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ll.M 01 oj 



l Business 
in Germany 

! , 

\ Landesbanken 
Sparkassen 


ii rrr^r.r — , 


I "MS Rtf 

- I 


No. 27,513 


Saturday March 18 1978 


4 


SERVING THE MOTOR INDUSTRY 


VV|PA C 


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JgMTlNglTAl._SBiING PRICB; AUSTRIA Scfc.15; B&G1UM FrJ5; PEN HARK Kj>J.5: FRANCE frA.O: GERMANY DH2J); ITALY L50D; NETHERLANDS FIJ.0; NORWAY KrJ.S; PORT36M. Eac^O: SPAIN Pos.O; SWEDEN Kr.3.25: SWITZERLAND Frill; EIRE 15p 


NEWS SUMMARY 


ions 

GENERAL BUSINESS 

^ Carter Setback 


tlSUESS 


warns 


on arms 

President Carter has warned the 
Soviet Union that the U.S. will 
■ increase defence sp ending »n«i 
effectively abandon detente if 
_ Russia continues its "excessive 
, military growth and unwar- 
ranted interference 1 * around 
the workl. 

• In what was described as his 
. first major speech on defence, 
the President said that there 
were ominous ■ signs, most 
recently in the Horn of Africa, 
that the the Russians were pre- 
- pared to use military power. 

“The Soviets have continued 
‘.to increase and modernise their 
■ forces beyond the level necessary 
for defence," he declared. “In 
the face of this excessive build- 
up, we and our Nato allies have 
'had to take important steps to 
• cope with short-term vulnerabili- 
ties and to respond to long-term 
threats.” Back Page 

French Socialist 
dies in crash 

With a narrow victory predicted 
for the French Government co- 
alition in to-morrow's second 
Genera] Election ballot, the 
Socialists suffered a severe blow 
by the death of M. Andre. 
' Rouilocbe in an air crash on 
Franco-German border near Mul- 
hnuse. He had been expected 
to become Finance Minister if 
the Left won the election. Page 2 

Picket MP fined 

Mrs. Audrey Wise, Labour MP 
for Coventry S.W., was fined £20 
with £25 costs at Acton Court for 
obstructing a policeman during 
picketing disturbances outside 
the Grunwick plant in North 
Loudon last summer. Miss Yana 
'lialoff, daughter of the Maltese . 
Premier, is to be reported to the 
Director of Public Prosecutions 
for alleged involvement in the 
incident.' Mrs Wise claimed, she 
went to the aid of a girl "'bom 
police were dragging by the hair. 

Appeal fails 

The Appeal Court upheld the 
.fines imposed on Gay News and 
Mr. Denis Lemon, ;ts editor, for 
publishing a blasphemous lipeL 
Lord Justice Roskill said that the 
Old Bailey jury had reached its 
verdict on a poem about Jesus - 
Christ, titled The Love. That 
Dares to Speak its Name in a 
trial which had been properly 
con ducted. But Mr. ' Lemon s 
^suspended sentence was set aside. 

Zaire shoots 13 

Ti ^ (President Mobutu df Zaire, brush* 
*$3#% ing aside Western human rights 
f I appeals, said that 13 saddlers and 
ft- $ gg | civilians convicted of plotting his 
^ %i \ § overthrow, had ■'been shot at 

,4* HV d.wn. 

| r, '.Delhi cyclone ■ 

WATEm least 26 people died and 700 
rfrT . ^P-wVerc injured when a cyclone hit 
& r jf New Delhi, the Indian capital, 

r The storm totfpled a transmitting 

„ tower of All-India Radio. 

r Flights target 

„ ? ' Airlines estimate that .cheap, air 

4.>i Vifares from Britain to 14 U.S. 
-v . , Jiclties. which come in to f orce 

/;• . to-day, could mean an extra tm. 

* v* -^passengers this year. Roand- 
f. o trips to Boston will now be avail- 
.w»* *■* . lable from £146 and to Los 
V \ Angeles from £207. Page 4 

m -J w ^Briefly - . - 

W** ' -iThc halfpenny is now worth 0.48 
ft. , f an old penny, a 60 per cent. 

W - • Jloss of purchasing power smee 
9'V •^‘February 15, .1971 . 

British Summer Time begins at 
2 aun. to-morrow when clocks 
should be put.forward. one hour. 

1 Lincoln Castle, ~ Britain's last 

_ f ifl:roa]-buniing paddle steamer, is 
' fH'in be retired after 37 years on 

Cr 1 v* *ihe Humber ferry service. _ 


equities 
down 1.1 


• GILTS retreated in Him trade, 

with long-dated stocks dosing 
with falls to j. The FT Govern- 
ment Securities up 1-59 

in the previous ten days, fell 
0.49 to 75JH. . . . 

• EQUITIES were marked up 
initially, . but tended' to dose a 


El Industrial 
Ordinary 
\ «. ism- 


455 -lAU-n«E HtCH 
- «iri«aw" 


Oil slick battle ^ Israel looks 

after supertanker to free* set for war 

ah guerilla i of attrition 

JlJL J. . By Dominick J. Coyle BY OUR FOREIGN STAFF 


BY DAVID CURRY IN PARIS AND IAN HARGREAVES IN LONDON 

French naval and civil authorities were fighting an apparently losing battle 
against pollution last night after the supertanker Amoco Cadiz broke on 
rocks three miles off Brest on the Brittany coast. The vessel is carry- 
ing 220,000 tons of crude oiL 

The hull of the ship is insured detergent and chalk, but the Lyme Bay when her steering 
for $12m. (£6. 3m.), SO per cent-, rocks and 20-foot seas made gear-tolled, 
of which is placed in London, operations hazardous. Mr. Harry Rinkema, Amoco 

The owners, Amoco, said in Oil industry men in London vice-president, said in Chicago 
Chicago that the insurance value were pessimistic last night about that .the ship's steering equip- 
of the vessel including machinery the chances of salvaging the mentmet ail the higher standards 
was S20m Amoco Cadiz. She is impaled on recently agreed in London by 

There is an insurance risk of rocks 1“ much the same way as the UN- maritime agency, EM CO. 
about 920m. on the cargo, which the Torr *y Canyon was in 1967. The gear was equipped with 
is probably self-insured with the £“9: “at vessels, the Amoco reserve motors and reserve 
charterer Shell Cadiz might prove unmoveable pumps, but bad a single hydraulic 

The vessel ran into trouble on exce P l b 3 r ' the action o£ ^ system. It was this system which 


Thursday,- when its steering 
system failed. It was being 
towed to port when the line 


^ failed. 

\fsmnfirn6 The -accident occurred, ironic- 

JLdUUdlUd ally, on TMCO’s world maritime 

If the Amoco Cadiz breaks iip day. when Government ministers 




'in be retired after 37 years on 
the Humber feny service. 


ihe U.S. Air Force, was presented 
lo the Commons. 

Chicago Judge blocked a march 
by U.S. Nazis through, the pre- 
dominantly Jewish community of 
Skokie, Illinois. - ' !• 


HOURUf MOVEMENTS TT 

— & wars close-} — — 

45® 1 — -1— — J 

13 14 15 16 17 

• • MARCH 1978 

shade easier. The FT 30-Share 
Index lost LI to 457.2. ’ 

• STERLING dosed at $L9075. 
off 70 points on the day, after 
touching a best level of $1.9210. 
Dollar dosed at -abodtits best 
level in terms of most cur- 
rencies, Its trade-weighted de- 
predation narrowing to 5.54 
(5.5S) per cent 

• GOLD dosed unchanged at 
$183,625. 

• WALL STREET rose S-89 to 
768.71. 

"• ZAMBIA has devalued its 
currency by 10 per cent- as' part 
of an economic package arranged 
with the IMF. • It will also: be 
able, to draw eg? Vt ■ ^r.:;5390m. 
from tfie' IMFovcV -two-i'eaxs aufr 
to - reschedule ira earlier loan. 
Page 2 ‘ 

• EEC Is making a further 
-attempt to obtain trade conces- 
sions from Japan. It is expected 
to warn the .Japanese that they 
face possible new trade “barriers 
unless they take steps to -cut 
their trade surplus.- Page 2 

U.K. signs ship 
deal with India 

• SUNDERLAND SHIPBUILD- 
ERS has signed a £51m. contract 
to supply six cargo liners to 
India — a deal criticised by U.IC 
shipowners because the vessels 
are being bought with cash from 
Britain's overseas aid pro- 
grammed Back Page. British Ship- 
builders will take over the Alisa 
yard in Troon in a bid to save 
jobs. .Page 4. EEC shipyard 
-targets attaded. Page 21 

• LUCAS is to cut the workforce 
at . its industrial . engineering 
works at Fazakerley by 200.. in 
a new Mow to Merseyside job 
prospects. On Thursday the group 
announced plans to phase out 
production at Lucas Aerospace's 
Victor works in Liverpool with 
the loss of 1,450 jobs. Back PageJ 

'ft BRITISH. STEEL is ready to 
open negotiations with unions on 
redundancies', .to arise from 
closure ' of Ebbw. Vale steel- 
-making. Back Page 

ft CB1 says.it brought the signing 
of Government contracts with 
the private sector to a virtual 
standstill for five weeks before a 
compromise -was reached aboui 
the. insertion of pay policy 
clauses, Page 4 ; 

ft NORWEGIAN Parliament has 
approved plans to open up new | 
areas of Norway's continental 
shelf jbr oil and gas exploration; 

• IRISH Post Office engineers 
have narrowly rejected a formula 
designed to .end their strike. 

COMPANIES 

• DENISON MINES, Canada's 
second largest uranium producer, 
is buying uranium and nicker 
Interests of - the U.S.-owned 
In ex co Oil Company for 
$U-$-l5S.5m. "Page. 17 

• MORGAN GRENFELL net 
profit rose from a revised £2.S5m. 
to- £5.45m. last year. P*se 16 


snannpri and ctrnno sons nnchort 1 aay. wneu wuvenimeni ministers 

It on ?n SSTtSE* P completely she will discharge around the world were making 
Earlv yesterday the vessel ^ twice the amount of proud statements and tours of 

hrnifl ir, 0,1 lost b y ^ Canyon, inspection of marine safety 

s 1 1 11118 is the- fourth incident in- equipment Mr. Stanley Clinton 

two of its 14 raigo.tante volving oil tanker spillage off Davis, the UJv. Trade Under 

Amoco said because of difficult the Brittany coast in the last 12 Secretory, spent the day at the 
weather it was impossible for years. .In January 1978 the brand Warsash School of Navigation, 
emergency vessels to get near .new Olympic Bravery broke up There were predictions in 
enough to the stricken super- off the coast It took three France that the spillage could 
tanker to make a precise assess- months to dear up the mess {nAngn^ voting in the final 
ment of damage. caused simply by seepage of the round of the French elections 

All 46 members of the Italian ship’s own fuel oit to-morrow. About 600,000 people 

crew were lifted off the ship The Amoco Cadiz cost S30m. voted for ecology candidates ur 
shortly before her hull broke. when she was bought four years the initial voting last Sunday 
An oil slick quickly reached ago from Astilleros Espanoles in There is certain to he heated 
about 20 kilometres off the North Spain. She was placed on debate about why the rescue 
Finisterre coast in an area ixn- immediate four-year charter authorities were not altered 
partant for fishing. sheU-fish re- with Shell which would have ex- about ^ ship ^ pr0 blems until 
serves and tourism. The French pired in June. ■ t „ 

authorities have seven ships at She was heading from the Gulf Continued on Baek Page 
hand to break up the slick with with a cargo of light, crude for Picture Page 2 


Retail price 
index up 9% 

BY PETER RIDDELL. ECONOMICS CORRESPONDENT 


RETAIL PRICE NDEX 

rocffTsnunuLRMKi 


THE UNDERLYING annual rate 
oP retail price inflation appears 
to -be levelling out at about- 7 
per ^ent Official figures should 
show the 13-monUi rate of in- 
crease as down to near this level 
during - v the summer. 

The Department or Employ 
ment said yesterday that the 
retail price index increased by 
9.5 per cent, in the 12 months to 
mid-February to 190.6 (January 
1974=100). 

This is the lowest 12-month 
rate since -September, 1973, and 
compares with an increase of 9-9 
per cent, in the year to mid- 
January. and a rise of SJ per 
cent over the same period in 
industrialised countries 

generally. 


Comparison 


: .. .Ob a shorter-term comparison, 
the ILK.’s rate of inflation is 
already in line with the iirter- 
nationAl average with a rise of 
31 per cent, in the all-items 
Index in the UJ\. in the six 
months to January, compared 
with one of 3.5 per cent for 
members of the Organisation for 


Economic po -operation and De- 
velopment overall 

The' best guide to Immediate 
prospects in the U1L is the 
index for the rise excluding 
seasonal food measured over six 
months and expressed at an 
annual rate. This stood at 72 
per cent, last month, the same as 
in January and only slightly less 
than in December, but well down 
on the rate of 20 per cent last 
May. 

This underlying trend supports 
Government hopes, as expressed 
by Mr. Albert .Booth, Employ- 
ment Secretary, that a 12-moatb 
rate for Die all-items index of “7 
per cent, or less is- quite on the 
cards soon, if we keep up our 
efforts.” 

• The short-term outlook also 
will Tie affected by whether Mr. 
Denis Healey, Chancellor, 
decides to increase indirect 
taxes in the Budget in order 
to allow, a larger cut in income 
tax. 

The determination to keep 
down the inflation rate is likely 
to limit any rise in indirect 
taxes although, as a minimum, 
an increase in specific duties, 
notably on alcohol and tobacco, 



in line. with inflation in the last 
year looks likely, raising the 
prices index by about l’per cent. 

The official expectation is that 
the 12-month rate will regain in 
single figures for at least the rest 
of this year even though tire rise 
in earnings during the cofrent 
pay round may be about 13 tq 14 
per cent., rather than the 10 per 
cent, guideline. This is because 
of the favourable impact of lower 
world commodity prices aifd the 
rise in sterling. 

Levelling out 

However, the evidence of a 
levelling out in the underlying 
trend points to the difficulty of 
achieving .a further fall In the 
inflation rate below a range of 
61-7 per cent, unless the growth 
of earnings is reduced to well 
below 10 per cent. 

This is likely to form a key 
Continued on Back Page 
Editorial Comment Page 14 


By Dominick J. Coyle 
. and Paul Betts 

ROME. March 17. 

' ITALY'S NEW minority 
government is not likely to 
agree lo the release of one of 
the top leaders of the extrem- 
is! Left-wing Red Brigades 
guerilla movement in 
exchange for the freedom of 
Sig. Aldo Moro, who was 
Italy's Prime Minister five 
times. 

This view was gaining 
ground in political circles 
to-night as police continued 
their biggest-ever security 
operation, searching more than 
2.000 flats in Rome where they 
believe Sig. Moro is still being 
held. 

Rome police arrested to- 
night a man on suspicion that 
he might be involved in the 
kidnapping of Sig. Moro in 
Rome in a gun battle in which 
five policemen died. 

A further rommuniqne pur- 
porting to come from the Red 
Brigades to-day confirmed that 
Signor Moro. president of the 
Christian Democrat party, 
would be killed within 48 hours 
unless Sig. Renal o Curcio, 
u ideological ” leader of the 
Red Brigades, who is standing 
trial in Turin with 48 other 
accused terrorists, was released. 

The Prime Minister presided 
this morning over a special 
meeting of the inler-Mluisterial 
committee on security, and 
to-night was meeting leaders 
of all the main political parties, 
including Sig. Enrico Berlin- 
guer, the Communist Party’s 
secretary-gcneraL 

The highest reserve was 
being maintained by political 
party leaders after to-night’s 
Summit with Sig. Andreotti. A 
statement was Issued later to- 
night by the Prime Minister's 
office saying that the Summit 
discussed a package of pro- 
posals to strengthen security 
and law and order in the 
country, including a number of 
“urgent measures’' in face of 
the current emergency situa- 
tion which now required 
collaboration at all levels. 

While the Christian Demo- 
crat party is understandably 
very concerned over the fate 
of its president, there is 
privately a recognition that a 
minorilv ■ Government. In 
particular, cannot capitulate to 
the Red Brigades wtlhont 
undermining finally the basic 
institutions of the Slate. 

Government sources were 
saying this evening that more 
draconian law-and-order 

measures— including the possi- 
bility of bringing terrorist 
suspects before military courts 
— would not be contemplated 
unless they were supported un- 
ambiguously by the other main 
, parties, who are- pledged to 
'.support the Andreotti admtni- 
stratum* in Parliament under 
fire terms of a uew Government 
formula worked out, ironically, 
in’ large measure by Sig. Moro 


BY OUR FOREIGN STAFF 

THE CRISIS in southern Leba- 
non deepened yesterday with 
Israel's 20.000-sirong invasion 
force consolidating its occupa- 
tion and the announcement that 
jlraq is sending “volunteers.' 1 
'ammunition and medical Sup- 
plies to the Palestinian Torces. 

As fighting continued in the 
six-mile-deep buffer zone estab- 
lished by the Israeli array, an 
i estimated 100,000 refugees 
i streamed north to swell the 
'250,000 made homeless during 
the two-year Lebanese civil war. 

In - the Lebanese capital, Mr. 
Selim al Hoss. Prime Minister, 
{bad urgent talks with a Syrian 
{delegation which included Mr. 
j Abdel Halim Khaddam. the 
.Deputy Premier and Foreign 
> Minister, and Maj.-Gen. Naji 
Jamil, chief of the Syrian air 
force. 

An announcement by the 
Syrian-backed Saiqa guerilla 
group said that Syria had now 
placed its air force in Lebanon 
on alert to defend civilian tar- 
gets. 

Israel has asked for an urgent 
meeting of the UN Security 
Council in response to an earlier 
Lebanese demand for one. 

If and when one is called. 
Israel will argue that it had to 
occupy the south of the Lebanon 
to prevent Palestinian attacks on 
its civilian population, especially 
like last week-end’s raids by a 
band of the Fatah guerilla group 
in which 37 people died. 

Israel's army looks to be 
settling down to the prospect of 
a long stay and a war of attri- 
tion against the Palestinian 
guerillas in the south of Lebanon. 

Palestinian claims that the 
Israelis had mounted a seaborne 
landing at Aadloun, 12 miles 
north of the River Litani. the 
accepted stand-off "red lino" 
separating them from the 
Syrians, were not confirmed in 
Tel Aviv. Correspondents visit- 
ing the village found no evidence 
of any such operation. 

Israel reacted politely, but 
coolly, to the U.S. call for the 
withdrawal of its troops and their 
replacement in the border zone 
by “an alternative peace-keeping 


slant ha rrassmenL Mr. Mcnabcra 
Begin. Israeli Prime Minister, '.a 
expected in resist U.S. pressure 
for u withdrawal when he vivtts 
Washington, lie has provision- 
ally arranceri io leave far the 
U.S. lo-mnrrou*. 

The Palestinian military com- 
mand in suutiicrn Lebanon i- 
looking forward t«» a prolonged 
war with Israel and i< confi- 
dent that any proposal in brims 
in u LfN peace-keeping force 
will he vetoed in the Security 
Council hy the Soviet Union or 
China. 

David Lennon writes from Tel 
Aviv: Mr. Begin held consulta- 
tions last night with his senior 
Ministers and Army commanders 
about (he military situation. He 
also discussed the alternative 
solutions which he plans to dis- 
cuss with President Carter when 
they meet in Washington. 


Attacks 


Volunteers 


Acknowledging that it was 
being studied, Mr, Ezer Weiznian, 
Defence Minister, said: “We 
shall check every proposal which 
can provide a solution.” 

Mr. Walter Mondale. U.S. Vice- 
President, yesterday reiterated 
the Administration's request, 
made in a forma] statement by 
the State Department last night, 
that Israel should leave the six- 
mile buffer zone. He said ho 
hoped a new peace force, possibly 
under UN auspices, could take its 
place. 

The occupation may nuw be a 
long-drawn out affair, with the 
invading force suffering eon- 


The Israeli army claimed yes- 
terday that the 60- mile-long 
“ security belt " along Iho border 
was virtually clear of Palestinian 
fighters. However, ground fight- 
ing continued as isolated pockets 
of resistance were being mopped 
up. 

Palestinian units outside the 
"security belt" are still giving 
the invading force problems. 
Repeated air strikes were 
launebed against them, in sunie 
cases using for the first time the 
most advanced F-J5 aircraft 
which was recently supplied to 
Israel by the U.S. 

In the afternoon shells fell on 
northern Israel, killing one man 
and injuring a number of others. 
The villages near the border 
were ordered lo enter the hmnb 
shelters this evening. 

Israel has been reluctant to 
cross the River Litani, lo avoid 
coming into contact with the 
30.000 Syrian troops stationed in 
Lebanon. But hit-and-run raids 
were carried out by troops 
against positions imporvjous to 
air and artillery attack. 

The Palestinian positions 
around Ren u fori Castle, which 
lies across the River Litani were 
attacked by ground forces. They 
silenced the artillery batteries 
which are nniv about three miles 
from the Israeli border. 

Other Israeli targets included 
at least one of the bridges on 
(lie River LiUric, the blocking 
of -which would hinder Palestin- 
ian reinforcements from moving 
south. 

Middle East News Page 2 


r in \pw York 


S|«4 ISl.WffilA’KO 1 !> 1.-5150- 1 SU-W 

1 llbllllll ' |4VIII OS - 

•i ii ii ui Ih-. O.JS-U.lT« i.h-im i.Cfi '. | j (irvi:i 
|5» in. oil li. lVJlM.1. Ill ill-. • K IrtJ It 


Dollar hits new low against yen 


I. BY MICHAEL BLANDEN 

THE DOLLAR fell to new low 
levels against the Japanese yen 
yesterday while the foreign 
exchange markets remained 
extremely nervous in spite of 
the efforts during the past week 
to bolster the U.S. currency. 

Bankers have reacted sceptic- 
ally - to the joint U.S.-West 
.German announcement on 
Monday of measures lo stabilise 
the dollar through extended 
swap arrangements. The Japanese 
moves, on Wednesday, to Jmpose 
stricter sanctions on foreign- in- 
flows have so far not slopped the 
rise in. the yen. 

The > ' dollar dropped for the 
first time .below Y230 in spite 
of ‘heavy intervention by the 
[Bank of Japan, estimated at some 
3250m. to 3300m. 

In trading on European, 
exchanges yesterday, the dollar 
picked up slightly after a weak 




DOLLAR 


Against 

Sterling 


1-91 -j 

t-W> l s P g£ 
238|Yen perS 


6 7 B IT » O 14 U « 17 l 

MARCH t97B I 


start Central banks were thought 
to have taken advantage of the 
generally thin business to push 
the dollar up through further 
intervention. 


Nevertheless, the various 
measures adopted to help the dol- 
lar have left the markets still 
uncertain and it remains lower 
against other leading currencies 
than it was a week ago. 

After tonching a record low ol 
Y229.5 yesterday, it picked up to 
close at Y230.95. This compared 
with "Y232.05 on the previous day 
and Y235.95' a week ago. 

Tbe dollar improved against 
the West German mark to end 
at DM2.0455 .against DM2.0345 
on Thursday, and similarly rose 
against the Swiss franc 
to SwJFrsJ_897S against 
Sw.Frs.lJS775. But In both cases 
it was down compared with the 
previous . Friday’s levels of 
DM2.0575 and Sw.Frs.1.95. 

The pound slipped by 70 points 
to 81.9075. with its trade-weighted 
index down. to 6il compared with 
643 on the previous day. 

Feature Page 14 


Enjoy the 
Good Offices 

of Mr Square Footage 


EQZ 

ECS 

EC 3 


Moorgate Place 


Dukes Place 


4,000 


sq. ft appro < 


sq. it. approx 


CHIEF PRICE CHAISES YESTERDAY 

(Prices in pence unless WigfaU (H.) ^ + 5° 

otherwise . indicated) . Wolseley-Hughes ...... 


RISES 

ExCh. 101% 1055 ...... £91*“ j 

Alexanders Discount 235 + 5 
Allied Irish Banks ... JB7 + 4 
Assoc. Book Publhsrst 188 + S . 

Bank of Ireland 347 + 12 

Bank of Scotland ... 273 _+ 8 

Barclays Bank 8S0 + 3 

Blakey's fMIb. Cstga.) 52 +. 4 

Collins (Wm.) 12S + 4 

Pc La Rue - 2B0 + i 

Filch Lovell 68 + 3 

Hail Engineering .... 95 + 4 
London Scot. Finance So + 3 

Miln Ma raters loo + ®- 

Rolis-Royce Motors ... SI- + 3 
Rush it Tompkins- ... 104 + 5 
Tate of Leeds 57 - 3 


Chersonese «®§ i 2 

Cons. Plants. 123 + 7 

Plantation Bldgs. — 71 + 3 

FALLS 

BATs Defd._ 257 - 8 

Daily Mail A 275 - a 

General Accident — £20 " 4 

Gold Fields Prop. ... ,67-6 

Durban Deip S3 

East Rand Prop 295 - 70- 

. Unisel J51 - 16 

Venterspost 192 — 16 

West. Rand Cons, ® “ 19 

Western Holdings ... £TT|- 


CONTENTS OF TODAY T S ISSUE 

Overseas news ' 2 Leader page 14 Foreign- exchanges 23 

Home news— general ...... 4 Panics 16 4rl7 Farming, raw materials ... 22 

— labour 4 International companies ... 19 UJL slock market 24 

Arts page 12 Wall Street 18 London and New York 5 

FEATURES 

The dollar and a The banks home in on ike 

dialogue of the deaf ...... 14 building societies 15 - 


1 C 2 


Minories 


Cannon Street 


Villiers Street 


3,000 


sq. (L approx. 


2,300 

sq. fL approx 

690 

sq. it. approx 


AMoUAneots .... — -■ 

actdtiB — 

Chess 

CitlccOoB - 

Crawworri Puzzle — 

' EtMmit Diary ... 

-EdscMJm 

BnamiMiicm. GnMe 

Finance & Family... 
rrActaarins imHcM 
. C n ie nl ng 

Coir 

Heme* Cantt-ecu ... 


How lo Spend It _ 11 

Ibuthcc A 

Letters ...h.....'.... 15 

Lex 21 

Han tf UM WMk ... » 

Motoring ' 4 

Property 8 

Racing u 

SelOnr i 

Share tfarmatiwi— 2Ur 

SE Week's Deoltnss 21-22 

Twei 10 

TV and Ratfta U 


Oatt Trusts — 25 

Weailnr 20 

Your Savings A Imr. 7 

PROSPECTUS 

ScUqJafcr Far. E. ZKZX 

(CmmHtPain U) 

OFFERS FOR SALE 
CartaDore ..... 19 


WMl 10 Lawson u DeablB n 

V and Radio 22 M ft G America ... li 

For latest ■ Share Index 'phone 01-246 6026 


Midland Drayton ... 5 

WrauHHy 7 

ScMecfager 7 

(CommaatPaaeU) 

’ INTERIM STATEMENT 
Cmstt. " Plantations 17 

*w Leading Rates 2t 

RMUbl Sue. Rates 23 

Local Anky, Beads. B 

-H.K. Convonatlu.,, .23 


Rent Reviews * Lease Renewals * Valuations 

• M Knight Frank&Rutley 

W 7 Birchin Lane London EC3V 9BY 
~i Telephone 01-283 0041 Telex 265384 






FINANCIAL TOlfiS SAfURDAY MARCH 18 1978 


OVERSEAS NEWS 



Haferkamp flies 
out to 
Tokyo trade talks 

BY GUY DE JONQUIERES BRUSSELS .March 17. 

THE EEC Commissioner for Ex- head add appeal to the very 
lernal Affairs. Herr Wilhelm highest levels of the Japanese 
Haferkamp. was on his way to Government 
Tokyo^ to-day m a last ditch It is felt here that-"if~the talks 
atteinpMo salvage the Comrais- are not to end in failure, the 
stnn's^ammdering campaign to .least that Herr Haferkamp can 
extraj&jjred&es nr trade and eco- bring back from Tokyo would he 
num ic^ concessions from the a joint EEC-Jap an ese' declaration 
Japanese- t^vernment." . setting out the principal bilateral 

HcjSSiferKjnip jyesperted to trade problems and committing 
wa . r n'jSaitoj$new’ bluntly -that both sides to tackling them 
unless, they agree to take further But a spokesman said here to- 
measures to correct Their trade day that there was no thing so 
surpteUWth the Community, f ar to be signed. ■ 
which weeded S5bn. last year. Officials here are keenly aware 
, the that the Commission's own eredi- 

“ ew - SSf * J^-^OSty as an effective negotiator 
ners aggmst them.-; This step. ^ at stake and that they are 

* 7~~. rz under some pressure to produce 

EEC officials appeared confr' concrete resuRs-Trom the talks 
dent today that an a'greement .,iiutime Jpr ihh next meeting of 
would B£ reached in Brussels^ EEC heads of - government in 
this weekend, under —which Copenhagen on* April 7 and 8 
Japan would undertake to -'" Bu t while governments. 



3 ISS over E^rSnm^ ^ 111 Tokyo ir is 

from -certain that the EEC 

T<i£ Whfeh leaders would be prepared to 

sc^ip^friim the!k J nd of retaliatory 

Tokyo. S' ™ gainst { Japan that 
of -the EECTs policy Co'- limit ha *f b . een J™** 1 *“ Brussels. 
sterUSSipwii from third enun- Charles Smith reports from 
tri cCThff Jit stabilise prices. Tokyo: Progress during three 
__ . days of high-level official Calks 

J. s?s 

a vrrvt of world-wide protec- hold oui much hope that the two 

. . sides will be able to hammer out 

tiffin a Is here have expressed a joint communique. 

djsapp.Mnrmcnt and con- This was stated to-night by Sir 
^ ac ? it? f - pr °8ress R 0 y Denman, the EEC director- 
achiMed in the talks in Tokyo general for external relations 

™.r-^ h lV, c- n S* . E n C dcle * and lender or the ten-man team 
nutxm iOu bj Sir Roj Denman, which has been conducting the 
director-general of the com- talks. Sir Roy sa ld repeatedly 

. Ex L er 5r al »r MSI* ia a bnefin S to-night that there 
Department, and Mr. Nobubiko was little basis on which to hope 
i-fthiha. Japans Minister or for agreement next week, when 
External Economic Relations. the talks reach their climax. The 
Though Herr Haferkamp is one remaining possibility was 
due at present to see only Mr. that a break-through might* occur 
wmba. a Commission spokes- when the talks are raised to poli- 
m.in s.aid to-day that he might tical level wHfr the arrival in 
seek to go over the Minister’s Tokyo of Mr. Haferkamp. 

Pakistan considers move 
against State take-overs 



BY SIMON HENDERSON ISLAMABAD. March 17. 

PAKISTAN'S MILITARY Gov- Addressing a news conference, 
ernmcnl is considering con- General Zia said next year’s 
stitutiona 1 guarantees against budget would strictly conform to 
nationalisation »f industries and the available national resources 
I he take-over of private proper- and blamed current domestic 
lies. inflation partly on the large* 

The military ruler. General Si? tn S e Si *£*£**-£* 

Zia-ul Han. said yesterday in lXn *£ “S" fn ii J h? nv‘ l ] ' 

Peshawar that’ such guarantees n !Jini 

would create a favourable a I mo- °. a ri h dl ! } II 1 In r , 11 V? 

sphere for investment. The Law ?iii rf u v , 

TI , ni<.:rv »s -it nreseni pvimininp 'fiddle East countries to enter 

proposals, he said, adding that I>V0 ^ ectS vvith Pakistani 

such a guarantee would cover Figures released by the Slate. ® France's foreien trade swung 


race 
expected 
in French 
elections 

By Robert Maothner 

PARIS. March !?. 
THE . FINAL result of - the 
Freneh general election after 
the second- ballot on Sunday Is 
expectedtOe, very elosc, but 
most observer are now pre- 
dicting a narrow victory for 
the Government coalition. 

Though the parties of the 
Left-— U&e Socialists, the Com- 
munists and the Left-wing 
Radicals — managed to cobble 
together a last-minute electoral 
pael earlier this week, enabling 
them ~‘to present joint candi- 
dates on Sunday, this is un- 
likely lo compensate for their 
failure to establish a big 
enough lead in the first round. 

If the Left had polled 
between 51 and 52 per cent, 
of the popular vote, last 
Sunday, as.the, public opinion 
polls -had - forecast. Its ultimate 
success would hardly be In 
doubt to-day. But, because the 
Socialists did much less well 
than expected, the total score 
of the Left-wing parties was 
no more than 48.4 per cent, 
including extreme Leftist 
groups. 

This was barely two percen- 
tage points more <m« die 
Government coalition parties 
polled and is generally con- 
sidered to be too small a lead 
to be converted into a Parlia- 
mentary majority in the vita] 
run -off. The present consti- 
tuency boundaries greatly 
favour the Government parties, 
which thus need a much 
smaller number of votes to 
win a majority in the National 
Assembly, than the Left 

Another big obstacle wblcb 
the Left has to overcome is the 
relatively undisciplined beha- 
viour of Socialist voters. While 
tbe great majority of Com- 
moniste voters are expected to 
respect their Party’s directive 
to vote for Socialist candidates 
In all constituencies where the 
latter are the Joint standard 
bearers of the Lett, the reverse 
is not necessarily true. Only 
some 60 per rent, of Socialist 
electors are expected to vote 
for Communists who are fight- 
ing duels with Government 
candidates. 

.After the first ballot, only 68 
MPs were elected outright by 
obtaining- an absolute majority 
of the votes. There will there- 
fore be run-offs in the remain- 
ing 423 constituencies, the 
great majority of which will be 
straight fights between Govern- 
ment and Left-wing candidates. 
The Left is represented by 241 
Socialists and 14? Communist 
candidates. On tbe Govern- 
ment side. Gaulllsts are con- 
test log 217 constituencies and 
the UDF. grouping the Giscar- 
dian Republican Party and 
Centrists. 182 seals. 


Thousands of gallons of crude oB spew from tbe Inside of die giant grounded tanker Amoeo-Cadh near the Brittany coast. 
The giant Vessel broke in two on the rocks and is threatening tbe beaches around Brest with sextans pollution. The 220,000- 
tonne cargo from the ship has already formed a slick several kilometres long and some oil ha* already readied the coast, five 

miles from where the 109,000-ton vessel ran aground. 


Computer technology for Herald Tribune 

BY MAX WILKINSON 

THE INTERNATIONAL Herald ■ The . photo-typesetter to be while newspaper managements . As a result of tbe change, the 
Tribune will change over on used by the Tribune can generate all over Europe are struggling to Tribune's total staff In Pans will 
Easter Monday to a new com- 60,000 lines an hour compared gain acceptance of the - new be cut to only SO people. It will 
puterised typesetting process with 200 lines an hour on each technology. . -have no printing operation of its 

which it claims will be one of of the 22 traditional linotype In Fleet Street, only the Daily own. but will print instead under 
the most advanced systems in casting machines. Mirror has so far announced firm contract is Paris. S i m ult a n eous 

Europe. . . \ ■ Mr. Bob Eckert, publisher of plans' to move over to phdto- editions will continue -to be pro- 

TVie newspaper -which sells the Tribune, claims that tbe composition, although Times duced under contract at Uxbnage 
120.000 copies a day throughout system will be one of the most Newspapers has Installed com- . in tbe U.K, and in Zurich; The 
Europe, is abandoning the tradi- advanced now operating in puterised ■ equipment and ■ is U.K. and Zurich presses will be^ 
tioaal method of setting type by Europe. One of the benefits currently negotiating with .supplied by facsimile transmis- 
casting lines in hot metal, in expected is that the Tribune will unions on manning levels. ' ■ • -*loo ‘fvia wire service) of the 
favour of an almost completely be able to carry the latest New one of tbe Tribune manage- P a ° e images assembled in Pans, 
automatic process in its Paris York stock market prices. Tbe meat’s main achievements has ‘ Mr. Eckert said he was stun- 
°®? e - machinery needed 75 been to obtain the French print prised by $he speed of negotia- 

iVew ? wilieh raaifl, y minutes to print all the stock unions’ agreement that tions with the unions. Because 

comeby wire agency service from prices and as a result tbe journalists should be allowed or natural wastage' and arrange 
the U.S. will be stored automati- Tribune was unable to carry access to the computer system, ments for redeployment agreed 
cally ta twin mini-computer sys- dosing prices. But the new com- Journalists will be able to type * he unions no uneinploy- 
tems. They will be edited in elec- puterised system will print the their articles directly into the ment would result from the 

tironic form by the use of visual ‘stock tables in only 15 minutes, system which will convert them change-over, he said, 

display units- (VDUs) - which are The system, costing ,Sl-5m.. automatically into type. The Tribune was first pub- 

K5f-i?‘5^5 I tl 0 j SCfewis key ‘ wilL lead to a substantial Peduc- This principle of direct access lished in Paris in lfHJT. Since 

□oarqs attached. non fn manning which has been by journalists has proved highly 1966. when the New York Herald 

When the editors have selected negotiated with tbe French print controversial in the U.K. and in Tribune closed, the International 
and altered the items they wish unions in talks which started last other -parts of Europe, partfeu* Herald Tribune in' Europe has 
1° Print, an automatic machine summer- Details of these negotia- larly West Germany, where been published by Whitney Corn- 
wall make a photographic image ions are not being released, but printers are engaged in a nation- munications as a joint venture 
or the type, direct from the com- it is evident that the Tribune has wide dispute on the issue ..of with the Washington Post and 
purer store. . scored something of a coup, computer setting. the New York Times. 


Record rise in 
Canadian 
spending deficit 


By Victor Mackie 

OTTAWA. March • 17./ 
THE CANADIAN . Government 


Schmidt’s chief troubleshooter 
tackles German strike crises 


BONN. March 17. 

_ now in its third day of 

spending deficit in the financial ! closed to-day in both tbe printing it is not yet known whether strikes, the two sides are to meet 
year commencing April l will be] and engineering disputes troubl- the printers’ union. IG-Druck und again for peace talks to-morrow 


BY ADRIAN DICKS 
FRESH peace efforts were dis- for a fresh round of discussions, try. 


lhn nrnspnt .,nri future Hnvprn- Figures released me aiaie. wrnmw! . _ 

sjenli Anv fu! ro Govern- B 1 ? nfc of ,sbm;,f,atI -™wlcrdayj back into a small surplus In 

\ r. » JhT fT „r showed an improved balance of: February. 


reinforcing the irend 



’ SlSOm.) the previous year. ] Frs.6im. (SI3m.) affer seasonal 

Under the Government of Mr. The halance of trade deficit is adjustments, following a short- 
Zulifkar All Bhutto large sec- still runnin; at about sioom. a toil or Frs.l.85bn. in January, 
uons of industry were national* month and the improvement on ! Exports rose 13 per cent, com- 
ised. Sinigvtaking over power the payments position was attri- : pared with the same month a 
last Jul*£0io military regime has buted to an inflow of foreign! year ago to Frs.26.8bn. while 
hcenTlYving to restore business loans and private rem ill a nets' the growth of imports was kept 


confidence. 


from Pakistanis who work abroad. > back to under 6 per cent 


the Finance Minister, announced 
the figures to a surprised -and 
angry opposition in. the Comniona 
late on Thursday night about ad 
hour before the majority Liberal 
Government pushed through 
retroactive approval for money 
spent in the final quarter of 1977- 


solution. , . pay and manning levels of skilled threate^d a'l&fc-out from Mon- 

.. Herr. HansJuergen WischAew- hot-metal printers, after the day that would widen the dispute 
Ski, Minister of State in Herr present technology is replaced by from 80,000 to • about 200.000 
Helmut Schmidts office and the cold-type, electronic setting- workers. 

Chancellor's chief troubleshooter. Herr WischnewskL whose past Some room for compromise on w 

is understood to have played a assignments have included the the wage issue appears possible, : proposals for an internationally 

key part in bringing together Mogadishu hijacking fescue and now that the employers have! acceptable solution 

printing employers and union the urgent defusing of tensions improved their offer' from 3.5 to 1 

1978- as well - as authority* to < leaders under the chairmanship with East Germany; entered tbe over 4 per cent., while the union, 

borrow up to an extra CSfibn. 'of Herr Josef Stingl, head of the bitter printing industry dispute. iG-Metall. has retreated from 8 

I Federal Labour OBre. as an “ boors, broker.- after tbe joa 0T , r , p „ „ nt 

•It may 


SIS 

IMF plan 

By Michael Holfnan 

LUSAKA. Starch 17. 
ZAMBIA TO-DAY devalued the 
kwacha by 10 pw cent, as 
part of an International Mow. 
tary Fund. (IMF) "programme 
which will allow drawings from 
the fund over wo years of 

$U^.390m^ a* well as re- 
scheduling an earlier IMF 
facility of 5U.S.47m. 

Government has also Pledged 
a further reduction of the 
budget deficit in lfiTS. a reduc- 
tion on Internal borrowing by 
the Government, the mining 
companies and by the rest of. 
the economy, and an incomes 
policy, la inly, 1976. (he 
kwacha was. devalued 20 per 
cent 

Announcing the package is 
Parliament this morning, Mr. 
John SCwanakatwe the Finance 
Minister, referring to *a time 
of grave economic, crisis,” 
.described it as M undoubtedly 
the last hope for the econonde 
recovery of our country.” 

However, at a Press confer- 
ence later, the Minister, who 
appeared well pleased with the 
outcome of negotiations he had 
described as ** tough,” said that 
such a large amount on what 
be described as favourable 
terms to an African state was 
unprecedented. - 

A hey feature of the package 
is the pledge to reduce the 
budget deficit In 1979. Some 
observers believe that this can 
only be done' by cutting mili- 
tary spending and by further 
reducing food and other sub- 
sidies. 

Welcome news for overseas 
suppliers, some of whom have 
been waiting over a year Tor 
payment, is that the pro- 
gramme provides for “ a pro- 
gressive reduction in payment 
arrears.'* 

Tbe Bank of Zambia will 
bear tbe effect of devaluation 
on this pipeline- This will 
relieve expatriate workers, 
particularly the 4,000 in the 
mines,, who have had a four- 
month delay in clearing 
monthly remittances aud end- 
of-eoniract gratuities. 

Rhodesian 
talks with 
U.S.-U.K. 

By Quentin Fed 

PRETORIA. March 17 
SENIOR RHODESIAN Govern- 
ment officials met British and 
U.S. diplomats for fao-and-a- 
half hoars of talks at the 
British Embassy here to-day in 
what Is seen as an attempt to 
find common ground between 
the internal Rhodesian settle- 
ment and the Anglo-American 


It’s a sad day for Parliament 
and the people of Canada." was 
the immediate reaction of Mr. 
Sinclair Stevens, the Progressive 
Conservative’s chief economic 
spokesman. 


After talk*, both separately Chancellor had appealed Tor a ° J. fnr ^ ® ... 
with Herr Stingl aiidMOgether on return to the bargaining table in be harder ffir the two sides to 
Thursday night, ' the' two sides a television appearance. agree on the clauses IG-Metati is 

were expected to travel from Ta the North Wuertjemberg- seeking on job security and pay- 
Nuernberg to Bonn this evening North Baden engineering indus- group classification security. .. 



U.S. calls for troop 300 feared killed in fighting 
withdrawal from zone as refugees flee 4 in thousands 9 


The meeting is being pre- 


fria opens 
border 
to Iraqis 

By Our Foreign Staff 


■BY DAVID BELL 


WASHINGTON’, March 17. 


BY IHSAN H1JAZI 


BEIRUT. March 17. 


THE U.S. has again called mv to start two days of talks at the LEBANESE and Syrian officials 250.000 displaced persons, the in southern Lebanon. Syria 

Israel to withdraw from the 10km White House on Tuesday. held talks here to-day on the victims of two years of civil war. provides 30.000- troops to the 

buffer zone that it now controls in There are no illusions here Israeli offensive and moves to Mr. Burtos to-day welcomed Arab peace-keeping force. 

South Lebanon Mr. Waiter Mon- about th« possibUitv that Israel take the matter to the UN the U.S. government statement Butm* tru!*v 

dale. 1/.S. Vice-President, echoing will refuse to withdraw from Security Council. last night caUing on Israel to aj S o 0r SSivedSir Pete? w£ 

a formal statement- yesterday by southern Lebanon for some con- Syrian Vice -Premier and .withdraw from South Lebanon. fleJd B ri ^ wbusador 
the State Department said to-day stderable time. Foreign Minister. Abdet Halim and supporting a UN role in Britain is the president of the 

that he hoped an alternative The State Department recog- Ivhaddam. arrived here and went the region along with the exten- Security council for this month 

peace-keeping lorce. possibly nised as much last night in its into immediate session . with f ,0 Q of fhe authority of the . , '* 

' President Elias Sarkis j Prime Lebanese government. . Israeli fighter aircraft, includ- 



7 . . _ . , under UN auspices, could take statement Mr Hoddine Carter Presi-. _ _ _ 

fr^ A vr.hm^ers rC )" cvr^s' us tbe Isra ‘-‘ Jfs ’ in lhe area - the chief' spokesman, said the Minister Selim Al Ho5s, and Informed sources here believe sopbisticatec 1 U.S. -made 

• »i-ro«ir\ m.i ri'lnfurce Paiesun- The Vice-President said that immediate concern of the U.S. Foreign Minister Fuad|Butros. the United States will seek a ^l te ?^P. 0I !E ded Overhead. Israeli ain-raft 

-irr l - snuthern lhe Administration vevoanised must be to “end as quickly as He was accompanied by Vice- Security Council resolution for ar ^7"' 10vv . ,he ,. u. hlli aircra ^ 

southern bal Naji j ami f com- sending UN troops to the south Sobering point for the could be beard, but they seemed 

to police the border area while Sucrillas m the south. mainly to be -concenlrating on 

law-and-order duties will be Roger Mathews reports from m01 !® rieariy defined Palestinian 
shouldered by 4.000 Lebanese Southern Lebanon: The Pa lest in- Positions. The guerillas said 

soldiers forming the nucleus of i an military command in that sophisticated fighter planes 

, ; , . u ,, .. .. , , a restroctured Lebanese army, southern Lebanon « looking and heavy. armour were of vere 

-aid ureatl >' complicated the search the*e basic nrnhlems. radio, delivered a message from President Sarkis met last forward to a prolonged war with limits offlur * 

f ~ 1 • r — ’ T ’ Ui ' statement was seen here President Leonid Brezhnev to night with Brigadier General Israel and Is confident that mv “ LK “ 

tempt by the Ad- President Hafez Assad, j Victor Khoury. the army proposal to bring in UN itoods Throughout the night Israeli 

i remain as “ even- The number of tfviliaoB. dead commander. will he vetoed Ln the Security forces., also bombarded an area 

” , c*- r |«| rr*n fir'd rrmuvui v-m ivi in ca|»cvicu tiuiimu « DossibJe. but is also in tbe fighting has now been Christian leaders, bowever, de? Council by the Soviet Union or near the port of Tyre and doetnr« 

direct -mv Irani raise and lhc contentious recocniscd that the U.S- is in given by independent soOrtte at manded that the Palestinians be China. Fierce fighting continued at the two hosottal* 

„r nE.,S . n rhe of Israeli settlements In great danger of seriously 300. Many villages bavp Tieen disarmed and confined to their for the third day between I ^ere held 

T fu.IiiM l flrDin at both the Sinai and the West Bank, alienating moderate Arab destroyed, and a strekm of camps until their problem is guerilla* and Israeli forces which ur f znt consultations to-day to de- 
uitjinaa ... -- -» — * — — — -- “ — **-- - — -- - ciae on possible evacuation 



advancing in some 


Palestine Liberation Organlsa- wjth jjj r Menahcm Begin, the opinion — not to mention, the refugees — as many as 1(10.000 — settled. are still _ 

ll0 -ri. cvrr-in nnvpnminnr nre<!s Israel Prime Minister, who Syrians — ir it cannot prevail on are fleeing northward tv Si don Syria had in the past opposed areas. plans. Working conditions had 

has contiSly referred to the arrives here on Sunday. He is due Israel to pull out quickly. aud Beirut. Lebanon already had the idea of stationing UN forces The news that Syria has agTepd become almost impossible^ * e y 

Israeli raid into sourhern ) to allow volunteens and supplies 

Lebanon as an “agression that 
cannot be hidden behind the 
curtain of security.” Reports said 
the real aim of tbe Israelis was 
the occupation of sou them 
Lebanon. 


Israelis sceptical about proposals for a UN force 


BY IAN DAVIDSON, FOREIGN EDITOR 


l 


TEL AVIV, March 17. 


from Iraq to pass through its The 1 Lebanese population con- 
temtory provided further en- tinues to' suffer heavilv An 
couragement for the Palestinians. Israeli « - 40 

although there is no evidence so „ a . F attack on the mam coastal 
far that Syrian fighter aircraft rDad £ar rem . ove(1 fr »® the fight- 
have been airborne in defence ,ng ® re * morning hit two' 


? n £ m U.S. PROPOSALS for the Lebanese border may be a pre- 30,000-man Syrian peace kUpmg so far avoided any engagements h£tJl s ,Jil? s * t * onR ° ort ^ cars with- ru/gees. One car 

I M,finna .nn#1i,S— tr,* ,W— l,ALM,mntiAn n t Fnvna ,V» n T rtK, i. oon or,Tit Ulifh hha rnwftlip dwiw U... J .J - DdiUC W3. W5S tOtillj 0OTUt(j QUt, Ihp OtilOr 


the Israel i Print” Minister, toat creat * 0Q of a - u . n * led Nations condition for the resumption of force, the Lebanese army split with the Israelis, they have done 

his troops 

Lebanon until 


wm slavin' the farce tQ ^ withdrawal the deadlocked Middle East peace on confessional Uuea during th nothing to prevent the Pa lest in- Dr. Ellas Shoufani. speaking at ver 7 badly damaged. All the 

11 they ren ensure J £ 5 “ "SSfiK “ffiLHSPS “P .^Uery the command headquarters of Al 


SSTS Pa“Uti^anTwilT“iot £ 22 ? -." 2 ^ SS-« I 2 S 2 t of ratah.the.aW g^riitagroui: number could have been ss hi^h 


return. 

“The Israeli concept 


Cupants of tbe vehicles — the 

Studied by the Israeli Govern- plausible plans for satisfying meat under President Sarkis. Israeli forces across the LiYarti. saVd 1 I ^r. g ‘7i, UP ' roported^to * 

of secure menU afler consultations with Mr. Begm’s requirements, Uiat has made as little progrto in In the absence of any new ^ afteTT)DDn 13,5,1 tbe been killed. Further south in 

borders k not compatible with the British Ambassador in Israel, there must be “an arrangement reconstituting an integrated peace-keeping plan, therefore, 1,0,1 had become on e of classical Tyre bodies were still beine dil? 
interactional 01 VS. **■ John Mason. But the initial and agreement" to prevent national force * • there is growing ‘speculation hS fertile warfare. There would out of hS5* hit by E3k*& 

prinriples" said the daily reaction in Jerusalem is one of South Lebanon from being used ajtombve j* the that the Israeli presence in South be- no ceasefire, he pledged strikes on Wednesday. 

TUhrtn profound scepticism. by Palestinian guerillas for Syrians themselves should tinder- Lebanon may prove as protracted Palestinian loi«ea had JLi, 

Vr Leonid Breshncv the MeauwhUe, Israeli forces attacks against IsraeL take to prevent the return iof the as the Syrian p P ™’ n lQ8ses had heen much 

Soviet President has sent a letter to-day continued their mopping- The Government is sceptical to .{Sooth of the country. 


nrujof the as the Syrian oWiS K, th « wlesDn ‘ i n losses had been much As more and more people are 

Soviet President has sent a letter umay touhuucu w»vir muijpiug- i« uoverameui is scepnou t . *“^-***«> to {South of the country. ere than expected and already homes 

to the SsTtan President Hafez «P operations m South Lebanon, ahout U.S. proposals for a UN Lebanon. The Israeli authorities 9 Britain ton! ay backed the U S l wa ’ beinfi made on sma!1 ar 5 

Al Assad concerning the M grave as Part of their declared aim of force, because it doubts whether remaim atomantly opposed to cal] that Israel should withdraw ' wrrytn B rounter-atiacks. . 0 , h in F ^ JjJJ 

™ ^riHa ..eh a-force could be eouatimted u»i the iat™* C3 JSSSS ■ Some of tbe beav.ee. fightin- ?efug=^11,e'to™ JfliL' 



deputy - - - 

Minister by Mr. Youri Tchernia- Israeli 
kov, tiie Soviet ambassador,.- on jthelr . 

Friday morning. .. . Lebanon 

At the same time, some of the agenda "«« a Ldiu m loeaiiy. jne israeus wgiua pro- — aeace ana lemionai intemltv” tin ns a»ut u ,*» w«i 

Syrian newspapera accused the Waahiugtou . between Mr. fer the legal Government in B^iut. "The threat to UnS'slecSrity ? h eak , en . 

US and S^ypt of condoning tiie Met) ahem Begin, the Israeli Beirut to resume its rospou- Israeli sources recognise,! heiw- from terrorist activity is South , ^ me e * pectetf retaliatory anoufam. Once he stops advanc- 
Israeli raid. “Begin has prime Minister, and President «bi titles as a sovereian state, ever, that the Syrians show no Lebanon can iq our view most strikes. Small groups of !” g 85 happening. 



editorial 


Israeli forces 


the Lebanon, as exercised by the and, wtefe tbe Span fasces bare meats support.' 


sculcil In Salisbury as a 
Rhodesian, attempt to win 
British and 05, support For 
the infernal settlement, where- 
as .diplomats here Insist that i( 
is part of the effort to involve 
the internal Rhodesian leaden 
— Mr. Ian Smith. Bishop Abel 
Muzorewa, the Rev. Ndabaningi 
Si thole and Chief Jeremiah 
Chirau — In a further round 
.of talks with lhe external 
nationalists. Mr. Joshua Nkomo 
aild Mr.- Robert Mugabe. 

Our correspondent adds from 
the - United ..Nations: The 
Security Council to-day wound 
up; two weeks of debate on the 
Rhodesia' situation with a reso- 
lution strongly condemning the 
Rhodesian armed Incursion 
against Zambia and. warning 
Mr. Ian Sari lb's Government 
that farther 'inch acts would 
bring serious. UN reper- 
cussions. 

The . resolution,' adopted 
unanimously, ' mentioned 
possible -recourse to “the 
appropriate provisions " of 
Chapter Vn of the UN charter 
which provides for such 
measures as a communications 
boycott and UN military inter- 
vention. 

• Zambia u President Kenneth 
Ratio da will meet Mozambique 
President Samora Macbet to- 
morrow. io ; the Mozambique 
town of Nampula. an ' Informed 
source said today. 

- The talks between two' of the 
five black African u front Hue’* 
leaders opposing white rule in 
southern Africa tallow a 
Rhodesian raid into Zambia 
last week. 

Muzorewa says 
multi-party 
meeting useless 

By Mark Webster 

TALKS BETWEEN the Patrio* 
tic Front guerillas aud internal 
black nationalists In Rhodesia 
would be of no use, one cSLihe 
nationalist leaders said ' ’Jfn 
London yesterday. . — 
Bishop Abel Muzorewa? 
leader of the United African 
National Council (UANCK 
told a news conference that a 1 
mulU-party meeting, as pro- 
posed by Britain and the VS* 
would achieve nothing. 

The multi-party conference 
was suggested by the British 
and the U.S. in order to end 
the deadlock between tbe 
signatories of the internal 
agreement In Rhodesia and the 
guerilla forces based in nearby 
Zambia and Mozambique, 

The Bishop said he foresaw 

«!***« tar Mr. Ian Smith, 
uxe Prune Minister, in an in- 
dependent Rhodesia. He raid- 
Smiti 1 had only been . In- 
cluded in the transitional 
Government- because -it waS"'” 
necessary to reassurd tbe white 
population. '■ 


a gnaj^gawg 1 sif -- 

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M U01 S L* 
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FINANCIAL TUBES- SATURDAY MARCH' IS 1978 








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Now you need Gnly pay for what 
. JjF you need when you ifoss the Atlantic. 

Jr That’s the idea behind British 

| ft . . .Caledonian’s new choice of six fare t vpes 
: 1 ' fronvkondon-G'atwick to Houston.* Texas. 

Eleventh hour fare. £69 

Just arrive at the airport-up to two 
hours before departure and put your 
name on the list. Seats are allocated 
according to availability one hour 
before departure. If you don’t get a seat 
we refund your money. Buy meals on 
board, or bring your own if you prefer. 

Bottom Dollar Advance Purchase. 

£78 basic. (£88 peak) 

Book and pay 21 days in advance, 
tell us when you want to travel and we 
will notify you immediately of your 
flight according to our seat availability, 
so you know your booking is firm. 

Buy meals on board or bring your own. 
Return fare £182 basic, (£204 peak) . 

Bottom Dollar 24-hour Purchase. 

_ £78 basic (£88 peak) 

' Book 'within 24 hours of flight 
departure and for j ust £78 you can be 
sure of a seat Buy meals on board or 
bring your own . (If vou try for an 1 1th 
hour booking and don’t get a seat, you 
can always trade up to a £78 ticket and 
• be sure of your flight next day). 

Executive. £206.50 basic (£241 peak) 

[Exactly like normal economy 
class travel, but at a useful saving 
because your firm booking cannot be 
• changed without penalty and because 
. voudon’t pay for any more than the ^ A 
there-ahd-baek . ’ jpg 

travel that you warit. 


You save money because we save 
paperwork. Full meals and cabin 
service. Return fares £413 basic, 

(£482 peak)... 

Executive Full Facilities. 

£227.50 basic (£265 peak) 

Exactly like normal economy class. 
You may change your booking without 
any additional charge. Full meals and 
cabin service. Return fares £455 basic, 
(£530 peak). 

First Class.£427 

First Class travel in the grand 
British Caledonian tradition. Once on 
board, everything is free including the 
champagne and cigarettes. Return 
fare £854. 

In addition there is an individual 
inclusive tour fare available for tour 
organisers. 

. British Caledonian flv to Houston 
from London-Gatvvick even* morning 
at 11.30 (12.30pm until April 29). From 
Houston you can connect quickly with 
flights to all the Southern and Western 
States. 

You can reach Gatwick Airport in 
40 minutes by train from Victoria in the 
heart of Londoner by car on the A 123 
Motorway. 

Remember, at British Caledonian 
we run as an independentbusiness. 

If we didn’t give you a better .service, we 
wouldn’t have a business to run. 




/ '*s*Z£-Caledonian 

Wz never forget you have a choice. 

Nw (jii-, j\ jjfcihli- inmt.Vpnl 14, WS ji eRxorymv.Indhfclual ifliduan'c Tour,aad£ottom Dollar. Eluranh Hour faresarc u\ albhle from i'lani lS J lyJS. -AT? fares quoted arc auljeft lo government approx al.Bfeii:: lip tajunc 14, 197S,anJ October 15,1478 to June U.WT’OVak: June 15. W7S to October 14. I r »7S. 



FINANCIAL TIKES SATURPAY_ MARCH 13,1378 


ROME 


T7ABOUR NEWS 


‘Obnoxious clauses’ 
protest delays 
State contracts 

BY ARTHUR SMITH, MIDLAND' CORRESPONDENT ■ 

THE SIGNING of new Govern- the confederation was in slowing 
men 1 , contract* with the private Government business. The Minis' 
sec tor was brought almost to a try of -Defence agreed last night 
standstill by the Confederation that there had been a slowing 
of British industry for a five- in tendering and 'signing of ii? 
■week period. Sir John Methven, contracts during the period, 
(^rector-general, claimed yester- On the other .hand, many con 
day, struction companies continued. 

The action was taken in pro- their tendering- and pre-contract 
test at what Sir John termed '’the work in the normal way on the 
niinorinus clauses” proposed by understanding ‘that the contracts 
the Government for insertion in eventually would include the 
public contracts to penalise com- clauses agreed by the Govern 
pan breaching the 10 per cent, ment and the confederation, 
pay guidelines. # 

Sir John said, in a comment- Detail COMpIctC 
underlining rhe impact of the £ 

con federal ion's action: “We Detailed drafting of these 

have never seen that before and clauses has been completed by 
! doubt if the Government has the Government They are ex- 
snen it before” peeled to oe sent on Monday to 

He said in Birmingham yester- the confederation whose specialist 
day that there was every indica- working party on the subject will 
t'on that companies were now study them on Tuesday, 
signing the revised documents. If they are approved, they will 
The confederation's action bad be inserted in all contracts signed 
not caused any permanent with the Government for public 
damage because existing con- sector work during recent weeks 
tracts had continued. in place of the clauses opposed 

John Eifiott. Industrial Editor, by the confederation, 
write*: Sir John's claim is Details of contracts relased by 
specially significant because the the Government’s Property Ser- 
stand taken asainst the pay vices Agency since the disputed 
clause* is on by leaders of the clauses came into force on 
cn -i fr deration as evidence that February 22 show that It placed 
comr’-nir'- are p-enared to aci or announced about 70 contracts 
cn!i m defiance of the during this period. They were 

Gnvvrnrro-.: nn a key issue. mainly for construction work and 
iv, i - lively fn he a con- included 13 worth more than 
tlnuing del.'aii* over how effective £100.000 each. ’ ‘ ' 




itlsfs Shipbuilders 
kes over Ailsa 


BY IAN HARGREAVES, SHIPPING CORRESPONDENT 

THE A!LS-\ yard in Troon is to pany made known its desire to 
bo :al:cn o>cr by British Ship- be taken over last autumn, but 
bu:ld«rs. it wa* announced yes- its approach was rejected on the 
terday. \n a?.<urance was given grounds that British Shipbuilders 
that evert effort wmiid be made needed more time to settle in 
tn keep ;hc order-hungry 3nd after its own vesting day last 
lo«:-jna!- - :n" concern in business. July. 

A-l ? :i. Which employs 450 men. Neither side was prepared to 
has only one urder on the stocks <fisclo.se financial details °f the 
— a h:sav tender for Middle East takeover. Alisa, like most other 
Xa« ■•-au.mal Aids Society. This small shipbuilding yards in Bn- 
win :»C c.'Rinlcte by the end of » in ; ha ? been losing money in 
th^ v..ar and the yard is already **»•*»« ,w ° !««■ al £' ,u ? h P r1 ® r 
rum rc out of steel work. t0 ha <* R mle * B° od 

The T'.'nnn yard is the largest j ts biseest recent order was for 
priv.-rc -.hip building company in 93 patrol boats for Mexico and. 

Sen: land, owned predominantly tw 0 y Pa ,-, 3 gn. it spent £800.000 
by :he G.lbej v.«o,d Trust, which 0 n a covered yard. Ships up to 
pK>K oicr many small private 5.000 deadweight tons can be 
ijareiioldmo seven years ago. built there. 

T" 1- "On-v- 'if Ail-a is a Board Alisa's lack of orders is likely 
mi 1 he family no j D be resolved soon. British 
• stake. Shipbuilders has been holding 

Hulchison. chair- back one of the 4.400-ton hulk 
i.t?i niaht that the carriers from the £115m. Polish 
; were for a order and it is expected that 

April l. The com- Ailsa will now act this work.- 


Cheap fare flights to U.S. 
cities start this morning 


ir~ 1*^: / 'M 



unioiH 




BY LYNTON McLAIN, INDUSTRIAL STAFF 


‘will not 
change in 


BRITISH airline* will start Most of the balance of 321 there was reciprocity in the ing lasting almost until ,dawn; 

cheap fare Rights to U.S. dries seats an the Boeing 707 have treatment of each other’s air- Jt = » hat the rs U 

from’ this morning as a result bean gold at the economy single lines. WQ „ aroinnent 

of agreement reached between price T of; £227.50. Most of the Both countries had agreed to L der use of budget and JlSSSi ^ r _ _ . _ _ . 

tiie U.S. Civil Aeronautics Board passengers, were US. citizens,, “a review the position this autumn. hIlf ?, a* iT««? TftE. NATIONAL Union of Bank 

and the Department of Trade in mixed bunch of people, mainly *•’*— ■ *•*«- - h ™ 0Ul 11 38 accusea 0T ^t^h-hse innv hwn 



BY PAULINE CLARK, LABOUR STAFF 

. mn, — Mr- Leif Kills, general’ secre- 

The dispute over how cheap ‘L m Z El Employees, which has long been tary or NUBE. said yesterday the 

raved in to domestic politi.- ^ -inflict with the rival banks Issue Of longer hours ■'could be 

run should be came to a head on ? £!]? SB !!I?J!2 h SUES 1, staff associations, is against raised, however, once -' -the 


Washington yesterday. businessmen and some young “cheap ” air fares on the Atlantic nre^r^'wWh^the'res’irfT'thMi-- ■ , . . . . hniBn „. 

Throughout the day. flights people.” - ■ - run should be came to a head on 5“ C"2SrSr woviSon S |*aff association^ is against raised, however once 

operating cheap stand-by fares ; British Airways said last night March 6 when President Carter 3 rn nlid 1 m/SSL ' SI “ even discussing the question union '■;”*«{*« 

will take off from London Heath- that it expected the new cheap set yesterday as the deadline for SS?? lSS diJlS-fc longer °P«do|* hours until it negotiating rights in the banks, 

row and Gatwick airports for fares to replace, its charter agreement between the two sides. fhT “ nniih-wi nwanr/- given a weightier role in nego- in the meantime; Mr. JMUlft 

Washington, Detroit, Chicago, flights. 

San Francisco, The Trane Department sam since the Bermuda II' talks on ine *ey provision concernea --The iiuiuu-sirous u _ — 

Houston and New York. that the agreement meant that rates last year. wbal known as “part Thursday rejected a Barclays union's withdrawal frbiri'bargain- 

On Sunday, Braniff starts Its air fare advantages previously The U.K. believed the agree- charters ” under which scheduled plan for more flexibility m open- j n g relations with- staff aSstfcia- 

Gatwick to DaJlas-Fort Worth available only on the New York ment provided a sound frame- aiHincs may fill up spare-seats ia? hours as part or a produc- t j ons to arhieve » free- hand- on 

sendee and on Monday British to London run, were now avail- work for settling disputes like witb charter ‘customers -.and drily deal- . opening hours. •: 

Airways starts its cheap flights able to travellers od flights that involving Braniff, which ^ee-versa. This question, too. Yesterday’s decision by the 25- Following the recent attempt 

to Boston and Philadelphia. between Britain and 14 U.S. was refused rights by the U.S. wili be taken up again in the man executive committee is tne b Barclays lo attach conditions 

Only 20 stand-by fares at £69 gateways. to fly froru Gatwick to Dallas autumn. : . first to be taken as a matter ot tft a productivity offer, the union 

single were still available last In addition, the understanding earlier this month. The UK. - also got the 'ILS^ fo 8 eneral union policy in tne ciear- exec „tive said ir would be press- 

night /or tills morning's promised that each country Jurek Martin. L\S. Editor, agree that the new liberalised' ^ SM 1 *?* - fo , mooHn _' tn rij _ ing for productivity pajments 
inaugural British Caledonian would consider favourably other wriieB; Britain and the U.S. charter rules should last for two After a special meeting to ais - with no firings attached." 

chMp fares fligh^ from Gatwick innovative fare- proposals based reached agreement after hard years rather than one, as .the. ™ £51“,!? °Sffo Mr. Michael de la' Mare, 

to Houston. on the mutual understanding that and often acrimonious bargain- U.S. had wanted. ' * 5fl2 hours, the executive also 


Architects’ 
commissions 
decline 
in value 


By James McDonald 


mvr.iii.T. 

':U:( 


ro; 

1 


Survey shows risks 
m coal mining 

; ' BY DAVID FiSHLOCK, SCIENCE EDITOR . : : ! 

COAL. Hu* fuel sector expecting ventlonal sources of energy. 
;thc hj^cosr investment tn Britain In compiling a comparison of 
in : 'n next icu years, is also the deaths due to accidents sssoci- 
mi-'-; daniorou*. sector, says a ated with electricity production 
report »n rnerev hazards from different fuels^ the., eom- 
re:»\i<cd yesterda*. by the 'Health misSibirBas Ignored ^health effects 
-and Safely Gnnimisaifidi -• and^ass^gfl.'ooiy^rmlBne rfeks. 

The numner of v. orfc£*K-ktMed;' i It-acluKiwledgeg^tbat Jtho inclu- 
in the nrodt iiiion of each si on “of severe but very rare 
1.00*'?iU'-jo;ir of electricity- in events — such as a major release 
Britain i* 4 pul at l.S for a coal- of the chlorine used for water 
fired -t:»i:mi. H3 for an oil-fired treatment — could invalidate the 
st.ii-.v.n and 0.-5 Tor a nuclear comparison for any year in which 
Matt »n. the event occurred, or even for 

The I'.K. ov.-i-^y industry is a decade. Chlorine is stored in 
oc:;;n:>u-d l" employ more than bulk at all power stations. It 
rjO'lC.l'*. w uli about 5.000 — could cause a large number of 
rx-.-hiil.n-' iv-'Mroh e^t.ihlish- deaths. 

-.j.’r.i w 1 ■:■!•«.■:■- — eiuMccd in The report lists four chlorine 

:!:!!■;, -nr nower. accidents in Europe in which 

T ! v -iiiul.i «a- prompted hy fatalities have tntalled between 
-.i";! i'i 'Ir. Anihonv seven and 6Q. But the proba- 
W.'-I.-v. ■i.-'l Ri-nn. Eru'ray Score- hility of such events is judged 
;.-r;. m;«t year asir* by lo be so small that they would 
•.ivi-’-'. i • -’f Hi,* -t.ilT a-Micialion have no siemficant effect on 
l:"iinrr.r-. nuclear cstali- long-term mortality averages. 
I.«h.i'*ni ir S<-i-: l.incl. It says that in the long run 

Piv 1 1-‘ *! ■ ? 't.Ti* liraftert in most deaths in industry are 
11.,. h.M v:i« seen as caused by events which each 
rn-rc* Si ■.•ret.irj "s efforts to affect only a small number of 
fora- interest nn nuclear people. 

h.:‘.:vd : — "t example by Report by the Health and 
dvnan.l-n.? the reporting of Safety Commission on the 
minor :ndi:iti«n incidents — while hazards of conocntional sources 
overioukinc the hazards of con- of energy. S.O., £1. 


A DROP in the value of private 
architects’ new commissions last 
year underlines the depressed 
state of the building industry. 

In spite of an increase in the 
final quarter, last year saw the 
value of new commissions at 
their lowest ebb since compar- 
able prices were collected in 
1964, says the Royal Institute of 
British Architects. 

At current prices, the value of 
new commissions rose from 
£73 lm. to £850m. between ' the 
third and fourth quarters of last 
year, an increase of 12 per cent 
at constant prices. 

But there was little increase 
over the same three months of 
1976. The rise over the quarter 
ran parallel to the increase in 
contractors’ new orders of 9 per 
cent.- at constant prices. 

New architects’ commission 
last year totalled £3.2bn. At con- 
stant prices, says the institute. 
This represented a drop of 15 
per cent from the 1976 level 
compared with a 7 per cent fall 
in contractors* new orders. 

At the later production draw- 
ings stage, work declined from 
£742m. to £648m. between the 
third and fourth quarters of last 

year. 

* At constant prices, the drop 
was 15 per cent., following the 
drop in new commissions In the 
previous two quarters.. In 977 
as a whole, the value of work 
entering the production drawings 
stage fell by 18 per cent, at con- 
stant prices.” 

Last year, the value of work 
certified — work supervised and 
certified by private architects 
for pasment by the client to the 
contracting, which reflects build- 
ing completions— rq«.toi2:32bn. 
from £2.21 bn. -in IWfr:.'”: ; 

• The Community' tand—Art 
“ bag proved itself to he unsatis- 
factory and should either be 
radically amended or repealed, 
the Royal Institution of Chart- 
ered Surveyors said in a report 
published yesterday. 


Scots Labour Party 
backs devolution 
and attacks SNP 

BY RAY PERMAN, SCOTTISH CORRESPONDENT 


Support 
by Varley 
likely 

for Leyland 

By Terry Dodsworth, 

Motor Industry Correspondent 


THE LABOUR Party in Scotland over the creation of a Scottish 
yesterday gave overwhelming Assembly. The issue was des-|A BRIEF statement of support 
backing to the Government’s cribed as the most divisive for British Leyland's new cor- 

devolution policy and launched facing the party affecting every ( PO rale plan is expected from Mr. 

an attack on the Nationalists. constituency association in J Eric Varley, Industry Secretary, 

Da^ell at £bour s?p- wS Delegates responded to a plea 

ES for unit ‘ v fram Mr - Donald 

eScTof’the irtT nl ! tn Dewcr * Labour candidate for the 
SJfS/ °L? * *2^ ® u " 00 "’ t0 Garscadden by-election next 

^ unds ,n “ODth, who tied the devolution 
“i 3 issue to rhe impending clash 
W ^® ye s ? T,ou * ly with the Scottish National party 
Governme c nt - which will be viAl to Labour’s 
received little support from future 

delegates and was condemned by Mr. John Smith. Minister re- 
the big unions. sponsible For devolution, said 

Instead, the conference } bat th ® 40 P L er ,enl - threshold 
endorsed a call for a united imposed on the referendum by 
campaign by unions and the party ^ti^ewiutiom.sts in Parlia- 
to win support for devolution not aD insurmountable 


°11ng hours, the executive also *«•- u!T‘ c * 

.-.made it clear, that it would not Guernseys 
agree to proposals for extending officer, has written to the Federa- 
te services of Bureaux de non of London Clearing Banks 
Change in the banks. . to try to avert a series of one- 

The union feels that bureaux ‘day strikes by. bank staff tn the 
de change in the clearing banks Channel Islands, 
could be used as a back-door The bank staff want separate 
method for achieving general negotiations on pay and cttodi- 
tonger hours of service to custo- tions outside the U.K. national 
mere. agreement. 

Head of teachers’ 
pay tribunal named 


BY MICHAEL DIXON, EDUCATION CORRESPONDENT 


when the referendum is held this oh *J* cle - 
autumn rrtfS i-.“ It could be overcome provided 

• • ' •• -■ there was a strong campaign to 

’The" ’.debate agglif demon- achieve a high turnout and a 
strated that a split still exists large “Yes” majority. 


North Sea divers rescue 
system deal agreed 

BY RAY DAFTER. ENERGY CORRESPONDENT 

A NEW RESCUE system for The agreements came after a 
North Sea divers is expected to meeting in London on Thursday 
be introduced in the next few of representatives from the 
weeks after months of arguments Department of Energy’s diving 
over who should pay for ii. inspectorate, the Scottish Home 
Oil operators have agreed in and Health Department, the 
principle to finance the service Association of Offshore Diving 
which is designed to carry divers Contractors, the U.K. Offshore 
under pressure from offshore Operators Association, the Health 
structures to a rescue base at and Safety Executive^ and Inter- 
Aberdeen. • ■ national Underwater Contractors. 

Divers who need to. be '.The offshore operators have 
evacuated {illicitly will be' taken agrted In principle to pay for 
in pressure chambers from North the system by means of payments 
Sea decompression chambers anff. based on the number of di' ing 
flown ashore by helicopter.. .'decompression sites in the U:K. 

Opera rors have also -promised, sector of the North Sea. It is 
to consider reimbursing Tuterna- expected that the payments will 
tional Underwater Contractors; "average S44 a day per installa- 
ble U.S. diving contracting tidn for a one-year contract, 
group Which designed the-sj^tern^: "international Underwater Coo- 
for the development, costs. _ tea - c | or5 t00 k a gamble in provid- 
Thcsc arc estimated to Tie anont-'yjg the system specifically for 
£450,000. ^the North Sea. in the hope that 

The system was ready' for they would be reimbursed by the 
operation in August but its intro- gffgfaore operators and the 
duction was delayed while off- National Health Service. The 
shore oil companies, diving con-, company said yesterday that a 
tractors and Government depart- S44 a day payment would enable 
ments argued over who.. should .the system to be maintained in 
provide the finance. • -.operational readiness. 


Broker’s 
trial 

adjourned 

THE TRIAL of three former 
partners in the stockbroking 
firm of Chapman and Rowe, 
which was hammered in 1974, 
and their managing clerk, was 
adjourned at the Old Bailey 
yesterday For 12 days after the 
evidence tn the case had ended. 

This will enable closing 
speeches by counsel to begin on 
March 29 so that they will not 
be interrupted by the Easter 
holiday vacation. 

The summing-up by Judge 
Neil McKinnon will follow, and 
the jury is expected to reach 
verdicts in the trial — which has 
now lasted 2} months — by mid- 
April. 

The defendants are former 
partners Mr- Alan Harman, 34. 
of Putney; Mr. George Edward 
Miller, 38, of Surbiton; Mr. 
Ronald Clarke. 50. of South 
Kensington, and former manag- 
ing clerk Mr. John Michael 
GoodseU. of Sharpthorne, Sussex. 

All deny conspiring to defraud 
clients of the firm between 1973- 
74 before it was hammered with 
a near £2m_ deficiency, pledging 
clients' securities without auth- 
ority for bank loans, and furnish- 
ing false information to the Stock 
Exchange about the firm’s finan- 
cial position. 


Liberals get tough 
with Government 

BY RUPERT CORNWELL. LOBBY CORRESPONDENT— 

THE LIBERALS last night in- Negotiations are continuing 
creased their pressure on the between Treasury Ministers and 
Government over the Budget Mr, John Pardoe, Liberal 
when a senior MP said that economic spokesman, and the 
unless -significant movement Liberals' own draft programme 
was shown towards Liberal poll- will probably be published early 
cies, the party would block its next week 
passage through Parliament, . mT „ ... TM _ , , , 

• It - is no idle threat. lor if no Beith, Liberal Chief 

understanding under the Lfb-Lab Whl P- ^ old a constituency meet 
pact can Be reached on the pack- In S 111 Berwick upon Tweed that 
age to be announced on April the Budget would be a particular 
II, Ministers would face the im- test for the P ac L 
possible task of piloting .the Th e 13 Liberal MPs could 
Finance Bill through the Com- back only a Budget “which 
mons without a majority — and clearly sets out to meet the 
risk being forced into an early present needs of our country as 
election. we see them.” 


in place of a similar amount 
loans in the' original, "plan. . 


Callaghan given poll 
pledge by Benn 

BY RUPERT CORNWOL 

AN ALL-OUT effort by. the Left policies — and are the most sig- 
to secure the return of a Labour mficam sign vet of the party 
Government under Mr. Callaghan closinc ranks ' for the general 
was pledged last night' by Mr. election. 

Anthony Wedgwood i Benn Mr. Benn emphasised that 
Energy Secretary, as he swung Labour's strength lay in the 
back into line with his^Cabinet variety of opinions in its ranks, 
colleagues. 1 He said: “Let no one suppose 

His remarks, to a iplly of that ibe policy debates inside the 
Tribunlte Left-wingers in Bris- party, which wili continue 
tol, differed sharply in toie from through the drafting of the 
his recent public speeches with manifesto and into the next Par- 
thelr implicit criticism ;of the liament. indicate any hesitation 
Government for its failure -to in working flat-out for electoral 
push through genuinely Socialist victory under Jim Callaghan.” 


before the Commons rises- for THE TRIBUNAL oh the leathers’ the dispute was automatically 
the Easter recess on Thursday.. . pay- dispute affecting schools in referred to arbitration. 

This may sanction a further England and Wales is to be The award recommended by 
National Enterprise Board loan headed bv Professor Laurence the tribunal Is binding on Mrs. 
to the company — Leyland still Hupter, w’ho holds the chair of Shirley Williams, the Education 
has to draw down £i00m.- voted Applied economics at -Glasgow Secretary, and can he sht aside 
by Parliament- last sunimer^but University. only by a' resolution - of both 

will put off untiftlie newsesskm >. JThe appointment -- .was Houses of Parliament. 
the main discussion o£ the-Ley- announced by the Advirory Ma j 0r associations 'local 
land proposals. . Conciliation and Arbitration i Ser- elation authorities are ex- 
it is widely accepted that there hnri P^cted to meet on Monday to 

will have to be a full Parliadien.' Vr ®f ks a [f*L r h no °5hnf. v examine whether the pay guide 

tary debate on these proposal SoMO ^eachere^ re?che?a dead- 1Ujes P ermit a higher offer, hut 
because they contain a contro , : . l . e ^. 5? #h« C rf®u- i* seems unlikely that they will 
versial request for Leyland to !° ck °Jl Anrifi p y he able to satisfy the teachers' 

k«.Vk«»ta. iT^rslSlii Nil , , 

biers are expected’ to be chosen- T hc -45-M0-strong National 
within the next few days,, from HS 1 ™?. Teachers apd . the 
_ . ... lists submitted by the unions lOp-OOO-member Natiopai Associ- 

Suggestions and the authorities. - ' ' ' Schooimasters^ and 

_ , .. • The authorities insist that, -be- Tlmon of Women Teadjers are 

Leyland s suggestions on new causc the upward drift of the «*P«cted ’ to^ continue ; ^with- 
f unding are designed to give the teachers' incremental pay scales holding staff from “voluntary" 
new management a lengthy wou]d ad(J 1 per cent . to the total duties until the end of .term, 
period free from financial con- pay bi n this year, only 9 per In some schools, teachers' 
train ts. cent could be offered for the refusals to organise meals has 

However, the Government is ** one-jump" increase next month, led to disruptive counter-demon- 
unlikejy to give Mr. Michael ... This was rejected -by the strations by older pupils. Both 
Edwardes. Leyland' chairman, all unions,' who were claiming 124 the unions will review their 
the money he wants at once. It per-- cent, -and. Under' the action during their .policy- 
is felt that the new management Remuneration of Teachers Act. making conferences at Easter, 
must prove. itself before being 
allowed a completely free hand, 
and the National Enterprise 
Board, which owns 95 per cent 
nf Leyland, wants to advance 
only a year’s funds in the first 
place. 

This could be done by means 
of a rights issue based on part- 
paid shares. The group's flnan- A DELEGATION front, the this “cynical behaviour. The 
rial requirements will be -made lOWJOO-Stfong Soeiety x>f ''Civil - Lord Privy Seal will ‘be left in 
clearer on Monday ’ when it and Public Servants is planking no doubt that we deplore such 
presents its preliminary results on Monday to express its “anger treatment from a Government 
for 1977. and disgust” to the Lord Privy which talks of good industrial 

Seal over a pay claim which It relations yet behaves in such a 
feels has been ignored. - cavalier manner when dealing 

After- an executive council ’with its own' employees." 
meeting yesterday. Mr. Gerry w r . wi , . 

sn&s- "ijrsLssrs 

;r te «a^^" ,CmPt f ° r 

The. union says it is still press- 5£, that an offer would be ^ ade 
ing for pay increases of between soon - 

22 and 28 per cent, but, although Although it will come as no 
the claim has been ou the table surprise to the uuion to see an 
for some weeks, there has been offer within the Government's 10 
no move towards a start in per cent, guidelines. It' is Trisist- 
n ego nations from the Civil ing 


Civil servants in protest 
to Lord Privy Seal > 


Newspaper dispute talks 
make progress 


Owen warn^ on South Africa 

British businessmen an4 inves- ship with South Africa. We must 
tore should take a hard 3ook at reduce our overdependence on 

their South African connections, economlcaUy- We 

_ . . stand to lose more than most if 

Dr. David Owen, Foreign Secre- things g0 wrong. 

lary.saidlMt night J . hu5 - lnesgmen 3nd 

He told a Labour Party meet- prudent investors, no less than! company, 
ing in Carlisle: In investment the British Government, should’ 
and in trade, this country faces be taking a hard look at their 
a painful dilemma in its relation- South African connections." 


Legal report 
on Vosper 
transactions 

Financial Times Reporter negotiations from the Civil ing that proper negotiations 

THE DIRECTOR of Public Se>7‘c«_Department. should take place first and Its 

Prosecutions is considering a ^ Mr: <iH1 -“ an 5a j? «*ecu- ewe for a much larger increase 
preliminary report on Vosper .council was disgusted with be heard. 

Thornycroft (UJL), the warship 
building company that was taken 
over by the State-owned British 
Shipbuilders last year. 

Yesterday Vosper Thornycroft 
said it could not confirm that 
the report was concerned with 

commission payments it bad ny OUR "LABOUR correspondent 
made in connection with con- ; OU ^- ABOUK corrbpondent 

£■*5 15 ^ ? razil > PROGRESS. towards a permanent vented distribution of .millions 

Venezuela, Algeria and Lubya. settlement of the' wholesalers of coplea of newspapers' and 

The company said that Hamp- dispute which has disrupted magazines. ■ 
shire police had removed docu- newspaper supplies in the Lon- • A „' National Union of 

raents from its premises. . This riDn 1*: *he nast fm.r dove Jour “O l «s committee hearing a 

was after Mr. John Driver, a don ^ rLJr a V U da>s complaint ' that 37 journafiks 

purchasing manager with Vosper wa «f employed by the Press Associa- 

Thornycroft. had appeared in ,° nre ' l, on, the national news agency, 

court on charges connected with a rt / a ^H«t- be i twee 5 worked during a one-day strike 

supplies made to tie company «£ g? P FtlSr,U« {£‘ ZZnfTcZtXy 

■P^ re l m of London Wholesale Distribu- An ifS? offi Lm- «The 

adjourned uaU MarelTlO.^ TOM sSd It wS^O^? that tiie ad j°V rned without 

has^been-further adjourned SUTST- 

Hampshire police refused have been banning overtime and th^natmnaf earera'^rouncU— 
yesterday to confirm that they working, to.iule In 1 a dispute over to report to ^fuUNECmeet- 
had taken documents from the consolidation of Phase One and ing JJ i 7 JJ* nroeedural 
rornpany. A police spokesmj Phase Two payments and an un- sSntisrions made 5 
said the reasons for this refusal social hours payment. It has pre- the accused mem hew 
to coraenmr would become evi- 
dent dent next week. 


Warning of diamond surcharge 


BY PAUL CHEESERIGHT 

A WARNING that a surcharge 
on rough diamond sales would 
be levied if heavy speculative 
trading continued on the open 
market was given yesterday by 
the Central Selling Organisa- 
tion. The organisation acts for 
De Beers, the South African 
group which produces more 
diamonds ~ than any other 
Western concern, and for 
smaller producers. 

Kt said that the derision on 
whether to Impose surcharges 
would be taken just before a 
sale was held and would 
depend oh market conditions. 
Each year It holds ten sales in 
London, where about 300 
clients are presented with a 
package of rough stones. The 


next sale is on March 2$. 

After the imposition ' of a 
IT per cent rise in rough dia- 
mond prices in Decern bet.' the 
organisation has ruled out any 
further overall Increase, at 
least for the time being. 

It said: “While worldwide 
consumer demand for diamond 
jewellery continues j to 
Increase, there does not appear 
to be sufficient evidence to 
suggest that the inflated pre- 
miums being asked for rough 
diamonds are capable of being 
sustained la terms of future 
demand for polished stories or 
. finished diamond jewellery.’' 

The surcharge warniner Is a 
response to the accumulation 
of rough stones in the diamond 


cutting centres, particularly in 
Israel. 

Merchants have been reluct- 
ant to pass stones further 
down the processing chain, 
preferring to hold them as a 
hedge against currency and 
political instability. Open 
market prices have climbed in 
some cases to a SO per cent, 
premium above the organ Isa- 
tlou's levels. 

De Beers drew attention 
last week to What it called 
“the dangers inherent in this 
situation.” and, now. the 
stiffening of its attitude 
towards the overheated gem 
market seems designed fo do 
two things. 

First, the organisation’s 
statement makes clear that if 


New fire-service threat lifted 

fira > Srii?« W n!^ parts of the threatened 

action iirthe fire service this to stage short lightning strikes 

ume .over, oncers . pay--was tn support of the officers unless 
removed yesterday when unions there was a rapid settlement?^ 
f . # w ***** , Yesterday’s agreement Sje* 

*. e at a -wm . - t? Government approval, will 

inflated levels, (he pnodorers . A cIai ® - b „ y °® cer s had give the officers a similar, pay 
of the diamonds should share been . Pending since the settle- formula to the on e which ended 

* “• — 2>eut of the two-month national the firemen’s strike 

firemen’s strike earlier thls year. They will also receive 10 par 
Last wdejt,.. members of the cent, increases backdated to 
Fire Brigades. Union in some November. ' ® C . 


some of the profits. 

Second, by holding over the 
merchants the possibility of 
sudden changes, the orgaalsa- 
p.°" Presumably Is hoping that 

Hard workers ‘being fined’ 

actively their role as midd*!^ INCREASING likelihood ' There was increasing interven* 

man between producers and th at there WOffld be a Ehase Four tion in every walk of life 
processors. . of pay policy was a striking °fj*y to the massive institutions of 

The organisation. Is seek* ne example of how “ Government was there real growth; “We 
greater flexibility In marketing interference, once started, carries fef 120 ? 58 !? 1 

in the face of uncommon on with an irresistible mo men- Dn rha fined more 

£HSS ;s 




I'it 



(j* 


WC 




Mila 

not 

ge i. 


r -w 

's-- 


'FINANCIAL TIMES SATUEUAY lSeKCH T8 : W»— 


u <lii 


°* K'acluK 
ibuiiai nan 


i ;|flts ill pr-.'tf 

Yh \ v;i! 




equities 


THE WEEK IN THE MARKETS 

— — ■— — — — ■— — HI iw 55 

I Cheap capital 


It has been a topsy' turvey Prices and Consumer Protection, the end of 1977. The Wenders tzs: 
veek for equities, but apart. is due to decide -whether the say that prices have now begun 400 
tronj- some profit taking yes- recent price' cuts announced by to rise again, 

ter day gilts have been rela- the tea companies are enough— in the six months ondiuF 300 

firm - The . new account or whether he wfll use hie !? EflL'lSSi 

started. with the market. hoping powers .to force further Teduc- a ]« w ,, 10 >, „ j n !. a n 

for some follow through from tions. - ' ' although coimng^ down were 200 

the recent buying activity but At this stage the latter course ^ ke : * fa J°? r 

the support proved thin and- seems unlikely but the com- d verseas profits helped by 10Q , 
®P* nIa * higher, prices panies. like Brooke Bond Liebig. 5* g ?? ,n f,. from ll f p . 3r L^° Ils 
drifted lower for much, of the which announced its interim re- rose ^ c®ut to £20.fim. + 

day leaving the Financial Times suits this ■ week, are 'still bitter However this was still short of 0 

Industrial Ordinary Index only abdut the cuts which have al- the £24.3m. overseas profits 
marginally higher. ready been made. earned in the second half a year ioo 

Prices continued to drift Following a Price Commission and the shortfall will be 
lower on Tuesday but after report, earlier ■ liiis ‘ year, tea jnuch steeper - m the current 2Q0 
some very good trade figures Prices have come down around • 

the market perked up reversing 2 P a quarter which should have “ are ; ““Portent J e ® volume 


BALANCE OF PAYMENTS 
Current Account - 

SEASONALLY ADJUSTED 




an earlier 3.7 fall to finish 
nearly, a point up. Gilts were 
firm for most of the day .and 
both tap stoek level were tested. 
. This recovery, however, was 
short lived and with little in- 
terest in leaders the index fell 
6} points although gilts were 
once again firm. The slide con- 


LONDON 


ONLOOKER 


More ■ important tea volume 
sales in the UJv. dropped 300 
sharply during Brooke Bond's ' 

first quarter and have only par- ' 
tially recovered sinqe then and 400 
U.KL profits in the first half fell 
by 22 per cent 

Given the confusion about tea . 


gg^v fiigSjijte 

1377 1978 


gest that a £2 a case increase 
bad be'en hoped for— -Tochers 
will ' probably' implement a £2 
rise next month. So’ Bell's pric- 
ing could fall out of line with 
its traditional place in the mar- i,q< 
keL which may promote volume 
gains. However as a 90p a case 
price rise only means another gi 
EJm. to. £;m. on profits for a 
full year (assuming unchanged 
volume), a. £2 a case price rise $ 
laud less of a volume gain) 
would have been more’ to the 
company's liking. That would 71 

have maintained its place in the 
pricing league, boosted profits 
and still left it in a position to a 
battle it out for extra volume. 

Hepworth) J-R Tiles 51 

Hepworth Ceramics invita- 
tion to Johnson-Richards Tiles 
to participate in merger talks OX 


BY JOHN WYLES 


NEW YORK. March 17. 




:■! H-| : it fj-H- - 


rnjTTTj 

ntr Ti~ 7 




-DOW JONES INDEX 
JZ Industrial Areraeer - 


SEVERAL OCCASIONS resisted the paL- and sickly iu:e 
.-olumn has been sceptical taken un by tradiUuuui market 


urices and the hence distorted week * but few anal i' sls bad en- . Tb® 00 « now forecast- has clearly attracted Johnson- this column has been sceptical taken un by tr; 
pattern in retail and wholesale vi saged a lump in Profits for ing full year profits of over Richards' major shareholders, as to the muscularity of the so- leaders. 


.. . .. .. trends analvsts are new fore tbe whisky group of £2.5m. to but City analysts are if not its Board. • A sroup. called support areas divined by ai , sxt , tK 

^o-Ir UrSda j b “ t . t * ,ea P brought prices -back to near casting nre-tax profits for the £7 ’ 77m - pre-tax. Most estimates already thinking in terms of headed by London Brick plus technical analysts of the Dow th? industrials drapped i7.;s r*r 

P ick up enougfi the 21p-22n level su-- vear Nearer to £40m than the were * itched around the £7ra. £12*m. But there are impouder: Johnson family interests, has Jones Industrial Average. Only t . e nl. tn 1977. the Slar.ibitl .m-i 

th-^ e Lr f ?w Sm ? J r^ mS °? °ested bv the^mmission To £494m earned in 1976/77 6 ,evel - The actuaJ resuIt even ables-that could affect the final said to merchant bankers S. G. three weeks ago it seemed that Poor's Juu Index It.:* per ivnt. 

?!-?^- B ^ thc . cndof 036 week f^VLv J,™ I’ “ore encouraging when it is quarter, though the mam areas Warburg (Johnson-Richards' the weight of gloomy economic ^ink- the Anton,:, n S,o-k 


Lest anyone need re:n::iJ::,j 
ie industrials dropped lT.U per 


: ... TT — T r . , nested bv the. rnmmwsion tn £49 4m earned in 1976/77 (evei. inc actual result is even au«» vuuiu anect me nnai saia to merenam uanxers a. u. mree wrew agu u seemeu uui poors .tUU Index It..* per iv:,!. 
!?L?^- B r th * Cnd0f a3eweeJt prevent L?fiSSSr^f?r C ed more encouraging when it is quarter, though the mam areas Warburg (Johnson-RichartK the weight of gloomy economic „i,iic the Amonni, S»o,k 

investment interest was very cut _ . .^ cps ~ considered that during the com- of doubt will have more impact financial advisers)' in' » formal news and of general depression i-hangc Index. The Value L-.ie 

*? J “ whlJe gUts suffered some T ^ e big four - UJL tea thS^in ants parable period, the trade was. on‘.1978-79 financial year. Citj- language^-but in 'no un- on Wall Street would be far Composite and the nv-r I':-.* 

reactlon - - blenders indudme Brooke seac sZ^snd distribii «ry' buoyant with heavy buy- The withdrawal'of Distillers’ certain terms— that the Hep- too much for the 740-760 sup- counter NASDAQ e, mi p, ;:’.i 

on . . Bond' however were attain tion India for ing ahead of the January J duty Bed Label brand from the U.K. worth Ceramic approach, should port areas marked un analysts scored gams. TU.s aduiivc '.y 

BF muddle SS.JT'SESte^DnTSllJ* incre * se - For «>* IWIWW « * mesnr that .round 8 per cent, not 0e dismissed out of hand, charts. s.-condory ««•!, t., 

Ask any stockbroker’s analyst ^ to miS mx fast whoJe withdrawals from bond of. the market was going beg- Pri or to the approach, the On several occasions this faher in the tirsi 

what he fears most and he will h«v whpn a! «nf tnrur vear but it is now experiencing by per cent, in the six ging. Moreover price increases Johnson-Richards* -share, price month vindication seemed dose of the year hut the si , ;!s::u-.::ir 

reply “ maWng^ 0 wroM profits months to December, but Bell’s on Distillers' other brands. VAT had been at the S4p level: after- at hand as the average hovered decline predicted by ana!*-?, 

forecast.” He wiuX^dd Sat ^ u pnc , e ^ e ^ b ® c ^cr ToSe whi h experience was far better with 69 and Black and White, opened wards, the- price shot- to. A 15p around 7At\. dipped below, but ha, >o far faded m erne: .... 

ye^ end ^ &*££' &*{£: $&££ SSthe'sS holding steady. In the up^cing gap between those and has since- settled at U3p. always managed to close above. lht . n . , ai| , xlri . nil , y 

another nightmare for t*ey can given Se rwJS vSatStyoftw w , UJv its marke share rose bv a and Bell s scotch - ■ solid hx* from the m..r- 

*';* ?, e . to** prices which soared to a- peak Bell pleases S'* ISe' it Si ' nu THE TOP PERFORMING SECTORS ■ ,M * l:*unc!.c.i >om.. 


another nightmare for ^ey ^enie re^dtvSatflityoftea U ' K , its “ arket share rosc b ? a BdVs scotch. 

gi' e the in^ression that their prices^ whwTSared to » peS Bell pleases C0U ? Ie of . P. 0I ? ls t0 over »*'' „ Ml confirmed this week that performing sectors 

carefully worked MientaHnnR f, 1 ^ 5 ^ cent, while export volume it had put forward a proposal THE TOP PERFORMING SECTORS 

are wiMlv wrons In ThJrsdaT's 1 I ^.? doTl ^ era se' pnee) of Op The mai fc e t was well aware climbed by 4 per cent against to the Price Commission for a IN FOUR WEEKS FROM FEB. 16 
fun vear figures from British V la * 111,11 Arthur Beli was due to an industry average of 2 per 90p a case price increase, but % Change 

PetrcS >S^nda« U s^en£ sUppmg baCk to V*?** b * report some good figures last cent. fairly plausible rumours sug- lraurance Bro kers -.10 4 

were there in some number so i— ; . ; Tobaccos -r 9.7 


fairly plausible rumours sug- lrourance Brokers 

Tobaccos 


confusion feigned supreme. 

There were three major itemc • MARKET If 
W’hich caused vigorous head 
scratching. It was not made 
clear initially that BP had 
charged an extraordinary debit Ind. Ord. Index ' . 

of £54J?m. relating to the over- F.T. Gold Mines Index 

seas capital 1 gains tax claim Treasury 12% TMJ- 

mentioned in the last accounts, =— r — ^ — r 

which has since been agreed and - ktr L 

paid. Bracken 

Then there was -the shortfall Cement-Roadstone 
caused by adverse currency Cie. Bancaire 

movements on the translation ^ 


MARKET HIGHLIGHTS OF THE WEEK 


% Change 
-10.4 
- 7.7 
~ 4.9 


NEW YORK 


of some overseas current assets, 


Crescent Japan 


-149.6 
‘ - £T09ye 
: .223 
8 6 
; i3 2 

■r.£Sl 

: 141 


This could have lopped off Johnson-RIchards ( H. 6 R.) 113 
£20m. from fourth quarter ■' Manchester Garages • ,•-> 3 0 

fibres.. ' More OTerrall 

But of considerable concern A' 5 — 

to the’ an^ysta was the group’s . - y “- 

switch , to ED19-type reporting Recd >"tereat,onal ^ 

basis under which less tax is Rolls-Royce Motors c-,- -8 1 
being charged and deferred- sale Tilney - l: . 210 

Most are now hoping that BP Dar L3 : ; 

clearly sets out what difference ■ ; r 

afloption of this standard will Smurfit — . — - - 

make to current year figures. Stewart Plastics ■ * T35 

- . • Wertem Mining ; 1P2 

Storm brewing „ woi»>ey-Hugh« 192 

Next Tuesday Mr. Boy Hat- 
tersley. Secretary of State for 


Change on' 
Week 

- L8 

- R2 ■ 
+ ' }> ’ 
+17 

+ 7 
+11 
+ 15} 
+14 
+29 

' +’6 . 

+ 13 
+24 
-10 
+m 

+17- 
+17 
+23 
+25 ' 

’ + S' , 

.4*14. .' 


1977/8 
High 
5492 
1745 . 
£114+ 
239 
97 
132 

_C1 

141 

115 » 

30 

95 

278 

233 

79 

230' 

126 

21 0 

151 

164 

200 


Overshadowed b y Gilt-edged 

Lower bullion price 

Gilts active and tap* operative 

Awaiting Monday's results 

Increased i nteri m dividend 

Good annual results 

Currency/home mkt. influences 
Japanese ec onom ic measures 
A pproach fr om Hepworth Ceramic 

Good prelim in ary figures 

Stake building speculation 
Revived dem and/st ock shortage 
Failure to s ett SA- int er ests 
Better-th an-exp ected re s ults 

Ahead of Mo nday’s results ^ 

i nt- figure s an d scrip issue 

Irish demand o n pro fit hopes 
Persiste nt spe cula tive demand 
Oil exploration hopes , ■ 
Impressive mid-term results 


Breweries + 

Packaging and Paper -r 

Insurance (Composite) 

Insurance (Life) + 

All-Share Index + 

THE WORST PERFORMERS 


solid bast* from wiiMii j|;,* ni..r- 
ki*t could hr launc'.ir.i 111:0 >or:-* 
sort nr rrcuvrry. Tlo-iv 
inoremcr. an ahuuihcnv of v.il::-* 
to br obtainrd hy :. 

:n victor. Suuv Kiii-.lrr, 

Peabody and Co. h.,\e l»ivn 
rompiiiti^ mon I lily 1 1 - of :ii,* 


U.K. INDICES Packaging and Paper -f 4.8 Over the past couple of weeks. 5U hlght . s| ,, mv wr ,i„u> rui, 

Insurance (Composite) + 4J the New York Slock Exchange , ip|es an lht Nc , v Yi .rk Siu-k 

'SS2 ££’ ■ -+ “ Js ZEFCifiCSZ 0“ '? rari!: '*?■ 3 

THE WORST PERFORMERS ihe Dollar s feebleness in ihe p""fdi n" It “had "a mii'ltllrf. u' 

V V asSSigr-.: ::r I.g R,S l S”X 13 

red interest 7808 7752 77^2 Contracting. Construction. -.35 when l.J 00 issues showed price 

/n'Vas., gains. For the moment, this A » the end of Februarj. fie 

° t ? c ' . Qrd ' — 457 j 9_ .4485 4397 support area has at leasl been t0 P stocks on Kultirr Ptabndy's 

I>M Mines 1585 1635 1612 Lomjon Brick and its partners, worthy of the name. lafcle bad nuiliml.-< of in while 

eafings mkd. 5,308 4.679 4.797 in what must be considered a «« whnro Or.no n« *- ,e lowest qualified at 11. In 


Average March March March Household- Good s -y 15 forei n n exchange mi 

week to 17 10 3 Merchant Banki -« the miners' obdurac 

FINANCIAL TIMES Textiles . - 2.1 Last Friday, in fact 

Govt. Secs. 7550 75 JS 74.41 Pub - w in the broadest rallj 

Fixed interest 78L28 7752 77 Al Contracting. Construction- — 35 when 1.J00 issues sh 

Ifidua. Ord. 457.9 43» fu’iport a«.1 ta. 7 

G old Mines 1585 1635 1612 London Brick and its partners, worthy of the name. 

Dealings mkd. 5,308 4,679 4,797 in what must be considered a «o where dees the 


191.74 18557 180.75 


tomorrow 


TIN OUTPUTS COMPARED 


FT ACTUARIES jiuiuu*eh*. uhii .. vuiurtiiuii uu wiQTer IS It about to Climb nut " j |i " 

- : mrk Johnson-Richards .and is- raying of it bear's clotliin" take a dose -Inun-nn and 

C ap'tal Gds. i99.6S 194.05. 19050 that anything over 125p a share 0 f spring cheer and rernedv a ; 1a - ,:lsDn - A*twnal Siarch and 

Consumer should be seriously considered, situation where the 30 indus- < " flPmu ' al anf! -mtt.ikl'iie. Pep* 

(Du^e) 182.69. 17759 17522 The ^ step is up to sSg 5 ^di^t 

C n n !^» N % on ‘ toe Johnson-Richards’ Board, to book value of about 11 per- d ,,,‘h _ ' 

Durable) 1 91.1 4 18557 180 .75 though dearly London Brick cent. , and a p/e of 7.2. The *l uaIlfied a P »- u - • 

Ind. Group 196J2 19128 187 J !9 and partners are expecting out- short answer is possibly but any The figures speak for ihem- 

500-Share 216 82 210.97 206.91 right opposition. What the move substantial recovery may well selves, and it is barely tnneciv- 
c- ■ , at ixn « an represents is a warning that >r be short lived unless there is an able to most analysts that Amor i- 

Johnson-Richards* directors are emergence of much clearer can capitalism can continue to 
All-Sha re 201.75Jt96.2 6 79 230 opposing the bid they should signs than currently exist of a be sold so cheaply. 

Red. Debs; 60.98 6054 60.73 not stand jn the way of indepen- growth recession or something 

dent shareholders.- who may worse. Technically, some cor- Close Change 

want to accept, and that if it is rection may also be needed to Monday 759.96 -i-ljs 

rej ected“ there We vafid' reasons the- two-tier imarkel which has ’ ~ 

■ \ for doing so. ATI of which adds been evident for nearly a year. w Y 6 "' 60 

\ something of a new dimension During this time secondary Wednesday 7S8.58 —3.98 

| to the role of major, share- stocks on the NYSE and in other Thursday 762.82 —4.24 


ho»der. 


markets 


resolutely Friday 


Change 
+ 15S 

+ 2.A0 
-3.98 
-4J4 
- 5.39 


DEALING IN tomorrow is a mineral kind will speed up-. the disastrous Botswana 
speciality of the mining industry discovery of new earthly Pikwe mine in partic 
which has to cope with such mineral resources. Certainly, been, displayed in the 
problems as making a decision any move in this direction is to turing proposals for ] 
to embark on a hugely costly be welcomed if the threat of JtST (Botrest). The lal 


Selefai- 


This is what prospecting is all rreaerias aeuuenou. ih ™™ 1 ^m,--mxuui Ex Lands. Nigeria 

about and i-t is partly why min- ot the U.S. organisation which groups- Geevorf ^ 

ing i, strictly for fl» optimists, is danced by 100 mintag and Government G.M and |«e jw 


A new version of “ taking the 
long view '* has cropped up this 
week with the news that the 
San Francisco-based Geosat 
Committee is aiming to achieve 
the wider use of space satellites 
for mineral prospecting. It 
wants to persuade the TLS; 


MINING 

KENNETH MARSTON 
MINING EDITOR 


owns the remaining 15 per cent. Gold and Base (colambtte) 
of the heavily indebted opera- 


from its start by production Kent (FMS) 1 

. problems and which is now hit Rilbighall 68 

by depressed metal prices. Kinta KeUas — 35J 

Interest payments cannot be Kual® Kampar - J1 


December 


Lower Perak 
Malayan 


wants to persuaae me Botrest had a loan burden of 

National Aeronautics and Space oil groups mainly in America, 12Smi f£7f>m0 on which gSien 

Administration (NASA) to in- is to Bold discussions with Ihe ^ pgsm. was out- PcSing 

corporate geological sensing major U.K. groups suen as standing. Rahman 

sj-stems in its satellites. ' Consolidated Gold Fields, Bi* ■ h nAvtaviriai Insse*i are pi . ran ”l r , ar . East 
W -hde economic^and political M «d. „““ e “ S It fSSS5k2r 

factors have virtually halted eart h *' outloi is described as SontbSTkima ... 

new raining development and '"sombre.” But Amax and Southern Malayan 

greatly slowed down explore- great deal Of Andb are to cancel R75m of 151111 8*1 Eesi 

tion, the hope is that space- future prospects for to toeS „ r 

directed encounter, of the copper tn general and the Tengfc^. H^benr 


Tongkah Harbour 


Finest Clarets 

1976 Vintage 

LAYTONS have received' from Bordeaux 
an excellent offer for the finest wines 
of the 1976 vintage. 

' ONLY 25 cases of each wine available. . 

. Per C/S In 

Bond. . 
London 

1976 CH.LAFITE £1 ^?? 1 

3976 CH. MOUTON ROTHSCHILD £102.00 

1976 CH. CHEVAL BLANC ' 

1976 : CH. HAUT BRION ' 

197fi - CH; LATODR "5™ 

1976 CH. DUCRU BEAUCA1LLOU .SSOM 

' 1976 CH. BEYCHBVELLB £50.00-- 

•1976 CH. LEOVILLE LASCASES f48.00, • 

1976 CH. MONTROSE ' f460fl 

’.Wines shipped into bond London early . 

• 1979 after Chateau bottling. Customers ■ 
will be asked to give their delivery or- . 

- ’ storage instructions direct to the Bond, : 
who will also, collect the applicable 
duty and VAT. ,, 

' Advice readily given by • 

G J. CEOuDGEY or J : RADCLIFFE. : 
.LAYTONS, 

11, Gough Square, EC4A 3JJ . 

01-353 117S/9. Telex: 21139 . 

• Laytons are specialists in all: ' 

FINE WINES 




Total > 

Same 

period 

Feb., 

J«IL, 

to date . 

^previous 

1978 

1978 

(months)- 

\ year 

tonnes tonnes 

' tonnes 

Vnnes 

181 

132 

1527 

(ID 

HB 

17 

10 

193 

(ID 

its 

116 

1,062 

(8) 

3A17 

161 

150 

1433 

(8) 

3.4^4 

398 

425 

4^74 

(10) 

3^14 

4 

1 

3301 

(10) 

346\ 

S 

1 

335} 

(10) 

272 J 
405 

1 

1 

591} 

(5) 

25 

27 

52 

(2) 

56 

88 

94 

nv 

(ID 

857 

f 

24 

24 

<I> 

27 

1 

NH 

Nil 

(D 

1 

189 

Ml 

694} 

(51 

812 

. Ml 

Ml 

35 

(2) 

56 

37 

43 

-450 

<l» 

474 

1 

fl 

102} (31) 

434} 

68 

Ml 

296} 

(5) 

339} 

35J 

«l 

337} 

(8) 

474} 

21 

18 

305 

(11) 

260 

38 

26 

265 

(10) 

199 

M8 

251 

1.736 

(81 

2.211 

137 

1 

772 

(5) 

853 

31 

91 

45 

(5) 

77} 

127 

1241 

429 

(4) 

341 

80 

94 

564} 

(8) 

409 

20 

20 

197 

(U) 

256 

171 

206 

2,010 

(ID 

1.982 

88 

93 

. 994 

(ID 

1.015 

152 

166 

1,575 

(ID 

1755$ 

164 

163 

U73 

(8) 

1.494 

133 

171 

1,748 

(11) 

1339 

20 

m 

311 

(2) 

47} 

23 

30 ' 

311 

(8) 

367 

187 

211 

398 

(3) 

359 

« 


32 

19) 

29 

59 

521. 

537} 

(8> 

576 



funds to be pumped in. utd. Tin of Nigeria (tin) SI 12 (9) 29 

Whether this will prove to be Wheal Janet 59 52 J 537} (8> 576 

a . triumph of hope over _.+ Tin raeta! content. J Figures Include low-grade material. 4 Not 
experience remains to be yet available; Outputs. are shown In metric tonnes of tin concentrates, 
seen, but it underlines what 

is .meant by “risk capital.” mine is a major world producer bullish news .such as a rise in 

.- Amax has had its share of of gold. the gold price has much less 

problems with' 1977 earnings The recession- in the world effect on share -prices than 
falling to $6S.9m. (£36. 3m.) steel industry is having an in- adverse 'news.' 

from. ?1 50m. in 1976. But there evitable adverse effect on the Meanwhile, Harmony has 
is still a -healthy demand for suppliers of iron ore and the declared a better than expected 
molybdenum, the group’s main Japanese steel mills have al- final of 80 cents fl8p) which 

product which is primarily used ready reduced their ore piir- makes a total ■ of 55 cents for 


And some otherrrverseas markets. |" 

That's because we believe that at preseht they « 
offer excellent value to the investor who's prepared | 
to look ahead . j 

Currently share prices in the USA are at t heir I 
lowest point for wel 1 over two years. However, we I 

believe that it is only a matter of time before prices I 
recover, and when they do start to rise, they are I 
likely to rise quickly. I 

Recent British rake- overs of American I 

companies show that we arc not alone in thinking I 
this. _ _ 

A simple way to invest in these markets Ls by- I 
purchasing Midland Drayton International Units. I 

Worldwide Portfolio i 

This trust aims for capital growth from a | 

diversified wo rid wide portfa 1 io . C u rrently. 58% of j 
the fund is invested in Morth America. 15% in the • 
Far East, 5% in U.K. internationals, and 5% I 

in Europe. 

Since its inception in December 1969, the offer | 
price of Distribution Units has increased by 79% (as j 
at I6th March. 1978) compared with a rise of only . . _ 
40% in the F.T. Actuaries All-Share Index over the I 
sameperiod. . | 

The investment managers. Draj'ton Montagu j 

Portfolio Management, believe th at prospers for | 

further growth are good, but unitholders should i 

regard theirinvestment as a long-term one. I 

At the offer price' of 44.9p on 16th March 3978 : , j 


Application Form 

To: Midi anti Bank Group L'nil Trurl 
Mannpors Limilt^t, (.Viuii linn..-, 
Silver SirwL Hc.'id. ^heifn-ld. SI 
Tel. 0742-;0S4-2 

ffep. Office Poultry, U'nJ< n h ( Jl'L'U.V. 

7? eg . .Vo. vssur, fnjrfur.i . 

I AVi? enflosi- a i ^ • _ ._ 

cheque payablt.*! A- ; 1 " ’ ' . ;f5 

io you for; • oW I — 

for investnu-nt id Di‘lj;ibtilit>n Vni; - “ 
Accumulation Un il5 O i txi. n .W- ■ 
of Midland Drayton lnn-rn-iii-.-ti.ii L’nil Tvu-'t 
at the price ruling on the d.i;- you receive this 
order. 

t For your puidnixv, the offer pr in .. on 
Thursday, l St It March. !P7e were: 
Distribution Unit a ■ :-l.9p . ,tc cu.riuiatiiHi 
Cnits i7.op.\ 

Surname (Mr.. Mn... MisaI 


Forenames >a full 


as . an alloying agent for chases. But Hamersley is seek- the current year to June 30 wns 

ajengthcning an4 b^toung i ^ 'ncre«ea pn,es i „ ft e cents ^for 19TE.77. .^^^■SSfi , “dtb e 1Sm™fiSiithc n i 

*ieeL contracts now being negotiated There should also be some good can „ Q as we jj ^ up 

/ A major new moly mine looks with the Japanese. payments in the interims to be T h - t ^ t ; th » ouoo A 

to he in prospect for Amax near Whether this ploy will sue- announced. Portly by the ret u^ itto^ 

Created Butte. Colorado. It is ceed remains to be seen but the Anglo. American group's OFS Midland Bank. Clydesdale Bank or Northern Bank, 
expected to 'take more than a Japanese like to keep their iron producers, Free State Geduld, 

year before recommendations ore supply sources diversified President Brand. President — : 1 ■ — -i 

ran be made regarding a and, in the. long run, continuity- Stcyn.- Western Hbldings and 8SKfcSSSwr™H«'- 

possible development, of this of supply can be more import- Welkom. 

ML EJmmons project, but latest ant than prices. In ^ aiinujd from uka«ir. 

dnlimg has further upgraded In another sense, diversifica- the South African gold mines WSaffiWiroSfth? 

the estimated size of the deposit tion is paying off for Ihe big this week, that of the top-grade rel0 * c3tcd - • - • Tmsi'MPossinoww. 

to: 165m.- tonnes grading slightly Afrikaner mining and industrial East Driefontein forecasts mill- IffthS3«r a " lfcMK!w ^ ‘ ^wi.o 

xnore' than- 0.4 per . cent group. General Mining, which ing of about 2.4m. tonnes this " hwwbmmm. 

molybdenum disulphide using a controls Union Corporation, year compared with 2.1m. tonnes 

cut-off grade of 02 per cent. Earnings for 1977 have risen to in 1977 and an “at least raain- 

• Ne.ws from ' the Rio Tinto- R43.3m. (£26Jm.) from R34.5 thl tained ” dividend. Now past the 

Zinc ?Cashp this "weak concerns in 1976 and this year's prospects mining stage the elderly Vlak- 

the trend-bucking efforts of its are reasonable thanks to. the foDtein-intends to make a capital 

Bougainville copper-gold mine important gold, platinum, repayment of 10 cents. . , 

in? Papua New Guinea and the uranium and coal interest^ The even older Durban Deep 1 — 1 — — 1 

Big Australian Hamersley iron Gold and gold shares, how- and East Rand Proprietary - 1 

are oparatipiu ever, continue to keep the share mines-— ^ they started . production .••• mir^ll< 9 Afl nmn4>AA 

Despite the heavy world over- market guessing. Despite its in 1898 ana 1908, respectively IlllOlflllU OIHUbDII 

supply of copper Boug^nville daily fluctuations the bullion —battle on with, rising costs. 2 £5Sr\ viw^wil 
is having “o problems in selling price is providing good profits Both have-applied for an exten- 

its. low-cost production and has for the producers, although the sian of State loan facilities while -•riJS* |lsiS%fll3TIOnnl 

annouiiced a contract worth remorseless rise in their costs clinaing to -life pending a • ■■■wVlIIVlilWiiWI 

fSOni ‘tfils.Tm.) to supply .China is giving concern for the future, further substantial rise in the I THA 

witB'-jcopper concentrates over But the South African . gold gold price. Neither hold out |||ICT 

fee' next: tiiree years. It is also 'share.-market seems to be stand- much hope of dividends In the - . Vlllli llwl 

worth ^bearing in mind that the ing on a descending .escalator: foreseeable future. a midland rank, group unit trust 


Postcode 



oire-hii*«..u: uji-it-.o 

nr P" •ulnr'.-J.T'OI.. ) 
■. ■ 

r'r.'.-'-j 
. .S';, c .' »t 



»Ad YwM #f c punish Od 
dully in I^odtmr nawppaprrsi. 
ChiifM, 

Ad Initial Berviepphapeec4&% in 
inblndnl n the ourr price or anils. 
Ad annual re Nw chime of i or 
l". Inins VAT) oi the value U the 
Trui t Fund In deducted from the 
Trust/t^ross inomat 
Commissi o= orii*, wilTbe tald to 
recofttusEitinemts. . 
Manu»m«L 

The Mnnaprtu are Mtdlasd Bant 
Group Unfenim Munuronr 
LI mlwd. a nohsi Clary m Midland 
Bant Limited wd fttaemborul the 
Un) t Trust ASKoeladoa, 
limnmtnt HanaeemmL.- ■ 
Iirayton Mpntaau PorUolIo 
MHBMiomKiT.LUnlted. 


RerimWjCIydendaleBiuAUinlted. I • 6 
T^wjOtoyalEsehanraiVflSonmw I 

Tnij offnr not oo*n to racMant* I . il* 
oft ha RaouMicaf Iral^mL 


SigjijUuro 

iln f.y care n t Joint .ipphc.-'.sr. -.i jr . 

Plt-asp si.-nd me dot nils ol'vym Sh.iri* 
Bxchnnze Scheme Zjfi.-ivinv> PI. mi ” 
(tick if this applies) 



fm-. midland Drayton 
International 
UnitTfust 

A MIDLAND RANK GROUP UNIT TRUST 


/ 




... it < vrr AT. TIMES SATCBDAY MARCHES 


FINANCE AND THE FAMILY 


An improper investment | Travellers within the Common Market ;]; 

■ - • WTTH THE first holiday week- ant age limits to bear in mipd employment details, the 'appii- each issuing wuirt^ prinfe it m ; . 

' ■•••.• eDd-ofthe-year'almost-upoo us ~I6 wd 18.. The teenager of cant murt li^ out his deb its own laagua^ im. 1 

does not reflect the sexual dis- No legal responsibility con be There must bdmi&a number of or more who 15 Qut ■* work, ants.- state the duration of. his. certificate »s awepted » eo » must be odronSour 

elimination ;of the Soeial accepted .by the F umhdoi . T.mes “J* TIL- « not counted, a dependant apd intended- trip a broad,, "sod titling the BrfJ* gwgff » f? C f* KJf'SStSStlSbffi..- 


- 4 .; v : .. -*/ S//l 

rn 'iiL'". . 1 1 ? & 4 

— — • {**f. 

fll? * * - 


f V * 


BY OUR LEGAL STAFF 

In order to assist purchasers 
of small houses who may hate 
difficulty in obtaining 
mortgages, the family trust 
which has some small houses 
proposes that purchasers 
should pay a deposit of, say. 

10 per cent., pay interest on 
the balance of the purchase 
price at current building 
society rates, and pay a 
further sum lq respect of 
principal over. say. 10 years. 


crimination of me social acccpieo .ay wie cunaaoi.. nines , 1. , la nut euuiutru. a ucrpeiiuam apu imeuucu uij* aoiudu, .auu .uuius — r V”“. - .•■i. nn ' onaa u'.'anA Whtt*-- ttM TiwrAuv 

Security Acts: the qualifying fl?r riie answers given in these r People who wiH be leaving so mast ma ^ e his or her 0WT1 identify thfc EEC countries to he medical treatment at leas . J® ®5SineftiSo dJamSLSS 1 

age or Full relief funder senion c ° lumn ^ All iniulrto ,^/tf be home for a- few days away at application: but the teenager or visited. ; . : " ' similar tenns to that^ provided employ mcome tests 

34 of the Finance Acr 1965, as a ? 5 '** r , ed * P° n 01 i00n « Easter.. So perhaps it is timely young adult up to the age of 19 « ' hftalth tmestiem* Washed -iff the particular country for its for their own .ewnttyfflou e 

extended by paragraph 2 0? *"«■■ to remind any one" traveling to who is ui full-time education or national* sue 1 mte g 

^%l^ t0 l hC / lnanceAvl : the .Continent that there b SSSSS^ JS Li SSSSrfh? » 5*3^ ’■ 

1966) is 65 for both sexes, with - available, within the borders of and non-disclosure are hot-' ap:- ur ? ei !? y hM-ause of injury or ting full protection- -without 

M* If a your e wife f °i5 ^actt/fB W* w « in respect of the death: the Common Market Countries, It ts DOt p0SS ibie.- l0 obtain anS^ion^a^omaHtr ^ sudden unexpected illness, but. being subjected to any^test. 

she should qualify for exempt of th ® testator ’ but ta * wiJ1 special insurance -cover. This details of- this scheme from High no ' equally, may be needed by the In some countries. thb-produc- 

tion from cSw grfS STS chargeable on the death of the cats nothing- in premium to Street Travel Agent^-there is 25* « “ Thoff^n^^^averagdy healthy traveller tion of the Bill -.ft afr^bsotate ' 

the first £8.000 of the charge- w,d6w - as being- a person with obtain Md 0lfly a relatively no commission -in it for them averaoe hMltKThfwho suffers a down turn in his essential: foriesan^tejrffrafice- 

able gains arising on the an “?"« “ -possession under ^ Qant Q[ , ■ , ^ and I have yet to find one that gg, ^ already shak>- health. ' the rules are that the^aicate ; 

liquidation distribution Cor dis- ■ -wttlemjnf. It would be wise * nd double; in ; wSSng round even carr,es a : supply of the EEC scheme has, therefore, coil . |n Britain medical care bolder must tot ibffid?W? wr..- 

tributions) made in respect oF to consider terminating the ^ j oca | x»HSS office and filling Gotrerament leaflet— &A28: this. from doctors, hospital care, sur- Uficatc to l thp .. :..9^Wpriate 


Social accepted .bj» the Einanaal. Tirries 


extended by paragraph 2 of 
schedule 10 to the Finance Act 
2966) is 65 for both sexes, with 


twrtioT s^’lq respect" of tion fro^cSit^sa^ns tax^ chargeable on the death of the costs nothing, in premium to Street Travel Agents— there"is “actions for thQsrwhD 1 aT& r Qf - Ss^averagely healthy traveller tion of the B11 . 1 i £ i jt'afeate 

principal over. say. 10 years. the first £8.000 of the charge- wldow * as b^^sa person with 0 5tain and only a relatively 'no commission -in it for them . ^ average health. The who suffers a down turn in his essential: fore^ii^le4ijjy»n ce ■ 

The trust would hold the deeds, able gains arising on the “ “*««« m-posscssion under ^ o£ . ^ and. I have yet to find one that ** ^Already shakj' health. the rules ara tfajthewtmette ! 

Do you consider such a scheme liquidation distribution for dis- a settlement. It wouJd be wise and j n ; walking round even carrles a su Pply of the ’ ’ • tr- re j n Britain medical care bolder must tot -shoWjbfff cer- 

posslhle? If so. when would tributions) made in respect oF to consider terminating the jj, e ] oca ] xiHSS office and filling Government leaflet— SA28: this. • • from doctors, hospital care, sur- tifirato Jv® . ^P^pnate 

the trust become liable to her shareholding- — assuming settlement by agreement and j n ther- unavoidable application-^ -however^., is readily obtainable . - Berv an( j so on are still u free " authority, before-, fawtiig- out 

capital gains tax? , that the company is put into sharing the value of the settled £ 0rTH from any local DHSS Office and ■ • ^thpush' of course paid for out the doctor or hoSphaE-fthis is 


possffa/c. 


Do you consider such a sch< 
possible? If so. when would 
the trust become liable to 
capital gains tax? 


that the company is put into sharing 


MW and so « W still - free " bef " i '. ^m E - art 

S“rj a,, “_ the riocWc or hosnmir.fnii* .» 


A« we do not know the nrovi- liquidation and finally wound fu ° d °P an actuarial basis if the lniura - nce thc E EC provide more information 

sions 111 the mist instrument up withm two years of the day ^hi^ ^tS'^Lrin^worth niedical expenses scheme, which t ban I am able to set down here, 

elating to investment of. the on which it ceased to trade. wnSrf S n «^ tn to a considerable extent, but not Forthose who are eligible to 

:nist property we can only offer The company itself xsnot >0“ w ®“‘“ ■ ‘“completely, pandlels our own participate . reystration is by 

tentative advice. A scheme such « nuUed ta retirement relief, so Accountant or National Hea]th Serv i ce here in means of the official application 

as you outline would very likely the sale af ^ goodwill will pro- solicitor as to tins. - Britain. Unforrupately the EEC -forar. and while -in theory it is 
constitute a breach of trust by d uce a corporation tax liability scheme does not 'operate for. the possible -'to complete . the form 

the trustees, as a deferred con- £l -W0* Tour wife j „ ' 

tract is prxibably not a proper should have- a talk with the sj, SOULCllOr 
investment. Moreover the company 5 accountants, with a " 

gradual payment of the pur- '; ,e w to the -appointment of a paper $ 

chase price may present diffi. liquidator, for you dearly have - f 

cult fiscal problems (that is in a '°t to scam about the Being dissatisfied -with, the 

roipert of Capital Gains Tax— notorious double charge on the conduct of my solicitor I 

the revenue would undoubtedly capital gains of close decided to take my eastern 


INSURANCE 

JOHN PHILIP .1 


•—though' of course paid for out the doctor or tattgOg is : 
- Sion— but most people ail explamed m thfl.DHSS^af-. 

" ha vp to make a contrlbutieri to let). On the otherThahd 4he ; 

cost of dentistry- and to British risitortfrDe^^httd, ; 
mv prescription charges at thc to produce only tu« British pass-; 
i Jhemist The Briton abroad port: moreover because pas* 

•- does not get 1TO per cent cover- ports are not necessary for*. 

-- ' aee exactly parallel to his home Britons going to .■‘the 1 ‘Irish * 

« O _ * a. . m - f AL Sm * T>Ahtlh7iA 1 Ti T Mintin' AlV that in - 


benefit of self-employed persons' on. the spot and .wait while the siderable attraction for any in- entitlement, for each - of the Republic, in Ireland aW that u ■ 
or their dependants, who are necessary; certifirate is made tending traveller who would find continental countries has its required is e^idence-qr Brmsh := 
thus forced to rely entirely on out, anyone :niaking an applica- it either expensive or perhaps own differing rules and" norm- nationality. ; ** 

the private purchase of holiday, tion' for;. the Jrst. time may be impossible to buy travel cover ~. a ] Jy t h e British traveller does Because there are "©gat fliF-'-J 


wish io hold the trust liable — companies, 
possibly on a scries of occa- 

Sinns-i A prudent purchaser's A U )«V/)iii’c lift* 
sohciinr is likely to advise ** rvlUM/fV o UJG 
against purchasing on such • , . . 

lerms. The simpler course lilt€VeSt 
would appear to be to grant ... . 
ninrigaee.*. lo the purchasers About lo years ago, my 
from i lu* Trust Fund— if the mother-in-law became life 
trust investment powers permit tenant of ’8 1 properties, 
ibis. she and I being 


elsewhere, but he has claimed 
a lien on all my documents 
until I pay an account, which 
I do not owe him. As I 


in receipt. of benefit under the players: so probably the best ler with his EEC Certificate of visitor will get S) per cent, of what rules apply in tbe.aun- 

state' scheme, the insurance is course is to pick up the SA28 Entitlement— which is known his hospital bills met. and '5 tries tne traveller -is .intending- > 

available on simple application; leaflet together with the appli- shortly as form Elll. This per cent of bis prescription to visrtr ten .tmnutes* reading :i ,.r 

Young ' children, . of course, cation form,, fill it up at one's certificate is printed 'in a form charges paid, hut only 70 per even i at the last rmnute^on tba - 

count as dependants, but for place of work. -and' then take it which is standard throughout cent, of bis doctors fees— cross-channel ferry .or in the , 


need the papers- urgently. I - t eena g ers there .are .two import- back to - the DH^S. Apart from the Common Market, though because these are the perce nt- aeroplane, is time well .spent 
am reluctant to go to uie . • - - ■ ■ - ^ 


she and I being 
executors and trustees of her 

husband s will. The properties proper costs. You can only seek THOSE OLD, yellowing papers Mil Ill'll 11 HI IIIIH' is more advanced, in -the U-S.^ 

RetU ement remain in our nam^ a taxation of his bill or pay it tucked away beneath grand- \ .and there is also su-ong-deman^.; 

„ as executors. Meantime, two of if you waqt the papers. Alterna- father's bed, issued in a by-gone ‘.*L stAfOLi-i/m ==.' in Germany. 

relief her sons occupy two properties tive j y you can .instruct new a^e and redolent of Queen Vic- W/Bf' T&- • yg' ■ wt&j- ’*ty**S ^ ' j * ’.\Z ■ ■ One of the attractions of then 

J and we should now like to solicitors who can seek to obtain toria, gas lamps, steam trains .‘1 r.y-'A r - • '.>» "?> Old bonds are the engraving*. i 

Mv wife, who is 62. has transfer them formally so the release of your papers to and. sepia prints, may not be as BB| ' 4PF* - *•- •' ! ' .they contain illustrating 

recently closed her business of that .either son could sell if he them on their undertaking to worthless as might at first : .TvjjgHPTB business of the company . or state-, 

demonstration promotions and wished and bny another. hold the papers to the first appear. M&m issuing the stock. Railway, conwi 

market research. Just berore Do you advise tills? solicitors’ order. Collectiae is by. no means a ‘ panies are particularly pognlar ur 

closure, an offer was made for tVonld capital transfer tax be i ecu ag. is oy.no means a mb» -r, iMs*. -ay) . ijyv. if fftafa.-; . ...si Z.'M -* » > . Th e .engra vings can be vervw. 

the goodwill, and this was sold involved? . 20th Centu^ pbenomenum but r 

fur £5.0(10, but the company. We think that you cannot frUCillS Idiul tors S has 6 wideued eon/iderablv ^ ‘ Th~e~ eftmtfany 'deals with 00“*' 

as such, was not taken over. formaHy vest the legal title in X ru ^ ug S ™ TS2S? to W- W" '• M bonds issued after 1920 and say*. , 

Smcc the retirement age for lhP SO ns. The present arrange- nw „g?rvhtn • “Jclude wS i£Ss ^ picture M • that the best -pieces arq : those 5 1 

C S ? 0U, A bc continued ownersrup l ^SS £ W 3 ■ C : ; ; . ^ isaued before lV .^bes havr 

nnltal Gains tax* lVrald ouch d “I " 8 I fl 2 lf ® Could you tell me if there is ... barbed wire. In many cases what V V -i v /• .' ■ t0 date nsen steadUy but not 

^"rom which l ean began, simply ^ a hobby has .dramatically. . - . v j, . j 

received for goodwill? Since If an^oertvis rwulr^dm be demandtaronnation as to the . turned into really big business. HflR 1 ^ '■ , ' S ■ : By the way--peopreTeally do 

corporation tax has hcon paid 12 EL hp cT hv .!! tree ownership of a piece of - and. put. the most sought-after ummmamff , collect barbed wire, jnd they 

STSTr of the Writing A Secutoif the orLis of » and *.■ my garden? items beyond the pocket of thc 'can pay quite han^y .fqr ; 

left in the business, can It be w ni thgn i,ave to be held You may bc able to ascertain average man. _ _ - 1 w . the pleasure. CQUectcfr^rBani- 

awsnmed that this, together Qn t i ie trusts of the will- but the who the true owner of the land One- of the pieces of history was too good an offer to miss, ever issued. Some of the mare lost or is being prevented from sations in the.UJu say-that the- 

with ill rectors' loan monies, widow may release her life is tov inquiring of the local to have caught the eye of col- but the' price was expensive for attractive bonds are railway coming onto the market. ... hobby started in tiic U,S...inthe. 

can bc withdrawn without interest in ihe nroceeds of sal* authority or inspecting the lectors recently :is defunct just a hobby so we kept a few stock and the company also has “It is much easier in the U.S„ 1960’s and individuals can pay . 

further taxation? leavina them available for dis rating lists There is no means bonds. At face value they are of the pieces and sold the rest an 1857/62 American Express where much of .our. material several, hundred dollars to own . 

TUP .Milled retirement tribtition to the remaindermen, in law by which .the owner of now worthless, with the com- And from that came the idea Co. bond, hand^gned. by- the comes from and where the an IS Inch strip. of a^rteulaS; 
reltef from capital gains tax Capitat transfer tax will not be land can be traced- as of right- » r _ ««« ■‘■“1 . _ =,..^ rl™ ^ 


Law Society. Is there any . 

other way you conld advise .. . • • 

me as to how I might obtain ' jl; * ■ - - - 

the relevant documents? 9 

The solicitor is entitled to a A 
lien for thc payment of his - 

proper costs. You can only seek THOSE OLD, yellowing papers 
a taxation of his bill or pay it tucked away beneath grand- 
if you waqt the papers. Alterna- father's bed, issued in a by-gone 
tively you can . instruct new age and redolent of Queen Vitv 
solicitors who can seek to obtain', toria, gas lamps,' steam trains 
the release of your papers to and. sepia prints, may not be as 
them on. their undertaking .tp worthless as might at first 
hold the papers to the first appear. .. .'. 


Placing a value on worthless 


solicitors’ order- 


involved? -soul Lcmury 

We think that j»n cannot JrdCmS land 

formally vest the legal title in » oyer the 

the sons. The present arrange- rk\rynpY<eUrf\ - include such 

mem should be continued Un'FlK-rdfUjf/ postcards be 

during the life of the widow. Could you tell me if there is ... barbed wire, 
and only then can the legal title any source f r0 m which I pan began simph 
be vested in the sons, by assent, demand'luformation as to the . turned into i 
If a property is required to be trea ownership of a piece of - and. put. the 
sold it should be sold by the Jand adjacent to my garden? items beyond 
executors, and the proceeds of . , . 9 ,. PP9PP L,_ n 

sale wni then have to be held may be able to ascertain average man 


Collecting is by.no means a 
20th Century pbenomenum, but 
the scope far. would-be collec- 
tors has widened -considerably 
over the past two. decades to 
include such , items as picture 
postcards, beer cans, and even 
barbed wire. In many cases what 
began, simply as a hobby has 
. turned into really big . business, 
- and. put. the most sough t-afrer 
items beyond the pocket of the 


^ ~v/» **■ 






Ijp • : ; '* •’ ' ' ■'/ > ' v : ;• , . - ' - . ^ v g- ■ : . dram 


is more advanced, in -the U.S.- 
.and there is also strong jdemaii^; 
in Germany.'* . . . ._. w ' 

One of the attractions of the^ . 
old bonds are the crigraying&.i 
■they contain illustrating „ th$d 
. businessof the company ..or stat^i 
issuing the stock. Railway, cora^i 
panies are particularly popular.j- 
The -engravings can be;. very^ 
attractive- - 

* The' company deals with no . ■ 
bonds issued after 1620 and say»- A .c •*:?;' 
that the best pieces arq : those? ^ J ■ ** ' 
issued before 1900. Prices have" 
to date risen steadily but not 
r.dramaticallY..-. :iiji »■-; 




WiSijca 


aramaiicaux, . • . - , i. 

By the way— peopIeTcally do 
collect bariied wire, -and they 
can pay quite han^fmfiy for 
the pleasure. CQUectcfrsvWsahi- 


yty wife, who is a UJS. citizen 
has a dividend income Trom 
U.S. investments exempt from 
U.K. tax under the present 
tax treaty*. She has to file a 
ti.S. tax: return, which so far 
has .not resulted in any pay- 
ment of tax, but this year it 
appcaiy she will have enough 
capital gains to incur tax in 
both thHJ.R. and the U.S. Is 
there not some agreement so 
that she does not have to pay 
capital pains tax in both coun- 
tries ? I am domiciled in 
England, but my wife con- 
siders herself to be domiciled' 
in the U.S. 


on the trusts of the will- but the who the true owner of the land One- of the pieces of history was too good an offer to miss, ever issued. Some of the mare lost or is being prevented from sations in th&.UJC say-that the- 

widow mav release her life is bv Inquiring of the local to have caught the eye of col- but the' price was expensive for attractive bonds are railway coming onto the market. ... hobby started in tiicU.S.in the. 

interest in the proceeds of sale authority or inspecting the lectors recently ‘is defunct just a hobby so we kept a Tew stock and the company also has “It is much easier in the U.S„ 1960’s and individuals can jm.v ■ 
leaving them available for dis- rating lists. There is no means bonds. At face value they are of the pieces and sold the rest an 1857/62 American Express where much of .our. material several, hundred dollars to own;. .. 

tribution to the remaindermen in law bv which the owner of now worthless, with the com- And from that came the idea Co. bond, hand-signed by- the comes from and where the an 18 inch strip, of a particular : 

Capital T transfer t« SiU n« be land ran \e traced » £ right panies or states that issued for the business." legendary Jte. Wells and Mri banks and institutions, have/ wire: . There are apparently"' 

them remembered- only in the : -Messrs. Jenkins and -Bluck Fargo. - ; ‘more relaxed attitudes to thrs- almost 2.000 different kinds to j. 

m m - ' ' pages of the history books. . formed their company last “ This bond is priced at £100.- kind of thing. Collecting bonds chbose : from. " 4 - ' 

A 1 AVMtS* SVVts/ f t Z / Collecting these bonds is a. June, and the. first pieces they like, collectors' items in other t - - . ■■■ » ■ ■ ;; 

/x 11T(ZflCs(lTl rrllfZ UtUl L/\7x '■ hobby which is in its infancy in bought., for just £20. were an fields, price naturally vanes, de- - ~ 

«/ the U.K. and this makes it a old atlas and two U.S. Con- pending upon scarcity — and I-- -'-tM ]*) Mfttiff M»ny wool* mak« money rrom«octe* -. |- ' ■ 

of the US under US law) in the UK from the arisin- Potentially exciting field, as Federate bonds. Pages from the who held or signed the bond. I - IN U WUM I ' 

That Lini ; Q vour irffe'x -ales il* m the remittance hT* prices for tliese bonds generally atlas were removed, framed Serial numbers can also be im- I VmiAM&m M and Uia * an,v 

That bem e so, > our wife s -aies oa.is to tne remmance basih. ^ an j CA i^ anf * *h« nrnfitc nnrfant.'’ savs Mr. .Tenldns,. R IIWI VvULV DC Brium's Dinar two minion mvwtor* fir* 


mat OC1QE »D, >uur vue » Mies nasia m uic reuiJiidiiL-t: udoi &. j „ “ „ . j __j ,l_ _„ b ,. nnrhmr n Mr TmWnt 

nf U.S. shares will attract tax if it is eventually brought into f “" w " ,m the reach of the and sold and the proflts porttnt sws Mr, Jentans. 

in both countries, hut of course effect in its present form,- Pos- » Tera Sf “>"• «' least fDr ^ ESlf back ™ 10 me 

the rules are different and so si biy-j-qur- inspector wiU..agr?e **»«»*- ■ : .. ,,, i, -milts are nut back 2122?*. „ 


the “One. customer in the U.S. 
collected anything and everj'- 


S5T^« jMSJSS'S’STcTS 'X'-ilSZ!: ?e ! ..«d su r«hTs y 

chargeable to UA and to U.K. hasps: =fh ,antteipatfon.. ; .of U “'Z* ’S^n ^ 

tax. The UA tax attributable approval of the 19/ o con- ?? , °™* r i co ™ pan ?’ ,/* on 

to -each gain may be deducted vention (and its protocols) by ’ al ® urs “ eal m tiies ® 

either (a) from the UJL tax the Senate Foreign Relations 5 on . ds - with almost a year of 

attributable to the correspond- Committee, but there is no business under their belts 

ing gain or <b> from the authority for him to do so. Messrs. John Jenkins and Barry 

corresponding gain itself. On the other hand, if you Bluck ““J 

.whichever is more beneficial in married after the end of.- 1973 g ei \ e ”;ted during the first 1- 


La sc year a stock -joBber amf ; '-'AH the profits are put back thing to do with bees and aslced 


Messrs. John Jenkins and Barry 
Bluck estimate that turnover 
generated during the first 12 


BONDS 

ANDREW TAYLOR 


found a bond which bad an 
engraving of a bee-hive." 

As well as buying and selling 
bonds in its own right, the com- 
pany also acts as dealers for 
banks and tiie like, who are 
left with non-negotiable bonds 
on their hands and. find this one 
market for an otherwise useless 


'each case— there is no simple (or if your wife's domicile of wU ^ 1x5 around £15.000. 

riife.of thumb. The U,S. tax origin has revived since' the Profits,- they say, are. harder •' market for an otherwise useless 

should be converted into ster- Domicile and Matrimonial Pro- estimate and one of the prob- pany and we sell through mail piece of paper..- it generally 
ling at the rate of exchange for ceedings Act 1973 came into lems tte - partners’ accountants order advertising in trade and charges a 20 per cent, comtms- 

^ . ..... __ . . __ _ .j:. ,, . vr« cull ct rvn Frtr o r "finer oc nsontc 


IN 12 WEEKS rp 
YOU COULD BE bA 
DEAUNGIfi 
STOCKS&SHARES... 
more profitably 
than2milfion\ 
other investors' . 


BELIANCE SCHOOL 
OF INVESTMENT 
IFJ) FREEPOST 
London W113BR 



Many oaople mah* money from stock* -. 
and snares, you could u« an* of ^ them - 
— able to buy or sell stocks c, shjrai . 
and us* money more *hr*w«ny't>i»n • * - 

Britain's other two minion itiwstorf!- 

HOW IS THIS POSSIBLf?: ' 

StmDiy'thiouoha.Dlibluvi: h- ' 

B i^-week home coarse, Th* 

Art of invesfmartt, wrKMn ■ 

_ . by profo«ianannve|td«ri- ' 

nfe " stockbrokers and account-: '. . 

I V . ants. Step oy j tenth by 

, snow you howto m«H*- 

money: ' 

■s NO ft ISK — It casts you ' •. 

5\ ' nothing uintess you gro . 

. \ E won without previous.-'" 

\ know-how— e«sn wltb - 
capital as low as £100 -rC l .: . 
00 L '• you couiq be. pramaMy-' 

icur - dballng In stocks and shares 
,g^p - \ln 12 weeks' time. ! 

3B R • SfREE BBOCHUFt*'-*- - 
INoawmp roquirodl.4 


Ymi have not given ns many ^ Qn wJl j efj fa j js due on jfew Year’s Dnv are currently facing is ■ to dis- collectors’ journals. We sell sion for acting as agents, 

in.-’k :o so on: pre-jumahly you fQr na>7nent . f 01 - t he purpose 1974)’ the position is quite c0 . vt : r whether thc business is mainly to collectors and do not “ The banks, and peopl 


d’vidends. which indicated t , on convention (as amended husbands whose wives 

'•mif fact that wc would need in 1966) nor artic , e 13 of ^ domiciled abroad (a 

,n order tu give jou 1975 convention (which is not others). 

:t he. pin] reply. yet in force) has any signifi- In a public refe 


position is quite vo ver whether thc business is mainly to collectors and do not “The banks, and people like 
d in particular vou viable for stock relief for tax tend to get involved in framing solicitors, must .have a lot more 
submitting your purposes— and just how their the bonds. old bonds lying around. Thc 

tax returns on" the s t° c ^ bundles of old . papers, “Naturally, because of our problem is that often this 
s uk designed for 5fco illd he valued. links with the Stock Exchange, material is being shredded as 

vhose wives are ^°h n Jenkins says: “ Barry we do not deal with any still useless and the banks in this 
abroad (among and I began collecting bonds, as negotiable bonds, and also do country are very reluctant to 
a. hobby, after we sawi co.uple not deal in Chinese or Russian part with this property unless 
public reference o!d bonds which had'jieen put bonds; although there is quite a they are sure of ownership and 


Wo mkc 11 that you mean cant effect on the capital gains library, you will find copies of I™ P> c Du , e frames— they made thriving market for these." convinced that the terms are in 


- ti a 

te ■' ? * 

t -,~s 




FneH'-h I:iw (nlthougb she is tocol) will retrospectively volume F of Simon's Taxes 
d-ni:ri]cd in one of ihe States change the basis of assessment (ISBN 0 406 08S66 6 ). 


from there. •, 1864, Act of June 13 U.S. Con- ciples should be observed but it 

“Then somebody offeted us a federate bond: of which Mr. seems a shame' that much of 
job lot of about 600 piices. It Jenkins says that only 120 were this material has either been 


Can you think of any other 
investment that gives you a 
tax free return of 8$Jo? 

That increases the value 
of your house? 

And gets better as the 
world fuel problems get worse? 

Thu t V txa etl y what our solar heatings^ tem offers- Herearc 

Triers h.wc confirmed that our system can saveup to 50% of 
your water hearing costs . Say. over ayeai; those costs were £120 (art 
,i\ erage tigurc for .1 family using decrridty).Thcn the sa\ir® could 
be W 1 - -Ai a capital outlay ofaround £700, that represents a rttumot 
,S« ;"n .CHVounvc. tud iWls arc bound ro rise.TOch means vour 
.si vines will go up and stiwiil your in vestment return . And if you sal 
your house, you sliouldgct your initial outLy back-andinorc! . 

^'ou doi it have to worn - about tax. And you don. t have to 
worn* about inflation . 

\nut odicrinvcstment offers you somuch. 

j For details on our solar heating system as an inyescmaiti ' 1 
i and full intbmiarion on ourself and our system, {ill in rhe | 

aiupon.uidx-nditto:SpencerSolariseLcd.,l ; eat3Terheaii, j 

1 Surrey KT22 7AJ,or telcphoncLeatherhcad /5441. 

:J Namg ._, : — | 

j Afl'd.'cs ~ | 

I Tel no: J 

I s’ SPENCER SOLARISE { 

We ^ 


Broken chain 
of executorship 

If as an executor- 1 dre 
before completing Ihe 
executorship' T understand the 
liability to complete the 
administration will pass to my 
executor, my wife. Is there 
any way of avoiding this 
lUdilhty, for Instance, if 1 made 
no wUl and therefore died 
intestate, would the 
administrator of ' ray estate 
escape liability? If so, and 
my assets were in the joint 
names of myself and my 
wife all would pass to my 
wife ir living, and-there 
would be no need to appV nt 
an administrator unless the 
rules of intestacy override this 
and a proportion of the 
assets would have to be held 
on trust for my daughters? 

As a chain of executorship is 
broken on. intestacy you. can 
achieve. the. object . which' you 
mention by not appointing an 
executor of your, own will. 
(You could appoint someone 
other than your wife as execu- 
tor if that person ' would not 
object, .to the burden). ' Pro- 
vided the joint ownership is 
genuine (so that, for example, 
any- joint bank account is 
operated by both joint holders) 
you could also avoid the need 
fOr .Letters of : Administration 
10 your estate. 


LAWSON 

HIGH YIELD 

!4th QUARTERLY DISTRIBUTION £198,898 

FOUR YEARS OF GROWTH 


T 

1 

4 * .■ 

i . 

1975 

1976 

-1977 


.1 

DISTRIBUTION NO. • 

2 

6 

10 

14 1 

NET PAYMENT " 

-• . y 

£58,181 

£136,487 

£169,637 

£ 198.898 1 

PER'DNIT -j 

j . 

0.83p 

Q.84p 

0.85p . 

. 0 . 86 p I 

FUND VALUE £M - 

i 

2.1 

63 ; 

7.6 

11 . 1.1 

ACCUMULATION UNITS 

34.5p- . 

» 

49.5p 

5Z7p 

. 73 . 3 p i 

\ ■■ ■ 
j • 

(Figures for second quarter in each year) ■ 

« v 4 JUa!ki 4 ru . 1 .— - Jft'eii r 

h Lunncm TicLttiu . o "«- luuuun 10m dune ivfQior units purchased 

1 before 30th April .1978.. 


CURRENT FIXED PRICE OFFER ON PAGE 7 




thetime. r . • * • 

Blit today’s economic climate makes -the expert _ 
tnent of shares, more than ever, a lull time.job- And that’s' 
benefit^? exchanging your quoted shares for Canlife iini._ . 

. jOutiprofessional share managers are ahfe-to give ■ 

investmentihe kind of up to the minute attention demanded bys •' 
presentmarket conditions. ■ -- .. 

; Whafs more, when you exchange your shares, yoo’Itget • 
preferentia l term s and the advantages of a broadly basedport- 
folio by investing in one of the two Canlife Unit Trusts. The 

General Iruet aims to secure an attractive balance between ' 

growth -qf capital and growth of income, while the Income 'TVhst 

aimurt tnwnrii omalpr mmma nrith . • n ■ ■ 


f, ‘4*9w- T. 


JJ- - —V , , r-; -n«uu uiLUlljC UWI4 ■■ 

them, ruaygo down as wdLas up. • 

Jn addition, an investment in Canlife Units offers certain " 

Capital Gains Tax advantages.- 

■' A® Canada Life Group, currentlv managing- ^ 

assets.mrexcess of £1,0UO million, Canada Life L'niit Trust . ? 
Managers can Call upon a wealth of investment experience trfiidi 
reached bade 130 years. 


And benefit from the investment experience o£ The Canada 
Life throat Canlife Unit Trusts. ■ j ?;r: .. 

Member of 7hut jUtodatiao* ....... .... 


. ToiCanada Life UriKthtot Managers Ltd,fl GharrM II StrWt 
London 5W1Y 4AD. Telephone: 01-930 S133. . 0lrew '. 

Sle^s&MBd me details oftiwtwiiifeShiirc EsebanBe Scheme! 



jBxpjsrienceywhere experience courits 

■ •• 'Xhi ora - iirfiftp nf. ■(*.,. .•■ VJftrelfcWfrn .- iWAinj ”’- " ^ 





YOUR SAVINGS AND INVESTMENTS 


Storm cones out 
for life bonuses 


' ERIC SHORT 

THE top executive of assurance brokers, who make 


WE HAVE new reached toe • 

stage at which barely a day goes m |ff/1|if| f, 
hy without the coming introduc- | 
lion of traded options hitting JtT t 

the headlines: and- since the ... .. ' ... . .. 

date is still scheduled for some- 11 s h,ghIy unhkeI - v ' th e P«s 
time iin April, this seems an min® will be low:. if it's really 
appropriate moment to start quite probable, then the 


Opening up the options markets 


BY. ADRIENNE GLEESON 


W ' bargain. Jn particular, it has 

/y Jyvy y boon necessary to introduce an 

w%Arm 3 official clearing house— to bold 

the ring — and to establish a 
another optimist. In place- of * mw i h milT0 uniform and less 
the present rigid arrangement haphazard market, Wo shall 
under which anyone who has gamine the technicalities more 


considering the implications of premium will be high. He (or “ “ 

tile move. she) who would buy a call n0 ^ provide the writer 

An options call option, that option will, at the present, make of the options — the chap who 


as follows: in the first place it has made a big return or lost written an option and watched fu,ly ncvt . 


she) who would buy 3° call doe's not provide the “writer" hds money completely. in horror as the shares he had “™ nt ; If 1 " 1 . 1 * 1 }' I s ncw 

J nf notions — i.h P w hn In introducing traded options considered dud s swooped sjtlcm to be welcomed. 


long-term savings actuaries had no choice but to time. That right is worth some- peosate not only for the outlay deal; and in the second, it has 


IHG flrST rn sranri nn in nnhliA I l — — — ^ ~ — *=■ r cuiu ma nuuuuug aswt? vul uw ui *1 mu- ^ 

a- make the warning n-i- raarket approach. They have pany will hit the price at which makings very large return on the ftret to discover what sort until the date at which the which options offer h has, how- traded options won't do 
*! ff pud c. concentrated solely bn showing the right to buy may be oxer- a relatively s mall outlay. of i m i q ua nti fiable loss he has notion must be exercised was ever. been necesxarv tn add thine for the country: b 


scutive of Scottish Equitable, made no attempt to’ relate the ■ ’ ■■ — 

w !, niing s ^°, uld not ** actual yield to inflation over the 

doomwatch " same period. So a higher bonus a m-m - .m 
uation. It js a natural con- rate shows a larger money pro- A i C 
suence of lower inflation and fit, even though the investment /xlDfZYT S 



ioiiJiaaiaLiiL^j; 


**-Wm 




tillS 




.< ’t 'fiTLi' •¥»#;•' *A'. ' -#5- * ■ 

v *'-*■'*. 

'Vs ' : " K H; to ' '' ! *% -V-rfS -aS 

■ipry.-i'' * ■?- ' i-Ta,:\ -I ■■ " ■ * . v- TV- -• , ,t{ 


HOWEVER EXOTIC the sur- 
roundings within which the 
affluent expatriate — or, for that 
matter, any other overseas resi- 
dent — decides on his invest- 
ment strategy*, in some respects 
rive ground rules are exactly 
the same as they are at home. 
If he wants to play safe, he 
should go for a fund whicb in- 
vests in fixed -interest instru- 
ments — like Mercury Eurobond 
or Worldinvest Income Fund, 
which we discussed last week. 
If. on the other hand, the object 
of the exercise is to make a lot 
of money — and the prospect 


More 

offshore 


NM 


better than the nil change re- 
corded would appear to indi- 
cate. 

A word about the table. It 
incorporates some of the 
material ahuui Warimrj’s funds 
and Worldinvest which lack of 
spate obliged us to out out last 
week; hut it has to be saul that 
tile left-hand columns give con- 
siderably more reliable gu:d- 
a nee than those on the right. 
Consider, for example, the an- 
nual charge. The treatment of 
this levy for management and 
investment services varies, not 
merely irom group lo group, but 
from trust lo trust. The Klein- 




and fit, even though the investment lUtZi l *3 
ling interest rates. Standard s return might well be negative 

If the threat of bonus cuts . » 

“ Id ° f 104 ^rces life salesmen to be more "IfWSfMl 

nh gross (61 per cent, net for realistic in explaining invest- llMlflUf Ml 
life company) id support the ment returns to prospective 

rrent ■ record bonus levels — policyholders, then so muito the tv-ext TTMF vnn co lo the 

circumatanees, 

"Is aieTt pSlent r S°a n t T? T**T h™* "ST* iJSSi,. % 5 

i De cent IS ° f f ,owinE estuM : found yourself relegated to the irw. 

Actuaries have three alter values on current balcony, look down to see a 

Actuaries have three alter- bonus rates. Up to now this s ,. anpr j n „ of Dlush _n d emD t v 

tives should interest rales fall practice has been acceptable ^Jtz bcfrr .i d n nat^-urrc Sic 

•low this limit and all of them only because bonus rates have SSJSSlI? is not ” s^n ■ 

s re clearly spelt nut by Mr. risen or remained steady. But are holding seats 

th6 i fir f with . the ; Prospect of a cut then resero^J 'ert^jISde OnaLis or 

^ !iSl US level , S i UTely f le ^M 0 ” tes J h0 ? d the Shah of Iran should arrive 

ip ln rhfT avail- be used so that the investor has with a burning -desire to hear 

It h0 i* e 0,31 inte . rest 60 ™ e ,d ! a of the : exp t ect 1 d the masterpiece of the evening, 

tes would return to previous return. And companies should lt is not eV enasign of malfunc- 

gh levels. show the yields. I am well t j on on ^ of babysitters — — . .. 

ibe two feasible alternatives, aware that the small print at or British RaiL It is. a. conse- and maintaining thu hull At'rtio haadc and nn « th> idtiinue ™ however, the overseas investor Worldinvest .hardly provides funds direel, rather than being 

r actuaries, were in Mr. the bottom of the quotation quence of capitalism in action. mom^StS a^ar^h^v S bwi th? ^ lives in a different world. He fair grounds for comparison extruded ;.s a pertvniage of 

maid s eyes, to recalculate the form states that future bonus Those seats will be numbered, Ss^Len^rom lire When nmmp wh^n w must— he must— take account since, on the one hand. Bank their value. 

■emium rates for new business rates are not guaranteed, but ^ aJ1 probal) iiiiy. amongst the SJ SU w2’ fiS f vLro at ^ of currencies as well. In re- of America International itself Nor can the performance 

support the level of bonus, how many investors have this 1^77, in boxes and staHs, which i n .t rrw f ll «od ’ **** nnwadavs a fafric r ,« - npmT cent years that is a considers- agrees that it will be difficult figures be rakvn as much mure 

hi ch would mean substantial point explained to them. belong to . seatholders of the ‘ , _ . ... -p-,.**!- rh _ tion which has been of only to keep that performance up, than a very genera! guide. That 

ses in rates; or to keep rates The other feature of quota- Royal Albert HalL As seathold- wth the Royal Albert • . . . limited importance for the and on the other, the asset isn.'t only because th« mayni- 

ore or less at the same level, tions is the use of terminal ers they may .attend events at S 8 *,, 513 ^ 113 evmxts on over 300 Drt)mot j Dn and thf , British investor, partly because figure allows for reinvestment tude of their success ur failure 

rt cut bonus rates on all with- bonuses based on current rates, the hall, free of charge, on ' fA_,i le th d, !? s “L/Vf ZJJf’ restoration eliminated the worst tax ^ 1116 doUar Premium of a substantial tranche of is going to vary according to 
ufit business. Mr.. Donald for maturity several^ years but 87 days of the year. They f Jr 13 !?. 3 P^ce for - - ■ , . have obliged him to make a bee- income which was distributed, the currency into which you de- 
voured the former course of hence. Since terminal ^bonuses may also attend the annual gen- Ule entertainment. Of course . . .- s line for the volatile markets in In sterling terms, however, all cide to convert, hut also because 

:tfon.. It would certainly be are intended to fluctuate; a -pro- eral meeting; and from their “° dual would want ^ . the hope of capital gain; and of those funds with a five-year some of them — for example, 

’eferable to the field staff of jection is meaningless.' numbers will be elected 18 of . TaKe in r °o Jot ^ 10r toe partiy because the behaviour of history to them have done com- Worldinvest — offer a respect- 

■ the 23 members of the council choice ranges from covered Anvnn diainMinerf fnr iho practically every other currency paratively well; and even on a able running yield, while others 

which establishes policy for the S? 011 . . to ., th . e . * oyal remofp Hake wh».h has looked well against the ail- one-year riew, Eurinvest. which —KB's Japan Fund, for instance 

them, of course: after ail, 'your hail and oversees its financial th^imSes-or for tS. noten- pound. is denominated in Luxembourg -offer next to nothing but the 


of losing some of what he has , ‘ , 

is not too much of a deterrent illustrates ihe point. Practically won Bt-nsos» funds >hovv reb- 

— then a fund invested in equi- aU of toe funds therein appear t,Vtl > 1 n,ori - lil iharv,es. but — 
ties will certainly increase the to have been absolute duds in in! ir 

*«« ««» - «»>, «.ro^. 1th the 

In one important respect, exception of Worldinvest; and set 0 jt against ihe value or the 
however, the overseas investor Worldinvest . hardly provides funds diretrl. rather than being 


belong to ■ seatholders of the 


introduced. 


nowadays a fairly rare occur- 


tion which has been of only to keep that performance up, than a very genera! guide. That 


’eferable to the field staff of jection is meaningless,' numbers will be elected 18 


n ',. l_ them, of course: aftei 
.> VUCKUOWn employer is sparing yo 

even if the interest 
j taxable. Only if the b 

fifi P nPfKTt derive is only margii 

™ £50 (in which case you 

- to pay tax on the lot] 

/ri/IWC 1)13 worth yoto- while 

H/UfliJ just enough to bring 

HERE IS a depressing pros- toe threshold. 

ect before tliose of you who 

ave cheap or interest free r'./J 

.ians from your employers. The KJOlU JO • ICC 

•enefit you derive ChereCrom is * 

n aU. probability about to COrreUlUOnS 


the Festival TSSSSS^. tUI delate ohteining a Seat- 


- . . , . : : . that nr fnr tha n nian rag pouna. js uciiuuuudivu ui LiuxeniDuurg —oner next 10 noining ou 

£!“ir«is£i tial del^in obtaining a aStill A S^ce at the table below Francs, has done a great deal prospect of capital growth. 


even if the interest spared is For such pleasures and privi- {?* ‘ k, c „ tc SS if could of course alwavs ourchase 

taxable. Only if the benefit you l«gj. the ■ wwdd*. mtoolda toat thTtostitot^ himself :® brief but toSlant institution/ 

derive is only marginally over might have to pay quite dearly > “ 0 momenta elorv hv hirinir the fund 


to pay tax oh too' lot)- might it other seatholders want to seU; 2* ‘«SL* “SSL* flS 


•am/' nrn«inpptive huvers which the first attempts to raise the °°e ot me amsne or 

AJ, G - prto a. £ money tor the hell, in INI “LLTv 

moment— and supply and de- The prospectus issued that ^ r ^^ Uy t uZm 
mand operates, in a modified year offered seats in perpetuity 
• ■. fashion, so it isn’t possible to be to those prepared to pay for “J LJ?°IL JSSS, 5Z 

too specific— is around £800 for them in units of £100: thus sporting fmt* tor which the 

1 II *. • . m. «■ ■ a ■ eA*trivifl oti/i Iiohtinu nHo m i\P 


• • c 


tecome taxable. Under .the pro- ™ accArt ^ n , '-om of a pair of seats in the £200 secured a pair of seats in jjfi 1 *! Jf 

isions of ithe Finance Act lATS assextoon last • gtaflg. • the stalls, £500 a second tier rearranged, and- the staff kept 

—Thom ^ril TSTch benefit month ^ gold That, though, isn’t the end of box, and £1,000 a box in the on duty for an indefinite penod. 

uH be 4. a tah ll iSiw (iuUs tend ^ f °P p S dte fj** the expense. Hi addition seat- grand Uer. Almost from the Muid you. there s lUcely to be a 
low for «udt IS tions. Richard Lake, toe resident holde fs are caUed upon for an start it was plain that the hall bit of a wait for that, as well, 

ic interest would Qualify for char £ st at sto«*broker Gneve- annual 'contribution— set by the would have to be let to provide ADRIENNE GLEESON 

.v- raiiftf anvunv^ rthot ic s(>n Grant, reports^ some further council— .to toe cost of running the money to cover the over- 
i.v n?neii rfjijNwdy l uretL is, evidence - \ . . 

lainlv house purchase): or (b)' The eiienfj'Who originally • \ . • - . 

is worth less than £50 a year, stimulated ! Lake's inquiry. Tfa/? 1*7/* ff fi *thv 0 fit 0110 fl SIT\P PIP K \ 

The size of the benefit you has. rione-'.some research of his JL 1 tiff vlCsV'fftl*'' V 

crive from such loans is estab- own.. ..He has discovered that _ . \ . 

shed by means of calculations American shares and gold have THERE CAN be few expert- he said, the Diamond Commas- to be: alKHit 30 per cent m 

hich hinge on the fact that at moved contrariwise on a daily ences more exasperating, than sion should have been very 1972, and dropping regularly t by 

ic moment, the Treasury basis for 82 per cent of the to embark upon an academic m *“* more borough in its some 0.4 per ceM. per annu^- 

•ckons that you would be pay- rime since 1972.- This confonna- investigation of length weight toyestigations. But if you think that Ui^t 

iq 9 per cent, per annum for a tion from short terra movements disHnrHnn nnlv to have its 14 5s * nevertheless, differences ^SSesto that the nen ouptto^ 
immercial loan. The rate can makes the argument look still .. . . th ■ of size, rather thmi substance, become a protected species, Pro- 

» changed from time to time. In more interesting. findiiioS pre-empted y tho e the two professors’ inves- f «ssor Atldnson not 

ip first two years of the new But the old belief that the Government body appointed tigations reveal- They estimate agree. In fact he trunks -the 
?girae — that is. the tax year best inverse correlation is in the Interval.. Professor A. B. that the wealth .of the top 5 per figures could well be deceptive, 

S78-79 and 1979-80— til c tax- between gold and the U.S. Atkinson, upon whose in vestiga- cent of the population is per- because toe rub hold so large 

ble charge wiU he halved: so dollar dies bard. So what we tion (with Professor A. J. Ham- haps 50 per cenL higher than a proportion of theirassets— 

lat gives you a chance 10 phase need now is someone to trace son) of the Disfribtttion- of previous Inland Revenue figures some 50 per cent in stocks and 


fund 

S. G, Warburg ~ 

Mercury Eurobond 

Gresham Street 
Conv. Bond 

Energy Internal 

Bank of America International 

Worldinvest Income 

Kleinwort Benson 

Eurinvest 


Minimum Initial 
purchase charge 

Currency Quoted Valuation on issue % 


Annual 

charge 

0/ 

/o 


Growth 
5 years 


$US. — Weekly 

SUJS. Luxmbg. Monthly 
SU-5. Luxmbg. Daily 
SU3. Luxmbg. Dai ly 

SU-S. — Weekly 

F. Lux — Daily 


Nil 

Up to 5 J 
1 


KJL Far East $US. — .Monthly ” 1-! 

K..B. International •. SUS. W.cekhr-. " . 1-! 

K.B. Japan ."SUS. Ldtmbg. Weekly * : - 1-5 

K&. US. Growth SUJ. — Monthly *• T-5 

Signet Bermu da 5US, — Weekl y * 1-2 

* Dividend to investment advisors t Varies 

*■* Annualised increase allowing fo r reinvested income 


1-3 

• 

— 

-8J 

1-5 

0J75 

S.C7 

NA 

1-5 

0.3 

-7.37 

-16 4 

1-5 

0A 

- 0.1 

23.7 

T-5 

CA 

NA 

NA 

1-2 

f 

— 

— S J 



Two days ago, the Schlesinger Group 



*ich borrowings out. this relationship too on a daily personal wealth in Britain • this had suggested (allowing for tax shares: and toe market is, by sponsored a major conference to discuss the 

It's not worth refinancing basis since 1972. J.B. untimely fate has fallen, was evasion and avoidance); but that historic standards, undervalued. p ros peels for the U.S. economy and 

— _ 1 — hearing up under the cross the share of toe top 1 per cent *Disiri button of personal wealth stockmarket. Ten leading experts, including 

when he launched the work was (allowing for under- in Brifain. by A. B. Atkinson seven guest speakers from America, covered a 

upon Ube world last week. Given recorded smaller scale wealth) and A. J. Harrison. Cambridge wide range of economic and market topics, 

toe resources at its command, roughly as it had been though t Univer sity Pr ess: £10.50. Whilst the speakers alluded to the many 

short term problems (for example, the weak 
dollar, balance of payments deficit, lack of 
confidence in the Carter administration), the 
conference also highlighted the excellent ; 
values now available in the U.S. stockmarket. 
The view was expressed that the market turn, 
when it comes, could be very sharp and, 
remembering the widespread pessimism of 
the U.K. market in late 1974 prior to a market 
rise in 1975, the current pessimism in the U.S. 
could be followed by a major market rally. 

Tte case Jcffinvestingin the USA. 

1. Note the fundamental values 

Standard & Poors 500 Index * 88.88 



THE ALTERNATIVE INVESTMENT 


Investments tan fluctuate - our expert advice could help. 
Fortuity descriptive brochure, write to DeptFTl 


Fine Stamp Investment Service 

CTCnl^Wij-!o;LL~j»r]'' ' : ; \V" 

9 Ch Hsrrirs Sice* , Br istol SST53S '^feplKSW' Bn''ol!U272)2Q ; +;t2 

fciB ,m fl. 

PAID QUARTERLY 

£10-6f 

ESTIMATED ANNUAL GROSS YIELD 


LAWSON HIGH YIELD FUND 

• The aim ot the fund Is to provide a high and increasing income, which is 
paid quarterly. Fund now exceeds £12 mUQon. 

• Units purchased by 30th April 1978 qualify for 15lh June payment 

• Current Portfolio 42°.a Preference Shares, 29*o Equities, 29%» investment 
Trust Income Shares. Theprtce ot the units and the Income from them can 

go down as well as up. Unks should be regarded as a medium to long term 

investment. 

A wider range trustee security authorised by the Department of Trade. A 5Si 
initial chame is included In the price. An annual fee of ?/» plus VAT is 
tfeducipd Irom gross income. Commission to agents. Trustee Uyaesoaie 
Bank Lid. (Member ot Midland Bank Group) Managers: Lawson Securities 
Lid. 63 George Street, Edinburgh EH22 JG.TpI. 031-2263911. Regs J” 
Edinburgh 65135. Dunnq an offer, units may be .bought or sold daily-, 
oiherwrec weekly on Fridays. Settlement tor units sokl tottows within a lew . 
days. 

FIXED PRICE OFFER UNTtLFRI MAROT2419T8 

Ti<cktanjgcrairiaTvo the i^hl to ckKC this ortwi!tbet»»Fnce rises by moietnan^.. a.- 

Income Units 52.3p Accumulation Units 7Z0p. : 

H m mm mb mh APPLICATION FORM m mm mam ** * 

To Lawson Securities Ltd FREEPOST. Edinburgh EH2 DDBf«^ p 
or Tel- 031-226 3911 15 Imes^-hour AnsaphoneServ^) 

I w-ttoMS a rcmmance poyable to Uww Socuntes Umtted to 
U"*w n High Yield Fieri. , 

. w|r| [ VM • For*tunulananunit5niWK 

- Fnf unit Jlnted Savingi- Plan pl«w ,nJ [? .’i 2 
Wl'M For VWIE -whonqedeUils nWw marK .c □ 

i/ w declare ir-.it l are net resent owfc.de 

srnuti m tneeo untts the rwmineoisi of i«<d0HWntstteBw*»’?rnw«^ 

^ci^rreia'iMr^ifuseh^ara'JondwJdW/WrognihwBjnkef.JKKbrewror 

S^iifiior m Bit U K 

Si'lOi'tyrv — — ’ — ' — — 

^ii Joint uppiicants must wgn and attach full nan>^ and .t-Wres-ssi) 

Nanresrnfulf _ — . .. ■ - . . 

iMr.Mr* Mi'ivTrtlt'J ' •* ; 

Address . : — — ■ ' ’’ — “ 

; 1 ' rirniaiffl 


WhenyouVe made a 
laige gain canyou 
switch into other funds 
withoutpayingtax? 


The Piccadilly Flexible 
Investment Portfolio 
enables you to 
do just that. 


Choice p£ Sector 

The Piccadilly Flexible Investment Port- 
folio provides 'the facility to switch from: . 
one investment sector to another at your 


Performance and Security ' 

Through the combined worldwide e xperi ence . 
and resources of Piccadilly Unit TruatlVIanage- 
ment and The New Zealand Insurance Com- 



30 Year Average 
•1957-1976 

1977 

1978 

Estimated earnings 
ProspectiTe PE Ratio 

I5.5X 

s 10.95 
8 .1\ 

S1I.95-- 

7.4x 

Estimated Dividcmb. 
Prospective Yield 


S4-60 

5*2°,. 

S5^5 

5.9% 

2- Geographical diversification ' 


discretion and offers a wide choice of' pany (U.K.) Limited the Portfolio enables the 


. Funds from the successful Piccadilly 
range (three funds were amongst the top 
. thirty per for mance leaders in the country, 
during 1977). To enable you to-do this the 
Portfolio ' comprises seven individual 
. funds including an American Fund, Far 
. East Fund, Extra, Income Fund and Gilt 
Edged Fund. 

... Tax and Cost Savings 
X The Portfolio has been specially designed to 


private investor to profit, from changing 
international situations through a modem 
flexible investment formula. 

Consult your broker about. Piccadilly perform- 
ance and New Zealand security or complete 
and post the coupon for further details. 

^To: The Client Services Manager, Piccadilly Unit 
1 Trust Management Limited, Wardgale House, 
1 59a London Wall, London £G*M 5UA01-638 0801 


The table below shows the size of the six largest 
stock markets as a percentage of the totnl free world’s 
stock markets. Note the relative size of America. 

°o of Total World Markets 

Usa n? 

Japan 15 

UK 7 

Germany 5 

Canada 4 

Switzerland 2 

The case for investing port of a portfolio in the 
TJ.S. market is a very powerful one lor the genuine 
investor, taking a 2 - 3 year view. It is Sch!«.inycrs' 
strong recommendation that every private portfolio 
should include investment in American securities. 




preferably in a fund which provides wide 
diversification by sector and stock and which avoids 
most of ihe risks of the inv csiinent currency premium. 

Avoidingferisksof the dollar 
premium 

For more than 2 years. Schfesingcrs have 
stressed the risks inherent in international investment 
via ihe dollar premium. The collapse of ihe premium 
from 1 he I ¥75 high ot to around 25 recently 

has borne this out .11 considerable com 10 some 
investor*.. 

InveMmenis in America, as ailable through the 
SchlcMnecrCrouivu.se back -10-back loan facilities 
largely 10 avoid ilie>c ri-L?. Hu never. Schlcsmcersare 
constantly monilurine ihe wide fluctuations of the 
dollar premium and » ill channel a greater proportion 
via the premium when it is at low levels. 

■fivo SdiksingsrGroiip investment 
opportunities 

Wiihin the Schlesinger Group. Trident Life 
Assurance Co. and Schlesinger Trust Managers 
' provide a choice of uniiised vehicles 10 meet tho 
individual needs of investors. 

Investingthroi^Iridentlife 

... The Trident American Fund, an insurance-linked 
bond, has puriicular anractions for the longer term 
investor and units mav be “sw itched’’ into any of the 
range of Trident Life insurance funds (including 
-property, gilts and ILK. equity} u ithoui the normal 
dealing and tax costs or realising the underlying 
invesimcnin. The fund, which is heavily invested in 
BchJesingers' American Unit Trust can be linked loa 
qualifying policj- and so is also suitable for regular 
savers. 

InvestingtliroughSchlesinger 
Hoist Managers 

Schlcsingers' American Grow th Fund - an 
authorised unit trust - reprc*ems a simple and flexible 
way of investing in a d»\cr*i:icd portfolio of L.'.S. "blue 
chips'', largely avoiding the dollar premium. The fund 
benefits from the cjpil.il g.im* u\ advantages of an 
authorised unit lru- t and viirienll. vieM* 2.1 <; "..p.a.: 
the evclD'O c FIMS r'eivonai l:jve>imciu Management 
Service 1* .iv.uinhle loiitvesioisnl £2. 5th! and over. 

for more intormyiion. plea.*e complete and 
Tclutn the coupon below. 


) xnimmizd the costs you tire normally involved f send me fyi details ofthe Piccadilly Flexible 


inched buying and selling shares and at the . I 
same time reduce your personal capital gains * 
taxJiabrlity - .whilst enabling you to cryoy a I 1 
valuabie degree or long-term protection against J * 
inflnrinm. The combined benefits of the Picca- . 
dally Flexible Investment Portfolio allows you I - 
/ toe opportunity of consolidating gains -which f ■ 
otherwise you may feel finable so to do. j ■] 

- Income . v 

A further attractive feature is the tax efficient 1 

; . income withdrawal facility which can be J 

- "parficalarly beneficial tp.ffigiier Tate Tax payers ' j 
*' requiring quarterly, half ^"early or annual ' * 

‘• .Th'cdmc. 


Investment Portfolio. 


| Name:, 


] Tdppbnm.TVTr, - V 

j Name and Address ofBroter [if any) 


cim' r 1 i S/ 3/ 78 


r H H IHH HI flH HB HI HHI HHI HHI m p..p C 33 pj 

To: American lnvestmeni Dept, Schlesmgeni, 19 Hanover Square, London W1A 1 DL . 

I Telephone 01-409 3100. 

Please send me details of the Schlesinger Group 
■ Funds for investing in America. □' *tamc — — 

* I am particularly interested in : — 

I "Trident American Fund (the Life Assurance bond 

fund) for capital invesimriit/iegular savings Q - * 

| Trident American Growth Fund (the unit trust) Q *T* — “ 

I would/would not like to be coniacled to discuss - 

my requirement. ( Not applicable to EireX 


FT IS/3 


IGCAD 


HSl 



_»i 


BY JOE RENNISON 


SAVILLS have interesting com- April/May. However, there has 
mcnt this week about the sug-'been an increase In the average 
pested explosion in r house house in Januaxy/February 
prices. Saviils, of course, deals 197S, but Saviils would place 
only in the upjer grades - of this at about 5. per cent 
property and : in the upper it is important to distinguish 
prices. But as they say; it is between the type of property 
not all one - great disaster area and then place the increase in 
on the prices front. perspective. ■ - ■ - 

Recent articles in the Press. Both markets are affected by 
they say,- talk about an increase a shortage of houses to sell and 
in house prices of up to 20 per keen buyers with funds jvaii- 
cent. in January and February able. Salary increases and cheap 
of this year. But what is:, an .mortgages mean that the aver- 
average price? One national age purchaser • can afford a 
index in December, 1977- show* further £1.000 in order to pur- 
£ 14,70 l^as an average. Another's, chase his house;.: His own house 
for 1977 of second-time buyers will have gone up too. A cut 
shows an average price within back in mortgage funds will 
the U.K. of £16.730. • hold back house prices. 

Saviils. ihrougn their network What about the expensive 
of offices, cover an area south of houses? The stock market is 
a line between the. West and stagnant and world economic 
the Severn Estuary. .They col* .forecasts are full of gloom. Pur- 
late sales aver £30.000 which chasers are buying before plac- 
*how 44 sales in .January- ing their own house on the 
February 1978 against 32 in market, thus depleting the sup- 
1977 and 20 in 1976. The aver- ply still further, but if banlU 



New split-level bouse with uncluttered aspect, at Baredown, Natety Scares, near Basingstoke. 
Hants. The i-aere garden backs on a small copse, the unusually designed house has 4 bed- 
rooms. 2 bathrooms, and galleried landing with balcony. £37,750, Pearsons, 27 London Street, 
Basingstoke. 


The Moyle House, Tupwood^Ttane, Caterham, 18 * ^ o bathrooraPaS l 

Victorian mansion, some 7# fE’-above sea There are 4 b ^™ s ’JL£ a 

self-contained flat A price In exbess of £70.000 for the house and / 1 awes is beit« 
by Knight Frank and Rntlsy^^0> Hanover Square, London : .‘:4 


Mhiiffi 


,f V-V 


Home 

finder 


its drawbacks. 


natives, a new scheme has now- Tire seneme works as touows: reiurqeu lq ine ^Huu ^ Dos i e <j' first data -tdL-alC 

been started wUeh.'wiU help the vendor (or. : on his instntc- s^ledgmeniu ^ fre * hf'subscribfers dn.the.-adm^^S 


by a number of leading London received, the details are typed used in. a varies r_.LV sn * n iW«tL J«uL 

estate aaeilts. out and 'duplicated., a., copy- is>iuitlpnal publications. 

The scheme works as follows: returned to the sender with; .Ail inquire^, seeking * PJJ* rfa>cs.-'rA'air 


both vendors and- purchasers. It tions, his agent)- .sends to the details are 
could prove valuable to the London Property -Register a • priate . pai 
private .vendor, although it does full description (up to 200 They remai 
not impinge on the traditional words) of the property for sale, up to' one 


S ^ urn. free of sub«rlber s on^/MbU^ tt 

t- nf the Restates. -charee. a eopy of the they are receded- 


!1 3,600, £62,062 and restrict their . bridging loans, SELLING a house or flat, as service |^ ) | ^ agent— stating the price sought and his of entry. ' Additionally, any inquirer who perty :.^ ck * 

£49,350. These figures do not the owners will be forced to sell everyone knows, is a very try- j j t j- already supported telephone number, together The Register itself, together "has previously received -a free S taffs. Tel 053-88-330. . , } 

prove a fall in the market hpfore huvina. on inereasino. the mg and costly business. One of ZL 111 ; : ^ ^ 


prove a fall in the market before buying, go increasing the m& and costly business. One of ^ 

because the 1973 and 1976 supply of houses on the market, the major problems, for agents , • ‘ V 

figures Include sales nf houses SavUls advise caution in any and private vendors alike, is Wjf J. _ . A — _ JL — Em yvV« *E 

in excess of £100.000 which were prediction of expensive house that of publicity. E' I/ 9 EE WEE uEfor 'Ef mmEmEEEEE EEwEEmETEm' 

held over from the previous prices. There are instances of There are basically only two M. m \Jf9Ww X A. m m/wM/m ms fl'l/lwf H' 

year. Also these figures give houses which are placed on the options open to the property . - 

contracts exchanged on sates market in 1977 at- inflated prices owner at present. One is to THE ARABS in the time of the Sassanid drachmae. A strict the caliphate waned and dis- 
agreed in November and and remain on the market even advertise his property directly Mohammed bad no .'knowledge interpretation of the teachings integrated, rival dynasties arose. 

i ... .t t_ a v j U «■«. .c r ..uei,;* . AMA o<fie« N imeoA Thoir nmorocc and riPTlini* K 


December and in some cases though prices have been re- himself, and the other is to of, or use for. coins but within of Mohammed regarding image- Their progress and dedine_li 
before that.- This year, the duued. Saviils expect values to instruct an estate agent. Each a generation of. his death their making meant that no repre- simiiariy.charted in the WeaLto 




dinars hearing the mint names 
of Ifriqia.:. ( Africa." .probable 

Qaimwanl -and A7 -Apuklu^ 
(Andalusia^ .presiunablyl .'.p>r* 
dobal.‘ A splendid example d£ 
u dinar oi the Andalusian mini, 
is the highlight.of the .Sot^eby; 
sale with an estimated rvalue 
of £2,500-£3,000. Many of th$ 
other goM rijius itt. Olii^ale' 


however,, ’are in., the; .£3?*.^^ 
range, demonstrating .jliaf . this 


is stilt a relatively ..neglected 
and. undervalued field. >“:• ~ 


in . the . raid-8th centilry. tH® 
• . ....... • Abba^ids. overthrew ^'e '-Chnaj^ 

series in the whole nf numis- yads and srinefc -dinars. df^ aC 
'matic' history. To the beginner ' somewhat . similar . ■ type: Inqj 


before that.- This year, the duued. Saviils expect values to instruct an estate agent. Each a generation of. his death their making meant that no repre- simiiariy.charted in tne yre&lta 

marketing of these, expensive level off at the back end of of these methods of selling a rapid conquests of-Syria from sentatiorr of human or animal of inscriptions found, on thfir ; 

houses has been delayed until 1978. property has its advantages and the Byzantipes and the former form could appear on these coins. Every Moslem claimant 

Sassanid empire o£ Persia had coins. ’• Instead the Arab mints to power took tlie first opp6r-_ 

T> 1 Quern Anne style (end which which at one time featured tile brought them into contact with developed obtrerse and reverse t nnity of Issuing his own eoii g. 

KliVfll will be offered with the benefit hung walls, exposed timber “'"Hf of 4L sophjsoea- typK which were wholly - - 

of planning consent for division neamv and an inglenonh fire- 104 ispe. Their sudden acces- devoted to mscnptions. AA|Ue • ■ 

into two dwelling has a unioue D f ams . an “ an ^"gienook nre- SIOn 0 f wealth through plunder The usual pattern of the COINS 

. . series of intercommunicating p ace 15 1X1 an advanced state provided, a need for coinage of earlier Arab coins was a three- |A 

reception rooms the views from of dila Pi da ri°n, and wtH require their own and at first they were line Inscription across the JAMB mackat ...... • Apoa^idsi. overmrew tne 

which extend over the wardens a great deal of restoration work, content to imitate Byzantine middle of ti continuous legend series in the whole nf nu mis- yads and s mi cfc -dinars. 

■ to West Sussex and the South However, on completion of this coins, modifying th» cross on the round the edge. The coins of matic history. To the beginner somewhat' .similar- type-.;: htqj 

THE AGRICULTURAL Depart- Downs in the distance. A rare work it would provide a hand- reverse to suit Islamic suscepti- Abd al-Malikhad as the obverse and. as. a result, the r most they - present a. bewildering usually bearing. the rianii* dr. the 

ment of John D. Wood .together August Gern mariual/autoniatic som P P^ ri P d farmhouse in a bill ties. ' Under 'the great motif the bismillah or pious' obscure and ephemeral- of ; ArsdJIarray^ the monotony .of whose, calipli 'or a local’ .governor 

with the Guildford Office of pneumatic organ in need of love3 y position. It is to be sold Omayyad ittliph, Abd ai-Malik formula “There, is no God but kingdoms are -recorded numi*,; types is redeemed on]£ by the Among the 'mQrc. «mraj-ka^ 

Weller Eggar has been restoration is incorporated in with a 3 acre paddock. Further (085-705 AD) the Arabs con- God; he. has no associate," and mati^ily for ppsterity. In somerbeAuty' and elegance .of T tile coins' of this series Ivere* tbpsg 

instructed to sell The Winter- the construction of the entrance Properties suitable for reuova- quered North Africa and- the edge inscription stated “In cases their very existence ■ might L retferifig: The Complexities of struck by Haroun ^al-Rashid .or 

fold Estate nr Crahleigh in hall In addition there are to 11011 are the Keepers Cottage southern Spain. By- the end of the hkme of God this dinar have gone, unnoticed but ?for- the 1 Arabic - inscriptions may, at Arabian^ .Nights flune,; ^fqVeral 

Surrey. ’ be sold in separate lots eight with about 6 acres. South Lodge the 7th century -Abd al-Mabk was sfirude at — in the year the rich legacy of their coins. v.-fim glance, appear daunting coins in the So theby'^slelieio.nS. 

The estate, which lies about further dwellings, uniived °in with about acres, and Bothy f e i t that the Arab empire of—.*’ The inscriptions on the One of the highlights-, in’, but with a little perseverance to this reign and intruder a fine 

35 miles from London and 9 for about 15 years, with the Cottage with about 5 acres. In needed a distinctive currency reverse contained quotations Sotheby’s spring : series *-.^t Arabic, and even the subtleties dinar of A-H- 188 bearfiilj 

miles from Guildford, will he exception of the entrance lodgi*. addition rhe Stable Block, built an( j j t was he whd established from the Koran. Thus, from Islamic tales is the auction of of Kufic script, are unravelled.' name ' of- HAroun’s Mzfer- anffl 

offered for sale by auction in In this sought after part fo at the «ame time as Winterfold a coinage of gold, silver and the outset. Arab coins gave the Islamic coins, naairily .in gold,.' The best guide for the begin- boon comp'aniom the Ill-fated- 

IS lots on May 17.' Created by Surrey these provide an oppor- Ho us * bas planning consent for copper. date and place of minting. It which takes, place on Thureday.^ifex is R; J. Plant’s Archie Coins Barmecide Ja ’afar.- There a rtf; 

the Viscount Alverstokc* the tunity for conversion or renova- conversion to a residence, and The names -of -these coins should, be )«>ted that while April 6. -The 296' -lots span jand Hour to Read. Tkewi- ( put*- also -’several' double’, and* triple- 

estate comprises 212 acres in all. tion. Perhaps the best of these is offered with 6* acres of indicate ' their Byiahtine or medieval; English, coins : had a- the ehtiis period of Arab-powpr,- v lished by R. A; Seaby. and avaif-l dinari: df - the later* J \Abbasid; 

about haif of which is wood- is Gardeners Cottage with 3 woodland. Roman origins. -These were the symbol giving -a due to the from the earliest dinars of Abd afele from major Coin deafdrST- caliphs whose extensive ' feoW 

land, with some S3.000 cubic acres, which lies at the head A smallholding of 6 acres dinar (denarius), ' dirhem mint, almost a thousand years al-Malik right down to' the gold - A smattering ■ of Arab'itr is- coinage . became thev -greatest 
feet of timber, the remainder of a small valley about 600 feet with a pair of cottages in need (drachm) and falus or fils elapsed before dating became piastres of Mohammed V, last fhe key to a treasure-house of currency of ' tbe Middle -Ages - 

being permanent pasture. It above sea level and with views of repair and modernisation, (follis). Even the- characteris- a regular feature of the O tomans in' 1918.- . fascinating, material! • The King Offa who founded, the -first; 


with later additions in the estate, Colmans Farmhouse also for sale. 


dirhems had the thin, fabric of useful genealogical data. As the most widespreadiiid protifib- oxceptitms are a handful of of the sale. 





ESTATES- AND FARMS: LAND FOR SALE: INVESTMENTS: 

LONDON AND COUNTRY PROPERTY; OVERSEAS PROPERTY: 


• -V.-i- »:. • 

• ‘ : ' >iiJ 


PARKLANDS, FLACKWELL HEATH, BUCKS. 


HEXHAM — NORTHUMBERLAND 



r- . 

TTTTf 



* * t 



A DISTINGUISHED MODERN HOUSE 

in a fine position with views over the Thames Valley. Ideal for entertaining. 
Galleried Hall. 40 ft. Drawing Room, Dining Room. Sitting Room. Breakfast Room. 
Master Suite with two bathrooms, four ocher suites, two more bedrooms. 
Leisure complex including 60 ft. swimming pool, squash court, etc. 

Excellent domestic quarters & extensive garaging. 

Grounds .& Parkland of about IS acres. Fully Furnished & equipped. 

FOR SALE BY AUCTION on 18th May 1978 

unless previously sold 
jOINT AUCTIONEERS 



; 1 :• 




An Impgaina srane-tutk Country Home in unspoilt rural CoomrysWe. only 30 
minutes' dnv« from N*we*s«i# »nd ,tht rtjkjrval Airport. The historic market 
town of Hexham provides local amenities. The totata extends to 30.fi 1 
acres or thereabouts and incorporates formal earden. orchard, pariefanda. 
paddock, woodlands and river .Hshinj- Scope is offered for development or 
pan lor buwoess purposes- which mijlw include «n *qu«un<n centre or 
ilmHar. A nursery garden -support! the runninc expenses of the ground and 


provides pocendal for expansion. The main residence which is in. excellent 
order and cerwraMy heated b ready for immediate occupation, and briefly 


care prim: — 3 magnificent 'RECEPTION ROOMS — Modem and Mly fitted 
KITCHEN/BREAKFAST ROOM— LA UN DRY— 6 BEDROOMS and 4 BATH. 
ROOMS— PASSENGER LIFT' Within the main resideneo there it a SELF- 
CONTAINED FLAT comprising:— LARGE LIVING ROOM— DINING ROOM/ 
KITCHEN/BREAKFAST ROOM— 3 BEDROOMS— BATHROOM— SEPARATE W.C.. 


and a MAISONETTE corva firings— 4 BEDROOMS. 2 RECEPTION ROOMS— 
BATHROOM — SEPARATE wit— A DETACHED LODGE CQTTAGE contain*:— 
LOUNGE— KITCHEN — 2 BEDROOMS. — BATHROOM /W.C.— ^Ancillary Fad I hie*: 
—GARAGING for 6 Cn-LSOUASH COURT— 4 LOOSE BOXES — HEATED 
GREENHOUSES— En-Tout-Ca^ TENNIS COURT. 

full Detaili agd llluttratcd Particular* on request 
-I JOINT AGENTS 



6 Arlington Ec.. Si. james's SW1A IRS 
TEL: Ql-493 8222 


7 Burkes Parade, Beaconsfield 
Bucks. TEL: CM 946 5432 


STOREY SONS Si PARKER, 
Chartered Surveyors, 

Hicham House. 

New Bridge Street. 
Newcastle apon Tpite. 
□432-2*291 


j. M. CLARK ft PARTNERS, 
Chattered Surveyors, 

1 Braadwood Road. 

Deaton Bum. 

Newcastle upon Tyne. 
0632-741394 



LONDON - EDINBURGH -'CANTERbtIRY-CHELMSFQltD:- CHESHIRE GRANTHAM V 
HAHBoCAre ■ ipswich icwts. sausbury^boutwend . 


. ■; HAMPSHIRE 'COAST .. 

Betwera Lytmnsian. 3 mlR-s. and ; SonmirnDton, IB miles. 

Beaulieu tills fe 3_» i W_ 

THE OUTSTANDING AGRICULTURAL AND SPORTING 
. ; SOTrVLEY ESTATE ’ 


ABOUT 1.773 ACRES (717. H 4 .) 


. Wuu .aboul 9 Acres ol UhiSoIeM Korushorc 
ComprlsuxA: . 


:An ’Exiellent DalTy aml-.’AwMe Fann 

with ManSp-ra Ilouac and li s-tvli-e LoStii-M. « conacei. 

.3 Sets of balldiii(B with Crain jSidrap^ for 1150 tons- 
Farmland of about 996^ Acres 
incluffinc approximately 740. Acres. JO. A. F.F. Grade 2 

6M Acaiis of WemLand « Majority' q^diicaiedi 
: The-wNl knoins Sowlej- Poitll of 48 Acres 


Arable fa fro, 

an north side 


Within 25 miiea 
of Marble. Arch: 


ALL WITH VACANT POSSESSION' -0N COAIPLETION 

(Subject to ctinasi? occuAatKleS' 

Jitt C ^Qiur y usu&c jmlsnUTF' lettings. ... 
with aCTf-ri Increases ro £203 SI MUbacdtndt 10 TS 

FOR SALE BY -AUCTION 1 AS.; A 'WHOLE - 
... os Thursday lun wav 1978 ivulMffJirGrumsllr jwld' 

. - Leo don omce. TeL- «-«?B -7382 

or 41. XllfOnf srreei. Salisbury, WUIaWre. TeL- lOTEi 2*741 


WRITE BOX T4S47. OMAN DArTlMK, 
10«NNf»i STR&T.4D4P «Y. . : 


SUSSEX — LEWES 10 MILES 
SOUND FREEHOLD INVESTMENT ’ 
TWO FIRST-CLASS BLOCKS jOF WOODLAND; 
Well managed, hard and '50ft Vood. 
.104 AND 138 ACRES- * 

FOR SALE AS A WHOLE OR JlN LOTS 

Lews omce. ML Ultra Sc«L't. TuU'JTBIB MITJ it«f- SAEl.’Mi 


London Off ice .13 Hill Street wfx bdl .Tel:Ol'-629-7 282 


mm 


STOP DREAMING 




LINCOLHSHlfiE— Fullethy 

Homcutle 4i miles. Louth 11 mileSi Unjoin 27 miles 


Substantial .. renovated,, fully equipped and well maintained 18th , 
century -house "with exceptional views, 'oyer the Lincolnshire 
Wolds. 3 reception rooms,' 4 main bedrooms. 2 bathrooms, staff 
sitfre. of 2 bed/woms and- bathroom, oil central heating, stabling, 
garage, tennis court, gardens and grounds, 7.8 acres. 

SAVILLS, Springhlll House, Springhill, Lincoln. 

. Tel : (0522) 34691. 


about your holiday home in the sun! 

— IT’S NEARER THAN YOU THINK » 

If you want to avoid rented apartments and high * cost 
hotels you've never seen; overbooking and nothing to show 
but a sun tan and an empty wallet — then write to us.i . 
We will send you our illustrated brochure telling you about 
a "Time Sharing Ownership” Scheme for luxury furnlsned 
apartments we are building at Concordia Park, an the spnny 
Spanish Costa Blanca. ? 

A modest investment with a return on capital for as 4ittle 
as £760 (and wo can probably help you with that). Your 
share could cost you less than your package holidays— 

Interested ? Drop a line to: — . - 

Concordia Park, Dept. FTI. 

BARDEN DEVELOPMENTS LTD.. 

4. Weysidc Close, . Byfleel, Surrey, KT14 7DF. -• 

STOP PRES S^— Concordia offer the first 100 licences at half 

price! - 


KING & CH ASEMORE 

Chartemi Surveyors 

WEST SUSSEX— Pu (borough 3 tnifes ( Victoria 70 mini.) ’ 
PART MEDIAEVAL COUNTRY >IOUSE . 

3 Recep.. Large Kitchen, 4 Beds. 2 Baths. Central Heating, Mapy 
Outbuildings. If Acres. Iffth Century ,2. bed roomed. Cottage. 
AUCTION — 3rd MAY, 1978 in one or two lots- ' . 
Details: Pulborough O ffice"'( 07962)' 2081. : ' 


| CARAVAN CHALET PARKS HOLIDAY. 
Aportmeftn, Flat*. Sale or purchase. 
CORXult Sniff 1 ' Specialist*. FranL \, Ray. 
taovld. SS. BabBa combe Road. Bafcaa- 
fomh*. Tofoaay ■ Phan* Torouov 3.0373-6. 


FOUR :FO(TS overlooking Channel. 
VifiSJOr, »*.W. £10.500 **ch. ffLG, 
'93, SftovtMMh- IU.. Farnham, Surrey, 


l KNURmBD, Cheshire-- -AivJJutstaiKiuw, 
1 mofitrn . Bet, roKtowe r«v. SBlOtaMd^ 
locality with swSudm srounite <it. joout* 
.- 'i acre. - -SwocrbJv aapmnwxl. act bra 
I moflatton lnct. hall. doakrbbm.^d-tDt? 

: . rooms, sun.. lounfleir>|jyix>pmt , '<fittefi3 
( dining ' kitchen, .utility- raotAn -4- txsl-- 
rOoms, 3 bathrooms." dguplellBaragA- 
i Gas hr«J- ctMral .heating.' tuH : . tfoubhr 
I gluing . ana. '.cavity wall '■ InsWiiton^ 
MeUer Braggins . fi Co.,' KnStilonl. 
j (Tel. Zfiiei. .... t 

MAJORCA.-' . ScutMo mt toemtvaru., 

. Swimming pool, near beach!,' TOuicli^ 

I sole. Outstanding value. -.X3.9S»r mri 

i OfMr*. ' Rhone -Tiics.' t6 r Sat^>23S^».S 

i to 7 p.m . 0^-286 7*S5-L:_Mj» -*°P«t-’ 

1 TTM CENTURY' FARMHOUSE ' 

In. North- Buflolk ’to let, : J 

Recently renovated, . to .'hitfi^tUiicla/d. ; 
3 rec . kltchert with all-flrcd-’Aitr.-vtlfitv- 
Jad- cloakroom.' 4 Z TBJSirdomaJ’ 

£1.300 ta. excl. rata ■ no ~c*rf cnerj 
to •XompUry tteta its -from- the - 

ASMh; ' Messrs. "Tnot.- • v/hr. C^i* 

Son. Royaon Road.- . OlsaV • Me Holfc.' 
Tel.' 229TS.~ . 


HERTS./BUCKS. 

BORDER 


B1DWELLS 

Trwnpinguan RosO ■ Csmbriopa ■ CB2.2LD. 


chanered surveyors 

THeohonc Trumalnflion ^022 021 j »91 


ARABLE FARM 

226 ACRES 

FOR SALE 

Freehold with full 
Vacant Possession 


NEAR CAMBRIDGE 


Brochure available Irom 

PROFFITT & GOUGH 

37 St. A] bam Road, 
Watford, Herts. 

Tel. Watford (0923) 24235 


H08TBDMBERUN0 

AGRItULTUttAL 

INVESTMENT 


An arcractive' small Estate com- 
prising 3 Let Farms together 
with • Woodlands amounting in 
all to . 

67S ACRES FOR' SALE 
Privately, as a' whole or In Tors; 

Partita tor* frcPU — ' . 

Messrs, -J. M. Clark ^Partners, 
Archbold House,- ■ 
Archbold Terrace, - 
Newcastle-upon-Tyne, NE2 1DR, 

Tels (0632) 311277 


CANADIAN: ■ 
RECREATIONAL 
PROPERtliS' 


viOa&B'-: 


• brought .to you ' by the Canadian EstitV 
. Land Company since 1964. ■ 


• S2i45>buys 10 acres i n Nova Scotia witfr 800 * feet offtad 
and actess; to private beach. . : !■:*; 


In quiet secluded wooded setting 


. TUDOft MANOR HOUSE 
16th 'cerituty. needing modem!-' 
satiop. Reception HaH. 2 Recep- 
tion Rooms, 5 Bedrooms. Bath- 
room. Extensive outbuildings, 
Paddock 2,37 acres. In ail 4, acces 


BARN FOR CONVERSION 
19ih century barn With planning 
consent. Ideal for conversion, to 
high quality family residence.- : 
Potential 2.800 sq. ft. on two 
floors (sufficient for 5 bedrooms . 
and 2 bathrooms),, l.n acres 


SARK, CHANNEL ISLANDS 

. . TAX HAVEN . 

TO LET 


• $2,966 buys acre ; lqt on Lake Huron., 

• 53,595 fiuys 15 acres with river and road froptage. 

• 54,40$ buys 5.2 acres on river in Western Caiuifi. 


w , , .—r ana raaa r rootage. . - ; *.% 

• 54,40$ buys 5.2 acres on river in Western Caiudi. r> :<■ - x 

• \ v y* 70 acre hunting.' property in’ Cochran* ***$ 

-ffOnt*g6*n-Tniw-Canada . Highway. • 

• ^l*500 ^ ^ 2 . *&**' in Northern Ontario with : 

stream* and Trans-Canada Highway. Close m’Dryden ‘ s' 


• .™>5b0- T J 2 . ^ Northern Ontario with ; 

stream and Trans-Canada Highway. Close to 'Dryderr. " 

? 392. acres with, river. fron»ge and mininc’.rieho^, 

Nor^W Ontario. . . -- • 


For Sale by Public Auction 
in Two Lots, 25th April, 1978 

(Unless Sold Previously) 


Residential Hotel sleeps 52. Substantial buildings wish Swimming 
Pool. Manager s/Hoteiier’s Modern Flat: Adjoining. 

Sole Agents; 


. .. Th«e are CASH prices. Easy terms - . . . ,f"'. 1'^L' 
; ' '*vai la bk with . iow downpayment.' All ; - •/’f- ' A £L 

vproperties guaranteed. 12 month exchange, '."i /j , 
^pnvilege. 24 hour answering service for ^ 

. 170ur convenience. • ’’ -- 4 4 

CATALOGUE: CANADIA & ESTATE- UiypS: 

■ . 286 Lawrence Aw. West, .Dcpt-^C ' -' . - ’ V ytij. 

!•’ j’..-, . .To'rooco, jOht. MSM 3A8 v 

,v : ;. . : -■•,.( 4m'-Z89-4536 r * . ' v 

• Telex: CBLCORP «-22599 v r r - - ** 5" 


fl.C.FrOSt &CO I Te,: Windsor 54555 














MOTORING 


GOLF 







Nicklaus is still the maestro 






ously when the greet man had shoulders it might have been 
reeled off those incredible five he, wther than Jack, who is 
consecutive closing birdies - to W1 dely regarded as the greatest 

■The Chrysler Horizon. It fits m between the Simca 1100 and Ch rvs I steal a victory in the Jackie S°]f r er ! time ‘ 

incorpoSTWly Mper wrt. ^th^rMmpwwntt. P Gleason Ferrary Classic. But Wei^opfs temperament is as 

-w- — _ Nick I a us’s second successive legendary as it is unreliable, 

m -p* f* • final nine holes in a touma- 31x1 his start to 1978 had been 

I stBiBKlnn YfW *7 SJ c mem of Six-under-par 30 for a disturbing one. Infourpre- 

K m f*'* rounds of 65 was almost more vious ^ h ® 


AS WE SAT AROUND enthus- US. tour- in 1962 he has mn Angeles, and won at Inverraiy. and wedged within four feet of Nicklaus into the front bunker 
ing wrldiy about, the .finish of 64 tournaments and 14 major- His money winnings of S74J265 the 351-yard 1J th for another, from far less than 100 yards I 
the . DoraJ Eastern Open in championships. Weiskopf, throe gave him an average of $24,755 while Nicklaus took two putts thought he was doomed. But 
Miami- last Sunday evening the years younger at 35. joined the per tournament for par— no blood. both men got down heroically 

realisation dawned upon all pre- tour three years later, and since To eet ito *h e nnforeet- *^ 1C * 2til hole a monu- in two shots, Tom from a far 
sent that the luckiest break -of then has won only 12 tourna- ra ble coif of Sunday Weiskopf mental 608 ywds long. After worse lie. Nicklaus had not 
our lives as scribes and broad- meats and but one major took a tenuous erin on the rain- N,cWaus had Pitched directly finished with him. however, 
casters is in being contempor- championship, the 1973 Open Slaved event with a third int0 1110 ^ rom 58 yards for feathering in a six-iron shot four 
aries of Jack Nicklaus. at Troon. Noone knows better ™„nrl of 67 in the moraine that a second 63510 lhree - Vfetttopf feet from ** hole at the 426- 

We thought we hod- seen- .hue tatta-rif tint if he BKl ita JSL f S-“ I , , T'-wS He (ELE? * "“if u1,lie 
evening two week, ptevi- h?d « I* ' . . . “ STSSJS JT- ^ eil * 


BEN WRIGHT 


BY STUART MARSHALL 

HERE IS more than one way L118 cc GL 


ously whin the great max. had shoulders it might have been — : led by three shots now. but was second putt of fully four feet to 

ree»ed off those incredible five he, rather than Jack, who is pl *!? Iy , v dl ?“ rb ' d - ^ 419_ reta, “ ■ h,s advantage of one shot, 

consecutive drain ies to widel y regarded as the greatest * pni p - vard 14lh hole provided a two- in his entire career, Weiskopf 

S a %e« the iiki'e golfer Of. all time. GOLF stroke suing that would have had never before needed to 

rnlT « *■ Welskonfs temnerament is ai destroyed a lesser man— exactly make par to win. Now he was 

leSf^ TKlilLe BEN WRIGHT what Weiskopf used to be. forced « do so at the 437-yard 

OLi S i ” SS? aSd htertait to 1978 had been Nicklaus got up and down from 18th on Doral's “Blue Monster." 

“fJwJnar Sr 1 !? a disturbing one In four ore- sand with the help of a six-foot renowned as one of the tougnest 

SE?" 1 “2 "£L* ^odf“SSar^ces 5? K Putt while the leader took an finishing holes on the tour, with 

unbelievable nrissrf the cut in Phoenix, tied Weiskopf and Nicklaus both oeonisins three putts from 30 water all the way down the 

for eighth place in the Bing reached the final turn in 35, feeL Surely he would now left. Both men hit perfect drives. 

The fact that his great friend Crosby; finished 27th in Los Jack by virtue of a 35 foot chip collapse ■' In 1968, Weiskopf had scored 

and rivaL Tom Weiskopf— Angeles, and 13th at Inverrary. straight into the hole at the Not a bit. Weiskopf struck six here to lose the same tourna- 


ivite Hi® nruu t n thra<4> +v- ■“**** “ cuBuic m uiuuuuud aesceius. me ciuil-d u u, rounds ana i.wo stxoKes. wnat a also OUT in so. Was closest to Uie auu u* umiub nuu* iuur iron, imaiiy vnuur-m„ im- 

rodacte ronnd it ftvT™ hottom-of-th e-range Alpine, smooth and the gem-shaft, if a barrage. and : reacted only by contrast to Kick! bus's perform- leader. 9 feet for a two against latter to hit the green. In going 

•ream ine moraine iv£i<3» 01056 lo 50 per ceilt - of *** bit rubbery, is light and quick, raising his own majestic game ance i But then Nicklaus reallv got Nicklaus’s marvellous par from straight for the pin. Nicklaus 

uod clean fun bntfn-riivJ** Horizon's parts are in fact from Though high enough geared to to hang on to win by a single ^ three outings, Jack had to work. He made an eagle the right-hand bunker. pulled his second shot to the 

i the famil y motorist who the Simca 1100 or Alpine. The make a lot of elbow waving un- stroke, was a singularly averaged ' ”0.5 strokes for 12 three at the 10th with a 57-yard Both hit excellent drives at very edge of the water, but 

^links reasonably enmiph that fr0Di suspension is Simca, the necessary on hairpin bends, the poignant one to all of us who pounds containing 846 shots. He sand wedge directly into the the 379-j-ard 16th. dog-iegged to played a pitch from a horrible 

oor handles are for oDcnine- rear suspension Aipl^e; The steering is effortless for town km>w the winner welL f OT 29th place in the hole. Weiskopf hit the green the left round a sea of sand, spot that can only be described 

oors not for trvina t« n« ^ our ' s P ee d transmission isJrom driving and parking and precise Since Nicklaus joined the Crosby, ‘was second in Los with his two iron for a birdie. When Weiskopf followed as miraculous. 

^ , wl ioi ujius io comer th e Simca. All the body panels at all times.. . 

Then there is the 50-mile f 16 - n f. W, r^ ut F 10 sty P ng ^ 80 Handling is well-mannered ^ 

otter around^ ^ country roads; an St^frS^thP^AinS? 0 ^ and predict ^ ble - Korizon is 1 W V /> • • w # • 

A lick of paint in the springtime 

owered or both. The third . a ^^*tn<Iepend.ent. suspen- even better as the day wears on. 


aurae sorts out the men from The plump seats are cloth MORE RELIABLE than the varnishing, and anti-fouling can ones that yachtsmen are most ments that have faded in sun- of old anti-fouling paint from 

■ hoys "and is far those with . tnmorc upholstered. Shoving the front cuckoo as a sign that Spring be made simpler and easier. likely to be experimenting with light. Two-pot polyurethane season to season. 

U it'?j^ elr new model’s ride, , y ' . . u . ones right back curtails knee- is on the way is the first sight- The first big development in for the first time this Spring paint is the answer for boats Little Ship arc keen on 
aadholding, steering, comfort, - . ° r ““ room in- the rear, but with a ing of a yachtsman painting his yacht finishes I can recall was it is worth looking more closely like that Three coats can yachtsmen trying their single- 

rakes—and unbreakability. of gi ve sad tahe, there boat. the introduction of the poly- at what they are supposed to be restore them to a new condition pot paints for a number of jobs 

Chrysler comes into the third s ” “ 50 (usa s ree ' i$ space enough for five people in severaj Hamble boatyards urethene. varnishes. They able to do. with a surface which is claimed to avoid the extra trouble and 

ategory. For the international ‘ for short journeys. The rear seat last Sunday I saw covers being offered, a harder alternative to Perfection 709 is an improve- to be harder than the original expense of the more 

ress launch of their new backrest tips forward and the removed. A few owners with the traditional oil-based var- ment upon the earlier two-pack glass fibre. sophisticated products. I think 

[onzon i hatchback they set up ° t nn t parcel shelf lifts out so the the “press-on ” spirit were a ctu- nishes which had been in use paints which are used to cover Perfection 709 is claimed to that is good advice. If painting 

amp (if that is the right word y 5“ Horizon has most of the ally slapping on the anti-fouling since Nelson was no*but a lad. glass fibre. I can hear some last longer than the paint it and varnishing has lo be done 

3r rT e s P Iendid Hotel Saiam) n a . attributes of an estate car. paint preparatoiy to an early Then came the two-pot paints readers shouting that glass replaces and to bo easier to out-of-doors in cold weather the 


“?w «■ SSi^SlLi. l,r 5iJ? r 5J52 road and rolled for several not, of course; typical of life- makers have SAILING that International have done to stay-put on our boat's teak 

, JSjSJ ^SSi- a,l 5- hundred feet down a slope of Britain. The majority of boat- now refined their technology to away with the need for a first rubbing strake. Teak is a notori- 

** Tafjaout massive potholes at sp^d ^ scree> Das _ owners are not likely to buckle a point at which they know ROY HODSON coat of glass fibre primer to ously difficult wood to varnish 

f-i b . J? ““fff berause were able senger compartment remained down to the annual ritual of that the various products are soften up the surface. . The com- because it is so oily. Some 

arouaant It s just under 300 to absorb so much punishment j^gejy |^ e lamin ated “fitting-out” much before good and thus they can concen- pany says that the only prepara- sailors don’t even bother, but 

tiles, so jf yon start after break- on rough roads without making windserggn g t aye d in place and Easter. trate upon making life simpler tion necessary in future is a we like the golden appearance 

jst, stop a couple of times for the driver feel uncomfortable, driver (belted of course) Before buying paint and var- for the . man with the paint- should never need painting, rub-over with a new abrasive of a varnished teak rail at deck 

unt tea and have a picnic Driven as though paid for W as unhurt. Had he been un- nish for this season, it will be brush in fais hand - That is what mi S h t best be cleaner which should then be level. 

inch, and you should be back with one’s own money, the belted it would have been a worth while to study the pro- International have come up called a dubious truth. My own washed off. None of the two-pack 

Uhe hotel in time for a swim Horizon rides like a limousine different story. ducts that are- now available for with two. pew paints: Perfection white glass fibre hull is now Micron 25. the new anti-foul- varnishes and other synthetic 

efore the sun goes down.” Whether the 1.1 litre GL or 1.3 The Horizon will reach all the usual forms of boat con- 709 which is a two-pot poly- nine years old. It is in excellent ing dissolves away slowly as it preparations withstood the sail- 

I was, having averaged 46 mph litre GLS. there is more noise Britain in October It will fill struction including wood, alu- uretban paint intended pri- condition having been carefully releases its poison to discourage ing season. We have now gone 

or 6i hours driving, mainly from the tyres rolling on a the price «*ap between tie minium! steel, and reinforced for glass fibre boats; and maintained and polished. It the barnacles from taking up back to the standard Spinnaker 

n tarmac strip roads with coarse surface and from wind poshest Sunbeam • f currently glass fibre. Micron 25 which, the makers certainly does not need over- residence on the ship's bottom, varnish (Matthews of Liver- 

irt shoulders. You have to rushing past the mirror, wipers £2985) and least expensive More ckanees than for manv 0131,11 w^ 0111 P a y* n S 1'P-service painting. But I have seen many The claimed advantage here is pool) in the green tin—an “old 

ake to the shoulders to pass and radio aerial at 70 mph than Alpine (£3,072) In France 't vearc i-i th* t^hnoloev of t0 mode ® t y- is ^ world's best boats only a few years old which that the paint always has a faithful.” For this particular 

rucks^ Though the shoulders from the engine. Even flat out j s now on sale at approximately paints and pakrting are being •fouling paint have been scuffed along jetties, smooth finish as it wears away, job it still seems the most 


SAILING 


ROY HODSON 


^ , “ 6 , ■««««««» 4ium “ic cu s^ ,c - mi.uui is now on sale at approximately paints and painting are being 

ire fairly level as a rule, the downhill (93 mph in the GL, £2,750 for the GL, £2,960 for upon^henSrine market 

rtep between tarmac and dirt 96 mph in the GLS) neither car the GLS— prices which, Chrysler interaational Yacht Paints. 

-a 3 y be'steep and ragged enongh sounds in the ltest frenzied, points out, comfortably under- Berger Little Ship Paints and 

.o pull a tyre off the nm if you Chrysler's claim- that 'thAy are cut those, of the equivalent Helmsman, three brands which 
ihoose the wrong spot to climb their quietest cars in their class Volkswagen Golfs. between them • dominate the 

ack on the road again. is believable. Fuel consumption. Chysler took the Car of the British yachting market, are 

The Horizon fits in between gently driven, canybe -better Year award with the Alpine in offering new products and are 

ie Simca 1100 and the than 40 mpg in the'GLS. 3975. They could- do It again suggesting ways in which the 


As those two paints are the neglected, or coloured with pig- and there is little or no build-up durable stuff around. 

TRAVEL " ’ I ■ ■ .. ™~~ 


^^.-^-fjhiysler. Alpine in in size. The. The disc front, rear drum with the Horizon this year. 


• r:^m, 

w 

H-[.- 


CHESS 

LEONARD BARDEN 


POSITjtdN No. 207 
BUCK( 6 moil 


PROBLEM No' 207 
BUCK (7raeo) 


^JHESS in the U.S. seems to be 
jacking up from the disappbint- 
i M; ’ uient caused by Fischer's with- 
va= - *■ ^’hawal from active play 
-nraediutely after capturing the 

• urld title from Spassky. 

• U.S. Chess Federation member- 
lip, which doubled in the year 

.. f Reykjavik to 60,000, has since 
'..ropped back to 45,000 but has 
. ,ow stabilised, still healthily 
' • ; bove its pre-Fischer level. 


£} 5 


WHITE ( 4 men) 


WHITE Omen) 


whole business of - painting. 

perhaps the world's best Id this 
age group, will officially repre- 
sent England- at Lone Pine./ 

Their task will not be/easy. 
That the U.S. champion, to name 
just a single opponent, is in 
excellent form jnst now is shown 
both by the Reykjavik result 
given earlier and by this week’s 
game, the 1977 U.S. title decider. 

White: W. S. Browne. Black: 
R. Byrne. • Opening: Dutch 
Defence fUB. . Championship 
1977). 

1 P-Q4. P-KB4; 2 N-QB3 (normal 
is 2 P-QB4), N-KB3 (already an 
imprecision; instead P-Q4- would 
deny White the opportunity to 
weaken Black's pawns); 3 B-N5, 


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SOUTHAMPTON— -CAPETOWN— SOUTHAMPTON 

Karageorg's Lines in association wirh their general ag*nt 
Wain wright Bros. (Est. \889) of London and Castlemarine of 
Johannesburg announce ^he sailing of their luxury vessel 
NAVAWNO. AH outside 'cabins with private facilities. Fares 
from £530 per' person. \ 

Depart Southampton 12.)‘J9 arrive Cape Town 28. 1.79 
Depart Cape Town 18.2-7$ arrive Southampton 63 J9 

Also calling Durban 
. v 

For further details contact ybur local travel agent or 
WAIN WRIGHT BROS. (Travel) LTD n 
36 King Street, London WC2E 8JS 
Telephone: 01-636 8216 



This traditional hotel: 


in Zuricl) s 


famous Bahnhofsirasse is the ideal 
venue tor the business man. You 
meet Zurich's City in the comfor- 


table lounge or m the exclusive 
restaurant. Each guest room has 
its individual decor. 


CARLTON ELITE HOTEL 

SESi B«hntlVt‘*r»»c4I.8Wl1 Zuridi Jf*® 
SW Tti.ailMl,12U«5H 


THE ULTIMATE 


- .ow stabUised. still healthily , ' P-Q4 (if P-K3; 4 P-K4, PxP; 5 ISioX. 5™ K 1 

' • ; bove jt£ pre-Fischer level. White to play; what result? NxP. B-K2; 6 BxN! BxB: 7.N-KB3 mw txeLt^ Fwn.ir 

The general air of disillusion This endgame (by N. Tarasov) JS*«SrJSJL “® ^ followed by P-QB3, Q-B2 and ®>7Y isU J' , , Mort ,Till i 

. ' • • ■leant that even the U.S. victory requires precise judgment and ** “raccnista uo, ist prize?, a standard’ attacking if p J ar < H , bh ^ , n .° r 'Incn 

’ 1 the 1976 cbess olympiad in leads to a surprising finish. _ Solutions Page 12 formation favourable for White); W hi«bnth«. with perfect iummer 

iraOl aroused little enthusiasm ■ _ 4 BxN, KPXB; 5 P-K3, B-K3 (lOS- weather cooled by the Trade Winds. 

Torn the public, but in the past ing more time — simpler is P-B3 i;!LL f S r il 1 

ear a new generation of young Taken in conjunction with and Larsen are also expected, and B-Q3); 6 B-Q3, P-KN3; 7 Lond<m ___ 

_ ,-sSJ^layers has emerged to stimulate Miles’s run of successes last Another interesting entry is Q-R3, P-B3; 8 KN-K2. N-Q2; 9 bo* smTscT jofvTs, Antfetw 
•vta-^tai— -gsjj interest autumn and the improving Joel Benjamin, the 13-year-old P-KR31 (now P-KN4 will disrupt w«t indies 

■Last month’s strong inter- results of the young Dutch who recently became a U.S. the defences), Q-N3; 10 P-KN4. 

ational at Reykjavik, the scene grandmaster Timman, it is now master (equal to a 200 British QxNP; 11 R-QN1. Q-R6; 12 PxP, or raw hb jomanio a* 

f- Fischer’s triumph, could_ prove possible to speak of the young grading) at_a younger age than R-B2; 13 RxP. B-N5; 14 0-01 

n important mil estone In the Western players as offering the Fischer and who beat a grand- (Black’s resource is shown to be 

\S. revival and is also -an eo- most serious challenge to the master, the Finn Westerinen, at an empty threat If BxN; 15 EmRPFlfiN HOTELS 

Duragement to British hopes. UJ5.S.R. on the international the, recent New York inter- R-N3 regains the piece with ruKamw 

Walter Browne, U.S. champion circuit since Fischer abandoned hationaL advantage),' (MW); 15 RxB, QxR; 

iree times running and current serious play. Ltrae Pine’s prestige makes it 16 B-R6 ch. K-B2; 17 R-Nl. Q-Q3; 

tie holder, took first prize with The famous Lone Pine tourna- a fine proving ground for young 18 R-N7 ch. K-BI; 19 R-N3 ch, uS Security tw ifchng until me end oi 

nnt nt IS hnlriino nff a final mint In rhp rlphest talents. The Slater Foundation K-R2: 20 R-N7 nh. JC-R7" 21 P-K 4t April. Tele* 74ZJI2. 


London nfcha. Airmail; for dewls 
BUCCANEER COVE 
Box SM, St. John’s, Antigua 
Welt India 

Cable BRINE ANTIGUA 
or Telex T38 Jofrorjo AX 


FOREIGN HOTELS 


ine out of 13, holding off a final ment in California, the richest talents.. ,The Slater Foundation K-B2; 20 R-N7 ch, K-Bl: 21 P-K 4! 
ound challenge from Tony Miles and most important Swiss system twice assisted Miles lo play there (White- took half an hour -over 
■ho was half a point behind. Bent event in the world, could be the. op -Ms way up to grandmaster, this move, before deciding to go 
arsen, the Danish grandmaster, setting for another East-West and each time Tony finished high for more than perpetual check, 
•d for much of the tournament struggle from April 2 to 12. The in the lists and made a good un- Now Black's one chance is NPxP 
ut collapsed at the finish' to brainchild of chess patron Louis pression with the U.S. public. although PxQP is stiO strong. In 

nare third -place -with Olafs&on^ D. Sfttham, Lone Pine has a The prospect of the strongest the game, .Black miscalculates 
ombardy, and Sort on eight first prize of $12,000 and is Lone Pine yet in 1978 provides and bis position collapses 
oints. The Soviet grandmasters, limited to strong masters and an opportunity to test our best suddenly), . N-Nl; 22N-N5I PxN; 
■olugaevsky and Kazmin, were talented juniors. Ail the leading young players in top competition. 23 Q-B3 cb, N-B3; 24 P-K5! Q-B2; 
nexpectedly subdued and scored U.S. players are taking part, and An under-25 team of Miles, Stean, 25 P-K6! Resigns. If QxR; 26 


i and seven respectively. 


BRIDGE 

E. P. C COTTER 


Petrosian, Spassky or Korchnoi, Mestel, Speelman and Taulbut, QxN cb. i 


Here is a hand from rubber carding' his heart King and a low spades after a single raise from 


Bridge: 


' N. 

* Q J 63 
C? Q 5 
O Q J 6 2 
*842 

E. 


EDUCATIONAL 


BRITISH INSTITUTE OF 
FLORENCE 

New intensive course in the lofiaii 
Unftu»E«- ^0 hours a week (ran 
8 * April -18 to M . r I*. 

‘ AppUri— 

firithh testlfut* of FtoMOCe, 
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58125 Florence. 

Tele 184 031 


! HOLIDAY 
ACCOMMODATION 

SCOTTISH HIGHLANDS j 

, TO LET j 

I Set in If Km of magnificent country 
1 on the shore of Loch Fyne, Argyll, this I 

luxury home fully equipped is avail- 
i able m let For shorter or longer 
periods. (Vacancies — May, first fort, 
night June and July. September.) 
Accommodation for 14, tour bath- 
rooms. plus 4 separate fin for 4. 
Central hearing- Staff can be arranged. 
Amenities Include heated shimming 
r pool, games room, boating with pri- l 

vatc anchorage, loth and river fishing. [ 

1 hill walking. J 

Apply: ! 

i The Factor. Shancastie. Monniee i 
1 Dumfries. Scotland 

AVAILABLE FOR 
HOLIDAY LEASE 

i “ Trinity Lodge.”" 72. Cliff Parade, 
Hunstanton, Norfolk 
. Superb ptjuaon .on cliffs overlooking 
sea. Sleeps eight. 5 bedrooms. 2 bath. 

1 rooms. AH mod. cons. Available 1st 
I Inly onwards. Apply Miss A. K. Green, 

“ Cam 0/5 Lodge,' Hunstanton HaJI. 

OW Hunstanton. Norfolk. Telephone 
Hunstanton 2525. 


COMPANY 

NOTICES 


THE SCOTTISH 
AGRICULTURAL SECURITIES 
CORPORATION UMiTED 
7% DEBENTURE STOCK 
1960/83 

Notice is hereby given that the 
REGISTERS of the CORPORATION'S 
above mentioned Debenture Stock will 
t0T TRANSFER and 
REGISTRATION from 3rd to t4th 
April, 197B both days inclusive. 

&y Order of the Board 
H. J. McTurk. 

_ . Seererary. 

48. Palmerston Place. 

Edinburgh, EHI2 SBR. 


ULTRAMAR COMPANY LIMITED 


chib, return, to hand with a his partner. West led the spade t*u im 031 * 

diamond to the Ace and lead a nine. East following suit, and 

third diamond. When West wins. South won with the ten. Can “JEf SSt?' "onhin^Awii ““SH 

the defence can cash three clubs, South make sure of his contract M«SSl'hMfl £ MSB9. Tete0,Mne ’ M * , * vlla, 

but eventually dummy must get — how should he set about the . 

in with the heart Queen and hand? — 

cash his remaining diamond for Yes. the band can be made for PERSONAL 
the contract. certain. South should draw a 

If East wins the diamond second round of tramps with the 
Knave, South has the Queen as Ace. cash Ace and King of Alltoim dc with ecoeom, 
entry to the table, and must hearts, and cut adrift with a _ n . f BnJ . • 

hope the suit breaks 3-3. club. A heart from either w fitted to Roils Royce 

'"The next hand, again from a defender sets up a heart trick ^ ^ w rooT “■ fT 001 £9S 

rubber, was- dealt by South at a in d umm y, and a diamond lead F>!iw _ 1 V4 ™ am# < * iy ^ 


PERSONAL 


love score: 


cm UP J t u a * Th* W.. wsu ws «uuuuui£ luauunu wi sea, me uauu tan oe maaeior PFP%(]MI 

MMKItaw ♦ i0 8 7 * 9 5 4 3 • ^ COntracL certain - 80X1111 should ^ a _ P£K 

held as usual in ^ J 10 9 S 6 <2 7432 H. East wins the diamond second round of tramps with the ~ ~ — - " 

, P ^ TT-iH-., o K 9 7'4 -*- O 10 s • Knave, South has the Queen as Ace. cash Ace and King of , lrfnmsri r mn ~A w-a 

* 3 * A K Q entry u. the table, and must hearts, and cut adrift with a ACqcwdc .^with «.nom ? 

v Smmon- S.. hope the suit breahs 33. club. A heart from either * nttod to Rolls Re,™ 

mL 'iMih the British ' * A K ’"The next hand again from a defender sets up a heart trick ^ aT J^ om £ ” 

.Mt tftte PhiUpMorri^Kur^ <JAK rabber. was dealt by South at a in dummy, and « .diamond lrad ' 

will be !ove Score: N . tharLt ^ ^ 

South dealt at game to North- . raSwT 

nd Sundayafternoons. There is South and bid one club, North . ^JJJ43 dub must return a chti>-and 

Jso a Mixed Pairs and a Team- replied with one diamond, and ' * Q » 2 now comes the key play.. The 

-f-Four Championship. For raised South’s rebid of two no ' '*86 dedarqr must discord hi $ CAN YOUR STAFF SPEAK 

■ntriea ’and all ' information trinmps to three. West leads the W. s. remaining heart This presents : engibh? 

-nnlv to Bridge 7 Stratford Knave of hearts— what course of * 9 * i 8 . the defence with an insoluble , rhunt.. f r ■ ■ 

? a P re, SndoSlA 4W (S action do you suggest for to.JSV ® A^amond. as before, STSSn£W& «S5 

jg.g,' declarer? Q-J98 7- OKB4 does the declarer’s wot* for him, by irmtsaw*. Group* «■ mdm*i«ji. 

Paul Lukacs and Jeff Rubens ' The best line, which succeeds *-K J 9-5 4 S _ + A Q .10 7 and a heart from West must set 

nmriaMN! an excellent book as the cards lie. is for South, ..• - &■ up a trick for him. It is best for 5W * T 

if nrobtemsf^eit Yowr play as after winning the opening lead " . * A Q J 10^8 5 East to win the second club and 

iS5S?0ii*St Ut £435). withhisAcJ.toashAceuua - tea »- heart, hut the declarer ™ ™ 

chich I ran confidently recum- Kng of spudes. Mid »i. low - 0 A lO-S to thlc-hc 

„ ori j Ti- uriii >ive vnu nleasure. diamond to dummy. If the z merely discards a diamond from «»nmr .nd qua ihv. 

-V vriM also sharpen nn your Knave wins, declarer should . South opened the bidding with band, and tie tenth trick must 3 S ^'bT. ^&nTcg£ts VISm 
SS.2. nil? ■ cvb the two spade honours, .die- one . spado. . and went four be established. 


• N. 

« K4 3 2 
W K J43 
.0-Q5 2 
+ 86 

E. 

♦ 78 

S Q 10 9 7 


«ce. casn acb ana rung of Automatic speed with economy 
hearts, and cut adrift with a V, BnJlc Bwrn * 

club. A heart tram either * "tt«t to Roils Roycc 

defender sets up a heart trick 0,0 ^ 

in dummy, and a diamond lead ** **"*- hy 

will solve the declarer’s ^ . 

problems in that suit. RiBg foT ' nfa ™ ktMn ““ dlW *- 

Whichever defender wins the 
dub most return a club — and wphtime osos 3syi 

now comes the key play.. The — 

declarer must discard “ his CAN YOUR STAff SPEAK 
remaining heart This presents : English? 

the defence with an insoluble , 1 M . , : ■ 

problem. A diamond, as before, STSSTSeY SSBiTSSS 
does the declarer’s work for him. by «rnngen»ne. Group* or mdirMuiJi. 
and a heart from West must set . Trftpim» May 

up a trick for him. It is best for (MW ) smi 

East to win the second club and 

lead a- heart, but the declarer p« sha 

can- find an answer to this — he ts* , |H . chests — n«w nn»nt 

merely discards a diamond from ■»»«» °«nd 9e a^anu. 


SOMERSET 

XVth Century 

Guest House in lovely oca ref ul 
sarroundiiws. Rills, sva, aoH. rid log 
stables, steam train. Open Raster to 
end Sept. 

sae brochure. The Old Manor, 
□mutor. Tel: 0MJ83 2U. 

motor cars 


RANGE Rosea. Lis. Pin SJtarl Sleeper. 
Cenlrontjtion at <-7G,S0. Caravraoon ln- 
*er national. Thames St.. Sunlwry. Tel. 
85205 

74 " M ** ALFA ROMEO Allatild. white- 
white sloth iMerkir. Below average 
mileage. Good mechanics- Phone 
Leighton Buzzard (052 ' 521 75105. 
£ 1 , 100 . 


CATALOGUE 

listing over 1 
A 10.000~ 
ENORWOU3 
DISCOUNTS 


■»ft N0T i , t CE 15 HEBERT Given that the 

7 ft . Unsecured Loan Stock 1975;rB 
Transfer Boote of the Company will be 
cfoMJd from the close, of business on I5tii j 
AnrII. 1970. after which no further 
Transfers will be resrtsferro. 1 

As previously announced the T*i i 
Unsecured Loan Stock 1975 '78 will "be 
redeemed on 30th April. 1978. | 

. _ By Order of the Board. 1 

RUSSELL LIME BEER, secretaries. 
ISth March. 1978. 


Offices 
Office sites 
factories 
Warehouses 

Telephone: 

0733*68931 

Ext 326 

Chief Estates Surveyor 
Peterborough 
Development 
■Corporation 

PO Box 3 Peterborough PEI 1UJ 




j BENNETT TYPEWRITERS ltd-; 


lummy play. 


cash the two- spade honours, .dis- one. spade, . and went four be established. 


Conference? Seminar? 
Company Meeting? Reception? 
Rim Preview? 
Advertising Presentation? 


There’s no need to hunt around the West 
End for a suitable venue or viewing theatre. 

The FT Cinema, here in the City, offers seating 
in comfortfor 504- people. Full 16mm film : 
projection facilities. National Panasonic colour 
video-tape and Philips 15Q1M video cassette 
viewing. Eledrosonic 3601 slide presentation , 
system. And luxurious private dining rooms with 
extensive catering facilities. 


FINAJ^OALTM 

All enquiries to: £. J. Dorrer, Cinema Manager, 

The Financial Times, Bracken House, 30 Cannon Street, 
London EC4P 48Y. Tel; CH-24S 8000 (ext 670). • 


i 



FINANCIAL TIMES SATURDAY MARCH 18 197S^ 


FASHION 




The least mysterious East 


BY ARTHUR SANDLES 

EVERY NOW and then the 
business traveller gets some- 
thing of a shock as far as his 
clothing is concerned. The 
past few days here in Hong 
Kong have provided such a 
surprise. ■ ; The weather has 
been cold -and wet AU that - 
relaxing spring clothing has 
remained packed, and the one 
dark suit I brought Is being 
heavily overworked. Business 
shirts have been going to and 
from the hotel laundry with 
Impressive speed. 

' The weather has been only 
one of the surprises in this 
spectacular and fast-moving 
city. The other is Hong 
Kong's image as a source of 
bargain basement fashion. It 
Is sad to report that the day 
of the 550 hand-made suit is 
over. Although reputable 
tailors will still make yon a 
suit In a Tew days — at Sam's 
you are shown suit orders 
from Ted Heath, Jeremy 
Thorpe, and a bevy of British 
royals — the cost Is likely to 


be around £$Q-££0, and prob- 
ably muck if you seek 
out high quality British or 
other European suiting. The 
cut seems determinedly Anglo- 
Sasou mainstream -and pay- 
ment normally-, instant. 

Tailor-made.: shirts, cost 
around £5 for -cotton : and £9- 
For silk, hut' you have to be. 
very careful about collar 
styles, and - be prepared to 
bargain. - . V:“ 

Ready - made clothing In 
local shops is, however, 
remarkably, cheap. Brand 
name jeans, such as Wrangler 
and Levi, cost less than half 
London prices. 

The low cost of such cotton- 
based products is hardly sur- 
prising since textiles still 
account for the bulk of Hung 
Kong's exports. Local pros- 
perity is having its effect on 
manufacturing costs and some 
factory owners send their 
work out to the workshops of 
nearby Struggling Macao 
where labour settles for con- 


siderably less than the going 

■ rotes in Hoag Kong. ’ - 

Oddly enough Hong Kong 
inay now be benefiting from 

■ textile' protectionism .more 
than It is losing. By impos- 
ing quotas based on past per- 
formance the EEC. and the 
U.S. ore actually keeping out 
the colony’s rivals while 'pre- 
serving its share of. those 
markets. 

in the local retail shops, 
however, apart from basics 
even Hong Kong demonstrates 
how good Britain is nowadays 
for quality fashion at reason^ 
able prices. We may wince 
at Savile Row bills these days . 
but' what costs you £350 there 
will produce a 'modi higher 


are thihlsing; £S5 to .£125 . 
terms you will find the bulk 
of the xange fn' that area.' 
Most . of'. the suits show the 
influence but-uot the extreme 
of the trends towards softer, 
long lines. -. V. 

- The Brki*h apparently- s* ill; 
bead. for.. the ‘ darker colours . 
aod more sober cute bn Jaeger- 
hangers. but : Jaeger - light- 
coloured.; suitings arc selling 
well to tourists— is London ' 
reallyrsUII dirtier -than Paris? 

The - suit illustrated is si 
superbly, .soft single breasted 
one ia-afl wool.;, Jt comes in .- 
pale - giejr or . a light beige 
colour. Both of these are 

perfect for theEagtisti spring. 
It costs around £119 from 


tally In Paris or New York. .Jaeger branches. " 


Good ready-to-wear doth Lag in 
the ILK. is considerably more 
fashion alert than in' the 
mysterious East and, quality 
for quality, surprising' value. 

.Jaeger, for example, is not 
noted for being at tbe cheaper 
end of the market but; if you 


Gome to thirjc of it they 
would also be perfect for 
March in' Hong. Kong. But It 

is too late now. 

Worn, with' the suit Is a. 
white and grey istrl pod cotton 
shirt, £17.50. and Jaeger tie 
(these start at £&95). 


THE CHIC fashion show of the 
week was undoubtedly the one* 
held by Simpson Jermyn Street 
If you wcrep'T invited to that 
you felt like the American busi- 
nessman who's just had his key 
to the executive washroom taken 
away. As the gossiprwriters say, 
anybody who was anybody was 
there and just like at all the 
best parties the champagne ran 
out 





Phatuaravh bu T retwr Umtbmim 




beyond their means the news Sbuji Tojo .and others wilfiail J ;i j. has ^ yet made much im- 


V ' r ,J "tion from damp that they aostf 

; f 1/TJ - iirgentiy need. ' f 

• I / IffiJ.r • -v. 'Thq e a teogpqr mm ns dp not^ 

•E " ir : . even - require a greenhouse, 

'*■' ' ' 'except in the coldest parts of. 

~W"\ • the country, and put out of 

'm v/YVC^I/ .doors the best -of . 
I . flower, more or les' non-stop; 

■w- • from early ' summer . until ‘ late 

autumn 'accordtog^to t&e -Onset 
-\VHY THE. world's • rw)St 0 f frost. .The klnd.;:that is 
beautiful daisies’ should almost ; easiest to acquire is-ijstebsper- 
Vi comi- from SouBr Africa I mum .tarbariae. aauHfjrswltl 
j . . ■ K , It me that under its old same Dimorpho- 
do not ‘“O'’ b 7 t<1 ““ theca -bariariie.. It is a sprawl- 

seems to be the fact Just con- ^ith marguerite-like 

aider the roll call: geroera, .ustaUy’ in some pale 

dimorpo theca, osteospennmn, shade-of lilac or maim, always 

uremia, arerotis, gamia and; <ifteper. ; t»loured on tbs', reverse 
many more. As rivals in the ' of the pejafe and .oWBHwally 
maoy iu» pure white.’ But the osteo- 

h^auty stakes • spenmttns on a confused race 

gest. the celmisias f T am . T Ne ^ even :in; Sqfcth. Africa and l 
■Zealand . with superb-. silver ; suspect vfh^ atinst some of the 
;lei\fea.and large, yet defeat ely-pi^ts that'p^^ero^as £?steo- 
\ fanned flowers but their colourspermum; (£t- Dlmtfl^ha theca ) . 
; range is limited to ■ white'-and barbariae -^afe^eil^^apther 

to ”r 

ing mut^M •* . others almost completely pros- 

oiieodorL :b»:vq&eite'fP«w^ ^ hardier 

cah be untidy to the ■ poipt: of.**" 1 the' ^ore- erect forms., 
fattiness and again onerrieeds AU- the _6steospennums are 
.-a certain degree of luck to grow eas y p raise from seed if "only 
them succesfully. • .- one can find a source of supply 

By contrast the " South but few seedsmen seem to know 
African daisies- are mostly easy anything about them. - Some 
to grow a trifle tender., some nurseymen stock & few r varieties 
more so than others, but on and since they are ridiculously 
the whole reliable except for easy to grow from cuttings 
gerbera the Transvaal ' or (either true cuttings taken any 
iSberton Daisy, the queen of time during the summer and 

them ail and a flower that is r . oote ^. rwllt 

rapidly conquering the Euro- slippedin^ide a 
peon cut flower market though or irishman’s off 

mn* wt marfp- the base of the plant wsth a 


Above: Typical of Georges 
Recfa’s relaxed approach to 
men's fashion is this unlined 
zipped jacket £55. Centre: 
Daniel Hechter designed this 
unlined cheeked, jacket Made 


California is unique — there 
are other quilted jackets of 
different shapes or in 
different colours but no two 
arc exactly alike. Tbe colours 
are stunning. Made from 100 
per cent, eotton It is £79. 
There are trousers designed 
to be worn with tbe jacket for 
£19. 


But apart from all that, as unlined checked . jacket. Made are stunning. Made from 10U 

somebody said to Mrs. Lincoln, from 80 per cent, .wool it is per cent, eotton It is £79. 

how was the play? What, in . cream, grey and rust £35. There are trousers designed 

fact is the shop actually like? to be worn with tbe jacket for 

Well, it's really very nice. You Right: This quilted cotton £19 - 

go through these doors (note jacket by Jeanne- 31 arc of Drawings by Jan \\ 'heeler. 
the name. Simpson Jermyn 
Street) and there you are. 

almost as if^ you’ve entered Simpson Jermyn Street, sounds behind the new shiip. She' 
somebody's “tastefully" fur- vaguely familiar and you'd be wanted to sell clothes with a 
nished drawing-room (if it’s right. It is related, very closely, different sort of handwriting 
women's clothes you're after) or t 0 the august establishment of from those normally found in 

else an equally "tastefully'' done Simpson Piccadilly. the main store. She has aimed 

country club library (for mens Georgina Simpson, only child at clothes without an age-tag them. 



is bad in that Simpson be found bn the racks: " pression in Britain. In part ^ ro ? t8 aJread 3 r 

-Jermyn Street does not seem to For men the outlook is very i s dire to our slowness in- ti iat they can Dp/.repiancea 
nie to - be any cheaper. But the good-^-I loved the casual, leisure acaidring 4toe beat strains, most directly outdoors) they .are turn- 
look is undoubtedly different wear in particular. It happens ^ appear to have been “S “P ‘P *“P^aslng. numbers 

w t« hit- that very happy note of ; n France and Holland in garden centres. 

Georgina Simpson has combed inoj^ng relaxed and comfortable of which can be pur- - The true dimorpho thecas are 

severe! countries and though, and V et not himyv or sloveniv. -hVrH -nWioM . 'in 'anMn all annuals, those readily -avail- 

1 in 0»«3 -f able m Britata almo^r aH 

nf 6 +Jff eC LJS blouson tops- (two of which are when I asked why I cannot buy a hybrids m a range of - lovely 
se^ng racks fnU of the sketched hare} all o which cast 'nadeet of'seed of. Zbrexaispte. pastel shades including ■ amber. 

3 £ : T S? ara e t£ *• teamed >ith toning gaheN Ss 

dine or corduroy trou3ers. They being- produced by Professor shades of yellow and. orange, 
^encandothe^ M^ofthem a ni< / look ^ ^iTSnd in^yS They are hardy enough to be 

notching jackets to non- nJrtfar from Nice. Theflowers sown outdoors m April.- where 
if i crHt °^i«, «: identical trousers, all - very are far larger than thbsebf .fhe they are in bloom, which should 

but impeccable when wld gerbSas. witb much. stur- be a warm and suanr place, but 
? V ert^tw 10 !? y done by-people- of the calibre of dier stems, several: rows of 1 prefer, to sow in. pans in 

2S tf wS , n£rf ttat i!i S 1 - Laurent and Valentino. One petals to each perfectly formed greenhouse,. «rene i-'orjjj 

JJJL ^ my current favourite de- bloom and a range eff colours window, transfer the seedlings 

look out for in particular come signe ^ formeo is Georges Rech which includes kwely- shades of singly to small pots and plant 

who « amply, represented at soft pink, muted^iges. yel^: out. when they havedlled-toese 
*S3LS&** • . Sweet >Simpson Jermyn Street ■ - lows add^ ^ .redfer^^fwalT-; as’ writ rootsjand arfl^aselLaJile to 

Inspiraaoh. . - -. ■ ■ ' Trt nw wm fucr a small . , htw»« 4 . l RVp' T "thnsA who. ‘.look after Ahemselvealq • - 


country club library (for men's 


From France I liked best flavour of- 'tbe clothes on sale like their colours pureTV.PrO' This is &&0' ^vraj^fb grow 
some marvellous, separates by I’ve chosen three garments to fessor Buy’s geriieras' a^’; being gazanias, those richly : oplaured 
Marlnelli and I'm happy to say be sketched — two blousbn' extensively grown commepiaally sprawlers that pamt the - South 
For those who have that Britain hasn't been neg- jackets - for men and one of -the on the ContSnerit for tbe .cut African roadsides with brilliant 


aotnes). of Dr. and Mrs. Leonard Simp- but with an overall younger, but always liked the main. Simpson lected — Wendy Dagworthy, colourful quilted trouser out- flower market but I have-not orange and yellow often with 

You probably think die name, son, is the main inspiration still sophisticated air about store but found ; its prices Jane Cattlin, Anna Beltrao, fits from California for women, yet met than in Britain. A concentric rings of colour or a 

, ' . : . few good straiiis are avail^le ^0^ of black. Again, it 

■ a seed^nen, Yan^ none too easv to acquire the 

>\njfc VStajaitf 'froni ;Dnwir^ and' spe^es in -Britain since seeds- 
a ’^ariety n^ RomJia frtni ^ aIid nursery, alike pr6- 
Dobles.^ No_ doubt there are fer t0 offer hybrids with larger 

more, that I nave irot dis- flowers and usually a-ahore erect 

M habit I. do not .consider 

Sh ** Advantage, i liSfi to see 

from a Jriti^^se^sman fmid „ a7ani;t<; carpeting. sufife banks, 

now is the- than; to dh it), it is 

the more old fasbwhe^strains B % 

that wHi be on Qffe&TW not P a I ed - 3 rea V ! 
hesitate fto bS-^L NfTbey sufficient sdijjpr^&lb. get 
may EkrtHbe qiute^ks.isp^ct^lar. 1 ^ 1 w^efi foey^^^very 
as the best hat they wiFSill e«toen^ However, ^elybnds 
be the' most lovely daisies ybu the twin iqei%-of.la^e 

are likely to have seen. \ flowers and - . a -■considerable 

by easily, in otherfloyrers. 

are sometimes made out to be. Even better -in -this*' tespect 
The -essentials are good -light, are arctotis and/the cemaricable 
good drainage and an equable -race of hybrids raised'., between 
temperature. A mixture of that genus 'and venldiiim. : .^fith 
equal parts ipanx, peat and gritty these one. can have. 'wonderful 
sand will suit them and you will shades of wine,, coppery orange, 
find it easier to manage them pm-pie and mauve as. "well as 
planted, in a bed of soil on the more ordinary yellows. J .and 
floor of the greenhouse than in oranges. The arctotis’ * are 
! ° U I readU Y raised from seedin'the 
raSSLS ***** way .as= .gazanias! or 


•( - «-.-r ■ s.-'- ■>--■ 

f v f ■ • plied just Cantonese cooking 

m miff # but now< you can eat -Pekinese 

§,%*, . ^ arid even Schezuan. The Lee 

Ho Fook restaurants in- Chlna- 

LAST YEAR London absorbed - usually have something iTquenes^ “wto 
20m. visitors, Um. home grown interesting. J 

and 9m. from overseas. Doubt- The Royal Opera House ! thlSS th Slk 

less most of the first timers Covent Garden tends to go J urr> h m f but 

among them did all the con- rather pianissimo in the swne J rf £ e . b ? sl T and J* 03,1 .™?'. 
ventional things — a shopping summer but the Coliseum keeps son ®. . foo “ in London, ine 
trip to the Marble Arch branch open with opera sung in English sophisticated Chinese - rest au- 
of Marks and Spencers: a stare by the -English National Opera. rai “ s are those run by Mr. 
at the Crown Jewels at the This year it looks as if the lover Chow and Poons. The other 
Tower of London: a wander of the arts will be happiest in ‘‘ s given the respect it 
from Leicester Square to Picca- the art galleries and the deserves, and the surroundings 
dilly Circus to see the lights, museums. The Royal Academy, ore suitably smart. The other 
All are worthwhile jaunts, an imposing building on Picca- national cuisine with a big hold 
even more so in 1978 now that dilly, is much more active these on London and which is equally 
M. and S. has added another days with its exhibitions, and cheap and interesting is the 
floor to Marble Arch: Leicester promises a fine collection of Greek. Tbe best restaurants 
Square- has been prettified and Victorian Art in tbe summer: here tend to lie south of the ^ 
pedestrianised and. at long last,- Ihe Tate is showing William good Indlian, in the Charlotte 
Piccadilly smartened up: and Blake: and the Victoria and Street area, 
the Tower is cclebntim III Albert., .under Roy Strong „ lonl> , remnants all 

ninth century with a History always, has special displays with th _ nV ,_i„ c nF , _ . . .... , 

Gallery in the original While a popular bias. bST^an^^eak Kathenne s dock-a mature of new hotel ^ong«d« kisu-e fadlitus created out of old docks and 

T IU se ®j ns sights houses tend to sene indifferent 

oi Lonaon >ou will see ver>’ row foo< j at costly" prices. offer reasonable food and flower downstream for river is not very marked, and the 

Londoners, bo, with the safe ^poj|»#p| Italian restaurants are reliable, quite often music at night. views, the Salisbury in SL sumrtest areas of Belgravia, 

T , l , a ! lle and there are growing numbers H is idle to pretend that Lon- Martins for genuine pub Chelsea, and Kensington, still 

i h ° n -» W1 be ANTONY THORNCROFT of Japanese (rather expensive) is a good place for night effects, the Grenadier in offer squares and crescents un- 

Ln . r DV ri n ^h ,S1 K PrS F _____ ___ ___ and American. Some or the life- Tbe public transport sys- Wilton Row where, if guardees equalled anywhere. in the world 

Sfrici aliirff'h.r- «f lp ° f trendiest new restaurants in tem closes down soon after mid- and debs exist anywhere they for style- and. charm. And if 

hint* At one time vusitine the Tate London attempt to import a night which sums up the general linger here, the Black Cap in Buckingham Palace is rather a is one thing they definitely do «aejr- proouce uo - ^u, 

mi" hi hi rininnn Gallenr stianded^ on one of ti!e touch of Npw York, or in the attitude. There is Soho, which Camden Town for “Drag." and sombre mass; at least the parks, not like. 'J*uch of the year they ^ ejr »> flovrerinff>nd 

,h„ bleaker* stretches of the Thames case of the Chicago Pizza is safe but unroman tic, -and the the nearest tucked^way pub to another joy of London, are close will -require no arttficialheat flowering untti theyoftep.'tfear 

tJSS .nSLSh 2Se needed ■^SSS! House off Pa “ Mall/ the mid- Earls Court Road which is your hotel. by. The Queen is in residence and lots of ventilation: Even in thrives . qot and ^ 

iWrsYfS art' now it ne^ a w ’ est - London is a good place younger and perhaps more sin- But ii* e every great dty the if the flag is flying— otherwise winter it will be sufficient to really necessary to : root .’a .lew 

nrednmtiLntiv d rn^„ whinh much lesse*' thirst for good for P* 2235 - especially the Pizza ister. The Talk of the Town mosC interesting parts of Lon- see her at Madame Tussauds on keep the temperature between cutting eveiy year and, Keep 

wn d Hh-,/ t 22*5 wine" for Ihe Tate Gafler? Express chain, but the Chicago offers fairly famous entertainers don are its strec ts and villages: the way to the Zoo in Regents 10 and-. IB degrees Centigrade than, m reserve. It is not ’too 

, «n 7,„S h restauram 1 Pizza House is exceptional in and is reasonably priced but .t^re are counU ess High Stilets Park. * (50 to. 59 degrees Fahrenheit), difficult- to do and. if. you are 

reSoJ^eadnn fo?any^ rhB ^ngths it goes to transport hardly reaches the heights of an which Mr7ice the Immediate : ! • From the standpoint of fuel looking-, for-a- real stirVpe^ 

rsl™ JSw S rindon is now raSnlHf >"«« to Chicago, even down to international night spot. More self-enclosed neighbourhoods. J- ■ consumption, these are very former in the daisy family -feat 



hamburger bars and steak 
houses tend to sene indifferent 


St. Katherine's dock — a mixture of new hotel alongudc leisure facilities created out of old docks and 

warehouses. 


. food at more costly' prices, they offer reasonable food and flower downstream for river is not very marked, and the a badges to plant them along it 

TRAVEL Italian restaurants are reliable, quite often music at night views, the Salisbury in SL sumrtest areas of Belgravia, the top of a low ridge, the kind 

and there are growing numbers 11 is idle to pretend that Lon- Martins for genuine pub Chelsea, and Kensington, still one Would form when earthing v 

ANTONY THORNCROFT of Japanese (rather expensive) is a good place for night effects, tbe Grenadier in offer squares and crescents un- up potatoes, as this will prevent T 1 ?] 

and . American. Some or tbe life- The public transport sys- Wilton Row where, if guardees equalled anywhere. in the world water .collecting around the i ana - must _ oe 

I trendiest new restaurants in tem closes down soon after mid- and debs exist anywhere they for style- and. charm. And if crowns-.of- The plants and that “ ,crease ® 

At one time visitine the Tate London attempt to import a night which sums up the general linger here, the Black Cap in Buckingham Palace is rather a is one thing they definitely do produce; no 1 ^d, 

raiierv stranded on one of the touch of New York - or in the attitude. There is Soho, which Camden Town for “Drag." and sombre mass; at least the parks, not like. J^urfi of the year they ^ ey - ;J . ust S®. on flowering: >nd 

Lauery, suranaeo on one oi roe . r h . . and th» — v -i«n- t ™ x.—* flowennrr until rhev nftiw’vlMr 


niAi n ,. nPlT Ufirtp for 1 fit* In 1 p liallPrv viiuiu, MUL lilt vnivo^v * . . ; tiwu ate iLa DLiccta diiu vuuiKca* ’ 

Smectics roust ficlit ‘against a restaurant, quite exceptionally Pi 223 Housc is exceptional in ? n ^ is rea h° a ^5 ly but .there are counUess High Streets Fajk - 
rather Seadnn resnonS Bu^ for any publidv-run restaurant rhe Ien S* h s iT 3oes to transport hardly reaches the heights of an which service tbe immediate 
Sere should he few oroblems in London is now rated onTur » Chicago, even down to international night spot. More ^-enclosed neigh bonrhoods. JJj 

with Evitu.lhe new R?rc-Lloyd the best m the capital. There * USE?** ?Tie most scenfo are Hampstead, 


Yanr W a nk e nd 


es of a Chicago commercial intriguing is Countrj- Cousin, a The most scenic are Hampstead, km!' s^ui^ economical plants to grow. Like wUI grow outdoors,. this is prob- 

io station. A recent long way down the Kings Road although the village is a dis- u -s- some: Tiwma a cooh. peipetuai earnatlons it is protec- ably the plant fpr you.^ ' 


Webber musical which opens in » no need fur resists to eat ^io station. A recent JjfJW ™ although the village is a dis-. 

June at the ncwlv namcdPrince badly in London but often they American addition is Pepper- but al > a r f ai f- lf . f ° r appointment compared to the 

W f ail to eet really well For a ST 


EES Another muKieal which =t' K bS Lane «** ^ ovenlve the attrartionS ^ Kenwood 

does not disanooint is Elvis at is best prepared in the home and for a fMv ’ raore ^ at £?* he q ues - llke Annabels and House, an art gallery which will 
the Astoria; and for the child- rather than in a restaurant, and P™ babl ? P* CT ,? e mor l *** ** 


the revival of Oliver at the some oMto more famous unknowns will go to stare at you can move around in ferterest- Nationai Gallery;' Greenwich, 
*ry will he a certain treat, viders. such as Simpsons in the S? ere ' ^ eT f ^Jiews of the 


ren tne rt 

Shakespeare^ Company at S Lane, are more attractive for entrenched^ competitor isjj,* Mham Road, close to the Oel- time ^.Mnaenm, and the chance 


SS wth ^n 1 : are S« W once, fh“e -On »<■ — b hangers on. ntond.' 'and Hampton Court area 

Once a Catholic at Wyndhams Hungry Horse in the Fulham Covent Garden is un . everyday Londoners. where as well as the Gardens at 

■ and Privates on Parade at the Road is good and reasonable. dnubtedly ihe roost fascinating .The East End is also a Kew there are -fine mansions at 

Piccadilly, which provide laughs Probably the best bargains, new old area of Loodon. The close community, but very Chiswick and Syon and- an excel- 
for sophisticates, while the fun- and the most interesting dishes removal of Ihe fruit and vege- friendly. You only see Its lent ja^^b at.Barties. m the 

niest production in Londnn is to be found in London, are in table market has miraculously money-making side in Petticoat Bulls Head: and Netting Hill, 

Bedroom Farce. This is in the cuisines which were drawn no1 led to out-of-scale new ds- L^e on Sunday morning, where Petticoat Lane market 


must to visit for its modern Dr0 tnding rerv ctieap meals, and to dozens of businesses, be found in East Street, off the rey near London Bridge, on 

decor and front -nf- bouse w To service these mainly young Old Kent Road, also on Sunday Friday mornings where the 


attempts “tiT spread" the* drama area entrepreneurs'"rtstaurante : and morning: . The stalls are not antique dealers come to pick 

throughout the complex. S wine bw have emerged— the sewed to tourists, but as a over the merchandise gathered 

If VOU are a keen' pray-g'oer hxt ^ wine bars gaining a more solid slice of real .London it could m from all over the country 

a visit to one of the many som ® ^ ^ ^ ^ clientele perhaps than the ex- hardly be improved on, jespeci- during the preceding week. 

*• fringe " theatres is recomraen- pensire. restaurants. . In parti- ally if you follow it up. in a London is attractive on the 

ded: the friendly atmospherir™* 33 ”"^ , untung “ ^ t ''° ciriar Brahms and List, and Jucal pub, preferably one with surface; much warmer deeper 

(they are often situated in Gaylord restaurants and the Crawfords are thronged with live entertainment Pubs offer down. But immersion takes 

pubs) and the dose contact with Sheran provide a night , out t he undertiurties who are not the best of London, ranging tnun -time. Striking off an your own: 

the actors compensates For the rather than a quick meal. only there for the wine, and the the quiet locals where darts and grabbing a bus with a quaint 

hard seats and the naievity nf Id ™ e W ®T there is a roc* Garden provides a little of a coke fire rule, to the big pubs sounding destination, on front- 
some of the plays. The Bush host of Chinese restaurants, and everything. Wine bars are one specialising in teenagers and is as good a way as any of 

at Shepherds Bush: the Kings once again the standard is of the most interesting new topless go go, or the middle plunging in, AH’ streets are 

Head in Islington (where you rising steadily. They are features of London life. Some aged and sing songs, or jazz, or open, except perhaps for a few 


attempts to spread the drama ^ quite exceptional. The area 

throughout the complex around -Cleveland -Street- has 

If you are a keen pTay-goer _ b(BSt hllt 

if vnn 


FINANCIAL TIMES ” 

i lUwbone: 01-248 8000 ; 

■ ; ; ear Mtare index and ImstneSs NewtSnmmary in London, BirminjrtMmi. -! ' r 

Liverpool and, Manchester, Tel: 246 S62S. y : 

. ' ' INTERN ATTONAL AND BRITISH OFFICES ‘ I L^‘ 


EDITORIAL OFRCES 

A Amsterdlriic. Manchester: Queens House. Queen Street,' -.^ 

l ^ Tel S** „ Telex 666813 Tel: 081-834 mi: - ■> * 

i George Road. Moscow: Sadovo-Samotechnaya 12^4. Ant fi. 
Telex 338®0 Tel: 021-434 0923 V- - Teka 7800 Td: 29437487 .“^-. ^ 
fl°“ : ft^haus 1 1/ 104 He ussallee 2-lfl.. Now York: 75 Rockefeller Plan. NY ioaia. ■’ 
Teles: 8SS9542 Tel: 210039 . Tdex 66390 Td-«SlS4f^r - ■ *- 

Brussels: 38 Rue Dueale. VuSTU Rue dn SnSL - - 

"ffiiKgr . v&snxstusib " 

Edinburgh; -37 -George Street: StodChohu; c/o Svenska p-\n,hi’ ■ 

Telex: »184 Tel: 031-226 4130 * T&i VmT&ufitk B f* kn ***- 

Frankfurt: fat Sacbsen lager l? . Wt& SSSf . :.!/ 

pkEOOR-Td: 5SKM ■ - - . " ' NSanmfuHMN . 

fSSMMf ' ■' T teS ^-N^KetaJSMralnm . i 

ieiex.8-B67 TcL SA-754S - BnUtUng, 1-0-5 OtemachL Chivoda-kn_ " 

^■d« m- * 3' M8 58 - m ' ***** * . 

„ 3 ^. 508 .. Washlnetea: On Q FlooeimE street' - ■ 

__ 441 8572 Telex 440225 Td: (302) 347 8676 - 

ADVERTISEMENT OFRCE5 . 

Birmingham: George -House. Geonte Rond. 

Tehx 338650 Tel: OZMsTows®* 

Edinburgh: 37 George Street 
Telex S24S4 Teh 031-2J6 4139 - - - '' 

Frankfurt: Im Sachsen lo p py 13 

Telex 16263 TcL* 554667 

^fST sa Ho “'- B-dn* - 


Msacliester: Queens House, Queeds Street. 
Td««68BTel: 061-834 9&1 

Rockefeller Plaza. N.Y.IQ019. 
: Tdex 423025 Tel: (212) 489 8300 
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■ Telex 220044 Teh 236 -8UQ1 

1-M» Uch&anda, 

Cniyods-ka. Telex J 27104 Tri* 295-4B50 


can also eat): and the ICA in massed around Gerrard Street are cosy and take their job strip, or a piano, or virtually in Bxixton. London is remorse- 

the Mall -—London's “official" io Soho, the new London China- seriously; most are more social everything. Try the Samuel lowly turning out towards its 1 

iiome of contemporary-, arts town.- Originally, they sup- in. their appeal; invariably Pepys in the City or the May- suburbs, but as yet urban decay 


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^ ft.—,. . 


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►Jisi 












FINANCIAL TIMES SATURDAY MARCH IS IfffS 


HOW TO SPEND IT 


Eyecatchers at 


by Lucia van der Post 


AS T mentioned lai*. wee- 1 didn't 
thmK this vear’s Ideal Home 
show was most notable for an 
abundance or new Ideas. How- 
S55 “ a1 ^ if you look rare- 
1SJS. are a f ? w things that 
either because 
they re particularly useful, or 


espedaOy weH-prlfccd or, occa- 
sionally, it you're- lucky, just 
because they're beautiful. 

One of ' the things • that 
happened to catch my eye — just 
because, it was beautiful — was a 
ravishing .old fireplace on the 
Solid Fuel Advisory Service 


A new- coffee-table from G-Plan 


stand. As ; always, they do an 
imaginative job in persuading 
people to. open up their old fire- 
places and use them- for fires-— 
not just because solid fuel , is 
often the .cheapest, most econo- 
mical way to heat a house, but 
also because some of these old 
fireplaces bide genuinely lovely- 
antique pieces of work. 

. ' Anybody who wants a beautiful 
old English fireplace (French 
ones I've written about -before 
and they've been available over 
here for some time) should go 
along to Mr. Wandle's Workshop 
at. 200-202. Garratt.Lane, London, 
S:W18. 'There is also- a coloured 
leaflet illustrating typical ex- 
amples which, they will send to 
readers- who- send an s.a.e. 

The Workshop specialises in 
rescuing the fireplaces that used 
to grace the rooms of London's 
suburban villas and • artisans 
houses in ■ the latter half of the 
l?th century- At the workshop 
you may see a collection of 
unique, original . and. usually, 
antique fireplaces all of which 
have been jestdred to their 
original splendour. 

Besides selling the fireplaces 
themselves . (and' . the workshop- 
offers many different finishes, 
shot blast, brilliant' polish, -black 
lead, matt- or . eggshell black. 


EASTER - presents got a 
good showing on this page 
week Vet the shops are so 
of desirable Easter ideas that I 
. couldn’t resist featurin, 
more this week. Last 
listed several places which were 
prepared to help out-of-London 
readers by running efficient mail 
order services. This week it Is 
rather nearer the day itself and 
herefore slightly .trickier for 
hose' relying on the post How- 
ver. Dilemma, an interesting 
•resent shop at 22 Thackeray 
• -trect, London W8, has some 
extraordinary little chickens just 
Sown in from America that they 
will send hy mail, provided 
readers don't blame them if it 
doesn’t arrive In time (they will 
post the same day as they 
receive the order). Each little 
chicken is packaged inside a 
6-incb plastic egg — the chicken 
is in fact made of soap and when 
it is taken out its surface reacts 
with the air and it grows a fluffy 
white far. Children, apparently, 
love them. £2.00 (p*fp 20p). 

For Londoners there are two 
shops that are. In my view, well 
worth a visit. Firstly, The 
Danish House, IB Sloane Street, 
London SW1. is full of enchant- 
ing ideas on how to dress and 
lay the Easter table. 

The shop is awash with lime 
green and yellow painted eggs, 
.paper decorations, all of them 
exquisitely made by hand 
(there's no reason why those' 
with the' time and the talent 
shouldn't do the same). The 
prices reflect the fact that they 
arc hand-made but nonetheless 
for a smallish outlay some long- 
lasting, exceptionally pretty 
fable decorations could be 
bought. It' is also the only shop 
I know of that sells those 
typically '' Scandinavian little 
circles of flowers for placing 
round the bottom of candles — 
£1.93 a pair, they come in a 
selection of very subtle colour 
combinations pink and brown, 
white and brown, orange and 
brown and so on. - 


One of Mr. Wandte’s antique; renovated fireplaces. 

paint and so on) there is also those; too. Prices vary as every 
a 'complete fitting -sendee.' And item .4s- -unique but fireplaces 
if it's not a fireplace that you start -.at about £80 and most are 
want but a stove or a- kitchen between £80 and £150. . 
range — well, the workshop offers From the old (o the very new 

—G-Plan is a company which 
- , • • produces furniture that sells in 

its many thousands and is there- 
fore .thought of as middle-of-the- 
road, treading that careful path 
between being acceptable to 
many and offensive to none. I 
have to admit that T haven’t 
liked, mo ch oF its recent offerings 
but- this year’s collection of new 
ideas, while not exciting, seems 
to- offfer some decent, honest 
good-value furniture.' 

In particular, X thought this 
coffee table (top left) to be ele- 
gantly designed and made from 
generous proportions (it is 394 
inches square and 164 inches 
high) and is made from a most 
intriguing new veneer with a 
burr-tike pattern to it There's 
a solid bra 55 inlay and the centre 
portion is of tinted class mirror. 

I saw it on the Perrings stand 
and all -Perrines branches are 

rnTTpntlv seTTine it fnr foopo. 

Those who don't live near Per- 
rings branches should be able to 
find t -it in their nearest good 
funutnre store. 


ANYBODY who has been looking at any 
fashion pictures recently can’t help but have 
noticed that -frills and lace are what the 
summer look Is really about. Wherever one 
turns there is broderie anglaise, lacy knits, 
frilled and ruffled blouses and all the other 
delights that we used to think of as being 
pre-war. The -penchant for frills has,' not 
surprisingly, found full approval from the 
nightwear designers, who, truth to tell, were 
loth to leave it off even when It went oat of 
fashion. 

In fashion or out I think this polyester/ 
cotton broderie anglaise negligee and its 


matching sleeveless nightdress make a fresh 
and summery twosome, just the thing both 
to enjoy wearing and to take when needing 
to impress smart ladies’ maids and hotel 
chambermaids. 

Afade by Saxon, it looks its best in white, 
I think, but for those whose taste turns to 
pastels it also comes in blue or pink. The 
two are sold together as- a set for about £55. 
Von ran bn v it now from Dlcfcins and Jones, 
Harrods. and Bonme & HnMIngsworth in 
London oi from Vicki Bond of Cookham, 
and Schofields of The Headrow. - Leeds. 


Finally, a totally non-fattening 
Easier suggestion and a good 
one to take if you are staying 
with friends for the week-end, 
is Bronnley's collection of egg- 
shaped fragrant soaps. They 
come in (small) visitors’ size 
or jumbo-sized, may be scented 
Rose Geranium, Lemon Verbena 
or Lavender. Visitors 1 size costs 
23p each, a box of 25. is C6JX5. 
Five marble soap eggs are £1.20. 
bath size 79p each. Find them in 
most good chemists. 


Halcyon Days’ J 
special enamel ?. 
Easter Egg > 
for 1978 


A r-j-; me ilnijn »'i .’.’Uiiirti:! 

t-JrJ* an.1 pink Hiv.-o-n 
, i- «flv 

,in j white nwnic! hu&Kft'umi. 

£ I P-50 pJus40p UK post. 
rtodULW’n ccMocn AprilJv. 157a 


•V’-UV- V; 

Vk.V.\-"V‘ N*ry«AlfcyVftwa«i 

- 


Ta:l(>lnanDtnt(il-i 
14 Bmnk iiurett. Lo*ufon WIY IA.U 
I*kr*e jwt'v! 

, LjMrr I}) CttuO 

ply- 4f*p l-k‘ rvi-4. - - 
Otwv Airmail 11 -'*£• 

eti. iraril value t - - 


Nan* • ■ 
r-l -T-M-'f**!'* 


AdJieal ■ - — — r-. 


ft 


IS 


THE EGG scorns to have become 
the most enduring of the Easter 
symbols (chickens and the fertile 
rabbit, though enduring, too. do 
nor seem to feature quite .so 
prominently tn Easter tradition) 
and though all of us know of the 
famous . Fabrrge eggs and . the 
ingenious lengths to which he. 
went to delight and astonish the 
Czar, not all of us are aware of 
quite how many other famous 
jewellers and silversmiths were, 
attracted -both by the shape and 
the mythology attached to the 
es^ • • ■ 

Some exquisite variations on 
this theme can he found among 
the stallholders ar Grays Antique 
Market. ?S, Davies Street 
London. -W.l. Though few of 
these finds arc very cheap there 
are several that fall into the 
medium-sized price bracket and 
only one in our photograph "(the- 


■‘owl perfume bottle which is 
embellished with- silver) is 
over £100. If you are a collector 
of eggs (hnd it’s amazing to me 
how many people are) you 
should hurry along and browse 
-among the stands there. 

Photographed, above, is just a 
small selection of Easter sugges- 
tions — some of the eggs look 
as. if they are only eggs but 
they open to reveal surprising 
contents. 

, 'Top row, left to right: Owl egg 
perfume bottle . which is 
decorated with silver is £150 and 
is from Jean Bateman's stall. 
Next' is a gilt egg which is also 
a" thimble box; £25 ' from 
Jacqueline's stall. Third, is an 
ivory egg which holds a com- 
plete miniature tea set inside; 
£39 from Area. Middle, left is 
a green malachite egg for £15 


from Abacus while next to it' is 
a beautifully carved ivory cross 
for £70 from Jacqueline. The 
other cross is silver and dates 
from about 1S77 and is £98 from 
Lynn and Brian Holmes. The 
little silver egg with the hinged 
lid on the right, second from, the 
top. is also a- thimble and phi box 
and dates from I860, £75 from 
3L McAJeer. 

Bottom left is a darning egg 
in elm. wood which is £12 from 
Patricia Crowley. Next to it is a 
chicken and egg salt spoon, 
which dates.' from 1906, for £42 
from Ruth Stanley. The two little 
chickens are pin wiKhib ns— the 
little one is silver and is £55 
from Lynn and Brian Holmes, 
the larger, also of ‘silver, is inex- 
plicably cheaper at £4S from 
Clare and Ingeborg. 


.If yon have a special child you’d like to give 
a present to this softest of rabbits is made of 
fluffy fur fabric (I suppose he -must hAve a 
centre of something as well) and costs £4.50 
from Harvey Nichols of Knlghtsbrldge, London 
SWI (tfOp p+p>- He is 9 inches long and 1$ 
made of hygienic, non-toxic; totally washable 
materials which should -help to keep his fur 
that beautiful white. For those who prefer 
their rabbits io be brown there is an equally 
charm ins but bigger -‘and- more expensive 
brown rabbit also at Harvey Nichols. He costs 
£I2JH) (p + p 80p). 


OrtmmVJ .by •■an- Whcrier 


Hand-made paper decoration 
from Denmark • la fresh, 
spring-like yellow and green 
this little string of ducklings 
on a string is TSp. They are 
widely sold and among other 
places can. be found at The 
Danish House, 16, Sloane 
Street, London. _S. W.l, Paper- 
chase at .216, Totte nham 
Coart Road, London, W.C. 1 . 
and Papercbase in Harvey 
Nichols of Knightsbridge,- 
London. S.W.I (who -will post 
for20pp+p). 


.? CHARITIESLQST 
£100 MILLION LAST YEAR 
BECAUSE OFTHE 
TOYYOUG/WE. 

Giviiig money to charity is admirable. Losing 
moneyfor charity isn’t. Yet last year, with the 
best possible motives, many companies wasted 
their money. 

If you give money haphazardly, you could be 
losing the charities a lot of tax benefit. 

If you take out a covenant with the 
Charities Aid Foundation, the Inland Revenue 
will chip in with whatever is the basic rate of 
IncomeTax. So that today, for instance, for every 
£100 you give, the charity gets £152. 

Because CAF has a centralized system for 
reclaiming tax on your contribution, the charities 
get the total amount faster and more efficiently. 

You have complete control as to who gets 
the money. Even if you give to several charities, 
you don’t have to waste time filling in a whole 
host of tax forms. CAF does it all for you. And 
they’re the professionals. 


Name. 


For information about the 
Charities Aid Foundation, the 
man to contact is John Pullen, 

The Charities Aid Foundation, Address 
48 Pern bury Road, Tonbridge, 

Kent,TN92jn 

Fill in the coupon for full — — 

details or telephone Tonbridge 
(0732) 356323. 


Company (if any). 


Ajkjfc A a k ’k A A J * ' 


^ rt V 


CHARITIES AID FOUNDATION 












4 


taiMAW/^I>TIMSS.SATOlU)AV-yAlCT-».^8 Vj >. 


' -■—■ .Sl 1 ^00 



Carl Andre with ** Cedar piece ' 


On Probation 

I sat ap in toy ch*ir with- note- of Indian restaurant where 
book and-ibill-point at-the ready Maggie's personal drama unfolds 

w«k. B Monday Hay. X^adomf 
OcoqKrtwnaE Hteond by Bernard i^half (son Aded -more llto trees 
m c 5£. t , 4 - March 13). being felled), hospital, court-room 

Mr. krlcheCsju is the new editor ec boes and silences. Producer, 
of the Monday- Play slot It is Piers piovrrigbt. and smdio 
not every night of -the week that managers, did their stuff almost 
you get a. Free lesson on How To t0 

Do It by the raan in charge. For ,. . 

the benefit of prospective Mon- (5) However flmdthe narrotwe 
day playwrights, who may have sustain suspense The verdict of 
missed the exercise, I offer the guilty on Patel and .Maggies 
following* deductions: eventual recovery (with hint of 

... __ new boyfnend in social worker, 

£ J) * a V JL ^ SuSJ conveniently male) were never in 

f!2 aQ y real doobt but provided a 
for one Ulan in the jungle of the g d resolution. • 
social services? Here wc heard auu 

how Maggie Woodhousc. a I am not saying that your 
trainee probation officer, script will have to fulfil all these 
handled her first case, a requirements to be accepted for 
Pakistani garage, mechanic on a production on the air. by Mr. 
charge of .having stolen and Krichefski and his colleagues.- In 
vandalised a car. He is found particular on subject-matter the 
guilty and Maggie takes an over- Monday Play is tolerant of sub- 
dose. (“Occupational hazard” — jects taken from a great many 
to feel empathy for your client) different .-walks of life, both 
(2) Start somewhere near the «tual and historical, provided 
end. Remember radio is the tbe r ara sufficiently dramatic, 
natural medium of the flashback, more so than comparable slots 
We began with Maggie waking on television. But your play will 
up in hospital. She is now a need to meet several of the 
client herself, subject to shrinks, points above; and you could do 
medical social .workers, reports — - — 



V 


■h’S 


Steve GumMey 


Wet 



Carl Andre again 


etc. Lying in bed she has plenty 
of time to dream and to think 
about the past .Cat to her first - 
meeting with Mr. Patel, formerly 
an engineer in East Africa, and 
his pregnant wife, now living in 
squalid Bevin House, high-rise . 
council flats. Add Maggie's own 
[domestic situation, living with a 


-RADIO 

■ANTHONY CURTIS 


• Two short years ago Carl The exhibition now at the bint of softness, a hassock, as situation, living wim a ip t WO rse than to study 

Andre woke up one morning to Whitechapel - 'Gallery (until were, to save the knee from the I ex- boy mend and . ■ bis new Occupational Hazard in prepara- 

find himself famous at last the April 23) takes the explication hard floor of the pew. Indeed. 1 une^y menage a tjon fi> r another hazardous 

best-known if not quite the best- of Andre a stage further, being in a sel (-revealing moment. ? row - (ket Imener -faring, wno occupation.-- 

hived of younger sriiiptors. by an elegantly and appropriately Andre expressed the pious and ( p-Spf ch oSwst o^Tiin e three Robert Jewison ' published a 

Munesy of ibe watch -doss of the p ar ed-down retrospective view nf wistful hope that his work stood 5?* 1 ‘Lj SS P J22aSlv Kck fascinating book last year about 

public purse, caught on one of his work, from the early timber in the great line through Bran-j * a >J® JS? ra J? “- uJSpIp literary l5e in London, during 

those slow news days when every -Last Ladder’* of 1959. a carved cusi. Rodin and sn back to . f ™» thf^rondWorldlV^, uZSr 

nonesl journalists fancy light y totem that openly acbnowledgw Bernini. He takes himself very 1^*%, Sehated Jane to Siege, and has followed it by a 
turns ,o thoughts of the gullible the influence of Brancusi, to the seriously, and his ambition does jjf J* J° d Shvsicallv featiire Where are the War 

fools m charge ur the Tate Gal- very latest .metal -floor pieces, him credit: we are duly im- jSSS TO 9 ' Confusin-’ fRadio 4, March 12). I 

5EiJ?^#S?‘fS e «„? , iS l, gS pressed by the. difficulties he had YesTvery at ffrs^pattera became remember this question biing 

i rc ^ f l^ e 1 .™L h l lia h as a y Qua S man. and ail artists cl-ar ifter Xut twenty asked in the 1940s but I should; 

pulled off was admitted to he who are forced by circumstances _ a00ut ^ have thought by now it hardly 

extremely fart: and so the Tate s ART l0 work at other things for a m,nutes ' needed Sp -a e nLcfew 

Bricks joined figures with holes while must surely sympathise. (3) Do poiw- researefe. Find out y^fg ^ see ' n ^eral studies I 

hJrtf tn b nnn ie v i ri S °n U ft B n WILLIAM PACKER * But. for all his protestations. hLs what dialect p atel and wife speak and of world War 1 

« h de f th nose J truth to materials, his working- to each other (Gujerati). Check TvfQ aIo with Desmond, 

as a staple of the running, and r. . v.-_ v. : . mmiH tarpon of lmnersonai _» _* 1 

often Very funny. Modern Art 

- HHV- 1 VJ, uc ia uu wiuwvui. , UU| -— .u., =, uuujsiia woiqb linripHne roeiwi 

joKe. . . il. 1 „ nv»i„ t that villain of Diece. that is.-i._i ; _ j ■-+ > m r > 


vfh-X : pressed by the. difficulties he had £«£*«¥ a fl^t- pattern became remember this question being 

as a youns man - and aJI artists Clear irter about twenty asked in the 1940s but I should 

pulled off was admitted to be who are forced by cireumstances aDout l ^ have thought by now it hardly 

extremely fart: and so the Tate s ART to work at other things for a m,nutes - needed nffirfnv The nast few 

Bricks joined figures with holes while must surely sympathise. (3) Do pow- researefc. Find out y^fg ^ see ' n ^eral studies 

^1fl^tn b nIoV?rtSof l the e n^e WILUAM PACKER * But. for all his protestations, his what dialect p atel and wife speak and of world War 

« ? £ ?hi d L“ f JS-' "!I!S truth to materials, his working- to each other (Gujerati). Check TwQ aIong with Desmond 

as a staple of the rnnnme. and class craftsmanship, his sira- correct jargon of impersonal Graham’s biography Of Keith 

.ink* - - plicity. he is no Brancusi: and Doogtaff whose Complete Poems 

J and the timber niles -that mark Uie WOf k begins to pall a little. J. hat A 5 of P iece - lha ^ Jf’ he has just edited (Oxford. 

^ S S 3 SSS aaisffla? ss-J ssSm 

s«ras ! ?VaS ^ Eri c, wUc , ^ «« ms 


Described as “ an epic conjec- 
ture of specially xomposed music- 
and visual theatre," :- this 
extremely assured but virtually 
incomprehensible new work at . 
the' Oval 'House from LO.XJ^ a 
splinter group from the estate. 

1 is.hed ■ Welfare State; ' peefoan- 
ance art' cojnp any, reveals ■'ftie 
mossy undergrowth of -our 
men ted fringe 'theatre. ' It is^h 
underground, -entertainment ',fii 
every sense: the . audlence'-^n 
Thursday 1 night - resembled.*--*" 
crowd ‘ of extras from., 
Woodstock film.- a veritable sea 
of coloured .wool tens, 1 pehbiy 
spectacles and mewling' infante 
The lady next to me gave: her 
child a breast as the lights went 
up on two black-garbed acfprs 
sporting huge, briUtimtly 
executed masks representing an 
ocean fish and a Spanish galleon. 

A. strange nautical atmosphere 
is evoked and sustained by an 
onstage band of harmonium, 
guitar, violin, 'cello and trout 
bone. Several sandbaga descend 
from above on . pulleys, oae gui> 


giiatiog ’ a vaguely human 
amalgam of flesh and bone on 
the sea-bed. A rock trundles for- 
ward occupied by two Muppet- 
Jjfee relations of. .Neptune taking 
tea while an attendant. Sunflower 
greets the day and feeds a live 
chicken. The trombone comes 
into its own. th'e - day rises to a 
cacophony of bells and squeaks. 

The mood is broken by a 
traverse curtain, and a jazzy 
piano - accompanies- '-the- operatic 


THEATRE 

MICHAEL COVENEY 


domestic feud of a mother and 
thumb-sucking son waiting for 
Dad to come home. Dad turns up 
looking like Ray Bolger as the 
Tin Man after. ; -a- rough night. 
Three Dickensian .. mourners, 
arrive' to pick over the debris. 


one releasing a polythene: boat 
of spilling salt In a gentle croks^ 
stage swing. You can. Wte'VfhM 
you wont from a show like this, 
hut. there. -is no. disputingjetha 
hypnotic -panache of it aH- ; 

The final image is, of a^head- 
less trunk and an unoccupied 
pair of trousers flitting 'around 
to a qiiasi-refigious anthem that 
could have been lifted- - front 
Suwieye Span-. 1 think F would 
prefer tCLcall a bait there- a my 
brief descriptive account- -There 
is no propertly '. developed! 
criticar language for this kind of 
theatre 'and here Is no place to- 
invent one. Suffice it to say. -that 
l.O.U. are Worth watching and, 
will no doubt appeal to an audi-, 
ence spiritually disenfranchise d- 
by the main body of our literary 
theatrical tradition. -It would be. 
fascinating to see what the com- 
pany made 6f a . woifle. 'like. 
Pericles but I dare say that .'sort 
of ambition does not ~ figure ir^ 
what are exclusively sensbrjr 
perceptions. * ; - 


1 L 


and the timber piles that mark 


Turner foils to sell 


11 ■ lhe centre-piece of a ^ ^miior^ihin^s 6 can^^e 3nd structure, implying endless ' researcb uit'o character^ speakin? Ewart, Bernard Gutteridae. and 

small didactic exfi-bition where-n The d ^ vein omen h ren-hmi t i : var ’« t - v and stimulating the voices? Maggie (Glyms BiooVsi- Vemoff: ScandeB. 1 . 'Mr.'. Hewison 
the other works by Andre in the imagination;, and the rest or sounded n bit too-wnarkrt. did jiotTdemurfrom thisand he 

collertmn. and ihost- of his mini. s»trai^htiurviard and clear. lhe Work js .- hard | y idea-less. Pat *l (Z ' a Moyheddm) was went tet0 w ^ v the .poetry Of the 

malist peers, hoih European and Andre cut and sawed the And it is in this engagement nghtiy a fastidious user of Eng- Second w<jrid was of a 

American, were shown together earliest pieces, which thus that Andre's significance as an lish bat his violence on the car different character from the First 
in an at tempi to -set out the prio- acquire, in the unmistakeably artist is to he found. The was thereby made more difficult interesting comments from 
ciples that have preoccupied a puritanical atmosphere that inherent material qualities, the tQ credit. . * Alan Ross. Roy Fnller. and 

significant group of artists over hangs so chiilily over the show, tree qualities shall we say, can (4) Make the ear'do irorfe 6/ others. But what of the Ameri- 
the past two decades. an almost baroque richness: a look after themselves. other senses- Smells -and sights can contribution? 


There was a disappointmenL-at 
Christie's sale of English pic- 
tures yesterday when the chief 
attraction,' an. oil by -Turner 
entitled . ■ "*? SeopoUtan.',- Fisher 
Girls Surprised Bathing by 
Moonlight," failed to reach its 
reserve price. ■ Bidding stopped 
at £140,000. The total for the 
auction was £456,060. 

A Stubbs of a mare and foals 
in a rocky landscape sold' for 
£42,000, well pver double its esti- 


SALEROOM 

BY ANTONY TtfOftNCttOf'F- : > 


mate. A Ben Marshall “picture 
of Zihganoe : with * jockey Sam 
Chifney. Jnr.. was boughti by 
Mclnnes. an Eastbourne dealer, 
for £20.000, and another racing 


“subject “A view 1 ; "of" Warren 1 
Hill, Newmarket " -*- . 

Among the * other prices a 1 
Reynolds -portrait;, of a Sadyp 
apparently ■•Mrs.- Trecotluck, sold: 
Tor : £13,000. Uas (Ufetf? croup- 
portrait qf-Sir Gharlei- GockereU 
and family ^by RenaldL,-, pre.- 
voosly unrecorded j^niipg by. 
James Pollard of the -Cfirjftteester; 
to London:- coach,, recently un- 
earthed- in Battersea, was bought' 
by Ackerman for £9,000. '• 



t Indiratiw programme in 
black and white 

BBC 1 

9.00 a-Ri. Tcdily Edward. 9.03 
Indoors Outdoor-.. 9J0 Mulli‘ 
Coloured' btthp Shop. 12.18 p.m. 
Weather. 

12.20 Grandstand: Football Focus 
1 12.25 1 : Badminton (12.33. J .-in. 
2.40» .Jolui ..Player All-England 
Chanipurtufoiifc; Racing from Chep- 
siow 1 1—3. 1.55, 2.25): Rugby Union 
Preview i 2 . 10 t; Rugby Union 12.30) 
Wales v. France and at 4.30 
Enclnnd v. Ireland (highlights); 
4.40 Final .Score including classified 
football results. 

3.10 The New Adventures of 
Batman. 

525 News. 

3.43 Sport.- Regional News. 

5.50 Jim’ll.Eix It. 

625 Saturday Night at the 
Movies: ** The Egyptian *' 
starring .lean Simmons and 
Victor Mature. 

S.40 The Les DdUhon Show. 

9.10 Kojak. 

10.00 News. 

Ili.io 5talch of the Day. 

11. JO Saturday Night at lhe Mill. 

All Regions as I*BCl except at 
the fnlhiwhts times: 

Wales — 8.40 uun. Indoors Out- 
doors. ih05-9.CU Teliffant. 12.00 
News and- Weather for Wales. 

Jscotian 3^4,55-5. 10 p.nu Score- 
board. 3.48 'Gbnfereiiee 7H (report 
mi the Lctbtwir Party debates). 5.55 
BBCt London far .Inn'll Fix 
It.. 10.10 Sportscene. to.40-tt.to 
Stines of Scotland. 12.00 News and 
Wtather for Scotland. 

Northern Ireland — 5.00.5.10 p.m. 
Scnreboard 5.45-5.50 Northern 
Ireland NVws. 12.00 News and 


Weather far Northern Ireland. 

BBC 2 

7.40 a.m.-L53 p.nu Open. Univer- 
sity. .. .. 

2.05 Horizon 

223 Rugby International: 

England v. Ireland. 

4.33 HU the Note! 

T5.05 Saturday Cinema: “Visit to 
a Small Planet** starring 
Jerry Lewis. 

620 Sight and Sound in Concert 
featuring Gallagher and 
Lyle 1 simultaneous with 
Radio 1 stereo). 

720 News and Sport 

7.43 Network. 

8.15 The Book Programme. - 
8.45 The Lively Arts: Elijah, the 

story of the writing of the 
oratorio and a rehearsal. 

9.43 DI*A*S*H. 

10.10 Bertolucci Shoots “1900": 
the diary nf a film. 

1023 Laie News on 2. 

11.00 Simple Faith? 
f 11.15 Midnight Movie: "King’s 
Row ” starring . Anne 
Sheridan and Robert Cum- 
mings. 

LONDON 

9.00 a-m. Sesame Street 10.00 
Our Show. +11.00 Saturday Cinema: 
** Orders are Orders ” starring 
Peter Sellers and Sidney James. 
1220 pjn. World of Sport: 1225 
On the Ball: 1.00 International 
Snorts Special it) Freestyle 
skiing from- Heavenly Valley. 

• California: 1.10 News from ITN; 
L20 The. IT V Seven— 120, 2.00, 
.220 and 3.00 from Llngfleld; 1.43. 

2.15 and 2.43 from Newcastle: 

3.10 Internal icnal Sports Special 
(2 1 Darts— Nations ' Cup' from 
Wembley; 3.3n Half-time Soccer 
Round-up: 4.00 Wrestling: 420 
Results Scn'ice. 

5.05 News from ITN. 

5.15 Happy D.iys. 


5.43 Logan's Run. 

6.45 Celebrity Squares. 

720 Enemy at the Door. * 

820 Sale of the Century. ■ - 
S.OOMithjn ihesfi: 

IGJKTNev.s. 

10.13 The South Bank Show pre- 
sented by Melvyn Bragg 
with Georges Simenon. 

II.1S Thr Adult Movie: “Stair- 
case ’* starring Richard 
Burton and Rex Harrison. 
1220 sum. Close — Geoffrey Hms- 
lUTi.. reads a poem by the 
Intian poet, Rabindranath 
Tagore. . - ' .* 

AH 1BA Regions as London 
except at the following times: — 
ANGLIA 

9.03 i-ra.. Animal Atplubet Pandn. 
9J0 Cjnoon Tim*.. 9 JO Tlstras. UJO 
Funky Pbantom. 10.05 Tiswas. » ^ Vailer 
of the Dinusaurs. 1US Tiswas. SJ5 p.m. 
Cetebrity Squares. (UHI Code R. 7.00 Sale 
of lhe Cl* i:uo - . «J0 TV Movie : "The 
California Kid." 1U5 Within These Walls. 
UJ5 .\t Liu End of the Day. 

ATV 

f.B5 us. The Rolf Harris Show. *30 
Tiswas iLclodnifi Dynoman. the Dos 
Wonder sM The Lone Ranger. SJS p.m. 
SIX Millini* Dollar Man. 6.15 Karoc. 9.00 
Th*i Sweeney. UJ5 The Saturday Su.«penae 
Movie ; "Jeath S^uad." starrlns Melvyn 
Douglas. 

BORDER 

9.30 a-m. Tiswas. Uh.ludinc Dynomuii. 
The Do? '.Vonder and the Beachcombers. 
5.15 p-m. Logan's Ron. 645 Havoe. 6.05 
Sale ol rfi* Ceniury. 7 AS Eo.:Tn .■ at the 
Door. BAS Him : "BrMger.' - 11.15 The 
U insiders. 12AS a.m. The Odd Couple. 

CHANNEL 

U.18 p.m. Puffn's PIa>icir. 5 AS 
Logan's Run. 6A5 Happy Dari- 9.D0 Police 
Woman. U.L5 Appainununt with Fear: 
“Circus horrors " 

GRAMPIAN 

9 JJO ajn. Scene on Saturday, indudiox 
Birthday Greer inas and Thr Lone Ranger. 
US Shippy. 938 Th,* Woody WoodpecfriT 
Show- IDAS Wooblnda. 18.45 Inland nf Ad- 
vi-nrurt. 11JQ The Clue Club. 12.80 Captain 
Scarier and the Mystcroiu. 5 A3 p-m. 
Logan’s Run. followed by area wearher 
forecast. Highland U-ogue and Sfahity 
mulls. 6 A3 Havoc. 6-45 Sale of lhe Cen- 


rory. 745 Enemy at rh.- Door. BA5 Kcafore 7 AS Enemy ai rhe Door. 8A3 " Bridget— RADIO 3 464m, Stereo & VHF ^ tS - ' w A^OO C Sa urtW^POn^^'AWerT-''' 

1X15 a WCCTWADB rtJSS *J». Weather. 0A» News. _>.05 -service. 718.30 Pidc of the Week: ties. k3fi Tension Makers. Yd Go« 


WFSTWAfiD *»JB aon. Weather. 0 J» News . »•« DaSy Service. 718.38 Pick of the Week: ties. 

” “ •■I/.-- «_ ■"AUhide fS'." 9.00 >eirn. tjn Rcci>irtl *rmf, tnv «««■ tit .so - <nmw n.il 


Makers. TOO Go 


Tmft for Verse. SULM - Saence Mala: raualc. Information. 4mervlewr. jp 


n- • ^ YORKSHIRE ,SI - 5J,a Jazz tifcora Requests (Si. n , wa rVHKr Regional Nws- tfld New*. W0 p.m. Afternoon Delight with Duncan 

,m, am vita.- ojs s -« Critics’ Forum. 6.48 Inlcrnational 6A5. Dc«-rr Isiarrd Discs.’ *30 Slop the. Johnson i5». 54» Joan Shemoo’s Person 

HTV • s OnamuR (SI. 7J0 BBC Welsh fomphoiis Wwk Robert Rimnsm./. 73^.Thesc' ro P uma r a Trr tJ arfirr^a aci m Soul 

. 9J35 a-m. BulM Your Own BoiU.-4J» x£srtti iSL^ttOO fS? PKaonSu 1; ““““loir. Y«m-Af*w. Loved -8J» -Sariwrfay- Specmmr: XtsMSZAn: -jtoWBilunTK’x. 

Tisww. UU3 Borman. . UW5-Tis*ra8-fi^ Slbelhw (S.. . «A5 Personal View by M(lff~Ttfntt» iS». 938 -Weather. HUM 'Mummy's Chart i5>. 11.00 -Mike- Alien * 

icumd >. 1U5 Beavticombers.UJ5TlBwa8^5| mne Lmanrs -Rmt^Mavoc. W5 Bosatm HlfiRha. A35 Concert, part 2- Mews..LaJ5TOn the Town; iLoo Ligmen American Dream. 1230 Mike Allen's 

. . EK __ •*-"*■ wsao * . HnlunM iS, nX Rlh» nU nn>EdT* n... ,n.rW. nie.u^, ' .. ti, rev . in ... n. rn . 


(nmtdi. 5^l5.p.m. Celebrity Squares. 6J0 or rhcCenmrf 705 Enemy at the , , * = , E ?^ r ^r u c nr,fa,lrr . Our .-DafUiMi MAS Men-s *. Backs- at Bimsw f8».- WOlJJij. -Perer 

Uigan-5 Run. 830 StreeU of Ban Fran- Dtwr. OJS ■’Bridger." UJ5 The Mary iL“ Dt b * If!? 1 ' J* £j OR". Uuimjrslty (VHF only} M5 sum- Younc - Nl»nt Flight. <Sk ■ . j* . 

cisco. XL2S Moyuihau. • Tyler Moore Straw. TI ay The Outsiders. l—mSEL S' '__!**■? liOOund 2JK5-5.S9 pja. 

HTV Cymru /Wales— As. HTV General T Music Thenipr (Calk by Bryce Morrison i. - T . ’ - . • * — T,. 

Sirvicc SKa!5 ttroSXS: RADIO 1 - * ** 7m SS- BBC RadioLondon . chess solutions-- "1 

*S£Sttt5* n - UJMi “ A ‘ 5I StenmofaeiUc hnmdcast oiSl .' _ 206m and M2 VHF - 5o lutiou to Pq^iod m.^07 

Change In Mind. 630 a ju. As Radio 2- .836 Ed Stewart uo. upui Ra«h«r 3. 732 CUwd.Fish- , ■ 

SCOTTISH with Junior Choice iSl. 1030 KM. Jensen. riVniri a Ina. BOO News: weather, I raffle, shop- l B-QS ch, K>N3 (if K»B4r 2-t 

830 aon. T ooBdL 8 JOTlswa s. lochKUnK 12 - 80 Paul CamijacCTuL L»P-m..Rock °a JiAUlU^ 4.. - • plag. ;spora M ^m. 8A5 TBe X.nMon RxP, P-R7; 3 B-B6U 2- ^-05^ 


HIECTING 


830 ml TooBUL 8 JO Tiswas. lnclWUii* - Pau » CamijacCTcL 131 p.m. ,Rock On _KAU1U_ 4 . - ■ plug. SpotK^ wwv . 0J5 The X.nMon RxP, P-R7; * 3 B-B6U Z N-05^ 

WiaSUvuT Wdide^ ■«! tamSus lS '- 150 AUn Freeman <5*. 531 Atom 434m, 330m, 285m and VHF Garderwr: Darid^Kiw^wih Sarw- pjR f. 3 E -B6' P%B' 4 Sr-KYmkle^ ’ 

p.m. Loean's Run. ft 1 8 Havoc. US Sale Corner's Blues and 'Soul Show <S >. 63 0 630 a.n». News. 632 Farmizuc Today. 1L30 The ’ , -*.-■.*• ■ .5 • ■ 

of rhe Century. 7.15 Eocniy. at the Door. Slcht^nd Sound 1 In Concert rS.I’feautrina Ajo-Yturrs FalthfullF.~3635 Weaiher. pro- p - 1 ^ ' CoimiftB- tn Rmhlam iu» ■ i.\ 

f3AS Feature Film: "Sea of Sand.’’ Gallagher- sod Lyle islmuluuKaua with sranuue sews iVRFrfojalonal News. 7.00 cm SO«Hmn to Problem NO. 20 1 ) . 


starring R 
Call. 1130 


Weekend Choice 


830 ajn. Weekend folloa-L-d by Rertoual Radio 2- U0 p.m. With Romo a. 7^- 8A9 Soon «. -udayhi Papers. - • 261m and 972 VHF O-MS . 

Weather Forecast. 8.U Sesame' Street. a-«- With Radio 5 a.c -Y^terday m Parliament. 835 A 6.03 a.ni. Mornfnc Music. 7.00 A.M.; v 

Liwj uur Snow. UK-lndina 11.00 Code R n . i l iDDm and VHF Party Political Broadcast by the Conscr- Weekend a- vs. reviews, features, sports. — ■ ~ ■ — * ■ ‘ j 

and Weekend followed by Regional KAD1U A anu vnr - ■ ■ m ■■■■■■»■ v 

Weather Forecast and 1235 pan. Happy 638 a.m. News Summary. 632 Tom 

Days. 5.15 Celebrity Squares. 330 Six Edwards with The Eariy Show «S< tndud- 'K'ST f J-. ja /^l ■ • . ,t . ■*! • . 

Mtlltoo Dollar Man. 738 Sale- of -the l up 831 Racing Bulletin. 806 As Radio fit K i al ■ ■» . 

Century. 8J0 "Deadly Triangle." 11A5 l. 10.02 Wally Whrtou on the Smntyride v V J 

within These walls. 12.15 a.m. .Southern <H 5aiurda? iS». 1232 pju. Two’s Best ^ 

News. - tffc Strips P*i»35? "SSrtrti'lAi 30 ?^! AS USUAL the 'BBC is providing edited' highlights in BBC-2s On Sunday BBC-2 leads -« gain ■’ 

Bjsa-m FilJoniAdhE.^Aiven. ?*?S' IlS'. by far the mort interesting weeiU IntenuflonBl Rugby Special ; to * Worid A^on^Us on t^es, ■ 4 . v . 

rure Time: -The Figbnug O’Fimn " t;.3ul ami plus moior-crriwg-ncws of end. starting this afternoon with catch whichever match they rate „ r *.“f n ■ano.'-narraiea d> intian i -. .. . 

siarrlug Dmwlas Falrtanto J«r. -MJB .prauc- me jo-morrew-ii-VeoMuolan Grand a choice which oromises to drive to-dav ' ' Pettier wba. epUCes VfiSfcf the.. ' 

YTO- can Make H liS Space l»»- Pni: 5.00 Sports Rcoart: chusiftef foot- a ,, p • promihgs w ante l °W- .. sample 'statistic thar in Ordef ±0 -t ' • 

Run. tu-ftavot- ban checks at 530 and' 5.« . hwhy all rugger fans to distraction: This evening a new senes of collect a nound'nf honev'anlfhB^ • v ' - 
Sole of the Century- 7A5 Enemy at ttnr rouud-uo 5.25: motor sport S30. 633 u-on i , . UU ,Y.“ puuauoi iioiit'i- on*Z- MS. ' .. 

Door. 8A5 BndR-.-r." II JS The Practice, pop Over Europe. 732 Would The 'Last In ® r ‘ I V B ^. ?_ n ^ Would have to fly.- a distance £qfiai •’•*>..• . . 

1135 Upstairs. Downstairs- 22 . 40 a-m. Businessman. ... 738 Radio 2 Top national Rugby. Union to the shortly after BBC-2 screens. an tD three orbits o£" the r *earth! - ’■ 

EpUonue, _ - w - - I™ es , ,s ': f 7‘ Y ?!h ma «b we have all been waiting Italian ;documenta^r . with' .the Later if ybuTahcv tout :' traroinaiir*" >•«, 

ULSTER ' SSL bV.'D^d ii« for - Wales v. France, BBC-2 will self-explanatory title Bertolncci of ■ Ftendband: Sit : 7. * ' 

18 A 8 Mt'TO Serbs. 1030 the Red uciodies for You. pan 2 . U .02 saitmiay simnitaneousLy show fcHglana v. Shoots isOtr’ ref erring to ^he different style' of. newsi BBC*'- - *' 

n. 00 Nif^t vn,h the BBC Radio orohOTn. «s>. Ireland. Those .without video- controversial', and tremendously uses the Eurovision Knk fr> Ifrfne? • ;“ *■• 

SShfiaiSlrt Rii" 6A?*A' S Drop UN cassette recording machines will long feature- film which opens ra British viewers Te 1 e-J ourn at io n : * - 

.in Your Hard: 635 sale of ihc_ce«tuy. nkl 123I-1Z33 un.- Xeira summary, just have to watch to-morrow s this country 'Soon. the French efectiorr.— C.D. - •' « .-■• • 


C C — ■pics*' theatres accent certain credit I AMBASSADORS, 
cerdj br trlechonc or at tne bo* office. 

OPERA Sr BALLET 


01-8 VS 1T?1 ' DUCHESS. B5S 82«. Mon; W Ttiurs. 


COLBEUM.Crealt cards. 01-M0 £2SB. 215-225.' “ MS*'** 


Evps 8.00 Mu Yun. 3.00. E*s. B.OO. Frl. Sat. 6.13 and. 9.00. 

QUENTIN CRISP Oft! CALCUTTA! 

Tickets £3.50 ana £2. SO UK. glass or "Tbe Nocto IS stunn-ng." Oatty Tel. 


E iiterta i n nieiit C» uide 


Reservations 01-816 3161. r IS!" . V , 

ENGLISH NATIDNAL OPERA Evcnlnp News, ti 

Tonigm A Wa. re-t 7 DO Farce ol Dastlny 

Tuns, t.sa Gala Pcrlermonce. Thurs, 7-30 i non, , n 01—137 


al "' v ‘-' Mjts - - - J -99 l. 5ats. ;_s_oo*ad . aloa 


Sth -SENSATIONAL YEAR. 

1 FORTUNE. 236 2228. Evgi. 9. Thurs. 3. 
Saiu roars S.D0 and 8.00. 
MURDER AT. THE VICARAGE ' . 

Third Great Year 

" DONALC " sfr^ocST ”’ 

_ ,, ... .... . f Alt or ot lh.* mar." E. Standard! GARRICK THEATRE. 01-826 4601. 

COvENT GARDEN. CC. 210. 1066. IS SUPERB" N of World. E*s- 8.0. Vvea Mat. 3.0. Sal. 5. la. d.30. 

■GardJfNhiroc crnfltt cards 828 t>90» SMUT YOUR EYES AND JIU. MARTIN. JULIA SUTTON 

_ THE ROYAL BALLET THINK OF ENGLAND ERIC FLYNN and ROBIN RAY 

Today 2-OOpfn La Fille mal sardec. Wed . "WICKEDLY FUNNY." Times. m tnv 

7.20sm Mana n. _____ . I — "3RTLLIAiV1 MUSICAL 

THE ROYAL OPERA ; ARTS THEATRE. 01.836 2132. ENTER TANMENT. ’ People. 

TonrflM ano Tu« 7.30pm Idom-mm | TOM Stoppard'S SIDE BY SIDE BY SONDHEIM 

Tnur 7 30pm II !.-c«JW.-C. 85 Amwl DIRTY LINEN - | "GG TWICE." S. M Oiler. Puncn. 

-rats 'or all perij on sale from loam on "Hilarious . . . *« ,i— Sunday Times “CO THREE TIMES." C. Barnes. NVT. 

das ol B*rF. f Monday . to Thurso-n a.«so. Fr.day and: 

zmzzz “ ! 5Jt _“_ r(,av ft* 700 8-*5. .GLOBE. CC. 01-437 1592. Evenings S.O. 

SADLER'S WELLS THEATRE. Rosebery , ~~ THFATor' f ^T77 1 ~ ; Mats. Wee and Sat at 3.00 

ate E.ul. C3« !»'.• Lass wrf. , ASTORIA THEATRE. Char.nfl Cross Road., BARKY FOSTER CLIVE FRANCIS 

BALLET RAMBERT 1 Q1-«14 4291. NeareM Tube TottenKam DONALD GfcE JEREMY IRONS «ld 


I ROUND HOUSE. 


«vc bavjl'et" ”rAMBe"rT i 0 1-714 «»1. " Nearest'' Tube'VSiSSSi' ‘ oon^LD ^V ER JEREm'y IRO^^nd ’ ... "K'VSKl”..-* „• 

TqniQhl 7.30 Cruel Garde®. From Mar 20, Court Read Man-Thurs. 8.00 P.m.' SIMON WASD In 

-- Anr.1 1. Pftoodlus D|im.c Thsatre. Fr.day and Saturda* 6.00 and 03S. ■ Tut ifav rn , iiun M . A T. ' 7 FIL J- THE LYRIC -FOR A 


«3a«WWM JPAJ-l^pEUM. CC- 01-437 7373, 
FROM MAY IS TO AUG. 19. I 
THE TWO RONNIES 
BOOK WITH EASE ON THff NEW j 
EXCLUSIVE TWO RONNIES- HOTLINE 
01-437 2 OSS. ’ -r 

LYRIC THEATRE. CC. 01-4i7 3886. Eft. 
8.0. Mats. Thurs. 3. Sats. 5 0 and 830. 
JOAN PLOWRIGHT 
COLIN BLAKELEY *• 
and PATRICIA HAYES 4n . 
FILUMENA 

6y Eauaroo « Flllcpa . . 

Directed h*_ FRANCO ZEFFIRELLI 


C Fnn S* -41 *- . 9’^ 37 6 5 3 . 4 - HuLl TRUCK in 

Mon -Thor. S-OO. Fn.. Sat. 6.00 and 8.40 A BEO OF ROSES 

rnnn^nA^ 1 ^ SWg*** . “Made me tee. aTa“t." D. tap 

GOOD FRIDAY 2 Peris. S.O and B40. 5ce ^|sd Thea tre- Uw tam. ■ 

PHOENIX; -Credit Cants. 01-B36 8611. ROYALTY. Credit Cards, oi-4-06 3004. 


ftt 8- Opens Wets, -at 7. Suds. Evgs. S. 
No pens. -S4 March 
. . HAUSER ORKATER 
! present -rhe -Lonaon-orrmlere ot 
THE HUNCH _ _ 

ROYAL “COUP y: 7*SS-'l*f«Sl' 

Cops. S-OO. Sat. 5.00 and 8.30. 

HULL TRUCK in 
A BED OF ROSES 

"Made me teei s'ed to he ai.ve.” D. Eao. 
Sfif. ajftp. TFiMteft-Uostairs. 


Pre*. Tue. I THEATRE. UPSTAIRS. 


. . "arsss. y-oSr ^ ggy y 

VAUDEVILLE.- 826 96BS. CC. Eygs. at 8. l.'jl S. 4 QiOord' Sil TQpt>- • 

MaL Tue*. 235. hats. 5 ana B. Tuner. 6^- (Hfff 1 

D'ti*li SHcRlOAN, Dulcic GRAY ’ ;■ A ®®^ TMB MOtfIC iu£ 6u*naMAifl.'. a 
Eleanor -SUMMERFIfiLD. jamos GROUT I 8 ®®"*!.-; 1,30.- 5-10. 6?TO. 830. 

A MURDER IS ANNOUNCED °S. 'ST* . 

-THE NEWEST WHODUNNIT HIT PLAOL (A).VSeA rpf&N . 

by- AfaATHA CHRISTIE SUO.8jp.LMe show 1 VAjnfiAT -■ 


:r.Aar,i jywMiua Dame Ths 


- THEATRES I 

A DELPHI THLATRt. CC. ,0F-f 36 761 1. ( 
[vpy 7 20 Mali Thu»2. 2.0. Q. I 

&COD FRIDAV-^ne Per' ai . 30. 

Ttrt-«5T MUSICAL 
OF 1976. 1977 and 1973 1 
IRENE 

" LOND ON'S BtST NIGHT OUT.’’— 

— iiiitJif People- 
ALREADY 5.E6 N BY NEARLY ONE 
MILLION HAPPY THEATREGOERS;'; 

CREDIT CARD BOOKINGS 826 76.1. 


Fr.day and Saturday 6.Q0 and a-ss. 

1 ELVIS 

! instant Credit Cara Pe£crv*llan>. Eat In 
uur fully -licensed Reuaurant or Buffer 
I Bar lunclftime An.1 Brrerr or aner show 
i _ — nocyjo''- ip ad ranee. I 

: BEST MUSICAL OF THE YEAR , 

1 EVENING STANDAUQ AWARD. i 


THE REAR COLUMN 
"Simon g^ai f fire nia>. Rarely haw* . 


HUNDRED YEARS.- Sunday Times. 


1 seen a shew as perfectly caiL" Timci.; M . ¥ rr 

Directed Uv HAROLD PIN TER. i** * f £%,. R.o.^at. i3Q B ^' 3 ”l: 


CAMBRIDGE CC. 01-336 6056. Man. to- 


GREENWICH THEATRE. 01-B&8 77SS. I 
Evenings 7.30. Val 5au 2.30. OONj 
JuaN. A Co-icav by Mol ere. "I recam- . 
mend ■: warmly,-- F. Times ; 


Thursday B-CO^Frluav^,. S .4S. —*■"■* ««' 


"PULSATING MUSICAL. Evenmq NemH 
THIRD GREAT YEAR 
Seat prices 12 . oq ana ls.oo. 

Dinner and top-oncc seal 1B.25 Inc. 

lOMEDY 01-930 2570. ' 


GORDON CHATER ■■Brilliant-' E.N In 
THE ELECUTION OF 
BENJAMIN FRANKLIN 
by 5i?ve J. Swjrj 

’’A (Dmuastionare funny, hcrcclr elMfiFiK 
□lav." Gdn. "Hlla'lou? " I.Stu "Wickedly 


Easier Peris. Good Fri. Easier Mon, B.O. , 
INGRfG BERGMAN 
WUeDY HILLER 

_ DEREK DORIS FRANCIS' 
GOOrREY- HAPE • CUKA 
WATERS OF THE MOON 
"Insrie Eers.ndD iriakcj tne stage 
rad-Jlc — unaaFaiiable CianUM •’ D. Mall. I 
"Wendy Hiller superb." S. Mirrar. i 


MERMAID. 240 76S6. Rest. 748 Z03S- 
Tom CONTI, jane ASHER fn 
WHOSE LIFE IS IT ANYWAY? 

THE NEW SMASH HIT ACCLAIMED BY 
EVERY CRITIC 

Eras. F.15. Fri and sat. 5.15 
Stall tlcLeis £1.25 to E3 JO. __ 
Combined dmrar theatre tirbet £6.50. 


Evss. 8. Max. Wed. 3-0. Sats S.O 8. 8.0. 
_ FRANK FINLAY In 
The Leslie Bneusse Musical 
KING* AND CLOWNS 
Directed by Mel -Shapiro. 
Successful, suck. EiMertaininB.*' D. MalL 

F ES5*. l 2H‘ y L 437 4SM - Credit card Dkgs 
836 10/1. Evgs. B Eats. 4.45 and 8.15 
_ Wed. Mar 3 00 
_ B85T COMEDY 6F THE YEAR 
Era. SUrward Award ana SWtT Award 
Rdral Shafcetocare Cnmsany m 
PRIVATES ON PARADE 
ov Peter N«hol* 
iNat Suitaale for. Childreni 
" HUGELY ENTERTAINING 
EXTRAVAGANZA ." S. Times. 

PRINCE OF WALES. CC. 01-930 8681. 

_ Monday to Friday « ( pm. 

Sat. 5. 30 and B.4S. Mat, Thurs. 3.00 ' 
GOOD FRIDAY ONE PERF. AT S.O. 
"HILARIOUS COMEDY MUSICAL 
— "The Sun. 

LOVE MY WIFE 
Slarrlr.s Co Aacil 01 
RICHARD BECKINSALE 

and from April ID 

. . _ ROBIN A$KWlTH 
fcf ■Ceniessiont or films Hmej 
CREDIT CARD BOOKINGS 530 0548. 


Monday -Thursday Evenings 3.00. Friday 
5.30 and 8.4S. Saturdays 3.0 and 8.0. 
London’s critics »Me 
B5U.Y DANIELS in 
BUBBLING BROWN SUGAR J 

IN Musical of 1977 
Bookings accepted. Malar credit cards. , 
Easier Perfs. Guod Friday 8 48 
Bank Holiday Monday 6 00 


■JtaOBiar Theatre, Ecrvent 




SAVOY. 01-836 e888. I U’n 

Nightly it 8.00. Mas. Wed. 2.30. 1Mli *■' 

sal. S 00 and B.OO ' - : — 

PATRICK CARGILL S. TONY AHHOLT I WHITEHALL." 

ciruTH ’ Ev.- nines 8 J 

5LEMT H p -,,,1 tTairnfll 

The World Famous Thriller IVjEi 

by ANTHONY SHAFFER ' 

SLEUTH Now iiun a 

has a we.gnt ol inirigue. 12 -iyjck sea 

"Cirgiij is thorough a«d uno«r ~ 


professional. ' Gdn 

Sleuth windmill theatre, cc 437 G 512 . 

Blend 01 ccmed* oam-smanshlD and Twice Nightly 8.00 and 10,00. 

■ 7 disguise." Times. OPEN SUN uAYS 0.00 and B.OO. 

Eras. £1 to £4. Mats. El to £J. - n ft IJL fi A YM PNP-p i BS B iT L. 

— — RIP OFF 

SHAFTESBURY. 936 6S9E. THE EROTIC -EXPERIENCE OF THE 

John Reardon and Joan Dicner in MODERN ERA 

KISMET "Takes to unprecedented limits iMiat Is 

That legendary musical. Preview* Eras, j Bwniisjible on our stages. " Era. News. 


at 8 a.m. SaL 3.00 and 8.00. 
. Opening March 21 


‘a‘ THOUSAND TIME*, WELCOME 15 


MURDER AMONG FRIENDS 


LIONEL BART'5 ! "BUcItmail. armed robbery, ncubl? hfufl ' 

■■MIRACULOUS musical* Fin. Times, and murdM - .", Times 'A good- deal of, 

OLIVER I fun” Evening News. ! 

with ROY HUDD ano JOAN TURNER. 1 j 

-'CONSIDER YOURSELF LUCKY TO BE I CRITERION- CC. 01-9 T 0 3216 ■ 

^ E ”" M * | 

PARTY RATES. I -impeecablc . .a master" Sun. Time*,! 

- — — ■ — — r i" mxtet 1 


Tu« 3.00. 5JIS- 5.00. A Hock Revue. 
T LET THE GOOD STONES ROLL 
The RgUmp Slones Slorv. 


!S"VSS-«“ , 5!!55S. MAJESTY’S. CC. OT-SSO 660€, i NATIONAL THEATRE. S2a. 72«, 

iirwi • e £ T '«££?. b !A.? , ^2 Openlno March 28. .r OLIVIER fooen stage) Tods, 2.45 6 

?5S- 5 “P * 1 deu BRUCE FORSYTH ^ 7 30 Mon 7 30 The Cherry Orchard bY 

.venlng News. I in LESLIE- BRICIiSSE AND- ANTHONY. Chekhov Irans fay M-chael Fravu. 

._ — — -I NEWLEYS LYTTELTON rorovenlum sfriei; TotNV 

c - _ 01-910 3216. TRAVELLING MUSiC SHOW I 6 7.15 Mon. 7.45 THE C-HdTt OSMAN 

, 5 -30 8-3Q. Thurs. 3,0. | witn DEREK GRIFFITHS fa y Mn lner trarc by Frank Marcua. . 

t PHILLIPS I Directed b * BURT SHEVELOVE CDTTESLQE iwnali au^inriu"-!.*- TtnJ*v I 

• Sun- Time*,. Prers. Evernns* B.O. SaL 3.0 And B-0- 2.30 p.m. LOVE LETTERS ON' BLUE 

eiSff 7.U.. — PAPER fay Arnold Wosknr. -■ - *-■ 

EUIMNY. - H.-of world, f KING'S ROAD' THEATRE. 3SZ 7488. Many e«r-tl r -it Cheap teats nil 3 theatre* 

— Mon. la Thur. 9.0. Frl.. Sat. 7.30. 9.30. tj»v « •**♦. Car uH, Re.-’.uranf R28 

C. 01-B36 BIOL.Ehmv THE ROCKY HORROR SHOW j .2033. Cryiflt erd fakgs. 928 3052 


;qU£EN^_n#CATRE. CC. 02-734 1 !€«. I SHAW_ON_ SUNDAYS 6.00 


■iwiiHauifY inn JIUKT . tvwoi. jhIKJAt tXZJTCU, ProQi if. J U} 

1“ repertoire. ■ ■ ABvanee bkos: Aidwvcn. 'iwt Sun... .s.SS, 5.10,' 830, ... 

ah «ati ti.eo. . . 1 "■ . 

- = — — : T WO cinema. 337 ii77-B4qz, 

WHITEHALL-' - ^ 02-930 6692 -77 GS. I f 

" Evenings 8J0_.. Saturday SJ5 ana 9.0U. 1 iX> Sea 

■ Paul Ravnowl -orMeta the Sensational I g.io. Pat : G&sfki. VSHt wnJ°’ .S'°°» ,?'52; 

. : sex Rome or the Century- 1 11 is ' 6 “™ “"d *HlY the K|d-HU 

- - DEEP THROAT . > -A-Z1 ' ■ ' ' 

Now live on SUoe. ■- . llfti'teo ;?eaian. i .cimirD . --l','. IT"; r-f-nifc 'T 

1 2-wdck season o-lbr to Wnrtd Tow. ! L S5SS TE ff ,„?9 u iySi. WD 

iu ^N GEORGE- 

flHier qui's. TOM Or bow 

WINDMILL THEATRE. CC 437 6312. i* 1 Sep proMMon" S« 

Twice NaWly 8.00 and 10.00. ’^ 5 - 8.20. SubTjJs: 7 . 4 I Laie 

OPEN &UNUAY5 6.0 0 and B.OO. 12-4S Seats bkble lor 

- ■ PAUL HftvMOMnin!5|!ilb ■ r . * — MOn.-Tri. ai|U ait ynHP'UL " — 

RIP OFF Sun. evrapt.jair ^nowsT 

THE EROTIC -EaPERrENCE OF THE ■ — : — „ . , 

MODERN ERA - OKSN HAYMARKET (9J0 275A.2771) 

" Takes to onprecedenled limits What Is l -iftPf-FpndaT Vannssa Redorave rn a Fral 
permissible cm our stapes. - Era. N ews!! agnemann jHm Julia (ik jJVK 
twi- 4 b*m tHw «na ■ xxnore nr tuj | — g* 4 * ~ ■*■■* !, p . 0 . 4 Sr ftiturt' P w rgJRr" w 
Auoiuruuiu | FtL. ana Sit. nog.- - 

: — - — J .SBVitf"..-* Pe . itwc ^ooTlSt 


*^P^S^? B £'»S5'2Si'Mar n iM 'N?5Si3 ' 1 HII.AR.OUSLY FUNNY.” -N, -of World, f KINGS ROAD' THEATRE. 3SZ 7MB. 
231 ' « 7 p.m. £W- J O- 1 "- Man. i q^ury LANE. CC. 01-B36 8I08-. Every j M ° n - THt ^OCK V° HCMROR 1 5ilOW 9 ‘ 3 °* 


Night ^ I 

"A r***. deiwiiijv. iovyis assomihing 
Stunner, Surtdav Timci. 


NOW IN ITS Sth ROCKING YEAR 
THE GREAT ROCK ’N’ ROLL MUSICAL 


AU ROYAL SHAKtSMaftre 1 COMPANY 3 ” DUKE pF YORK'S 0 : -83G 5122 : 

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Thfaire apeni 10 AW' 1 - Boos now in! credit FWyMWcni. Dinner and wo i 

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— . . MARCH 20tn FOR TWO WEEKS L t , 

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In Julian Mitcneii » and Special Guest Star I Henri with Baraara jcRord i- John 

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Saint Joan relumi March 24. _ 

Sunday March 26 al 7.30 Thai .MWntv, 
Henri with Banjara JcRord Sr- John I 


Evenings B.O. Sats 5 0 and 6.30. - THE IRISH HEBREW LESSON 

ALEC GUINNE5S • By WoU Mankowltz 

BEST actor OF THE YEAR Patrick Conn*- and Michael low 

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At 7 ir.-;. 9 0 OT - !1 ' Open Sihili 

PAUL RAYMOND presents 
THE FESTIVAL OF 
EROTICA 

Fully A !r CwMhloned. Yoa may 
drink and smoke In the auditorium. 


ONCE A CATHOLIC 
1 Surefire comedv o« W and religion. 
Dad* Toiegrapii 
" triftr.ri- YO*> SHAKE WITH 
- Laughter. - Goerdun. . . • 


-wis.Tiies...WeoL. nit S, ( SSfi® - 
- ■ SSS^o^.cdm 1 ‘il if 'T* *i' 

twwt iQ.o a.m. shows. .■ 


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Mat. Tues. 2.4S. Sst. A Goad Fri sis. 
ACApLA CHRISTIE'S 

TH6 MOUSETRAP 
WORLDS LONGEST-EVER RUN 
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S*a Peris. All scntfi bhuto * 


•» Mh •; 

|ER- Ports. Oty. J|nc SJP* i5 '-'S*fS- > • 

... 

fWardwir” a,w^3ci£ • 


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*. ♦*. *.*/ *v *w* . • . **- 


BY DAVID MURRAY 


.. •• • 

~~ .•••?>■ °f Charles Rosen's 

* v •^t^r£L t !l e . Ci £ Music Socieiy 

V > ^J2S?“ 0,s KaU on Tburi- 

• odd, and not less 
r -4 .tor hems peculiar in such 
i7-Cr^@!?jH5 Chopin occupied 
'>3: rvSs^C® ®nt Jftl*— a late Nocturne, 
H^'^sfeSP ,l ^? e *?* B minor 
VoS-"£>y-‘^»op ata .* .As Nicholas Kenyon 
& 0*™ a fe ™ day* ago, 

feSfesS SSSj? 8 a , ot ® n em °tionally ex- 
igri&g Pianist. The B major 

b ? d Predictably stem 
.... ?:-3!sg8F W«,-ttouBb with the chains of 
fflttdr :wa« sublimated— 1 mean, 
i ta^ea directly from a crystalline 

5 a vaporous one without 

^‘* ! 5£^P1fa£ e,ng liquid. The Nocturne 
tT - sharp sounded a tougher 
vut,- which it shouldn't since it 
sn*£ rather fiercely expounded, 
nd cold. 

- ■ • f'* Jt . is atoiort unconventional to 

t- t ‘egin the Sonata at the pre- 
- . l/} cnbed “Allegro maestoso.” hut 

*r "sJF riosen did that, and to striking 
* effect — there was even a hint of 
xjrdp about It. His heroic effort 
0 keep all the melodic material 
t shout the same pulse was less 
-0 evincing. There was something 
prim and unyielding about most 
if the performance, indeed. The 


Rondo refused ever- to rfculer 
pour mieux aduter. and lost 
impetus thereby; the Scherzo 
shot past like an unidentifiable 
missile. 

Rosen's playing of Beethoven's 
“Diabelli" Variations is justly re- 
nowned. Most of its virtues were 
apparent this time, despite some 
uncharacteristically untidy -finger- 
work— each variation very 
sharply defined, aided by dar- 
ingly literal rendition of Beet- 
hoven's score (especially with 
respect to all those rests which 
more comfortable pianists are 
happy to pedal through). The 
strangeness of the performance 
lay in a rhythmic . instability 
which threatened - increasingly, 
not only in many* distorted 
measures of fast variations, but 
— most alarmingly- — in the grand 
Largo, where the right-band line 
agonised over an accompaniment 
which virtually abandoned any 
regular beat. After, a hectic 
Fugue, the closing -Tempo di 1 
Minuetto sounded prickly and 
ruffled. There were suggestions 
of irritable violence throughout 
An odd affair, as I said: lurid 
and fitful illumination. 


Brunswick Quartet 

BY RONALD CRICHTON 

The resident quartet from the less than competent and accurate 
University of New Brunswick in (the concluding, reverberating, 


St. Mark A question of degree 

I&SSIfiU THE DISCUSSION paper which future developments of the the results of excellence in 

has been issued by the Depart- shape of our Higher Education research rather than teaching 
DVMirunr no ment of Ed « cation and Science will not be inhibited by one- were to be modified. How many 

BT PilUnOLA5 KENYON under the title Higher Educa- sided and incomplete interpre-. splendid teachers in recent 


bert were riven clear efficient res P ectfu1 ’ t0 ° fii, y of the way- he com nosed five setting the “ a clear and candid manner ally would have no quarrel with emphasis. 

5535^ H§=Sg~ SSSK&E SSttS&S SS« ~*g&m 

e Wi 0 more Hall. The players turns this work w^as wntten. m0 re survives, however: that is tion in the 1980s and its in fact sufficiently general and {” PJPej 

have attack and clean, well- In Schuberts extreme y baSed oa St Mark's narrative, subsequent decline in the early not an attempt to force pre- 'jJS ? ®°™ e P , °5° duc ? 0n of 

r k XT„r Ft ssssr Sr $s 

tPt ,p Tn tL JL nr 5SS“-^ “ =?? SHOT the Funeral Ode. There is one matter, however. stud “Jf- ie _ period since the Second World 


list and violist were the dominat- inevitable- The “orchestral” that and other models. . tn ..Vj™ m J paper, the assumption that the . *ne waiersnen con- 

in- mmtiert nersonaSieT If as effects which used to worry the Hellmann's version of Bach’s aU . ud ? d t0 unde f “V.-name, the » ^ . stituted by the cessation of 

: • “J5 “SS™* * J “ Schubertian pure in heart were St Mark Passion was published Principle namely that courses national service. Before that 

a result tne oaiance was less weU j udg ed. the finale (though in 19W. and performed for the in Higher Education should be time, if a young person decided 

even m the second half than the range of expressiveness and first time in this country during available for all. who are quali- 11 ■ ■ to come to a university, he 

earlier, tension was greater. dynamics was not thoroughly the following year's English Bacb fied to pursue them and who T Dn/iAtwc knew what he wanted and what 

Higher tension would have enough explored) stayed buoyant Festival, in Oxford on July 4. wish to do so. This, I must it JXUUulflSf to expect; and consequently was 

been welcome in Britten’s *° the end. But it was a mistake L^frong of protest, involves an omission 7 , easier to teach and got more 

Second Quartet (the one with w aiT^iSdTIS OrchS to h ^wS r Siat^thS? whicb mis-represents both my WtlOS€ TCDOVt out of it. Since then, with the 

the big Cbacony finale), given Snre rt toJTe The E 2SST & SSy TrSt? “ d ° { the com- . ^ majority of entrants coming 

the place of honour in the pro- flat Quartet of Arriaga at the Brompton, on Thursday was the of which I was chairman. IffitlCltBCl t/IP lCt}‘Q£ straight up from school, things 

gramme. * The • playing, never, beginning was nicely done. “first public performance in ” e ststed specifically that this ® nave tended to alter. Of course 


gramme. - The ■ playing, never beginning was nicely done. 


“first public 
England” of 


the “recently principle was subject to an emit? P^ m nnv\oimn of there are large numbers where 

reconstructed ” Passion; but it important condition: that is to tZAfJUrlolUtl UJ this is not so. But there are 

was a rare occasion, none the say that there should be a big • _ - . ,r also substantial numbers, swept 

f ° r n0t be “ s increase in the number of XlYllVBVSltlBS Itl tflB in by fashion or parental influ- 
Aithe Evangelist's recitatives f udents ^ng broader tan m ence, who certainly do not know 

are missing, the text was read- ? “ dlstinct fr °m SlXtlBS COITUTiefltS what to espect and who xery 

sensibly; in English— by Charles specialist honours courses. We often spend their time in a 

Marnhazn. while the music was said that we would not have flip Infpcf stale of bemused frustration, 

sung to the original German. The recommended so laree an eraan- UfL LrltZ ILlLCol 


■JO LONGER do catalogues from Mr. Franses. “The. growth, of the 
he major auction houses just carpet auction market dates baek 
•efer to “Persian carpet” when *b e ea fJy 1970s. By 1975, 

f E a specialist sal^. Date, con- i»o«» wa = s ? tst ? n!l ,? 1 - 

. . « partly as a result *of the 

UDon. «sisn. provenance and accelerated interest ftem.Middle 
astimated price are all part of Eastern buyers and particularly 
he lot description. An excel- from the Iranians. To-day the 
ent example is the business-like cost of living in Iran is increas- 
atalogue for the Fine Islamic “« « rate of approximately 
Rugs and Carpets auction which ^ 

ipens Sothebjds series of Islamic 

ales on Wednesday March 29. saler ^ oms - . - 

COn view from Tuesday until the T mo ^ after 

lay before the sale, including Mamie carpets are gtiH PenUj 

Easter Monday between 32 noon S 0 * • Bt S ,e t and mod ^®- P^Uy 
ind 4 p.m., at S4 and 85 New 

Bond Street. W.I.). The cata- re-importation of their own car- 







often spend their time in 
stale of bemused frustration. 


sung to the original German. The recommended so large an expan- trtc iUtej L 

SL Mark is a heavily chorale- sion if this were not so xt Needless to say such a policy 

dominated setting: there are 16 . * iTnVPmtYlPJlt Tim- should not apply all along the 

such hymns, compared with only . ^° w requirement has not sr line. There are subjects, such 


logue is £5J25, worth every 


The market to-day is a very 


JUNE FIELD 


■ ‘ ^ but rto* can ve have and 

Zl r^lT e - “ m pamt ' SnSuob Of iu" ar2^rSm“? 

mgs catalogues. importance. The vast amount 

Each lqt is illustrated, with of worn 19th century pieces 
the condition spelt out, warts which have appeared lately 
qnd all— going into such detail should only be considered for 
as • whether there are weak decoration, not investment The 
warp threads, splits, stains, only exceptions are the very 
holes, or if guard stripes have rare, worn 16th, 17th and. early 
• i^een. reduced or a top section isth century carpets *did rugs 
rewoven and so on. In case which are collectors* pieces in 
this sounds too depressing, in themselves, 
all fairness I must point out “To-day, a Tabriz carpet 
that in most instances Condi- with 600 knots per square inch 
tion is good or excellent, con- costs approximately £700 per 

sidering that the bulk of the square metre. In 1980 this 

pieces are antique, with the same carpet is projected to cost 
. highlight of the sale, expected to approximately £2,000 per square, 
fetch between £35,000-£45,000, a metre, which will undoubtedly 
Mamluk carpet, cl 500. increase the market value of 

modem pieces as .. well as 
■ antique rugs and carpets, so it 

is a ‘pocket 1 to take advantage 

COLLECTING ^ or furthc / tadiground 

JUNE FIELD expertise, there is the splendid 

(and weighty), Country Life 

Book oj Rugs and Carpets Oj 

Tiie World, edited by Ian Ben- 
nett. Published last month at 
. " It is very rare to find car- £20. it is superbly illustrated, 
pets of this period in such good with contributions by Bennett, 
-mndition," says Jack Franses, John Siudmark of Christie’s, 
vho became head of Sotheby’s Isabelle Anscombe, expert on 
:arpet department in Septem- European decorative arts, and 
W r 1976, after he sold his Hanner Johnson, former head 
Piccadilly carpet gallery. From of Sotheby Park Bernet’s 
1 well-known “carpet family** ethnographic department in 
his father was the late Sidney New York. Mr. Bennett’s see- 
Franses), and the author ol tioa on the techniques and 
European and Oriental Rugs for materials of Oriental carpet 
Measure and Investment (John weaving, with explanations of 
.lifford, 1970). he is respon- construction, tools, knots and 
able for compiling Sotheby’s dyes, coupled with the excellent 
. tew style catalogues, which he glossary of terms, provides an 
■'■'eels have been a contributing informative guide to the world 
'actor to the return of confi- of wrpets st*olarahip which he 
lencc in the carpet auction readily admits “has an unfor- 
narket, particularly by collec- tunate tenden^r to become a 
- ^ ors. “We now get many more morass of conflicting opinions, 

nquiries from private buyers more lds ^ y ^ 5ay “ 

.nterested in purchasing car- than enlighten him. 
tets for their home. Before they . Mr - Bennett's latest presti- 
vere frightened by the mystique £<«« occupation is editing 
•f tiie whole operation. HA *f- a ncw Onentai carpj 
>rice guides help too-from the quarterly magaane to be pub- 

ist hi the current catalogue you ^ sh ® d „ at 1116 .® nd .?/ 

•an an nMc tivg late 19th Be tells me it will be a glossy 
■eutury prayer rug or runner coloured effort rather along the 
nuld well be bought for under J* n ®* of - Apollo magazine, but 

:500, while 16th century decora- d ^°} ed to ^ lons , 2^2? 
ive fragments are £1 5-£80. Wbat articles on antique and < sontem- 
v’ther antiques could you buy porary <^rpets. It is 
- '^or that money?” marketed by direct mail at £16 

_ . a year — for a brochure write 

The past year has seen a coo- ttat.t 193a, Shirland Road, 
iderable increase m carpet 

•aloes. Last season Sotheby^ Enthusiastic carpet baggers 
chiered not only a new world shouh} not miss the re markably 
uetton record for any carpet coloucfu] “Exhibition of Cauca- 
-WOO.OOO fDlfl.959), being gjan organised by Ray- 

•»ld for a 19th century Herez Ecrnadout at the Alpine 

ilk. carpet at Sotheby Parice GaIlerVi 7^ south Audley 
(emet in New York — but also StPcet ; w.i, until March 23. Mr. 

. new world record total for any Be readout has also produced a 
arpet auction with the £491.932 book, Caucasian Rugs, 

ota! for an Oriental rarpetsale which illustrates previously un- 
unng their Islamic Week last published pieces, which for a 
ear - limited period can be ordered 

“But as in all areas of fine direct from his gallery, 5, Wil- 
rt. quality rugs and carpets are Iiam Street, S.W.l, at £16.50 
e coming raze” acknowledges including postage, 


TV Ratings 







Rare Kashan Silk Art Deco pictorial rug designed by George 
McManus, depicting a cartoon from the series “Bringing Up 
Father,” estimated to fetch between £TO,0OO-£15fiOO in Sotheby’s 
Fine Islamic Rugs and Carpets sale on Wednesday, March 29. 


such hymns, compared with only ^ ^owims requirement has not ~ V ” line. There are subjects, sudt 

13 in tl^ whole of the St. Mat- **?“ met— at least in many / f Uirrhov ** mathematics at one end and 

tiiew. But nearly all the most universities south of the pOSCtlS JOY tllgnBY music at the other, where conti- 

that WmZ? wS’JS edllCatiOfl aSaSoTS 01 * J no T adiSi“n 

^ SSStS % “ » dees 

JWvl & WLSUS C, rt ? pp Ji T t s ^SSSST-S 

are equal in power to anything parts of the English limits, from tiie more mundane 

in the cantatas. speaking world, have been s taff student ratio is something scientific and technical subjects 

The other glory of the work is swept mto intensive honours which cannot be discussed any through the broad field of the 
*5*.. Fa K? e ^ Vet '^ f° urses ’ neither of much use to further than 1:10. I confess humanities and still more in 

professionally nor suit- that when I hear academics and the so-called social sciences. 
thT^iteU “ WidwrtJhe dSS a ^,Si ,n r i l Ca S Dg bf0ad ? aSCd Vice-CfaanceUors alluding to what teacher is prepared to put 
dSstadS”: fuU of JSftSJS tablt, or culture, anything of this sort as virtu- his hand on bis heart and Say 

dissonances and close imitative . ? this perverse development, ally inadmissible— destructive that some contact with the real 
writing, it makes a perfect at 111 opinion of one 0 f the whole ethos of our uni- world, either in the fields or 
Passion meditation. It was member of the Committee in versities — I hope they confine factories or offices, before 

wanidy aing by Judith Simmons, question, has vitiated some of their complaints to audiences coming up to institutes of 

and all the solo work— especially the benefits which university who do not know what happens Higher Education, would be a 
.P? expansion might otherwise abroad, where such a high ratio crushing disadvantage to the 

rtretive* cSmmSaent d whiSi’ conferred. wou l d often be regarded as a eventual instruction of would- 

served the music well# , course no one would deny pure luxury. I certainly regard be graduates. Speaking of the 

Richard Barnes, tbe conductor. the . desirability of some it as a desirable privilege and subjects which I know at all 
was unobtrusively neat, but he specialisation at the first degree an advantage. But when I t hink intimately, I would say that, ia 
could not quite persuade his level. But curricula which of some of the best days of most cases, it would be exactly 
small string section to play in introduce into such courses a institutions I have known per- the reverse. The Russians 
tune, and the solemnity of the degree of specialisation which son ally when the ratio exceeded require such delays for ideo- 
r^ 0 fnw G i^ e ni le H, hl ^Hi™-i ak ^ regarded as belonging to the this figure, I cannot believe logical reasons which do not 

movements. This incomplete G . raduate Scho . 01 *** whose that some small adverse shift greatly appeal to me; and it 

“orkwffl never «tablish itsdf ad “ lssl0 “ requirements spread for a period would be a total may he that they carry them 

alongside Bach's great Passions. . e,r . evi [ roo “ down to teach- disaster. And certainly it would too far. But I certainly think 

but this was a worthy. exposition H 1 ^ schools, are surely be even less of a disaster if the that there is room for some 

of its claims to occasional highly undesirable. I hope present deplorable custom of change in this direction in cur 

performance. therefore that discussion of awarding promotion chiefly on part of the Free World. 


Happy Easter she said 
tentatively She opened the 
wrapping and sawthis 
verybesuiitiful''" 1 
Jasper Easter 
she said/birtfmv 
Have you, by any 

for your god : children?" 

One tries to think 




Jasper Easter Egg-lP7S 
limited toyear of issue (£650) 
Jasper Candy Box (£6L95) and 
handmade glass Mushroom (£&95). 


of everything Wedgwood 


losiah Vfedgwood ASnmeT lartted 
Bariasi on, Stoke-on-Trent, Staffordshire STI2 9 
. and 54 Wigmore Street, London W1H OHU 


^801! 


ART GALLERIES 


APOLLO 


WfMfc «M Marck 22 
. OJC TOP IK Vtmra (nd 

. A Sharp Intake of Breath (ATV) 

. Mtad Yoar Imww IVttTl 

. tiaMOtaor (ITVJ 

MlMd II — tlngt tLWn 

. Cor— atim SL fHooJ (Granada) 
Georae and MUdrcd CTha«ae»>... 

junky WHf Hutch (mC> 

Ttr Pia ft o ri o art * <*-WT) . . .. 

Mlhe Yarw— d h» far— (**0 
Dave AH— (ATV) 

Ctwade (TKSjMATV) .. 
Co—MilM S. (VMJ (Granada) 
Roma'* Nett (Thameo) ... ..... . 
Armchair THrlller-.* D0**« 

Rama ahw*.) (Thane*) 

CMRWdi CTton.) 

KitwDcrdale Fora (TMdfer) 

(Thames) ••• ... 

Armcte^ Thriltor-A port 
Raa—M (Than.) (ThawO .. 
O— artfllBtT KBSCiM CThHW) ... 


W. This Is Your Ufa (Thames) 14.M 
ro. Wlide Arianca (YoritsWre) ...... HAa 

Ftaires conmled hy AtxUt « Great 
Britain mr lb*? Joint Industrial CC*n- 
min>? lor Telcvisloo AdserUaln* Research 

CJICTARt. 

UJ. TOP TEK (Hlcbert 

1. Happy Oa» (enrnedy) CA VC> ■■ 38.S 

2. Uttl* HMtK an H» Ww ... 

(drama) (NTC) ~ ■ — - — =&S 

B. Thi— 's Camp any (comedy) 

(ABC) ...... . 

1. MJLS.K. (conjedyl (CBS) CTJ 

5. one Do at a Time (drama) 

(CBS) 

s. 60 m lames (CBS) M.1 

Or—s HtaUtehu (KBO 
s. All In Dm Family (comedy) 

(CBS) 

«. Allca CQHMdy) (cbs) ... . 

IB. Lnwe Boas (eiaady) (ABO 3X, 

A Mcjea nUng Is not a musencal 

toul 


Edited by Den/s Sutton 


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leading magazine of 
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Pgm TeL* (01) 839 9060 
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!l 8) } Td^rams 

CHRI5TIART 



EXPERIENCE AND EXPERTISE 





Jean Baptist Huysmans: The Captive, 
signed and dated 1862. 3 - f £ in. by 51 1 in. 

(87 Jem. by 133 J cm.) 

In the 19th century a large number of European artiste 
were drawn to the Middle East: jls mystery provided a 
welcome pretext for exotic subject matter and warm 
colours. Its romanticism was a beguiling contrast to- the 
arid atmosphere of the Academy at home. In recent 
months attention has been more aod more focused on 
the Orientalist School, and its best examples— works by 
Delacroix, Fromentin. Gecome. J. F. Lewis, and even 
Sargent, among others — are being increasingly appreciated. 

The picture illustrated is by a Belgian. Jean Baptist 
Huysmans, and depicts an incident with a definite historical 
basis. After the Massacre of Damascus of I860, a Christian 
girl has been taken prisoner hy the Druses and lies recum- 
bent in a position to test to the full the academic training 
of Huysmans’s draughtsmanship. The excitingly lurid 
nature of the scene would have appealed then, as now. 
to a European public used to more conventional subjects 
for tbe decoration of iheir drawing-room walls. The picture 
is included in Christie's Sale of Pictures of Islamic Interest 
on Friday, March 31. at 10.30 a.m. For further information 
on this sale and on 19th Century Pictures, please contact 
Philip Hook at the address above. 


PAIR 13" ROSENTHAL 
WALL-PLATS 
BY MARTIN FRETER 

COVERED IN GOLD-LEAf 
MINT CONDITION 

£150 each or 
£275 .for the pair 

Ring 01-986 0425 


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Telephone: 81-248 8008 


Saturday March- 18 1978-. ... 


Everyone for 
moderation 


BOTH THE Bank of England, 
in its latest Bulletin, and the 
Organisation for Economic Co- 
operation and Development, in 
its latest survey of the UJv. 
economy, have given their back- 
ing this week to the view that 
the level of unemployment and 
the amount of spare productive 
capacity in industry are such as 
to justify the Chancellor using 
his Budget (now little more 
than three weeks off) to stimu- 
late demand. But hath are in- 
sistent. though for slightly 
different reasons, that the 
stimulus should be moderate 
and the laking-up of idle 
capacity only gradual. The Bank 
of England looks at the matter 
primarily from the point of view 
of maintaining at least a small 
balance of payments surplus, 
the OECD from that of keeping 
inflation under control. The two 
are. of course; not entirely 
different. 

Worry about the balance of 
payments may seem to be less 
in place now than it was a 
month ago. In January, tn the 
dismay of the financial markets 
and the perplexity of the official 
statisticians. the balance 
dropped suddenly out of surplus 
into a large deficit of £234m. In 
February, it suddenly swung 
back into a large surplus of 
f 184m. The violence of these 
fluctuations was only partly due 
to "lumpy'' items like North 
Sea equipment, ships, aircraft 
and precious stones: the rest 
remains unexplained. 

Import demand 

But two facts still stand out 
The first is that, since publica- 
tion of the full balance of pay- 
ments analysis for the last 
quarter of 1977. the Department 
of Trade has had .to revise down 
its estimate of net earnings 
from invisibles. In 1976 these 
averaged £200ra. a month, in 
1977 £l30m.: the present esti- 
mate is £100xn. — the reduction 
being partly due to the rise in 
the sterling exchange rate. The 
second fact is that imports have 
been rising quite sharply tn 
volume despite the fact that 
industrial production, accord- 
• In? to the latest figures, is rising 
scarcely at all. Rising imports 
of raw materials would be 
understandable, in view of the 
expected rise in demand. 

It is the rise in imports of 
finished goods and semi-manu- 
factures, which the Bank 
describe as "alarmingly" fast, 
which- makes many people — in- 
cluding some Ministers — 
apprehensive about what might 
happen if demand were to be 
stimulated too much. The world 
trade prospect, after all, as far 
from cheerful and the prospect 
for exports uncertain. Indus- 
trial investment plans seem to 


be bolding up reasonably well, 
but the main factor in increased 
overall demand this year will 
be personal consumption. This 
wdU come about, apart from any 
tax reductions am the Budget, 
because earnings are now begin- 
ning to rise faster than prices 
and because reduced fear of 
inflation may .persuade people 
to save a smaller proportion of 
their earnings. The prelimi- 
nary estimates suggest that the 
volume of retail sales in 
February was well above expec- 
tation: retailers generally had 
expected a lull until after the 
Budget 

Inflation 

The latest earnings figures 
show an increase on the year 
of just over 10 per cent while 
the increase in retail prices is 
running at just under 10 per 
cent. This shows how real pur- 
chasing power is already begin- 
ning to increase but seems to 
make OBCD- fears about -infla- 
tion exaggerated. There are 
three points, however, to bear 
in mind. The first is that many 
fewer workers than usual have 
settled so far in the current 
wage round, and that the real 
effect of productivity deals can- 
not be foreseen, so that it is 
difficult to estimate the final 
outcome. The second is that 
the fall in the level of retail 
prices shows signs of beginning 
to level out at what is still a 
very high figure by historical 
standards. " 

The third, though the import- 
ance of this is arguable, is that 
the money supply has been 
rising so far this financial year 
at a rate weH above the Chan- 
cellor's target range. And that 
is true of M3, the particular 
measure in which his target 
was expressed: other measures 
have been rising much faster 
still. There have been special 
factors at work which are no 
longer operative, notably the 
large inflow of foreign capital 
and the accompanying drop in 
interest rates; the increase in 
the money supply during the 
latest hanking month was small 
enough to reassure the markets 
and make it unlikely that the 
Government would take crisis 
measures to reach its original 
target by Budget Day, when a 
new and more flexible system 
is likely to be introduced. 

But the OECD recommends 
a moderate fiscal stimulus. The 
Bank recommends a moderate 
stimulus, preferably in the 
form of direct tax cuts. The 
Prime Minister has told his left 
wing that their ideas about a 
stimulus are excessive and that 
Labour supporters want tax 
cuts rather than a large in- 
crease in public expenditure. 
There seems to btf a certain 
consensus. 



Unreconstructed Keynesian Mr. Michael Blumenthal. U.S. Treasury Secretary (left), rock-ribbed financial conservative Herr Helmut Schmidt, West German Chancellor (right),^ahd Mr« 

rgiFagTiair, who wants them to agree: but hopes look thin. 

A dialogue of the deaf 


BY ANTHONY HARRIS 


T he prime minister’s 
increasingly urgent calls 
for an economic summit 
to co-ordinate policies against 
recession bear more the mark 
of despair than of hope. Fore- 
casts of world trade grow 
gloomier, and against such a 
background British recovery is 
bound to be hampered. Sterling 
is too recently a convalescent 
to stand the strain of a renewed 
swing. into large deficit on the 
balance of payments — though in 
fact- this would be quite normal 
for a country recovering in a 
world in recession. If we can- 
not go very much faster than 
the slowest, it is natural to try 
to persuade them to speed up. 

However, there have been 
repeated summits aiming to 
achieve what is generally 
described as "balanced growth" 
ever since the onset of reces- 
sion became evident in .1974, 
and there is precious little to 
sbow for the discussions held 
and the limited agreements 
reached. This is in one sense 
entirely natural, since the 
balance being sought is a 
balance between faster real 
growth and slower inflation — or, 
in the minds of many govern- 
ments, between inflation and 
deflation. In a general reces- 
sion. of money incomes and 
prices as well as output, it 
would probably be quite easy 
to secure international action 
to solve the problem. An 
inflationary recession is a 
different matter. There is no 
general agreement on how the 
system works, and as long as 
this is so, there can be no agree- 
ment on what should be done. 

Partly this is an international 
replay, as it were, of the argu- 
ment between the Keynesians 
and the monetarists which has 
been fought out in this country. 
It is an argument enormously 
complicated, however, by mis- 
understandings about the work- 
ings of what is theoretically a 
floating exchange rate system, 
but is in fact dominated by 
official intervention in the cur- 
rency market on a scale never 
known when exchange rates 
were fixed and support was 
obligatory. Finally, the energy 
upheaval and the great inflation, 
which hare both caused, the 
world to lower its long-term 


hopes for growth, entail very 
big structural changes in fast- 
growing countries like Japan, 
and in U.S. energy policy. Much 
of the present disorder is the 
result of efforts by these two 
countries to buy time before 
they have to face difficult and 
sometimes painful decisions. 

Spending 

less 

The Keynesian-monetarist 
argument is even starker in in- 
ternational than in national 
terms. The Keynesian position, 
argued by the ILS. and strongly 
supported by the OECD secre- 
tariat, is based on the idea that 
the fact that the Arab oil-pro- 
ducers do not spend their whole 
revenues has created a sizeable 
hole in world demand. This can 
only be filled if governments in 
oil-consuming countries plan for 
suitable- balance of payments 
deficits; and since ordinary citi- 
zens, in face of world uncertain- 
ties, are also spending less out 
of their incomes than before, 
this means that governments 
must spend much more than 
their revenues. Only the U.S. has 
followed this advice whole- 
heartedly, and acMeved rapid 
growth and what is sometimes 
claimed as a heroic deficit The 
“locomotive theory" called on. 
Germany and Japan to share this 
burden; fee hew "convoy 
theory" wants nearly everyone 
to move together, to avoid cur- 
rency strains. . . 

Every government agrees that 
faster growth is desirable, bat 
many do not agree that this is 
the way to achieve it The more 
financially conservative coun- 
tries, which can be lumped to- 
gether as the monetarists, argue 
that deficit leads sooner or later 
to inflation, and will actually 
make things worse. .The U.S., 
they argue, is not. in fact prac- 
tising what it preaches: the very 
large Federal Government 
budget deficit is largely offset 
by surpluses in the State gov- 
ernments. U.S. growth has very 
tittle to do with Government 
policy (a point supported. by the 
normally Keynesian Brookings 
Institution). It is a mixture of 
good luck — large farm ; crops 


and abundant raw materials — 
coupled with relatively high 
personal spending in relation to 
income t ' , ~a Bo using boom sup- 
ported by population trends, and 
a monetary policy which has 
been much more expansive than 
the figures show. 

If American growth is the 
result of good luck and finan- 
cial fofiy, it os not an example 
which can or should be 
followed, according to this argu- 
ment; and for countries less 
fortunately placed, the best 
policy is to give first priority 
to reducing inflation. As 
interest rates fall and inflation 
fears abate, savings will return 
to a more normal level and in- 
vestment wiU recover. The 
British example seems to sup- 
port this vleiw: recovery tins 
year vrtil be achieved in spate 
of— or in the monetarist view, 
on account of — much tighter 
Government finances. It is 
entirely the result of a sharp 
fall in the rate of inflation, and 
recovery wall continue only as 
long as inflation continues to 
fall, Thds would make a power- 
fid case for anti-inflation policy 
as the way to .achieve growth;, 
but alas for logic, the analysis 
overlooks North Sea oaL North 
Sea oil has raised output, 
strengthened the pound and re- 
duced inflation. The UK., tike 
the UJS„ has relied more on 
hick than policy. 

Monetarist 

forecasts 

The arguments about eco- 
nomic management remains in- 
conclusive then; bat it is pos- 
sible that 1978 will produce 
some suggestive evidence on 
one side or the other. In 1974 
and 1975 the worid recession 
was much-, deeper than was 
generally forecast, mainly 
because of the strains produced 
by inflation on personal and 
company finances. Monetarist 
forecasts foresaw this trouble 
more accurately than conven- 
tional ones. In 1978 inflation is 
abating in most countries; if the 
same logic holds, the actual per- 
formance of the world economy 


ffrig year should be rather 
better than the gloomy conven- 
tional forecasts suggest H this 
is so, the determination of the 
firnoTv-iai conservatives to stick 
to caution wdfl be greatly rein- 
forced. 

However, the. world may well 
be too turbulent a place for 
any such laboratory demonstra- 
tion of theory; and the trouble 
is likely to centre round the 
persistent weakness of the 
dollar. Until recently, a devalua- 
tion has been a declared objec- 
tive of U.S. policy. Mr. Michael 
Blumenthal, the U.S. Treasury 
Secretary, has been accused of 
startiHg the whole crisis by 
openly talking the dollar down 
last year. Even now there are 
suspicions that the Americans 
would like to see the dollar, 
rather lower for purely trading 
reasons. Official support for. the 
dollar, with funds provided 
under swap, agreements by. the 
Germans, are designed only to 
check "disorderly conditions” 
— namely, a fall so sharp sis to 
start a panic among central 
banks around the worid .who 
hold most of their reserves in 
dollars. The Administration has 
yet to say clearly what it thinks 
the value of the dollar ought to 
be— one reason for the sour 
market reaction to the defence 
measures taken so far. 

Here again there are. two 
radically different views of what 
is happening and the likely 
results. The U.S. view is that 
while the trade deficit contri- 
butes to world growth 
enabling other countries to ;cun- 
surpluses. the decline of the 
dollar will help to sustain 
growth in the U.S. by malting 
industry more ■ competitive. 
However, there is something 
illogical about this combination: 
if the U.S. is doing a service to 
the worid by providing a mar- 
ket for its exports, it is largely 
cancelling it out by ensuring 
that- selling to the U.S. is 
increasingly difficult and un- 
profitable for its main trading 
partners, and notably for Japan. 

In Japan there is a real fear 
that if the dollar declines much 
farther against the yen, much 
of Japanese Industry will bank- 
rupt Itself in attempting to 
maintain its position in the U.S. 


markets on which it so heavily and the Japanese — to stabilise. : 
depends. This is to some extent some desired set of exchange , 
an exaggerated reaction:' Jap^ rates by intervening in the 
anese industry practises profit- market is exactly what has now -* 
sharing on a large scale, and made them so unstable. . Whea. 
has a cost structure which res- currencies wore floating retes 
ponds more readily to pressure tivefy freely, it was qutie impo*, - 
on margins than that in other s ]& e for any holder of large - 
countries. The loss' of competi- sums of reserve dollars to con- \ • 
tiveness caused by the rise of sider switehaog Into .some other; . 
the yen has been less than reserve asset. ..because there 
would be caused by a similar would have been no buyers. In ' 
change in the UJK. and Ger- ^ past six months. howevei£ . .• 
many, where wages are rigid, intervention In the markets ia,. 

The underlying Japanese, crisis have - totalled • 

is about its internal structure *59^ gome four times as much' 
rather than its competi tiyeness. u.S. current account • 

TJe slump in i°vesto«iL wh^b defidt The mnk of En3lancf> 
absorbed nearly a third o^GNP he Bundesbank and the . -. 
in the days of fast growth; has . . jaoan have thus- - • 

left an enormous defid^uyin i^^ble for invj££ ; - 

fri^tened a «mramers are now sorib' • 

3 , MwSSt"S 

recession more obstinate. have been among those who • 

_..... .l-l, r j l i .(inn have seized the opportunity. As-/.- 
Th® w often in economic policy,,-... 

which wmtid balance the Jap to prevent^ 

the motive <1^ have in tact provoked it. 

for saving and higher invest- 

ment in such things as housing " 

—is difficult to contemplate at r Uldutmi 

a time of economic crisis. The_ L.: •; 

immediate aim is to arrest the . /. UlSOriltr" 

rise of the y en: henee the «tiy ■ As a resulti the' Arguments - 

ordinary programme which has . . . . • 

been launched under a slogan about economic policy for 
which could be translated as growth which became , so acrim-. 
“import or die.” The stockpiling onlous last year may now be, 
of oil and raw materials, the stilled by a more pressing worry*’ • ' 
purchase of aircraft for other fj nanc jal disorder. A growing 
countries which cannot afford . . . 

them, and the energetic efforts n ? mber of bankers and official. ?, 
of Japanese exporters to fill are now beginning to argue tha ; ^ , 
their ships- with foreign goods wfiat is urgently required notbr 
Onthe^eturn journey are logical " is hot the co-ordination 
a^far as they go, though quite growth am j trade policy, but & 

monebuy and cmdit polinr? 

very oddly, the Japanese are., .. , . . , . .7; 

beginning to urge the whies for time 

of the yen as a--pothptial reserve lapse of, the Group .©£\20 in 
currency, perhaps "with some oil crisis," the Jirtertiatio 
idea of prestige or. burden- Monetanr Erod _tr 

sharing. If they succeeds in j?rqj .^q hgijckjfjigv lifiHS&tive 
vokfog an investment demand in ^tnatiM«irihohd«^ef 0 n 
for yen reserves. . th e vaf 4 y. of based “on repladn^iffirtenci. 
the yen will rise irresistibly; with a slightly . restyled IM j-, , 

reserve asset. A , very simpT-s^USS 
version of the monetarist anal 
\sis of our problems runs 
this: it is no good •wonyii-~«fll 
about growth policy while oi ^ 
IrouicaUy, efforts of a finances are in chaos. Even" 7 ^': 
series of countries — first our- may cany this point at the eco ',- : 
stives, and now the Germans omic summit. -^v; 



Possible to 
switch 




Letters to the Editor 

Accountancy 


From Mr. P. Morgan 

Sir.— Mr. Cripps (March 14) is 
wrong. The financing of local 
authorities does not need in- 
depth examination. It has just 
bad such an examination in the 
Lay field Report, of which Mr. 
Cripps seems blissfully unaware. 

Mr. Cripps Is also wrong about 
accounting standards as a root 
cause ■ of- the problem. (Quite 
what the “problem” is. he does 
not say.) There are accounting 
standards and accepted practices 
many promoted by the Char- 
tered Institute of Public Finance 
and Accountancy or enshrined 
in statute. Admittedly, there is 
nolhins quite like the Sth 
Schedule to the Companies Act 
of IMS. But that is totally inade- 
quate in the private sector and 
has heen supplemented by a 
whole series of accounting 
standards. So I hardly see his 
suggestion of emulating the 
Companies Act as a great step 
toward— yet I would accept 
there is room tor improvement 
Mr. Cripps is also wrong about 
audits: local authorities already 
hare independent audits. 

The CIPFA has a proud 
record of improving the stand- 
ards of local authority account- 
ing. as well as acting as a pro- 
fessional institute. Mr. Cripps is 
wrong to suggest that tight is 
shed too rarely “on the general 
uses to which specific support 
grants are put.” Specific grants 
are for specific purposes, for ex- 
ample. police, and their use Is 
always clearly indicated in local, 
authority accounts. Perhaos Mr. 
Cripps means the “specific use 
to which general support grants 
are put” But light cannot be 
shed on this: It could be com- 
pared to asking Fords to ear- 
mark the total proceeds of sales 
of Escorts to finance their wage 
hill. Local authority accounts 
are no more difficult nor any 
easier to understand than com- 
pany accounts. 

It is not my experience that 
councillors betray an ignorance 
of local authority finance — they 
arc more informed than Mr. 
Crinps appears to be. 

Mr. Cripps is wrong about 
local government having weak 
financial controls and therefore 
having inefficient management. 
He produces no evidence and 
merelv asserts that to be the 


case. While there is plenty of 
room for improvement, I do not 
think our record is any woir*e 
than central government or the 
private sector. 

P. G. Morgan. 

12 Kflham Lana, 

Winchester, 

Hants. 

Councils 

From the Leader. 

Rent County Council. 

Sir, — I was saddened to see 
that Mr. Cripps (March 14) used 
my letter. (March 10> as a plat- 
form from which to mount a 
general attack on the financial 
integrity of local government. 
Although T could write at length 
on the issues raised I will, with 
difficulty, restrict myself to Mr. 
Cripps’ attack on councillors’ 
“ ignorance " and “ apathy " 
about the funds we control. 

Kent has, as part o f its 
committee structure. two 
groups of councillors con- 
cerned with the “problems" 
which Mr. Cripps identified. The 
finance group is concerned with 
budgeting and accounts; this 
group has in its membership 
three chartered accountants, one 

barrister with wide industrial 

experience and a professional 
economist/flnancial adviser 
along with many others who are 
able to apply the skills acquired 
in successfully running their 
own business to the guardian- 
ship of public funds. We also 
have a performance review 
group, which strives to fulfil the 
expense justification analysis 
and the philosophy of zero 
based budgeting which Mr. 
Cripps commends to us. They 
are, however, sufficiently practi- 
cal to take into account the 
effects - of inflation. In this 
group we have, amongst others., 
four accountants and a master 
in business administration. 

Ignorance and apathy among 
councillors arc certainly not 
problems In Kent, nor, T feel 
sure, in the majority of other 
local authorities who are able 
to attract councillors of this 
calibre- T would accept how- 
ever, that there Is a shortage of 
the right sort of councillor in 
Borne areas. . Local government 
needs industry and commerce to 
release its able young managers 
for service as councillors. Only 
when this is done on a wide 


scale can we fully dispel the in- 
accuracies propounded by Mr. 
Cripps. 

John D. G rug eon. 

Count v Hall. 

Maidstone, Kent. 


to register certain of the 
documents. 

R. J. Higgs. 

ESCA House, 34 Palace Court, 
Bayswater, WJ?. 


Ventilating 


Railwaymen 


From the Commercial Secretary, 
Heating and Ven tUating 
Contractors' Association. 

Sir. — 1 feel that I must correct 
the report (March 14) regarding 
an “agreement on a new code 
of practice ” between contractors 
and manufacturers in the beat- 
ing and ventilating industry. 
We are not drafting a single 
code of practice or agreement, 
neither is it our intention to 
agree with the Heating. Ven- 
tilating and Air Conditioning 
Association “ a systematic frame- 
work for pricing.” 

The Heating and Ventilating 
Contractors* Association and the 
HE VAC Association have, over 
the last 12 months or so been 
discussing a number of matters 
which in the past have created 
difficulties in the contractual 
relationship between the snp- 
plier and the contractor in our 
industry. In particular, recent 
discussions have included prob- 
lems associated with manu- 
facturers' conditions of sale; 
reservation of title (ownership) 
clauses and the use of a formula 
method to adjust for fluctuations 
in price. It is the drafting of 
statements or joint guidance on 
those three separate Issues 
which will hopefully be con- 
cluded during the autumn of 
1978. 

The proposed joint guidance 
on the use of formula methods 
for price adjustment has nothing 
to do with a "systematic frame- 
work for pricing" and will 
simply, explain the way In which 
the recognised method of . for- 
mula price adjustment used on 
certain beating, ventilating and 
air conditioning contracts could 
be extended to sub-sub-contracts 
involving the supply and instal- 
lation of specialist control 
systems. 

Naturally, in drafting any 
joint statement or guidance 
document, we would be careful 
not to transgress restrictive 
trade practices legislation. We 
will liaise with the Office of Fair 
Trading and it may be necessary 


From Mr. R. Bishop. 

Sir,— Once again we have to 
watch a dispute between the two 
major unions in British Rail, the 
National Union of Railwaymen 
and toe Associated Society _ of 
Locomotive Engineers and Fire- 
men. 

It should not be • beyond 
the wit of those in Parlia- 
ment to draft a Bill which 
will dissolve the various unions 
at present representing toe 
different sections of railwaymen, 
and instate in their place one 
union to which all members of 
the railway work force should 
belong. 

In these circumstances Mr. 
Weighell and Mr. Buckton 
both of whom have rendered 
signal service tn the " railways 
and the nation, could gracefully 
retire, and make way for a new 
leader, uninhibited by the 
passions of the past and dedi- 
cated to progress in the future. 
R. I. Bishop. 

St- Mary's Hartfield, Sussex. 


ownership of land by individual 
people u cannot be justified at 
all ” perhaps Mr. Grin ham would 
he prepared to recognise the 
hollow sham of such de jure 
ownership. Henry George him- 
self admitted that toe single tax 
would be tantamount to. toe vir- 
tual nationalisation of the land 
when he wrote that it . would 
" accomplish the same thing in a 
simpler, easier, and quieter way " 
(Progress and Poverty, page 404). 
George’s method, however, would 
be neither simple, easy, nor 
quiet : 

Under 100 per cent land value 
taxation and with the assessment 
“based on rents actually pass- 
ing.” de jure owners would be 
encouraged either to occupy toe 
land themselves or to charge no 
rent or to keep it idle! Tour 
correspondents stress how essen- 
tial land is to human existence 
yet their proposal would result 
in locational chaos, with waste 
and mi5allocation everywhere. 
And the single' tax. far from 
supplying all toe revenue of 
government, would yield no 
revenue at all 1 
Mark Brady. 

3 Elmdene Court, 

Constitution HOI, Woking. 
Surrey. 


are there for the British 
manager? They are certainly 
not those of their Continental 
counterparts. Some 300,000 
French managers belong to a 
management union, toe Confddgr- 
ation Generate des Cadres, In 
existence since the 1930s, which 
negotiates at national level with 
employers and the Government 
along with the general trade 
unions. Some 200,000 other 
French managers, however, 
prefer to Join managerial sec- 
tions of the general .trade anions. 

Will such a choice ever be 
possible for the British manager? 
The BEM clearly does not intend 
to become a CGCL British 
managers can either group to- 
gether to form a house union ib 
a company jointly -negotiating 
with the employer or they can 
join toe Association of Sctentific, 
Technical and Managerial Staffs, 
various managerial sections oF 
other unions or professional and 
technical, trade unions. In short 
there is no unified voice nego- 
tiating bn behalf of the manager. 
J. R. Appleyard 
12 Vicarage Road, 

Teddington, Middlesex. 


Land 

From Mr. M. Brady 

Sir, — Mr. Grinham’s recogni- 
tion (March S) that "if land is 
held out of use, an income (rent) 
is foregone" is somewhat less 
than convincing since four lines 
later he informs us that "there 
is thus no penalty on holding 
land out of use.” Although any 
particular site may be regarded 
as existing for all time, a variety 
of factors may render it- -less 
attractive, so reducing ;its rent- 
able value. This fair in. real 
value may be concealed by an 
increase in its money value dur- 
ing a period of -inflation. What 
has not been explained is how 
toe individual landowner can 
raise his future rent by persist- 
ently withholding bis land 'from 
the market. 

We are informed. . that 
H * ownership * and control would 
remain as now” yet who. would 
want a legal title to an asset the 
entire income from which would 
accrue to the state? In. view of 
his earlier declaration that the 


Managers 


From Mr. J. Appleyard, 

Sir, — There is a distinction 
between making representation 
.on behalf of the corporate 
membership of management and 
acting as representative of the 
manager's interests. Mr. Roy 
Close (March 15) regrettably 
seems to ignore this vital point 
raised by Mr. Jason Crisp in bis 
article *TS the BIM mana g in g to 
make itself heard” (March 10). 
What matters to the. individual 
manager who is member of the 
BIM is surely whether the "cross- 
section of managers of all levels” 
on their council are put there 
by toe corporate or toe individual 
■ professional manager. 

The message Is dear: managers 
Increasingly want to be repre- 
sented collectively, to belong to 
a union. There are a number of 
good reasons for this, such as the 
erosion of differentials, for job 
security and a need to ensure a 
“say" in decision-malting. The 
important question is how and 
by whom do managers want to 
he represented. What options 


Petroleum 

Front Mr. M. Quinlan 

Sir, — The article on Nigeria in 
your construction survey 
(March 14). states that “ a cut- 
back imposed by the Organisa- 
tion of Petroleum Exporting 
Countries ” is responsible for 
Nigeria’s dedining oil produc- 
tion. This is not so. Production, 
has been cut by. agreement 
between the producing com- 
panies and toe Government in 
direct response, to 'toe dedining 
market for Nigeria’s oil. itself a 
reflection of reduced demand in 
the US. together with greatly- 
increased output of light crudes 
from non-OPEC sources such as 
toe North Sea (as you state). 

Nigeria has proposed a system 
of voluntary production cuts to 
the other North African OPEC 
producers, but there is no indica- 
tion that they will agree to this 
and iu that event Nigeria’s out- 
put will fall to about 1.6m. 
barrels/day as she bears toe 
brunt of toe surplus on her own. 
Martin J. Quinlan, 

207 DanieUs, 

Welwyn Garden City, 
Hertfordshire, 



ffiy-two years 
some savin© when I retired. 
And now they tell me ife : 
unearned incurne? 

: It's a sad fact of life that the money vou worked hand - 
for and carefully saved in order to have a little exua .when you 
retired is classed by the tax people as ‘unearned income! - ' 

What inflation is doing to that capital now is an Mfih “ ‘ 

sadderfact oflife. ^ . . 

WeH, we at Allied Hambro understand: were on your ' r 
side in thefight to preserve what you’ve built for retirement ; r 

- WeVe been helping: people like you proteefc-ymtr capital 
and savings against inflation for some forty years now,—. . _■ 

(Indeed, we were one of the pioneers of the unit trust 
movement.) '* ■' J • - 

' And the records show weVe bad more than our faff l 

share ofsuccass. Allied Hambro trusts have achieved cbriasteiit I 
above average performance. 

\ While well like you to join our 98,000 umtholdefs.wed,, \ <: 
ratheryou first sought the impartial and expert advico of yoirn 
professional advisee « lf 

lf he thinks were the right unit- trust group for you. then 
perhaps wetsnr get together and help you, and your : 

light back ^gainstinflation. 


-1-, . 


r ... _ 




there when you really need it. 



iled Hambro 


i?. 


♦ v . 
v,- 






1 ^. 


*31*. jr’ 



S3VWMJAY IfARCH lB’IW* 


o*' 


in on 


BY MICHAEL BLANDEN 


af 



B ^WWean^m^ol could Imply higher charges for slower rexetioa of foe societies ' 

^^j2!2S¥ '.?“?* aome ««stoaaiST - 10 reducing foeir .owo interest 

' ' Jt may • a ®P ** Significant for rates to depositors, left foe 
development of the in- banks blatantly hn competitive 
^ 04 <rw»ingly expensive branch net- for funds. They remember well 

■5*? «™y be expected works of the banks at: a. time enough that less than five years 

f ■yJEP—S!! rapid practical when two of the big four— ago the interest they could pay 

reduction or Barclays and Midland — are on small deposits was officially 

roroj ot the fecal privileges studying various Wjs of reduc- restricted in order to protect 
t Jj*- 1 . °y «e societies would big the burden of their easts. the building societies. During 
** ^J W ~l^ Cal Tn0V * v ^ c ^ x ' The building Bociejy question recent months they have 
. Ii i iV?! 61 * fiove f tun ent can. also be; linked with the suffered a "modest continuing 

“* undertake planned creation of, a 'deposit drain of funds to the societies 

« u far Protection fund for banks and 35 well as to other savings M^^^^^E3KB3^Biii!Sl@£EPiiiiGP7 
n clear tfeat st wodd make « deposit-taking Institutions; a outlets. 

^cant a inference to the com- point which has caused con- Their worry may therefore 

itnre twmnoe between ttoe siderable argument. Finally, in fo&t the disparities in rates fiS3&^^s9^^S§||jW££^iaS9||^^|i^r 

soc * or8L the background there remains in the past months will acceler- j 

fevertheless, the banks’ wove 2* dormant issue of- national!- ate the long-term trend and j If 

come at a particularlv * Pn - ration, at present submerged by underline the growing financial 

ve time for the hn fillin g- events but likely, to b& raised sophistication of their cus- MHflhvN ^an# 

ieties, and has provided a a J a ? y time when; for example, tamers - and their awareness f CI.K A RING BANKS 
dng point of consuming banks appear to be making of comparative returns which gHgn^^BgHHgBBgaBE^7 
irest at their recent meet- , a 5. 0811 ** regarded -by their has been one of the main 

s. It hit them just as they p £i2J2 al °PP° DRnt * as excessive factors in the switching of 10-^HBB9w GBEIESHE-- ^ 

■e engaged in debating the profits ‘ • funds. The issue has arisen at ^ rr F )&[ . . \ 

s and cons of accepting the w j • • • a time when foe banks have not cW^rV I i i 

-emmenfs plan to impose W 31*111112 S12HS heen eo *°» la « “ uch 1 ^ I I 

trot on their lending or of — ^ ® - growth in their domestic oper- - 1 I 

using to ignore them and of foe attack on ations, in spite of foe consider- 5-j — -— = r£l — — -| — | — ‘ • I — — I — — 

ming foe risk of more funds- building societies appears able improvements in their ±3 & BUHJMNG SOCIETIES 

atal intervention in' their 10 flave come ^ ^Juothing of-overall^ performance, and when j \ ] ’' l l 

ivittes. They may come to * surprise to some : of, foe they have -been looking closely | 5. j 

lise, however, that they have *° dl 3? chiefs . foemselves, at foe viability of their own 0 | I ■ ! ■ ■: I 

— are U* -S-S ■-=- B £5 5 

■raw £•:"££ ra&s 

? 1 Lf ymp ^' has b een a long-term trend port their lending. But the «eas. 

5* since the last war. for their sharp rises in overhead costs in While this is going on. the ffL?- J? y 1?! 

Wr ."ssr^T^ss %rz ssrsjr.'zs 

taDMMnJ'iiiteSSS ctearing banks published m while it h« become apparent burden of expensive cheque and sendee' 
blems of their own. ^alr P*** own evidence to Wilson development in money transmission services. Moreover, the problem of foe 

irrel Sth the ^niMing » showed, for ^mple, offering cash deposit .and with- banks dote not arise only out of 

ieties has to be seen fofoi «^e bi?^ JJfSS* dxw ? , 1 ftcilltles “ ? e b «^ ?* the swings in the general level 

'text of the final evidence 5* P ? Slt ! d x by u * ^ S?L ZJ r 5^,]^ mrxch lower overhead Tbs is of interest rates, but more rigni- 

ich the banks have been de “ la - dB 5^f d 45.1 P* f SLSTS ’J££JSFZ£. oae lor ^ Importance fican t]y,out of their own over- 
paring for foe Wilson Com- “ 1862 }° 3L1 percent f&XTL f” - ^ tMlwd » toe Commis- head costs. This is why the 

lee on the financial institu- ^ ^6, to spite of substau^l ST^frSjSLSj? aon examination. issue of foe fiscal advantages 

as. This is expected to be F?"?. ^ t0 ^* 1 ^ joined in the exDan^on t^rlS Encouraged by the favourable enjoyed * by the building 

>lished around Easter, and Jenefician^ included the other same^PrShiSaS^^ outcome of the specific investi- societies, which forms one of 

I certainly go into much ^ in fcUX-epn . ftom Xr t entinaiaam U “STinto thelegaol the banka- argument, 

ater depth in discussing the L ' 0nd P n, 1 Scottish and North- increased charges for services on itxowft looks less important 

pie structure of the financial ern L I ™ 11 “ clearers — . which -y« to certain nationalised Indus- than the banks make out It is 

tem than was possible in foe pU5hed their share up from. 2.5 JLXpCnillGnilllS tries, foe hope that the true that the societies are able ■ 
Jiminary submissions last pe f cen , L to 121 P« r cenf ' Midland however is now general review will enable them to offer a rate to depositors 

J. But foe outstanding perform- experimenting in a number of to put up a case for a more which, in relation to what they 

!hese Issues, in turn, cannot wa * t* 18 * oi bttflding areas with ways of improvine rational distribution of their charge their borrowers partly 
‘ separated from the wider societies Starting with less than ^ ^^ 0 ,, by concentrating <***&*• This will undoubtedly reflects foe fiscal benefits of the 

felems about the future J"* . “ . th * - “ earmg some specialised services and tovolve substantial increases in composite tax rate. _ 

• *wth and role of the banking de f oat _ s 111 I962 * and holding administrative work in area aome as. cheque and BufidUfe society interest is 

‘ tem, arfsfog at a time when °/“ y 2 9 cent of the Total, offices while leaving other rash movements where the costs paid net &f the basic tax rate of 
: banks' activities are the the societies had by the end of branches to provide a basic set- are high and not matched by 34 per cant but the societies 
iject of an unusual amount V; 75 considerably bigger funds vice to customers — a develop- present commission rates. foemselves pay a lower rate, 

public scrutiny. Besides the tne London clearets and ment. though foe bank dislikes curreaHy 24J25 per cent, which 

Ison investigations, senior 37-6 per cent of the total: the phraseTof a concept which The building sodeties , vx not reflects foe fact that not aU 

:cutives of the banks have Resentment among bankers used to be known as “satellite truJy m “ e “““fi business, their investors pay tax. A case 
•n spending a great deal of seems to have come into the banking." Barclays has under- s* 10 ™ no general inclination to can be made for changing this 
ve on the examination of open, however, in foe particular taken a fundamental review of take on the burden of the extra system, if only because of foe 
;ir money transmission ser- circumstances of the past year, its whole system which, though services they would have to offer injustice which it does to low 
ies now being carried out by A sharp falling general level 64 it now seems likely to involve to become involved, and would tax-paying investors with foe 
I Price Commission. This interest rates, coupled wifo ,fo£. rather fewer than the 600 almost 'Certainly be prevented societies. But foe effect its re- 




mmWm: 




1QT • ■ 

wmi 

■ -mi fm 


wmmm 

budding 



Hatelnc omei Thx 

ii mu IMF i i 




' buQding society _ movemenf 
must be seen as linked to a 
much wider Tange of issues and 
problems with which they are 
at present concerned. It may 
\be that they are using this 
example to bring home a 
number of general paints which 
they want to draw to foe atten* 
tion of the authorities and the 
public. But the most funda-i 
mental issue of all goes right 
to foe heart of the questions 
which bave been examined by 
foe Wilson Committee on the 
provision of finance for industry 
and foe structure of the savings 
market. 


CLEARING 
BANKS | . 

7-DAY DEPOSIT 
RATE I 


Neutrality 


UB6UTS — 
■BOUH B ■= 
HKWEStuaSTBI— 

WLLttWSftfimtt— 

UOYDS — 


BuiMbig 


Society 

Society 

Bank 

Advantage 

Ortfinuy 

Deposit 

percentage 

Shore Rato 

Rata 

points 

til 


U 

& 

8 

24 


BUILDING SOCIETY'S TAX ADVANTAGE 

Bunding 


AT PRESENT 
Refer* Tax 

After Taw* 

WITH FISCAL PARITY 
Before Tax 
After Tax* 


moral -would have on foe ability 
of the societies to pay a t t r a c ti ve 
rates would be a long way from 
ertxTmng^nff their present advan- 
tage over the banks. 

This Is not, however, the only 
’point which foe banks appear to 
be raising. They are also con- 
cerned that while they are sub- 
ject to a number of liquidity 
and reserve ratios imposed by 
the authorities under their 
monetary controls, which have 
foe effect of raising their costs, 
the societies escape this burden. 
In reply, the societies point out 
that they themselves have to 
keep a substantial proportion of 
their funds in liquid form and 
that some of these may earn a 
lower return than they would 
get from mortgages. 

The banks may also be using 
this issue to draw attention to 


5 DC re* : Provincial Mldlng Society 

their grudge against foe deposit 
protection fund which the 
Government, plans in .order 
to protect small . depositors in- 
banks and. other institutions 
from any difficulties . in foe 
financial system .’ It is clear 
that this will be included in 
the legislation to introduce foe 
proposed new supervisory 
arrangements, and that in order 
to make it credible the big 
clearing banks will have to put 
up the bulk of the money re- 
quired. The building societies 
are excluded, along with the 
Giro and. National Savings, on 
foe grounds that they are sub- 
ject to separate supervision and 
have their own arrangements 
to rescue anybody who gets 
into trouble. 

In a number of ways, there- 
fore, the banks’ attack on foe 


The question of the fiscal 
benefits enjoyed by various sec- 
tors was discussed at some 
length in the banks’ initial sub- 
mission last July. They drew 
attention to foe advantages en- 
joyed by foe national savings 
movement, the building socie- 
ties and the life assurance com- 
panies in competing for 
deposits, and called for “an 
overhaul of foe whole range of 
controls, regulations, incen- 
tives ■ and subsidies applied 
to different types of financial 
institution." In particular, the 
banks said, they would urge 
strongly 44 a policy of fiscal 
neutrality towards all types of 
saving, with incentives applied 
either universally or not at 
all.” 

It is a fair bet that this 
theme will be developed when 
the banks publish their final 
evidence to Wilson, in which 
they are expected to take a 
much broader view than was 
possible under the limited brief 
of the Committee’s first stage. 
If banks, are to be asked to 
take on a further substantial 
increase in their provision of 
medium-term funds to industry, 
coupled with closer involvement 
with their customers, they may 
well want to promote the point 
that they will themselves need 
access to medium-term funds. 

At present, they may argue, 
their ability to compete in the 
savings market is limited: In 
the final analysis, therefore, foe 
debate involves not only the 
future of foe banking system 
itself, but foe historical 
development of the market for 
private savings and questions 
which can be answered only by 
a fundamental political decision 
to give the banks a better share 
of available resources. 


Weekend 

Brief 


together 




# - ^ ....... 

Last month he fold foe mous . numbers of parasites structures— what The Media their present date of termina- 
council he doubted If Any Royal breed op livestock and foe cow Department calls the sort of tion. which is: next Jhly. This 
Commission could ..discover a brush affords great relief. Cows fancy footwork that has hitherto doesn’t mean that the TBA may 
solution acceptable to all sides, have been seen to actually line allowed the contractors to in- not feel the urge to flex its 

• up to use foe brush and Danish crease foe revenue potential of muscles by. writing one of the 
farmers are claiming an in* their rate cards by much larger present contractors pou^ en- 
Queens ■ crease .fo their milk yields as a amounts than alterations in foe courager les mares. ’ \ 

yiiwwnw result of this innovation. • basic rates would suggest. ■' It last did this in 1W8 when 

tflffpfhpr The looming element is also But in addition to foe rate the ™es and West contract 

lUgCUICI extremely important for pedi- orf increases, British business ™ withdrawn from TWW and 

Ifktlanrk • - ■ _ gree breeders as many hours j* anyway at present In foe S iven t0 Harlech - According to 

Ibiiamiw . TJfcUS QE2 docked in Hong Kong have to be spent before showing process of beefing-up its ad- BOtne na ed *a specialists, the 

j harbour this week, disgorged pedigree animals in terms of vertising-to-sales ratios as foe Iciest candidate for the chop 

tVQKVcO several hundred of its pas- hand-grooming. The Strangko economy stirs to life. On tele- would . . be London Weekend 

sengers for a side trip into Cow Brush does an extremely vision at foe moment, for Television, whose programming 

» survey commissioned by China, and completed an un- effective job in this context and example, there is a eoufec- . hard, y shone and which is 

•-tland Islands council into usual trio. Berthed beside the particularly where stock is held, tionery war waging, with Cad- *?/“• To be * ar from, popular 

constitutional options open Cunardex has been the P. and O. in cubicle stalls and where bury, Rowntree Mackintosh the smaller stations who 

.t if the electors reject devo- rival flagship, the Canberra, foe manual grooming may prove to Mars leading the way. There is forced to take large chunks 

on will be published on two of them the «rggest pas- be difficult also a p artworks battle in pro- . „ 

jri i 5— -about a month later s eager ships currently in opera- The brushes rotate slowly, at grass, and something of a slug^ 'Z'- oweverr ' says The Media 

n expected. tion. But not for from them the rate of 50 r.pan.— powered ring match in razors and Department, / an extension of 

ASt year foe council ****** tte of hners by a I fap motor. The cow moves records. tiie present contracts will give 

^reached the Nevis Institute. * e remains of foe original « under foe machine and is In addition, considerable yuinerable contractors a breatb- 
Edinburgh-based think-tank , Mnnn combed all over. Who was it sums are being spent by adver- “8 space to pick up a few 

• : iniration!/ headed by Lord Most of the Elizabeth s 83,000 who said they bad milk from risers who are new or relatively brownie points before foe end 
Brandon, to produce a run- J>n bulk has now been removed contented cows? new to television advertising, 01 form. Perhaps it is not 

•dm on-ai the- options open J 5 / Korean, divers frmn Hong .... such as foe airlines and foe entirely coincidental thatLWT's 

"-raw e i ala n^i« turned down the KongfS murky waters, but some ... film companies, while foe sums latest annual. report announced 

• - ^Solution in foe referendum. 15,000 tons of it remains buried Mari|« 1 being spent on corporate and tiiat more than £2m. has been 

in nmwn^ TJ*irfe mvirt 10 tiie mud. The salvage men “"Mia fimmcUi advertising (including earmarked for new investment 

working on the wreck of foe ^ those spent by foe banks and foe in programmes and studio equip- 

1 A * which sank after a fire OOVB S buildinFsoriiies) are also sub- ment -1 

: started by arsonists in 1972 are - — stanririL . M The danger in all this is, of 

SrntS- *° level f® ^ renudns to sea- ^JT^arntrartors as well as What the TV companies — course, that in their anxiety to 
vSSwMfoa bed level and then give up. To J*®*! 1 ®? <* foe national md most advertisers — would impress foe powers that be, foe 

£ SWlmShS^iS chSJ get the last pieces out .ironZd provincial Press, enjoyed a like, of comse, is a substantial contractors wfll come up with 

AoriTaJ be far too expensive a job. boom y»ar for advertising last increase in foe supply of useable another bunch of worthy but 
^ ^ I When the harbour mud finally And the boom rolls on. commercial airtime to help take dull programmes like those in- 
i' " hSfoarix- ****** tbe last piece of metal fodee^IWIs at present enjoy- foe heat out of foe contractors’ tended to impress foe Annan 

| . w .^SSSrcS.SSe w tbe QE I next monfo the my what The Media Depart- advertising rate cards, 'which is Committee in foe autumn of 

on ’W e sti° n of . “whodunnit wril ment an independent media- why foe White Paper on the 1976. which resulted in a disa- 

V 15 *ti H rexoaixu Although foe sink- buying company based in Annan Committee’s report on strous slump in ITVs share of 

&■' . . rase twice weeiuy. ing of the ship which had been Corent Garden, describes as one foe future of broadcasting, now an die nee." 

,-r v nee commissioning tne aur- renamed the Seawise University of foe longest periods of sus- due around foe end of this A slump In ratings, of course, 

» the coimcu has been partly was found to be deliberate, no tained buoyancy since it first month or early in April, is so would be grievous bad news for 

rtaken by events n i tne uom- me ^ got round to naming ^chleved national coverage. eagerly awaited. ' * • the advertisers who are at pre- 

is. Mr. Jo Gnmond, Liberal names. . Meanwhile, however. East year,- British advertisers Until recently there appeared sent paying so grandly to get 

for Orimw «M Shetland the ship’s . demise has proved spent a net £30Om. on 'televised t0 be very little support any- their products on to the box. 

£•* ^ me - a 50 ^ on where for an Annan-like Open We shall Just have to wait and 

fend Bill at committee stage Kong found itself with a huge 3976. and. foe boom’s momentum Broad castin g Authority to see- 

id against tbe Government s quantity of prime steel dumped showed no of flagging in foe handle a fourth television 

les— a clause. stating tb« if literally on foe doorstep. The fest month of this year with a channel — most assumed it CONTRIBUTORS 

er group of islands voted qe Ts bulk has been reconsti- 95 per cent, spurt. would be given to ITV— but 

in the devolution referen- ruled as steel reinforcement for One of foe main reasons for recent reports have suggested » jr ■ ^ 

i. then « Royal Commission use in Hong Kong's booming Jagt year’s television bonanza there are a number of Ministers AtltilOny JYlOT(Zt01t 

xld be set up to consider building industiy. At least that was a rise In TV advertising in favour of Annan’s re com- 

r future constitutional role, means there is something rates that averaged approxl- mendation. Arthur Craws//* c 

he Nevis undertaking was British in foe tower blocks nicely 20 per cent, although However, in foe first instance &UnUie& 

ane time heavily criticised rising apace in the colony. Local the Price Commission is now foe White Paper seems bound v - 

ho Shetland Islands because officials and businessmen com- reportedly taking a belated look to buy more time- by extending MlCnCld 

ts cost First estimate was plain that foe UJC, with somB at foe effect on advertisers* yet again the Broadcasting Acts m* _ . _ 

000 but this was scaled exceptions, has not shown much ^ ^ ^ cont^^ and the ITV contracts by at ThOTHDSOn^NopJ 

n to £43,000 whoa the enthusiasm to sell to foe con^ premium rates - and preempt least another year beyond - 

ncil modified the brief. struction industiy here. - : ; , 

he original was to have . . ; 

the constitutional options . , _ . • . ■ " ” • • • 

™jljj£ Contented . TO-DAY -- Prta» ' Minister Turing, dirtrflxrtire and’ wrriee 

ties of independence _but qqwo Couacfl. conference, fouoon.. Economic Diary 

the cfiawauTOcM it. mad- COn» . SoSS dourth 

iU«8 SrtS'Non^St A nsw fttun for the cm #ijtm nvoi (IW.). tSfVj 

oi" wu gasssaiELsraE smts^ss?' m 

’hatever the report says, it Suffolk-based firm, importing EEC~Finance Ministers • meet. Sales and 

and marketing agncuitural ... MUM Yot^ure Area orders m foe engineering indos- 

embarrass foe GevmiML ^ Council annual meeting. Barns- veWtfe production (F« final). tries o>ec.). Flnfihed steel con- 

Bni« Millar. Scottish equIpmmL i^tmcetnax^ ley-, Statement by Lord Home on WEDNESDAY— House of Com- sumption and stock changes 

fetarv, has fought hard to aw to distribute anew pfw™. Cdnserrative Party Committee mons debates Winteale inquiry (fourth quarter— Aral), 

a Shetland within foe con- from Denmark. The manurac- plan, for reform of House of report- Rail pay tafia resume. r „m 4 r_v Qnn! . T - ,, 

• (rf* devolved Gotland. If turera are Strangko and . foe M TUC Ftaanco and General TUC toeral Cmmcil meets. . «“* 

‘ °Vf nroduct is a cow brush- ' ■' Pnrposes Committee ' meets. Labour Party National Executive Icrence °P en5 ' «mtnport 

riattd were to ' ***" pr 2 Pmru * 0 that a con- Nationa l good Survey report on Committee meets. -Report on SATURDAY-^attonal Union of 

one course, preauwi 'Bum ^s™>gxo xmxm _ eoreomptlon (fourth quarter), health and safety in the con- Teachers conference opens, 

Scottish National Party on tented animal win prince Nttr construction orders. (Jan.), atrnetion todnsny. Bricks and Blackpool- Labour P a rty Yonng 

Government wodd become more muk and one at w proo- Gross domestic product (fourth ce m e n t proihiction (Feb.L Capi- ■ S o ri a l litf e eenfarena* . . opens, 

elntonatT .. Imm that mtiatt if that enor- qmtur-fmM onalL- ----- eapenditigs.hr foa marmfep. Tjamlndna* • 


TO-DAY — Prime Minister 
addresses. Labour Party Scottish 
CettncO. conference, nutuMm.. 


Economic Diary 


CONTRIBUTORS 


Arthur Sandies 

Michael 

Thompson-Noel 


taring, diftrfbutive and' service 
Industries (fou rth quarter— rev.). 
Mauufactnraa* and distributors’ 
stocks (fourth quarter — rev.). 


• 7 # 


MAG AMERICAN Ml GENERAL FUND 

•The US stock madid, In start contest to that of tbe UK, 
has performed disaqpoiirtjn^y over tix last year; with 
the Dow Joins resetfr^a 3-jwr low on ftbrnry 28ft. 
MBxjugh shan prices m America coirfd Oecfne hirfto; 
share nlaes are today more atirec&relhan they hwe 
. been for many years, wftefter measured in (arms of 
earni^s,yidd orassets. When Hie artnpated recorery 
takes place, R is Old; to be both sudden and strong. 
Current levels on HHf Street couH prawlearareoppor- 
tnuBy for anyone wishing to take a stake rathe worth i 
daminanl economy: 

TheMSGAmencanS General Fund is designed to rn- 
. vest In a wide range of American securities, with max- 
imum long-term growth as the main objective. Invest- 
ment is partially through bac Mo-bach loan fariflties in 
order to reduce tne effects of the doBar premium.The 
pitlmiMpuu cuiWPtylBMfeIncotnBUPtt5isl-059& 
at the. toying price of 43;9pxd on 15th March, 1978. 

Umt Trusts are a long-term investment and not suit- 
able for money that you may need at short notice. 

The price of rmits and the income from them may go 
down as wed as up. 

Prices and yields appear in the FT daly. An initial 
charge of 3r% ts included in the price; an annual - 
charge .of *% plus VAT is deducted from the Fund's 
gross income. Distributions for income units are 
made on 2QUi September and 20ft March net of basic 
rate tax and are reinvested for Accumulation units to 
increase the value of the units. The next distribution 
datefornewinvestorswHI be 20th September; 197B.'lbu 
can boy or sell uints on any bumness day. Contracts 
tor purchases orsales will be due tor settlement 2 or 3 
' weete later. 15% commission is payable to accredited 
agents. Trustee: Lloyds Bank Limited. Tbe Fund is a 

wder-rangesearritya nd is authorised by the Secretary 

of State for Trade. 

MSG is a member of the UnitTrusf Association. 

_ TWO WAYS TO INVEST 

As an aaemative, or in adtibon to investing a capital 
sum. you can start a Regular Monthly Saving nan 
through a life assurance poScy for as Sate as £10.a 
month. You are runnafly entitled to dakn tax reSef at 
omeot rates ol £17 !os each £100 paid. 

On a £10 Plan, tax relief at present rates can bring 
down your net monthly cos! to or* C8 30. with which 
you toy units usually worth considerably more. Reg- 
ular investment of this type also means that you can 
take advantage of the inevitable fluctuations in the 
pice of units through Pound Cost Averaging, which 
■gives you a positive arithmetical advantage, because 
your regular investment bins more units when tbe 
price is lowand fewer when it is high .You also get fife 
cover of at Inst 180 times your monthly payment 
throughout the period if your age at entry ts 54 or 
under (women 58), end rafter less up to 75. 

If ytur cash in or stop your payments durit^ Are fot 
four years there fc a penalty, and the tax authorities 
reouirensto mrteadedudi (jtl so yoo should not coti- 
skfer the Ftan for less than frve years. 81% to 94% 
(depending on yourstarflng age) ts invested, except &i 
the tost two years when an additional 30 per cent e 
retained to meet setting-up expeiees, 

MSG Isa member of the Life Offices' Assodaticw. 

TnaofferisirtMittAloieuiBBfttftlielftDiJbiicainuni. . 


V /• — an American fund U the place to be if 

1»— *-«-SBg5SS?5ll 


the American market 


SUNDAY TIMES 15.1-78 




TWO WAYS TO INVEST 

■ lb: M&G 'GROUP LTD, THREE QUAYS, TOWER HILL, LONDON EC3 6BQ. 
I TELEPHONE: 0^626 4588. This section to be cosmteted by aflapplicanfs. 

■ SURNAME 

I ^llAPongs . 

i— 

1 POSTCODE • 1 90 U AG 530328 fl 


AG 530328 


B | JT|'J > [3 .V4y iTil Comjide this section to make a CapiW 
■ iXSIaa Inr csfa we qt ImtBbiiBfllXSOtB 

_ any money, ia comnc: note mC te se.u !o yro sMRceAuUyh=»BUC>imiawa 
I anaUKrtefiferoen dne.»ourcertificaie kO feflew shuit'yi 

1 PLEASE WEST >E 1 mACCUMULATION/JNCOME units 


| PLEASE DIVEST lE I mACCUMULATION/JNCOME units 

" fdelrte as app&abte or Accumulation units vrin be issued) of the 
I MSG American & General Fund at the price ruling on receipt of this 

■ application. 

■ 1 dKtettai 1 wntft »esidwfl txOsift Uw UsrtMt Km^dom. IheCSamaJ Islands. 

_ We Isle rtStauerGibraftae and I an noUc3mr>^j ftc unrtsds tbe nominee o( any 

I Ktsoo isndent oulMdetBssaTorritones (W you are unabte lo mate Uie. 

" declaration you siioaM wy Uirojigri a tank or Mort'AroMt) 

1 StGNATUkE ‘ PWF 

1 71*1 ,VJ f.V ComMe UK section it you Irish to make aR^Anr 

■ L MooUVy Saving (mi nanum QOamonUr). 


«TD*iE=iasaifc 


- noniuaMt^ ’ MSG American & General Fund v 

_ 1 enclose my dieqre for tire first monthly payment, made payable b 
| M&G Trust (Assurance} Limited. 

I I umierstanO :wl !lw Mvw*« r. onir? f r.tTic-'al art :*al iSeamewiyirtl out 
assume n&k until tormsl coblicatinn cl asseplance has been issued 
_ CfiTE 

| OCCUPSnow OF BIRTH 

a. NAICANQ A0MESS OF USUAL DOCTOR {to whoa rderew* bs made) 


I wryoojncrogitf MSCPianholderTyks/Na B 
if ^raronfs^ Part roiii>«D«^Kw below tWotert art «en Part U.‘ ■ 


i ol ttepeto lomt savaUabim rani 


s«s£ I 


.STOMnjRE 


‘ DATE • 

. | ReKaaredie&^aidto.lDiSS©. Res 'Office as atoit 














16 


.-liKAZKXAE TIMES SATOIUJAY 31ARC3 | *■ 


COM PAN Y N EVVS + COM M ENT 


Earnings doubled at Morgan Grenfell 


NET PROFIT for 1977 of Morgan — 

Grenfell Holdings, the banking 
and finance group, rose from a 
revised £2 .85m. to £3.45m. after 
tax and transfers to Inner reserves 
of banking subsidiaries. 

Tbe directors say that having sidneT Banks 
regard to the size of existing r^nn* & Co. 
inner reserves they have decided gpg. 


DIVIDENDS ANNOUNCED 


greater proportion of profits. Moreau Grenfell 
Results for 1*77 are on the revised JJoWe & **"4 


Stated earnings on increased 


Current 

Date Corre- 
o£ sponding 

Total 

for 

Total 

last 

payment 

payment 

div. 

year 

year 

Art. 135 

May 19 

U 

— 

3.& 

2.7 

_ 

2.42 

357 ’ 

■ 3.02 

2.21 

May 5 

158 

4.43 

•3^9 

0.67 

Apr. 15 

057 

157 

L48 


— 

•253 

5 23 

*4.68 

05* 

— 

0.5 

0.77 

0.7 

.2nd int 1.44 

Apr. 27 

1.4 

2.19 

2 

inL L25 

Apr. 2 

0.63 

— 

158 


capital from a one-fonfbur scrip Dividends diown pence per share net except where otherwise stated, at noon. 

.. .. *S5Umlant «ftar all/WIM (nr e«4n iSSUfiL t On capital 


of financing . leaves scope for 
farther acquisition and they wOl 
review opportunities as they 
arise. 

The closure 6t the Halifax fac- 
tory facilitated g decision by the 
directors, to approve a programme 
of capital expenditure on plant 
and buildings <jf the group's 
Washington factory. During tbe 
course, of the curr ent year this 
will be almost totally re-equlpped 
with the ■ .most up-to-date 
machinery av ailable. 

Meeting, Hall-fay 0 n April 11, 


issue are doubled at 43.5p per 
£l share compared with 213 d 
reflecting the unusually favour- 
able circumstances in fin and al 

markets which obtained during 
most of the year, as well as under- 
ljing growth in many aspects of 
the group's business. 

The dividend is stepped up from 
an adjusted 4.6Sp to 5J3p with 
a final of 2.T3p net Over the 
year the group balance-sheet 
total increased from £A99m. to 
£SS3m. and shareholders’ funds 
were up from £25.3 m. to £SL4m., 


1 Equivalent 'after " allowing for scrip 
Increased by rights and/or acquisition issues. 


Noble & 

Lund 

declines 


plus on sale of the company's 
holding in Reed and Mallfk to 
give a lead of £96,303 at £104*047. 

Earnings per 12Jp share are 
shown as 6-37p (339p) and the 
dividend is increased to 1.6S46p 
(I.4S49P) with a final Of 0.6697p 
net. Tax for the year took £53,249 


Slowdown 
at Silkolene 
Lubricants 


After reporting a sharp rise in 


_ _ Reflecting the abolition- of the 

which included items credited to Regional Employment Premium, 
reserves £1.5m. taxable profit of Noble and Lund, 

Morgan GrenfeH is a public but the engineering and macbinetool 
unlisted company. 

See Lex 


(£27.423) leaving a net profit of firet-Mfpre-tax profit to S492JHJ0 

£99791 (£60 051) r nwalnet (Ifivnnn nf 


R. Clay’s 
record 
profits 


Sound base 

atW.L. 

Pawson 


In his annual statement Mr. 


against £257,000, the directors of 
SUkolene Lubricants now warn 
that this level was not sustained 
in the later months of 1977, How- 
ever, they expect that final results 
will show a marginal improvement 
over 1976, when a surplus of 
£775,081 was recorded. 

A second interim dividend of 
1.4436p net 'raises the total to the 
maximum permitted 2J936p. com- 
pared with 1S96704P last time 
which included a special 0.032704p 
on the redaction' of ACT. 

Full-year results will be an- 


il 11, 703 (£135,791). 


An advance in second half un to n 77,. 
profit from £739,296 to £S70JL0S o^go D fi^ a r 
enabled Richard Gay and Com- Profit was 
paoy, the book printing and 
binding group, to finish 1977 with 
a record pre-tax figure of 
£1,838,172 compared with 
£1.143,738 for the previous year. 

Turnover increased to £9 38m. 
against £7. 44m. 

At the interim stage, tbe direc- 
tors said that subject to tbere 
being no marked change in the 
level of activity in the last 
quarter, and to the company’s 
continued ability to contain cost 
increases, second half results 
should be similar to those of tbe 
first period. 

In yesterday’s report, second 


nuking group, fell from £245,868 
to £216.292 far 1977, after a mid- 
way rise to £93,400 against 
£75.885. Group turnover for the 
year was higher at £LQ2m. 
f£l.S6m.). 

After a difficult year's trading, 
the directors see no immediate 

change in tbe market for the ~ w T 

type of machine tools that the p'-iJ^f 0 2i^ E 'cM ai ^^p_. 0 LuvrtiPR *-“-*—* - 

company manufactures. SlESSJUSr Jv 00 *! n0Lmced April 13. 

Earn Sgs per 10p share are manufacturer, says that he 
SSw-rTL™, T 10 J Mn believes that the group is now 

and 3ie d tS^‘d?^derid trtepS aound, y constituted and that the 
3 „d the t««l «e^d , uture prove fruitful. 

The group’s factories are well 
after writing off placed to take full advantage of 
goodwill and patents amounting any upswing in demand, he adds, 
to £14.716, but before tax of As reported on March 9. the 

pre-tax loss for the year to 
December 19. 1977, was cut from 
£139,286 to £4,900 and the com- 



Hall 



V.3f 


1. 


V . .. 


AFTER A mifr “°^ta iSfSSSSSJ 


j, D iunnettiare prospeernr f 
EnghMcring executors and trustees' of l 


£4.4130. 
ori turnover' 

Atthe 

directors said they 


up by xi 
halfway 


3.07m. to 
stage tbe 
were coufi- 


dSrtiiat profit forthe.Mljear 


Wd^ed those f<w l9W- 
Vjak of SASSm. wag achieved in 
74. 


Lister 
returns 
to 



^ On capital Increased by a one- 
•: for-firo scrip issue and a.conver- 
rion of loan «t«* duringft«.y«ar, 

stftted Aaram^s flT0 QP from nn — . 

•StaSJi 14.91P to IROIP per sop FOR THE six month*; tQ.Septew, 
aSd the dividend is stepped j^r 30, 1977. Lister ana Q. 

' irfto ?4258ft against an eqjuva- reports a return tn- profits / 

;w sj92Sp, with a AmI of a pre-tax figure of. ... 

2^i28n net Thera was an extra- compares with losses vofr-SiBSklJg' , 
:£tf£ary debit for the year of for the corr«pqn^. peogiimi . . 
JSSkK) compared with mOOO £480,000 for the tet-foU.he^ . 
2un ^ The directors state that ' 1 

^ 1 197T 1678 result .of reorganfaattan they «p 

aoe rm bezinning to see- - i mp r o ve? 

Tnoorer “gj touting results art^the, treat;. . 

•rramns pro m - - appears to be eonttaoing desptr .. - 

Loan *w* Interest — ^ ■ 11 - - 

Share of assoa compaalre » 



21 static tearkOf tbndltfabS; 
mss They will defer «mrid*rati« “ 
™ of dividends until the end:of ^ 
ss current year, theyraidd. Idst — 

12 & final of fl.lp netwaa.^ 


Extra onL- deUtt 

Preference 

^Lvallabla 


Ord. dtvtdcsds 
Retained 


payment. 

64 
L<»1 

475 Tmcrer 


Mr. Richard Wait, ch airman of w«n Engineering. 


comment 


L-lG Depredatttra -■ — ■■■■—— 

Direcwrrs" rennnefanaa ^ 
Interest 


Midterm rise 
for Berry 
Trust 


Sidney Banks just 
ahead in first half 


Auditors* remuneration _ 

.Wnii Emrineering’s SO {per cent, surplus on flxofl *sw» 
pre-tax profits recovery!® £4.4m. safe 
fstill bdow the £4.9m. achieved 


an 1974) was almost entirely due !& 11 Sta5rd5itt _ 

to the elimination of losses within junoi-wes — 

the steelmaking diviaoiL • Her* auriteaU* 4^.... 
the labour force has been sub- W* 

Stantially reduced and output cut . 

by around a half following 3«ses OWntlim 
of £L4m. in 1976. Last year steel- JLWnlllllHi 

ON TURNOVER of £21m. against demand strong as a result of good -making broke even. Against tods 


ON TURNOVER of £21m. against demand strong as a resultof good -making broke even. Against mis v _ 

£20.56m. pre-tax profits of Sidney autumn sowing conditions. , On there was a sharp drop In profits 7 Sr.rI) OY 

C. Banks, grain merchant and maintained profits the Sbares, at fro in South A fri c an subsidiaries- . - 

seed specialist, were up slightly 78p (in a very narrow swikEd),- reflecting the depressed economy Rflrp |||| : 





from £4T4, Qfln "to £4Z5,0QO for the are on a p/e of 7.7 (maximum tax Sn that country. Overseas ear n ings 
-- ‘ " Is / a were further reduced by cufrency 


movements and . oversew profite HWdta^M&te that 

U-*«- Uin- _ r_ ..n, ..Jn * .H. t ri fh 


Hamilboume 
finishes 
at £ 153,040 


Falconbridge 
Nickel in 
the red 

Falconbridge Nickel Mines, ; the . of 


were overtaken by the 
tribution (which had 
behind in 1976). Elsewhete 
the UJC, steel stockh ‘ 


■foe 1977 win not attain 
™ level for 1976, 

„ They stale that the total ctfti 
| of the company’s two sut ” ‘ 


SST'the TiSS: 


sis months to November 30. 1977. charge), white the yield 
Gross income of Berry Trust for Including £7,000 (nil) from the probable 7B per cent 
tha half year to February 28, 1978, associate company King's Lynn 
, j * ■ »- . , rose from £295^48 to 1323,452 and Silos, 

returned to the dividend after interest and expenses of The directors say they expect 
list with a payment of 0-op net. £241^40 against £260 085 and tax that the group's full year results 
On October 21 tbe group's Hall- of £294.64 compared ’with £22,330 wfll be similar to last year’s when 

fax factory was closed. The free- net profit was up from £12,833 to Profits, reached a record £625,000. 

hold premises have been sold at £52.948. After higher tax of £182,000 

a figure in excess of book value. Earnings are shown as-A3op per (£113,000), stated earnings per 

The successful rights issue last 25p share compared with O.OSp 2Sp share are down from 99p to ... — ^ — r _ _ . .. ^ 

Despite a second half down- November had tbe effect of and the directors forecast a divi- 8p. The interim dividend Is in- 1'?^ ?? cent ' . UKljc ? tes mif the vear 

turn of £30.739 to £48^93 Hamil- reducing group borrowings .m dend for the year of not less than creased to l-23p (Lip) net with flat While tea prices have d 

bourne finished 1977 with taxable relation to shareholders' equity, the 0-873p. net far 1976-77 year, waivers on 1,400,979 shares— last JralxaoMoa H«wver the their • peak lev^acte 

... profits of £153.040 compared with thereby creating an -excellent" which was paid from net profits year’s final was 2^p. The six- ^f et p vv ^^ March. 1977tiia aWragi 

half profit was shown at £510,108 £87,474 for 1976. Profit in the base for expansion. The directors of £1384165. Net asset value per month figures are based on the Wl ^ h *5^52: at **“• ot - 1876 mou ld have showaninS'ease ores 

due to an agency error. first hall was boosted by the sur- believe that tbe current structure share is shown as 72p (70p). TO19 accoimting baste and tom- ^?e/ a^lp^S^J^S) 8» pnSiywir. ] Hovrever, cS§.' 


^baSf ffitl y“»S toe faW^ re^ « .« 


closure dnrihk 1977 of part of previous year reflecteng tj« 


this busmesfc 1 ^ tiSroorer increase generally - 
uu ^ - u cates diboas which ptevafled through 


deqfieec 
■ acteeved'w 
average sate 


Church growth trimmed in latter half 


para tires have 
accordingly. 


depressed market 


The directors look on the fES®! 1 *? 


DESPITE LITTLE change in 
second Half profit at £l.42m. 
against £1.37m.. Church and Co^ 
the footwear group, ended 19 u 
with a record pre-tax figure of 


conditions. yi e ]H 7^ per cent Hie p/e is 5.L including the impMHion m v 
been-weak ^ P additional export duty of BsA VS? 

kg. continued to rise. • •■>-** . 

The scheme of rupeeisatipi; 
required by the ' Indian Foretgc 
Exchange Regulation Act. 197p 


British Vita 

chairman 

dies 


Mr. Norman Grimshaw, chair- 


results as satisfactoty having “ajfc ShSh ft n ± 
regard to this year’s later harvest 

which restricted the period for ** 

A. Jones and Sons, a subsidiary, wliere competition is stronger, tances had been received which, active grain trading, and the ex- ^ y^^d largest 

improved from £lA2m. to £L29 ul. However overseas demand for the together with shares already ceU « nt conditions for autumn producer, _ Falconbridge • has 
o n turn over, excluding VAT. of quality Church r/nges remains owned, represent -in excess of 70 se f° sowing which increased adopted a policy of retrenchment 

£9 .4m. against £7JS2ra. good and overall exports are per cent of the share capital of sal®* of seed gram during the o re have been extensive lay- 

Earnings per share are shown £$m. up at £3Jm. The disappoint- Elite. The offer remains open for . . • • offs at both foreign and domestic 

£2.37m. compared with the pro- as 61p (48p) and the dividend is ing area is still Canada, where acceptances. . The East coast floods m production facilities, 

vious year's £1.86m. Turnover lifted from lOp to lL5p^ costing the effects of the dull economy January created serious diffi cul- 

advanced from £16.89 to £19^3m. £126^00 (£110,000). have been aggravated through ti ties for the groups export trade 

At midwav the directors said Tax t00k ^O- 62 ™- (EO-^Sm.) and overstocking. Hie recent Ellen XvGCOVGrV at Kin ^ 5 Lynn s* 103 - they add. 

that the ttudeeSnUnSS minorities, attributable acquisition has bee nfinanced by T axmmt* 

mboVntrf and Ml imrSS profit advanced from £0.54m. to overdraft to the tune of £0Jm. 1___ np 1 S2 oS 

should show a reasonable advance. &r " bauk debt up to around Oy J. YZ3Cii Tnrnorer a.wy -ajss 

hut ihev warned that the rate of ward was £2fi7ln. (£2 ,02m.). £2.4m. but a medium term loan * J Cost of siliat 33 . bob io^si 

increase might not be maintained ^ comment ^1. •JP & TllHlPT SSTata!? 1 ! — . 7 - HaHan fnCTeasingiy non-exeentive foDow- received from India during 1971 

“^?r 1 S 1 s e £‘i.ie D . (£o.95m.) mjA .«*jsim!2s S i . arLSL== “ s z^sz te A e 7 5 resta,ctarin “~ ^ 

•mi 1 inUinn* 207 1977 compared, wtn \ m — -»• i 

L580m. for 1976. Sales for 


Rank Xerox 
in Italy 


was approved t»7 <*© courts some 
months ago and it is ptobalih^-- 
.ttucr -the merger vria-have r ggpr^.,. 
active effect to January 1. 197S-: ... 1 

«... Negotiations TOth-the Govemi 1 ’ ■ 

man of British Vita Company, the meat of India continue and Ifav4 
international plastics and robber not been, as expq^tops _anyo' 
group, died suddenly yesterday at straightforward as had oe« 
the age of 56. anticipated -but; it fa hoped thi 

He had been chairman since approval of the Indian Gowen>-’ 
the original, company, Vitafoam, meat to the company^ achenw 
was formed In 1949, but at his first submitted m January, lffflr 
own wish his role had been No profit remittances wert 


Hi 


I ^ 


ll.ll 


After almost breakmg even In ^tMUMT -—Z'Z vu m 

Indndcs dnnciatlOB WiflM (fSBJBO). 



for 1977 compared wtth ' , TheBtitiiS VitT chairman held tionyf or the’resnmption ofpToffii 


share " six months. However, the com- lifted. The p/e is 63. 

A final dividend of 2-67p raises parable figure was Inflated by 
the total to the maximum per- currency adjustments and strip- 

mitted 337p (3.02p) net, absorb- ping these out leaves the yyond GOUGH / ELLIS & CO. 


ing £165,714 (£148j03) — the half rise at a more creditable 20 


. . _ comment 

“ Tnon ti u to January 31. 1978, First-half profits of Sidney Banks 

onljr marginally hi^ier and the 

TbfXJSh? dfiHd,?n?5 SriiiPd ful1 year forecast that the 

n^v^^ I ^r, dl i V 9^ n ^ if trend of previous years 

from 0.62ap to Ltopjiet per 2 op has come to a halt. Although 


L9i2bn re ahMd 1,7 31 ^ CenL t0 shares in the group at the time for soma time and it is hoped tint 

of his death. A spokesman for the Indian authorities wall soob 
” — ’ the flow of this 


INTERNATIONAL 

TRANSFORMERS 

International Transformers has 


the company said Mr. Grimshaw recommence 
had been concerned to see the remittance of past profits. 


directors state that a substanti- per cent Footwear retaUing in grain tonna ^ e ^ ^ UP taken over the Hiist power sup- 

ally increased interim will be paid the U K. has been reasonably approval to the ^ ^Shtly, the quality of this year’s pl ies bus iness belonging to BOC 

for the current year if controls buoyant— the Jones *nhmdiarv_ nave given innr approval vo uie First half sales increased from s- . j — - — ^ 


subsidiary. 

cease. which is the major UJL retailing .. - hW 

Results include a small loss on arm, managed to push profits up (Hichmonaj^ and subject 


ion of EUis 


tvemms uiuuue a oiuaii vu. awn, iimu^cu w pudu iuvuk, up _n-__ pii:_ hnyiminv „ n ran. 

foreign exchange, compared a 27 per cent Manufacturing has tor Bibs becoming uncon The company 
profit of some £180 J»0 for 1976. shown steady growth,, but. toe Jr "S” k.« ** ri cultoral mad 

Vhe amount carried forward is Improvement in the value of the crease m the autn nsed share 




engineering 


tion flooding put King’s Lynn International . Transformers, 

macWne parts, J iigbt brlos out- of action for three weeks which makes a wide range of 

nrndnntx. machine 1 \ : ^ n. - 


£5.1 Xm. (£4.07ra.l. 
Taxable profit 


“--” 1 »f »• sr™"s SSkL ac 5 .s , ^« a,W? JS 


for 1977 of of the less expensive shoes Gough annotnees that accep- tools. 


Results due next week 


Launch of another 
open-ended fund 


The spate of preliminary a tough year in 1977. _ Though With its very narrow market, day to show pre-tax profits up 
announcements continues next there has been some pick-up in British Leyland does not generate from £25 An. to around £32m. 
week with the Stock Exchange the UJS. market demand in much forecasting activity among Insurance broking profits are 

list including such notables as Europe has basically been flat. In analysts and their interest is con- likely to have contributed some 

Tube Investments. Philips' tamps addition . competition from fined to the possible effect on £26.5m. of that total compared 
and British Leyland. In addition. Japanese and Italian manufac- other companies in toe motor with £17ra. With interest rate fac- 

insurance brokers Willis Faber turers has been stiff. At the sector. “Anything is possible.” is tors working in Its favour the . . — — -- — — ■ UDW , ua iuu V i a - — 

and C. T. Bowring are reporting, nine-month stage sales were only a typical comment, depending credit finance activities of Bow- Jw«weMr«, says air. U. Crouch, just commenced, on another large relatively iiwft»mr|iar to UJC. in- they wit. accept 
with interest also being focussed up 4 per cent, at FlsJ2L9bn. and apparently, on the extent of the maker are expected to make a chairman, in his annual contract frmn toe Northern vestocs; . the geared, hot open- iaJ&OO: but ycm c 

on Thomas TilUnjc and Hepworth pre-tax profits were up from planned exceptional provision. good contribution or around statement. Regional Health Authority for toe ended' fund. In structure it is a life-assurance 

Ceramic, which is currently in FteBSSm. to FlsA44ra. Tbe com- This is thought to amount to £6-5m. compared with £4.0m. This As already known pre-tax construction of a flOm. hospital moro-iifee «, investment trust than scheme for as little 1 

bid talks . pany said then that its earlier about £100ra. for 1977. about will more than offset tbe poor Profits far 1977 rose, from £lJ82m. at Barrow nr Furness, with a four- o.rmititraat in that if can borrow month. If youwantto 

Tube Investments is due to forecast far the year of a slight £4Qm. of which will lie in respect performance expected from the fe £2.47m. and the dividend is year completion tone. It is antic*- borrow the managers risk a tittle ~ JJ ‘ 

- S..1I X3 nf lh« i-l ■ rP rtf the Rrmbs nbnl Riwinilra, Ktonnol itn fn SOSfiTn 19 miHnt Dated there Wil] be Mtensinm trt - ' mo. 


for servicing existing 

to make default payments. Never- customers. 

the! ess, any shortfall was made up Power supplies built into Hirst 
by the seeds division where extra magnetisers, welding and micro- _ 

S£) i ^ ,I S®y 0i itoSTJifa ^SJSSSSSrS ”* rr-HAS * ***** for Prices in America are <toeap: bu^' 

year) was quickly utilised with in toe arrangement issues on toe investment front, the problem for hrvesfore is-’ ’ 

with Klehrwort Benson, first of aH. decide on whether they are 
_ a 1 lannching-a new unit trust with to get cheaper. J" 

Uutlook at l>erek Crouch aayvKs 

. .. . _ . meat trusts, and now Scblesingen po riant to be in 

■ ™ tijlflra The consfruction company has launching their Far East Fund, than it is to mi 

18 Wcted at Derek Crouch recently obtained, and work has Thte^a new version of a species The minimum i 

™ M r. D. Crouch, just rornmoiced, on another large SS Sar to uS. they wit. accept as a . lump, 
nis j’nnr^ni contract irom _ - ... — 


of between foam, and 160ra. com- ever, aty analysts are not look- Jj* SJSKSS? 'Hepworth Ceramic, .currently in *>« contmued with nationally developing business But iris more like a unit trust mum-, mvestinent 

pared with the £49.Bm. of the ing for the big write-offs of a °".^ on ^f y - Th e only bnght spots bid with nVanuf^torers ££ P 01 ^ of ^pansUm both m and m order to assist in estab- toan an investment- trust in that ff“2; 00 - 

previous year. It clearly has been year ago amounting to Fte246m. will be the profits earned by toe jojmson-Ricbards iT^neto Europe and toe U.S. lishing clear objectives, it is pro- -the v!h*rLi • North America, at -the., 

_ Z _ «>V final a...a^nn all MAnn tW TAITC /nil CP4 IHH CTW>Dllll fTTftflfVTC * ““ V — H * *-<- — ■ — — -* J*. - « •- - *■*• 


_ - , _ . . , „ — y. « ane to Europe ana roe ujs. usning clear aojecaves, it is pro- the shares- a nartiopatmsr 

a very difficult year for toe steel in the final quarter. Full year trucks /bases and special products announce fuii-yeai- r esu lts on Mon- In Europe, where the group posed that the group’s structure redeemable preference issue beW y^niost of-tbe rest oftoe 
tubes division which at the figures are due on Thursday, divis ions. day. After six months Hepworth handles sales of mining and com- should be reorganised and that offered at iW a share— wfflba too Far Eastern m* 

interim stage reported pre-loan Earnings could be around FIs .3.70 Another bated of full year turned j n pro 6ts 42- per cent Pressed air equipment, a new the holding company should be Quoted in London at net asset Those who want to nlav 

interest profits almost £3m. lower (FIsJJ.03) a share. wSS h ^ fae “ at ndnS depot has be^^Jened at Liege known as Derek Crouch limited. SS5V5 wte nSeiSd ^ sbofid so **£* flf Sf 

at £9m. Against this, earnings p*** o£ ^omis TUUng are tore^rt^S ■» expecting at least as much in fa addition to the bad office in A subsidiary company will be Seroffi^at toat S twohl^i income funcfaoi 

Faber is expected to report pre- th _ ^v. nn Hf v. lf vhii Antwom Mr. r.rnneh honAs for formed and named Derek Crouch thic-a«S*- 





.Aluminium 
pected to be 


from the group's British — V-Z Y ttXT “ .expected to. report pre- ^, e second j^ a if, whidh will mean Antwerp. Mr. .Crouch hopes for formed and named Derek Crouch Thfa fani will be Jersey-based, this week: Gartmore High 


on. 


investment are ex- to .- top £5 ?“ L p I e 'i ax for profits of around C8.6m._tp ^ approsimate 36 per cent, rise modest profits here in 1978. 


substantially im- the first time when full year £i9An. A rise of around a fifth fa r *e ywNormally therecond 

r.. »u n resnlt* are ^TinnnnrpH nn WrtH. in tnvahla nmfltc will mmiun 1,01 mal _ . . . 


(Contractors) -Limited, and from bia ft ig not an off^bore fund as or Lawson -High . yteWT-. Lav , 
In the UB. Crouch, has taken a ^ commencement of toe next surii, though toe managers may offer s .the- more, with a yield 

TI Z T7r. in ft TWP mint • Knt tk. 


proved as prices for the metal «snlts are announced on Wed- in taxable profits will craqm half te thTweatwcontram^ but substaxrtiaidn terert fa" “nw financial year this wOl take over loe'ieT^Hu but'the“GL 

ssmMJff jb A j^AsSSB w.WWBPSsft sn 4 ? “uaf as wSfiSKS 

pM pStll to^wVasflSS gtoceaied, tony wffl be sribject faster. It hat. in . it L 


There was an increase in 

toEl of ro^aTthe i S 30 ™- a8ainst 


Some analysts are becoming wor- than 20 per cent, of operating will not find It so easy to contend * level of aboiU; 20m^ tons at the dccrease of £L2tn. 

ned aboutthe groups prospects profits. with the problem that all of Its the ho^sJbuilding, gS *** _ Meeting, Peterborough 


5 at . noon. 


on April nrach : he same-’ at the net lewL you need a - 


in toe current year with the Inver- demand must be dowiC the vahie costs are" incurred in the UJL Lh ® n per ammm. 

g ord on aluminium plant out of of deliveries should show an while two-thirds of re venae is roaQ5 a ° sew a» e secio Contracts have been, obtained 

action following a power black- increase, so Grahams will have earned overseas. Ex c hange rate °^ er . announcements to note with Utilities for Jm. tons per 

out during toe recent blizzards performed well. Elsewhere, movements will have worked are finals from Booker Mc Con nell annum, index linked. Fina ncial 

while aluminium prices have now insurance (a tenth of profits last against Willis. That, and its move (Monday). Weir Group (Tuesday), requirements for a medium term q jj. industrials, toe car equip- invest in Far Eastern markets; , 

turned down. Meanwhile there is year) is expected to achieve its to Ten Trinity Square in mid Moiras (Wednesday) and Ho**- loan have been arranged with a merit manufacturer, is to make an und toeF have been some of toe ^ 

no sign of any improvement in target of further growth, while 1977 could push up its expense urare Group Wednesday) with leading American bank on satis- agreed £}m. cash offer for S. A. h«t patformers world widn «n 5 s-jS 5 zfrvJL^ y __T?t 


as todymStliave had Imd they ^that;of Gartmore, Bffi 

inves^Sgh arSlSffl di SS^SSt^SSSSSf 9 -^ 

The Interest in.thiy one lies, of omoxa needs mdre-than a 

eaSSu’S £ ESSt ASSISTS** 


medical supplies will get a sub- ratio, 
its bias stantial boost from the Inter- Analysts are expecting^ 


steel demand. 

Philips’ Lamps, with 
toward sconsmer products, faced medco acquisition in the U^. 


from C. T. Bowring on 


results 

ednes- 


hrterims from Cope AJbnanlnter- factory terms and based on the Richardson. 


national (Tuesday) 
(Wednesday). 


ftnd Be jam 



Company 


FINAL DIVIDENDS 

Banro Comolldaied industries 

Barioo and Sons 

Era Ban. Claih and Co 

Banrose Corporation 

Boddinswns* Breweries — 

Bootcr McConneU 

C. T. Bownns and Co. 

British - Aluminium Company 

British Leyland 

Brown and Jackson 

Chersonese <FMSi Estates 

Charles CUSord Industries 

Coats Brothers and Co. — 

Expanded Metal Camnany 

First Gnemwy Securities Trust — 

Fried! and Dogsart Grot® 

Huger Investments 

Haworth Ceramic Holdings 

Itretoek Johnseo 

Jamesons Chocolates 

A. A. Jones ood Shipman ....... 

Liverpool Daily Post and Echo _ ... 

Low jttd Booar Grot® . 

Hush Mackay and Co. . 

M?*aJ Qosores Croap 

Mohan _ 

Stomaxn Boston larcstment Trust 

.Moncftnt fKmtttiv 3tiCs* 

Km. jTnmsoo Supermarkets 

Para tube — 

PUtaid Gram . ••• - ■ 

Bockvrarc Group - 

Sale Tilocy and Co 

Schroder* .. 

Southampton Isle of WUht. etc. . 

Tate ot Leeds - 

Thomas TStllns - 

Tomann DistUlera - — 


Announce- 

Dividend tiri* 


Announce- 

Dividend, rpl* 

meal 

Last year 

This veer 

Company 

ment 

Lasry^r ■ 


due 

iDL 


1 DL 


doe 

int. 

Final 







Tuesday 

5.75 

- 1.769 

S. 14 af 






Wedoeaday 

S .8 

9.361 


Wednesday 

(L 5 T 3 

1.73 

QJ75 

B*. and E. Turner - 

Twsday 

0463 

1.893 

0,517 

Wednesday 

• 1.1 

1^27 

liset 

Warmnagta iBohUnss) - - 

Tuesday 


1.616 


Morel ay 

IBS 


2 . 0 M 7 

Weir Gnnm - — 

Tuesday 

1^4 

3 . 1 * 


Tuesday 

L .747 

IMt 

L 914 

Western Motor Holdings 

Tuesday 

0.325 

L 688 T 

• 0.66 

Tuesday 

2.0 

1.5 

TKSt 

Williams and James (engineers) 

Monday 

09 

i.«r 


Monday 

2 .S 

Z.*ZGt 

3 . 7 «t 

Wlffis Faber - 

Monday 

2.9 

M- 

1875 

Wednesday 

OJllS 

1 -S 26 

8336 T 






Wednesday 

5.0 

15.9 

15.0 

INTERIM DIVIDENDS 





Monday 

— 



Armstrong Bgmgment = — — 

Toecday 

0 . 7 M 

L 308 



5.0 

0 J 

Nil 

Brian Grw® — 

Wednesday 

0 .G 8 

B ^27 


Wednesday 

0.4 

1.4 

i .73 

Breast Bowings 

Wednesday 

0 F 67 

L 383 


Thursday 

19 

sn 

Nil 

Cveeris - — 

Tuesday 

OA 

0.626 



o.m 

1.38 

0 .K 3 

Quintets aid Farpns 

Monday 

NU 

0.245 



LST 3 

1.539 

1526 

Cope Attean useraattonal 

Tuesday 

L 4 

1.736 



- 

s.»» 


Courtney, P<®a {HoUtSSO) 

Monday 

LO 

1.165 



1.09 

1.71 

15 

Howden Gr«» — — 

Thursday 

0.933 

2.727 


Wednesday 

w- 

441 


TnsaZ industries — 

Thursday 

0 J 8 

U 4 



10 

1.129 

1533 

Lawtex 

Monday 

1.5 

L 357 




3 J 

‘ 15 

London Scottish FiMUCft Cotroradm — 

Monday 

0.7 

1.0 



ivso 

2 .W 5 

9.849 

StacaHan-GknllTfit 

Thursday 

1.378 




1.5 

inn 

1 A 5 

Monument Sectaries 

Wednesday 

5 U 

isrt 



2.415 

4.03 

*» 7 SIt 

Newman-Tonte 

Monday 

0 .S 




5 £5 

A .1 

3.51 aj 

Prwsac Holdlam — - - — 

Monday 

n .94 

1 -S 47 



1.4 

a. 

1.4 

j. E. Sanger - 

Toesdav 

1.73 

5 - 65 S 



1 j 

2^75 

1.7 

tamed City tTerdiants 

Thursday 

n .«5 

P 244 


Wednesday 

20 

45 

2.0 

H. Totms HoUlnffi 

Wednesday 

Till 

Ml 


Monday 

Mft 

< 1 X 3 








0175 

225 

0575 

INTERIM FIGURES ONLT 








2 02 

l.Dr 

Centro nodal Estates 





Thursday 

V 

Nil 


Finance and Industrial Trust 

Monday 





1.0 

1 . 4 S 2 

1 . 123 t 


Tuesday 





1317 

2.167 

1566 

westmioswr Pnroeny Gnu® - — 

Monday 




Monday 

2.27 

2.464 

4.9 

Wolf Electric Tools fHoVUngs) 

Tuesday 





3.0 

TilS 

a.iut 







.in 

5.0 

3.125 

* Dirtdouds rinwn set, pence per share &rt sdrosted 

for any 

IntmwxinB-K 3 !? 

Mood*? 

— w 

0.625 


Issue. * toclafes swdal cotapeosaong 

rieldeod due 

to change hi 

ns .rate. 

Wednesday 

132 

1.665 

20 

tFecond Interim hi hen of final. 3 Blternn to Be aeciand za for nine 

■months to 

Tuesday 

ca 

L 8 T 4 

9 £ 3 »f 

DecemBer 3 L 2 Forecast final Of 1 , 750 . 

, w Forecast 

final of 

?J 9 b. 



there Is likely to 3 ??^ efficifint _meauB of d$ 


proved mineral deposits. It is The directors,of Richardson and 
expected that a small profit may certain other 'shareholders have 

be forthcoming this year and irrevocably undertaken to accept priate,' u»a« « utnuy to oe a tninin** nrnfoaeinnai = 

from then on a considerable con- the 35p per share bid in respect relatively respectable yield on the S thrairiftmit 
trlbution to earnings may be of their 40.1 per cent of toe shares as. well-some 3 to 3* per u g GrmroS 
expected, he adds. capitaL ** %3BLi FTi* 

SHARE STAKES • authorised unit trust, and ^ Trusts and its shaae 


Dorada Holdings: River Plate —not 125,000— shares. 

and General Investment Trust Blank, a director, has disposed of and open-ended status fa that toigout a ‘tot’oTtixe 


owns 556 per cent of the shares 25.006— not 75,000— shares and is should the markets in which the SBnwliiiS- expenaBSlg . 

after a small purchase of shares now interested In 4^21^32 shares fund fa -invested plunge c&tE 

adding to a holding below 5 per (10.3 per cent) not 4.17L332 strophicaHy, and investors W E S ? 0f capltal anff ^: 

cent. shares <104 per cent). theirfneriie and start pUlng oiit HowSr-?’ sf v w,i »S * 

Chubb and Son: Kuwait Invest- Britfeh Dredging Company: it is tort impossible toat theWs malre^ur own%lSriI 
ment Office sold on March 7 Adams mI&i. (Newport) would be left uncovered. Rut Suht 

50.000 shares and on MsrchS notifies that an option on 60.000 ^ t^t means that this Is a higher toe Piccadilly • 

p 0,0 ® leaving an interest c f its shares in British 1 Dredging rl ^ k inv^toient. it offers, by the . Portfolio. 'Vmfa seven funds uhdtf 

^He^nMLondo^and Manchester *“ «» ***** ™ ** °* ! a their 

1.000 5J15 per cent Cumulative ““f* t5.7 per centj. tw burned 

Preference shares malting 45,600 Thomson T-Lfae Caravans: J. F. S^tientSi, ho\revm?LastweSk pLSu? '% 

(24.32 per cent). Nash and Partners owns 100300 n, M » Z - Finally.^ Property Growth' JlL 

Scotcros-Solsglrth _ Investment shaJe * f 1 * 2 per «at). fere^in Londo?at which soSe SSSSSSra?to 

Trust has bought 113,000 shares Letraset International— Mr. J. G. of the m-... TCr™ 1 *™ ‘®.™ tax-ftdvanm»f 


i. 


Hi 


tS- of 4h r w, tu uw i ii j__b_ uuumpiijF" 

making a totelholding of .535,000 Soper, a director, sold _ 23.bdo Yoik"'finan^alsoene m-oclaiined Sd™ 

ll inTirfio tft hn * V_- . 1 r 


shares (10.19M per cent) held in shares at 107p on March 15 and the fundamental values to be but tax-rre'T^in”^^^ 

name of Clydesdale Bank (Head 40.000 at lOSp on March 17. w^n -ch^* *.*.* ^ nu* tax ire inrap sums on . 

Office) Nominees. Dixons 

Duple International — Com- dential 

pony’s correction to statement L970.S54 Ordinary shares (5» pw buying units id. SchfcsIngwV 
circulated un March 14. Interests cent.). American Growth Fund. So too 

within control of Mr. G. D. J. Applnard Group of Companies arn MjdlanriDraytoiuwtth its the benefits can 
Hay. a director, hare acquired —Industrial and Commercial International Fond, and 1H and G* individMl^nnSL^tl^^^w 

25.000-not . ra.flTO-shares Mr. Ftmmce Corporation is Interred “ ®d ' GeneraL * 

Hay’s total interest fa now 75,000 in 620,000 shares (7.73 per cent.), -Now'' it's- certaitoy true- that far 






1 









111 s 

'"■■Win 


MM,- 

^ I 

: lift’ 

■E . 

5 • 5 r«r 4 . t - 

f 15 Mli? 


^.^en Martin Marietta, a large and diversified company 
win interests in aerospace ‘and . aluminium, announced that it 
is talking to Airco’s representatives. 

- RediffnsSon, the television manufacturing and -rental sub- 
sidiary, of- British Electric Traction, has agreed in principle to. pay 
a cash sum of around £ 4 . 5m . for Good listening , the major trading 
subsidiary of British Photographic Industries— a public but 
unlisted company. 


Company 
bid for 


Value ot . . Price- Value 
bid per Market before' of bid' 
share** price** bid (JEm's)** 


83* 


SS 


65 


3 A- 


Trafalgar 

House 


28/3 


Company 
bid for 


Value of Price Value 

bid per Market before of bid 
share** price** bid (£m's)** 


Final 

AccYce 

Bidder date 


Young Austen. 

Young 

* All cash offer. | (lash alternative, t Partial bid. £ For capital 
pot already held. 5 Combined market capitalisation. )! Date on which 
scheme; is. .expected to become operative. ** Based on 16/3/78. 
ti At suspension. # Estimated- SI Shares and cam. '5H Based on 
17/3/78. • ' 

PRELIMINARY RESULTS 


Anston Hldgs. 

BCA 

Biakov's (Malle- 
able Castings) - 

Bury & Ma&ex> 

Cray Electronics 
Dawson (James) 
Dlxor 

Ellis* Co. 
i Richmond) 
Gordon Johnson 
Stephcm . 

Hamifbome • 

Lockhart (A.) . 
Load. Anst Ixrvs. 

Loud. Anst. Irivs. 
London Sumatra 

Prop. Inv. & 

Emance 

Reynolds (W. J.> 

Wstn. Canada lore, 

Whiley (G. Id.) 
'Wigfan(tL) 


Mas in pence unless otbenrise Indicated. 


FINANCIAL T IMES SATURDAY MARCH IS 1978 

isa IIV1IV,APV OF THE WEEK’S COMPANY NEWS 


Take-over bids and mergers 

. ( MaHcahiP 'r , ncil l3s ?* ck f < L out of the contested bid for Rlakev's 
dtaalsrim a ? d has sold its 41 per cent stake to Allied 

tosjutg a new agreed after comprising 
CcttLinrf w,th a *** for seven share alternative! 

^ ° 1 ' a “*P ,a ‘« es amounting to over 50 per cent 

« ran toLit’S?^ H! ^ *“ ch |s wholly-owneS by Grindley 
has fought a Grindlays Holding— 

Nichotan it •>«- p , cent stake in Cray Electronics- from. Crest 
JSTSS the" wVKS T0Sether Wi,h «* «Win» stake in Cray, 
off a ct-ncral^hfJ nn^JS 8 W 3USt ovcr 60 per cenL aixd ^SSSW 

Houri-w . ” n ft e *? m * t€rms under the City Code, 

the offer it - t ^C ea . Jn " ft Cra ? shareholders not to Accept 
s!ock E?cSnS; t0 mamtsun toe Cray . « u « ati <ft 

ics^iSSh™ raai0r SIiarehoIders in H.«m R. Johnson-Richards 
"•""“F* 25 per cent, of the eqSty^have 
S unu 5 aI ***P o£ asking that the Boari3-,“.givc 

t consideration to the takeover approach jMde 

&e thar -«;hap^ Hepworth Ceramic on Monday. They -also 

EVarS * ™f S ? 0Ul ?*, be giv - en ae con- 

° f i«v. + ?. t i es -. th i n 12op a share -” This compares 
announcement of 84p and the 

ti^s) B hS l ^nt^^ W e? < ! lding8 , <formeri y Slater Walker '^ecuri- 
nDEOUations are advanced for the 
WZmkIS f assurance company Arrow Life Assurance and its 
and Life Association (Cl) of Guernsey 

*“*««“- inc, a leading .USi 

attempt by Reed International to reduce its' defat -te 
' rirlli *5 African to feres ts to two subsidiaries 

■E^EBBS* 1185 foun * ered - Reed had 

iidaSTal^^l ° f j rtval 4 bidd «r westing , control of -the US. 
^hg^aj_gses producer Alrco from BOC intern^™* loomed 


17 




; Eiial ~ 
r AccYce 

Bidder date 


INTERIM STATEMENTS 


Compatry 


Half-year. 

to' 


Pre-rax profit 
(£000). • 


Interim dividends* 
per share (p) 


76* 

75 . 

70 

2.4 

125t 

120 

53 

1.48 

52* 

48 


L50 

99«2 

94 

80 

6.46 

26* 

25 . 

19 

238 

130 

125 

87 

5.24 

28* 

43 

47 

0.31 

24t 

23J 

17 

1J9 

24* 

18lt 

IS 

2.6 

48* - 

47 

43 

0.75 

233 

195 

170 

LS 

138* 

124 

. us 

10.4 

3234*5 

'324 

101 

6.82 

no*. 

120 

98 

273 

110*- 

107 

105 

4.74 

38§S 

40 

38 

13 

650*5 

635 

630 

0.55 

36 

33 

28 

1.1 

274§| 

223 

163 

143 


CterkYAcre 

(Hassocks) 30/3 


Company 


Pre-tax profit Earnings* Dividends* 
Year to ' (£000) per share fp) per share (p) 


Insulators — 


AJStark 


23/3 


Simon 

Engineering — 
Ferguson Secs. — 

Irish Ropes — 

Colonial Mutual 
Life — 


SfpefSA 21/S 

Castlemere 
Props. — 

Manchester 
Garages ' - ‘ — 
Scot. Eastern 
- Inv. ' 30/3 

Assoc. Paper 30/3 
Comet' 

Radiovision 22/3 


Geo. Armrtage 
BooserEngX*. 

BP ' 

Bory & M?sco 
Cement Road stone 
T. Clarke 
Richard Clay 
W’m. CoJUns 
E. Lancs/Paper 
Fairclough Constr. 
Federated Land 
FinJaY Packaging 
Gibbons Dudley 
Grindlays Hldgs. 
IOM Enterprises 
John L Jacobs 

JolmsonfCZeaners 
Larobert-Howarth 
Norric Securities 
Pentos • 

Thos. Robinson 
Rolls Royce 
Sharpe A Fisher 
Small ATfdmas 
Smith ^-Nephew 
Geo. Spencer 
UnKed Biscuits. 
Vosper 
James Walker 
H. Woodward 
Yorkshire QuneaL 


Dec. 31 
Nov. 30 
Dec. 31 
Dec. 31 
Dec. 31 
Dec. 31 
Dee. 31 
Dec. 31 
Dec. 31 
Dec. 31 
Dec. 31 
Dec. 31' 

Dec. 31 
Dec. 31 
Dec. 31 
Dec. 31 
Dec. 31 
Dec. 31 
Dec. 31 
Dec. 31 
Dec. 31 
Dec. 31 
Dec. 31 
Dec. 31 
Dec. 31 
Dec. 31 
Dec. 31 
Oct. 31 
Dec. 31 
SepL30 
Dec. 31 


699 (830) qOA 

4W) (223) U 

2.186m (X.7S3m)92A 
L206 (842) 12:5 

14,769 (11.661) 17.4 
428 . (328) " 3.7 
L638 0,144) 11.0 
3,150 (5220) 16.1 
1,132 * (213) 7 

• 7,049 (5,954 ) 93 

863 (797) 3.7 

488 . (464) . 2-7 
4,225 13388) 21.6 
30,451 (30,127) . 24.5 
71 •- (64) 52 

2350 0,440) 7.9: 

2,050a (1390)lr 14.4 


.574 . \437 ) . 7.1 
220 :(25Z) 23 

3360 (2361) 15.6 
998 (958) 113 

11,003 (8.634) 9.7 

, 907 (852) 5.2 

79 (93) . 3.4 

17,335 (14A46J 25 
53 1 (260) 5.0 

.38,120 (33^46) 17.9 
2,189 ( 6/265) 26.3 
471; (231) 72 ' 

. 575 (269) 19-8 

.1,547 (34SS) 82 


(28.4 > 
US) 

(87.4) 

(11.7) 
(1A6) 

(3.1) 

(7.8) 

(28.7) 
(eT 

(7.7) 

(3.4) 

(2.7) 
(193) 

(19.8) 

(5.0) 

(3.9) 

(11.5) 

as) 

. ( 2.1 > 
(14j) 
(113) 
(AS) 

(5.1) 

(4.1) 
16-7) 

( 2 . 2 ) . 
(17.2) 

(55.6) 
YS3) 

>7.1) 

(15.0) 


1.945- (1.756) 
1.442" 11291) 

- 22.1,02 (19.987) 
4.735 (4239) 
A94 (4.063).- 

1.12 (L011) 

3 .164 (2361) 
4.678 (4.153) 
33 - (2.931) - 
2.488 (235) 
2.3 (2A) 

' 0594 (0536) 
2.502 - ( 22 M) 

2.75 . (215) 

22. (2.0). 
1.849 -(1056) 
3391 ^ 3 . 484 ) 
3.17 (237) 

2 2 ( 10 ) 

4292 73.843) 
3.3S2 (3.02$) 
4297 (3384) 
2.37 (2.122) 

20 . (20 > ' 
3j41 (2. IS) 

2.464 (2.229) 
5.3S4 (4242) 
4049 (4.166) 

3.75 (3.425) 

1.87 (1.17) 

' 4.767 (4268) 


C. K. Beazer - - 
Arthur Bell 
Brigray 
Brooke Bond 
Dawmy Day 
DuetneBteels 
Eleco Holdings 
Fahvicw Estates 
R/ Green Props. 
HTV 

Merchants Ware. 
Ml In Marsters 
Nelson David 
Parker Timber . ^ 
).Xk&S. RJriin 
Samaelsoc Film 
SeeondGUy" . 
St other t & Pitt ' 

Jame^Walfter 
Waring & GIRow 


(Furutes in parentheses are- for corresponding period.) 
Dividends shown net except where otherwise stated. 

* Adjusted for any intervening scrip issue. 7 For 24 weeks 
throughout. £For 2R weeks throughout. § For half year to July 31. 
3 Not given, a "For- 53 -weeks, b For 52 weeks. . l» Loss: 


Dec. si ■ 

■ 369 - 

J322) 

1.65 

(1.5) 

Dec. 31 

7.773 

(3*481 ' 

225 

(2^1) 

OcWff* 

.... 46L 

' (S6)§ 

Xir 

(Nil) 

Dee.31 

22,847 

(16^78) 

0SS3 

(0.756) 

Dee. 31 

930 

(160) 

0.5 

(Mil) 

Dec. 51 

1.S73- 

(3.144) 

1.926 

(L731) 

Dec. 31 

487. ' 

. (428) 

0.75 

(0.65) 

Dec. 31 

1,050 

' ' (906) 

2.5 

(255) 

Dec. 3t 

392 

(121) 

0 55 

(0.3) 

Jan;31 - 

■. 1340 

.(L200) 

3.0 

(2.5) 

Dec. 10 . 

• 22?t 

(2131 

0,325 

(0.323) 

,\ov.-30- 

11 ‘ 

0251L 

2.3 

(1.667) 

fc-ept. 30 . 

19 

(48) 

— • 

(— ) 

Sept 30 

" J.370 

(1.740) 

— 

t— 1 . 

Oct. si .: 

1ISL 

- (201) 

Nil - 

(1.17) 

Sept, 30 

' 253 

i-433) 

3.0 . 

(3.0') 

OcL31 

412:.. 

. . (461) 

0.554 

(0.546) 

.Ian. 14 

619f ■ 

(319) 

2.4 

(2.145) 

Oct- 31 

S83 

. (931) 

1.0 

(1.0) 

Sept. 30 

1,440. 

. (1.030J 

1.071 

(0.95S) 

Jan. 31 • 

4,4M' . 

(3,098 1 

332S 

(3.025) 


Scrip Issues 


Cement Roadstone: Two-for-three. 
T. Clarke and Co.: Thre"e-for r ten. 
Richard Clay and Co.: One-for-four. 
Sbarpc and Eisher: Onerfor-four. 
United. Biscuits: One-for-one. 


Offers for sale, ptacings and introductions 

Agricultural Mortgage Corporation: £3m. Variable rate bonds 
1988 at par... i 

Saga Holidays: Offer for -sale of 2.1m. shares at lOap each. 


: • l! i 



Wilkinson holders approveTrue Temper deal 



for Unilever’s Nat. Starch offer 


'^.UnHewer’s ' S485m.' offer 


The Board . of Wilkinson Match reason to- suspect that the result weekly Vfllafee. Voice.'. The Soho t in ue the- business with most of 
yesterday gained the overwhelm- for the current year u.ould not' WeekJy'News'has a much smaller the- fdrmer workforce! 
ing support of shareholders for .turp out as hoped- He;. said “that, circulation— 33 200 compared .with •»„ octlniatArt rip^nnv -nr 

* TsEaf acquisition, of .the "Wilkinson Board was _con- aroundllO.OOb fbr the Voice.Both £77793 ■u as nnnounmi to-Uhe 

; the U-S, • garden. Bdent that the performance -'of insgarmbs. draw their titles fi-bui Mn - v 

' - True Temper could be improved districts 1 '- -tn ; Lower. Manhattan SS dowV^r^mS prior 


the controversIaT 
True Temper, 
tools group. 


„ awu &F ^nocMwgew WHO accept ffie With the deal looking more the City Panel on takeovers and .'..Proves -were received prior, to ^Lf , fj5 c c f n ,! T f Si Nourishing artistic communi- £ ^” L “ fhe*" liVuidaior^Mn 

Vard on its lonr iournr>v «««, them, bought likely to go through, shares of mergers in view of the higher yestettlay^r extraordinary meeting TImrg was a ujde divergence of tics. ..... Roy Adkins, told creditors that 

?lnv with* 5 y National Starch shares -at much National Starch rose S1J to 662 on offer already announced, from holders of 582 per cent.’ ctf ^P] nf 9 n over the deal between m- Associated. is to pay p50-^00 for the reduction -• 

v 7 „ . aehmtIV P merger .lower levels and could have' a big the news vestArdav - . -■ UUI - ■■ • u - et.e.if.nnal nnrf arivat* chnec- <i« <>nb«f- m. th» «nh« w«,bi« .v •- 

eiWi 11 h howd iSS. 

such shareholders will be Able 


Centreway held 952.000 stock the votes that could "be cast, of 1 na ill S ^f,^ its stake- W- the ^>ho Weekly th e work forec'^his^utting^ ba 5 

units (3222 per cent of the which' 832 per cent were in ^®Wen. The institutions voted News and expects there to be the' buyers are keeping on 80 of 

» .ft* «**. ftvonr .-of ii tiie deal. Allegheny favo^ of the deal whde some cross fertilisation with the the cost of redundancy payments. 


TILLING EXPANDS . 
TEXT BOOK 
INTERESTS 


in favour. 


the two aides. 

^ . a t0 avoid it by accepting the pre~ 

^ hicbl 1 ". the f erred stock alternative. 

Wrdsof umlevcr’s finance three- ^ As for the vote of the'stock- 

offer document in the UJC wh^ro^hi J . to revert of 32^61 (1.14 per stake 'in JWBkirison when the deal- ASSOC NEWSPAPERS 

^times tenr** m me U ' K ™ ^SSftST JS? 'S-Jf* ? U ^', the diversified cent) stodc units and these will is; completed, did not east its 


acquired 235.000 (8.13 per cent.) Ludhim; "the vendor of True 
during the course of the offer. Temper and which stands ulti- 
Acceptances have been received mately to hold a 44.4 per cent 


-jPrev-i 0 uslythere was only a .back the full si^hg^ of --tiielr .bought Ginn 

broad n oiitUnM ,< ^w deSCrifaed Wock. They will only vote-*- their Ushers ot school text. books, from 
1Bm*SL t IS ^ -to the same proporffon as ^erox Corporation of America 

SatSm ainfrti-iSH 0f io * the vot * ab y »n the otter Toe £L7m. in cash. 

SS till parties and stockholders. ' . The new acquisition will fit in 

jmitf they undertake to do. It is hoped thaL fbllowm^ a with Tillinc’s Mintin- interest m 


- — — » — ■ up 0 ■ ^ - dIVLA, ■*»«« 1 ^ itnii, ■ 1 yt 1 1 

Hf Ve agreed, to rein British industrial group, has be returned as soon as possible. 


and Co^ DJC. pub- 


SMITH BUYS U.S. . 
AVIONICS COMPANY 


smaller shareholders voted- 4:1 glossy Esquire. „„ „ . 

■ . M.'k. Dart will keep the name 

- Dawes Cycles and four members 

STOCKBROKERS Of the Dawes family will he on 

MERGE—'.- • ■ ■ the- Board of 4he relevant sub- 

i*. uvwF'ciGu, uiu not ,w-a*i iw. nrivc cta vr-TivT - - 1T1 ** *UP • • . . sidiary. Dart considers that Daweq 

e f i5a, *ii 9 c ^ ^ hoidtoK BUVS STAICT-IN IN 1TVERPOOL .; . . •iT»li^rKSSafS'SPS 

along wtthjSwedjsh Match. which NEW YORK. -WEEKLY ■ 4 -fnenreu has heen acr^d. sporting goods business. Hus 'so 

Sllf^ VMe ltS ^ ^ taS “ Vere HanhSw^h's Asso- be'weS^essrs.' Milhes. R<*ker- far toclades manufacture of table 

FoDowine'' numerous duestionv' Newspapere Group Has- staff and .Co*" and Luniby Bustard tennis batis^and equipment tennis 
iSrfSSStiSf^Sr agreed to buy a 25 per cenL and Co, and. subject to the balls and trainers as well as darts 


T . c from shareholders over the deal, 

U-S. ths iVCAliirinn U'aa mrf (k. interest 


1 rigorous 1 



pFolcVo Trust S.A. 
police of Annual General MeetSoS 

NOTICE IS HEREBY GIVEN that the ninth - Annual 
^Seneral Meeting of the Company will be held at 16 Rpe.dv 
Blunc, Geneva. Switzerland, bn 7th April, 197S at lS.ajn. 
^-3or the f o 1 1 owing pu rposes:— 

. • -w 


W. 2. 


3. 


4. 



To receive the report of the Directors and the Audited 
Accounts for the year ended 31st December, 1977, and' 
to declare a dividend. ; ■ 

To confirm the appointment of Mr. John Renyi. Mr. 
Bernard Gadd and Mr. Hubert Grosperrin. as Directors 
of the Company, and fix their remuneration. »' * 

To authorise the Directors to fix the remuneration 
nf the auditors. • 

To transact any other ordinary business of the 
Company. 

- — B>' Order Of llie Board. 

BANQUE DE PARIS ET DES PAYS BAS S.A.. 

. ' - , - . Secretaries. 

Xotca — 

A- iftel Wfr er entitled 'Wartttmtrand vote '3Tthe mfeetingTS - 
entitled tn appoint one or more proxies to attend and 
v>lc instead uf him. A proxy need not ajso bt a member. 
The quorum for the meeting is two shareholders present 
m ponton or by prox>'. 

Each of the resolutions set out above may be passed by a 
single majority of the votes cast_tbereon ,at_the meeting. 
Copies of the 1972 Report and Aeeounts-are ~aeaikible_ 
from the Comport u's administrative branch office. av 

- TOKYO TRUST 5~A, . . ~ r ' 

19,- Avenue DDstende* l&bnte-Carlo; .Monaco- 


Opportunity for 
capital growth 

PLUS ESTIMATED GROSS YIELD. E5 00° o :. 


COSMOPOUTAN GROWfflFUND 
FIXED PRICE O FFER AT 18 3 p CLOSES 29 th MAR. 1978 , 

INVESTMENT POUCY . 

The jvrGcv is to inwc in UK. equities with the emphaa's on wkcc»«uI 
otdUct cerar uwi. \*Jw tc the divtdepd* ae nvnc than tour ume- a«viviJ. 

■ U j i wu’Vvbincd dvA in 

V!v. c whtit* 1 ^ ccmpanks will want loiws an Ac berutusuf p*es ana cummc 
•-qiwtii in pr.’huihilirv n thor Bh.ift'b4deis. The cft.« aa .skirGkJJers . . 
uic«wir axi J be niad.cd and subsequent? reCeaianstng dure psas- ct ihc*- - 
*lnsh^ ant3wi“ stocks. . . . . 

. • 17».- Mseufyni belfcre thar r ec en t matte ve&aat ytoriac s a good 
basirc »Yjw tun i tv m a P t, * 1 h ertsr of dia tipc. 

Ymrinirrimentiluiudbc niniocd.’OlPBpWni. _ _ 

' ?tmi»tbe wnembered Aa^tbe price of utatiandinomit tromiiiem may ’ 
pr* tv** wl! as op. • 

L'nirspiwdwcdthroughtiMSofle ra geeoriilcdto tt iewi I nwiva 
ni«Tvnt *p\»s*-dUtriburicuiof £5*00% payable on Jte Ktiv, W7A 
V* »l U aLsSsitiRANCE , bnowsw *■?. ; t; J . 

T-utc i* «►*- Tone Tnamb»rit« mcwajI«tmMw. Own* 


r.-. -i-n t'.l 1rt>* hn ml K a Ur, 

i . »-i «•>» w. , !*ciiMi*in£S»-arsuTi't 

i Si TVnuu" *w™i 
- r nsrin, ?®*1 Uten 

,k-‘. p —kIi- » (imiiuWim tnrrv- 
.■ cw :»»ij otKcsaet 

Kv'KST >nW 

, A- ;«I >1 Vjrh. T'ft. WlH aiffM 
f •‘.v rrt. 

, 1 fv «-lra«h J,v;l atwi m 

A Jl'olt IX lx 
*. ;v ,;. 

. , . ,.. rtir.<lJ« -w -tail , <v Iff 

v-m B 2«e 

■ir i.ji’jSa it>i pa» *pa*-J liikT 

»n :»»hZIViJi T h - »'- 

GCNfRM. 1SWBM.4TKW . 

• ' *!,Y.i<n>riiFRnfti 0 dwLtw .prxdilu.* 
»-fin: Fsoml prm BVl'iil nan 'Wl »: 


.xlB-Ix miJewiibB'? d«v 

C*FG3) (jK»7a a united ina r- jWmsa 
li A i wv of air til i^a-kJ 

I 1 1 5K V if t-4i w j Ki-c r «« , 

lApn* 1 too mill piif raltr hitw mv!»» ' 

TviudcwkII . ’ ,.' 

Da i-w-iaud P7IBS a o'” ■•■■ti "■ ‘ . 

ut i-r‘ 5 ? 5 pi« i- ;\' r - 

(ts>a-« »• cS'-isMiJ mi»l. -u 
liKtata- npaiu ocui Krm' Uu; ucoin" Ml • 

bcnklnsakltvim-ta^URT . . 

Tk.ar ;* .n uorul •»n«ixn>rnc tbonr f* 
S') mtlaini ct on crac Tl-nr 

nlv' n Eiiuai ctuiri vi * ■ wlo- - J " l 
V.'nJi h» hn]. alhwe J lac m ihr S««J 
Ctanwia 1 («.!!«> *->U ic r*r ,l * 
tanwintcnu ... 

TbiV.nijinsft'jj* 7iww 
tWJSUapp' Lai. JaTiac .' irf; 

8HX HR. Itkyacucia-lSa 
A cvof» ie'ite LYa Tm .V* vti.«. 




CtW&wHiUioa.SWlXSar: 


!iiuv/ ptfcBi»-nJp powritnintaimiarafflKWMK 
• -yr ijiWCcstA - ‘ 

^ITUrc^Waraw l fla ggtvfC-,. - ' 

Bt \tanayn Lai iM t Afecr_ 

trkrtW it rhoefcf lamwdl bewa&bfcaiicdar 
ftcniw Mr Miv'Nfa — — — 


SKSBE" 

’EXCHANGE 

SCHEME- 


pi,.i.A>a.vi w«' 
girtaga wfaw Nawrt«V 


AUtw»-~ 


O* Swo 

Stef*. _ 

k*» d» Un 

Tirat tx Jreab P'*' - 
sekortm □ A 

fcsiufiEJCett: ■ 

i OnjL4^utnnr*nu 
J4 aus cr>LiJ. 

, CifhiEAmHi 


I 

; •" * UbaainexanAUctD V 

■e- J— Bgttrg» M 

^ me «•+*»*<* '“**•' rffcani. . ^ 

— ' 


aPPlirations ™» , r opportunity to obtain inBsouire Mauarine. Tbe move 15 ^4^ , ^ tte urmtm ' Detailed negotiations will be 

nr fism a mrt marip a iWrfinp Harare’s turnover is running at assets to North America and that fallowed a fierce battle for con- and .o ,c *J eI interests of the D.S.- commenced immediately, with the 
01 r. JSSSJSf 3 Lra ? lng MSm oer year ™nnmg lhis repr esenred a unique way in Tnf thVVPw York Mavaein* ? wne , d lnexco 0,1 Company in object of completing the takeover 

KXfiiui ThSt^TmtartSS; A JS in the West to «M»h« base in the Ru^JBh pltti Mr F?lk?r! n N 0 0 £ Al^for^USloslm ^ ^‘cWy as possible. 

.STjSwTb CS Chester area is planned for com- wunliy .^ich was Uie largest who founded the business. agau«t a?e hSd bv lneS?s 

fo mp^ies^hhou^inTs case & INC HC 4 PE /PRIDE 

15 ISr®R,r|^ ^V^J±SLSS& *2% •*’ CLARKE 

^SJs^&atz S-SFSSSffiS 

to ihe oducaliona! pubtahio; ■» oth?? »"™»" »»" ^ 

approaches to the company. 


licanons of (he North American tnanufacturers. A similar amount 
company. I s supplied directly to airlines and 


and subsequent negotiations, 
.agreement has been reached in 
principle that British Shipbuilders 

Mr. Randolph said «» 


.&•««* e ft yW Aj » p Sr“?rt&y SS5t^2Sl4? a “’ ™ai’ l?tt*„E!hE^JL^'r^ 


.in some of tfp. properties. Of the 
rJ-lT ^purchase “ price,- '40 7 per cenL is . 

It 'rmnnn 0 "^, tiL -SSL* v^k PayaWe immediately and 60 per pulsorily thp ou '.stand ing Ordinary 
interests in the jg. but'is con- ^«ton of .the U.S. aviation ^ felk?r*«i?S ^eThexro® cSuStScoup owns areordanr* uitlf the tro^Lsicfns 'ot 

RIZTdSS! ■w.lonmoiu.a Compaq AC«. 

business in other markets. yy^ j REYNOLDS the irtimedjate. Inspects of* True 

Mr. T. J. Ctemen.ce and assb 

centrlway/ 

.!.BLAK£\ S - Reynolds, the Ford main dealers, that There was on reason lo sus^ The Soho Weekry NevTs ^ ' " * ' ' ^ tinue l0 include the entitlement 

Ceutreway’* offer far Blakey's which is currently on the receiv- pect that the result for the beat arid Frequently'. iconoclastic \1LY. Dart h?^' purchased the in the capititlisaiinn Issue! ' ‘The 
(MaB.eabte Castings) has been ing end of a takeover bid from current year was “ progressing as pubTication which- appeals . to a "assets of troubled Dawes Cycles, offers remain ‘open until further 
Withdrawn from the consent of Manchester Garages. expected ” and that there' was no similar audience. as Mr. Murdoch’s Tor 2bont "f i7i>,o6o and will cop- notice. " 


fo“x,™5 ETStfSETm •**» gyft g fg SLA » h0 * frZStt&SXzg* ^ ****".**? .**' te 5iSS* rSCZ-: ... •«*** *»**, » ^«s{r«». 

rtn vroKla SmrworlifiinTvr * *.nA w — i — -■ *-• **■ M 


the immediate, prospects of True dated. .. muTmajor nickeTreserveT 

Temper. Mr. Randolph, while . The ;. purchase of the. Soho p s - Jq - reserve ^ 

>- unable to elyd up-to-date- figures. 'Weekly. News 'will iniehsiry the' 


Accordingly, no documents of 
title in respect of the Ordinary 
shares issued by way of capltalisa- 


.dates has built up a stake of said that the current year .Was rivalry In. New York, between Mr. MV DART ifOUIRF** lion of reserves ■ will he 
“WJ^rULSK garcepW^ taiW.gr. "P«»^Asint expected */ ?nd 5' DAWES -“CYCLES * despatched. Dealings, .will/ ';«on- 


APPOINTMENTS 



executive posts 


Mrr:Leslte Ratner, who remains 
chairman. Mr. iMasarrat Hussain, 
company secretary, joins the 
Board as administrative director. 
. * 


-Me. \y. 

apoftirtieff 

LONDON 

TRUST. 


Lee Beesley wins £3m. 
British Leyland work 


'Mr. Ctaistopher J. -Myatt, a tions of Thomson Holidays in. the WAITC AXDf.CO, stockbrokers, 
-three! or and genera l -ma nager of U.K. and overseas. Mr. John wfll retire on April 28 and will be 

HEPWORTH INDUSTRIES, has MacNeilL previously marketing succeeded by. Mr. A. K.; Barlow, 

been appointed managing direc- controller, has been appointed Mr. R. W. B. Wrighton wiD also 

tec. Mr. Oscar R, Smith joins the marketing director of Thomson be leaving the, firm on that dale. 

Board as a non-executive direcior Holidays. Mr. P. W. A, Henderson and Mr. 

and Mr. Timothy R. J. Moffatt 4 p. K. 0. CrosthwaJte become 

has become financial director. Mr. WOliara P. O’Grady, at pre- partners on May 1. 

Mr. Smith is a director of the sent commercial director of the ' . * 

parent concern. HEPWORTH IRISH DAIRY BOARD, has become . Mr. Howard. Western, assistant 
•CERAMIC HOLDINGS. . manasriug director of ADAMS director .of. administration and 

. * FOODS. Mr. Alan BoatxUnah is leealsenncesrClwyd County Coun- 

Mr, Gerald Ratner has become to be chairman of Adams- Foods ctl. has been appointed regional 
group joint- managing director of on the retirement of Mr. John legal adviser to the EAST 
RAINERS (JEWELLERS) with Adams. Both executives will re- ANGL IAN REGIONAL HEALTH 

port to Mn Brian Joyce, the AUTHORITY. = 
former managing director, who ★ 

now beads the .Irish Dairy Board Mr. Walter ' Gibb lias been 
in Dublin. Mr. Boardman, who appointed managing director of 
was managing -director of the pro- BRITISH AEROSPACE AUSTRA- 
Mr. Ken Thomas has been visions division, also becomes an LIA. He succeeds Group Captain 
appointed director and general executive director of the Irish C. W. K. Ntebnhs, who joined 
manager of the powered ventfla- Dairy Board. • British .Aircraft Corporation 

Hon -division of ARGOSY * . . (Australia) — now British Aero- 

FENTON. Mr, H. R. Robinson, senior part- space- 'Australia— In 1961 and 

* . ner of HENDERSON CROSTH- became managing director in 1968. 

j;Sir~ David Nlcolson, chairman of . * . 

Rothm ans International and — 

formerly chairman of British Air- H ___ M 
Y?n. and. Mr. K. St. Townsend, HOME CONTRACTS 
director', of croup ' services, 

CIBA-GEIGY TT\ groun. bare 
been, annointed to the Board -of 
(3BA-C.EIGY CUK) follo\rinr- the 
retirement of Lord Glenderon and 
Mr.. J. A. Rodgers. 

*• 

L. Banks has been 

AND ,rBC pRO\TNCUi LEE BEESLEY", the electrical existing seven. When completed. 

engineering division or European total capacity of the - tanks will 
.. . * ... Ferries Group, has received- a be in excess of. 36.000 .water tons, 

:.Vr. Ml S. CampeU has joined ttm- contracl fpr electrical in. * 

SST’Sr^taTyLSS^S TO'VELL . DUFFRTN WAGON 
h 3 ,- S^Ted a 5 Sai™S Birmingham! The company & ig COMPANY. Cardiff, has been 
rodfSnT theBwrd ^ already carrying out an order awarded a contract to convert 50 

an from the Bo rd. . wrtb than £500.000 for 011 tail ,an £ «« into bitumen 

Mr. Charles b. m»Mnem. has etectri^ installation at Uytend earners (or BP OIL 

vickers-dawsSn h* wta 

rire * ' ' ' ' order fp0TB ^ ^b. Han worth. 

Sr^anff^tianiS 1 ' in ‘ elSri of ®OS5ER AND RUSSELL (LON- Middlesex, for two. 800-a-mtoure 
ZmltoL STJE UR rW d0n > »« ^ awarded a con- dairy bottling lines. These trill 
Sainit Soz-AUen. 3fr. RoblnSm cacr for the mechanical services repIa ! , 5*, virtS^SiSUl* Un ^ 
was a director and partner at ^PP 1 '^ Jr VScktfrs-Dawson m the 

consulting partner— Ward Hotrell. Sto 1 ® 8 Sw* ftntre at ^ 1 S60S - . 

.• Hempstead, near- GiUIngham, ^ _i _ * • • ' 

: JKnjRtFAUMfl fltB) (nart of Worth about £333,000, work COSSOR RUBCTRONICS is to 
th^jri^-InvStments ChS n) enttfls the provision -of heating supply an advanced SSR (second-. 
S''Scn^eora£iK3l into^two and ventilation for the store ?»m- ary seneiBance radar) dispjav 
otto and PJex. which has a floor area of processing pstem for Gatwick 
JdTmnistrativn trices Mr? CeSff ra0ra square feet Airport JJgjjti 

Bernne has bernme director of ' * mnrP th.-m 

msrkoting and Mr. peter Marita McTAT -ENGINEERING * ’GROUP, JSSSJ “"J comSmHM 1 ® 
director of administrative ser- Brombo rough, Merseyride, has 
vices. been awarded the tankag4 ran- 

* tract worth £324.D9D at the Amoco , a 

5fc Francis TRggins has become Cadlshead terminal. Wodt at the * naUtlca radius of .Gal- 

iteouty managing director _ of Cadlshead Site, located between " lCK ' * 

THOMSON TRAVEL and will head the A5" Manchester to Liverpool 

a division which includes systems, trunk road and the Manchester RUPERT NEVE AND CO. has won 
croup'Hotels'and personnel Mr- Ship Canal, started in November order worth more than £75,000 
Ro*e? Davies, has been made 1977 and -the- lenainal Is due to to design twp 30-channel sound 
assistant mafias ins director (tour come on stream in April 1979. mixing consoles for HTV ■ in , 
operating t; and Trill have overall The McTay contract is for the BrfctoL . Bath .wiU bc spcci»ny I 
E respoB3d»H£sr for --the marketing, supply and erection of four new built by »ve,tp provide is jrack l * 
-rceBBnorcial and continental fuse- tanks amf the refurbishing of as mixdmrit facilities. . a; -• — 




Consolidated Plantations Limited 

INTERIM RESULTS 

FOR .THE SIX MONTHS ENDED 31 ST DECEMBER. 1977 

The Directors of Consofidated Plantations. United have dedared an 
Interim Dividend of 36 % gross- { 1976 / 77 , 35 % gross) which will be 
paidr {ess Malaysian Income Tax^^oh 3 rti‘ May , 1 978 : td Shareholders 
registOTed-on'%ia c|o^ of-busfhess''on a f 2 th April; T 9 78 . . 

' The Directors' propose a: bonus issue 'Of three shares for each' share 
presently heid;. these bonus: diarBS 1 . will not ranVr- for the Interim 
Divrdsid abw.daJared butwil! rariVfbrall future dividends. " - 



SUMMARY OF CONSOLI DATED RESULTS 


' Six months to •’ • 
.^1 st December::. 


. .1977 


1976 


, Year to- 
'30th June 
1977 


TURNOVER- ; . ? ' , : - 

PROFIT BEFORE TAXATION 
PROFIT ATTRIBUTABLE 
• TO. CONSOLIDATED 
PLANTATIONS LIMITED 


Rate of dhridends — gross 

AVERAGE SELLING PRICES: 

Palm Off (per ton f .o.b. 

— netofDirty Price)/ . 

■ Palm KerneJ {per ton ex-milO J 

-FFB (per ton ex-estate)- •' 

Rubber (per Jdioir.o J). ' 
-netof p'utyPrice}. 

Cocoa {per Tb.f.oJ).). - 


jastioo 

' MS 000 - 

' MS OOO 

nis.791 

' 91,555 

..187J06B 

33^26 

.. 38,098 

70,735 

; 2^420 

21^48 

42268 

Interim 

'' Interim 

Total 

" 35% 

' 35% 

'i2b% 

M$ 

M$ 

MS 

- 800 

732 

875 

518 

565 

642 

j 155". 

136 

-166 

’i 1.72 

- 1.74 

1.75 

•“ 1.99 

151. 

'1.86 


AHhau^i- cdufftiodhy prices for the Company's produce have been imprmfng 
during the Period . since the' end of the hdf year] adverse climatic factors are 
causing material shortfall h) oIT'pdm wsductionl The Directors cona'dar that 
■this may result In a lower lairi of profitability fw the .year in comparialon whh 
last year's record results. : 

• 16th March. 1978. 

Copfes of the fall Inter in Report rant to shanhoMsrs may ba obtained on 
reouest from ThoSecmtanr, Cort^ki^Pbimatlons LimlWfi, President House, 
Jafao imbi. Kuala Lumpur, Maiaysbt, 


Sttfeiu • ■ 






y'fjgam*' 


nmnA't.'Hi 'K8G&L ifi&Sfe 


[ WALL STREET + OVERSEAS MARKETS + C 


Up further 5.9 in 28m. volume 


V::-?- 1 • v - 'trsANcun 




.»• ■ -j . . ■■ ••• _ juv j iPreniL 4t S2.W t»-C— ^ 9SJS) i 

OVERSEAS SHAlSE iMFiaRMATION _ ^ ««* - ^ 

NEW YORK i "T ■ -W ' r“L LSl 

Stock | ST- Odcdn*fftt«u:. JobMiUanU^-. 30S* fe gS&Ca Sr*” «*»* I 8»S Vk - l 

*1. ! , £.•- ■& - EHSt .» &v: J«SS : SS S s TS & ! »<• S3S= SS -8*.- . 

j£ssgi$'5g esass-tt is '«ng$± -ss a 3S& n 14 1 ss ssr^^Ui^: 

S|* . Cotanrliwhmtfn* 463 47 .K*t*»A.mSnrB] 30k- 30 KohwLBW*— . LS.TtY«<i^75 j tBRl,, 


I Mw. I 0«*v 
I -17 I W 


•: V? jj is 1 


BY OUR WALL STREET CORRESPONDENT 


FURTHER BARGAIN hunting 
again sent stocks to higher levels 
on Wall Street to-duy, when trad- 
ins was the heaviest of the year. 

The Dow J fines Industrial Aver- 
age moved up ajHi to 7HS.71, mak- 
ing a rise of 10.13 on the week, 
while the NYSE All Common In- 
dex, at S50.25. rose .17 cents on 
the day and 77 cents on the 
week. Gains led losses by more 
Than a two?to-one margin. Trad- 
ing volume further expanded 
3.07m. shares In 2S.47m. 

Among favourable factors was 
a Government report nr a 0.5 
per cent, rise in February's 
Personal Income. Yesterday, the 
Federal Reserve reported a 0.5 
per cent, rise in Industrial Pro- 
duction which analysts said was 
encouraging in view of the bad 
weather. 

But the uncertain outlook for 
the dollar and inflation remain 
major sources of investor concern. 

Interponl surged ahead SI2J te 
8383— Dutch h.ised Tbysseti-Enme- 


misru plans an acquisition at $40 
a share. 

THE AMERICAN' ’SE Market 
Value Index rose 0.54 to 127.33, 
making a rise of 1 . 93' on the 
week. Volume 3.S4m. ,(3.10ra.) 
shares. 


OTHER MARKETS 


FRIDAY’S ACTIVE STOCKS 

Change 

Sm> '•"> f^os.iii: on 


Were 111 C: liu 

lradorl 

l.TIS.HIO 

or1r>- 

•day 

Ranuda Inas . 

2>'.. < <>ni 


-a- ' 

Owner Co. 

■rivvjWi 


.L. | 

Si. RoaIs pjp,-r . 

-.ru.rtuO 

Wi 

— 1 

Mamou 

■JjB.imo 

12: 

-3- 2 

I'lcn 

'.'It. EM 

i;<: 

-+- i 

NaLI. St-miL-onducior 

■jrxuo 

17» 


3*h On'.iiry-Kox . 

19s. roe 

m 

“ 1 

Krniwcort Copper 

19S.I80 

271 

+* 

Krubli-iii Im. 

IE2.IM 

'2 j« 

-i 


5 Canada also higher 

s Canadian - stock markets also 
S moved moderately higher in fairly 
J active trading yesterday, with the 
*■ Toronlo Composite 1 rides up 2.4 

^ to -■ - 

a The Metals and Minerals Index 
pul on j.4 to 837.6, Oil and Gas 
r 22 in I -303.6, Utilities 0.37 to 1G3.64 
“ and P.ipers 1.36 to .-10182. Birt 
'■ Golds dropped 27.2 to. ljN.1 and 
“ Banks shed 0.45 to 248.84. 

PARlS—AIarket buoyant in busy 
trading, with operators buying 
■heavily in ..anticipation ruling 
. c Government Coalition will be 

v returned in Sunday's elections. 

- Gennan ■ and . Foreign stocks 
steady but Golds followed bullion 
price lower. - U.S. issues and 
Foreign Oils fell with dollar. 
AMSTERDAM — Mixed with 
* Grmer bias in ' quiet trading. 
Internationals mostly firmer. 
Hollaodsche Betoo Group firmed 


on increased dividend and higher 
1877 net profit 

. Stale- Loans' quietly steady. 

BRUSSELS— Mixed in quiet 
tradfpg. 

U . Dutch and Canadian 
stocks little changed. Germans 
and UJ5. rose, TToneh issues firm. 

Gold Mines lower. 

GERMANY— Firm. ■ encouraged 
by steadiness' of dollar against 
mark. Trading at times extremely 
Kv*Iv with Chemicals ' gaming up 
to DM2.30 and Banks up to DM2. 

Motors led higher by Mercedes, 
up DM5.50. 

Bonds mixed, with Public 
Authority -issues moving ■ 20' 
pfennigs either ivay.. Regulating 
Authorities -sold DM5 -5m. nominal 
of stock. 

Mark Foreign issues firmer. •. 

SWnZERLAND-JSasier in- thin 
trading. 

Swissair steady on its results 
and dividend increase. 

Losses pradoinina ted . among 
Banks, Financials and Insurances. 

Domestic and Foreign Binds- 
inclined easier in light volume. 

■Dollar stocks and Dutch Inter- 
nationals narrowly mixed, Ger- 
mans lower,. French issues firm. 

SPAIN — Weakness continued, 
with, another' £ point fall iiz the 
index to 87.88. CIC were- under 
pressure and- down 4 to- : 91'. Union 
El Fenix, however, were in' de- 
mand and up 5 at. 305. 

MILAN — Generally easier in 


NEW YORK. March 17 

fairly regular- trading. Pirelli EC’ 
gained. L2S against general trend. 
Financials mixed. 

Bonds steady . . 

COPENHAGEN— Lower in very 
active . dealings. 'Banks, however, 
higher.- insurances mixed. 

OSLO — Banking,-. Insurances and 
Industrials quiet. Shippings 
irregular. 

VIENNA — Generally weaker in 
listless activity. . * 

HONG KONG. — _ Firmer across 
-the -board -izi active trading follow- 
ing higher-than-expected Hong 
Kong -Electric results. 

. TOKYO— •■Slightly', lower, led by 
Export-Orientated -issues, follow- 
ing' yen's rise to .postwar record 
heights against : dollar in Tokyo. 
VoIu.me 390m. shares. 

Electricals, Vehicles and. 

Cameras felt 

Petroleums, ; -benefited from 
yen’s appreciation/- - - 
■ JOHANNESBURG— Gold shares 
drifted lower. Selling light. 

Financial Minings mixed. ' 

. Other Metals. - and Minerals ! 

easier. ■ 

Industrials narrowly mixed in 1 
light trading: . 

AUSTRALIA— MixecL 
Pan Continental fell 40 cents to 
SA9.IO and Kenboa 26 cents to 
S5B4. . 

Coal and . Allied rose 2 cents to 
S3.80, Central Pacific 10 cents to ; 
$2.60 and Soatbern Pacific S cents 
to 'S1.0. 


WTZj 

W P r0 


LY.TiVM<n 


«B 9 i 4 teai,, 


Allcphefl.v'LhilL/ 17 
.MlejjWny'Pmreil IB 


USaMte?*!:® i E* \4****™*A tss 1 ffls 


CANADA -v 

.ibttiui Caper. 1, 12 4 


: 3476 . UiMuwnitiianrt ■ M7fc, 24«i 2°$ j Saul I avert ^ . SK -VWtUi Wtjy— ■! 12 U 

l Bfi'a I>icWDbonr_ 13*1 { 131* • ..gv-a I Sumlnda 1 vpita* — J .Jk 

-Rsf 1 4PU i 391?- iuSSwawTI"- ■■ I2» Ueh«»*.*kvw»«-| I. AimnAiuittillihnij. W; 4 271* 

Sfiltfl IWt^emvii_ &? }. MT* Sosl ! ‘W's If If I 21* MV.-" 19 

} £2 i87a 38* : • ?«? . lfi dewir' IWor Ve^ • , ■ »a t)«.» Kwhwjw..- ^ V 7 


•iKisar an : -ia : Issaasa WJ 

Moor. 38 ! »T 8 - 3B^ -| 

Alnw '*'**• ; SSU ' SSSfl Ums-TTieiriicai — W : -. Wlj 

AoietBlftr.lVft.1' 9336. : ■Dreaer — -W» I 

-,'oicr. fi»prew.^‘ 3336 S97 B l»v foul ,.L.. 1025* J 10131 

rjtapr.HoraciW 20^5 RStfl Oyn»l«lu»nr»9 161* ■< 19* 

Araer.Jleilioal...; 2012J 2Qi B Jfcgte PwbfB-.-Y.' .» .- , IfjB . 

Awr. JloUirt..^ *4*6 1 4*a Wirt Atrilnes.™. r- % \ *6.6 ■ 

Avtef. N.fc GraJ ..40Tj * 401* ' 4 W T *3 ■ - 

Aind.dbodiid^ 35%-' .352) 457i 

.Imer. StiKfth — ’ 3W* ! Mis c 1 ;. 4 . u ‘ l ' I.t-ms* i 5#7I 


Amer.StfWftt ! Ml* iL tt.i u.‘ ’ '.-.. 4 - 215 * f llH 

: 3*8 I 3d « Bltui J 8874.1 W3* 

A\fF • : :• 1 Tfik # 161 b u mu T 2/Yti 


w :-:-— — -■> Mlf Uij 303|f M4 

ASIP.....,„. ! 2631 Binrrv^lrLr’lRbt; 5S., SB, 

Ampra .rr-r.-..; 2,.- ifg firabwi. 3061 

Acttof Hocking. I 2S44 B5» w M i ■■ - .1 .Mi .' 2*6 


Indices 


NEW YORK -DOW JOKES 


liar. Uar. 

Mar. : Mur. 


1 

Mar. 

1077 7S " jbincc vainpilai'n 

li If 

Ip 14 

13 

10 ' 

Bifill Lin- ■ Rifib . L»v 


KYjjL£ ALL COJOIOM ■ ' - 

: ‘ I ‘ I } 1977/78 

Mur. : Mar. 1 Uxr. j Mar. \ — 

17 . 16 ;■ 15 i 14 ; Bixh | lo* 

«ir 48.BS' tiJS' 57.07 ,~«J7 


' Sins add ZUTs 

MAr.ii7J.lUr. IB' Mar. 15 

{Muea-tmrteii.Z 1^806^ I 1.827 j 1.857 
Rims. B71 ' 837 G72 


. - | Falla. 

57.07 , 4U7 l/nchanaBil 

i4(i/77»i r6r5na a Urti., — 

Nf" Lon.*,',,.. 


K0HTBEA1 


InHimrmi.. 7B8.71 7B2.BZ 7SB.58 782.68 753.38 758.5S. 939.75 742.12 1 1081.70 (1.22 

.3/1:773 f2a.-2rtSi 11:1/731 iS/7/32i 

H'meB'mU' 89.72 89.75 89.80 B9.97< 89.85 99.72 98.97 i 88.55 ' - 

.(/9i JiW/UTB*? 

InnftpnrT... 207.29 208.54 205^0 205.10 201.40 201.69 246.64 1 .199.81 ! 279.88 , 18.25 

i t?/jl (9/5/7fl> I iTC-TOi i577:52i 

Inline* 188.19 108.46 IDG JO 108.19- 106.43' IDS.B2|1 10.67 | 102.84 - 163.32-! 10.88 

1 1 22 .- 2 , 77 V 1 ( 22 . l 3 f 7 BY < ( 2 t// 4 l 691 , ( 26 / 4 / 43 ) 

TmJmc rn i t 

07 V, ; ; 28.470 25 , 400 . 23.540 24 . 100 : 24.070 27.090 - ' j — j — j — 


* Kaaia nf imea c/unced from Aumui 84, 


liutiibtniii 
• LtumliSoed 


Mar. Mar. Mar. Mar. 

17 16-16. 14 


171 J9! I70.56l l68.74j 
778.071 170.691 177-841 


438 I 506 716 

397- 484 470 

76 - 64 45 

13 - 85 88 


158.02 <26/101 
185.60 (25/10) 


TOSOSTO Comeoritel 1046.6 1044.21 1039.(1 10 B 4 . 1 J 1067 j( ( 18 r 7 ) J 861.0 ( 26 / 10 ) 


JOHANNESBURG 1 [ I - 

Gold . j 200.0] 206.1; 205.2 j 207.9 

Industrials | 187.& 197.0; 195.B i 194J 



Mar. 10 • Mir. 3 J Peh. 04 j Year apnar-pitis.) 


l(Kl. flir. ylrlU 1 


STANDARD AND POORS 


1977- RS ;$mro(.'tjni|iilai'n 

Mar. ‘ Mar. . Mar. ; Msr. 1 Jlar. ' Mar. — ' , 

17 16 . la • I* : 11 10 - Hijjli ; Low j Biglt ! Iaiw 

:intu«tna - 99J®; 90.48 97.98 98.50 97.84 97.76 118.92 S5A2 1 I54.E4 j 3.52 

j5/L'77i ifi/l.lBl ill'l/TSi ,30«/62i 

M >1111. Nil r- 90.20 89.51 89.12 89.35 88.95 91.98 >107.00 B8.90 j 12S.B5 4.40 

i i.4/l/77i i6/3I78i illflfiSi 1 >1:6.321 


1 Maivl. 15 ; Mar. 8 


Mar. I - Year njyi m|ipmx. i 


AnstrldiECOj 448J&8 , 
Belgium C-tj 933 
(De nmar k**! 94.63 
France <t*» 58.9 ' 
OrennanytD 7S5L3 
TTnlland i * t< 7B.0 
Hmg Kon^ 423.45 
Italy t.'i 61.2a 


In I. dir. ci*M % 

5.47 

5.55 

5.57 ; 

4.17 

Japan w) 36431 ' 

In 1 . P.L JUmii 

! B.45 

0.46 

8.40 

10.45 

. Singapore 275.19 


Uibb Gtvrt. Bonn jrfeM 


F.T. CROSSWORD PUZZLE No. 3,621 

A prize nf £5 trill be given to each of the senders'of the first 
three correct solutions opened. Solutions must be received bu 
next Thursdau . marked Crossmord in tiii top left-hand corner of 
die envelope, and addressed to the Financial Times. W. Cann.xn 
Street. London. EC4P 4BY. Winners arid solution will be given 
next Saturday. 


Mar. . Prcv- , 1977-781077-78 
17 • ion* 1 Rish I Low 


4473KI j 478.43 4LBB6 
>0*1/ 78) (16/2/77 
93.45 ; 99.12 90.«3 

'Cia'1/77. 18/1/78 
95.06; 107.98 I 94 M 
, • (3i6) '>6(2/78) 
67.6 : 50.9 . 43.6 
.> Li 13/78. / 10«1 
769.3 613.5 Tl&S 

>17/in '.lO'J/77 
77.5 93.L1 : TaJS 

1 (4ol (2919t 

4 17 A3 425.17 383.44 
(11/6) i 13.1.73 
63.06 1 73.71 ; 64.90 
i5/!/77i /22/12) 
399 J6 i 589 Se ■ 260.49 
06/3/78 (24/11 1 
273.16 . 273.50 • 242.28 
,(15/3/78. {3/6) 


. " j Mtr. Pre- 1977-781877-78 
.J. >17 -rtoas- High: Lav. 

Spain - W 97^8 -8SL37 100.00 B7^ 
. ■ . ! - - - ' (30/12) 1(17(3/78 

Sweden! M 366.80 367J3 416A8 S86S8 

.1 122/3) (24/11) 

SwitierlW] 22 S -2 . 7XL2 323.7 280.6 
~~ I <14/2/78(14)3/77 

Indices and hue' date* ran case values 
100 except nyse AH Common — 50 
Standards and Poors — 10 and Toronto 
nno-1.000, the last named based on 1973). 
■ Excluding bonds. * 1 400 Industrials. 
{'(DO Inds.. 40 U dimes. 40 Finance and 
90 -Transport. Sydney All ' OnL 
(![) Belgian SE 31/12*03.. i"*t Cnncnhagcn 
SE 1/1-73. <n> ports Bourse 1961. 

irfi ComnKrobank Beet, 1963. r?ji Amster- 
dam. . Industrial 1878- . i ‘Cl Bane Sens 
Bank 31/7*64. (lirp Milan -2/1 -IJ. io> Tokjo 
New SE 4/1--06. (b)SthUia Times 1966. 
ici close. ijH Madrid BE 30/12-77— high 
and loir Tor TOTS only. '(^ Stockholm 
industrial ui 'SS. (i) Swiss Bank Coro. 
iui Unavailable. 


AnheuterJBoschJ J8»fl :“!!!!!'. I 23 W . 23&8- 

ILrtocootecU S7i6 274i - r- .^-gya* . 2*7 . 

ApS^V.....'. I BIT! ‘2106 Ku>v( li IB . 

AManero-OU. — ( 1£U B 4. U4 S ' aft * 45^- 

Aa«w-.-~.- r - — [ 1B76 PairciilwUtmet* B6T& B648 

Ashland Oll.i.-... I S9fl»' 29 -Pbd. Uepudcniw -34 34 1| 

AU. Ricb field j 4tf rg 456fl Flnritene Tlre.^- 136s 13Sg 

A'utDDau.Fn^.1 -234 271j ' ?«. N«. Boston. 26ta -365* 

AVC — -Bn ,414 Fieri Van. i 194s 19.18 

A.TO3 BJ7b PI totiole. BXM 21 . 

AvcnPioduOts..„! 40tfl 46** PI/>rid» Power .... 3fin SOI* 

HaisOas-JBieot aaifl 2&U Oluv 324- 3176 

URnkAmeriak. : . BBSs 82U w-n sil* Bi t 

‘ It? 1 Knd 4ln. 44» 

Bartw.Tmrtaol.. 3Ms Ftubora. i,... 33 303ft 

BoaalM 'gqpd — | Base 22* PmSS -. 70* T* 
fqii I in 1 ®’" BMwSftrMtaOTai -19 . 187 # 

5tSSissvi:; "3 ! ^5 jo» 

BetSel»em eiteel - 20Sa ■ 2Qs* 4KA.B — u 11 . 

Black A Decker... 165a Te 1 a&nnett 38 

Boeiaff: .1 ,. 347j 338ft uen.Ajnw.lnt_. .94 

Boise Cascade. BSSft BBSs G.A.T. A -83Jd 

Borden l..'J SBia i 3S3f . Ken. Urine— 13*4 

rioqg Waraerl-...! 2614 1 257ft G«p. Uynmtntcs. - 1 42. 

HunlE-Iju Hhjl ll*4 SM«JBecmcs — . .4714 - ' 

Bnuttan !.V I 13E B « IS?* Keperai Poodk.:. 28 

UrisoaAIverslM.- 31*4 , 3044 General Mills.;..-. : 28 : 

t i4i* *5eoet*J Alotor*-. . 604ft. 
arfr? Ken. Cub. Writ-.. l»7a 

Ken.3igmll_.^... 24 is *- 
X8 Henl-Tel. BlecjL.. .30. 

Sh^ r " , -=" : a IS 

•Bh Cenefco . tw| 

[ 37 U Geonia PudBf— 2j54 
I 6Ha 01l:..«3... 158i« 

Gillette 

*^4 Goodrich fIL-.. 19id 

»>/ yszsT ^ ns 

1^4 Gnu».WJti_; SSI* 

16 OC AUan PsrfEen . -9 

■72; Ort Jvocthboo— as iff 

$6Jb - GrrrybOaad: 1* , 

S7H GuSiWefttro..; -»,V 
13*4 06lfOlLrn!.J... BftOft 
216a HnUhurtoa..~...4 69jft ■ 

3&Bfl Haim* MininiL., ' 373* - 
287ft mmlschte*^™ XStft 

38. Harris Lorjjn. 43*4 

Base HeuaHJ^ZZ 36k 
32*4 Heubiein Zl— 1 B5k 
32,. Hewlett Pactaruj - 64 • 63 rj 

,1,5 -HolnW lnna_J.!j I6Jft lfidg 

- Homeriake— ' 33* 34.k 

Uune) well_^..ij 481ft 43 

• ?n T ._ Hoover^, :>.; 18k liri* 



ifiS.- 16 5«W t*uar*v“l • i ■ — » eastc Kemwtw.. ^-7 .'• 7 

in 18 J* - i 35SL ■ 25sn Jioli TWepbot«..f-^4 v 64 

S»i| *WJ Bowy.lfcr!M,^.:SSJ. i: HI,.. 1 

S2is fJW SSSmOJM J^O 1259 BHCanaria. — ..K »k ‘ 14l«. 

87*e ‘ Hnebuek ■ 248ft ( 24k Bnttcaa>.:™.^4 16k . 151a 

1413 14k SKDGUi. • 31** 1 Urtna>..i-L^- * fRSo . |3.8o 

«»6 ,6 aheUOil “ S3 1 ® -I fl^- Ca«M»'*ai«kir!{A3B8i |: • 36i* 

: llM |1J» Shell Tmmpbn-J 383a r |9 . Umflo.UtDMZii; JA .14k 

3Bk. 3*}5f Slctwr... — 3§k 30>a LAumbiCfcnehLl -'98^ . 96j 

■31Jft tateiKsteCwp....^ 32k . 3®Ja Canada £ft WZucnnT -.lllia.- ■ 10 

33?ft |3k rf^pUcisyKL. »l» If 8 

43’a dinner T|k ff 1 ® CanaO* lnd«as..ild9k- 1187* 

«sa 3mftbKUne S3 54 Usn. Fhc«fc. l »., 1 lr« i 6- ‘ I71 * 

■228ft 21k Suilmm'-i.'-: J&fc JRjt *u. Rfi-Kb . ia 

- ~ aoathdovn 245 b !• 248$. Uur.'Nijpcf OttL^l- BSk . 56Jfi 

g Iflr »££!&*: *!-S 

S3 S&ftSmd- fS% i If?* . L’bleftefn, ' ^ 


J® BauifaeroUBihnyJ *6*4 * 46k 1 Com^ 


p -Shift 20 

i :24:i - - 24- 
r Bfi a*u 


31k 

JSSft 143» 

BSTb 34Js 

276ft 31Vt 

46k 46k 

62k - 6268 

475a 47k 

41k 411 > 

38k 38k 

337 S 34 

477* 475a 

27k 28*8 

146a 146* 

Ntt. DUrilbH^ S2k 31k 

Nat. Berrice tad. 13k 13 

NaUetuU StadU. ;. 29k B9k 

K ^torYi.^ - - • 37 k 36tft 

NCR^_C^..X.__ 433ft 43 

Nep&meTifiji..,.. -13 14k 

Nev^gteSrn. 21 k | 21*6 




Com UnthurK.— . B6 35** 

94U 24U u P nsuowr H * fc — 'Z 1 * 

SlS ii»okA2«oan» 6k 

site 36 VMMiaBML - 9k 9k; 

-IS™ neptsoaMlnea-J =Mk, *,«Ok , 

■f5 --g-BBSa'-a.- jp* 
Ij. I? SSSKfS Si * I 
«* IIS 8S=!L^,. 


jit ^ 


12k tiase. 


Biit. 7 Pet. ADR...* 

0rotimayG{uia..| 

Bnihjwfck. 

But-yruaLrie. ,| '• 

Budd _......[ 

Billon 1Vntch n ..| 
Burltng^oa Nfnni 
BimwigU»........-i 

GsmtOm lSoujp.-[ 


ftsoroPetrotaum "9I e ; » 

' iSiS Texaco.....; '27 I 26k 

** . Xexaiguli^Ml 17 | 17. 


fas. -ISto Pataon^NiflkdJ 17k 17k 

i!k 61k *** 0“H Wl a 1 . 75, 4 

«?* (to*** 261ft. j 26k 

67 36k Giant YeLwfcfliBe lBk ; tlWft 

24k 24k Gulf Oil Canada.. B7»ft 87 

9k 8k Hawker SM/Cen. 6k ’ 6k 

5 ??® EWIlilg«...i.i-. |B93j | 29Jft 

736* 74k HomeThl *A*..m. - 89k ; 40i. 

rrS 7 * J5*° Hurtsoc ^ Bop Mnp . lgk ■ 15k 

30 1 8 I 295, Hudson D»y„.Ui. "lBk • 18l» 

, a HudxmOU&'Gar 43 ; 43k 


27 J " I Bik !-AO- m j 


Imaaeo u ..„i 31k- , 31k 

liuperal Oi# — { ' 19k , 195* 


ft beam Share 1^. ,96s > T£^TriBto....._i 643* l £3*4 Jnipeeial. Oil-..-., 

WLLJadastrie*. 16 J 16 fXt Jf ffa*T 31 f 31k lac ^"- — - 

NotftdK&Weatero 26k | 26Sg -iSSutllltlfc.J 193* I ISk imtai _ _ -Li 


> North' NajL-GasU.1 38 


TennUtmUes... 193* < 1834 ladaL ^.i 10k I lUk 

T»me-Ir»ci..-~-J 38 37k i B Und Nat I IWi 105j 


NtiftkWatrdihei -20k |3k Xintten..— 44k- - 44k Knlaer 

5S SSSr z; « &tPmcor_ 

ta&Sa*K II 1 ? ST±:-S, IS 

ymtheE^. 42k 42 33k 35 

Kdtfco a.r.... 18k Jfk . Tearaway Ipfmi 23 21k 


1 SKI. lime j 2° inland Nat it*>* *u*t 


v — iWley 


Ohio-SdftonJ 


ls5 15k T **" 
■15k 1 15*6 j Cwna 


rnfimfrmft 

l* 1 '. 


C6tanokCorpui..| 
Central A St WJ.J 
Certalmeart 
I'awm Alin*rt„ 

I '. haaaVf ■ wh»i4* n 

Chemiual BU:SY 
Cbeaehrgb-lfoatl. 
LTrenie SjT-tMM. 
ChicaHO Bridge-. 

Chromalloy 

Kbry«er.. — 

Cinerama ....... 

Cine. Uiia.-ran.-J 


OseppeaaSMpLv.j 22 


L*Au 1. 1 .' 1V.1 >i‘fTW | 

p?7 , . , intwh*il 


PftCUc ; 24 



Tcavaliexa J 30k 30k 

Tri ConHncntal J 18k 16k 


60S* 60 • ' 

20k 197ft r.'B.W_^. J- 347ft 34Sft 

24 . 24k dOtbGenhsyJ^. 27k 26 *4 

197b 20 UA^.«.\T— I BIS Bjse 

203» 201ft UAMJ01-~i«d 218a 21k . ;; : - ' „ ' 

■ 6 -6 ii/t i- - . i . Buk 2Hk rtiufitPettwemni ■■ 361ft ®bi)r 

22k 22k 20k 20 Fan: Can KWhuX - *«4 ' 

SIS* 207ft C D iiever„^ J 36k 3«k .PaMlto r .. : -_.-^J-tl6-_ tJ6’ 

217ft 21k UnLWvwKvJ • 54k ,«■* JW»l>opt.S.] MD. 325 

B5S+ 35k Untoo BancorpJ 13k l$k 4 

29k 29lft. Uuk» Kftrtrtde_J 40k 40 PtaeeeUevekipmiJ 21k 21 >« 

-7k 7k Union CommdH 66ft ' fifig fbawCWpofifrf lift. 11 •> 

36k 38k. Union 0}i Cafll... 80 BO Pricy.....™. ^ — 134|. 13 

26 2376 Cirtbn 44k 44 t^nehec atumfoot 120 

, Bl . Uelrona.. J -B'..;..t 7) 2 ; 7k BeadS! iaw- !!”.'! 1 ..9k 9k 

iS!! Uitltertflimiwto-.J. 7k j 27g KittAiEoni™™.lji26k fgk- 
S31* LiSBanwrTL.-:... «k SSJal IEbrailTk r ot Gail 1, UBS* 284* 

19fa L'S.Gypwoi...J. 1 -22SB 21 k - Itasml 'iTUltA-. J • >7k lTSg 

US. Steel., 2b5a 265g ArepdelfiouteeM : ^fk I 


137a lai, 

81ft 8 >, 

3.80 3.85 3 j 

-1788. 17k It’ 

10k 10*0 ' 

231a 23k 

34 k 34k 

23k Udk ' 

' lo6ft lak 

27k 27 jr. 

23 . 23k - 

4J80 4 .TS 


2.00 I 2-Op 
Mia 1 obi)r 



.4ddrtMS 


Gold Gup switch 
saves bookmakers 


Cdo'w'Uj Bilisoni 
tkmVThoii Re,) 
Cumin. Satellite.; 
ComputeKKience! 
dsn*-'..........'..... 

Um. Slbrai NX 

CtmaiwFnuils j 

Oxwoi Nat. Gai. 
Consumer 
CnntinenDU Kry; 
CiMtlnemei Oil,. 


. iDij tnuraonr jmerxji ■*>** i .a , iiu,.- , ... .nn n*. i nj. ntuiNM.<«nn.J mm 1 o**b ] ---- - 

47 IBM 2437* 1 242k p **«!rUaADBI 175a I 17k vV*mer- Lambert.] 27Sa : 27k .’tteffl at Canada... 23ie 23k • J 

•2k IntL Fla vaunt..... 21 . 20k „ • ■ •' W H stft-Man’nieni| 217ft. 2lk Strep dock Irani 2~W 2.35 f| 

> 35 LmL, Harvester— 2^.■ .967* PWarotU ..™^....!‘ 25k 1 24k WeUa-Fateo , 96k J 26k ]*veo UMwtai.J, fO*. >ft,jJ K# | | If 

9k InthMinAChem 376ft 38 .* Wtomae Eke — j lbk i 15k Wffl«rn B*r«mp 31% 1 3Z6ft lV««rtaUam^l(.| J7Sft lfl* VlV*4^** 

t 19k .ImUMnltirawte.. 28 « 2t .‘- eva lorta^Ci.J 26s, u 251, UWro *. Am*r! 236(f | S3 llmnsOin PtpeLd • 147« 15 *... 

1 23k I (too ...» 16 k 15 . Procter Gamble. J 77l« . 76k Western L'ntoa.. I lfik : 16 l mnii MnantOilf 9 8k , 

• 23k IntL Paper. ... 3Bti 314ft Pufi Serve BleM .J .ZBS* 82k W*«lnehaeElecii 17 17k' Triaec..-.™. tlOk tlOs R 

1 386* JPG 291ft 28li WtHinan™™.-! 25k B4Tft 11 Knkm Gaa J 10*8 10* - 


• 23k IniLPapw. ... 38k 374ft Pub Serve Wert.. 

1 386* JPG 294 2814 Wttfasra 

= 231* im. Keefifier*-...- 10k ‘ 10k Furft* 

i SH31+ Tol TbL Srl’et.- 2966 IJualierVwa...... 

! 281* Invent — 1>« • 1 . Rapid American. 



ACROSS 

1 Nerve fur waler sporl requires 
style in Jersey i4. 4) 

5 Insight i nln u cupper by 
.soldiers 1(5 1 

9 Part of church whose patients 
chunsc iSi 

10 Change coneerniny bench (U) 

12 Wonderful to make self- 
starter fil f 5 1 

13 Expert photograph of marks- 
man (3. 4 1 

14 Vision outside left has lo 
treat with discourtesy |G4 

lfi Born to walk in Ihe bush t7) 

19 Sally flels the result IT» 

21 Kind of share sailor has in 
temporary hump 1 6 > 

23 In which lime is seen to he 
running out <4. 5) 

23 Not a church member for the 
present *5i 

26 Northern dish given In old 
woman by soldiers 161 

27 Chaff is no pood when old tS) 

2fi A riRht to enler quarrel con- 
cerning list of duties 1 6) 

29 Leltins paymenl to freeholder 
lead split 1 4, 41 

DOWN 

1 Drug and a call for silence 
for chemical (6) 

2 Abandon holiday apartment 
(5. 4) 

3 No Scots sex-appeal left of 
the. nose (54 

4 Imitator of ape and one other 
animal (7i 


SOLUTION .AND WINNERS 
OF PUZZLE NO- 3,615 
Following arc winners of last 
Saturday's prize puzzle: 


6 Restrain officer meeting de- 
feat on board (9) 

7 Doctor Love goes lo church to 
loiter (5i 

S Never mind lack of substance 
1 2. fit 

II Sting hairdresser ..without 
hesitation i4> 

15 Heavens! Be kind over mourn- 
ing (4, 5) 

17 Excellent idea la mind roller 
(5, 4) 

18 Far [ruin satisfactory cooler 
1 3, 2. 3) 

20 Dash nut of side lane <4) 

21 Stamps job takes time (7) 

22 Month taken to tie up fraud 
(6>- 

24 Foreipn flower from another 
reign f51 

25 Nymph upset Scots boy over 
* notice (5 1 

SOLUTION TO PUZZLE 
No. 3,620 


THE ABANDONMEbfT of 
Thursday's Gold-Gup at Chelten- 
ham ltfoks-OD paper to have beeiT 
the “great escape day", for 
Britain's big bookmakers. They 
alone seem to have benefited 
from a weather freak that left 
thousands of racegoers, ante-post 
backers and Cheltenham race- 
course and its suppliers, such as 
caterers, the poorer. .. 

Ladbrokes, alone, feared a 
£250,000 pay-out on the Piper 
Champagne prize, a race or 
which 1 • the company's John 
Thomson said yesterday: “ We 

CHEPSTOW 

140 — Carity Hunter** 

2 .60 — Bostabllity 
2 JO — Midnight ‘Court*** 

3.00 — Green Path 
-3.30— Uncle Leslie* 

4.00 — Gay Heath 

- -L30 — Somerville 

would 'have needed something 
wierd to come up. in the Gold 
Cup to have come out all right." 

However, as he pointed out, 
the- four big chains — Ladbrokes, 
Hills. Mecca and Coral face nn 
administrative ordeal in sorting 
out thousands of void ante-post 
bets struck in belting shops 
throughout the country: 

Furthermore. 9s is always the 
case, a fair proportion of punters 
arc certain to-be unaware of the 
fact that all ante-post bets placed 
on Thursday's races are yoid and 
many will feel aggrieved what- 
ever the result when the pro- 
gramme goes ahead tit 1$ hoped) 
on April 12. 

With' all -ante-post bets on the 
Gold Cup and Daily Express 
Triumph -Hurdle void, most of 
the leading -companies have 
opened new books for the second 
try on April 12. 


Ladbrokes have altered their 
prices. little on the principles — 
going 2-1 'Foot Devon, 11-4 Mid- 
night Court, 10-1 Bachelors Hall, 
12-1 Royal Frolic and' 14-1 Fort 
Fox. . . 

They have pushed -but Brown 
Lad from 3-1 to 14.1 — presum- 
ably in the expectation of the 
Dreaper gelding side-stepping 
the engagement in favour .of the 
Irish Grand National on Monday 
week. 

Rodm^p. one of only . .three 
losers in Ladbroke r s original 
Triumph Hurdle book, remains a 
clear fuVourite at 9-4 with, again, 
little change in the odds offered 
against uther leading fancies. 

. Playboy, who took a good deal 
of. money-— particularly on Irish 
representatives. -Bourbon Street 
and Corrib Chieftain — in. the 
Triumph Hurdle, offer 5-2 
against Rodman 'who, unlike 
several other candidates for the 
April 12 race, will miss Aintree. 

‘ Fred Winter, who must have 
been more aggrieved^^than most 
at the weather's sudden inter- 
vention — with Midnight- Court 
and Rodman at concert pitch for 
their- respective events— aims for 
some compensation to-day at 
Chepstow, where Midnight Court 
appears to have a simple task 
in the Aynsley China . Cup. 

Cavity Hunter should get 
favourite backers off to a suc- 
cessful start in the Hare and 
Hounds Hurdle. 

Formflo deal 

FORMFLO. the Cheltenham- 
based metal-forming company, is 
to. supply Ford with. £500,900 
worth of gear manufacturing 
equipment for its factories at 
Halewood in Britain and Cologne 
iii Germany. 


lonttfienUtTeieJ 185ft r 155ft. Iowa Bart; Z97ft-J ‘BOIj l Raytheon... J BBS* L 3BV WhlMCrm. Inri... 21k I 21k. Wwtan . 16k j -16lft.‘ 

Control' t)i(a....73 253* { 25ie UHaternanowO., • lfa* 1J4 flSJa...... -J. 248* 24 t b WwnmUn. ; -174ft. [ 17k.. *Btd. SAsked. .J ftadftil. j. 

•VkKitr liWna | 44k 1 45k kirn Wi»lim.._^| 27S« | 27k tr R*7mWW- t 227* 1.831ft. Wji-no.jp jjiiwi | _B7k 1 27«a «N*w.HWk ■ 

in - - • ■ ' - - - - r -- « - - • • ' " ■ - - - r — - ■ 

GERMANY .♦ fARS •' : . AU5TRAUA -m‘ - i TOKYO 1 V..:; -*■ 

^ : 1 Ptfc 4*or Ifiv.-iYM. ’< + w Dw-KW. •• - '• ... Hr or ” . ' - j-»Priow' '-F>or Din|¥ftf, 

Mar. U- j eKT- J ■ Lft '. -3U,.lf.- erT-\ - r».j 4 .- .*»*.* I - - . Mw.lt... .f Xon - iw..- : % j .«■ 

a — 1-j : — J .1 — — — ' — — U—4 1- — 1- — — — ■ f ■ - - — I — — J-w 


| TOKYO 1 


ftl(J./....M>,.....i 
Atiwnz V’entcb_. 

BMW 

HASP 

Bayer- 

Bayer Hypo.-— 
Bayer Vewin*k 
Cib*' Im.Nod ,wrt» 
Comrner^barut | 

CuntlGummi— . 

IMinilerBeav 

PCX’***® 

L>Mn*5 

Uedtacbe Btnk 

Urorttnec Bank.,,. 
UtvkethoffZem). - 

GniebuOaunu —4 

Uaftwx Lioyd 

H«rpeiier....^ 

H>-jfvli?t 

H uei-bl...... ..h . 

Bonea..— L m..... 

ivnli uiid mii...: 
Kantxdt ...: 

Kainlio), 

kkx&ner (Jm I OCX 

KHt>....— 

Krupp....— ..._.. 

Linrie—.— 

Lowenhrau 100.... 

Lultluua — . 

MAX..™.; 

IlauauMiiaiin... — 

Menu lfi ... 

llanebeoerBuclv. 
Neckaraniui ...... 

tTeusaas DM 100. 
UijeipWflat.Eiebt. 1 
Srijonng 

ilenieiw 

SoU 2wher— ... 

Chymwa A.G.™. . 

V'urta 

VBBA 

VerelnoiWertBI. 

V'mknnfiwi.,.,.-. 


235^)— afe 
139 .1+23. 
I36ii+l,6 
282 

316.BL..-. 

1 B5 ■ 

HQ.a + 1.8 
,'76^ + U 
303^+2.4 
271_q+1.3' 

sc6.ajVi.7 
■24&BS + 2' 
T44 - UlL... 
200 {+1.5 

^46 J',40.5 | 
120.8: 1-0.7 1 
148 , + 2;5j 
896 '-0-2 
acs •-+ 1.9 
‘92^!+0.« 
173.8, +1^ 

• 97 

336.5) 

ine^l+i.4 
188 1+1 
168^+ 1:7 
214^+2 - 
515 L— . 
108-51+0.3 
108.6] + 1.51 
L88j5i«+1:3' 
2M8.9 + BJ 
Z8 2.81—6.0 
247.1—2* • 
125^! — 0.9 
177 1+B 

ioa.2(+SJ 

305 1 

918. '+2:5 ( 


*18 I L9 
20 4.4 
17 6.1- 
16 - 
2U 3.6 
80 3Ji 


19 \ 3.2 
17 .0.1 
14 .. 443 
BO 3-3 

20 4.0 
’4* i:4 
12 | 3.0 
12 i 5.4 
«9 3.3 
Id ! 6^ 
:4 ] v.4 
10 I 4^ 

9 -3.1. 
20 I 3.4 
20 ( 5.0 


•;’,&M». ; i7 


• ' 4 *Mhi 

.Ana^.2 I — - . liar. 17 , Yea. 


nemo it 717.1 , — &S 4k 0.6 - t— • • _ - f- 

XtrlqueUueU l'+ 360.1 -L9 21.16 6.8 ACMtLfla cMD__^...._,f 

Air liquid. -...Li 277.5 +5.5 16Jb 6.0 totw Australia— 0.55 w... 

356.1+3.6 £4 6.8 Anted Mot'Trdfi. Indu^ 91 12.15' -5.01 

bIU_~.( u.X 548 +12 12 .re H-3 Ampal Ejc|iloi»twn ' jl-18 

Hahfine^...^... 623 +18 3138 6.1 Ampal Petrotajm....... tO.72 lril.in 

djswN- Gerrti%... 406 . +7 37.1 9.3 Aawe. Htoerak. 10.73 I-D.02 

2‘? 11.08 +0.0t 

CJ} Jki., 939.1 +3.1- 27.6 8.1 (V i ^Oont frui r inri iy» i f 1.60 -0.D2 

CIX AIMIcLw 1,080 +31 58.1 5.4 Amt. Foandaldon Invert-- 10.90 i+U.04 

tie Uanralre-^^. 3243+9^ 12 3.7 A.M.1 - - tl.36 +3.81 

Club lUdlrer.r—. 408^+5.8 11.26 2.7 Aadiinca tO.35 

CrrttiH^Wm-IV-* 12B.4 +3.4. Us 9.8 Adn.OilA.Gaa i. +0:36. 


- i 

10.56 v..... 

12.15 -6.D1 

11.18 

10.72 ■ |+€.ffl 

10.73 I-D.02 


5 M'SSSS 
7 ii ffifiK 

18. 1 3J9 k*dlal*< 
14 r 4.2 MAksitA. 
10 { 2;4 Kbeae 8a 
16 1^.8 sC-Goba) 


Crem* Lotted. ;^81'4M — L... 18 14.8 Blue lfehufnll.!“'~""l"“ tl'oi’ I 

Uoinw-.^ 565 +15 7-fl 1.4 BougrinvltirCcroper (I.C5 klLDS 

*r. mrote*—..- 13& !+«. 14.1C 12.2 Un&a Hffl Prbpriatary... J T 6-70 - j+0.B4 

Uaa. (Mi-fnenllLic 195A— 8J0 o.2!i 4.3 BJ.78 :+0J)2 

Irneui..^.;'. ,M Wli9 j.dai 9.6 Unced Brewt-rv..- tl-7® i 

taaiiiar Bons'.i.J .^8.1;— 0.1 -— • - ......I tl 86 [-3.M 

tiuarfce. — : 152 U 2 lo.lt 1 1* L«ft 1 t2.bO j-O.lB 

L'OreAl._-_ ' 630 *+5 IS. /■ 2.3 Liin>. Orownrtrt Au» | tA.35 ]-0.tS 

t4SWatM- ..IIlSAO 1+12 IM'tl CanWnirlJll .....J W.1.2 i 

Maieuitat FBemx..! 946 +46 39. i 43 Owuloe Kkubto^ l t'1.93 '+0.05 

lUicbajin "B" — 1.290 1+16 AS^bj Z£ UuMrin ACsti*™ IldO-l.i... 

Uaetrfieones^v.J 4d9.5]+JS:6 lB.tl 2^ Oun(ppHnlW»tSll i 11--6 +Dji 1 

Muu I iWfx 178.5] +4.7 _ d | 1.7 ; .{ tl.02 I ...... 

i'Arilw* — 178:1' +0 6 la.Bb.ll^ BlderJjmUfi. 1Lfc8 u;. 

— 86. 11 + 2.6 7.BI 8.7 Jodmtiles. .... I -ri.73 VflJtZ 

eertKsWOcard--.; 933 +11 7.5J 3.2 Gro- fTopetty Troat. t 11.33 >+9011 

BeueeatrCitroen:. 318 H+8 IS 4.7 HAmersHor — tl.9& • 

eoctrin J43-51 J. JJi _ ’ _ UrMhae,^. = iO *79 ' 


18 4,3 
8U- 4.1 

16 as 

17 SS 
11. .4.4 
14 4.0 

19 5.7 

18 as 

10 2.4 


Atebi OUm..: 3Wfl +'S- 

Oanonl 47B ' +i6 ^ 

Casio...... 590 ‘ -8 

Chinan. 335 h-IL 

Dsj Nippon Print . 088 ^—1 - 

PiTO Photo 567; —S 

Hitachi 219 . -6 - 

Honda 51 p*«t^...I 563' -7- • 

Bouse Food. 1,230 + 30 

C.Itnlt 528 -2 • 

ito^yofcado 1,270 ^+f ; ' 

■T«w>- — 661 —18 

J.A-Ll 2.8QO -ip< 

Kanml Bleu. Pv. 1.140 ........ . 

Koautau i 319 —1_ '. 

hjiBal*: - 2^5 1 pP4~ ' ' 
KyotivftJeraaiic —13.630 "t-SCT V 
Matsuibha ln-i...! 636 *— 8 - I 
U a wihishi BantUi. 280. 
J(lt*)ihlklii Hmvj I 144 i— 3. | 
Mitsubishi (Jtirp_; 485. :+ft ] 

Mitsui A Gol.* Ts.i . 623 -- 

M.iwulicstn-w.+i..-: MIS j^-3 / 

NiMnn Ufcnflo...:.,1.26a <:.J, j . 

?ippua Bb mpan 690 I 

Musan Motor* .793 \ — 2 . I 


akMk(wi^ri:idB44^+B6 39 ; a.i iSSaSoiL-I 

dim .A , . ..." BfUS xIO 1 tffi-vl Q« 


•... 148.5 43.5 — •— Uudliers; — tO.72 ! 

fauiloltetmkiue. 4-17- +17 25A! 6.4 ljCX Anstr.lt>: ttf.ut* • 

MbloOt* 1— i. -669 + 9 d+ t 4JI I nthr. Copper. 10.09 I 

(Tboae Poo/Mfr„. 64 J5 +118 9 I13JB Joinrtigft loddatrisa 1*,»5. !+UB 

rt.-Gqhala-i.?..— |47 J+6 W.BS] 9.3 Jmec (DmWI— — tljOl j 

aLfc bpasifizior — ljS44ri)+86 39 [ 2.3 Leonard Oil • tu-,24" | „ _ 

— “I- + 1S MwUSKxplorattoo txia i+ioi 

Vrtnneainqu&..u 697 +22- i2,n< 3.1 MOT Bfftding" Tl.b9 : 

Jbonnon Brandi. 177 +9 16:16 8.6 Mver-Bmpturtrai fl.75 i+'ixfs 

Cti » w +—.• : 23 r+Qja ■ — | — New.-. 12.18 &L05 

N (chats* Iniernrtuoual...... {-J.90 ■...._ 

sroatHOLM 831 Lja 

— — ■■ . * - r — — ■ nil ?>wn-)t , +8-08 ! M 

S *or U(T.|)fti. Ceter ExploisCion_ fO.X7 

- Mar- 17- , Kipne ■— hr. \ % rtoneer Odoi-rue — ' -rlJ42 i+jtffS 


+ 10 46.1:' 9.6 Uecals J 
+ 2B‘ i2.n) 3.1 UtM B 


.y— ,.q BBS 1+10 46.+' 9.6 Meials Kmirnta.!! “] 

re+enM<9unqu&..u - 697 1+22- A2.7t>< 3.1 MrM 

Qiomjon Brandi J- 177 (+9 15:16 8.6 Mver-Bmporimn 

C«1POr^..^,.^^| •: 23 v+o^ - — I — \* m - - ■ 

N (chains laiCrnrtuoual...:. 

STOCKHOLM.. V- - • : ISSUSt"™**'* 


BRUSSELS/LUXEMBOURG 


aagHsraEsaaaaEa 

m a n s n no s 

onasaga saannsn 

□ O ' CJ- B El 22 EE 

□ngns nssansaa 

□ n n es m q n 
saasannagn esoe 
a e an s e 
HD 33 nannnnsans 
- n --a a n c 

QHSQBBnS 0QSQO 
a S E E G 0 13 C5 

gHsansa nsnEnnE 

H H n H H 9 a 

SQEQE0SKmnHf3 


EBBSQ HEgaa 

b a q S' i as s 

BacaEI BHsaBESQE 
n s sh h h a q 
0EES@0Be1[3B eeqh 


Mr. E. H. Briggs. 17 Gros- l £ 
venor Court. Kenilworth Road. 
Leamington Spa. 

Mr. J. E. Brown, 151 Kenning- 
ton Road. London. S.E.H. _ 

Mrs. P- Shovelton. Avenue ;_r 
Cottage, Pencraig, Ross-on-Wye, 
Herefordshire. 



QQQQCB qggq^qb 

□ u L3 u n a 

Meets nonnEDEHtin 

□ BOH Id u u a 

□DOOQQBQ BBBHC; 
QaQQQSHG 
□SSGD □□HEEOaB 


SPAIN * 

March r> Pwi-ioL 

.Valanii ... 1M 

Bancs Blthaa - — 214 

Bam‘0 Allantlco > 1.908' 203 

Banco Central 303 

Banco Exicrior .... - • 26*. 
Rul-o tlincnl .. .. 262 

RaEcn Uronada >1.088 > 151 

Biocn H Iso a mj 285 

Santa Ind. CsL iLOMi 143 . 

B. Ind. Modliemnco . 1X2 

Rani-a Popular 1*4 

Banco Santander <?3M 324 

Banco Urouiio <1,8N> . 210 

Banco Vlzcas a 202 ^ 

Banco Zaraaozano 29S 

Bankuaton Ig 

Banos ADdatiida 2S - 

Bibcock Wilcox . 2* 

uc : n 

DfMadcw 283 

Imnnbantf - — - M _ 

E. L Araaonesu 4U3 

Espanola Zinc ... 331 

Pircsa 0,8001 .41-50 

Focsa tLOCOi . — . ... «r^| 

Fcnosa n.009' ....... 4r*2» 

C. aL prhdndm 5» 

Grapo vclamucz i+W 145 - 

Hidrula 


Ibsnluero 

Olarra . _ 

Papeleras Reumdas 

Pcxrohb^r 

Pctroieos 

Sarrio Papatera 

Snkce 

Sogcfisa 

Telefonica 

Torras Hostcoch 

Tubftixx 

rnto# Klee 


BRAZIL 


7b - 033 

..45 — 

45JS + 0-2S 
1» - 

..155 + 0 JO 

.. S7 . - 3 

3833 - 030 

..120 - 

8845 - LTS 

— 46 * — 

n - o jo 

... 36 • — 0^5' 


Vrbed 1 2,320 

nq. Hn. LAjnb_..rl^*l2 
dek«n J 1,7 ad 

C.U:B.<Jem«at 11,874 

kA»ekei-lL a4« 

2,360 

Bkbdrohel ^..„.Jl6i)30 

JFhhriqne.Vat 4.400 

«.U. Jnna-Bm^... 1.860 

U(nm „■ Z.1IS4 

Hohokea |2,lBO 

Imerevm 1,885 

K red >et Dank >6,410 

Ln K.A-sle 24lse.JA.450 
Can lfnMinc...._, 2.360 

mrofina ^..43.840 

me Gan 2enaoe..;4.93G 
w Hm Bftigiq at (1,4=65 

soitha .3. t/36 

■HXyay 3,320 

fraction hloc-t....- 2,600 

ll'-B 938 

liii JIln.fJ,l0).„.J 710 
r'ifius JBontagna 1.312 


SWITZERLAND > 


' 1 fltv: 

+ or j Prs; 

.— (JSrt 

-16 - 
+ia 6u 
■ SUB 
+1D 90 
“3 ^ ' — 
+5 177 

,—30 430 

L..,:... ito 

-5- 130 
+10 80 
+45 ' 170 
...L-...jl42 

I-.—--.. *66 | 

1 +60 3(jfl ! 
*2.2; 
+i6 i7* ; 
+ 50 204- 
[-16 14d 
+ 6 215 

-90 Ann. 

7w 

]+io id 
too 


AG A An UulhU)- 17? 
AH»r*«9IB{KriC 169 
AsEA (Kr.6S).Li, 813 
Aidas Co|W>CKj4a 115 
BLletuJ, -‘82 


I =' "i . ^ 1 » K4±iaJtXJoitoui t2ib0 1 . 

ikq 1 i S; S 1 f'J" H.,0. t0. - i2 '-0.01 

tins S^bSSruinine taw 

813MQ 1 3 j 9.8 COotb fMV. 1 


daiorq. j 125 +2 


Curio— — 17Sxd— 2 Id 5.5 

Cel I ulort.. -J 213 i— 1 10 <4.7 

tua^’imr ■H'iOoq Sft ■ +2 <s.2& 4.3 .. 

KricUoo ;B'i£5ti 141 -Pi 5 14.6 AMSTERDAM 

J 230 — .... a 3.5 53— — 

Pb/rmta.’-.: ] 106- +1 .4 3.8 Um ,' l7 . _ j + oe ] Div. Xi t 

timafiBsltrsei— J ,47irr— 1JS — - ™- j .~ S _* 

Bawfihfenbefi^I 987ah+2 16 6.6 ~' g q ' " " ^r 

^ hr-' 6.6 ,0 8 iSSSfiz: SLb-rl^i V 

«nlvik-3Jf_L_|'829. C?..... 5.03 2I2 ^* 8 

Iltl 1 9A _t AS ft a AJlffV ff 1-10)+^. QOJ&,— 0.1 LVst4^ 5.4 

^uAdK&Mktfd^ W3 + 1 : ft 3.4 M|S?tocf k ao'i'Zn fi I Hwf 5 

•w xhj&k** e -8-s ssss? H 

HAKN+- . . ssfeossi ffiosiais- 

TT fcH ~ * fetSSR!® -it:!jio.-!j ii‘i S3 


h ! 5' li SE?* j * »-68 iril.01 

B o ® i WftHaM. ta&4 ; 


SE !~i' j 4 ® - ** §-* Weswrn ^UlniUfi (Kii-emu 


lBuabou 

MntK-ft] 


Uihieltofm.^; — J ' 44.CH 

VolwfKr. ■ ■ 6?,0;-Q,-5 

COPENHAGEN^ 


-like,- IT." EnftOftr ] 

Anderririnteq . 145" ' 

duritfsif W, ftii.. . 441*2 
Osaske'Uftnk...... ISSlff id 

East'Asariepo^J 293kl 


" ” Pnve + or BiVT Yiu 

. _M*r. 17 1 : iim — . L/n»» < 

.V.-MU*.. — 1.52 i-O ».!• 7-69 

mneu Brash I'P.. 4.00 j+OjaS .JOASQ 
Mnw IUu P.V.... I.16 i+w.M - .16 !l3.eB 
Ud&iiXIkKiraOl ! 2.10 j... .^..1* 16.71 
Iftijoa Amer. Ol‘ 0.38 ‘ — □.-82*^ pS2 


— ‘ 1«ju Atner. UrJ o.38 !— pS2 

— PqiroorasHH j 3.74 i-O.M.,1 -B-67 

— : PirelliUH 4 3.78 ’+Oji .16&.76 

■ 8.7S- StnuaCrur Ol k ... [ 4.38 j— O.OZ-.*« ;L25 

' 7.73 L'mn ft _..4 6.89 !.....%□ ,2 2.92 

' j 28 V " le H< " ° a,r h * 1 1 1-78 1 -OJHI. .1* [7-30 

— : " VoL 173.Bm. Shares TSifin^ 

U8 . Source; Rio de Janeiro SE. 



NotCSs Uveraeftj once# ftiehuM * ocammai. Beuun aiviq«fias i 4r» alter 

* 1, l , #*ll!MI !ide'nom- unlesa omerwiie cuieo. • PUa.508 a enow, uuiaa otBarwUh 1 
Niiftcd ' -JL Kr.lM drttoui unisix other urae uaied 41 Krs.aoo dehorn, unless 
.xherwivt sieied x Yen 50 denim, unlerv uUJBrwufc staled ; Pneic Sr tune ot 
MauenMnn a 1-Tiirmj,. b Ncntlliatts. c emus, a Dimeno alter mndins n*m> 
and-nr bs«p '■aue. ePer amre. 1 Kranca. oGrosd div. (tAnumed divideod 
ditei xnp and/or nslru lone. b-Afler Idi-al Lues, m <* tax rree.: a Fraiwfc 
iiiHudma L'nliae div. a Nom. ■ ostri re. split. * UW, and yield cxi-imte soer® : 
nay men 1. r imDeaied div. a llnotfiriai trad/nu. o Mmorny tmldero only. 0 llerjaw 
Demtlna. ‘ Aiked. T Bid. . $ Traded. I Seller, t Aanutned. *r E* rlihUJ. - *d 
dividend, sc Ex serts u*ue. xa Ea alL 4 interim *njc* Increased. 


031'^' 


Price rikor DtvJTW. 

Msr.17 t. V 

Aluminium 1,208 —25 ,b 1.7 
uBCtA ’ — -^a ly 4.1 
CitMi.6eifiyfFi!N00tl,178 ' -6. .22 1 j 8 
Da. l*u Cert*-. 876 -15 22 8.5 
Od. .649 -8 22 . 4.4 

Credit t>nbw,.„. 2^03 -35 16 3.5 

«<ectrowfttt.u-.,- L656 >— lB.'lO SO 
Fircher (G<porfee)„ 67a -10- .0. 3.7 

BoQnuui FlCertej 80»fi00)-Z.TCftli6n- u_7 
lio. flunHh._ie.Q95 L— 300/ ■ 56 -0,7 

lnterioo,l 2 3,460 +80 t'20 AS 

Jdmoh (Pr,100).,JLiSO ' 20 1.4 

5eaLieiFr. r00j. fc S;O3O P-40 uaLi -2* 


Uiectrtmtt.w-..»iL655 i — iB -TlO •, 
Fw.'herfGdor&ejJ 670. | — 10- [ .0. , 
BoD man PtCatnj 80/SOOhZ.TMliSn. 

lie. flunMh._18.Q95 r-i00/-S6 ■ 
tnteriooil 8 3.4&Q +80 20 
Jalmoh (Pr,100)... LiSO ‘ 20 

S«Lk{Fr.tnOl.Jr3;03a F-40 Mfi.1. 

Uo.% KrK.--i-l«!-300 -10 hMJt 
l-kriiban U^F.HaL [2,040 *— 5 [ 115 l 
rtrtlliSlPiF.ia?) o?S ]„«_:.!' IS ' 
a’luhl.-iB /Fr.nb0]...:d,60O 1—80 ‘ 26 
rio. linn Oni. 467 8 - I 26 , 

xjnnUeri-'iSMAI 405 ->— 6 ) 9 
^uirorUtv iF.IOLij 350 -6 - 14 > 
dwteiaii iFJcOc : 805 |...«_;.-3.57 

SnflaslhnS/F.lDK 348 ! : ' 10 

ewNatHeJ'^oOi _ 4.350 1 «J. 40 

L'moo 8*nlu.,^_ 8.066 —15 1 eO 
Znrk-fa lna..‘„i. u JlO.lOO-'— S5-J 4C ( | 


37.11-0. 4-1 18 ! 9.7 
36.1-- 0.5 { 10 2.9 

East'AaftrieOtLj 223kf---j. 12 \ O* °-| I ** 

ffiKBSed is ta, it I a isssa JBbas s n 

ja' Jma oue-^ijas^ — -...j iosa-oia ■ ami'im 


Ohtfabrk.; r8i -1 - I — KjnficbVariFUCX 

t*ri«lbBtik,_^_ laiiftjftt+lfl. >11 8.6 IWrt*w{rtiO/-- 

1491a 11 7.4 RdUnajrfPLW)— 


F'rt5-6tesfen*^-_, 
ifcphlBfeeadiMi 
auprtfos ' 


I MILAN- 


,«1MI(+Ia. >11 8.6 162.6 +0.X At56r7J9 

149k- 11 7.4 RdUncbfFlAOk-. 115,1! + 0.1 — - 

A69k — k 19' 3.2 Itoremto-tFCKn — 13u.fi ~ 0.1 -14 5.4 

1800ft -2k 12' 6.7 128.5+1-2 AiflO 73 

t.-; | dlaetokl^i— 8463 — 19 7.7 

' d tevin Grp - 137.0; — 1.8 £7* 4.0 

Toryo V&eJms-^ 99^ Jo 0.* 

bflilevertPfJO).- 119 jo— 0.8 Astt 7AJ 

■ , K VlkinfiBttOntrtl 35.0+0.2 20 .1^ 

ftee +■ or [Dtv. Tul Wenlan da.8sajt 411.0 —2.6 S2. 3.9. 

4te *— J Lwe* £ ■ *.* 


ANIC..;_^_. 298 +0.7B - i - 1 
dasta^ J- 497 —10 | — >-— 

rux 1.932 . -13 160 7,7'rtCtft 

Do, 1.367 —3 5 100 9A 051-0 

Pittrt,lee 77 +1,6 — ! — 

loucetnem 10^530 —20 - 200 19 M 

lurtotaer -154. , + 3.75.' — 1 -' — 


',o" I ! » **’.|W*ltia 
Un*, 17 - j Kronet v — -j, t ^ 


rtorehtsnri .85.g, + 0.ffi ! 0_ilwl6 


NbftoMo Ll6tf * J 20 US 

■W.... -....-,1.710 r~10 4U IS 

Uftltt^Hariiie-. J 356 |— 1 • 11 2.2 
iMedatTwmtoaK 1 328- +10 la 2.3 
!+4o so as 

IsuUi 1_^_C117 | 10- 4.3 

Inina Marine ! 507 t— 7 11 1.1*. 

fWrto Elect PbWr 1^10 +20 B 3JS 
io+yoaftnyo— ;..] -315. +3. 12 L« 

rphyoShltriur*.; ’ M3B ' — 1U iS 

lprtur..- — . . -1x6 .S, 10 4D 

Itayota Unror— .j 933 W13 BO l.i: 

. Source NOcko Securities. Tokjo. 

VIENNA 

l— ; — : — 

fiw ;+u nivjiuu 
. . yHki.IT >. - 16 J ft 

Credkuniun - 360 .J.” 10 2.9 

PprlnKMOr, -366 *9 3.4 

Select*.- — :1 573 +r ■ ■■ 48 8.4 

-iempem...-. — j 98-- +5 • 

Stejr lMini»r...J 18U ........... S7 3.9 

Vpli Magnerti — [ , 238- +4 14. 5.9 

JOHANNESBURG 

• MINES 

March 17 . ,.Rand.'. +or- 

AnBlo American Cnrpn.-— 4.78 +0.01 

Ohamr CoMcKdated ;-om 

Ea«f. Uriel onteln n.00 — 0.3fl 

EWmrg — 1.6 - -o.« 

HWTBfflW ...I..-/. -4,b0 -0.14 

S-7S --0.S0 

Kloof “7.50 '-0^0 

Husmnbunt Flatlmpn . 1.47 — Q.tH 

Sl Selena U.20 -o.in 

South VaaJ -.s.73 . —0-5 

Onld FlekJq _SA JfZS - 

union Corporation . AM. -0.05 

Oo Beers Deterred -T.-.j --XW - ‘-0.07 
BtEVOonuiaicbt 5-«- ---0.(15 

Hast Hand Pty. u,'. --5.IW • —US 

Prcdtfcia Brand --++•■— iaj» -9.75 
PrcaMeni iiiesn. 'TUX) -8.60 

smrooiein -3.». .-0.03 

W«t nriefontein .zrsss ft - 

western HoWings. 128.50' -1.0# 

western .Deep ,. . lUffi r«J0 

■ ■ ■ • INDUSTRIALS: + 

■SECT --S;i3 - -4-tUU 

AJWlft-Amer. Indostriai « 8.0ft . +050 

Barlow .Rani ........ . ‘Mft 

CNA InvnnmcDts tLlft 

Curfie Plhnhee rttra.’. 

De -Beers Industrial 6150 -. -A# 

Bd#ars; -CmaoUdatetl Inv. 

Bogara Stores 130.00 

fefr Heady 8A ftJ . 

rencrate VotksfaeleEBlSEs . .-'130‘ 4'ljn 

fjreattnnana Stosos: "-C 

Guardian. Assuriutce (SA) -o 

ffttom ' +8.95 

lta - 6 tL» , 

McCarthy Jtodmji. ■_ -B.ftS .- —6.05 

NedBank -n ro ,-j-o jo 

OK Bazaars HUB 

Ptemler. Milling • J30 • 

PrnttKta Cement -5+j V" '3r 

Ptritta-' Hohllnts ..... *3.80" ■ " " 

Hand Mines Properties — ,*W : * -Kfi 
K^Obrandt Group-™;..;.., * 

sagetCoaiinfis ' J 

C. G. Smith. Suftar ......... &25 ' +lfi 

SA ' ‘Breweries J ' " 7 

Ticvr Oats anUTiai. 1 llfflje. .-wsmi'S. & ■* • 
Cnisec • ... .... i;47- ' ' 

' Securities Rand BU:&0.79 . 

. (Discount of 31.30%) , . 


ialst 

dire« 

Are 

ittissin 















FINANCIAL TIMES SATURDAY MARCH 18 1978 


international financial and company news 


. f/f 


r - r • C 





‘■t 


year 

but profit fall foreseen 

- "I**®.'- ’ ' ; ZURICH. March IE 

• ki^very 1 vST'^or^S^SSr J?? Y hen c Jjrilfclli was the exchange-rate sector brought 
-'SeiSSt to L aSltae SSS’ re l U< ? d t E^ Sw Fr& 5 0 -. , about a net loss of potenUai ei^n- 
man, Mr. Armf n S? nS w^r Ji. b 52 ta i?P of to l lBcoaie in « s of some Sw.Frs.40ra. m view 
Thp pomnanu'c totaL for last year shows an of the monetary situation. Swiss- 

s cx P ecta p°ps "ere improvement in that from ate is not exoectine a re neat in 
he said scheduled air services from igTS of lastTe^ IrSwS 1 


'New set 
of accounts 
ordered 
from KSH 

By Charles Batchelor 

AMSTERDAM, Man* 17. 



AUriCO. Elsewhere In the field of airborne much higher this year " said Mr. I Scholten Homg (KSH), the 

Records were reached in all operations, income from charter Baitensweiler Be expressed coil! trembled starch and foodstuffs 
min sectors of operations last and special flights totalled eeru at the currency picture andl ^° U P’ » present a new set of 

- 'accounts lor the year 19 i 4 -i 5 . 

KSH made a loss of at least 
FIs. 1 5.9m. in that year instead 
of the profit of FIs 30, 000 shown 
by the original accounts. 

KSH transferred Fls.I5.9m. to 
its profit and loss account from 
the revaluation of its stocks in 
that year, instead of. as in pre- 
vious year s, ‘tra nsferring it to 
reserves. KSH may have bad 
good reason for this change in 
procedure, but in that case i t 
should have been stated in its 
annual report, the Economic 
Chamber of the Amsterdam Dis- 
trict Court said in its judgment 
It awarded costs for the action, 
which was brought by a share- 
holders’ group. Foundation for 
the Investigation of Business In- 
formation (SOBJ), against KSH. 

KSH, which has reported grow- 
ing losses in subsequent years, 
culminating in a forecast loss of 
between FIs. 40-50m. in the cup 
rent year, has two months to pre- 
sent new accounts for 1974-75, 
the court said. It ordered its 
recommendations to be applied 
to- subsequent accounts of KSH. 

The company is. therefore, 
likely to be required to draw up 
new accounts for 1975-76. It has 
only presented unaudited 
accounts for 1976-77 so far be- 
cause the restructuring of the 
company which is presently 
taking place prevents a proper 
valuation of its assets. 

The court also criticised KSITs 
method of accounting for re- 
valuations of machinery and 
buildings. It did not take into 
account potential tax obligations 
when it transferred an increase 
In the value of these items. to 
reserves. 

KSH said ft is studying the 
court’s judgment before deriding 
whether or not to appeal. 


wlS 2 ?J£f, cent - w - s y J “. income .from the iteei'expaiisiOMiS “ far-reaeh- 

30* ,9m. Despite a rise in depre- letting-out of aircraft and reserve , ng decisions” due to be made 

ciatmns from s w.Fre313m. to material rose to SwJTsJgJSm. during the year— and the que* 

:Sw.Frs , 2S8m. for the yeai>-of tSw.Frs.12.6m.), while that from ti„n of s£riss airport capacity, 
which some Sw.Frs.75m. con- ground organisation; services. Finance director Dr. Martin 
sisted .01 depreciations over and catering, tax-free shops, technical jynger said 1 that. unlike the situa- 
qbove ibe regular amount— net services and allied sources was don last year income will car- 
"Egg were up to SwJVs.51.9m. up to Sw.Frs.37l.65m. 1 (Sw.Frs. t^jy fast than Swiss- 

• ($27 .5m.) from SwJrs.43.Bni. 336.85m.). Earnings for parbei- air’s actual operations in m 
: -the previous year. pations and other sources fell to H e forecast that the airline’s 

' is to J recommend SwJra.64.73m. (Sw.Frs.75.4m.). capacit y offer and its transport 

.pajment of a record dividend of The airline is now seriously performance would rise by some 5 

^Sw.Fnwa i per share. This com- concerned at the strengthening of to 6 per cent., with income stay- 
.- pares with an annual SwJraSO the Swiss franc in relation ro ing at about the 1977 level. This 
distnbuuon for every year other currencies since last would point to a fall in net profits 
between 1969 and 1976 except autumn. In 1977 alterations in for this year. 

Sandoz lifts profit and holds payment 

BY OUR OWN CORRESPONDENT 

-GROUP TURNOVER of the Sw.Frs.294m. last year. After dividend rate. Stock issued dur- 
- Swiss-based chemical concern, deduction of book losses from mg last year will be entitled to 
•Sandoz was up by 16 per cent, exchange-rate alterations, net a half-dividend. 

-last year to Sw.Frs.4.77bn. group profits were of Sw.Frs. 
tS2.5bn.i; according -to the 214m. against Sw.Frs. 

Basle parent company, Sandoz 144m. 

AG. This sales figure included The parent undertaking, whose /lirirh iccup tnlcp-im 
.for the first time turnover of net profits went up from Sw.Frs. ^ Ur - 15 * ue iaKeu P 

ibe U.S. seedsman company 71.5m. to Sw.Frs.78Jm. last year, THE CITY OF ZURICH’S 
Northrop King. Exclusion of this is to suggest distribution of an Sw.Frs.60m. 15-year 3 per cent 
firm from the group total shows unchanged dividend of ■ a gross conversion loan was fuily sub- 
,ii 6 per cent, increase for 2977. Sw.Frs.B5 per share and Sw. scribed at its issue price of. 

Gross profit of the Sandoz Frs.13 per participation eertifi.- 99 per cent, according to primary 
group rose from SwJra242m. to cate, sums equal to a 26-per cent market sources. 


Interim setback at David Jones 


BY JAME5 FORTH 


SYDNEY, MARCH 17. 


DAVID JONES; a major depart- Australian operations. Group reasons for the sluggish eariuftgs 
.meat store retailer, suffered a 28 domestic sales In the Janaary performance, industrial disputes 
‘ofer cent fall in profit in the first haU ed S ed U P onl y 3JM percent. .and additional costs incurred bi‘ 

S of ig^-re-ihe onlv retailer t0 SA:iWm - ($ujj.233m.>, a.fall the commissioning or a new 
«lf of 1977-7S— the only retailer ^ ^ lerms Tbe UA subsi _ brewery in Sydney among them. 

to report lower earnings, diaries raised sales 10.5 per cent The wine market remained 

-•Earnings of David Jones fell to SU.S.50m. (SA43.7m.K • “flat" during the six months 
□mu SA5.7tn. to SALOSm. The interim dividend is main- but the NSW beer market edged 
(SU.S.4.7m.l. but the directors tained at 4 cents a share. up three per cent. with, 

expressed hope for an improve- * * * packaged beer up 9.5 per cent., 

ttem in tbe second half. ■’THE IMPRESSIVE growth- of against a marginal decline in 
. Thev said that February sales major New South Wales brewery bulk beer sales. The directors 
had sftowij signs of improvement Tuohejv. came 10 a halt in the said ihat restructuring aiso- 
pnd that tax cuts and the reduc- January half year. The company dated with the introduction of! 
lion in inflation .should lead to managed only a Fractional. gain ihe modern new brewery would; 
increased consumer confidence in profit from SA3.53in.-($3.1m.) make its full impact in 1978-79. ; 
and spending. The group's main to SA3.57m. Interim dividend is held at 3.75; 

problems appear to lie with its The directors cited several cents a share. 


Swedish papermaker dips 
into red : no dividend 

BY WILLIAM DULLFOftCE STOCKHOLM, March 17- 

MODO, the Swedish pulp and Kr.33ra. operating loss. By con- while Kr.l90m. will be allocated 
paper group, slumped into the trast both fine paper and soft to a spemal appreciation fund- 
JLJ last vear with a ore-tax loss paper production moved out of The intention is for the balance 
red last l Mr with a pre-tax loss me ^ recording operating sheet to give “a more correct 

of Kr^29m. (549.8m.) and p rofllfi 0 f KrJ.lm. and Kr.2m. picture of tbe true value of assets 

expects to make a further loss respectively. The rest of the and of the relationship between 
in the current year. operating loss was made by the equity and outside capital.” . 

Tbe 1977 deficit is less than the engineering companies. 

KrJ50m. loss forecast in October The big increase in group 


JVl^tnnu, *v*w uflJl ±U ulivw rw Xlitp UJ5 uiucub abb aiuuj# ^ j 

but nevertheless represents a borrowing last year is underlined IffgCSIlflQ pays Same 

«?■*“ lucres of 11 per £- «.«£ -*££«* KJ 

After appropriating KrJ49m. year “provided that the cur * S^ed^dividend^ jSVso^a 
from reserves, the 1977 account reocy situation and the state of Sjflcm the ltfT^ccoun? dWPlte 
shows a net after tax profit of the market improve within a ““.Jf J5S?°S3* iS^mr 

Kr.l3m-, while after bringing out reasonable time." Pulp stocks * ^li^cfock 

untaxed reserves the parent com- should return to Hormal by the corres P Qnden t fr oni Stock 

pany reports a net profit of middle of this year and invest- “°™- .. ^ q- 

KrJA&n. The Board, however, ments will be cut drastically over A 5**^“ , 
proposes to pass the dividend, the next few years. • 

In 1976 the dividend was cut by It should be noted that a co “ p ^l w \ th a P” fl j=° f 
Kr.0JE5 to Kr.6.50 a share after Kr.70m. write-down of pulpwood KrJS&in. in 5?*®: -J™ 
earnings - had tumbled by stocks to comply with the fall 

KrJfitm. in pulpwood prices has been income _ before allocations and 

UoPo’s losses this year will charged to the 1977 account, as taxes of hjX2m. Sales roseoy 
depend on both pulp price deve- have Kr.lOm. in trimming costs 7.7 per cent, to ivr.i-o/on. 
lopments and the fluctuations in on new paper machines. (629Sm.i. . 

the UA dollar. A change of The Board proposes to write Tbe pre-tax figure includes 
Kr.Ohl in the dollar rate affects up from Kr.30m. to KrJJ30m. the stock gains of Kr.ll.lm. Net in- 
group 'results by some Kr^m. a book value of its. 49.43 per cent, terest costs rose by Kr.16.5m. to 

y-ar holding in the Harrsele Power Kr.49.9ro. and a further Kr.lOm. 

MoDoCell. the group’s pulp Company. Of this increase has been chained to the account 

manufacturing division, was Kr.lOm. will be used to write <or currency losses on the long- 

responsible for Kr.26ni. of the down the value of other shares, term foreign debt. 

Billerad worse than forecast 


BY OUR NORDIC CORRESPONDENT 


STOCKHOLM, Mar. 16 


Higher 

dividend 

atHBG 


Foreign banks move into U.S. 

V NEiy YORK, March 17. 

INROADS bv foreign banks into According to bankers,. though, assets of weekly U.S. reporting 

th« r s hankinc market con- further growth in the foreign banks', for the week ended 
the L. 5. banking market agsets has occurred sin ce December 2& 1977 were S609.6bn n 

tinued at a fairly rapid pace November.- ami they estimate up $56bn. from a year earlier, 
during 19«i. and this develop- tij esc assets are now well in While much recent growth of 
.went is. regarded by some^New excess of SSObn. the foreign banks is based on 

York hankers as a factor in the The growth of foreign banks expansion of. clearing trans- 
slucgisli pattern of commercial compares with an advance of actions and money market activi- 
and industrial loan growth about 9 per cent, in assets, ol ties,.. commercial and industrial 
reported bv major New York weekly reporting large . U.S. lending represents a significant 
rirtmrtinc banks. commercial banks in 1977. share, .of business and of growth. 

~ • ** According to Fed data, total Reuter 


According to Federal Reserve 
Bank data, assets of reporting 
foreign hanks in the U.S. rose 
almost 15 per cent, between 
November 1976 and November 
1977, from S87.6bn. to $77.7bn. 

At year end 1977, assets of 
foreign banks stood at 383.6bn., 
hut :t Fed spokesman said the THE CAN AD LAN 


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By Our Own Correspondent 

AMSTERDAM, March 17 
HOLLANDSCHE Beton Group 
(HBG) Holland's largest con- 
struction company, announced 


EARNINGS OF BiHerud. the be reduced by Kr.40m H where in Sweden. These report a loss 
Swedish forest products concern, depreciation according to plan of Kr.lOSm. against earnings ot 
hv KriTTm in»n 7 applied. On the other hand, it Kr.67m. in 1976. In contrasi 
plunged by Kr.li/m. into a pre- ^ estimated Kx.24sn. in Billerud’s Portuguese pulp com- 

tax_ loss of Xr.lSOm. (S26m.), stock pa nyi celbl, earned Kr.44m. last 

according to the preliminary re- Even after planned deprecia- year, . the packaging division 
port released to-day. The loss is tion Bitierud shows an operating turned in Kri&ra. and the group’s 
greater than forecast at the eight- loss for the year of Kr.lOm. com- power stations more than doubled 
mflntti Ktace The Board nrannses Pared with an operating profit of earnings to Kr.35ra 

““ ™! Kr.l40m- for 1976. The adjusted BiHerud shows a net profit after 
to cut the dividend to Kr.4 a js given as Kr.40-50 tax of KrJ29m. against Kr^7m. 

share, which would be comparable „ pet, net earnings of KrB a share after transfers from the parent 
with Kj:-R 80 a share after adjust- in the previous year. company reserves. These tra us- 

ing for last year’s scrip issue. A breakdown of the operating fers allow the company to take 
Sales grew by less tban Kr.60m. profit after planned depredation advantage of special tax dedue- 
to Kri46bn. (S318m.L The shows that tbe profit collapse tions on its investments. Capita) 
Kx.l20tnu loss is struck after cost- stems almost entireiy from the spending last year was cut by 
calculated depreciation and would pulp, paper and timber operations Kr.BSm. to Kr.l22m. 

Kocknms warning for unions 


BY OUR NORDIC CORRESPONDENT 

THE management of Kockmos. training 
tbe Swedish shipbuilding and Board 


STOCKHOLM. March 17. 


and Labour 
employment 


German 
Massey 
drops U.S. 
exports 

By Adrian Dicks 

BONN, March 17. 
MASSEY - Ferguson - Hanomag, 
the Went German construction 
machinery subsidiary of the 
Canadian group, announced 
to-day that It has bad to sus- 
pend exports to North America 
because of exchange rate diffi- 
culties, and warned that exten- 
sive short-time woriring is 
likely to become unavoidable. 

In blaming the decline of the 
dollar against the Deutsche- 
mark directly for this situation, 
the announcement provides 
some of the starkest evidence 
yet of the dangers which 
German Ministers fear could 
affect hundreds of other 
engineering companies. 

The company, based at nan- 
over, builds tracked vehicles 
and loading equipment among 
its range of products, and it is 
sales of these to the Up- 
market, in particular, that 
have now had to be suspended. 

According to a statement 
released by ttac company. 
Mas sey-Fergu son's Italian sub- 
sidiary has also suspended its 
exports to the U.S. market of 
hvdraulic excavators. 

‘To-day's statement said that 
the management and works 
council of Hanomag had- 
reached baste agreement on 
the need to introdnee short- 
time, but added that the detpUs 
and extent of this have’ yet to 
be settled. 

About 70 per cent, of tne 
plant's output 7s exported, with 
about half of this figure denom- 
inated in dollars. Hanomag 
has some 3,500 employees. 

Bought from the Rhcinstabl 
group hv Massey-Ferguson in 
1974, Hanomag had already 
suffered considerable erosion 
of some of Its markets for 
several years. Since the take- 
over it has experienced further 
several difficult patches as a 
result. of the depressed state of 
demand for many- types- of 
machinery In West Germany 
and abroad. 


Loss at 
Arfoed 

Financial Times Reporter 


industrial °rouD to-dav warned * cither ^ese measures nor the would need more than Kr.5bn. in some Sl40m.— in 1977 
industrial group, to-day warnea wfl5tage Qf the ]ablJur pubMc funds for the ms $i [ announced bv Arbrd. 

union representatives that U foree wou i d be enough to meet period. And this figure did not; blccest single employe 


Market Svenska Varv management indi- 

grants. cated that the State shipyards j j^g T [osses of Lux.Frs.L5bn.— 

_ ’ are 

the 

would have io lay off 600 blue- the situation that would arise in include the Kr.I.Sobn. required j LmSbourB S and oS P of "the lop 
collar workers and 300 office suff the autumn. to cover the 1977 losses and j European steelmakers, 

in the autumn. Koekums re- Union members believe that restore Svenska Varv's share ' 
ported yesterday a pre-tax loss the company move was designed capital. 

of Krj65m. tSl4.lm.) oo its 1977 t Q press the .Government into Mr- Nils-Hugo Hallenborg, 

an increase in its 1977 dividend j account The Maimoe Shipyard, granting credit guarantees for Koekums' managing director, 

and plans for a one for 30 scrip which still turned in earnings of the third ENG carrier, which later described as “a foolish 


Kr.iOm. last year, will slump Koekums wants to build on its statement** the report that his 
into the -red -this year. own account. But the Govern- company was announcing redun- 

Koekums said in a com- meat also faces a massive call dancies in order to bring pres- 
munique that it had tried for new rapitk) f?om Svenska sure on the government. He 
[several ways of coping with the Varv, the : State Shipbuilding hoped that Koekums wonld 

1 lahnur nsammoltv in t>i<» am„n' obtain A MW Order til the Spring 


issue. Ar the shareholders' meet 
ing on May II the Board will 
propose a final dividend of 
Fls.5.40 cash per Fls.20 nominal 
ordinary share taking the total 

1977 dividend to Fls.6.40. It paid 1 labour overcapacity in the yard, group: 


a total dividend of Fls.6 in 1976. ! the parent company and the com- Svenska Dagbladet, the Stock- which would enable it to with- 


OTTAWA, March 17. • 

Government Toronto to provide computer con- 

NoWmhcr* figures are *nionT indi- has rejected a proposal by a suiting services. The propbsa! 

enlive «f the situation since year South African-based concern, did no t provide “significant 

end distortions run into the Arnold Garber Pty. of Jonannes- benefit to Canada " as defined in 

figures. burg, to estsbl.sh , business in ihe lnvestment 

Act. the Government said. 

However, five other projects 
were allowed. These included:— 
A proposal by Audio Research, 
Lombard. Illinois, to establish a 
business in Toronto to compile 
and market records and tape 
collections for sale through mail 
orders. . 

A proposal by Browning-Ferns 
industries of Toronto controlled 
by Browning -Ferris Industries of 
the UJS. to acquire control of Go- 
Lift Disposal Systems of Weston, 
Ontario. 

A proposal by Marvel Manufac- 
turing, San Antonio, Texas, to 
establish a business in Montreal 
to. manufacture dry cleaning and 
laundry equipment 
A proposal by Petrol Oil and Gas 
Properties Partnership, con- 
trolled by West German citizens, 
to establish an oil and gas 
exploration development and 
production business in Calgary. 

A proposal by Newell Manufac- 
turing of Pref ccrtt. Ontario, con- 
trolled by Newell Companies of 
Ihe UJ5., to' acquire Dixon Red 
Devil of Mississauga, Ontario, a 
manufacturer of paint acces- 
sories and painters’ tools, con- j 
trolled by Red Devil Inc., of the 
UB. 

AP-DJ. 


This time it proposes issuing 
one new share for every 30 
already held with tbe new’ shares 
ranking for dividend from 1978. 
Last year it made a 75th jubilee 
scrip issue or two new shires 
for every 25 held. 

Net profit rose 3S per cent, to 
Fb.4R.6m. From Fla.35.2m. on 
turnover up 19 per cent to 
FIs .2.44b n. from Fls-2.04bn, Net 
profit per share was 27 per cent, 
higher at FIs .22.79 compared 
with FIs. 17.93. The company’s 
order book totalled FIs.3.4bn. at 
the end of 1977. compared with 
FIsJL29bn. a year earlier. 

The profit improvement came! 


puter systems unit These had holm daily, reported this morn- draw the redundancy notices, 
included alternative projects, mg that the restructuring Talks were underway with a 
30,000 man-houxs spent on re- analysis just completed by the possible customer. 


Balken results below target 


BY OUR NORDIC CORRESPONDENT 


STOCKHOLM, March 17. 


BALKEN. the Swedish construe- which was not repeated last year, During 1977 Balken completed 
tion group, has reported provi- so that the 1977 pre-tax figure the merger of Hs two largest 
sional pre-tax e arnings for 1977 before allocations cornea out subsidiaries, Armerad Betong 
of Kr.26.lm. (S5-7m.) on a turn- Kr.7m. ahead- The group shows and ABV, but at a higher cost 
over of Kr.3.29bn. l$701m.). a net profit after tax of Kr.17.5m. than originally calculated. 

Sales were ahead by just over against Kr.20-9m_ and the Board Another factor- '{contributing to 
11 per cent compared with 1976 proposes to pay an unchanged the curb on 'pftmt development 
_ bui the profit dropped by dividend of Kr.6 a share. was the increase in planned 

primarily from’ HBG's foreign 1 over Kr.4m. and did not meet the The order intake during the depreciation of over Kr.l5m. to 
activities which accounted for Kr.33ra. forecast made in the year was up by Kr.350m. to Kr.64.5riL 
around 60 per cent, of total turn- 1 eight-month futerim report. Kr.3fibn n leaving an order book 
over. The company expects Its! However, the 1976 account in- at the end of the year of Kr.LSbn. 
result to improve further in the '.eluded an extraordinary loss ot ahead by Kr.l50m. compared 
currenT year. |Kr.H,7m. as 9 reserve for with the position at the end of 

HBG comprises more than 100 \ supplementary wage payments, 1976. 
companies active in general con-' 
struct ion, housing. civil 
engineering, dredging and off- 
shore engineering. It will 
publish its annual report on 
April 25. 


The latest deficit compares 
with a net loss of LuxJPrs.Ubn- 
in 1976 and losses of 
Lnx.Frs.3bB. in 1975. Once 
again the company is not pay- 
ing a dividend. 

Turnover last year declined 
by around 5 per cent; 1o 
Lux.Fra35.4bn. (SUbn.). This 
problem of weak sales was 
compounded by the ** Insuffi- 
ciency of selling prices which 
were well below production 
costs.” 

Arbed is currently at Ibe 
centre of major restructuring 
of the sleel industry in the 
Saarland- 

Advance at' 
Fingest 

MILAN, March 17. • 
FINGEST, . the holding- com- 
pany controlled by Montedison, 
increased net profits by^2fi-jier 
cent, to L8.12bn. (S95ftm,).vin 
19 T 7 from L6.33bn. in-49/fr ' 
AP-DJ. 


NMBtO 

expand 

abroad 

By Our Own Correspondent 


Go-ahead for Tandberg takeover 


BY FAY G JESTER 


OSLO. March 17 


on 


A TEMPORARY state takeover and Kr.lSm. to be spent 
of Norway's troubled Tandberg research aod development, 
electronics concern, to help ll The vote clears the way for 
back into profits, was unanJm- tbe appointment of a new Board, 
ously approved this week by which is expected to take some 
parliament. tough decisions involving the 

The move will cost taxpayers closure of several Tandberg 
a total of KrJ40m n ($45nu, plants in Norway. Tbe concern’s 
Including KrA20m. of new share plant at Haddington, in Scotland, 
capital. Kr.55m. in loan write- Is not however, expected to be 
offs, Kr.50m. in loan guarantees, one of the casualties. 


William Jacks takes control 
of associate in U.K. 


BY H. F. LEE 


SINGAPORE, March 17- 


AMSTERDAM. March 17. 

THE GROWING saturation, of > 
the banking services market in - 
Holland means Nederlanosche ; 

Mlddenstandsfbaok (NHB) will; 
increase Us activities abroad. ! 

NMB, which specialises in pro- 1 
viding finance to small and . WILLIAM JACKS and Co. Group sales declined by 7.8 
medium-sized business, sees • (Mai aval Berbad has announced per cent to 36.15m. ringgits, 
in tbfc Middle and Far ‘ that i*. has acquired 100.000 while operating profit tell 
and in South- America, j shares in its- ILK. incorporated sharply by 72 per cent, to 334,000 
managing Board chairman Mr. , associate company, William ringgits. reflecting drastic 
W. E. Scherpenhuijsen Rom said. ; Jacks 3nd Co. Ltd. at a price of declines in trading margins. 

The bank will consider the j 26p per share. William Jacks said that 


possibility of opening iis own 


the 


although the results have been 


branches or of co-operating with ; hoidine in the UK. eom- unfavourable compared with Die 

its partner, in the Intei'Aipha ! JJJ 1 ^ £ |J!ra raised from 4S.35 ™r"wPO"<ling half year of Mil 


Change at 
Olivetti 

I New York and 5ao Fauio. It is ■ ,u s However, it warned lhat no 

Roberto 'Olivetti has resigned j represented in Hong i JUS*,.? significant market improvement 

the™ presidency of C. Olivetti', Singapore, Tehran and Toigoj .°^ we goup and ^ expected during the second 
-J XT ^ nnw _ thmntrh the TTyt<sr-Alr.Ti a omnr. ! rCSllltS Will Oe Consolidated Wiln 


uuires. : o-.-j.jint to 50^ dm cent. group sales have been maintained 

NMB, which is the last of »hei pe ^ can ai the same level as the preced- 

major Dutch commercial banks „ ** “. Ja ?“ s mg six months and earnings 

to expand abroad, has recently • „ rao i° r *F? have shown an improvement over 

opened fall branches in Beirut • dismbuuon jid retailing provid- period . 

New York and Sao.Faulo. It is • “8. However, it warned that 


through the Inter-Alpha group, j rewrite L de consolidated with yea r. 

earlier announced a 26 > ° ^ ^ Tbe group is largely involved 


per cent, rise in net profits In f TJe that the pre-tax j n Jjj e trading of building and 

1977 to Fis.9&Iim. from Fls.77.9m. ; Profit of ^ u.K. company for p npin pgrinp materials and equip- 


improved profit came largely; The groups interim report Singapore subsidiary, 
from the Increase in business ; showed a lurther deterioration in steamship company. 


Straits 


and Co., manufacturers of com- 
puters and'- office machines. He 
will , remain on the Board. 

Hr.- Olivetti explained, that his 
reagntition was due to-. the "in- 
compatibility "of the vice presi- 
dency. .. at - Olivetti with the 

position he has accepted as _ 

general director volianeT while interest margins ’ its condition. _ — 

staie-holdwg financing techno- wete n8rrowe r than in 1976. , For the half-year to December, 

logically advanced operations m, Total credit granted rose 29 William Jacka and Co. (Malaya) Mav stores DOY 

per cent, to Fls.I5JbtL, hut the : Berbad recorded an after-tax loss * * 

bank remained within ihe credit ■ of lBSffi. nn-igit <$US460.000> May Department Stores and 
limits imposed by the central j against a net profit of 18,000 Jewel Companies have agreed in 
bank. It expects no easing of ‘Malaysian ringgits in the corns- principle for Mays Venture 
these limits. Talks with tbe '■ ponding half year of XS76. Discount division tq acquire 19 
central bank over an extension 1 The pre-tax loss was 533.000 of Jewel's 22 Turn style self-ser- 


HaTy,- including possible enter- 
prisejnand ventures of Olivetti 
Meanwhile, Olivetti Sp.su whose 
short-term indebtedness is esti- 
mated at L&Obtu is expected, to 
make' a profit for 1577 after four 
years: fif losses. Estimates put 


of the curbs into the second ’ ringgits, compared with a gross vice department . stores, Reuter 


last year's profits at L4hn. out 6f l quarter of 1978 will be held] profit of 326,000 ringgits pre- reports from Chicago Terms 
* - - - yf tn Mt disclosed. 


total sates of U,365bn, 


today. 


itiously. 


Eb^ellent results 
from Gartmose 



Here is the outstanding record of Gartmore High 
Income Trust as given in the Managers* Report 
published 15th March X97& 

Income up 11.3% 

The income paid for the six months ending 31st January 1078 
was 1O6.05P net per 100 units. This com pares iridt 140.20P 
net for the corresponding period last year- a rise in net 
payments of 1 1 .3%- 

£48-35P to original unitholders 

Original unitholders have received a total of £4^.3 5p gross 
per £100 invested sqr>« the Fund beg^Jnm^ larch 1975. 
Estimated gross yield as at 16th March 1 07S was 9.24% pa. 

24-3% rise in capital value 
in 6 months 

Over the 6 months concerned the oSer price of units rose by 
24.3* compared with a rise in the Financial Tunes Industrial 
Ordinary Share Index of 4.6*0. Since March i075< the offer 
price of units has risen by r 13.5°,, compared to a rise of 65.7% 
in tlwFinanoal Tiroes Index las at rOth March 197^)- 

Two ways to invest 

You cam .invest directly in Gartmore Hirfi Income Trust or 
rh rough n single premium bond underwritten by Lloyds Life 
Assumrvjc Limited. 

Full detai Isas availsfcle on request -contact Adrian CoDins on 
01-283 3531. or complete the coupon below. 


To: Gartcoore Fund Managers LtcL, 2 St Mary Asa, 
London EC3A SEP.Teb 01-283 3531. 

Please send me 

□ Tbe hKst High Income Trust Manager? Report 
D Details oftheCanmore range ofunit trusts 
O Detaik of your smgb^tenmira bend 

| Name / ' FTtSa; 


| Address 

I __ 

1 



GimqtMaBa^aaenl. 

V&tppKahletoEiK Mcnbw d! rf»- Umi TruM Avwririo 



so 


IncofporatodmilhHmtoriTu&nitymymwtindBrlheCimpamettyer^^ 

This announcement is issued in connection with a placing of Participating Redeemable Preference Shares (the “Shares’’) of Schlesinger Far East Fund Limited (the Company^ j 

a subscription price of £1 per Share . . V '• - 

- - . BOARD OF DIRECTORS ^ ; 

Manfr ed David Morass [Chairman) {South African), Chairman, Schlesinger European Investments Legated. 3 Bolocy Gate, Ennatnorc Gard ens , L ondonS Sv7. # 

Peter Charles Baker, M, A.. F.C-A-, Managing Director, ScHesinger Investment Management Services Limited, 2 Fairway Ctose, West Common, Haipcnd«L Hmfbxdslure. . e _ w rbannd Island*, . ' ’V 

Alan Maes Carina. Mmtercf The Stock Exchange, and of Sheppards & Chase, La Clochette, St Martin, Jersey, Channel Islands. Neil HarveyJDangerfield, Director, Trevor Matthms 

Brodie Henderson, Director, Schlesinger Investment Management Services Limited, 6 Lowndes Place, London SWI. Robert James Howe, Director , Schlesinger International Management Limited,- Lc Bnasonnct, La Rue Awo, vsrouyme, 

David Pffnt Innttj?, Member of The Sutck Exchange , La Rochelle. Sausmarez Road, St Martin's, Channel Islands. David Oswald Moon. Solicitor erf the Royal Court of Jcnsy r Jjts CheaoHes. St John, Jersey, Channel manos. - ' 

Richard Keith Timbcrlake, Managing Director, Sckksinger Trust Managers Limited , Etnley Hill House, Bowihead Green, Nr. Goda im i n g, Stpiey. ~ 


MANAGERS 

Schlesinger International Management Limited, 

41 La Motte Street, St. Heller, Jersey, Channel Islands 

DIRECTORS OF THE MANAGERS 
Manfred David Moross ['Chairman ) 

Peter Charles Baker, Alan Miles Corbin, Neil Harvey Dangerfield, Alan Brodie 
Henderson, Robert James Howe, David Sant Innes, David Oswald Moon, 
and Richard Keith Tiraberlake, all as above; and 
Douglas David Aitken. 16 Byron Road, Harpenden, Hertfordshire; and 
Geoffrey Srcuart Fairfax Piper, La Rue Freule, St. Ouen, Jersey, Channel Islands. 

INVESTMENT ADVISERS 

Schlesinger Investment Management Services Limited, 

19 Hanover Square, Ldndon WIA 1DU 

SECRETARIES, REGISTRARS AND ADMINISTRATION 
AND REGISTERED OFFICE 

Schlesinger International Management Limited, 

41 La Mottc Street, St. Heller, Jersey, Channel Islands 


AUTHORISED SHARE CAPITAL 

100 Founders’ Shares of£l nominal each issued 
and fully paid. 

500,000 Participating Redeemable Preference Shares 
of Ip nominal each now being offered for subscription 
and to be fully paid. 

9,500,000 Unclassified Shares of Ip nominal each 
. available for issue. 

Unclassified Shares will be issued as Shares for the purpose of satisfying 
applications for placing and as Nominal Shares for the purpose of facilitating the 
redemption of Shares (see below}. 

ASM 14th March, 197S, the Company had available the loan facility described below- under 
the headings "Foreign Currency Loan Fjcility” and "Borrowinc Arrangements' 1 . Apart from tin* and 
the arrtnganents for the redemption of t-harra. and Nominal Shares of the Company referred to below 
under the headings “Hotr to Realise .Shares" and "Capital Structure", the Company, bad ar that date 
no loan capital or other borrowings or indebtedness in the nature of borrowing, including bank 
overdrafts and liabilities under acceptances or acceptance credits, mo rt ga ges, charges, hire purchase 
commitments or guarantees (or save as disclosed herein) Other material cotmngcnt Liabilities. 


% RANKERS . 

Midland Rank Trust Corporation (Jersey) Limited 
28-34 HE Street, St. Helier, Jersey, Channel Islands - 
Schlesinger limited, 19 Hanover Square, London WIA 1DU 

AUDITORS 

- Peat, Marwick, Mitchell & Co. 

Chartered Accountants ~~ 

Equity & Lavr. House, La Mottc Street, St. Helier, J ersey, Chaiujd .Islands 
LEGAL ADVISERS 

• In jersey: Monrant du Feu & Jeune 

16 Hai 'Street, St. Helier, Jersey, Channel Islands ./ v ' 

JnLondmcJdnJdatexs&Vsdaest:' - 

Barrington House, 59-67 Gresham Street, London EC2V 7JA 

BROKERS TO THE ISSUE 
James Gapel &Co. 

Winchester House. 100 Old Broad Street, London EG2N 1BQ, 

_l'r . and at The Stock Exchange 
Joseph Sebag &Co. 

3 Queen Victoria Street, London EC4N SDX, and at The Stock Exchange 


INTRODUCTION 

The Company has been established to provide residents of the Scheduled Territories with an 
opportunity to participate in a managed portfolio of investments principally in Japan and the Far 
East, many of whose economies have, in recent years, grown significantly faster than those of the 
remainder of the free world. 

It is expected that the Company will, initially, enjoy a somewhat higher yield than is usual 
for a fund investing in the Far East because of the investment of sterling deposits in British ' 
Govenunenfsecurities (see below). 

The Company has the same open-ended characteristics as a unit frost. It may issue mid 
redeem Shares at prices based on net asset value. 

Shareholders, whose initial investment exceeds £2^500, will receive the Schlesinger ‘TIMS’ 5 
service, designed specifically for larger investors (see under “PIMS Service” below). The ‘TIMS” 
Personal Investment Management Service includes regular investment reports, valuations-, and 
informal meetings with the Managers in Jersey and other centres. 

INVESTMENT POLICY 

The Company’s objective is long term capital growth obtained from a managed portfolio of investments 
principally in Japan and the Far East. It is the Directors’ present intention that the Company’s portfolio will be 
built up gradually so that the preponderance of the net assets is invested in securities issued by Japanese 
companies. The Directors expect that, in normal circumstances, there will also be a proportion of the portfolio 
invested in Hong Kong and the smaller Far Eastern stock markets or in companies trading in that area. The 
Directors may, however, vary- the portfolio structure from time to time in the light of changing economic and 
market considerations. 

When investment is made by way of the foreign currency loan facility referred to below the Company is 
required to maintain a deposit of cash and/or securities with the lender. Part of this deposit may consist of 
a sterling cash deposit or-be invested in British Government securities, depending on the Directors’ views of 
future interest rates and other factors. At times when any part of the deposit is invested in British Government 
securities, the net asset value per Share of the Company will change, not only with the change in value of the Far 
Eastern investments, but also with the change in value of such British Government securities. The proportion 
invested in such British Government securities and the yield therefrom will also have a material effect on the 
yield of the Shares. 

THE JAPANESE ECONOMY 

The Far Eastern economies of the free world are dominated by that of Japan, which accounts for 
approximately 10.5 per cent, of OECD Gross National Product, compared with U.S.A. 46,2 per-cent-, Germany 

8.6 per cent, U.K. 5.4 per cent The majority of Japan’s post-war economic history has been marked by a high 
rate of real economic growth. The increase in the price of oil in 1973 and the worid-wide recession which, 
followed, resulted in Japan experiencing negative real growth in 1974 for the first time since the war, coupled 
with high inflation. Since then, however, the economy has recovered strongly, achieving a real growth rate of 

5.7 per cent in 1976 and 4-9 per cent in 1977. Japan is now having to adjust from being a fast growth economy 
to one of more moderate growth. The Managers, however, consider that in the foreseeable future Japan’s rate 
of growth will still be one of the highest in the developed free world. 

The success of Japan’s exporting industries has been a major contributorto its recent economic recovery. This 
lias resulted in a large balance of trade surplus which has been achieved despite the country being dependent upon 
imports for over three-quarters of its energy requirements, and having been in deficit in 1973. These successes 
have been reflected in the strength of the yen and have also caused criticism from other international trading 
nations and groups particularly the United States and the E.E.C., which are concerned at the imbalance of trade 
with Japan. 

The rate of inflation in Japan has now been reduced from a peak of over 26 per cent, per annum in ; . 
October, 1974 to 4.8 per cent per annum in 1977. 

An important feature of the economy is the high personal savings ratio compared' with other developed 
countries. Because of this high savings ratio Japan has, for many years, enjoyed a comparatively high level of 
capital investment. 

Uncertainties exist about the short-term performance of the Japanese economy and of individual 
companies, as they do for most major economies at present, but during the last 25 years Japan has proved its 
ability to adapt quickly, and successfully to changing economic circumstances, and the structure of its industry 
and society is likely to" ensure that Japan remains a major force in. the world’s economy. . 

The table above shows the relative international size of the corporate sector of the Japanese stock 
market. It is twice the size of the U.K. and is nearly three-quarters that of all the European stock markets 
combined. It will be noted that the U.S., Japanese and U.K. stock markets represent almost 80 per cent of the 
combined value of world stock markets listed in the table. 

A diversified portfolio of international securities should, for these reasons, contain 
investments in Japan and the Far East. 


INVESTMENT MANAGEMENT , . „ , . 

The- Director or* responsible f« tho Company's overall investment poEcr.Toe Company ha, 
however, entered into an Asrecment I Contract No. 1 be kiwi with the Managers under wi neb the Manager* 
have been appointed to manage the Company s mirntmcnu, to ndl and purchase and promote the sale and 
purchase cit it* Shares and to provide pawral aJininixtrjnwB services, particularly in connection wnh the 
keeping of mmib and the k>uc and rudempl'un a! Mures, 

Fees and Charge-: .... _ . . . 

T},,. Manager, are entitled to rcccit « and re rain a muonum? per «nt. preliminary change made 
on the iwrc >>l Shares. Thu Manager- a1«J bu? and sell Share* as principals for ther own ml-couPI and for 


MARKET CAPITALISATION OF WORLD STOCK MARKETS COVERED BY 
“CAPITAL INTERNATIONAL PERSPECTIVE’ 5 (as at 30th December, 1977) 

. % ed Total World Markets covered b 

• US SB* - Ct&Ual InierKadonolPersp<eatM ' 


U.SA. 

Japan 

Germany , 

Canada 

Switzerland 

France 

Australia 

Netherlands 

Spain 

Hong Kong 
Belgium /Luxembourg 
Sweden 
Italy 

Singapore 

South African Gold Mines 
Denmark, Austria and Norway 
{Source;- Capital International Penpeetivt 1, 1978) 


US SB* 
793-9 
305. X 
96-4 
65.1 
54-8 
32-4 
37-0 

3J.J 

IS-7 

14-5 

TI.O 

xo.x 

7-9 

7-o 

6.8 

6.+ 

6* 

Sz,j86.S 


57*2 .. 

14-8 . 
7-o 
4*7 ' 
4.0 

3.3 ' 

r.g 

1-7. 

x.x 

0.8 

0.7 

0.6 

o-S 

• >5# ? 
'. oq. 

- 0.4 

. 300.0% 


'Y-V:. : . 


Taking a medium term view, investment in Japan is favoured for the following reasons . L- 

1. There is a stable, organised Government, conimiitted to capitalisnrand the promotion of # sound vmmm 
business environment, with an emphasis on conservative monetary and economic management. 

2. Government expenditure as a proportion of GNP is low compared with highly developed western, 

economies. • . . 

3. There is a large, well educated population.(aver'90 per .cent, of: Japanese students Attend senior high ~ 
school during the course of their academic careerjmth a reputation for hard work and a highly 
developed sense of national identity. 

4. The organisation of industry, management and labour ensures generally harmonious labour relations. 

5. There is a strong trade balance and a long established record of growth in GNP despite limited 
domestic supplies of raw materials and energy. 

6. Japan traditionally enjoys a high savings ratio (1970-76 approximately 22 per cent.) which helps to * • 

maintain capital investment - 

7- Japan has a well established record of achievement in .ihe field of fTnghtedbnoIpgy”. .•*: 

8. There is an increasingly sophisticated financial environment anda large stock market by 

international standards as tiie table above demonstrates. • . - _ 

SCHLESINGERS . . _ . . . . 

The Schlesinger Group was founded in 1 902 and conducts itaactivities in the United Kingdom through 

Schlesinger European Investments Limited ("SEI”), which is now the Group holding company. Schlesinger Investment ’t, 
Management Services Limited was formed in 1973 as a subsidiary of SEI and together with its subsidiaries and 
associates, including the Managers, undertakes the management of the portfolios of the Group companies and their' clients 
including those of Schlesinger International Fund (Jersey) Limited, Schlesinger International Fund (Luxembourg) S.A^ 
Schlesinger American Investments Limited, Schlesinger American Options Limited and Schlesinger Gilt Fund Limited. 
These portfolios, whose aggregate values now exceed £100 million, include the JSchlesinger Group unit trust and 
insurance portfolios as well as pension fund and private client accounts. ' 

THE SCHLESINGER INVESTMENT APPROACH 

The - portfolio of the Company will be managed according to the established Schlesinger approach of: — 

• an emphasis on fundamental investment values, as measured by dividend yields, price earnings ratios and asset 

cover rather than on short term market movements; x 

• conservative but flexible management; 

• an emphasis on quality stocks with, a concentration of major market capitalisation stocks for .the greater part of 

the portfolio; _ ." 

• a close assessment of risk as a principal factor in formulating strategy— ^whilst equities and risk cannot be 
dissociated, considerable importance is attached to the avoidance of unnecessary risk. 

FOREIGN CURRENCY LOAN FACILITIES 

Schlesingers have specialised in the analysis of the alternative routes available for overseas investment from the ' 
United Kingdom and especially the analysis of the use of foreign currency loan facilities compared with the investment 
currency premium market. Since 1974, Schlesingers have been firm advocates of the use of the loan route and have stressed 
the dangers of the investment currency premium, which, in the event, has proved to be volatile. Despite the recentabolrtion 
of the “25 per cent surrender rule”, it is the Directors present intention, to invest largely by means of foreign currency loans. 
The merits of both routes arc, ho%vever, under constant review. ' 

DIVIDEND POLICY . . 

A* stated above, the Co'mpany’s investment objective is capital growth. It is, however, intended that a substantial 
proportion of the net income of the Company will be distributed annually in the month of. August commencing in August, 

1 979. In current conditions the net cost of foreign currency borrowing and. administration expenses would be greater rha^ the 
Company’s foreign currency income so that the income available for distribution will be earned largeK- from investments in 
British Government securities and bank deposits. Although it is hoped-that distributions will increase’ in the long term they ■ 
will be particularly dependent on the proportions of the assets of the Company which are held in cash deposits and British 
Government securities and on the level of interest rates during the period in question. 

PROSPECTUS 

Copies of these particulars and, on and after 22nd March, 3978, the continuous prospectus to be issued 
by the Company together with application forms, may be obtained from the registered office of the Company 
and from the brokers to the issue. * v 


0.25 ruTCwni.fl (III- jk.tj«voi (hi? C*klv value, .lunns rtie relevant period nf the net assrb o! ilicCcmiwni- 
bu: wdudmu Jepwncd avajeunryfor tin; f>irdpiarrrontf,-loan luriliiy calcuuicd on an ottered 

ihtc under ■‘Valuan.insciU-* and Purwhawfc bcli'wl plm the outitamlinc amount of Uic foreisn current; uqn. 
•V. a rvMilt tin Maiuwr- receive a foe tram flic Company in respect of the Company* under lyir.;; portfolio 
in* corner.!:- and the Hnttvh Government wcuritk » deimiud : m callatend far the forejen currency loans but 
nut in rmrw.'t 01 r*'h made in connertion w-ili inch loans. The Manoucru also nonce reasonable 

iLmuncraiipn and reiniburamept of wptmsK iampea of the provision of set vices as borenm*. Rcurjtrars 

jntl Adminiwrator^^ ^ ^ expenses of providing investment management and advice, including 

any sums paid to the Investment Adviser, the cost of preparation of the PIMS reports and the cools of the 
PIMS mcctimri. 

INVESTMENT RESTRICTIONS . . . 

■\Uhuucli ihc Anidfcs of A*aocm««» or the rompany connun no investment restrictions, .he 
Directors of the Company luivc adopted a»d_i mend 10 foUow the foifowroc imesrment poiiey in relation to 
the Company 's m vestments fothcr lian DWUih Government sceunucs deposited in conncetjon vsh the 

joragn cu ™J l ^ | ^3ian i { , 0i»B r cat. of the net asset* of the ^ Oompanr xriBbe hnened in sccnritia bated tar 

the 'not bold nnt dan 15 pet cent, of the noadual amount of all securities issued by 

moredun 3 ”^ pe/ccflf -'ofthe ^ Company wgl be invested in recnnTnn which 

btc dot [ isted on sLrccoijnitffld siocR fRciumjc, • 

The Managers will Dot be oblitred to nuke ctrmsa in the portfolio merdrbeeawc uw »ona 
Emits are exceeded' a* a rt*ult «' chongw in the market nlues of mvestmenn held, tujy nehto dumbunons Off 
capital receipts a«nunBtnth« benefit 0 * ok Company, or any mergers or rcorcantsanonraScKtai* U» 
inrcaonents of the C«np«t?. . . 

SHAKE CAPITAL ISSUED OR TO RE ISSUED 

On 1 4 ch Mar A. IW7S, 100 Founders' Shares fseehelcnv> were issued by the Gmnpany to tho. 
'MzrttEen tor cndi or par. The initial pUdnc of Shores mnsists of 500 sobscTpcoa 
priceoff l [indudiiw a preUmirtsrvd«fce«mnJ7C 10 the Monseers of 4.75p>The*ibacrfpaon late -will 
open »t 10.0P a-m. uij.erwsy an and dose «4 JO pjctu m Jersey on the same day. 

.Mlofancnt ^ Bv'afcbfe tor Mjbscripdon on Wednesday df cashsveck,» ifjBV 

WednadJ 5 ‘ rt a legal hobday ihleftey, ofrflre wUowmg bus mesa dap in Jersey (the “SubscripaooDarj 



RETORT OF THE AUDITORS OF THE COMPANY 

The CHrCrrnm 

- SC'HI.KSINGER F.\R E.\ST FUND LIMITED. 

Dear Sirs • 

Vntn*Companytresiflcorponaed under ithelawsorjerseymt ldfli Marrfi, 1 t >78.i\s at the ditto 
' of rhis letter it lias not trued and no acswmtaforve been prepared and no dividends paid. 

Equity & Law Home. .. Your* faithfully. 

La Motto Street. Sc. Helier, Jcxsev, Quwnellslaad*' FEAT, M:\RwlCK. MITCHELL & CO n 

I-Uh March, 1978. - Chartered Ac m maants. 







^KANOtAt-TlMES SATURDAY '|fi ARCH “irSfl 



B 55®" SH,PrtNG CORWSMNMNT 


a* 


n w i&XS TfZ::-!* vjj? :- $0 ? allt * to be borne A, mind 

t-ilSSSS? S* Tor rwiuem * thai J 70 P cr c eat. of the vessels 
c.r.v- : -M^uhu lining capacity ‘to Produced by association, yards 
- 4 m nsaretf tons by isso W *I^ f of European registration 
cam* Yesterday . f roin m- . *. , anfl change this pattern would 
Jtt^S&fthnan of t** Associa- derable n * 

nun .ot..'VVeHt European Ship- » n ih _ ',' . . 

builders ^ * l " the- long- run, marketing 

Mr Ri.k*. miH m, duality and competitiveness 

mi. Kijke told the conference would determine who built what. 
t- lL\^ 0L ' iaUan ofln ^pcndem At present, prlee gaps between 
J' , . * Owner*, in Easlhourne. European: and -Far- East yards 
rnai the plan suggested by existed, but were not as great as 



lacking. 


Turning to. possible- solutions 


iiiom r b^hiS' gelation's to the overcapacity pnoblcm.be 
mcmoer.>nip extends beyond the supported • 


i i K- 0m o '? Un,ty V doubte ^ so^syrap^nd-bS^pSigTamme! 
mnntv a , Q ?? hCr TOU> This' would cost millions or 

™. J pan^ P °. hPd 90l “ tU5n tQ the dollars a yeiuvbut would be small 
Furno^ v'Irrt, pr h b ^ “ in comparison with the ; funds 

rri£ P nn shl ° uld con ^p- being made available by govern- 

trate on building more soplus- menCs now . to support ship* 
UL-atvd ships. builders and shipbwS 


Aerospace demands 
create 400 


jobs 


.BY LYNTON McLAIN, INDUSTRIAL STAFF 


EXCEPTIONAL demand in Iran: 10 . British- Aerospace's 
Britain s guided fissile and missile factory at. Stevenage. At 
space industries has created the Bristol a £l3m, - contract was 
need for an extra 400 jobs in underway to supply solar panel 
i be next two years. Lord Berwick, arrays for the- Nations t.’.Aero- 
chairman of British Aerospace, nairtics and Space Adminfslra- 
said in Bristol -yesterday. ’ lion's "space telescope. which is 
Earn new job would involve due. to be launched in five years, 
highly qualified engineering The contract- was’ placed 
stuff. including electronic, through, the European Space 
hydraulic to mechanical en- Agency last October. It calls for 
51 5 pe £? r, ... £ 6 m.rWorlh of solar panels and 

3-ord Bpsu ick said the demand a £7.3m. photon detector,' to look 
foir British guided missile and at feint objects in space. -- . 
space products arose from two This work is the biggest U.S. 
sources, the former British Air- space contract obtained by 
ersift Corporation's Rapier low Britain. British Aerosphce is in- 
leyel missile defence system and vesting £1.25m. in a S&QOO-square 
British expertise m solar panels foot office building at-Filton. 
ft^paceeraft. Bristol, to jneet the increase in 

.this work would bring £400m, design requirements in fbe five 
worih of orders, mainly from years before launch. 


EEC resources must be 
Used effectively-Heath 


Eduard Heath, whn took, do' more by Tatinnalibirig her 
Bntain iniu Europe, last night cconDmic resoun-es. 

cnuciaocl tne Common Market , J**? 1 ? . , lhi> . ra 1 ' n ,”f]] S j tl ? n 
. A ... would -have to be controlled hy 

fnjf- fail.iu to u-.i .is resourcLS Government* and part by private 

enterprise. “It really requires a 
jRri:*'in'< luture would not he concentrated effort to use nur 
vqjfiy iirmht until world- leaders ri^otirce.s •iioi'e effectiveiv-.’ - The 
c.ibne mietber to solve majur. EEC has" far failed to &V this." 
nroblcnii. he told an audience of A way was needed to use OPEC 
JW at University College. Swan- money for profitable investment, 
sea The Eumpean Community could 

Krii.ii!!'- prospect had to be -be in a sirens position tn use it. 
s.-cn m ihe context uf world pros- This could bring industrial re- 
jects for the rest of the century, construction in Britain, revitalise 


V.\vr* imy>on:mi US- reU? asrientiure in Germany, and rc- 
liOiiship-'' with .fjpun and Europe organise Mediterranean aarieul- 


cfcuujd be main i allied. lure if Portugal and. Spain, were. 

If the I'.S. wa-. tn he kept- in brought into the Community. 
:hv Ml. ntic Alliance, it would he ,Eurt>pe;ccruJd be seir-suilktent in 
nijvos-Mn for Europe to show food in the l9S0s. 
i!:ji sh«* cmild play a larger part The solution to industrial pnib- 
m the common defence. She lems.in Britain rested with nian- 
. i.itJd shiitV she w:«< prepared to oeeincnU Mr. .Healh added. . 


. ; britisit funds, cms) • 

2-lBt AAns.'Siijo lie 31 

Z‘«« Arms. 2SV.U n6.-3i , 

» ■r.WA Transowt Stk. 1978-80 66',® | 

2 * !■ , > a '« , 


Z : im-Cbni. aits; 22 .,# j» 

“pc Cons Ln. 35* a-, *, 

Conversion Ln. zt**q r, &■'.«, 1.5 
Sot Exchequer Ln. 1976-78 MLB ' 


This week’s SE dealings 


21 


1 * , «« -£»cheauer Ln. isse iisW *4 


87*47 64|hV7 1 


«Uk*y‘l (MtJIrnble Cutlnssi <2Sai 47 :« 
Bluebird Con«ect'0»«rv HolduvSS (2Sof 164 
■ 3 I15>3» - - 

Blundell- Pernioglue Holdings !2 Sbi bJO 
Bosrdmsn iK. O.i Inwuh'oul 1 1 '« 

, <I4!3i . - 

1 Bodvcat* - International (25pl 83 
Bolton tentlle Mill tip) U 
Bona Sirs*t Frtb'iss (IOp) 34 U3.3), 

r I 7SOCU1. 61 <13 31 
5,401 J Banker Engineering (20 b 1 24 3 OS Si 
'Booker McConnell ISObi 2210 

The list below all ye* lord ay's markings '*"<1 «« Uie latest marftfagx during the WHk'af any share nol dealt !■ yesterday. The latter can be BIstlMiikdKd • nSSw H?nr: i Ha "*j iC '" 7ot Se t^tSd 


Friday, March T7 
Thursday, March 14 


4.935 

4,224 


Wednesday, March 15 
Tuesday, March 14 


— 5,643 

... 5,523 


.Monday, March' 13 
Friday. March 10 


5,597 . 


u» due (In parcBihecenJ. 


J K £*ChHJUer- sk: 1SB! 

49 64Uis «. \ Hi, 

i. ?nefti<|U« StW. • V3t>L ,B3'iO . 

Buoe i| |«!Jiur5 «? Jont ■ J T 1 ” 5 OUT,1,w, dMlins* marked m eadi WJews the name of the 

8'ipc EnbMimr’uir 19B 3 > WUrtH V_ Unlcss etherwtee donwed shares am a Fufly. gaW and stock OOo fully 

,J i» 'in • 30 s logins HH f' stuck Ek chan go sccurtiuic are quoted In pounds, and rra^UuM pf puunds 

9><pc Eisheqnr »tk. 19B2 990 u hi u I °r in Ptnce sad rracUMs of pence. 

_ r The list below gives Ike prices at wbich bargains done by members, of 

9 Ej,eh W“e r stk- LOO a® 4fl Mins© I The Sock Excbaitge have been recorded hi - The S»cfc Eechange Dolly 


« .Eathequer sii. 1995 91 : o L,st ’ Members are not obliged to mark bargains, eacopi in apodal 


■Boot f Henry ) *ik 1 Sons tSOpl 134 (14.31. 

• • -Cum PI. (4.2pc> 4Q:; (t4(3i 

» . 1 .- • . . • Booth (inti. Hldgs.i (29 b> do <14;3' 

cases, and the list canitpt,. Uumfore, be regarded u a comphiLe ntcerd of : BiBtn tjohni and Sons (Bolton* (2 Spi £7 
pricer at which business has been done. - Bargains ar* recorded in iti*. Olllclal 1 « T c 

List UP m 2.15 PJH. only, but later iraiwaojum. can be Included la the folMnuiiiB ‘^' io id"s ( I 6 I17 'JcTi;. VqH* 


day's OtTicial. List. fU Imflcatfan is available as lo wbather a bargain iwusmiis ' -ra - 

A sale or purchase- fay members dT the public. Markings are not necessarily : Borthwitx , rThoi 
In order- of execnlion, and only one bargain in. any one security at an* one I 1 L St -9 7 


CThomat) ann Sons tS3o] 6SS 


’w "i* HI "to -V *ii> 1- ic .in. f _ • . • •• 

’0 :pc Lsuiacuer sic. 1997 93 2', .31, Surtalns at itpecuU Prices. ■ A 

. .- I Rxcbunci*. * Baraalns .douc for 

'^i Bt S**<r eoUfir ,,tk ' 1995 ,05,i * ;:ft ' sualaran: ssiA-i.MesiMn: SNZ- 


price h recorded. 


Ha realm dnna wlihcir ftetwoon non-members. <|>Carsains done 'prevWus-.tay.'S Bargains done with members, of a 


12 !0C ESCdiAuer ilk. 1994 lOE'.D -'r. "ai 
IJi.oc cjichcoucr «k. 1901 !D9Uua 
49 b4tnsa> "»* 

9°S I V&Sths r St '' 19B ° 1090 1 P 4fh # 
IJiPt Treasury Ln. 199S-9B 9'< 

7 '.pc .TroatUTY Ln. 19B5-SS B7uip- 0 

7 - .pc Treasury Ln. .2012-15 73Vi •-* ' 

=K treasury Ln.- 2002 -06 75MV 4‘«* 

_ » '* 

8- ;PC Treasury -in. -1997-90 B7*j ■« r, 

1 'F- fe '| 

8 '.pc Funding Ln. 1978-80 95 '.O 6a 
S'-i'.a j 6 5'«: 

p-'.pc Funding Ln. 1SB7-91 89 "« 70'. 

. * 0 6g-» '« 

UPC Funding Ln. 1993 67%«. I'tUb -U 

•y 7 '•irrt 6-U 

.-Pc Funding Ln. 1935-87 87(8 6»»0> <« 

W r« 3;,; Ti 6‘j 

3 -p< Funding stk. 1999-3004 (Reg I 4 1 1,0 
P-.-PC Funding Stk. 1982-84 fl0\» U’,9 

B^JK ^FunaiPfl .SOL 1980-82 97»i& ‘*i» 

B>;bc Funding -gilt . 1904-86 96U 5>* >-l» 

„6 5 • \ 6*m 

0'ioc Funding -stk. 1997 BlnQ -'S;« •>.,« 

„ * *■* '•ir.' 1 "Id *t * 

9oc Funding Stk. 1994 87 8 In. 7'i 


rtela'iU dr livery or "no huj-,iiB-iu " ... 

SXZ— SVn w Zealand:. JS— SfiilLiannrn: sUS— lUnlted Sratca; *WJ— Jft'cst Iiidtan. 


f A — SAusindfaiDt - SB — kRatumun; SO— Kanadua; SHK-BHhir Rons: W—jj jmairaH: «m- 
e. .r~. r.W4. nn - - 


aaufton jco Paul bocPt. 23<:» 

, Beullon. (VrihUml - (Grp.: non' ia':0 
-• • _ fBOwlier CorperitiOn 1S4 S 3 B 6. S': 
reifacnJiwd Slock i - pi. «6i- (»6-3i. 7 kUl M.' 


pc 


lo::nc . Treasury stk. 1979 (03 i«b vk 


10i;pc 1999 941,0 3':« -.4 
1 1 '.’PC Treasury sU. 1979 T04-17 64ihs 


'41EJ.S* 

i\C2i IB’s 116(3' 


l» . 


9pc Funding stk. J992-96 B3'n« 4', <■ 
.5*. 4 3'» 4W{ 

9^:ac Funding stk. 1999 89>«0 B.;.B '» 

12 pic Funding stk. 1983 109>s* 'it 
■2‘jpc Funding stk. 1993 10S':O 'f.C 
" ‘ 0 ’« Hr 

■2 '.pc . Funding stk. 1992 109"u,lD UU 


12 -' 


■V® 


. pc Funding stk. 1996 111!* 

7 3. pc Funding stk. T997 113'^ 

& -v© 1,0 >* 12 '* 

13 '.Pc Funding stk. 1993 IIBLa ‘.A 

■i-O 17>. 18!. 

13-.-PC Funding stk. 1994 119«i,® 20'i*i« 
1 9 •• i. i. ”,i 

IS’.DC Funding stk. 1996 1301.0 29<: • 
IS'.DC Funding Slk. 1998 !26<iO >:0 U 
5 « B'l'J* . 

':pc Treasury -stk. rflcg.l on 
1 4 75 21 "aO 20 1><»P *• 

3pr Treasury silt. 25 L '■ ri4 3} 

Ire Treasury stk. 1979 96k I'i 


1 1 dc Treamry stk. 1981 105-»7i64uiiB 

llJj-pc Treasury stk. 1991 104>* 

1 2oc Treasury stk. 1995 104VQ So 'rt> 

13 pc Treasury stk. 1990 113S® 12"*® ■« 
13 >i. 12S 

I4nc Treasury stk. 1982 1I4<'uO "u.0 
1 u, i 64tn i* '■* 

9PC Treasury Cnv. stk. -1980 I0in«® 

2'udi H u. 2 1 • >. 1*111 
Variable Rate Treasury sue. '81 (£-0974pc) 
96>‘ir. 1 1513' 

Variable Rme Treasury stk. '02 i6.3321pci 

96 |, iaO 

3 : pc War Loan h'ttO Si 

7 6"i* '« 

Brit. Electricity 3 ^ADcGfd.Stk. 76-79 9&U 
>iu 4t.pcGtd.stk. *74-79 97 SO 'l >. S 
"mC ’•» 


■US 31. fipc 72s <15 31. SimcDfa. 62 b - Rea Bias. ,25 pi. 62 
• Sf3). ■ 7'iPCD>>. 1981-84 S7S S'. I. Royal Bk.. Canada 
'16/31. ’‘'PFOt- 1991-93 73 ,<13»3J. • Schroder s 3500 I 65 
9pcDb. -95*. * 1 4/33 . 9*.pcDb. 92>4 • S®Kn 51. Aubvn itiii 

9 -dcDd. W.d 90 .-. 9'tPcDb. 94 ‘a • 'IB'SC 7pslhucc Ln. . . 

(14:3). lO'.peDb.- 91 ij <1S'3r- Standard 'Chartered 410. I3!*peUnsee.L». 

Finance r or Industry ISdclk. 105'. EU-61 1030 4ii-S <t 

I [13 31. ldpckn. 1141.0 ii0 3; Trade De*pt. 0k. iReg-j UUS1J0) 3US10 


[IdOS.i «2Spi 77® 
i. &4':0 ilfilii 


UO 


Metronollran. Water Board S'-pe 88 V ,.(I6 S». Do. tBr..i 

(13 31 Union Discount London 425 

Northern .irejand Ei«. service 6>.-at 83 v. Wens Fargo; SUSS 19*, •. 


Artlala. Powier Engtn. >250) 1160' 

.*'*11 1800 1 1 61 31. B'.jiCi’l. ISA]; 


38 114 31 


iasfwaisK.^ isa : »»-«. « «. n**. 


Bowihorge Hld96- (IOp) S3. 7ocLn. 55 
(14'31 

Bra Ime ' IT.F. and J H.j (Hldgs > C25PI 
48 T13 II. A Nan-VIg. (25nl 48 [13 31 
Brunner tH I [2Qpl 1130 
Braiway (TOP) 300 

Erection and Cloud Hill Lime Work-, (25p) 
BO 


<16,31 

Anglo-American Asphalt I23p> 53.(14 3) 


21 


Northern. ire]* no ei«. service 6'-ot Bav*"'® 111 rayger-vuss 
Port ol London 3otA 29 ri3'J) 6'-pc i Wlntrust i 20 d> 60 
060 6 (1B/3i 

pcdb. 65 L- <i4 3i. L taRKWERIES 


UJS1.BO: .0064 (17.-3* . Anglo-American Indust.' Corn” fill' 455 

' ‘Anglo. SWIM' Mldos. 12 So/ Q 338 i16'3' 

■An^ltojTelevISIon (Jrp N,^, A I25pi 2I'a* 


SCRtlisti Agrlc Sec. _ . 

7pcDb.- 82 b 5 1 1 6 3) 
Southampton Harbour Board 


(139) 


S9i-0 ' Allied Brewi <25p) 82 ': S 8 7'.-. 5 ; ;pc 
' | Cum.Pr.- 50 1'. H3 3L 7 'jdcCutti rPt 69 | 

nA..i.A.m,n. . '114-331. SpcRd.Db. Wl« ^0 501D It'.« 

COMMONW’EALTH GO\TS (10) ! • 4, «pc»o.Dt». 75-80 B9». 115 3'. 41 


Appteyard Grp. t2Su) 79 s a: 

-* lr &p ’ 34 ' J ® f 1C(31. A rspl 
330 29*1 33 

Arcoiectric (Hldgs i iSpi 14 (14 31 
Arlhmton Motor Hldgs. |25pJ lit 114(31 : 
f. 6 . ' ArmWge-Slwtks Grp. ns B1 t»i_* «, 2 - 
i 4DC 1 Armstrong Eqpmnt (10o> 590 60 59 

Rd.Db.” 79-84 74' *13'3J SMpcRd-Db. 1 Aan an(l Lacy iZ5p! 1 14 
REGISTERED AND INSCRIBED STOCKS I 04-09 69 B'apeRd DU. 07-92 63=? ‘a ! Aspr«: NlFhotas S'aOChr 45'.- (16 3i 
Australia iComwIrh of. Si-pe Reg i fls • 3 '- 6 '-pc»« 1 Db 80-93 6S' : nJ'3«. | *‘»cult Manuiacturers (2ppi 74 

_ - M ■ - '14^1- 1977-80 931? Amalgamated' DjsClIed prods.. tlOol 300. j *7?.“ p*r d 7? OOV Putt '“- ,, ers f20p* 1060 

Brit Gas 3PcGtd-3tk. 90-9S 50i;O 1, ■» *,• I 6 PC Reg. 1981-83 aa . gpcCo* UnsXti 01 .13.31 • '7 ‘ K r? .' 4 _ 

SIT Fl^r I T.^4^ I r ^L et '7f d 7R N i.» 0 -' *°'' f16 '3>- 7 ‘(BCLn. 98 •< ; Biss Charciflalo-I i25p-% 5 1 T - 1 1 4pc Engineer, ng _ 

Scot. Electricity ApcGtd.ssk. 73-78 9S V ; 1 1 S/ 31- ... Cum pr is a (is.it '7«fum pi Ram i . "7, • _ , . _ ■ 1 - 

'16 3i _ [ New Zealand 3 '.-PC 78'.-. 4pc 9B'(. 5pc I 4l63> SupcDh 77-79 9S^S k s“a« ! A i? 0C Ji^ d -5^ ,llih Food5 fs »» 57 s '- : - 

, ia rl fin rT, R*i ,re ^¥ l Ti 6-:BC E * CJ,M “* r * ,k - ! 7 , ‘Pf 72'; 1 13(31. 7*>pc Db 87-92 96:0 116 31. 8'awJJtj. 07-92 

79-80 8Bi : .(13 3l .. j. i -,®Lt c~ ... |- 78'*®. 6'iPCUni-Ln. 97® !16'3). 7 .pc 

S 


I2SP1 73 :0 jDrent' ri»einieals"'lntnl. tlDo' 180 
I (1 4'3J . 

Brent Walker <5 p> 48:: (13 31 
Bticvtipuse Dusfcrv tlQpl 33 U'S Jl 
Bridgend ' Proem Ifip'.lIH® IT®. 

Brlrfon «5pl tlO® WH'B 
BridPPd- Gundrv (Hiduvl COP' 33 
Blight (John* Grp. t25oi 33’: (14 31 
Brlgrar Grp. (SPI 6'i '13 31 
Britlsh-AmerKan Touacca 5p£Pr. 4S':0. 
6pc:ndCumpt. _ 54-;® 30 -; 2 (16 3). 


3 pc Redemption srk. 86-96 47?* tid<3) 


. 87 ij n«(31 
Northern ptiodeala Gpc 197B-BT 89: 
N rasa la rut Ere 1978-81 bb: 


7 UacDtk 71 'a 
Associated Dairies 'ZSd> 2280 30 20 


after | 


Ayr C-C: 6';pcRed. 92 's '* *.13 S) 

Bath (City) IttrPC 104 -iO <16 3; 
Birmingham Corpn. 7'iBC 92'i.-9'a»C 9B*iO 
Birminanam Disc. Council I2':pcfled 
109-4®. 13PCRM. I'll'- (13131 . 

Brighton 6';pcRed. 97V GVi n6'3) 
Bristol Corpn. 7LpcDb. 93 ri5;3l 
Camden 6 uKRed. 99 
Cardifl C.C. 11 pc Red- 1040 H6/3) 
Cardiff Corpn. 7ncRed. 88 H5I3> 
Coventry (Cityi 13>:PCRed. 1 OB': t16.3> 

3;:k Treasury stk. 1977-80 <R«.l 94U1W8 l CroyStM* (Z' iMM. '• 

"® 'Derby B.C 13'mcBed. 1096 -15/31 

pc Treasury stk. 1979-81 (Reg.i 91 U® I Dunbarton C.C. S^pcRed. 98'; (13 3) 



Ireland 4Re».) 9Lnc 1991-96 B4'j <W/3i 


U»an 4oc 5tiO Ln. 1910 VUS420 <13*31 


Z2 


U|a >■ 


3d; -T reasury stk. 1982 86>a *M. ta >i T iaJ 


irtuuuese .‘CKlnl Snt" list Ser. 

(14/3). .DO. (3rd Ser.) £2$ <14i3> 

I Russian 41:PGLn. 1909 (London lsg.1 
I (13/3) 

San Paulo (State) Coilre Inst. 7<:pc5tlg. 

BdS. 1956 (plan A* 70® 

Bass Charrtngrc.il 7(;pcBds. 93t>o 116-3) 


(14131. 6 Ht»cUhs Lil 54 ( 1'6 3L 1Q':PC ! AU burv and MldyleV 1 Hldgs. » ^5Pj 

Um Ln 89'.-' 1 - ■ Artra industrial Group tlopi 20t;O 

fij | Davenports- Brewery -Hldgs I (25 dI 97® ' ildio* FiS3itv H |‘ i Uln r i y, ’i“?fy-f f * 

D'HHIers 'SOP* 171:0 ';:® 69:* 73 1 2 , -iWUl 2 116.31 

l 1 .: S':f<C«ivUn».Lii. <0 i _'JS_3j. ; Ault and Wlborg Group I25pi 320 '(O 1 


I Burma!) Oil 5<:ocBds. \92> 


i14i3i 


Inchcaoe iBermoda. 6 -pcBds. -S10B 
Panama 9'_-pc Novev 599': >14 3) 
Rank Ora. 4l,pcLn. 158 


'; ■'( 


5PC 


1906-99 iReg.t 70-'*O 

•H.; -ia 

2000-12 I Pro 

1982 95<‘mO 6 


S3- 5® 

tO 'N 


90-; 1 

Treasury 'stk. 

'* U ', 70 
5 :pc Treasury si! 

6 '.DC Treasury srk 

5'- 6 'N- 

9 >4DC Treasury' stk 
99*i 1 00' ii. 100 
9 :k Treasury stk. 1980 10)i"u T 
DC Treaserv stk. 1981 10T<*|*0 '-O »n 
. U 'V *• -, n . 

Odc Treasury ■ slk 1992 92 >»:® 'io 1-*i 
2 'at 1'* 2 1*» ’is 
□ ':pc Treasury stk. 1978 101 'a 


1903 100*is« I is ■* 


Isle of Man 
gets exchange 
control ‘clinics’ 


The Bank oF England and the 
Manx Treasury have agreed to 
mtioduce on the Isle of Man 
xchange t-nntro! “ clinics " on a 
regular basis io enable a greater 
number of professionals to have 
access to Bank of England repre- 
sentatives. who will be able to 
advise on exchange control 
matters. . .. , . 

■ Tjunion . _ __ 

There has recently been an 1 ‘'r^ioo^m 9 “® t16 3, ‘ 
increase in the number of Manx : Warwickshire county council i 2 ;pcRd. 
which have been , i-Vm^eh coro. s^dcro. 95 , 

SHORT DATED BONOS 


Dundee Corpn. Anns- Water 2':pcDb. 2S‘« 

( 1 3 '37 

Edinburgh Corpn. 6 : !PCRed. 99 7-64ths® 

■s® 

Glasgotv Cftrpn. OLpcRod. 97U. Gat 9 dc 
A nn 77'*® 

Gloucester mi ire C.C. Sk.sc Red 93 '13 3) 

GrinoUK Regional Council lO'tdcRed 
lOO'i.MSZ) 

Greenwich Corpn. 6 J i DC Red 99 "i» Mb 31 

Hampshire C.C 9Lpcfied 100VO (16(31 

Hertfordshire CC 5UpcRed 12‘M S‘;pc 
Red- 81 <4 a 1JS.3:. 6'iocRad ao*- - 

HunttnoBon Peterborough County 4 ';dc 97 
1 13J3) 

Islington Corpn 9'<pcRed IDO’is '16 31. 
IGpcRed. 1 £12 ’i® i16 3>. 1 3 ':DC 1962 

110 >« 

Kensington. Chctsea (Royal Borough of) 
ll'secRd. 104 v 

Kent Connty 5';pi:Rd. 99 'V <14 3) 


STERLING FOREIGN 
CURRENCY BUNDS 


. 5':ecCom.Uni.Ln. 4Q*1 113 3) 

7>4pcUns.Ln. 700 69': 10.SocUns.Ln. 1 2 

87 'j 7 i16'3) ,, : Aurora Holdmos >2Spi ! 

Encrards Brewery SocPI. 43* M6-3' I 74 >14131. 8pcPl - S3 
Gr email Whitley (25pi IDb'j 7. BpsPI. 1 Austin (jarrtM 


7'aPcDb. 73. 


Finance lor Industry 9 4 pc Si'oiU S. Bds. 


101 ij* ••* iao 

B'apcLn. 59* 

Greene King i2Sp> 221 
Guinness (Arthur' tZSol 1670 L-O 70. 
7 (iPCLn. 66 (15 3' 

Hardys ano Hansons (25 p> 162 t16'3> 

Hlghbmd Distilleries i20n) 142 
HiOsons Brewery 6=:pcLn. 48 >16 31 - 

Iniernaiionai Distillers 3 Vintners B>:pc 
L n. 7 5 '4 <14,3. 

nrergordon Distillers 1 Hldgs.i 125a) 66 


lent Connty 5':pC« 

9'.pcRd 99!< (15 31 
LanortohlTo Countv Council S';otRd. BB'm. 
6ocRd 92 Ij* 3.'j (16 3). 9'tPCRd. 1O0V 
<1531 

Leeds Coro. 7 ;DcRd.- TOO® {16 3) 

Lincoln Corp. fSpcRtJ. 106% <16 '3) 
Lirerpoel Corp. 3'^cRd. 98; r T S, S3 

5.<k 8S. 99' o. 94tpcRd. 100 
Maidstone Corp. ' B9ij ■ (1 6 3) 

Manchester Corp. SocRU 23* (16, ‘51 
Midolesaa Cooney Council 93>- <16 3) 
Newcastle - upon - Tyne Corp. 9'jpcRd. 

1981-1985 95'jir. G 
Northumberland County 95 'j 
P ortsmouth Ccrp 3'^icRd. B0‘: (14 3) 
Salford Corp 5>-ocRd. 68‘i® i; 

Sandwell (Mccroooi. Borough orj 13pcRd. 
1985 108 (16.3) 

Sauthcnd-cn-Sea Coro. 9 'jpcRO. 96 )« 

113-33 

Southwark Corp. 6MKRd 85 (15 5}. 

1 1 1 W«?d. 1 02 

Sunderland 'Borough of. 12<4PCRd. 109 
16 3 


97 v® H6/3).' lOpcStig U.S. bonds 99 1 lush Distillers Group 25 p> 124 
1, (13.31 •• 1 Macallan-Glenllvet i2So< 29S 133 

Financiering Maatschappil D'Oranleboom 1 Macdonald Martin Dist'Herin 
10'idc Gtd- Stig Foreign Bds. 97': 313 (14-3i 

Fisons'lntt. Finance 10'jpe Sm Forergn '* ' 

Bonds 10t®' 1 <16 3' 

RorrtUree - MackiniDsh ini. F.n IDi.pc 
Srlo- Foreign Bonds 97.4® Ho (16 3] 

Sears Inti; Finance 10<4oc 5tlg. Bonds 97:< 

116 5) 

FOREIGN 


CORPN. STOCKS- 


MbkoW (City on Spc Bds. £2 (<6. 31 

; OJC; RAILWAYS f2) 

Canadian ftcihc [SS5i 11 '4 <16‘3>. 

7'jpcPC.tSCiOi 650 (16.31. 4pcPerp.Db. 
36 "y 

Queoec' Central Rfy 33 (IS 3'. 

FOREIGN RAILWAYS 


Antalaantt ' (Chim and Bolivia Riy. 10' ; 
115 31. 50CPI 32 .; II S/3) 


BANKS (152) 


Sunoerland Corp. 5pcRd 50:.-C> 
County 6pcRd. ^4 


Surrey __ 
Tnamgsnle 
Rd 


MetraKl 


115 Si 
Barsugn ofi 


lO'.pc 

‘•neftd. 


td. iFy. Pd-1 100:«0 ‘a .. 10 ‘.pci 
I ss. at £99-'.pt tSOod.l Si; (14 3) 
union Corp. 96-: <16 31 


9'-pc 


III 


133' 


FREE OF STAMP DUTY 


companies 

formed for overseas residents. 

R/iih ihe Bank of England and 

c Manx Treasury say they look i fjsspo&a. "* 3 ‘ 

upen 1 he establishment of the 1 lOHmSkisS^B iSo--. -u 3 . 
lines as an additional facility ( l^aS'aS? 100 
•r the island s banks, advocates > 00.737 ioo,74t 

id aecoimfants: • . iR^pcHasRcg iao 1- .* <i6 3i 

of.'io 78- 99'» 41 64!hs 


Alev adders Discount 231® 

Alien Harvey Ross 470 -16 3* 

Allied Irish Banks 2Sp> 1640 6*;. lOocLn. 
1251< 9 113.3. 

Arhuthnot LAtham 1550 9® S'). S'iPCLn. 
79 '16 3) 

Australia NtM 2e*Und Bulking 2)20 14® 
14 IQ 12. Delayed settlement 2130 
Bank America Carp. t\USl S625i 17:* 

16 i® V 

Bank Ireland 331 '13 Zi 
' Bank Moc'eraal 1CJ2. 12-* 'ir>:.<i6 3p 
iBank Mew South '.Vales «A2i *26 .14(31 
- Bark Sctsmbtf 2660 730 s 3 
i Barclays BaMr- 52Ci<P 31 30 27; 32 28. 
BuoeLn. 7tl-:» ft 7': 

I Barclays eaw Ir.iecn.nonai 71 -t -16 3> - . 

I Brawn ShipJev 1?;4> 

1 Can In-perlii Bar.: Commerce <sC2i 17>» 
113 3' 

Cater Rvder 277 2 .13 3. 

! Chase Manhattan Corp. IVU512 SO- 220 
CU.csrp Ooery?4s_ Finance. Corp. loot 


(60p> 

<25o) 


Mar slon Thompson and Evershed 
55 6 <16.31 
Scottish and Newcastle Breweries {20oi 
65'.-* 4 3': S. S'cocPf. IS’; (15 3i. 
6 'aPCDb. 74 2 '14-3i 
5hipstone (James. 4ocDb- 29 (16 3' 

South African Breweries <R0 20< 68'2- 
7pcPf. (Rli 41 (1 3'3> 
romat.n Distillers iZ5p) 99 
Truman Limited 10'jpcOb. 85 d3'3i 
Vatnt Breweries (25 pi 100 (1Sr3'.‘ 4'.-ot 
APf 41 r. 1, H4I3) 

Warner Mann Truman' Hlrtus 3<,ocDti 
271; 1 1 5/ 31. 7ocDb 681. H4I3). lO'SPC 
. Db. 890. SucLn. 59\o >16/3) . 
Whitbread- j 2S«1 841.0 t; B 4. dHpelytPt. 
41*« <; <1 d.'3).4 >:pc2ndPI. ' 35 i1313l. 
GpcXrdPI. 53 '14<3». 7pc3rdPI. 
ri0/3>. 4 i.pcDb. 4S>4 H6.3I. ELocDb. 

66 1 15(31. 7'.ocLn 62'.. 7’iPcLn. 

67 |T 3(31. 9pcLn. 731. i11'3) . 

Whrt abroad '4r)w. USol 74*'. S'.oCDb- 63 

<1613. 

Wolverhamplpti Dudley Brewdrles -2Sol 1-8B 
Young Brewery (50o> isso 4®. nv rsooi 
124® 6i;pe1stDb. 72 <15'3i 


> 116(3). 

_ 14 31 
Steel .Holdlngi 


SocPI. 


(25o) 


93':0 7® 116(3 
Automated Security (Hldgs., (10p> 57. 

BpcPf 134 >14.'3r 
Automotive Products i2So) gg 
Avana Group iSp, 27‘.-0 9'-C 
Avervs I25pi 144 '» 

Avon Rubber 1920 4 

Ayrshire Metal Products (25pl 45 (15r 3i 


BAT IndUSto- t2Sp> 3030 300 2B7 306 S 


7bCLn.'a2 (15 Si 
British American Tobacco invest. 10ac 
Ln. B5-- 114 3'. 1 D : ;PCLn. SB'. (I5'3). 
9‘ PcLn. 145 <16 3> 

British Bencol Carbonising <10pl 19-:® 

British Car Auction , I Dp) 44'.- 

British Dredging '25o) 29 B'.oeDh. BOO 
British Electric Traction Deld. <25pl 102 
1 • 3. 4;PcDt> 35* 

British Enkaton iZSp) 10); 

British Home Stores ,25pi 178 6 B'.pcDb. 

67 1 16:5). 7'iBcDb. 69>. (I6.-3I 
British Leyiand i50o) 200 190 15:« 18: 
22': i; 19: 21 2 

British Leyiand' Motor 6pcLn. 40 2. 

6.1 pcLn. 73-; 7‘:pcLo S3 :■* 5 - 4. 
BpCLn, 530. 7'iPcLn. 58:« 9': 8: 
British Mohair Spinners i25p) 3b ,15 31. 
6pcP>. 46 : i14>3i 

British Northrop iSOp* 93® 29 <16 3' 
British Printing ,Z5o) 450 ;. 7>«ocDB. 

.88 :• ii W3' . 

British Shoe 9 ti py PI. 49 16,31 6 -PCPI 

5BO 116-31. 7pcDb. B8-.. TnCLn. 67 
British. Sugar New <50pi 113 *16 31 
British Srohou ,20ol 59 :0 9 <16.31 
British Tar HOp) 49'; 

British Vending (lOol 2S'jO 
British Vita >2SDI 76 9 
Br I turns i25pl 25 '.-O. 10 ;P<Ln. 84 

>1G3i 

Brick house i25p) -57" * ,16, '31 
Brocks Grp. i IOp, 60 il5 3i 
Brons Eng. I10p> 32 iI3'3< 

Brook St Bureau -10p> 65': 

Brooke Bond Lleb'P )25n> 46'.- 5'; 6. 

50pcDb. 75 H3 3>. S'iPCLn. 43'; >14 3). 
7ocLn 59,-® >• <16.3, 

Brooke Tool TSpCLn. 65* .16 3) 

; Brotherhood tPeter> iSOp, 120 >14 3< 

| Biown Boveri Kent i25pi 43® 

Brown Bros. itOpi 22'.-: 

I Brown tjohnl 277* 5 7 Mb 3> 

1 Brunning Restricted Voting 12501 56 

• 14 3i 

I Br unions <25pt 1035 i15.3i 
1 Bryant i25a, 51® 1 

, Buigln 'A F.< i5p> 26 <16 31 A >5p) S3H 
I BuKough i20p- 131 
Bulrnrr Lump >2QP> 42 i15.3> 


1 298 6. Did. i25p> 264:* 51® 3:* 2® Bunjl Pulp <25o> 100 H4 31 
59 6Q 56: 60; 5S ?: 91 51 7 Burgess Prods. A 


BBA Go. I25B> 50 2 
9 ICC i £00, 1 05 5® 6® S 4 ..7 3! >4 

B.-pcDb, 78 Ij -IBS-. 7ocDb. 73'-* 
116 3*. 7 kpeDb. 71>:<163i 

BOC intnl. <25pi 65 V:® 6 '• 5- 6:. 
4.|5pcpf. 66* (;« • 16 3>.. fikocDb- 7S'- 

BPB IndPStS. <50pi 212. 10'aPCDB- 90'- 
■14 J'. 7 kPCLn. 125® ,16 3. 

BPM HldK. A (2Spi 46 7 1 13/31, Nun- 
no. B (250, 47k 

BSG Intnl. i10p> 37'-® S',® 7U B'ipe 
1 siDb. -72 <■ 115-31. 12 .-octn. 991 ITS 3> 
B5R llOu' -871® 90':® SB® 90; 1' 90 
BTR. 1250' 246 B ■ . 

Babcock-. Wilcox' '25pt 112.- - 7pcui. 83 

6aU«y .'<C. -H.i iIOps 7>a k ' 

Baird 'W.i 149 


(25p| 32'.* lib Si 


^ Burnrfetie Invests 
Burrell i5p, 14® IS,; 14, 4 
Burroughs Corp. tVU55i 46'a <13 3> 
Burroughs Machines 3' 4 pcLn 11Q* •15 3). 
5-;PCLn 89 

Burton Grp. a i50di 105® 4 6. Warrants 


CANALS & DOCKS (7) 


foi 

nd 


1.740 -13 3) 


StfgiU.S. Dollar Dot, on 97). 
Citicorp -51154, H 


_ 9>V. 

Cl, re DiKCUiDt 20F> 73 -14 3i 
Commerzbank Akt.ongesllschait 
-msnzt, HZ 3> 

Campagn* Finar.cere Do Parts 
Pavi-Bas .FfS.100, FFR»75® £27 
Deutsche Bank AfctiengeseilKhart 


DM59* 


Ei Des 
16 3 


Manchester Ship Canai 190 H4I3I. SpcPF. 
41 <15 3,. 4pePt. 27'? <16 Si. 3';pcDb. 
27 (14-3>. BluxDb. 95 <4 
Mersey Docks. Harbour Combined Units < 


17':;® 19':. SUocDb. 1974-04 '61 'a®. 
3 UncDb- 1979-09 37 ij <16 3). 5'apcDb 
73® H6 3). E'apcDb. 45 <14 3i - 
Millard Docks 6B 


61 ij J Baker Perkins Hldgs. '50oi *219 . (16/3) ■ 
'Baltic Mercantile Shippmg s'apcDb. 36 

Samoeroers t2Sn. 46- ,14 3r - 
Bank Bridge Gp.' <5p, 3>,® 

Banks iS. -C-t t25p> 80 i16 31- 
Banro Cunsltd.- Inducts. i20U> SI® 3 

Bargei '25pi 26® r 

Barker Dobson HOp, 13U. 12pcLtt. 82 1; 
•16.3) 

Barlow Rand <R0.10> 196 -16 3. 

Barr lA. G.i New i2Sp- 71* 3 
Barr Wallace Arnold Is). >250) 63* (16 3>. 
A Noo-vtg. ,25pi 64® 


COMJlErtCIAL (2.545) 
A — B 


\ 

96* 


-DM501 VU5150 
! Fr.tser Ansbacftrr Iiopi 12* 
: Gerrtrti Naliaiul Oil 


.SCO unt 


A.A H (25pi 91. BpcPf. 36 113 3) 

A.B. Electronic Preduas Grp- <2Sp> 95 >i® 
A.L cars I5b) 38 
AD International 9ocLn. 74': (16.3) 

AEC1 .5 ;pcP1. )R2) 28 ,)6 3- 
AGB Research (IOpi 39. New ilop 
5-a® 6 S'*: 0: UB S) 

A.PV. Hldgs ISOp) IBS® i16 3- 
A.V.P. Procritles 7'apcDb. 70 -a C14).3J 
, Aaron son Bros. ilOp* 56 5 US3i 
i Abbey Panels '2Sp* 47 <15 3- 
Bearer I Abercom In*. <R0 30) 84 >16 3) 


Barratt Dvlomnts. (10p> 106® 9® 7® 9 
■ 16/3-. New > 10o> 109 H6 3) 

Barrow Hepburn Go. >2 Sot 47 5. 12 pc 

Ln 89 

Barton CSP' 50'; 

Bassett iG.i Hldgs. i25p> I33i. 4 H5 J, 
Bath Portland Gp. )2SP> 65® 7 
Batlevs cl Yorkshire IOpcPi 100® 116 3< 
Baynes <C.' HOP' 112 *13 3, 

Benson Clark iJ5p, ISS <14 S' 

I Bean. e <i*' A Resi.-vtg ' >25 p> 97 
Baaulord Group >10pi 48 >13(3) 

Beaicr iC. H.i (Holdings! iiOpt 59 (15>3i 
Beckman (A.i (IOpi 65® 

Beecham Gio»o I26pi 60B* 23 10 5 

16! 16 26 2 IS 17. BpcLn. 81 n$l3> 
S'aPtLn. 01 D5'3' SpcLn. 227 <13 3' 
fieecn wood ^ construction 

BeecnwOOd Construction 
25 : M4.3 


17‘.-® 


Bury Masco U7>-o, 93® i16 31 
Bullln s G);ecDb. 73 il6'3 
Butierffeld Harvev tT5p> 61'.- 


C— D 

■ IOp, 29* 116.3. 


New 


.2501 


i Holdings) (IOpi 

Drum Group (IOp. 57® 5® B 7 5'<S 
Bemcace Cara. (25pi 66* 6 

Machinery (TOO) 55. 


A 


& .prBes-Seg. 
5 ab;cas Reg. 
•16 3) 


9 90. 


ierrtrrl 
•15,3« 

Gibb -A.) Minus. -25p1 37 M5, 31 
Grlndfay* Hldgs. «5pi 100 

Museum opened !l i% 5 ? vfifwwfA. 

* a'.nrhds Re« iB ii 7hi 99 741 /a a 7 its t. Warrants 4'-® fiocLn. 67 j '15-3) 

- “ ‘ _ " 9B5® 99.903 <16 3; HengLong Shanghai 'lHk.2 io) 270® N 3 

. Jesscl Toynbee. i2Spl 72 :® 

Peyser Ullmann HlOos. '25p) «4 3 
King 5-<a,son <2Bpi 62 <14.31 . 

Lloyds Bank 268® -7® 60 72 70 68 B» 
75 3 7 :DCLn. 91 ; 2 

Lomoaro North -Central 6ccFL 44® ,15(3) 
Mer:ury Securities ,25pt 115 
M'diand Sank 353* 49* 50 45 S3 48L. 



BrUoPb new Industrial Museum ! 9 %3?. st 

was opened yesterday by Lord ' r^pcajj 9 iod* 
Eeswick. chairman 
Aerospace. _ 


-16 3‘, 


Paper hopes 


PAPER industry 
recover sharply 


... TOO 581 

of Briiisi) ; 7'iS;3fl».Res ^130 -a <16 3) 

R aptBfls Reg. ICO'a [16 3. 

1 \2':pcBB4 Rt9 t04 25Tm 104 
Jfl'iPlBds.RcB. IDO'a .'15 D 
7 aoeBds Reg. iCS-aC -16 3- 
MprBosReo. 1C6 -16 T 
10'aoc Bdv. Ret .'5 1 S3 9B a 
Va-iahle Rate Bds Reo- 7.2 5o; Cl 9 
too--,. 

lDiapcBd* Reg -9 a2 -aS2- 99. 100 


100.524 


profits should 
this year as 


93 


PL-BLIC BOARDS (25) 

demand picks up. according to a L , ° F ^ STA ™_ D i J Jt, , 

, d..)i,.i.L, | AQriculturr Mart. Cun. 19,7-12 62 <14 3, 

lurdans Dataquest survey. I jptDb. 62 -. < 15 3< spcDd 1979-03 79 -. 


New 350® 50 1 3 2. lO-aDCLi. 95® 
. 7 :pCLn 03 . 

■ Minster Assets «25o) 5B 
I Morgan J p i 
j National Ccmm _ 

T^ S llpc-f. W <15 3 


OPCLn. 


Advance Laundries <10( _ 

Adwest Grp. <250, 237 ,15 31. .BpcLll. j 

Airtii Ind. COP) 47'-® S'; B >16 3, 
Albright. Wilson <25p> ll4® 14 16.15 
Alcan Aluminium tU.lt.i 1D';ocLn. 89 ‘a 


C.H. Industrials . 

Or d. HOP, 4 
Cab Lei Of m iSn, 590 <16 3< 

Cauburv Schweppes «25o) 50';® 50® 49 1? 

SOI; 50. 3';picPI 44;® 

Cahyns iSOpi B9 i16 3i 
Cakeoread. Robey 'IOpi 23 <15.31 
C £ lr ft l, ‘AA A “- Cihemas i2Soi 390 |13. 3i. 

7oePI. SS 3 US, 3) 

Caitilgrd Eng. <IOpj 62 i15 3) 

T^mpOrt <2 dpi 105® o 1I6 3). B <20p) 

Cimi«i HldoiJ <20pJ 73 2i. 

Canning 'W.i i25pi 59 , is'31 
Cape Inds «25p) 1 16® 20 (16|3J 
Caoper-Neili (top) 59 
Capsrals <5 pj 42 >14 3) 

Caravans Intnl. I20p) 07 <; 6-; <15 3 > 
Carless Capel Leonard >10pl 31® 2® it. 

Car lion Inds. i25p) 15D <14 3) 

Carpets Intnl. (50P) 59® 42® 1 
Carr ij I t25p> 42 115 3> 

Carrington VIvelD -25o) 37. 6';pcPf. 

S2<- <16 3) 4.2PCD0. S3 -|3 3) 

Carron .Hldgs.i ,25si 42 ia 
Carrs Milling Inds. .2501 42 ,16 3) 
Cartwright -R.) -Hldgs) -lOp) 58 XI4.S) 
Castings HOpi 26* -16 3' 

Caterpillar Tractor <i-p.v. SU547'.; 
Cattle's (Hldgs) ,10 di SS'.- n5-3» 
Causion >S,r Joseph) Sons :25o) 15 (13-SJ 
Cavenham 4!.-p<1stlH. 27'-:*. 6;pclstPI. 
421; 116 31. 7pcl slPf 47. 7';PClStPI. 
48 1 1 4-3. 1 Opel SI PI. 88:« 92';® 2® 

89; 90; 21;. 9'<PCLn. 70S 65;. lOpc 
tn. 73(; i\5 3) 

cawoods Hldgs. -25 b* 125 7 < 1 5;3) 

Celtic Haven <5P) 12® 

-- - 133® 

441; 

(IOpi 64. 


Holdings) «lOp. ■ Cemenl-Roadstone Hldgs.' <2 Sp) 
Central Sheer wood 'Soj 
Central^ Mfg. Trdg. Gro. 

Centre»av <50pi 200 2 
Chamberlain Gro -ibo- 44 iV&3> 
Cnamserla-n Phipps 9ocLn. 78A<® 
Chambers Fargus -So) 14 <16 Si 
-- c Pid. -1* 


8 DC 


C3 3) 9PO.K 146 7 
A^e.anoers HidBs ,5 p). 21 >.<®.20 1. ?-.-pc 

Al.da Fackdgirq Grp. HOP) 83 6 t14 3, 
Ltien lEogari Balltiur 12 Sp) 59 
Allied Colloids Gro. 'tool 65 r ,: 

Aij'l^ Insulators <25o) 63® Z 6pcW. 44 

All.ed Plant GrP^ <1001.15 (16 3 r. 


«25o) SB'; ' \ i.Atiizd Polymer. Grp. . iOdU-o- 96 <14<3> . 

In:, sn-.. <su£2.SDi sni -Allied Retailers HOp) 202 M6 3] 

. Bkg Grp rzSP' 70'?® 2 i Ail ed 5uoptie<s 6pcLn 64'.-. 6'socLn. 
. _ BO '15 3, 

nci. Bk Australasia 'Lon. Reg., 1 

2 ns 3, 


. 53** 4', 113 3, 

VA1 191 All.ed Textile Cat. <25p) 136 (15 31 

' Aloine Hldgs. (5p) 4 2 114 SI 

Nat. V. cstm,nster 277 6 5. Wrnts 92® 1 . : Amalg Indusi. 7pcP1. 44 :T5 31 
TpcPi C2'-« 2:0 3; 3 1 B'apeUnse; Amalq. Mei-il Corp. 294 (15 3i 5.4pcPf 
Ln 95 9ocLn. 84 <15 31 ‘ 59'- M3 3) - • 


ZF, 

Berlslord (5. W.I <25pl 207® 

BerislordT r2Sp, 60® 54® 116 3" "'I 

Bestobell (25pi <43. Spc2ndPt. 38 (14,3. 
Bevan ID. F 1 (Holdings. (5oi 16 .16/3,' 
B.boy ij.i and Sons 204. 10'aocDb. 88i : * 

, 1 fi/3> . - 

Bifurcated Eng.neering >25p( 47 06 3' 
Biilam ij.l ( 1 Oo> 42 <13.'3l 
Bit mid Qualcast '25p. 60 ?* 600 601 l aJ 
60. 7';pcLn. ,64-i 

Birminghmam Pallet Group (lOe. BB® 

1 1 6 •' 3 > - 

Bishops. Stores A NV.'.(25pi 120 .14 5i 
Bla-.k and Edqmqion i50ol 99 >15-31. 

SptPf. 38';* I16‘3. 

Black Arrow Group r50pl 32 < 1 5 3. 

Black IP. 1 Holdings <25Pl 128 <14-3' 
Blackman and Conrad (20o) 16 (16,3i 
RlackwDOd Hodqe ,25pi 7S. 9pcLn. ID! 
Blackwood Morton Sons (Holdings 
22 .15 3) 


Change Wares 12p c P 
Chloride 
Christies 


IOP) 19 .16131 


»er c r p°S: 


Intnl. :1 Do) 70 -H$ 3) • . 

;25p) 41 .14 3) 

_ .. . . VUS6 25) P90O® ilS'3) 

Chubb Son i20o) 120 2 
Church <25p, 172 
Clarke <T ► OOp) 26 US 3) 

C ay 'Richardi .25p) 67 5 


lord Charles, 
Cl. Hard's Dairies 
Coalllc Chemical 
Coales Brolhers 


Industries 80® 79® 80 


Non-V. Ord (25o) 38 
Products <25p> 71 69:- 


<15 31 

, Palons I25P1 70 


roducts 1Z5P) 71 &».; 
Ord. Non-V. I25p) BS 


Coats 


^ - 70 6B>:i. 4';pc 

39®. 6-aPCLn 56N® 7 7>;pcLn. G6L® 
Cole >R H , C25pl llfi 115 3} 

Colgate Palmpliye Cd Shs. of Common 
Stk. HUSH 15 .16 3) 

Collett Dickenson Pearce International 
<10o) 57 '14 3) . 

Collins [William 1 Sons iHoldmgsi Ord A 
iNort-V.) i2Eo) 125 8 
| Comber GrOuo lOo) 20 <14 3) 

.... . ___ Combined English Stores Group IITHpl 

Blaqden and Noakes (Holdings) <25 d> 20B , 72t> 2:0 2 7'aocPf 51 i. 9 -pcL". 75 
'14-31 . 1 <16-31 



r l tie ,-iffhTF attBChinj: ft* 1 he f anom o( a hare* are as lullowi 

yomsders^^ |:0undci>' Sshbre* exist «akl» i.*.-on«pU »«nli J-.-r^y Ijw, nhich requires thai (he 


>h*!c-.V)ai* aoKJewn«»isi anirthtr cl»s»nl<apit*l.wi<Tder rtuiihey rou> ix n.iki-uufalc. 'H ms 
^ brjaircT-. hair rhittiun *ul**.cribcd ill thrf Vamder* >han.^ in ^iwWJiutulii* rcMUirvuirni, 


In a ujndinc up. Ihi* lnniuicr> Sharcuank lor repa.-Tn.nr oi rapfialpaw! I up ilA-res-n alu-t 


^ pawrien’i a) eopiial imi- 1 up on the Shaw aital Ncmi'diwI Mutch. The halJcn nl i.hi i'nun J«-‘ 
tiharrn arc entirk-tJ tn restive notice or. Ueneral Mer.-i-.w- «i«l 1 . 1 > jitcnd jm.1 sure 


l,lc ihcrcji. ij.i j p>'Il 

a hoUcrid hounHera Miarr* u mritJed tn rnc »<Ue f-r t.i.-lisuch share bdJ b< li.tn. i uunJcra' 
Siam, Jo nor entitle tlic holders ro teens e any dividend and arc n« rudecinaUlc. 

Lft0 ** W,, TbM h 3iawmflT iw Hsued either as Partiupanni; Rcslremablc Preference Shares ur 

as Nominal Shares. . ... . .... ' ... 

Parlicipatiiuf RcdccxnnbHi Preference Shores Hhc ■share*. 1 

The Stum ranfciin.1 in *« indim: up for n,-|»i moot of the vapual pai J up i hvrwn jn J, 
hi addiiicui. have the riuhi 16 all vurplu* ***m avaiLihle tor dujtnhuiion (ashareMdiis afijr 
ropuvnwnt of the capital paid upon the)* oundew .tihari-Hjnd NnmauP Mum, HolJerL-'l 
>1urcH are cniitlcd w> scsxlvu twice ol Lietwisl Mmiw in*! 10 «w» a«w ww tiwtcai. tin a pvU. 
a holder l% dialled io me r ore fw each Share beld l<> him. 

Mominftl Shares 


Nominal Share* ran only he wmied 11 rcratsf t.*r tlte purpose Pfprodudinc fund, fnr 
the n-dempiixn «l the p*r value of ihr Share*. Nominal Shire* cans- no right to di« . idcml- anil 1 


* n irutinjr til* rank lor rm*a« rtwnraf the capiufpaid ui* thereon a/ier iriwyniem of thet-apital pu.i 
up 00 the shares. NmnimI Shares arc rcdcemitblc ai par and due be converted into Shares at an* 

1 •••ic » 1'cn Share* tta* be i*.»wd upon wmem ti* the L nrnpint of an amount equal u« the <•*«»& 
«t tlie wur price (ad|u*<etUor oqualiuium if appsqtn»ei ui the relevant time isec 1 h-i.,o 1 nut 


: he nowunal V4HU- rhcrtnl. HohJcn nf the Nominal Share are rntnfaji ID nreerve no I ice si Oeneral 
.Meeimua and in attend and vote ihcrcti . On u pnll a Holder t. entitled io me * otc in respn 1 ui all 
Nominal Share* held by tnm. All Nominal share* w ill hv i«ucd to ihe Manafien.. 

N arianon at i0 the .hart* al any *!□**'. mlc* other^ provided h* tltricrinv ..f issue 

•if the vhatet ot iV--.It (bni mav. n lieihe* tw tvnc ihe Lompanv i* Heine wound up, Ik vaned «ith the rnment 
in '*rif'iu < u? the haddetw ol rluce-1i«HTth»ol'the woued aharci* ul tlwi clarf. w wilh the WklMiiil .1 remlunon 
^a.qSwbMHl Megtowof the bolder* of tteshanrt nrthai 

... ,. M .. 1. .1^, lims. ITv m et m p nuurum ai an* vtich vepapite Cienenai MroitiVL sitaii tic inree 

prr^itFPt least' hoUhiu <w icptmwnna*b> prois not hew than one ,h !™ "L! ,ir Rharw of the slaw, and 

ii-n udimimmcni of -u*h mcennti the holder* prewar m person or b> prawi - - 

ui -n. aaiwnBwm anwhed todlie Shurt-s shall be deemed 10 be wied b*' any tana non ni the nuht-; 

1 * ,V,,^ ... >(m .n- K\ iNr i-reuiou or raw ,il an* Hhare* lot her than ■l...rr< nil me 

porPoMR with Them a* respent. rmhia to dividend and m p uinditw up rcrcdurtKin of raimol or Nominal 

Sh .,„ ... 

-iLrt-iTii.'l ftr Mh#r rirhti shall mr.UPieq whc twbC CSpTCftl' p«widcJi bj the lento of ft* snare* o| I toC 
b? ranlun s punpua* thcr*-**.th. 

Minimum l W 1 - ihe value of T hr Net .Wib delinrd m rhe Ani.lc«.»f 
\**ori*MDH In lew ih*u£ 2 million durinj- the ** hole of an* H*e-»eeL period, the Lompan.' n«* b* nuticc 

Vedrem all Slians oursrtndimi on eVp4o' «xbe nolK*. 

VALUATION. SALES 



Yud pn*T« i*cv hSwvhbuin*''' otherwise, the suhaertplion pncc.**lH He rutmUedup andthcrcdeinptinn 

r rt*i i *** 1 n 'and iiHered Pnees n-Tt.wU*. reprws-m a* percent, spread. *• htih « 

fc.j. than tiw -prend hnw iet*-(ht subii-ripilnn and rv.I*-"«P"-*" . 

ji> ime.) : nl ' *! im-iHtf \HHi,uwihi('*nir<>n is free to tnuc Share- 

Mi— nnle wr Mnrt 31 the rt- 1 "* »"» 1 "re ml* ulotcd 0- numiioned *l«.*s-. and 1. ttnd. e 
appInnrM )U ihff u. iuhwa tut he provsinm of'iU-V nicies uf .VAoewiiun wid cl Jtnc> la'.'." 

an .mmaUMHio r*cH tbor -< *al*nl 8ie.Wu ton oermi wnh ihr 
^:*r^\^'d T s-o7^hM^i^*^ ?^a™ ,ch U m for rcali«h*nvur Shares a. nr.n, ip.1 

applications t 

twnifiiiL SultMTipui'R w * * ’ ■ . , l*-, ■rHes ** ill pener.illv dn sn |*v purJbr- e» an*l Itrv f ree 

Sh.re. .ir 1 ^ ' «W*« ^a taSSPvSfclM J^VhPrWmiWTW ■&£ M«.«.<-n an* 


attho 


ShartsylTetrti.for.realiaMwHJwlliM* 1 ______ 

time on culealuledjnd Knti>*»«- w ^jfvannlKMKnr. f<w sbarw an^ .tequaa* fcr -realivuiiwi 


nN'wvedon 

7 'war o« tut 


Wo*.n« tiw Mina tv rt Kiun 10 eabalV annum ton-- uw ami <niww* wr -rn*iivu*iwi . 

■ SM'S^iaHoUnn fiav at uwtr offered or bid price .'*» iHf Wf JlisMjlW'Id'til it* l]"" hwawl. 
L?lft^ l mHL4^qbe > n'l*icd to Ihr C«npmit'» Mibirtif*' IW1 JffldreoS<i»pUon price, calculated ftv 




•TWMiy lu c«»™u»v ■ Bcwwu .P.m-srLTI^.'u-j. u. rvnu (lie spBcidllyoleulftlitd pricdk will 

<irti)oo Da* ThcManuej-r* oiij odiuM then- offered and 
toJhchiniWlKm> 


awndooodjibove 

Shore* in 1 

redeemed 


"ThJnimeriiM Mirw jMsaad the dwermtraiwn'oi'tHc Miherriplwri and rwfemprlDnpticp. oS 

Show* in ^?^unaS»S?K'hed m ,he_\nicf« «*****2J* 


a pen od 


p tywn £££ » m Sot rwm..ny hu^« wdf.qi^ dutiiH: vucli 

*WP^»n «na)-noi bom^c unlit 


after sui It suspen'ion i- Irfi?d arw cormpandmoiy :_l«c A lunx- 1 - r; -.* i*l be at libeny nor to make pay mem for 
an; Sl**rcn p-ir.*w4.d In fka-m <inr-: such im.r. Ndiiscoi an’ .-■*-)■ *usoai*ibn will Im.- mrn u. any . . 
ah-irciii'tdiT 1 rnJuni: m. sha-.-s l«r re.tlsau. at Jmf -a til ilv. . u- pu.di-hui HI 1 lip Fimimiti’ f/wiv. ' 

l<-->t.usi 1 r, -'i'i'v'iI -—tee maue its*' ottl* iw nvthdiaun intheusuiUbi a MisiietiMonul’ 'vaUwlioru- 
BOR ROWING ,\KR LN GUM ENTS ...... 

Midland Bank Trusi Corporation (Jersey I Limited 

) Im 1 ..mjxin- ftj. iTirfi-il inti- an uurcvn.t-it; • 1 ••-■■ra. 1 No. 2 below", i.fth Midland Hank Tru*E 
L'lirp-nsison Icr-r ■ J.inttird under **.n.-t. a PinJtu unctn la. ii>:» *arta1il(- in amnunt and length. -f 
n.at uni* *_.s brm pLic*-d a* ihe C-»np.in* s dtijsiM). Thi« i- I’u <--r an ioin.il i**,. , c jr period espir.nt: 
in Man h l-JSu bit 1 -* s r<-*-.--> i-L ensi.-.n:h*ai)dailn-jaH' :lisr*-a:iur. il may Ivcxteiideil l»> one -.ear 
alter the then u-atun:* date ind-ik-si w pa; able .->t taie- ImU'i (h» •-• rubric on ilia Lond»n Inu-rbanL 
liijrht-1 . Aruicpo* ^ « lui-» lecn 11 , j J t nltl. a *1*-.* to nonrmi: :>.:s faslUl)' ftimi linn- 10 lime. I ndcr ll<e 
li.an atfi ct-niertl 1 lw ('ini. pun- Lsohliuo! ir- rmnta.n cai*, ari-l >•: -i- .iritio. istthan apentivd tatcuoncs niihoc- 
to 1 he order of Midland KarJ. I'ru.-a I r.rp„;aiK,n • jer*c-. > I.ioiiilJ i>. cirt I SI per rcnl. i.oer |..r sums 
nutMandinc t,nd*' r (be tjciI;; Tne Lumpapy m*: suhjeeLJu a; jiLiliiiily , druu dun nunii, uni* under this 
faciln*' in an-, inrcien Ltirren. *. 

Bank of England requirement* 

■live pcrmtssMo uramo) hv the Rank t-f Vinsland 10 tube tin mbfacilitv require* (lie fureiun 
currency and inn-um i-unrnr* wevunue* purvllasrd nilh the proceeds ut'ihc loan In lie appropriated in a 
"loan curtmev porllwiiu". Sueuntie* l.c-Uin ihn pnrrluiKinia* lv re.lse-d fnr Inruipn »urren. «. The , 

Coin panv iv required b* JlanL uf. bneland rLqviai.,irr> tocnvjrc thai the laul value of .is Ixriaun rurreru *" 
ms unties and funnEti larrcncy. « at least II? per.ccn-. uf the loan out-uamling under I he fanltiy and ihut 
1 1 J per rent, is deposaed n:fh w In the <«dcr« the lendinu bank. Tl.r Mrurhic* and i-urna,*' M-dcposUed 
bv rnc ('ompuny form part of the ISI per rent, cover mainrjincJ r.nli ur to 1 he order nl .Midland HankTruxC 
Corpnrafton ( jerce* , 1 amhed 3* (itcturannl aiuj*e Any is-t«;.ms-n( «( the loan uauU, un«l*-r cunetn 
w: bonce ctintml requiretnenl*. be made out of the pmcced/iit realpat.unol the ponmlir. aciiuired **nb 1 1 >c 
loan, in* deticir bemc made up out u f irr.-eM.m-rnl curranc-. hdi«! or purrhavfd. Any parr a.r the l.un rw.rr f,',lia* 
mhii h exceeds the amount of the loon nit-., unier c-urrehi m-hanes control pruciict and *ubjr>-i in prior 
llankaf hncland consen:. be reeurded as invia<in,c-nt itirn-iu . -. • ■ 

PROVISION'S OF THE ARTICLES OF ASSOCIATION RELATING TO DIRECTORS AND 
BORROWINGS • • 

il. A Directin', may huld an* nther office nr place of pr.'lit under the Company .other than the 
office of Aud not 1 in enniuncimo with nuafhrcof Director or-a-u. It urmy tenure ui ofhsc, sen.unerarioii ' 

imd oihermseas [he Directors trlay ahiemiuie. 

1 2i No Director or imendinz Din-uor shall be dtti|iuhHeJ hy bin utfice from tontra-.'lin; with 
the < "nmpam cither as vendor. plirchauT or nihmii*& nor sluilun- uchcymrart nr an* .••ntract or 
arrange incur entered into hv or oil bclsdf of Ihe Com pail* in which ai»v Director i. in an* wa* int.-rrsint l«e 


IO retire at an*_vprrified age.. 

1 si The l)ire--ion>jnav ererc-Tve aflthc powetTofiiie Company lo borroiv money and to secure 
Si till lutrrnu mm and to i-.tiu.-*ielien(urt» and other xeeunt.ies foi an'drln, liability tw oblijprfion uf ihe 
■ t wnpam -ir <it an;, liiud par. ...'I l»e I ltrci-i"t> -hail irvtnclihe biiiruninss to lbe" Company and ncfuLeaH 
-- *-Mini: und-otlier riehmy-prvwi-nioi 1-,'nir.il eserii-ublc by; 1 be Com pan.* uiTXlauV,nt<iitiUub»idia'ne*iit'aii* l 
Fua* n, sc. ure (so far. as reward,- iubaidunvs. as hy Mis h cSeiTKe the* .-an verureilhat ihe ageremu-.- 
rmniipal uh i,n|ni. ltn-lud me «n* tiled nr miruriium premiuni pa* able on final repay mmi and ro]led-up ■ 
Hiti-lte-t. •ur.llitf time l>cini> renum tine, undi-i luruy-d al allnyonies h.nr<M**-d by ihe L ampan* and nr any of . 
.1- .-u I, s. j lane* i'he"i!ruan* j. csvtU'iie-nrinive-tiiviup hanonm~s -lull rail, si iilv-ni the picimui sanrlini. ■ ■ 


liable 1-> he avoided, r.or shall any Dintxiur si> rent rac tin" m heinu «■ inu 
Cirfiipan* tor im* proft roiiisnl by any surh contract or arrancvu-vni. b* 


m crusted he liable to ,c,i»im .» iltc 


that nther nr oi' the SJoeiarv rehtiotehip thereby etlat-lh-l.od. but rh-. nature of his interest must he 
drcUrrd hy him ' 

I J) A Director shail no: vote m respect of any enntraci. arranremcnl or pmptinl in *• hirh he has 4 
material imcrc-1 othertttM; than shrouKh :lur L ornpanv and shall nm t«- counted in the quorum at a mrciHiC 
initiation 10 or.* resolun.m.on which he iv debarred from vorinu, hu: tbaw.pmhihntoos rhall nm apply tu:—; 

411 ;he cicstiKo! an* sevunl* or mdemnit* lq him .n-fesps-cl «rf monev lent or obliculiona ■ 

incurred by han at the rcvfiicsi of or fnr the benefit o: iheCompanvoranvofitsMibKidurirs 
ni an* 1 : t 

ti')- »he wvns nf any wurirv nr indemnay tn a third part- in respect or a debt nrnhliiraisonof 
ihet "orspaa:* nr an* ot irssubtidiaucc lifan* 1 fur « huh be hinKwIlftas as-armed 
re-.porj.ihiiis» in whole or in pen undera cuarinircnr indemtliq nrlit'ihrun ingofsA-iuit:*; 
(in; an* propewa! Lomeminc an oHer of share*. iirdc-K-Miures or niher serum io--,f.ir h. >lu- 

I 'omnanv or ancofits *uh>idiarivs lit an* a fur -oitis.: niHian or purchase in whtrh,iffer hei«oc 
is to lie mirrevlcJ as a parrinpanf in il* undera m :n? ,iraub-undvT*vr«ina thereof: 
tw any prop tia) ointrnnne an* other ci-mpanv in »vtiiih he is irttervurd, direrih «.r imlireii's-. 

■ and wfaRfaer as tut ntbeer or Nhareholdi.-rucuthrmi.t- lmBaoe*er. pmvidsd that lie is n-,t the 


holder ui ur heneticuUv trueresicd m Mie per sMi. or nloteuf an* t lavs, il ilic ctiun; shurt- 
capiialiifsynh Lompan* tor nr an v Third mmpan* thruimh which his imcrc-i is Urn* *-d 1 or uC 


ihi-vniiwricho available to member* of ihr rvle*a<i r ‘-ompan* lanvuuch inter t-i l-rinc 
deemed Im the purnoac of thu poraip-aphir. be a matrnsl imcmi tn all i irmimtam-i-s,. 

Where proposals are under consideration ronrcrmin: 'he appoinimtill linrludine liwnu or ■ arvillg 
the lemi* nf appoint meni < of mo or tl»tc Dtrn tor, io nrtire dr mipImiiKnr « ith the ( 'mnpanv ot an> ' 
enmpan* ui abwh tbr I arpinv- 1* infnninl. auh pnipoul' nil- h* divided and «sirr<iJc:'.fi m n-laii> ,n 10 
each Ihreeior npinuiy and in such case each 0/ the I )irrifur> , ,NK-vrrytd Id' run wbem^e lie barred Ir.nn 
xoiihr 1 'hall he entitled n> i-ntc land be counreii in Ihe qunrnni-in re pfci nFcac-Ii resolunon cvec-pt thai 
Huumi nu Ins ■»*» app>i jii'mei:: It 4X1* questumshaJI arise ai an* ir icefinr us tu the maTenaiif- nf a 
Director * int-.n*: uras >,■ the emit lenient an* Ihrerror r,i nxe and such iiurstton mnn< resiilveil in- hit 

* ■ dun; aril, asreemc n.absram worn vnttw. such -7uetiK,ii shall i*c referred ro the C hairman nf the muetinff 
nnd h<-- rulhre tn Trial »*D )•• an - other Ihn.-- t-ir kliall he tiiijl and i.-nclusivee-uepr min.c wiiere the 
nil irre -*r «ttn: ns the :Kr»>;t ni tin: I Hrcrsur tori erned ha* e n>« t-een iuliy ilnrleud. The I ’• mipan* may 
h* I JnJin jrv Kr*,i!utii ill suspend or relay the prnvtutons iUjucan-tJ m ibts.paracraph m mv riinii or 
raiitv an* iranstiii-ni nn* d-jk auihnnsed by rva-sjn pf a contravciuwn of the aboty- priivLsiniis 

»4i -\m 1 fire, t„r nui ati be brnuclf ur through hi* hrnt in a professional capavit* fr-r tlic " 

< onrpan- . and he or he* him ahaU he emu led io remuneran^n ;'••< pn,f««»nal wrvni-s a.* if he v.ere n«t z 
PirteW: provided :hax fMifane ,-,*nta,ncJ ;n the Amd« «f Aw*-iat<nniluB authorise a Diteauc wr bn. 
firm Ic avJ a* Audi'-T ■*! tru. C j:i-pan. . 

(?, An- Pirr.l.sr n.a* coa:inticmhc or hecomea di:<-"<*r. tnamsfnuilirerror, miiutcernr other 
nrttifi Shareholder ar.* o:hur cnmp.in* in » hi* h the ( ontpait; mfl* he inicrisiHl and 1 unless rj hrrn i*g 
aerKdimrui-h Okeeii'T »hal! be OriOurUaiiic >W any remuneratin'! nr ;‘oi her benefit* rta eived bv Him wa 


nflji-css«rf.-uc.-iii .... _ . 

, b- The Direcmr. vhal 1 he entitled :o mnunenimn In an amount t<* bv ftsnl bv ihe Cnmpanv in 
cttkcral nK-eiiflrand !-) be divided amonsst riier ai tbr na-. autre ••< inyfctiiiJi equalU. The Drrcciorsm*v .• 
»iweiaiij- rtn-KN.iM any '^-rv^c-r who m app-rtn'ed aroir ui ,,r ’(. ptnomi errra lenk-cv of rotaLe :ro- 


sperad evertuin or an 


1 or reside abroad for unv at site nurp,**, - 1,1 flic ( , Wnp*u> ‘I'he Dmctccrs may- alio b® 
ivj and o'.htr eyjirflsis property miurrcd l« ihrm io Hundine and reiumine i'mm 


pan) al, travel ef; am: o:ner ropenns property miurred »■* t mmi ro Hiendine and mumme irnni 
-ncru 7 S> 01 tw frr«ni:i. nr an* I ronimttce of rfc*- Dm* tor* ur E ertM 'arnSeetjjuci ortlass niretincs of ihe 


t iimpany ur in mnne* non w nh me busmen ni ;!)*■ t fttnuan* . 

(Tl A Dceetiirdaes no; require a Share qualihvat ion. There are no previsions requiring Director* 


. . . , _. ...Jprennuk v_ 

cU a tx-Mtluimn p. iss to at a separate * la* ■ mt-ei ,nj: of the holders 01 the fshare*. eaeecd a sum equal 1, ■ nni- half 

t«t IHa: *\airi!kUit. AXi— , . 

"I /he nnminal an mu 111 of I lie .sitdre capital of I be Company for r lie rime hemq isiued and paid 

ifTiJnJ- . 

(iit ihesonsolidatcd ctipilal ami re*enui- reserves of the C.impanviiruladine >hare premium 
u* sjiunt. rvser* r iund and Ualaiwe standirfji 10 iheirrdit ul the prom and lcn* account bur 
<le Ju* line an* debtr tlH-retui .indewludniziiiiioiiniMsei a-iJe lor taxation 1. 1 
and when aUaTildl inlam-e sheiit s » m ■ I ic Company and ns tobsidu rve* 1 if an* 1 are available, ihe same shall 


Iti- as shown in*) vonsohduiiun *>l the loiws. such balarwc_kl>eet.s) adyusird _lar subsequent yanation* in paid. 

* ^ emeu tu he in*ludrd anv 


Up 'hare *-apual. »hareinieniium a. cnnnt or rftaerve fund. "ITitre shall n>af l«e deemed. 

rrnxife* hurnmed ( in. I tiding ail* lived -,r niinimiini prernium pu* able on rhul repayment and iibludmir 
rolled -up mierrs-i therrnni ar,*l lor 1 in- time being uuuaaodiny; 10 ihe caicni that in eonneeiinn llirrewnh the 
I nfiipum nr a i>uh>h|iar*. is rcstuired l*i and does dcpuail u'nh or fo tlieurder nl ur lend to nr iithe'direeiiun. 
til 1 tic lender m.**- i ~ 4*y viauul secuniy ur ntherw-isc. 

DIRECTORS' INTERESTS 

■Ml 1 be i iirecvnr* direc»rs »»f ilw ManaRTa.\lr.Mpniw. Mr. IuVst and Mr.TimWiluLe ar® " 

direeiursut ro-lilesincpr I rust Mnnacrr- I.imitrd. the parent cun ipan* and the henelKiaJ .inner nf the 
wh'jic dI ihe iMUcd hhaic cjpjui n| rli« Moiucivt. IniH'jnd Mr. Htndmon *rr dn^iirLOf Vhli^miNr 
Jnvk-sinuni ManaReiiieni Sink es I. milted porem aunt pan*.- Mr. .Morra> and Mr. Baker ar® 

d'nr'torv of .**).(, the parent i.unpan* ni SI,\lJ*. Mr, \fa>roe£ n.a dire* lor m veseralother inmpanies in Ihe 
Sshlesinuer croup, whirh do rxii niarrriall* reii-iyeuny benrlit from the L'ompam. .Mr. Hakrr and Mr. 

'I inihcrfakc ur*- minurii* *luireholders nl ni.MS. The Articles nl A*«ni-ianon of SIMS rnnldin pro* Mon: 
wherein ih« »»h*nN minoru; shareholder** muM.upon nuiirt brine giiai hUthfiurdwMm h* di'qtiiTfd 


by SKI at pnres vuleulated ti* reieremeiu tlie * alue or fiinda under marpcehimi. includinc rhrretnre the 
mlue it the k ronp-an* . ;irid the pmhishilu* ql.SILbs. Mr. Moon i< a partner in Mouram du l-eu A jcunv. 
ihe Company s wdi, i.t.ra in J*-rs*-\. **h« rrrei*r lees fnr profewirmal vrork done lor the l ‘gummy. I unds ’ 


... ... - , - - — . onirvm* . . 

("■nwl hy Srhli-incvc cruup ■-■jnipanie*, may from linteao tune mvrsi in the I'nmpanv. Xnne .»f the 
direv-itm- 1* oihrmiw mirrotcd in an*- Share* id rhe Company nr thr Manajjrrs. 'JTiere are no Midi nd or 
prnpn-ed -erni'c acrmiienia between any ul the Direeton and the *. nmpan* . 

MISCELLANEOUS ■ • ' 


;iTie nnwcni nf the I'imince and Kconomie* (.'wnmiutr uf ihe Stoic* nf Jersee under the Control 


. .ofKnrnr,u-inc"'Jer*eM Dider 19*8 ta* amended) hie, been ti brained to the issue of Share*. The » unsmi nf ihs 
v anil J-iiriancv Committee ni Uie Hnianf Ciuernsey ho* been oh tinned rn the raising in (juernsey 


.Mnuin- 


m 


up in { vflU.'Vkl by rhe i<*ue of Shares. Ii mud he di*t[ncr 1 * undrrsiimj thai in giving ihc^e ransmii 
Hhur- of in*- ConHTiilirrs takes uny reapnasibilm for the Knancial roundn«T**.«t an* whe 


lUNiltiT iil rhy- Conimitiers take' un* reapnn*ibi!nt for the thwneial mundnm .«i any M,-henm or for the. 
emrenneis 01 any ul the statement* murfe nr nplrimm expressed n uh record lit them. 

„ . I,V Company _Is nnt Jfnyoeed in any iiriRartod awl tbfl niretwrvscrc 00c aware of sriy iUinuon off ■ 

slaints pvndmc or ihreucenvd ssairru the L upipun*. 

. No name ol Shares will Lmvwirud* be nude, icuhout the appro, al nf the L'.nnpany in (General 

AKeiinc. w-hn-bWoutd efTi-cnvel* alter the icntrnl uf rtie COhlpui) nrlhr nature oi inrbiwiness. • 

Alf Shares: not pr** inu.l* redeemed will be redeemed lit the- C ompany on Al«t December, 2077 

an. the rcalcsitpiionpncr_niiilt.il day Juiumimed a* ala** p. _ _ _ _ 

", hl ' V < J" ,p ? nV fl!L '' rv ‘ l clT “bli*he*l a pFace oftiuajrte** in (are at II main or rurried on any buiiness 
Up in llw dale. if 'hi-, dniuiiirnl. ... • 

Thci-spen.se* nl t-j jbtidu'ni; ihe C Vnnpanc and. in rtmnetiion withihc i-wuc of-rhe l ounder* 


Shared and the initial plucinuuf Sham referred to abcve.lesti'i-pt f-r plarinjr* nmnu»'i,<n> nm exreedinir 
iJ '.'.'n. iii**l 1 tFi*’e <*| an* l nned KiueJi-m Valiu. Added Tj» tia* ablr. whn h will he paid by the Msrucerq . 
<•■11 m lhcir preliminary rhareei are estimated to Jmuupi'w 05 09U. ari- ngvahlc bv the Company and « ilL 
b*- anmnized o> era perns*] til h* e * ears. ■ 


i perns*] , 

The nsininium amount wlmji in the upininn of rbc Dirccion mui-l hr raised in order to pro'-lde -• 
f..r the milter referred tu in purauraph 4 m rhe l ounh Schedule ln the l omparucs Act IWR of Great 
Sntuin I* i.M’O.lXHI ini, lu-ivL-.'f rin ManuueTk preliminary charjjei made up 3* foDm**; — 

Id Purchase price of praiperiv. ml; 
fill Preliminary eapenscs. f.lJ.OWI: 
tin) Kepaynieni «f irioniei borrowed far Ihe fore pu in |f. nil: 
i<* 1 Work me capital and M aflame' initial rharjje. £465.000. 

,. , ^ apt#l Inieniattinial S.A. have l’Kxti and hare not wttHjrn-*siTheiri*tit(enci)n^enf inrheiMiiff 
Cd Ihi* ttiti-ilnienr wii h the ret creru c therein ip their Fublicuinn in the turns atvl in v*-ht» h « in* are. 

alnus. I eai. Marwick. Mitchell fit to. have ervan and nut withdrawn their written cnnrenr Ifl lh= 
i*ute oi 1 hw document mill their report invhtdcd m the fomi and rnmexi in wh-.-h i< e. included. 

. . '. ITh: AnntiBlt.enertl Meeting »i]| br held in Jersey .at least 21 days' notice hems given in wririnij 

1., shareholders, w hu w ill receive at ihe «, rnc time a. copy of fhe audited annual accounts. The Company's 
hnancial vear mil end un .>0lh June in each sear. • ^ • 

cq.vmvcrs ■ 

The fnUowinc com racta. nni : beinji-comritts in die onUnurv roUTte uf busmewi, Votc bee® 
entered mtu and are or mav he material:- — 

(I; fhred 14th March. l*iT8 beMveen 1 1) the Company and i 21 fhe Manama beinc the agreement; 
relaruip "'invest mem adi ice (he maiuptnwju, administ ration and secretarial and reoiMnr 
her 11c a. >>f the C umpftnv.. ■ •• * 

' (21 DureJ T-ftif, Marrh._l l )78 befnemi Dthet'ompanv and r2i "Midland Bank Trust Corporation 
,. fe 01 !™*? I'**' 1 ■R , * eT,, « ,r referred ra aboi e. 

, , 5 2! , s£i!i' , iJ‘* r ‘| h rtTI fc . e -i'- ern 1 and 12. the lnvetimert Adviacn beine 


*1* ij»« Memownduni and Aniclai of Amscmiibb of the k'onuMni : . 

"fdl iheLaniracladtaCTsbod aboie: • 

1,1 XfJtXSKt.'f t<,pilul S-A.and rhe report and s'-nscriof .Mm vs.Peai.AIai-vnVlj 

AlilLheiiail n, rctcnedio above: and - - • • 

I 4 t _ the Compqnips.ijf Free*-) !-***■» 1 86 1 - to 19 bA,- • | 4 (h . March. 1978 . 


J 



n 


FINANCIAL TIMES SATURDAY MARCH 1ST; 1S<8 


isss. 5 

Comucof 


RtdiWitton Service* (Sol 109 <14 3) 
kir iZSo) WU- <1S 3) 
womnmi <i. sons w«ba tMoliMW <40 di 
.29 • MU31 
Concentric lot" 41 

Cooper iM (Hides. ' >10 d< 19® H6.-3) 
Cpoper induite >10pl t7’. 

Coor Allman Inti. >501 570 7 7: 6':. 

7-.-osUm.Ln. 78.® 

Cow sportswear nopi S3 (16.31 
Copyoe* <10p» 36 1 1 5:3) 

Corah i I30i J2 5 
vorrJ Leisure Croup i 10 p> 114 13. 

■ 10ni 109 

Cornerman 'ZOol 530 (16.3! 

Cou:t iJ5o' 7PC*. lOSpcPf. 10Z 


39--UO 


, Ui.ii. sbcpl 
I Eastern Produce iHloosIi 

»® 5. flwU 132 
871 « 

i|S£?.^If, B *i , i S '? SpJ 140 ' 1a3J 

I3i3>i Ejeco Hiags. nop) 4ii«p 40'.:e ns.si 

Cntlln R.J 1 2 So) 2440 SO®. 46.. I Elect ■•cel Indun. Sew. (25b) 40 (IB 3> 

Cnurtmila* -*2SPi 110:8 13 !Z 11*! 1* ! 5ncPl. 35'i (13'3> ' 

It TOCDb. 75(0 5 6. 7’-»BtPo. : Electrocomponents HOP) 327 S 30 23 

Tio •« I KUnvln. si * 1 *6 Si. ■ Electronic Machine (2501 IB 

A'-ncUns Ln. 580 6'.: 7. T'lKUns-l-n. ; Electronic Rentals Grp. ilQpl 114 
S3', 2. T-'-pcUns-Ln. 630 a! Elliott (S.J i25a) 93* 

Courtauids iliP* 110® 13 12 1 1 : 1** Elllotr Grp. Peterborough ilOpl 23 
Ceurmrv Peoc 'Hid 31. 1 (20 p) 56 4 (MB . Ellit Ererarp (25 o) 780 90 lit 3j 
Courts iBumihersi A i 25 oj 19 7 *13(31 'em* Goldstein (HI das.) {501 2DU 
Cowan He Creot ’l dpi 62 ■16-3) j El son Robbins (25pi tj (13 3) 


*P " ^.tWhsa®* Cleeu,c . ,su - sz50 ' 

E frt r J“ i w sm wn b -v?l is 't 

r'« MMuSd* ,2Sw 528 50 . 1 Si 31 , FteMtag^c “o '.! 7 ' MlKLa ” '' 1531 

Ease Midland _ Altaed Pres* A i25p» 72 General tngtneenaa iJUdciiHei f10p» 30 
.37 '1.5.31 : General Motors Cerp iBr, Drp. 1 227 

50p) 84 I13|3). | tl5.3i 

I GcMetner HHdmBS >25w 172 3 n3 3i. A 
I I2SB* 1?1 116 31.- A Cape. -2Spi IbB 
| 1 1 3 3l 

1 Gibbers Dudisv 2Sp< bO® 30 S'i 
Gibbon* ' Stanley 1 international -2501 1 ED 
CW«.p*ndy II Dp' 32 I13--3I. A (10c> 


25 -152i 
Clewes r !5p' »4 >15 3* - 
G:il Duifui i 25 oi 311 
Glltspur 1 1 Dpi 60': (ifi ii 
Glass Metal .lOpi 660 >16 3. 

Gland >50pi 31 :* ilfi'Si 7'«peLn 15 
33': 

Guao Holdings iSOp) 526:0 30 30 
3 7. 7i;oeun 114 .1J(j <i 15 T3: 


LPbelt 15.1 CFebell ClObl AS';® a ' 
Lenta t Herns! IJSp) 4i:0 
Lee Kcfrliw ration wan) 6/ ns.ai 
we (Arthur) Sons iucri 22 11 +.31 
, Lee Coewr Grp- (25p< 118.(15 21 
1 Leigh Interests >5o) 1580 9: :>ioi3) 
■ H®. iigp] ' — ' 


Hill Smith (25m 43 11&31 
•JJJJ °2 8*'«W 115 (IS 31 

H lards CIOpi 103-5 na.31 
Hiltons Footwear (20p> 72 70 il«.S» 
Hinton (Amos) Sons Odpi 68 


, . . . . . _ .. _. , ij . 

c«w,e .i t rsbi 400 eiawiCk'HaAMT* '** “• 1 C)eea6n M,J.» 1 Contraetcral jlOpi 40-: 

Cray Ele-.iioniLS MOnl 240 «T6;3) |(7S (Wlmblertonl^isul ’bja c, *"" le * 12Soi 1040 50 i*s® 6* 4‘* 

c.ellon Hides. Il Dp) 210 2 ?Sm* [Theodori-l mo 2» ?« 114 4 ; . lOtiPCUnsebLn. 06L-O H6(3| 

§;«« OTJ'S 70 * |5SS?S®*S?® ?3SPl 1«0 20 1 | gSlffl .H^’Gr^lD^IH^^S S . 

Cifjmir Group »25nJ 32 i13 r 3l j E fts r 3 ! | S ^ er * l ' e ** 11 Obi 12': 1 1 j GHdrei *Ch.» Foucerd Son t <25pi ( 

cwbi sssa imSSSs nlii i-',v\ 5;s i 3 £ ^3' j ¥i s io; M i-. Ele< * ron,<i '■ od ‘ ,o,: ® 1 !w» •«»»«* • 

Crosy.ee Bm.d.ng Products *25P> 62 1 ^ (So, 24 (1 6 ^ Bff dftSSr ^. n JSL c. 


at HSachat A.<t, -1180 ilfi.'S) f 

HoiTnurfl jS.l US,,, ^ °2pcLn. 1983-90 j 

Holden r Arthur*' Sons '<25 p> 61 3 it" " 
Hollas Croup i5pr 57 H5:3i 
Hollis Bros. JHd E,sI i3Spi 55® 

Ua»d intgrmtloMl ilOd 121 H6J1 

H |?S*3 i C ° l " 1 ^ ,,!a Newspaper* WSp» 59 

HenHreV (25pl 44cr 6 
Hoover A 125*7 323 
HopUnsons Holdluns fSDBi 77 6 (16. 3). 

s PCrf. 4o*j 

Horizon Midlands. (Spi 900 lO B9 

Hoskins. Horton (ZtoJ 148 

House of Fraser C25p) 132 4 3. auneLn. 


Lop Grp. HOpI 243 ilT.SJ 
Lesncv Prods. rSnt 59 
Letraser Intnl. (IDpi -108 9 
iLWW (5pj 150 

I Lewis ijotipl BkIstPI. 44 i j < 18 j 51 


Norm and 
North >M, 
. 47fe riSi 


Electrical HMos. 42.t13i3] 
Fj rionj aeTis/ai. 




... 8 jBpeCny 

Uns-LD. 100L* 

Norton Wright Croup HOo) :1«0 1'(1 6133 
Norton CW. E.l UHflgSi) (6ol-33 a (1*I3> 


Redman Heenen • • JniorMtionaf riitsi 

ifiWwfiSL « t,A 3" !&U n rS7^H^ 3 i&r«» 4 n{. 1 

A 2 SpI 720 _• -*I%tH- 10S l i50 (lo^U- • *■ 

Reed S«en'!5 *5PV:45* ; «»kr! iReo-1 Oni*ni»ati« mii 


< 1 Ool - Sunirdshlro Poticrto* *Hidgi.> Qsp} 1. 


Raed i7i»SO s ^0 j j{inilv $S3?«r 3 ?(l! 

« « ^ ® >* - 


.-_.... UoaJjL -75!aO, 
(2307. 107- (TBitf. tiaiPC 


Nerwest Holst . 

NoMnahara Mte, 

Crr. JJiH . LA. 85 . 

Nova (Jersey) ictrn i£0p>-,36v.<liN3i. 

7pcCiBr.WnMJi, 74 11413} •• -. 

Nurd in Peacock r) Dpi B1 a«. s. flfijs) : - 

Mu* - 


Law!** HW. TSt. 6:.-pc2ndtb. 6&.~ (163) 

Lex Service Grp .25pl 70. 6 '-£|kP 1. 390 

Lev's Foundries Eng, i25M 9| (i3.'3> 

Lkicn (Htopj.) (10pi 24 3 :1B'3) 

Uiiev if. j; C.J (£501 66« . 

Liner oft Klloour Co. tTOW 1 «n 

tVt «: <4h& 

tSSwM HWSt (BUM? ' J ' Hecwilk iNMWB' (25rt 90'fRH31 


Swift IncK. (3pl 23 (1413) 

I O PC. BRHrt '(1929) (RO JO) 3ir.«Sf31 : - 
115.31 1 Ocean WHsom iHutgsj ( 20 p} .734 82, 79 




EVW tf£%\ 14 6 3 o?Ln 6 °86 & ? I 


3 2 4 SHPCUnteC.Ln. 30tO 407- 
BijpcUnsec.Ln. 720 

Creitet-milis Store* Cum.Ptg.Pl. iRQ 25) 


E mien's ' 'tores’ 'i 20 p) 82 (14. *i. A (20 p» ; Eeicnre HIdgs. New (5p) 1 3 (16 3* ' * «Sae!! VOpeUnseLLn.' 1190 19 

8<t 'IS 31. 5oeP(. 36 iiS:3) Esperanxa Trade Transpori *I2-.-u» 137 S 2 I Granges Alctiebelao 'Free ihs ■ iKrldfl 

Collar Guard Bridge Hid**. <=5pl ■‘0‘J ; Eueatretus Pulp Mill* (35 b) 65 (16.'3) , uSSiOu: W 

1631 g 4 <i 5,3) . ferr, « laSB, ,1S ® ’i 14 ’S' Cromta Warehouses (25o) 1200 

Cummins^ s EnoiM 4 3 SpcUns.Ln. 94 n a ji . e »^-. ... Ore«. Universal Stqros_'Z5pi 290 

Cusiomigit 0 M*B llOol 19 116 3) 

Dale Elecirlc Intnl. rtOp' 1W ‘I 1 1S 
Danish Bacon 1140 ISO <16 3) 

Dartmouth Invests. iSm 19 
Davies MCTClIle A (Non-VIO 1 

Davies 3 Newman Hides. jZSnl *22 ' '5 3) 

Dir i* iGodirev) iJSnl iB'j* 9* 'Jf S' 

Daw Irtnl. i25o> 2160 15 13 12 
Dawson International '25pl 103 4 Mb 31. 

A (Non.Vtg I <2Sp) 101 
Dawson -J ami's) Son '25rl 124 '1b 3 

De La Rue '25P> 2SSO_ 63 60 58 
Of Vere Hole's Rests. i2apJ la40 4 *16 » 

Ortwnhams i25ol 1010 100 2 « 100 
99: B. 5 :Dt2ndOb. TS'jlO 80 


hSSKVSSS 

Hulett s Coron, crd it*. 

Hum.^M^cep (Middleton) <5P) 97': 

,ZSt> > 1864 {1 *' 3> 
Hunticiph Grp. (IDs) as:; 

HUtChlRSAD 67 (1413) ' 

Hyman. (I. and j,> (5 P ) 33'jO 4® SO 

I — J — K 

iS* 1 . SO = . bu'pcDb- 75 114.31 
IUC- Co. I25d> 135*113 Si 
I'pwcfc JohMen iisp; 143 (16 31 


tsss: a 


(15 "23 

London Brick i25n> 65 4': '«-■ 

130 

LOirrha . — - 

Span. 60 (15 3). 3 PC La. 1983-85 
Lonsdale U«ivm 9«I (3=01 '2-t» 5 »- 
Lobkers (25oi S6_ (16 31 


14peLn. 1 Oxley Priming ' Group <S5pl S8‘ (T5J3)' 




hop) so 


6<a 6. IOu 

Erered Hldfit- (2Sp) lS'a (i3i3 
E.ode HIdgs (Jop) 72 (16 3) 

Ewer 1 George) (IDpi 260 : _93 . 

Eicaiibur Jenellerr ll.SpcPr. 117 (13 31 . Creenhank Indsd. HIdgs. MOp. 
Exchange Telegraph (HIdgsJ <25 p) 93 ■ Millets -lOpi 41 

Expanded Metal esm 51 ;o - 


-64ths: 

F.M.C (2SP. 88 (15 31. 5.45PCP1. 54 
: F.P.a. construction liSpj 24 
. Falrgaim Lawson (25pi 52 H6 3i 
Fa j relough Construction i25p) 69 
Fairdaic ■ Tesdflla* rSp) IB's. A n-V i 5 i 
loll 5" 3^ 

- 1 Fairvlew Estv (lOpi 104 
16 si. . Farm Feed Hides. (25m 36 (I4'3i 


; Group Loins Car ilQpi 39 a 1 6-51 
: Groveocll Go ijpi 16 .74 3. 
i “d«t Ifeen Nettle-told 273« 6: 9 a; 7 5 
I 6 SO 1. S-'jpcUnsec.Ln. 05 4 
. /<«» NCtaefoldS^SUie. 6'aPcGt.Deb. 

7 ■ipcGtd.Deb. 76 lO'-KDeb. 


7 «pr2ndDh. 67*- <15 3) E rocUruec-Ln. EMctronte (ZOat 204® 

6! TuosUnsrc.Ln. 58', Hi 3>. 7'M feb internal!, nonl 23 US'S' 

Unvx Ln 50:0 MBS'. 1 lpcUnsee.Ln . Federated Land Bldg. i 25 d) 4i*r 

H2-I13 51 I Feede* .1 On) 34* 2 

Drcta i 25 p> 405 >15 3) A i25pj 402®! Fenner ij. H.J l25p) 132 


92'. 

Group ‘TOPI 35 

H.T.7 Group Nc-Vlg. ,2Sp) *2l® 
Habit Precision Erog. (So) 35'j 
Hatfen Cdrrier iZSal 90i-o 
Han«M (Johnl 1 1 op) 103® 



«!; 


197 25PCPI. .250' 15':® 

□risen <1Do) 21® 3® 

Drila Metal i 35 p) 6B :. 7 -ntDb. ,4: 

‘16 31 

Dennis ijamrx H 1 ilOn 1 54 . ,15 31 
D*nnv -Henr>> Sons Sot PI. 40 ill 3) 
□erilend Stampmo 'SOal 152® 

Drtourier Bros. iHldiU 1 i2Sp) 134 ,16 31 
Dmhurit Parmer IlOpl IS*,®. A Non- 
vte. modi 1 5 .-0 
0 amend Stylus MOp 1 190 
D-ckinson Robinson Grcnia. >250) 120 19 
18. 7 ',a:Llnsec Ln. 70': '« 

Qinkie Heel iSpj ' 80* 

D-plomj In.i-stS 'ZSpI 137 M3'3> 

D'xons Pnoiograph.-c >10p! 139® JO 39-: 

C so' iSdi ai® r-16 41 

□obfon Park industs. ilOpl 76 ■ 

DuKunr 'Daniel) 1 lecDB. 87 : 

Dorada Hinas. i 25 pi 74 it4ix< 

Downing Mills i5pt 24® 1 1 61 31 
Dawning iG H.) >50pl 207 M6-3i 
Downs Surgical MOp) 31 : 

Dowry 'SOP) 165 4. 7acLn. 164® '4® 3 
-16131 

Drake stuir HIdgs. >2Spt 21® 1 
Dnexinlaad flrctncal MOp> J9 r13.3) 
Dnbiher.iSo) ISi M3'3I 
Dnctiic Sleds '25 b) IIS® H 6-5) 

Du la* B'tumastic MOp) 39 M4 3! 

Du r bee- Co mb:*- Mane ,10p1 145 
Onndenian i2Dpi 42® 

□i-nhlll >A 1 MOp) 325® MS’ll. 4 2 pcPI. 
_47 

D'mlpp HIdgs '50 p] 79 83 T; 79" 01 00. 
S 'PCPI. 45 :® 5 J'tDCDb. 1972-82 83 
-13 31. 6*,pcDU 69®. 7pcDb. 69-;. 
7 pc Do 74 1 15/3' 0DCLn. 70',® 69 
Dunln Intnl 'So' 13 - 
Duprrt '25 p< 65;® M6 3). IDocLn. 102 
•1413) 

r-irapipe Intnl. >25P> 102 ,14 31 
Dutton- Fors haw i2Spi 42':. Var Rate 
JLn 99 M5I31 
Dwnk . IDpi *1 M6 3> 

DM>rs .J I 'Hldps.l '2501 22 
Os ion M. and J.l i2Snl 52 >14i3). A 
■25 p' SI® 


Ferguson Indl. Mldps. i25p< 80'- (16 3> 
Ferranti 3.8Soc3rdPi. 43® >16 3i 
Ferry Pickering ilOm 71® 

Fcrtieman is., sens UOpi 34. 1 1 3-33 
Fidelity Radio' ^10p} 74 (15 3) 

° it\* i 25 d> 24 ,15 51 


fmpenal Metal i naB ,. 25 p* 

69 1] (13 3)^ Ln - «> t1335 

,,g,3v - 

lnfiia{"sWrteU 0 fxta?®Mi 6, 5 ’(16 3) 

»rs^,"7a ?■ a,i43> 

intnl Paint r2Boi fit 11331 

I M u!* (HIdgs.) -SOPl 92 1. 1 ("Jnl- Srores 4(oicLi,. 40® 6 -ocLn. S5U 

I b:PcCuDi,Pi 51 I15;«. 7upeCny.Uns I 3L7aDcU. 62ij fl4 31 

* Intnl. Timber (25pi fu. IQpcLn. 1S1 


Ln. 73 H«S, 

1 Hall lMattnewl >25a) 172 
| Hallam Si-,qh Chasron MOp) 21 -: 

1 Halma riOp. 62 1 :•* 1 2 
. Hamilbome MSi-p) <6 
Hampsen Industs. isp; ) 2<* >15 3) 
Hanowr Invests I Op) 40® 29 


f mduv (Andrew R.) i 2 Sdi 24 <15 >>i j m inncrt p*i n >a j p* 

Fine Art DvIptSi (5a> 42 rl5 3). 7', DC LI. 1 3^7l S 3^ <-0V 5-y>cC 

69’; . ?3 ->1 . Usnlm.ix > AA on. A • ..ein 


umTI. 


Hanlmcx AAQ.2SI 98 11513) 

Hanson Trust . 25a) . 136 5. 

Uns.Ln. Tgi- 9 i14 31 
Harpy 'Furnishers) A (rest, "to 1 
25'-® 

Hargreaves Group (20p) 53® 4 

Harr-s Shelpon Group (25pS 43': TSIS) 

Harris >PhHia> iHlpgs) i20p) 6J -® -16(31 


6'.-pcCnv. 
iZSdj 


Fine Spinners Doubters caJDb. 27 .'IS.Ji 
Finlay i James. iSOpl 279. 4.2ac1MPI. 

if.' (l6-’3'. Spc2ndPf 55: (16"3 
FinUv Packaging (5pi 19 riS 31 
Firth (G. M.) (100) 25 i 15 3 i 
F isnrr lA.I (Spi 9 

F Isons 330; 7 42. 6l,Pc2ndDb. 67 _ , ula . r , 

F 5 K 8 h -'i?3 ! 3' lZ0B> 65 * 7 “ 6 ‘ 7 ’ <BtU 1 Sal. aid Wlif W 'lb* 

Flight Refuel llnp i2Sn> 113 14 ,15 3 ) ! hJJTISIU ,T r-£Art5 ?0 r x* #S * ®?°BeP» S 3 SS 

Fluidrive Eng-g (20pi 68 MS'S' .T.*?"* Cr °sPcfd EJ :• B'.-ocPt. 56 

fSS?w '• 8< !f l <a S S 7, | ! 8 7S* 4 Il6 31 : Harr Wli Group r25p' 74'*:® -16 31 

F ?sp7ii?- h S , . Hef0 . lSw ^ N - v ;'Wli 7.” 

Ford mtcfiuH. ' Gap. Con. GpcLn. Bl:- Dh. 73* 

.153, ' - .Hawkins and Tlesan 'Z5e< 71 nfi'Si 

Fern ' Martini ..M'Opt Jl'i M 5;J) .Hawthorn Baker «25n) 33 '14 If 

Ford Motor 151152( 53 1 Hawtui i5al 91;® T-IO 9L>. 

Form I ns ter siffpl >23 M3i3v 1 ;Hay (Norman. 100) 38 M6 31 

Forward Technoloov IntfS. >50pl 98 MJ'31 
I Fanco Mmwtp (25pi 134® 2 
' Pf. 52 (14 31 

! Foster Bros Clothing '25 p> BE® 

I Foster {John) San i 25 di 26><® t16 3 


i 6.4BC 1 Hanewoads (Pronnetan.) '20ol 67 i 14I3) 
1. °‘ 4PC I Heine >H. j.l 4 <;p; Red -Cum. PI 95 risiil 

im 4 j Helen® t» London (10 p) 15':® M6.3) 


J. W.l (HIdgs) 25 b) 140 


Fotherglll Harvey i 25 d) 87 

MOpi 42 (IS S' 


■ 25B' 55®. -9BCLn 69 


E— F 

E. C. Cases MOnl 15 M5 3) 
EMI 'S0pj 147® 4 ;« 5 4 6 


The first Viking 
Commodity Trusts 


Commodify OFFER 38.8 
Trust BID 36.1* 

Double OFFER 84.0 
Option Trust BID 80.0 


Franc-s 'G.R- 
Francis Industries 
• 13 3i 

Francis Parker MOD' 13 - 

Freemans iLondcn &W9> >25pi 262® 4 

F. ench Kier -25tM 3D': 2 

French iThemasi Sons MOp' 62 -13 31 
Fnedland Doggart '2Spi 93 <13 3i 

1 G— II 

GEC-E/riott- Automation 6':pcDb. 70 ; 
GEI International. 'ZOpi 69. IOpc>.n. 
,13(31 

G. R. 'Holdings) (50pl 4251® 

, Glltaher GpcLn. 76 1, M3'3i 

I Gall Herd ' Brindley t&fli S3® 
l Gama, scotblair 25 di 99 8 
Carton Engineering. MOoi 83 (13*31 
I Gartoos ilOpl 6>i (14 3i 
- Gates -Frank G,-. 25p< 52 iia 3) 

' Geers Gross ilQp' 45 (.16 3< 


Henderson 
! (13 31 

I Henderson- Kenton r20o) 66'. ME 31 
: Kenly* iZopi 1 1 9® >■ 

Henrioues tArthuri UOpi 21 M3 3> 
Hensher iFumnurn Trades' IlOpl 
il4'3>. A N.Vtg. 1 1 Dpi 26 J 
Hcpworth Ceramic Holdings (25pi 81 >; 
Hepwortb I J i Son (IQpi 54® >16 3 


7 DC 


API. 53l»” (16 3«. 7pc1»Db. 1986-91 
701. <15 3. 

Heron Motor Group I25pi 97 >13 31 

Hestalr i 25 oi 112 

He -vden. Stuart Plan, ,TOp> 53: 

Hewitt ij.i Son (Femoni isp> 22':® 
Hevwood Williams Group >SOa' 71® H6.'3i 
Hlcking Pentecost i50p< 79 H5.3> 

Hickson Welch (Holdings, iSDp> 160 S4i, 
5 1 1 3 3l New i50p> 154 6 116 3i. b'-oc 
Ln. 1939-94 66 

Hleld Bros. «5pi 1 1 4 SpcPf. 45 i15 3l 

Higgs Hilt ,25pl 60® 78 <16 5' - 
Highams i2Sp> 47 . 

Nighoi aie Jab Go. -sOoi 5I'.> Mfi'j# / 
Highland Electronics Group (20pi 21 >14 s< 


w 

M. 

V5s2v^- 


Commodity & Genrral 
Management Co Ltd 
3 St George's Street 
Douglas Isle of Man 
Tel; DE24 4B81 


THE OUTLOOK FOR 
COMMODITY FUTURES 

This monthly investment bulletin gives our view of the 
likely future performance of the principal commodities. 
Send for your free copy now 
To. Comotco Commodities Limited. Bridge House, 181 Queen 
Victoria Street. London EC4A 4AD i would like to receive your 
monthly investment bulletin “The Outlook for Commodity Futures'' 

Mr Mrs Miss FT 4- /l _ 

Address 


Postcode 


COMETCO 

TheCommodrty Brokers 


15 3 

HivecMkGp: «50pi .67® 8';. 4.2pClStPt. 
46': |1 4 3 j 

Isle of - Man Enierprists (20p> 37® - 

JB Hldos. i 5 pi 51 115 3 1 
Jacks (W.i i25e> £4 

Jackson >J. H. s.i rspi 27 . IOrcPI. IMi® 
ir., io 

Jacksons Bourne End. 425o> 60® M6 S' 
James _ iM.i 1 ltd usts. i 20 p' 12':® 13® 

Jcnsk Cat loll 1 25p i 0501 
Jcntioue HldSS. i25pi 250 3S® 4 5 
Jessups 1 HIdgs. 1 nopi je 
J ohnson Bamrs n2'ipi 11 <14 3- 
JOhnson Firth Brown iZSpi 62 60. 1 l.05oc 
Pf 135 <1513). IDpcLn. ' 93-: MS.-31. 
llpcLn. B1 (1 5/31 

Johnson Gp. Cleaners rzsp' 84® 3'i 4 5 
Johnson ^Matthrr 4QD 2 398 5>:PcDb; 

JohnsonJUch.iirs iH. R.. Tiles l?5p> ITS. 

Now i25fH IIS 17 IIS 3' 

Jones (Edward) (Contractors) (lOp) 130 
Jones. Stroud (HIdgs. J (2 bp) 82 (13J3J. 

IDpCPI. 101'- (14131 

Jourdan (Thomas) 'MOpi 32® 3 

K Shoes (25 p| 4B® 7 f 1 6.-51. 7 UocDo. 
72'; (13 3) 

Kaiamaaso CiOp) 28 (14.3) 

Kayser Bondor 6ocPt. 46 (15 31 
Kenning Motor Grp. (25 b; 65':®. 5 'jpc 
P f. 43 (13 31. SocLn. 90 113 31 
Kent (M. P.l (lOpi 420 J I-® 4 3 
Kershaw (A.) and Sons (5p) £9 : , (16 3) 
Kitchen (Robert) Taylor riQPI 55 <15i3) 
Knott MIN Hides, (ion; 18® 
iKode Intnl. r25p) 87 (16 3i 
Kraft Productions (10 p) 13® 

Kwlk-Flt (Tyres and E«hauM4) HIdgs. 
Clop] 54® 5 41- • 

Kwik Save Discount Grp. <10pl 77 5 
Kynoch (G. and- G.l (2Spi 44 i® 5':® 
E';pcPf. 30 (13'J1 

L—M 

ILCP HIdgs. (25pl as (I6i3v 
LRC Intnl. (lOp) 39':® 9 I-. New (lOp) 
39 1, 05131 

LWT (HIdgs.) A (Non-Vtg.i (25p) TT6 
(15131 .... 

Ladbrokc Gp.-OOpi. r7B 9. Warrants to 
sub. 92® '• 

t-adicu. Pride Outerwear (20 pi 50 48': 

(15)3) I 

Laing (Johnl and Son (25pi 130 (1S,3). 

A (25 bi 128® (16-3) 

Laird Grp. C25 p) 78':® 9. BncLn. 

BO'::® -i^b 2 

Lake and Elliot' fZSoi 49® 52 
Lambert Howartfi Grp. (20o) 41® (16.3) 
Lamont HIdgs. OOP) 19® (16 3i 
Lancaster PD. M.) iScl S',® ‘:® 

Lane 'Percy) Grp. <10 p) SO M 3 3) 

Uoorte Inds. iSObi 95® 5 ' 

Laurence- Scott (25 p) 120* 170 17 16 18 
(16'3i 

i Lawici '25p) 60® . . . 

'Lead tods. Grp.- (S0p) V3t 
■ Lcadenhall Sterling l2J5p) 96 
i Ln Bas 'Edward) 11 ijdcLr. 90 
| Ln. 1 26 M S 3) - 


! Parker Knoh (2 so) iob M 3i5), A ojn) 
1084 

, fi3 fta-n 1 Parker Timber Group U5o) IOB '15^1- 
^2 ';p"lb. B ? 06* ***■ CS0M 6 { ” m t Parkland Twtite OH*BL) A .IMP} 59 U 

Lucas Industries 267* 33® 59® 65 3 12 -• « e— a (2Sn) S3 <14(5) J- - - 

■ " I r$j,isbs; .BSissi.'i ii-™. 

K I Pea non (S I. Son (25a) IBS® G." 

I 94 1? tU3). KMipeLn. 101 (J4.ffl • 

- Peerage. Birmlnaham, M 0o) 33® .ilBiKI 
330® | Pegler-Hatterslev (2S9) 1ST®. 9. TpeUi. 

.75 ! Pmmnd Jnfls- it O p) zl (14,3) 

McKechnle Bros. IDocLn. Mi:® -*<• ; Prrtos 1IO0I 80® 60 79 

Mackintosh (John) ana 5dos 4':pcPf. 40®. i Perkin-Elmer 4P*l4‘- JS i!5.3l- ; . . 

6-',pcPf. 60'c (155) ,Perrv (Harold) Maun USsI l#*.;- 

Macptiersoii iDonaldi Go. i2Spi 57® (16‘Si Peters Stores MOp > 36® ■ r J-- . _ 

7>apcLn. 63Ua 3 (16.3) ' ! Petrocon Group ‘ : - 

Magnet and Soot herns <2 Spi 176 BO 79 ghjjlP* F'nan“ SSS^Vr 6 ! m . ssaS 3 ifl* 
81. S^fipePt. 64 (13.'3i Philips Lamps Hldos. (R.101 -.639* .30* 

Mai I low n- Denny (25s) 44 115 3). 8'cPcDb. 1 <1.6 3) 

74 (13 3) 

Management Agency and MuM (I0o) 78 
Manchester Garages hop) 29-':® 8® 9': 

S': - 

Mand on (Holdings! (25p> 92 >; -3 
Manganese Bronte Holdings i25p< 83 

US'S). 8’«pcPf. 62 (15 3) 

. 66'; <T3'3) 

' 14-j® 1 S>x 16 




71 1; 

6874 


4.9pc 


Mann Eecrton aocLn. 66': 
Maple Co. (Hldos.) HOP) 
IS- 10>:pcLn. 71 (13 31 


Manpln Webb 6pcPf. 46 (14,-5) 

Maimwlel Hums. '25PI 247* S4_50 1I6 3l 
Marks and Soencer .25« 146 7 5 : 6 5 
4. lOpcPt. 95 <14 3) . 

, Marlev f23n) 790- 9 Bl 80. GiuKPf. 50® 
j Marling Industrie* (Up) .17 - 
Marshall Cavendish nopi 54 S': (T5/3) 
Marshall s.Uolvenal (25p) 13S 
Martin - (Albert) Holdings i20p) 76 (16>3) 
Martin-Black C25B1 53 
Martin The Newsagent t25nl 2419.40 
Martonalr International (20p) 137 <14i3) 
Massey -Ferguson Com. 5hs. ' of no oar 
•alae-ESOii 90 

Matthews (Bernard) r25o) 143 (16.31 
May Hassell >25 p> 61 11 5 3) 

Maynards <Z5P) I2« 

Mean Bros- HoUQngs. (2Spj 24 (16'3) 
(lOp) 24 15 3) 

13-3) 


Med ml rarer 


Meggitx Holdings i 5 p> 14i< 113-: 

Metodr Mills (25P) 73 <16^31 
Malvllle, Dundas Whitson (25p) 40 (150) 
Mhilman Manufacturing (5p) 11 
Menzles (John) rHo>dtng*i S '-ocDeb. 68 <4® 
(16 *5) • • . - . . 

Metal Bon 297® 6® 302 300. 4.9ocPf. 

6": (1SJI BpcLn.-go'* 10'mcLn. 866 
Metal Closures Group (25p>- 85 
MMalraa iHoldiopi) i5pl 40® 2 3. 7'iK 
Pf. 65 1* ns-li 
Me (toy (iSp) 39® 

Meyer (Montague) (25p) 74 
Midland Industries ,501 39 '15 3) 

Miner (Stanley) Holdings (IOpI 8® 

-, 0b) 1S< 

55 <1 5,3) 

MiHhe'i. YmMiiigpfw 45 ' 116,31 
Mhccancrete rHoldlnns) <25 p) 55® 

Molllns 1250) 100*4 '.J 
Monk |A.) Ca. (25Pi 7B (16/3] 

•laarsuSssr *“■ - o,m -- sih - 

Monsanto SocSHg.' Dollar Ln. 106': (163) 
Montfort (Knitting Mills) t 25 bj 54® MG'3i 
Monument Securities |10p) 6':® 

More O’FBfTaii. (iog 95 


Mining Supplies UOpi 

Mitcheij Cons Group (25p' 


*15 3) 

15 3). 10 PC 


WARDGAJF commodity 
FUND 

at 28th February 1978 £9.54-£9.9J 
WCF MANAGERS LIMITED 
F.O. Box 73 
Sc. Heller. Jersey 
0534-26591 /3 

Next dealings 31 k March 1978 


Morgan Crucible (ZSp) 1150 18 17 . S-'-pc 
L n. 4* 1,®. . 

Morgan Edwards: II Op) 24 
Morris- Blafcey Wall Pipers. i23n142 H4I3). 
A (25 dJ 40 (14131 . 

Morrison iwm.) Supermarkets MOp] 190® 

Mm-. Bros. >20P> 97 6 (13.31 
Moss Engineering (25p) 69 <1313) 

Moss <R.) Itop) 28 'it 1.14(3) 

Motheroare >10 d) 164® 2® 2 
Mount Charlotte Invests. MOp) 15 
MovRet MODI 15 M6>3) 

Mow (cm (J.l . <25n) 123 

Mulrhead (25o) 171 

Myddleton Hotels <S0p) 197 (1313) 

Myson MOp) 62 


N55 Newsagents MOp, 107 
Hash U. F.) Securities i2Sn) 74 <16131- 
Nathan (B. and k) i2Sp) 47 
National Carbonising ilOpl 50 
Negrettl Zambra CkSn) 76 |15/3J 
Neil Spencer Hide*, nop) 74 H3.'3) 

Neill g.) HIdgs. (2Sp) 85. UpcDO. 93 :j 


(1613 

New 


Equi 


uipment <10p) .12® 


Newarthill 146 <16/31 
Newbold Burton HIdgs. (25p) 43-; 3 <1413) 
Newev 48 6 

Newman I nos. i 25 p) 71 . IO'spcLo. 77u 

Newman-Tonks <25p) 60S 
News International rasp) 256® 62. 8pcPI. 
57*2®. 7i,pcDb. 73 113-3) 

Norcros i25pj 83 
Norfolk Capital i5o) 42 


Philitpi PlWnu IHMpa.t »25D)->6 11 WJ 
Phoenbc Timber (25p) 1 4S®. . .. ' 

Pbotax (London) 2SP) 37 1®. U. <1 Jjl) 
Photo-Me Ini- 500( 297 - 

Pickles 'W.l MOpi 13 >15.3). A UOp> 
8'-. L M5 )i — 

Pilklngton Bros. 460S 3 2 4 5W*«5i 
7 or Do. 66 '14I3J 

PlrelH General Cable 7pcDb. 66 <14)31. * 
P1tl*ra Grouo (25W 60 <T6>3) - • 

Plastic Cons. IlOpl 42 (ISIS)' - “ .'■■ 

PI ax ton’s Scarborough) New Ortf. (250) 

70 113 3) • "• ••*• *■ - 

Pleasorama *50) 70 ,- . 

Messer 1SO0' 970 5';® 5:-. 6- -8' 7, 

T./w- rih G7<-® 

PdrtdS" (25p) 93 ' 14 31 * - •• ' 

Poilv Peck iHidps.) MOo). 9® 

Petty mark Int. tlOoi 47® - '• ' 

Poncn** MOp) 37 8 <14.31 _ • ‘ 

Pork Farms MOp) 430® ! : 

Portals HIdgs. <25p) ZffctocLJir - 1 39 
Portsmouth Sunderland News. ‘25 ui 49 >t 
50 il6.3) 

Porvair (25p) 7fst® _ - ■> ■ 

Powell Duffrvn i&qbi ’ 6 a:® , ■ 

Pratt iF.1 3nO. Corn. iZ5p) .70. <16/31 
P reedy 1 Alfred 1. Sons (25a) 84 1 sm ; ■ 
Press (William) (5pl 21® 191:0 211,1 
Prestige Group (25 p) l 56 ' ' 

Priest (B.i Sons (Holdings) <25p] 73 2>t. 
New C25DI 74 

Primrose industrial Holdings (R0.10) 47 
9 

Priichard Services Grouo (5p) 32k, 3 . 
Proprietors of Hay’s Wharf 135. BhPCPf. 

Provincial 1 UimdHes i5oi 111: Og3i 
Pullman (R. J-> *5pi 84 3 tl3isv - 
Pvr Holdings '25p! 91* 31V 1 : * 
Pve of Cambridge SLpePf. 42 <13131. 
6>4PcOb. 901, >■ (1413) 

Q— R — S ... .. 

CUntker Oats (SUSS) 17H i13i3) 

Queens Moat- Houses (Sp) 26> ^ 

Quick (H. J.) Group (Spi 50 »s® SO < 16J3i 

RCF Holdings (25pl 38 
RFD Group MODI 56 7 (13/31 . • / ' .- 

Ratal Electronics (2Sp) 21 S® It® 30 
181619 

Radro Rentals (Holdings' 6pcPf. 44 (T4/3I. 
6 UpcLn 54 (14/31 

Radley Fashions and Textiles (25p)-JlO® 
name Engineering Industries (toi>r 13S, 

Rakusen Group <10 p» 1S>:® 141*®..- 
Raman Textiles (5 p) 14 (15I3L- . SpcPt. 

Randall 3 / N. L'i MOp) 55 Cl4f3>*/-. 
Randalls Group (25pi 72 (1*4/ 3) -■ 

Rank Organisation (25o) .242®. 36vjp 48 
9 SO 1 45i. 6'jpePl. S3tj. -BpcZni 
69®. apcUi. 70-6 70 (14131. .-IO 
Ln. 87 '< 

Ranks Howls Me. Doug all (25PI 48 7 1,. 
6ocPf. 62': MSI3). 6i-pcLn. 84I-® -S': 
(16/31. .6'ipcLn. 64:® 4. SiipcLn. 
76® 4I-: £l: 

Ransom (William) Son UOpi 183_M5/3] 
Ransome Hoffmann Pollard i25p) .-55. 
7pcPf. 52 (16/3). BPCU M2I: (WO) 
Ransomes Sims and Jafferles 187® 41: 

Ratcliff* IF. SO Industries (2Sp)‘'6S 
(1 5/3) ... 

Ratdlffe (Great Bridget I25PI 60«.:Vj 5 
(16/31 * - - 

Rimers Uew-lters) C10o).8B i» C13/3) 
Raybeck (lOp) 68® ~ . 

Read lent International (Sp) 3iu--(16.'3i 
Ready Mixed Concrete (2Sp) 114h® 
16*:. DtaKLn. 102 (ISfSJV 
Recklrt and Colman (50PI 4O41 'S 7. 
5pcPf. 44i. MipcDb. 72h (16,31- 
Record Rldgway C25p) 77 (1«/31. . 
Reotearn National Gtaaa U5p). -272 
(15.31. 7pc2ndPf. 48 <13/3) 

_ /,cTTv oca r* 


OdW. 

64PC 


Red) If os! on (25p> 
Red land (2Sp» 

(1 3/Ji 


96® 5®' 

1-33». 7 UocDIj- 


7','pcDO. 1987-92 72't ,«4'3). 

IOpcLoT 73® 1*1®. Vi IS 

Reed Put llshina W«il Rjfc 

0Q ^^. mac 

Ren'mer* «loi 57H^4.*3i . 

R H « Z VJZ&tf 

RMdm (I. D. and s.l Hides, (ion) _14'^0 
rpt OHrori (Sol 5 ■» . -*«. SWOb.- 99‘ 

-Rcmertson Foods lISs' .131 
ftffiSSn (Thomas! (25m SB® 

Rocfeware Gp. (Z5o> 108ij® If: Mfl.S) 
Rolls-Royce Motors HIdgs. '2Spi .77® »^6. 
SocLn. 6 t ifS/ 3) 

Rosglll HldB*. (5pl 12 (18-3i • 

Rotaflex (GBi UOpi 46 
Rattprmt (2001 46 114 31 
Rothmans inntf. ■ W- 

Rotark (IDP 1 ’65 flfi.S) . ' 

Rowntrae Mackintosh (90b) 373® 84 83. 
■7pc2ndRf, 63 <13/3) , 

RorrtW HcxetS (2501 '42 ( Ijj . 

Royal Worcosicr czSm 1M4 d6*3i 
Ravco Grasp) 35>:4 <: 7 fit; -fi 37': 7 

Rubcraid <25 p> 31 M6l3' _ 

Ruobr Portland Cement (35oi 72® 4 7 

51V 6 4 v. Ptt. (Non-vto.1 {Spi _45ie» 

gi.g 50i-. SocLn. SS if a.- 3) 

Rdsseil (A.) 11031 ‘SS 114 3. 

5U stores 25pcPfd- (12'tpi 16® is 
56 B Gp (MW 137*;® *16 31 
Saatchl Saatchl MODI 108® (T6I3> 

Sabah Timber (10p> 32'a S 3- 
SslKHllBrv U' 1 *2Sot 1630 2 5 

SEint-Cob^n-PDm-A-Momson CF rs. 1 0 Oi 

SL S Geonmi Laundry (WQrceslen MOpi 
17 (16.-31 

Sale T/Iney <25p) 210 7 >14 3i 
ISu isktalrei 4ijBti«Pf. 26': <15.31 
Sanfuel 'H.I A <26pi 245 (13-3' 
iandeman (G. G.l i25ai 63 
Snderson Kayser i25o. SSb .13 31 
Sanger (J. E,t UOpi 47 116 3’ . 

Bangers Gp. IKp> 74® HE'S), • 7 -:DC 
Pf. S3 MS.'Sl 

Seville Gordon (J.l Go MOpi 20 (14 Si 
Savoy Hotel A UOpi 71® Z 3 
Scapa Go. (25o> 90 ~ 

Scholr*. (G- H.l <25pl 260 114;3l 
Scotcros .2501 70® -70 I16'3' 

Scott Robertaon (2Sp)38'j 
Scottish Agrt. lncte. 200 ns. 3) 

Scottish Universal Inn. (2Spl 95® 5t® 

Scottish English Euro. Textiles- i20o> 50 
(14*31 

Scottish TV AN.-Ttg.- MOP) 71 1:0 -1® 
Sears Eng. B'rocDb. 75 -i (13 3i 
Sear? Hides. (250) 60'; : 1 I- 7pcAPf. 

sai- ,1431. 7WKLn. 63 0*13) 

Securlcor Grp. l2Sp) 77. . A N--vtg 

w. 3P S^ic« (25PI 89® (16'3>. 

N..*tgT«25p) 84* 116.3) 

Sokers Intnl. nOPl 25li 

SellncDurT i5p) 24® 3 j® ■* 4. 7oePf. 

<S00) 26 ll 3'3J _ 

Sena Sugar Estates rsOo) Sh 
S rrrK (250) 85 ;« 3'J® 5 4 I* 
SSisiiare (Joseph* «p)_»i; 4 (14(3) 
5harna Ware L2 Ool 71 113^3) - 

Shew MarvIn MOnl 13 k-H4'3l 
aSi Carpets MOc J z JIEtSi 
Shaw 'Francis! C20n) 29® 
snecphrldge Eng. i25o) 66':®. 7't 8 
Sherman (SamucIl IlOoJ 9 M>3) 

BSiloh Solnners » '2 Sp 1 22 H4 31 
Sldlaw inds- '50pl 84 3 JIBS) 

Siebe Gorman Hldos (2Sol TBS 
Silhouette (London) A l20p) 42 
Simon Eng. '25P> 201® 199® 204 200 
cinger MUSI 01 1 3 V® 

BOO Gro. (25p) 71. 41 :dcP|.' 3 BIi ( 14/3) 

r fc-rrnlev -25o) 96»i® 6® 

Small 'John C 1 Tlfleias <2 So) 28 
Smart rj-i CiOol «tt Cl SHU, 

Smith NcDhew Asscd. (IQol 59':® 62. 

SocLn. 115 • ■ ' 

Smith (David S.) (H trigs J «0pL80 (1513) 
Smith Whltworto (5p) 10 (14' 3) 

Smith (W. H.) (HIdgs.) A (SOp) T48J 8 
,16 31. 4 l«pcDb. 741: 06(31. SpcOb. 

77 >: (13'3). 5 '•PCtn. 394, 0 6133 

Smiths Indust, chop) 164® 6. HUpcDb. 

92 ', (16 3). 7 >ipcLi>. 83 
Smurf r (Jefferson) Grp. (25o) IBS (15/3) 
Solicitors Law Stationery Soc. (20n) 51® 
49'a 

Sam mervlUe fWm.) (2501 30 (14:37 
Sdtheby Parke Seroet Gro. (25n) 220 
Sound Diffusion (Sp) 40 115/3) 

South edn Stadium iSpl IB®. 

Southern CanStrucUons <K(dtttJ (Sp) 7® <i 
Soear Jackson IMM. C25p) 120<* 
Speedwell Gear Case (25o) 21 (13*3) 
Spencer Gears (HIdgs.) (So) 321- n4’3) 
Solllcrs (25a) 29® BL, 8 9 Bt. SpcPf. 
52';. 7ocDb. 84. 7LpcDb. 72rj 
Sp'rix-Sarca Eng in. (25D) 256 (15/3) 
Spooner Indust. <25o) 48 (1E!3) 

Squirrel Hom f12i-pi 36 (14/3) 


siSTsimPSon 


Slew trofc -Wd«s. 

fiiStLo. 73 (15 31 


rsiSS'ev 

1 steinbera Gro- <’6n\ .'Pm 1 ?? 1, 1 

! SMvfart PUstrt* t25P‘ 144®-2®-- - - 

1 stocklake HIdgs. t2So) — 4; *' 

suddard (HldM.i J? *23cn ^ 7'i (131 
Stop cW LI Hums. (2^1* 88 04(31 
Stone- Piatt Hid. (2»Pl 1«« 

Stormguard <10ok 6 0 
Stoutert. Pitt 150 48 (ISjSi »■ 

Streeters of G9da ming;n0P! 33 5 

S(urla (Ceorroi MOW 39':®. . 

Stylo SUM tlSli 44'i (la.il... ; 

Sumner iFtandl) *tHidO».UllDBJ 17'^j 

5uift9ht ScrvkM Grp- <1 Of' 2Pa,i>3- j . 
Suora Grp. (IDpi i 70. (jGiU- ? 

site? EUKtricai (5P> 16 <14:31- i 

Swedish Match B <*U01 *3i S -U4.I, 

Taco l IOB' i®*:®* 3® 1 ) 37'WfSib 4flg 
ifud> 2S® nfc3i_ •»; 

i ssa^''^w*as5w‘.i 

Tai*mM (SOW 130U Z 4 -5-1 -3. Vi) 

7). iT3 31 • 'T 1 

Tate, tvle-190:® *» 
dJipeDt). 60. i» fTS.'Sv- ZLpcOh. J 

, l3i » 

i Tate, of Lmds (25o) S4 ®f ~~ ■ ;**. ■ 

Tavior.Woodrow 1250' 3S7_ 1 

rebuilt Gro. 1 1 DPI 12 (5^*31 -- 

Tec al cm It t25P) 109 (W» • -— •* 

TcHnlon iSp) W 06fS«; A '(Spi ' 
( 16(3> k< • 

Toi nonane Rentals IZ Spi T 22 - .■*;! 

Tmncco Inc. (EDS) BJiji l.QKLn, ' U 

Tesco stores (HkN5>i (5n> Ztfi 40tj 40'! 

Tex Abrasivea ilOpl 66 (IJ-3) -- 

Textured Jenev (10m 25*:® (16'3)—'- 
Thlnrul Syndicate i25p): 11T- (13;3 1 - 1 ’ 

116/3). 5.83 PC Pf. 84t-n«/3). 

. 79 L L16- 3V 7«40Ctat/6» (*-.«5(3)Tt 
Thomson T-Lme Caravans I25p> 42® 

Thorn Electrical laamtrtes (ZSo) SS 
49:« SO 6 49b 8 . SpcLil 102ij (fs- 
Thorne (F-W.1 UOpi » ^ 

Thargar Bartax ,<10p) Wh '13!* (M ' 
TUburv Conn acting Gro. 236 0 3(31? 
Tilling (Thomas) COPT 1051:® -4® * . 

4>: SpcPf. 661: < 1413k 8NpeLn.1l 

Time Products riOpi 107 8 (14,-3) *■!:. 
Tltaghur Jut a Factory - 6* 10 8' (ISA - 
Tom Kira (F.H.) (So) 21 *j-- • ■ 

Tomklnsons Carpets (250)- 52 1 1 5i3>~ 
Tootal (25 d< 46S 5 7. SkH. 4ffi 

7'ipcLii p7« 15I • • 

Towles (1 Op) 31® (16131. A WOol 2M. * 
(16131. 6pcBPf . (50P) ■ 38': (13/SVU- 
Toner. Kcmsler and Mlllooarn (HfUg 
- (3 On) 42® ... i . 

Trafalgar Haase <20 p>- 140':®. 1«- 
3. 9i-pcLn. 73>: (14/3), . lOftncLn. -Qt. •' 

' Transoarent Paper (25W -67® A** .7 («„ 
i- A Transport Devdopmcnt Grp. _.W5 p>- NB*. 

. 6>:?6acCum2ndPf. 51 (13-3V rv 

A ! Tranwood Grp. (5 p| 31:® AW i. Ufltl? 
Travis and Arnold (25 nl 141= J -^.a 
Trident TeMvWon A (Non-VtojnOjfl,!) . 
Triple Foundries Gro. (Z5 p) TS® . Sj~> : 
Trust Kouks Porte 125® 1 84 X 5 . QbW- , 
Warrants (ra sota.l .12 <14,31, 6-25twD 
1984-89 66 (16=3). 7.25ocOb. 1988M 
68- (15131. 7.875ocLn. -64-1*® 4 <163 
9 IbcLb. .73 ' 

Tube In vast. 369® 6* 5* 72: 65.:^ 

' 5 SocLn. 82>: (1S'3). S. SocLn. >at 

n 3/3). SocLn. 79': . (14I3L Bi.-peL 
87'-® 91: . • ' 

Tunnel- HIdgs. B fSOn) 237 e-- . 

Turner and Newall »»3* W 1 I ® 
Tomer Curion (Sol 101* *0 •* 1 61 St i-i. 
Turner Manufacturing <2So» 9S (1&3): 
TurrlK Corp. (250' 58 OS'S) 

Tyzack (W. AJ CiOol 21 (13.-3) . 

UBM Group >2501 68® 7>:pcPf^-S! 

■ 13.31 ' 

UDS Group -C25D) 88‘:® 7 90 89 8, AU 
Db. S2(14^SL TOVPCOb. B8i15 3l 5 Hr 

UKO ?n»rnatlcln«l 12SPI <** • I8*3| 1 .** - 
USMC International SocLn. 94>« <13.31--- 
UlStar Television OSpi 56 _ • 

Unicorn Industries- <2 SpiBl Sj a* 
Uniflex Holdings MOpi 37® - - 1 

ilnlaate iz&n> 52 i<: 7*b 
“ 16.31 ^ywLn. 199 1-96. 67; Blj.-* 
H6.-3J. b , »CUi. 19ttf-97 6**9 *■.'," 

Unilever i25n»~4B4® 1 4 2 88 6 & 7 k£ 
64. 4pcDb. 89 MS Si. 6*,pCDb : 7ZL 
,14-31. 5l»c.Ln. 48 f13(Sl. 7‘oKLn. 6*-» 
7)j 1> 61 8 

Unilever fN.V.» ifH2) -24^ sIB'Sl 
Uoioa Intnl. ■ 6pcPf. 44w 7ocPf. tSi 
115*3) „ • -i * 

Uftitecb MOP< 96 <T6.'3l 
United Biscuits <25pl 143:® S'® Sr* 4* 
39® 43 5 1. BpcDb. 72J,. S'JKLn, 45M , 
umted dty Merchants MOp' 4g. 6t>cR 
38'- (14 3*. lOocLft. <18p) 47 (15*51 . 
United Engineering Industries 32 
United Glass 7LncOb. 72. > 1513) . .. . ■ 

United Guarantee ■ 5 pi ia>- 
United Newspapers (25 p:> 320 <lb3r- 


B4)*| 


FINANCE FOR INDUSTRY TERM .DEPOSITS 

Deposits of n.OOO-JE^OWX. accepted fpr fixed terms of 3-ip-, 
years. Imerest, paid gross, half-yearly. Rates for deposits 
received not -later than 31.3.7S. ■ 

Terms (years) 3 •‘ 4''^ ; 5 6 7 S - 9 io’ 

Interest % 9J 10 10* 101: 11. UJ>. 

Rates for larger amounts _tm request. Deposits, to and further 
information from The -Chief Cashier, Finance for Industry- * 
Limited, 91 Waterloo Road, London SE1 SXP (01-928 7822. 
Ext 177). Cheques payable to “Bank of England, a/c FFL” 
FFI is. the holding company for ICFC and FGI. - 


COMMODITIES/Review of the week 

Copper price climb continues 


BY OUR COMMODITIES STAFF 

i'OPPER PRICES advanced again 
'•n the London Metal Exchange 
ihis week. Cash wirebars closed 
last night £19.75 higher than a 
week ago at £672.75 a tonne — the 
highest level since last Decem- 
ber. The rise from the two-year 
lows hit only three weeks ago 
was attributed ihis week to 
generally belter sentiment 
encouraged by hopes of a settle- 
ment nf the' U.S. coal strike, 
rumours of a proposed domestic 
price rise by a leading U.S. pro- 
ducer and reports that Zambia 
might have io cut its contracted 
supply deliveries by as much as 
25 per cent., as a result of trans- 
port problems and the planned 
15 per cent- output cutback. 

Encouraging the upward trend 



MARKET REPORTS 

BASE METALS 


SILVER 


SOYABEAN MEAL 


"iTeateniya,+ or 

' CIopo I- 


£ nsineciu 
Dane 


by some market sources was a. — 
cut in the International Cocoa! 10 |,pR n _ ommu’i [- 
Organisation's prediction of the j 


74-33-74.05, Sept. 77.20-17.43. 2*®r. 7830- 
00.00. Jan. on. Sales. 124- lots. .- 

Silver was fixed i.Sp an ounce higher IMPORTED — Wfbaate CWRS NO. U1W 
Tor spot deUrero w tbc Laodoa boUion w cent-, March JS&5Q sailer TOteffy. 

maricet yesterday, at 2SSJn. UJ3. cent U.S. MBMbm.Mtltfct l*.l»r 

„ eguivaleniB of the fixing levels were: spot CEnt - April ISIjiO, May Cf.M tran^iH. — 

COPPER— FMwer on ine London Metal 545.4c, U p 3.7c; chrec-monih Sro.4c. np mem East Coast scDers. VS. Bard Winter . . 

KxcnaJiRe i«Ttt forn-ard meiai iirtmg 3-Sc; slx-month wise, bp 3J« and ordinary nnoaotwL Australian wheat on- April — 

I rom t675-E67S on spocnJanvo burin* iv-nionib 580.4c. up C3c. Tbe meul ou«kL KEC wheat unquoted. June 

encouraged by the weaxor . ponnri. opened « »4.S-2SiSn •547-54SSc) and Matee: U.syFrencfa March and April August J12SJHTZOi+ 

w*eciaooM of a s(ocka . decline and closed at 2S4.7-283.7p i34®S4Tiei. - AO-pO transhipment Ea*f Coast S. African Ootnlw — .(117^0-13.0; +6.7^ — 

farther rumours of U.S. producer price — ; 1 Veilow April £70 J» quoted. December „.lTlSfiO-14JI|+4.0 -112.7WM.M 

mercases. The cl«e on die Kerb was i, rVKR . Bll „ inn ■ , i k ij Barley*. Kenya Grade 3 April *113 rehniaar.M-'(l1Cl)5-ie.0'-i-^-i . 

IBSB.a. The net arid on ihe week was olLvKB . . Hullian +. or L--M.fi. ,+ or. QQ oi«l fob. ■ April 13.60.18.0' *4^'. . &■;_ 

EOA. Turnover Z4J06 tonnes. |ier ; fixing . — ; pliae — HGCA— Location ex-farm spot . prices. * ::i 

l n't* oa. | |ini-lng . Other tnllfing wheat— niL Feed Parley— 

_i ■ Kent 6g_^_ Lancashire 71.20. 

The UJC. monetary coefficient for ihe 


U.S. Markets 


Cocoa weak 



■rflL 


IT1 


ur; p.m. iT-H* 

rnafadnl I — 


+2 


current season world cocoa j K 

surplus. The Organisation nowj^^® bftra 66 ^ 5 
puts the surplus at 20.000 tonnes I n month*'.'. 680 .'a 
against the 39,000 it forecast in ! Jen I'oi'm 666.6 
January. Last month London 
merchant Gill and Duff us fore- 
cast an S6,000*tonne surplus and 
though this was considered a 
little on the high side in some 

market quarters few London i 

cocoa men would take seriously [ 79 . tsa^m, si .'so. 'si.' 
any surplus forecast below 70,000 i 
tonnes. 

Coffee prices were boosted 
early in 'the week following an 
agreement by Central American 
“other milds” producers last 


t: 


spoi ........ | 285.2 p -+1.8 287.05p +4.06 tt-ceh suiuug March 20 will rvnum inr- 


5 mnaihs..; 290. 2p '+ T.8 2SS.16p '+4.0 changed. 

, n 1 . .. Hinnnrhv.. ,28S.7p +1.7 — EEC IMPORT LJEVIES- 

! i 4 ' rm 4 7 *9 12 luuuthj.. 308>Zp . '.+ 1.7- — -EEC levies and premiums 

+ i.a ooo.a-/ i + a ..._ _ — r „ u,^, , a < n . .■ 

LM 


LEVIES — The foUowins 
are effective 
for March 19 la umts of account per 


Sales: 208 031) lots of Uo tonnes. 

WOOL FUTURES 

LONDON— Prices tended to drift lower 
la feature tea* trading, reports Bache. 
(Pence per kUo> 


+ z. 


ounccs. 


Cathodes- 

Cash* 657-,5 

3 nmuili-..- 670.5-1+1.5 671 
Sell I'm* nt 657.5 +8 

U-S.-Siul.. - ... 60-61 

Amalgamated Metal ' Trading " reported Three months 292. tl.8, 1.4, 1.3, l.A L9. 
that in the morning cash wirebars (Faded 
al tfififl-5. fib. 66.3. ill re* months £676. JS, 

M.5. .86. Cathodes. 


orter‘“cu^( teyy^Ap^ O^SKlj' 
Moruns- Tdree momus 2*6.4. May and June premiums (with prerious 


Done 



COCOA 


;... 216JU2I.0 |-1.o! 

auyr — .... m. 8 - 2 B.i — i.a! 

... July..,..-.. — m.0-i2J ! — i.o: 

1.32 I76.4I; 1.30: 1M; LM). Barley— I31.IU6J) i — O.ffii 

81.34; nil; ell: nfl (SL34; ntl; nil; mil. Droemaar:.. 2S5.lMre.B 
Oats— 77AS; nQ; nil: nil (7BJ2: nil; nil; March-—.—. Z3BJM0.B 
Dili. Maize (other than hybrid for need- Mayr.— — 236JMS J i ......I 



week-end to suspend export sales 

was another fall in LME ware- to the London market, and a sub- .aw? 05 ) reC i°« er roh ' a more 
house stocks of copper, and the stantiai fail in Pcuang prices. r ,e ' e ‘\ ... 

prospect or a further decline, helped the downward trend. Cash. resuItin S * h,s 

Another factor wax a report from tin closed last night £192.5 lower ^2T5n“ e ? 1 . , i J’Ji” „ i „ ; ^ 

Washington yesterday that the at £5,S72.5-a tonne. SSL,' 0 ® pe ? u .!f ,t,ve . .■«!*“>: 

US Trade Commission is to After a “seMawina” week aS / e !Ii, P'ofcssional 

invesliaale the impact of copper cocoa futures price.? ended dwds to^a^h Seir P words ^ 
imports <.n the domestic modestly higher on the London gS Wstidn 
industry. market. The May position World sugar prices came under 

Lead and zinc values were climbed to ri,9i4.5 a tonne at pressure in the early part or the 
boosted by the rise in copper, one stage before closing yester- week , n view of the continuing 
and the generally more hopcFul day at £l.Snl.5 a tonne, 119 up over-suppiv situation and on 
•ieniiment in metal markeis. Cash on the week. Tuesday the London .dailv price 

lead has now firmly rallied The initial rise in cocoa values was fixed at £94 a tonne — the 
above the £300 a tonne -mark was attributed by most dealers lowest level since last November, 
gaining £12.25 this week to £313. t 0 covering purchases by But the slide was arrested by a 
In contrast tin values lost speculators who had previously show of strength in New York 
ground again on unceriainty sold the market short. The effect and tbc technical rally was. taken 
generated by prospects of of these purchases _ was up in London. The rise was also 
releases of surplus tin from the heightened by the enntinued encouraged by reports of U.S. 
U.S. stockpile filling the forecast absence of significant producer refiner buying. Yesterday the 
shortfall of .production Ihis year, selling. LDP was fixed at £96 a tonne. 

More plentiful supplies available A further bullish factor quoted down £3.5 on the week. 


before bear roveruta. European Inierea .\u.6Cnu-t 

and (be easier pound caused a rise to a .1/niuli ZODI.MIUS —7fi 2068.0-2006 

hlfih of tusse. The price drifted lo a Mpv I851.D-52.0 — 48.0 1551.0-1860 

close on (be Kerb o( LS.«0. Tbe an July 1 785 JJ-90.0 !— 40.0. 1S70.® 1785 

The upward 'fall on (b" Pcct was £133. Turnover .-.W 1 ft 0-56.0 ' — IB. 0,1026.0-1750 

’ 5AT3 lonocs. u^. 170SJ-MJ) ,-W.OM770JM702 


122JB5 (1SUK). 

RUBBER 


TIN 


■ ■•in. 

1 * OffiHal 


■+ »r'~ T+nr Mflreli 1B28.IW5.0 1-35^1750.1 

r~ -hSmbI^ - Mav I 1B80.0-4B.0 ,-20.01540.1 


1840 JI 

— Sales; 3.475 (3.454) lots of 10 tonnes. 

£ In (emotional Caou Org an i nrioa (U.S. 


— Grade *■*.;’•* _ 

Ion - ! 5B45-50 -ISO, 5870-5 . + 7.5 cents per pound »— Daily price March 16: 

I m+nilii i mufl Rn 104 I NtOW.OlT 1 m ■ 27 , i b ju.«.. . ■*. 


i montluJ 5&+0-50 -122 ! '3865-70 
Smlwn'i -i 5850 >-150| - 

Standard I i . * 

<U*h 5845-50 -ISO! 5870-5 i + 7.5 

3 ni"a(liv . 5840-50 -120' 5865-70 

Sell Icin'! . 5850 '—ISO 1 — i 

Strain V— ;31870 -23. ' — . • 

Va _)•' .rW - ; : ^ _ 518.50 . ... . 

'Morning: sisndard. carii X5JS48. ihri-c 
moallis £a.925. 40. 35. 50. 40. 45. Kerb: 
Standard. Hirer monihs GS45. 35. After 


156.711 ii54.57>. Indicator prices Hard) IT: 
15-day average 145.4* I143A3); 22-day 
average 138.64 OST.Mj. 


COFFEE 


April —| 43.60-49.1 

Robu'+as slipped lower nnee more lhl* *?• 


347A;. B4TA-346A; 10. Oct. 352JV332.7; 

353.0-SSlfi; 22. .Dec. 357.0^37.3; . 357 i, 
356.0; 34. Mardb 36XA864.0; 3KL8-3S3.5; 
9. -May 3S7.0-38S.0: nil. nD. July 870.6- 

EASIER ope abut on-t&« London physical * ^ Jg5 ~ J ”‘ 

muteL CMd interest tbronsbaut (lie * ftfFAT/ VFGFTAWf FC 
day. closina sitetuly steadier. Lewis and ~ LVfliJ ADLEj 

Peat reponed that the Malaysia godown SMiTHFlELDJI— No carcase meat 
Price was 205 (same) cents a kilo (buyer, prices' uneted. 1 
April). SWEAT COMMISSION— Average fautoric 

priced 8r rwresentarira ■ markets on 
March lX -GB— Cattle 64J0® per kgJ.w. 
t-tOfiO); .U.IC— Steep I4t^p per kg. est. 
tL&w. ,(+7rt); C.B. — Pigs fLSp per tg. 
Lw. (-0.5). England ami Wales— Cattle 

48AS4l8J0( fiam-ujM «fLS e ^hJll? ra8e ’’S,” 

48.MM9.4ol 49.45 ' 

43-EQ-O 49.50-49.00 H" .^T_ «+Ml| 



Dreset Burnham Lambert. As new' vS£ JS£te %%%£ °?4“ ^aSUSSS 

i' c ” j 1 ** 1 “ iimiJ-doiro only 55~85-ti'^ "“"Uww «r cent., aver^emiro 

Joeal deater Profit-taking in London we- Sheep numbers t» 54 8- 

»»: *—"i. .I.™ sis 'ha”* 1 " *^-s»«sssassisas ■•g,-®**™ 

^ .Kert:. Standard. icatlcfwl book-wna^ra. STJMS7JA, 57.1W7AD 57.56^7.06 P ^ovE«T 


WEEKLY PRICE CHANGES 


tati-tf ! 

ITfero fb’s*’ 
ivrtnnnr- on 
uni™ week 
viaifl 


1977/78 


ipi High Liio* 


Metals 

Miimmium .. — L6M ££80 £010 

Ftrc Markri r.i.f... !59aUM - , SWOO-W 81.0*080 5920 JO 

kntnih+iv 'W.P2,, Xl.Pto - . JO-lbO £L22Zb X1.-& 

Ft.v \fathrt. ».<!%. samaaiTSto s*wm« w.ow-wore.iaJ-M 
Copper 

L*ST?.7a ,19.(6 
AUv-r-.7j Vifl.b , 

■k'fiS.p +19.5 , 

X87i +Sj 6 , 

sis3.$23-:lp : 

£513 

£317.23 + L2.E+' 


Wire B»«.. 
i imb' !•■». I*".. .. 
' ■Hi (.'bth-vlg*. - - 

.* month Iki 

rcJ : 

lash ; 

i months I — .. 

Nickel 

FTpMuki ■■.Ll'.ib. 


'+fl.0&' 


flxtinmn per tv. 
Free Market pern?. 
(Jini'k*,l'er (»elh+.<- 

Mixer pei* •••■ 

•- mnnthx per . 

Tinratti 

5 months 

U'.lfrtm. 

Zincca" 5 ) 

.* uionloF... 
Pmilncew^.-....-.. 

Grains ■ ! 

Harter SK‘- 

fiTmre-TnKires 

Vai;e 

Frendli X". 3 Tellow 
(Araeriemi)i' 


£ni4> 

JLtH.0 “1.2 
su«-:>5 -3 

2Fa.ifp. *158 
290.2|i -rUR 
XS.872J1 -192J) 
£&.&W.b.— lia 

91«<U4» 4 b 
1271.75 - 12-b, 
i2732a +ti 
BwO — 

-I 


£7U -tL2 


not.5 +1 1 


yscss ' JSS9fcL2a £612 
£950.15 ; £996.7o ' iWM.lij 
£«94.7 b : jcssa.7a , asces 
eeras 1 £914.75 ' £614.76 
*. 149-8751 5U8L6Z6 StS.LJ 
£425.76 £<57.73 £2i5jln 
£454^6 £«Sjeo £280 Jn 

13,181 ; £ijl» £2.752.6 
F2.10-.M R2.10-.22 
£102.76 , £UU £87^ 
jJM.b i £124.50 £S3«rtte 
S170-S5 : St (5-186 . Slfc-lOij 
S«Jip ' 3SY.9p 24*i.Pp 
7SA2P . 294^1 ao. ip 
£6.090 £7Jto . 

*3040 _JK.BffiiJa.M2j 

SI 77 -82 -SlKJG JW-4 

£422-6 £43&5ti .'£S3b.2fi 

£*64-26- £237 .75 


.£458.6 

*736 


£S1.7B 


795 


£W 

£84.78 


SooO 


£7>a 

£89 JS 


gfUb ' £4«A • £83.5 


Latest 

ptiw Ch'je 
per lunne : an 
nnless wreli 
viateii 


Year 

agn 


1377(78 


COFFfih* 


-Yesterday^- | 

Close :+nr Businewi 

' — t Done 

£ per tonne ; 


throe month* £3.880. 83, as. 

LEAD— Very steady as forward metal 
advanced Irom £3i2-£iM pre+narhet io a 
clone an the Kerb o ( £318A. under the 
inflnenee ol the bixhi-r comer price and 

the lower pound. The nw eafn oo die — — — — .... ~ 

week was £12 3. Turnover 8.703 tonnes. JUnh ; laa5.B-TS40.0-31.5 15M-1540. 

- . * Nay 1 1 480.0-14116 J) —21.9 . 1 485- T 585 

*-"V- , 1+^' !«?*.,’+ or Julv .;,1 SOLO- 1104 A -15.0 1S55-128S 

unlriai , — [UnoUirfm], — sepi ember... .1249.8-1286.0 -22.6 • 1285-1240 
1 . ,"V Aovember...! 1 220.0- 1926.0 -27A il265-1220 

»• l. ir tTs alF tPS January ,1160.0-12211.0. -I7A \ - 

t axil... . ... .-3 1 1.75-8 +.E2331S.S-3.5 + 8.6 3j Blt .|, 1120.0-1180.0-56.0 

i moot !,*..( 315.8-6 +.5 * ' 

Heu'lin'nij 318 +.5 

U.S. Spur., — 


LKiLD 


317 ; .5 +3 
55 


Salet).* 3,133 HAM) lots of 5 tonnof. 


COVENT GARDEN— {Prices in ■ merllna 

Per pxcfcaoe except where otheiviae 

Sales: -7 (*i Iocs of S tonnes and 519 stated)— imported Produce: Oranges— 
<176 1 lots or 15 tonnes. Spania: Xavcls 3J®3.83. Bloods SAtkUD: 

Physical dosing prices (buyer) were; Jaffa- 3.53-4. 03: Cyprus; Valencia Lates 
foot 4 Sj 2 Jp i same i ; March 43. ip <49.9 ■: 3-3 MAOi- Moroccan; iB0-3.30. 

April 49^5p itamei. English . Produce; Potatoes- Per 56-lb 

n n / 1 < n vOriteB/Reda 1.49-1.60. -Lettuce— Per I’’ 

SUGAR CahhbB®— Per 4^- 

«»*n ID M , «B DA,LY PR,CE traw ’•uear 1 Carrot* P er basr 2S-Ih 
5*7.00 O6J0/ a tonne el*, for March -April -Per . 5Mb 0 JO- 1-30. Swedes— Per bat 
shipment. White sugar daily price was Devon 17.40. AnHos— Per . pound. Cox's 
fixed at £99.00 (JE190.09). O.lldJM, Brumlcy's 0.11^ JS. Laxtona B11K 

The market opened around ovartrlebt 0.13. Pearo+-Per pound. Conference 0.12- 
lewhs and trading -van confined within a 8J4- . Soroirts— Per pound 0 95497 


High lev 


Wheat 

I Red Spring-' JCEB.b + 0.1& £83J 

Am. Rani 

W inter.... : — 

Kn»:. Milling (neweropi £9e.a 


*ln\n ...agi 

I'eppcr. While.... 
hUu-L 

Oils 

IVmnuli.rhilipVis' 

finHindniit 6% 

LinKf), ( rudr 

lWbu MsIatm 1 

Seeds 

Uiipmi Philippine*'. 
Mtilniu iO.f.... 

Other . 
Commodities' 

1 'ij'-'i' Sh Ipmenis 

Cisind pen - 


£4.Wu 

«.0fl0 

52.230 

5F80 

£6fil 

S509 

S5S 


— £91 

— £t>.HOO 

— ■ S3. WO 

— R.760 


+o.O 
1+ 40 JI 
- 1.0 
;-SO.O 


£592 

SS2& 


S445 : 

S2B2.&<i 


- s&a 
a.ifr : 


£12.9 

£99.5 

JES.ClOO 

ft® 

SS.9oO- 

SfiS 

£7(6 

1X20 

5 p 7& 


FWu 

{341 


1:75.6 

£82 

£4.576 

52.27b 

52.100 

S 4E2i( 
£436 
£24P 
*425 


*500 

520? 


MornTn«~~r*«h — mi'- ' . "'V — IndteW f Et March 16 1 U.S. narrow range throughout the day, reports Parsa/ps— Per SS-th 0.78-0.88 turnip; 

- “K per ,5?™*'* „ Colombian Mlid c. Caarailtow. Per 3Wb 0.99. Rhubarto-Per pomd AST 

CTla. !+-■■ 16. lij. 1 j.,j. la.6. 10. Kerb: .\rablcas 177.30 (181. Hr; unwayhrd : : — ootdoor *28p ner 

Three rnonihs OT6. Aflemoonr Cash Arabicas 163.H fsameu Other mild r,u ” , ' ; 1 1 oumoor..*«p_per pouna. cucumbars— 

£313. three momss Q1G..7. 17. 17J. IF. Arobicas 1W.SS (175.53 ■ ; Roboaras 159^0 
!*•»• Is, 1..5. Kerb: Three nHittbs >ih.Mi. Dolly average lfifi.04 tuasXi. 

... jl' • kOHDOll ARAB I CAS— In poor volume. 

ZINC — Higher in line u-fth ih* trend values were offered onchaiwed at the 


Siipr i j I 

I’ref- ITeKerday'B Prerious i Burineu 
Uonmi. j Uloee 1 Close 1 Done 

Coon. ; 1. 


Cncumbars — 

Per trio* 12/23S 3.4IW.S0. Mashrosm*- 
Per tray lS/33s 9.40-3^0. Tomntoot— Per 
pound 6 JO. 

* 


in copper and lead. Forward close, reports Drexol Burnham LamherL 


57sSfS*tfaa?*feS SHsa 1 , ®w£* , ^.ii£:~-stia5^!*a*!M S§as®a®SVS4S 


GRIMSBY FISH— Supply mud prom 


Bl.fc‘13 -0.5 JC2.8a2„- 
JC1.86L5 >19.0. £2.(06^ 


Coffer Future* M»r £1.401^ —1.0 


+0J 


Cnitiin Index 

IV*. Cncp nit r ; 

iliiie Lj.vfiW Cgrile 

HiiUmh- 

"Fpi Peart ’ 

Sisal Nii. 5 J>. 

-So per 1 raw 1 

Tajhdro So. 1 

T« (quality I kilo... -7 I — 

1 plain 1 Li lo ■ i — 

WqfriTifMtta Warp.- 2TOp into* — 1.0 


fie.toc. 

SW& 

»S£3p '-4J.5 
£(77 -*-!.0 
551o.40 ' 

£97 ]— Z.S» 

£172 1-5.0 


£4.172.5, 
Ei.li-. 
£7ftJ 
54 14 
Euf 

cas 

5F00 

£129.5 

£198 

Z22|> 

l»l 


C?,6La. . JBLsll. 
£5.123 : XlA3bA 
. £4 JK £1^80.6 
, 97.2* ' 67-> 

1 £790 £660 

1 S«90 *392 

. S7jp- (. *5.&p 
M l» ' £17B 
as a. ,5515.40 
JBIM £8b.O 
j.309 . £176 , 
Hap i n6ii 
©dp J «p 


297 p kiln |a05p Idlnl267p kiln 


i (Jaoosrpd. • Nmntbai. r aiartaaaaear. 


7.1 yc _ 

CHh £ : -£ “ dFJSVaatlEt ^ ^ 

} 267.25,5 1+1.62, 871-5 2 ^9.26 rn . Salw: LMM3.8aS> loa or 50 tonnes. 

StnODthF.. 268;794+2.l*i 273-.S 1+7 VXKAJilCl pnce 

S’ment... I 267 5 1 4. 1 5 . gTaflulatCd bflNs:. while Sugar was £342.40 

Pnr Weiti ' — 1 29 . LONDON FUTURES 'CAFTA1 — Hin (same) a tonne for borne trade and 

- - — — — . martet opened unchanged and with a £157.00 (£159.00) for eaorL 

Monum; -Cash. 097.3. fiwee Cfltmiry trend values lost 39 points International sugar Asreement-lndica. 

S* 7 - ® ,s ' ®.'i. to. , Kerb! before strong commercial buying forcwl 101a prices (DlS. cents Per pound f(*jSd 

jnoatbs.£26S.5. 99. .4ftcrnoon: GaJ® values higher. By the dose country stowed Caribbean port) 

71 i?L C0 _“ QD ii ls OTOJ. Tl. TLa ^TSa . short-eoTcCing and , eh an ist. baying closed Datiy 7.43 (TASK 15-day averasw ptr 

.73— 72A- 71 J-.xa,. 715. 73. Kerb; Three the market fins 29.03 higher. Old crop Jsuhi. awage 9.7B 

months £373-5. barley advanced, steadily, during the .BEC IMPORT LEVIES— 04 m 

-■Crnls per.. sound. . t On grtutous bwwjoos from 30 lower to close firm 49 import IevlMJiK while Srn'wKS 

—“jr t,M ' ■ aawtw-ffsr-ars' 's-a wS££?¥£Sff 

COTTON . ■ &» 

132.071. 


HONG KONG— Raw roiion 'fuBires. were WHEAT 
well maintained over the week -hr -routine 

trading. Friday s close (cents a pound): «. T1 „ 1 j'*S2r F * + "p tTestwday s' -f- « 
March 55.65-36.30. May ifi.0C-58.oa. Jab* nUl | cl0M - — 

5S.69-35.70. Oct. 3S.OWO.DO, Dec. 58jft-6L06. 

Week’s High-Low: March 55£®3LHL July 


BARLEY 


close ■ — 


58.Tfi-57.55. Ttiruorer: 121 ODJi HW. • ^ 

COTTON— Uverpoal. spot, and ship- 

ment sales amounted to 538 Mimes, bring- -' nl ■ , 

UK the to la] for the week W 1JW B I* 75 


•+0J6{ 

i+o.-ai 

+0.10 

;+o.ie 

;+oj»8i 


JUTE 

DU NDEE— GoM but firm, Prices 


n nf ^ UaJC. for s\pri]*Saj sfilomonr* 

“ C ‘” BWC £287. BWD £288. W BK S 
BTD £» Calcutta seed, 

79 gs - 4.0* ( 5 aMnTOS .5: ««* f- V.K. for aurSi 


75.50 

74.95 '+0.40 

77.40 * 


. ___* rn — — *j 1 +^-w.i per 106 jnuilsi-AMfl Ho *5" and e-VS? 

acmwt =.109 tonnes, reports. F. W. Ta'- Busuw-ss dnee: - Wheat— March S4.T5- Mar-Jnly J10JS and- £7 Al“ 
tersafl. Pressure strensttanert ftir «j*- M.13, Uu W.404RJS, Scut- ffl 73 only, ifljfi. £30.16 and £38-1 9 for the retoeoh-e 
nnnal .wwpJies aR users recogalMd .the Jan. JT^ST.Tc^ s» 1 m. shipment periods. Yarn* and c/ithTSdet 


firmnesd-u jnen, 


ro Ini*. Barley— March 73.50 only, May -with -prices stead*. • 


FINANCIAL TIMES 

Tear ago- 


23&.01 1234.47 | 224.08 j~2Sai8 * 

Otoam-Jolr 1, lR^jjj» 

REUTER’S ■ 

(I &mr. uawno agoj xear nyo 


1394.&1594.91 1389.6 I 1749.4 
. (Baser semember i»7 lB3i=ioe) • 

V DOW JONES 

Dow 1 Uar. fTffxr, j il’or ithj-'iaT 
•Jobes ; 17 { 16 | ago j aga 

Spot .... 3G4.lt561.66547.08;44aii 
Ptrture»i34fi. 13^545. 22.a27.W4ffB.79 
CAvdrage* Ma4^s-28=ifl5)‘ ™ ' 

MOODY'S ' . ' 

* ‘ . " ! Mur. ; Mar. tJiflath'i'ear 

- Moody'e- ’ IT' ] ■: 12 | .xjg • 

Bpte Co'amty[90S.l.B03 .8 B0 2.4'BS9.9 ~ 
(December 31. ltn - Idfli 


forward 

N®*r'ybRK. March IT. t •• 
SILVER doaed -.shandy -fo^er nd • 
Commission Honse Uuuldatlon foUowtns 

a report that 1077. waa the Iowan runs *“ 

sumption year in the but five while pro-J 
dnctlon increased' over ibe year. .caj|® 
finished weak, roDowlne stiver. Platinum* '' 
declined sharply. Cocoa finished lfate£ .. 
down on chartist . selling. Coffee ended! 
tower on nunours of lower origin priiaisa. 
Wheat, maize, soyabean and soyabeaifi 
products all advanced contlderaKbr^ ' 
Bache repsrts. .*• - ui: " 

CecBo — March 1KL00 il87.l5i. May 1+Lfloi 
(159.49). July 140.00. Sept 146.00, SWcA- 

140.00. March 136.00. May 13135, JWK 

132.55 settlements. Sales: 856. J " 

Coffee—' -C"- Comraci: -March IftMh • 
178^3 1177.631. May L53L30-I93.75 i 156.40*5, * 

July 136.80-138^0. Sept. 131.09. Dee. m.W • 

March U6J0-U7JB, May I12.0ft-U4.00. 4utt5 

114JHM15.08. Sales:. 8S1 lote. 5 

Copper— March 50^0 (same),' April KSCS-*. 
(SSjfli. May 60.10. July 61.10.- Sept. ’ 

Dec. 63.00. Jan. 64.16, Mardh B.10, 

WJO. July 67JB, SepL 85.10. Dec. 1 
S9.B0, Jan. 79.10 serttrinents. Salacj 

xsoo lots. “ j 

Cotton — No. 2: May 58J&58.« (83.Ut| 

July S9.6S-59.75 (56227), Oct 

■Dec. 8L51-6L80. March 62.35. May 

62-00. July 833)0+53331. Sales; HeMmi 

bales. % 

•Gold— March 18L40 (135^01 . ApriW ., 

181 -90 (ISpJDi. May 18326, June lS4t56At ,r Tj 
Aug. 187.10. 0«. 199.70. Dec. 19S.40, Feb-V 

195.10, April 198.19, June 30130 . Aeuk.^ 

204.10, Oct. 207.10, Dec. 21B-C8, -Feb. tilLS 

Sales; 14.000 lata.. Ji*;... 

tLard — Oncasw loose IBJsa • (2S.65L^ 

New York prime steam 38.00 traO£v& • 

(same:. _ J-.. 

tMa lie— March 3491-2482 <S4lS).- UuH ' ' 
2KS-2334 (245D. July 2531-354}. Sept ~. 

Dec. 3531-2554, March 262*2153; . £ , 

mntlngm— April 23L5O-224.O0 1 (229! BO). 3.. 

July . 223.BO-KT.7fl . (23330). Oct- 230.08-5 
23). 00. Jan. 232. DO-233. 00. April 336J0, July-!' 
242310-242.4). Sales: 1.57S lota. * - V 

ISIIver— March S3140 (543JS0)/ . * April* 

SW. 60 .1540.601, May. .338-38. July. MMe.*-, 
SepL 3S4.4B. Dae. SW.70, "Jaa. 

March 370.10. May 587.30 Jidy.-.SBMH.S* 

SepL WMJB, Dee GIT JO. JaJn. 62L40if>. 
settlements. .Sales: 16,000 tot". Handy S •' 
and Harman spot bnHJorr 545.60.*:. -.*. 

Soyabean — March 704 bid (974). AtarS-> - 
7121 bid (83211.- Jidy 220-720). Alta. 735-i^ ' ■ 
TIB. SepL asthma. Nov, - 6Mt93iT JauT ' 
634-635, March 043U - : * T--«V 

R Soyabean - Meal — March 10L50-IS2.00l- - ' 

uft.50), M*y. i9o^waL2o -hu .)iaan.« h 
July 191.79 bid.. Aug: 190.50 ‘taW, -Scorer- ^ 
101 .00- 152.08, Oct. 172.00-rnm. Dt«u 17U0- ? ‘ 

171.00. Jan. 174.00; March .i7B.»}.mio. '• - 
SoyBbeM Oil-March S7.5M17.W U9.fl8i<f ^ 

uay 26.41-26.50 1 25.8a).- July 23^6. AUE-. 
23J&23.30, SepL 2 +20-24.30. OcL 23:90. •- - • 
Dec. 22.6^22A0 I Jan. ~12M aated f iiarch^ 

22.40. ' 

SaBBr-Nrj. il: May -7,70-7.71 (M9). July 
9.04-9.03 1 3.121, . SepL S^fc -Oct; -.Jt4««41. J . 
Jan. 0.504.70, March 8«B-9riJL May 9++** • 

B.4B, July 9JB.9.88. SalM: 2.1S9 lots. $ " 
Tbs— 9U.00-522.00 wfcraJ- •' >■ . , 

. *Dlfhmtt-Marc» MSi .«S»), May .fC' < * . 
MO (288): July 302-904,* Sept &7J, D«. »i . 
313H17. March 334}-. M T- ' 

WTNNTPEG. March - 17- ttRjf®-»ay . 

112.00 wd Ii0.ni, July ±10.16 Wd fl9ttw». ) * 
OcL 10920 bid. Not. J 07JI0 Dee. 

103-50 bid. ... r . t. 

, * TtOgts— May 7&6O bid (7S.60 hid).- July ; 
Lft^O Md <7336 naked). Dctr.tW#. UHL - 
Dec. 7L50 bid. 

ttttaricy-Mnr Ty.ofl Md - OiXt bW)-»- '*., 
July 79.00 bid <73.70 atiusD. OcU - 18.78 *. 

M(L Det 79.00 Md. . . . . ... • . 

MFlnfted-rVay 2*r^) -f23S.bO), July 5 .'*., 
240^J) bid 1232 asked). 0«i 2»:« Wd, 2 % ' 

WAV -'TT M liU ' IV. HI MJL. Lrj _ J . • * 


buildi: 


I NoVj2J7.De bid. Dec. 237J0-.hhL-, 

I Kwhcat— SCW'BS 13J. per ceuL urotan l 
I .content ell SL.JLawrence 158^103732)- 3 

All rente per pnood - +?x-wai4i88se 1 
nnieaa otherwise stated. . *3s per, tror ‘ 
ounevs— 100 ounce. Iota. f.&SSaS^lbOflo 5 
is per lOO lhs-DepL of Ay. prtoM p«- ** 
rieite day. Prime Sicam te*. N? oWk* v 
tank cars. +Coow pvr JG -Ri -IxaiNfl «- 
wareBouw, s.sag -bntiel totiu f fio pce 
imy ounev for so ounce oaltr or PBJf per < 
Tsoi, mirliy deftrered fiV^-O-Gtau -£r ' 
-.nny ounoc cx-warebom..: 

*s u short tom-fttr. bunf tore < 


). 


1 of 169 abort toon debrereS- r.oA,'- cars •> 
iCWcaao. Toledo. _ Si 
1 ** 5™^ - ‘ fi8-"Ib : hShii 1 In ■ store. ') 

■ M m : -09 Cents- per .j ’»* . 

f ® j-.rtMvareiumse ^ 10W jfHShri 4 *. ; 

rtote.- P 9 C JpBr tOBOBr i-;-: - 'S 



... . V. 










financial times Saturday march is 187s 

SSSS *agg*6-J*&. IH*. - . .Arm™ 

M 


<’» s» j jTRf T *^ ,10p ’ 7 '* ■«»*•»• « . cm.™. 


wsKSfefS^* »■* '’M-iffl f«™r « ,,s, « 


nor ( 2 Bb) lit* S i «kP*. V* 

jg® A%'i n 3 '- " lf «*»* 

kin M one n0pi jc (■*%. 

3a va. 1 ;, ?«?■,}•'> ”«» 

i«-t*» t;opi «o 
W*r (Sta-inT 1 70 

W—Y — Z 

•G.t. tZSDIBO (14 fit 
4oain5i^.t (J b «in) i^^pj ’n* 
iSL P « ,; * Pl ^ M °P | M 3* (13 3> 

a ifcm toOpi iib* i? 

?" ISSSHP*'. «*»' «w i* 

«ikn (Aitrcdi ion (top) a m* b> 

»«•*' Hom«r ilp i to™ 9 1 

*C. 1* I fJJSpi 100 (1{ J| 

'tevervlm**-* ' :5rt 71t * 
WT/isawiaruiifSi" 

SIS _ * 


I Iiwn 

l_Ln. 5*i. (ic. 3) 


nii-.ioSr,'*"- 


j UA 6 m. Ta <2 3 Pi 1i5 fl_8.S 

Srlj ly- - ^ n - BIB. l25p) M 1 13(31) I ,14 i r 
tejs ‘IS- ut. UBp) 141 (1 4*3) ■ 3 

Broanttofi* lidPI 122 1 MAS). *:»r 


. fM*. , 

jU J. _DB. 12301 SI Vj. aSSpePf. 44 ! WpFngf fstm 


GSPI 2« 
»i 131 l 


14. T *’ “Out T*. T«106. . -- . ... - 

LB. 5*u (16. J) i U. ? SIS 81 Mb J] 

■T'UnnU Ajfow Hld#J. (JSp) 1«>;« 2020! Brunner -ism oo 413 3) 

, V.'ii. Op. w*rranu to Sue. 2 ; Cjlwtoraai* Trust i25oi 65 

«»«»*« 4C# 1 Canadian Fore. on in*. Th. (2Spi 940 

lOiailmBc Cpn. in | Cardinal In*. Til. CWtf. USp) 91 

I CjMcrhOuse Grp. (3Sp) SB 1 9. 7ocDb I Jtk*- QS»i W»* «14;3» 

! Mi? 115(3) aw ” 7 - 9 ' 7BtBfc - Ceoar In*. Tit. (25ol SB. 9otfcB. 1001a 

c jW St **Wdewi Lana Aastn, 4ptK. SO • r n i‘ n V. T ?- AoMicy i25p> 47 (13 3) . 

114 3) - rwBt ' “.City CWnl. jn*. lit. (ncorflg (35pl 26®. 

Compapnie Francaiie n Strt £37>-x® *o ! 4-F aB A*® 

Ssssnsssi jSV.. . . i c '%s^ orwsn ' m,KD,,9ni ,25b> 50 "» 

Cla»rrhauin In*. T&t. (SOpi 76i-® - 
CivoKi)ftc ini. i25pi l. 2‘3 j 11513). 

&RCD1) (1955 or alter) -tl . V 
Lommun MarKci l a i. Pig. ilpt la's® 
■Tu/Ji 

co"|,r.«nlai Inousiria! Tit U5g) 185 4 0 
•14.'31. S'apcCum.PIO. 47 HBl3i 
Can 1 1 nr m* I Union Tit. (25P> 98 7 MS 31 
Cretcent Japan In*. Tst. >BOa> 142 
Wrnts. to iuo. *80 
Dime In* Til. Cap. llOP' S«» 

Drgtn^re Con. (2fip) 77 6'iOiPb. 
1966.81 89 1 1513V SluKDb. 540 ' 


I SSI- T t L t50 °J 2780 (16(3). 

<16,35, 5«W. (SO*) 

*4'SSeQ!? S IS Ir 4 c ,,iKDft - 39 ,J < 1B 3 '- 

U® M- SVtfcOS. 78 (15 3). 
47% V tf* S> Grp - ' 25B) 34, :»- *P<tn 
Intnl. 9 '*BcDb 78i. d*>n 

JSESJfflftt te‘ fii ^ 1 

fSi ‘> 503 6 

WffWM i s'oV Con - 


5* 


«. Dp. 


■1bl3i 


f«4^ i) n B* 1982 lSUjgt'ld ln»Mt. [SB?) 101 MB/S) 

loMe bu?,.-. IS 116 51 Owbv^Trf. lr«,m* 111*, do. «SOp» 1**8 

15 j. ,n 4"« Murray 6r». «5rt 2*1- 1 6® 


Vlhinp RMOurcea Til. (25p< 770 8 
Wemyii inrot. 275 i16 3i 
W pfl CmsI T*x*i Til. dOD' 65 ■■ 
Wlr.tcrbonan Tit i250< 173 111 J( I 

Witan Inntft. 2Sp> 72 1 ;® S-:«Pr. 29: 

<14 Ji. 8KD0. 770 

Teoman Inwat. Tst. (25o» i*9 >t5:J» 
Younp Invest. Tst. 690 71 (16-31 


Warn* l 6MM« HfiMB «2S»| 131 (T4/3) 
wunwd liw. upaj 289 '16m 
Wet* -JO* to" I (BP) T5 (16/5) 
'Wotmmster Pro*. Grp tzooi 17 H4 /s> 
■ WlnsttMl W«M* ‘iSBi 33,'r a 


RUBBER (33) 


SM^ UlutM _ KlBfPOffl HoeCum.Pr 


*5?; 

. . _ Inrs. 3 
TrlcWKrol Writt* 1972-78 92>: 91 
lwnloik l dpojnt.L n 1978-99 73 
United Fne-dlv Ins B (6'< 

Urocite inti. 62 98 
vaiais in»a. 

vaiais i/ivi pip-Orp. 2 
We* vex Wator Authority bpchp. iMJ 
672 


| Aberrant Pumtefiion!. iso' 6(. (is 3< 

ArgHo-maonefUn Cpn. i 2 s D ) 9:® (la.'Si 

CanfoUdin* waM«ions (ion) 112® i.«® 24 r „ . 

ij. Wrmts t* *w». 40'f® js,. 0 4 j 1 ti. MARCH 14 

Granp Ctnrral ffl* hiobs. ilOp< 10 (1313.' 

Gutnrtc Con. 232* 26; 32 27 S. 92 5oe Pi, ! Cedar Nlogt. 8 
45 '1 3 3l.' 9 Win. 891..: Church Armr Housing Sot. 2 >:pcLih 69 

Harruoni Maiarsbin Eiiam nop> 70'-* 1 oariirp'Furd -is* iso 
Higniinfli Lowlands B*rh«d i3Ma.O.50i 78 Eastbourne Water Worm *7 
4(16 3) 1 Home Brewery 32B«- 227 


UNIT TRUSTS (10) . 

M ana G Amer. Gen. m*c tnc 434® 

43.30 43.3 (16.31. Actum. 44.2® 

M and G ComoodAp Growth Fund 93,7® 

M and 5 Dividend Fund Inc. 114.90 1 10 1 ,n jh _KMn«th K*»ns Runner flop] 640 If I Jersey Gas 4.<Oc2ndOOi £57 
M ana G fni 




HJUPMO- 

IncHea 


fSPl Si- ns 3)' 


nstf fail? 99 7 » 

nd. cu. n 4Rr" _ 


»?0 H-dr-s. (lOw 38 (IS.JJ. 

■Vnr W'lO 1 ’ 1 Rnw'cnd (IQpl 4* . I OA T991-M lot. {21,3^- , 

es asp a a " ;M * »i 

rtfrlnflton iTnom.ll Sfmi r 35p . 5M> 2 I Awahu (1Q P) t9 rl6 3) ' 5 S> ' 

•arnica EndinMrlrp ln«eilinunt (ION 2i, , !* , ^*sSieiS^il8i 0 | W la 7 «A«*' 


, 6 2’'a ?/SA Q b- TO* 


Darnin' pn„ General Tst. (SB* 

Drayton Commercial In*. ■! 

Prarton Coni*. i2Bpt 1J6 i* 
Unset. Lu. 103 ■ 14/Sl 
Drarlan Far Uftern t2Spl ?7U ■),. 

- || r - 


Jfffip)^ fi 

l|£ H 7. 7 


m „ «..ra Yield Fund Si. 9 8t7 «1®3- - 

M an G Fund InveK. Tst. Accum. 64.BQ '*»"«■ Ketlas ftuCa er en area <?opt 7* (i«n 
*16(31 l S u * 1 * Lumour KePPM Beir.d lMa.ii si 

M and G Gen. fit. Fund inc 153 *16 ji <uai» Sejansor Rubtatr *10 di 90 -14. U 
M and G High Income F«m( 99 <16 3i tpndon SumatraPianurton <;0 p) 117 
M and G Midland Gen. rir Fund 148 : Muar Riw BuOb er (IDpi 341^1 
U3 3i i Planlatinn Hldd*. . (TOm 70 1. SOocLn. 

M and G Recovtrv Fund let. 7».B® l e ,,s *1* s * 

M and G Special Tat. Puna 4«um. ! Sunpei Bahru Buj®*' "'Opi 44 114131 

178 20 (16IJ1 15unp«. Krian Ruhher 2*'. d* 31 

IRON. COAL & STEEL ( 16 ) ! ra A ( 15 ) 

Benramt. ilSpi 13* M6(3i i Assam Fmirtier. HioBi. za* tiB-S 

Jrokrn HUI 
1U56.39® 


Drayton Premier in».‘ 'i2S'prj'8o. ,, l5i*l5^ 
CPCDtb. 304 f 1 5'3n. T^KUnsec.L*. 

DuaJ'eet inc.sm. (SQoi Si Cujhu. 1760 

Dundee London I25pl 54<> (14;3| 
Edindurah American Assets (J5B1 92 'i*. 
,^»cDeP. 1979 960 (IPs i 
|nailih Dundee aijpcPrf. 63 


7WM I COfllilans SKP? 
• Hawthorn 



■esstfr- Publicatlonb i;-bi 320 
(ndewood CI5BI 192 1 1 b & ' 

ana Asmiaret hiopi 29:-# si 

art Group iSap- 122 


TrfUa HcJiSnflb (Sc- 24® i ; 0 i_. 4. fi'-sc i Stock Exchange V^neD?? et lie 11 I Funofnccst I ntH 
m. 1978 93rpi 116 3, ■ 1 United DomAioiu .Shi * xfia 9, P > 7 i i-' hs : '2Soi 57 

WRM EnninMMng Catppralion i25pi' .JS**-", 127® if * 3S ® ® 8 1 rl- ia ? j ' 1 ,n * 1 


I F. rortd * ,n Fln <2Sd> 090 *,0 (.a 91 

,,0D ' T26 - ,0ptL *- ! Ejjij union &n:Tn'.. .0,-251-46 -.fa-ai 

: 9, redl ? *1001 _25 I FunVln"-- 0 — lal - t3 ?J>2 1 *5® .M_Si:_6>i 


I FI p?' ««*>sn American i2Sp. 7 B'n S'opc 
. p L 48. SoeUmoc-Ln. 72i>» U6'3i 
an Gen. 


*hs 425oi 37 (13'Si. Cep- 




>n P'n^ip wfw Wool let. Mills bptPf, 

MB'” 

Wbn k F-ravdv >25pi 33 

ejtcrn Beard Mills HOP) 60 -IB/S) 
'eating hODie nruFv Signal iSSpi &1 
-•cUeAd A'rcrPtt CE5pi 43>'. C 
^83-88 8B>; 118-31. 7ApcLn. 18 

Van inner Country Properties r25p> 1 30 
eiton-lvo s Group I20oi 80 (14/3) 
^■nund TrWeyi*lor C N-Vtg. (10p) 341- 

IMMLdit D4 wt» (250) SB ■: TO (IB'S) 
Ktcm Brother* l2Spi SI (1SJ3> 
hPUIngs >25 d) P 40 ()8 3> 
fletnan Rncve Anod aspi 220 HSU 
OMtshemT DisniblMlon Tradlrg <25pi 130 
hjte CMld 8eney r25p< 7*® *6 


125PI 1 ?8««-"rT27®”C 0 " *■ ! iawn-(d¥ - Itspi 107 .1413- 

o I.® '•16 3' 1 Wapon F.nanrp .23 p) 93 usiti C°mmerelaJ (25 d> 121 .14131 

•rir Fromwlth ior."9 MOpi 20 19 is!**** ■? Bnglpnd »*A» ** cI.II 4 , 1 f °" id - l2 5p. 76 il*:3i 

^f *; 7 "-'.«»« '« !»•»'. 11-5 K ;W^.rn Se'wiion Dm bri ms .{ftp) a«® i?*« 1,1 *. 9 ,S1 » 5"*- 

1 Tula Cano 1IO01 «7« * . cTT*!?, 1 Trjsr<P* ,'250' 90 

c,( ’ 3 - , 5w 

5.** 1 ^ntUiertal Gas assm ( atlon tap. 1 ^toJfc.^TKr* i 1 ipFmo^ * 

7PCLP. 139 HMa - I B® 7, ... 

4pcDb. BB>.<0. 5rr>cCnv.uni.Li,. 77S®. 


-MCTOrV f,A7 ‘ arS ® l B^rJ^i », (25p> , 0 2 „, 5 , 

lD fBt »8: .1 fin a 1 StuPf. 47 MSili 

(8. W.j Leslie ’(SOpi 83 I ’fifS „ _ 


Mac Lallan tPl W.i' (TOpi 17;« 17 (14>3) 
— 63-’> 5 


I Br'l'in indi#p l **i>a 
1 0413! 


'^S5^^?9 ^^ ^ S,,0, 5QrB ‘ ,B j 6, „ 

. cnarosonL 
Swan Hunter 


(Hides 1 $«.(■(. |70 


Rlcnaresona westaartn rSOc 67 11*31 
Co 134 


. Empire Plantations ana in«en nopi 22> 

' JoVai Tea HldO*--2B2 11413). GocPt. 60S 
1 Liinebnurnc H'dos 248 


Jersey Ga* 85 
Jorsev New waierworv* 7 bpcMt Das. C90 
Jersey Ne« Waterwprv* 8<:RtMUDbs. 690 
Le Bkhes S'ores 500 
Manx anrt Onervas l mis- 11 
JMW Compute-i 9' 

MARCH 13 

All Enfliana lawn Jenms L50DB f* 200 
Brentford F A SC 70 
GlHsn rwiiliaml av-pcPt 12 h ?0 
lr'bh Mai fw 0*1 35 34 
lavylln louty Tit. 140 *55 
>nn!nni Bra*. 63 '~ 

•1“d^i TM 13., 181 
Petroleum FoviLtkt o> Ireland 200 
nri»«I 1C 35 

Ormerod (John. 13. TijpcPt. 25 

RITTrE 163 (3) 


MARCH M 

rolo United so* 

Ban Kpwan 4e 
Cast Irma 1 ne Per Kins 3100 
>t Giepv iwc«< toja 
Coal and Air-eo lndi. 312* 

^aion.ai Sugar Rebnericv 2 IB® 

, 'irsi OH 1BI® 

1 Gylt Oil Com. £17* M ® 

Mineral Secs. Hi 
New Metai 1 A 
Nicholas mtl 73 
ail Search 5: 

Piohc Cupp** 3* 5 7 
Peabop* Intnl -US21'*. 

Penney (J. C.) lU5J5r»» 

RTE £' 0 '« 

Reel Oil iiSc.) 6.} 

Robe River 92* 

Seleai! £« 78 

Sor« 20® ’ 

Th-eii Wags T 31® 

Yukpn Cons. 1 si 

RULE 163 (2) fal 

...... < - I Umted Si.il— Si— Ciq.'iA 21i : :® 

Applications granted for specific! w°oo*ide nets 57-,.:* 30 
bargains in wnirjfies, noi listed i R^oio teGot 
on any Stock Gxehan&a. 


' - • 23 

’ Bmtw at AacteKW 73® 

; Berk ot Me* South Wei«« • fA«t. ft**j 

■ 4«.M ■ ' - - 

B.-.-ntai Tin Dredg ng 222 
S H Souin 84® AS 6® 4 
Br-tijr. CuitraHcd Ouhcids 12 
Clba Gegv 7U£KCon«. £92® 

Email 71:> 

Han.eniav Holdings 163® 6 
l-S.E. Can. Finance 9:.pe 197I--B2 

&U S-99 

Jardine Sets- 93 

t-dgnton HHKti. 651 

Magellan Pei* zb 

Metal £>. il 

Oakbndpe 5«v. 149 6 

Ot>i Elevator >S A.i 1600 

Prko waiiicna 466 

Peoples Dopt. sternj 265T® Bra 

Pnca 011 78 

C|ueb« Pro. .nee 9 '-pc 1978 SU590 
Reatllon Freret £370 
Rgrenlo C44’. 

Swan arewerv iji 
Swire Prapb 33:0 (nl 41 *j 
Thomas Nationaiide Transport 86 
T neon t menial £t S*aO 


MARCH 17 


Aim srreat Brewery siq 

®2 ,, !?» M0 ^ rv ,a M " 15 6di -no" 

Cum. PI. 26 'i 76 

Cambridge iRatruniem i 
Camra .BMI Ale) Invi. too 
yeaar Hidos. 5MRd-Cnv.Pi. 74 


MARCH 15 

Acmo Hingi. a- 
Carlin® O'seahe 230 
Colonial Suga 1 Henneries 222 
Conrinc Ria T.nto iAusi.1 l5->0 8 
F*Ml Pannsvhani* Cpn. £12 
income J«d Capita Sns. 4200 2 
Leng tease 198 
|mm. L«ei: 13 


Ward (T. W.i I25n*. 59. 1 1 itpeLn. 831* | tK»bnuriw -HidO* .«8 

(13(51. Ti-ocln. 651- -13'3i ■ Mebtod Russel 1930 70. S.SPtPt. 55 

whesme (25PI 850 fl6’3) «rJ_. ,,, 

Wood ha use and Rlxaon (Hd-dlngs, 112 -loi | ‘w!i BS i25d1 

s!ES — Australian (7) .wiiiiamson Tea Higg s iap« so® i« 4 
Se^MilWa Areas (5.* 930 [ G ^ s NorthernTelegh. (g, Denll urfcl (Br.i 

ivMaosO) 141 _ TR-Aani'AYS (1) 


MIXES — Australian (7) 

Hampton Goi 

20 4 6 

mim Hides- — - - 

New Guinea Goitsaeids r»A0.35i 10 I . 
North Broken Hill Hides, (sao. 50' 87® 1 A"«lo-Aroen:_i 


North Kalgurli Mines 'iA0.3t» 10'*® 10 
Par nea ■ M!' 

r f S 3) 

WtstP'n 
100* 


Rnreninc marked for approved 1 Dan valley L.gnt Rty. 32 


ftidos fct§ 

Chet nire and North Wai« Newspapers Mvery "tmeorium 1 59 

Nail. Su-vice inds 960 
New Metai 1: 


-in# <10pi 870 8 
GAS (7) 

31 so ar'i'ii? 

INSURANCE 005) . ^ ww-.— « 

bfWrJnBfC.T.J (250) 116 IS. spet*. 1D7 1 „6L.p rCm>.Uns.ln. 105 fISSi 
_6 <16 m 3'. IQpctn. 161 "" Own EunUHn (2Sp) 831] JL, 

, c Asaurance I5p; 182* 580 6® fi: S r * ,t Nth "- (25pi 91 
m VLJL.. ... __ 1 Greenfriar. (2501-69 lifc3) 


. - ms (So. iZ 

... . . SHIPPING 141) 

ning and exploration (5pi 1 ® ; Anglo_ Nordic 5h'u»l"B 6>_pcLn. 85 tl3!3i 

Coro. (**0.50> 103®. 

Caiedpnia ine. «25a. 220 
Common Bras (50 pi 1400 , 

Flihe» iJameO (25.pl 124* <16(31 
Furness Withy 284. aocPf. i£10) 430 [ 

G-tlo Skipping 1*5* 50* A N.V. 140 

Hunting Gibson 205 (16 3> 

I »Jy of sun -Steam, Packet 145 118 31 


mineral exploration. 
MARCH 16 

CCP North Sea Associates 950 965 

-< n on an ; 400 

S.obnrti Oil ana Gas "U.K.l Z36 235 

MARCH 15 

CC P North Sea Atiaoatm. 975 950 


Eastbourne Waterworks 47'- 47 
I dr 0»e Pony A 1 76 
Ferranti 265 

GRA Prop. Tst IS 1 2 1* 12 1 1 J. 11 1. 
Condon Tst. I lPC5ub.Unt.Ln. 1976-81 


147. 


Mining 

Miscellaneous (71) 


A max Ik. 5ns. .'USD 26 ; -13-31 
Bera't Tin WnJIram 75 p) 53 
Burma Minas H7Upi .fit*: -16-3) 
Charter Co«d- (Rag.) (ZSpi H# h. 
I 5prCny.Un» Ln. 68 . . . . 

■ Cottsot'd»tTd Gold Fimas -25 b1 177* 


Jareiln Eaurrv Trust .SAO 50) 145440 
i<rrser Gas a'-PcrnnDb. ’ q-’8-as & 'e6S 0 ! 
, Oueen St Warghaube (HldSiJ !°2i> I 
I Stvlo Barratt Sices 7 or Cum 4 42' I 

uaiais in**. w--ti. 5 

| MARCH 16 ’ [ 

Aston Villa f C. £i J 


NZ Forest Prods. 

30; 

N tylas intflt 720 

P-tnty Bowel Lib 1 .:® 

Pi otter and Gamhle SU5771* 
Rembranm Grp 1780 
, Russel Hides- :S.A.1 53 A 

> adangcr Co-ianuts 63 
SlJ-lUru Rr^lH)'. L17-.0 •« 
Vult.'r Minerals 10® ID 
Witceleck Miroen A 35': 
Vukon Cons '4 00 


Do. 6L.KPT. 


Brit Cmmnvrith- Shpnq (5Opl'2640 >- 5 Cluff Oil 410 
(16'3) 1 rt"s Oil r<r»»o* 94 

j *3anJS" *“ 16 K -* 353 251 M * 246 i sssSi *!& vs» s 19 

. jrja civde Petroleum <26 

Gr»-v Me h,» 445 


MARCH 14 


(14I3S 


C ommirc lal Union Assurance ijspi 151 «s® 
,*•.* < 9'r®, SO 2 1. SpePf. 49- (14/ii 
Eagle Star Insurance (25pi 144 6 . 

6 & , a l i» and Ljw Llf * *“* Sot f5D> 164 

Fire and Lite Assurance 


fflsSTM'fiSToW 5l;BCP1 .i SRt^iaV 1 

,sop, i ®-tesw ,, c Stt 


Lite Assurance ,l25pi 280 3 


Gresham Hs*. lit %'5 dI 54 (15-31 

{ * Sel B9, t- AltPCPf, 38H 

HamhroS (25 pi 78. 6UOCDb. 73*r (13 31 
HartTps New :it»nl 26 
H*ll rPhlllpJ IBZ (T6'J). 4iteCCny,U«is. 
Ln- 84 !I4 3( 

Hume Hldas. a (Z5pi 7?'.}. 7pePf. 751: 

il* 11- 6ocCny.Pfr62i! >13 31 
industrial General '2£pt 450 4 6 
International tny. Tst ;2So> 656 ft6’Si. 

Warrants to tub. Orel. 2B>« 

Internat-onal tn». Tst. Jersey 160 rtfis. 

ln«es, ng In Success eau-tief (25 r> T1D 


ajW wr._i.B- 6- »nd w.i (as B , aS naisi I Hambro 
Jwi (Timothy) 8 k L n. 19B6-91 75 >« I H5 3' 

MWnghain rWUllanii .Holdings. . 1 2 i*pt , Heatn -C-E,. [2Dul 270 
w -• . >:PCPt. *4 112 3. ; Hogg Robinson Cro-jo. (23pi 1ST® 

hitw-orth Electric fHoidlngst (5 p> 16* Howden (Altmanderl Group (1 Opt- 171* 2 Investors Capital '25m 67® fist. 
mlJl -Henry! So.. 125p. 225B 40 38 I -«» , . A * ♦neral t*ui 160* 580 60 SB' Jardine Janan .'25PI Ml ft* 3> • 
dues (James. .2Spi 51 (16 3i ’1*'3. [ Jsrtev rvtemai 1 b 118 /73 5- 

ukLts Mitchell (25m 39I4-.0 Lril-e Godwin -Hlggs.i iIOdi 93 <15'31 ' ! Jerm, General 232® 

tlk.-.son Maun 170* ■:* 70 88 US 3<. : London 4 Manrheirc-- Assur. ,5pi 128 Jes Hidos. '250- *2 
^.-PcPf. 4St 1I6 3*. 10 m L n. 1 983-88 I M fVJ? W5 Wrlghtson Hldgs. 7.U0CLA. 80: Kereione *50 d- ' 2S 4 M6 3i 

^,4® 9 90 .16 31 . . I K. nos, do 25m 47 'IBS) 

Iilijms and James (tnglneersi (26p. 52* | fj™' H '2S*- J a *W 1821-* 1 lav* irew Ir.v .25p. 76:* o (16 3- 

I Mora" iChr stocherl Grp. (ZDgi 9* 1 * 61 Law C»beriure '25 di B7>: 9 B - - .16 3) 
■ JJy Pi . . Leda ln» Tst. Cas. 15o) 22 U (IS SI 


IV 5. 


Uliami Mohnt a(- Cardin 'aq ■ 

13(3)'®**'*** Soni ‘ Mld0 * :j ,25 « SO :fttfniW. J u™Va*? , M0? B Aa 4 
^pt.BrKdm. -HJdgc ) .Ifijl 61 ( 

ihfi" (CMPM "1 - HJms rffip) 1 32 I * 

1 11- 10‘:BCCdrn.2naP1. 105j (16(31 uu« ?JSS , ei- ,W ,B 

ifc'aar.rfc.i'w «"• 

2(to) 41 (p >15(3). 6M 1 Sun Life Assur. iSp) 96® - 


inn: Ingueu, 

ir rrd Vl,^?'iUducts ,1001 29* FW"26m-i*“3 

itler (Thcmasi r2Sp) 38 (16 2) 

I'^zflecwi' Tools (Hldgs.) -35pi 1 34 

Olwiev-Kushes Ittd! 189® 90 2 
Otqenhelmr Brotwe Powders (25pl 151® 
teTBwell Foundry fngg. • 1 0n) 2D® 

W» and Sons iKhtas-f (5pl 30. 7 

Turn Pd P*. jc: 
oori Hal Trust <7 3 b) 86® 5 
bed 'S W ) Grom (20P) 36* 5* (16*3) 

Bedhead (Jonas' Satis >25p) 94 nfirSl 
^Iriunijers (H'dgs.i GocCumjndPf 38'i 


'■:0c 


(F W) .rJBOI. fiS*j S Ah 


niton M. J-) (Hldgs > (50) 19® 

(10b> SB '14 37 i 


LX VESTMENT TRUSTS (*4*) 

Aberdeen tim. t25p) 51® 

A 5f frt x5t*. 71 «P 17* 19. 

AUm l25p) 9o 

Alliance Inr. U5p) 771- nsiS) 

-Alliance Tst. (25 d) 197 5 6. McPf. 44 
LM^-JUkOO- 67* t1CB. i M0 b. 


A"B.lo American Sets. Cpn. 13 
Jltfll. spegb. 6U (15 31 
Anglo- Intnl. Tnv. 1st. AsactSi 
, 114 (14 31 

AnglO- Scottish >25 bi 16 7 U 6 31 

Aahdown :25P) Idd® »0- 4-’<neui. 741^ 


Le Vallpret In*. Tst (TSu) 27 (1513) 
Land"" Aberdeen Inv Tst. 5prPtd- (5 b) 6 
Sn-D'd (5o> 6 H4 3- 
London Garniture In*. Ttt. I50p) 53 (15 '3* 
Lorcon Holvrood Ts). (25o) 97 (14 31- 
5orPf 40 H4-31 

Lnndon Lennon Ine. Tst- (25o) 610 2 '*• 
1 >■ 

Lcdan Liverpool Tst. (10P) 17 <1B!31 
London Lomond Inv. Tst. (25pi Cl (16--3I 
Lorflon Provincial Tit. !25o) 88 
London St. Lawrence Inv. (5o> it* ()5i3) 
London Strathclyde TST. (25ol 361.46 
London Atlantic Inv. Tst- (Zip) 56 (I3.'3) 
London Australia Inv. (SAD 123 (1413) 
London tn*. Tst. (5 d) 3ta 
London Merchant Sacs. CSp) 78. Can. 
I25 b) 73; 

(25P) 7731* (14-5). 


London Tat. Did 
3'itK.Db. 20<s 11 

M. G. Dual Tst. Inc. <1DDI lU'it (16(3). 
Cap. (I OP) 10T (13.3) 

M. G. Second Dual Tst. Gao. C4p) 18*1 
115 3. 

Mercantile Inv. Tst. (35pl 13 1 4 3V 
SpcPI 45 (15 3). 4UPCDb. 34 UD V®- 
4 >:pc Db- 75 (16-3) 

Merchants Tst. l2Eu) 62 ij ( 1 S 3) 
Metropolitan Tsl 4» a pcPi. JS'j MalJ) 
Morks Inv. Tit (25«1 41® >tO 2 
Montagu a«: on Inv Tst. (iDp) 53'y 
. (1*3) Wrnts. 33 (14'3> 

I Moolnva Inv 42 J* (1 5:5) 

morton Tst. In (25n) 19® 19. 


rk Trailer . Hidos, — — °» 

0MCum.pt. 1671; 

srS«h-rg fhMnxall ’2Sn) 78# 80 

,'i»hirg (me Woollen Sol n her s rzDp) 34 Atlanta Baltimore CMcaga Beg. ilOp) 53 *: 

h£S31.. T. 15 3) - . . 

N®h.» Cireets HUte,) -25pi 37® AUjnt' c^tete (^ 76 ^ : JSlrBTtSt 14# (}q . 

Sraun .SR) -50 -16.3, ln f^ jp 4 f ^ "ft ^ f25B ’ 

Nineteen Twenty-Eight In* Tit. (25pi 
79® 
5pcLn. 


U3CTRIC UCHT & POWER- (2) . » ! "W" ^ en,, ' BlBht ln * Tl 

■NkiinAElO fierrv Tst USp) *9 : >15!S1 - . 4 L«c , kiorth Atlantic Securities .25o| 

Ucutra 69 H6 V. 6 kW. 48H6 3) • Lo. 71.-. -15 3) • -16;31. J.-pcLn. 92;0 

ifer.sn 253 • )5 J.« . Blihopsaate Prop Gen 7® (.-# •. j Northern American i2Sp) 85-?®. 


FINASHAL TRUSTS {7*) 


■ST SOUthCrn s ‘« l,, * c "» e « 15Dp ' aW *!oT. 4 iid Associated <25 p) .52 3 
. ' Bremar -25e) 26* -16 3) ; Pent Una iZSa) 102 

W*vd Sm.rters -25p, 222 -IS 3’ Rnl. Am Sin -2 50) 35 *15 31 , ' ZSB, 107 ’:*- 

w ”«" "USO 601 r-5>. (13 3.' Brit. A*,e» 2Sp. 6S 4-.-KP I. 97i ; . n- 3^ ^ 4i 


a>;pcLn. 78 >: 



Save &• Prosper Croup Limited announce that the net asset 
— j*rtu e •>/.. . SPLIT, capital shares , a& at Tebruarj,- 195 ; 
pubhhhcd in the table of Investment Trust Companies m 
stenlay’s editions should have read 136.7p and not l53^p. 



i • J ;\; 


LOCAt AUTHORITY BOND TABLE 

Annual 

jltoss Interest Minimum Life of 
interest payable sum bond 


Authority 

KcJcphonc n/inibcr m 
parent hoed J 

Barnsley Metro. (0326 203282) 

ivirkloes (0484 22133) 

Reading 10734 592337) 

RedbnUse (01-178 3020) 

Sou ;hi‘»d 1 0702 49451) 

Thurrock (0375 5122) 

Thurrock (0375 5122) 

V.'rrkin 10932 505051) 

\Vrekm (0932 3030511 


% 

10 

l-year 

I 

230 

Year 

4-7 

10 

l-year 

300 

4B 

10 

4-year 

1.000 

3m 

10 

J-year 

200 

5-7 

OJ 

3 -year 

230 

3 

10 

*->f»ar 

300 

4 

10J 

3-year 

300 

5-7 

s 

l.year 

500 

2 

10 

yearly 

1,000 

4 


iq:-ts and luues Income iZ5p) 30. Capital 


R #°’rS mmi ’**• ^ i 


7"ib “ddi” i.. 6'racUns.Ln 61 g 7f*ot i Jambs (John l.» (30 d) 39‘. -,»ni 3) 
Uns-Ln. 6X'<v SUpeUns L»- TX I LO-»dO" 

El Ora M.iwhO Exp. <10o) SS 14 31 
Gewor Tin r25p) 115 M5 J) *>tw 1 25*) 

US riS'S* 

Gaoenp Consd. (25o) 25 (14 31 
Kimuntlng Tin Dredging 'Ml Bemad 
<5M0.60< 68 .16(3) 

Pwigkalan IDp) 50 114(31 _ 

Rio Tin to- 2H nc (Reg.) I25pl IBO* 7B 9 
fit-; B : ’ 80 Accwnu'atl-ig Drd f25o) 

1760 6. . Option Warrants to Br. to 
sub. for Of <1. £■* (TSfl). filxKUnsun. 

BGi< (13-S) 

San-1 Pfvan (25o> 50 
5Ma:tIon Truss '2En) 3P0* 

«lty*rm<r*s .2 !, ml 3* *1813) 

kotirth Croft* '10 p> 570 49® 

So-."-—" IC-— *i Const) 

■-Mi, iai 1*7 

€ UnOPl Rm! h/j 

T a -, -ro Tin D-a-toinn at *18 3i 

Teb'dr MX- 1 * 47* « 51 MBS) 

RTtnAwsimi (tt) 

lOOMM R5T P'.2 ■ 1! 

-.i-., i-x-i -n-® HRS) 

«* t ® iMx-*B-it«i rjso, 

Mi-nrals BrvniR«! Con. < 

40 

ns-wiM-an Cn n - ilfilu) 17 . 

.gin Co~sd B <P4I FD® *16 71 j -is j, 

Tpna4nv;|ra fnntrn. -SOrl 120 1 S>— .nn-iand. 

,»l'Hr Call^rv rwir> T9® 4H-® , J e^-prcl. 

Zambia I" »nwn '• hi* 9; -16'Jl 


(Ml Berhid 


CBD1 401 1410 


London OrtrtWI Frelphlvrs (26 b) 27S0 

Lvi^ Shlpolng A NV (2Sp) 127® 6 7 

3) 

Ojwn^ Transport Trsdmo <2 Sd 131© 2 

Perlnsuiar Ortental Steam socPid. 41 
M4'3>. Ofd 94 r 7 10 80 6 <a 7i- 4*..! 
I >1 <t t |«S 8'e 7. 3i ; pc2ndDb 26>x 
(14 3). 5 UK 06. 90': U H4-3) 

Reardon Smith -Lina (50ol 102 <15 31. A 
N.V. (SOPl 37 

Runchnan (Wifrwl (25p) 98 1« (14(3) 

WATERIVORKS (5) 

Bristol 3.5K (fmlv Sue. Cohfl.Pr. 3B1- 
(IS 31. 4^5pc (fmhr B,:pc>Red.P'. 85 

flo/Ji 

.. , Colne Valley 4pcDb. (Irrd.) 2B>-® 

■ Ml Malaysia Berhad -'MJI.I) 152 East Anglian 3 85 PC (hmly 51. be. Prt. 86 
TSp> AT -16 31 | (14 -3) 

East Surrey Wlr I.SocPI 37>r >13'3) 
7 <kDA 1989-91 67 

East Wortes-emhlre w*rw<n. a.2kP 1. 73 
■ 1 4-31 4 SStvPf 92 ■ 16(31 

F?*~« wif T ISm-Pf 1980-82 SO -14 51 
< 7 or P- 6“* 5ncPero Db. 371.- M4'3i 
FnlVnctanh Di«t 7w 600 SnrPrroDb 
T?! -14-11 

(t-wpia-r Vi-Conx Dn. TB’-m 

Birv-^answarrh - Uxhndge 7ocPre< 101® 

5 £h,«ldv 3. Sac >6 (13 3 
29'. (13 3*. 7':BcD<*b . 6B>- 


Vork Waterworiu lint Deb. 
£96- £2 5 Pd. > 2SH >13 i3i 


19BG IISS 


South African (54) 

Ane<p-A>h*rKan Coal'Cpn. IRO-SD) 440: 

B6i 

Anqlo American cpn. S Africa (Rp.iol 

^SSLtSSSSS Q 8&£r%2En £1 rf7o! Business done in ,ecBrtdM quoted 

tn the Monthly Supplement. 


SPECIAL LIST 


Ariiit-Traj-iraal Cooed. (RD.Sfi) 
ri3-3\ A (RO.Stt* 630® I „ „ 

Blshoovoate Platinum ' R a.10) T7#7 
MwmruIR'ch* Gold Mnp (D-251 305 
Bracken Mines (ROW 5IJS1.10 (15 3) 

Buflyltfonteln (D dBBB <14 ^ 

Qeellrnil (0.201 90 >13'n 
Do** nrfon twin 0)1) 385 (1 5'3) 

Durtun Roodeport Deed (RD SJJS2.80 
Bast Drle+OPtNn |R1) 7030 5US9 b6B5 
5US9T OS'S) 

But Rand Conte II to' 20 (14 X1 . AucO. FttMrtes BpeCum.P1 p2B® <«0 

East Rand Gold Uranium (R0.501 T0$4 ‘ Cardo Eno. Grp 5.95pccmP) 047 
(18/3) 

East Ran^^prbprtdurv <R1) 36B >16 33 


MARCH 17 
MARCH 1G (Nil) 
MARCH 15 (4) 


El-hura rl) l^gi, (tg-j) 

Free State Gcduid iRO.SOi d1S60z® 

Free Scare Saiiolaas (Rl) SU51.1I 1-10 
(14'*' 

General Mng Fin. Cpn (R2) 15^*0 
Gold Figlds 6. Aft-ta (R0.?M aiiBT 
(143) 

Graotv'ei Prop. (R0.?5 i tusi.66 165: , . ,, 

>14 3) which an quoted or listed on an 

Harmony IR9.S0) J99 .14 2) mrmnaR (vlnelt Fri-hanva 

Hartebeesrfortein «pii susiah 14 36 overseas DiocK c-xcnaDse. 

JOha«nesk--rd Coma Invest. (R2- oil 15:» 

1125 -16 3> ' -vr s ppu 

Kicoi foi) ujss.AO; o4*a MARCH 17 

Lei la .R0.65) -WS3.4B: e3B<r 


MARCH 14 (Nil) 

MARCH 13 (Nil) 

BULB 163 (I) (e) 

bargains marked in securities 


MARCH 14 

CCP Norm Sea Associates 962:; 9471? 
z-n OH £4 

Gas and 0-1 Acreage -iSa as.i 96 

JIc&fb — s ‘ 

248 

MAROI 13 

CCP North Sea associates £9.J7(- 
Gas and 0-1 Acreaic ■ 1 &o oa.l 95 
Seibrns Oil and Gf* 

2.54 2.50 2.44 2 


Horn* Brower* 235 

' r i l dh*m t-»v— r. 62 60 

: Martmaate iRaleni iSdcF, 120 
' Star Oflshdr* Strvlcns 1 1 B 
j Vllclng Oil 164«. 16* 

MARCH to 

Ann Street B. entry SJO 

AtPoui C.Ou .1 lnvg, a ■ - 

Btetkburp Rovers Football and Atnteiic 


i -U K.i 2.5S 2.56 I ? lvtn Jouroam 1S2 IBO ' 

.40 Cambrldpe Instrument ; l- 

| Church Arm* Housins Sec J -ocLn. £11 

MARCH 10 


CCP North Sea Aygociafe* 924 
• u<l OH 410 

Gas ana Oil Acreage 96 
Siebens Oil and Gas (U.K.) 256!> 

■fin pnrntlMirtn or the Stork Firhtmor 
Cigmi. 


Ea^An^lten^ Water Company 'si.-oeRd-Db. 

ilorflg? Pope A 173 
Grampian Televii-on 36 
Ldeoua'd Assurance 26 25 
North Sea Assets 855 
Portsmouth Water aocPerp.Db. £26 
hangers FC 725 

Southern Counties Hotels i Sou, ham at on) 
Z6 


I Basin Respurc- s vC6 >- 
| BC«*i Au l 52 
Clana Ne^n — pnt 23- ; 

E- I nos. 145® 

tasimi:- K di 3.(- £52.800 32.700 SJ* 
[>ig. Cun. LA 9 47 .0 33 3?-.® 

Giant Yellow Nmle Mire sysi2'* 

Gam Mines '--udh- 71 1- as 
C-uara.an ass- 'S A • 97>;0 
Hutchison wha-njoa 61. Oo. 7.-aaPf. 
1SU 

Panunu C:ns 40 
Prr-mer Mill-nn 34 0 J 
sab na mos 31 >s 
Sc-jdde- Duhvev 267':® 70 
Scor* Rbrnutt CIB'.i® 

5101*4 340 

.wlm P/ic A 4 30 a 

Ttfl Cnur.g Props. 17'? 

Trans Union Con US'; 

un.-cvnr Nv -Fi 301 '.I'ShS'-i® £41.40® 

Vlllagr Main Reef 16 17 

■V-Stralian S-ngi 6* 4 

Whreioes Marit-mg 6 A'<® 

(Whim Creek 50® 


EPRATA 

Evpioriitian 23® snouid not ns*e beta 

m * , ‘( , r -inder BuHr IF J li-r) -7 31 


MONEY + 


Fall in bill rate 



Bjmk of England Minlimma and all bills tendered were England sold a moderate amount 
Lending Rate of 61 per cent, allotted. Nest u-eek fCOOm. will of Treasury bills to the houses. 

f since Jannarv it ifl7«i b f «-„ nffer rep,acin e malarlties Settlement was rtidde for a 
(since January 6, I9T8) of £4o()m. very subMantial amount of atH- 

n .To? treasury hill rate Fell by Conditions were rather patchy edged sinefc bought on Thursday. 
0.1154 per cent, to a^005 per cent, in the London money market- ihere was a fairly large net take- 
at yesterdays tender, and Rank There was an overall surplus of up of Treasury bills tn finance, 

of England Minimum Lending money in the banking system, but and the market was also, faced 

Rate was unchanged at 8f per some discount houses had -diffl- with 8 (sizeable rise in the note 
ccnt * TJ*_ in,nin > u, n accepted bid culty finding closing funds, pay- circulation. -• On the other -hand 
was £98.5a, compared with £98.52 mg up to Ri 'per cent to balance banks,. brought ’ forward .''^urfihH 
nreviously, and bids at that lei'e) their books. The - authorities felt balance., and' substantial Ghverri* 
t0 P* r cent - however that there was orobabb' men? • disbursemanis exceeded 

The £S0fbn. bills offered and still a surplus left ai the close revenue payments to thfe 

allotted attract bids of £774 50m- even though the Bank of Exchequer. 


Lib*->on -R11 S35B 

Lorainc run 05* %US1.10 pSO 


L i d V2 , ?&fW Um ‘* 0 W: > 730 2 ® » B r P .4?"t^n. - ® 


Ampot Pnt. Naw u. i*t 
*i»cd. ManBteete t' 7® 


Messm* (Trpnsvul) Ovni. <1(0.501 73 
Middle W-t*. 'Woi'evn Areas) >R0.25 15E 
'1 3 3) 

Fresideot Brand >ROS0) 5U51S--:.: 
Presioen; Stevn -80.50) 7630 .16 3) 
Rand LDidO"_Cpi* -R5 -rjl 59 (13 31 


saiga-nulUe Copper 90 

.anacian p»t. -|nv. £i!'« 
C»rreiour Frs.1470« 

C'Ba Geifiv 8'fwCnr £94 
Haw Par 27 

Hong Kong Laud 1050 7 51; 
Hudson s Bav .0.1 Gas £27 ;.;o 
:Ci Aust-ai ai i/so 


fitei.ivn American (50pi 77'j fi-- 
ScoltKh Lontinental -25p) 64 
Scottwt. Mercantile A -25 p) 97 ,15-3) 
ScotllM t-iliCS .25el 157 i15(5j. 5pc.PI- 
42-3 -15.'3» 
jearnsn 


uteri) I25P) 116® 15 '4® 

Scaitlvb European <«5pl 34 :® 

Seoul 3d Invst. Oust 2901 860 i > (I 

7. S-5P;P1. **•: 1 1 4 J). 3PCDB. 37 

14 31 


Wellroai iRO.SO) 254 
w«n D-'eloaiei'- Rli 1TB1P 
A'“ST Rl— 1 C'J«n iRT* VUM 05 
Western Areas -Rlt 200 

•B2I 1U59M 

R(? 2S‘ 45 4 


Wet’ern DrerL Le**K 
WinkeUiaaV Rli 729 
Wilwiitersrjinr! Niqer 


"West African (S') 


Am|!|> Tin Niggni 'Hwgj-1 ilOo) 2SO 4 - Tcotn ijlo 


. ...... 170 

Pa*rontin.-n-iil 7»5< 
PU-oleun- Be*. £1 b r s® 
o-ier Cn. 800? 

Bento 910 

■engles Com. 50® - - 
'IN -a lrd» 28J«0- _ 

•si* CP-1* -f'» £1 f >®. 

«cr« Rc-r -v M S’Jiii: 
SlutM*"- D--'d ,, '»l 4115® 'll 
. »jbrn. M‘. PrppV a® 


Sum-si, Mortgage. Trust >2 Sb) 96>1 g d • Rls rtn Tin riDpl 5 1 .-® 

_7g. 5 i«PlP<. 45. 4: : pc0b. 57_ % _ _ Gold Base Md*»l -12 (tO) fii; 
Scott Uh Na.ioni] Trial .25 b) IJ* BdcPI- „. . 

sz 1 : (1* i) '■ Diamond (15) 

Scottish Northern lovu. Trust (25 p) BBk;® I 
7®. SAM PI. SON 15 3- .... 

Scottish Ontario lam (25pl 117® 

Scaitlsh United Investors [25 p> 78-a i-. 

4 or DO. na 114-31 

Scottish Western Invst. -250) 7BO <16 51- 

Serond Alliance Trust i25pi 16B. 4(-k0p- 
3S>? (15'31. S'.-pcDD 67® -16 31 

5’jpcDb- 74 (15 3) 

Second Gt- Northern ln*st. Trust i25o> 

67't® B 


Securities Trust Swtlano r25PL_!5M 60 
Selrated Risk lltvlts _S0 


MARCH 16 

. American Teteor.pn ren-onone *U567',«® 
arge Invest 'i- _ . ... 
APOlD-Amoncan lev Tn. «R0 501 35!; AumclatM Manganese £17® 

Dr deers Coosa D*a. ’Reg-} iRO-051 330® Australian Car- OS 
30 (50 5 6 2 6: 1 


OIL (321) 


Attack Petroleum (20p< 76o .. . . 

British -Borneo Petroleum Syndicate CIOb) 
140 (163) 

British Petroleum 722® 360 ? 4 4,,*L® 
34:® 0 3 56 4 6 38 54 8 4 50 5' 
62 2J 4 S2 32 60 46 ->7 4Sl- BsefJ- 
721;. 9 DC PI. 80® 20. SpcDP 9*‘» 

(15 31. ftpcDb. 99*: 

DTmih Oil 48 . 6-; £_•-* 


p=P1 

JCLn 

pcLn. 560 ■*© 10 7 8-*< 


47 (16 3). SpcP|_ 52=7 (16 3). 

»5'T.. flljp ' 

Century Oils Grp. MOpI 53 i (15'31 
Charter ball (5») 22 :® 3 ■: ' 

Compatml* Fraaultt Des Petrolps (FF501 

ConilSmal Ofl t'USSl 2186*^ 

Essa Petroleum BDcDti. 90:- (’6 3) 

KCs internal, rasp" 2** ■ 30 
Lnpeon and Scnnnii Marine Oil (2W 
'56 E. Do. Oil ProduCT‘0" 5’;. Unit* 

-10r' I?* 14oeLn 103 f ' 6 ’SI 

'3U5D.2D' 


BUILDING .SOCIETY RATES 


Abbry Nation*! 

Alliance 

.Anplis -j 

Birmingham 

Hradiord and Ringley 355 

r.nsiol and West 

Krintol Economic 

Rriianni* - 

Burnley * 

Cardiff : 

‘caihoUc 

Chelsea • 

Cheltenham and Gloucester 

.Citizen# Regency 

City of London 

Coventry Economic 

Coventry provident 

Derbyshire 

Gateway - 

Greenwich 

Guardian 

Halifax 

Hustings and Thanet 

Tlrart of England , 

Hearts of uak & Enfield ... 

I tendon 

llurtdcrsiield & Bradford ... 

I.caortnstnn Spa 

Leeds Permanent 

Leicfslcv . • 

Liverpool 

London GoWhawk 

Melton Mowbray 

Midshires 

Morning ton 

National Counties 

Nationwide 

Newcastle Permanent. 

New Cross 

Northern Rock 

Norwich 

Paisley ~* 

1’erkham Mutual 

Pnrtman 

Progressive - 

Propcrti 1 Ownora 

pro uncial - 

Skip ton 

•Susses Mutual 

Town and Counir>- 

Woolwich 

♦Rates normally variable in line with chansca in 


Deposit 

Share 

Pate 

Acrms. 

3-23% 

5.30% 

3.23% 

3.50% 

3.23% 

5.50% 

3.23% 

5J»0% 

325% 

5.50% 

5.25% 

5.50% 

5.73% 

8.00% 

5.23% 

5.50% 

5 25% 

5.50% 

5.75% 

64»% 

5.30% 

#6-20% 

5.23% 

. a-w% 

3.25$ 

a.50% 

5.25% 

350% 

5.30% 

3^0% 

3.23% 

5.50% 

5.25% 

5.50% 

5.25% 

a-50% 

5^3% 

-5J0% 

3.73% 

6.10% 

3.73% 

623% 

3^5% 

5.30% 

5.23% 

3.30% 

3.25% 

5.50% 

3.23% 

3.73% 

530% 

6.00% 

5.25% 

5j0% 

3.«5% 

5 80% 

5.23% 

3 50% 

5.25% 

*50% 

5.75% ■ 

-6.00% 

5.75% 

6Jo% 

3.33% 

5-60% 

5.25% 

5.30% 

t52!0% 

6J0% 

5.50% 

3.&)% 

5.25% 

•550% 

5.00% 

3.30% 

850% 

6.73% 

525% 

5-50% 

525% 

550% 

5-25% 

5.50% 

5.50% 

6.00% 


5.50% 

3.40% 

5.85%- 


12Z% 

3.45?ft 

5.25% 


6.50% 

5.50% 

uo% 

■TSOft 
5.50% *10 00% 
4 l50% ‘ .6-75% 


Sub'pn 

Shares 

6.73% 

6-75% 

5.73% 

6.75% 

6.75% 

6.75% 

7.23% * 

6.75% 

6.75% 

7.80% 

755% 

6- 75% 
6.75% 

7- »% 
6.75% 
6.73% 
7.50% 
6.75% 
6.75% 
7^0% 
6^0% 
6.75% 

6 73% 
6.73% 
7.23% 

6.75% 

7.»H)% 

6.75% 

6.75% 

7.45% 

7.50% 

6-73% 

.6-75% 

6M% 

6-75% 

6J0% 

6.75% 

7 . 00 % 

6-73% 

ft.75% 

6.75% 

7.75% 

675% 

6-75% 

7.05% 


S5l P3750 

Sohprp Invst- Trust )25i' 95 ri3 3i 
Sterling True) (25 d) 14B 
IIO'hMiWl invst. Trust I23u) 60HP BO 
rrrhnolauy Invst. Trust 25n! 84 '<0 4® 

4 116131 

Fmolr Bar Invst. Trust >25o) I55i» 7 
114 3). BorLn. TO i? US 31 _ 

Throgmorton Secured Grpwth Trust Cap. 

93® u 

'hrepTirripi, Tit f25P' 66 5'-1V3- 
Tor lnvstt. Tst He. -25»» 72® -18 Si 
rr’btuw inrast. T«. «0>’ 60S-' 116 J| 
rrtslcypst fnc -50 d- 61 ;® ‘IS J'- Cap 

US;: 4 

(rasters <25P' 122®, 4i;.xPi JB OS S' ; Ocrletentai Prtra'ruin Carni 

Ty-eside inyWL Tit. 1 2 So -95® _ . <USZ3-:® Ci7*<® _ 

UM British Sets. Tst -IS». ’09® 7t*0 |O u E»Ptonrt»n rHWpS.I (10pl 214® 1*S 

-® 9 -i .-*£>* 320 J^tgr Cons. O.IFnld* (Bpi 15H® O 15 

Banner Oil rCanada) Itli (15 3) 

Koval D Irish Petroleum (Sr-' -FIs-JOi 

43.650 43'«:0 _ . 

She' I Transport and Trading (Reg . i «5p; 
499;® 309® 3® 500 a 49B 9 5031 7 

3 2 8 6 4. (Sr.l (25P 1 5*0 IX. 5^M 
_P». 490. J«Pt r BS.l: 1S?.f14-» , 

Tmrefs Intel. Financial Cpra. 4i:acLn. S9 

'16 3) 

Tr'enn-rg] .'2SP' 136 5 7. TosLn. 158 

*14 3'- 

U’tevmar T25B' 221 20 3- TPCPfd. 1340 
(16 3, 

PROPERTY (lU) 

Atlancn Prcnerty 7 8 (13 3i 
AMieri London Pramrt-ei nOo, 50® 

Allnatf lordon Prooerries 25e- 210 -1* 3i 
AmaiganiKed Stor->i 50- 10® 10 (16 3) 
Ant Proowties 'J to i 224 
Antes Secur'tie* '5= 18® 

Argyw Svcorit.es 12 b* Ob. 82. 

Av^tu* Close 2 Dp' ES:- 
Bwomont Prapsrt.es 25c*i 89. Nrw r?5pi 
aora 

Seilwav Hlrid'iras 25 b: 39® 60 

Berkeley Huidra Propertv tTS3 k 102 100 

04 3: 

~ -— Pp«y. (250‘ 164 
Bradford Property Trust 23 bi 226 -1IS3' 
Brll.sh Land 'ZS»« Jfi. IZecLn. HI msi> 
Iran E«»ie ,25a* 99 '16 3- 
capital Counties ProotrtV 25P- M3 ; .-0 Z® 
f-t 2. Warrant* 1 U J. 6 WKDh. 63:; 
9'toeLn. 71 »« •« 'U ii 
Carding Group *5pi IS^O -16 3> 

CD >H wood Aidanee 7’tPCLn. (SO»l 20); 
-14-31 

Chown Seeur®e* 25oi 11* (16 3, 

City Others --25P) 56-; MB'S) 

Commercial <S. am} aj E : ;kDD- 63 (18(3) 
Control Securities tlDp) 27 '1S;X) 

Cprn Eactangr HOp) 165 -13'S) 

County and D»ilr« DOo) 81 
Dacian Hides. i25p) 62'-0 (16(3) . 
OorrlnytOT Invest. HOP) 56?: '15 3) 
English Property Carp. -Hri 39; 8^-8; 
9 6*:. 6‘-*scLn. B3j IZocLn. 98C 

'Tfi’D 

Estates and General lanijts. <20pl 17> 
•T8'3> 

tow-va Property ln»e«. >2 Sp) 90 68 

Evans of Leeds '7Spi 620 

Oats 25p- P> *15 J) _ ... 
RHn»e)d Securities '25ni 2*A6 -I3'3) 
rtreat Pnv-ra"- 1 S0"i XQn"i 3 

r-rwn .R > ilOpl 44 -® S-: 6 

Mal-s .J5p) S3 il STP 
Hsmmnnnn A '2S"- S73 't6'S» 
Havienmre ‘ion: 1370 
Imr* Wring. tSP> 7"R *1 J 5> , 

Inriia B-.ilri-ngS 3' ocDb 25- aO S -lR’3i 
l«nere."^pean Nlrfns. 10 p1 260 8 .. 

- lOoeDtL B3-; -14 T) 

Lagtnyaig Estate -lOo' 13 15? 

.'.ano I -raster: (2 So- WSWI'CS- 
and Secur Hies Itveitaen: T(iJ« -Kdi 
215. 7 «cWi- (16 S>. 9 pcD- 

75 n5 3>. F-rorLo M - 6 VkLi. 169 

H6 3'. 6-iPCLi 1413 40 M6 3<. 10)7 

Ln. ITS DS'S) _ „ 

Law Land ' 2CB 1 45. 5K"» 36-s -14 !■ 

La-don ano Provincial soon Centres 
(HHos-i (IObi PS 1 -. (14 35 
‘.ondon Coenr* Fre*hoii and Leasenolo 
Ti.raW* 68® - a (16 3' 

Lonesa Shoo. Pvooertv t?i rjso’. M's 4 

■.yi-PB Hhnt. J20®1 117 18 .16 3) 

m*BC ■2S'*f 126® 2® 3:.® 51 6 S 1;- 
4^ltW. 35 *1 J-T-. SKL-- 94. ' -14 J 
Mvtff-ettm, Railway SiP-riui Lands 63 
fltTi . . 

'•’dh-rsf While HW«. flpol 37% 8 
sa-ruravr (A. and J - Grpuo (25 b) 1080 

M-miciMt Pr- jy e i T *« = (SGni !’5 (t? 3! 
Pwicrcv Power** Coro- (Z'ioi 80 u 79:* 

9. 6t.oeD>>. 74",“ :i6*t 

*.- rat v »n** snerilonisy try. CM 

tJ5o' ni.nii) 

*i"-irir Pa**- 1 **vn*B» <2*01 6V fl4 X) 
Rwslvi P-raert* T ". -5»> 5 
»«esll»n 7n«. .25"» 12 .15'Si 
Ree-pnal *«»*, a -75-. Of*. -IS'M 
e.trti f’-suj ion 7 

e.-n/gt inn, (75-i, B - * - -® 

SrtWtlsa IWMM-9S p"00. L23>'p tegj 10 

*93 >13-9) 

•n'-vfl nw Prrt- '10m 401-0 
«h:i»uh (nets ■»« 115. tOPCLn. 1ST 
r-K-k fAWin- l«V. Tvy. IHfl ,'H 
l.in'oy -Reroa-tfl »ov 1«- *25ni 202 (14-31 
Town C.-tv Pm9( -1S';0 ■« 14. 

Wtin-, m s •*, EO 6Kls 51*« ' 

Pne.ianr *.» ** 

Town Cctttc Se> -25 b) 58 >15'3( 

U.K Property i25pi 23 


•Term Shares 
e.50% 8 yps« 6.00% a >r*. 

6.50% 8 yrs.. S.00% 2 yrs.. 5.75% 3 JT. 
6.50% 8 yra.. 6.00% 2 yrs.. 5.73% 1 yr. 

6 50% S yrs.» i00% 2 yrs... 5.73% I yr. 

6 50% 3 yrs n 6.00% 2 yrs., min. £500 

6.25% 3 months' notice 
6.50% 3 yr&v 6.00% 2 yrs. 

6.50% 3 yrs- 6.00% 2 yrs. 

— • 6.45% over £5.000 

6.25% 0 months’ nonce, minimum £500 
6.30% 3 JTS- 6J»% 2 yrs. (£500-£lo.000j 
7.05% S yrs: over £3.000 
6.72% s yrs-, min. £500 
630% 8 yrs. 

6.75% 3 yrs. .. 

— Up to 6% 3 months 1 notlea 
6.50% 8yrew 6.00% 2yrs- mln.£500-£l5,000 
7.10% 2 yriL. fixed 1% over Share Acels. 
6.95% 3 mlhs“ notice, minimuni £1.000 
6.50% 3 yrs- 6.00% 2 yrs. 

6.50% 3 yrs, 6.00% H ynu £250-1.15.000 
b j0% 3 6% 3 months’ notice 

6.75% 3 yfiL. 6.50% - yrs.. 6.25% 1 yr. 
6.50% 6 months' notice, minimum £2.000 
6.30% 3 yrs., 6.00% 2 yrs., U00-£15.0tl0 
6^5% 2 yrs. 

6.50% SjTt. 6.00% 2yrs.. min^l00-£15,000 
7.10% 3 yrs., S.60% 2 Jts.. min. £1.000 
7.25% 3 yrsL, 8.75% I yr. . . 
fiLS5% 2 yrs, min. £2JW0 
6.50% 3 yrs, 6.00% 2 yrs. mw. £250 

6.25% 6 months. - 

6.50% S-4 jt&. mm. £500, fc00% 2 yrs. 
6.60% .3 yra, 6-50% 2 yrs. ■ 

.6.50% 3 yrs., 84)0% 2 yrs, -min. £100 
6^5% 2 yrs, minimum' £500 
6.50% 8 yrs,- 6.00% 2 yrs. min. £300 . 

6.30% 3 y^J., 6.00% 2 yrs, 3.75% 3 mths.. 
6.65% 3yrs.,«.4%3yn,6.l5%3mtl»JioL 
6.80% -3 mths. -not ■5.00% to [Untld.COS. 
6.50% 3-4 >tr S ( , ’ 64M% I 2'yrs. . 

6.50% 3 yrs., .6.00% -S-yrs.. 

655% «*! yrs, 6.55%' 2 yrtt, min- £500 
6.50% 3 yrsL, 6.00% 3yre. *Ma«; £250 
6 00% .2 yrs., 6J0%‘,3 yrs, . .. 


ordinary share rates. yAvaiJabV 'from -April ,1. 


GOLD MARKET 


,11«i. 1« 


jisi.Tr - 


M*r. V? 
197- 

stenina 

Cm't'tsti 
•v dew- it 

\i* prtmnk 

• 

Iasi 

Authnrin 

Vl-n-Its 

jl*»v Aul li. 
UKiritlshl, 
hnn-i* 

Utoii-t 

flriUH- 

|i-*r«-ii- 

I 

[Lfimwim 

1 Det*vif* 

11-4 mini 
itnrt»l 

teiii.il 

iteskurt 

ElitiM® 
Ifinb 
Kill- 4> 

Fine Trade 
Mils * 

iveiAiuln .... 

_ 

5 63, 





1 6 

5 61- 




d*v'i tudice.. 

— 


VUS'l 

— 







• day* m 

— 

— 


I 







Ai- nwice.. 

- 

6 i t 6)4 

n»6U 


6,;-6t; 

i 6l 2 

5 J t 61. 



'■••'it j 

inemunth 

& ;-6u 

Vi"«- 68 

6)4-6 ifl 

ts®eie 

636-6jj 


6 


6.- -614 

- fi*- ‘ 

Tvim m-rnth-.. 

tin t-,* 

*•36 .- a 


c»a r s« 



6 

Rl' • 

t.v-bU 

6 Tj 

Three mi-tnli*. 

MgUJfl 

Bl» 6J4 

61* 

6a®- 6^a 

V 

1 7 

6 

5,.'-5'B 


65,-67® 

•is iD'UllIt: 


67® 71® 

6Ij - 1 

64-5® 

4 '4 




6„ 

• - 1 14 

Mw ntunth-.. 

»,L 



• ri„6i| ; 

B 






ine \eer 

7 

7.V7tf 

7% 71® 

71?-71® i 

8I4 

_ 

_ 




j 1 

1 wm y«rr 1 

- 


81® U 

1 


• - 

— 

— 



i . - — • ‘ 


L-icai aiiihnnti.’N snrt Rnan-.-e houses •J’vrn days' m-iree. -illier. raven days fi-ccd lniw-u-nn lm-al aullmrity mnrreaan rate 
nmninniiy titree vear* F.-l" p^r ivm . Imir year> W’-tns per -ent.. Ur** jear.s lOMO: p-.-r ivm * Rank bill rait- in lable are 
buylns rate.* for prlntv pnper. Kiivipk rarea f-ir i-iur-mnnih hank Mils, hii* nur urnt.; (mir.tnnr.ih irarie hilR u; oer cvnt. 

APPrmlmate *ellmu rnrs fnr -ne mnnih Trea*iir> bill* VJ ,, i- iwr' >-eni : „ru-iii-in,}i ui-r , ni . and lliree*ni>,n'h 

-ir per cent Ar-pmsinnti- ralllnp r-it.- fur iini-.ni.ipKi hank *ii||* nl per i-cnt.- um-ni-imfi »-■ p-.-r i>rni : anrl ihree-nir-nili 
Mr 'em. Oiiftn-nih Kadi- hill* «; per y»un,; l« i-ni -nih •», per i-ni : and ai**- ihr<s-.oi"ii:h ii;.n) pvr rt-nt. 


Fhianee House Base Rales -puhli-heu n» tht Kinain-e H»u,. i*«una'i-n 
airsiddai-tf.iy*' -i.in.-ra m jurj-cM cm 


Chhu^na 


7 (irr mi. fr..»», Mpr.1t I 1STS Clcaclnp^itenlt 
Bank -Base Rates (nr leiirfinu k; oer ci-^VTfbywgf 


compared with 


FOREIGN EXCHANGES 

Marker Uat«>* _ 


ivdhl Bulimn 


| 

. XT’* 

* 183Ii-104 

.*l£3)i -184 


•109-166^4 

>le 5-185 U 

Unniiii*ih' 

ilLd.M 

i*l- 6-69 

.£56.124) 

>.£317.101) 


" Ib5.20 

;i 1844^6 


.£'96.0161 

.it 96.330, 

«*ii Lfi-n... 



inn errand 

siaeia-IBOIj !4189 191 ] 


i 98 l4-99Ui 

»98U 98 U 

tmr -or gn 

0 

r 

a 

•:5&i2.98U 

, t 0»l4 5 Ul 

.ll^tflg 3UU 

ira -iw'nv 

’P31-i2 

(66913 61 U 
i'CSl 2 . . 

n- L-riili.. 

1 glcrnil'-.) 




.-188)a 1901} A1B9 191 1 


J 98)4.-99 Ul 

O.B8U 99‘« 


f-ne 0 

:S56i a 681* 


-L'URU -SOU) 

i£2Bl*-3U)2 

n-i -nvrirn 

S59IS 611s 

0d9ie 611* 


I'M 42 

:£3l-o2 

'■ F«a • 

=296 398 

S297 309 

CURRENCY RATES 


fitw.-u. 

; Ora win 

. cdroiMB.- 

un 0 


ft !in - 

K 111 


Umr-i. 17 

u 17 


0^45868 

. 0.555450 


l 1.25178 

: 1.25553 


1.56618 

: 1.41151 


, 180:801 

: 18.41X8 

-^iC'an ■ran 

, 584)809 

; 59.7694 

Mm4i Lmru-. , 6 .SO 5 79 

| 7.(*4£95 

ieute.-hem'rk 2JOSG9 

1 8.56432 

Jt« -h yut-dw B.68082 

1 8.75823 

j reu-h trsn 

. S.7B460 

, 5.85638 


. 1063.6? 

I 1072.63 

i ■iPH.ne^ Vfn. 1 2W.296 

1 288,550 

1 \7mniv krniw 1 6.S3058 

-! 6.655596 


98.1077 

[ 99.8855 

[ iT*n* 5^7084 

1 5.77876 

| *mn-. 

. 2.30886 

' 2.35461 

1 


Depgsh Rates >1-r -mall **ini> 

BUT*: Average lender rales nr tjui-niinr 5 «W3 per- i-em. 

i 

EXCHANGES AND BULLION 

The dollar recovered from, an Sw .Frs I V»75 
early weakness ta close at Svi.Frs.l.87T3. 
iround us besi level of the day The dollar's trade-vici^hicd 
in terms of most major curren- inrtes, on Bank or England cal- 
cies. but the foreign exchangr cilia lionr. fell 10 front 60S. 
market remains very nervnus hut its denreci'ti ion. according to 
and trading was generally quiet .Morgan Guaranty of New York. ['“‘'Jir. 1 "" 1 l\?_ c ^'in 
ahead of the week-end. narrowed to 5..>4 per cent, from r " 

5.58 per cent. 

European central banks prob- The early weakness or the 
ably took advantage of the quiet dnllir pushed the pnunri up to }| ,,lrW 
conditions to help the dollar, a besi level of *1 0203-1. W! 5 in ' 

while Japanese banks in London the momins. Sterling Tell to r . > , ‘ 

may have intervened as agents around 31.0150 by lunch time. * 
for the authorities in Tokyo. and touched a tow" point of Tl . 

Si.90fi5-I.P075.. befnre cln-s'ne at i* 1 '” 1 ?- 

The dollar fell to a rerord low 51 flftTO- >. ,,f i80. a fall of 70 points 
nf 5"229 30 aeainsi »he yen durlnq on the day. 
the mominq. and e>0Fcd at 

Y2J0M. compared with Y2T.2 03 by nervous selling ip- the. "tr.fi It 
nn Thursday The t-' S currency touched a low noint of S/R?' 'R"* 1 
r cH io TOPMJJ prd Sw.Frs i S563 j-n- The afternoon, and '.e3nscd ai 
before _ lunch, but closed ai SlRSMRI. itnp^nL-eii *n the H •«. 

3’t2.W35 enmnared with bit* a fill of S1J from the apen- 
previously. and at ing level. 


JJar. 17 

Bunk 

lisie* 

B 

rjni-U 

Clwrt 

»« Ti-rL 

6U 

I.9D6S-1 .9215 1.9070 1.9030 

'luntri.nl. . 

8 

2. l«5-:-.l7lD-2. 145B-2J460 

.'liisleoinui 

(1? 

(.14 -1. H 

4.19-4.17 

ilrilrs^i. .. . 

ih 

80. 40-60.75 

60.45-60.55 

1 • 'is-nlmxi.il 

a 

10.67... 10.74 

IO.SEi- J0.6SJ 

Fraakfuil.. 

i 

5.67^-3.31 

$-89;-5.904 

Lir-lv-n 

\i 

77.00.7i.50 

77.05- 77.B5 

Us-lri-l 

8 

153.00- 155. 10 152.O1.1B2.I0 

.'1 1 In n 

111-.- 

1. $52-1.044 

1.833- 1.836 

« Mi. 

B 

10. 15- 10. IS 

10.14-10-15 

fin*... 

9 »t 

8.BE-8.q7 

9.86®-8.0OA 

Mu-klmlm .. 

A 

8.73-9.84 

8.73i-8.80i 

Tv\ In-. . . 

31 , 

457-44? 

440-442 

' k-itin. . . 

blc 

27.85-. E. 16 

26.dD-29.il) 


-Cm 


2.5bj-».6ZA 5. Bl; -3.571 


, J :R»re-. Burn tre ter v-nnvenible Franc*. 

Hnld rcma‘ncd- »eah.-JnntiPOcpd Finuniiol Iran 1 ' uu (U-ii[i no. 


EXCHANGE CROSS-RATES 


Jlar. l~i FrinJifuir i'*^" T..t)! l%ri* 


Frank run — 


SLU3i-il59 


«3.D5*if 

31£6-«i 


Bra sell. I J^ind-ro i lm*r'c: - in ( Zi-rub 


n'.«|.*i1 83.40 -cO 

,{.15-1575 l-WO-flCeO. «o.7S-fiJ 
<.WW7E , 14.715-M0 J-P3J&.SUW:- EII^O-70 

St-71 -76 6.7M1 - «'.67-E« • 14.56^1 

l-907-!«8 R^5i-9L,i F0.1>65 - ' 4.W.IT 

2.17*7.72 4«.*toJ-'K!, F.IJ7i««!5 4.1^0.1705 — 

1 .901 .006 40.. ! -7ty 7705.993] -0]F4 {.fi?fi2J376 gl. 


1 I'Js.Ip ro 
I 52.5* 55 
S4S.4C.00 
16.fi-?' 
a-Fli-te: 
H^C-xkCiSd 


f.S. S In Tornuiu f.<. Sj=II?.c 6^6 tsnn-limi i-em-. 
tinp.liaii S in NVn Ynrk =6P.S£- J * i-enl . I'.- - . S In MllJbn 85O.4O-.80 l 
S ierliQK In Milan l-6J4.75-l.fi55.ii. 

EURO-CURRENCY INTEREST RATES* 


OTHER MARKETS 

V.-ic- R«es 

\rcennna. 1.542-1.546 -Ir^t-urina. 1560- USD 
A’l-tralm .. 1.6br’n 1.6547 tunriu . . 271-2fr# 
liriji i.. Jl.l5-a2.15 .Urlgiuni... 60-fiU 

F minnii . 7.95 7.96 Urnrll. . 3&.4D' 

(•Wt .. . Sd.J77.7I.0d6 1 jiiMil*,... 2,162.174 
H-kihKoiu! 6.77.-6.Wl 4 -LiynmarB.. 10.70 . Bn 
inn . . . ._ 132- 150 Vratnt:.... 8.65-S.OO 

KuniR . . ' 0.a^B-n.55E 1 itrrmany. . 5.8B-4JH) 
Ltiseinli'rj 60.40- 60 75 «'i recn-.l- 66-74 

llaMvvn . 4.-W-4.49A Itulv IbOD-lBBO 

-li./niami 1.6524- I.S708-7i]«m .440-455 

--(>• Hit A mil 6.30-6. EB _Ni.-i1wrl.n-1 4 10-420 
Siiis4)-«tf. 4.J9-4.40j Xi-rnar.... 1fl.10-.50 
A. Ahlte. 1.640M.6757 I'l.rliiBal.. 72-8T 

1 ■"* *1*1111 1B0-I5B 

Lana-bi .. ite'biDii 3.656.75 

' *1 - • »'.* 1.90#-.S2 

l .!». n.-nl-. 6B.87-8B.9D Vig-i-llaiu 3S-S74 . 

Rule fiivsn Sir Ar^emma L> j tree rate. 


Mar. 17 Sierlia" 


Lanin I is □ 1)u|rh 

Dnibir L'.lJ. D-'lUr fiuli-lers 


'» !■*» 
Iran- 


'V. (f fill 1411 

1 1 1 M I k 


■tun lei in . 5)g.SS ( 
iduri aoiin 6C8-559 

-nth 6?i-7 

hwe nv-nrhs. 
t month*. .. 7 Sb-'7»? 

ne .rear.— .. 75g.77g 


6l«-7i. 

7-7Ai 

7ii.79j 

7.-V-7* 


IV .'t, 

•if * 
*4-7* 


6ii-3:k 

61-35* 

B:s:. 

5.5 :■ 
3 ■i S'c, 


FOFW6RD RATES 


i.*ne ini-mh 


5't-7 514-5'? 

6Jt-7 : 514-51® 

714.71- 5i4-5lf 

7i 8 .7ie 5-514 

_ „ 71* .7S| 4-B.5I® . ... _ . _ 

-?. 4 *; 8 J«._ . 7 H-. 7 f?.._ ® n-«s_.. . 

franiturt rf-g-J® |4. )-in 

Euro-Frcnch deposit rates: rwwlay 104- m per pent : seven-day 10i-10> per ernr.: Ltfhon... . 70-180 -.di- 
■mnntli 91*10 oer repl.t threa-mnnih Bi-101 per cenl : filS-rnnnUi 10-1O( wr ernr.: Mn-IHd.. . 60-140 1 . -il» 

Milan B- 14 lire -lU 


v, v T-ik. D.05-0.IJ- . III. 
M.-iuth . O.DSJi. 15 ■ - -I,* 
lni-i’«m t |-i»-|«r 
Bruit ro . 5 <■- ji,”.) d I- 
Lrtji’nhqn. 5ij.7ic uiu-ills 
Fran ilnrt tf-g-J® l-(. (-in 


LoDS-ierra Eurod altar deunstt*: two years Ti'm-S 1 ® per cent.: thn-e rears &t,A-tJn 


(I ■ In 5 i/.T i-i vrr ills 

t^rl* 1 5; -2*4 i-.-lw 

St l-WIm 21ii-4i4 one <1^ &t-3l ore iti* 


Three mrnthV 

iar 0. 10 lit* 

0.10 0.30 r. riis 
2I?-Ilj 1-. f-m 
15-5 uni 

17- 10 on .Us 
A3 pt. uni 
375-600 1-. dn 
225-515 c. rim 
26-54 lire dir 
15^-150 we dis 
514-014 ti dis 


per cent : wie-year T-S-t-W per rant. Zurivh... . 21?- Uj v. pm 6 j*-5Sb c. um 

• Rates are nomina] ealfane rate-s - v - 

Short-, erm rales are iv-U (nr Merlins- U S. dnllgr* and Canadian itnllarc ra-n Six-m-in;h (nm-anl dollar par-fl-IOc dis. 
tfay*‘ nonce fnr miMer* and Strlts francs. 13-in-in‘h n ivo l.ir pm. 

















U.K. CONVERTTBLE STOCKS 17/ 1/28 



■® ■ 




statu ties i 
dale STREAM t 

Provided by 
-RerntnionnJ 



Size 

f£m.) 

Current 

price 


Con- 

Fiat 

Fed: 

. Premiumf 

Income 

Cheapf +) 
Dear{-)o 

Name and description 


Terms* 

dales ' 

yield. 

yield 

Current 

Baiun: 

iJ 

Equ.§ 

Conv.7 

Diff.7 

Current 

Alcan Aluminium 9pc Cv. .aH-94 

9.05 

145.U0 

1Q0.U 

76-$0 

tie*! 

4.2 

. 







.Associated Paper Oipc-Cv. S5-M 

1.40 

92.00 

200.0 

70-79 

10.5 

10.9. 

- 1.1- 

-10. to 

1 

8.9 

8.9 

- 0.0 

+ U 

Bank nf Ireland IQpc Cv. 91-96 

8.22 

145.00 

47 B 

77-79 

8.7 

4.9 

- 7i; . 

- 12 to 

^ ®l 

15.0 

91 

-37 

+ 3.5 

Britisb Land 12pc Cv, 2002 


7.71 

133.00 

333.3 

SO-97 

9.4 

9.2 

‘20-9 

10 to 

26 

0.0 

95.8 

86.9 

+ 68.0 

English Property 6ipc Cv. 98-03 

8.S4 

S9.00 

834.0 

76-79 

.7.5 

7.7 

~ IS. 

- S to 

2 

11.7 

6.2 

- 6.1 

- iS 

English Property Jipc Cv. 00-05 

15-31 

9500 

150.0 

76-84 

13.3 

J3.3 

84.3 

40 to 

75 

,12.0 

53.0 

36.4 

-28.1 

Grand Meiropolitan JOpc Cv. 91-96 

122.50 

119.50 

120 J2 

73-78 

8.7 

82 

- 1.1 

-rj to 

U 

.0.0 

0.0 

0.0 

+ 1.1 

Hanson Trust 6}pc Cv. $8-93 

45! 

SO.OO 

57.1 

76-80 

8.1 

8.9 

2.0,- • 

- 1 10 

10 

11.0 

87 

- 3.0 

“ 6.0 

Hewden-Stxiart 7pc Cv. 1B95 

0.07 : 

220.00 

470.4 

75-79- 

3.2 

0.1 

- 13.4 

-17 to 

-5 

Mil 

8.5 

r as 

. +10.1 

Pcntos I5pc Cv. 1985 


1.06' 

130.00 

160.7 

76 -S3 

US 

10.0 

** 0.0 

- 1' to 

8 

48 2 

48 0 

- 0.1 

- 0.1 

Slough Es-iaies 10pc Ci*. 8T-90 


5.50 

153.00 

123.0 

78-87 

8 B 

.7.5 

69' 

S' to 

12 

' ”8 0 

50.2 

12.7 

+ 5.8 

Toarer, Kem«ley gpe Qv, 1951 


7J0 

BT.00 

133.9 

74-79 

9.1 

12.2 

31.5 

26 ro 

41 

112 

7.3 

- 7.4 

-3S.9 

Wilkinson Maleh- 10pe Cv. $3-8$ 

11.10 

90.00 

40.0 

76-83 • 

11.4 

11.5 

30.fr. 

22 10 

«r 

' 267 

40.7 - 


-10.4 - 


* Miir.her o' Ora) nary shares mw u-Wth nav nominal of uon»enble sunk m coimmnie • Thu extr* i.iui oi invrtflni-m in .-wnii'nihli- -rapTr-ss it w u:rii 01 the 
cost m Utrti-anifF n ihe rtmembU- gr-uk Three-momh range. 4 IneorrK on numtKi ul Ordinary shares imo 'illi)c-fc •■TDD isoiP'dal in lunivriiblv -web *f 'c-Mlvmiblr 
Tfcif income. «»Ww ip pence » ratmned from orujenr time until tncanw-on nnunary shares ia cfeaiei than mrom* on ' IMi nnmitUi ul ronvunihb- ar the final 
£001-61916" sate scaiiaiever is earlier Income M asstmwtl 10 |iw ai 10 per uenr per annum and it- orusem valued if 1 ' p. r *-m wt annum. im-mne 00 (ioo nf 
i-opve-TiBw. income ta nnnmed imltl mBversmn aOd nresent valtvd ur IV onr tvni D-r annum This js income of th- Vo vertiMe Irss jn- nnv -if iiu- undHrlyinp nu>rv 
MtpreMcd as per uem. or the value of the underb’in* cguiry .5 The dlff-rwin» hwwHi-n the premium and income rtin-rm.- •■xon-ss- d aa nor n -m «r ,n> vaiun m 
tmdcrlyin? --riDiip. - is nn indis-aiUDn ot relative cheapness, -—-is an'ImltraTIDrrW 'reiiiive di-STfiTV; ~ ' ' 


,TIPrAKrcrAL TUSES.^ISTtfSDfi^t HAHCH I8 I87Si j, 



STOCK EXCHANGE REPORT 


Gilt-edged fall back in thin trade as buyers retreat^ 

Equities mixed and index sheds 1.1 to 457.2— Golds lower 

Account Dealing Dates than the main funds and staged drifted back on lack of interest after the recent improvement on Cleaners 2 up at S5p and Smith Publicity jtiven to-i lmitar’s 
Onrinn the occasional gain extending to * and closed little changed apart nationalisation compensation and Nephew a penny harder at arcmar tendedto-«apporca,‘flrm- 

•First TWIara- Last Account An faSha the Investment from British Home Stores, which speculation. . Blip. Buying interest revived undertone m Prepay afflujugh 

Dttlinja Dealings Day current premium to 91 per cent eased 4 to 177p. Higher earning Pitch LoveU : figured more pro- Secnrfeor. the Ordinary nsmg^S .gains, were usoaIIy CT ialI. l H o^ 

Ffb ni»hr 9 Mar 10 Mar 21 was foHow ed by a much better- failed to sustain Church. 3 easier minently as bid hopes revived and to S2p and the A 4 to SO. w«Ie ever, a fair Mount ^of-OTondatfva 
w4‘ SSr « 5ii balanced trade, most of Which was at 189p. but Waring and Gfltaw Hosed 3 better at 6SP. after 60 d. demand was also forthcoming for bu^g pu^to^iantf TmAIiis 
mar. is mar. 30 mar. 3i apr. u t ah ..j .j « oa n ».Ji Cm-nw w>*i>K nut nn a iMn FurnM».K«f>fM 


FINANCIAL TIMES STOC K INDICE S 


JLIar. I Mar. 
lb W 


Mm- T Mar. . in 

u r io 


'Oinnimimti^ t— tm*h-vo*wi 7S.8S 76.66} W-feSL GST 

4Q7.2 458.* 483.91 4804 4S».ol 4S94S] 43a 

14918 155.3 MlJ 1«4S »«j 15$ 

Sjrt 8.40) S.»d 6.89 • 5.B9 BJ 

tomlciprusiftilir) M-36| H-jjS ”-«| »•» tJM 

e- 07 ®- 0 ft a.oa u-id* . 0.07 8^ 

..955 5.663 M« . M>T A™ «* 

^ - 5ST11 7l.20l 77.01 84.07 IQ 04)8 73 J 

— toaan^ 1 ^ ^ j 

* rusrd on 82 acr cent. corporatifMJ tax. t 
Basis iw G^vTsocs. W'tt.'atVlMd M..US8. Int Ont-lr.,/®. Ga 
Mines 02/9/35. SB Activity July-Dee. 1HZ. . - j 


78.12J 7T.8S; «J 
499.61 459.0* 43a 


• . | - 

483.9 4804= 499.61 4593 

161.1 166.s! 161.31 187.: 
5.96 6.89 ' 5.89 1 , . 831 


T.v_ ” iir*» AaitfiK dm nb dIks » <*■*. i™ close mi uie consideration or ine interim stare- ledge rose simllarily to 103p and «» r^P- vws w » 

bnMMM “fiSwtef iJlwI mea “ these two rates, down ment Press comment influenced Danish. Bacon A moved up 5 to agauwt NHH and Spencer. 77p t Slock Convei atott m0^op4 to 
Stock market*; eased on a broad U further on the day. Sterling's MF1 Fanriture,. a penny better at U5p. Associated Fisheries eased a°d Brook Street Bureau, fiTp. 2S8p. County and District, pirt on 

front yesterday at the end of ’he trend made some impact on open- t 2 Pj and Greenfield MEletts, 1 $ a penny to 45p reflecting the chair- Motors and Distributors dosed 3 to 8lp helped py . option Misi- 

first leg a f ihe‘ three-week holidiv inq sentiment but thereafter its firmer at 45ip. while after recent man’s aamment at the annual on a firm note following reports ness * but B*™ 5 m I ~*L_'®*“ ers 

Account. Leading shares were influence was less than earlier in weakness on the first-half profits meeting that the prospect for the of booming car sales. Rofis-Royee, were restricted to-a peuny, ". 

marked up at the start folio wine the week. .Yesterday’s SE conver- setback, James Walker non-voting current ■ year .-is •grim. Super- still reflecting this week’s better- . .-J./ 

Thursday’s late improvement, but sioo factor was 0.7095 (0.7017). .J..-.’ Jot RuVRUCG * 


5.9Sj 6.89 - 5.89; . 9.31 S.J 

17.5e 17 Jl 17J8I ltS7 194 
B.oa 8.1V 8,10j . 8.07 oj 

8,663j 6,823 5.3971 6,401 7.W 
71.ad 77.01 " 64.07 100438 73 J 
14.906! 16,898’ 16.368! M k69t] 18 M 


— 584)1 


HIGHS AND LOWS ^ 

1 >877/78 Hlnco OtMOjdhUioo 


S;E. ACTIVm 


support mhs not forthcoming and 

prices qraduaiiy slipped away to isolated Bank features 

close narrouly mixed but easier 

for choice. Clearing Bank features were 

Six days of the recent con- generally confined to Bank of 
trolled advance in the Gilt-edccd Scotland, up 8 at 273p, helped by 
market were retraced yesterday a stock shortage, and Bank of 
with recent buyers apparently Ireland, which jumped 12 to 347 p 
satisfied. The Gov ernment broker in a thin market. Allied Irish, too, 
was not tested at his tap levels figured prominently at 167p, up 4. 
and the longer quotations ended Barclays fared best after a quiet 
with falls to ?. after J. The Gov- (jay jn hjg four, closing 5 dearer 
eminent Securities index, up 1.59 at 330p, whRe Lloyds hardened 2 
in the previous ten days, reacted to 272p. Alexanders, another 5 
0- 12 ,0 .. 73,5 *- , . . higher at 235p, were among 

Trading was thm again as seen isolated improvements in the Dis- 
tn official markings of 4.93a com- coun t House sector, while buying 
p ^I ed ■ 5117 68 'J 1 ahead of Monday's interim results 

excels of 5.500 and pnee movfe- lifted London Scottish Finance 3 
mems of note again centred on t0 35 p i„ fflre purchase*. 


F.l- Actuaries All-SPbare In&i C>> 


comnnnics in the news or on 
sper^l situntions. Press comment 


Composite Insurances, continued 
their downdrift with Royals losing 


__ v >TV- i lUCii uunuuiu.1 WllU awvouj lUaiUK jannwevi 

aa\ , rwijwsr^is.i 60 ■ 

S!? 1 

nes*« at 230n followina loose mik ®f ?. SLJ \ ce Wednesday’s increased 

nbnut a broker's adverse circular “ n °“ r ^ menL Awaiting SHARE PRICE MOVEMENTS 

liefore end in*i 1" down on balance Pv cjhu lnaiy figures, 30 pp.. TCDmc 

rt 247n. Other index stocks rarely Willis Faber shed 3 to 290p, in IN KtAL ItKIVIo 

rr*n>-er| hv more then twopence Brokers. 

and I he FT 30 shnre Index ended Breweries were again generally 

1.1 down at J.-7.2 after hnrinc neglected. Bass Charrington 1 , . 

been ih r ec point*; un at the 10.>*n firmed 2 to 152p. Elsewhere, 20* ‘ 1 1 1 1 1 ^-1 L 

cnhuh'ion. The intle?; loss on the DisliHers edged forward 2 to 173p «2963lM<ttgW5lK7ffla«aE7C 

week was 1.S uFte- -he previous owalltnfi news of the company's 
week'* advance of 225. appeal to the European Court 

Gold shares came . nn offer over l he EEC Commission's ruling rallied 2 to 86p. Interest was also markets had firm spots it 

again rhe bu’iinn price was held on i,s dicing policy. shown in Blackman and Conrad. 3 up at 187p, and Willi: 

in check at SIRS; an ounce com- Building issues generally had a a penny better at 17p, and House son, 5 higher at 187p. 

pared with S1SH» ten da vs .-mo, flrm tone * but gains in the leaders of Lerose,2 harder at 60p. Grand Metropolitan re 

and the Gold Minos share Ind*»x wcre mostly restricted to a couple Apart from Tnbes, wniefa closed favour, the Ordinary ri 
gavn up 5.n for a three-day Joss of 4 ^ess. comment 2 dearer at 370 d ahead of next 103 P. and **» 10 ;icr c 

of 16.7 at 149.6 P ™** i ml terejt In DM Wednesday’s remits, leading Loan 1991-06 : 

«- .ML 0P 

Indigestion on the part of heined Rlarchwlel. 2 up at 254p. WoUeiey-Hpgbes responded u s 


EZ-Aeturi 2s All-Share Iadex £>k- 
AdfBBtedioriaSatlOB - \ 


British Petroleum . took -a iiis- * ^ — ■ 

tinct . turn, for : tfc? tetter-raftfer . ■ . ... W o 8 gnus i»7. 

the previous day’s gyrations Which Jowoo*-'-- -#u (B/i/i 

followed the annual resute-and ■ gnu' -uo 

pushed ahead with the asslsfanre pixedlnt- . rSj" • .aju 

of U.S. influences to dose ait vtim; i I\ Q ' ,_ 9 - 

day’s best of -TWp. up JS: ^ SbeM i«LO«i„... 

also traded firmly- and- pat job# £ "• __ , . afl 

to 508p. Among North -Sea. bo^e- g*vki Mineo. 174.6 

fills. profit-taWng after Thara- (la/10) ,llSl 1 (S8fll 

day’s advance on the' oiiL dbchv- 

eiy left Oil Exploration ;4;bfl.-at 

2QSp. Sceptre Resources were, also 

dull at 522p, down lflj; "but 

Sfebeos (UJC) encouutered/sup- u . ruc a win 

port at 244p, -up A- - NEW- HIGHS ANU 

Harrisons.' and jlrosflcl d ^> pd ^ following licaWg . v wot td • in 
out in Overseas. Traders with a.stant 

rise of 17 to 367p. whfle 81me -tnlnai High* m Lows tor iS7T- 
Darby dosed 14 harder at a -1977- ■ new HIGHS (38) - 

1978 peak of 126p, a rise oa the 

wek of 17, on further considers- , co'u^kation loan* » 
tion of the interim redolts and L ’ DO °’ 7 

capital proposals: - Small gains credit Fmece • cig. a«oaJr« 
.were seen in William Jacks,' 24p, HayWBB j winiams whJtttnshun tw.» 
and United City Merchants, 4ftp. Rwo . 

Investment Trusts, elosed .wtfh mfi 'F urniture vernon Fashtsa 
the occasional smelt gain .ftdtow- Ranw Tcxt, K5 f - IhlE£R , NG m 
ing a light trade. Borderland Alra „ 9P c cSS». n “h.ii “‘siith 
Southern rose' 3 tO 2^Bp. While Blrmlnaham P*llet 

Capital Issues had Dnahest V H^Prec^n ’ - ■ 

better at I81p and ThTOgmortoo ^ IST, ^5St? ) seryfce* 

4 higher at 94p. Parambe edged.- jol^an^cicancn n-v 

forward a penny to I2fa in Ubah- . wuS^yj’ 

dais. roo. a n-v . . 

Shippings held ■ dose- to fiie. 
overnight levels^ Ocean Trananort 


I’- -. )v 

Mar] 

i i* 

1' Tj-e-rl- 

J7 - 


187.4 49.18 

(D/1/2S) ti/l/Tb) 


— Drily- . 

CiUt-Kdcea_ 203.5 las'! 
WUm | Vium induSuEZL .1 ^?] Sm 
150.4 I 50.55 tJpeculKlve^^ 44.5 V 48tJ 
SUdl/471 t&ilfitin Totals il2JS 109 jj 

M»*®j GHT-lfilS! 195.7 185; 

CWrtjTW (SMirf© iodu'-ttWKi: 173.6 178. 
44A5 43.6 SpeeUkiHw^}- 49.4 ' 61. 

(23«rt6>!(SM04lj | Tnls 130.8 132J 


195.7 I 188.4 
173.6 178.3 


NEW HIGHS AND LOWS FOR 1977/78 

Th. Wtow1^5^l««w«4_ln th* -J*** n». 




■ pakr nt -- 
Mills & Alta Inti. 

FROPIBTY (1> 
Winston MM 

SHIPPING til 

Jacobs <J. 13 

TRUSTS ai 

Hid. Pacta Sets. . Sue* Flnanca 
OVKRSCAS TRAOERS '<»» 
SftaDart,. RUMERSn!> 


Conld. Plants. 
HlgMaods 
Kuata. Kepano 


Kallm. 

MaUkaff ,,fe 
Plantation HUtgv, 


Hill A Smith 
MetaLrsx 
Pratt (F.t 


INDUSTRIALS IS) 


Do. A N-V 
SothCffcv P. B. 
WlJkcs U J 


NEW LOWS (4) ^ 

- CANADIANS (1) 

Braun -?■■ 

OVERSEAS TRAOIRS CU 
BorthwIOc iTbos-t 

MINES 12) , / 

West Rand Tara EXDJoratlan- 


of 16.7 at 149.6 

Gilts react 

Indigestion on the part of 
buyers, after this week’s run nn 


bPth the short and long taps was SASp, but Fisons recovered 4 to a i . fui ^ licr - J 5° J 192p ; misceilaneous Indnsiria! leaders 

hrid responsible for a reaction in S27p in a thiri market. Stewart wht i* roe *Mrea^ dividend and drifted back and final quotations 
British Funds. The former were Plastics, after wsTerdav’s beetle Pf ofits ,e ? BaU ^gaieenng 4 to were a shade lower on balance. 


dosing a penny better at: 1S2p. hi • 

rallied 2 to 88p. Interest was also markets had firm spots in Hillards, than-expected preliminary figures, re 2 , ?° s ® Pre ss comment _• . . h - ' S9 Xasft tended to lose ground, whfe 

shown in Blackman and Conrad, 3 up at 187p, and Vrilt an. Worri- featured with a rise of 3 to Sip , BAT Industrie* were oa offer following af mther SSlMfi yester- to iox Q J 

a penny better at 17p. and House son. 5 higher at 187 P . for a gain on period of 121. Tate following the chairman's view of day to 149.8-its lowest smee m sympa ^ 

of Lerose, 2 harder at 60p. Grand Metropolitan returned to of Leeds picked up a like amount cm 7 e J t , pr o s F e< ? 5 *- February1 ?' . ' ■ 32 «n a weed's 'fall of 35 owh 

Apart from Tubes, wnlcfa closed favour, the Ordinary rising i to at 57p ahead of Monday's pre- jnd Deferred^dos^B^i^per After opening lower, Goldswere toprofit-taloiig and money swlk 
*> dearer at 370n ahead of next 103 P and the 10 per cent Con- hminary statement, while Press at 297p 2aJp- res yert Svely ■ throughout the day although oDer^ions. General Mlnip 

WeSSdays resSl^ “eadine verlib,e Loan 199196 21 points comment influenced Lex Service South Afncantodustx^i ; w4re bear do ^ s ta the late trade en- which ^T^es^y announo 
£3!5£n flSSSd the* day t0 £122 • andAppleyard both of which gg»L»r «£ * bled , on 5 or '?». ^ *“■ SSSfif loST&ta and ; ;5 

with l^s of a few" pence Else- .... - umshed a penny harder at 70 p tionaliy above the woreL intreased finai dividend, gavei 

, 0= - — whSe, WoUeley-HnghMiSponS Msln Marsters up .and 7Bp . respectively. Blnemei ctoied This was not tte case with mar- j to 

n n £Z?&?‘3 flo'wlS Mr* 1 ^ at ■ ‘, hE , ««■ London - registered tinandfl 

-- " Ifdind^d Sft2wJJte«J£SS 4t* ? sv MS aL55-»i JS-L f W«S3ffKa?SS«. *st 


si deration of the company’s plans Tongaat came late in the even- Dm^an Deep plummeted & to changed bothen the day and; 4 


to phase out production at Its ln ?. 

I.ivpmnal nlant . ConsoHdateU 


iHg. ^ 192 P and East Rand Proprietary 70 the week- Tins generally easf 

Consolidated ■ Hantttioiis , 295 d West Rand ‘Consolidated reflecting the recent downturn: 

Featured Rubbers vrfth- arise of 19 te gsp.ln sympathy, the metal price. Losses of. 

7 to a 1977-78 peak 6i. 123p ra other marginals to register sharp were common to- Idris ,.ar 
belated response to -the interim f iTlc]udcd Crootvlei, 12 down Southern Malayan at S5p at 
results and capital proposals. ; t 100d ^ Leslie, 5 cheaper at 245p respectively, v-hile Southei 
„ - - ' - : S6p. ' ■ ‘ Klnta eased -2 to 14Sp. 


elTecied onfv to ‘a minor de^ SdTw •« S* *££5i ^ 48 ° P o &££ 1 , " Consolidated Plantations FfffESfiS*. E2SS& Sflectog’ the* ^ntdoWntumf 

but ihe l.vr-r maturities sus- advanced 8 to /6p on demand whrle Reed Iorernalmnal. down 2 featured Rubbers with- arise of JfL nf Jj 19 ta | n svniDathv the metal price. Losses of. 

tamed falls of }. af'er I. follow- QEC above WOTSt ,n J mar ^ t0 », J”!! furth er at llOn, remained un- Assndated Book replaced News 7 to a 1977-78 peak of. 123p in oSS^TOareuSs to rSlSr shOT were common to . Idris ax 

ing a business which bore little \ WURil ^uoni 1 ^ wife stock. Blakey 1 * settled by the company s failure- to International, unchanged at 260p, belated response to -the interim 95{J r i MtoSdGiStrtS 12 dow? sStiiern Malayan at S5p at 

comparison with the busy trade Marked weakness in CEC. Malleable Castings closed 4 up sell off its South African interests, as the forerunner in Newspapers/ results and capital proposals. !♦ ?nn« Ph«aT»rat sSn respectively while Southei 

seen earlier in the week. None- which dropped to 2.70 p before at 52p in Hne with the recom- Elsewhere. MHn Marst-rs re- '• -v t here and in a thta market P lOOp and Leslie, 5 cheaper at eSed I to 14 Sd ” 

theless, the shake-out was recovering to close 13 down on mended counter-bid from Allied sponded afresh -to the half-yearly closed 8 higher at lS8p. Small p« nr WP p|r HaTiTc ' : 36p : „ 

adiudeed a healthy movement balance at 247p. was prompted Insulators; Centreway Securities, results with a rise of 9 to loop, demand based on the view that * UW1 WCCR 1U1 - Worst affected among -th e h igh Thd lack of 'direction 1 

after th en3st few dav*s specula- by talks of a broker’s adverse which has now withdrawn Us while Press comment on the pre- the lower profits were no worse South African Golds -, were grade producers- were 1 western domegtfe markets was reflect? 

tion regarding the pend ; ng exhn ns- circular. Out*ide of the Elec- offer, moved up 6 to 203p. Habit Hminary figures prompted* re- than exposed ’ifted William marked down for the third- sttcees- Holdings, which - feTl to £I7f and in a quiet Australians sectio 

tion of the short tap issue trical leaders. H. Wlgfall jumned Precision returned to favour with newed firmness in Gibbons Dudk^y. '»os 4 to 128p. Elsewhere, sive day in the absence .of-bOying Free Slate Gednld, R half-point Western Mining, eased * pcnfi 
Exchequer S| per cent .11183. to 242 p before settling at 233 p a gain of 2 to S5p, while others up 2 more af 65;. Dc *La Rue Thomson ed n ed inrward to 190p, interest The bullion, price; '.dosed -down at £15; both companies -are to I02p "but remained S bettt 

which is now expected early next for a rire of JO on the day to record modest improvements found support and put on 7 to ton Dally Mafl A slipped 5 to unchanged on the day -af 3183.625 expected to announce rnterlnt dm- over the. week following th 

week given a resumntion of the following Pre*« comment suggest- included Burgess Products, 3 up 280o, but L and J. Hyman en- 275p and. despite favourable Press per ounce after 'having- eased deeds on Monday. Harmony-gave encouraging hydrocarbon fract 

recent demand. This was aug- ing the possihilitv of a counter- at STp. and Hill and Smith. 2} countered profit-taking arter the mention. Milts and Allen settled further to $183^0 at the afternoon up 11 to-354p despite Thursday’s found in the Houtman No. J 

mentert yesterdav bv the latest offer Comet Fadfnvisinn’s b>d is better at 43 Ip. Among Ship- recent speculative advance and without change at 183p, after fixing. Over the week the -bullion announcement of an increased final well offshore Western Austrag 

Tall in the UK inflation rate. Cor- cur-*ntly worth 27-in ner -bare, builders, Vospcr encountered reacted 4 to 31p. Satisfactory having made a fresh 1977-7S peak price has fallen $2.50 while. the dividend.. * ' . . in whidh Western Mmut 


po rations were in hettor fettle After opening firmly. Stores profit-taking at 172p, down 4. annual results left Johnson Group of 190p. 


Gold Mines index has dropped 82 


African Financials partners Esso. 


ACTIVE STOCKS 


OPTIONS TRADED 


FT-ACTUAWES SHARE INDICES 


YESTERDAY— 


Dcnomina- 


Closing Chance 1977-78 1977-78 


Slock 

tinn 

marks price (p) 

on day 

hiefi 

low 

BP 

£1 

19 

704 

+ 1S 

960 

720 

GEC 

25p 

17 

247 

-13 

284 

163 

ICI 

£1 

13 

343 

- 2 

44 B 

325 

Reed Inti 

n 

11 

110 

— 2 

233 

100 

Shell Transport... 

23p 

11 

503 

+ s 

633 

454 

P. & O. Ded 

£1 

10 

97 

— 

175 

• 95 

BAT* Dofd 

23p 

9 

257 

- s 

265 

202 

Bcccham 

25p 

9 

820 

- 2 

693 

372 

GKN 

£1 

S 

279 

+ 1 

369 

260 

EMI 

Slip 

7 

14o 

- 1 

254 

141 

Grd. Meiropoliran 

50p 

7 

103 

+ 3 

109 

62 

British Ley land ... 

50p 

8 

22 

— 

2S 

17 

Courtoulds 

2-jp 

6 

112 

— 

135 

89 

Debenharos 

2.jp 

8 

99 

- 1 

120 

Gfli 

Dunlop 

50p 

6 

SO 

— 

124 

78 


DEALING DATES 
First Last • Last For 

Deal- Deal- Declare* Settle- 

ings logs tion meat 

Mar. 7 Mar. 20 Jun. 8 Jun.2L 
Mar. 21 Apr. 10 Jun. 22 inly 5 
Apr. II Apr. 24 July 6 July 19 
For. rate indications see end oj 
Share Information Service 
■ Money, was given for the call 
of Blackman and Conrad, French 
Kiev. Grand Metropolitan, Boyeo. 
Britannia Arrow, Cons. Gold 


Fields, Town and Cliy Proper- 
ties, Rio Tinlo-Zinc, Ladbroke 
Warrants, British Land, Barker 
and Dobson, William Whitting- 
ham, Bridgend Processes, EIs- 
burg Gold, British Vita and 
County aud District Properties. 
Puts were taken out in Lad broke 
Warrants. H. Wigfall and Trust 
Houses Forte, while doubles 
were arranged in Racal Electro- 
nics, Town and City Properties, 
Premier Consolidated Oil, Trust 
Houses Forte and British Land. 


These indices are the joint compilation of the Financial Times, the Institute of Actuaries and the Faculty of Actuaries 


The abitre list. of art ire stocks is based on the number of 
record’d ttey.crthiy in the Offlcin 1 list and under Rule 163(1) 
reproduced to-dag m Stock Ercliangc dealings. 


ON THE WEEK— 


barpains 
(e) anti 


RISES AJND FALLS 

Yesterday 
Yesterday 
Up Down Same 


On the week 
On the week 
Up Dawn Same 


Denoniina- 

Of 

Closing 

Chance 

197T-7S 

1977-1 

Slock 

tion 

marks price (p) 

on w eek 

hiuh 

low 

BP 

£1 

78 

764 

+ 24 

9G6 

720 

Shell Transport... 

25p 

73 

MR 

+ 3 

835 

454 

GEC 

25p 

02 

247 

-ID 

2S4 

163 

ICI 

£1 

60 

345 

+ 1 

44G 

325 

HATs Dofd 

23p 

53 

257 

— 

205 

202 

Rpptl InTl 

£1 

50 

110 

-10 

233 

100 

Barclays Bank ... 

£1 

45 

330 

+ 10 

350 

22S 

De Beers Dcfri. .. 

R 0.05 

44 

323 

- 1.1 

344 

18S 

Grd. Melrupolilan 

50p 

43 

103 

+ 3 

103 

62 

Pair mail Oil 

£1 

42 

47 

- 1 

S3 

41 

Marks & Spencer 

25p 

41 

146 

— 5 

173 

96 

Bei'cham 

25 p 

40 

020 

+ S 

693 

372 

EMI 

:.np 

3!) 

145 

— 2 

254 

141 

L-tras Inds 

El 

39 

264 

+ in 

MS 

203 

Rank Ura 

23p 

3S 

24S 

+ S 

276 

128 


British Funds 

1 

62 

n 

159 

70 

Ml 

Corpns Duainioa and Foreign Bonds — 

11 

3 

52 

ss 

9 

S3 

Industrials 

330 

210 

1,133 

1.956 

ixn 

4,738 

Financial and Property ... 

M3 

« 

335 

725 

351 

1439 

ans - - 

10 

8 

16 

M 

37 

69 

Plantations .... — - — — 

10 

l 

23 

48 

10 

120 

Mines — 

6 

69 

47 

154 

232 

225 

Recent Issues 

SM 

am 

1.534 

&219 

14*3 

7447 


3 

2 

20 

24 

15 

82 

Totals - 

5W 

no 

L534 

3,290 

1445 

7407 


RECENT ISSUES 


EQUITIES 


. A-B-N. Bank 

Allied Irish Banks Ltd. 
American Express Bk. 

Amro Bank 

A P Bank Ltd. ... 

Henry Ansbacher 

Banco de Bilbao 

Bank of Credit & Cmce 

Bank of Cyprus 

Bank of N.S.W 

Banque Beige Ltd. ...... 

Banque du Rhone 

Barclays Bank ’ 

Barnett Christie Ltd.... 
Bremar Holdings Ltd. 
Brit. Bank of Mid. Easi 

■ Brown Shipley 

Canada Permanent AFI 
Capitol C & C Fin. Ltd. 

Cayzer Ltd. 

Cedar Holdings 

■ Charterhouse Japbet... 

Choulartons — . 

C. E. Coates 

Consolidated Credits— 

Co-operative Bank * 

Corinthian Securities... 

Credit Lyonnais 

The Cyprus Popular Bv 

Duncan Lawrie 1 

Eagil Trust - 

English Transcont...^. 

First London Secs. 

First Nat Fin. Corpu. 
First Nat. Secs. LtiL ... 

■ Antony Gibbs 

Greyhound Guaranty... 
Grind! ays Bank f 

■ Guinness Mahan 

■ Hambros Bank 


BASE LENDING RATES 

5 64%«HiU Samuel * 6J% 

Banks Ltd. 6*% C. Hoare & Co T 61% 

Express Bk. BA% Julian S. Hodge 7i% 

61% Hongkong & Shanghai 6|% 

Ltd. 6i% Industrial Bk. of Scot. 6*% 

lacher 64% Keyser Ullraann 6J% 

Silbao 64% Knowsley & Co. Ltd. 9 % 

dit & Cmce. 64% Lloyds Bank 6*% 

i>rus 6J% London & European ... 8 % 

3.W 61% London Mercantile 61% 

seLtd. 61% Midland Bank 64% 

Rhone 7 %■ Samuel Montagu 61% 


l Morgan Grenfell .. .. 64% 
National Westminster 61% 
Norwich General Trust 6*% 
p. S- Refson & Co. ... 6i% 
Rossminster Accepfcs 64% 
Royal Bk. Canada Trust 64% 
Schlesinger Limited ... 64% 

E. S- Schwab 8J% 

-Security Trust Co. Ltd. 71% 

Shenley Trust 94% 

Standard Chartered ... 6i% 

Trade Dev. Bank 64% 

Trustee Savings Bank 64% 
Twentieth Century Bk. 74% 
United Bank of Kuwait 64% 
Wbiteaway Laidlaw ... 7 % 

Williams & Glyn’s 6|% 

Yorkshire Bank 64% 

I Members of n« Accewins Hooks 
C pnminee. 

7-d*y deposits 3’i. 1-aonUi depwll s 
a«- 

r-day drposiis on tms or m.ow 
•Ptf under s^. up to £55.000 31% 
tnd over C5.goo «*>. 

•i aowwits over rum 3*. 

Demand deposits i'J,. 

Rate also applies to Sterling tod. 
Secs. 


1 5-s |B = «•[ 1971 ^ 

il fgilh-i — 

< rs High law 
* * 


II II 


EQUITY 

GROUPS 

and 

SUB-SECTIONS 

'l.nm in pnn-ntfann shir 
nunher ul stock, pa -weiion. 


BuUding Materials '271 .. 
Comscdnfr Caiarartioo Offi — 

Electricals (15) 

Engineering Coc trad ore 1 141. 

1 Ueriuoinl Engmecricg <71^. 
Itahand Metal FarmngilT.'_ 
CONSUMER GOODS 

(DUR.4BLEM52I-. 

Ll Electrooirs, Radio T\‘ 1 15). 
Household Goods I12i — 
Mours and Distributors i S|_ 
CONSIHUER GOODS 
f>0 V DURABLE K ITS) __ 

Breweries 1 14» 

Wines and Spin tsi 6 ) 

Entertainment. Cawing riTL 
Food Manufacturings 

I Food Retailing 1 1® 

Newspaper;. Publishing U3i_ 
Packaging and PaperU5]_ 

Stores (39i 

Textiles (2Si„ 

Tobaccos i3i 

Toys and Games 161 1 

OTHER GROUPS (97) ....... 

Chemicals i Ifii 

PbanaacBilirnl Products (71- 

Office Equipmenti 6 i 

ShippingdOi- 

MiseellaneousioS*...-.-- 

CSDLSTRI.ALGBOlPij^l 

OiJsioi — . 

500 SHARE INDEX 

GROUP lIOOlu 


Fri., 

March 17, 197* 

Thurx. 

• MPT. 
IS 

Weds 

-Mar. 

13 

Toes. 
• Mar 
14' 

Mon. 

Mae. 

J3. 

Year 

ago 

Index 

No. 

Eat. Gross Est. 
Eotibs IMt. P/E 
Day's VMM DeH% Jtatlo 
Qap (Uax.i (ACT (Nrt> 
% Corp. «3Ck Corp. 
T 21 3K ■ la 5K 

Index 

No. 

Index 

No. 

Index 

No. 

Index 

Na 

Index 

No. 


Highs and Lows Index 


1977-78 


*■ ‘ "L ,r .• 

• 'Since. 
Compilation 


+0.9 16.93 
+0.9 18.60 
-32 ISM 
-0 2 17.59 
— OJ 19.43 
+0.2 19.28 

+0-1 1839 
+0 2 16.21 
+0.4 17^24 
-0.1 22.72 


5.87 8.42 17874 178A6 

4.17 8.02 30616 30553 

4.18 9.09 437.97 435.93 
7.15 7.78 282.87 284.63 
6.56 7J1 15658 15525 
8.48 6.86 160.79 16023 


179J3 139.49 
307.96 23L48 
43656 337.60 
286.06 21222 
157J1 148 JO 


228.03 04/9, 77) 
214.72 (21101771 
379.99 (24,10,77) 
483.69 (2100777) 
33222 03/9/77) 
187.45 04/9/77)' 
377.02 04/9/77) 


5.16 7.81 18277 18L87 183J26 18259 14928 21175 0LOO/77) 

3.85 8.91 219.41 218.46 220J9 2204)9 169.21 26L72 0/10.77) 

7.38 8 06 165 J3 164.65 164.94 364.06 149J1 199.07 (27.10/771 

6.71 6.47 U2.05 11L33 U229 11136 97J7 130.95 05/9.77) 


6.07 826 
6.02 10.24 
5^7 9.ZL 
7.16 8.96 
6414 6.41 

4.93 9.72 
4.05 13.66 
937 6.74 
4.46 1353 

8.07 - 559 

7.96 5.05 

5.93 -6.62 

6.07 7.Z8 
6.92 7.06 
4.20 13.09 
4.89 6.16 
6.78 530 
6-50 851 

5.96 8.02 

4.49 7.73 
5.74 7.98 

5.49 


21383 (21/10, 771 ! 
23674 (802'77) i 
25645 (2912.77) 
27282 (2110:77) 
214.63 (23/10,77) I 

244.41 (27/1077) 
36082 (6/1/78) 
14481 04/9/771 
204.02 (27/10/77) 

181.41 051907) 
243.86 (7/9/77) 
11958 (27/1077) > 
213.70 (14/9/77) 
.29510 (14/977)' | 
262.96 (61/78) 
14125 (15/977) 
539.68 (38/5.77) i 
218 02 (2110/771 
Z22J2 (aifl-fTTI 
■ 54320 (15.9/77) j 

248 32 114/9/77) ' 
184.48 1610/77) 1 
•20436 (23,178) 
249 JO 0.10*77) 
199.47 (7/10/77) 
159.05 (2110/771 
161.72 i610,77t 
37153 (15,977) 
97.G 171077) 
25529 (20.1781 
U318 1310-77) 


13513 (41/77) 
11711 (5a-77) 
167.99 (4,1/77) 
26535 (lin/77) 
368.98 (4.1/77), 
125.42 (12/1/77) 
12325 (4/3/77) 

13721 02177) 
129.69 (12*1/77) 
12251 (4*1/77) 
77.27 (12,0/77) 

13679 02.0/77) 
14323 (14/2/77) ] 
25615-04/2/77) , 

172.97 (14, r a77). 
150.84 (.4/1/77) I 
1311502^77) 
20L08 (12/1/77) 

9024' (5,0/77) 
10935 020/77) 
122J1 (5077) 
19L41 04)2/77) 
7614 (4/3,77) 

144.93 02077) 
20426 02,007) 
228.41 (3/3/78) 

77.65 (4.1/771 
405.40 (14-177) : 
140.61020,77) ' 
14108 02077) j 

417.98 (2/378i 
164.45 02-LTD 
119.90 (4,0,771 
1363604,2-771 

147.94 042‘77) 
8432 "(4 L77l 

100.^(27.7: 77) 
95 14 15*1.77) 
225J5 02‘1'77| 
59.49 (40-77) 
14269 (4.177) 
7184 77077) 


228.03 (tomb 
233.84 (2'5/72) 
389.33 il9.'5772) 

483.69 1210077)- 
33222 03/977) 

387.45 04,7-77) 
177.41* (27/4,72) j 

227.78 (21*4721 ( 
26172 (210877) , 
26322 (4(5;72) j 
17059.05/1/69) 

22608 (16/8721 ' 
28187 (2801721 

257.40 037,72) 
329.99 (1212/72) 
214.63 (2110.971 

244.41 (27.00/77) 

360.82 (6178i 
14421 04/9.77) 
204.39 116*8,72) 

235.72 07,1,671 
r 339.16 (28/72) 

135.72 061/70) . 

213.70 (14.'9«77l 
295 JO. 04 .*9/77, 
262.96 (6.178) 
24606 0/9/72) 
539.68 0&‘5f77i 

258.83 I2--5/72) 
222J2 (211077) ; 
59320 115:977 1 
248J2 04-977)- 
24L41 lit, '4.-72) ' 
288J2 (207721 
293J3 (2-572) 
433 74 rt-5.721 

194.46 OJ.-3.72i 

161.72 (610,77.1 
37153 (15977) 
278 57 U'5 72t 
357.40. t9*n-73i 
•303. 18-4 18*572+ 


■245.7? 125:672) 
175.90 (204*69) 


50.71 (13 1Z‘7^i 
4427.(11*1214) 

71.48 (2127* : 

84.71 (25/6*62) 

64 J9 12.175k. ' 
45.43 (6175r 
49.65 (61i75> . . . . . 

38.39 16175V: 

42.85 H3.14W.V .. 
63.92 (17)1275).. " 

19.91 «a>mr 

-61.41 03,127^ 

69.47 (13,1?W ' 
78.88 (13/123% 

54.83 19/1751 ; r 
: 59.67 01/1271)7 
54.25 : 

55.08 (6a^-. . 
43.46 (60.7*1,. 

5263 (6 A/2&V ’• 
6266 0112/7*-’ • l. 
9434 (13/6®.' 

20.92 (61*^r. « 

58i3 ftl-Tft; 

7L3) ai27W 

228.41 f3'3/7Sr „ 
4534 .(2175l^ ' * - 
9020 (29/6mtk.. 
6039 (6 7.75k; 

59.01 il3/32’74i -■ -. 
87 23 <29/5'62i 

63.49 il3127ff^ 



c — 

wrti if 
pi \<‘ 


14.07 (4 '1'77) 


F_P. lStSl 4f4j 90 I' 78 [ IBsuumoot PtuperOen. 
nU 30(3; 13 A 6pm ,41a F*niG- H. Indu*t™is, 

P Jf. a/a 31/a a j la CtyrtataUe...^. 

PJ*. 2D, 2! -au» w ; Hi Hawbrnier linm/jea 
P.P. 21.2 al/al 3K 330 Midland Bank 
FJP. 17/3- 7fli 75 ! TO !M«lbury. 
nil | 89/31 10) 5| lfipm) Wjnarifatmou«t». 


673 (26977) 
9 JO i36977i 
191 130177) 


9.71 '(30.9'77) 


Pri. Mar 17" 


dir ir 

; Thor. Wed. 

1 rteld Mar. Kir. 

I % 18 15 ' 


Tow. Mob. 


p tIt — rtaHiw daw nmany last day tor dealing free of stamp duty, h Figures 
baaed «o prospeetus estimate, a Assumed dividend and yield, u Foiticaat dWoeoar 
cover based oo pretioas year's earnlmo. v Dlridood and yield based on prospectus 
or after official catenates for 1B7B. q Gobs, t Flams asGuniHd. | Oner allows 
Tor tMwteW of abates - not now ranging for dividend or ranking only for -restricted 
dtridearia. IPlacHw price to publie. pt Peuce unless otbonmo mdlcsied. 1 Issued 
by teafler. 8 Offered to holders of Ordinary shares as a " rights.'.* _•* RitSitS 
by way of eapltatoattoq. It Mtoteipn tsasW pnee. Ji TU-introdnccd. SI tesned 
in coisMctiM with reotsanisatea merger or take-over. U|l Introduction. □ issoed 
to former Preference fcoW**- ■ AGonnenr letters tor f oily-paid). -* Piuristoml 
or mitlr-paid aBocn ea t leners. *W«b warrants. 


Section or Croup Base Date 

Pharmaceutical P r ojects 30/12/77 

Other Croups 31/12/m 

Overseas Traders 31/12/74 

Eng mooring Contractors 31/12/71 

Mechanical Engineering 31/12/71 

Wines aed Spirits U/2/7Q 

Teas aed- Games Z6/1/7D 

Office Eqelpme ut u/l/TD 

Industrial Creep 31/12/70 


Base Valee 
261.77 
. B.75 
UOte 

15084 - 

144.76 

135.72 

12SJ3 


SecMofrfiiw Base Date- -Base Value 

H teiflanw Fhndal 31/12/70 - qlh 

~ aaver - : ; n*t» 

Fate H ta«q 29/12/i/ . • Hus : 

J-**wlte*era 2»/12«7 / 9fc«7 

Mimas Ftaance 29/12/67' ' i w no 

M Otter uwu ■ iboxo 

. ^Htemu pti— ytedL A new ter ef^ate ^u nsthugau 
towu um PteUstenmw Vtoauda) Times; 
wawta Hem. Camen Street. Lends*. ECO. price 



















































SPECIAL TIMES SATURDAY MARCH 1$. IftTS 

insurance, 


BONDS 



25 


- - -r>j?a; --iCt'V** 'TV-?-*: 




AUTHORISED UNIT TRUSTS 


Abbey Unit TsL .Mgrs. Ltd. (a> K) Gartmore Fund Managers * laKgl Perpetual Unit Trust MngmLV (a) 


Abbey UV .Assurance- Co, LW. 

I^uJ hutehmrd Kf4. 01-J4SB1H 


Ei|Wil. rime!, 
l+iuily Ac,-.. ; 

>Svi‘«rilv F>1 

"P.i'IS-ll* Ati 

d<rt(.-l|...T, lli( ] 

▼M^n, i Kiin-f 
■T’l-dK l'|v.[ iC r|,. 

**■»• '■elertcV* .. 
Kt.- .-rciirll. 
r,ir . • 

IT-*- 1 ■ >• 

JW*»«T ) it *’<• ? 4 

I'rt-A+r | . 

JH-.nite >.f 4 

e '.*■<» U-l .v r ■> 
H..tp 


313 
280 
143 4 
1494 

1J87 

fa* 

m 

fav 

0099 

10H1 


m 

»5 _ . 
1510 . 
1573 

iSs ; r 

R2 .... 

.•30 . 

140.1 .. 
17*4 . 
1501 .. 
UM .... 

135.1 

334 

115.7 . 
1U0 


Tups. 


, 11 1 * VjIhjUuh' normal Iv 

»jte .Assurance Co. Ltd. Sjj 'rSSS'S?-' 

■»> ZTZl Me. Are.. 


Guardian Royal Exchange 

Rwal tachuncp. Ki's 
Properly Bonds . |168 2 175.3 | 

Hambro Life- Assurance Limited V 

T Old Park tine. Lunrioii Wt V ' " 01 tubmen 

> i\srtlnt Tipn .; 

Equiry __ . 

’ Property.. .- . _ 

JlanncnlCip 

Manaced Arr 

gWaj-^ 

■teflBSSS. 

fro. Prop. Cap .. .. 

■I'm Prop Aw. 

Pen Uan Clip ... 


Norwich .Ur 


ni . awn rnsonuice Group 

WJSJ.IU7 pij lio\ 4. < 6rPrwvl£>TU^Mj. UStBzaftO 


0239 

P37 

(1573 

MU 

1620 

1122 

|! 

PS5J 

199.6 


'Sl. » 'Ll fIbr < *Ui..-i«K l St . W | 
1695 
1574 
1»8 
90S 
1U4 
1562 
MS 
172.4 
1244 
1044 
1194 
lass 


C-Ji'ii 1 V .1 
VI ''n-illlil Aw .. 
J "lln-i. 1, »„ \r 

9*11*1 Munj.r Atm 
91V"i' +t. Vc . . . 
.*vn-:„in<. .. 

fcwnte 1‘rnj-rt atp. 
. Klv-rf I IVu A.-,-. _. 

S lid Men tVn.trv . 
nil Mw I'liKiAcc., 
? Hen Arc 
Ip Ini Pm Arc 


178.41 


125.71 

v»s| 


01-4375062 


» £] 

ftj ; 

25 3 

fi? 


Pro. MJUt. Arr ”_ 2S44 
05 Lb 

1511 
122.4 
117.9 


7*0tl. B S. fan _ 

I’m RS..\cc 
-Pen n A.K c B p .. . 
Pm. D -U 5- Acc.» . 


165 j| 

mw 
118 2 
1293} 
153.1—. 

154 « . 

w 
21021 
268.4 


gP 


1044 

100.7 


144.5 


Managr.j Fund 
JAulIt Fund 
Properly Fund . . 

Ftand . 
Fund . .. 
-'■w fun Jiar 15 


[202 9 

U12J 
1234 

1574 , . ., 

|302.3 1076) +0.1J 

1914 ■ 


21 3 J 
32&71 
129.^ 
165.6 


ill 


.- Phoenix Assurance Co. ~Ltft 
- 4-5. Km*fWiU,*i»S|..KfAP-lHK 01-626 8878 

•-. ''Mbli.w 106J m« . | 

— . C*>< UtLq.E... ._^69J ; . . 7l? ... 


7280. liatrbon^e Rd . Aylesbury 

Abbey Uapilgl B0.7 32 

\bhcy lnc w ac - - Bb S .39 
. Abbey Inv.TM . Kd. |31 0 33 

Abbey iTen Ta : ,..|4a.9 45 


.Allied Hambro Group laKglV 

i Ma "j5 w ' Hstlen. Br enKu od. Ew 

[ 01-S8B 2861 or B tW W M od i<KT7Ti 21 1 fie 

ltalanmi Funds 

Allied Irt 160.8 

am lrul« Fond .. M3 

! Ufth 4 Inc. ..:: BS.1 


0296 -SHI 2. SL Mary AIC. KCHA RHP 



HIstilnromcTrt.. 
irt-onwl^wL ... . 
int .veennm - 11256 
Irul Exempt FA ~ (815 
• ulnti T«M.vrr.» P>« 


25.6 

+0.2 

52.9 


1*00 

-04 

3 03d 

+0 3 

587 

+DI 

709c 

+0 2 

1315! 

-12 

Mfl 

-01 

2fi«j 



ni-2833u31 48 Hut SL. Henley on Thames 049128888 

081 -FpetnaKSpGtb 1363 38.31 — I 3.74 

3 ^ ■ 

359 Piccadilly Unit T. ffgrs. L£d_Y lajfbl 
9 85 Wuidirte sea tan Jon W*ll ECT" 6380801 


E.'lraIneome 1 


920 

-7 ,t|> li.' 4J ■* ITICVtll*: , 

Z3? Small LVsfd.. r 

f’S Capita] Fund- [ 

Private Fund. f 


AM -0.21 


m 


Prop. - Fq u ily- & Li tc ‘Ass. Co.* 

1 19. CravionCKtecQUvil n xts,. . 01 J 

gffisire.v-.w 

&>■ Fx. Mn,-. Bd. Fd| . . 1524- 


oi-saeKsil 

biz 


Rierl. 4 Jnd Dniit.S 
Allied Capital |669 
Hambro Fund . .N84 
Kwntffo Art. Fd — ul4S 
Incame Funds 

lllsh Yield Kd -.|43 5 

Hi^hlncomo 


Kd —.-.143 5 

z-T-m 


l-np Hen Arc 
Side 

A MIA’ Ijfe Assurance ltd.9 

-AJa« IIh 1 ., llmuKil.Reitare RmmtefQIOl 
1125 6 J32 

94 9 me 

g»I 109 2 

K8 3020 

«0 7017 

AlftA MC J Hrn Fri 984 jS 7 

99 0 104 3 

WI 105? 

in#* Lite Assurance ■ 

kft t abnifCr Fond V, la 


AMFV M.injcrrt . 
AUKA'U^d .. 
. AUEV Mim^> Kd. . 
A'll V V<iu,l> Fd. 

l*»i»|. I'd 


S urt k. 
M K V lb 


AMT.v Mud Hm 

riomplan. 


Hearts of Oak Benefit Society 
ftuxton Road. London. NVk'l 
Heart* of Oak |36.1 ju| 

Hill Samuel life Assur. Udf 
NIATn . Atldiactnntw R<L C*ny. 01 
•I’rapertr liniu ...U<474 354.0—. 

HroprrO- Sfflf, A .. 4SJ im3\ .... 

Managed Unitv 1540 

Managed Series A_ 0.0 
Managed SenmC.. 894 
Money «. nils . . _ X1&9 

fepS A A;::« 

n>».Gid.Cap UK 6 

PnsGldAcc. 1095 


^ Ur^ 5 


fGR 




01-7409111 


99. 

m 


ill 


3 


f 


J4rl Mk Fd Cc l'n< 

^i.MlFnicTnu 
JVn- tens Mj;d Kd . Q1B 3 

Barclays Life Assur. Co. Ltd. 

•'tKRflndenl lid. P7 01-5345344 

Hoads*.*. .pi78 
«SuU‘. ... ... 104 D 

Hill rdred 133J 

l^.ipnrt?- 102 o 

Xtannci-d - .103.7 

97.5 

Man rrns.\>-rum 932 

Ch.< Initial 949 

i:i'i F.d^l'i/n* Acr re 3 
IV initial 9L7 

Jliwey Hi -a. Acr .. 944 103 6| 

Jie miucl . .. - )968 10L9! , 

•Cum-n* mul \cduc Mar.lt. 

Beehive Life Assur. Co. Ud.F 
71 LemhardSi, ECU 

Blm-kllorseMar.il 127.17 | J _ 

Canada Life Assurance Co. 

2-B Hish 5j . rollers Bar. llerta. P.Bar 51122 
■ r.n b F' J Mar. I . - 1 55 0 I I 

IWUM Uni Feb 8. .| 1058 I . _ 

■ Cun non Assurance LULU 
I . • •'.i-mpicV.y . Wenihlej- T1A9PNB 
Fijnitr L'n*ls _. 1(15.99 


- -At J-Ts , 

Imperial life Ass. Co. of Canada ■- 1 

Imperial House. Guildiord. 71255 Cwvp^fo* ' H ' 


Property Growth Assur. Co Uif 

Hou*t. frovdon. CR9 ILL 

(IIW74IWI gWPWfrKttnd — I ITSi 
D1-WT502Q Piwieiti' Fund I A 1 . 

.... -| — AgncuKitfal Fund 
Acne Fund *.\i_..-— 

Abbey Kai Fund.. 

Abbey Nai. Fd «A> 

4355 IqiLWmnKKuad. . 
ibfiKimeni Fd i Ai 

Rquily Fund 

JJliTllv FundlAl .. 

Money Fund 

Money FundlAl ... 

Afluarul Fund .-. 

(•indeed Fund . 

Vl!»-B aB«d Fd iA>. 

•Retire Annul ly .. 

•Immert Ano iy:. ' 

Flap, (kmk PeBslenS i taalli 
1126.9 infi 

3272 




Growth Fd Mar. (7 
Pens. Fit Mar 

Uanaaed Fund 
Flxeaim Fd . . . 

KecureCap Kd . 

k-qult)' Fund J952 1HJ 

Irish Life Assurance Co. 

1 1. Finsbmy Square. EXS. 

SsSnC!)±Kb n 

Prtip.MoA. Feb.\.. .p5i 
Prop, lied-dh R811 

King: & Shazsaa Ltd. 

Set,ComhlU. ECa. 

Bond Fd Exempt -.IU2J9 1- 
Next doaboc dale A 
Cert. Sec. Bd dSjB 


Urr Pns fan,: 1 
Man. Pens K?T, 


. wan. Kens rn : -j. * . -1413 
Man Pfenc fap. WL .V -'ML7 
— • Prop PWu.Ftt...: - 1A22 . 


Prop Ccuv.CAp.Vta. 
Bdgg. Soc-pcn. Ui. 
Bdfi. Soc. Cap: Utr. . 


1739 

7145 

-,7093 

1585 

m 

.1376 

U70 

mi 

: 124.4 
4244 
174 6 
138-5 


» 

r. * -141S 


-Ulfl 

128J 

1186 


Eq Inc 

lidtraBtMd Fund; 
International. 

Bees, or America . 

Pacific TUnd 

Specialist FUnds 
Smaller Co.'s Fd- -.1315 
m '^>» Kd. - 390 

01 -6800608 Recovery 51 R 83.1 

MelMuviCAy.- S64 
Oversea* Earnings SOD 
Exdl Smlr CD's .-4J199 1 


-‘DJj 
+0 31 
■*0.4] 
*01 
*oa 
-oa 


ie* Bid. 



0.1 
•flZ 
-9 2 


36.7! *0i 


950 
3 24 
3._ 

ISt 

348 

498 

S8S- 

' 2bD 


r „ Gibbs IAbIMJ) Unit Tsl. Mgs. lid ArcurnSr. KUnd.... [581 • 627j +OJi 

RS auHm-haMn.iatnriK n-wuli SSeSfiSr'^E ^ 

!il :s:^l:!!SSSt g-2 S3 .: I 5“ ~ F ^— -JSS 

453 iai4 o faW' pc? 22 i\ .... \ uo Practical Invest. Co- Ltd.y tywei 

DcaliPH Tufs. II Wed. 4-»Jl«mmbHrr Sq WUIAZRA U1.SSIBS3 

Govclt IJOhnrtP PnrclK-f.1 Mur IS .[134J -1427[ 1454 

n,..«»» A " um lnlt: - -V* 9 J 4 

STiMr Mar 17 11243 »i o| -h2i 238 Provincial Life tnv. Co. Ltd.V 

Do. ArtlTO fn« ^h« 7 1S6 5| 4 | 238 = S.B,.hppv B a1e.E..'i . 014V WO 

Neti 0c*lvnc day Apni . Prolific rah*: {721 77.2 *-0.1|- 343 

2.76 Gneveson Management Co. Lid. HiKh im-mac U03J llftTf *fl.4| -7 86 

-® SBGreibamBt- EPSPins oiaewn PrndL Portfolio Mngrs. LldLV-(aKbMc> 

«« Holborn Bars.EC-] X 2\ H ■ ‘"■ ■OW05922 

7 HrudentuJ. — . .. -H17.0 1»0J J .4.57 


BaKctn. March 
lArtura. Units) 
BlnnHVMar. 16 
lAmmiUnitei...... 

Endear. Sbr.lf... 
lAccura.l-'iihsi. 
Cmckcr Mar 12- 
lAccnm voltsl 


Andersoxi Unit Trust Managers lid. <Acctua.iinitfi 
1 158 Fenchurch St EC3M AAA 
Audenon 


11928 

2009 


207 9 

217.7 


1701 

178 2 


1910 

2900 


165.9 

1738 


1714 

179 5, 


79.4 

83.7 

*2^ 

*& 3 

865 

+27 

375 

706 


700 

731 



urthSt^MaAA «W Guardian Royal Ex. Unit Mgrs. Ltd. S=ES, 

*- T — -|A5* wo ' • — I Royal Bchunge. ECIPTON. 014388011 SeklordoT.iAcej...QB7 . . 4L4Ufli 6 

ier i'uit Mgjnt Co Ltd «a*'GuardMUT*t..|82 7 85.64 +02 458 SeWordeT.lnc.- _W3. 4L0T-0.il 6 


775 Quiltcr Management Co.' Lld-V - 
TbeSIk Bxchan&e.SC2K'1HP.' 0140041 
jm Quadrant Gea. HU. .196.9 - 9991 

3 OS Quadrant Income. |1U5 117. lj ....J 859 

jo? Reliance Unit Mgrs.- UdV : 

Reliance R*e, Tunbridge Vdk.Kl. 088322371 

5.73 
606 


I Ansbacher Unit Mgmt 

•1 Noble Sr. BC2V7JA 014338378 

Inc .Monthly Fund. [134 D 104 04 | 93 

Arhuthnot Securities Ltd. (aiic) 

Tl. Queen Si lAndongfbRlBY 01-338 S281 


Henderson AdminisiraiioniaMz) 
Hremlcr U.T.. Ailmm.. Rayleigh Road. 


I -Extra Income Fd 
nigh Inc Fund . 


w 


I Provincial. Life Assurance Co. Ltd. 

.222 Bi»bopt8*xe. E.CS. ~ ' ... 

' MsrumedFlt. 11103 116- 

5.9 109, 

50 132 



OtAccum. Cnlti» . 52.9 
WdrwU'b i 52 q 
PTefc retire Fund 2S.7 
lArcum. Unite) — . 38 J 
Capital FuruT. . 167 - 

CournoditJiFkihd - 522 

f Accum Unite i 73 4 

dO%Wdr*J.u.i 17 0 

Fln-fcProp Fd. . 14.7 

Claris Fund U 3 

l Acrum. Unite'. . . • *42- - 

Growth Fund 33 A 

[Acnuu. Unite) ».0 ._ . 

Ionian Gth. Fd. SL9 

Eastern & I ntj Fd . 21 J 
01-24788831 l«S Wdrwl.L'M. 14.7- - 

FortlgQFd. *3.1 

.VAmer.4lM.Fd.t2S7 



BrcntwocuLEMrx. 

18 Austral inn IZ7 0 

Cap Growth Inc. 36 6 

fapurowth Act- .37 2 
10 75 igiRurapcan — - . 342 

925 is'Far eak 634 

931 ipiPlTuin JilTL' 23 5 
931 'RiHlgh Income .— 582 
12 00 igiinr- A Ai£ct> — 29 8 
12 00 igU rr.rmaiional .. 263 
— leiMh. American .. 33 5 
5.97 S.A GroHMar. 17- 186 4 

5 97 OII&Nal 23 6 

5.97 W. Wld. Mar. 17 — : 70 7 
3 J6 '^bit-^-'-bl 


Ridgefield Management Ltd. 

PO Box 4 18. Bank Uae_ Maiichstr. C61S3&8S2! 


abot Extra Inc 


0277217038. Badgchcld lot- UT.’ 
28* -Oil 
39 44 *oS 


3984 *01 


364 

684 

254 

596 


31^4 *01 


02 7 


35 1 
110 & 
25 ll 
75 U 
7b 3 
5554 


-02 
-05 
*01 
-0 1 


*34 


*0.1, 

-o.a 

.. -0.3 

only 


^a±j 


2 67 Rldpefield income.^ 

3 Rothschild Asset Management Tg> 
"240.<iatcboiteeRit. Vylcrbury. 02M5W1 


525 

176 

454 

l«5 

653 

192 


1560 


ully Fluid _|: 

J)«y..T<.|93 8 

P 

[74.9 


165« . .. 
99 R -0.5 


327 
. 295 

15LTl-.od. 7.14- 


N f Income Fund __ _ 

N.C. InlJ Fd line 4749 794] -0 M 1.98 

sc. Ini) Fd i Arc iU4.9 79 U -0.3 1 98 

126 S C. Sralfr CoV* Fd|1422 1513) c 4 68 

2 M Rothschild Ac Lowndes MgmL (U 

4 56 . jSLKwdihina !juao,UU». EC*- - - — Ol^afltSCA 
- E\e»pt_.-1Q15.0 \22.1b4 .. .) 372 
"l 15. \i 


315 

924 


For ux exempt fu^K Mly - * Pr " fe<ra N“T h lS - »» dcalm> April 1 

Hill Samuel Unit Tst. Mgrs.t la) - * U,waD Vnit , Trnst Vbt &- Ltd - - 
46 Boech SL.ECSP2LX 014C88011 Crty-Gatc Har^ Fui^ury Sq.. O1B061M8 


i b > Brt tub Truat-.... fl«7 7 
iSilmlTnut-— 330 
i EJ Dollar Trusts-—. 666 

id i Capital Trust — 27 9 

i bi Financial Trot. 374 
ibl Income Tro* — 25.8 


menses Prudential Pensions ijmitwi^i 
tMR; — Holborn Bar* EC IN 2NH. • 01-40SE 

- Kqult- Fd.MarJ5._lS2. 98 23i 

K*d. InL Mar. 13 B944 19.7 


-l-J ~ 


Archway Uiut TsL Mgs. Ltd.* (age) 

317. Rifth Halberd. WC1V7NL. ' 01«10233. ‘t:»2?lS33lSr Be 

ArttxwayFiind [74.7 816{._..| 6.02 'bjHifth YteldT«-p7.9 

Prices at Mar. 15. Next tub- day Mar. V9. 


15801 *1.9 
35.4 -0.1 
713 *0.3 
29.9 *0.4 
93.5a *03 
276 *03 
523a *02 
29.9 +0.1 


_ __ Rowait-Vm. Mar. IS., 
Rowan Sec. Mar 14] 
Rowan Hy. Mar. 16 
^49 ' Accurn'l' nlu I _. 


4.75 

4J1 

7.91 


Rwn_MrnJUar.l3- 
rArrum t'nitei.. 



122 

430 

7.48 

7.48 

407 

4.07 


oi-emi288 Langham life Assurance Co. Ltd. 

Langham Hs. Holmbrook Dr. NW4. 01-203 621 1 
Laugbam *A‘ Plan_ 164.0 «7| 

Wop. Bond Kfl.0 147, 

Wisp (SP) Man Fd [73.4 

Legal & General (Unit AasnrO Ltd. 


m=b 


Prop t. Mar IS__| 

Reliance Mutual 
Tunbridge Wells. KenL 
RcJ. Pmp Bd* ] 


Rothschild Asset Management 


Unicorn America— 

Do. Aua. Acc 

nomvM-,! Do.Aurt Inc 

^ 22871 Do. Capital 

1922 1 | — | Do Exempt ^ Tat .. , 

Dr> Extra IncpTTv. 
Du. Financial 


Barclays Unicorn Lid. (aKglVfci 

Unicorn Ho. 2S2 Romford Kd. E7. 01^345544 


PniMrty l.'niln 
Bqullv BenK Kvrc 

Prep Rend Exec . 

wRrl Bd. bx.-r rnit.{a2 74 
Brio'll BoikI - [189.8 
Eqiiib Actum. 
fW|W1J Accum... {U2I2 
Unvld. Arcum. ... 


urn! 


^Property .....Rofl 

?uUAfanaprd .f ' ' 

BtdTiepinit f 

W‘ 


14 

„ . ... -..17 

itiGill- -_^35 

Pvns Art. ,W7 6 
Ar^. . )l03 2 
Fens. AccM 1 
... i. Pep Hen*. Aee-ri A 
bu 1 . Gill Pens' V.T (916 

iWW z::. . _ 

Cuirviit value Much 



01-002 6OT8 


Klas*woqd House. Kincuvtood, XadwOTth, _ „ . . 

Surrey KT20 6EU Burrt Heath 53453 »■ bMUuns Lane. Lwidon. EC4 

Cash IniUaL (952 10031 — N ■„ l4op Der.30... 114 1 12 


Do. 500 


Do. Actum. 961 

Equity lulUflJ UL2 

Do. Accum .. . _. . 1222 

FUed Initial 1162 

Do. Amjm _. U7J 

Manaurd IniUaL. U3 7 119? 

Do. Atxun 1148 120. 1 

Property Initial ... 95.1 1M 

Do Acrum 96.8 . 10L. 

Legal ft General (Unit Pad bum 


E x em pt Cash fnit .. 

Do. tecum ._.. 

Exempt Eqty.Intt.. 

Do. Acrum. 

Exempt "Fixed IniL 

Do Accum . — 

Exempt MnguL Init 

Do. Accum. 

Exempt Prop. IniL. 954 
Dp. Accum . _ 



IM "T5 1 S-SSS?**^ 

Srirt nrti. -dar Mamh l? | 

Pnre« a l Fe b. 28 

Royal insurance’ Group 

New Ma|l Place Luerpool. 181 32D442Z| Do Widwide Trust 

«o>ai Shield Fd. ...11314 139.0| | — I Btat_In.Fdinc.___. 


Do. Accum. 



539 Royal TsL Can. Fd. Mgrs. Ltd. 

BW 54. Jermyn Street, SW i. 01-8398288 

Intel. ¥ (»Xg) Capital Fd IMA 66.9rf .1 3.91 

15.ChnstopberSt«el.E.CZ 01C477343 M^TT-V * J, 78 

Intel lnv.Fnnd 1865 93 0| | 6.70 •* Mar ' ,5 - Nrx< * s “ h >S »*«• 31- 

Key Fund Managers Ltd. (aKg) San * Prosper Group 
2S.MMCSL.EC2Y&TE. 01-8087070. 


4. Great SC. Helen*. London EC3P 3EP 


Key Enorgy ImFd. . 

Key Equity ft Gen. 

♦Key Exempt Fn. _ 

Key Income Fund- 
Key Fixed lot Fd 
Key Small Co s Fd (80.9 


688 

72 

621 

657 

1374 

1461 

76 3 

811 

588 

6254 


86 M 


-Oil 


-041 


Z „ 68-73 Queen St. Edinburgh EH2 4VX 
3.97 Dcwllnjte tw. 01554 9880 or (BI-CSS 7351 


505 


6.65 Save & Prosper Securities Ltd.* 
_Jj-3£ lotertunionaJ Funds 

ifl gl 


afc"— i 


*31 Klein wort Benson Unit Managers* Mile. Growth — ~ Hi 2 
641 20. FenchurchS^- Ei”i. 014CS80D0 Increaring Incmne Fond 

K-B Unji Fd-lnc.^. |77 4 ftMrtJ .. .. j a 77 Hlfth-Vteld .153.4 


X1B 

434 

210 


. 4M 

MVyh 5J3 ♦KBrUrutFcLAc. 


108.1 
1073 
307.4 v 
.loos 
ULfl 


Save ft Prosper Group* 

•». Gi.Sl H elen'?, lndn_ BC3P2ET 01-5M 

Ballnv.Fd. -I12L0 128 

Property Fd - 1406 157J 

GiUFd.... ...1229 129.4 

Deptrtll Fdt 1216 ' 128 1 

Comp. Puna. Fit 198.2 - 208.7 . .. — 

E4Juilv7Vns.Fd 1688 1782 +0 3 - 

Prep.Pens.FU* _ . ^ 209J - 2209 — 

(.lit FVite.Fd._ 95.7 1D0 8 ... — 

Pepos.Pnu.Fat . 96J - 1811 — 


4 77 nigh laoaiar Foods 

s*o L ft C Unit Trust Management Ltd.* Mlgb Re turn-- — 1615 

499 The Sloch Erhonoe. ECJN IHP 0)-‘®8 2800 * * 

UcC Inc. Fd. 1127 a 131.4K1 I 785 H*™®* ... . 

LftCIntlftGeoFd (862 B8 9c^ .Jlj 160 UXErputy [414 

Baring Brothers ft Co. Ud.V (aim Lawson Secs. Lid. *raMci 


57.4|+03| 6.76 


866 

864 


661J+0 4J 
44 9i[ +0.3 


445) +02P4B8 


-ill B&L*ade oh* 1 ia..EC3 1 01 ‘ 5 f 8 ^ > «Ceor*eSt.Edtnbur = hEH22JG tOT =283811 J?P™ fe-| 

^ = SSSSferffi IS JSaSSSfcfit «f ” J ?3 “ 

— Neal sub. day March 22 •rtrmrthminri mi Si 1 m rnnnniMlitv Ml 


0803 28511 


32281 


Prices on "March 14. 

• . — - - IWeeWy deaUne*. 

Legal ft General Prop. Fd. algrs. Ltd 

11. Queen \ irtoria SL EC4N4TP 01UH80878 Schrader Life Group* 
Lft^Fd^r^^^l,-; 1 - 

. _ • _ , . .. EqniK 2 Mar. 14 ...(2052 * 215.9) 

Life Assur. Co. of PauurlrffliB Equ:ri-3Mar 14 ... ml . U7a 
3M2 New Bond SL.W170RQ. 01438385 SSS&lfSi! 4 .* M9I iSS 

LACDP Unite ... |»15 M661 uy ia| 

Lloyds Bk. Unit TsL Mngrs. Ltd. K £ ssS* Mar 14 mo m« 
‘71. iMnhard Sl . EC3 * OI49 W88 14 ■ gS 5 g? S 

Even, « ,t — -1 7 * Money Otar. i«T- 1061/ '1UR 

vlh of Vfr9tgi;n«tw limr Ce lltL 1 ■~ l ;r ?; *■ ■■ Moom.TMar 14 - iito I22I 1 

Steftwi.ny.lLV ^ , _ (, 1 ^848684. 1 *"»*- ".• propT»»'3Mar 7 . (MTl 


6Q 2 1 

230 

525 

72fl 


*0.51 

+0.6| 


026 
026 
1060 
10 60 

Fri. 


QwiUI Life Assurance* 

tendon linuxe. t impel AyhWton 
imlnvw F.1 j “6.28 l. 

.,'iSi-rJtcrln. Kd I 10188 I. 

fbirtcriKm.se Magna Gp.* 
At neg'ivre^r, . I'sbndne l'B8 INK 
7l|ih#efcnen:»' . I3J2 55.0J 

.tir.fcM* Munit . [29 2 30 n 

ihw Mrnact-d IS 3 38 fi 

J|M- Uxr.nl> ...1322 31 w 

...tuSIdyr. . 1246 

-Vnoa^iri ,1 | 1536 


Al^tva-I House, 
dm 1. nil *XV 

PH*|t Vtnvf. 

pBMr«*FrD* 

aiimd Ftmd 
>• Fursd’ 

I i-uod _:. . . 
. Lt Fued .. 

tort vpp 
tie Mn+d 'it 

. MaM- 1 ij. 

Pan* 


.r* 


M9 




;109 3 

l!?5 


. 'Sl* -'0.3| 

■ff 


Jkns tauili l'..r- «!i2 

itt.Eqji:; Wo .. 125 
TWltl ruf.-j :j t used in 
Tflwiw ; n-.f 188 


otS 

sou 

Si 


M)l<!U|. SWr'lB 
Opt Tl Prop Mar 18. 
t*pL5E3qlv.3far Iff 


&*%£$£&-*** 14451 


Opt 5 

Opt.5 Dept. Mar. 18 


124356 _ 

1227 129 2j 

LUt» 1253 _. J 


(142 0 
1202 


149 Sf 
126.61 


1573^ 

^ ... 154S 

BKPa.Up Mar 7 -.[HAT .- 
BSITt Arc. Mar. T . ■ 127.9 

Mil. F7i i'p Mar. 7 .0898 199.9| 

3In. Pn. Acc. Mar l.im3 2H.H 


"Growth Fund 55 4 
*t Accuzn. Utiitfti. ... 603 

Bisbopsgate Progressive MgmL Co.* midland warrant 341 

9.BUhop*«at*.E.ua 01 088 6280 %!i 

R'iaiePr.*rai«r.7..n*LS 172-Oj . .. J 355 M2 

i2a--j 1% -SSSStiMr. SI 

AlK^^^ii-im’ ^3 : :;i Li? ^ *u*m. *ru Cs . murs 
NeM Mib, day "April M. —March 28. Legal ft General Tyndall Fund* 

Bridge Fund Managers*(aNc) "ee^. BnapL 5 310 

f7n53n33|7noftW1lteiaSt.£r4R8AH 01-4234861 CAccnm. Volte) (67 1 71 « j 5.10 

Rridsrlnc". . ._M*t 50« . ..J 7 05 ' 

BridgaCap lnc.l-.3L4 33 S ...1 341 

■ g2 36.1 4 341 

13 9 14-81 4ift 

152 3621 ...J 426 

15 Dealing Tuec. IWed. 


3.06 Commodity 

306 Energy.. }603 

L92 Financial Secv— (663 

ff| | [t-Mtnliwwwi F^UMfs 

Selort Internal . — 1225 0 
Selet-l Income [518 

Scotbils Securities Ltd.* 

Scot Kite 1368 

6 53 


23T4J +0 71 
.-548) +03| 


469 

205 

32S 

280 

750 


Bridge Cap Acc t_ , 
RridceEaemjitt. 
Brldcelnti. (net .. 
RddfiClnU. Aect | 
Price* March 14 ft 


HLd 

JW*L tub -1m' April 12 
Leonine Administration Lid. 

5.95 2. Duke 6L London UIMUP. 01 -486^931 

1 co Dim. [702 73. 

Leo Accum—-, (74 8 78. 


nTT'THM, ScoWeM 

KTiU 32241 Scoti hires- 


Scot. Ex. cth-ft ^99.9 209. 

' “ — ' —11469 153.' 


?4*4 i 

562{*0^ 3 


377 

250 

7.1 


Scot- Ex Yld.'i* — 

"Price*, al Jure. 

^ .Schlcsinger Trnst Mngrs. LUL faKs) 
■ i incorporating Tridcnl Tnibte) 

3 fS 1 40. South Street. Dortang. (U308i8S*l 

i\ ... -I ?0J r vMnnt « nai 11 * 


Britannia .Trust Management! ailgl 
3 London Vail Bulldinsr. London Wall 

Loudon EC2N SQL - 

Aweta 163.9 

Capital Acr 47 1 

< 'onun ft 1 nd 5 05 

Conraaodlty 672 

Doraeaiic 362 

Exempt 95 6 

Enn Income ___ 377 
rtrEari 169 


Lloyds Bk-.^pit Tsl. Mngrs. Ltd.* (a) aw- 


Am. 118.3 .1931 


_ _ . . . ., . tl . Scottish Widows' Group 

London Indemnity ft Gal. las. Co. 1X4. porunHC. Edinburgh EH185BU. 031 -B5 8000 gfSfe 


18-20. The Fortuity. Rndleg SOSl 1 . 

S«f.S!Sr r -"ii Wi 

Fixed In terem. ..pit 36 ( 


l t> 


of WcsiTulnsler Assur- Soc. LUL "Thu Lore. n>fteuonc.K»u 
vu,.r..^.rit2.4M« i&SSTFi^w 

! , - JiV 4?a ■■ ■ | ■“ OEiempi rrop F«L 

p-l-url- • di.s |M3 559) ... | — *Es|d. lav. Tat FU 

OMsm-'mai Union Group Flexible V™* - • 

; IT. n- I I rilershall. FlU 
— 3> Ao VcH Mar :C| 50 71 

o .*>rii»u:i Ul- .1 1692 


Ini Ply. Series I .. 

. . , — " J"' My. Seri e* 2.. .. 

-0.]J __ Jin t a»h M*r. 17.. . 

.-. .-_l . -- .-.Ed. LL TcJlac. 15.- 
* . Mgd.Pcn.5lar IS 

The London ft Manchester Ass^Gp.* \ 

(DRf 57833 Solar Life Assurance Lind Led 
107 Phespaide. EC2V 8DU. 



Im. Trust Fund. — 
01 2837500 Pro perU' Fund 

M : _ 


fi? 

+33 
+1 3 

BS.7 

♦0.6 

1358 

+11 J 

1037 - 

+0.< 

119.4 

+o; 

79.6 

+0*1 


anfedorattAn fife Insurance Co. 

».i:hl>».rcrt lliln- VT2A1UV. 


W & G Group* 

Three Qn«s. Tow Hill EC3S 880 01-826 JS88 


Solar Managed S _ [1S.4 
Solar Propen* S ._. 1098 
Solar Equilj «L .. 1499 
SolarlNAfnLS -. 1295 

SelnrCa-'b S J93 

Solar lolL S ..._.-.. g^9. 


Solar Manoccd P.. 


ass m 

•* WJ 7083 ^ 

I960 
1761 
2290 
3524 

nnihill Insurance Co. Ltd. 

• nrrlnH.Ki' J 01 8185410 

5 

|»9tt 117 


iiy.-lly F.inl 
\l+iia).-i--l I'un.l 

■rviH'+' S' i-ii til 
JiiiivIVI. ri.r.it 
:i»llrl jA-n i'll 
tii|.i..;e»l P.f F.| 

■nprrli tVr. >M 
YlSMti 'l III I'lll 




• i erpliPI. r. i J 
■> U.-l I'l'h 11 . I1U- 5 - I 

’*lws ki-b IN . W65 l 

uliriH. Fro irt|»90 16751 

radii & Commerce (onrioce 

!*. !:.:»■ 'sl S' l.Jidon W1RM-T1 0I-4M7tBII 
.t rm -l Fd 11220 13281 . - 1 - 

rusadrr Insurance Co. lid. 

■I. -Iij < I-'.I *. row rr PI . EU3 01-4C68031 

Itlrrp Mur i . 167 7 744) [- 

iglc star Insar/MidUad Ass. 
?',teaUnredii-S« .ECt 01-5881212 

j«l.- Mid l' nil.- )«.» 5»g -0 8J 6.09 

juily ft Ijw Ule Ass. Soc. Ltd.* 
hum Rnad. High Wyciwnbo 


fSHHP:-- 

Famtly 81-88“ 
GiltBnud—... 
tniernatnL Pnnd“ 
Manated Bd*""..... 

fw^eidFd my 

Hcccrery Fd. Bd." 
Ammrah Fd. Bd ' 
Fu. Bd ■_ 


5410 JagnFi 
Prices 



Solar Properly p .... IBM 

Solar Eouiry ?,.... K9t 
Solar Fxdlnt. P . .1193 
SaUrClshP ... - 991 
Solar Inti. P_ . ...fe 9 


25J 


1322 +0.41 
1156 +07 
1571 +08 
12S8 -07 
1®5 *02 
1019 -0.8 
m.9 *0.3 
1153 +0.6 
1575 + 0.7 
1256 -0.7 
1053 + 26 
1019 -0 6 


Financial Secs 63.4 

fluid & General — B84 

Growth 735 

Inc ft Growth »4 

litt'l Cnjwih__ — 530 
Itnea.TH-Shares.. 396 

Minerals 

Nat. High Inc 71 7 

New Issue 332 

North American .. . 260 

ITWhMtonal— 4574 

, Property Shares . .. U3 

01-8080471 J Shield- 1425 


Statu* Change (275 

Lntv Energy (29 7 


Registrar's Dupe. Conng-by-Sea. 

Worthing. Wesl5U*s*;x. 

018380478 IM70 Fmrt iBalnflli^— 

6B7J+04I 53* 

Do.iAceum.i 


506 +02, 
543 +02 
722 -02 
389 +02 
100.4 +86 
406c -0.1 
1126 +03 
682 +02 
950 -26 
79 0 +0.4 

79.7 +02 
569 +02 
425 +02 

362C -L0 
772« +03 

15.7 +02 

47lj +fl'S 
1434 .. . 
450S +02 
2964 +02 
319) +02j 


443 

463 

581 

417 

808 

902 


[474 

642 

ft>8 

552 


Third OncooWL- [76 9 


50.9| +02) 

690 +02 
503 +0.1 
625 +D1 
826 +02 
2103 +03 
60.7 +01 
67j| +02} 

437 «« •'**■» «»»• ++*+ t^*Grth t 

3213 72B0. iTalebouse Rri . A> leybury 0=86 SMI UK. Unit. DiiL-TTpao 


Do. lAcrum-i- 

Fourth i FvInr i . 
□D.lArcnm.) — 


it 


Lloyd's Life Unit Tst. Mngrs. LUL 


Exempt Hi gh vid- 24.0 

0.42a™ 

Income DIsl— ... 382 

Jnc. 10%WdrwL 294 

2*7 Into] Growth 4L9 

367 inv.TM.Uniu, 224 

t’S Market Leaden 272 

Nd Yield- 271 

7-93 PreL ft cut Trust— 23.9 
7 95 Property Shares ... 250 


.11415 149.0) ....4 425 


438 Equity Acrum. 

Ij? M ft € Group* lyitcKzl 
4 07 Three Quart. Ibw Hill. BC3R EBQ. OIOS 4588 
3 J55 

661 Amen can ML3 

IArtum.Unit4l 421 

■WBtraU& 'ran , ■ ■ . 4L2 
■Arttim. Umtsi— — «L9 

Commodity 60 7 

l Accum Unru-i 65 4 

Compound Growth 93.1 
Conversion Growth 48.8 


' r »3n +4»2f 
-SJ » 

240 . 

302 

4L5 +02) -90E 
3Z0 *63 +- 
«:l +0.2} 

».l . 

292 +02 
29.3 — 0J| 

25.2 . 

27.7 +02) 

261 

2L4 -0.1 
194 


•Next auh. March 22. 


207 
2251 
-938 
I 4.471 
M.10 


3JO 

-*.99 

.466 

O04 

« 

208 

tB 


J. Henry Schroder Wagg ft Co. Ltd.* 


470 

207 

396 

256 

473 

511 

277 


See also Stock Exchange Dealings. 

oSS - 0.1 

4423-031 


v.iunDnii<cnciu > iu.u>K+=ii 6 
JJ« (47J 50JI ... ( 5.77 

v—h ad«i 

rrta IS rffnlmr riiv VArrh fS U 


oo "Mar. 15. "-Mar. Id —Mar. 17. 


— Merchant Investors Assurance* 


ISO. High Street. CMydop. 
Conv. Dep. W---. ■ 


M*t lav. Man. W 
Ver. Ini.Rf.Fd. .. 
I+iulty Bond-- . 
Prep Pea*. — 

3lan. Hen* . 

KOMHyPenn . 
Corn- Dep Pens.- . 
Mon.3flrt.Pew... . 


m 686 9171 

+0.1 
+01 
+0..1 

+0 2 

l*:* 


Sou Alliance F*nd Mangmt. Lid. 
Snn Alliance llonec. Horsham. 0403 8+ 141 

ExpPdJnL Mar 8..[U54 30 164 
1m. Bn. March lft — | - 0184 

Son Alliance Linked Life Ids. Ltd. 
Sun Alliance House. Horsham 
. ^Ftmd ... ,.. OOL6 107.' 
Fi«dluierertFd._.p32 10& 

Property Fund .. — -P120 107' , 

IntemstitiBal Fd. .J9B7 _772) - 10) 

1M 
105 


The British Life Office Lid.* ta) 

Reliance H«? . Tunbridge Wells. KL 088222271 

BL British Life [ 

Rl. Balanced' 

BLDiitdend- .. 

"Prices March 16 Nod dealing day March 22 

Brown Shipley ft Co. Ltd.* 

Mngrs: Founders t-X. ECS 
BS Units Feb27 —0190 
DaiArt >Feb07._.p6l7 
Troste «bi t 


Conver«oij Inc. 
Dividend . - 
i Acctzm. Uiute- .. 
European 
• Acrum Unite' . 
Extra Yield-' ._ 
(Accum Unite' 

Far EaMotTi - . 

i Accum Unite' 
Fond of Inv T>t- 


! " 


iroste tel UP 

General 

Growth Accum. — |C 7 
Growth Income™. [33 .9 


Deposit Fund " 1953 
Managed Food. . ..{1004 


«*»mi 


m 


I-0U 


1BD 

Index S tl 

Overseas 1*4 

Performance 518 

— Recovery 207 

— EwupL Feb. I0_ . -P92 


01 OHO 8620 L ’ n,b " 

470 +CIH.I ai 

'Accum l nii»> . - 
High Income . 
_ _ . . 'Accum Unite* _ 

358^ -ftg 4 23 lapen lnreroe — 
4Z7 (Accum Unite!— 

519 Slagnum 

5 19 i Accum Unite'- 


-oa 


186 
442 
35 3 -00 
30.6a +04) 
19 Id 

Bit*; 

i^- 0 * 

61*1 


986 

3.98 

400 

361 

458 

5.08 

494 


248 'Accum. Units.'. 

55 SS££Kyfc;|55 


54* 

1D91 

202J 

45.6 

46.1 

779 

1041 

39.9 

or 

541 
660 
1516 
Z3L4 
944 
153* 
1345 
134.7 
177 4 
2ZL1 
1504 
243 8 
73.8 
746 
1516 
2266 
Ml 7 
D7B0 


71 0 -0 1 
1001 -02] 
525 -OJ 
58 14 *02 
1162 -o.a 

2155 -OS 
481 —0.31 
49J -0.4) 
830a +D.1 

110.9 +0.l[ 
429a +0.S 

47.0 -0V 
58.7 
705 
1645 -0.3) 
25L1 -OH 
1005 
1*35 -flli 

143.9 -12 
1441 -1.4 

1090a -10 
2366 -L3 
1617 +04, 
2621 *0.6 
786 -03 
79.4 -03 
1645 -0 ? 

245.9 -0 3 
1509c -01 

—02 


1091 


1 20. Che* pride. E-CjL 
Capital March 14...W33 

L09 .«.\cntni i — 1112 0 

L09 Income March 14- D69 9 


Europe March 8 — B7 4 
(Accum -g9 9 


■P‘n‘CKyFeb.21 — 1547 
•Sped Ex March T 205.0 
•Rectwry Mar.". ..13672 


9661 sr 
11*0 ... 
1760 
2S62 .... 

• 79 7 .... 
912 .._ 
291 .._ 
318 .... 
1594a 
m3 ... 
17234 


699 

15 

117 
4 27 
419 
5.48 


439 
409 
309 
950 

833 . .. . 

853 *Fw tax exempt funds only 

3 02 Scottish Equitable Fnft Mgrs. Lift* 
8 64 28 St. Andrew s Sq_ Edinburgh CQI058S1O1 

8M loccKne Unite. — W70 50.91 1 540 

087 Accum. Unite J53.9 57fl _ .. | 5.40 

2® Dealing day Wednesday. 

5.® ■ Sebag Unit TsL Managers Lift* (•> 
6.17 p, ; , Rox 31 1. BcUbry. Use., tc A OI-2383000 

Sehae Capital Fd. . 01.6 » hd +02! 3.91 

Behai: Income Fd--® 3 29-M —1 826 


627 

905 

905 


t'S Selection Ltd. 

in IM9. Lincoln's Inn Fields. WCS. 01-83189380 
4 47 Dor) Gill TB Acc. K1.9 J3.4I ...,J 4 01 

733 Unvl GUI Tsl Inc ...|19.3 20*1 ....1 401 

733 


Sun life of -Canada (UK.) Ltd. 

2.3.4. CocfcspnrSLSWJVSBH 01-8305400 
Mapjobf Grib. — I 
Staple Lr.Uangd _ 

{sassst'"' 


1864 

+3. 

1327 


119.9 


1998 

+5. 


1326 139«+01[ 

“W" ^ 

1370 1399 ] 

167.7 1702 

120-9 127.1 . 


5 05 Stewart Unit Tsl. Managers Ltd. (al 
503 45. Charlotte Sq . Edinburgh; 081-216337 1 

!Z) Stewart Amcrlcau Fund 

S3 Standard Unite 156.6 6021 J 162 

fl-S Accum. Unite Kl0 64 » ] — 

x Withdraw^ Unite _|46 6 495) _ 

«=J is 


609 

689 

1035 


Stewart British Capital Fund 

•Standard 0262 I36 

.\cnun. Unite [143.0 154 


.«;• n 

.'[ii-il* hil . . . 

•jU inlet mr . 
i r» potii Kd .._ 

v.rtFJ 


NEL Pensions Ltd. 

Milton Court, Dorking. Surrey. 

04M 33377 MefexEq-Cap. (722 75.91 ... 

NciexEq; AXvnm ..jU51 1126 +fl.‘ 

ej 

.... 462 

NdexGthlitcCsD J433 — 

Next aobi day Sfkieh 2i. 


£•11 



For New Cnurt Property sec u n der 
Ba t bsc hltd A met Manageme nt - 

NOT Pensions Management Ltd. 


Prices Starch i. Next dealing Ap 


•nrrel Pnrtfoli* Life Ins. C. Ltd.* 

r_u-!hiiJi>mi-w n . Waltham Ores*. WX3IP71 
iVaiirliib! I — 

TUnito Capital- rili 43.7j .) — 

-eshoni Life .\ss. Soc. Lt d. 

*iinr«* r.f hsh' Rd ■ R'lawlh 0202 767835 
,M'.ish 6'iind . 195.4 1004 . 

«-t.nuii| hliinl • H98 10421 . 

. -fill Furrt [1154 121S . 

.'InIJ Fund W95 1M7] ■ 

» irt" Fund. _ (954 • I0fl.4| - 

OWlb ft" Sec. Life As». Soc. Ltd.* xeehnokigyFil ... 1950 
ir Brink. I.TM -on -TOeinc* Berks Tel 343M nunlnr!>K_. - Ql 

•silile K.njBci- I £1060 I .. ■ { — American Fd 7B9 

iilh-.uik her: . _t 55 43 J j — Far Fait Fd. 95 0 

■•U-.mk 9w« •irrjllhS 119 n - 4 ~ Rill Edged FA. — ».* 

i-. >opcrHd ._} L79693 H- J - CunDepoanW. HI 


ReU75taMmrjQaF-Q133 
cm pe». acc.TT!-. 038 d 


48. GntCechorrh SU HC3P3HR 01-4334300 Gilt Fen. Cap 
Managed Fliod.^. .|ML_1 , 147.0) 


As les'hOTyt^SfsWl 


Target Life Assurance Co. Ltd. 
Target House, Gatehouse Rd. 

Bud*' _ Ajlc 

Uap.-FUndlBC._. Ml 99« 

Man. Fund Ace 1115 m.t 

te^^ W72 1320 Ui6 

Fd. Inc'. 1O97 U1 1160 

Den. Fd. Acr. Inc — 77 5 1030 

Ret Ran Ar. Ran. _ 69 4 751 -10 

RetRanChpiS-. 574 627 -0 8) 

RiCPIanlfm.An- 1219 1291 

- 114.9 

_ 1457 

0320 1394 


Midland 

■Acrum. Utut+i. .. 

Recovefx — . 
lAmnoa Unite! — 

Second Gen 

'Acrum Unite' — 

Special _ . 

■ Acrum Unite' 

Canada Life Unit Tst. Mngrs. Ltd.* Specialised Fund* 

|24}Hlgh5U. Potter* Bar Hcru. P. Bar Sira Trustee . 

Can. Gen DM. _ — B53 37.31 +0.11 4*5 lAreura Veil-" . . 

Do. Gen. Accum.. . K2 8 455*8 1 4*5 Own bond Star M 

Dolnc-Diri. 34 0 35-ffl +01 751 CJmrtid. Mar. 14 - . 

Do. Inc. Accum. (*J3 45M 758 I4erum. Lrnu' - 

Peas Ex Mar 13.. 

Capri (James) Mngt. Ltd.* MonuUfe Management JUd. 

100 Old Broad St. BC2MBQ 01 sa 8010 sl Ceoree's Way. Sierenage. 

BCfc:r:r.BS S33:::.:1 Iw Gre ~ u > L-Bi »- 31 . areRh a 0lSL . EC2 . 

Prices oa Mar. lo. Neat dealing April 5 Mayflower Management Co. Ltd. Target Cowr oodhy 
- .. , t> M „ . 14G8 Gresham SL. SC2V 7AL*. 0149068099 

Cartiol Unit Fd. Mgrs. Ltd.* (aMc) income Feb 21 . _ 1970 HB.9ni I 842 

MUburn Hotue. VewetaUteupote-TynB 211® General Feh 21 — (648 662ri| 5.44 15^ 

***°? M SSSSSfc 

Do. High Yield— ||?4 4tfl J 8*1 30, Gresham S!_ EC3P2EB. 0140043R5 TargetML 


New Zealand Ins. Co. IU.K.) Lift* 2BreamBjdcs_EC4iM. 
MaiUsad Home. Southend SSI 5JS QT0262K6 Tub o Invest. FU—^20J 
138 M 

mo a 


Translate mat iotutl life las. Co. Lid. cj-inceere 


| Do. Acrum. Units- (47.9 

Next dealme date 

I Charterhouse Japhet* 

I l.PaienMuerRow.EC4. 

[ cj. laiernatl n* 

I Acrum. Unite (230 



812 Sun Alliance Fund Mngt. Ltd. 
f H San Alliance Hue.. Horsham. .04836*141 

■ . Ejp£o Trt.si»r8._|O8*J50 19540) ... J 477 
rrhcFtamlytd |»* 92l] +0.fl 303 

<«?»»> Target Tsl. Mngrs. Ltd.* (aKg) 

4.08 i, ci cv-> Dealings 02965041 

~ 2- :: ^ 

Target Equiu 


861 




Kiwi Kc> Im. Plan .1134.4 

small foxFd. . R5« 


3000 
9s a 
97.7 
IM) 0 
MOO 
100 





Man. ren Fd rap .{1093 
Maa-.Pea. F<L Are |U52 


Tridea( U(e Assurance Co. Ltd.* 
RCTtelad# Uoaxr. cloortrtrr 04523^41 


C J. Euro. Fin (254 

Accum Unite (29 2 

CJ.Fd. Itrt.Tst »».4 26 

.Acrum. Unite — _t27 6 29. 

Price Mareb 16 Next dealing 



More Gen. 31ar.I5-.[UO0 
Ace.Ute.Maa 15 2091 

Mere. Ibl Star IS - 58.7 
Aecm-UteAtarth 1SO0 
— . SereExL FrhOa _ 197.7 

019483809 Aceum.Utv Feb23.B35.9 

10* Midland Bank Group 
7.43 Unit Trust Managers Ltd.* lai 
Uonrtwsod Houj*. Siller Street. Heart 



rarisati 
5 10 Do. Rcinv. Unite .... 

5.10 Target lm- J 

191 TarceiPr.Mar IS- 

U91 TevAwc 1 

459 Tgi-Pref 


312 

33J 


571 

62.4 

-05 

34.9 

375 

-KU 

2M1 

D0.7 

2U5 

2805 


120.1 

1261 

-0J 

266 

28JW 

+0.1 


24.9 


253 

5-2 


Z72 

1493 

292 

1575 

+02 

S3 

30 A 


14.7 

165 


D.6 

1&9 

+0.1 


&A 

605 

605 

3.00 

4.91 

2J* 

216 

393 

450 

taa 

1080 

458 


307 

307 

425 

425 


Sheffield. El 3RD 
Cemmodtiy ft Gen 


Target Tst Mgrs. (Scotland) faKbi 

IB. Athol Crescent. Ed In. 3; U31-2S986311S 

Target ^gle J 233 252) +0.11 


fSXL 


. Index Limited 01 33! 34B6. Three month Zinc 271.9-274.9 
Lotnnol Road. London, SIV10 OHS. 


The Building and Civil Engineering page 
is published in the Financial Times every 
Monday and carries news items relating to 
contracts and important developments in 
the Construction industry. 

For details of the advertising space 
aya liable on the page each week, and costs, 
you are invited to telephone 

01-248 8000, Ext. 360 
_ or write to The Advertisement Director 
Financial Times 
J0, Cannon Street, London 
EC4P4BY. 



13- wry Jtar. 16 ... . 

MHMVr 

.BOTSM.: 

Ja.w*r Pen. Star. 16 
iD'Kvcisi.jtar. ]8. 
lHq.Prt3.WaUr. I - 
Da Kttbirt- Star. 1... 
Dn Ronrt Var I 
Do . Prop, tor i _ . . 


MoirtT 

loteDtaLiooal 

Floral 

Growl b Gap. 

Growth Are. 

Hen* MuetCap^ Ul30 




+0tf - 


^ te 7 

"TntLU I.ftonrt 

Tai* value for £100 premium. 


Accum — 

Growth.. 

Chieftain Trust Managers Ltd.*faXg) 

3031 Queen SL.EC4R1BR. 81-2*8332 Do. Acrum. 

Anwritas (ntHUa 0*0+03] 108 

flleh Income.. _.Ba2 . - 433 -- J 956 ", - ' 

InlrrnatWD+lTsI—hi 223 242 -OH 347 International 

Brndc Rtare* T>ti233 251^+01) 4.18 - — 

Confederation Funds MgL LUL* (al gS^gJi,-.. . 

30 Chancery l0DC.WC3.t1 HE 01-2*20382 Do. Accum." . 

GrowthVnud J382 403) 1 4.76 'Price* at Feh a 

Minster Fund Managers Ltd. 


576 

620 


>53 

70.2 


150 

37.1 


S7D 

40.t 


24.4 

26J 


263 

28J 


475 

sat 

+0 3 

541 

579 


113. 

446 

-01 

0.7 

47 2 


59 D 

62.9 

+05 

a.o 

649 

*05 

no 

1104 


980 

1034 


. Next dealing Mar. 


T*l-or:«:T98«2 TareetThteUe — ,t»0 40.91+0 

5 92 Extra Income PM 

Jff Trades Union Unit Tst. Managers* 
3J2 ICO. Wood Street. E.C2 61-6288011 

3 K TL lTMar.l (450. .. 4804 1 - 5 SJ 

6» Transatlantic and Gen. Secs. Co.* 
g-5? 01 89 New London Rd. UheJmsIord 02*5 51851 


26* 
2 66 
143 
843 
568 
568 


rromopota.uth.Fd. 116 9 1B3J.-1 sos BSSami.ai - E* 856) : ...| 6 os 

Crescent Unit Tst. Mgrs. Ltd. taHg) WLA Unit Trust Ugemnt. Lift 
4MchiU«rre* .Edinburgh 3. 031-£s«93i Old Queen Street. KWIHftlG. 0IKW7333 

i0 27.9| ._ ) 450 WAl'nit* - • (348 366) ... .) 464 


— I Crescent Growth -_J 

— I CTO*, lnlcrnart — ) 


CTea. High Dttt. — 
Crea. Reunwr* . — 


Mutual Unit Trust Managers* iaNg) i.\ccmn.utute. 


I Discretionary Unit Fond Managers 


Tyndall AssuraacefFensions* 
laCatOrtfC Road. Rrtaiol PSTC3224I 


aw 

1518 
1680 
103 8 
1260 
1434 
60.6 
1614 

m 

822 


+ 101 
+0S 

-23 — 
» 3 21 — 
+8.4^ 
•+2fl 


15. Copt hall A»«. tX3R7BU. 
Mutual Sec. Hlu*- MD 51. 

Mutua l Inc Til -(64.4 68 

=.BJ«riroldSL.EClM7AI- 0, -* J8 +» i p4 9 59. 

Duelnrome- ~|W» 15*8) .... 1 S 57 and ConuMreia] 

E. F. Winchester Fond Mngt. Ltd. 3i.st.Andn 
Oldlewrv.Eta 01-6002107 Income Mtx 

GrratWartrater- H70 Ufl ... j Mo ...(1174 

+ »JXI lAccam L nJ „ 


0I«D6*8TG 


water.. 117 

ra. Which er VremdUO 

Emsen ft Dudley 

38. hrUnslmtSi 
Exoron DwdleyTkl |U7 


500 


... 6.9J 

+0 4] 7.75 iJ, 

+o3 6 32 n 

+03f 896 T; 

18 

it. Andrew Snuaro. Edinbtnvh U31-5M0151 «■£- IS- 

KaeHtr IS.. -0M2 M9.« ....J 612 rlTvILriT*''." 

re-S'W-' sriM ::«5Til3uT- 


719 766 _ 

108.4 115.4 

83. 9 843 

753 78.9 

917 96-1 

11153 12E4M +2.* 

1 1465 +3.4j 

-54J . 

. 572 . 

525 . 

662 . 

. 485 _ 

553 . 

48.7 . 

597 . 
70.9 . 

44 80 . 

45.5 . 
_593 7 

660 704 . ... 

M5 ' 67 6 +04) 
|7L2 . 74 H +0.7I 

T>u da H Managers .Ltd.*- 

18 raurtupr Road. Bristol. 


BarhiranMar 16_.. 
lAcroin. Unite l .._ 
hart! Euro. Feb 22 
hurkm. Mar. IS . ... 

'Accum Unite! " 

C oiemco liar. 17 .. . 

lArcum Unite! 

Cuotld Mar. 13 

_. __ (Acrum Unite i _ .. 
01-623 1050 film March 14 

3531 ... I 502 i Accum Unllsi 

856) _..[ 608 Marlboro Mar. M- 
■ Accum Unite'. 
Van G«tb Star. l*. 
Accum- Unllsi 


VanHyMar 14 
%'anft Tcc 


540 

<9.6 

62 5 ' 
464_ 
529 
(46 2 
567 
... .1673 
Mar. I5H27 
TteA . 


Wicfc'r Mar 16 ....-[56.1 

Acrum- Unite!. 

WlcliDi' tor IT.. 

Do Accum .V _ . 


IS 

2S 

1% 

609 

‘in 

569 

5.69 

.206: 

296 

364 

36* 

6.48 

550 

550 

900 

900 


AND 

OVERSEAS FUNDS 


Arbuthnot Securities fCJ.i Limited Kessclex JVJngt, Jersey Ud. 
P.aa»a4.SL Heller. Jcrrec ■ mu 73177 PO Rck' 08, St. Hrlirr. Jersey. rEnq 01-80878711) 


. XMijIeiRnB dale \Ur°^l 


’lap. Tst . Ucraej*— 

\«i dealing «(.... 

EastAInll.T.-aiCI). I1B30 2X0 Di 1 J«1 

S«t sub. March 30 

Australian Selection Fund NV - • 
Maiiwt UHWriwiwiHw. j rlfh Voamt ft - . 
OulhtralH-.-lCT, Kent Sl. Srilnei- • 

1-sSl Sharer . |U Sl 35 ' - I ...I - 
Nri jwl i+luu Mnrrh 18. 


| 3 H Fotiselcx.. 


KmiclPX Inl'l 
Kin^clrx Europp.. 
Japan illh Fund,.., 

. Kuysclex Japan 

■ Cent. At+ctei'jp. _ 


.(TrlK? 
X5 81 
0 62 
52217 
+971 


£13138 

Xing" ft Shay son Mgrs. 


1 . 

651 

4 

Sss-w - 


310 

462 

409 


Bank- of : America International S.A. 

35 Bnulru-anJ RO}»J. I.n\crnl<cmnr C D 


X L'hannci 'rnv.. sr ilrli+r, Jeirev. it)53*l73T4t 
Vollm- Iter. St Pnti-r Port. Grayir i048li 2471V1 
I Thnmafc Sited . Dnualft-. U » M. * 'Offiii+SMi 
inn >"und iJmcyi .jifi as ujfl .... | ii oo 

. GihTrtJrt rll»\l : 1147 117*3 11,00 

Uldimree Income’.. tSTIilM U 1WWI-0 D5| ' 666 Pn*l. CnmurjrKlI 08 10 J4I .....) 11.80 

Prim Mil arch IS Nc-.teiili.ilio day March 21 - laiL.Gmt. Sere. T«l. 

Bnt of laidn. ft S. America Ltd. ulrri 
4086. Queen Vu-tona St ^KC4. 

.XJnanderFuDd ..Isi .■an 


0I4OO3313 jueinivort Ben non Limited 




Ncl owl ialuc Mar. 

Basque Bru seller; I jmbert 
- Rue He in Rescuer r mod Bruatrla 
ReDlAFundLF 11.950 2.8101 -3) 839 

Barclays- Unicorn InL (Ch. Is.) Ltd. 


2!I. Frnchurch Sl . RCTt 
Furinvro l+ls. F. 

Cucnwei Inc.. 1568 

U> Areum. ... . ... Ml 

KK Far East Rl : 

KBlnil Fund 


KB Japan Fund. 

K-B.U.S Gwth Fd- 


I. Channf CYoaa, (Re Hi-liw. J rtp. 053*73741 ,J 

Ocereeaa Income ..ISO 9 5J SJ +U.*I 10 12 *-n.lnnd^n\|. ,.„p65 1910) 

UnldnltarTruM UM| . ..j 4«- 

fSubjccl to fee and wilhhioldvnK tasei 


996 

73^ 
SUS956 
SIS1050 
SIS27.82 
51024 


01-0238000 
3 51 
435 
435 
146 
190 
058 


+0.03 


18? 
.8 90 


Barclays Unicorn InL (I. O. Man) Ltd. 
I Thomas -SI. Douglas, I o M_ 


|»3 


Unicorn AnsL Exl 
Do. AUaL Min 

Do llrtr Pacific 1558 

Dm. Int! Income p73 

La» ! ofManTio 
Do Manx3)utual 


U 


451 
262 
M0 

»b .. , 

477 +04 
23 6a 


Bishopsgatc Commodity Scr. Ltd. 

r U Bos 42. Doudlas. I.o M 

\IUlAt*" Feb.8. (D+2U2 OBB J — 

CANRHO'-Mar « .Kt 005 1 0651 . ...1 - 

UOL'VT— Mar e . [cm mil . ,. | 235 
i*rifcinajly uvued m -Jio and "U.Ofi, 

Bridge . Management Ltd. 

P.O. Box S08. Grand Cayman. Caj’man lx. 

N*ba»hi Mat 1 | Y14 694 I .1 _ 

G.FO Bov 500. Hone Knnc 

Nippon Fd Uar.»Ul4 79 1546) | 000 

ES-Socli NpJit. . - 

Britannia TsL Mngmt. (Cl) Ltd. 

30 Brt liSUSL Holier. Jersey. 

Growth lure*! |Z9.9 32. J __. 

lntol Fd 163 6 6&Bag +22) 

JcrarrBoenurTat.lU35 34453 +1 9 3.50 
L'nlvsL Mr.'Rd. pUS440 Sim+OXn — 


"KB an as London piyinc agents only. 
Uoyds Bit. (C.I.l U/T Mgrs. 

P.O Row 1B5.SI HeJier.Jcrtcv. 01S427M1 

mvuhgk UoydsTst. i/wte .M9 7 523(4 .. I 249 

• 2M Nevl dealing dale ApnT 17. 

730 Lloyds International .MgmnL SA. 

7 Rue dM Rlmne. r O Bnx 179. 121 ( titnns 71 
IJoydK Ini ijlh Fd KF3nJB 3HM1 ... I 170 
Lloyds IM. Income {nT3C5 5B U5B{ ... | 630 

M & G 'Group 
0824^3017 Three Quaxr. Tower Hill BT3R BRO (1I4B6 *.ia8 
Al1nnllrK\ M^r 14 
Aurt r.\ Mar 15. ... 


860 

920 

100 


rtnlrtPA Mar is' 

Island 

. (Accum 1 ‘bim _ 

- .Samuel Montagu Ldu. Agts. 


B1S2 48 

171 


51 .'*151 

1C 


SUS 6 27 

UI7c 


107 5 

114 4 

■0J 

1505 

1598 

-0.1 


43 89 
13 89 


1 14. Olil Brand SI . E'T 


NK«70 
. JVHK9 17 

....K-ojh 

C4 57 


01-5886484 
49601 ... 1 3.78 

901 | 129 

llB . ... 214 

»« ... 084 


Vmesl. STU.S1C — 1£2 07 2U|-0.IHl 1.00 

Value March 17. Next dcaljnc Marrh 20. 

Butterfield Management Co, Ltd. . 
P.O. Bax 108. Hamilton. Bermuda. 

Buttra* Equity |206 1991 1 3 98 

Buttress Income 12.00 1.931 [ 7.46 

Prices at Mar. 13. Ncsl sub. day April 10 

Capital International S.A. 

37 roe Notre-Damc, Luxemboun:- - 
Capita! InL Fund- I 5 UK 15 69 ( ......| — 

Charterhouse Japhrt 
1. Haleru oner Row. EC* 


Apollo Kd Mar IS 
JapfruJVb.28 
llTCrp. JTnr.S 
llTJerMK'Mar B._ 

. llTJrrjn, Mar.l ._ (U0.13 

Murray, Johnstone (Inv. Adviser) 
lBa'liopc Sl.Clasauv.- H2 041-EU553I 

-llrpe.Si Fd__.-_ _l 51 '.929.96 1+109 - 
■Murray Fund.. , j SUb960 1+04 
•hfAl'Stan 


4.00 

3.00 


Adliopa.... 

Aditeroa 


Ftmdab 


noon 

Dima 

DM3190 

IDuam 


Pnm_~ 

Emperor Fund- pi *525* 

Hispano PVSOU 


317*1+0.101 
50791 . .. 

»»+030) 

2M 

«c| 


asa+oioi - 

»9*}-02o|' — 


Combtil Ins. (Guernsey) Lift 
P.O. Box 1ST. St. Peter Pun. Guernsey 
total. Man. Fd... (1560 178.*! --1 — 

Delta Gronp 

P.O. Box 3012. N'bsmu. Bahama*. 

Delia Iw. Mar. M. .1*134 141| ......1 — 

Deotacher Investment-Trotf. 

Postlach 2685 Bieberqaue 6 ] <16000 Frankfurt. 

fourputra IDUIOJ* 

Ini. Rentcnlond*. . ID9IU70 

Dreyfus Intercontinental Invl Fft 
PD. Bux NJ7I2. Na+sau. Uahamax, 

NAVJtar. 14 ptaJil D4 | -r 

Emson ft Dudley 1Vt.MgtJny.Ltd. 
P.O Box 73.SU Holier. Jctmi. 053*2055! 
EDICT. — 1114.9 12231. | - 

F. ft C. MgmL Ud. Inv. Advisers 
2. Laurence Pouninpr Hill. EU4R OBA. 

D1-4XZ3 4880 

CenLFd.JUr.8 | 5US431 I ...j.| ' — 

Fidelity MgmL ft Res. (Bda.) Ltd. 
PO. Box (no. Hamilton. Bermuda. ' 

Fidelity Am.. 


March IS. 

Ncgit S.A. 

Ilia Rnulerord Rural. Luxembnura 
N'.U'Mar.lO 1 Sl’SlOJl | I — 

Negit Ltd. 

Rank Prrmuda Rldc.'_ HaralHoe. Brmdx 
NAV March 2 IC4 69 - | | — 

Phoenix International 

171 Hn\ 77. Su te-lcr I'uit. fioemwr. 
liner. Dollar Fund JSl.-CH 23«i-Oi),'] — 

01-34830(4! Properly Growth Overseas Ltd. 

28 Irish Town, Gibraltar iUibi6|08 

l S Dollar Fund . I »! S8827 I ...l — 

Merlins Fund — I £128 80 ] | — 

Rothschild Asset Management iC.I.) 

)*li Hnx A8 M Julians n.Gucnteey. 0*81 U8331 
niBoKr FW*28 1494 5251 .. .. ( 2 58 

i»r inch'd Marl 149 3 158.3 | 6 89 

O.f Inti Fil Mar 13&5 90.3 ....,.) _ 

ti '.'0mL'nh*d.Fcb2R|Ul 9 140 0 .-...) 3.38 


1.97 


O.I'. rmnnudily . 1122? 129 9«d I 4 97 • 

0 1' Dlr.t'umdlv.t. )$2S34 2b.«] .. . | - 

"Prices on Mar. 14 Nc\t dcalmc Mar 31. 


1 Price on Mar. 


.. ; dealing 

Next dealing Mar. 21. 


0:34- 20S01 

698 


FldelitylnlFund- 
PldellLoPacfU— 
FldeliD'WridFd—. 
■Fldeliiy Sler. Fds_' 
Scriro A (Inml.)— ... 
Scrtec B(F*elBci__ 


SVS21.16 


51151867 

+ 0.16 

SMS4103 


SVS1244 

+-008 

£321 

♦ 6.07 

£677 


£1408 



178 

5.08 


1070 


First Viking Commodify Trusts 
ft SI. George'S Sl. Doaglas. Le3L 

4882 .Lcta. Agte Dunbar ft Co. Ltd.. 


53. Pall JtalL London SW17 5JH. 


Pst Vi: 
FM.V 


TLDbLOpTat .|l 


-Tit. . 


1m0o u.;| 


8M7557 

*a 


Fleming Japan Fund S_A_ 

37. rue Notre- Dame, Lu^cmbouiX 
rimg.Mar.7 1 SUS43.01 1 — J - 

Free World Fond Ud. ' 

Bnuerfjcid Bldg- HamiUcni'. Bernu'da. 

NAV Feb. 38 I SUS16665 | | — 

G.T. Management Ud. Ldn. Agts. 
Part Bsc.. 16 Finsbury Cirru», Londco EG. 
Tel 01-828 8131. TLX. 888100 

G T. Pacific Fd ) SUS1220 I+01L] — 

ixesnnit tnuvnatloaal Ltd. 
no Be. of Bermuda Front SL. Karol trv Botda 
Anchor - B' Units _.SUS050 D85) ... . I 193 

Anchor InL Fd (UGUB *12 .{ 1.96 


Royal Trust (CD Fft MgL Ud. 

PO Box 1JM. Royal T m H-h? . 053*27441 
RT.Im-l Fd . . In-SBBS 923. (-3 00 

RT Int'LiJw ih'd.las w) . .1 3 21 

l*rtrcs al March IS. Next rtcalinc April 14. 

Save ft Prosper International 

Healing In- 

37 [I road SI . St. llclirr. Jrr>cv 
VS. Dallar-drnomliMiMl Funds 
I'lrFSdlnl'-Mar lr.Bta 10 031 

InU-rnal .Sft . ... 612 6 62 

For hUslero-i .. p46S J7*bl 
N.«nh .Vnirncan-J . 342 3 78 

Scpn.--: |12 95 14 151 

SterllnE-denomlnalrd Fundc 
i hanrj.-l Cat'italO.. 213 8 2251a 
• ‘liannel luiambO . 1416 149.1 . 

i.'i'ianuxlltyMur 16. 1184 1241 

Si.Fxd ILSiar 16 .1228 129< 

r rices on 'March 3. "’March 8 +*tMan.’h 81 
Weekly Dealing. . 

SchlesingcT International Mngt Ltd. 
4 1 . U MotteSL, St. Heller. Jersey. 0534 7S38& 

StifeEEjfe 

Jnlnl.Kd Lxmbrg. ..|9 77 103 

Schroder Life Group 

EnicrpnM! House. PerUioautb. 

Inienutlonal Fonda 

£Eqo«>..- 107.9 11471 

SEquilj- 1140 121.2 

(Fised Interest — 140 4 1493 

SFixcd Inicrcsl...... 103 4 109 9 

£ Managed 124.7 1326 

SManaged (U87 U5.6j 

J. Henry Schroder Wagg ft Co. Ud.- 
12D.Uhcaji-.idr. ET2. 0I-58840P0 

OieapS-'lsr I ft . I 1058 ."trUft 274 
Trafalgar Feh 28.. | Sl.S107.52 | - 


8.95 
4.65 

1132 
, 550 

+003 - 


0705=7133 


Asian FU Feb. 21). 
Darlinc Fnd. 
Japan Fd Mar 1 


mir 1 — j 


:.T. Bcrnmib Ud. 

Bk. of Bermuda. From Sl Hamltn.. Bmda. 

5U5w36<4 | .. I 100 

SUS648 1+0 0*1 123 

G.T. MgL (Asia) UtL 

Hutch tem tlM. Hare 00 rt Bd- Hang Kong 

C.TAkIoF. ISHK762 7.961 I 188 

^.T. Bond Fund — | SlSu.17 |+0.10j 530 

G.T. Management (Jersey) Ltd. 

Royal Tfl. Hse..Colombene, St. Holier. Jersey 

U. T. Asia Sterling... |£11 47 12331 1.65 

Bank at Beromda 'Guernsey! Ud. 

31-33. l£ Pollci. quonisey. M81-2S2C8 

Berry PacSlrlc p31B 242321 I 3 24 

AncborGHlEife...B0 75 lOilJ-OOl 1175 
Anchor InJsy TW .|&0 -243+051 317 

Gartmore Invest. Uft Ldn. Agts. 

2. St. Man- Axe. London. E£3 01-2803531 

Ganaare Fund JHngt. iFXr EMI Ltd. 

1803 Hutchison Hse. 10 Hareoort Rd. HJtonc 
HK ft Pae. U.TUL... BTSZ5S zja+OCW 2M 

Japan Fd — - & SllW 12JW+-0 I0J — 

N. American Tu — ISVS9775 B3a( ( — 

lnll.Boad Fund PUSUIE Ua6),Elie| — 

Gartmore Investment M«|L Ltd. 

PO Box 32. Douglas. loM. urn- 

IntemallonaJ let. (20.7 2201 . ... I 

Do Growth IS 7 57 1| I 


082423911 
' 317 
5.41 


Hambro Pacific Fond Mgmt. Ltd. 
HO. Coo naught Centre. Hong Kong 

Far East Mar. 8. — |WE«3* UM 1 — 

Japan Fund (S1JSS31 66$J | — 

Hambros (Guernsey) UdJ 
Hambro Fund Mgrs. (C.L) Ltd. 

P.O. Box « Guernsey 0481-36521 

iM.Fund 1353 144JJ .... I 4 00 

Intnl Bond 5UF 103 72 186M 850 

InLEquiu- SUS 9.87 10ja 230 

IdL "A" SUS 101 8 50 

Seas. -B; SUS 0.99 LbS 250 


?b.2n..pt«U32 139*) I 359 

. 5A17D Iffl .. .. 520 

ar». -ISUS5J7 62j| I 016 

Sentiy Assurance International Ltd. 
Ftl Bo* 336. Hamilton 5. Bermuda 
Managed Fund . IP^H* I HE) . .. | — 

Singer ft Fried lander Ldn. Agents 
20. Can non SL. R.’4 ' 012*89646 

Di-kalonds ... |DM2*« 26201+0401 649 

Tokyo Tst. Feh. 38. | S1S3100 f .. j 200 

Stronghold Management limited 

P O. Box 315. St. Holier. Jer»ev 0534-71*60 

CoramodllyTraM _|87.8Z 92 43) | — 

Surinvest (Jersey) Ltd. ixi 
P O. Box 98. SL Hdicr. Jmt) . 0534 73673 

American IndTrt. .IE7.26 7.411 -00S 135. 

Cc-ppr r T rus K10.4S lO.67j-O0« — 

Jap. Index Tid . — K9.75 99St-034| — 

Surinvest Trail Managers Ltd. lx) 

48. Athol Sired, Doogla*. Ln M 0624 23014 
[108 6 110.91 +101 — . 

1922 2023^+02 10.01 

1121 
1013 

Do Em 07.02Bd._ .[172 5 
TSB Unit Trust Managers (C.I.l 
Bagatelle Rd. SI. Saviour. Jersey- 053473404 

JenscyFund W3 1 45.4) ... .1 4 23 

Guernsey Fond ..—M3 1 4S4| | 423 

Prices on March IS Next suh. da* March 23. 

Tokyo Pacific Holdings N.V. 

Inllmis Management Co. N.V, Curacao. 

NAV per share Starch 13 SUS4731. 

Tokyo Pacific Hldgs. 1 Seaboard! N.V. 
Iniimi5 Management Co. N.V. Curacao. 

NAV per share March 13 5USML4B. 

TyndalJ Group 

P.O. Bax IQ* OuBlltan S, Barmuda. 141* 
theraeasMar. I5-.KL'S1U 
■ Accum. Unite). -ISUSUS 
3- Way InL Fd- IS . [H SUW 
2_New »_ SL Heller. Jeney 


The Site crTni-4 
Richmond Bond 37. 
Uo Platinum Bd. . 
Do. Cold Bd. 



1DI . .. . , 

Prices un Mar In. Next dealing Mar 22 

Henderson Baring Fund Mgrs. Lift 
O Box N472S. Nassau. Bahama.-: 

Japan Fd -[1682 16 n| ... I — 

Prices on Mar. 16 Netrt dealing dale Mar 22. 

Hin-Samuc) ft Co. (Guernsey! Lid. 

LeFebvre Sl. Peter Port GoernKey. i'.l 
CuernueyTH 047.7 15B 0| + 1 9j 350 

Hill Samuel Overseas Fond S.A. 

37. Hue Noire- Dame- Luxembourg 


TOFSLJIar 18 - . 
■Accum Shared' 


E010 


T MiOF Mar lfl- ... 177.0 


■ Accum Shares! _ 
Jersey Fd Mar. 15. 

■ Non-J Acc 1 1> 1 
ilill Fund Mar 15 _. [1126 
1 Acrum Share- 


^...| 600 
.-.0534 3733H3 


77.9 
1899 
268 8 


61 

680 


7.00 
700 
10 47 
1047 


3.41 

341 


Exempt Feb — 

Accum Unite 


Vaahragh life Assurance 

al-OMadthffKL.Ldn WIRBLA 
«8B»g*dF4.- — IM04 

&W«yiUL__..__a«2 

total , Fund. Ml 

1 Fixed l arras re. m 7 
Pmeruv F rt .. 137.1 

C rah Fund. H67' 


B9eij 


3 


O1-4S8-023 
♦0t| 


I Eonitas Secs. LliVteUgJ 

1 41 BtehupKTl*. EE2 
msreMlre I6U 


+05 

-04 


ufley Tst. MngmnL Lift National Provident Inv. Mngrs. Lift* cany-nreMar I5_ 

.S.wj. 0M987SS1 «a.«»fleechuichSL &3P3HH 0J-ffi342Ml i'^Srn Ura'is“ 

- I tt-MlOklW -)«2 ) 3*0 .Accum Unit..- ' 

■ Accum. Unite - 332 56.6) — J 300 Scot Lap Mar ! 

VPltrrea? Trite* wja 11523 .. 1 3M ,A SmvRJ 

OTtoswi ■•) £««■« ■ J 320 Scot Ini- Mar. 1_. 

,,n .r cb u?. N ?? deal,n S March 30 , 1r.11 

652( - a t l ■ Price* on March li Neu desdinc Apnl 5. rt™ih ^ p r 

Equity ft Law l a. Tr. M_* lalibMc) Klti<mal WesinUnster*(al . 

amww 181. Cheapj-idc. Ei flEU. 01-606 S060. 
jnw ira Capital t Accum-- gM . M4j I 458 

948 Eatralne — - »A4 69i +oft 7.53 


Aiwranain Rd_ High Wyeojabe 
EqoEyftLaw (6O0 «8.Qd -ftb) 


Vanbragly Pensions limited 
4W3Mftfia»SL,la}n.%lR0!A 01^984029 
Hma^ed 


Framlington Cnit MgL Lift (8) 

Yard, BC4B50IL 01-2435071 

.Capha] Ted. MU 1M2J ,-.J 409 

inram* TH 1»2 jS£3 T+.4 655 .. _ 

Int Growth Fd — Jmo. mm —4 257 nel Trust Managers UAV (aKg) 


Financial 03 

Grtwtblm.— 33-2 

Ineome ■ JJ-O 

Pordollolnv Fd - *3 
Universal Fil'd' pOJ 


Capha! Growth _ ... 

Do, Accum. 

Extra lot orowth-- 
Do Acrum .. _ 
Financial Pr’ny. _ 
Do AeeuiR. - 


f-H High Inc Priority, g* 0 


uoral__ 


^ ll 

5451 -02| 276 TSB Unit Trusts t>) 



“ | Do AeettO. ,- 


Sl, Chancy Way, Andover. Hants. 028* 62188 


.-'-Gmntj^d se^.'ha. Brae Hale** table. 

iiftV' 


257 Kiiumtiurt-DorUncSarray. "fBll , _ . ^^inTi nri 

BCggjt ^ M iSs+fe' ' MM i 
3^1 

G.T. Unit Managers Ltd.* 


Plxmm End. Dorttaff 
Friend* Piw Ltx 
Do .4mm. 


1.9 


420) -0JT S *An Tw NeH tOtfft txnm Managers Lift ih> t»"4Mnm-.:..B8.7 
S|+«3 4» see Bothschiid Asset Managemest Ej 

Norwich union Insurance Group (bl . 

I PO. Box 4 Narwicb.NRl3KG mw +nm LI5«r tMUJXT 181 

1ft nrabtayCtrna 0133 TDD 01«S8I31 Ct0U „Trt!Fd PUA 530 id +i <a Warinc Strom. Belfast. 

CT. C3p.lnc .1771 £-3 “5^ 2-fi +•_+♦ , J 1 fb;I'telcrUnn«h. .&55 

*» aacHi S hHolb«!n».wciV7EB Unit Trust Account ft MgmL- Ltd. - 

9ln Pearl Crowih Fd..— {& 7 234+03 601 Ki«WlrtlainScEC4R9AR 0lftS34951 

Accum Unite 8.B 26.9l +d 3 651 Friars Hse. Fmtd._D90.0 t37ri J 496 

Pearl Inc W2 3BH +0.1) 767 WieJorCith. Fb 4,_&7 2 KM J 3iS4 

Pearl UrtlTrt — - »0 IS 7) +0 1 521 Do. Accum. 1521 330| ...J 354 


• ..riJ+.+c x 

fWlndsor Oft s 

High Street. 
jfcw ». Piibx.* 
FonueftadGMat- 
FnlureAaad.CththL 


G.T. Inc. W.Ta" 

•I T UAftGra — 

r.tfcUi 

Ktad»r®M4 




023235231 
3UJ-01) 553 


lAcctua Unite— _ -wzj 45*) +0J mi Wlelpr- Growth Ftfnd 

X Trust W (0 Pelican Units Atoln. Ltd. .g*x> 

3. RayWABd; Brentwood "OZTDSTJOU 8l*Bnctair.S? .Mancheirer 061-090588,1 iBmuei'alK- . 1277 

t»5 525} +05] 602 MiuaruB— 8Z0| J M7 Asara. Unite.' ' "" " 


t 

116.68 1752J+0O7] _ 

International Pacific Inv. Mngt Ltd. 
PO Box R237 58, Pit! St, S>dnm-. A 114. 
Javelin EauiiyTrf;:(51.B5 ’ L'95| .,.'..‘1 — ' 

J.E.T. Managers (Jersey) Ltd. 
pn Box IM. Royal Ta. Hoc., Jcr+evt)S34 27441 
Jersey Enrol Tsl. U25 0 U&jf . - 

A.-- at Feb. 28. Next mb. day Mar. 31. 

jurdhie Fleming ft Co. Lid. , 

48th Floor. Cminaujh! Centre. Hons Kosc 

Jardiac &*n.T&t — I 5HK210M l f 340 

Jardi nc T po . Fd • SHK283 04 

JarrtineS.EA I SLKU09 

Jardine Flcm.Im.t.1 5UK894 
NAV Feh. 2ft "EqBirtlirat. 

Next mb March 31 

Kemp- Gee Management Jersey Lid. 

1 . Chan nc Crow. SL Holler. Jorsn 0634 7374 1 
Kemp- Gee Capita) |2_7 82.11 ..... I — 

Kcmp-Gee Income. |CS S ti.9j } 855 


695 
10 75 
3B5 
805 
Ml 2 
276.6 
. 11464 

[1414 144 0 

Virion- Hoaxe. Douglas. Isle or ttra.OGM !S89 
Uanaeed Mar IS „ |127.6 1344) +2 0) — 

lltd. Intnl. Mngmot. fC.I.) Ltd. 

14. Mulr+Mei- Si reel. SL Holier, Jersey. 

1 1 1 H.+nnrt _T ~ 61 'SMO ( r *.25 

United States Tst. IntL Adv. Co. 

14. Rue Aldrlnccr. Luxembourg 
l STrt.lnv.l-nd | SUS964 1-0 02] 0.96 
Xrt a;**,- n Ian .h ]6 _‘ 

S. G. Warburft ft Co. Ltd. 

OT.nfwhamSireeLECl 01-900*5! 

Vro.Bd Fd >J»r. W.I SVS942 1-0021 _ 
Ftasy.lni Mar >6 ._ 5US1561 Uo.ljl — 

GrSl SFd Fl-I., 28 I SUS651 ..7) — 
Mc+Xur F<LA!sr-IS|H'fUH 112 — 


01-900*565 


Warburg Invest .Mngt. Jrsy. Ltd. 

f IfS 1. Charing Crwr.SL Helier, Jay.CI 053*73741 

'“"'I - 2.60 VMFtad.Frt.93 |SV>12n QIM — 

- - - CMTUd Feb 53_.ku.62 12.95 ■> .. — 

aitalf-T* Mar 16 15148 1176 — 

S 6140 - TMTMar B B!’f=918 9C - 

- TMTtad MarO — ;S928 £952) .'....J, — 

World Hide Growth Management^ 

!0a Hnuleiard Rural. LutembourE. 
Worldwide Gib FdJ. Sl.'Sl2 95 |+O03) — 


NOTES 


Prices do not include s premiGm. escew where mcbeaietf $ and are in pence unless oifcervixa 


premluni inniranev. z Offered ~pnc* mcludiri- all Cipeniro -ejere 
> Plfeivd price Includes all tipeoscj if houghi through managers.. 
4 Net ofiBion realised capita) flail®- unl+te indicaiid by 6 ^ Oucni 


exrepi agenis eomminsion. 
sm.,7 Previous day's pnre,- 
.... Guernsey gross, a Suspended, 
before Jersey Lay T Ex-subdiiteion. 


GUV E INIESIWEPJTS LOOTED 
1 Royal Exchange Ave., Lcndori 'EC3V 3LU. Tel.: 01-283 110L 
Index Guide as at- 7th March, 1978 (Base 100 at 14JL77.) - 

Clive Fixed- Interest Capita* •. 135.81 

Clive Fixed Interest Income : 122.63 


CORAL INDEX: Close 453-458 


INSURANCE BASE RATES 

t Property Growth 

t Vanbrugh Guaranteed 


7i% 

— 7.12% 

Addrees- shown under insurance and Property Bond Tab!*. 





FT SHARE INFORMATION SERVICE 


FINANCIAL TIMES SATURDAY “MARCH 18 1978 

HOTELS— Continued 


ISTJ-18 
I High Low | 


AMERICANS— Continued 


lMT-» 
Rich Low 


104*. 

3001s 

197 

97V’ 

«BV 

106;; 

975, 

so: 

1053, 

96 

98m 

3i?a 

iosa 

04.* 

204 

97-*; 

303b 

92»s 

93V 

315« 

im 

ojit 

IMA 

9SU 

3b 

se 

114V 


101*j 

05:. 

1D0V 

■87?, 

94 

Si 

i:iv 

944, 
31T 
7W f 
2 IS 
Ob's 

113 


‘Shorts ” (lives up 

97Jj irrMfutylOi^cTSit— 
OOJi Each, ape tS-TB+T- . . 
*5-4 Tm>ur> ll^pcTS^.. 

84;* TreajarylpcTBfc 

85*, Elerttic 4Vpc 3+79 . .. 
92 Treasujr HJbpc 7KJ_. 

WV nprincSj/K- 78-79 

874, TreaMiiySpe 18803.. 

88V Tn»-un-|>ijpc Mr 

327, TmainJdjpe 7780._ 
S3* EundingS^pe 784ȣ 

Exchequer liipc l»is| 

92 £ Treason lU-pe 
77" s T ivk ur>' 3>£pc 1979-81.. 
86,; TreoMiryftpc 1981“.. 
95U Ewh-B^prlSBI 

071. Eseh. 9I.pc I9HI 

87b E.ti*h. 3pc 1981 _ 

961, Tick. Variable 8W.. 

96V fcch KVpc I8B!» 

82‘s TreasffjKaMSff^-. 
715, Trea.iur> 3pr , Ktt. — 
LOIS TiMiOjv MpcRStt.., 
95 U Trea? Variable ‘WH... 

935, TrcfeuiySVpc'HZ 

93V Ewb ftpc 1982 

%ij fcrh.8l.pc ISO* 

81 ExthSpcW 

95 s ’ |Trva.-ur>" I2pc 196344 ~ 


to Five Years* 
ion 


1044, 
96?, m 
97V«i 

*88 

101 ” 

Mill 

S'- 

3 ‘A 

91i a 
lOlVri 
97.i rt 
1003, 

87^4 

96^ 

9711 

86a 

"4a 

Hi? 


109 Art 


05V 

« 

bfcV 

63'. 

491, 

5 3", 

90 

677, 

68* 

55V 

86V 

9314 

89U 


316V 

12b?. 

129V 

3141, 

: 0b 

110V 

ft 

By 

133 V 
124 
50 

122 s ; 

■ofl’a 

89V 

72V 

13^1 

97 

96V 

82V 

50 

80V 


W. 

3»i 

3°V 

I38VI 

9 


-t 


:! 


-V 


-u 


Five to Fifteen Years 
-v 

-V 
-V 
-V 
-V 
-V 

i 

-i 

Over Fifteen Years 
-v 

i 

:S 
:S 

3 

-V 

: v 

-•a 

-i 


TreasuiySVpeW 

iKundingSbpc ‘82-fM£- 
[Trw.u> RbJ* "WSB^. 
Fnnrtjnsfopc 856:;?.. 
Trea.no TVpc T&8E«. 
TnuiMKin 3pc TM3 . 

Trrarurv 5pc RMS 

TnuMin 13pe 19908.. 
Treasury 8V 87 90S-.. . 
Tica.un 11 Vpc 1991. . 
KundmabVpc 87-91 tj. 
Treasury l^Vpc wjj .. 
Treasure lOpr 1992_._ 
Ewh. ISVjclB 


841. fTrwurs L-i-pc 103 .. 
51V Fundinefoc i9S3t± 

Ob Treason: UVpc 1833^ 
09 Treasure MbK Ri». . 
945, Ejxh iL9.pc ism __ .. 

66V Treasury SpcM+t 

077, Tiri’tiv 12pc "95 

32V Gas3pc 96 9S 

88V Each. IDVpr 1995* 

57 Treasury 12Vpc '95ft _ 
6b-V Treasure 9pc XISfitf.. 
1011, Treasur? Iftpc'Mtt 
89V E.rh«iuw I3 Vp* Wft- 
31V KednnptiwiUpcIStMi.. 
87 s , Treasury KSVpcRTft 
90V fcrfiequerliUjpe 1997. 
64?, Trea*or> BVpc 19071+.. 
50V TreasuiySVpc 9698ft 

103% Trea- IoVpc 98tt 

65", Trmi) S*.pe 1999tf- 
90 V Treasury lOVt* 1999— 
:7V Fun-LnxXipc'ffiUH 
571, Treasury SpcTK-OStt . 
401. Tml-in-r 5 s -pr -00-123 . 
53 s , (Treasury TVpc '12-104$. 


Undated 


1054 
, 502 
1103 
310 
4.35 
10.10 
363 
8.83 
932 
3.70 
5.46 
1195 
10.89 
384 

9.59 
847 
044 
3.42 
663 

1163 

0.68 

3.48 

12.27 

6.68 

8.60 
934 
905 
368 

10.99 


9.42 

632 

908 

7.79 

9.00 

4.58 

7.11 

11.81 

9.74 

US9 

823 

1189 

1L05 

1180 


1186 
8.97 
11214 
12 26 
11.89 
1067 
1174 
614 
1137 
1191 
110.78 
1236 
11199 
632 
11.98 
,1143 
1031 
1020 
1227 
1102 
1146 
8.72 
10.72 
1036 
1073 


5.72 
595 
688 

5.19 

5.90 
784 

5.73 

7.90 
849 
6.07 
7.14 

9.20 
917 
6.92 
9.13 
9.3tf 
9.281 
7.10 
7.44 
957 
9.34 

7.06 
9.62 
754 
942 
952 
961 

7.07 
9.64 


969 

835 

9.63 

923 

9.99 

798 

922 

1141 

10.49 

1152 


9.92 

1167 

1137 

1169 


9 

iff 

9 


1173 

1032 

1186 

R91 

1179 

11.07 

1169 

8.86 

1158 

11.79 

1114 

1204 

11.83 
8.80 

1163 

1156 

1117 

10.84 
12.02 
1121 
1156 

9.97 

10.91 

1052 

1081 


m 

305 


:6V 

25V 

i'nm»ls4pr 

W jr Ijwh i^rpeii 

35V 

-V 

-V 

1139 

984 

1 26V 

nni 3»;pc 6! Aft 

-V 

940 

2Q>. 

Tmsuiv3pc(BAft 

257 g ffl 

-14 

1153 

17V 

Lmsols^je 

22 Vrt 

-V 

11.12 

17b 

TrroKii;3^>c _ _ 

2 IV id 

-V 

1151 


^INTERNATIONAL BANK 

88V | 751; I5pc Stock 7T82 I 85 | I 5.88 | 9.19 


^CORPORATION LOANS 


loo 

94i, 
107 
112 
102v 
• 9i 

091 . 
102 '; 
29V . 
100,1 
■» 

92‘; 

B5l z 

79 

79 

‘ 93V 
■100 
.107 s , 


S2 

81 s ; 

93 

95V 

851; 

76V 

«0». 

79*; 

22V 

B9 

73 

35'; 

701; 

60 s ; 

52>; 

51V 

20 

76V 

84V 

90V 


BirnrtiamSVpcTSHn.. 
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! Hen< StfcTMD 

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l^9 s «x-'S08I 

Lti Si^ic Irred 
Lot lOrp.SjK 75-78. 

. Iw 3>«pc'Bfte 

ll.iT.flpc 76-79 

1 lH»Wtfc7781 


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% 

991. 

29UJ 

& 

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82 

25V 

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939 

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1168 

1169 

942 

564 

5.78 
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1194 

637 

6.08 

6.78 
753 
9J4 

1186 

550 

929 

1173 


9.75 

1037 

1039 

10.7B 

983 

822 

6j66 

1057 

684 

1032 

8.04 

868 

953 

1032 

10.60 

838 

945 

964 


COMMONWEALTH & AFRICAN LOANS 


10 a?, 

9o 

SSV 

9SS 

90 s ; 

69 
94V 

70 
96 


79!, 

69V 

W: 

81 s ; 

fab 

85 

31 

47 


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99«d 


554 

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581 

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6.45 

98 V 


411 

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6.38 

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8.75 

94 

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10.49 

60 


— 

94 


— 


6.84 

8.7* 

9.95 

7.70 

9.41 

10.09 

1281 


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66 '44 
"5 65'; 

33V 1 22 

lib Inn 

«b ; 77 

100 64 


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3111; 98 
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831; 67V 


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57 

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r* HpeTB . . . 

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K'Fr^perieli Ru«.. 

1>p SVpcrib Rl-M ._ 

Im lnupcl re In 86 
Iw llprl'ie-LiL 88. . 

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IVjHTv V91-W . 
[V>6>eLn.W?7 .... 


1 and Ind. 



62 


8.19 

1115 

90 


12.40 

12.50 

32vl 


953 

10.95 

113 

-i 

818 

- 650 

94b 


983 

1150 

100 


7.23 

12 20 


106V 

+V 

1218 

10.21 

110 


13.49 

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114*4 

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1260 

1151 

83 id 

♦b 

6.63 

1050 

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+!4 

8.09 

11.20 

99 

1085 

1L10 

99 


11.38 

1150 

101b 


1157 

U-90 

69V 


10/6 

1200 

67VU1 


10.78 

1180 

79UB 


1152 

1190 

76 s ; 

+>4 

11.78 

1250 


FOREIGN BONDS & RAILS 


1177 78 
Hi*h Lbp 


9 

98 

370 

60 

•53 

.44 

43 

77 

.«0i; 

J* 1 

535 
S7 
165 
75 
S99 
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32 

95 

195 

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38 

32 

48 

691; 

65 

225 

63 

150 

75 


Suck 

AnlofajadjRl} 

IV .‘•pc Prri ... . 
[On lean Mixed 
*raunYnt 4131 c. 
Itwli 7pc Ass — 
IVBncaSuh As*. 
Ho-ipc Mnnl.Vx. - 
Hu.ic '24 A« 
Iceland G>3K'R388 
Ireland 7> i-pe "8140 
Po9-Vpc'8l-96..._ 
Japan 4pc'IOA'i. 
r tio6w1ft«-._ 

|Pwu.Vs3pc 

|s«J ffax-iSBu 


I Price + orlDh, 7l Red. 
j £ — I Gran ( Yield 


DM71 

62 


S9*_ [Turin !hv 1991 .. 

tSyi 


[Turin fa'f.'pc ISW.^ 
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19 

33 

98 

370 

48 

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40 

43 

70 

87V 

841.U 

335 

861. 

150 

75 

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8.67 

1258 

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3 

k i 

ft 


am 

f751 

ft.25 

а. oo 

б . 43 
1180 
10.91 
1187 

205 

203 

8.67 

933 

1125 

380 


.S. S Si DM prices exclude inv. 5 premium 


1S7T-TH 
Rieh lo» 


AMERICANS 

I 1+ «| Dir. 

£ | - | Grets 


Slock 


.IPs 

62V 

49?; 

30'i 

■15 

I 

925p 

'771 
Si's 
' 44?-. 
49S 
28V. 

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2?V 


13 

58 

22 

21V 

2S5 11 

87?P 

28V 

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13 

620t> 

827p 
41a 
30 s : 
28V 
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17V 
lft 
765 p 
13 s 


13V | 733p 
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12V 
29 


J k V 

23V' 

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25V 

31", 

| 

37 s ; 

28*. 

45V 

50 

MV 


15'; 

17 

20 s , 

19« 

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ASi ..... -. . 

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.\nnxS1 

Amcnraa upre^- 
Asner. Medic tut— 
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(Uierln'.cl Cun' Si 
Bjnw.iIrp.8S|._. | 
BendiM'urpS5. . 
Belh. Steel 58 
IVawm'^Fer.clff* 
Pruiwn?kL'«jm.|t 
EnrrpiuiM'i-rp ST- 

CM CM 

CJjC SI’ 

Caterpillar]: . . . 
CtareMlunSHa.. 
Chefebrou^h SI — 
CisyslerSOV — 

Citicorp Si 

0itjlia.Sl5.~_ 
DeOn.rr.BSl.. 
Oolfale P. 51— — 
t.'iili I m-.. 5 

i.puL Illinoi'SlO— 
OnrA Oil 

CrpnnTelLSii..— • 
fuller II iLTuaerS5 
SalopOTp StLSO—.. 

EL-suri. — 

ExM-n'l 

KtreA-rcTirefl 
KaALLicajio 


15?, 

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12‘ 2 * 
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25ri 
l5Vtd 
861 {ad 

451; 

341; 

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23 I «d 

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+ } * 
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80c 
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$1.75 
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30c 
40e 
64c 
90c 
52.H 
SI 00 
40c 
70c 
5100 
52.40 
S250 

51 80 

52 20 
94c 

5LOO 
SI 06 
51.00 

51.00 

52.75 

51J2 

$140 

5190 

5140 

52.23 

51.84 

53.20 

5110 

96c 


ind 

Cir|Wk 

IB 
i 

38 
33 
12 
1.8 
1.1 
3.8 

5.1 

3.7 
26 
36 
12 
40 

4.2 
29 
5.B 
32 

6.3 
42 

5.7 
6.1 
3.a 
31 

4.2 

3.8 
47 
31 
5.0 

5.2 

5.4 
1.6 


345, £ 2) 
48 1 26V 
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13V 
14? 
14? 
161* 
10*2 
14V 

i 
18% 
„18? 

% 

865p 

9 

385p 


Suck 
Fluor Corp. ft 

fMMorC. 

GATS 

GenaectJy^ 
GUleHeSl— 
HMwradlSLSa— 
[Hutton EF.. 

II.EJLCap S5 

Ingerscll-Rl! 

MSj4fflVfc'.'oo.!l 
I r.Internatipnalll 

Kaiser'-ALSi 

Man! flan. lsS7.an 

S 'JPTSSIS 
iBMlDe.su 
(Ouent-m.S3.ia.- 
iteoususo- 

Jiaace3tt25 — 
Rep N.Y.Corp-S- 
teexacrdEi, — 
btkhdsn.-JIrrll51V 

BM1IB.FJSL—. 
adioflsi 


Singer tSLOi- 

Sperr y Rand 5050- 

™W Inc 51V 

Tenneco 

Do.KftLn.StlSl-B, 
TnorePU'SSatfj.. 

Texaco S6S 

Tine Inc 

IniBtnKricaSt— 
litd.Teeb.SLS_ 

UX Steel SL 

Wooiworth* S3V 

Serene Oorp. SI m_ 

. SjocksInclOc — 

758p|ZipataCorp.25c_- 


12%xd 


+' «1 Dh-. I ■ YTd 
Grea Ca GfV 


SI 50 
5120 
5130 
5190 
. S0A8 
+1%| 511.52 


+V 


-V 




-2‘ 

+% 

e 

5 

+% 

-i: 

I 

-v 


S120 

5320 


S3 00 
25c 
.90c 
SL60 
5192 
52.20 
76c 
bSlJI6| 
S104 
15c 
5100 
80c 
90c 

hSL60{ 
60c 
q i? 
SL80 

52.00 
1041 

S 

S130 

80c 

52.00 
SL60 
5L40 
52.00 

& 


2.9 

55 

81 

3.6 

4.2 

31 

46 
3.1 

44 
10 
61 
4.0 

47 

y» 

35 

16 

3.8 
19 

19 

14 

2.4 

4.0 

5.1 
f7.6 

51 

16 

4.5 

4.2 

45 

5.8 

3.5 
0.9 
L4 


SJE. List Premium 41% (based on KSLMU per £) 

Conversion factor 6.7095 (6.7017) ’ 


1177-78 
High Loo 

>13 


a p 

m 

18V 

28V 

1 

27% 

» 

22 

990p 


10 iV 

10 X 


IBkJfantrea] SS — 
*u.-« Bt Nona Scotia Sl_ 
3m* (BeO Canada 25c_ 

Eo« Vallejll 

BmcanJi 


11% 

S5 

% 


(Can Imp Bit 52— 

(CanJVctflcS 

Do.4pcbeb.U00. 


ffi 

955p 


CANADIANS 


Buck 


16% (Gull Oil CanO - 

315p mawte' Sid. CanJI. 

16% ] Haiti nfierffi 

Hudson's Bay 1 — 
_ _ jHud.B.OnG.S2V— 

llJi [Impffiri Offll 

945p)Idco 
585p ' 

6t 


Ini. Nat. Gas Si. 



Royal 6t Can. S2_. 
SeafirareCa CS1... 
Tor.Dcnn.BtSl.-- 
840p [Tims Chl Pipe 32^ 



n 


Dir. 

Grass 

$1.06 
92c 
S41 
10c 
5100 
SL44 
97c 
4% 
51.06 
40c 
$2 06 
69c 
SL60 
86.4c 
SL25 
80c 

86lc 

SLOT 

S146 

92c 

76c 

103c 


|TM 

Cirlar, 

40 

3.4 

5A 
0.3 
0.0 
3.9 
, *1 
,10.8 
28 
48 
50 
2Jx 
27 

3.1 
53 

5.4 

16 

31 
3.7 
26 
31 
5.0 


SJE. .List Premium 41% (based on 8EJ4W per £) 


BANKS AND HIRE PURCHASE 

1977-78 I 
High Low 


1186 


595 

168 

195 

£2512 

363 

£165 

Z7 

210 

500 

IL 


360 

95 

'238 

■£17 

£21 

24 

g? 1 

m 3 

83 

31 i 

£■ 

55 

280 

31 

126 

230 

257 

lib 

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187 

52 

80 

134 

300 

52 

177 

390 

£92 

£99 

•65 


150 
87V 
105 
£13U 
195 
£100 
, 15 
6S 


81 

300 

485 

290 

100 

430 

S9V 

515 

56 

£24V 

74 


42i; 

£51 

129“ 

51 

15 

120 

33% 

201 ; 

117 


228 

115 

225 

50V 

IB 

£14V 

£11% 

55 

T 

V 

) 

128 

37 

il55 

14 

53 

;150 

(1 73 

375 

|223 

54 s ; 

102 

a 

57 

76 

183 


247(172 


15 


Stock 

ANZSA1 1 

Alexanders D.Q 
Al tereene FUOO 
AlfaH^vejU. 
Allied Irish 


AitnUiuitLE].. 
Suk.4mrr.Si565- 
(Btlreiandn — 

, Da I0pcCiinv._ 
(BtLeumi If 1 
BtLnnmiUKitl 
IBLKS.V.SA2 

Bank Scotland £1 
Banker, N.YS10, 

Bran^^ull 200 
Cater Ryder £1 _ 
OiveDis'ntaip.- 
Coml Au& (SAIL 
Cnm'ihkDMlW- 
ChmHbtKrlOO 
Cgntdhian 10p- 
Cred. France F75 

nnresiG.R' 

Derate BratUSS 
F.C finance — 
firs Nat Ito— 

Do. Writs. *83. 
Fraaer An*. lOp - 
GerrardNatnL .. 

CiWjs.'Ai 

UiOettBreaU— 
Goode DtJtryip 

Grindlayx-. 

GnumeoPeat— 

Rambros— 

Hill Samuel 

Da Warrants. ._ 
HoogShnfrSlSO. 
JJesseITo(pibee_ 
uoseph(Leoi£l_ 
KeyserUUmann. 
Kme&Shax2Dp. 
KleunrcatRL— 
Lloydiil 


25 {MmsanFu-SIp. 
■ . 
fe59 
£641. 

£69V 


MerctnySecs — 

Midland £1- 

DaTWBW- 
DaIiA>o 83-96... 


40 }Ui rater Asku_. 


'NaLBtAustAAl. 

iNatCoiaCrp — 

B d.tl — 

*rs£l 

be»C£l. 
LAub— 
Cfanrtfl. 
Ct. 5150. 


[Union Disc £1 — 

U.D.T 

WeUsFareoS5- 
Wintrustfflp — 


BUILDING INDUSTRY— Cont 

witMlBlcJSU 


DRAPERY AND STORES— Cont. ENGINEERING— Continued 


1977-78 • 
Hl|h Low 


28 

48 

64 

332 

38 
334 

41 

70 

99 

73 
105 
250 

80 

97 
80 
26 

78 
23 

a 

43 

32 
15 

47 

36 
6 & 1 ; 
28 

54 

57 
84 
441, 
66 

30 
66 

'IK 

60 

£230 

74 
96 
70 
64 

33 
117 
164 
139 
69 
45 

197 

114 

115 
17 
45 

£3012 

171 

135 

108 

86 

69 

89 
86 

90 

55 
[216 

55V 

% 

!294 

98 
101 
86 

31 

56 
94 
■90 
13 
68 

39 
86 

143 

llB 6 

il02 

•230 

58 
113 

198 
93 

i3 

161 

84 

100 

100 

37 
41 

91 
155' 
371, 
50 

48 

ni* 

42V 

220 

504 

254 

148 

287 

79 
29 

174 


16 
16% 
40 
54 
13 
-132 
9 
43 
22 
23 
, 35 
103 

25 
64 

50 

7 
37 

5 

13 

12 

4 

28' 

13 
31 
14 s ; 

19 
• 34 
37 

20 
47 
88 

. 18 
(£80 

26 

35 
27 
20 

19 

75 

73 
66 

27 
22 
96 

70 

36 

8 

21 

£18% 

69 

84 

53 

42 

28 
34 
40 

43 

nS 

f 

1113 

44 

74 
47 
18 
34 

44 
30 

9 

20 
S'- 

45 

52 

105% 

21% 

62 

64 

42 

U 

71 
86 

37 

51 
40 

14 
17 

46 
541; 
.27 

23 

Z7 

124 

244 

176 

76 
139 

34 

19 

84 

15 
17 


Sleek 

Ci]'nder<GH'IQp.. 

Carr John- 

Canon 

Cement BoadArme 
CombmGfl.lflp. 
CoSainR- — _ 
Countryside ap__ 

Croaley Bldg 

Crouch iD..aip_ 
|Cronch Group... 
Dou^lasBohLM. 
(ffwnnKC R30p 

rEccnaulp 

EUis&&erard_ 

Eriih 

FPAConstV— 
FarrcloughCocs. 
|Feb. IidL 10p.l_ 

DaA’lto 

Ted. Lands Bid. 
finJu JohmlSp- 
Fraud! Pkr.lOp. 
FraDtu'GB iMp.. 

French Kier 

GaEifcrdBr.ap.. 
GlhbsITdyAlUp 
Gleeson'jCJilOp-. 
GlosMpW.&J— 
(Tih Cooper 2Dp. 
H_AT.Grp.10p.. 
HamsooJ.KJp... 

Helical Bar 

HernTstvA' 10p. 
|HeatesjifJ.IFr_i 
HewdenStlOp- 
Da7pcConv..__ 
JeywdWniLSOp- 

Hig^AlHL 

Hoveringbam_ 
'Da Res. Vtg. — 
Howard Start I0p 

LD.Caip 

IbsiockJohnsen. 

Lit Timber 

J.B Holdings 5p. 

J.CE.G. 

Jarvis iJ 1 

Jennings $41150.. 
Johnson- Rtchirdj . 
Jnne^Edwd lOp. 
RentiMP.ilfo— 
[Lafarge SAFIOO 
Lain* 1 John 1 'A 
LathamiJ.'EI — 
LawreneeiW 1 _ 
LeechiWm.i20p 


LweUiY.Li.. ... 
McNeiU Group .. 
MamettSUms. 
UaDinson-Deimj 
MandeniHlds.'- 

Harchwld 

Uarley 

MariiallsiHhi'. 
■May & Hassell - 

Mean Bros 

HdrilleD.tW . 
iMeveriMoct L)_ 

[tWKiiy- 

Miller iStani lOp. 

Misroncrete 

Mod. Engineers _ 

MoakiAi 

McniemiJ). 

(NevanhiDEI 

Norwest Holst— 
.Nott Brick 50p_ 
QmxDess. Kfl).. 
Parker Tiniber-^ 
Phoenix Timber. 
Pochins 


Rawlings Bros— 

K3LC 

Redin ori 

R'eb di Wall lOp 
Roberta .Adlard . 
JbnlinsonlOpf. 
Roycn Group — 

Ruberoid 

RucbvP. Cement 
SG8'j£THin_. t 
Sabnhlorfierlup- 
SharpetfiriieT. 
Smart iJiRhi,— 
Southern Cna. ip 

^crettos IQp 

[Tarmac 50p.._ 
fTaylorttoodrovc 
hmiuyCKEI _ 
rTravt, 4 Arnold. 
frimnelBSOp..- 

OM Group 

[Yectii Stone lOp 

lYitsoolaM 

Ward Ifldjs. lOp 

{Wamngton 

102 tWattsKake— 
[Wedlnck Prods. 
[WetternBros... 
WhatH«SJSp_. 
Wbil'gh'ai'*-” 

"'lego. Cl , 

i&omConnolh 


1% 

£28 

57~ 

17 

9 

nv 

% 


OeBereFr.HX) 
Credit Data I0p_ 
LMs4Scot20!i- 
LnASctX.Fin.10p 
MourgateMere-lOp 
Pro Financial.. 

StrltftwfitlOp. 

StnnaiGilOp — 

Wagon finance- 


961; 

39 

166 

236 

4b 

152 

76 

112 

47 

177 

160 

66 

152 

193 

23'; 

221 . 

54 

.08 

240 

198 

158 

100 

133 

320 

435 

65 

711; 

107 

104 

961; 

201 

157 


.Allied Brews 
AnaL DntPrJOp -j 

BassCtar'jston-. 

Eel! .Arthur 50p.. 

BeUum Brewery. 

Boddineura 

Border Brew's... 
Wn (Matthew 
idey's Brew.. 
BnlmenaP.l. — 
BuitomtMd — . 
(City Lw. Def — 

Clar&iMatthewi. 


59 

111 


th 

153 
224 
43 
152 
74 
106 
43 
150 

142 

59 

124 id 

Distillers 50p 173 

JEHrtiBidunniap- 23 s ; 
GontomLUOg.. 20 

Grwoli Whitley 108xc 

GraeneKiiif! 217 

Guinness 168 

Highl'd DisLSOp. 142 

86 
122 
275 
435 

60 
64 
98 

100 
84 
187 
157 


571; 

16 

86 

79 

26 

82 

46 

62 

30 

97 

76 

39 

60 

|120 

11 

12 

24 

44V 

152- 

124 

52 

34 

iS 


57 



88 fi'oiipgBrtW'A'SBpI 



-1 

1+1 


+1 


,+3 


+1 


>2 


+2 




-..[40.54 1 


+2 


+2 


+2 


+1 


112.1 7.7 

J2U2 


2W.4[ f3-2( - 


a 




6.M 73 
4.H 4 2 


7.1 


CALS, PLASTICS 


Hire Purchase, etc. 


36 


h203 1.7 

86 

£51 

+i* 2 

Q12®« - 

29 

9?* 


♦3.95 L9 

61 

35 

t3 

L7 23 

IA 

12 





90 


4.B7 « 

87 

24te 

.. 

h113 25 

8.2 

20 

.... 



94 


413 23| 

6.bl 


BEERS, WINES AND SPIRITS 


Im Paint 

Laporte Iffifc jto. 
. Norsk H.Kr.80- 

42 jfijwlte.- 

Tlansoa Wm. Jfl. 

Rentokil Wp_.. 


5 s ’ [Thtupx Brdex IBp - 
IPs IWarficiBer.'lt 
Wolstenholme. 


+2 


+2 


+1 


BUILDING INDUSTRY, TIMBER 
AND ROADS 


% 

164 

17 

77 

294 

130 

277 

36 
15 
43 

Ja 

& 

59 

69 

77 

71 

37 
30 
51 
6H; 
55 

183 

190 

26 


46 

74 

,§L 

153 

18 

10* 

21 

7 

§ 

S' 

10 

29V 

27 

38 

38 

39 
16 
24 

S' 

63 

130 


Aberdeen Const. 
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105 
103 
120 

89 

59 

10.0 
6,7 


83 


8.7 

14,4 


M 

4 


9.7 

9 -S 

RUtUli 

io5 " 
62| 

64 
64 
7 3 
471 
64 
94 
5.a 


75 

S:} 

if 

3.7| 

4.4 
5.4, 

IO 8 I 4 ; 

<65? 

63) 

5.9] 

94 

6.71 

6.0 

4R 

45 

38 

71 

3.6 

53 

65 

3.4 


84125, 


“£? 

3.4 

9.1 

?2 

(31 

Hi 

61 

68 

El 

6.0 


1R7-T8 

High. Low 


m 


17 

-25 

127 

1? 

33 

35 

148 

50 

89 
107 

£2 

93 

25 

90 
152 
200 

a- 

52 

90 


M --.Sh*' 

EdlroiHkksi 

aiioaiB .1 _[ 

Eng. Card OnOi. 
Eialrulasnies.J 
Expanded Metal I 
fpe( 

FustdK lire 500 
nrth(GSDitta_ 
iFUddriveSOp.^l 
Fc&kHIo d/v5a 

Frattcali^s- ■ 

tSlnt nLTBp— , 
GartonM 
li on Fn 

Cerda, Jatora.-s’!! 
Grah'mKMdajpl 
Cranes EU)0„J 
rrfWPtankWpuJ 
Green's Esa* 

GJLN.Q. ■ 

EihHmaEeQ5pj 
iHadenCanterTi 

Hallite50p_, 
Hanssotu— 

HawkerSd^_ 
Hm&9reith_— 
Hopldns(jiB50B. 
Howard Jtaci^Tb 

SOTtiajQt®! 

RtraiMfisoop 

Jackfl 

JenfaftH , 

JotHEou&FirtfaJ 
toe* Group lOp. 
Jones Stipman - 

a aagft-l 

IwHH 

LeeJHiP 

Ley's Eban friea. 
Lmrend, — 
UojdfFSBK 
L«i«:m5pU_ 
-Da.’A’BHiHi 


48 taiL adding: J 


Price 


M s 


57 1 ; 

^05 

56 

50 
52 
55 

109 

6 

22 

41b 

15b 

28 

47 

51 
13V 
74 
10b 
26 

450 

28 

65 

260 

21 

71 

i 

92 


19 
28 
24b 
10 
94 

45 

S' 

33 

9 

40 

152 

S 

49 

46 

£651; 

2U? 

31b 

501; 

% 

30 

38 

57 

9 

37 

80 

40 

16 

16V 

ft- 

25 

25 
55 

1123 

53 

7 

110 

27 

13 

136 

26 
40 

162 

93 

45 

4d 

ft 

^10 

10 
, 50 
&L0 
25 

20 
20 
12 

H 38 

72 

69 

82 

Z2* 


—195 +4 



20 

M 

72 

9 


tJas t 

Norton (W’.E.iSpL 
lOstarn®— 
PegtoHattTrier_J 

Penrad- ; 

Porter Qnd-20u. 

i Pratt (F) 

Priest 

Proeorll'tftfft 

lH.CF.MSi 

Hnim»Tjip* p 

RHP 

R'TwmesSmLn 
tRatdiHelndS— 
(Ratcliffs 
.Record 
H'dmnffmo 
IRenoldEI 

ffiicamrdMifLoft, 

fat eh'ai Test aplj 
(Brinson rTlns.1 

jforiKti . 
[Senwr Eng'S 

Seick 

ShakespTeJ.5p. 
(Shaw Fn acts 20p. 

Spencer OL20p. 
rtotnSp..] 

Spooner Inds«i. 

EtoitrteaOp 

Starrier Inds.a 

Stone-Flatt ; 

fttes r Henry)— 

TacelOp - 

Taylor Pallimer- 

recal pmrt . 

Tex.Ateas.10p-- 
Thjssen Dmlll— " 
TotnkinsFlL9p. 
Triplex Fdriea- 
ruhe Incests. £1.. 

rnrrifi—... 

(W.XUO. 

. ra’gl 
UttLSmie 
UtlWhe Group. 

Meters £1 

"VkbrPradmss- 
WJII 


Wadldn5to„ 
[Waaulnmntrl 
_ iCAW.U 

Ward(T.W.) 

ffaroe Kitehtlfo- 
WnriekEng.20p 
Weeks AssolU^) 
War‘ 

WeHiran 


40 |Westlan 


Wesf n-Etans 2fip_J 
Whessoe,— _ 
WhewayWtsn.5p 
WhitehouseSDp- 
WOhMBfWW— 
WTmstJames— 
58 Wolf £3ecL Tools 
93 " ‘ 

fr.lOp 



+8 


+4.08 

+5i9 

148 

M 

J4.03. 

3.32 

tdl24 

zt337 

19 

es 


|cnt1™IwE 1 
» - - l 


24l5lk96i1 


3.7) 


+1 


+1 


H-l 1 : 


1+1 


+1 


I" 1 : 


+2 


-1 

+i‘ 


J+5 


I- 1 .’ 


(4.79 

1.81 

b5J28 

ffiS* 

0.87 
3.84 
8.54 
471 
L90 
, '4.5. 
L81 
tR58 
]3.41 
[4.17 
,338 , 
Itd234| 
•3.99 
11.46 

ft} 7 

u 

t3.4fe 

+706 

+3.71 

p.25 

W,37 

sr 

«* 
3.48 
t8 75 

ap 

125 
14 47 
£3.6 

US 

1X28 


It2il 

hdOOT 


KL8 

21 

LOl 

2Z4- 

173. 

«■ 

d3-87 

232 

♦H87 


290 m 


Stock 

GrorelSW SOP-, 
; no WK eg SlWj 

Kuriuat t Ultti 
LadbrotelPp - 
Mt.MiaridtieHlp 
HnMJtt«l50p- 
VunaikCap5|>- 
N-wthiM-K'Hip- 

Prime ri Wale*- 
gueensJtot5p 
smtoflHateU- 
bpww-A" lOp — 

' SLuiSkReo- h]p 

SronBrjnlnt jf- 
muH Font* - 
5m?W v:ite. 
WlKrief s Up— 


Price I - 


103 

£122 

90rd 

178 

16 

19 am 

42 

38 

118 

27 

343 

72 

36b 

IP; 

186 

251; 

260 


+3 

+2!; 


+b 


D« 

Sri 

4.25 

qht; 

1410*1 

hTo 

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Fob 

Ob 

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821- 
118 . 
14.41 


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5.01 

I 


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331 

91 

2.U 

9-8J 


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If 1 


7 <H 7! 
26)12 


5.0)1 


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1X6 (■ 

■ 5-8 1 
6.6 I 

1 5.1 

103 m3| 


83 


6 .H 62 
10.7[(56i 
6.0 


2U10^ 


li 


IlHil 


ll0lil3lT 

63 
4.7 


FOOD, GROCERIES; ETC. : 


*133 

% 

77 
295 

71 

78 
15 

72 

100 - 
157 

ft 

83 

230 

230 

205 

183 

128 

33 

56 

9 

39 
96 
96 

133 

107 

W 

117 

14 

74 

26 

51 
68 

69 ' 
300 
109 
£42M 

202 

116 

40 
132 
128 
Wi[ 
92 

100 

45 

242 

90 

1ZL 

27 

28 

If 

* 

434 

Z53 

58 

40 

42 

1B2 

279 

137 

52 
57b 

177 

70 
238 


9 

47b 

"B 

«■ 

Ss, 

65 

68 

9 

[145 

55 

60 

77 

7 


[Alpine SrftDlOpJ 
Ass. Biscuit 2Dp_ , 
.toBrk-Fd&Sf. 
r A» Dairies..— 1 
Aa.fi*erlas_ 
Arena Group 
Banks iSdneyC) 
Barter 4 DXOp- 

|BarrtA.Q- 

Bamw MilUng.- 

[Bassett rGeoi._ 
BmIqs York ]0p 

‘ ilOp 

. U.)£t 

Bishop's Stores- 
Da : A"N,'Ve_ 


28 

42 
30 
6T 
51 
91 
57 

6 

22 

45 

13 
28 
18b 
40 
89 
39 

£28b 

61b 

27 

100 

55 

14 
74 
47 
88 
62 
50 
22 
80 
45V 

43 
17 

124 

23- 

,1' 

pit 

9* 

[118 


Brit Year g . 

BreoteBond 

C5iHordDaine3. 

Da-A’N/V 

Cullens 20p 

Da “A" aSp 

Danish Bcsl’ATI 
Easo«wd(JBi5p-. 
M«'(lSlUl«LC.6fl_ 
England d. El 5p 


Fbher(A.i5p — 
[fitch Lavell 20 jl. 
}Gla»Gtoer6p_ 
[GoWraFowanL 
Hariew'd'sPJDp., 

tetJ.ssp_ 

klOp__ 
HrotoaLViwp— 
Kraft S250 — 
PwikSarell%>_ 
[LomonsGo. lOp. 
Uriood Hldgs._ 

^rfwoods 

Lowii(G.n__ 

UK(Wm.i37p— 

.WMBiJ.ia 

^fattbewiiBl 

Heat Trade Sup.. 
MilblAJ A r 
Horan Sfc. lfip 
MorntfoW.iito 
Northern Foob_ 
NordlBPltlto.. 
(IbrtoiP.llDp—, 
Pork Farms lOp . 
MmiWj.uop_ 
RakusenQiLlOp 
R-H a. . 


Bobeitson Foods 
RowntreeBISOp. 
Sainsbury<J.j_ 

Sesgjortex 

SpUkn — , 

Squirrel ffnlZjpJ 
Stocks fJowphj_ 

Tsrerwfitrt.20p 

T»C05p: 

umgaro 

Unitod-Biscuitfi-. 
Wfisoo Phlp,10p 
WheaubeaL. 


•iris 

th2.73 


-llfij 


.1.78 

3.0 
+0.98 

«36 r , 

J — I — I — 

tQ1334 
505 


+b 


?{ 


-1 


h4.75 

m0.47 

» 

lS 


1129 

jtdXfSl 


+3 

-b 


Ml 


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]!#)■ 


+5 


-1 


17J9 
1 1838 
W706 
■ ♦3.06 

fl.nl 


S3 


+3> 


1111 


1 


B7^t62) 
5.0 6.7 


.YAH. — 

AG& Research. , 
Ajrrw«i8riM.lDp 
Abbi>;Ltd. 
AtonielntlOp 

AirfirlmUSOp- 
Allied lm.5p . 
AIpfBeMd&5p. 
Anul.Indmal'.-. 
AmaL Metal i£ll. 
.\n? .Dn Aspii alt 

, Benson iA' top 
Assic.LeuuKSp 
As honrets I 
toUFiUAL 
Aron Rubber £ 
BBAUroup. 
FET.Dril 
nx'utoL 
BlU.. ... — . 
BairdiiSnLiEI — 

Barr Jt WAT W 
Barrow Hepburn 
, EathAPortland. 
Beatson Clark— 

Beecham 

BellaiTL'os. HJp- 

Beotiao — 

Beririccds. 

Beni1ctTlrapo_ 

BcstobelL 

Biddle" ' 


Black Arrow . 
Mank£ifctnaS> 
ElrfiPiHlc 
Hodyxreelrt 
Bocod ftL\V iep- 
BBakerUcC SJp 
BrawylHawte*- 
Btta<Hcnrsi50p. 

Bnoto 

BwgW.VSSS.30 

Enwateril 

Bra be Leslie lOp. 

Pradylatk 

RrammertHjSflp- 

BridccndPrpcSp. 

Bridon 

Bndport-GMp. 

BBtEA 

BnLCiwTlSiji- 
teit Steel Const. 

■%&S£?L 

Brittains - 

E.fl. Prop. SAX- 
Brook SLBr.lOp. 
Brooks RaLSOp. 
Brown Bw. Kent 
RnmtorsiMussL 

BUrcoliean 

Burudetwap..— 
BBrra.Ands'a lup . 

Euit Masco ITbP 
CiHIndls-Wp 


CamresSio 

Canning 1 S'. 1 — 
Cape Industrie'. 
Ogtlanhutll'p 
Carman? IncaJp 

Carbon Inds 

__ CaisTOds- 

lib Celertwo Ind. 5p 
■" Cetera! Mit'lDp, 
I'eflt iteeml Sp- 
Centirinn’SDp.-. 
ChamberuinGp. 
i.'hutolaorh I0p.| 
Ctdsce Vans lop 
Oiti'iw I'unKlpp 
Chrisiie-T.Hip - 
Christ*? Int inp 

ChubiiSfo 

Clarkein 
Colei RH 
CmpUiWdihaip 

Com L GrpiSl..- 
iViij .SutwnyWpJ 
Cope Allman ap. 
.CopydesHW — 
jTulol Leis 10p_. 

ICusall 

[Courtfl? PupeSBp 
k'frtandelir; Hip. 
|Crm'J.l50p_,. 
iCrvar Nichol lOp. 
Crrete House £1 
CresfaySpre lop. 
DariesiJrwnn. 
DauMxuJaa'- — 
Du La Rue 
Denhfware — .J 

WanMadA-Sli 
[DinkieHeeiSp 
Diploma Invs.— 
Dodwd Park lOp. 
IXnnTOdgs. 10 p.. 
DwwCnrpi TSSl 
Doans Sur*'l lOp] 
VSculL „ 

Bitum. lOp 

DunbeeCom. I-Tp 
4Duodoman31p_ 
“Duple IntSp — 

Dota pipe 

Dusk Group lOp 

Dykes 1 J 1 

[Dyson (J. ft J.l — 
Da 'A' 


Hbwlnxfc. . 

Elirtri 5p_ 

Qeco lOp — 

Elect lira. Sec .. 
EftkdPVm lup . 
El son 4 Robbias 
ElswickH'Der5p 
EmitorfCorp 51. 
Empress SenrlOp _| 
Ekig.&Oer'slOp 
Eng. China Claus 
Esperanza 12131 . 

Euro Ferries 

E>odeHldgi20p 
Ewer George lOp 
Extml — -fT — , 

Farbairn Lawson J 
Feedex 10 p 

iEhunertl. H.» 

Fauuson Ind. 
FeritunatiXp.. 

rrodlayiAR! 

First Castle lOp. 
Fit?wiUoo_.->.- 
FlexdloC.tW.. 

Fogarty 1 E .1 

FaseeoMinsep-. 
[FotbereillHan^. 
[Frank} in Mint!.. 
French ThM. 10p 
PrtedlnndJJri— 
GLH.(HdBtiBQp~ 

Gestetner'A' 

Gibbons Dudley. 

Gibbous (S) 

Gleres Group..... 

Gili^wrllto 

GlaatMeSlOp_, 

QuraSCto 

Gnome HiotolOp 
Goldman 1 Hi lOp 

GonuneJflds.. 

*amplanlhfea.. 

Granada 'A' 

Grippenods I0p. 
GrocebeUGp 5p 
Halhmaeisiiop 

tusniumtelb^.. 
Har.toer Cp. & 

IHanson Trust 

DnSsrCTfW'iBl 

Hargreaves 2 bp_ 

Hflrns<Ph.:3Qp.. 
HsfnsJcSMdoo . 
HlrtiflsiTijhoo 

.Hawtin5p_ 

[jtof iNonran. IM 
lHartWharf£l_' 
HepworthCrme.. 

Hratar 

HwttlU.iSp 

*’■ atoOptlte. 
... Chasill..., 

SBSST!^ 

RuDis tew. 

Holt Uon} lji [up. 

Hawer'A' 

HorraraUdte 5 p 
Haskins £>H 2 Dp. 
Howard Teaens.. 
Runriug Assoc.. 
Hmstlei J " 
HErliSl 

9); Hpron 
nlij iX.Bidv*riesil.. 
tCUI 


HOTELS AND CA1TSERS 


41 

£361; 

52b 

108 

178 

14 


12 

Olb 

24 

ft 

10 


Adda lit Hte„„ 
Beret iJ.iFtlOO. 

BrentWaUterSp. 


l+b 


tdOifl 1 , 

W? 

tS&l 

N0J3 


, 23 
H3 73 ] 
3.5 17.9 
6.4 K5 ] 
4.2 288 
4.0 20i 


INDUSTRIALS 
(BHscel.) ^ 

« 



ritai _ 

nnOwH. 

Jaitlque , 

JohAM&Bvittr.] 

JohmonClnra.-. 

Jobnsesuun.£l 

&wdaaiT.il!%). 

EjflamasiolOcL 

Kriseylads. 

KaraedySiiHlp 
KershasciA i5p_ 
KlrenFZe Nidus. 
[LCi'.Hlds^. 


!-l 


h5 5 
K3 4 
1.97 
101.0 
M37 
12.9 
+0:76 
fLW 

m 

12.42 

dlW 

T2.72 


+4 


1-2 


-1 


1+1 


+2 

-2 

-i 


+1 


-2 


-2 


+3- 


£2?b -i 


+7. 


+1 


£22 1 . 


;]._...]^15| ?.?| 

t3i 

S .65 
.32 
+ 10.0 
dl.82 

W 1 

fii 9 

+0.82 


-v 


+1 


1+20 


+3 


Ua 2 


Q26e 

338 

3.67 

, 3-3 
rt.25 
08.48 

w 

245 

+2.72 

IS 

■w 

,10.0 

6C.T2 

tl.79 

.7 08 

t4.6 

dS.35 

+2.72 

ff 

Iw* 

t42 


t3 0 
d2.13 
15 

f£* 

Q2S 

tl.76 

t7.tr 

3.72 . 
LD1 
145 

4.73 
tio 
1183 

t3.% 

5.53 

17 46 

4 79 

4.62 

t4.98 

13.42 

I# 

110.98 

M 

15 

12'ij 

4 Z9 ' 
2.97 

3 55 
218 
13J7 
1.72 , 
Q5200 
r236 
316 
227 
lho.0 
h307 
2.18 
F2.25 
8.45 

5 36- 
t9.41 
+0.59, 
Th6.b4 
+bS.43 
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5.44 


8.81 ji 


23i 


VH 


10.2 


3« 132 


8J[ 2 6 


153 

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LO 


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nu — 
75 6: 


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, 3.82 , 

1+1 T4A 




182; - ■ - 
8 . 4 : 84- 
P9[ 67 ; 
9-5 *_ 


6tJ 


9p_4j 


6.9(11.1 

62: 


1 . 2 H 24 


4 .9 . 

109 .: 

104 



























ij COPPER 

” 198 | 70 iMesinaRD-M | 79 |-1 |tQ30c| l.Sl * 

MISCELLANEOUS 









Coins vltenriw iwfliaM. pricu and net firijMi are in 
pence and denominations are 25p. Eattanaicd price.Vamlnjct 
ratlw and coven are baaed on latest annual reparla and ^cnu nti 
and. where possible. are updated an half-yearly Htnm. P/Fs ore 
calculated on the basis of net distribution: bracketed figure* 
indicate It per cent. or more difference il calculated on "nil** 
dlstrl fast ion. Cover* are based on - nud i m un" distribution. 
Yields are based on middle prices, are gross, adjusted to ACT of 
34 per cent, and allow for value of declared distributions and 
rights. Securities with denominations other than sterling are 
quoted Inclusive of the investment dollar premium. 

& Sterling denominated securities which include investment 
dollar premium. 

0 Tap” Stock. 

Highs and Lows marked thus have been adjusted to allow 
for right-- issues for cash 
r Interim since iorrca:«d or resumed. 

Interim Mnce rt-rtuceri. parsed or deforretL 
t; Tail-free to nun resident.- on application. 

♦ Kifrure-. or report -trailed. 

ft Uni' -led se>-uru>. . . - * 

♦ TTue it xnae uf • ur-pension. 

1 Indicated dividend after pondinc 'enpand or right* issue: 
voter rciate- to preiums dividend or forecast. 

■ Free ol Stump Duty 

♦ Merger hid or reorganisation in progress. 

6.1 1 * '■' wI comjsir.ihlo 

7 A | a Same Interim: reduced final and or reduced earnings 
indiulrd 

f Fureiad dividend; cow on earnings updated hy latest 
linen in tenement. 

t Cnicr -Muni, for eonrerJon of shares run iu«w ranking for 
<1iviili-nd- or r .inking orlv for roitncied dividend 
f Cm cr docs not allow for shores which may also rank for 
dnidc-nd ji a luture dale. r;». P & ratio usually provided. 

V Ru I udiuu a final dividend declaration. 

4r Itecionul price 
II No par value 

■a Ta\ free b Ficure:- based on proipoctas or other official 
estimate c Cents d Dividend rate Paid or payable on part 
of capital, cover based on rittidend on full capital. 
t Redemption yu-1.1 f Fiji tield. R Avaimed dividend .md 
yield, h Assumed dividend and yield alter .-crip ts..iie. 
j Payment fniin i-apit-l soun.es. fc Kcny-L m Interim higher 
than previous tot.il n Kiyltiv* issue pending q hanMiius 
based on prei inn nary future:. r Au-t/uiian current-; 
s rHllrtend .inrt } urld ■.-i.rluJe a special payment l Indicated 
dmdend .titer relate- to prv.i*ni« riitideml I 1 E ratio hawd 
OQ latest annual earning* a Furecu'l dividend i.tivi-r bused 
on preri/.u- year . firning.' t Tut tree up in »«p in the L 

V Yield .illnics f.ir ■■uircnr-t rhiut- y Dividend and Held 
based nn merger lvrm< z Dividend and field include a 
special pntmenl iv.w doer not apply Ui special p.ivmenl. 
A Net dividend .in it tield B I *p if. -re no.- «'.n uU-ri-J pa— -d or 
deferred t I’bnadian 0 iVii-rond P Erutioewluile profits 
of l" K aerospace <ub.ldi.riL 1 > II l>*uc prise, f liituli-nd 
and yidd (vised un prs- -pectus or mher -iitu-i.il estimate* l.<r 

1(777 re li AsNimed dividend an.! yield after pi-ndiug scrip 

and or n t +i- iv.ur U Dividend and tield butd on 

prosperin'- or uilier official e-limatoi. (or I97F-., K l-’igun-s 
tool on proi pectus or ether ntliciul cMim.l<-> for 197 m 
M IHttdi'nd .ind yield hared on pro. peel u> or miner otfici.J 
estimates t^r 1973 \ Dividend anil yield on prut-pcel us 

or OlJier off in* I i->linkite- fur 1079. P Iindeinf and yield 
bawl on prn-pcctus ..r .rther otfiriul e-tunme. lor V,»77 
4 tiro... T Ficure-- assumed I' Ye .-isnificam fnrpiTjiir.n 
Ta« pat able Z f>itiden<l If4.il tn dale fi Yield ls-i<ort . .n 
aMumpiion Tiex-uty bill Rate stay: unchanged until maturity 

Ol MOt-k 

Abhrminlion- ne-.-dc-iderd ice . : enp isr<ui . r ex riShu . box 
all. tf ex cupiUI diririhuuon 


“ Recrnl Issues '* and “ Rights '* Page 24 ' 


This service is available lo every Company dealt in on 
Stock Exchanges throughout the I'niicd Kingdom fora 
fee of £400 per annum for each security 


REGIONAL MARKETS 

The folio a in: i* a selection of London quotations. if shares 

K fviously listed unlv in regional market* Pnre- or Irish 
lies. rsuM ol which are not officially listed in London, 
sire as ttuelcrt on the Irish exchange 

Albany Int 2Dp| 23 Sheff Refrshmt.! 51 [ }’ 

Ash Spinning .. 1 « .... Shiloh Spinn.. 22 1 

Ber^m.. M Sindall ( Wm ..... 83 1 

Bdgntr. EilDOp 285 1 


Clover Croti.—J 22 
Craig it Lose Li 4 CD 
Dyfcon i FL A . \ 41 

Ellis 8c Me Hdy . 68 

Evans Frk Hip 57 

Evered 15) 

Fife Forge .. . «7 

Finlay Ptg up 19 
Gralg Ship, il 15C 
Higdons Ereu- i 82 
1.0 N ttm II . M 2 


JiOllfJoM25p- 250 


.Vthb. GoIdscaLh, 
Pearce 'C H •} 
Peel Mills 
Sheffield Brick! 


« r.ont 9“. ‘BO 82 . £961, 

S AllianroGa?.— 70 

^ Carroll .PJ i.._. 98 

51 .ClunrtalSti n . ... 36 

,1; ».oncTeie?tt>i - . 123 

SS liviu-nilildts ' 49 

S3 Ins rorp — . ISO 

52 In r.R.-pt.jt 233 

il -iJChi. 55 

-u ... . bunheatu. 30 

“5 TMi, . 180 

— I nidare.. 1 72 















































































































































































98 


| City Offices [ 


Hampton & Sons 



S' 


[ 


01236 7831 




SATURDAY MARCH 18 1978 




flead Office:! 

BD23 1- . _ 

iwHilMiT ~ 

MaariKU 


MAN OF THE WEEK 


Fighting 
for his 
country 


Garter warns Russia 


over arms build-up 


BY DAVID SELL 


WASHINGTON, March 17. 


BY DAVID LENNON 


ON the SURFACE, Ezer Weiz- 
Bian is an overgrown schoolboy 
a gregarious former World War 
II RAF pilot who loves to drink 
and spin yams. He is warm and 
emotional. He loves people and 
always remembers their names 
Most people warm quickly 


to 


him despite a tempestuous 
temperament and a self-assur- 
ance verging on over-confidence. 
. Inside, be is a passionate 
believer in Israel’s right to the 
historical land of Israel and has 
a pilot's yearning for wide open 
skies. A man of firm convic- 
tions. he Is never afraid to fight 
for them, even to the point of 
threatening to resign from tbe 
Cabinet earlier this month. 


Retaliation 


This week he persuaded the 
Government, if it needed much 
persuasion, that instead of 
regular retaliation for Satur- 
day’s -terrorist raid, tiie Army 
should 'move into South Lebanon 
to clear out the Palestinian 
forces and to stay there as long 
as necessary to ensure that they 
do not return. The operation 
bears all the hallmarks of his 
belief in the need for direct 
firm and daring action to ensure 
the security of the State. 

Until nine months ago Mr. 
Weizman was still best-known as 
the man who epitomised the elan 
ana daring of the Israeli airforce. 
Since joining the Cabinet, he has 
suppressed bis natural exuber- 
ance and succeeded in projecting 
a new image as a serious and 
capable Minister. To-day there 
is a growing public yearning to 
sec him as Prime Minister. 

In 1M2. al lhe age of IS. the 
Tel Aviv-born Mr. Weizman 
joined the RAF with the lowest 
rank. He finally doffed his 
Israeli gen pral’s uniform in 1969. 
He reluctantly quit a lifelong 
profession because of politics. 
His natural talenr had made him 
an obvious candidate for Chief 
of Staff, but bis outspoken Right 
wing views made the Labour 
Government pass him over. Then 
the politics which had frustrated 
one .ambition, offered him the 
chance to inmp from his 
seppni’s chair into a Cabinet 
<i*at on behalf of the Herut 
Tarty. 


Awakening 


- But ■ eieht months later he 
found himself on the hack 
benches when Menabem Begin 
pulled the party out of the 
National Unity -Government in 
protest at Israel’s decision to 
accept a cease-fire »n the war 
of attrition on the Suez Canal. 

This was a rude awakening 
for a man who fro^ being a 
dominant figure # in the*^defence 
forces and then in politics, 
suddenly found himself an 
urdinury citizen. 

The intervening years were 
hard for him. though he was 
successful in business. He was 
unfulfilled. After slaying out 
nf politics for some years, be 
decided to re-enter the fray 
prior to last year's general 
elections. Disturbed by the 
demoralisation in the country, 
he felt that something had to 
be done. 

Taking control of the right 
wing Likud bloc election cam- 
paign. he applied Maddisnn 
Avenue techniques to bring off 
a stunning victory. Menahein 
Begin became Prime Minister 
at his ninth electoral try. 
riespite the personal friction 
he' ween them. Mr. Beein nek- 
□owledged lhe debt he awed 
and handed the Defence port- 
folio la Mr. Weizman. It was 
the realisation of a dream and 
sweet revenge on Ihose who had 
Veni him out of the post of 
Chief- nf Staff. He took to the 
job with relish. 


Pragmatic 


When President Sadat went to 
Jerusalem he singled out 

Ezra ’’ as he mistakenly pro- 
nounced Weizman 's name, for a 
private talk. The Egyptian 
leader knew his man. He. like 
many others, realised tbar the 
Defence Minister was a prag- 
matic, straightforward. no- 
nonsense man who knows how to 
make quick decisions. 

The months since have been 
disappointing. The direct talks 
were abandoned and negotiations 
stalled. It was at this point that 
Mr. Weizman .threatened to 
resign if lhe Cabinet did- not 
agree to halt settlement in tbe 
occupied areas for a while, to 
give the peace talks a_ chance. 
It -was a courageous and con- 
tentious act typical of his belief 
that he should follow his own 
convictions. 

As a result Mr. Weizman has 
woii from President Carter 
respect and confidence not- en- 


joyed by Mr. Begin or Mr. Moshe 
n...'-..« At' the 


Dayan. Foreign, Minister, 
present moment, hie looks nke 
The - natural successor -to- -Mr; 
Begin. 


PRESIDENT CARTER warned of the administration’s theory that the present functional 
the Soviet Union to-day that the that there should be no balance in weapons between the 
U.S. is willing to increase “linkage” between Soviet activi- UjS.- and the Soviet Union could 
defence spending and effectively ties in Africa and the Strategic be threatened in. the decade 
abandon detente, tf Russia con- Arms Talks. ahead. • In particular, Soviet 

timies a policy of excessive “We are prepared to . . . missile developments •“ can make 
military growth and- un- co-operate with the Soviet Union our land-based missile forces in- 
warranted military interference toward common social, scientific creasingly vulnerable to a Soviet 
around the world. and economic goals, but if they first strike,” he- said. - 

In a toughly-worded speech. JJJJJ® In ^ absent* of Soviet res- 

described by his staff as the traint, there were new land and 

President's first major address i P / rt Q t^ sea-based system* under develop- 

on defence, . Mr. Carter said that ment in: the United States Which 

there were ominous signs, most could be ordered into production 

recently m the Horn of Africa. l&JMgZL D»rid Setter reports from 

that the Russians were prepared Moscow: 'The Communist Party 

to use military power in various er ° d * * ® newspaper ’ Pravda Indicated 

parts of the world. President said. yesterday, that the Soviet Union 

“ We can readily afford the Prnowcc - is l0 . shl S patience with - obstrac- 

necessary costs of our military rru 8 re ” . tiomst” U.S.. tactics in the SALT 

forces as well as an increased There has been some evidence, talks, which appear aimed at 
level if needed to prevent -any in recent days, that the Adminis- going back on previously agreed 
adversary from destabilising the tration has been at last making understandings, 
peace oE the world," - the progress on arms talks with the In a highly authoritative un- 
President said. Russians and that Mr. Carter signed Pravda editorial, the 

His speech centred on the wants to have some kind of treaty party newspaper said the US. 
steady expansion of Soviet and ready . .by the ..summer. To-day's stalled the implementation of 
Warsaw Pact forces in eastern speech may- also be intended, tbe “clear, 'cut -and specific 
Europe. Despite many years of therefore, to demonstrate tbar agreement” reached at Vladi- 
negotiations? aimed at cutting the President is not “soft” on vostock in. 1974. and it was only 
force levels - ' an both sides, the the Russians. at the end of last year that some 

“Soviets have continued to in- While wanting a new strategic progress was made in putting 
crease and modernise their arms agreement. President Car; negotiations, back on “ practical 
forces beyond the level neces- ter was not prepared to jeopard- lines.” 

sary for defence. ise U.S. security. The idea was being instilled 

“ In the face of this excessive “t will make sure that it pre- that a SALT agreement has some 
build-up, we and our NATO serves the strategic balance, that connection with such unrelated 
allies have had. to take impor- we can independently verify matters as events in the Horn 
tant steps to cope with short- Soviet compliance and that we of Africa; and Pravda warned 
term vulnerabilities and to will be at least as strong rela- of the advene effects of trying 
resnond • to long term threats.” tive to the Soviet .Union as we to make agreement in tbe SALT 

To-day's , speech appears . to would be -without an agreement." talks serve as -a lever in political 
mark the effective abandonment The United States was aware bargaining. 


Growing 
clamour 
fails to 
bait £51m. 
ship deal 




By Ian Hargreaves, Sapping 
Correspondent 


New blow for Liverpool 
as Lucas cuts workforce 


BY PHILIP BASSETT. LABOUR STAFF 


MERSEYSIDE sustained a to decide on possible action after Birds Eye shop stewards are 
further blow yesterday when the closure decision. ' hoping that the: Board will , take 

Lucas industries announced Mr. John Rowan, national the notices back at its meeting 
another cut in its Liverpool industrial officer of TASS, the on Monday. Process workers at 
workforce. A total of 200 jobs white-collar staff section of the the plant have signed under- 
is to be lost at tbe company’s Amalgamated Union of Engineer- takings to return to work as the 
engineering works at Fazakerley. jpg Workers, said the union HO engineers who bad been on 
The news came a day after deplored the lack of consultation strike did at the week-end. and 
tbe group announced tbe forth- between Lucas and unions before the plant’s management is 
coming closure of Lucas Aero- the announcement. TASS would understood to be recommending 
space’s Victor works, also in fight the closure and redundan- a resumption to the Board. 
Liverpool, with the loss of 1,450 cies throughout Lucas Industries. m in the world tractor 

jobs. Yesterday’s move brings Mr. Ernie Scarborow. secretary SSmSS^SS 

the total number of jobs lost on of the Lucas Aerospace shop ^ workforce s number ° 
Merseyside in eight weeks to stewards’ combine, called on tbe SdSSSJSi XSlcLC 

more than ,.100. Government. to intervene to try ,-^ wariey near Birmingham, 

Lucas Industrial Equipment at “ save the jods. . aro to be made redundant The 

Fazakerley employs 485 people. A group of Liverpool MPs f 0UIX dry has been on a four-day 
Lucas blamed the cut to 2S5 will try to see itz: Callaghan we ek^since the beginning of the 
on a drop in demand from the Ao-day to dismiss the jobs loss year and is going on to three 
Defence Ministry for the compie on Merseyside in tbe past eight days a week, 
nents the factory makes, includ- weeks. Mr. Eric Heffer, Labour ^ r 

Ing hydraulic equipment for the MP for Liverpool Walton, said 

Army’s Chieftain tank. that the Government should ap- SS 

Orders For Chieftain tank point a Minister with special 
parts, .which make up ialf the responsibility for the area and JJfiL-, r»™.t d tn 
factory's business, are down by pump money- in to save jobs. til 

35 per cent on a year ago and • Jn another Merseyside jobs Dtetrirt* Irter^thS yei 


SUNDERLAND Shipbuilders 
has signed a £51m- deal to 
supply six 16,500-ton cargo 
liners to the Shipping Corpora- 
tion of India— a contract 
heavily criticised by UJK. ship- 
owners because the vessels are 
being bought with cash from 
Britain’s overseas aid pro- 
gramme to India. 

The signing of the contract 
in Bombay yesterday came 18 
months after talks about the 
order started. Daring that time 
the clamour of owners against 
the deal has grown because, 
they say, the Indians are being 
given free ships to compete 
with British lines. 

.British Shipbuilders, of 
which Sunderland Ship- 
builders is a part, says tbe 
overseas aid money goes to the 
Indian Government and the 
state-owned shipping corpor- 
ation will have to buy the 
ships from its Government 
under the usual credit terms. 
For this reason 7 the price of 
the ships has also been re- 
duced by a giant, understood 
to be about £5uu, from the 
Government’s shipbuilding 
intervention fund. . 

The six ships, which will be 
designed with mufti-purpose 
capability to enable them to 
transport containers, will be 
built in Sunderland’s Dept- 
ford and Pallion yards, pro- 
viding employment for &O 00 
men for 12 months. 


Workers 


are expected to drop by a further battle, national union leaders 


70 pei cent -next year. 


met members of. the Birds Eye 


About 190 workers at Victoria 


The 200 workerswill be offered Board in London yesterday to Snlea^the comDanv J succ«sfui 
alternative employment within 


the Lucas Industries group. missal notices issued to L20Q t 
At the Victor works, shop workers at the company's Kirfcby T* _ 

stewards spent yesterday in talks factory. More aerospace jobs. Page 21 


Continued from Page 1 

Retail 


plank in Government efforts to 
secure moderation In pay claims 
in the next pay round. 

A continuation of pay rises 
of well above 10 per cent is 
likely to push up the - 12 -month 
rate of retail price inflation from 
low point later this summer, 
especially as the favourable im- 
pact or the rise in sterling will 
tail off towards tbe end of 1978. 

Moreover, as tbe. Bank of 
England bulletin pointed out 
this week, the improvement has 
been helped by some special 
factors, such as the drop in 
mortgage interest payments and 
19.5 per cent decline in 


Exporters to lose 
finance concession 


BY MARGARET HUGHES 


FROM APRIL 1, British expor- cent over the three-month rate. 


ters will no longer have access For foreign currencg^endiog, the 


• Hr. Jim GflfiUan; managing 
director of Sunderland, said a 
big factor In clinching the 
order was the - agreement 
signed in his yards last 
month under which workers 
accepted a wide - ranging 
package of . terms involving 
adherence to Government 
wage guidelines, meeting pro- 
ductivity and production 
targets and observing disputes 
procedures. * 

Sunderland has an order 
book of 19 merchant ships, 
valued at £l70m. It has won 
15 orders In the past year — 
much the most successful 
record or any yard in the' 
British Shipbuilders group- 
Although the Indian ships 
are being financed through 
overseas aid, lhe order was 
still won in competition with 
other British yards. 

The six ships will be 
powered by Swiss-designed 
Salzer diesel engines built in 
North East England. 


BSC ready 
to talk 
on closure 


By Robin Reeves 


THE BRITISH Steel Corporation 
is ready to open negotiations 
immediately on the closure of 
Ebbw Vale’s steel-making facili- 
ties. Sir Charles Villiers, the 
corporation’s chairman, said in 
South Wales yesterday. 

He told members of tbe 
Blaenau Gwent Council the 
1.800 steel workers involved 
could expect a 'Hartlepool-type 
settlement if they agreed to the 
early closure of the works. 

But BSC was prepared to stand 
by tbe present designated 
closure date of March next year, 
he said. 

Steel workers at Hartlepool 


THE LEX COLUMN 


.» t*’.’** 1 



The stock mariet tas endured. 

a week of crudal. finanrial fndex fell 1.1 to 457.2 
statistics, and has ended in an 


almost unruffled Condition. 
After the trade figures, the 
money supply statistics’ abd yes- 
terday’s Retail Pricey Index for 
February the FT 30-Share Index 
is off just 1.8 points, while the 
Government Securities Index is 
also slightly lower. .... 


Not too much should be read 
into these -slight relapses, for 
lhe underlying tone has heen 
quite firm. Equities have run 
into a limited amount of profit 
taking after the hear 30-p64nt 
rally from the low reached at 
the beginhing of the. month. 
Meanwhile gilts have really 
been quite strong, with . Sub- 
stantial buying- this week- of 
both the short and long top 
stocks. • " */ s - 

On some estimates, only about 
£ 10 Cm_ of the short-— Exchequer 
8 } per cent 1983 — remains 
in the Government Broker’s 
hands, and there is not taueh 
more than that left of the long 
tap Exchequer 10$ per cent 
1995. One more good burst of 
demand could exhaust one or 
both stocks, but yesterday- Jfce 
momentum proved to hsv^to^ed 
under the influence of Ifflkfrs- 
day’s rather " - unsatisfactory 
money supply figures, and the 
gilt-edged market faltered in Its 
stride- • 

The RPI Is much in line with 
expectations. The yeaMn-year 
inflation rate has edged further 
into single figores, and promises 
to achieve a farther sharp dip 
to under 8 per cent in the April 
computation ( pub lished. iff May ) 
since the Index* jumped by as 
much as 2.6 per cent In. April 
1977. But beyond that the rate 
of inflation is unlikely to show 
any substantial further toll. 

Later in the year, . in fact 
inflation could well start edging 
up again, and the Budget— now 
31 weeks away— will have an 
important bearing on expecta- 
tions here. The stock market 
is ready for a . fiscal stimulus 
of the order of £ 2 bn.,; but it 
will react badly if this is com- 
bined with any relaxation of 
the enrrent monetary growth 
targets. , The uncertainties 
could lead to quiet conditions 
over the Easter period. 




accepting houses (Samuel 
M on tagu excepted), took the un- 
precedented step of issuing pre- 
liminary figures. Not that they 
said very much, but at least it 
is a stoft.- Perhaps an element 
of professional pride lay behind 
fee derisaoE to pubHsh the 
results. When compared with 
recent figures from Baring Bros, 
and Kleinwort Benson, a 92 per 
cent jump in disclosed profits 
to £5.4m. looks very impressive. 
The group has ^important ex- 
port credit and project finance 
business, and along with its 
other corporate finance activi- 
ties fees and commissions con- 
tribute perhaps as much as a 
quarter of gross income. Morgan 
also admits that the “ unusually 
favourable circumstances ” in 
tbe financial markets last year 
enabled it to. make handsome 
profits on. its- glfredged .and 
money book. 

However, Morgan’s decision 
to reveal a . little, more about 
itself is not completely altruis- 
tic. It is probably the fastest 
growing of all the accepting 
houses: over tbe last five years, 
for example, its balance sheet 
has grown roughly three times 
as . quickly as Kleinwort Ben- 
son’s. It is impossible to know 
the .size of its unpublished 
reserves but with loan capital 
of . around £l7m. against dis- 
closed net worth of £3 1.4m. it 
has not been completely self- 
financing in the past. In 1974 
it had a £ 6 }m. rights issue and 
its decision fo shed a little 
more light on itself may well 
be a. prelude to another capital 
raising exercise— when Morgan 
could decide to seek a quote. 


whidi It claims that Vij 
rental assets ba?e a 
value in excess of S25m. T 
compares with a book value,] 
these assets in WigfaU’s 
balance sheet of £ 12 Jhn. nL_ 
implies that Wlgfeil's net-war 
is currently- in -excess of £ 2 R 
Shareholders may wonder h] 
it can be that- such a aim 
endowed company, should hi 1 
produced pre-tax profits of o: 

£lm. In 1977 to extend „ 

sequence of d ecl i nin g pro’ - '., 
ability since 1975. ' 

The Wigf&ll circular does i r ... • : 
explain how the maricet va/ ; 
of £25 m. has been arrived • 
although, its advisers, f 
Samuel, say “a normal trr 
basis" has been' adopted u af 
discussions with mar! 
sources.” Nor is there any 
planation from the Boardtog 
how it is going to get ffm 
right at WigfalL 

Shareholders should ace 
the Comet hid which now val> 
their shares 274p, agai • 
tiie market value of 233p. 1 ^ 

market price indicates that w* . 
offer will not be successful .t-* 1 - 
indeed it seems highly unlik 
that it ever could be with 
per cent, of the votes held 
directors and their assocjg 
whose unity Comet- has Jp* 
failed to crack. But a Jr. 
figure of acceptances .shot . 
concentrate the minds ofo,-. 

Wxgfall management woptj 
fully. 

The Wigfall Board claims C ., ,, r 1 r.- 
shareholders are only b&vb 1 
offered £14xn. for a £25 m. buycvO- ‘ 
ness. It is up to them to mf 
this high valuation relevi 
within a short period of tii 
Otherwise shareholders will . 
entitled to think they havc.b* 
promised something that co 
hot' be delivered. .’ 


Unilever 


Morgan Grenfell 

Over tbe years the merchant 
banks have shunned publicity 
and have suffered a loss of 
stock market status as a result. . n 

But there are signs that they t-QHiet/ Wlgtall 
are coming -round to the Idea 
of revealing a tittle more about 
themselves. • 

Yesterday Morgan Grenfell, 
tiie larged of ‘the unquoted 


With only a few days to go 
before Comet’s £14m. offer for 
Henry Wigfall closes the 
Wigfall Board has sent another 
circular to shareholders in 


Unilever is gradually etlg 
closer towards completion- of 
£350m. takeover of the 1,.. 

National Starch and Chemj 

Corporation. Yesterday came $ L'l.l "• ^ 

news thar tbe definitive r ' i 

agreement had been signed. ' 

tiie really encouraging feature 

the absence of any suggest! 

that the U.S. Internal Revec 

Sendee will be putting up * 

stacles. Given , the large p. 

sonal stoke of tbe. chairman 

National Starch, and the spc;c 

terms devised to .saiit his 

dividual circumstances, this ; |1 

been a crucial element inii 

negotiations. No final tax riili 

has yet been received but.f&r Cinim 

expectation's that it will co> 

within the. next tiiree or . 

weeks. The final stage will 

approval of the deal by Natfo} 

Starch shareholders at a sjsec 
meeting, probably in Junej.;.. - 


Weather 


Co concessionary finance for margin above LIBOR will con- 
goods sold to tbe EEC on credit tinue to be negotiated on a case- 
terms of two years or more. by-case basis. 

, This type of business accounts .There will be exceptions to tbe 
for 1 per cent, of total UJL ex- new arrangements. ' Fixed rate received special redundancy pay- 
ports to the EEC. and last year finance ■ will be continued for meats amounting to 16-26 weeks’ 
amounted to about £ 121m . ship exports which are covered extra pay, depending on Service. 

The new arrangements an- b y a separate Organisation for Golden handshakes in last week’s 
nounced yesterday by the Export Economic Co-ope ration and I East Moors. Cardiff, closure deal 


were bigger — 42 weeks pay — but 
that was because the shut-down 
was not due before January 1980. 


Continued from Page 

Tanker 


seasonal rood nricec in the nast I Credits Guarantee Department Development agreement and on 
year° n Those tSethe? reduredK E CGD) have been imposed on a ^ rase-by^rase basis for aircraft 
the index bv about V the U.K. by the EEC Commis- a°d aero engine projects. 

^Commenrtmr ontiie flares yet sion. It has pointed- out that the The new scheme should not 
terday. Mr. Robert Maclenann , 1 Present scheme, whereby these make British exporters less com- 
Parliaioenlarv Under-Secretarv | exports are financed at fixed pre- petitive than their EEC neigh- 
for Prices and Consumer Protee- ! forentia! rates of interest, con- boors as it now puts them on a 
tioD. said tbe steadying of priceit ravene ^h e Treaty of Rome. - par with them, 
levels gave “the assurance that' Britain is understood to be Bat British companies (like 
our income and standard of liv-J tbe only EEC country which pro- others in the EEC1 win not be 
mg will not be eaten away, but I vides this concessionary finance a t a disadvantage when corapet- 
it also holds out the real expec-.'for exports within the EEC. j n g with companies from outside! 

tation of a growth in job oppor-; ^ fixed ntes of credit at the EEC for work within the| almost “‘dnight on Thursday— 
tU JruI5 S 'n - . . . i which British exporters have Community since the outsiders 

Tne aii-jtems mdex w’ent up by [ b een xbig to sell within the EEC will continue to have access to 
5 per cent, m the raonto ^et by the “ gentleman's agree- expert finance at 7.75 per cent 
mid-February, mainly as a result i * t r f nn «nort credits - j . - . n 

of increases in motoring costs, [ - . ^ It ls understood- that the Cozn- 

beer prices; some items of foods^: The interest rate is f.TS jer mission wiU be prepared to re- 
and In prices of a wide range off cent, for credits up to five years.; consider the position on a case-by- 
clothing and durable household! ln r u t ure , however, the rate case basis so that the EEC corn- 
goods after the end of the| Q f intereTwiir^set by the ^ cheaper 

wiU iern,Sk 


January sales. These rises weref flna ^ ipft 5ank . Exporters wiU 4 .. • , . 

5 a “Istm be eligible FoTecGD bank 


mortgage interest payments and 
lower egg prices. 

Food prices generally have 
risen by only 6.9 per cent, in the 
last 12 months, the lowest rate of 
increase since July, 1972. 

Among price increases in the 
pipeline are those for beer and 


be,t commeraal “ * 
rate available. affected by the new ruling. 

ouiJtfl 7 1 o^fln aoce °th«^r rnreoS ^ ECGD also announced 
T^e ECGD claims that this fieri- Smency ^nancingf ^ * migD 

some spirits, and rales and local ! SmJ 3 GxSrate medium- It will no longer insist thatJTOVALOP, the tanker owners’ 
authority rents, partially offset 1 terra g nance at commereial contracts with a loan value of [voluntary -arrangement for the 
by the reduced cost of tea— as;-*.- . up to . £ 5 m. be financed in I limitation of pollution. 


several hours after the first 
attempt of the Brest tug. Pacific, 
to take tbe Amoco Cadiz in tow. 

The two big French unions also 
renewed their campaign against 
Sags of convenience. The Amoco 
Cadiz was flying the Liberian flag 
—as were the two supertankers 
which collided d£F the South 
African coast in December and 
the Argo Merchant which broke 
up off Nantucket and . precipi- 
tated a - noisy public controversy 
in the U.S. a year ago. 

Pollution prevention experts 
and salvage men from London 
were quickly on tbe secene of the 
wreckage yesterday. An early 
arrival was an observer from 



a t *,*41. « lULiuw i , r j T^4«wD-«l- nuvoiiiaec ill • Ltouik ■ «wa**i**oi 

drop in the year-on-year rate ° ? f r Lonc ^ on Inter-Bank p^jQugiy ^ {j a yer credits— 

technical reasons, hut the rate [traereu itaie. usually £lm. and above — were 

of inflation would rise again byi la the case of sterling finance, obliged to be financed In foreign 
the end of this year, I this -will be a maximum of If per currency. 


supplemented by a scheme called 
CR1STAL, run by the oil com- 
panies, which takes (he compen- 
sation available to 830m. 


ILK. TO-DAY 
MOSTLY dry, scattered wintry 
showers.- - Rather cold. 

London. S-E. and E. England, 
Light snow showers. Suimy 
spells. Max. 7C (45F). 

- Centi, S-, CcnL-N.- England, 

. . Midlands 
Mostly dry. Wind W., light 
Max. 7C (46F). 

Channel Is, S.W, England, Wales 
Dry, cloudy later. Max. 9C 
N.W. England, Lake Dist n 
Is. of Kan,. S.W. Scotland, 

N. Ireland 
Dry, becoming cloudy. Max. 7C 
NJL England, Borders 
Mostly dry. Sunny periods. 
Edinburgh, Aberdeen. Moray 
Firth, Orkney, Shetland, 
-ME. Scotland 

Mostly dry, sunny. Max. '-SC 
Glasgow, Cent Highlands, ArgylL 
N.W. Scotland 

• Mostly dry, becoming cloudy. 
Max. 7C (45F). 

Outlook: Rain at times in most 
areas. 


BUSINESS CENTRES 


•unndM. 

Alberts 

Bahrain 

Barcelona 

Belfast 

Beljrrade 

Berlin 

Bmute. 

Bristol 

Brussels 

Budapest 

B Aires 

Cairo 

Cardiff 

Chicago 

Cologne 

CopnhSR. 

Dubli n 

Plfiln burflti 

Frankfort 

Geneva 

Glasgow 

Helsinki 

H.Koor 

Jo’bnre 

Lisbon 

London 


V-day 

mtdflarl 
a C °F| . 

5 41. Lnxrmb'a 
46. til {Madrid 
— nj Manchesfr. 
T4 57: Melbaurne 
-3- 41 1 Milan 
17 S3 j Montreal 
4 35: Moscow 
091 Munich 
41; Newcastle 
43 New York 
4S|OsIo 
Paris 
Perth 
Prague 
Reykjavik 
Rid de J'o 
Romo 
Singapore 
Srtx*fiim_ 
Strasbra. 
Sydney 
TeJ Arte. 
Tojtyo 
jToromo 
24 741 Vienna 
11 52 Warsaw 


4 

5 
7 
7 

*\ 

24 7ft 

6 43 
D 37 

7 43 
Sn -2 23 

C 6~*3 
C 7 45 
K . 7 . 43 
C 6-43 
F SO 
Sn-Il 12 
S 20 
C 
R 


C 12 54 'Zurich 


Y-day 

mid-day 

»C 

' 4 39 

8 48 
5 41 
! 13 'M 
P « 53 
S -3- 26 
F j 41 
C 5 41 
C. .1 37 
s 2 36 
F 21 
C 5 41 
C S3 B? 
F 5 41 
C 5.-U 
S 30 W 

v J.S b9 
S 27 SI 
SO -6 IS 

« nr 

® 22 73 
C 17 63 
C 12 H 
C -3 38 
F 9 48 
R 3 S7 
Sn 1 84 


HOLIDAY RESORTS 


Ajaccio C 
Algiers R 
Biarritz C 
Blackpool C 
Bfiotosne C 
C a sab Inca. C 
Cape Town C 
Corfu’ ' C- 
Florence C 
Panchal -C 
ritbraiiar. S 
Coeniwjr C 
Innsbruck S 
ineeniKS "<T 
Isle of Van V 
Istanbul S 
S — Sunny. F- 


•C 'F 
12 94 
14 57 
7 43 

3 41 

4 39 


Jersey 
Las Pima. 
Locarno 
Majorca 
• — .Malaga 
15 BS Malta 
21 7Q! Nairobi 
"15 ^9 tN spies 

12 -54 Kico 

tilj fjlcona 

13 5p;Rhodc8 
5 Xl SaUburs 

. s 46 .T angier 
« aVT’em-nre 
5 4i Tunis 

14 ai I Valencia 
Fair. O-Cloudy. 

Sn— Know. 



»c 

D F 

c 

a 

41 

c 

IS 

B4 

s 

10 

30 

c. 

10 

30 

F 

14 

57 

s 

17 

63 

p 

22 

72 

y 

12 

34 

s 

14 

57 

s 

17 

63 

s 

18 

04 

5 

3 

4A 

P 

14 

37 

F 

13 

53 

S 

■M 

73 

s 

16 


R— Rain. 



your own back 
when you retire 


TAT- 


: As a Director or Executive you'll know how 
punitive taxation is for high income earners. 
But its effect can be lessened. Under present 
pensions legislation your company can invest 
from pre-tax profits for your personal benefit. 

Based on a range of specialised tax-exempt 
Funds, Property Growth have devised the 
Directors' & Executives' Plan '1 00' to take 
maximum advantage of currenttax. 
concessions. It offers you a choice of a large 
tax-free cash sum on retirement ; a fixed or 
grpwing lifetime income; ora combi natiori of 
both - plus further valuable options for the 
; benefit of dependants. .. . . - 


Oir' 

•3'.' 

•IT 

3 


lt r s a great way to convert current tax 
.concessions to your advantage later. 


Tt' ? 

5 

Cl, 


Directors 



Plan 100’ 


•• V .-n 



Forfuli details contact: 

.. J Growth Assurance Company Limited, ■ 
Head Office : Leon House. High Street. Croydon, CRS1 LU. 

Telephone : 01 -680 0606 


Nataancabfato&fc Ji 


! C- h. 

*1 


PROPERTY GROWTH ASSURANCE 

. ' A membti r o£ tK_e Pbotn i V ,'Vvs-iira ncc Gn \u p 


& 


f * 

•- . . 


Bcglafertd '« aw Fan OIKce. Printod ht sr. 
by UK fluundia Tunos Ltd.. Auuk, 

... © The Finjnaul Jlmri.lJd*.*!" 


- r-