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No. 27,507 

Saturday March 1 1 1978 *no P 









• BEDFORD * EKi&TOL- HiTCii’i-i 




to meet 

Dow up 
8.5 in 


• WALL STREET rose sharpl.v 
in one of the year’s heaviest 

; ,Dr. David Owen. Foreign Secre- t^ s Jf ssi0 ? s ’ j*'® 0 * 
taryi is to meet Mr. Joshua Jones fadex dosed 8-58 up at 
'm ■ .Nhoinci and Mr. Robert Mugabe, 
the Patriotic ; Front leaders, in 
‘■ London an Monday. 

. -The. meeting is part , of the 
••••Anglo-U-S. attempt lo promote a 
-■■conference of all Rhodesian 

■ : black nationalist leaders in the 
■ hope of obtaining a lasting 

■ settlemenL 

A white farmer was killed -by 
:v> black nationalist guerillas SO 
- miles east of Salisbury. Page 2 

\ "'Trapped mini-sub 
-pair rescued 

. 7 r Tw(|t men who bad been trapped 
for nearly 24 hours in -the mini. 

‘ sub, PCS, at a depth of 355 feet 

smt'S’b as ««*• 

field 29. 70 miles east of Lerwick. t0 the strengtMiiing irf the 
Shetlands, were rescued yester- dollar and hopes' ' of" -U^ 
day morning. German talks. 






GEG will close 


to make 

tv appeal! refinery cuts 

after lost order 


Liverpool’s economy was delivered another major blow yesterday with the 
announcement that the General Electric Company is to dose its plant in the 
city making electric cookers with a loss of 670 jobs. 

The closure, details of which have fallen because of the races- with delivery frtim English Elec- 
were given to the seven unions sion but there has been some trie proving unreliable in the 
involved by Mr., Martin Jay, switching by consumers to gas past, they can do better by! 
managing director of the group because of low fuel prices and stepping up their purchases 
subsidiary, English Electric Con- to a lesser extent because of across-the-board from all 
sumer Products, follows the loss fears of electricity power cuts, suppliers, 
of a major contract from the The electricity boards, which The main unions involved 
area electricity Boards which has supply about 70 per cent of dec- reacted with strong criticism of 
represented the bulk of work at trie cookers bought in the U.K, the company’s management of 
the factory 

EEC to push 
ahead on oil 



PARIS. March 10. 

cil *: 3rd d'Estaina \ THE BRUSSELS Commission has nssocumon.s. Their ivspnnsi* to 
dowed to intense pressure deeded to press ahead immedi- bis proposals was mixed. 

r? el y with * he 3uajD elements of A particularly tough attitude 
“ e ‘f Itts programme lo secure a cn- was taken bv the bi„- American 
enerai . 0 rdinated reduction or oil groups, which uvrv tomrernerl 
: refinery capacity in the EEC in that their parlu-ipafmi: enuid 
spile of its failure, so far. in yivc rise to legal .iiijeilruns 
obtain the backing of Britain and from the U.S. anti-trust author:- 
other Common Market govern- tics. 

. _ , . ments for the scheme. Both British Petroleum ami 

be no chance or riposte Trom) jyjoypg s£ > el1is certain to the British Xaliunai Oil iJurpurd* 

t«» lute 


ctoiy- for the past few have felt the effect of reduced the plant- and the marketing or ? 

Closure is likely to take consumer demand but this is products. Mr. Eddie Roberts. fiwfJS 11 between •« 

minute in the Fi 
election campaign. 

He is to make a televised 
address on Saturday evening. 

The official campaign closes at 

midnight to-night so there will j ments for the scheme. 

Hr no chance at riposte Trom) ■j-jjp jj| OVCS seems certain lo Int ’ -vuionai 

W iifke “°th h e ,S nebt e ebn^e''° lerS prompt a strong reaction from ,in n .an? undersl-nd 
to make the right choice. tj Tr . Antony Wedgwood Bonn, remained largely!. 

Energy Secretary, who has been alinough Shell .'-houcij some 
cool towards lbe Commission's in L^ cs, ‘ 

proposals. The sirun;4esl Mit'imri ijiae 

u K - .u-. - from tljc »nodium->iacd Con- 

docWon S 7^ l atfn unJn tlnonlaHKuwl ™«i|un.™ ar.d 

The President's only previous 
direct appeal was ai the end 
of January when he made it 
quite clear that he saw the 

pl»» “Her the wit'tte. thoutft Jo _ be only partly the diSrcrargaDiseri.T 'the^Yra'^l!, 1 ^. 1 ;, ' Si™ to had mntpleted his au-a SM,al,t ' r IM ‘ k ' ,t ' n,l " m " lwra,,,r *' 

- *• .consultations on the refinery 


Turin shooting: • EQUITIES were firm, apart 

•■■ Urban guerillas shot dead one f f° m sharp reaetioa in -gold 
of Turin’s best known anti- shares to U-S.-German talks. 

• terrorist police officers in an The FT Ordinary Index, closed 
.'attempt to stop the Red Brigades 8.5 up at 459.0, making a rise 
.guerilla trial there. In Madrid, over the week' of 2&S, Hs best 
. a policeman was shot dead and week’s rise for fonr months. 

another wounded by three people . 
who fired on them from a car. ^ 

• GILTS reflected confidence 

-Radiation scare over the money supply and the 

’ British Nuclear Fuels said that 
a fitter had been temporarily “ ents _ 

‘ withdrawn from work in radio- Securities Index dosed 0.03. up 
' aclive areas at the Windscale at 75.66. ' 

• and Calder . works pending ' ■ >' . 

investigation of a possible * DOLLAR rose sharply and 

4?n C nr its trade-weighted depredation 

■Slkpw^'* an Of The W narrowed %o : 4.76 . per tmUSii 
^ (ff.W) ; ^SSpaiUNG fe0 2.45>^ • 

£150,000 award cents to $1.9025, aftrr touching . ETHIOPIA yesterday dampened hopes that 
v 13-year-old Chalfost St Giles « ISv*"* todcx - Somalia’s announcement of troop -withdrawals 

Bucks, schoolgirl who went, into “S to / from the disputed Ogaden region would bring 

hospital- for a minor cosmetic „ ‘ r a swift end to the conflict in the Horn of 

LULU leu $2, to I Africa. The Soviet-backed regime issued a 

statement from Its embassies 'in Borne and 
London that Somalia would have to renounce 
all territorial claims in the region before 
ceasefire talks could start 

months* consultation period with reason for their decision not to port and General Workers’ll” * i 
unions. renew the contract with English u n i 0 n, said the unions had■ soc,:,, 

The move, coining on top of Electric to produce the boards’ co-operated fully in changes 
the decision by British Leyiand Electra brand of cookers, introduced by the company and 
to shut its Speke plant and by The company has made big bad had to contend with con- 
Birds Eye to sack 1.200 workers efforts to improve the perform- stantly changing management 
at hirkby, means that Mersey- ance of the plant which has personnel, 
side, where 90,000 people are out accumulated total losses of £8m. He expressed concern that the. 
of work, has lost a further 5,000 in the past three years.' In a closure of the cooker plant could P° wer t0 
jobs in the past four weeks. statement to employees yesterday have a long-term effect on the i government 
The closure also means that it said considerable success had viability of other operations on 
GEC. which had as much as 25 been achieved. Changes have the site. GEC makes fuse gear 
per cent of UJC. electric been made in. the piecework pay- and distribution equipment in 
cooker sales when it merged ment system and in production other plants employing 2.300 
with AE1 and English. Electric control, and a big reorganisation * The Liverpool-based Booth 
in the 1960s, will be completely has taken place on the shop floor Concrete is to close down its 
out of the cooker market — which and in the warehouse area. Merseyside operation and about 
in recent years has been parti- The electricity boards* con- 100 jobs will be lost. Govern- 
cularly depressed. tract accounted in 2976 for about xhent cuts in spending are 

After expanding in 1973 to a 55.000 out of the plant’s total blamed. About 160 outfitting 
peak of S30.000, sales of elec- sales of 63,000 cookers and con- trade workers ai Cammell 
trie cookers have declined each siderable efforts have been made Laird, Birkenhead shipbuilder. 

nrnnra..' ftHu A .-ic«Un ! CUBSUliailUIlS UZI I lil' R'lUICrv _ , . 

union, wi=3?^ir.n , 2j«!»!««^ - h. i5r or# 2S5>ruu« jis. 

The Cnmnusmn intends lu asK 
cum panics 

coalition! and an economically, _. _ . . TfK 

disastrous and socially divisive UDIons ,n inQ in" uro-ramuics li uni u-a this 

rush into a collective State (the The Commission had planned to ‘ d raw up vul'i'.nurv cuidclmct 

Left!. . SAFfcSMSiil'tii for ensup * n 2 ih:u i ilia l reOncry 

This speech, with bis emphasis I°SSSiSi e SSSiirf nlr throughput in the EEC this year 

that he had no constitutional £S°iSk l ^i l 11 i*^ e thl le ’i ; P v, J « nn r d «I° r riot ' s no1 exceed la>l war's levels, 
prevent a Left-wing XS. 21 * l»‘ n*ore than 2 per r«-m. 

year since to a total last year by the company and by local are being made redundant in ! knowled 

carrying out its 
programme, pleased his political 
allies but was criticised os being 
too intellectual to impress the 
ordinary voter. 

The Gauilists have been press- 
ing bim to repeat the sort of 
“me or chans” warnings issued 
by General de Gaulle, bill the 
President is unlikely to make 
sucb a partisan appeal for a 
conservative vole: 

He will 

of 565.000 and improvement is SCPs to secure renewal The elec- May because work on a guided 
not expected this year. Sales tricity boards, however, clearly missile destroyer is nearing com- 
of gas cookers which share the have decided that, in the pletion. 
market 50—50 with electric also depressed state of the market and $fews Analysis, Page 4 

Ethiopia dampens hopes 



operation and ended up with her 
■life wrecked by brain damage 
was awarded £150,000 agreed • COMMONS Expenditure Corn- 
damages In the High .'Court — a mittee has criticised the Govern- 
record amount for a child. ment for failing to provide an 
. , adequate assessment of medium 

Electricity up term economic prospects and for 

: 0 E »^o^r r ^ 2Sr 

by at least 5 per cent oa.April 1. anu rase * < 


Bessell Died Sfe agreed to cut their lending by 
. Horn.. a month from April, after 
Mr. Peter BesseU. former Liberal Government' pressure to restrict 
MP. said in California -after five the level of home loans. Back 
days of talks with Scotland Yard - 

-"""detpetives, that be was wilting to 

return to • GLASGOW Corporation is to 

event of a murder conspiracy rapay a 53^ Eurodollar loan 

triaJ - from the IMF next month, bring- 

Dnuin tn earth ing Britain’s early, repayments of 

. oown T.O eann overseas borrowing to about 

. Capt. Vladimir Remek, the Czech §2bn. Back Page 
■At » cosmonaut, returned to. earth / 

^ ;'with his Soviet crewmate. Col. 

1&!3LE H 5b- %SSST* Japanese action 
JT* *• ■*? **" on Airbus deal 

Srito at Palace f T ? KY0 . government will 
v B iVW w • decide to-day on measures to 

ipresident Tito of Yugoslavia help the- Japanese airlines pur- 
dined with ihe Queen at Buck- chase the A300 European Airbus, 

Jngj - * 

jmgbam Palace last night. 

family drowns 

possibly involving financing and 
route allocation and a plan for 
Japan to lease Airbuses to other 
Mi Asian mother threw her South-East Asian airlines. Back 
Uree children into tin .Thames 

«* Windsor enj . thmi • DEPARTMENT of Employ- 

^ ter rita?- mejQt is ' Pressing forward with 

Irowned. E £^r^she badl^ ita ^ stem 0[ fort mgbtly un- 

icr bomei after an employment payments, in spite of 

vbmh her hirtband was showered ^ t j jreat 0 / industrial action by 
vith a pan of boiling fat. . some civil servants. -Page 4 

1 farm 



tonnie Waldman; former head of. unions, the. Civil and Public 

IffiTIcT 1 iaht entertainment at the BBC Services Association w not to 
sill* 1 md best known for his radio press for wage increases betw«m 
■eature. Monday Night at Eight, 14 per cent, and 24 per cent for 
las died in London,- He was 63.- 190,00ft members. Page 4 

Waldman dies 

LARGEST of the civil service 



• ARGYLL FIELD partners 
have belatedly signed a parti cipa- 
„ . , tion agreement providing BNOC 

. ^ordonstoan ^School. .„ JJJf with the right to buy SI per cent 
• -ippoaited-lte B^-Mavor, 0 f 'the field’s output Page 4 
,. 11, of Tonbridge School, -as head- 
• naster. • CBI director-general. Sir John 

- . Mcssic Bead, licensee of Ye Olde. Methveo, has forecanfc^ brighter 
"White Lion at Bradninch, Devon, future for British toeftfetry and 
• ' '* olebrates her 100th birthday an Increase of 4 petcent-m con- 
o.jgy . sumer spending by Jane. Page 3 

fh;4 ■ • • • • 


/' SSSSIW&8 m + 1 

; ;s . mmcarea; Scottish Metropolitan 109 +'6 

v).' \ wises .. Sedgwick Fprhes- : ~..S75 -jr S 

Lsscd. P. Cement ... 240 jk 5 

. -C-ieecham. + M 

' ‘Berkeley Hambro ... MB + B 

. v toots — 207 + S 

' - . fleiaBue -265 + 17 

' ’Inlay (J.) - 2JJ J 

: “ irand Met 1?? t i 

!US A wv ■ —r 

inardkui Koyal Ex.;- MB f 

+ 12 


farriaon (T.‘C.) 

,ort Benson 

Northern Engineering 

icoan- Wilsons 


103 + 10 
190 + 6 
JS8-+ JO 
344 + 8 
100 + 6 
156 + 6 
93 + 8 
56 + 5i 

Sime Darby ........... J09 .+ 5 

Thomson Org. ... — — 185 + 7 
Trust' Houses Forte... 2S9 + 6 
Wagon Finance 95 + s 
Wigfall 3 zs f S 

BP 740 + 14 

Oil Explorriion - 200 + 12, 

Lydenburg ..sasmm 2 t' S 
RTZ 175 + 5 


Free State Geduld;.Xl6| - S ’ 

Kinross • 364 — . 14 

Libanon w^v_.....510 — SI 

Loraine v. — ... ~ *2 

Martevale ...... — .... 73 - 5 

South African Land... 41 — o 

WeTRom- - 28§ — |6' 

Wit. Nigel 4o.- 5 

The statement insisted on , Ethiopia's right 
to seek foreign help to safeguard its terri- 
torial integrity — a reference' to the estimated 
10,000 Cuban troops and 1,000 Soviet military 
advisers believed to be leading the Ethiopian 
offensive in the" Ogaden. Somalia lays claim 
to the Somali -populated area of the Ogaden 
as weU as part of Kenya. 

Somalis rely on Soviet influence 


MOGADISHU, March 10. 

DIPLOMATS here said that the to troops spearheaded by not known if the Ethiopian, 
Somali statement on a “proposal Cubans. Soviet and Cuban forces, will 

by the big powers” to settle the Withdrawal may have started make the Somali retreat easier, 
crisis In the Horn of Africa won after, but it took five days particularly if President Siad 
suggested a greater degree of of discussion by the Government Barre should seek to draw a 
concerted, action by the big before the relatively moderate distinction between his regular 
powers than has previously been statement announcing the with- forces and those of the Western 
reported. draws! • was released. _ It made Somalia Liberation Front. 

tain that 
voting on Sunday, the- Socialists 
and Communists will win a 
numerical majority. Most 
polls put them around sis points 
ahead, with some 51 per cent 
of the vote. 

His main purpose will be to 
try to influence the re-thinking 
that will go on in the week 
between the first and second 
round, if the first round is 
basically a referendum between 
candidates, only a hundful will 
get the necessary 50 per cent, 
of the vote to he elected lo a 
seat immediately. The real 
battle will come in the second 

In this round. Ihe only candi- 
dates are those who have polled 
at least 12! per cent, of the 
eligible vote in round one, 
which means 15 or 16 per cent, 
of the actual vote. 

The Gaullists and centrists 
have agreed that, in the second 
round, they will throw their vote 
behind whichever of Lheir 
candidates did best in the first, 
thus permitting a united chal- 
lenge to the Left. 

The big question mark is 
whether the Socialists and 
Communists will reach a similar 

Profile of Mitterand, Page 2 
Left turn or as you were. 
Page 14 

tinning differences between _ 

Governments, however, the Danes The Commission also v ants to 
—who at present hold the preai- encaurage consultation between 
dency of the Council of Ministers companies on how host to 
— have concluded that no useful organise the closure of further 
purpose would be served by refinery capacity. It is 

holding the meeting then and estimated in Brussels that about 
have postponed it until May 30. s r m - . tonnes of capacity has 
Dr. Guido Brunner, the Energy ?.L" ad V 1 .^ e Il, Cl . OSCd , ov ' e .v 
Commissioner, is understood to bu . 1 ., f ^ al ? J* 01 "- 

feel strongly that further delays L 0D ?£rf. ! hate t0 1,0 shut dcmn 
would lead to serious, additional Vh^ttimmisslon could 

gramme into effect by relying on • . 

consultations with the oil com- \\ 

parties to secure agreement on !U l u,f !f ll - v even to ca,, 

voluntary measures. lw ^!!,"*r s o£ , n c S- wpan * rcpr ^; 

This morning, Dr. Brunner met d,sc “ S!i . - s “ cfl 

reu resents fives nf about oil measures. The Commission has 
companies ^ojmra ting to ^he EEc! said ’ ^wever. that it will con- 
together with several industry Continued on Bark Page 


Overseas news 2 

Home news— general 3-4 

- — labour „■ 4 

Arts page li 

Leader page 14 

U.K. Companies 16-1 7 

InlL Companies 19 

Wall Street 18 

Foreign Exchanges .s 21 

Farming, raw materials ... 10 

UJC stock market 22 

Week in NY and Loudon 5 


A profile on SI. MHterraml 2 A chink In De Beers dia-- 
The French election 14 moud armour 15 

ApwtlMtMIKS ......... 




Crosmonf Ptrzzle ... 
Economic Dianr . ... 
Eotcrtalnnen CnMe 
Plnmee K Family ... 
FT-Artnaric* Incllcea 



How in Spend It ...... 



Uoc - 

Mon of Lhe Week ... 

20 Metering a 

V Prapcrty I 

V Racing » 

13 Shan infarmaiion ... 2U5 

U 5E Week's Dealings 20-21 

15 Tennis 
1Z Travel 

5 TV and Radio 

22 Taxation 

• Unit Trusts 

V -Weather 

U Year Savings & Inv. 

26 Lawson ‘Double 
26 M St C America 

f*PI 3 

Properly Crowib . . 26 

Save * Prosper .. 7 

(Comment Page 162 
Ccn. K. Scholcs ... 17 


A. American Inv. 

23 Foreign ft Col. Inv. 
26 Wasmn Finance 

Base Lending Roles 
Building Sec. Rales 
7&14 Local Auiby. Bunds 
1 U.R. Convertibles 








For latest Share Index 'phone 01-246 8026 

From the Somali paint of view, »w_ jjivbu u lub ugaucu wtutumwiu 

the' SovfeL-tfnion is likely to be Liberation Front ^remSn^ta 15 speedy 811(1 no . *&&& occurs, 
the more influential power . to oueiiu^Sm he there remaiaK ^ utrong possi- obtain acceptance by t0 cea £^ j! bilfty that Soviet and Cuban 

Ethiopia of the right to self- Seylvm accSt suSan oSer forces wiU be to assist 

determination for the predomi- t the revolutionary government jn 

nantiy Somali people of the Addis Ababa in its struggle 

Ogaden. - AdmiSStinn SSSi. gainst the secessionist Eritrean 

b H ? re T?h nC 0rere b no tSt the ESS* 111 1110 nortlM »* of the 

,® arre of Somali to Libya soviet and Cuban presence in country ‘ 

Wlt ? Ethiopia wfli be withdrawn soon. In the U.S. .view, the ball is 
President Gaddafy, and ms meet- Th e uncertainty about wluit bow very much in-.^ the Russian 
“ft™*! 1 ?* a setu0r 5 nVDy might happen next in the Horn court In the last- week, U.S. 
of the Algerian Government may 0 f Africa is tempering the satis- . officials have warned that Hus- 
have been concerned with faction-' which U.S. has gained shin activity . in the Horn of 
Moscows settlement proposals, from its diplomatic efforts to per- Africa could affect other U.S. 

In spitg of diplomatic pressure snade Somalia to withdraw from Soviet negotiations,; most sigmfi- 
to withdraw its regular forces the Ogaden territory. cantly the strategic arms limita- 

from the Ogaden Somalia kept The only assurance the U.S. tion talks. But they have 
them there at least until the has received from both Ethiopia. simultaneously denied that the 
beginning of this week, when and Russia is that Somali terri- old policy of M linkage” was 
they lost the key town of Jljiga tory will not he infringed. It is being revived. 

Pound falls as Schmidt boosts $ 


THE POUND fell by nearly 24 of dollar denominated inter- switch out of Swiss francs is 
cents against the Uj>. dollar last national bond issues, prices of likely to be complete by April L 
‘ “ht 'on a bont of fairly heavy dollar bonds in the secondary when the extension of the 40 
ing from. New York. * market continued to strengthen pec cent, per annum negative 
The Bank or England may have as dealers bought bonds . to Interest rate oa -Swiss franc 
intenreagd-to support sterling as ensure they were not caught deposits in Switzerland takes 
it dropped to end 2.45 cents down short if there is a sharp, rise in effect 

at BL9025, with its trade-weighted the dollar on the foreign Dealers in the international 
felting from 65.1 to 644S. exchange markets ; next week. bond' and foreign exchange mar- 
The dollar recovered generally The trends - in Eurocurrency kets were yesterday taking the 
in foreign exchange markets, interest rates in the last teo v ^ ew that any -week-end agree- 
nelped by the reassuring com- days would suggest that the nient between the U.S. and 
ments by Chancellor Schmidt on _. _ __ „ Germany would have to contain 

relations with the U.S. and the _***.-„« „ some powerful measure if It 

expectation that new moves to U-S ' meetu, £ confirmed. Page 2 werc not TO through Jack 

coim the market could follow Sdunldt-CaUaghftn talks, of credibility. 

no mention of a ceasefire for the 

Even if the Ogaden withdrawal 

talks- , this week-end between 
senior U.S. and German govern- 

Back Page 

Views on what would be con- 
sidered sufficiently powerful 

ment officials on the present state Swlss Plrfh _ nyi nr fl , nHe varied from dealer to dealer, 

of file market aSSmSd at fte md there Save been widespread 

The:-UiL currency picked up ®LJr® reports that the U.S. may be 

to - DM210575 compared with considering reimposing the 

D3£LO302i, and gained ' against controls on capital outflows which 

the French franc, which has been were lifted In U7% perhaps in 

ffsss?" nerv “ “'** ^.^jjfcWteKSss ■ 

arts « tSs s n VSS a! - ^ by 

afternoon, however the dollar ““f ® ““ the UiL authorities, peruapa even 

stippeff agaiiist the Swiss franc measures were mmonneed. including a. noidotiar com- 
to "Sw^rsJL95, after touching a " Given the Jow levels of interest ponent. is widely expected. 

best level of Sw.Frs3.0O25.. rates on Swiss francs this means ■ . ■ > ■ ■ 

Blary Campbell writes: Dealers ***** . SQn l e retesare more than £ in Ncw Yo rk 

ran for coror yesterday in all double lhe JeveIs of two weeks 4 

International financial markets a£a - 

In advance' of hopes of a joint conversely. Eurodollar inter- 
announcement from Washington est rates have fallen by about 
and Bona. - an eighth of a point in- the same 

Despite . . Thursday night’s period, 
annotmeement of a heavy volume Other things ■ being equal, any 


Jlwli 10 . 



J mnntb 

3 nvnllu 

K nnuithi! 

0.05-0 J38prens 
0 . la-009 »tia 
0.35-0-75 «H* . 


OiOI dfakO.M(HD 
0,13-0.07 dia 


■> > —an American hind is the place to be if 
you -an. .0 se. 

The big potential growth sector remains AA 


■TELEPHONE - 01-626 4588 This section lobe compktal by *B ipp fiM rts 

■i'ffi nDn-fiaasBS&i — i 

1 8 °- Hi* Mr. Hfciit 


J in ACCUMULATION/) WOfcC units. 


"Tw F" AS 530 318 J 


The US stock market, in slaTk contrast to Hot of the UK. 
has performed disappointingly over (he last yeac wfift 
the Dow J tmes a 3-year low on Februaiy 28tfi. 

Although share prices in America could deefrie lurther, 
share values are today more attractive than they hare 
been for many years, whether measured in terms of 
earnings, yield or assets. When tile anticipated recovery 
takes place, B is Bielyto be both sudden and strong. 

Current levels on Hbfl Street ccirfd provide a rare oppof- 
torety tw anyone wishing to take a stake in the wortd* 
dominant economy. 

The MSG American & General Fund is designed to in- 

vest in a wide range ot American securities, with max- 

imum long-term growth as the main objective. 1 n vest- I BmI addhfss 

ment is partialfy throish bacH-to-bach loan facilities m — 8 

order to reduce Ihe etieds d the dollar premium. The 
eslirra led gross current yield for Income units is 101% 
at the buying price ot Allfc] *d on 8th March, 197S. 

UnrtTrusls area long-term investment and nctsutt- 
able lor'money Wat you may need at short nolice. 

The price of units and the income from them may go 
down as wefl'as up. 

Prices and yidds appear iri the FT daily. An initial 
charge of &% rs included m the price; an annual 

charge of -Pi plus VAT is deducted from the Fund's 

gross income. Distributions for Income units are " (deideas apptaMe or Accumulation units will be issued) ol the M&G 
made on 20th September and 20th March net of basic | American & General Fundal the price ruling on receipt of this 
rate tax and are ra'nvesied for Accumulation units lo - application, 

increase the value of (he unrts. The next distribution 1 1 dedn that I am not rev&m uuisuk' The umiiit Km^om. ihe ciunwi isumf-.. 
datefor newinvestors will be 20th September 1978. Ybu . tiwisiwoi Man m cumui: i am nor jcflimm* ihe uni;!, os rm- nommw or any 

can bur or se/I units on any bosiress day. Contracts I 
for purchases or sales wfl be due for settlement 2 or J |- K . MaYIIBr 

weeks later. ls% commission is payable to accredited * — r 1 — A1 r 

agents. Trustee; lloyds Banh Limited. The Fund is a 1 » mrm . „r4j nn a Irni , m-h m ^ n rm .i^ 

w^rrangesecunty and ^authorised by theSecretery J ^ 

of state for Trade. I 

M&G is a member o( lbe Unit Trust Association. 

I understwij that thfi paymeal 6 wily P> aintdixul and IMIlw cnrrojn/wJl not 

EITHER £500 

Cowiptele this section lo mate a Capital 
Investment [mnmnrra £5001. Da ncl send 
gny money. (A ..-vrtrda noic «r'i tn’ in mi stems wj Jly hoiy mucir yuu urn: 

ami the seniemeM dale fourotfirtK-iie wiunutiBshoiiiif) 



■ lendoseo 
| M&G Trust 

□ each month in ihe M&G American & 
General Fund. 

sum. you can start a Regular lie 

HmuuO. a Iav 'em. 'mb _ 1 i#*'uciaMuuu uur i de* WWQieM Ct wiiT \nwj*v'w 011 u irwi inr uuriw 

tnfwgn^a Be assurance potty tor as HUe as uu a ■ asaww rah urmi loutm nowoiiffl or acccptm* »« twn u.uwd. 
month. Ybu are nomafly enfitfed to dam tag refief at ■ oa TE 

ouwiti rates olEO for e«htlD0 paid. g o ccupatio n 


NAME AMD AnORRS OF USUAL DOCTOR W wtiom rcfnence may 1 «l- etude 1 


_.. .OF BIRTH 

Ona £10 Plan, tax relief at present rates can bring 
down your net monthly cost to ontyE8 30, with which 
■you buy units usually worth considerably more. Reg- 
ular investment of this, type also means that you can K 
take advantage of the inevitable fluctuations in the “ 

price Of UriSs through Pound Cost Averaging, Which I if you eaunct srcn Pdfl l or Uie Dedaramm Wow. deMert sod MU Part II. 

flicyouwtaralin! M&GPtin noldei ? lfes.-'No I 

gives you a positive arithmetical advantage, because a nedKabgQ p«*t i i efretare nui. id tn* besi of my {vm. 1 im m tood mynn wid ■ 
your r^ular investment buys more units when the I 1 tow not wo«inv f*”” ““i 1 1 

!”, a , nd ^rrs.", hen rt ® "ajh.You *=1 nfe . I 

cover of at least 180 times your monthly payment I my ide tui rms oepn aaverseiv itjwi ■ 

throughout the period if your age at entry is 54 or ■ flaw 11 j «rwiiMi w ik»faijii w na<teb y m munntcpm «nm I 

under (women 58), and rather less up to 75. *SSSnSSm J 

■ swept as a uie-(M^ng ou$engt-r on '■soenocd-iaules. and Utat no proposal on 
I my We has ever Been adversely vwled . 

m Miff II I duecltulanvik!cu><riiiifl made tynxin connection will 

■ Prepttal shaB bemp hasre ol wswWtaM Wwsw me and U&CT>nu 
_ tAssurance) ud> and ttaal I «ria AjrpI ihea utstonui y lm m ol policy. I optc to 

If you cash in or stop your paymertls during the first I tHOVuJe any lurtlw intomulnte (lie I»w«v may iMjune. 
four years there is a penalty, and Ihe lax authorities ■ tAwmamenmuie ooiicy w me dvaiiamu on (eouest) 
reqwreustoinateadediidbn.Mytwshoufcfriotcon- ■« rjJ i CT!lDr 

suer the Plan for less than five years. 81% to 94% 

(depending on yourstaitmg age) is invested, except in 
the first two yeais when an additional 20 per cent is 
Trained to meet setting-up' expenses . 

M&G is a member oftheLifeOffices'Assocab'on. 

This nff^BmddwldWeiprwidems or Itietepalik el Ireland. 

| OWE 

1 Registered In Entfand No. IQ4S3sa.Reg 0«cc»abiw. 


KnaaefcJ Times 


fft v,-; 

■■* :&r 

* ' S ' '“ 

*' v--**:. J 


Top U.S. talks on 
dollar confirmed 

ROBERT MAUTHNER profiles M. Francois Mitterrand, French Socialist leader and bom survivor* 

The man most 


IF THE LE5T wins theFrench character is likely to havethelsfag an escaped prisoners’ 

general election next -week, the upper htad-st any given time- resistance organisation through* rtnri ^ bark to _ 

v ““ “ " n Ti ' man most likely to be appointed Half cal culatin g nolitical oper- oat France. ■ " . V member for toe NRhrflF eoocii. 

as the new Prime Minister ta‘ St a tor, half writer wit and lover As. Minis ter of the Ixgta&xrja tnewy, a seat he still bofefe It 
ADRIAN DICKS ^ Francois Mitterrand, the 61-year- of nature, his whole career 1954, SL Mitterrand was egdn toe was during tola pcstodlOMl ha 

. .BONN. March 10. 0 ld Socialist leader and one of reflects a constant inner conflict victim of a cteverty-ntaon ted became a consistent aefifc, of 

WKT GERMAN _ Govern- Dr. Armfa (Sruenewajd. the the most complex and contxadic- between personal ambition and campaign by his opponents who Genenl de GattBe XBd<8&i&to 

confirmed to-day that talks government spokesman, declined tory political figures the country idealic n pecson insinuated that he was leaking tattoos of the Fifth ^fcpoh}fc 

P official level would be to. giye_ details of measures that has produced since the Second . rianahi. -motional Cabinet and defence secrets to which allowed so much Mtofer-tn 


BONN. March 10. 

at top official level would be to give details of measures that bas produced since the Second . Capable of meat emotional Cabinet and defence secrets to which allowed so much pbVferto 

continued with the US. this xm^t be under discussion- He Worid War. commitment and courage in the Communist Party. After a be vested to the ban* -of the 

weekend on ways of bringing the confirmed, however, that Chan- m. Mitterrand's personal popu- de^dSThi* Suse. i he was thorough investigation, ML *jt- President ... £ T 

dollar cns^ under better control. ceUor Helmut Schmidt had, to laxity can hardly be said to match SSle a ReSaS^ad^r durlng terrand was cleared Of all Since "then, K. Mttfefaffs 
But the Geermans are trying to his J^^bone conversation with that of his. Party which, in the the Second World War~lL suspicion, but greater trials were career has become 
dampen expectation of any ' Car £ r yes£ T space of a few years, has become Mitteriand to aS, an extwt at yet to come. consistent He dtd e*fw3£ 

spemac resulia from the consulta- day, referred to W«tGem^s the most powerful political force SmStoSbU SS to Ki Five year later, in one of the well to the 19WPmW«ffiS? 

SS 52 S "JEM- i-StTL-St £e %*«- — “5™ «S* f2+s± !■ «• - -SE 

that they arc part of a continuous having grown by 6 per cent, in £toa]£-he served to « mmiy T £?*£.**** h* Fourth Reno^ ? RUhMu arainst the toW«rtw 

KS.'SEl *“ “ J rad “ al J5! ML*!! 1 !®!; 3 ST 2 : m«d. u K&toSft. interior member of . de.CUolU 

Dr. Owen W 
meet the 
Patriotic v 

, f ni 


v -ft- 

ML Francois Mitterrand 

»v departure. Chancellor wmr expiring as an £ente dU Mail hi Sd n?ddle Pesjnet, dSrf told he 45 percentof ThT 

There was some puzzlement in annual rate of growth the 1.5 per run twice for the presidency — when, in hin liberal oreabised a foe* attempt to performance which bM 

fic al circles here at President cent Increase from third-quarter w Mitterrand still suffers from wften ’ ta ^ nte of “ fi uoerai ^ 

By BrWgtt Bloom - 

BRITISH efforts to bridge fl 
yawning gap between ■« 
Internal settlement tu Rh*$g| 
and the Patriotic Ftonl me« 
token x step further on ara 
day, when Dr. David 0 w«h§ 
Foreign Secretary, meets i 
Front’s leaden, Mr. ws 
Nkonw and Mr. Robert KUfS 
In London. 

temad AllboHjrft .the. nwito-g 

apparently at the reqoesd 
Community toe two' nationalist leadaSI 

tidabie cum- ts seen as past of itomi 

official circles here at President cent increase from third-quarter ml Mitterrand still suffers from 
Carter's announcement in bis to fourth quarter 1977 already a lingering reputation for incon- 
Press conference yesterday of a Q0 *-d. by . official German sistency and has made a large 
direct meeting between German statistics, rather than bringing number of political enemies,* 
and U.S. international monetary any new fact to light. both on the Right and the Left, 

experts. But it was confirmed Meanwhile, the dollar recovered Though he inspires great 

that Herr Manfred Lahnstem, on the Frankfurt foreign ex- loyalty to those closest to him, he 

aade as Minister of the Interior member Of parliament H. of General de Gaolle. 1*. idled tost year, the Communist* toe two nathmalhU fead«t*3 
nd Justice fa the middle 1950s Robert claimed tttot he 45 per cent of the votet cklt a launched their formidable c«n- H seen a* paw of ttoS| 

then, fa spite of his liberal had organised a fake attempt to performance which paign for the updating of the Anglo-American strategy 13 

groundwork for his su bJ w juen t agreement. Nor has he flinched Rhodesia which was agreed'. 

— — ■ — — ■ — _ takeover of a refovSatod the face of Communist threats Ust Wednesday's -talk*** 

. _ - _■ _ Socialist Party. And, arThe that they might not support lead- Washington between Rt 

The West German Social Democrat Pbrty (SPD)*— so far red- joint candidate of the Left Bfctoe fag Socialist candidates in the and Mr. Cyrus VhncvtbenOf 

w5.f. n v «w*t daring the election campa i gn fa France— was to-day 1974 Presidential eiecOod, - he vital run-off of the election if no Secretary of State. 

Stv to thie clSStto hiShe »» ded ***<> * sharp reaction by a statement from the French came within in ice of tenting firm agreement on a revised pro- g» »to to to ptjw. 

“J? -SSTViT SSSiK Communists. The SPD’s Foreign PoUcy committee descr&ed M* Gtscanl .Abto , -who gramme U reached _ before then, stortod between the rignsi 

State Secretary at the Bonn change market apparently on does little to court the public's Communists. The SPD’s Foreign Policy 

Finance Ministry, 

his the strength of the commitment affection. Not for him President as “monstrous” and “ frightening ” a suggestion that France 

s. vjiscara a .. -vno gramme U reacneo oerore imn. swnea woiwb in 

defeated him by only iBahtly m. Mitterrand, who is a past of the Salisbury 

with the possibility being left dealings, the dollar rose from the Communist leader, which 
open here to-day that they might DM2.0302 on Thursday to have made these two men into 
announce agreement on new DM2.0585 — e gain in two days’ such successful TV performers. 

The SPD If such remarks were to become the basis to-day. was probably toe Agree- after the election Is over, when gacriUa war in oppaslti«£m 

for French policy, the whole development of Franco-German ment betw een the So£UiMfc.*nd he knows that the- Socialists will the Internal deal. -•-•-^5 

■zuiftuuuiv; ogiccincui IMJ. Jtrw iyin-.\;uo«r-^ AH MTU uujd aucii 5U«.cooiu» * v P— _ — _ , , -l. „ A , i_ _i hlLl - l ua_ 2. lUet- ..ii i"' ^ . 

ways to cd-ordinate foreign trading of over 5 pfennigs. The Sensitive and reserved, 1 L friendship since the Second Worid War would be pat in 0 ** ® r * 

prt-hanoii mi .-V-at IntarwanMnn Bunriachanlf bra. n-nno UiMminrl /■Ibbt'It /ImtiIj M e BM4i inw mi l Lm JUZUiine fa 1972, the first time than the COItlltlStlttti. fbc Com- Whitehall that Such Ulkj t| 

exchange market intervention Bundesbank was once again Mitterrand clearly despises such question, 

operations- absent from the market, while facile effects and relies on caustic 

German officials were at pains continuing -uncertainty over the wit to destroy hia opponents and — — - • ' ■■ - 

to stress that they do not regard German engineering industry’s questioners on TV. The audience ■ . . , u 

it as likely that any such agree- pay negotiations seems to have may admire his debating tech- ideas, he took a remancaDiy assaasinaie ». 

merit will be announced before played some part in holding the nique. but is often put off by the tough colonialist line towards senator at the 

the beginning of next week. D-Mark down. aloof and unsmiling manner. lhe_ Algerian war and did not collusion of «y 

that the parties of the Lbft bad monism will, in the end, be forced be held speedily, fait 
succeeded in joining bands rince to accept this situation, be has statement tost night Dr. 
the Popular Front of 1936. It predicted. agate Wd dewa the ti 



Mitterrand, a ntav have been simple cxptedfoacy Even if he Is right and the com- ) meat’s criteria for a settleaiih 

Fresh move to avert 
metalworkers’ strike 


mentary' debates, when he can Nor has his reputation 

Genrv*4tyk mi 

feel bis listeners vibrating like a helped by a series of political backs and slanders. Jess resilient chance of winning an election in miracle for them to coexist in the : terrace ie try and bring tfi 

funine fork to his oratory. Once smears, tuoat of which were sub- politicians might have packed disarray. same government for very Ion.; external nationalists into tt 

he has wanned up, M. Mitterrand sequent!? found to have been their bass and chosen another Moreover, subseouent events In one of his most disillusioned agreement, 

is among the best public speakers unjustified. For years he was career. Certainly. M. Mitterrand have shown that M. Mitterrand moments. Francois .Mi Iter* nd A spokesman, for -Risk* 

in the land, but he Is then hounded for bavins accepted a could have done so because be is can stand firm on principle when once said: “History does -not ■ Muxorewa's United Africa 

usually -playing to limited Vichy medal while working for a qualified lawyer and could also he wants to. The Socialists were appear to like me." There arc National Grand! (GANG) nd 

audiences. a few months in Marshal Petain's have made his living as a writer obtived to swallow a heavy dose many people who feel that history the Geneva conference in 197 

The trouble with M. Mitter- Commissariat for former orison- and journalist But be was fas- of Commanist medicare when max be reluctant w> change »»; bad aclrieved nothing and u * 


BONN March 10- audiences. 

FRESH EFFORTS were under- national executive of the union, T ^ e tr ? u *' 1 . e wlth Mittei 
way In-day to bead off a highly IG MetalL But the union did rand — and this may exp la m wb , 
damaging strike in the West not simultaneously authorise so many people still aistrus 
German metalworking industry industrial action in the other him — is that no one can ever b' 
and to end one in the printing major metalworking region, quite sure which side ot hi 

trade. North Rhine-Westphal ia, which - - — — — 

With a strike in one key metal- includes the Ruhr industrial 
working region set to start next area. 

Wednesday, the key union and This decision to move at H/flllllU V Ilivlll 
employers have agreed to meet present only fa one region was * 

to-morrow to try to settle their taken partly because action in -Cirri uw*/-ao in 
differences-— primarily over wage both would cost the union too TI yUlcS 111 
increases- for this year. rauch in ^ke pay. Almost half 

At the same time the printers west German^s 4m. metal- TT O • 

“mp!°™r's tc tmoTeftie^ r w °^“ are “ tie ,w0 U .IS. IHiprOVt 

separate dispute which involves _ . . ^ ^ 

introduction of new technology . ® ut union s stand has also By Jurek Martin 
in the industry. It agreed that bee j 1 *f en ** a , gesture of WASHINGTON, March 10. 
Herr Josef Stingly, President of m °^ ra ? a 0 “ SL^iSESSLj 0 ! THE U.S. nncmploymrat rate 
the Federal Labour Office, should rJJ d b^toe b ™ii™ P ^ conttoaed to dectoie last 
act as mediator. sucu ^ employers. Such a in cnilA nf lh . imn9r t 

RVlIVto ut 

Employment! Zambia request for aid as crisis deepens 

P* I f I l.lltl .t., • 

cicar uut h most he id charg 
trf- law anti order daring -tf 
transitional period, the LAN 
spokesman sofa and this wt 
“ totally unagreptaWe.” 

A faember of the Africa 
National Cbncti . (ANC 
f Si thole > said the- intern* 
settlement 1 superseded th 

iigures.m. ■■ by m.cha EL holman. /.sa»-TLp»”5 

• ZAMBIA'S 'financial plight has difficulties in meet in? oil pay- severe financial difficulties as a. massive arrears in payments fori j55 ul 2. v A ^ l l ^5 ,:t i“ n JJ r , l ¥ 

V imnrnVP deepened with the announce- raents in particular. Rather it result imports and reffititance of diyi-; 

• ItlipiU t v ment by Finance Minister Mr. was an attempt to bring home The Minister’s comments have dends and profits, which Mr i >oe tlweitxaung package wouh 

„ , „ John Mwanakatwe in Parliament in everyday terms the ronse- caused deep unease n the busi- Wina put at £320 m.— a fiRuroJ 

By jurek Martin yesterday that the country needs quences should the crisis zo ness community and In p*rrtc:i- which the .irmrster accepted was ■ —————— . 

IVASHIN GTON, March 10. international aid within weeks if unresolved. lar m the Copper industry, one “not far rrom the rmith TlirlirtfK 

THE UA unemployment rate' it is to resolve what he called The Minister was speak hr in of the hrpest users nf oil. Secondly, short- term Bank of Ulludu 

conttoaed to decline last “an extremely serious economic the second rcadfaj: of the Bretton His blunt warning is seen by Zambia lending to ihe mines is 

Greek-TurMsh 1 

fmni umur umce, snoum ~r- conttoaed to decline last “ an extremely serious economic the second readme of the Brettoa Hu blunt warning is seen n>- /.amnia lenaing to me mines is % I 

C U? S . , ... ppstiirp month in spite of the impact Crisis." At the same time the Woods amendment Bill which .some observers as a.i attempt to at least £U4ra- As a rftgult. rQ I i/'C TirAPWCC lH * 1 

The talks in the metalworking ^ of the coal strike' and bad Minister disclosed that "tough" seeks approval <or a higher bring home to certain MCtu-ns Government borrowing a* a per- r 

111! ill' f l 

dispute are wic 
last chance to 
almost certainly 

are widely seen as the in j Ual and mediation ® ™ 

nee to avert a strike, efforts had lalled, and^a union “ 

ertainly answered by a in both regions this week . 

U.. AU. showed aTI AnavuiK a1t*.Imm 1 tJUl Ol WOif 

weather. In February, 6-1 per negotiations with the Inter- Zambian quota with the IMF. and of the rutm? United National cenlap* of revenue w over SO per! $y Tqcise 
cent, of the labour force was national Monetary Fund (IMF) answering questions put by back- Independence Party .just how rent The IMF probably wants} MONT8EUX March 10. 
out of work, down from the delegation which lefl Lusaka on bench MP and former Minister critical the situation is. One it reduced to 20 per cent { * 

6^ per cent, in January and Tuesday after a three-week stay of Finance. Mr. Arthur Wina, senior official to-day complained However, advice by Certain] TUBER SESSIONS of private 
the lowest level since Oelober,. had not yet led to agreement on arising from Financial Times that a failure in some dbrtcrs mining authorities not only to: folk* “*,«**** *** 

1974. IMF assistance. But. slid the reonrts on tbeifchhomy. to understand the graviatV ihe dose some unprofitable divisions f Turkish Prime Hintotcrs to 

In fact, these two factors' Minister.- ,>e have no- other Without intirnationa? aid. crisis had led to damping ddo'S buf to lay off 5.009 nf the fifeOOQI Jmtiwux Mif-kw M. tf 

which have adversely affected, way out but to depend on inter- Zambia faces revere difficulties in introdu-mg reoiPl.cs. workforce has so far been' tn« ft tot of * rednetion 

a number of other economic national institutions 10 bail us in meeting her external debt It is known, for ex'Jinph', that rejected by the. Government In the tension, between farm 

statistics barely touched the Qu t." servicing obligations in 1978. the 20 oer cent, devaluation o! anxious not to upvet tiio putative all!©*. Already durtnr 

unemployment returns. In the Underlining the seriousness of mainly due to the sustained :he Kwacha in July. 1970 I follow- politically powerful well! the second session thkwea 

work, down from the delegation which lefl Lusak.a on bench MP and former Minister critical the situation is. One it reduced to 20 per cent 


J • statistics barely touched the 

Orders served on miners sasrasjSK jss.*5 


fortnight spanning the end of | the situation, the Minister warned slumo in the price of copper, in* [MF visits in 1975 1. followed organised, miners 

February and the start of 

NEW YORK, March- 10. March, the Labour Department 2ambia 

UNION AND management nego- It will take some time for all found that only 25.000 manu- L pay 

it if money were not found which provides 95 per rent, of a battle of. at least four months A further unpalatable piece nf how tfe 

rnbia “would not be able to the country's foreign evchjnge between supporters and. upon, advice may have been the need, ffiahmn 

f for oil imports.” However, earning*. The 51 per cen*. fate- ne.its of the measure, in which to prune the top heavy and con-; here IB 

Rig the two leaders explored 
how thqy would continue the 
Aston* which they started 
herein the wake of long yews 

tiating teams sat down together the orders to be served and for factoring workers had been * senior finance official explained owned Xehanaa Consolidated Jin nrigmal 30 per cc «t rccom- sequent!? costly and often in- ; of bitterness and the occasional 

once again in Washington this mine safety committees to dear teM off ter energy-related to-day that this was not to be Copter Mines fXCCMl and Roan mcnda'.inn had to be reduced, efficient Party and Government' approach to the threshold of 
morning to try to resolve the underground facilities for open- reasons. . ta ken as meaning there were Consolidated Mines l RCM) are in One ‘symptom of the crisis is superstructure. . • • I war* 

oivHm-jvw ti c mni !>••• -ur».:i„ .* n-.' _ This fa but a tiny fraction- I * »**• a—* 

95-day-old U.S. coal strike. Mean* ing. While attempt to block a This to but a tiny fraction 
while in remote districts • of return to work by, for example; of total employment which 

Appalachia, federal marshals picketing are illegal and can be rose again in February to 93m. ^ m « w . w w -g-v. . • | 

were busy serving back-to-work punished with fines, miners who In Industry, 72 per cent- of WtlOITl fTHJfltl V1AU/ A I AAT/\T*fl I I O WT 1^111*1 II C5I I 

orders. In all. 810 unions locals simply stay at home claiming to the 172 industries covered in vv 1 1^1 I Ml VI W t^ll lilT^YY ClCvylVfi Ul ld.VY * *• I*wul 

and 816 coal companies have to be “sick" cannot be coerced. the survey reported higher _ ft* ’ * “ VM ^ T T . 

*jr** Uh lhe T r - . s isss^JissiJSs ” ™ “■ approves 

The order, granted to the parties cannot be sanguine about ' concentrated in tie manufac- AFTER a 16 hour debate the ing municipal elections. As a Government so far on NATO. 

toc P r0S P ec 5 of . resentful mine taring sector, particularly Spanish Parliament approved in result of the compromise reached Sr. Oreja argued that Spain 1_ _ __ 1 _ 

toSdv23!iT»2nK?«^? ,wfc ^ retu ™ ID « f ?. P Jts » durable goods. # toe early houre of S&S a law the Socialists might return to the was already part of Europe, j KfiV IflW 

operate pensive machinery and The Administrations fore- w j, ich jn 0w . Government to committee, whose work ts almost having applied for EEc member* j *T 

th 1 Ii Ue M?h«t t hifn?o° ^ m “ y ®! hem i re uS “°r® rost is teat unemployment will call muaiciil elections, when it finished, and tone down its ship, and that for Spain to adopt i » v Iftnmv Bum 

£rf«Jt d . r « St b r er ° re u u e e ^ anxious to see a breakdown fa still be at the 6 per cent plus wants for the fim time in 42 municipal campaign. a position of neutrality would “X Jmuny Suras 

I" d ' c ?} ion * *L. * h&ther . . n . atIon » l bargaining and a reyer- level by the end of the year. t0 ’ for the first tune in P i pa g profoundly change the^ present LISBON. Mar 

were busy serving back-to-work punished with fines, miners who In Industry, 72 per cenL of Cnnin ftlljAll flAIir aI AA'f A1<A 1 1 0 WT 

orders. In all. 810 unions locals simply stay at home claiming to the 172 industries covered in v 1 1 1^1 1 1| ” ■ w d ■ ||lr^¥w CICA.1 ifl A I I/I If 

and 816 coal companies have to be “sick" cannot be coerced. ' tte survey reported higher _ ft* f » i T ’ 

be served with the order. Both negotiating teams are employment fa February than BY ou _ OWM CORRESPONDENT MADRID March I 

' under pre-wire The coal com- January, with the gains heavily by our owk coRRBruNotNi waren 

me oraer, granted to the parties cannot be sanguine about concentrated in the manufac- AFTER a 16 hour debate the ing municipal elections. As a Government so far on NATO. 

5_ r _ °!V , re 5 u,r ?’ the prospect of resentful mine taring sector, particularly c n9T1 i e h Parliament nnnroved in result of the' compromise reached Sr.. Oreja argued that Si 


MADRID. March 10. 

miners 10 return to work for up workers returning to pits to 
to SO days while negotiations con- operate expensive machinery and 

Alter opening their Aral 
session fa the salon In the 
Montreux Falace Hotel where 
the convention governing the 
Turkish Straits ms- signed 42 
years ago, the two Prime Mint* 
ters continued their talks fa 
each other’s .gtffes. They met 
accompanied. By only one senior 
aide each. ' 

Rather than negotiate sped- 
tic issues, the two have con- . 

miners will defy the court, as slon to local agreements than Th c improvement achieved at years * 
many are threatening. the union is. the start of this year is un- Whi 

The Government claims that Profoundty change the present| 
the technical difficulties are prevent- e duiLbnum m the WesL i. 

LISBON, March 10. 

centrated on exjdafateg their-i t.* . T . 

vlewi onto vu*M tow ...Li ^ V |U'S H M t 

dividing their coantries with 
mere attenUoa paid to tlfa 




fax to delegation spokesmen. 

The Turkish' Prime Minister, 
Mr. Bulent Ecevit, said ibis 

The structural weaknesses that municipal election* bo held to the Senate yestentey Sr against joining: including the f 600 small Anns which *er*f anirnSm that^teritfve 
the unemployment picture 30 days after the promulgation ^reehno Oreja, the Spanish presence of foreign troops in occupied during the two years j dlaicwti teT iS 

main apparent, however, of the law. ; Sr Rodolfo Martin Minister, implied that Spain. The Left is against any that followed the military coup tte MW 

[though over the past 12 Villa, Interior Minister, promised Spam s memoership of NATO form of alliance and a. referen- nf April 25, 1974. ■ ooSsS 

onSTwWte nncmnfayment to call the i elections- a month wa 3 _ inevitable. .It , was the dum. will eventually be held o* ' *>.. ^JSS^JSSiSiSi 

P.O. BOX 0. i. 

Is pleased to announce the opening 
of its third branch in Saudi Arabia 

remain apparent, however, ot the law.- Sr Kodplto Martin jauimrer. impuea .uxai apam. 1 

Although over the part 12 Villa, Interior Minister, promised hpams memoership of NATO form of « 

months white unemployment to call the ; elections- a monto inevitably It waa the dum will 

has fallen by 20 per ceoC, after the approval of the new clearest statement from the lhe issue. 

that among blacks has only democratic constitution. There ; 

dropped by S per cent is no official timetable but this 

— — could mean (hat elections will be J Dpvirraw *1 r\ 

c sc. c cajied in fw ^ autuan Kea tsngaae inti 

S. Atrica trees The ruIin ^ Centre -Party and ° 

U O the Socialists wanted the win- BY PAUL BETTS 

KIoaV ndhnr ni “g party's, candidate _ to be . 

Socfaliris and 

created,” though the Greeks 
have tended to retain some or 
the scepticism with which they 

Christiani bad approached the talks.. 

S. Africa frees 
black editor 

Red Brigade fifth victim 


ROME, March 10. 

Democrats (CDS) secured a Par- The Turks have. been taring 
li&mentzry majority for legisto- how they had come 
tiOB vtirieb will -Teturn firms treux ready to: ifegoC&tiT on 
judged to have been taken “ by specific issues if- thq w«k 
force" to their original owners. Prime Minister, Hr- Conrian* 
Other firms which were taken by tine Karamanlis, were to Ktoh 
the workers following neglect or this. :'" Y 




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Telegraphic address: indosuez. 


Tel: 23344-23521. Telex: 40168 Indobank SJ. * 
Telegraphic address: Indosuez. 

OiaCK editor m^yor.* But theCoSi^ Mid a SPECIAL BRANCH officer was Brigade said, they were execut- rbL.donmrat b7th;Vwate 

JOHANNESBURG, March IB. this would ‘favour the bigger S5 l « T1 vS. i ? lt l5hl n 'Kf. warniD * issted yea- owners will be iransformed-lnto 

MR. PERCY QOBOZA. editor* parties and the Government terda i!, m «>urt when the trial co-operatives. They will be 

of the banned black newspaper, bowed to their demands and -ggjgg . .? e / entitled to financial backing from 

The World and nine other wroed that the councillors would robserave Red Bn»de extreme Brigade s attempts to Intimidate the Government, 

de tain ees, were released from elect the mayor themselves. This Left-wing movement whose the city of Turin and especially . Dtr -n e i law nrooowd bv the 

prison here today on the could lead to the Left bolding ideological leaders, are cur- Jury members, the court sue- Communist Partv which recos- 

orders of Mr. Jimmy Kruger, more towns If .Socialist and rantly under trial m a b easily seeded yesterday in constituting •».* right of workers to 

STwStaS of PollStod Communist councillors, agree to guarded Turin barracks. -popular jury. Last May. ti£ JJSlri SS»3u£ 3 \73S finJ? 

Justice. All ten bad been held support a candidate jointly. The 45-year-old police officer, had be postponed because without distinction was rejected 

In preventive detention with- The Left has been threatentog Rosario Berardi, was the fifth a Jury con id not be formed. by a combined vote from the 

out trial since October 19 last w call demonstrations 4n favour person to be murdered In the tost court, however, is now find- Government (Socialists and 
year. . of early municipal elections, two years in Turin by the arban teg difficulty in nominating Christian Democrats) and the 

The releases, which leaves There are still thousands of guerillas who have repea tely. defence counsel. Already four Social Democrats (PSD). 

52 detainees still fa Jail, ma yors and councillors in office and so far successfully, lawyers have indicated that for • Portuguese civil servants and 
.coincided with a fatal bomb, were appointed during the attempted to stop the contro- a variety of reasons they could teachers to-day began their first 
blast in the coastal town of dictatorship. verstol trial not appear. nation-wide strike since the 1974 

Port Elizabeth, where ? Socialist* withdrew from Today’s shooting came on the « Tn ,-£ e & s l3 4 , b ? UPS ' th * Tartn revolntlon. Cotmnunist-domina- 

JL r the committee r^pohslhle for second day of the trial, which has fc - M become * at unions representing 800.000 

Wednesday. j.-j^ing a# constitution on Tues- already been postponed on two ^ 1 .? erms newspaper head- public servants and 100,000 state 

P" 0 ™ 1 “J JS S Previoiis occasions over the p^rt JSS5^. l g? <l B ? lc,n 1 “ 1 lS8Be private teacher, denied 

forcemeats had been sent to oaj [Sfad ^ccusea tne i uurerpwe t supplanting the final solution to charges by the '• SoriaNuMed 

the area, where there has been of breaWng its consensus agree- y A j Italy’s protracted seven-week Government that the strikes were 

continuing unrest meat over certain issues mdud- In a statement to-day the Red government crisis. poiltiraRy inspired. 


er scope 

sding \\ 


continuing unrest 

$2.6bn. Brazilian steel plant talks reach final stage 


P.O. BOX 397, 

Tel: 44085*44896. Telex: 67033 Indocab SJ. 
Telegraphic address: Indosuez. 


ROHE, March 10 . 

negotiation for the construction ductinn nf 12m. tonnes of steel, matit, and Finslder enrreativ Of S6l3m. and the ciHtohna «« 

(negotiation for the coMtruction puenon oi i^m. tonnes or nem- pianti and Finslder currently 5623m. and the timetable for plant, Sfdtrhras says, will be 

J9S. 2!ZJ Ur t‘ se .St *t«l pro- iVoneH from whlchew fount^ 




Tel: 20153. Telexr 60164 Indocab SJ. 

comply V Brasil past «Mk. ^ TuMrao S^l = V.S. MM fc» the pbn.- w S SteSSS S, 

Finslder, the steel holding of Company m which, the Brazilian at toe south Iranian port of • Ja P a . n apparently would [ike to this could "be. the U5. now 

the Italian State Istituto Per La national steel concern, Slaer- Bandar Abbas. put hack by two or three years. Brazil’s main supplier, Canada 

Rlcodiruzlone Indurtiale (IRI) bras.- wfli bold a jWjjPW . Italian part of the Concrete terms and interert or AmrtraHa, with whose. Broken 

group, confirmed hero totiay majority interest- with the re- Brazilian venture is expected to rates will be sorted ont Hill Pr^Jrictary Company Slder 

that an Italian detection will mauung 4P per be faancea through exports of week, as will Kawasaki'S eonS 1 ftt *s recently signed a contract 

fly this week-end to Brazil. dlrid^^bp?era _Fmsldert In- services and equipment and by button. ■ Siderbras hoijAs^fftr t° Phrcbaae 500,000 tonuts of 

.Construction of the Brazilian of eaatoam lengthy terms qf payment with high-grade coal Vmt it an 

plant is likely to start in two tet-rnabonal, and Kawasan negotiable on the international amortisation beginning once the aver »ge : pnee f.o.b. of $48 to 

years’ time at Punta Di Tubarao bteeL J 5S2 d i! ? ar,Pet , “ un . der ‘ k f °recast for the beginning rf 850 * 1011116 ^topared with the 

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north cf Rto de Janeiro. liaumplarm, and tne Japanese 3m wui 

In its initial stage, the plant multinational will supply equip- DIANA SMITH reports from Brazilian iron ore and*im U rted 

steeL ? ar,fet I Th J s “ under- is forecast for the belinnfav^nf S5Q a tonne compared with the 

[in the district of Vitoria on the Finslder. through its .Genoa- f™; c " have already received the 1980s. 5 U-S. price of $S5 a l Mine. 

Atlantic coast some 250 miles based engineering. Subsidiary ^ ^pprnval of the Italian Initial production — 

- " ItaltmpJantl, and the' Japanese auti^onhrs be 3» 


I DOMIC MIC u New Yorlh.N.V. 

Stadhouderskade 2-V 
Amsterdjm, Holland. ; 
Phone: 020-835 1 51^.1; 

. Telex 15087. .. 2 

London Sates Off let- 

■Orcail your local . 

SupranahonaLoIbcet- " 

f ®mes ^Satarflay Mard it 1978 

home news 

K 8 

Cj., :, ’I| 
' r "!r, W: ' 

recruiting in U.K. 


>*n.' k 


7 ' 1 ,* m ' T; ( r ^ R h- tile lower paid job* off- 
• :■ », ■■>. a °0 nal - recruiting and training shore— axe British. •' 

,,f ' .. . 1 entre for the'mteraaMnnAi nir ‘X 

*. : — - •'■"‘ws, -i per cent, oi armmg 

Many or those recruited will superintendents and 24 per cent 

1 . ot be working in the North Sea. managers. 

'■ ’ owever. • Mr. David Owen, a ** Oil companies that have ■ to 

'“•Ms.. .‘irector of management consul- Wan production platforms over 
^ ants Oit and Boss and Partners, next decade - or so on a 
aid that U.K. tax levels were regular routine basis will be 

i h ' «uc icBbuu wayiflerB omer countries^ nationals: ana 

a smaU proportion of U.K. nationals running other 
. ■* mush personnel .employed in countries' platforms." 

h© more senior positions on rigs Mr. Owen was speaking during 
P-?L, 5ect<u ; ^ _ the Society for Underwater 

, - The Petroleum Industry Train- Technology’s session at the 
Ug Board says over 90 per cent. Oceanology International -con- 
*■ <f roughnecks and roustabouts— fere nee and exhibition 

He said the U.K. was becom- 
ing an international recruiting 
centre not only because of the 
existence of North Sea oil, but 
also because of the ease of com- 
munications, the use 6f the oil 
industry’s language — English— 
and the UJv. salary levels. 

Fabrication yards in Scotland 
and Norway could be in the 
running to win orders for 255,000* 
ton structures designed to pro- 
duce energy from-the.sea, dele- 
gates were told. 

The system, known as Ocean 
Thermal. Energy Conversion 
(OTEC) would take heat on the 
ocean surface to vaporise 'a 
medium under pressure and the 
vapour would drive turbines to 
generate electricity. 

Mr. Roger Fuller, programme- 
manager of the project at tack* 
heed, said that yards that had 
built North Sea concrete plat- 
forms held the expertise that 
could be the key to manufactur- 
ing OTEC structures. 

Methven sees good prospects 
of improvement in economy 


\ BRIGHTER future for British 
. ad us try and a. rise of 4 per cent, 
n private spending was forecast 
i >y Sir John Methven, director- 
. general of the CBL yesterday. 

'* The state of trade is as flat 
is a pancake. The UJC. economy 
, s not turning up at the moment, 
)ut I am quite optimistic about 
• he prospects even without a 
,3udgetary incentive. 

“ But if direct taxation is 
reduced to the extent of allowing 
i2.5bn. it will give 4 per cent 
(pending power in the private 
sector. I am sure the markets 
. Kill thereby benefit. Sir John 
said after a conference of the 
. Vorth West Regional Council 
Earnings were rising faster 
than the rate of inflation, but 

there would he /more private 
spending especially if personal 
tax cuts came in the Budget 
There was no doubt that the 
problems of Merseyside and 
those of Tyneside. Glasgow and 
South Wales were similar in that 
they were linked to the national 
economy, he said. 

It was useless to keep pouring 
aid into certain regions wkhout 
a chance of a result. 

Sir John said he did not See 
anything wrong with the Mersey- 
side labour force. tv I worked for 
many years in this area- with the 
Mond division (ICT). so I know 
what local labour produces. 1 ' 

-There was a problem of over- 
manning which could be 
absorbed to 'some extent by 

natural wastage. 

But the genera] level of educa- 
tion ol the skilled worker was 
below that of the U.S.. he said. 

Referring to the latest Mersey- 
side closure with the loss of 
about 800 jobs at English Elec- 
tric, Sir John said: “No one tikes 
to tell workers they are redund- 
ant and you may take it from 
me that every avenue is explored, 
yrherever the factory is, before 
the final decision.’’ 

Mr. Leslie Young, chairman of 
CBTs North Western Regional 
Council, said there, was good 
news in the expected improve- 
ment In home and .export . 
markets. This trend continued 
to be reflected in industries' 
investment intentions. 

Metal Box workers 
warned on output 


MEMBERS of the Dalsun Dealers Association, 
led by Mr. Peter Fletcher (right), their chair- 
man, seen leaving a 40-minnte meeting with Mr. 
Edmund Dell, Trade. Secretary, yesterday. 

They delivered a letter protesting at the 
agreement this week between the U.K- and 
Japanese governments to curb Japanese car ship- 
ments to the UJK. and asked Mr. Dell to recon- 
sider the policy. 

Mr. Fletcher said he was very unhappy 
about the outcome of the meeting. No assur- 
ances had been given except that, in the long 

- IiTrv Eitk 

term, the Minister would be prepared to recon- 
sider if Japan relaxed- Its own trading 

They repeated their warning that heavy 
investments could not be supported if the 
throughput of cars was not available added 
thai some noemployment could result “At the 
moment we are going backwards," Mr. Fletcher 

The dealers will seek an urgent meeting 
with the Japanese ambassador to the U.K. and 
intend to send a delegation to Japan. 

• OUTPUT ACHIEVED so far on 
; the two-piece can-making lines 
\ installed at a cost of £l3m. by 
; Metal Box has been “abysmal." 
■ Mr. David O'Shau&imcas.y. mana* 
: per of the group's Open Top Can 
! division, has told employees, 
j The lines had produced “only 
' v minute fraction of the number 
; of cans of which they arc 
i capable. The result is that we 
| have lost 3D enormous amount of 
■, money vita! to our investment 
plans and to the future uf the 
; people employed in the group, 
j “We have also lost business 
i which again will have a serious 
; effect on the future of the group-" 
Mr. O’Shaughnessy, says the 
cause of “this potentially 
disastrous situation " is industrial 
relations problems. 

! “ Unless they are solved 

sensibly — and they could be — 

in Ihe immediate future, our 
whole busine*) could bo very 
seriously jeopardised." 

Metal Box announced recently 
that it would spend a further 
£27m. on another two-picce cun- 
making plant at Braun*tone, near 
Leicester. This decision was “ a 
massive vote of confidence from 
the company thar the Open Top 
Groups problems can be 
resolved. U is an act of faith." 

Everything possible had been 
done to ensure that Braunsione 
would operate successfully from 
day one of operation. “It is 
viial that tve should achieve high 
utilisation and high efficiency on 
these new lines. 

“This is true not only of 
Brauaslone hut elsewhere in The 
group where we still have some 
way to go before we reach the 
standards of efficiency achieved 
elsewhere in the world.” 

Mixed, development 
for South Bank 


site is to be used for commer- 
cial development as well as 
housing, the Greater London 
Council has decided. 

The ■ 7.4-acre site behind the 
National Theatre and the Lon- 
don ’Week-end Television tower 
was originally planned for de- 
velopment as a 600-bedroom 

The GLC, which owns the 
site, now proposes to add 200 
homes- for local authority and 
bousing association- use, 370,000 
square feet of offices, 27,000 

square feet of commercial accom- 
modation. and sports facilities. 

Miss Shelagh Roberts, leader 
of the GLC’s planning and com- 
munications policy committee, 
said yesterday that Lambeth 
Borough Council’s original plan 
to use the site for housing 
“would pass up the chance of 
bringing jobs to an area which 
was crying out for them and 
would be financial folly.” 

The mixed development plans 
would yield £2m. a year in rates, 
she said, compared with £70,000 
from the homes-only scheme. 

Ennals rules 
out men’s 
pension at 60 

out any reduction in the pension- 
able age for men in the immedi- 
ate future on the grounds that 
the cost would be prohibitive. 

This was made clear yesterday 
by Mr. David Ennals, Social 
Services Secretary, who rejected 
the idea of allowing men to retire 
at 60 since it could cost up to 
£25bn. a year in public funds. 

The Government accepted the 
illogicality of different retire- 
ment ages, he told organisers of 
a national petition. 

“But by reducing men’s pen- 
sionable age we would be increas- 
ing considerably our pensioner 

Machine tool orders 
increase by 30% 


THE MACHINE tool industry 
bad order books worth £266m. 
at the end of November, repre- 
■ seating welt over seven months 
work at present levels or activity, 
.according to Department uf In- 
dustry statistics. 

I This was mare than 30 per 
'ccnL up on the same period a 
j year before. 

The latest figures seem to show 
that the industry is continuing 
to pull away slowly and steadily 
from the bottom uf the trough 
in demand which it reached in 
July. 1976, when order books 
were down to £lS7.9m. 

However, the new order 
pattern over the three mast 
recent months of published 
statistics suggests a continuing 
hesitation in demand. By the 
lend of November they had 

levelled out at fllffin. — down 1 
per cent, on the previous throe 

Orders from abroad increased 
by 6 pc c cent., offset tin™ a 
similar decrease ui those Trom 
the home market. 

The recent inflow or orders was 
19 per cent, higher than a year 
before. Export orders rose 
sharply by 33 per eenL and those 
from the home market by a less- 
dramatic 11 per cent. 

Existing values of sales were 
well maintained in the months 
up to and including November, 
running at 17 per cent, above 
those of the previous year. 

The department says, however, 
that this 17 per cent, rise was 
due almost entirely to the rise in 
output prices and that there was 
probably little increase In the 
volume of total deliveries. 

( . : . k nir* State move raises hopes 
i nks !; u of re-opening dry dock 


well dry dock, Sunderland, will 
re-open at . some time in the 
future was raised 'again yester- 
day. It was announced that T. H, 
* ’lTeenwell’s assets were formally 
being transferred to the Tyne 
Shiprepair Group, a part of 
-British Shipbuilders. 

British Shipbuilders last night 
would say only that GreenweU's 
future would he considered as 
part of the State group’s cor- 
porate plan, but on Wearside 
there was confidence that the 
fight to re-open the dock had 
aeen won. 

When the dock was closed 
ilmost two years ago about .350 
nen lost their jobs and since 
ben there have been a number 
if attempts to resume operations. 
At one time. Bristol Channel 

Shiprepairers, the private com- 
pany which led the fight against 
nationalisation of ship repairing, 
Was interested in . buying or rent- 
ing the facilities. , 

Yesterday’s announcement was 
of the formal transfer of assej? 
from Sunderland Shipbuilders, 
now also part of British Ship- 
builders. to the Tyneside Ship- 
repair group, which, in cW ding 
Green well, will have eight mem- 
ber companies. 

British Shipbuilders’ Strategy 
has been to group tfs repair 
facilities within each area under 
one company, but it -is still far 
from clear whetheivcat a time of 
substantial over-capacity la the 
industry, the Stare corporation 
will be interested in reviving a 
concern over which there has 
already been /a great deal of 
political agitation. 

Viewdata sales link-up 

THE POST Office and insac, the 
National Enterprise Board’s com- 
mter software subsidiary, are to 
narfcet Viewdata in the U.S.- 
Viewdata links the telephone 
rilh the domestic television xe- 
•cfver, allowing users access to a 
arge centralised store, of- in- 
o rotation. - • 

The world’s first Viewdata 

system will be given its public 
launching, in the U.K. next year. 

The .Post Office says Insac’s 
New York staff will discuss with 
businessmen prospects for the 
system. Because it uses standard 
television sets and the ordinary 
telephone, Viewdata should be 
considerably cheaper than other 
computer information systems. 


. By John Uoyd 

ELECTRICAL contractors are 
offering improved safeguards to 
their customers against bad 
workmanship or bankruptcy. 

The Guarantee of Work 
scheme, which ensures compen- 
sation to the customer for faulty 
instalaltion work done by a 
member of the Electrical Con- 
tractors Association, has bees 
raised in value from £5,000 to 

Any complaint made i% investi- 
gated under the guarantee. The 
£10.000 limit now covers most 
domestic electrical work. 

The Contract Completion 
Guarantee, first introduced a 
year ago, ensures that any job 
undertaken by a member com- 
pany of Ihe association will be 
completed if the company runs 
into financial difficulties. . 

The scheme has now been 
extended, to cover fixed price 
jobs, provided the original 
tender price was not more -than 
£10,000 and the work does not 
extend - over more than, six 
months.. . 

An incentive 
to all directors earning 
over £25,000. 

Wider scope urged for 
Spending White 


TIE GOVERNMENT should pub- (plans against plans) and 8 per intentionof restoring these ents 
isb its medium-term assessment cent, (probable outturn against up to +w 

■f the economic prospects, and plans) and considers that the The committee -argues that 
liscuss a range of possibilities.' most meaningful comparison is «>me of the* recent cuts_ to be 
lotably for earnings, in the that between the probable out- false ^economies. We fad to 
I rmual Expenditure White Paper turn for the present financial understand, for example, how the 
n orderto provide “a much year and forecast expenditure for taxpayers gain in the long rap 
•etter basis for debate on the the next financial year (including from the -fact that nearg 60 per 
uture of the economy.” the contingency reserve and cent. of Government offiMsare 

JE fa toe mam Sominenda. allowing for shortfall). « fflg: 

1 1 ion of a report from the aU- On thfabasis, the correct com- mex , t r_ Vy,,, at Westminster has 
Jyarty Commons Expenditure parison, as given in ora) prob\£^dd off ratherbetter^ 
.-rifcoramittee cm the spending by Treasury officials, indicate a p .* Tb e y . disproportionate 

’“"lite Paper. . _ v 4 per cent, rise, next year, or ... - F - - 

a pita] spending plans decided 
n 1976 and for the obscurity of T nvAC tmp n f 
arts of the White Paper, parti- investment 

clear that the 1076 cuts caused 
more depression in that industry 
than in others, but there are no 

, * * 

arts of the White Paper, parti- substantial' proposals in the 

ularly on ihe rise in expenditure The report points out that Hie White Paper which would redress 
ext year. main reason for the' wide >ange this damage. We do not regard 

The report was prepared by 0 f estimate* is the shortfall of ^is as either sensible or justf 1 
be committee’s general sub- actual outlays in the current The report urges that the 
ommittee, under the chairman* financial year below planned Government should publish its 
hip of Mr. Michael English, the levels. It notes that the total of medium-term assessment of 'the 
-ibour MP for Nottingham West, the planned cuts in July and economic prospects, and notes 
Fter a series of public hearings December, 1976 {£2:2 bn.- at 1977 that some of- the oral evidence 
nth Mr Joel Barnett, the Chief: survey prices) is rather less thah indicated that "unless there is 
ecretary* and -with Treasury the probable Ao.rtfall in expea- a major, improvement in the way 
fficials. diture for 1977-78. . : - " In which the economy functions 

nMMftcinn nf “ In other words, shortfall has • - • Government must tread 
It weicomes thc of n r0V ed more rismLfiSSr in a narrow path, trying to avoid 

ddmonal material, notfbly on a mount than the Government’s policies' wifich either lead to ex- 
lediurn-tenn revenue expenditure 11 cuts, which were cessive Unemployment or worsen- 

1 ut SSelyi debated when proposed^ ing inflation and a weak balance 

< :ie White Paper is m danger of inde? %v?l ^ 'of of payments. 

,'; W ewmtos a ^document which u pnenrEaes i “ Unfortunately littie of this fa 

' 4S?j2£°L be,nR d by SSSmeffttytog to is. ™ ade in the White Paper, 
.professionals. imnortairt ■ that the Treasury A number of the papers -we 

fc* ^^^fC tt ™£^StoSc2e2 SSSd^intinue to investigate received drew attention to the 

* fcaders of the White Paper seem causes of shortfall “ absence of any argued strategy 

xicnf^th^proooseS dbange in criticisms in^evious reports of' Seco ^ Report from the 
355 £LSSflituSbetween this ’The disproportionate” reduction Expenditure Committee. Session 
SlndnSt in capital ekpenditere compared 1977-7S. ygotxe^of Commons 

It the contrasting rises," with current spending. The MartW. .;»*.• Stetfonern Office, 

aiying ’ between 242 per cent. White Paper shows there is no £-.oO- 

The question is, what 
incentive is there for a man 
earning a lot of money? 

Say £12,000 a year. 

Or £25,000. Or even £100,000. 
Because the more money 
he and his company earn, the more 
the Inland Revenue award themselves. 
Well, there is an incentive. 

One that allows you to receive 
a sizeable income when you retire, taxed 
only as earned income. 

One that allows you to receive a tax free 
cash sum of up to VA times your final salary 
when you retire: 

One that allows your company to pay for 
ydu. And all contributions rank for full 
corporation tax relief. 

. , The incentive is called the National 
Provident Institution Capital Pension Plan. 
Whetheryoure 3 years or 33 years from 
sment; NPI's plan can gi v 
_ personnel an incentive th 
away by the Inland Revenue. 

So instead of giving yourself a rise, 
build yourself a future. Get a copy 
ofNPFs booklet “Capital Pension Plan” 
from your broker or write to 
Barry Gillman, National Provident 
Institution, 48 Gracechurch Street . 

- London EC3V 0BB. 

Whichever way you do it, its free. 

Fthancial .ttees Saturday teaxt& U VPtk 



prices to 
rise by 5% 


ELECTRICITY prices in most nest month and consumers will 
parts of Britain are to go up face bigger bills in July, 
by an average of at least 5 per The second was for a further 
cent on April l. The Price 2 per cent increase in the fuel 
Commission has decided not to cost adjustment clause, under 
investigate the latest increase in which Boards automatically pass 
the general tariff proposed by on increases in average fuel 
the Central Electricity Gen era t- costs. The 28-day period on this 
ing Board on behalf of area notification still has a few days 
Boards in England and Wales. to J? 11 ; , 

The commission is. however. The CEGB, which last lifted its 
to scrutinise a separate notlfi- general tariff a year ago, in- 
fa lion submitted by the South creased the fuel cost adjustment 
of Scotland Electricity Board, surcharge last winter. The in- 
The 9.9 per cent, increase- pro* crease was investigated and the 
posed by the Scottish Board may commission concluded that the 
be cut during the three-month clause should be either simpli- 
inquiry. fii?d or Abolished. 

Companies must give the com- The South of Scotland Elec- 
misslon 28 days' advance notice tricity Board uses a different 
of a proposed increase. If the system to calculate its prices 
commission does not tell them and deals with the Price Com- 
within that period it wants to mission separately. Its tariffs 
investigate, the companies are were, therefore, not investigated 
free to go ahead with their during the inquiry into the fuel 
plans. cost adjustment danse. 

The CEGB last month sub- Last month, the Scottish Board, 
raitted proposals for two wblcb puts all its extra costs into 
different kinds of increases in one single price rise a year, told 
England and Wales. The first, the commission that it wanted 
for which the 28-day moratorium to raise its tariffs by just under 
has now expired, was for a 5 .10 per cent The proposal en- 
per cent increase in general vis aged a 12.5 per cent, increase 
tariffs. Boards are now free to in connection charges for new 
start charg ing the higher rate domestic supplies. 

Further move on options 


THE STOCK Exchange is to ask members and to act as clearing 
members firms to decide by the agents in the new mturket which 
end nf next week whether thev lX 18 h0 P ed wUl begm to tr ? de 

end of next week wnetner tney Qeyt m0Bth under ^ aasp j ces 
wish to become clearing mem- of ^ Stock Exchange. They 
bers offering an agency service, opclear which is owned 
for others in the planned jointly by Vickers da Costa and 
London traded share options Joseph sebag, stockbrokers, and 
market or to use other clearing f our other stockbroking con- 
mcmbers as their agents. cents, Phillips & Drew, Shep- 

Several concerns are believed pards & Chase. Grieveson Grant 
to have decided to be clearing and Kitcat & Aitken. 

vital role 
of profits 

By Michael B Undsn 

THE VITAL role of profits in 
the growth of British industry, 
and tiie need for greater public 
understanding of their import- 
ance were emphasised last night 
by Mr. Gordon Richardson, the 
Governor of the Bank of Eng- 

He told the Cardiff Chamber 
of Commerce and Industry 
annual dinner: “We will not find 
any lasting improvement in the 
performance of British industry 
until we have a much wider 
understanding of the importance 
nf profits throughout bur 
economy and society and of re- 
warding adequately those who 
help to produce profits, whether 
in factory, office or boardroom.” 

The importance of profitability 
is needed to be appreciated by 
Government, in business and in 
society at large. Government 
could help, “not least by making 
the effect of its actions on 
profitability a yardstick of 

Mr. Richardson said business 
itself needed to be more alert to 
making the adjustments' made 
necessary by inflation. In the 
last four years the onset of infla- 
tion had been so rapid that 
“many firms have been misled 
into thinking they were doing 
better than they were.” 

At the same time labour 
needed to welcome increased 
profitability, even though this 
involved an increased share for 
profits in the national income. 

,J If society wants an efficient 
economy, it has to acceptprofits.” 
Profits, if adequate, provided the 
incentive to invest and a test of 
efficiency in the ose of resources. 

He underlined the sharp fall In 
the level of profitability in recent 
years. Although company profits 
had risen, after making allow- 
ance for the impact of inflation 
the real rate of return had 
dropped from about 131 per cent, 
before tax for industrial and 
commercial companies in 1960 to 
3$ per cent, in 1976. excluding 
profits from North Sea oil. 

Anglo American 
Investment T rust Limited 

(Incorporated in the Republic of South Africa) 

Preliminary Profit Announcement 

Notice of Final Dividend on the Ordinary Shares 

The following are the estimated results of the company for the year ending March 31, 1978, 
and the actual results tor the year ended March 31. 1977. 


Investment income 

interest earned 


Administration expenses ....... 

Interest paid 

Provision for taxation ... 






679 1 


45 | 


138 l 

■ ■ - 1 


Net profit after taxation 

Preference dividend ............... 

Equity earnings - 

Deduct: . 

interim dividend No. 75 of 200 cents a share 

Final dividend No. 76 of 400 cents a share 


64 324 

43 823 

Transfer to general reserve 



40 000 


60 000 

41 000 




43 500 

Unappropriated profit from previous year 
Unappropriated profit, March 31, 1978 .... 

Number of ordinary shares in Issue 

Earnings per ordinary share — cents 

Dividends per ordinary share— cents 


Particulars of the company’s listed investments are as follows: 

Market value 
Book value 



10 000 000 

502 634 
46 411 

456 223 




46 411 


“The lair practical date before publication of these results. 

Diamond 5a1es 

The company has substantial interests both in De Beers Consolidated Mines Limited and 
in the diamond trading companies. Sales by the Central Selling Organisation for the year 
ended December 31. 1977 amounted to R1 803 million representing an increase of R451 million 
or 33 per cent , over the sales of R1 352 million for the year ended December 31. 1976. * 

Far and on behalf of the Board 
H. F. Oppenhelmer * 

J. Ogilvie Thompson \ Directors 

Final dividend 

Dividend No. 76 of 400 cents per ordinary share 1)977: 260 cents), being the final dividend 
for the year ending March 31. 1978, has been declared payable to shareholders registered In 
the books oF the company at the dose of business on March 23. 1978. This dividend, together 
with the interim dividend, of 200 cents a share declared on September 7, 1977, makes a total 
of 600 cents a share for the year ending March 31. 1978 (1977: 410 cents). 

The ordinary share regkeers and registers of members will be closed from 

March 24, 1978 to April 7, 1978. both days inclusive, and warrants will be posted from the 
Johannesburg and United Kingdom offices of the rrans/er secretaries on or about April 27. 1978. . 
Registered shareholders paid from the United Kingdom will receive the United Kingdom 
currency equivalent on April 18. 1978 of the rand value of their dividends ( less -appropriate 
taxes). Any such shareholders may, however, elect to be paid in South African currency 
provided that any such request is received at the offices of the company's transfer secretaries 
on or before March 23. 1978. 

The effective rate of non-resident shareholders* tax is 14.8815 per cent. 

. . The ^defend ** payable subject to conditions which can be inspected at the head and 
London offices of the company and a | so « the offices of the company's transfer secretaries 
Consolidated Share R^istrars Limited. 62 Marshall Street, Johannesburg 2001 and Charter 
Consolidated Limited, Charter House. Park Street. Ashford. Kent TN24 8EQ. 

By order of the Board 




per H. J. E. Stanley 

Companies Secretary 

Head Office: 

44 Main Street, 

Johannesburg 2001 
March 11, 1979. 

London Office: 
40 Hoibom- Viaduct, 

Ciba-Geigy £20m 
plans in U.K. 


CIBA-GEIGY, the Swiss the first phase of construction, 
chemical* aad pharmaceuticals The company also Is investing 
company,’ is to Invest about £5m. in a -pigment plant at 
£20m. in -the U.K. in new capital Paisley. Scotland, which should 
-projects oxer the coming year, come on stream in 1880. In the 
This compares with spending second half of this year a new 
of £17m. last year, when U.K. phthalocyanine plant should be 
sales climbed rapidly by 20 per completed in Paisley at a cost of 
cent, to £S8S.4m. about S2Xm. 

Ciba-Geigy’s performance in The pigments are for use tn 
the UJC. surpassed its achieve- products such as paints, plastics 
ments in most other markets. and printing inks. 

Worldwide sales last year by Last year Ciba-Geigy brought 
contrast were only 5 per cent on stream two other units in the 
Up on 1976 at SwFrs.9.94hu. U.K.: an agrochemicals plant in 
(£2.7bn.). Grimsby and a phosphate plant 

Export sales from the U.K. in Manchester, 
rose by 25 per cent, from fi&ra. Worldwide, the group is aim- 
in 1976 to £ll63m. last year, and ing to keep its investment 
represented about 38 per cent, programme at ab*ut 9 per cenL 
of the U.K. company's business, of turnover, which suggests a 
A large part of the coming total capita! expenditure last 
year's capital expenditure pro- year of about £246 m. In recent 
gramme in the U.K. will foeps months it has been involved in 
on a new £16m. dyestuffs inter- a number of acquisitions in the 
mediates plant at Manchester, in U.s. 

Argyll Field groups 
sign State deal 


GROUPS INVOLVED in the Recent drilling activity on the 
development of the Argyll Field Argyll block has shown that 
in the North Sea have belatedly the field may not be as close 
signed a State participation deal to depletion as reports last year 
giving the British National Oil indicated, however. 

Corporation the riaht to boy up The field has been shut down 
to 51 per cent of the field's since February 4 Tor repairs to 
output " 'he Transworld 58 ?«ni-scbmer- 

Argyll was the first U.K. field sible production, rig 
in the North Sea to come on As well as riving the oil ror- 
stream— production started in poration access to more than 
June 1975 — bat the participation half Argyll's remaining recover- 
deal is one of the last to be able reserves, the agreement 
finalised. will also s»*e rt effective 

There has been speculation in vote on the field's operating 
the industry that production committee and access to ail the 
from Argyll, operated by the relevant information about the 
Hamilton Consortium, could reservoir, 
cease within the next few years. The Hamilton Consortium 
It is thought that this Is one comprises Hamilton Brothers Oil 
reason why the Department uf Company. Hamilton Brothers 
Energy put a comparatively low Petroleum. Rio-T:nto Zinc Oil 
■•riority on the participation and Gas. Blaricfnars 0:1. and 
ego Buttons. Trans-European. 

European chemical groups 
form toxicology centre 


A TOXICOLOGY centre is being Increasing numbers of citemi- 
set up in Brussels by 40 of the cals are corning under suspicion 
leading research-based chemical as poleniiaj carcinogens — 
companies in Western Europe, canccr-causing agents— fallow- 
The first chairman will be Dr. ing the fears aroused by vinyl 
Alan Robertson, a main Board chloride monomer in the tfi. 
member of Imeprial Chemical some years ago. 

Industries. 1C1 said yesterday the com- 

The chemical industry is panies had agreed to form the 
becoming acutely aware nf the European Chemical Industry 
growing public Interest in the Ecology and Toxicology Centre 
toxicological and environmental to maintain close contact with 
effects of chemicals, particularly authorities and the public: It 
in the wake of such disasters as will sponsor research either in 
thalidomide, Flixborough and the laboratories of its members 
Seveso. or in independent laboratories- 

House programme cut 


FAIR VIEW ESTATES, one of controversy, be said. 

Britain’s leading housebuilders, is Fairview will now concentrate 
to cut its bousing volumes by two on smaller sites in the London 
thirds. It expects to build only suburbs and the Heme Counties 
about 500 houses a year in three Mr. Cope also criticised “the 
years time, compared with about poor quality of earnings obtain- 
1,700. able. 

Mr. Denis Cope, Fairview chair- “ It is true that housing 
man, said yesterday that the. margins have dramatically ;ru 
derision had been made because proved over the past six months 
of volatile profit margins and but we do not intend to h* 
because of difficulties with seduced by this. It is Just as • \ 
planning regulations on large that they will go down again " 
residential sites. . 'The company bad once con 

.The company is to stop deve- sidered selling its housebuilding 
loping large sites because of interests or floating them as a 
planning difficulties and local separate concern. 

Booth refuses to scrap 
fortnightly benefits plan 


THE DEPARTMENT of Employ- ments to be collected weekly. commitment that there will * 
merit is rapidly pressing forward Tins will mainly help those redundancies and it. belt 
with a new system of fortnightly, families who would find .If mure most of the lost jobs nh 
instead of weekly, .unexnploy- difficult to budget on unemploy- reabsorbed into other expats 
ment benefit payments- despite mrnt payments oyer a two-week, areas of work. The Depsnd 
warnings of industrial action be rather than ore-w^ek, period. . says the other staff unioai 
the largest Civil Service union. The Civil and Public Services not objecting to the new.u. 

Mr. Albert Booth. Employment Association, which yesterday Mr. Booth saW the p 
Secretary, said yesterday that he failed to persuade Mr. Booth ta benefit of fortnightly paytn 
would he recommending the new scrap the plan, says there is now would bt social— provldlm 
system to the Cabinet. He hoped a threat of industrial action better service for the gj 
that new legislation could he which could take the form of ployed, tees queueing and a 
agreed by Parliament :n Uu next selective strikes. tunc for them to hunt for i 

two or three months. The union is worried about loss In this respect It would ? 

The svst^m, wh>ch will also be of jobs for its members- It also major social breakthrte 
examined by the Nati-mil tarn- believes that fortnightly pay* said Mr. Booth. 

■tocr Advisory Liimictitn. vtouid men Is will lead to more over- Apart from that,- the Dm 
rhea be rntrodured • * shortly payment* and fraud and that ment calculates that there ■ 
afterwards. there will not be the beneficial he a net gain in cash ten* 

An experiment into. Jm attahl’v effects the Department claims for at least £Sin. a year, 
payments, earned out at -benefi. the new system. This would be* made up 

offices in 36 areas, showed aome . Fortnightly payments will £4m.-£5m. savings on Pts* 5 
reu-tance aniwng a small per- mean the loss' of about 1,000 of and stationery charges aili 
cent age of unemployed.- . . the 20.000 posts involved solely £3m.-E4m. saving in staff yn 
Partly as a result of this, there in benefit payments. offset against increased o 

would be an option allowing pay* The Department has given a payments of lfira, to £2jtn, 

New lay-offs 
at Canley 
ear factory 

By Phitip Bassett. Labour Staff 
British Le> land's Canley plant in 
Coventry who have been hack at 
work for four days after a 16- 
week lay-off were sent home 
again yesterday as production of 
the Triumph Dolomite was 

Lorry drivers meet 
as pay talks fail 


SHOP stewards - representing package incorporating a 
lorry drivers In haulage com- daily meal allowance which t 
panics throughout London and sequent!? was dropped from 
the south-east will mort to- offer after pressure from ot 
morrow alter the failure of regions, 
union-management talks to The association as a wl 
I resolve a pay dispute. felt that the meal allows 

lM ^ I The stewards almost certainly would. have created a priced 

Four hundred workers in ihe w,u consider forms of industrial and led to leapfrogging da 
No. One plant at Speke* Liver- action—incliidiag a strike &F dnvRO ta other regions, 
pool, where the Dolomite bodies throughout be . capital or a series The withdrawal of the all 
arc made, have also been laid of stoppages at selected haulage anc* angered the drivers * 

as-fc ” "KSUk vh, ssras 

punt which i, to be clMri 0°“!!,“” re !SS od ^* h S."!!«»“- 

off the No. Two plant and the 

with drivers yesterday, might The offer involves a bi 
decide to put the issue to con- £53.35 for 40 hours, together « 
Ci Ration, possibly Involving the five hours of guaranteed m 
Advisory. Conciliation and time at time end a half it 
Arbitration Service. spective nf whether the overii 

The depute involves a pay is worked, 
offer to driven at 2.000 private Senior officials of the Tra 
haulage companies who will be port and General Worici 
covered by a common Road Union, to which the men beio 
Ha u lace Association pay and have said that because the < 
.ii.nnim.ii -r ^.-pT.1.. i conditions agreement for the putt arose from a dear brei 

’ The association's metropolitan union backing if they want 
area originally offered a pay strike. 

Canley workers.' 

A total of 1.100 men have been 
laid off at Canley because of a 
strike over pay by drivers who 
work for William Harper, a 
Liverpool haulage company 
which moves the Dolomite bodies ! 
to Coventry. 

The drivers, who want a 

to-morrow tu discuss theiT action. 
At a mass meeting earlier this 
week they voted to press on with 
the strike. . ■ 

Production at Canley has been ; 
hit this week, but the lines have , 
been kept «omg using the small 1 
suppiy of bodies that have cot 
there from Liverpool since the. 
workers in the No. Two plant ; 
called off their strike and went . 
back two weeks ago. 

Action urged 
over hospital 

Civil Service union drops 
claim for 14% increase 


THE LARGEST of the Civil The Society of Civil and Pub 
Service unions, the Civil and Servants, which reprerer 
! Public Services Association, has 105,000 members, is consider! 

I derided not to press for wage tbe aril Service Departmen 
; increases ranging from 14 per response to ila claim, whi 
j cent, to 24 per cent ranges from 22.4 per cent to 2S 

MR. SAM SILK IN, Attorney j : The. nmon will dlMUsjflfh **>* 

General, was urged yesterday by \ the Civil Service Department ■ 

a Conservative SIP to consider j what money is available- Tne j • irn 

legal action over the pay dispute off?! 1 to all eight Civil Service OlJTGS JC/V6 
by hospital telephonists. » unions is likely to be 8J per cent., » . • 

Mr. Kenneth Warren. MP forlwith another i percent for con- cfrilf n fbllrc I 

Hastings, said he understood I soUdation of Phase One and Two ollIKC aalnS 
that under the 1S6I Malicious j increases. THE liO aaintalnance workr 

Damage Act and the 1969 Post* Mr. Ken Thomas, general secre- who have been on strike at tl 
Office Act. officials of the j tarv 0 f the 190.000-strong union. Birds Eye plant at Ktrkby, Lire 
National Union of Public Em- j t hc union had been tohl ^the Pool, for 14 weeks will rae 
ployees should not be instruct- j q. v h service Department was not to-day to hear the result of tali 

log members to interfere with " — - u “* J ’ “ , ‘" 


Tbe telephonists are refusing 
to connect what they regard as 
nqn-clinical calls. 

Mr. Warren had asked Mr. 

Stlkin to consult other Ministers 
and the Post Office chairman u as 
’o the immediate and appropriate 
'egal action required to ensure 
that officials of NUPE stop tb'e 

prepared to discuss any settle- between shop stewards and plln 
ment which would exceed the management. 

Government’s pay guidelines. Shop stewards' hopes of belr 

Mr Thomas said that after the able to recommend a' return ’ 

Government’s firm stand against work tp thc meeting appeared V 

the firemen, and the miners* be fading yesterday, 

decision to settle within the 10 Thc 1,200 process workers, w> 
per cent guidelines, it would not were dismissed this .week .1 
be in tbe best interest of tbe Birds Eye, will meet to-morro 

..... union 1 , members to campaign to haar ^mme^UOM. * 

censorship of telephone calls." ' for the original pay claims. action on the sacking decisjop. 


Quitting— after a grilling 

THE DECISION of the General 
Electric Company to withdraw 
from the electric cooker market 
appears as an inevitable con- 
sequence of heavy losses and 
declining market, share over the 
last few years. 

The only surprise is that a 
company with the management 
and financial resources of GEC 
was unable to make a better 
recovery from the admittedly 
weak position in which it foand 
itself at the turn of the decade. 

- This followed the takeover of 
English Electric and AE1 when 
British Domestic Appliances was 
formed to rationalise the former 
competing companies. In 1971 
BDA had 21 per cent, of the 
UJC cooker, market This fell 
to a low point of only 4 per 
cent in 1973. Inspite of further 
rationalisation. GEC has never 
recovered a share which would 
make the electric cooker business 

As a result, losses In -the last 
three years have totalled Com. 
on cookers alone and. even on 
tile most optimistic assumption, 
next year’s loss would be Elm. 

The basic weakness in 1971 
was that BDA had -four electric 
cooker brand names left over 
from formerly independent com- 
panies. These were: GEC. Revo, 
Holpoint and English Electric. 
Between them, these brands 
accounted for about 50 models 
of cooker which spanned the 
range of the market 

It was inevitable that these 
brands and models: should be 
rationalised and that some of 
ihe more unprofitable produc- 
tion tines should he pruned. This 
wns accomplished at the cost 
what subsequently .proved to 
a disastrous reduction In mar- 
acf share. By 1973, GEC had 
only 11 per cent of the total 
cooker market. 

Since then, the company s 




cooker Factory has been kept 
going almost -entirely by a single 
contract to lhe area electricity 
Boards for their own brand of 
Electra cookers. The current 
contract For the supply of Elec- 
tra runs out in October. 
Although it tendered For a 
further contract GEC has failed 
to secure additional orders. 
Since sales of its own brands 
have almost entirely dis- 
appeared. its only chance of 
slaying In the business would 
be to relaunch a GEC. English 
Electric or Hotpoint brand from 
almost zero sales. 

Although the electricity 
Boards agreed to soften the blow 
by helping with a re-launch, 
the idea seemed to have a slim 
chance of success. , 

Ev?o jf GEC- could have 
regained 10 per cent, of the 
market with its own brand. It 
would still have faced a loss of 
£lm. over the next year. And. 
in a market with limited export 
possibilities, thc chance of 
achieving even a 10 per cent, 
market share looked bleak. 

The sad decline of GEC’s 
cooker business partly reflects 
the tough competition from the 
three market leaders at a time 
of static or declining sales, in 
1977. iota] safes of ordinary 
free- standing family cookers 
were 566.000 uniLs. The three 
leading hrands are Belling. 
Creda, a Tube investments sub- 
sidiary and Tricity, part of the 
*niorn croup. Each has about 
28 to 29 per cent, of the market. 

Margins have been driven down- 
lo about an average of 6 per 
cenL as these three manufac- 
turers have competed vigorously 
for a relatively small market. 
Electric cookers have about half 
the total market in competition 
wilh gas. 

A large part of cooker sales 


represents replacement of older 
equipment. This has been hit by- 
tbe economic- recession and tbe 
decline in real take-home 
incomes. 'At the same time, the 
sluggishness of new bouse huild- 
ing programmes has reduced 
sales of new appliances. 

In this climate GEC has been 
caught In several ways. It has 
concentrated on the lower end 
of the market where margins are 
lower. Probably because of its 
lack of profitability, the cooker 
division has not matched competi- 
tors* development work into new 
features such as fan ovens, cera- 
mic hobs and the market for 
split-level units. 

Whereas the top-priced Electra 
cooker retails at about £160, 
competitors have been quite 
successful in leading customers 
up market into the luxury ranees 
retailing at £190 to £280 a unit. 

The final faclcrr in GECsi 
declining fortune must be Us' 
decision to depend on the elec- 
tricity boards as almost its only 

The boards account for about 
•SUL of fofol cooker sales, 
but the bulk of the boards’ sales 
are of branded equipment. 
Electra cookers have never 
taken more than 10 pe r cent of 
the total market in spite of 
competitive pricing. The Elec- 
tricity Council would not 
comment on why it was falling 
to renew tbe Electro contract. It 
can be assumed, however- that 
there were substantial doubts 
whether GEC’s production would 
survive in any event. 

By linking itself so cJosery to 
the boards, GEC effectively was 
barring tiself from the 40 Per 
cent of the retail market served 
by shops, stores and the- discount 
warehouses. The rise of discount 
houses and the increasing 
tendency for electrical stores to 
move into cooker sales put tins 

GEC’s market 

ther pressure on 

The present poor position prob- 
ably also reflects tbe philosophy 
of tbe former BDA management 
to concentrate on price competi- 
tion at the lower end of the 
market- This general approach 
was ckrtled through into washing 
machines and other appliances 
until BDA was broken up by GEC 
three years ago Into Schrieber- 
Hotpoint and English Electric. 

Mr. Chaim Schrelber, the new 
managing director of Schrelber- 
Hotpoint, has tried to move up 
file price range with an image of 
quality and service. Such a re- 
orientation of the cooker division 
probably was considered — but, 
with a disastrously small market 
base and the lack of a brand 
image, it proved impossible to 


Electronic privacy system - t** 
virtually tap-proof; replaces 
yoor exisliiig pftona. r? 

Detects radio fraquaocr hant- 

• Detects ftiroBntei "hug*” - - 

• Caocala other ffidstteg u titv n 

• DJsptejr* Hue vDfltga 

• Tams on recorder when phone ■ 
is in asd or feeing tempo* 


• line stems fostore ter addi- 
tional prateeflon ~ 

• Portable, easy to operate 

Model D-9 


P.O.Box 1800 ■* 

New York. NY 10817 
(212) M0434S Telex: 238339 

Jffewar that never ends 

TWc fcrifch area peaceful peqpic, When a war is 
• It fo the history books -aa* 

V: on. The disabled from • 

and .front Tesser campaigns, now all 
w? eamly forgotten : the widows, the orphans and tlte 
'a riiddren -for than their war lives on, every day and 
oil day. • 

.. of there is help from a 

i pension. But there is a limit to what any Government 
D^jartmcntcan do. - 

Thisis vhere Ajrmy Benevolence steps In. With 
understanding. With a sense of urgency ... and wilh 
practical, financial help. . , 

To us Hisa privilege to help these brave mcn-and 
women, too. Please will you help us to do more? We ' 
must not let oui soldiers down. 

The Army Benevolent Fund 

for soldiers, ex-soldiers and their families in distress - 
Dept. FT, Duke of York’s HO, London SW'3 45P 

Y Financial: Times Saturday Twaroh rr iQ7k 

. *■» 

WHILE equities kicked off the genuine .recovery in underlying 
week with a rise of 6.6 points demand for oil products, and 
> ^ in A** FT Industrial Ordinary “““tf analysts are getting ready 
/ jv*; Index, the largest single day's *°r a significant setback in net 
: ; v : ; J rise for eight weeks, it has been 5ncoine ^ year * 
i-. to* gilt market that has taken 

.to c iwiight over the past five Woolies wonder 

, ;l . Woolworth’s ; foil. A year 

"'is • ter rises of up to | point announcement this .week was 
\ al to® longer end pf the mar- stunning. Following, a fall in 
/ gilts were further boosted 1**®“ profits of a tenth after 

, on Tuesday by U.K. bankin'* T nUls s °me recover y W3S 
■■ v ,; p]ioih!« . . 7*^“ 61 hoped for but a 47 per eent 

• • less biinv^m WhlCh were 5ump m toe final 5 quarter's 
, . iess buoyant than some had profits to produce £4«.78m. for 

r ^'cared and in late dealings gains 

around \ point were seen. 

r ’- -Hopes that the growth in money 
. -supply had eased off stimulated 
-- /. demand further on Wednesday 
*' an <l following gains of -about | 

;. v P° 1Qt toe price of the Ions tap 
•-‘i- .“was close to the last level 
. " -^ operated by the Government 
• i" 7 Broker. 



ivers m, 

Iks fail 

the year (compared"' with yieId of oveT T-O-per cent on proposal to take over True 
An across-the-board advance £40.6io.) left market forecasts shares at 344p — one and a Temper, the garden tools sub- 

the following day meant that of £41m. to £42m. choking in Percentage. points above the sidiary of Allegheny Ludlum of 

the GB was operating the short the dust ’ - market average. the U.S., has always been 

tap but although longs were \ aj . o nf .„ , . . recognised as vital. And this par- 

higher the .long tap remained StlJ ,n dark p > ticular hurdle was at least partly 

inoperative. The tone in the gilt to } ± company ^naged FresS ganged straddled this week when a cora- 

market improved further fol- hJI D ™ d raids by 340 Inland mittee of the National Associa- 

lowmg the lower than expected toe fiMl Quarter Revenue investigators on Mon- lion of Pension Funds came 

public borrowing figures and the ? da >’ at William Press left the out in favour of the deal, 

week closed with the short tap J h * t 1 nntZitXS scares in turmoil. They plunged following the study of a specially 

again operative. mJSf i *P w lT P before they were sus- commissioned report from 

J ^JE&J52£JP5F Zli P ended - On Wednesday the merchant bankers Hill Samuel. 
LffSS ESSt 1 ’ ZZZ lis ttog was restored 'after Tbe late intervention of 

--w: ® assurances by. Press that merchant bankers Samuel 

Shareholders of Shell Trans- although van loads of the Montagu, which has in- 

. : ;. i: Shell yield 



reduced the proportion of 
equities in their portfolios 
from just- short of 75 per cent, 
in 1972 to only 57 per cent in 
tbe third quarter of 1972. The 

figure is close to its lowest 

■■■■■■■ | level of 56.4 per cent, hit in the 

bear market of 1874. 

INSTEAD OF putting the X3.S. Open-ended investment com- 
economy under a microscope P®nies, mutual funds, have been 
Wall Street investment analysts slHdy 1 ^ s *i) ers . of 
might be better employed put- 

ting ■ institutional investment holdings by investors. To-day 
managers in tbe nation's bank net redemptions continue at 
trust departments and insur- record levels, 
ance companies on a couch. Life insurance companies are 


1977 197S 

they are now expvr:- 

has cased, the level has market 
stabilised at between 15 and 16 enemg. 

, thp larger inoi iviitinnai nin. pvr cem * over lht ‘ P asil four The question is part ifUlariy 

That at least is one not entirely ,he l Z n ? 5S 5 >■«« and the funds have been interesting because m the pa« 

flippant conclusion which In t steady, if moderate purchasers three years— up lo the third 

seems to emerge from a report end iST? compa^d wiih per- ° f w,ui,,eSi in lh « Past two years, quarter of 1877— the report 

this week by the research de- haps $180bn in the pension Many factors have been cited suggests that between 22 per 

partment of the Securities In- funds. But they are smaller 10 cx P lain toe di.senehantmear ««t. and 41 .>er cent, of total 

dustry Assoeiation. holders proportionately of t!,c tostitutional fund JJ* ,, uf l ’ rdl " jr ' 

i . . eouities with less than 10 ner manager witli ordinary shares, shares ha\e each > been 

The report analyses what ^ “f tbeir pwi folios fn not lcasl lb e performance or the made by foreigners, with a high 

America’s big institutional in- JJtM™ shares at the end of shares themselves. New legal proportion of the timtis 

vestors have been doing with 1977, p or tbe first time in the requirements for pension fund from the Middle East. As the 

the billions of dollars in their past 32 years these investment managers have also made them report suggests “there is ao 

portfolios in recent years. The managers were net setters or more conservative, and more historical pmdeiu 10 gauge 

conclusions, while not entirely common stocks in 1977. •ware of the difficulty of beat- the reaction mid-eaMern m*o- 

new, make startling reading Short-term property and ‘ a « the market averages. Bonds Jons have -to a sharp decline m 

when pulled together in this casualty insurance companies h “ ve also be j ?n t seen as more VJ.S. «m>l> marked. 

way. -have also Deduced the percent- attractive and less volatile. 

They show, for example, age of ordinary shares in their Perhaps the most intriguing. T uesda y 

that the private non-insured portfolios since 1972 when it if not the most important ques- Wednesday 

pension funds,* the biggest hoi- was 27.6 per cent. But as tion is how will foreign Thursday 

ders of ordinary shares, have pressure on solvency margins investors react to the bear Friday 

750 00 


- 4.S9 

- 4.08 

- 0.87 
+ 8.58 

• r *»: 
"i !\ 

l* r 

roe enoing 01 amaend restrainL eiabth this week the shares ^ 'mav r* *“ e «eQ. , . , , , 

• W ?°L Wh ^ 2 e ^ d l vi * for some ba £? t0 20p. to be largely irrelevant. 

dend at last moves back in hue. been false dawns at Wool- 7116 Rev enue used its speaal The fact remains that share- 
with the Royal Dutch payout, worth before powers granted by the Finance holders — excluding Allegheny 

not only will the yield at 500p ’ . • Act 1976. Under Schedule 6 '20C and Swedish Match, with 29 per 

jump from 4.8 to 9.4 per cdnL, ■ m ;• ' the Revenue must satisfy an cent, and 3.9 per cenL of the 

but a backlog of 36Bp a share 1C I expenditure - ■ : • appropriate- judical authority Wilkinson equity respectively— 

net will remain, to be paid. over. •• r ■ - “that there is reasonable wDl be given a chance to vote 

in due course.” . Fifteen months ago the : ICI ground for suspecting that an on the proposal nest Friday. And 

But there isn’t much else to f bare price and tbe .' .FT offence involving any form of given that the pensions funds, 
look forward to. On the trading Industrial Ordinary share -index- fraud in connection with, or in with 14 per cent .of the equity, 
front prospects for 1978 are cou ^ bave been mistaken for relation to. tax has : been com- will command over 20 per cenL 
dreary as the Shell group one and toe same thing. Both mitted and that evidence of it of the casting votes on the day. 
grapples with the world-wide- ftood around the 30P.niaik and is to be found on prenrscs there seems little doubt that the 
economic recession.’ The fact “ .toe index moved up; five specified” Authorising warrants deal will pass through. The 

that on Thursday Shell reported P° int s.. likely as not ICI w onId were duly issued to the Revenue, time f °r talk, or the much 

higher net income for 1977— of toe same. However;- : the There the matter rests for vaunted idea nf a possible 

£1.3* /m. against Xl, 307m. before^ ^ world chemical industry has {tome time to come. The second bidder, has now run out. 
allowing for FAS S currency under a cloud for almost a Revenue is -remain 5 in> reti-' * 
adjustments — should not dis- ? e ? T now . and the ICI'. share ceD t about the operation. 

guise the underlying decline in pr V* sgjjds weU over a hundred except to say that it will take TH e top performim? - ctrrnoc 
the group's profitability. In the P Q1 nts bdow the mdex. ; ' . - months rather than days to take IM rouil ^ 

. first quarter, after all. Shell Judging by . the chairman's’ any Further action. It is under- * 9 

reported as much as £470m.. gloomy comments (he preferred stood that they are particularly 
thanks partly to stock profits, to describe them as “realistic".), concerned with Press’s pay as Insurance Broker* 

IIDIOII jjp b ut by the fourth quarter it was this week, the .gap is not going’ you earn tax and sub-contractor Packer and Paper 

c meres 

only producing just over half to disappear overnight Never- records. Mining Finance 

that amount, the decline being theless, ICI is not too desport- But in the meantime the Tor* and Games 
aggravated -by the adverse im-.dent. .’At the end of last yearl shareholders will have to con- insurance (Composite) 
pact of the strength of sterling, it -had earmarked : £lbn; for tain their- - impatience. The Bank* 

The most optimistic view of capita! spending, of which institutional 'shareholders are 

Shell’s 1978 earnings is that they £7«hh- will be invested this -perplexed by the affair and are 
will be unchanged. On the year against £491m. in 1977. As hoping for an -early statement ... c . 

•_ positive side, the group should ICI spent a total of only £2.#n. from Press nr the Inland e ,ndex 

have benefited early this year on new. fixed assets ovenythe Revenue which will at least clear ' 

from cold winter weather in whole of the last decade, its the air of speculation. Offlc* Equipment 

% Chans* 
+ *.7 
+ 1.1 
+ 0.1 
■ - 1*JB 

- u 

- 1.4 


- 3g 

BinN \}* 


.. Europe and tbe UB.. natural gas- current commitment 
is still a growth area, and the certain measure of co 
group is bravely trying to get the future. And whil 
__ higher chemical prices to stick, are. waiting for the 
But there are few signs of a at least have - the 

Pharmaceutical Product* 

nv«or S T»"W 

they Institutional blessing for Newspapers, Publishing 
a Wilkinson Match’s controversial 

e udfurn, th 
s benefit of 

•lies . a 

vSnS Wilkinson backing 

- M 

- 6.6 

- 7 S' 
~ 7.6 

- 7J 


« ; enF.y ?■** 

. ; t*- ; . . 

Ind. Ord. Index 

. Price 
. Tday 
. . 4»J) 

Change on 
Week j 

f High 




Improved demand 

Govt. Secs. Index- • 

. 75^6 

- ■ + y* ■ 

79 JS 


Less fears about money growth 

Avon Rubber ' • 

.'*■ 191 




Bid hopes 

Bibby (J.) ' 

~ 207 

Z±* ’ 



BetterHthan-expected results 

Dc Beers Defd. 


' +25 . 



Record profits & higher dividend 

Falcon Mines 





Zamhca/Rhodesia border incident 



'.■‘•—13 ' 



Annual results 

' Grand Metropolitan 

' . 108 • 




Chairman’s optimism 

Hawker Siddelejr. 

190 ' 

- +20 



* Market trend 

Legal & General 

_ T63 . 

. +T1 

184 , 


Unit Assurance venture success 

Marks 81 Spencer 



. 173 


Market trend 

MiRs & Allen Inti. 

. 180 . 


180 . 


- Persistent speculative demand 


■ 39 




Return to . dividends/profits 

Reynolds (W.J.) 

.. . 374 


• 6 

'Kd frpm Manchester Garages 



+ 11 



Rally i/i copper price 

Trust Houses Forte 

- , 189 

. +23 



Chairman’s optimism 




266 - . 


Good annual results 

Wagon Finance ; *_■' 

: 95 - . 

. +14 



Persistent demand 


Average • March March Feb. 

week to 10 3 . 24 


Govt. Sect. ' 
Faced interest 


jysj T 





77 73 










Incrtsoed bid from' Comet 

, Gold Mines 



" 158.7 

Dealings mkd. 





Capital Gds. 


190 JO 


, Consumer 





Cons. (Non- 





Ind. Group 








Financial Gu. 






192-30 197.05 

Red. Debs. . 





Strong fourth quarter recovery 

Precious but rather fragile 

THE DOLLAR has been brood- and with it the South African was not raised last month when while gold share prices, by coil- 
ing over the market for pre- gold share market. Rustenhurg moved up to $220. trust, were falling away, 

clous metals. The more uncom- A check to the rise in prices Platinum shares have tended Diamonds are. quite simply, 
fonable it has appeared, the has already taken place. On to move in a narrower range a very profitable business, 
more precious the metals have Thursday the Gold Mines Index than the gold issues, but have Record' sales rrom the Central 
seemed. But then, as the dollar went down sharply after sis responded to the movements in Selling Organisation had been 
gathered some strength, like a successive days of upward the free market metal price, announced before the croup 
recovering patient the precious movement and yesterday was turning slightly easier towards figures came out. Indeed, 
metals started to look a trifle W.8, down from tbe highpnmi the end of the week. demand has been so high and 

fragile. tor die year of 168.6 reached Bui in all the discussion the market so firm (hat dealers 

At one stage in the middle on w ® dn esday. about precious minerals and in the cutting centre* have been 

of the week bullion changed Fa,,s throughout the market toeir role as a store of value at taking rough stones out of eireu- 
hands at S191 an ounce thus have becn widespread bux the times of economic uncertainly, lation and holding them as a 
recalling the headv days at the s[ocks most affect have been >t probable lhat diamonds currency hedsc. a situation 

ond nf 1Q7A whAn tbo marital toOSe Of the marginal mines. *a **»*•- » 

™ like Clruotvlel and Blarievalc in true that De Beers, the industry dangerous for the stability of 

will stand apart. While it is which De Bc-rs warns is 

r r' C! t Pa "w ng a H rU ? b nf U-S* JET leader.- had a rot her leaner 

525“* jjf- ^ b S5 ?i in \ ° f whtob are tightly geared In time in 1974-75 than it has come 

move- down and test the resist- 
ance level again. 

On such a basis the gold 

span, as Mr. L. W. P. van den 
Bosch, their chairman, made 
clear during the week. 

.price misbt be expected to rise !l dd S 

a°ain. soarine effortlessly above a,, -J announced during the week 

the raaeir point of S200. per- * p . D ., L ns ^ J 9 *' 
hansf in fhe next few weeks. P roflts to R55.89m. imsSm.i 
But thttre are others in the J 50 -*"- ”» ,ft< * an ^ 

market who are less interested declared a final dividend of g6 
in the charts and more in- cents to make a total 

terested In the movements of P a y inen{ tor the year of 38 
the dollar. Tliey have noted compared with 36 cents 

that when the dollar recovered ,n ,976 * 

sli "fitly on Thursday, the bul- Meanwhile the movements or 
lion nriee fell hack. the gold price have been fol- 

They also feel that there will towed to some rteeree by plari- 
have ro be some major surgical num. although the fundamental 
operation ' performed on the factors here are different. There 
doMar by the U;S. monetary has been strong Japanese 
authorities and that when this demand while Russian supplies 
happens thp dollar will rise fur- have been absent But there has 
Ther and the cold price will nonetheless been investment 
slin down. The dollar is in buying prompted by currency 
such a stare, they, argue, that aneertainties. 
something has to be done— and The free market platinum 

sooner rather than later. price climbed to a fixing level 

These analysts have observed of $240.5 an ounce on Wednes- 
the remarks Chancellor Helmut day but fell to $232 25 yester- 
Schmidt of West 7 Germany has dav. While the fill owed some- 
been making about interna- thing 10 the prrotic movements 
tional confidence .in the dol- of silver in New York, there has 
lar and feel this emphasises also hpen profit-faking and the 
the. validity of. their argu- unwinding of speculative pnsi- 
ment • ■ tions. as the market has taken 

If this view it correc&-and its tone from the fluctuations of 
it is assumed that something the bullion price. - 
actually can be done about the At this stage, however, the 
billions of dollars swilling market still looks fl— " enough 
around the international fin an- to induce Iwmala Platinum 
rial system — then the bullion raire its producer price. It 
market is in for a rough ride, stands at S205 an ounce and 

the industry. 

The group declared 3 final 
movements in the bullion price to expect, its performance dividend of 35 cents (2d.$pi. 

since ihen has hecn such as to making a total pnvment for the 
make the market consider it as year of 52.5 cents. This is 
a special case. 2.5 cents more than optimistic 

This has been borne out by the market forecasts and 17.5 cents 
events of this. week. De Beers more than was paid in t97R. 
announced record earnings and Net earnings were RG33.4Sm. 
higher dividends than exported (£376.9m. ) compared with 
after trading hour? on Tuesday. R337m. in 1976. while revenue 
Its share price ‘was gaining from Ihe diamond account was 
ground before and continued" to R7nT.15m.. ncarlv Rauitni. more 
in the days, following, than the previous year. 

1975. The price wilted, how 
ever, and closed yesterday at 

For the chartist there is noth- 
ing amiss in this downward 
movement. The las major 
resistance point was S185 and 
the market has been through 
that with ease. Analysis of tbe 
pas' performance of Jthe market 

shows that ‘after The break- . . ... 

fhmiTrrli tkni>A ic «a |A«t#)anntr *a D3VC 0DJ\ 3 IlJIlItBCl ]if0* rjn en 

through there is a tendency to __ a _ ae T v., D ao so 



i- A* 




ff1 : 

* i 


SWISS 'MARKETS', hive been 
going through a rough time of 
it in the past few .days. The 
introduction of drastic monetary 
restrictions— chief among them 
a- ban on non-resident purchases 
of domestic securities — has led 
to a substantia! fall in share 
prices and a less marked, but. 
still noticeable. . decline In 
second a ty bond quotations,'' 
Stockholders have been the first 
casualties of Government poli- 
cies aimed ' at checking the 
' steady rise of the. exchange 

. .The first set of measures an- 
nounced by the authorities 
.actually 'had a positive effect 
.-in the market.' Apart, from a 
cfiuctioa of the hank rate to. a 
istorieal tow of 1 per cent., 
.'iftiese included a tightening up 
riiV* from April I of. the already- 
» ! * racoDiao rules governing non* 
>sident balances • in Swiss 
rancs. The - punishing 10 per 
•iit*per quarter •‘negative in- 
terest” commission was ex- 
uded to cover-all such deposits 
acceding SwJFrs.Sm.-i regard- 
ss of when they were made, 
nd'to cut by SO per cent the 
• ase for calculating freedom* 
rpm commission of smaller bal- 
.oces existing at die end of 
October, 1974. 

This was obviously likely to 
lead to shifts of foreign funds 
from oank accounts into securi- 
ties. so its enforcement on Moo- 
. /day of last week saw a strength- 
. ■ tiping nf the. stock market 

But this was exactly. what the .- 

National' Bank, and Finance - - r . . - 

Ministry had anticipated. On - ' ^ •* 
the same day, after trading was ' , • ' 

W ^ ^ than that in force 

ban on-toreiga pur<*ases « f from 1Q72 to Fcbruary 

Swiss securities , was disclosed, , l974 ^ The diroci 'and indirect 
together . with a .limitation to saies-.-of domestic securities to 
Sw-FtbJSQ.OGQ per, person per non-resident aliens is pro- 
quarter on the import of foreign hibifed, ax are all secondary- 
banknotes..,. - ^ market v-saies of 'foreign 

Tfie Investment - ha n, at first borrowers’: bonds, private place- 
not detailed, -brought about the nmnts.aiid financial -bills. For 
sharpest fail 'in the Swiss Stock ne F issues by foreign bor- 
Market on February 28 since rowers, non-resident investors 
the oil crisis five years ago. )«H. be allowed to acquire only 
Most shares '-suffered a decline P® r ^ent. of the iotaL And, 
in price of between 5 and !0 per f . a relatively, minor point, 
cent on this "black Tuesday," Swiss banks have been forbidden 
domestic bonds ieii by some 14 ta P® 85 °u further sub-partici- 
to 21 per cent and foreign P«tions to foreigners in loans 
borrowers’ Swistfranc bonds by to non-residents and 

up to 6 per cent The imme- approved by the National Bank 
diate reaction proved to be' b ®toi*e March S. 
exaggerated; but-brought quota- Prices took another dive once 
tions down to weTI below for- these facts were generally 
mcrly prevailing levels. P^^ularly since the 

1 . -Tt*, - .. . . - Swiss franc -itself had at long 

After the market, bad shown ^ weakened . 0n Tuesday of 
signs of recovery, « _tunied ^ week the year’s biggest 
down, again this week. On bun- turnover was ' resistered on the 
day . evening National Ba ™ Ziirioh Bnurse. with .shares drop- 
president _ Dr. Fnlz pine bv some 3 per cent., domes-* 

had. promised on television that tic bonds by. 1 to 2 per cent, 
the details for the investment an(I Swiss-franc bnnds 

ban would lead. -to j murm ur ing jjy up to 5 per cenL In the. 
and gnashing' of teeth-”. They pf the week alone 

did. - some- listings.. were down. bv the 

The' main points in the be*T oart of .10 per cenL Swiss 
National Bank's commentary investors wptp «cared of The 
showed that the. bankas unwill-Tediieerf ttleafritHv nf their 
ingly as the .authorities had stonk, .while not a few foreigners 
decided on it— would be. more- —who otherwise would have had 

Some border incidents 

every reason to haiig on to their 
investments— engaged in profit- 
taking in the expectation of the 
'Swiss franc's having ended Its 
trip into the stratosphere. Tues- 
day's stock price indices were 
the lowest so far in 1978 at 10 
or 11 per cent, under the highest 
point and 4 per cent below the 
levels on the panicky same' day 
of the previous week. 

It seems likely that things 
will now settle down- again. 



This Wednesday saw much 
quieter trading, with stabler 
prices and a certain ‘ return of 
interest on the part of domestic 
buyers. It looks as though, once 
more, .the immediate react ion 
was overdone. 

On- the domestic bond market, 
certainLv. there appears to be 
little need for worry. For 
mnnths now, demand has far 
exceeded supply and investors 
have been over-subscribing 
every new issue: in the face of a' 
continuous- and -apid Fall, in 
coupons. Foreign -borrowers 

have hardly got a look in, 30 
keen have ihe Swiss themselves 
(particularly institutional in- 
vestors) been to- place their 
money. There are ; no signs of a 
sudden return of sufficient bor- 
rowers to aosorb the very large 
liquidities seeking a fixed- 
interest home. The, absence of 
non-resident investors should 
make little or no difference to 
the demand overhang 

When the investment ban 
was announced, the National 
Bank vice-president.. Professor 
Leo Schuermann bad said it was 
hot likely to bring about a 
change in ihe trend- ,nf capital-' 
market coupons. . As far as 
domestic binds are concerned 
at least, he has already been 
proved right. The city of Zurich, 
which postponed 'a Sw Frs.6flm. 
issued for a few days to see 
which way \he wind would ~hlnw. 
yesterday presented the bonds 
wilh an interest . rate of . only 
3;per cenL. the lowest for non- 
Federa) public-authority bonds 
since the ‘fifties.; All eyes are 
now on the Zurich issue and 
how if will he received by the 
market: sticceas '.or otherwise 
could set the tone for the near 
future. ; ' 

As Tar aa Dew ‘foreign issues ' 
in Swi***-Franc denominations 
are concerned, sale of these will 

doubtiess be affected to some 
extent by the introduction of 
a quota of only 35 per cent, for 
non-residents, since foreign in- 
vestors have hitherto accounted 
for a substantial slice of sub- 
scription. However, domestic 
investors should continue 10 be 
attracted by the higher coupons 
—as Jong as these are high 
enough in view of the poorer 
secondary market showing. Test 
case here is a Sw.Frs.10Um. 
issue at 3J per cent, due next 
week from the Swedish ASEA 

Observers believe there will 
be a considerable setback for 
private placements, most of 
which (they accounted for a 
total of as much as Sw.Frs.9.3bn. 
last year) have been going to 

On the secondary market for 
hands, domestic securities are 
well-priced despite setbacks on 
Tuesday, even the recent issues 
in Hie 3J per cent bracket 
running at or slightly over par. 
The latest Fedora! issue, a 3? 
percenter which flopped a .rear 
ago. was at around 105 even s on 

Recent foreign borrowers’ 
bonds are now less sought after 
(since they are posi-issne. the 
35 per cent, quota Tor sales 10 
non-residents, docs not apply) 

and the 3j per cent, bonds 
brought out lately by New 
Zealand and the Austrian 
Utility’ Donaukraftwqrke have 
been under definite pressure. 
Si ill. j*i e tos are rising as prices 
fall and there could be a 
bottoming out very soon. 

The powers-ihatbe. keen on 
retaining the institution of 
larae-scale foreien borrowings 
—which totalled a substantial 
Sw.Fr.lS.3bn. in' 1977 — have 
lifted the two-month ceilinc on 
total issue value in this sector, 
in the hope of more custom. 
The apparent dampening nf 
fhe Swiss Franc and the very 
tow interest rate prevailin'? 
should help to further this 
praiseworthy coal. 

On the demand side, the 
huee volume of premature 
redemptions of both domestic 
and foreien Swiss-Franc bonds 
and private .placements is 
taking a lot of paper off the 
market, with a subsequent 
expansion of potential investor 

The investment fund sector 
should, other things being 
equal, not suffer directly ion 
much from the new regulations. 
One of ihe exceptions to the 
investment ban concerns ihe 
purchase nf certificates from 
Swiss funds with at least 80 
per cent, nf rheir assets abroad. 

It is noi easy to judge what 
may happen in the near fuiure 
in ihe share market. A nm in- 
con^'fterablp sreinr of drniand 
will have been removed by the 

ban — with a Tew exceptions — on 
purchases by non-restdcnls: 
this, and the less ebullient 
Swiss franc, have nf course, 
already been mirrored by the 
sharp decline in quotations. 

At preseni. though, it is 
impossible to say how great the 
volume of shams will be which 
are repatriated from foreign 
ownership. Nnmresidem stock- 
holders should— apart from the 
prnlii-taktna sales which have 
been taking place in view of 
currency developments — be 
wauling to keep their securities 
all the more in that they are 
permit led in take advantage nf 
drawing rights in capital in- 
creases fa« in ihe bond market, 
of conversions, convert ible- 
hond exchange rights, warrants 
and the like* Also, whether 
the Swiss authorities like it or 
noi. Ihere is hound to he some* 
“ black-market ” dealing in 
Swiss securities outside Switzer- 

Furthermore. yields on 
shares, traditionally noi terribly 
high in Switzerland, have risen 

like those on bond*. And 

more important still — initial 
reports &re showing thai com- 
pany, results have on the whole 
been better Iasi year ihan in 
1976. with rights issues and m 
some cases higher dividends 
adding to the attraction of 
stock. Not to be forgotten is 
ihe huge liquidity at large in 
the country, a! least some of 
which will be heading sooner 
or later for the stuck market 

Financial Times SfiWrthy Wares li -137^ 







; Ma. 





£ « 






Probate not necessary 

No /ego/ respond />i /icy con be i 

accepted by the Financial Times 

for che answers given in these 
columns. All inquiries will be 


answered by post as soon 

The traumas of moving house 

My Mill leaves ail my property 
to my wife. If house, banking 
accounts, stocks and shares and 
building society accounts am 
all in our Joint names, will it 
be necessary for my wife to 
apply tor probate if I 
pre-decease her? 

Assuming that there arc no 
other assets of the estate in 
respccl of which probate might 
be necessary, probate would not 
be required to enable rhe assets 
you mention to be- dealt with. 
For the equitable interest to 
pass ijj survivorship it would 
be nec.^sary io show iliat the 
joint a .-counts were genuinely 
operated by both joint owners. 

wry healthy safety m ar gin for 

them over and above the 
amount of the outstanding loan. 

assessments m respect nf 
dealings in sovereigns now. 

Income tax 
and CGT 



Trust account 


I understand that a beneficiary 
with a friend has the right 
to inspect an executor's 
accounts. I expect opposition 
in a case concerning my wife 
What steps can be taken if 
there is a refusal? 

A beneficiary is entitled to see 
estate account*, but not a per- 
son who is not a beneficiary 
or trustee. A ” friend." unless 
qualified in hi«/her own right 
to sop the accounts may nut 
Inspect. The remedy f<»r refusal 
is a court action in the admini- 
stration of ■ he esiHie You 

should 01n.-1.1h solicitor* if 

refusal is made. 

Referring to your reply under 
loss on Krugerrands (February 
11) in 1973 I made one dealing 
in silver and eventually was 
assessed as a trader and taxed 
on my profit as income. In 
1973 i made several dealings 
in zinc futures, which I 
returned though they produced 
neither profit nor loss. 

If 1 had bought new sovereigns, 
could I claim cither that 
dealings were not returnable, 
or that profits were assessable 
as capital gains? 

New sovereigns are exempt 
from capital gains tax I under 
section 22 (D(b> of the 1965 
Act». However, as you have 
submitted to case f assessments 
for past years, you would be 
hard put to it lg resist case I 

X made a covenant in favour of 
my daughter, a student, which 
reads as follows: “ I hereby 
covenant to give my daughter. 
Miss X, the sum of £600 per 
annum over the period of 7 
years from April 1977 to March 
19S4, or until such time as she 
obtains full time regular 
employment or marries. 


Witnessed ” 

The Inland Revenue states that 
this is Invalid and is not a 
contract. Could you tell me 
what I should do? Do I need 
a solicitor to act for me? 

We assume that your daughter 
is of full ago. The objection 
which the Revenue are making 
is that the document you have 
submitted to them is not a deed 
but only a written statement 
which is unenforceable because 

it is not a contract.- To cure this 
you must reformulate the end- 
ing to state: **In witness 
whereof I have hereto set my 

hand and seal this day of 


(signature) iseai) 

WITNESS the signature of..- 
You should sign and seal the 
document (a “wafer" seal may 
he purchased at stationers) 
before a witness (not neces- 
sarily a solicitor or Commis- 
sioner) and place your finger 
on the seal and state to the 
witness: "I deliver this as my 
act and deed." The document 
will then be a Deed and your 
daughter will be entitled as of 
right to receive the payments 
'stipulated for. It is probabiy 
sufficient to leave’ in the condi- 
tions of defeasance of marriage 
or full time work, as the period 
will not necessarily terminate 
within six years. 


Play on right 
of way 

Daughter’s earnings 

Mortgage for 
the elderly 

My wife, who is 67. and myself. 
65. would like to buy our 
house from the council, which 
we understand, is willing to 
sell. I believe the costs of 
Uie house to us as tenants, 
would he about £10.000. and 
1 could find about half this. 
Could you say who misht 
acham-c us £5.000 on the 
property ? 

If you are able tu buy your 
council house as a silting tenant 
nn favourable terms then a 
building society might well 
grant you a mortgage. They 
have very pood security. So 
long as you have the income tu 
meet the mortgage payments 
while you and your wife are 
alive the building society know- 
in at the re-aie value of the 
hnu=e is likeiv in provide a 

My daughter, an under- 
graduate. has Tor the current 
academic year secured a post 
as "lectriee" at a French 
university. Her 

earnings up to the end of the 
current tax year should be 
about £2.000. She would also 
enrol as a student at the 
university. In ntv return Tor 
this tax year, do X have to 
declare her as no longer 
dependent on me. though she 
was until the French university 
year began? Should I give an 
estimate of her earnings, 
thnush earned abroad- -and 
prnhHblv not remitted to the 

Under article 20 of the double 
taxation agreement with France 
(dare May 22. IB681. your 

daughter's salary will orobably 
be exempt From French lax: 

“ A professor or teacher who 
immediately before visiting 
(France) is a resident of tthe 
United Kingdom) and who 
receives remuneration for teach- 
ing during a peri»d of temporary 
residence in » France » nor ex- 
ceeding two years at a university 
. . . shall he exempt from tax- 
in i France* in respect of the 
remuneration from such teach- 

.She may also escape' U.K. tax 

under the provisions of the 
latest Finance. Act. but this 
depends on the complex rules 
which you have no doubt seen 
explained in the Financial 
Times. Tn any event, she will 
he entitled to a dedurtiun of 25 
per cent, (under paragraph 3 
nf schedule 7 to the Finance 
Act 1977). 

Following the decision in 
Mapp v. Oram (45TC672). your 
entitlement to child allowance 
is dependent upon your 
daughter's U.K. tax position. If 
she ultimately escapes U.K. tax 
on her French salary, by quali- 
fying for the 100 per cent, de- 
duction under the 365-day rule, 
you will be eTisible for child 
allowance. Perhaps the best 
arrangement would be for you 
to assume that she will satisfy 
the 365-day rule (set out in 
paraeraph 1 of schedule 7 to 
the 1977 Act), and to repay the 
excess child allowance if eventu- 
ally she only .qualifies for the 
25 per cent, deduction, for 
example because of return 
visits to the U.K. during the 

The Question of remittances 
to rhe U.K. is unlikely to be 
relevant, following the changes 
made by rh" Finance Acts of 
1974 and 1977. 

If my neighbours have a 
right of way for all purposes 
over an area in front of our 
houses, do you consider this 
would extend to children *-o 
as to allow them to play on 
the land referred to? 

A right of way is a right to 
pass and repass over the land 
in reasonable manner, and not 
a right to remain on the ser- 
vient tenement (even if moving 
about on in fur more than such 
time as is reasonable to pass 
over it. We think that such a 
right does not enable children 
tor adults) to play on l he 
servient tenement. 

Variations of 
a trust 

I established a settlement in 
favour of a son of my first 
marriage, now 15. and. with 
the agreement of his mother, 
would like to terminate it. 
How can l do this ? 

WHEN ONE is moving: house 
there are so many matters to 
think of, so many problems that 
can arise, that it is as well to 
make a complete list of' points 
to remember and then tick off 
the various items as they are 
achieved or arranged. High on 
every list must be insurance, 
and so that no aspect is for- 
gotten it is best to annotate' the 
word as to buildings and con- 
tents and in each case both for 
the old home and the new and 
then to remember to cover the 
actual removal. 

At one time building societies 
used to positively direct their 
borrowers to a particular in- 
surer or to one from a, very 
limited choice. But nowadays 
there is no need for the prospec- 
tive building society borrower 
tu be dragooned in this way. 
though seldom do the building 
societies nuke this absolutely 
clear... Anyone already insured 
with a company which does not 
figure in the building society's 
panel of offices can take a firm 
stand and ask the building 
society to explain clearly why 
his existing insurers' policy is 
not acceptable. 

Anyone following the build- 
ing-society's guidance may well 
find that the society arranges 
cover by way of a special block 
policy which covers not only 
the buyer's but the building 
society's interest in the 
property: where the block 
policy procedure is not used or 
where the house purchase funds 
are being obtained From a non- 
building society source then the 
lender may well want its in- 
terest positively recorded for 
the amount of the loan by say 

' having the policy issued in joist 

names, - 

Assuming the buyer Is also -a 
seller, -once he -has exchanged 
contracts on his old house he Is 
□a longer the owner: but 
normally it is prudent to let the 
cover continue for his protec- 
tion un til. he actively gives up 
occupation. Even with a large 
sum insured the amount of 
premium referable to the few 
days overlap of having two 
houses insured is minimal and 
quite often insurers are pre- 
pared to cover two homeB all 
under one policy for one pre- 
mium provided that overlap is 
only of a short duration: the 
cost of collecting the extra 
premium outweighs the under- 
writing benefit derived from the 

Of course, contents cover is 
required in the old home until 
the day the removal men. come, 
hut it must be remembered that 
contents cover may be required 
in the new home for any items 
purchased with the house, or 
delivered there perbaps a few 
day 5 before actual occupancy 
begins: while insurers- are 
normally reluctant to give con- 
tents cover on houses wbieh are 
unoccupied- for 3 long time, a 
few days unoccupancy on the 
purchase of a new home should 
not be a problem and should 
not involve restrictions of 

Now a word on choice -of in- 
surer. Anyone moving • home 
may well feel that this maybe 
the time to change insurers: my 
own view is that unless, the 
policyholder has some positive 
reason for change — for example 

disagreement over a claim-—}* is 
better to preserve the goodwill 
that has been built, up in the 
past and to continue to insure, 
the new home with present in- 
surers, at the same time finding 
out what improvements. in coyer 
-they will provide., at what cost. 

Dealing with the actual re- 
moval anyone having a modem 
- all risks ” contents policy may 
well find on * careful reading 
of the document that insurers 
already provide removal cover, 
within the British Isles, with- 
out extra charge. But relatively 
few people have such policies 
and most policyholders will 
have to buy extra cover. In- 
surers' experience is that 
though removal cover is avail- 
able as an extension to 
ordinary' household “contents 
policies’ there is -little demand, 
and this is surely one of those 
areas where insurers them- 
selves could easily stimulate the 
demand by positively offering 
the cover whenever a policy- 
holder rings up or write* about 
the arrangement of. contents 
cover in the new home. 

But why insure the removal 
risk — what of the removal firm’s 
responsibility? For a long while 
most removers have operated 
under. ' conditions of carriage 
drawn up by the National Asso- 
ciation of Furniture - Ware- 
housemen and Removers. .These 
NAFWR conditions were always 
restrictive both, as to liability 
and the amount of compensa- 
tion payable, but in anticipa- 
tion of the Unfair Contract 
Terms Act becoming operative 
in February, removers - have 
been considering a revision of 

The outlook for Rhodesia 

You can only vary or terminate 
the trusts whit*) benefit a minor 
by an application to the Court 
under the Variation of Trusts 
Act 1958. If the fund is under 
£15.000 in value this may be 
in the County Court, otherwise 
it must be io the High Court. 
A variation will only be per- 
mitted iT it is beneficial to Ihe 
minor beneficiaiy. 

J THE INTERNAL settlement in 
- Rhodesia has produced con- 
| siderable interest, in Rhodesian 
< bonds, which have recently been 
!at their 1977-78 ‘‘highs." But 
at this level there must be a 
question over the scope for 
further improvement, unless 
a peaceable, internationally 
accepted Zimbabwe emerges 
| from the present uncertainties. 

dent for Rhodesia but other earnings (44 per . cent.) in 




Abbev National S.A.Y.E. 

The best neevs the higher taxpayer has 
had for a long. long time. 

Effortlessly, Abbey National S.A.Y.E. can 
earn you up to £ 56U free of all tax. 

A taxpayer -whose highest rate is S3 p op.a. 
■would have to earn £5,2y5 in die normal way 
to be left with that. 

All you do is undertake to invest £20 
with an Abbey National S.A.Y.E. account every 
month. (That’s the maximum of course, you 
can invest less.) 

At the end of 5 years you'll have saved 
-C1,20U: and well add a tax-free bonus of 
fourteen months savings: £2X0. 

But the best is still to come. Just leave that 
money for two more years ( no more to pa)' in ), 
and Abbey National reward you with a further 
£2 SO. Absolutely tax-free. 

So diat you've made £5CO without trying. 
And saved a very useful £1,200. 

Aliwidi total building society security. 

It’s the kind of scheme you can't afford to 
be out of diese da vs. 

SAYE. Interest rates are equivalent to 
S.30%p.a. at the end of 5 years (equivalent to 
12.58"'» when income tax is paid at the basic 
race of 3d‘.v>) and 8.62'\>p.a. at 
die end of 7 years (equivalent to 
13-06% to the basic rate tax 

So come on in. Call 
in at your local branch 
or fill in die coupon. 




for die securin' you need today 

io: Dept. S. The Abbey National Building Sr .detv. 
Abbey Hu Uie, baker Street, London NVi’l 0XL. ' 




I Am interested in earnin': £ * ^ tree or 01 rxx. Pieasc send 
me dcuib oi Abb*;. X itionji £. A.Y.L. 

I am interested in rh- f.:H r.nye ofor. ir,^> sJ-, ernes Abbev 
X ativn^' otter. >cnd me der.u'b. 


Rhodesia ' 
listed on 
value is 
£20.4m. is 

arc 12 " Southern 

Government stocks 
the London Stock 
Their total nominal 
ESo.Tm.. of which 
accounted for by the 



lowest coupon stock, the 21 oer 
cent. 1965-70. There have been 
no payments of capital «»r 
interest to U.K. residents since 
1966. following the Unilateral 
Declaration of Independence. 
Capital repayment of six of the 
12 is now overdue. 

Local residents have done 
better. The Council of Foreign 
Bondholders reckons ♦hat 
£11 Jm. of capita] has been 
repaid to them, and another 
£7Sm. of stuck in local hands is 
still being serviced. That leaves 
£46 'm. of stock on whico 
Interest is not being paid. 

If the internal settlement 

five Rhodesian shares 

erstwhile British colonies in Rhodesia. BestobeU comes next. ^ost co mm o nl y -traded' in:; 
Africa have aJI honoured their with 12J per cenL. then BET London are -Falcon Mines (main 
government bonds. and Kenning, with ! 8 per cent. interes ti gold), M. T. -D; .(Mair- 

The current price of £1 apiece. Lonrho has important 8^*^ (copper), Rhodesia' Cof- 
nominal 24 per cent. 1965-70 interests there too, and so does portion (various interests),-, 
is about 64p. If. say two years. " Wankie Colliery (coal)' and 

hence, the £1 capital and 36p RHODESIAN-RELATED Coronation Syndicate: (gold and 

accrued interest was remitted, INVESTMENTS . ~ subject to the dollar premium), r 

the profit would be 72p..,.E’pr 
comparison. 64p invested . in 
a risk' free U.K. gilt, _ with . Bonds, 24% 1 MS/70 
redemption due in two years.. - Bonds. *% 1778/41 
would return about' »p pro-- 2 anki *Jr° lli<!li:3r 
fit. The investor has to Fa,con MJnes 
decide whether the extra 
66p from the Rhodesian bond 
adequately reflects the danger 
of getting nothing at all. 

But if the bonds do not 
appeal, there are two. other John Brown, but reeient develop-' wben 1 the dividend was paid. So 

Rhodesian Corporation 
Stocktake Holdings 

Tomer and Ncwall 









ways of profiting should there ments have tended: to reduce' a new buyer of v say, Wankie- • 
be a successful settlement .the relative importance 'of Colliery, would not receive any 
Investing in the British com- Rhodesia to them. . ..... ..back dividends in' the event of* 
panies with some Rhodesian It is important to consider, peace. . . On ' the other hand a' 
assets has the advantage that all with the British companies, new buyer would quickly build.- - 
will not be lost if the settlement whether they consolidate " the up dividends due to "him. since- 
goes wrong, but by the same profits made in Rhodesiaornot. the current yield is 18 per c6nt.: 
token, the shares will not do Lourh'o, BestobeU and BET' do- .Choosing between the three 
particularly well in the event of so, while' John Browii, Turner ' possible avenues of investment' 1 ' 
success. The old favourite on and Newell. -Kenning . • and is not. easy. But the British" t 
settlement hopes, Turner and Stoddake Holdings, more con- compjmies on the whole will noU 
Newall, has unco-operatively, servatively. leave them ' ' out/ be sufiicJe ntly affect edV and th 
though doubtless prudently Consequently declared cartings bondstnight no t be f 

expanded its European and of . the -former- companies" vtiH^a long time or ur-full eve’nligj 
American operations. There- not receive a boost from a settle- thereiis a settlement.-. So, if ybvgg 
fore its Rhodesian assets as a ment except. insofar as trading bav'e-. some money yim don't?^ 
percentage of the whole are no conditions mfeht improve, i mfhd. : ferine the". lQfcaT shares^ 
longer so significant. - As for Rhodesian- rtmpanies, might be best ... Vs? 

A question of geography 

are charged income tax. as a 
generality, on all their income 
whether it comes from this 
country or abroad, while non- 
residents pay tax on income 
which arises in this country. 
These are very broad generalisa- 
tions. and their universality is 
frequently obscured by quirks 
in the law’s application. For 
instance the resident foreigner 
pays tax on overseas dividends 
only, if they are brought to this 
country. This is not a viola- 
tion of. but in conformity’ with 
the principle — because income 
in this instance is defined as 
dividends remined rather than 
all overseas dividends. 

Territoriality is the term used 
to describe the charging of tax 
on income arising in this 
country hut payable to non- 
residents. Like so much else in 
uur tax legislation, it is less than 
totally simple and straight- 

Determining whether, income 
arises here nr elsewhere is a 
prime requirement. With sume 
income this is nut difficult. The 
overseas earnings of a non- 
resident, for instance, could not 
be said to “arise” here, even if 
hi*- employer happens to be a 
U.K. company. On the other 
hand if he has a job while here 
on a short visit, he will have 
income which arises here. The 
<ource of his earnings is in each 
case the employment, the nexus 
between employer and 
employee, and its geographical' 
location is usually clear. 

In Lb** case of -omp other 

classes of income, it K however. 
iiocfi*isary tu use arbitrary rules 
ttv the «ourco. A rich! i* 
generally taken in be located 

where the borrower is resident. 
Interest paid by a U.K. resident 
borrower therefore, constitutes 
U.K. source income despite the 
fact that the lender may be a 
non-re sddenL 

Since it is UJL source income, 
the Inland Revenue authorities 
arc interested. They recognise 
that recovering tax from non 
residents is problematical: the 
courts of overseas jurisdictions 



are uniformly hostile to sugges- 
tions that they should enforce 
our tax collections for us. The 
Inland Revenue's .approach is 
therefore the familiar, trusty 
route nf requiring a deduction 
at source. 

An individual who pays 
inTrcst to a non-residenr Is 
required hy law to deduct at 
-source income tax at the basic 
rate, and to pay that tax over 
to the Revenue. Even if the 
lender is a company, it is in- 
come tax tn which it is liable, 
not corporation tax. The latter 
is reie\-ant to non resident com- 
panies only if they are trading 
threugh a branch In this country. 

The non resident may not 
relish having U.K. tax deducted 
at source from his interest, hut 
in normal cases the payer has 
nn alternative. It is precisely 
because the debt U- within the 
territorial scope or U.K. taxes 
that deduction of tax is enforce* 


Once the borrower has paid 
over Uie tax tn the Revenue, his 

entitlement to a redaction of his 
own taxes on aecount of the 
interest payment is subject to 
exactly the same rules as apply 
for interest paid to UJK. resi- 
dents. For instance, a house, can 
Be purchased with funds bor- 
rowed from a non-resident, and 
the -interest pn up to £25.000 of 
that borrowing qualifies. tn the 
normal way. ' 

There .are certain overseas 
countries whose double fax con- 
ventions with this country ex- 
empt their residents from U.K. 
tax. on interest paid to them 
from here. The payer’s obliga- 
tion to deduct tax at source is 
in this case removed (provided 
that he clears- the position with 
the relevant branch of the ILK. 
Revenue) but this does- not alter 
his entitlement to a reduction 
of his own liabilities. 

Where life gets more tricky 
is where without conventional 
exemption, the. non-resident 
lender nevertheless insists that 
-rax is not deducted against him. 
One possibility Is to change the 
geographical . location of the 
source. . To use an analogy, 
alimony paid under a U.K. court 
order must have tax deducted 
at source, but there is no right 
or obligation to "deduct tax 'from 
payments made under the order 
of a foreign court. The -foreign 
-order is geographically outside 
the. scope of UJK. tax legislation. 

So how can yOu locate a debt 
outside. the U.K.. when the bor- 
rower is resident here? The 
answer seems. to be a specialty 
contract; a borrowing under a 
deed- sealed outside the U.K. by 
the parties.' It is possible but 
inadvisable to make , the deed 
tubject to English law, because 
the ' implication would- be that 

any suit against the debtor * 
. would be in the U.K. Courts, this t 
itself being at Odds 'with tWs S 
foreign-ness of the contract. 2 

Interest" under the; special^- i 
borrowing “ arises " where :tSe 5 
- ded is located. A . don-resident t 
therefore escapes U.K. tax £ 
liability, - and .the resident z 
borrower avoids" the obligation - 
to band" tax over to the Inland ; 
Revenue. If a reduction of his ^ 
own tax would not have been - 
available for UJK; interest paid, *"l 
then a foreign specialty' borrow- 1 
ing will - not alter ids ' tax * 
situation. ; 

Deductibility for the « 
borrower, if it -wiH'-ivailaSBSS 
for. ' a: U.K. debt Is;. howev%*$? 
more heavily, restricted, ijr .theSE 
case of a foreign borrowing. TfiFT 
law allows a deduction only 'if r 
finance is raised exclusively for t 
tfie purpose of the UJC. resi- ; 
dent’s trade or profession, aftd * 
either the trading or profes- ? 
aional activities for which, the - 
funds wire borrowed 'are them- « 
selves abroad, or the interest - 
payment is in. a currency other - 
titan sterling. 

The relevant section in tire - 
-Taxes Act contains a mass Of 5 
farther requirements.^ \'Wbat- ; 3F? 
mijprt appear to the dayman ? to " 
be short of is logic. The Ion- Z 
tion of normal borrowings eotdd * 
be regarded as somewhat arbi- £ 
.trary, /. and that- of^jspec&fty t 
contract borrowings, hardly less £ 
so. ..It 'Is then less than seif *; 
evident ' why two . . disparate * 
classes of business interest, -and '* 
only those - two', shotd<j qualify 
far relief when paid on such i 
foreign debt But that is whit t 
the Act says, and that fc vtffe “ 
only sclLevidencc acceptable to ^ 
the loiand RevenQ^ I. ■ r. ;>r; ” 

s \^\j ■ v <?~/v i 



their terms it seems" 

probable that new conditions -of 
carriage are likely. to emergelp - 
the next few months, wherehyT 
removers will accept a much 
greater burden of liability.. 

But for the present - it is - 
certainly unwise to rely simply - 
on one's legal rights against the . 
remover for .transit loss ..or 
damage — and Indeed it can. 
Happen that the removal driver, 
may be utterly blameless for au 
road aeddept which severely, - 
damages hi& vehicle's csnteqts. : . . 

Most removers offer their cu*;. 
tomers the chance of buying, 
“all risks" insurance, underra'. 
special blanket cover which they 
arrange on an annual basis. The- - 
normal practice is tn -offer this- 
cover when estimating. -and to” 
indude the cost of insurance is \ 
the overall charge: this may well 
be around 5 per cent, extra for a r 
simple removal, perhaps more 
for one of long, duration in volv-" 
lng overnight or more prolonged 
temporary storage. 

This kind of all risks cover is ■ 
usually good value ' for money 
and may well be cheaper than ‘ 
arranging for an extension of - 
. one’s evra contents policy — bpT 
It is as well to have -a look at' 
the insurance exclusions before- 
malting up one's mind: Points 
to watch are first of aU^the!*'' 
amount of the excess any onfe 
claim, the extent of cover for" 
china, glass and other fragile >- 
items and whether such iteniF - 
are insured only if profession- 
ally packed, the -extent of cover 
prorided for valuables and how : 
valuables are defined — whether 1 
special arrangements have to be 
made for the transit of s tamp ' 
collections, books and so on. 


20 to 30- of them are -traded in ;. 
London from time . to - time: : 
Surprisingly, they are not sub- 
ject to ihe dollar premium. This \ 
anomaly must surety end if the' 


. - luairt jriH One obvious problem "in buying - 

_ .... these shares: is. that you- tafre^ 

63 almost as mud? of a view. on- a‘ 
specific- commodity - as . on 

Bhodestim politics.. 

Another important difference -• 
between Rhodesian shares and--* 
the : - bonds is that dividends - , 
from the - shares are kept m‘ 
blocked accounts in Rhodesia’ 
fof ; thb person -who held them 

proves successful, there would Stockbrokers Grieveson Grant settlement works, and if pre-- : 
seem to be quite a good chance reckon that, of the companies ce ^ en l. * fi followed U.K. share*-' 
that overdue . capital and back which publish their Rhodesian holders stand to make an over-- - 
intcrest will be paid... Of profits. Stocklake Holdings has night gain of about 37. per cent. .■ 
course there is no real prece- the largest percentage of its (a* the present premium -level J-. . 

■ ■ I 

t. •' - 
*:■ -:i : 



iw l"; 
.• YV:\ 
i \& 


?• i:v£ 


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t -•■- 



e v 

3 . 



ir A 




m : 

fcfi i 

he ' 
UP ' 

in- : 
ifn- 1 
tit t 


i :rj 

J- i ? 

: £ 

T*naBt 5 £ Tftt>«s Sattn^ay Man* li 1978 





keep cool 


news and I would -have thought 
the Registrar would have pub- 
lished it. But apparently his 
hands are tied by the law. 

What is the future of the 
Society now that the ban has 
been imposed? There are two 
possible., courses of action. 
. assuming, that the ixati will, not 

repair into which the more 
junior parts of our educational 
system are fallen, there is one 
export from Britain which still 
commands a ready market: the 
skilled expatriate. It is, how- 
ever. already plain thai what- 
ever the financial inducements 

Affluent and expatriate 


-rw.ngp'c . assuming, that the ban will, not 

s ’ - l ffe Sf- "H™ 3 ® 0 ™* be lifted. One is to dissolve the 

». ;« •" i“l Bond may well Society aiid nav hack the assets ~ and tlwy arc many and 

^^been.penurbedthis week “£?£££* . wSfito ™^working abroad brings 
nen the news hmk» . ttiaf *_ n — . — « . ... . „ with it financial proble ms too. 

■ ■ v^-neietip* ^ f ilS I? ^ administration. It is under- eminently sensible publication. 

: V '-as not' ait>!iol? Ugh news stood' that preliminary contact Working Abroad* thd big deti- 

1 wl™ wt!? Unexpected has; in fact, been, made with si °n for the expatriate .who the it services in Britain. With 
another society. '-. would invest is. to identify the this in mind we propose, over 

But .ultimately the choice ?#*■* of the exercise, Obviously the next few weeks, to take a 

Inhere had been reports of 
?gal action being taken by cer- 
tin Investors — ^ — 

. MUl investor*! TV..,.. . UIIIIUBICI/ me - — — --v—^ •» c 

"?;,ond rests, with. - the members.- t>ne Jbere j B a temptation to put all look at some of those institu- ; 

* . *® it COUiu well Tmnnv^AH. -t - — - . 1. that PVPPBE I rwimn fn tiAAe u‘fl i rvV, ca w a tha naa^D a F 

ave . been the 

Society was in difficulties. 
.... Vifter all. a few years ago when 
^wne life companies ran info 

. . . Important difference between ^ at excess income to dramatic- tions which serve the needs of 

narmnger that firiendDy 'societies'and Jife' com- a, ly Profitable use: but the risks the overseas, investor, with a 
pamies is that friendly societies inherent in investments like view to seeing what they have 

„„ . , are run by members and have commodities are quite as real to offer. 

' : rouble. the SrstinlliLt^ ^““^erable rights in’ law. But iD A*>u Dhabi as they are 
'‘•''■’hen the comnan^ ^ they would be strongly advised Aldershot: .and anyone \ 

'' ’-‘rora f ba ^ Ded t0 any action for . a wants to 

,r ~ •• ' rr - ~ accept * ng anjr new busi- transfer of benefits to another - 

' • • ■' o However. I understand that the “P** S*?*??™* iv P * St ' 0NE MAJOR theme to the new 
1‘ ' v, >;egistrar found that the Societv llfe C0 ”If State pension scheme, which 

efficiently ^md l^dTpreVeSIf^ ^ th». 

‘ i terS m « ne >' be^S friendly society going, rather 

• r,- S^of u Xh the than P ut in to liquidation- It 

'•'■ ?£« fnl ? Society. His rea- takes at least six months to dis- 

. - f-Hs for banning new. business solve a 
" >'V cre that the .amount spent on 
r>xpenses was excessive and that 

Tracking the 

WE READ .i lot nhou: what 
ihe ■* analysts ” arc <a>nn? 
about enmnnny profits, and hnw 
These slidrrulp hnffins (who 

actually use electronic calcula- 
tors these d.-p-sl influence stock 

ments, mainly bonds. Now for Warburg private clients K market thinking. Rut what are 
. ... and one of the pillars of. tbo obviously, with such an invest- the Convertible Bond Fund, and they actually savins ? Until 

British,' merchant bankers S. C. meat, there are two elements Energy International. now it has bepn hard to keep 

Warburg. Both of them offer a to profit or loss: the capital and Warburg also run a couple of track of the prognoMicalion* of 
portfolio service for people with income performance of the funds out of Jersey, their these backroom annivvts. who 

a lot of money — some $400,000 bonds themselves, and the rela- Common Market Trust-— un- mostly inhabit confined and 

in Ihe case of the first, and a live behaviour of the currencies usually successful, for a fund cluttered seai-e-s in stock- 
minimum of $2oQ,ooo in the through which the fund is in- invested in European equities, brokers’ offices. Rot now the 
case -of the second. IF you have vested. thanks to some clever currency Paris-based T. R. International 

that sort of money, then you Still, most offshore funds are choices— and its Transatlantic has launched “ European Earn- 
can ask for a package expertly dollar dominated, and the gyra- Market Trust 
in We’re starting with one of the tailored to your own particular tions of that particular ‘Working Abroad? A Money 
who pillars of the American financial requirements. If not. you’ll have currency are something you Management cud Unitholder 

be certain of coming establishment. Bank of America, to settle for one of their funds, may have to live with. By its Publication: £6.50. 

away with something tangible at 
the end of his overseas tour 
would do better to choose a 
rather more mundane medium. 
Choice can be a problem for 
As Harry Brown points out British expatriate, however, 
in the new edition of Money for the very simple reason, that 
Management and Unitholder's the offshore- funds which are 

most likely to suit bis needs 

lights World invest is conserva- 
tively run. with some 33 per 
cent, of the portfolio now in 
short-dated investments. The 
minimum you can pm in is 
$ 1 , 000 . 

You would need some $5,000 
Xnt that that will do you for S. G. Warburg's nearest 
much harm. In the case of Bank equivalent, its Mercury Euro- 
of America, settling for a fund bond Fund, in which the mini- 
means settling for Worldmvest mum investment is 5ou shares. 
Income Fund, a Jersey-based This is one of the four funds 
trust which was launched at the run by Warburg out of London, 
end of 1076. and whieh puts its the others being the Gresham 
money into fixed interest invest- Street Dollar Fund (basically 

friendly society,, even 
ode that has all but died a 
natural death and has only a 

ultimately all women will re- 
ceive a pension in their own 
right, and will no longer have 
to rely on their husband’s con- 
tribution record. Indeed, that 
woman.’* liberator incarnate, 
Castle, who as 

l? 1 ' * jj* Society lacked independence 3 oPmerSers iW <5 ^ Barbara C, 

• k it. f operation. So. at least mem- whom live in the Same area. - ?“ rre * r * <> f State was respons- 
•'.r^ ers need not worry concerting The best advice for members * ® fo , r 4 . the new scheme, 
he safety of their investments, at this stane i« tn ht and regarded this point as a main- 
spring of the new system^ 

Pension rights and 
home responsibilities 

will be based solely on your 
contribution record. But since 
the maximum pension is based 
on only 20 years of sendee (the 
most profitable 20 years), 
women should be able to qualify 
for it taking info account con- 
tr ibutions before as well as Column, for n n»t. imv. has e.*t: 

incs Estimates.” a mnn*1:lv 

tabulation of the vii»w-s of S2 
Ieadine banks and brokers 
across Europe on Ihe enmincs 
prospects of n!mn--r enn m-iior 
U.K. and Continental com- 

Recently the nnalvsis have 
been shandy revirine down- 
wards l heir fnrei-asts for rhe 
earnings of U.K. eoninani*’*. 
The FT'* hack pa-v* f.ev 

The best advice for members 

_ . at this stage is to sit tight and 

^ ‘■’undent position is that carry oh as- normal. But if they 

• . «r. m. Anderson, the only full want to get - out them their 

.."line official ..employed by the policy must have run for one State pension women need to 

1 15 . handling the complete year before .they can contribute for about 90 per cent. . 

,r ...nministratjon alone and on an do so. Meanwhile, Mr. Ander- of their working life. And since, re ^. 

r^ pald basis. 'Hi is administra- son hopes to write to members even in these enlightened days. 

..■.:»»» continuing as oormaL in about a fortnight, setting out most women take many years 

Anderson i'b accepting, pre- the position. The address of tbe out of eondoyment to bring up 

... . ‘oiums. investing money Into Society is now c/o Kingmaker a family, it -would be difficult 

a - nd handling any claims House, Station Road, : New for them to achieve this con- 

- /hat This is reassuring Barnet; Herts. tribution qualification. However. 

all is not lost. 

after the period off work. That 
consideration should influence 
the time when you decide to go 
back to work. 

Wbat about membership of 

mated that WTT-TS prnfit> of 
the 30 ran i panic* m rhe l-T 
Industrial OrHniar>- Index are 
now cxpeclcd in he almost a 
fifth lower than the ,»nalv«N 

The necessary that they ' have not elected to bility: but since as far as one 

regulations have been laid exercise the married women's can ascertain in some cases you ... 

before Parliament to ensure option to pay reduced contrrbu- have to apply, and in others it the company pension scheme? WCI T r,,r ccasiin5 

Rut in miai.-fv f nr x„« that women off work to bring tions. In fact the concession is allowed for automatically, it Under the Employment Protec- cuppnna nr la* 
q ^ s c up a family or look after rela- does not apply to any women would .be best to go along to tion Act. your employer has to w . n _i^ c ,ndcx 

tives do not lose out in this who have taken this option, your local DHSS office for hold your job open for you 

But even in respect of those advice. while you take time off to have 

This, the home responsibility who have not cut their contribu- incidentally home responsibi- your baby. And you are auto- 
provision. again a product of tions. only time spent out of lity can aVon be claimed by men matically readmitted to the 

the efforts of Barbara Castle, work after this coining April who are bringing up a family firm’s pension scheme, without 

will do much to bring about will count. 

or looking after relatives. 

going through a further quali- 

The monthly issues of K.K.E.* 
will enable investors tu keep 
up to date with changes in the 
thinking of analysts. But the 
sen-ice is worthwhile for hig 
investors only — tbe annual sui>- 

pensions for women in their All details are contained m But wbat about your qualifi- fi . cati0D Period. But you cannot scriptjon m { nso A d thal 

nu,f. ,i n ht 1* - I-- O^* ... plaim credit for time sment toms. -mu. Ann inai is 

— . Earnest interrogation 

J® RITAI ? ““M company • . ^ v Hons that trill haoe a signifi- 

' -" rec ^ i rs wor * c up on Ihe assump- .JggR:. amt effect on the company's 

ion that, at least until things . . profitability? Does the company 

...--o senously UTong, their shares eT P ect to experience any sigrdr 

Riders -can be relied upon to fca nt shortages in materials or 

,.. :ec n0 evil, hear no evil, and supplies? 

n ° evi . ] at a11 ; If Grand Supposing they manage 

" l ■ r °P° , n s m^etbg. earlier .' JSd emerge from all this with their 

ms week, is anything to go by. : . . L^gSS ‘sang still froid. the company's 

• . , 0? - 9 xt "?[ rice ■ • directors may still have to eh 

• iffers to shareholders is likely _ dure ordeal by shame. Not for 

o_gM'e nse i to the most persis- v G.S. investor the reticence 

ent questioning, with the vir- which characterises bis British 

•w. °La € aL 3 j£i nj " n . in * ” a cousin (unless there are cut 

-.lose and determined second. --price offers to be discussed) 

L ^ ra . cnca - 11 P eems - tiley [ mem y He might come straight out and 

' ake their company meetin p Has the company made any 

*Z n m ° re ae riously political contributions or im 

There, company directors, or at . . proper pay ments? Were any m- 

-ome \erj» tricky questions. In - enreredt 

* - 1 * ‘ - Whether 1 . he would ‘ get 

J? HS • “ - straight answer js. of course; a 

• • ^directa^o-A^t For the UB. investor, it * C ^ t 

■»o.v scout tradition, would be takes nothing at face valueTgfi STlcto d lftS^U 
prepared. Stodvholder Meet- ^ contrary, the account^fts Sj 1 fli 

' n«s “ it is caHed: “ Financial redton,. he will want to know *t some point his directors axe 

” mestions Which May Be story behind the scensy Are u> weaiy and falter be- 

isked.” * there plans to disco«Uit& the ^ mtercogsuon. Con- 

And what a formidable series operations of any maip seg- S' 

H .»f questions it isi It’s true that mentor major product f be may ^ 

he whole thing starts off inno: want to know. Are fere any ' £Z 

- 1-< mith the governmental agency nos. pro- 

own right. It comes into opera- a leaflet, issued by tbe Depart- cation for the eamings-related ^ u . im . credit | or ***** one estimate that is unltkctv 

.tion on April 6, and will apply meat of Health and Social additional pension? Well. Tm bringing up a family. The com- besuWeri to dowmvard revirion 

to women who are already off Security, entitled -Looking afraid that the home responsi- JW “ equivalent to ™ ™ Z TJ, 

work bringing up a family or after someone at home” bility provision does not apply ^e earning-related part of the A tollable Jram T. /?./., 4^-4o 

looking after relatives— pro- (NP27). This sets out how here. Your extra pension, if you State 8Cheme ‘ 

vided (and this all important) you can claim home respond- belong to the new State scheme ERIC SHORT 


New Broad Street. E.C.2. 


aiously enough, with 

Hie special risks associa- r , ...... 

•arnest investor considered company’s principal export * C °w2 

ikely to inquire: What percents sales market? A r/ new oppor- r ?,i 

pc of last year's sales increase trinities? Nor w f this grilling S 

i-ds due to price increases? Td he. confined, to Jfie past or pre - ^ at 

of itme increases ? Whot ef m sent: harisse^fdirectors might tfle entt oimn. 

' 'id foreign competition, have on have to do' some, crystal ball- 
'perntiug results? But it pro- gazing • too . Jbo you. anticipate, 
t esses into deep,witer. very thej' may bCasked. any changes 
' apidly thereafter. _ .in operations or market condi- 

trim _gm grm n f 






1 1_awsan is in (act marketing the Raw materials and General Fund ■ 
this week in con/unction with its High Yield Fund, to provide tor a 
minimum- investment- of £800 a package of six distributions a year 
i and an -average yield of just over 8 per cent. ^ With thejflgh Yield Fund 
■ some 60 . per cent invested in equities (the rest is in Preference 
Shares), the equity content at the whate package should be strong 
enough to keep moome' moving bdskly ahead—'’ ^kakoal jarrs w?7s 
“SECURITY— A' wide spread of investments {over 190 holdings). 

• / “INCOME— Paid quarterly on 15th December, 15th March. 15lh ■ 
June and I5ih September. 

“SUCCESS— Over 10.000 investors and £12 million in under 4 
years By investing in LAWSON HIGH YIELD units you should not 
' . only receive this current high .yield now, but you should also benefit 
. (rum a risma income tor the future 

• “CURRENT- PORTFOLIO— '40°* Preference Shares 40% 

' r -Equrties. 20^> Investment Trust income Shares-. ... . 

' T.he price pf the units andthe income from thefn.can-go down as well 
as up. Nevertheless we believe that the wide spread of high yielding ■ 
■ securities in the LAWSON HIGH YIELD FUND should continue to 
provide investors with an excellent return overthe long term. 



Tf» MarapfW Xttflrve *# ngrt 10 dose U»5 otter tt irteirue prw rtsw by morsthm ? jSi 

Income Unite 5l.8p. Accumutetion Unite 71 .Ap. 

* wider rarwfl trusiee security auihonsad by t^e DepanmentqfTiadc. ASfi 
iriitwl chartie is included in the price An annual lepdf ^ plus VAT ts 
deducted from 5105s Income. Commfe&lw4o agents. Trustee Ciydestfale 
Bank Lid. - (Ntemberot Midland Bank Group) Auditois. Whmney Murray &Co. 

1 Chartered Accountants. Managers: Lawwn 4 Securities Udj, « CSajrge 
street Edinburgh EH2 cJG. 031-^26 39ti Heggiered m Edinburgh 
SS15S. Dunnq an offer, units tnay be bwigM orsoldd^h*— amerwisewwfcty 
an Fridays. 'Seniement for units sold follows wtfim a tew days. Unite 

purchased by 30'4,78 qualify tor nest quarterly doftibuUoti. 

H H iMHAPPlJCATfON FOBMmm mm mm m| 
on Securities Ltd FREEPOST. Edinburgh EH2mSu»stafflp weHraJJ 
C*r7eL0S1-22S3911 (5hne9*WW» An5^5hooeSesvh») 

. 7 ° 

Seo^« Llinltad » 

TAKonHtoh Yield Fund • 


For uniHWwd Sawnfl* Phn plaasennartrOCtr 
For jtiare evcRanqe tWSrffl pMse martt O 

Solnale" infrt U- K * 

. {»iuo^r| 4»|«»"|» "K* 1 Sfln anacn fu« name* and jddreeM) 

Names m*uH .■ - — ■■ ' — — — ' ' " 


Address ■■ " — ■ ' 

IKY FT 1113*781 

In sickness 
some wealth 

WB HAVE, written several 
articles^' on the. need for the 
self-employed to make their 
own! pension provision, because 
State benefits for them are 
minimal. But similar con- 
siderations .apply with respect 
to sickness benefits, since the 
benefits provided by the State 
are not exactly generous. Yet 
there . has been very .little 
attempt"- to -bring the products 
available from life companies 
in these circumstances to tbe 
attention of tbe public. 

N[ow a small life com- 
pany. Planned Savings Assur- 
ance. bag-brought out a scheme 
which combines pensions pro- 
vision.'. term assurance and 
sickness . benefits in one con- 
tract The advantage of doine 
it this way is that tbe self- 
employed, investor cets. full tax 
relief up to the 15 per cent 
limit (maximum £3.000) on all 
the premium, including ' that 
for richness. • '. • 

The self-employed need’ rick*, 
ness payments more than those 
who arreniployed. since all too 
often they will have to hire a 
replacement to keep their busi- 
ness going while they are out 
of action. .The State will at 
present, pay £14.70 per week 
for ,a single person, with 
per: week extra for a • non- 
working, wife. But there is do 
earmngs-relateri supplemeni. 
After six months, this would be 
replaced by an invalidity 
benefit 'of £17.50 for a -Binge 
person ■ (£28 Tor a married 
couple) until tbe age of 65. 
An. Income of at least £100 per 
week : would probably be 
needed to ■ cover tbe cost of 
hiring .replacements. So . tbe 
self-employed obviously need 
to consider this point carefully. 

The ofily drawback to the 
Planned Savings .Scheme would 
appear -to- be that- the- investor 
would have to wait at least 13 
weeks 'before' receiving any 

benefit: 1 would have thought 
that this period needs -to be 
shorter.., even if. it. does mean 
increasing the premaune. 

' ts. 

Why the improved outlook for 
property investment favours the 

Save &Prosper PropertyFund 

Over the past year the outlook for certain 
types of property has.ixnproved markedly. la 
many areas of the country demand for shops 
and factories in-prime locations currently 
exceeds supply. Substantial rental increases 
have beenreported, as have higher selling 
prices. .... 

This increased demand is due partly to the 
renewed interest from financial institutions. 
Many well-established insurance companies 
and pension funds are now active in the 
market and consider it desirable to hold 
20%-25% of their assets in. property - a 
proportion that many private investors might 
also consider appropriate. ' 

A further stimulus has been the number of 
recently created pension funds. With these 
funds too, the managers a re anxious to include 
property among thei r first investments. 

The Save & Prosper Property Fund, which is 
currently valued at around £30 million, has an 
actively managed portfolio of properties which 
stand to benefit considerably from the present . 
situation. Around 50% of the fund is located in 1 
the South and South-East of England, an area 1 
where rental increases have been ahead of the 
national average. 

. A further point in favour of the fund is the 
frequency of its rent reviews over tbe coming : . 
years. 14of the 58 properties have reviews within 
the next 10 months, for example, and another 25 
have reviews in 1979 and 1980. Any increases 
will boost the income' of the fund and, provided 
there is no major change in general investment 
conditions, should lead to higher capital 

Past performance 

Since the.launch in 1971 the fund has . . 

performed well, showing a 55.1% increase in : 
the offer price of units to 8th March 1978. 
Performance against the Money Management . 

Property Bond Weighted Index, which was 
started in January 1973, is shown below. 


Investment policy 
and current portfolio 

Our policy has always been to invest in 
' medium-sized prime properties in carefully 
selected locations, since such properties are 
usually in demand when' economic conditions 
are good. Additionally, in difficult times they 
tend to remain more marketable. 

The fund how has a well balanced portfolio 
of 58 properties throughout Britain. An 
analysis hy type of property and area is shown 

Analysis of brad by type af property 

W- K/W 

; ’ 





Analysis of propertiis by geographical area 









The fund’s managers are advised by Healey 
& Baker who specialise in shop, office and 
industrial property throughout Britain. The 
properties are independently valued at regular 
intervals by Cluttons, Chartered Surveyors. 

About Save ^Prosper 

Founded in 1934, Save & Prosper Group 
currently manages funds of around £750 
million for 700,000 people and offers a wide 
range of investment and insurance services. 
These include funds covering equity, property 
and fixed-interest investments, insurance 
plans, school fees plans and pension schemes. 

5% p.a. free of tax at the time 

If you invest £1,000 or more you can 
withdraw up to 5% of your initial investment 
each year for 20 years without giving rise to 
any liability to tax during the period. This is a 
feature of particular interest to higher-rate 
and additional- rate taxpayers. Further details 
on the tax position are given below. 

In using this facility you should bear in 
mind that any rate of withdrawal that exceeds 
the growth rate of your investment will result 
in a decline in the value of your investment. 


A lump-sum investment in the Property 
Fund is made through the medium of a single 
premium life insurance policy — the Save & 
Prosper Investment Bond. You can invest £250 
(£1,000 if using the Withdrawal Facility) or 
more by purchasing an Investment Bond 
linked to the Property Fund. To invest now, 
simply complete and return the coupon below, 
together with your cheque. Once your 
proposal has been accepted we will send you a 
policy document within ten days. The offer 
price of units in the fund on 8th March 
was 155. lp. 

You can invest in the fund on a regular 
basis and also obtain valuable tax relief. For 
further details please contact your usual 
adviser, one of our local branches, or 
Customer Services at the address below. 


Unit ■jmanjf'The Property Fund is divided 
into units wiiidi are normally revalued 
rortnijrbUv though more flreqtHmt -valuations 
can be made if neccswuy. Tbe offer price if 
thr price at which unite are allocated, to your 
Bond and the bid price iu that which, 
determines the casb-in value off your Bond. 
The number of units Allocated to your Bond 
-wlO depend on On offer price ruftos on the 
day your application n-received. All net 
income received by the fend in autcrouically 
reinvested to increase the value of units.. 

Aaioroatic fife insurance Should you die 
while root Bond is in force, your dtpudiau 

would retd vo between 100% and SO?, of the 
hid value oT the units then credited to your 
Bond. The actual percentage depends on 
tout age at death, and tine ] 

shown for sample ai 

table of rates is Available on request. If yent 
are in poor health when you purchase your 
'Bond, we ora have to ouote you special 
terms, though the amount investad is not 

Sp'KMSj ss 

Charges There is an witdal maos semeni 
charge of 5-° plus a roqnains adjustment 
<noc ewewllng the tower of lp or 1%> which 
is included in the oner price of tudu. There 
if also an annual charge of# 6 , of tbe value 
of tbe Fund w cover life insurance and . 
administrative costs. . . 

Thr cost s ofpmuaty mans gem ent. valuation 
sod other <mn» oT the Fund, including 
buying ud aeUmgjnojjiBrtim, are botnohy 

the Fund. We also reserve the right to amend 
the policy benefits, it necessary, as the result 
of any levies payable nnrfi-r tbe Polio*, 
holders’ Protection Ad. 

Current tax position You have no personal 
Habitin' to capital gains tag as this in allowed 
for in the pn« of unite. Also you will have no 
personal liability-to basic rate income tax in 
connection with your Bond, otthor while it 
i* in force or when you cash it in. 

There may be a liability to higher rate and;or 
additional rale tax if you arc, or become liable 
to these taxes during a year in which you cash 
in your Bond, or on your death. 

Withdrawal facility "Base rate taxpayers 
will hnve no liability bo income lax on any 
withdrawals. Higher rate and additional rate 
taxpayer? may withdraw up to 6% of their 
investment each year for SO years 

„ giving dm towny liability to these 

rates of tax dnrin* the period. Such 
withdrawals wd however, be taken into 
account u calculating any liability to thane 
taxes when the Band ts eventually cashed in, 
or at death- Psyjnaata are half-yearly 
on the last day of tbs month you select, the 
first payment being not less than two months 
after tbe purchase off your Bond. You may 
vary your withdrawal ret* or discontinue 

nsfng it. subject to two months noCte 
bring given. 

SwH«Ma* fhdnty At any tima yon may 
switch your investment from the Property 
Fund to one of 21 other Sove & Prosper 
Group funds , atdowcoet, and without 
incurring any personal cental gains tax 
UabJLty. Full details of this valuable 
finality art (oven In tbs booklet that is send 
to you with yodr policy document. 

Cashi n g in yony Bond Yon may cash in 
your Bond at anytime and recrire its full 
cAJhjn value based on the feM price ruling. 
However. Wn reserve the right to delay 
ropeyment or flwriching for a period not . 
exceeding ax month*, io order lo avoid 
having w sell ptppertt« diaadvantaEMusl?- 
TM* right, which has never been exercised, 
would only bo used in sxccjkzouI 





Registered in England No: 322226. Registered office as 

1. I with lo invent in a Sove & Prosper 

Investment Bond linked to the Save & Prosper Property 
fund. I enclose my cheque tor this amount made payable 
to Save & Prosper Insurance Unwed. 


2. Name Ol Proposer in full Mr/ Mrs/ Miss 

R«st name(s) 


3. Address, 

Date of birth. 


| 5. During the last three years have you suffered from any 
f serious illness or undatgone surgery? If yes, please give 
I details and dates. 

I ■ 

I 8, Name and address of your usual doctor 


7. Withdrawal facility. If this is required, please indicate ( 
the percentage of your original Investment which you I 
wish to withdraw each year. (Minimum investment I 

£1.000). I 

4K □ ss □ « □ r* □ 8% □ j 

f should like the first withdrawal facility payment lobe i 

made on the last day of (month) 187 I 

(year) and hall-yearly thereafter. (Not ecriJei than two , 
months after the date of this application.} | 

This offer Is not available to residents of the RepubGc of I 
Ireland. | 

Declaration I declare to the best of my t-npw ledge and ‘ 
belief that I am in good health end that the answers to | 
the foregoing questions whether in my handwriting or 1 
not an true end complete. I agree that this proposal, ( 
Together with orv atatemem signed in the presence of 1 
the Company's medical examiner, shall be the bash at | 
'the contract with Save O Prosper Insurance Limtsd. I 
1 consent » the Company seeking medical information ■ 
from any doctor who at any time has strand od me. or I 
seeking information from any llfo assurance office to * 

which I haw at any Uma mode a proposal for life I 
assurance, and I authorise the giving of ouch inf conation. 


Dote - 




Financial T? 

T srch U 1978 


Buildings at the bottom 


\HE YOU sitting on a gold- 
aine in your garden? Pearsons 
‘'arnhajn office think owner- 
iccupiers could be, quoting as 
encouragement the case of a 
reehold E-acre building plot 
with ' outline planning perraisr 
don in Wrecclesham which' 
produced over 60 inquiries and 
in offer to purchase on the first 
iay of it going on the market. 
Nine other prospective buyers 
?ame forward, and a sale was 
agreed to the highest bidder in 
excess of £15,000. Much the 
same thing happened with a 
similar plot during the last few 

“ People seem to be 
frightened of selling land 
because of the tax position.” 
says Mr. J. F. Russell, one of the 
senior partners at Pearsons. 
“Not enough owner-occupiers 
{and that’s an important factor, 
that you live in the house and 
that it is your principal resi- 
dence). realise that if the bouse 
is in an overall area which does 
not exceed an acre, it might be 
worth carving off a bit of the 
garden and selling it, as the 
deal, providing it meets all the 
necessary qualifications, is tax 

’* You need to apply for 
planning permission for a 
dwelling of course, but that is 
where your local surveyor 
comes in. And even if the 
project comes within the scope 
of the development land tax. 
with allowances, any liability 
can be substantially reduced." 

Sentiments echoed, as it 
happens, by Nigel Moor snd 
Robert Langton in a special 
report published this week, 
“Planning For New Homes.” 
the plain man’s guide to the 
planning jungle. In a useful 
housing A to Z. which includes 
some of the tasks carried out 
by a building company involved 
with a major housing scheme, 
they list Planning approval: •* A 
most valuable piece of paper. 
Without it the land is not worth 
so much. The grant of planning 
approval has brought great 
wealth to the fortunate land- 
owner who happens to have land 
in a suitable location. This has 
given rise to a debate still not 
complete on how such financial 
gains should be taxed.” The 
entry under House Types, is 
revealing too. “ Builders usually 
prefer to build standard house 
types, subject only to elerational 
changes dictated by local 
circumstances. This is because 
they already know the 
customer’s reaction to them md 
have a clear idea of the cost of 

Supposing, therefore, you de- 
cide to buy some land and do 
your own thing? If you want 
a fairly basic house then there 
is no reason why you shouldn’t 
get together with your local 
builder, but for something more 
elaborate you will undoubtedly 
need an architect. The Royal 
Institute of British Architects 
have produced a useful leaflet. 
“Thinking of Building?” which 

they will post free from their 
Clients* Advisory Service. RIBA, 
66 Portland Place. London, Wl, 
or you can telephone 01-580 

The leaflet tells you how to 
find your architect, what and 
when to pay. and lists some tips 
such as making sure that you 
state your requirements and 
budget dearly, and always to go 
through your architect’s pro- 
posals at the design stage, so 
as to avoid changing your mind 
once the building contract has 
begun. “Take an interest in 
construction but never give in- 
structions direct to the builder 
— only through your architect” 

At RIBA they told me that 
a good barometer of current 
design thinking are the various 
architectural awards schemes 
run by themselves, the Depart- 
ment of the Environment, and 
Eternit. the world's largest 
manufacturer of asbestos 
cement materials. The operative 
word as one might expect, is 

“The housing designs that are 
winning awards are traditional 
in appearance — that is. with 
two stories (split-levels are not 
as popular as they were a few 
years ago), conventional pitched 
roofs (a withdrawal from the 
era of fiat-roofs), and very few 
open plan lay-outs. At one lime 
every showhotrse you went into 
promoted the togetherness of 
open-plan. Now with the prob- 
lem of heating vast areas, there 
is a return to the conventional 

room, with smaller, self- 
contained spaces which ere less 
energy consuming.” 

Sad, sad, sad. Where are 
the dream bouses of yester- 
year ? Gone it would seem, in 
a haze of central heating that 
in many cases is too expensive 
to use. and of course the fact 
that houses Win design awards 
does not necessarily mean that 
they are what we really want. 

Perhaps it makes more sense 
after all to buy' what is on the 
market, without going through 
the traumas of building, which 
don’t get any less. You can 
take your pick from 20th- 
’contury Elizabeth an manors, 
rebuilt Victoriana. genuine 
Georgian gems, and split-level 

Plot II at Bared own. Natcley 
Scares, near Basingstoke, with 
an access to the M3 motorway 
about three minutes drive 
away, fulfills the last category. 
Just completed, it is on offer 
because the owner is going to 
work abroad. Its rather severe 
lines, complemented by a vast 
expanse of grey slate roof, fit 
well into the gently sloping $- 
acre site which is set back from 
the road and runs down to a 
small copse. The split-level 
accommodation includes four 
bedrooms, two bathrooms, and 
an unusual galleried landing 
with a balcony. Price £37.750 
through Pearsons. 27 London 
Street. Basingstoke. 

If you want to tuck yourself 

away in the splendid isolation 
of Sherwood Forest Inkersali 
Manor, Rufford. 15 miles front 
Nottingham, is .in 14-acres of 
Robin Hpod country, bordered 
by Forestry Commission land. 
Built in this century in the 
sole of an Ehzabethaa Cots- 
wold manor, in rustic red 
bricks with stone-mull ioned 
windows, it is a handsome 
looking place with seven bed- 
rooms. three bathrooms, 4i-?ooe 
reception hall/drawing room 
etc., which could be' divided 
into two self-contained wings. 
The joint agents Strutt and 
Parker. Grantham, and Henry 
Spencer and Sons, are looking 
for offers; in the region of 

Overdeans Court, DlppenhalL 
near Famham. Surrey, is a 
singularly authentic replica or 
a half-timbered Elizabethan 
manor. It was built by Mr. H. 
Faulkner, a local architect, of 
original materials largely from 
the remains of Hardwick Hall, 
on whose site, the house stands. 
Mr. Faulkner, who at 90 was 
still laying bricks from a wheel- 
chair. built five other replicas of 
Elizabethan houses in the Fam- 
ham area, the rent for one of 
them being a Friday lunch ! He 
also rebuilt a large part of 
Guildford High Street, worked 
on Guildford Cathedral, and 
restored parts nf the town 
centre of Famham. 

Overdeans comes complete 
with three-bedro o m staff wing, 
minstrel’s gallery, fine plaster- 

work to a study, wood^carti^ 
ttt.-'the staircase 
wide oak planks ng orr the . _ 
murals in the entrance tshS^ 
a foil .quota, of- fireplaces.' 

also -a self-contained , 
wing with three bedrootaa^ 
the pretty two-acre groioidHt&d 
orchard wpre laid out by the 
renowned . landscape caxde&er, 
Gertrude Jekyll. Full 
from the Ascot office of 
Frank and Rutley. who .' are 
asking for offers up to £20$. 

Knight Frank and 
Hanover Square offices^ 1 i 
agents for- The Moyle 
Tupwood Lane. Caterbam, 
stands in about. 7£ 
although it can be b 
less land. A price in 
£70.000 is being asked. 

House is built on the rite of a 
large Victorian mansion built 
in 1890, - and subsequently 
mainly demolished. Although 
the present house incorporates 
parts of the original, its shape 
shows nothing of its Victorian 
antecedents. There are.- two 
living rooms and a games room, 
four bedrooms, two bathrooms, 
and a self-c ontain ed flat In Open- 
plan style KFR are also selling 
Hollybank. Burwash Common, 
Sussex, which dates ' from 
Georgian times, and has been 
extended. For £60,000 or so you 
will get three living rooms, four 
bedrooms, two bathrooms, and a 
built-in sauna, as well as eight 
acres, paddocks, a woodland and 
orchard area, three loose boxes, 
workshop, barn and garage. 

'’Georgian extended is Holly- 
hanfc Burwash Common. 
Sussex, for sale through 
Knight Frank and Rutley, SO 
Hanover Square. W.l. Inside 
there is exposed timbering 
and other attractive features 

from the original cottaga 
There are three Uvtng-roema 
four bedrooms, two batfe 
rooms and a sauna. '-Tka 
eight acres Includes paddocks, 
loose boxes, workshop an^ 
barn. Price (n excess 

Scotland’s boom 

Computer lets 

Handsome reproduction Elizabethan 
manor, Overdeans Court, Dippen- 
hall, near Famham, Surrey, comes 
complete with splendid drawing- 
room. minstrel’s gallery, fine plaster- 

work to the study, wood carvings to 
the staircase balustrades, wide oak 
planking on the floor, murals in the 
entrance hall, and attractive fire- 
places. There is also a self-contained 
3-bedroom staff wing. The pretty 

2-acre grounds and orchard were 
laid out by renowned landscape 
gardener Gertrude Jekyll. The Ascot 
office of Knight Frank & Rutley are 
asking for offers up to £200,000 for 
the freehold. 

subject of much discussion in 
relation to estate agency. 
although relatively few have in 
fact been installed. Howerer, 
Hampstead-based agents Ben- 
bam and Reeves, who say that 
they arc probably the largest 
residential letting agents in the 
country, took the plunge, and 
their computer, handling tup-ot- 
the-market residential lettings 
only, has now been in operation 
for some six months. 

The equipment took seven 
months to inslal. and ihe agents 
had to create their own pro- 
gramme into the bargain. But 
on the other hand they estimate 
that in its six months opera- 
tional use the computer has paid 
for itself: and that it does the 
work of three people. 

The computer is programmed 
to take in details of all. sew in- 
structions. giving all the infor- 
mation needed for internal use. 
It gives a print-out of relevant 
information for potential 
tenants and it also provides a 
management service once the 
properties are let The would-be 
tenant is sent a print-out of ill 
the properties within his specifi- 
cations that are currently on the 
agents* books. This, print out 
comes with a personalised intro- 
duction quoting the name of the 
staff member handling his in- 

On subsequent days an up- 
dated printout is sent listing all 
the new properties which have 
come on the books since the 
original inquiry, and this con- 
tinues. until, ideally a letting is 

THE CURRENT housing boom 
in. Scotland, particularly the 
Lothian area, could be short 
lived if building societies are 
forced to cut down their level 
nf lending, warn ' Bernard 
Thorpe and. Partners, the sur- 
veyors and valuers with offices 
in Glasgow and Edinburgh, as 
well as the rest of the country. 

Competition to buy houses in 
the region has increased, and 
with fewer houses on offer 
prices have increased, in some 
cases by more than 10 per cent, 
since the beginning of the year. 

But Thorpe warns that later 
in the year more property 
might well become available and 
this could lead to a more stable 
and less sensational housing 

The firm also- warns that 
buyers should be aware of pos- 
sible increase* in rate assess- 
ments over tiie next live, years, 
and tins should perhaps 
dampen some of the .present 
over-optimistic euphoria on 
house prices. . 

Since the turn of the year* 
however, prices have risen con- 
siderably. particularly in Edin- 
burgh where tenement fiats; hove 
been very popular. In s»hw 
areas flats which were selling 
in the £10,000 to XU.tHM) range 

in December ate now changui 
bands at £12,000 or more. ' 

Because, the market is s 
active few sales are now b 
negotiation and instead it . 
norma! to have a fixed closin 
date for offers. The market It 
larger stone built houses is pa 
ticulariy strong with man 
others being made on some pn 

One mariict which has beC - 
slow is for out of town property 
but even this Is now beginniti 
to improve. New houses tw 
which wore selling slowly lai 
year are becoming more popi 
lar. although greatest deman 
of all is Cor property in th 
more . established reridentia 
areas of Edinburgh itself. 

In tire current buoyant mu 
ket it could be a mistake -to set 
lu the first interested party, am 
before the current boon 
reaches its peak prices of pro 
petty outside the Edinburg! 
conurbation are expected t< 
rise- further. 

. The market for vountrj 
houses is expected to Increase 
and there are more inquirie 
for this type of property thas 
this time last year. Demand fei 
furms and agricultural estates is 
expected to pick up later this 
year, particularly from institu- 
tions; ‘ 





Far Sale as a Whole or hi 5 Coo 



lonorfc 1 mile Glasgow 3 0 mile* Edinburgh 45 milai 

LOT 1 Charming Country House with River Clyde frontage: - 3 Reception 
Rooms. 5 Bedrooms. Bathroom. Kitchen. Oil-Fired Central Heating. 
Extensive outbuildings and 13 Acres of lend. 

LOT 2 Lodge Cottage. 

LOTS 3. 4, 5 Agricultural Land of 30. 9 and 15 Acres. 


031.225 3271 



In idyllic peaceful setting at LimpsftSd Chart, near Gated, surrounded by 
National Trust Woods and Common Land and adjacent to Golf Course vet 
only so mins, from London br rail. Recently refurbished regardless of expense 
ft us undaotKcdJy one of ihe most lavishly appointed properties in today's 
nurfcct which must be inspected for full apprectoacux. Entrance Hall. Cloak- 
room. 3 Reception Rooms. Study, 5 Bedrooms, 5 Snper-de-lnxc Bathrooms 
ien-suitt- 1 . Full C.H . Garage for 3 can. 3 loose boxes. Lovely colourful 
garden with glorious Azaleas. Tennis lawn and Paddock; 41 Acres. £150,000. 

Deislls of tine beautiful and amove home from- 

F. I . MERCER & CO. 

fevtt HAYMARKET. S.W.L. Tel: 01-030 7701 

Unique i) i Monte G / do 

Stirlingshire, Killearn 

Very fine COUNTRY HOUSE by Charles Rennie Mackintosh, 
for sale. 16 miles from Glasgow and 19 miles from Stirling. 
Superb outlook to Loch Lomond and the hills beyond. This 
most charming family home has been carefully maintained 
and sympathetic improvements made for modern living. 
4 public rooms, 2 suites each of bedroom, dressing room 
and bathroom. 2 bedrooms, dressing room and 2 additional 
bathrooms. Kitchen, utility room, etc. Self-contained staff 
flat oq top floor. At lower level, double garage, workshop 
and storage area. Oil-fired beating. Rateable Value £200. 

Mature wooded and easily kept garden and grounds 
extending to about 5 acres and including paddock to graze 
^ 2 horses. Z acres woodland adjacent. Excellent detached 
’■ j outbuildings. 

Further particulars and arrangements to view from: 

W. R. PATTERSON & HOUSTON Chartered Surveyors and Chartered Land Agents, 


Luxury apartments ff niadetameasure* 


25 ,MAlbertr 

Monte Carlo : the town of privileges. A name 
that makes one dream. The symbol of luxury, happi- 
ness— and security. 

It is there, in the heart of the Principality, opposite 
die harbour and the sej, thatyou discover the Bristol- 
Monte Carlo , from winch the eye takes in the whole 
harbour from the Rock to the Caiino. 

There you will be able to choose a residence.tailor 
made, to meet your wishes: pied-a-terre or high class 
suite, studio or spacious apartments. 

And at the Brxstol-Morrte Carlo apartments are 
ready for immediate occupation. 

Information: Le Bristol-Monte Cario-25,Bd Albert F 
Monte Carlo (Prindpautede Monaco) 

Phone: (93) 3018.61 

30, Bd du Theatre -1204 Geneva (Switzerland) 
Phone: (22) 2U6.8S Telex: 289199 





Phone (home) , 
Phone (office) , 


(Land Department) 

Tel: (0872) 4211 



With lovely gardens. w» ter frontage. 
Tenrai Court and Paddocks and enjoy, 
ing- superb rises over the Halford 
River is chit imposing gentle man's 
marine residence. 

5 bad roo m s. 2 bathrooms, spacious 
hmdmg and boxroom. 2 cloakrooms. 
hall, large receptions saleable For 
oMarcaining or conferences. Oil C.H. 

Excellent condition throughout 
3 bed roomed staff Bax and extensive 
adaptable outbuildings for garages/ 
boathouses/ stables. 

AT £147.500 



A delightful and most- charming 5- 
b ed ro omed Georgian residence with 
approx. 31.76 acres occupying a 
magnificent. picturesque sice in 
National Par* only 20 miles north of 
York. Extensive oudtriMlnp and 
tabling. Sale by Auction. 

Full particulars from? 

22 High Petcrgate, York. 
Tel: 0904 27777 


The Lower Garden Honse 


Spacious luxury residence situated at the foot of Wenslydale 
and commanding fine views over the surrounding countryside. 
3 Reception. 5 Bedrooms. 3 Bathrooms. Garden includes 
terrace and lawns and faces south over the dale. 

To Let Uafunilsbed — Apply: 


Tel: 0969 23109 




An Imposing nonc-oiMt country House in unspoilt wai countryside, anfy 30. 
■ minutes' drive from Ntvrsnfe and ttto regional Airport. The Wwooc mvm 
town of Hexham provides local am Mi tun. The estate extends » IDA l 
Ures or thereabouts and incorporates formal ysfden, orchard, parWinw. 

padd o ck, woodlands and river fishing. Scope is offered for de-tlopmtnt of 
>ur paces which migf-t include an equestrian centre or ' 

FLATS FROM £5,500 

75 Flats in Tum-cf-century block being modernised. 
First S now for sale unmodernised at knock down price 
for immediate cash sale. 

(Will make 2 RK & B) First come first served. 

ALAN SELBY & PARTNERS. 01-986 9431 

(tart, for business purposes ..... _ 

li foliar. A nursery cardan supports the running expenses of 'the grounds and 
provides Potential for expansion. The main residence which it -in ••xceUa« 
ardor and centrally heated is ready for immediate occupation, and briny 
comprises:—. 3 magnificent RECEPTION ROOMS— Modern and fully fitted 
ROOMS — PASSENGER LIFT. Within die main residence there is a SiH-j 
contained Flat com prising:— LARGS LIVING ROOM— DINING ROOM/ 

SEPARATE W.C. — A Detached Lodge Cottage canulns^— LOUNGE^-’ 
KITCHEN— 2 - BEDROOMS— BATHROOM /W.C.—Anc41sry . Fieilrti*«— . 


Full Detail i and daunted Particular, on reqeett • v 



Ojertend Surveyors, Chartered Sm-reyon, ' 

HWe* Hour. 3 Broad wood Road. 

Near Bridge Street. Denton Burn. 

Newcastle > open Tyne. . . Newcastle open Tyne. 

MJWUfl 0432-74)394 


When you’re arranging a mortgage on a high-priced properly, the building 
societies may not be able to help. 

And alternative sources of funds can be very expensive. 

With a true annual rate of IL6$$ (equivalent to a building society quoted rate 
of 11%) Citibank Trust offers the best deal in mortgage financing over £50,000. 

A mortgage from Citibank Trust works exactly like a bujfding society mortgage 
- induding eligibility for tax relief on the first £25,000, and a choice of repayment 
or endowment Vte offer first or second mortgages. With repayment periods of up 

Citibank Trust is a subsidiary of one ofthe largest intematioriafbankinggroups in 
the world. You'll find our serviceremarkably speedy, and completely confidential. 

PhoneRobert Vitler, Mortgage Manager on 01-902 8821'extension 240 or fill 
in the coupon and find but more about our unbeatable rates. 

To Qtfcank Trust, 


Stafion House, Harrow Root %femUeKfifiddxHA9fi^ I 

Pteasesend me further details of your mortgage I 

Name | 

Address | 

f Approximate amount required 


^ FTtl'K J 

CitibankTrust O 





Dover 2 1 mile*. Canterbury IQ mifan, 



and uiriu! outbuiMInn. 


, f 5lle «T Private Treaty or Auction at an urlr date. 

Scru “ a Pa'^ef. Canttf.hury. OMce. 29 Si. Ma>g*r«'* 
W27 5M2J and /ohn Hogbin and Son. IS Cattle Market. Sandwich 
Ter. 3641 . 

London Office S3 Hill Siro*! a i • t.uL .Tel\OV62n 7282 


prtaoHr S miles Souuvamoton over, 
lowing tarmuDti. uciudea ■nut only 

. Urmlanii. m;una • out only 

“oWw- 3 double 
yt*t bedrooms, ribs 1 Master Bedroom, 
dg*«ng bathroom showor wc, 

s? sKjas; ■ a'sfr-hr.x^ 

reom. Walled stable yarn padnoex. 

mbw «*r*N- watted kitwwn 

earoeojOiwared central heating through- 
out. fid* property in excellent condi- 
tion. ABO has benefit at f» P (£■ '!>£■?» 
2 -bedroo m _ twngalow adjacent to 

from ’Ms- ht 27. London ©v tr.iin 70 
mins.. Easv access to yarhrinq area 
yarw& ie j i ? p 5 o icm. n«w Forest .mo 
Bdurnomoytli- A Cfittimuters property 
l» an abseiuteiv hjeai mutton. Total 
acreage 2': mcm. Freehold £B5 Oflo 

BJfO'nfrneM to Slow WrJJe 

Box T 4841 .. Financial Times. 10. Can- 

non Street ECCP a BY. 

-■-T- .. cqw TAI_NING 11 BEDROOMS. 
3 bath rotj ms, ? reception roams. clMt- 
. room larpe kitchen and hall- picttrlr 
■MKIUP _IIR to aecoim floor; additional 
Av room lUt. Tho proDom stands in 
. Ulf-acre ol landscaped gardens, which 
*«« MinxfiT I farpe oaram aim a 
nested ftrecnjmti-e. Loeahon Rrnn\- 
some Park. Ponle Dar*ot. Secluded 
K*- ■ mte»esl-vt> 

.T^obone 10202) . 76335? or 01-22 S 

Devon Coait CetHv 
driacnea r*Shfent«~ wRB 
slipway am 40 ft boatl 
Mali, cloakroom: oftmtive 
iu at find Binttra tounae 
2 . bedroom, bathroom, 

Tint interosUnB trachoW- oropertT - 
sufUon, 30th March. 1979. Prick DdqM 
about taoJJQO. Detain tram Page** 
Chant, p.S.V.A ta Sakamba 
2S78 (22411. 

SARK, Channel Islands t« N«a. 
let. RahKtmtnl hotel sleeps S2, Ml 
tul bolUInpi with swimRiim 
modern manaacrtnotsller's fiat adlsfV" 
Inp. Sole JVgonts. A. <. Frost and 
lel ■ Windsor S4SSS, ■ T. ■ 

SRfiGHCSS, Lines. Dattchefi buanski"* 
3 hew., teunofi. dining, irltCMn. MR* 
WC. ci atone.. .Rw sown contra, 
beach, yolr (deal retlremeRt. £ 16 . WO 
O h O. Pftbtlb- 0784 4941. j* - 

SntEATHAM.. 3-Mr.lO— A. Ana Dot. MSlr 
omen ol enjracTw. overtoaKiao canserw- 
tion land. a. vuibc rrten Brkht. tt*4 
Kitchen. Utility raonvC 'fl ordi. 179 . 8*0 
F For further detain, contact Dll#, 

Financial Times Saturday March' 11 1978 



iEVERY Tf/AY, the new. Opel 
ltd fits i& .between the Ford 
“and Granada. Thus the 
| u _ LleKord 'Beriliia I have been 1 
^driving is longer overall and in 
** vherfbase. and wider -Qian the 
i ;irt “* Cortina, slightly shorter and 
w . ^narrower than the Granada. - 
^ It is 'four inches higher than 
Either of 

The: droop-mfte, high-taikd..OjwI Rekord is aerodynaraicaiiy styi«d to save fuel and keep the windows 
. dean in ffirty-werther. This is the most luxurious model, the £5,150 Berlina HL. 

Bekords here and in Germany; •' Because of a. sticking auto- then pulled without hesitation. 

the Fords,, which 

loesn>Kton it-mnkinff flOTRAahW “w: ul whu«ij; or a.sacKjug auto- 

leT fa^ometatS^ '£ B *£ , ™F“ ?wfs^S- S&t tJI0I ' e • 1 DOt a . We “ At ^ **. «er 80 m4>J,. 

aeieht shows « « von sit Granada and the latest Cortina obtam an accurate petrol con- msx]m „ m *he « not M 

-T SiJLS S13SJS; is more limited. Even so, I-am sumption for the Berlina. Opel 

ss,i« irrSrrs 

‘ especially for rear passengers— manual. I did a good deal better <0 

tte ^ lina fthe sssr-sr SCT^-Smws&ss 

skord with second best trim) 
s £880 dearer than the two- y 

on secondary roads earlier in the month. * _ sou ^ * *2 a 

• • »>i 9 ] onnnr'T k. * - « -^-independently sus- In exchange for a consider- “^ned aircraft witn the 

: P ended Granada. In most able drop in performance® 11 smes out of ss^chromsation. 

respects other than rideit seems (20 mph off the maximum. Abwm ofld enough to remember 
mgined Granada 2300GL. Ford closer to the Granada. - . twice as long to accelerate from soon;d a w °rid War H 
. 3o + n ° t i JSt a Granada 20Q0GL ^ Rekord has a nice solid 0-60 mph), the Rekord diesel German bomber over London 

• -.lutomatjc, which would relate fee i rbout it dTltSSufoa goes much farther on a gallon will know what I mean. 

■ Sortt rt f l0SI lfart 40 *!.?" the motorway at 70 mph or on of fuel. On a trip from Kent Diesels, and particularly the 

iSL the autobahn at up to 90-9S mph to Gloucestershire, cruising at Opel’s are at their best giving 

. I 0 ** without excessive engine or 65-70 mph on M4. it took 5.5 less than then 

_ . . . ... _ . « IL4 , u «l »»hii c »» — . their maximum power. 

|i aVe P ove ?, t v».“!Sl r wind noise. The fom>speed gallons of DERV at an exorbi- In snow, the Rekord was imp res- 
atest Granadas which, like the manua | gearbox is on a par with tant 90.5p a gallon to brim my'sive. The diesel's massive pizfl- 
jpefs, are aii-oerman products. th( , Cortina’s and I prefer it to tank at Membury service area ihg power at tow speeds in third 
■ Whereas the .Cortina and the Granada's; the .automatic after_208 miles— a consumption or top took me up hUls on which 
Granada are clearly close rqla- transmission shifts .. - Very °f 37.$ mpg. It pays never -to other cars had come to a wheel- 
lives, the Rekord is a distinc- smoothly. At full throttle, ft 511 U P on the motorway: later spinning stop, 
ive looking car and will Tire- holds low range to over ® mph the i same day I bought DERV . B 1iU1 

nimably remain so until an and middle to 70 mph. - ‘ at Brentford at 86p.- In central ■ ~ l , a 7 St . 1 ‘ ej D°y^ d drmng 
Anglo-German successor to the The non-powefed steering is London, tanker drivers’ work to y? C * p ~ 

Fazio: part poet, part genius 

THERE IS A GOLF course But how else can you get into rally in such a short time I made boar and her five offspring 

architect lurking deep in every the business but talk your way lots of mistakes, but I have been drinking from une of the dozen 

golfer I have ever met On most into it?" correcting ever since, and am or so beautiful lakes and ponds, 

occasions the alterations they Fazio succeeded in this nowhere near being satisfied and was considerably shocked 
would make to every course they objective in 1959. when he de- yet But when I built Butler when looking up to see a huge 
visit to make it so much better signed and built the first wo of National in Chicago in my own doe regarding my practice 
are in reality a means of escus* well over 100 courses— Atlantis time, not a blade or grass had swings with an air’ of amused 
ing to themselves the bad shots in Tuckertown, New Jersey, to be changed.” interest The buzzards rather 

they have just played. I am sure and Moselem Springs in Read- This restless, creative and i n the .trees in late sfiernmin. 

every single one of us has said ing, Pennsylvania, which he still immensely loveable character of t 0 view the hackers pas^n-i hy 
and heard Such criticisms as: regards as two of his best. His Sicilian extraction surrounds w jth more than a touch 3 of 

How much better this hole nephew Tom joined his uncle m himself with books on the great PVI1 ieiBm and alligators abou-ul 
would have been if that damn the business at the age of 24, painters like Leonardo da Vinci, , . . ‘ 

fool uchitett h»d put this is now 32. and is gradually Rembrandt. Goya and Michel- 

bunker on the left of the green taking the harden of travel angelo. maintaining that a golf s j.J 10 , .1' , ua - ' 

instead of to the right” The away from George before in- architect has to incorporate 1 ^ ff uaiil y of th ^ fo “ r 7 v * r 

fact that ‘the golfer in question he riling a booming business. such ‘ infinite variety into his threes as a group is only 
has just poshed a sloppy seven The older Fazio resolutely work. It is George's fondest ce3 * e “ * 3 - v at Harhnurtou u. 
iron shot into the sand is Tather insists on building all his own ambition to make his courses Perhaps the greatest prai-e one 

more than incidental. courses because, as he all so different that they will can bestow on Jupiter Hj!!s :s 

By far the most vociferous says bluntly: “ IF things go not be recognisable os the work t* 111 everyone I know loves the 

and outspoken critics of golf wrong there is no one of one man. But he is failing course more every nine they 

architects, however, are touring in this, if only because his p! a >’ it. despite its sometimes 

professionals. There has been courses are instantly identified diabolical difficulty. Yu* frutu 

many a time I have sat and for their excellence and the far back ehampion>hip tec*, 

listened as one by one they have GOLF subtlety. it is but G.55U yards i:i rr>iai 

tom the course they have just Jupiter Hills, ranked in the length. 

played to shreds and put it to- BEN WRIGHT top 20 courses in America, is a To Fazio's mind, golf holes 

gether again _ in their own way. work of art created by a man are often called great because 

If one ever bothered to tot- up mmmSSmSmmSBSmSSm wh ° is P art p° et and part artist of the views they offer and for 
the cost of such an exercise it , r „ „ on a bulldozer. Fazio took out wi n change holes rad.ealiv to 

certainly run into to blame but myself. He all the palm tTees, and has so n]3 ke the 'must .if such miunr- 

lu w,*. xiic uuu-uuwiuea bieeiiue u .y , ,-y lj j. . , 

• VstixhaU VX fit used to be pleasantly light on the-.move rule notwithstanding, it was SfiSs^Kf^ fn 6 ?? S 

: ,! ghtiy raised haunches make positive, the driving- 'position ■ *^ e Opel -diesel, is. not the a room ^ one-^-costs £675 
for extra space in the boot ideal and the powerful, simply quietest or smoothest of its kind- a cud, iwmy one costs £675 
■- -Opel, who reckon to sell over controlled heating/ventilation It • stmts from, cold with an more than tme normal estate de 
22.000 cars here this year com- system was a boon in the recent ex P^ os ^ ve rattle, but becomes -| Iux:e. Thai land of differential 
pared with 16,250 in 1977, see weeks of arctic weather.-- morc subdued when warmed up. Is enough to frighten off buyers 
the new Rekord competing with In' Germany, Rekord buyers Even in severe frost it fired up who would like the diesel's eco- 
>verything in the £4,000 to have a. choice of five, engines, inst^tly after a 20 second wait nomy hut have to watch Initial 
£7,000 executive car brackets including an economy 1.7- litre pre-heat the glow plugs and cost, 

ranging from the aged Vauxhall and a 2-litre with fuel injection 

VX to the new Rover 2300. The which boosts the - maximum 
pricing, though, shows that the speed to over 110 mph from the 
• rivals they are really out to normal 105 mph. Here, there 
; -r take sales from axe the Granada is just one petrol enginef-a 
, and, to a lesser extent, the 2-litre 100 hp, single carburetter 2-Iitre 
and V6 engined Cortinas. — or a 2,1 litre, 60 horsepower 

By now I most have driven diesel, carried over Item the 
well over 1,000 miles in various previous model. 



in that suit To discard a 
from an -original three-card 
ing would run the risk of res: 
ing West to one trick in th^teuit. 
Then there was West's opening 
lead of- the diamond Quegfi — this 
would imply that Westmid not 
bpld King, Queen, ten/br clubs, 
am -In that case -East proa ably" held 

zrnS3 ^. FOR TO-DAY'S hand I — . . v 

— indebted to Jean Besse, the great Queen and another ofcb. 
•'..‘iiJSwiss international. The contract Having formed / picture of 

reached hy South was, to say the West’s pattern 
optimistic, but hie handling heart, three d 
she dummy was masterly. Let clubs— the de 
is see what we can learn from Q oee n of be 
his interesting deal: 


• ar 


' \1 


- .*’? K 

I A J 6 5 

Q J 6 

II K 107 6 5 

N. ' - 

♦ K 8 4, 

<3 A 0 3. 

C> K 7 3; 

+ 9 8 4 3. -• 

' E. 

♦ 10 9 2 
VJ 7 5 2 
0 10 9 8 4 
+ Q 2 
S. ' 

♦ Q 7 3 

C? Q 10 8 6 4 
+ A 5 ,2 
+ A J 

spades, one 
r onds, and five 
t cashed his 
This hot only 
drew the ladt trump, hut it 
forced another discard from 
West. A w would allow the 
fourth deb in dummy io- be set 
up, a spade would enable South 
to lead, to King and duck a 
spade return, thus - establishing 
his Queen. West hod to part with 
a diamond. 

This would not cost a trick — 
East had shown good diamonds — 
but it. deprived West of- an exit 
card. Discarding dummy’s low 
diamond, the declarer crossed to 
the diamond King, and returned 
a dub, finessing the Knave. West 
won and returned a dub to the 
Queen and Ace, leaving this 

West dealt at love all and 
ipened the bidding with one 
Iub. When this was followed by 
wo passes, South protected with 
•ne heart, and North raised to 
wo hearts. Most Souths would 
iave been quite content to play 


n a part score contract, but our ♦ A J 5 

Jouth pressed on with, three 
jearts, and his paitn er raided t0 
■ "our. . . 

' West led the Queen of dia- 
1 nonds, on which East dropped 
."he ten, and the Ace won. The 
declarer led the four of hearts 
" o . the lab!?, and the. fall of 

Vest's Ki‘.: wns a welcome sight. 

inning w.Uh 'dtBmny’s Ace. be 
Icivirned the nine, which held 
hb" trick, and 

<3 — 

+ Ifi-T 


♦ K 8 4 


C- — 

+ 98: 


'♦ 10 9 2 
V — 

- .O. 9 8 

• : + — ’* 

' S. 

* Q 7 S 

V S . 

05 ' ' 

+ — 

The spade three from South 

__ . followed with forced. West to play low,, and the 

i irother heart,: which was won by King won- The nine df^fiubs was 
Lhe ten. On these two tricks West returned to the. tea, South throw. 
% iscarded first the five of dubs, ing his losing diamond, and now 
hen the five of spades. West could choose .whether to 

' Now South started to . do his give dummy : the e^ght of clubs 
lomework. West's club discard, or declarer the Queen of spades 
□dlcated almost certainly a five* for the tenth trick, 
ard suit— he surely would- not ' No one denies that South over- 
iave thrown a club from, a four- bid. No one denies that he was 
ard suit in view of -the four lucky, extremely lucky; to lose 
lubs on the. table. Again, the no trump trick. But-oo one can 
pade discard must mean that fail to admire his logical recon- 
Vcst marked with the Ace of struetipn of the West hand, and 
pades started with four cards his perfect technique and timing 



B-QB4- KN-B3; 6 N-N5, P-K3 

7 Q-K2 (threat 8 NxBP). N-N3 

8 B-Q3, P-KR3 (not QxP; 9 KN- 
JB3 followed by N-K5" and 
NxKBf*); 8 N5-B3, F-B4; 10 PxP 
QN-Q2; H N-K5. NxN; 12 QxN, 

(a psychological success for 
White; Black, standing 1-2 down 
in the match, avoids the simpli 
teenage fying Q-R4 cb and QxBP in 


world champion grew last month favour of a complex but" inferior 
when Mala Chiburdanidie, a 17- line); 13 Q-K2, NsP: 14 B-N5 ch 
year-old Tiflia schoolgirl, won by B-Q2; 15 BxB ch. QxB; iff N-B3. 
7i-6i in the final • eliminator B-Q3; 17 0-0. (HI; IS P-QN3. KR- 
against Aha Kushnir at Bad Qi; 19 B-N2. Q-B3; 20 QR-QL 
Kissingen. Q-K5; 21 QxQ, NxQ; 23 R-Q4, 

The current woman champion, P-B4? (weakening the K4 square 
Nona Gaprindasbvili. also from — after N-B3 White’s Q-side pawn 
Tiflia, has held the title since ^ajOTtty is probably not enough 
1862 for one of the longest reigns KR^i^ai 0 Si 23 

f ****** Last ^ at J^ig 24 Rxb!'nxR; 25 1® 
Lone Pme^ona. who has beaten RxP; 26 R-Q2, QR-B1 as good 
off several Kushnir Challenges, for Black), R-B3; 25 N-K5, R- 
defeated. three male grand- QR3; 26 P-B3, BxN; 27 R-Q8'cb, 
masters and achieved a male GM hsB; 28 RxR ch, K-B2; 29 BxB v - 

woman player ever.. KxP eh. K-N3; 32 R-K7 (White’s 

The remarkable - feature of only ‘error— 32 P-B51 is better) 
women’s 'chess is how many of R-R6; 33 P-B5! RXP; 34 P-B6, 
the top players are not just USSR ^"^8 $h: ^35 K-B2, R-QB8; 3f 
or ex-USSR nationals, but fB7, .PB5 ! (b^ chance) : ^37 

BeSide, , l ,” 0 ” a “ d M R-M N-m? 40 P^ 

M ala,, the last world title chal- fQ) ( rjq. 41 jifxP ch- 42 

ledger was a Georgian as is the K-B2, N-B5 gives much better 
next best girl player after Maia. drawing chances as does’ NxP; 
Ku&hnir’s origins are, exception- 40 R-QB8. R-B5); 40 B-K5, K-B2; 
ally; SEuacovite; she emigrated to ^3 . Ja 

Israel toe. years ago and -4»-KR4; 45 R-B6 ch,’ K-R2; 46 
marned toe prominent Israeli PxP> K . N1; 47 _ r :R6i R esigns _ 
bankerrMarcef Stein - Black cannot cope with both 

Against this* galaxy of talent,- passed pawns, 
the West has little chance, Eng- 

land won the silver medals at the 
last world team Championship at 
Haifa (East Europe boycotted the 
event' and the gold went to a 
team' ‘ of ’ 'ex-Russians, led by 
Kushnir,’ representing Israel) but 
women’s chess here is starved of 
funds: ’ 

Not- since 1971 have we been 
able to. stage a full-scale, nine- 
round international tournament; 
and^- oar two best girl players, 
Sheila-Jeckson and Susan Cald- 
w^L 'wfib won silver medals at 
H aifa . ' Lack the opportunities 
giveii'to their contemporaries in 
Eastern. Europe. 

Bobby . Fischer once said: “I 

























!, ■» 








9 mot) 

.. _ From a recent postal game, 

can. give knight odds to any White (to move) has .sacrificed 



The Accountant's Dream 

Get 100% tax relief on AH Payments. Consult the Specialists: 


f^T VWir BEST tearing cfeat from our range of Alfa Romeos 

Altered Cite 
Altered ITS. 
Altered Sprints 
Aftetta IBGTx 
Altette. GTV: 
AltettH Stroda: 
Snyder 2000s 

£ 68.54 per month 
£, 73L27 per month 
£ 94J55 per month 
£118.19 par month 
£137.09 per month 
£163.09 per month 
£137.09 per month 

Wa are Alfa Rorwo-fcWn Deatec butwm «iw»ly 
* mymaka ormodelywi :requn+ 

^iret Moaua, Ciii*«aRo«dL Anwatara, «t*ckt- 
Td: Aomshao (02403) ... 

woman." Fischer proved curi- a .pawn for a promising. attack, 
ously unwilling to- maintain bis 33 ^ ntw faces a familiar diffi 

■ *-- SLtAitt 

wanted to accept it on behalf j-egjjjj the pawn by l RxP- (b) 
of Nona, but the . image has play 1 N-Q6 ch to stop Black 
stuck. Few male chess players castling or .(c) play another 
will credit the possibility 1 of a move? 
ehesric -Km .Markus.,' 

Mala Cfciburdanidze could be 
the player to prove, them wrong. 

Given, her present- standard. 

PROBLEM .No. 206 
BUCK (tOroen) 

tional master, her youth, and 
the training she receives in the. 
USSlL-^sheJxas good chances to 
surpass even Nona's results and 
to -become -tile first -woman of 
genuine - mate grandmaster, 

■ As further evidence,. play over 
this week’s game with its fine 
grasp. of the strength of. rook 
and bishop against rook and 
knight on an open boart^-a type 
of finish sometimes known . as 
the Flscher-Karpov ending after 
their successes with -it 
White*' Maia Chiburdanidze 

.. _ . . White mates in two moves, 

(USSR)..'- - Black*. Alls. Kushnir a gainst; rany defence (by B. c 
(Iseadj.’f Opening: Caro-Kaan Ashford, - Stourbridge). 

Defence (4th match game 1978) 

1 rciw, . StiutlflBa Pan 2 

3 N-Q2, PxP; -4 N&P, N-Q2; 6 

would certainly run into to blame but 

millions of pounds or .dollars is currently building a second far planted some 20.000 more ianPa Mf n I* m i'r < 7nfi 1 ~ 

But would the course then be a course at Jupiter Hills, a trees or all shapes and colours, cnees But lii* uew 'mn-iS at 

better test of golf? Not neces- Florida phenomenon just north predominantly pines. The " ./ rti i -r ' 

sarily- of Palm Beach, in that the hills course now has an uncanny like- S ini 5 ! f f ^ 

George Fazio, with whom I are natural— not man-made— ness to tlie best you can find wL ! L ,V, . 
have been privileged to play “4 considerable in a state i„ Britain built on silver sand. 2?®™*- _ as * 1 

golf for the last week, is gen£ whose hundreds of golf courses rather like a superior version ° r American courses hi^, 
rally recognised as one of the lar 8elT flat as pancakes. 0 f Rosemount at Blairgowrie. fea ' urc ‘ wrrit?s uv, ' r H1 - d f p * 
three best golf architects in the Fazio was originally per- Not a single home is visible n< ;‘ ss , aIld Sl ' n !" P rac!lcaI ’>’ 
worid. And he freely admits suaded to view the area much from any vantage point either every ,n l '" c British manner, 

to' having been one of the against his better judgment hv on the course or from the dub- Suddenly, as we were talking, 

loudest critics of all. Fazio, a persistent real estate salesman house, and Fazio and his creat Fazio rusJic'd out of the club- 
now 64, was runner-up to Ben who took him miles out of his friend William Clay Ford had house and was gone. The next 
Hogan in the 1950 U.S. Open, way— he was heading for the to buy out their nine partners morning so had a group of tree < 
but did not turn his attention airport. Not only did George >n the project after a . bitter that had been blocking the tuo-.: 
to golf course design until much miss his flight; be was so en- battle to keep it that way. marvellous imaginable .-unset 
later. As he told me; “ I was chanted he stayed 14 days and The wild bird and animal life view of the dramatic 10th — yet 
such an ego maniac I honestly built the first Jupiter Hills in Adds to an atmosphere of utter another master stroke by a 
believed the job would be easy. 90 more. He told me: u Natn- peace. I came across a mother genius. 

Riches at the rainbow's end 

ONE OF the topics that create Career -earnings: Men — I, money growth. At the bottom The women, too. have moved 
unceasing interest and provokes Connors, $1387.974: 2, Nastase, there were 54 players with forward, albeit at a slower p.->ce 
endless, discussion in sporting $1,624556: 3, Laver, $I.540J)00, earnings of between $10,000 and cj n -p pi’.,,.,. Un . rf „.,_. e ' 

circles is «he earning power of approx.: 4, Rosewaff, $1.510287; 820,000. A further 113 players A 3 ' . ” p ° 

to-day’s top tennis players. 5. Vilas. $1,499,067; 6. Ashe, from 23 countries earned more ^ H ° ust ® n 

Since- open tennis began in $1,320,000 approx.: 7, Ramirez, than $20,000. Of these, 18 had , 0 - en eifif1t ^ pia>ed 

1968, the sport has evolved as $1,215,330; 8, Borg, $1,119^85: passed $100,000 and 11 had , °_ r p I lze „ mone :‘_ u , b 1 J, hcr t 

a major industry and the quest $» Smith, $1,118,658; 
for dollars — the universal eur- Or&ntes, 51,118^32. 
rency of the sport — occupies Women— 1, Evert, $1,529,738: 

toe total -attention of a growing 2, King, $980^03; 3. Wade, 
band of men and women who $784,911: 4, Casals, $696,444; 5, 
happen to be able to project Natratilova. 86I2J262; 6, Cawley, 
a fuzzy white bail across a net $610,000 approx.; 7, Stove, 
better than most.. . $508,195. 

In ten short - years,' the prize The growth has been startling 
money available in tennis has — almost indecent. In 1968 the 
outstripped the rewards from top four men earned a total of 
golf, motor racing or any other $252,181. Last year the 
any individual sporting pursuit equivalent quartet won from 

10, exceeded $200,000. The com- 

has been a steady growth of 

srwi ** 10 rr;fr?s, h, £ 

men were $4,069^45. a figure ^* e ' I s1 SLnis 

which ignores the lucrative supported for the past 

Team Tennis contracts and the l?’° seasons by the Avon 

Futures tour on a promotion/ 



relegation basis. 

In 1976 the top 10 women 
earned a total of $1,317,611 with 
five players breaking the 
S100.000 barrier. Last year 
nine players exceeded that 
figure and the income of the 
top 10 climbed to $2,162,366. 

The impetus for the Grand 

Except for toe world heavy- tournament play alone a total exhibition matches which are 

weight boxing champion, only of $1,990.795— this from a total an increasingly important source pn^Vas^rovided 'hv u£rid 
professional football and basket- pot of more than $10m. Not o/ revenue. d 

ball in America offer comoar- until 1970 did a player win more __ . . , , - . c hampionship Tennis,, the mdc- 

baJl in America offer comoar- until 1970 did a player _ ... . - - 

Se ?ewaxxte to its star per- than $200,000 in one seasnn chief souroc of income m pendent Dallas-based group 

fSmers. and even the when Rod Laver's $201,453, was ^ntis has been toe owned by Lamar Hunt and 

lormers. ana e-ven uiea me mainr hrpakthrnueh Grand Pm competition, a operated by ex-Bntish Davis 

depto of earning power cannot snort points-iinked circuit of tourna- Cup player Michael Davies, it 

match the staggering amounts SP znents with a bonus pool share- was WCT's 81m. tour in 1971 — 

cinreratly being banked by toe But in- 197a there were four out at the end of the year . !n a at ^ lime ln lhe 

top tennis players, several of men who exceeded $200,000 and ig70 the first such pool of established events — that 
whom have followed Rod a further nine who_ passed $150,000 carried a lop prize of prompted the International 
Layer’s 1971 entry into toe $100,000. The top 13 that year $35,000. By 1976 the pool had Federation to raise to SI. 5m. the 
select band of tennis million- netted S-.172.810. The follow- s^-Qjjeo considerably and toe prize-money for this Grand 
aires. The fallowing iKsts show ing year lOmen earned more top prize was $150,000. Last Prix circuit which had started 
there are now u men whose than $200,000 with six more yp ar Guillermo Vilas won a life the previous year u? an 
career earnings have exceeded exceeding $100,000 while their staggering $300,000 for heading experiment suggested by j.ick 
the magic million, and one tQtaI rose t0 the $1.45m. pool and this year Kramer. This year WCT has 

woman, America's Chris Evert. 53,o64,499.. the top prize will rise to prize money of $2.47in. and has 

Another six women have passed Last year’s figures illustrate $350,000 from a total fund of become part of the Grand Prix. 
the. $im. mark. the recent acceleration in prize $2m. The wheel has come full circle. 

The gladiolus and its family 

NO one visiting garden centres range of colours and types avail- spike each. So. if fairly widely own solution. muderatety 
or stores in which plants are able bur precisely what names spaced, say 20cm. (8 inches) successful, is to plant gladioli 

sold is likely to overlook toe those varieties will bear is diffi- apart in rows at least 45cm. (18 among low growing herbaceous 

fact that this is the time to cult to predict in advance, inches) apart, each plant will perennials and annuals which 

plant gladioli for their plump, Many of the cheaper retail out- do itself full justice. However, will clothe them at the base and 

russet coloured corrns are en- lets no longer even bother to even quite small conns, around mask their decline in beamy, 
ticingly displayed . everywhere, put names on the varieties but 35mm. In diameter, can give jj i s probably not the best way 
often with coloured illustrations sell them by colour and size, excellent flowers and may be t o produce high class gladioli 

to depict the gorgeously 
coloured flowers. Tet it would 
be easy to visit any number of 
such retail outlets. and remain 
totally unaware of the vast 
range of gladiolus varieties that 
could be available.-! say “could 
be" because each year it seems 
to get more difficulty buy more 
than a dozen or so varieties. 



quite adequate for garden de- for toe y do like plenty of food 
coration. an d moisture and the enmpeu- 

It is impossible to detect ti 0n 0 f other plants does thorn 
virus infection in the conns and no goad. It also makes it more 
the best protection against this difficult to stake and tie the 
is to purchase only from reliable spikes individually and that is 
sources. Other diseases, caused large and heavy ones 

by fungi, can be seen and conns rea jjy require, blit it saves time 
that have depressed brown or sj nce the gladioli find quite a 
blackish SP°^ or scabs should j ot 0 f ^eir own support grow- 

few of them those that one has Since M are t0 be good be rejected. If such corns turn £g “^“‘through the" rtems* of 

nSuterSbeautiSl 5 “ ^ ^does not really matted ifone «P *» 1™ V ™* 1 gladioli ii t is ^r^more branching cum- 
particularly oeautija. to buyillS r gladioli solely for gar- not nec«sary to destroy them Danion{ . If „ b t 

In a way it is the success of «,* unless they are verv severely 1 s ., “: ,J DUC 

■ _ h ^ den display or cutting but the unless they are very severely would noi suit mure 

toe gladiolus thathas brought ^ gladiolus enthusiasts and affected but before being j ^ d d 
this about They breed 90 easily exhibitors will wish to be more replanted they should be soaked 

and there has hem such a de- s^ective and so will buy their for ten minutes or so either in f n ^? t U t hat I toP? P Sladl0,! d ° 
msnr! for them that there has r r*... A.tMrinMa lorgei uiai mere 

mand for them that there has from the few mail order a captan fungicide prepared "blid sed cam* tJhi?h shnuin 
been gross overproduction of 5rms which still offer a good according to manufacturers Kited Sc the nort W 
new varieties many of them al- ^ # named varieties. instructions for spraying, or in JJg ,rted S on this i 

e a fr °welte? ^ ? ne buys ascension 1 of calomel made ff Cr oc£°^! 

varieties, wjni suen a welter gja^ob there are a few points by stirring 6 grammes of tins re iatjve of toe monthretia h»r 

up whh'it all Sd Sst t0 0bser ^ Wh f ,?i 0SinS ' ^ “n * ntrB 01 Water ‘ (1 “ PCr wilh more macular, orani^ 
to Keep up wnn in au ana rubost 0^. nrst of all there is no gallon). 

equaUy impossible to decide need t0 buy fJie Iarsesti ^ 

which' varieties are reailv the “““ Lu rr j *•*«-*». “f- If gladioli are required «em whicq arenes in such a 
best. In fact a pteteauof . ex- 2SS???SrS!!l? Primarily for cutting for home way that the open flowers look 

rpUonre was reached manv veafs Ud T or exhibition there is no prob* straight up at one. The leaves 

with more spectacular, orange- 
red flowers borne on a slendor 
required stem which arches in such a 

ceUence .was readied many years SSSSm mid 

is no prob* 

ago and it is unlikely that there ^^^1^ lem 33 ^ how t0 ^-shaped and 

wiU. be .any further major im- They should be in straight rows * handsome addi- 

. ■»---- nowers are aireaay ioipea in- . nTn . wV . m nnt 4^ tton to the garden and this is an 

provements at any. rate along somewhere not to w from Pg— »* 

conventional lines,- ing frwn ^ 0Q ^ house or lawn so that the plants ijL nifv 

Yet new varieties must be pro- lus conns are purely food been hybridised with l hS?h 

flowers cut without being 

duced even to say where one j* storage organs with growth ”7“^ raontbratias and that old, but 

because of the susceptibility of buds.. The very large ones, mar- 

the gladiolus to virus diseases keted as jumbo corns and » large enough to alJow for a paniculatus (it used to be called 
which do not kill but gradually 60mm. or more across, will have cirt flower border that is the ^tholyza paniculata or Aunt 
weaken plants until they are more growth buds and, given obvious place for them; if not a K liyj, by irreverent gardeners) 
no longer worth growing. The good cultivation, may produce row or two in the vegetable plot gr^ass gar( j en D]ant ' 
infection is passed on from geu- several flower spikes but, as may be right. are now appearinc from rhi- 

eratioai to generation in the they will be. crowded together, I find it much more of a prob- piece of intelligent breeding and 
corms but not in the seed so old they may not be of the greatest 1®“ to Khow what to do with i am iust planting Lucifer whiJw 
varieties, increased by the possible size or perfection. gladioli required primarily for is possibly the best to he 
na tur al multiplication, of conns. Medium size conns, 45 to tardea display for, although released to date and has flowers 

must in the end be replaced by 55mm. in diameter, . are likely a*® spectacular for a few that are much redder than thos“ 
new varieties raised from seed, to give one flower spike each ^ a F s » t bey get shabby as soon of C. masonorum. I doubt that 
Tbe effect of all tfcos is for and are probably the best buy as toe lower flowers commence it will yet be available in the 
retailers to accept from the big if one is looking for flower per- to fade. Of course one can make shops and garden centres but a 
commercial producers whatever fiction as they give the plant a a daily chore of removing them few specialist nurseries have 
varieties are growing. weB at- tbe strong start but are unlikely to but even so toe denuded spikes it including Bressingham 
time. There te always a good produce more than one Sower soon get to look scraggy. My Nurseries and Beth. Chatto. 


^ H 1 

Financial Times Saturday March 11 1978 



' ' "'H : 

I . «& 

* i i; ,'; V, :; . > ; |U ,, , 4 ,.;■ 

I i ', l 1 

WUlR tfgi ® 


' uu0u 

vVew York! New York! . 


THOSE OF us who love this 
city and want visiting friends 
and relations to like it often 
have a real problem. It first 
becomes apparent during the 
taxi ride in from Kennedy Air- 
port when the first bJush of 
excitement of arrival has passed 
and the visitor can be seen 
sureptiously cheeking the terms 
of the holiday insurance policy 
to make sure it covers in volun- 
tary immolation in a yellow cab. 
New York taxi drivers are in- 
fested with the rhythm of their 
city which beats hastily and 
with impatience. 

They have made many a pas- 
sengers wish he or she had 
stayed at home and the famous 
Manhattan skyline is often only 
a partial distraction for the jet 
lagged and now apparently 
death-defying traveller. Once 
threaded through the mid town 
tunnel and delivered onto the 
Island of Manhattan, the visi- 
tor's fragile spirits may vet sink 
at street level. One cannot be 
constantly bent over backwards 
marvelling at skyscrapers and 
so the eye level prospect is of 
a city centre both elegant and 
decaying with the balance 
tilted very definitely in the 
direction of the decaying. 

glamorous face-lift, there is 
nothing that can be done about 
this. New York must be 
accepted on its own terms, 
which are a set of massive con- 
tradictions: architectural splen- 
dour sits alongside drab and 
dilapidated eyesores, just as ex- 
tremes of wealth ami poverty 
coexist with some times uneasy 
tolerance. In order to squeeze 
ibe most enjoyment out of ibis 
extraordinary diversity, the visi- 
tor must leave behind at Ken- 
nedy Airport the rag-bag of pre- 
conception formed by a media 
for which New Yor kis the con- 
venient stereotype of Sodom 
and Gomorrah. It is a tough 
and, in parts, very violent city, 
but it is not the slaughterhouse 
of innocents which the film in- 
dustry would have us believe. 

: ; : 

First impressions, then, may 
not be anything like as positive 
as the initial glimpses of Lon- 
don or Paris. Since this bank- 
rupt city cannot afford a 

It is a city whose acquaint- 
ance is best made by walking, 
and all of the restaurants, 
museums, shops, art galleries, 
and architectural .'landmarks 
which the tourist is urged to see 
and visit can be safely reached 
on foot at most hours of the 
day and night. " 

But there is a violent assault 
in store for the visitor because 
his senses will be pounded by 
the kaleidoscope of delights 
which it offers. There are few 
countries in the world whose 
sons and daughters are not now 
numbered among the citizenry 
of New York and some of whose 

• ■: ' -fei 1 v -. v"-'& T 

New York-Pelting hot line 

cultural characteristics are not 
to be found somewhere in the 
city. The great American melt- 
ing pot has done a poor job in 
submerging origins, with the re- 
sult that New York is ah amal- 
gam of neighbourhoods whose 
identities may be predominantly 
Irish, Greek, Polish, Italian, 

Your Week-end £: Austria 21 X, Belgium 
UJSt. Franco 9-22. Italy U90, Graeco *7. 
SMln 050.75. Switzerland 3.7L U.S. 1.9125. 
Source: Thomas Cook. 

Chinese, Puerto Rican, Philip- 
pino or Indian. (This list is by 
no means exhaustive.) 

GastronomicaUy, New York 
has a bewildering variety and 
immense number of restaurants 
with which to tease the appetite. 
For most visitors the choice, 
not the price, will be the prob- 
lem. Hundreds of fast food 
emporia take care of the bottom 
end of the market by supplying 
the inevitable hamburger and 
its variants for from about 50 
cents upwards. A number of 
snack restaurants and coffee 
shops offer soup, pasta and 
cheese dishes for a little more 
while the price of a good 
restaurant meal may range from 
$7 to 540 a head. 

For a soup snack, Le Pota- 
gerie on Fifth Avenue at 47th 
Street is highly recommended, 
the Trattoria Siciliana on 
Second Avenue at 28th Street 
offers some of the best pasta 
in town. The Hunam on Second 
Avenue at '45th Street the best 
Szechuan cooking £ have dis- 
covered^ and Maxwell's Plum on 
First Avenue at 63rd Street 
offers exquisite and expensive 
($20 to 330 a head with wine) 
cooking in extravagant art deco 
surroundings. . 

Maxwell’s Plum is worth visit- 
ing for a drink, just to take in 
the look of the place and the 
look of the people at the bar 
looking at the place when they 

are not looking at each other; 
For Maxwell's Flam Hi also one 
of the many angles bars which 
proliferate on fhe East Side and- 
First and Third Avenues. . 

Between 50th and 90th Streets 
and First and Third Avenues 
though they have been unkindly 
referred to as “cattle markets 
for the unattached middle 
class.’* these bars have helped 
bring a vigour and appeal which 
makes this part of the city a 
very popular night life centre. 

New York caters no leas 
extravagantly for the enter 
needs of the modem man or 
women. The ethnic mix means 
that somebody somewhere is 
selling what you need, or did 
not think you needed.untU you 
saw it If you are In search 
of an attayef (a Syrian nut-filled 
pancake) it can be purchased 
in Brooklyn, ff you have love 
potions on your mind, there is 
a little place on Third Avenue, 
for Ukrainian blouses go to 
Seventh Avenue and to Chris- 
topher Street for a do-it-yourself 
harpsichord kit 

Inevitably, the viistor win be 
attracted to the great depart- 
ment stores, Maey’s, Gimbcli 
and Bloomingdales, to name but 
three. Many of these stores 
display goods in far more 
imaginative and lavish settings 
than are usually seen in Europe 
but they are extremely large 
and can occupy a great deal of 
the browser's time. Moreover, 
there is much more to shopping 
in New York than the big name 
stores and in many other parts 
of the city there are two prices 
for goods, the asking price and 
the price the shopper is willing 
to pay. Even some Fifth 
Avenue shops can be persuaded 
that your means are a little 
more modest than they may 
appear. But the real bargains’ 
are to be had in the more 
dilapidated areas of town — 
clothing, cameras and electrical 
goods should always be priced 
first in the dingy and decaying 
shops of the lower East Side 
between Xtelancey Street to the 
north and Canal Street to the 

Canal Street runs through 

Chinatown b just om of several areas in New York where on* of the immigrant groups his 
V- . hs personality on a Urge area of the ©tf 

the heart of Chinatown which 
stands at one extreme of the 
ethnocentriuty of New York’s 
populations. Once the battle- 
ground of wvriag tooen, New 
York's Chinatown has settled 
dawn to peaceful commercial- 
ism and is the home of about 
10.000 of the city’s 75,000 
Chinese. The area is coloarfuj. 
crowded and noisy and the wal- 
ing can be marvellous. - 
For chase bent on more 
spiritual pleasures, New York 
has a surfeit of excellent 
museums and art galleries. 
Naturally the visitor will follow 
his own particular tastes but 
if lime and energy are in limited 
supply priority should bo given 
to the Metropolitan Museum of 
Art the Museum of Natural His- 
tory, the Frick Collection, the 
Muteum of Modern 'Art and the 

New York Cultural Centre. Not 
forgetting that New York is an 
exhibit in itself, it can be seen 
to good effect from the tops 
of the Kiupire Stale Building 
and the World Trade Centre 
or more languidly from the deck 
of one of the cirdc line boats 
which offer a three hour cruise 
around Manhattan. 

Broadway and Times Square 
offer the best taste of the essen- 
tial vulgarity of New York and 
although there arc some film 
titles Ui at would never have 
made the Great White Way a 
few years ago. it Is a favourite 
area for New York families tak- 
ing an evening promenade in 
spring and summer. It is still 
also the home of the New York 
theatre where tickets are expen- 
sive by London standards and 
hard to obtain for many shows 

without booking - well :■ , 

If you an pinning to t 
New York m July and Aug 
bring plenty of light cloth ^ 
and as much tolerance as ! ^ 
can mutter of high temperatu 
and sopping humidity. Bring 
tolerance whenever you cof\ 
and extend -it to- the veatt 1 
beaten nerve-shredded N „ 
Yorker. Wherever you no he v 
be idling you to have a 
day or a Rood weekend huiV 
forehand he " may- have argi 
over his tip or have btudiou 
ignored you when you w«*\ 
waiting for service, .His it . 
affair with the city is suturt 
up in the Oft-repeated slatcm* - 
•'ll could only happen in N'* 

He's right and that is why 
is worth visiting.' 

. . . and how to get there 




hotel in h 

Newark” £ 



Ail are good value for money as costs continue to rise. The new 
197S Edition of "Let’s Halt Awhile in Great Britain" personally 

That's what visitors from abroad 
say about the Pierre. For the best of 
reasons. It's the one hotel graced 
with Old World touches. Sweeping 
murals. Elegant decor. Airy 
suites. Service that pampers. And 
architecture that meets the sky 
where Fifth Avenue joins the 
park. The Pierre. It's a rare 
beauty. And the world never 
has enough of that. For 
reservations and information. L® 
in the U .K., call London, { £, 
OI-567-3444, £2pSS 

/c Q - 

I- : " : i 
: ; P 

describes over 1.200 hotels. Here is a most rewarding gift and 
a mine of information for your holidays, honeymoon, mini-weekend 
breaks, or business conference. £3-75 from book stores or direct 
from the Author, 16 (D) Little London, Chichester, Sussex, plus 
66p postage in U.K. 


UPLANDS HOTEL. Mellow and moder- 
nised. cine principal draw is the cuisine 
and cellar knowledge of the resident 
owners. For ssscranomlcal ioy. bracing 
week-end or longer. Tel. 2420. 

SANDOWN. Isle of Wight 


Co. Durham 

LU SILKY CASTLE. IStn century CaSUc. 

excellent. 7 aeras of _b**uUhil grounds. 
Imaginative cuisine. fVty. baths. _ Htd. 
swimming noai. Dancing in season. Tennis 
court. Tel, 038-364 2007. . 

WHILE THE current Anglo-IT.S. 
discussions on the future levels 
of transatlantic air fares con- 
tinue in Washington, no one can 
say with certainty what price he 
well have to pay for a flight on 
a scheduled airliner between the 
U.K. and the U.S. this coming 
summer. The British want to 
see the status quo prevail until 
August, with no more cheap 
fares being introduced until the 
airlines themselves can tell more 
dearly just what effect they are 
having on their revenues — 
whether the plethora of cheap 
rates already introduced is likely 
to bankrupt them or not. The 
Americans, on the other hand, 
want to see many more cheap 
rates introduced— and soon, 
from April 1. 

In the meantime, therefore, 
prices for the summer months 
are something of a guessing 
game, for airlines and travellers 
alike. The most likely situation, 
subject to whatever emerges 
from Washington, is that exist- 
ing fares will stay, perhaps 
varied slightly, with the outside 
chance that some more cheap 
rates will be introduced. 

In between, there is a vast 
mass of fares, varying according 
to the time of year in which the 
journey is made, the length .ff 
stay in the country visited, and 
The type of flight undertaken. 
For example.* to vie with .lh<» 
Laker Sky-train, the <r« 
scheduled airlines with services 
between London and- New York 
(British Airways. Pan American, 
Trans World Airlines, Air-Indb, 
Iren Air and El A1 ot Israel) 
all offer Stand-By rales of £64 
single from London, and £35 
single from New York a rnund- 
trip equivalent rate of £149. 
Stand-By tickets mean what they 
say — they are only available 
from 4 a.m. on the morning of 
departure, if there are seats left 
unsold that would otherwise go 
empty. The passenger takes his 
chance, with no reservations 

Nr. STROUD, Glos. 

All badrtWfiu with private ban. radio and 
Tv. Gourmet restaurant. ElaabOtRin 
Banquets Mid most eranlitgi in the Baron's 
Hall. Tel. Cluster- le- Street 88 5 326. 

AMKRLEV INN. Strongly rW- for week- 
ends and annual holidays- Gojt.ajd. riding 
ad ml lung. Around, cream ol the Cotawold* 

ad mining. Around, cream ot dw Cotawold* 
countryside. Within, generous lore aw 
companionable ban. TeJ- Ambeney 2565. 
■ STD 045-387). 


f-pThTr" , 

Henri SUnassero 
Vier Pmidmt 
£t General Aianegrr 

[ BULLION, S. Cornwall 

POLUIUttAN HOTEL*— Happy, inioemil. 
hne cuUIM. IrienaJy service. 12 Acres 
secluded. Own sandy cove. Htd oool. 

5 antis. Putting. Nr. IB -note golf conns. 
Ilff walks. Dancing. Tel. 240421. 

PORTSCATHO, S. Cornwall 

in 3 acres of beautiful gardens above sale 
sandy private beach. Noted lor cotsine. 
90*o rooms with bath-shower. Full C.H. 
Ideal for early or late holidays. Tel- ZDS. 

TRE5CO, Isles of SciHy 

ISLAND HOTEL. • Runncr-dp 10 " M0 5 
Peaceful Hotel In Britain " category lb 
AAJ 1978 Guide- Tbrae Stars JM 
Rosette. Superb lood and frtewW njme- 

sphore on one ot tin world * Kw’l 1 *?. 1 
islands. Re-opens 1st Mara® when TVusea 
is ablaze with daffodils- One ot Britain * 
Prestige Hotel* TNeehone Sclllonl* 
*07204) 883. 

NEW YORK, N.Y. 10021 M 

ST. DAVID'S, Dyfed 

super views. Sale, sandy beaches. Golf 
course adlacont. New htd. outdoor pool. 

; WESTONBIRT.Nr.Tetimiy.Gloa, 

Member Prelerrcd HUebAraoiiiNi Hotels 

sauna- and launderette. Comfortable, warm 
bedrooms. 2 clietoo annexes overlooking 
Bay. Tel. 403. 

hare * hounds. Adloibt Arboretum on 
tlws A 433. On business orhglM»v 'Orwmn 

Sr Gem cSnSiett Cotoraw tvlltor. 

Write or tel. Weuonbtrt 233. 

So, as a guide only, it can be 
said that travel across the North 
Atlantic this summer will range 
all the way from the most 
expensive, which is Concorde at 
first-class plus 20 per cent, (or 
£431 single, £862 return, London- 
New York), through first-class at 
£336.50 single or £713 return, 
down to the cheapest scheduled 
rate, which is Laker's Skytrain 
at £39 single from London, and 
S13S (about £69 single) from 
New York, a round-trip equiva- 
lent Of £128. 

Along with Stand-By, and at 
the same rates, are the Budget- 
Plan offers by these airlines. 
Under this scheme, the 
passenger gives the airline at 
least 21 days' advance notice of 
the week in which he wants to 
fly, and the airline gives him at 
least ten days’ notice of the 
flight to which he has been 
allocated. It means a guaranteed 
seat, at the same price, without 
the uncertainty’ of Stand-By. 

Similarly, there are the 
Advanced Purchase Excursion 
(APEX) fares (14-45 days), oE 
£153 return from London, 
whereby the passenger books 
and pays 30 days in advance, 
getting a guaranteed scat there 
and back. Going up in price 
from this are the Economy Class 
Excursion rates, varying accord- 

ing to whether the passenger 
bu.v« a i4-2t days' duration 
ticket (he stays nut less than 14 
days and not more than 21 in the 
U.S.) or a 22-43 day*’ ticket. The 
former costs £293.50 return, 
from .London, and the Jailer 
£254. in addition to these there 
are Youth Fares. Immigrant 
Faros. Group Inclusive Tour and 
Incentive Group Fares at rates 
which offer travel at varying 
ratt\ but which tend to eater 
for specialist groups or 
minorities. By far the majority 
of th<‘ scheduled Atlantic 
traveller* of to-day move under 
the Economy Excursion tickets 
or APEX rates or the new cheap 
Skytrain and Stand-By fares. 

Outside the scheduled airline 
market, there are the various 
charter operators, of whom 
among the biggest is Jelsave, 
offering again a variety of rates 
for Advance-Booking Charters 
according to season and destina- 
tion in the U.S., ranging upwards 
from about £126 return. It Is 
Impossible to give here ail these 
variations, and the would-be 
traveller is advised to get the 
-Jetsave or other operators’ 
brochures and fares lists. 

• Indeed, the best advice any 
would-be traveller ca’n get is to’ 
“ shop around ” for his flight, if 
he has time to do so and can 
make the necessary 30 days’ 
advance booking that is 
generally required for things 
like APEX and Advance Book- 
ing Charters! 

If be doesn’t have time, he 
can take his chance on Skytrain,. 
seeking a - seat through the 
Laker office at Victoria Station, 
or at Gatwick Airport, or if 

ho fails there,' moving- on 

British Airways, Pan Anirric; 

and TWA's London offices f> 

a Stand-By ticket— or vice vers 

Although these airlines -are » 

allowed under the rules to-ta) 

telephone re^rvalionsfor — — ' 

tickets, they are permitted 

tell telephone callers wheth 

or hot .there are Standi 

tickets available after 4 a.m. « 

the day of departure,- so ihlrP If 

a would-be passenger can dr* * 

cover whether or not it is wor. 

the journey to the town tick- 

office or not. It is up to tl 

individual airline Whether 

goes this far to be helpful : 

would-be Stand-By passOngers- 

some do. some don’t, and t> 

attitude seems to vary! from dr 

to day. But it is always wort 

trying the telephone call. 

Another good piece of advu' 
is to ascertain well bcfoi 
departure from New .York ju 
what getting . a Stand-By r 
Skytrain ticket entails, so as r 
avoid last-minute panics. ; 1 
New York, for example. Lake 
Airways* Skytrain office is oi 
in Queen's add' not at Kenned 
Airport, and a woold-be pa 
senger who tries to get,* sa; 
a British Airways’ or Pwr Ai 
Stand-By, and fads, has a tie 
to Laker’s office. The tickei 
may be cheap, but the jtfie 
ensure that the passenger ha 
to work for his bargain. 

This week's announcement a 
a. proposed , new British' .Calc 
doaian package* including a. 
ultra-cheap £60 41 Etevehtl 

Hour ** fare to Los Angeie&'cac. 
not- yet be obtained — it wiU no " 
be available until August J„ 2ui» 
only, then if the ILK. and U.E. 
Governments agree, ? 



Reserves ana National Tract properties 




In luxurious barefoot 
informality. Small inti- 
mate Executive Family 
Vrfls Resort (villi 
sleeps 4) on one of 

■t t*n U me ol year, poraoealh- eon-, 
ducted bv commander Angus fircklne. 

the Carribbean's finest 
white beaches, wldr perfect summer 
w tutor cooled by the Trade Winds. 

Ma* 27 to June 11. £433 Ine. Write 
14 InvorUHtn PUce. Edintaurgb. 
LAUGHING CRETAN VfUa hoU. in Crate. 
£1D ol» AprH 7 4pb ’A dream P '" 
Inc; town of legendary Athens a tree 
babysitting session. 142. Meet btreeu 
. London. E.C.4. 01-353 0133. 

TEA IN MINI CHESTS — -New wavom. 
choicest Golden Broken Orange Woe 
with, aid style lLavaur and quality. 

ANCIENT MARINERS now sending out 

distress signals are earad tor for us. 
Please . jc know led a* with » u I ft to: 

eereurr. . D- . J= uroty. 


(2 2 ibl mini chests at £6.90 each 

General Secretary-. 

Vintage and. WHITT ARDS or Chrlsoa. | 
111. Fulham -Road; London SW5 6RB. j.p.. Rflykl Alfnd Swftrera 

Society, " wotm Aeros.” Woqdman- 
sterne Lane, Banstoad- Surrey SM7 3HB. | 

viUii from £28 day (lor 4). Direct 
London flights. Airmail: For details 

London Sighs. Airmail: For details 
Bax SIM, Sc. John's, Antigua 
West Indies 

■ or Telex 138 johnanjo AK 





swrnentLAMn. arosa- HoM Valsaiia. 

1st Class, innoar swimming pool. Offers 
the security for skiing until the end Of 

OLLS-ROYCC and Bentley*, required. 
Age. mileage, condition Immaterial, 
unlimited cosh avail. Travel anywhere 



CH-1820 Montmo, SWicwrlind (Faundotl- 187-4) 

Co Education*! International Boarding and Day School 
Elementary, junior and High School 
University Prep. Oxford G.C.E., O and A level i 
College Boards AP/CLEP f ACT 
EFL { Cambridge/TOEFL) 

French. German. Spanish 
Summer Holiday language eourses june-Augurt 
For brochures writ* to the Headmaster 
Monte Rosa inti. School CH-18Z0 Montreux 

NO. 9 of 197b 

ChuiccrT Division Liverpool District 
Roelsirr Groan "A". In ihr Uaittr of 
LIMITED sad In Uic Manor of The 
Comocmrs act. IMS. 

Pori non fmr the vindtmi up of Ibr aiwvi- 
[ named Company by (tie High. Court at 
Justice nr as on I hr 2nd day of March 
1975. aresrnin] to the Court by For- 
I Registered Olflce is miuam ai Waterloo 
Roart. Wldnes Id >hi* County of Cheshire, 
and ilia i tbe said Petltioa Is directed W be 
; heard be I ore the Conn sitiins a| St. 
' Goiirws Hall, Wllriam Brown Srreei, 
i Liverpool -1 in rbr Mi-inwolitan Coamr 
I of Merwnldr, on ibe 22nd day of Wafeh 
I I9TS. and anv creditor or comr.bnibry 
| or the said Company dcslrws to supoan 
< or oppose ihe nuking of an Order on 
•ihc said Petition may appear »i. trie 

01-578 2517 or 01- 





[I Time at bearins In jwrsbn or to bis 



“ The Total Approach” to French 


(klaxc 4-week 

nek all-day Immartlon cocrae itarti Martii 28. Aoril 26 and «N /nr. | 
AB asm. All level*. and 2 nmls Iwtiuded, 

iMsrmir de fkancais — Ftc-n - xa An. can. tacitre. I 

— Yi U efrm>S*-»ur-Mar— Tal I (U) 80.86.61 - 

Counsel for Ibal pnrpoae: and a copy 
of the Petition vlli be lumtshed by trio 
mHltnugned to any creditor or win tribu- 
tary ol U» said Company rcqnlrtvs such 
copy on poyttioo; of tbs resumed chance 
for the game. 


Trident Roost.'. 

31. 33 Gale Stive t. 

Lirerpool L3 SNS. 

Solicitors for the PetH loner. 

NOTE.— Aw person who intends »o 
appear on ihe beanna of the said Peudon 
most sene on or send by post to ihe 
above-named, notice in wrlfirifl Of his 
inlrntim so lo do. The notice mnsi state 
the twine and address of trie person, or. 
if a Ann. the name and address of the 
firm, and most be st&end by trie person, 
or firm, or Iris or their SoHdiors flf any) 
and most be served, or If posted, must 
be sent by post in sufficient time m 
reach the above-named n»! later than 
itHtr o’clock m the. afternoon «f trie 
Mol day of March Ufa. 

- . Grit ola 

Per Column 
hoc cm, 
t £ 

Commercial a industrial- . • , tlM 
Property 4^0 W-W 

Rctidentlal Property *2-W 8.W 

Appotnonenit WO 1WB 

Business & investment 
Opportunities, corporation 
Loans. Production 
Capacity. Businesses • 

For Saln.’Wariied 3J3 1AM 

Edncailon. Motors 
Contracts * Trnderr, ' 

I Pergonal, Oardenln* 6-3 

flotel* and Travel f-W MM 

Booh PubUsboni ‘M 

Premium nasi Mom 
(HfoUnam atza 08 cohflWR t snj 
ELS9 per tingle ctiamo 
For further dcUite ttrite to: 
Classified Advertisement 
Bfawigw. ; 

I Financial Tiffl&L, 

r 10, Ctnnon . Street, 4BY 

4.» 13J» 

- 7.09 

DURING THE close season for 
trout fishing a furious argument 
has developed in fhe angling 
Press as to the ethics of dry 
fly as against nymph fishing 
for treat on chalk streams. On 
most of these nymphs are for- 
bidden until well into the 
summer when the trout hare 
got tired of rising to surface 
fly, and are allegedly taking the 
unhatched nymphs below the 

The reason for the prohibi- 
tion of nymph fishing is simply 
that in general the method 
catches more fish, and the purist 
dry fly fishermen abhors any 
method which makes things too 
easy. After all, in his view the 
real skill lies in presenting an 
imitation insect on the snr- 
I face, in such a way that a 
choosey fish will he deceived. 
Hie rule about dry fly, also 
suits fishery owners, because if 
fewer fish are caught expen- 
sive re-stocking can be reduced. 

The question of skill is argu- 
able. Some nymph fishermen 
! maintain that - nymphing in a 
shallow stream takes an enor- 
mous amount of skill. Even 
with Polaroid glasses, absolutely 
essential for nymphing, spot- 
ting the movement of the fish 
towards the nymph is very diffi- 
cult If the strike is to be suc- 
cessful there has to be absolute 
co-ordination of hand and eye. 

The finest nymph fisherman 
I hare ever seen i s Frank 
Sawyer on the Avon who can 
take fish with a nymph out of. 
the mast unpromising situations, 
or at least where other people 
fail. But I think his skill Is 
not so much in handling the 
stoike, but in knowing where 
the fish are lying and present- 
ing the nymph at the proper 
depth. I doubt if human reflexes 
are as swift as those of the fish,. 

add they are either on or off the 
hook in the fraction of a second. 
In other words they hook them- 
selves. I believe tbaf Sawyer’s 
skill is an instinctive manipula- 
tion or rod and line which moves 
the nymph into the right place. 
• But Frank Sawyer apart, the 
nymph addicts’ claim is some- 
what spurious. There are skilled 
operators, but in general I don’t 
think the skills approach those 
of. dry fly fishing, and for these 

reasons. Some nymphs are mad> 
in the image, or at least th* 
outline of a hatching fly. 'juSw 
starting its journey to the 
face. But others are just hook ~ - 
with a thickening of dressing / . 
or even look remarkably like :f 
fish pellet, or a small piece o ./■ 
red meat exuded from a mincer " ■ 

Now it thing to attgpp' 
to steer a passable inf 
the real thing, the nyn 
to a fish which is ob 
feeding just below the surface 
But it is quite another to drof 
some' of the so called nyhtob? 
on the market into almost e«r> 
run or pool oh the river, in' the . 
hopes that it will tempt a bot- 
Tom feeding fish into commit- ■ 
ting suicide. 

-Ethically and in every other 
way, I support the dry fly.jqan. 
But that may, of course, he -be- 
cause X am not a poiid ; or 
enthusiastic nympher. and ara 
happy ti> go lo the pub. ar'ajeep - 
on tiie bonk whan nothing' to- 
rising. Most fisheries thaV-oy^ 0 
the distinction. Insist on fly 
only until July or even August, 
and then Insist, that iho nymph 
must be cast upstream. ,’ J 7 

This means that the nymph 
is presented more or less nature 
aJJy to the fish. If ii is cast .down 
or across Rtroam iv would prob- 
ably behave like a vet .fly.-, 
which to the fish Is much more 
like « tiny fish .flashing "in 'the 
current as its course is. checked . 
by ihe line. And wet flies of 
course bre _ anathema to the 
purist. But -even with complete 
upstream -casting. I believe -the 
euhsequeirt behaviour of. the . 
nymph is more wet fly like thaa 
natural. -. « 


^Financial Times Saturday Mare h 11 1975 



by Lucia van der Post 

faster Parade 

1"^ *™*-™*e lace-edged hankie 
rhar^TtSS hand-painted eggs, would make a 

T *5? l?tp ^? leee on Easter morning: This version, 
from Browns Living, is very expensive — the basket: is £ 3 . th* 

OT a the e eS« i t ,e b £ ? c ? < Dd th V S8s axT ^ each— but the* parting 
hankie. ^ ^ “ ( I«isite— and yon don’t have to have anutJque 

their paper mobiles — this one 
of small birds ■ sitting on tbeir 
perches is. in a fresh j yellow 
and green colour combination 
and is £2.20 (p+p from'Barvey 
Nichols 20p). 

P 6 ”* 0 who can't be let too 
near much chocolate— I seem usable to resist 
it— and so the sort of Easter ideas that I LUte 
oest are those op . an Easter- theme but 
unconnected with chocolate. Apart from any- 
thing else, if somebody goes to the trouble 
of giving me a present I rather like to have 
something that lasts. However, chocolate is 
ine Easter present, and every year confec- 
tioners seem to come up with more exotic 
variations on an Easter theme. 

Personally, I think that though good choco- 
late is, on the whole, wasted on children, oniv 
good chocolate- will do for adults. Once one 
has tasted really fine chocolate, the pallid 
imitations that most of the largest manufao 
turers go, in for never really taste the same 
Most readers must have a good confectioner 
somewhere within reach and most of them 
have eggshaped offerings at Easter. 

However: should you be one of those who 
does not have access to good chocolate, several 
London, shops run mail order departments and 
the^only difficulty is explaining exactly what 
you’d like without being able to peruse the 
full selection. 

Jacksons of Piccadilly have produced a 
nicely-illustrated leaflet . which lists some of 
their Easter suggestions and makes selection 
very easy. Though they have' naturally chosen 
To illustrate their most unusual items* and not 
all. of these by any meins are of chocolate, 
they do sell plain and filled chocolate Easter 
eggs as well. The list is particularly useful 
because all prices and postage and packing are 
clearly marked. Send a s.a.e. to Shirley 
Graham-Ellis. 12. Dagmar Terrace. Islington. 
London, N.l. and the leaflet will be sent to 
you. Some suggestions are featured below. 

Londoners may' have noticed a fairly new 
small chain oF four very nice confectionery 
shops called Merrypaul. The shops are to be 
found at 59. Fleet Street (the largest, so there 
are also small gifts, Crabtree and Evelyn soaps 
and cosmetics as well as Charboonel et Walker 
chocolates): 10, Victoria Arcade, Victoria 
Street, London. S.W.l: Sloane Square Station; 
and the booking hall ' of Leicester Square 
Station. However, for out of town readers 
Merrypaul will send by mail any of their 
specialities and those of you who have a sweet 
tooth should make a point of visiting one of 
the actual shops when next in London. 

Paperchase (branches at 
Harvey Nichols of Knights- 
bridge, London SW1 and 167 
Fulham Road and 216 Totten- 
ham Court Road) also have 
some enchanting, non-edible 
ideas for Easter, many of them 
inexpensive enough to be 
treated as impulse buys, a way 
to' brighten, the Easter morning 
table. Particularly nice are 

Photograph* tw Terra mrk 

For these who would like 
something non-fattening ■- for 
Easter which will also go. on 
being useful long after Easter 
has been- forgotten— this is a 
porcelain egg warmer which 
obviously also doubles as stip. 
eggeup. Attractively • decor- . 
ated In bright colours It is 
£420 (p+p 36p) from Jacksons 
of Piccadilly. 

Merrypaul shops stock something like 30 
different sorts of chocolate— it's all displayed 
in 100-g. bags and they find the ones that go 
down best are rum truffle, nutty truffle, coco- 
not macaroon and milk chocolate caramels. 
Then there are six different varieties of home- 
made fudge, all freshly ■ delivered each week 
(40p per 7-oz bag).' There are 24 varieties of 
old-fashioned stick candies imported from 
America, speciality sweets from the rest of 
the world as well (like the Vosgienne Fruit 
sweets from France: and Sesame Snaps from 

A few Merrypaul ideas are sketched here 
but readers might like to' know of some others 
—they sell a bag of chocolate eggs filled vrith 
a wonderful selection of fillings (truffles, 
pralines, marzipan, fruit creams- and cracknel) 
from one of the finest German manufacturers 
for £1.85 (p + p 45p). The chocolates are 
exquisitely delicious. ' - 

They sell packs .of four Easier figures 
made from fine almond marzipan for £1.52 
(P + P 35p) and there’s a pure almond 
marzipan and pineapple egg for those who like 
marzipan and normally find it used only in 
small quantities <95p plus Sap p + p). 

Finally, for those who are interested in 
the whole idea of Easter and Easter eggs, I 
can recommend two books — one is large and 
beautifully illustrated and costs £6, the other 
is smaller, equally charming but in a more 
homely way and costs 45p. 

The larger, more expensive is by Victor 
Houart and is called Easter Eggs: A Collec- 
tor’s Guide. Not only are the illustrations 
lovely (for those who are gifted with their 
pens, there is plenty ini it to inspire them to 
do a little decorating of their own) but he 
traces the development of the whole spectrum 
of eggs at Easter from the elaborate, jewel- 
encrusted Faberge versions to the humble 
vegetable-dyed ones made by villagers all over 
Europe. Published by Souvenir Press the hoot 
comes out on March - 36. ’ 

The Little Brown Egg Book is a small 
and simple collection of egg ideas and informs- 
non. with only a tiny section on the decorating 
aspect— otherwise there are factuai descrip- 
tions, recipe ideas ranging from the obvious 
like omelettes and .souffles through to the not- 
so-obvions like egg-nogs and flips. 45p (p+p 
15p) at Liberty’s of Regent Street, London, Wl 

Browns Living at 27 South Motion Street, London Wt have a 
delectable selection of present id r as— but be u-arm-d, though 
almost everything is unique, it is an expensive shop. Manv of 
their ideas, however, are highly copyablc for those w ho ‘are 
clever with their fingers. 

This rabbit, called the sewing bunny, is a lot el v Easter 
present for somebody who loves to sew, as he’s dressed with a 
pincushion, needles, tape-measure, scissors, coloured thread and 
need e, all easily to hand. The rabbit itself, or course, would 
(Sfp+p)* C0d<Uy toy— * c ’ s abo,lt 18 inches high. £16.50 

Many readers are alrvadv 
collectors of Halcyon Day* 
Easter eggs and if they 
haven’t already bought the 

197S version here it is. Un- 
fortunately I can't convey the 
soft green and pink cherry 
flowers and leaves or the 
gentle colouring of the birds. 
This is the sixth enamelled 
Easier Egg produced in a 
limited edition by Halcyon 
Boys of 14 Brook Mrect. linn- 
over Square. London, WlY 

For those who want lo start 
culler! ing now it is interesting 
to know that collector-, with in- 
romplete collection* have 
shown themselves willing to 
part with large sums just to flit 
in a gap— an Anu-ricui re- 
cently paid 300 dollar , lor the 
one egg he'd missed nut on be- 
fore. Halcyon Days doesn’t re- 
sell the eggs (hemseiies .but 
because of the demand for 
hack numbers (production of 
each limited edition is stopped 
at a given date— this year’s 
will cease on April So) they’ve 
started a collectors* register to 
pul people ,n touch vim each 
other. JUTS’* egg wa* £9.50 
direct from Haley on Days, 
IfVTH's version in £16.30. has a 
diameter of i; inches i-ui ran 
he bought by post for 40p 

Walnut wooden nest filled 
with liquid centred sugar eggs, 
with a little edible sugar 
chicken and a decorative but 
inedible yellow fluffy chicken 
on the side. £1.60 (35p p+p) 
from Merrypaul, 59, Fleet 
Street, London, E.C.4. 

I hardly ever see salt and 
pepper sets that I actually 
like but this pair of egg-shaped 
ones by Porcelaine de Paris Is. 
charming. Salt has a small red 
flower, pepper a delicate 
yellow one. £5.75 the pair 
(50p p+p) from Liberty's of 
Regent Street, London, WJL 

Carried Away/ gliS 


I DON'T think this year's Ideal T haven’t enough spice this 
Home Show, the Daily Mail's iceek to go into grmt detail 
annual domestic -bonanza at about the offerings at the Ideal 
Olympia, is the greatest ever in Home show but lJurpe to be 
that it seems singularly short able to give more jfaace to them 
of new ideas. However, it is next week. In /the meantime 
one of the prettiest and best here is one of l|te neatest ideas 
laid out and the large conserve- on display— iff not a large or 
tory that forms part of the main expensive iteth but it is nicely 
hall decorations is a joy to look designed, is/perfect for its par- 
ol. . ' pose and is the . kind of design 

If you’re thinking of going that alipost every household 
along I think some of the best ^eeds at some time or another, 
staitds to look out for are the j found it on Perrings stand. 

Solid Fuel Stand (more about avid. it’s that eoemseful item— 
that next week) and certainly the extra chair (photographed 
if you’re trying to buy a coofeer right)* 

both the Electricity-Council and Ma(fe iri ' Italy, it has a 

chrome frame and sling 


To keep a child's egg warm 
what could he nicer than this 
memento of the Jubilee— a 
soft, colourful relt Beefeater 
egg-cosy SOp (35p p + p) from 
Liberty’s of Regent Street, 
London WJL 


. . .y i ■ ■ . T ■ , 

l V v.V ym 

,r v : ?&.?.■& 

Both Jacksons of Piccadilly 
and Merrypaul shops (ad- 
dresses in introduction, write 
to any branch) sell this charm- 
ing little Easter Basket filled 
with little chocolate shapes. 
£2.50 (p+p Slip). 

-V- f '■ 

The old-fashioned, comforting way to present eggs on Easter 
ln * Tana Iawn ' u J npd basket, each fat brown 
egg in its own little compartment and keep them warm with the 
soft quilted cover. The basket Is £10 tp+p 50p) from Liberty's 
of Regent Street, London Wl. * 

A pretty hand-painted double 
eggeup in a soft pink and 
while £1.25 (SOp p— p) from 
Liberty’s of Regent Street, 
London TV1. 

a •• 

the Gas Council stands show all 
the latest developments, making 

it sull the easiest way to ***- cJJlo ured* canvas. It folds up 

<md easily (into a «« 

[■ r •; • ' -y * ':l 


- • r . v- •- •. 

r* ICJKyg 

V ; ' ■VtSsffi 

style seat made from natural - *j 

advanced technology. 

■Jf bathrooms are next on pour 
list for renovation there is a 

measuring 24 inches by 34 
inches by 6 inches) and so it 

small but compact bathroom 

stand on which 1 thought much JJJcot Jt “ ra 

the most interesting new designs 
were Ideal-Standard’s Michel- 

The chairs are available how 

angelo range — the shapes are from all branches of Perrings 
much less rounded than we. throughout London, the Home 
have become used to and this Counties, the South Coast and 
gives them a most interesting the Midlands. You can buy it 
compact look and, for extra direct from their shops for 
effect, they are shown in the £17.00 or they will deliver it 
stunning Penthouse red colour, for £18.95. 

for only £69.50. 

This is one of the smartest 
deals you’ll ever make. 

MARCH' can be a cosy monf^ proviaeid, as my family says, you 
have plenty of padding: warm clothes, log fires, hot water 
bottles and all those comforting freds beginning with “ p 
pulses, pasta, pastry, potatoes and port , 


- ■ _ Braised chlcoiy:-’ 

Pork with prunes and croutons, a few. new potatoes 
Fresh lemon mdu&e . 

Oeufs en cocotte % la crtme 
Chinesepork andeadibage 
potato , p ur^e ( indnde a llttie qeleriac if possible) 
Zabaglione i " 

BAGE is certainly not a grand 
dish but It Is very comforting. It 
uses pork, onions, garlic and 
thyme (a combination which 
always seems particularly good 
lo me) and that delicious but 
still relatively little known vege- 
table called Chinese cabbage or 
Chinese leaves. 

The flavour is subtle so it 
needs to be preceded by a 
delicate tasting disfr— I ruined 
things the other night by serv- 
ing a pungent pStd first. For 
four people, coarsely mince 1 lb.' 

(boned 'and rinded weight) lean . ■ '_ ^ ■■■ » i mi 

belly of pork. J lb. streaky ( - 

bacon, an onion and 3 large other economic and unpreten- by replacing some of the flour 

gariic doves, 'then cook the tions dishes. based on the provi- ^^firesh-hrown breadcrumbs) : 
mixture m a little butter and dent pig which I like to include curly kale— one of 

ohve oil until lightly coloured. in my menus in' March are the. Jew' vegetables robust 
Season very generously with poor MAN’S CASSOULET— I enough to have survived recent 
salt, pepper, dried thyme ana ^ oat a pigeon or two with weather - unscathed — this last 
fresh chopped parsley, j ots ^ j^lly of pork and. spicy dish makes a good choice for 

Shred and steam 2 lb. chorizo sausages— (readers may Sunday junCh. 

Chinese cabbage for 3-4 minutes, like to write to the Financaal PORK- WC3CH PRUNES is 
Layer in a generously buttered Times sending an &a.e. for a richer .casting, more expensive 
casserole (cabbage, poric, cab- fuller v ersion o f -this recipe), and: more of a party, dish. To 
bag®, pork, cabbage), press the SPAGHETTI AI*LA CARBON- serve. sfk.I choose a nice loin 
mixture down well (I find a ARA, BARBECUED SP A RE weighing : about 31-3i lb._ Bone 
potato masher very useful for RIBS and PORKER’S PUDDING and rtmLit, rub-it all over with 
this sort of job), cover with (belly, pig’s kidney afcd leeks .salt-pepper and coriander, roll 
buttered paper and. a lid and with a. dash of Worcestershire, up; tie Into a neat bolster shape 
cook at, F, gas mark 8, for sauce cooked in suet pastry— I and.waigh again. Place it on a 
about lV hour?. keep the pastry puffy and light rack* put the bouts, rind anti 2 

or 3 tablespoons of cider in the 
base of the pan, and roast at 
350°F, gas mark- 4, allowing 35 
minutes per lb and 30 minutes 

Put J lb. pitted prunes in a 
tiny flameproof casserole with 
2; pt. Bulmers .No, 7 extra dry 
cider. There’s no need to pre- 
soak the prunes if using a good 
quality such as Sunsweet. Bring 
to simmering point on top of the 
stove, cover and place on the 
floor of the- oven for the last half 
hour of roasting time. 

When roasting time is up, dis- 
card rind and bone® and pour 
off all but a few spoonfuls of 
the fat. (save the fat for delicious 
fried potatoes). Strain the 
prunes and add their liquor to 
the roasting pan. Allow it to 
bubble up and reduce- to a 
tbinnish syrup- Gradually blend I 
in a scant half pint thick cream 
and a few spoonfuls of soared j 

Cook for 5 ; minutes or so, 
stirring, until you have a hot, 
shiny and thickened sauce. 
Season it well. Arrange the: 
pork in thin .slices down the; 
centre of a hot dish, pour the{ 
sauce over and arrange the 
prunes on rounds. of. fried bread 
round the edge of the diah- 

You’ll save £50 if you buyone of these suits. 

We've been selling them ourselves for £120. 
The/m all made in pure new wool And 

they come in the classic shades of brown, hlue 

or grey. In herringbones, stripes, checks * 
and plains. And a choice of styles. Centre or 
side vents. ' 

VCfeVe over 2£00 of them. What's more 
they’re available m a tremendous variation 
of sizes. 

A wide choice of fittings. 
Insizes 36 to 48 . 

There's short, regular and long 
fittings, in most sizes. The smallest 
chest size is 36? The largest is 48? You ' 
could hardly wish for a bigger choice. 


Wfe knew you’d ask that- Quite 
simply it's a special purchase from one 
in the business, 

^ All the suits are absolutely perfect 
quality, except they don't have the maker’s 

label And that's the only thing we canlt tell 

But we, think youH agree* 

■ ^saveiy smaU price to pay when you’re 
saving £30. . 

Oxford Street, LondohWIAIAB.' 
Most credit cards one welcome*. 

' i ‘ 

12 . 

• Financial Times Saturday Marcfr H ,1973 


Old friends and new 

Any Questions?, that loos-run- 
areas of opinion, comas to 
me as an accompaniment to dry- 
ing the dishes after lunch on 
Saturday. In its repeated -form 
at that time it has a huge audi- 
ence and is usually good for a 
laugh and a broken plate or two. 
The' formula of landing the quar- 
tet in a different part of the 
country each week and letting 
an audience from some local in* 
sitftution fire prepared questions 
at them has not changed in don- 
key’s years and it does not need 
to. It’s the old Brains Trust 
formula which still works so 
much better than more elabor- 
ately ** structured ” discussion 
programmes. People relate to it 
as is clear from Any Answers? 
on Thursday evenings where lis- 
teners take up points In the more 
controversial discussions. The 
letters read out alongside re- 
corded snippets are not on a 
noticeably lower level of argu- 
ment than that of the panel. 

Clearly the programme stimu- 
lates its audience, live and dis- 
tant, and 1 have been wondering 
if there may not be lessons to 
Learn from it that apply to dis- 
cussion programmes in other 
areas such as the arts and books 
where certain programmes 
notoriously do not stimulate. One 
of its best aspects is the weekly 
cast-change which draws on a 
wide range of people, and the 
producer is continually adding 
to them by -trying out new panel- 
lists. Our reactions to opinion- 
moulders on radio (and tele- 
vision) are highly irrational and 
release in us strange animus. 
Anyone .who appears too fre- 
quently inevitably generates ani- 
mus unless he or she is a totally 
bland, neutral presenter, the 
role fulfilled here so smoothly 
by David Jacobs. 

Any Questions? tends perhaps 
to rely a tittle too often on the 
formula of one Right-wing figure 
versus one Left, usually a Con- 
servative and a Labour MP. plus 
two wild cards, or on the for- 
mula of one statutory woman 
with three men: but at lea<;t the 
women tend to be articulate, per- 
tinacious defenders of tbe’r oDi- 
nions, Antigones surrounded by 
three Creons. Recent woman 
performers have been Helen 
Hayman and Edna Healey who 
wds making her d&rat on the 
programme. I can just imagine 
her heroine, Angela Bnrdett- 
Coutts, arguing the toss with, say, 
Dickens, Livingstone and the 
Duke of ‘Wellington on such a 
programme had radio been 
around in the 19th century. And 
1 think Miss Burdett-Coutts 
would probably have approved 
of Mrs. Healey’s answer to the 
question: “ Should a public libra- 
rian have the right to lock away 
blue books in a back room? " — 

as the questioner alleged hap- 
pened in Aberystwyth. 

Unhesitatingly Mrs. Healey 
said yes, so that people who 
wanted them could request them 
and people who were not ready 
for them should not have them 
thrust upon, them. The level- 
headedness of this opinion was 
in stark contrast to the glorious 
confusion of the male trio. The 
two MPs. John Mackintosh and 
Marcus Fox, who had previously 
been Indulging in some tiresome 
party crossfire apropos the steel 
industry, took muddled and ex- 
pectedly opposed positions to the 
left and right of the grid, while 
Lord Hesketh skidded off the 
track into the pits: “I think that 
the written word as such is far 
less of a problem than porno- 
graphy to which 1 am hound to 
be opposed, and X think that 
Wales is bound to be a law unto 
itself . . No, it was the steady 
driving of Mrs. Healey which 
won the applause for that lap. 

This was unusual because in 
general it is a safe rule to apply 
to Any Questions? that the 
greater the nonsense, the greater 
the decibels. Thus someone who 
did not arouse many decibels 
was the following week’s lady, 
Mrs. Hayman; what she said was 
in general far too sensible and 
low-key. Her male trio was John 
Mortimer, Freddie Laker and 
Jimmy Hill. This horned out to 
be quite a good session. The 



word “ discipline " sounded tike 
a refrain throughout most of the 
answers and so did the expres- 
sion “pay them more” (police, 
teachers, etc.). In effect, it 
boiled down to a rather absorb- 
ing contest between Permissive 
Wanderers v. Repressive United 
with the final score at nil all. 

A programme which is trying 
hard to break out of all pre- 
viously used formulas is Louise 
Pars low's Not Now rm Listening 
Again on Sunday before lunch 
and reflated on Tuesday even- 
ing Richard Mayne is the pre- 
senter here and he certainly 
passes the bland, neutral test 
but the miscellaneous material 
composed of anecdotage. mini- 
stories. mini-satires, mini-poems, 
songs and fragments of discus- 
sion just do not seem to add up 
to anything very much. What 1 
said earlier about irrational ani- 
mus applied this week in Not 
Now to overhearing a chatty dis- 
cussion at the English National 
Opera about Jonathan Miller’s 
forthcoming production there of 
The Marriage of Figaro. Dr. 
Miller is quick, bright, articulate, 
perceptive, etc., but we have 
heard him before. 

Covent Garden's first Idomeneo Nuthouse 

.. ■ IrH 

No music, not even the operas 
of Monteverdi, has so much en- 
riched the* post-war international 
repertory as Mozart’s Idomeneo. 
Long regarded as a kind of 
ancient musical monument, 
respectable but obsolete, we now 
recognise it as one of the most 
powerful of Mozart’s creations, 
a prodigal fusion of Italian opera 
seria. of French tragtdie tyrique, 
of Gluck and other composers 
admired by the -voracious young 
Mozart, fresh from new experi- 
ences in Mannheim and Paris 
Mozart at 24 had already reached 
the stage in a composer's deve- 
lopment at which physical 
vitality is matched by technical 
mastery. When writing this 
opera he was pulled In two differ- 
ent directions — the stream of 
music fazside him clamouring for 
release and a growing awareness 
of the claims of the drama, urg- 
ing him to keep the action 
moving, to cut and to compress. 

In Britain we have been lucky 
with Idomeneo since 1951, when 
Glyndebourne gave the first 
fully professional production in 
this country. This was followed 
in due course by Sadler’s Wells, 
by the English Opera Group at 
the Aldeburgh Festival, by 
Welsh National Opera and 
Glyndebourne again. Not until 
Thursday, however, did the work 
reach Covent Oarden, though 
it might, given Colin Davis’s 
known affection for toe score, 
have done so sooner if they ha d 
not first staged La clemenza di 
Tito (how one loves Mozart for 
standing received notions of 
progress on their head by writing 
Tito after and not before 
Idomeneo). The new produc- 
tion, of course conducted by 
Davis, is directed by Goetz 
Friedrich. The designer is 
Stefanos Lazaridis. It was worth 
waiting for, and won a friendly 

Idomeneo being the story of a 
rash vow by the King of Crete, in 
danger of drowning at sea. to 
sacrifice the first human being he 
meets on dry land if Neptune 
will spare him, involving the 
people of Crete as well as in- 
dividual human destinies. The 
drama is played out against the 
background of the sea. now 
stormy, now calm. Friedrich’s 
production stresses the remark- 
able continnity of the score by 
overriding the interval between 
acts one and two — ■ it isn’t often 
Covent Garden needs rebuking 
for having too few rather than 
too many breaks, but this one. 
by playing down the effect of the 
preceding “Intermezzo” lessens 
the effects of formal spectacle 
which is as much an ingrednient 
of Idomeneo as the continuity. 

Another gloss which is not an 
improvement is Elektra’s suicide 
after her last, raging aria. In- 
stead of running wildly off, she 
knifes herself; there follows a 
most discontinuous pause while 
Idomeneo unfolds a shroud to 

Janet Baker and Yvonne Kenny 

cover her with, tike a butler lay- 
ing a tea-table. In the groat 
ensemble “ O voto tremeado ” 
earlier in the third act (a choral 
piece as sublime as anything in 
Gluck or in Fidelia ) the pro- 
ducer dilutes the effect of the 
choral singing by spreading it 
oat too widely. Otherwise, 
Friedrich's direction is fascinat- 



ing for bis grip on the drama 
and for his illuminating and 
visually effective use of the 
singers — both soloists and 
chorus. For once the fleeing 
crowds in “ corriamo. fuggiamo," 
after the appearance of the sea- 
monster, are convincingly 

In the designs of Lazaridis the 
Cretan skies glower with bellow- 
ing storm clouds deriving not 
from the primitive or the antique 
but from the gorgeous Bakst 
drapes of Sheherazade — they 
give a rich yet sombre finish to 
wild scenes relieved by dark, 
glowing barbaric colours. 
Lazaridis should, however, per- 
suade David. Hersey in the 
earlier scenes not to light tbe 
Mocks and stairs of rough marble 
as if they were South Bank con- 

The title-iole is taken by Smart 
Burrows, a lyric tenor unlikely 
to suggest the elder-statesznanly 
aspect of the role but bringing 
a degree of flexibility to the fear- 
some roulades of “ Fuor del 
mar” not to be expected from 
■singers of a graver cast— and Mr. 
Burrows adds “Torna la pace” 
in tbe last act for good measure. 
The castrato role of Idomeneo’ s 
son, Idamaste. is sung by Janet 
Baker. This artists few bat care- 
fully chosen stage appearances 
never cease to astonish — bow 
does she manage to be princely, 
slightly coltish, dignified and 
greatly moving all at the same 
time? There arc a hundred things 
to watch and listen for in her 
performance. Among them must 
be mentioned her wonderfully 
varied and expressive treatment 
of the accompanied recitatives 
which are one of the glories of 
Idomeneo and her perfect 
phrasing of the first (and last) 
lines of the quartet, one of the 
few things in the part which 
usually seem to lie better for a 

Ilia, the Trojan Princess whom 
Idamante loves but nearly has to 
give up, is- charmingly sung by 
Yvonne Kenny whose timbre, 
sweet yet sad, sometimes recalls 
of the young Jurinac. Miss Kenny 
started the opera beautifully and 
did justice to “ Zeffiretti lusing- 
hieri " in the last act In 
between, especially in the cen- 
tral aria, there were traces of 
rhythmic limpness, of reluctance 

to move the music forward. The 
ElektrooC the Romanian Magdas 
leu a Conoco vici was interesting 
— an Ortrud voice (though she 
seems to sing the soprano reper- 
tory) full of colour, nc* .precisely 
enough pitched for Mozart, 
occasionally gutsy, never dull. 
John La as gun's old crony 
Arbaces was deprived of his 
arias but allowed one long scene 
in recitative, excellently done. 
Gwynne Howell grandly intoned 
Neptune s off-stage sentences. As 
the High Priest, much seed but 
little heard. Jonathan Summers 
took his chance like an angry 

Cotin Davis, back in his finest 
tfozartran form, was rewarded 
by 'orchestral playing of great 
distinction, the volume just 
right— Idomeneo Is obviously 
one of the Mozart operas which 
suits Covent Garden. The shad- 
ing in the accompanied recita- 
tives was marvellously subtle. 
Tbe "secco ” ones were sonor- 
ously realised on the harpsi- 
chord by Jobn Constable’s Move- 
ment is ascribed to Eleanor 
Faizaa, to whom same of the 
credit for the crowd scenes 
should surely go. Such formal 
dances as remain are feeble. 

Dance, though you might not 
Think so from this or many other 
productions, is an integral part 
of Idomeneo. and until that prob- 
lem has been solved rather.than 
shirked the restoration of this 
opera cannot be considered 

Two of Christopher Bruce** 
most serious and 
f»»rtng pieces marked too 
boSKries of the Rambert pro- 
gramme at Sadtos Wte, to 
T hursday night We began with 
AnStt Voices of Children, and 
ended with Block Anpeis, and 
in both I must salute toe In- 
tegrity of toe dancers’ perform- 
ances. • • 

As the poor Infant flotsam « 
Ancient Voices, too 
artists found exactly toe right 
innocence of manner, ft ia not an. 
easy work with which to begin 
as evening*, but by the third 
Lorca song, heart and mind 
were engaged totally- - 
Slack Angeh on this occasion 
was like a morality play per- 
formed by souls in purgatory. 
Their awareness of damnation, 
their tense recounting of the 
events of Christ's Passion, toe 
many layers of experience 
hinted at in Bruce’s imagery, all 
make for tremendous viewing. In 
both works the performance of 
George Crumb’s scores from toe 
Mercurv Ensemble under Adam 
Gatehouse was excellent. 

. Two new ballots formed tbe 
centre of the programme. Zoltan 
Imre’s Loocoon I found Insuffer- 
able. A surrealist extravaganza. 
in which Daniels Loreto was a 
movie-siren Minerva, while 
Laocoon and his sons were seen 
sportsmen in white satin 

use as 

Liszt’s A major piano _ 
Witless, vulgar.'it was hudoo 
sibta — though not acceptable 
by funds from the. Arts Cc 
The saddest airing to-reta*e , 
the piece is that 3nn* has* 
theatrical., gift. end. 
Loocqor’j nonsense 'there 
-lie buried an interesting bi 
Happily, Leigh .Wairwft 
house Stomp, which uses. 
the 1920s, is a delight.-- 1 -« 
A set of meticutoualg/mfe 
entries that- feed on 


'i * 


await jgmt- 

academic ' movement 
demotic of social ^Mceo-jeS 
nod in the direction. og,T»* 
Tharp, and none . toe 
that. Leigh Warren. bJT”* 
the right films, of toe 'I 
and Thirties, aqdt .be.* - 
free, relaxed 



Bermuda shorts and a dreary 
assemblage of jokes about 
biceps, it had the insolence to 

eight dancers who 

trip along with a 

Then are Ingenuities 
jokes, and a welcome 
quirks of movement - «*■„ 
position is followed by w\ 
pigeon-toed stance— all 
argue a neat cl 
talent. The piece' 
most engaging 
its cast and one can , 
its unforced felicities. 1 

Lorin Maazel 

■-±4 - 

Maazcl-watehers will know that 
there arc two kinds of Mauel 
concert: toe one an evening on 
a razor’s edge, cut with a scalpel, 
superbly disciplined, tbe music 
exposed like a jewelled 
mechanism, fascinating but 
merciless; and the other, an 
evening when heart and spirit 
join together with the legendary 
technical command, when tbe 
players and the music move as 
one. and tbe very orchestral 
sound is set on fire. The first is. 
on balance, more common; but 
the second is worth waiting for. 
oven if it only arrives in tune 
for the second half of the pro- 
gramme, as it did at toe 
Philharmonia’s concert under 
Maazel on Thursday at the 
Festival Hall. 

After the prescribed rinkful 
of ice-skating bombast from 
Shostakovich's Festive Overture, 
the first half had served to intro- 
duce for the third time to London 
the young Soviet violinist Boris 
Belkin as toe soloist in 
Prokofiev's first violin concerto. 
Belkin arrived on the stage 
nodding acknowledgements like 
a prize-fighter; but the playing, 
never less than coolly efficient. 

was alsq surprisingly - 

nourished in ttetoze, lacking*, ■ 
variety and richness of cow' 
there was Utile gut to the attae 
and an odd metallic twangjk 
split into tbe tone from fjTe'tt 
right down, to:- -the mm 
registers. .1 toBad it * capfir 
but pallid performance, of litt 
style or presence. Far .■ mm 
Intriguing, though of no era 
musical value .to- itselft m 
Maazcl’s cool, carnal dimetfoni' 
flipping chords Into boxes wit 
his elbow. d«Wy plucking thei 
out with his hand. 

But for ChaHwrtsRy’s Tift 
there was electricity in toe ah - 
in the first movement's quick 
flexible phrasing, bUoyOd up b; 
precise rhythmic doV&t*illD$ 
and ia toe sharpest clarlty u 
busy detail always- bobbHsq 
just . below the - 

pressed hysteria on a koifa 
edge. In die andante; auft tto 
v»ise we heard Phuharuumb 
playing at its. flntetf-’eryatf 
skirls of wind, etasd* 
spiccati . perfectly . to 

ceptionally exciting— an* «§jk 
excitement and ardour in eqt)4 

. - ^oongacan 

Ireland News, 
and Weather 

12.05 am. News 
for Northern 

t Indicates programme in 
black and white. 

BBC 1 

BBC 2 

9.00' m Teddy Edward. 9-05 
Indoors Outdoors. 9.30 Multi- 
Coloured Swap Shop. 12J8 pan. 
Westhet. * “ 

MM Grandstand: Football Focus 
(1235); Skiing (13.55) The 
World Cup Downhill; Racing 
from Chepstow (1.20, L55, 
235, 2.53); 197S World Figure 
Skating Championships (1.35, 
2.10. 2.40): Hockey (3.10) 
England v India; Rugby 
League (3.50) Challenge Cup 
Second Round: second-half 
commentary (Wigan v Brad- 
ford Northern); Athletics 
(4.30) European Indoor 
Championships; 4,40 Final 
Score including classified 
football results. 

5.10 The New Adventures of 
Ba tman. 

S23 News. 

5A5 Sport/Regional News. 

5£0 J ini’ll Fix It. 

*23 Dr. Who. 

&50 Saturday Night at tbe 
Movies: “ Mister Moses," 
“ 'starring Robert Mitchum 
and Carroll Baker. 

8.4Q Mike Yarwood In Persons. 

9JS Starsky and Hutch. 

10.05 News. 

10 J 5 Match of the Day. 

11.15 Saturday Night at toe Mill. 

All regions as BBC 1 except at 
the following times: 

Wales— 8.40 a-m. Indoors Out- 
doors. 9.05-9-30 TeiiffanL 12.05 
aim. News and Weather for 

Scotland — 3.45-4J 0 pan. Amateur 
Boxing: Scotland v East Germany. 
4.53-5.10 and 5.45-&50 Scoreboard. 
10J5-1Q.45 Sportscene. 10.45-11.15 
Songs of Scotland. 12.05 am. 
News and Weather for Scotland. 

Northern Ireland — 100-5.10 pm. 
Scoreboard. 5.45-5JS& Northern 

7.40 a-m. Open University. 

2.45 pan. Saturday Cinema: 
“ Secret of the Incas," star- 
ring Charlton Heston. 

4JS5 Hit the Note l 

455 Horizon. 

5.45 Something Else. 

&3Q Sight and Sound in Con- 
cert featuring John Miles 
(simultaneous with Radio 1 

7.30 News and Sport. 

7.45 Network. 

8A5 The Book Programme: J. P. 
Don lea vy, comic novelist 
and playwright 

8A5 The Lively Arts. 

10.45 M*A*S*H. 

11.10 News on 2. 

11.15 Midnight Movie: " The Odd 
Couple,” starring Jack 
Lemmon and Walter 

10A5 The South Bank Show with 
Melvyn Bragg and Ken 

11J5 The Adult Movie: “Girt 
Stroke Boy." starring Joan 
Greenwood and Michael 

1ZS0 am. Close — Leonard 
Pearcey reads a poem by 
Louis MacNeice. "... 

All IB A regions as London 
except at tbe following times: 

total and 9W VFtf 


4J» a.m - Animal Alphabet Parade. US 
Ortwin Ttaw. 930 TUsmx. 1020 Forty 
Phantom. . 1IM5 Tiswas, 12-25 Valter of 
the Dinosaurs. 1155 Ttawas. 5J5 P.m. 
Celebrity- Squares. CJ0 Code KT 7JM 
Sate of the Century. US TV Movie: 
“ Pursuit." 1U5 Within Then' Walls. 
1UD un. At die End of the Day. 

the Century 715 Enemy at the Door. Police Kansan. HJ5 Anvnsmunt With Stravinsky. Moran tS*. 500 Jaa Record of rtte Masters US Radio at. 

SJO Paul Daniel Show. 94B LesiWs Fear: •* Die. Monster Die.” sUrrln* Boris Rwweaxs (SI. 5JB Critics* Forma. *JS naleidasaMie Encore. 5JQ Week Ending. 

House. 95B Ttn Advennuer. UJS S:ars Karloff. 1235 wi. Faftfc ror LUe. International Ortanist «S\ 730 Maxwell SSJS Weather. WWibiw news. . , , 

on ice UJ5 The Lare Film- - Victoria Davies's N tow symuhony. part l: \TF ReeUmal Kews. *J0 Sews. US *-*>«««. Kerry JofiTl Bmakfut Show 

the Great” starring Anna Jieagle. YDR KXUTR F E*dms iS). «JR la renal Readmit. MS tvvrt bland Discs. UQ tt» Week **«. M* CapKal OamMown Jefcj 

* *: ***V**f*~ n„ n , __ Coanet. part Z- Davies. MS Wilson on wah. Rohm Robinson, 7 JO These Yoo Yowas l S'. IM* lQHhnr B*«*R . 

unrv _ 'f® Dacusslon with Anjtrn Wilson Haw Loved iSi. UB Saturday -NTsW Ml imb. AftvHMB MW Vfih JhiSfs 

niv S2EF2* A a<g A y ra;B|g _ .. •*** Jonathan Raban. MS BBC Sm*m-Tbeattv tS*. Ml Weather. IAN News. Jrtnson fS’. 9M Brtld Yonr Own BMt 9 JO Body Steatets. siampg Geoxsc S»gae«- at St John's (Si. HUB sounds interrtt 1035 On The Town. 1UM Uybtro Our to Peooo tS>. tm cirtg nMttfih.Sdtd 

Ttawas. 1005 Batman. 1045 Tiswas IWo Funlo- Phantom. 11JR Happy ^a. mg <s». VLB News. 1UMUS And Dartnm. 1U5 Hnr*. - Snectntm •S'. Ml 

Ipnghmed). 1U5 Bcachcoinbors. DU55 Imu TonWa's Sdwber: Sons on record. Own UplMmlty (VHP « rff>: Ml «.tsu- Motomj-* Chart CSX UJt MftfcJUWf* 

Tiswas (coothmcdi. &A5 jub- Cetehrlir ^ 6.0 Eavoc. &ue of ete Cen- hkHo J VHP mty-URUH aum. Open ttOO add 2JR&N run. Amertcw Dream. IUI 

Squares. t3fl. Logan's Ron. MO streets nuv. TJ5 Enemy at Sse Door. SJS The Uotvcreity. • nnn RactainR BoNi CSV SJDIAjn. WWm 

Of san Francisco IMS MoynteaiL Ltres of J«ny Dolan/- sarrixm SHrtey . BBC RaolO London llmre *r ” 

KTV Cymru /Wales — As HTV General Jones. D45 The Mary Tyler Moore RADIO 4 206m X*d 9<L9 YHF 

Show- n^SThe ontsJdere. 434m, 330m, 295m and VHP . »«*.*» R*«o S ; T J3 Good FW>- 

U-L5J2JA am. A _ . ^ mAys— SJO urn. News. A32 Fannins Today. i«*- M# New weather, traffic, ahoy- CHESa oWA/EPWo-- 

Change ta Mind. RADIO 1 247m Yows Faithfully. 3A55 Weather, S* 1 *; saocts nt>TL >45 The London RalaHim fa VmIHmi'Na. 

CrATTTCfT <SJ ® er w*°* te hrwricmt prnsnmme news fVHFl Rational News. * mnc r »■*» mSwI ?SaL 

SCOTTISH MO a-m. As Radio s. Sift Ed Stewart tjqq News. 740 On Your Farm. 740 garw day. Sct n e^ IDJ> ta orty *. MJO (C). ThegUBB Wtta i fi-BS* 

940 am. Too Cut 930 Tlnni tedud- with Junta- Chtrtw fSi. JOM Kid Jensen. Today's Papas. 745 Yours Faithfully. E* BoW>le „^ tac S? Salmday Stow. Q-Nl (If QxS; TNrQS** TO If 
h* Winning with WUXte and Batman. J2M Paul Gam bscrt nL 131 pun. Rode 7JD It's A Bargain. J735 Weather, . *• *»■ .2** VSi NxB' 2 R-B81 fVcU- 3 N-Ofi. eh- 

545 Logan's Run. 645 Havoc. «w« Sate On tSt. 230 Aten Freeman fSl. 54* pro g r amm e news fVHFT Regional Newt. ^ "‘"‘S' vrt5’. a *rSl\ vwmj 8 aw At! 

of the Century. 745 Enemy at the Door. Alexis Homer's BIwm and Son! Show u» Mews. B40 Sport on 4. 845 Today's aow ^ **K3ooe: A., Radio C. 4 NXQ. KIN, 3 

845 Feature Flint "Deadlier Than The (Si. 630 Sight and Sound In Concert <S) Papers. 8£J Yesterday in Parliament. TamJam fiwHulAncfinn 2 B-B7, RPSlEOS, rr 2. . .Q-RI;3 


94)0 a4n. Sesame Street. 10.00 
Our Show. fll.00 Saturday 
Cinema: “Time Of His Life,” 
starring Richard Hearne. 

1&30 p-m. World of Sport; 15L35 
On the Ball; LOO International 
Sports Special (1) Ice Speed- 
way, World Championship 
from Assen. Holland; 1.10 
News from ITN; L20 The ITV 
Six— 1.30, 2.00 and 2.30 from 
Ayr, L45, 2.15 and 2.50 from 
San down; 3.00 International 
Sports Special (2) Women's 
Hockey, England v U.S. from 
Wembley Stadium; 3.50 Half- 
time Soccer Round-up; 4.00 
Wrestling; 450 Results Ser- 

54)5 News from UN. 

5.15 Happy Days. 

5.45 Logan's Run. 

6.45 Celebrity Squares. 

7J30 Enemy at toe Door. 

&30 Sale of the Century. 

9.00 Within These Walls: 

2000 News. 


MS un. The Rolf- Harris Show. 940 
Tiswas including Dynamutt, the Dos 
Wonder and The Lone Banger. 545 un. 
Six Million Dolter Man. 645 Havoc. 9.80 
The Sweeney. ■ 1X45 The Saturday 
Suspense Moris: “A Cold Night's Death.*’ 


948 un. Tiswas Incl udin g Dynmuuft— 
the Dog Wonder and The Beachcombers. 
545 pan. Logan’s Run. US Havoc. 845 
Sale of the Century. 745 Enemy at the 
Door. 845 Film; " Tbe Lives of Jenny 
Dolan.** starring Shirley Jones and 
Stephen Boyd. 1143 The Outsiders. 
1240 tun. The Odd Couple. 


1248 Puffin's PUtOee. 545 Logan'S 
Run. 645 Happy Days. 940 PoUce 
woman. U45 Appointment Wild Fear: 
•• Die Monster Die." 


940 a-m. Snene era Saturday tednffing 
Birthday Greetings and The Lone Ranger. 
945 SMppy. 930 The Woody Woodpecker 
Show. 1045 WoodWBda. BUS Island of 
Adventure. 1130 The Clue Club. 1240 
Captain Scarlet and the Mysterons. 
545 P-m. Logan's Run, folteved by area 
weather forecast, ffig h tend League and 
shinty results. 545 Havoc. 541 Safe of the 
Century. 745 Enemy at die Door. 845 
Feature Film: "The Lives of Jenny 
Dotes." starring Staler Jones and 
Stephen Bos#. 1145 Within These Walls. 
1245 sum. 

•Si. 530 Sight and Sound to Concert (S> Papers. 830 Yesterday in Parliament. TaimIaii Rrvtarfrtief iner _ 

Male," starring Richard Johnson and Featuring John Miles (stemdtanecus wia MO News. *945 International Assign- XjUWUU Diuauwauilg N-OS eh. K-fil- 4 R-R5 traps the 

Elite Sommer- *145 Late CaDL 1140 BBC-2 teleriaionJ. T3Q-IZ33 aM. As meat. «Jfl The Week in Westminster. 2film And 87JS VWF 

Danger In Paradise- J “' 


830 ajn. Weekend followed by Regional m wig. -Radla Z 
Weather Forecast. 940 Sesame Street. 

1040 Our Show In eluding 1140 Code R 
and 3135 Happy Says. 1240 ml Week- 
end followed by Regional Weather Fore- 

_ _ News Stand. U045 Daily "'serrice] 540 un. Uornteu ' Music. 748 am?. , . 

vhF Min l and 2—540 un. With *1030 Pick of the Week. 0140 Time for Weekend news, reviews, fratram, sports. „ , . . -»J_ »» 

Radio 2. 845 3VWJ Radfo 1. 1040 With Verse. SXL3D Srienee Now. 1240 Nrwv 1B4Q JeOytom. LOO pxa. Saturday. Solution lq JPW^flfWa. Ng- , Ww - 

Radio 2. 130 With Radio L TJMZJJ 12az James GlZway (as Radio 3) «8 After 8— ran Gilchrist looks at a 1 B-NS (thrCkt Z rW}6), PQi t, 1 J, V 

*1248 Weather, programme news week of oddities. 530 Dectston Makers. n « pA4> q O-KB. ot if -5T(NSi- 
DA TWO n I300m-md VHF S® 1 cawptLoodoo and SEtRegfotwi 740 Ceet , Malal-Jdusic, »lonn««iii, ifFTRa or 

RADIO 2 L5wm ana VUr News. 140 News. 145 Any Questions? imerrim In Hindustani. 8.00 Saturday DIOVes; 2 Q-Q5, Of- IIJ\ , or 

sun. Hews Summary. 542 Tom . Peace. *340 News. Music. 940 NtebUlne. 140-540 a-m. 2 QxP. . . .. ; a . 


cast. 545 Cdsbritv Smures. 540 Sa Edwards fS) with The Early Stow. Does He Take Sugar? COS Music Night Extra with Hugh Wflltams. 

Minion Dolter Mam MDSale of tto toctetaw »» Btdtetta. M5 An : 

Century. 838 Cowr Gbls." H45 ^ wUo Whytai on the 

Within These Walls. pj< ul Southern SumuiSWe of Satnnlay (Si. 1242 pa. 

Nan. swuu«™ Two . a Begt fS) jjjj, ^ Kws Ssad . 

lines. UO&S5 Sport on S: FA Cop 

Special 040. 2.00. 245. 3.00, 2.431: ■ ■■ - - ■ ■ 

cup Tie Rugby <L3o. 8.o0i: Racfog fnmi THE TRAILERS will hardly in unities; followed immediately 

Weekend Choice 


a SnS mi’s tSTtaSM srssr rs"? 

c ?£2- i* 3 00 ** ^ »«an Lioimd -up at s.85. Goldfinger is on again this week- Chase (Sunday ITV 5.45) a chti- 
545 pa Lagan's Rum .545 Hawc. 545 ATtatic^aiamiiionshtps. 5 jb European 6n< * CKV Sunday) dashing of dren’s adventure serial from 

ss.’"- i&snc. sggL ^ o£ EL'? 0 h , av * ^ ome Sj ns ot * 

starring Shirley Jones and Stei*en Boyd. g45 Stanley Black at tbe piano fS). "Bu-1 S very popular All Crca- reputation in this Sphere. 

^5^“^ D0 ™- ^ Gr <^ However, Everyman <Sund«y. 10.10) 

BaUr BM < Mta J onSSSS v £jh among the programmes which BBC-I’s very Impressive series 

stairs. U46 mm. Epilogue. 

■ the BBC Radio .... ^ . - - 

ULSTER ? an t Pp™***! so heavily, which has succrosfully broken 

^th^kn? 6 *>“t which look interesting are: away from the old “God-slot" 

Surrivai u3o's«i£f sS^MO pju. « Ar>Tn q 4&i m Sfereo&VHF nS*!*!*® EU?e (Saturd V conshalnts. m week it investl- 
S»«is Remuia. 54S Logan 1 ? _Rum ,54s RADIO 3 w “’ =«reo«: vtur BBC-2 5.45) a programme for gates the idea of blasphemy in 

oe«Srr. I °745 1 Enemr L «t ^ Domr.^ ms xrjs ■^.*^wthEr[* v « 4 o J! Nuws. g 45 ^ na 8ere made by teenagers the modern age, as raised by the 
l^.Uvu of Joimy Dolan- n-25 Hawaii Aubade fS). 940 News. 945 Record Using the BBC’S professional case brought a gains t Gap News. 

Services * lx . may * I believe, be- Michael Jayston stars in The 


Review, unhiding Bulldtng 
(Si. WJS Stereo Release of ntustc 


.930 mm. Tiswas Starring J04B Dmo- 
mutt. tbe D« wonder: 1BA5 Tiswas. 

n k Bklpuy and U35 Tiswas. 545 pjm. . _ _ 

Logan's Run. 545 Havoc 545 Sate of Xagua's Ram 

WESTW ARD Bridae (S)-" < ' iil5o Bernstein condoms come a series if this one is well Lost Roma nti c (Sunday ITV 

3"c5J£Si fSJTrfO! SS”S fc “SSii“!“. G ’SS Wading Day tSvad^ 10M) «. aiaSMDytongpIwet- 

issz^usssr 7 s. c zsnjss£‘, sss s. SZ %£, p "” inB the . r eIatl ° n5 ¥p. . ....... 

Birdvteya. 1L35 Space 1980. 545 pju. Toby Jessel cboosra records rSl. 335 5“? nra WJOUI weaning CUS- an eccentric retired brigadier CarofiBC ■ BlakkCen- 

545 Happy p«w. mo Music of the Masters nr Tr«yda. toms in different British co at- and His son and daughter. The Last Romantic 


COUSEUM. credit C*rd» p1-240 U58. 

Rcservatloae 0I-B36 31 61. 

KNGUSH national opera 
T onight & Wed. next 7.00 FWee of 
OMtinvi Tubs. & Frl. n«t_ 7.30 Don 
Giovanni: Thurs. 5.0 *"al peri, of 
Tasct. 704 balcony «Mt( ehvara arzll- 
abie (ter ol performance- 

(Gardcncharne credit cards 836 6301 1. 

Tonight Toes. 4 Thur. 7.30oni 
Idomeneo. Frl. 7.30pm II tr or* loro. 

Wed. 7.30pm The sleeping Beauty. 65 
Anwtil* aeatx far al) perfa. on sale from 
lOam on dav Ot oerf- 

Are, EC1- 837 1672. Until March IB. 

Em- 7.30. Tofllptt: LWCOM. NuthouW 
Stomn. Ancient Voices of Children. Slack 
AneeK. Mon., Tun. & Wed. next: 
Sleeping Birds. Episode 1 . Smiling 
immortal. Pracladlun. Thunk. Frl. & 
S»t. not. Cruel Garden. 


A DELPHI THEATRE. CC. 01-836 7511. 
Eras, 7.30. Mate- Thurs. 3.0. Sats. 4 JO. 
GOOD FRIDAY— One Peri, at 7.30, 




emr. IN setts. Crew card bfc*f- 
5 1071 (except Man, Tun.. Wed. 

I F n. 7.45- Thur. and Sat. 4^0 and 

st!?a wuah'gu jssm 

HRACULOU5^U«CAL." Fla. Times. 



WYCM. 835 6404. Mo. 5332- 

aeeft- of present London «e»«o- Toaa* 

j and 7.30 ConjjreWs THE WAY OF 
; WORLD Isold* on:). Public JjtoMto 
ns SO March lor Henry V andVl from 
under W> and at WMadW » ft»W 
leter Nichols' PRIVATES ON PARADE. 


«ts and £2 so Inc. Vlas* of 

bT “This la without douM tto most 
aordlnary entmatament In 
iind News. Eofls March in. 

APOLUL 01037 2663. E*0». 6.00. 

Mats. Thurs. 3.0. Sats. 3.00 and B.OO. 


w" L Standard) 

IS SUPERB." N. of World. 


ARTS THEATRE. 01-036 2132. 


■' Hilarious - . sea It.- Sunday Timet. 
Monday to Thursday 0.30. Friday and 
Saturday at 7.0a and 8.15. 

*J™*1A THEATRE. CharfoB Crass "oad. 

A281. Nearest Tube: Tottenham 
Court toad. Mon-Thars. . B.OO P.m. 
Friday and Sat. g.qd and BA 5. 

Tietrets si 50- £5 50. Instant Credit Card 
Reservations. Eat In our fullv-llcensed 
Rntatirant or Buffer Bar lunchtime ' and 
before or altar show — bookable In 


CAMBRIDGE. CC 01-838 60S6. Mon. W 
Thursday 8.00. Friday. S«L 545. 840. 
in TOMB) 

«• PULSATING^ MUSI ca^.^^Eyan'0 News. 


Seat prices £2.00 and £5.00. 

Pinn er and top-arWc seat £8.25 Inc. 

COMEDY. 01-830 2578. 

Evening AO. Mat Thun. 3.0. Sat. 540 
and 8.30. 


Margartt COURTENAY. Demrat WALSH 
...A Nnj Comedy Thriller 

CRTTERMN. CC 01-930 3216. 
Evenlnss 8. tore. 5.30. B.^O. mifT. 3.0 

impiWWfl • . . a imcfTf,” Sun. Hm«k 
In SflXTiT 

n LW9 , .WX. | 9{!! N ” ,a N - * world. 

DRURY LANE. 01-838 8108. Every NIoht 
8.00. Mntlnec Wed and Sat 3.00. 

r * rare. derasatTno. tovut. astonUNno 
mday Times. 

stunner;- Soil 

83 l- 82 t!i Mon - fo Thurs. 
E * BS ' 8 -°°- — Fn^- Eat. B.15 and B.OO. 

“ The 

Trt - 

DUK£ OF Yawe*S.. _ 01-836 5122. 

Iwnin# 8. Mat;. Wed. and sat ot 3. 

in Joilan Mitcneirs 
_ National Theatre Pradocttom 
** Brilliantly witty ... no «» should 
miss lb” Harold Hotnon rDramoi, instant 
eredit ra« rwemuma. Dinner and »p. 
price Scat £7.00. 

FORTUNE. 856 2238. EW. »■ Th“«- 3- 
Saturdays 5.00 and B.OO. 

M u rl c I PmvIdw u MISS MARPLE 10 


riilrd Great Year- 


Eva. B.O. Wed. Mat. 3.0. Sab S-1S- 8-30- 

— GO TWICE.'* S. Money. Punch. 
"GO THREE TIMES." C. Barnes. NYT. 

8 - 0 . 

GLOBE. 01-437 1532. Ewnlras 
Mate. Wednesday Jt 3.00. 



" SIMON GRAY’S ftnc ola*. Rarely have 
I seen a show as wriE 1 !? SfSa^m^ n,a ’ 
Directed hr HAROLD PINTER. 

GREENWICH THEATRE. 01-858 7735.. 
Evening 7.30. Mbl SatJ. 2.30. DON 
JUAN. A Comedy by Moll— » I recom- 
mend It WarmlY." F. Times. 

HAYMARKET. 01-9M 8832. MS. 8lM. 
Mat. weds. 2.30. Sara. 4.30 to g.o. 
Easier Peris. Good Frf.. Easter MOO. 84. 


“ Ingrid Bergman malees the Jtw 
■adtete—ranaisaltebte charisma. D. Mail. 
"Wendy Hiller is swart).— S. Mirror. 

HER MAJESTY'S. CC. 81-830 €608. 

Opening March ZB 

10 Leslie Bricuw* »nd ArfoonvNewtey^i 
with DEREK GRfFFma, 
■Directed hv BURT SHEYEWJVE 
PraiH e R» from March 16 . 

Mon. to Thin- 5.0. Pri.. 8jt- 7-3B B 30 
TUB RO C KY horror show 
NO wr Nrre smTroc KI nG year 

LONDON PALLADfUM. ^ OI-«7 7173. 

and Sneelai GufS Star 


BOOK wow — seaw £ 2-£6 

LONDON PALLADIUM. CC. 01-437 7373, 
FROM MAY 25 re AUG. IS. , 


CC.— These theatres accept certain credit cards by telephone or at the box office. 

LYRIC THEATRE. 01-437 3686. Eva 8.0 
Mats. Thurs. . Sate- 3.0 and 830. 

Directed Iv “franco Z7^FIISELL1. 

HUNDRED YEARS.” SundiV limes. 

MAY FAIR. CC. - ' 933 J®* 

Mon. to Frl. B.O. Sat. 5.30 - and 84S. 


hv bimre J 5o*ari-, . 

"A compassionate, tunny. BtfeelY etenuent 
nlay." Gdn. " 'Hilar la us." E4td. ‘•Wickedly 
amusing.'' E. Newt. "SnaltoPd'™- Obs- 

MERMAID. 240 7656. ReatagraM : 248 
2835. Tom Conti "A SiiBgrUtu* 
Perfnrmance.**- GdP- 

"Caught me un in a waiter o* wre'tu- 
menL" — F.T. “ Absorbing, grim. wUhr. 
moving-— a aUy » bo proud of. 

News, "a momentous BteP - * 
you to Mi ft. 1 ' Gdn. 

Evas. b.15. Fh. “ sat 5.J5. 
tjekets £i.2S to 040. 
pinner, Theatre Ticket CS-95- 





OLIVIER fopen stage): Today MSji 

Ov Feydeau inns, bv John Mortimer. 
Mon. 7 45 Bedroom Pare*-. M _ A .. 
COTTESU3E imiail auditorium): M*gh 
1 7 at 8 . March 20 at 2.30 p.m. LOYE 
Wesker. - aB 3 theatre* 

M«ny excellent cheap Mate theatre* 
dav of pert. Car park, ■ ArjfoBT?!* 

2 033. Credit 'caidTwrg*. 828 305 z - 

OLD VIC. _ *2 8 7516. 

Sorlin Season to Match / 25 

In ra u. SAINT JOAN todarjTJO ftJ-30, 
APnONY A CLEOPATH A ret tfria^MWl 
IT. ALL FOR LOVE retw^ MartmZs. 
Sunitoy March 26 at T.JO t TWAT MIGHTY 
HEART with Barbara A John 


PALACE. ' ■* •"'OT-437 6634. 

MOih-Thim. 8,0- Frl.. Sat- * L4 °- 


OPEN SPACE. 01 - 3B7 6969. _ Djfc 8.0. 

Mat. sat 5.0 until Sat. PE NT A Dutch 
Surreal _ Theatre ol moi em ant. From 
March 14. 7. Sub. Turn. Son. 8.80. 
Mate. Sat. 3.00. STEPS. NOTES A 
SQUAKS Beaumont. Berios. GeUgnd. 
Kelly. Louth er. Sleep. 

PHOENIX. 01-656 S6T1. 

Eros. 8. Mai. wed. 34. Sets. S.O A 8.0. 
The Leslie BtIciimc Musical 
Oirictrd by Mel Shapiro. 
Successful. Slick. Entertaining.** D. Mall 

ROYAL COURT. 730 1745. La*[ p-m. 
Today 5 and 8 JO. Paullim CoMint' 
Leslie Saronv In THE 
the XREirrzu 
Tue. Hull 
’■ Made 

Da>ld Suchrrt. 

MAR by Chekhov. 
SONATA by Tolstoy. 
Truck In A BED OF 



me M o[»d to ha alive." Dly. Exoreuu 
See also Theatre Unite) rs. exoreu. 


PICCADILLY, 437 4806. Credit Card bkps. 
836 1071. Evgs. B Sat. 4 45 and B.1S. I 
Wed.: Mat. 3.00. • I 

5*9. Standard Aware and SWET Amro 

Rotri^Sha? esocaro Company In 


by Peter Nichols. 



PRINCE DF WALES. CC. 01-930 8681. 
... . Monday to Friday at a 

S.JO ind B.45 . Mat. Thur*, JMJO. 

Dally Telegraph. 



** ^ 101 
CREOlfcAH Q^BOOkSgS oT-9M 1 gM6. 

OUEEN'S THEATRE, 01-734 1168. 

t«. 8.0. Saa. 5.0. B30. Mats. ww. IS 


V,r ^E C |ifD 0r c8S^‘ ft 

_A tor Flay to ALAN BENNETT 

Directed by C ...... 

Ptays and Players London critics award 

RAYMOND REVUEBAR, CC. 01-734 1393 

M 7 B.m- B o.m.. n oji». lOoen Suns.) 
PAUL RAYMONb orewms 
_ „ ^ EROTICA 
Fun- Air Conditioned. You mar 
drink ana smoke in the auditorium. 



TON J , a ™2a AU f f R ^ vP * A Dw? WARRING- 
TON la **A red -hot production." Gdn. 

„ __ . to David Rabe. 

One of the three best Mays in London 
. • * • awesome strength." Obs. 

Mondav-thgrofry Even! no* °B.^. 0S 
3.30 and B.4S . Sarardavi 3.0 and £2 
London's CritK3 *Otfi ^ 


_ Best M in leal of 19777^ 

"*is r ^?aJ3"Sr^g.'s ! £*— 

Bank Holiday Monday a.o. 

“W -JL-to Wm.^sd. 8 * 118 ’ 

Sat. s.00 and B.OO. 

Patrick Cargill 



The World -Fa mum Thriller 
to Anthony Shaffer. 

Limited Season Only. 


Ooens March 21 

836 6596. 

John Reardon a**w man Dinner in 
_ . . KISMET 

15 .M4roh a a.m. Sat. 3.00 ant j j,oq 



01-338 1304. 
l95Lflht _ 7.30. 

Lari _ . 

Highly enlortalnlna.” o. tw 
urttm. easy ParoiS. 





j TOW? 8b " 

Mourd Fenton. Patrick Omry. 

SSf- JiFSt 538- 

NO SEX PLEA5- W 0J0 - 


•^ARTIN'S. CC- 836 1445 

26th YEAR RUN 

T « nn Sf,J HE n T ° 1 ! n4 - CC. 7 it 50s ':" 

8 -°°- o,n ‘ B i[Ssi?b^a i«w 

Jackie tr£nt M and tony natch 


Eves. 7.30 
- to NteN Williams 

730 2554. 

VAUDEVILLE. B» 9988. m. M 8. 
M*ta . ^jef. 2-4». Sat*. 5 and b. 

__ Dinah 5HERIDAN, Dutcl* GRAY 

■^i^JSSSSSS^G ELQ v J»ins_5sout 

"*««w A S*‘to with another who- 
gwraN.ff' - Cbriatie la etatklno 

re* wea t em m attain win anottier 
°f .. he r ftrodlihly ing enious murder 
rovsteflBL Fell* Barker, ev. News. 

WAREHOUSE Donmar Theatre, Cevent 
Garden ■ Ul 6808. ROYAL shake- 
SPEARE COMFANY. Final 2 DtrJia. 5 
ejrrwn season. Today 2.30 and s.00 
Charles Wood's DINGO. ** Brilliant. r 
Guardian. All mu £1.50- Acrv. bus. 
AltfwyCh for wared swrtniB 10 Aonl. 

““'ss^bo. sai. ’unmiK"- 

^SZ? n S55»^ , S 0 7£l gg Sewatfoiiei 
*3&'*n!&£ u & n "* y 

#2" to. State. Limited Season. 
1 2-wee* Mason prior to World tour 

Sf tiZo ««* 

“ Takrt^to unorocedentod limit* what Is 

petifilnlBie on onr stages." Era. n 

* iBk ,nd •**&* ta the 

Auditor am. 

WYMDHAM**- 836 3028, CredU ram 

tart*«9 8 M? - JS??_.f 05 ...SaU J hMp- 

Thura, 8. Fro and hat 5.1 S 2nd 8.30. 
“ ■“TOJtfa&W. RICH. 




Sura In remedy on m and reWglon.” 

Miiv O^wteUtoJ 

*-..8 WITH 

YOUNG VJC law old Vic). 
Today 3 8. Tula: TWELFTH Nl 



JAS- «0, MM. Late show ToMoht 

Wk. i, S.isT s.iS- Late 

show Tooidht 11.18, 

CAMOfeN PLAffiR Coup, Camden Town 

Tut>«). 4BS 2443. Robert KrtKan'i 

CLASSIC 1..2L *.■ d. Oaforit M. 
Tocwnoam Court Rd TuoeK 83d 
j£, AB*A TW MOVt£ <UK Merit 

Ltee-ihow 10-50 on.-..:;.,.. 

assw* ««■ 


b 2 ^' * “• T *^* Ws 

Late snow io.SO 

c a e ? 

asg^ jss t,*® 

nown.- Sunday Srorosa. Pro 
«"Qt Sqn.l. sTioTT^O. 

c****! 1 *- tTreWo** 
!K5SS rlv 'togyiHMtei-i roinf;*. 

j^RMLan Tv?*- « TORBK JARMWS-- 
i'H.'htllX), Sco. Pens, 1.00. fl-O ir- 

• T oSt OAY 

& 0, , 

?QU*K« TjHkATnj rose 


5*tooflta (tin. TOMORROW 
wvat M«f.-5at. 

M 3 i W - Late ~ 

sT?*' «W ■» prMl. Sat-b 

aim. ncm lata iMmi, 

iZFu&V DJW - ,2 -°T WJ 
"tme 1 ’Ns. 

S«t. Doom ii.ts n.m. 

tojfter AWAY UO 

sis bW. aa ET - 


*SSSF to. (Ward bur ; 

«S5 M, S K ******** 

ton-'inur. 1.31 
9,38. Prt. A Sat. < 4]4o. 

- -.3 ■ 'J . . : r - - .. ii. **J2i M % 



j anbt marsh '■ 

'* i./IHHOUGBOUT next *week r aff g ps 
- .'^ ^ there is a chance to see in *&•“-■• 
i. ^London what may well prove 
*» coBtliest book in the , 

1 Nei ^ York on AprU 7 - h 

'i c EL^SLS® 0X1 -from Monday ft,, 

at Christies- King 

& A| Zr™} Premises and fa- the first . 

*3 All tS H? lete «>Py of Johann Guten- f?\ 

, ‘'tl 4^Une Bible to be f 

lH tN ^»,^U or ™ re ttan * 

Gutenberg Bible, the 

, ■ ' ! ^ok to be 

• .u-Frcy 6 ? froin moveable cast & 

> .. . ; : « wonnment to to* !> 

■ ^.history of Western culture. It £ 

' ■ " ,: ' ' l ^r r no msans a Tare book. I 

, , sarvivtl rate . has, ' indeed, v 
' r< tteen ~ remarkably high. Oat of £ 

• : - ; > Oproximately 185 copies which l 
uutenbexg j S , though to have 
. . :■ ; srintoc i, no fewer than 48 copies 

k nown- atjli; to exist, though *- 
^ y bniy 21 are complete. Among f 
•, ' ’-these are six of the fourteen l 
' • c.Cr;‘ ?2 nes m tte V“ited States and 
_ ■• .■ 7 ffien .out of. eight in British 
' ~ lT ^-‘:JS»rariea. .Germany has twelve 

■ *< : tS£** Almost ail are' in ^ 

,.<S@>uc collections. There are after a 

’s great Bible 

Many people do not realise 
the value of their works of art 

. j t fo rian . ry fiff 


Detail of a leaf fiwn the Gutenberg Bible 

few previous expert- style 1 . 

••? •wu-i.uwuo. mere are “*•** “ * cn ^ictiuus u^i- «jic, mm much-gilded ran 

rtA'I!?*® 0 "® ^Pies outside the ments, Gutenberg comported- his resembling the binding of 

united States and Europe, and » u P er t> Bible, which "has- still n .j npo _ T rr, “f .. 

there is likely fo be s^chi*. never been surpassed to the J™* J? s «W now an 

„ J petition from countries — they whole jtostory of printing as art. anUsft library. 

PI ?^ Dde Canada, .Australia and Christie's New York ‘Vice- In 1 884 the Bible was bought 
{ ™®whole Near, Middle and Far President for books and: manu- in Sotheby's by the bookseller 
*ast-— where there- is at present scripts, Stephen Massey, says: Bernard Quari-tcb-. for £3,900 

. no example of this key book. “It is extraordinary feat such Quaritch sold it to a Scottish 

" r » Gutenberg himself is a some. a momen ^ atl 5 invention destined Presbyterien Minister, Rev. 

- what shadowy figure ; There is toe liv^s of ' tofllions William MakeUar. on whose 

.xro extant portrait of hin. ° ^people should also achieve, air death in 1898 at again appeared 
though his background seems uj3 f u £ paS5ed at aesibetxc \ n .Sotheby’s and was again 
:to have been ■patridato and T^' - Gutenberg- bought' by Quariich. IMs time 

. • f what , 18 *“own of his .life is f°^ X the price bad dropped to £2,950. 

_ mainly due to his propensity moS }. beautiful books in ^tbe pechaps because buyers had 

, /Jr getting into financial world in terms of its.typ^c^ noticed that a page missing 

" ’ *5J es « Wdl ende d up in the i ua t hty °. f v ? a ^Sl ■ a? ° at fcom the second ^u^lSs 
. .courts. He seems indeed tn Not content with devising a wai 

have financed the’ prtoS 0 f fount of 26 letters ’ Gutenberg ^ ** , Sacsao3le ’ . . 

' ;tbe Bible from loans made by created such a range of ligatures Quantchs purchase bad' been 
_ v a*certain Johann Fust, who sued ^ variants of character that made on behalf of an American 

" for repayment about the time type has toe variety^ of A cleric and collector, toe Very 

. • the work was completed. Fust scribe ’s manuscript . ,/\ . , Reverend - Eugene Augustus 

seems to have taken Guten- ?opy B0W be sold; is Hoffman. Dean of the General 

• - - berg’s machinery and type in pxrir ? tea on P a Pe f: some _/ _35 .Theological Seminary, . New 
■:* B®u of the money. Gutenberg “ pxes Gutenberg’s . edition. York. Dean Hoffman presented 
^continued to print, though pre- a PP ear - to have been printed on it to toe Seminary’s collection 
1 cisely what is not altogether veJ,Um - wh ich at that time was of historic Bibles, and over toe 
easy to establish, since no ^ Preferred to paper whose years it was widely exhibited 
. extant work actually bears his durability was still suspect ' If and used by scholars and 
.. . imprint belongs to the earliest issues, students. In 1953 Charles 

. . - lake other inventions that Scriber presented a genuine 

. .-. have shaped cultural history— hS^Ln Ieaf from an incomplete copy 

. photography, toe ctoemaTradio ito^Sub^emlv^GutenbeS'? ^ Bib,e t0 replflCe the 

'j-SSSj f ^ was Sg?H. e 'JSL ,0 ^S2? 1 , 

Ate/ ItvTS «, 3 Sln g e InscripaoiK of the late Bible 10 Tlrt,IlJ c ” mpictene “- 

mid-fiftinto SnSSJ “d early ^ ^.lTto-century- in. the ' : Now the .Seminary has 
‘' Wt^tor^all sec0Q d 'tritone show that at that deckled to seU its Bible to pro- 

* SSSttf S' titoV-it was. ia tSe^Omrch of ^un'e^owment to be 

together- ’ Gutenberg was vSn tbe.Hoiy Cross in (the medaaevai ^“ ed; after Dean Hoffman — 
v ' placed to achieve ^to inTis ^ of Offenbtxrg. Baden. SiW^ finance* toe Sowing needs 
-native Mainz. In this busy com- ^ chuHftl . was redecorated / °^J 4ie J Abra J y - • ^ }***■ com ‘ 
apercial centre were goldsmiths the veiy of puhlicat^n. to be 

ind jewellers accustomed to en- ic ®® em s probable that it ^vas 501(1 at public auction was the 
to<^ ; jn funds and may/.ave copy now at Yale, whkb was 

. mnehes, metal worters versed acquired toe book new. stiffen- ^ 1 . 9 ^ 6 . ^5 ^ 106 - 00 ^ 11 * 

• .n the making and moulding of bur * was sacked by Loflis XTV thought toat toe pr^ent copy 
tlloys, and a fionrishingirine in; 1689 « *** Ml.tiaqS of toe ^ realise not less than.$lm. 

■ production in the nearby Rhine- book was obscurecy until - - 

. j. hnd to provide the press as a reappeared, over a century |||| 

. <v vady-to-hand tool. Oil paint i*ter, in toe collection of Sir 
lad recently been introduced; TBiorold ^773-1831) of 
.lutenberg had only - to add System Baik, IVncolnshire. It 
»mmbn soap to it to make a was probably Thorold who had 
oi table printing medium. the book bound an las present 
Somewhere around 1455. handsome ifut- unsympathetic 


W'. t-r •< 

*:4 W'^ 

* r ? 

i. • K 


I .vyv. 

t' - 

HIS book cover was brought to Sothebys by its owner 
who thought it was made of wood, because of its texture 
and colour and wondered whether it had any value. 

Our experts identified 
it as aii unrecorded early 
9th century Carolingian 
ivory one of only forty 
known examples. 

It was soldin December 
and realised £255,000, a 
world record for any 
medieval work of art. 

We will be pleased to 
inspect your property at 
our salerooms and advise 
you, without charge, on 
the sale value. 

j £■ V •'. . s ttsFr ' •* 

'ii' , i i v 

p I m 


I* „ 





TELEPHONE: (01) 493 8080 

Ml M l 

Theatres this week ... 

fERMAID — Whose life is ii any- NOTTINGHAM. PLAYHOUSE— 
oay? Fascinating play about the Deeds. This four handed polemic 
egal rights of- cripples to. end by Messrs' Bren ton, Hare, 
^-beir lives, but never as. depress- Griffiths and Campbell is a fit- 
as that sounds, and excel- tingly angry climax to Richard 
antiy played. Reviewed Tues- Eyre’S successful play at Notttog- 
ay /Wednesday. - bam. • 


--^rayfs Inn Road— Bat. New eom- rm-nA 

Many to .a tepid lunch tone half- # . # . : dJld JICXT 
lour ^about wicked landlords and # # - - 

. tour Jabout . wicked landlords and 

>... , 6 -on. Reviewed Wednesday. ,■ . 

*■ . "^fe’OUNG VIC — Twelfth Nnftt 

- JltoTT nMH« tint rft- wi4k 


o -on. Reviewed Wednesday. Thin week m London, but a 
rOUNG VIC — Twelfth. Nndrt. new ' lunchtime '' . doable-bill 
'toy pretty, not sp ftrtmy; with (Sillitbe and Pinter) at-, the 
good boyish Viola' from Marty Almost Free and a C. P. Taylor, 
ndekshank. Reviewed Wednes- Withdruioal Symptoms, at the 
ay/Tb arsday. - * IGA,-. both on Tuesday. Eise- 

REENW1CH — Don . Jtctm. The where, ■ there is a • promising 
rAiere version, thoughtful and Irish play at -Sheffield. Eejits. 
muring; and good to ’look at. and Come&drui comes up at 

^viewed yesterday. 

Twelve pictures 


- - - ■ . Over alL the sale totalled 

' r ^ r n v- £231,000. An. anonymous bidder 
' SALEkOOIVI took home the .highest-priced 
ANTONY TKOMCROIT lot- of the day at £8,500. It was 

. of St. Cecilia playing the 
«j=sa=j|| ^ =j ^=|s^^^^ ' Virginals by Giovanni Lan* 

r Twelve pictures from the “A ' Mountainous "Wooded, 
■ " jstste of tbfl late Princess Royal Landscape” by David Tenniers 
^rene sold by Christie’s y ester- the Younger went to an anony- 
iay ftir £12^50. Almost without nmtis bidder' at £5,QQ0 while 
seep torn they were copies by O’Nians, toe London dealer, 
r lavid Tenniers after paintings pal'd a similar: aznonnt for a 

• ri the collection of toe Arch- painting by Ludolf Bakhuyz£n 
. oke Leopold-Wilhelm, Gover- of " A Dutch yacht and fishing 
' or of the Netherlands from -vessels offshore in a dtoppy 

64010 1656, and housed in the sea.” Dreesmann. the German 
•alais de Coudenbrug in dealer. gave • _ T4B00 for 
irusscls. . “Elegant' fieri res playing howls 

Seven of the lots were bought in a woody landscape V by 
■y Veron. the Belgian dealer Felippc Mercier. - 
rom ' Antwerp. They included ' In . the furniture auction at 
le - £1,900 paid for ‘Marius Sothebys a Tabriz carpet went 

• listening to the SybiUic for £4,000 and a Queen Anne 
'trades.” ■ after Andrea walnut bureau for £3^200. A 
ehiayone. The' remaining lots group of tea caddies was also 

; •ent to Berkowihseh, the sold, -with highest prices of 
"pamsh dealer based in Madrid. £230 for a George XH fruitwood 
fe paid a top “price of £1,400 tea caddy and £180 for an eariy 
. jrrSt. Peter” after Palme 19th-century turned beech wood 
doyenne, - tea caddy. 

TV ratings, week ended March 5 

U4C. TOP 20: Viewers CmJ M. Ssta of the Oenur* CAaplIa) ... 15.15 

. TMs.b Your UTe <ATV) l«.BS Figicw complied by Aadn of Citat 

. , jl hut, or BrcKii CATV) 18.M Britain far die Joint Industrial Comratttn 

«*■ , «*- ■■>i1n st. (UtaU (CraaJ 1TJ0 for Television Adv*rdstajr Research 

rtsiinfltin St CMonJ CCravJ lf.SS 
vi_ p, nfsMlsnali (LWT) .... u , 17J5 (J1CTAR). 

HtaEdB^Scurn .... WM CltWsai ratfcwsl 

OWT) . 15-W 1. tad SWrto (nmoM 

* pHTaHm (ATV) Its* 2- H«PP» oay* CCMH«W) (ABC) ... 33.7 

'.TMcSviLWn 1M5 ). Three** Cwbpwjf UhmO) 

Cjmuurf*. (TMU (ATV) M-U (ABO — . - 36.8 

(Wd!) (ATV) 18.H A M-A-S-M- Ccootafy) CCBO_^ .... W 

Spedafets in the Sale byAudlonof Coins and Medals 

7BlaktoiiStreri,NewBoBd^rert y ¥IY9U) THepboae 0M952445 

Wednesday, ISth March, at 10J0 ajn. 


in gold, silver and bronze 

- including modern commemorative medals and other 
items in gold, also a good eeries of English & Foreign 
silver coins. 

(Illustrated Catalogue (3 Plates) — Price 50p) 

Wednesday, 5th April, at 10 a_m. 

in gold and silver 

including a good senes of the silver coins of France ' 
and of Portugal 

r ‘ (Illustrated Catalogue (10 Plates)— Price £1) 

Wednesday, 19th April, at 1 p.m. .7 

(Catalogue — Price 40p) 

Catalogues tor further Sales of Coins and Medals to be 
.ieid in the Spring are now in course of preparation. 

. Collectors desirous of selling should contact GleruUrang 
- ' * ' * ■ and Co. promptly. 

Commission to Vendors — 70$6 
NO PREMIUM is charged to buyers 


'Han dstoote of all his remiinlnf 
exquisita Fine Persian Rugs -and Large 
Carpra including magnificent mshed, 
siinz. sdk aree of lil* and all 
ocher beautiful hand mad* rugs from 
£35. Open '10 o.m.-Tp.m. dully in- 
dBdiag Saturday & Sunday (last day). 

Cbll 13» Masons Yard, Duke Street. 
SC Janas'*, SWT. Tefc »1-*3S 2S» 




In parspax cue 34* x IS** x.3<“ high 


Photographs end Oeuifi 
Full Sail. Haodanred Crew 

8 King Street, 
St James's , 
London / 

SW1Y6QT. 1 

f Tet ( 01 ) 839 9060 

W T TS^Tl Telex 916429 

1^1 *^' r r I Telegrams 



Foul Junn, "The- Dop'* One of s pair. Signed and doted 1881 
11 t 17 in. To be told on Thurtday 16th March 



Oil paintings, watercolours and prints • including works by 
A. J. Meadows, P. Jones, E. W. Waite, J. Meadows, E. Lear, 
. Bouilemeir, E. M. Wimperis. ’ 

Georgian and later furniture aid works of art. 


Silver, Sheffield and other plate; Jewels including a George III 
tea service: a good Irish tea sendee. 

European pottery, porcelain and glass. 

Catalogues 55p each by post ( Applications must be pre-paid) 

All tales start at 10.00 a.m. unless otherwise stated 


TELEPHONE: (0777 ) 706767 (10 LINES) 

Valuation* prepared for hHuraaea, prohire end family dhrlUen. 


Until 2lsf March. Wednesdays 10-5. Sat*. 
10-1 at 15a, amort SU New Bond St.! 

GALLERIES. Fine Brttfch 

. tBP&AtSSF^ 

benurle smut, Piccadilly, W. 

. MTHde Alliance cVartaMn) M •“ 

. Rabin's -Hest OtamO .... Ii» 


. Armchair - . Ttnificr ' tTtarh) 

K. Little Haitce on the Prairia - 

(drama) tKBO 2 R 5 

6. One Day ax a Time, idreatta 

' (CBS) ■. - 

.7.: Charlie's Angds (drama) 6a dO :5.5 

■^TbSS' 15.89 L..60 -Mlnotcs (CBS) =5.3 

•. GraaraadaCnwdJi (ATV) — IMS 9. .TutanrHbht JHa»lei .. Masamn 

Oumiliuliw ~~ ’ * fTliimit ' FtK*'(CB)j 

1 xmw u- twiM) tti~aimW ' T r>1~ U. BaroBf. HHJer (drama) (ABC)... si . 3 

oono 31.. KL . j ■— 

' PJ . *■ V •»“V. WX.Ji'.;;.* -r«A. *y.^r- -V 

jtish and 1 F J - , K i '.'i> ' .: *• ^ 

1CTURES. 1 L:V; -“‘» ' st- ; : V v .r • J 

• i ^ - 

kiMSll Av-4 


. AND 

An ExfalbitiQD 

of ore r 100 

Prints and 
Watercolonrg . 

Lowestoft blue and while knife 
end fork handles. 41 i». and 3J in. long. 

To be sold on March 20 th. 

Handles fqr knives and forks were made at most of the 
European porcelain factories throughout the eighteenth 
century. Beginning at Meissen in the late 1720s they were 
simply painted in a KaJdemoa palette of turquoise, iron-red 
and gold. Contemporary with this at SL Cloud and 
Chantilly in France they were being made in soft-paste 
porcelain sometimes heavily moulded with scrolls, or again 
Pointed in toe Kakiemon style or simply in underglaze-blue 
with Berainesque scrolls, mainly fitted with steel forks and 
blades, but the finer examples were mounted in silver or 
gold. - 

With the advent of porcelain making in England they 
became an important pari nf ihc* factories’ productions. 
At Chelsea white moulded examples are known, at 
Worcester blue and white and rarely coloured ones, but 
Bow seems to have been the most successful as numerous 
blue and white and primus moulded examples survive. 

The very unusual examples illustrated above were made 
at Lowestoft circa 1760, only one other pair has been 
recorded in these Booms to date. They are included in a 
sale of English Porcelain on Monday, 'March 20th. For 
further information on this sale as well as advice on 
English Porcelain, please contact Anton Gabszewicz at the 
above address. 

Until Friday, 17th March 
3B Duke Street, St. James's, London, 5W1. 
. 01-930 9308 ' 


• For farther information please contact: 
01-248 8000, Ext. 323 












■ Mir 


FmancIaT^es-Saturday "SarcIfitErfsJ^ 3 


Telegrams: Flnaniime, London PS4, Telex: 886341/2, 885897 
Telephone: 91-248 8000 

Saturday March 11 1978 

A touch of 

THE MARKET in Industrial almort certainly not be back, 
equities succeeded in regaining within the target range, but it 
a little of its lost ground this will probably not be so far out- 
week. despite some pessimistic side it. Provided the trend, is in 
remarks from ICI about the out- the right direction, the market 
look for the world economy and is less worried about drastic 
the over-valuation of sterling, counter-action by the authori- 
and results from Royal Dutch/ tics. By the time the next 
Shell which clearly showed the figures are out. we shall be on 
same two factors at work. The the brink of the Budget, when 
improved tone was due almost a new system of monetary 

entirely to a recovery in the 
gilt-edged market. Prices here 
have risen every day. and by 
Thursday ihc Government 
Broker had begun to sell the 
short-dated tapsiock issued a 

targets will be announced. 

Earnings drop 
The Importance which the 
gilt-edged market nowadays 

you were 

By ROBERT MAUTHNER, Paris Correspondent 


HATE Sundays," Presi- rion explains some of the dis- this time by some 2m. new- Communist form, is another result of the greatly increased taking, it is oecause they want 

dent Valery Giscard content, though, given the inter- voters between IS and 21. at matter. But. as one left-wing wages and social security burden to make sure that their support 

d'Esta ; n*» of France is national picture since the 1973 least 60 per cent, of whom. Radical leader has pointed out: they will have to bear. External m the country, as measured by 

mitttori K 1h _ ut-st oil crisis. France has not done according to the most recent “The French are so consepva- payment problems could soon the ' voting in the first round, is 

i c - „ _ , th * „. PP .w v ton badly compared with some surveys, are expected to vote tivc that vou have to threaten force the Government to apply sufficiently strong tn enable 

u of its western European part- for one of the parties of the to rebuild their whole house controls on imports and capital them to hold their own within 

»hL 5? * mI new. M - Raymond Baire, the Left. before they will agree to 'have movements, thus breaking the a Left-wing Government. At the. 

P P fW- e avuncular economic: Prime To conc j ude fpmn alI fhis the dining-room repainted.” 

supply. There were as reta Q prices are concerned, 
factors involved not- however, the advance index of 

price notifications compiled by 
the Price Commission has now 
turned up from its low point 

week ago — partly for the benefit attaches to these monetary siatis- 
nf the building societies, who is demonstrated by the fact 
have been officially requested to l u har th 'S week s recovery has 
cut their rale of mortgage scarcely affected by two 

lending and discourage too P^ ws _ of news which would 
sharp a rise in house prices. otherwise have been regarded as 
... J , somewhat discouraging. The first 

The gilt-edged recovery was relaJ:es t0 price:s . Su far ^ 

'vt tUr ? al "? 05t y hol !- v ® ttr ‘|? ut * wholesale prices are concerned, 
able to the latest bankiuq the picture is mixed. The cost 
figures. In the month to mid- t0 inrtusnT o{ fuel and „ w 

January, the eligible liabilities materlils is continuing to fall: 
of the banks had shot up lhe pn^ which it charges for 
sharply, and this had ocen fol- output m snU ri sina. even 
lowed soon afterwards by _ news though ^ rate o£ increase 
of a similarly sharp nse in the see „ wt0 be levelling out So far 
money 1 — ■ — — 


ably the effect of the income tax 
rebate on the Governments 
need tn borrow and the diffi- 

culty of making seasonal adjust- The'rVls a -ood chance of infla- 
ments at this time of year— but d rema iiiing in single figures 
this brought the growth of the ° r the reTo^this yearf but £? 
money supp y Inr the tot mn , ra „„ ok b d i5 more ob . 
months of the financial year to S(;ure 
14J per cent., well outside the 
official target ranee of 9-13 per The other piece of news re- 
cent. The market was nervous laies to the balance of payments, 
that the »ame thing might hap- The trade figures for the fnurth 
pen again. quarter of last year were, of 

course, already known. But the 
j.. * figure* for invisible transactions 

Money supply which were published this week 

The change m the eligible ^ r J he fi , ret rime have fallen llff 
liabilities of the banks is only bad> - having rhe current 
a rough guide to the movement ? s ..J- who i e l J® r ‘ n . a 

in the money supply announced d ^f lt of ^ 3a ?I' n £ alher tha . n 
soma ten days later. It was SU I? u * of £109m. previously 
widely expected that it would be Tb ® maj " rea * >ns for 

a particularly- unreliable guide dec D 5 are a s ^ arp d ™ p . in 
in the month to mid-February. from P rofil ® a ° d ln ‘ 

since the banks were thought to pa! ^ y c hl « he ^ 

have been altering the pattern , of . North Sea 0 '* 

of their liabilities to get them- by «f!? r 2£ u operators), 

selves off to a better start c,,n ^butions to the EEL. 

should the Government decide a F ^ rop . ln buo> ear . n ' 
to reimpose restrictions on ld * s . fr 9 ul bjunsm. The drop in 
their growth. Such “ window- * e ^visible surplus is the more 
dressing would affect the worrying, since companies con- 
tinue to report a drop in opti- 
mism about visible export pros- 

Next week the market will 
get not only the latest money- 
bill the latest trade 
The first are expected 

because it is election day. and 
though, his own mandate is not 
at stake this time all -the public 
opinion polls indicate that the 
French People are itching for 
a change of Government. 

A French general election 
Lakes place in two rounds on 
successive Sundays, so that the 
final result will not be known 
until March 19. Much can 

Common Market treaties, to say moment, the polls show that the 

MS -MgMgv. 

to put the brakes on a n^dlong wouId pro bab[y be mistake! tents of what was once called prophecies of doom, whu* have cent .of the popular- vote . com- 
dive into inflationary growth, while President Giscard their “ common programme " — greatly intensified during the pared with the Communists 21; 
reversing the policies of his d’Estaing, when he was still negotiations on its revision last week of the campaign, have per cent, will be in a much 

predecessor M. Chirac, need not riding the crest of a popularity broke down last September— influenced the electorate is stranger position. 

wave iramediatelv following his both do propose a fundamental difficult to gauge. It is doubt- This is considered to be 3 
election, managed to push his rebuilding job. Nine of the ful whether they will make any matter of vital importance by 

Government and Parliament country's biggest industrial difference to the results of the the Communists. Having fa tied 

into adopting a series of much- groups and the whole banking first, ballot, since the public to persuade the Socialists to 

needed social -measures, his lack and financial sector would be opinion polls indicate that agree on a common programme 

banking figures much more 
than the money supply as such. 

It was all the more pleasant 
a surprise Cor the market, there- 
fore. when the rise in eligible 
liabilities turned out not to be sl, RP lv 
exceptionally large — it fl 8 ures 

amounted to 1.4 per cent against 10 be reasonably reassuring: 
just under 2 per cent, in the second may well shuw some 
previous month. It may be that recovery from the freakishly 
the reports of window-dressing bad performance of January. If 
were exaggerated, but at any both are good, the Government 
rate the rise in the money supply should be able to self enough 
now looks like beinc consider- stock tn lake ir much nearer 
ably smaller than before: it will its money supply target. 

be ton ashamed of his achieve 
ments. Last year, in a poor 
world economic climate. France 
still had a growth rate of around 
2.5 per cent., far below The 
average over the la<t decade 
and a half hut rcasonaoiy ?atis- 
happen before the second bailor factory in the context of the 
to influence the voters' ulu- austerity policies widen he was 
mate choice. It is significant, obliged to apply, 
however, that voting intentions But the in a n-in-th e-street, in 
for the first round — - when France or elsewhere, has little 
people vote with <iheir hearts time for international maero- 
rather than their heads." economic comparisons. The 
according to the conventional widespread confidence in M. ' 
wisdom — have remained nrtu- Barre's ability to cure France's •• 
ally stable since the late autumn economic ills which was re- 
of last year. fleeted in the opinion polls for 

All the -disagreements severa l months after his appoint- 
between the Socialists and the mt, nt soon turned sour. 
Communists over their common Progressively, it was the 
programme, the bitter quarrels negative side of the Prime 
between The GaulMsts and their Minister's policies — the nigh 
coalition partners, the warnings unemployment, still 

by Government leaders against abt, ve the 1m. mark, and the 
a Soviet - type collectivist "’ a “ ?5 freeze— which began to 
society, and. the diatribes by l ar S® in people s minds, 

spoketfnen of the LeFt against parties of the Lett have 

capitalist exploitation, have ' niade , maximum political 

apparently cancelled them- l ' apila * out these inevitable 
selves out. consequences of any au>Tcrity 

policy. Their promise that the 
national minimum wage will be 
raised by a vertiginous 37 per 
cent, to Frs.2.400 (about £260) a 
month if the Left wms the elec- 
tion. which became a big issue 
The professional forecasters in the final stages of the cam- 
are the only people in France pai£n, has been an obvious vote- 
who agree with each nthcr. In catcher. 

the fir>t round on Sunday, the when all is said and done 

. . , VK 


Mr. Jacques Chirac, the Gaullist leader, has been campaigning energetically, but does not appear to have attracted 

voters back to his party or the coalition. 



of a solid parliamentary nationalised if the Left came to people have long ago made up before the election, they fear 

majority has frustrated the im- power. The minimum national their minds how they will vote that the latter, once they are 

piementatiou of a much more wage would be raised by sub* to-morrow. They could, how- in command, will be tempted 

fundamental reform pro- stantially more than a third, ever, be an important element to forget their campaign 

gramme. inevitably leading to increases in determining the final choice promises and pursue what the 

The astonishing economic in the wages of other categories' of the 14 per cent or so of Communists contemptuously 

progress of the past 15 years nf workers, social security bene- voters who were still undecided describe as “ social-democratic 

notwithstanding — France is now fits would also go up. and nearly when the latest public opinion policies.” 

coni tuned oarties of "the Left ,hprc are ° nnd ground- tor the ^ fou , rth position in the western 900.000 jobs are supposed to be polls were taken. j n 

Jr B view th.t the present polarity -d t, d , e t bl treated by the end of 1973 The reaUy d<dlil , fector on J" _ „ 

per cent, of the popular vote " f t * ie ^ “ Q0£ , merel > L J 1 ® achi(?ve a fa distributtrn or ^ which the whole « lec ** on hinges appear to have agreed on a 

and the present Government result , of , l . he Lovcmmenis f , i h Th J « ? Cn ‘ Jhfti financ J° g of is whether the Socialists. Com- summit meeting with the 

coalition parties tGaullists. Gis- econom ^ p ® lK ' ies h,,c 14 du * t0 ] ietv - e „ n the hi°hesr "and Lowest W Sf!h munisls aQd left-wing Radicals Socialists and Left-wing radicals 

eardiens and centrists, about 45 fundamental if le«s oie 0 f *he S lorlJ -the partners in the defunct next Monday or Tuesday, after 

n „ r ^ n . tangible factors. After 20 years P aia L JS . one ot ine largest serious economic problems. Un i on of the apr ^ the mulu' nf the mind 

These findings give the lie to of ^n^native ruie by the «« the industrialised world, and *Vhile they have carefully costed Um ° n 0f Lett ^ Sm agree ^ nSUl ' S ^ raund 

an eleventh-hour conces- 
the Communists now 

has been the normal practice in to an agreement an a commcn 
recent elections, the Com- pregramme, which findings give the lie to nanHistVand" their 'alli^ the the fiscal system in spite of all their various measures 'and "are ° n,an elect ° ral .I* ac * between have been announced. Sudi a 

those like M. Jacques Chirac. French* people warn to see new the promises^to" reforn "it ^iug’T a TSTfncreaSeTf 5? S?.™* of .!?*• * 88 ™*S**-™ ***** 8™ ^ 

... faces in the Government even remains a monument to revenues from the fiscal gains of 

1 ,7 d * : !?« ^Fraiice "continues to hoU the 

Left had built up such a big have been around just as long— doubtful honour of being the admit that the probable budget “J. hefiiT^h.. concIlJ ‘l® 

lead because the Government. j on ger in the case of M. Francois most centralised of all the deficit for 1978 of Frs.9bn. L4J, L2® JSS S J - 

and Particularly President Mi Herrand. the Socialist leader, western European democracies (about £950m.) will be tripled. ““ * 25 *' 'JSILSSZ ° 2 i 

Giscard J Eslain?. were nut disenchantment with the and the paint has not even been Much has been made of the 

electioneering hard enough. For ru jj na parties was already very scratched off the problem of cost of this programme by ^ .® :r PJ es *' l0 '=' * he Jn ; 

weeks, if not months. M. Lhirac eV ident from the results of the regional reform. At a time government spokesmen. Both ^ P artners af 

has been haring round the i ast general election in 3973. when Britain is heading towards President Giscard d'Estaing and “• ? e ““ \° P^rt'cipate in a 

country predicting doom and w heit tJie combined Left regional devolution, this is a M. Bar re have forecast galloping ... < "1 J* til ® y J?° . so Government if they win a. 
destruction if the Left came to obtained nearly 46 per cent, of dangerous situation to be m. for inflation and a sharp drop of Commupist parliamentary majority, 

power, kis.-ing babies and slap- the votes ca>t in the first round. British developments will surely the exchange rate of the franc if ar * still splitting the i>he great question-mark of 

Jt became even dearer in the have an influence on Ereton and the programme were imple- r ° l ^ secona round, the ttie election is whether the 
presidential election of 1974 Corsican opinion, to name only hiented as promised. The Prime ern ™ en t coalition can Communists will agree to be the 
when, in a straight second bal- the most obvious areas o£ Minister has said that it % will borne. junior partner in a Covernraen: 

lor duel with M. Giscard regional discontent. require either a doubling of The Socialists have already of the Left and thus accept a 

d'Esiaing. M. Mitterand scored In short, the country needs a taxes or an unacceptable and made a unilateral promise that watering down of their awn 

22 per cent., not much more 49.3 per cent., only just short new flaw. Whether the majority highly inflationary increase of they will stand. down whatever principles and policies. For 

than the alliance of GIscardiens of the absolute majority re- of the people really want to go the money supply. the Communists decide. If the better or -worse, the future of 

and Centrists. quired to become President. as far as the programme of the Many small businesses, it is Communists have so far de* France depends on their 

No doubt, the economic situa- The tide will be reinforced Left, either in its Socialist or claimed, will go bankrupt as the clined to give a similar under- decision. 

ping the backs of his farming 
cronies in the Correze depart- 
ment. apparently tn no avail. 
His party's score, according tn 
the polls, still hovers around 

i . ■ • 

' v 

x : 

- •' 

.» -- . 


.*• V 

t r , 

. y 

V : 

f V 

Letters to the Editor 


Front Mr. P. Minton. 

Sir. — Mr. Brady (March 3) 
equates land with Rembrandts 
and Cezannes — does he then be^ 
lieve that the world could be 
fed, houses built or minerals 
mined from those delectable 
items? Could he not Jive with- 
out nne? Perhaps he would like 
to put bis strange comment that 
'* land is not unique and funda- 
mentally different from all other 
objects of our requirement" to 
the test by trying hi exist for 
just one hour without making 
use nf it or its produce in any 

If he " 'h-«t hour — th»?n 
he is right and Mr. Bilitch wrong, 
mu I i hint: lhai he will rapidly 
come to thr realisation af how 
wrong In- idea* a ref Land has 
\a! ue i*nl.v because of the o im- 
munity h*ch surrounds it. Wu 
all create lhe undeveloped value 
of land by our ads. nur Taxe-. 
our being. It i- nut the creation 
»*f some .-.peculator who forecj'i-. 
that there will bu demand so 
why should we. the people, not 
recover that value we all create'.' 

As bp says, the price of land, 
under land value taxation, will 
tend to ?ero. Sn we who own a 
house and a bit of land -a ill be a 
trifle incommoded, hut -ince all 
land wii! tend io /.i-ro wfii-n we 
move it will li<» m a < ile which 
has »i-o losr iis value: Surely 
we can cope wrh ino minor prob- 
lems that mi gin i<rise in order 
jr. bring ju-uc- i«i ifp- ctn- 
munii:-'" 1 1 .<fi-r only lhe 
speculator •• ho foreca.sls. eor- 
reetly. v.r- v. ill ini rease the 
value of hi- holding:, who can be 
really hurt. 

Peter K. Mvilon. 

Hartkrick Ronri. 

Whitchurch. Bend mo. 

we suil find people who want to 
turn the tide when everyone 
knows deep down, that only the 
moon can do it. W'e have out 
to lake lhe example.- of Swan 
Hunter and British Ley la ml tn 
give a strong indication to Mr. 
Brooke thas un present form, by 
the time their workers achieve 
full power, they will have in- 
sufficient customers left to serve, 
cither efficiently or inefficiently. 

The. idea of workers getting 
rid of management and assuming 
sovereignty, indicate? that they 
sec industry as a political and 
not an economic engine. AVeallh 
has to be created before it can 
be enjoyed. Industry and 
economics are abnui wealth 
creation which has to rente be- 
fore wealth di< tri button which 
is politic.-. Demand rejne. from 
customer* and ntarke 1 ?. No 
amount i»f mnn-y or numbers «if 
shnrebo|ii.-,-s can seli pup® in a 
market v hich msisl- n,i having 
cals. \.ir does it help if Govern- 
ment intervenes with a conimii- 
u-i- which proposes to east rale 
all dog, Sumcune must breed 
cais and Sium-o the gestation 
period. If the unions can do it 
alone th«*y would have my ble— 
sing hm ihe tusk .seems big 
enough g-nd sufficiently urgent, to 
demand a contribution from 
everyone in I'm ? limits uf their 
capacity in ihcir dual roll! *if 
producer- and cnnsmtier:,. 

O. ft. Lee. 

.1 ll'esi Shi 7 C/»m 
W t in l» I crion. S.U'.IP 

the Conservative Parry really they find it difficult to cope flatten seems only a tnatter of to change his view so dramatic- 

was the Conservative Party, with unaided. time. ally in less than a year? No 

social deprivation was, rife and For these reasons, which were Would not a truer picture he wonder the Conservative Party 

no employment had somewhat ell understood when the shown if the increase in the has a reputation for cynical 

nastier consequence- than to-day. Heath rev. extension was RPI :n any year was compared political expediency. 

In truth. Labour politics hate approved by the Minister in with the increase in the previous Stand in* 1 . 

only been allowed to develop a 9 1970. it ha- always been part year? 
fa-it as public opinion will *u.-- of the ola.i to maintain the sir- George Henna, 
tain them. This fact, coupled port coach link so that there "M’a ueb rook." Cnntfori. 
w-iib the unrelenting demands of .,ha!l be means of travelling Devon. 

the public, requiring more out at moderate cost to and from 

of an economic system whim central Lon ion for passengers — 
had neither the planning with heavy luggage. To toneen- (^nCCfUSS 

:.:’ding and alighting 
delays lo 

(Liberal GLC candidate for 
Finchley. 1977), 

112 Onbleigh Read North, 
IVTiefstone, N2J0. 

thi* perfonnance 10 

provide i:. 

:r;:te he:-.-.’;. 

brought us to n*rar di-as:er. 

fine Lo.ndo": 

There are in jay :n 

tac- Labour 

in slow bn 

movement whr» share 

a vision nf 

and unac 

far-reaching ref'*r;.i = 

. who be- 

A'e>%|l jS »'S\ 


Government sir s»tem. 


i i e • c a Labour 
should mean more than an 
nmme repair kit bu! realise that meet cv 
V'inninr votes nn.i I'iuvernmi.-r.t 
an- a necessary prerequisite. T*> 
win voles and !«■ .-<ivern i- tr. 
s" ! \ if to-day \ problem.,. " Pre- ?yst?n. a.- 
venling Th* mu n try from falling 
M'.-irt” seems ii* roe qune a good 
-i;in. Rome was not mult m a 
Vl.-tj. : Mr. Rogaly's article w-j, nro- 

From the Chairman, 

British Waterways Board. 

Sir. — I read with interest the 


Sir. — Lloyds Bank at Leigh- 

enilially a rapid iron- on-Sea bounced one of my custo- __ 

mers” cheques for £18.63p. be- letter from Mr. Eldon Griffiths 
He . throw link cannot cause he had committed the MP (March 6 1 in connection with 
need. It was designed aoparently inexcusable offence the Select Committee's report 
to ben cat ;ne majority of air &f putting ^February IS. 1977 in- on British Waterways Board. As 
tra- el!*-r- md. at ihe same lime, .-lead of 197S. lie points out. Mr. Griffiths was 

to dovetail ir.iu the Underground 
whole with .ill 


We pay in Lloyds. Marlow, the Parliamentary Under- 
i»« We bank at Williams and Glyn's Secretary at the Department of 
"‘hor requirements including in Lombard StreoL Thus Lloyds the Environment during the 
the «-a-.-:a2v of people, with as at Leigh-on -Sea had to send the period 1971-74. 

cheque back to Lloyds. Marlow. There have bMn su3ges ttons in 

.:i li-. u 


bag.-gc a« they 

lan R. Arishcnd 
4't. P«ir»-J».’M(t-r Rf'nrt 


molded, v. hn join it from vvho >vni ii to Williams and 
tth *h ■:n ihe l ndercround 


p'iiiijv rich 


From Mr. O. Lee. 

Sir. — I am amswd at the 
response? of Messrs. Dauns and 
Brooke (March 3j tu Jan 
Hildreth's letter. Could it he 
arranged tnaL on different davs 
nf course . they should visit 
Meriden and enquire how much 
importance the worker? there 
now ascribe tn customers? 

it has bpen known since be- 
fore the days of Canute, that 

r.9>er corrupt^ and absolute 

power corrupts alnoluteiy. But 


From t},c Prospectus Pari?n- 
meatant Labour Conrlitlote for 

Sir. — Do-pite Mr. Rogjiv's 
assertion (March Ti that “the 
Government may have nn? vented 
the country from falling ajuri 
. . . it has hrnught down the rale 
of indatton . . . di-curves con- 
yrafulatJonM for arranging a #ur- 
ce-sion of poll cm- of wage 
restraint . . ." he still concluded 
that Labour does nor deserve re 
win the nevt elccrmn. T*. i«- 
fair. Mr. Rus.ily also r“cii«n-- ttic 
Tories to be equally umb-erving 
(though 8 hey didn't make h'- 

It is worth pointing nut that 
durlns: the time "f Labour's 
“early radical fervour and in- 
tellectual bite.'* an atnlurle 7iTr. 
Fogaiy hankpr* for- th*.- wpp® 
regularly trounced at the poll?. 

In nn lilt* Chic 
< 'Jjiwr. 

1.1‘titjnn Tniii\,-W*rr 

Sir — In ..di'iuiin: :«! 

i a> ihi fur -jir '.r:r.i.*IIcr= viih 
h--:ivy liaggjge ---ho 11 -r- tiie new 
l/’idergmiind link v. in-. Houth- 
n-v Airp«irr. L:id> Buri.-m . t f 
' oven try « March *ii ■ j.n h:.rdly 
•ugje-t that tr.-; have .-.*>#» ri 
*• iiruslu-il «if ":c. L<md on Tran— 
n-irl ’Aitli no atlviiipi to i uas;ri«r 
ibe pom;." 

Thi- i-sue va* decided by »he 
Minister of Tranipori -jr -.he 

d na- s?nt it o the customer who will lhe problems highlighted in ttie 
•or.od fully for many hopefully, send it hac*. W e shall rcport hy the Select Committee 

y-a-. Ail the evident sug- rm-ri pay it in at Lloyds, etc etc. result from some sort of ' 

-*' 1 ' ;ri2: i-wse objectives are consider all I the book- disagreement between* Mr 

keeping mt ulvedl The total cost xf n ...- M ;, nf . n , p 
in three banks and in us must furiher fmin 

ruu^hly enua , t„= amount of th, tSS,' VL’ve bSo 

'•■•ir.-J j- oh- 
r. E 


irrn.. S.W.l 

rr> successive Governments back 
, uouid not banks have tec cour- ^ ishs. as those who read the 
li-- of :>non inc j cii~i"Mur Select Committee's rennrt <*a«. 


■vho,i? cheque contains a typo- ful I v. will see" 
graphical error’.' Should nut 
cheques remain payable for. ■•ay. 
t-v.i year?, rather than the pro- 
rj.j;>lir!Mng the rate nf yer-t ars month 
m;lauop — ,j • ibe ’■ year- h>-j ear K. tf. Gnher. 

ti-.’icr House, riclditnuze La:<e. 

M-trlnur. Buck-. 

ttees report care- 

nnr r; K-.-nur:. 

- :r — ! ■■■■' gtlrr :f l a:n slr-nc 
th:nr :nu that the preiem 

(Sin Frank Pncp 
British Waterways Board. 
Mslbury House. 

McIUurif Terrace. X.W.l. 

Pvi'ci.-r'. j ■' — really five., a jm>- picture, i.-enatnly co *.h 
-.•n lixvO me-. 

If •.•r.c -.i- tomes that the ftoiail n 
Fr;..c indcr. increases by 20 lyOtCS 

tube link. 

Th* majority of air passenger? 
trjvel light. Meeting the >pe*.iai 
ii’-ed- i»n ihi- l/nderground r-f 
ib'iM* who arc heavily encum- 
bervd would <:r*.-Jic -erreu 

abftiish rate. 

ra;o of :.i:iatton. 

Let •.*.; -a a * r«?i is I'* 1 rein mod to power, 
a’- tin* -tan .f 3 five year period 
and g-ie- up '»v ^0 nomts each 


From Mr. J. Sncne 

Slr.-Perbaps the large clear- 
ing banks should stop complain- 
ing about unfair competition 
.rom building societies lone 
itical pipe- enough to ask themselves 
ry cummitment to whether the resources which they 
they are are channelling into their ine.«r. 


bvrvii would r*-a ic -ennu, the year by ;.ear aorcentage in- last year when 
di-advanJ.'i:,*"-' For a very large create i? “d vent. But at the thr Tori!*.-* won 
number uf olner traveller*. The end o' the s.-cond year— with <L.ys of - th*- 

_ into their insur- 
hr oking subsidiaries in 
ftf’v of the elector-; of coni petition' — competition which 
inu>? h.i'.c been incidentally, has at least a tinge 
i*.* for Mr. Freeman un.asraess on occasion— with 

Finch li-. 

At th-- end of the first year lei.ipied _ .. „ IM1 by ;.*?ar percentage in- last year when he vr-vyj *hai if j established insurance brok- 

hc Ton*.*.-- '-*;on Ounty Hj!!. Wvf n? jnat ket. would be better spent 
resent rating '* n ini proving their banking ser- 
, , , i*?*> in BPf — the sjsicm would be numbered. v,c *-' s to the point where the oub- 

juove lKi - ’t- numbers of passe n- percentage : per cer.L and " Under the next Conservative * ,c would not feel obliged to 

th*.- vr.d of the fiDu iV.-vcrnnuini. hr-usehnid rating such facilities elsewhere 
rh"y *:*n > onveaient.y li* t. nut :-ear :* u jj.i per cent, v.-ith i.h<- v ill come m ?n ho said ,T. fi Snow 

p-». tho?« who are weished dowp smio :.':cr?n.=e: i« price- z* iFtachiey Times. April 2S. 1D77J. d Turnbatl 
b> a quantity of tugrage which ; .he first S:=gle 5:ure to- V.Twt has caused Mr. Frec-man Chiscfdor.. Stigtsdon, Wilts 

move large 1 
g*TR whn rr.rrv 

ms of pa: 

•ith iJiem what 

w tn 



and genera! unit frust. 


‘Umpn has nothing to blush forkt theperfomancaonhi9fund...a 
risorf nw» than twice ttetshorm by the F.T. Index In lhe same 
period’— Financial Times 4/2/78. 

Wren the .fund was bunched, in 
March 1976 the aim was 'long term 
Capital growth (rom a wide range of 
commodity shams and an above 
average income'. When, compared 
with the growth of lhe F.T. Index of 
10% over the same period (tie fund 
•has obviously been a sound invest- 
ment flncbme units up 47 »» 
accumulation units up 64%). Few 
other forms of Investment will have 
performed as well when linked with 
lire easy accessibility to your capital, 
and an ahawe average income paid, wealth as 
twice yearly. continuous 

further substantial growth and in- 
come In the future. However, 
investors e»« reminded that the price 
of units and the income from them 
can go down as well as up, and arty 
investment would be best regarded 
as medium to long term The fund 
mvests In companies involved wtth 
basic raw materials such as Gold. 
Diamonds. Tm. Tea, Rubber, Sugar 
and. Copper. Lawson Securities 
advise that ar least part of your " 
cwttal be invested in the world's real 
1 hedge against the 
fall m fire' value of 

The- managers confidently expect money. 


4 »n 24 months. Yield 7 . 1 % p.a. , . ' 


Tfw Managers reMtve the ngmio close am oi fu tf the true price hast bv more z* 

. Income Units 36. 8p. Accumulation Units 41.1p. 


^ v.SlSZZSiimZSsX;: 

mm mm mam hi M APFUCXnON FORM Ml w — r— 

To Lawson Securities Ltd FREEPOST. Edinburgh EH2 oriR 3 

or Tel ; 03 1-226 39 T1 fSlefcwSSXKSI^fc ^"?’ **. 
l orSeao a remittance payable la liww Secum«* umnZi. ra . - . 

tawsan Baw.Wawnflb and Genera Fund ^ 

_ . wenamMchanae p*M» mark -jrn 

flSKSSff sT "W ** 1 ****’*&' It: 


CA(l)OlntaprhC3M9mu3liiiqnaiTdJillaeti faiiname-iwi'lw^.g^ ; 

Namosinfuii i- ' 

7”_ — : 

Addiesa. ' • • - 



T r ^\ yT'Ui J 


Ewaaclal 'limes Satnrday March 1Z 1978 




!«en 0 fcnS A1 S ;S ---*?■ the market only a small amount confidai».m the case «£« pure 

^L."L.25? r, 5 5!? 1 **® Btoeteenth mmuA ?f stones. When the Hound is laxmy such »Tgem dimionds 

lisfnrv w„ -w-. ^ TTr — - — rr *. * . . BIU1JCS - warn- roe aemua is mxnry sucn ss sem diamonds 

De Been If *£* h 2® * u ® ut .1 han &*£& it keeps the flow steady, of which' a Tuge quantity is 

r * eer * m the days before the any other single group- hut hpvbi- « «** *u~ »_ 


ampany me indiwiftiiiMv- ;i: ~~ — ? ut never pirts Prices down, held In the form of jewellery by 

any . was mtoroltib^ -Production in 1976 was 10.5m. Last year far example, there the general public,” the report 

mfefwt unfh m. — : TVZ * **-uiiimuzi mi ioid woo xumJih. -uaoL j tatr iox emit 

ieimJr wh n ?? e ?»«&■ carats out of a world total of was a whopping 15 per cent, added, 
ndustey nearty 47m. carats. And tee pro- rise in March — or, at least, lie CSO makes its decisions 

-e turns were ™® ductfon will use. An expaMioa seemed at the time until about' the amount and quality 


But han*. i -oo« , programme in southern Africa the CSO added on a further 17 of the rough stones it puts in 
■put uacK. in 1023, he yi* is already under way and a new per cent in December. ' the hands of tee dealers, at the 

*, ' . —■ ~r — p " ..V^" imamsuj uuuu ooj aim a ucn m liCUIUUV 

^; “J! e 0 Q 10 u- ?* following: mine in Botswana should come There are about 300 direct London sights by careful 

\i !„ quesUon arises- at- times on stream In 1982. - clients of the CSO. Ten times monitoring of the jewellery 

some method or The 'output' from teeDe Beers a 7 ear they come to London demand. : Once the diamonds 

■ • •: '• - -■ • ‘ for what are called sights. This have been pur into the- system. 


..nachinery for the sale of 
"-r- iiamonds cannot be devised — ~ — 
ffhich would give results more ' . 

■ > -satisfactory to the producers.’* 

■ .The answer was! to come in 
‘■'■z-, he form -of a unified sy s t em of 
‘ tolling based, on the Central Zaire 
• .veiling Organisation,, nixr by De USSR 

Beers and. introduced in 1930 s. Africa 
A'hen diamond sales readied Chau 
'-Just £3ra. Last year; CSO eales Angola: , 
»:..;rfere worth £L07bn;: : ■„ Scna UwM- 

> . Over the last 47 years; the {SgS*L ■ 
•:j.'iianiond indostty has' become Tanxw»» 
lightly organised r geared to the V«»Mtiria ' 
unooth flow b€ stones from the Liberia 


(Million ipatric ami) 

, ; ,1174 JIB 1974 
U0 .1 2J9 12J ) 
*0- 7A 
2.4 : 2J7 
13 4 







.nines right through to the ulti- Cent. Afrcn. Rep, 04 
ngte consumer-r-tfce girl sport?- f* 0 *'* Coast . • 03 
«tog a diamond engagement ring *2^ _ . 

wr> -the -engineer using fhe hard, ®te* r Countries 0.T 
edge of the industrial ^ orid totaJ 


is another word for sales, for they go through a number of 
each client is presented with a stages before appearing is the 
package of stones, tailored as shop windows, 
far as possible to his needs. ■ Their first stop is the cutting 
The cHeut either buys the centres, where the stones- are 
whole package of gem slopes or polished, and sometimes split in 

leaves it alone completely, order to make them ready for 

73 - There is no picking and cfcoos- the- jewellery, designers and 
232 .tog. This gives rise to a cer- manufacturers. The largest - of 

03: ; 0.4 tain tension an the relations the centres is Antwerp, followed 

'Ml between the CSO and the mer* By Israel, Bombay, New York, 

JJt 1" chants, involved,, who may com- London^ Germany, Puerto Rico 
04- - T; P 1 *® 0 tee? are not 'recemuB * nd Amsterdam. - 
04 - 04 what they want, that the class!- After the early processing, the 
04- OS .. fication of the stones is not what jewellery is made up and passed 

04 0.4 they had in mdnd. that the on t0 the consumer market 

stones are badly sorted. backed by- advertising. The 

direct Du Beers and CSO in- 





iv: - OF h 


.JE*sum -! 
ltt«l«CTDRBtS| ' 1KTAlL 









Soma*- BE BEERS 

the CSO. but that 
only make those :n tha 

The first way is consumer stones from CSO to consumer, “not justified in relation to system more prized and ulr« 

rarest stow; sights the well-ordered running of the the De Beers system; no major argues that the price of the through 

for »n w nnhK industiy as De Beers sees it. buildnip of stocks in the flow of rough diamonds is at a level would o 

03/ 03 

bj: iS ". Ce rtainly there is endless 

* M ■***- 5 S^n £ s^j ?!. * 11 erteMiTC p ° Mi,!lty 

iTnMr'twMiH* • - stones and; the . infinite variety ThptdvBr avpnci&i en- busing of diamond jewellery. That threat comes from the cut- prices at consumer level.** The mately lead to an escalation of 

^an tn mines merges with that of other of prices which goes with it. eaeed bv De Sra have rained where the motive for purchase ting aotres and is the third bubble might burst. prices in the simps, a step De 

/■ation. rothp ha5Kff of SnsrK p ™ du 9 ei ?, in Centtal Sellpig But the clients »can do little th e s i 0 «. s «a diamond is for might be love but where there way of using the diamond as a Figures about the stocks held Beers would be Loath to take 

'?r unpolished mdtinoroceSed p^amsation. A web .of oo n- about iL The range of stones ever” and have developed the is an dement of seeking security store -of va^ue. speculatively in the cutting because of the possibility of a 

* " ' ' - - - - - " ’■ the possession of an This week, De Beers was centres are unobtainable, even deeper world recession restrict- 

beauty and 'value, sufficiently perturbed to issue if they exist, bnt what seems to ing demand, 
this demand is what an unprecedented warning of be happening is that some sort D B !d th ^ 

example. _ the diamond synonymous with the De Beers and CSO system the " dangers inherent In this of counter stockpile to that held d _ manv n j nr _ diamonH^ 

Biit there is Another factor SJg-laSSf attach- te all about . situaripn.** Instead of passing by the CSO has developed, albeit “ft ^ ^SeTSt ttTS£ 

ties the catientB to the ments. The seoond way is the holding on the rough stones to be in an unsystematic way. Jbmro & a Sli ammST 

ough they are only 20 : per^ CSO, beyond the fact that no. .And they have succeeded, as of S^JL^SiSSSJ^ while it might flush out the 

speculative holdings, would also 

? f this respect it is the gem stones. 

oot the lower quatityindustrial JZfL ' Bdt * 

■^{diamonds, which matter. For il- JHJ 1 %L5°JL5!? S/fSS 
*. SiRv>» 0 j,7w on ««. Ghana .stands aside -from 

Of all the countries with; an 

5^ ^ the. CSO. The idea Js^rfmp^. ot4ie ^ has been devised the profit flgar^ for De” Beers hi the hope of making a capita] chant* have been hanging on working above ill for stability. 

of ^ CS°^ b “y dWwwds ^ QTi& welL'"^"^ testify. Aftw sluggish earnings fiahL , It is investment buying to them, knowing the market It takes some months for 

value of all the diamonds^ ^ of the industry's struc- In 1974 and 1975, the group’s of fflamrads according was firm, andreah^ig that the problems With rough stones to stability the whole of the P Dc 

ri oroduced. traeted price, — 4he ..contracts . ha7Wnhro»Sit net income climbed to R337m. to Diamond Selection of Hatton diamonds they had on hand Jave an effect outlie market Slf? y the whole of the Do 

' *^11 in* the test six inonths a ^»ut bycaireftti merketii^^^ 1976 and R633.48m. Garden,ismi the m^rasebut were^ ^ter ^rari^ than down u* chaiS%e orgamsation sunds for. 

chink has appeared to tee Sfv th - d “ 3 ? 6 - “The stability which Sbeen (WM®.) last .year, as sales has notjret attracted tostitu- ** maaufactu r« r s and the retailers, The R™“P has resorted m- 

annour of tight organisation,' be- selling. . achieved has always been felt trom the CSO reached higher honal buying . It is thepreroga- especially tee case to Israel, but it is rather like having a stead to a low-key propaganda 

"-cause some diamond traders . u f sophisticated necessary tor we u.betoe of 4111(1 higher peaks. ttve o* the rich individual The practice has spread over garden hose with a partial campaign, the centrepiece nf 

have been siphoning off the !? orIdwlde u “v -t v -^ VDV . e T the diamond industry not be- The reason is partly to be Diamond Selection points out the past sfc months to the ex- blockage in it: the water comes whic h so far has been its warn-, 
rough stones and holding them, “e years Jias bmlt. up flnanciar overall production is in found to the spread of affluence, that the. number of diamonds tent that rough stones have through eventually, but not with in 8 statement. But as the ex- 
instead of pushing them down to withstand the lean excess of a steadily increasing especially to the U.S., Japanese bought for this purpose is re la- been changing bands at prices the speed or to the quantity perience oF Chancellors and 

through the processing rihain times. An indication of its such j, ut because oversup- 311(1 German markets. But the tivdly small. But the Arms in 50 per cent higher than those the gardener wants. Finance Ministers in their 

The policies of De Beers and *? ss “** ” een attention nMe(l do 0MIP in wHn ,| ir increased sales also owe some- the field , are active in their of the CSO. The diamonds have r>„ efforts w talk currencies up and 

sas oeen vie attention pjjg^ 0 O occur ^ particular increased sales also owe some- the field . are active in their of the CSO. The diamonds have rj a op an .. ™. p fop r . rrp _ mwu> u» kuhcuuw «uu 
ft by tte U5. antHru$t .qualities from time to time and thing to the spread of the tradi- advocacy. In a comment on been stocked on bank credit- .i-.-.-j T * down has shown, the market has 

the CSO are being undermined. • . - T . || - _ - ■ . ■ uv«, uuc u, uwb ouu «• — — — — - — — — —— — * — — -w - — — — — - 

and there is no dear indica- witnottties: we ueera now iwos ^ might otherwise cause wide tional view that the diamond is prices.' Bentley Diamond Trust 

A similar situation arose to. 

tire action seems* limited. It 

tion so far of practical steps • ™ ore tactful not to fluctuations in prices," ex- a store of value. of Bermuda, which operates an 1960-70 and resulted in a shake- 

tbey can devise to lumdle the ® t™? 61 Presence in plained the last De Beers annual This second factor manifests investment trust buying and out when interest rates shot 

could put up CSO prices again 

many expect this to happen 

a will of its own. 

Of course, the whole elaborate 


The initiative is with De gem diamonds, 

the largest market P? ail for report. 

but there is reluctance to do structure of the diamond in- 

itself to three ways. The first selling cut and polished stones, upwards. De Beers dearly fears : dustry built up since 1930 is not 

umiflil h«> sMlvoTtr AnnrniMMu) hv olalma •‘Twft anil rhraa nnt that -onmarhinv crmiTa* mitfht uns DCwiUSe 11 HUgUl Simply iib-nl,, n . mn nm,iiiiu< rlnu-n 

"Although price fluctuations would be actively encouraged by claims “Two and three carat that * something similar might JJJJL * L likely to come crashing down 

Beers, for its claim to be 'leader The CSO in effect runs ariave, rightly or wrongly, been DC Beers, the second can be investment quality diamonds happen now, resulting in a dis- values stu i lurmer m around tfc 

of the diamond industry" is not buffer stock for the industry, accepted as normal in tee case regarded by tee group with advanced 40 to 
idle boasting. The leadership. If the demand for gems hr -dc*’ of most raw materials, they Indifference and the third poses during 1977.' 


per emit location of the merchant; ng sys- 
tem. But it Is also worried about 

the rough stones in the 
cutting centres — it is too firm 
It could reduce the flow of for that— but the fact remains: 

the cutting centres. 

starts at tee mining stage. l>e pressed, then it funnels" oh 4» would be destructive of public at least a temporary threat to There is no threat here to a turn in the market because it diamonds on to tee market De Beers is in a dilemma. 



BDr. Duffy was a tiny 356 votes be one of the best possible con- abroad has been restricted by with £20,000 apiece to close 
ahead of Hr. Wright at tee end trihutions towards improving in- tee squeeze on real incomes in down.” \ 
of' the October round and the djistrial relations on the shop the UJC This week the East Moora 

Left -‘ and ■ : Bight political fioojy, 

This was seen most dearly closure has been agreed by the 

machines are now engaged to , yThe AUEWs electoral system during tee late spring and 3,500 work force. At a number of 
frantic activity to ensure that^a its division- on Left-Right summer when tee net surplus other o'ld steelworks which are 

Who’s afraid 
of AUEW 

every one of their support era lead to tee differences on travel was nearly a fifth loslll 8 money, and which British 

votes. /• between candidates appearing bigger a year earlier .'Steel does .not want, men are 

However, more than 74,000 rather greater in election nte of increase in tourists 1( »king skywards in the hope 
votes were cast in the last round speeches than in the real world to ^ »,uj n0 , off bv they might spy one or two pink 

for candidates who ha vf now of day-to-day negotiations. And ^ ^ summer and bv the end pi * 8 headl21 g their way, 
been eliminated and it i/these, whichever man is elected will “ e J^ e i w-w ... 

plus the votes of an? other find himself constrained by the 2* !*** Suddenly the- Idea of seUing 

members 'who are Jot com-, union’s highly-structured system ™ at of 1 ® /6 ‘ ' w . ^ . eel industry - ^ 

f political of democracy to carry out Consequently travel earnings IJ XH?«innnn 

determine national committee and execu- fell from £574m. to £52(hn. JJ®, .-n*??? 

live decisions. The AUEW is in between tee third and fourth STSTfiJSiito? 
tted voter the process of choosing a consti- quartern of- last year. This 
tutiomd rather than an absolute could overstate any decline 

Wright, an luu ™L- 
iritT ZJZl monarch, 
for seven 

mitted to one of 
factions, which 

Ballot papers will be arriving the outcome, 
it the homes of thousands of For the uni 
engineering workers this mom- the name of 
mg in an election which has as executive .matober 
is prize the leadership of years and now assistant general - 

Britain's second largest trade -secretary. Is probably more Tt-awpi 
jnion. - familiar to the union- For some 

Mr. Hugh Scanlon retires to tee^ bpsttaiowii union . .. 

Dctober as president of the official handbng British Xeyland tl^IlS 
Amalgamated Union of Engto- affairs a number of engineering 

;ering Workers, a. post. which 
_-r**Sfie has held : for : a • decade 
gj^^^S^pyfeurrounded by more publicity 

^ tonfi wirit rftirt i M tliin mnet 

tourists to Britain can be seen 

d controversy than most 
nion leaders attract He will': 
succeeded as a resrait of tbiis' 
? V^^ ->7T[nonth's ballot by either.Mr. Bob 

.. rt ■ i Wright, as-aten man long ,re- 

V- ' - - ii ^ ft- 

yarded as Ur. ScaplqnVchosen 
leiiv-br Ur. Terry. Duffy, 55, 
yho has achieved^ a remarkably 
ipid . rise ta prominence since 
reaping Hr. Wright from the 
LUEW executive to 1975. - - 

,i - - ■ -i 

■US ■ 

. _ . . . . . .. . . dancy payments and compensa- 

becaure of defects to the sea- tion £ 0r ^ g^jy closure of 
sonal adjustmenL But tee rise ^ w0rks< xh e biggest agreed 
in sterling to the last 18 months works closure in recent British 
up 14 per cent, from- tee industrial history h a s been 
autumn 1976 low against an agreed because Sir Charles 
average of other currencies — Viiliers, chaim an of Bltsh Steel, 
has probably had an impact, has been prepared to regard the 
Hie squeeze should to theory mens' dreams as legtimate 
oifn have been greatest on visitors aspirations. 

from tee UJ5. in view of tee His reasoning is ti)&t if the 

-- Jit-- _ AM ** KfLTinfit j 4WU4 LUC HI fiow UI uuu scuvuiufi m ufUL U UJv 

a «h«rhpi w eakness of the dollar but this corporation can safe, Say p £5 
^HvS^rk in «“ »«“* »? *6 by an eccnomy mauuce If 

ru* HrniKt P riee cutting on air fares, across reasonable that tee person who 
London, but there is no.doubt Moreover tile flow heiped bring tiat' —*— * 

i * ^ t • Hiffnvnnrto utc oaauuwi imucwui uaq uvn 4iwpwi« bring that economy 

of tourists fnm Japan and about should be recompensed 
West Germany should ntrt have with some proportion of tee 
jnvM^ earnings from been affected since sterling has saving. The saving of £20m. 

the batonce between what *■ --- 


. . . . _ .TP ohhiu. onuuai these £30m. expected from the early 

spent by foreognem m tee UJL airrencie ^ i ‘ J . closure of East Moors will be 

andby Mans abroad, was ■ Mll at the cost of some £9m. to 

second only m unjx>rtaiice to .The oteer ad e oJ te e overall payments to tee woftiorce. But 
North. Sea ott to teowfa^tee *2*»&J*™ teTis bitog shared bSween 

largest improvement to 1977. compared tee ^“^ies Britain 

Officitd - figures published ^jome MedtteraaneanoounP ^ fiteel cojpmnm^ , n toe 

an increase 

ratio two-thirds to ene^hlrd. 

earlier 'to- tee. week show teat tries, has been 

tee net -earnings from travel recently to tee number of . , . fcnmi 

rose by £39 lm. last year to tdritors going abroad. Itovel ^ 

fl.Oibn., compared with only payment rose from £25<hn. to • SSISra h?«thU riS 

• A. -mre vHiOm hpiwmtn rtifl nnH make the cl os lire of other old 

Host of the ballot papers now. 
n . their way' to members will 
d their way into dustbins un- 
aarked. Even though tee 
Section is for. .one. of the most 
nfluential union offices :ih the! 

.2f SS e to™red h ri^ C tee i ** Vdste to tore and ^ ^ 

tee- first time. ' * ^ 1 ail tee signs are that there will ^Indeed, the prospect of bqy- 

najority. of tee unions meni- employers are. known to look The rise in net earnings is be a furteer si^iific^nt rise in. tog je*s may be a mi}jpr factor 

>ers will take no part ip favourably on his experience the result of a combination of 1978. So ft looks as . though to pulling British Steel out of 

■hoosing their next president »tofi negotiating. skills, although a sharp increase to receipts — the net gains from travel could tee red 
_ nf thn nnn. be is the l^ft-wing candidate, up. 31- per cent, last year as be -smaller this year compared -Most of the big modern steel 

,rL SJJJ.SvWS ner bent. ***• Du ®y» on tee other hand, m)ore vtoltors came to tee UJK. with tee peak total of 1077 but works are overmanned by inters 

thrmiSi™ nn the union's 1183 " important electoral . and spent more — and of a weH up on tee levels of tee national standards. The unions 

reprewnt p0wer teae ‘- 10 ‘ thB West -Mid ‘ much ^bwer rise in payments eariy 1970s. ' have ■ been reluctant to allow 

M SSfte oftee lands andsays ^ ^ te c ““: by U JC vSsttore abroad — up cuts in tee labour force. Now 

nx just ov««r oubiw ** — * • the prospects of a. lump sum 

ng Just 
..■ntire membership. 

tent to rest on . shop atewaids* 1X ^ jgTy; 


assassment .of his negotiating A- large part 0/ this can be Ditfe half A 
“tos. explained by tee impact of the ■ U&w C 

On incomes policy Hr. appreciation of sterling which » 

Wright’ - says that-- ^without has. made it birth cheaper to WlllffS - 
eulogising free collective bar- «mie tO'the UiC and more ex- ° 

sufficient to buy a new car or 
put a down payment on a house 
are expected to encourage a new 
mobility of labour. 

British Steel will, be employ 

gaimng, because there are some pensive tor Britons to go oyer- “when pink pigs fly ever this ing about 196.000 after East 
inequities in it, I believe it is seas, in addition, the Jubilee works” forecast a blastfurnace- Moors has closed. As long as 
-tee Job of -union - to- celebrations may' have given a man at the East Moors steel* the price is right it may be 
negotiate wageo. for its mem- boost to visits to the works, Cardiff, recently, u teen possible to “huy-to** another 

hers. When-_ you throw te^-lLK last year while travel. British Steel. Ought pay us off 20,000 jobs, 
overboard you make a uwon ^ ^ m ^ ^ 

. moribund." Mr: .Duffy believes 
i that if tee Government of tee 

teat if me Government 0 1 ice : ■ . 1? « • T% m 

day produces proposals which TO-DAf-'-Mr. Denis Healey, Chan- XLCOHODUC UIIITV- index of average earnings (Jart). 
tee trade union movement eelter of the Bjchequer, addresses " ” - • v ajr. Eric Variey. IndtBliy Seere- 

tee trade union movement eelter of the Exchequer, . . 

thin Vo are valid it should give Labour Party meetings at MlddlCr TUESDATr-Balaace of payments taiy, at Forei^ Press Asioda. 
its support ■ ■ ton, Mtocbtertiir, Snd . at Amtog- c arrant account_aad overseas tion luncheon. 13, Carlton House 

Terry Duffy 

ton. trade figures. (Fb£.)- . Power Terrace, S.W.L 

If acceptance of a Stage Four • JamM r-»ii n »hon wort* * J&j? 11 m THURSDAY— Commons debates 

of incomes policy means that SSwS SSL “ 2^7 ^“5? eapeaditqre. 

the Government vrtfl be able to. Schmidt of West Gar- 2^ t e?uSon Buildi STtr OI %SU^Jf?* ^ 

™ntb.u.;tt f Tictoir. overtofU- j™ nw, in Bonn for frlr«e SS 

non and help create a permn- talk*. .. Basteourne. Mr. Joe Gohmey, London SSr*aS 

ent improvement _to_ teuhg MONDAY— European Central .yffl*.. a V W estminster ^erling certificates of jie 


: usual to AUEW. standards, says Mr. Dui^, he is Bankers begin 
will to favour Of it Mr. Wnghthow- In Basle. Two 

Slay m^g VStf**** ■-&* ■< 

dMtions thorewho devote wifi declares that' he totaUy fence o; 
tod themselves presenter ytnn . 

™ r !! e £.K? sSiite N *Se BB! ES^ 

_■ Sir quarterly bulletin win Include 
fourth quarter figures for U.K. 
banking sector; financing of the 

suito. -European ranis- Central Government. Borrowl 

'hrS^lirtR have the backing of BWl ment in session, Strasbourg- ; Swt- SKr*®* 1 * “O'" tianeaster Hotel, Requirement; and money atock. 

^ _ cei « SSP-* 1 *- pri “* 

actions to.tee tuuon-r-Mr. Duffy aho^on « the msnMDun ^0^ aadGcntre for council meeiiag. Index of in- t" 6 *). 

tod themselves prosenica VeiortB a Staee Four and -will toons. • wmm, v*j _ T>.,rrrf!r«, -- . . _ — — . 

; highly-polarised choice. Both im^sucrass™ talks «surae. -European Parlia- ££&■ *£!!*?. 1? £ entI ? 1 Governmeu^ Borrowmg 

ho flnoiictc have the backing of “ ment in 

■WMiaui um^.- Wnllww .J&pouuwH)ruinnKg BOtt MflUB 4P* WHacu MCCUBg. JJUieZ OI in- . 

a the choice' of the . Righ t-wing tween wnito pquy ron studltt in Sodal Poiicy annoonce- dnstrial pradqction ' (JaxL-prov.). SATURDAY— prime. ■ atlwfcffy 

a IMS- cuaice mj. - — q . _ „ r swum -u uiud«hix- • WimaiB 

mum- within the ADEW -and manual workers in xetm o* wo- meat on, mex*m v Retail sales ^ Basic xatefr of wages and' normal addrestos Labour Party Scottish 
5tr. Wriiht of the Broad Lelt ditions' of employment; wuld (F«b.-®rov-). . wackly hours tFcb.}* Monthly c&meti confertno^ Dimoon.; 



The Wagon L #c \ ■’ 
Finance Corporation ! %' 


The audited results for the Group forth© year ended 31 st December, 
1 977 compered with the previous year are as follows : 


Consolidated prefit before taxation 

Consolidated profit after taxation 

PafcMrrtBrim:5% (1 976 : Nil) 
Prappsed-»final ill. 5% (1976:1 5%) 

Retained profit fertile year 


Record profit®— dividend increased 

It is with grHt pleasure that I report a record cpnfofidcted profit before 
taxation of £?,1 31 391 for i 977, an increase of £61 3,368 (31 %) over 1 976. 

As shown in my Interim statement last August, cost of funds for the first half of 
the yaqr came out at £1 ,4139,61 1 biitfoIloWino the sharp decline in interest 
rates fen to £1,106,928 for the second halfofthayearjthe benefitfromthis 
source must be regarded as exceptional and not likely 10 be repealed in the 
coming year. 

Tha consolidated profit after taxation of £1 ,005,588 is equivalents earnings 
par share ofd.56p compared with 7J94p for 1 976. Your directors recommend a 
final dividend of 2JS75p perslmra (11 .5%) on the I n creased share capital which, 
together with tha interim dividend of 1.25p per.share (39b) paid ontheshare 
capital in issoe before last September's rights isfeue, makes a total of 4.1 25p per 
share (1 655S) for tha ya ir, compared wiih 3.75p (1 596) for 1 976. 

Amounts advanced under new credit agreements in 1 $77. were also a record 
and were 24% up on 1 976 -maintaining the percentage increase f or theflrst 
half of the year. Unearned finance charges carried forward at the end of 1 977 
amounted to £6/424,009, an increase of £1,090,21 5on 1 976 and a good 
foundation on Which to build the! S76 profits. 






Rights Issue 

During the year we raised seme £1 .1 million additional capital by a rights Issue 
to shareholders of one new share at 70pfor every six shares then held and you 
wilisee that«31st December, 1977 thaeepitalend reserves in the 
consolidated balance sheet exceeded £9 million, including a net surplus (after 
transferring £33f ,OO0to deferred taxation) of £340,622 on a professional 
valuation of tee Group's land and buildings. 

Proposed capitalisation issue 

Last November, In view of the growth of new business financed by Bank of 
Europe Llndtad, otir wholly owned tradipg subMl.fliy, we subscribed for £243 
mipien new capital in that company thus fncreasing He Issued capital to £73 
nijillon. In or derto bring your company's issued capital (£23 million at 31st 
December, 1377) more into line with this investment your directors now 
propose an issue to shareholders, by way of capitalisation of reserves, of one 
new 2Ep shares credited as fully paid, for each share held on the register at the 
close of business on 3rd March, 1 978. 

Copies ofthsAnnmWepGrtavaUeblB from: 
7he%eert(tary, the Wagon Finance Corporation Limited, 
3.Endcliffa Cre&oentJShafffalcf. SI 0 3££ 


Midland Bank on target with £193m. 

SECOND HALF pre-tax profit of 
Midland Bank was? £9. 42m. lower 
at £00.41 m. leaving tbe lull year 
Hfeure for 1977 ahead from 
£166.4m. to £ig2.83m.. in line with 
t+ie forecast made at the lime of 
the January, 1978 rights issue. 


(5Upi. A final dividend of 1.75p 

.Anglo American 

Curran r 
Inv£... 400 

Date Corre- 

of spending 
payment div. 
April 28 260 









Ault and Wiborg .. 

June 2 





St. Helena Gold .. 
Winkeibaak Mines 
Bracken Mines 

SO cents; 

May 32 
May 12 
May 12 







Kinross Mines 

Leslie Gobi 

23 eentsx 

May 12 




inL 3.45 



Midland Bank 

Geo. H. Scholes .... 
Glanfield Secs 

int. 4 

May 17 
April 3 





capital, raises the total to Glaniield Secs int. 4 April 3 4 — S.5 

14.75p i I2.625S2p) costing £20.07 m. Dividends shown pence per share net except where otherwise stated. 
— t£16.73m.>. ’Equivalent after allowing for scrip issue. t On capital 

Tax took £104.92m. (XS9.55m.i. increased by rights and/or acquisition Issues. X South African cents 
minorities £2.7ru. I £2, 95m. 1 and throughout. 5 For 14 months. 

■ ytetraordinary debits £2.74m. ■■ 

(£2-2m.) leaving attributable pro- 
fit up from 171.71m. to £S2.47m. J* % chairman foresaw a significant 

Shareholders' (hods stood >• IN C3T tljID. SeC0 " ,i “* 

*%***■ « 1116 »~ r * O T 7*1 Kk b involved in the 




Tradlnn profit 

... . *183.-*M 

iss si" 

Shire of assoc?. . 

. .. C9F?I 

■J2 J*. 

Loan lol-rv'T .. . 

. -.V T45 


Pro-tax profit 




... IW.»I? 


N-f oro*it . .. . 

. . >; 91 i 


To minorities 

.. .. J *«■ : 


Enraord. deDi'.s- 




yj 4.'» 

ri no 


. ... 1"U 111 

K?ialDtrtl . .. 



.^ftcr d-iducuna £2. 

,17m. in rcspocl -i f 

staff profit manne 

schetn*? (or 

p*. rj’fl 

Near £13m. 
from C. & J. 

On net sales 20 per cent up 

over for the vear to September 30, 


Dale Corre- Total Total An analysis of turnover and 

of spending for last profits on a divisional basis 

payment div. year year i£000s omitted! shows; U-K. office 

April 28 260 600 410 stationary and printinz £17,806 

May 2« — 0223 1.25 (£132556) and £1.466 1 £881* ) : Over- 

June 2 122 1.95 1.5- >eas office stationery and printing 

April 27 0.S2 0 91 0-S2 1570 (£536) and £71 (£20 »: Book- 

May 12 60 — 115 selling £2,628 (£2^96) and £142 

May 12 39 — S6 cf]3i 1: Retailing £3.753 (£3.5991 

May 12 13 — 25 3n d £55 j oss £14 profit): Print 

May 12 12 — 34 machinery £1.099 (£939) and £63 

May 12 nil — 3 (£90): management costs £149 

May 12 1.43 — 3.49 (£161 » and £412 (£259) loss. 

May 17 0.7_ 3.5 1.05 

Bh f = 75 IP Glanfield 

net except where otherwise stated. a 

for scrip issue. t On capital TA 

tion Issues. X South African cents UV v>J» 

hold profit 

chairman foresaw a significant 

improvement in the second half PROFITS FOR , ’j*- 4 “ r m l SrjjL|S 
of the year. September 30, 19- - c ' al ?"® ,d 

The group is involved in the Securities, an investment holding • 
spinning and manufacturing of com pany , advanced irom £239,000 
jute and flax etc. and In textile £? £.6/ ,000. subjert to tax of 



STSrJZ . The Quits' Of Hanover Shoe W p|l nlilOPfl 

from Avsusi i m December si. to::. Inc of Pennsylvania, acquired on VT Wil UiavvU 

-rjjoiprmcs Li- j n louc exon-vs-'s ii 9wu. December 29, 1977. for about , . . 

- i 1.24m *. lorses un iii.xim £i4m are not included IN HIS annual statement. Mr. 

ilO-Jm 1 share of cxiraurdimry items _ nn , Danv , mnil JL fef i S. M. do Bartolome, the chairman 

fvf jvmtui,... ‘-u ifi.ii ifo.nm.i. me company is unquoted. . u ..„„ v . • r- 

t £0 JZlm 1 share of extra ordinary items 
0/ associates £u.46m. «£0.71ni.i. 

Mr. Malcolm Wilcox, a chief 
general manager, said laier th-tt 
the croup's experience in the 
second half was consistent with 

£?' »n?ili!T"l£oSb 1 “T? did ausepu "^Sd"^ "r e ^ 0ldi ^ 5, SJSJS2T3 J ite volume enabled the haul- ST 

rather better in lending. The Cl in W f . Ani . A 1.64m. to a record £2.15m. for 22* , £r~d 2 5££ORD ta ? ab]e eanungs of a nee from vartous subsidiaries, age division to show a better Eerce group Su» 

group was able to make up ^tl3jk.GSpC3T6 1977, on turnover of £9.52m. e s . uf* ° ? L , ^2f tt i e ^»~p75 d f2 - 13m -’. asarart flJBnL, are Certain products, including print- profit ■ . . . to trim its operattooa. Brittain's 1 " 

volume with some of ii> major nesoite a marginal decline from The dividend total is “2* mtertm statement in reported by Ault and Wiborg mg inks, vano us types and paints The light engteeertog diviaon “ ™ bSimSSto OTlt Mtui 

industrial customers, while the r^oM m Etfnoo , n the lenind *-125p «.73p> net. and a one-for- KlliU CroQ P J#?. Sales by the (including paint, for motor is now showing a modest .proSt 

intemational experience was J if » .!« 1 one scrip issue Is proposed. . The leasehold office build- company, which makes and mar- vehicles) and specialist- chemicals contribution and has a much ~ 7 f. 

fairly steady throughout. =«Ii rl The cost of funds far the first tn ? . *? 142/144 Mm ones EC was kets printing inks, printers’ (for the textile, paper and ehemi- stronger current order position, r fT° u ^ r ” 

.tamj steady inrou^noui. a„ d Co. ended the year with pre- . * f to 144m but fbl- 50,(1 tor (book cost some rollers, paints, chemicals and cal industry itself) have held up be adks. ? ith of profim locked? 

Overseas pro Wth recordist 000’ hgher a a lowing the sharp' decline in J 400 :^ jm* Jg*»«y ovriu * costings, were up from £27.46m. well- But those actiyiti esla rgely As announced on January St, v TK« Cy ^k-ed h hJ : 

v/vereeas grow in record £Mo.D 00. Interest rates it fell to £1 11m. freehold shop and office property to £33.93m. dependent upon the construction terms have been agreed for the retentions have been sliced by* 

He s-fated that for the current . Sales by the group, which makes f or the second half. The chair- “J B « lo yJ? OUs 7/ 0x f° rd / for At halftime when profit was *. ndustr * have , •»?“ depressed, subscription for £Lam. new share ^4,000 of (Hraire costs. At 275^ 

vear it will be verv difficult to forgings and parts for tractor, man states the benefit from this H.273J500 of which Hume s share £Q 13m up at - £i06m the direc- ^° me K areaS u-? f P ^ 1 Preduction capital and S00.000 loan capital the shares rtand on a p/e of 7- 

match the trends of recent times, automobile and other industries, source must be regarded as ex- £J Ol.oSOfbook cost around tois^idthat efforSuere bebig have - b ®f“ as **«• resms for by Equity Capital for Industry; and |MA;.K5 per cenL, covered I 

-We must expect that interest *™***'™^ MSA “S 1 “»*• ^ ^SJSSlSZ mTdej? im^Jove^ln^ ihief u ^&W M ^ n „t « Wolveroote PapCT \ 

S. M. do Bartolome, the chairman 
of Wagon Finance Corporation 
says that the group is well placed 
aid laier th-it Dr***!*- i?fi Qg,-.-, to face the future and expresses 

ience in the ic dk JLII.O 3 lT8 « confidence that it wMI once again 

insolent with give a good account of itself. 

: banking sec- tnr I IKPnh As reported on February 20, 

lougb it did iS IWEjIII pre-tax profit advanced from 

? riding. The Ci,n|r« r „ Aftl . A 1.64m. to a record £2.15m. for 

to make up kindKcSnCdir 1977, on turnover of £9.52m. 

of its major n esQite - decline from The dividend total is 

whUc ^ £453,000 to £425,000 in the second ^ .^ One ' f0r ' 

£126,000 against £115.000. 

The current lower interest rate 
will reduce the rale of profit lor 
ihe second half, sav the directors, 
but it is not anticipated that the 
full year figure will be materi- 
ally different from the previous 
year's £51L.0o0. 

The net interim dividend is 
maintained at 4p per 25p share — 
last year's final was 4.5p. 

Hume sale 
proceeds go 
into equities 

Hume Holdings, an investment 

AsWeti Axtarood 

Lord Armstrong, chairman of Midland Bank. : Profits fell 
by some £9jm. in the second half of 1977. 

Ault & Wiborg ahead 
to record £2. 13m. 

FmanriaT Times Saturday March; It 197$ 

Brittains improves 
to £600,000 | 

THOUGH TAXABLE profit slowed Mill from Oxford Umversijy Fee • 
down to £104,000, against £208.000. and sale, for £lm. casta _of. if, - 
in the second half of 1977.- graup> 50 per cent, interest 
Brittains finished the year ahead Brittains Riegd. ^ 
from a depressed surplus of Tbe acquisition is to be fSaaao 
£329 000 to £601.000. by an issue of 25m. 25p *ar 

. , . „ i.j.inininii whieh and loans fbom the vendors ' ^ 

of SS' > . 

haUla fp «Sgn. i S U ^n br0kiBff, SriSkSK ^ 

were up S 2 J 2 m. at £29.«m. completed on February 34. a- 

Civil engineering orders m completion of the other deals w 
hand are substantially higher than follow the extraordinary meetb i,- 
at this time last year and there on AprU 3, approved. • 

is evidence .also In other sectors ibtt at . . 

that the outlook is better than . . wo* f«r ^ 

at this time last year, Mr. K. R. 2w Jo- ■' . 

Latchford, the chairman says. Plastics e^so si ■ 

Furthermore, benefits from the " -^ZZ:'7 7. w . p • 

group's major capital expendititre ainuae — . =,337 2.: 

■nrocramme will begin to be- felt insar. hcowns « 7 

tiiis year. With these factors m Tigdins . L|M ■, 

mind, and althou^ it is too early ““““ . g? * 1 ■ 

to make a forecast of profits for Light eng. 21 : p 

1978. the Board are encouraged civil et®. - to l 1 

by the way in which trading has {“^^555—-“’ . ^ ’ j : 

started. intern* ' K7 i . 

Earnings per SP share were ........... . =« - f 

better at 4.1p (E2p) and the -net Tai _ 125 i 

total dividend is raised to* L5p sn profit . — 47s . K ■ 

(l.Oop) with an OBp final. w -! : 

There is no UJC Corporaton SKStenST J!::- - to S . 

Tax liability and. m line- With pnj. dfvidemis is \ ^ 

the proposals in ED19, no charge To »rv. rwerws 1 t 

has been made for deferred tax • !*«. t From revenue xeoerva. 

In respect of the results of the ^ onmmpnf 
wholly-oumed UX. subsidiaries. • GO in mein. _ 

The improved . results were Latest results from Brittains, t _ 
achieved despite . the problems specialist paper' to insuran 
that arose from general inflation- broking group, are accomcanii 
ary cost increases, narrow mar- by its 28 page circular to shat 
gins, uncertain trading conditions holders relating to Equity Cap It . 
and the Government’s restrictions for Industry's 'cash injectio 
on public expenditure, says Mr. Part of the deal with Ed urioiv< 
Latchford. tbe sale oF the 50 per cent, staid 

There was a steady Increase in m Brittaans-Regal, - the specials 
production and sales in the plastic laminates group. This waf 
plastics division and a satirt'actory returning £412^84 pre-tax in totir 
profit improvement was achieved- for the last firimiciai year on tunt 
Government spending cuts in over of £2-7m. and net current 
the public sector for the first .half a^ets of £587,70L Bttt if Brittator 
affected the workload and per- in this market iv • 

formance for tte year in the civfl have had to put mort 

engineering division, but reduced gjianciai muscle into the operas 
costs and steady .expansion m Uon at a time when technology: 

Overseas growth 

Tax takes £437.000 (£360.0001 repeated in the current year, 
and stated basic earnings per 5p a statement of source and ap- 

r-*ie level* in the U K will show Tax 'takes £437.000 (£360.0001 ^Stod in the Cerent year Hume ki tiiese f^nsactions were h aH s n^«nt dSwn Meanwhile A and W carried out 

S?ta^?«5oriS.«oflS5K aod s,ared basic earnin SS Per op ^H^ement oT^uree hid ap- R^rd Ellis and Jones Lang fad shppe^from b per cent, down much of its planne d capital ex- 
hi bank fnd other donie-iic share com? out ,ower at plication of funds shows net liquid Woot-ton respectively. to 1 per cent penditure on re^qmpmg the 

operations In the "peri a tist sec- «« »n or 5.25p fully diluted) A funds had increased by £388ra. r The net proceeds after allowing A net final dividend of lfip per chemical and printing ink divi- 
toS and on the inierSationa 3d« net BnaI dividend of 1 “ 089 1,fts c 16.32m. decrease) at year end. capital gains tax and repay- 2a P share raises the total to L9ap sions. Overall £L*a was spent 

l would hoo#> to SaWr n»i thP total to L9239p tl739 P'- With regard to the Hyde pro- »««t of fixed interest borrowing (Upk at 3. tram when working capital 

oerioman^'' he added Profit was struck after deprecia- posals. the directors estimate that amounted to some n.9m. and - After tax of £129m. (fl.Mm.) requirements went up by £L6n. 

penonnance ne aaoeo. |ion Qf £1SOOOO ,£134.000) and 3 gearing adjustment based on practically ail or this sum has net profit emerged at £S38.0(K> But helped by a largejslice of 

UK intend rate? Mr WffcS bank interest of £70.000 (£57.000). retail pr i Ce indices would reduce recently been reinvested in UK. (£893,000) of which £455,000 defen-ed tax— around £850.000- 

saJd'' “I would enect ma raina 1 1 v At l ear end net assets were stated profit by 563,000: compared equities to show a marked (£539,0001 was retained. theincrCTsem bankdebt was a 

Sb'noiita- vc^excltiSIr 1 *Jra. (I3.76m.). with this figure. £548fi56 was mprovement in after tax revenue. reddest £500^00 to fifing The 

5 wuW retained in B business out Of • Comment $EPj£i g?%ff VU’tS 

be demand winch would cause p Tjr Amount' "advanced under new T C"** OW1P Second half figures from Ault rant. On the stated 60 per” cent 

them to rise, but I do not think Ii, ^LlllJieS Amounts advanced under new x. V^UYVltT an H ivihnr« nr. von cimiiar 

Lake & Elliot static 
in difficult year 

said: “I would expect marginally 
up. nothing very exciting. Ii 
would be nice to think it would 
be demand winch would cause 
them to rise, but I do not think 
wc will see a large increase. 
Industrial loan demand hjs seen 
a -pl«rsant increase in the past 
few week.*.*’ 

With somethin? tike 30 to :15 
pef cent, or the bank's earnings 
derived from abroad, taking tlie 
group 3 f. a whole, he added that 
he would like to see 40 per cent. 

G. H. Scholes 

ip a lar^c increase. *■*«%** «. ^ v»«*»w u K ^-z ^ 

unchanged at heading for 

1 iff a.* at the end ° f r 116 year increased J 

icihin* uh< on ,0 M half-time ,r x ‘ record year 

r the bank < earnings \lthou ,T h turnover increased 197s nrofits Mr' He Ru-ioinm® Tom Cowie, chairman of 

n, abroad, taking the to £4.84m., pre-tax protltS ' Mr * de Bart ° !orne T. Conic told the AGM that the 

whole- he added that rofit f Geur ^ e Scho jes an<i Me€tin; , Sheffle]d April 4 at group J was on tar " et l or anoth , er 
ke to see 40 per cent. Co. electrical engineer and maker noon ^ nemeld ' AprU 4 - at record year with profits for the 

retained in the business out of 
the 1977 profit 

Amounts advanced under new 
credit agreements were up 24 per 
cent to a record In 1977. Unearned 
finance charges carried forward 
at the end of the year increased 
11.09m. to £6.42 m. and are a good 
foundation on which to build 

of operational earnings having an 0 f electrical products, was little 
oversea* origin. changed at £792.763 for the half 

_ . . year to December 31, 1977, com- 

CautlOUS outlook pared «ith £795.816. 

L ,:T, , u ^ Tax lakes £412237 H413.S24) for 

For home banking. Midland had a net pro fit of £380.526. against 
a “very cautious outlook” this £381.992. giving stated earnings 
year. International lending, be unchanged at S.9p per 25p share, 
felt, was “more on a plateau than The interim dividend is kept at 
an upward facing slope." 4p nek absorbing £171.000 (same) 

first five months of the current 

t home he could =ee increases ~ L* 1 * previous year’s final was Mr. Noroian Ramseyer. chair- fid Thf ' n.,n in™iv»a once asal^, ■ t0 report very poor 

iTO-inc and factoring and I2.oRR3p and profit came to a man of stationers and printers The group is mvoKed in motor resU lt&." 

ma* Conk would contribute reeord M.S6ra. Lonsdale Universal says in his veh,cl ® dealuig. credit finance, etc. nj e | oss f or t b e 14 months 

a very cautious ouuook rms £381.992. giving stated earnings 
year. International lending, be unchanged at S.9p per 25p share, 
felt, was “more on a plateau than The interim dividend is kept at 
an upward facing slope." 4p nek absorbing £171.000 (same) 

.At home he could 'ee increases Previous year’s final was 

in. leaving and factoring and I— oRR3p and profit came to a 
Thomas Conk would conifribute recor « £l-88na. 
more. Insurance broking rose last 
year from £158m. to £21 .9m. but ri» 11 j 

MV. Wilcox did not see it going to jjItllSW QOWH 

£25m. this year. 

Asked about bad debts, he said nilf eppe 
last year was “ a good year in the Will. 3CC3 
context of the bank's overall bad 
debt position." TC COVefV 

See Lex Civ- Tnhn rarmiithoal /-Vi-a irm 

ahead so far 

eX £rv? SIO i!?' ■ s -' ^ . McCleery L’Amie tell 

Our business is strong and we holders that “it is with 

(£539,0001 was retained. the increase in bank debt was a AGAINST A difficult trading back- profit made in 1916-77. However* 

modest £500 ,000 to £l-8m. The ground, lake and ElHot, a man a- -a higher level of .engineering l 
O comment ?«? res ? eld steady yesterday at facturer of steel castings, margin- orders should .mean slightly , 

c , ... c- 15 9 - P® 1 * ally improved its taxable profit by better profits from this division r 

Second naif figures from Ault cent- On the stated 60 per cent £24,000 to £570,000 for the half in the second half but group ? 
and Wiborg are very similar to tax charge the p/e is 73 but year t0 January 3L 197S. on profits may stffi only be around d 
those of the first sue months, allowing for the deferred tax it slightly reduced external sales of n 2re fbr the 12 months. On a k 
masking a rather patchy perform- drops to S.0. £9m_ ag ains t £9JJm. ■ full tax charge the prospective l 

Order books have maintained , p/e is 8-6 on earnings , of 5-7p 

1% AT /tj tt m a • 1 an improvement of £L5ni over whlcb on maxi mum dividend in j P 

\/I r^i 8 7 A min IrtCC' last year’s level and increased erease would -provide a cover of It 

_L ▼ jL V iv U1 J M.J xlkllLlt/ IU1J1J sales are programmed for the-just under. 1} times. The pros- av 

. A/ v second half, say the directors, iwctive yield is 11;7 ^per cent- at | e ' 

increases to £0.48m. ^ - ■■ « 

IN REPORTING a deficit of that “Given reasonable trafing half nrafit was subiect to ICCIlir aiCriAIC tT 

£483,000 for the 14 months to conditions, I am more than hope- Io „ F S rSfeOOO) ISSUE NEWS ■ 

December 31. 1977, against a loss ful that 197S wiU see a return to ^ MmnSativelT bXr - Sp 

of £19.000 for the year ending profitability and a more accept- GFO ARMITAGE - 

October 31, 1976, Sir Desmond able dividend policy.” overseas suo- ULU. AMlllADD a 

rL ip^t^rk^ha r°j A finaI of °- 25 P For 1977 « to be The net interim, dividend is PREF*SCRIP; a 

hoWere'that “IMS irifh coiSdS ( £SJoo Pe m«Soo?S and &cms, an 

able disappointment that 1 have. ““ prev,oas year brick__ XMnufactemg 

increases to £0.48m. 

0% J . ; • C ,, L wi iAU.UVV *Vl Uic tnu I lip, piuiuuwuiv/ ouu a UI 

?D d *. JS - finance would be October 31, 1976, Sir Desmond abie dividend policy.” 

a l;H n sWckm - au6 Lorimer. the chairman of A finaI of 0 ^ 5d for , 

expansion, he said. ai<>riaap« i.Mmis <har». a unai oi u^ap tor 

aore accept- performances by- overseas sub- 
sidiaries. • - 

1977 is to be The net interim, dividend is— I 'Amin- t.11. ,k„. " a IV W 1UC UCl 1U1C1UU. Ui»ucuu » AlUJLfUUtU'. 

wSSRw-ith »ifh conte SSL®* iSSL q&LnJSiJSSi -* 

annual statement -that figures for 
the first quarter of the current 
year are around 20 per cent 
higher than those for the corre- 
sponding period last year. 

Of the future, he states that 
the balance sheet shows a strong 

1 the Board saying tb; 

^tOCKman ^ imprudent to fore. 

Mivwttuiuu to profitability in the 

A pre-tax profit higher at of ^ho curent year." 

14 mtfis- 









TradinE profit 



Depredation . 



Interest .. 



Loss beforo tax 



Tax credit 



Net loss 



Extraordinary items ... 



Minorities . 



Preference flfrujeod ... 



Loss attributable ...... 



Interim dividend 


Proposed final 




Cumulative £1 Preference shares ’ _ 
on the basis of one new 'prefer- 9«* 
ence share for every three erdin- ?a 

As compensation for varying* 


Scottish Northern Investment M |» re appearing. 
Trust has renewed its loan of npsnitr hetiei 

of Sidlaw Industries said at the Under present conditions the facturer. for the six months to over the last eight months of the 

AGM that it was only now in the group should be able to maintain October 31. 1977. Sales, including period the company bad sustained 

last month of the company’s first its growth with some acceleration exports unchanged at 11.1m.. were an exceptional bad debt, write- 

half year that signs of uplift in as new production facilities up from £4.72m. to £5.11m. offs from -abortive work” in the 

textiles and hardware divisions become fully operative. Basic earnings per op were building and engineering division 

were appearing. In the current year, capital higher at 1271p (1.195p adjusted and "unprecedented losses” in 

iJp^mtn hnM*»r rPcriitc from ml ptnonH i ruro ic nnmnrik> i n tanW.%/4 fnr mem ■ A i, t oo« # t : * j- • s-._ 

sligntiy above tue depressed level r 

of a year ago; and eng ine e rin g J) 410111 * : 

ag ain only just broke even. Two ^ per cent to 5 per ceut.^ „ * 

LDN. CL ABERDEEN years ago engineering (mainly . 

, valves sold, to shipbuilders arid lrw qzo/ 

TO PAY OUT 6p suppliers of petrochemical plant) Alflr z/j/q 

Results due next week 

Dominating next week's batch BP profit* in the current year, cast pre-tax profits for the year internallv a 
of- company results w British The progressive down-grading of £36m. However the market is suppliers 
Petroleum. Its prospects for 1978 these estimates lies behind the expecting the group's figures, due side i , thou^hi 

h«n.<a -I rvnnrl rianl «<>r in. rooonl clio Pn rlirln if* Dnv flVfM n. T .L. - _ . .1 T*r» « « . r* 1 


LuntdaJc are due to pub- DIRECT INVESTMENT in pro- ment — miniinmn £500 or make 

iTMimii-ii.i, »«rvhs wrn or proms m uic current year, cast pre-rax profits, for the year internallv ant j at outside I I 

of- company results is British The progressive down-grading of £36m. However the market is suppliers. Against this the diesel 1 I 

Perroleum. Its prospects for 19.8 these estimates lies behind the expecting the group's figures, due side is thought to have done well 
have attracted a sood deal nr in- recent sharp slide in BP's share on Tuesday, to show that UB has and the prospects for the group’s A mi*a«a«4vt |- HIKlIftin limin 

merest and comment m recent price. squeezed out a little bit more engine for the new Chieftain tank AllrSCllOIlS OI OrODOrtV I MlNlNG NEWS 

*. frn,) | 1 anal >' sls ,n t ^. LS ; While the market is expecting Jhan this. Some analysts are look very good. XX.E-S.A UvllvIliJ \ffff. |ffff \ffJ#Vff. | IVtlllllia I1LVVU 

iT d ■ p re conce r j npfI belter first-half results from forecasting profits of around £3Sm. .Merchant bankers Klcinwort . 

the deteriorating world trading Brooke Bond Liebig on Tuesday compared with the previous year's Benson L-.nsdalc are due to pub- DIRECT INVESTMENT in pro- ment — mmunum £500 or make 
f lunate for oil companies. there is some variance of opinion ^33-2m. Judging from recent ii £ h full y?»r fi-nires on Tuesday P«riy has over tbe years been regular savings with life assur- 

■ Other results to note next week as to the extent of the improve- ***temenls the snacks industry an d me market is expecting a held ouc a ^ na * e .™ ravest- ance tax relief of at least £10 per 

jnc'ude figures Trom Brooke Bond ment with pre-tax profit forecasts appears to have had a difficult significant improvement on the 111601 "tedium that will provide month. 

Liebig, United Biscuits. Roils- ranging from £18lm. up io £23m. t'** 1 * last year and this may have previous -.Par's nost tax Drofit of a ?ood hedge against inflation. Lawson Securities regard the 

Royce Motors and KU-inwort Bon- compared with £l6.Sm. Jn the first a ff ®rted KP. But the branded bis- rgi m> Kleinwort is traditionally Prior 10 the . ad \' ei, t of the pro- Lawson Raw Materials awH 

*on Lonsdale. half the plantation side should cu, 1 t 1 Slde ,s thought to have done conservative ,.•]£ its account but **** bond * ’"dividual investors General Fund as offering substan- 

: There is some confusion amor , hav ? h l ne hted from the still rela- welL disclosed profits may he at least were force ? “ 1 'El? m P 3 * erowth in the future, consider- 

ana lysis as to the extent to which 2EEP.u ri ?£!L n ^ Stocfc market analysis hate had or -o. Rising gold prices, £°^l pa " y * h a a JT ■!. ^rooert? h£ ‘JffirfThllSSE 

currency 3nd other >ear-end ad- nf fill? Jt!* sotne difficulty in compiling particularly in the second half, iL a \5 . a S? * ^ / d h ? 0 ? Jul SfntfniuMw 

■iustments v ill hnvp deoresspd , K 01 profits from the Indian profits forecasts for RolU-Ttnvrp will have helnt-H Shams Pivlev m 3 r ket. Now tne Jdieiii ox me continuous fall id the value of 

BP s full-year result* d U ™ on business -s traditionally taken dur- B fulHear result^ due JS (bullion deaJem while P ?he buU pr °P ert y ho n d from life com- money. So far tbe unit value has 

Thursday and thi? has caused * jg sESSjr. Tli Iroup^changiSg KB5? la^ v^'r. JSStSS^li dta^ul^ln oSSSEv” 

good deal of uncertainty about !hn..^hi ^ ^ ls hs approach to currency swings gilts should have lifted investment ho d ^ ect stake n P r °P erty - J[ffr s i . a il d ^lt tt y,eld 

profit forecasts. Ahead of Shell s , ,ia ^® ^suffered a sharp affecting overseas assets which it income and commissions. .Mean- *t has always been argued that us ®. fu * those 

made annual profits of . £Jm. but . AGB Research announces thfft . I 
last year t hi s contribution jSank the one-for-four rights issue at i 
to just £12,000 as both these 65p per share, to raise £991083, 
markets, notably, shipbuildings has been taken up as to 25 A8 per ; 
turned against the 'group. Mean- cent • 

while the group's other main The balance .has been sold at a 
division, steel foundries, has also premium of 185p and the net . 
been operating m a- deteriorating proceeds amounting to 17A4p per . • 
world trading climate and in the share will be distributed pro rata 
full year is unlikely to produce ‘among the provisional allottees 
much more than the £l- im . entitled thereto. 

leinwort is traditionally 

Winkelhaak declares 
higher interim 


ing this period. Against this, the Monday The “ roun is chanrir 
tca blending side in the UK. is gf 1 V Smnc>- Sft 
t nought to have suffered a sharp JiJKSI. nVI 

Jrem BP would be around the Li 1 ' 
£270m. mark i£179.Sm.l. However ’u. 100 ' 
since ihc Shell results at lea*i one l vL L * ^ PC 
of these analysts is reiiMug Ins '.\/ ec - 
forerasi dov. nw-ird.-. takins the inrou " r 
iicw ihar ihe currency j'Jn/itmenl , ret 
stocks may hr wnr.-e Mian co . u “ r 
originally feared. The market is raarjin; 
much more •-uiiccrnc-d aboui ihe At Hi 

..nv™ v. .<ikm 9 rir -. | . . .V *h? rp affecting overseas assets which it income and commissions. Mean- it hits always been argued that J*"*- ^ ™ 0X r^fcw US rl ul f ° r 111086 Winkelhaak, the South African increase comes on the hade 

figures this week some* analysts d j°P J" s f* ^j? d ® I^L" >s now taking below the line to while the lower interest rates, property represented a direct {SJS* 0 ” vino H 1 ® 0 ™®- gold producer in tbe Union Cor- strength of the diamond market, 

were anticipating i hat net income c ?™5- “ J - de r^i. nc !!??f ,n ? f comply with ED 21 recommenda- while reducing the return on short investment in real assets which srodfi, yesterday An amint shares have rera^- 

_ tg tions. This means that the term loans, probably enabled mer- h* definition were limited n d | clar ® d “ “ tenm dividBmi of * «**“ market in aympaS 

s the v ear ' s fttUWnwHI be re- chant banks (which could offer «"?!*£: : Sth^u 58 <3L8p) ' . £***• *“d yestSS? 

w ihe nnic 

tumhu w,p w ^ss?l 3 "w .“ ssfvSis? zi s ,mTih D "ia hoW3 ^ 

, Lmted BlscuiLs fore- year by indusinal disputes bo:h Nephew announce final fic ^ heCn &h“ , ti5 t iund“ n in U £ unit * theSfoup. . . - “Stf 

therefore- mcvltable. NevertheJess 

fftlionlfnn tn ifp U‘C IULOI Ui ^ICVIUUA- la 5 

isp and months at S8 cents. The pattern 


recent pe.-?im forecasts for October 


AT.+.'IT e-ll ?3-l >..ilS . 

Booscjr Lnsin.-rin^ 


Ertbd P»-trt.| nm *"i»aipji7 

ramoni3 It.- \ 

Church and ro 

T. ClJbtv- Jiv) fn 

Richard Clay acd >^n 

WilKan Colhni and Son> -llol-ljoi,» 
EaM Laccastu/.; Paprr t!r—jo ... 
FiNcfc-Urtb ':on<arurtloo r.roap 

FeC-iratrd Laud and buJdma 

Finlay Pad'anog 

Cibttnitj Oudlny ._ . . 

Ball EnKtn««r:t<.- ' H-.;rjiois> 

liJ-: of .M«0 Fnt-Tsfic-. 

John I. Ja-r.-, an-1 Co 

>fyin.son Orrup 'Ili-jn-f s 

Kl-in-^-rt. b-. -.«->n t,<-n»daic . . .. 

Iwwn '••M.-rl Crnu» 

F. I-*, -n ,-n-: f :-,. 

i:an-:5»r«-f ilafJo.-i 

J3d Limn .... 

r- "**n . 

6» l: F«: > H»| .. B->htla*->n and --aji) . 
frjrc- ard fnS-.r 
4-hr. C- 5ni.n|| and Tn|n*a- 
?•«•-!» and .'..nn-.v ,i .^a-.j C-mpam- 

tr.’-d Ea-c*ui-. <H->»'la-us- . 

•i«w. v., , 

Ann-’ unre- 
in- in 


v.*. ^lnojl a - ,- 

w— in, -d a v 



Divideod (pa- 
L.^si jvar Tlusi car 

I 4-i 1. 175 

n o Ml 

i.'Jl j.?77 

6>75 12311 

H. WpiHo-ard and San 
VarttlilN Chemicals 


V. 1- 


p-i nlend 
Last yrar 
In:. Fin-iJ 

This year 


0 A 

2 « 


v>dn- -day 










2.312i 1 1 










Tu>-sda 7 





H 27 i 





■ « 5 






0 1 

2 0 


F rida> 

2. -77 

2 .7* 



2 -V 






i r:s 

■: -:iy- ai 


' <: 


1 -i.s4-b) 

Tu -lav 

II 9 

i or 

il 7 







pi ' 

n r.-rai 


7 1'9‘fi Sidnry C. Banks . . ... , .. . Fr-oa-- 

— C. R. B*-a2*r aHoiCaasa ... . . _.. ~ TK-aafij- 

0.7 Blur Bird Con trot xmery Hoafetus Fr.da- 

0 5t Brookr Bon-] Laa/bu T-**.«la" 

1 r.iSJ Oa-cnar Day Croup v<md.y 

2.(**S DUrtilr Sl<**ls . Tu-jdas 

1.S32 Ei— -o HotdhUi .... iv-dn—diy 

LI Falrviw Estal— s ... Tu-idj- 

0.7-i R. *7r?<*0 Prop^nJes . \i pn 

. MTV Crow Thursday 

0.S915 Mi In Marss-rs Cnyjp . ib-irsda;- 

— t. D. ar-1 S Rlt-lm HoIdJo^s . Monday* 

1.4 S-»>nd a:iry Procortt-s ....... Tj— *J iv 

Sam^ Dart>? H-jidinss Tbj~-d-- 

— ct.Mh«rt and Pin Tu-otj.‘ 

P-w Trafford Part V. dfl • Ijv 

Jam-r» W'aprr al-'idimiin .*ni SUt-irsn-.a-Js \« -dn 

Wa)lvl-'y-Hi«h.»s ... T.1ur.~l«; 

Frura.» Group ... 7ire.*->- 

Clcndevon lliTP«rm-nt Truv »l— ;1,- 

Parker Timh-.-r Croup 7 •: 

■ Dividends stiT-ri -1-:. pa,-re-' p-- «har; a-r. :aiju 
irndi. Second inmnin .i o: fi-j: 

? in?iirt:s ;mu! id-n-i of o.ncr-p ' Cr->'». 
t.tPn. <3- lnclc.t-:i .spec:*! dinkat-l uf ij. 
oirjp.. .oi lncM.-- ssica; dividcivl oi O.^-’vp •-. . k 
rndod Jun-' "■*•. I &>- - f ■ Tnv.iii*! -- sp.>n.i: 

tnrynm or "- -p. 'll - ln-.-Iudsa wlal dlnterl n- «.»; 

steadilv uoward. mroujcn me lunas in its unit m me tints 

- 1 VP and Presner In^uranre i> Srust sector. These cover caiptal. SL Helena’s interim is 80 cents w® operation hi 

»hVs week end JSferto- hs Propwiv ! ncon,e 8eneraJ European (47-Sp) compared with 60 cents of WeaMm 

this week-end onerin^ i.s rcoperij 1R , estnient ** last March and a total for the year Australia, yesterday amnounced 

ttaVr^inceThe^iaVriclI in ^1971 the Tbe scir-employed should be to Septeniber of U5 cents. Leslie ** e ^e sdx months a to 

0,31 wn ” . laiunc ^i in iy.i inc concentrating their investment Paid no interim last year and a Dececnb ®r <*, SA2J)asn. f£L7m.). 

unit value lias crown by s-i per ^«Tr>ra^- i„u-,r^ _ ___ -r i cocmarvarf ArrTrr/* 


.••Iona] i J 

V\dl»a •<!•.>• 


Tli|-— l.a 






and S and P refer t» the growth tracts provided by life companies than the total for the -whole of ?®2® «* expect profits to be s 

investment made by peiuion are the most tax efficient method last year- The interim at Kinross hi the second haw ThA 

funds into property as reuiforc- of doing this, with full tax relief is 23 cents ' (l3.7p), against .12 lower demand fbr kon ore must 

in; its argument for holding on contributions, investment hi a cents last March and. a total for “T® *t least a abort term' effect 

about 25 per cent, of one's port- tax exempt fund and benefits the year -of 34 cents. on trading, it aw'd t*,-. d, 6M W 

folio in this field. The holdings taxed a* earned income and a trere unchanged yestmday af 60a 

are well spread by type and luca- lump sum commutation that is nuiimmi nn^vm, 

tion with a minimum investment completely tax free. Property AiVAMuHT “ROFIT rifirnr..!..... 

pitched as low as £25« i £1.000 Growth is offering the self- OTCrC CtTI DDT V CASUALTIES AT 

if you wish to use the withdrawal employed its Personal Pension 'lUyJtu ooAIillIjJL TlbroA y a - 

facility). P* 3 " ' v ' ilh a choice or four A sharp increase in profits. and ““ALA ... 

In contrast M and <1 group ls junus. , dividends has been announced by Two enqdoyees of Fjrraals. -tfia 

offering its American and General *!L 0vjdent In - Anglo American Investment Trust South African ptottoam?ro3n^ 

Fund as the equity investment *V?j“5L .teeattention (Anamint) foUoirinK the recotd have died. anfttmtfaSmS 

uf em. x up ' jatanjn 

W6re unchMige d yestfflnday af 60^ 


dividends has been anno unced by Two employees of bqpala, the 

that when the recovery comes it ^ uac f f ^f s ' 

• i: 'rtr LV- six-month «>.noi will he botli sudden and strong. P ayin- all the ^dirideirf of .400 cents T^e Company said yesterday' 

Therefore «, ndrisinv In mvest £% S thLmnc^^^ . JSgLSLW*-**:* WSMShff'SS 

mrcrL-n or : ip. >h- liwludw w'lni f n ' n- irvivjre: ‘w’ct'i din- , re or ? ’ na \'i sin i in invest schemes are the most lax -efficient -for tb&'vsartirMarebnf Swiwc t™.; MwWMSr «» 9«n 

fl-nd ». •itn-UKcssBrtciii toideM O’ d t>. v.iirtwL- *D-oaJ do-M'-id rMner than late \ou can means of passing assets f 5m tec com^ld^wiS^SSrentifSi 1 ^?^: frOT ^i be sectkraof tha 

of tf«5p. .MIK.IMKS apeexi dr-KHad »£ »«. oi ;--ov, of fci tiler m^ke a lump a um jnveat- company to the senior exernHuo tott ’ ^ ra l97&- . plant m <uiestion. A foil imexi* 

>«i.uu*c. . . Sutton Is La i rin g place. -. 

f- • ' 

' llllpf ^ : ~n£foaiicjal Tim^ ^turday MarcH 11 W8 

ooo Nummary of the v^eS’s compan^news 

• ir 

A .! 

ake-over bids and mergers 

*“ pr ? ved from Comet R»dlovteoa Talxniig Henry 

, atamund {14m. were- instantly-rejected: last week by 

w nding company and its fin ancial advisers. : ;A spokesman 
Samuel stated that the holders, rep resent ing 45-per cent. 
' V! LS®. W 11 equity who rejected the ori&nal n2er. would also 
the new- one. Wigfall shareholders are ' bow being offered 
,, r\T$J Comet shares plus £20 in cash for every tea WJgfall 

. " r : - . -*»• directors of London Australia Investment, fee Sydney- 
mve Srineat trust whose shares are quoted only- on the 
have agreed tenas of.a £9.9m. bW from one 
••••;. I^ US !I? I, V bi fiSest life assurance companies, Colonial Matnal 
The latter is offering SAL57 a share in casl^ and will 
now shareholders to retain the 5$ cents a share second interim 
iv oend. The bid from Colonial; Mutual followed hot on" the heels 
■ iLff v ’ 3 ®«i -,°*T er ^AJ.,40 a share from Colphoaium, LAIC’S 

iggest shareholder. ^ . 

. Holdings is making a last attempt to take over 

lasey s (Malleable Castings) by raising its offer to 48p it share. 
01^. follows a purchase of a farther 75,000 Blakey’i Shares at 
ie same price through the stock market, bringing Centre-way's 
la&ey shareholding up to 41.05 per cent Centtfcway made its 
*r a share in January, which was rejected by 

laJcejrs Board as totally, inadequate, • ■ 

Jt has been mutually agreed that the proposed- merger 
“tween two of London’s -largest stock- jobbing firms. Smith Bras. 
3 d;Bisgood Bishop, is not going ahead despite- being given 
earance by the Monopolies Commission last week. 

&imon Eng i ne ering has agreed terms for the .take-over of the 
loircoster-based engineers Gordon Johnson-Stephens with the 

- cards of GJS and its principal shareholder West of England 

- *-'* T fmerit rast : Shareholders accounting' for 642 per cent, of the equity 

. . ive irrevocably undertaken to accept the 24p a share cash offer. 
In a cash and share deal worth some £him., Manchester 
. “PS® 3 is making an offer for the capital of a fellow Ford 
dealers W. J. Reynolds Holdings. The offer comprises three 
• ahcHester shares plus 64p in cash for every four Reynolds 
• ig res. . . . 

■ • > • j-yThe bid for Property Investment and Finance, which, came 

from the private Castlemere Properties group, is pitched at llOp 
a. share, a discount of 20p on fee stated net assets per share at 
naif- time. The bid has been agreed by fee PUT Board which 
/-intends -to recommend' the offer. - -Imperial Life of Canada holds 
a large minority interest in Castlemere. 

Company ' 
bid for 





Clerk’s Acre 

(Hassocks) — 





A. P. Cement — 





Centreway . — 





Sea pa — 





J. H. Fenner — 





Messrs. Dins mo re 

24f 23} 

Prices la pence unless e m erw lie Indicated. 

Anston- mdg t- 

Blakey’s (Malle- 
able Castings) 

Bury & Masco 
Dawson (James) 


Ellis & Co, 


Gordon Johnson. 


Harrison (James) 


-User Concrete 
Lockhart (A.) 

load, Ansi. Inn. 

Losd. Ans£. Sara. 

London Sumatra 

Prop. tnv.& 

Finance - 
Reynolds (WJ.) 

Warren (Jas.) 

Wests. Canada Lav. 

Whiley (GAL) 

■Wigfall (S.) 

Youog Austen 

•All cash offer, i oaau Aiiei iiauve. + raruoi a .... . 

not already held. J Combined market capitalisation. !| Date on which 

Kthrmo is »Trwra4 tn Iumkip nnartHrp •* T 













200 - 


IS - 








0.6 . 

scheme is 
ttAt suspe 

& Stark — 

Gough Bros. — 

Engineering •— 
Ferguson Secs. — 

Barra tt Devs. — 

Ab-CaD — 

Thos. Tilling 15/3 
Irish Ropes — 

Hooker Corp. 10/4 
, Colonial 
Mutual Life — 
McLeod Russel/ 
SIpeTSA 21/3 

Coral Leisure 15/3 
Props. — 

Garages — 

Talbex 13/3 

Scot. Easfa. In v. — 
Assoc. Paper 30/3 

Radiovision 22/3 

w » TrfaigarHse. 28/3 

T Cash alternative/ f Partial bid. § For capital 
« Combined market capitalisation. !| Date on which 
ted to become operative. •* Based on 9/3/7S. 
m. ft Estimated. §$ Shares and cash. E? Based on 








17.5 ' 







106 ■ 




























Pre-tax profit Earnings* Dividends* 
Year to (£000) fie r share (p) per share (p) 

Value of - Price Value Final 

bid per Market before of bid • ’ • AtcYce 

. share** price** bid (lin's)** ' Bidder date 

Barrow Hepburn 
j.BIhby - - 
Blagdes &Noakes 
BSR • 

.Corah - 
Derek Croueh 
Davies & Metcalfe 
Fife Forgo 
Martin Ford 
H. Goldman - 

Greenfield MfiZets 
Harris & Sheldon 
Alex Howden 
lnveresk . 

R. Kitchen Taylor 
Lex Services 
Abel MorraU 

Neil & Spencer - 
New Equipment 
Newey Group . 
Prov. Financial 
Rentokfl ' 

Royal Dntd/SheH 
W-N. Sharp*' 

Tavener Rutledge 
Transport Dev. 
Yule Catto 

Dec. 31 3,189 (3.413) tJS 

Dec. SI 6,174* (4,181)$ 5L7 
Jan. 1 4,358}: (3,781)3 29.4 
Jan. 7 20,341(28.651) -15.5 
Dec. 31 29,000 (24£00) 33.4 
Dec. 31 W15J(U81)§ 7.3 
Dec. 31 2,470 (1,820) 12.9 
Dee. 31 330 (216) 9.6 

Dec. Si 385 (S34) SB 

Dec. 31 21^47(18,126) 50.2 
Dec3 9655 (660)i 3.5 
Oct. 31 44 ( 177)L 0.4 

OcL3t 935 (746) 9.6 

Dec 31 3,440 (£240) £3 

Dec. 31 21^63(18^66) 18.6 
Dec. 31 2,159 (1.537) 7.S 

Sept 30 800 (.-534)1, 10.9 

Jan. 1 12,483 (7.835) 20.7 

Dec 31 710 (674) 73 

Dec. 31 201 (248) L S.7 
Nov. 30 716 (438) 14.3 

Oct. 31 125 (62) 2.6 

Jan. 1 464L (39)L Nil 

Dec 31 - 908 (929) 43 

Dec 19 5L (1S9)L <L5 
Dec 31 9,540 (7595) lid 
Dec. 31 8^48 (7.164) 4.4 

Dec. 31 3.67m. (3.62m) 92.1 
Dec. 31 2^85 (2.265) 20.5 
Dec. 31 23.499(19,952) 41.6 
Dec. 31 207 (529) 7 A 

Dec 31 18J)78 (14,760) 7.2 

Dec 31 34,709(12^23) 26.9 
Dec 31 550.600 (6KL800) 69.3 
Jan. 31 46,780(40,609) 5.6 

Oct. 29 2,490 (1^50) 7.9 


(27 J) 






(15 J) 














3.674' 132467 
6337 (5.912) 
12.0 (8.028) 
4.772 (4; 089) 
924 (6.5) 

LS51 (LO) 
S.SS9 (3.527) 
132 (1.179) 

2^34 (1386) 
2.53 (2249) 

0.5 (.Nil) 

175 (1.0971 

2572 (2.661) 
5j9 (5.0) 

ASS (-4-355) 
1.0 (Nil) 
3.485 (2525 J 
2.419 (2.166) 
1-5 (Nil) 

I. 997 (1.7S8) 

OJS (0K78) 
Nil (NUT 

L566 (1.403) 
OiS (NU> 
4873 (4.408) 

J. 6I1 (1.431) 

15.704 (14.16) 
3.345 (3.021 ) 
6.422 (5.S5S) 
5.803 (52) 
3.1S7 (2.S54) 
b b 

12^*; (ii5) 
4.173 (3.95) 
1^87 (1*21) 




Pre-tax profit 
. (£000) 

Interim dividends 
per share ip) 

Barrait Devs. 

Dec. 31 




(2.4 1 

Matthew Clark 

Dec. 31 




Fredk. Cooper 

Jan. 31 





GalUford Brindley Dec. 31 





Hampson Intis. 


271 . 




Hawthorn Baker 

Nor, 30 


(13 IL 



Hunt & Moscrop 

Dec. 31 




(0.25$ > 

J, Jarvis 

Sep. 30 


. (278 > 



Parker Knoll .. 

Jan. 31 




(0 S73 ) 

Med minster 

Dec. 31 





Park Place Invs. 

Dec. 31 




1 0J2.S 

Sandhurst Hktg, 

Dec. 31 





Staffs. Potteries 

Dec. Si 





Stocklake Hldg& 





1 0-751 

Strong & Fisher 

Nov. 27 


C 1.07T 


(1.. I- 

Viet or Products 

Oct. 31 




(1.191 » 

West of England 

Dec. 31 





(Figures fn parentheses are for corresponding period ) 
Dividends shomi net except where otherwise stated 
* Adjusted for any intervening scrip issue. S For 52 weeks. 5- Fn r 
53 weeks. 3 Deferred balance now totals 25.12p. a For eight months 
throughout b As usual, no dividend, instead a Onc-lor-15 scrip issue. 
L Loss. 

Offers for sale, platings and introductions 

Yorks Waterworks Company: £§m. of 11 per cent. Redeemable 
debenture stock 1986 at £98 per cent. 

Rights Issues 

C. H. Industrials: Onc-Xor-six at 25p each. 

Scrip Issues 

BTR: One-for-ten. 

Davies and Metcalfe: One-for-one. 
Martin Ford: One-for-four. 


& Spencer 
of N. Corah 

CES agrees £1.7m, 
for retail chain 


‘-- iff arks and Spencer pension 
-■hd yesterday sold 22 per cenL 
•• Corah, a major supplier of 

- itvi'ear, for £2.1m. But fee long 

- -;d eventful association between 
b' two companies is by no- means 
er. - 1 

* . • M and S said yesterday that 

1 4 if vt'UlP e trading relationship “is fn no 
'mill iy affected and continues to 
velop to fee advantage of both 
m panics. n About three quarters 
Corah's business is believed to 
with Marks and Spencer. . , 

- -'Hie sale, marks a further stage 
' : M" and S’s disengagement from 
.flity ■ bn-oIvemenC in - its '• swp- 
.-Bws. T^-- process was most- 
. ie»5(*e)y- . pushed ■ forward- ' in 
■ 79*71 wheb M and S transferred 
trade Divestments to the p«- 
; >n fund- by way of a contribu- 
wi. And following- yesterday's 
sposal. -the pension fund now 


owns no more than 5 percent, 
of any M and S supplier wife qnJy 
one marginal exception. . 

The association between Marks 
and Spencer and Corah goes back 
to 1926. M and S had a.'.l|xge 
trade Investment in fee company 
and in 1969. when Corah was 
having a difficult time, an il and 
S senior executive went in ' as 
.managing director. . . 

Be left Corah in 1976 due to ill 
health and now Mr. Corah and 
Mr. L. O. tfelgeson are the' Joint 
managing' directors. -• Mr. -Corah 
said yesterday that fee fund's 
decision* to reduce' Ks .stake was 
H very - undetstandaide.* ■ 

- *nie mam reasoH given -for -the 
sale was feat the ftznd managers 
did not want to bold more thin 
5 per cent, of any one company 
whether an M and S supplier j or 
not Following the sale, the fund 
has 1.4m. shares ‘ of- Corah left. 

equivalent to 4J9 per cent 
A second reason for s ellin g fee 
stake was feat the market in the 
shares would be improved. 

Corah announced tripled profits 
of £3 .3 m. for 1977 on Thursday 

THE SEARCH for “suitable 
acquisitions " announced by Mr. 
Murray Gordon, chairman of 
Combined English Stores, M the 
last annual meeting, has led to 
an agreed offer for fee unquoted 
retail chain, Randall and Sons. 

Combined English is offering 
£3. 7m. in cafe for KesdaUs and 
already has fee votes of the Board 
and a major shareholder who 
together control 543 per cent of 
the equity. 

basis while Reynolds looked- for 
larger premises as a permanent 
site for the dealership. However, 
there were problems in finding 
suitable, premises and in addition 
Reynolds . became chary of fee 
substantial additional investment 
thgt would he required. 

As a result Reynolds has been 
having . discussions with Ford 
about withdrawing from Wimble- 
don and concentrating its opera- 
tions in Essex and East London. 

Kendall has a chafe of 84 ladles’ The final outcome of this has not 
and the shares at 34±p last night wear shops throughout the U.K. yet been-settled. 

are well above fee 1977/78 low of 
iep. . 

The 6.4m. ordinary shares sold 
yesterday through Cazenove went 
to over 20 institutions at a little 
..under 33p per share. The fund 
-also sold 27,291 of fee 6. per cent, 
.-cumulative Preference shares. 


Baring . Brothers ' ' and C6- 
announce that its offers on behalf 
of Ocean Cory (Investments), to 
acquire fee 7,123 Ordinary shares 

::T.vfhis advertisement is Issued in compliance With the 
requirements of the Council of :The. Stock Exchange. 
It does not constitute an invitation to any person; to 
u; subscribe for or purchase any Preference Shares. 

i i r. 


^(Incorporated under the Companies Acts 1862 end 1900) 

ISSUE OF 500,000 1^5 PER CENT. 

} ' OF £1 EACH • 

-The Council of The Stock Exchange has granted a 
listing forthe above-mentioned Preference Shares. Par- 
ticulars of the rights attaching to them are available in 
the Extel Statistical Service ami copies of the Statistical 
•Card may be obtained during usual business hours on 
: any weekday (Saturdays and Bank Holidays excepted) 
iip to and including 20th March 1978 from : 

Albert E. Sharp & Co. 
Edmund House 
. T2-24 Newhall Street 
B3 3ER 

JTDth March 1978 

Uoyds Bank Limited 
39 Threadneedle Street: 
London ■ . 


which CES believes wS comple 
mem Vte own specialist . fashion . 
chains. These include the Harry 
Fenton messwear group, Salis- 
bury? handbags and accessories 
and the West German boutique 
chain BTBA and Pari scop Daub. 

Last year Kendall lost £606,000 

prefer and one of the conditions and 171,444 3{ per cent Cumula- 
■»,». a \%r w of fee offer is feat losses for the tive preference shares in HqD, 

- 1 AA LAW JoLULKh ' year just finished (January 28) B b1h not already owned, have 

;■ CARLIOL AND .wiu not be more than £50,000. been accepted in respect of R881 

■ TV N L'cmp lUTKCrp • Mr. Gordon mid yesterday that DnJmaxy and -169^27 Preference 

j. x iv Miuc ivirj\ULA he Qjjjgjgnt rhn t^ as with shares, representing 96.6 . per 

- The' Inland Revenue has been Fenton end Salisbury, both of o? 111 - 98*7 per cent, respec- 

attacked by fee Boards of CarBoI which were malting losses when dvely of fee shares offered for. 

Investment Trust and The Tyne- they were acquired, CES wifi be Prior to January 26 Ocean. Cory 
ride Investment Trust over its able to turn Kendall round 
interpretation of the law which swiftly into profit 
has effectively blocked the pro- 

posed merger, between the two over of £5m_ and if we can’t make 

trusts. They , claim that the £500,000 profits from It in due 

revenue’s interpretation • that course I’M eat my hat." he said. 

jCarllol could be faced wife a bill Mr. Gordon believes that , 

for Advanced Corporation Tax of Kendafi should start showing pro- assented to the offers. Ocean Cdry 
SnL should the merger go fits in fee first six months of this -now holds respectively -89.9 per 
through was unprecedented and year as fee chain completes its cent, and 99.0 per cent., of the 

ard arguably incorrect. But, a reorgan is ation aimed xt arttoactine Ordinary and Preference capita^ 

statement from fee two Boards the' 1S-34 age group. of Hull, Blyth. The oflfeH, which | accounts rose by il per cent and 

admitted that there was a degree jjj meantime there is the were from the 'outset uncdndi-jl5 per cent, respectively, 
of ambiguity in fee tax legisia- abaction Q i the properties in the tional in all respects', '• remain * 
ti ° n - ****' ia ^ 5 b ®f 1 ? ce of an chain. These are in fee books at open/, 
aufeontabye courtdecisjon could cost. £570,000. but a recent, pro- 
only be resolved by a change in {€SSkmBl valuation puts their 
the law. - value at fee begtnomg of last year 

In view of the impasse reached at a fuR £2m. more than this, 
with the Inland Revenue. . fee Since then shop values have risen 
directors considered that the pro- substantially, 
posed scheme or merger coma • The audited flgures for Ken- 
not he implemented without daU’s last financial year are 
breaking an undertaking given to expected to be available early in 
shareholders at each of the meet- April, about the time CES’s own 
ings held last December. Accord- figures are due. At fee interim 

held 228,791 Ordinary (including 
Directors qualification, shares) and 
"This year Kendall had a fern- 9.937 Preference shires -fn Hull, 

Blyth. On January 26 Ocean Cory 
acquired 415,751 Ordinary and 
22.620 Preference shares. 
Together with fee . shares 

British Bank of Middle East 
expands by £2m. to f 6.53m. 

. Published profit of fee British of the bank’s deposit base, a pro- for an expansion programme. 
Bank of fee Middle East, a mem- portion which- has been rising' Customers demand (or Dclvn 
ber of the Hongkong Bank gradually over the years, the Paper Mills 

Group, advanced from £4,462,039 
to £6,530,744 for 1977. 

Dividends to the parent com- 
pany were increased from J3£m. 
to £5.5 m. From the sum available 
for appropriation, fee directors 
propose a transfer of £lm. to 
published reserves and also, feat 
£4m. be transferred from inner 
reserves to published reserves, 
which will then total £25m. 

At -the AGM.a proposal will be 
made to capitalise £2i>m. . from 
these * reserves, thus making 
capital and reserves , each £22. 5m. 

Tn his annual statement, Mr. 
Angus. Macqueen, fee chairman, 
reports that during the year 
eosts - in' ' the 

products has .con. 

chairman adds. tinued to increase and ihiv 

The accounts show that during subsidiary holds a substantial 
19i« an ex-gratia payment of order book which will mature in 
£27,580 was made to a former the last half of 1977.' 78, Mr. 
director. Fisher says. 

Should fee forecast upturn in 
the economy happen the directors 
will be in a position to respond 
to market conditions, he add&~ 

As known, for the year to 
October 2, 1977, taxable profit was 
£26,000 (£2,143) on sales up at 
. _ . £3.66m. (£3-2Sm.). No dividend 

A first ball loss on trading is has been paid since 1973/74- and 
again anticipated by fee directors there was a £0.44m. loss in 1974' 
of Delyn for the current year, 1975. 

due to the seasonal nature of fee At year end this time net liquid 
company s business. However, this funds, represented by bank over- 

Delyn expects 
first half 
loss again 

. j , Middle^ East is expected to be followed by a drafts showed a riwrpiw of 

remai ned very high, reflecting more than compensating profit in £5,000 (£152 000). 
extremely, rapid rise in fee the second six months. Mr. <h. 

. , .. . fee second six months. Mr. During the year the Welsh 

? > ? t - 0f l v ^ ng IIl the fast-develop- Geoffrey Fisher, the chairman. Development Agency purchased a 

telte members. 29.65 per cent, of the revised 

Further consolidation of fee equity and a £180.000 loan was 
company’s method of operation negotiated by fee company on 
was made last year in preparation favourable terms. :. ' 

ing countries. 

The balance sheet shows that 
current, * -deposit and other 
accounts rose by over 8 per cent 
to £L62bm, which would have 
been considerably higher hut for 
the effect of fee appreciation in 

Cash and short-term funds rose 
by some 18' per cent, and repre- 
sent about 30 per cent, of fee 
bank's liabilities on current, 
deposit and other accounts: a 
further 11 per cent, is repre- 
sented by time deposits wife 
other banks. Trade bills, includ- 
ing certificates of deposit, and 
advances to customers and other 

Advances of £8072m. (£708.7m.) 
now represent some 50 per cent 


' — F. W. EVANS 

The offer . made on behalf of 
McKechvie Brothers to acquire 

MBP Russell 
quits banking 

the capital of Frederick W. Evans .. . _ „ w , - 

has been accepted by the holders Martin Russell, chairman of 
of 2£43£04 Ordinary . shares *' U5SeU ’ a small private 

together wife the relevant new con ® e ™, which has 

mgs nem jasi uecemoer. accofu- ngures are flue. At me interim Ordinary shares allotted.; This i . ^ cit^of London, said^lnst 

ingly on -March 6. fee court was stege CES reported . a 58 per cent. 90.81 per rant of the Jj <» ^don ^d la^ 

requested. to dismiss fee petition drop in pre-tax profits to £651.000 Ordinary capital of Evans. The ” e 

to sanction the scheme of merger, due largely to a eotopse in mens- oBw remains open until further responsibUines. 

The costs incurred in the merger wear trading, but yesterday Mr. 
proposals amounting to some Gordon said feat menswear had 
£53.000 will be borne by the com- finished fee year well, 
panies in proportion to their net 

***** . W. J. REYNOLDS 

says wait 

. — A 

notice. McKecbnte intends in due 2?^ ““Papy’s 

course to. acquire compulsorily 0 ^ est ^ r rt l5^ s .^ d .that from 

any outstaiKling Ordinary shares March 13, its address 

in Evans. K would be Carlton House. 33, Duke 

• Street, London, S.W.1. 


SHARE STAKES . M?- Russell said that the address 

™ Cl^On an d iteas^ate Chrif of Go IS 

The Board of IV. J. Reynolds, fee and Company (Holdings) have “J 1 ' 5^*5 

Ford main dealer which is being notified CCP North Sea Associates vluCb 

Edt^urg and Dundee tevest- bid for by Manchester Garages. !* feat they now bold 10 per cent. £SJ££ 
ment Company announces that in reserving its opinion over fee of fee capital. tuf of °* 

accordance with the- intention £i.4m. haa_fully con- Melalrax (Holdings): Thros- per 

expressed -by BritraUpen during sidered the terms wife its advisers, morion Trust has sold 1004)00 22 £l ^f 1 , 3 

fee course of the offers, repay- County Bank. femw leaving hiding at JTmohSSSSi ^*2 

ment of the principal amount of Shareholders are advised to take shares (7419. per cent). 3S°S6S rs «f£. *35!/ ® ua ? e M;f. t fting 

fee 5 per cent debenture 1980/ no action in the meantime. D. F. Sevan (Holdings): ETC wthdraw- 

1990, -5i-= per- cent debenture -The statement from Reynolds Pension Trust jointly with 1TC fn>in D*e banking business. 

1990/95 and fee 4i per cent, yesterday clarified the position Pension Investment holds 384,433 : 

irredeemable debenture stocks regarding the Wimbledon fran- shares. 

wil be made on March 31. ehise which Manchester has said Letraset International: Mr. J. G 

will not be available. Davies, director, sold 204)00 shares 

The franchise was obtained at 97 and 7.000 at 97}p.on March 
from Ford in 1975 on a temporary 6. . . 



Manufacturers of Wylex Electrical Products 


Unaudited results for the half year to 31st December 1977 
(including Subsidiary Companies from 1.11.76) 








Trading Profit 



Investment Income 



Profit before tax 



Tax at 52 fo 





Profit. after Tax 

Proposed Interim Dividend:— 



Rate per Share 






Profit retained 

— ■ — 

- ..r 



Earnings per share based on profit 

after tax shown above 



The unaudited results for the half year to 31st December 1977 are.. 

shown above. 

The Directors have today declared an Interim Dividend of 4p pg£r 
-share payable on 17th May 1976 to Shareholders on the Register* 
at 17th April 1978. 

G. R. C. McDowell, Chairmanl 
10th March 1978. - 



The Foreign and Colonial 
Investment Trust Company, Limited 



v Highlights of Arinaa! Report . . 
tii - - for year to 31st December, 1977. 

Net Revenue £4.27m 4-30% 

C - Dividend - - 3.77p +30% 

pr Total Assets £166rn +10% 

. Assets per sharer 201p + 7% 

V- Geographical Sprrad of Portfolio 

■ ■■ -■ UX . 51%- . 

ir. U.S-A. . V -25% . I-- 

Far East ? i / : . 14% .\ 

•~J -." ••• Europe . ■ . 4%; ...v.r- . . 

^ \ . V;.. Elsewhere ■ . --6% }-.L 

'f- V- Current policy remains that of producingjorig term.^rowgi^ In- assets and 
^ a steady increase in dividends to match and if possible beat tha rate of 
' inflation. • . 

i Copies of' the Report and Accountemay be obtained frornthe Secretary. 


TlwfbraimairiCloIanldliiVBriiwntTrariC^I^-- T^Canfif^lipesnneniTjmriJd. 
68HB»11nvDSt og J»xI'riiMMa,Llg, - ABmncalmw ywnrCgLid. 

F aaBropusttm. yora^mdTfesiot^lr^wnemfinwlSA 

(iiUPOwyFUBdSA. AnBto-NWpnetainptRihd 

V 21 au rw»owP uuiitna y HHUflimca.ECdffOgA 

■ T«taphon-Nc,m-ez3«W) ? 2-.... 




J HeairySc±ioderWagg& Co. Limited is one of ' 
Britain's largest and mostrespectedMerchantBanks.Oar 
experience emd skilte inworld stock markets are such. .. . 
that many lea dmg : companies and institutions entrust us 
■with riie investment of substantial sums of money on 
tiieir behalf, ■ 

Private investors can.also benefit from oiir expertise 
by investing in our Unit Busts. There are four Funds: 


investment objective -capital growth. 


Investment objective-income growth. 


. Investment objective - to participate in the steady 
. g rowth of well-managed European economies. 


Investment objective-a balanced-fund seeking 

income and capital growth. 

To find oal more aboidhsmg Schroder WdggmanagB yoizr. 
investments, jdeasewruetaMiM.SmiilJ.SehroderWaggUaitHusia, . 
4SSL-Martnfe Lane, London WC2K 4Ef or telephone: 01-240 3434. 


Member of^ The DnitBust Association. 
Not applicable la Eire. 

Union Corporation Group 

Bracken Mines Limited 
Kinross Mines Limited 
Leslie Gold Mines Limited 
St. Helena Gold Mines Limited 
Winkeih&ik Mines Limited . 

. - declaration of dividends 

f. Dividends have been declared and will be paid to members registered in the books of the 
undermentioned companies at the close of business on 31st March. 1978. 

2. These dividends are payable in South African currency. Members with payment addresses 
in southern Africa will be paid from the Registered Office and the warrants will be drawn 
in South African currency. Members with payment addresses elsewhere will be paid from 
the London TransFer Office and warrants will be drawn in United Kingdom currency; the 
date for determining the rate of exchange at which South African currency will be con- 
verted into United Kingdom currency will be 18th April. 1978. Such members may. 
however, elect to be paid in . South African currency, provided that any such request is 
received at either th e Registered Office or the London Transfer Office on or before 
3lst March. 197B. Warrants will be posted from the Registered Office and the London 
T ransfer Office on or about 1 1 th May. 1978. 

T™ registers -°f members of fee companies will be . dosed from 3rd April to 7th April, 
1978 both days inelinrvc. 

Payments will be nude subject to conditions, which can be inspected at the Registered 
Office or the London- Transfer Office of the companies. 

5. ■; Linder the South African Income Tax Act, 1962, as amended, .a Non-Resident Shareholder's 
Tax of 1 > Jo will be deducted from payments of fee dividends to members whose registered 
' addresses are outside the Republic. 



Name ,gf .Company 
( each of which' is incorporated 
in the Republic of South Africa) 



Amount per 
share f unit 

Bracken Mines- Limited 


20 cents 

Kinross Mints Limited 


23 cents 

Leslie Gold Mines Limited 


7 cents 

St. Helena Gold Mines limited 


80 cents 

Winkefhaak Mbits. Limited 


S3 cents 

London Transfer 'Office: 
Granby Registration Services. 
Granby House. 

95 Southwark Street, 

London. SE1 OJA. 

IQth Morcht 1978 . 

London Secrearies 
L. W. Humphries. 

Princes House, 
95 Gresham Street. 
London. EC2V 7BS. 

Financial Times Samrday March. 11 1978 



Sharp and broad based rally 


lnv.-$ Presiat 

jSttttrfte »te <« «i% 


; Mir. } St**. 


NEW YORK, Marc* 3 10 * 

| Abbot* Uh... 

I J lo ■ ■ Cfc M fa ttGl— — 46% 

,L, -iT— ere aMM 44% 

: mu 63U Cane ' 37% 26% 

« 17% OnokeriC*- j 2sS- SK 

AAMgrepb... CT%« Wit 

AtoUteiw. *4 h «f% f® 1 * 1 1 ® 1 * 

Ajf PrmbiM. 237. • 25 Tx 3* |.?5- 

dollar’s gain abroad. came from the news, that senior . The Metals and Minerals index higher. Atmebeov i*»u_i 18% J 18** 

. -The Dew Jones Industrial Bundesbank Officials expect U.S. « n 21.4 to and Gas ^ COPENHAGEN’—: Mixed .« *W«y***«; g* »;« 

, -Average moved up 858 to 75S58. West ' German telephone talks 20.8 to 1389.7 Bmksli89 to24&2t. dealings. Banks finned. Shipp in gs Wt» |gs 

'..njalcing a rise of 11.27 on the aver the weekend to produce con- Papers W8 to 97.44 and Utilities generally higher, Cammumratiom SSJtiaimm"* ' 25 f kS 

. week, while the NYSE All Crete results to .help the dollar. 0.iJ tto 163.0o. But Golds fell &£ steady to slighily higher, tadus- „ 34% : 2% 

OKrtlndnCclM 36 j 
“!« OMMflMfc* J, 23% f 

gw* ; 6 % j 

80«e Dm# Lot.. ' IS*. ■ 
*4% StenHt EUmb...; U)t| < 
33U Ok a mi to wai fc; 26% i 

^ IIB X 

5*7, .. mi .... ^.1 

30% tartar — «_*. 

68 % {BflfffcOkUSia* 

86% TKmeidslLJ- 

26% KemaidelLJ — 66% 

31- Oh 

244 Hotk«iU jM*r~» Wf* 
29 Sahma Baiftu-.J 506* 


40% M% 

*74 2 frH 
B 6 % 5*ll 
su* 884 
SOI* 304 

§5 fHKsssr ilS 


Gf 1 * U-dSO^yTEhsI 6JK7 

, " muiE lUC .siuia *»ii 4 -«U1M LV n - , " . t " i . j i j a . wv-m JHfnTrt 

"Common Index, at S49.4S. rose Combined Communications to n3i.9. . irate and ComOdrties ■ lamerwh, Here_- 25 S4% Dfcreptoo c 136* 

"".a cents on the day and 81 cents jumped S 2 J to S35i on acquisition * P^lfr-MOStiy higher oirinter* HILAN+-Most sectors dechned W.A*rtoe„.. 9% ' _9k — f 404* 

gafiSS *l L . “j a »»»H ll I S" sxbsvbei-s^ 

&Ee! £3 ““ ill? ■’•a 

Kifci as !!§pKKi its I s u CANAD/V ■ ■;■ 

iKfe Its 1 1 sSfc3 13 ! .13 . Si 


>Zkd3 SCna 2 tS and Canadian stoc^ « : ST 

■ i?y a r ond , ^ est voIume oE laiASsi to 853- as ff - » ^ ©Jgas gs ; | 5 

asAi agt: oT ss “ " 3 ?“ ed in - J ; 

‘^kivmenr whirh fell in si ner Control Data rose SI to S2aJ on iraaiUR. • to Ulte tnML Amer. SancUnL.- Mi 1 34t# 

-teS In Vehlmarv from S3 per 3 dividend or 10 i25) cents a Gbwnes de St.. Bocb. rose SPAIN-Index virtually . un- .v»er. iw*-.... SOU J M»* 
S'a mnnthSriier 3 ^ share. on an increased dividend, changed. Banks and Ctnities, how- «'t g*» 

*■ '^Ete MiSv the Federal Abbott Laboratories put on 85 U K. and Dutch issues rose. U.S. ever, were a little better. »>• t 

Late yesterday Me federal <=.« hk.-;^st,h stocks imbroved. Germans fell intUMwcGcsc — Golds "■?* i?** ! "*■ 

ia re. Frs.lilO on an increased dividend, changed. Banks and Utilities, -how- Ab**.tw. A Tel. &n« : go»c 

Abbott Laboratories put on 85 U.K. and Dutch issues rose. U.S. ever, were a little better. Si! > «2 

» JiS 4 i on a quarterly dividend stocks unproved. Germans fell. JOHANNESBURG — Golds S** J 22 

F 3fi 1*0) cents plus a ICO per French shares mixed. • drifted easier in fair trading. UZ 4 12 % 

48% P 6M I1I (W*ai....- -63% ■ 

42% — • 40 % . 

Si *3% 

25% il«ta — 251 * ; 

W Dump. 68% - 

32 »■ ftart 102 

27% {hwladartoj 13% ! 

Kr^, ss i 
S |&i£tssi S ; & 

fcemi Srtivj SO 4 } so . 
*2 5-avAirfVkphl 68 , SB% 

31%.. 30% ( Retort, 18% i ii% T Ata m^ t curfqtm q; 

Dd ' XOlfl 35% 1 3^5r” *r Ul! I MU AiMKBBSMM lE! I 

~ • S 5 *Aw*w«r--l 

..( *Z 7 « } *25 SwKpwlI^.- 

E~! «%.' S^Z?“= axil j 

bonds’ Door Vwi| I 

eat* I tt*% a%« » 3ttd n 
lb% t X«% .WW»«.,„ 

^..r. ibt* • is to«*« aioonwi; lou t 

axu am Mtaiwi^ «vj 
Vwii u% i 5% Mr.BMeaietaJ u 4 

js% i 15% - ig*n irittfeuaTt i*±_ 

.... 18% i W% g% Qaairtawa..., ttU j »*% [Bow VrtElrtbj. *3% 



CIusiDb on 




“’Wnnetoir ropp»>r .. 



— a 

j Oilirorp 



— ! 

. >-'n*stal Stares (las 






— 2 

Fjmnli- Mai* 



— \ 

r "Firlduinbera-.T X.V. 




. ■-OsairaJ.'Souiti West 




, Erncratm Electric 



f ! 



— Is 



- 1 - 

of 3fi 1 30 1 cents plus a 100 per French shares mixed. • drifted easier in fair trading. U% • 12 % gwvAmV%hi 68 58% 

cent, stock dividend. • fioId Mines lower. • Financial Minings also eased. ab*W n«*m B . asr* : 26 % : I *% 

THE AMERICAN SE Market Value AAISTERDAAf — Mixed, with fn- Other Metals and Minerals w«bki ifa^i.. W% 1 17%. *- ri » n J ■ gq-, ( g 4 % 
Index rose 0.92 to 123^3. making icrnationals higher. Batiks again easier In light trading. Arnw>!»wei...... ; g‘i 28 , 8 »* 

, of OIK „T, Wc 1 ,-f.plr-- cimnn hut Tnntnarr* !/<»» HONG KOXG— Market firmed **•'“ tiJ! BlhVL 18% > U 

Cban^r i ndes rose 0g2 - lo 12555, making icrnationals higher. Batiks again easier in tight trading. Aran>s»wei....i.. "| 8 % ; g% 

r d» a rise of 2^6 on the week.-- strong, but Transports lowerT HONG. KOTCG-Market fimrt »% 8 ». £!£!; 


• Canada also higher 

Canadian Stock Markets also bought net DMll.4m. stock, 
moved sharply higher in active Mark. Foreign Loans eased. 

GERMANY— Mixed amid caution Slightly in fairly quiet and ■? ' 

ahead of French elections and featureless trading- — agij ; 

week-end- UJx-Gennan telephone AUSTRALIA— Minings rose as su.H«*»ew. 48% 

talks on' currency situation. overseas metal prices aided senti- Auio Ifeu Pro~ 26 % 

Bond Market easier, with public ment. Industrials steadied. *ve — » 

sector issues lasing up to 30 pfen- Banks improved. Properties " Su 

nigs. Regulating Authorities firmed, blotors rose a bttie. rm hu*x^ xsu ■ 

bought net DMll.4m. stock. Retailers mixed. U'altons off 5 UaaiiAinaetm 2 z% , 

Mark. Foreign Loans eased. cents to. 82 cents on its results. fl«nfcer»Tr-SAV 5% * 

■ barber Oil., X6% \ 



Him tod Falk 


/111 J977/3S 

Mur. i lUr. . Ji*r. > Mjur. 1 

.10 - 9 1 8 / 7 » BifiL * Lom 

Inna mded.. 

( 1977-78 .-■ainne i-ompitai'n 

Mar. Mu. Mw. : XI«r : 51 m. 1 ' ■ ■■— ; ' - , 

9 g 7 ri o : Bigb Lcfw . Uigja Ix<w 

43.46 4854 48*7 48*2 37.07 


la-jaatvL.: . 

' 'ladwMal.J 758. W 7W.OO 758.87 748.7B 742.72 747.3 T 74112 10SI.7C 41J2 

1 i^;l»77; a&&t 1 c*ili»uUi <2 i&a 


. Mar. : 5Ur. • JUr. Mar. 
10 fl Hi. 


Mar. e 

Mar. B 



1.127 ■ 






38 3 








191 1 - re 

B«4r« T»veam_ 35% , 
Hwin» g /««»*.... ' ft:* 
BcMonlJirirfinua 35% ■ 

IbCDiiii. 35 

: tsenenet 4 ,‘mm - 8 . 31* 

6s*ai 44% • 

Faui-OIM Cawa. afir* 
rot. D**a.6(ufcc 65% , 
nniMH Til*. _ 16 
r**. Jw*. Haatoo. 26 % 

ftoi Vaa • • I7li 

rdcuzK*^.^ : 2X% 

Fb*V* {War— 307* 

Root [ 32 

TJSX. , 21 

rma Moor. 44 

K3TL“±: IS I 

rawkHa Mtau... 71a j 

r r a qi j c * M—n 1 18% ■ 

f fapa lad* 



■ 2 fl% ^UtooaiOac.. 

B-ss aa aB3st=)£ -! gs gyu' 

JSS ISt S3 ssag 9 ?^ !f* [ tt- te: tt 

Bjs .Ji.ssecssS R-Sfe?: 

s~:l »S §3 §SSicK£d'g5 £3 Sggg-^ 

a 4 % ! 33% cHforitter St.... 11 % . 11 % ^aittU ffiAOanl 

Ej 82 ! ta S3 - S% gagS: Wj, 

•“■■■' 811 - ; aue ^2SSU — ■' *22 1 *42 

i6« 65% Snwibwa X6% ; 16 % WartM 3*%W a.) 6% 

Z....' 23 ! S % SttUb Sal. Kffa... * 2 % I 31% UlrtrOalB I IB*. 

*4% j. «% (kxnhtmlWlA; 4**4 I » ” "! aT* 

201* ■ as% 3»rtwtU%Uiwyi 43% , 451* Mb 

1 BBJ. . 94 % Oonwrawr 4 %^. | I 7 ij- 

a, . . I 29n I a®% 

7 ? — n% , s% 

£K “j x-% x^% 

MtanaJ ®6% 

j 877* | 27% 

brfate. 1 45% 44% 

Sk__z, 6X% 60 

3ru: ; «6%. 46% 

E pZ:., 41% : 41% 

i J 36 : 36 

00 * 5 % I 55 1 * rn ifn n.T ‘ IS - • •* 

sszZ IPLS* 3SS5JStn«a!-^ 

i (bn . . : 14% | 14% 87 

Mil I *4% C 0 aek*«as 
«u tel! .CoodnUM 
|s% a4% Om muXi 

*B% HgeeMlo 

*3 1*5% 

ss «s «. 

inly p roil,s 

ej%r.. ; 10% ; 10% 

Bl 63% . 

Horee Laid6le_.. tft . 

fta.lai -287* 

Mq; Hum * 6 % 

UranrtMni ;..... 10 % 

UrawaJi *3' 13% 

mini Mrcr» * 8 it 

i B'raeB’arts ' 1 89.72 89.58 89.54 89.52 8938. 89.50 *.87 ' 85.83 
I ij,Si >>1 (S' 

f Tniumit.... 201.99 199-51-209-14 199.BO 199.75 20l.» 2«.64 . 189.81 279.* /.U* 

H m A. Ct*f <C.i 

'-rdlltim .! 105,82 125.82 1D5.41 184.35 103.72 105.65' 11 JW iwlStfl 

In. luminal 

TORONTO Comtobitc; 1950.2- 1020.5 1029.6 1020.1 B67.4 09-7; 

Trailing rol' 

000's t ■ 27.090 21.820 22.050 19J00 17.230 Efl.120 




202.8' 207 J , 210.4 20S.1 2» / tt-7'iK 
13ft.* 199.0 , 199.4 . 199.5 214,4 HOmoi 

1S“.4 T«.s» 

1 W .1 ( 22*1 

’ Basin of index chanseri Train Awnni 14. 

Ind. dir. yield ■ 

Feb. 24 j Feb. 17 • Tearaeo tapprox-* 

Mu. : i , ref-ibii-it.ii , '- |i! 
10 : kma Hloti ' Low 


War. : War. . .War. : War. War. j War. 

• 10,9 a 7 • 6 • 3 * uiaft ; 

Lav | U%b I 


-fladmierlalri 97.76 9S.84 86.59 9K0E 85-52 Bfi-IG Us -a2 • 

i.liL'Jii i 

r i&vnpoiite 80.88 87.89 87.84 B7.46 85 JO- 87.4E I17.-4 j 
,. , ’ i^.lllll ; 

l S6.52 ; I54e4 1 
ffi/ijTE) -.11,1 *731! 
88.90 T25Jlft ' 




— 3hs_ IVu AD* .. 14 

168.00 166.26 168.05 IE5JH . tttuW fji^v ISOJT2 (2= MrDckmvO 6 w. 26% 

176.26: 774.82 173.0 774.75 O 7.-6 71*1,77; IB.60 ^1. artfJ-Mci 14% 

~ ■ — .... dturatn..... 18 -i 

> 1020.1 (967.4 09-11 -VIJI Burid 3X% 

— — . — — -— . ■ — — ■■ ■ — ■■ — ■— dasuu WatUi.... 5% 

‘ , BiiriiflgKJti Mtai 56% 

205. 1 2H-/ » 1-7 'iff; : 14“.* T«.c» Bnr-t^bs 62% 

159.5 214.4 ; 1H.1 (22**.i Lao3p<e'l Sj*.*/. ... 33 

— — Canadian IViir. 15% 

Mu. , P «• "377-18 1977-7? Cam! KaMA^h- 103* 

10 , rom- • High } Law UiaaMun 26-* 

- - - Carrier ft: Oeaera: 11 * 

tun >4- fflAs; 29.02 I0WX/ W.96 Garter Ha airy- 16t. 

WjlQ lQXtV, taUrpUlartiuM 46% 

reden I*. ‘ 253.39 416.6b ect^f *** 

I . i22_4i CeiasaaeCiEMi... 36-2 

nsrari'di 2 &L«; 2E3.4:5fc.J al-s CwtmiAs.V... is% 
;u.'< <- 20 

" ■■ ■ ’ ' L'cMta Arrmwl .. 3X% 

Indices and taoe dues tall base values ChafeManr^nac- z 8 % 

Ownt-^ 36;* ■ 36 

Ua». Acsrr. lot 9% 1 ft% 

fiJl.r.A 24 ; 23% 

iraaiux 13 . Jto* 

(%fl.D>-nanncv... 43% 43% 

On.SMnn ! 46% 1 45% 

(>Arn> liuh... 28% z 6 % 

Gmrii Hiii) 27% . *7% 

lUesaraiMieon... b#% I b 6 % 


» 2 t%rv%Dlbd. 



21 J* 21 % 

12 ii I 22 % fecMnleotor, 

Hi |Kks 

S*« 1 Gan On Cu 

axu •»*»* ; 

J? J*%w»ne lap.. ... 24 ■ 14 

-\aw3%thwlML 22% *X' 

H * 1 NeVi^lanriT -' 1 a4l. 34 

29% »u 1^2^ 
36% 353* T«wn». 

41% • 41% f ct ** 

a% ! 
i 34% | 

“ 2 ? 1 Hmkar5iA.0ttJ -ft% 

xT 4 SotSnew sJ rf* 

34 l , A . , ^ 


3)4* Kxw land Tel' 
» 1 aMzOtottt«* 

Ufw.lVi.Cui.... 1V^« 19% 

i Ueu. >i*3a_. 

Stem Share... 9. 
X L Indnunea . 16 

SSs±=3 d!«' 135$2 3 gP 

ie»wPHraiM»i J*% *»% ) ^£v - — WJ» | ? ' 

tMM. .... 26 8 ( 1 % ^WOI Mnan.M. 1 ' dQll ( . 

4% 16H i i 6 % Oil-.... 19% 

.?*> 4S?Vrt%r...« ft 6 ^ 64% t «4 1 J^! 

:<%nl tei. h%rt... 29% 

KeafclUc WeaUrn 26 

reWoUdfiaa.. 31% ! 30% Jiww. 

1* #'■ iMkis. * lUlk . Ofl > M8rtb ,B> ,M.M.i 

xyu 59 jm htn. 1y»« - W«i ; W 

(j! j? bnwv - , -.&J 

- 35% CWr*^ IVoftc - ■ 25 • 244 

St* Ueti? On- 1 159% ! 1*8 

32% OCietre- - 26% ; 2g% 

25% ftnemry 19% ; 19% 

lu% 18% i 16% 

**% tiraU. 35% , 25% 

111* urarr WJC~ .: 25% : 84% 

16% Grt. itlwPtrTk, 8 U I 8 

48% ttrt^ccrb hut.. : 23% - 83% 

AomfiaKi- - •(^S.JggrttS 

Belgium 93.08; ®- w Bwitrerl’di ‘ 5&3A' 2 ESAlffej : *x.' CMtmiAs.^S... 

5 a Bgaiftr jsS: s jsi' sa 

»: ss gr5=? ss ? 25 

58 WortonShaonT. 18 . 17% ? !!SLS STS l3% 1 fe5SS£PSLS: ?V W * 

*• KasK- sa ; ss agacr"- sa j s- jjwSWsa g; ■■ 

&!:::::: 1 Sa Sfe S3 1 U5 & ■ 

TWMMn 89% j 29% SSSSSbM^* - Si! V 

Orerauxftbia-..; 22% 1 21% Tri OanttMnUI j 2U% | 18% 2g£5£?»“; 

|5*« Tpv»» CUHttea ...i 14% 

rime lm*, M»i 

Si I 34% 

3 VH .»■ Norton Shoon ... 18 17% 

26% i 26% UrekunuMlVintf 22 % 

19% . 19% OgUvy Malher... 40»t ; 40% 

15% i 161* oSkfXcmna. ; 18% » 18 

25% . 25% Oto 15% 15% 

S 5 * ssm>^! SsssSfej lo^ ; »% r"~ ■ 

gabEi Jk!S ; fitter »i\ Bi ss; 

' . i vitJ,'Ii77<2ZiL7e bwiuen a« ^ , 

— - — JJeam*rk“>l «A8[ 97.88, W7 j«j: 9*P0 ' - ^ 1 :Ti JJJSJ&ST' . 5?% 

*’ ^ ° ! ) M ,! * 2 ? indices and tooe dates tal l base values ChmeManfianai;- ZBT 

H1 _ h ! J__ France <ttj ftL0{ -60^. a !.8 4.^ IW except J.TSE A 0 Cotnnioa — 38 Ctamr^to-NY.- 87% 

„ 0M ,I aare^ 10*rt Termu. OrttartFert- 23% 

SI* 2 ?. ,°L u '- — ; 22 ; Si* i>«taeu*hibi*..i 20 %; 20 i>al_ 1 — j «<% 

Hy, ”* *- ! ! fSfc Pw.P*r.4 21% > 81 UIKGCL 1 21% 

I**e g**2^X2f5- ; ,2^* I BtaAmWoHdAir 5 I 4% L.81 88% 


: 85 
: «S 

: : a 


iv.ilK t 


B 91 8 feft- S7U I alu tnt-.-.; 21% ! 20 a; i Lntam 06 % [ AW* 

52!* ggy«M . I g;h ifcfcPw.AD.^... aim ■ ai% lupinvorkv. — l re%i 55 % 

Pure- HwwWn.; 21% 1 20% I LOP 

82% Hrtwi »»* i »t 

aaa K S ^gfi : OW, .lift.!'* SE X.l.%. I i> Pans Course I»6L z ?2 

Feh. 22 . Inr lappmu Italy tfji 6L92; 6SLS1 ; 35.71 t*&r ( '* Commcrzbani Dec.. 19SJ. Tjii Anuter- - ^ . igt^ 

— y .is»l:<7. 122 12, dam. Indusnial 1070. (VUfaas Seag d«-! 

5.47 4.17 J*n*n >ai 398.B1 39022 ■ -vgJl ftOl^a Bank aLT-'ft*. '"ClMUaa 21-73. id • Tokyo TT'; 

- .2* M; New SE 4/1‘SS. imssaus Tims 1968. H 1 *! S3 

8 45 ■ 10.45 -Sinnnore 27R30 27L9I -'»7?n Wt 2 - III Close. W» Madrid SE M I 2 “-dish raj! 

— BU WM>«9 ““ “ f to 0/7 < ««■ Md low for J978 ooly. id SinckSota ^ -- S-! 

7^} 7 76 - — IndusirMl 1.1'jS. Ml Swiss Bank Cwp. »‘t 

u ’ z/ *' *° _ la, unavailable. Lumm'na bn 28:i 

[bhwnni ... ..... 

InL itiv. yield % 

• ind. F/E Kano 
Ling Sort. Hood yield 

i6u I Hwen Man.' 54% : 53 

1XU ! H--h.u»v Inn-.. ! lb% . lo% 

at* taweftaac- 35% 55% 

2i - n.«M-a>rii 44s; 44% 

.IB:, jHnits....... 12% 1 19 

afij, 1 H.^r. I'uejj Aukt. 251* 1 25. 

I3it I Hn*iun>at.(ia-; 1*1] 23% 

37 ;. ; ll!aiiLn.3it'iiDi 12 % 12 

! Kaur* Y.r. .. . 11 J 10% 
in-. ( M 1 . Iwliidrin 23% K5% 

!is.\ . 33 % 37 % 

54 % ; 63 BtnbttxUi 

ia% io% 

35% 55% 

445* . 44% 

343* b l urt Vwcdrzw;- 18% 
28% lQtoVu«>tfw 38% 
7% Union i'wiwml 8 % 
34% t'mcmDIiCniU.J .49% 

& » 

6 % I mv-. 

25.19 ; 25% (L-nreMnAr • 42% 


A prize of £5 will be orren to ench. of tile senders of the first 

three correct solutions opened. Solutions must be received by 
next Thursday, marked Crossword in die top left-hand corner of 
die envelope, and addressed to the Financial Times. 10. Carman 
‘Street. London, EC4P 4BY. Winners and solution will-be given 
next Saturday. 




High-class field 

tfiltoccam Pa;—. 14 

— Con.lfl.Ci>*U:u 15% 
Ljnnbcifwo Fnv- 33 

— Cnfnftuutvtu 15% 

Cm'w'tb Elrv'D 27% 
Lom'tr'thOil Re ’ 2% 

• 6*1 ef!i:c.. 35>i 
c'umpster£ ien«-e 9 U 
Loaa». .. . .... — 19% 
Uau. Ed,-xo S.V ■ 23 1. 

• Ciduo; Foeca. 2A!« 

tsiW N«r. Gas .' 39 
LuBeoaer IVxrer 23% 
ufim menu: Grs . 29 % 
CjnUcfTU*' U:L 27-4 
UomisenlK. lrr. 15% 
Uoin; l>mla .... 25% 

Cwjper ]u>;us._- 42% 

■lb • ; IA .1 .. •*%»! 

*”** i Ingem.) Karut. • 53% 

17 , M.I U'l. 

f?. i Inland Steel 34 % . 34 

»S ,«“» » : *» 

24 f fosercoac Kcerjtv, 8 8 

27% i IBM. .. 242% 2441* 

2% ! IstZ. Fhitnuis.... J 2k% ' 2.% 
35 / 1 ail. UsriMTee . .J 27 J 26% 

-9 1 ImLMInftChw.: 38 58% 

X9% : lotL MaRHoOiit.. 21%' 

23% ;*«v». - • 15 : 141* 

43 % • tai*. Pkper. ; ft 6 % ' 36 

39% .IPG 27t 5 * 27% 

25 pBridv Wmu„ . lS- i • 

23% Fta- 37 

12 Pfe*,... 26% 

10% . phoreUndgi-^... 19% 
x3% Pbti*dM|ibik K>e. 18% ; 
37% RUMb Miima... £B% 
53% PW^e IVliiii'n*. 29% r 

34 PlUmy - 38% '• 

12% Pttofty It&opa.... 18;* » 

. pBo. m ; 

Prtre^d iDi: 17% > 

18-'i , 18 

37 37% 

26% 25% 

18% 18% 


(f mud firead»... : 

h:Hnnr.«pu. j «% | 

1 LS.tinwu*.— .. 82% ! 

in t 7% 85 

»% 1 r jKoyaiiC«C*a! 87% 


S? • lau -4 * 8 - 25* Gcrtworwrewwt ■ 9 ■ 

i2i* i£j LS.Au! 3 26% ! 261* nmgAva.: 85% 

sate i sm! l .'rehoarew .- 1 M% • 66 % sWUtoidii j 14% 

26% jireretJ 

ridaman Eltc«;.. , . 15% ’ 

u«: vi iiwiM i m-^ .via »u cvoxTuiif , mhui aw q 

tel! i ill! VbsUUbtawt... : 1 «% > 14 !HrtiHO.Q^; n 

rft 4 ; f??* nrerer-Cuarta... 31% ; it ArttfCMk.- 

17% 17% Wwwr-larebm^ 85% 26% dWipM boa.i 3SL 

_ WbrelUn'meml 80% 19% tbrtOMA. A«V 

|5% «»» ««mra1Ea «*t 31% 31 TrekreSbl^tLo) teH 

PPG IwlvdrireJ 25 < _ J4% Wemni 5i. bvon . 8d% ; tt% TTwHoreit OiHi 
PnatuGai.iWfcJ 75% I 75% Vntf n L'ofeo.. 16% - 36% W**, — tKW* 

39). .IPG 27% * 

23% lot Jtectite.. .„. 10% , 
29% feL i Tel. z7% - 

871, • Inrem 1 % , 

15% ‘ lew. Ben 30% 

24*. * ! It InrniHrvi.' ll% . 
42 Jtm Wiliw., 27% ; 

ao jPubNerrcKte*.: 22 j 
27% 1 PuIIimd. mm ~m.J R5% ! 

10% , 97, Puir.\ 16% ! 

27% . 87% Quaker 0*U„. ..; 88 
Ut , 1% Antrnran_> 7% 

30% • 30 Raytheon c4; i 

11 % . 11 % . RCA — I 8 j% 

27 s* : 27% Repnhli.- SI eel... . 85% | 

281* Wa*cm*retaen; 17 1* ' 17 ’ Vnta'SM.^3 10% 
85% • ' • • ItaLDtwtwXiMkl 7% 

JBW. .i fW* ! »% WUk«P B tare--| «% 

88 % WtaeomtoEkw ; 96% ( 27 - |71rtrt.7M«rf 

24^-:'M% vtiareco.^, 

85:* j 18% WlmbteRlM 


Hnoe • + ut Uiv. V*i. 
Yn. , - ;Fw.- ft. 

88.4 f-0.2 1 - 1 Braze % i — I 786.8 +B.2 4k. 0.6 

KoA.1 l — 

TWO HURDLE rices. Sandowifs Although a slight disappoint- — ^ .. -t-: ;- — ' : -X"uT"iiirYrr ! — : — : — 

William Hill Imperial Cup and ment since putting up that fine M , r< i 0 '• r L ,^ • _ : » * jj»r. lo >nT - ' Fn.' * itu. to • • am*. ( 

the . Panama Cigar final ar effort in Chelte n h am ’s Bula — — — • - : — ■ -< — 

Chepstow, are the most valuable Hurdle, in which he finished — —— Ba. 4 * 0.8 1 -. — , *”“*** 7 "?:^,“! kS 1 ® !«‘S •flL 1 1 & - - . 

ro.ioo tfulav ’ fhA« liatrp fnnrth fn iHa Inn^hnp churn- Au woz ^ dvet-- 487 — L • 1 I 8 * 1«9 . Alfio | ifOurfrt , l r f| M8.9’ + 5.7 21.1b; 6.0 aC^IL ft ctutt*-- ».%..| |W7 

races to-day ana they nave tourtn to tne l ong time cnam- Bjni . zza -ri < 20 4 . 3 | a«r Liqaid.-...^- aao ;*♦ , lfiji, 6.6 remr Auremih. ««» 

attracted high-class fields. pion hurdle fovonnte. Birds hasp 1373 - 0 . 4 . 17 6. a; Auukunc-..-. ; 617A ^-9.8‘ 84 ! 7.6 JUiMatst-Tmc. inresti ta .16 

Fifteen are due to take their Nest. Repent’s Garden has found a*yer_ -• *38-3 + 0.1 16 - - 1 «ic_ — — I 500 ;+30 I 2 _ra 8.6 Ampoi Kxptareuce — -...; iXM 

chance in the bnnkmaketjspnn, <^eme-v tertM eondftinns ar =S~i a ' Mi 

sored prize and nine-all but leart twice recently. _ . . cowtnt_\*n.wit* 170 * -! - icurew !i.3ao :+ao • 75 \ a.7 Uw*.PuipiVp*r»L-U..-i ti.14 

two recent winners— hive stood With perfect going expected temu*ret»nk — 238 . 1 +a«- is ■ as u.aji • see i-r 7 1 27,t 9.6 J Am~.Cm. ... JJ ri.«0 

^fiPES Review 


t ralh in 


- i 320 
»..!] -447 

Cuta 689 ' *8 

Lh4mn [ U|| r|ll SSD MH . 
Dai .Vlppoa Pttni 621 +2 

Fuji f*lHito„ 646 +3 

HtaoU^ 888 +6 

Roods Uotco — 577‘ +i 
1.240 +2 

828 +6 -IS 
577 +14 » 

840 +90 58 

no . in 

170 -10 30 

“ r - ------- -rr — — - ■ , _ . . , vmvuuiumiin »«.■ mrvgj,., ■»>.. in \*«ru. 

only 5 lbs more in the saddle, favour! e Pincnovr though the u^p^, Llovd . ll2 - 12 0 . 4 1 imnB 

ha has yet to recapture his best market leader. Stopped, a stable a*n*«r.~. ! 270.6-3 : <9,S3; j*«nre*rei'C- 

form and may well find several companion to Acquaint is 1 S«Tn‘5'i Mi 

too good on this occasion. clearly one they will all have iff** 0 * : : 10 .’ti 

+80 - • 
-j® id. 
+ 8 18 

ti, # 

a»>a 1 Z - Z.B vren. vaMtuut] 1BO t-06 1 4.8% 4A Uti South I lu.79 vtM RWUrunio-B J070 J-2D 58^ 

118 ' . 12 a. 4 l|mere^. 47 i+ 0 wl » 3 . 40 . 11 . 2 J L * rtt0 ° Bwwwy^J tl.80.' ^0.96 ^&uu*bln lbd-.l 682 '- 1+9 Wj 

870.5 -*3 ' ?9 , 5A ; jsuquek Uorel...-! 83 ’+0.0! — - ( L'.J.Cirfe* J tl-88 +BAI 8«wbwhlBu»k,J- 879. L— — *0 j 

128 -oa 16 : 6 J : L-imr— -iaoei o 7 ! t u • a I triR <$1 l .■ 18.70 -0J3 ^thinhWHiHaxrvl 141. 1+1- -181 

- 128 — OA 16 :G3;t*tuse. ,.„.,{ 149. 6 '—2.1 ! ttLV/ll.Z L>*K ...i . - 18,70 WlA UtM%UHe«yl 141 +t ; 18 

... 45^-+0A ■ 4 , 4.4 j [/Or«ii ! 564 +16 ;Sa>- 9 ° Uqwa - Ook19*rt ftu*. — ; — : t8.40 [ +— JlteobWit CoepJ 410 +2 ' W 

rather take an Newbury. 

each-way - interest in Jack 
Hanson's Winter Melody and the 
■Les Kenaard-traioed Regent’s 
Uarden. ?• 

■ The - seven-yeaiMdd Winter 
Melody, a close third behind 
[Acquaint in the same event a 
I year -ago. and subsequently the 
two-length runner-up to Fair 

5 Cardinal's UmUy «M • hel HBi.lSrKWJ'iL fS 

1.45— Havants . . 
2J5 — Dark Room' 

ZSRZSVSSTawtw HSwSSi .Sr«**r«\te£= 5 . SL-=sr Ijtt 3 iMS SSaffiS 'S 'hSS tSsa^ -» 'ta-.-W 

,, — •--- — - -- W— : IS I Jtahrtn -IT^WTO ^40 |Si5fci 3i C.*uia Aoareite ! tL3Q +M1 .Nippon Dttuo-.. L860 1 ' —■ 1 *“ 

v£t!S2LnZTv*ri 8gl -L5 1 20 / 5.0 Ut« Heane«|-...| 379^ +17 i 3.4 OunkwUnhbwSb-.,--.; tLafi j-*.. Nlppoa Aiwpwi-, 689 

KW^ao-DnilX.; .98^—--- “ 1 - 148 ' + 4.5? 3 ! 8.1 I6JC0& ■ tLQ2 i+a.92 NtarenMowSZ'^ 797 

TBAO anwbW— * wv iwb VUV —4 • -“2 ft 

•+M1 .Nippon 0eo*a^JL860 +30 JglJ 
; -ju. N tppoa dbmp^a— j gw +1 . 1*1 

Jto -4£ 


hirupp. — ... 

: 178^ +0.e : 1Z , 3 J I l^rlUw ! 148 '+4 !la.rtMD 1 1W« 1- U.6* 

gff^TSVl i Z~w I 1 74 J + Ll 7.3.'1Uv3] k-X. Indnbiiek. '■ 

24L5 -0 J , 16 j 3.3 | Pfrwvi4U«rd — . 198j! +4.5 7.6' 3.9J U«4- Property Trtitl 

Garden*** iLnM^rSnT* TISSt ” w,a l I til re™M-Kl«td— . 1984! +4.5 7^' 4.9, (Ion. Property Tnat tt-43 S4MW6 

•^0— Kegenrs-waen. hS’S.'-'SV ^ H' PwwWltwa --l 871 i + io id ' 5.8 H»m«»%y. *1, ta.07 1+o.H tore*. — ji.iao - — 

Winter -Melody e.w.* # |Lurtbmn*a .; i m.3-^0.81 i : 3 J ,• jv+ud uo ^+4 _ ! _ w » to.?i -*mi Stmy a,8io +80 Leg*. 

" " U.U....+ 1 194j:+L5: 18 • 3.1 ( Hutu, lech&iquo. 366 1+4 EftS' 7J ULAntnik... t2.08 %9A1 XahiboftUriiM — 1*68 — JU 

JlnoBe,nMqan-..-i 172 ;+i,7 . 14 , 4.1 ibMoot* 548 +28 +4 i 4.6 Inter- Copper. l 10.29? teVetoLTMoiioriJ 31* +1 J », 

UctaOsw- r . 216 3 • 10 I Z3 Ktait Pnoi«B-.,. 56.9; +2 9 15.0 Jenotrw* Indimrire. 1 f 1.12 i+o.«> fPC.'— .— i^JUPO +30..r.8 < r 

ACROSS 5 Cardinal’s family could - be ^ had it^ one rice 

; .1 supporter tor his nibs (3. 6> brave (7) S SSff&ifilJSjT 3 ' 

ff -Upset stomach of officer in 6 Transport caught by -sailors M Daw 1 
•'•charge (3) (4) Seven weeks ago Hansons 

'8 Edward has. French article 7 Go and make the French we l- strongly-made CrepOllo gelding 
synchronised (5) come (5) • reh a highly encouraging _ race 

-10 Team with regular meals pro- 8 Tell C1D of new way to catch ' n Ayr’s £&.000-to-the~winner 

vided at 18 t9i fish <3. 61 Johnnie Walker Hurdle, making 

.'■IX ' Old Testament female is 13 Novel trait could fcting fresh PP id headway at ■ the halfway 

- - classed with common soldiers air io the scene (10) stage before tirmg on the home 

. ' (5. 5) 14 Cut consumer of -domestic faun .to finish at the back of 

, "12' Bit of suburbia seen from appliance (3, 6) ibc nine ninner field. . 

'south-easi motorway (4) 16 European country's accoun- That race is certain to have 

- T4 Brave to annoy hill worker tanr is a girt <9) brought- on Winter Melody con- 

*- (7) 18 Part of furniture of surgical siderabiy - and I shall be more 

.15 Money required (7) .assistant (7) - .■• than surprised if he fails to 

3^0 — Spartan Missile 
3.55 — Doable Bridal 

4.30 — Gentle Prince 

1.30 — Spare a Dime 

2.00 — Top Priority 
2J0 — Romany Furlong* 

3.00 — Lone {General 

3.30 — Goose Pimple 

AYR ’ 

2.00 — Coffee Bey 

4.00 — Gone Out . 

UoncheocrHockJ 510 
.NecfceRnum 1 109. 

PnqotDUIOQ. 1 


tocmWriuacd^ 189 Ac: 

^chwtng 848 

•iwroens 1 296* 

Bm] Zucker... 24? j, 

lUytMeaAOS J 

\*n* 176 »— 1 

VKBa 117 — 0. 

VwslDsftWe-lUIi; 307 
Volk-WBjRn ' 214^-Q. 

ill its * : i Hi STOCKHOLM 

54 I *9-43 : i 

14 \ 4.0 1 ■ 
18 5-2 i 

XMKftu lnten»ttoasi;:_J 
North Broken H’dtngt (Mtl 

C Hk totMgg — ... — „ — 

+.^. ( TpyoCb Mo*nr„ 

VU 1+81 

307 _.: — : 18 , 2A| 
214A-0A 1 10-2A 


■ + or Uiv'.lu. OH arerefl.. tOXttJ i 

| - Kr. | % OtrefsBxploretlwi 7, tO.16 j 

j ; * FL»ft«- Cootfcift. i ti;S9 |+0. QT 

, . 1 *,» ! 3_i Heto»kOii«M..^. — i ■ ) -A.?a 

U4.08 * 


Soarce Hftkn Wnfilrt Mrtf' 

. iSSA OCr. &Gi 

_ ta. oi v-ui consumer of domestic . ,u -* fc “ av “. w * - j • J i*'_ „ i f 18 *-: Atb«Copii>(Kr 2 t>l 

,12 Bit of suburbia seen from appliance (3, 6| ihc n me ninner field. . Sta.t6 aiU IOT ^ 10 ! ^ +«r!r«. 1 aru. BUiwnd 

•-■ south-easi motorway (4) 16 European country's accoun- That race is certain to have ^7 ... • • j **• 1 ~~ ■ ** 1 * 5°"**- r~- 

-T4 Brave to annoy hill worker taor is a girt <9) brought- on Winter Melody con- ■£*** ic.aso »— : • — ; - 

*- (7> 18 Part of furniture of surgical siderabiy and I shaU be more SirdppLfl£.. Uidlll I^nU-.ii.4io [+4n 60[4.3 Kten’itix ‘fiFiiao 

.15 Money required (7) .assistant (7) - .■ than surprised if he fails to _ _ n+i? i^rr-!^?SS :Ti? I x i2 Krfo «> ‘B vkkc 

' 17 Sends up new form to hang 19 Told of ringleader in high give. his supporters a good run J*R-_ ALAN Wffiifti^ff.^Industiy SoSSa. 'lie \tP — I" 8 

up<7) spirits (7) ■ - for their money. • MnistCT. amonheej Qqvertment && 2.365 ii ,177 7.b 

-19 Withdraw right to eastern 21 Co up to key -member <51 Jn contrast to Winter Melody, aid of £750D0Q^ to Signode of ?.i 

. . territory (7) 23 Select body of men leaves Regent's Garden has bten tav- Fforestfach ^Wiial ^tate r w Igg U 

4ft Vmhm. Mn«4 nf nnbln ..Via, k-L:L j , f-x Inn n him tiffin . ami diloujlll Kb SltfAn**9 VMtRT(l!lV • ' towards a fl — - - a*. "1*59 . . Alo Oeb Dftmato.. 

AflA AO OtrMhJ 199 l 6M 3A r-~ 

AireUvunsKr&O 157 +1 6 I 8.1 -— J 

ASEA <Ep.60j_...^ 6 I 5.9 3lu>lnx 

86.3!+ 1.5 
113 —1 
82 -1 
12? +1 
l79xc— 1 
813 +2 


142 +2 
83d [ ... 

up apuiia l < ) - ■ IU5U Uioirejr. — ■ . . 11 ■■ . fawa i+3 \1I4 1.0 r.iunMiiiwi an c' n, 

19 Withdraw right to eastern 21 Co up to key -member <51 Jn contrast to Winter Melody, aid atBSDML *. Smde «t Mm- e^eo ~.Wgo 7.1 esa it?' 5 

17\ 23 Snlooi .f I- Rpsenr* Garden ha« hfenn haw- FForertfach Industrial Esute.l £««??? .4A395 ?— 15 |170 7.1 13 ° (, . _. 

. . territory (7) 23 Select body* of men leaves Regent's Garden has bfiecn hav- Fforestfach In 

20 Every part of ankle aches (4> doctor behind (5) ln £ a bu .sy time, and Swansea yester 

22 In good position to fit in first 24 Suitable gathering (4) fds eighth outing In. the cam- £6fim. pmjectfa 

" three (4, 61 . palgn: strapping produ 

25 Dl ^5L lh i2*lf« Ve 4 l » t0 °° e to Puxzle No. 3,614 * — 

& go 3octW*nH Hm In*: 

1 — 
4fi 8 I K r> ■- ■»« 

i 4 1 3.1 32““«n ICatnjc <60o«ot*). 

10 l 5.6 ^orirertb* 

10 4,7 

;*i 55 AMSTERDAM .. 

8 3.4 ’ : : i Price i 

4 3 A Mv.lQ FI*. 

T3.SO 1 *.et Xmt.V) 

tO .74 ( 

TO. 19 •+*.*] Crtdttaimtt*. 
tl.70 | Barln»oore«U. 

T Ifffl 

560 IO . 

863 ^ ■ 

5*7 +B 43 ■ 

16 3.4 { A&dM (FL8b. Mm 100,1 

25 Dressing things given to one 
. permitted group i6, 3) 

26 Northern Ireland twice cut off 
conductor of opera (5) 

• 27 Obedient machine surround- 
* ‘ ing Old boy with rubbish (5) 
28 Little bird carried by Russian 
. railways towards rising sun 

tortictUBirt:.^ j6,|90 1485 3.8 j Tamirtik *B*Krl 


• l Irishman 1 love to court 1 5) 

2 Number of openings available 
r - • - for short course (4. 5) 

3 Arrange set of questions for 
•“ 1 agenda (5. 5> 

4 Sing ? Its more than Desmond 
can manage (7) 

Esaagnaa eqessb 

PL0« a 0 ass 
qbsob nsn * aaaaag 
a m a a a a 
a EL- - Jl BOBS 
no a a □ □ 

shbeeho Haas 
a a ki s-0 he 
HH aaQ ESBaasnais 
g H q a a E Q B 
□agaao qeeequqq 
□ a □ b b q a 
□PBBBn HBnaQssa 

OF PUZZLE No. 3,609 

. Following are the winners of 
- last Saturday's prize puzzle; 

■ Miss I. Buss, 161 Woodbridge 
Road, Ipswich, Suffolk. 

: ' .Mr. J. K. Craig, 2 Beauthom 
-House, Delamer Road, Bowdon, 
Altrincham, Cheshire. ’ 

;'. Mr. J. Lesier, 7, Park. Square. 
Leeds l. 

snniaGazQ ssatagE 
a □ s q s si 
3322SP1 raaagBQaaa 
- a s e a 
sasEaaHHB aseiga 

m r 35 B 

500033 - !33? 3!3nBa 
.3 a 3 

nsnasgg- ; shhe^q 

nnnrM ^ H E D B 

gassg HnnEnnags 
a s. s ra 
b g g a a 


Uafc&'Ift Percent. 

As laud ....J. 105. 

Banco Bilbao «r.... 2#S 

Banco ACbmico < I .MO i 200 
Banco Comrvi 300 

OIsitb ... 
Pa pc! eras 
Sni ate 

— a 6jt awpi- 80 ) 

6.5 11.8 AAflO*uBn)tCFl.100 
0 D 3 J 2-8 A1LKV (FI J(7L„. 
G 4 A 6.0 AtortMnk ^FL2LR 

8 6.1 Bbentarf— 



83,41+0.7 — — 

346J?+Uk»JS M 


Much » XUA 

-* ! * Artki AmBEtaret Cm. _ Alt 

Ml 5.0 riAnH • . _ . • *4 . 

80.71-0.6 1 

8D 7 las i a* 5 h a I kiwrertai' PItatoaft — i«w ’ S , , 

i« .tSS to a &MK —■ — -w 3 •' *; 

1 Kloof 

_ ■ SiS£ : 

« .438-3-; 
— M»T 

S^as # 

879.7'+ as 181 I l-s i -BSSn* 

gdm mis sa ». 

Banco Uxicrfor 2M 

Swatt (3,080 +10 '**5 6 . 6 i 

Pet»l«w M-SO +2J» oolrej- ,2.470 !-10 'A2<X! ai 

Sarrfo Papalera « ~ trecnon El«rt 12,520 !+50 1 16a 6.4 

PotmTIKor ... _ • X90 — LC:h 1 HVfl ■ 9 . _ 

i.Pdce 1 -farTUv 
■ hmtH+ 1 _ 1 » 

to»Uotnr«FUd 68.51 ' 94.ti 5.6 SSL^SS^S ?”* 1 

DWfcrocsrtealPIW 30.8 +0.8 ! 83 16.1 fST'KffirSL 

IDw^YbU BUnereifft&P 104.ol-y.7l 14 ! 5 .4 SSagS^u*—'" nfm 

Banco General 

Banco Gniu/ta iLMt ,251 

Banco Htspano' 203 — 

Banco Ind. CaL 1*3 — 1 

B. hid. Wrditejranto . .■ 1» — 

Banco Papolor 157 - ft 

Banco Santander iSoOi 32ft . +12 

Banco. UrouJJo fLDMl . -21? — 2 

Banco Vizcaya 202 — 

Banco .Zorasozano 3m — 

Bantnmtoo .133.. ' -+ l 

Baznu Andslpda ......... 223 . — 

BfUMock Wilcox 25 — 

cic u* - 2 

prasaaos ■ — — shl •-? 

Inmobanif TS —ft 

&. L AreCMKoas 30 — 

Bspaaola Zinc 151 . — 

Kxpl- RIO .Tlnto H-50 ■ + 1 

Keen' n.0M1 MAS + 6 

Foooaa nAOBi - . STM — 

0*1. PVoclados — U -r 3 

Gmpo yrtaaauez f«01 . .1*5 

Pntroflher 1 >CU h«~.u_»,...j B8 

RoceBsa 1* — Ua ._|1 70 

Telefonica ; — ... •* + Vieirte MomagQ8'l.54 

Torru Hositndi — ' ,9* • + *■* ~ 


* M-V+L3 

Jl ! 5^ PtoftWW* Stow 13A* -4 

2*-frSI »iM BSa 

186J— 0.3 1 i — j Wpftww' ■ 

Is^l+oi i S ' 0 * 0 ! Ortefwciteta 

rS*M-3 J&j “ WMtwn Houhutft — 

ERAZ1L . ■ _ 

— — ITfSnTwlOiv. [Vw 

Mar. 10 ttaa.f — » 

9 FinaiutMUiai..... 140 +i« 

P +— r - T - For. Bycgerier... 34Qi = +% 

Price -foe Prr-Yld. FrevBanr. 70 !-3 

^ — %)% B*«tcl»baok,-.J 128 * 1 ' 

12 j 0.4 towxtcQ i 
15 f 9.4 .Vat-Vodii 








MS . 






17.M ■- 







/-I ft 





— — Aluminium. 

- 2 * - Awlla L36 

2* — Banco Brasil 4^5 +U 

let — 2 " Banco Itau PM,... 1;08 + 

*L "—7 SrtnoMtawreOP 8*18 +.“■ 

75 —ft ijjjit Amef. UP _4 3.16 -— 

SO ~ KeLroliru PP 330'+" 

*1 — PIrelilOP 8.60 -- 

4L5D • +1 SoamCnuOp.... 4JS' — O. 

iUj + ftz Unip PE — .. 698 +0; 

STM — Vaf* HI" Lh»-» Pf V77 ±* 

} — . 5 % B*«tel*b*ofe,~.J 128*1' i5 h* SJ» -'- TT 

\ GJfTfi'nHjKiflQl jl 4 f Qco< WJJl — — J04.g , “0-8 j A34 4.4 An*te*Amftr, XnAOSUlil « 7-*» 

. „ | Aofd Kapei. 867 1—41, la 2'i * M BriovRiad A57, .? 

L1G0 — 6 2-5 Ol jL nfi o a 18 *■“ PWtmod tW20l_. 35,0+2.7 3118.9 CHA ZnTnErnesta ♦IJfl 

!l526 -10 10 1 5 SSSScr: r* ««|9JPUCU+ z4,t;+(u} 21 rli - 

ii? a moan 

I cilarwiOur^.L._„..! 

24,r+ai 81 6A Cwrie Flnwc* — nwa - 
. 77 ' — 16 — De Beets Industrial 119 — 

A2 ' M 7 -° tepaekL hnrtt WL--7: 

iif-o+ 0.5 — - adfixn Slow* t3lW 

lai.-at+aa m 5.4 Frtnaio voikftbriecriftn . 143 

waS + l^ Ado 7 A CreawrawTs^™. . 1 M 

245,0!— 0.8 19 7.7 Coanifan Amraa» (6/ti 1.7ft 

p t — BAB + u -*5 ■* “5^ Do. (toreiq — ,17,775 12fli S5^ 0.7 

V*L CM$8.0m. SMwWB. F 5 ^ LB 

Source: Rio dft Jana» SE- (FV. 100) J2.900 1— IBoUiSA 3.0 

SlovluarpiKOflS 148*71-08 j *7{1 SA \ HaJ«n 

-+lV .UirPY^i’. 
“ tn - lUee \% 

stated- ¥Pia*.580 aearnn. onire O QPyrec "gSSt'Sta ! 3, S5 Ca*^ S-l 3 % Rwklw IZZ. . ..J<W.76 

MOTES; Overseas mien cxclode 3 oremlum. SrtxW ^'dfvUenfls are after 
Hrtibbolcfir>% tax- . . ^ ... .. ■. 

4 T»I 3 D denom. union oifterwire stated- W Ptaa.SflO aeaom.;.ante« 

«aau-fl X KtjQO demmL unlen odnmrtse aared. 4ft VWJW .denom, _rates' naiea e Ven M dnsoto. <mMSM otherwise stared. S Prlv * y Ome ol 
Mispensha£ .ffl-FTortna. . ft ScfliUinfis. c Cents, a Dividend after pom a nahw 
and >or sitIb taftoe. e Per share;- /Kranes. oGron dlv. ft Aawmeo dividend 
alter scrip and /or rtaftts ispne.. ft After local taxes, nr 4 tax. 
tnchitfhdi Und*c <a*J v Nam. ft Shaw split: s Dtr. ana yi*M txazStB S pevzl 
■paymeru. UBdlrttied. fltv. u Unofficial tradtos. o MhKmT? holders Kerjwr 
pendbin. “ Asfted. »-81d. # Traded, ■ t Seller. * Assumed. *r B* • faHtl,' *■•+* 
dMdem*. acEx.adrip taa*. xaiEa-aXL * lniarlm sinca tncrnuea- '- " 

TnawPM.Hkla.8 98 +05 30 0.7 LTA '.'I LflQ 

1 2i-?f+ LB a* A 631 McCftttto Hodwtt .u.^4- M.C 


^■0 f JUctffotuea j 

404 1—0.5 52 | 4,0 OK Buur* ' . 

f - - ■ t nvmtrr Mft Ou 3. Si T* 

~ — Pretoria Cerent .5.75 ' 

Prwea Koktaua ABB 

B««t Mine* Praantfe* _L* AM +4 

; T « ibiv.nfu toiibnindt Cwn® 30a 

Knnrt I — ! i | l » ***_ —U.,— MB 

■ ■ I , , i , , ,.)JL S«r ffririaa L-- TWf -j+ 

w 9 I 10-.0 ft. <V Smith tarre mj r« 

104 tf, J3 II j 9.5 a—— » 1*» 

267.5: +8.6 20 BA ^ »«• «*«»■ T 

103 1 — 1 1 1D.V wbwc • ->:r. .. .? i4f 

i' Sort* 170 ;_3^ , | 19 6.3 J S«carittes R*nd 

Iw ^ g rtto** gd r -.^-i - ■ ^ A : ±g;flj_9^iioaj .. (Dteeonat e£ 28.5%) 




• l h 



J^nandal' Times Saturday March 11 1978 

INTERNATIONAL financial and company news 

PARIS, 3d arc Ip 10, 
increased investment 



-By William DuHforc* 

STOCKHOLM, March 10. 

+ 4 


^SSfaPaSTuJSESi, 111 S? 8 , a accmaalated loss of FraBbn. slightly „™ xw . 

JK? ^ *"*“■ “■».** ™XS BRUK, dope's 

■■■- Inhi s appia „ fc cw SSS ’SSt^S'ta 

.'■*'■• asm 1 for ia5^? , i^ 4blL W* 0 # vhidi has also Bit Elf-Aquitaine's ment, M. Ciw5amh>n pointed out dtSSc earning 1 fnr at iB 77 U Ac 

' •, ''Title Ppk.i Km pL a?, . Increase 10 lKJ£ut rstBS. J 13 I 1 thB Fr&20bn* needed to 'The provisional figures show 

:•■ ™fibnO ■ *°. n» *»** the HortH Sm^ Frigg SwS (SSJra" 

***jj_- - 'i sales took glace . mainly lo Field and that its ability to I before axtraordinaw items, after 

• ' ’ * •* . ' rR.SiOm^ u- »o'*n m ^v Tet ^ : 'with sulphur and. gas and. In .the pbjuv finance this scale of investment ! a 15 per cent, growth in turnover 
fSd^^Sorfet? 7 ^?^ Tear in “““Btieal ae ? tor, i? *** ***«& jeopardised by the to Kr.lASba. SsiOra.). 

5/SL^ j.* 1 e ^ Rationale des group has an important foothold, financial burden of it ‘ 

- n r n 0l !L d AS ul >« . ana - Blf- other- -areas, . Including - EIf-_and distributitm hm 

'brought together Into Aquitaine's 50 JW cent share The problem*! tmkpH hw aver 

: “ ■ SUSS 1 yj!* JE® 1 ^ f’WDch alongside the Rothschild con- capacity he said. wS? 8uch°S 

a " v SS^PSE* ,te 1<Hng ab out 70 per trolled Iraetal In New Caledonia* the compaSv m TZfaE ! roufd 

• V' - % ® ^?*/ ?a r es - D I ckeI deposits, showed ' -little norStSTJ £em "TUs Stua 

dividend, excluding tax -change. •■ tion ScT b^e the ^ne ln 

• - ?rls was |D creased from Frs.16 E^Aquitaine said Its sannngs 1D78. and wS^Inly be^Sved 

, : -u. ^Ar 7 - 50 - _ . •. . derived essentially from oil pro- by action on the nan of the 

* ^be. company's duction, which made for An In- state,” be warned P 

tK?n ti r'w n ^ tal i ed °ba ln uanr M. creased cash*flow last year of Yesterday the" refining sub- 
- tale aD? a l^ 0 ?2 a ’* m S? n t? A for ^s-^3bn., _•- compared ‘ iwith sidiary of 1 'the 6 CFpSfotal *oiL 
'* ., late aid to treat- the itaemor* 1970. group, in whinh th# state wolds 

«■;,* JJflJ. di * tx t' ^ ' T1 » group’s debts at the end a minority stak? aanoimced 

’. , ?, 2« S t Smrff s ^'S^ A Mu8e 2 EL.!** year amounted to neither profit nor loss for the 
. . i&ses. of Frs.ibn-Jait year and Frs.4bo , as the result -of a second year running. 

Halved profits from Enroc 


"■■’^SSSS- **** , buiWin S pre-tax figure of Kr.6S.7m. com- contributed 44 per cent of the 

' u and^indusmal group, pared with K. 114.5 m. to 197ft By 1977 operating mSat™ “ 

- KrA4m.,fram .the The forecasts an 

ding products 

J? 1,01 ex Pected to be firmer. Its 
iw hppes re* 1 00 the Introduction of 

The. Board recom- new products by its industrial 

tan half the' 1976 result, but at KrJi0.8m. 

. to e ight-month -stage Euroc was Krfi7^m. 

nly just breaking even. mends a dhadend of Kri a share. Sto 

. Sales rose by U per cent to a ". mcrease of Kr.0.40 1 after efforts. stronger markenng 
:;. .r^5bn. (8543m.), but the in- adjusting for last year's- bonus Tho 1cy?B ' 

. ;: rease was due entirely to tafia- issue. ever be?L SSfSt iS'JSZ 

• Dlum^oV^UveriEs^e^hflTB The slump m earnings w ment costs involved^n modern- 
J ? “Seim! ral^Tarew^by^r stemmed ^rationaiisatton md king the group's cement mills. 
•'• t other cust'Savings measures. Bx- This operation cannot boost 

: ' nIw' 0 ? 9 of the total. ^uding the stock appreciation, profits from cement production 

> .AQ er todudtog stock- gams of the last four months of the-year until the latter part of 1979 

*, ;*.31m. and an extraordinary. to- . - ■- v 

■ . «ne of Kr^.lnu, Euroc shows a ' - - ■ 

Banco di Roma changes 

BY FAUL BETTS • , - ROME. March l(k 

A: MAJOR reshuffle at top man- different occasions to connection 
agement level is expected to take with Milan judicial investigations 
place shortly in the Banco , di in the affairs of the financier, Sig. 
Roma, one of Italy's major State Michele Sindona. 
controlled commercial banks. .;. . Milan magistrates had charged 
This follows the resignation of Sik- Barone of allegedly conceal- 
Sig. Mario Barone, one df the two tog information regarding a list 
managing: directors of the., bask, of some 500 former clients of Sig. 
In the -last taw montbfl. -.Sig- Sindona’6 Banca Privata Iuliana 
Barbae was arrested and-' sub- which after the Sindona collapse 
sequent!/ released - on-, two taken over by the Banco di 

Roma. This charge has now 
been dropped. 

" The reported list is said to 
include tie names of leading 
Italian political and industrial 
figures whose lira deposits In the 
former Sindona bank are said 
to; -kaye;- been transferred to 
Switzerland , and later 
.^laundered T back to Italy. 

Commodity OFFER 38,7 


BID 56.8 


Double OFFER 88.0 
Option Trust BIO 84-0 

Commodity & Genwal 
ManagBpuui Co-Ltd 
3 St Gaofgv'i Strut ■ 
Douglas Isle of Man 


new mm at Bravlken with that Mr. Wiser had been brought in Convress is to relax airline According to Comm 

annual capacity of 170.000 in from outside, one airline «gSS^o the pdS whe4 “disadvantageous" 

les of newsprint came into executive says. «me form nffrwenmr and^ free ^ ^ product supply contr; 

iuction in September and However. •' . exactly what ^ ^ . Mr - Maldutis believes that the Grace and PPG have i 

Close to two-thirds of Holmes's 
sales are made abroad, a large 
part going to the U.FL, but the 
company has also been seeking to 
penetrate the V-S. market Paper 
production rose b/ 7 per cent 
to OSSjOOO tonnes last year. 



production in September 
delivered 30.000 "tonnes during 
the last quarter. The investment 
in this plant has burdened 
Holmen's finances over the past 
three years. 

Capital investments last year, 
however, declined by KrB3m. to 
Kr.404m. Depredation rose by 
over 20 per cent <0 Kr.74.5m_, 
and net financial charges rose by 
over 130 per cent to Kr.48.flm. 

Net extraordinary costs of 
Kr.26.Sm. included unrealised 
currency losses on long-term 
foreign borrowings of Kr.13.lm. 
and KrJ4.8m. for training and 
start-up at Braviken. The com- 
pany received no state stock 
support in 1977 and stock 
appreciation, a relatively modest 
Krfi.7m^ is shown separately 
under extraordinary items. 

After transferring Kr.13.9m. 
from the' inventory reserve, 
Holmen reports a provisional net 
after tax of Kr .20.4m. (94.4m .1 
compared with Kr.22.2ra. in 1976. 
The Board recommends an 
unchanged dividend of Kr.7 a 

Pan Am chief to leave 

NEW YORK, March '10. 
Wiser and forced him to 

Corco files 
petition on. 

MR. F. C. WISER, president of recent years that the executive Mr. 

Fan American World Airways, is has left a major airline. In 1975. resign. 

leaving the company, apparently Mr. Wiser was forced to leave the By contrast. Pan Ain’s fortunes 
as a result of a top level dash. Trans World Airlines presidency, have improved a bit recently. 

Mr- William Seawell. chairman At that time, TWA was losing so Last year, the company turned v^w york March to 

and chief executive officer, said much money that it was treading in a profit, the first unaided by nni#1 ,ft W11T1 , 4l 
to a statement to employees that on the edge of bankruptcy. A extraordinary credits since 1968. 

he wiU recommend at the May 9 group of outside directors Warned AF-DJ *' 1 1 ' ' '* 

stockholders' meeting that Mr. 

Dah Colussy be proposed as 
president. Mr. Colussy is at 
present executive vice-president 

f0T i NEW YORK, March 10. 

as Jre^dSt at the Itoi 9 slwb THE 1X000 of “ super " that tWa procesS may be . atowed 

Doubts on discount fares 

IXG CO. ( CORCO l said it filed 
a petition in [he Federal Bank- 
ruptcy Court in San Antonio to 
terminate certain joint-venture 
and raw materials supply agree- 
ments with PPG Industries Inc. 
and W. R. Grace. 

The petitions were filed in con- 

spread »s to. how the airline industry 
in New York airline circles that will cope with regulatory change, 
problems had cropped up. Some comments an AP-DJ specialist. 
Pan Am executives were upset 


at.Mtb February -lt7» 

-F.0. Box 73. 

St. Maficr.- |*n*r 
; 4 .. 'OIIWWIA: 

; Nttt, dealttp 31«t March 1*71 

Kone sales increase 

KONE OY reports that fiscal 1977 
was a year that came up to ex- 
pectations. writes Lance Key 
worth from Helsinki. Market 
shares were held and turnover 
increased by IS per cent to 
FMk5.1.3bn. ($3.1m.). Direct and 
indirect exports accounted for 77 
per cent of total invoicing. 

The lift division accounted for 
two-thirds, and the crane and 
transport division tor one-third 
of total earnings. The order stock 
is slightly higher than it was a 
year ago. But a large proportion 
of the new orders are now com- 
ing from outside Europe, 
especially from the Middle East 
and Africa. 

Kone. a fast expanding multi- 
national company, has decided 
to raise its share capital from 
the present FMks.61.9nii 
FMks.140.7m. Shareholders 

«— * airline feres end me ^ tagyjgy-lj ihe -j 

leave Fan Am’s Board. steady stream or competitive rent rompenuve ornre tor new eeec j ings un der Chapter It of 

Shortly after Mr. Wiser was route awards being made by «h. .... *h.» th e Federal Bankruptcy Lai*, 

named present of Pan Am in regulators, may raise questions Sdustn^oveSl^woSd^W Commonwealth, one of the 
January. 1976, rumours spread as to bow the airline industry 1 S »»» nation's largest oil companies 

' ' ™ SS I«2i!r mi Puerto Rico’s largest private 

business, filed for protection 

Tho aim nf «,rr*nt nrftm «k j if^ 1 ^ ear *®° under Chapter 11 on March 2. 

The aim of current proposals with a piecemeal and often dls- According to Commonwealth. 

contracts with 

warer*. C hl. I ,'S SSEjSSFASSSl » SFlSSJ 

time could not be learned. “J.™!! •reWnt » new competitive struc- financial difficulties. In the first 

This marks the second time in to” ^fore the Civil Aeronautics six months of 1977. the company 

— ■■ • -• Board (CAB), under its new said it had a fli.fim. Joss from its 

effect on profitability *U round . chairman. Mr. Alfred Kahn, 50 per cent, share in the opern- 

Mr. Julius Maldutis Jr., analyst opened the doors to price and tion of Puerto Rico Olefins, its 

at Salomon Brothers, rejects such route competition. The salient joint venture with PPG. Its 50 

fears. He believes that the air- features of this new structure per cent, investment in Oxocheni 

lines have been embarked on a are greater concentration of Enterprise, its W. R. Grace joint 

process of concentration, or resources by individual airlines venture, resulted in a $6. Ira. loss. 

“ self-monopolisation.” of mar- In the travel market monopolised Commonwealth said, 

kets tor most of this decode and by each. AP-DJ 

trading plan 

By Our Own Correspondent 
NEW YORK, March 10. 
FIVE . OF . the U.S. leading 
stock exchanges, with New 
York to the vanguard, have 
filed m detailed plan for an 
Intermarket trading system 
with the Securities and Ex- 
change Commission. 

The exchanges are seeking 
SEC approval for the scheme 
which they hope will be 
accepted aa a basis for meet- 
ing Bww of the Commission’s 
requirements for the creation 
of a national market system 
which were published at the 
end of January. 

Sponsoring the plan with 
New York are the American, 
Boston, Pacific and Philadel- 
phia exchanges. They propose 
to introduce on a pilot basis 
In April faculties which will 
enable a broker representing 
a pnblie- customer or a market 
maker trading for his own 
account to seek the best price 
for a stock by reaching elec- 
tronically from one exchange 
or market centre into another. 
These Units will be established 
by a central computer facility 
and a entwork If intercon- 
nected with terminals in the 
market centres. 

Financial Gen. buyers named 


THE alleged head of the Saudi spiring to take control secretly Saudi Arabia, who. said the law- 
Arabian central intelligence of Washington-based Financial yer, was believed to head that 
agency and a member of the General. country's CIA Sheikh Sultan Bin 

royal family of Abu Dhabi were Mr. Edward McEnamis, the Zaid an-Nahyan, Crown Prince 
among four Arabs named in a bank's lawyer, claimed that the of Abu Dhabi, and Abdullah 
Federal Court to-day as the secret purchases were "orchcs- Darwalsh, financial adviser to the 
covert purchases of nearly 30 per trated ** by the Bank of Credit Abu Dhabi royal family \vim 
cent of the stock of Financial and Commerce International, bought the stock on behalf of 
General Bankshares. which is based in London and the Crown Prince's brother who 

Identity of the alleged buyers who “ president, Mr. Agha Hasan is a minor, 
was revealed by the bank;s Abedi. 1 has also been named in Mr McEnamis also claimed 
lawyer in support of Its civil suw. th _. Mr T hrt ,.« ht ... mm 

suit alleging that Mr. Bert Lance, Mr. McEnamis claimed that the JJ* ‘ Jr: ? 0U8ht , 1 1 - 000 

the former UR. Budget Director, real purchasers of the stock were Financial. General shares in Janu- 
and others had violated Federal Abu Saud al-Fulag o.f Kuwait, ary for his wife. La be lie. for her 
and State securities laws by con- Sheikh Kamal Adham of Jeddah, account and to her name. 

Massey hopeful for second half 


MASSEY-FERGUSON reports a balance sheet and should enable total manpower was cut by more 
loss for the first quarter ended H to resume profitable opera- than 2.000; further significant 

January 31 ol S3S-76m. com- *i ria « ** »“” a ha| f ° f A! «* ™<i o' 

cqiim t® 6 year. uscdl 1977, Massey employed 

pared with a profit of »Ilm. Thornbonmzh said that the over 67,000 people): and reducing 

The loss per share worts out nm^on^mMn lat toe ^ nimi through factory shut- 

at 82.25, against a profit of 3 ^ compa ^ y back to profits downs throughout the group, 

cents. Sales were ahead from include finding new markets out- Tota l inventories at January 31 

8535.4m. compared with side Argentina "for the heavy were Si.3bn. 

948 L4m. inventory of tractors existing By the end of the second quar- 

Techhicare Corporation said The company does not expect there, limiting capita! spending ter. the company should be in a 
results for the third quarter end- to operate profitably in the this year to projects already position to inform shareholders 
tag March 31 may result in a loss second quarter, but Albert under way (which would reduce as to the results of a study on 

for the period, a (though jnanage- Thorn borough, president, told outlays to" less than SlOOm. the disposal of the construction 

to ment is hopeful that performance the annual meeting that adjust- against S140m. projected earlier), machinery business. Mr. Thorn- 

can will be at or close to breakeven, ments now being made will reducing manpower throughout borough said a substantial write- 

subscribe on a four-to-one basis reports AF-DJ from Ohio. greatly strengthen the company’s the group (in the first quarter, down will be needed. 

Technicare sees loss 

jOMMODiTlES/Review of th^week 

m cocoa market 


' ’OCOA VALUES rallied strongly 
. h the London futures ixtarket 
its week, rising .to the highest 
»yel this year. The May position 
Iqsed last night" at £L832fi a 
. tone, £178 up on the week. 

• The rise was attributed to re- 
ction against the. previous steep 
••• ill, which it Is felt might have 
een overdone. Estimates of the 
: hana main crop are . being 

- iwered with the aeason ending 
jon, and prodneers areireported 
. be holding off the market at 
rbsent levels. 

Rumours of increased buying 
•- v. U.S. and Continental manu- 
icturers helped give a firm 
. ndertone but the main buying 
.. ilerest in futures is reported 
■ * i .be coming from speculative, 
i? od chartist, sources. 

: Tn contrast, coffee prices con- 

- riued to be under pressure, eas- 
ig to new 18-month lows. The 
utrket was not impressed by 



CTT VCD * " RAW SUGAR— Hons Konf : Steatffly Hard. Argentine, Soviet, EEC Feed. EEC 

tjJULs V OV ^ . decHned on veeit to end at new Iowa. Milling all unquoted. 

Stiver na find &35p an ounce lowur Fddara dope (cents per Jblr Uo 8J8- Katro: U^./Frencta Stardi £100 AO. Awl) 
furrow delivery tnttae Imdn Mllra S^ 3 - Sept- S.7B-S^i Od. XtOI.75 tran!*lpoient East Coaw wllen.. 

marfcat sacertar. at SiaTaTUA cent S-***-»- Jan - *■«»«. March 9.62-9.68, South African White nnquoied. South 
EStoaenaTd die ttdiw leveU wSk- Hieh-low: May 6^805. July 9.0MA3. African YeUtnr Anrtl £79.00 quoted. Kenya 

smszmsrizr* " "ssufa-aiffl! " •" ,1 

maing on the London Metal lotematlonal Sonar A ur oowienb-Indlca- Oats: AD unquoted. - ■ 

a funher ntefatra^ drop hi and hw-mI tor Pricaa ru^. cenw per poimd fob and VI/ftfYV CTTTTTDPC 

ya refaowic s uxXe pnunpted a rise to £668 °* ma Rowed Caribbean ppcU tie March 9: WUUL fLIl UKth 

for forward metal on the ptu^narkot. w arr.i-*>o-o» laaoj-wici, 

But trade selltna appeared and" took the 

U.S. Markets 

forces .and report^ of severe 
transport problems affecting^ 
copper exports. 

A further boost to prices was 
provided, by proposals to a U8. 
Congress- sub-committee that the 
stockpile should buy 225,000 
short tons of copper using funds 
from the sale of 45,000 long tons 
of "tin. 

The Carter Administration has 
now apparently decided to sup- 
port this Idea of a revolving 
stockpile? fund to acquire 
materials to deficit and sell those 
deemed to be to surplus. 

Yesterday a weakening to the 
value of sterling helped offset 
profit-taking after the earlier rise 
and cash wi rebars closed £23 up 
at £$53 a tonne, moving higher on 
the late kerb. The uptrend was 
£9950 a tonne, dipping below helped by. predictions of a fur- 
£100 tor the first lime since mid tber steep toll In warehouse 
November. . . stocks; which last week fell to' 

Thi market was unsettled by the lowest level since August 

’ -Ports from a San -Salvador reports that India may be^plan- 
. • .eeting (hat “other milcT" coffee nlng to sell a. large quantity of -P™ 08 . were upset by the 

last year, 

. Tin prl 

reducers would consider moves sugar shortly, and rumours that 5r?f kp ,“ e 
. lOhold off. supplies, at present Russia might be buying were ^ iJSrS 

: -ice levels, in view of Brazil's, firmly denied. firo Sk caah tn lost n50 

-3tf«.5MS sss-saars SsSSbcw: 

■las ggsaMasa-ss 

<hv York market -will uncover ™.arh« *?' Ufeof^ontract tows, triggered off by the moves tp 
6tp than sufficient supplies to On the London Metal Exchange strengthm-the dollar and prices 
,£p r the open sales position. ‘ copper led a general upward came back.again. Spot silver was 
']• sn°ar too. was denressei- The trend, except for tin. Copper was fixed on- the bullion • market 

- rffiHon daily price for raw sugar boosted by the * invasion ’’ of yesterday at 273.7p an ounce, 

- ropped by £6J50 on the week to Zambia by- Rhodesian security lS.flflp up on the week. 




r ■ LofeiL . 

| prin» fCh'c 
perroniie* on : 
: unit** ,«rrt T 
I HltUfl ’ 




Hlgb Low 

. i*S) . £980 '£610 
f S10UJ-10 SLOW*): 6020-40 
£2,150 I £2.176.f£t936 
jS50»-uxi s3j»q»ioos2aa]te 

rtal* - . 

umluiNir — 

.v Morfcrir.i.f...' S«4.^W - - 
lUiniiav ~ 

er ^Ijwkci i?9^ $2480.220 — 

FlPwuv B#rs..— r £fite' j+ES 1 

m pe*- ox. .aig^s+aa 

pjl'uli ; O0&.76 ♦ 1-0 

nuBt)B> j £3».TO-:+5 ^ 

*kel-.-~ i -■ 1 

re Miira«eJJJh.i61.8!KL0«J . — ; 

* Market SA SO J Xl 

'£926.751 £B».1b 

S 129.12 

' £58b J ! W37.7S ; £Z7&£S 
£W7 ! £449.26 ' £28026 

■ £3,161 !£5yW 42,7322 

£37 I £1I«* • 4*7^ ’ 
£96.06 j £124^0 : £83206 

,i,L,|1vir rMUajy » Z&JO-.+ E ( 8160.70 1 

* ■ f 873.70p VlMd “9-flP Sf ■& T 

Z7g.4|i 1 “ ^ 

nj.Mrn t .r*. 
ver«...i ri&to 

— .l-fflWKBB I-IB-& £g^6 

ilfTmiyi raz.ouw.1 

JC«*i4i ! 

iiittnlli* - I 


SI4A£0 — 
S&BO j ~ 

rler PfiC. .........J - I r" 

uiub Future* ; CiRS.ifl " +2JS 

»i.-e • ;.•■ ’ 

»iK-h So.ZVriltw'l •; 

• (A pterimnu • £UD<fiO '+0^ 


















m 1 «w. 

£84.78 1 .tee A 

£100601" £806 

4 LatMt- . L 

i V*<** w**|- 
.'per- tVruu F da ) 

- unJeu ’week i 

" Mined- ■ 




price down to u» day's low of tMZ.6. 
AfunnoQ trwSmr was feanrad by tta 
weakness of srertlng and the strength of 
Coroex after an uacmatn openiae. For- 
ward metal rose to £BSS2 on the late kali 
and hardened afMb In (He late inter- 
office trading to £872. Gain on U» weak 
was oyer 88. Twuorc r 79, 975 . 

■jn. It *«[ ' |*.ov 
OWote- ‘ — Unofflobt 


dtLVBH | 
Per 1 

trw or. ; 

| tain* 

| pi Ictus 

+ et 



4- pt 



273. 70p 

895.40 p 


H»-8 1 28L85p 

-1 i V - 



for MarcH 9: 
13-day averaso 

stowed Caribbean port) 

Pig* *** t- 7 * « Mt: swaso LONDON— Tba martat vat nnehanRCd 

*EEC 3 ?HP0NT LEVIES for denamred *"** ***** 

and noo-denatnred sugar effective to-day. i. Peace per kQoi 

U-1 .75 three mom fin STV2, 94. 92. Afternoon: 
U-U Tkree montbs Si, US. 80 A. 9V. 8UI. 
8L9. 812. Kerbs: three months 282. 
8X2. 2.4. 22. 22. 32. 82, A 4. 


e cl £ . 

WirebaxW I I 

Uaab J 650.8-1 ■ +321632.5 -3.5 

3nv»Uu_! 668-4 ^4.28J b66-.6 
aaW’m’nn o51 ,+5J — 

Cathodes 1 

Uuh. ! 640-1 I + 4. 51843^4^ 

i tcooefa*_! 653-J5 ;+4JS 6B7-A 
Settl'm'oti 641 |+42i — 

ZJt>. -mu ~ ! —J BtWJLB 

Am ai wma ted ~ Metal TnuMns reported ness, reoons CUT ami Duffuii. 
that in the rooming cash wtrebars traded 
at X65T. M2, three months. £683. 64. 63. 

982, 64. 642. 63.5. Cathodes, three 
mooths. 0532. 53. Korin.' Wirebars. 
three monihs. £6*4- M2, M. Cathodes, 
cash £640. 42. ADernoon: Wtrelwra. 
three months £886, 652, 66. BE, 652. 68, 

682. Sexto: wtrebars, three monihs. 

24882, 67. 672. 88, 882. 0. 692. 

TIN — UBcJsanoed after an aettm day’s 
trading. Vqrwan) standard matal 
opened easier at 0.000 owing to Uie 

fan in the Penns price. However, the .. c „. ^ „ 

weakness of sterling and covering against — Sales: 3283 C4.557) loa Of 18 tonnes, 
overnight U.S. ntosica] business: took the rrtCOTC 
price up to £6-083. in die afternoon LUrrCJC- 

in units of account per lto kilos rprevtoos 

in brackets >: white 3821 (3621}; Haw: Au-imiian | V«aenis>| 
31.76 (21-63/. Gres tv Wo j Ulnae 


UNCHANGED opening on the London ' lar * 

physical mariuu Good hneren through- May 

oat the day. closing geady- Lewis and inly........ 

LM3-1WMW 153_im) tort JA669 ^ reported thsTthe tUaysU godown u.tobor„ 

SST®? 1 . “,“? 1 5 a: -,T hr ^ WM 206 <a») cents a Idto (bsyer, Uownber 

■762. 82. 82. W.1. 79 L 62, T9. Kerbs: April). March, 

Mo. 1 








Despite Brtt first-band selling. Talnea , 

- held steady becawe of comnnod panrotu- { 

J kO-Ur.! 
Oct- Do- 

[YMentay 1 - 

+ 0i 




Mjueb -16204) 24.0 

Miv 1852 0 35.0 

Juty 1790.0 92.6 

cW 1744 O 48-0 

Lto. >,.1785 0 8541 

Mjircai 164b.Q EU 

M«v_ ^.,1610.0-MJ 

+48.0 1840J) 1798 
+415 1715 0 1748 
45&A17NB 1708 
+19L6 1688 B 1859 





Ju'v - '2662-42.0 I - 

Sales: 6 Ml lota of 12W Mos. 

Sydney Greasy (in order buyer, seller, 
budneas. sales i: Micro* Contract March 
3372-3372, 338.6-3372 59; May 346.9-3U2, 
3*6.02482. 17: July S5LZZ 5t2. 3912*512, 
' ‘ 18; Dec. 

49.75 <9 38 48JM8.1B; 

U 3 ■ 6625 4a 55-43,68 

60. 2 J 60 M 49.4>-4s.W] 6020-48 75 - - - 

22J 2J»i 6120212>i o2. 28-61 28 55§"T-3582. 880.0258.0. 41; March 383.0- 
tn 5rf Kllto 1 S6.60^2« «» 3 5 B - W87 - 0 - K: 97102722, 

426 4 Oft GMWIli M**U» !1: Jidte 374041742. 57A«W7A0. 

B 2 — o6 SSl 5620-66.50 66 20-MLB6 ToU! 1B0 - 

7. 0 b 7 66! 6ti.55-5b.45i 67.4SA8 60 
8 7a-t8 84, 67.60-67.86i 58.7628.16 

DUNDEE JUTE— Firm. Prices a and 
f. UJC. for March- April slilsmiem BWC 

Sg ff 1 toy y IP WODCS. B 2£uS 9 'o o2St.a3S 

JPhvric^, prtwa £. U-K *. ror *"¥* March Shlp- 

^ _ per 

April ».73p («923p). 


kesfaua'vri + w i mmim 
U toae | — I Done 


B'»Wlnnit*| 1 

11730 19 Ji — BJS 122.50-174 0 

l» yards. April. June £10.07, £T.BL 8 
wills 12829, £29.14 for the respective 
shipment periods. Yarn and cMh qriet. 

UK m uw ROT# it I UMIA9. LOKS OWT hncic ft* fht* Ifaw rmIHmi 

" wn ' 1 “*■ rmKnr “ a tS5Z«S££h SS- 

Z235 tonnes. raHy from Thursday. In the afternoon Uooember 

a-m. J+- or 



Offfriai. } - 


IfOs^fiMLde •' ! Ji 


i moaibs, 


0060 S - ...... 

6100 i+s 




Cmb. 16090-100 1 



i months- 

6- 50 60 ! + 6 



6100 1+5 


tbl&EO -IQ 


No* York. 


In London to drcEm to. -dore around 
£38 tower on the day. The spot March ===■ 
position was socably weak OUppIng to 
new lows alnee October. 

saber ^.1] 
mur — 1 

i III 

;i IB. 00- 10.8 -3.65 119.60-1529 
UAH- 5 0— 3 26 — 

1192U-B92 — 3.26 111200820 
11 9 03-1 .B-g.76; — 142— ajft — 




■F « 

Ik tier tonne! 



i 16462-1 S41,fir— 70.0 

|I4OB.0-l4SI.O^-16.q 140-1888 


LONDON: Steady; Bangladesh White 
“C” Grade afloat 9485. "D" Grade 

afloat 9489 a long too. 

Calcutta doll. Indian M27D.M. Dundee 
Tton^Four values a bale of 


MEAT COM MISSION- Avenge fatarock 
prices at representative markets on 
March 10: GB— Cattle 63.690 per kgj.w. 
r+6JS»; U.K,—®e0P J34.4p per 

kg«sLd.c.w. I-t-I.U: CB— ptga 6l2p per 







High j 'Low 

"KUiDg. J Mimn . CUU U.JIU, - r— — ^ ,nf V 

«J80. three months £8260, 49. SO. 98, Stwambar- 1 - 

86. do. SS. Kerbs: standard three months « SilKisn 

£8280. 55. Afternoon: Standard resh-Muefa 011662-1186 JJ+fiJ) 

£5,055. three months £I.0jfl, -» 30. 10, ' !_ i 

JEBsOOOt Wi Wt AWfli fitRWi fids ■ ■ . _ _ _* w mut\ lM|m AP JO tnnnt 

99. 28209, A2U. IS. 20. 25. Kerbs: X™*;. ^ 

Snndaid three mmitiiff fflawi s. 38. SS. LONDON ARAjiicab Mat weak ui 
HLIOL 3L „ ’ poor volume- iom Onto Burnham 

• «... ,» Lambert, values at the dose recovered 

wnwwtot 00 scanned pnawakinB. 

squaring ana pnai-taKinB. rurenrd Mms un order buyer, seder, cbatt&e. 

V SS ^J pA business): AWlI 185 06-18426. -220, 186* 
£5* 5*?® Sfjnne 1M.OOJ93.13. — CKL 1BS-T64: 

Old Crop wheat moved up lOp to Up kgjlv. <+02). 
m commercial and speculative baying, Cnsind aari Wales; Cattle nnmboK 
b« .trade selling dc^Ti 

creases. Prices r an i liw l steady. How- ( 4-c^o>. Sheen don 8.7 oer cent, averaee 
ever, until country caning of March wheat (no change). Pigs down ' 19 6 ner 

towards the dose caused a dnn of 8M6 p- ^ armieTto * 

ow <x» bariey improved ft) on cam- scetiand: Cattle down UJ per cent., 
mercW boring and renndMd w dy ,vcrage 6^66p (+AB8). sheep dmni 
throughout the day. doting tta highers. 28.8 per cent., average 135.6c (4-62) 

COVE,rr GABDmT*<Pri5f toneSno 

^ »*•«• WWW Where otherwise 
S5^hS2? 2m m SS stared)— Hu preted Predwe: Orensas- 

ST SpanU: Navelt 32M29. Bloods A 00-326; 

on > weak note, reparo AcU. Jaffa: S2M,9« Cyprus: Vatada Lain 


Wheat - 

• Xo. 1 Hod Spring.' 127.76 V1X6 1 
' Adi, Haul , 

Winlre-...' :. !---■ 

, Milling ibcw crop) £48 A- : 

- ' &B j £7W 

i £722 | £682 
I £SLB t £82 ■ 

."tovre .. .:.T*fij £4200' ; • — 
Ptttuer.Whivc-— , 1 43276 *-26 ' 
: Blfit 1 . 52275 I — 


CoconutfPhihp'l ee> 
Uiueed. Crude-.— i 
Putin Ualajan — -| 


"567B Lfi&- J 
£621 i+a * 
«W. +£a •} 







£&.000| £0J75 
3200j ‘ $2276 

Oopra(PhIllnul n e*) J " S446-' i+ 3t 








un. I4- ui 
QBU+V • - 

p.m. 1 + <11 
UituMda j — 

i • U 

• K j « 



3D0.6-1 4.S 


UL6 7 -1.7b 

304.Or5 -r-iJ* 


304 — 1 


— - 

54 1 









Cucoa akl parents.- £1.8832 ] *181 

(Tta^nd «n J £1^322 !.+ }7« 

Caflee rniuran 3dd>] £1.4022 |— lfi_ 

(Vttou InlM. 67J& 

Xns. CkudkI - ..£6®. 

JuwUiUtf Cgidol 54*. 


*176- v-r. 

^ hr 

Sugar (aw)..—.— 
TnpSrew 1 — ■* 
Tn touaUQr) hUv... 
(pbln) tihx... . 

• 87J66c. 

8414 " 







{ £3.613' | £U11 
£3.128 -£1,43M 
£ri£32. fiimfi 
87^* | 67.4c 
£790 £870 

£490 11302 

57.6p.l 4flp 

£81* 1 £lft 
9800 j»IaM0 
£130 £86.0 

WodUwBtoWhrp.taipWo 1 .-JWp kilo 







r Unoucnrei. .- •' Nrentoat. .- e.MP'l*«aM*r - 



+ or 

















+ 0JS 



+ t.T0j 

77.80 1—0.10 



+ -10' 

80.25 — O.U 



+ .J 18 ' 


— .10 

».o i IV S-5W.T8. Ovals approx. 18 kOoa M-’SOa 

2. BM£ft; Bmnian: Shamauti Moroc- 

can; 3-96-3.10. Lemons— loUtn; 180/128 

3. BA3JO: Cyprus: X863A5: Spun la; 3.00- 
330. Grapefruit— Cyprus: u s.36- 
•M, 20 UlH 2,30-3.40: Jaffa; 20 kflOO 3-D6- 
X7S. WlMuss— Spatila: 9»3S8s 2.29-4 JO. 

3.7M.4C. Category n 4.40-4.90. GOldm 

.. — . . . wwi,,. DplldOiiB Calc 50 ry 1 5.00-5 JJfr. 2fl lb 

M«T 85J68S.88. Sew. mMMt. Nto. WW" CflttfBX I- M 2JO-2^0 

JS* 1 * JJ2.' 85.SMM0. Jan. 86.0687.911 Sales: 122 Category U M 106-2 JO. 72 

ICQ Indicator prices ^ MarcM. Hj-S. !ob _ Barter: Star. 72.90-72.90, May 7X85- i30i«. 
rents per CtimnManwiM jg^ ^ nu-nM. Urn. 90.40«UD. 

<.5 Arabieu JT7-W fl72.«>> mwa^tad JjUL g3.go^s.m Sales 88 lots. 

,2- HGGA— Location ex tan apor prices 


(13834). Dally avenge 1KI£S (163.71 J. 

Feed barley: Kant X0BJ8. 

Morning: cash SD3, 3J, three months SUGAR 

Sreita Sb'iSSg' LOUDON DAILYWlCN^rawjmsar March is Win remain 

Lancs. Bit*. 

Lancs. £70.80. 

The U.K. mnueiarr coefficient for the 

StoffSA*! v£ atK - 9m S 1 3 CsitfS; ^IrcmPORT LEVIES and nremtnmg 

SMeJSSi^tii - reacting ihe ^ SStitSffift 

trend in lead. Forwaiff. wSopetod 1 After tune Initial wnatamt dartngtta 
lower at 3292 

^ bSag^-aSc^SS tre35g*eondSton*. reports . q! Cewnftw- 2 ??2' 

rS« «=t rz~ &£ uaf*ij0.^S 

* msas *‘ Turnover ^ . fafirey 1 ) *%?*** Unrenere <96.97, L98. L39, L*»: torky: 83J0, pH. 

Comm. Ctore Wore. Dm "0, WI <89-96. n0. DQ. WU; Oats: 78J2, 

*> iNi ■ IMU. (4- « Qnnn. Ptl.nU.nU <WJ 5, WL Dll Wilt Main 

! — jUnnptelfc J — — J — : — < 00 »r flan hybrid for seeding); 79.96. 

U — l.mMviu*c na. nfl. B.1G (T9JW, WL nU. WU; Bwl»- 


Cents per pound. +0n Drevttnt 'MPORTBD— Wheat; CWBS No i m 

unofficial dwe. ISM per ptcnL Auv..».jl28- re-grJW — per cml March- £87.73 transhipment San 

MenURgr cash £S9L M. three months Saks; S.M9 <3-»f») tolsotf 90 totmea. Coast TUB. Dart; North Spring No. 3 

CO. S3. O. SL Kerb: three monthe C8I. Tare and Lyle eweunrey price for l< per wot April 02.79. May £J5J» 

Afteraoon: three ownito CM. ».3. ». gramttWHl bas« *«» swap w*a fUSAO traotidptoam Bast Coatt wDeff. Tha rear 
ULSi- 6* M3. 88. Kart; three mosihs iswrai a ton for home wade, mad attj® unquoted;- Ui. Sard winter- Did. West 

B3SLS, «L7X 82. <ume) tor ooajrt ; . _ r . . . abr- tiw NSW SW. area. NSW Prime 


Su U) talar. B 

Utmih Ynx a.- 

838J6 334.69 

887.88 j 270.25 

CSaie: July L 1932=100) 


liar, id 

Mar. 9 

d umu vk 

Year *i>" 










■uuiiitii Km 

i put —15S7 Jlt355.11593.0414S0.40 
:339.9S 338.16 S3jJ^74l8. 14 

(Avenge U*«Mfl=iW) 


M«. j U«LT. 
10 [ 6 



n'e ■ 

B93.3898.4i 9 10.2 860.7 

pressure j 

on sugar J 

NEW YORK. Minch.';?. 
SILVER CLOSED higher od Chicago 
short-coveduK am-anlng local jhon- 
covcrlug. Gold was firm as a touduig 
CommibBlun House* bought on the -fftesc. 
Cocoa closed lanii-un on Canumjnuan 
Housr shon-covenns. and caflee finished 
slightly higher (or the same reason. Sugar 
remained under pressure on continued 
speculative and chart selling, reports 


Cocao— March mltb\ »May 
(14S.8a>. Jati 1 150.05. Sept, 147.71. 
Dec. 142.40, March 159.U, May A57.45. 
July 125.70. Sak-s: 1.404. 

C off on — - C •• Com ran: lurch 
fira.001. May 1 58.73-137. W « 154.97). —Ju^ 
It jD-143.00, Sum. 138.00- Dec. IU.50-f2s.B0. 
March 122J9-123.00. May 1I9.UO-121.DO, 
julr 118X0-121.00. Sales: 745. — 

Coo PC**— March 08.M i5S.50>. April C, so 
.May 59.10. July C0.1». Srpi. GI.IO, 
D*c. tiltifl. Jan. 63.19, MaTih 64.10 ' May 
El.10. .lull" W.I0. Sept- 87JU. Dec. C&.tie. 
jan rain. Sales: 4.000. 

Cotton— No. 2: May 37.71 ,57.651.” July 
35.90 iSB.iri. Oct, 80.00-60.19. Die. CO.’S. 
March 6U0-61.U May 61.fi3-ti2.08^Julr 

82. 1542.50. Sales: 505.000 baler 

■CoM— March 1SS.10 iU7.30>. .\nrtl 

1S8.B0 MSS. 10). May 19010. June 121 60, 
Aug. 194.49. Oct. 197.10. Dec. 199.80, Pvb. 
302.68. April 295.70. June 20S.r0, .Auk. 
211.90. On. 214.90. Dec. 2I7JM. dries: 

t Lord —Chicago loose co: araUable. New 
YorR prime steam 50.12 man. iSS.M 

traded i. 

IHutzv— March 232-2321 1234 1. May wl 
ZX C237JI. July 2371-2371, Sept. 2571,-Dcc. 
238143A March 245J. 

SPIathnun— April 233.30-234 59 rSBJOi. 
July 237.30-53S.W 7237. BO). On. rW.iV)- 

241.50. Jan. 245.20-215.80. April 25G.10- 

^A0. July atlOCMJM. Sales: UT7, 

-Slhrcr — Spot 329 JO r533.4Pt. March 
535.00 1 530. J0.>. April 5.37.10 ( 531401. May 
540 60, July 54S.3P, SfM. 550.00, Dec, 

jfiSJO. Jan. sr^-10. March 380 -a. .May 

5SS.48. July 9M.7D, Sept, m 88. Dec. 

817.50. Jap. 621.70. Sales; 15.300. 
Soyabcuns— March 65S436 ( 60JH. 'May 

647-849 (STS)), July 851-850. Aug. 849. ^rn:. 

613. Nov. 602-800. Jan. 6UW09, Mart* 8[.i). 

Sarabcan Oil— March 25.9 Dj!5J8S i 26AO). 
Slay 23.07-23.12 <3.97), July, 
AUG- 34J9-24.15, SeWL K.S0. Oct 25.30. 
Dec. 2153-21.90, Jan, 21.awi.S3, March 

IXoyabean M««l— March 167.50 <173 501/ 
May 36-167.80 UT250). July IQS.SO. 
1W-0- Aug. 188.56-165.70. Sept, ItOjO? Oct. 
159.50-160.00. Dec, 161 jO-ltiCJo. Jan. liC.OO- 
162 59. Man* 164.00-1800. 

Suaar— Nu. 11: May 7JU-7JS6<. 
.Tub" fi.H iS.43). Sept. S.W-5.46. ftet.- >.«u- 
8.0], Jen. 9.05-9J9. March 9.334)54. "Slay 
9 09. July S.tiM.Sj. Sales; 4.900. 

‘"Wheat— March 273 t21»». Slay ”276* 
277 '2SU)i. July 270S-278I. Sew. 2s0. Deft. 
ZST-. ltan.ii 291. 

Tto— 5AW.40 ashed. 

WINNIPEG. March 10. ft it y»— May 
109A0 «112.501. July 1I».00 I110J0 aated), 
Oct 107-00. Nov. 108 JO. 

ttOats— May TS.I0 <W.S0 bid). JulT 

75.10 ashed *7170 ashed i. Oct 73.60 bid. 
HBarley— May 7S.I0 * 70.80 bid)/ July 

77.10 C78.30 bid), Oct 76-90 ashed, Dec. 

SfiFlaxsred— May 230.00 <23SJW bid). 
July 238 jo ashed <2sr.» Wdr. Oct. 034.00. 
Nov. J3UKL Dec. moo asked. 

STWbeal— SCWR5 115 per cent ffepipta 
content df St. Lawrence 154J3 (15188). 

All cents per pound ex-warehouse 
unless otherwise staled. * Ss per troy 
ounces— IDO ounce toot t Chicago loose 
Is per 100 tbfr-Dcpt of Ag. prices pre- 
vious day. Prime Steam f.aj>. NY bulk 
lank cars, t Cents per 36 lb bushel «. 
warehouse, 5.800 bushel lots. Sta per 
troy ounce for SO mtacr units of 09J ner 
«m. purity delivered NY. ' 
troy ounce ex-murebonsc. |i New “ b ■■ 
contract in 9s a short ton (or talk lota 
of W0 abort tons delivered f.o.b- car* 
Chlcasb. Toledo. St. Louis and Atom 
- Gems ner ® lb tnutal in ate®. 
H Cenn per 24 to bushel, ii Cents per 
« hwhcl ex-warehauae. *3 Cents per 
W to bushel *-x-warr house, low bushel 
•tits. t(9C per iauae. % . 




BRITOS FUNDS (751) !!&£_£?* ^ < 7:31 

Ik British transport Uk 1978-88 K»M*: ' 

6 >1 >M 4 SUM 4 '* bJjo 3*1 loat. CT31 12UPC ™ ' ,a **' ,S ' :0e 

3 1 (PC Conversion In. 374® 7 8 * 74 1 ifi-JP l **‘ ■* £SB - 5oC 450 

This week’s 

\ Financial Times Saturday - Mafltfr ii 

is » c BfaS5fc« »• »* *• 

Sk Exchtouer In. 1976-78 99"» U ■ Kent flt*nc ssi. n>« 
iSTipc exclMaoar In. 1396 1144® _ 1 1 ZSrSSSLvl* VJsK 

} 3 UPC ElKlMOOW In. 1996 1144® .. 1 Lana/1 
Spc EMAemr Mk. 1981 87 »k «>: > Leeds 

. 1BIWHK u» _ _ _ . • (.local 

. i *-. locol ° ?§K 1064 (3,3) 

s f **44 llwi wr "® 7 “* * LilSSoS ’S' ■ ,0 Sa **5i 'aijpeiOBU 1 

B UpC Each ao tier BK. iSl §76 (73}. SlSS^Hu'SSui* 8 " ^ J ° C 9S * K } 

C4K ExejMKKMT *&- 1983 96-57W4thS MMdluet if W ’ . ' 

’ftJfc'aT" ®** 994 ! 

SJjoc Exchequer sde. 1991 100 -ns® Hw ( 7 ,- 3 )^^ Jpt **"**■ ” 4 i 

1 ^ Exchequer ok. 1995 9HM> * b j 

I^HxchKrar Bk. 1997 92«*o « K3c£SftffA ** ■ 

liu* MU- IBM 104-66 4 ISSS’^zUofl” «!?. 

Sg’^WS ? 1 

i£S & ft. 1 ^ 4,^«s; aBnj2lSF&A 

! Friday March A 5.401 t We*tesd»r» Mart* 8 4&& 1 Monday, March- 6 4.177 ^a a ^(fo'nOirt"5» ’ ! S^.^SKtoSS! 

!SXS“ rzz. V41 i tu«u,. m.«!. 7 «•.»..«** «»* 3 — TZ~m&- _ „„ Stags 

Un date Onparutbeses}. '- * g^s55t - «&S\3 * iM cfl/ 3 ). 10 * ftSST'SlSSS^ 

vw ™,iw rf iLuiiaa. narked to sacli seotoo Mhms tkt n * BW J? f j£* f «“**» “0 “» Bg c iiiMt thatoe Be resarded as a t w hk rtcqrt of -Keuevl «*“*??"* iaSm 9 ’ tT3; C 

«J£ I iausvss s ss « h^aass &SiS5 «»■*—•• ~[E»*3 Si 

s*t “sfisjstti" "***'* *"°* s ** j rraaions *■” ■ usraa?5 a^sas s a ft a ss 

t WeditesdBT* Mar ** 8 —“’*** 
{' Tuesday. -March 7 

1 Monday, March- i » 
I Friday, Karri) 3 


Miami «aj^ 


S^ac 99 - 6 ! The Manbar rf dMltow »»tadto tacb swato SSrSSAS'aWftS 
| HOie. Unless wherwto. denied dharvwc rf%2Sto 
1 arid. Stack Exchange securities are quoted Is ponds Bad fraatons w a™™** 

- 1 TS» » «» ««— -- tl =ML£ 

Kioor 9 gy*S bS 14 raldl^,,— « Mac I ^a«*»ri» MJjP I 

Ko»" S^SL-Sm MSB) #5 t®W. *”* I W*« •awawtn) 

The Ust betoar sives the Prices atww«»™»»«* adwtOtU) 
The Stock Btdumso h**e A’S-iSr «*« 

Official List. Members are not oblfood u mark banwtos. caccpt m 

Official List. Members are 

PM »om Mk« iSU «..s» 

* saw or mttast w rnmn of on po&®««, iwwb me aat Mcokvfty Kent im. »Si as&t it'll proaioeui tamdnas iaui 

■ ■■■■■ hSWtw.* '. 

ISpc ExcheqiMr Stic. 1980 IBS' MS 41 

5 W Fundlrs In. 1979-60 96 U » ( 
5?»pC Fandlnp In. 1987-91 6 SMP ! 
9 Ii Hu H 

6 DC Fond Ins In. 1991 66 t<S U !» i 

___ ,j (mv. vieh or berweea noa-tnember*. 6 Bar&ans toargnmn 8hy- I Bargain dam with members of -a neonlnd Stock ££rk-fli I ?T'* fW “d tKfta * ttt> HoWtn8 * 1 5*fJ?i 5 

tBore^ns at ^edri Prfwa; A Barnte «^e «ta or m j WT!i5 g.aL" sa— SA iucuUasr SB-SBaUattao: SC— tCacacLaiu TSH— CHooz Kens: U-MaraS^jaXa- jiobi S 3® 4S ___ nar 70U« ; pyramid Crp. iFublirfwii 0^7 

S^lUtrC Si ater. SVR— SWest imUx -mm* »a- ^ ^ D-Jg* ffiMn I ®-*^s 


r-jfVto. bh * 9 * * 7, » “i agwtfftffm u ssrK «. « 
w ireW -safe WSStfej’* 

. . .., 1 ^ 1 , 11 . U«# T 1 I fii'-s. SVpcDa. 73^0. 3tf9CDb. 19^: : Brlna.ns C5ni 28 U 7 - T CiiHrana Trade r|2i-U 12 * nav i 

Fraser Aiabaeher OOnl 11-4 ij . 9 31 ! j*‘ s ^ B-ockMuSE Q5d 56ft 19 3» Eantoasn Fwmj i 25BJ IQSftJV* 7ft i 

CSwrard N*». D.*t «SP) 160 »B3i < maim gtoCfcs Op. « Cns. «««.** L 7 3 9 8 U *; fi 9:6^* 

"SpiftVTB .ras’Wi*® 

L— M 



A— B 

j Bronx Ena's. Midas, ilto- Uft _ ' lu Industries 'iSs9 86 

I Break Street Ba.-ue Maataur 'IDm 55; Eter Rauy Co. i25*> 149 - • . ■ 
( io i; - i«rr*d Co. >25ol l4>Kb 18 fi'3) . 

|gS“H , "15S!JWa , rf' 

rCS HUM. ,5Spi 1* "" 

» 5 t- IfttiBM ‘f 

Bih l» -5i». J,' 

3iipc Fundtop stfc- 1999-2004 . 
S^Sc^oriSltB atfc. 1982-84 87 Uft B 
8-*4BC.°Trei*WT 199S-98 69 %ft 1 

7ilLPs"*Tre*surv In. 198S-88 H'rt 

»4 i=S *4 . 


7 -'xBcTreasurv 2012-15 73ft *» 

SRC Treasury In. 2002-06 7* W I. 

BUM Treasury In. 1967-90 87 -ft S-* 

B^pc^Tnuaury In. 1980-82 9I a a “a 

bTpc* Treasury In. 1984-86 95 W 5 4 

8UK Treasury 1997 S1U H is -J 
9oc Treasury In. 1994 87>u6 *a '» ■« 

9«. Treasury’ In. 1992-98 83"i«* 'on 

piruc^TreasmT In. 1999 87U®Tl. 8 7t« 
IZuc Treasury In. 1 , T 
l2:.-pe Treasury In. 1993 l07-:ft U •» 
IZAiDC Treasury In- 1992 10S"4 s -1 
1SI«UC Treasury m. 1997 11 2ji® is -a 
isuoc Treasury In. 1993 118 aft 77U >i 

1 ikot JJi, . - 

"'S »“r»! 



IDS' *47 sS^Od 

M . 71 . iMecroponsu w» BrA 3ecB 31i a (71). ia 31 African Lakes Conm. jibs 

CftVrt I ^ rawr apep^lls Sam*. N^Jonal Sank of Australasia (SAD 187 5ISS-. ,, sK2£? 65 «8'3) Sononrs^ 

! M^?S5;^s7J 5, c4 W * i ee 7 1 - ne so® "sassL’ w S£ nlM ^^ 70 «f--. 2 ,Z* ,.!• 65 _ iSSg^S. 

Burre:i lip: IS". 

auiijuurt mo.ias 3TocUraca.Lt. n 

* Fmmer CA H.1 <K1Ms.l I25M-^M strBi 1 11 : bra .H.1 »SS«I «7=. J8J3I 
.. iadratr" ««<*. CHto) 875 i5ctorirto«*W? i|»l « « 

a-.F^Srl 5.6QUCF1. S6.s S - 1- 

14i;K Treasury 
■ S'-epe Treasury 

»U 'I i* 

«: 3 PC Treasury In. IW 
2'-;PC Treasury sUc. t» 
1/4.751 21 >j »3> 

Soc Treasury stk. Z5-UO 

LM Cpopat 

.3 ( 6! 31 . 

u.-ft 3 ; .-« 4( R»ad)CM InfernattoMl Q*) ' 

*»> *^k*JF8ap£P. 

. 7 »c pi. 53 u ao».p». ursiT^wS 
n RnDun 


.'8,31 Mouhsu^ Jtei llMTi: 

II : _• :. *uocB*l IV iftiit 
I Rettoun HOMan Immmm 

•sisTK 9 Zxrzr a “ ! 3K3ssyr ■■ 

| C-3l. 7pe 903- i8/S» 

Wintnist iZOpl 58 HS31 

Anetxma Sons (topi 18 ■ 

ABeo fEdsar) Bailoor l25rt 590. SocPI. ■ 

C.M. lnds. 'tool 291; »> 

. Far (Albert) 
I F Isons MB 52 

^ T a^TtSr% 00 W#1 R« ftjsas^^Tvtal 

1 52. ( «nc^6.'|8fS«'Sl. apePt. 45: MW- "fT i»i*' Tltfrffl 

»■ .1°^ *?'• ^MPf. 62«)ft 3 Slit gJSffb- M.«4- wffi 

I 86>i (8J5I 

3 NDC Treasury stk- 1979-81 fRefl.) 91® j Northeni j Rbodesla |pe 1976-78 S 

Rtu^*U 9 J^i^ 62®. "3'-a>e 
TafaiUi69J* TO 6B*i 70L-t 6b 70J; 19B5 57 6> 19 3'. «pc 77 f7-3j, 

■?SAR r- SooM2 ,r ”° 53W# i^ss. 7 !pr^i-. 4 ^. 19 £- 

WnW V -5®% A-S 1979 98. 6PC 1978-81 94 6 

!?SJ , ?JSStv S V ^3^1 f \ FOREIGN STOCKS (14] 

9'^ Treasury stk. 1980 101U® “l* =**- COUPONS PAYABLE IN LONCM 

^ SSSS S: 1» 'WS ifc- ! &2S' . 

* I'safsMiasSM.'a? 

Tlmnll— ac.uL,' 

». tawnST*- 

1M, Treasury «k- 1979 103'^ft '«®| 

liV^ressurv «V. 1999 »«.%.%» ? B U S? M - ^ ^ ^ 



t rarvui: Harvey (25W Bfi oval 
' Fran.- is inOostries (2501 54- * (Cf3) 
, Francis Parker (Uh» 12 ‘: llbi 

>Lorai» art Noriheen Gta tS5W -*•» t **?*<*. HJM. . 3 . -- 
>L MftA : are fwwd Cm. «SO»i ; jlviW-y*,?' (te> , »3f n0ft ’• 

II (Hlzsi. :s«; IS 8 31 Fraemars <lm«R SWL9.! S5nl 260» .fjIfiS, Vr-Ck irbB> Wifi ** T4PC, ar> TSJju 

isn IS.- J 3 iear: -Z3c 1 ; . Fnrnch Kier HUM (28ol 29- 7UncUrtJ.Ui- Lt ilZ 1 'jO , Rob-nnn I fee. 

•?*«•* » 8 Ts? *4^ Frenc’k ■■Thwnasi and Sops I10oi'62 ‘6 31 ' toSoton 11 Trant^T HIOSL «55*l 5 ' Rof'i^Rbvc^%|^M 

as e:» 89. 9.-.OSL-. 59U Baf»4 "-dd*. t 2 Sp. 36: »3> . .25 p' 70 i tTP-tn •!«»- "SotUtTrSiJ®** 

l. iOkLs. 7 I'» _ _ . | vaas. uo: lou.n >i9«t-»i Mi- ! Reaper uim 

law Hless. I 21 cl 27 (8 21 Gi K ^ ■ ' Lonsdale Ue<*«rul i*9Pl 73 70 '9 S" I “ 

hlv ikk-vqr) CSn> Sim 

f a?® h ® 3 r* w ‘ **» ’*w; W 

GCI latanwueul C20o» S7« << 44 (913) 
O R. iHtCFlJ r SOD '424 (fr.3* 

. Gale LlUct Co. 680 '7 SI 

S’; : GUUlur SoeLft. 194S-66 7*1) fSTO 

•So; 62® 1 bali.*erd Bripcrtey (Sol 54>i 4 (9 33 

. Gariced-Lriiey mooms. (Sot 1C 15U 19:3) 

I Looker* J25DI s» J*B)' _ — i ftufrtt* (Gtoec fttbiM 

to ftSS 1 *&• " ^ «Siri 

46* U Is »i* )». 4‘upc 1974-79 

, Financiering MaaKchapplJ D’OranJebgom 

49 tri>| W** GtdJSda. . Foreign Bfc 110 . 8tocLn . M; ! A^ E^ctocal lnds. BpcDeb. B4t. Wmc j ££!£££“ aft S- 

McGtd-Stk. 1990-95 4T» Graeral. Wh&t^pl 110. BUpcLU. 56=)™™ 

r*5rtf 1 ,i « Holland HvOro-Electtle Board R gS!^iJf.* Ck ) l oM tl ots ^ B ' V ‘ 10 ^ SraSe Kina (2Sp) 217 18 I *“«. Ena 

Eleetr^lty 77-80 ^ ^ NV 10>«iC SttB- ^JSSL'^f^Ts^i 4^’ ’idSS*^ I 

1 Gansu t* 9 ina*riflB OOP) * 2 ft-. . , v . 

* Cam iFrank C.« (2Sol Slftft Lvon and Lvon <45pl 

, Seers Gross (10x6 45. Nw.Ord. (TOol . Lvons *J.» •» * 3. 

45® '9 31 I BUBCLn. 63b 

"sSS Nta9t * ,4tol W.1T-SL, * 

SSS2T-«‘JS3» AT*' ilte > 

Rstnmana SuapniK. « (ino w 

rto^TrriaM B»toe Eariwooer stk. 7pe 
1982-B4 82 U (9^1 .... „ CORE 

She 'Redemption sdc- 1986-96 47ft 



London County 3ne 23b « 31. Soc (And. is 

Bib® J*ft 2U. Sboc 77-81 89 b. (£100) 92 

ChK 82-B4 80b® 1 b **- SIUK B5-B7 .. • 

73^ Ml MS b® «i3« BbPC 73b® U. 

(9/31 . j Canadian ft 

FOREIGN (1) Hinsons Brews. (25 pi 80 '9 3) 

Vina del Mar fCttv of) (CMIel iSpe (now 
3 do sug-Ln. Gtd- by Chilean Govt. Maca llan^Glenl Iwt 'ZSpjiZSOa 
Snc (Aid. 1948) A1-2500 (£20) B1-1500 51?^2lS d tai artin A 50D> ZS 
9b. (£100) 92 Mansfield 198 

-B7 „ Maraton Thompson Evershed 

>b® UJK. RAILWAYS (2) (aisj. 6 dclu. 54 (9 3) 

* tKPI - ,£ ' 00 ' 

Corp. of London Sboc 75-78 99L. 6 boe 43 <7131. 4pcDt>. 3Sb 
80-82 86 L. 9'jdc 934- 9bPC 994 central London 40 (6!3) 

COUP. MO «l» 




“iS&'isSi 'itf«:®"so®. 7 »sk|C«««^ Gn>. (25of99® 9 100. 
r _ ,, 50 , tan® i.lOiri«le*s InrrJ. HOC) 74 
^SSunSS P 52 (£5* * , Chrysler U.K. S^pcDb 69b 93' 

S'icP*. 37b *® fOlBf VJC 3 * 

. . 1 Qpi 111 18 

Hlon. i254> 147 K **131 
turn U i 

63i> <8 31 TbKUmXa. 

lb. 74MUK.I 

to. asha 

! lOOb 4. 

! Genera. Eng i ne er tan Co. (RadcMfc) IIOpI 

{ 21 <8-31 

100 . "tg r \v>:* atKr " Tl * •v35W£ , i 

McKe*hn*4 _ Ores. _<2 

Greater London 6*«oc 89b. 74 pc 92': 
3 (8/3). 94pC 9B-s (7 '31. _ 9bpe 98. 


GpcDb. 70 V 
G-UpcDb. 73b 
South African 

3 (8/31. 94pc 9B't I Antolaoasta 18b <9 3 l SncPt. 33 (7 S) | 7pcPf. (R 11 40® 

!? =* .15“ . JS?* ftSSM,-® 3 !; 1 Braill TttMLBdt. (Gnt.i £6b 4 -6'3) Tonuitin Distills C 

1983 lOfibO- 1 34pc tOBs 9 ; 

em^iSrSinv. ^«*'* »"?a D .fc. 2 ao)isB® 9 60. ^^VcnaBi 

BaB B & c &W(BS* 1 t9 ' ai i S b '^%bis7^ .IJSFV? 

BANKS (161) 

Tomadn Distills (ZSpJ 96 
Vaux Breweries (2Sni 9< 
(9 13) . . 



Bristol Core- 74pc 924 <6 31 
C am h ridge Carp. 7 PC 99_i (7,5) 

ES^T^Co^ri 1 1023irt,BkrAm«^ CPn'. Co. Ste. (SUS1J62S'| *t (7fS), 

Australia hr.2. Bkg. Go. OAi)205® 7 9 . wwawyad 
I Do. (for delayed settlement 1 3/4/781 1 85 i8'3l. 
1 (5AH 200 1 <7131 : SrdPt. 64 

Cjw^by .City of. Council 13** «7;B|c ^ *, 0 .93) 

Ctoydon Cora. 64pc 8BV ■ Bk. Nova Scotia (SCI) 12*» (7,3) 

Dunbarton County Council 84 k 1004 ■ Bt. of Scotland 'Governor! 265® 5 
(9:3). 9b pc 97 4 (9/3) • Barclays 8k 313® 19® 16® 18® 20 17 

dlnburah Corp- SbPC 98-'i . 15 14 IB. 84pcUnsCd-Ln. 76 

2asgow corn 94 k 96=' Barclays Bk Intemti. 7'jpcUnscdCap.Ln. 

! 74peLn. 

Mam ftM«M4n Tmttiei' 

lObPCLn- 87® (9/3). 1 1 DCLn. 129' 

Whitbread investment (25n> 72 .8/3) 

Edinburgh Corp- S’-aK 9BJ. , IS 14 II. 84peUnscd.Ln. 76 

Glasgow carp 94 k 96'' l Barclays Bk intemti. 7'apeUnscdCap.Ln. 

GloKOStoraMre County Coaee.1 94 k Mb . 70^ ' SM(y H|dga . I97 

Grampian Regional Council 10 V pc 99® 4 Can. Imperial Bk. of Commerce (SCli 16*w 
t. (gist Cater Ryder 275 

Greenwich Com. 64 k 994 _ Chase Manhattan Com5ha. 'SUS12.50) 

Hammersmith Corp- 9bK 1004 i6.'3l 20>i* (8^* 




II lB.2h tZHKFf 
Hya-vm, .ttipi (4ft 

Greenwich Com. 64 k 994 
Hammersmith Com- 9bK 1004 J.6.31 

.^34 32 i s^s-MSSs^-asii vr <v » i ot isr? ^ • 

/?»>. ®T® SO 2c 2 6 4. 3 racLn. . C fr;h^Sp.36l ‘ 5-S Ji 

'is®!- 2 ? 31:0 J3® 240 7 30. 64 k CD^e/I^Dresses’^*" to' '9'V* * 


. # BahT! V 'Wm.)'l46 0? s Si*" 11 "i 00 * 8 ,6 31 tostam . Richard » . 25ci 254® 4 f 

Devas to take over from Bung 

' afnrn'r!^ ®R- ’ 5 P‘ 41 *?-?'* f 6:jocUosAa. 560 6. 74ocU9S 

• - Hnrp Coratf, C20p# 51 'S3) • 7J»t<Lr«, 623 602 (9 Si 

as Charter Trust chairman 

92 ■ Citicorp Com.SJu. (SU54) 14* 
/Clive Discount HldSS- (20ol 74 <B'3> 



Sffi »■ V «I0p' B -1001 8 .6 3i couam .Richardi .25c I 254C 

gafrd 'Wm-l I4E .8 3r p- 4 -j. 

p "' fc,n s Hldas. ISOp; 90 3 ' Countryside Props. -5 d> 35 ; 

BSS?rSSPrst?. • 1{,pl 33 :; ' CoortauWs i25pi 113 12 14 1 

111 | .»> 
,%?** t 

Banro Conad. (20pi 51 >'6 3) 
Barpet iZSpi 28 ie'31 

**h® I Simmon 

KEK 8 SS- r 'S3E" M | s Si, ! i? ‘ 
BSSTiS, 1 ?® ',' 1 - “* *» l&SS 

Slmt»0fl iS.1 (lift) .71. (KD. A'.CZSB 
. sirdar .12581 49 »Jr. T^kPU 58? 

sasgraerS-fc . 

I -tb'ii 

Mr. Hngo Baring has retired a rice-president of the American- of Health and Social Security, is] Barton sons izsoi aat® or» 

I i ^ 1 i 5 K° h»t CWi ,25o, ' 4S aob. 

‘ ocS * 12 : bo 5t 5 i'iS 1 6: -' l * c 5«^ n • ,0 S6® , *■ T'-ocuSlp.' Ir. ■ tUS^a* oSnT Iiop)’ 99 ' mikmU sSSZn'^'oof'sil >)Z * '* Sl ' Sir'dar* i23p< 40 Sjr. ' TftpcFL' 38? 

^sfw). ,5»p. 124® 13® i24;5STc2«rSSs“idpVS .7 3» ! JEiiE* S 1 ' Drt 21 a:si X3$?u??*< isPfU 

B-r,— . Rjnd-(Ro.tor I9H . fWl1 noal ISM Sjo&llO SpcStto^n. ,02 Sffi 'H^SS’aSSS' llS St V 

wwarH '■ =s® =. ,# 1 srtrZS-v. 

Monk (A.i (25A1. 79® 

5pcSttg4j>. 102 
Sees OOP* 8*18.3 
mil llOK 80 jT 3> 

5m art (j.* icootr acton) (JOpJ Wj i 

Smith Nephew Awe, ( IW W 5* 

Crouoi Gr «25pl 660 t 4 7 

| 74oc0b. 69® C9'3l 

Hanlmex Corpfl. rSA0.25) 94 (9/3) 

Morgan UnuhaM 2 
Mocratt (25m *2® <9/31 

Smith (W. H.1 9 

! 1*5 7 5? i9/3). 

“TB-JrtSS * ' AND GLASGOW. He pPH <2SW “ 

a^potaSd a dirSor Of Lt-CoI Jarncs Myatt has been joined the company in 1957. 

Charter Trust and Agcncyand appoJntedchjef^ecuLve dess- * SSgrtSSST'&r# &g 

Mr. E. W. Grazebrook has retired Hr. Malcolm Davies has been l!!!£L ls JJ'®*’ 230 ! u* u RiitSi MsoTTarci mm -'liiHencrMr ,p 'ti 

from the Board 'tt1 S IoSg. W on°S^ B £ Ura g|°£gf GEAJts' GROUp’^ Mr It™ «»— /li- -«• bj , 

■■Sir Andrew sL, chairman of ^~ne’Si 15 feE ' - . 

Haertk Company, has been ap- wno reures on J “° e *• 19ra - manager at the Luton division. 5SS '.HS ill tfn 3 ) 

SSM^.'S Sf J.“ rd c i e f .*S^ Mr, Alan Hanoi., baa been * . ■ 'L _ . * 

Hairicv Goodall Group (5p> 1140 (9'3) 

Hawrin ' 5 o) B/W b 

□ayy llttnl. i2Spi 223® 4 ) ■ May (Nontun) flOu) 40 C7'3« 

Dawson intntl. <Z5pi TOO. A Ortf. non.y. *N?dl«". S1 'TL? c °« , ? s .L s °1 S’ 

'25oi 98 (8-3). d.2KPf. 84 (7 3: 1 Hefene London OOP) ISb® -4 (9,3) 

Dawson (James) and Son (25pi 121 (7 31 1 Helical Bar (25p) 21 <7'3i 

NS5 Newsagents nop* 103 4 <7:3l 54 |7)3L W» 

Nash Seou-ftte* < 2 So) 67 , Smr» nea Entfra 

Nauanat CartaonUlno 410B) 48. 114PCLP. Spoon«r TndintriK 


NscdMrs i2Sdi 86 bNft 9*;?® 40 39 
N torero Zamora «Z5p) 78 tB'3) 

Neil Spmctr (lOpi 74 (8'3> 

Ntfll (25p> BS 77- Do. New 85 (83) 


(6151 ' • • 

StHTtex iBHrnatUMul PS® 14* tl& ® T! 

ii£^S 5 Thn= B >w wto retires - J r e 21 197S - 

Mr. Alan Mamion ha, been 

I ?» 15):. 

I Stag Fom 

VsT* HoWl R ”“ OT,nti (2S9t 1 40 ® h^5« a&» T5V i s (am , i >or » KSSrtMirfto «• - i, . suk"' i««» owSb. tf«ar i4 ‘ ' i .> v 

l/btolran <25pl 89T.O 100 1 99 7. J ?oc i "kW °** ’ * “ ‘ f %g°5a <Z5 **’ 43 fl 5^ 

?MDbw 7^83 81 (9 3). 6 r:pcUns.La. S 8 ? Mihail (WJ Sora (Addlcstonei riOol 13b BSmin \rt£' S> t25m 63 IQncPf. 102 SSS^suiS^A t»5pi »• 
i Tocul^ ni 5B ® 1,9 31, 7-^Uns.Ln. 6 d.|««^«h Ceramu: Hldgs. (25p> 79:® Bb IS? .«* 


■xvas Ui 

LN- BANK Sir Andrew appointed director of the K- Mr - B - «■ »«I 'and Mr. T. J- I&W ,2S « 
25firtS!te8 e Rfi Robert Arts oSSe at Si SS- PeU>am havejjeen 

TT ”r.„j -bt .TT . vTmVnrk Tirnw Kooen Arts centre at the UNI- “ 4re ■ geeu imhujuwu 7>aicLn. 1937-92 B3b »«.3) k2!S y, ? , 5.J 45 ? ; 73 

mi) BriSh’ xStarndw % VERSITYOF STIRLING in aucces- directors of NORMAN FR IZZELL , 9 - 3 ) ggut"- i' 5 ^, 

/®.t™! l S? l Sno2 s ' on to Mr - podgson. At UK nW &"£*£ J"'ZV »°! 

DK&l : 25p) 408 398. A Ofd. (25pi 393® *J^ mDrT !l U-t Son MOpl 56 3b I9'3) 
f 403 Merman smith nupi o® 

PS'ra Metri Co. t2So) 600 70'XO 69 b. 3 ° <9/31 

_»4pcDh. 74:-® »» j, Hestalr (250 108 ® 8 9b 

D«nbvware (25o) 73 (83> Hcwdm-5Mart Plant OOo) 52b® :*® 

Nwmn-Tonkh C25D) 574® (9>3) 1 

Newmarie i25p) )65-3 «7.3i . A j 

News Inter. r25al 234®. 7ocPf. S3l*ft 4 , 

StKtly*' <25 bi 169® TO '*’*’■ 

Group 11W '*., 

Denmark (1871-1976). and Depuly * TOTifST* VS1VKFZ J£Z , 

an n d e cS^^Sa < lth S Offi« F0 (W7£ ^ up ^ oS Dav “A h St- SS?* ld * |j« £ 

of Motor Manufacturers and „ . * . president of the BRITISH WASTE 1990 97 i6 3) . . i SS 3ton (Oa vtoi an * Son tLe* 

Traders. “uiacmres Sir Brian Young, director gen- PAPER ASSOCIATION. He is the ■SfflTJS, MBrlBn Stm 040 f25p) alS? Photo ® ra *to* »d*» 

HfR iCfiarlas) Bristol 112 (8/3) 

" 9:t023 ® HlSams?!^ 18b n ° Dl ,6 ' 10 

D^nkl* Hed Co. (Sol 19 O'}) Hiltons FootMUf (20p) 71 (7/31 

SMHW-PlaK Ind. ( 2 Sp)' 98b® 

M. lions Footwear «20p) 71 (7/31 
H iown ( Amosi Sons (10p) 64 (7/3) 

Woritism Foods (25pl 77. hf«w (2S«) 77® Sffow. FV**r iWdBOJ 
8 Si*. 74DCD® 72® (9/3). 6J5BCLO- 5trotw Rite* nwmmand U»)_a-w 

”, j i. rj±ran /uouLoniiun. ne is me jfi,, ( 7 . 3 , (OS) — ■ — 

erai ox the independent Broad- youngest person to hold that gLgden htoawes /Hoidinai) 'asm zij ) BgS^T., .f.y 1 * T 1 ° d . u **i; < 100 ) 7S 
•on and Mr. Roy ?“£^„55|JS!?2. fSE o^ce fmce ^the Association was BJuMIrd CSMKtninTT^E^t 

.glWHi (DavWi am® Son (Leeds’ 2B- (6,-ai ■ Hoertist Finance lOpcLn. S si , lOocLn. B S«*. 740CO& 72® (9/3). &25PCL0- yropd R iley p rummoP^^ai 
(Hakftngs) C25P> Dtoora Photograph* tTBrtlJS V Safi ! .."L* righ» toaib. 1 1 4 1 J * 10BeL »- 95i a S St^La tCOTflfl.'l 041^ 1® 

Mr. Roy Cowan and Mr. Roy -g* , naiigfig “t^steT?f i& fS^edto UBL “““ ^ 8* ,rz, Vhku, b/os-aesa czsp, sa ( 6 / 3 , 

Power have been appointed to NUFFIELD FOUNDATION in snc- *■ •jioemoi Broi, a so) 62 ( 6/11 1 jssi hq« Ltom imL noo> 121 /-« 2 ®^ it 

the Board of OFR^with re- cession to Mr.W. R. GoSnS.^- ^ W“ tK ' Q> ,Bt * rnat “^ ’ I &SJm 5IS fs^“' 5US “ ,3 ° SS^TSoVS* 

sponsibUity for the total supplies Brian was director of the founds- H . r - < ^ dric ? feg? t lJ5tf n iglS B A m f z Sgi!nST 3 1 i ; a?i 31 » Hoow (25ni 320 c6/3>. A raso) 324 ® 

pl« turnover, of the ^npany tlon from 1964 to 1970 wheThe StfSSSSS^ K * a3 \$3SEPJS\£ I'i^pf Isb rr^ 1 Zft4 - 

in, the north, mriuding Scotland joined the Authority. Gas since 1375, has been appointed go^sor f,^a. j 20 p». 2 i w 1 gjggra (5 P . ia^.s-s. 4 - 

and Northern Ireland, and the * as sistan t director of operations at Bpok^ ^eConneu isop) 202 ® »« b® 3 ® gjg-i® sw*® (*« tioo 9 * ini, Fra«r nu P ) iso®z 3 . bupci 

01 ^ ^‘JKSTSJSfTS OT£! WSM B SSs^s ' ’ " " 

ss sBgsH^sasm Ft sr^ , a5 S!S TOS £$s& i». „ , 

SSSrt “ cKmS^EARLY AND fficksoo. 5Ttaf beco£; Thief 111111 41 Newcastle-upon-Tyne. SSBSFVffl^^S? 88 

HARRIOTT (WITNEY). He wll executive. * s^’SiV® 3 l h~*Lh c &1g Xn - ,os: Aw 69 7sKOb - 67 

be non-executive and joins Dr- 4 - Mr. Gerald Hawksworth has Bowater c^-nn i 74 ® 2 I V s a «? * ; DaS^t l " 2 sS ? c! ^ e :5 |’, 1 . 12 i 0o< - Ln 10 

N. S. Wooding as the second Mr. c. S. Bailey West and Mr k ^ 11 appointed a director and * s ■ 7 pccmr.uns.Ln. 7 a gurapira iScrraji. .iso . 99 ^: 10 

representative of Courtaulds on T. Calmr are to become directors deputy chief executive of BcwthanwHiaap. -lora-svrvs) m"! -V- si 

the Board of Early. of ALEXANDER HOWDENM- AIRGUARD, a member of the i^VWs’n/lz fsst Ovon m. ,Vsi m’® 

* SURANCE BROKERS From Anril Lawtex Group. . O'A.* 10 ®' 51 -' a ® v v 

Mr. Gordon WTiarton who. has L Iram Apru * 3SS,c G ™: f 5 ^ ffl.j .hmiu a n-v„. b “ f 

been appointed marketing dir ge- . ^ t tmiiia '25o> sia 19 3 » i'wD? f TX f . E ® < S ,t !,, s * 5 - ' Rs - 1 ° 1 t: 

- _ r ft r k-TVFTnX P-VRK STEEL ui o * Or. Chmtopner J- LzddU* has Jlrjmmer *H 1 : 20 et 114^ S) emi feni® 5 ;!? 1 16 

ivh^wSpwmfJwM nri *■*: *■ ‘ N * Harrison has been taken up a post with WHITE 22*52? » '7.™ rak* izsa) ao *' 3i? smS 2 *^°® i'rj, , 

;Vnl? 4 iv m^nacer P ?S?SSiS d chieE ^"ager, COM- YOUNG AND PARTNERS as UJK. B .7?3? n aaud H,M Um * Wks ‘ t'WrA'W&'&h* s-V' , t LI 

uously field sales manager. MONWEALTH BANKING COR- project director for a PVC S25 n ? , J*# B, l *? iff- MDn i in fcK - f2u?LV 1 ‘ 

. . c-hnfipld M 4 , now London office. Mr. chemical complex being con- Brent waiVw’.’sD"*™ 1 ' .. ,, i |iK Paper i 2 sl, -s 

Mr. D. A. Schofield. M-A, now H arnson formerly the bank’s struded in Libya. He will be sriekkouse Dudley hop) 32 '&3i . _* »»!« snepf j 

T^sSth^p^n S chief raanagerforWesteni basalt StovTna^e. He B B ^ 5 p p T^ 

SSSntmu and ^ceeds Mr. D. L McPherson * R^jfflSaai “ J.52*. iWiil !\75W (A.2l 

_ aiuna tunu pri ■iw -- ti7/Xr- * • • 

H rs® « as “ 67 ™- « Ks3g «» ps^ss tss^^s,"^ 

usssrsiHsasr ra ' n 6, » » «® sssjajS'giiJBr" ™ 

■■Vgffto ,»(”•■ * ff5p } sa (6/31 NotnwkMl Bricic (SOn) 323’j« 2I-® »-3l , 7 -:-35*. 

HoHLtoytf IntL noaMZIi^® aft iij NottUigh«m_ Mnftrg. (25a) 105. 6'sKLn. Sutor . BlKtyfCU (39) 17 - .. 

HMt Cnatin (IQnl IQS * - hq Ate 19/31 ■ »,(•' 

Ho ma-a y fZ5o) 46 Nova Cl«rs«y) Knit (20 p) 26® . T— U - *”^ 

lloover (2501 320 (6/3). A <2So) 324® Nordln Peacock (10o) M a' 

Hocriclraans HWuf (50p> 74® Kh»-Sw»t Indrat. (So) 23‘* tk* fTOp) SO® 1 30- 4opeW OV £ 

Horizon MfdUnd* (5p) 84® l“® 20 4- l!lb«( Gl®. • 0«> «*J 2 ’ ^ 

Hoskins and Item BOn) 144 5 OJC Bamra (19*9) (RO SO* 324® (9 1) Aob)1310 3 2 I S 3‘-:. 

1S0 ® 1 2 S- ^B4pcura. Ocran wdaora iHldgs.1 1200) 77, 8kKl>i>- lf®5 

dftg&aau s* (6-j, £* Grimw "«*«. - »** 

Horariogiiwn Grp. Rests. v»g. CSoi fio® e®» Bjrtrorile Rhinos C2Sg> 93S« _ JL-tSi. *9S® UU< 1 «-*Jk 

wyndnam ( 20 o) 19 19 - 3 , a /aboi S5S & IS?,,. , ^S?KPt. 59® 5 W? 

7 *jocDta.- *-?ri 

hU£^, S cSS fSn^ZO^is’V- 3 , oSw Printing Gro. .2So. 48® I9'S) TtWWi Gro. .!0p) 1 1 4? <5 ^ .-■! 

i Parker Knoll A N ,V. « 5 p, 103 « 3, K W ML- <** *», 

; gra ^ tT 7°Hkfe, 5 72 c , f9 s ' spa lerusw ag" 5 i mU» mjim 

' Hvman nji rspi 25® PaierMn^Zocnon/s (10»i IBS® o. A H.V | K, T** INHI81.* ISP) S" 1 -" 

j r I. V riuNJWIilMS U6p» 119ft 21ft 18 20 it .Tj* ' Vkaranvn 11D«> 

l— J— -Fh : 19 TIilWW J«»rv rionl Wsft 

1 _ . . 1 Pawion ;W. L.t (SpJ 31 Tn«mul SyntS'SMe iJ5o' 109 <7. *».•:: 

been appointed secretary and ^ r - «■ *-.««™sob » 

registrar in succession to Mr, B '«?L t !, s _ t re o UrD,n f *° Australia as Mr. Graham Povoas has been 5 r tyf. y tttll - t gi®. ■ 2 to» 33 (8;3) . • SfeoijSIli 1 * 1 * 7 s* 

S?k Umuhart who. is retiring S^ t .^ en ^ di “®“g 1 r ’ fc Co ®c appointed sroup finanre dkector |m§ aKS,^^! 4!v^ s 6« j ^^*^““^00 °o ras 
at the cud of this session. TiS^i h-JP* 6 «2?“ k °* of ^ HARRIS CARPETS and ■ffcAjejJa* Tohra “* ffifijei esm is® 3 

Puis whim U6 p> 119ft 21® is 20 IS Ten Aaranvn ciDp) 6J ... ■ 

I i 19 . Tnxhwa Jef»*y rionl SS'sft « "‘if:* '• 

i Paw yon ;W. L.i (5pJ 31 j Titofftiai SyM'CMr iJ5o> 109 (7.3^- 

!F«te Inv. MQd) 11 1- 121, Thornier Oro (25« 180:* • 

. pmfcb (C. h.i and Sons (5Se» IMS® '?!• no 2 90 m, ulil 1*1 4- S.MK 
Pearson Longman :25oi 174 6. SocUns Ln. f 6s>: 5 ta il Zf.7K*f. <2Sp' *4 .»i 
674 7'dWLO U; ■ 

Pn-SD. 1 (S.I awl Son <250* 172® I'-s® 2 3. rTkcmion T-LiM Caravan, »2Sol 
SKUnj.Ln. 04-4® 4 <9 3/ [Thorn Hcnr|E.ll InflHltruri (250) 3*T® . 

Peglw-Haner&lay i25oi 1S2 • f 46 8 S4J &KLa 101 iliAl ^ 

Pennine Motor Gns. HOB) * (7 .1) .- .1 TJh^mj Bardex .10« }3 iWSI ■ " '.' 

Pant land I nouns, (itto: 21»s,f9 3» -. _ . , Ttooe Oato National MilliM ^iRIJSW, : 
nemos J'Ooi 7S 3. 15ncUns.\n. 151 -6 3>l Tllmirv CM>rOC1kn» Gi*. «* 5 1*1 . 

5=^ ,l iiES>? , i faoMre .25P! 146® .(S^S* | Titling •-./»wmsi r23o> t8i b JOWs Jj! 
S«02n,. M W8f- [JOn* 186 S.»K*I. 87 /T’3!. 8 kOD. ?6’fc 

petracu Grp. f12>:pl i>2 VD- 75 )9»3I : --.- 

LA. 73 ifl/Jl 

Australia, head office, Sydney. 

* ftuairaiia, neau office, Sydney. QUEENSWAY DISCOUNT WARE- 

Mr. T. C Harvey is retiring «-«»-*'. . HOUSES, 

from MULLENS AND COm stock- ^ *• Barron has been * 

brokers, on ! April 7 and pjf. J. p. _ RRmsmMTT.wiv^nnion Mr. David I. Holmes has been 

^sfSp43oiLTO. 5?s m« « «.=). JHf 

.74DCU/K.UI. 70.4® 
Inco Ld aaas A NP 
. B NPV 096Q® (9-3 
Ingram (Harold) (ID 

jloi) 31 (7/3). - P,{gaBW*& *h n * - IS SU8 ( M%S 

7 4k DO, 

30 iftUl .- 


SocLn. I Both' 

MachinK Con. sits. I 
. 177* SUS24S4 

ZSToe7 S fi ! 3 ? r ' B * W, 1231,1 S7m * W ° ra - j f«Wj«m*lvy Mll?tK»rit (HttotJ ; *W* 

& r ' toS-rtS 5? ta, VSkSTorHE and depnto eeneraj Jff L „„„ .«u-.xn 

SSSThZSJFfcSSZA ' FROZEN member forWnceind ™«S« ^e Board on that &S* .'j™, 

^WdsT^U, compares are mm- P'annmg. date. . elft S^faSEhfirtflt* 

Horen of the Food Securities __ _ * Br«. Nonhroo isopj bt ib'si _ _ _ 

Group Mr : P 0 "^ Matbeson has been Mr. Basil G. Rlgg has been »g«- 532* ,n P 9i e»- g8£J* -k* (iSf 

■jfuup. nnoamtori hooH +>.- a...., i.«^i ♦« . ? 9 '3)-__ 84pCDb- iwa'- 

C Ik trie Cpn. Stcne 
9-89 644 ij (77») 
2003-08 ST 

| Intornatmnal Timber Cwrpurattofl CtSail 

lit'!® 11. 10 kCto-uTi 79® | 

"TSS* SSPJSSfi M * ***• B «■ <-«pe 

1st«. 484® (9/3) 1 


Deposits of £1,000^25.000 accepted for Used terms 
years. Interest paid gross, half-yearly. Rates for deped* 5 "- 

nn,.le«A. ,1 ,i»4n) 

u p ' * appointed head of the finance appointed to the newly-created jLS8nfi?>| 

u* jnim Gwynn, Eroup manag- wnmnoC the HIGHLANDS AND post of director of exte rnal 
InfSr olDm and Brad- ELANDS DEVELOPMENT affairs of the INSTITUTE OF jKogw. S%: 

^athSheea appointed a rice- BOARD. MARKETING at Cookfaam. Until Jg 

president 5 ofDUN AND BRAD- w _ * recently he was group maiwsiog e| 1 “^ ^ 

ciJSSiL. — a mrnv A T 17* ir Mf. Ion n/INe AuHtoia Jiaee/M nf nwiM.rnTmnn Tnffcr. BnL Syphon Int 

mray isp) s>i 

:nef0v SerrioM Oto) 104® 

Tgpg.rawrrir '69 ( 7 ? 3 L -awdl/oMin. WM ^jUUtSmjB ^ 

BrIL Shot dsn. 61*pc3»xlW. 57? (9/3' 5^“?? “ w ,2S P> 78 

Jawcwn (J7 and H. BJ CS 


tspj 264® 7. 10k 

received not later than 17.3.7S. 
Terms (years) 3 4 5 

Interest % 9} 10 10J 

S 9 ••■30*'.' 

Hi 11 * lU; 

m^dent of DUN AND BRAD- * recently he was group managitg btu.* 

Street INTERNATIONAL. He is M>- Ian GflHa, deputy director director of Derion-Comiiu) Inter- gjj*; 
the first non-UJS, ritlzen to become of information at the Department national. BrK. 

Rates for larger amounts on request. Deposits to and ftttthe?--.* 
The Chief Cashier, Plnance for Indwotf/. 

M, 81 r ? ,tal ” *"?•* SEl 8XF-X014BS ' 

SE? ueB Payable to “Bank of England, a/c FFT. j - 
FFI Is the holdtog company for TCFC and TCI. .”■ "f 

Financial Times Saturday March 11 1978 


. ir fl0c2julFI. SI- 

"'i, MM Grp. 15 PJ * 

... , 'is.Arfww iisp» m <s;it 


\V»'2CptPf. ( 
... toe, foundries 

, 52 i, 

PI 37 lf/3* 


/rr, b'gr^ 

3B SjT SWtfy* rt ** 4 . s - ! 2,5 . oc 

"JP 8 *??. Flop VYooltrn ^pinners nop) 


■■■:■ g3SaaJ ! b*z!SiaaK!.''K 

:p It 1 . 7 i.tSg- 7a L DJpcDb - “««“ 

‘ 1 , K: 376® 7»'« .a'BOi 2. 54 ipcUi 

■■ 4 g£'3»- 5 * aiwLn - wiM. Slifit 

V itl HldSL B JSOpI 2SS * 2 

er Newtu t*?® >* 486 .. I'l ?tfcLn. 

. 001 10, ‘® * 2 - 
' ~ '2SPI-96 (7, ‘Si ‘ 

•-.■.3T i *‘ * EJ <101 27); (B-Ji 

ciywoM (Hldgs.) StapePt. 5St;» 19131. 
""•i * Gee. rasnt a>~ " • 

• • 1 - ****■-. j*5pt to® 

B§35sfel5! a S£?*J‘,? l *l»£Pefi..70®. 

Ci r pets iHlngs .1 |23p). 418 38 

HldBk 1 25B) - 40. >93) 

**W* jtcttcis-{SB) 4b® 

electric LIGHT 0> 

bpmob p 975 ra-si ■ •- 

Calcotta Electric Supply SpcPri. «8 


Snwtt«r» <254) 21 se is .9 31 ■ 

ATOPM" Express U1U' • 

Anslo-Atno Finance i7!-jn3 «!■ ■ 

90W liw.-antf -Fin. BtaPCDb. 



S') ” 0W ** 4 ** 

. pi « 

i asss&i-eS-aBr... » , 

W*J mat. (2501 090 v> <s 31 Ulr «l AMrdeen AssoLiotm. -30 - 
kUihv^ + 8 1 :® fipcRf 491 - (7 3 ' t Cwnpogolc Financiers «m. ' 1 ' 

» 1a ®t -SB^sih * -jiSS t Connauui Hides. (Topi 19 m.n . . 

to 'SI* 8 i D «'ls M SL aB# Gcn '™l TsL V50 d V 2758 

?b§' P 0 * * *M*> »0*. Sxftt. <50 m 

D 2/5£!L a 5. *A 4«-pcDb l 90 193). 
. -*-« lc DO- 87 1 ; (7 1 ). tUo^nb, 7760 ju 
Nwr (l’j ■ (O. R.I Flldpv. l2So> 65 S' 

" V, <5!S: 23.60 (8 - 3 - D iS™» ,D« Grp. lZ5b 7. 57M> -a* 71;!* 

■ «ss». , Si , .s s a fis l «a- w 

■ l ' '■£?!” 0 p» 91 ■ 

|R0-5D ! | 123 *»Si 
• {Zijpi 13® t® Si 

s; wSf^ 1 rpci^B® 

0 h 7 If. 5(KLn. I7-lfi. , 3) 
ujnburBh Inetea. Tilda*. ilZ)ipri4.iS.5> 
,nv « t - Tst. aipj 96« 
and Dutch Inv. T«. TJt, ^.3) 

i Sssss^ms® 42, = w,w - 

« & (*tfp» 137 t» 31 
® M 4: 4 S'l 3 12. 

-um.H. Wrt n- S 

•:'•*> r w — Y— z 

■: ferS 'I ™ 

..0p> t-1 (T3, . 

f £? FJnanc* CVP.- Il0p)- 2ti8 

*1. StaLi. IDO i h . .. 

S&2* •»*. t2SpJ. »1; 

®g»g Durrant Murrar Grp.. (So) 25 

G«M»«n In*. (25 pi SB' '• . . - 

WM* *» 

■SEST 7 I?^5i 6b - ■ ■ 30 •**»■ 

%' 1 Cg«*.- .FlB. 4 'ibs Dta. 

AiotJn.' IntniJ^Tre;. fSDo) 73* 
, ^^^3ei ^ ’'zT T ?9.3 , , ^5D, **° »'»• 4Bt 

?S ta (S?,- 10540 

Ppr*. Gen. in* s i* 

ajshOnwato Tnt. »3SpJ 1408. SotM. 44 



Ahipol P«ta. New 13 14 
Blue Metal InOuus. 77 
Bridge 011 60 

C.BI Geifiv a 'roc Con* £B4- 
Colonial Sucar Refineries 2108 
iDpcLn. i Commpnirralili Ednon CIE'n 

Coniine Rio Tinto AMtralla 151 

B3 ' ! %L£rsS®«Si. T “ '“ B ‘ 2360 

a. >2501 : Suniey^ iBemardl In*. T«. i25oj 19s ig 3J • C |to M,nel °* 

. Town CUT Prow. • JO(M 13, r, is ,. ... 

I01 : :8i Prop. ReiwnoiMry J«*. * :?So-. S9s i 6 3<iwneel«k Maritime b ** 
. — _ _ ' Property Sec. In*. T*t. vSOb) 1261*® 19.3)' Wound* Pets. 60; 1 

Trana-pcMn Trust )2£pl 144. 6 pcvuDi». | Raglan Prop. Tat. «Sp) 4'. •. 19 5) , ¥V< ** ai ' M .. _ 

_5S *11 3i. 4 i.pcLn. B3I; (9’3i 1 Regional Propn A (2SP) 70:« 69 

TnnuUantk and Gcosral inntftt. 10M i Rcgli Prop. HfdiB. O'.pcLn. 6 ;i s o 19 3t 
'»(3i Rush Tompkins crp. iZSpi 94® 3 

TnpJcrosr Inc. Siis. -50oi 61 i 2 (8)3 ). 1 Samuel Proo*. (25 p) B28 4> : s 
Cao. Shs. 122® -lj* l Scarf ah Metropolitan Pro*. fSOp- lOb’al 

Tru&i Union <2J5p> Sv (9,3) * 5e:ond City Props. iiOpi Ji® 

Troswji carp. .25 pJ 120 J9 «9i3i. -4> Z K>SiOugH £ux |25 p> 113* 15' 

Bdr. Sifin. Slelchldra. Trst ifionl'-oai wn..i- Pt - 38 ' 9 31 ■ 1S2 4 (9.3) 

.Cn*. (25pi 11*2: Jos ' SW3 241 39 1 ln*csts; Trust iZ5p) 98 16 3 ' ' 

■nu Amen, Gen^TrWL (25o) iS.-a *et«»h See*. (26pi 106 

Brli Assels TrSI" (25BJ 6 M 3 21 . ^ 4 :. ’ U I’SfS Slates *i »0 Gon. Trust Com 

BCPf. 37 1 , 17 Xainh fin* ■ I 1 S3 8 (93) ... 

Sub.Ln. m* iVn ■ 65 ®- 5BcCffl '' ! united states Du.^Corp. t25p< 80 i9;3). Wrnta. 9i, (B7). 6 ocLn. 78 i3 3| 

Bm. IncU. Gen. In*, ini ficocCil* Uns.Ln < y* fcln 0 Rwowrce* Trust i2Spi 73’;o TraTord Park Eats. (Z5P1 M r# !■ 

99 i; .7 3 ) ' D -KuiT.uns.Ln Wemws m*est. 260 «8;3i United R.nadd"! Prop. tSSpr 20 -.® rs 31 

In*. Tru (25oi tag: g 41. suocPi 1 Wmtertioitom Trust i25p) 171® i9 3> United Real Prop. Tst ( 2 Spi 263: (9 3i 
BO 18 3) . |WiUn Invntrnpnt f25p> 71. B (25 p> 66 . Weba (Joseph) (Sp) 1J';. 7i ;B cP». 47 

Yeoman Invest. ,.25o; 148 (7 3» ; 'E3i. lacDb. 78. .„ 

Young COMffMms I Brest. Tst. 888 j WntnUnner proo. Grp !20ol la (7 3 ) 

. UNIT TRUSTS 06) tu\ 

M. and G. American- and Gen. Fund Inc.' RUBBER IM) 

41. ;Q Accwn. 40(i- i Aberfovle Plants. ( 8 p> 88 

M. and G. Australasian and Gen. Fund 1 Anglo- Indonesian i2Sp< 93 2 S'. 

Ac cum. 48'«: ! Anglo-Orineul '5-l2ttispi h 18 - 3 . 

M airt G. Dividend Fund Inc. 107 >.8 : Bradwall IF.MA' Ruhb« nop. 30 

112 8 . 1 Chersonese '10w 52 (7 3i 

?- Fir (wean and Gen. Fund Accum. ' Cxxil. Plants. HOP* 1088- Warrants 32 1 HARCH S 

7iJi I .g.JI .unnui v 

I Baste* Travowl Laos £23 ;© 
Boeing Cd. SU53S', 

Canuc Mine* 35® 

• Coos Gold Fields Australia :oo« 
! Fidelity PKldC Fdnd C27-,;® 

, Hamerdev Hiogs- 165 7z 
> MariMll Field £15 «8 
1 Mateo Cnema:*! lib:.® 

! Nicholas mini 72 
New Metal Mine* t 
• Pacikc Petroleum L2dii*8 
Pan PeirOltum £20 .® 

KalgoorlN loti*, pd,* 570 JelrOhnB UiB.33 

' Protea Mings. 578. 

BrojdiUM Ins TrSl (20 d 1 122 |7D 
Brunne r in*. Tn t I25|)ni: V 

rr2S«i?» , ! s ^? ,ent Tll! n t25 °l S5i* 19:3) 

3^iS£o v BW a ttl»“*“ a =* 1lf * 

*«S , r.Ln. 1915-87 B3-;_ (l.U) 

CMttol la* esurient Trust 1250) 958 

‘tturBhjarjB" ssi:# is ' 3 - 936 

gg^^Trust Agency (25p> 46 ; 


Hung Kang Land 103 
imperial OH Canada .Cll ‘d 
Kaiser Sieei Li5^« 

Kul.m Mal.rsa 35® 

M.Aithv Rcdw*, 32 i# 

NOrtn Flinders 38 
Oil Search 6 ': 

PaCifeC Ccnoer 31 

Sedco £21 

Selcan E*ploradon 238 
Southern Pat me Props. 
TrlContmental SUSIS-iC 
Unilever NV (FI 29) MJS55-'* 
Woodside Pets 61 60: 
Woolworth if. W.i . Cbiu. £l3« 

7 iB 

1 Sabina 32 

' Siemens IIOS-: 

Steel Cn. of Canada A £14 n 
, &w ie Pat.*: A 86 
. Waste Management SU520 
, Yukon Cons. 1 27 

! RULE 163 (2) (a) 

! Applications granted for specific 
bargains in securities noi listed 
on alt) Stock Rxchange, 

EMreer t FC 430 780 

South rrn Newspaper* 720 213 

TFG Tn*nis a 

Unitod Friendly Intuiance b7 -v . 


1 Burrsugh (James! 1B7 
CDdar Hugs. 5ncRed.C0m M. 2 3 :! i. 

! OTd. 6 5 

1 enuren Arm* Houimg Sompi, 2 .PCLn. .£1 
[ Domsweiia 28 
I Fuller Smith Turner A 245 
I Grind Hotel. Bn,toi 4 psfVn !»*«! 81 . 

! Grenddh T*1. HM5uSi 

I £47 

I Haror* Tnpmnson 6 acUnsLn. I99U98 
I US . - 

1 Liverpool FC £101 . 

1 Fading Jaw* RuBb«> Ess. n 

1 Ramon See* 1 

' Southern Count- vs Hotels SJuthanic:s v 

I 60 rCum.PT. 33 

' ’ MARCH 6 

1 7 I 

'Cimbudge Instrument 
. Cedar 5 4- 
1 Dir I ng Fund 127 125 
I Dimbuii Va.iev >Ce«ie>u 
SncCum Prnl 255 250 

Ir lush steal Cpnurucrions Bi;KPirt Con*. . Hartley Band 

jertev New Witerwsrli 

M.UtCH 10 

!M 66 i'.'.T 


Indnsi. * Trust “ 2 SpT^ 7590 . 
Continental Union Trust (Z5n) 95 
«»MIH Jawit Invest. (5Qp) T26 7 . 
WarrafiB 10 sub. 350 

Sai-ss: no?) ssrs# fc ,5 °**- 

fa (?!?» 7s: =* -■ s ’‘« Db ' 

°£ rt, T , T £««1 Income Shs. 210 (7/3(. 
Capital Sin. (SOp) 158 (E'3) 

Drayton Camel. Invest. USol 107': t 9 i 5 ). 

G-aPCCnv.Ln. 1986 84>; r7(3) 

Jrarton Core. Trust i25pi 126® 

! RS-rSL ^* r jailern Trust i25oi 27 

- D S?¥ n .a P K'' , 5!: Invest. Trust (25pi -|5b‘:e 


°^ir SMP. La 2^ / i ? v - Trt - i2Sp> ** 

Edutburgh American Asses Trust 1 3 5.0 1 

Accum. 7S.6® 


Bralthwaite Engineers 129 19(5) 

.Broken Hill Proprietary tJA2) 442- 
;Duwprd Eitlott T2i;pcDb. 94® 

►UwUwcn (a. a nd W.J Lasliw >500) 630 
MocLeilm IP. and W.I < 20 p] 18 

Neepsead (25p> 43 1913 } 

North BrixUb Steel (Hidtu.i ;25pi 30® 
Richardsons West girth r50o) S7 i9i 3) 
Swap Hunter 134 
4 Bi-DC H. nh >" ‘S Alrtu) iftD.SD) la's i9'» 

.Cn. tot? V 7 "kLb! H 68® W « ,2SV> S * :: * 7 i B - 

Kuala Lumpur Kepond Bernod -SM 1 .I 1 
I 458I9 3) ,,, 

London Sumatra I 10 o« 113 
I MJledie Invv iiOpi 57 ' 7 • 3 ' 

1 Maliviiam Plants, hop’ jo .b 31 
Malay® 1 Rubber (10Pi 54 -6 j, 

1 Mur Ri»er Rubber (TOP) S3® (9 3i 
Plantation Hldgs- -lopi. M :0 4 
Rembia rsp> 24>: <* *9 3* 

Sooomaoa ilOol 128 lB3i 
Sungei ,Kr<in 261® «9'3' 


scotusu (io b) 9 a 1 . * a : g .. 

Uuidon AssouL |ny. (lop) Gj ig V|- : 

ScomS” c'op» p !3 ' ■- •: 

%i™ D <R! n r.} 2 gg i Jt* a 5 ra »■' 

V !sop) A M n InteroltJ. iSOdi 175* 8 4. Pt. 

ScmTc. 112*311 is 

Park Place no pi 31 

n "" ’° 7 ® 10; «- BPcLn.' 

PrevHtent Fm. as O' BO 2 ■ 

St. George Assets non) 1 D*J IMF 
S!pw Darby lOpcLn. 211 ® (9:3) 
Smlyt Begs. <25 d) 55 (93 1 
SCttllm Credit (IOpi 35 ■ 
lotted Dominions USpi 36. 5.1 

34*® ML 1 SpcCn. 1 25 (B^i- 
Wagon Finance 125 p> 94 
WfcS of England '2501 40 

Silversmith i Ymkgree^ lnr, (1 Dp) 5:- 18.-33 

•• ««• (■•rna Idi aSm^g 6 * '* 31 ‘ ’ 

•• MWri^T , o H,d f*-^ J*BPI 77:.- 7 .8 31 

r : S£ r v aajy Ro "!V - nop' 40 i rs ii 

11 * rs ,t0w ZE - A 1 1 Dpi 20 

4J5PCPJ. S3 

■ v" ys "*** 1 52 3 (7 , 3 1 

•* ■’i 9 -6 3) 

• erford doss ( 5 pi - 43 * 

* ■BM*? "T- “ 

S - "™?J’ub3 i (SlTl 341; 19.31 
wood (23p) 187® 7 8 
l Assoc*, (loot ^as. 

IiOpi 78 

GAS (S) 

T-Grp. (25p) 118® 17® 21 3; i't* 1 ' 
. -CO (5o) 24 1; - 
*•■ V - .™®" 5ng a5pt 438 
• ; j-t^ Brom_ Spring ilOc) 36 ® 

•- .-tbriclc Prod*. «5p) 32 h i9 3i 
■ ;Sr" Board Mills tlOo) 60 ® >9,3l 

'? , 7i “ S (B|'5 r “ k * SlBA<l 12301 4fl * 

GLSp) 44 :;L® i|4 5 4 

minster Country Props. (25p) 14 

con- Evans (20pi 81® 

award Tele C 'loot 24I-*S> 
~ --1H Inga i25p) 441 -: 3 29 

Mtsnoal Dftt. Trading i25p 

VMHer's Restaurant* i)0p) 260 i6(3i 

,B2 . SliPCPf. 42 19-3) 
“W UI 8£| IGe § r ’’ ,U E "* - ,SOp ' 76 <9*1. 

5pi 126 9 

... . SOI (8 3V 
Idev (B. S. W.i ,25p> 46 

:.;^n B 'h T ^°^ , mS^ : p 6 r U 3 


12. 6 >«pcLn. 53 i 2 (9.31 
Bin* Construct. Cl dpi 23 

rV^i-^^P 11 - - 9/31 

-nt const, i 
kf* iJime*) 

«lns Mitch ell 

bm ?*v 

‘io" 3 ' 

-ar'itta w ^ 

■ J ama Junes U5oi si 
Hams Hudson (2Doi 24 16 /*) 

Uami clohnl cardiB i25pi 388 ** 9 
Is (George) iHIdgsJ (25P) 48 (9 3i 
; mat- 8 reed on (Hloos.) (2SP) 601.-8 59‘: 
. x£CFi. Sd i9i£) » 

lT B*»u , «l.' Contlnemal G*s ASsotlaUno 'Cmt. 
SU. 313® 20 15 111*. Toecn. 1990A5 
■ 320 t0. 3) . '• 

INSURANCE (177) . 

Bowrlog iC. T.) i25p) 1088 11 ® 1Z 13 9. 

SpcLn. ,1981 mss. lOptLn 1987. 154 
Bran (nail -Board iriuCtfinas} < 10 p> 474&J) 
*r. tannic Assurance lap) ■ 152® -i. - 
Combined insurance Co. of America Shores 
Of Common Stk. (SUS1) 114 (U).. ' 
Commercial Union Assurance. l 2 So>. 15St 
' Izftiy 52 3 5Pe7f. T98Q.2009 
Eagte Star litsuraocc Q5P) 144® (V B 
Equity Law Ufe Aisca. Sac. USpi . VG 6 ®.- it 

General AcaderA Fire Ufe Assurance 
Group CUo) 216® 22 20 1 . -7Lp«Ln. 
- 1987-92 68 i* CT}3). TLoCLn. 1992-97 
«7i» (6(3) •••.••*• 

■Guardian Royal Exchange Assurance. (ISri 
■ 226 8 2 5. 7PCPU 682. TpcLlk J98B- 
1591 67 (.8 .A ■ , . - 

Hambro -Life - Assurance * 2 Sp) 260 . • 
Heath iC E.l (2SP) 2778.88 8 7. . v 
Hogg Raolnsoe Group <25p> 186 
How den tAlexanoer) Group (10 pi * 1 M*. 
5® B® 6 ® B 9 70.67 N 3>: 7L. 

Legal and General (Sp) 1$J8. 68 608.2 

Leslie Siwrn- (Hldssj n0p)*94 
London Manchester (Sp) 124 «607- ‘.- 
Londod (Jolted Invests. (So) -1361 . - , . 
Matthews Wrig bison Hldgs. 420pT212- 
Mlpot Hldsa. aou) 18t 77 80 71.9 -.. 
Moran iC) rZ 0 p) 58 
Peart '15(0 234B SB 
Phoenix OSo) 246* 50 46!; 

Provident Lite London jk iReg.J. (25p). 

123 fSfS *-f- ■ . •• - ■ ■ 

Provincial 25ocPt. (20o) 37 6-19/3) ... 
Prudential -£p) ISO® 1 5 2 46 50 3 
Refuse (Sp) 177 1713) 

Rovat I2SP» 3758 

>25P) 3758 6^1 9SV 6 * 83 /fit 
lefc Forbes H|d®s- HOpt S7S.3V.J. 

80 75 

Sedgwick Forbes HUlOs- . .. . 

Stenhome Htdg 5 .- iZSp). .96 7. 6 %. ’ 

5p) 12S8 

20o) 41 2 , (8 3) 

■son 1 Connolly) Hloos: I 
3i. 10;:pc2i»dFf 106 OWL. 
son .wyton Engineering .lOp) 671 * - 

•on Jndustrlc 

i*r® «>?- B 9 
iaoV 41®*4Q""lBi5).* 6vi’ 

asp) . 

Is ran holme Bronze Powders (25 p) 158 

mbwefl Foundry Engmeering (TOP) 20 j 
Z! — I Anslo-SCPL 

Son Alliance London £158 20® 2 5 5 : 
7 30 26 8. 6'fncLn. 78h® 

Jtul Life (5p) -978r B ' 

Will® Faber >25o) 29®. 5 8 .• • 


Aberdeen Trst. c*9p). 118. HaicRd^b. 

AtSi ^ect 67 1^3) 

Alliance Trot. (2Se) 194 u® .-•»*. 4oc 
Pf. SSI* 17.3). 4i.ocPf. 378. 5PC Pf. 43V 
f7'3) 5),PCDb. 7l J *8 - 

AlUnmd Cap SPA (50pi 151 <7.3> • 
Ambrose Hw. Trot. Hit. (ISO) 5B iB/S).' 
Cap (25p).S2 5 

^8 8r.fefc ,a » vr * B,? *- *" ,25p) 


E Dof’DS > -97*9 J ri ®t' 4, iP*W6. 38 (7)3». 

Hggj* and General Invest.' <25 pi 60<;8 

English and -ntnl. Trust (25p> 7J1.-8 19, '3) 
tngOsji and New York T7ust I25 d) 63>.-« 
, 3 . , A'lPCUns- Ln. 92 (9/3) 

F SS. ls B ,Z51 ” «• 

faulty Consort Invest. Trust 91 16.31 
l.aditr income Trust (50p) l?o>s 17/31 
Etetate Dubes Invest. Trust 260 (7131 

American Trust i25pi 76l®. 

ass: 7 V-v,if m »- «■-• “ 

Fvrs Un on Goo, In*. Trust (R025I *4 
Forolgn and Co oniat. Invest. Trust >2Soi 
13' ij 3 H. 4V<pcDb. 62 <SI3) 
Fundmvesi -25p) 37. Cap 5J1S. i2Sq> 53 
G. 1 . Japan Invest. Trust (25pi 103 r«3i 
General Cons, invest. Trust rZSpi 75 
General funds In*. Tst. (25p) 128 
General Investors Trustees (25s) mi.® >> 
General Star.*). Tst. <25p) 74 18 . 3) 
Giandnofl In*. Tst. (2 Sp) 73'* 5. Wrnts. 

Glenmurrav In*. Tst. (25p) 61 1- 1. • 

I"*; Y*u (25 pi 97. JocDb. 88 
(8.3). 5<iPCLA. 781j. EHpcLn. 106 
Gave® European Tst. «25 p' (l'> (8 3) 
Great Northern In*. Tst. ( 25 a) nt ai^pe 
Dta. 70U8 (9 3) . 

Guardian In*. Tst. (25p) 69*2* 9 
Hamfaros Inv. TsL :25a) 76 
Harcnac in*. Tst. |10p) 26 16*3) 

HdlenK Gen. Tst. 5pc2ndDU. 61 M* ijl® 

Hill r Philip < In*. Tu. 160<; 1 
Hume Hldgs. A asp) 69X8. B <25a> 

Indust. Gen. Tst. (25pi 431 *. 4i*pcDb. 
908 • _ 

I ntnl. In*. Tst. (25p» 65'-* 

Invjtttlna in Success Equities USp) IIOijJ 

Invest mein Tst. Corp. IZSp) 174*8. 4 tape 

Pf. 3Bf a 8. Span. 87*8 

Wbrawe *25o) 86 0.3) 

Wood hope* Rhaea iHkfps.) (12'm) 29 v 
Y arrow iSOp) 283 lS/3) 


AastraHan (8) 

Colonial Sugai Rehner.ri 208® 

' vDnid Cola fields Australia 1900 
: Cam.r Mines 35 
I Citv I <1 veimg >75 
: Domtar 8708 _ 

I Exxon Cun. £30 'd® 

1 Hutchison Whimuoi n.-ocPT. 14; 

Hons Kong Land 103 

Investors Cap. Tst. (25p) 648 6 
Jarriine japan In*. Tst. QSp) no; (9/3) 
Jove lav. Tst. Inc. (IDs) 46 
Lake View in*. Tst. (25 pi TSta 
Lancashire London In*. Tst. (2So) 38 •* a 

Law Deoeviuire Corp. (25p1 898 1913) 

Leda Capital earn 20 :< ■ 

London Aberdeen SpcPf. <5o> 12>s 
London Holyrood QSoi 95 I9>3>- 
-London Lomond OSn) 60 
London Montrose <Z5p1 187 (JB/3J 
London Provincial (25m 92 
London Strathclyde l2Spt 35>r (7,3i 
Loodon Australia I5A1) 121 <9/3i 
Lon dor Invest. (5pl 3® 3 L U 
London Merchant f25p> 75 (8-’3)- 
Lonaon TsL ■ 4pcPt. 4®. (25m 1728 3 

. (9'3I. 6PCLn. 9S'ta (95t 
M.G Dual Income nopi 182 «8'3). Do. 
Cpefal as (c.’Si 

M G Second Dual Capital (4p) 174. is 3i 
Mercantile 125p< 34 *« I*. 5 pcPL 488 
Merchants (25p< 6i>-8 2 
Metropolitan 3 i^ocDb. 65 : x8. 4UptDtr. 

861; (7,3i 
Monies '2 Sp> 41 
Montagu Boston UOpi S3 t8l3). War. to 
sob. 32>3® 

■Moorsldc (25 pi 84 (9/3) 

■New Throgmorton Income shs. (25pi 1BH9. 
Cap. sns. 74® (9'3i. war. to purchase 12 

Assam Jn*. tOrS (9.3< 
Camellia In*. (TOP) 19S (B,3j 
Dednai <5pi 148 52 jB.Si 
Empire >IOp> 22.17,3) 

Jokai 245 (6.3i - 

McLeod RutSfl 195 7 (9.3) 
Run i25m 140 19/3) 

Single <1 Dpi 22 <6(5> 

u . ■ - Warren >25p) 188 |7'3) 

rMmpton Gold Mining Areas (Spi 92® i Williamson 140 (9'3i 
M.I.M. Hldgs- (&AO-501 124 8 7 I8'31 ; 

Broken Hill Hldgs. (SAD. 50 ' 84 6 
EL^L. „<»*D J8) ’ 10J. (9 3) 

*S? , S Ex Dion Iron >5P) 15-;® 

Western Mining Corp. (SAO SO) 94® 

Miscellaneous (Si) 

Bu*rn* MMf^BS 2 ^. 1 56 4 ‘ '* 

q m er i8 C041 ?Si A'ig’ l2 ' 5p, ,,9 ' ?s 19 20 

ConUtd. Gold Field! (25o 


Barton <160pi TB5 (6 3) 

Buenos Avres Trams 22 (9 3. 


Brit. Comw'th. ISOP) 354 ® 5 
Caledonian In*. (25o< 215® 

Common Bros. <50pi 145® 2 

Flihc- ijumesl Sons (25P> 120 

. Unset- Ln. £T 
r Burrough Ij > 107*- 10b 
| Caillelown Brewer* 185 174 
'Clyde Petroleum 118 115 
' Doiaswelia 28 

. East Ang>ian Wale* 5 :ocRed.Db. £86 
' Eauiem 24 
G-R.A. Proo. Trust 12 II 1 : il.'i. 121-1 
■ 1 2 >. 

1 Grrcral Ceylon 5 

| Grenden Trust t1pc5ub.Uns.Ln. 147 * 

Jenningi Prof. 60 

North Sea Assets ESS >48 

Jarriine Mathesan 193® 908 89 80: 92 1 Oldham Brewer* 56 

Fprnesi Withy 254 5 'IScPi.Ml.., 435® . Jir®?)! ”?« Gas £25'.S 

MitneHn FF 1100 O 
National Drlro>t £19.40® 19.48 
0 akbr-d 9 c Sec, 132 
Power Con of Canada A 655 
RCPCO 85® 

Rcichhold Chem.cais £10'' 1 . 

Swan Brewery 860 
Thomas Nationwide T, in sport 808 
Un.ted Slates Steel £18'a 
Vultan Minerals 10 .8 >S< 

Wherlock Mar Jen A 33 


Acmes Hldgs. 7: 

Alliance On Drvels 10 
American Eagle Pen 1990 
Am do I Exploration 97 
Ausl. Cons. Minerals 
Coniine Rio Tinto Airst 153:0 ■ 
Courage Breweries iSOc* 26® 

Dome Pets. £37 U! 

Economic Laboratories UIS19‘aO 
Evploration Co. 230 
Finarcc Union 500 
Mesoerus Hidas. 68 

■7 3 

• * 3- BLpcLii. 70';® 19 3. 

El. Oro Mining Elpl. rIOpi 47 
Rm Tmto-Ztae Ireg.) asm 165® 74 70 : 
72 5 6 6BU 70 69 H |i. a 701- 6; 
ACetimhjating (25m 166® f. 

5aint P, ran (25 pi 49® 

Selectlan Trust i25pi 382 
Slivermlnes r2';pl 33 . 6 31 
South Cralty ito^i 51 >- 2 

191® 86 BE I Hunting Gibson 20< (9 3 

Tanloag Tin 
Tronah Mines 
17B (8131 

isle of Msn Steam Packet 14 3 (7 31 
Jacobs (John t.i «20m 40 
London O s 

Metal Ea 11 ® 

Muriay Roberts 140 
Pahang Cons. 47 
Peko Wallsend 440® 32 

Resent nail jeweller* 25: 

Woolworth Mlops- Ord. 177® 

_ 'seas Freighter* I25 di 31 . T 
Lyle >25nl 128. A USpi 128 7 (9 3> 

Ocean Transport Trading i25p> I2b<.-® 9' 2 ^ 

PeninsuUt Oriental Steam Ni.. 5ocP1d ' MARCH 6 

40 (7 '3i. Did. 98® r 8 ; ?*;. '<pc Acmev Holdings 7: 

bins «15pi 95 (9 3 1 

Malaysia Berfiad tSMali 

Rhodesian (1) 

Botswana RST -PuZi 14 

EfK?" . , 2 A»‘ 196 ( 6 * 8 ■ 

Minerals Resource®. isBOl ^Qi 139 
Rhodesian ilBjpi 21 19 (8i3* 

Roui Con&Jid. Mines 8 iK4i 60 
T rs\ a r ,k i Cp^sspgna '50 di 120® 

•9 4*- 9PCPf. i80n> 770 i9;St 

Winkle Colliery iSOpl 361- 
Capper I 


nvesu. I18DD.24I gi- 101 - 

South African (74) 

a£ 5£ (JtO-IOJ 276® 

*yL“ Amer - Cold Invest. >Rt> pi 680 2 S 

J^ 15 T m ■y * 41 Con * Ud ' ,n *«- (RQ.SOi 
Sbhopsgpte Platinum 1 RO.IO 1 79 i 9 , 3 i 

Gold Mining iROJSi 321 
BrKkpp Mines iR0.90l 1U51.05: 1.J4 
Buffetsfonum Gold Mining iri i p897 

.(Transvaiu iRD.SOi 

Consolidated Murchison tRdlioi 315 
Coroiution 5ynd. iROJISi 94 ® 

“O* 1 * Min.'n® (Hit 278 
rE2St e W^ t *> 3U 54.20 

^USS.b'SISm" M, "M» « 1 » 

. Gold Uranium iRO.50 

E Sss'55T' < D382 rOSr,et,rV M,h « <RI 
C f73i r * nd Scld M,n, !'9 tRO.20' 228 
Elsburg Gold Mining iR1> 14 B® (9,3i 

_ Stale Geduid Mines iRO.50 

SUS^31«® 23.67® £16^4® I 61-5 
Free State- Saahilas :Rlt 84 i 7 (Jt 
Mimng Finance JR2) 75 .b 3) 

-• o*d Fields South Africa ;R0.25i SUi 
•9 3l 

Anglo' Amen. Secs T25o: 
4 Anew. 38> f7*3*' 

?d 'Hldgs. 1 I5P) 30 19 3) 

« ft al LT*L- z . sw BS 6 61a 

od (S. W.i !20o) 34 :9 3i 
sdnead (Jongs) i25p) gj® 

507 848 4 5>a -S.- 
Inv-’ Trst.. Asset t25p) 103 

In*. Trst f25p> S5'.;B 
Archimedes In*. Trst. Inc. CZSov 70 I9 - ; 

Cap. (5001 31 19 3) , , i 

Athdown In*. Tst iZSoi lOTl;. 4LBc^flv. 



■■ •/ 



(telephone number in.' 
parentheses) ■ 


' Interest payable 

Interest Miriimum Life of 

stiin bond 

- T ■ 




lamsiey Metro. (0226-208282) 


• J-year 

: ’ 25ff 


urklees f04W 22183) 


Kvear . 



’oole <02013 5151) - 



500" - 


toOle (02013 5151) 



500 - 


leading (0734 592387) 





:edbrfdge (01478 8020J ... 





ouihend (0702 49451) 





■hurrock (0375 51221 





’hurrock (0375 5122) 



. 300 


I'rekin (0952 505051) 



. 300 


, r rekin (0952 505051) 





York Gartmore i25p) 33 ta 2 h 
'Nineteen Twenty-Eight «25pi 1838 
Nth. Atlantic Secs Con. i2Sn>.78- 7ta*c 
. Unscd.Ln. 90 (6 3) 

Nrthiu American Tst- (25o> 82 1 : . 31 , 0 c 

Pf 431 - (7 31. 5ocUncdXn. 73 (7.3) 
Withrn. ices. Tst. (25p) 93 (9*3) 

OH and Assoc. Inv; TsL (25p> 53 h 
D utvrlch In*. TSI. (2501 471; (fi 31 
J’emJand In*. Tst- f2Spl. IOOoO 100 ■ 9)3 1 
Pro*. Cities Tst. ( 2 Soi 23 
Itaoburn In*. T St. (2Sp) 1031*. SpcPf 
f 441(8 21 

Rights and. Issues Inn Tit Inc. '25 p> 
■2SSP.-JW. Cao. fzspi 25b, 7«;ocW.- 52 

iBfSi /• 

WWr.'and Mercantile Tst. (25pi 149 
Klvcp Plat* Gen. lor. Tit. DM. I25p» 122 
“ " <Br i (Flsjnj-fUS7«J*. Sub-Shs. 

, Ip Nat. Pro*.- Bk .1 (Fts.5i 5ZB® 

bunco NV Br. rFls.501 36b 18 3L Ord. 
Sub .-Shs. (Reg. in name of Nat. Pro*. 
Bk.) (FIs -5) 366 (7/2) 

Romney Tat (Z5p> 75. 4SaPcUnsed.Lit. 72 

Rosedlmond. In*. Tor. Inc. Shs. tzsp) 57^8 

schlld Inv Tst. (SOd) 1588 81. 3^pc 
*50o' 28® (BI 31 . . €i:ecUniM.lji. 

'j® f9 3i • ■ 

SL. Andrew Tst. I26pt 102 I9H 

Save add Prosper* Linked Inv. Tst. CapShs. 
ITOp) *4 9>: i7i3) 

Scottish American in*. (50 pi 76>:8 5 ’« 
Scottish Continental in*. (25p) 62 (8/3 1 
Scottish MercanUk In*. (2.'oi 105. A 
(25 j>) S9» 

Scottish Cilies in*.. Tst. A i25pi 156 (5 3i. 
A (25PI 158 18/31 

Scottish Eastern In*. Tst (250) 115®. 

Si.-pcDb. 768. 4ocDb. 3H.-8 
Scottish European lnr.'(25pi 34® 19 3) 
Scottish tnvtt. Tst (2 So) 88 7 
Scottish MOrt. TsL (25pl 948 68 ta 7 
5>, 6 19-31. 5l40cPf. 448 
Scottish National Tst. (25p) 122 
Scott i^i North am tnvst..TsL (2Sn) 87 6i, 
Scottish Ontario (25p) 115i 2 . 

Scottish Utd.- I n v est ors (25oi 778 8 . 
Scottish- Western -InvsL '25pi 75*-® B<, 

6 8. - B (25pV 89 (fc-3). 38 ta 

SecOim Alliance TsL (25 p) 1628. 3tape 
Db. 68® 



Second GL_NOrttrern S6 ^ s> 

4lp PC 

Securities TaL Scotland (25 pi 

Pf. 39(i8 . 

Shires IwraJ. «0gi 120® 18 (»S» 

Sphere >250) 93 <9 ' 

Sterling Tst. (25p) 144^8. 5 pen 72 (8131 
Stockholders InvsL TsL i25p» 77 1 , 
Technology ”4n«t- TsL (25p> M's® (9/3i 
Temple Bar fiSp) isS®, -7pcPf. 57® 
Ihrogtnortcu) -Secured Growth Tst. Cap.Ln. 

Thrwjmmron Trust f25o) 6SH 5. B’goc 
Ln. 1 06 <7131 ■ 


Grootvlei Prop. Mines IROJSi 125® B 
Harmony (R0.50) 368® SUS5.D5; 
HifMbeeattonteln iRti iUSiSv. tail 
Johannesburg Consd. (R2i 11*i ;b 3) 
Kinross ,Jt1) 1US5.45 .93i 
Klool 1 RI 1 SUS6.B2 6.BD /; 474p 19 31 
L “sg , * 0 ‘ B5 * 1UM - 60 » P42ij® SU50.52 

Llbanon (Rli 542® SU57.1l 7.10 p528 30 
toralne (Rli 98 SU51.35 p99 
MrOenbora Platinum TRO.iata! P69tj 
Marlevale Consd. (RO.SOI SU51 .05 
MS?. 1 ?* -Zranwaal. Devpt. -R0 S0i 728 1 

•SSL/wass? assn 3 /'“” 

N n 2 t ^J ^ Yg l 3 ^ V,tw • 1 “ ^ * r,l^t, Art * 1 1X0.50. 

N^^^oSlwndjGofil 't.p.*fli(L|0i 100 

ES3S BSf ttll* 

froos. -RD 120 ;9 3i 
W ?R 2 i° 35 iIi 3456 s Mb ' Wltwstersrand 
R-i-burg Platinum Hldgs. (RO.IOt 928 
5L Helene • Rli 80128 

Scntrust IRO.TO) 198 

S. Af. Land Explrtu. IR0.35) SUSO.76 (8 j 3) 
rrano-Natal Coal ntasoj 1358 i9/3» 

U.C. Inv*. iRIi 227® 20 
Union Con. iR06i r ) 274® 

VMI Reefs 'R0.50) £12.77# 

Venters post iRt. 25D® SU53.40® 3.20 
VukfDPteln f RT) SUS0.73 0.72 r8.'3"i 
Wnlkonn (ROJOt )U 54.00® 4.01® 

West DrleMntein ffllr £19.14® 

West Rand Consld. (R1) 1US1 .65 i9 3) 
Wdrtern Areas (Rli \US2«‘> 2 90 
Western Deep iR2) 796® (9^i 
Western Hides. (RO.SO. £18.93® aUSZGir 
Winkeliwak f»ti 766 
Wttwnersnind Nhjel rRO.25) 48 
Zandpin 181 1, 193 5US2.76 (7 3) 

■West African (2) 

Amalgamated Tin Mines of Nigeria (Hldgs.) 
<1 Op) 27 6 

Blslchi Tin HOP) 6*i (9 3) 

Gold and Base Metal Mines M2 tap) 
(813) . 

jantar (12>}> II H (7/3) 

Diamond (27) 

Anglo- American inv. Tst. iRO^Oi £3*b 
De Begrs Consokf. Mines 40pcPt. (Reg.) 

. <R5) 10 17(31. Did. (Reg.) (R0.05> 

p 3340 200 36® 3: 3 8 4 5 2 7>a 30 1. 
Do. (Br.i (R0.05) o 376 

OIL (325) 

British- Borneo bvnoicate iiOpi 138 i7/3) 
British Petroleum 7270 £0® 40® 26:0 

Db. 90 >4 «8!3) __ 

Rrardon SmRn Line A i&Oo) Jl'i i7:S* 


Bournemouth District Wir. Corp. 36 >7,. 
Bristol Waterworks Co. ).5pcCnn* Pi. 37 
(7 3i. 9pcRed-M. 107® 

Cambridge Wtr. Co. 4.55 ocRed PI. 75'< 

(6 31. a’aPCRed.Pf. BO 
Coke valley wtr. Co A Toe am. 5B'« (8i3* 
4.2DCRed.PI. 72.(7 3* 

East Aneion Wtr. Co- s.asocRed.Pi. B5 

Eastbn. WirwkS. 4.2DC(«nl*.6ptiRd Pf 6E 
ta (6'3) 

Esse* Wtr. 4.2pCtlm(y.6pC)Pt. 69... 10 . 

Rd Db SB 1 ; 

Folkestone Q it- wtr. 4.9DCl(ml» 7pc)Ma* 
480 (6:3) 

Hartlepool Wtr. 4.025peilmlv 5tapC)Rd.P> 
72 ■; (B>3) 

Mid Ken* Water 3 -Sue llmly Sect Cons 
Ord Stk. 37 «; (8/3). 9ocRed PI. 1982 
101 hi (9(3). 

Mid Southern Water lOpcRed. Deb. 1992 
1994 70 11 * ** (9(3) 

Newcastle Gateshead Water a.D25nc (fmiv. 
5 '.SCI Red.Pf 1982-84 76'- •B/3». 5 pC 
Red. Deb. 1980-81 B9® I9.31 
North Surrey Water 3 SSpc llmlv. 5 tact) 
Red.Pf. 1981-83 60 (7 3) 

Rickmans worth Uxbridge Valiev taocPf 

log u 

South Staffordshire 4.9pc A 49®. giaPCDb. 
78 V® 

Sundcrtaod South Shields 4JS5pcP1. 74 
'8(31. 9PCPf. 105*4® V» (7(3 i 
W rexham East Oenblgiisblre 3.5ocPI. 37 - 
York Co ns. PL (4J2pc max- Iml*. 6 pc) 38 


March 10 

MARCH 9 (Nil) 

MARCH 8 (Nil) 

.MARCH 7 (1) 

Bradiow's Stores 6pcCum.PL 30 

* MARCH 6 (Nil) 

RULE 163 (1) (e) 

Bargains marked io securities 
which are quoted or listed on an 
overseas Stock Exchange. 

! Afrikander Leaser ISO 

: T.P.G. Invest 3 . 

Tricentrol Warr 40 
. Winchtster London Trust 2>« 


'Arbour Court Inneaimeniv 3'i 
Brentford F. and S.C 70 
! Castletown Brewer* 178 
, CiBirmace 34 36 
Clyde Pelfhleum 118 117 115 114 
I Dalkeith i Ceylon i 5 
East Anglian water -5 ;pcRro-Db LBB 
1 Efdr.dfle Pone A 177 
’ Ferranti 265 263 262 
1 GRA Property TU. I2U 12 11 
I Gibbs Mrw 365 
IGKN (U.S.I BocGtd Db. £74 
' NMW Computers 98 
Oldham Brewciv 55 
Tea Cor on. 7'j 

i TrKrntrel Warrants ao>; 40 
V.L-ng O.l 1 68 166 
j Winchester London Ttt. 2 

! MARCH 8 

Channel Hotels and Proas. 20 
Commercial Bank at Wales S6 
Du r der* An«u» Ice R.nk 165 
Exchange Holdings 23 19 
Man* and Overseas In*. Tst i 
Morton (G » 5pcCiun.PI. 30 
North Sea Assets 860 
Or. enl FC 35 

nmw Computers 102 100 

7'-i*.Mai! fra' 
£90. SocSrdCum Prel. 100 3">.Curv. 

2ndPrel 130. 5pi:Cum. PreL 185 
Oldnam. Estates 107 iota - • 

Chivan Highheias 51 id 
; Pgrtimouin Water 4 ,-pi.Dn l*-7 . 
TBlMBO* Kao a ii a Inv TofCum Prer. , 1 1 
Twinloct T2p:Uns.Ln. £77 £71 
j Urogate In*. 60 

j RUIai: 1K3 c;> 

I Bargains marked fnr appruvmT 
companies engaged solely .m 

mineral eEpl(irati>*n. 


c C P. North sea 075 
Cl lilt Oil 412 

Gas and Oil Acreage 9" 4“ 

Siebens Oil Gas (U.K.* 232 2' l 213 
239 228 226 

j. MARCH 9 

I* 1 *; Gas and D-t ALreage ni 

SuMm Oil and Gas <U h t 229 230 


! Gas ana 0(4 h-.iean.- tOO 97 
S'eenns Gil and Gas (UK ■ 224 233 

326 227 22B 232 


CCP Norm Sea Associates £8 < L3 ■ 

Chifl Oil 367 

Siebene Oil and GH <U K i 230 22b 2JS>t 
22*': 224 


CIdR Oil 375 
Siebens Oil and Gas >U h 

Amalgamatead Bonanza Petroleum £33'i® Paislr* Uc Hms 50 43 
Assoc. Minginrvr £16 -® ■ Onrei'* Sliver Warehouses 2": 

i Pa tvrnuasniu <•( 11 ^- 

i "ii i| ii--/i' 

224 2 10 

■ si: : .-I 

.MARCH 10 

Acmtx Holdings 9® 

Amool Pets. 56® H 6 7. 

'• SUS01BI; 14p 

B.H. south 63 - . 

B.P. Cana dd 915:8 

Bata Kawsa 43. 

New 13ta8 

BouguniHtle ^.optoer 


Day Mines. 

Greyhouno Corp. 9108 18 
Hutchison Whampoa 561; 
international Mining Ltd- 318 
Jardlne Mattieson 1891 - ' 

Metal Ejk>. 12 

Myers Emporium 132® 3® -4 

Nerison (A. C.i Class 8 Cl-Sta 
New Metal Mines 2# 

Oakbrldge Secs. 142 
Panconilrenlai 800 
Peko . Wallsend 440® 

Petroflro SU51198 £85® 

Punier Concrete 1088 

Sean Roebuck MJ524U 

Straits. Trading 168 

Tasman Puio Paper B2 

Thomas Nationwide Transport 858 

Tri Continental SUS17*:® El 3* is® 

Weitteid Minerals 55 

WheeJoc* Marden A 331; - . 


sbbey National ....1 

alliance ... 

oiglia - • 

Birmingham ...; 

Bradford and Singley 

iristol and west .... 

■ristol Economic 




^Uiolic ... — - 


Lhelienharo and Cloncester 

Iftizens Regency i 

aty_.o! London .*■ 

• rovtooy Economic ' 

liirentry ProVideiit 


[ateway - 


. iuardian — 

lalifax '..... 

tastings and Thanet 

feart of England . 

leans of Oak & Elnfiold ... 





















- 5j0% 

. 5.50% 

. 5^0% 

• 6.00% 

-6.75% '• 
fl.75% ' 




-. ? •Term Shares 

6.50% 3 yrs., 6.00% a yra. 

6.50% 3 yrs, 6.00%-2:yESL, 5.75%. 1 yr. 
6.50%' 5. yrs., 6.00% 2-yra, 3.75% 1 yr. 
6.50% S yrs., 6.40% 2 yrsL, 5.75% 1 yr. 
650% 3 yrs. ,<00%' 2 yrs., rain. £500 

6.25% 3 months’ ootiue 
6.50% 3 yrs„ 6.00% 2 yrs. 

€L30% 3 yrs., 6.00% 2 yrs. 

6.30% . 7.30% 

•6^0% 7 ^ 5 %: 

•uddersiield & Bradford ... 

earn in on Spa 

eeds Permanent ...: 

eicester • 


ondon Goldbawk 

lei ton Mowbray r 



’atlohal Counties — 

ationwide . 

C ewc?stie Permanent 

few Cross . — 

lorthern Rock 


alaley ■ 

eckham Mutual 
.^'■ortnian * 

" Togreaslva 

‘ topersy Owners 

Tovtncial _ .»»**•** 


uates Mutual 

own and Country 

* t'oolwfch 

— ■ a 6.45% over £5,000 

5^0% 6.75% fi!25% 6 months' notice, minimum £500 

5i0% ■ 6.75% ■ ' 6.50% 3 yhi., 8JJ0% 2 yrs. (£5O0-£15,60O) 
5.80% 7J0.% 7.05% 3 yrs. over £5,000 

550% -6^5%,; e.72% 3 yrs, mim £500 

5^0% .. 6.75% 6-50%. S. yrs. . ..... . 

5^5%' 5j 0% '7-50% .6.75% 3^rs.-u— T - - •- . 

5J15% '5.50%' 6.75% — iJp to 6% 3 months' notice ' 

5J25% 5J>0% ’ ? 6.ra% . ' "630% SyrsJ, 6.00% Syrk, mm^30O-£I5,OOfl 

5.75% 6J0%- 730% 7,J0% 2 yrs, flxed.1% over Share Accta: 

5.75%. 635% .630% . 655%. 3" mths.' notice, mnmnurn £1.000 

630%; 3 yrs^ 6.00% 2 yrs. 

630% 3 yrs-, 6.00% 1} yrs., £250-£l 5,000 
630% 3 yrs., 6% 3 months’ notice 
6.75% 3 yrs., 630% 2 yrs^ 635% 1 yr. 
t.00% 6 months’ notice, minimum £ 2,000 

6.50% 3 yrs,' 6.00% 2 yrs., fl00-£15,000 

035% 2 yrs. 

735% ayr^ e.75% ljr . 



6.75% • 








5.73% " 

' 7J®%" 

6.00% ' 














. 6.73% 


a.oo% 7 




• 730% 




5 25% 


. 6*75% . 



■ — 






. "6.75% 



-6130% .. 


















6 . 00 %. 




6.50% 3 yrai, P.00% i.'yrs. min. 1250 
635% 6 months 

630% 3-4 -yiSw min. £500, &00% 2 yrs. 
630% 3 yrs, 630% ? yr* 

630% S yra, 6.00%.? yrs^ min. £LOO . 
325% '2 yrs., minimum £50 0 

0.75% . '"630% 3 yrs,. 8.00% 2 yrs. 'min. £500 

6.75% ■ 630% 3 yra, 630% 2 yr&. 5.75% 3 mtha. 
5.65% ' ’ "6.75% ' 6.65% Syrs, 6.40% '2ym, &15%3mtkLnoL 
630%- 7.75% 630% 3 mths. not. »530% to limitd. cos. 

530% 6.75% 6-50% 34 yrs„ 6.00 % 2 yrs. 

5.50% fl.73% -630% 3 yrsu 6.00% 2 yrs 

530% 7.05% BJ.0%- 3 months' notice, mrnimum £500* 

530% +10-00% • 630% 3 yrS, 8.00% 2 yrs. «Max. £250; 

530% ' 6.75%. .\6.0Q% 2 y re, ;3 YM.. 

• Rates normally variable in-line wth' changes in or^aw share rateA- 

3b 30 71 26 34 5 2 8 *01 27 42 40 
37 44; 281 3 322 41 29 4. BPCPr. 
72. 9 pcpi. 848 J'l 41; 4. SpcDb. 
991.8 •<- SpcDb. 90 ta 89 90ta BV». 

Burin oh 45ta® G z® B;7 9 30 4S 7 ill 7;. 
Sport. 42 i9/3>- 7UPCPI. SO® (9/3). 
BpcPI. 5 ota® 6 ® 7: : 19/3). 7taPCLn. 
64® 4 t9/3). BtapcLfi. 57® 64i8 ta 

Cpntury (lOp) 63 is 

Chart crhall ISP) 21 :,;® 18 3 2 la *1 
b*o 5 ta«Db. 1374-78 98 18 / 3) ■ 

KCA I null. <25 p) 29 8ta 8 <* 

Satttlsn Marine i2So) 148® 53 50 

Premier Cons. Oijbelda.rsp) 14;. 4,1 hi . 

p of oleum tBrJ 1 FI. 2 O 1 

SDS5B1,;® sa 

Shen' Transport Trading rReg.i (2Sp) sflO® 

* MO 

?a- 4 *?w^° 8 3 « 7 437 S 504 7 

tahK-ti/fS ’nJ l*»rt SIB8 (9.3). 

*' (T,3). 7pe2ndP(. 64 taffl 

Wnfistrs.™ 0- cor9 °- 

TJ^ttrn, QSp. .35. W 4|* 378 

Unsec.Ln. 140® 4i.-® 3ta8 8 ?, 4 
UHrarapr (25p^ 2078 11® 3 ® 2sz 207. 

17 20'3 12 3 °* S ,B 13 18 15 2Z " 


A (B,;d“ frw * rtr - »*•<(*. StaPCDb. 76ta 
Allied London Props. 11 Dpi 46 ta# '9 31 

aI>7 * 9U « 

A/nateamated Stares (5pj . 8V 1 , 

’ (9)3) 

i s 

Bon k Cam'roerclJ" H~5t£** ft Opi' 3 " . 
Beaemoat Proes.' <2 SpT 8 i 13,31 New 
° r % ™»> 128 Ii 8 e 3 S 

B Ss3 r »r5 PV <zs<0 51 ® zi 60 ‘ 2 ' can - 

assp , u l !ra& 8^%* 

MtsJib. 107. 12DCUns.Ln. 132 (B.% ** 


H2S& E*«4e ^ .12501 86 (6l'3) 

sssfss c m* prm ‘ m - M ‘ i: ® 

wraa I5M 15U® L«. 9izpcUns.Ln. 851 

J ai v t *- «0p) 91® 90 


(9 3) Bptjub.Ln Jitk. 578 (9/3) 

C ^0jT' l 77 a (7^ UtM ,MW 77 C“‘ 

CMJter^id Props, /js B i 297 ,3, Sj 

l25A> 9ta* 11- 

City Ofkces >25 pj £51: 6 18 31 
Colmaii i£ i Ai«) SocLn. 52 16 3) 

Compco Hktgs. t2Dpi 112 i7?3) 

Corn Encfiange « 10 p) 16 < 16 3 } 


aaBsasr^sTT® st i‘” 

Dares Estates tlOo) 14 (8 3) 

£!£r!2 lt SP 52 If.3» 

EMliih Property Cora. i50d} . Mta® 

M’sQ 2 * J ‘ 6 ^ peLn * 85 *■ IZPCtn. 
Estates Property Invest. (25b) 85 3 ' 3 ) 
Evans 01 Leeds Q5p) 85 . * 

Great^ Portland Estates -(50 b) 300 4 ® 

Green (R.) nop> 37 
GrMaUat Prop. (Spi 8 <a (7(3i 
HimmwMn Property A (239) 565 
Haslcmere Estates nop) 2308 
House Property (50 p) 94 (8'3i 

'To*2ffiMS ,wtv nw 27W “ »•* 


StaoeLn. 68k,® 

Db. 1978-83 . . _ 

9ta- SIlOCLn. 185 A SCpcLj. 139 

10BCLn,'141 »w«ji..vpy 

Law Land (2031 44® f9‘3L 7tKPb. 71 (, 


L|wls (John) Props. StaPiDb. 1984-49 

Lohg«, ii Pro . , ^ 1 Shop Centres ( Hinas. 1 

London CKy Weszcldf BsncDta. 31 il^Si 
London Coonrv Frnhgid LfUMold Pu, 

S'.jncDfta 54 Vi I673L i\to£SSl fiSSifl 

SlMB P/pp, Trust 12501-82. 6 taK 
Ln. 838 (9'3! 

Lynfon Hhfgs. j20p) IIS (9 3» 2 
'tIKS :a 4"L' ,21 ?a 4 *e_ 1 2 3 ■ *'>i«l»f. 33 

(7?3». BpcLe. 61 fio. 91 
McKa* Sacs. i 20 pi ib* ihjjj 
M idhum While 'Hldgs. (IO 01 37 1 , 8 . 
Mountwew Ests. (opt 58 ■- IB'S) 

Mucklow (A- J.i Groun fSBpi 108® SO 5® 
Proo. IZSp) 731*58-3® 4 5. 6 -^toe 


Mar. 10 

Mar. S 

Gold Hulhna.; : 

latineoum-e): i 

Cliwe IP 185ii 186 lg |51 8 BI 1 189 

Oveolnu ;> 187-187^ IS1B8-1B8J, 

Sli-n-ningrtx'^ jsiBta^O S18755 
iiC97.51W 'lC67.414i 

Afltm'iifu'c >186.90 iS 188.30 
|ii)97.177j {(£97.717) 

ttmrt (.'inn .... I 1 

lnltie>TH.«IIV _ 

Kruaermnd.. l5-19QU-19Zi< 519£i£-194is 
nL'XOOlOlj .(£100-1011 
Nbtt , Sr,v'gn*,iP57.59 > 57 * 2 - 591 * 

.i£30-31i {(■ 30-31i 

>ivt Snr'ran- |558i4-60>4 '• 59 l 4 , -filis 

,(£30i*-3H2i |(£30S 4 -31i4 

U 1111 I LotUr... ] [ 

Inienni'iivil ! 

KrueemiiT.l..jP 19 1-193 . i5193ie-195la 
litlOOi I01 bVI(£10O!2-1O|i s 
WS ortan* IS57.59 P5Ti*-59la 

Ii£aO-31i -|(£30-31i 

Old Mon-'ans '55814 -60 >4 S59i 4 GH4 

n£30ic-3Uz) i'£30»4 -31*ii 
Sfln Kngte* .. 5297 300 S897-300 





* Uni 1 0 
Aceoun 1 

Afiivli 10 


Tier I me 

L’.S. (lullar ... 







.Cmuilitii ! 

Aimria u-H ... j 
-Belgian Imiir , 

Danish kruaie:! 
Oeotjp-heui'rL • 2.57248 
Dutub guilder 1 2.69007 

l f reiiehr franr. 5.B8675 
Italian- lira.... ' — 
Japanese yen. I 286.461 
Norway krone 6.53233 
>^)(ua pucui.. I 97.9520 
Swedish krone j 5.66 147 
Swie* fraiu-.... : 2.40507 






6T.9894B ' 

2.0863 J 

8.71016 ■■ 









Bill rate declines 

Bank or England Minimum week. All bills offered were close, and overnight mono* m** 
Lending Rale 6} per cent, ailolted. Nexi week a further to R per cem in the interh.i:ik 
(since January 6. 1978) £300m. Mill be on offer replacing market m the adornoon, before 

The Treasury bill rule fell by maturities of £430m. dosing al K-7 |»er cent. 

0.07D1 per cent, to 5.9139 per cent. Day-to-day credit was in short Banks brought font ; ml run- 
at yesterday's tender, and Bank nf supply in the London money down balance-., there a f.urSy 
England Afinimum Lending Rale market; and the authorities »avo larjie nei-iake-up nf Treasury bd.K 
was unchanged at 61 per cenl. assistance by buying a small settlement was made of cilt-cilsctl 
The minimum accepted bid tins amount of Treasury bills and local stock bought from the a uthoriiics-. 
£98.52, compared with I9S.5U! -pre.' authority bills from the discount and the market was also f^cvit 
viously, and bids al that level houses. This was not enough to wlih a sizeable rise in the nwr 
were met as to about 43 per cent. -lake out the full shortage how- circulation. On the oilier hand 
The £300m. bills offered and ever and banks are expected to there uas a fairly large evcvs-*,'J'f 
allotted attracted bids of carry forward run-down balances. Government disbursement:, over; 
£864 .49 compared with Discount- houses paid G-61 per revenue payments to the 
I5Sl.05m. for £400m. bills last bent, for secured call loans at the Exchequer. 

Mar. 10 
19 iR 

Orr ilk-ale 

ill ■li'lawlts 

Idler bank 




L-x-al A ulll. 
neti»lialile ' 

Fuum-* | 
H.hj.p !* 


1 -ii ii pan T 
He], >*il* 

' IHnei-unl ■ 



HilU ® 

i Wi/jiMe 

Hill ® 

* 111 ** T* 8 - 



6 8 


_ | 

6 * 

Sin -6 If 



— _ 

i ilays n.-l nt-.. 



6 6 lp 







i ilay* .«■ 





I il«.r» iiitfii-e.. 

6 6 i a 


61 ,- 61 ; | 

! fi>i 

Si* 64 a 



I'ne ninnih 

6 y- 6 „ 

6 l*- 6 Jfl 

6 i k - 6 i| • 

64 *- 6 *t 

5 -e 6 

5 L.-S': 

1 6 '- 


Tun iimiiiI I i*.. .j 

6 1 « - 6 , 1 - 

6 .V -6 i 

612 - 61 ,. 1 

6^-7 I 


5 -a 5 

1 6 i, fa . 

7 " 

Thire innnrhs. 

6 is 6 i( 

bia 6 is 

6 -i 65 s | 

6 i, 71 , j 

j 7 


5 . -V 

6 ,. 6 Ji 

7 . 

M* mnnlhs....] 

7 .,- 7 ,'a 

7 .;- 7 is 

7-7 U 

7 - 6.0 1 

7*6 71 , I 




. 6 -i 

7 -s 

-Vine uioni li*..- 

7 .L- 7 .it 

Tw- 7; 6 


7 :,p- 7 Js 







7 »»- 7 sg 

7 !c^ 

74 i -8 

7 .i- 7 »s ' 





1 w.i years.. ..1 



8 a , -9 







— - 

Local aurtiontiM and finance house* seven days’ notice, others seven days fixed. Lone-term loral authority mortcaa-’ raft 
nominally three years 91-10) per corn.: tour years 16M0j per vent.: five years IK-11 Per cem. -|> Rank bill ra!,-s in utile 'are 
buying ralos for pnmc pa®T. Buy inc rates for foor-monih bank bills 6/U.-6J per cent.; rour-momh trade bills Ti per cent - - 
Appro umaie sellutc rules (or uac-momh Truisory bills 325 K-aiTj* per ccoi.: two-momb 5i5it,-Si p»-r win. and ihrec-muoib 
5f-a < )j2 per cem. Approxlmaic sell Inc raic for one-momb bank bills 81 m percent, (ti-o-momb B±-ev lt> pi-r wm : and uupc-nunHh • 
W»-« S IS Per cenl. Une-monib trade bills 6. per c«nL iwo-monib 6t p.-r com. and abn tbri-r-mnnih hi per c« ni. 

Finance House Base Rate* (published by ibe Finance Houses AHnciailoai T per rent, from March 1. 1 ?ts. Clearing KanV 
Deposit Rates 'lor small sums at sevt-n days’ nonce c. ’S per cent. Clearing Rank Base Rales fox lending Ci per cent. Trcasuw 
■III*: Average lender rate* of disco uni J.9IJ9 per cem. - ' 


The U.S. dollar rose sharply in Currency Agreement of December 
the foreign exchange market yes- 1971. as calculated by Morgan 
lerday: helped by especial ions of Guaranty of New York, narrowed 
concrete results from lalks be- to 4.76 per cent, from 5.18 per 
tween ibe U.S. and Germany about cem. 

the dollar this week-end. but lost The Bank of England's ca leu la- 
some ground in late business. (ion of the dollar's index rose to 

Trading was very thin in the so.g from 90.4. 

afternoon, however. The dollar u - 0 i ul .,-a • , 

finished at Sw.Frs.1.9500 against l Fnolw°fiLTfro d r!,^ 

the Swiss franc, aficr touching a ° n £ a B nk f ”L E . n = R 
best level of Sw.l-YsJ2.0025. com- J® JS-S from * ri " " di |« 
pared with Sw J'rs.J.BGOO on Thurs- “ J - noon and ®° 1 ln lhe 
day. The U.S. unit gained ground . . . 

against the D-mark, -dosing at , fell quite sharply in 

DM2.0575. compared with DM *? le , irad'ng. and the Bank of 
2.0302 J previously. It touched a England may have intervened to 
best level or DM2 0670. and rose R» v « support in a very thin 
to Y236.10'in terms of the Japa- miu-ker. Sterling touched a low 
nese yen. before dosing at point of 31 .8895-1 .9005. and closed 
Y235.95, compared with Y235 pre- 5,1 $1.0020-1. 9030. a fall of -2.45 
viously. cents on the day. 

The dollar's trade-weighted de- Gold fell S2\ to $1853-185^ in 
predation since the Washington nervous trading. 



Mar. 10 








u-c- . 

New \-rk.. 


I.S99S I.9S2D I.SDM.I.iaiO 



7. 153b 2. IS70 

2. 1550.2.1360 



4. IG 4.22 

4 .17 JJfi 

llriiN-ei-.:. . 



60.55 b fJW 

l aii-filtiagi-" 


1D.60- I0.S& 

10.91 1IW3 

1 ranLlnrl .. 






77.10 79.20 

77.00 79 40 

Mail riil 


132.7b 154.50 152.75- 153.00 



1.637 l.b4fi 




10 2, 10.31 

10.24- lO.fifi 



3-26 9.39 

> I,--L Iml in.. 


3.34 3.92 




445 458 

440 451 

1 lenna 


29. ID-26.45 




i-70 3.84 

3.70 3.72. 

: Rati** given are for conreniblu frajj^.V 
Kilt anus J. f raue Wl.SiUil. 10. . 


.Vi,.. Knl«. . • 

Mur. 10 .KiunkiBii Nf» Irtl Part* 

Unnarla La>uU 0 D :A nut’ll" to I Zurich 

it<4*VfcO Al.97-C4.12! d.«2j-5!) 185^7-77 10*Jl-10aJS 

- I a).<253 kvi32&-i«Ml.S35«MUdO J 45^0.70 • blgOoti 
l3^Bfi-»l« a-M3.563.^LM23.l!w8.6-S»9.1 
fi.t.irA - lbl.lBS7. | 14J2-W . lfiJgkiCI 
^.Mi27' *0.09* -- j 4.17- IB 1 . 3.10-72 

mM'ibm.. lMUihSkb ?^0Id-5i2> *5 jJOjjcO . tf.tfc9.8i4 4^Ila-fi5 I — liZ.17a^S6 

Krankiiirt .. — 

,V-« V.irk* IS.Ki 70 

Ptari* 2S7.9 23K.4 4.bMf9) l 

HniKNFl*.. .. JS-M-s* ' -On 

Lomfcm J.OOi-dl; 

. ^ lAfidkUI. ? 

Zurli-li a4.&Vfc5.60 L.tfM-tftfO 39^1 40.10 6.11 4Htfc5i!J.«2i B-i 4fe : a. 73-89.49 — 

t'.tf. S in TwiUii i'S.t = U22?.13|l. , MinW miU. 
Caiuullau i in ,\m Y„rl> — 33.(6- 10 ivni ». f.S. S In Milan 864.S6-8&6.00 
Stitalmu iu Milan 1R4KXO- lt*47.lX). 


Mar. 10 ■ Sierliop 



I'A tWIar. 





. W.QenxiaP 
I mark 

Shots i^riu .. 

tiny* luitiiv 

All-Ill Ii 

rtu; III, ml b-. 

\ lllolllil- .... 

*tii-.»rar _.. _i 



bH -7 1 n 

7li -8 1 a 
ai a Big 

7 If, 7I V 
7 i|- 8>4 

7i a 73* 



54*-6t b 



53fl S^5 rt.-irgi . a ,;-3 



7 8 -l 




Euro- Fro wh deposit rates: iwo-Uay 11-12 per oeiit.r sevetwlay 17-1S per cntL: ooe- 
Dioiub 16-16: pur rent.; ibrwnwntb 24J-I-U per cent.; sti-mwuh 13F-I31 per run.; one 
fnr ' 134-13 per rent.- 

Long-term Eurodollar, deposits: two yean &-Si per cenr.; three year* Bi-Si pei 
cem : (our years sx-s; per cem.; fl«e sears SSt6-S7u per cem. . 

The following nominaf rales ware onoted for London dollar certificates gf deposit: 
one- mo mb B 93-7.D5 per cent.:, three- month 7.80.7 JO per cem.) shE-montb 7JV7® per 
ohjl; one-sear 7'.8B-7.7B per cem. 

* Rates are nominal calling rales. 

I Short -term rates are cnU tor swriin*. U.S. deJlArs uk) Canadian dollars two 
days’ noilcc for guilders and Svrtae francs. 

[ A i ”i-i lima 

1322 1326 

\ reel U I iu 

. 1300 (400- ■ 

Auniralui . 



Ml 61, - 

fr in >n.l 


|(r*."i: . „ 

liW J 

I'lrtlT.. .. 

69.910-7l.B42i ana-i...... 

2.i5 a: i?i ■ 

Iliaij; K-ins 

8.79;. B.S1 

I'i-linuirl. .. 

10-75'. 5*. 


132 159 

Iran* . . 

9 SO g.45 


0.53 1 0.541 

■ ■■•nri'iin .. 

3.55-1 Od 

Lmeiul,' 1 ; 

60.95 Bi.00 

. tt 74 


4.4850 4. 5000 llail 

1590 leva 


1.6647- 1.8B34 


450 4, J.- 

■imill Aral 

0 62-0.72 

kellu-i I'm: 

4!s 4*1- 


4.4050 4. 4IU 

1 . 

10.20 40 

i. Ilium. 

1.6587 1.6925 

I‘- -lineal... 

«-6J i 

I'.S ■ 


150 156 

1 iiuula .... | 


5.70 i (10 

I'SL ' 


1.9® ) “2. 

L'.». teni*- ; 

; 88.04-89.07 

1 H-ll-101 u. 

35, iV.,. 

Rale given for Argentina is a free ruts. 


i‘ne m-nili Thin- ■u--n(ii* ^ ” 

.Neu Turk |«r-0. ID > . -in Q.20-0.10 ■ .|-ni 
Jl»uireni . 0.08 0. 18 •-.-Hr 0.02 1 /mid.DEr ,-'u 

\ 111 -nMn 111 <-.|«ii 1 >4 i-. -ll- 2sj-- 1 1 -- 1 . 

Ilru— ••!».. 5 ,-.|<ih-5 
kui'‘iilisn. B 10 •■tyjll- 
Pniiikiiin 1 >*■>'. 1 * 1 . |itn 

Lialfciii '70-180 ,li* 

*A1 « 1 1 > i. ( .... 50 120 >-. .In 
Milnu-..-. 13- 19 hrv ,I|- 

X Ini* UH' ill* 

Pails...... 6 ri- 7>4 i-.ili- 

’ii-lbo’lui l)j- 2 ^ uif ili' 

fir ami .... mr-10 jnwliii 

ifurtL-tl .-... fi4g-l3fl 1 . piu 

1S S ■ . | •■■■ ,. 

18 . 30 ; - i i r .|:< 

4 l-j- 31 .- til. l (ii ■' - 

375 600 •.•.•! 1*"" 
190-170 i-. .11* -. 
29-36 lni-ili\‘ .• _ 
15 17 .-■•- ili* .. 


5-15 amili*--*- ••• 
6Jj -5-i »■- l<m 

Srr-iDonth forward dollar 0.17-0 37c pm. 
]2-momb 0.934>.R3c pm. 



f ■ ■ 

Sustain provided by • 
doto STREAM Iniernatignpl 

Name and de.vription. 











Be d. 


Income j 

Dear(-)-> • 







Alcan Alum. Ope Cv. 89v94 







Ass. Paper yipc Cv. 85-90 








-10 io 




0.0 •• ■- 

Bank Ireland lOpc Cv. 91-96 








-12 to 




-3.7'' . 

British Land 12pc Cv. 2002 








10 to 





+66,0. ; 

Eng. Prop. 6] pc Cv. 98-03 








- 8 to 




— 6.2 

- 4.3-’ ; 

Eng. Prop. 12pe Cv. 00-05 








40 lo 





Grand. Met. IQpc Cv. 91-96 








-13 IO 





+0.3*: .' 

Hanson Tr. 6Jpc Cv.- 8S-98 . 








“ 1 to 





— S.7 ...- 

Hcwden-Stuarl “pc Cv.1995 








r— 17 CO 





+8.4'-' •' 

Pentos 13pc Cv. 19S5 

L06 124.00 





3.3 • 

3 to 





-3.5 ; 

Slough Ests. lOpc Cv, 87-00 








5 to 





+ 35 . : 

Tozer. Kemsley ‘Spc Cv. 1081 








27 lo 




— 1.5 


Wllk. Match 10 pc Cv, 83*98 








22 10 





-g.t: ^ 

* Niunbef ol Orrtipare tnaiw IMP Wftieli nun nominal gl cw-renible mocn os ninrenilile. i Tbe euru turn m uiv«uiichi in cunvrniblr eipr\ira-n us -mr ,s-m iuta *' 

W8! Of Uw «iwiy “?• “SSS - ? s,or *- 1 .'fwemonih range. Slnwme on number ot Onuoara share* mio iS «» mSina ol-conrertiMr ™ L 

anderlsin* eguiiy. + f* »« utdlcnion of rdmiire cheawKSM. an i ndie«iD 0 W relat)ve 4 carn,itt - ^ *ffe«nct rgpressed as per cent, of lie value 

Financial Times Saturday March -it 1U78 * k 

Golds flat on talk of further support for the dollar 

Share index jumps 8.5 for best week’s rise for 4 months 

£ Account Dealing Dales 

•First Declare- last Account 
Dealings tions Dealings Day 
Feb. 27 Mar. 9 Mar. 10 Mar. 21 
Mar. 13 Mar. 30 Mar. 31 Apr. 11 
Apr. 3 Apr. 13 Apr. 14 Apr. 23 

* .*■ Near time dealing* may take alac* 
fr*m IJO a.m. two business da» earlier- 
Slock markets had another firm 
day marred only tr a sharp re- 
action in South African sold 
shares- These retreated on reports 
from Germany that concrete 
results lo help the IT S. dollar may 
rn^inatc from U.S.-Gcrraan talks 
m he held ihis week-end. 

British Funds held (he firm tone 
evident all week on the belter 
feeling about money supply and 
about the latest public sector and 
mural Gnvernmcni borrowin': 
mini rented ts. Activity in the 
Funds was largely restricted in 
the shorter maturities. but the 
Grts-prnmeni Securities index 
hardened 0.03 to 73.66 for a gain 
nn the veek of 1.2. 

Learfine equities made a par- 
llriilarly firm showing, a late 
hnnsi in anticipation of huvinu 
fnd i hr account .“farting on .Hon- 
day leaving prices at the day’s 
Him. Thp FT 30-share index 
traded at abnu; ."» points up at the 
previous day following renewed 
investment buying in the early 
trade. Up 3.1 at .7 p.m.. the index 
w.v finally 83 better at 4-50.0 for 
a rise on the week of 22. S — us 
he<i showing aver the longer 
period since Inst November. The 
gain left the index with a net ri-sc 
on an account for the first time 
this ynr 

Trading condition* were Ihm 
again, fitif the more eonfideni tone 
was illustrated by rises in FT- 
quoted equities outnumbering 
falls hy 4-tn-t for the third suc- 
cessive day. 

Most sectors look part in the 
Imnrovenieni. and the FT- 
Actuaries All-Share index put on 
1 is per cent, at 200.EI to end 
the week with a rise of 4.9 per 
rent. The reaction in gold shares 
way marked hy a lots of 3 8 in the 
FT Gold Mine* index at 137 A. 
This is still 24.6 up on Us Decem- 
ber 31 level. 

Short gilts active 

Pritish Funds had another very 
firm day with sentiment again 
encouraged by the latcsi borrow- 
ing rcouiremeni figures and 
apparently unconremed about 
)Hd February trade returns due 
in he announrerl next Tuesdav. 
F.a<ing rates in the money market 
also helped, and the Go'-e-nineni 
Broker again “implied the short 
tap. Fxcheqiier SJ per cent. 1983. 
.il - J»fl * ftefore w iihdraviug at 
this level: the market iiuotation 
hardened io Hfi!. Trade in the 
shorter dates was quite active 
apjj quotation® closed ai the day's 
hr«t vvith rise* exl ending to |. 
t.nhr-daied issues, nn the other 
hind, were lending in case a 
shade in lb" in’er-nffiee trade 
aTiei- having been i lirreer earlier 
in Ihe d.TV. l.o n<» tall F.xcheqoer 
10} per rent IW3 held at 91 1 
and was not operative. 

Corporation stocks displayed 
gains to i and sometimes more, 
while Southern Rhodesia a bonds 
closed a shade harder with the 
21 per cenL stock 1 up at 63. 

The • investment currency 
premium market was extremely 
active. ' Buyers predominated 
throughout and pushed the 
premium from an opening 86 per 
cent, to 92J per cent, before a 
close of 92 per cent, and a rise 
on the day of fit. Rumours about 
support For the U.S. dollar “Cl 
the trend and led to Institutional 
demand which could not be mot 
by sellers. Yesterdays .SE conver- 
sion factor was 0.7136 J0.72S2,. 

Insurance wanted 

Insurances enjoyed a reason- 
ably ’lively trade and closed 
firmer throughout. Lloyds 
Brokers were particularly 
favoured with gains of S and 10 
respectively fa C E. Heath. 2S3p. 
and unite Faher. 397p: the latter’s 
results are due on Monday week. 
Firm of fate on the excellent 
annual figures. Sedgwick Forbes 
rose 8 more to S73p. partly helped 
by an investment recommenda- 
tion. Composites performed 
similarly with General Accident 
closing S dearer at 224p and 
Guardian Royal Exchange in tn 
the good at 230p. Still reflecting 
the group’s success in the unit 
assurance field. Legal and General 
firmed 6. more to 163p. 

A quietly firm trend prevailed 
in the major clearing Banks. 
Preliminary, profiis in. line wiih 
market expectation- lefi Midland 
up only 3 at 343p. while Nat West 
closed 5 dearer at 27jp. Else- 
where. Klein wort Benson, with 
preliminary figures due on 
Tuesday, gained fi ro Jflflp amons 
Merchant Banks. 

in firm Breweries. Allied, fifip. 
and Whitbread A. S5jp. put on 2 
apiece. Elsewhere. .Amalgamated 
Distilled Products moved up 2 To 
36n flowing Pres* vnmnieni. 

Buying 'ahead or forthcoming 
preliminary rer.ilts. due on 
March 20. helped Ihstock Johnson 
put on 10 lo 13Sp. Richard Coslain 
firmed 6 more to 23Sp and March- 
wicl added 5 to 240p, while similar 
improvements were seen in AP 
OnienL 24fip .and Tunnel R. 2S7p. 
Grn«:e Wfmpcy rn<e 3 to 69 p. 

1(3 closed 6 higher at the day’s 
best of 344p and 13 dearer on 
the week. Elsewhere in Chemicals 
Crystjrlafe hardened IJ in 22p and 
ll'Mliam Ransom out nn 5 In 173p. 

Stores £ood 

A useful demand on hno<»*- that 
any lax concr^ior- 1 which may bn 
made m next moiv-Y* Pudcct will 
lead to in~m*ed consumer spend- 
ing helped i’ie major Fiore* ric-e 
ni. o»- vrrr near, the Hay's best. 
>•■*»! benefit in ? front I hr fourth- 
f«uar;cr *"nrt in oroilt-*. F. W. 
H'nnlworth firmed 21 more m 72n. 
making a ri-v of Ift on the week. 
Gussies A -tond out wr'i a jump 
f»r 12 to 2S6n and Mothcrcare 
improved 4 ro ifilp. while ri-cs of 

were seen In Marks and Spencer. 
Into. W. H. Smith A. 130p. and 
House «»f Fraser. i:t:ip. 

H. Wfgfall met late support and 
closed 8 to the good at 21Sp 
compared with ihe offer, currently 
worth around 273p per share, from 
Comet Radiovision. Elsewhere in 
the Electrical sector, huyers 
showed interest in MK Electric. 6 
higher at I5t»p. but disappoint- 
ment with the interim results 

prompted n fall of lo lo 23*>p in 
George If. Seholcs. Rncal 
continued firmly and pul on 3 
more to 218p, while Ward and 
Gold stone improved a similar 
amount lo Slip. Leaders tn make 
hcadw-ay included GEC. 4 higher 
at 2fi7p. and EMI, a like amount 
dearer at 147p 

Apart from llawker. which 
moved up 0 further to ]9t)ji. gains 
in the Engineering leaders were 
modest. The recent selective 
interest in secondary issues 

up at lS9p. continued ,n 
their chairmen's optimism ana ex- 
tended the gain.® on the week in 

II and 23 respectively. 

Misc. leaders firm 

Miscellaneous industrial loaders 
again followed in ihe wake or a 
more confident and firm Kilt-edgeu 
sector. Closing levels were around 
■ lie best or the day with Bcectain 
notable for a rise of 14 J»t 
apd Boob,, s better at 20*p. Pllk- 
ington. Rose s io 445p ana im- 
provements of r> and « respectively 
were seen in Bo water. ISlp. find 
Metal Box. 3D6p. R«*« d 11 Iate ‘ r ; 
national continued to rally at 
120p, up 4. Elsewhere, .secondary 
issues -also provided some firm 
features; Northern Engineering 
added ft la 93p in response to 
imesunent commeni and ICL 

appeared lo fade. Among the occa- 
sional bright spots. B. Elliot were 
noteworthy for a rise of 4 to 95p. 
Ad west improved a similar amount 
ro SSOp and rises of 3 » ere re- 
corded in Avery'S. 14 jp. Brown 
and Tawse. SSp. and Manganese 
Bronze, Tfip. Fresh demand was 
seen for Habit Precision, which 
put on 2 lo 3*.Jp. In contrast. Lake 
and Elliott came back a penny to 
51 p following (he half-yearly 
results. Ainonu Shipbuilders, 
sporadic demand lefi Vosper 4 to 
the good 'at 162p. 

Foods attracted a wlwlive de- 
mand and closed firmly. Robert- 
son wore supported ai 132p. up 
fi. while gains of 4 were seen in 
Associated Dairies. 224 p. and Tate 
and Lyle, IflSp. J. Bihby. a good 
market of fate following the 
hefter-than-expecied preliminary 
figures, rose 4 more lo 207n for 
a rise on the week of 21. Bishop's 
Stores fell 7 In 153p and the A 
13 to Hop. on 'mall offerin':- - in 
a restricted market. In Super-' 
markets. Hillard*; moved un 3 m 
lS3p and MUral shraf Distribution 
3 lo 130p. 

(•rand Mrtrnpnlilan. A up at 
limp, and Tntri Houses Forte, fi 

put un 4 In 224 p Inr a similar 
reason. Speculative buying lifted 
RKf» .V- to 36p. after 37p. and 
pcrsiste'nt demand in a thin mar- 
ket prompted a rh?e of 17 to 265p 
in De La Rue. tC Gas reiriovcd S 
to 320p and Cawoods put on 6 lo 
I Up. w hile British Vita improved 
3 to SSp a^ did BTR to 333?: the 
last-named -’'till on the results and 
proposed 10 per cent. scri|>- issue. 
European Ferries were wanted at 
IJOp. up 3J. and Brook Street 
Bureau revived with a similar 
gain to 38p. By way »>f contrast. 
U'Pkinson Match relinquished 2 
to i72p. after ltKp. following I fie 
the pension Fund sharoii-.-l tiers 
decision to hack the cunmany s 
plan tn acquire the True Temper 
subsidiary of Allegheny Liidlum. 
Reflet" ing the first -half decline in 
earnings. Slocklaki- receded 4 to 

IV. J. Reynolds cann* I" l he fore 
in Motors and Distributor*, rising 
41 to n 1977-7K peak "l 37* p ««n 
the cash and share- *»/»cr. worlli 
34p. from Manrlie-ler Gars'gr-: 
the i»H**r I'insed a penny off 
"'4p. I -ex Service tuo’.ed up 2 '« 
TO'.p mi further '-on-itleration "f 
l he results, while Peak Im fit- 
ment* re-ponded in Pres a earn- 

metit with a similar rise :o 12«p. 
Alexanders edged forward l In 
I9p on ihe chairman' optimistic 
annual xtatement. RoUs-Roycc 
hardened a peony to i»lp in 
from of Monday's preliminary 
figures, while other firm spots 
took in Dowly. 4 up at l fifip. and 
T. c. Harrrion. 10 io the good al 

North Sea oil-orientated slock:- 
among Newspaper* were again led 
into hiaher ground by Thomson 
which closed 7 up at lS5p and 2S 
dearer, on the week. Tn Paper 1 
Printings. DRG gained 4 to I24p. 
and renewed speculative interest 
lifted Mills and Allen 3 further 
to a 1977 7K high or ISOp. a rise 
of 25 on the week. 

property shares encountered a 
useful demand, which continued 
into the late dealings. English 
.-mod out in the leaders with a 
gam nr 3 lo 4fip. while Land 
Secnritios pushed ahead to close 
at the day s best of 217p. un 5. 
Among -econdusy issues. Ham- 
mrrson “A" were again named 
and pm on n more to 572p. Scot- 
lish Metropolitan moved up 6 to 
J 09 p and similar rise* were re- 
corded in Berkeley Hacibro. 
and Haslcmere. 2kp. Glanfield 
Securities improved 5 to 2S5p in 
response to the interim results, 
while- Peachey firmed 2; more to 
73 p nn recovery hope? now that 
Iasi year's results are out «:f She 

Oils busy 

A good tanwvcr dcvciopei* ir. 
ihe Oil ieacler*. narticislsr'y t:» 
British Peiroicuni which moved 
ahead Jo close at the day's be*: 
with a rise of !4 at 740p: tiic 
annual re*ult<s are due next Thurs- 
day Shell shook off the irevioa- 
dav's disappointment u fitch fol- 
lowed the preliminary figures 
and gradual!:' - edged higher !o 
5Q5p for a rise of .1. v htie tin;. r i:r 
premium :r.flucr.ct" i left Ro>*l 
Dutch I: higher r.( £42; 
reflecting the good ^unua'i!:>.. 
Ultramar vere bri«k!y l r a tied :ii*. 
to 226 o before -e:: ;, n: bt 224 1 f-*- 

h gain of 10 on balance North 
Sea -lock- continued the 'vent 
recovery nwoment: OH Explora- 
tion regained 12 further to 2flhp 
and Siebcn-i fU.K.) cirvccl un 14 
to 2J J o. whs> La-mu pu; r»n 7 
135p v.ilh the “Ol^" ? higher 

James Finla? were -irn- 

mineri! in U'er-ea- Trader.-. r:--:»g 
W lo 2Srt"» for ;i r:-c op rl:e ■-■ rt k 
»»f 30 William Jacks edged for- 
ward 1: to a i!l77-7S prj-k ni 24 n 
»m the tono-meemer: M.-: V.’.fr-rrn 
J ick- v.n Berh.-d had nvsei 
its «!i:ireho’ti:ng :•» -"h- ;ht ers:: . 
while Ocean Wilson*. ?>■•. ..n.f 
Gill and Unfftis. 2H2w. i.-i 4 
a niece n*hvr tirr' • •.ehj.ico 

Slme Harbj . 3 i,.. wrin, is :ul 
Inrheapc. S* 1; ::w 375 • 

Ir.’.e-! r .,e. , i! T; rsJ* ■ 1, :* , d -• 

n-»i i.;v»Ci'r-n.e '"''vir; n 
re?-on:;b!i* nnlr-dalr B 

rn-f- i to •'!;>. - T J : e gj “* ■'* 
!t*e>inti 3 •■•'ro «*•!•:> '■•» fnirionim 
TniM. »»4w Ca- ! tal and 

\utinnnl. KM* In Fm use 

Dawnay Oar hardened if to a 
1S77-7S peak nf 371p ahead nf 
Monday* uitcnm sutement. 

Although atLroeung a reason- 
able trade. Shippings closed wiih- 
out much aflenrzien. 

Textiles hud the occasional 
small gain, while renewed specu- 
lative interest lifted -Scott and 
Robcrtran 3! to 44Ip. 

Toiuccos moved into higher 
ground. Imp* rising 2 toTT^p and 
BAT Industries Deferred 6 ta 
2 fiop. 

Golds down again 

After a week . of 'intent* 
activity. South African Golds 
registered Mibaiaiuiai losses for 
the swond consecutive day owmg 
to cnd-acceunt selling coupled 
with heavy profit-taking.- ’• 

Botii were due a!mo*t entirety 
to the further $2.50 decline in die 
bullion price to $l$ti.l25 per ounce 
—although it was still swne $03 
hiijher over the week — as rumours 
of iir.emational moves to bolster 
:he U.S dollar gathered strength. 

The Gold Mines index dropped 
3.S more to 157-S. a two-day loss 
of IU.S and a week's fall of 5j. 

Sellmg of Golds was wide^preod 
and evident irom the outset of 
buxines-*-. The marginal producers 
were jgrain the wor-t affeded wiili 
Marie vale ■> lower at 73p brinffin^ 
the In** on the week to, 12. Other 
.■rtarsmal.* to -how heavy falls 
mriutieti GroolilcL whieb Rave up 
4 penny to 124p for' an overall 
rraefion of 23. and South 
African I^and which dropped 3 
more ;ti 41 r» for a la. 4 s of 15 over 
tiie rive-day period.'dit< registered falU of 
up :■* a* m Free Slate Geduld. 
£ 16 .. while redctions of .t half- 
point were common to West Uric- 
rnnlein. £is;. and 5V extern Hold- 
ing*. £tSI 

Despite the sharp falls in Gold.-. 
South African Financials re- 
warned quietly steady reflecting 
the tirmne-s nf the investment 
currency premium. De Beers were 
;*:am rt feature, with the shares 
finally unchanged on balance a: 
33Sj» after initially casing to 334p. 
a« fun her f.S buying fcft them 
25 higher mcr the week following 
iho reportl profits and higher 
dpati'ml nunoiiiired mi Tiicnlay 
Vngln American Investment Trust. 
. siib**'«*Jti;.f holder of Dc Burry, 
m'.iwo' eti .1 h.ilf-pnint to a IP7T-7S 
high of fl.l in front nr the sharply 
iftTon-ed iirnfits and divirimtil. 

l.-denhur: were prom 1111*11 1 
.-’ruling I'lthi-rv i»»* .subdued Plan- 
ntir.t* .»* "new time " buying toot 
th<- -lure* <i up at 73p. 

\itstralun* also moved alu*:id 
retleering the ui>iurn m overnight 
rton'C'tiv m.irkers and lh** fir**i 
r.e«. uf rlie preniuini NIM Hold- 
ing- ,*!tt mi 4 to !3."ip. Din/ ini* 
Bioiinto Mf same to l.iSp 
Poo i fir Ciipm-r :S to :UIi> !*•>-!» 
hit-. in : i'fiorl Whim Creek 7 to 42 o 

t.<»r.inui-i-.*i»lereil F'n. -,, rwl- 
* , i-Mrrl Rio Tinio-Zlnr .» bo tier 
I7"-» a* ltuyiiig fo linking Dm 
r i'v in Hip r<n»|s»** nrn-e fnutid 

•he marie! *h«rt of -lock 





Mm. Mw- ■ M*r. 


'' • 5 


(ImYnnwil No—— 73.66 

rised Inter**! 77.89 

(iptiiUnul OitilnmT,.- * S9 -° 

r..4<l Mum . ............ . 157 8 

UM. In®. Tldd 6-®i 

karainos VW% IfUllHM 

I»K 1 8-07. 

UisUwcniMked-. - 8<^0I 
kin n v lunwWtm... 

fainlr NiffiN 

“ «'tJ atn7 4».i. 

2 p.m. 4>i3. 3 P.W. 44*6 
Lotttt lull** 41-244 JML 
- M 5£ w?r O-K. corourattw Ux. 
AaMs toft vm. Snl 15 1* i*. Vtw-i lW- it.'- 
Sfiuw I- 9 X SK Atjjnty Jaiy-Drc. i«i 



166 6 

















7 84, 

61 19 

14.92? 14,779 13.100 

1 WB.' 

HMU ' J. 
8. IT' V 
18.68 A 

l.tA .r. 

«.674 ft 
57.77; 4 



-Sfni-e CnnjpHKWn 

Iirt. 0*4..... 
(irti.1 Uinw 

Hutb : 




79 BS 

w, *a 




K u 



a I -27 



a o.m 




(5 i:«0i 


M 7.6 






. 17 AJ 




- t-'-lUi 

*1 * 

l it'- 



llhl DM. i-7 M,\. 

■ 7 

s.e. Acnyj 

• \ * 

— Unity 

(utt-IMxwi.... 181.7 
(iViuAnea... 182.0 
»pn.-uMriFe...' m A 

■tout- 122 ft 

e-.lMV Av’ran 

GM-btwhi... X67.S 
UMii-crim*.. 151.7 
-'|<VuiMnf .. 48.4 
r "* - 108.8 





, i 


£9.2m. health grant for Trent 

THF TRENT Regional Health 
Authority has been altocaicd 
£ 9 . 2 ni. hy the Department of 
Health fur the development uf 
health services in ihe region in 
tiie vear from April. Lax! May 
the Trent r eg Jim unsuccessfully 

sent a deputation In .Hr,- 
Ennals. Social Semin* . 
tary, to ask fur a higher 1 
rate for- the current fe 
year. Trent has also ' 
prarisiotnaUv allocated £ 
for its bulldiDg prpgramtr 


|h-- fcit(S|i'l<1^ igDiKM in IM 
(Ml-. lnt!iiiu|i4‘< 
ana-’iifO new ana vows Ipr J9»*-ra. 


i-». n .pc iui tm.iuv. B .K 1485 
LOANS •!» 

1CIC to r- UtV. Lf 1044 
Cpi nu- 111 A .|«r 

A r*r- MrdUl l"I 


too m a Co 1 _ 


Yvjt 1 miilon Vnxl:inaM-n .W I 


C> » .ti.-j-*- R*n*om >Wm.i 


n.ifi. s:q>m mun Ceun« 

_ir— ri» wonmni .T w 1 

DO. N V 0>C 



fi o-i. -iiOO-i PI H«lt Nrh?" 

,\ 1 ; R F-0»,i»;kii lauidr.-y 

K.jti SuniiFt Nfilmw 

N#.C t , ‘1 J 

Morons ia» - • 



Mill* A AlWR «»H MltCM A U 

"**p'* n _ . winnon ism 

6w in I 


n^pii Wm.i Scott A Robe 


r- insn OiRiuy Dm 

5'CPWoll KjttHK 


i«vt :W#.I - 

NmriKuas tm-m 

^ „ MINKS Hi 

Ansta-Ain. m«. 



atbIo-a™ Au>»4n 

. TRUSTS ill 

L4i«ip« Sw. 


Br'lltli Fi#mI» 

Colons- Dam. and Fomtn Bonds 

FmanclRl *nd Prop. . . 


PUnuiHun . — ■ 


ftfltmi Issim 


\ cstorday 

On the " 


Dm Sum* 

Up Dm 


. t 


201 i 



m ; 




2.797 » 




m x 




m ; 








JJO 1 








3,041 U* 




IU .. . 

Stroll Tran-iport . 
Grand Mel 
R\T* Derd ... 



Reeil lilt I 


Hr Beer< Defri . 
'.Inks A. Spencer 
ill s A 



Bur ma h till .... 









marks pr^’C i p l 

on v eek 












— 13 



25 p 



+ 1.1 




35 . 








- 13 



2.1 ti 





-i 1— 




4 3 






4 10 



23 1) 



•: IS 






_ Oj 



2-1 p 

4.7 ; 


























-i 3 








1 9TT.7S 





price i pi 

on day 

• htsh 









Shell Tr.m*pnrt . 

25 p 

1 i"l 


4 3 



25 p 









4 14 







H- 5 






•* 4 






4 12 







■*' H 



Rank nrs 




4 4 



R IT.*’ Drfrf. 

25 p 



•' fi 


Mark* A Spencer 





Triccmrol . . 

2. Ip 




2-1 p 



4 S 






— 1 



ge«: . .. 

25 p 

9 • 


5 4 



rite II.-.! 1*1 arm e stocks is basc<i .*« rb< number -i I bargauts 

nii-ti n<-*ii-i-ffnti ni 1 In' itlfimal List a»d under Rule I63t lj If / and 
rniri'duced lollop in .S Nick Exchange dealing.-. 

ABN Bank 

Allied Irish Banks Lid. 
Aiuene*in Evpre*.-» Bk. 

Amru Bank 

A P Bank Ltd 

Henry An^baeltor 

Banco de Bilban 

Bank nr Credit & 

Rank uf Cyprus 

Rank »f X.S.W 

Banijue Bt-l-je Ltii 

Ranriue du Rhone 

Bnrvlajs Bank 

Barneit f’hrialie Lid.... 


Hill Sunutel 5 1*1% 

C. Hoarc 6: t'n t 61% 

Julian S. Hndye 71% 

Hon?kijQ” & Shanghai 61% 
Industrial Bk. nf Sent. 6i°f, 

Keyset' Cilmunn 

Knowslcy S: Co. Lid. ... 9 

Lloyds Bank 

London tc Eurnnean ... k % 

London Mercantile 6i°n 

Midland Rank 

Samuel Mooiagu 

Morgan Grenfell 

.Vat ion a I Wes/ mi osier 
.Norwich General Trusi Rl«jJ 

8! ‘7, 
84 T, 
fi', 0 :. 






7 • p;. 

prnvn Shiplev 

Canada Permanent A 
Capitol C i- C Ftn. L 

Oywr Lid 

Cedar Holdings . .. 
Charterhouse -laphct 

C, E Cutties 

Con. soli da led Credit? 
On-operative Bank 
Corinthian Sect in tie* 
Credit Lyonnais . • ■ 
The Cyprus Popular I 

Duncan Law nr 

F.aiti! Trusi 

KnsliMb Tri»n«ennt 

First London Sees 

First Fin. Cnrpn. 
Kirn Nat. Ser«. Lid. ... 

Antony Gihh^ 

Creylmund Guaranty. .. 

i;r'ndlay> Rank ..; * 

ttiiinne*.* Mahnn 

Hamhms Rank 


6 ''I, 

P. S. Ref soil & Cu. 


Rossini nstor Accept 'cf 


Royal Bk. Canada Trust 



Sehlesinqej- Liuillcd ... 

7 % 

K. S, Schwab 


Security Trust Cn. Lid. 



Shenlcy Tru^t 


Standard chartered ... 


7i ^ 

Trade Dev. Bank 

fi 1 .'?, 


Trusiec Savinas Bank 

6- lu n 

Twentieth Century Bk. 



United Rank of Kuwait 


fi 1 *^ 

\V tinea way Laidlaw ... 

< °r, 


William.* /t Glyn's .... 

6 ■ ®n 


Vorfcshire Bank 



R 'V. 


S l "l* 

fi ' u » 




■ UcinllrT* ul Iftp 
i omniiii’. r- 

* Mnv di.‘Ptf»i:« .*•. 

v-iwpiins IlniiM-.* 
I- mm n h i1>'c«iiil. 

• i-dn* rl-pn.,11". .Ill Villi* III Illl.IW 

ami im<f»r an i« ^sa.iun a;-, 
.•no »i«t saa.O'Hi 4;' . 

■ I’«I*"| .11 rs il ium 

t^nrt H'r*i.i‘« 4 . 

Ra’- atvi jppii^a | f , si-rlin!. I'ri 


First Last l^ast For 

Deal- Deal- Ut- clara- Selile- 

Intpi ings lion ment 

Mar. 7 Mar. 20 Jim. Jt Jun.21 
.Mar. 21 Apr. 10 Jun.22 July 3 
Apr. 11 Apr. 24 July 6 July 19 
For rote indications see end of 
Share Informnlion Scrriee 
Stacks favoured fur ihe call 
included Capper-Neill. Bunn ah 
Oil. English Properly. Brifeii i-a 
Arrow. Stylo. Triccnlrol. Ullra- 
mar. Lonrho. I^idbrokc. tti-and 
Melrnpoiilan, Bools, Shell Tran*.- 


port. Charterhall. Status D'e* 
count, capital • and Counties 
Property. Premier Cotte. Oil. 
Trails and Arnold. Adda inter 
national. Silt ermines. Town anil 
(.Hy properties and Blackman 
and Conrad. Puts were taken 
uui in Allied Retailers and 
Statti-x International. while 
doubles were arranged in Racal 
Electronics. Traralcar House. 
Midland Bank. Barclays Bank. 
Capital and Counties Properties. 
Wheatsheaf Distribution. R'o 
Timo-Z'nr. Pacific Copper anti 
Status II srnunt. 



i* : i r 7 5 J 

•‘r™ lr !“J” Hid. U** 


. A 


(i-i- • 


— ” 



' - 


F.r. iui 


IjS Auii.iimti- 

1 *■•. \v. 1. IU. • Pn*I 

1:4 . 

M 2 

(1 ri 

>• 1 HnV [.-' - 

\.*rki>li in- !■/» i. 1‘rei..-. .. 

ft 2 

i i vutl\m}6 II lim. f*ws - 

106;i* . 




ill lj ( sti.i.r|i Fill (i*- *iHa'H|il WJ." ♦... 

B7t; . 


A a 


<4 <• rniiipimi 

Ki-a. m. 1 i-.. 


i j- 

i « Irtwlif 

liuml-l* IT: a 



VI 28.7 


1; O Ml* ■ 7 , |:„|. |-n. l-.Pi' . ... 

12U . 



I-.1 I'd i— *n •• 

.* lnU-, I'm .l,u. Ui. U35-Ai. 



SA Hu II lull 

I'll,. N.\.'. , i.i.mi, N..II-* Isoii 

TI 1- . 




^ ' « 7*ffii a "»Mf 

Vmu*Mi- (.*;■ 

100 1: 

L50 88 4 


4 1 1; 1 hi. III'-; 

II**I t*.-. ■„ . . 

GP«« .. 

F.r. M 2 

W Iiii.-Ii.iii 

H . *....., l-rri • 





^.<l« 1 **ih ttnl 

■r IP. (»..!.. (X-n 



; 5 

i:*fiinii* . 


~ z 





^ s 



— — 


m— - • 


“ ' - — 





»' c I 

KeauiiiMUl l'r*ij«itie*. . ■ . 






H. llfilllnllutM 

o 1 

lo a 


4el*ivi* •*•>*• ... . 

A Us 


24 t\ 

lu a 



Meat. **i .\n*iiralt« 


o S. 



Lt)rUii«t*> . . 

1 B 


v- • 

K.ll.C. Inix-rntii-.iml . . ■ 

dl : 


3*. 2 

aO : 



\Iaii. la-cU-i- in^r, ...... 

n 2 

1 ■ 



Ili-llau-l HmiiW 







M*Umi> . 

4 1 


1. 2 

l- a 

A Mil 

62 ' 






B4 . I 
bum .. 

198 -S 

22 i li, 

as*? . 


343 - 1 

ZSpni ... 

an ... 

K«iiiiin:idiiMii <taii- n*ii 4 ll> ino ini m-dlniK in-v «u siawM uui* «* t-wurife 
njweii - hi. i>nr*urcnft i*siini»if « \*miih>-iI doiurini ami »wW 11 t’OftMSi liv irteiid 
,111,1 I|jy-I| till ||MW ** -r* - AT r Oivirfi'iin -inrl wiWrt lUt** 1 Oil Or*nu*-i >il- 

ji iiiiit-i ,iill**itf1 cjliliiHii** l*n 1"**> u iirnih » Hinni*-;. rifiSinneil . .slmvci mliiw? 
ini miivi-r*i<ni •>' *fi^r>** iiOi turn rriiiKiun un mvi-1**iw iir mhSiiiu i,| H* ’■'•'in* i«-n 

hum- tin- s puchu onf >u imniu i*- i^wi .niwta-iw ii"iii.*ii^n- 

II* ii-i.ft-i IlDcn*'! in -lnln*-r» *n 'Iroin^n ,h^r-» a " rntlK" Kiam* 

in \vd> «• .niiiiJliwunn ■ •liiiiiiinii* n-ii<t*-i urt.i !i iNnnrufiuit^t 
II I,nitite«.linf> -Ilin IiairaMIU'MiiMii niTK-'l >ii IMvhiivii i..-lilim*I'|i' , Hn i 1>*UWI 

i,, I.irtu.-t l'r*>Ti*t.'iHi qulrfi-r* ft \lln'»n*-iir l-rt*-r» **n mlr. • D i’r-n t.uittA 

nr rvifilvuanl nlMm-n' l*»--r> * With >»-arranl*i ♦ PrKC ‘-W'l-rf in 

* ui*- mum inr i h [■ i-ulvni* 


These indice? are the joint compilation of the Financial Times, the Institute of Actuaries and the Faculty of Actual 





Fipire» .a *rt™ 

aun*fr pS «soc»** wr wrlioj*. 

j Fri 

.. Mar. 10. 1978 
















r \u 






Tj-. Ti 

V;r <‘ 


P F. 
Tn S’* 












C.U’fT.VI* GOODS 1 17*j_ .{ 198 78 





196 20 






Baiidi sx Material* 27- ..j 178 70 




8 26 

174 01 




134 39 


rnrta*; ai Cast n.'t-K X — , 306 55 

+ 1 7 

18 71 





292. Zl 




Electrical s' 15*...-. . .. 





9 31 

427 96 

422 38 





Sn£!.ieeraig H 




7 22 



276 14 





Heritaacal Enpneenrj-T, 

158 50 

+ 1.1 

19 42 


7 32 

154 75 

153 16 



144 90 





8 54 



157 81 


154 98 










179 56 




143 09 


U EljriraaiCf.EjiaT.'-^. 






217 58 






Household Goods : 12- ... 



19 38 



162 74 






H«Br;andDi*inbttor 1 3— 

1109 68 

+ 1.1 




108 44 







1 \07»-D CRABLEH 176i _ 

191 17 

+2 0 




1ST 49 













207 10 

161 11 


Hines andSpirilf S*._ 







235 31 

234 Zfi 




Eaienaiimiau. Ca erug i IB ■. 

239 42 







227. M 




Food Majiulactarir.B *"22> 

180 52 











Food Retailing! Iff, 












SeTspapen. Pabiiriiiag 1 13- 












Packaging and Paper . Ii> .. 




















+ 0 7 












229 24 




Toj-s and Games (6i 
























Chemicals' >9* 












PhircwcKrtrcal Pmdncfj 7. . 

236 72 





233 13 






Office Equipment 1 6- 






121 03 












Miscellaneous (55> . 


+ LQ 

















190 93 



Oils -Si 
























J 5ft 72 











1/0. IU 





Hire Purchase id'-. 












Insurance ■ Li/eulOi 












Insurance iCompoate-tTi.- 








124 07 

123 BB 



Insuraace Brokers 1 10/— 



13 02 









Mere hanl Banks (14; 






74 31 






Property 1 31 1 

237 33 























Investment Trusts ,30). .. 







177 49 





Mining Finance (4i 






66 89 






Overseas Traders *lfli 







266 41 











197 631 


193 96 



Highs and Lows index 




22R03 .14 « 77i 
21472 (24 W77' 
?7?«9 .Z4187T, 
<83 H (211077’ 
3 3222 1 130771 
1S7 <5 .14 9 77i 
177 02 i!4 9 77* 

213 75 .21 10 771 
261.72 .2110-77) 
199.07 (27 lfl.77* 
130.95 05177 \ 

21183 (2110-77) 
236.74 -.81277) 
25445 (2912 771 

272.82 ta.lft-771 
2M.63(21, ’10.771 
244.41 12700771 

360.82 mum 
144.21 (14 *977T» 
204.02 iZ7'U/77l 
18141 (15/9f77) 
243.86 t1!V7n 
11948 I27 W 7TI 
213.70 (14.-9.77 1 
295.10 (14/977) 
262.94 160/78) 
14L25 05H77). 
53968 (18'5!771 
21402 (2110.77) 

222.12 KLT8/77) 

54ia (15(91771 

24832 (14.-9.77l 

IS 4.48 (6'18i77) 
204 36 123.1,78) 
249.10 (30U77I 
199 47 (7.-10,77) 
159.05 (2110,771 
161 72 (6.10,77) 
37133 cl&9.‘77) 
97.82 i7.T0f77l 
25529 (2Q/L78) 
11318 (310'77) 

209 22 i7 10(77) 
105 96 (20W.77) 
297 01 05:9771 

226 99 (2110,77) 

13513 (4-177) 
Uill (5.1 77) 
147 99 fi-lTO 
26535 iUTHi 
268 98 1*1' 77) 
125.42 112T77) 
113.25 (4,1-77) 

117.21 02177) 
129.69 02X77) 
12251 (4077 1 
77.27 020/77) 

136.79 02X77) 
143.23 04, 1 277) 
156.15 (UV77I 
17297 04/2.77) 
15054 (4077) 
13135 02X-77) 
m08 (12/1*77) 

9024 mm) 

109.35 02X77] 
12271 (5/1/77) 
19X41 (14/2/77) 
76.14 (4.0/77) 
144.93 (12077) 
28426 (12177) 
228.41 (2378) 
D.65 14X77) 
405.40 040,77) 
14061 (BflOTl 

14208 020.77) 

417.98 (2278) 

164.45 (12X77) 

229.50 (4/177) 
136.36 0*277) 
147.94 04 277) 
84.52 i4.'l'77) 
100.97 (27 7/77) 
95.14 (SX'Di 
225.75 02X77) 
S949 (41ff7i 
14269 (40/77) 
71.84 07.0/771 

15539 (17177) 
83.60 (15277) 
214 80 (5X77) 

153.70 (121 77i 




228.03 0*9 77) 
233.84 (2572) 
38933 0*5:721 
483 69 01 10 Di 
33222 03-9771 
187.45 |W*Wl 
17741 (Z7.'4-72) 

22778 12X4:72) 
26X72 (2110*77) 
26X22 i*&72) 
17059 050/69) 

226.08 068/72) 
28187 (28-1172 

257.40 (13/7/72) 
32199 (12X2/72) 
214.(3 (ZL-M/77) 

244.41 (270977) 
360.02 (60/78) 
144.21 (1V9I77) 
204J9 (16*8/72) 

235.72 (MWT) 
339JA i2to/72) 

135.72 (16/1/70) 
213.70 (14/9/77) 
29500 (14,-977) 
262.96 (60/78) 
246.06 0/9/72) 
539.68 (18^5,77) 
258183 (2/5/72) 

222,13 f2X3,®7?! 

54X20 05^77) 

248J2 (14/9/77) 














<1X4 (721 

(28 4 69) 
i 15.9(77) 

22U8 05:72.1 


7X48 • 
8471 • 
45 43 .. 





69.47 C 
78.88 ( 
5*83 . 
59.K ( 

9*34 T 

7X20 t. 

1228.41 v 
4X34 - 

59.81 ^ 

SI 25 t* 
63.49 C 

6192 11 



Br. Govt. Av. Gross Bed. 

Mar ] 
10 | 







1877 TB 

High* u* 

British t^vernment 


Fri. j 



change 1 

xd adj. 
To-day 1 

xd adi. 


10 dale 




l-ow 5 years 

Coupons 15 years 

25 yens. 










10.48 (4X771 I 

iz» aim 

MJ* (7/1-72/ | 

511 (6 
876 9 
fi) a 


Older 5 yea re...- — 



_ ' 



Medium 5 years: 




1332 (41/771 

8.73 O 

Coupons 15 years 




13.89 14.1-771 

9,70 GK 


5- 15 years 






25 years. 




1427 14X77) 

9.?1 (S 


Over 15 years 






High 5 yean 



j 1X03 

1427 (4X77) 

8.93 A 



144 27 



Coupons 15 yean.. 




14.99 IV1771 

10.78 a 





13 J0 

15 88 (4/177) 

us a an 



Irredeemables .................... 




15J0 14.047) 

1029 iW 

i52C-yr. Red. Deb- & Loans (15) 
Lb Investment Trasi Frets- (15) 
n Conti and JuiU* Profs- /20) 

W).*a 68.!,/ bO.Si’ bLdS 60,86 88.// 

56.bB Sb.tfj 5B.FS do. 33 58.6/ S/.O / S/.O? 

*b.D9 ,*.*1 ?,. sb /fi.K f,\M reS6 77. OS 

Stcllfln or Crsup 
/h*rmlC«lltlUl PrldllCU 
O.lier Crnm 
Oomim TNdert 
Englnwrinq CaMradW-« 
Mechanical Engineer Ins 
Winn an« Soirtii 
Tons jnd Cmwi 

Office Equipment 

Bose Dale 
jz ’ i2 m 
31 12 7* 
Jl'll 71 
Jl 12 71 
16 1 W 
n i.» 

I'm, 31 nr III 

iT” T^T’ '' M1, ll1 ’*'- •fi*'' 1 - Fit- Flint. ? Writ. 
Iirio Au-.i Mai. Mm. Mni Mm. Mat Sim. 

A •* * * .-lull 

ah./t ie»8 
/^.OO J I 7k 

Bate Value 








l_. -Hiiulu;i,in; 

50 Jb 6}.h7 . 4^.97 ,) I 

46.1/ S7 71 -U-l-iA i)4.7» 4 ) 
68. 63 73 as . v.fii 6il.7b i) 1 


Set Hen er Creun 
Industrial Crouu 
Mitceilanreui Financial 
Feed Manufaciurinq 
Feed Retailing 
Insurnncr Broker* 
Minlnn Financr 
Ail Other 

115.44 i: IC'.;i 47.01 t 
114.AJ tirV'lta-' .W.A5"» 
. U' 47.6-7 » 

Base Date 
31 '12.70 
21 12 67 
2* 12 67 
24 12.47 
21 » 6? 

Base Value 

- „ 100.90 

) Fcdcmptinn yield. A nifi IlM nt l)*e ranHhiinnti 

K wilWls from the Publish***, The FmeFda 
Bracken Hhk, Carmen sireei, Lenfleu. .ift 
Up, t»» P»« 22n. A fnrinlfbdy recmt el «f. 
iMbetalwi Indices, drwldrad vtehts end eantwr 
*tiice 11M. will) guaneriv hlgbo and IVM 
indices Is ebuinabte frain Ft * tomes* Eat 
HI Ben Cum, Lender). EC* at £40 uer ceyv. 


'I :? Financial ’nmes Saturday March II 1078 

" -BONDS ' : 



UtL lr> void Manors ® iair C i Prrp^oal Unit Tnrei MngmL* (bi 

UbAwoneeCo. LM. 

•wrfCkvRt^Mrt.Bct. gt-atBRu 

:2£-~E! g3;:J = 

,:S.W 1*32 ■ -19DJ _JT 

■iy-tee._ ml 157.1 

arm kq- ..... 

. tl Me Fond _ 1285 2355 

*7 FUad 1195 ■ 323.1 

Wperiy — „ 147.5 174.3 

■-ideoth* — ; 773 JL« 

,4Cumy,’ — 1X19 33».* 

1455 .. 17AS _I 

.. . aferS! -iffiS 

<•. 1255 1323 

■ ^,Ser.’4^rpM • 1M 
, ^US«.4 .}lB79 5§fl .. , 
>■1 Irt. 38. ValuaUons normally 

Ml SS 5-— ss^jsaisr-*-* 

~ P*P«tyB«d,.._tl6*2 J752| ,....| _ Manned Fft'nd—. 

Kuobi* Ufe Asnirvce Limited ¥ ??P?Tr U f^nri'~I 
OW Park Lane. London. W 1 

Ttxcdlni D«p „„_ 

Equity _, 


Man need C*e . 

Managed Aec 

Dicntv . 

r GillEdred ■ 

— Pen^.LDep.Cap 


-Pea FI Deb-Ace. 

* P^B-^OP^^P - .. 
Pen Prop Are. .. __ 
Pan. Han. Cap 

L Pen. Wan. 


Vt«e A »n ranee Co. Ltd. 

.^etoBScwi; ■ - JJ-gjFgf — 

11 ’ PfcniDA.P.Cap.™ 

Pen. DAE. Acc.... 


S E. 

■JEterM -m~] 

.•«&». S|- 

FdLAre Ifl&A vffj 

tav. Ace — ms 55 - 1 

PraFtLAec. MU 3£ 

1743 3as_ .. 

SS&CS:;®* »* — 


■./■‘tife Assurance LM.® 

IffrA 1 ®* Rd-Reigaie. Relate 4010L 

muutmi EL* 4 ’ - . 1 "’ Fund— 
01-4WKJ3I Dopant Fund . 

— Nw l nil Feh. IS. 



1022 ■ 

■ mt 

21Z9(*JB _ 
3243 -2.71 
1297 .. 

1463 +8 7 

72-80. Gatehouse Rd AyJetbun 
I Abbey Capitol — .Do 4 32. 

Ahb+j' Ir»«m»<-_. 1 ._.B44 * 3* 

Abbey ln+. Tm. Fd .60.6 33 

Abbey lien. Ta (42 6 46 

Allied Hambro Croup (utgl® 
Harabros Hie.. Hunan. RreMWMd. Okx 
[ 01-S68 2851 or Brmmood i[CT7, 21KSS 
BaUac+d Fonda 

2. St Man Ate.EC3AaBP 

■(lAmcricao Tit RS 0 

British TM IA« , »~«88 
CmrwiUR Sham 1129 7 13*5' 

Far East. Trust, R§7 28 D +0.4 

Hijjh Income Ta( --PJ 58.805 -Orf 

I ruvunp Fund 165.0 69 Old -0 ] 

Ins Agenda— -^-p+.22 13 OS -01’, 

Jilt Ereiupl Fd. —Ml ■ * 

(TilnO Trt iAee.i.~|2S8 77 7j 

•US!! WSfi 

: *22 

01 2Ri!5CI -MHairFl lienle- nn Tbamr- 

520 -Sii ““ nwaaHS.tat .. IMS 5711 

JU Piccadilly Unit T. Mgr*. Ltd.® tanb) 

tVanJjj'ie H»e . 5Ba l.urdor Wall Ft 2 tTE Wbi 







rboenix Assurance Co. itf 
-£*■ KiofiWi Ilians 51. EC4P4HR. 

ElKL k lad. Daw 
Alliadcaptul.. __ 

Veaiih As« 
Eb'r Ph.A-w 
Eb'r. Ph Eq e 







+ 0.4 














Gibbs lABlwjrl Unit Tsl. Mgs. Ltd. 

23.H«rfieldSt.JEt21M7Xl tilMB-Hl 

^■'.^G.^neeB1g^W4 SJ4) . ..| oeo 

t«>A.G Orowilrtr—El 354 . . 538 

ia>A G. Far East - -. 21 ?! ,...| 0 30 

TValrnl ’Tubs. *tW«d 

Extra Income . 

Small co'sFd . {j*m 
Caplin I Fluid «95 
Ini T^Dr- 4 A'ceK (45 1 
I'htairFanif 13a] 
Aecwtilit Fund ...&7J 
TerhrjoIoEV Fuad . S3 7 
Fur East fd. .. . Jg| 

314ti -Oil 
- 0 .< 
»« -o| 
43 r -o.r^ 

M4d -0.4 
42 0* -1C 

57 7i -Bi| 

SS- iX ! 





4 74 





’ Ftoutt 


I Highlnconie... 

•=- - Hcnts of Oak Benefit Society ■ Property Growth Assur. Co. Ltd * 

ZUUOB Road. London. VW l 
EwnlsblOab J361 

Frop. Equity &, Life Ass. Co.¥ latrT^aaH Ttafe 
119 Cranford Stnoi.W IHSAS. 01-4860897 j_ nt *rnatiou*l — ... 

R Silt Mm 3d | I7; > f 1 Of AtPtltl 

Do Equil> Bd J“ u;’ j _wJ “ PartflcFund 

Do. F*. Hn>. Ed Fd | 1547 j .“"J - Special Ui Food* 

Seller Co. 'sFd 

|2ad Stair 0‘4Fd-..M3 
RecocaySHs. B2 0 

01-3373020 LeotoHouse.CTTjydoo.CRSln; 

BSD SamaeL Life Aanrn. LUJf 
NLA Terr., AiMiscOmbe R«L Cn». IMKMI 
•Property CaUl.... 


Handed Units. .. 

Manaxcd Serin A- 

Managed Serin C- 

Honey Unit# 

¥£Z l 5 ~ i * A - 

_ Pa*. Gtd Ace- 

























3411 ..j .1 — ' Fropcnyrurd . . 
M - PropvMrFQnd.Ai 

AAnrahural Fnitd 

Aene. FandiA' _ 

Abbey Nat. Fond 

Ab bey Sol FI4 ”> 

Inreahneot Fund 
Invntmem Fd «Ai“ 
EaunyFBDd . 

Equity Pund'A' _ 

Mcmes Fund 

Stoeey FundtAi 

Actuarial Fund. _. 
GfJf-^e<!Fund. .. 
GOl-Edged Fd. n, 
•Retire Annum 
•Inuacd Ann't> _ 








160 8 
ns i 

*> Life Umnum 
dte Road, W. is. 


MgdFd.:'- 7 


01-7498111 GnwtFd.Mar IO...K73 
-.DU] — .PeM.FU-Mar. 10 — £xs 
»S -43 — . Unit 1 JSpEm 

iy* Life Ass or. Ca Ltd. SMs5ap.Td 


Is 4 

Inperisf life An. Co. of TTaWaHa 
Imperial House. Guildford. 

S3!* 1 

Ffft&bW* fta»Joo* 4 Aaudlic* lid. 

AH wtber Ae Lis. 
, 9AJ1 Weather Cap. 
712SS 9lnv Fd i t* _ 
Ftfisjon Fd * -hi _ 

. Coq v. Pens Fd 

- Cnv Pas. Can. Li 
Kan- Pens Fd _ 
Man. Pens. Cap. Li 

- UZ4 

■ a - " - . . — . 973 

• JPen8-Arc. „ 97 | 

" PmkaAoe.^ W3 

■ •• M - — ■ : — - 94.7 usq 1 

- "Crnrent unH value starch $.■ 

ve life Assur. Co. Ltd-V 

^7-1 -0-1) 





„ EqulUFnad 1992 . .. _ 

aw* 129 it iTlab life Aimmoce Co. Ltd. 

DM3 U9lB 44'.9| — ILRtuburyS 

©i • £.% ;~l a* 

PropL bod. Feb. z ^UJ2 176 sj I — : 

'“-1 1904 -.'•J — - 

nan. K e nt, cap. L'r 

i_ Prop pens Fd. __ 
— PropLPens.Cap.Uts . 
Bdat 8oc. Pen. CL 
• BdS.Soc.Cap. Ut— .' 


Expt Stair. Cos. 4)296 1 

Xmeneso Fund 1215 

Practical rarest. Co. l*d.¥ (yMel 

44. Blnenvhurv Sq Ui’MURA 0IC3B0C 
Gomt (JetuHT ■ Praritral Star 8 [U14 1595' < 449 

T7.lAK3onWall.RC4 OT-SKS fai t'mtk I1D8 IMk . I 448 

S hjdT Star 3 i 251 Provincial Life lav. Cm Ud.» 

■ Do. Ateum. Unit —.1141.7 .1443: I 231 

H 17 

Noel dealing day March 

GrievcfM Manages eat Co. lid. 

RlSlOD^tfO E r 2 

38 C reDiam St . SCiP 2DS. 

Bar gut. March lD-fig J 

< Areum. L'aitu IM7 

STgam'lUr.P— 1459 
1 Ac rum Uansi™ . MU 

Endear. Mar. 7 142 3 

lAcrutn. Ualtsi...— J47.7 
utPchAr.Mar.10. ... 174 

■ Aceom IJwlst <9 8 

I-nABrsbLMara 66 > 

Anderson Unit Trust Managers Ltd. iAcotb. Uniw [612 

lMFenehurchSt EC3MHAA 823KSI Guardian Koval Eg. Unit Mars. Lid. 

Aadsnoa U.T. _ . 0.3 *6 0| | 5.18 BC3P3DN 01 S38801 1 

(an GuardbtU Tic - PX7 tiiv* -o.Bi 444 

Prolific Units 
High Income 



01 247 8533 
760: .IT 3*6 
lB91!»;q| 798 

*>■**» PrudL Portfolio Mngr*. LuLV laNbKc) 

Honiont Kars. ECIN 2NK b>4458Si2 

7oj Pnideaual- - .. D140 1254 -651 461 

Quilfer Management Co. Lld.V 

ISO The Sik. Exchange. ET2N ] HP 01 £00 4 ITT 
3 23 DoadnatGea Fd.)%9 999: . | *56 

325 Quadrant Inrotae |U3 5 1171! J 439 
3 02 

3 5 Reliance Unit Mgrs. U<LV 

Bel lance Hit. Tunbndxe Wells. Kl 0882: 
OmitBBRF Fd _(57B 48 91 . I 

KekfordeT rArr I..D90 4] 7] •( 

IS 6 

Aaabacber Unit Mgmt. Co. Ltd. 
iNoblBSt-ecavTjA 014S83TS. Henderson Ad»uiistmionialui 

Inc. Moulblr Fund .{154 0 164 8*8 | 93 Premier L.T. Adada.' Rayluah Read. 

<Arr i. 

SehfordeT lor. .. 




Arbuthnet Securities Ltd. faMc) 

37. Queen St Loadua EC4R 1RV 01^365281 

— Extra I ncome Fd. - 

— High Inc. Fund . _ 

•>Aecnm. Uaitsi 

— Prop. Mod. Gth— 

P**wind*I life Assurance Cm Ltd. 

3B8. BWiopafoLe. E CA 

Fid. —Q67.7 


ihui 3t 

Prrfrreoce Fund-.. 2S.6 

lAmimUitliai 348 

Capital Fend 133 

Com modi tyFImd 58 7 

i Aceom. Ualiji 71 4 

1 1DS4 VdnrlC.).... 45 I 
FinJcPrnp-Fd . . - 141 

GiaolaFnad 343 

(Ac rum. uma) 419 

Gioath Fuad HU 

f Actum Uidtsi KX 

Ionian Gth. Fd i?i a 

Eastern 4 to iLFd.. 243 

(6%W-dr»LLt*.U. 143 

55.1 +13] 

274 +03 

■ 54 J 


»a +og 

1313 + °^ 

749 . . , 
241 +031 

9 45 
12 00 

* la 

Brentwood. Eases:. 

ifffAusmJira [24 4 

capGrtatblac. ..Bit - 

CapGro*th Are >. g4? 

tglSoropcaa 0 

iSiFarlSw. — H-9' 3 ■ 
<4J Higb laeoae— . 14.4 
iSXoc. k Assets — »4 
iSiInlcmalioiuG ..S3 
laiNth- American. 3X5. 
VA Gross Mar. 14. W26 

OUt Nat .04 

W. WhL March ]0- 7D3 

H JS Stes&rzW 






41 sl *ol| 

Ridgefield Management Ltd. 

PC Bat 4 IP Bank H«+ . M eschar 061 2388521 

S38. Rlderfirld I nr IT (81 6 87 K .1 2K2 

270 Ridcefidd iDcome |9X 0 97D) ( 906 

all Rothschild Asset Management lg» 

5 43 72-80. UalPbouar Rd . .Xylesborv 02865M1 


Arbuthnot Securities (C.!.i limited 
P i ' to\ an M llclirr Jeori ifiuaiT? 
i jp 1^: ■Jrr'-t; < , 11170 12101 I 341 

Ncxl oaalinri date X'+rth 7 
Ea-i&lnii T»t >lT 13030 1UM. ...I 341 
Nc.«t vub Marcn A* 

Australian Selection Fund W 

Markri i ippotl uPtUcv r o ln%h YounE k 
OuibMaitr. 727. Kvn 1 . ■SLIhM'. 
l. SSI Share* . jsi.xlit • . | 

Net asset i'-jIii* Marti a 

Kcyselex Mngt. Jersey lid. V 

TO Bo* 64 S Heher .1er»c} ^■qUI 4 MT070 > Z' 

Fonts le* . 

Kr+srlex Ini I 
Krvjelex Europe 
Japan Gib Fund 
Nnselcx Japan 
rfll. Aasefs L'ap . 

TO 271 1390 

X 5 70 4 35' 

06? 4 nji 

521 ST 23 71 

‘969 998. 

£131 II 

Bank of Amrrica Internal ion a I S.A. 
;2> KnuiavarJ Ko'u! I Jicembnurg ‘-l' 
>I6 ikw Inewnr 4- “18911 :S»7;|-3:?| 661 

Frees at MiM: 3 Nest sub «Jj\ March I V 

Bnk. of Lndii. Sc S. America Ltd 
444H Queen Ymoria <L. EX'A 01 03DS313 
.UeuMlet Fund BL*-Xn I I — 

\r asset xaluo Mar B 

Banque Bnibdlcs Lambert 
?. Rue Ue la Reg**** R lOUa Rrji'f’i 
RvnU Fund LF -QM2 7B021 -61 845 

Barclays Unicom InL <Ch. Is.i lid. 

1. Uurir.c Cross. SL Kelier. its-'. 0.U* 

Oi vr*ea« Income ..IBJ S3 1J +0 9> JO J? 
I'oidoIUr Trust .Bl’SU# 11 Ul l 4 70" 
*Subjrri to frr and vitnhuldinc ia»c> 

Barclays Unicom Int tl. O. Mani Ltd. 

] TbomasSl. Douglas. iaH M2448S8 



King Sc Shaxwn Mgr*. 

] ntarfncl'ntt-i Sr Heimr 
\'illry Ibf Sl Ivier IVtt. ii.*rsx 
J ThciPts Strert. Jinirlax 1 1 • xt 

lailFdad JPTLej i | iflo; ;fl 

rilhTnistil n M . . tl23ri 1H 
Gill Fn*l Guernsritlaoe 1L25| 
Inti Can. San TW 
Firs: Mri-hcg 

Fire Jotl 
Kleinwort Benson Li mi led 

20. Fefldiurrh Si F»TI 



• 09 

ry 1200 
I. .112. 


^13 1^^1 

Eurtpmt Lav F 
Guerturv tar 
in Aecum. . 

KB Far East Fd . 
KRIniL Fund 
KTl Japan Fund 
K R.vA Gxtih Fd 

P6. W -«4| 

K ir«» n2 

SU 1x27.40 

-3 tl 

S? jl8.M l 19.3^-dici 

*KB >n as Load 

OW'Trtt ., 

1 | U.25 

01 BHR, 



4 34- 


l mearn AuLEsi- 1M 
Do Vase. Min..-. .230 
Do urtr PaeUic. . . S*i 
Do ImI Income . J6J 
Do I. of StanTn. ... U.1 
Do Manx Mutual |Z1 0 

42 4 




\ I'.EquiD Fond.. 
N C EniO.Re* T*L 
N i‘. Inewne I nod 



NLMatl Fd vine >173 4 

N C Lull. Fd i Xcr 

143 W +1 a 
96 £ >151 
147 7[ " 




1 : 


0 3 


For taar exempt foods oel 

mil Samuel Unit Tet. Mgn.t lai 

N.C Smilr C«t* Fd)159 5 
Rothschild A Lwadci Mgmt. (al 
Si.Su-ithin.xLane.Ldn. EC4 01-82843M 

Neu-rt-U+emp*- (0130 U0M . I 5 75 
Pne* on Feb 1 j Next dealing Mar 15 

Rowan Unit Trust MsfL LltL 

Bishop5gate Commodity Ser. Ltd. 

331 JPO 8o«42. Douglas I *M. UdL'+^Wl I 

305 i ARAlAx- Feh B ptSNC 3»Mj I 

TJX ! ( AN RH CP* Mar 6 El DM lNS-123 ■ 

} J3 ■ COV'CT’-Mar. e S 198 2 -fl UV, 2.15 

X95 | Ononslb nurd « *510 and "Cl 0b 

i Bridge Management Ltd. 

I PCI 80s 508 Grand Cayman. Caiman Is 
N'baahl Mar I . ,| VM694 | | - 


L °WS F0R Ifc ’ 


W*eMar.L| _ 127J7 | _ 

Life Assurance Co. 
h- & - Parian Bar, Bert*. PJ3ar 
xHar. l S5M 

King Jk StuEcaon Ltd. (HRFtmdj6^“I^3 lS3 +Tj| — Archway Unit Tst. Mg*. Li«Lf (aKc) 

-92, CornhiU. HC3. ' 014US03 ' 317. High Hotborn. WaV7Ni. 01-8318333. 

r“5SaT6sEfi.Kg«* "SSMt-a -s’sa-oii ,i B 

Govt Sec Bd. .Jfcjt ual® 1 — Holtami Bars, EC IN 2VR- 01-4858232 

' - 0771 1 _ Barclay* Uniccrn Ltd. taRgWc) 

Laughs nt Life Amrmce Ce lid. 24^ :i:;J — Dtueorm Ho. 292 Romford Rd.E7 91-934 55H 

QI-S23 J28B LanghamRa. TMmlrrook Dr. NWA 01-8085811 


DM British Trait 

igilaH Treat.—— 

(gl Dollar Treat— 

id) Capital Tnia 

(hi Financial TruM. 
mi Income Treat. 

fntcLV (aKg) 

15. Cbrlaiopber Street. F.Ci 
InteL inx. Ptood. _ (tt-5 

Ol-ffismu Cl9-Gate Hse . Flnahury Sq . ECS 01-006 1000 


















dan Fd 173.4 

147$ T • I :Z Reliance Mutual 

77jl 1_".| — Tuubndjte Wen*. Kent 




. 91 Assurance Ltd.® 

. Die Wy„ Wembley HABONB 

Unit* KX5JS 

. dJEzee.. 08.61 
rrmv, nreUE*ec_. Q2J4 
' 'Exec-Unit. S34 

■Bond 109/ 

1 . .... Vccum. 160 

■HiyAccntn.-. (p?71 






1 Pens J ACC.. 863 
PegafAce.. 1832 
d. Pena/Acc 95X 
P-P*maIAct 96 l 4 
tPcm/Acc. 922 
25 J 






01408 8876 
+0091 — 




Surrey KTSOtfEU 

Cash Initial — «S2 

Do. Accuse. 942 

EQally Initial C0.1 

Do Aceom 1112 

Fixed Initial _.. 1X65 

Do. Aecum. 137.6 

Managed Initial.— 1133 

DO. Aecum. 044 

Property toititi — 95U 
Do. Aecum. — ;-4- 969 
Fd fOntt 

Udkoto Amcnea.. 28.7 
Do Amt. Act .. .. H2 

Do.AuaLInc . 43.8 

11 Do. Capital 485 

060E3Z271 Do. Exempt Tri. . - 102* 
- • -1 — Do. Extra Income .. 27.8 
Do. Financial. .- ... 55* 

Do 500 HI 

Do. General 2*9 

Imnghmn *A* Plan_ 

»Prop Bond. .. 

Wup (SB Mm 

BeL Pzvp Bds. I ]m I 

Legal 4b general (Unit AmrJ tad. . 

sssr^o^r- Awet ”********' 

afiTj _ Sl Sudthim Laae. London. ECA 0l-«ad43S« |Do<irowth Arc 075 

1Ql 3 ""-1 — - N.C Prop. Doc. 30_ H1AX 121.41 1 — D?-l«J®eTm^_.fr42 

M+zd - • he« «ub. day Hatch 3L I sub 

, _ Do Recovery- M3 

_. Royal Insurance Group do. Trustee Fend .- dm 9 

. New HaO Place, LjverpOoL . - 051 2374428 S^W V Tr 1 ^ i rflnc TT |S a 

“ Rojxl Shield Fd - (ST 136.*.? - 

|+f Rang Ser. Mar. Tf]4«5 

Roxcan Hy. Mar. B .BO 7 

It; i A rrau Cnita> Mi 

RwD.Mre.M*r.6. - HI 

Jn (Aceum. Cnltai — (81 7 

J S Royal Tst. Can. FA Mgrs. Ltd. 

34. Jerers n Street. S W 1 01-829823= 

Capital F4- -142 1 65 S I 399 

01-2477343 InroneFo -»66 7D3| ) alb 

.05) Prices at Fteb. 38 Nest dMliRS Mar 15 

Key Fund Managers Ltd. (a«gi ^ xve * Prosper Group 

39-MUkSt- BC2V8D5 01008 7070 4- Greet St Helens. London EC3P 3ET* 

93 M 

£#•73 Quorn Sl. EAnhurah FH2 OUC 
Drallnga to 01554 a8M Sr 031-236 701 

K«T Energy faLFd-ftt 2 7L4) -0 v| 403 

Al * 0?I 517 

Kw Ucomc Pu odL (74 9 796 -*0 

Key Fixed Int. PdT. @81 625c 

K ev Small Co’s Fd . (79 4 84 M “D Si 

Kleinwort Beassn Unit Managers V 

20.FnHunthS,li<X 01-0236000 I ser easing laeamc FDnd 

K.R L'nltFd Inc.- W.6 844rf.-ia 4 77 Hicb-Yieid -~ -1329 

•KB VnitFUAc— (973 19*3. 1 Sj 4.77 

6 65 Save & Prosper Securities Ltd.® 
iff! IdmadMil Hati 

- rg| S 23! 

l-'mv Growth.. |5 5 42? .(HlJ 

CPO Box 5SO. HOn* Kong 
Nipptm Fd. Mar. S..I>Tr 

«1*«* UUI 

Ex -Slock Spill 

I 082 

Britannia TtL Mngnt. (CIt Ltd. 

don paying agcol* oalj. 
UwdB Bk. (C.I.) VfT Mgrs. 

P a So* IBS. St Heller Jerscx 0334 ngl 
UndiTx. 0-«ra» . |4* o 565| J ;7* 

Nett dciliac due March 13 

Lloyds International Mgmnt. S..N. 

7 Rucdu Rhone PO Rat !7# 1=11 Graeia It 
Lloyd* lot Gth Fd [9Fat M MM I lgp 

IJwdJlllt Income I-0MJU mn) .( 448 

MAG Group 

Three gua>« Tww Hill KOR SBQ ill-638 4.108 
AtlactivEx Mar 7 RCMot 3 7M ’ I 
Anal K* Mar 8 JsrsiTl 1 9?j 
(MdEsUarS >IQ X UaJ ! - 

Island . .pM» 11l3 -0 6} «195 

t.Accum L'mtai . IMb 4 15551 — 0 Vt f 1 95 

Samuel Montagu Ida. Aft*. 

114 did Broad SI.L.C2 01-M8 *4*4 

Apollo fd Mar 0 .ISF44U 479M.12M )9t 
JapfoatKeh SB- -|Hlk«17 1 « J 129 
I r?»!rp Mar B . pi -iUi It 19 >0 071 2 14 
1 |7 Jorcv Feh 

irarao* ' 

I Mar S . SF441S 
Hi®. . HIM 17 
lor B . p -iUt 
:Ffta C4M 
■ Mar J . . C1D.13 

S4g*05( 654 

High lioat Fuads 

Save & Prosper Groopp 



. Do. Aecum. 


tea Ar+wu 

Exempt Fixed toil 








Sxempc Mngd. talt 
Da iwniti 



; z 

Bal Inv.Fd. 

Brothers Sc Co. LtdAF (ai(x) 

. Leadeshaa 5L. E.C2 01J882S30 

|S£SgL*^rlBK Kl.rJ IS 

Nat Mb. day March 22 

— ( Btshops gste Progressive Mgnt Co.9 
. Bi a hopagri e . E.CX. 0l4M63Ba 

The Stock EChugc. EC2X I HP 01568 2800 

LAC Inc. Fd. Q27.4 lALArf-UI 755 

LAC loti A Gen Fd .1842 88^ -0J| 260 

Lawson Secs. Ltd. Plano 

WP \ \i|s 

Cumat value March 

- il Life Assurance® 
n H ouse. Chapel Ash Wton 060228511 

JS&fst] | :::: j r 

■rhnte Hbgnar Gp.® 

more Sq_ Uxbridge UB8 INE S2181 

'$ 3 g± 

jli Soc 


-f Westminster Assur. Soc. Ltd. 
'WdHouee.A Whjiahoree Road. • 
’a-CROSJA. - 01-084 BOM. 

; . __ 'Pebrusty : 

Legal St General Pi^pL Fd. Iftn.' Ltd twoofcjy daaiipga 

Next sab. day April!. - . Entwpriaa Bonae, Portamotuh. 

lSi§S5»rr“-b973 2#fc7 a07jl 





i i 




life Assur. Co. of Pennsylvania 

38-42 New Band SL.W170RQ. 01-4088886 Ffiuxf Int. Mar ■.7_”fi3f7 

UACOPUnRa-— -(1015 10M p--- • gMS^a^ir.T.g.8 

Ltayds Bk. Unit Tst. Mngrs. Ltd.' . 

71. Lombard SuECl S1-02SIX0B Mud- FH. Mar 7... 

“ Exempt—.: j 


2*L8j ::.;i 7.94 Bttiiur^: — na69 

aita._ (114.8 

1 . — tSJJ 

vunin — issj ^3 - 

> Westmiutar Asn. Co. LUL 
md Bouse. 6 Whitehorse RomL 
O.CR02JA 01-0849064- 

Uoyds Life Assurance 
30. CUBOD St, EC2A41CC 

Mil Gth. liar. 0 1.24356 

Opt3 Prep. Mar. 9... 1227 12- 

OpC5EqtyJS*r-B-_ U53 1Z 

irpCHy. Mar.B— 156.0- Ml 

OpeJiian-MarP— 139.4 141— 1283 121 

fisgr 7 -- 


3 Mar. 7 1154 

Deposit Mar . 7 112.4 

FrepertyMer. 7 1495 

_ .Ere58i*vaMBr.7-.l*7J 
_ BSPn^Cp Mar. 7 - 11*6 
_ , BSPnAce.Mar.7.. -127.7 

.Kn.Fn.Cp. Mar.7 _ 105* 195N 

— Mn-PD. Act Mar. 7 |21SJ 229*1 

Scottish Widows' Group 

I WgatcPr.—Mar. 7- 

- cuajFcb.SR.- 
Nest sub. day 

I Bridge Fund Managers®(aXc) 

070321738 (King William St- EC4R BAR Ol 

* Accnm. L'nitsi— 50* 

•Growth Fuad 0.7 

■(Accma, Units] 56.4 

rtGilt and Warrant. SJB 

zAjoericaa Fd. 19* 

aKSWaff.-: 5? 

-H in “lAcconi. Unlui_|67J 7L4| .I! ' ( fl 90 

“Tl X71 • Dm1 - XMoo. Toes. Tt Wed. fUm ~Fh. 


iQcoroe — 

UJL Fndf 




Overseas FBshlll 


|75 D 





43»«* -M 495 




7.18 Srctar Fob 

333 Commodity — (64J 

JJB Energy 09 S3 

2*8 Financial Sec*... - Jt5 0 
!2 HtlMCtotamw Fnato 
B 9 q Srieo in lerea L - ^89 


nU -0 7) 2 
87Hv0.3( 2 
6T9x| *0 3 3. 

639^ 4 






__,Ine.t— J83" 
> Cap. Acct. . 329 

3 Exempt f 121 

iBadgelstLlneit. .. (3.4 
Prices March 7 A 


4*41 .„ 742 

321 ... 354 


129.0X 623 

MJ .... 4S 

15J _ 431 

& Dealing *Tue*_ fWcd. 

Select Income (50 6 

' Scatbits Securities Ltd.® 

Legal A General Tyndall Fond® smuts ..1341 

IS. Canynge Rond, Bristol. 027232241 ggSK^ 

Dla. Feh. 35.. SAB 572) I 509 

lACCnm. Unllal JKz 71 3 5.09 

Nest tuh day March 13 1 

S. Duke Sc, ® cW ”* n ^ er J™ 1 * Ma g rt - <®H*l 

ScMahaiTs ..-.(51 5 5 

StoLEx-GUT* — ;|J 99 9 209 
Scot. fix. Yltt**- . [Uk.9 153 . 
•Price* at March & Next sub. 




73M *061 
7771 *0 7f 

— Britannia Trust XCnugemeoMaKg) 

__ [3 London Wall Buildings, London Wall 

E g 

I Assets 143.0 


Uoyds Bk. Unit Tst. Mngrs. Ltd.® (nl 

Regiamr * Dnpt- Goring-b>-Sea. 

Worthing. WestSucac* 010231268 

01 -633 0478.-0479 FiriflBalncdl 

ipital ACC. — — — [47.0 

'omaiAliid 50.0 

'Offimodixy . S7 0 

Domestic HI 

Exempt. 93.4 

Fir San .1 K J 

FtnandalSac* — 1425 

Landau Indemnity A GnL Ins. Cu. Lid. TOBoKse^XdtniMijgbQiieaBU (ill -053 6000 fwj*s — — h 3 a 

1S-20. The Farbmy, Reading 563S1 1. . ’SvjSSil™tB* ^ T “ J,rt 

MSar:|i Z EBEbA; 

Fixad Interest (345 36^ +0XJ — -Ex.Ut.TX.Mar. 10-02*5 134. 

Mgd.Pre/March8..|2J4X 2462) +3 

XSte London AJRsachester As* Gp.® 

Inc. A Growth. 49.0 
Infl Growth ._. — __ 515 
InvcaCOLShases.- 3*9 

Mnerais— - 305 

Nal. High lac 717 

Nn-taun — [»J 


1 Unit*. — 1 

erclai Unton Group 

n*. 1. Underebsft. DC3. 

_ Growth Fund 

•ErpTlnv. Ttl. Fd 
01-2837300 P**g**fS &: — 

cUt-Marll | 4953 1*0.791 — In r. Treat Fond 

^UttyUU._.|_. 16.71 J .....l - 

l: 1 r Wation Ufe insnautce C* HA G Group® . ■/ 

eery Line. WC2A iHE. ^ 01.2430381 Tteit Qb*yt. Tower »I1 EC3R 8BQ 0102*4888 


, H*7 

Pic pel ly Ttqil,. 


Ufe Assurance Ha lt ed 
aged S -.0245 

— / Sotar FJML Tat s~ In 9* 


ad Fuad — 
Xml. Fond., 
it Pen. Fd, 
-i Pea. Fid..' 
ed In. Pol 

129 0 



InteroatnL Bead". 14 2 

' Managed Bd*** 171 f 

Property Bd— 1484' 

Ex.^efdF«tBd.*- T33 

. omwmm sssss?d.«ir-:g;j . ga h 

Merchant Investor* Assurance® 

12S. High Street. Croydon. 01-0860171 

Conv. Dm. FXL — — 

7 Mrta_ Fd 

II Insurance C* LUL 



Feb. 15— 

^HLFehSO-HMO 147. 

A Commerce Insurance 
^uiSL. London W1R5FE. 01-43 
kL Fd. 11220 13201 --4 

or Insurance Ce. lid. 

^onec, Tower PL, ECS. 01-83 
•, Mar. 7„. (67.7 74® .. ,.| 

Star Iaauz/Mldlaad Ass. 

neediest- EC2 -01. 

<L Uait*__J49J SLBf *0 J| 

& Law Ufe As* Soc. Ltd.® Penrions Ltd. 

aRasd. High Wycombe- 0<M 33377 Jr-r^S 0 ^ D<M *“fc? ,lIT »7. 

. I (1039 

Fd. (1015 

crest F. 

-ntFd. W9 

....... . — :-..ll640 


~ r 
1117 +04 

i * 1 

+3.» - 

Solar M an aged F_ tt245 
Solar ProportyP_ 107 
SoIxrHdBatyP_.-X 44*4 
Solar FbdJnLP„ 13»4 

Solar CtabP 990 

SoUrlntLP 94* , 

North American.-- 24.0 

Prdeislonal. 44*3 

Property Share* — 13X 

01-0000471 Sh)el<l._ 120 

13UI-MJ.4T - 

114.1 - J- _- 

B&as - 

138.1 +0.4J 

114J .... 

m •* 

Stain* Change 
Unrv Energy _ 

47J +031 
505 *0.f 
53.7M +0S 



« Sd 
213 H 






45 Ja 


























DaCAeeumj 133 

Second (Cap.) 4*2 

Do. (Aceum ) 575 

Third (lerawei.- 76.2 

Do (Aceum.) — „. 1*23 

Fourth iExIbc.i AX 

Do. iAecum.1- 123 

. 5041 +D.4I 
602 +0* 
096 +03 
411 +05 
019 +0.4 
109.1 -rile 
603 +0 3 
449 +03 

4 58 







_ Hetiaa 

Lloyd's Life LnR Tst. Mngrs. Ltd. 

72 80. Gatehouse Rd_ Aylesbury 02B65M1 
Efluhy Aecum |137.9 1442) | 459 

IE MAG Group® (yl(eMz> 

433 Three Dnayt. Toper HUL' EC3R BBQ. 01026 4308 
See alao Slock Esebaogo Dealings 

American... J9J 52 4a? +0.? 

(Aecum. Lnnai <0.6 

Anstralaaiaii 394 

1 A cram, l-nitti— _ 10 1 

Connnodiry i0J 

(Acram Lnlui . . 44.9 
Compound Growth 913 

Con version Growth 48 A 

British Life Office Ltd.® (si D?vuJead*^. c _Zr Sri 

acc Hat- Tua bridge Wefls. KL 088222271 u.'rxlra t 19*5 

itiM,I4to-— 49.3+031 572 g^S- Bitk ™g] 

S7 * ^ra Yield 782 

(Aceum Uaiui ... 1817 
Far Eastern. ...73 4 

(Incorporating Trident Trusts! 

140, South Street. Dorking. 

Am. Exemp* - -. — 

Am Growth— .. 

Exempt High Yld: 

Exempt Mto. Ldrs • 

Extra Inc Tst 

Income DuL. — . . 

In*. 10% WdXwL.. - 
in mi Gro«th. — 

Iqv.Tm. Units. 

Market Leaders - . .. 

'Nil Yield' ... 269 

PreL & Gill Treat— 23 9 
Property Share* ... IS 5 
Special Sit Tj« 2*2 
L K. Grth. Aecum 190 
U K. Grth. Did- TIJ17.9 

■Next sub March 22 

J. Henry Schroder Wagg A Co. Ltd.® 

30 Bath St. Si Heller. Jersey. 

Growth Invest - -129.4 3: 

latnl Fd El* 44. 

Jeriej-EnmCf-Tat .&32 0 142. 

Unlvsl Dir. Tat. . .R4 75 S 

L'nlral STat Sig . P203 2 _ 

Value March 10. Nani dealing 

Butterfield Xiufemnt Co. Ltd. 

PO Boa 19* Hamilton. Bcrnmiia 
Buttmt Equity . .ttOJ 1971 | 2 P9 

Buttrc+a Income . H99 1 92] I 749 

rncm at Feb. 0 Nest sub day March 1J 

CspiUd IatenutiOMSl SA_ 

37 rue Notro-Dame. Lnxemhpurs- 
•.'aptial InL Fund I 1VS1S35 | .. I — 

Chaxtcrbousc Japhrl 

0534 73114 Murray. J oba i to ae Out. Adviser) 



1-0 10 


IBM! 3# 













1-0 M 

At 3483080 


Adi verba..—.. . . 

Kondak __ DM3179 J34S4 J 599 

Foodl* ..IMIHW 619 

EmperorFund - . KL.SZ34 7 MJ I — 

Htapano „ (JTKO* HW-oeq 197 

Cornhill la* (Guernsey) Ltd. 

P.O. Bax 157. Sl. Peter Port. Cuernter 
total. Man Fd.. (1540 1780] . . . | — 

Pella Group 

P O. Box 3012. Nassau. Bahamas. 

Pelto Inv. Mar. 0...JS1JO 137] | — 

Oeutscber InvestmenC-Trust 

Post iach 2885 Bieberpuke *10 0000 FYsakfuri. 

Concentre. INC9J3 28 Ul . - 

tot. RroteaA>wls.-PlM78 79.90] -8 JOl — 

Dreyfus IntercoutiiieatuJ Inv. FA 

PO. Bos N3712. Nassau. Bahanma. 

NAV Mar.7 pt-S12H D20+1JT1 _ 

Ellison A Dudley TsUHgLJrsy.Ltd. 

P.O. Box 7* SL Helier. Jersey. 033420961 

ED.1CT.. pill 11*2].. I - 

F. A C Mgmt. Ltd. Inv. Advisers 

I -2. Laurence Pountaej' HUL BC4R 0BA. 

01-633 4080 

Cent- Fd March 1 .] Sl'S4JS | .... | - 

Fidelity Mgmt. A Res. (Bd*l Ltd. 

P.O. Box 670. Kami turn. Bermuda 

Fidelity Am Ass. - 
Fidelity InL Fund. 
Fidelity Pae. Fd. ... 
Fidelity Wrld Fd .. 
Fidelity- Sler. Fids 
Series A ilnml.i. 
Serits B (Pnriflc) . 
Sene* D lAmAn. 





«0lS - 



First Viking Commodity Trust* 

S. St. Geotge ■ SL. Douglas. Ull 

aP*i?£iu5>ndonSwi75Hi.* L °o't -1007857 Schroder Ufe Gronp 

m Hope &t . Glasgow. C? M1-S19051 

•Hope St Fd . J 51.928 SS | . | _ 

•Murrey Fund .. j SUS917 | . ...| — 
•NAV FobruMV 3* 

Negft S_V. 

10* Bouts' ard Royal. Luxembourg 
NAV Mar 3 .. I SUS18 58 I .1 — 

Negft Ud. 

Rank ri Rerowda Hide* . Hamilton. Brads. 
NAV March J K449 | . | . 

Old Court Commodity FA Mgr*. IhL 
Pu Box 96 Si Juliana tXGueraaec 0401 30741 
«il'l mT'4»h* . [1177 174 71 I S 14 

U C.Dllr lai T*t t . I STS 34 26 9S| | - 

•Pncrs on Feh 18 Next dealing Mar (4 
tlTice on March T. Next dealing data Much 

Phoenix Imernatloasl 

P0 Bo* 77. St. Peter Port. Cumin 
Inter- Dollar Fund |n'!C19 217) | _ ■ 

Property Growth Oversea* Lid. 

28 (ruh Town. Gibraltar (Gibi01O0 ‘ 

U & Dollar Fund 1VSS827 l . I _ 
Stnrllog Ftand - . ) 078 00 ] | - 

Rothschild Asset Management lC.1.1 

PO Bos 30. Sl Juhana Cl. Guernsey. 0401 28831 . 
Eq*VFeb2S — J094 52.5] ... | IB 

Ine.Fd.Mar. 1 Hois 15*3 1 689 

InlLFd.Feb.15 _ h6 5 9203 — . . 

SmCoFd Feb. 28. .(Ill 5 1403.. \ 358 > 
Roy*) Trust (Cl) Fd. MgL Ud. 

P O. Box 104. Royal Tsl Bar . Jersey. Q3342744T* 

R.T.IatXFd BtStU 45S | 380- 

RT.Inn.1Jay.1FdL.IS KS| . .(321 

Price* si Feb. 15 Nest dealing March 13. 

Save A Prosper Internattonal 
Dealing to- 

37 Broad Sl. St Heticr. Jersey 0934-30301 
VA SaBar^nraelnaM Foods 
Dlr'FxdlnfMar 1 I959 9981 7 01 

Intamu «Jr.t. . ..(4 12 663 . .. 

Far Eastern”! . . 3431 DOB ... — 

North American** 15.36 3M — 

Sepro*^ - 11290 13 98| ... — 

Sterling dew laatu 
I'baanel Capitals _f 
CommodKy Mar. 3 
StFxd it. Mar 3 .. 

Prices on 'Mar 

{Weekly Dealings. 

Schlesluger Internationsl Magi Ltd. 
41. La llotteSt.. St Helier. Jersev. 053473388.. 

s \ ol '..:'..jsa « o an 

Gill Fd 241 241 

Inti Fd Jmry 96 

JnlnJJ-'d Lxmbrg. . |f.40 

2 5S 

I BL British ■ 
■'Prices Mar. 




- - Sun Alliance Fund Wwgnt Ltd. 

_ Sun AUlasce Bonae. Hnrebam 040304141 

= ::::::| r 

Z Son AlHaer Uakad Life lu Ltd. 

rxt dealing 

Brown Shinier A Co. Ltd.® 
Mngrs: Founder* (X. ECS 
BS Units Feb07 — 042 
Do.lAce»FaE57_ (255.0 
Ocaanic Trssia lai 

Financial B3.0 

General U2 

G rowt h Accnm • — (415 

10 . 

San Alliance Hotum Horsham 


aJSSSKBfe:™ U7 ‘ 

Mer. Inv. Man. Fd. 

180X1 Equity Bond 

— . Prop Foul..*.^. 



• Ml 





.3501 . 








— 10 

Son life of Canada (URL) Ltd. 

2.3.4. Coekapor St. SW1Y5BH 01-0809400 

Maple |*.-Gxth J 1PJ 

Mapio U Mangd. -.1 . UU 

- vzi 


ij = 


Nrios Eq. Cap. f 

NriexEq.Ararn.-blU 1*7.9 
Nolnx Honey Cap. -Sl* 44] 

Netox Mon. ACC.M4.4 U.7 

Tfelex Gth lac Act-. 1*44 

Nelex Glh Inc Cap -Jo 3.. 

Nest sob. day March 



Portfolio Ufe Ins. -C Ltd.® 

;ioawwCL.WahhaiaOroea. WX3U771 

-rSfc z 

u Ufe Aas. Soc. Ltd. - 

1. 1 of* Wales Rd- B^oonth. 0103 7S78S9 UanagodFsnd— 0415 . 147.-, 

i" Fired teJ - 18058--. I — TOccs March L Next dealing 

'i f^d.zr^3 Sft 

4k See. Life Ass. See. Ltd.® 

Target life Assu rance Co. Ltd. 

Tan|et House. Gatehouse Rd.. . 

Kan. mad Inc. (92.9 

Man-FnndAcc. — PM0 

gnu* . Fd. toe PV75_ 

Prop. Fd. Acc. 

Prop. Fd. Inv - — 

Fixed InL. P d. Inr_b»T3 

NPI Pensions M ana gement lid. 
40,GnesefeursbSt-EC3P3BH . 07-0334200 cm Kin rsp* 

GUt Pea. Acc. — ran 

{CauAdh life Unit Tat. Mngrs. Ltd.® 
I High St_ Potters Bar. Hern 
JSeoOUL— 049 3R._ 

. Acram HC-3 4f a -riJ 

Inc.Diat- . ...pJ6 Bi*0 

Do Int Aceum (42.8 45.BI -to 

Cape! (James) Mngt Ltd.® 

100 Old Broad St- BC3N 1BQ ■ 01 

Capitol 174 8 79 fad 

Income (685 72010 ... ... 

Price* on March I. Next dealing March 15. 

(Acram Uutst 42 5 

FVndariav.TaU.- 53.0 

01-0008930 (Acram. Units' 63 6 

General 1415 

(Aceum Units) — 224* 

High Income 93 D 

lAeram Uaiui 1514 

Japan Incoane I2H3 

(Acram. Unite) 128 5 

Magama - ... 

lAecam. Units) I 

BCdiaod 146.9 

lAcram Units;...- . Z30.1 

RerovcrT- 710 

(Accmn Unit«|_— _ 72.7 
Second Gen 1482 

( Aceum. Uni tt» 173.8 

SpeetaUari Funds 


555a +0j 
1144 -HO a 
2125 ql.L 
409 +0-T 
49L5 +0 fi 
833 .0 3 
4Lfi® +0.1, 

45J r02 

5TJ +03 

a O +03 
1 *10 
345.J +L5 
.990 +0.5 
1613 -+0J 
1373 +6.9 
1373 +8.9 
1*7.6« +0.9 
233.9 +1J 
1571 +03 
2»* +6* 
76* +04 
77.4 +0.7 
16 00 +LC 
.2*0,4 +1.4 
1473* +0.5 
1353 +04 

IB 02 

130. Uheapalde. E.C0 

Capital March? BOO 9321 

= 189 ‘Aecsmi.. . DM! 112 0 

433 +D.d 109 Income March 7 0668 1723 

42.4b -OTh 157 (Aceum Uailti — (ML5 256 2 

433 +021 257 General March 8- -173 6 76-6 

65.4a +0J 478 (Arnim Unita>- ._ jto6 ^3 

78.4 +0.1] 478 niropeM«h0_. W.4 291 

98.1 +0V'. 422 lAcram Unltsl — 09.9 ]U 

+0lf 396 -Pn-arcFeb.a 5 s* 7 1594a 

'' 'Speclfex. March? [»5B 2UJ 

•Rreoicrj- Mar 7 . [167 2 172J« 

01 3902 

For us exempt funds only 

Scottish Equitable Fud. Mgrs. Ltd.® 

38 SL Andrews Sq . Edloburfh 03 1- 556 OT 01 

Income Unite (45 8 4081 {040 

Aceum. Units ...... 151 7 55 0| . i 5 63 

Dealing day Wednesday 

S ebi g Unit Tst. Managero lid.® (a) 
TO Bos 511. Beklbiy Hse . EC*. 01 2385000 

B n 334) +05) 3S7 

9 30 2| +0J| 800 

Sebag Capital Fd. 
0_‘lg Sebag Income Fd. .. 

LU Security Selection Ltd. 

- 15-10 Lincoln's Inn Fields. WC2 01-831 

P. Bar 31 122 Troatw | 

+0S 4^ 

ChariM. Mar. 7l'J J 1320 

(Acram Unit*) 

Chari bon d Mar. T 

(Acrum Uni tai 

Pens Es. Mare- 







5 74 





UovlGtbTUAec. .12L9 




UsvtGtbTaibie — (19J 20. 

Stewart Unit Tst. Manages Ltd. (si 

45. Charlotte Sa.Edm burgh. 081-2363271 

Stewart Americas Fund 

Standard Units — 052 5071. | 163 

Acrmtj. Units K5 63* 

Withdrawal Units. ]45* 40® 

Stewart BritUh Capital Pfi ad 
■Standard 1124.8 |35J| . I 342 

Aecum Unite - - . 1141.4 


8.43 Sun Alfiaaoe Fund Mngt. Ltd. 

M a nulif e Management Ltd. 

JfcGeoria i Way. Stevenage ««anoi Target Tst. Mngrs. Ltd.® (aKg) 

31. Gresham St . ECR Deallnto.02B850*1 

hun AlUaacc H»., Korahant 0*0364141 

Esp EaT* Mar 8 -100150 19S.4W . J 477 
VTneFnmlly Fd - .{852 90-41+0.® 489 

Cariiol Unit Fd- Mgrs. Ltd.® (aMc) 

Mllbun) Hoa*e.Neweaj(Je-opon-Tyn* 31105 General Fob. SI 

Cariiol gtJ 423).. ..J 411 

Da Aceum Unite— Q2 7371 J 406 

Do.HIgh Yield 1380 <2 j) | 889 

Do Aecum UbIU . K71 494) .... [ 089 

Next dealing date March 10 

Growth Unite.. .1. [47 3 490| +1J| 4.M 

Mayflower Management Co. Ltd. 

14 T8 Gresham St. EC V7AU. 01-0008096 

toranc.Feh-22._-g7. -| •« 

Mercury Fond Managers Ltd. 

30.GiMbamSuECSP3EB. 01-6084555 

tfewniuntub. Teh342to 

TransfariexaaCtanal life Inn. Co. Ltd. 
New Zealand Ins. Co. (U£.) Ltd.® a Bream Bldg*.. MOsmiV. 01-MS64F7 

Maitland House Southend SSI 3JS 09D2829B9 TuHp toreri. ra^.Szr.8 

aWNa'i-B* 181:::: I - 

- 12.1 

Far Baal PH. 950 

Gilt Edged Pd. 950 

Coo. Deposit Fd — 75-1 

1 1 

»00>l -J - 


Man. Pen. Fd. Cap. . 
Man. Pen -Pd Acc. . 

mi » _ Trident Life 'Assurance Co. Ltd.® 

etc -Limited 01-351 3466. Three months Copper 666.5-672^ 

Mi Road, -London, SH10 OHS. . . + ' 

. * The Building and Civil Engineering page 

‘ ? published in the Financial Times every . 

. [oiiday and carries news items relating to - - 
. .• lintracts and important developments in 
\ is Construction Industry. ■ . . 

X For deuils of the advertising space 
-rai table on the page each week, and costs, 
au are invited- to telephone 

, T.. 01-248 8000, Ext 360 

or write to The Advertisement Director 
•.*. . Financial Times 

10, Cannon Street, London 
EC4P 4BY/ . 

Raaaiado Houaa, (Boucestcr 



. _ Food— 

High Yf*U 

Glit Kdgvd l. 



U5J 4-001 — 

Pan*. Knud. Cap. -fiij.a 

Pens. Ry. Arc — 
TrdLBcod — — — 
Trdt GJ- Bond — .[ 
•Cash value 

1013 37 . 

(or £100 premium. 

C3ufcrterhoase Jsphet® 

1. Paternoster Rc«- EC4. - 01-2483606 

CJ.lmaroatl D80 214J .... JU 

Aecum Unite S3 2 24J — JH 

C-L Income 330 301 ...... 7*4 

CJ. Euro. Fin 250 24* 3 55 

Aecum. (.’Cite Z88 M* 355 

CJ.Fd.lav.T«__ DM 25.4 ._... 022 

Aceum. Coles. 27.0 281 . 422 

Price March & Vast dealing March IS. 

Chieftain Trust Managers LtiL®(aMg) 

30/31 Queue SL. BC4R IBR- - 01-3483833 Do’ Aceum 

American .Kj«»*8 21 CW *0.3 199 tocrae 

Highhaeoiav._., — p0 <2^ +cij 9 64 

Intereatinoal T*_Frt226 +0-0 155 

Basle Hence. Ta-SOA 2S-3 +0l( 094 

Confederorion Funds Mgt Ltd.® (ad 

BO Chancery LanC.WC2A 1HB 41-3*20382 

Growth Fund P4.I 38 «j f 094 

CofimapeUtsn Fond Managero. - 
3a Pont Strert. London SW1X6EJ. P1-33505SS. 
CD*sioprin.GUiJ>B (104 U.0(+S2) 5J5 

MeroGamMarchS.. 1501 
Ace. Ula. March 8- 2060 
Merc. 1m. March B_ 570 
AccmUUJtorcb0. k2B 
HermXSt. Feb 23— 197.7 
A rerun, UU Fefa.28: (215.9 

Midland Bank Groop 

Unit Trust Managers Ltd.® (a] 

CCurt wpodjJoine, Silver Street. Head. 


Commodity* Gan. .157 1 

Do. Aecum b* 8 

Growth J4.7 

Do. Aecum 36 7 

capital 24 6 


... 46.9 

Do Acram $34 

toteroacionil 402 


Do Aceum (op 

Equity Exempt*.— 18 0 

Do. Aceum.' 9S.D 

Target Commodity 

Tarset nuancial . 

Tange* Equity. — 

Targri Ex. MW, B_ . 

♦Do Aec. Unite. . 

Target GUi Fund . 

Tary« Growth — 

Target IntL 

Do.Rcdnv. Unite .. 

Target Inv. 

Target Pr Mar 8 _ 


Cvra* Growth Fd'T.p72 
Target Tst. Mgrs. (Scotland) (agb) 

10 Athol CroaceoL Edin 0 031-2268821 <2 

Target Eagle g« 24 71 +0 Jj 137 

Tel D74216M2 Target Tniatie — p76 « * +0.2 5«3 

- - 5.98 Extra Income Fd . [574 6L7*J +0.l| 10*2 

Trades Union Unit Tst. Managers® 

100. Wood StrMLRCJt 0! -628 £0 11 

TVUTXar I (453 480 d | 557 

Transatlantic and Gen. Secs. Co.® 

61 66 New Loodoo Rd Cbelmsfonl 0345 51851 

‘Prices ri Fob 26 Nest dealing March 3L 
Minster Fund Mnagers Ltd. 

Crescent Unit Tst. Mgrs. Ltd. (aKg) 
4 MtfvUloCneL. £diDbun&& 

Craacent Growth— fH-8 27 
Cres. lo tore all. — W# 

Crea. High Diet MB 8 

Cre*. Reserve* . — 002 4L 

Barbican Mar 6. . (703 
(.\rrom {<aite .1 - . 104.6 
BarbJimj Feh. 22 BI9 
Buefao. Mar B. — __ 725 

(Aceum Utiltai 03. 

Colemro Mar 10 _ H2* 
CArrum Unite) - — 1359 
Cumld Mar 8 994 

. Ml oatar Hs^ Artbiir SU tC0 01-8B3 10® ck^Jib7*!.I~ 47 7 

Minium- FdlZ7._„m 4 MS ...-I 5*8 i Aecum. Unltw 60J 

ExraptFeb.a — &-6 B-4| 4.W Maittwro Mar.7 ...140 

_ MLA Unit Trust Mgeront. Ltd. VfflSSWs:. 8* 
031 <228 4837 Old OttoOB Street, 5W1H9JG. 01-8307333. i Aceum. Unite i ._ 508 
*38 MLA Unite— (MO I 476 \ton-HvMar7 . . Mb 

Mutual Unit Trust Managers® faj(g) tAcnim. Unite i’ — ! §i.t 

TyattoD Attunct/PMria&if 

l& Canynge Road, BrixtoL 027233M1 

3 wagFeb. '' 


Rood reb IB . _ 

Property Feh. IB—. 

DepOBii F<ffl. 10_. 
3- way Pen. Fafc 16. 

CTtev Inv. Fab. 10. 

Va.Pa0-WK*r 1_, 

Do. Equity Mar. !_ 
Do. Prop, Mar. 1 







1& CopthaU AtCm EC2R 7pU. 

Mutual Sac. Ph»._.f473 
Murca) toe. T*__- .. (435 
Mutual Blue Chin .U02 
Mutual High nd. [54 5 

Nation si and Commercial 
31. St Andre 
laeoaeMv. . 

SSE 3 H H:-iS!SSs-- 

jEmson A Dudley Tst. Magma L Ltd. National Provident lav. Mngrs. Ltd.® CwyugcMar 8. 

1 20. Arlington SS_S.W 1. 01-4867501 4&Graeecharrh Sl. EC3P3HH Oldsacoo ' 

Discretionary Unit Fuad Mraagets 

22. Bkaufield Sr. ECZSi TAX. - 01 -CM 4483 

Diar Income [1401 158.® -211 557 

EL F. Winchester FouT Magt Ltd. 
Old Jewry, BUS . . 01-6M31B7 

Great winchester .075 11M I 421 

UtWincher Osea*i«7 204^ I 480 

la t; 

rew Square. Edinburgh 031 5668151 torameMar a - 

& — BK WHHIfiSfe^ 

OI-CDO4S03 . - - p40 
7M 'Aceum. Cults) --K1 
fg Wick Hr Mar 10 -Pj 
^59 IXi, Aecum- -.|W5 

90s Tyndall Managers Lid.® 

18 Can.vnge Hoad. Bristol. 


Vanbrugh life Assurance 
41-42 Uaddas St. Ida. W1R8LA 

Eqattas Secs. Ud.fiaj(gj 

41BiafaoplgSU.EC2 01-9882851 

Progresri^u |U5 43J|e04j 446 

- Equity A Law Un. Tr. St® frufbXo) 



a 3 -r 





1 Aecum La i tei — 

I at. Earn. Mar 8 
(Aceum L*alts>...~~ 

Scot Cap Mar a 

(Arcum Unite) — 
Scot Inc. Mar. 8. -- 
Load— Wall Group 
Capitol Growth .— 


Vanbrugh Pettitoes Limited 
41-aibdd«St.ld&-VlhBLA '01-468 4828 
Manured— — — 

_ |&l»MD«fltyT<l_|40.7 45*| [ 518 N'.PJ. GthUnTU-M* 

(Arcum Unitor — £33 

NPI Cfrc**. Treat », 

(Aecum. Uatter* _ [Uhl __... _. 

— Prices on Feb. ± Nest dealinc Ma 
•Prices Feb. 15. Nesi d— HufTtorc 

National WmtmiasieiVto . 

Aamrsham Rd, High Wycombe 09H&W |SiSa^ta| IX Wl 4EU ' “t^+LH' 4 7D 
BjuRybLaw (M.9 40^+fli) 4J1 4jg 

IWington Unit WgL Ltd. (« || M M £g gSafif^rBl 

T^ntoSetov-Fd. - Si gg+«3 539 Special Site 09 

DalvttfirfWjdJ— F54 52*1 +0gj xBB TSB Unit Trusts (yj 



5-7, Ireland Yard. BC4B5DH. 

Capital Tat— DM* 

isowbl f 

tot Growth Fd. — f 
DO . AeCurn . 

Do. Ateum --..[74 7 

Estro lac. Growth- 

Do. Aceum 

Financial IVrtj — 

Do Aceum.. 

1*3 4 

m 6 
144 6 

94 2 J 
93 2 
129 8 


U772 22341 
7 74 





2 U 

FSLVt-Dhl OpTm' ^40 ■ : S 8«^ 

Fleming Japan Fund S-0. 

87. roe Nocie-Dame. Luxembourg 
F1mg.Mar7 ..| SUS4105 | ._..J — 

Free World Fund Ltd. 

Butterfield Bldg, Hamilton. Rermuda. 

NAV Peb 88 | 5USU4.U |. . J — 

G.T. Xfinagesnent Ltd- Ldn. Agi*. 

Jj lSJ?^5?S ,T n2lSf fc LOOtk>n » 

Tel- 01-828 8131. TLX" 888100 

G T- Pacific Fd .. . J SUSU.49 [-ftOCf - 

Maaasesneat laieramtaul Ud. 

c<o Bt ri Beramd* Ftoti Sl. flarnTtn. Bmda 

Aacbor-B’lnits- taS8« *BT,. [lg 

Anchor lot Fd - ,|STS381 4 0«| ... j 199 

G-T- BemxU LUL 

Bk of Bcrmuds. Front St. Hamlin, Bards 
BenvPacF .. UFBM - | . 1 1B0 

G.T.SFd P «JS6*4 | I 678 

G.T. Mgt. (Asia) Ltd. 

Hutchison Hm.. Harcauri Rd. Hong Kras 
C.T.AMF. ... _hBX74l 7781 .. .1 1« 
G.T Bond Fund . . |SUS12.15 J-00*J 530 

G.T. Management (Jersey) Ltd. 

Royal TW. Hue . Colantberic, St HoBcr.Jereer 

G.T. Asia Sterling.- JOB 97 U39f | 1.73 

Bank of Btanaada 1 Go r mat j 1 Ltd 

81-33. Le Pollel. 

enterprise House. Portsmouth. 
International Fundi 


C Equity. 

1 Equity 

LFteed InteresL... 
SFtocd totrrect 
CManaged. ... 
SMaoagcd ... . 





— nao 





134 1 

Z I 
- \ 

Gartmore IsvesL Ltd. Ldn. Agts. 

Z St. Maiy Axe. London. HC3 012833531 
Gartamre Fnarf ttagl liter Kami Ltd. 

1M3 Huichiaon Hit 10 Itaitwm M. lUtonc 

HKLftc.UTat. gCS«5. 2W*ailil 3-18 

Japan Td m?lLfiS DM . ~] — 

N Awncm Tst „.tU5»4J5 HlkM . J - 
toll Bond Fund ...Sl SMU uSj . , \ - 
GarimaieZasestmcat Nogt Ud. 

PO Bos32.DouglBirI.iM 063429011 

Intrnialj<mal]nr> 082 2151 .1 12 6 

Do Growth. . 153 7 57 V . . I 541 

Haaibro Pacific Fund Mgmt. Ltd. 
2110. Connaught Centre. Hon* Koog 
Far EM Mar. 8 ... RZKBB lf«j J _ 

Japan Fund BX 431 40 . . J _ 

Bambros (Guernsey ) LttL/ 

Bambro Fund Mgrs. (Cl,! im 
P.D. Box MS, Guernsey 0481-98821 

CJ Fund - 11282 136 

total. Bond 5irsll03.5B 1S07 
tot Equity SLTSfifi* lfl.l 
IBL srp 'A' SUhfi.01 10 

St X.9_, ..... 

Nest dealing Mar 

tot B- SU5jO.S9 

”ar. 8 X* 

4 N 
8 56 
* 50 

Prices on Mar. 

Henderson Baring Fond Mgrs. Ltd. 

P CX. Box N'4723. Naa*au. Babtum-s 

Japan Fd .. .05.62 14291 . t - 

Prices on Mar. 0 Next dealing dale Mar 15 

HUS -Samuel St Co. (Guernsey) Ltd. 

8 laKrbrre Sl, PWer Pnn Uu>^m>cy. c 1 
GuerawyTu... , .JlnaJ 154.H +1 Sl 3.55 
E511 Samuel Overseas Fund SA 
87. Rue Nwre-lXame. laxrmhoorx 

114 38 UJ8T+0Q3I - 

Interaatinoal Pacific lav. NsgL Ltd. 

PO Box RS37. 60 Pin Si. Sydney Aust. 
Javelin Coaity Ts Ja 65 1 951+0 02] - 

JJLT. Managers (Jersey) Ltd. 

TO Bos 1B4. Royal Tat H»e, Jcr«^0534 27-641 
Jersey Ertrnl. Tsl .,1125.0 . .133 JH I - 

A* at Peb a Nest sub day Mar, 3]. 

JariUse Fleming ft C-o. Ltd. 

40th Floor. Connaught Centre. Hung Kong 
Jwdinc Gala. Tat. ,.| ^(7^18.67 I .1 340 
JhrdJnc J oil Kd*ri SHK28304 ..110 

jRrdlneS Ea . . . HSU 89 ... I k 

Jardlnc FlcmloLt I 5HK8 94 !..| Z 

NAV Feb. 28 -EquivaJre! St'Sdl 40. 
Next aubT March 15. 

Kemp-Gee Management Jersey Ltd. 

' Charing Croat St. Heller. Jersey 093493741 
Kemp Gee Capito l |79B 

J. Henry Schroder Wagg ft Co. Ltd. ■ 

120. Cheopnde. fcCi 01-5884000 

Cheap S Mar 0 . I U.4* J .. I 2 77 
Trafalgar Jan. 31 _| SCS187.14 | .... | _ 
Asian Fd Feb Sl CV-OIS UNI . j 359* 
Darling Fhd HUM if. J 520 [KS5IZ 4231+0 12j 01a 

Sentry Assurance International Ltd. 

I* 0 Box 390 Hama 1 loo 5, fiermada 
Managed Fond . p’Sim 1875) J - 
Singer ft Frfedlander Ldn. Agents . . 
20. Cannon Sl. EC4 01-2489M8 

Dekafonds . JIBES 09 J45»|*fllD| 6 42 

Tokyo T« Feb 28 . 1 H S3100 ] | 200 

Stronghold Management Limited 

P O Box 315. St Helier. Jmry 0534-71400 ’ 
Commodity Thiaf .{8781 92431 | — 

Snrinvest (Jersey) Ltd. (x) 

P O. Bov 00. SL HeJlenJcrae} 0534 73873 

.\meriranliMlTH-..|f6S4 7.0® +001] 143 - 
Copper Tre« - ..|0822 W4^+ftW _ 1 

Jap Indet TBt _ \t93h 956,+aO^ - . 

Surinvest Trust Managero Ltd. (x) 

40 Aihol Siren. Douglas. 1 o M 03M 23014 
Thrr'il er Trust™ [10*5 1067] -0 tl - 

Rirtimuori Deed FT hu.9 20e jj + 1 d 11.06 ' 
]<o P’ottnom ltd 1UD U90j-riJ 
Do. Gold Bd ... Il824 U7.' 

Do Km fiTUZHd .(172 5 181 

TSS 1*11 It Trust Managers (CM Ltd. 
BacatrileRd SI Sa« lour. Jmry 0534 73*** 
Jereer Fund ...Ml 43 31 I 4*4 

I'fuemwv Fund . 1*11 433) . 444 

Prices nn Mar 0 Neal aub ib) Mar 10 

Tokyo Pacific Holdings N.V. 
lniiiw- Managenienl Co N V. CUrarao 
NAV per share March 8 Jl'M) 12 
Tokyo Pacific Hldgs. (Sea board I N.V. 
ItwUmi- ttanaKenwai Co N v . Cuieeau 
NAV per share March ft SUS3382 

Tyndall Group 

P.O. Be. IS* Hna l B eo 0 Bermuda. 2-CTS4 

teciMi Mar 8 >1)099 16M 

< Arcum Lmw .fif SU2 1® 

3- Way Int Feb 18.. fit 524® 2*^ 

5 NewSt. 9C Hrllrr. Jersey 
T0F.-ii.3Llr 8 . ..(£630 

1 Svcnm Sliarev .B.9 75 

■ Aceum Share:' 

Jeree: Fd Mar S 
(Non J Acr Ul* ' 

'•ill 1 unit Mar 8 

■ Amlin Sharesi 





196 4 
270 2 
113 4 
1*2 4 | 

MM 37331 n - 

■ 6 do': 






254 8 

Meters Uooar. Dangle*, bk aT Maa. MU S6E8‘ 
Manac+d Frb 18 1125 6 132 4) . I _ 

2 'Id. tntnl. Mngmal. tC.l.) Ltd. 

14 Mulrat'cr SI reel, S«. Heller. Jersey 
riBFumt. . I M'SIN I I 02S 
United States Tst mtl. Adi'. Co. 

14 Rue Aldringer. Luxembourg 
t\Si T»* In*. Fad - I SIS* 54 I .... I 80S- 
Nrt auet March 8 

S. G. Warburg ft Ce. Ltd. 

SO. Grnham Street. EC2 010004359 

Kcnp-lirr tnrome 


Warburg J uveal. ItZagL Jrsy. Ltd. 

1. Charm* Cro»j. St Heller. J*j Cl 053473741 
OIF Ltd Peb. 3 -Rl'-J? 37 • — 

C.MTlJd Frh 3 |h*42 12« . _ 

Metals T.1 Feb 18 ElO-W 11 M - 

TMTFcbB |11V92» 1S3j .. — 

TSITUd Feb 8 (913 937! 

World tilde Growth Manafiement® 
ltfa. HpuleiPMl Rnval Lukembourc ' 

World wirfr Gth Fd| JCS1283 |r 9.111 - 


78.2 el 0 

79.9 +1.0 

37.7 +0J 1652 
420 *02 1052 
tot +0.3 4.68 
30.4 +0J 4.88 
615 -ft* 855 
28® +0.2 5 JO 

295 -HU 5.43 



1 lax Baso Ram' (ahlft. 

Welfare Insurance Col 14f . 

ThrLew. Mketawe. Kent. 080397233 

Mooeymtkrc Fd _.J 97 1 l -0 2) -+ 

For olbrcJODdi plnas refer <0 The Looooa A 
Manchester Group. 

Windfor -Ufe Assur. Col Ltd. 

1 High Suert. Wimkor. windf«r«U4 

(L He lav Plans., . ..1403 69*j 

FatnreAMdGthlu.l ■ 17 0 
PutertAMdCtiih^j . 40.0 
Ret Arad Pror t3638^_ . 

Flea. lav. wowth-Jim* 1609| 

I Friends' PrordL Unit TV. Mgr*.® 
Pwhaa End, Ddrking 03085033 

FriMdlPrmU.-u.-JK 4 4211+841 457 

-.Aceum. fWJ 533+0*1 457 

IG.T. Unit Managers Ltd.® 

1 10 FlttrtJUTT Circa* EC2M TOD 

G T Cap toe . - .1771 82 

. 2 Ine.Fd Cb . 1505 166 

GT U5 0 Gen.... 1303 
G.T Japan * Gen - 2 j*. 9 
l0ULFMte.Ex.Fd-- 12? S 135 
hi.T. toll Fund - as 9 113 T. 

jG.T.FCur yd» Fd. 50. 

NEL Trust Managers LUL® U)(g) 

Miltoo Court. Dork) ML Surrey Sit 

NriS£Si£»'lticr_|SJ 42^ ^ 15 
For New Court Food Muagero Ltd. 
see BotbschiM Asset Hnagemest 

Sorwicb Union Insunnee Gronp (b J „ Ka-h- 

FO BM4Storcrteh.NRIS.W- nMoW ' 

Group Ta Fd -. 1310 3 3to*M+29| 539 Warrngareri BrltoM 

21. Chaolry Wav. Andover. Hanto D3S4BZ16S 1 
DnlinOlpfiiM 8S43C-3 

ibl to Aceum — 
TOi TSB Income. - 
iT»» to. Aecum ... 
TSBSraiOfh. , . 
(bi Dw Aceum 

(hiftsierGrcnkth .1351 


37 74+0 a 5W 

®G. ft A. Trust <aj (g> 
5. Rayleigh Rd. BreotoMd 
G.6J |29.8 


*13 |£ Pearl Trust Managers Ltd. (aMgRzt _ .- . . .... . - . ... 

IS H2Hijh Holboro/wnvTSB n 1405 64*1 P d - 

?S Pearl Growth Fd . gl 4 ajj+OJI 629 

- «f:g| fg e^*ow-nau 

7 -“ Km, . IS? 51 :U. li? 

Pelican Units Admin- Ltd. igkxt 

1 -O.of 


■ iff w- 

3L®t051 A87 

81 Ffruoteln St, Marri,«4er 
Pali can Unite (763. 

*l«crGHh Pbd 
to Arcum 

Wleler Grtmth Fnnd 
KingH’iniamSI EV4RPAH 


fel - 2*85449 lummel m>« 127 2 

SLa l + 0 *{ 554 AircunL Unite ,- 130.8 

01-833 4fts) 
7S 71 ... I JU 

3i3) : — j . IS 

Pnr,» do n« include S premium aceri where indicated t, *nd arc in peace unless otberaiM 
■ndiraUd : ^ ieidf 5a ishtma in last column) allow for all h lying expenses a Offered prim 
b To-day (prices, c Ttrld baaed on offer ulcr. d Fjaimaied. g To-day 'a 
ibrnton Reriodk premium taaurenrc plans. ( Stogla 
x Offered price Include* ell ercmnrt except agent'* eemmlnwn. 

■ Delude all expenses 
opeoincpnce h Dutribinton 
premium iom ranee x Offer 

} Offend price kneludes all 
Net of lax oo rcalikOd capital 
♦ Yield 

. U tNWghl _ 

f BS ualoa Indira 

1 Jem*? tax 

1 st*. 1 Previous day s pete*. 

. lemEcj gross fi Suspended.; 

I Royal Exchange Aw>.. London EC1V 3LU Tel.: 01-283 1101 
Index Guide as at 7th March, 1978 (Ease 100 at 14.1.77.) 

Clive Fixed Interest Capital 135.81 

Clive Fixed interest Inc ome 122.63 

CORAL INDEX: Close 453-160 


t Property Growth TJ.ef, 

1 Vanbrugh Guaranteed "43 l 5 l 

* liilris '.hmen ii|-*.- r 1-,—n .mr'- xlM Pmp+rv Hnrm l.ihlr 





Saturday March 11 1978 


Hattersley criticises 
a name to policy on mergers 

go around 

the world 

to cut 

By Michael Cassell, 
Building Corre sp ondent 



MR. ROY HATTERSLEY. Seere- he said, had contributed to That proposition was "viMg • 

;j*rv of Prices and Consumer Britain's economic condition. logical within a society tnat. 

. Protection, stressed yesterday Quoting figures to show lhe believed in the advantages that 

that he hoped the current inter- greater concentration in British economic competition coma, 
departmental review of eompeti- industry compared with that of bring. . ■ 

tion policy would result in a its industrial competitors. Mr. It was also consistent wim> 

; much tougher attitude towards Hattersley said that the country much of the evidence on tnc . 

mergers simply could not afford to performance of large and 

! He indicated that he would observe a continuing trend merged companies within this • BUILDING societies have bowed 

• • -favour reversing the onus of which damaged efficiency. country. iio Government pressure to eut 

DURIXG THE course of the proof in the present legislation Mr. Hattersley, whose depart- Mr. Hattersley also said than engage lending. 

Windscale inquiry, one of the to make parties to a proposed ment plays a major role in com- the existence of market .power j From April, the societies are 

principal witnesses who carac to 'merger prove that there was a petition policy, said that the inevitably carried with it tne-to cot £71 hn. a month— -the 
give evidence against tbe pro- positive public benefit to be. existing law controlling tflke- potential for abuse, however > equivalent of 1,400 home loans 
posed reprocessing plant was gained from the deal. overs made no assumption about seriously many monopolists took j a week— from their lending pro- 

asked whether he felt that he He also suggested that the the public interest their responsibilities. j&rainmc. ^ 

and bis Tellow objectors were review, announced last Novem- He described the Fair Trading Larger firms could _ exploit ; The societies. : vmcb only a few 
being given a fair hearing. Hejber. might result in new Act as “ neutral to the point of their strong market position by [weeks age* had agreed with the 
thought they were: if the In- 
spector, in his eventual report 

came down oo the side of British ; traders from unreasonable mergers. — .. , . - - . 

Nuclear Fuels, then there could • trading terms imposed by larger Only when a merger or mono- He said he was disturbed have decided to implement the 

He-ber. might result in new Act as “neutral to the point of their strong market position oy weeks agewmm agreed wunu*e 

> In- ! machinery to deal with local agnosticism about the virtues threatening to withhold supplies , Government on a monthly lend- 

iporv- monopolies and to protect small or vices of monopolies and and could thus impose unreason- ring programme of £720m. for at 

riiisb ' traders from unreasonable mercers. ” able conditions on customers < least the first half of this year. 

be no quarrel with tbe basis for companies. r ' poly ’bad been found to be by the number of small firms 

that judgment. It would have. Tougher powers would also be demonstrably against the public which found, themselves subject 

sprung from as comprehensive nee( ied to allow intervention in interest did the Act provide to unreasonable trading prae- 

aod impartial a scrutiny of all , specific' companies’ business, he for remedial or preventive tices. The Monopolies Comnus- 

the parties’ submissions as any- sa j^ action. sion could investigate only a 

one could wish. Mr Hattersley wanted a “We must at least consider limited number of monopolies 

"Other opinions swung sLighliy “stronger policy resulting in the proposition that, in all our and was rarely able to look at 
to the side of this one. Some, fewer but better-thought-out competition .legislation, mergers local monopolies. . , 

believing that the inquiry wa; : mergers capable of contributing and monopolies, as well as re- One outeome of the eompeti-; 

reductions, though most of them 
disagree with the move. 

Their decision to agree to the 
Government's request — made 
because of Ministerial concern 
about the prospect of rising 
house prices — was attacked by 
MPs and house builder*. 

Mr. Hagh Rossi. Opposition 

something of an exercise in ; towards improved productivity strictive practices, are assumed tion policy review might be the ; spokesman on nousm^. saia ne 

_ . - . -jA .. , r . .1 ..ui. . vs; rirs.innnintpd that the 

and increased effieienev.” to be against the public interest possibility aF independent investi- , was disappointed that the 

• - __ . m rJ. _ ■_ a _ ^.. .u K^nntiniM; ha 1 crv* 1 . 

Insufficient regard to the need until their proponents 
1 to foster competition in the past, otherwise.” he said. 

prove g a tion 

of such practices. 

on EEC 

By Our Economics Correspondent 
HOPES of concerted action to 
boost the economic recovery are 
now concentrated on the EEC 
rather than a wider international 

This is the view in Whitehall 
! on the eve of to-morrow's visit 
by Mr. James Callaghan to Chan- 
cellor Helmut Schmidt of West 
Germany. Their talks in Bonn 
i could have an important bearing 
i on tbe chances of progress at a 
[series of EEC meetings in tbe 
next month. 

I There is no great optimism 
public relations, placed little : in London about early agreement 
trust In its conduct or its likely '• on joint action to stimulate 
outcome. Then there were those. - demand, though there is a belief 
who. perhaps impressed for the (that the need for such measures 
first time in their lives by the! is being increasingly accepted in 

Air. Justice Parker 
Not an “ »/ ” or a " but " 
. be seen in his report. 


sight and the sound of a High 
C.o.urt judge, knowing that theirs 
was an irrefutable case, assumed 
and declared that the presence 
of this man who listened to what 
they said about nuclear power 
fas a guarantee that the truth 
Would out 

* In short, there was positive 
reaction to the personality who 
dominated the Inquiry and whose 
name is now on that list of 
reports, some fraught and .some 
forgotten, which are presented to 
Secretaries of State on matters 
held to be of vital public in- 

"-Mr. Justice Parker’s judgement 
unequivocal and controversial, 
has now been accepted by the 
Minister for whom it was pre- 
pared; it has been endorsed 
implicit!' by Mr. Callaghan: and 
it has vindicated all the claims 
made by or on bebalf of BNFL. 
The report itself is now lying 
on other desks around the world: 
In a dozen countries where the 
controversy over nuclear power 
in- brewing, or has already 
brimmed over, the thonghts of 
Justice Parker are being digested. 

Some objectors now declare 
that be had not heard what they 
Were saying — or he would not 
hate recommended that permis- 
sion be granted for BNFL's plans 
ai Windscale. Those who have 
observed his career, whatever 
their view might be on the 
potential peril of profits of going 
ahead with reprocessing spent 
nuclear fuels, suggest* that this 
is highly unlikely; and it must 
be noted that his ability to 
listen, dissect, and recall was 
amply displayed. 

..Close legal associates say that 
the report accurately reflects the 
mind of a man who, as Roger 
Parker QC, was a top commer- 
cial Silk and who had a formid- 
able reputation' for separating 
■what be saw as rational wheat 
from rhetorical chaff. In a 
■variety of banking and contract 
cases, he distinguished himself 
as a forceful lawyer. “ You 
would not have detected, 
another commercial barrister 
said yesterday, “that he had a 
great sense oF fun/ 

the Community. 

This was reflected at the last 
meeting of EEC Finance Minis- 
ters. when they commissioned a 
study of possible action. The 
study will be discussed at their 
next meeting, in Brussels on 
Monday week. There are hopes 
of establishing a wide measure 
of common ground before the 
Heads of EEC Government sum- 
mit in Copenhagen next month. 

The key is "West Germany, 
which has* so far said only that 
it will take another look at 
economic prospects in the late 

There is considerable concern 
— known to be shared by Mr. 
Callaghan — about giving any 
impression of applying pressure 
on the Germans in .view of the 
danger of causing a reaction, as 
has been seen in the recent 
strained relations between the 
UJS. and West Germany. 

There were hopes in London 
last night that this week-end’s 
U-S.-West German talks might 
bring some thaw in relations and 
moves towards a stabilisation of 
currency markets. But. there 
seems to be little hope of 
achieving any . broader inter- 
national agreement outside the 
EEC on moves to stimulate the 
world economy. 

It Is not yet clear what form 
an EEC initiative might take, 
though there is likely to be much 
less emphasis on specific targets 
— both in view of the sensitivity 
about German views and the 
notable failure to fulfil growth 
commitments last year. 

It is more likely that the stress 
will be on the main EEC coun- 
tries taking action at about the 
same time, rather on more 
detailed growth projections. 

Spending cuts 
included false 
economies— MPs 


he i societies had given in to the 
Government’s demands. Mr. 
Robert MeGrindle. Tory MP for 
Brentwood and Ongar, said they 
were misguided in agreeing to 
the redactions. 

The House-Builders Federation 
said that the societies had made 
the wrong decision, although it 
appreciated the pressures to 
which they had been subjected. 
It believed the move was unwork- 
able and would create further 

Mr. Peter Shore, Environment 
j Secretary, said yesterday that be 
[was determined to ensure that 
; house prices did not rise to a 
level which would slop many 
people from becoming home 

The societies, he claimed, 
agreed that some moderation in 

THE GOVERNMENT was criti- between this financial year and | lending was needed to ease the 

pressure on prices 
Few societies, however, believe 
that a widespread bouse price 

cised yesterday by an all-Party the next and suggests that on a 
„ correct comparison the nse 

Commons committee for failing wouJd be abo J t - 4 pcr pent. 

to provide an adequate assess- The committee argued that a! explosion is on the way or that 
ment of the medium-term eco- slightly expanded and more j rationing mortgage finance would 
nomic prospects in tbe recent clearly written White Paper I be the best solution.* P-mor md fnr could provide a much betteri Their decision to cut home 
some of ba . sis fo r debate on lhe futu re loans has been made primarily 
invAcmSnt of toe economy provided that it because of concern over greater 
its cuts in capital investment. contains a fuIt me dlu m -[erm 

The report on the January assessment and a range of fore- 
White Paper by tbe Expenditure including varying earnings 
Committee comes less than a assumptions, 
week before the full Commons Mr , Nicholas Ridley, the senior 
debate on the Governments Tory member of the sub- _ 

Spending plans next Thursday, committee, yesterday said that {the Building S^et^Associa- 
It was prepared by the general the White Paper was at present; tion, said that the societies were 
sub-committee, chaired by Mr. a highly political document,; not convinced that prices were 
Michael English, Labour MP for showing the preferences of what “taking off," though there was 
Nottingham West, following Ministers would "like to happen I evidence of this in some areas, 
hearings with the Treasury a rather than, as it should be, a Mr. Norman Griggs, secretary, 
month ago. — best guess of what will happen (general of the association, said 

Government intervention in their 
affairs in future and because 
they would not want to be held 
responsible if. bouse prices did 
rise dramatically. 

Mr. Ralph Slow, chairman of 

The committee criticises a on the basis of available evidence, 
umber of features of the Gov* The report describes as 
eminent's plans and their pre* neither sensible nor just the 
sentation. In particular it points Government’s failure to redress 
out that tbe considerable under- the damage to the construction 
spending and shortfall below industry from the “dispropor- 
planned levels in the Last fin an- donate” cuts in capital spending 
dal . year has been greater in plans announced by. 1976, which 
total than the Government are only partially restored in the 
spending aits of Judy and latest White Paper. 

December 1976 which were so The Committee argues that 
widely debated when they were some of the recent cuts seem to 
proposed. be “false economies” and says it 

Mr. English said yesterday fails to understand how the tax- 
that expenditure was just as payer gains in the long run from 
much out of control when it the fact {hat nearly 60 per cent, 
was underspending as opposed of Government offices are leased 
to overspending. rather than owned. “Edward 

The report also discusses the 'the Confessor's investment in 
difficulty of establishing the land at Westminster has prob- 
nature and extent of the pro- ably paid off rather better.” 
posed change in expenditure Details, Page 3 

Continued from Page 1 


sider using its powers under the 
Rome Treaty to prohibit national 
and EEC aids being provided for 

„„ _ the construction of Dew refinery 

Some note, possibly to dispel j capacity. 

A third main element in the 

any image there might be of an 
uncharitable, unseen intellect- at 
work, that Parker could have 
been a High Court judge yeans 
hefore he was appointed, early 
hv but thal — after an air 
crash bereaved them— he look 
oh and brought up his brothers 
children, staying on at the bar 
to" make unusually wide 
meet. He has, of course, chaired 
^bother inquiry — that into the 
Flixborough chemical plant 
explosion in 1974. 

-\Ttie Windscale report was 
produced and delivered In 11 
weeks — roughly half the time it 
took to hear the evidence. To 
assimilate and synthesise that 
evidence in 'so short a period was 
Jtgelf a colossal undertaking- 
Objectors to the BNFL plan 
aeree that this is so. and cite 
this as a reason why the report 
apes against the case they put 
fnr IQO days last year. The 
Inspector, they say, did not have 
time to examine in depth tne 
broader base on which their 
objections were made. It that 
were so. then we are back to a 
beginning, in which opposition 
to official nuclear policy goes on 
as though the report had never 
-been written* 

programme will be the establish- 
ment of a system to monitor oil 
imports entering the EEC. The 
Commission plants to get this 
information mainly from the 
companies. . 

Ray Dafter writes: Officials in 
Whitehall and some of the oil 
companies were angered by the 
Commission’s reported move. 
The Department of Energy has 
told the Commission that the 
issues raised are so Important— 
particularly for the UJS. oil 
refining industry — that no action 
should be taken until tbe matter 
has been further discussed by 
EEC Energy Ministers. 

The Government Is therefore 
likel 3 to make a formal protest 
over what it regards as a pre- 
mature move. It was being said 
in Whitehall that the Government 
would very much regret a deci- 
sion by tbe Commission to take 
unilateral action. 

It is possible that the EEC 
Commission is mainly concerned 
to collect information in readi- 
ness for further discussions with 
companies, trade unions and 
Energy Milnstero. 

that the decision to reduce mort- 
gage finance availability could 
bring properties on to the 
market which bad been held 
back because vendors expected 
higher prices later in the year. 

Tbe reduction will run until 
tbe end of June, when a further 
decision on lending levels will be 
made. It seems unlikely that the 
Government will agree to any 
increase later and the societies 
believe that further reductions 
could be made. 

Meanwhile, the societies say 
they plan to concentrate on help- 
ing first-time buyers and pur- 
chasers of new homes. Many of 
the major societies plan to limit 
the percentage advance against 
the total purchase price of a 
property to 70 per cent. 

Glasgow loan to be repaid 


repayment of some of Britain's 
large official borrowings from 
overseas has been increased to 
about $2bn. by the latest move, 
disclosed yesterday, involving 
a $2Q0m. loan maturing in 1984. 

This is part of the Govern- 
ment’s policy of spreading the 
burden of debt repayment 
away from lhe peak years of 
the early 1980s, both by repay- 
ing now and by seeking new 
finance maturing after the 

A series of early repayments 
has been announced in the last 
few months. Id eluding $lbn. to 
the Inter national Monetary 
Fund, as the UJL authorities 
have dearly wanted to take 

advantage of the recent enrrent 

account surplus and high level 
of reserves. 

The latest moves involve a 
Glasgow Corporation loan 
arranged lu 1974 on a floating 
interest rate basis. This will 
be repaid next month and is 
likely to be refinanced domes- 
tically via the Public Works 
Loans Board. 

After taking account of 
loans maturing this year, it is 
likely that debt repayments in 
1978 will be at least $3bn_ 
which is slightly more than last 
October’s Treasury estimate of 
the enrrent account surplus for 

Total repayments so far 
announced of $2bn. compare 
with $20fan. pf debt due 
between now and 1984. Loans 
of between fSJHra. and $L94bn. 
are still due each year between 

1980 and 1982. 

In order to reduce the 
amount of refinancing and re- 
payment in two or three years' 
time farther moves are likely 
in the next 12 months or so. 
This explains why the authori- 
ties believe that the atm 
should be to secure a small 
current account surplus to pro- 
vide the righ# financial climate 
for refinancing. 

A total of over $S0Qm. has 
been raised in new finance, 
mainly from EEC organisa- 
tions, since last October. There 
will be close market interest 
to see whether the Government 
itself or major public sector 
bodies (guaranteed by the 
Treasury) consider fund-rais- 
ing in Eurocurrency or other 
markets within the -next few 

Japan ready to buy airbus 


TOKYO, March 10. 

JAPAN WILL decide to-morrow through a specially-established end of the talks which contains 
on measures which should facili- public leasing corporation or at least one passage which is 
tatee tbe purchase of the A30Q through the private sector. totally unacceptable. This 
European airbus by private air- The numbers involved— if and stipulates that Japan would 
lines, a Government source said when Japan does- buy the airbus permit itself to start reversing 
this afternoon. — could reach ten or- more, worth the trend towards an ever-increas- 

However, the Government will about S400m. including spares, jug surplus of trade with the 
not be making a decision to buy depending on whether purchases Community by the end of the 
since this is a matter for the are made by TOA alone or by a first quarter of the coming 
airlines, particularly forTQA leasing company as welL Japanese fisca^ year — around 

Domestic Airways, the company The speed with which Japan mid-summer, 
which has expressed interest , seems to be acting on the airbus Negotiations on this point with 
The decision expected to- question reflects: 1 — Anxiety Sir Roy Denman, the Conunis- 

morrow— at a meeting of the about the renewed upward pres- sion’s -director-general for 

Cabinet council- dealing with sures of th eyen, which it is Seek- external relations, who arrives 
overseas economic relations — ing to counter by, among other early next week, are likely to 
seems likely to be concerned things, boosting Imports as a prove extremely sticky, 
with financing and with the matter of urgency; and 2 — expee- TOA says that 41 administrative 
allocation of routes inside Japan tation that bilateral trade nego- guidance * from the Government 
on which TOA might use the tiations with the . EEC, which to buy the aircraft would be 
airbus. The council also will enter their decisive phase next unacceptable. However, observers 
discuss a plan drafted by the week, .may prove extremely believe - that the Transport 
Ministry of International Trade difficult * Ministry may be preparing to 

and Industry for Japan to buy Japan has received a draft guide the airline into an airbus 

r-irbuses and lease them to air- text of a joint communique pre- purchase in return for favour- 

lines in South-East Asia, either pared by the EEC for issue at the able, route allocations. 

the lex column 

gilts hesitate 

likely to stay at 

I»de S rose XS to 459.0 Et&TVSS 

week, both in the- entity and 
gilt-edged markets. .'The- FT 
30-Share Index has- pot on 22,8 
points over the five days, in- 
cluding an extra points 
between 3 pjn. and the close 
last night on a bursr of late 
buying for the three-week 
Easter account which starts on 
Monday. Meanwhile the under- 
tone in gilts remained good; 
and the market again nibbled 
at the short tap Exchequer 83 
per cent. 19S3, but dectined to 
take a big bite, sad- buyers 
again left the long tap alone. 

Given the bnild-np of Institu- 
tional cash and the improve- 
ment in economic news this 

carries the lowest i 
with a yield of 6,5 pey’ J 
covered four times J ; » 
offers the same yield, hut-L 
is effectively less, if alto L 
is made for dtiution-thxqa|D 
rights issue. Barclays Hgqr 
yield only 5^ per . 

higher cover of more . 

times which could be j 
if- dividend controls ar»i 

Mergers 7; 

Merger fashion has mov 
the opposite pole, Arouo 
years ago the Govern men 
actively promoting . large - 
concentrations. But yes* 

S the SSJTS SS impact on the gold Pric*. Some 

has been alittie disappomtine. traders see a? mcisert shoSdto^ 

What may be Causing The Tiesi- as iow « ^ , 0 be agamst the public is 

the performance believe that tt is unlik^to slip unlil their pro{WWnts ci- 

tation here is 

— „„ . h _ w S1SD industrial until their proponents can 

of sterling, only -just above rauch beIOW 5iSU - xnnusinai =- - - 

mui-ii uciui, ww- -.w,— rrhi® , c a 1 

$1.90 at the close, with the ^ ea J an ^,! 1 ^ thJ^hiaSar orices from the position* 

trade-weighted CIS. *“*»*•“«« **£ the ST*,* 

the lowest since late December, and detfera note WPJ ^^,^0 to prove fl 

The worry is that the many VS. J* 1 2 , Writer is ^inst the , 

investors who have been dabbl- writ* lower 1 interest Even if the balit 

,k a urfi? tne cOta price «jw«. , 

ing in the gilt-edged market will a ' . . not moved quite as much a 

soon conclude that the sterling- On balance the outlook Mr Hattersley is fa no 
dollar hedge game is over, and remains fairly bullish, and it is the outcome of the pa 
will head for the generally expected that gold review of monopolies 

will break through the 3200 mergers will be "a mote o 
Golden uncertainty level sametime in tixe next few assessment of pro. 

UUWUU,H J months. However, it Is clear mcmere." 

For the first time since the t hat whereas the price used to The p^ers Secretary ta 

start of the year the gold price be set here in Europe the 

1 being anxious " to find r. 

sr-iKCT-isa sssraasss 

EEtfSTBSB; >rS?ag£ 

the FT Gold Mines Index, which Midland Bank 

touched 188.6 earlier this week, 1>liaiana 0anK ? :OU 22f B K ? i* 

is now back at 157.8 and the Midland Bank at last pul»- Uon # that 

outlook for tbe yeHow'metal is l^hed yesterday details of the will .more references t 
more uncertain than it has been results which were forecast at Commission and fewer nt . 
for some time. toe time of the rights issue six than at present. . 

Sinpp last summer the "old weeks ago, pre-tax profits ciuerg* indeed mergers in genen 
prfoe.^n dollar m l?a,x 

has performed strangl,. Un- "»*" ^ tn - **- 1 

i'*»rta i nties in the Fnreion 19*6 is 16 per cent., but the total of 1,210 industrial- 

sss^mJisj I. K. sasm'jEiSKKSr 

an imnortant nart here with ®^tiud© the parent clearing bank, of £2.(Hin., . in i the OB 
nervous investoS? into wfa ich_ has only maintained its of acquisitions had dropp 

nervous investors switching into r‘r: thi : T i" A nTVho rare,,uV- .L acqa ^ u "™ 

the metal to hedge their cur- 

rency risks. More recently, the half profita of £SWm - £0.8bn. Another \ery nortc 

threat or a left wine victory in were » ^nth below the. feature is that there art 

r figures produced both In . the very few really .large m 

the French general elections 

first half and In the second sis The last was probably Tab 

(the first round takes place to* - v ... v mmhn 

morrow) cncourasEfl addi- 19*6. m • l^lt $ ^Utoovcr 'MwR 

tional speculative®^ Btldisoirf closes the Big Garton. Bearing In mind jh 

■un,— , _ _ - Four results season which this ciunstances under 

"Sj* tooubles invertors now thne has thrown up fewer sur- obvious case for a reforen 

than usual. The dearers’ the Commission wasgrteo « 
55?“ ^ performance over the year has ance, it is, to say tha feast. 

hem solid — pre-tax profits that Mr. Hattersley should 
rhpSS^ t ^5^^?J dSbelim M were on average 22 per cent terday have chosen sugar & 
.”, uld higher — but immediate pros- of his examples to -Ulus 
under ' pects for 19T8 are unexciting, what he claimed wasthe e 
earn the gold pnee. with loan demand remaining save degree of concentmfcc 

Opinions vary as to the likely sluggish while interest rates are British industry. . 


UJC. to-daY 

MAINLY sunny, early rain N.W., 

London, SJEL, EU Cent S and N. 
England, Anglia, E. Midlands, 
Channel is. 

Sunny, chance of rain at niahL 
Max. 16C (61F). . 

W. Midlands, NJL England; 
Borders . 

Sonny, rain later. Max. ISC 

S.WV N.w. England. Wales, 
Lakes, L of Man 
Bright, rain in places and hBI 
fog. Max. 12-14C (54-57F). 
Scotland, N. Ireland 
Rain, hill fog. Max. IOC (50F). 
. OuOook: Showers, sunny 


Y’day i 

Mid-day | 

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Chicago ■ 








CoDohuen C 

















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BfeHwHrue H 25 77 
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Milan ' £ 

Montreal s 
Moscow Sn —l so 
Mum eft s to bo 
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2-Yortc C 4 39 
Oslo c — 2 SS 
Paris C 13 S3 
Perth Sh 21 78 
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"C *F 

A/aorio S 16 61 
Alders . s -21 rtj 
Blania S 13 64 
Blflchnool C S 46 
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Boulogne Fg 8 46 
CasaUnca S 38 68 
CapeTo. S 20 71 
Corfu F 15 S8 
Dubrovnik 3 12 34 

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noreace S 14 57 
Puncbal JF 13 64 
Gibraltar S 17 63 
Guernsey s M u 
Innsbruck F 10 DO 
tnvornew fur 
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Fa— Fog.- C-Ooody. F-Fair. b_ p. |w 
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