_llO&.9 


GiltFUn. Arr. u , 




M2.7 

7L7 

59.2 

121 * 

usjz 

342.7 

136.5 


AUTHORISED UNIT TRUSTS 


Abbey Unit TsL Mgra. Ltd. M fe) G arfanor c Fluid Managers ? fa){g) 

020059*1 ASt.Mny6aa.BC3A EBP. 


72-80. Gutehooce HA. Aytnwny. 
Abbey Gapital__Q9.4 

Abbey Income BSJ! 

Abbey Inc TK-FA. ^ 

Abbey Gen. Trt [40 J 

Allied Kambro Group (aXg)? 
Hamhrm Hac, Hutian. 

01-588 2851 ar BronDwo 
Balanced Ftanda 

AttedUO 

EnL In A Fpnd _-]573 

Grth 6 lac., p33 
Elect It lad. DeeJ293 
AJhed Capital —JgM 

Htttbm Paoti 

H imbrtl Aee. FA 
laeaar Finds 
Hreh Yield Fd__ 

Rich Income ■ 

A-K.Eq.ltK. 

iBtemttatia] 
lateroatimul___ 

Sen erf Araevaca.— 

PnciflcFttnd 

Specialist FUaria 
SmaflerCa>FA_B45 
2nd Stair. Co's FA - 376 

Beefflsery Site 799 

Mrt.MIa.tCdw.^356 
Qveroeu eanunfis. 47 9 
EupL Smir. Cff* _0{192JJ 


tOAawrieoa Tit-— 


Pi2 



Brltl-b Tsi. lAcri -. *7.1 

Commodity *26-0 
iz)FarEait7Yast_ 7b L 
High lncomeTsi — 53. j 
Income Fund..— . 

Ins. AsenCiW--- — 

Inti, aempt FU- — 
tjilnATittAcC.1— 



Perpetnal Unit Trust Bfngat* (a) 
01-3833531 48 HweS-,K«leyM Thames 048138888 
0.90 P’peniaiCp.Gth 1348 374} | 422 

I n' Ffeeadiny Unit T. Mgrs. Ltd.? faKb) 
£-99 wnrdirta Hstu 90a Lomtal Wall EO 8380801 


Ertnr Income—.... pa.O 

SmnllCo'sFA 37.2 

Ca jwbil Fuad. 075 

]nt-£rns.& Asreui 43 9 

PrtvaTp Fund 325 

AccsmiU'. Fund 55.7 


Gibbs fAsfeny) Unit TsL Mg*. Ltd. 

23. JOOHtfleW SS_ D22.M 7XL. 01-5884111 

<aI6G.J_n«me^-_|H9 «.71 .._J H.W America^ Fund 


lajA-'i 


Jneotae* — 17 

LGroutlrn 13^ 

. FBrRaw*— 120 


36.01 


3J0 





457 

3.72 

3.76 

3.7C 

5Jtt 

5.40 

(JO 

250 

2.90 


(smTcl Fhr&rt*— !®i . C30 Practical IqtoL Ca UtL? (yKc) 


44. Bloomsbury Sq. WCL12RA 

Practical .Mar. X ,132.0 

Aram, f-’nil* ]1845 


DrolinE 'Tubs. ffWui 

Govett tlohn*? 

77. LontRm Wall, E.Ci 01-5835831 

STildr.Mar.jJ_— fJMa 124 71 —121 251 Provincial Life Tbt. Co. 

. * Nwt « a -"'G “SF !•- Prolific T ain M5 

Grievesoa Management Co. Ltd. hiembcoim }93J 


01-8SS8SB 

407 

447 


138 


SBGivdiaa SLEC2P 2TIS. 

Bafgtn.Mar.1 B84 7 

lAeetna Units) MO 2 

B'mnHTMar.C— 164 3 
(Aceura. Pniteif— 1845 
Eadear.Frb.3SL_. 161 6 
1 Acc uhl Urrtfitfi— (tti 9 
Grncb*t7Mur5— jZZ-i 
(Afieun. VuffiOi 
LaiEndt Mar. 

| Anderson Vnft Trust Ma n a g er* Ltd. (Aceum.Umu 
]38FiacfinrchSt. EX3MBAA <£30231 GmrdhtB BOJll Ex. Unit MgTS. Ltd. 

AndeP5tm UT. — _ }*3J 46.0) J 550 lioru! Exchmuw. ECnpsiiNL 

Ansbacber Unit MgmL Ca Ltd y«ft«dMl» nMiM 
1 Noble st,scsi-7JAT^ 0WS236OTa Headenon Atolnistrathmlaiw 
lac. Mcmtiiiy Fund. 1154.0 ts*0a| l| 93 Premier IT.T, Adram, Rayleigh Road. 


:d 

Ltd? 

02-3(78833 


354 

8J3 


b. m t 

iS-i 

10 1796 

i‘,1— (67.9 
e<— (70.4 


193.5 

2W.7 

172.1 

1932 
368.9 
1745 
B0.9 

B3J +06 
700 
735 


01-8064433 ProdL Portfolio Mngrs. Ltd? (BKbXc) 


Hoi boro Karo, EON* 2NH Cl -US 9222 

^ Piudeatial pn n UgflJ-05} 400 

794 • Qa iller Hfehagemeat Co. Ltd.? 


ThoSltErohanfie.EroilHP. <K«HflT7 
310- Qo9draatGen.Fd.flOO.? ’ ' 

319 Quadrant Income- 1116.4 
293 




U8 

638 


2.93 


Arhathnot Securities lid. (a)(e> 

37, Queen SL London EC4R1KY 01-2385281 

Enra Income FVL_nD7 8 lUg [ 30.72 

Hish Inc. Fund 365 

WAccum. CnJtal (9 4 

iffa"*, Wdrul.Cia.) *9.4 
Preference Fund—. 255 
jUAccnm. P uli*)- - h it a 


162- 
S0l7 

lAceum Vcrit^j T15 

n09bWdnri.ILj 45-7 

FtnAPropFA UlO 

fijiiHFmiil. — - 35 S 

(Aeetna. UnJcti do 9 

Growth Fuml 299 

(Accum. FtniBi 35.2 

Ionian Glh. Fd 1215 

Eadern* In A FA. KL3 
ie%Wdnrf.Dte.l_ 1U 

Foreign FA — 755 

iti. Amer, & InLFA Z4Z 


263 


53J -X3 
532 -151 
Z75 
4B5 

17.6 

54.7 
775 
49J 
37* 

38J 

44J ,, 

1MJ 
.XLS 
17.9 


-<U 


BrenMooABnct- 

felAmtra H an L 

CspGrowthRKS 1*5.4 

ropGrtJMlhAM, — [35.S 


988 

9.B 

9.88 

12.88 

12*8 


6B 

5J1 

551 

353 

3.67 


359 

616 

164 

JLM 

S 5 


{giFar g>g . v. ■ — fe7 
tBiFinan^ITU E.7 
tfoBighmccrtin — B3 

f glbic. tt AmbbU. 285 

Utrotemaaonal — H3 
(SINth. American- M.0 
f£A. GrossFdhM- 1024 

Oil & _N*l — 02 

W. WJAFBb24 69.0 

i.- ■ .aai 1 1 W 8 

lac. — 151 B 


IflfOiW . - 

iShot Ertrol 


276) -051 
379 
38.0 
351 +04 
664U +05 
245 -Ol 
57.(hl -0J 
30 4* 

26.6 +02 
342 -0J 
106.7 -0,9 
24 7n +01 
73.8 -LI 
743 +02 
537s -01 


Reliance Unit Mgrs. lid.? 

Reliance RseuUubridge Wells. KL 

*6*^- IAa - Opportunity Fd B75 

01-63B80U Seuurde T. IA ccJ „ D7.B 

-OJI 456 Sehlorde T. Inc. »_p75 

Ridgefield Management Ltd. 

Pn E<n; 419. Bonk lUe, Mancintx. 061388323 
0277 217238. RldcefipM Int IT.pLQ 87.B| .. .j 252 


II 3 il 


5.M 


2.45 Ridgefield Ihcosicl}91.0 

Rothschild Asset Management (g) 
C.93 V2-OT, Gatthwne Rd. Aylesbury. Q29C 5941 
157 N. c Equity Fund- p430 157.0) 337 

«|6 N.C. EncyRc«.Ttt.S8J 94l|_09 33H 

5 63 N.C. Income Fund.. !l33 5 342^ - isl 752 

6-5 N.C. IntL FA flac.iteS 7741 -0] 3.44 
N.C. 3 nil. FA (Art- ^72.6 77.3-01 1.94 

N.C. Smllr Cays Fd{136-3 245.0] -0 j) 4.79 

254 Rothschild & Lowndes BfgmL (si 
*35 5LSwilh ins Lane, Ldn_EOfc 01-SS435G 

2^7 NcwCXRsempt—laiSn 120.01 { 373 

w Price on Feb. lANcat dealinji Man. 15 


fW bee exempt funds only 

Bm sand Unit Tst. 3fers.t (a) Eowaa Vast Trust MngL Ltd. 

15 Be*ch St-,ECZP 2L.\ nuromniT gtP<i «*eH^.Fjn^inySq,EgL . 01-606106S 


fb.BritidiTruA — 0388 
iRiIntT TTOK- 1316 


ID Dollar TiwSI 64* 

tSiCapIial Si 

Archway Unit TsL Mgs. lid? faKc) lb!£rom^nuai_ 252 
arr. High Boibom. wnv 7NU oi-smkss. a! 

Airbwaj-Fand [743 794 — I U7 ■b)High-i , «ldT*l_(265 

Price* at Mar. L Next aab. day Mku 15. 


1485 -0.41 
33* -01 
685 +fflj 
28-30 -Oil 

2S 2 -o3 

£1 H 
49.7b -ltd 
20.7 -01 


RowunAm. Mar. 1 —159.0 
RowronSeeJ^b. 57- D4S.S 



173 

430 

7.95 

795 

474 

424 


Dd-Ex emetTtt. (991 

Da Estra tncom© -126.4 


Da WIdwide True! 
BTstln-F dine— _ 
DaAcciun. 



551 

J-5 Ronn Hr. Mar. 2—149.9 

;S lAmim. units)— 1685 

?-S- Rtto.Mni.Feb. 27—167 4 
^-Qg lAccum. Cnrtsi..—.p2 2 

Royal TsL Can. Fd. Mgrs. Ltd. 

. , . "■ 5* Jenayn Street. S1WJ. 01-639 KS: 

InteL? (aMg) - Capital Fd Ml 655] — -J 3.99 

1 5 Chrirtopher Street, E.C1. OZ-£477SO Fd -_-_j66.b . 7IU] — BIO 

ltoeLIirt.PttnA— |8U 875} |. U2 

Key Fund Managers Ltd (a)(g) 

25. MUkSL W3V8JE. 

Key Energy In-F A- J63.9 


uftyi <5en— J593 
Fd7Z&374 


Barclays Unicorn Ltd toXgWO 

FnScomHaHtlRrmlDTflaAE7- QFS345S44 
Unicorn America— 08 4 30 lM — J 260 

pq Ana- AC C. pig 57. 9T — 0 l7 255 

ta2 -85j 255 

(Ml G25m -o3. 4 JU 

m53 -03 6.43 

283 ..._j 8*5 

Do. Fipancia) 54.0 , 544 -Oil 555 

Do. 500 —635 685 m —8-3 645 

Do. General Z79 SB-B| J 653 

DaGroVtfaAee 35.9 5BJB — Oj] 455 Elrinwort BesiSoa Unit Managers? Vnlr. Growth {565 

Dn fncoroc 735 -B.5 681 rjo, feochmeb St, E. PJV 01-S3HWO Incieasfas Income Fuad 

SWWSME-fiM jgftjH 478 f“- 7 

DxRmitm— .U< 39.4) -Dll 3.97 (‘S-B.l.nilFAAc — [95* 103.9(<| [ — High Income Funds - 

Do. Tm aer Fund -.11021 M8*J -aid s.c j, & C Unit Trust Management Ltd? ir^R«w» 

3 519 Tha Stock EchanKB. ET2N 1 HP. Q]-588 2M» 

3 519 UcCInARL -P262 


*MW*FA_ 

oaK-Fuml— [7? 7 

Key Fixed Int. FA- g0.7 
Key Small Co's PV1- (769 


Price* at Feb. 28. Next dealing Man 15. 
Save ft Prosper Group 
"nijow+nn 4. Great SL Hctcns. Linden EC3P SEP 
6741-091 as G*™ ®“** a ^ Edinburgh EJE 4NX 
Pi-71 -8-?} ^ - Dealings- to 01^54 8899 or 031-228 7351 

655 'Save & Prosper Securities lid? 
,5-5? IntemaUcttal Fonts 

^®£SSS 


785 
62.4s) 

83.9M -05) 


3.83 

444 

226 


-0262 

I-I66S 


1301x8 _...| 
89 M | 


7.79 


Income . 
U.K. Fonda 


(39.9 


545] | 713 


429tfj -Oil 


910 

693 


LiC Inti i Gen Fd- (665 89 Is) -."I 259- UXEnuiljr — 

|Baring Brother* ft Co. lid.? (a)fxl Lawson Secs. Ltd. WaMci Qtcra^ Fonda*. 

B& Lead ro hall St- KC.3._ 01 ' 3 ? 8 ^ 1 «3Ge«*bSLEdinbni¥hEH=2JG. 031-2283011 

Sutton Da [UL2 2fi|Ad| 1 3.96 *Raw. Jtoterisla— 134 7 36 9rf-lJ] 716 u * 

3 * S-Accnm.UnltD — 38 8 41 JB -03 

' Cron th Fund 50 8 55* 

tAfC lun T^tiU ti -- - 55 J 60 1 

BSs&opi®ate Progressive MgmL Co.? itGUland Warrant. M 7 34 9 

8. Bitbopegote E.C3. 01-588 EfiO fraffl: 216| 

B'gafePr.**F«b. 21 . R5U BUl 1 353 

Ac AUts.**Fefa. 21 _ [M38 LLLLL] 3.U 

DeoL XMta. -inwL ft Wed. fFhlm. "FxL 

Legal ft General Tyndall Fund? 

la.CanyraRoad.BrtsiQL 0272377*1 

Dio. Feb. 15 -1540 572) ) 5*9 


Da Accisn 120Q4 

Next sub. day Match 


* 205.1 

aea&UEw ^-i a 

Next sub. day Match 16 "March 7. 


SAcctunUniW- 
•*HifihVi*iIZ 
“tAccom. Uuttfi . 


20.7 

<8.6 

67.0 


223 
5L7 
71 3 


.1395 


716 Seetw Fund* 

3 34 Commodity - 

334 Eneror 

210 Financial Seco— 

0 27 Ht ^h - Mut u i M M i Furrh 


4£4ri)-02| 513 

82.71 -0.4} 2.77 
8710 -0 j] 1.46 
67.4sj -01 3.10 


027 

10*3 

59.83 


SelNt Intern «L — .12132 
Select Income R&S 


Bridge Fund BfenagaiVMre) 


ir aa + v. - / i[KSngWiniainSL.jEr*RSAR 

1 Bride* Inc- |«3 7.« 

BridfieCap.Iae.t_ 30.4 S2.4 — _ 353 

Bridge Cap. Acct— 351 3S3 353 

Bridge RxanpLt„ 123 1290a 6Z3 

BridgeTntl.lnc.t_ 135 264 — 428 

ByidgehnLAer-t.- M.7 15.7 428 

Price* Feb. 28Mar. L Dealing “Tdes, IWcd. 

[Britannia Trust aSanageneottaUg) 
London Wall Bulldiaca. London KUL 

London EC2M5QL 

Assets — 1633 

CapOnJ Arc 452 

Comm* Lad , 47.9 

Ontumodity. 65.4 

rinwimV 34.0 

Krtmpt - - - - 903 

Extra income ___ 36.8 


01-8234051 (Aecrun. Units)— i67 2 


71-Zl 




529 


Scotbits Securities Ltd? 

Scot bits (34.9 37 

SeoI>1eId_ MB* 49J 

Scolsbares (501 

Scot. Ex. G(h*9- 12024 212 fed | 



itet sate day March 15 

Leonise Admmistratioa Ltd. 

2. Duke 5 l. London Wm (UP. 01-488901 

:| ni JUISJ IS 


Far East ——126.4 
Financial Seri ..... 59.6 
Gold & General— 972 
Growth— [69.9 


Inc. A Grow th .. 666 

Inti Growth 50.9 

inrottTttShaicfi— 3X.4 

Kat-IUghlnc 69.8 

New lama— 33.7 

North Ameriqm... 25* 
Prtrfesaooa l — . (282 
Property Shares _ 12* 
Shield h®.2 


Status Chonsa (261 

Loir Energy {Z7.B 


486 -01 
SL5a -0*1 
703 -0.3 
365 -fl3 
941 -03 
39.6s 


Dat'AeSm.1^: frOA M.9|-0l! S17 &£5i5a2fc M5 

v*4 +UJ 4jLi Uoytfs life unit 1st. M ngra. Ltd. W»5Ss£ wi 


641 -01 
3042 +011 
751 -0.« 
717 -Oil 
54,7 +53 
4PL3* -05| 


187a 

452b -83 

281M -03 
29.9B -53 


4*1 
4*9 
597 
4 «S 
856 
1007 


LeoAccum. 

Lloyds Bk. Unit Tst. Mngrs. U<L? (at 
Registrar's Dept. Goring- by-Sea. 

Worthjfflg. Wlest Sasser. 

15 47 « -0 

I 1 tAtt 

SccoodiOpl. .}44 9 482 

Do iAcrutn.1 [55 B 60.o! 

Third i Income/- .— 173 7 792} —01 

Do lAcnmU *98.9 

Fourth (Exlncl-— tefl 5 


ScoLEx.^TA‘*__fl59.7 167J<4 691 

■Prices at Feb. 22. Next nab. day March & 

Scfalesinger Trust Mngrs. lid. (*Xz) 
dnearpo rating Trident Tnutsi 
140, South Street, Dorking. (0908983441 

Am. Exempt*. 

Am. Growth _. 


01-638 M7B1M7B First tBaiocd3_, 
65? -031 558 Do.tAeaiHLl. 


3063 

586 

64.9 


Exempt High VIA* 
nuwei'wn Exempt HtL Ldra.* 
OldZSiaa ExtniTnc.rxL 

;£i locoRicDitt- 

3E )nr. MF« WdniL— 
212 In ml Growth— _ 

2“ Inv. Tst. Unto 

“•'J Moritrt Leaden 

6W ‘Nil Yield - 


4*5 

2.75 

4.60 

754 

2*3 

428 


2*7 

503 

538 

SM 


72-80. Goi Choose Kd_ Aj Itsbiuy. 

Equity Accum. — .(135.4 1425? 

M ft G Group? (vKc)&) 

Three Quays, Tower Hill EC3B flBQ. 0UQB 4588 
See also Stock &chaa^e^eali^i 

399 ~ 

392 
W0 

».* 

t Ac cum Loits' Ml 

Compound Growth. *9.7 


02985041 VJCGrth-DisL __Tp7* 

...( 64S 'Next sub. March 8 


10.7 

37 

250 

35 

373. 

287 

004 

39 


258 

So 


197 

255* , 

263 

24.4 

294a ..... 

485 

312 -OJ! 

43.4 +0.D 

23.6 -0^ 

27.7 -Oil 
281 

251 +<U 
261 

m - ?Zi 

106 


203 
2.57 
879 
4.47 
10 *3 
10*4 

832 

567 

495 

0*0 

1154 

2.42 

297 

625 

625 


B +01 3.18 

Hoi 2*1 ^nerican 

-S! 5S t#S?S.rS« 

Conmodity_. 


J. Henry Schroder Wagg & Co. Ltd.? 

120. Chroptnde. E.C2L _ 01-2403434 


Conwrion Growth{472 


The British Life Office Ltd.? fa> 

ReHancc Hse, Tea bridge Well*. 73.080223271 
RLBrilinh Ldf— _M52 47.81 -Oil 5.97 

BL Balanced' K22 45R 1 574 

BL Dividend’ W13 . 442} ..._j 934 

■Prices Mac. L Next deal eg day Mar. 8 

Brown Shipley ft Co. Ltd.? 

Mngrs: Founders CL. ECS . 01*008520 


BS Unit* Feb 27 — t 
Do. lAec.) Feb2T__f 
Oceanic Trinu tat W 
Financial..— ._. 132* 

General hAS 

Growth Aecmn .. { 

Growth Income. 

H Ich Incotne — 

ITU 

Index 

Overseas---— 
Performance—. 

Recoven- 

EbcmpL Feb. 10— 


«= , 

34 94 -DJI 
175 ... 
42J -0.2 
34.1 -0.2 
28 4u -OJ 
184 -02 
221—01 
16.9 . .. 
526 -0.4 

20.4 

59J 


5*5 

5.05 

451 

433 

527 

527 

926 

173 

552 

J.6S 

534 

582 

5.74 


Conversion Inc..— 
Dividend .. 
lAccum. Uuiisi— 

European — 

lAmns Uniui— ... 
Extra Meld 

lArcum. Units* 

rarEa&iem. 

lAccum. L'diIsi 

Fundntlrv Tsis 

i Act um L'cit; > 

General 

/Aeeum. Units) 

High income 

LAccum. Units. 

Japan Income . — - 

lAccum. Unitsi 

Magnum — — 


fAecura. Units/—.— pUB 


Mirilan d 

(Aecum. Ihilsi 

Recovery— - 

lAccum. I'aHsi 

Second Gen — 
lAcema. UsiLsi 


Special [1366 


lAccum. Units ■ 

Special lied Funds 


U52 

1000 

37* 

«14 

S2.9 

635 

1451 

2285 

»1. 3 

llSl 

1383 

169* 


466 

2376 

6*2 

TOO 

1453 

2172 


171.9 


425 ..... 

421c -02 
422 -OJ 
64 -5a -01 
695 -03 

96 4 -02 
58 6 -02 

56 On -0 2 
1120 -OJ 
287 6 -LQ 
48J 

48.9 

81 9 -0.1 

1065 -0.2 
41 OU ~0.1 
4*9 -0.1 
57.4) 

68 9 „. 
157 4 -0.7 
240J -1.1 

97 2 -0.3 
158.3 —0.4 
137.1 +05 
1373 +03 

1S17k -1.0 
2266 -L2 
1576 +02 
255* +02 
75.1 -0J 

75.9 -0J 

157.7 -0.4 

235.7 -0 6 
145 5a -0J 

U3.1 -OJ 


Canada Life Galt Tst. Mngrs. lid.? 

0 High St. Triiieft Bar. Herts- F.Bar51122 Trustee 11272 1342 

Can. Gen Pitt. {33.4 J5JnS -0JJ *93. lAccumUiiii*. .{242.9 2563 

Do. Gen Aecum M05 *2U -0JJ 4.93 Ghiriboctl Fvb 38., 114.4 

iS Szih5£!!r™te6 j; arq 7« *dt»3-te« ig« 

Do. Inc. Accum fits <0fl — j 7.91 ‘ m - ’ 1034 

Pens. Ex Feb. 77_. U+7 8 124.3 


Capital Feb. 38 m_9 

1*1 f Ac aim. 1 ' 1080 

1*1 Income Feb. 38 1667 

2J57 lAccutn. Unitsi—. 2425 
2*7 General Mar. 1— 724- 

5 02 (Aecum. Unitsi 89.2 

5B2 Europe Feh 9, 284 . 

*31 tAccum. Uniui — 310 
4 09 *Pn Qc. Feb.2I_- 1547 


1 “ 


2.64 

8.96 

896 

330 

330 

500 

5.08 


-Spect Ex. Feh.7 — |ni8 
"Rccdci 




93J 2J57 

UJ-9 257 

1727 7.16 

25U — 726 

75 4 346 

921 ...... 350 

302 ...... 129 

329 129 

1594c! .-... 427 

2183 403 

every Feto. 7._|177.Z 182M -™ 516 

■For Ux exempt funds only 

IIS Scottish Equitable FmL Mgrs. Ltd.? 
SB St. Andrews Sq^EHinhiogh 031-5560101 

Income Units K6.X 490} | 5 60 

.\rcum.VnAs.._. (52 0 , H3| | 560 

Pealins day Wsdnesdar- 

Sebag Unit Tst. Managers Ltd.? fat 
POBox5Il.ReUbry Hac,E.C.«. 0123B5000 
Sebag Capital Fd. ..1305 XL? -D.3I 4.04 

Sebae Income Fd.. CS.fl 29 J| -0J| 

119 Security Selection lid. 
tu 1S-10. Ijncoln s Inn Fields, WC2 01-831600*0 

4 68 Unvl Glh Tst Ace — 122.7 242j | 3 90 

7.40 Unvl Glh Tst Inc_ [19.9 212| .) 3.90 

5j3 Stewart Unit Tst. Managers Ltd. <a) 
514 48 Charlotte Sq. Edinburgh. 031-2263271 

53 S t ewrnv American Fund ■ 

s ? * Standard Units B4.7 581) .- 

Aecum. Unit* [58 0 62. 

Wiihdraviai Units. }45 0 47. 

Bonn Rritlbh Capital Rod 


824 


460 

460 


S=K iH-di 65 

.'nils. {45 0 47.9| !] — 


711 
7.11 
10 55 


■Standard 
Accum. Units. 


[1239 134 4d| 1 3A5 

(1403 152J| J — 


457 

3.96. 


8 33 Son Alliance Fund MngL ltd. 

£25 Sun Alliance Hse. Horsham. 040384141 

Capel (James) Magt. Ltd.? Maaulife Management Ltd. ^Ee?£mlyFd' lar 0 20 ^ rj 

00 raa Broad SUBTOiiBQ St. George s w* ; . S^OTaea 00856101 Target Tst. Mngrs. Ltd.? (aHg) 

Income — n:|«l SS| 8« ClwM> - ” ** 7 4JZ H. Gresham SU, ECS. 

Prices on Unrch 1. Next dealing Somh 15. Mayflower Management Co. Ltd. Tarfirt To mmodi or. 

H 18 Gresham SU K-^V7AU. O1-S0G8O9S Emii& ' , 

f-24 Tarfirt S. Mar. "l— 
al7 *]>o. Acc Units- 


Carfiol Unit Fd. Mgrs. Ltd.? (a)(c) m-omeFeb .si — iiols 

Stilhnni House. Newcastle- upon -Tyne 21185 General Feb. 21.. .|bb2 


105JM -...i 

«.7a| 


NFS Pcmdoos Ma nag em ent Lid. 

dAGioc eehar ch SL. ECSP8HH. 014334200 GjUPtin On 

MmawdU^ ad— . ■ W*tj— l 1 — 

^ MmxSx Next dueling Apnt 3. Tm ^ tdKnati(K ^ uh Ins . ^ ud. 

New Zealand Inc. Co. (ILK.) Ltd.? = Bream BW01, KC4 1 XV. 064050407 


Maillami Hon >e. Southend SSI 2JS 070262055 Tulip i nvert. Fd_— 
Kiwi Key lav. Sw.MM .144? — 1 - TniipMangd-Fd-. 

th ft See. life Ass. Soc. Ltd.? f^S£&S= _ 

unt. Brs^-oo-ThamesJicrtX Trl 34364 JbtnincT'd— • 95.0 100.0) 1 — 

le Finance...} <^®f? J — ■} — ArowicanFd— — . W-g lOOfl — -J — 


ink 1 

ink Sn Acc.tuu 

^uporFd | • 


Fhr Root Rl 

GUtEdcodF_. 

Con. Deposit W — 1 


MVr BoudTVL— 
Man. Few. FA Cop.. 


129.0 
109 4 

196.0 

1082 


Man. Pen. RL Ace. . [113.8 



Trideat Life Asaarasce Co. Ltd.? 
Hcnhiade House, Gkmcroter ' 045238541 


nine United 01-351 3466. . Three tntofli Zinc 254.7-258.3 

non i Road, London. S.W.I0 OHS. . 


The Building and Civil Engineering page 
is published in the Financial Times every 
Monday and carries news items relating to 
contracts and important developments in 
the Construction Industry. 

For details of the advertising space 
available on the page each week, and costs, 
ynu are invited to telephone 

Q1-24S 8000, Ext. 360 
or write to The Advertisement Director 
: Financial Times 

10, Cannon Street, London 
EC4P 4BY. 



Sggr=r , 

117.8 124* 

KOI 1561 
MOB 254 6 

767 . 81-2 

97.0 182.7 

136.8 1441 

Endity'AnurieBa _ 
U.K Amity Fund., 
wiguvicid 

GinEdped 

122.6 129.9 

inu+uufdai 

90 7 _96J 

f/roifthr^qj^ — 

UrfMrth Acc 

£mm. togd-Cap 

Peno. Muvd. Arc. — 
P«iAGfdJ>opCai>.. 
I’cnxGta Ora ACV- 

Priw.Jwj. - .<5ia. 

1252 132.6 

128.1 235.7 

1U 0 129.7 

I»4 1233 

UHLS 1870 
104 □ 110.2 
111 8 115.4 

Trill Bend....— 

•TndkGl.BmA.- 

?S* 37* 

1014 


119.4 


150* 


. 1660 

_ 

1806 


125* 


241.0 

„ M1 

624 


36L4 


Z35.2 

•i— 

177 0 


822 



lymUl Assurauce/FeosSous? 

OZXZSil 

3-way F6b. 18 - 

FSM6 

16- 

lYoprrtyFifb. IB — 

DuKMltTch W— 

3-WayPtui Fl-B. 16 

iricasIm-.Fcb.I8. 

Mn.Pn2-Wtor.l- 
P9. PlJUINMar.l.- 
no. BdntOttor. 1 .— 

Du.ProtiMar.1 — 

Vauhragh life Assurance 

41-tttoddas5S,LAl.WlRPLA. OW4094B23 
[1374 148W.-01I — 

2051 215.1 “0* — 

IhibI Fund - t5,5 180 +0* — 

Fixed IntortlPd... U*J. 179J +*2 — 
Property fx Ubi 1411 — 

l-ttihFmyt . pifct 1??7 j — 

Vaabntgh Pensions limited* _ 
A3S5wJdcK St, Ldn. WIRSLA -O1-40B4&2S 
Mon«ed— .. W5J. 1002} — ['— 

^j asg^ B ' Sla E 

GunuMd fen Tas, But Rslef tabic. 

Welfare bnmeB Co. Ltd.? 

Tiro Low, FeltafMKt, Kent- — - *30359383 

ForShte latS^ slate to The late & 

. . Manchester Group. . 

Windsor Life Amur. Co> Ltd. _. 

1 Kljth Street, TOKfanr. Wunhor6Sl44 

Uftlny.PIahJL — (M* ... 716) — J — 
FuUiie.wiUS'hw'.l 19.0 j —ZX — - 

— "-u- a? 


FutnreArod UUubi. 

Ret. XxtL Peas. «26J8 

Fiw.iar.Giertb^. nil 


47 0 .—..f *■— 

out — — - 

ins.il] - 


Gorhol. 

Da Accum. I'tnts _[ 

Po-High Yk-Jd 138* 

Da Accum. Units . 147.1 _ ... 

Next tteaUufi date March 15. 


Charterhouse Japhet? 
J. Paternoster Row. EGA 
UJ tniernan . 

Accum Imis - 
iacumo 

U J Euro. Flu 

Accum. Unlu 
CJ.Fd.Iny. 

Accum. Unit* _ 

Price Feb. S. 


Mercury Food Managers UtL 

38 Gresham Si- E*-'2I '2EB. 01*004555 Tareet !n(] 

SlneGea March 2. .1154* 164 4d .. — J 512 HaReitii l'nils- 

Acal'ta. March 1. .ECU 2M3 . — 5J2 Tarfirtlnv.-.. 

MeroJuL March I -BB5 6z3 ._...[ 190 “ 


Aran I'to. March 1 .§27 



m-ua«m MCrC-Ext. Fbh23.... 
01-248 3SB8 AccnmUto. Feb23 


Next dadinsUardi L 


3.68 


1977 

2J5.9 


_ 667 

2#sqn 

245.7 


1.93 

*59 

429 


Tm. Inc 

TsLProl. — 


Dealings: 0286 9041 
466 
468 
6*1 
848. 
848 
3§ 
5« 
210 
2 JO 
391 
4.64 
4.40 
10*0 
4.73 


J12 

335 


540 

590 


138 

36.3 

-o: 

195* 

2021 


2Sa5 

267.9 


1182 

124J 

+ni 

ffiJS 

27 tie 

-0.1 

223 

M.« 

+01 

243 

261 

+01 

263 

285 

-0J 

142 8 

1503 


27.2 

29.3 

-OJ 

14.7 

16* 


P63 

17.3 

-0.1 


360 Midland Bank Group 
7.93 Unit Trust Managers Ltd.? (a) 
,5 Court wood Hmitr. Silver Street. Head, 
i-g Sheffield. SI 3RD. 
i w CoonnodiTr A Gcn..|!6 1 


Do AcnuB.— |637 

Growth jS3 4 

Chieftain 'Crust Managers UiLWaHs) 1”| 

30.U1 Qneeti SUGC4R IBS. 0KS48283S Da Accotl 12|* 

American feGMJ 2fl.7T -OJl 196 iffPHL 145 - 

liigh Income OTJ _ 42.11 ZZJ 9*1 Pn Aecum 

IntemwMmalTtt—ted* 23. Jj -0.1| 326 
Basic Hesrce. TrtjH.0 24*} -02j 504 


High YIel 

Confederation Funds Kgt. Ltd.? fa) 

90 Chancery Lane. WC3A1RE 01-3420282 Dp Accum 

GnwihFiad —1389 M2) 1 4*5 

Cosmopolitan Fund Managers. 

3a Pont Street, London SWIXWJ. 01-225 8X3. 

CaemopalD GUvFd.|18* — I 520 



Target TsL Mgrs. (Scot Dsn d) (aXb) 
lUAIhalCYeiccat.Kdin.2. 031-229803/2 

Tarfirt Fjylc 1 3L8 04.6) +0JJ 1*8 

Tel: 0742 79842 Targw Thistle . “ 


loteraatinihl. 
Do. Accum 


Crescent Unit TsL Mgrs. Ltd. (aXg> 
4 MeinlieCrtoe. Edinburgh 3. 

Crewetu Growth —Bi.7 gos-oja w.s* 

Cnw. ialeruttl — J47.2 SO.H +Ol| 853 

iScu. Hjfih. DisL _k0 J 4JS - J »W 

Crcs.Reatncs 136-5 Mini HU) 4,90 


004) —0.1 
68.6 -0.1 
38.7 -0.1 
37* —0.3 
252 -0.1 
27 J -flj 
48.5 m -0J 
5S2 -01 
42.6 -0J 
45* —0.4 
60.0 -OJ 
620 -0J 
103.4 .^... 

103 tt 

Prices at Feb. 28. Next dealing March 31. 

Minster Fund Managers Ltd. 

M aster Hsc, .Ail bur &-.£££. 01-S33I050 S' 

M: rl«c r Feb JT— 13}6 S^-- ! ■Acrnm.l'oiW. 

Exempt Ft*. 38. — PU6 SS6j — j 6*8 Marlhcw Feb. SI- 

MLA Unit Trust MgemnL Ltd. vto.<3auuKUft 

«JK23H«m Old Queen 5urrt. 5W1HSJG. 91-880280, ycjurLl’iiitti 

HLAUatU. [33 S 3S5] } 4 78 J.anMv Fth =8 


3 390] -Q . ,7] 6.15 

604 Evtro Income Fd./— [566 6D.9m( -0J| 30.76 

‘so Trades Union Unit Tst. Managers? 
330 106, wood Street, EC*. 014888011 

2 SO T '-’ TJ ™ ar - 3 i*- B 48**^ I 561 


672 Transatlantic and Gen. Secs. Ca? 
fiZ? 91 0H Sew London Rd. Chehnsford 02*551651 


3M 

3.01 

RBI 

681 

568 

5.68 


Barbican Mar. 2 
lAccum. I 'mW. 
Barb. Euro. Feb. 22. 
Buckm. Mar. 2.. 
lAccum. 1'niui. 
ColcmcoMar.3, 
i Accum. Units]. 

Cumkt Mar. 1 

Accum Units i .— 


Mutual Unit Trust Managers? <a)<g) 


Vang rw Mar. 1 


DlfierrtHracy Unit Fund Managers 
HRl«OfirtilSt,tX2M7AL. 0145384485 MilSlEchYId.-^ ? 
Disc Income {150* 36&1J J 5.47 


IS, CgpUitl] Vr .F'^R 7BU. 
Mutual Sec, Plus. -.[46 1 m.7 

Mutual Inc. Tfl llj 66/ 

Mutual WueChip (402 gj 

591 


National and Commercial 


Di-UK ami 

(AcCum. L hit*)- 
Wid, Du- Mht.3 
I*i* Acteun — 

L9S Tj-ndall Managers Ltd.? 
18. uonyufic Road. Bn stoL 


».4 

104* 

mil 

— 

.18 

IB 4 

843 

• 

3*7 

728 

755 

UM1| 

<2» 

877 

920 


A29 

m a 

117.7 

-25 

AM 

1328 

1398 

-25 

60S 

«6 

527 


682 

530 

56 a 


682 

479 

SiC 1 


588 

68.4 

643 


508 

043 

- 462 

ram.. 

277 

535 

52.7 


277 

MS. 

070? 


302 

55* 

57? 

||[|r 

3.42 

MB 

68.3 


837 

414 • 

433 


619 

418 




614 

544 

5’ W 


501 

M.6 

68* 


5*1 

632 

65.2 

-08 

424 

686 

71.9 

-0.^ 

924 



Atbutiuud Securities (C.L) limited Keyseir- MngL Jersey lid. 
P.<XBw28S.SLR<di«.JjSMr. • OBtmn PO BOT08,StiKciica: Jersey.IEnqOl-OMWffi 
Cap. TSt. lleraeM—- [U60 ■ 120fl —J 3*5 ~ 

Ntattoeailnc dot* Mw+h 7. 

EaotAhril.TBUCD-.llk0 lUtf __4 3J8 
Next nub. March p. 

Australian Selection Fund NV 

IfsrM Oppoctimitfes. e.b Irish Ymms * 

Oufcwaito. 127, Kent SL. Spincy. 

U SSI Shares iSTSUB - ' - 

Net aosci value March 3. 

Rsuh of America International SJL 

05 Boulevard Royal, Luxembourg G.D. 

Wldinrest lncu!ne-iSrSM845 15*5*1+0.73 662 
Prices at Match — Next ttib. day torch 8L 

Rule of lantn. ft SL America Ltd. 

40-88. Qtwen Victoria SL.EC4. 


Kcyocicx Europe^. 

Japan Gth. Furyf ] 

Kcjicplei Japan m 

CruL .VcSc'j Cap 

King ft Shassoa Mgrs, 

1 Qinriiu; Cross. Sl Seller. J«rsri. 

1 TJaenas Street, Doaglas, Isis ot ton 

(jilt Fund >Jcrs*7 > _ |9 *5 9.97) J lux 

GUlTruyfi! n l!.i.._|ll£5d 135.4nfl _ZJ 1L25* 
Jptr. G*rt. Sccs. Tr. * 

First Sta4tnr 
Fin; Inti. 


KcaigSUd = 

Kleinwurt Eeasoa Limited 

ai-snaoob 


A]«nwderFbwi_[MSSa - I [ 

Net Besot value Mar. L 


014Q0 313 20. Pteachuruh S— ECS 
EurlnvesL I*t F 1 
GoeniM>- Inc—.—. 

Du. Aecum. 

KBFarEaiiFd 

XRTntL Fund— _ 

KRJop&n Fund 

K*.l\Sj:inji.F(l. 

Sipr.ti Bermuda 

-LnitacduIiU 


8*4 


[56* ^ 60.4J 

SrSlOJS 
SV.SZ7.13 
510J1 
SUSU1 


Us JO . 193^+fljri 


♦ora! 


-KB act oa London payinfi agents only. 


Banqne Bnodln Lambert 

— Rue be la Rescan* B 1000 Braostift 
Rena Fund LF — IW» 1.993J +8} 

Barclays Unicorn Int (Ch. Is.) Ltd. 

I. CTharinfi Croos, SL Heller, Jccy. 080473741 

Orarseas Ineome -W 6 52.2) -0.7] 1020 Uoydo Bk. CCJ.) I'/T Mgrs. 

UnldoltarTrcn- — ItVSlW la«| *J0- p.O. Boi IBS. SL Hdle.- Jersey BSt 
-Subject to ice mid ivitfaholinfi taxes U^T^OteK_|«l» 50fl 

Barclays Unicom Int (T. O. Man) Ltd. x « dealjB S J5. 

i Thotcai st. DooRias, LoJL 0fisi4C56 Uoyds International MgmntL SLA. 


3*0 

4*5 

*J5 

146. 

195 

8*9- 


191 

8Jtt 


171 


FmcomAnttExL. MS 

Do.AogLMln 232 

Ho. Gftr. PbcLGC — 54.9 
Do.lnll.Iacbfiie — V2 
Da L of linn TM. _ <3.9 
Do. Manx Mutual ~ [215 


59J 
40 Oj 
473 


2J3 

140 

878 
9 JO 

2J0 


Bisfaopsgsfe Commodity Ser. Ltd. 


T Rue da Rbece. F.O. Bra 179. 1C11 Geaera U • 

UcBTis Ini.G-Ji.Fd|yr7MJ8 WM J 190 

Lltfl-iisIaLlnniine.JiFSUH 3HBfl .] 6.40 

M ft G Group 

Throe Quays. Tower Util EX3S 83Q 0F820 C8S * 
AtiaulieEsFPb. 2»_I5I 


!=} = 


P.O. Box 42, Dcwfilas. LaSL 
ARMAl'* Feh. G — ) S17SM69 
CANRHO- FeK8_( £LDM 

COUNT— Feh. 6 — J E2J36d i J - 

CiDfijnsIiy issued at *610 ana — fcl.OOL 

Bridge Management lid. 

P.O. Box SOS, Grand Cayman. Osman la. 

VhashlFeb ^-1 Y13*57 ) [ — 

] 0*3 


iWMJ-wti Auu.Kx.tor. 


Gold Ex. tor. 

jRlaod. 


Pb.28- J!N2« 2MJ | — 

r.l 5VM.:2 ira — 

-.1 BS954 sued. 1 — 

1028 109 2} —0a] 94*4 

3 > 1436 1S2B -oi) !iM 


lAecum Units 

Sanmel Montagu Ldn. Agts. 

114. Old Broa.1SL.EC2. 


»7J*.tX Rax 500. Hong Kong 
Nippon Fd. filar. 1 - |to. ‘ 


. JMJ* 14*9] 

Es-Mock Split 

Britannia Tot. MngmL (Cl) Kid. 

30 Bub SL SL Eelier. Jersey. 

Growth lniittat [28.7 3UJ —061 
lnDiLFiL — 1602_ _B.Ea+H2| 

Cuiral 5TsU bT*^|i200 1 id|^0.m| 3*0 

Value tor. 1 Next dcalias tor- 8- 

Butferfield Management Co. Ltd. 

P.O. Box 105, Hamilton, Bermudn. 
BattresaEnuit'— 0.03 1971 — | 2.09 

Buttteu Income— -R99 3 921 I 7.49 

Prices at Feb, R. Next suhu Ojy March 13. 

Capital International SLA. 

37 rue Notre- Dame. Laxotnbonig. 

Capital Int. Fond— .| SUS1566 | — 

Charterhouse Japhet 

l.PUeruostcrlUnr.ECtt 0I-S4B38BS 

Adlro. 

'Adi verba 
Fanidak. 

Fondts. 


ApoHoFd.Frh.2S_ 
JaoIoctFob.ri) 


>17 Jersev Feh. 22. 


sma5 

SWKM7 


0-5888404 
46.70] +09U 4*0 

M HS 

iSid «• 


Emperor Fund. 

Hllpw a 


DH38JD 

31211-0.101 

muSM 

5050 +0JC 

MDL50 

31a 

*010 

ounn 

an 

+0J1J 

H-S25B 



R54177 




5.68 

5JS 

6.82 

6JS 

197 


Cornhill lus. (Guernsey) Ltd. 

P.O. Pox 1ST. SL Peter Port. Gacmoejr 
IalnI. Mao. Fd. [163.0 •' 177 J] ,| — 

Delta Group 

P.O. Box 3012. niassan, Bahama*. 

Della Inv. Feb. 2B— [5123 134[+9*2( — 

Dentscher Inrestment-Trnst 
Posttoch =885 Bicbergasse 6-10 6000 Fmnjfuit. 

Coocenlra [DHHJfl 20. 

RentorfoadS— IDHtaJO 

Dreyfus Intercontinental Inv. Fd. 
P.O. Box N3712, Nasoan. Bahaniaa. 
XAVtoz.2 pUSUJB lZtS[ | — 

Emson ft Dudley TsLMgtJrsyXtd. 
P.O. Box 7S, SL Seller. Jersey. QS34305S1 
EJ3J.C.T. plflJ 123JJ ) — 

F. ft C. Mgrot Ltd. Inv. Advisers 

l-Z LaurrocePountncy HilLEClR OSA. . 
01-823 4680 

CcnLFdFeh.22.--l 5CJS4J0 | | — 

Fidelity Hgmt ft Res. (Bda.) Ltd. 

P i». Bax 670. Hamilton. Bermuda. 

Fidel ity Am. A&s — 

Fidelity Int. Fund- 
Fidelity Rac. Ftl— 

Fidelity Wrld Fd_ 

Fidelity Stcr. FdG- 
SericsA ilntnl.i— 

Series B 1 Pacific 1 — 

Series D lAncAso) 

First Viking Commodity Trusts 

8. St. Georvs's St. Dourias, loJt 
0634 488— Ldn. Afits Dunbar Is Ca. TM.. 

53, Pali Mull, London SW175JH, 


5US2630 


5FSZUL38 

+0*3 

SIIS40.15 

SUS1228 

4G.02 

£311 

+0.01 

£6.08 


£13.43 



£454 

UTJrs? OiFcb. !S_|t9J7 

Murra>', Johnstone (Inv. Adviser) 

WJ +11 in.HnpoSL.Cli-fiOWM'U. 041-2215521 

Sl ifl? *Hope.^Fd ) SIS3S72 ) | _ 

1TO *MunnyFund— - I SUS41# 1 1 - 

jl. oi in Jan. 

Negit S_\. 

Ida Boulevard Royal. LuTemhours 

N. lVFcb.24 ! 5151067 } ._..J — 

Negit Ltd. 

Bant of Bermuda Bldfix. HatniUoa. Emdl 
XAV Fob. 2l_ (6183 - l+DJSl — 

BOlhschUd Asset Management (CJLJ 
P.D. Bra 5% SLloliiiBS CU Gucnisey. 

0481 3M1 

Eq.Fr. Feb. 28 J494 515) ) £58 

Inr. FH.Mar. ] jj«J USjJ __J 6*9 

IqtI.FdFeh.15 B65 «<M J- 

Sm.Co.Kd. Feb, 29„|U19 140 3] J 3*8 

Old Court Commodity Fd. Mgrs. Ltd. 
P. O. Hox 58. St. Julian’s Ct. Gueruroy 0W1 2S741 

O. r.CailVt Fch28 1137.7 1W 7] ) SJ4 

O. f’.DUr.Cm.T-l.t |$24 89 »«?! ... 7) — 

-Prices cn Fth. 1 J Next dcalinfi Frb. 28. 

7I*acc on Fcr>. 21. Tfext dcalias date March T 

Phoenix International 
PO Bax 77. SL rwer Port, Guern se y. 
Inlor-Dollnr Fuad_|SCS219 236) ..-.J — 

Prop erty Growth Oversens Ltd. 

I rifchTotrn. Gibraltar iGib)8109 

IJS. Dollar Fund ... | 5US8877 I .... j. — ■ 
tJcrlincFond |- £128.88 )...-) — 

Royal Trust (CD Fd. Mgt. Ltd. 

P. O. Box 194, Boyal Ttt Hoe, Jeiset'. 0SU2TM1 

K.T, Int i. Fri |5TSM6 9 S9 | *00 

B.T. lnl'L JwJ Fd- fed 8Sj . — | 3-21 

Prices at Feb. IS. Next dcalias March 15. 
Save ft Prosper International 
Deafens to: 

27 Broad bt. Si. Belle.’. Jersey 
I'A DonardrMmlattrd Fonda 
3ilrFxdlnt-Marl_MJ6 9.941 

latcmaLiD.-t— [610 6.bS[ 

FetEiKitiI 1368 36.421 

North Amcrican'i.JOO 3.6ffl 

Scprn-% ._|12E6 1<L05( 

Kerilns+IrnnmoUpd Funds 
Channel Capital*- [203.7 234 J 

CbanneJ Is/andsO- U5.6 142.fi 

C not modi t>' filar. 3_ U2 7 . 118 Bd 
SlFxrLltMJr 3-JI199 126.9 

Prices on -Fob. 21. ~F>b. 22. 

iWct-Uy Doalinff^ 

Schlesinger Internationil Magt. Ltd. 
41. La Matte SL. SL Helier, Jeroey. 053473088L 

S.UX [74 791 J 9.18 

SJLOJ* 70*0 8H 4.71 

GiRFd 235 23.73 1160 

Intl.Fd. Jersey— . 95 hffl +i| 368 

- - 1+0.041 — 


OS36203BI 
7*4 



FVLVU.Cm.1ht._E6.5 

Ftt.VkJPtoLOp.Tiit.fe6* 




Inti. Fd. Jersey— NS 
LntnLFd Umbrfi— [955 

024B07fiS7 Schroder life Group 

d 


zoo 

0*8 


Fleming Japan Fund SA. 

37, roe Notre- Dame, Lnremboarjr 
Flint Feb. 28 1 SUS4169 [ — 

Free World Fund Ltd. 

Butterfield BJd£, Hamilton, Bermuda. 

NAV Feb. 28 1 SCSI 6665 l+246[ — 

G.T. Management Ltd. Ldn. Agts. 
Park Hi*. J6 FimsbmyCiirnn, London JEC2. 
Tel: 0I«B 8I3L TLX: 880100 

G.T. PacLIicFd [ 5UKLL59 |+<L02| — 

Management interna!! anal Ltd. 
c ci Bk. of Bermuda. Front St, Hamlta. Binds. 
Anrhor-PTnlu— 195 

Anchor InLFd |ST!S38I 4«j _....[ 199 

n.T. Bcrtnada Ltd. 

Bk. of Bermude, Front SL, Hamltn. Fnnio 

Me'TvPacF BL's63J — |,0.03 0.79 

G.T.SFd f SUS6JO. J 0.79 

G.T. Mgt (Asia) Ltd. 

Hutchison IIso. Harcnuii Ril. Hang Kon? 

G.T. ^Uia K WHK737 7 M [ 3.95 

G.T. Bond Fund . — | SL r S32J8 ] [ ZJ0 

C.T. Management (Jersey) Ltd. 

Royal Tst . H>e..CnIomberie. St Helier. Jersey 

■G.T. Asia 5terIimJ-|£10.84 31*7] | L74 

Rank of Bermuda (G«eriuef* Ud. 

31-33. I* PolleL Gnernacy. M8I-S828B 
~ y PacStrlfi.. — |2jt0.0 Z3a*g....[ L3C 

4or Cl It fJkc-Bb. 55 1B5U-001J 1199 
Anchor lnJt?.TfiL..|S3 24J[ +0.1J 324 

Gartmore Invest. lid. Ldn. Agts. 

2. Si Mary A» CL London, EC3. 

Gntnn Fond MngL iThr Enoti Ltd. 

1503 HuirhiFon Use. 10 Hazmxjrt.Rd, ILKone 
HK6IMc.l'.Trt__n«LSS5 3.18 

Japan Fd lima 12& — 

N. American Trt.—- STSM4 MJTl _ 

Inti. Rond Fund— WUS1U2 I — 

Gortmorr ItiwMnt MugL ltd 

P.O. Bor 32. UnuitlaOoM. _ 0624 23M 1 

InleroaUaaa]lnc.-I20.1 2141 I m 

Da.Grottlh [53 7 57iJ | 5.41 

Hambro Pacific Fond Hgmt. lid. 
120. romunmht Centro. Hong Kong 

Far East Feb. 23 .— [iHCT 95 »«] ) — 

Japan Fund. PU&12 665)+0Jfl — 

Hambros fGuemsey) LULf 
Hambro Fond Mgrs. (CL) Ltd. 

P ft Sox 8S, Guernsey <h8I-2R53 1 

C.T. Fund 130.9 

Inlnl. Bond &UG10342 
Ini Equity SUS 9.83 
Ini Svfi*. *A’ SltSLOI 

let Svs*. ‘B’ SUSI0.99 , 

Pricrt. on torrli 1. Next dealing; March 8. 

Henderson Baring Fund Mgrs. Ltd. 
P O. Box K4723, Nassau. Bahama* 

Japan Fd. _ — — B5.47 .1613) f — 

Pnces on Feb. 22. Sen dealing date March 8. 

HiU-SaxnueZ ft Co. (Gaenuey) Ltd. 
LeFebvre SL. Peter Port Guernsey. CJ. 

C-lsrn&eyT* -H3RH 1085) -0.4] 3.78 

mil Samuel Overseas Fond SLA. 

3Z. Hue Notre- Danrc. Loxembonrs 

F16J1 16.961+084] 


Zlnierprise House, Portsmouth- 070327738 

Mnmihul Fund* 

£ Equity- [M5L2 

S Equity |lUS . 



Drka/oods [IW49I 

Tokyo Tst. Feb. 28 ..[ SU63LOO {, 



tFixwJ Interest U395 

5E*«cd Interest— IMS.1 

£ Managed 122.7 

Sitenaficd [1002 

J. Henry Schroder Wagg ft Co. Ltd. 

im.Cheapsde, E.C2. 01-5884000 

Cheap S Mar. I j 10.41 |+a*U 2.78 

Trafalgar Jan. 31 _| SCSU7J4 [ —) — 
Asian Fd Feto.20-..|STTB15 U77| ..— j 963 

DarlincFnd. K,\L70 IBll J 5* 

Japan Fd. Feb. 23— ^./SS 71 61^ .] OJA 

Sentry Assurance International Ltd. 

DO. Box 356. Hamilton 5. Bermuda 

Managed Fund 111 '<1 «fi 1J7S) ..._.) — 

Singer ft FrirdJander Ldn. Agents 

20. t’annen St.,EC4. 01-04806411 

»J0) _....[ 6*6 

J 2*0 

Stronghold Management limited 

J’.D Bra 315. St. Helier. Jerecy. 0534-71400 

Ontunodlty ZIYii.'X.-f&845 93J3J J — 

Snrinvest (Jersey) Ltd. (x) 

r.O BosiKL Sl Helier. Jersey. 05347387* 

American InitTK-.Iri 33 6.971 -ILD J| 1*9 . 

« -upper TruA L9 91 1D1R+0J1 — . 

Jar-. Index Tsl C918 937|-0.0ll — 

Snrim-est Trust Managers Ltd. (x) 

48. Athol Street, Douglas, I. a if. 0824 23814 
The Silver This ... [99 3 1D0.4] , ,.J — 

Richmond Bond 07. 1362 196 W -0i) 10*9 

117 y +03 — 

105.g-0.6j — 

182.8J ,\ 11.42 

TSB Unit Trast Managers (C.I.I Ltd. 
Bafisdcllr Rd..St.Savlour,Jerscr. QSH734B6 

Jrrwy Fund— _ (414 43 &zdl ] 441 

ilucrnfcv Rind. — .[4L4 <Jid| ... J 4.41 
Prices on March L Next sub. day March 8. 

Tokyo Pacific Holdings SLY. 

IniimiK Manacnnetit Cm N.V, Furacaa 
XAV per share rob. 27, SU&tUZ 

Tokyo Pacific HWgs. (Seaboard) N.V.' 

Intitulr. Manaficnjcnt Co. N.V, Ctrracao. 

NAV per share Feb. 27. 5L'S3R*4 
Tvndall Group 

P.O. Bra 1250 KcmlUra 5, Bermuda, 2-2760 
rhcrocas Mar. I IMe) ) 6*0 

3- n ay Int! Feb 


(Accum. I'niL-i.— P S151 
_ 16...hl52«B 

2 New Si_ SL Heller. Jmry 


TOFSLMar. 1 

(Accum. Shares 


IC6J0 

K9.B0 


TA SOP Mar. L pb.o 


■ Accum Share.-' — 

Jersey Fd. Mar. 1 

iNon J. Acc Ula-t 

(Till Fund filar 1 

i Accum. S ht».-o , 


053437331/1 
670 id ^ 600 
10 40f 1 600 


760 
183.6 
326 
110 8 
1392 


CO* 

aoo , 

194 1 

2671 

ma — 

14 LB ._.J 


Jl 

10.64 

Mctoey Haase. lAfflfilas. laletif fiian. 082425628. 

Managed Fea 13 (1256 1324] | — 

Wd. IntnL Mngmnt. (CL) Ltd. 

14. Wnlcattcr Street, sl Helier. Jcracy. 

V 13. Fund 1 SU5U0 1 | 825 

United States TsL IntL Adv. Co. 


International Pacific I&V. Magt. lid, 31. Hue AldrinRer, Luxembourg. 


E. F. Winchester Fond Magfc. Ltd. Sl.St. Andrew Square. EdrabnrEh.031-5560151 

„ _ ._ __ _ 9 HJO f inni | I t.lCtllUt I. riBJ 


1388 
_ 163 0 
- 118* 
..{144.0 


636 

636 

342 

3 .« 


ey 

t’ap Mar. I . .. 

lAci'Uin.l’mte 

Exempt Frb. 22 

Accum. Unitit 


Old Jewry, EC 0MM2M? fenftJ 

fiiWtWmchMttr-Ma W.ftd — | 629 

GL^Tnch'er oW»7 2l53 — ! 480 

Eason ft Dudley Tst. Mngmnt Ud, National Provident Inv. Mngrs. LttL? c w' n « e « a 1 ^J- 

20, Artioatop SL, 5LWJ. 01-6807551 4K Grwpchuroh SL. t'-TtPSHH 0MU34W0 tor. FH 

Rason DndleyTkL.fU/7 656[ | SJS KPJ.GUi.lE.Trt_ [44 « 47^. — I 37S i Aecum. iml« 

■Accum Units i- — |53J_ __ 56 ffl — — I 175 Kent. Op Var.l— . 

NPJ (Tivafi Trurt... lif?S B 115M JJO , fici-utn. I'nlta- 

i Aecum. Unit-— ....Ill6l La?.. .{ 3.20 

”*J*nres on Feb Z>. -V«tt dealing Mareto 30 
•Prices Feb. 15, Sat dialing March 1. 

National Westminster?(a) 


EqnitK Secs. UAIKaXg) 

41Bi.diepfe3tc.ECS 01ft8838Sl 

PMgrtUlrc (582 *L5| -CLZJ 4 63 


1914 

1632 

112.0 

1458 

na 

1M6 

217* 

242.0 

1250 

1462 

147.4 


Equity & Law Ua. Tr. 9L? (aXhKO 

Amend) am M, Ifieh Wyctanbn. 

Equity* law Jit* 

■ - , Financial 

FramHngton Unit Kgt Ud. fa) • Growthim- 

5-7, lroionrfYanJ, SC4B SDK. OUK86071 


= ML Cheantido. hC2\’ 6Et’. QI 


790 

Income. — .—[S3* 


109H 




POrlloltb tiro. Fd._ 162 7 
CahiersoJ Fdid i |476 


16060. 

-oa 4.90 
I “Oil 7*6 
5® 


Scot-inc. Mar. J ...- 
Losdoa Wall Group 
Fupttal Growth— [71.4 

l*n aihmibi [730 

J.ura Fnr. Growth— [34.6 

Tht Acmra .J385 


96 Od 

1714 — . 
117 6 

1632 

1110 — : 
153.2 
934 

ns* 

228.8 
2542 
1314 
1536 

ma 


027232241 
SSI 
801 
455 
455 
774 
7 74 
5 SO 
580 
5*2 
S 32 
550 
550 
95S 


PO Bra R237, S8. Pitt St, Sydney. Autt. 
Jocelln Equity TH_|KL83 1.931-6011 — 

JiLT. Managers (Jersey) Ltd. 

TO Bot IM. Royal Tst. Use., JcrscyOSSC 27441 

Jcncy ExtrnL Ttt— }US* _ 133*1 ] _ 

As at Feb. 3L Next nth. day tor. 3L 

jardine Fleming ft Ca. Ltd. 

46th Floor. C&nafiaght Centra. Eons /Eons 


SU5949 ).„.4 9.99. 

! Ulrrh 9 


Jardim)Ertn.Trt... 
JunJinc J pn. Fd* 
JardjneS E.A.___ 
Jardine FlrmJntt. 


JRK299.TOtt J 

SliKZ79o6 
SUSLL74 
SHEaBd 


U.S. Trt. lnr. Fnd I . 

Net asset March 2. 

S. G. Warbssrg ft Co. Ltd. 

HU. Gresham Street. EC 01 -flOOfiES- 

I'ncjld Fit. Mar.2— ] SIS934 [+0021 _ 

EnfiyJnt.Mar.2- _ SI- AM 96 -BJa - — 

lir.SiSFit Fch.saJ 5l'S651 „..1_ 

Mer.Eur.Fd. .Mnr. I.|tt.'flBJ8 l#JS|“0*l) — 

Warburg Invest. Magt Jrsy. Ltd. 

033413741 


NAV Feh. 20. ■Equivalent 
Jim snb. -Ma rch 3/ 



Kra^GoeMimagimient Jersey Ltd. world Wide Growth Management? 

I.ChariuBCn^SLJIefitT.JM.oSMTTTJl Bmievard HnyaJ. InKonbumg. 

S3— i 351 Woridttidc Glh Fd| SUSELTO J+ttflTl - 


EeoqFOe CaxJIal . [79 4 
KcmpGee Income .I6S.0 


NOTES 


Pricra do cot hidude S rreonam. except where indicated 9. jeri are in peneeunlesi otherviM 


Financial Pj'iq 1 ,,. 15* 

Do, Aretun. _ s U6 

t CJ. Hifihlat Pnnno , _ S5 9 
. 'nil tm Inlemntlimal S.9 
:83 IS Special Ala. 

[ -53 3*0 TSB Unit Trusts (v) 


76.3 

711 -0J 

37.1 

4L3 -OJ; 
164 „J 
19.9 

60.1 -OJ 

37.7 ^ 

28* -0-S 


653 

653 

1076 

3026 

4.82 

482 

059 

4*7 

5-37 


H .wuuwunq p I rn—JK |in-jaj(uuia.iir.Rlxpiaqn,p .vnrw 

premium Insurance, x OUned price Includr- all expenses excopt acvtU'it comnnulon. 
' t Ouered price lncludro alJ' cvpcuuhbe i! hnucht throrich nuucen. z Frcvioux dm'* price. 
9 Net at Ux. ud realised eaplia) ealn» iuitc.it indicated hy 6. « Oucnucy gras, p SusMsdbd. 
♦ Mold before Jersey tai. t Ex-subdinttou. 


2*7 

Friend** Provdt. tWt Tr- Ups.? 

P jyt iafa& y i. Darfang. . _[ BMfiM B 

FM«id<PKrf.ina_[S , 8 4ft« 
t»o. Acrnm {48J 

JG.T. Unit Maucers Ltd.? 

le. Finsbury OicnsEcSsnDD 

{C.T.Can Ice r .... 

Do. Acs H92 94‘ 

IGT.Ine.Fd.rs M6V H6* 

ilT.lii. it Gen ^bns 137. 
G.T.Jnpffll*C < u_Si.8 230 j 
*«. PracFUd R2V6 1361 

£T.rm‘LFai»I DD72 tf*! 


2.67 msL Triist Managers Ltd.? (a)® 
UiilOa Court, Dorking- ttuty, 

XH.hr - [55 6 56. 

XelHarHlghlnc— W5.4 47Ji . __ 

For New C«rt Ftmd Sfmagers Ud. 
see Bothsebilii As«t Managemnt 


21, ChantiyVa} 1 , Andover. Haste. 
tt»i Dealhfes to 02*1 

IhTTSB General D97 

"■ir i hi Do. A ircum— - 50.3 
iHi TSB Income—^. 54.9 
fb< pa. Accum ... 560 

TSB Scottish— - 702 

hi Do. Acsum.— .—[745 


O2KE108 


- Norwich Union Insurance Group fh) n . ... 

P.O. Bos 4, Konrich. NR13NG. 0W3222M 

i5?S ^ ^ ‘SSSiSSi 

iw Pearl Trast Managers Ltd. (aKgXz) 



023235231 

36*4 -Rl] 5*6 


01-403 b44l 


Unit Trust Account ft Tffgmt, Ltd. 


232H!fih !Mten,WnVZ^ 

Pearl Growth Fd— .|!0.9 . Zt> 

Aetata Cciti. — .. J ■ £? J , 

FVarl Inc p9 0 3L< 

pifmrx&dzm j mo ^S^.L^;zrl«o 

m*. & A. 'trust (a) Pelican Units Admin. Ltd. tgxx) Kui£ViiiiiajnSt.EC4RafiR 

;6,Har!«aghSft,BMnnttod Rg7 natfB P0 81 Fmuizain Sh, toncbKUC DS1-36SKS Income -C7.2 

!C.|7JU— <«■* JWI-WI 5M PeUcanLaUa |7JJ 7M| — | 554 Atsate-Lnits [SJ.8 


I 606 Xrnc‘WIlilamStiEC4R BAR 
L” 1*6 Fn.in M». Fuort_J136 Q 
-OJ 7 99 nider Grth. Fnd. -U|.6 
-OJj 558 Do. Accilm — [32.4 

-o j) . ' 3Q Wleler Growth Fund 


01-823 4951 

3-3 

3*2 


01dB340SI 
36* 
A» 


. CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave., London ECoV 3LU. Tel.: 01-283 1101 
Index Gnlde as at 21st February, 1978 (Base 100 at 14JL77.) 

Clive Fixed Interest Capital 134.6 

Clive Fixed Interest Income 121.45 


CORAL INDEX: Close 433438 


INSURANCE BASE RATES 

t Properly Growth 

t Vanbrugh Guaranteed 


W 

«‘-37% 

t Address shonti under IssuTan-i? and Property Bond Table. 


re 








































































































































































































































M.iv | t 4 


AS18 


INDUSTRIALS — Continued 

.ttB-TB 

m a* 

I* 


27 


'a 

1 

S 

43 

» 


i ( 


:o 
os 

6b 
BS 
7b 
tfl; 

66 
74 
79 
45 
74 
JTlj 
W 
97 
309 
28 
74 

M 
95 
55 
68 

^0 

9? 

» 0 
91 
14 
74 
71 
51 
>8 
55 
90 
30 
14 
71 
W 
33 
33 
W, 

V, 

?8 
•» 

» 

» 

£ 

* 

<6 
ft 

D71E77 


18 

36. 

30 

39 

33 

M 

96 

56 

Ifb 

9 

17 

58 

24 

17 

30 

39 

11B 

36b 

13 

71 

45 

US 

10b 

36*3 

17 


Lg.lmfUwt^j 34 
P^iatwp“Tkgi 
Uros — 
IradfiMfeilOo^! 
Letdsfsa 

LtBMiBJJuL.. 

r>bo».iftbellBp 
Letawflwm.™ 

atsOTtCtf.MP 
apOwmlflsii 
L»ce-PTada.5i)| 
usatnA^J 

Udemop....^ 
Unrfsas kVitss.. 

Undtstrirs _■ 

Loa. & Nlhc. Gtb 
lunsllmhlj- Ji 
liunptanTratsH 
aM4rffrmpxn 
uiw&Eoniir50pl 

bad 

kfrthyPt^J 


g wryL'A... 
iteriqn<B.l. 
rTu-dtjp. 


.■rl^MSSklSI, 


INSURANCE— Continued 


46 {Magnolia 



48 Sstin-nark — 
£361; MstaaosTtyic. 


iMwtaaiHtgmp- 


UealW 

MetoCtaur**^ 

PilaJIiOTs. 
SfiLCotteM 

£100 mnbjm 

H 3 Manunwmifau- 
Mocg* nCftusbte 


Mortal CAb^J-^r' 
McsKRobMCP- 
Homes w 

X*tem«*LL” 
Kat-cwnsgMpi 
KCR&mtijA 
HMkuuitoal 


% 

51 

83 

42 

2 


fegtaJL] 

Konhera 
Saremtvmopj 
Norte Sets. lOp. 

.._ i&Sffife 
| RSf 

20 OrenstooelSbc 
25 P3LV tEoldjjini 
67 Parker 

75 PaflsftWitts- 

21 PeenfielOp 
6 ftrathndliS 

3 jj!?i»ffi uiSBS| 
58 PrtroanlP^J-. 

6 Phillips Patents 
FLotaxiLoc, 


1*77-78 
High Uv| 


Stock 



■PUflfe Coast Wp_; 
PtetsuzamiSp-. 

Pt4ym6ril0p„_ 
Portals.. . 
IftnreflDotf.SOp. 
WiWra)5pL 

% 

ft***' - 



ABB Sr] 

SakTOUgrT— 
SutoMllliel. 
... SflRfffKun»._ 

Stei 

broom — — . 
SeotReritable.; 

- Rrotfc£«LltMw 
3 SemHldf* — 
46 Serortcor&.^j 1 

9 fesis 

*4 

'll 

-1 

I 
120 
41 
19 

*8 

£115 

II 
28 
138 
28 

& 

606 
S* 

$: 

\ 
a 

5 

V 

lb 
91 



JSBS&gH 

(StaDethU i 1 

(Stag Furniture^. 


IStonetnllHkk*- 

tewBper^F.>r!j 

|SwtrePBdlicfflo| 


JSMg 

note... • :-: 

{TralatairH.: 


Transport Der. 
rranwodtip 5® 
laraeri Ne* *£. 
Tomer Cunt 5jJ 
ITJUlnrl. ..Zj 
I'cteHBimtaQij 
I'raftex Klp-i 
t'mJoer.- — ; 
1201.. I'm VYF1_E_ 
35 ltd Camera Mb 
2M* VmtcdOwIntk. 
4i; l- Guarantees? 

7 Ynochnaw ... 

18 Valor 

21 Vtnew+Op 

16»; \ iHetu.+p 30u_ 
38 ■VRihooroMt 
1<» WadeMfr-M*. 
10 ffaUrrUmr 8o_ 
38 WarrentJa&iG. 
21 KaWTiurduD ... 

12J Vfa*horaf 

3J HatwwiRKUfciL 
1*9 Wedgwaod .... 

M Uesm Board l! 

10 W'umnACtfP 
TSlj WlorUiKKST 
175 TTrataanfiAagil. 
■■ Iw+.ilet (G.tti — 
fffh-m’iiiM&F 
tt'nrtef toft S0p r 

aa:teletflJLiW._| 

Wilke* -J - 

Wilkup. Mttrhefl 
VOtaiMi!. 
Jk lOpeCm. , .. 
jwiiiipivin-^ 
fljJktfieBse*-., 
FilMBWiBdiilftL 


15 

4; 

128 

18 

30 

20 

tM 

=79 

25 

.26 

34 


24 jWliujInds.30p~ 


Wj 

JH; 

n 

.63 . 

a 


mrtte'Rsmasl.' 

h^ood&Sonste. 

JWoodi.'ijjhBrtSa 


+2 


+1 




-l 


[Sb 


->« 


-i 


-iv 


-2.2110.61 


7.21 4MB95 


fISl 


4K31« 

M2.451 
5.61 , 
15R6 
dhO.92 
♦t756 

<IV> 
.fib 
1.B2 
093 , 

w 

H 

t3.36 

Q5%5 

■MJ9 

t22 

gZ06 

aw 
418 
3.05 
332 , 

ssr 

n .82 

T0.89 1 

4.02 
65.6 , 

a? 

tW2 


2.« 


^.u 

LI 


3.24 

•f 

TO. 61 
14^9, 
Q15«Xj; 
+439 
B- , 
td2.48 
396 
1 1036 1 

_¥S 

2.02 

+248 

SB 

Sf 

98 

as 

aw 

9b 


u.f 

W 

+4.84 [ 
td3.91 

K 

+194 
+2.66 
+12 
♦5 61 
♦2 04 

q'Jtt*;, 

H024 

085 

5.89 

K5.44 

iW 

+492 


3M 


3.4(20.3 
11.9 


1662 P?0 
116 


581 . 
5.8 £3Ha 
310 


, AnsAHiarȣL. 

.63 Am Life Sp 

L591 . raishaMar.EDB 
115 Trade indenrnHv 
.■£17*8 Travelers S1501 
194 Kiliis Faber, 


| Prire 

« 

Dir 

Net 

. JTH 
CYrtfirt 

WE 

511 


+78 IP 


54j 


9ft 


Ml 


•Sff 

_ 

7ft9 

+8 

equr« 


07 



155 


+7.64 


74 


121 

-it 

QH28 


35 



270 


+7.61 

*-•1 

M 

13.9 


MOTORS, AIRCRAFT TRADES 


Motors and Cyc 


Bnt LerlaariaCp 
Gm.Mis l'nii>._ 
LcQuCariDp^ 
Reliant Mtr.5p.. , 
RoHj-Rtifreltoj. J 
VoLvo£r50 


n 

208 

37 

6 

63b 

£10< 4 


-4 


-i« 


es 

IB 


+3.9 


n! 


73t 7.8 


an 


no 

6b 

23.4 


HP!^ 


4.6 7.9 


.,-IIAV.y -T.| 

I.Sl 1 ? 7 4J 


45 76-80, 
+U335 




I 




2.0)11 n 


5 ! 


Commercial Vehicles 

99 

107 
55 
10 
64 
55 


.24 Crane Fmeh. lOp 
221; LRF.tHMj^C 
FodtsjsESOpi^.. 
Brak Invests. lOp 

Raxtnns ■ 

Vork Trail eriOp. 


-1 


1J.7 

43.25 

0.5 

h3.25 

1211 


1.9 


6 .-« 3JJ 5J 


33i23.9 


5.9! 


m 6 .8 


6.4 


[Abbey Panet 

| Airflow Sfreem.. 
. jBllOp 
Asm. fag’s — 

Anlomome_ 

Bres._ 
RnwiBros. IQp^ 
Dam Conk— — 


HnmSnntb ]0p 
Eafi-FtflU^lOp-: 

lJX«sIndH.£l — ' 

Supra Group icp. 

TmwrMfc 

Wfliaot Breeden. 
W«nfliead(J.i— 
Zemth'A'SOp__ 


Components 


1-1 


-1 


3.8 8.7 4.6 

3.5 1(16 AS 

3.0 5.6 9J. 

3.9 6J 6.2 

8.8 3.2 5.7 

2.6 9.1 5.7 

1.8 73126 
37 4.7 75 
37 4.0103 
3310.2 4.1 

4.0 3810.1 
IS 42 40.9 
33 22 16.6 
47 52 63 
b3i 3312.4 

52 b2 3.7 

4.9 73 4 2 

53 5.9 4.7 
27 62 93 


PROPERTY— Continued 


18T7-78 


-fflsh 

Low 

347- 

216 

105 

40 

12 

34 

a!5 

+76 

15 6 

44 

6J4 

7 

!6. 

Va 

9t 

TO 

n 

29. 

115 

78 

% 

+4 

118 

58 

43*2 

24l 2 

129 

75 

£174 

ni4 

770 

158 

730 

90 

51 

31 1 

70 

24 

17 

5 

98 

TO 

24 

lfU> 

290 

182 

148 

75 

290 

172 

20 

7* 

19 

32*2 

3 


Sock 

PrnpBlBc4.-&r.| 
iTijum iFin £!_] 
JrapLPart'«hip_ 
(Prop. & Rev. - A*. 
Prop 5*r ImaDp. 
iRaglanPLop. 5 p- 

Recalian 

Regjmal hopu_ 

Do. 'A' 

Rush t TtirapkiD. 

Saratel From 

IScw.lletnip. 20 p 

Second City lop. 

Slough fias 

DD.10SCom.BQ 

iStockComerai.- 

■SunleyEilm 

Swire Properties 
(Town centre 

BSSSP*- 

{lia&on nrK,^ 

IJtFropenv 

mRcBlftop^. 
WanwrEstate— 
Wanrfordlr . SQp.. 

B'ehbtJwop 

W’ndnsterP.aip. 
tWinaon Es!s 


Fries 

312 

102 

64 

293 

127 

67xd 

94 

78 

101 

37b 

110 

£149 

Z32 

188m 

40 

■ 573; 

$' 

S 
126 
285 
14m 
16 V> 
31b 


+ or| Div 
: - ! !« 


-2 


-2 


ri 

-2 


-b 


i-2 


Nn 

4634 

♦t40 

TL59 

d4.69 

71.88 


5J7 
Z(A 
- ^ 

fcMttj 

00* 


rw _ 

Ctt CCb Pit 


131 


o.a sJtai; 


2.0 




13 29 
2» 7fl 
15 3.1 


119 

2.4 

15 

12 

14 

Yz 

15 
1.K 
IS 

13 


33(40.4 


J-« 


f6| 

3 j 
6.1 

ri 

31 

3.2 

26 

_t 

Tb 


20.6 

418 


734: 


23.H1 

|8.1 
45.9 
107 
[34.8 

,483 

,111 

157.5 

139 

420 
,31.9 
360 
n.9 

204 


SHIPBUILDERS, REPAIRERS 

I HauthomLajp.] 

I SvanHmtta-u-l 
, 1 Vosper— .. 

,140 aiTow 50p _ 


64 



-1- 

134 


6.56 

11 

1 78 

155 


+4.13 

18.6 

4J 

265 

— 

451 

5.U Zb 


-7977.18 
ED£h 14RF 


INY. TRUST§— Continued 

|+ *r| Die ! frid 


SHIPPING 


Garages and Distributors 


[Adams Gibbon ... 
Alettnders5D_ 
' ft Grp . 

. a Moot. 

. BSGlnt 10p 

1 BraRlteHipSp.. 
EntCarAticlOp 
C.GS3:10p_. 
cmfymJto- 

CtWW(TA5p 

Dnris Godfrey— 
Peralta. ■- . - 
DuttmFtnbair. 

Gates iFfi.1 

Glanfie}dLawr_ 
Hamer Invs.Wa 
Harmon fT.Q 
HaxtweDs_^_ 
i a?ifexap— . 
Heron Mtc Grp.. 

PMOreCuv. 

Hnrjt (ilortej 


I Loc Service Grp.. 
Lookers^. 

16 

ebeaerlOp. 

|XeteooD*vtd5p. 

iPenjdnelfir.lOp 

5 i darte— 



lWJ.5p 

Ru mHrmSp - 
Tsae of Leeds— 

WadhtnnStr.TOp 

Western Jltr 


4.35 | 4> 10.0 


-1 


-1 


-lbl 


'*nh\ 

S162 

g062 


53 6.1| 
13 


212 {Brit & Corn. 3Gp. . 
140 Common Bros. aft>- 

54 Fisher, J 1 

2W Fnmess Withy £1 : 
140 3nam«Gibsu.£J- ; 
25b Jacobs (J.Li20p_ 
301; Lon O-Seas Frtis_ 

2U : 

6 Mersey Dk. Units 
46 Milford Docks £L 
122 Ocean Transport : 
95 P.*0.Ddd.£l_. 
LOO Reardon Sm.50p : 

34 Do.'A'SOp. 

97 iRuhriman iW'j _ 


1+2. 


bh 


+hl38 

+7.43 

10.89 

S ? 5 

+4.46 

5J0 


t7.44 
t5.95 

es 

t8J6 


5.0 73 
. 6 3 <6 
63^ 19 HO 
46 4.4 
83 21 
, 6.9 5-8 
153 0-9 
53 53 
14 34 27 
03 
5 


SHOES AND LEATHER 


30 [AHetonelDpu— 18 

35 Booth lintel’ll— 62 

36 Footwear Invs. _ 6 lx 
67 GaniarScotblair 97 

12b Heanlapi Siom 5p_ 30 

37 Hiltons 30p 69 

26 K Shoes— 50 

31 Lambert Bib 3 !p_ 36 

22 i; NeKboId&Burta. 43x 

22 WhvriGi'A 1 43 

45 Hoard Grp 59 

21 Sirad&Sfan-.V_ 33 
56 arouctnsher.. 67 

17tj Stylo Shoes 43 

16 TbmerfffcEISp. 28 

19 Ward White 67 

11 [WearralOp 25 


-1 


43 10' 

24 9 .71 63 


SOUTH AFRICANS 


NEWSPAPERS, PUBLISH 


120 (Assoc. JJm. — 
82 AssEookP.SDp- 
26 BPUHhtai.'AC 
22*2 BetmBrm . 

50 Black iA 1C, i 

62 Bristol Past_. _ 
97 CoQins-\miiaiii_ 
97 Pa-A”'. — i— 
70S Daib Min A'S*- 
34 IlMhLAllttd'A' 
60 Gordpir&Gkitrb. 
30 Home Candies - 
40 laiepecdeoti— • 
92 LpMlIXftflfflp- 
31b Marshall Cta.l5p 
117 Newslrt—^— 
104 FtdTOnLmiicun- 
22 FiTamldlft).— 
65 a«Aled»ltRP. 
54 Sharpe ,V\i , •. 

122 Thomron 

[94 ltd Newspapers 
13 Webster* Pud 3p 
18 (Wilson Bros. SDp 


132 

+2 

t5.23 41 

6.0 

178 


+3.66 6 .ri 

3 + 

47 

. . 

287 Zt 

93 

55nl 

nr 

+213 28 

6.9 

70 

-nnr^ 

4.46. L 6 

9.6 

no 


+58 21 

80 

125 

. . 1 

14.64 4.4 

6.6 

125 


14.64 4.4 

66 

265 


mil 14 

66 

69 


t3.63 4.4 

8(1 

8 S 


*2.64 41 

4.6 

55 


+3.55 25 

98 

115 


6.5 26 

86 

124 

+1 

+ 6.6 27 

HI 

52 l s 

-b 

+3.TO 1« 

114 

715 

-s 

18 12 4 6 

52 

175 

-i 

5 44 4 4 

47 

41 


td221 23 

8.2 

165 


lh 3.9 

3.4 

13b 


W3(S 5.0 

3.4 

15i 

■*■2 

hi. 97 19 

19 

906 


1 12-71 29 

63 

rvs* 

rl 

Si 22 29 

65 

4 A 

->2 

+1.28 3.4^ 

4.8 


80 AherrotnROJO.. 
190 .Anglo .Am. In. HI 
79 An&.T7Mnd.50c 

17 EdnorblOc 

41 Gold Fids. P.» 2 C 
,00 Gff-tmii5 - .VS0c_ 
87 Holettsf pa. RI.. 
S3 OR Bason 50c. . 
35 FrimrtBelOdf.- 
_50 Ra Tinetorm ASr 
, «»2 SA Brews. 20c ~ 

395 Ti per Oats RI 

* 46 Unisec. 


82uf 

-2 

W?r 

17 

* 

470 

. 

063r 

24 

8 i 

92 


Q19o 

3.6 

+3.5 

31 



29 

80 

84 

1-2 

QRi* 

1 7 

5.7 

100 

-2 


06 

+ 

115 



-mlp 

14 

•* 

315 

-10 


+ 9 


50 


W-JPje 

06 


160 


Q28c 

40 


65 

+2 


21 

87 

605 


rijtn 

34 

4B 

60 



13 

105 


TEXTILES 


“2 

LL7 

7.8 


B.a - 


6.8 
4.9JW2 
41173 
7.fl 1.5 
«P»5 


681 73 
6«BJ 


272 
63 73 

w 4 - 5 

1.M 70 U.4 

iJlli A. 


58 fs 

83 .45' 
12 0 7.2 
26110 
6 S 58 
66 63 
2.9)10.6 3.7 


0126 

2.8 5.9 


4.S 4.0l 8 0 


INSURANCE 


41. |a.re«n£L_.. 

.10 . Britannic Sp . 

*S5 k'MfcnfStoSi.' 

102- ■ft'aira.Vflajn 

.05 -tearfeStar:.. .« 
15 ifcji ffia 
'.97? btcial'hSVEi 
■06 jEqulh'&Lnrj 

"1 ^^oX 2 o J “‘''i 

3F 'WeaAvOEjaSi! 


SAftoiakiv 
90 LuiiiKojiSp-. 
54. , badmiCinWl^. 
85- 5Lfflhewftl-.2Ba. 
aOVffiwtHWgs 3>p 
4| , Moaiftrsif^- 
8* Prarito_„ 

80 Bonn 

W. , noridHR-A* — . 

Dff Do.-r. — 

»• RndeisllalSp— 

S:&_ v -:r 

25 ' Se&FWbeslB#, 
38 Staaaase. 


1-2 


.* +268* 43) 

1M 

- 

w*- 


r3 


- 1. 


1+4 


1-2 


608 
810 , 
+9» 
05.23 
th4.4 

+5.08 
+5.2. 
+4.121 
+5.19 

jfti 

*saF) 

1144, 
T9.41 

..—-7.42 
.-.-t7 42 , 

' *6K| 

7.56 

9.59 
4-to 


Z7l 


9.0 


G.l 


. ,169 
b3j.73 


36 bT?ll’ 



PAPER, PRINTING 
ADVERTISING 


DoHean _ 

Bund Pulp 

Capwalssp. — 
Catoton iSir J.> . 
dopmaaBal 30p 
Cte i Richard, . 
rotted ffsonlOp 
Culler Guard- 

■e*-.- 

East Lancs Ppr 

EucsKnua 

Ferry Pick LOp... 
Finlns BoJduiiS- 
Geejs Gross wp. 
Harrison & Sans 

IPG IOC*. 

farererttap 50p. 
LiP. Poster 50p 
MrCaquodaleEl. 
Melody Milk— 
l&QsA.AllenSOp 
More ITT err. lOp 
OjphytUffi— 
(fives P. Mill 20p 
Odejr Print Grp.. 

Ssatchi % 

Smith' Dntft 3fi). 
SmvfitiJeSnLi. 
TranrpcrenlPpr 
rridarttOnup — 
L'dverWalto'lBp.S 



-1 


2.09 

& 

+3.46 

+3.46 

1488 

174 

3.9B 

+2.87 

+2.97 

1.01 

t637 

♦2.97 

5J8 

h2.56 

b7.7 

K3.0 

332 

USUI 

MJ9 

+8.B1 

1434 

19 

t2JB 

d3.09 

m 

+2.47 

4.13 

+2.42 

IQU2S 

«* 

♦2.97 

1.42 

F11.0 

.5363 


4.419.4 5.0 


2.41 


67 


.. a 9.6 4 , 
2-fl 85 62 
0.9jll.9 'lif 
3.4) 88 
9.2 
72 
63 


3-« 


1WL3 
111 
92 ffl 8 i 
09; 5.6 
10.8 +5.4)1 


PROPERTY 


28 




AlTdLsndonlOp 
ABnatt London. 
.ualwmdFwfci 
Vwton rndp... 
.Apex fYops. lOp 
Anuis Secs 5u . 
Avenue iTseJOp 
Bank* Com lOp 
Beaumont Prop*. 

Beaar-c I! IBp- 
BethrayHldgs... 
tokelecHaararp. 

Billon, Perry t _. 
BradfordProp. _ 
Brit .Ansmicf- 
Britsh Land . — 
lie rpeCcvaML 
Bri.'dMfl Estate 
Cap. & Counties.. 
Do Wnrrani’.. 
CartincGroup?f - 
Cjmngtw.la - . S!p| 
ChtronncifllaJpj 
DdCU? 

rhestcneld ._ 

LTxJonSccs . 

L'tarcbbpEsi - 

Chy Offices . - 
Clarke Xietollj-. 
Control Sec* iep 
I'orn Ercksncr 
f«rt \«T'l(9v- 
t w+ilhstlOp- 
HaejaniBid|!F - 
_ Datw Estate !Dp- 
27b Iwmniaonipp-. 

Ho 3 h**Ct\ — 
li.lSpcCm—. 
TMs.4 Asctio 1 - 
Est^sGenSOp- 
Estr.rtop.lmr— 
ii’aaj: Leeds — 
FilrwewF.'U.lflp 
GifisaelOp. - 
GTudieldseo.-. 
Gt Portland 50[i- 
ilwn(R>’.flp- -| 
G reemoa iap 
Hammers™ 'A 
KsderhcTst-aip 
HaslewereM* - 
BKLanLHKO- 
... laaj Property. - 
20 * locnurevanlOp 
terntjBlm'es^- 
LsMIfflfCSt—— 
Land Sees- 50f— 

I ]fc5te Ch.V. 
Do.pKciw.a- 
Dalff iCoiw.* 


hr 



Matter Estates— 
IS MclnereeylDP - 
I 66** wSaySaw 20p. 
15 * ttiiiurtWfc ieil- 
25 MnurdriewSp..-- 
MuctlWLLAj.i 
• .NoBoi . 
Pcctey. 


- - - 




r-W 


35 


363 | l.fl 3.9H3 2 


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2 9|25.1 


3.71 


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|ABtedTestde.... 
.Miens Bre*._ - 
Beales ,J.:20p_. 
Beckman A 10p.. 
BlzcknoodMctt 
Bond St Fab Wp 
(Bright , John, . 

Bnt Mohair 

,ButoierLnih 3>p 
Caird- Dundee .. 

Cawoaw Ini _ 

K'oats Pworc- I 

Corah , 

MmRauldf . 

Do T’»Deb827 1 

uwnhenJ.i 

Dawson i c U — ... 

Da-.V 

Dmonllavitfi 

EarN >(' k M lOp ' : 

Foser'Joha' 

Hazgas'J.iIOp.. 
HidaraFst 

ThddBras 5p 

Hisirams. . . . 
Holla.- Grp 5p .. 
jkwtray . 
Urgworth.MSOp 
Do A Mp... . 
lnpram.H.,]9p. 
JeroowHldp ■_! 
LesdsDyeri.' 

Leigh Mills { 

(Lereaap 

Ijsibt 

Wes'S i20p 

Mae Lay Much — 
Mwlannon Ncrai 
Martin iA,20p.. 
Miller fF.'lOp _ 

Mrmttnrt 

Notts. Menfg 

NoraJersey30p. 
ParUand’.V — 
RdikstW i&Cd. 
Da-.VNVJOo- 
JJ-LT.Wp—' 

(Radler FarhiL— . 

Rwd'Vtai. ! 

ReliaaeeSii.ia>p . 
Richards Wp._. 
SX.ET Mp._ . 

Scot Roberts ml. 
iSeherslm lOp.. 
SflasvCtrpeBIOp . 
SidLwlndjhOp 

Sirdar 

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Sn. Yucca LOO - 
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ISffimd Riley lTd 
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fTocial 

29b {tcB-avra 

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24 nYietniReiap.. 

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24 (Yotss Ftr.tn Sp _ 
36 lYoughal S 39 


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324 

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602 

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325 

167 

M8.76 


116J1L1 
3.6 


TOBACCOS 


308 

260 


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3.9 12.8 
3.4i23i,; 


235 

(EATTudj 

282 

-3 

13.01 

371 

202 

210 

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247 

333 

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imperial — . — 

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47 



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[SieintoeaHc Ity.. 

58 


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3.2) 


3.« 6J 


TRUSTS. FINANCE, LAND 

Investment Trusts 


34.3 


X.7F 2.6 

5.0i 
3.4 


JJfeM 

4.3 

16 282. 
66 75 

La 113 

_"i222 

13.9)73.1 - 


5.0 03.9! 
2.8 | 


46.1 

25.9 

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229.4 

58 

ij!06 
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1134 


14.9 
f7.9 
36 >25!: 
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1.4 413) 


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Aberdeen Trcrt. 

Aikalm 

AlHancelm . - .. 

.AlliaoceTma-J 193b 
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Do. Capital -KfiJ-i 132 
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* 50 

.American ‘hurt . 

American TsC'S* 
ATttk>.Mn.Sera_ 

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po..AMetSl».... 
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tto.Cap.50p 

Areulnv.iSAli— j 
rVndownin 
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Mlunttc Assets.. 

.AtJas Elect 

AU5L&kti5Qp . 

Bankers' 1st 

Bem-Tnw. . J 

Bu5n{riSa»?ro5. 
BlsiiopfgaieT'S. 
Bmifr&Sthr.aPp 

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Brazil FundGJl 
Brarillcv.CtSL. 

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56 
29*4 
125 
56 
100 
66 
89 
12 
70 
. 69 
245 
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213 

170 

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134 

146 

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1195 

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113 
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93 

77 

77 

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108 

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42 

81 

93 

153 

50 

39 

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131 

139 

84 


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43 
71 
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52 
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175 

151 

80. 

101 

47 

13 

* 

62 

1133 

8S 

14312 

[100 

m 

Z3h 

42 

47 

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Stock 

Icedarlnr, 

(Chnn'l lf.lac.H- 
Do.Can_; 

ICtoner'Trust.— 

Do.Cs6.(£]i 

(City & For. 
ICHyLIoernt’l- 
jOtrofOriord— 
fClarcriujurfap. 
ailtoniMf lDp_. 
dytteedaielnv... 

I 'Do. ‘B"_ 

JColonuiSw. Did . 
jConnrtgfHlfcijid 
ffiSBOEentlUcira- 
(Cre* at Japan 50p_J 

ICteafriar? 

touluslm 

JanaeilntitSto 
DatCap.ilOp._ 

Debwture Carp . 

Derby 1st lw.tl 
DaCap.5to 
IDomuuan&iJen. 
JlirajtonUini d.. 

£toCOQ5 - 

Do. Far Eastern 

Da Premier 

Dualvest Inc.50p 
l_Bo. Capital £L_ 
(DnHtee&Loa— 

‘ QbarrhAaTst 
_ n& Dundee. 

163 tofinlm.WLLL- 


Price 


79b SMtnlw.Ta- 

53 QecttGen 

68 Eag-AdnienutL. 
56 tem.ikstj 

EDg-ASctilnv^i 

Zqnte Court £ 1 . 
Do.ftoTd50p_. 

Bmuyine-W- 
Basie Duties tL 
1 F.&C.Eoro<nui. 
Fhmllylm-.Tst..- 
FipJSrot Am.— 
" in 4 Col 

. LT.(R025i. 
EdndiRvestluc.. 

Dcl Cap 

.. C T. Japan 

Gea feCanen ri.. 
GolCoiimiIiM- 
GeneraJFaods— 
Tto.Ctmr.lQp_ 
GOLlmesuirs.— 

. Gm. Scottish 

; Gen-Smb*. I3;p, 

Gtospnr Srhlflu | 

Qmteronlnr— . 

Do.“E" 

taenmarravluv,. 

Ito.'B'cird 

Globe h\r 

r CkirettEiirope_ 

Grange Trust 

, GtiNortb'nInv._ 

: Greerfr1arIaT_ 

' (Gredram Inv 

Brest 

ilnr.TsL 

pfiH'Phjhpi- .. 
ffiapeHids.-A". 
Dft.-B’. 


737 600 
22U 11V 
123 24 

23 5 


176b poa 
— ^88 


jlcoiundiSi 

Dfti£i 

Industrial & Gen. 
hAftf Sc HK&4 
lnteniaTlm .. 
[mint T&Jsyfl 
Im, mSurreLf .. 
Investors' Cap . 
lnwtmi Id op 
JanUne Japan . 

1 lardinesec HS$3. 
Jersey Ext. PI ip 
Jersey Gen LI... 

: Jos wildings.. . 
Jove In' 1 . Inc. lOp 

DaCap.2p 

Keysnaeinr.JOp.J 
Eingsidelnc.. ._ 
LaheVienlm-... 
Lane, ft Lon. Inv. 
Law Debenture. 

I LawlStitSei.lp_ 
Ledalnv.lnciopi 

DaCap.ap 

LeValloiKtlm.. 
UmftAbdn KcSd 

Lan. Atlantic. 

LrauAustlurJAl 
Lon ft tan 50p. 
Late-ftHohrox. 
lm felennov— 
Lun.&li'. 10 p_ 
UttftLomocd.. 
Lot ft Montrose. 
n.ftPw. - 
n.J’rudential. 
Lor-ftS'chdfl - 
LoaTsLWd 
Lowland lm .. 
iHftWtoalki IPp. 

, Do Cap lip .. 

Ipr M ftuii^.aip 
Ito.Cap.4p — 

. _ lm -. 
Mercantile Dn— 
Merchants Tst_ 
(Morks finest __ 
Mom. Bosun Up 
. Ito Wrrts £1_ 
fMookn.e>£ll_.. 

Moa-gatelnv 

'MootyirteTnut- 
,Se«itSA.SCSV. 
‘Lew Throe lac- 

Do Cap. £1 

ItoMwltets.. 
N.Y ftGartnore. 

1 SC 8 Invest 

Nth. AtianUeSec 
Nthn. American. 
Northern S«s^. 
I'.n! ft .Assoc. Inv- 

iiuwichlnv 

Pentbnd Inv . . 
Pro: M_- Inv aipj 
Provincial tides 

Raeburn 

(Rea brook Inv. _.. 
RjfcM.-ftIss.Cap 

RirerftMere 

__ RiierPbieDel. 
£46V|RnbewBr.iF150 
r CKs Sahibs F15 1 
Roitnco NVF150. 
hr- N:>..«r'sF15., 
RomneiTma .. 
Rosedinond Ine. 

Tm Cap . 

Bitl-jct.iiUtSOp 
SMegiu+dlod— 
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|<rjA An irt Sp J 
Isvi t'ioni lm. ' 
IScui Cices'A'— 
p=cta. Evl lm_._ 
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iScodish Ini. . 

>■ 0 ! 'ten ft Tst. 
Scot National.. 
Scot. Northern.. 
ISeM Ocario 
StM-Ctd lm — 
Scot.tVeiern^-. 
[Sett. Wertn-B' 
Sec AllunceTa_l 
|jsec Great Xthn.. 

D-j -JT. 

SevunocsT Sc.. 
A’etRiilat.SCS 
Shire* Ir. 1 50p._ 
(Sire*cll !0p 


91 

102 

170 

258, 

39b 

70 

77 

ssari 

37b 

50 
102 
120 

74nl 

125 

97 
B9 

98 
84 
72 

69 
60b 

57 
97+2 
61 
65 
90b 
67 
61b 
49 
69b 
79 
27 tt 

160 

71»f 

70 

58 V 
600 

43 
136 

65b 

160xd 

110 

63 

174 

% 

112 

228 

44 
47 

6 

124 

47+z 

51 

89b 

£11J« 

35ij 

20 b 

27lj 

12 

55 

115 


62 

60xd 

■S 

65+2 

34 

174 

50 


85 

17+4 

20 

40 *d 
33 
62 

41 

& 

43 

JLd 

705 

18U 

70 

11 

32xd 

184 

79 

S’ 

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Sphere lm 

SPLIT Inc 
SPLIT Cap. I0p» 
Stanhope Cen_ 
SterijiuTst— 
Smc+holars Int^i 

Technology 

Temple Bar 

1 nmw i.rowth_ 

Do Cap £1 

iTbroanorotL.— 


jTor ln-esi.lnc._ 
Do Cap _ . — 
Trans tweaotrJ 
rritauelm.SOp 
rrole.M Icr50p_ 
IW Capital £1^. 
rrpst iTJon — 

TTtttteesCorp— . 

TAnetidelm. — 
Cpdoun Inv. 
ftdBrit Sees._ 
Ltd Capitals — 

, L'S Deb Cont- 
i's ftiteaeraJTa 

CSTra^FccdSl, 

Vibcifir-ouKtc. 


44 fff.LS 6Tt.tas Iftp.J 


86b 

8312 

172^ 


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141 Wulerbcflim— 

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, 61 Du 'E' 

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17 Yol'sftl^no- 
2- VorkgwealOp.. 


24 
104 

41 

25 

149xd 
124 ai 
£531* 
531 
£37»2 
375 
74al 
55 
50 
160 
67 
101 
76 
felt; 
155 
114 
34b 
82b 
94b 
119b 
86b 
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73* 

69 

161 

65 

60 

154b 
345 
118d 
62 
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159 
49 
120 
146 ui 
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£107 

71 

95 
143 
590 

61b 

111 

92b 

122 

96 
58 

108 

19 

81b 

163 

670 


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ns 

fl.6 


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3.8 

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2.7 

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138 

180 

2.1 

1135 

130 

0.98 

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2.85 

13.05 
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4.05 
234 
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3 70 

a* 

8.13 

625 




165 

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4.15 

25 

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223 

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14.6 

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45.0 

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273 

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153 

173 

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Finance, Land. etc. 


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fehn. IV.'L A2hp 


tFurwi ir.d ICp 
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335 

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101 

198 

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36 


FINANCE, LAND— Continued 


197K8 
Rijh Low 


. Stock 


|+ dri .Div i 
Price 1 - I Xf 


, .rw. 

N« | CTw | Gr'sl P/E 


55 1 22b fHaSedteltrj Up I 55 


78 

£12% 

18 

260 

14b 

31 

207 

£57 

12 

131- 

£51 

61 

13 

£38% 

£10V 

2B 

46 

83 


& 

200 

ft 

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/ 

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[NTppon FlSttWH 260 


ttnun ,R.P.»Sp, 
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NUlCJnvi Dip 


PararabelOp — 
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PEajsoB'S'iSea J 
PreUbTSvfTfiS6-| 
sutetmiop— 
Scot fc Merc. 'A- 
,S3L £4i«pc Ann— 
[SmilhBrot. — 
am Pac Hnsdc 
teceiFin-OTOO. 
(Trai IfttTt IpJ 

B'idaSdefLSDp. 

22 KrevtoIEnchiuT 
33 )¥u!eCaioI0p__ 


61 

£10b 

1S>4 


10 
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167 
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102 
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55X9 
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925 

24 

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83 


41 

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128 
187. 
966 
79 
83 
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34 
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550 
170 
12 
45 
195 
£209>a| 
41 B 
24 
326 
23 

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£504* 


, 46 
1130 
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41 

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44 

18 

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liM 

a 

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712 (412 


635 

69b 

350 

£66 

204 


no 

110 

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305 
108 
225 
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31 b 
319 
240 
£66 
425 
92 
428 

24 

25 
-86 

49 

275 

103 

240 

235 

57 

lib 

120 

362 

50>a 

£92 

53 

53 


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B rierhSfspZI 
YPetroiesB- 

uflOD£l 

safe Petrel £3 
1 roar 60 c — 
SEA 


8 

£14% 

l>a 

IMS, 


W54 

■54 

■88 

ll 
1116 
■ 85 


LASMO 

LASSO 

LASan*Opv''»p. 
_ JlaraetSleulslOc 
78 MTEvpLUp— . 
Premier Cons. 5p 

Banger Oil 

Reynolds Div. le. 
RyL Dutch Ft20_ 
SceKreBes..— . 
Shell Trans. Ret 

rto.7»«H.£I 

^Sn»W».T y 
Tesaco-ai ,> iCnt 
TYicentrol — 
Utramar— — 

__ 1 Do TpcCnv 

50 Weeks \at lOds 


, Tv Pld Ord Klc- 
Woodside A50e. _ 


1124 + 

iJT 

724 

75 

45 

£56b 

TOO 

50 

21 

£15 

400 

122 

10b 

29 

134 

£101 

284 

19 

194 

£40% 

505 

490 

66 

228 

E571- 

130 

196 

121 

97 

97 

59 


-1 

-10 


-10 


+n 

-5 

+2" 


0.68 

598 

(*5116 

3.3 


ID 

,6.19 

Q9.44, 

t0.44 

3.02 

Q4.25 

14.91 

21 

138 

+3.24 


426 

+613 

Q8b% 

1143 

QlUb. 


ZOJ 

Q14?s| 


192 


+Q50%! 

+1428 

4.9% 


127 

*7%l 

Ql>Vc 


0.7 


ZU 5.0 
3.fl 5.6 


0.9| 

L7| 

.ai| 


0.9 


19 
14 8 
72 
12.9 


3. « 67 


30 


33M(ll3| - 
eleHj 

iffujTij 

56 
OS 
>14.4 


331 


2^ 




4.5 
33 0 


5.B 

6.3 
AS 
B3 

a« 

8.4 
48 
13J 

5.3 

13 


5.81 


46 


1S| 


6.1 

44 

n. 4 | 

riTb] 

ID 

M 

94 


37.7 
■ 92 

16 


127.7 

198 

Is 

3.7 


93 

152 


,305i 

146 

no 


313 


169 

6.6 


£75b 

2Qs 4 

2H| 


DoSpcCnv.Bl. 
V City Merc. Wa 
DalOpcLulSp 


.25 

. 62 
—1+2)1-52 


rh 


4.4 


_..71 

Q12% 

112.72 

426 

05.0 

Z0.66 

655 

3.4 

13.2 

h2.29 

70 

70 

4.43 

B— 

KJ3.S 

n!25 

3.09 

h»? 


OVERSEAS TRADERS 

African Lakes 

Aust-.tffic.ate- 
B«risIiB?-54ff '. 

BtettvirtTfcKiaip 

BomeadnOp)— 

Finlay Uasj5q>- 

GiIiiDuSns 

Gt-NUm-OO 1 

iTris'ns. Cros.£l. 

HoffmmgiS.) 

IncheapeEI 

Jacks m— 

Jamaica Sugar— 

Lonrhn 

Mitchell Cotts.„ 

Nigerian Bee. - 
:fceanWlaes.SOp 

Pai sou Zorit top _ 

DCL'.V.VVlOp . 

SangenJ£i10p. 

SenaSuearSOp 
.iSime Darhy I0p| 

Steel Rras. 


*2 

pi 

276b 
, 66 

9 
9 
62 
36b 

146 
68 
;13S 
130 
41 

86 

1205 _ 

35 irororKems.I 


305 

64 

193 

68 

29 

250 

192 

£58 

350 

68 

360 

23 

18 

69 

42 
258 

70 
190 
185 

46 

6 

101 

358 

43 
£89 

41 

41 


Q10%|312| 


4.71 

11! . 
12l 8.H 


23( 201 


32J 63^ 


22 
1-8! 
ft , 
3.5 

7.91 

7.91 
L3 

iil 

4ft) 

25 

102 

UO 


22 

13^ 


144 
12.3, 
8.0 
5.0) 
5 1 

146) 

J.b' 

5.5| 

10.9 

f9.< 

281 

14.5 


RUBBERS AND SISALS 


I977-T8 
High low 


94 

77 

15 

38+2 

200 

57 

108 

55 

12*4 

250 

76 

71b 

•8 

35 

177 

67 

33 

34 
691' 

£26b 


235 

420- 

116 

28 

250 

252 


75 

28 

\Si 

49 

36 

34b 

20 

40 

31b 

10 


3J1 

£10b 


Stock 


34 Untfo-Icdanes'iL- 
43 iBmamCOTS-R^)— 

lAfrlcai— 

Bradwall I Op 

SsltfiddlOp— 
Owrsone* I 0 p^- 
Icons. Plants I0p„_ 
|flariefe Malay 10p ._ 
Grand Central 1 Op _ 
G«thrie£! 


EarasonrJEv Ea.ll)pJ 
Highlands 3B0c__| 
Kuala Kroons 5ESL 
(t+Kolim>G0c___ 
Ldn. Sumatra 10p_ 
MalakofiMSl JL. 
MaiaynkiDlOp 


12b (Mnar Rivet tup. 


Price 

Ha 

Dh. 

Net 

CVr 

94 


2-54 

24 

75 

..to.. 

35 

15 

1ft 



_ 

37J 3 

lliiM 

hi 27 

10 

I70xa 


a28 

LO 

53 


2.03 

1.1 

104 

T^2 

0120 

12 

49 


fin 

21 

11 

220 

-2 

055 

+10.15 

L8 

661; 


3.05 


7(Mp 

45d 

-i 

ittfce 

ft 

35 


011 5c 

1J 

117 


414 0 

1.6 

67 


+«llc 

L7 

30>j 


♦1.15 

04 

34 


h0.43 

3.1 

64 ; 2 

-h 

*218 

ft 

£26 

- 1 ; 

75.0 

ft 


'Kaatanofl Hidp H+p 
SungeiKrianCl — 


TEAS 

India and Bangladesh 


35 

i9.4 

iH9 

4. 

63 

8.1 

73 

62 

82 

97 

i3J 

5.6 

ft 

5.9 

3 

34 

8 

122 

5 

55 

Vo 


VH 

Gr's 

4 

73 

7.1 

2 

58 

115 

7 

7.0 

6.9 


- „ 88 
245 (118 


420 

27b 

202 

175 


132 

150 

52 

5 


Assam Dooars£J _ 
'Assam Frontier£L 

I Assam Invs. O 

.Empire Plants lOp. 
123 ItekaiD 


124 

Sij 

10 I 

80 


iLooEbourneQ 
HcLe«lRQsseJ£l. 
,Muran£l.. _ . ._ 
Si Brio Hide 10p.. 
(Warren Plants. — , 
[Williamson £1 | 


200 

288 

104 

221j 

248 

250 

203 

410 

22 b 

188 

140 


+6 


>951 

♦71813: 

♦1.98 
12.0 
10.0 
10.0 
15.08 
♦F1.72 
P13 0 
90 


5.9j 7.2 
4.« 43 


3.7 
15 

fiS 6.: 

2.7 ' 
4.9 


102 

13 3 
73 


Sri Lanka 

185 ! 59 (UamvaEl 1 133 \ I 5.5 \ ft 

Africa 

|190 tfUaztfvreU — 

( 50 [Ruo Estates — 


6.6 


430 

140xd| 


130 


♦1 


143 


MINES 

CENTRAL RAND 


£341j 

207 


129 

Durban DeepRI_ 

365 

+1 



_ 

1/8 

Eb 4 Rand Tip. El. 

376 

t4 

SQ5c 

16.4 

£19 

Randfontn Ert K 

£341; 


OKOc. 

35 

113 

[West Rand Bl 

145 

*2 

QL3c 

ft 


EASTERN RAND 


97 

35 

323 

149 


55 
, 9 
235 
52 
379 1205 


52+2 

121 

95 

79 

727 

63 


20 

46 

29 

33 

380 


(Bracken R] 

(EastDagraRl 

[OTUlHOSO 

Grootviei Sic.. — _ 

Kinross RI 

Leslie 65c 

MartevrieROjO 

[S. African Ld.35c_ 
nritfonteinRl— _ 
WinkelhaakRD 


16 (WuNUdKe 


85 

ill 

t2 

-1 

+16 

Q25c 

+Q20c 

N25c 

15 

349 


Q24u 

* - 

354 


Q34e 

28 

4SU; 

-ja 

03c 

12 

B5 

+r 

o46c 

15 

54 

+2lj 


10.7 

51 

727 

-U 

+13 


ft 

1.7 

57 

+1 




FAR ^VEST RAND 


710 
ElOb 
108 
326 
735 
236 
153 
£13b 
585 

S56 . 

514 (235 

296 GlS 


|249 

1510 

I 58 

ft38 

15 

h 


£14b 

2B9 

£23> 4 

241 

834 

241 


iperikrari RD2D 

DoornforUrinRl _ 

EastltieRI 

EiandsTiadGId-JBcJ 

ElsburgRI : 

HartebeestRl 

KloolGoldRT 

Li banco Ri 

Southvaal 50c.~ 

auionlern50c. 

B12 waalRwfcSOc 

VeteerswistRl-_ 

W.DneRl 

Western .Areai RI . 


70 

03^ 

110 


130 


544 [Weaern Deep R2 


Tanripan Bl 


334 

913 

103 

312 

700 

234 

14B 

£U b 

500 

550 

511 

263 

£12 Vi 

266 

£1S% 

234 

767 

195 



2J| 


176 


96 

5.7 

3.9 

32.3 


82 


1.4) 8 S 


5JJ 29 
6.7 


O.F.S. 


120 

nsh 

126 

469 

134 

noii 

783 


, 70 
787 
68 
K35 
J 9 

p50 
475 
£12^(685 
“■ 108 


206 

273 

£17-1* 


[118 

£101; 


Free State Itot.aOc 
,FSJtednldSOc.... 
iFASaaplaasRl-' 

HanBDnvMe 

LoniuenJ 

Pres. Brand SOe 

PreaStepn50c 

a Helena Ri 

L'nisel— 

;ffelkOBi5at , 

W.Holding: 50c ! 


90 ' 
£155? 
93b 
376 
125 
958 
754 
798 
181 
273 
£173 4 


♦L 

-1 

-B 

+1 

-7 

-14 

-6 

-1 

t2 


Qllc 

Q24Dc 

50c 


Q35c 

(250c 


il 

ft 

* . 
u 


IM 


4 7.9 


finance 


522 
322 
£171 j 
950 
155 
224 


111?! 

250 

,186 

130 

£15b 

59 

500 

230 

55 

,€12b 

232 

294 

80 


B70 

'195 

,£llb 

1621 

106 

137 

'j|£12 

B25 

(£3S 

1126 

1860 

[370 
118 
, 33 

925 

117 


Anfi Am. Coal 50c.. 
AajUP.4racr.10c.. 
Ang. Am.GoldRl_ 
Lkng-Yaal 50c __ 
rhanerlte* - - 
(Lons Gold Fields _ 
(Eta Rand Con lOp 
Htea lfinfn*lfc;_i-- 
K«ldFkld>iA3Sc.. 
Jo'hura^ors R2— 

{Middle Wit&c 

S3finflrcoSBDL«_, 

Hn+Vnatr. 1 

PatumN’+’FIsS 

Rand London 15c- 
Setection Trust 
(jecmwIOe. 


40 


MlvenmsKs2ipp_. 
(Tvari.ConsidJl!. 

R'C fines RJ 

170 lUniaDC«rpn.£26c. 
“ VnebStat 


450d 
280 
£We 
6K 
222 
168 
20+4 
£15b 
£12 
£1114 
155 
140 Bl 
106 
no 

58 
376 
195 
34 
£12 
222 jtd 
275 
44 


+20[Q60c 



£33b 

90 

323 

nib 

76 

99 


DIAMOND AND PLATINUM 

♦MOc 
Q/.lr 


Anrih-AmJirviOt. 
Bwaip^itfiPftlOcJ 
|De Beers ff. 5c 
Ito4flpcFf RS 


60 


43 t>dHn6urgi2t.< 




£32b 

78m 

313 

CUM; 

66 

89 


u % 


*1 


,8.7c 


U! 

£ 4 ! 

3.4! 


7.6 

6.7 
114 
24 
17 


* 5 .eicer i.i li 

nte—a.’.ar®: and 

sor.-. r.g 

NOMURA 

Th» Nomura Secoriries Co., Lrd. 

NOMURA EUROPE N.V. LONDON OFFICE: 

Bar her Surgeons Hail, Mori M [| Square. London Wall, 
London ECrYi.31 I^onc: iOll 60B -3411 6253 


1877-78 
High Low 


MINES— Continued 
CENTRAL AFRICAN 

Dh. 


210 

24 

165 

164 

80 

42 

27b 


20 

127 

128 
325 

72 

112 

35 

242 

105 

zu 

120 

12 

147 

55 

ns 

19 

555 

164 

75 


39 

345 

57 

260 

570 

13 

325 

150 

100 

11 

85 

490 

410 

50 

70 

215 

90 

73 

210 

305 

lbO 

-64 

102 

95 

203 


70 

9 

52 

115 

70 

27 

10 


10 

57 

65 

119 

18 

77 

10 

125 

10 

1 

79 

ft 

20 

575 

4 

35 


. 18 
1240 

Pi 

4 

60 

7 

. 30 
260 
21 7 


Stock 

ifhlceaRhiOc 
[Rhod'nO 
'Roan ions 
[Tanganyika 50p 


Price — 


ru 

Net (rvrfcr* 


RVa=b'eitol.fth.l._ 

ZmiTprSBIXI24- 


210 

24 

70 

125 

78 

40 


101.1 j — 


Q50c 
0 57 

qilO, 


1.4i 


22.0 

36 

as 


ilb.4) 9.2 


160 


AUSTRALIAN 


Acmev2?c. 

BueainriUeSOTou 

IBH South 31c 

ICimrlDC flrociun A- - 

H3M KalgoorlieSl. 

Hamptn Areas 5p_ 

Maul: El 5Uc 

W1>1 robes Sue „ 

(llwiru Lyell 3c 

jNetnneullOc 

Nuilh R. Hill.snr- ■ 

Xth Kalcurli 

Oakmd«S4t_. 

Pacific Copper 

.Pancom'llsc 

Parroga ll&Exjip. 
!PekfrW&]lsen,f?i)c 
HWnUminenOc- 
Whim Creek 2ft:. . 


11 
80 
65 
148 
72 
90 
12 
127 
17 ■ 
2 
82 
11 
135 
33 
BOO 
12 b 
435 
88 
35 


■»! 


QBc 

QlOc 

145 

Q9c 

QBc 

tQllc 


1 $ 6JS 
42 


TINS 


AmaL Mgeria 
UrorHnamSMl _ 

BerahTtn 

BrriouuSMl. 

Geemr 

GjH&Basel2ia»_ 
GopengCons 
Hoflcwnc— 
ldns"‘ 

Jantar _ 

KanumDnc5UOSO. 
KUi 


slOp 

ar ITj) 


17 Stolaj tjrrdpi£ Sill _| 

40 aPananc. ; 

50 PengkalenlOp I 

PetolumSMI 
Saint Piran 


South Crofryjtri^ 


.South Kinia5Y__- 
Sthn Malaran SM] . 
Suncei BesiSMl. 
Supreme Corp SMI 
42 [Tan lone ISp .. 

45 TTiKipkar Hrbr SMI 
93 iTfonohSMi 


28 

280 

£ 

«5 

255 

>8 

S 

450 

300 

49 
53 

173 

50 
53 

150 

250 

153 

64 

98 

85 

175 


Q1K- { 40' 
Qbc j 14! 


-1 

+2.51 

St 

..... 

15.0 

— 

75 

— 

fQU5c 

QL25 

Q95.5c 

W 

mW12f-c 
sL94 
W 12 
lQ778c 
tfil'Uc 

+1 

-rl 

..... 

.J.0C 

«&E'- 

7.Q30C 


3.4j 55 


oM 


ii 

13 

110.9 

4.6 

15 

3.4 

11 


2.4 

4ft 


6.0 

53. 


2.1 

4.2 


143. 

32.0 

1U. 

± 


8.9 

|3l9 

48 

275 

65 

51 

18.6, 

1.6 

6.0 

10.4 

11.1 

115 

34" 
70 
34 4 
3.7 


COPPER 

196 | 70 {MaanaROSO . | 74 


(*130=1 1.9| *. 


MISCELLANEOUS 


9U 

115- 

t>00 

475 

247 

,70 

£14* 

55 

160 


9 


9 

-li' 





67 


57 




m 

lotto Murch. 10c_. 

240 


Q30c 

ft 

2SD 

164 

NorthgateCSl 

RTZ- 

252 

164 

+2 

tfil 

qTj 

?8i ? 

Sabmalitdr CS1 

32 


TOO 

TaraEnmi SI 

rebidr MraeralflOp- 

800 




'W 

45 


1J1 

25 

120 

Yukon Cons. CS1._. 

123 

— 

Q7c 

ft 


75 

7.9 

3.4 


NOTES 


UnleM Mherwiae Indicated, price* and act dividend* are In 
pence .ml dentmrtnaUoaa are 25p. Enfmaicd price/eamlnga 
racial and cover* are based «n latest annual report* and accounta 
and. where pacaible. are updated on half-yearly figure*. P/El are 
calculated en tfer baaia ef net dlsiribntiacu bracketed Rgorea 
Indicate 10 per cent, or mere difference If calculated on -nO** 
■tiatri button, turn are based on -nrnritmim- dtocrUnnioa. 
Vieldi are baaed on middle prices, are fNH adjusted to ACT of 
34 per cem. and allow for value af declared dlBrt buttons and 
rights. Seen ri Ues with denominations other than sterling am 
turned inclusive cf the investment dollar premium. 

& Sterling denominated securities which include investment 
dollar premium 

• 'Tap" Stock. 

" ' Highs and Lows marked thus have been adjusted to ftUoV 
far righu. issue* lor cosh, 
t Interim since increased or resumed. 
t Interim since reduced, passed or deferred, 
tt Tax-free to non-residents on application, 
ft Figure* or report awaited. 

It Unlisted security. 

it Price at time of suspension. 

f Indicated dividend after pending scrip and.'or rights Jsnft! 

cover relate* to previous, dividend or forecast. 

" Free of htaxnp Duly. 

♦ Merger bid or reorganisation in progress, 
ft Not comparable. 

0 Same interim reduced final and.'or reduced earnings 
indicated 

Forecast dividend: cover on earnings updated by latest 
interim .-latcmcnt. 

1 l over allow: for romnr.ion of vhare. not now ranking for 
dividend.' or ranking only lor revtriclcil dividend 

I Cover doer nor allow lor r.harev which may also rank Cor 
dividend dt w future dale No P E rutin usually provided. 
Excluding a final dividend declaration 

ft Rcclcnal price 

II Xu par value 

a Ta< free b Figure* based ur, prospectus or other official 
eramjTc c Cento d fdvldend rate paid or payable on part 
of capital, cover based dh dividend on Tull capttaL 
e Redemption yield f Flat yield. K .Assumed dividend and 
yield, b .V’.'umed dividend and yield after scrip issue, 
j Payment from capital sources, k Kenya, m Interim higher 
than previous total, n Rights Issue pending q Earnings 
based on preliminary figures, r Australian currency, 
a Dividend and yield exclude a special payment, i Indicated 
dividend: cover relates to previous dividend. P/E ratio based 
on iucst annual earnings, n Forecast dividend: cover baaed 
on previous year’s earnings, v Tax free up to 30p in the £. 

* Yield allow; for currency clause, y Dividend and yield 
based on merger terms. < Dividend and yield include ■ 
special payment- Cover does dm apply to special payment. 
A Net dividend and yield. R Preference dividend passed or 
deferred. C Canadian. Il ijovcr and P”E ratio exclude profits 
of UK. jwwpace .'Ub-.ldiarie* E Issue price. K Dividend 
and yield based on pruvpertux or other official palmate* (or 
1977-76 G Assumed dividend and yield after pending scrip 
and or rights issue H Dividend and Held bain) on 
prospectus or other official estimates tor 1976 77 K Figures 
based en pruiocctu* or ether official estimates far 1978. 
V Dividend and yield ha*ed on prospectus or other official 
enimniev for i»7». N Dividend and yield based on prospectus 
or other official eJimaic.-. lor 1979 P Dividend and yield 
based on provperi u* or idher official estimates for 1977. 

Q Groxv T ilgurei. (isxumed. U No significant Corporation 
Tax payable Z Dividend total to date, tf Yield based ra 
assumption Treasury Bill Rate stays unchanged until maturity 
of stock 

Abbreviation*- a e* dividend ;* ex scrip issue: tr ex rights: a ex 
all: ri ex capital distribution. 


“ Recent Issues ” and “ Rights ” Page 24 


Hus service [5 available to every Company dealt in oa 
Stock Exchanges throughout the L'nited Kingdom for* 
fee of £400 per annum for each security 


REGIONAL MARKETS 


The fallowing is a selection of London quotations of shares 

in regional market*. Prices Of Irish 

ssues. mo»t of wnicn are not officially listed in Inndoa. 
are as quoted un the Irish exchange. 

Albany Inv 20p! D 
.VsJi Spinmrvq - 43 

Beruun ! 14 


Bdg'wtr E.’L -ii'P 

Clover tr-tt 
Craig & Ro*j? £ I 
Dyson fR A i. 
Ellisftt McHdy 

Evang Fr'fe lOp 
Eiered. 

Fife Forgi- 
Finlay Png 5p.. 
Craig Ship. El . 
Higsons Brew.. 
T.OJI Sim £1 . . 
HoltiJos>25p 
N"+hu. tioldvriith! 
Pearce (C. Hi.. 

Peel Mills- 

Sheffield Bnck 


277 

72 

400 

39 

6a 

57 

IP? 

47 

19 

175 

80 

145 

243 

57 

129 

17 

46 


+<i 


-1 


Sheff Refnhmi. 
Shiloh Spi nn 

iwm.i. . 


Sir.dall i 


51 

19 

S3 


1-1 


IRISH 


Com 

Alliance Gas — ] 

Anwtl- — ... 

Carroll fPJ.i— j 
Clondalkin — [ 
Concrete Prods.. 
Heilon -Hldgfi.) 
In?. Com- — 
Irish Rope* — 
Jacob — _ 

Suriln: am 

T «i: 

Untdare 




70 


270 


102 

+2 

90 


115 


49 

T 

140 


133 


57 


32 

t 

178 

72ai 

+2 


OPTIONS 
3-month Call Rates 


Industrials 
A. Brew ... J 6t 
.VP. Cement . 18 
■S.R . ..9 
Babcock . . J lD 
Barclays Bank ! 25 
Beecham - 38 

Efaotii Drue I IS 

Rowatcr^ 16 

fLA-T.- 24 

British Oxygen 6 
Brown i J. j _ I 20 
Burton m 13 

Cadburys I 5 

Courtouldf ,...| 10 
Dehor hams . .{ 10 

Dinillors 13 

Dunlou. . . ( Si? 

Earle star { 11 

EM.i 18 

Cen. Accident] 17 
Gen Electric. ! 38 
Glaxo. ... |ftO 
Grand Met. ... 9 

1.UA A* 18 

Guardian- ! 18 

C.K..N . „ . ,.i 22 

Hawker Sldd * 20 
Hbnseof Rater.; 32 


I L I 

••Imps" 

1 r C ; 


Irveresk .._. 

KCA 

Ladbrokc 

Legal Alien. . 

Le s Service _ 
Uoyds Bank. 

"Lots" 

London Brick 

Lnnrtio 

Lucan Inds.. 

Lyuiij.J 
"Mams'' .. .. 

Writs ttSpncr 
Midland Bank 
X.EL- ... 

Vai ffrt Bank. 

L»o. Warranto 
P Je O Dirt. 

HIe»sey 

R.U.M - 

Rank Ort*. 'A*. 

RcedlnlL-.^ 

SpiUerc. J 

Tesco . 

Thorn. ' 

Trust Houses ! 35 J 


Tube Invest - 
Unilever 
Ltd. Drapery. 

Vickers.... 

Woolworths.-- 

Property 

Bnt. Land ™J 
Ca^. Counties.! 


Tntrcuropeau 

Land Secs. __ 
31EPC 

Peachev 

Samuel Prep*,. 
Town ft: CiMr^„ 

Oils 


Bnt. PetTrieuaL.' 35 


P 

5 

4 

18 , 

W 

u 

2 



Mines 

Charter Cons. 
Cons C 
RioT.. 


lerConsJ 12 1 
Gold ._4 2B I 
'-Zinc — I 36 1 
A selerimn "f Options traded ^ given on the. 

London h+ocit Exchange Report page J 






28 


# Relative Strength | 


Rc&itfvi; strength a the difference betweena good 
>u 4 a bad om^KDL We s nppiy rdathc 
fftragtXi charts for Bruain’s fawfag companies, 

nhrta oil 4U~ ^lUn, -J » — 


successful inresfanent. 

Write or teiepjKMefer a free sample. 

AWAI .TrSIS LIMITED 
IM-aa# BlAoonaxe, London, EG2M 4 PE. 
Tefi 01-283 4476 



Saturday March 4 1978 


MEN OF THE WEEK 


Not on 
the same 
tracks 


Japan likely to peg 
car sales to U.K. 


BY CHARLES SMITH 


TOKYO, March 3. 


BY CHRISTIAN TYLER 


JAPAN’S MINISTRY of Inter* pecfs elsewhere in Europe and Ley J ami's sales last month when 
national Trade and Industry the United States. Japan sees he makes his statement to the 
appears to have given undertak- problems for its car exports to Commons. 

ings to Britain to restrain other markets besides Britain. Although Jacan’s share of the 
Japanese car exports to the U.K. and fears that a promise to market remain*,? hioh last 

at about last year’s levels, restrain exports to the UJK. could. at 13 Der cent 

although no anouncement to" this stimulate demands for similar Ley land's new Rnnerdeal cam* 
effect is lobe made in Tokyo for restraints elsewhere. - has pulled tbeBritish com- 

th *#SS e f»S 1 ?£* r.t t.iira All that is being said officially pany up from a 21.4 per cent 

YORKSHTREMEN pride them- between the lUoSEy Sad S3 & ^ e . Ja P an ® se Ministry and share last month to about 25 per 
selves on their plain speaking. British Embassy vriiich took t ^ e <4 ®. r, 5S El ^f 55y ^ ve ce ^ t * 

And two of the plainest speakers place this afternoon, the embassy eIuded Japanese After almost four months of 

In the trade union movement to- was apparently given a letter set- 0311 exports t0 tBe U * K - relatively uninterrupted produc- 

day are Mr. Ray Buckton and Mr. tine out the Japanese Govern- The talks, according to the Son. Leyland' now has about 
Sid Weighell. who grew up only merit's position on the car-export embassy, produced **a darifica- 130,000 cars in stock and believes 
a few miles apart in North York- issue. tion of the intentions of the that it can maintain the momen 

shire. 


The contents of the letter will Japanese motor industry ” to- turn of sales. 

Mr. Buckton. as every com- form the basis for an announce- wards the British • market — or The improved figures will 
muter knows, is general secretary ment. to be made probably by more precisely, of the wording of support Japan’s view that Ley- 
of the Associated Society of Mr. Edmund Dell, the Trade Sec- the communique issued after land’s problems, which prompted 
Locomotive Engineers and Fire- retary, in the Commons on Tues- talks last month between the two the company- to ask the Govem- 
uien; Mr. Weighell oF rhe day. industries. ment for curbs on Japanese cars. 

National Union of Ra/lwaymen. Statements by Japanese car The communique said that are caused mom by the com- 
Tne trouble is that the two manufacturers about the U.K. Japanese exporters had declined pany’s own failure to produce 
rarely see eye-to-eye- and when market bave been increasingly to give a commitment to restrict than aggressive competition, 
their* unions are in ’conflict as 3 uarded , in the last few days. A exports to the U.K.. but promised On the other hand, the Govern- 
they are now once a pain tbe trend ’ however, has been to that their exports would not ment is likely to want some .de- 
railwav passenger is more oftei stre5S that e *P° rt s this year are “ cause trouble for the British dine in the present high rate of 
than riot the shfferer. So far this “not expected" to be up on last industry. Japanese car sales. The Japanese 

time the passenger has been - vear s ,evel - u , Terry Bodsworth writes: Mr. importers’ market" share is run- 

spared ASLEF withdrew at the Car manufacturers have also Dell will be able to point to a rung at about 2^ per cent, more 
last minute its threat of a boon cautious about export pros- substantial recovery in British than, last year’s average, 
national 



BP will 
spend 
£lbn. 
on field 


strike on Wednesday- 
over a deal for some NUR guards, 
but not without some tongue 
lashing from Mr. Weishell who 
has come to detest the train 
drivers’ penchant For bringing out 
the big stick Yet it was the 
threat of action by the NUR that 
originally prompted British Rail 
to make a deal, in the knowledge 
that ASLEF might react. 


Callaghan attacks Tory 
policy ‘witches brew’ 



BY PHIUP RAWSTORNE 


Ray Buckton and Sid Weighell 
Rarely see eye to eye 


Relations between the two 
unions are now possibly worse 
than ever. There may be no per- 


il] R. JAMES CALLAGHAN re- strongly reinforced the appeal to The Labour vote remained sur- 
sponded last night to the Tory the Labour movement to throw prisingly solid; the voting switch 
victorv at Ilford North by urging its full weight into this political to the Tories was the lowest for 
T D . . . , J struggle. two years, and closing the 6.6 per 

the Labour Party to redouble its Hattersley said that a cent- margin by no means presents 

fight against the fear and preju- labour victory at the General Labour with an Insuperable task 
dice of the witches brew of Election would depend on the the next six or seven months. 

Party’s success in eliminating Sir Harold Wilson suggested 
i® T or y “diversions” tike Immigra- last night that action be taken 
,n 1 c ? le £«« tion. and fighting the contest on to nullify the National Front 
V k , xU ^ Y b v. y ‘ C o C i economic policy. threat by raising the deposit for 

Dr. Owen said that Britain election candidates from £150 to 

fio 3 Ulfn n rfrin XSftR* rW^lfinn mUSt ad ° Pt a pOSltiOO £ 1 ^ 50 . 

rhi-i?t?nJS e +h at hoine and abroad if it wanted There was general agreement 

campaL,n threatened the country to jj C taken seriously as a poli- that the collapse of the Liberal 
uith society bag'ndaen by ^ ca j mora ] world leader, vote now seems as great a cause 


r»n oUoy, While some Labour votes were for concern to the Prime Minister 

„„ .“ ut Mr - Callaghan added. We j 0st because of the immigration as it is to Mr. David Steel, the 

sonal animus between the two * ,! overcome cynicism with issue at Ilford, a Government Liberal Leader, 

general secretaries and thev belief, and opportunism by pnn- analysis suggests that tbe electoral On present indications the 

have co-operated on a save- the- cl Pj e -" . . . # . _ damage was restricted by the Tories could expect to pick up a 

railwavs campaign, but their Dr - David Owen, the Foreign vigorous reaction which the Issue valuable bonus from Liberal 

positions ccrtainlv do not make Secretary. and Mr. Roy aroused among other Labour sup- losses in the General Election 

them friends. As one union offi- Hattersley. Prices Secretary, porters. Picture, poll figures. Page 17 

rial said yesterday: “ I hope you 
don’t think you're going to get a 
joint photograph/ 

Mr. Buckton. genera! secretary 
since 1970. is a reluctant militant 
but can look fierce and aggrieved 
enough when he goes on tele- 
vision to convey the decisions of 
bis hardline nine-man national 

executive committee. Privately I the GOVERNMENT was deter- than prices generally. The Gov- ahead, then the result would be 


By Ray Dafter, 

Energy Correspondent 


to 


BRITISH PETROLEUM Is 
spend about £lbn. on the exploi- 
tation of Its Magnus Field, the 
most northerly commercial dis- 
covery in the North Sea. Tbe 
field may be adding to UJC. oil 
production by late 1981 or early 
1982. 

The company said yesterday 
that its Board had approved the 
development proposal and. that 
it would shortly submit its plans 
to the Department of Energy. 

Magnus Is a medium-sized field 
with an estimated 400m. barrels 
of recoverable reserves. BP said 
that it expected the field to pro- 
duce oil and gas liquids at a 
peak rate of 125.000 barrels a 
day. This is about aquarter of 
the maximum rate expected 
shortly to be attained from BPs 
Forties Field. 

Forties is one of the most 
profitable fields in the North 
Sea. This fact must have in- 
fluenced the Magnus develop- 
ment decision. Capital allowr 
anees for Magnus expenditure 
can be claimed against the 
Forties Corporation tax bill. 

•In relation to its size Magnus 
will be one of tbe most expen 
sive fields to develop in the 
North Sea. 




THE LEX COLUMN 



a moving 


Yesterday’s 


encouraging 


These are, of course, 

figure for' the. public sector TnJpr msp 25? to 436-2 toric fifiures. In reaS 
borrowing requirement -in the ^ aaei 1USC the performance is mufl 

•- ' ■ ter in a period when a 


December . quarter — only 
£L13bzu after seasonal adjust- 
ment— represents yet" another 
confusing joker in the pack of 
recent financial statistics. In the 
financial year so far the Govern- 
ment has .been far- under- 
shooting its PSBR forecasts, 
bank l ending h»c been rising at 
only a moderate rate and gilt- 
edged sales have been high: 
These favourable factors- should 
have led to a situation Of tight 
monetary control— but- instead 
the money supply on the 
stertlng MS measure has. been 
growing at well above the maxi- 
mum target rate of IS per cent, 
and has undermined the confid- 
ence of the stock market. 

Next Tuesday’s .February 



. .. 

life ! L 

i ■ *.«.«► , i 


"“issgsyyiiis 


1976 I 1977 
? gwgg * gag 


1978 


has been falling away i 
and this means that com,* 
dividend paying powers 1 
be much greater than tb 
ported figures might s 1 
But it will take some- - 
while for the analysts to ’ 
egg off their faces and / 
'the confidence to come’oi ! 
some convincing buy . 
mendations. 



Property finance 

There are signs that 1. 
Institutional investors ar 
again emerging as lu 
sources qf .funds' . for' 
property ' companies. 0- 
- couple of years ago whet 


Next iiiesdays .February- ^ ’ such as Sun Life’s t 

banking figures are being hoping that each of these two- f 0ug ht take-over of Artaa 
awaited with some- trepidation, groups would make over a u,- t t} ,_ hparniri" 

although they are unlikely in quarter more in 1978 than now 

themselves to- clear np . the seems -likely. All the- same, a institu ti 0 ns as hunnrv- 
wirrent >iTK»>rfainrip-n one. w^"- bleaker outlook now -extends tors. - 

or the other. Meantime, the to pretty well all the companies . R .* L- ** 

PSBR news encouraged the gilt- on the list On3y one (John ~rowrty comnanies are 
edged market, yesterday: the Brown) is now ^pected to pro- ^a^h^ithtef^sltio^a 
outurn for the year looks likely duce significantly more, than institutions are findine it l. 
to be less than £6bn., although. then seemed likely, and on 3Sgf?SB?to ^ 
probably not as good as the. average the brokers have re- DrooertT investments nf 

the first mne months. the 30 companies by just over once agaijt J Qn fte es ^. ; 

M P aybe “they were all over- in J Jj idl « r ««iil 

Company profits. ^ pudding a ^ in ..Two, deals this week 

It all started off with Guest the excitement of a roaring bull f h °f nci 

Keen last September. Two days market But this is not in itself 

after the FT 30-Share Index hit an adequate explanation for the rompames anu their v 
its all-time high of 549.2, Guest changes — and nor is the SSS'-mt r«ftT ■ 

Keen disclosed half-year figures recovery of sterling. Obviously hW ^ - n , 
which were about a fifth below currency changeT have had “* bl £ 


the market’s targets. Since some adverse impact, but the sounder footinThv 

t-Tion tli*. tnlr hac v hawl c SOUHOer looting by SUMC 


Equipment 


Bid to avert house price boom 


BY MICHAEL CA5SELL, BUILDING CORRESPONDENT 


he is one of the moi.t engaging mined tliat tliere would be no emment’s legitimate responsi- that fewer people would be able 

ana friendly men at tne top oi repetition of the 1972-73 house bility was to see that house to become home owners.” 

the union movement. price boom, Mr. Peter Shore, prices did not rise at “an un- His first concern, he said, was 


Mr. Weighell. who took over Environment Secretary, said last acceptable rate.” to ensure that prices did not 

with much sabre-rattling just night Providing evidence that there rise at such a rate as to push 

three >ears ago. is short. se!F- jjis comments were made the had been a marked acceleration bouses beyond the reach of first 

confident and nighiy-stntng. with da y a ft er officials from his de- in prices in the past few months, time buyers, 

an autocratic style. With his p ar tment and the Treasury asked Mr. Shore said that the average f* e sa,d “at rising house 

quick eye and fluent tongue, he ^ u jjding societies to reduce their price of second-hand hemes was were not Just a matter for 

is propagandist and mortgage lending programme to increasing at about 13 per cent, H? e Doveimnent. He knew that 

political lobbyist. help prevent any house price while the price for average new societies were as .anxious as 

explosion. The societies meet homes was rising at an annual • tt J™!? aint ^ n rt 1 a ° 

Li ftn J next week to discuss the requesL rate of nearer 20 per cent wf^thaf 3 n y .,«r£,i™ii^ Ql c,.rJI 

oBCI DIGOO Mr. Shore said that there were 41 If this movement were to ^*p at 

Bad blood between the two indications of a sharp increase continue and to be repeated as a ° v wtual redurtlon Si demand 

unions can be traced back to m house prices. It was not in market pattern in all types of J e , r . eauc L° n “ ae a T 

the mid-Fiftles when ASLEF the public Interest that they housing in all parts of the Spectres haunting bouse prices, 
went on strike and the NUR told should now move ahead faster country and for the months Page. 15 

its members to keep working. 


Tanners win right to sue NEB 


BY LYNTON McLAIN, INDUSTRIAL STAFF 


The bitterness has increased 
in recent years. Ray Buckton. it 
is said, is tno much ai the mercy 
of his executive and ASLEF— 
with 2S.000 members lo-dav com- 
pared with the Xl'R's 180.1X10— 
was robbing the NUR »T its role 

\^..n h niH l uw t hJlf tmikn^'r he THE GOVERNMENT appears to against a public body. that the NEB’s moves are con- 

deriiird iu cut' ASLEF dowii to have act *pted the right of 14 At a court hearing in January, trary to its guidelines, which 

” “i n ‘ * independent tanning companies Mr. Justice Forbes turned down require it to act on a commercial 

‘ to take legal action against the an attempt by the NEB to block basis. 

As a result, recent years nave National Enterprise Board for a move by the 14 companies to These companies have been 

been marked ny tierce tactical w h at ^ey claim to be a breach challenge its partnership with seeking a court injunction that 
struggles and one-upmanship in Q f statutory duty in giving Barrow Hepburn Gale in tbe the NEB had no power to make 
national negotiations— negotia- financial backing to British recently-formed British Tanners wbat they allege was a discri- 
tions complicated by the fact banners Products. Products. minatory use of its funds. They 

that the NLTt too has train The 14 tanning companies British Tanners was set up claim damages for breach of 

drivers in its membership (Mr. sa ^ d yesterday that Mr. Sam last year by the NEB and duty. 

Weighell was one himself). Silkin. the Attorney-General, had Barrow Hepburn from the loss- • The NEB which has. however. 

ASLEF is a small era It union granted his fiat for their action making tanning interests of appealed against Mr. Justice 
battling lu retain the status against the NEB to proceed as Barrow Hepburn. Forbes’ decision, said last night: 

and pay differential of the foot- a relator action. The NEB put up £3m. and has "Neither we nor our lawyers 

Plutonian in a world where tech- Such a move points to the just said It will channel £14m. have received any notification 
notnay has overtaken him. The Government's backing for the more into British Tanners, which of this apparent- development 
driver is no longer at the top of right of the tanners, or anybody has incurred a substantial loss, and therefore can make no 
she pay ladder — many signalmen else, to bring legal proceedings The 14 companies have argued comment” 
and technicians earn more. That 


Dr. Jack Birks. a managing 
director of BP. hinted at'the cost 
late in November when be said 
that a deep-water field produc- 
ing about 100,000 barrels a day 
or more could cost about £lbn 
to develop. 

British equipment . suppliers 
hope to receive a maior share 
of the £Ibn. Investment. After 
evaluating a number of novel 
production systems. BP 
thought to have decided 
exploit the field with a conven- 
tional steel platform. 

Tbe Magnus Field, in Blocks 
211/12 and 211/7, lies beneath 
615 feet of water. As a result 
the platform will be one of the 
tallest in the North Sea, costing 
an estimated £100m. to £150m 
excluding production equipment 

British platform-builders, still 
suffering from substantial -sur- 
plus capacity, are likely to bid 
strongly for the basic platform 
contract. 

Details of the production plan 
have not been disclosed, although 
it is likely that BP will build a 
pipeline to carry the oil from 
Magnus to the Nlniao pipeline 
transmission system, in. which 
BP also has an interest. 


Continued from Page 1 


Engineers 


decline has beep made worse by 
the flat-rate payments nr recent 
income# policies. which in 
ASLEF*.-? eyes have wrecked a 
structure so painfully achieved 
by arbitration. 


Lovai members 


Financing of City scheme 
may cause controversy 


'Now nobody can -say we do 
not have tbe right to bring the 
NEB to trial.” said Mr. John 
Plttard, chairman of the Pittard 
Group of tanning companies and 
spokesman for toe H companies, 
"The announcement by Mr. Sib 
kin authorising our action is a 
veiy important point of taw.” 


BY MARGARET REID 


Continued from - Page 1 


Borrowing 


about how far any cuts in income 


At the same lime the contrac- 
tion of the industry although it 

has affected hnth un tuns, has THE FINANCING of the pro- cost by giving up its claim to 
reduce 1 ASLEF's membership posed new- Council for tbe some of the present stamp duty 
dramatically— it stood at 70.000 Securities Industry is expected seems to have run into difficul- 
3 bo lit 20 years ago- to cause controversy now that ties. While no decision appears 

But ASLEF is still industrially wider discussion nf the scheme to have been "ached, objectioru 
strung, and its members arc is beginning among financial have evidently been raised m 
lovai. There have been many Institutions un the Hasis of a Govemmen, circles. 

attempts l?v the NUR to hire its paper circulated by the Bank of One alternative would be for tax might be offset by a small 
rival into ii merger— or at least England. part of the cost to be paid by rise in indirect taxes, 

some kind of federation. The council is likely lo cost the State-owned Bank of Eng- The public sector borrowing 

Even now the NUR is talking several hundred thousand land, which already meets most requirement was JELlSbiu season- 
to the white-collar union, the pounds a year. Unless arrange- of the expenses of the City Take- ally adjusted, in the final three 
Transport Salaried Staffs Asso- men 15 are made for this CS- over Panel— likely to be em- months of 1977, compared with 

elation. ASLEF's executive, pense, or a substantial part of braced within the ambit of the £l.55bn. and £924m. in the pre- 

deeply suspicious of Mr. it. to be met from public funds, new body. t'ious two quarters. ' 

WeigheU's ambitions, will have the likelihood is that an addi- However, there is a consider- The nine-month .total of £3-6hn. 
none of it. tional charge will be made on able feeling in the City that a is only just over half the figure 

So once again the annual pay share transactions. City body which is ta be pro- for the same stage of 1976-77. 

talks, now setting under way. This would inevitably increase claimed as an improved venture A major reason for the difference 
will be punctuated with hostility the cost of share deals to the big in self-regulation should also be is buoyant revenue, though the. 
and threats. The NUR. proud of investing institutions such os in- elf-financing at least in part. autumn tax cuts will boost bor-! 
its part in founding the Labour surance and pension funds. Another alternative by which rowing slightly in the current 
Party, has n«» mind to rock the which arc likely to be unhappy the Stock Exchange, the banking quarter. 

Government'!? boat. ASLEF. at the prospect. and investing institutions and Borrowing by public eorpora- 

whirh has voted against each rtf The possibility, confidentially others concerned with the pro- tions is £1.2bn._ less than at this 

the incomes policies, will keep Us canvassed some weeks ago. that jeer would pay directly for its stage a year ago as a. result of 

eyes firmly on its members' pay the Government should effec- cost doe*? not appear lo be widely improved profits and lower capi- 

packels. lively meet at least part of the favoured. tal expenditure. 


stiluenfs had been unan im ous, 
Mr. Scanlon said. 

Informal talks between the 
unions and the federation on 
Thursday had- produced a 
formula with agreement in 
principle if not on wording. 
Yesterday morning, however, 
he had received a telephone call 
and letter which made agree- 
ment Impossible. 

Tbe employers’ federation 
denied that . snch a formula 
existed. Its letter apparently 
reiterated that tbe Huions 
were requesting • something 
that would pbt companies in 
breach of both the 12-month 
rule and the 10 per cent limit 
on pay rises. 

Hr. Scanlon said the only 
point of disagreement was 
about the introduction of new 
minimnm rates among those 
companies whose employees’ 
earnings were below the pro- 
posed new minima. 

Because of tbe industry’s 
two-tier • bargaining. many 
workers receive well above 
the national rates. For them 
the national rates determine 
only overtime, shift ' and 
holiday pay. 

The federation has offered 
to raise the skilled rate— £42 a 
week since early 1976 — to £57 
from this month and £60 in 
August, with pro-rata increases 
for semi- and nnskilled 
workers. ■ - .... 

it said that these moves 
eould not be made, however, 
until the anniversary of local 
agreements came round. 

Companies would otherwise 
be in breach or the pay policy 
-and subject to 'Government . 
sanctions. 

The federation believes that 
it has secured agreement on 
premium pay increases being 
Introduced on* local anniver- 
saries. It also says that the 
unions have changed tack dur- 
ing the negotiations on the • 
phasing in of the higher rates, 
where these would lift total 
earnings substantially. 


then, the ink has scarcely had fact is that Distillers,' Beedrnm . forSm. of ConJ e S 
time to dry on one set of and Glaxo— all Tery substantial Sdfand weterdav 
analysts’ forecasts befor? it has exporters-are among the few Sm“pu t vnSffk 
been necessary to produce an- companies for which profit esti- £or Rrixton EsStes. - 
other, gloomier, range of esti- mates ^ far remain broadly This deal is tbe more ins* • 
r* unchanged. ing of the two. Royal is 

EMI is the latest shocker. However, in general terms ing the money for 15 ye' 
Six months ago, profits of expectations for UJL-based interest rates pitched 1* 
nearly £70m. were widely businesses have deteriorated centage point below the* 
expected for 1977-78. After less than most— especially for on 11} per cent Treasury 
this week’s interim report, the those nearest to the consumer. In return it has an opti 
target now is about £40ro. like Boots or Marks and subscribe for lm. B: 

The result is that prospective Spencer. The main victims have Ordinary share at 104p (a; 
profits of the constituents of been the groups most closely last nights price of 95PJ;.., 
the ’30-Share Index are now linked to international trade ing the lifetime of the 
expected by a sample of lead- cycles, tike IC1, BP. Courtaulds Compared with yields on a- 
ing broking finns to amount to or P & Q. office property of not 

just over £3.1bn. In September, a sharp dip in the rate of more than 5 per cent Ro 
these same brokers were pro- profits growth towards the end receiving a healthy imnu 
jectmg aggregate profits for the of 1977 has already become return on its investment 
30 companies in 1977-78 of over dear. Brokers Phillips and the 
£3Bbn. 


Phillips and the option to subscribe 
In other words, they Drew reckon that an annual Ordinary shares at some f 
have downgraded their esti- rate of increase of 21 per cent, date gives it a chance to 
mates by nearly a fifth— which in industrial profits during the fit from future capital s 
is almost exactly in line with first half of the year was fol- ciation. Meanwhile the a 
the fall in the Index itself. lowed by a rise of little more tion of the deal for Brixt 
Admittedly the aggregate than 3 per cent in the second that it is paying 2-3 per 
figures, have been swollen by six months. Now, a number of less titan it would have t . 
tbe enormous revisions which broking firms who were origin- traditional fixed rate n-- 
have been found to be neces- ally looking for a profits rise of and the options do not in 
sary for the two biggest Index between a. fifth and a quarter anywhere as much dilutk 
constituents. ICI and BP. Back during 1978 are talking of some- is involved in the Reg 
in September, analysts were thing hearer a tenth. Properties deal. 


Weather 


U-K. TO-DAY 
MAINLY dry, sunny intervals. 
London, E. Anglia, S.W n CenL S. 
England. Midlands, S. Wales. 
Channel Is. 

Fog clearing. Mostly dry. 
Sunny periods. Max. 10-UC (50- 
52F). 

Em CenL N. and N^E. England 
Mostly dry. Sunny intervals 
Max. 8C (46F). 

N. Wales, N.W. England, 
Lake District, Isle of Man 
Fog patches clearing. Mostly 
dry. Sunny periods. Max. 1 
10C (48-50F). - 

Borders, Edinburgh, Dundee, 
Aberdeen, S-W. Scotland, 
Glasgow, N. Ireland 
Fog patches clearing. Showers. 
Sunny intervals. Max. SC (46F) 


BUSINESS CENTRES 




y-flay 



Y*da* 


Mid-day 

. . 0. 

tUd-day 



•c 

°P 

- 


»c 

•F 


C 

r 

43 

Madrid 

C 

•J 


Athens 

C 

IV 

G6 

Mancfistr. 

F 

9 

48 

Bahrain 

s 

24 

75 

Menrouroe 

C 

IZ 

58 

Barcelona 

K 

12 

54 

Mexico C. 

S 

24 

75 

Beirut 

s 

23 

73 

Milan 

c 

S 

46 

Belfast 

c 

V 

45 

Montreal 

c — 10 

13 

Belsrade 

a 

IS 

54 

Moscow 

c 



Berlin 

V 

12 

54 

Munich 

s 

12 

54 

Birmnhm. 

p 

9 

4) 

Newcastle 

c 

s 


Bristol 

F 

B 

48 

New York So— i 

34 

Brussels 

C 

S 

46 

Oslo 

Sn 

I 

34 

Budapest 

V 

IS 

59 

Paris 

V 

a 

49 

B. Aires 

s 

3fc 

77 

Penh 

s 

25 


Cairo 

s 

31 

9 

Prazoe 

s 

8 

4S 

Cardiff 

p 

9 

49 

Reridavtk 

C —8 

2t 

□UWP * 

S— 5 

23 

Rio dc J'o C 

31 

SB 

Colosna 

c 

9 

(S 

Rome 

F 

la 

39 


c 

3 

37 

Singapore 

S 

29 

S5 

Qnhlin 

V 

IB 

90 

StocMwim 

Ur 


38 

PiflnTmretL C 

S 

48 

Strasbrg. 

S 

13 

99 

PranWurt 

F 

1L 53|Sr(tner. - 

c 

23 

74 

Secera ■ 

P 

u 

53. Tehran 

s 


60 

jI&skw 

G 

S 

48 [Tot Aviv 

s 

32 

B0 

FtcfcinW 

e 

1 

MiTtkso- 

c 

8 

47 

3. Kong 

c 

21 

niToronio 


20 

lotiarK 

c 

30 

88 

Vienna 

F 

11 

52 

Lisbon 

R 

10 

58 1 Warsaw 

t: 

T, 

37 

London 

c 

g 

48 .'Zurich 

s 

u 

82 

MxetahrK. F 

8 

48 






HOLIDAY RESORTS 


Ajacdo 

F 

13 

a 

Jersey 

C 

9 

48 

Alders 

R 

16 

81 

Las Pirns. 

C 

21 

70 

Biarritz 

F 

9 

48 

Locarno 

F 

6 

43 

Blackpool 

F 

10 

58 

Majorca 

C 

13 

39 

Bordeaux 

C 

11 

51 

Malaga 

F 

16 

61 

Boolosne 

F 

s 

46 

Malta 

S 

18 

68 

cash lnca, 

C 

IS 

C4 

Nairobi 

s 

23 

T4 

Cape TjL 

a 

S3 

74 

Naples 

s 

17 

63 

Cortti 

F 

28 

68 

Nice 

c 

l.i 

S3 

Uphffnrflc S 

17 

S3 

Nfcoria 

s 

21 

ItJ 

Faro 

F 

15 

B9 

Oporto 

R 

18 

SO 

Florence 

C 

12 

54 

Rhodes 

C 

21 

70 

Funchal 

5 

U 

64 

Salzburg 

S 

12 

34 

C thrall ar 

F 

17 

S3 

Tangier 

C 

17 

63 i 

Guernsey 

C 

S 

46 

TeneriTe 1 

s 

16 

61 

innstmtok 

s 

w 

57 

Tunis 

s 

17 

S3 

Inverness 

c 

a 

43 

Valencia 

R 

11 

54 

! Is. or Man C 

1 iRtanbuT H 

6 

10 

43 [Venice 

c 

10 ' 

50 


S— Sunny. X— Ram. C— amrty, F— Fair 
Dr — Drizzle. So— Snow. 



PLUS ESTIMATED GROSS YIELD £5-20 f 


INVESTMENT POLICY 

The policy is to invest in lit equities with the emphasis on suonssfid 
smalkr companies where the dividends air rarer than four covered..- 

It isnonr believed dyac 1973 will see die casing c# dividend restraint and in 
this event most co mn anies trill wantto pawWi dp hmpfip? nf and mnem- 

growth in pie 6 rabtlity » daeir shareholders. The effect on shareholders* 
mnxnc could be_marked aodsnbsiqnentty reflect in rising share prices of these 
Tiigfaiy CDWted” sroclts. 


The Manages believe dlat die p res em rrvarlf»r w paVnp*? ■> pmtt . 

baying opportunity in a growth emst at this type. 


Your invesonenrdibuid he regarded as jang^Brm. 

tthsrrio 


It must be remembered that 
well as up. 


priceol units and income from them may 


YOUR REASSURANCE 
Ttr.Tnaaw.ii da ,WL>I Bank. Trutt 
OapuB 111 The Funl n a tiliki notjo 
-ccunrrand b aiouiacJ by dv Secretary c£ 
Sc*e h«r Trade. 

J«*Hi San&r* & IVnpev »tw cenrel 

aru . nunajr Can^iaiina, Fund Manfsr, 

Lbl. (TPtide a hJty cttnpnfcetera bieutw 
- nan aJvswry mvit md Ui ta 

. cam ot Ci'*>5llKC. ^ 

CLOSING DATE 

L-atfl tbe Ti\b Stscb 1473 . y 3 ! be 

ataUfeata tutalfckcnf ITj-fiexlL Yuw 
appiKSIkxi irffl be jctwnlrdijnl naa wQ ‘ 
nxdie a cerdnene be J!« Mon*. 1073 . Hie 
.Ifame-nreKire -jie [fete to cW this oIki it ’ 
the mlntrim: price c o' die net, dudd nr br 
more da n . Afcer JOdi March 1976, mi,« 
nl9 br aradaMc at ibe'peUM quota! tWv 
In tbe Rnanrtl I’rOi*. 

GENERAL INFORMATION 

Tbr price « ladu mlndl n fmil cb&v 
In the FKxvcu! fttv nlrrsi nut ac£ units m. 


nur dm* lw Jnsmutins ibe L ta upera and •’ 
tvfuRwi^ tac imu.vj a-niiit-Bte. PnymC ■ 
■triS be Rude retrian 7 tbn - 


CtptcJ liaftur Xu Is brutci to a maiimca 
~W>i!ks <4 only 15 '. upt., dr a.crajl on 
of v-. y. Hn»*tvs it MU uc a baac ttv . 
lei; Jter jcu -*tfl geanQv cuat? so nx *t*a-V 
5 'uu ora; lu ad. 

-The cilrutnl crreir < 7,^1 yurld «' ' 

fool UL rhe ■ear prior of SSi-Vj tot '■ 

ir*mc b. (Ltnhned atuJI, in 3lri ILc .* 
Income fc paid ratoJ baaie rare tn trikb can 
U Jtdtancd h‘ atttcupjtcri, 

Hoc b an mittal nunAa,meriT charge rt - 
S', ■ tn uJub t l h ihc ertc ».f orrt,-, Tb» <- • 
af» oh jt.cmj t dorp: --yC. im VATJ ’ 

iadtf 

CoronriKkn tf 1 , .<|'« trfl Le raid to 
RCiiried cnf\ 

TlieLUuiM'cri'lCBTruttarri^OfRvpeliisl V; 
Fuad Manama Lti. Ja P<xu Street, Lcocfcc.' : , 
SV-'IX 9 EJ. Tdejiune 0 I- 2 .-S iili. 
ft n o thr . rf'he Lt-tTmh fcjoeakn. - 



Tot CaBODpoUtKi Fund Maawn Limited, 
iVJXTvEJ. 


3a P«e Street. London. SW 
THephene en qalri a 01-135-8525. 


L4ft«UieIne. 


^jBnasfa 


Cosnupioa Gnmih Ufdt Tristal dw £aed 
paw of 1 1 .Sp po iKnrlnmirDum mtaal nveamenc 
LMOmbbl 

l VfeeodcBcarqt ton oeofE p mhln 


II 

I 


mrGsrnpctitBi food Manage* Lsofecd. Alter 
iho done ifm t&r amis m&bs available aribeiUly 

$unwieMc'Ui«. l 9S3. " ’ 


BOCCCMIMS flEML 
Qtrisriai or first Kudsli 


Address 


. SHARE 
EXCHANGE 
SCHEME 

Cle Share EubanDS 
Smeme 

inooraHa upwaianlrr 
" to isufa to » 

Inm. hr <W pfcw.j 
VAb*»- Eli 



RephmdQfrtt, 

— — GwncpAseiFWl 


CUtAi l.tasK* 

Uo*o.ECL - 


I , , TttoeUrrhiwa 

I- n. U — . A. 


% 


SosnnU: 


n*:- 


•-N • . 


uiUBal, 


ru>3 


Resistered ai the Post Office. Printed by si. CtomeU's Press for and BV~— 
tw the F lnanrial Ttees Lid„ Bracken Honse, Cannon StriwL London EC4P v” 
H Q The Financial Times tw^ 



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1