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No. 27,5X8 

Saturday March 25 1978 ***i5 P 


for the kites! Investment Trust rt 
phone Mao' Blair 1 014 09 3101 

U exclusive to'Schlesir 








hopes for 





labour faces a fifth— and par- 
ticularly unwelcome — by-elec- 
tion tils summer following the 
death of Mr. Alee WHson, 
Labour MP for Hamilton, on 
Thursday night. The by-election 
means a contest with the Scot- 
tish Nationalist Party, which 
needs only a 4 per cent, swing 
to win the seat. 

A Nationalist victory in the 
summer would raise SNP morale 
and would cast doubts over any 
plans Mr. Callaghan might have 
for an autumn General Election. 

The SNP candidate -is-- Mrs. 
Margo MacDonald, senior vice- 
chairman of the party and former 
MP for Glasgow Goran. - Back 

Strikes hit 
ferry services 

Strikes disrupted Easter ferry 
services op four Channel routes. 
All sailings between Felixstowe 
and Rotterdam were cancelled 
and sympathetic action disrupted 
Townsend Thoreson’s ' services 
between Cairn Ryan, Scotland 
and Larne, Northern Ireland. 
Sealink services from Dover and 
Folkestone were also restricted. 
Bade Page. 

Pope’s Easter 

Pope Paul, who is recovering 
from ’flu, was advised not to take 
part in an Easter procession. 
Instead, he made a television 
broadcast The Vatican 
celebrated Easter with its usual 
pomp but church leaders say that 
rising costs and falling income 
have left the church in “sub- 
stantial poverty." 

plot alleged 

Mrs. Nusrat Bhutto, wife of Paki- 
stan’s condemned former Prime 
Minister, accused 41 high authori- 
ties of plotting to poison her 
husband in his cell. The army 
dismissed her allegation as base- 
less and preposterous. Mr. 
Bhutto's lawyers are to appeal 
to-day against the death sentence 
passed last week after his con- 
viction on murder charges. 

Millwall closed 
for two weeks . 

Mill wall's ground, scene of crowd 
violence during the Cup-tie 
against Ipswich, is to be closed 
for two weeks by order of the 
Football Association, who also 
fined the club £1,500 and ordered 
safety work. Sale of alcohol at 
the ground has been banned. 

Koriuk resigns / 

Mr. Necat Konuk, Prime Minister 
of the self-proclaimed Turkish 
Federated State . of - Cyprus, re- 
signed ' yesterday. His resigna- 
tion follows protests about rising 
prices. Mr. Rauf Denktash, 
Turkish Cypriot leader, will to-, 
day try to persuade Mr. Konuk 
to change his mind. Page 2. 

Briefly ... ■ 

Eritrean Liberation Front and 
Eritrean People's liberation 
Front have agreed to join forces 
to fight Ethiopia for control of 

Angola claimed It had repelled 
a border attack by Zaire troops. 
In eastern Zaire, at least 22 
people were reported, killed in. a 
train accident Page 2 
A revised East German history 
book has accused .Walter 
Ulbricht. former Communist 
party leader, of “ onesided, 
subjectivist views." 

Safari Rally organisers cut €2 
miles from the route of the first 
stage, following reports that a 
section ' Of the route in west 
Kenya had been washed away. 
Maria E stela Peron, Argentina's 
former President, completed two 
years in detention ort charges of 
defrauding charities. It is not 
known when .Gen. Pe run’s widow 
will be released. 

Mr. Michael Brotherton, Tory MP, 
has accused the Treasury - of 
being unable to explain why’ it 
replaced - the: old pound -notes 
with “ nasty little pieces of paper 
which look. like lottery tickets 
sold in a banana republic." 

A Pan-American jumbo jot carry- 
ing 78 people landed, safely at 
Tokyo after lightning tore off 
part of its wing. . 

Gilts drift 

• STERLING fell sharply in 
thin trading and dosed 2.45 
cents down at $1-8735. Its trade- 
weighted index fell to 62.9 
(63.7). The dollar’s depredation 
was 5.46 per cent (5.42). 

• EQUITIES drifted -downwards 
on Thursday to dose, the second 
leg of the long Easter Account 
with losses of a few pence in 

leaders. The FT Ordinary Index 
closed 2.1 down at 46&5. Gold 
shares continued to raUy. 

• GILTS recorded losses of i in 
longs and the Government 
Securities Index fell OJf to 

• GOLD fell $1 to $176}. 

• WALL STREET dosed. L04 
off at 756.50. 

in Washington has ur&fc that 
the main induBmaBsed cbp&xie# 
should co-ordinate their economic 
measures to prevenf ■ world 
economic deterioration. • 

Back Page - _• - • 

• REAL personal disposable in- 
come has increased by more than 
120 per cent betwen 1948 and 

1976, according to Central Sta- 
tistical Office figures. Page 3 

• TURKEY has agreed with the 
IMF on a two-year economic pro- 
gramme involving $45 0m. of IMF 
credits. Back Page 

• SOVIET deficit in trade with 
the West • dropped sharply in 

1977, and recorded a small sur- 
plus during the last six months 
of the year, making l.llbn. 
Roubles (£843m.) compared with 
2.52bn Roubles in 1976. Britain 
has lifted its ban on steel im- 
ports from the USSR* Back Page 

Begin faces crisis 
after U.S. talks 


Mr. Menahem Begin, Israel's Prime Minister, returned home to-day to face 
a major political crisis following his unsuccessful talks' in Washington which 
have led to the sharpest rift between the U.S. and Israel in recent years. 

He faced opposition calls for The Left-wing newspaper A1 the Labour Party, said: “What 
his resignation, and a thinly- Hamishar suggested that the un- is required Is a national peace 
veiled challenge to his position named American advocating that- plan rather than a national peace 
from Mr- Ezer ’W eizm an, the Mr. Begin should resign was government.'' The composition 
Defence Minister. • Mr. Richard Viets, UR; charge- of the cabinet was not nearly 

On arriving, Mr. Begin said the d’affaires. A spokesman of the as important as the policy it 
Washington talks were diffi cult, UR. Embassy • said that this pursued, he added, 
bat he saw no need to re-evaluate charge was absolutely false and The Labour Party will call for 
the Israeli policy in the peace no UR. diplomat in Israel bad Mr. Begin to resign on Sunday 
negotiations with Egypt- Before aired such views. fallowing his “ failure in Wash- 

leaving the U.S. the Premier said Nevertheless Mr Beirin i« It will also table a 

that his talks in Washington ernected to ’face a stormv °f oo confidence in the 

had been the toughest three days Cabinet meeting on Sunday when K ** sset (Parliament), 
of Ins life. But he told Israeli h e reports on his talks with Some members of the Demo- 
reporters be would make no President Carter cratic Movement for Change 

more concessions to Egypt, party said they would reconsider 

Jordan or the UR. t • . membership of the coalition, but 

The storm on the political 1 JIYnOTl. il Til IV preferred to hear Mr. BegLn’s 

front contrasted with the relative Mrr " report to the Cabinet on Sunday 

calm in southern Lebanon where Mr. Weizman, wbo recently before taking a stand. Similar 
Israel is thinning out its troops threatened to resign over the sentiments were also expressed 
as U.N. forces begin to move in. Government's settlement policy, by* ministers of the National 
However, ' Lebanese Christian today called for the creation of Religious Party., 
villagers continue to oppose U.N. a “ national peace government,’’ 4 ^In Northern Israel Mr. 
entry, while residents of incorporating parties presently Weizman said Israel expected to 
northern Israel are protesting at in opposition. start pulling its troops out of 

the withdrawal He said national unity was Sooth Lebanon within a week 

Palestinian units North of the required because of the “ un- 88 lie UN Interim Farce in 
Litani River continue to launch precedented confrontation with Lebanon took over, 
rocket attacks against northern the UR.” and to ensure that the Tint he warned that Israeli 
Israel. “historical opportunity created forces might return to the area 

Responding to T.V. and radio by President Sadat of Egypt” if UN forces failed to stop Pales- 
reports that a senior UR. diplo- should not be lost tinifln guerilla raids, 

mat said yesterday that he must Although the Defence Minister During the day French, 
be replaced if the Egypt-Israel was careful to say that a national Iranian and Swedish troops 
peace negotiations arc to sue- unity government should be settled down at points in South 
ceed, Mr. Begin said: “The Prime beaded by Mr. Begin, his pro- Lebanon. The Israeli military 
Minister of Israel is elected by posal is being interpreted as an command said the area remained 
the people of Israel, not by indirect challenge to the Prime quiet except for several bursts 
American officials.” ' This was Minister. - - - . of Katyusha rocket fire aimed at 

greeted with applause. Mr- Shimon Peres, leader of Israel’s border area. 


By' David Bell 

WASHINGTON. March 24. 
THE UR. now has deep and 
serious differences with Israel 
on three key points which must 
be resolved before any further 
progress can be made towards 
peace in tbe Middle East. 

Mr. Cyrus Vance, the U.S. 
Secretary of State, made this 
clear to-day at a Press confer- 
ence. But he sought to salvage 
something from the past three 
days of abortive UR.-Tsraeli 
talks! insisting that be has not 
given up hope that some agree- 
ment will eventually be possible- 

Mr. Vance several times 
rejected suggestions that the 
U.S. is now so exasperated with 
Mr. Begin's “intransigence 
that it is actively seeking his 
removal from office. This, said 
the Secretary of State, was 
“totally false” and the whole 
Administration retained tbe 
“ highest respect " for Mr. Begin. 

However, be acknowledged 
that the talks bad resulted in 
“ detailed exchanges in the 
frankest kind of way” between 
the President and the Prime 

Althonugh the UR. takes 
strong issue both with Israeli 
settlement policy and with 
Israeli objections to an interim 
plan for the West Bank, tbe real 
core of tbe substantial and open 
clash between the two countries 
is Mr. Begin’s insistence that 
UN resolution 242 does not 
apply to the West Bank. 

French face 
criticism on 
oil slick fight 


BREST, March 24. 


Japan and EEC sign pact 
on trade and surpluses 

Steel unions seek 
BSC seats 

• BSC and the Government -will 
be asked to . give steel unions 
seven seats oh a reconstituted 
main Board of BSC. so, that the 
impact of the £lm. cuts in invest- 
ment spending planned in the 
next two years may be softened. 
Back Page 

• ICI Board has given the go- 
ahead to a plan for parallel 
investment of some £290m. in 
new plant in - the U^- and West 
Germany. Back Page 


• MINERS in Yorkshire may be 
laid off after Easter if winding- 
engine men go ahead . with a 
strike over incentive payments. 
Page 9 


• ESSO PETROLEUM reports a 
net profit, of £94-4m. for 1977, 
compared with a loss of £12J7m. 
in 1976, largely resulting fromj 
the fluctuations in sterling. Page 

• PHILIPS reports a 13 per cent 
increase in pre-tax profit in 1977 
to FIs.6S4m. against F l &562m. 
Page 21 

• CURTIS - WRIGHT which 
acquired 10 per cent ofRenne- 
cott Copper has announced plan 
to remove the entire Board of 
Kexmecott Copper and replace it 
with directors dedicated to tbe 
sale of the. Carborundum Com- 
pany. Page 21 


(Prices in pence unless otherwise 


Gold Fields Prop, 75 -K 5 . 
Hall (M.) ...» 190 + 8 

Johnson-Rchd. T3es...US| +'SJ 

Matthews (B.) - 147 +-5 

Holms 116 ' + 4 

Nash (J. F-) 80 .+ 5 

Ofrax 112 + 6 

Thorpe (F- W.) 60 + 3 

Wlgfall (HJ ... 235 + 21 

Siebens (U-K.) - — . 2S2 + IB 
Anglo-American Goal 500 .+ 35 
Durban Deep ......... 237 + 24 . 

East Driefontein : ' .i‘ 697 + 34 
East Rand Prop. 329 + 40 

Free State Gednld s-.£X6T + 1 

Hartebeeat .,^..-£10} + | 

Northern Mining ... 30 + 12 
Randfonrein Efits. _..-£S4$ + { 

Union Crp. 275 + 10 

W5t Nigel — SO* + 8 


Treas. Sipc '08-12 ...£52} - * 
'Alexanders Discount 
A ged. V. Cement ... 

Centro vindal Ests?. ... 

Ever Ready 
Racal Elect 

Rank Org. «... . 

Tate and Lyle 194 — - J 0 - 


TWQ WEEKS of talks on 
bilateral trade problems between 
Japan and the EEC, which had 
at one point seemed to be on 
the verge of breakdown, ended 
to-night with the issue of a joint 
communique in which Japan 
made general undertakings about 
reducing trade and current 
account surpluses during the 
coming year. 

The agreement, signed after a 
24-hour extension of the talka 
and two all-night negotiating 
sessions, says that Japan expects 
its current account surplus dur- 
ing fiscal year 1978 (starting next 
month), to be reduced by about 
one-third from tbe 1977 surplus 
(now expected to reach $13bn.). 

On 'bilateral balance with the 
EEC, the communique states that 
Japan expects the surplus in its 
favour to be reduced “in the 
contest of the expected reduc- 
tion of its overall surplus.” Signs 
of a change in the trade towards 
this redaction are expected in 
tile autumn. 

- . The communique also states 
that Japan will take appropriate- 
steps to increase imports of 
mannfartured- goods. The Share 
of manufactures In total imports, 
now at an abnormally low 20 per 
cent, is expected to “Increase 

steadily and return within' a 
reasonable period of years -to a 
more normal level under current 
international economic circum- 

The communique does not 
mention specific Japanese, tariff 
cuts on items of interest to Euro- 
pean exporters. It does, however, 
promise that Japan will con- 
sider the “ possibility of effecting 

The yen reached yet another 
post-war high against the 
dollar on the Tokyo foreign 
exchange market yesterday. 
The dollar fell below the Y230 
level set a week ago and 
closed at T228R. . - 

advance tariff reductions an cer- 
tain products, after the con- 
clusion of tbe Geneva round of 
multi-lateral trade talks." 

Thu revision of the safeguard 
clause in the General Agreeme n t 
on Tariffs and Trade treaty— 
General Agreement on Tariffs 
and Trade — apparently loomed 
large in the talks. The com- 
munique commits Japan to 
“negotiate actively” at the 
Geneva talks. 

Bat Japan spears to have re- 

. TOKYO. March 24. 

served its position on the Com- 
munity proposal for a selective 
safeguard dauser-one which 
could be Invoked against indivi- 
dual countries instead of on a 
global basis as under the exist- 
ing GATT treaty. 

The communique also commits 
Japan to doubling official foreign 
aid over the next five years. In 
response to Community demands 
for a more liberal aid -policy 
it says that the Japanese Govern- 
ment wiH “pursue its basic 
policy of untying its financial 

EEC officials, wbo had com- 
mitted themselves earlier in the 
week to obtaining a “substan- 
tive and meaninglul statement 
of Japan’s trade policies," main- 
tained to-night that the eight- 
page communique represents a 
significant advance on any pre- 
vious Japanese published 
position on overseas trade 

EEC expressions of satisfac- 
tion, however, fall well short of 
the kind of enthusiasm being 
voiced by. UR. negotiators 
headed by Mr. Robert Strauss, 
President .Carter’s special trade 
negotiator, at the eud of the 
earlier round of UR.-Japan trade 
negotiations last January. 

Mr. Vance noted that this 
resolution, which calls on Israel 
to withdraw from occupied 
territories in return for lasting 
peace, has “been the basis of 
negotiations between the two 
parties for many years.” 

The U.S. would insist that the 
resolution applied “to all 
front* ” and “ if there cannot be 
a resolution of this issue there 
will be substantial obstacles 
ahead.” - 

The Administration has now 
begun internal consultations 
about what to do next and has 
already sent to President Sadat 
of Egypt a detailed report of 
the discussions. Mr. Vance 
noted that whatever the dis- 
agreements between the U.S. and 
Israel, the U.S., remains “wholly 
and unequivocally committeed to 
the security of Israel ” and there 
has been no hint that the U.S. 
might halt military sales- 

In contrast with Mr. Vance's 
public remarks, U-S. officials con- 
cede privately that they are 
pinning most of their hopes on 
tbe internal political situation in 
Israel. They hope that when it 
becomes clear that relations with 
Israel’s closest ally are now at a 
genuine impasse. Mr. Begin may 
come under very strong pressure 
to change his policy or step down. 

OFFERS OF help to fight the The latest reported position of 
massive oil pollution from the the extremity of the slick was 25 
grounded tanker Amoco Cadiz miles south-west of Jersey and 
are still being received, amid Guernsey. 

widespread criticism of the Mr. Clinton Davis assured 
French Government’s state of fishermen that dispersants would 
readiness for a clean-up pro- be used only in deep waters, 
gramme. nowhere near “ecologically. 

Britain, which has mounted a centred areas.” .Mr. Peter 
fleet or vessels to fight the Bnugourd. Guernsey Fishermen's 
threat of the oil 6lick to the Association secretary, was pro- 
Channel Islands, has called for U ijsrd the dispersant formula for 
international co-operation aimed independent tests 
at preventing similar disasters. 

Mr. Stanley Clinton Davis. T I_* 1 V 

Under-Secretary for Trade, said I FIGHTS HOP ill 1 1 
to-day in Guernsey, and again in AU:5Ul Will 

Brest, that international co-opera- James McDonald writes: Full 
tion was needed to enforce and liability of the London insurance 
“police” any proposals. market in the Amoco Cadiz dis- 

Oil is pouring from the aster is not yet clear. As a direct 
wrecked ship after heavy seas insurer and the world's leading 
and gales finally torejher in half re-j usurer, Lloyd's and British 
overnight. Of the 220,000 tons insurance companies are 
of oil aboard originally, it was involved in several ways. Total 
suggested' that only about 50,000 commitment could be 

tons was left. 



S40m. or more. 

On the hull of the $40m. 
vessel about S 12m. -worth is 
carried by Lloyd’s and British 
insurance companies. A large 

Publisher’s Notice 
icill NOT be published on 
Monday, March 27. 


On Thursday hundreds of 
demonstrators occupied the Brest 
naval headquarters protesting 
against what they have called 
the Government's extreme reluct- 
ance to start clean-up operations. 

Tbe portcullis at the head- 
quarters in a medieval castle, was 
down to-day to prevent another 


At a conference of environ- 
mentalists in Brest, delegates part of the remaining cost of the 
from Britain. France and Spain hull is understood to be self- 
sharply criticised the speed oE insured by Amoco. The oil cargo, 
the French in carrying out their worth about 320m., is believed to 
clean-up work. be self-insured by Shell, 

The conference, called as a charterers of the ship, 
result of the disaster, demanded n h TVlllll( . 

Involv.oent AStaS 
From the air it is obvious that £ not fully known. Mr Tim 
a great deal of the oil has already , Conservative MP for 

been dispersed by the weather, Mid-Sussex and an “ outside 
and tor many miles only a light at ^ oy ^! s * V 1 '* 

sheen is visible. Commons on Thursday that 

The only heavy slicks are Premiums were placed with 
round PorrpalL where the tanker jy° y ^ s *»F ^ International 
is grounded, and much further lender indemnity Association 
west along t!ie coast. and that claims against Lloyd’s 

would be about $19m. 

i • •! The London Protection and 

Cnarmel Vl£ll Indemnity Club undertook pollu- 
° tion insurance for the Amoco 

Our Guernsey correspondent Cadiz, but Lloyd’s said that 
reports: Oh his fact-finding mis- Lloyd’s underwriters must have 
sion to the Channel Islands accepted a “ fairly substantia] 
to-day. Mr. Clinton Davis, before amount of reinsurance ” from the 
going on to Brest to talk with dub, which told French authori- 
M. Becam, the Minister in charge ties that full compensation, up to 
of the French operation, said that S50m., would be paid toward 
international talks on the oil cleaning up the coast, 
pollution problem should include 
discussion of the proposal to keep 
tankers at least seven miles from 1 

the French coast. 

He hoped Guernsey's massive £ in New York 
effort to beat the slick, coupled 
with strong north-westerly winds 
keeping the oil pinned to the 
Breton coast, would prevent pol- 
lution of the English Channel 
coastline and perhaps spare the 
Channel Islands beaches. 

Marr-li C3 


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ti.L3-Q.07 rtii 

1 O.Tb-O.oS ill*. 

0.03-0,03 prrea 
fl.hJ-0.2j .'is 

Go-ahead urged for new aircraft 


nationalised aircraft manufac- 
turer, is to recommend to the 
Government that the HS-146 70* 
100 seat four-engined short-haul 
[-feeder-liner be given the full go- 
ahead for development and pro- 

The project, begun in 1973, was 
suspended when Hawker Sfdde* 
ley Aviation (now part of British 
Aerospace) decided that because 
of soaring costs and market un- 
certainties after the oil crisis, 
the project would not be viable. 

.The Government; at that time, 
was prepared to make a fixed - 
investment of £40m. . (at 1972 
prices) in the programme, but 
cancelled the investment when 
Hawker pulled out. 

Since then, the HS-146 haa 

been kept barely ticking over, 
with only a small amount of 
Government financial support to 
keep design work alive 

This week, the British Aero- 
space Board dedded to recom- 
mend HS-146 development be- 
cause of the continued run-down 
of other, civil aviation work in 
the former Hawker Siddeley 
group factories, and particularly 
at Hatfield, with lack of new 
orders for Trident jets. 

But British Aerospace believes 
that with the slow revival of 
interest in new aircraft among 
the world's airlines,' the HS-146 
could now be worth undertaking. 
■ The British Aerospace recom- 
mendation will have to be 
approved not only -by the 
Industry Department, but also 

probably the cabinet, since a sub- 
stantial sum . of government 
launching aid will be required. 

While no official figures are 
available, the present cost of 
developing the aircraft into full 
production status is not likely 
to be less than £100m. In the 
the early 19705, the projected 
government' investment of £40m. 
was matched by a similar invest- 
ment by Hawker, giving total 
estimated costs of £ 80 m. 

With subsequent inflation, tbe 
cost could possibly now even 
approach £L50m. 

The problem for the Govern- 
ment will be to decide how much 
it can put into the HS-146 pro- 
gramme, in the light of other 
major forthcoming cash require- 
ments in. civil aviation. 

Overseas news 2 

Heme news— general ...3&4 

— labour 4 

Arts page 12 


Leader page 14 Foreign Exchanges 23 

U.K. Companies ... 16, 17 & 22 Farming; raw materials ... 21 

fatni. Companies ............ 21 UJv. stock market 24 

Wall Street 20 

London and . New York 5 

Petrol— The 

hyper-market ^ 


Prospects for the Budget 15 
The White House and the 
Arb 19 



- 10 
— 4 



Finance' St. FamBy 




FT-ActaiW* Indite ' 


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interim statement 

BhtefcwowJ Mona ft 

Sw («WS*J 17 

Far latest Share Judex ’phone 01-246 SOW 




The US stock mwfcd, in start contrast lo that of the UK, 
has performed tfisappointingty over the Iasi year; »flh 
Hie Dow Jones nadting a Jyear low on Ftbnmy 289i. 
Attraugh dare prices m America could dedbie forftei; 
store values are today more attraefive than Ihey have 
been lor many years, whether measured m terns of 
earring, pdd or assets. When fhe wGripated recovery 
tete ptace, ft is Stzfytn be both sotifen and strong. 
Current lare& on VfeR Street could provide a rare oppor- 
hraiy For anyone wishing to take a stale in the worlds 
dominant economy. 

The MSG Americans General Fund is designed lo in- 
vest in a wide range ol American securities, with max- 
imum long-term growth as the mam obiectrvc. Invest- 
ment is partially I hrourfi back-to-back loan facilities in 
order to reduce the etfeds of the dollar premium. The 
estimated gross current yield tor Income units is 1 04% 
at the buying price of 45‘0pxd on 21stiMarch. 1978. 

Unit Trusts area long-term investment and not suit- 
able for money that you may need at short notice. 

- The pnee of units and the income tram them may go 
down as well as up. 

Prices and yields appear in the FT daily. An initial 
charge ol 3 is induded in Ihe puce; an annual 
charge of -b% plus VAT is deducted horn the Fund's 
gross income. Distributions for Income units are 
made on 20th September and 20th March net of basic 
rate tax and are reinvested for Accumulation units lo 
Increase the value of the units. The next distribution 
dalefornewinvestorswifl be 20th September, 1978.Ybu 
can buy or sell units on any business day. Controls 
tor purchases or sales mil be due for settlement 2 or 3. 
weeks later. U% conrnnssfon is payable to accredited 
agents. Trustee: Lloyds Bank Limited. The Fund -is a 
wider- range security and is authorised by iheSecreUiy 
of State torTrade. 

M&G is a member or the Unit Trust Associa tion. 

As an aHerS§r?ar a capital 

sum, you can start a Regular Monthly Saving Plan 
' a He assurance policy for as tittle as £10 a 
.You are normally entitled to data tax tefiri at 
current rales of 07 for each £100 pad. 

On a CIO Plan, tax relief at present rates can bring 
down your net monthly cost to only C8-3Q. wilfi which 
you buy units usually mirth considerably moie. Reg- 
ular investment of this type also means that you can ' 
take advantage of Um inevitable fluchations in tie 
price of units through Found Cost Averaging, which 
gives you a positive arithmetical advantage, because 
your regular investment buys more umfswhen the- 
price is km and fewer when it is Irigh.You also get life 
cover of al least 180 limes your monthly payment 
throughout the period if your age at entry is 54 or 
under (women 5®, and raiher less up to 75. 

H you cash in or stop your payments during the first 
four years there is a penally; and (he lax authorities 

^AnS^hmdistbeplacetobe ^ M 

you want to see reatty spectac»i»r^cjlts ^ 1 

Tbe big potential growth sector remains 
the American market • 5 ' t 3 NDAy T1MES isvra 


■TELEPHONE: 01-626 4588.IMS section to be ew apteted by aH applants.1 

HlOi Mr, Mr.-, i 




EITHER £500 

| 90 I AG 530338 | | 

Comptale this section to rate a Capital 
investment (mmoim £500}. Oo not send 

any money. (A rumuJ lU'lcmN Lh- ..tie in ynn mjhv, t ■.i.ily how much you ocvn 
■ and Uicsclllrint'nl iLite.Ymu cntiiicalc mil Muw iilxnliy | 


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(delete as applicable or Accumulation units will be issued) of tbe M&G 
| American & General Fund al the price mhng on receipt of lbs 
_ application. 

1 1 deeln that I Mn nof mident oul-.Ue the Undcd hmptam. Ihe Channel Islands. 

_ Hie Isle Mann* Gibraltar, and I am nmauiwnnEtfao unit* .isibenaiiunee dam W 

■ person leMdont outside thosv Ten iluf»i pi you aie mmldr lo ma he this I 

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OR £10 



foinplete this section H yen vrislilo mate a Reeirfar 

MoolWy Saving {miniRiiin £10 a month). 

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>-■ Financial Times SaTflrday M&rdi BS ' \\ 0 ^ _ 

srkvt . - - ' " .; r j (1 

iscard to talk to 

Mitterand add Marchais 

Jnrek Martin, US Editor, reports on the 16w • ebb iqftjsraeli- 

relations following the Washington talks. 

India to fC n^ 

; icidi! 

No more 


PAWS, March 34 

talks between President Valery 
ft scar d dUstaing and leaders of 
the French Left are scheduled 
for the few days of political 
limbo left before the opening 
of the new French National 
Assembly on April 3. 

M. G iscard, who bas opted to 
retain the pre-election cabinet of 
M. Raymond Barre at least until 
Monday week, is doe to meet M. 
Francois Mitterrand, The Social- 
ist leader, at tbe Elysed Palace 
next Tuesday. 

M. Georges Marchais, the Com- 
munist leader, has also accepted 
an invitation ro talks on Thurs- 
day, when the President will also 
see ML Robert Fabre, bead of fhe 
junior partner in the French 
opposition, the left wing Radi- 

The President’s gesture to- 
wards establishing “ reasonable 
co-habitation ” between the gov- 
ernment and tbe Left, which was 
defeated in the March 19 parlia- 
mentary election, began this 
week with meetings with leading 
union leaders. M. Giscard held 
talks yesterday with M. Andre 
Bergeron, leader of tbe moder- 
ate Force Ouvriere, and to-day 
with M. Edmond Mai re, head of 
the 1m. -strong i ndep endent left 
wing union, the CFDT. 

M. Mai re said be put forward 
his criticisms of tbe government’s 
past attitudes and “put the 
accent on the need for changing 
economic policy in order to 

realise working peoples' objec- 

M. Maire’s first-ever session at 
the Presidential Palace will be 
followed next week by talks with 
other unions including the 
powerful Communist-led CGT 
which is expected: to sound out 
the government’s intentions with 
regard to raising the m inimum 
wage and future pdy agreements. 

Somewhat In the shadow of 
these contacts, M. Giscard will 
also be seeing leaders of the 
two government : groups, the 
Gaullist Rassemblement pour la 
Republlque. and - tbe recently- 
formed Union pour la Demo- 
cratic Francaise, grouping 
centrist parties and the Presi- 
dent's Republicans. 

The talks with opposition 
leaders, although described by M. 
Jean Lecanuet, newly-appointed 
to the leadership of the UDF, as 
“ the normal functioning of a 
democracy,” marks a significant 
change in tbe French political 

President Giscard bas tried this 
kind of across-the-board contact 
before, and failed. In 1974 he 
invited the opposition leaders, 
but ML Marchais turned him down 
fiat and M. Mitterrand followed 
suit Opposition politicians are 
wary of ML G iscard' s idea of 
“ oo-habltation " but it is the first 
time they have shown themselves 
wilting to enter, into a dialogue. 

The President's Gaullist part- 
ners have shown some reserve 

about tbe meetings, which they 
obviously fear may serve as a 
political platform for the parti- 
cipants. But 1 the only open 
criticism has come from the 

Socialist Party's left wing fac- 
tion, which represents about a 
quarter of the party’s members. 
It objected to having been pre- 
sented with a fait accompli 
following ML Mitterrand’s accept- 

The poUticai air bas changed 
with the end of the series of 
electoral battles — presidential, 
cantonal, municipal and parlia- 
me ataxy - 

The . Communist daily news- 
paper L’Humanite to-day toned 
down Its sarcastic approach to 
ML Giscard’s overtures, publish- 
ing a sober account of M. Mar- 
ches’ presidential rendezvous. 

The President has rejected the 
idea of "enticing away " opposi- 
tion figures, although there is 
speculation about the future of 
the left wing Radicals. Their 
leader. M. Fabre, who met M. 
Giscard in 1975; said after the 
election he considered himself no 
Longer bound by tbe left's “ com- 
mon programme " and later 
declared his intention to resign 
the leadership. 

ML Giscard ’s intentions may be 
tong-terai.; In a Md to bridge 
the political divide the possibility- 
of an association with :the 
socialists at some stage appears 
to be still in the hack of his 

"WHEN we see' oar country 
selling oat its idealism for petro- 
dollars, . we should say our 
country is selling oat its ideals, 
for petrodollars. Whatever the 
evil, we wiH call it by its honest 
name." This-' was the gist of 
the emotional appeal voiced 
on Sunday in New York by Rabbi 
Alexander Schindler; one of The 
most prominent American Jewish 
leaden, .In -introducing Mr. 
Henahezn Begin, the Israeli 
Prime Minister. ; to . a Jewish 
audience following 'his abrasive 
discussions with President Jimmy 
Carter. 1 ? 

Mr. Begin responded in tradi- 
tional kind: “The unity of the 
Jewish' community' is the second 
defence line of the State of 
Israel. If we stand together, we 
shall win the day. . 

But earlier in the day, in his 
speech to the National Press' 
CEub here, Mr. : Begin had 
acknowledged the "present diffi- 
culties' In his ' appeal for a 
renewal of the American under- 
standing for .the; 'Israeli Middle 
East peace proposals.' 

What has actually, happened 
this week in Washington is That 
American understanding of the 
Israeli position has readied new 
levels of intolerance. This is 
reflected at any " number of 

242 was simply untenable. But 
.the invasion of 

that and enabled President 
'“Carter to focus solidly on- M2 in 
. his talks with Mr. Begim leaving 
the- two foreign m to***®* 1 ^ 
Cyras Vance and Mr. Dayan, to 
^consider wkhtowal . from 

•:^torae? may have disliked toe 
U.s. move in getting tbe^TJN 

/Security Council peace-^ing 
-^resolution through before Mr. 
: Begta’s arrival, but the Prime 
■■ Minister' found little fertile 
/ ground to exploit When it came 
flown, to talks. . 

In bis Press Club speech, Mr. 
-Begin appeared to acknowledge 
the shifting sands when he tried 
to appeal not only to the U.S. 
Government but - to the tradi- 
tional ties between, -the two 
people’s and legislatures. He 
might have tried to make some- 
thing of the recent ' resignation 
of. the chief White House liaison 
' with the Jewish community, but 
whatever significance Mr. Mark 


President 'Carter aTT d Prime Minister Begin (riflht) : A. 
strained relationship. 

By Cb»i> SNrwell r 

tory in order to assure itself of trust Successive Israeli attempts Siegel's departm-e ra ^ . been f 
recognition, security and peace, to, counter the impreMionPre^, dwarfed by the wtoreaRM 

recognition, security and peace, to- counter the impression 

Late last .year, ti» Times had dent Sadat has made—by ^. hostilities m the MidtiOe ^ 
rather gently suggested I that Moshe Dayan, *e Israeti Foreten .Nor does it t aPPf". 

Schmidt says W. Germany may 
fall short of 3.5% growth target 


BONN, March 24. 

Schmidt bas expressed concern 
that West Germany may not after 
all be able to reach its target 
of 3.5 per cent real economic 
growth this year. 

This comment, in an inter- 
view published to-day. seems 
bound to increase speculation 
that Bonn will bave to consider 
further action to boost domes- 
tic demand. 

In his interview with the 
weekly magazine Quick, Herr 
Schmidt did not say — and in- 
deed was not asked — what policy 
consequences he might be draw- 
ing from the more gloomy out- 
look. He said in reply to a ques- 
tion that International currency 
unrest had become more severe 
since the Government s economic 
report for 1978 was drawn up. 
Because of this there was cause 
for concern that the economic 
growth aim set out there might 
not after all be acheived. 

So far Government ministers 
have stated that while the 3.5 
per cent, target is an ambitious 
one it is nonetheless quite feas- 
ible — despite the dollar’s fall. 

Early this month Here Scbraidt 
himself noted that in the last 
quarter of 1977 the West German 
economy had grown by B - per 
cent, in real terms — and that 
he bad pointed this out to Pre- 
sident Jimmy Carter. 

However, in a speech to the 
Bundestag. Herr Schmidt also 
warned of the danger of the 
latest rise in the Deutsche Mark 
for German exporters and for 
investment at home. 

It is feit highly unlikely here 
■that any economic boost would 
tfee decided unilaterally by the 
{west Germans in the near future. 

The intention remains to wait 
until at least the first quarter 
economic data are available. If 
as is feared the growth pointers 
are unsatisfactory then Bonn will 
seek to agree on a growth 
strategy in consort with its 

This will please- Mr. James 
Callaghan, the British Prime 
Minister, who was urging con- 
certed action on Here Schmidt 
in Bonn earlier this month. And 
it would be of advantage to Here 
Schmidt himself — since the 
action could be given formal 
backing in Bonn in July at the 
Western economic summit which 
tbe Chancellor will be hosting. 

The key - to such a package 
remains in the, hands of .the 
Germans and the Americans. One 
suggestion aired here is of a 
possible trade-off between 
domestic tax concessions by Bonn 
in return for more forceful action 
by the U.S. to help -finance its 
current account deficit, seen here 
as the key cause of the dollar's 

There will be an opportunity 
for high-level discussion at the 
end of May. Herr Schmidt will 
then be travelling to Washington 
to take part in the NATO summit 
meeting and this would clearly 
give him the chance for economic 
talks with President Carter. 

• In their private discussions. 
President Carter reportedly took 
long hand nates of -what Mr. 
Begin was saying, read then back 
to him — presumably mindful of 
the criticism that he had paid 
insufficient attention to the 
nuances of the Israeli- .Prime 
Minister in their first session- last: 
year— and then, in ah exceptional 
departure from, diplomatic prac- 
tice,- quoted them directly when 
be briefed senior members of 
Congress on the talks. 

• Israel's traditional allies .on 

Capitol Hill began openly criti- 
cising what they perceived as 
Israeli - intransigence in the 
Middle East peace discussion and 
gross overreaction .In the in-, 
vasion of Lebanon to the 
Palestinian raid on Israel a few 
days earlier. Even Senator 
Jacob Javits. himself a Jew and 
second- to none; as -an Israeli 
advocate used words “''discourag- 
ing. disturbing, highly difficult, 
very frustrating f-fti- analysing' 
the present situation/ - - 

• The New York Times, long, a 
staunch defender of Israel 
sounded a new note of remon- 
stration in an editorial this 
morning. It was not too much, 
the newspaper wrote, .to expect 
Israel to return captured terri- 

rather gently suggested that Moshe Dayan, the Israeli Foreign .Nor does xt appear 
American Jews should not Minister, Mr. Ezer Weizman, the rriJlrism 

blindly follow whatever policies Defence Minister, and now Mr. toiue the 
were espoused by the Israeli Begin— have not succeeded. Tfcu> rarest 
government, and. had been U.S. television networks, which M*- Carter s NatiMa^ 
^larpli-JCakan ‘til task : by Its have covered toe- Middle.' Easf^ llyi “ r ; “ e groundf mat he 
Traders. : The response may be exhaustively . since . President * “ti-Jew»n. .. 

appreciably less this time. Sadat’s historic Jerusalem visit, ■ Middle 

At a policy level, the Carter have started to focus more on the that relations between 
Administration has consciously Israeli intransigence than-toe U.S. and Israel nawreached 
decided to give boto Mr. Begin hitherto. When Mr. Walter Jower , aGP tb s—in _^ 1957. ^ _ for 
and the Israeli political hierarchy Cronklte, the dean- of the. tele- e ’ . ° ^ re31 ? e ”Li 

'a lot to think about There is vision anchormen, is seen to raise’ ®'. i ?* sen °5!l!!5 r 
great Interest here -■ in reports his eyebrows about Israeli policy, yto sanctions if it did not wito- 
from Israel of moves to create particularly the Lebanese occupa- S “f,V °£ * vetl 

some form of. government of tion, then that has considerable toe publication of ^ what 

national unity, the effect of impact on the public at large, .toraehs thought was the in- 

whirii would clearly be to vitiate There ^ general agreement fi ™ oua R ° BeTS Kiddie East peace 

■ ESS' — t» w a. ..te- 

cannot be seen openly to be con- opportunity to generate support ■, J™ “ MmnStaimtM 

niving at ui^ermimng Mr. f of policies by overact ingta 

Begin s power. But to the extent the Lebanon. In the immediate STm? Carter ' mEmS 

that. his religious and national wake of the PLO . onslaughts “°i l * 

beliefs towards the retention of there seemed little chance that JjJSSjj 

Israeli sov^ei^i^ of '* J jdea and a ^r^ed Coogress \rould go ° # ^fi ■ 

Samana. as he calls the West with tho admin the still considerable clout that 

Samaria,” as he calls the West along with the administration’s ^i.V inhwZSrh or without 
Bank, now constitute a stumbling proposals to sell jet aircraft to 5S ^ae,, , 1 ?S, by “^3 th -mISSS' 
block to peace then ways to ctr- E-jynt and Saudi Arabia as part **** . ,ielp of Palestinian 
cumveut tbwn may have to be of a package including configfi- 

found. ^ - ments -to^srael. IfanythiML « at 0x6 sawtimr Israel 

But perhaps more intrigtongly congressional sentiment ' now looser seems to nave cast 
it is clear that American public seems to be swinging behind ^° n guarantee of American sup- 
opinion (Jewish and otherwise) such a sale, although approbation,. Fbft w S at ® ver 
is shifting more: rapidly in its is by no 'tiieans a £orcgoner J 'to Bn toe New York Titoes corny 
attitudes towards the Middle East conclusion;' - - -r approves of the President a 

than one would have thought By the same token, the PLOE approach in his dealings with 
possible. For the first time, the raid, in which nearly 50 eivflianf Mr. Begin, that appears to be a 
Arab nations have thrown up, in died, appeared to have bolstered more accurate reflection of tne 
the person of President Anwar Israeli security arguments, at tbfc state of play than Raom 
Sadat of Egypt, a leader whom same time making more dlfficiut Schindlers emotional appeal for 
Americans like and. apparently the administration's attempt p old-style solidarity. 

NEW DELHI - , March 24. . 
YESTERDAY’S apnoim content 
of the Indian Govfirru nent in- . 
tention to scrip toe. 
preventive detention - ^leglslw ■ 
tion could, H carried throatik -:- 
leave too authorities without" 
broad-ranging legaj'pim^tt ft! ‘ 
this field for tbe -first ttoto la: 

India's post - tad6p«HStonttP- 
Mstory. ■ y ■ ~ ~ 

The move has already drawn a - • 
sharp reaction from Mrs,-- 
Indira Gandhi, to* former _■ ' 

Prime Mlnlstevunder wtwse- 
rule toe Jegislatioii reacW it#' 

most extreme form ov an 

interview with the Ftnandal^- 
Tfmes last night, she clairaefl ,; 
that the Governmint . wmild . 
continue to arrest people 1 
gardless of whether there was 
preventive detention legisla:^. 
tion or not. ■ ^ 

Mr. Chanm Singh, the - Horn'd^ 

Affairs Minister, said fti Ms . 
statement to toe Lok Sabha 
(lower bouse) yesterday that- 
the Government proposed to - 
withdraw the BUI giving It- 
the . preventive detention > 

. powers which.- 4t. felt would L. 
still be needed once tt re-.'- 
pealed the maintenance of" 

Internal - Security Act. Separate > • 
legislation would be brought- 
forward- to repeaL the Internal 
Security Act. 

The move comes on the first 1 . 
anniversary of tho . Janata 
Party's decisive victory over . 

Mrs: Gandhi's Congress 'Party.' 

The leadership has been nnder- 
strong pressure both within 
and outside the cabinet to 
redeem its election campaign »? i* 
pledge to repeal the- security [Cl • 1 
law. ” 

Mrs. Gandhi refused last night t . 
to give an unqualified welcome -]!? P i ’ 
to the announcement, even 
though she claims that ^he was 
originally against toe security ,] = - 
laws and preventive detention- .!hJ * 

If the government’*. decision ia • 
implemented, it could have the % - 
admiinfitratian Without atiy \ \ . 
powers of preventive detention ’ ■ 
beyond the provisions of the 1 
Conservation of Foreign 


i *L ■ * 




more accurate reflection of the 
state of play than Rabbi 
Schindler's emotional appeal for 
old-style solidarity. 

New Angola-Zaire clash PLO guerillas pressed to keep 

ANGOLA SAID to-day it had 
beaten back an air and ground 
attack by Zaire in a new Aare-up 
of tension between the two 
countries. Luanda Radio, moni- 
tored in London, said Zaire 
forces crossed the border four 
days ago and occupied the 
Angolan village of Caianda, 
which lies in the Cazombo 
salient jutting into Zaire and 

Tbe invaders were later re- 
pelled by the Atigolan army, tbe 
radio added,- quoting the Defence 
Ministry.- -It- said the attack was 
carried out by " a strong Zairean 
military contingent backed by 
planes and helicopters." 

Relations between the two 
countries have been hostile since 
Angola gained independence 
from Portugal in 1975. 

Angola three times last year 
charged Zaire with bombing 

border villages. Zaire has. in 
turn, accused Angola of staging 
cross-border raids. 

The Angolan news agency 
Angop quoted the country's 
Defence Ministry as saying the 
latest Zaire' attack was an un- 
successful -attempt to preveatL 
Angolans from. - ’"‘Staging " "a 
■'-victory carnival" to celebrate 
the third anniversary of ■ inde- 

Last February. Zaire com- 
plained to .the:. Organisation of, 
African Utti^ 'feTAUJjand'thg: 
.UN^that .Angpl was -preparing- 
for war - and subversion- against, 
it, * • 

The claim was denied by Presi- 
dent Agostiuho Neto of Angola 
who called for renewed talks 
between the two countries to 
discuss problems affecting their 



BEIRUT. March 24. 

forces in Lebanon are -coming 
under growing pressure to 
comply with . the. UN-imposed ; 
ceasefire in toe south Land to 
respect the presence of -UN 
troops^-more ot; whose, number 
moved into the- ' battle zones 

Yesterday Dr. Selim al Hoss. 
the Lebanese Prime Minister, 
went to Damascus to.' enlist 
Syria's , support for a Lebanese 
plan aimed at strengthening tbe 
country’s national authority and 
sovereignty. The programme, as 
reported in the Press here, would 
seek to establish tighter- restric- 
tions on toe Palestinians. • i 

the south of Lebanon' within a rendered “ the old Lebanese-PLO A “reconnaissance unit of toe 

week. . agreement " defunct. This is a French contingent went to Tyre 

Following Dr. Hoss’s visit to reference to th Cairo Accord of and toe nearby Kastmiyah bridge 
Damascus a high-ranking deiega- 1969 which was drawn up under to determine to eir deployment. 

tion from the- Palestinian Libera- pan-Arab -auspices and Its sub- Mow French paratroopers flew Mrs, Gandhi: Behind tho - 

tion Organisation (PLO) led by- sequent aramendments. into Beirut to-day, bringing toe 

Mr.. Farouk Kaddoumi, chief of ■ Under the Cairo Accord, the number of those who have 
its political department and toe Palestinians were allowed two already arrived at overwOO. An 
equivalent of the movement's basic freedoms: to establish bases additional 300 are expected to 
foreign minister, went there for come with some heavy equipment 


urgent talks. . 

The PLO _ has agreed in Red CrOSS appeal 
principle to the deployment of . : „ 


The International Red Cross 
launched an urgent appeal to 
governments and national Red 

Exchange and Prevention' of 
Smuggling Act. 7 This allows 

dUU&Ut/uai tww usw lit# m* • • • 

come with some heavy equipment Smuggling Act. This allows 

that’-might include armoured cars Preventive detention on hte • 
arid helicopters.-- \ S rounds that persons are 

-The first French unit arrived Si y t gfS® t Cted of an ' 

on Thursday an is still at the air- *»,,.»? iVA •- 

Vjiu Rpimi Aimort awaitifur tnerefOTe depends os the.- 

Thf Government’s ability to maiiP" 
instructions to move south. lDft * . . j 

»r. Sakharov 

warned over 



Greek shipowners to 
ask for European help 


■ ATHENS, March 24. 

S;f David Saner 

-5f® MOSCOW. March 24. 
ip THE PRESSURE on Dr. Andrei 
’■Sakharov, the Nobel laureate and 
pleading dissident, has Increased 
J*with a warning from a Moscow 

m * j ... rti r Tk thnh iP 

deputy Chief Prosecutor that if 
he participates in any further 
public demonstrations he will 
face criminal prosecution. 

Tbe warning came during an 
interview yesterday with Soviet 
Prosecutor V. V. Nederov who 
had summoned Dr. Sakharov to 
his office. Mr. Nederov told toe 
dissident leader that by leading 
a demonstration on March 12 
against Soviet support for toe 
Palestine Liberation Organisa- 
tion (PLO), Dr. Sakharov had 
provoked others to break the 

Dr. Sakharov said the prosecu- 
tor raid him his action bordered 
an hooliganism but as “ an act of 
humanism " no action would be 
taken against him. 

GREEK shipowners are seeking 
the co-operation of their Euro- 
pean colleagues la deal with toe 
slump in the dry cargo freight 

The problem was discussed 
during a lengthy meeting con- 
vened by the Union of Greek 
Shipowners last night and 
attended by about 300 Greek 

Informed sources said the ship- 
owners considered a number of 
proposals, including that put 
forward by Mr. Anthony Chan- 
dris, president of the Union of 
Greek Shipowners, suggesting the 

voluntary laying-up of surplus 
caoacitv during the crisis. 

The 'Chandris proposal sug- 
gests that each owner lay up 
25 per cent of capacity in ships 
of over 4,500 gross tons. This 
would be relaxed gradually as 
demand improves. 

The informed sources said the 
shipowners decided to adopt the 
Chandris plan if it is approved 
by Greek shipowners coatrolling 
80 per cent.- of tonnage and If 

other European shipowners 
agreed to co-operate. 

/ The executive committee of 
the Union of Greek Shipowners 
will discuss the subject again 
next week and a final decision, 
will be takea at a plenary session 
of the union, probably early next 
month, tbe sources said. , 

Greek shipowners /awn some. 
4T900 ships totalling 49.5m. gross 

Japan’s refusal to grant a two- 
year moratorium on instalment 
payments for about 1% ships 
totalling 2.6m. tons ordered from 
Japanese shipyards in recent 
years was not discussed at yester- 
day's meeting. The request for 
toe payments delay was made 
Inevitable by tbe slump in tbe 
freight market and the change of 
parity between toe Yen and toe 
U.S. dollar. 

A spokesman for the Union of 
Greek Shipowners said to-day the 
sipowners plan to ask the ixnport- 
Export Bank of Japan and the 
Japanese Government to grant 
the two year grace period. - 

Lebanon is said to have aajked 
Damascus to ensure ■■ that- [the 
Palestinians will not engage- in 
any- armed activity' out' of ‘ the 
areas in Lebanon under] toe 
control of Syrian troops. Number- 
ing an estimated 30,OOfi7Ttoey 
constitute the bulk of toe joint 
Arab peace-keeping force in the 
Lebanon - and bave cautiously 
kept well clear of the fighting in 
toe south of Lebanon, . ; ' 

; In -the strongest statement that 
he' has delivered sined formally 
taking office 18 months ago 

5=^ / Lebanon ) 

Cross organisations throughout jYeacj, are toe only members or. law and ordef 1 . an<l cnntatrt, j 
the world to provide UNIFIL so far to arrive at this \ 225** w 0ve L- 2 e * 

Sw.Frs.l-3m. ($689,000) to buy side - of ^ Lebanese border. The . . JjJg . ■ 



.* s* • 

medical supplies for. victims of 
toe fighting in Southern 
Lebanon. . 


for. victims or other - contingents of Iranian, 
In Southern Swedish and Canadian troops 
came.- from Sinai and the Golan 

appealed to “all sections t»T ! 
the house”— -by which he wasT 

Geneva by the- International 
Committee of the Red Cross 

in - Heights through IsraeL 

The Iranian contingent yester- 
day .hoisted the UN bide and 

Syria! (ICRC) said the money would flag at Qaaqaiyeh bridge 

^ : or vt 

■-MAKAR IW.* j } 

mg / Israel ' 

/ V "-.L. — -Jordan 

also .be used to buy 180 tons 
of milk powder for babies and 
20,000 blankets for refugees. 

An emergency centre to care 
for the wounded had been 
opened at the Port City of 
Tyre, it added. 


an- the River Lit and. after duck- 

the house ’’—by which he WRS't 
taken to refer especially to 
Mrs.. Gandhi’s new Congress ( • 
fl) 'group— to co-operate -in: ■ 
curbing toe activities- ~,.qf 
groups, which may be inimical., 
to national security and public!' • 
order. ~ 

President Elias Sarkis last. night 
declared bis Governments deter- 
mination to check alf ; outside 
intervention in Lebanon’p.effairs- 
and to establish GoVeinhient 
Sovereignty ** on every inch of 
our territory.” - - 

Speaking at a meeting of the 
Cabinet he emphasised that toe 
Government would use every- 
thing at its disposal, including 
the joint Arab peace-keeping 
force to fulfil this objective. 

It Is believed that his state- 
ment carried full Syrian [backing 
and was aimed primarily, at the 
Palestinian guerillas. Mr. Sarkis 

hopes- to have a 4jQ0<Mnan 
reconstituted ' Lebanese^ ‘.Army 
mobilised and ready torgo -into 

the UN Interim Force. in Lebanon 

ing bullets fired on them by Mr. Singh ' has' left no orie'‘4n - T 
Lebanese Christian - militiamen. . doubt toht he believes Mf 5: : V 
No one was hurt, and toe- troops Gandhi is behind the inridentsrj; 
did not fire back. _ ■- . of violence Involving national ’ 

Once fully .deployed, UNIFIL and Slate leaders .last Week- - 
hopes. - ' to control, .twq' other end. ' 
bridges on the'Litani. Qaaqaiyeh Members and supporters of lifr fr v ~ 
is one. .Al Khardly farther to Gandhi's breakaway ^ 

(UNIFIL) and as a result of con- 1° the Arkoub area of south-east the . east controls the approaches 
tacts with its commanders has Lebanon and to take control of to the slopes. of Mount Hcnnon, 
apopinted- 12 of4ts own to act as ■ the Palestinian refugee camps,, or the- -area, the Israelis call 
a liaison with the- UNIFIL. In practice, the Israeli thrust *' Fatafalaud.” pie third bridge 

It has, however, shown reserva- has driven the guerillas north- is at Al Kasnuysh which is a 

uandhi s breakaway Party-, 
which successfully, faufcht": 
several State elections Jast 
month, are reported" to h» v e.;- 
featured prominently in tho-’V 
incidents. " 

“ticras-abont the location of Oie ward, keeping them out of the main outlet tor the ancient port of the Concresfl 

international peace-keeping zone for which UNIFIL is sup- of Tyre to the north, 
force. The guerilla movement posed to be responsible. As for ' Reuter adds from Tel Aviv; An 
bas been Insisting that UNIFIL toe camps most of them are Israeli military spokesman lo- 
tto ops should stick close to the located in areas under Syrian night, denied reports from 

Lebanese border with Israel and control..- - Lebanon, that'. Israeli aircraft 

should not. he stationed on the Although the. ceasefire was bombed : southern Lebanon 
Litani River, the national stand- holding, Israeli . jets to-day earlier in the' day. The spokes- 

off demarcation - between the attacked targets . near Tyre, man also said that Israeli forces 

fl) in tho Uttar Pradesh 
assembly, were among 300 
people held in the State capital. 
Lucknow, last Friday after 
demonstrators dashed. Vio- 
lent scenes had earlier con- 
vulsed the State assembly when 
it began business. 

off demarcation between the attacked targets . near Tyre, man also said that Israeli forces n * j D ous ‘ nefis - 

Syrians and Israelis In the south according to workers at' the Red —which were under a ceasefire * demonstration by 

of the country. Cross centre near Tyre. They ordered from Mr. Ezer Weizman 1 .BOO Congress (I) supporters 

Affiim 1c hoKA entr n t tha rr tk«i t finVitnv* KrtmKn L..4 If] » • « .. 1 fill Dlfl Tlx iLl' ■ — 

Officials here say that the said that fighter bombers had Minister of Defence, issued iree ® utsWe ^ N «vr Delhi 4«r 
circumstances arising.- from the struck close to the coast near the' days ago— did not open fire any- of Mr. Morarji Desai;4te% 

Israeli invasion have now Israeli border. where- in South Lebanon • • ■ Prune . Minister, lad' 

arrests. " ■ ’T". 

U.S. miners 
in new vote 

Fed may tighten money 

By Stewart Fleming 

ivu ludj ugiu^u uium; r *&***; wwinw. 

M - V - - o ? Ide tbe Prime -MipUter’s , 

by STEWART FLEMING . 2VEW YORK. March 24. house bad bcen pvz ot 

A RENEWED rise in short-term this week that he would have .are reports that this was because ® efor ? the” Secwtty ^Act hecatje" 

.2VEW YORK. March 24. 

Turkish Cypriot Premier resigns 


NICOSIA, March 24- 

Minister of the self-proclaimed 
“ Turkish federated state of 
Cyprus ” resigned to-day, amid 
signs that economic problems and 
industrial unrest are putting an 
unbearable pressure on the 
Turkish Cypriot administration 
in the north of thia divided 

Mr. Konuk, 50, a friend of Mr. 
Rauf Denktash, toe Turkish 
Cypriot leader, for many years, 
also' relinquished the leadership 
of the ruling United National 
Party. Mr. Denktasb was to see 
him. later to-day to try to 
persuade him to change his mind. 

Ur. Konuk’c resignation follows 

public outcry against a recent 30 
per cent, rise in the price of 
petrol and fuel oil. * But prices ' 
of other goods and services, from 
vegetables to medicines, have 
been rising sharply recently, with 
the result that many essential 
goods cost 100 to 150 per cent, 
more in the Turkish north than 
in tbe Greek south of tbe island. . 
There are also reports of many, 
shortages in' the' north. 

Earlier this week, several 
hundred farmers converged -on 
the Turkish sector of Nicosia in 
their tractors to demonstrate 
against toe price increases, and 
a number of United' National 
Party politicians joined in. Mr. 
Konuk said he was shocked and 

saddened at such “ disloyalty ” 
by members of his party. - 
Local Press reports says toe 
recent devaluation of. toe Turk- 
ish lira has had serious reper- 
cussions on the Turkish Cypriot 
economy and bas seriously 
affected the purchasing power of 
employees- and workers. One re- 
port. said salines, have, been 
effectively reduced by about 50 
per cent!' because they are 
quoted in Cyprus pounds but 
paid in Turkish liras. 

# Reuter adds from Nicosia: Two 
Arabs accused of killing Egypt- 
ian President Anwar Sadat's 
friend and adviser, Mr. Youssef 
Slbai, said in court here to-day 
they were innocent 

NEW YORK, Mar* 24. 
THE 160,000 . membersr o£. the 
United Mine Workers Union were 
to-day voting on a new three-year 
contract which could end. the 16- 
week U.S. coal strike. The miners 
have’ already voted down one 
-contract offer, and a close ballot 
is expected to-day, '■ ..Most 
observers are anticipating a 
“yes" vote by the strike-weary 
miners. _ 

If toe new- contract' is turned 
down it would plunge both toe 
union and toe section of toe coal 
industry which is negotiating into a dangerous situation'- 
Although there has been ' an 
improvement - in coal- stocks 
reflecting increased ontpot from 

the*- non-union * min e^ Which 
normally produce abouf half the 
nation’s coal, tension In' toe .coal 
Adds is mounting. 

U.S. interest rates in the next to consider, tightening Federal of a --disagreement in the kw_ In 1371 and sttbsequani 
three months is being forecast by Reserve monetary policy if administration. amendments gave ;-tt- -i-ilS’” 

some money market analysts inflationary pressures intensify as -v. 1 ?* ^ fli * elosed yesterday 
following the release of revised many economists now predict fe ^? l0n *J, n Money supply • ^fercWed 

Federal Reserve data' for the and toe Carter administration ^S ur ® s ■ ^77 and early 197S ‘toder* 

growth of the U.S. money supply clearly fears. (partly- to account for banks Ye*tRrdav? lt L- , l. \ 41 ^* ■ H ‘ 

and because of intensifying Th „ ... which are not members of the . nlf™ * ahhounc&iteirtijbal^; 

Inflationary expectations. ««J h? m?bi sld o nt -*f* terday dlti Federal Reserve system) show S£.wS OTBPI V ,,wl * --pwr 

“ ■ ,' makB a statement on that money supply has been £££ ■ ? tak,a * of " scrapping - itt” 

^ r r policy as some ing more rapid& in W77 Sd*Sra of detention 'highliBhte; 

Wilham G. Miller warned earlier officials had -predicted, and there than previously reported • 9* a f*°“ e fee ting which nor- ’ 

N¥ company dumped mercury in river 


Piivamcui. Timm, mieiwwt aallv 
dus and hoUdays. UJ. snbwIpdmrVaW^ 
Uir treftt, it X 360.00 (air ms at tmr uaffl- 
Mrcmd dsn passse mM at New YMk, »*-*• 

OLIN corporation, a diversified 
manafacturer of chemicals, 

. metals- add small* 'arms with 
stiles, revenues of 9L4bn. last 
year has bfen indicted, on 
charges concealing the dump- 
ing of several tdb& of mercury 
into the- Niagara river In New' 
York State- Three Former 
company offidals - are also 

The indictment charges that 
under a 1970 agreement the 

company was permitted by the 
government to dump up to half 
a pound of mercury a day and 
that In 1975 this was reduced 
to 4L2 pounds,' In fact, the 
company dumped -30 lb's a day 
or more at times while report- 
ing that its discharges were 
within the agreed limits. In 
one Instance dumped 3X0.58 lbs 
but reported it as 0.11 lbs. 

Mercury is one of the most 

NEW YORK, March 24. 
dangerous metals and an cause 

severe damage to the nervous to toe pubijc 'mtod^ toiTtStf ^ ‘ - • 
system, and. harm the repro- . ; executive could mlsusd 'Thff v * 
duetive system d£ people eating / prevsntive <3efenUte'4 
fish winch have too hi*?* 
concentration In their bodiro. , mtp the 
State environmental officials Dwt' 1 

claim that toe dumping -viola- - r!K marking ,tfce fltot Ywr qT - 
tions— the indictment covers r^ a !* Jft^ernnaesti 14r. ■' . ' 
the years 1970-77— represents a • w i d 'tW*"/-. , 

continuing hazard to people in ‘fandamni’jbf r 

the area- institution ^ had - beea un- 

SL. >o v Gntoient inns r nbw 
totnkins of "-seratoRing'' ita' 1 ’ 
bowers of detention hkihUBhts:' 
H 1 ®. s ^°? e feering which tw_! 
slats Is India aboht'the inner- ' 
Gamini governod in her last 21 
*“^8 In ofc.; ; Mr. Shah 
said that with the: *? traumatic 

experiences ” - of it frwb’' T la 
peoples minds. '- , HteNr-^N0 ,T> - 

to toe puhlie rntnri^ tkaf.WHF* 

toe years 19J0-77— represents a 
continuing hazard to people in 
the area. 


Sir Idwal 

1 i >{5 

4i tli:; accuses 

K officials 
of deceit 

' Rnsncial Times Reporter.. 

HE Ombudsman, Sir Idwal 
■ugh, has accused the Depart- 
lent ,n£ Health and Social 
eeurity of “deceitful” and 
deplorable ” behaviour when it 
.'Uhheld pension entitlements 
nom disabled ex-officers 

Sir Idwal said it was only a 
jnner army- colonel's persist- 
we -in complaining that had 
• rough* the “ full extent of the 
T»ng*o light.” 

' 1 His Investigation showed that 
ae‘ Department bad failed to 
ay 25 disabled ex-officers part 
f theif pensions to wba^TJShey 
•ere .entitled because of their 

lit 3964. the then Ministry of 
■ ‘ 'ensions was told that it was not 
‘ • aying fall pensions to certain 
nairiduals. . but civil servants 
■ deliberately ” decided to Ignore 
k :• sgal advice, to pay up. 

They, agreed that they would 
, , . rrty pay the full amounts if an 
xofficer queried his pension, 
isd, in that event, they would 
; ate the extra payments only 
* rhd 1964 — unless a pensioner 
ashed for full retrospection 
ack to 1649. 

The ex-officers concerned have 
.ow received their pension 
rrears in full plus compensa- 
ion. Mr. David Ennals, Social 
iervices Secretary, has written 
' - -ersonally to the colonel who 
_rst took op the case io apologise. 

by MPs 

By David Churchill 

f /AY the electricity supply 
-y should be orgaitised ln 
uret^tp he considered by 
* committee of MPs after 
KffirT*adianientary recess. 

rtuSy by the Select Com-' 
dtk Rationalised Indus-" 
ii likely to be conducted 
the Government publishes 
aposed White Paper and 
{ the industry. This 
means that the select committee; 
« villi in effect. -be holding a series. 
‘ jf ’©re-draft hearings on the Bill.'; 
A System of such preflegisla-. 
iyS .ivearinss is not part of the- 
> resent Parliamentary -system., 
tut is being considered by the 
Select Committee on Procedure. 

The nationalised industries 
xuiunittee inquiry will "be.par- 
• iciflarly concerned with the 
■ecammendatiohs of the Plowden 
^leport, published more than two 
ears ago. ' 1 

This recommended that the 
ndustry should be brought under 
i single body responsible to the 
Energy Secretary, but that 
■penning units should have as 
ouch power as possible devolved 
o them. 

The Government had. hoped to 
■ublish a Bill shortly outlining 
he structural changes it pro-' 
■osed for the industry. The 
ajiure of the Liberals- to support 
uch a Bill, however.-has meant 
hat the proposals will now be 
■ublisbed only in White Paper 

The Government is stiU hop- 
ag ft can secure Liberal support : 
or a Bill. 

The select committee investr 1 
ation will also consider, future 
emand for electricity and the 
rogramme for ordering new 
over stations. The tariffs 
barged to domestic consumers 
■’ill .also be investigated. 
Members of sub-committee 
B” of the select committee, 
ha .will be carrying out the in- 
estigation. are: Mr. Edwin 
Vain wright, chairman; . Mr. 
'.usseli Kerr. Sir Donald 
iaberry; Mr. Michael Marshall; 
Ir. Tim Renton; Mr. David 
tbddart; and. Mr. Mike Thomas. 

MP attacks Lloyd’s over 
Italian claim ‘pressure’ 


ALLEGATIONS have been made 
in ‘the Commons by Mr. Jonathan 
Aitken. .Conservative. MP for 
Thanet East, that pressure was 
brought to bear on Lloyd’s- under- 
writers to settle. An Italian, in- 
surance, claim for £500,000 even 
though there was strong evidence 
that the -claim was fraudulent. 

Since Mr. Aitfcen- decided to 
raise the matter in the House, 
the Committee of Lloyd’s has 
decided .to mount a full -internal 
investigation.. into the allegation 
of uRdue pressure- - - 

Mr.- Stanley -Clinton Davis. 
Under-Secretary for Trade, dis- 
closed. that the police were mak- 
ing their own investigation into 
the . affair. 

Mr. Aitken was severely criti- 
cal of the Committee of Lloyd’s, 
which he said had sat on the 
sidelines .and refused , to take 
action. He called for stricter 
self-policing at Lloyd’s. - 


Speaking to the House on 
Thursday he referred: to what is 
known as the Savooita plain* He 
said that the actions of certain 
individuals in the affair gave rise 
to grave doubts about the pattern 
of other Italian insurance claims 

paid out by Lloyd's in’ recent 
ye ark ; 

For the Government, Mr. 
Clinton Davis criticised Mr. 
Aitken for making a ^premature 
and . ill-considered ” statement 
which might ■ prejudice the 

He -had beeD told; that the; 
underwriters were aware of the 
report alleging fraud but had 
decided;; to settle the claim on 
legal advice. If that were so- 
then there were no grounds for. 
eriti rising - the committee of . 
Lloyd’s. ' - 

Mr. Aitken told the House that 
In November 1974 the cargo ship 
Savonita. put. back- into ’ the 
Italian port of. Savona and' un- 
loaded 301 Fiar cars supposedly 
damaged by a fire on' board. 

Mr. Bob Bishop, of the loss 
adjusters Graham, Miller went 
to Italy to investigate: 

Mr. Aitken said be had pro-, 
duced “ devastating " reports to 
show that a serious fraud had 
taken place. According to him 
the 301 cars had been sold to 
a Signor Dotoli, a Fiat dealer in 
Naples, for only 15 per cent of 
the new value, and later resold 
bv him at 80 per-cent of their 
value brand new. 

The Bishop Report said that 
Sig. Dotoli was aided and abetted 
in the “ nefarious enterprise ” by 
certain senior executives of the 
Fiat group, said Mr. Aitken. 

The car* were Insured .by 
SIAT, then the Fiat-controlled 
Tnartno insurance company, and 
reinsured on the London market 

Pearson, Webb Springbett, the 
insurance - brokers who were 
handling the SIAT' claim against 
the British insurance market 
decided not to press the claim. 

But they were then dismissed 
and replaced by a larger firm 
of Lloyd’s brokers, Willis, Faber 
and Dumas, who began pressing 
the London underwriters to 

Mr. John Mathew, QC, pro- 
duced an opinion for Pearson 
Webb Springbett that a full 
inquiry by . a prosecuting 
authority would probably pro 
dace-evidence to sustain a prov- 
able charge of fraud. This 
opinion was sent to Sir Havelock 
Hudson, at that time chair man o; 

Sad answer 

At that stage said Mr. Aitken, 
the committee had in front of it 
evidence that a serious fraud had 

been committed and that the 
reinsurance claim should not be 
paid. But, he said, the sad 
answer was that the chairman 
and, committee “ did absolutely 

Last week he had seen Mr- 
Findlay, present chairman of 
Lloyd'S, with Sir Havelock and 
Mr- Gray, the deputy chairman. 
Their answer was that they had 
not; Intervened because' it was 
a purely- commercial matter, and 
Willis Faber and Dumas were 
satisfied that it was a bona fide 

Mr. Aitken emphasised that he 
was not suggesting that the com- 
mittee- had . acted improperly, 
But It should have reflected that 
the- only thing necessary for the 
triumph of evil was for good 
men to do nothing. 

John Moore writes: It is under- 
stood that a compromise settle- 
ment -was reached on the gtaimn 
over a week ago, whereby the 
London* insurance community, 
Including Lloyd’s, settled half the 
total claims of Sim. Lloyd's pro- 
portion of that settlement was 

A' "s^oKesman for Lloyd’s COO- 
firmed lasttiight that an internal 
Inquiry" was still in progress on 
the underwriting of the risk. 

Midland Inflation will be 
loans to below 10% this 

^ nca year says Healey 



British Steel creates new jobs 


THE British Stee^ Corporation 
has achieved its first success In 
Scotland in creating new jobs to 
offset redundancies being made 
as 'part of the corporation’s over- 
all cost-cutting programme. 

A new factory, making golf 
club heads, is to be opened al 
Irving New Town in Ayrshire 
by R.EJM. Metals. The company 
will have about 30 employees. 

This breakthrough in Scot- 
land, after two years of activity 
by British Steel’s subsidiary. 
BSC (Industry), cranes at -the 

same time as an intensive pub- 
licity campaign giving -details of 
the corporation’s help in creat- 
ing jobs. 

Full page advertisements in 
several newspapers met with a 
brisk response -of telephone 
inquiries. BSC (Industry) 
expects the response from this 
campaign to intensify next week 
after the holidays. 

British Steel's efforts to create 
jobs in areas where it is bring 
forced to close plants or make 
cuts in the workforce were wel- 

comed in last Wednesday’s 
Government White Paper on the 
future of the corporation. The 
White Paper promised that the 
Government's powers to assist 
industrial development would 
give full support 

Although there has been no 
conspicuous success in Scotland 
until now in creating jobs, 
British Steel has achieved more 
in England and Wales over the 
past two years. 

However, the corporation is 

unable to supply details of the 
exact .number of new jobs 
created as a result of its efforts 
since ; other . Government " job- 
creation agencies have also been 

In its advertising campaign, 
BSC (Industry) is stressing the 
overall Government help that is 
available, as well as British 
Steel’s own resources. It is em- 
phasising the availability of st 
reliable workforce in areas where 
it has had to make cuts. 

Alfred Teves drives into U.K. NEDO head 
brake replacement markets decision 



ALFRED TEVES, the Frankfurt 
1 company which claims to. : 'be 
Europe’s largest car brake manu- 
facturer, is making a new drive 
into the UJv. replacement -parb^ 
market through J a link-up^ 'with 
Quinton Hazel!. y ' 

The deal marks an important 
, new step in the integration of the 
| European components industry, 
as well as dn Teves’ development 
in the UJL, where ft faces strong 
[Competition- from Girling, the 
! Lucas subsidiary, and 'Auto- 
motive Products. . 

At the same time it gives 
Quinton -Hazel!, a subsidiary of 

Bunnah, its first opportunity to 
move into the distribution of 
braking systems. 

The British company, based at 
Leamington Spa. makes and dis- 
tributes a. wide range of equip- 
ment's :f °r --. the.- replacement 
market, but brakes are such a 
high technoi ogy item that it has 
not befpre attempted to move 
into this*.sector. 

Teves. which is o wned by the 
U.S. conglomerate. ITT, estab- 
lished a YU.K. manufacturing 
plant in South Wales two years 
ago. This has been gradually 
expanded to its present level of 
ISO employees, and is beginning 
to supply parts for the VauxhalJ 

Chevette, . Ford Escort, and 
Chrysler Alpine. 

The German company is now 
aiming to expand its coverage 
of replacements, since rapid ex- 
pansion in the number of foreign 
vehicles on -British roads Ja_ 
creating considerable new busi- 
ness for overseas suppliers. 
These opportunities are increas- 
ing as the overall age of -the 
foreign vehicle fleet goes up. 

Quinton Hazell said yesterday 
it estimates the size of the re- 
placement brakes business in the 
U.K. at £50m. a year in retail 
prices. Of this, it is aiming to 
capture about £lm. with Teves 
products in the first year. 

Egg wholesale prices are cut 


EGG PRICES are expected to 
begin to fall in the shops next 
week after a 3p-5p a dozen cut 
in wholesale prices announced 

The Goldenlay marketing con- 
sortium is - reducing prices . -of 
sizes one to four by 3p a dozen, 
and sizes five and six by 5p a 
dozen- This will bring size two 
(tbe old “ large” size) down to 
46j>55p a dozen, and size four 
(the old “standard”) down to 
43p51p a dozen. 

."Ihe redactions result from 
Increased supply rather .than 
reduced demand. Consumption is 
marginally, higher. this year. 

Consumption has received a 
short-term setback because of 
anticipation of the traditional 
post-Easter holiday decline. 

The Eggs Authority said 
yesterday that major egg-packers 

bad reported a reasonably good 
but "hesitant” market, while 
direct . sellers bad experienced 
“record sales.” 

Bat tile high level of supplies, 
also felt on the Continent, is 
affecting the balance of the 
market The Middle East, usual 
market for Britain's surplus eggs, 
is well supplied at the moment 
and other potential buyers 
abroad find supplies relatively 

Domestic supplies are only now 
recovering from disruption in the 
blizzards. Though packers 
reported an increase of 22,000 
boxes (360 eggs each) in the 
month to March 19, last year’s 
increase in chick platings is only 
beginning to be reflected in egg 

Platings in the second half of 
last year were about 3'per cent 

higher than a year earlier, and 
the January 1978 total was 7 per 
cent higher than in January 
1977. The January chick pric- 
ings total was 4J59m. 

John Lewis 
sales up 

SALES in the John Lewis 
Partnership* department stores 
and specialist shops last week, at 
□early £5 2m., were 21.1 per cent 
up on the corresponding week 
last year. In Waitrose, the 
partnership’s food group, sales 
were about £3.9m^ an increase 
of 2L7 per dent 

Total sales about £9m, were ! 
2L8. per cent up, and for the I 
seven weeks to March 18 were up j 
by 20 J. per cent ! 

after recess 

By John Elliott, Industrial Editor 

THE Prime Minister is expected 
to announce the name of the 
next director general of tbe 
National. Economic Development 
Office in about two weeks’ time, 
when Parliament has re- 
assembled after the Easter 
recess. v 

He will make his* choice from 
a short-list of three senior indus- 
trialists put forward by a selec- 
tion board comprising Sir 
Douglas Wass, permanent secre- 
tary at the Treasury, Mr. Len 
Murray, TOC general secretary, 
and Sir Jobn Methven, director 
general of the CBL \ 

These three men have inter- 
viewed at least four candidates 
and are now understood to haVe 
submitted three names to Mr. 

The candidates are believed to' 
hold senior boardroom posts in 
well-known industrial companies, 
which means that they fulfil the 
criteria set by Mr. Callaghan and 
backed by the TUC that the per- 
son chosen should be an indus- 

Tbe £19,000-a-year job has been 
vacant since the end of last year, 
when Sir SoDaid McIntosh re- 
tired after- four and a half years. 

. Mx. Bernard Asber, who was 
the National Economic Develop- 
ment Office’s Industrial director, 
has been acting director general. 
He is due to return to Standard 
Telephones and Cables, which 
seconded him -to the office 

Tbe man chosen faces the task 
of improving the credibility and 
public awareness about the 
Governments industrial strategy, 
which has now* entered its third 
year. The Government wants to 
try to transmit some of the 
strategy's aims into individual 

By Michael Blanden 

making loans to the Sooth 
African Government about two 
years ago. Lord Armstrong, 
the chairman, reports in his 
annual statement' io share- 

Tbe announcement comes 
after persistent pressure on 
Midland from anti-apartheid 
groups and confirms the policy 
of not providing direct sup- 
port for the South - African 
Government and its depart- 

Lord Armstrong says that 
such new arrangements as the 
bank made for borrowers 
within South Africa were now 
confined to "the finance of 
identifiable - trade with the 

However, this policy did not 
envisage " our teasing io grant 
conventional banking support 
to those among our commer- 
cial customers who have South 
African interests.” 

The Midland statement, pub- 
lished on Thursday, came as 
Barclays Bank was subjected 
to pressure from Nigeria. Tbe 
government in Lagos 
announced toe withdrawal of 
public funds from Barclays 
Bank of Nigeria in response to 
toe bank’s policy on South 

Tbe Nigerian action, which 
also included ordering a cut of 
a. third in the bank’s foreign 
staff,' was a reaction to the 
statement by Mr. Anthony 
Tnke, toe group chairman, that 
the bank intended to remain in 
South Africa and “ use all toe 
influence we have to try to 
bring about a happier and 


Several other big inter- 
national banks. Including Citi- 
corp, the second largest U.S. 
bank, have recently announced 
that they were ending loans to 
toe South African government 
and its agencies. 

Lord Armstrong made clear 
that toe Midland announce- 
ment was designed to explain 
the bank’s present position. 
There had been a misunder- 
standing over its policy which 
bad been apparent in public 
statements- by file bank’s 
opponents, be said. 

Over the past year private 
discussions had been held 
between officials of the bank 
and representatives of the anti- 
apartheid groups. 

The move was welcomed by 
toe End Loans ta Southern 
Africa organisation, which 
brings together a number of 
anti-apartheid and church 
groups. I 

• Annual Statement Page 17 

BRITAIN'S inflation rate Is still 
falling and will be "well into 
single figures “ throughout this 
year, Mr. Denis Healey, Chancel- 
lor of the Exchequer, told the 

He rejected Opposition charges, 
supported by Sir Geoffrey Howe, 
the Conservative shadow Chan- 
cellor. that the recent growth in 
the money supply made a. 
mockery of hopes that tbe infla- 
tion rate would slay below 10 
per cent 

Speaking before Parliament 
adjourned for the Easter recess, 
Mr. Healey said that tbe money 
supply would be back on trend 
by tbe end of the current finan- 
cial year. The remaining period 
was too short to make a precise 
forecast, but the annual growth 
rate would be 13 per ceot, or 

He scoffed at a suggestion by 

Sir Geoffrey that the Govern- 
ment was i snoring the expansion 
in the money' supply, because 
it knew that it would fall 
to a Conservative administration, 
after, toe General Election, to 
deal with- tbe inflationary con- 
sequences. Mr. Healey said that 
ho had inherited a money supply 
increase of 28 per cent, from the 
Heath. Government. 

Tory backbenchers recalled 
that in tbe last General Election 
campaign, he bad maintained 
that the annual rate of inflation 
had fallen to S.4 per cent. But 
Mr. Healey retorted that on toe 
same busts — an annualised fiqure 
based on ihc past three months— 
the current figure was 7 per cent. 
. Asked about the Government's 
policy .toward* a fixed pari tv for 
sterling. Mr. Healey said that a 
fixed exehanw rate was impos- 
sible in a world of floating rates. 

Real disposable incomes 
rose 120% since war 

financial times reporter 

REAL persona] disposable in- 
come increased by more than 
120 per cent between 1948 and 
197S. according to figures in the 
Economic Trends annual supple- 
ment (1977) published by tbe 
Central Statistical Office. _ 

Over tbe 28 years toe Internal 
purchasing power of the ponnd 
fell by 78 per cent The average 

prices of new homes on mortgage 
rose between 1956 and 1976 by 
more than 475 per cent. 

Frum 1956 to 1976 too. basic 
weekly rates in manufacturing 
industry increased by nearly 
390 per cent. Personal saving 
increased from IB per cent, of 
disposable income in 1947 to 14.6 
per cenL in 1976, 

Pay body urges increase 
for MPs and Ministers 


SALARIES of Ministers and MPs 
should be increased in line with 
recommendations made more 
than two years ago, according to 
the Review Body on Top Salaries. 

Commenting on a recent 
Expenditure Committee report, 
the Review Body says that “ it is 
of the utmost importance that 
some substantial move should be 
made to implement the recom- 
mended salaries, which were 
appropriate more than two years 
ago. not later than the beginning 
of the next Parliament-" 

The Prime Minister should 
receive a £7,000 rise to £30,000 
and Cabinet Ministers, a similar 
increase to £23.000. MPs should 
receive a £1,730 rise to bring 
their salary to £8,000. 

The difficulties of increasing 
Parliamentary pay because of 

public criticism, are acknow 
ledged by the group. “But we 
cannot accept that it is in the 
national interests for Ministers, 
or for that matter. Members of 
Parliament, to continue to be so 
seriously undervalued." 

On senior civil servants’ sal- 
aries, tbe group criticises the Ex- 
penditure Committee for over- 
simplifying the problems of com- 
parisons with the private sector. 

“ If the principle were adopted 
that top civil servants* pay 
should be determined simply by 
comparison with top executives* 
pay outside, the task would be- 
come a largely mechanical pro- 
cess of establishing facts that 
would automatically produce 
rates of pay for the three top 
grades — to be accepted or not 
by the Government — and no re- 
view body wop id be needed. 



When gem prices go rocketing 

r iM 
5 s 

UDDENLY, It seems, the price 
I diamonds has gone into orbit, 
his week at least one jeweller 
amploraed that the price of 
iamond jewellery being offered 
1‘binrhad reached £220 a carat 
-there are 142 carats to the 

unce— compared with about 

ififi a ' carat just before 

The various diamond Jnvest- 
icnt concerns have been even 
Hire - busily... extoHtog the 
nancial virtues of their gems, 
od. ,De Beers' Central Selling 
rganisation. which markets over 
0 per cent, of the world’s output 
f. rough, or uncut stones on 
efcalf of De Beers and other 
reducers, has put a surcharge 
f 40 per cent on toe prices 
sked at its next sale on Tuesday. 

No for ever 

Soaring prices for a luxury 
tern at a time of world economic* 
eccssion seem paradox enough.. 
Core so is the fact that De Beets, 
/hose 'advertising slogan -is “A 
iamond is, forever," doe* not 
•eijeve that toe .current prices 
re “ forever,” and furthermore 
B- trying to. curb them via its 
cnlral. selling organisation 
r p hich ..has never reduced.. -its 
•rices. Such is. the magic and 
oyster)' of the. diamond world, 

Gem diamonds, at the rough 
stage are marketed by the CSO, 
which holds ten annual sales, or 
“sights,” as they are called. 

There. are some 300 permitted 
clients of the CSO who are 
invited to buy paresis of assorted 
stones at tbe sights. 

Although the parcels are 
tailored as far as possible to toe 
client’s needs, he is not permitted, 
to pick and choose, and must take 
the whole package, or leave it 
alone. But this does not mean to 
say that there is no haggling. 

The diamonds then set out on 
a journey which moves to the 
cutters- and polishers, jewellery 
manufacturers and various whole- 
salers and finally ' to the High 
Street retailer. Each sector _of 
the chain takes a piece of profit, 
and toe retail nark-up can be 
lOfl per cent or more. The main 
market for gems is the U.S., with 
Japan a well-outdistanced second. 

The purpose of the CSO is to 
provide a guaranteed market 
and as far as .possible stable 
prices for diamonds- bought from 
the producers. It maintains stocks 
of both diam onds and cash so 
that xn times of poor demand for. 
gems, .as to 1974-75. the cash can 
be used to finance unsold stocks, 
while - the latter can be moved 
on to the .market when demand, 

The CSO determines the prices 


of rough stones, no mean task 
when It is realised that there are 
some 2,000 categories with widely 
varying prices depending on 
colour and clarity. Diamonds are 
thus not sold by weight alone. 
Valuing .a gem requires years of 

CSO price increases are Quoted 
as averages in percentage terms. 
.They are made irregularly, and 
until last year rarely exceeded' 10 

But 1977 was a boom year, and 
not only was there an increase of 
15; per cent- in March, but an 
even bigger rise of 17 per cent 
the following December. The 
total value of CSO sales in 1977 
reached a record $2.07bn. from 
91-55bo- to 1976. 

“Last * year’s unprecedented 
demand covered virtually all 
categories of diamonds, but was 
most marked in tbe smaller 
stones of under 1J carats, which 
had been to over-supply two yean 
earlier. The market then held its 
breath as it watched the ominous 
signs. oLa downturn to the T7.S. 

But instead, of 'depressing 
demand, toe U.S. fears attracted 
increased buying- of diamonds as 
a hedge against the uncertainties 
toeing tbe. dollar, just as they 
did - in the cases of gold and 

Indeed, segments of the 

diamond chain were inclined to 
hold on to the stones, with the 
result that price premiums of 50 
and even 100 per cent. developed. 

This, of course, did not befc> 
the diamond mines or the buying 
public. The CSO decided that 
something bad to be done to 
curb this speculation and reduce 
the gap between Its prices and 
those on the open market. It 
was decided that the CSO would 
a t its.discretion reserve the right 
to impose a surcharge, but not 
a normal price Increase, at any 
given sight -and subsequently 
drop it without notice. 

This week tbe first surcharge 
of 40 per cent has been an- 
nounced. De Beers hopes that 
this will cream off the specula- 

tive froth from the market 
Buyers having to pay the sur- 
charge will be well aware that 
in toe event of speculative 
demand drying up they will not 
be able to seQ tbfJr diamonds 
bad: to the CSO. 

Whether this ploy will work 
remains to be seen, but nobody 
in the diamond world is prepared 
to underestimate- the strength 
and experience of De Beers and 
the CSO. 

The moral of toe story is that 
while your diamond ring or 
brooch is almost certainly worth 
more than what you paid for it, 
anybody purchasing a diamond 
now for an investment may well 
be entering the top of a vulner- 
able market 

lire new Schlesinger Preference & Gilt 
Trust is invested entirely in fixed interest 
securities which offer the benefit of a high 
predictable income and are likely to have 
less risk and be less volatile than equities. 

High iiKome-Iow volatility 

By Investing only In preference shares and 
British Government Securities (GiJts), tbe managers 
are able to obtain higher levels of income than could bo 
<spected from a managed portfolio of equities. Whilst 
equities-would provide greater opportunities for 
growth than fixed interest stocks, the latter are likely to 
be Jess volatile (indeed, the defensiveness of tbe fund 
has already beat indicated by tbe stability of tbe unit 
price in the recent difficult market conditions). Tbe 
proportion in preference shares and Gilts will be 
varied at the managers' discretion. 

Schtesingers also expect a useful degree of 
capital appreciation from this trust, as long-term 
interest rates continue to &1L 

Because dealing costs are Tower for fixed interest 
investments, and file initial charge on this fund is only 
3 i%, tbe dealing spread is attractively low. 

Investment in Gilts 

Undercurrent legislation, most interest 
received in an authorised unit trust from gilt-edged 
securities is subject to corporation tax which is 
disadvantageous to unitholders when compared with 
direct investment in such securities. 

For this reason initially some 80°; of the fund will 
be invested in preference shares, and 20 in Gilts at 
which level Schlesingers estimate any disadvantage 
will be minimal. Should the legislation be changed, the 
fund will be invested entirely in Gills (see General 
Information). Your investment should be regarded as 

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

Schlesingers’ HMS service 

Investors of £2^00 or more will receive the 
Schlesinger Personal Investment Management Service 
(PIM5) which includes regular investment reports and 
imitations torocet toe investment managers. 

To: Schlesinger Trust Managers Lid, 

140 South Street, Dorking, Surrey. 
We&udaadEvBtog&uaphcwTtL (0306)56*41 

I wish to Invest t£ ” 

12% jxa. paid quarterly 

In order to help investors plan their income, the 
distributions will be paid quarterly on the 30th of 
April, July, October and January, starting July I97S. 
The table shows the approximate level of income (net 
of 34% basic rale tax) you would expect to receive 
every three months, based on the estimated gross 
yield of!2% on the fixed offer price of25^p. 

The distribution dates have been carefully 
selected to complement those of the all-equity 
Schlesinger Extra Income Trust. By investing equally 
between these two funds, shareholders can obtain ei gh t 
evenly -spaced aid approximately equal distributions 
per annum. 

A fixed price offer 

Units are on offer at the fixed price of 25.4p for 
investments received by April 6. The offer will close 
■before April 6 if the actual offer price varies by more 
than 2^% from the fixed price. In this event units will 
be available' at the price then ruling. 

General Information 

la Ok orani of a Lhanpeln tasMtan utilrti (mold ‘reaiinc the 
dkadcaoMECom ircauncni ui full income, n t. mica Jed Uulibuirhoto 
of ibe purifiillu will be ir-miislnl la hlrti ilehlinj- Britwb Cmernmcnc 
SecOTJUes.Su di 3 danse would be made iml> ir. in UK judKcmentaf 
(He manners, it woujj <in< be disadvam^enu.-. m anil holders and 
ificTrtuice contumal- The name ui lht 1 ru.i truuM alsu he ctunacd to 
-Schlcsloccr Gill Trust'. To tanoa. ow ibe cuupoapnnWni. Applications 
VJdbcat^iuiwlL-deed.anducnillcateiTiill bncni hutilorlnc May. 

The aria tunn Itncsnocm In die Food ik £500. Tbo I'nll Price ami yiddara 

pabUiboil daily in leadine nrn yiapcr,. 1 o Sen units, simply return -to hr 
cmlAcaie approptloidj' endorsed rn the back — pj> mem n normally 
madci »tllbla7 days ol our recetvtnc the renounced canni-late. 

CMW I iu lwof U‘\. trill be palJ lu rrcnrnocd -iccoiv.C'mreer> An 
Initial ctarac or ..J u . in 1 Deluded hi ibe Otter prke. a cbarccatan 
annul rate of '-°.a tidua VATt ni the t jiue of me fund r. nrrinM** fma 
cross Income uuinli admmuirairce c\pcn»-c. Tn&imi Midland n-mi- 
Tnra Co. Ltd. AodHon: Ptai. MaroicL. MUcncU It cvn Mamma; 
ScblesmacrTrasi Manama Lid, IV Hanatcr Square. London W. I. Dm. 
btenalbi EnsUnd. No. ‘J.t&.'S. Members of Ibe Uwt Tm Auoclalfaa. 
Tfab odcr Is not available id rcsidmuofihc Republic of Ireland. 

I declare tint I am not resident outside the Scheduled 
Territories and that! am not acquit inc the unitsaaanomlm 
of any person resident outside the Territories, tlfyou are 
unable to otaLc ibis declaration, it should be debited and tha, 
application form should then bo lodged through your UJC. 
bank, stockbroker or so lienor.) Minors cannot be reentered, 
bat accounts designated, with their initials will be accepted/^ 

'. All fisnra htWttada Oertins. converted « appropriate no* ttf exchange. 

WeMtt i ' l £ i -,’*" "t *■ 

f carat > 19i3 aa lgjj 1919, 

1.W 13U Zjm 153T gg M.4«B 

ijs t*n- "75 E asm hire 9435 liSs 

ua ajwr djns ;.1S5 o.<aa ixas ""*- &x n 

S,3» 5,905 .tJST 18.4« WJW ggj 

~m»~" »•» iLaw Hjsv , "*■ ■•’mm: abt 

. • WAta mu - 1 sxa ■ • . 29,5m aua 

~~isa awn 1A3M ajre ss^sa , 4^5 

555 iw55 : «m« 1 

3.00 30J8O r 9L5» U.M8 4M31 ~~5 £tM 

Scarce.- Dfenrirgiaraton CPJC) ~ * 

in the Schlesinger Preference and Gilt Trust at the 
fixed price of 25.4p. 

I wish to have my dividends reinvested f~"] 
I would Eke figfher information, mrinrihig [ 1 

<bh»ik of Sharp K-rrhongp criunnn I I 

A cheque is -enclosed in remittance, made payable Io 

: letters Please) 

Schlesinger Preference K Ciit Trust 

Financial limes Saturday Mart as iaffl - 



in tractor 

By Arthur Smith, 

Midlands Correspondent '' 

CONCERN’ IS mounting in the 
tractor component industry 
about the growing list of 
redundancies and short-time 
working in response to flagging 
world demand. 

Carringtons, the GKN forgings 
subsidiary, is the latest to an- 
nounce that it is seeking volun- 
tary redundancies among its 

3,800 workforce. Birmid Qua least 

has already called for more than 
300 redundancies at Darthmouth! 
Auto Castings, and another 800 
Birmid workers are currently on 

British Leyland’s Beans 
foundry, at Tipton, as an 
important supplier to the tractor 
Industry, has had to implement 
extensive short-time working for 
its 1,300 employees. 

The main problem confronting 
suppliers is how deep and pro- 
longed the recession will be. The 
U.K. as the leading manufacturer 
of tractors in Western Europe, is 
an obvious victim of the down- 
turn from earlier record world 

Ford at Basildon. Essex, which 
accounts for more than one-third 
of the multinational's sales world- 
wide. laid off S50 production 
workers before the Easter break. 

■ Massey Ferguson will next week 
lay off nearly al! 4.800 workers 
at Its two Coventry plants. 


The Canadian-based multi- 
national will extend the shut- 
down into the following week 
for the majority of its 1,800 
machine shop employees. Massey 
Ferguson has not ruled out the 
possibility of redundancies, but 
has promised trade unions a 
report on market prospects next 

While manufacturers are treat- 
ing the fall in demand as fairly 
routine, some component sup- 
pliers are concerned that it may 
prove more significant. “ The 
drop in ordecs is sufficient to 
confront suppliers with a pretty 
traumatic situation,” one senior 
director claimed last night 

Component suppliers are 
reviewing their orders with 
anxiety. GKN is obviously vul- 
nerable. Lacocfc Engineering, a 
GKN clutch subsidiary at Shef- 
field, is scheduled lo put around 
250 workers on to a three-day 
week from April 3. GKN-Sankey, 
a supplier of tractor cabs and 
wheels, is monitoring sales 

Ocean Transport plans 
to cut fleet this year 


Government to 
pay £50m. more 
for Drax ‘B’ 

Financial Times Reporter 
contribute £50m. towards the cost 
of building the new Drax “ B ” 
power station in Yorkshire 
because of its request to the 
Central Electricity Generating 
Board to accelerate construction. 

This was revealed in the 
Nuclear Safeguards and Electri- 
city (Finance) Bill published 
last Thursday. The Bill puts 
forward proposals for inspection 
procedures at civil nuclear 

Trading, one of Britain's big 
four shipping companies, may 
have to cat its active fleet by 
op to ten ships and reduce the 
number of- its officers by over 
5 per cent this year as a 
result of the shipping recession. 

In a letter to seafarers, Mr. 
William Memies- Wilson, 

managing director of Ocean 
Fleets, says the Liverpool-based 
company had hoped to avoid 
cuts, as Ocean’s series of new, 
larger and faster ships came on 
stream in the coming months, 
by obtaining outside ship 
management contracts. 

•'We are still confident that 
we will obtain ship manage- 
ment contracts — but not as 
quickly as we had originally 
hoped,” he says. 

The company says Its fleet 
reduction, the extent of which 
is still not fully determined, 
will be made either by laying 
up ships or selling them: 

The group has already sold 
three liner vessels and one 
bulk carrier this year. Two of 
the liners, the Adrastus and 
the Eumaeus, were 25 years 
old, but the 2&000 deadweight 
tons bulk earner, Antenor, is 
only Six years old. 

Charter rates 

Hr. Mensles- Wilson says the 
recession in shipping can be 
expected to last for some time, 
but he Is confident that Ocean's 
smaller, more modern fleet will 
be “ efficient and fully competi- 

He say* that it is vital that the 
group operate only viable ships. 
This means it should continue 
to charter in some tonnage, 
even though It is getting rid 
of its own vessels, because 
charter rates are so low. 

These chartered vessels will 
be used in some cases to prove 
new trades, or to' bridge gaps 
until Ocean’s own tonnage is 
available. - 

The effect on Ocean's staff 
Is likely to mean redundancy 
for 100 officers and about 200 
Nigerian and Chinese ratings. 
Where possible, the redaction 
will be through voluntary re- 

• No reduction Is planned In 
the cadet officer training pro* 
gramme, nor are redundancies 
among junior officers expected. 

British Caledonian to offer new 
cheap excursions from April 


BIG SAVINGS on the normal 
tourist return, ai^ fare between 
London (Gatwick) and Edin- 
burgh, Glsagow and Manchester 
will be possible with new cheap 
excursion rates to be introduced 
on those routes by British 
Caledonian from April L 
The new fare will cut nearly 
£22 off the normal return fare 
on the Glasgow / Edinburgh 
routes, and £16 off the Manches- 
ter fare, the airline soys. 

hTe new rates, approved by the 
Civil Aviation Authority, are 
called Advanced Purchase 
Excursion (Apex) fares, and 
are expected to attract some 9.000 
extra passengers between April 
and November. 

- The fares will be: £44.30 

return,- Lon d cm-Edicbu rgh and 
London-Glasgow, and £32.60 
between -London and Manchester. 
They ore available only for 
round-trips and tickets must be 
paid for at least one month 
before the day of travel. 

The interval between outward 
and jretum flights must be at 
least six nights unless it includes 
a Saturday night. Apex can there- 
fore be used for week-ends away. 

The new rates will compare 
with the British Airways “no 
reservations ” Shuttle fares 
between London (Heathrow) and 
Glasgow/Edinburgh of £1850 
single, equivalent to £37 return. 
These Shuttle rates are available 
only for instant purchase 
immediately before flight. 

The normal tourist return fares 

on the main trunk routes to 
Edinburgh and Glasgow are £66 
from April I, or £60 to Belfast | 
British Airways is giso cutting 
up to £35 off the cost of some 
of its early-season package holi- 
days to Rhodes, - Tangier. 
Alicante, Tenerife and Las 
Palmas. The cuts on holidays in 
the British Airways Sovereign 
and Enterprise brochures apply 
only to holidays taken during 

: The cuts will mean that a 
seven-day bed-ond-breakfast holi- 
day in- Rhodes will cost £73 (a 
£35 saving). In Tangier £74 (a 
£20 saving), while a 14-day holi- 
day in Alicante with full board 
will cost 95. a reduction of £15 
These special offers are availablp 
from Gatwick and Manchester. 

Plessey backed on landing aid 


THE U.K Government fully sup- 
ports the efforts of the Civil 
Aviation Authority and the 
Plessey Company in trying to 
win the international competi- 
tion for a new- landing aid for 
civil airliners. 

"It wtU also give all possible 
help to ensure its production in 
the quantities needed to meet 
world demand if chosen as the 
world's next aircraft landing 
system,".. ... 

Mr. Alan Williams. Minister of 
State. Industry, told the Com- 
mons on Thursday that the “ tech- 
nical superiority " of the British 
system, called Doppler Micro- 
wave Landing System (DHLS), 

was now being tested over that 
of the U.S. (called Time 
Reference Scanning Beam, or 
TRSB), in a- series erf trials at 
main world airports. 

“ There is no substance in the 
allegation that the U.K. could r.ot 
supply the Doppler system in 
adequate quantities. 1 can give 
an assurance that the Govern- 
ment stands firmly behind this 

The rival systems are to be 
judged by an expert Ail-Weather 
Operations Panel of the Inter- 
national Civil Aviation Organisa- 
tion (the aviation technical 
agency of the UN) at a special 
Montreal conference this spring. 
The U.S. has however, been 

bitterly critical of the U.K 

So far. the U.K system ap- 
pears to be holding its own in 
the comparative trials against 
the U.S. system, and the U.K 
team, including representatives 
of Plessey and the authority, are 
confident that .given a fair hear- 
ing by the ICAO: the Doppler 
system will prevail. .- - 

The size of the potential*' world 
market for the new equipment is 
estimated at- more, than filbn. 
over the next ten years. Which- 
ever system is chosen, all the 
world’s major manufacturers will 
he entitled to make it, since 
under the ICAO rules there will 
be no patents on the device. 





By Our Property Correspondent 

A RADICAL revision of 
Britain's planning laws is called 
for ia the latest Conservative 
Political Centre review. 

Mr. Sydney Chapman, former 
Conservative MP, architect and 
town planner, says that plann- 
ing policies must be changed to 
“avoid the orgy of rain, delay 
and dissatisfaction that has 
brought us to the present crisis 
of confidence between the 
planners . and the people they 
plan for.” 

The Political Centre publica- 
tion, Town and Countryside: 
Future Planning Policies for 
Britain, outlines a three-point 
strategy to speed the processing 
of the 400.000 planning appli- 
cations made in Britain every 

Firstly, Mr. Chapman calls for 
an end to ambiguous distinctions 
between county and district 
council planning responsibilities. 


Secondly, he says that the 
number of official bodies that 
planning authorities mast con- 
sult should be reduced. 

Thirdly, he believes that, 
although “ planning controls, 
dependent as they are in so many 
cases upon interpretations of 
taste, are inherently unpopular.” 
unpopularity need not spill over 
into demonstrations and 
disorderly public inquiries. 

Greater mutual trust between 
planning committees and their 
professional staffs would help to 
overcome these problems, he 

“With over 40 per cent of 
our countrymen living on less 
than 7 per cent of our land . . . 
we need a national planning 
strategy that is both sensible and 

Town and Countryside: Future 
Planning Policies lor Britain. 
Conservative Political Centre: 

Concern over air insurance losses 


CONCERN OVER losses in the 
aviation insurance market stem- 
ming from increased competition 
for business and a resulting 
Overcapacity situation in the 
market is expressed by the Lon- 
don Aviation Insurance Offices' 

Mr. Graham Willett, associa- 
tion chairman, points out in his 
annual report that this competi- 
tion and over-capacity have 


Q: In these days it is hard to estimate what I 
may have to leave when the time comes. 
I want to be fair to close relatives; but I also 
want to benefit a cause close to my heart 
How can I best ensure both? 

A: Most of us have a similar problem, with 
inflation. The sensible course is probably to 
leave fixed proportions of your estate to the 
individuals you wish to remember — say 
to one, 15% t0 another and so on — and then 
the residue to the cause you wish tc help. 

Q: I wish to remember old people, since they 
seem certain to be in continued need; but 
their needs may change. How can I antici- 
pate what they may be? 

A: Help the Aged has a justified reputation for 
keeping well abreast of the needs of old 
people; and has pioneered a great deal of 
much-needed work for lonely, sick, hungry 
and despairing- old people. Their trustees 
are especially careful to make maximum use 
of volunteers in daily touch with the elderly, 
thereby ensuring the most practical response 
to need and obtaining the utmost value for 
each bequest. 

They publish two useful guides for those consid- 
ering their wills; and I often commend these to 
clients to study in advance of consulting me. 
Copies may be obtained free on request by 
writing to:’ Hon. Treasurer, The Rt. Hon. Lord 
Maybray-King, Help the Aged, Room FT5L, 
FREEPOST 30, London WIE 7JZ (No stamp 

resulted to a complete change 
In the market situation, from 
profit to loss. . - 

The Tenerife disaster last 
year,- in which 578 people were 
killed when two KLM and Pan 
American Jumbo jets were In 
collision on -the runway at 
Terenife airport, enabled in- 
surers, for a time, lo negotiate 
justifiable Increases in premium 
rates. But the improved condi- 
tions hoped for from this “have 
been entirely dissipated." 

The tendency for airlines to 
buy, for economic reasons, “wide- 
bodied ” aircraft such as. Boeing 
747 Jumbo jets, presented In- 
surance underwriters with the 
problem of greater risks con- 
centrated in fewer aircraft. 

Some of these aircraft are in- 
sured for $50m. each, and can 
carry nearly 500 passengers..; “A 
major catastrophe involving' one 
of these aircraft could cost a 
substantial proportion of world- 
wide premium income 

Welsh union recognised 


cided to give formal recognition 
to the Farmers* Union of Wales 
as a representative organisation 
of the agricultural industry. This 
decision marks the successful 
conclusion of the FUW*s 23-year- 
old fight for a separate voice to 
be recognised for Welsh 

It coincides too with devolu- 
tion of most Welsh agricultural 
responsibilities from the Minu- 

ter of Agriculture- to the 
Secretary -of State for -Wales, 
from April I. ’ 

The FUW began in Carmar- 
thenshire in 1955 as a 12-raan 
breakaway from the National 
Farmers Union of England and 
Wales as a result of dissatisfac- 
tion at the attention • Welsh 
farming problems were Receiving 
from the Englislvdominated 
NFU. Scotland and N.- Ireland 
both have their own • separate 
unions. '• . ' . 

Hotpoint centre opened 


have opened a new computerised 
service centre at Renfrew, near 

It will handle repairs and 
supplies of spares for domestic 
appliances from the whole of 
West Scotland. It is the third 
centre of Its kind to be opened 
by the GEC subsidiaries in the 
U-K. after London and StackporL 
Two further centres are to be 
opened shortly at Southampton 
and Maidstone. 

Live exports 

A report on the export trade in 
live animals from Britain, com- 
missioned last July in response 
to complaints, of cruelty, has been 
completed. Mr. John Silkin, 
Minister of Agriculture, said that 
it gave no recommendations on 
what should be done but set out 
clearly and comprehensively” 
the many issues Involved. 

It was intended to publish it 
in FulL 

be erected by the summer of 
1979. : _ 

Busmen redundant 

More than 100 drivers and con- 
ductors are to be made redundant 
when three United Counties bus 
depots in Northamptonshire are 
closed on April 2, following the 
county council decision to halve 
bus subsidies. 

Army boots order ■ 

The John White footwear com- 
pany at Htgham Ferrers, 
Northamptonshire, has been 
awarded a £1.5m. contract by the 
Ministry of Defence for boots for 
the British Army. 

50p in demand 

Because of exceptional demand 
for 50p coins in recent weeks, 
the Royal Mint has been unable 
to meet in 'full gu the' orders 
placed by the banks, Mr. Denzil 
Davies, Treasury Minister of 
State, told the Commons. Pro- 
duction would be raised by an 
extra 60 per cent, in the coming 
weeks. . 

Attlee statue 

A statue in memory of Lord 
Attlee is to be erected in the 
Palace of Westminster. Mr. Millionaires COOIlt 
Michael Foot, Leader of the 
Commons. '.said that Mr. Ivor 
Roberts-Jones would be com- 
missioned to sculpture a full- 
length bronze statue. Total cost 
o fthe project would be £26.000. 

It Is hoped that the statue would 

Without taking account of assets 
In certain trusts, rt is thought 
that there may be approximately 
1,000 Individuals in the U-K with 
assets of more than firm, Mr. 
Robert Sheldon, Financial Sec- 
retary told the Commons. 


By John Brennan, 

I Property Correspondent 

and Industry's latest sample 
survey of land and building 
sates puts an official seal of 
, recognition on the 1973 property 

The survey of sales in England 
and Wales notes the decline in 
the non-residential property 
market after October 1973. and 
shows total property sales falling 
from 1973's £12,QQ0m. to 

nO.OOOm. in 1974. The sales .rise 
lo £l2,000m. again in 1975 and to 
£1 3.500m. in 1978, and the Depart- 
ment cautiously comments that 
“sales in 1977 are unlikely to 
have been lower than in 1976.“ 

Analysis of the market by size 
shows that sales of non-residen- 
rial properties worth over 
£500,000, which slumped after 
October 1073. fell to their lowest 
level in the first quarter of 1970. 
A subsequent steep increase in 
sales activity in this sector marks 
the recovery from the trough 
of the property market slump, a 
recovery that faltered early in 
1977 under pressure of higher in- 
terest rates. 

• In the residential property 
market, the value of sales has 
risen tn each survey month since 
October 1973. But the number 
of sales fell for two years after 
1973. except in the south-east of 
Britain, excluding Greater Lon- 
don. The volume of house sales 
did not pick up again until 
November 1976. -- 


• Mr. Cecil Baker, chairman of 
the £200 m. Property Unit Trusts 
Group; ‘warned about “signs of 
over-heating in the property 

At the annual meeting of the 
Property Unit Trust for Public 
and General Superannuation 
Schemes, Mr. Baker noted the 
recent sharp rise in commercial 
property prices and warned: 
“ There are signs of over-heating 
in the property market and with 
a background of economic uncer- 
tainty and some weakness in 
the stock markets, we are being 
extremely cautious about making 
further investments at the 
present time.” 

This cautious view is shared 
by other . fund managers, and 
Mr. Baker commented that 
“ There are indications that 
several major investing institu- 
tions are holding off from (he 
market at current price levels.” 

Mr Baker echoes a number 
of . recent warnings about 
property price rises since last 
autumn. Leading London estate 
agents. Edward Erdman and 
Co., recently came out with the 
view that " Current yield levels 
represent too much of a gamble 
on future growth and a lot of 
funds are beginning to realise 

In the February Poll of 
Property Market Indicators, pro*' 
duced by the Royal Institution 
of Chartered Surveyors, in eon- 
junction with the Financial 
Times and published earlier this 
month. RICS member firms 
reported an increasing reluc- 
tance by institutional Investors 
to chase good quality property 
yields down any further. 

Prime office yields have 
already fallen from over 6J per 
cent last summer to around 5 per 
cent now. and prime industrial 
property yields onw stand at an 
historical “ low " erf under 7 per 



- «- -- * i 

over Grunwick factory 


AN EERIE melancholy bangs- given . op, TSiougSi many 

over the forecourts of the torn- -believe that fiieir case is lost, 
wick film processing factory In Leading person ah ties in the 
Willesden, North London, ' ' Grunwick strike now Privawy 

Scene last year of one of fhe ' admit that it is likely to eno 
biggest trade' union demonstre- before this summer. ■ 
turns in this country and fUl? . The dispute 
crum of a national debate on. about £150.000 - so 
industrial relations law, the fac- unlikely to be shrwgw off by 
tory' gates in- Chapter Road are delegates oj the union s fortn- 
now marked with sparse relics Oi coining conference in may. . 
last summer’s turbulence. . ; The Law Lords decision last 
Coils - of barbed wire remain,: December to uphold an Appe« 
but the gates are open, guarded Cotirt ruling ravauflaunRa 
by a single policeman.. ■ . recommendation on union ««»- 

A handful of pickets are -there ‘hltlori at the »y 

most mornings but ther “Official Advisory Conciliation and ArW 
Picket” banner disintegrated ia (ration Service, was certmniy 
the rain a month ago. ' -- the .biggest Wow to the trade 

Other trade union supporters union cause at Grunwick. 
turn up sometimes to boost their, . .Only nne or three main oojec- 

spirits. A fortnight ago; there "fives of s ,S^vpSfpn?*nf 
was a 70-etrong turnout organ- achieved— the i Imprtvexnem 0* 
ised by their union, the -Asso- pay and conditions vl ■employ* 

riation of Professional Executive," ment. . 

Clerical and Computer Staff, v -.The 

The orriy regular supporter ration— depends .on - . wteui 

i, a rattrad pSmW^Sd ACAS. S u«eed« » 

former branch secretary of th» second ballot ^u^w^GrunwIck 

Electrical and Plumbing Trades company and wither GronwicK 

Union. Mr. Hairy Tout, 70,- writers not on stnU. Whq nave 
arrives Almost every morning by. pe ati o s L * r rmres en t e d 

845 tfbr . on. h«r 

minutes walk from his . home • Mr. hU aim 

in Hampstead because he secretary of APEX. aim 

believes in the importance of is to under the 

the union recognition case Act. 

eSnwick bus which pM. ^cr bsUot. ha_com ? hgicc- 
voked crowds last summer .tiP ns JT^.^ViSViA^^rodttce 

passes unheeded and many December have failed to produce 
Grunwick workers now walk in results. .. . 

—albeit briskly— to avoid being M*. Graatiiam 
challenged by pickets. Generally, ACAS wiU ™t to make doobg 
the pickets do not bother. „ sure this -time that- 
■After a 19-month battle for i^ommendation Is hot ^fti ■ 
union recognition and reinstatg lengad by the 
ment for the remaining 57 also clearly - sull a Jbck vz. 
strikers, the pickets are deter- desire by tije company to have 
mined not to be seen to have its workers balloted. . 


lay off 


MANY THOUSANDS of York*; all ten would 

shire miners will be laid off after - c&st Production of 170,00€ I tepanf 

Easter if winding engine men 
ahead with a strike over in 
tive payments. 

The winding engine 
operate the machinery wh 
carries miners and coaL A 
would cause immediate 
widespread lay-offs among u» 
ground workers and would e 

coal— worth £t23m.— per- Week. 
. :The engine men are .dissatis- 
fied with their 40 per cent, 
bonuses which they" have been 
allocated under the recently 
introduced incentive scheme. 
Talks between Doncaster 
winders* . officials and National 
Union of Mineworkers leaders 
failed to 

uiuvuiu wuiixgia ouu itv***^ ^ - , , . ^ 

tually lead to surface workers 

being sent home. writ rion- 

Leadexs of colliery -winders in . -.Mr. Jack_ wood, Don 

North Yorkshire are ballatting -roster ^ director, his waroed 
their members on whether thev that *; strike by the winding 
wish to take strike action. But men would be seriously damagr 
men in the Doncaster area ate. lng * and wcuUi affect wages and 
threatening to stop work from bonuses, of 1/.000 men in the 
this week-end. The National Coal Doncaster area, alone. . 
Board says that if this happens Jobs at. a new mine- being 
there wifi be an immediate ' developed v fft*- Kffisiejr.- : • TOar 
impact on maintenance work. Hemsworth. axe to‘J>e offered to 
and coal Droduction would be 950 men at Rodangflato Coll very, 
hit from Wednesday. dear Barnsley, which, the NCB 

If the strikers halt productioa ^s. rtrtining ‘down.-” -'-*,; 

New talks to be held v 
on dons’ pay anomaly 


THE GOVERNMENT is asking ties give an undertaking that 
the university pay negotiating voluntary duties do not form 
committee to consider demands parLpf Its members'- contractural 
by lecturers far early correction duties, 
of a salary .anomaly, dating back 

to 1974. - 

Members of the Association of 
University Teachers have said 
they will not mark first degree 
examination papers this summer 
unless the anomaly is either 
rectified by October or referred 
to arbitration. 

The Government has agreed to 
correct the anomaly, which arises 
from ■ an arbitration award not 
implemented because of pay 
policy, but is proposing to elimi- 
nate the anomaly over three 

Mrs. Shirley Williams, Educa- 
tion Secretary, acknowledged 
when anno unring settlement of a 
9.8 per cent, award for university 
academic staff in the present pay 
round, that the lecturers were 
pressing for settlement of the 
anomaly within a “considerably 
shorter period." 

The Government, she said, was 
inviting the negotiating commit- 
tee to consider this further. 

Delegates (o the conferences 
of the two largest teaching 
unions wUl this weekend con- 
sider lifting their ban on volun- 
tary duties following settlement 
of the schooReachers' pay claim 
in line with the Government’s 10 
per cent guidelines. 

The award, approved by the 
Government, will bring increases 

of between S and £27 per week. 

The National Union or Teach- 
ers appeals certain to lift sanc- 
tions, but the National Associa- 
tion of Schoolmasters Union of 
Women Teachers may decide to 
continue them until local authoti. 

Publishers call 
for settlement 

THE Newspaper Publishers’ 
Association is seeking ' assur- 
ances from the Federation of 
London Wholesale Newspaper 
Distributors that there will be 
a speedy end to a dispute dis- 
rupting distribution in the 

The dispute, by members of 
the Society of Graphical . and 
Allied Trades over consolidation 
Of supplements into .a pay in- 
crease, has prevented 'distribu- 
tion of minions of copies' of: 
national newspapers and maga-J 
zlnes. Its latest effect was on 
Thursday, when no copies of the 
Daily Express were circulated in 

Cancer has not yet been conquered, so it is more - 
vital than ever for our research to be continued. : - 

Hfihi the iireent. work nf thp. Imnpriai-Tnn»r 


The main laboratories at Lincoln* lantidds • | 

One of the ways you can help lisNOW ■ j 

j I aln sending the sum as a donation to the scientific ^ 

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j. , require a receipt (please delete appropriately). 

* Asyou are sine to know, a donation made by means ofa ... 1 
Covenant allows us to reclaim tax pud 1 thus increasing our 
- -resources at no additional cost to the dooor. We have - - I 

| up-to-date details of how to make a Covenant 

j if you. would like them sem,pJeaae put a tick m this box. p|.,* 
f- MrMtsfflss , . • • . _ | 







The Appeals SecfMaQvRoom 177/13 

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| Lincoln's Ian-Ficlds J^radoii,\VC2A 3W£ ■ 1 

The last hope 6t ^ioMktefltent 
for dism issed strikers 1 Wafl protv 
ably lost some time tso, when 
trade unt on Macktaff of -essen- 
tial supplies to CriarwidM«s mrt 
effective. Even pickets era at 
The gates -agree , there- ie-ltete 
hope of retartfctes&cSL • 

Mr. Vipin MagdaM and Hr. 
Johhny Patel who were- *x the 
gates this week witi oertainly 
remain until May 14, a 
conference ; on - Gruawkk ia 
planned to include tadug tup* 
porters of last summers demon- 
strations such’ as Mr. Arthur Sw 
gill of the National Union of 
Mineworkns, and- -APEX and. 
other union leaders. 

Mr. Grantham . beltevo* in 
retrospect that the Court of 
Inquiry into the-' dispute should 
have, sat long before the two 
aides became so entrenched in 
their respective positions, but 

S Magdani and Mr,. Patel 
eve that A HAS should never, 
have been* brought In, because it 
prolonged the dispute and gayn 
the employ era a chance to delay 
a solution. . 

But they believe It Juts been 
.worthwhile if only because it ha* 
led to attempts by MFs—*ueh as 
Mr. Ted Fletcher and Mr. Iain 
Mikardo, with their respective 
private members* BHI* seeking 
amendments to the Employment 
Protection Ad.— to dose, the 
loopholes in the law which 
destroyed the Grunwick case. 

TTie current Gamers steak- 
houses -dispute in London, where 
workers have been dismissed for 
striking over a union recognitioo 
issue.- is only one of nrobahly 
many other cases In the future 
which they expect' to feel Mo 
reverberations of the Grunwick 


‘bring more 

By-Out Labour Staff 

ACCZDENTS in tbP construction 
industry are a result of raising 
workers 1 bonuses instead of their 
basic wages, according to Mr. 
George Henderson,' national 
secretary of the Transport: and 
General Workers' Union con- 
struction . group. 

His claim followed the predic- 
tion by Mr. J ames ■ Hammer, chief 
inspector, of factories, that 2.000 
building workers might be killed 
and 400,000 seriously injured in 
accidents in the next ten years if 
safety ■ standards were not 

Mr. Henderson said the health 
and safety , executive , report on 
the construction industry read 
Uke ja ; ^science; UQUon horror 
story," but came as no surprise. 

ThOv unkm ..had-— consistently 
claimed “that Increases In 
bonuses Instead of increases in 
the basic wage only lead to in- 
creases in accidents." 

- Agreement had been retched 
on a new working rule On safety 
representatives and committee's 
for the industry, he said. Xu' con- 
junction with the TUC, safety 
courses would start in April in all 
parts of the country. 

He called on employers to 
release union members on fiay to 
attend the courses.- . ** 


' i.' 

- . . 
' M- ; ^ 

I- t 

J- 3 „ 


*—• , 

r - v 


U ' 

• Financial Times Saturday March 25 1978 


|\ oil fiisii: 


( . * * 

*4* t-U- 

*** suffering from of (his there was a substantial 
tne holiday blues for much of increase in private-sector debt 
the four trading days this week, last year. 

While equities registered small re- 
gains on Monday, markings were lpan ? «h*nable * the 

only just over 4,000, the lowest gr0 H p t0 «P®7 temporary bor-. 
total this year. In the gilt mar- 2™“?* Md . *® rontlllue »ts 
Ket the story was more "or less e *? eadlt ure programme 

the same vtith buyera £5 5 ? aMe 

hack' after the recent firm trend! * Edwardes *«** 

There was a little more activity pan for 1116 groap " 
in equities on Tuesday and ° De bright note is that latest 
earlier gains in leaders were reports ot V>K. car sales indi- 
taken a few pence higher with cate that BL may have increased 
the market taking a favourable its market share to above 27 per 
view of the Government’s White cent, in March, hot is is a long 
Paper on the future use of way hack from the 'grave, 
revenues from North Sea oiL 
But there was no sign of any TtvutiYnfirP hy/iIfPr? 
follow-through on Thursday and insurance BrOKers 
little action was seen in either Some of the glitter was. rubbed 
equities or gilts and the end of off the insurance broking sector 
the week closed on a very quiet this week by the. results from 
note ahead of the extended Willis Faber andC. T. Bowring. 

week-end. Willis disappointed on both 

• dividend and trading counts. .... ' .' 

T * Punters had been honing that £ Mme profit tafan * particularly 
Ley land losses its last year o^WdSdfreSom 83 “ or ? mediocr ? results are 

British Leyfcmd, firmly WQlis would have given some- s ° ? ew hivestors may 

F&igsed-yato its Government life thing more than the total 13.6p if , a ? le *? take f m ^ 
support -system, successfully gross dividend declared. : While . . sector at more 

negotiated another <?»sh trans- at tile trading level the group attracUve Pnces. 
fusion this week. At the same was 1101 helped by -the expense 

time it announced another- set ? f moving mto its hew premises BaVTOW provisions 
of dismal figures which on- 111 , Ten Trimt 7 S ? n ? re -i Th ^ t * Wednesday’s • • news from 

2=«S“ «— a=s»M-j s-aSsS.-S 

, • • . to light in one subsidiary could 

. involve the grotip in losses 

- _ _ “very substantially greater " 

LONDON - than the £345,000 already pro- 
vided for, knocked 12p off the 
ONLOOKER shares and they have since 

• failed to rally above 34p. 

Last year's group profits were 
only £3 -2 m., so the Board has 
. ' - rightly deferred consideration 

quarter, pegged the;, pre-tax of the final dividend. Now, 

_ ^ advance to a modest.20. per cent, however, there is a growing 

series of strikes aruToSeTindufr to 9 9 - 6m - feeling that the wording still 

trial -disputes. 1 But C. T. Bowring’s figures leaves the company open to con- 

BL’s new chairman; . Mr. were a Uttle' better than Bering at least a partial divi- 
• Michael Edward es has now an- expectations. Pretax profits <*end pay out 
Bounced a major switch in in- rosc 1 by K 2 1 f «■* t0 fS3m -; 

Mercharrt banks 

.f5'- finance and hanking interests. The blue-blooded merchant 
dwision^ suppor t from lower quality banks have always regarded 
E? “ earnings, together with fears themselves as the elite of the 

Hie profitable Truck and Bus y, at Bowling’s .-.shipping financial establishment but one 
and Special Products sub- interests, which turned in might never have guessed it 
. „ - _ . . operating - losses of - -£2.7m. from their stock market per- 

Tins is part of Mr. Edwardetf excluding two ship sales, will formance. Over, the last five 
new strategy currently being brake earnings, did not help the years the merchant banking see- 
considered by the Government, share price. tor has lagged far behind the 

and which could cost a further The insurance broking sector market^ as a whole. - At the 
£850m. - He has already won has given investors -'a -good run moment the All-share index is 
bro ad app roval for the plans f or their money aince'Sedgwick only a tenth off its all-time high 
to restructure the company’s Forbes declared its results at whereas the merchant bank 
finances which include . an the beginning of the month, sector is over 70 per cent, below 
equity injection of up to £450m. Although Sedgwick’s 40 jier its all-time high and there is 
As part of this BL is to receive cent advance in pretax' profits, little sign that it is on the mend. 

- a short-term loan of £275m. from due to very firm control of its ‘ ■ The recent spate of end-year 
the National Enterprise Board expenses, has proved untypical, results from the accepting 
to help the group over the the FT Actuaries insurance houses underlines their prob- 

. coming months. Last year the brokers index has risen around ten— no outsider can tell how 

- group received loans of £150m. 12 per cent., against a.‘rise of well or badly they did! By all 
;.from the NEB upon which it 6.5 per cent in the All Share accounts 1977 should haVe been 

has been paying interest at an index since the day before a sparkling year. There was 
average rate of between 13 J per Sedgwick declared its results, plenty of takeover actvity and 
cent and 15* per cent On top The sector looks overdue for the stock market hit a new peak. 


. 1977 : 1978 

remains critical. 

Losses last year, after special 
provisions of £48. -9m. — - includ- 
ing £24m. for (the closure of the 
Speke plant — totalled almost 
£52m_ This (makes a total attri- 
butable deficit for the past three 
years of £133m. 

• The car division continues to 
sap strength from the rest of 
the group and last year it turned 
in Jesses of £32m. as car pro- 
duction continued to be hit bv a 

This was- good news for the 
banks’ sizeable investment man- 
agement departments since their 
fee income increased and In ad- 
dition there were plenty of op- 
portunities for panting in .the 
gilt edged market But judging 
by their recent results, only 
Morgan Grenfell seems to have 
had a particularly good -year. 
Since it. is . an . unquoted 
company owned by Morgan 
Guaranty of New York and 
Willis Faber plus a few insti- 
tutions, its profits increase -of 
92 per cent is only of academic 
interest to investors. 

Admittedly, Schroders’ dis- 
closed profits rose by 58 per 
cent but this partly reflected 
a reduction in the losses of its 
overseas property associate, and 
profits on tbe banking side grew 
by only 22 per cent. Tradition- 
ally, tbe accepting bouses do not 
disclose their true profits, and 
say hardly anything about their 
business. This may be sound 
sense from a banking point of 
view but it does not help their 
stock market rating. 


% Change 

Insurance Brokers +11.05 

Breweries +10.18 

Stores ■ + 8.97 

Insurance (Composite) V ’ + 08 

Insurance (Life) _ + 7.17 

Wines and Spirits + 6A8 

All-Share Index 

+ 4.94 

Engineering Contractors + 1.93 

Electricals + 1.75 

Pharmaceutical Products + 1.74 

Household Goods + 1.11 

Mining Finance + 0.28 

Textiles - + OlII 



Price Change on 
Thursday Week 





.. [nd. Out. Index 


+ 33 



Mild Budget , optimism 

Barrow Hep bum 


— 12 - " . 

t 54 


llnquantified subsidiary losses 

'' V Bellway 1 Holdings 


+ 7 • 

- 67 


' Bid speculation continues 

: . Bui lough 

142 . 




Dividend -boosting rights issue 

- Conzinc Riotinto 

168 . 

+ 10 



Diamond exploration hopes 

De Beers DeW. 

343 : 



188 - 

40% surcharge on diamond prices 

Group Lotus 

48 ; 

.+ 8 



Speculative demand 

Heron Motor 


: +12* 



Investment support 

House of Fraser 

143 . 

+10 . 



Consumer spending hopes 

lane (Percy}' 





Demand in a thin market 

*' Molins 

1W / ■ 

+12. ’ 


• 94 - 

Board’s optimism on prospects 

’ }‘> Morrison (Wm.) 

200 / ' 




fac'd, earnings/rapltal proposals 

" ♦ O i \ 1’v * 1 Northern Mining 

30 / 

. +21 


4 • 

Diamond exploration hopes 

- A* 

: t, fc m * ‘ Pressac 

82 i 

+ 7 

. 82. 


Pleasing interim report 


■ 88/ 



35 ; 

Bid from Tongaat 

Sanger (J. E.) 

• 30 




fat Dtv. omission and loss 

Smart ().) 


+ 6 



- Investment recommendation 

Thomson Ois. 

.210 - 




North Sea interest revives 

Turner ; (W. & E.) 

:• 35 

+ 6 



Good annual results 

/ i Yule Otto - 


- S 

87 , 


Advene Press comment - ■ 

week to 

March March March 
23 17 10 


Govt. Secs. 7536 

Fixed interest 78 29 
I ndust. Qrd. 

Gold Min es 148.1 
Dealings mkd. 5,165 

75-80 7535 

_ 78 38 7 732 

462.0 4 S7.9 448A 
15 83 76335 



Capital Gds. 2W52 199.65 19435 

(Durable) 184.62 

182*9 177.89 

Cons. (Nan- 
Durable) . 193.53 

191.74 185.67 

Ind. Group 1 98.9 3 194 72 19138 
500-Share 21 9. 99 216 32 210.97 
Financial Gu. 166J1 16 535 16035 
All-Share 2 043 4 201,75 19 636 
Red. Debs. 61A5 60.98 6054 

?S- L T.:\ 

" kK «- • "ML 


: *1% 

Crystal gazing 

fx \ OOr 



TH ER E ALWAYS seems to be 
an analyst somewhere in Wall 
Street with his finger on an 
historical trend. Some' of their 
findings are so esoteric that they 
suggest that lifetimes are being 
spent delving into dusty, yellow- 
ing archives in an attempt to 
establish, among other things, 
what the market tends lo do at 
pan. on sunny Tuesday after- 
noons in late March. 

'Merrill Analysis Inc. may well 
have been tempting tbe gods 
when Mr. Arthur A. Merrill of 
tbe. same name threw a juicy 
historical itbit' to the Wall 
Street Journal to the effect that 
since. 1897 the industrial aver- 
age has risen in nearly two 
thirds of the sessions preceding 
Good Friday. This, of course, 
was too much for the stock 
market which rarely wants to 
be caught behaving predictably. 
Not only did investors on the 
New York Stock Exchange seem 
tp- endorse Mr. Henry Ford’s 
view of history (“bnnk”) but 
they did so in a most perverse 
way. Thus the session before 
Good Friday closed with the ' 

NEW YORK. March 24. 

Dow Jones Industrial average 
down L04— which was sufficient 
to put the historans in their 

Tbe broader market was, 
therefore, -in slightly better 
shape than tbe Industrial 
Average would have us believe. 
The persistence of this two-tier 
market has been sharply 
apparent during the past. four 
sessions when the Dow Jones 
Industrials fell by 2.2 per cent, 
and. the Composite Average of 
65 stocks by LG per cent. More 
graphically, while the Indus- 
trials were sliding down by a 
total of 1732 the American 
Stock Exchange Index ended 
the trading week at a record 
high of 128.0L As someone 
pointed out this week, the 
market for the stocks of smaller 
capitalised companies is a bull 
one and this may be one of the 
reasons why Merrill Lynch, the 
world's largest broking firm, has 
noticed that in the first two 
and a half months of this year, 
the private investor is substan- 
tially a net buyer of stocks. 

To return to the Wall Street 
analyst, a breed of men whose 




1977 197S 

observations range from the 
acutely perceptive to tbe em- 
barrassingly banal. According to 
a recent study by Nelson Com- 
munications, the average Wall 
Street analyst emerges as a 40 
year old with 11 years scrutiny 
and stock recommendations be- 
hind him. Eight out of ten of 
the 54 analysts who responded 
to this survey were equity in- 
vestors and half of these put 
money into stocks in the indus- 
try in which they specialised- 
On average, the analysts had 
recently suffered a drop in earn- 
ings and were now earning 
SSI. 700 a year compared to a 
peak of $96,700 recorded dur- 

ing the 1972-77 period. Their 
predictions of the year enJ 
close of the industrial average 
ranged from a high of 1.Q85 to 
a low of GUO with the average 
settling at S53. If the average 
opinion proves to be correct, 
their employers may have some 
difficulty maintaining present 
salary levels and future his- 
torians may well mark 197S as 
the year of the emergence of 
the ragged trousered analyst. 





- 5.11 






- 5.28 



- 1.04 


Exchange Closed 

Gold bulls hold breath 

AS A GROUP, gold bulls are 
unquenchable optimists, happy 
to ' shrug away a downward 
movement in the bullion price, 
everlastingly confident that 
sooner or later it will resume 
its_ inevitable climb. 

in . recent months there has 
been a good deal to buttress 
this view. As the dollar has de- 
clined on the foreign exchanges 
so -has the bullion price ad- 
vanced steadily, reaching a high 
point for the last three years on 
March S of $189,625 an ounce. 

At the beginning of the week, 
however, the optimists had rea- 
son to pause. The bullion price, 
it seemed, was locked Into a 
decline as reports came through 
of .possible U.S. gold sales as 
part of a wider economic pack- 
age aimed at stabilising tbe 
dollar. By Tuesday the price 
had, fallen to $177,375. 

The fall was accompanied by 
a slide in tbe Gold Mines Index, 
which last Tuesday reached 
14L03 after five days of decline 
from 168.3. But selling was not 
as -widespread as tbe Index 
might suggest Jobbers were 
aggressively marking prices 
down. . 

The bullion price was- given a 
boost Uy a misleading agency re- 
port <Jn Wednesday, while the 
share market.moved higher in a 
technical reaction against the 
earlier falls. The rally in shares 
was sustained on Thursday and 
the Gold Mines Index was 156.8. 
But the gold price ended the 
day nervously at $179,375 an 
ounce. \ 

The feeling is growing that 
both markets have - seen the 
worst of a difficult patch and 
that the outlook has become 
clearer. If gold is sold 67 the 
U.S. Treasury it is likely to be 
done gradually. Now. indeed, 
the markets have a more realis- 
tic view of what is in store and 
have learned to live with it 
If this is true, then it sug- 
gests that the markets are pre- 
pared to pay more attention to 
underlying factors outside the 
immediate considerations posed 
by currency movements. In this 
respect the markets are at har- 
mony with the views expressed 
by Mr. J. Ogflvie Thompson, the 
chairman of Anglo American 
Gold Investment (Amgold) in 
his annual statement published 
on Wednesday. 

Mr. Thompson oo needed that 
the rise In the gold price was 
more marked; in dollar terms 
than in Deutschemark or Swiss 
franc terms. This is apparent 
from 'the. accompanying graph. 
But he argued that in 1977 

“gold rose in price in both 
strong and weak currencies, and 
that in real terms gold began 
to recover what it had lost in 
the two preceding years.” 

On this basis, market analysis 
“ has focused to a larger extent 
on the supply and demand equa- 
tion rather than on matters such 
as exchange rate uncertainties,” 
Mr. Thompson stated. 

The important point in this 
connection is that the accelerat- 
ing demand for gold, both for 
fabrication ad investment (or 
speculative) purposes, could 
not have been satisfied unless 
there had been additional sup- 



plies from Eastern bloc sources 
and from official sales to sup- 
plement mine production. And 
mine production in 1977 was the 
lowest in South African for 16 

On such a basis, of course, tbe 
prospect of U.S. Treasury sales 
in the near future is not a 
matter of much purport to the 
longer term future ' of market 
prices. The price may pitch 
about a bit. but its generally up- 
ward trend is not in doubt. 

The .degree of movement in 
the price will depend to a large 
extent on the level of specula- 
tive activity, which as a propor- 
tion of total demand is small. 
Only if fabrication demand 
drops off sharply does it-seem 
likely that a decided bear trend 
would emerge. 

Certainly the developing gold 
mines in South Africa are con- 
fident enough of the investment 
dimate over the next few 
months to contemplate calls on 
shareholders for funds. 

Deelkraat in the Consolidated 
Gold Fields group expects tbe 
cost of its new none to be 
R150m. (£90.5m.), having taken 
a new look at the- expenses 
necessary to come to production 
in the light of inflation. So far 
it has raised Rl 00.7m.. and now 
seeks mi additional R50m. The 
terms of the rights offer will be 
announced on. April 21. 

Construction work at Deelk- 
raal has keen running ahead of 
schedule and trial milling of ore 
should start next year wdtb a 

build-up during 19S0 of the mill- 
ing rate from 60,000 to 120.000 
tons a month. 

Elandsrand, the new Anglo 
American mine, has progressed 
even faster and is expected lo 
reach production during 1979 
after investment expenses of 
just under R200m. (£121m.), 
compared with original esti- 
mates in 1975 of R127m. 

In its annual report this 
week, Elandsrand makes it 
clear that further funds will 
be required from shareholders. 
There will be a rights issue in 
the middle of this year, but the 
terms have not yet been speci- 

This high level of capital 
spending has been a charac- 
teristic of South African mines 
in recent years and has often 
been directed at uranium. 
Within the Anglo group, Vaal 
Reefs, for example, is spending 
R47m. of a 1978 capital expen- 
diture budget of R72m. on 
increasing uranium output 

Hartebeestfontein of the 
Anglo-Transvaal Consolidated 
group this week joined the 
expansionist ranks with the 

announcement of a R5m. 
(£3ni.) plan to boost uranium 
plant capacity over, the next 
two years. 

Meanwhile Dc Beers has hecn 
concerned about expansion of 
a different sort — the growth of 
diamond holdings in the cutting 
centres. So at the next London 
sight, or sale, on March 28. 
there will be a price surcharge 
of 40 per cent, over existing 
list prices. 

The lure of diamonds is 
strong enough to provoke high 
exploration expenditure and in 
Western Australia. Conzinc 
Riotinto of Australia, the senior 
partner of a joint venture, has 
announced that a processing 
plant is being established to 
treat samples from the 
Kimberley prospect. 

Some diamonds have already 
been found, but not enough to 
establish whether the quantities 
available are adequate for com- 
mercial exploitation. CRA's 
junior partners in the venture 
are AO (Australia). Tanganyika 
Holdings, Sibcka and Northern 
Mining, whose share price this 
week has more than tripled to 


A J- 





U A 

l v 



«*•. /*■ 



/ V-/ 



January H73 




25 ? 


10 Q 


; f. ^ 

\'t R ■■■' *“ 'Lr- >S- 


Ida state 

-SHORT Clip' doing -the conga, 
•round the pillars of the facade 
’the Paris Bourse could hardly, 
•have cMebUaled the defeat of 
• the Left with greater exhu- 
berance. In tbe week between 
ithe - two .rounds y of . voting 
.French shares gained an average 
‘of 22.^- per cent and in the. 
^account just ending they put 
.on 25 per cent 
" The first explosion came the 
^day after ' the first • round. 
•Activity, un the cash and for- 
-ward market at Frs.726m., was 
:the highest in a normal trading 
Iday this decade. More than 50 
isbares were in such demand 
;that they had to be withdrawn 
because buyers and sellers 
.■could not be matched. Stock 
Exchange authorities had to do 
a desperate whip-round of insti- 
tutional Investors to-, persuade 
them to put shares on to the 

market- — . 

; In that Monday’s, session 
French shares moved up' by 
9 per cent Saint-Gobain, , for 
example v put -on 10 . per cent.. 
and PUK gained.. 6 pier cent--- 
•the 280,000'- shares which 
.changed hands represented 2 
'per cent, of its total ca^taL 1 
’ The sycr was MATRA. At its 
How; point last year one of the 
fetf: MATRA shares' could be 
hat for-FrsJ05. It went into 

the - 'election at just over 
FklIvOoQ. It was under such 
-pressure on Monday that it could 
not be quoted at all. It made .up 
for lost time on Tuesday, by put- 
ting on cent in a single 

The following day the Bourse- 
t rimme d back some of the most 
extravagant gains, but it was 
only- a prelude to -another burst 
of buying. The following days 
saw rises- on French shares of 



threatened by the Left’s 
nationalisation plans. It shows 
their rise on the morrow of the 
elections - compared with the 
lowest point of their fortunes 
In 3977 and compared with their 
price- on February 6 this year, 
which was their lowest level in 
1978: In fact, since February 
tiie Bourse has climbed slowly 
as confidence in a Government 
victory grew and sonic institu- 
.tionai investors decided to buy 
shares at their bargain-basement 
prices despite the political risk. 
~ - The nationalisation candidates 
were not the only stars. Between 
the last pre-election day . of 
trading and the first post-elec- 
tion session MATRA . jumped 
-from; 1,070 to 1,700 (all values 
in francs), Guyexme Gascogne 

from 143 to 218, C reus ot-Lo ire 
from 53.80 to 88.90, Carrefonr 
from 1.320 to 1,580, Skis Rossig- 
nol from 1345 to 1,770- 

In the account now ending 
Creusot-Loire gained 56 per 
cent, Guyenne Gascogne 53 per 
cent., Schneider 52 per cent, 
Sacilor 55 per cent. UTA 51 
per cent, and La Henin 49 per 

In May 1977 the CAC index 
reached its all-time low of 50.4. 
It is now pushing 65. 

There is still room to go. At 
their present level French 
shares on average have simply 
climbed back to the level they 
were' at when M. Raymond 
Barre became Prime Minister 
in September, 1976. The coun- 
try’s economic prospects are 
certainly brighter now than 
they were then, and the' depress 
sive imminence of elections has 
been removed The CAC peak 
was 1075 in 1973. - 

3.5-per-cent, and -1 per cent. m 
I t launched itself again the. 

Monday after- -the conclusive . — " 

second round of voting with a - ■ • 

5.5 per cent, increase in French pHces at 

shares— relatively modest be- Paribas.^ 
cause -some ..institutional in^Suez 
vestors .-were collecting the CCF - 
profits of the previous week’s CGE . . 
activities. Foreign moneys- 
particularly British— flowed, into 
the Bourse with , tbe elections 
definitively decided. ■■ • pu^ 

: • The V table : shows '■ what haP:, RquucI-uclaf 
pened to- some nf the shares 

The Price of Freedom — The Natio na lisa ti on Candidates .. 

March 20 

• lV '. 

March 17 
comp, with 

comp, witl 

March 17 

March 10 77 low 

Feb. 6 78 



• 148 

+ 71.62 

+ 41.34 


265 ’ 


+ 55.09 

+ 38.14 




+ 58.10 ■ 

+ 34.14 




+ >1^0 

+ 41.87 



. 14250 

+ 63.07 

+ 60.10 




•- : -+ 53J3 

+ 31.68 

' 69 

- 64.50 


+ 42J6 

■ + 3A28 


. . .147" . 


+ 5550 

+ 4073 


_ 86.10 


+ fJ8J9 

+ 4415 




- + 89 

+ 5105 

Not. wisely but too well 

IT IS difficult to pick the bull 
shares from the bear ones on 
the Tokyo Stock Exchange 
(TSE) these days. The Yen’s 
rapid appreciation in March to 
a postwar high of Y230'to the 
Dollar should. have cut deeply 
into the share prices of export- 
oriented stocks: in fact, 
damage has been scant to- lead- 
ing exporters like Matsushita 
(makers of National and Pana- 
sonic brand goods) and even 
Sony, whose profits were 
halved in the last term had a 
share price on Thursday the 
same as its December average. 

By contrast,- the construction 
and housing companies which 
were supposed to benefit from 
a big rise in government spend- 
ing this year have hardly moved 
(and in the -case of Eidai. a 
plywood and prefab housing 
company, instead went bust). 

Market optimists are saying 
that at 1 5.267 (Thursday’s 
closing) the Nikkel-Dow Jones 
Average for 225 key stocks, is 
nearing -the all-time high of. 
Y5.359-7 set in January. 1973. 
More nragmatie dealers, how- 
ever, insist that the all-time 
barrier has pot been breached 
despite, a host of favourable 
factors: and, therefore, may be 
out of reach for the remainder 
of 1978.. They base their 

pessimism largely on the ex- 
perience of 1977 when the 
market fell for most of the 
latter half. 

Surprisingly. the factors 
which pessimists and optimists 
say have been “ favourable ” to 
the market recently are the 
same two: First, the Bank of 
Japan has cut its official dis- 
count rate from 455 per cent, 
to 3.5 per cent. This has a dual 
effect on the stock market On 
the one hand, yields on bonds 



and debentures will decline 
along with the rate cut,, thus 
taking some of the edge off the 
Tokyo bond market and throw- 
ing some of that business back 
to the TSE. The new interest 
rate structure, moreover, re- 
duces the interest rate burden 
in Japanese industry and accordr 
ug to one estimate, it will let 
companies on the first section 
of the TSE have about $475m. in 
Interest costs. This would lead 
in turn to an improvement in 
corporate accounts for the 

coming business semester start- 
ing in April. 

Second, liquidity is high. 
Despite a slowdown in the 
growth of money supply and 
increased Government spend- 
ing. business investment has not 
picked up noticeably. There 
are various indications that the 
oversupply of cash has pushed 
share prices to their present 
level regardless of business per- 
formance in recent months and 
the profit outlook for the rest of 
1978. Trading volume climbed 
to nearly 400m. shares a day in 
mid-March, or practically twice 
the level of a year ago. 

The investment trusts, flush 
with funds, invested $145m. 
more is the stock market than 
they sold during the first ten 
days of March— a historical high. 
And the balance of “margin” 
transactions on the three main 
Japanese exchanges grew to an 
all-time record" of just over Yen 
one trillion (about SASbn.) as of 
March 7< — forcing the authorities 
to boost the obligatory non- 
credit portion in margin trans- 
actions from 30 per cent to 40 
per cent. ... .. 

In short, the Tokyo market is 
living on borrowed money and, 
the pessimists reckon, borrowed 
time. At some point, they say. 
the long-slalietl recovery in 

domestic investment will hap- 
pen: when It does, companies 
will have an alternative market 
for their spare cash. Indeed, 
even the cut in the official dis- 
count rate can cut both ways — 
that is, boosting the attractive- 
ness of stocks versus bonds and 
at the same time providing 
easier cash as a stimulus to 
investment. If the latter effect 
takes hold, the impact on the 
stock market could quickly turn 

Indeed, there is ample evid- 
ence that the speculative base of 
activity on the TSE is at present 
disproportionately laTge. One 
indication is the high average 
p rice/ earnings ratio (even for 
Japan) with share prices reck- 
oned to be roughly 22 times 
estimated earnings for the 
March term. Naturally, in Japan 
high p/e ratios are a fact of life 
for highly-geared companies, hut 
the present level does reflect 
overpricing across much of the 
TSE board. 

Interest in big-name shares 
has also risen because of fears 
of new bankruptcies among 
listed companies. The collapse 
of Eidai (which also had listings 
on foreign exchanges) seems lo 
have shook many investors out 
of their conviction that listed 
companies must by definition be 
solvent (a conviction reinforced 
in 1977 when no listed company 
went bust despite a record high 
number of bankruptcies). 


i^andal/Tiies Safari? Marcjf 


Landlord of a tenant 


No legal responsibility con be 
accepted by the Flpmdat . times 
for the eniwurj given -Jo. these 
columns. All tmtvMas will be 
answered hr pmst as soon 

With reference to your reply 
under landlord of a tenant 
(February 4) I am in the 
same position as your 
correspondent and wish to 
ensure a property I lot can be 
recovered for my son. Of what 
significance is the fact that the 
over-riding lease should be 15 ■ 
months longer than the sub- 
lease? Am 1 right in believing 
that my son could not obtain 
possession of the property until 
at least five years after his 
interest had been created? 



However you can apply for the them by April 5, they will give settlement’s, solicitors - as 
redemption of the rent charge you a little extra time in which determining the . crufts, 
paid by you (that Is its extinc- to prepare and submit yow cannot advise, fully without full 
tion in return for the payment formal claim for 1971-72, by con- copies of all the relevant trust 
of a lump sum) under the Rent cession; ' strictly' spea&agi the instruments and wfll*,; if there 
charges Act 1977 (replacing Sec- formal claim should be in their Is no one who : is.' or might 
tion 101 of the Law of Property hands by April 5. . become entitled under- any -of 

Act 1925). Application should be Your bank would probably be the provisions -of the trusts as 
made to the Department of the prepared to assist you in the now constituted other than 
Environment for a redemption preparation of your -claims, for yourself and your daughter, you 
certificate. The people who pay a fee, but the cheapest solution may between you determine the 
apportioned rents to you can, is to ask them to send all the trust nut of court. Otherwise 
if they wish, also make similar vouchers to you: the claims are (if. for- example, * - your 
applications: but they are not fairly -straightforward. The daughter’s children- ta£e* or 

bound to do so. 

The 15-month period is designed . . . _ . 

to exceed the 14 months which. C/fllffl TOT tttX ■ 
by Section 44 of the Landlord + • 

and Tenant Act 1954. would gianiiftpa 
make a superior landlord the ... 

competent landlord. You are I am a British national, living 
correct as to possession for the in India since 1968. My total 
landlord’s own occuption being (world) income is not much 
restricted to a landlord whose over £1*000, of which 
Interest was acquired five years £500 comes from Investments In 
or more previously— Section 30 the U.K. The tax reclaim 

vouchers for 1970*71 and earlier might take vested interests) 
years are probably worthless you must make m application 
now (because the time limit for to the Court under, the Yaria- 
such claims is 'six years) and tion of Trusts Act 1958. 
so you could save postage by 
tailing the bank not to bother to 
send you vouchers- dated 'before 
April 6, 1971. 

(2) of that Art. 

Redeeming a 
rent charge 

vouchers with regard to the 
latter are with my bank in 
England. Can I reclaim the tax 
deducted? If so, should I; 
ask the bank to send me the 
vouchers, or what? 

Winding up a 

The new pension 

I own a terraced house in 
respect of which Z pay an 

As regards the new State 
pension scheme, what is the " 
legal position of a company that 
makes participation in their 
scheme compulsory and then * ' 
becomes Insolvent? What 
happens to a worker who has 
severe! jobsmad therefore loses 
the benefit of continuity, if be 

My father made a marriage 
settlement in 1911, trustees 
to pay his widow £400 a year. 

He died In 1931 and in his will 
he left the' remaining capital 

In order to establish ypur right £ *»* f0T *W *%££?*"*' * f *«***> many 
to income tax relief for 1971-72 tn « me t0 ** divided ^ schemes in some firms and left 
overriding yearly ground rent #*».- year ended Aoril 3 19721 e< l uaU y between Ws two ’ to join the State scheme In 
of £20 and then collect eight iJJJ, s b 0 uld write at once to the’ daughters. On becoming 21 others? 

apportioned rents adding op to Revenue Foreign Claims thc daugnters agreed to tie up pension fund assets -must be 

the same amount. Is It correct Bnae h < Magdalen- House, marriage .settlement . held - separately from company 
that I can apply to some Stanley Precinct- Bootle, “Ptt** M* trust for any children assets in a trust fund;- If the 

Government department, to Mersevside. Great Britain we might have. The younger employer’s business fails this 

have the eight individual ^69 ges. -iving your full name daughter died' without issue 

ground rents collected by the and place “of birth, and saying four *£? with the 
head lessor, thus relieving me ^ you t o daim repay- death ™«ther the only 

of the burden of paying and ment under section 27 of the beneficiaries remaining are 

then collecting? Taxes Act for 1971-72 and sub- eaystii wd my married . 

You cannot quite achieve what sequent years. . daughter. Over the years, . - 

you suggest by direct means- Provided your letter reaches heavy charges have had to be ties, during the periods when he 

paid to my late father's is contracted-out of the Castle 
London solicitors and my scheme he must be getting 
daughter and I would like to better benefits under a company 
get out of this situation and if plan. Overall, therefore he 
possible to wind up the trusts, should be better off than had he 
In your reply under tax relief, to tax under case III of schedule Can this be done? spent all his working life in thc 

a house (Feb! 11) you wrote D and (b) interest payable in You should consult your, or the Castle scheme, 

that special caution was needed the UJv, or the Irish Republic 

separate trust ensures that the 
employees 1 ' retirement savings 
are secure. .. 

An employee could be in and 
out of the State scheme in the 
situation you describe: 'In prac- 

Loan from non-resident 

TEN DAYS AGO, after five culpability has to be taken into £«m. Tyear. using 1977 pounds ^ risk 

years spent in deliberation on account -Subject to this, the as ttd yardstick- e COI Jiuntty. rather "tttntltt 

• -« j *■*-- actual measure of damage jg r jome S reduction* 1 ?, * SoSor « of the jjr «£*«£ 

ESS * u«i -hr. * “7^ ° f SLSS premium* But UMU j jfcffLffEJgg 

Pearson, published its -report complex jegai rules developed jprpaf^aa^ of motorists, buy wclghiOc. a ^ _ 

on Civil Liability and Compea- by Parliament and the. courts. ** comprehensive "cover and the tttthj* pawn* 

ration for Personal Injury. Part contrary to much speculation PJYPJMd changes Impinge only jJKjii tM*.srW>n* 

s ssrrss aw fz • fsss ss s Siss 

s.“3ss;W2 ixssss ~*£ asjr.'saswi^w; 

payable in respect of death or 0 f- fault liability ' for motor lejg. - ^han 7* per cent, of little M ono pw uy_ 
personal injury (including ante accidents, and it follows -that intejQera’ total claims payout. -If w^Idbcruquiru^m 
■»»> suffered by. «s evenit the Commlssionsmolor- iMiS.mflation continues Jornn 

person through the use of a faster than this, as it has done cient cw n P t ^ ,a * ian 


Expressing a purely per- 
sonal view, I shall be surprised 
if even 50 per cent, of the Royal 
Commission's recommendations 
are enacted and operative by 
the end of "1980. In the House 
of Commons : on. March 16 the 
Prime Minister .gave “sympa- 
thetic consideration M to the 



atocfelthe late 60s. the Pearson Whatever mrtorista,ia«J» tin** 
legal package at best would oniy of this, the acceptance 
moderate or defer the net up- proposal would : involve-* 
ward rating revisions due after giderable departure 
HaSntroduction. - ' Treasury from .the lORK n 

apart, private lished principle of taxsima> 

SSSi cjssz 

^Commission proposes trans- Uoular part 6f any m 


suggestion that before the sum- ing recommendations are event- Df compensating road lar government .cxpcnfim^ 

mer recess. ' the Government uajjy implemented one hundred aDtttdent victims from thc Leaving aside the S* 

shouM say what Its priorities e ^ we sbaU all- have to jrMfe-and liability' sector to a what * called WggSgL. 
would be concerning the mutti- * 0Dtlnue t0 buy compulsory public no fault fund of revenue, _ at peppy pT,. 

rude of recommendations in the 

Commission’s report, but em- 
phasised that proper Govern- 

molor insurance cover. 

due consultation might 3 w aMorasMart awr hnvltf. .Rf. 

STSl^a the our ~ legal rul^reTating oV °S 'feg 

take .a 
coming .three- months. 

According' to‘ our present law . ^ _ t important in injury benefit to ™ themu 

the motorist is obUged to insure th a motbrins context is recoin- rictims of accidents at work. This double. , 

arising out of 'the iise : of Ws S ou j(j be recoverable for ** non* t 1 * ■ widening of the present and no .-fauh.- couWwnjWRJA ® 
car on the road: this third party wAtninfarv loss" suffered during industrial . injury compensation best summed - up WjJie LOUH 
liability is unlimited In financial fipst fflonths after, tht .nilM 

the two systems ■ of torT 

provide hi«OTr and mhssiun's.. own.. -Words:. ,'^Our„ 

amount and is primarily for 
protection of the motorist’ 

niad accident victim. - But it fQJ . and guffei-jog K distinct 

does not follow from the f m damases for Inss of earn- dents as well. . . . .. ... .. I1A 

third f™* reSmburaemenrS meS - -While this no fault. compen- soti 
party liability insurance that e^gnses and so on.) If the ration would come from Govern^ ade by f de 
the injured victim must get ^SeveOage of legal reform Tttenl funds, and be payable to. ****** .tj™ ; >Sf v 
2? e wpensation: his rl^t to u a dcptctU»-s the Gommission, victims irrespective of blame or cantly altered Sortei racwuy 
redress depends on his ability the annua ] injury pay out ye- -responsibility; by any of the should be ' „ sa _ 

to prove that the motonst has to be made by motor parties, the Commtssfon con- principal means 

been legally. at fault and there- insurers, will be reduced- by -sidera that those who cause the lion." ’ : ; ■ ' J 

after his damages may be . 1 lf 

reduced because his own ! 

on an advance from (i) a bank 
carrying on business in the ILK. 
or the Irish Republic, or (ii) a 
person* carrying- on -business as 
a member of- The Stock Ex- 
change in the UJC. or the Irish 
Republic, or (iii) a person 



Lf money was borrowed from 
a non-resident, since the 
borrower would not be able 
to apply thc interest against 
income for tax purposes. 

Could you enlarge on this? 

„„„„ ie Republic, or (tii) a person 3 B-N5, P-QR3; 4 B-R4, P-Q3; computer which produced the 

By coincidence, your nquiry is on Qj e business of a TWO EVENTS staged in the Citv 5 WL B-N5; 6 P-KR3. B-R4; 7 best game or the matrti. 

substantially answered m Mr house in the U.K or of London^ tart moSth proridS BxN ch, PxB; S B33. Q-B3 Hess Whiter -Nigel Short. Black: 

David Uammans article of.^ Repyjjji^ y ou w m a pointer to the^shape of interr ristar is B-K2); 9 W^4, B-N3: 10 Chess 4.6. Opening: . Modern 
March 11. “A question, of „ M +v,o~,#r,r^. th„ national ohpss in vaarc'to enm* P-Q4. BxP; 11 QN-Q2r (the same Be non!. 

games of Which this was among beaten grandmasters Stean and 
the best . Hubher in 5-minute games, and 

White: Nigel Short. Black: it won the Minnesota -Open 
■' B. SrDrew f Lloyds Bank). Open- against humans. The result was 
“-'ing: Ruy Lopes. “ - ' - — -Short- -4^-3 j;- but the 

1 P.K4, P-K4; 2 N-KB3, N-QB3; Play was uneven and it was the 


scher X-KB3; 2 P-QB4, P-B4; 

section 75 of the Finance Act. ssa^ces. except where the lender Rank City Trophy match. 

1972 (as amended by the Acts is a bank, 
of 1974 and 1976) is limited to count 
(a) annual interest chargeable Republic. 

igame was adjudged the best 'of- QxF ch). 

0 muffeur ffrive Service 



askforVictor'Britak ^ 

Victor Britain is thechauffeur drive service 
of Avis Rent a Car. 

the match. The event was limited l»S through, for if QxP: 21 Q-R5, 

L-KRL..Q-N51: St 
nto a deep trap— 

to" players with British Chess R-Bl; 22 P-N3 traps the queen). 22 B-N6I would refute' Black's 


Edited hr Denys Sutton 

The world’s leading 
magazine of 
Arts and Antiques 

Published Monthly price £J.M. Annual Subscription 425-00 ( Inland). - 
Overseas Subscription £28.00. USA A Canada Air usiszej 556, 
Apollo Magazine, Bricken House, 10, Cinpon Scree;, London 
SC«I> 4BY. Tel:' 01 >248 BQD0. 

Federation erades under 160? and B PS- 21 BxP. BsN; 32 XxB, NxP;‘ combination), NxR; 23 RxN, 
the average was around 140— 23 RxN ch! QxR; 2* R-Ql, K-K3; NxB: 24 PxN. (H)5: (now If 25 
the standard of a quite good club 25 RxQ, PxRj 26 Q-R6 eh, -K-B4 -QxQ, PxQ-threatens both R-KS ch 
player. (Black could resign, but con- .and PxN, white Black imme- 

The impressive feature was tinuea tUl mate);- .37 Q-B6 ch. diately threatens QxQ or QxR); 
Nigel Short's accuracy. In K-K5: 2S .Q-K3 29 ,»5 ft'Nl, QxBl-26. Resigns. 

contrast to Resbevsky and Capa- ch. ■ K-K5; 30 Q-KS ch, K-B4; SI Nigel Shorts results at age 12 
■biases, the only players in chess Q-K5-mate. Pre ahead . of any other British 

history with comparable achieve- The next day. atso -sponsored player of -this age, but if is Indi- 
ments at age 12, he is not by Uoyds Bank, Nigel 'ShorTcative of -world standards that 
particularly quick as a simuitane^- played a 10-game series by trane- both the U.S. and the Soviet 
Bus giver— the match took four atiahtic telephone against Chess Union have a schoolboy with 
hours and 20 minutes— but his 4.6, the world champion computer similar achievements., 
play wa* free from blunders, and programme on Control Data’s' America’s is Joel- Benjamin, 
he woo several good attacking Cyber 176. ' Chess 4.6 has already who beat a grandmaster in the 

-recent New York international; 

~ _ _ _ _ while "Russia’s Gam Kasparov 'a 

reopened with one spade 13-year-old pupil of ex-world 


e. p. C COTTW 

instead; of a double, and the champion Botvtnhik, has just won 
Souths who bid one no trump:'* tournament ahead of a grand' 
were overcalled by West with master, and three IMS. Kasparov’s 
two dubs. : grade for. .this event . was over 

■ This Cun is ntaved in manT 250 °h the International 

Jd'* 81 *]' equal .tp a place in the 

- — , parts or tiie Awuad ra :aJd o£ . world “top 20 grandmasters; this 

tttf rwAMTY CUP consisting ^ ^ various onaribes — remember ia the best by a junior since 

Sleeted ^ Ks **** - aext year - S®SB«te_¥ - Pi W k won the U.S. m en's title 
as it does of seiepted nanas t hQat in Ioatilty r - — 7 “at ygg;. s ng57TTind" he is 

from the past, nas a_ vague wa5 ujejpjia, plainly being .groomed by the 

' • . ' .USSR as. Karppv*s eventual suo 


IT SHOULD not- be difficult to man who took off from' HeaUl- in ^ mimher 
count the days one has spent row at 7 a.m. each Monday and a ^d nor may the^t 1 1 
abroad in order to see whether, relumed at 9 p.m>.0P_FrJ4v.fpr of da^ tatk litre 
one is entitled to one of the s' -months would apparently get ^ ^ 

tax reliefs for ‘’exporting/’ and- 25 per cent, relief on 104/365 quaU Wng penod. ^ 

what proportion of earnings may of ' his annual salary. - whereas. Th rui™ reaiU 

be-esemptetf; ^r«nttw te' TiiosrempJoyer^i-a^ 

toSttta? 1,kB 30 ^ ^ » Abroad. U 

There are -two mum reliefs ^ rav^a^Ttt bctween'his So period alnnj.d. 

-tiiat for. 39 days which gives jg Rown thaframe lariter and lf additionally thc day^ horn 
25 per cent, tax exemption, are less than one sixth of the 

and that for the long absenceT^O/’ri^ ” n th b p e JSSxe^Sr'rtie trtal^^^Jhartdt.ii nuniiMrr of 
which’ Provides total freednm^.^^re ^ ® da$ from first Yeavin- to 

from tax on -eammgs, . returning-is regarded as.nsms^ 

absences do not need to falj-them period aH of it counting towards 

within a single fiscal year, but Oie 365.tiays abroad at whrii $e 

IHmA*? 8 . d .n ^ w af JSL JSiefe Aitnins- .Similarly, heVonks 

Revenue ouote this verbatim 7**"*** T»n. the *KT*f. KK 

e end of it ^ ^ to Shidi Ihw admi it has aggregate number of days m all 

For the purpose, of the 30-day SJ*®*" 1 ® 1 of his- return visits, .was more . 

,,ftF TOr,,,iro - reievaace - thao 0 n e sjxth . Until and nnicss 

an affirmative answetuuwpne. nr 

relief, there are further require- 
ments. The individual needs 
not oqly tft he^ outside the U.K.. . 
at_ one -minute to midnight. but. 
he must also have devoted him- 
self substantially during the day 
concerned to the work for which 
he had been sent overseas. As 
an alternative, days on which 
he travelled in 
devotions can also 

v m ™ ;; : other question breaks thc. chain; 
TAaAHv W — - “he caR.-go- ^ i n aiidiajj.^poriods 


* abroad and intervening days in 
the U.K..towards histargni. . 

. The earnings figure on which 
100 per. cent; relief from tax is 
available would normally be a 

V aviuittiiic iryuiu uuimau^ ml ca 

OTi foe • these for the lonftr period abroa| proportion of annual sotery fiiit 
so be counted which giver total tax relief, the\ the years iutb which the 365-diut 

fllnHnns that wuintinn nf .ilavc ctartc fmm tWa j ,.it If rr .1 

has a 

resemblance to a Par Contest, mbly funny: 
and for that reason I enjoy v 

playing in it. I found the 
following hand particularly 

’ ' • ‘ . N. 

♦ 10 9 

O J10 63 

• Q 84 

O K J 10 

* AJ10986 


• KJ7 
O A96 

4 10 8 76- 

♦ 103" 

■ E. 

4 A 8 632 
4— . 


4 A 94 3 
o J5 . 


. . TBe ambition "of all these 
young players Is to become a 
..credible challenger to Karpov in 
..^-10 years’ time. .. Credibility in 
.interpatiohal chess comes , above 
all from results ‘In major “touroa- 
. meets. So it will -be interesting 
. to see how Nigel Short and other 
A n7R .«4 talented British juniors perform 
A-t’rwd- -h* -the Aarboain.- Masters now in 
d ry-v”; • ; progress, at the Imperial Hotel. 
8 Ks. POSITION No. 208 

. E. 




* K 52 

10 87 63 ... 

O - v ; , 

. 4 k 9-6 *. 

I -dealt in the South seat at 
game -to ’ North-South. .Many' 
would, open with three heiits— 
this is what happened wheh the 
At game all South dealt and hand first occurred is as Inter- 
opened' the bidding with one national match some years ago 
club, which I in the West seat “but I dislike pre-empting' wtth 
passed, When ' North- also hearts when Oy spades are' as 
passed, I wondered how my good as- King- and- -two small, 
partner would reopen. To my So, despite my meagre jpoint: 
great delight he made a take- count. I decided, to bi«f Ohe 

out double, and this was £ol- heart • • West ' doubledj ■ my 

lowed by three passes. partner, passed. East said.' two * 

An immediate trump attack diamonds, and my rebid of two 
Seemed. best but I thought that hearts closed the auction,..; (Norway). 1978. White (to move) 
the heart King, giving me 'a ' The ‘ lead of the dlamcmd- sacrificed a pawn for this fine 

look at dummy, would dp no Knave allowed me to- (Rsgard attacking position, and now 

harm. two dubs on the Ace and'Kins, forced, home his advantage with 

When -this held, the three I continued with- the 1 tenj; East * surprise coup. .What’ was .it?, 
trumps in dummy showed that covered, I ruffed with the^heart *• PROBLEM Noi-aw 
a trump switch was certainly eight and West pounced on h'\ - BUGK-(8mei) 

right so I played Ace and then with tha nine. 



n m 




f-" ■ r 

H k 


n ^ 1 




















0 ^ 







It Lau v. 'D. 'Laims. Skien 

Now uncertain 

Knave. The declarer returned about his best- continuation, he p_, 
the spade seven, I took - my cashed his trump Ace, felling g£&*| 
Queen, and led- the dub ten. his pawner’s King, and East’s 
South won, and led the Knave pftined expression was .most 
of spades which wez?t-t* -the amasina - 

Are. - . ; More was to fplTow. ; ,- WeVt' .' 

My partner cashed Ace- and then led the tuw of trumps, and -. 
Queen of hearts, enabling me as I still had the three jealously 
to discard a spade and the preserved, dummy’s four won, 
diamond Knave. Now the wo giving me access to the 'laWe 
of diamonds from East was to enjoy the two good diamonds 
taken by South's Ace, and at and gather In nine tricks, which, 
this point I was able .to claim ;I . need hardly , say, was * eom- 
the balance of the tricka»-t>m : pfete top. ... .. 

penalty of 1.100 points gave us . Careful play . by ■ East -in 
a top on the board. 

- Other 'Souths Who 

'WHITE (7 raw) 

,, -. . •; White-' rioter in- two inoves, 

diamonds can restie up h 1 ®® against any. defence (by N. Petrol 
opened tricks., and a tight defense can vie and S. stamhuft, -Deutsehe 
with one club were let off the hold me to aeyen 'tricks’ in .tiw SchachBcituOg. ibtb)' 
hook, because the East player heart contract-. ' ■ ' ’ Selutiow Rage 12 

— but it will be obvious that counting of days starts from tiie -peri'Qd fell. However, if there' 
travelling homewards does not familiar absence at one minute are' duties performed in the 
count if home is reached before to mid-night, but then proceeds U.K. in that period as Well rttf 
midnight. Thirdly,- non-working m a radically different direction, outside it. the salary attributed' 
days spent abroad can be That Usance enables the day to to foreign duties Is* dotenuimni' 
counted into the total if- they count,, without any further having regard to Hid hafure 4 t“ 
are part nf a continuous period requirements about its having those -duties, thb timic:dkvaw4 
of a week or -longer spent been ^pent at work" or in travel: to themi-artd all other, reievaw* 
abroad, that period having been Full exemption Is given .where dreumstainces— a phras;^ whiefr 
substantially spent working, the individual has a. qualifying has a familiar ring :about =«b 
Because it is possible to count period of .305. ..days, or more, being the same wards: used fossa: 
in week-ends and statutory which. Is subtly different from second purpose.' 

holidays, the Revenue’s view « 365 qualifying days- • Finally, . repealed - iegisiatioa 

that the proportion of earnings Days of absence count directly seems in some people’s minBa 
available For 25 per cent exemp- into ‘ that .qualifjring period, neither to die nor to fade away- 
tion is the number of- days What is more, the days spent but :in order to qualify far, 
abroad divided by 865: The back in . the UJS1 between two eitherof.the two forms of retiat 
statute recoanires. however, that stintis/abraad cap al.ra be counted examined above it is no tondeH 
there may be cases in which this in, provided that they fall within necessary '16 have a separi£ 
Fraction operates unfairly. A two limitations: no period back foreign, contract of 'cmploym 


Hl€ 3 HliriELD 

jc«r\-"»7 paid 



* Tho earn of the fund is to provide a high 
and ineroasing fncomo, . which is pmd 
quarterly. Fund ! now exceeds El2mnliop. 

* Units purchased by 30th April i978 
qualify for 1 5th June payment 

* Currant Portfolio 42% ■ frefererice' 
Shares, 29% Equiti^, 29%- Investment 
Trust Income Shares. The price of ttie unite 
and the income from them can ooxfownfes 
well as- up. Units should be regarded as a 

medium to long term Investment 


•• UNTIL FRI APRIL 7 1978 :’'T; -i'. 

(OR DAItV PRICE IF LOWER)- ••• ■v ' ■ 

Income Unft§ 52.3p 
Accumulation Units 72.1 p. 

A wider range (rustee security 
authorised by tha Department of 
Trhtfe. A 5% hnftiad charge is 
Induded in the prtce.-An annual fee 
ot %% plus VAT fcs- deducted from 
gross income.' Commission iq 
agents. Trustee Clydesdale Bank 
Ltd. (Member of Midland Bank 
Group!. Managers: Lawson 
Securities Ltd., 63 George StreeL 
Edhiburgh EH2 2J6. Tel. 031-226 
391). Registered in Edinburgh 
55135. Duong an after imits .may 
be -boygm or sold: daflyu^oth er . 
wise weekly, on. Fddays. SeUte- 
ment fpr units sold fofiows within a 
few days. 



, . ...... Rs , to*i«»n«nq*aBi W gp WP i_'. > o 

M ■bs^imwsh *«re 

5 igaaiure. ... ^ 

; [Mt 



•i : 


■c-x *' 

•<J ;: 


l Wr: 

Sr. •, •- 

s«~ ”• 


•*» .w: r;-* ■ 


rli-^i *1 - 

ji i ;i ; 


■>.- ...... 





■ IT 

‘a 1 ; n .. 


f;_.. ." 



’ i 

J . . 


.. • 

.: *• 

* ■ \ . - • , 



tv exp',. 

* If •; 

T \T * 


- financial Times S atnrfey March 25 1978 



Charges freeze 

THE SUMMIT of the Matter- 
horn cannot compete, for frosti- 
ness. with the atmosphere now 
prevailing between the Unit 
Trust Association and the 
Department of Trade. The 
former reacted in strong terms, 
earlier this week to the latter’s 
rejection of its pleas for higher 
management char ges; and in- 
deed,- after IS months erf t oing 
and froing it's hardly surprising 
that the D of T*s brush-off came 
as 'something of a body blow. 

It is, however, a fact that If 
management charges have not 
risen with inflation, it is largely 
because the value of the funds 
under maagement has not done 
so, either. 

Many of the management 
groups are, of course, spending 
hand over fist on advertising, 
and hand over fist, too, on com- 
missions to the agents who 
bring them in new sales: and 
that is a consideration that may 
not have been far from mind 
in the D of T when the Associa- 
tion's plea for aiv increase in 
the annual management' charge 
to -a m aximum of } per cent 
was rejected out of band. This 
becomes, however, a circular 
argument: for many unit trust 
management companies — parti- 
cularly those without a large 

parent, like a clearing bank, to 
see them throug h w ould argue 
that they could not survive with- 
out the benefit of the front-end 

As it is, investors may receive 
widely varying levels of service 
from differng ' management 
groups, though their charges are 
standardised. For the manage- 
ment groups themselves, there 
is no incentive in the charges to 
serve investors wel-L It‘s true 
that the size of a fund may grow 
as a consequence of their ex- 
cellence — but it may grow, too, 
as a result of a rising market, 
extensive advertising, or heavy 
payments of commission. Stan- 
dardising the level of the 
charges probably reduces the 
level of service to . which in- 
vestors can look— not only 
because of. the possibility that 
the minimum investment may 
be raised to cut out unprofitable 
smaller rrvestors, but also 
because as things stand now, 
some potential fund managers 
will not come into this business. 
Surely it would .be .better to 
commit the job of ehpelring the 
greed of fund managers, not to 
regulation, but to the compe- 
tition — which is what happens 
with the life-assurance linked 
business which bay become one 
of the mainstays of this industry. 

Drummond developments 

financial services company sub- 
ject to a winding-up petition, is 
endeavouring to pay back some 
of (the money deposited with it 
by investors; In the High Court 
hearing bn Monday, terms 
were announced for a rescue 
scheme which would pay exist- 
ing creditors about 50p in the 
pound. The case has been 
adjourned until May 15 to allow 
the company time to complete 
arrangements on the scheme 
for the approval of creditors. 

The two creditors who brought 
tiie Court action are, however, 
opposed to the scheme, since it 

appears to make no provision 
for payment of costs of the 
petition. We await farther de- 

Meanwhile, investors with 
Drummond Assurance . Society 
are likely to have their benefits 
merged with those of the 
Family Assurance Society, a 
much bigger friendly society 
managed by Planned .Savings 
Assurance. This society, should 
be able to offer investors the 
stability of management 
charges often lacking inf a small 
society. It should prove a satis- 
factory solution, if it goes 
through. ~ ,. E t S. 

A LONG WEEK-END is always 
a good time to review .financial 
strategy; and this week-end may 
be better than most because the 
signs are that we have rising 
real incomes and a boost to the 
economy ahead of us at home, 
and because of the financial and 
political upheavals which are 
taking place abroad. Any exer- 

A strategy 
for springtime 


P‘ J “ iWe advantage of tax con- grapple with the fart that to i™ e . f° r «“►- 
” ?*£ £ cessions- those who have much,- more Propl* P ,rtur ? s - Jewellery. 

Identifying objectives. I have voontieiiw c t, 9 n -rw antique cars: whatever takes 

with a proportion of your port- 
folio, I would suggest 20 per 
cent, in the U.S„ 40 per cent 
in the OJC, and— as a general 
rule— 20 per cent in the high 
growth economies of the Pacific 
basin. However, Japan in parti- 
cular is looking expensive at the 
moment so keep that proportion 

liquid. "Real” assets are the 

how ,u OM mi Essentially that means putting problems shall be given. Tax an0 ‘ 1 “? . . 

.1° sense to try building capital ont General - principle number one . that interest rates may rise a 
SbSSidy be of income by buying shares, for « that equities will retain their little before they fall again: so 

individual requirements to «niit Instance, or growth unit trusts, value better than fixed interest they should not tie their money 
SSS ASSESS M With your long-term eeviuge 5“**, 00 ** ^ 

these are the general considers- tied up you can, of course. , Gen t ^ f"" ciple n ^ her Jr° S^caSitS-I^Sd 
tions that should Influence each afford to take more risks , with 1 companies £row 4^50 per cent of Kin entities! 

The savers have an interest- few hundred ^unds into a It is true that the shares of ^^y^fcaifafford 

ing prospect before them, for specialist unit trust, for bigger companies look better the low initial yield) one of the 
it looks as though they will have example,, or a go-go share: value at the moment, in both investment trusts (see our issue 
more spare income from which maybe put if into options once the D.S. and the UJC but I of February 25 for the best 
to save, this year, than for some the new traded options market do not think that the difference performers). That apart. I would 
time pas t. T he ground rules, is functioning. Don’t do it, bow- is worth doing anything about, suggest that most of the money 
however, re main the same: with ever, unless you're prepared to unless you have new money goes into a National Savings 
any form of long term saving look after iL 1 available to put in. Since you Bank investment account for the 

you want to take the m a x i m um The owners of capital have to can afford to take some risks moment 

The Woodlanders 

LIFE ASSURANCE companies its holdings is the beautiful 
are often urged by trade unions Kenxnore Forest on the shores 

to invest their 
socially useful 

money .for of Loch Fyne. But when, at a 
Durooses— a rec8nl meeting, I put my idea. 
* to Ian Henderson, the invest- 

phrase that can mean all things mvesi ' 

to all men. But now that some gymp^til ’ iSveSnenJ^ 

life companies have discovered 'tSTZS. 

the virtues of investing in wood- J? ' ^ ^f terests 

lands, they have an unrivalled JlS 

1 All Scottish Equitable policyholders ... Timber ! 

to do binty w as to those ^holder*- 

the community. LnSKwtnS 

Forests are often, by their visit the forest; and be agreed 
siting and nature, areas of out- that if any policyholder con- 
standing beauty, likely to attract ia C ted the head office in Edin- 
people who enjoy . open-air burgh, he (or she) would be 

r h -° supplied with a letter authoris- could use it— that was his purely monetary nature. As it 
*r iS him t0 ***** the forest reaction. -But he was looking happens, of course, encouraging 

, L , ■ , „ . Alastair Robertson, the into the possibilities of using policyholders into outdoor exer- 

general manager and actuary, adjoining land for staff pur- cise may prolong their life span 
„ 5 2L ^ took a tine that was much more poses, and for policyholders’ — thereby enabling Scottish 

down to earth. The company interests. Equitable to pay even higher 

rests mat mey own. had hot bought the forest so it is refreshing to find some bonuses. 

Scottish Equitable is one life that policyholders of their awareness of policyholders’ 

company recently to have in- rivals, like Scottish Widows, Interests other than those of a - z ERIC SHORT 

vested in woodland, and one of ~ 

on assurance 

CONSUMERS are getting a 
better deal from life assurance 
brokers. This is the message 
from life company reports this 
year, which reveal a substantial 
drop in sales of whoie-life non- 
profit contracts. One major 
objective in changing the com- 
mission rates appears to have 
been achieved. 

Readers may remember that 
the life companies which were 
members of the Life Offices’ 
Association, agreed to change 
the basis of commission pay- 
ments from a sum-assured to a 
premium system. Under the 

funner method, the commission 
paid on whole-life non-profit con- 
tracts on young lives could be 
as much as 300 per cent, of the 
annual premium. Now the 
maximum is 90 per cent 
But the major industrial life 
companies, which sell almost 
exclusively through agents, kept 
the sum-assured meibod in 
remunerating those agents. Now 

the Prudential is endeavouring 

to change the system, and meet- 
ing strong opposition from its 
agents, who are members of an 
active trade union. The Pearl 
is believed to have started 
negotiations with agents, with a 
view to making the same 
change. The Co-operative Insur- 
ance Society has successfully 
switched to a premium method. 

A woman’s 

LADIES, DO yonr husbands 
appreciate your worth? They 
should do by now, because life 
companies have been busy 
pointing out the market value 
of those services which you pro- 
vide, by totting up the cost of 
hiring the labour. It would need 
an executive-level salary to re- 
place you. The latest company 
to embark on this exercise is 
Standard life.. Its literature 
asks the simple question: could 
your husbands cope if you were 
to die — doing the housework, 
cooking the meals, and looking 
after the children? 

Standard Life is making a 
practice of boosting your egos. 
Remember the advertisement a 
couple of years ago: “You’re 
just turning 31, but sometimes 
you feel 40. To us you're only 
27.” Very flattering. But the 
company is not simply advising 
husbands to insure. 

In these days of liberation, it 
feels that women need life 
assurance in their own right, 
for a variety of reasons. One 
object of liberation was to free 
women from the financial 
shackles of men. This means, 
inter olio, taking out life assur- 
ance yourselves. To cater for 
your particular needs, Standard 
Life have produced a new 
booklet. Life Assurance for 
Women. It is worth readme. 

Paying for a 

WHILE ON the subject of 
liberation, the new State pen- 
sion sebeme which starts .in two 
weeks’ time represents a major 
chance for women to free them- 
selves from their degrading (in 
Mrs. Castle's estimation) depen- 
dence on their husbands’ contri- 
bution record for their pension 
entitlement The theme of the 
scheme was that women will 

acquire pensions in their own 
right including the earnings- 
related addition. Their hus- 
bands' contributions will not 
allow them to qualify for this 
extra pension. There is just one 
little snag. They will have to 
give up paying the reduced 
National Insurance contribution 
rate, and pay their full whack. 
Anyone who feels liberated and 
wants to get in at the start must 
inform her local social security 
office at once. Otherwise she will 
have to wait until 1979 before 
starting to acquire pension 
rights. ERIC SHORT 



blit id 






Asset growth-over 





on issues 



1 year 

5 yean 







- U 

3 yfar brtni. 








. - 






. 500 











' i 



Hambro Pacific 

'• ■* 

Far East 


— . 





- IIS 



• Japan 



• Win. 

units . 

. .;j. 


: 5s • 


Hawtbio* (Guernsey )/Hambro Fund Managers (CL) 

jv • • 


; IntnL Bond 




;■ 50 

3 \ 

I . 

‘ — 


IntnL Equity 





3 \ 




■ bit Savings 14 A ** 







. NA 


Int. Savings "B” 


— — 


JliOOOt - 


\ i- 



* Discount on larger amounts. 

f Or regular moodily savings; mm- J250. ** Plus 1% charge on underlying fund 

Putting cash aside abroad 

SO FAR in looking at the off- 
shore funds I have concentrated 
mainly on those which require 
quite a high level of initial in- 
vestment*. those aimed at people 
with capital, or those who 
have done their savings already. 
But there are also . schemes 
available, for those . who 
want some vehicle other than 
the bank through which to 
make their savings: and each 
of the two management groups 
tinder the microscope this week 
offers them. 

. The Tyndall Group has three 
life assurance subsidiaries 
through which overseas resi- 
dents can invest: Tyndaii Inter- 
national Assurance, Tyndall 
Assarastoe (Isle of Man), and 
TyndaU Guardian. The latter 
exists principally to tap toe 
funds of Canadian, investors, so 
let?" us -concentrate on the other 
two. Tyndall , . International 
Afflfcrance offers three forms of 
investment: a single premium 
pnn (for a tnirrkmun invest- 
ment rtf SUEJ5.000), .an 
assurance savings plan, (for a' 
minimum- of SU.SSO, a month),; 
amT a regular sav&gs'pla a (for 
a".' minimum of - 5U-S.10O 

monthly).- • • " offshore services provided by 

Through these the investor merchant bankers Hdmbros. 
can put his money into one of One, run by Hambro Pacific out 
four dollar-denominated funds: of Hong Kong, offers a choice 
the Equity Fund International between a Far East Fund 
(invested in the U.S„ the UJK. (denominated in Hong Kong 
and the Far East), the Bond dollars), and a U.S. dollar 
Fund International (invested denominated Far East Fund. 
in ' Eurodollar loans, gilts Both of these are for investors 
exempt from tax for overseas wStii some capital to tuck away 
residents); TyndaU Commodity already. 

Fond (exactly what it sounds), Hainbr os (Guernsey), how- 
and a three-way fund whicn jjjg a couple of savings 
invests in the three above. .funds, confusingly described as 
Now it may be that the “A” and “B." which will for 
investor doesn't wont his money a minimum of $250 a month take 
in dollars at the end of the day: .you. into the group’s Inter- 
maybe he’s dubious about the national Bond Fund, and its 
dollar: maybe he]s just pl ann i ng International Equity. Fund 
to retire to Britain. In that case respectively. The Equity Fund 
Tyndall Assurance (Isle of Man) (and the two savings funds) 
might be a better choice of were only launched last Novem- 
vehicie for his savings, for it .ber, so as yet there’s re l a ti vely 
invests into four sterling fonder little to be said about their per- 
equity, fixed interest, property, fonnaace; but the bond fund— 
and a managed fund which which goes into Eurocurrency, 
invests in all three. Agai n th ere mainly dollar bonds— -shows 
are,, three. forms of investmeot jespectable .growth over the two 
'available: 7 through R single pro- .’years since Its inception, though 
mium plan (minimum £L5O0); there’s been very tittle change 
through ah assurance savings over the past 12 months. The 
plan, (minimum -£25 a month) JZambrris Saving schemes do not 
and through a regular savings ^provide you with life assurance 
plan' (minimum £50 a, month)!/ . coyer: they’re purely an invest- 
There are two arms to ; the m^nt vehicle. . 

Standardising options 

LAST WEEK I talked about the 
broad principles underlying 
the introduction of a market in 
traded options— which we now 
knew is scheduled for April 21. 
litis week I am going to take a 
look at how the market itself 
will work. 

At the moment, if you buy an 
option— <of write one— your deal 
La with the person or institu- 
tion from whom you are buy- 
ing. ok* to whom you are selling. 
But all that is set 'to change 
in the new market (the tradi- 
tional market will continue). 
Within the new market your 
deal will be, not with, the oppo- 
site side of the operation, . but 
with the London Options Clear- 
ing House. And the sire of the 
premium yon pay (or receive), 
for 'the right to buy the under- 
lytn gsbares at a given price 
within a. given period, will .be 
ret. not by. the other side of 
the operation, but by -the mar- 
ket as a whole. . 

Whereas at: the .moment the 

level at which the exercise 
prfee is set is very much, a 
matter for negotiation by both 
rides to the deal,- that too; is 
going to-be standardised. And 
the dates, within which the 
right to buy the underlying 
shares may be exercised, will 
oe standardised as well— three, 
ax and nine months ahead for 
each shares . at the start of the 
new market in fact there will 
be two prices at which the. 
underlying shares may Jber 
bought-, within each three-month 
period: one above, and one 
below the market- price at the 
time that the option is granted. 
.Those six exercise prices are to- 
be set by the Council of the 
Stock Exchange. 

Letfs take an example, 
initially- it will be posable to 
trade '.options (each- option 
giving you^a .right to buy, at -a 
price. ijDOO shares) in The 
shares . nf- ten. companies: let’s 
suppose that one of them is to 
be . Ko-Kp; Company- .- ! Now .if. 

Ko-Ko’s shares were to be stand 
ing at' 500p when ‘the new 
traded , options market opens at 
the end of next month, the 
Council of the Stock Exchange 
might decide that options could 
be written at 480p and 520p for 
each of the three periods, three, 
six and nine months ahead. So 
if you wanted to buy an option 
tu Ko-Ko's shares, you would 
have the following choice: 
Ko-Ko July 480/Ko-Ko July 520; 
Kd-Kq October 480/Ko-Ko 
October 520; Ko-Ko January 
480/Ko-Ko. January 520. And 
until the price of the under- 
lying Share had moved so much 
or to make some of these 
exercise prices look unattrac- 
tive, that is all the choice that 
you— end everyone else— would 
r ha ve. ; 

■Standardising . the product 
.like this means, of course, that 
it should be possible to arrive 
at a reasonable price for it 


"touR Reassurance 

Chieftain Trust Managers Ltd. was established in 
September 1976. Its four trusts, dealing in overseas as well 
as UX markets, have already attracted funds worth aver 
£Z5 million. Hus exceptional rate of growth has owed much 
to the considerable support Chieftain has received from 
stockbrokers and investment advisers. 

The Trustee of Chieftain American Trust is Midland 
Bank Trust Company The main duties of the Trustee are 
to hold the tide to the Trusts investments, and to check 
that all purchases made by the Trust are in accordance 
-with theTrust deed; to ensure that the income is distributed 
to the unitholders properly; and to approve advertising 
and literature. 

An Opportunity 1 !) Gain 
FromThe CapitalGrowth Potential 

Tax Advantages 


You can sell your units on any normal working day at 
the prevailing bid price. 

Ifyou are a standard rate taxpayer you will gcneraDy 
incur no tax liability when you come to sell. 

If you are paying a higgler rate of cax at the time of 
safe you will be liable to Capital Gains Tax. But, even for 
the top-rate taxpayer there is a maximum liability erf - only 
13% (as against the normal rate of 30%). 


Chieftain American Trust is a unit trust through 
whkh you can have your money invested in Noth 
America in a professionally managed selection of shares. 

If long-term capital growth is your aim then we 
believe that the American economy— and with it the 
Chieftain American Trust— represents a most at tractive 

emphasise that Chieftain American Trust should not be 
regarded as a short-term speculative investment The 
prices of stocks and shares rise and fell, and the price of 
Chieftain American Units wall fluctuate accordingly 

Income will be paid annually but those who require 
principally a hi$ir dividend^yieJd rather- than capital 
growth are advised not to consider thisThist 

Until 31st: March 1978, units will be available at a 
fixed price of 21.9 p each, to give an estimated current 
gross yield of 1 .85%. Your application will not be acknow- 
ledged, but you will receive a certificate by 12th May 1978. 

Fill in the coupon, or talk to your financial adviser 
without delay ' 

A Rich And 
Resident Economy 

Portfolio Strategy 

General Information 

As many investors have been told by professional 
advisers, it is a sensible idea to invest at le£t part of 
your portfcJio in America. ' 

The wisdom of this advice quickly becomes apparent 
■when one considers the facts -which present themselves 
about the Americ an economy ■ 

. It has fought through die difficulties. of; die world 
recession, by -which it was anyway less affected- than 
some other countries. 

In W7, the naticafe output grew by an estimated 
47%, and company profits by around 11V49&, Current 
forecasts of real growth fbr I978 are of the order of 4% 
with a further 10% rise in corporate profits. 

■' Furthermore, the sheer size, scope and- sophisti- 
cation of the American stock exchange provide the 
opportunity to invest in a wide range of highly marketable 
stocks. ... 

In shorty die American economy Js ridh and resffienl; 
founded as it is on the notions of free enterprise and 

The portfolio contains about forty stocks, and will 
continue to be reasonably concentrated. The Managers 
have not confined themselves to the better known 
companies but have researched arid purchased second- 
line stocks with attractive prospects. 

. Currently the portfolio has a particular bias 
towards companies in the energy sector However the 
emphasis will be shifted as conditions demand Some 
Canadian stocks have also been purchased 

AGqmhjcated Investment 
Made Simple 

unashamed- creation of profits and prosperity and long - 
terra prospects for its growth look encouraging . . .. 

ATmeiy Investment 

Despite the considerable inprovement in die funda- 
mental strength of the eemomy American share prices 
have felknjj8%r;ia the past year as mea s u red by the Dow 
Jones todiatafel Index. This rfedinehas been cansedmainly. 
fayim c ertan tyabcKAPreskiertCarte^ policies, and noease 
about the balance of payments deficit and the relative 
weakness ofthedoQac, 

It fe however the view of Chiefca& Managers that 
current prices present a considerable investment oppor- 
turrityMa^ American diare indices stand at an unosially 
at trac ti v e relationship relative to company assets, aetka- 
pafiedeamings and interest rates. In addition, the Presfcfent 
is stiB pmxtoug aa orthodox economic policy with the 
emphasis on curbing inflation. If his energy .policy.- is 
suc c e ssful, the trade deficit which is snail relative, to .the 

Transatlantic investment has very obvious attract- 
ions, but a private individual, investing alone, would need 
formidable resources of capital, information and invest- 
ment currency to achieve hi objectives. 

However Chieftain AmericanTrust takes the problem 
off the investor^ hands. Y?ur capital. tan be simply and 
efficiently invested m shares throughout the American 
market by full-time investment professionals. 

Moreover a trust has one facility not normally open 
to the private investor; that of the badt-to-back currency 
loan, an alternative to p ur chasing investment currency 
through the dollar premium. At present, a pp ro xi mately 
60% of the^ Tristb portfolio is invested In this way 

The offer will dose if the underlying price of units 
shoulddifferfrom the fixed price bv more than 2\ ifo. After 
- 31st March 1978 units will be available at the daily quoted 
price and yield published in most newspapers. 

Chieftain American Units were first offered on 4th 
April 1977 at 25p each. 

There is an initial management charge of 5% induded 
in the price of units. There is also an annual charge of 

(plus VAT) which has been allowed for in the quoted 


The Managers will pnv die standard rotes of 
commission to recognised professional advisers, who are 
invited to ring 01-246 3612 for further details of American 
■ and otherChieftnin^ Trusts: 

Income is paid net of income tas, but this can be 
reclaimed by non-taxpayers. 

Distributions and a report on the fund are made 
annually on 1st March. 

This offer in not applicable to Eire. 

The Managers of the Trust are Chieftain Trust 
Managers Ltd, 30/31 Queen Street, London EC4R 1BR, 
Telephone 01-248 2932. 

The Directors of Chieftain Trust Managers Ltd are 
R L Potts, MA (Chairman); R. J. D. Eat?, SLA., ALBA; 
J. D. Gifittt, BSc ; I. H A Hazed, FC1S. ; ALE K.Tod 

Share Exchange Scheme 

If you wish tti realise a part of your portfolio and 
invest in Chieftain American Trust, the Managers can - 
arrai^ tosdl your present shares for you, and vil absorb 
all the usual expenses of the transaction-Ths can give you 
a worthwhile savingThe minimum purchase through die 
Share Exchange Plan is £500.Tick the box in the coupon 
for foil details. 




Application Form 

American economy should be redneed, and m the for® 
term the dollar Amid retina to being one of the worlds 
stronger currencies. 

Althocgh we bdieve that economic growth in. 1976. 
may be slow by post American standards, there are no 
^gnsoftiieksidafxecessioa which alone we bdieve would 
jtstify todayfe low Aare price*. 

Therefore we bdieve there is much scope for a 
Aangft rfmn ti n* » g tard^cnnyrp ^Tm prOTemertTn di e- 
Aanerican stock market. However? we should. £ke to 

fill in the coapon and said it new tus Chieftain Trust Managers 
limited 30/31 Qoeen Street, London EC4R 1BR. 

I/% wodd like to buy Chieftain American Units to toe value 


_ar 2L9peach. 

(Mininiam nftialhoUinfe £2501 

lAtfe enricse a. rg n taancq payable. to Chieftain Trnst 
Managers United. _ 

"nek boon ' ” 

I ] If you want rommum growth by automatic re-investment of 
LJ net meant 

LJ Ifjwo want to know how tolnjr Chieftain American Unis 
j — i on a regular monthly basis. 

LJ Kyoa-osRM^dtt^ofoorSforeEiAanarPian. 

I/^dccfarethat lanvws are over K and ivotrea&nt miAL. 
the UK. Of Schc&dcd Territories and that I am we are Dot 
acquiring the units as nominee^ of any percents) resxknt 
outside the UK. or Scheduled Territories, nfyou are unable to sign 
this declaration it shodd be deleted and your Oppikanon lodged 
throtshanandioriseddepaatorj:) Q 




0f there are joint applicants all nut sfen and attach naocs a 
addresses Bqaratdy) (Reg'd office as above. Reg’d Na74ffl; 


• Financial Times Saturday March 2S 1978 , 



I - 3r 




FOR ALL except dedicated 
gardeners the year really starts 
at about Easter. It is not mnch 
fun splashing around the 
garden up to one's ankles in 
mud, or trying to .prose roses 
and shrubs or divide perennials 
when one's fingers are numb 
with cold. So we wait for the 
sun to climb a little higher and 

shine a little longer, the soil to “a™* ““ e 01 P”” 

. * tec ti Oil But now. of course. 

to a more comfortable con- ^gy mus t go, cut off with seca- 
astency and the temperature to teurs or shears, which ever is 
become sufficiently mild to more convenient, or with one of 
rempt us outdoors. It may not m mUeDt bfLttfiTy 
be the ideal way to go about it trimmera that are now arable 
but there is really not much m and maJw ^ QTt W0rk of ^ 
the garden that cannot be done ^ u ght pr iini - n L 

now with results that will seem „ * P ~T- , . 

entirely satisfactory to all ex- clumps, of herbaceous 

cept the most, exacting ne * d « >* 

cardeners divided but it is Certainly -not 

_ . ■ necessary to dig up the lot as 

Rose priming, for instance, we use( j t0 do when there were 

about which I wrote in some professional gardeners galore, 
dean several weeks ago can A ^ ^ wienniltovW 
rtdl be done with complete ^ quite happUy ^ year3 in 
success in all pans of the flj e - place and will he ail 
country even though in the ^ better for not being dis- 
south and west buds may have t^b^L This is true of pronies. 
started to grow weeks ago and hellebores of all kinds (Christ- 
some of the new shoots jnay mas Lenten roses and the 
already be several centimetres statuesque Corsican hellebore 
Ion S- H they are well placed on among them), hostas, bergenias, 
good, healthy stems .all about j apanese anemones and day 
the right height to produce luce inies fh emerockllis). Some 
bud^ plants, simply prime back pere^s g0 rambling under- 
to them instead of to dormant and may nebd t0 ^ 

bunds as the experts always 
advise. There is really no par- 
ticular magic about a dormant 
bud and the only reason one 
insists on cutting back to it 
when writing about February or 
early March pruning is that any oumn^ersl 
shoots that have been foolish , . 

enough to grow out as early as Acanthus and Eupfcortsa Fire- 

that must be at risk from the *“ 

kind of bitter weather from a * e " , suc “ attention — 
which we have suffered so much physostegia and atttroemenas 

strained if they are not to take 
over the whole garden. How- 
ever one can do this without 
lifting them bodily. ' AU that is 
required is a sharp ' spade to 
chop through the trespassing 

recently. Dormant buds are 

of all kinds also wander far and 

tougher and more cold resis- wide if they happen to like your 

tant than shoots and by the time 
pruning forces them to grow one 
hopes that spring will have 
arrived to stay. 

Then there are all those 
herbaceous perennials which 
books tell us should be cut 
down early in November, but 
are quite likely still 'untended. 
If it is any comfort to anybody 
who did not have 'time or 
courage to do this work in the 

soil and climate: They are not 
easy to restrain since their white 
roots are brittle and may be a 
good six inches down in tihe* 
sail. CSerodeadron bungei, 
which is reaHy a sffmib but in 
cold gardens like mine behaves 
like a herbaceous plant also 
runs considerable' distances, 
sometimes popping' up unex- 
pectedly Od the other . side of a 
path or lawn. Occasionally these 
wanderers are welcome: more 

Autumn. I make a regular prac- 
tise of leaving all old growth " ^ften they are not and must' he 
until March, partly because I suppressed, 
prefer to look at a tracery of The perennials that really 
dead stems and leaves (my job- benefit from fairly frequent 
bing gardener thinks me mad) 

thaS at bare soil but also f P f* “f? “* 

because, in my very cold part of iawse make ■““* c3um ^ s ' 
south-east England, I think fhe-lbsy of the daisy family do 
old stems do give the crowns - this, mjehaefanas daisies, abasia 

daisies (Chrysanthemum maxi- 
mum), erigerons, helcmums, 
perennial sunflowers (faefran- 
thus), rudbecklas and hdi o psis 
among them. The inner parts 
of each clumpquicldy become 
starved and more or less uso- 
less, Jeering the outer portions 
to carry on. This looks un 
it is not the way to 
get the .best results. At least 
every second year the friant y 
should be dug up, s ip H i in to 
small pieces and only the 
younger outside' portions 
replanted Each divdsion must 
have roots and at least one good 
growing shoot ' Several such 
pieces -Can be replanted 
close together, say 10 to 12 cm 
(4 to 5 inches) apart, to make a 
new plant quickly, and grown 
tins way the qua&ty of the 
flowers will be greatly im- 
proved. Surplus tMvisfa ms 
be replanted elsewhere or given 
away to friends and relations 
who have gardens to s tock 
Swopping treasures .is always 
one of the special pleasures of 

This is an ideal time to prune 
purple buddleias -and the hardy 
white flowered Hydrangea pani- 
cuiata. Both can be cut back 
really hard if there is not room 
for fairly big shrubs. Buds on 
the buddleia are sure to be 
breaking now, producing new 
clusters of leaves which indi- 
cate at a glance .just where 
growth can be induced by prun- 
ing and the thing to do is to 
shorten each branch to such a 
leaf cluster a few inches from 
its base. The hydrangea starts 
growing later and most buds are 
probably still dormant but it is 
quite safe to shorten each stem 
to 50 to 75 mm (2 to 3 inches). 

Caiyopteris, the late flowering 
shrub sometimes called “ blue 
spiraea ” can be cut back hard 
in the same way and outdoor 
fuchsias, should be pruned 
almost to ground leveL 

Finally the lawn is sure to 
be in need of attention. That 
is a matter I will deal with more 
tally another week, but if you. 
plan' fo give a first cut now; set 
the mower blades at least 25 mm 
(1 inch) above ground level and 
give the lawn a good raking 
first After mowing give a top 
dressing of any good compound 
fertiliser but not too much. If 
you use National Growmore, 
which is usually the cheapest 
to buy, 100 grammes per square 
metre (3 ozs per souare yard) 
will be quite enough. - 


OWNERS- OF" sea-gding cruisers 
have occasionally .-made rude 
remarks about, some craft used 
on inland waterways* dismissing 
them as' floating oiravans, but 
the Caribbean class, familiar to 
those. of you who have cruised 
on our own inland waterways 
and now frequently ‘keen on the 
French canals, are ideal boats 
for the job. 

You need no previous experi- 
ence- as someone will run 
through the controls with you 
and the rest is plain common 
sense. With a pleasant sense of 
space in the ample sleeping and 
living quarters; you' can' chart 
an easy course and really wind 
down as you phut-phut along at 
about 4 mph. If you are in a 
desperate hurry, you . can always 
walk along the towpaoh and let 
the boat catch you • up at the 
next lock ! 

Even so there are . marked 
differences between the French 
canals and our own, as 1 found 
out when a parly of us set out 
in two boats from the Blaises' 
base at Vermenton oq the Canal 
du Nivernais near Auxerre and 
about 100 motorway miles south 
of Paris. 

The canal Is deli&itful, wider 
than ours and there was little 
commercial traffic. It meanders 
its way through a countryside 
typical of rural France at its 
best The straight and stately 
poplars seem to be marching 
alongside you as a fitful autumn 
sun, . filtering ! .through the 
branches, creates a dappled light 
on the water. 

You can moor up along the 
banks as long as you keep clear 
of the approaches to the locks, 
all of which are manned. 

We found the lock-keepers, 
male and female, bucolic but 
most helpfuL They expect yon 
to lend a hand and, with a Roi 
de Bourgogne, remember that 

you are manoeuvering a craft 
over 40 feet long. ■ 

Locking is a good deal easier 
with, a minimum of/ three 
aboard and, even. if you take it 
in - turns, there most be . a 
skipper at the .holm. It is then 
just a question of nosing in 
gently to the furthest lock 
gates and . then putting her full 
astern. -then into neutral,. while 
the matelote deal with the ropes. 

Although children are enthusi- 
astic crew members, they should 
always wear the buoyancy 
jackets provided and the lower 
rungs of the steep lock ladders 
can be very slippery. The locks 
are nearly always connected by 
telephone so tell the lock-keeper 
if you plan to tie up before you 
reach his colleague. Locks open 
from early morning to around 
7.30 pjn. but tend to close about 
6 p-DL early . and late .in the 

The Irish vary the Holy Hour 
but the period between noon 
and 1 p.m. is sacrosani in 
France: Everything stops for 

Ymr WMk«d fc AwWa 27-25. BeW»w 
M. France *MT. Italy L5B. Greece 
Spain UUS, Sirttaerfnd S-5T. U.S. UV- 
Seurce: Tb etnas Cook. 

lunch so just follow their excel- 
lent example. 

With a party of ten on the 
two boats, we turned the bigger 
saloon on Roi de Bourgogne 
into a combined dining and sit- 
ting room. After settling in for 
the first night, one of the ladies 
offered to collect croissants for 
breakfast from the nearby vil- 
lage bakery. In: the event a 
small procession, all with a 
fresh air kick and determined, 
to do our own thing, set out in 
the hazy sunlight of a Septem-: 
ber morning. No croissants ever 
tasted better! - 

Shopping is great .fun but 
we did eat ashore in the even- 
ing. With a kitty of around £2 
per head per day. we break- 
fasted and lunched superbly on 
board, trying out the local. ebar- 
cuterie, plenty of salad and ; a 
profusion of cheeses. The wine 
flowed liberally and, whether at 
Mailly-Ia-ViUe or. later, at 
Chatel-Censoir. always found 
.time for an aperitif. • 

The weather in late Septem- 
ber was generally pretty good 
with the sun breaking through 
fitfully On misty autumn morn- 
ings with the promise, later edn- 

fiiffled, of real warmth by noon. 
It^was then nice enough to sit 
out on deck and we generally 
tiediup for the evening by tea- 

" Atie. alternating sections of 
capa! and the River Yonne made 
far variety as we pottered on 
past the strangely distorted 
rock ’.formations at BasseyiJle 
and' the imposing Chateau de 
.-Faprin, watching, the buzzards 
and the occasional kingfishers in 
:4 relatively unfamiliar region, 
of rural France. 

it was in the attractive town 
of Clamecy that we discovered 
the Boule d‘Or restaurant in the 
unlikely setting of a deconse- 
crated chapel complete with a 
vaulted roof. We had a. quite 
excellent dinner for under £4 a 
head and sometimes paid less at 
-smaller places en route. 

Blakes. pioneers on’ the Nor- 
folk Broads, are now the biggest 
hife-fleet operators in France 
with inclusive arrangements m 
Brittany, the south of France, 
and in Burgundy. Cox and Kings 
offer ‘.other inclusive holidays, 
on. the French waterways. 

'You can take over a Blakes’ 
boat on the Canal du Nivem&is 

on either a Monday, Thursday 
or Saturday and either simply 
hire a "boat or book a complete 
package, which includes, car and 
passenger . transport . . for the : 
party, either by Seahnk or : 
Townsend Tborcsen. With a 
party of five, a week’s complete . 
package costs £64 per person in 
the low season which runs from 
April l-May 26 and September.. 
ISrOctnber 12. The boats are 
fully equipped — the majority 
have showers — and all fuel is 
included. . 

I- found a few days pottering 
along the Canal du Nivemais a 
relaxing and marvellous way or 
getting away from it nil Come 
to ihink'of it, we never did meet 
that fierce chatnrsmoking lady 
lock-keeper about whom wc had 
heard so much. Was she per- - 
haps a figment of someone else’* 


Blakes Holidays. Wrexham, 
Norwich NR12 SDH. 6053-3221 
or 3326 Cox and Kings; Vulcan 
House. 4d Marshall Street, Lon- 
don W1V 2PA C01) 734 8291. - 
French Government ‘ Tourist 
Office, 17S Piccadilly. London 
W1V0AL (01)493 3171; 


Mouvement Popufaire de la Revolution 
Republique du Zaire 

(Office National des Transports) 



Solicitation of international tenders 

N B 8F/I200 

ONATRA- issues a so licitation of international tenders 
for the supply of the following equipments : 

— LOT N" 1 : 4 (four), 6 (six), 8 (eight), 

10 (ten) or 12 (twelve) DRY CARGO 
BARGES 1000 T-, DWT. 

— LOT N° 2 : 1 (one) WORK SHOP BOAT. 


Suppliers of any_country member of the World Bank 
plus Switzerland are admitted. 

Tenderers may receive a . complete documentation, 
against payment of 50 Z„ f by applying either to : 
Secretariat de la Direction des Approvisionnements 
Building ONATRA — : ler etage 
Boulevard du 30 Juin — KINSHASA 
or in the 

Embassy of Zaire in their country 

★ r',.' 

Closing date for remittance of tenders is monday July 
3rd, 1978 at 3 P.M. (local time). 

They must be enclosed in a sealed envelope addressed 
to : * ■ • * 

President de la Commission des Adjudications 
Cabinet du Delegue General 
Office National des Transports 
B.P. 98 — KINSHASA 1 — ZAIRE . . 

This is an international so licitation of fenders and in- 
terested foreign' embassies are invited to call at 
ONATRA to receive the documentation. 

Tenderers are invited to attend the bids opening session 
which is to take place in the general manager's infe- 
rence room* Building ONATRA, 7th floor on monday 
juiy 3rd, 1978 at 3 P.M. (local time). 


Le Delegue General 




in Aiwld'l most beautiful- Ut f ' BW 1 
Dfeao, California, and others. From 
2 to 7 bedrooms available. ABC lam 
now unbelievably Oiean. Exchanges 
London or near wanted. Holiday 
EXcbanses. ■ f." P.O. Box 38. Gorins. 
KN12 SLG. 

SALMON FISHING.' fi rods. River- Tay. 
Kus good- loch trout tiling. Luxury 
mansion bouse accommodation. 7 twin 
bedded rooms with private baths. Mas 
2 singles. Fully stalled. Excellent 
menu and wines. *V the week or 
half week. H -June to IS July. Aooi-r 
Major Nell Ramsay 4 Co.. Farley er. 
Aberfeldv. Perthshire PHIS ZJE-Td. 
AbcrfoMr (08872) 523/540. Ttlaar 



Bills amounting to £2.000.000 were 
issued on 22 March, *978. far maturity 
on 21 June. 1978. at a rata 
Applications totalled £19.500.000. Bills 
outstanding total 64 ,000. 000- 


BRAND NEW Range Rortr 1978. Fitted 
Luxury Safari Conversion by Carawa 
IncJadhTO Rower Steering. Tinted G 
. Drive away now for £9,775. 
Sunburv BS205. 

1972 VICTOR 2300 SL. Auto., sun root. 
radio. Low . mileage. Good cemSthm. 
Hornchurch 5071 5.. 

PKUGEOT3. Factory new tor export and 
home market. Discounts on all mod ate. 

Transautan CUK> Lid,. Who total* 

dealers. TN. 01-839 4646(7. Tales 
-267782 Trans G. 



AU are good value for money as costs continue to rise. The new 
1378 Edition of “Let’s Halt Awhile in Great Britain ”• personally 
describes over 1,200 hotels. Here is a mod rewarding gift, and 
a mine of information for your holidays, honeymoon, mini-weekend 
breaks, or business conference. £3.75 from book stores or direct 
from the Author, 16 CD) Little London, Chichester, Sussex, plus 
66p postage in U.K. ’ ; " 

CHESTER-LE-STREET,. . SANDOWN, Isle of. Wight ' 

XTlWh.™ .. ... - BROADWAY PARK HOTBU 3-Star and 

GO. UUmam MCHaat. 7 acres o* ..tteautltbl srounds. 

f ry /■a ct g « tni ijmhgy Cj ctif. ltnipiwtUvi culslw. Wv; DlKMi Hid 

gJLat- bath redlo SS svilmminj Pool. Dsncirnr 4n~ smbop. Tennis 
TV I>e, S^cr W rw , SS“nt- tilSStlSn court. Tri. 098-384 2007 

Banoim Wd most tMMlm »« tNe ^Baron s SIDMOUTH, Devon ' 

Hall. TH: Oiaster-la-street B8S3Zb. west CLIFF hotel, a family run hotel. 

_ _ .. All ages catered tor. Lowly in Sprina. 

FALMOUTH, S. Cornwall Heated swimming P®M Close to aatK fv 

4 na gait its, 

•BXM Nr. STROUD, Glos. 

»S U eS!*and t beS?*Ooeri^ year bce^ AMBERLEY INN. Strongly rec. for week- 

Lia Md h c.!iw*of*£ c«iioiS 

PORTSCATHO; S. ■Cornwall - TMSCO^Isles of Sciliy • . . 

In 3 acres of baautlfal gardens above safe Peaceful Hotel In BHtoin atogory in 
tardy private beach.' Noted tor cuisine. AA S 1V7B Guhto. Three Stars and 
SOI. rooms with bath-shower. Foil CH. Rosette. Superb r tP 0 f h * ni j l ,*tigy i¥ | 

Ide^ tor tarty or late h1«urv Tel. 206. ,^UjTr^ 

ST. DAVID’S, Dyfed 

«S "fetd . iJSS! . WARB V HOUNM.'. Adlolto ArbMtwa^n 

iT ablato Wh P ^rttwi?is'""One Ot' Britaln*s 
P«»stloe Hotels. Tetopbone Sclllonla 
'072041 883 

sire WESTONBIRT, Nr.Tetbury. Glos. 

g!!HS ; »;Mar--SK r ^-w« 





And the CkiDira Rina arc year 
cruising araaa wtien you hire one oi 
our narrow boats and croisors As 
mear.ol our fleet was solidly booked, 
by February, we luva bouptii acme, 
more boat* and so cptt-oitorAacaiKiw- 


Spectattow rates to. April., 
ber. For -nog- brochara pbi 
Whatoy Bridge 2226 f24 
. •rdinpCMtRM. «M _ 

Whaler Stockport. CJ 



•• (FRANCE) , 

Luxury, saff-deive cruisart on berterfol 
rural-E»»*f. of tin Upper- Lbinr ^llay. 

SraAuW fanS'-LlNE. OtPT, FT, •' 

. Wigforxuijb. Cokbetcerv 
".T«l: PELDON .280. 


Holiday perfecwan on oar brand n#w 
luxury trif-dnve cniiaara in N editor a fi- 
ne an France; Rom 2-10 perron*. 
Air tie* pkp- 

GT. YARMOUTH 1049379) 247 
or 662. ATOL 996B 

'24 bertib ^ ^rgdHIpnal 


-. sled narrow boats. Onset engmed. 
Enqumcs;_ Ashwood Marina, Renown 
'Marine- iSemcas Ltd.. Kingswinlortf. 
WfsT — Midlands. . Tot. Klngiwlntord 
’ --T9527. Evenings Wlmbaarna 4781- 

TRY tvatercru tsEtts for your French 
Ctiui Holiday In Brittany tbit year. 
Wntercniisers Ltd.. Bosham, Sussex. 
• Tel.: (DM3) 572356. 

HOLIDAY- or A LIFETIME! Charter t 
luxur»«rs - aWppered malar vtcHt £450 

Experience. tranouHItv and excitement. 
Most, waterway*, covered from Oxford 
to Chester. ■ vacancies 'still tor Aartl. 
May, -Good food, wine -and company, 
illustrated tooctwra. Inland Waterway*. 
iTesteo- ■ -BreqX. Runcorn, Cheshire. 
W21n . j/L * 

FRENCM . RIVIERA. Bare built Charter 
Princes* 32 -motor, crubor for. weekly 
Sk,pw *" 41 '- 



per weak. Three double Oueft cabins. ; 

C*»st and Brittany. Tel. • 
\eZ54) -48708. or write Hlgham, 63. 

' L — VI niglMIMi ndg. 

■Ramsaroave Drive, Blackburn. ■■ Lancs, .--o « 

OttWE THE OXFORD and Gland 

Cmis In our 2. 4, 6 berth Dun w 
yj? ehurc wk«te or mrar* 
Banburv 811553 or 01-801 6392.:. 

Rlnoune C re hers, Tyrytord Wharf,. 
Twytord Bridge, Nr. Banbury, Oxlord, - 

■OJEP* TACMT CMARTERS crtler a ftrrt 
. da y s aHftig holiday to cnpariemeo • 
yactoanen.- Fleet Includes Waaecrigy : 
2 n v r- M *^* st ? r c . r « ft „ Brochure 'front 
. %arWTil$!^ Tollesbury, 




Beautiful Steel Yacht conMiastaned 1068 approximately 110 x 22 
x 8 feet, 200 tons, built ia-lVance to 100 A1 plus at Lloyds with 
new certificate dated June 1977. All teakwood planking and 
beautifully fitted out regardless. Four large double cabins, two 
full width o t yacht all with shower, bath, fitted carpets and 
electrifc toilets. Fxceptiooal Captain and crew quarters. Very 
large dining saloon, lounge and bar. All electric galley. Refrigera- 
tors and Deep Freeze. Distillation two tons fresh water dally. 
Completely air-conditioned and heated. Stabilised. Two Iz-cylinder 
550 h.p. FIAT Diesels giving good 12i knots cruising speed. Two 
65 h.p. Volvo 32 kW generators, SO tons fuel, 10 tons water. Radar, 
radio telephone, direction fipder, auto pilot, echo sounder, electric 
log and speedometer. Internal telephones, loud speakers, electric 
davits. Two 8-man rafts. Amphicar carried on deck. Two speed- 
boats. Expected charter fees in any one year minimum $150,000. 

Price $750,000. Seen Carmes- 

JMin Warden, Casa Maria 'Angallca. Hut 8c Cagoe*- France 86. 

TetePhNK RB » V a « 7B. 



CH-1820 Mantreux, Svritztriand (Foundgd 1$74) 

Co Educational International Boarding and Day School 
Elementary, junior and High School 
University Prep. Oxford G.C.E., O and A fevef* 
College Boards AP/CLEP/ACT 
EFL (Cimbridge/TOEFL) 

French. German, Spanish 
Summer Holiday language courses June-August 
Far brochures write to the Headmaster - 
Monte Rosa Inti . School CH-1820 Montreaux 


.New JixtMUive caurae la [ft* ltafi«i 

UnfMjv- 20 . boon a week from 
April 16 n Khjr 12. 


British Institute of Florence, 

. ‘ Lungamo Guicciardini 9, 

. 50125 Florence. 

Tel: 284 031 


Automatic speed with economy 


as fitted to Rolls-Royce 
Can be fiend to four car ftom £05 
pta* VAT — um d*y fieri nj, by 

Ring. *«- jnforamien *nd rest drive. 

rrr?McxjK of dorking 

Telephone! 070* 3891 


(©Ri Sum -fiotei 

AA Conference Secretary RA — 
19# BMinlZBpb ★ 3 wviwiSaltBt * 
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t«HBn Dmiai 380 + BsAgm OaotxSeaa. 

3 11 «-■*• tel’ #.*• - 

of BrfnfoM PReSTtGE HOTELS ^ 


1st class. Indoor swimming pool, oilers 
the security for Skiing until tfte.eod ot 
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English Rivierar-End of MS 

Superior. Sri/ -contained, S/Cecerine, 
ttiHy c/baeeed accommodation. ‘AA 1 
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-Write^or- Brochure or. Phone: 



in luxurious barefoot 
informality. Small Inti- 
Btata Executive Family 
_ _ .. VUU Resort (yflia 
Jeep* 4) on one of the Caribbean'* 
finm white beaches, with perfect 
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Winds. Villas from £18 day (for 4). 
Direct ' 

London fttjha. & 


Bex *D4, Si. |oim'i. Auden 
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a/EReoaep in oeergu&zl, . 
.m>Mr 6UVN0Z. cAutp nrAt&tort! 

he simp , 


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X3£berffiao under the bonnet, wecun help. 

RAC Travel 7S is a free, full colour. 

48 page brochure cowering every possfljg 

aspect o/j-ourmoloriaghoUdaydbroad- 


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• _ -...'•>• *T- * ' ’•* 

^ 4-.X. ■ *«?- # ;, 

‘ •_ _ \ 1 .- i 

SIZE IS what many British 
visitors -are aware of first. As 
we flipped towards Johannes- 
burg the pilot of my jumbo 
flight from London pointed out 
the -swamplands of Botswana 
below— and even at 600 mph it 
took ns half-an-hour to cross 
this wet, deserted wilderness. 
In South Africa itself the 
deserts, the beeches, the loads, 
and even the farmlands seem to 
stretch for ever. 

It. is not so very long since 
only - animals roamed here on 
the High. Veld. 6,000 feet above 
the.wa; now suburbia (and the 
world's. . .highest concentration 
of private swimming pools) 
spreads rapidly outwards and 
threatens to link Johannesburg 
with Pretoria, 30 miles away.- 

Frbnz the- rooftop bar of the 
Carlton Hotel one gets a bird’s- 
eye view of this extraordinary 
mining town — and by the swim- 
ming pool one can also burn 
quicltiy in the deceptively 
strong sunshine. There is a good 
variety -of night life in the city 
during the week, and shopping 
and hotels are excellent. X par- 
ticularly liked the Landdrost 
Hotel, which is used by several 
inclusive holiday operators. 

More -luxury is tn be found 
on the famous “Blue Train,” 
which links Pretoria and Johan- 
nesburg with Cape Town, more 
than 1.000 miles, to the sooth. 
Although geography and the 
narrow gauge track combine to 
make it a slow journey with the 
train averaging only 40 mph 
during the 25-hour trip, it is 
certainly a comfortable one. 

Only 108 passengers are 
carried on this all first-class 
train, and they are looked after 
by a staff of 26. During luneh in 
the roomy restaurant cars, with 
their extensive international 
menus, you cross the farmlands 
of the High Veld; coffee id' the 
lounge, a sleep, a shower, land 
you are in Kimberley; and' then 
it Is time for drinks in the bar 
and dinner as the train starts its 
crossing of the empty desert 
land known as the Karoo. 

Individual compartments (or 
even suites) convert into com- 
fortable bedrooms, and the 
double-glazing and air condition- 
ing ensure the kind of -night's 
sleep that British Rail never 
dreamed of. By the time you 
are woken with a cup of tea and 
— magically— a morning news- 
paper you are in the beautiful 
Hex River Mountains Just north 
of the Cape. “If we went any 
faster,” explains the conductor. 

with unanswerable logic, "you 
would tndss all that scenery.'* 

Below the mountains Cape 
Town sizzles in the sunshine, 
complacent in the knowledge 
that it must have the most 
dramatic and picturesque set- 
ting of any port in the world 
excepting, perhaps. Rio. Not 
surprisingly the Pest view of the 
Cape is from the 3.500 feet sum- 
mit of Table Mountain — a spot 
to which a cable car will whisk 

Table Mountain, one discovers 
is not nearly as flat on top as 
its outline suggests.' and you 
need to. clamber around to find 
the beat viewpoints. At one 
spot an engraved map helpfully 
points out the direction and 
distance to the world’s major 
cities (London: 5,958 miles to 
the north). 

But, as well as the port itself, 
the 30-mile long Cape peninsula 
is worthy of exploration. I 
drove down the roast past the 
mountains called the Twelve 
Apostles (in feet somebody 
miscounted; there are only 11 
peaks) and past the coves 
known locally as “the Bikini 
Beaches” because, allegedly, it 
was here that well-known item 
'of bathing apparel ’ first made 
its appearance. People who 
believe that these beaches are 
still trend-setters may care to 
note that one of them is now 
being used by naturists. . 

Turning Inland one reaches 
the museum and vineyards of 
Groot Constantia, where a Cape 
Dutch-styled farmhouse gleams 
whitely at the end of an avenue 
of oaks, and doves purr insist- 
ently in the trees. 

The past grandeur- of this 
area continues into the present 
in the imaginatively-planned 
national botanical gardens at 
Kirsten bosch where, in the 
spring, the protea or sugarbush. 
South Africa's national flower, 
swamps the mountainside above 
more formal beds of Indigenous 
plants. It is a quiet and lovely 

Cape Town itself, however, is 
far from quiet There are no 
cruising taxis, and getting to or 
from a beachfront botjpl can he 
difficult. It is best to stay cen- 
trally, perhaps at the -magnifi- 
cent Mount NelsOn; South 
Africa's most famous five-star 
hotel, which stands in its own 
grounds and is known irrever- 
ently to its regulars as’ the 

After Cape Town,. South 
Agrica's most famous seaside 
resort is undoubtedly Dnrtwn, 

Games in the park 

Cape Town 

and to make the 90-npuute flight 
there from Cape Town is to 
travel from . a Mediterranean 
climate to the tropics. 

For, although it is a vast, 
modern city, Durban is right on 
the edge of African Africa. To 
the south, the pineapple farms 
stretch as far as the eye can 
see; to the north, the green, 
rolling hills of Znlnland are only 
a 30-minute drive away. In 
Durban itself the colourful 
rickshaw boys parade in search 
of customers and cameramen, 
while tribeswomen sit in the 
scorching sun and with move- 
ments almost too fast for the 
eye to follow fashion tiny multi- 
coloured beads into ’ bright, 
cheerful souvenirs. 

Durban’s golden beaches are, 
of course, internationally 
famous, although it is important 
to swim only at the marked 
spots because the Indian Ocean 
surf has a powerful and 
dangerous undertow which can 
sweep even unadventurous 
paddle rs off their feet The city 
is also an exciting centre for 
touring in a hired car— the 
roads are good, nncrowded, and 
South' Africa drives on the left. 

Indeed, the problem about a‘ 
holiday in South Afrits is not 
deciding how to spend your 
time — it is deciding how to 
cram in eveiything that you 
want to do. The country’s claim 
that it is “a tourist paradise” is 
hard to dispute despite the 
political problems, and there is 
an awful lot to see. 

One would not want to miss 
Pretoria, the country’s admini- 
strative centre and a bright, 
clean, modern city. The forts 
which once surrounded Pretoria 
are being turned into museums 
in- which relics of the -Second. 


-xb-<vr' 1 : v 

White rhinos 

World War mingle strangely 
with turn -of -th e-century stuff, 
but at least an effort is being 
made to preserve the past 
Pretoria’s pride is the Voor- 
trekker Momnnent where, in a 
peculiar, semi-religious atmo- 

sphere, the saga of the Great 
Trek — one of history's most 
dramatic journeys— is told in a 
sculpted frieze. 

To see monuments like this is 
to start to understand the 
enigma of South Africa today. 

IT WAS, I felt rather like 
-something ont of a television 
■ “ big game ” spectacular, as the 
beautiful blonde white huntress 
and I sped across the plain in 
search of the huge bull rhino 
which, just a few hours earlier, 
had suddenly departed from its 
pen (made of tree trunks) in 
the camp compound. 

Occasionally we stopped: 
once to watch a herd of 
decoratively - striped zebra, 
another time to say hello to 
a friendly giraffe which let us 
approach to within arm’s length 
and gazed loftily down at us 
with soft brown eyes. ’’Always 
stand so that there is a bush 
or something between you and 
the giraffe, however friendly it 
looks.” said the white huntress, 
prosaically. “One kick would 
kill you.” 

The warning brought me 
down to earth again. I was not 
an intrepid explorer, but a pas- 
senger in the extremely uncom- 
fortable rear portion of a 
Japanese-made truck jolting 
over the veldt; the beautiful 
white huntress was not a film 
star, or even a huntress, but the 
wife of one of the wardens at 
Hluhluwe, a game park in the 
South African province of Natal. 
And the rhino was not a rogue 
beast which had escaped, but a 
specimen from another park 
which was being deliberately 
introduced Into Hluhluwe to in- 
crease the herd. 

We were lucky. Of the dozens 
of parties out in the reserve that 
day, we were the ones who wit- 
nessed tbe dramatic moment 
when the giant bull met up with 
the rest of the herd. He crashed 
through some bushes and sud- 
denly came face to face with 
them. — another hefty white 
rhino bull, a smattering of his 
womenfolk, and one tiny calf. 

How to get there 

African Airways both have daily 
flights between London and 
Johannesburg, and return fares 
outside the main season start at 
£256— an Apex fare which 
means booking and paying for 
the flights three months before 
departure. South African Air- 
ways also fly non-stop between 
London and Cape Town once a 
week (from £332.50 return). 

Inclusive holidays start at 
about £380 for two weeks in 
Johannesburg (Sovereign Holi- 
days), and include a number of 
attractive tours designed to 
show visitors , as much as 

possible of the country— such.a^ 
a ' -two-centre holiday in 
Johannesburg and Cape Town 
rtwo weeks from £470; Speed 
bird); a 16-day holiday which 
incorporates a one-week 
“Swazi"' tour (from £607; 
Rankin Kuhn); and a 24-day 
“Safari” tour which includes 
visits to game parks and most 
of the country’s principal sights 
(from £795: Sovereign 

Holidays). South African Air- 
ways.' (251 Regent Street. - 
London, W.l) can also advise 
on ‘‘made-to-jnea sure' ’.pack ages. 

The sea link between Britain 
and_*Cape Towirwas cirtrwTBeh 

Union-Castle ended their 
regular passenger services, but 
a Cornish company, Curnow 
Shipping, plans to restart it 
shortly using a 3.000-ton con- 
verted Canadian freighter called 
the SL Helena. The round 
voyage . from Avonmouth will 
take eight weeks, and single 
fares are expected to start at 
£450-£500. The 23.000-ton 
Karageorgis lines ship 
Navarino will also cruise to 
South Africa from Britain next 

Details: South African Tourist 
Association: 13 Lower Regent 
Street,"London SWIY 4tR. 

The bulls peered at one 
another short-sightedly for long 
minutes, approached, and 
experimentally tried to shoulder 
one another aside — an action 
which the game warden's wife 
described as “playing” but 
which still shook tbe ground 
where we sat 100 yards away. 
“ Eventually they will fight, and 
perhaps divide the cows.” said 
my guide. “ But not yet” 

A party of hikers, led by an 
African armed only with a stick, 
came and watched the rhinos 
with us as the animals jostled 
each other like runaway jugger- 
nauts on a motorway. I politely 
declined an invitation to join 
the walkers as they set off back 
to camp via the swampland 
below us, and we stayed a little 

Tbe rhfnn calf charged us half- 
heartedly a couple of times, 
watched proudly by its doting 
mother, but stopped whenever it 
got near the truck.' as if overcome 
by its own temerity. Eventually 
mama got tired of the game, and 
chased us ignominiously away. 
When several tons of ririnocerous 
is charging towards you at full 
speed you don’t stop to argue — 
even if you are in a truck. 

It was just one afternoon in 
one of South Africa's many game 
parks — an afternoon of absorbing 
interest, unbelievable colonr, and 
occasional heart-stopping excite- 
ment. And if smaller game parks 
like Hluhluwe do faintly 
resemble a huge open-air zoo. it 
is all part of the equation which 
makes conservation work: the 
wildlife attracts tourists, and the 
tourists provide the money to 
protect the wildlife. 

This is au equation which 
worries many experts. They feel 
that lax many parts of the world 
wildlife is becoming too depend- 
ent on tourism, and may conse- 
quently suffer if, for example, 
political or economic troubles 
reduce the number of tourists. 

In fact it- dates back more 
than 300 years, to the days in 
the 1650s when the Cape of Good 
Hope's first colonists engaged 
in an orgy of hunting which 
threatened to wipe out all the 
game in .the Cape area. In 
1656 the colonists' leader, Jan 
van Riebeeck, acting on behalf 
of the. Dutch East India Com- 
pany, promulgated South 
Africa's first game laws — and 
also set aside as a preservation 
area the flower-filled slopes at 
the foot of Table Mountain 
which to-day comprise the justly- 
famous Kirstenbosch Botanical 

It was -a precedent which 

other national leaders were to 
follow as the colonists spread 
across the country, and which 
culminated in the setting up o f 
the Kruger National Park, an 
area the size of Wales, in the 
extreme north-east of Transvaal 
80 years ago. 

To-day there are eight nation- 
ally-owned game parks in South 
Africa, and literally dozens of 
state-owned parks. And. al- 
though they are a tremendous 
tourist attraction, the authori- 
ties insist that the parks’ prin- 
cipal role as conservation areas 
should be given priority. A re- 
quest that the hutted encamp- 
ments which visitors can use m 
the Kroner National Park should 
be equipped with swimming 
pools was recently turned down 
on the grounds that tbe park 
was not a holiday area. 

The conservation laws are 
backed by harsh penalties, and 
anyone caught taking a pot-shot 
at a rare animal, or even pick- 
ing a protected flower, faces the 
confiscation of his car. a heavy 
fine, or imprisonment. 

Fears that the establishment 
of native " homelands ” may 
affect the game parks — particu- 
larly in areas like Zululand, in 
Natal, where the elimination of 
the tsetse fly has turned the 
game parks into good prospec- 
tive farmland— seem unrounded. 
The Zulus are pledged to protect 
the game reserves and have also 
pointed out, rather dryly, that 
it was white settlers armed with 
guns who created the need for 
such parks in the first place. 

The National Parks Board go 
even further. The game parks 
will, they say. be preserved “ at 
all costs.” And that is gnod news 
for anyone who has toured the 
magnificent Kruger National 
Park, the 19.000 sq. km. of 
bush land which attracts 
thousands of visitors every year 
on everything from flying 
Coraair day trips out of Johan- 
nesburg to fortnight-long photo- 
graphic safaris. 

You need time in the Kruger 
National Park, because of its 
sheer vastness. The animals 
are harder to find than, in the 
smaller parks, especially if tbe 
weather is wet and they have no 
need to use the strategically- 
placed waterboles. but there Is 
none of the specialisation that 
the smaller parks are going in 
for. This is the real thing— 
the real South Africa. 

And it is going to stay that 
way. As a National Parks Board 
spokesman said: " Of course 
civilisation will creep nearer to 
the park. But it will never get 
inside— not even if they find 
gold there.” 

. In South Afrca, sacrifices do 
not come any bigger than that 

The SAA747 Flying Hotel 


• ■ • V • T— ¥ -■ - — 


X. . *. • 




TBose typical glowm^sunsets south 
of the equaaxxraiefisbigas the scenes 

to see and do meieisooe other great 

ottrar+inn —the Inwmct Hvr-itrricrp'amf' i e .u *c_- - • i 

Every evening, an SAA jnrnbo soars away 
from Heathrow and heads south to ihe sunshine 
On Mondays, it's our non-stop tojo'burg. 
Saturdays, we run an additional evening 
Eight- non-stop to Cape Town. 

They are the fastest flights on the routes. 

On board you can relax with sunshine 
treatment that has earned for our aircraft the 
title of Hying HoteL 

You can feel fee sunshine treatment in fee 
wann and friendly attention of the cabin staff 
intent upon making you feel at home 

It shows in the impressive menu and . 
memorable wine list that give you a very red taste 
of the sunshine country 

The sunshine-country is big, roomy So are 
our comfortable seats. These are fewer in number 
to give yon even more room. TeH us if you prefer 
smoking or no-smokmg areas. - 

South Mica there is amemoiyof 
evening after evening of glorious 
sunsets. \ 

^BigVanetv . .. 

Fofeveiy evening, great reddened 
■settings ofmount 3 uns,iiverYalleys, 
umbrella-treed game reserves, surf- 
■wa^ed coastlines coatjastwitii 
modem dtyskylmes. , 

^veiydayhrii^sife' nev^ esdtrng 

for 5-star status.; 

Discover that there is still a place 
on earth wherea plate-sized grilling; 
steak costs under£2.00, in fact, where 
even, the cost of travel, entertainment 
or alnoost anything one can buy in a 
shop just hasn’t cii^btup with the rest- 
of the world. 

::Big Value. 

jBig Wel C Pme, ^ ■ 

Yet one ofthe best dungs hi South 
Africa is free- the traffitibnal warm 



And while you're sitting comfortably yon 
can listen to music or watch a film (IA3A 
regulations require a. small charge in economy 

The sunshine treatment is SAAIs special 
contribution to travel 

And you'll find it on all eight of our flights 
from Heathrow The fastest The non-stops. 

You'll also enjoy it on our domestic routes to 
31 destinations in South Africa; and on our 
connections to the Americas, Far East and 

And don't forget, wq can fly you on first class 

on certain domestic routes. 

■four IAIA travel agent has all the details, 
or call us direct South African Airways, 
251/&Regent Street, London WIR ZftD. 

Phene 01-234 9841 

"Waterloo StreetBinningham, 021-643 9605 
Hope Street Gksgovs 041-221 2932 
Peter Street, Manchester 061^34 4436 

A marveHcnis choice of travel our 
Bfoe Diamond First Class, or 
GoMMedaUkin’Ecxraomy Class. 

Comfort all the way 

'ffiiiand&i 'nines Satoda^-Marcti 25 -ipfc •: 


FROM CALAIS to Geneva 1= 
aln.O'ft 500 miles, if yon rake 
the auinrnuie far a* Macon 
and ! lit n i hr 65 milvs of jugzer- 
nau unfesi eri road through 
Bourg-en-Bre.-s 1 ? and Nantua. 

It :s n"i. a difficult run. In 
summer; i r.v.\ if you mt«h an 
carl> ferry from D««vrr. me 
v/h-de trip r 3 *i bo completed m 
daylight. Bui m February, the 
first Town.-rml !>*■*?* t lo f i a! f 1 
a m. and French tun? -a- as < 1:11 
an hour ahead of our own. So. 
as I dn?"c out of Calais, forti- 
fied hy a hreakfast of Edwardian 
sra:idfi:r taken »o the 
restaurant of Free Enterprise 
III. the Lime v.-as close to 
ui id-day. 

Seven hours. 445 miles and a 
siia>I: lurv'h lat*r I pulled ml; 
a rnof'l at Jlao’it. I was feel in 2 
so fre-'h that the only reason I 
had nm driven .-freight on m 
Genova, v/a- that. v;ilh the 
Swiss franc a little nv'r " '0 to 
the pound, one doesn't lishliy 
spend even nne extra night 

Th - 4 rar that had parried me 
and my three pas.** n-^rs ?-i 
swiftly and comfort ably aio;*^ a 
rainswept autnroute v-a* 3 Es.I\V 

r-rtO ! 


This flagship of B?n\"s saloon 
car fleet is powered by a ?3 
litre, six-cylinder engine with 
fuel injection and an output of 

137 blip at 5.500 rpm. Most 
British buyers 111 this price class 
prefer automatic transmission, 
but my car had a four-speed 
manual gearbox In. every way. 
the b:g BMW epitomises 
driving pleasure. It sets a 
-1 Sudani of tuxury-cum-cfli- 
i-M'in.-y that most other cars at 
th ,T top end of the executive 
market would be hard put to it 
to equal. let alone surpass. 

The 73'.'i is a supremely cood 
car tor Ion? dhtaucc driving. 
High gearing makes it 
'•.'■jzeri. giving 7ii niph 3 l li.OOn 
rpm and the ret. counter is 
only just pa -l the 4.mM> mark at 
ft) inph. Engine nm-?c at this 
kind id speed is just a muted 
hum though wind mar (mainly 
caused, it would seem, by the 
lug "iiMdc mirror! is starting 
to make 11 -elf heard. Em it is 
1101 really boHier-mie and is no 
louder .it 100 mpii. which is a 
prn.-iical day-long cruising rale 
mi the auMhahn. with another 
*J 5 mpii or •" m hand. 

Third sear is good for an easy 
Jt 0 -f 5 mph a- it ho ul getting any- 
way ihe recommended 
n 4 i)i> rpm rev. limit. I look the 
B’dV.‘ U|i to Sri mph in third now 
and a sal n in dust off a line of 
i.-m.-H. but the engine is so 
muscular in ton from 45-50 
mph upwards that petrol -wasting 
high revs arc rarely necessary. 
This flexibility, combined with 

a slick gearshift and light 
clutch, also makes the 733i an 
effortless car to drive in traffic. 

I began the trip by telling 
myself I would stick strictly to 
a 77.-S0 mph cruising rate on 
the autonuitc but gradually my 
upend crept dp. The temptation 
in hold an illicit 95-100 mph on 
deserted <t retches takes a lot 
of moisting. And it needed iron 
control, ton. not to use this 
kind of cruising speed nn some 
of the arrow straight, eerily 
empty “P" road? to the east 
of the Automate dn Soleil. 

Tim- can hardly be called 
ccnnumy-cnnscious motoring, yet 
1 ho BMW was surprisingly light 
mi fuel. Overall consumption for 
a 1.257 -mile round trip. conjist- 
iot mainly of f.'-^l open-road 
driving but with some local run- 
ning in and around Geneva, was 
a frugal 22.03 miles per gallon. 
Filling ihc tank, once chc reserve 
light starts flashing takes 73 
litres Clfi g?lli>ns>. That c>»si-i 
175 francs la few coppers under 
£20 1 which makes one realise 
just how cheap British petrol is 
on the European price -caie. 

The BMW's ride is really 
excellent. The ail-independent 
suspension is soft enough t«> let 
the car Row over cobblestones 
and fmst-broken minor roads hut 
innocent of any soggines*. On 
winding roads the hi 2 car simply 

GOLF .. . 

A legend in his 

spare time 

=a tvvSS rHS’SK-f 

of golf at all levels is ^gfeffnabied him : to.- gross, 

it comes and goes from one j or 4 Sih place -m- the., 

reach with each successive day. Wg 

in most cases lurrng the uofo ea This S £eason has been a Jutal 
lunate victim baric for more- di 5 as t er j or Miller. -^ wo a. 
Whether the next dose wd [ pr^ Tucson, S 4 . 200 r-w-.San- 

vlde elation or «upmm * ^ when tying for; ; 1 1 th; 

always open *” 5 place, and 5565 m Los : Atr&de^- 

have lost count oF the times v §5.090 leaves 'knot 

have felt completely ready to AWW- ** 9St * £ 

play the same of my life on^ iff - ljst _ B ut_?Ji!Ier Jia% 

to hit the bait to all quarters ^ Heritage Class: crtwirer 

of the compass instead of m ig72 aQ(l in ^974 nera- 

tim infonH pd direction. Nor . - . • . - r - , ■ - u. -vn ■ , ^ 

BMW's flagship— the sleekly styled and superbly mannered 7331. 

goes where you point it and the 
power assisted steering offers an 
ideal compromise between lack 
of effort and retention of road 
feel. The Michelin XDX tyres 
are more shock absorbent than 
some high-speed steel-belted 
rarlials but have quick steering 
response and gave not a 
inmncM's anxietj- on roads 
streaming with water. The 
BMW. for all its 16 feet overall 
length, combines the nimbleness 
of a small car with the sheer 
comfort of a limousine. 

At first the cloth 1 rimmed 
.-scat? felt firm hut they fc''V» all 
aches and pains at b3y during 
.'jim-mile daily stints for rimer 
and passengers alike. l,egrn>'«n 

is generous far rear passengers 
and the boot is enormous. Not 
only did it swailow four people's 
luggage: there was room to spare 
for two dozen bottles of red 
Bordeaux that were too good a 
special offer at the hypermarche 
to pass up. 

The layout of instruments and 
minor controls is ergonomically 
impeccable: whatever you need 
is within fingertip reach and 
everything works with a delicate 
smoothness. Barring a token 
strip of make-believe wood 
veneer, the BMW's interior is all 
of black plastic mouldings nf 
such high quality they make 
those in lesser cars look pretty 
rough by ccmparUnn 

Standard equipment includes n 
test panel for push-button check- 
ing of things like oil,, water, 
brake fluid and screenwash 
reservoir levels before you drive 
off In the morning. The exterior 
mirror is electrically adjustable; 
there is a central door locking 
system; the heater fan has six 
speeds; and there is even a first- 
aid kit concealed in the rear seat 
armrest. . . 

At £12,149 the BMW 733i is m 
a fairly ratified' price class and] 
bevond the reach, alas. oTmost! 
of ‘us. But a 1550 -mile drive in 
one shows where the money has 
gone and proves once again that 
with cars, like everything else, 
you get what you pay for. 

MID DLE TAR As defined in H.M. Government Tables. 

H M. Government Health Departments’ WARNING: 

u.t «.v— — - . in 1 4,-' arm m-iui-t neve 


least ready so to do. ^ common tnow ledge W 

But that is golf at the base- p to t he legendary 

ment level. It is far more ^ in Texas . fo£ 

disconcerting, or interesting if ± ‘y ron - ■- - 

one is a mere hacker with, a - . ... 

sadistic turn of mind, when the - ' 

proven great golfer suddenly CSOLP' .-'-'. ' V- 

finds himself absolntely divorced 

from his ability to score- There -6EN WRIGHT- . 4 .*. 

have been countless examples of .... vi 

this type of tragedy down the " - ' • ■ a zr 

years. But I am not referring m— ^rf—i *a 
to the golfer who has been -■ ■ .• 

around so l-»ng at the top that RU! ^ an "; ^yn'narWy ^ 
his nones eventually betray S««* *™r. -^^ j^Ler ^- 

him on ihe putting ereon. and received an at' mail- ■ .■ 

makes 3 frenzied lurch at ihe bawgra-. v.-hen yet. ^ 

Hall whenever he. is within vir- iM to make the cut. frmn^ 
tually arm>-reach of the hole. ^ ftn thaL - . 

The unfortunate victim or fate ‘•■ould he.p Inin- 

'h* 1 ? rcI T ins ,s , h 

rather he who loses his game *ni> weea win v . • • t.^ 

.. . . . , interest in vie* of ms. oiui y- 

almost overrushi. mtcrc t Nuklaus ia- 

•A touching and dram. ihc e nf h is- Mastcrsr title wb 

momem occurred at the . „. p ..i. s - henvc ‘ 

monstrously difficult Sawgrass AiT^u>l3 -t 
coarse near Jccksonnllr, ^ 

Florida, last »«k durios the |! .»"» JTV S. 

Tournament Players' Champion- is jU ready bciijr hu rt. P. 
ship which perfectly illustrates proportions . . - - ni? '; 

the point 1 am trying to make, should l 

The tt.s. Masters and Open else m the Reid «un 

rfiampion. Tom Watson, started chnnre. of - rfinr .,n. 

the season as if he was intent Tilts is nnirwnn * 
bn making Jack Nicklaus a bark But when >s at.snn won bur 
number once and: for all. He Championship m ^ 
won tiie first tournament of the from ZSicklaus last 
v-ear at Tucson, tied for 17th berry, he paid .Tack A- c01 ^ y 
in Phoenix the following W7*ek, inenl that I hehcvo -is the. im t ; 
then won the Crosby and was reason why .\veklaus, w* J 3 /?; 
pint llrii in defence of his. aged ■ to Baht- • ol^.. potent 
title in San Diego: • usurpers for so - JSS 

In Hawaii he slumprd to a said at_the l«me thJvNutJau.^. 
share of 23rd place, but iramedi- nnt ncressaril> ihe 
atelv redeemed himself with a . si like r. of. a goU [WILof: JJLg 
fifth place finish in the Bob but he is. probably lh? best. t 
Hope Desert Classic at Palm at : golf imiirse management. . 
Springs, pocketing a cheque for Fans of Ben Hogan migl^ 
$9,225 on February 13 that disagree with this 
took him to , total for 197S of But Nickjaus in hu ipresent 
$103,181. Since then he has not vein of form, is estabusmn^a, 
won a cent, missing the.cut, both . mcnlal snpremacy over.evcn ^ 
- in Doral and Sawgrass. nearest rMv that is qni^. 

sss? te ^ ft 

household name. Miller *et-*n-Sucl» TO3P are 
all-time record money-winning j. 1 

hnt tiiirp hut still look home nuw in four tournaments -ps* 
fh U o «d“ of' S135BS7 for CM O.t Rodn.or, 

14th place. Last year, though, '..-l 31 * 15 a lc 0 end iri lus • P^±?.. 
Miller finally learned,, as he time 7 ' ■' - 

" • — 

The tide turns 
far Cambridge A 

to the stake-boats as the mar- 1 
ginal favourites, for this years 1 
Boat Race, despite problems , 
with sickness this past week, it-] 
is now clear that they will have . 
to work hard to achieve the 
hat-trick of victories they desire. 1 
Al Shealy, their anchor-man at ] 
six and an American world 
champion oarsman, suffered a 
recurrence of stomach trouble 
in the middle of the week, and , 
was nut of tfap boat. The crew 
still .hopes to be ahle to elude 
bim to-day. but any rearrange- 
ment at this late stage must 
weaken Oxford's chances of suc- 
cess. The only compensating 
factor is -that Cambridge this 
past week have not shown any 
last-minute flashes of brilliance, 
either, especially in the difficult 
conditions prevailing on the 
Tideway, and much- must now 
depend upon the weather and 
water conditions to-day. 

The Tideway can be a frac- 
tious and cruel" place, with 
swift and unpredictable changes 
of mood. A race ..can. start, at 
Putney In appalling bad water 
and finish at Mortlake in smil- 
ing sunshine — nr the other way 
round. Earlier this week, in one 
outing, both' crews experienced 
first, near-sinking conditions 
and then record-breaking condi- 
tions, such is the freakishness 
oF wind . and stream on this 
twisting reach of the river. It 
does not take long for combina- 
tions of wind -and wave to 
knock the stuffing nut of the 
fittest -and strongest oarsman, 
nuickly exhausting him and re- 
ducing .1 nnce-cohesive crew 'to 
a shambles. 

If the weather is moderate,, 
however, with.* light wind and- 
eomparahly unruffled stream, it 
*eems likely that victory'; will 
?n to the crew thai can estab- 
lish a load, before the end of the 
first mile, and certainly by Ham- 
jmersmith Bridge— .by which 

point the- outcome of the race 
is so often settled. Oxford, as 
the lighter crew, have .shown 
that they can get away'very fait 
and cut through rough waver*- 
' well. ev.on.wlTcn. jrbijfiits. yM S -a* 

Andy Aust- 
ralian lightwwigKr "ffiam^Qn 
who is this year's-fixfoFd stroke;- 
is a formidable. Itahi'eF-whi Poigr- 
he expected to keep, ihs: cefbe 



vrr:-:;.ji 'rfes'i' 

tightly kniped together;: Earlier 
this week they slmwprHhat Vh effa. 
were responsive iwith, - a strongs 
and powerful stride- 
The Cambridge - Vr^v, w-yh 
five of last' yearis orew 
again- this year.: led -by 
Horton, their president, iri^thSS: 
number 'fo'ur ' seaV,--~start^^^ 
undehdogs deterronedi . torjwk; 
vent ' a run of Oxford 
Their, perforin a rice fri final 
tice- has :.not pleased :ithe 
path pundits. .'botThisidhosj.*^® 
appear . to Have ' worried^ 
crew. •- - — 

For tli.e Boat Racejf is 
than a' battle' «ff .JuhtejiSraS® 
between two superb! y -traHiedJ: 
crews. It -can be" woni‘or thrown^.' 
away by. a cnmbijjaltbh of indjiyg 
factors— includi ng the skill 065. 
the cox in mastering ^ the* 
Machiavellian . tricks v. of '.the 
Tideway: the experrence^antf 
stamina- of the erridnen,**^ 
their own cnmpatibiiit.w^qE. 
temperament: the ability '- erf af^. 
stroke to coax his crew tirtheff 
final .stages Ait oxhaustiwT^-flr 
pursuit of victory, -espej: i ajfyjv 
Tinder difficult - unnditidnsa^ijdL 
especially winning ihe toss' fa 

as in claim choice of station, 

w 1.1 h Surrey gene rally, favoured 
■ by cirw!^ .a i m.iiTg ,: Lirir- ' a-'i’jtn oc~ 
'Tp.:trt nr when condition* ar® 


Q Times Saturday March; 25 1978 


'i! Alto. Alio 

by Lucia van der Post 

0 tojW time since 1 was in Paris in 
the spring but now that the pound is 
rising, the sun is shining .(some of the 
time) and we all feet a bit more expan- 
«we it seems a good moment to take a 
look at what has happened smce~last 1 
was there. 1 asked ARIANE CASTAING 
who us&l to live in England and now 
awiaes her time between Paris and the 



v -V * { DON’T MISS 

Touravne to guide us on what to see and 
where to go and what to bug. She has 
mentioned few of the obvious tourist 
musts (any guide book vnll;give you 
i-° lias concentrated on the. 
slightly more oiit-af-the-Way ideas, ■ Wig, 
sort of places that only theyarisim 
knows about , Her husband, ■ the Paris- 

oas&l photogrdpher^rACK JrflSBERG', 
took the pictures . 1 V • ='■ : * . 

ALWAYS there are the quais 
wth the bovqumistes above and 
the eternal Seine below. Bar- 
Wins are still to be had in old 
engravings, magazines, . books and 

S teraOn the Qua! de Conti 
i neft>re the Pont Nenf there’s 

who geUs re pn>- 
OTcGon postcards of naughty 
to«es from the Belle Epoque. 

Keen, collectors, and thus rocket- 
tog prices make these reproduc- 
seen reasonably priced 

Re BEardeS anx Puces is for 
the iris coumgeux. Open Satup- 
days, Sundays and Mondays. Get 
^ there early if you want to find 
afbargain but the passing-pageant 
! T i* worth a visit anyway. The 
wasteland in front of the stalls 
of antiqttdres and brocamteurs 
■ toecond-hend dealers) is full of 
orothes— — b oth old . and new: 

^everything from granny nighties 
“and ’30a slips to pnnk gear. A 
JMflfiwfoe for the young and 
energetic — but walk you must, so 
wear something comfortable. 

The city of Paris is going all 
out to create kittle (almost) 
pedestrian-only streets — and 
they are charming. The rue St. 

Andre des Arts, which runs from 
the busy Buci market through to 
the Place Sl Michel is one well 
worth exploring and the front 
of Notre Dame, now pristinely 
paved to hide an underground 
car park, ha6 suddenly turned 
into a sort of -student campus with 
all the accompanying improvised 
concerts from bearded guitarists 
and tired young tourists. 

But the newest outdoor space 
for strolling is around tbe 
Centre Beaubourg (or commonly 
known as the Centre Pompidou) 
which bas become as absorbed 
into the Hfe of everyday Paris as 
is tbe Jardin Luxembourg. There 
is a whole crop of new galleries clientele, so book a table if you feet cheap and drinkable bistro 
and specialist boutiques and Plan to eat like most Parisians aperitif. 

many old cates. Astonishing, around 8,30-9 pjn.' Between — — - - 

though it is in daylight, the Frs.30 and Frs.50 a head depend- SOMETHING TO WEAR 

Centre Beaubourg is at its best ing on what you drink. — “ — SZTI Z * — r“T 

at dusk as the lights come on. A haven for anyone -eelebrat- . ^ nn,e ™P s have just 

the boutiques close .up and inff a departure-, or' arrival . a P™* ® 

people come home from work, around the- Gare du .Nurd, or department on the fourth 

The nearest metro stops are Roissy for that matter* as. there Noiwean Mgasin. 

Hdtd de Ville and Rambuteau. is a direct train, is the Brasserie “ e TW ® Mode, many 

-The Beaubourg has its own Terminus Nord, 23 -liie.^de ^ am ?* ^° m ?' 0 P * ;? 

excellent self-fleece restaurant, Dunkerque. Tel. B24 48. 72. The ®“ iel 

which is rated good value for "terrasse! is open for. coffee, R e chter. Torrente. Ted Lapidus, 
money. But for a more snacks and drinks from 6 aun. Guy LaRoche aLl have -boutiques 
•'sympa’* ambience and a hot “d * he restaurant with/ its —the colour theme throughout 
plot du jour go to the Brise- enchanting Belle Epoquerie.from spring: soft beiges, 

micbe, a new bistro in the little 1? v a>m 'T% th ™ d ' f 

street of the same name just night- Rather fashionable be- {«» » » J name of a very 
opposite the entrance to the cause 14 1S owned , by the ; Bras- wtn-it boutique at 8 rue du 
RauSurg. About Frs.30 a head serie Flo and Chez Julien.peopje Four, Seme. They have a large 
*»■« M«.«k of trine. -boot if you p.ou on dtamfr of. tte ],t«t b,jgy torood 

Sucre <TArL At the Mus£e 
des Arts Decoralifs, 107 rue de 
Rivoli (metro Tuilcries) there 
is a perfectly fantastic exhibi- 
tion devoted to sugar. Prepos- 
terous pieces movtJev he some 
of Paris’ leading pdtijvicrs ia 
life size ostrich all in sugar 
from Lenotre), adorable Easter 
lambs from Sicily and the 
macabre little sugary skulls and 
baefe-to-the-tomb cult S-^ures 
made in Mexico at All Souls. 
There are also paintings, sculp- 
tures and collages and some 
amazing documentation for the 
dedicated suqarphile. Open from 
midday through to fi p.m. everv- 
day except Tuesday Hike all 
French museums). It's on until 
April 17. Go early as it's bedlam 
by mid-afternoon. 

Paris’ newest museum and an 
offshoot of the Musec des Arts 
Decoralifs, who have been 
sitting on their poster collec- 
tion for years, is the Musue de 
"fUBche at IQ rue de Paradis 

- Scary cats to frighten off marauding birds, made from tin with 

glittering eyes. Frs.15 from Despallcs, 76, Boulevard St. Germain. 

Naughty ladies from the Belle Epoque— from a series of 
reproduction postcards selling at Fr.l each from a 
bouquiniste. Qua! de ContL 



narrow legged trousers and lots 
of floppy feminine blouses. 

The best gastronomic events an intelligent 678 view of there) is a. charming range of 
tor the price are the Vietnamese y“ at * ? n 3X1(3 a to nn “ cotton) knitwear designed by 
restaurants. They are every- l° T ? 5t ’ n * r * Caroline Freese. She also sells 

where and the cuisine is totaUy Metro. Out fortnightly (the most that so hard to find narrow-knit 
different from Chinese. Many of. recent edition was March 16) it for Frs.45 (85 i£ you want 
the dishes centre around a garni- avalJable from all large book- it in sue He). Cerruti have also 
tare of salad leaves and fresh readable articles on recently re-launched the narrow 

mint which is rolled with some everything from current events knit tie which is good news for 
sort of fish or meat in a little bargain buys and jazz concerts, ail - those men who never got 
golette of rice flour and dipped Newspaper format — it Is .worth around to giving them up. 
into a piquant sauce. Two good the five francs. At Fenllle de Vigne Magde- 

addresses: Thu Van, 6 rue de ta take HOME leine de L6mont has a range 

Poissy 5eme. Tel: 326 30 56 (try , • «. of reasonably priced feminine 

their fondue Vietnamienne at A bottle of Creme de Cassis dresses, skirts and blouses. 
Fra22) and Quane Binh at 17, town any supermarket, epicene Nothing over Frs.350. 59 rue 
me de irEcole Polytechnique, or wine store (FrsJ3to Frs^0) is Dauphine, 6eme and 6 rne de 
tome. TeL 326 10 40 (all the the essential' ingredient of tor la Grande Truanderie Ifere near 
specialities are excellent — try the (vin blanc cassis). A finger of the Beaubourg. 
pmlet en papillate Vietnam sen), magic cassis in the bottom of your 


J, T! 

On tbe He Saint Louis at 
11 rue des Deux Pouts there is a 
brand new shop called Prohibi- 
tion- Why not? It specialises 
in games and one-armed 
bandits (these from FrsU.000 
to Frs.5,000) and there 
are some rather nice old back- 
gammon sets in wood for around 
the Frs.400 mark — also a range 
of charming inexpensive games 
for ail ages. 


The newest range of delicious 
scents, bath oils and soaps called 
Dans Un Jardin can be seen 
in all -its glory in a mini-boutique 
at Galcries Lafayette where the 
resident alchemist will mix you 
up a personalised perfume and 
stamp the soap of your choice 
with your own initials. 

Now sold throughout France, 
some of this excellent range (ver- 
reine. chevrefeuille, lotus, fieurs 
de pommiers and many others) 
is available- in London at Rain. 
42 Pimlico Road but nothing as 
yet on the GL scale. A dolly- 
sized fiacon of perfume concen- 
trate costs Fr&25, a bos of three 
bath soap tablets. Frs.33 and a 
pretty 8 ounce bottle of body 
lotion is Frs.39. 

..Ah — J 

' r ■ 

•— --Wf S ..‘. 'i 

Superb bathroom accessories 
are to be found at L’Epi d’Or. 
7. rue St. Jacques, 5 erne. 
This brass or nickel-plated 
hook Is FrsJ25. 


Best show in town is at the new 
Latin Paradiso on the rue Car- 
•dinal Lemoine. Book through 
your hotel. 


Preposterous life-size ostrich by Lenotre, all made- of sugar 
from the e xhib ition Sucre d’Art, currently on at the Mus£e 
des Arts Decora tifs. 

De lido us floral scents from 
Dans un Jardin are to be 
found at Gaieties Lafayette, 

Berthillon, at 31 rue SL Louis 
en rile (Metro Pont Marie). Tel.: 
033 31 61, has deservedly the 
reputation of making Paris’ 
favourite ice cream. Queueing is 
almost obligatory on a sunny 
afternoon (it is closed on Mon- 
days and Tuesdays) if you want 
to eat your kiwi sorbet in the 
street— otherwise you can sit at 
a table indoors. An event not to 
be lightly undertaken. 

Far. fax away and definitely 
worth the voyage for aficionados 
of Italian ice cream is Raimo, at 
59. Boulevard de Reuilly, lie me 
(Metro Daumesnil). Tel.: 
343 70 17. Here on a balmy night 
or day you can sit out of doors 
and eat your way through a sur- 
prising amount of coupes and 
sorbets. Open every day (except 
Monday) from 8.30 am. through 
to midnight 

Detail from Savignac’s mar- 
vellous poster announcing 
the exhibition covering 
three centuries of French 
poster art. 

(Metro Chateau d’Eau). Hero 
is an example or where the 
setting for the show un this 
case a marvellous 191 h century 
pottery complete with giant 
decorative ceramic panels from 
the Belle Epoque » almost steals 
the show from the posters. But 
not quite. The posters are in- 
credible. This is the first exhi- 
bition <it opened only last 
month) covering three centuries 
of French poster art 
There are many favourites — 
originals by Toulouse Tautrec. 
Mucha. Cheret. Berlhon, Loupot 
and Schwabe from the turn of 
the century and the twenties; 
many surprises and names we 
have all come to know and love, 
like Follon. Savignac and Andrd 
Francoise working to-day. Open 
midday until 6 pan., the current 
exhibition runs until tbe end of 

Harold Robbins’ film The Betsy 
has just opened before it comes 
to London (English version is at 
the Mercury on the Champs 
Elysees). Laurence Olivier gives 
a perfectly rivetting performance 
as the randy, ruthless octo- 
genarian automobile tycoon from 
Detroit. Lots of lovely ladies, 
clothes, cars and sets — and first- 
class Robbins dialogue. But 
Olivier steals the show. 


Our prize for the best Frs.15 
buy of the moment: Lex Toils 
Dans Le Paysaac. available from 
all good bookstalls. A book to 
gloat over, to keep for oneself 
and to give away to anyone who 
loves old France and the French 
countryside. Published by La 
Marnm de Marie -Claire (which 
produces the excellent monthly 
magazine of the same name) it 
has heen lovingly written and 
researched by Nicole Valle ry- 
Radot with superb photographs 
by Jean Mounicq. 

loth these restaurants are small wine glass, top up with any vin BARGAINS ‘GALORE 
funtiy affairs with a faithful blanc sec and you have the per- 

Avery rare 
# barometer 
in replica 

Limited edition ofl50 

Garrard are proud to announce a Emitted 
edition of great historical interest finely hand crafted 
replicas afaDamd Quarepatem standing barometer, 
dated circa 1700. 

- DanidQuare, one of the great hoiologists 
ofirisday, was also a distinguished maker of scientific 
instruments. In 1695 he was granted a parent for 
-“ia portable weather glass oebarometef*. 

The mstmnaent chosen for this edition Is a very rare 

• - Overall standing height of the replica is 
40inches. The body is in wahnxt finish, with finely 
chased gilded metal work. 

The edition is fimiced to 150 onljc, price £425. 

I Earii barometer vrill be 
I individually numbered, with 
Am l ien drily. . . 
Applications will be accepted 
Strictly in order of receipt, 
with deliveries commencing 
-in April and bang camplered 
by Au g ust. 

barometer may be inspected 
in tbe Garrard showroom* 
Fojthcrtieftuls-wEB. be scut - 





The Crown Jewellers 


TELEPHONE; 01-734 7020 

- Always worth browsing 
through are the large Monoprix 
and Pri sonic stores — the latter 
al 60 Ave de Champs Elys6es 
Is open every night from Mon- 
day to Saturday until 10JS0 pjn. 
For bargains by ■ the yard go 
to the Marche SL Pierre (Metro 
Barbes-Rochecbouart) at the foot 
of the stairs leading up to the 
Sacrfi Coeur. The lead role here 
is. played by the Maisoa Dreyfus 
with four floors of marked down 
cottons, silks and many couture 
fabrics and household linens. It 
is open all day Saturday and 
through the week from Monday 

. Galcries Lafayette has a bar- 
gam basement with clothes, 
china, make-up— everything in a 
happy jumble at reasonable 

For bargain hunters with 
smalli s h feet the Bally Shop on 
the corner of the rue du Louvre 
and the rue de Rivoli has a per- 
manent sale boutique which is 
worth a visit. 


The garden shop in Paris is 
Bespalies at 76 Boulevard SL 
Germain. Pots from Provence, 
baskets, books, seeds, exotic 
plants— a zinc watering can with 
a brass rose (Frs.112 for the 
three-litre size), large umbrellas 
in post-box red or storiny blue 
as worn by real Auvergnat shep- 
herds, and those lovely tin cats, 
Frs.15 (Frs J.50, beads only) with 
their glittering marble eyes that 
aim to scare the wits out of 
every marauding binL 


A jolly wooden down on a bicycle from Oggetto, 143, rue SL 
Martin, Fr&2a3. 

From Despalles it is worth 
window shopping one’s way up 
the Boulevard SL Germain to- 
wards the Pont de Sully. Many 
unusual shops— including a 
karate shop at No. 32 and the 
bett shop for corks, corkety and 
everything to do with bottling in 
Paris (Comptoir Gene rale de 
Boncbage, at No. 30 ). 

Pierrot poreelain designed by Michele Caudal for Pillivuyt. Plates start at Frs.25 each, cups 
at FrsJ& On sale at Porcelalne, rue de Vexneull, 7 eme. 



The latest bright star of the 
hair- scene is Gilles St Georges 
Who has just opened his large 
airy salon Madeleine Flaz, at 1, 
Avenue President Wilson, Seme. 
St . GiUes colffes many of the 
most beautiful heads in Paris 
(be claims to specialise In 
Blondes) but brunettes seem to 
turn out rather well too. A cut 
and blow dry (to brushing) when 
Georges bolds the scissors works 
out at around Frs.159. . 

Also near the Centre Beau- 
boucg — and tor my money the 
best new boutique in Paris for 
kitchen things, toys and acces- 
sories— is Oggetto, 143, rue St. 
Martin, 4eme. They have another 
branch at 6. rue L'Arbalete, 
5eme. Here really is some un- 
usual merchandise from Frsjj 
to FisJWO. Everything well 
made and chosen With taste and 

For lovers of patchwork quilts 
and Americana, Diane Armand- 
DeliHe’s adorable shop Le Rouv- 
ray at 1 rue Frederic Sauton, 
Seme, is worth a'visit Her collec- 
tion of decoy ducks from the 
Great Lakes is really covetable. 
Hand carved, sometimes signed, 
sometimes dated, they don't seem 
overpriced at Frs^OO to Frs^OO 

Fnm le Roomy are tltere hauharral. signed and dried decoy duefe from the Great Lrites, Between FreJflO and Frs.300. 

Sir Michael Bedgrave was 70 better. aC ' this, exercise -than 
last' Monday and Sophocles was female ones-~and sometimes at 

more than 90, Hellenists tell us. a climax as after -the departure • . . . m— — ■' Stallone in ffnrfhr w uecause 

when he wrote . Ofldjpjw .flt of Theseus (John Westbrook) Saturday Night Fever (X) tiw^ches QTaTscript have 
Colonus. The hero of that mai^- affirming his • protection of Empire , driven him btoSfa&p where 

vellously mature work, argreat -Oedipus. Chanty .-flMtihUy to The Goodbye Girl f At Warner 2 creativity cwn^*oS£h. Tie 
burnt-out case of a mail hut not the strikingly percussive - music Alt ® u-jokfc urn (A) Warner z ‘jaxx tired 

so burnt-out that be is out still composed -and '-conducted by A Special Day (AA) -Studio 3 vignettes of 4dowJnr miume 
capable of suffering, demands an Christos Pittas. ; " -Oxford St JK „ Stn 

act ° r . _°£ , ^®5*f° ne At the middle of . the play Another Man, Another contraceptives' and four-letter 

e L’k- Oedipus is confronted, by his old . Woman (AA) Star Studio words are brandished at every 



11-etOTe of ^votion to his^crcft antagonist the plausible Croon Oxford St. Swiss Scene, opportunity— birf the result Is 

!l a 3 a 5! COV ^ e i. w1 ^ 1- who, in order to lure him back. Leicester Sq. still a rag-bag- of ersatz Ameri- 

*25? to Thebes where.-his presence has skateboard (Ai ' Rite 03113 ta which, the few good 

actors whose own stature Is com- mckuiv + a »wtc Ki m , wara w xaa ^ 

-murs wq OSC own siaiui^ is C^- become necessary, taunts him 
znensurate with the role and I ^ Ws beggary jmd the abase- 
am not going to award any pm« ment be SSStnL Joss Ack- 

- dance . set-pieces are expected to 

compensate 'for a .threadbare 
Saturday Night Fever is almost Plot They do not 
e first up-to-date ■' “disco •'* 

fnr ouKtlnu whn tfcpu aiv wwiiw* r wo b whuih i-wu *<•>/ «y wu 

r°pi«S land injected an acrid dose of the first up-to-date ■■ “disco 

was e Sir MiSSe? who SSed it B ? allce ,“£°, ** TOi “ *? r JP* *ant* the cinema has given os. Ij® wrey for the dearth of 

P 1 ® 1 * 01 dial0 * ue 811(1 ,obnHurt Yet * like Stardust, American Easter cheer, but I cannot 

*h^ d S« St, TnhH 85 1318 rilMnoue son Polyneices Qrafisti and* other samples of the honestly recommend you to see 

ESS" ? t til 5 £Sf ' w “ and equally genre, it seems cling- wrapped to The Goodbye Girt either. 

Theochans and it was an^ occa- ^gv^ng. He- old man’s nostalgia: : emdng -a feeling of American comic writer Neil 

Wu. H*, Tnhn 85 1318 v»‘ainous son Polyneices Graffiti and other samples of the honestly recommend you to see 
ESS" ?J ?T 25 2 £Sf ' »° d genre, it seems ding-wrapped to The Goodbye- Girt either. 

2“ ^AF^whifJfqi/ranrarrmi 1 !^ unavailing. The- old man’s nostalgia;: wring -a feeling of American comic writer Neil 

g“ ±»S ICh coaceroed m * y daughters to this play are pat- Tbore^Were^The-Days, even Simon has here traded to Ws 
Bederave’s beautiful voice with terns °* &elfles3ness *** were though the days it is portraying sharp MaitoaftmoiieJiiiers for 

are those of here and now. The a glutinous two-hour duologue 
music, wlutli his already promt between Kmk, Mian and 

its combination of dignity, power 
and gentleness responded un- 
erringly for two hours to the 
great challenge of the role. It 
is comparable in our own tradi- 
tion only to Lear, a once 
sovereign old man at the end of 
fais tether, but here the old man 
retains bis rationality even to the 
face o f extreme provocation from 
former enemies. of filial be- 



itself In lp form to be one of Richard Dreyfuss, Miss Mason 
the best-selling pop albums ever, (to real Ufe Mrs. Simon) plays thb Bee Gees. who first rose * ptocky, tiurfr fab New York 
to fame over ten years ago: and divorcee recovering from an 
the clothes and hair-styles, affair with, ah- actor who has 
though contemporary, baric back Sited her. Enter, one rainy 
to the sleeked-down, immaculate uigbt, another actor Richard 
look .of. .the late. *508 and early 

[ ’60s. Altogether there is a sense 

trayers, and finally of the aware- uncloyingly presented as such by - a3, ®. ot Saturday 

ness of his own imminent death. Maureen O’Brien and Elizabeth "W” 1 ~~ en J < ? *£ “ 

Redgrave took us calmly BelL If only all radio produc- clunbmg the charts of top- 
through his violently fluctuating Hons were on- this level one mossing nuns with much the 
emotions, awe at discovering the would hardly need to -leave one’s same rapidity as Close £ pr 
sacredness of the place at which armchair and venture forth Into cotmters^but its pretensions to 
he has arrived, pleasure at re- the “real" theatre at all. modernity seem to me to be 

union there with his vonneer T dubious, and its throwD-tagetoer 



union there with his younger T ater 0D Siindav nieht bv “wo-raww ....... 

daughter, soured instantly by t0 £ 5 we heart * tQI 7 a - °ld-fasiuoned Dreyfuss-^O has- sub4et the 

the news she brings of her confection - of CmdervUa sent!- apartment Miss Mason inhabits 

the news she brings of her M«niW looking baeir an* Ws conrecnon oi i.maereua senu- apartment Miss Mason inhabits 

trearherous brother and the ? a ™?r ln rte fheatre a^d filml *** “^g HoUy ; (with her nuteprecocious ten- 

banie-grmmd oF which Oedipus the vantSe Stat of hS' wp0, Jv has giyen 08 m TECent year-old daughter) and amves 
himself has once again become :£!d»S? to SSrenSSon wife months ^ ' unaware that -die is. still Jiving 

a part- yet with all these fluctua- SJS^orbes or Face • ' 0ur hero !« * Brooklyn-born there, with no legal right to 

tions of the strange and fascinat- rrn.-, r e Wa rds of » ioh where vou Itaiian-American (John Tra- occupancy. He .conld cafl Iris 

ins Plot Redgrave suggested by * E0 on w new heiehts atan T8ltai wb ® wants to win the lawyer and have her ejected, 

v:_ - ,v.r *1 can uu P ew neigms at an J__«_ -nr,*/,** ->r tha Wirt ™tv intwmonM Tnrippri thf* 

his tone the resignation, the where mmnbere of other a ° nual daBCe contest at the but pity intervenes. Indeed the 

. „r ..?! : . Wnere UltHIlDerS OI Ouler h nalHhhniirhnni) iliam All unvm 1 RAMI' «w««h' with jU>nti- 

ZZ&lSL U?«L* 1 KL!!!W! 3WX « 7X£Sui-«!Z . A “ "2?AS!S^J2f«TSr 

55«!5 "9 

pnded. not in triumph, but in “mi* ^nflemtlndably enough » Itolftm frnrly, » deed- both discover, themselves to he 

acceptance. As Freud once wittily often sounded wearv Red era ve ent3 3°^ in 8 hardware shop, and lonely souls in search of com- 
observed Oedipus did not have ^p 0 k e warmly of his theatrical a racy -fraternity of fellow disco- pamonship^. 

the drama's duration. Loren,** 
all her haggard h^r audjshaaowi 
under the eyes, ts an 
Blamorous actn»*L ' .»Ra .^Ti4f • , ; 
Sastinsf-asaitwt-tjw ^5gpms"-ia 
grattiitous ahd ati rtBfyfj .rotog . _ 

as tibat of MdttBoWtiav'.tiie .- 
Italian sereen's- ujelc^s lailv. . 
killer, is a diffidCU*M ■ 
spec live bom . ■.-» • , 1 

There . h 

French director oawte^fdurik 
goes West in 
l7u>fftcr 31*4 

v. mAtrlta' itatm m a 

Sparer you the Rrtsl y 
what he finds t6c£fct.Stf0tefc it 
to jay that ^ 

coloured- camcf* Je^^iw^^oc 

the Hollywood-. Wfcitest.whM a 
mad fl .HWffli 

French Nouvelfe r^*a?n«K^prst 
' prettified then >towi«glg^ an 
abrasive dnccjatlt , -‘ sutoto^bics 
C adb add GrteW* f BtiW®.ttar 
as two pioneers: tffto tnd.:lbvo 
among the deserts- and. trenfeur 
settlements of the- «rtje . SVeft: 
but not before writeriolWRtor 
Lelouch has given us. the respec- 
tive histories of tiJqJr...fA(Jn«r 
lives and has ’. conveniently 
billed off (as- ho did' lp: ATRoi 
and a Women ) their. reapeHli-a 
former tife-partners. Tfie result 
is a piece of rmuantic 'COhlri- 
vance at oriee co*j' ’und--I*n3- 
winded^ - tastelca,- anti «igar- 
coatetU -a. fllm -wurti^v tsking 

great trouble to avoid. . .. 

Skateboard has more jofc tie 
viore and unpredic (ability than | f -- 
any of the films '^bovftuj'm- I / /} I A 
tiobed. It is aatr . Pirecctk tho if l / * 1 
story of a' hastily asiycfbled |jMnt .* * 
of Los Angeles .votin^rrs hein? 
pushed to skateboarding glory .... 
by a manic soIf-wade_ ^|»i>v. 
proneur (Allen Garfield). .ikliiw 
too - much- on auiltoncts 1 rehiTy . .. 

an Oedipus complex. This one background, bis days as a school* Jeters who spend their time ^ fifin jnterspersea this 
certainly did not master, his enormous debt to hell-raising on the streets or dironidg of dawning love with 

Karen Lynn Gorney and John Travolta In “Saturday Night Fever 1 

The translation i 
most recent by tl 
Robert Fitzgerald. 

Hen used was toe firSEfo Rache? Kemp«n W™ f 8 ° di ”S *> ff u ^°° 3 “ d SSSricf .‘SESSSm iSr « ta ^wortib^ and Quinn meeting between HMtor - to of the perio<L It is deceaL slow 

by the American work wito Guttrie Md St qfrls on the dance-floor. One day hides showing iSSijmrsutoe his Cumnmgs does what she can Mussolim. Left alone (almost), touching, and finally dull Dull 

erald. Compared rwvn?s. hi? affection and admir? he meets a “nice" girl (Karen orherstSe cw^rDreyfuss mth toe awful comic stereotype in the gaunt, huge apartment with the stylistic unadventurous- 

-anslations l have 52‘VSJSS Lynn Gorney) at a dance liaa-E. teiriE?!hfS5 mli to m of the. child who belles her block where they live, .Loren ness of a TV play.. The 

not R'Keevful. Compare "For from recordings of some of his contest Romance diossuiub. homosexual. Mason meanwhile ,7„C; STvm wCS.jEi iZl*. ZLl? ^ 

suffering? and the schooling of finest performances in Shakes- and the girl is -converted from ^ trying to gather up the threads and sentimental script m nw^ f .« 

long years. And lastly pride of pea re. Chekhov, Wilde, and be- her airs-and-graces snobbery to 0 f ^ interrupted career as a . * _. wrappedup as^ ^to^^characters 

birth have taught me patience" lieve it or not. m The Beggar's toe beros morejeal and instinc- Broadway chorus dancer. These 5° a t flSwnr*^ ' had °° existence ^ e ^ ore - or after 

(Trevelyan 1 with “Suffering and Open* at Glyndebourne. I ttve nlcemesa. sub-plots are • intermittently A Specml Day was shown at an ? sexual attraction dower. 

time, vast time, have been thought we should get at least At last that is. how. the film a funny : not loastthe first, which. Cannes last year and won good Sexual attraction on n«rpar| ^ 

teachers in contentment" (Fitz- one reference to Thunder Rock makers — wnfer Norman climaxes fn id opeuing night notices for Sophia Loren's par-, only, however, for to addition -to - I\l£ty opeiUHgS. Cu 
gerald). The choruses, the but no; he forbore to mention Wexlw, director John Badham perfonnance . atoPSt as tasteless •teayal of * dowdy, downtrodden Ws other nofHsonformua .tra- ; . ' - „ ' r : 

reflections upon Oedipus’s fate this favourite role. He did though —would- libe us to see toe plot and traumatic as Springtime For Rome housewife who briefly finds deucies (te is a radical wntre^ .^Following- . the__ Tlattpnal 

bv a group of old men of refer alancinglv to what is my Travoltas salt-of-the-eartb sun- Hitler. Dreyfuss proves himself romance with suiridaUy inctined and an anti-Fasmst)^Mastrpiamu Theatre producti ons^ - —^already 

Colon us were sometimes split -favourite among his films, his plierty' seems to me ■ almost as a . better actor with every film: neighbour Marcello Mastroianni. js a homosexual. This Italian announced— of- Eirne- ;mse by 

up among different voices with performance as the ventriloquist phony as Miss Conley’s refine- a powerhouse of overgrown- She is the. wife of an upright bnef encounter, directed by -Keith Dewhurst^ Damd -HareH 

Anthonv Newlands stron® as in Deed of Night, one oi the ment Not through any fault of schoolboy energy whose pudgy Fascist Party member (toe year Ettore Scola.Ja photographed. Jn PlentM. Horvgtos- Don Juan 

their leader - sometimes spoken most brilliant studies of the actor's— Travolta has. all toe face, spectacles and wild hair are is 1938). Her husband sets off a faintly colour-tinted black-and- Comes Back ; from the U or. .and 

in unison-asexual chauvinism schizophrenia ever seen in toe animal magnetism .(and rather in perpetual comic motion. Miss with their chndren one day to white that looks, or aspires to Ibsens Brand. WU Mine we 

Sldemale voices worts much cinema. more “ style") of Sylvester Mason plays her part for more cheer and flag-wave at toe Rome look, like an album photograph opening of a new work by Wilson 

susceptibility to fairyJai:* 
success stories. . Byi too Alov .has 
little of the -cutje-pii- jpp'mjj of 
The Bad New s Bcc«->»»r rather > 
its syrupy ' ^iequH-^-ahi. 1 jCSargcld’a j • : 
performance* Us' ' too 'trim 
manager is a marvel : T.:u<% . . , 
Richard Dreyfus?. Tif ' cafl' :»-r . 
pushy without being- t.'putai.-. 
towled and f.mrtical wbih*-- : .*• 
maf ning- bu man. anp vulnereb-?. 
Here, -variously -beset. '.by W’Uii 
loan sbarlus. skalrl'dardinR^uTi- . « 1 
dents and ■ runaway iciun- 
members, he mak a s. rtaras^ti—it . . 
geem the highest form of- tragi* , 

comedy. - ' : 

National Theatre 7; 

John' Haire. . Loa. 3tur.’«i£ . . 

ing Gbtlesloe, M3jr-55). and, toe , . 
retura of Reo Travers* V iuiider *' 
(opening -Lytiellpa. May DU. '■ 

:Lost Worlds consists of. Jiree -; • 
themaficajly Uzil ted play? hy% the-. - • . • • 
award-winning -.-Irish -writer., .. 
"Wilson John Haire. • 


Northern Ireland — 5.00-5.10 p.m- 
Scoreboard. 5AS-5.50 Northern 
Ireland News. IXA5 u News 
and Weather for Northern Ire- 

Spring Classic from Wimble- 
don Stadium; 3.50 Halt-time 
Soccer Round-up; 4.00 

Ana. US' Hbpcv D«y»- " ias PoUct 
Vomu. - - .- i . 


Wrestling; 4^0 Results 

5.85 News from FIN 
■ 5.15 Happy Days ■ - 

5.45 Logan’s Run 

6.45 Celebrity Square* ' 

.-7.30 Enemy at the Door 

&30 Sale of the Century 
9.00 Wlthm These Walls 
20.00 News 

‘ I(L15 The South Bank Show: 
* Horowitz at the White 
House ’ with Melvyn Bragg 
1L20 A German Requiem by 
Brahms from . the 1977 
Cardfff Festi\-al of Choirs 
andf ; rtwwded ^at. St . Maiy’a 
. t - : '-Churav Cardiff 
712.35 ajD-: On Seven EEfis They 
. -^BunTaCity 

^ 1M Crucifixion 78 with Geral- 
dine McSwan 

All 1BA Regions as London 
except at the following times: — 


9J» mi Animal Alcfeabet- Parade. 9JD 
Cartoon Time- 1.30 Tlswat UL28 Fnaky 
Phantora_ I04S Ttoraa. 1US VaBer of 
tHe Dinosaurs. .-JXJSS Tlam. 505 pja. 
Celebrity Squares: UO Code R. 7JW 
Sale o* Ok Centn ry. *30. TV Movie: 

Small Miracle/" Btarrlnsr. Vtaorta do 
Sica. 1X35 ajn- A Readlns lor Kaater. 


Ml un. The RoM Harris Show. 1JI 
Tlwas pin Drnoman the Dog Wonder 
and The Lane Ranger. 5J5 pa Six 
Million Dollar Man. U5 Havoc. MS 
The Sweeney. 1B3B Smith Bank Show. 

BBC 1 

BBC 2 

t Indicates programmes fat 
black and white 

9.00 a.m. Teddy Edward. 9.05 
Indoors Outdoors. 9.30 Multi- 
coloured Swap Shop. 22-28 pan. 

12.30 The Boat Race in Grand- 
stand: Football Focus (1225); 
Water Ski-big (1.00) The 
Moomba Masters; Racing from 
Kempton Park 1120, 1.55, 
2.55); Cross Country -fl.35, 
3.101 The Sixth L\AF World 
Championships: The Boat 

Race 1 2.05) Oxford v. Cam- 
bridge: Sporting Year 1973 
(4.10); 4.35 Final Score. 

5.!0 The New Adventures of 
5.35 News 

5.43 Sport/Regional News 
5 JO Jimll Fix It 
£25 Saturday Night at the 
Movies: " Rio Bravo ” star- 
ring John Wayne and Dean 

&4£ siikc Yarwood In Persona 
9.15 Kojak 
10.05 News 

10.15 Match of the Day 

11.15 Saturday Night at the Mill 
All Regions as BBC-1 except at 

the following times: — 

Wales — 8-40 s.m. Indoors Out- 
doors. 9.05-9310 Tellffant. 12.05 
a.m. News and Weather for 

Scotland — -J.55-5.J0 p.m. Score- 
board. 5.45-5.50 Scoreboard. 10.15 
Sportscone. 10.45-11.15 Songs of 
Scotland. 12.05 n,m. News and 
Weather for Scotland. 

13.00 p.m. Saturday Cinema: 
'Wuthering Heights’ star- 
ring Merle • Oberon, 
Laurence OHviex and Davidr 
Niven ,, 

4.40 Hit the Note 
5.10 Horizon 
6.00 Open Door 

630 Sight and Sound in Concert 
featuring Steel Pulse, XTC 
(simultaneous with Radio 1 

720 News and Sport 

7.45 The Book Programme:. 

Victor GoUancz, Publisher ’ 
8.15 The Lively Arts— In. Per- 
formance: 4 Cav 4 and * Pag ' 
from rhe Royal Opera 
House Covent Garden 
IL15 News on 2 

lltito Midnight Movie: ** The 
. Desperate Hours” starring 
Humphrey Bogart and 
Fredric March 


9.00 a-uu Sesame Street. 10.08 
Our Show. 1LO0 Saturday Cinema: 
* The Lone Ranger.’ 

12 JO pjn. World of Sport 12-35 
On the Ball; 1.00 International 
Sports Special (1) Squash— 
Siazenger Professional Tour- 
nament from Chichester; 1.15 
News: 1-20 The ITV Seven— 
lto. 2.00. 2.30 and 3.00 from 
Newcastle, L45, 2.15 and 2-45 
from T owe ester; 3.10 Inter- 
national Sports Special (2) 
Speedway: Daily Express 


UBI un. Scene on Satnrtay I na mU n g 
Btnhdaj Gteetbus end The Lore Ranger. 
«I Stiovr. 930 The wooer Woodpecker 
mow. aus WooMnda- HUB Island of 
Advenmre. UJD The One Chib. S2JH 
Captain Scarlet . and the Mssterons. 
505 p-m. Loean's Ran. followed by area 
weather forecast, Htehland Leasne and 
shinty results. 105 havoc. MS Sale of 
The Centnry. 705 Enemy at the Door. 
105 Feature FUmr' “Tbe Scatohunten." 
■tarring Burr Lancaster. SheUey Wtnrere 
and TeQy Savalas. XUS an. ReSecOoes. 

. Mt ajm. Lyjrt Look In. 0J» Solo'X)De» 
1J0 Mode] Rail reading UdBmited. IflOO 
Ton Can Make U. 10-40 ThnndexMntt 
Are Go. 505 iun. Logan’s Run. 505 
fiaroc. MS Sato p( the Century. 705 
Enemy at . the. Door. BOS *■ Mallory: 
CiremnstaBtial Evwlence." sutring Ray- 
mond Barr. I2J5 un. Epflogoe. 



«JV Juie. Ttowas tod offing MOB Dyno- 
mm the Dm Wonder. 1WU Tlsvas. 1US 
Elephant Boy and 1)55 Tlswn. 505 pan. 
Logan’s Ron. *05 Havoc. MS Sale of 
the Century. 705 Enemy at the Door. 
105 "The Scalphtmten.’* starring Burt 
Lancaater and Shelley Winters. fUX 
ajn. House of H or ror o V incent Price In 

IS JO ajn. The Serbs. UL20 The Red 
and the Bine. 1035 SWpw. IMO 
SnrrivaL D 30 Sesame Street. 5*0 pan. 
Sports Resnlts. 505 Logan's Rtrn. 60S 
A Dm In Your Sand. SJB Sale of the. 
Centnry. 705 Enemy at the Door. 805 
** Mallory: GrcnraatanUa) Eridence." 
starring Raymond Barr. 1105 A German 
Redden. 1230 a-m. The Man for Others. 



0.05 urn. Bnfld Your Own Boat. 930 
nswae. .1005 Batman. 1ILC Tbwas 
fconthnwii. 1105 Beachcombers. rLH 
Ttewas tcoothmedl. 5/B pjn. Celebrity 
Squares. 530 Logan's Run. 9J0 Streets 
of San Francisco. 

HTV GymrufWatas-As HTV General 
Sersloe except: 5AJ p.m. Cmitootaime. 
5J0M3B CanoUoiL. 

135 tun. Stations of the Cross. 930 
The Beatles. 9^ Survival. 930 Children’s 
Feature PHm: - Two Way Stretch." star, 
ring Peter Sellers. 1130 Gns Boneybtm'a 
Birthdays. UJ5 Snace 1990. 505 pjm. 

Logan’s Run. 60 s Happy Days. S35 
Celebrity Souxns. 730 Enemy at the 
Door. *30 Sato of the Century. 930 
Police w oman. 1235 ajn. Stations of the 


9*0 sjn. Too Dali. 930 tiswas torinding 
WlnataK With WBMo and Batman. 
535 pj»- Logan's rxbl 635 Havoc. 6A5 
Sato of the Centnry. 735 Enemy at the 
Door. 835 Feature FDmn "ttcK . . . 
defc . . . tide." scarring 1 Jim Brown. 
George Kennedy and Frederic March. 
1230 run. Late CaH. 


. 930 aum. The Rolf Harris Show.. .935 
Saturday Scene Acthm Advonture: "The 
Life and Times of GriEdy Adams." XMO 
Funky Phantom. DUO Happy Days. 1230 
Calendar Kids. 535 tun- Logan’s Run. 
635 Havoc. A« sale of the Century. 
735 Enemy ar Uw Door. B35 " McUotf: 
CSrcnmstantlal Evidence." scarring Roy- 
mood Barr. 

P A TITO 1 247m 


938 «.m. Tiswas including Dynomntt 
the Dog Wonder and the Beachcombers. 
535 p.m. Logan's' Run: 635' Havoc. ~6A5 
Sale Of the Centnry. 735 Enemy at the 
Door.. 835 •’ Mallory." 


I23S sun. Puffin's Pt&ttice. 5 35 Logan’s 


138 un. weekend followed by Hecfonal 
Weather Forecast IB.00 Om Stow to- 
ctudliig U30 Code R. D35 Weekend 
followed by Regional Weather Forecast 
and XUS Happy 'Days. 535 

Celebrity Square*. UO The Sts' Million 
Dollar Man. 738 Sale of. the Century. 
SJO ” Carry On Up the ^angto,'*, Rarrhn 
Frankie Howerd. 1230 ajn. Southern 
News. 3335 A grain of wtiest. 

RADIO 1 *«ni 

(S) SttraoMwnlc broadcast 
(Q) Q uari rnpt ionic broadcast 
6J» ajn. As Radio J. 836 Ed Stewart 
with Junior Choice ISV Including 832 
Motoring Inform* Cfon. HUD KH Jensen. 
I2JOO Faffi GambacClnL 131 ml Rock 
On <S). 23B Alan Freeman (S and Qj. 

531 Alexia Rnraeria Blues and Soul Show 
<S). 630 Sight and Sound in Conceit (Si 
featuring steel Pulse and XTC IshnuK 
taneaus with BBC-2 telerishmi. 730QJa 
*jn. As- Raffia - 

VHF Radios 1 and 2-AOO ajn. With 
Radio a. &M wan Radio L 3AA0 With 

Radio % ' 130 paos vnth Radio' 1 730- 
ZA2, aJn.' WTth Baffin 1. 1 , ' 

RADIO 2- and VHP 

AM tun. News Sammary. to 2 Colin 
Berry with Tbe Eariy show (SI, including 
*4» Racing BnBetfn. tM As- Radio L 
1032 Tony Brandon (S). 12-02 P-m. Two's 
Best i S>: UH The Eric Morecambe and 
Ernie WUc Show (Si. 138-5A Sport 
OR 2.’ The Boat Race (L30. 3J6, SJO, 5.30) 
Oxford v Cambridge: Football League 
(LSO, 3.M. S.10. 140); Athtotica (138. 110. 
430i: Swimming (UO. 105. SJO. 4.501 
Coca-Cola International; Racing from 
Kempton Part OJO. 2.M, 100. 3.30); 5.M 
Snorts Report: classified fool ball checks 
at 100 'and 145; rugby round-up 125: 
Motor Sport 130. AM Europe 78. 7JS 
Would the Last Bastoamua . . . 7 JO 
Radio 2 Top Topes rS>. 8J» Terry 
Wogan’s Music Night (S). HL02 Sottmiay 
Night with the BBC Radio Orchestra; iS). 
1LB2 Sports Desk. U30 Alan DeU with 
The Saturday Late Show,' Inducting 1230 
News. 2J0-2A2 son. News Summary. 

RADIO 3 «4m,St(W&VHF 

735 ajn. Weather. 8JD News. BJ2S 
Aubade iS). MO. News. 935 Record 
Review <S). ' U35 Stereo Release (S). 
11® Robert Mayer Concert (S and Q). 
12.82 p.m. James Galway aetecu records 
fS). 1235 News. ' UO Heritage. 1.15 
Jam Record Requests tS). 2J» Bach's 
5L Matthew Passion, part 1 ts>. 338 
The 'House an Seeker Street by Mldud 
J nhnw m (anegarical vena drama) <S and 
Qi. 330 Bach's St. Matthew Passion, 
part 2 «>.' Critic’* Forum. 638 
Berlin PhUharmoalc Orchestra «S). 7 JO 
Internationa] Organist (S and Q>. 830 

Reinrlch Von Kleist itslk by George 
Steiner). SAD Brahms chamber music 
on record. 9JD Youth Orchestras of the 
World, part 1 IS). HUS California Re- 
vtedied by Clanry Sisal, pan L UL2B 
Concert. Pan 2: Stravinsky iS). U3N 
Sullivan and the Royals (talk hr sir 
Cecil Parrott). - XUS -News. IUO-ilos 
A nd Tonight’s Schubert Song (S>. 

Weather. ■ programme- roe 
Regional News. 8J» News, 
on 4. MS Today’s Papers, ” 
CaH. MO News. U» - 

■^^^j London JBroad tasting j : 

TAOWbSSS •* -r - 261 n. and 97.3 III? 

'-WehiaUonal ajn. Monrttus Kutl<- ' 7.03- A. V..:- 

CaH.' 930 News. 9» ■WtaafiSnS- . -*» aJit. MornlnK. Kurir 7.oa-A.V..f 
Asstgnmenf. 930 The Week hi.- West- **’>'*■«• h-.aturci. r|«rw. 

minster. 935 New# Stand. JIU5 Dally XW» JribdMHie. - LM pja. baiunlaylSwcf. 

minster. 935 News stand. MU5 Dally JteHybWie. • 110 pan. haniPdaylSieiri. 
Service. 3030 Pick or the Week is>. Bute Mot 't. 030 DmWpii AJjk.-rf.- 7.» 
Wards from .the Cross tn. 2130 Science Gw Mata: mnr.u-. mf.vmarinn. Jn'i-r- 
Now. XtOa News. 22.02 twu. JSmra JftkJWOte ’WUlWrltafci 
Galway IS) I as. Radio 3). tXZSS Weather. »•» NigMUae. U*L5J».a-m. Nisht Eairx 

programme news' VHF karept .Ldwfjm .en a _|k_i-'j|«jr rt 

and SE) Regional Jlfiws; X80 NCWO. «aS' SMUm . , 

Any Qwsoonsr ' -2U» War and Peace. •, 194 ib'XR(I 93.S1W 

ON. News. . IMS-Dbas He Take Sugoi? AJ)0 aJu. Kerry J'iu.y's ■Sruakia-.t tiww 
tPOTMT on rNcrocL, 435Tbe Thame#: tsi. -gjfl Help A X>in.1oa child • tsu' 
How Sweetly Docs It Hite? 5J0 XaleMo- . 40ii-itn«i.->€n-g FMwantVr. Soul sreotrim- 
Encore. 530 We%: gaffing .. . . <51. 9J)0 'Nicky Horne 1 J Muiiimy'Svt.Mrr . 
JS3S Weather, prana mum-' news. (HHFl. (SL 1230 Mike Altoui Aim man Ct.-uu 
RCKknal New*. MO i New*,;fc25 tieswt iS>.^32JJ0 Alike Alk-n's Uuk-u tt EbojM. 
Uand Dtaw. 630 Slag i '2te a.m. Night I Jlzb: ,T | 

Robert Robinson. 730 17kra(k You Have ' T 

Wred (SI. 830 Sanudw-Nigltt Theifre: 

" The Ivy Tree." 938 Weartter. 1030 CHESS SOLUTIONS V ' r 

uj \““ SolDtion lo Position No. m •; 
Oor OMm- UJSM. y. , x N _ R5 , NsN . 2 Rs j> L . h jT R . 

“The Ivy Tree." 938 Weathhr. 1830 CHESS SOLUTIONS 9 ' 

uj \““ Solntian lo Position No. m 
oor L V , . • ! N . R5! NsN; 2 Rxf> eh. &. 

RHP Ratlin Titnflnn \ ® QxKP ch. K-Ql (K-Bi; 4 jBt 

bbl Kaaio ^onaon t 4 R . Q1 tfh K . B2 . 5 ,1 QG 

306m and 94^ VHF maVe- U 1 . . . . Q-Bl (or^ifii; 
UO a3n. Aa Radio 2. 732 Good Fkh- 2 RxP ch, PiB; 3 QsF ch, ft!)!: 
Ing. 830 News: weather, traffic, shdp- A rjJTfi mitP T • 

ping, sports ones. , 335 . The Loodnp. * ; « » ' A 

Gardener. <38 Davfd 'Kremer vKh Sature .SonlHOll to Problem No. ZjB 
£H..? c *SfV *n»^, 1 R-K4 (thretst' 2 B-B41. M«7; 

Robbie Vlafcent Saturday Show. 230 pjn. b R-E5 nr -if V-'fN T 5> olsk'ulilia- 
Bob Powel with London Country. Ate 7, ££2* ° l “ 

Marjorie BObow.-wfih (Hose Up. ' 530 “ br if 2 l»-Ko. ‘ '5)1 

Sounds Good. U^Oose; Aa Radio 2. .1 H-Bi? N-Q5! tu* 1 QK47 JHlt 

Sounds Good. &3»Oose; AS Radio 


■ 434m, 330m, 285 m and VHF 
t Medtami Wave only 
. .830 a-m. Yours Faithfully. 1635 
Weather. programme news «VHF> 
Regional News. 73o News. -7J0 Ou Your" 
Farm. 7J» Todars Paper*. 7.05 Yours 
Faithfully. 730 Ira A Baiyalo. 2735 


1. Little Home twi the Prairie 

2. Lavernc and S hirley . 

- 1 Threa*s Com pa ny ■ - 

4. Ail in the Family ■; 

5. Happy Payv .' .y ; ~ 

6. WaltoHA . . ; 

7. Alice... 

8 . - Mash 

9. 60 Minutes . • 

10. Charlies Angels 


3T. 0 N fiC 
jyj o A BC 

-2S3 fl BG 

28ff • . cjs 
- a bc 

: 1S J9 v . jc bi- 
2j5 J ' C 8& 

25 JP C B S 
24* C BS 
2A2. ABC 

tidh ? 1 

Convey I 

News'— • 

C.C.— Thcie fieatrci accent certain credit 
urdb by telephone or at the bp* office. 


COLISEUM. Credit cares 01-240 5258. 
Reservations ot.336 3161. ENGLISH 

NATIONAL OPERA. Tonlplit. Wed. A 
Fri next 7.00 Force of DeSHnv: Toes, 
& Thors. 7.30 Don Giovanni. 104 
balconv seats always available day Of 
perfo r mance. 

AMBASSADORS. CC. _ U36 ”71. 
Tonight Red. Prevtk E»BS. S-0. Man. 
Toes- 3.0. Sat. S-D- 1st NlBfrt 29 at 7.0. 
A Rock Revue 

Die Rollins Stone* Story 
Good Friday at B P.m. 


Warehouse. Don mar Theatre. Covent 
garden. 636 6800.- BookMwtwVw 
BSC seesen tram ajwii i o. atrimiiaero - * 

k . ABGA — THZMCVIE vU) . RroosJl Jft , 

i , 5 SkmlS - Laic Sht]#i 4o.5tSp^ V 

’•SR'UJR-MAN iU>. -2-?S. S.U.- y.*S 'n 
light up Jot life .ai . . 

j. Q5. 7J5. Latn.Snovr .il ■Gin. tT ! 

X 1 ? £ Wri SHCE A VmORE. 
hi reperttera. Advance Bless. Aldwych. 
All seals £1.60. 

COVENT GARDEN. CC. 240 1066. 
iGanfencharec credit card* B36 6903 L 
Te^lav 2_OQ pjn. A 7.30 p.m. Manat. 
Wed. 7.30 p.m. Tba Sleeahra Baa at y. 

Mon. & Thur. 7.30 o.m. II Tinv a tore. 
Tog. 7.30 pjn. idpmenoo. Fri. 7.30 P.m, 
Deatti In Venice. 55 Amphi’ sew for an 
perts. on sale from 10 a.m. on day of 

APOLLO. 01-437 2663. Ewv 6.00. 
Mats. Thun. 3.0. Sat. 5 and 6. 
(Actor ol The Year. E. SWJ 
"IS SUPERB." N.q.W. 


ARTS THEATRE. 01-836 2132. 


DUKE OF YORK'S. 01-636 S1ZZ. 

Eras. 8-00. Mat. Wed- and Sat. at 3.00. 
In Julian JnUttheH's 

" Brilliantly witty . . . .no one should 
miss it," Harold Hobson (pranui. Instant 
credit card reservations, sinner and ton 
price seat £7.00 - 

" Hilarious . . . see IL" Sunday rimes. 
Monday 10 Thursday 8.30. Friday and 
Saturday at 7.00 and 9.15. 

FORTUNE, 636 Z23B. Eras. 6. Thur*. 3. 
Sat. 5.00 and 8.00. _ 

Muriel Pa* low >9 Miss MARPLE tn 
Third Great Year. 

-PEN SPACE. 01-367 6969. Era*. 6.0. , 
Triple Acrioos. ORPHEUS. 

ALACE. Credit Cards. 01-437 8834. 
Mon .-Thur. 8.00. Fri- Sat. 6-00 and 6.40. 

ROYALTY. Credit Cards. 01-405 8004. 
Mondnr-Th on day Evenings 6-00. Frldai 
S30 and 8,45. Saturdays 3.0 and 6.0, 

ICCADILLY. 437 4606. Credit card blus.1 
636 1071. Eras. 8. Sats. 4.45 and- 8-13. | 

London's critics vote 
Best Musical of 1977 
BooMnns acccptEtf . — Maloy credit cards. 

Wed. MIL 3-00. 

Era- Standard Award and 5WET Award 

SAVOY. - 01-636 8868 

Nightly St 8.00. Mat. Wed. 2.3Q. 

Whitehall.' 01-930' 6692-7765 
. Eras, b;m. Sat. 6.45 and 9.6. - 

rani Raymond presents the Sensational 
5*5*. R 5\ ° e . ffiw Century 

' P-*^— “ Pracwh a'mtnn nubile detitand 
.evtra perts. on 
Friday BAB and 9.0Q from March 31. 

? Si : 

Leicester sou are tnfai 
olive bl n^BTsu^T 
. many Other siars, - - 

Royal Shajtwpeare Company In 
.. nr .Peter Nichols 

Sat. 5.00 and 8.00. 


Arc. EC1 . 337 1672. Until April 1. 

Evs. 7.30. Tonleht Tues.. Thors. A 
Fri. next: Clonal Lost in FiWiaWaJkvn- 
doffi.'Shlten'UntRtod Mon. and Wed^ 
Ocellus; Until led Monkshood's Farewell; 


astoria theatre. Charing Cross Rose. 

01-734 4831. Nearest Tuba: Tottenham | 
Court Reed. Mwi.-THutv 8.00 p.m. 
Friday and Saturday 6.00 and 8.45. 

Histint Credit Card Reservations. E« m 
our lull v-l teemed Restaurant or Bullet 
•Bar lunchtime and before or rtrer show 
— bookable in advance. 



01-936 4601. 

Eras- s.0. Wed. Mat 5.0. Sat. SJS. 6J0. 

■8. Mats. Thur*. 3. Sats, 5.0 and 6J0. 



The Worlo-famous Thriller 
” Seeing . the play again Is in tan an 
utter add .-total lov." Punch? 

“It win run ana run again." S. Tel, 
“ Bland of comedy. Barttesmanshlb and 
disguise- Times. 

Eras, f f to %A. Mats. £1' (a £3. 
Good Friday and Easiar Monday B p.m. 

In the 




■' Go twice.” S. Moricy. Poneb. 



■ pire cuy by i, franco 1, zefFiRell1 

hundred Years." Sunder Times. 

tUNCE OF WALES. CC. 01-920 8681 . 

MtHKiay w Friday »t 6 p.m. 

Sat. 5.30 and 8-45. Mat. .Thur. 3.00. 
— The Sun. ■ . 


ririce Ntqfttly 6.00 and 10.00 
- OPfN.PNDAYS S.00 and 6.00 . 

PALfL RAYMOND orese-Hs ' 

: oft « 

rwaajsfSSin « 

Yon ruey- Brink and smoke In the 
.. ^udUoiiuff) _ 

ww MiH>, * - *■ ’ * 


MO* -hat.. 1.357^,305 
*»■. MS 7.45. Lain ariow m J* 

lr& ! 

tr - 

li- 4 L Sw, J? lor-8-te. Proa; 

ESi SSw?.' **?:»*{ 

■ ■ J 

. sarrutfl (to April 81 
■ • -and from aptH 10 
(of '• CortcMlons oi ” films lamei 

Eras. 7.30. Mats. Thurs. 3.0. 5a O. 4.0. 

Or 1976. T»7T and 1978! 


Sunday PeocHe. 


CAMBRIDGE. CC. 01-636 6066. Mon. .to 
Thursday SAD. Fri.. Sat. 5.43. B.30. 

" PULSATING MUSICAL.” Evenlnfi News. 
Seat Brides £2.00 and 1S.00. 
Dinner and to > price seat £8-25 Inc. 
Good Frf. x S.4S and 8.30. Caster Mon. i 
at a B.m. 

GLOBE. 01-437 1 592. Eras. £L0. Mats. 
Wednesday and Saturday 3.0. 
•• Brilliant.” rime Out. '* An Imoortant 
Play.” D. Exp. "A fine play." Timm 
Directed by HAROLD PIW7ER. 

SHAFTESBURY. 836 6596. 

Era*, at B.Q. Mats. Hub. Sal 3,0, 

!_• . Jobrr. Reardon and Joan Dfener in 

ALBERT. CC. 836 3878- Credit card bkgs. 

836 1071 (ewept Sat.l. Mon.. Tuev 
Wed. S Fri. 7.45. Thur. 4 Sat. 4.30 A 8. 


with ROY HUDD ana JOAN TURNi*. 
ABLE TO SEff IT AGAIN.” Dallv Mlrrw. 

COMEDY, 01-930 2578. 

Evening 8.0. Thur. 3D. Sat. 5 30 8-30. 

Margaret COURTENAY, Dermot WALSH 
“'Blackmail, armed robbery double Muff 
and murder.” Times. “A Good deal 
of fun." Evening New*. 

GLOBE THEATRE. 01-437 1592- April S. 


UEEBTS THEATRE. CC. 01-734 1166. 
Evenings 8.0. Sat 5.0 and 8-30- 

Vanctv Club of GB Award 
A New Play by alan BENNETT 
Hays and Players Loo don crltlca award. 


That legencarv musical 
COLOUR.*’- t.. Ndwa. 

r STRAND. 01-836 2660. ErtMnss 8.00. 
MaL- Thun^'3.00^Siturda^5.M & 8.30. 

WYNDHAirS. 836 302B. credit Card 
boaklnn B36 1D71 e*. SatVl ' Mm; 

-Thats. J«a. an* SaL-SA? and rjo" 


and «d n i«,." 

■ with 

LAUGHreR. Guaralafl. 

DDEOte. HAVMARKET. fSSff «3l4 |7|»' s *'-. ... 

;<At ; ■ . 

5n>, PfOBv; M5 : •, . 

OlY.aHS.rft.00, q<U04 taa 
. a!aw Fri. and Sat.;f»rdo. Comm? I l} S P» “ ■ ■ 
Feature 12.00. . '-'AtC-sEftte MaLti . • i «• 


TWRO KIND • Itagy pivt 

Ocjof* apeti Iiooa not stiBJ^f-OSM 


.YCK BOURN'S New Comedy 


Evonlbps 7.30. Met. Sats. L30. DON 
JUAN. A’Camedv bv Moilfrre. "insm-. 
merer It •warmly,’* F. Thn« 

ALDWYCH. BSG 6404- Into. 83B 5332. 

No peris, until 4 Ann!. PubHe bootrinb 
in person or by teleOhwie im w open fa r 
new London sw» of Shafceaaaare’a 
SreNRY Y and HENRY iv wavs irom 
Stratford. Bo* 0«re ed«n 10-00 4j°- to 
6.60 pan. telesed Good Friday. Easter 
Saturday and Monday). RSCs new 
WAREHOUSE Mason at rite Pon«n«r 
Thettre OOWI 1 0 Abril BOOfc J" 
peraon or br post or tetophPto (01-836 

CRITERION. CC. 01-930 3216. 
EranlnffS B. Sets. 5.30. B 30: ThurS. 3-0. 

** Impeccable . . a mr««r." Sun. Timas, 

” HILARIOUSLY FUNNY.’* N. of World. 

DRURY LANE. CC. 01-836 BlbB- Every 
Nlght 8,00- Matinee Wed. and SaL 3JM. 

"A rare, devastatlnq. loyous. astonish lug 
stunner," Sunday Times. 

PAYMARKET. 01-950 9032. Eras. 6.00. 
MIL Weds. 2.30. Sata. 4.30 and 8-0. 
Easter Monday 8.0. 



■■ iirarid Berqman. makes , »«s . stiMi 
rreMrtft- ■ unassaHable charimna." O. 
Mail. '* Wetofv wnw is sbpw>> - S- 
, ' -' Mirror. - ■ 

LYMOND REYUEBAS. CC. 01-734 1593. 
u 7 o.m^ 9 P-m.. 11 D-ffl. (Ooen SmjaJ 
PAUL RAYMOND presents 

■ Folly Air Conditioned. You mar 
drink and smoke In the audlMitom. 

ST. MARTIN'S. CC B36 1 443. E» s . g lHl 
MaL Toes. ZAS. sat A Fri. s 4 J 

8 JMJ Dining. Dancing. 9. So Super 

rasle dazzle 
and at 11 p m. 


YOUNG VlC inear OW Vie;. gz8 616A, 

riiiinim.M ,4S . ROSENCRANTX* 
'boolrino lor soaton of Rgygl Shakes- 

B^p| < MAr , RE™ »»*™ , * , R Sr5dS. 
Bon or MACBETH opening April 4. AH 
£Z.D0 (Heavily ho3«5 Mill May 



Eveitlngc 7.30. 

By^N^i ms* 

730 1554. 

ABC 1 It 3 Shaftesourv Ate. ,836 Am 
Sra^Pe riS, ALL .SEATS BlrtBLE ' 
-.It Tho Twelve .Tiski of Aarrrlt wi. 

* te-i-w- s.jTs.m, .. . Wk 

Wk. & Sun, 

2.00/ S.10 8.10. • Late mow to-mpat 

Dcwt ami iiooa not suuJ 
4.13. 7.4S. Late . awfv TMS.-S4I* 
_? a on 11 15 fUU. A3.-MBt<-M« 
_b* hoehoti-m t wi-HM Ml- n m. era^ r _ 

t inri LSP’, Lal « Saw *rt. 

12.00 mmnignt aii x+m owls, w-^ 1 ,"v | y?s*Tr, . 


C U : -1 SO. SVm 1_. 


2 U 1'S. ™ a ' « 


VAUDEVILLE. 836 998B. CC Eras, at 8. 
MaL Tuca. . 2riS. S«te. S ana p 
Dinah SHERIDAN. Dulele CRAY 
Eleanor SUMMERFIELD. James Grout 

another who. 

485^3.^' Camd “ T «" 

f Con 
set ml now o 

ftoSV 12.55. 2.5S_ tS.30 . fl7i0. 

Sat.^T' ” : - 

Ei, w oody AlUwjiDJaag keSfairTbu 
W'l Sleeper I At S.s* 8.50. .tX-OS.' Lr 
^ 1 

S-'O. b.m?* L mw-sha w 
4, The 

Robert Bresson's masterptoe* 
2^S. 4X15. -s^Q. 9.00. 1 1.00. ! 

the west End yet again with tnotlCS- 

mys te ries.” p«Mx Barker. E*. 

Financial Times Sat urday Marche 25 1978 



Kitchen sink and all 


IF YOTJ want a more modern 
home, is it better to transform 
?he house you are living. in, or 
mart afresh by buying another 
property? Either way you are 
in for aggro and cost. And if you 
decide to improve rather, than 
move, where do you. start and 
how far do you go? 

As far as the Jones’ were 
concerned it all. began with the 
Kitchen sink. “ We just couldn’t 
stand the sight of the old 
enamel one any longer,” said 
John and Mary Jones, whose 
miniscule bouse, part of a north 
west London terrace built in 
the 1850s, had been “ modern* 
ised ” by previous owners. But 
near post-war contemporary 
decor had long passed its prime. 

The trauma of moving to a 
bigger more convenient house 
held no appeal, as what they 
really wanted was' to trade up 
on equipment and fittings rather 
th a n space. But they soon dis- 
covered that when you replace 
one ancient unit with something 
new, it is going to make every- 
thing else look shabby, particu- 
larly in a kitchen. And what 
about the condensation, a prob- 
lem they had always intended 
to tackle, but never got round 

Gradually, what had started 
off as a fairly basic crae-off job, 
developed into almost full-scale 
rehabilitation. They did a lot of 
work themselves, ‘calling in the 
experts for. services such as 
plumbing, gas and electricity. 
First the kitchen walls and ceil- 
ings were lined .with Kotina, 
rolls of expanded polystyrene, 
to insulate the surface, keeping 
the warmth in and. the cold out, 
so reducing condensation.' As a- 
contemporary natural wood look 
was, wanted, deal planks on 
battens went over the top, giv- 
ing the tiny kitchen the intimate 
air of a small log cabin. 

The new fitting? — stainless 
steel sink unit, gas. cooker and 
electric refrigerator— took up 
incre space than the old ones, 
so the hinged door had to be 
put on sliding door gear (Apex 
single' aluminium track with 
nylon wheels and pelmet kit on 
top) to give' ease of access. This 
opened up the whole of the wall 
surface behind the dx»or for fix- 
ing minor domestic items. Exist- 
ing cupboard doors and window 
frames were painted With ICFs 
Dulnx brilliant white gloss. 

The bathroom suffered from 

condensation as well, plus a too 
high ceiling. Extra insulation 
was contrived, and an ugly bulk- 
head hidden by lowering the 
ceiling a foot A false ceiling 
was . put In using the Lumite 
system, a metal framework filled 
withjanels of textured' acoustic 
material., Again the wallswere 
lined with expanded polysty- 
rene, and papered with Nova- 
mura, ICI’s new vinyl wallcover- 
ing where you paste the wall 
and not the .paper. 

Work continued throughout 
the house. More repapering with 
the help of the neighbourhood’s 
41 little-man," and re*arpetihg 
in parts — disaster struck in a 
big way when the carpet fitter 
was stricken and everything, was 
in chaos until a - replacement 
arrived. “ Coordinating delivery 
dates of equipment with services 
was the worst nightmare.” they 
admitted, for as professional 
people they couldn’t slay home 
all the time. “ Planning, perse- 
verance and patience was what 
paid off in the end. The cost of 
the operation was about £1,000, 
for the bathroom, kitchen and 
overall decorating, but not 
counting our labour or the 
carpet An expensive - kitchen 
sink, but cheaper than moving!” 



Knight Frank and Rutley are the agents, for Mare lands, 
Copsale, asking La the region of £130,000 for the property, 
which is about 9 acres with a lake, two ponds, hard tennis 
court, orchard aim two paddocks, stable and two doable 
garages. The original parts are believed to date from the 
Tudor period, and the bouse was extended in keeping in 
about 1934. Scheduled of architectural and historic interest. 
Grade II, the house Is compactly arranged with beamed, 
colourwashed and partly tile-hung exterior covered in 
wisteria. Accommodation includes 4 reception rooms, staff 
sitting room, 6 bedrooms, 3 bathrooms and 3 secondary bed- 
rooms which could form a separate fiat, and there is a cottage 
with 2 reception rooms, 3 bedrooms and a bathroom. 

More Cornish 

IN WHICHEVER direction your 
Guildway home faces at The 
Downs, West Looe, Cornwall, 
you’ll enjoy panoramic views of 
Looe Bay or of the valley of the 
Looe rivers: The development is 
situated on the- top of the hill 
overlooking the ■ Cornish sea- 
side town and the vari-^y of de- 
sign, external dad &as'-. 
grouping of the homes em 
that the development retains an 
individuality of its own in keep- 
ing with the scenery; The de- 
veloper. Shire Developments of 
Plymouth has taken hill advan- 
tage of the doping terrain by 
including garages in the under- 
building of several of Ihe 
bungalows as well as terracing 
many of the gardens. In some 
cases, bungalows have been 
linked by an integral garage. 

Shire Developments is a 
family concern employing an 
architect and an assistant in the 
office at Plymouth. The ate 
manager. Hr. Cowley and his 

wife, who is the selling' agent 
for the homes, live on .the site 
where' a work, force of. 14 is 
employed with sub-contractors 
for plumbing, electricity, plaster- 
ing and bricklaying. Under the 
Gufidway' system, where the 
superstructure is manufactured 
in the factory from - standard 
components, . construction time 
is swift — a similar version to 
the Cowley's luxury “ Bahama ” 
bungalow, which was modified 
to Encompass the views, can 
take a&dittle as four weeks to 
complete 'including the footings. 

Development has.- been' 
planned in thV^e phases, the 
first of which, nearing comple- 
tion, consists of 112 dwellings. 
The second phase Will com- 
prise 90 dwellings and thfe-third 
a m inimum of 100. .. ' 

Three/four bedroom bungar 
tows cater for the higher end 
of the market, selling at be- 
tween £17,500 and £27,500. In 
this price range you can expect 
a luxury kitchen, fully fitted 

and tiled bathroom and shower 
room,, central -heating, double 
glazing, fitted cupboards and 
vinyl wallpaper . throughout, 
with telephone installation and 
road charges included in the 

For the lower end of the 
market, between £8,995 and 
£11,395, catering for the first 
time home buyer and retired 
person living on a fixed income, 
two and three bedroom semi- 
detached bungalows are on 
offer. A popular design, intro- 
duced by the developer, is the 
two-bedroom version evolved 
by dividing, a shell in half to 
produce two semi-detached 

The middle range varies from 
£12,950 to £16,950, the specifica- 
tion including electric central 
heating, coloured bathroom 
suites and emulsioned walls. 

For illustrated booklet, write 
to ' Marie L. Cowley, Shire 
Developments, 25 The Downs, 
West Lboe, Cornwall 

There can be few English villages which retain, virtually 
ini act, their original medieval layout. Such a village, how- 
ever, Is Ftexton, a charming nnkpoilt rural community 
between York and Hatton with a far-reaching view to the 
Minster_ One of the principal residences in the village is 
at present being offered by the York office of Jacksoo-Stops 
and Staff. Known as Flaxton House, It is mainly of Georgian 
origins although parts of the house are obviously of much 
. earlier construction. 5/6 beds : £65,000. 

Pf.jr' -1 

Bybrook, Cheriton, near Alresford, Hants, is In need of some 
Improvement, the bouse currently having 3 bedrooms, bath- 
room, 2 living rooms kitchen, utility room, small garden and 
the unusual feature of being approached by a foot-bridge 
from The Green to the front door, across a stream which 
meanders past the house. Offers in the region of £25,000 
are being sought by Pearson’s Alresford office. 

CONVERTING stately mansions 
to provide flats of grace and 
character continues. An 18th 
century hunting lodge in sweep- 
ing lawns, at Quorn, Leicester- 
shire, described as “once the 
home of landed gentry” id “one 
of the best addresses in the 
country.” has been converted 
“with dignity” into 11 luxurious 
flats. Elegantly finished, with no 
expense spared on the fitted 
kitchens, 1 and 2 bedroom apart- 
ments are from £14,750 to 
£26.000. Enquiries Davis Homes, 
Forest Road. Loughborough 

In Cornwall. Heligan. one of 
the stately homes of the Prin- 
cipality, for centuries the home 
of the Tremaynes, dates back to 
1602. Extensively altered and 
added to in the 1730s, further 
additions were made in 180 
giving it the imposing Georgian 
appearance it still has to-day 
Now its gracious interior has 
been converted to 22 fiats oi 
which more than half have been 

The architects. Buxton, 
Truscott and Wall, of SL 
Austell, have taken great pains 
to retain the period features 
such as the entrance hall, grand 
staircase and galleries. Each flat 
has its own individual character, 
with no two exactly alike. They 
vary in size from a bed-sitting 
room unit to a three-bed roomed 
unit and a two-bed roomed 

A lift serves all four floors, 
there is a refuse disposal system, 
automatic laundry facilities in 
the basement, and special wine 
bins “for those who wish to 
store their wine as it should be 

Heligan is close to the South 
Cornish coast, about two miles 
inland from the fishing village 
of Mevagissey, with a four-aud-a- 
half-hour train service to Lon- 
don from- St. Austell, six miles 
-away. The apartments, which 
cost from £9.750 for one-bed 
accommodation to £17,000 for a 
three-bedroom ed apartment, are 
being promoted as permanent 
homes or holiday pied-a-terres. 
Brochure from agents John D 
Wood, 23 Berkeley Square, WL 

8 King Street, 
St Jameses 

Td: (01)839 9060 


AT- „ > 


>*?**•" •- V 

*&. y' , 

' ‘ •*’' • v ' j: 

, ■ 

Set of six Meissen armorial 
teaspoons, 14U> em long 
Soto, Monday, April 3 

Among the more interesting side-lines of the 18th Century 
porcelain factories was the production of spoons, butter- 
curlers and handles for knives and forks. Although at 
the time this was probably quite considerable the very 
nature of the pieces themselves has resulted in the survival 
of a relatively small proportion: It is, therefore, an exciting 
moment when a set of six Spoons, such as those illustrated, 
appear ou the market As luck would have it. these come 
from the most splendid porcelain service ever produced. 
Known as the' Swan service, it was made for Johannes 
Count Bruhl by J. F. Eberiein and J. J. Handler in die 
late 1730s.- So many were the pieces in the service that 
deliveries continued until at least 1741, hi which year these 
spqons were most probably supplied. Although larger 
spoons from this service have appeared, the present set 
of six spoons for tea or coffee are all those known. Tbfey 
are included in Christie’s sale of Fine Continental Porcelain 
ou Monday, April 3rd. For farther information on ilis 
sale and sales of this kind, please contact Hugo Moriey- 
Fletcber at the address above. 

Persian Rugs 

Special clearance sale of 150 
exquisite fine Persian rugs. ae - 
pen and runners 'offered to the 
public at wholesale values 50% 
below shop- prices due to can- 
celled export order. 

FROM £38- - 

Open 10 a.m. to 6 p.m. 
including Saturdays and Sundays 
T«li 91-S3V 2521 


SVI. 1S9. ReBMlt Srart.734 0 557 AtO 
Cart* or All-in »*«?*«*£ 

Flow Shows 1QA5. 12M IM.1 J5 am t 
mulls of Johnny HawMowofUi . A Friuds. 


St_ W.l. Modem witting*. wlotww 
and. granule* By interesting irtwwitoBil 
ortho. Wioi range .or.grlso*; Timfc-I 



Sat*! f 0.0 0-1.00. 


Gilbert parr gallery, zbs. Rina-s 
Road, Chelsea? S-W-X- GLYN MORGAN 
UU-mene*.' Oraheut. Apollo 4 Man***— 
Minting* and drawing* until Aprf i 15. 
-Open f3es--Sat. 9-30-5-50. 

GAlCme AZIZA. 7 .Clwrcfc RMd. Wln»N»- 

Important Victorian Minting*: Daily 10-6, 
closed Mondays and TBraday*. 

ntHWCE 4 DARBY. 10. Car* St- W.l. 
DSSSitoeJteltbh FnlrRIjg* g* «*• 
TMMttll Century. Until atn April. 

MASms. Monday to Frteay 10 to 5. 

French-. MODERN PAIJTfm- 
-> Modem British. MARIT ME Pl 
40. Albemarle street. PKsadHW. W.l. 



aEh barn. ' Now open- Spring- anfclbl- 
MlotSSs sculpture *300 
trorta indudlnn outdo or teu lgturtf. On**i- 
Ing daiiy iO-S- tondays I* Own 
Easter Sunday end Monday. 3-5. _Wl n- 
cbtfter. Road. Stroud. Fetnriflolfl. 
tunrsklre TA- 0730 $662. 




brought to you by the Canadiah Estate 
Land Company since 1964. } 

• 52245 buys 10 acres in' Nova Scotia with 800 feet of road 
and access to private beach. 

• 0,966 buys OS acre lot bn Lake Huron. 

• 53,995 buys 15 acres with river and road Frontage. 

.• 54,405 buys 50 acres on river in Western -Canada. 

• 55.395 buys 70 acre hunting property in Cochrane with 
frontage on Trans-Canada Highway. - 

• 513.500 buys 161 awes in Northern Ontario with frontage on 
stream and Trans-Canada Highway. Close to Dryden. 

• 516,195 buys 392 acres with river frontage and mining rights in 
Northern Ontario. 

These are CASH prices. Easy terms 
available with low downpayment. All 
properties guaranteed. 12 month exchange 
privilege. 24 hour answering service for 
your convenience. 


286 Lawrence Ave. West. Dept. 9C 
Toronto. Ont. M5M 3A8 
(416) 789-4536 
Telex: CELCORP 06-22599 



Aldhams Farm, Lawford, Near Manningtree 

Exceptional farmhouse. Bungalow. 2 cottages. 

* 90 acres orchards, paefchouse. 

For sale by Auction as a whole or 3 lots 
May 10th 1978 

(nnless previously sold) ____ 

SAVILLS, 8 West Stoekwell Street, Colchester. 

TeL: (0206) 47041 

Sols. SMITH, MORTON & LONG, Red House, Halstead. 
Tel.: (07874) 6252 


We aby sltaaud ufl Romney . ‘Morafc. 
7 « «Uy 3 mile s from New Romney 
-end 4 oHlesinm the not. 

Uninterrupted . farmland idem in 
tedwded petition 1 mile north oi 
- hrdHtKh. Three Brick-built period 
eatngec, «d competing 2 'bad rooms, 
3 . - roe* prion rooms and kitchen. 
InpfEMemaac grans nailable on each 
cottage. - All in -anprax. I) uns. 
■Ample parkins spice for can/onvans/ 
bon a, etc. . All with • VACANT 
POSSESSION. No main drainage. 

£21,000 Freehold 

• ret .01-642 4584 



200 Acre* of Fmt Class Arable and 
Pasture Land on easy wprfcing median 
soil lying within a nng fence ip good 
■tired e netware* with main- water 
supjrty. WeH farmed and fertile with 
hddgsJ and boundaries in good order. 
Good access from Council maintained 
road. ' Freehold with full Vaean 
Possession or vendor will consider 
Lease Sack. Rentfolfc. Auctioneer* I 
Land A g ent s . 13, Market- Street. 
Newton Abbot. Devon. Tel.: -3881. 
(Easter enquirie»— Teignmouth 5932.) 

FOR SALE BY AUCTION (unless sold oreviouriy) 

»t The Saracens He^d Hotel, Chelmsford, May 12th at 3 pjn. 


• * V 

Comprising 3 Lots.\ 


A gredoos family house Handing 
In an elevated -portion with views ' 
towards • Thames. Estuary and 
Seservolr. 5 bedrooms, bathroom, 

3 main receptions, cloaks. snU 
lery. kitchen, outbujWings, etc., 
midi approxlraacely 12 acres. 


Suitable for converswn to one 
dwelling, subject to planning con- 
sent. each comprising 3 bedrooms, 
bathroom. krtchen/oToer. lounge, 
rear lobby, good size gardens. 


of useful agricultural (and. 

Illustrated brochure from Auctioneers: 


43 Duke Street, Chelmsford. Tel: 62266 

Joint Sole Agents: 


Marker Place, Haywards Heath, Sussek 201 High Straw. Lewes. Sussex 

{TeU Haywards Heath 4) 2-4021 (Tel; Lewes 54U) 



Superb residential and arable farm with outstanding 5 bedroomed 
farmhouse recently modernised to a high standard, 
with swimming pool, etc. 

Attractive pair of 2-3 bedroomed period cottages 
Range of buildings and 142 ACRB approx. 

For .viewing this weekend ring Vendors oU 
PLUMPTON 890245 



For Sale 

N. Henley. OXON 197 acres 
Nr. Kingsdown, KENT 38 acres 
Nr. Denbigh. CLWYD 96 acres 
Nr. Wellovr. NOTTS. 14S acres 
- OetaiH el these anti Woodlands from: 

Church Street, Chesham. Bucks. 


Hanna direct Rher rrentepe ana vet auienv situated in secleoad position. 

Southampton 9 miles 


requiring some mooern Batten/impr o vem e nt. 5 Beorooms. 2 Bathrooms. Dressing 
Room, awstous Lounge Hall. 3 fine Reception Rooms, excellent Kite henf Break fast 
about' SacKeS. Pirt C,h ‘ CaraoteB lor 2 Cars. Mature woodland garden of 


FOX A SONS, 30/34 London Road, Southampton. (0703) 25155 

YWJXSHime H'LLMDe FARM. Freehold. 
?° f r? KS ,nB tout *«- -bteirtlful healths 
onnveiuent lor Leeds aod 
Manchester. Range el bulldlnss and 
conaaes rgoutre renovation. • Wonderful 
BOtential ter devekrpiBent or own occu- 
oB , er secures. Apply: — 
Bemlortfl. ” Corbie Stma.” B9 H^rehllls 
Lane. Leeds 7. Phone 105321 529311. 

CAPETOWN jn MILES — Building plot In 
»el«f cordon* Bay. 3,000 

so. JL. “hi lutes plans and air amenltls. 


Smut, overlooking gardens, 'sea. Needs 
tender Jovlrm car. to Iran* farm into 

lEWy car te Iran* farm iotc 

Weekend 'Holiday Home, or Antique 
Shop'ilving actommodaNon ucconden 
position) etc*, suoiect otaiuilnB permb- 
Jton. compart accommodation on 3 
floors. 6 rooms (one with art neuveao 
h replace), 2 baths. 2 kitchens, tiny 
Mtlo. _ No. OJ race, parking m rear 
View EASTER A weekends, trtcohorv 
10903) M2S5. or 01 '580 9928 or 

write dent A.B109. Financial Times. 10 
Carman Street. EC4P «BY. 




■ Tring ANYTIME (0424) 428306 

Ask.for BILL COBB (Hastings Borough Council) 

Master potter 


THERE IS always something 
new to be said about Josiah 
Wedgwood. This unpretentious 
Staffordshire potter, whose 
formal schooling ended at nine 
when his father died, embraced 
a range of intellectual interests 
that gave him a unique position 
in Europe’s Age of Reason. As 
an influence on his contem- 
poraries, he bestrode the com- 
mercial. artistic and scientific 
life of the time. 

As his memorial in Stoke 
Church proclaims, he “con- 
verted a rude and inconsiderable 
Manufactory into an elegant 
Art and An important part of 
National Commerce.” The works 
at Etruria and their organi- 
sation were a pivot of the 
Industrial Revolution. Wedg- 
wood, with his partner Bentley, 
was a key influence in the 
European spread of the Neo- 
Classic taste. Underlying his 
other achievements, was his 
natural genius as a scientist, 
which is chronicled in the new 
exhibition “Josiah Wedgwood: 
The Arts and Sciences United” 
presented by Josiah Wedgwood 
Ltd. at the Science Museum. 

Genius” is certainly the 
right word, if it is to be 
measured by the capacity for 
|j taking pains. A central exhibit 
is his register of Experiments 
Nos. 1 to 4,832 (and this is only 
the first of the series of such 
books). The experiements start 
in the period of his first part- 
nership, with the great 18th 
century potter, Thomas Whiel- 
don, which began in 1754 when 
Wedgwood was 24; and were to 
continue almost to the end of 
his life. 

The triumphant achievements 
of the Wedgwood factory— ^ the 
cream “‘Queen’s Ware” which 
changed the course of ceramic 
history, the superb basal tes and 
jasper and cane ware of the 
ornamental pieces — were the 
results of years of .painstaking 
experiment, and study. Wedg- 
wood had to make himself 
master of geology and chemistry 
as well as of the potter’s craft 
The exhibition includes the 
meticulous oven books and 
formulas and examples of the 
countless test pieces— drawers 
full of carefully numbered 
samples which are witness to 
the unwearying trial and error. 

Wedgwood had to work 
empirically and provide his own 
instruments. Before he could 
reliably control the firing nf his 
ovens, he needed a pyrometer, 
and a section of the exhibition 
records his long studies to 
arrive at a means of measuring 
extreme temperatures, first by 
colour changes in clays sub- 
jected to heat later using the 
shrinkage of clay. It was his 
work in this field which resulted 
in his election to the Royal 
Society in 1782. 

The meticulous documentation 
of his scientific work is 
in endearing contrast to his care- 
lessness about accounting; “he 
could not bring himself to enter 
upon the details nf figures," 
recorded his biographer. Eliza 
Meteyard, ** as they so wholly in- 
terrupted those trains of thought 
necessary to his work.” In his 
oocket books in which he in- 

tended to record his travelling 
expenses, “lor the first few miles 
he will diligently record his 
expenses, even to the penny he 
gives a girl for opening a gate 
or gathering him a bunch of 
wayside flowers. The next 
entry is at the distance of days, 
and then it will relite to some 
possible degree of fineness in 
wire sieves, or some chemical 

His intense fellow-feeling for 
other scientists took the most 
practical forms. Joseph 
Priestley received a generous 
annuity from Wedgwood and his 
heirs from 17S0 to his own 
death in 1804. In 1782 we find 
Wedgwood writing to James 
Watt, to whom he has supplied 
some mortars : “You owe me 
no letter of thanks, though you 
may write any letter to me you 
please, and the oftener the better 
for me. With respect to the mor- 
tars &c. I never charge such 
experiment pieces to anybody, 
and it would be unreasonable in 
you to expect in this instance to 
be favor’d beyond the rest of 
mankind.” Little of the labora- 
tory ware supplied in this way 
to his friends has survived, but 
there is in the exhibition a little 
group of cups. mortars, 
pestles. “ fossilcups,” retorts and 
jars which have a simple ele- 
gance of their own. Wedgwood 
seemed incapable of making any 
object without natural propor- 
tion and grace. 

Here again he studied. Like 
many a self-taught man, he 
revered books, and oftea had 
not even time to unpack all the 
crates supplied by Payne, the 
I8th century antiquarian book 

Others, however, were well 
used. One of the roost reveal- 
ing exhibits is a single sheet of 
notepaper which lists books be- 
longing to Wedgwood and 
Bentley and clearly constituting 
the factory library. Almost all 
are key 18th-century works on 
classical design, headed by the 
catalogue of Sir William Hamil- 
ton’s collections. 

After almost two centuries of 
Wedgwood studies, there Is still 
scope for research among these 
desien sources of Wedgwood’s 
ornamental productions. The 
exhibition makes it possible to 
compare, for instance, the 
Hamilton catalogue print with 
a copy of a superb and massive 
■■ Etruscan ” volute krater 
which till now has been hidden 
in the V. and A.’s reserve col- 
lections. Severe as ever in his 
own scholarship. Wedcwood 
wrote to Bentley in 1770. be- 
fore he was in personal contact 
with Hamilton. ** Mr. Hambleton 
you know has flattered the old 
pot-painters very' much. . .” 

It is an attractive exhibition, 
elegant, judicious, eloquent and 
plain as Wedgwood might him- 
self have wished (museums 
seem happily to have overcome 
the recent phase of making ex- 
hibitions in the spirit of 
Self ridges’ Christmas toy win- 
dow). Wedgwood’s own singu- 
larly attractive personality 
dominates: and an old wooden 
hand-driven potter’s wheel and 
the original factory fire-engine 
magically evoke the practical 
reality of his Etruria. 


Commercial and Industrial Property 
Residential Property 

Business & Investment Opportunities, 

Corporation Loans. Production Capacity, 

Businesses for Sale/Wanted 
Education. Motors, Contracts & Tenders, 

Personal, Gardening 
Hotels and -Travel 
Book Publishers 

Premium positions available 
(Minimum size 40 column ems.) 

£L5Q per single column cm, extra 
For /aether details zcrile to: 

Classified Advertisement Manager. 
Financial Times, 10, Cannon Street, EC4P 4BY. 






































Telegram*: FInautimo, London PS4L Telex: 886341/2, 883897 
Telephone: 01-245 SOM) 

Saturday March 25 1978 

THE GOVERNMENT'S long- the White Paper does not share 
delayed White Paper on the it. But it acknowledges the 
economic implications of North possibility of an exchange rate 
Sea oil appeared this week. It problem and, more important, 
appeared because it was booked it is entirely based on an aware- 
to appear: but differences of ness that the oil will not be 
opinion between Ministers — there for long and that the 
and .the heavy editing which interval must be used for 
reflects .them — have left it making the economy capable of 
with little content but a rather surviving its disappearance 
tired electioneering rhetoric. What the Government has not 
“As c people," it concludes, done is to set up a special North 
"ire bore ben given the chance Sea oil fund, which would be 
to harness out talents and ener- used to finance its “ industrial 
gies to a programme of National strategy." the results of which 
Recovery. that tril rebuild have so far been more expensive 
Britain’s prosperity end great- than impressive. Its Left wing 
ness, ft is in that spirit that has achieved a Wr tite Paper and 
the Government invites the some high-flown language, but 
nation fo use the decade o/ not must else. 
opportunity presented by North 

Sea oil/' Even our politicians. Investment 

it seems, are in danger or xhrs is a considerable gain — 
frittering away the great wind- lhoush it IU3?> Iike the £ w o£ 

taJJ ’ oil itself, be only short-lived. 

But the “ unique opportunity’’ The North Sea windfall will 
of which the White Paper have two main effects or. 
speaks is no avaggerated phrase, our economic situation, in 
The inefficiency of our Indus' strengthening the balance oi 
trial structure and practice, the payments and increasing 
weakness of our balance of Government revenue. The 
foreign .payments and the rela- potential improvement in the 
lively slow growth of our out- balance of payments is the more 
put and Jiving standards have important, though it should not 
been becoming increasingly exaggerated: apart from the 
obvious for years past. The short-term foreign debt we have 
sharp rise in oil prices and the already incurred, there is 
subsequent recession have, more toason to be worried about the 
recently, brought about a more bul f * r r manufactured imports 
striking combination of high even before the upswing in pro- 
unemployment and rapid iufia- ducuon has begun. But if we 
.■ th __ can control inflation and if the 

lion here -than n other indus>- , , _ . ,, 

Irialised countries, and at the balance °- f W-ments allows us 
■ j , . , . , to maintain economic growth at 

same tine demonslMLcd dearly a modente but steady pace for 

that nun* of our traditional loneer rtods than jn , he 

moustry u no longer compeu- 0le * clann „ f Jarger rotlre 

eve ’ fruitful capital investment will 

be greatly enhanced. 

. The White Paper recognises 
without North Sea gas ana investment can be planned 
oil, indeed, our present situa- ao{ j executed only within 
tion and Lhe outlook for the industry' itself and proclaims 
future would be exceedingly Government’s intention of 
dismal. One has only to reflect keeping firm control over public 
for a moment on the fact that expenditure. But there are con- 
the improvement in our econo- tinual hints that, apart from 
mic situation has so far been j ax Cll ts. the motive for which 
almost entirely confined to its m 3 y be as much political as 
financial aspect, that this ini- economic, the prospective 
provement has been largely due increase in Government 
to a better balance of payments, revenue will be used for 
and that the main contributor improving public services and 
to this better balance has been helping to bring about the 
the output of the North Sea. necessary restructuring of 
Sterling has remained strong British industry. Improvements 
even when the trade figures j n various public services are 
happened to be bad. There are certainly needed and justified, 
even economists who fear that provided that they are sensibly 
North Sea oil will keep the planned and that the continuing 
exchange rate so high as to current as well as the 

make our manufactured exports immediate capital costs are 
uncompetitive ana aggravate taken into account. The massive 
still further the long-standing subsidisation of investment, 
disadvantages of our industry, however, whether selective or 
When the oil runs out in a few general, is another matter 
years' time, they argue, we shall altogether. It would be a 
he bankrupt. tragedy if revenue from North 

This seems a perversely pessi- Sea oil were wasted on propping 
mistic way of regarding a wind- up for a little longer the weaker 
fall piece of good fortune, and parts of British industry. 

No fund 


Financial Times Saturday Marbh’ 25 1978 

up, Joe 


groceries in the boot’ 


HE NEW wave of petrol while the latter have nearer 
price-cutting which is 100.000 square feet — tend to be 
evident in many parts of concentrated in the Midlands 

and the North. It is perhaps no 
accident that the latest figures 

Britain this Easter holiday 
demonstrates yet again the in- 
tense competitiveness of the oil from the Institute of Petroleum 
retail business. 

Motorists are 

In France and 

show that this January the aver- 
reaping the age price per gallon of four star 
benefit of a struggle for market petrol was Tfi.lp in the South 
shares among the big oil com- and was only 72.6p in the North, 
parties. Few. if any. of the Esso, which sells petrol on 
companies are making a reason- 6.305 sites in the U.K. though 
able profit on their petrol opera- it owns only 1,565 of them, says 
tion and yet they still persist the superstores have had " a 
in slashing prices. dramatic effect” at service 

Shell thought it had caught station level because they have 
its competitors on the hop when caused a downward spiralling 
it announced on Wednesday of prices. “Superstores and 
that it was helping retailers to hypermarkets in Lancashire, 
reduce pump prices at thou- Yorkshire and the North Mid- 
sands of its stations by 2p a lands bave driven petrol prices 
gallon. It is a temporary move right down — much to the decl- 
aimed principally at attracting ment of the service stations." 
motorists venturing out into the •* When a retailer is in trouble 
countryside over Easter. we usually ask him to drop his 

However, Shell's sharp move profit margins by a number of 
has been somewhat blunted by pence per gallon and we then 
its major competitors which by match that by cutting the price 
and large are following suit. As a t which we supply him. This 
has been the usual practice: a makes it possible* for him to 
price cut at one garage pro- compete with a superstore or 
vokes a similar more next door hvpermarket in this area, 
causing a domino effect. '“Esso judges all business 

But oil companies are now opportunities on their merits a „ F , ^ _ _ 

finding that they are not only aa j we do put in bids to supply present network of retail sites as low as 2.000 or 3,000 gallons, and this enables them to cut 

competing amongst themselves, superstores. But experience and any moves to supply super- This is important because petrol purchasing costs. All its petrol 

They have come to recognise su5 a es ts that our bids are nor- stores could affect their “ loyal " stations that cannot take at stations are self-service so it 

that more and more motorists niaJJy too high. Frankly we don’t outlets. least 4,500 gallons in a single does not have high wage bills, 

are finding that the cheapest. SU p ers c 0 res business parti- But last month the company delivery are usually asked to pay Hie company is aware that 
m08t c ? H nvenI j ? Ilt V ay _ t0 cularly attractive and we are not wrote to some 1,500 of its smaller a surcharge on their supplies, more and more small retail out- 

Pf “ , 7 ^ s _ e _ Qays ls - rpm prepared to offer them large retailers telling them that when It is estimated that the Jets are having to dose down 

Petrol fining station at the Asda superstore in Plymouth, 
good relationship with its retailer could have a capacity 6,000 gallons of petrol at a time 

of the 100 or so superstores and ^atesioobtainorde^ 
hypermarkets that have sprung 
up around the country over the 
last few years. It is a new trend 
that is viewed with mixed feel- 
ings by most of the major oil 

There are two main reasons 
for the growing popularity of 

Situation ‘will 
last 5 years’ 

their contracts ended it would average gross profit margin on but it claims this is not the fault 

no longer give them a rebate on a gallon of petrol to-day is of the superstores. It says this 

the petrol they bought, nor between 3p and 4p. Yet in 197a, is mainly the result of the oil 

maintain their pumps nor per- when the average profit margin surplus which has brought 

mit them to display Shell pole was 6.1p per gallon, the Price about a rationalisation of petrol 

signs. This was because Shell Commission reported that petrol retailing outlets — and would 

found it was not breaking even profit margins had been inade- have done so regardless of 

“ The present surfeit of oil on its contracts with these tiny, quate. hypermarkets and superstores 

cnnenftmnZfTni numoTonels gives hypermarkets and super- usually rural outlets. A mim- In addition to these gloomy operating in the field, 

rtiat they enable motorSis to fill stores a strong incentive to sell ber had already found them- statistics, the small petrol . 

ud their tanks and replenish petrol and the number doing so selves in financial difficulties and retailer is faced with the certain 11 x 

stocks of baked beans butter is likely t0 grow. The picture Shell claims that some were knowledge that the number of ^OUIG CUE 

and cornflakes all in one swoop could alter completely when the actually “grateful for being hypermarkets and superstores in 

on a Saturday morning. An even oil surplus ends but we foresee helped to shut down.” Others the UJC. is going to grow. Tesco, |jf} rOU2fl 

stronger attraction is the price. the current situation lasting for will seek new suppliers. which sells petrol from eight of " 

High "volume sales and high at least * he next five years." The superstores are un- its superstores and from its ASDA docs have one long 

British Petroleum, which has doubtedly making some contri- newly opened hypermarket at term worry about its petrol 

w u _ 3,198 retail sites of which it bution to the current decline of Irlam, near Manchester, is plan- sales. Despite a happy relaiion- 

ate favourable terms from some owns 776. takes a more ootimis- small retail outlets and to the Ding to incorporate petrol ship with Mobil which has been 
of the oil companies that supply tic view of the effects of the oil corresponding change in petrol pumps with each large store it supplying ASDA stores for three 
them and this in turn benefits surplus on superstore petrol buying habits. Hypermarket and opens in future. The company years, the company fears that 
the customer. Hypermarkets sales. It says the superstore superstore chains can turn the says its petrol selling venture . the major oil companies “could 
and superstores— which are ‘'menace’’ has lessened consider- oil surplus to their own advan- is proving “very successful.” cut up rough" once the present 
basically in business to sell ably over the last year because tag*?. Some can even afford to Sainbury’s, which has four pet- European petrol flood dries up. 
groceries and household pro- of increased competition brought sell petrol as a loss leader and a rol selling stores plus a hyper- ASDA insists that the oil majors 
ducts — also operate at about by the oil surplus. It few do so. But small dealers are market which it owns jointly will not “stand by and see their 
extremely low profit margins. claims the hypermarkets and finding it increasingly hard to with British Home. Stores, is market share of the petrol sell- 
At a time when there is a superstores have seen a serious stay in business given the stern also finding that petrol pumps mg business eroded.” It says 

surplus of oil and many erosion of the big price differen- competition they are facing are “a good draw,” though it there is a possibility that the 

refineries are operating well tials on which they rely. Figures from the Institute of says expansion will probably be oil companies could take* much 

below capacity, the superstores Shell, w hich has more retail Petroleum show that 1,010 limited by planning regulations, more stringent line about whom 

would appear to offer good outlets than any of the other oil retailers closed down last year. There are about 100 Co-opera- they will supply with petrol and 
business opportunities to the oil majors with a total of 6.450 The Petroleum Retailing Depart- tive Society stores selling petrol the terms on which they will 
companies — albeit on a small sites. 1.657 of them company ment of the Motor Agents Asso- in the UJK. — not all of them in do it 

scale. Yet the oil majors are owned, has much the same riation says its expects dealers the superstore class — and the At the same time, ASDA feels 
not happy at the effect the policy on supplying petrol to to close at the same rate this Co-operative Wholesale Society there will never be enough 
superstores are having on petrol hypermarkets as Esso. It says year. has a hypermarket in Glasgow superstores and hypermarkets 

prices: the companies are it has given quotes to super- The average dealer seUs that sells petrol as a loss leader in Britain to pose a really 

increasingly having to cut their stores and hypermarkets but 165.0IT0 gallons of petrol a year, seven days a week. serious threat tc the oil majors 

own profit margins in order to always on exactly the same But the type of small retailer ASDA — Associated Dairies — and their established retail out- 

help established retail outlets terms as it offers to its regular who is being pushed out of sells petrol at 28 of its stores lets. And there is some evidence 
to compete with a local hyper- dealers. business may sell only 20,000 and a further seven or eight to suggest feat planning regula- 

market or superstore. In some The company says the oil sur- gallons or even less. Mean- petrol selling stores are in fee tions will act as a curb on fee 
cases the profits of garages plus has made it far more profit while the hypermarkets and big pipeline. The company says it expansion of petrol selling 
owned by fee oil companies conscious and it admits that life motorway service stations can never sells petrol as a loss hypermarkets and superstores, 
themselves are also being hit. on the retail front is becoming sell in excess of 3m. gallons a leader but is prepared to Yet planning permission is not 
Existing UJv. superstores and increasingly competitive. Yet year. The superstores and other operate on much lower profit impossible to obtain. And it 
hypermarkets — the former it says it is “not particularly large dealers have tank margins than most ordinary ser- would seem likely that in the 

defined as having at least 25.000 anxious to supply superstores.” capacities of 18.000 gallons or vice stations. ASDA stores are next few years Britain will go a 

square feet of selling space The reason given is that it has more whereas a tiny, rural also able to take delivery of long way towards following cur- 

rent trends 

France is tbs k&C of do 
hypermarket, but there these 
vast emporia have had less effect 
on petrol prices than in 
P»pmany or in lhe UJK- The 
reason is French petrol 

prices are fixed by fee Govern- 
ment through the Direction des 
Carburants and though differen- 
tials vary from region to region 
they merely reflect transport 
costs. The French hypermarket* 
are allowed to undercut tradi- 
tional filling stations but the 
extent to which they can do so 
is also controlled by the Govern- 
ment. They cannot normally 
offer more than five or ten 
centimes off the standard price 
of a Frs.2.50 litre of petrol— 2 
to 4 per cent 

In Germany, where there is 
no price control, hypermarkets 
and supermarkets sell petrol as 
a loss leader. They undercut the 
retail outlets of the oil majors 
by as much as lOpf. a litre — 
between 8.5 and 10 per cent — 
and they also undercut the 
“free” petrol stations — equiva- 
lent of free houses in fee U.K. 
beer trade— by up to 4p£. a litre. 
Earlier this year British 
Petroleum announced a phased 
price rise of 4p£- a litre but in 
fee event its retail outlets have 
increased their price by only 
Ipf. a litre. With such strong 
competition from fee hyper- 
markets and fee free stations, it 
was evident feat BP— and Shell, 
which later followed writ — were 
being far too ambitious. 

It is dear that the oil majors 
are tor Atom happy about fee 
growth <£f petrol setting super- 
stores and hypermarkets in fee 
U.K Some of the largest are res- 
ponding to fee opportunity of 
supplying fee s u perstores wife 
thinly veiled hostility. And once 
the oil surplus ends and the 
major companies come into their 
own again, feat veil, gossamer- 
like as it is, wfil probably he 
torn down congrietedy. 

The oil companies are power- 
ful, yet they cannot fern bade 
a strong' commercial, tide any 
more than Canute coaid turn 
bade fee waves. As fee public 
comes to expert-fee convenience 
of oneetop drive-in shopping 
and as more and more kdbH 
retailers dose their doors, the 
petrol-selling field will- be left 
open to the big dealers, the 
garages feat spedaUfle- in <»r 
repair and maintraxance— aodio 
fee superstores. '1 

The big . superstore chains 
will be able to offer customers • 
comparatively dieap petrol, no ■ 
matter how much fee ofl majors 
charge tot supplies. — sandfly ; 
because their petrel pumps are \ 
a sales draw and not a main . 
source of income. . K pushed, \ 
fee y co aid buy in Rotterdam^ 
Although their growth may be ' 
limited In fee future by existing , 
urbarL development and by plan- j 
nmg regulations, their numbers | 
will still increase. Intimately 
there is no real reason why 
British motorists should not 
adopt', fee same petrol-buying 
habits as their counterparts in 
France and Germany. 

5 5 

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.. 1 . 

Letters to the Editor 


From Mrs. G. Caution. 

Sir.— Mr. Peter Shore threaten- 
ing to further restrict building 
society funds states “people are 
holding back their houses from 
the market because they have 
this inflationary expectation.” Is 
this not a fallacious argument? 
The majority of people sell to 
re-purchase in another locality. 
This ** profiteering.” as Mr. 
Shore seems to suggest, only re- 
sults in higher stamp duty, soli- 
citors’ fees etc. In effect the 
seller is working more and more 
at a loss with the inflationary 
spiral, to purchase a coraparahle 

Mrs. G. Caulton. 

“ WiJloic Brook," 

Hedge Lane, 


Shepton Mallet, 



From Rotrena Mill e. 

Sir. — I never cea;e To be 
amazed at the schizophrenia of 
the Labour Party's attitudes to- 
wards industry, and Roy 
Hattersley's intention to institute 
a further probe into mergers 
simply served to reinforce this. 

His intention is to assess the 
degree to which the mergers oC 
large companies, particularly 
those holding -3n oligopolistic 
position in individual lindustries. 
are " against The public interest.” 
How cud he possibly take this 
attitude at a ■time when his Parly 
is planning more and more 
nationalisation, which, after alt. 
is nothing more than achieving 
rbe biggest merger of them alii! 
1 find his attitude particularly 
reprehensible at this time when 
bis Party is implementing a stra- 
tegic approach designed to cul- 
minate in the nationalisation of 
the building industry. 

First he paved the way 'by pub- 
lic expenditure cuts in invest- 
ment and capital spending. Thus 
undermining the future of this 
industry, This resulted in an 
all-time high in bankruptcies in 
the building industry. Tbe next 
step was to propose that an in- 
creasing amount of work tout 
‘/f a decreasing total! should be 
taken over ’by the provecly un- 

economic local authority direct 
labour departments. Next, for 
those misguided enough to con- 
sider setting up on their own 
in this industry, the withholding 
of the vital 714 licence to work 
from a very, very targe number 
of applicants has served further 
to prepare fee ground for 

For students of politics this 
path is all too familiar: The 
frigbenmg-off of investment, the 
introduction of State-subsidised 
competition and the inhibiting 
of efficient new competition from 
that stalwart band of self- 
employed w'ho are even now pre- 
pared to stake capital and career 
on their own ability. 

So when Mr. Ha tiers ley is con- 
sidering the extent to which mer- 
gers are “against the public in- 
terest " I suggest that he reflects 
that in proposing to nationalise 
tbe building industry he is pro- 
posing to set up the biggest mer- 
ger of them all — and would 
thereby be bringing under pub- 
tic control an industry which 
accounts for more than one-tenth 
of our GNP. 

Rowena Mills. 

W’fif t Grays. Highercombe Road. 
Haslemerc, Surrey. 

This must surely be improved if 
a combined goods/passenger 
solution j$ achieved. 

Can anyone tell me if a com- 
bined solution has been 
attempted? If not, why not? 

John Williams. 

CmtijieW Institute of Technology, 
Cmnfield, Bedford. 

nations which might have manufacturers will start lobby- reconcile tbe fact that In those 

resulted from earlier realisation jog for protection from the un- cities of the world where 

of the trend. fair competition of the sun. After measure of LVT Is in operation 

Harvev R. Cole. all. sunlight is an import, and a) there are no idle sites, b) 

f». CWion Road. think of ail the extra Jobs in there are no slums or dereliction, 

lVinciieaterr. lighting industry its prohibi- c) no misa (location of land use 

_ tion would bring. At least such And they do raise all their (local) 

z policy could hardly be called revenue from land values? 
Trade racialist, which is more than can R. C. Grinham. 

From. Mr. T. Anft:.r. 



From, the Director, National 
Materials Hatidling Centre 

Sir. — Under the headline “Bus- 
ways could solve city conges- 
tion’* (Technical Page, Mareh 
15 ) you gave details of yet 
another scheme for passenger 
transport in cities. 

One of our current research 
interests is the problem area of 
city centre goods deliveries. 
Goods and passengers arc. by and 
large, trying to get to the same 
locations. It should not be diffi- 
cult to design a transport system 
which can carry passengers com- 
bined with an off-peak service 
for goods. This could he used in 
conjunction with goods depots 
and local delivery by electric 
vans to further reduce noise and 

Tlie main, reason why many 
forward-looking passenger 

schemes of the type proposed by 
Daimler-Benz and others have 
been put into abeyance is likely 
to be their financial viability. 

From Mr. H. Cole. 

Sir, — The measurement of in- 
flation on the basis of year-on- 
year comparisons is indeed open 
to question — but on precisely 
fee opposite grounds to those 
suggested by Mr. Keona (March 

During 1978 it is possible for 
the rise in the retail price index 
in each successive month to be 
below that for the preceding 
month, and :-et for the year-on- 
year comparison to start rising 
back towards double digit infla- 
tion in the second half erf the 

This is Mm-piy because tbe 
occurrence of a monthly rise erf 
around 0.7 per cent., declining 
steadily to 0.4 per cent, will be 
higher than the corresponding 
figures for the same month of 
1977 until the late summer, and 
will then be below them. 

Common-sense would suggest 
that in such circumstances infla- 
tion was declining, but the 
adherents of the year-on-year 
basis would start to become 
alarmed by about July, and 
would, on all precedents, be 
clamouring for drastic policy 
changes in the autumn — un 
entirely false evidence. 

Of course, it may well be that 
Inflation will not show a steady 
month-by-month abatement, bat 
it is necessary to analyse it on 
a short-term basis if mistakes -are 
to be avoided. This is plain from 
the complete failure to realise 
that, since April 1977. the annual 
rate of inflation has been barely 
more than 5 per cent. So we 
have bad single-figure Inflation 
for ten months — but the mis- 
leading presentation of the facts 
has ensured that we lost &ny 
moderating effect oa wage nega- 

tion ist measures ! 

T. G. Arthur. 

Sir, — Geoffrey Ow-«g (Lom- 3 . Ycteley Road. 
hard. March 20 1 stay well have Edgbaston. Birmingham. 
accurately forecast the shape of 

events in the near future. For 

those of us who are foolish 
enough, however, to retain some 
concern for principles and for 7 .and 
what should happen, it was a 

be said for most other protec- Polperro, 12 Kimberley Way, 



From the Director, Institute of 
Practitioners m Work Study 
Organisation and Methods. 

Sir, — Mr. E. G. Wood (March 

pity th 2 t his article condones an From Mr. R. Grinham ■ __ 

eroneous although near-universal Sir, — Mr. Brady (March 18^ 20) is right to stress that wealth 

stance. He argues that the asks how a land owner, by must be created before it can 
American protectionist lobby is persistently withholding his land be shared. There is a prevailing 
on strong ground if foreign from the market, raises bis attitude that wealth is standing 
competitors are aided by their future rent. He does this in two by waiting to be distributed 
own Government:. The same ways : 1 — tbe fact that at any rather than that It must be 
cry of “ unfair competition " is given time a proportion of sites continually created by turning 
repeated ad nauseam by British are withheld from use increases our resources into marketable 
producers, but th? ease is falla- the rent that can be demanded goods and services, 
cious on two counts. for the use of the others. 2 — as As has been pointed out, it is 

In the first place, retaliatory land * usually) increases in value the increase in the size of the 
protection cuts off the nose to over time- fee rent that the non marketed sector of our 
spile tr«e face. tiier or not owner can demand jn (say) five economy as compared to our 
the price advantage ’cf imported years rime will be significantly competitors which Is a major 
goods comes from natural higher than the rent he can cause of our present problems, 
source; (such as a better climate demand to-day. Those working in the non 

for oranges in the Mediterranean 11 the ,and owner to keep marketed sector want to be paid 
than the L’.K.i r jr artificial th® site idle, but society as a in money which will buy those 
sources (such as protection in whole suffers because production goods and services which go to 
the foreign count*—', is im- caDnot lake place on that site, make up our modern standard 
material. The point is feat they Tbe landowner is exacting a of living. Without those goods 
are cheaper than fee cost of pro- larger slice of a smaller cake, and services, provided for the 
duction here and therefore of Of course, land ownership under large part by manufacturing 
net cain to fee population: 100 P er cenL land value taxation industry, there is no increase in 
dumped goods are a much better would be a “hollow sham." There prosperity, 
bargain than expensive ones. 'J'. QU . ,d P e n ° point* 11 The industry requires profits to 

Protection does not increase wfer^eontrol^ S UnfortanaWy profit 

employment, it preserves or in- in ■.» 81,11 seems to be a dirty word 

creases jobs m ib e oroterted -f — !» *? th ® hands of the in- but seen in the context of added 

industry at fee evpease^f Jobs only forms a smaH part 

elsewhere. Either taxpayers ° r ^ wealth creation process. 

,r »» JS 0 f ?he 3 l a tc N^erfluMre, it provides a 

stimulus to growth lacking 

cheaper^oods^pa^fnr^^pro j-’ader land value taxation land elsewhere in the eeonomy^and 

W«i?n feer&W Z&iSSi ™ ^ oS'SSTSS.X Sb ° U!d ** * 11118 U ^ t - 

“ 0tier ?hk; of mean? SS t . 0ne <* ^ getting 

areas of fee economy. ket ri?nts Rents at artificially fe e message over would be tbe 

The whole idea of protection, low levels would be ignored and US* °f AV aa a com- 

whether retaliatory or not. a ii land would be assessed jnunications medium whereby 

strikes at the very root of ex- whether let or owner-occupied. fe e S3 8 -. 1 - 0 ? P f c wea *fe 18 seen 

change and .the rising of itan- There is no difficulty in valuing c 1“ ^ 

dards tr.r'iugn efficient allocation ] 3 nd in this wav; it was done distributed either to employees 
of resources; it places producers twice, at Whitsta’ble, m 1963 and or t&e SOvenrment. 
itn<s means i above consumers 2973. Edward A. King. 

(tne end >. \f r . B ra( jy forecasts chaos I Cecil Court. London Road, 

One wonders when light btrib under LYT. How does he then Enfield, Middlesex. 

5 □ PIksb send me d«afc of aBtoroanjeot share*. I 

I • • 1 




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iSflBflctai Times hjaoiruay March as 19?S 

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>;-- vSS >. - . ■ 

not a full bowl of cherries 


By PETER RIDDELL, Economics Correspondent 

Chancellor of tike Exchequer^ 
had always hoped that 1978 
would be the year when (in a 
characteristic phrase) he would 
be able to pick the cherries 
from the trees after the hard 
years of self-denial since 1974. 
But the plan has not worked 
out quite as he might have 
wished, or indeed expected a 
couple of months ago. 

Admittedly, the economy Is, 
’for the first time since 1973. 
likely to grow by a noticeable, 
if hardly spectacular, amount 
and T the rate of price inflation 
is at long last back down into 
single figures. This presents a 
more favourable economic back- 
. ground than for the last few 
years. But the hopes, which 
were widely entertained last 
■ autumn, that the economy 
would be able to expand for 
several years on the back of 
North Sea oil and free of pre- 
viously constant balance of pay- 
ments constraints have proved 
to be short-lived. 

Mr.,- Healey's, freedom of 
..manoeuvre is thus strictly 
limited as he prepares what will 
almost certainly be his last 
major spring Budget (with one 
; or more mini-packages possibly 
. still to come). This should not 
prevent the Budget on April II 
_from being the most generous 

in terms of income-tax cuts — 
that Mr. Healey has introduced. 

' It should provide auet stimulus 
in. 1978-79 of £2bn. or so. But 
: it does mean that the emphasis 
"is likely to be on a cautious 

- approach towards the next -year 
or 18 months. 


The reason is principally the 
deterioration in the external 
background. Last October, when 
Mr. Healey presented his mini- 
Budget, the Treasury was fore- 
casting a large current account 
surplus in 1978 ({boat £1.5brt.) 
..with « sharp growth in .exports 
on the basis of a sizeable rise 
in world trade' and an un- 
changed exchange rate. Both 
these assumptions have been 
undermined with the result that 
a current account surplus for 
-some years can no longer be 
safely assumed. 

The prospect of only a slow 
growth in world economic 
activity-, is the most alarming 
: change- since .last October. 
'Instead of an increase in world 

- trade in manufactured goods of 
9 per cent in 1978, as projected 
by the Treasury last autumn, 
the latest forecasts are for a 
rise of only half this size. 


yv s.'.'j -.v - * 

n :: -l 




Indeed, lie economies of the January. This trend has hardly 
main industrialised countries been mentioned in hWitehall, 
are unlikely to grew in real apart from a whisper, because 
tenos In 1978 by much more of the dramatic fall in the pound 
than the 3+ per cent rate two years ago which followed 
achieved last year. That would the dumsy tactics of the authori- 
not he enough to bring down .ties, and because of the results 
world unemployment. for the dollar of last summer's 

This outlook, and the threat policy of benight neglect in the 
of a new recession in 1979, U-S. ... ... 

■ accounts for Mr. Callaghan's But the " discreet deprecia- 
visit to Washington to press his tion,” as it has been described 
live-point programme of action in the Treasury/ is quietly wel- 
dor co-ordinated boosts to corned and has left tire trade- 
demand in all the main econo- weighted index only 2 $ per cent 
mies, for stabilisation of cur- above i.ts late October level 
rencies, for energy conservation, when the pound was set free, 
for control of capital flows and - While there is considerable 
the avoidance of protectionism, controversy about the impact of 
The UJC has been /pressing exchange rate changes, . ip 
for rapid progress to these goals either direction, on trade per- 
— somewhat to the annoyance of formance add on levels of 
some other members of (he EEC economic activity and inflat ion, 

— though it now looks, unlikely the rise hi - sterling since last 
that any significant fresh October • has not helped the 
stimulus to activity will be prospects for trade and output 
agreed, or given, until mid- later this year, 
summer at the earliest The 

■West- German Government, to T<VpflSinaP r*i A 
which offers look t(v contribute a -LiAVliaUgC JL dlC 
major part of any joint refla- T ^ ^ 

tionary action, has shown a great - ^ __™ e ;Short-tenn. however, 
reluctance to take, or even to £avtrara ble price effects of 
consider, further measures until a exchange rate should 

the late spring. . keep the current account in 

But even if a -joint progr amm e ^bstantial surplus while - the 
could be agree dat the Bonn unfavourable effects on the 
economic summit of leaders of -volumes both exports and 
the seven major Western conn- “aP 01 * ttmnf not appear until 
tries in late July, -fee impa ct , . 860033,1 half of the year, of its $20bn. of official debts tion. In domestic terms the tion and investment. It is diffi- 
would not be felt-untfl the end . , B ^ J . m ?st forecasters, are due between now and the mid- existence of the current account cult to balance out the claims 

of the year, and in any case stl “ projecting a surplus of 1980s, but because the task of constraint means it will be dif- exactly but the need to allow 

would probably only give a *° fiJbn. for 1978 this repaying some of the loans and ficult for the UJC economy to- for some rise in private sector 

modest boost to growth rates ** to be heavily concen- refinancing a large part of the grow by much more than its loan demand will probably 
which are already l aw tratea in fee first halt On the remainder will require fee long-term growth in productive restrict the public sector 

This dearly has worrying im- baSis of 8 Hkely net Budget maintenance of a favourable potential without running into borrowing requirement to some- 

plications for a country as st3aa } jlns °f around £2bm, the financial climate. deficit This puts an upper limit where below the £S.6bn. ceiling 

eJHtSfS « 

Domestic Product Koreover 0 l ® Sl *' ^uTte.SceUy^reiistence 1 ^ for ^suteUntial ° 

fee deterioration in trade pros- does the current' account North Sea oil has made It more, 3 hT-nmiX amounting to between £3bn. and 

poets has occurred at a tune filer? It ts certainly arguable rather flun Ie5i unportapt for ““ £4bu^tom the TDC aud 

when the price competitiveness that m a world of large and UJC to aim to secure a JJJJS , Labour Party. The sluggish level 

of British exports has been persistent oiHwoducer current small current account surplus, aults ’ ™ ^ of activity, hardly changed over 

affected by the rise in the account surpluses — $35bn. to North Sea oil production con- V fee last year, high unemploy- 

pound. The assumption of an $30bn. this yean-together with tributed nearly £1.4bn. to the meat and the decline in fee rate 

unchanged ex ch ange- rate which a few hilhon dollars from Japan current account last year, ac- ********** of price inflation— in single- 

was made in last October’s fore- ^ "West Germany, it would counting for almost aU the im- „ _ + _. I L s -f I T ° figures for the first time for 
casts was invalidated within be wrong and unnecessarily provement and is expected to four and a half years— are 

days when massive inflows of contractionary for other conn- have a net impact of just over regarded as having created the 

foreign currency— $3bn. In tries to set a large current £2*bn. in 1978, according to the g ^ opportunity for a significant 

October alone— forced the account surplus as a central latest estimates from the Org- * " + , \ *22 ? stimulus. 

Government to stop holding “ b ^ cti J e - «» _ttis view the utiatton fw Economic Co- g ^ It Is one that signlfiesnt pm- 

down the exchange rate.. UK - should be able to refinance operation and Development On b rf]an „ ed t gress has been made on the 

The rise in sterling has been “7 deficit without trouble. this view, the fact that fee tem- on ^ fe^fee next financial year inflation front and feat fee 
somewhat smaller than many The counter view—generally boD }} s ot Wor “ oU though fee upper limit will rate of increase in earnings of 

originally hoped, or feared, and accepted in Whitehall as Mr. wU1 m ° re “an account for any ^haWy be roughly fee same, possibly around 13 to 14 per 
indeed the rate has been de- Healey made clear earlier this jtorrent account surplus. naaKes restricts fee amount by cent in the current pay round 

dining against the nugorEuro- week— is feat fee UJEC. should 11 au fee more important for w * 1 i eil Government can cut is a good deal lower than many 

pean currencies in recent weeks aim for slightly better than r 10 87010 a return 10 taxes and boost its borrowing people feared last summer. 

— -there has been a drop of over balance on the current account deoat ‘ • at a time when fee personal While a fester rate of expansion 

4 per cent in fee tradeweighted over the next couple of years. North Sea oil can be seen , sector and industry will be in- than recently might not re-ignite 
index against a basket .of other This is not necessarily because essentially as providing a little creasing their demand for bank inflationary pressures im- 

currencies since fee mid of -Britain will actually repay all more flexibility in a tight posi- loans to finance new consump- mediately in view of fee large 

amount of spare capacity in 
industry, many economists and 
official advisers would place 
more emphasis on fee shortage 
of skilled staff apparent in many 
Industries and fee possibility 
that the rate of inflation might 
start rising again anyway in the 

There is also concern about 
the way in which the recovery 
is developing with consumer 
demand rising sharply — tip 
perhaps 4 to 5 per cent in real 
terms during 1978 as a whole — 
but export growth remaining 
sluggish. The U.K/s already 
high level of import penetration 
has apparently increased 
further in the last year. During 
1977 imports of consumer goods 
rose by nearly 14 per cent, 
while spending on U.K. pro- 
duced items was flat. This is 
fee external constraint with a 
vengeance. It also limits the 
incentive for U.K. companies to 
boost their investment Some 
cynics are surprised at the 
recovery in capital spending so 
far — up 8 per cent in real 
terms m the manufacturing 
sector in 1977 — -though it is 
mainly of a replacement 


The official conclusion from 
the evidence of a pick-up in 
consumer demand since last 
autumn, not yet translated into 
a significant rise in industrial 
output, is that any budget 
stimulus should be modest in 
view of the external constraint. 
In practice this indicates a 
figure of around £1.5bn. to £2bn. 
net in 1978-79, though rather 
more in a full financial year. 

Mr. Healey, while sharing the 
general official analysis, may 
not want to be quite as cautious. 
This is partly because of his 
understandable scepticism about 
the forecasts and his political 
instincts and ambitions in what 
is likely to be election year. He 
does not want to have the repu- 
tation which Mr. Boy Jenkins, 
unfairly, attracted for his 
neutral Budget in 1970 ahead 
of the June election, which 
Labour lost The result of these 
constraints and fee political 
calculations could he a net 
stimulus of £2bn., or slightly 
more, in 1978-79, and nearer 
£3bn. in a full financial year. 

Mr. Healey and the Prime 
Minister have made it dear that 
the bulk of any stimulus should 
come from a reduction in 
income-tax. The Liberal Party 

has urged very large cuts in 
income-tax, partly offset by in- 
creases in indirect tax, notably 
the employers' National Insur- 
ance contribution. Mr. Healey 
is likely ro want to make only 
a small gesture in this direction 
because of the effect on shop 
prices of any substantial in- 
crease in indirect taxes. A rise 
in the excise duties, mainly on 
alcohol and tobacco, in line with 
inflation would add about 1 per 
cent, to the retail price index 
and raise roughly £400m. This 
looks like being as far as the 
Government will go though it 
would allow a slightly larger 
cut in income-tax. 

The Government has already 
said it wants to help those at 
the lower end of the scale, 
either by introducing a reduced 
rate band for those starting- to 
pay tax or by further increases 
in allowances. The former 
course has been strongly urged 
by fee TUC and is supported by 
the Prime Minister. But it is 
very expensive in terms of 
revenue. A rise in allowances 
seems to have wider acceptance 
within Whitehall because it 
takes a large number of people 
out of the tax net altogether, 
reducing some of the overlap 
with the social security system. 

These moves make a signifi- 
cant ait in the standard rate 
of tax, at present 34 per cent., 
less likely. Further up the 
scale Mr. Healey may repear 
his action of last year by 
raising the thresholds of tax- 
able incuiue at which higher 
rates are paid. While he Is 
being strongly urged to cut fee 
higher marginal rates this 
would provoke strong opposi- 
tion from within the Labour 
Party. In addition, there are 
expected to be measures to aid 
small businesses, mainly by 
raising thresholds for certain 

The whole discussion of the 
Budget has become very open 
this roar, not only because of 
the complications of fee still- 
unresolved talks with the 
Liberals but also because some 
additional public spending is 
being considered by fee Cabinet. 
The sire of fee additional spend- 
ing— the timing of the rise in 
child benefits and the possi- 
bility of further expenditure on 
the Health Sendee— has not yet 
been determined and it will not 
affect the tax cuts. 

What Mr. Healey will not be 
able to do — in the first live 
radio broadcast of a Budget 
speech — is to hold out any 
promises of a substantial drop 
in unemployment 


IPS' ' * - - rf>- ' "V S'. 4 * 

Brier- / 

Far flung 

. r. 

t. ■ 
\ V 

IF YOU live in London and 
want to holiday this year any- 
where west from New York to 
LA the world is your oyster. 
Walk up, hop on a jet and for 
. £59 Freddie Laker and fee rest 
: of the big boys (at slightly 
• extra cost) will take you there 
straight away. 

Not everyone is quite . so 
pleased with the cheap Atlan- 
tic fares. Travellers within 
Britain complain frequently 
and bitterly at fee high cost 
of getting around this country, 
let alone to America. Anyone 
living In Lerwick, in fee Shet- 
lands, has to pay £61.50 just 
to fly the 700 odd miles to 
London even before he- starts 
his holiday. And as it-is £61.50 
to- get hack, a family of four 
heading for fee Costas has to 
i pay around £500 to reach 
! Heathrow before they even 
1 take off on the package tour. 
British Airways admits that 
fares are, mile-for-mile, higher 
in this country , feat on . the 
longer, international hauls. .but 
points out in defence feat it can 
get so much more out of a plane 
on a long-distance run. A- big 
. jumbo travelling fee- world- is in 
fee air for 14 hours a day com- 
; pared with six hours for a short- 
; haul jet. And it is down-time; 
as fee airline men describe time 
on fee ground, that costs money. 

.The real difference though is 
tat internal fares ?re cost- 
^Sated, whereas some overseas 
Wes. to Scandinavia, for in- 
tiftce. are market related. And 
■ ii fee ^ith Atiantici if one 
tiime, like Laker, offers a low 
jtte, then all -fee ofeers have 
o^fjoHow suit or lose some of 
)m - action.. . 

- One airline' man said that 
r ybu have to ;pay for 1 bring far 
rpro fee' centres of civilisation, 
raftherifts '.4£. for a‘ bottle of 
in Abu - Dhabi qr £6L5Q 

for a ticket from Lerwicfc**£rhi8 Finally,* says Thomas, “ our 
assumes' * feat London . is: producer at Fox, Frank Levy, 
synonymous with civilisation., a bad The Idea. Levy is 29. looks 
premise which not : only the like, a handsome Jerry Lewis, 
burghers of Lerwick- would talks soft and is very hot 
question. Perhaps fee answer is property. He said he would get 
a better integrated traffic NBC’s, research department to 
system, so feat instead of having test fee marketplace for ' an 
to compete wife the railways on idea: in other words, for the 
short hauls to Manchester or very first time, modem market 
Newcastle the airlines could put research techniques would ' be 
more enterprise into serving, used to determine what people 
and servicing more cheaply, our. wanted to read.' why they 
far-flung isles. Such a policy wanted to read it and when they 
would bring smiles to a lot of wanted to read it. 
pefcle in Lerwick and Kirkwall « Fired by Levy's enthusiasm, 

aoV Wick and all sorts of other NBC ran a series of national 

put up its im emotional research 
facilities. The coauthors had 
still not committed a single 
word to paper, but in no time 
at all Jonathan Clowes had pre- 
sold the book around fee world. 
f.Hamish Hamilton will publish 
it an fee UJL) • 

Egg boxes 


The best 

j ( 

.- 4 \ 

. «v%r 

Gordon Thomas and Max 

market polls and by November 
they had the answer: people 
were worried about losing 
money; people wanted to read 
about people losing money; 
people wanted to know how not 
to lose money.” 

Further research indicated 

Morgan. Witts know a thing or that 98 per cent of those polled 
two about writing best-sellers, wanted to .read about fee Wall 
Their latest book. Ruin From street crash of 1929— next year 
The -Air, an account of the ig fee. 50th anniversary. What 
atomic bomhing of Hiroshima, more, fee research produced 
has already sold 3.5m. copies in fee perfect title: The Day 
all editions and will shortly be America Died- 
filmed. Indeed, four of their - W3ra£ happened next was a 
six books are either being total reversal of fee procedure 
filmed at present or will go into hy twhxch authors * nonnaB-y 
production this .year at com- write a book first, seH at to a 
bined budgets of 555m. ^ publisher aiwt finally, if they are 

But when you’ve done Hiro- hicky, watch it auctioned off to 
shim a, to say nothing of fee. Hollywood. Wife The Day 
volcanic eruption on Martinique America Died, fee process 
and tiie San Francisco earth- ^ "worked in reverse: 
quake, what do you turn to Yisst, NBC offered them 
next?. That was the question $100,000 to write a five^hour 
they faced last year. mkflaeries.a sort of Wall Street 

First off, the Playboy Press Behind Closed. Doors. “We 
in New York asked them to smiled politicly,” says Thomas, 
write- about' the battle for “ and said we .were authors, not 
Stalingrad, which seemed a good ^nfeSaenies writers.'' Quick as an 
idea, until Thomas and Morgan fcamfebake. Levy was 

Witts made a few inquiries of a counter proposal, 

their own and discovered there fere w in a 

are *t present fito as w^l, recot from 

around fee w °rld on the battie ^ for wo rid.wdde 

for Stal ingrad. O tfaer puMtaK 6isilibBk ^ were we game? 
Iishers suggested- they reeon- _ ^ w were We had 
struct fee El Alamein campaign “ 

or fee Lockheed scandal, but " book but we had a film 

£5 *« 0bjeCtiMS 10 ti0S<! i £ *> York 

Finally/ like all good writers, for wife ferir agent, 

thev caught fee next plane to Clowes, and aside a 

Hollywood, and cast aronud.: *«ek Doubieday had come, up 
One producer wanted a 'book wtthoue of ithe biggest advances 
about Senator Kennedy’s esca- e^er paid for a non-fiction book: 
pade . at Chappaquidick He $500,000. Meat, stiff woridng 
wanted to call it A Bridge Too basfaweids, so «> apeak, Reader’s 
Far.. -1 ■ • Digest offered to serialise it and 

MONDAY— National Association 
of Schoolmasters and Union of 
Women Teachers conference 
opens, Harrogate. 

TUESDAY — Mrs. Shirley 
WHllamg^ Secretary for Educa- 
tion, addresses National Union of 
Teachers conference, Blackpool. 

WEDNESDAY — Quarterly 
analysis of baric advances (roid* 
February). Building workers pay 
taBcs resume. General and 
Municipal Workers Union dele- 
gates meet w Electricity Council 
pay offer. ‘ Mrs. Shirley .Williams 
speaks at NAS/T7WT conference, 
;-iWfee and Spirit Association. 

Economic Diary 

statement on its Budget pro- 

THURSDAY — Department of 
Employment Gazette will include 
unemployment (February -final), 
employment in ,the production 
industries (January), overtime 
and short-time working in the 
manufactnrin? Industries (Janu- 
ary), and stoppages of work due 
to .industrial disputes- (Febru- 
ary). - Publication of Energy 

FRIDAY — Mrs. Margaret 
Thatcher, Conservative Leader, 
at Food and Drink Industries 

Council luncheon, Hotel Inter- 
Continental, W.L Forestry Com- 
mission annual report Confeder- 
ation of British Industry 
economic . situation . committee 

SATURDAY— Electricity prices 
increase. National Giro increases 
amount available on pssosal 
loan s and arts interest charge- 
<36ri to be sold by metric 
measurement Higher rates for 
British domestic air fares. British 
Airports Authority increases air- 
pint tending fees in -London and- 
South East— plans for .levy on 
passengers to cover security costs' 
also come into effect. 

Judging by early reports, signs 
are that fee British chocolate 
confectionery industry suffered 
something of a setback over the 
past 12 months. The main cause, 
doubtless, was fee hair-raising 
escalation of the world cocoa 
price in the early part of last 
year. It roomed on to new re- 
cords of more than £3,000 a 
tonne in July.- Since then it has 
tumbled to less than half fee 
peak levels, and is now heading 
up towards £2,000 a tonne again, 
At this time two years ago, the 
price of cocoa was about £750 
a tonne. 

Industry spokesmen say that 
following a 5 per cent increase 
in sales of chocolate confec- 
tionery during 1976 there has 
been a 2 per. cent, .drop during 
the 12 months just passed. 
Not that the British have 
stopped indulging their sweet 
tooth, mind, you. They have 
made up for the cut-baric on 
costly chocolates by eating 3 
per cent, more sugar sweets. 

But it is comforting to report 
feat in spite of the fall in rales 
of chocolate proper, fee Easter 
egg rolls on relentlessly, 
apparently picking up sales year 
after year. 

Not that fee British have stop 

This year, for example, 
Rmratree-Madontosh boasts of 
sending 50m. Easter eggs to 
market— Im. more than last 
season. And this pattern seems 
to have been repeated elsewhere 
in fee industry. 

At Cadbury Schweppes, 
where they estimate fee total 
value of fee UJC. Easter 
speciality market at £60m. a 
-year, shipments of “creme” 
eggs start in early January. 

Cadbury Schweppes hopes to 
sell 200m. of them this year 
at 9p each. Second most 
popular egg is fee simple, 
moderately cheap chocolate 
shell filled wife favourite 
brands of children’s sweets and 
decked out in modish packs 
with suitable foil, frills, gee- 
gaws and ' characters from 
Comic Cuts. Anything, it 
seems, which will distract fee 
recipient's attention from fee 
thinness of fee chocolate shell 



Tuny Moreton 
Christopher Parkes 


;.*reo** •-«r ■:;xrr^yw> : » vjpc^-» - ■ 

' .. .V 1 ' ■' 





Piggott wins for the eighth time . . . a fine print in flawless colour, overall size J5 VFx 20 Vi” 

The 1977 Jubilee Derby was unanimously voted 
European Horserace of the Year. In the opinion of the 
Selection Committee, it was not only the greatest 
horserace of the season, it was one of the most awe- 
some struggles ever seen on Epsom’s historic 

A superb ride by Lester Piggott enabled The 
Minstrel, the warrior prince from County Tipperary, 
to cut down the gallant Hot Grove and Willie Carson 
just a few yards from the line. 

Certainly there was only one jockey in the world who 
could have beaten Carson tbat day. And according to 
Lester Rggott, there was certainly OHly one painter 
in the world who could have perfectly captured the 
moment for ever . . . the American, Richard Stone 
Reeves, official artist to the Horserace of fee Year 


Mr. Reeves is widely regarded as fee finest painter of 
the thoroughbred horse in the world, and counts 
Lester Piggott among his' world-wide clientele. 

Brutal Urgency 

*Dick Reeves is in a class of his own,” says the 
master jockey. “This oil of fee 1977 Derby is fee best 
action painting there has ever been of me. And it’s 
brilliant pf The Minstrel. It is a great study of a 
Classic finish — just as it was.** 

Reeves has caught the duel from a striking vantage 
point--hard against the running rail, 30 yards 
out — just as fee two straining colts burst over the 
crest of Epsoms final hill. Piggott's whip slashes 
down wife brutal urgency. The Minstrel, his head 
held low, trying his very best, bravely jams his white 
face in front for fee first time. 

An edition of fine- prints of this painting has been 
made by Mr. Reeves* American publishers. Only 
750 were pressed and. as the artist s exclusive Euro- 
pean distributors, we have a limited number for sale 
at £110 70p. each. The quality is superb. The prims 
were produced on the finest hand- made, French art 
paper by Triton Press, the renowned New’ York. 
printmakers who are considered by many experts to 
be the finest in the world. 

At the completion of the edition Mr. Reeves person- 
ally signed and numbered each sheet and no further 
prints of this painting will ever be made again. 

The reason we have- so few for sale is that Richard 
Stone Reeves has also been appointed official artist 
to fee U.S. Committee which selects the American 
Horserace of the Year, and his clients have already 
bought 400 matching pairs of “The Hollywood Gold 
Cup” and “The Epsom Derby.” Jf you would like to 
consider completing your pair, please mark the order 
form below. 

The Print Gallery Old Surrenden Manor, 
Bethersden, Kent Telephone: Bethersden 544 
0 Please enter my subscription immediately for 
“The Minstrel’s Derby" . I enclose my payment of 

XI lam also interested in the American print — please 
send me fee brochure. 


Addiess ” " 

•U.K; ados price include* r.a.t. and delivery Overseas orders: price 
includes insured air mail powage; icfunds will he yiien where possible. 

Last year’s matching pair, “ Pawnee se~ and “ Forego " 
doubled in valu$ on the New York market in eight weeks. 



Coates Bros, level after second-half fall 

■ financial Times Saturfay March ^28 1WS 

UCM improves to BMK £0.17m. 


DESCRIBING pre-tax profits ahead 

after six mouths 

SS, ^000-S.oK SSS 

. refutation 

value of the 

AFTER A buoyant first half, pre- 
tax profit in the second six 
ntpnths at Coates Brothers and 
Co. dropped from Xo.llm. to £4m. 

to ieavg the figure for all 1977 Current 

unchanged at fSJftzn. against payment 

£&S5m. Turnover advanced by nOT . 

9 per cent to £82.l4m. l^ & Jadeson i 

The directors report that severe c Nit 

competition pressure ou margins Coates Bros. ’ 1.55 

developed in the important resin jr^edland Doggart 1 S3 

division, especially in Middle Gibbs & Dandy 1.82 

Eastern and European export in^ n inds. _iDt. 0.81 

markets. This followed the Jamesons Chocolates 2.41 

Strengthening of sterling and a j Qnes & Shipman 3.73 

drop in raw material replacement Macailan-Gleulivet .-int.§ 2 

■costs, which had to be passed on Hngb Mackay 1.8S 

in the market before exhaustion w. J. Reynolds ..2nd Sza. 027 
of higher priced purchases. Sunbeam Wolsey 128 

These factors together with the Utd. City Merchants ..4m. 0.45 
change in status of the Indian 
subsidiary to 


palm fruit crop 4J19 tonnes 

from 12.12m. to for the profits of £283,000 (£387.0001 and c^iuT' ra oMiuO the carpet felt. «■*. as n resulL 






















■ Nil 


July l 




May 15 




■ — 




May 22 








May 17 




— • 




May 16 








May 25 




May 30 




(4.4S8J, The net average price as good, Mr. E. C Sosnow, chair- turnorer of SJ2m. (£3 Ma) and £ cugntmUng profit to £281230 itet**™** 
realised on rubber was 41 Jp man of United Gty Merchant* £43. :5m. (£43.71m.). compared with £1,027,190, and overdratti 

(40.41P) per kilo and for oil palm says, in a time of international im- , after depreciation and bank At pppinting. W the 


fruit £31113 1X37.71) per tonne. 

Half-year ■ Year 


1976 3378-77 


an i 



■ 67S1.-W-791 

Trading xnrpta ... 


213 Si , in 

Other income 


125 256.111 

RepUndng expend. 


M 73.535 

certainty and pressure on carren- £ comment 

after •_ depreciation 

interest, there is a 

consumer - 

say the 


exports fell 
iST After a SKft 


Fr*-ux prrfk 


‘ Net profit 

Extra a ni. credit 

Leavtua 121 . 149 Ml .588 

T Tax has been arbitrarily assessed. 




company, from 

associate, and a variation in 
exchange rates adversely affected 

group pre-tax profit by some 


If the Indian company had been 
Included the pre-tax profit for to £l92om. 
1977 would have amounted to 

Dividends shown pence per share net except where otherwise stated. 

* Equivalent after allowing for scrip issue, f On capital 
increased by rights and/or acquisition issues. J Includes 0261p on 
account of 1975. 5 To reduce disparity. 




ss 5 sgggggg* EtiErSS S aSKr sg n 

SsSSSsa gjSESSSE gMscsasw 

C SST% *SSJ ■nother fjeton.TtaMr ^ ^ „o ra a,d «£ 0.1.V «» to- 

Bids and Deals; 
on Page 22 

A decision regarding the pay- 

ss raw; wsasgsg jar 4 tsu*'*- 

*-* s^-jt 3 B£-ssw. 

ited 1 ightening df the 'bDr- 

heads were rising. The group's 

aillHCS WUU n»v.nao|>. yjl — 

The company operates as an leather interests nave oeen. nit. _ - * . -- ^ iiphtemnc « u» nor- 

intematioS^JntoL agent and by keen Mmpemion frmt over- ags; bmmb - g-J 

. -230,401 "«* in mfiZHSM. PW Of 

the year. On July t 1977. the ON. TU^^OVER of 
Tax took £15,011 (£13^*4) to group’s interest In Western agamst f27^6m. last tune. taxaNe 
leave the attributable surplus Mineral Sand Pty. and limeade pro fit of For d main dealer Hanger 

- - * *- doubled Tprrwve r . .. 

40 per cent, interest in Westralian frajj £5tb,506 to a record Vr ^ t ..~~.Z.Z. 

Sands and a small loss was £1^99.903 in 1977. pre-tax wont 

incurred in the second half. This Tax takes £396,000 (£288.000), Ta i- 28 * 

investment secures a long-term and retained profit comes out at 

After tax and minorities, attri- ahead from £89,688 to £SI0,75L Proprietary was exchanged for a Investments more than 








z5 p share are 891 p (8.72p) and a (0-55125p) net, costing £23989 mvTOiMiwiu bcuitrcb a lung'ieruj auu icta#n«u ^uui \.vuixa «««. *** 

final dividend of 1.54992p net (£21,389), with a G-3657p second supply of feedstock for the pro- £802,709 (£185,577). No provision - 

raises the total from 2.08 l5lp to interim. duetion of titanium pigment was made for. tax deferred m subsidiary companfes, mum payout covered over 

the maximum permitted 2.3248Sp t , 11 ann ° unced on Wednes- Extraordinary credits of £E54m. resp«* capital allowances or g^pson kina and Pharaoh times by prospective earnings, 
absorbing £940, 6S6 f£842J14). day that the company has shown in the accounts this time £222.000. 

The directors add that other accepted an offer of 45p cash per include a surplus arising from this Hie dividend is tip the maxi- 
divisions at home and subsidiaries share from Oakstone. a private exchange of shares, the directors mum permitted from 0.41 Olap net 
overseas substantially achieved company- effectively shutting out say. per 10p share to 0.4818fip. and 

their sales and profit targets and Manchester Garages, which has The group's rate of tax for the waivers amounted to £10277 
... — *- —***■ its year was distorted by the share (£9201). The company has close 


group liquidity was well main- subsequently 
tained, so that net liquid funds ednler offer, 
increased during the year by 

Principal activities of the group 
are the manufacture and sale of 
printing inks, printers’ supplies, 
lithographic plates and chemicals, 

1977 1971 

root) nMO 

Turnover 92.142 75429 

PrtA before tax S£M M* 

U.K. tax S498 3.13B 

Overseas tax i.«w 1.793 

jfer profit 3440 3.«n 

To minorities 329 

Attributable 3.«U 

- Overseas sales and profits have 

Jiff™ ^ provement was from £734,000 to 

IS!* £827,000 the directors said they 

SS? nS, anticipated remits for the second 

“f'™” 1 ' 1 ,ou ™ u» « f 

£02m. respectively if foreign t-T* 


FOR THE year to January 1, 
1978. Friedland Doggart Group 
.?£ reports pre-tax profits ahead from 
£1.68m. to £1.82m. 

After 24 weeks when the im- 

of losses of associated companies status, 
which are not relieved for tax In 
the current year. 

The company, which produces 
titanium pigments, is jointly held 
by I Cl and Lead Industries Group. 

The directors state that, 
although the LIG share of profits 
before tax of Ti oxide is £4J3m. 
compared with £3 -2m. in pre- 
vious year, the LIG consolidated 
profit for 1977 is about the same 
as the £20 .5m. achieved for 1976. 

Drake & 
Scull to pay 

currencies had been converted at 
December, 1976, rates. 


Coates Brothers’ 

fortunes have 

Tax for the 12 months takes 
£962,000 (£900,000) and £215,000 
(£185,000) goes to inflation re- 
serve, leaving £639,500 (£595,037). 

Earnings per 25p share are 
stated at I395p (12.74p) and the 

tended to reflect fluctuations in dividend total is lifted from 2Ep 
the commodity market since Its t0 3J27 P " irh a final of 1927p 
raw materials are largely oil “**1 . • . 

Hie group manufactures domes- 

against £457^21. 

The total was marrfnaDy ahead 

. .... .... RETURN to the dividend lists ° f £ °* 91m - 

The audited resutts of this com- for Drake and Scull Holdings was inmoed by 

pany wHl be announced on April forecast by Mr. Michael Abbott, a]mQ8t £8m ^ to £20.93m. with home 
20. chairman, at the AGM. 5ale8 - m the RcoubUc ahead 

He said that in the absence of fa 89m. to £10^6nu and 

unforeseen circumstances, an elsewhere up from £6 -06m. to 
interim -dividend wHl be paid to £i(L57m. 

Ordinary shareholders with the isrrr -wtb 

release of the interim figures in • --.Lum.L 

mid-summer. Drakeand Scull last smioe 

paid dividends in 1972. other coomrln io.CT.ow & 

Mr. Abbott said that profitable pretax pnoi nun «*.«b 

trading in the first quarter of the t** ~_ v BUai 

latest year to October 31 had been Hks 

_ at a slightly higher level than last StrmonHnary d«bita~.~ ssms 

A SECOND-HALF advance from year, and that this trend is likely To o&pini reserve — 82 .be 

buker, end eke ramafartures sea suppE ere, » hDe motor P-ad ; i gbfae.yffl »>I« 

leather. ^ ^ suffered to some extent errotro products l» the. fKttiRMBr 

sixoaote from supply problem s in f£f^t xajn • monihs. they sttfn. ' - 

i«t *25 motor industry. However the Sx aSSt ™ 3Meo tt«.wo mg montns. tncy 

iSS banking interests, have been sap- wqt low tig-®* * s3i<s8 »-monf - -. 

ported by the increase of activity 1 •sal* # comment • - 

« in barter dealing. At pretotd: d5wx«l t»x. with the carpet IndlttOT .fitltt 

levels the shares stand on a pros- t tjussc. s comprteM eon at rcdoodaiKT 8ll rr e ring thg effects of 6»W- 
u 2 pective p/e of 4.7. assuming that rtynwns ramidng item miomllsaiioii of ““f , ^ an( j j pw demand; BMK 
854 the first-half trend Is maintained, __j. tar h „s followed lost year’s fttSflm. 

,nd yield « per eert oe , mrf- 5? SSSmS* l»U. L 

firf& in respect of oveweas sub- deficit, this Ujej 
sidfaries as it is expected that half sales ana down mrariy awntn 
thtoe will be more than covered and reflect a volume 
bran anticipated net surplus on about 15 per cent ^ 


The ' directors report that there a tumround from a 
\eas-fio improvement in demand £75000 to a loss of tnJ.ouu, wiiue 
during the period, as a result, it lhe usually buoyant export , dm- 
was decided to reduce the labour .don's profits dipped from im 
AS FORECAST at halftime Sun- advanced to 8.52? <3.29p) and a force' and 218 employes were to £2J5ra. In addition, tne^tom- 

b earn Wolsey. hosiery and "knit- net final dividend of LS75p lifts made redundant dtmng the period pany did not have the benefit of 

wear manufacturer, maintained the total to 2.7375p (L725p). at a cost of some £212,000 before now withdrawn Regional 

progress in the second six months At year end, cash and bank tox. They point out that there ’ — 

of 1977. with taxable earnings up balances were better at £468,818 waealso the loss of smnerL50,000 

from £303.921 to £552L293» to finish (£65,415) and bank- and short term Regional Employment Prermum 

the year with profit of £915,293, loans were down at £878,775 which the company received in 

Sunbeam Wolsey recovers Ss aJs-j SSt' 

to record £915,293 


Upturn for 
Gibbs and 

Jones & 



Employment Premium. _ *hich 
nreviously amounted to £tt3m. a 
year. With demand at its current 
low level it is difficult : to ; see Jww 
the company can avoid lnaimnc 
further tosses in the second half. 

— - MfffWLSS 

the- first half of last year and 
which was withdrawn in January 

continuing josses it was asouw i— — ;v m. .k. m . 

to- close down the Canadian fac- over the year. At : the 
tmy unless it could be sold aa a give a market valuation o£ iCKin. 

£179.497 to £270,597 resulted "in to continue for the remainder of in _, 

pre-tax profits of 43lbbs and Dandy the year. '^"c^ WrvT^ at midway, 

based and the foreign exchange TDe group manufactures domes- finishing 1977 £96,702 higher at _ Pre-t ax proBt last : jw There are still some companies J Tur ”°T cr 
mliSetSriewof UsSeSSSl tic and industrial sound signalling £403.472. Turnover^ for the year attn^ud he M ’UnlJSSE!^ with hi the group that are not 

PRE-TAX PROFIT for 1977 of 
A. A. Jones and Shfpman, manu- 
facturer of high precision 
•isju machine tools, improved from 
t&SB £1.74m. to a record £2^m n after Off 



Second half fall leaves 
Hugh Mackay at £0.31m. 

TURNOVER of £7R4m. 

paid amount 
(I5S.OOO) and 

to £37.000 
epreciation lo 

second half 

sales and a 22 per cent, shortfall 
in pre-tax profits in the normally 
strong second ball Hie setback 
- — in sharp contrast to Che buoyant 
first half— was largely due to a 
^stronger pound and a drop in 
soya bean and linseed oil prices, 
which meant that Coates had to 
reduce the selling prices of its 
important resin products to 
remaln competitive especially in ujcREASED costs and pressure 
the Middle East and Europe on selling prices together with 
while at the same time incurring ^ ^SSgtheirtag of sterting, 

which reducedexport profitSS^, 
SmTof resulted m 1977 second half 

a lm°o« d bre f ak' 

comply with government ruling— 

knocked about £l2m. off profits. # * f 30 ;^ 

Meanwhile, its other divisions at tob “ at £10 74nL > 

borne- and abroad performed ag ?“ ls ?£S 82m - 
satisfactorily. The “A’ 'shares at + j^ fa ^ ft ^ c . profl F„^H„ D ? a “ 1 ' 
63p give a prospective p/e of taine d at flO.fibn. (HO 38m.). 

6J and yield 5:7 per cent. - 

£188.629 (£146^492). divestment had been received to 

Properties were revalued at date and there was every indica- 
December 31, 1977. and showed a turn that the final payment would 
surolus of £463,756. he made in January, 1979. as 

The ’ company operates as a agreed 
builders’ merchant, ironmonger. The legal position with Tarmac, 
tool merchant, electrical whole- b relation to that- company’s 
saler, etc. 

Klang Rubber 
down midway 

Lower taxable earnings of 
£257,000, against £304.000, are re- 
stated earnings per share for ported by Castlefield (Klang) 
the- year were more than halved Rubber Estate for the six months 

W T n ii at 18.5p (4S-5p.) and the net total to TiecemherJl,JS77. Turnover 

• J • Reynolds &*&*** B hdd at li5p by a was down «3-£00 at £633,000. 

* *'• uuluo final of S^p. Tb® Profit figures are based 

hits peak 

External sales 

Share assocs. loss 

Pt*«x pnflt 

WITH PROFIT growth being Net proai~"^~””i;.Tn 

maintained in the second To minorities .... — 

half W. J. Reynolds Holdings, — - 

a- Ford main denier, reached ntiuicafe 1 * 

a: record £325,762 for the Retained 













«7CT a rise from £731,000 to £828,000 against £6.95im, pre-tax profit of 

. Hngh Mackay and Co., manufac- £73.000 (£M,(K)0),» .. . 

for the 12 months tnrer of “Durham" carpets, de- The net interim dividend i» 
from £U55m. to dined from £38L531 to £312,627 raised to 2p (I.3 78I2 »r) wndw* 

and tax took a.lfrn. for 1977. At halfway an advance disparity. For 1978/77 tne final 

from £178.000 to £197.000 was was 3.222110 
final dividend is &725p reported. 

j n g a more realistic return for for a 5-S75p (4R125p) total and Taxable profit for tiie fuu year 

lR19p. In respect of the sale of Drake these companies, the directors earnings per 25p share are shown -was struck without the benefit of 

After tax of £214£43 (£360.278) and Scull South Africa (Ply), he My . to have risen' from 139Sp to regional employment premium 

the net balance emerges at said all moneys in respect of the Stated earnings per 25p share 17.86p. ’ (approximately £67,000) and was 

•' — ■ * — : — J - 4 - after payment of the payroll 

tax" amounting to some £28.000. 

Stated earnings per 25p share 
are 327p (3.77p) and the divi- 
dend is held at 3.25o net with a 
final payment of l-85p. 

lSTT 13TB. 

failure to pay £750/)00 on Septem- * * 

her 1. 1977, in accordance with 

an agreement between the two _ . 

companies, remains unchanged. • ** * Hat profit....—..——... 

JlnSfSH *+ Holdings, the Caitiiff- compared witti a pretax Wdf gSgf * »* 

diligently pursued and a wnt has recovery and plant £Sm. in the preceding 13 months. '■ "After vratveril 

been served. I must emphasne ' hire grom, which only romp, out Shareholders funds urgently stand 
SS*; •EJ2SVJL? £lt of^Saiip last Member, has at £912.097. . 

jjSiiS - heSS f * P applied to the Stock Exchange for in the intervening years the 
cecums*. UK »aiu. a re-quotation of its Ordinary group has closed eight of its 12 

shares- UJC coal recovery sites while the 

The 5p shares were suspended labour force has been cut from 
at 6p in 1975, and the group 550 employees to 280 employees, 
placed into receivership after it Mr. Graeme Metcalf chairman 
had run up debts to tallin g £3-8m- gays that he hopes to re-open a 
— while shareholders funds further site in the current- year. 

a ,waRSf2a; siHrw sa^vas. *§5 

L. Ryan re-quotation 

GHP advances 
to £1.8m. 

to £0.63m: 

AFTER AN improvement from 
e iub mu, £255J281 to £267.629 at odd way, 

‘ wS lH3cable profit of Jamesons Gboco- 

5? _ T..ZZZ jstiSE Si late*, confectionery manufacturer; 

issct shows an advance from SS38JB43 

•155.19S to a record £834^75 focJ977. 

Turnover expanded from £4. 52m. 
to £6.45m. and tax took £324,725 
against £309,091. 

Earnings per 10p share are 
shown to have risen from lip to 
11 .4p and the final dividend is 
2.406P for a 3.51SP. (2.914P) net 
total, including OJSBIp on account 
of 1973. 


Chieftain wiU 
not oppose 

Chieftain Trust Managers, who 

& Rixson 

wuum g . ^ jjui M|> by^^rgrJ Although the directors of 

q Oja npT tOn chnrp ujflrp nsiiH • u. + ^7 — ' poio iiuujluju luc givujj oiuivliuvcu iuc giuni/a oaguui upciauun, Growth Fond Will have OR Woodhouse and Rixson (Holdings) 

*■« f?eSrd So«SF £706.957. * $608 000) Pt0Bt f848,00 ® il . had negotiated a £800.000 vAich to Jointly owned wirh Roy^ pj^pects for unitholdere in that continue with_ a poBcy of broadeit- 

*5 The rubber ot»d harvested ^ cash mjection mto the group. Dutch Shell has turned round fund. They believe, however, that lls . base , acquisition, more 

£315,762 for the whole of 1977, The perfonnam* of Ttamio s” durtog the eieht month, to luSEf ASfflLltSS ?taSSS *** ^J^ O !.S l 25 0 f.I?ii” /75 U.e Target scheme, which . has . «* ^ITO- 

compared wllh £103^32 last time, in which the group has a 45 per February 2, 1978, 

to lurgical, mechanical and electrical new equity and the remainder in tojwofits^of £426,000^ lart year. *^«ed "with the Board **of ment of existing processes 

Turnover expended from iMIo ceot interest- improved during 1.75m. kg. (2.01m) 1 £m£? (S SSS gnir. “ * 5ubs “ iIJI7 of g^ 1 " b^'“toter”-for'"Wnd G. S. Baker, the cheirman. 

Broad mount, will cer- 

and of new products, says Hr. 

Agency— now the largest share- creditors, the group had out stand- 
holder with a 25-35 per cent ing net debt of almost £2-3 m. on 
stake. February 28 this year. 

The new shares were sold at 
6p compared with a peak of 

afsurance companies— the Stock could be affected by the' pro- costing £Um. in lost production, academic given thc^eniDhads^ra con^e^ia^ t0 ^ Sr00,pS BRl'ITAINS 
D«: change expects full-year results longed industrial action by its Lucas Industries’ first half results, the comranv^ ho that dealing in In the event that there' are In- 

from the Prudential. Peart Legal agents. The company does not due out on Thursday, are bound B£ths2^Slri, R^n’f sufficient anD«Sionsfo?^thJ 

and General Equity and Law and have substantial linked or pen- to disappoint. Hie stock market trfbme to ea^fnS to wn- Ryans *are« on April |imacient appuratiOM for^e 

London and Manchester. In sion business to offset these has been having the jitters ever trlbute t0 eajnin ^. ^ no p^ostepay aiocxa^nangeto grant ai«nng 

Results due next week 

'Next week is a busy one for life writing • losses and life profits With the toolmakers’ 
insurance companies — the Stock could be affected by the 
Exchange expects full-year results longed industrial action by 

Broadmount’s -shareholders than Members are told in his annual 
no unitisation at all, and in conse- statement that in those areas 
quence do not intend to oppose where tne company has incurred 
the scheme at the extraordinary lo ^ es ) n lhe Past two yeara..three 

general meeting on April 14. 

Glenlivet sees 
profit rise 

an advance 
from £240,000 

Sh d hSf ’tiiSL er Drofifa U rrom f ^S 5 cS Ifft.^n^tiSSSnV'Srofifo 6 nSsiir Ladtoroke’s directors have ^“iSre^w^Swe'Sd^gSd 

llf d Sto 1 P SU " Ta^fiar? 5 ^ already estimated in its offer on prior provisions for the balance preference shares then Equity 

Equity and Law, and London thijfis document eariy this year— in the of cash stfil due to pre-receiver- capital tor Industry as under- 

Gr0up and and Manchester are also report- £l S ™ bid for Leisu * *** General ship creditors. . . writers will subscribe for all the 

^nw’Sr n n S rt U r l ^inanie* a™ ing next week. the mmmmv Holdings— that pre-tax profits for Meanwhile the group’s first Preference shares winch will give -- — » r; — * — , u xivd.uuu ior ivn, on mcreaafia 

-US! ' ‘SeS Z ,, , , „ , the year ended Januanr 3: 1978 awaited accounts since, the crisis ft voting rights In Brittains of £291,000 for the half-year To turnover^ of mSJ -nSSaS 

ss^“%ss irtss j-gjssrt: ssjskl a- * szti a ss ssi sss^ a w^ pwss ,r ss?^uff r n^u tngger » ssss&ssu^ isr 01 ^ swsi uUjp*- ^ 
js^jss&jt^jsz ssSjmS sms sxstjsSsSss xusEuesditt 

A£t*r ^x. Take^yer^Panel ,bas granted ECI on la^ jwfs profi t which, at the plication of funds shows liqnm 

ftinds decreased by £199,000 

trading profit 

will almost, certainly have beta 
eliminated by the middle of 1878- 
■ Re reports that there are some 
signs of modest increases In 
profitability for open die . forg- 
ings, an dthere is every prospect 
that the spring and trailer ditf- 
. sious will continue ' to add to the 
company’s profit 
As reported on March 1, pro-: 
in tax profit dropped- from £625.090 
to to £196.000 for 1977, on increased 

- , despite before currency adjustments. But time L- s jSP ,G c®n t be C £300 ^-LU more than^ilOJim .a*, 

lower interest rates. Pro’s general what the currency adjustment growth Is being achieved m Con- mor 2v^ U1 nrofits are reduced to £558345 

business had an underwriting Si analysts Ze Srided on. tinenW Europe^ particuUriy with g"-« ■ ” the W SStiSriScThSS' 3. 

nmflr at the h.ilf war stave anri e. »».(<>« hatwnon replacement Darts, which account- c ® n,: - renect a suos tan tia t .. . ■ . 1 

a dispensation from' making 
general offer under Rule 34 

a pre-tax level, was £362^39. 

° f S^-half sales by the company. f£ti74.0obTaT year Md. 
and a dmulter of malt whisky, rose to Meeting, Sheffield, April 20 at 
£l.Q2m_ (£860,000) and interest 11.45 ajn. ~ 

profit at the half year stage and StTpre-taX estimates rarybSween replacement parts, which account J™ 1 - K , VU p a H1C - UIB 

Its linked subsidiary Vanbrugh £53 m. and £S3nu compared with for more than a fifth of total sales. rtd/Sctor ^^.*,225 tax profit of^just over £579 000 meigere 
should boost profits following last £56m. Over three-quarters of the _ , .. .. J irmo tma sector alone pati-onised ^ H J K 

year’s market rise. The market group's goods are sold overseas . Thomson Organisation is due largely by the very wealthy Mid- 
is looking for a one-third rise in and it is here that analysts will ^,? naou 2? e ^ results on die EMterners— are likely to 
Pro's shareholders’ profits. A be looking to see whether there f™? 3 ’* At _ t ^ ,e halfway stage reach £10m^ up 75 per emit 
similar rise is expected from is any sign of a resumption of - * r °m according to one estimate- This 

L and G, with substantial reduc- growth in the group’s developed *®~v n * £6.44m. reflecting a would contrast with an unexch- 

tions in general business under- markets, although most are ex- substantial increase from news- mg cash betting sector. The 

writing losses and increased pecting trading to be flat. Other- paper and publishing divisions other sectors — holidays . and 

profits from its growing pensions wise Interest wiH focus on the an d a 1°®* Die travel division, hotels— should enjoy a good year, 
investment management sub- group’s pharmaceutical activities The directors have already indl- Other results to note are pre- 
sidiary. where there are high R and D rated that travel profits will be limlnaries from United News- 

;A much lower rise is expected costs and a long term develop- “ significantly lower" for tiie papers (Tuesday), English 

from the Pearl. At the hair-year ment programme, as well as on full year with a group trading Property Corporation (Thura- THOSE OF YOU who like to ulav It safe, the monev would nrobahlv q^hlesinm^R . . , 

relatively new leisure pro- surplus not less than the £l7.lm. day). Pyc Holdings (Thursday) SStmistfieldwlth relati?3j bejKSSir £e° a f^J™**™***- Stffl, if 

A warning to the small investor 

stage, it was still struggling to the relatively new 
cut its general business under- ducts Interests. 

pro- surplus not less than the £17. 1 m. day). Pye Holdings 

earned for 1976. But as usual and Laird Group (Monday). 



American Trust ...... 

A£V RtfdilU* 

Aurora Holding* - .... 

Rsnon * Sons 

B8A Group - - 

BkWIe Holdings 

H. Braimnrr * Co. - 

Repot Oiemlals international 

BHdoo - - 

British Mohair Swnnprs - 

Bronx Etuorecting Boldinas 

B(Wo»s lAlossrJburBh* 

A. F. Bnlgln ft Co 

R. Camrrishl (UoMinsS' 

CUOonl’s Dairies 

Chas. Early ft Marrlo* fWitocyt 

OcvHitter Brothers i Holding* < 

Dorada Holding* 

Dufay BinunasUc 

EngUsb Property Corporation - .... 

Equity La** Life Assurance Sodety 

Enth ft Ca - — 

(tsshell and Co. iBacnot 

J. a Hewitt ft Sod fFemoni 

K^ntc counties Newspapers 

Kode Iniemaifonai - . 

Lad broke Croup - - 

Laird Group 

Percy Lane Group 

Legal ft General Assurance Society 

F„J. C. Ulley •• 

London and Maorhester Assurance 

L#ie Shipping cp. 

MintiKStrr L«H*r<t - - 

Bernard Matthews . - 

Misconerete ‘Holdings* - 

M; MOW * Son 

M&lHdP* 1 ITopcrtle* 

■forth SriOBh Canadian Inv. Co 























rim red ay 




















, Dividend W 

email amounts bad better set building society account. The 

The first, the Gartmore income that you want this ti 

Last rear 

Thlv year 








3 . 31 $ 








o.ns . 












El ■ 








0.41 St 


























1.05 . 
















1 .So 











3 240 




























Or — ao Transport and Trading . 

Prudential .Assurance Co 

Pfc Bohfloss 

H * J. Quick Group — 

Rccfcltt ft Coimu 

Rotyou PJ.W.S 


Royal Worcester M .. ..._ 

Sioash Bsures 

Siooe- Platt Industries 

Thom oson Organisation 
Transatlantic Marcel Tran ... 

united Newspapers ... 

Warn* Wright ft Rowland 

Wilkinson Warhorton 

Wmston Estates 

Wolstenholmc Bronze Powders 


A. Beckman 

BPM Holdings 

Bridporr-Gundrr » Routines » 

City ft rttemstlonal Trust 

Loess fodustries- 

LWT ‘Holdings' 

R. P. Martio ft Co. 

A. and J. Mucklow Group — . 
Plfco Holdings ... 

Ricardo ft Co. Engineers ns^l 


Dividend mi* 


Last year 

This year 































J. 83 

• 3.77 


Wednes) ay 







• i304T 




OCT ■ 












1 6 



.... ; t# 
















































yourselves to finding them a specialist trusts are, however, a J indent 'but 0 ^®^ ^ u -^ ra ^~h) »n-in 

permanent home. For if last different matter. " r ' ~ f.7^' at \r,T L i!J K 5T- **} e «lhity with a mlnlmutn Qf £300.;. 
week’s contretemps between the It is eminently sensible for the Lpected to nrodura^^ai.^ camtai fo fi. tbo ^ e se ^ kS W 

Department of Trade and the smafl Investor In search of income tScome arowtfe. P Its recor?^.S rathcrjhgn.incwfto 

unit trust men has the threatened to look to equities, as well as fixed been consistently cood^not £fn sfon^r^J?^ ' 

SS ^th JS^fn 5 ? 0 ^- 8 ^ of.the tr^butVry resnStahlS bJ5i M «d S* 

selves persona non grata with media, for some of it: that way jr 

the latter. 

n meoia, ior some ox n: uiui way in terms Of incomp * 1^ its -Ajderfcfih 

he can insure to some extent canital perfonnance. The !Stii < itTAJiS ,,w,, T a 1 

,r against the effects of inflation. h£ a hSi plpmant ulnur fhni tSk® fpD. 

sroat taxless thanuStiSS- 


numbers of uie naia ox equity invest- compensation the immedlnte of either V 

very small and very unprofitable P® nl ', a ^ e tkc.hest way of obtain- yield is very much higher, at over £500'. or a life 
accounts. Mr. Edgar Palamountaln, ^ that equity exposure. The lOfi per cent. For the Gartmore Contract 
SS »lT arguments In favour o! the small fund you need a minimum^ 

Asooiaaomjuokuns aoS. 10 mmt 0 “ t of Law «" ?»-. >■« W Is m a 

present level of management gtnwTh oriented sped^ist trusts £400. 

vines plan ov^llubl^ as-woIL- 

ment group to cover its costs on a ““ *^.“rr* c lu 77*?“* “ “*s«er n t P* e r- a ^blinder from M tad 

holding of much less than £LOOO. r E Eu f n ’ ^ lbei . t u at a kl^ier risk, by Snt the h 3* who wouW heneflr 

Jr rtS moment— as aSanceat eliminating the spread and going SSruSUriS JSL ScWesmseris respect of tax relief on Kfe 

this week’s- offers Indicates— most for ^ ust °° e ** wo 01 1116 under- GUt Trurt Up t0 C,CR taken ®ut In tho current us«u 

SSSgp ffiSE® VB 

It is. it’s true, difficult to see The clutch Of trusts on offer * rise— n ft t nnl«. *».- y w OMK(WM 

the point of Investors — — *'- 5 - ner 

such small amounts 

trust Their holding . . _ „ „ 

duce a particularly high Income; more’s Income Fund, XawsonVc can’t affnrd to he- o‘F_ 'Ufe-assuranra l<ntc»>i 

YJWCIHI-I uuirn net. i»;n« p;r marc »«i *«•»■«« *» >u> mrnmwm if thoir msanc ,n ... tt:_ V l.u V, * uuu, UIWWIIS dtsinvested for 9nV lOnvrh .1 mint -nl ■ . -HHKPq ■ HH'MO. 

f indudes comKUKMlns drrtdenft one to chimse In tax raie i Socuod interim a . 1 ”,. a ”_. so Y J eU ^nd and— a rather time its cnolMI vahfe T LS I U?* >r M an d fi krtore^; 

at GiuL i includes second interim during uus is-aonin pariod. straitened -that they need to play different animn^ ttitg one— aw*.™ 1 nn,TH DI ■ or iff and O Ge neral Tnuit 

every pause, ana shudder In the is a vaila ble. * -.™* 

Denshor (Furnlinre Tradssi ... 

W. J. fYke 'BokJlnss* — 

Sanderson Murray and Elder < 

U. U. Textiles ... 

* Dividends shown uct. p*nn per nftare and adjusted for any iMerontnn serin 

In lieu at 

vestors putting this week iil^te S.e Vtnra S 55 ES 1 

te into a general of each category. Three of them 

ling won t pro- are hish ineome tmsu- dealings. What 

e-not jinless the to the begitai^' 0 ? SlS k ifiSl 
V. succeeds in being year, and the caShrt 

xuieu OI xnem ripallnow • un,L •kfffhl in its cover bsrkdalod p r e r -*-=??vT:»* 

pro- are high income trusts: Gak?! iiS!lSf S 'fpIS! a Sr.* ! ? 0, « ? ^ nce «»■ HtaUfti for tax refiEI 

Qtoft: mnrp'fi I tirMiiA CSitkI t inCOWe irUSt_ CED t afford- Tfl Jia. of 

prentlunu «£ft 

A cboifr* 

fl r ‘ 

•1 k i « j 

j tup 



r ikp. 

I '•u 

h :.i 

-1 1 


i\\ iV . 

. ' 

M\ ft , % . 

n H - 

’Kranci^l Times Saturday March 25 1S7S 




Take-over bids and mergers 

- Oatetone, a prints company owned by ]fir. T. J. Qemence, 
has stepped in wilfc an agreed bid of 45p a dare cast for 
W. J. Reynolds; the Ford main dealers. The £L75m. bid has 
received the blessing of the Board of ReynoHs,Tvho have pledged 
acceptances in respect of 24.40 per cent of the capital Together 
with Oakst one’s existing 25.77 per cent holding, the offer is 
already assured of success, thus effectively shotting out the 
earlier offer by Manchester Garages. A cadi offer of 73 p per 
share will also be made to holders of the 5i per cent Preference 
shares. ' 

l_ -Shares of Gedong Investments, an associate of Stee Darby 
Holdings, were suspended on Wednesday at I25p at the company’s 
request following Ian approach, which -may leed to an offer. 
Gcdong Investments 1 main investment is a holding- of approsi- 
matejy 1.1m. shares in Consolidated Plantations, a very strong 
market of late on buying from the Far 

Northern Foods has improved its offer for James Shipstone 
and is extending, it until April 7 .- Shipstone shareholders who 
accept will now retain the proposed final dividend of 11.335p net 
for each Shipstone Ordinary, announced on Mardi 8 . iNortheni 
Foods’.- offer will not be farther increased. - 

,, -Terras have been agreed whereby Provident Financial Group 
will, take over the Halifax Insurance Company. Reorganisation 
of the &are capital of H al i fax wiH be proposed at the request of 
Provident to reduce the expenses. of the offer which comprises 
£2.42745 in cash for g arb Raitfar share. 

The Board of Second Broadmonnt Trust has reached agree- 
with Target Trust Managers on the terms of a scheme of 
unitUwtien 'for the company. This wiH involve .placing the 
company in voluntary liquidation and . transferring Hie assets, 
after -making provision for all existing liabilities, io -Target 
Growth Fond, an existing authorised unit trust. - 

- An. unprecedented amount of information including a £30.9m. 
independent valuation of its Indonesian estates, has been revealed 
by London Sumatra in its efforts to preserve its independence, 
ptelog the independenet valuation, the Board of London Sumatra 
considers the total value of .the company’s assets to be £43m. 

and the net asset value per share 270p. It estimates" the steeling 
after-tsx. profit for 1077 at £701,000, compared with £524400 in 
ms. -vi. * - 

Tarmac- has sold .its longstanding IL4 per. cent stake in 
WolseleyHnghee to a wide selection of institutions for just over 



Value of Price ,Valua ‘ Final 

Company bid per Market before of bid Acc’t’ce 

■bid for •• share** price** bid (£m’s)** Bidder.;, date 

Fffeas to MNt antes etterwfae indicated. 

Austin fildgt. 

Blahey’s (Malle- 
able- Castings) 
Bury & Masco . 
Gray Electronics 
Dawson (James) 
Dhor ■ - 

Ellis & Co. ■- 
Gordon. Johnson 

Lockhart (A) . . . 
Lond. Asst lavs. • 

Loud. AuStluvs. 

Imuln ii S rimafT- w 

Prop- lav. ATFIdl 
R eynolds Of. X.) 
Wests. Canada Inv. 
Whiley CGLM.) - 
WigfalJ (H-) •• - 

Young Austen • 



74 • 



Clerk's Acre 



225t ' 




A.P. Cement 






Allied Insulates 





Sea pa 



127 • 



Spey Invests. 





J. B- Fenner 


28* - 




Messrs. Dinsmore 

& Stark 





. 1.19 

1 Goo Eh Bras. 





• IS 




Simon Bngrg. — 

Ferguson Sees. — 





Irish Ropes 


BanroGonsIrL Dec. 31 912 (651) 

Beatson Clark Dee. 31 2,380 (1,780) 
Bemrose Corpn. Dec. SI L7SO (2,190) 
Boddingtons* Dec. 31 .3,066 (2406) 
Booker McConnell Dec. 31 24480 (14,837) 
C T. Bo wring Dec. 31 3S407 (25417) 
Chersonese Ests. Dec. 31 L14J (744) 
Expanded Metal Dec. 31 2,220 (3420) 
GartonEngrg. Dec. SI 1.050 (821) 

Hepworth Ceramic Dec. 31 26,730 (18,618) 
Ibeteefc Johnsen Dec. 31 4427 (3,728) 
J3ec. 31 

141* 126 .123 - - 10.6 : Colonial Mutual 

Life — 

126 101 6.97 Hooker Corp. 10/4 

123' 9S 174 McLeod Russel/ 

SipefSA 4/4 

106- 106 4.74 Castlmr. Props,— 

44 j 44 J 1.75 Oakstone — 

635- 630 0.55 Scot Est Inv. 30 / 3 

34 2S . 1.11 Assoc. Paper 30/3 

2H 163 14.3 Comet . 

Radio vis ion 1/4 

162 . 66 3.4 Trafalgar 

... . House 28/3 


, 110 * 

110 * - 

83*' ' 

4,210 (4,000) 
Nov. 30 7402 (6£S1) 
Dec. 31 5365 (4,624) 
Dec. 31 8*00(10,500) 
Dec. 31 1,694 (1,760) 
Dec. 31 7.780 (6^70) 
Nov. 30 LB3S (1285) 
48? (466) 

340 (106) 

30S (136) 














*AU cash offer. f'Cadh alternative.' t Partial bid. § For capital 
not already held. % Combined market capitalisation. II Date on which 

ft At 

to become 

operative. ** Based 
■S3 Shares and cash. 

on 22/3/78. 
11 Based on 

Liverpool Post 
Low & Bonar 
Metal Closures 

Southampton, loW Dec. 31 
Tatte of Leeds Dec. 31 340 (106) 20-5 

Thnrgar Bardex Dec. 31 30S (136) 2.0 

Thos. Tilling Dec. SI 53,900 (41,900) 1&3 

Twpatin Distillers Dec. 31 731 (430) 8-1 

Tube In vs. Dec. 31 55*00(49.600) 82.4 

W.&E. Turner Dec. 31 954 (652) 6.5 

VairxhaD Dec. 31 2JB0L ( 1.740 )L Nil 

WatmoKghs Dec. 81 . 818 (561) 123 

Western Motors Dec. 31 693 t242) 28-2 

Westminster Prop. Sept 30 62 (612)L 0.9 

Weir Group Dec. 31 9420 (7,500) - 23.1 

Wns. & James Dec. 31 452 (384) 12.8 

WHIis Faber Dec. 81 19,562(16^24) 2JL9 
Wolf Tools Dec. 31 2,688 (2,395) 34.5 



( 10 . 8 ) 



( 11 .?) 





( 10 . 1 ) 















Pre-tax profit . Earnings* . Dividends* 
Year to (£000) per share (p) per share (p) 

Half-year Pre-tax profit 

Interim dividends* 

2JS07 0325) 
5.156 (4.662) 
SR28 (2.694) 
3.909 (3-523) 
7.322 (6456) 

£.947 (2-666) 
2.73 (2.0) 

3.675 (8.014) 
5.7 (5.14) 

3£ (2.128) 

6J4S (5.5) 
7263 (6-566) 
1059 (9.75) 
4214 (3.773) 
7J5 (SB) 
2.772 (2.505) 
5.28 (3.484) 

10.238 (4.734) 
&935 (8.0) 
0.625 (0.625) 
0.684 (0.612) 
4315 (3.485) 
3.026 (2.712) 
1.743 (1561) 
Nil (Nil) 

3. 63 (2216) 
2201 (L996) 
Nil (Nil) 
5203 (4.73) . 
2.45 (2212) 

9.0 (75) 

15 (1.7) - 




per share (p) 

Armstrong Equip, 

Jan. 1 





Be jam Group 

Dec. 31 





Blue Bird 

Dee. 24 





Bryant Holdings 

Nov. 30 





Cbm bra. & Fargo* 

Dec. 31 





Cope Allman fotL 

Dec. 31 




(1.41 i 

Courtney Pope 







Dee. 24 





Ldo. Scot. Finance 

Jan. 34 




(0.7} i 

J. & J. Makin 

Sept. SO 





Newman Tonka 

Jan. 31 


(549) • 


(OBJ ' 

Pressac HottUngs 

Jan. 31 





J. E. Sanger .' 

Dec. 31 





Talbex Group 

Jan. 31 





(Figures in parentheses are for corresponding period.) ?: 
Dividends shown net except where otherwise stated. 

* Adjusted for any intervening scrip issue, f For six months. 
$ For nine months. 5 Not given. LLoss. :: 

Rights Issue 

Bnllongh: Two-for-five at 50p each. 

Scrip Issues 

Banro Consolidated Industries: One-for-five. 
Boddingtons’ Breweries: One-for-two. 
Chersonese (FMS) Estates: One-for-one. 
Wolf Electric Tools (Holdings): One-for-two. 




i. » 

t i v . .1 


^ > i. 

! ' ' i' J 

• j. ■ • :< 


Midland Bank in good position Vantona expects 

—sees higher interest rates 

steady growth 

Esso shows £107m. turnround 
after £54m. exchange gain 

INTEREST RATES, which feQ last 
year and brought about a down- 
turn fri the second half profits of 
midland Bank, may well rise in 
fee current year to about the level 
seen in mid-1977. says the bank's 
eh airman. Lord Armstrong. 

— Whatever, happens, the company 
is well placed to play a full part 
both at home and overseas In any 
improvement that may occur m 
the level of economic a ctivi t y, he 
says in his annual statement. 

Above all else fee company's 
performance in 1977, when pre-tax 
profit reached 19253m. (£1 66.4 m.), 
reflected fee advantages being 
gained from providing a wide 
range of financial services in .an 
increasing number of world 
markets, and the benefits - of 
*»rious acquitisions of travel, 
merchant banking and insurance 
interests, which took place in fee 
early 1970s. 


As reported on March 11 the 
net total; dividend for- 1977 was 
stepped up to 14.75p (12.625S2p) 
per £1 share. 

Working capital at ;yedr end 
was up £3 32 .13m. (£145 -34m.) with 
liquid assets ‘ up £ 13858m. 
(1258. 02m.). Customers accounts, 
including . advances, instalment 
finance and leased assets stood at 
SLttbn. (£726bn.) and money at 
call and .short notice at £129bn. 
RL5 9bn.). Current, deposit and 
other ‘ accounts amounted to 
nL75bn. (£10.44bn.). 

5 :Thei ' chairman says the Hyde 
.Guidelines on inflation accounting 
go some way towards meeting the 
bank’s earlier objections to the 
Morpeth proposals. Under the new 
guidelines the adjusted profit is 
reduced to £1 30,8m. (£108 .8m.), 
after deductions for maintenance 
of free- capital of’ ■ £442m. 
(£41Am.) t depreciation of £8.7m. 
(£S2m.) and associated companies 
adjustments of £9.lm. (£8m.). 

An audit committee compros- 
lnp five non -executive directors, 
wider the chairmanship of Sir 
Donald Barron, was formed dur- 
ing the year to examine and. re- 
view accounts -and financial state- 
ments before publication. 

. ; An analysis of turnover . and 
contribution to profit by the 
group’s non-banking activities 
shows, with £000s omitted: 
cxnnrtSng-T-goods sold and ser- 

vices provided — ‘ £233222 
(£210,880) and £2506 _ (£2,481): 
insurance £546,083 (£443547) and 
£22.723 (£16598); instalment 

finance leasing and factories 
£288,042 (£199283). .-and £19519 
(£13501); and travel — - com- 
mission rand profit- margins on 
travel _ arrangements — ,£51,433 
(£54,466) and £4,096 (£3504). 

Capital raisittg . / ; 

As the continued expansion of 
fee bank’s international business 
requires the support of additional 
currency loan capital 'the direc- 
tors took the opportunity pro- 
vided by favourable market con- 
ditions. during . 1977 to raise 
SUSaOm. in April by fee issue of 
Gnaranteed Floating Rate- Notes 
.1987. This .was foDowed.m August 
by an issue of $75m. 8} per cent 
Guaranteed Bonds -2992.- ... ..Both 
issues .were -made .through the 
Dutch subsidiary. Midland. .Inter- 
national Financial . Services, and 
are ; guaranteed, on . a ' .sub- 
ordinated basis, by Midland Bank 
Limited . - ... 

■ To strengthen fee bank's capi- 
tal base further, the'- directors 
announced on January. 26. 1978, 
fee Intention to raise approxi- 
mately £96.4m, after expenses, by 
the issue of 29.99m. new shares of 
£1 each .on a one-for-five basis, at 
33 Op per share. Holders afi tfee -7» 
per emit. Convertible ^Sub: 
ordinated Unsecured Loan Stock 
1983-93 were also invited to sub- 
scribe on the basis, of 21 new 
shares for every £5Cfl nominal . of 
the stock held. This capital- 
raising operation has now. been 
successfully - completed, .the 
Chairman reports. 

The domestic clearing bank 
operations showed growth . In 
business ievejs and this resotted 
fai hlEher profits despite a reduc- 
tion of 2} per cent, in fee average 
Base Rate ft 856 per cent The 
continuing steady growth of this 
side of the group’s business pro- 
vides an important platform from 
winch to expand the company’s 
interests. Lord Armstrong ex- 

The' international division has 
maintained growth and there has 
been a further expansion in 
foreign currency lending. 

Clydesdale Bank’s profits ex- 
ceeded £14m. for the first time, 
while Northern Bank «3so made 

steady progress despite particu- IN HIS annual statement 1 Mr. lities to cover requirements for 
lariy difficult local conditions. James Spooner, the chairman of both fee cost of internal and 
Within the Midland Bank Finance Vantona . Group says than the external expansion. 

JS*i£3£ V.S222 iine ^ rs ^.Jook. to steady internal A divisional breakdown of 
^ust mcreasro profits organic-growth m all sections as group turnover and profit reveals. 

wefl being constantly on (to^fOOO’s). household tesS 
Montagu .Leasing also product look . out for suitable soundly 

feflowtog a.sub- based acquisitions. ' 
serial increase m new business. ^ Spooner explains feat in ex- 

ct u» 

turnover by. 22 per -cent whidi ffi ff*;** ! 1 ? 11 ' ^2 

led to an improvement in profits. 


cutting. The offer, which l&tf* 
until April 3, is mmod at boosusg 
sales during the Easter holiday,' - 
Within shell it was hoped that 

Business was varied for Samuel 
Montagu group but profits In- 
creased. * Although fee demand 
for starting loans was depressed, 
there was a revival in new issue 
work along with the recovery m 
the stock market - 
Bland Payne group with its broad 

Esso Petrolemn of fee UJK., Sea ventures— is now beginning to 
which 4s now engaged in a new reap the benefit of offshore 
rairtQT f ffin ro-\ rnvn cut-price war with other major developments! Revenue from die 

SS&n khiSfatiH 8 ^? retaHera -of petnfl, has reported a Auk and Brent fields helped 
imrnte ^ ’hw /Momi? ^ net profltof £94.4nj. for 1977. This North Sea activities to make their fee announcement, made on \>«d- 

compares with a net’ loss of first contribution to the com- nesday, 

£^’(»595Hnd £32.7 hl in the previous year. winy's profits, although refiniim enough 

ft fashion fabrics, fee forecast The change-round largely 

being to open new outlets and growth in exports continued and resulted from fee fluctuating 
secure greater penetration of 1977 saw an increase of 80 per value of sterling, however, 

of first contribution to the com- nesday, had been delayed long 
pony's profits, although refining enough to prevent other efttt - 
aud marketing sectors were fee panies following suit. However, 
main contributors to fee results, by Thursday all or the other major 
*w suppliers, including Esso— Shell** 

However. JE^so said tha t fee pro- c]osest competitor— British Fef- 

existing markets. . cent, although the strengthening included in last year’s profit was Stability ^of downstream activities National Benzole and 

In the UJL, fee level of coo- of sterling may slow this rate in an unrealised foreign exchange was inadequate and less than in 7^^^' h a( j th-, »h ev u-ould 

" i-=S>,Ufelr.r,'ai|er, ren^in r»m- 

prices effect -of sterih^s appreciation ^ ? squeerajjetweeii low J, e $ jve . ln most cases, fee oil 

annw demand for - fee current 1978, states Mr. Cooper. 

year remains uncertain, although Horrockses medium prim j^vuuvi;. m m U »i uim», u»c uu 

the pwip 15 about in line with cotton prints again had ' a against fee. dollar. In- -1976 Esso product prices caused by a worm companies are reviewing disetfortt 
budget for fee first three months, successful year in the borne made a £433m.- foreign exchange and ;^y° r schemes on an individual basis 

As reported on March 3. pre- market in spite of relatively poor loss as a result of fee decline in ®JL^25f 8Stag **“ dlstnbutJn S retailer which finds itself facing 

“ K«>? ™* trm> ttmn. to tridiuB edition, ml . rood — — - ih» ornduns — 

interests produced prefirs of for ^ W to December order book for 1978 promises an 

521.9m. <5&2m . V and Thomas “gSKj“. r v 

Cook sustained its improvement <£75A9m.). The dividend total is Epatra's higher priced fashion 
with attributable profits of £25m. lifted to 5J511p (455S2p) net. merchandise had a reasonably 
compared w&h a lo^ of ri'-i-m. * The chairman reports that the successful year and, with . an 

, w ... ‘ _ group his a Uealfey' balance' Sheet apparent increased demand for 

jn January thto year the bank with net current assets of £2259m. more expensive pure wools, a 
S H U? 8 ■,™ a >. a (flfl.OSm.), -yvhile. liq.indity is good autumn 1978 season is 

payment. In ime with the Gov- good and- there are adequate fad- anticipated. ■ • 

emment s pay guidelines, of a -7 

proportion of fee company’s 
1977 profits to staff under a cash 
profit sharing scheme. ' 

Half-time loss by Centrovincial 

stetUsg. products. cut-price offers at a neighbouring 

Profit after tax but before 0ne area where- this squeeze is garage is usually being supported 
foreien exchange adfustments was being . felt “ Parti cular is the by his supplier. In this way fee 
FMJim! in i9^Lfa^^^^2m. P etro1 ro^ market where most of cut-price war is spreading, at least 
SlSnL The retirnSuaK' ^ BMior oU groups are offering temporarily, in spite of wamiflfeh 
f w ^ hv UP to 2p a gallon discount on all from the Motor Agents Association 

a renn«rer of eli* n_ uo ov M over ^ oil companies themselves. 

Easter period. Few petrol companies are mak-< 

Shell led fee move by announc- Ing a reasonable profit and itjfe 
last year— couch of it on North ing that it would help retailers expected that more than 1,000 gar- 

reduce petrol prices in areas ages could be closed this year, 
where competition had not previ- This is on top of the thousands ql 
ously led to widespread price closures over fee past few years. ' 

a turnover of.£25bn^ up by 
£21 Oca. on 1976. , 

Esso, which invested £383 5m. 

League. ■ } 

During fee 1977 money given 

^ 7318 ^ ^ S ? dney - P~- ■"» **•*. lowing for 

perties, for £4.73m, and of its other -Changes, wM be to reduce 
gpn&pona -QL . turihw^£a525 Botch investment properties foe mfedfan-' and short-tenn loans 
i® 1 *™* . Aconomic £^6in. by Centrovtncial Estates from £26.4m. to about 520m. at 
r - - • ‘ resulted in a fan in net income March 25, 1978. and to improve 

t\,_ , ^ ■ from £2 ,05m. down to £1.79m. for the group’s second ha« net 

ISepOSK protection fee six months to Septonber 25, revenue, after diarglng devrtop- 
-In November the bank stated 1977.. . ... . meat interest. Realised profits 

feat, to : conjunction .with the NGB After interest relating to certain from property dealing m fee 
Pension Funds, consideration developments in = .progress of seeond half will amount to £fil,000. 
would be given to joint -equity £339.606 f £294,600) there was a A U,K. tix charge contumes 
investments in companies with pre-tax loss - of £^000 compared to arise since no rmdef is avarl- 
eapitaT resources of between £5m wife a profit ot SSQflOQ- *• ?™ e m J res P ect of rovenue losses 

and £20ni: - - ' Again there is no Ifeerim divi- incurred overseas. The extent of 

-Commenting .on the Govern- dead. ' The last time a dividend t5 *® se 1 °ss®s will be sfgnificantay 
meat* proposals -for supervision was paid was a final of ff685p r f£? ced “ fte year to March, 
of deposit-taking institutions ami from revenue of £057m. for 1973- j*?- “ a rosuk of fee Australian 
for a deposit protection scheme 1974. L»t profit was £259500. refinancing, 
to give deporitora - a measure of The property sales were in fine is^m.TfiS 

^ director's policy of reduc- xsoo not cooo Re-organisation of fee woridwide 

af-amember of fee sfeeme^Lotd ing short-term and medium-term •*•***■ fro ? props. ... ltss 2 ,ibs ^sm oneratlonv- of Ptessev Comnanv 


nt seas borrowings guaranteed from DevciowiieHt imemrt 339 . 2W 824 ing trading companies with strong 

l u ^“* — *s management teams, the directors 

sent,- funds should be retained 
within fee company and therefore, 
do not intend to pay any dividend 
for the year, compared wife a 2p 
net Interim for aS 1076. 

Stated earnings per £1 share are 
10.4P (4:lp) from available profit 
of £94,000 (£39500). after a tax 
credit of £4,000 (£68,000) and 
£41,000 loss (£60.000 profit) arising 
from metal price changes. 




- - — r-- ****** v MSiS DUli 

of adequate supervision it is diffi- the 11 *r 
caltto accept feat fee dei ' 


128 — 188 


The Managers’ Statemem fbrtfaeye«r endn^ 3istj»itiary 

* « --- 

olflo a grat i fying increase ip tn& unit puce* 

15.4% rise in net income for year 
TTie second distributkxi of income for the year ended 
31st January 1978 amounts to 157. Sep per 100 units. This 
' axnpares with a net disOTbutioQ of 1 3<x6op per 1 00 units, for 
the corresponding period last year— an increase in xtetmeome 
payments of 20,8%. 

The net distributions for the year total 334^ net per 
. 100 units which represents a j 5.4% increase o^’erfee 
pajments last year which, totalkd 390. iqpnetper 100 units. 

Units rise 27.x % t . - * - 

During the accounting period, the ofierprice cfxmjtsrcse 
27 . 1 % co m p ar ed with a rise<rf+^% in tbeF.T. Industrial 
Ordinary Share Index over fee sane period. Smce February 

- 1072 the (rfferpriceofunits has risen jby42ut% compared wife 
a foB <^9.7% fotheF Tnanoai TSmesIndeac over the s a m e 
period (as at 22nd March 197S). 

Two waysto iHvest _ ’ . , 

You can invest directiy in Gartraorelncosne Rmd or thrnugh 
Assurance Limited. ... 

- FuH details available cm request— contact Adrian CoiunB, at 

GartnteC Fund Mamgeie on 01-283 3532 car send fee ■ 

• coupon. ■ - 

Tot Gft rtnwt e FnadManage oIin rited, 
aSLMaiyAM 1 lJHH3onB^8BF,moi-a833S^ 
Fhastiadwe: . ... 

□ The latest Income Fond ManagerfPqiart .. 

P 'Deads of the Gaumcst range of unit truss' ' 11 " ' 

□ Dct^qfyomanefe-pramiumbond 


Addieai ■’ 





0iffiflaofittomidsx GroivMBnaRement. 
NotmA^letaSm IhagrftoUWI tot to MM l 








banks should contribute to such < J Rl «ro was Mso a reduction in overseas to credit — j tsi ts? A ^ 

a scheme interest payable, -excluding de- to minoEtoes — _ a _ Aa part of fee changes the 

ft fee publicity campaign spori- rolopment interest resuming from groups US. operations will be 

la-VSon fflS 9 . -to. f p °^ Cm L SLSK 

dealing banks ’ concerning this - was partially offset 

nationalisation, 90 per cent of the 0051 01 financing fee substantial 
30,000 respondents were opposed onnency loss feat arose following 

*-■ — 5 »— *- * - * the sale of fee office deveiopment- 

in Paris in March, 1977, reported- 
last year. 

The position wifi ' be improved 
in fee second half by sales of 
fttahtiy low yielding UFL proper- 
ties, including dealing properties, 

to nationalisation, be points out 

Peak £90,000 
fey Parambe 

After three years of tosses; td. jeahse^ \ approximately £3^m. 

C. Clifford 



With a £199.000 advance to 
£334.000 at the trading level, 

pSS 5r_to_wr-sa totor ®>!** .O*-* . 

Plessey Materials Incorporated, 
Plessey Aero Precision Incor- 
porated, Plessey Precision Metals 
Incorporated - and- Plessey 
Peripheral Systems Incorporated. 

Plessey Incorporated continue 
to exist as the holding company 
and will continue to be headed by 
Mr. Warrane J. Sinshehner, 
diairman and chief executive 
officer. All presidents of the sub- 
sidiary companies will report 

£13.447 was reported. . ' ' borrowW 3 have now been 

. Turnover for the year amounted financed on a long-tenn 
to £64505 (£26.673) and; tax took Cadbury- Schweppes House 


compared with -a £251,000 deficit 
Mr. Charles Cooper, the chair- 
man, states that the immediate 

Slow second 
half restrains 

Restricted autumn and Christ- 

d end nas neen arranged, secured on ma * knitwear orders and con- 

total Ashley House, Smith Street Dur- ^ d L“ ft 4iSSSS f ^r.H 0 ^,vide tinaln g caution by retail buyers 
ban. South Africa.- ‘ • S b^“S?SfeL “dv£S ld slowed «on««« activity at 

£1528 (nil) There was an extra- Melbourne, Australia, was safd in indifferent in terms 

ordinary credit of £8547 (£50517 January, 1978, for £35m^ subject 1 fee 

debit) and earnings per 3 Dp to a lease baric; and a 15-year ,i. n ? turn — 

share' are given at L22p (056p mortgage loan of R35m. (£2.1 m.) 

loss). Again there is no dividend has been arranged, secured on he says, the progress the company 
— the . last payment being a " 

OBSlpnetfor T973. 



In JANUARY, readers of INYESTORS REVIEW, the City’s fort- 
- nightly magazine, .were get out of Hue chip shares, put 
sonae of the-proceeds-inu Krugerrands arid the rest into second-line 
equities. While' fee FT ladex is still well below January levels. 
-iJCrugers have risen by around 8%.. and the three shares recom- 
mended In fee Trading Ponfofio m January, are all showing gains: 
^one, W. J. Reynolds, doubled -in value in under six weeks. 

This. is. the kind of' performanc e rea ders of INVESTORS REVIEW 
aiid"the weekly IR MARKET UETTER (for -whom takeover stock 
Property Investment * Finanoe has. ju« registered a 50% gain 
4n she mouths) luve/cbme eb ' expect: hard-hitting buy and sell 
recommendations backed up wife lively coverage of. markets and 
Vhe people who make them. 

-All m afl. a joint subscriptim to-both magazine and lener— costing. 
Jusr £20 a year — ts -fee kind of value, that’s hard to beat. 


ORDER FORM. Please send me 
Investors Review for I year 
'£9 post paid. ..... 

IR Market Letter. £15 post paid. 

^ : .stasuShed isn'- - 

Cembined subscription 1 year 
£20 post paid. . - . 

Overseas • rates available on 




-To 4 NVESTORS-" REVIEW, 1 00, Fleet Street. London, E.C.4. 

Montfort (Knitting Mills), 
Group, sales increased trom leaving 1977 pre-tax profit down 
£8-57m. to £10.67 ro. wife a higher from £323512 to £318560. 
volume being achieved, while Directors say that fee three 
exports doubted to £1.5m. and sock factories remained busy 
borrowings were reduced. The throughout the year making 
chairman points out that contmu- fun contribution. For 1978 fee 
ing to .re-equip to modern socks division is well booked 'and 
standards and careful conservation on course for a further healthy 
Of resources remain the two prin- increase in trading, 
cipal objectives, particularly as the The situation in the garment 
company’s base is expanded and factories was initially less en- 
new and de m and ing markets are couraging bat is now improving, 
entered. _ •_ they say, and provided there is 

A substantial plant improvement no general downturn in fee 
programme has commenced and to economy they are reasonably 
lend full support to this, the optimistic that steady progress 
directors believe that, for the pre- can be maintained for the future. 

war that never ends 

We British are a peaceful people. WScn a war is 
over wc like to consign it to the history books -and 

But for some the wars live on. The disabled from 
both World Wars and from lesser campaigns, how all 
too easily forgotten; fee widows, the orphans and the 
children - for them their war Jivra on, eray day and 
all day. 

In many cases, of coarse, there is bdp from a 
pennon. Bm there is a limit to what any Gov ernment 
Department can do. 

This is where Army Benevolence steps in. With 
understanding. With a sense of mgaicy... and wife 
practical, financial help. 

To us it is a privilege to help these brave men-and 
women, too. Please will you help us to do more? We 
must not let our soldiers down. 

The Army Benevolent Fund 

for solves, ex-^oldiersandfeefrfiamiliesindisfres 

Dept. FT, Duke of York’s HQ, London SW3 4SP 



Interim Statement 

Unaudited Group lesults lor ihe six months to 31st December 
1977 (overseas subsidiaries six months to 30th September 1977) 
areasfotlows; — 

Six months to 

3 1st Dec. 


Six months to 
31st Doc. 


13,789,223 . 


1,027.190 . 



283,132 * 
239,569 ’ 


522.701 r 



146.000 •• 



358/189 *•; 



358,489 ;| 


Trading Profit before Depreciation 
Less: Depreciation ' 

Bank Overdraft Interest 

(LossJ/Profit before Tax 
Tax (Including Deferred Tax) 

Extraordinary hem (net of 
Deferred Tax) - see riotB 2 
(Loss) /Profit after Tax and 
Extraordinary Items 


J. As reported in the lest annua / accounts, the policy of providing 
for taxation deferred by capita l allowances was discontinued 
with effect from 1st July 1976. The comparative figures shown 
above have bean restated in accordance with that policy. 

2. The extraordinary item comprises the cost of redundancy pay- T 
meats resulting from the rationalisation of the Group's labour * 
force referred to below. 

3. No provision has been made for unrealised currency conversion . 

deficits in respect of overseas subsidiaries as it is expected that j 
these will be more than covered by an anticipated net surplus d 
on the disposal of the Canadian subsidiary. 

There. was no improvement in demand during the six months to 
31st December last and as a result, it was decided that a reduction 
in the labour force was essential. 218 employees were made 
redundant during the period at a cost of approximately £212,000 
before deduction of Deferred Tex, quite apart from the loss of some 
£150,000 Regional Employment Premium which we received in 
the first half of the last financial year and which was withdrawn in 
January 1977. Ml those made redundant were volunteers who 
preferred redundancy to short-time working. 

Blackwood, Morton & Sons (Canada) Lid, made a loss of 
almost £70,000 in the six months to 30th September last and in 
view of the continuing losses in Canada, a decision was made to 
close down the Canadian factory unless it could be sold as a going /\ 
concern. It is anticipated that Ihe proceeds of realisation will i 
exceed the book value of the investment and that, as a result .1 
there will be a reduction in Group overdrafts. 

' Turnover for the half-year as compared with the same six 
months of fee previous year showed a reduction of £1J24m and 
exports fell from £2.55m to £2.1 5m. At home, consumer demand J 
was very disappointing no doubt due to the combination of wages 1 
restraint and fee continuing high rate of inflation, in overseas J 
markets, sales were affected in the E.E.C. and Australia by fee high 
JbvbIs of unemployment and stagnant economic conditions, and 
in fee Middle East and Nigeria by fee reduced demand for oif by 
fee industrialised countries. The firmness of fee £ also affected 
export sales but. in the long term, fee reduction in costs of imported 
materials andia lower rate of inflation should help us to avoid the 
frequent increases in our selling prices which have been such a 
necessary evil in recent years. 

In the home ntarksL the combination of increased wages,' a 
tower rate of inflation and fee anticipated lightening of the burden 
of personal taxation should be reflected in increased sales of our 
products in fee forthcoming months. 

*5 p f aym J ent a dlv, ' dend for *8 Year to 
areawSSblfc 78 haSbEen dBfwred untl,lhB results fonhe fun year 

l ' 


ifhpm dtfJBan' Ssisxtoy 

by high 
in art? 

afford important 
original worksby 
t-: international artists. 

In recent years, the 
international art jnaxker 
Z has transformed the art 
£T of collecting into a sport ■ 
Z for millionaires. Most art. 
'■ lovers have had to settle 
5 for reproductions, posters . 

* and trips to museums, 

Christie's Contemporary 
^ Art offers y>u remarkable 
value in original etchings 
Z. and lithographs by 

* outstanding contemporary 

•* artists. From attractive 
£ landscapes and figurative 
t works by young artists 
for around £30 to the 
jj; work of such, masters 
t as Henry Moore and 

» John Piper. 

* Each work is an authentic 

original, numbered and 
FT- signed by the artist. Then 
it is stamped with the 
Christie’s seal of 
authentication and delivered 
to your home. 

Write or telephone for a 
free colour catalogue 
and price list. 

I 1 

■ Christie’s » 

I Contemporary Art | 

8 Dover Street, London W. 1. 
(01-499 6701 -24 hours) 



Post Code 




L-ir?c Collection ol new International 
graphics, monthly exhibitions at paint- 
ings an* sculpture, permanent exhibi- 
tion ot British design In ceramics, glass 
and Jewellery. 

Open Mon.- Sat.: 10.00-5.00. 


Every year oyer £98 million is 
spent on pictures at public 
■auction around the world. How 
is it spent ? • Where is It spent ? ‘ 
Who spends- it ! On “What ? - 
The Art Investment Guide is a 
24-page quarterly journal which 
endeavours to answer these 
questions, to outline the main 
activities and to trace the trends 
in the international art market, 
UX £tL Europe £TS. 

Elsewhere £18. USA $30. 

:U : ASI - Graph 



OT, (1838-1 



■ Ral 
: wg 










O Pi 



■ it 
. 5< 





- » 














Vj ; 



• i ' 





; ; 





n tn 

ca St 
















nn Tin im 9 « )u> im xn 

auction seasons 



ASI Ltd gives the widest cover- 
age of art sales in the world — 
270,000 picture prices in seven 
successive annual volumes! Also 
other services for the art 
market: — ASI-Graphs and Artist 
Index Cards. 

Monthly Art Sales Index 
— for the current 1977/8 season: 

ten issues— 40,000 prices £65 
Annual Art Sales Index 
— for the complete 1976/7 

* oils edition — 41.000 prices 


* watercolours and drawing 
edition — 16.000 prices £20 

* special reduced price for 

both *£43 

Details of publications and 
services from: 

Pond House, Weybridgv, 
Surrey, KT13. 

Major Art Transaction 

Suitable for substantial company or investor wishing 
to diversify into this field. 

Write Box T.4S49, Financ i al Times, 10, Cannon 
Street, EC4P 4BY. 


Brisk trade in Old Masters 


brisk for Old temational Fine Art Fair which acquire pictures again. Some Derby attracted a bid of £74,800 


Masters in the galleries around was probably the best collection are even buying British pictures, at an Irish house sale. 

Bond Street and in the major of paintings available for pur- Mid Victorian art and the pre- It is not oiffy ails tMt ^ 
T-onrinn and rtiTuD- chase seen in London in Rapbaebtes have shown con- *ene 

In the event there siderable price improvements, has ben a succession oi goon 

London salerooms, and the up- 
set caused by the oil pkmIs is decades. 

aflj bat foraotten Fortiwi ffteiy was not too much business done, Italianate classical landscapes sales <rf watencotaire. Single 

probably because the event was like those by Parnni are also in watercolours by Fran^Tovme 

llSSSwvn stout not publicised sufficiently demand- Christie's agrees about were fetching up to £8,000, whale 

5a£ abroad, P but there is .to be an- the British paintings but reckons zattetikmat 

in Hue <m ft inflation. As usual ^ Italian pictures are not so Robert Lighten, which had been 

The rise in prices for' Old strong, probably because of the sold for £720 in 1953, was dis- 

Masters is most dearly seen in state of the Italian economy, persed at So tfrefcys last month 

the salerooms. Since Sotheby’s, This could change on April 14 for £50j960. In the same way the 

Christie’s and Phillips are very when Christies holds one of its watercolours collected fin the 

international these days they best spring sales of Old Masters 1920s and 1930s by Walter 

More and more London has observe the stronger markets for some time to he followed a Hetberington for less than £5,000 

it is-the good pictures that are 
seffibg — at the bottom end 
of ■ tire market,- £500 .and 
under, (there os no amfonn 
improvement \ 

becoane (the entrepot of the 
world trade in Old .Masters. 
Overseas setters provide the 
majority' of the worthwhile 
pictures ' and overseas buyers 

keep both ±be dealers and the 

not only in -London, but also in 
New York (p re viously a rela- 
tively weak area for settling Old 
Masters) and in- Amsterdam, 
accessible to the Germans who 
are among the biggest buyers of 

salerooms in business. There such pictures. So Sotheby’s pin- 

are stifll plenty of fine pointings points rising prices in the fact 
in Che hands of British families that' a Breughel sold in New 
but; apart from Lord Brooke, York in January for over 
who has dispersed his valu- £290.000, an auction record for 
able Canalettos, they are hot the artist In the 9ame sale 
rushing to selL There is a wait- half a dozen other Flemish 
and-see attitude to any pos- artists set personal bests, re- 
sible wealth itax. fleeting the fact that 17th -ren- 

in fact relatively few really *“7 30(1 later Danish and 
exceptional Old Masters me Dutch pictures are doing par- 
muring or, «he market per- 
heps bemuse ever use past 50 S 

jeam maw have gone to 

uj. oa tim 0 f the world recession, is 

s effing again although not at 
the prices of five and six years 

The prosperity of Germany 
and, to a lesser extent the Low 
Countries, and their strong cur- 
rencies, means that it is worth 
whale for picture dealers to 
come to London, even for min or 
works, and Qrristie’s South 
Kensington saleroom in parti cu- 
is benefiting from more 

two years since Christie's sold 
a Duccio for £lm. Since then 
nothing equal has emerged. 


This may change in June 
when Sotheby’s disposes of the 
Hirsch collection, the finest to 
come up for sale in years and 
expected to make £6m., roughly 
as much as Mentmore. And 

^7aTZ e ^L. Tm'S* 

could stimulate more interest in 
certain types of pictures. For 

The di Paolo altarpieee in the 
Hindi collcetion. 

week later by a very good 
Continental picture sale. 

So London is the centre of two 

Although a dis- 
tures average around £400 each, covered Turner failed to reach 
Show littie impro v e m ent on a its £200,000 plus reserve at 

sold at Christies last month for 
£128,255, induing the auction 
record for a Towne of £10,400. 

Prices for good Old Masters 
are certainly higher now on 
average than, three year? ago 
and the market is stronger than 
that for Impressionist, hut 
everything depends on quality 
and to a great extent subject 
matter. And in a period of rapid 
inflation prices are fallible. If 
they have not doubled in the 
past six years they have failed 
to rise in line with inflation and 
many paintings, particularly 
sporting pietdres and nineteenth 
century continental works, will 
still fail this test 

The best Old Masters are 
already in national collections, 
and the competition for other 
decent paintings of the past is 
breaking down along national 
lines. For example, there are 
now some very rich Brazilians, 
and as a consequence half t 
dozen Brazilian landscapes by 
Franz Post have appeared 
recently at auction, fetching a 
top price of nearly £200,000. 
The Middle Eastern oil money 
has ensured that any picture 
with an Arabic setting stands a 
very good chance of making an 
exceptional price. The Ameri- 
cans are buying the early artiste 
of their country, and the extra- 
ordinary prices paid for 
Flemish paintings can only be 

0 „Tn-, 0 •- „ year ago, but pictures that were Christie’s last week, prices for p^mamed hv local anneal Bv 

piece by di Solo tlSft roSd f o/^500 to £2.000 then British arttets have been rising stendLdrBrifc^oS 

fetch a very CTOd Drice aud ****** f 500 more ‘ *? staad ^ Jor example a land- of ^ have ^ shown ^ 

letcn a yeiy goon price ana addition, works that were fail- scape by George Lambert, the annrpciatinn in the na«fr few 

** ,0 “ r* a *“■ aB0 haa ** 33? For 

5Steh ChStieW SistthiS can ., now ^ dlsposed <* £ l mte ^ hoa &t for over £90.000. which cost £200.000 in 1969 

cn t-nnsue s. at least, thinks eastiy. almost four times its estimate, should have sol dfor £500,000 in 

But at is the finer pictures that and against a previous saleroom 1976 to keep pace with inflatio n 

has gone rather quiet, perhaps 

TOtio“in wnttSlWh^tSSS! ^ keenly 50118111 ■***'■ highest of £2 ^ 20 six yeaTS *8°- ^ fact, it for £187,000. A 
nprfians ^ w Cohiaghi, one of the major In the same sale a portrait by George Morland which realised 

dealers, reckons that things have Henry Walton sold for £25,300, £5,460 aS long ago as 1917 sold 
* been improving for three years, another record. In January yet for £6.600 two years ago. It 
with private buyers, mainly another 18th-century artist seta would be interesting to see it 
from overseas, starting to new high when Joseph Wright of back in the saleroom now. 

Impressionists slack 

perhaps because the 
world museums now have suffi 
dent exam ples 
Apart from the Paolo the 
Hirsch sale contains works by 
El Greco. Guardi, Rubens, Tin- 
toretto, Cezanne, Van Gogh, and 
Renoir, among others, and to 
make the most of this rare 
event the pictures will be on 
display in the Royal Academy 
at Burlington House before the 
ten days of auctions. The Royal 
Academy is once again recog- 
nising the unavoidable commer- 
cial side to art and in December 


IMPRESSIONIST and modem price levels for Impressionists 

was host to the Burlington In- * one section of the and Modems could be raised by 

g „ , 1181011 ^.art market where prices have the Hirsch sale in June when 

not recovered to the levels of some of the best works to appear 
the early 1970s. Indeed given for years come up at Sotheby’s, 
the rapid inflation since then In particular there are six 
anyone investing in Impres- Cezanne watercolours which 
sionists around 1970 most be could make very high prices. 



The leading international auctioneers 
of paintings 

Last season Sotheby’s sales of 
paintings, drawings and watercolours 
exceeded £371000,000 

Tuesday 1 Sth April, at 11 am 
at Sothebv’s Belgravia 


William Charles Thomas Dobsoo, R-a., r.W.S^ 
Ch ri s tm as Rasa , signed and dated 1881, 

46 by 36 cm. 

Wednesday 19th April, at 10.30 am and 
2.50 pm, and following day at 2.30 pm 

Chris ten Dalsgaard, Tiv Suitor's Arriaul, signed 
and dated Soro, 1 SSo, 9 1 .j by 72.$ cm. 

Tuesday 20th June, at 9.30 pm 
from the 

Sotheby Fazke Beroet & Cd. 

54-35 New Bond Street, London WiA aAA 
Telephone: (01) 493 8080 
Teifsraas: Abinitio, London 
Telex: London 24454 

Sotheby’s Belgravia 

19 Motcomb Street, London SWiX 8LB 

Telephone: (ot ) 235 45” 

Telepvms: Gavel, London 
Tekx: 2 4454 

U rs Graf, A Ycuarg A£sw s-ilh an Asframmital 
butnment, pen and black ink, signed with 
initials, 19.2 by 14.8 cm. 


Ifintem and the like rather than 
abstract art which is in a 
(temporary ?) decMne. 

The high prices for modem 
British, for pre-impressionist 
Continental, for British 19th- 
century, for contemporary a rt in 
the U.S., must be set against 
the comparative calm which has 
affected the major Impres- 
sionists. Prices here have been 
stable tor two years, with only 
the exceptional picture, like 
Ga'ugin’s “ Nature Morte 

cursing their choice. For this is In contemporary painting 
a much more limited market Americans still seem to be loyal 
t h an that for Old Masters, and to their own artists and Euro- 
more susceptible to fashion. peans to tfaeirs In the past year 
As a result of the uncertainty it • ]g the American artists who 
of demand not many really good seem able to command the 
Impressionists and modems highest prices— canvases by Cy I’Bstampe Japonaise” which 
have come up for auction Twombly consisting of scribbles ““d® a re«>ni £727,840, bucking 
recently. At the winter sales 0 n a white background selling riie trend. Even. Renoirs, 
of Sotheby’s and Christie’s the for £72,600 and a Jackson although they continue to fetch 
top prices were respectively Pollock ’ reaching the dizzy Prices, axe not maintaining 
£90,000 for a painting by the heights of ?2m. Rothko and A eir value in line with infia- 
symbolist Redon and £78.000 tor Lichtenstein are also much in tion. For instance, “La Prome- 
a Pissarro, much lower than is demand. Europeans like ILade '” probably his most im- 
usual in such sales, and. more Fbntana and Hockney cannot P 011 * 111 work *Q appear in the 
to the point; around 40 per cent compete with these levels but t" 0 years, ,,_ ~ 1 

of the lots re mained unsold. stiff sell at remarkable prices. 

two years, realised 

£682,600, a sharp drop compared 

But despite these 'setbacks given" the Tacit that the"ptotores’ ^ ^£483, OOO paid for^the 
more buyers are appearing and have ffttle history behind “ ^ 

the Japanese are back, although &enL 
this time with more caution. 

Particular types of picture are 

in demand, especially figurative TYWlf/Zv 

paintings of the late 19th and tVXUSiy recuru& 

p ainting s 
20 th centuries: non-figurative 

works are harder to selL In 
other words paintings that are 
visually easy to read, that are 
attractive both in colour and 
subject, are doing better than 
the more difficult paintings. 
Renoir, for example, is doing 
well, as is Utrillo. Dufy, 
Vlaminck and Pissarro. But 
artists of the Max Erast type 

equivalent in genius “Le 
Pecheor a la Ligue,” whkh sold 
in 1971. 

Yet Renoir is one of the most 
saleable of the Impressionists, 
perhaps only exceeded by 
Paintings which have acquired wio bow inrariably 

a history, and a market, are the 

over £100,000. “La 
Barque Bleue” sold in 1962 for 
£56,000. and when it reappeared 
in 1976 it beat inflation by going 
for £363,000. Van. Gogh’s fetch 
much higher prices, the best 
topping £500,000, but these 
prices still mean a decline over 
the past eight years. The occa- 
sional painting proves a good 
investment — the works of 
Francis Bacon can do extremely 

output of the British artists of 
the 1920s and 1930s In a recent 
remarkable sale at Christie’s 
many artist records were estab- 
lished, including the £17,000 for 
a Robert Bevan; the £16,000 for 
a Clausen; £9,000 for a Luden 

__ Pissarro; £6,500 for a Henry 

are- out of favour. Among 20th Lamb; and £6,000 for a John 

century artists Dafi and Magritte Nash. This greater interest in 

are popular and works by British pmnting is confirmed by well— but the old generalisation 
Chagall are fetching very high tna ; galleries Trie New Grafton, fh^ you should buy art, and in 
prices, probably because of his winch specialises in the period, particular modem art, because 
age and the likelihood of a price notes an upturn in demand for you like it with no thought tor 
boom after Ms. death roterwar artists, in particu- financial gain holds true 

In contrast Picasso is rather lv Stanley Spencer, Augustus more than ever, 
in the doldrums while the art John, and Spencer Gore. The Now that Christie’s has joined 
world waits to see what happens better pictures. In the- £5,000 to Sotheby’s in holding Im pres- 
to the thousands of pictures ^5,000 range, seem more in slonlst sales in New Yosk, Lon- 
held by his estate. If they demand than the cheaper com- don's dominant position in this 
flooded the market it would be petitors The galleries generally area is under challenge. But 
very unsettling, and at the report a rise in turnover of \t still holds, even though 
moment a run-of-the*ull around 20 per cent, with private around 80 per cent of the pics 
Picasso is probably down .15-20 British collectors back In force tures in next month's spring 
per cent, on a year or so ago. baying good representational art auctions will come from abroad. 
But, as in Old Masters, future by John Nash, Paul Nash, John and return there. 




Current and past exhibition catalogues available. 

Next exhib ition: Indian Painting, 5th April - 3rd May 

Open: 9.30-6 weekdays, 10-1 Sate. 

P. & D- Cotoagtu & Co. Ltd- 14 Old Bond Street, London. WX 
Tel: 01-431 7408. Cables: “ ' 


CotaagM London W.l. 


Spring Exhibition commences 
Tuesday, 4ft April 

For Museums, Private 
CoUectois and Investment 

15 Macomb Street. 

Mrnw Sqouo, sm 
M-53S SM 



AT J Selected furniture, dock* 

_ & W«el.«. Cirpeti * Ru(*..0* .« 

Fine ArtSf t. S"““ f W,S ^ ^ 

Ifamberts ' 

-SfSSS Sud, Bn. 

*** Gre rcUu & Edwardian Furniture. Paintin£a- Jj'lml Poterflln, 
Clocks, etc. - 

Viewing: Saturday 1st, Monday 3rd (10-5J. 

Admission by-catalogue ordy <£1.20 torport) 

: Magddene Hous^ 

Taunton, Somerset (0823) 8844.1, O f . 

KING & CHASH4QRE, Pulborough. _ 


Sstuniays 1 0-1 230 

44 Oovsi Smat 

London W1X4JQ 

01-491 3277 

12 April 

29 April 

Jamas Stark (1784-1B68) - 

Eton CoUaga 

Panel: 25^N3rtn/65X89em 
Fnftr MinSntadfXttlOBU* £ZOO 
including postago 

Exhibition of British Landscape 
Paintings ' 




Clients on oar mailin g flat receive professional 
advice and free Catalogues throughout 
the year 

Open Weekdays and Saturdays all day 

(04946) 2242 

Ozfr « nrientM tram London's west End. Ample Free Parichn 


Every Hairaday Bonhams bold 
nlesrctfl7th, 18th andI9tfa Centuiy 
pai nt i n gs. Viewing takes place on . . 
iheduttdays pnorwith an extended 

view every Tujsday evening 

-ftinitny Jail oftwi DO tttBCtt .. 

payment is made soon after tfaesde. - 
Alexander Meddowes, Head of 
Borihinrf'QI P ainti n g 
will be pkased to Inspect and advise 
cn die sale of paintings free c&'dmxe 
at the Mompokr Galleries and within 
Greater Londootasmall fee and 

e xp enses are dgugedfiar areas 

Bonhams is also open for sale 
valuadonsofaH fine ait and antiques 
every Saturday morning from 
9 JO am. to Iran, (dosed Easter 
Saomday).Ifyou would like advice 
on gellkgaraucdoo, please call in or 
telephone. 1 



Kur*n»r ffi 

Montpelier Galleries, 
Mon^jeEcr S ncei, Kniiditsbridge, 
London 8\V7.1HPL - 
Telephone 01-584 9I01/S894S7V. 


lst Friday In every month .. 


2nd Friday ' 

4th Friday 


. ■ TeL- 021-643 4380 '-fl 


painting and 


9d. to IT* M*y 10 

pmw la BalUtog. Kmington Gon 
Uanion SW7 2&J . 01S84 5020 

etchings, dr: 

. Until April' 21 R..» 

24 Dories Stoft WJ 


>*L3 * 

\ ■ 

: " * "Fliiaiidal^nmes Saturday March' 25 i&78 


— — 0-. -- — -vijgagjUj! 

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: The Ro yalNsvy 
Tne Merchant .\arr 4^ 

TheRoya /Marines • 


Their disebbd 

'Their pensknen 

Their children George’s Fund 
for Sailors 
looks after them all 

i r- : ■ V / 

In this Country of ours, there is rio-one who is 
not connected with die sea. 

Half the food we cat comes from across the sea. 
Many thousands of us. our relatives or friends are 
past -or present members of one of the sea-faring 
services, or .of an industry dependent on them. 

There are many charities for seafarers and their 
families. One. only one. however, is the central charity, 
charged with collecting and providing funds for all 
other seafarers' charities, and with making sure that 
the money is distributed where it can be of most use. 

That central charity is King. George’s Fund for 
Sailors. Launched in 1917 at His Majesty's personal 
wi&b, .KGFS distributes funds without distinction of 
service, of rank or of creed. The sole criterion is to 
distribute the money to the areas of greatest need. 

When you want to remember our seafarers who 
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Please send your donation to > ' 

-A King George's Fund for Sailors 

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New faces on view at Camelot 

By NANCY DUNNE in Washington 

PRESIDENT Jimmy Carter, his 
wife Rosalynn. and the gover- 
nors o! the US. states were 
enjoying .the last strains of. .the 
Merest Widow waltz at a ball 
when Miss Beverly Sills, the 
opera anger, advanced towards 
the President . with arms 
extended, and. still singing, 
waltzed him around the . East 
Room of the White House. “ He 
kept saying ’beautiful, beauti- 
ful.’" Miss .Sills later told; 
reporters, who promptly wrote 
up the scene as an unforgettable 
moment in White House enter- 

. The evening was one of many 
Carter White House events, 
featuring some of the best of 
American, performing artists. 
The Carter administration is not 
quite a rebirth of the Camelot 
of the Kennedy Era. It lacks 
John F. Kennedy's sophistics-, 
lion. Mrs Jacqueline Kennedy’s 
elegance, and the polished ease 
with which both 'set the tone of 
glamour that fascinated the 
world in the- early 1960s. None 
the . less, the country-bom 
Carters show an interest in rhe 
arts which has not been matched 
since the days of the Kennedys. 

Social Washington, has been 
caught off guard It had noted 
the Carters’ fondness for stock 
car racing and the President’s 
liking for blue jeans and coun- 
try and western music.- It had 
riven a collective shudder 

when, before the inaugu ration. 
Mrs. Carter said that square 
dancing in the East Room might 
be good fun.. . ... . . 

Social. Washington ' tittered' 
about Mrs Carter's ban on liquor 
at White House entertainments. 
It huffed at Amy Carter's 
appearance at slate banquets, 
bunk in band — and on the table. 
It expected grits and black-eyed 
peas, both Southern speciali- 
ties. and peanut punch 

Instead it has seen a Presi- 
dent who enthusiastically 
attends the opera, recently both 
Madame Butterfly and the 
Barber of Senile: regularly 

visits Washington's, cultural 
showplace. the Kennedy Centre^ 
for the Performing Arts. 

A Carter style has evolved 
which is relaxed without being 
homespun. The President has 
given up carrying his own- lug- 
gage onto aircraft After he 
had taken office that had seemed 
more ostentatious than his 
evident liking for music and 
literature. The First. Lady pur- 
sues her own interests (mental 
health, the problems of the 
elderly, urban issues'! with a 
business-like charm, and her 
staff has been regularly produc- 
ing a dazzling array of per- 
formers to star at White House 

The most electrifying pre- 
sentation thus far. broadcast on 
Puhlir /Television, was Vladimir 

Horowitz's Golden Jubilee piano 
concert. One of Mr, Carter's 
first musical requests upon 
assuming office was for. a. con- 
cert by (he virtuoso, who now 
perforins no more than 20 times 
a year and then only at 4 pin. 
on Sundays. 

The dale chosen was the 
anniversary of Horowitzs Grsi 
White House performance, given 
before President Herbert 
Hoover The pianist held his 
audience spellbound with selec- 
tions from Chopin, a composi- 
tion of his own (and a rendition 
of the U.S. National Anthem). 

Although the President 
includes among his friends a' 
rock, singer like Greg Allman 
and admires Bob Dylan, a writer 
of folk music, he has displayed 
a decided preference for the 
classical. At the Carters’ first 
suite dinner, for President Lopez 
Portillo nf Mexico. Rudolf 
Serkin played the piano The 
Israeli Prime Minister, Mr. 
Menachem Begin, on two visits 
to . Washington, heard string 
quartets. Crown Prince Fahd 
□f.$audi' Arabia was entertained 
to stringed baroque. 

..o-. • 

* iKW' 

of. Saudi Arabia was entertained Vladimir Horowitz (right) welcomed by Jimmy Carter before Riving a redial at tlu* President’s 

to stringed, baroque. Special request. 

The President is a voracious home study courses in music Mondale, wife nf the Vice- m-a-e irotern merit funding for 

reader, and an admirer of the and art appreciation. Mrs. President. Mr. Walter Mondale, struggling yming art Ms and 

poetry.; of Dylan Thomas. Carter still takes a few hours who has won the nickname cniinmiiniy uniiip-.. 

During his service in the U.S. each day to learn Spanish. “Joan nf Art.” Mrs. Mnndnh-. After mure than a decade out 

Navy, he and Mrs. Carter — who The Administration ha« an who docs putt cry and ha.- in the cold, arti.-ls and per- 
inti mates sav are “compulsive spokesman for the written a hook on Polities in Inrnn-rs arc mice ajcm feeling 
srlfiimprovers " — subscribed to arts m the person of Mrs. Joan Art. lias Marked hard to in- that thc\ ban friends at court. 



When Viking landed on. Mars. it 
obeyed commands received 
with the help of an NEC 
device . So today we know 
much more about that 
mysterious planet. Not quite 
so romantic yet also of great 

tance has 

NEC's major 

contributions to scientific satellites 
expanding the boundaries of man's 
▼ knowledge. 

But finding out is only the first step). Sending out is 
given equal priority by NEC. Satellites in the INTELSAT 
IV-A series, for example, use NEC-made transponders. 
These transponders are critical for transmission and 
reception in global satellite communications. 

Getting down to earth, NEC lias helped build more earth stations than anyone else. That's not 
surprising because NEC is one of the very few with wide-ranging integration of electronics, 
c o t n in u nicari o n s a n d c o input e r s . 

You. might rightly consider such achievements impressive. But NEC's dedicated 60,000 
employees aren’t proud of merely technological tears. They're dedicated to discovering what's new 

and making knowledge available to everyone who wants to know. So the 
ascending soiral of now discoveries tor mankind will continue endlessly. 

Spreading the word to the world. 


Nippon Electric Co. Ltd 

further information write 

Main Fields: ‘P. • 

tor: 0 no cos / Home Fiectronk 


Mixed in uneventful session 


A MIXED trend prevailed in a nankin" hieh among these Potential - buyers reluctant to WILAN— Most prices rallied yes* 

generaSy uneventful session on issues this week was inflation and commit themselves before new teraay. TOft • _ _ 

Wall Street to-day with orriy scant growing market concern the Government is announced. ™ M rum0urs of a 

attenUon paid to a hefty jump in Government might move closer Stores Aim. ^ _ _ * “fiffiiSKS* lae Th n r*d a * 

nad-March car sales reported by to Wage/Price Controls. Creosot-Urire dropped VMS os “^- a °! ed Thursday, 

the nations’s largest mairafao General Motors put on Si to to Frs.72 after passing 1977 dm- ' 1 ^ A ^ u I etl |:.** ea fy- .. _ 
turers SBOi on a rise of 61.9 per cent. dend. HONG KONG— Finn in active 

The Dow Jones industrial Aver- in mid-March car sales. Chrysler U.S. stocks again depressed, trading 
aze shed 104 to 736.50 making a Picked up Si to SHI on a 19 per Oils weak. Germans and Dutch JOnANMSSBURG— Gold shares 
of 1221 mae-JCrtSBd wntfincreasc. while Fort decliAed issues mixed. Golds higher, mixed m quiet trading 

s* u - «■ «*■ c °>— — ■ „r.r„s tzjss? 2 

eSSon Hardee’s Food Systems rose Si BRUSSEU-Mostly higher in chairman's statement on mine 

jttySSfSLTfit StfStVrf «. French rod. "Mil Min^ ,« 

THE AMERICAN SE Market fell > Germans rose, U.S. and higher levels. 

to -61 4. while the trading volume 
further decreased 660.000 shares 
to 21 -29m. 

Investors were reluctant to 
make any commitments ahead of 









AB.1LT1.Pr. H' 



— | 

Sears Foebnch 


+ 1 

Hardee's Food 



— | 




— } 




— f 

Berkey Photo 



— | 

Wesilnttbouse Elec. 



— i 



Trim ran pter 



N orirm Simon 


+ i 

the extended 

Easter Holiday 

Canadians mixed. 

Gold Mines higher. 

AMSTERDAM— Mixed in quiet 

Philips rose FIs. 0.30 ahead of 
its 1977 results. 

State Loans steady. 

GERMANY — Prices 

week-end amid lingering concern 
about some unresolved issues. 

Value Index rose 0.63 to 128.01. 


Canada firm 

Canadian Stock Markets were 

generally firm in moderate trading helped by stronger tone in Bond 
last Thursday, with the Toronto Market. 

Composite Index up 2.0 at 104.63. Leading Banks, - Chemicals, 

r/B'SIJ'cSS Sft fiK — « — 

to 247 in and Metals and Minerals n _? mh ? al *? lue or-DM17.7m. c 

03 to 833.9 duu.atuitriaia Marks Foreign Loans steady. 

PARIS — Easier hut above early COPENHAGEN — Closed last 
lows in quiet trading. Thursday. 

Other Metals and Minerals 

Industrials steady. _ 

TOKYO— Slightly lower. Volume 
SSftrn. shares. 

Some Electricals. Vehicles and 
Cameras eased on reports — Bank 
of Japan intervened in Foreign 

, , Exchange Market to support 

firmed, ^Har. 

Nippon Sanso rose YS4 to 380 
and Green Cross Y70 to 1,650. 

AUSTRALIA — Markets re- 
covered to -dose mixed. 

Sugars eased on faffing Loudon 

P & O gained 12 c en ts to- SA2.40 
on Us results. 



Bins and Falls 


1977-78 |8inoa compilat'n 

Mar. : Mar. : Mar. I Mar. 1 Mar. J Mar. 
23 [ 82 | 21 1 2(1 I 17 Ifi 





i : • 1 ■ ! 1 

Indrecria) 1 TSS.fifr 76 7. St 762.82! 77i.&£ 768.711 782-82* 998 Tfi 



41 M 

1 : i | 






90. Mj 88.081 99.88 8B.S2) 68.724 88.79 






2A7.B8’ 207.83' 208.781 207.281 206.&4 246-Bt 










10B.B6' 106.72i 106.081 lOfl.fllH 108.18! IQG.tfT 

: - 1 J 1 








Trading vol 


MO', t 

21.280 21,860' 24.110 28.360' 28.470' 25.400 




| 1877/78 


22 ; 

31 ! 




i <8,B9 i 



67 J 7 
( 4 / 1 / 77 ) 


(S/ 3 / 72 ) 

Imih mM.. 


Falls ' 

Be w 
Now Lo-ni* 


Mar. 82 

Mar. 21 

































■ I *>W 





171 Jt 





188.47 (17/8) 
187.85 (19/1/77) 

. WL08 (25/10) 
185.OT (25/10) 

TORONTO Uompculte 

1046 8 


1097.4 (lfl/7) 

M1JI (86/10) 






, 201.5 


1SG.0 ; 1B&.1 
1873 1 198.8 

218.7 (1/8/78) 
214.4 (4 am 

158.4 (g*,6) 
168.1 (22/4) 

1 Katas m wir* ehanuM *mtn a nnm 14 

lnd. ill*, yield % 

Mar. 17 { Mar. 10 • Star. 3 j Tear ago (approx.) 
~6XI6 i 604 ! 6^22 ! 4.41 


■ Mar. i Mar. i Mar. i Mar. ! Mar. j Mar. 
i 25 | 22 J 21 [ 30 I 17 | 1R 

w i w r 

'SDH? Uvnpilar n 

Hurh ; tew • High 

tlndnama-i.: 99.1B- 88.34j 98.72. 99.91 9B.28i 98.49 118.82 1 95.68 | 184.64 
: ''il 1 3/1/77) I (6/a/7o) |(UfL/73) 

ICompreir* : 89.88; 89.4? 89.78] 80.82], 90.20! 89.Br 1197.00 I 86.U0 128.86 | 



(3*1/77) ‘ CB|3fT8> I (11/1/73)] (116/52) 


Belgium 01 
Frauds (tt)l 
Sflrmanyttt) 1 
Holland (91) 

lad. dir. yield % 

Mar, 32 

| March Ifi * Mar. 8 | 

Tear ago lapprox.) 



| 5.65 


In.!- P/B Katu- 





tens Govt, bond ,rwM 

- 8.15 




_ .44 ej» 
94.12 j B8.77 
— I 9630 
88.6 1 89.9 
796.2 j 794.0 
77 J! j 77.7 
AS j 436.27 
61.33 j 61.41 

Italy (Hi) 

Japan fra' 397.88 , 398.48 



2B1JJ2 ! 232.30 

' 479.43 ' 418^8 

I 99.12 | 90.43 


107.92 | E4.Cn 
(9/6) i(fil3/78) 
P1A !. 43.6 
(20ii/r& <10/6) 

! BUS i 712A 
] (17dlj.(30/J/77 
i 93.2 I 7b. 6 
I nia) (29/9) 

. 438.63 363.44 
123/3(76) (13.1.78 
' 73.71 ; 6«an 
,(b/l/?7): (23/12) 
389.E6 380.48 
(16/3/78 (24/1!) 
'282.30 248^3 
(22/3/78, (3/8/ 


11977- 7SI977-7E 
Sigh I te» 


Sweden fqj SflSJO 
Switzerf'di/j 993.1 

Indices and tan dales (all base vaiuett 
100 except NYSE All C um mm/ — so 
Staadarda and Poore — 10 and Toronto 
■MM-, Etao last named based on lP7i». 
T Excluding bonds. 1400 Industrials. 
S 400 lads.. 40 Utilities, 40 finance and 
20 Transport <7 1 Sydney All Ord. 
<l!) Belgian SJB JI/OZ/83. i*~) Couenbaxen 
SE 1/1/73. m> Pane Boores UWL 
«ts> ConunerabatiK Dec, 1998. (91) Amster- 
dam. industrial 1970. (if) Hang Seim 
Bang 31/7/64. OH) Milan 2/1/73. (a) Tokyo 
New SE 4/1/n. CD) Straits Times UWO. 
iri Close- (d) Madrid SE 20/12/77— (Ugh 
and low for 1978 only. (*» Stockholm 
Industrial 1/1/98. OSwfsa Bank Cora. 
(ai Unavailable 


A prize of £5 tciU be a'wen to each of the senders of the first 
three correct solutions opened. Solutions must be received bv 
next Thursday, marked Crossword in the top left-hand comer of 
the envelope, and addressed to the Financial Times . 10. Cannon 
Street. London, EC-tP 4BY. Winners and solution will be ajnen 
nOxt Saturday. 






1 Mouldy material for a capital 
French dressing (7.2. 5) 

10 Pass the buck backwards and 
forwards (5) 

11 Systematic presenter of facts 

7 Pest T love to keep in pro- 
portion (5) 

8 Withdraw from position with- 
out handicap (7) 

9 Long distance swimming gear 

and figures makes boat ultra- 15 Assert wbat is said of Subject 

distinguished (9) 

12 Not in the hunt at present in 
this place (71 

13 Date of release during rest 
period (4. 3) 

14 Soak finds it difficult to climb 


17 Fruit produrer with many 
branches (5, 4) 

18 Assembled when dressed 
(6. 3) 

19 Day to keep in boat (7) 

16 To skip whisky is child's play 21 Speed up hothead with a gun 
(9) (6) 

19 He’s super in Hollywood (4.5) Z3 Understanding key file (5) 

20 Left part of bridge made of 24 Derived aspirates from 

wood (5) barbarians (5) 

22 Entrarrs with fashionahle ^ paft Qf chun;h for persoo 

23 SSJSEl m Utley moor (7) <5) 

27 Flower made in a science 
workshop of ornamental 
material (9) 

28 Opening said to be healthy 

f5) . , , 

29 Say sorry for late arrival of 

Flying Scotsman (7, 7> 

2 Gave up driving during mili- 
tary manoeuvre (4, 5) 

3 Suitable material sounds 
swell (5) 

4 Peach tent maybe with leap at 
Covent Garden (9) 

5 Gold part of heavenly path 

6 Controversial European 
motorway goes over American 
state (0) 

No. W25 



Ryan Price five 
left in Lincoln 

CAPTAIN RYAN PRICE, whose first fillies classic without the 
Findon stable has landed so benefit of a preliminary outing, 
many valuable handicaps under His other potentially high-class 
both rules with heavily backed filly, Glinting, a daughter of the 
ante-post orders, still has five— illustrious Petting, who had to 
Ashbro Laddo, Carriage Way, be put down a few days ago at 
Connors. Moving Picture and Le the age of 20. will have her first 
Saleil— left in the Irish Sweeps outing in either the Tote Free 
Lincoln. Handicap or the Nell Gwynne 

Although no final plans have Stakes, 
been decided I beiieve we could Ic is expected that she, too, 
well see only Carriage Way (at will be representing Stoute’s 
22-1 with Mecca) representing Beechurst stable in the 14)00 
the Sussex stable. A tough and Guineas, for which Cherry Hinton 
consistent Track Spare four-year- appears a far more attractively 
old. this brown colt will go dose priced favourite at 3-1 than does 

■ Try My Best at virtually half 


in*. S.Prem, »t te g«*> 

• Effective" rate Ct <1.8233) 43|*3L 






A14*4* I*tn> B9?4 : S9>3 

Vtitremusrapli — ; l?if ; 17l S 
Acuta Lite £ Cur f 55 

Air Product*- ..... ?Si| , 26 
linn..-..— 43*8 * J»S 
AUauiAlunmutnn. £4?a | 

Aha» • 39!* [ S9fo 

AUcftbeny 18’* ! IBfa 

tllFflttaiv Pmt« 18H J 18 1 * 
Allied ChetmeaU 36i* { 36** 
Allied 5lurce nta ..,' 20 , 20 

(lliit Chai nun... 251* I 25tj 

A M AX 33 t 35 '-2 

Amenm* Hex* ' 845s J 259a 

.Oner. Airinw — ■ 10 k ■ 97* 

A mar. Brands,...: 441* i 44aa 
Anwr. Brntdcnt.' 3B'>2 I 381s 

M»fr. Can 551j { 55U 

AnW- CyanamW] Zd>2 l 24t* 
Amef.EW.Pmt.. 23)0 \ 23‘b 
A row. KxprM,4 329* , 53% 
Anw.H’ S-fProd; SBi* | 28U 
Amer. Mcditat/...! 201* > 203* 
Amer. Motors...,; 4 : 41* 

Auw. Nat. Gm,, 1 417* i 415* 
Amer. Standard..: 5Sfig j 3SS* 

Amer. Store* [ 51 3I>« 

Amer.Td.aiW4 e* 1 ) f ^ 15 « 
Anic(fllti..t<HnM l (j 319* j 51 

AMP 2 t* 

AMP 1 25»a ; 

Amps* — 12S* t 

AnctMr Hncktns?. 1 2S&s 
Aointner »OKh_; 20 

ArmeotitMi j 268* 

A^LA al»* 1 219* 

AtAmerm Oti — Ill* j 31 

: i8it | 38 

AstataadOU 291* ( 29 . 

AU.Ufchlte>rt v _. > j 46i* 46 . 

Auto Data Pm.,... 27 27 1* 

A VC ! 9l« 1 87* 

AvoaPnodnctB.... 461* 1 A6U 

IUe« I 25fo ; 25 J* 

Bank America^.. 22>* ; 22 
Banker* Tr_N.T. 563e 365* 

Barter Oil 274* } 271g 

Baxter Tza«mol_J 36 ; 36 1* 

w Pnoft™ H37* ( 23H 
37 1* 

25 >t 

Beatrice Food.... 1 237* 
Brctionl>ta-tHimin| 5612 
Bella HoiralUl_i 187* 

Beodix ; 345* 

Bennnt Croa ‘bJ 3 
BetMebem 6tcel.: 209* 
tHacfc*D«*cr„! 16k 

Boeing 34S* 

Bnuw Cascade. [ 25 r* 

Uonten 281* 

Borg Warner | 275* 


16 U 



HouitlT lot ( llj* * XUi 

Breacan ‘A*. 1 IS 

Bristol Myers | 308* 

BriL Pet. ADR...I 
Unockwav Gian..] 

Brunswick ! 15 

Bucm» Rrie — J 18 U 

Bnd>l ‘ 32H 

Butova Watch ....] 63* 

Burlington Xthnl 37 

barrouaha 1 60 

Campbell South.. 325* 
Canadian Pacific. i Is Jo 
Canal Randolpb-I 97* 




141* ; I4fa 
278, 279* 






Carter Hawley. * 16Sg 
Campi Mar Trarta! 455, , 

CBS | 46?* ; 46Ja 

C-eianeee Corfsa .. , 374, | 374, 
Central A 5. TV...; 1 

oertamiewl t 217* ; 

Cessna Alrrran..: 321* 

CbaiAManhattan J kS ig i 

Chemical Bk. NY I 37 Vi | 
Chroebrgh Pond . 21ij 
Ube«4le ayareajJ. 32 
ducago Bridge...! 49 
Chromalloy — 1 169* 

Ohry nlar... — I 111* 

Unctama 2 

One. Ml heron.. -| 24 

CUkxarp. ^...! 19vi 

Ciilea j«nre....[ 471* | 
Uit_v lnve»mut„.! 14!* 

Com C< i/a ^ 37Vj ■ 

Colgt- Pklm { . 20U j 

Colin* Aikmae..| 111* j 
Columbia Piet....! 

Una. [nsCo.ol Am 1 
CanbnaticQ Ena. 
Combustion bq 

Cro'w’th Edwonj 

On Hal! 

27 1* 

1-TO — Old Cosimos 
2.00 — St. Petersburg** - 
2 mT 5— Go Shytrain 
3.05— Mackdly** 

3J35— Middleton Sara 
■L05— Baodido 

those odds for the 2,000 Guineas. 

With the recent cold spells of 
weather bavins interrupted the 
preparations of a good many 
horses, punters should tread 
warily on this, the opening day 
of the Flat season. If he is backed 

to winiiM Off hi, attractive S cv ^ re h b ” E 
handicap mark of Sst lib if he Kemp ' 

can reproduce the Hay dock form ton s R oseber y Handicap. 

he sbowed when heating Musical 

Prince hy a neck last season. Fvfpncinn 

Better Blessed, rated only one i^AlCUjlUU UJ. 
pound ahead or Carriage Way by 
the Lincoln handicapper, and at 0011111111111 lV 
one time joint market leader in • Jr 

some lists for the Lincoln will SG1*V1CG SiOnPtVIP 
now definitely miss the Doncaster Utc 3LUC1UC 

race.- Twn factors seem to have THE com m urn ry service scheme 
persuaded William Hastings-Bass 15 to ® e extended on April I to 
not to send his tough So Blessed a further 51 petty session areas, 
colt to Town moor. Harris of Greenwich, 

First, he made it clear to roe Minister of State, Home Office, 
a few days ago that he -felt the announced in a speech in Mont- 
favourite, Fair Season (who. it pomeiy this week. He said it was 
can be argued has the same U 1 ® biggest single extension of 
chance as The Minstrel with the scheme for convicts in the 
under 8st on the best of his P 8 ^ two years, 
form) will take a great deal of The Minis ter s aid the. move 
beating and secondly, he believes was due to extra money being 
Better Blessed may now well made available for community 
need a mile and a quarter to service in the forthcoming flnan- 
produce his best. cial year. 

At present it seems on the Among the areas to be covered 
cards that Michael Stoute's 1,000 for the first time would be Bir- 
Guineas and Oaks prospect. Fair mingham. Bury, Stockport; Koch- 
Sali nia. who, according to her dale, Trafford, Middleton and 
trainer, needs very little work, Heywood, Newport and Mon- 
could well go to the post for the mouth. 

PUZZLE No. 3,621 

Following are the winners of 
last Saturday's prize puzzle : 

Mrs. J, D. Halliday, Wynndun. 
Corsee Road, Banchory. Kincar- 
dineshire, AB3 3RS. 

Miss Rosemary Harris, 31, 
Tournament Road, Salisbury. 

Mr. K S. Long. "Clovers" 
Cound, Shrewsbury SY5 6AF. 

3 9 


n a 


m ■ s b 



ssa 0QE 

a a 
a s 

hq m 
0 Hsn 

E S 

a 0 a 


•C] Q 

’ san 

Hjzia m 


•ra s b 


S2 J@.Ce 


ra a 

m a a 

Q E B 


■ .n’a 

G G S 

ra @ 


m 3 


El □ n 



March U Perewu. 

Asians .... 1M 

Banco Bilbao 230 

Banco Atliimicfl (UM) 300 
Banco Central — . — 300 
Banco Enenor 2M 

Banco General 26? 

Banco Granada (1.000) 150 

Banco Hispano ' 205 

Banco lnd. Cat. flJWfl) U2 
B. (ncL Medlierranm — U2 

Banco Popular . - XV 

Banco Santander (350) 324 

Banco UrautJo (1,000) 208 

Banco Vizcaya 284 

Banco Zanuanaoo — TV 

Banlnmton 130 

Bums AQdalnda 228 

Babcock Wilcox — — 29 

OC s « 

Dranadm 2 BB 

T nmnhanif 

E. (. Arasoneus 
Espanoia Zinc - 
Expl Rio Tirno 
Rflcsa (LOW) 

Penosa (IJBWI 

Col. Prectadoa — 

Crapo Vdezonaz (480) 

Hldrnla .. . 

I herd aero 

+ 2 

- 1 

+ 1 

PSpelem Rendda — 

Petrollber ■ — 

Petrol eos 

Santo Papalen 



Tete rentes 

Tams fiostendi 


UakQ 63ve. » 



+ 8.75 

138 — 

Ml JO -US 
55 ■*- 2 

BO + L50 
CO . — 

S Us* 

85 V« 

' — 


- 2 
+ 2 

- 2 

Mar, 82 

- A — «... 

— Bonco do Bnail«t 

— 4 Uo.1 4MU ,'A.» 

+ LIS 

Pirelli OP 

Souza Urtft OP— 

Drop PK 

Vale KlfttVxwPI 



+ or 













— -41.HS 





. 1 






m e% 





— O' OR 




Vd. Cr, 2W Jm, Sham TSJm. 
Source: Rio do Janeiro SB- 

NOTES: Overseas prlcez exclude s nremlum. Bel£Un dlMdaiibL ate star 
wiMwkliiK tax. 

♦ DM50 denote, unless otherwise stated. VPtasjfioo denoro. unless otherwise 
stated. 4. Kr.HJfl denotn- unless otherwlso stated- ifiFrsJoo fl6acm. unlese 
Otherwise stated, n Ven SO deaom. unless otherwise stated, t Price at. dine of 
hub pension, a Klnrtns. ft SdnJIlnss. r Cents, rf Dividend after pend ton rights 
and/or scrip iuue- c Per share. (Francs. 0 Gross div. %. h. Assumed dividend 
after scrip and for rlshtx Issue. hARer local taxes. t»% tax free, ft Francs. 
tnrlmUns Unllac dtv. p Rom. a Shura split, a Div. and field exclude special 
Dayinrnt. t indicated div. u. L'Mffirisl trsdltwt. v Minority boJdrrs only. aMerser 
pradlnx. *A*ed. * Bid. {Traded, t Seller, x Assumed, rr Ex rishts- xd Ex 
dividend. « Ex sols iESH. xa Ex all. a Interim sines increased. 

CoraVttaOli Kei; 

(Jo mm. 6stelUie.{ 35>* 
U^npa^ort»dcn,-«I• 9S* 
Connt-Xito ltu_j 453* 
Uourat.— ...., — .. 20 
Con.kdisOTN.T.! ZS 

DORM Foods— 2d*P 

Ccnnol.Nftt. Gu !• 39la 
Coammer PmreT 239* 
Uantiaeotsi Grpj '295, 
Continent*! Oil. ' 285fl 
Uratlnent*lT«te4 15s« 

Control Dm*. j 24;* 

Cooper Indus. „.j 44 


21 :* 

201 , 
111 , 
83 a* 
13 1 1 










Ctxjutn. Ci [m— 463, 

CPC Ine’nlkmsi I 457* 

Crane J 28 

Cnv-Jmrh'sC. I 251* 

Cnwn/euerhschl 31 1, 
CumrmnsKiiKinej 36 
Cort-Wricht 17a* 


Dan lodtutrtM. 


Dei Dome- 


Dew ajjly Inter.. 
Uetrrat Rrfiwm.. . 
Lh«uai twip,"- 
Oiwey iWfttt)._ 
Dover Corpa.-— j 
Unv CbouMsI... 


Da. EVnt. 


uqtc Pieter 

Ksat AirtiHA 

Batman RodsS- 










391* ; 
7J* i 
421* : 
341, i 

5. G. £(•..._ I 81l« 

Kl Pmo N it. G*cj lbi, 
Bltra 287* 

bxnenrm Blectrar) 



Rnueihsrrl— _ 




FsurfaiM Camera 
Pm. Dept-Utotn 
FucKotHi Tire.— 
Fat. »r. Uaston4 
Fies 1 V*a.....— ..j 
Flocnlft PWrar.... 

















20 Sg 


Fold Motor i 449* 

Foremost Mck... !. 179* 
Foxtwzn.. .......... J 53 U 

Fraoktm Mint.. -I 
Freeport Miners l 
K nituui I 

Fsqns lula...— [ 

G.AJ ; 


Oen. Amer. Int... 

G.A.T.A mi 

Ova. Cst/te— i 

Gen. Dynamic*... 
General Foods— .1 

General Mills 1 

General M<ftar*..J 
lien. Pub. I'll!.... 


'•« I TeJ. K«ert... 

Gen. Tyre I 


(•enrols Pacific. 

Getty Oil ! 

Gillette , 

Goodrirb F.F.— | 
Goodyear Tine— 


(ifttv W.K 

Ol. Alls 11 Piii-Tea 
tln.iNutlh Iron...! 


Uuit A Western... 

(iUil Uil_ 










14T S 























Hanna Mining... ; o7 


Harris Corpn 

Bemc Hi.,.„.... 

Hewlett Ridnnt 
UnIHtoy Inns-....; 

Horn retake— 

Honeywell ; 

Hoover.... .J __ 

Hon p Core Amer. | 261* 
Hmi-una S'aUGa 










H >rol( P6 m\ 1 Cbm 
Hut too 

I.C. Lnd na trie*... 


(n««Mi Hand— . 

Inland titeel 

Insilea— — 

lotercont Enerpj] 

IBM. - — ; 

Inti. FTaeoure— .. 
InU. Harvester^. 
Intl.Mtn ACfaem 
Inti. llutUfoods^ 


Inu. Paper..—. 

IPG — 

Ini Rectifier— 
Int. Tel. 3c Tel., 
lomi. ....... ...... 

lOMUwt - 

1U Inceraadnaftl 
JUn Walter—.. 







bot 8 




239i a 
267 b 
29 k 











23 la 















































467 8 








24 tn 



















461 a 























Johns Man mlhu..| 294 
Jutuuno Jofanmaj 681* 
Johnson CruttroiJ 374 
JmManntaciur , ;i 335*. 
h JJart Corp..,^. 84 . 
KaiHrAlusnaPm SOI* 
Kalaer (nihntrm 2 
Kambt Steel ....... S3 . 

1 Ray ^ 94 

I bkoanocon BB4 

fterr McGee....... 461*. 

hatile Walter— «. .291;. 
Umberiy Clarke 4Ua'| 

I Copper*—. — 213* 

| Kraft J 441* 

M inter O. iB4 

1 ie»l h'tino**..— 294 

> UbbvOrr.Fnori... 264 

I Untett Group.— | 

Lilly |£H) 

| Luton lnd net.-,. | 
[sicldiwd Alrerti ! 
| tone Mar (tub-. 

: 4 UK Inland I/L). 
LmMmm Land,,, 


LneAy ainrpH. 

r L'kre )Tiincrt^ra| 


Macy K- B j 

Mtn* Hanrwer-,. 
Marat boo Oil- 
Marine Midland Field.. 

Mav Dept. More* 

MolXamel! Dnua 

McQrair Hill j 

1 Memorex — ^ — „ 

i Mock 

Herein Lynch— 
Mesa Petroleum.! 



MoWI Corp.-..— ■ 
Monsanta... ........ 

Morgan J. P 

i Motorola— — .1 

: Murphy Oil J 

I Nalnien I 

164 - 
211 * 





« ; 

'39 ; 













id J* 














































KeynrtdsMriair.! 284 j 
UrvnoM* K. J ■....< 873a 1 a“ 

Ua-hVn MerrriM **?■ 
Kiadraftil lnter.«| 314 

(PJiin A H*m » — 1 304 




XstcoGtannical.J- 264 ■ 264 
NalimU Out 1 144® 144 

[ 1«m. IJ wiliers.... 
Nat, farrire lnd. 
I Nncwnai si cel..., 

1 Xaliimati. 


1 Neptune Im/i 

| New KngUUMl Kt. 
New Borland Tel 
i NiaKara 31ohawk 

N nuaia Share. 

N. G. iuliiatriM . 
N or W S 3 W «nJ ern 
i Mortb Nat. Mix.... 
Nthn fiiatre Pwt 
N lbwret Airiinre 
Mharret hutL-orp 
Kiifloa SlimKi-_ 
D.xddeatic Petrol 
Uri Ivy Matter ... 

Ublo tidlaon. 

OUn i 

Uveneu Ship — .] 
Owens IIlUnuo... 
Pacific Gas...,., 
Pacific Llghti du.; 
Pbc. P«r.i U_J 
PanAroWurid Am 
I Pfirker Umnd/Hu! 
Pea holy lnU.^. 4 

PmuI’w.A, Lt | 

Penny J-C 

| Pen (unll 
, Peoples Dru/t...... 

People, Gaa— 
Pepilco.— _....| 

1 24 
M9l 3 





261 * 








- S3* 




89 5a 
261 * 


a** 4 








I’erfcln BIraer._„T 
Pet.».— .....I 

Piuw - 

l J be<|a Uuise— 

1 PlniMiMpblaliie. 

I Philip Uorns.v..l 
1 Philip* Petrol 'm 
[ Pilsbur 

Pleaw/yLblADU) 18 

174 I 19 
36** 34 7* 

273, I 27>« 
204 i 20 
187* 187, 







Potomac IUseA> 
PPU lw»inftnea_| 
Procter Qnmble., 
Pub Serve Htecl. 

Quaker CHita...... 

Kapil Amerkan. 


Kepublle HUw)». 


loirr *1»4 fWfirterli Banrorrl 











5" 1 .* 

















Koval Lhiteh J ®®. 

HfU — I W?» 

Kina Lok«. 

Ryder 6yatem~J 
antewsv 6UW— 

Su Jne aflnmla-! ?6ia 

iUCBn B 

■Saul lnreri....~..| 84 

Saxno lal*-— 8*8 
Sen nt 7 Bretruur« * 
Schlumbensn .....I 

$t:y ! 

W7.-i Paper 1 194 j. 

teovil Mrs ! 204 dgi 

nnntr' Uuor Vcatj oH I 














! n*r k .1 Mac. 

I 13 • sW ' 

Sea Container*.. .' 

sngn un.^ 23 »a 

wane (C9.I3.1 — : 
team Korbut* — ; 

SKDC<« — — ' 

Shell Transport... 

Sirus) ; 

SntnarteCurt) j 

aimplirity Pat-.-' 

SlUKOr. I 

Smith KJuMl......I 

JkrfUrTD .... ] 

Southern Cal. Rd. 
Sonttero Go...—.! 

S(bn. Nat. Kn... 

SauUmri PtefBc.l 


22 fin 
124 f 124 
887, | 824 
314 684 

313* 614 

3»:a 394 

394 I 31*4 





Southland.. ! 26 








S'vi'i Bauaharre-1 
S|*ny flnieb— 
sjicrry Rand— . 

StamlArrl Brandi 

Std. Oil lnd 

SU1. Oil Ohio— ..' 6f 
suron Chemtcftl.J 361* 
Merlins Unuc—I 135* 
StudriMcer. — 60 

Sun Co.. -J 3Bfo 

StiadBlamd J a 7 

B.vnirx — 837, 

tehiucdw— _ .95* 

refctromx 37 

Tried yne — 7* 

Telex.. «4 

Cnrco. ... 30s* 

Teanro Prtxnletnn} 

r ea m. ..»..| 


Texas Iiwid«..J 
Texas 1 HI A Cm J 
Texas Utilittes.. 

tlmr. li>- 








Tunes Mirror «J 24J* 

Tbnkn,..«-.. U i 




Tirana Union—. 
Tmntwav lnt'rtn| 
Trans World Air.' 


Iri Continent*/. 1 


.Utb Century Fe* 






Unilever NV...„. 
l/oim Bancorp.. 
Union Carbide... 
Union Com mere* 
L-uUm Oli Cam.: 
Union Pacific.^., 


United Bratsis..... 

US Hai/cetT... . 884 

US. Gypsum. 224 

US. tihe. 

Ud.Steri -..j 

U". Techniitaqttre.^ 

DV lndiulrire...ij 



Warner- Lambert. 

Wa«e- Jinn 'mem 

Western N. Amer 
Western Coiotu. 

* 113* 


| 35 . 





V B»» 

£07* r. 809* 
26 | 26 
5(4 »»!«.' 

225* ! 284 
164 16>n 

163, 1 iota 








30 U 


























Weyer ha easel ...! 83S* 

Whirlpool —.1 22 

White Can. Ind... j Sit* 
William Co..— ... 171* 
Wincdniin Elect j -374 

23 T* 
221 , 

‘lBJa 1 184 

S’rii ! . 24 i : ov 

! *254' 

ZapiLs..— lbi* 1 }* 1 

Zenith \UAm ~... ; 14 I3;ft 
U.S,Tnw4t.l9 ft, i iM4.| ijWl*. 

SO Hay DUtel 6.24 1 6- 183 


AMHbl Pftpff.....! 134 f 184 

wileoKnsl*.— •<; *•» ■; “1* 

A Iran Aluminium. 277* } 27.* 
Anjiww Wiv4... IB 1 17.| 

Aabrati ! 

Pa ns nt Montreal! 184 t 
UHiili Mnvii >«ma! 191, ; 
liftafi? Kwniws.. 1 - *4 * 

Bull Teicpb-nift ---■ 5* : 

Bur* Vaiiee inrts,. 26^a * 

j(^ r 







10* Ihnaila.. «... ; 147* 1 ld^. 

Unisnin JS 1 * . }"■* 


Oi«3ri »v«w.. . 3 ®h ; J52 
Cunllii Mlw/-. ... ; 134 ' 104 
L'itintK •; 

Camwla MTUmV '10?a ; 1 ' 
Can IrniiBukCpai. £bl? ; 354 -' 

Canmla l is trial 104.719 

Lao. IWellfe ! 

Ban. Mtcllk' tQV-i 

Uanu SnpfT UU— .. __ , , . _ 

Chrliou ii'Kfefo .! 4 78 ; 3;7t» 

Outiar Aabreuw.! 8 s * 1 0 T I 

Chief rain J 187* ■••JJjK 

Unminco JJ44 li 

CooaHOhunrtL... 854 I 

Conmuner Gaa....- ■_ 17 - r 

Coseka Bfwmrcrel *4 | g»» 

Corialn KWi | t|4 . •». 

Dram Devlmt j 74 71, 

UetiisK Muiriu^.l • 65 I 654 

IHime Mine* 1 *44 I *4 

Uoroe PetiWruro-' 634 624 

UomUiton Bridftej t244 t£44 

Unmtar. l* 5 * : 

Lruf«»nt f 124 

Faieen'iro Nickel J 174 
(■ord Motor Cau .4 737* ! 

Oenswr.... 264 1 

UbtDl yaUwknttel tl84 
null UU Canada £7 ! 

HawkerSM. Can.; 6*« { 

Muiiineer- ' 31 I 

Homo OH ‘A* — -L 394 I 
Hudson Bay Mo,; 151, 

Hudson Bay [ 

Hudson Oil 3 0«*| 

I^.C 1 


imperial DU 








lad,i....»......i ’ 

inland >nl. Uaa.,i 
ina , pr , yPtpeUo*| 
kialacr nusnunraa,] 144 


X3J, | 

Utumi't TluC-piV (UK 
LiiMbvi Com. *B.'j 3.86 
Mc'miii’o lUonti.i 174 
M»wy Fergmm] 

Mooro Corpn 

.Nomnda If Inns— 

Norveu fclnery.. 

Aumae Oil A U«a 
UnkotMl Prir’m 
Pacific Co(>pcr M. 

PwindPeirropanr «8k, 
I’an. Can Pftt'mJ . 364 
I'amu’—..-.— 1 1I64 
Peoplea U«*. SJ 4.00 
Ptace Caa 3 OH. J 
P tacariMratop intj 
PowerCorporat’n I 
Vrue u....... 

Qiwteo Stunscori) 

Kan/jer Oil... 

Head Straw 
Ki>* A 4nm. ........ 

Kc^alSk. id CanJ 
Bo}ml Trust. 






434 j 

171* 1 

307* { 304 
194 } 194 


oea/jraros 1 



Slmpaons. 4,au 

steel ok Canada..! 234 
Steep Hock Iron,) t 2 «o 
Texaro Canada... i 404 
Toronto DomJBk.[ 17\ 
AMMCanPHiraLQl .144' 
Trans Mount Oi hr 94 
Trixac M ...~». M ...| 1104 

Upton Gaa _.i 109, 

UtAStereSlW .74' 
Waiter Hiranu— 324 
West Coast Tra*.j 324 
Weaton C/eo..™..! 164 I 

«'! ai-i 1 

‘ ins. -■ 

t Bid. t Anted. (Traded. 
INbw Mock. 

Mar. 23 

| Pricw 


+ or 

90.2; + 1.2 
.485 [4-1 
824 —0.3 
140 +0.6 

Anranz Verricb ... 1 
BSIW — „ 

BAST „J 140 

Bsyer 2 140 |T -, 

Bftyar Hypcu.._. 280 J -2 
Haver V'emnsbk! 314 j— OJ5 
ClmliitJVed.vmH 176 1—6 
Uonunerztanb — 

Conti G am mi 

Daimler Hou.„, 

Ueprasa. ....... — 


UeutPcteBank — 

Urredner Bsna.... 

Dyckerbott Zemi .( 

OniehoBniiin } 199.5] * 1.5 

Hapaa Uoyd 

Harpaner. 4 


231 i+l 
76.6 +OJ 
307.5; + 1 
272 :+2 
169 +1.2 

305.6] +0.6 


IdS 1—1.5 

H..«aeb— — 

Horten - 

KaK und Sate— J 
Karat adL 


Klockner Dm IQOj 



Uowenhnro 100_4 
Lutlhansa ...... 

*1 a x 


Uuncbarar Buck 

Noctennuui I 

Preuoac DM 100. 

achering . 

wUOectJ 189 

^wmens J 283 

Suu Zucnet 

rovaaen A.G 



Volks iraen....... 

U2 • + ! 

891.5 +3.5 

130.6 +0.3 
46.3; +0.3 

120.-8,— 0.5 
140 L-4.6. 
301 l+0£ 

811.6 +3.5 
94^' + 0.5 

176^ + 1.6 

97.1! ! 

234 1+0.5 

1.0U0 1 

108 J9 +1.8 
189.51 + 8.6 
168 J + 1 

Div. [YkJ. 
% % 

■18 ! 49 
20 [ 4.4 
17 | 6.1 
16 - 
2U . 3.6 





242 . Ul.6 

+ 2 

1 — 1.2 


247.5’— 2 
187.3. + 1 
175 [-3 
108.2* + 1.1 

2 13.8 1 + 1 




а. l 






б. 4 











Mar. S3 

16 4.3 
BO 4.2 

16 I 2-8 

17 1 3.6 

11 : 4.3 
14 4.1) 

12 I 6.7 

18 | 2.9 
10 | 2.3 


Mar. £3 


Bra. Isunh 




Blectrobei 6.100 

FatndqneBa(L..„ 2.425 

G JL Inno-Bm. 1,880 

Gevnert. .1^64 

Hoboken — 

Intercom •>. 



Pan FTnl riing- " 

&» Gen Bai)queJ8,940 
mc Ben Briglqnr 1.980 

ioflna 3,170 

Xrtvay _,2,4a0 

Traction Kieet.^. 2.645 


2.180 [—10 170 


On ata.(W0L.J 700 
FieiUfl Mocfagne 1 1.330 

+5 |148 
+30 1265 
+ 30 pt)5 

[—30 1 174 
+ 10 1140 
+25 1215 

+ 10 162 
900 1-10 - 







(.6 9 













Fbeher (GeotM) J 
Hodman PtCen- .[80.000 | 

Go. (hmau)„. 

Inngrfoni B. 

JelmoU (FrJ 
filesue (Ft. 100)— 

Da Hcr 

Oarilboo B^PJK) 

Pirelli SI P(r'.lOCr) 

Sanrioz (Pr.2&0). 

Uo. Part Cert*. 

SchirnUm-Ti r (Ol 

Swnuair (FJWj. . 


-ririmtU*.P.2S0|..j4 460 

Unm Bank. ;5.110 

4uruh In*—.— ,10.426 ].—.„! 

Keote *4-.— - 


Air Liquid 

Aqaitnine— -I 


B-S.K- Qervais— 
Garretour ..—_...] 


G.I.T. Ahratei. - 

Hit Bane aira 

Club Medlter— _ 
Credit Com Fpi-d 
Creusoc Loire. — 


Pr. Petrolea 

Gen. Occidental ej 
1 metal...—, 
Jacques BoreU— . 




UaixwH Phenlx. 
Moet Hemtewy.. 
Moulinex „ 
Prinol-Kicani -. 

Umbo Technique -| 


Uteae Pouien> 

31 . Oobauu 

akl- Uisssuture ._ 

t'ecmfluuiique . -1 
Tbomim Brandt J 
U -uuir ....— ..— J 



+ or 

732.01 + 22 
374 j+8 
270. r— 1.0 
553.9] — 0.1 







y 8 

lIG.Ol — 0.3 


+ 15 

- 0.6 






1.010 Hl.7 







175 1 + 2 
fiO.Ol + 2 

£20.5: — 9.5 











+ 8 
+ 1.5 

I — 1 

+ 15 
+ 2.5 
+ 7 






4lai 0.6 
|21. 1&! 5.6 
16.61 6.1 


12-751 2.2 
3L50 6-B 













68 2 5.3 


IIJSSl 2.8 





8.25! 4.3 
53.26i 8.7 

16.77 10.6 
16.67] 2.6 
31.96 £.1 

39Ji 4.0 
I323G, 2.6 
12.81 341 
3 I 1.7 
7.5[ 8.5 





26.5 6 J 
84| 4.1 
9 ll2.B 

16.661 9.0 
39| 2.3 

25.6 10.0 
22.75 2.9 
15.151 8.4 


Mar. : 

AOA An (Hrxu) J 180 
Aim leva. 162 

A? HA iKr.60) 

Allas Copco(Hx£b| 
BiUerud „ 

Hot ora 

Canto 1 


Bidet' lira ‘U'lKbUt 
UrkaaOD •JB’CKibOl 
Basel te “B 
FfiflBTBta— , 

G ranees (free) — | 

elsbanken— J 


Mo iWi Donu/toj 

rend vlli. A-ii 

a.K.F. 'B' Kre.. 

Skaal Snsktliis J 

Thmlstik ■B'KrSfl 
U/Mihnlm* J 

Volvo (Kr. 60) 



177xe(— 2 

+ or 




+ 1 














+ 1 

— 1 
1 - 8 . 
+ 1 









10 . 



















4- 3 



L 7 




5- 1 



Mar. S3 

ACM.IL (Kb cent). 

Acrmv Australia......— , 

Aiiiei Mnt-Trda. Indus 81 

AmpM H xpl ora tk w — 

A/npoi Petroleum 

Asaoa Minerals. 

issue. Pulp Paper 81— ...... 

Assoc. Goo. IndtMU-tes, — ... 
Anst. Foundation Invest... 



Auat.l j — 

tO 35 





10.72 i+9.02 

A ret. Oil & Oaa..... 
Blue Metal lnd. 

HouMftin' mile Copper^ — — 
Broken BUI EhetniebHy-.. 

BH tenth ...; 

Gerliou United Bntwrey — 

U.J. Loire. 

Gfttt (SI) 

Coos. Goldfield Aim— ...—I 
UcuMlner (5 1) — ....—. _ 
Uonzlnc Htotdnlri. 

tl.12 H-D.O! 
tO. 85 
U36 Mllll 
10.36 Ua.oa 
10.30 * “ 









12.44 HOJK 




Uostaln Austral le— 
Uuulop KubberiSU— r »_._ 

Bkier teniLb. 

KJL I ndnstries— — . 
Geu- Hriiporty Trusty— 
Ua memey- 

L-U.l. Anffmlli ....:— 

I filer. Copper ... 

Jen nlnps iod us trees 

Jtmea (DavM)— 

Leonard Dll 

Metal* Kxpl ora Iton . . .. .. .. .. 

MIM Boidiiirs^M.— 
Myer Bmporiutn.— . 

1 1.68 
f 1-35 

Au-hotas iMernationRi 

Aurth Broken B'dines (fiOri 


UU aearcb 



Ua.ntu 4 Counsa. 

tL C- bielxb 

^outUand MinHi^ _ 

looth (60- — 



JHar. £2 

bortn'str W. a/a-J 
Dsnsxe Banh. 

East AsUtwCo-. 
F« Bregerier... 
For. Pspir^— 
Handokbanh .... 

Nord Kapel — 


Pira lndant 
tepta. Berondren 
te pert oe — — 




13U, rij 
158ig Kl] 



+ Us 


















Mar. 24 



+ or 


daatoei — 


+ 6 



Finsldi’r „ 





+ 10 

(tul alder 



Uertlotaoc* ..... 





+ 2 

Ullveui PH* 


Plrrtli A Co- 


+ 20 

Pirelli S(*. 



Uni* Viacom 











Western Mining (S0eents)4 
Wr»./inorttis ....... 



- 0.02 


10.69 h°- M 

tQ- 19 

IO A3 
11.50 i +flJH 

+0.0 1 


+ 0.02 








Mar. 23 

Price i + or 

Ahold (P1.2B).. 
Aljrem BniffLlOT 
Amrobanic (FOQ 
Bijcnhnrt — — — 1 


Bu rbrmTbttanxlel 
Blseriar/Vf.i’O) — ’ 
Simla N.VJJwirerj 
Bu roCmnTstFLH)} 
Qlst BrooadertFlOj 
H etneken (FL2S). 
Hnafcov«f 0?1JX)»] 
Hunter D.(Fi JKW 
K.L.&L (FLiaCh 
Ini AluJJertlZ?. 
Kaarden (FUf^J 
N*d CredBk(P 

Ooa(FU3Q 1 

Vao Urmneren.^ 
PbUlpe ffU®. 
HoBncoU’LaA— I 
Horen to (FI 
Toryt) PboJliiteJ 

WauUaa’dn. Ugji 







79.9 —0.4 , 
72 Adi.. — J 
' +1 
- 1.6 
- 0.6 

— "■8 

a .Z 









.72.5; +0J3 

130.0 —23 


H9J> +0 A 

37.6 -0.8 
418 A -1.0 




ASAfil 6^ 








94 M 





6 JB 



14 j 3,5 



46 .1| 
A 341 











Mar. 22 

ifthl Gtaw — 
Cnimn.. ..„...—] 


Dal Mppon Print 
Fuji Phnta—. 


Honda Mrt«" 
House Pood. 

C. Itoh 



J-A.U ».— »■ ■. .. i 
Kanwl Blect. I 

MalauzhUa lnd„. 
M itrabialu Bi 
II Itsnblahi Heavy! 
Mltauhkibj Culp.. 
Ulinu k Co. 

Alitanxasbl , L 

Nippon Denso..... 
Nippon Bhiapaa.. 


teoyn Kiertric — 

tefeism Protab 


Bony _.„... 

Btnba Marine.^..] 


leipu — 

Tokto Marine , 

TiAUi Ulocf Ptrw'r 

Om.vo Sanyo 

Tokyo BbUauira | 


Toyota MoOv. 

Yen j - 



+ 11 


+ 1 








r- 1 


+ 5 


+ 10 




r 7 


+ 30 







+ 70 


+ 10 


+ 1 




+ 3 




— 1 



+ 3 






— 1 






. 253 






— 1 










+ 1 


+ 5 

% \ * 

12 ! 1.3 
25 1 2.1 

2 7 






18 ! 2.81 

15 | 2-7* 

35 i-CL4.-.’t 
20 1,1.5- 
10 J 1.8 . _ 

12 1 '4,4 -I""- 

13 *; 

14 i3ja 
20 [ 3.0 
35 : 0.6 

30 j 


1 . 0 ... 

xa ■ . 

B.B r 


X» V 
2 : 2 . 
0.9- jr 
10 I 4A • 

llilJ r T 

8 1 3.4 ' 
15 - 

5.7 •*■ 


1 . 2 - . 

8onree NtMoo Secartaea. Tokyo. 


Mar: S3 



Bern pent. 

dteyr Daimler.—] 
Veil Miuroenit ...J 









+ 1* 


2 . 











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March 23 ' • - - j.- 

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Financial Times Saturday March 25 1978 . 


Curtiss-Wright plans a Kennecott P^ ot ' 
Board aimed at Carborundum sale makes 

Advance at Philips though 
exchange charge rises 


URTISS-WHIGJiT yesterday 
fted the veil on a plan to re> 
ove the entire board of Keane* 
jit Copper Corporation and to 
;place it with directors dedi- 
jtea to selling off its recently 
■quired subsidiary, the Car- 
iruadum Company.' 

The proceeds of the sale of 
irboniudum, for which Kenne* 
•tt paid S567ra. last rear would 
*. distributed to shareholders, 
id Curtiss-Wright in a brief 

Proxy material has been filed 
th the Securities and Exchange 
immission which outlines the 
tention to put up a slate of 17 
rectors for election at Kenne- 
tfs annual meeting on May 2. 
A proxy fight of these dim ea- 
rns' had been half expected 

ever since Curtiss-Wright 
revealed last week that it had 
spent STTm. purchasing a 9.9 
per cent stake in Kennecott 
The New Jersey based manufac- 
turer of aerospace components 
will not disclose the names of 
its nominees to the Kennecott 
Board until the SEC approves 
Its proxy material, but it said 
yesterday that they all 
u believed that " Kennecott 
management instead of paying 
S567m. in cash to buy the Car- 
borundum Company .should have 
used that cash directly for the 
benefit of Kennecott stock- 

Kennecott's purchase of Car- 
borundum ran into a legal chal- 
lenge from a stockholders' group, 
but thi$ was defeated and the 
Board's view that it had spent 

wisely the proceeds of its Slbn. 
sale of Peabody Copal Company 
carried the. day. If Carborundum 
were now sold for the same 
price the proceeds would be 
worth about S17 a s-hare to 
Kennecott's stockholders — a 66 
per cent, yield on tbe company's 
closing share price yesterday. 

However, divestment of Car 
borundum would. Juave .Kenne- 
coti with fiat earnings piospects 
for the next few years because 
of tbe extremely depressed state 
■>f the copper market. Whether 
■ his would deter large holders of 
the company's stock from sup- 
porting Curtiss-Wrigbt remains 
in be seen. But some might also 
calculate that a Curtiss Wright 
seizure of control of Kennecott 
might well prompt a hid for the 
entire company. 

NEW YORK, March 24. 

Much, however, remains un- 
certain. not least because- the 
whole affair is also trapped in a 
legal maze. The State of Utah 
has secured an Injunction which 
supposedly prevents Curtiss- 
Wright voting its stock while 
Kennecott has a filed suit, in 
New York alleging violations of 
securities and antMrust laws. 
Curtiss- Wright has almost cer- 
tainly been advised by its lawyers 
that tbe Utah challenge can be 
shrugged off on the grounds that 
Federal authority is supreme. 
Utah claims that Curtiss-Wright 
breached its takeover disclosure 
laws which it argues have juris- 
diction because two-thirds of 
Kennecott's employees work in 
tbe Slate. However, a similar 
law in Texas was ruled invalid 
last year. 

Sharp gains at Peugeot-Citroen 


NAL RESULTS of Peugeot- 
troen. France's largest car 
uiufacturers. show . sharp 
v&nces in net profit for both of 
e main arms of the group last 

Automobiles Peugeot's net 
rsings rose 16-1 per .cent, to 
5.617.4m. (about S132m.) as 
sales increased by 15.5 per 
nt. to Frs.L8.5ba. (S4bn.). 

A more marked improvement 
was evident at its sister-company. 
Automobiles Citroen, where net 
profit was 20,8 per cent up at 
Frs.359.3in. fS77m.). Citroen 's 
sales rose 1S.S per cent- in the 
year to Frs.13.4bo. (S2£bn.). Tbe 
group holding company con- 
firmed its preliminary estimate 
of 1977 results, showing net 
profit of Frs.193.lm. 

It pointed out that this was 
not comparable with the pre- 
vious year's net earnings figure 
of Fr 5.327.6m., roughly half of 
which was accounted for by the 
appreciation of assets brought in 
when the two motor' companies 

The Peugeot-Citroen group 
prodouced 1.52m. cars last year, 
reaffirming its lead. over Renault 

Crisis credits for 16 Italian companies 

PART of the Government’s 
ergency funding measures 
jounced . in December, 16 
Han companies. officially 
scribed as being at a“ crisis 
mt, M are to receive Govern- 

ment credits totalling LI 60b n. 
f$l90m.), the lnterminlsteriar 
Committee on Industrial Plan- 
ning announced to-day a final 
review of the companies is to be 
made next . week before lie 
funds are turned over. 

■ The money is to go mostly to 
[meet payrolls. In order to get 
the funds, the companies had to 

ROME, March 24. 

demonstrate that they had had 
trouble In doing so. themselves. 

Among the companies to re- 
ceive the credits are Montedison 
SpA. its Afootefibre SpA. Textile 
Affiliate, Sacieta I tali ana Resrae, 
Liqigas SpA. Snia Viscosa, 
Maraidi. Cotorossi, Metallurgies 
del Tirso and Siderurgica 
Lucana. AP-DJ 

qmmodity OFFER 38.5 
rest BID 36.6 

oojble OFFER 86.0 
Iptlon Trust BID 82.0 

Commodity & Baoeral 

Management Co ltd 
8 St George's Street 
Douglas Isle of Man 
Tel: M24 4882 

This monthly investment bulletin gives our view of the 
likely future performance of the principal commodities. 
Send for your f ree copy now 

To: Cometco Commodities Limited, Bridge House, 181 Queen 
Victoria Street. London EC4A4AD I would Ska to receive your 
monthly investment bulletin TThe Outlook for Commodity Futures" 

. ■ • rT- 4/2 

Mr-lVflrs'tVtiss — — — 

Address — — — 


Postcode The Commodity Brokers 

PARIS, March 24. 

with 1.45m. About halF of the 
Peugeots and Cltroens produced 
are sold abroad. 

Among the group's other sub- 
sidiaries. Peugeot's bicycle fac- 
tories harvested a 67.S per cent, 
increase in net profits, which 
rose to ■ Frs.22.3m.. from 

Frs.13.Sm.. on a 16 per cent, 
growth in sales to Frs.l.43bn. . 

for BCI 

BANCA Commerriale Italians, 
the Italian State-owned bank, 
raised its net profits by- 12 per 
cent, to LlO^bn. (SI 1.9m.) in 
1977, from LS.lbn. in 1976. 

The Board has decided on the 
distribution of an unchanged 
dividend of L600 a share, and 
also to pat L3bn. to special 
reserves, thus raising their total 
to L32bn. 

‘ As previously announced the 
bank is soon to carry out an 
increase of its registered capital 
to L105bn. from LGObn. Two- 
thirds of the operation, or 
L30bn. will be on a scrip issue 
basis and one-third on payment 

heavy loss 

By David White 

PARIS. March 24. 

; WEIGHED down by the steel in- 
dustry recession, the French 
steel and heavy engineering 
company Creusot-Loire suffered 
an unexpectedly heaw loss of 
Frs.l55m. (about $33ni.j last 

The company, part of tbe 
Franco - Belgian Em pa in - 

Schneider empire, warned that 
although it expected some im- 
provement this year its steel- 
m a king 'activities were unlikely 
to be. out of trouble before 1979. 

In the previous year. Creusot- 
Loire registered neither profit 
nor loss . and dipped into its 
[reserves to pay out a divjdend 
I of Frs.S per share. The com- 
pany has proposed to omit the 
j dividend for 1977. 

Mechanical and engineering 
activities were described as 
satisfactory and profit-making, 
and It- - was expected to reap 
further profits from this sector 
this year. 

Depreciation last year was 
Frs.8Sm.. compared with 
FJs.l3Sm. in 1976. 

. CredsM- Loire's share price 
dropped by about 13 per cent, 
on an otherwise generally bullish 
Paris Bourse yesterday, follow- 
ins news of the loss. Half-way 
through the -year the company- 
had announced a provisional net 
loss of Frsfiim. 

The' company’s results stood 
in stark contrast to those of an- 
other branch of the Empain- 
Schneider group, the Grenoble 
based electrical engineering con- 
cern ; rMerlin-Gerin. which 
announced net profit of 
Frs.3l:4m: (SBTtn.l compared 
with Frs^2.6Tn. the year before. 

Merlin-Gerin proposed to raise 
its dividend to a gross Frs.lS 
after paying Frs.14.40 for 1976. 


PHILIPS, the Dutch-based inter- 

; national electrical group. 

; increased net profit by 13 per 
■cent, to Fls.634in. lS29Qni.i in 
1977 from Fi?.562ni. the year 
■ before. This was after charging 
. FlsJjQSm. to the profit and luss 
account fur adverse exchange 
differences, compared with a 
charge of FIs 194m. in 1976. 

1 But Philips was unab«> to 
• increase after-tax profit as a per- 
centage of sales in 19' i despite 
lils earlier forecast of u “slight 
> improvement/’ The company's 

‘.statement showed after-tax profit 
; at 2.2 per cent, of sales, 
unchanged from 1976. 

j The company had warned at 
the end of the third quarter that 
I meeting this forecast would 
-depend partly on lhe impact of 
currency exchange fluctuations in 
the final three months. 

; It proposes raisins its dividend 
! payment to FIs.1.70 per Fls.10 
{nominal share from Fls.J.fiO. 
;With Fls.0.60 at ready paid the 
.final dividend amounts to 
; FIs. 1.10. 


In the statement issued from 
Eindhoven ahead of its annual 
report, the company reported a 
2 per cent, rise in sales to 
l‘is31.16bn. front Fls.'iO 4Sbn. In 
1976 lhe sales increase was 12 
per cent. The year's trading 
profit fell t<> Fls.2.21bn from 
FK2.22bn.. re presenting 7.1 per 
cent, of sales (7.3 per cent.l. 

In the final quarter net profit 
fell 4 per cent, to Fk».197iii.. 
whereas in the same 19TB 
quarter it rose 29 per rent, to 
FIs. 205m. Sales increased 3 per 
rent. (5 per nml.i to Fls.9 -film, 
(9.03hn. I. equivalent to S4.2bn. 
Trading profii fell to FIs. H51m. 
from Fls.K4Rm . and represented 
7 per cent, of sales compared 
with 9.4 prr rent. Profit per 
ordinary share in the quarter 
was Fls.l.Ua { Kls.I.Uil. 

In the year as a whole, pre- 
tax profii foil to Fls.l.lflhn. 
from Fls.ljSbn. after 
Fls.l.03bn. had been deducted 
fur other im-iune and charges 
(minus Kls.SSHin.i. Tax on profit 
was FIs 491m.. against FIs. 610m. 
the v car before. After-lax profit 

AMSTERDAM. March 24. 

thus ruse to Fls.695m. from 
FIs. 672m. 

Philips’ share in the net 
result of non-tun sol ida fed com-' 
panics added F1s.42ni. t« after 
tax profits (tuli. while minority 
interests reduced the figure by 
FIs.HKim. i FIs. t Him. i . Profits - 

per ordinary share rose to' 
Fls.3.42 rrom PI .0.05. 

Of the total 1977 net profit of. 
Fls.ifcHm.. some FIsL’lLim. or 46. 
Tier cent., will t>o added to re- 
tained profit (KIs.244ni.. or 43^ 
per tent). .Net profii as a per-" 
ventage rd shareholders’ equity" 
rose in fi.I per cent., from 5.R- 
per cent. 

The company's statement 
showed stocks as 29.6 per cent. 
oT sales at the end id 1977. mar- 
ginally higher than the 29 per . 
cent share a year earlier. 

The average credit permd 
rose again in ihe 1975 level of 
2.3 juomhs from 2.1 months in 
1976. Total liabilities as a per- 
centage of capital employed fell 
tu 61.9 per cent, from 62.3 per - 
vent. » 

Lex Back Page 

New issue upsurge in Paris 


* 2 Bril February 197B «.S4-£9.9 3 
P.O. Box 73 
St. Helicr. jersey 
0534-3059 1/3 

Next dealing* 31ft March 1978- 

Eucalyptus Pulp Mills 

IN OUR report on Thursday cm 
the- details of the merger be- 
tween . (he Billerud Company 
and Uddebolm's forest industry 
operations it was inadvertently 
stated that among Biilerud’s 
foreigii' subsidiaries which were 
to become part .of the new 
company;- Billerud.- Uddeholm. 
was th<r Eucalyptus Palp Mill in 
Portugal -This should have read 
“the eucalyptus pulp mill in 
Portugal operated by CELBJL*' 
There is no connection between 
! this mill and Eucalyptus -Pulp 
Mills Limited, of the U.K_, or its 
operating-- subsidiary in Portu 
gai, Companhia de Celulose do 
jGaima SA.R-L. > . 


j BONDS valued ai more than 
j SSOOm. will be raised on the- 
; Paris Bourse over the nex'i week 
or so as investor t-uplinna fol low- 
ing the general election in 
France has washed over into the 
fixed interest market. 

So far this month de.iima 
volume in domestic bonds has 
j been running, smite 40 per cent, 
i up on February, and yield? on 
[first category paper (the equi- 
valent of gilt-edged securities! 
;have dropped by around a 
j quarter point in less than a 

Last Wednesday a Frs.lbn. 
loan by Caisse Nations I e dn 

Telecommunications was snapped 
up in minutes. Similar terms — 
11 per cent, over 15 years at 
par — apply t (l nexr week's issue 
of Frs. 2.6hn. uf bonds by the 
Credit Auruul.-. And Banqtie 
Hervel and Fr;mce-HLM are 
known to be mi the sidelines 
with issues lutalUag at least 

Now that the franc has re- 
covered much uf its poise, the 
French authorities are .pushing 
down interest rates. Call money, 
which was lifted to 10! per cent, 
a month or so before the elec- 
tion. was casing all last week, 
culminating on Thursday in a cut 

Lv the Bank of France of i to 
9! per cent. 

Tu some ex lent the present 
new issue smiarmn reflects 
borrowing that was postponed' ” 
ahead of the eleetitm. Rut tht- 
Pace uf the rush tu raise funds 
lias nevertheless taken dealers ' 
by surprise. The son *«f funds 
now living sucked tutu the bond- 
market could begin l» pose a 
threat In equities which showed 
signs of weakening for most of - " 
last week. 

in Stockholm, (he Kingdom of 
Sweden is expected to issue an 
open-ended shun -term bond, „ 

sometime after Easter. 

Peak foreign buying in Japan 

[NET PURCHASES of Japanese 
I bonds by non-residents In the 
! first 15 days of this month 
'reached Y34flbn. (S1.48bn.j, coru- 
i pared with Y323bn. in the whole 
I of February^ and Y213.9bn. in 
January. Hirornxsa Dan, Inter- 
national Finance Director of tbe 
Finance Ministry said, 

Finance Ministry sources said 
that these figures reflected the 
inflow of dollars in anticipation 
of a furfheivYcn appreciation. 

But, foreign investors were 
again net sellers of Japanese 
slocks in February. Not selling 
of stocks totalled SlODm., com- 
pared with SlSSm. net selling in 
January’- according to the Finance 

• In order to curb the- rush of 
foreign investors into Japanese 
bonds, the Ministry of Finance 
and the Bank of Japan cut ofl 
the sales of bonds with less than 
five years and one month 
maturity remaining, effective 
March 16. 

TOKYO, March 24. 

In November last year, the 
Finance Ministry stopped the sale 
or short-term Government bonds 
to foreigners. 


Chrysler debt rating - 

STANDARD and Poor's rating on. 
the senior debt of the U.S. motor 
manufacturer Chrysler has been 
reduced from BBB to BBB minus. 
In Thursday’s editions this was’ 
wrongly recorded as a reduction 
from BBB to BB minus. 

OMMODITIES/Review of tire week 

r ■ — . _ 

Cocoa market surges higher 



M J77.fl-27B.9p '5271-3291) and closed >1 LONDON PALM. OIL. PlosuiK. March un- MriT/l/CrCTADI CC 
2S0.I-29LIP iM7^32#o. pooled. April SM.BIMSO.M. May MO.OO- t/1 I / Y JCU JC 1 f\ O LC3 

rno.W. June mou-aifl 00. July .m»C3» 00. 

Au>. WO.flO-3M.«n. S.-PI. 2IH1 00-120. Of). Oci. MEAT COMMISSION— Average raimock 
SILVER ‘ Bullion 4- or L.M.H. ■+ «r 2B0.00-3S0.D. No*. 2SO.DO-330.00. Saks: liU. Price* al r.-prescmailve uiarkelK on 
■ ic i fl tine i — cUnr — -- - Alan-fa 21: CB cailk- BG.03|) per fcs.l.w. 

U.S. Markets 


COCOa manic l MUgca rnguci nua » 

BV- miD rn uun nrriK STAFF - • chtrtiR boytaz Hfted forv-inS meul Irom 12 ttu«iI(w. 30lp >2.0 — . “■?. ' "J.: 4 ! - 

BT .OUR COTWIULMiKai ai«iT ij-j on ^ pre^markei to a dar« hinh .Sugar. 

. ' ‘ . . . . . .... . . . __ , -g- ' .. of f«B» before it eased fraalmaily id tM LME— Turnover 111 ' 126 1 tou of 10.000 Hivi. TimrvU.v'H l’u-»i..u» Huvine- 1 

TflA PRTPFS moved up rumours tturt Loiomoia naa CUE wire oars Closed lO.O up on me ai ttKio on die kern. Forecasts or a oonues. Mom his: Three months 2S3.S. 3.1. •■■uuin.. •. ui»* t Kim- I'iiu- 
^ futures its tas . port price circulated in the week at £679 a tonne— its highest Writer an |n w«ref.m«« stock* and ihe s. o, 5. -U. ma «a m. «a Kerbs: « nnn. 

fi on Thu e rtd^ ?0 r market Ifcrt the annoimcement point since December. j KK SLSSFUSJ ^ am "" ^ 

best levels since last Novem- the following day that the coiuj- ^ rise was fuelled by i “ “f" 00 ** Turnover: n.Tsa . fOfO A vi«... d*.m ido.m mA-mm-m 

But dealers could find no try had merely removed the several influences. First. andl , " BBM '- . _ .... _ ■ .'f ? „„ , LJ _ „ „ . hm.65-u4.6i « im 

lifiSt fundamental reasons 10 cento • pound limit on eajwt foremost, . was the expectation i toppes, ^"SBS-KinSRSiBM 

the rise, .which theey attn- Mies discounts came as sn . that Zambia would be forced to i . ^ ■ 1 it o«r £ldo up, re pons giii and Dunns. , m i»si.ib 117.(2-17.19 12199111 

»d mainlv to u bullish " senti- thing of anantt-clunax ana pnees declare force majeure of up to it £ e • £ u«r... i24;iw:4.'i& iao.M 2 1.00 125.75-122 

ir in continued absence quickly began to recover 25 per cent on supply contracts yirabara ,- n>CnA 1 'tl’ r iz7.oo-27.95.iM.7>24.25 125.45 

iroducer selling. i fpg-tpnno because of transport^ problems 5 es2.aa +i» . — r — r:“ — r sah-s: 4.«n iois ot 3* lonucs. 

be. only fundamental news to and a fall in production at th« wm-ot 6 79Ji >+ is - 1,1 aiats-sw ♦btssho.omm raw sugar futures. pn.v* m 

the market on Thursday was- a mmes. 7 :‘ u , Mat iMin-isas 1+12S.0 isss.imbm aiwpi maintaiiiwi on mr m hid 

ilv ” bearish.'* This was the ll naw Fears of a stockpile release ’?» - ISS JuiV...._ idioahis +ukls lwajuass mdimi. Tbwsdw* okwiur pvww wb 

emneement by ATuA De- ta _: M TJK ■ continued to keep th? tin market SKfe . r ' "SKK SKjS 

CI7F AD 1 + 1.07': U.k. shrep Hifip por l:s. 

jUllAlV liod.fw. '-8.5ft: CB pi£* go up wr 

LONDON DAILY PRICE — Raw sunar Ewlund Md Wales— 

SDOAK m'Gw. '- 8 >r CB v«» go up pvt -r-: 

LONDON DAILY PRICE — Raw suwr V Til I Cl 3.T10 ’• 

ISH.OO ifflj.Wli a ionw ttf Tor Marcb-Aprll ££l‘ ^'1* ^ VAU M-M-twA 

■bipmem Wlnu* *uwir daily price wm ’h 0 , 

Sard at IIOO.DO '*S9.0Oi * v ’ ria pnev- 144.1 (+0.9). Plas down *1 wr n-lir.. avoraur pneo 60.0 ■ — l .-I ■. Cl I W T /l w vim* r 

Suer " Scotland— Caiilf down 3.3 per «nh.. pvt-r- JJSII YCl U If. - • 

P.«! 'Tl...r-l*.v-p I’u-il..... 3 ft wr ; 

r.H.un. « i.«e tw K.wu- «*«.. «mar bbw 13M . -M». 

COVENT GARDEN « Price* in MorlNUI C0C03 TiriTI 

i»r pai-kajw mtN where oihunrisv vvvvw A.M.M. AAA 
i. |ier IIUIIII Staled)— Imparted Praduce: Or»n*efc— ! 

Mat. ... 104.40 D 4 .U.I 00 . 3 II 100.4 IOS.aD-lDO .2 Spama: Natels 32MKLBD. Bipods L'.bflOJO. . Nl-W York. March 3. _ ^ 

Auk— - IM .flO-taS.ISiW 4 . 6 S-u 4.63 L 9 .D 0 - lM .0 Salustlanas 3JM-. Cypn®-.' VaWnela Lotos ! AFTER luiuM wejdnw-ss Cold rallied to * 

•M.. .. 1 I 2 .S 6 l 2 .SBjU/ 7 .a 5 -i 8 . 0 ll 1 I 2 .SD ltfi.& l.i kilos 14 D- 3 . 70 .- t.ivals . 3 . 00 - 3 . 3 n: Jaffa- < rlo&? higher on rot-fulalivi- Uion meering 

I >ei-. .... ll&.B 15 . 75 . 11 1 . 5 S- 11.70 MS. 85 1 11.8 Sharnouu l.fLVLOi: .‘Enypiian: Valencia ■ Piw ia the holiday wi-ek-end. Silver - 

Scotland— caiile down 3.3 per win., aver- 
ane pnre 63.83 i + i.flT): SJu-ep up 3.ft per 
tvnl.. avi-ravr pntv 13D.4 i-3.0t. 

COVENT GARDEN iPrlevff in kivrinu: 
per pui'kapr i-set-pt when.' oibern-iSc- 
siaied,— imported Produce: Omnjet — 

be only fundamental news to 
the market on Thursday waa- 
ily ’’ bearish." This was the 
mincemeat by the U-S- De- 
ment of Agriculture that it 
'raised its estimate of the 
*-78 world cocoa crop to 
m. tonnes against the 1.35m. 
zested in 1976-77. 
he Department expects the 
ilus of production over con- 
ption in the 1977-78 season 
'each 100.000 tonnes. This 
pares with a recent forecast 
London merchant Gill and 
W of an 86,000 tonnes 'sur- 

1 the close May cocoa was 
xd at £1,084 a tonne, up £126 

- +Ui 

- .4-191 

'thurMtav** i +iv Bu»i nn 1 
I’liCHA L'lnw- — rxme 

Xu. 5 C'nif'l 

MAtch 21 ! 9 . 3 -ST 2 ff 4 - 6.76 9140.0 9034 

M«ii-li . I 2 9 I .75 117 . <i- 17.75 12 I. 0 D 118.2 Lau-n 3 00 : Morou-an: ( riiwed hijilier In symnaihr wub Cold. 

.Mar... 124 .IW 4 .I& 120 . 50 - 21 . 00 125 . 75 - 122.4 OrMnlnucs-Jamaitan: Per box S.WHl..iU. i Cocoa dosed firm on 5 peLiU*m-c buyinx . 

Aug 127.00-27.95,129.73-94.25 125.45 Lemons— Julian: IHbi?0s .1 MML'M: owiiw io lu-avy rains m Brazil. Sugar—** 

Cyprus: j. 4 iki 34 : SpanU: I.HO-.I.OO. ] do!H 4 l hicbi-r on ivdinu-al speculative 

Sali-s: 4 .(rtl H. 691 ' lots ot fin lonnes. Grapefruit— Cyprus: 15 kilos S..W- 2 .W: :hli huj'liw and week-end evi-ninc up. BaeheZ-'- 

BAiw ciiru RirrtiDPC k <lo“ 3 W- 3 . 2 U: Jaffa. 3 U kilos 3 . 00 . 1 . 73 . rvpons . . 

in Buhl MMJA *■*»-. 


Mai 1983.0- 19S5 l-r 126.0 1S98.IMB86 alwn* malnuuiR-d on ihe week in buhl j.-.’ neUi-ioM -w-ih Cocoa— ifcn.m «i573Ui. Jm> 

— + h!l JulV - 1D10A-H15 -+109.5 1998.D.1856 i radius. Thursday's Oosing pnw-i terms jm, 'sa-iiD- 48-lb 340AD0 CnTum- ,,a, ■ 53, • St- ?' 1 t-* 2 -'- D «‘- 1414* Jlareh 

~ *>H ”, I- 7880 l TB^B lWol 807 Per pound i: .May 7.95-MU. July KMM. S^ h iu'nWe Mrt ^»t.'nd 0 M 1««. Stay' 138.18. July 13T40. ;Sa|o, ; 

P««« TI feir SSW ft» S7 C-dJI-C-- Haniract: March , 90.80 -- 

and Penang. The Penang pnee Amalcanuu«l Ueua Trading reported May l7n.H7W +96.0 16704 i M Ian iikS poimd SH - DPlfciOB* 0.11-9.17; *177.80). Mar I37..U-I5S.49 1136.841. July 

at one stage fell verv close to Hal three months wircham . traded at - — — .i", 9,= '- mnioiir. -« ; Dclicioua oreoun- iaa.o 8 bl 4 .aso. Sm. ti 2 .oo-i 33 .oo, Dec. tsojn- 

rhe ** CPillnE ” nf the Inter- £m - 4 - s - 5 - *■ 3 - *-*• 3 - *■*. ! - 2.3. 0. . Salt*: 44S; i3.GSU Uu of 18 lonnes. ■ Aor«, m *ni. ^ewlowns r.M: Huiifiarlan: Red Drtirioils UB.9B. ftl.i} msa.]|7.00. July 11 ilO-l 18.00. 

Lu»:. veil my. ul llie ruici ~,h anus 1 C«||. liiamMniil Ciru Onmnlcitdon til S. misrnauonjl iusar Aimmou. IDIIIU- . hu! IH: S MHkui Dimn'c. c. ttfl Wnuihui CtiK. «r.T 

rallying slightly subsequently. 

” Lhe producing countries at the lo . 654 9 8 on the pre-numr but this lave! 
Tin Comal meeting next month ^ 

for a substantial rise in tbe exist- tag values around - no easier on tha 
ins Agreement orice ranges. week. Turnover: 553 iuoea 

ausodrt. cash fBtoJS. i. Kerb: Wlrebar*. Imarnatiofial Cocoa Organisation 'U.S. J ™ 3.«W HO: S. Al clean . Dunn's 6.SA. iunaihau l Salrs. W7. 

iree mouths 1885, 9.3. S. a. j. 3.5. «sms per pound l-Dato- price March A+rthhAn r«r^y^: h S? 7 Danish: Sparraus per iwuirdi' 

imu rug 51 1 iDlHnllir nrln» Mirrh 4 l - atw Slowed LaTIDOraO port I for .kJartn 22 ll 09.0I|1 pears S \frii-an- Rrurre I tapper — MarvU a9..0 tjh.SOi. April MI.4B 

TIN— Modestly firmer Ip rouhflf tradiaB. . u«^ 9 r ^dai dally pnee 7 .S 7 tTJtf.. 13 -day- avow iirfy 3-0 WJltomi Era OwUm 4 S' May M - w - Jul>r wlW ' *PPT. fil-M. 

EzpemdoM of a decline m warehouse l« 3 fi ilC^i 7 -H < 7 . 3 .. alun- pMimSm S mUM V w 1 ^ <nM J »"' Mapch M «- May 

tMa coupled urhh rise in the Penana aver>M WSS ,1C ■ 3S, ■ . _ „ "w: Duid^^SSSoT^ 'pound* i're ; »»«-. ta. 48 . 

rncccc . SOYABEAN MEAL a. fc ™: a«n“T , iSi.S? 

It in felt that this decline SSSSSA& S'SL S JSitS 

might undermine aemanas oy price took forward Standard mcial up r’/MrCr 
the producing, countries St the Id -65498 on the pre-marker bnt this fowl (.Urrtfc 

W of an 86,000 tonnes sur- Miff 1119 -Agreement price ranges. 

■ 1977 '1" I 1 1 w 1978 The tin-producing countries 

1 J* 1 * £ l *K, M 5 y CQC0 ® S5 M 'mT' bw dec jan feb mad Plan to hoifi a special meeting in 

sd a t £1,084 a tonn^ up £126 C^ . pcr ^ Jakarta before the Tin Council 

the day and £132.5 on tbe The advance lifted the May meettog t0 consider a - joint 

n • nnnilnei utViinn hhn FallOTI TO ° .. ,, n ■ -i . 

1 a.m. 

; Ot&1»l 


Clow’ . -f- iir I Biirlueto 
— , Dune 

C per twme j 

Tbinvlay + *t Niisiue*> 
I'! 44 . — 1 fcnr 

position, which had fallen to ^5^,, t0 ^ U-S . stockpile 3 

. Grade £ ■ £ ■; 

,5806-0 U-4I 

nth*J 5804-16 (- 525 ! 

ie price had declined sharply £1^65^ a tonne on Monday, to ralea&e proposals, ‘fhis helped I Sat+iem^n seoa *-49. _ 

Ionday but the fall was wiped £1,424 but prices turned dowte rt -the do^anj trend in j . 

during the nmrt rtvo days as wards jgain m Thuntay and Ret prices but cash-tin in London ftfe afigSBatZS* ~ 

. rts of new Ntgenan ship* May «ffee fimshed the stall closed £B6 down on tbe week s«ttem’b.| sbob « - 

t problems and an unexr- £22.5 lower on balance at £1^79 a f eggng a , onne stmita a.| 'tsi5i9 ! +44 1 — 

ed-13.9 per cent- rise in U.S. a tonne. ' ' hw . Ta *_ .ri:. _l-. - 

tary' confectionery sales en- Copper prices advanced Zinc prices were boosted oy . WBrBimt . suadart S 5j9 

aged buyers. These factors strongly on Ihe London Metal news of big production cutDacks months rs.7W). rsjsao. u. 15. 

lufpbk • ~ . :: 

■ ~ — 1 Done i.|K-riniiuf> 

. , £ per two# j April Ifla.M 9 S. 0 - 0.85 12 fi. 2 D 

I - * - ”... . ■ | T° r — j — 5 { ^ — Junf IS 3.40 28 . 8 -IJ 1 S 12 -.D 0 23.20 

| — .Lncffieioll — Uon-h 144 Y -1444 -,- 48 . 5 . 1468-1436 Auuin l 23 .:D- 93.9 — 0.75 1 ZS.S 0 - 23 . 5 D 

%-r 1378 - I 5 U ,.- 45.0 1385- 1570 U, 4 >Awr II -.00 S 0 UI — 0.36 H 8 6 C- 19 . 0 O 

' July,.'.. 13 DS - 1504 - 41.0 ' 1515-1380 I hwOJlifi ... 118 . 00 - 15.0 - 0.46 114 . 60 - 13.60 

•tsf ; SffpMnnbw . .' 1958-1281 - 36.0 ' I 2 B 6 - I 2 SD Friirumv 1 13 . 00 - Ifi.O +O.SS 1530 

4ls >uviMnbN- J VMO- 3 S 4 B . -BJ 1 1 1940 1229 April 115 . 50 - 17 . 4 — 0.55 - 

; — — Jjinuai^ 12 K-I 9 a 0 - 40 J 1 1 — 

• . ^ .Uarrtr ........ 1175-1915 - 47.5 ‘1100 Sains: 87 i 173 i lol* of 108 lonni-s. 

’■ T73 . 'silrs: 1.784 < 2 « 8 fii-»M» of S tomws. WOOl FI 1 TI 1 RFS 


buyer, seller, chance. . business ■: April _■ Pence per hiirn 

lBIJfr.lfl 7 . 08 : J™.’i>fi-O 0 -W 7 . 00 . Aurtnillsniniui-ntav +'»r H.iKlnrv. 

Una Aug, 134 .rS-lSj-M. MjM: QCL 143 -S-I 44 .il. ij in u U'lnill I'lm- — Jfciiic 

Arseniim-: Poi-klura'e Trtuniph T.nn. Cotuo—.\o. 2 . .May 37 . 00 - 57.111 i.ig.Ci. - ^ 
Plains— S^. Mrli-an- Gniden K ms -Kelsey July -V>.:U-U > 45 ijfl. 57 ). no. fio. 10 . Dec. ‘ jS, 
pet pavuid a. 4 fr 0 .». Crams— 8 . Alnuan: M. 7 P-W.- 75 , Mardi fil. 81 -K.ftj. May 61 . 45 - 

61 . 6 - 7 . Job' 62 .SO- 63 JO. Sales. Tlti.QiM bales. — 



■Mar. 23 .Mir. 23 ”MddUj - «*"I T«am»i 

•Cold — MjnJi 1 - 0 . W 1 1 .- 0 . 10 .. April 
1 MJ.S 0 I 1 S 0 30 I. Slav 152 Id. June IS 3 . 40 .' 
Ansc IS 6 .W. Oct. 1 M. 70 . Dec. 191 . 4 ft. Feb. 
1 W. 1 P. April I 07 .ui. June 200 . in. aus. 
203 . 10 . un. 21)6 10 . Dtv. 208 . 18 . f-'rt. 
unquolcd. Sales. S.juo lois. 

tLar*— t.hl' iyn lonw *4.W 1J4 j*'. 

Ni-u York pnnu- sii-am 35.511 traded 
iSO.flu iradrd 

<ucc H k ™ AUtta n,pwu - — - — 

£ since July on Monday as earlier In the week and cash another plant. 

Inching any fresh features. Forward Arabics* 18 S.OO fjM. 00 >; onwashe 
JDf-u: opened renter at £388 and then Anrincas 186.00 iiaj. 751 : other mil 

nwved ahead Id 2314 J In line with tbe Arabics 3 175.25 MTLMi: ftobnatas 154.0 
firmness of copper. . Prttfll-Uldnz pared- fisafiO'.- Daily average 164,83 
lhe price to & 1 L 3 on tte herb, however. 


AmdnUlnn ' 
limn) Wi..l 

ITliunniav + m 

J l'l<«- ‘ — 

15.0-20.0 ... 


MJ-25.0 .... 


P24.C-a2.0 .... 

i Jetpner 

pai.iLfta.B .... 

Ite-euibei ... 

[233.0-38.0 .... 


P5S.0-«B.O .... 


^84-42.0 .... 


$58-0-42.0 ... 

Sales; 132 

inlli lots ol 

1 IsUM. . 

price* Ch'co • 5 ear 
-per lunno I on 1 ago 
• unless Iweek - 

i Ked Spring. £ 00.76 ;+L 2 &: J 
Hard • ' • 

r- Mi inter....' * — 

141[iD£ IDfiir IW0JJ) .. £100 +3 J , ml 

High 1 Low 


£T &^5 .llnmlnium 

( Latest 1..- | 1077.7B 

(aim itih-j**- : — — - 

'per tonne 1 .«0 » Tear ■ :. • 

unlew 'wank ago High' * law 
aiauri I 

r £630 ’ £680 ‘-£610 

j aim. ri -0 * 1 ’ . V-rn- rf "#r RUBBER Saleafis: inlli'lots Ot 1-500 kilos. 

LEAP ' OfHrial I — | linoirieial — 

: 1 EASIER opening on the London rflTTAN 

' £ ; £ ! £ £ physical markii. Lfute mierest thrangb- Ji vl v 

Cash.„ SOG-S -7 + 1.17 - _ij oin lie day riOMB awdier an wcalwr hong 'komc-rwv cotton fawn*. 

-5 muntb*.. 311-.5 + 1 Sr, — — 1-5 "crites- 1 olct ®nn«l hr about 70 point* OUT the 

^fltllm or. 307 - + 2 , — ...... Mslaysia^KOdnwn^ Itrto wag 304 » 28 ai ln romloe irading. Thursday's 

V.S.»i wr- — ! 58 __-.. 

with warehouse stodcs wcpected to show 

2_| _JT_ ' Uloia.-— 31 n- 251-2511 1 24s; 1. J i|| v 233. 

235 .S 4 234.26 323.51 I 283.66 ' »» ' 2 ai .. *m. 34 . Dec. iafrMS'. 

(Base: July' J. 1 M 2 = 100 J I 

I SPIatlnum—Apnl 217.78.91* M 1 219.90 it 
REUTER'S -July III. 0 B. 2 r.e 0 .ar.Wi: »xi. i'l.sfrKO; 

' Jan. sJ0.ta.2dn.-m: ,\pni 2d4.«k-2u.aa: July 
Mar. 23 VJer. 2£ 5t< .111 li a^'Vra ragn | 2S..40-2M.IM. Saks: 940 loll. 

ialsT 111)11 ~ 1*80 a . -Silver— March 339.*! <325 >o<. .\oril . 

L41b.l ,1401.7 lABZ.B ; 1744.4 15-99(1 ■326.30'. Mar XnSB. July 341.98. 

/Base: September IR. 1931=100) . SeW. 349.W. Di-i- 30130. Jan. 5H3.50. 

' March 371.S0, May >2 2B. Julr 590-G0. 

DOW JONE5 : St-Pl 599 10 . Dee. fill. Mi Jan. BI3A). 

: M iT- • V" r - i y ™‘ i S 'soyabean 0 Oil— May 2h.S3-26.7fl ■ 26.05 i. 

J«.oe- 35 22 a tt .. ( a a .. July 2B.03-2fi.lft 125.47*. Ang. 25.3tt-23.43. 

1416.1 :i_ 40 1 . 7 - 1282.9 ; 1744.4 
(Base: - Seoiember IR. 1931 = 100 ) 


!■*■» ■ Mar. . Mar. j Muiiiti' tm 
4 'iOe- ' 2 a - 22 np« ( tpi 

*i’ a ! aSi SSTnii: ftiaiUS. Say' tVJ? 

. wnu a kilo (buyer, ApriU, 

wiin wareoause sucks ncpecien to snow .. , _ „ Due. an. uu. Aiarrn unqnoiea. itnfis 

« modest Inamaso on the . week duytng t Tliurwia^J, -Prerliiui j BiUiiniNii hleh-tow: March 57 .T 0 -S 3 J 0 . Jnly ».»i- 

I'kMinc orii-cs iclihs per pound i; May 
5 S- 20 - 3 S.SO. July 38 . 4949 . 41 . Oct. 59 . 00 . 
Due. 58 . 08 . March nriqnoicd. IVei-k's 

vUch. lhe price has fallen around SM. k- 5 - 5 . ; 

Tnrnoyer: SJ 50 UHines. . 

Moratiw: Cash X 90 B 3 . 06 - 75 . BflJ:' three 

Fiiiiire 4344 .B 4 3 55 . S 3 329 75 424.80 
(Avcraae 192441 fr 26 siOO» 


• liar, i Mar. i.Mnnlli Vrm 
M.x.lyV 13 .1 22 • njp> - 

Splr^nn | ! , ljr 206 . 4 'flO 2 . T B 96.0 952.0 
* December 11 ." ’ IB 31 a IDO) 

38 . 61 . Tunawr. IK « 121 > lots. 

£ 12 S • 4566 A 
£100 i £S 2 

Krtta Mju-U« i- i J J S9bCMR0' ' — ' -f filOOO-KI -SI.OKMBOf S9B0-4O “KHth* SM. 15-5. JS, 12. 1LS. 11.'- Kerb: April— JJ-M-48W 47.5DM8 JO — 

, -SS ! - \ S IcfeM ^ ■««« an- je *• “■ .. « 

KrwMiuteti09^£>!S2.Zlu-25tv' — IH0SH00 SL060-WOS2JflL60 ' ZTNC-?JlflWly Hniwr la 4Uie! - tradlnc. ji^w! BBJsl&IlS 48,75 

Conner _ Forwartf metal rasa to £284 tnSwnced nM IW mxs&mm 

Uuffi Wire Bare £ 879^6 ,+ 6 , 6- 1 £EB 0 | £ 898^6 j £612 by ttm £aln lo coppsr. bn then eased 'u^'wTi hmJsjS 

BnMbfiD®. Do ; £892-76 +RM £917^ ,B88S.7b £684.75- aadc to dm at CSl on the keA foUnw- “ an ? ,r -' HOT'S 


Soyabean Meal — Mjj 1 SG. 30 -I 6 fi. 5 a 
I I lna. 5 di. July 1 SB .50 • (STJiQt. Aur 
| IA>'. 5 fi. S.-PI. ITS.HQ on. I 6 T.W. Dee. 

! Ifi'.ro-lBT.m. Jan. iiifc'.59-ica.0n. March 
, 172 . 00 . 

Soyabeans— May 715-713 , 700 : *: July - . 

I 717 - 7 KI mi: Aus. -iffl-’Vs: SePl. frlS-MS: 

! Hot. 817 -U 19 : Jan. 821 - 624 : MjfL-h Ml-frC; 

3tai- KlT-CLs. . v. 

Sunar— No. II. May T.KM. 92 : July S.. 13 - 
. fi. 3 *s Kepi, fc-ibs-jj: (im, 8 .K 5 - 6 .fiS; Jan. 

I fl. 70 -K. 9 fi: March 9 . 45 : May 9 .J(|:- July 9 . 85 . 

| Sales. 4.«7 Inis. m 

. Th» — 303 . 0 fi- 5 l 2 .fiff asked ' 510.00 asLodi. =■ 

ea_- ( «|i £4 600 l — ft brfri i £ 5 JXXk St^?S Oafii TTIra Bara JS 879 JS ,+ 6 .(r i £ES 0 | £ 8 BB^b I Jw>l£ by tte ealn io coppsr. bn 

as- "white. '■ w'ffn Li&fjnl S 3.126 5 BL 303 i 8 £rtb SmtlnDA. Do < £ 892.76 i+RJJ 1 £ 917 ^ , 1326 . 7 b ' £ 686 . 10 - back to dose at S 2 BI on the 

white.... -jag gg-ga iu?& Ct.bCwhodea. '■ Jm76 +7JS | £882 j £888.76 ‘ 

■ " I *o- u | ffSiW l tin £883.75 '4-6.7ST. £80Kfi £914.76 l £614.75 1 . tan. A- ml i 

— urr»_B,j,«« aw, iat m.-.u aj p | nw»« LavNllcn 5 . 00 . .Walihjm Cro'ia ’*WHeai— May 29 L -295 i 295 i ' July 29 ot 

48.75 _HGCA-Er 4 am MW M b Km b 4 .aw. 0 D: Chilean: Hlbhr 3 .W. Thonimn Sfic: i 29 «.. a-rtTMir-atl. 

51 . 20 - 60.40 fSh sS,Vh Baadaas^Jamalcan: Per Mart* 3154 , Stay 116 }. 

52 . 71 L 61.70 f 7 ?a W ' itXUiJ pwrad^.e-is. MBlons-Senrcal: Y«Hnr WINNIPEG. March 22 . ttRw-.rav 

WINNIPEG. March 22 . tfRye-.vfay 

itiPblhpTecK W6G L-3O0 f 

lnui £681 1 + 33 . 0 : 

J. Crude ! ' K 3 J 2 [+ 3 D 

la la inn | 86 ffl 1 + 3.0 

Phihppine»i.| S430 i— IfiJ); 



— < l 3 mnuis per n 

shipment....! £2JbO ,+167-0; £2.469^ £Lbl2 : £1.611 Tinowh -- 

3 month Da...- £ 883.75 i + 6 . 7 &r £ 90 aA 1 £ 914.76 | £ 614,75 I nun. 

5885 ) S 4 BSLo Ookl par az. * 179 J 75 ^-*£a[ S 1 W. 625 ; 8189^26 810 .^ *WC.: Official 

• £ 4 ® L«jb«ht S £ 308.75 S28ba ! £ 437.75 I £ 8^25 •— ' 

£620 ' £M i month* i 1 £ 3 LLiS — 8 £ i. £ 407 - '£ 449.26 £ 20 M 6 Caah ........ £ 

mS I S 48 S XtoM -..J : . • - £ 3 . 1 B 1- 1 £W 8 E-J £ 8 . 732.6 , . J 278 - 7 , 

' Kreeiiarteu-JJ.Ib.'SLsiw J -u 6 Z.iO.JS)| 82 . 10 -^ SL £6 - iauintiw.. 879 - JS 

Pbttlnum per ttt- • ' £ 114 wh " L. I ggf \ £U 4 .b I £&L 5 - STMent.^...- 277 

cswi ! c ypn free Martel per oe.' £ 115.65 :^ 3 . 36 l £ 96.06 . £ 1 S 4 JO ? JS 833 P&- Prm; Vri«r — 

Soil i S 208 OufckMlvW‘(' 8 HN.l' S 12 & 3 S.I- — I 6160-70 , 6175-186 i S 95 - 1 Q 5 ~ Va OS per O 

ST 1 ver per DC. E 7 B. 0 &P. ,- 6.16 I mft. ' SSTJp j £ 4 & 9 p offlrtai done, ; 

| 3 mmUtt per ^35 ( £*- 9 \i i »L 2 p . , 

rm: VT|*r — _ >*9_ • June 49.75P i4fl.!5). 

‘Cents per dojiihL tOn previou 

offldal done, ;m dct nktiL GRAINS 

'tart' wM J'-CHKiatt'. I SFIwaed— May SCJB 12=530 b,d-. 

. ;5S 245 feKUiiiy ^.50 i; o+k^.. -jssm . 

: safcflrt Cm- -V-t -.J h.m -n - 

cl lain £ 1484 . 1 + 132 ^. £ 2^71 

Pun ires Mat-: £ 1,379 !- 2 Zj 6 i £ 4,080 

lodes. BfiJbu. ,+QA Bll&t 

muuiit £880 ' — - £760 

I A UU Conte M8& — S 41 « 

".....i «8^5p — 6Z-^J 

eeri w «77 - £ 206 * 

«.SL | -1616.40. — . «0Q 

i»*i J £98 +L 0 £131 

. Xn, l ! £172 . — £M 4 

aUttyjIrito..,. t ' — ' ggp 

Bin) kilo. ! + . — VgRp 

a« 64 » Warp.. E 70 pWW> -f- ' Z 97 & Ki 

£ 2^71 £ 3.122 [fil.iJhJ 3 mornha.....^.- - 97^6 

£ 4,080 XAJno [ £L 36 hj , 

87 ASe." [ 87 £-. W&, WoUrem i 22 .<W 1 b.l. SWMB i- 3.0 

ins prafiLtakbs:. Rise on the week was 

Ot and nocks are. expected to afaow a wheat 
HM ll decrease over the same period. - 

'.'.wmji-scwrs 1 S.S per 1 -cni. proiPin • r 
conlcDl nf Si Lawn,- bit 1SS.19 1 1575V i. " 

All ii-ni*. wr pound ua-irarchon>>e 

87 JB- ' Woltani tSS^MIb.L- Sl 4 fr« ^- 3.0 S 17 B-B 3 [. S 178 JB l 8 MU 4 

s~m ’ mxi ZiSeceab : j + 4.76 JK 0 L 25 £«M& 

$45 I oS- Jtmcntba- ' £279^5 1+6JJ- '£414.76 ; £46fr»!£fflWS 

t-rn . ".* ... - n ... ■ waUV> I _ rtriL.. UK BtfA 

57 J (j • 46 . 6 p 
£214 j £Ii» 

S6&0 J.;- 

: : -£SL7a 

£75.76 1+2-® £84^5 

£ 8 & £ 73 - 6 - 

£84.78 £892 

i TCsrp.- B 70 p WW > 1 

— 5Z^p 57JJU ' fl6.bp PMducM - 5poo S ~ .1- EI»; VOW 

- £ 206 * £214 ’ £lib V ' J i- ‘ . - - 

— P &00 :SKO 1 8515(40 O wins . - - - r • „ 

l+LO £131 £160 £85.0 EEtX t ! -£8L7a £8S £73-6 

£1M £EU I OT Home Future* £75.76 i«E2& JC84JS JS4.78 £893 

- S&Sp 3£p 116p Mafas.-.M-™....— J -. J ; 

Z ^£ tt |ag5k. l «^i. ^iSSSg aoL* ; - isa a*u> « 

j SthmiutMO. tNoouiuL yManaitaStrar. 

msi) • SSTJp ■ 24 & 9 p Offletaj (fiOBB. nex ntail, (.17 A I [XX EKC wbeat uiwmkhI. TST-J'S;' ' rer rent, praimn • 

. M 6 .H,. i 3 MJ 5 P } 2 fip. 7 p _ URnl1 ■ ■ Mate; U S- French March rm». April 3 '“' T60 ' . ^ . » .Uwiwbiv . ISS. 1 S ilBJU. 

tlMS i ss^rss ,S£.“ ““ ■“ ^"^•+ri^aY’ t +_- issr.WiB r rf - K '" ra fi ™“ ^ '^ss.T- - 

SStS 8S2IE8,- rdTSVatS? ~ ^ — *“ M: ”■”** 

afilQi ;! ar - SS'Sx .*■««' ^T’ ' “ W» ireiw' - Per nontnl- -Carratw Per ban warehouse, a.fififi bu&lwl Ims } u *2r 

87 Bb. Tte 9 pw _ jj >y . B 9.00 25 - 7 ®. + 0 ‘i® JUXE ’ fi.Sfrl. 00 . Paraaip*— per. . 28 . lb. 0 - 80 - troy ounce (or 30 mjnu- ui»Us ol ner ■ 

- CITVCD ■ ^P*- 83.46 .-+ 0 J 6 ! 78.75 —U.K 1 . 20 . Oithtu— Pur -Sfrlb. l.dfri JU . 1 com. puriiy di-hvcrw! sv • " 

-J. fr7iJ . MfcVER Nov. 88,95 l-t-O- 50 ; 80.65 l + 0 .» SYDNEY GREASY ilri orde r bny i^r. Swcdo-Pcr 3 Mb 0 . 4 D. . Rhoharb— Per j rmy ounc/ cs-wareiou&cy’ Ncu— - p ' 

£ ? 4 - 2 ? ^ s _ Jan- 88.46 -*: 0 JW 83.10 + 0.40 Mher. business,, sales i— Micron caatraci: pound Indoor omdnur fl.lfrtl.ifl. Ltmirari In « i uimiL . 

75 ^ a- 5 -. ^ SO- a. Kerb: Mlf- 

’ - * May 89.00 

SILVER ' . ' : pi: l|;g 

. Silver tras-fixed 2.4p aft ounce hucher ■■ — — 

(hr spat delivery ia the London human Business done: 
market yesterday, at 37845 k UJ1. cem Mas 88, 0047.85. 
ebidvaleias. or the firing levels were: nor 8340-3549. Jan . : 
.iJ7.Bc. dp 24c; threemKunb 5384c. op Rartep— March . 
24c; atx'immth 6M4r, m 24c; and 12- nt. 15-7740. Nor. 
month 38? Jc, no 1.9c. The metal opmed 8T.9S. Sties: » 



Consd. Plantations’ 
offer for Gedong 



AN AGREED takeover offer has letter sent to shareholders 
been made by Consolidated Plan- James Shipstone. Northern 
Utions, a subsidiary of Sime bidding for -Shipstone whose 
Darby Holdings, -the Eastern chairman told shareholders on 
plantation, industrial and -com- Wednesday that the offer was 
racrcial group, for the shares or wholly inadequate. 

Gedong Investments which it Mr. Horsley has retorted that 
does not own. Shipstone has. so far failed to 

A total stake of 44.57 per cent produce figures for the year to 
in Gedong Is already held by December. 

Consolidated Plantations and 


'■■other companies in the Sirne 
Darby group. A further existing 
link between the concerns is that 
the present investments of 
Gedong, whose main activity is Comet Radiorislon*s contested bid 
as an investment holding com* for Henry Wigfali now looks more 
pany, consists only or shares of than ever as -if It will he a photo- 
Consolidated Plantations. . finish. Wigf all's shares hounded 
News of the offer came late forward by 21 p to finish at 2S5p 
-on Thursday evening, a day after on the news that Comet now has 
the share quotation of Gedong acceptances from 40.7 per cent, of 
was suspended, at 12 op, at the the Ordinary shareholders— a 

.^company’s request, following an figure which increased by 2 per 
-approach which, it was stated, cent overnight-rand is now 
might lead to an offer. extending its offer finally until 

Consolidated Plantations is April 1. 
offering 11 of its own shares for Wi^f ail’s directors are still 

each 10 in Gedong. valuing the claiming that 45 per cent, of the 
latter at around I35p each. Full Ordinary shareholders are united 
acceptance would involve the in opposing the bid. 
issue of 391.050 Consolidated Comet has also won over 82.93 
Plantation shares, worth some per cent OF the Preference share- 
1481 .000. holders. 

Consolidated Plantations, which 
is advised by Kleinwort Benson, 
already owns 232-iil0 shares in 
Gedong which, with 1S.500 shares 
in Gedong owned by other com- 
panies in the Sime Darby group. 

- amount to an interest of 44.37 ated Industries Is negotiating the 
. per cent. Irrevocable under- sale of Efcvo Plasties to National 
' * takings to accept the offer have Plastics, a subsidiary of Court- 
been given by holders of another an Ids. The likely price is below 
.15.7 per cent of Gedong. Gedong £lm. 

^has been seuarately advised by A spokesman for Philips said 
-“Standard Chartered Merchant yesterday that Ekco was- a hang- 


Philips Electronic and Associ- 


", _ . 


over from 'the aid days when 
plastic cabinets . for televisions 
and radios were being developed! 
.Such cabinets are not now made 
from plastic and so the cora- 

A profit forecast for Northern pany does not really fit in with 
Poods for the year to the end of Philips and should logically go 
March is promised by the chair- to a plastics company such as 
man, Mr. Nicholas Horsley, in a National. 

Bowater selling rest of 
Kay equity for £4.7m. 

-THE REMAINING part of Gowater The offer for the YAY Ordinary 
Corporation’s bolding in the has now become unconditional 
equity of the UA company Kay and remains open until further 
'-Corporation is being sold off for notice. 

■some S$.S9m. (X4.7m.) through 
• the exercise of an option arranged M*CH ESTER GARAGES 

‘ in New York „„ WJTHDRAW^ OFFER 

■ SSf at 1 * 1 ! 1 34 ‘ , P shTrf .he drawn il offcr ^. J RcynoWs 
' option 8 ’.. 3 currently* hrtde 'trim 

Bowater Holdings Incorporated (a 

U.S. subsidiary of Bowater Cor- jj* s «f ta v»r™oi5l 

L porationl to purchase 1.192J92 ?® Uo ," 

- shares of Kay common stock. 43 1" ' f Jr 

per cent, of the outstanding h in - B i P 

■ Sm7'-tini?’ 6 bJ h Ml‘«eli' nleSd olSSS Mottr, wh.S .hcr™ 

employee stock ownership ^ £ "“^‘“ofTelS.ol "/^ 01 

ui Wav last year Kay bought Manchester Garages pointedly 
IrishlSs of l^y Common sto?k «"* that its offer wouldhave 

- .From Bowater Holdings at S 6 each. *&£ 

- while Bowater granted Kay sn 
option Tor 15 months to purchase Th‘* “ 

.he™. w tt. holdins or tth M 

Following the completion of the discussions were held with County 
transaction now announced. Bai '£ following the announcement 
Bowater will have no common on March 20 with a new to obtam- 
stock interest in Kay. But it will ,n ? 3 recommendation from them 
continue to own S9.4m. of Kay's ?. nd . th * Board of Reynolds. 
S3 cumulative preferred stock not Manchester Garages considered 

carrying any voting rights. 

that anv further significant 
increase in the terms announced 
would not have been in the 
interests of Manchester Garages 
or 'its shareholders. 


Mr. J. R. Hindle, the chairman 


The Board of London Australia 
Investment Company, the Sydney- 
.. based investment trust whose 
shares are quoted only on the . . , , 

London market, have strongly of Scapa. the paper and industrial 
recommended acceptance of the textiles group which has made an 
1 offer from Colonial .Mutual LiTc agreed bid for- Biuy and Masco. 
Assurance. has just died. One of the directors, 

- The official offer documents Mr. T. D. Walker, will take over 
show that the Board intends to as chairman Tor the time being, 
accent the offer in respect of its At the beginning of the month 
' 7.650 stock units. The directors Sea pa forecast pre-tax profits for 
say that the offer from CJIL is the current year of £ 6 .om. com- 
the best of several alternatives pared with 17.0m. last year, 
considered bv them, including 
liquidation. The S A 1.57 per share 
is conditional upon the publica- 
tion of the report and accounts 
by the end of this month. 


The saga oT Graff Dinmnnds’ 
cornered attempt to go private is 
not yet over. The latest offer. 
' equivalent ro 7fln. has not yet been 


Electric and General Invest- 
ment Co. — Post Office Staff Super- 
annuation Pension Fund now 
holds 2.343.373 114.1 per cent.) 
Ordinary shares. 

Uden Holdings — Mr. P. Fisher- 
man. a director, has purchased 
2,500 shares making a total hold- 
ing of 10,077 shares. Mr. J. H. 
Kinston, a director, has purchased 
10.000 shares. Prudential Assur- 

ni^nNty ance Co. has sold 51.930 shares 
reducing its holding to 30U.05U 
1 7.64 per cent) shares. 

Pcgler * Batterslcy: Norwich 
Union Insurance Group now holds 
1.476.000 Ordinary shares (5.0336 
per cent. I . 

Thomson Organisation: Com- 
pany turn been informed of the 
interest of directors in the com- 
pany's Ordinary shares as Follows: 
Lord Thomson or Fleet, U.5S9. 
Mr. G. C. Brunton. 4S.64S and 

shareholders and has been 
■ extended yet again until April 12. 

According to Hnmbros. Graff’s 
adviser*, acceptances arc now 
short of 90 per cent, of the shares 
needed by only 7.6 per con I. In 
terms of the number or share- 
holders. acreniRnro by a mere 14 
will now meet the conditions. 


Acceptances of I he recom- 
mended «i*h offer made on behalf 3G.PSS- held Indirectly. Mr. W. C. 
, of Trafalgar House for the capital Golding. :t.49S and I2.7U5 held rn- 
of Young Austen and Young not directly. Mr. W. ML. Brown. 7.032 
already owned by Trafalgar have and 42.225 held indirectly. Mr. J. 
■ been received in respect of Evans. 3.000 and J1.63S belcMn- 
1.671.635 Ordinary shares, which, directly. Sir Denis Hamilton, 7.737 
together with the 1.219.10(1 and 42.225 held Indirectly. Mr. 
- Ordinary shares owned by Trafol- G. B. Parrack, 30.000 and 33.561 
gar prior to the offer period, held indirectly. Lord Thomas of 
‘represents 71.2S per cent, or the Remenham 20.904 and Mr. J. T. 
, YAY' capital. Tory, 3.498. 



Danish A.l per ton 

British A.1 per ton 

Irish Special per ton 

Ulster A.l. per ton!] 


NZ per 20 lbs 

English per cwt* 

Danish salted per cwt? ... 


NZ per tonne 

English cheddar trade per 



Home produce: 

Size 4 

Size 2 

March 23 





1UI 11.52 

70-15. 70.1S 
1. 161.3(1 

.160 420 

March 23 

50.0 53.0 


Scottish killed sides iex- 


Eire forequarters — 

LA NT. . „ 

NZ PLs-PMs 44.0. 4a.o 

MUTTON— English ewes ... — 

PORK— tall weights) 360 +2.0 

POULTRY— Broiler chickens 32.0/55.0 

* London Egg Exchange price per 
r For delivery March 25-April 1. 

Week agu 





I. 035 

II. 41 1L52 




3JB0 42>n 
4.40 +.90 

M eek ago 

' p 

40. n ..-,2.3 
35.0. ‘40.0 

50.0/57 0 
44.0 '46.5 

56.0 42.0 

Month ago 





10.34 '11.05 






.Month ago 

50.0 >53.0 

50.0- 55.11 

44.0 46.0 

36.0 '43.0 
310 35.0 

12 D eggs. 7 Delivered- 

This week's SE dealings 

Friday. March 77 — 

Thursday,- Marsh 16 



Thursday, March 23 5 , 4+2 { Tuosday, March 21 — 5,273 

Wednesday, March Z2 5,826 I Monday, March 20 - — . 4,093 

Tta list below recnnU id TlrarMay’s msrfcjnss uni aba Utc. I star nurtin^ dor M# Hn wi cok at sob JubtsoI hi Tkantky - 1 The hue 1 ' cu he dlotlug libbed bjr 
the data (in paranttam). ’ 

' COSOS, and the Ust cmhM. thereto®. M. WiiM a* a CMoslete necort of 
prices at which, baslscs ho* boon dM*. Barsaia* *r* rowntafl tn tho OtOclal 
Ur bo W 245 9 Jn. afar, bst tator trassoolms on be iniodatf h> tto follaarin- 
Anr's Official Ust. N< Mlcniu a ovattaWo as to whatha a barsam towosonts 
a sale or osrtfcai* to f tor s of tha nabOc . Marfctass ora net necessarily 
}n order at ucotln. sals «h baraaln la any ro socurto at any oae 
wice is recorded. - 

The nntaber af deaQass marked In each section leJiows Utc nam of 
sectloa. Unless otherwise denoted shams are £1 (oily paid and stock CUQ folly 
nM. Stack Exdiaan sccuriUn arc quoted In pound* and frmeiiotu af paonds 
ar la peace and fracllms of petite. 

The list belsw gives Ui4 prices » white bargains don* by members of 
The Sudc Eacfcimsa- Hava baan recorded in The suck ExdtaAge Dally 
Official UsU Members are not obOyerf u mark barsalns. except -Is special 

* Battmua ar SprtfaJ Price*. A Barsaim. dour seiiU or oetween oaq-rnemSers. ' 4»Barsaufi llOM PlfflWI isy. (Bantams tfoim van Banners of * fltstf ad Sncfc 
Bccbaiute. -ABamaus door for dcLirwi dellven or - no huytap-m - SAintraltan; JB— IBsbanqan: V G — ^ (Canadian ; SHK— 43 on* Kong: JJ— SJwUaiC&fl; 1M*— 

SUalayw; SMe— Mexican; HHNm Zealand: SS-ssingapore; jUS-*Untt«l States: JWI-*We» Waa. 


Zisae Anns: ZUtO ' 

3 oc British Transport 6S‘ii® 5-'* SU 

is Si 6k 6-ti L 'i» 

2 »e consd. Stk. 22vo 
a dc Consd. tn. 3 S«m* %* " 

3 IjPC C*»n. Ln. 361, 7 U 
Sue Exdi. Ln. 9*r» '» 

1 3’.« Each. _ Ln. IIS* 15 1* ; « 

I Bank Nova Scotia (SCli 13h i21:3l I *ett Bros. 12001 66 ■* 121131 

Sank Scotland iCswriwi 270 1 Boraa JSol T5» - - - 

! Barclars Bank. 332*. 2510 3610 TO 500 ) HI btnr 206 01 ;3i . 

* | 27 a 30 2S 4i 64. auacui. 76 7-s 1« ! Bdudcated Enfllnewog i2Sai dS 

. Can. una. me. Conoteret fSC2> 17.9SO ! B'tthUJ qua least tZSor 61 ^ JQ to 2 Ut 

! Cater Rvoer 280* SOO 2 122 Si . >i 3 »cLn. 634 BV3» 

icnaje Manhattan <SUS1££oi 21 H ; Blntijn*ruin Mint C2 Sd> 66 7C2I S* 

I Clt rora >VUS4i 1 4 *® isuffl > Sinaiaaban Pallet r10a)_68 90 (7I ; 31 

i cil»e Dtscaqnt King*. UOdj 76 4 •20."3> | Bishop's Stores A N-y i25pM2Cto i (22.3) 

Coral. Bk. Australia tUon. refl.i iJAti 197 Blade EdfllnBiM >5<»i 99 (22,31 
I213i. Qrtf. Cl si. H SA1 75 1A1 pd-i Black Arrow (S6oi 55 AMI 
<2If3i Blackman Conrad ‘2001 IS-; 

(ill 126 <2tr3l 
; Fraser Ansbacher flop) 121; >. 

(Hldgs.)' (2dst 380 

3 pc Bxdwq. Stk. 87 Um V *9-6«D» 

8 7"» -ini . . 

3 DC Each. Stk. 1963 B3=: S U « »i* 

„ Gibb* lAneonv) . 

B'jbc Each. Stk. 97’, -o . _ . | Gillen Bros. Discount 292 f21I3i 

Bkas Ewh. Stk. 961 't« 'i^ '• f Grind lays Hldgs- t25or 106* 79 

Stoic Eaeft. Stk. SS«* 9 <i s «i « » , Guinness Mahon Hidps. SpcUns.Ln. S4 
55. Bit ns S7-6*«» „ I Guinness FN1 Gra. i25nr 212 7 

9=»c Each. Stk. 100>tj *i '»» '*■} «ti TOO. I HambroS Shs- <25* 175* 4. A Shi. 
10'+pc Each- SBt. 91 J»:*. U 1 «*H ,22/31 7ocUns.Ln/ TO-’*. <22l3i 

« ! Hill. Samuel Grs. i2Sw BM S* 3- 64WS « 

16 »c Each. Stk, , «h , SJ. Warrants 5U * C22/3'. SpcUos. 

12Upe Each. Stk. IW VO •» I Ll 67 U 120/3) 

771s0 90 8- 


12i jpQ: Each. Stk. TOSJ& (£13) 
1Z4«K Each. Stk. 109=1 1 :* . 

Hrokon^. and_ Shangted _ Banking 

• SackSood ^HoddC a53) 

! BU«kw«od 0 MoSli i'i25pl 2 J* U «2i31 
I Blanden NoakH >2 Spi 21* C2I3) 

• Blaknrs asm ST.OIrM .. 

Blocklnri Q0o» 69* 02/ 3 1 
Bluenlrd Cantcct:onsv >2501 1320 
Blpndan- P srawfage- OSoJ 634 
Board man i5s) T2^C2b3l 
Bodrcoie Inter. CZ5p} 62 * 

Bo! lea ToxB* -MW (5p) 11‘j 

Co**- Sard Street Fabrics WjttW 

iBotacr tag- ooa) 2*^0 I 22 i» 

i Bock or McCototC CSOol 2259 59^} 6 
) 020 B0 

8 7 u «U 
H 63< 

6 h 6 e Viidg. Ln. 864® 5 : i 6 <« 

USPC Fitdd. Stic. *Ql £0 !( >• 

S>I 0 C Fnttj. Stk. BBUO- % *a ‘i 
1st 1*: 7i 

6 *«ac Treasury Ln.. 09* B’t 9 
gi« in 9 

7 J «DC Treasury Ln, 1985-33 8B« 7T» U 
b ^ W “ * 

7UBC Treasury Ln. 2012-15 73U* 2**0 
Bpc Treasury Ln. 73'. 

8 use Treasure Ln. &6 : s -w 7_ 6*«. _ 
airoc Treasury Ln. 1980-82 97 s * t L ‘s 
u, a 8 

B<sk Treasury Ln. 1 984-86 95’* *■ 6 
S'*nc Treasury Ln. 81 UO 'i*0 10 1 U 
80 '§ h 1-‘,u 

9 pc Treasury Ln. 1994 87 » '1 6\ 

9«C Treasury Ln 1992-96 S3 Ia« \9 l » 
y >* 3 >, 

9>SBC Treasury Ln. .T999 B?H ■ 

12ac Treasury Ln. 109 >i»& ’«* 84 

8L',, giy SI'in 

12i . dc Treasury Ln. 107'«9 H ^ 

12'opc Treasury Ln. 1092 10 6^0 9 
12-', pc Treasury Ln. T99S 111<s9 ^ 
'T*pe Treasury Ln. 112 'i<9 >»• 

go® y •» -u> ^ 

IL Treasury Ln. Ht:,* h, 

14»jpc Treasury Ln. 119® 19 
15i«pc Treasury Ln. 129® 8> /« is 
TS'snc Treasury Ln. 12 &LS L i 1 , 

6 k - 

2 Unc Treasury _Stk. n 
3 ac Treasury Stk. 255, 121/3) 

3 pc Treasury Stk 1979 96"» ! 'a kk. 

3 pc Treasury Stk. 1982 86% Wt 

3^: nc* Treasury Stk. 1977-80 £41i6 

N l, 

3:«c Treasury Stk. 1979-81 9H* 9ouu 
1 1 901, 1 1, l|K ’!• 1|» 

Soc Treasury Stk. 69 <*m® 70 69^: 70W 
69), 4*i 

Suae Treasury Stk. 52XP 
8'rtc Treasury Etc. 96i<^D >g, H 51 SH 
9 Uoc Treasury Stk. 991, •« 100 99-> U|* 
9bK Treasury Stk. 1 01 “v® l; i* •*, "i* 

aiePCPf. 52- C22T31. -SdcPt 58 
Lloyds Bank 2670 7 71 2 6Bt- 
Uns.Ln. 91 h 

Lombard North . Central 5oc2n0PI- 

Manuiacturtn Hanover Cora. ISUS7.S<U 
SUS3TJ0 £24(j0 ■ 
y Sen. 



1 Don Hides. HOai 66 (22'S) 

: Pend* H&* <25P> 73 (20,-3) 

: Poogias- (Rosert M.i Hldgs. tfSpi 876 
Doulton .BUocLn. 68 <22 '31 . 

Dow Chemical (SU52-50l 1BU® M 
Dowd I TO Mills (Spa 231* - - 
Ootmlns |G. H.l (Sflpl 205 CZO/31 
Pewns SorsteM HOP) 31k* .. 

Dowry Gdp. (50o) 170 2 1. 6tPtLn. 130 
122/21 ■ 

Drake ScnH HUSC. OSP> 22 h- 6.6 
480 la. 7BC D 67® ll 
Dreamland Elec. Aopdancn Cl Op) 3B 
DoW Her (Sp) lB (20/31 
DoetUe " 


Ounbre-Gombeii- Marx 
Dundonln <200* 4* 00/3 1 
Dunlop hldgs. (SOdj 80<:6 1 10 80 1 2 

IV 5J,peW. 46. 8/hp<Db. 684. BpC 
Ln. B9 

Duple Inter. C5p) 134© '» 1* 

Ouaort rasp) 67. lOpcLn. 100 t21.'3* 
Dundee inter. '25ai 1000 100 (22/3)' 
Dutton- Forshaw Grp. (25oi 4713 

Dyleas U.i rHIdg*) <2Sp» 24 ) w 

Dyson (J, J.) A C25P) 52* (22/3) 

iS Mrtd Mi iWMI* 89«t. 

“ ‘ 2 ®“* 

13. 13 

BHumbstlc OOP) 3B 1 ! 7 _ Jj l«| Paint (25P> 650 5(23 g* 

t-Gombea-Marx N0*| 1420 60 J i IrM standard Clec. SWUwtflWi 

Boots (250)21 30 12 13 9': B IO 11 9. 

Bodji. 79 61 01,3). 7 Ap^p- 6|fc! 
DOrthwteSr (Thomas) Sobs (SOp) 670 7 

(WmJ Iftyjiup 1»k (21/31 
Botirae and HOUln yc r d t 05*1.82 (21^) 

«6u*6 (22 3). 7PO.D. SO j *(Z1/3) 

. Braby Leslie !■-» — _ 

1 Braham Millar Gra. (10*) 

“ii 6 ats 

< 10 n> 2 


Brent Cbcms. IntrJ, OOP) 1890 
Brent Walker <5o) 47Tj 
Brlckhouse Dudley flOPl 

(SB) lljj 12J6 

Mercury Sen. (2S»V 117 h 
Midland Bank 347® SO 43 7 6 8. Now 
5470 81® so. 10'aPCUnvLn. 93V 7<»3C 
Uns.Ln. 79SO lioS* 

Mtemer Assets r2SW SB 1 . _ 1 __ 

National and Commercial BanVUno Grp. ] Beamgna - [K > (2Qp) 1 16 

“ ' & 

L25ni 700 11-0 3 >;0 7 Oh 70 2. S'iPcPt 
45® <22/31 

National Bank at Australasia ctAii 200 4 
National Westminster Bk. 2760 67 9 70 
68 5. Warrants 89. 7ncPI. 61:. a Woe 
Uns.Ln. 95'.- 9pcUmJj1. 841 ■« S'- 4U 
Rea Bras. S.425ne2ndPr. 60 (2 131 


J3>; (22/3) 

•« Royal Bank or Canada <SC 2 | 19J® *32m . VruSnTl5ey^a\^ lOWpeDh. 89. frync 
I Seccomoe Marshal) and Campion 215 C22/3) i™ q ,cT" J ,-. 7 V —.in. ea-i (2-23) 

0 1 ^ midio L ao»i ss 422 ■« 

1 Standard Cjtartored Bk^ 407® 50 90 7 22 | Br | sbt (jobo) Gru. (25 d1 35 (22^^^ 

1 Standard Chartered Bk. ... 

; 3 13'jpcUns.Ln. 1 ( 14 : _ 

B"» | Union Discount 411-tj i22/3> 

BREWERIES . (17«) 

Bristol Eyenipo Pott lOJopeDO^Ol^^ 

6 PC 

k 0 | 

Bn ash- Amerleaii Tkbacco Sac PI. 

2ndPf. ST 7pdji, 82 
, British 'Arae an Tobacco Invsts. IQrpeLh. 
1 Allied Breurs. ' 250 ) 90 )..>.■ 90 •*. 3i«*c! D 8 -:0 r22!3l 

Ob. 411.C 20 . 4'«nrDA. -79-84 741-0 L. -.British Benzei Cantooatng (lOa) 2 Oi 3 0 
Si.ncDb- 7€»< (21 /5). BijpcDb. 87-92 1 British Car AuCXloo Groun MOD) 4*1, 
64'.0. 7i^cOb. 69U. 7 ! :acUnsc< Ln. 52 ! British anematooreoli Theatre (12*sp) 58 
••• rai'3|. 7 'jncUnsec-Ln. R«j:. : ( 20/20 

I Ama/a. Dtettlled Prods. HOD) 399 British Dredofno (25a) 26- BacCm/An. 

1 Bass Charring too <25a) 158 9 60. 3Uoc I 1993-98 51 

I ?k. 93. BUncDb. . 77-79 97 .0 6^4 . 1 British Elect. Tract. DM. (25a) 102 3 1 
' acUnsec i SpcPerp.Db. SA* (20/3 1 

.. . 6 : British Enkaton (25p) TO-: 9h (20(3) 

_ „ .. Z5p) a3» 3 2 'British Home Store* (25 d> 178 9J« 7 3 

Bell (Arthur) Sans (Sop) 2290 56 B. 7 Lac Brrtisb Leyiaad i50p) 254© 30 20 4 2 
Db. 72 <s i2)/3s , . r 

Bcddinpionj Brews. f25pi T52« 48* 8 . British ■ Levtand Motor Corporation BpcLn. 

, 2 S P> 73 1203), 40 2. 7iiacLn. SS 7- Spet*. S3i^ 3. 
Brovrn (Mathew) (25p> 127 ( 22 : 3 ) 7 : 4 PcCa»J-n. 60!*9 60 h . 

°“F*y» 6 rew. (2Sp)43 [ BrltShMohah- Spinners (2SB) 37 £22/3) 

Buhner <H.PJ Hides. (25a) 1 SO 1 _ 1 British. Northrop (SOB) 940 

' British Prlntinp Corporadon (25a) 460 S. 
8 ‘:peLn. 67© 

113) ■ I on. SJ. auncob.. 77-79 97 

6 "je ! 'S V V : B'riXDti. 87-92 75*s (22/3). 4" 

86 A )at tk-***! .Ln. 44 6 . 7»,aeLn. 6 Z>,S 7 6 

. !| • ; Bell haven. Brew. Gr*.io of <2Spl a 

Burton wood Brew. CP Orsha Wi) <2Se> 143 , 
Otv pr _ London Brew, invest. Tst Dfd. • 

J25p) 59 

□ivanoarts' Brew 
♦« 3). 5ocPf . 41 
Cevenlsh CJ. AJ l2Spi 1S8 a 
O^sOMers Cu. f50o) 1770 % 9 71 - 6=- 7 

Corporation 6>tpc3rdPf. 589- 
8 B-V 7otUL 65 >10 7 
SMac 38® ■ ■» 

Sugar Corporation New Qrd. (50p) 
Hides.) QSo) 990 Bigrfffe* Syphon Indostries C 20 pl 60ii S9: 


_ t British' Tar Products HOP) S1«a 

British vend/ no liWusa-ies (10*) 29 8 

9Loe Treasury stk. I01»ie0 is b °<» “ 1 * 
y 31 -64thS -*v> 

lp»c- Treasury Stk. 9 dm* m L ts *i» *»i 

1oi*.pc* Treasury Slk. 1978 1 01)vC <*,- 
10'ipc Treasury Stk. 1979 103hua ~nO "1 

■>i. >. 

10 ‘.-pc Treasury Stk. 1999 931,9 ' 1 . 1 , 3 
li'-'pc Treasury Stk. 1979 1O4‘i0 “u 
19-64thso u f* is? 

1)*>PC Treasury Stk. 1981 10S 39-64thso 1 

li'tpc Treasury Stk. 103-**® 4f 4 ® 3<a hi 
1 2 pc Treasury Slk. ids:- L 
1 3 pc Treasury Stk. ] 12>*0 y >4 
14dc Treasury Stk. 113 >»m S9-64ths '* 14 
One Treasury Stk. idi »» L % > ,? i. 

Variable State Treasury Stk. 1981 96-*s 

31;ac War Ln. 36N ! w I. U‘i; l.t 
British Electricity Sbpc 96‘m 6 <4 <*. 4Lac 
97‘, !; *ia “i» 

British Gas 3pc 49 o •, n„ Ui 8*1 

N 3^pc <> S3% 0t ‘ and ” Tdr ° E|CC ' 40C 30 ^ ! Maallan-Qir,jlvS;'a 5 B rio(]o'- "" ,-flmwn tjohnr 2756 6 

Nthm. Ireland 6 : PC E.cheaucr Slk. n»u | Ma m . flef d arewtry 203 >22 3) Brown (N.i imr. i20o) 30 

(20/31 - Erershed r25p 550 7m . BnmqlnB C25 p> 60: <22 3i 

3 pc Redemption Stk. 46-',0 [SODtMih. NewtMfe Brewerlg I20p. 6S -® ; Brurtsw^ Car*. 11 '*0 :* 

CORPORATIONS (49) 1 7>.pcw 72 V* ‘ 70 ^! ! 5"^h fzoa.‘ i w ”2 3? 1 

FREE OF STAMP DUTY • • ; 6'_^»cqh. g6 (21j3) - ' Bulmcr £ lamb (Hides.) (20P‘ 41: 

London County SpcConw. 25‘, i20/3). 1 SouTh AMcan Breweries 1 ROJO 1 69© 71. ' Bund Pulp Paper (2 Sol 100 l22.3i 

SncSrk. 23. 5« : pcConsd. (1977-81 1 89L0 1 _Jwj- 'g 1*38’: (22 Tt) 1 Bur CO .-Dean (25p> 640 

90,22 3). 5i;pcConsd. 1982.84 81 1 . Tfogtin Datill ers (25p. 1020 3 ■ Braoess Products' A NV (25p) 350 

Ui. 5‘^CConsd. 7985-87 75 4 C20/3L I v i2f , ? 5Br 10 5. 7>.ixDb.|e u rh{Kr>e Iny. (So) 13 

8 e: s: — ni rrjn— ■-'■•.r. ** .'•.--■•j.-' — j Britan veniuno Inousa-I 

Greene King t2So) 2250 ssw - (22.31 

Guwk King (BMDleswadfi 3)^>cDb. 96 >s i En * l,l ® eTl,, * 

(Arthur) i25a> 1 



I Brock house (25 b) 56': (20 3) 

Bracks Go. CIOpi 71® 6 B 6 (22.3) 


•***'*’ - - (HldS.) (25p) 

,1 * oc I HiQhlamj Distilleries (20s1 142 4 3 122 , 3 } i Brown and Tawje i2Sd> 91 
. Hiosons Brewery C25p) 78 ! Brown Borer. Kent <2Sp* 44.J0 l22.S) 

M^.! Irish Dlitniers Grp. ,25pi 1 29® 30 I Brown Bro. <10oi 23 i22;3l 


6 oc 96 -a 7>i (22/31. 6UaC 75 
Can. or London 6 '-*cOb. 1975-78 99 V 
.22,’ 3 1 , 6 'iPcDb. 1980-82 8 ?. a «. 9‘ipc 
Db- 100>4 ,22)31 

Greater London 64<pc 70>, 695 70. 7LPC 
94. Bltpc 99 la (20/31. 9-'<pC 990 9. 

12iiOC .1982 106~« 7U. 12>iPC 1983 
1Q849. 13 unc HO i>k9 :>,! 0 . -22.3) 
Barnet Cpn. 7Loc 100'i6 9 64thc0 i 22 3). 

7I.PC 1982-84 91 ,21 3) 

Belfast City Council 6 ';pe 91 U 
Birmingham Can. 7t«pc 93 H 
Birmingham District Council 121-pc log). 
(20 '31. 13ac 113H® 7.0 122 . 3 ) 
Bradford. Can. 3Upc ao>« 

Brighton Co", fiiiac 9fl)s 120 - 3 , 

Camden Can. 6 ‘mC 99' » 122 31 
Cardiff Cpn. 7pc OBJ j 9U 
Coventry .City) Council 13>:ac 1084. 
coyentry Cpn. 7pc 9914,# ,30 3J 
Croydon Cpn. 6 '.ac 89'. (2a.'3i 
Bdinbureh Cpn. S'.’Pc 990 ,22/3) 

Glaseow Can. 9 UK 471 . 

(SRI 134, 14 

Machines 5'-:pc 

7360 (22 3) 

Watn^y Mann and Truman Hidos. 

29ij 2.0 3). 4 50b. 52’. 120 3\ 

Db. HS - 120/31. . 71,0b. 714. 

7ULn. E2 : ! 

Whitbread A ,25o) 850 7 i. 4-ptPI. 2nd 
34. 7 kPI. 3rd 61. 6<»cDb. 53'. >20/31. 
f'.pcDb. 73 '20/3). -. 7’ -pcLn 61 u. 

«|fies.re4r a «. 

WT’ltbrc^H Iniese. t25pl 74 t20’31.- Do. 

s-^Db. 63 • J r n 

Wtfverffiampton jnd Dudley Brew. iZSai | ^ u 

1 58 ” i. 

S'A-u.rc- . v.w, 1 _ G.S.B. HldBS- (10pi 18’a 20 

CANALS AND DOCKS (5) . !c..h. in^. noat sc 

M3e. , Sanpaq 

S’-*! (22i3) 

'27 3). i Sort™ Ca. (50p) 110 r22*3«. 

- Ord. <5Qp» 104 6. War. A 

iBor? & Masco (Hldgs) «17i:0) 

Ln. 87 it 

NV Ord. 

21 3) 

New Ord. 

-Jasoow Can. 9<,K 97 . , 

'|!“<»le«h£e ^County Council 5 Unc 93 | 

Grampian Regional Council lO-'ooc lOOi.H#'. 
Greenwich , Can. 6 i«k 994u> 0 - i 

_ . .... 30® 2S: : 0. 

■^.Chahnei Shd) JUadi^ 5*ub j c ” Gp. (Spi 58 , 

Manchester ship Canal 200 ' C tm“ r ao S ^r*r BtS - 8, 4 i? rW 

Mtjjoy Docks Harbour 21 'a. 3/»0cDb. |^ 9 1 ’ aUoc Ln - 68 122,3}. 

COMMERCIAL (MM) iiffl*. ,» 

Cakebread. Rcbcr (10p> 52 l20 3). A 

E— F 

E.C Cases cUM» is: 

EMI (SOpt 1450 8 >a0 6 5<] 6 ^ ?j5 
SocLn. 4DH '21/3*. 7%KLR. 61 (21 &K 
SHotLn. 1081 97>i t® »zt0 64*10 4tt0 it 

C.R.F. thuds;) (25b) 112 (2Z'3), N*W 
<25p> J110 ‘ _ 

Early (Charles) Marriott (Witney) (TORI 
32 (20/3) 

Cast Lancashire Paper Grp. i25p) 50 
East Midland. ~ 

Eastern Produce 
War. m sub. 

(20/3L . 

Eastwood ij. 0 .) (Bp) 88 
Econa (lOpi 560 >,? 

Edbro (Hldgs. i (25 p> 140 (20/3) 

Etbir Indus. (SOP/ Z 20 CZ2/5I 
nblcf (5PI 141;® 140 
Electrical industrial Securities (25a) 
Electrocomaoneats « 10 e) 3280 
ElectroaK Machine i25p) 16>,0 . 
Electronic Rentals HOp) 115 

ro paper wrp. iaaai as _ 
Allied l*r«T (25pl 71 02/3) 
see ofhtos.) (50p> 84 aisx 
L 32 CZO/SL lOfeacLn. 78 

1 UnseCd7U" ''”7:'l2Z. ; 3i, -> r 

■ J WSsieA s^S2"3™0geuS«d.i.o. 


■ jourdan (Thomas) O0a> 360 ■ 

Kalamazoo JOpI » » aV3K 



210 20V i 

(Ss) 201 let’t*' 

EH/ott iBJ i25a> 93 
Elliott Peterborough 

Ellis Everard <25p) 79>a (22/3) 

Ems Goldstein iHldga4 ' 


Eicon Robbins l2Sa) 71 120/3) 

Elsw/ck -Hopper t3p) V 

Elys IWlmbledon) i23p> 93 ‘ ‘ 

Emms (T.) (1 Op) 580 
Empire Stores iBraulord) (2Sp) 1430 ' 
Energy. Services Electronics H0 d)-12«-*x *a 
England IJ. E.) iWHM ngton) t5p) 310 4 
Ena/tth Overseas litvestmcits tlOa) 26£.S 

Eroltm China Clays i23p) 791^0 826 
791, 80'-. frUPcDb. >25p) 89 120/3) 
Eogluh Efectnc 3'rpeDb. 1977-82 BSVB 
u* *t. t22'3). i>y»cDo. 1979-84 79 1; 
>22/3). ftpcOb. 791*. 7pcDb. 731*0 4V* 
2Blcurii HldBS. New (5p) 13 .12V »3fe 

Znai.asn) 75 120J3> , . 

Esperanza Trade Transport <13'a>) 143 
Eucalyptus Pulp MUIS (2Sp) 64 120/3) 
European Perries (25a) 1/4 13>: 13 I2tt 
Ere (25a) 36i,0 70 

Ever RtJOv IHldBS.) 125PJ 1430 49b 3b 1 
Evened Hldgs. (25 pi 14^4® Ut (22/3) 
Evod* Hldgs. iZOp) 720 1© 5. 11*» 
Ewer >G.) OOP) 2b 5 If 120/3) 

^M ( r 5 " ,5W ' tt***. 

Exchange TelcBraah (Hldgs.) (25a) 91 
1 22/3f - .... 

Execute* Clothes >20a) 18 (22/3) . 

Expanded Metal (Z5e) 56'; t® -.0 i"fc& IN 
Express Dairy Property S-NpcDb. 8Q\ 

FMC (25p) 66 

FM ^Construction Gra. (25a) 231* 4 

Fjtr-Qiirn Lawson (25p) 56 2 J c! • (*t 

Fairdoush Construction Grp. (25a) 706 
i 69 

Falroale Textiles (Sp) I8h: (20,3). A Non. 
Vtg. (Sn) 17'; UO/3) . . 

fitrriew Eiiikj (IOp) 107 
Farmer (S.W.) Gw. (25pj 120 (21/3) 
Farneft Electronics -( 200 ) 2094 - 

Federated Land and Buiidiag (25*> 460 
S 7 *1, • . 

Feedex (10p) 32 {22/3} 

Fenner LI. H.) >HldssJ >25a) 133 .. . 
Feraoson Industrial Hldgs. (ZSp) . .92 

Femuid 330pcPt. 40 
Ferry Pickering Grp. 1100 73 1 - : |» 3 
Farttman (B.j and Sons uop) 5z» 25 " 
Fidelity Raoki 11 dp) 74l 4 ( , 

FlndliT (Andrew R.) Grp. (25*) 24 (20/3) 
Fine Art Deveioomma >5*) 430 
Finlan (John! OOp) 27^ 

Hntav (James i CMJol 286 (22,3) - - 

Fintey Packaging (Sp) 19 (22-3) 

Firrnin and ’ Sons (25p) 840 ■=,' 

Fisons 3400-40 37 3 42. SpcDtL Bilj 
,22j3). ClapcOb. 69 (22/3). SbStCLn. 

46 J.9 (2 2.3} 

Fl^ch Lorril (2001 671,0 8 7 - - . 

FLght Refuelling (HWay-i (25P» 1120*10 
Flu»driye Engineering (20p) 76 7 . 

Fodetn (SOp) 55* 8 • • 


A— B 

Ord. HOD) 22': ,20/3). 

_ (20-3) • - 

SSijisisj 1 * Con. »l ; ^Qor ;22 3. ; A.A.H (2Spi 95 «22i3. bocPt.- 46 (22, 3) I cSmwn ,2to> 108® 6 63 'B ? 2‘bo| los: *8 

County Council 9Upc IQO^kIa.B. Electronic Products Gra. (2Spi 9d9 7 ! Cjmror (20p> 71 70-- ^22/31 

H«|rS 7 ., W ro COW.W Count,. S' ; pc 92x ; ASs'^ra^^^^l/S,. New Oro. 1 ^" 8 ’ WJ * <22 S ‘ ' 

»* *'■ S 5?J JC 0 -— 2 i. ■: JW "" * 1 1 

^K?(S &22 ... • 

Footwear industry Invest. 

Ford intnl. Capital Cora. 

1 >20/3) 7ij«l-n. 980 
; Fora Mbtor (SUS2) 321 (20131 
Forward Technology Industries, (SOai 95 

(250) BV 60 
6 peLn. 83. £ 


. HOP) TOO r22Hl 
lAaronson ares. tlOai 61® &g 

1 Caniprs A lXObj 350 

Islington '.JUgf? fS^*e* T nO ':0 iJa-si. ' Abercom' as © 1 < l, ,-y - rf'* 9 * Inds-_i25a).31>_i2t_3i 

Aberdeen Censtnictton Grp. (ZSp) 850 5 
Acrow Non 1 / a Ord. (25ai 830. «<w 
Uns.Ln, 73':# C22/3I 
.Adaiis ana G/bhon ,2Spi 70 
I Adda Intnl. iiflpi 33 i21/3) 

*2« a J!' e t-aundnes rioo, 231 , 12013) • sj: 

Adwosi Grp. (jsaj 2480 1 * 4 Inclln* 1 Carlton tnds (< 

Ln. 137 ,20 iii lOiiSunsLii IK- > P1 78 <21.'3 i 

Alcan Utah JOS w 2PCU '“ L "' ,s »* ■ Caraoa mint. 1 SO 0 I 399 40 J9=i 
Alrha Inds. ,20Pl 490 50 49 (22/31. 7 Liar ' V ifr UOhm u2jo) 43 
Uns.Ln. 6c® i22.ii - Carrington Vlyella ,25a) aB'^- a 7.,. 8 pc 

Akzo N.y. Qrt. theg.) > 11.201 -£7l. riBlii.fl- 64 : ;__(21 3/. 8-4ocDS- 77 ':0 (2213, 

1 3 l;pe 11 OL 0 l-y 4 * 22 '31 
Kcnslrpton Chrises 11 -’*pc 1641 * 121.31 
Kent County 3 ‘.-pc 99 ; i* >20, 'll 
Lanarkshire 6 pc 93 J »0 2b U (22-3) 

, 94PC 1001 s 
Leeds 7 '-pc loot,® 

Liverpool J city I 13pc 11 Q 1 , >22,31. 13i;ac 

. 100 / * 8 >.® 

L/wtiTkk*/ Cora. Jtjpc 29 

J21.3). S-',PC 100 (22!3> 

Maidstone B-Lac 90 
Manchester Cara. 4pc 30 (22 3, 

5t«ac 99'i* 

r Lopion ProBle ,10a) 79 (21 3) 
Capper-NOill HOP, 59 .-0 
- CupseaJs :SP' 42 >21 j, 

1 Caravans total. l2i)o) 8B-7-: 
iCarc/o Ena. ,.25nl 64 
. Larleu Caoel Leonard llOB 1 300 

10 l* 

>« 1 

C2Sm 150(0 (273). IQar 


8;pc Ln. 63 Fosero Mwsep « 5 ?i. J. 2 #!**, 1 

Foster Brothers CkMMng 1 (25ol 1 •« 

Frfer (John) BM Son 1 «1 * 1 26)» , 

Francis Parker HOP) 150 15'^ 140 14 

Freemans • London SW9) '25*{ 270 
French Kier Hld9S. i2So) 311* 

g— e 


Newcastlewuoon-Tyne ,78-60) 99'. -V 
O'ape ■81-23' 961* -22 3) • 

Plymouth S'.ac 78 
Sl Hrihns 1 0 1 (<*0 122 31 
Sandwcli 108H 121-3' 

SouRlcnd-On - Sea 9><oc 97'; 

Soatbwarfc 9Wpc 101 1-64ih i M U0>5). 

II LpC 101 '*» I ■'« « 2 Z 31 

Stockport flOSs Hi.. 

Surrey County Sac 94'-0 <22 3) 

Swansea Cora. 9'<cc 99'^f ,22 3] 

Taraeside iO'.pc io®-. 

Walsa/l 6 j.dc 98 <20 31 
West Bro-nwlch, S'.oc 96'. -21 3) 

Westminster rcity) 13p< 1081* 

iQNocBdi.ReS. I DDL . . 

9<*pcSds.Reg. lOc^u* 1. 

9 ipcEds-Ree lOO'-n [21 3i ■ 

6i*prBdLRca. 25/10 78 99.B65 99.868 
99.E60 09.862 121 3< 

6’spcBds.Refl. I -1 1 78 99-*»d0 -•*« * 

6 * 10 cSds. Reg. (• 1 1 ,79 99> 

6'spcBd».Reg. 99 ’’u. )-,• 

7 - .’.pc8ds.Rcg. )00»> (20 3) 

7‘pcBdS.Peg. 10060 
6 'mkMsRCO. 99 «0 
7 pcBdfcRdg. TUOI* ,TI 3 , -• -- • 

auscBds.Rye. 100'J '22,3, . — 

_ '*FSC0«S. Reg. (28 3 79. I OOH; 1 - *»3 1 Arcolcttrlc 

Uns.Ln. 640 <22/3i 

Atao N.y. Qrd. thes.) >11.201 l22]3l I _ F, 1 _(21 3>. 8 

Alb.d.i tZDpi 9® iijll 3 i J Carron (2jpi 430 ij 

A » l9 72® n ? 2 S3? oWz5B ’ ,,6,J ,6 - 7 hae ! Cukor au’n Qp+sit*** 43 122 31 
Alcan Alumtiwm ta:* (22/5) - “ 

Alcan Aluminium 9pcuns.Ln. iso ,2213) 

Aexanders Hldgs. i5pi 2ii 4 
J ? in «« - | n4t. -*250i 284 
£{S2 ^"OUI I25PI 58'<0 80 9 .* 

t fC, S ° ns 'Tipton: .253, 38',i0 

ColkJhJS Group (IOdi 68© 7 3 

A 122 Fo=8 » 8 «D*i- 20^D -22 31 

* ‘S3 ^soi 62 

2 |S Gr “® ; )?S' 14'; >20-31 

Polymer Group lOpcLn. 96 -122 J-. 

*y j *o"- 'lOpi 202® 122.31 . 

AUred Suaollers SocLn. 65 *. ' 4'yrrl r 

18 4 79- 

1 '.aB- 1 ! Reg. 

103.554 >201 1 
VarlaM > Rate 801. 

>17 3*82' 100? tO 
10 -s-Bdi. Reg. /20/1082I 
Variable Rste Bds. R 
102 CO 3 



Allied Testlle >2Sp) 139 -27. J) " 

},i * Hk«l. 155, 46 

Alpine 50): Drinks -IOp; 1J50 22'3i 

Amaig. Indstls. :2So". 20® (22?3) 

Amalg. Mew 29B -20/3i 
Amaig. Power Engrg. ,25 p' 117 - 
A"*£ 105 * 11 . Hldgs. ( 100 , 26® 22 3' 
Anchor Chemical 12501 62 59 (22*3 1 
AnSwsoo siratnclvdc 2Soi 46 
Ajalla^TV Giouu nonvtg. A ' >25ai 730' 
2© 40 45. 

; Angle -Amor an Asa.ia t H 5p) 56 ® 22 J. 
Applzyard Group (2Soi S3 4 1 (22/3< 

‘ iHldgs.i -,So. — »y*t 

16 20 3 

1 Armltage Shanks 2 Sp> 630 ..a 
p:> • Armstrong EmiiOmcnl -lOo, 62 -s IS* 




Variable Rate 
tV 323' JOO'iyW 


A9ri:ul:ural M rt. 5ac 1959-89 
(20'S). 50COb. 1 979-53 781, 

S.'inrDb 1035-90 69‘* '21 ii'. 7’-oc 

1931-54 B7 . 20*3, 9 »C 1973-82 95: 

(20-3,. 9c=c 1960-85 92'. i22 Ji 

9--OC 1 931-23 95': 2V3*. 9 rBc 1983- 

1986 92. TO-.PC 1S9Z-95 916 
C'n-de Pot Authority 3oc 21'? 

Com -"on wealth Otyeiop. Finance 7VocD0. 

1934-38 80 I21IS-. 

Finance tor Industry 1 3ocLn. 

Mynrhrsicr Mia. WVffl®.,. 

Metropolitan Wlr. Board 3oc8 32 .22)3*. 

S's,: 3 S', "20 3i . , 

NorTiwTi^jreland Electricity Scr*«e 7-^e 

Pori trt London Authv. S :PC 97**0 1 22-'31. 
EijM 56 : 


Reg -7.8125 . . _ 

, Ash.. Lacy <2Spi ill 

99 .'. 121/3 ! Asara- Nicholas 5>ipcPf. 46^ - 
'7.1 pel .1 7i J 1/821 . Associated Blsu.t Manui. «20pi 
I 3.6apcP>. 44 1 .. - . SocDb. 83 

Bds. Red. -7*81 25oci 

76 4. 

6 <pcLn. 84 122.3 
Assuciaced Booh Fub.;(20ol 793© 
Associated Brltisn Food* ' iSpV SS 1.0 S. 
6'^CDb. 79'*. 7! pcOb 70', .20 3/ 

Slsoo-n. ■ 60p) 24- ^2-3,.-- •‘P'rocLn. 

1bu7-2002 -50o> 31 12231. ‘ TbPCLn. 

1994-2004 160 1 22/3, 

Associated Dairies (ZSp 2370 2« 5 
Associated Electrical mds. QjsKDb 81 < 
Associated Engineering i25tw .1150 141* 
16 15 — 

Assoc a led Fisheries i2So) 439 2‘:0 40 5 
- (22*2 • 7UocLn. 7*0 t22iST ' " 
Associated Leisure « 5a) 52 
.... I Associated Newspapers Grp. <25pl 1410 
O6';0. Art J, 41 2 8'«PO.n. 67: ,22 31 

Assoc ated Parer Inds. <25o) 47 .21 '31 
AajpdiaMd Portland Cemeni • 238s* 41* 
36 8 2 41. 7ocDb 671* (20 31. OocDb. 
78S 3( lO'-PCDb. 91 1 *. 6«*PCtn. *7‘ t 

Associated 5prayers -10O' 33 
4jsm:lated Television Coran. 'Z5o) 107Q 

Asdiury Madclev >Hldgs.l -lSoi 59)0 l ,4 

Australis iGcvt. Cl, 5‘lBC Reg. 1977-80 , Addiotronic Hltigb HOa) 32 
95* 0 122-31. Stjpe Reg. '901-32 M*a Ault WlDorg Grp ,25g) 51. (22 3) 
GO? Reg. 1977-80 93U. 5oc Re9. 1981 : Aurora Hldgs. i25ai 94 3 3 ... 

64 ■: 122 31. Toe Reg. SHn | Austin IF.- (Lcyion- >10oi 1H:0 •: 

GEC- Elliott- Automa BOO SijpcDb. 
t»3 . zO 3 1 

,.,w. UOp) 71. lopcPtly.Cony. 

"b3ui isocLa- 1983-86 77 I22i3) 
GaHitotd Brindley *ai S*W J 
1 liar. oro-LU ley tons. ,SP) 16 121,3) 

1 uanen kngog. i) 0 *j as . 200 ) 

(diet itriiik G., ii6oi Si s id 1.3) 
touor* Gross • New MO*) 43 
laolier ,A. J.) '20oi 34 
CjcncraJ EUcIrk SOS- Com. UUbi.30) 
>U>47« ,21-.3» ^ , 

Genera) Electric 125*1 249 bS 8t ' j 
50 2 47 6 8 4. bacUTO-Ln. 1979-84 79. 
7‘tocUns.LH. 67'aS >22 J). 74rocUns,Ln. 
69 -•« 122 . 3i. FloataJtateUtu-Ca».Nu. 

1 QQ^f 

Ge.^.*l engineering UUOctlfiel (lOpi 2> ; 
■ 22.31 

General Motors Can- Shs- Com. MUSI H 
SUSdJJi .21,-3) 

Gcstetner Hldgs. A t25a) 169. lOpoCnv. 

uns.Ln. 11b • . . .._ 

Gibbons ,5 lanlev) Intei-ol. (25*1 l&O 

Gibbs Osody ilOp) 310. N.V. A Ord. 

G*evck (»*. ) 25 p) 91 3211 

aigate Hldss- ■ 1 Oo) 7© ,ii 3' 

GO, DaffuA Grp. ,2S*I-2JO0. 12 

Gittspur ■ 1 0p) 5 0 b 

Gloss Metal Hldgs: (lOff) 68 '*2 3; 

Glaxo Hldgs. •5S»! iSM» 30;© 30 70 
JO 26 S: 6 5. 7 '3XCnv.UnS.Ln. 116 
Gleeron ,M. J.) iContractort) HOD) 420 

tijensop '(W. apd, J-j (25a) 56 *20/3) 
a i; g 


7-' ‘■PCLB. Automated Security 'Hldgs' )‘ *110ai 
1 -.221 3*. SacPI. 140 12213) ' 

i AulomoUvc Products -25al 108 


Jamaica 6 >«BC Stk. got* 122 3 
99 122 3* 

Kenya 5 pc Slk 76 'rt 
N*y» Zcufa-d^ 3':|C Stk^ 

lot* TL^^Stk.”??!* (20/3). I Aran* Rubber I97®*S® 60 4 0 7^5 6 

7, : a£ Stk. 871,6 h ‘ - “ ' ““■* 

Scutnrrn Rhsdos'a Z;PC St*. 58. 3«* I 

Stk 62. 3 ',oe Stk. 19S0-8S 56 *72’3*. : BAT Inds. iZ5BI 300 295 9 S 7 3- De«. 

4uc Stk. 73 t 22 ‘X*. 4!:ac Stk. 197T-P2[ Od. 2 SS 6 t Mi 3 2 

72 5 ‘22 3>. 6 PC Stk. 197B-81 90 ,22 31 1 BBA Gjoug SI® >|2I3' _ 

J BICC '50p1 102:® 4/0 5 4 3 
6 taeOb. 771*. * 

7*i : . 4 *e Stk. , A»4fW Ora i3o) 29‘. 30 

84 > 70r 3 , Arcnrl '25o< 145 :® * ST 

■ I Aran Rubber )S7* 5® 6® '-4 ... 

; Ayrshire Metal Produces (2Sa) *6 'ii. 

Costings noai 29: 
cuter pillar Tractor 36-*Q U (2) 51 
Cattle's :i0p) 37 1; 

I*m 4'^cPt. 25) (22. 5'. 6i;acPl. 

40 ; :zz.3i. 7DCP1. 46 t '20 31. lOpC 
PI. 920 3 z:;. 9-UocLii. 71 i22/3> lOar 
Ln. 73i<6 

CU woods ,25nl 1260 >: 

CelestiAn Inds. >3pi 31 2 
Celtic Hayen (5a> 12<: :22/3) 

Cement. Road stone (2 Sp)' 13\0 
Centra/ STKerwooa ,5a’ asi: 4 : i 
Cenu-al MFg- Tide. OOp) 68 
Central Wagon 980' 

Ccctrrwat ,SO p) 1039 
Chambers Fargus rsai '20 122 3i 
Change Wares ,'iQa, 17. i2acPld. cl Dm 
T9 22-31 

CnannN Tunnei I So' 40 38 
Chemring . >Soi 49 *20 3> 

Cnlande (25o) 9S® dO 6 5 7 Imri. MOpi 81 
Christic-Tyier >1 Os, 72 rt (22 31 
Chubb Son '20oi 120® 20^9 3 2 (22 5) 

Church ,25pi 173 ,20-3) . 

Clih&rd < Charles) l>. dusts. 80 (SpSI 
Clifford's Dau-'es i25o). 470 i22 3). A 
I Nor- Vtg ) (25P) 380 8 <22.3j 
Coalite Chemical Prods. C25p) 736 70 TO 
1 ‘.-0 -1 ‘ ■ • 

Coales Brov 125 pi b J 
Coats Patons i25o) 69 71 70 69T. *‘&c 
Ln. 40 'i. 6‘,ocLn SB 
Cote >R H.) 1 2 bp) TZ0;Q >22.5) 

Collins iG. W.) 81 .ccMl.Db. 63® 

Collins rw;niamj Sons m/dg.) i2Sa) 1309. 

Ora- A iNon-Vtg ) i25o, 130 
Co 'Ben Group <l(,P) 296 
Combined 'Eogrisli stores Gro-o il?To> 

740 30 8 7. 7 ItPcPf ■ 52J. 9ly»fc 

©.«■• 7» •# U 

Comet HadlovisiMi bcryices 15a) 100 

Con IP Air |25o) 99® 6. New ,25*) 97 
Compton U-) Sons, wna (Hldgs I t20oi 

Cor..’ ntric UOol 40 .9 
Continuous Stationery «10pl 35 '20-S) 

Cuoper iFreoenck# OOa> 19)* (20 Sl 
L-ooPor Iraujinc-. M0u> J7-i® 

Cope Allman Intnl. iSp, 5b® b 7 32. 

_/-.peLn. )8'’ 

Cop.aac -)Op) 27 120 . 3, 

Corah i25p' 31 •; 2 

Coral Leisure Group UOai II 3-: 12 15. 

New 1 1 tip, 1(n« 10 a 
Coriiercroit <20 p) 57j (22 3) 

Loult Uss' 7 2 

Lost a,n -H.cnard) ,25p> 260 56 
Countryside Proos. ,5p, 55- tt i21 3) 

CouruuiuS 26u. 11*.;® 1 ) * 13 ,2 15 
la 11 . 7 pc Ob. 76. 7>*pct>b. 70': 2 

•29.51. 5 i. : i*. bi;pcLn. 67U*. 

. 7 .JKU 1 . 62i.- t* 1 . • 

J Cauruulds Knit. 7 -ikPI. 54 t20i5> 

! Cowan, de Grout nOoi 61 
I Cowl e if .1 iSp) 40*;. New 37: ns 
1 Cray Electronics nop, 24 i20.3l. 

: C/eUpn Hldgs. >10*, 23--.9 v. 6 
I Crest Nicho/soa 'loot 73® 5 4 

I Cr JZ , . t 1 lnl , n ,» ,', ,0w 55! * 5 B - 10/*ocLn. > Hall Eng.' iRidgs.i 50pi 97 
77t* * J2Q.3J __ . Hall 1 Matthew 1 i2S*) 1B6 90 86 

H.llam Slrigh i10p» 21*.- ,22/3) 

1 Ha Uhl orton ISUS230' £44',0 

Financial Times Saturday March 25- 1978 

W 7J.1 » CM'M I 

! ns'3) 

£ s » a* 

kSFtettPW* «= « 


^Plamomc MMhthRb 'lZMB W 

ajSSsSSfrir ™ 

Ortne Oaratup fprntt 1 * 

rSoriT U5f • w^ 2 d-.' (20.3) . 

Qyttosi gne. It ”* 1 -! •> 

ftZSwMa»R^»« r <- 

Fsrkir Knoll A UW " 

ParWaod Textile A i2**l flM. 
lams tasi M i«.n . 

} pateraaii zet/ioiiii.Oii*F3B6 A N*V 

Paww ,5*1 a* ,, 

/Cl Ord. 230 3 2« 31. 
..122.-31 145 4 

6UKDb. 75^1 



S" ss 


S 60, 7*4 

* » • ,‘,. 1 ^ tf..'-7oS j5ri ’*w 

53 3. 

BSiS rtfirw 1 * *r 3-'* 

u3£w U Gra. 13301 77 6D 7‘: 8 95 «'•. 

Pears an LOflflnwn 

Pearson til 

- - Pwl^MamrsieY TaS*) i«» 

«»«« » 

1 Pmtland inds. i»0pi W - 
p*Bt»ciq6; j W fc )*,3J s9mM -|^J ( 20 / 3 ) 

368*6, - 



.Inti. StxndanF 


, 0 - 

it*. Timber Can. C*5pi i)4®. •»» 

•siS^ fei’tsa*) TO'i® 20-1 '.*♦ 70 1. 


liiUfS. Sugar ESC*. >25o) 140 16 (22)5> 

w*' izo3**& ii'* '*■ 10 PC 



Kenning Motor 8,1 



Kufttck Hldgs. slop) 4 to 7© 4 IrtdtM 
Kwlk-Flt (Tyres and Exhausts) Hldgs. tlOp) 

KyriJ^Sara Discount Gp. <10p) 816 80' 78** 

L— -M 

Rem -Nojg^ 


pifS* ' mowsiI^* | 3 »*: 

petroran GroU* VrlLv, 

Philips Fwaatff 

>410 tt© 1 


aon-tfig. ElOm* •••__ 


Pleasurama •; 5P ' v,? 1 
Pteoaev tSOm fOs-J© 

1001 -.97 


7UpcDb- 87*1 ' 


9 lOOt -97 ■Ji* Jr*"- 

Portils Hidfli. tSJW ijw* -“r** .. 
Pamir (23*t |t« 8 >• 

^ i «WssS , 8iaL , s5w ’• 

ProvHioal Laumines .1 5 p> ’’•» 

Q— «~45 - 

mi TTw/Si**?* ^ 

O t ero Meat NMro 

Quick <H — 

5:SS: im 

** a *iL3S2 , A & 15*121/2) 


1*0 t 4 80. 
Wares, to sub 96'o0 

LCP HldBS. (25a, 870 . 

LRC LfSSntL I] 00 .37 
Ladbrokc Gp- ttOp 1 182 
New Or9. m 1 800. 

LaSes Pride Ouwifftr C20») IU; 

Group* JiSTi mJl C %Kci3y" 
60-10 1 M i 

lHUmi 11 md^oorn* 1 8 p 
Lancaster >D. m.i is*) 6 tlfl.-li 
Lang <P-' Go- HOpi SB 
La parte Industs. . cHIdgs.r (SO*) 96 5. 
Laurence Scart >25pi11S«2 <22.3) 
Lawrence «W.i «11 *l SB .. . 

Leod^ndusts. Go. <50 Pi 7330 10 26 30. 

Leiadernusn* i Hldgs.) «0al 12 .<20.31. 

Ltbot'iS.H^MMlODi 44b© k 5': 
ESS (H.l ,25 PI so (21/3) 

Lee ■ A.i iiZ'aa, 221,® u 2 

Ly? Cooper <2 Sol 120. 7oe.Pt. 64%: 

e» j22’3i 

Leech «w.i <8ultdersi *20a< 73 >20 si 
Leisure Caravan -Parks «10p> 104 (20i3l 
Unnons Ga. iIOdf 2 IP,® 9's 30 
Lesncy Prods. i5o, 61 60 ') 59 <22/3*. 

Rest -vtg. IS*) SSis-N , ' • ’ 

Letnset Intnl O.Op) 118 17 16 19 

L*Iris tj" 1 SpdStPf. 44>i i203>. 7DCPT. 

Silt t22 ' " 

L?wii Ij I P*rtner»hlfl SpcPf. ***** 54 

lS, Z Service Ga. «5»i 7Hi*0 24 2 1»». 

Loyiand' Print Wallpaaer <25t»» M0 
Ley's Foundries Eng t2Se'. 61'j0 (22*31 
Llden 'Hldgs.* *1 OB* S3 . 

UHav if. J C.i «25») 66 B 
LlffCTotl KHoour.Oo. nool 56 _ 

Llndustries >25pi 134. 5 PC Pi. 39 (22/3) 
Untoot Hldgs. ,2Sa> )43 7 8 - 
Unread >25pi 346 
Lister ,25o) 44® S'- _ ■ • • 

Liverpool Daily 'Post Echo i30a>-12S B 
Lloyd 'F. N.i Hldgs. i2Sp> 68© 9, 7A*CLa. 

Locker" ^Tnomoa) (Hldgs.) i3«) 141* <20/3), 
A Non. V. ISp) 14'.rt (22/3) , . 

London and +<cxThern Grp- (25a) 250 30 

London' and Pronadtt Potter Grp. (SO*) 

London 9 rick 5 <25o> 66<:0 4»jS0 5 1 ) 3 6 
3'.-. 14aeLn. isi'y 
London Cremation lOpcffi. 62 
Lonrho (2So) 730 lb 3 2 6 1 Ji. 

SpcLn. 19BO-85 68 91 8S. SacLn. 1981- 
L-J&B0 69® 9. ' - ' • - :' ■ ■* ■ : 

Lookers «2 Spi ECktr 58*:. __ ...... 

LoNHI (Y. J.) (Hldgs.) *2S« 70<20;3) 
Low ord Bonar Grr>. iSOo) 1690 
Low r mm.) (20p) 901) >21' 3) 

Lowland Praper* - hldgs. <2S*i i 50 <203) 
Lucas Inds 26520 8* 2:0 4S0 8 5 It. 
7**acLo. 75i* 122/3) , , __ 

Lvoni (J.) 96 : : 6 5.- SpcLn 50 <30 3). 
BtSkn. 62: t22IS>. 7**acLn. 64 (22'3) 

MFI faraitnye CaMres HOP) 736 2 ':0 3. 

Mt-Haff-ItS .*>■= ■!- » 

MY DM MOB) as© .66 . -- 

Macame- aonnon) ,«0*J IJ 1 - 

* (Robert) , Middleton 1 flop) 

I Ransom®* Ho'ttma nn ^INM lard <2 So) 67 8* 
I SpcUu 83'^ 4. : . 


Giya wed >Z5pt 1074® 8 h g 9t 9': 10. 

ID tract) nsee.Ln. 60s- 6*cUnscc.Ln. 72 1; 
Goldberg iA.| and Sons (25 pi 56 
Gri^rei i.Ch.) Foucard and Son '25pi 44© 

Com me Hldgs. (2So) 86. SUpcPt. so 
I21.ll • • 

Goodman Brothers knd Stockman (Sp) 10 '2 

Gougn Brothers ,20o> 440 '22 31 
Gough Cooper t2Da) 80® >22'3i 
Grampian Television non-vtsi. A OOP) 3S 

Granada a <25M 97© . 

Grand Metropolitan (SOp) 104:© 5 6 5*) 
4h 4 7: 6':. Warrants to sub. for 1.5625 
Ord. IS %24 31. speff. 40-;® Hi b'.ot 

Pf. 51 1 *. 7*^cPft 81 aO-3,. B'jpcunwc. 

Ln. 96u i22i 3). lOpcUnsec.Ln. 85 6 4 

Gra Ran warehouses <25 p) 126H© S® 

Great Universal Stores i25*> -295 >21 '3). 
A 1 25b' 20b® 7'I 2 6 4t 1 5 >* 4. 
5J.pcunsec.Ln. 40 i® 4o:. 8 'rat Unsec. 

tn. 71';;® >* 

Greatermant Stores iRQ.SO, 98®. A 

rROJO.i 103® 5*1® 

Gruenba'nk I id ust. Hldgs. IlOp) 540 4 
Green held Mllletts iIOb) 46 
Gripperrods HTt/oS- IlOp) 44 '20.3) 

Group Lotus Car Cos. >)0pi 40 
Grorebcll Group (Spi 16© t22 3i 
Guest Keep -NatUefoldl 278® 4 6 3 5 
7. SttpcUnsKAa. 85 -22: S- 
Gupt Keen and Ncttctoida lU.K.* 10';pt 
O* 93ll 
Gunn A. Hldgs. 

IDirPCLn. 82 '22 3i 

HJLTj,. Gp. Ord. MOW Mi*. 

H.T.y. Go. (2Sp) 125 4 
Habit decision Eng. ,5o» 35-j 
Hadcn Carrier i25p> 936 

' 4 

floe Ln. SB 

Hamas Uolmr *10111 107 6 4 
| Hall and H»m RI*er^6'«pcDb. 

67') 12013, 


7p<Db. 73 1;. 7 -iIkDBi 
. . . SwV /Wt (22 31- 

EUpcOb. 75*'® (22-3). 9pcTo«naBaDi» 

19flS 91 L -22 3* __ 

8PB ind*. 1 50 b) 218® 17 18 >6 20 

< z2 ' 31 _ o, , 

B.S.G. Intnl. »10r) 39* 9b: »• B ,pc 
IStDb. 73 ■ >21,3) 

BSR HOpi SOI;® 93® 46 50 5 3-i 3 
BTR l2Ss) 250 504 1 . ■ 

Babcock and Wilcox (ZSp) 113 12. 4 dli 
2-ldfft. 34 (22 31 ■ 

Bagger, d^c Brick (25o) 32 *; (20‘3i 

' 1 kV®* 1 *q^ a'* 2131 j Dan mouth Vm. t&pl iB-f 1/25) 

sajrd 'Wm.i 1510 49__a — .. 'Dimes Newman Hldgs. 'ispi 12S 6 

* " ‘ i22 3 

Crcmte Group 'Z5a> 340 (22 3> 

Crosay House Graud 12B '2Z.'3>. 7pcP(. 

50 120 3* 

Crosby- Spnng Intcnois > TOP). IS®* 15 
Crossiev Bios*, fra.s. 25a; ui •££,}> 
Crouch (Dereki >20pi 83® 9 
Crouch Group i2Sp) 71b (22‘3> 

Crown House <25o) 49 >21 '3) 

Crown Zcilerbac.) 24--. <22,31 
emulate fHitss-i 23 
Cullen’s Stores i20pi B6 (21.3*. A (ZOd) 
85 121*3) 

Culler Guard Bridge Hldgs. <2Spl t9>;0 
Currvs l25b> 176© 6 3-SiC22’3) 


Chinese SPCisocrg.GoidLh. 1913 'German 
ISSnc) 5 :0 ,22/31 

Greek 7 pc Refugee Ln. 1*24 'Assd. with 
Accepter. Cert.) 3US75 Do- Stg.F«j9S. 

Bds. 1965 £.18':® t22.'3) 6pc SUBllhn. 

Refugee Stlg. Bds. 1928 fAMd. with 

Acceptance Cert) SUS69'« 70'20,3). 

Dg. Stg. Fdg. BUS. 1965 5US69'* 70 

HuTOarlan 7‘rCcStlg.BdS. 480 '22/31 
lrriand 1 Rep. oD 4':BcLn. 98© 

i aoan 4pc5ng.Ln. 5337 ,21/31 
an Paulo )9laSe otj Coffee institute 7 : sc 
Silo. Bds. 70 '22'3i 

Bass Charring ton 7‘rac SS'-Ok® <22'31 
Rjnk QrganRatlep 4',pcin. 58® i22u) 

STERLING FOREIGN CURRENCY BONOS I Bamlwrgcrn (25p* 46 (20.3) ] A Ord. N«i-ri*r. r23a* 103® 3 

Citicorp Overseas Finance Cora. IOpcMp. ] S^mords 20p( 43 ^Dawson ijames) Son >25pi 1 27 f20 3) 

Hailtte Higgs. .SOp) 139 >20,3) 
Halma «IOp, 62. 

bn Indus. 'Spi 12® 

ale Electric Intnl. M0 p> 1330 30'-*: It 4 
in. SB BaCdn A 113 ISIPi) 
lies Gawerton ijsd/ 70® (2Z/31 

Baker Perieini Hldns r SOp 1 90 (20 31 . : 

Bakers Housriioio Store, 1 Leeds' New (I0o> , g” iSSSi ”ipv 21 1 9 ® 
to-; : Qawsor intnl. Topi 103^ 

Bamberncr& (25s> 46 I20.XI ' A Ord.' Nai-ns issm K 


Hanger imr. ilOp) 30«: 30 n : 1 
H |22^! T **' ,2S °' 1M4> 8 - * : -aeLn. 79 
Hardy A Ord. «25pi 27 3i : 

Hargreavet Gp. )20pi 52 ' : >2) /St 
Hams Sbetdon Gp. ,25p> 46L-© <27. st 

Harrisons crDsflold £3** ® H 

Hartle '25o> 240 
Hartwells (ZSp) 82 (21 '3i 
Hawker sidduev Gp. i25pi zoi© 2© 19B 
6 * ZOO 

Ha wan >9 b) 90 100 3 h 
M ar 'Norman) HOP) 35 
Helene of London HOpi i«i, 

Hwidmon u. and W.i iMiags.i i25pi 142 

' _ . . • Henderson ip. C.) Ga A Ord. iIOpi 57 

I03rt _3 4 122 3/. : Hcndcrton- Kenton I20DI 68 5 rTOi t? 

due '1943 97'-® i,0. (22.3) 

Finance for Industry 9'ipcBds. 1987 97 "*0 
722)3). tOocBds. 1989 98® (22(3) 
Financiering Msatrchappii D'Oranleboom 
10'*BCBdS. 1990 97-,® rrz'31 
Rowntree Mackintosh TO'tPSBd*- t9B8 
97N0 (22/31 _ 

Scars Intnl Finance 10'jpcBds. 1988 
97h0 (22/31 


Canadian Pacific rvC5i 1 1 rut;. 4pcDb. 



Antaraaasta (Chli<) Ball*® StKPf. 


RANKS (203) 

Alcu-dart Disuunt Z35 
Allied Irish Bank* i25ai 1650 8rl. 

Lit 139 <21 3, 

iBank Bridge iSp] -3'::Q 4 
Banra Consd. >20 p) 52 -20/31 .... 

Barker Dooson. ,f0p). iso.IZ-w -i *2- 
BtiacUucC Ln. 45 g It * '22.^1 
Barlow Rand rpo.10) SUSZAbO <22-*l 
Barran Developments (tOpi 1070 8® 
Barrow^ Hepburn Group >25P> 33* 4.* 

Bortun Sons t25n> 52 (Z2'J, ... .. 

Bassett (G.) Hide*. iZSpi 1-32 (21 31 
AUl _Ponland Group lZ5o) 6_ _ 

a3 9 8'«. 7i;pcUni:c.Ln. 64-:® S*s 
I Baynes iC.; HOdj IIS <Z0.-3J 
Dcatson Clark '25>»* ir-E 

. , “ e (J.‘ A f?sp* 95 

* 7 . Beckman <IOp) 55 '■ 3 «* • . . __ 

1 Beech im ,2501-634® 1.113 .4-30 22 
i 6. i: 3 

I Ociam '.tOji .60 _ , _ _ 

lDpr -Srilalr Cosmetics MOpi *S CtZiV 
! Bemroso i25p* 616 (22. 51 

D- La Rue f25p> 262® 55« 6 62 58 60. 
S'iPePt. 250 -122/31 

Do vere Hotels Restaurants *250, t54 
>21 3) 

Dcbenham* '25P/.10Z® 6® 3 5 4. s : pe 
ZTODb. -QOr®. 7Upc2ndDb. 676 120 1 1 . 
6 -jKLn. 52'*, 7lipcLn. 6020. tlpcLn. 
Hl/'I ,20 3 1 

Decca (25P. 408. A (2 Sp) 400 i22.3). 
16pcP). 29 ■; 120. SI 


Henrtques (Arthur) (10pl so,- raj.., 

SB* 5°“ 41£P> 1 5 (ia/ii ' 

He its her (Furniture Tnrats) A f JOo) 24 

*SS3VE£t l29B> 81 -■ 

Hcatrortt, (j.i (top) SB®. 7 pcap) hi. 

(20/3). lOpcBpr. 39^® (22/3) 44 : 

Herman Smltn (TOol-Bi-® 1 

t2So * 1DH ®‘ 10 * 

Hestalr ( 2 % B ) 1 to 
Hrvrden-stujrt Plant (10n) Bfi 3 
Htcklog PrntecoBt iSQp) 34 122,31 

K 15S , 6l? riefcl? SOpi ,J * 3, Nc * 

MeCleery L Ande Grp '2 So. 1 10 

McCorauodale 229': '.•• jO -(72 3) 

McKay (Hugh) -2 Sol 44 '22,31 
McKerhnle Bros. '25pl Bw >*.0.31 ' 

Mackinnon o». Scotland 'ZSp) 4.5®. 7l**c 

Mirttfr*osh' lj«hnl 6'racP(. 59 'it 1 20-31 
McNeOR Grp. >2SeI 500 (22'31 
Macahemn -Drytalu Grp. -ZSt» 58': 
>20/31. 7<*DcLn 62 
Mawet and Souiherns »25p, J 7B _fO;*S 
Mxkln. 'J- and J.) Paper Mffis n 2! Sn) .4® 
m * lltn*pn- Dernv (25P) 44'-* '- 
Mnnauemrat Aocaev a"d Muair > 1 0p> 75 
Manchener Gxraoes <10p1 28 , 21.31. New 
>1 Op, 28'.- >22-3) 

Wanders iHtoos.t- i25p» 94 6 
Mansanese Bronzr Hldss. <2 Spi 820 
Mine Co. (HldBS., nop, 16® 15® 161,0 
IS,-® 16. 10HpeScc.Ln. 730 
March wlei Hldgs. t25pi 256®_6S_(22 3. 
Mart*- and -5m. 'ecr ,25p) 147 8 9 8. 7 pc 

Pi- 65,;. (22,31 
Martov (2SPI 78t* 8 
Marling Indoslrtos OOP' 17iy 
Marshall Cavendish JIDo' 56 
Marshall 'Thomas, A ,zsp> 43 

MarshaHs Universal 1 ZS 01 14B 
.Mamn (Albert, H/dss. (zoo' 81 
Martin-Black (ZSpi 52 U® 2 
Martin The Newsagent tZ£pl-242 (22/3) 
MartoiN>lr lntorna*.pn>> 2 hoi 145 4 
Matthews (Bernard! (2Sp< T4S 7 
May Hassell 25o> 60 20,3) 

Mavnarws >25o) 124 
Meat Tradhe Suppliers >25oi 79 <21/31 
MeqgIK H/dns- f5nl 16 ,22:3 
Mcntmora tSpI If,-. boept. 


Mrnaies' (25pi 313 i20;3> 

Metal Hok 3021® 300 4 s 298. Oo. ION 
6pcln, 881 ]® Ji* 7 

Metal Oosaras Gp. < 2 Sp, 830 2© 4 ® 2 N 
Metalrax (5»J 44 (22,3, ■ 

Mr Hoy f25pi 42 s 

Mewrr 'Meneagpei (ZSol 74® 

Midland Educational <SOp» 56® 
lnds.'tSp) 40.(20,3) 

ss ar ut 46: ,2ii ' 

MWer v (Stanley' HJdg». '10*» 9L-® 

C H 09 r25oJ 43 4 .22 31. 

Mitchell Cotts Transport <25pi 55 
Srixconcrete Hldos .1 i25t» 56 r 2 t,s, 
MoHns tfSW IlO 1 )* It® SS® IS® 16 
MOMc 'A.l -25*) 82S.SO 3M» 3? 

Monsanto SpcLn. 1070 , 2213 , 

Mon tfort 'K m tHng Mills, (2SD1 51® 50 
Montpomwto 7ocUr. 709 T i 22 > 3 , 0 

*a^cujw eb,m ,25pt ,1S *"**>. 

^i f ^i»„ S rX TO A r J** s «L ,0DI 307® 
Mother carr r l Om T54® 1 7« a *7*% “® 

SS5SBP5«K?.te. , KE» _ 


K!SSS^5S!f«Sn»., v fta,’ V 

is? iSBrtairs&swj'fi 

Recklt Cotrnan (SO*) 41 7 ® T J ll 
441.- (2X3i. BJracOb. 74 (32733 
Record Ridgway }25o» 77 
Redfearti Nat. Gla» (Zoo) .280® 3® 
RcdiVaslPn tZBffJ y5»t 6 til l' . ... 

Red land G(5*l 143S 40 * 

Redman Heemwi CIOpi 55 4 FiZTl 
Reed (AHtlnl C25a) 74 (2041. A.CZSpt 

DM Exec. tSpV'40i) 4 (2031, ' • 

RrM IntnL. 1440 1OJ011.-12V’S W 14 
12; 1 3>: 10. 7KR. 52 (Z(h3). 7*«a 

DO. 1990-95 *9 QO/3). 7r-f(CLn. 532 
7 (22 3* . lOpeL*. 730 J® 2'; - 
Reed Po Wishing «:j*ct)b: 72 nf. -,*7tK 
Ln. ill (2213k 7S*seU. 65k®. BpcU. 

Y|UA LA _ _ ; - 

Reed tWWIams SaM I25W B2'*J I . ' ' 
Reliance Knttwaer «o*> 40 < 2 XX) 
ReKaot Motor (Sol 6 <- _ — 

Relycn P9WS (ZSpi 7«*H6-4l® GUI 33 
Rcnoid 12 a 
Rrbtckll lion 491# 

RHWKk (2S»k 42 HI -31 iiuu „ -, 
Revertpc Chewu-OSa) B5^ (Wi> 

Rrnnwe OM S*i OO.i> 

g^SEfiff'i^Vop. iim i 

Rlri&M-k D. is «0pl 14/j fitl'fS) 

Rlt (Qllvn-i <5 p) 8 * 1 . 0 , 

Rolls-Royce Motors Htooc. (25*1 83 6 
4N 4 5. SpcLn. 163 (22/3) 

Ropier Hldgs. -A Dipl 

RospJJI Waos. (SP) »)t», BMW 

Rotaprint 1200 ) 46 (32 3* . . 

Roth mans inti. B (12 >>p) 48 
Romrv (tool 109 
Rowntree Mackintosh (50*) 390 
Row ton Hotels (23al 14* 

Royal Worcestrr USD) 111 
Rove a Grp. (ZSp) 39 ij 9 8 ': 9L 
RuBerwd (SSpl .33 , ... 

Rwgbv Portland Cement (25p) 78© 
Kpigr (Non-Vtg.) ISp, 52. BdCLn 

7 4 

ie iyr. n.i asp* i« ttioa- :- ; 

Carpets iIOpi 22'^® <37??.. 

(F.i <20P» 27. 6 ‘tocLn. 7Yl ' 
'bridge tns. l25pi 710-68® V M 

(50p) 280 

25P) 125 6 7'f}; » 

|0 69® 9- - 

73 (22 3 1 

Mowiem (Jbhni . 

M h/ rhea d rzsp, J 7 i „ 

MriWlPfon Hotels (5001-205® 

My son Gra. (100,65 

N— O— P 

NCR 4peSHdiOlr.Cnv.Gtd.Ln. 62 u •»« *, 

Nosh SCCt. F25R) 770 ' 20 31 

National Carbonising rlfloi 51 ni-ti 

N 5fir&. s s’IS,* rlck Tl,? Aldus': s s i« 1lt 

Nrrdlrrs fZSni 35 Hist 

Ncor«tl .2flmbra (25 di 76# 9 8 i23 Sl - 

Net, Spencer Hldis. MOpi DO© » 

Nrin rj«n«j Hldgs. 25n, 929 2 
Nelson David (So, 6 I22-31 
New Euvloment :ioq, , ■ y. 
NowarLSIll 150: 5 :22 31 * 

N ,'5S. b Sl d *“rtOn Hldgs. rsspi 
Newer Gro. 47 
Newman Inds. (25 pi 74 1 ' 3 
Newman-Tonks ;zsp. 64 i2Z.3i 
Newmarlr (Lauit) (25P> 1520 S® roy-x. 
News IntwiaHjjnal r25p) 263 2 (sl'a. 

Noble Lund ;15 d' 18 >21-3) - a ’ 

N i a 04 p wzi 2 i^ 04 {S2 ™- KneunALp. 
Norfolk Caoitai Gra , 50 * 40 ® 1 
Norsk Hydro A.5 (NKRBOi 24 * 4 ® 

Nprih (M. F.) FIDO, 3d« ^ 

Nortbatii Enoiitoorlna (26 bi 951 .* ci- ? 

Northern Foods (2Sp, 83 5 do. 

?S,w of,?*- 

SS3S aSP5«?7Si-5. , ‘“ 

Nome Secs, uom : 3 a 4 

43 2 '; 


bSdclp. 14.1 

iSTfArW' ^zVli 10 * ,0 

737 °- Bo ‘ 

SxInNC^tiipontU-ModMor, , <F«. 10 W 
site Tilney (2 Sp>?17 15 (20.3) 

sandcr^on^ Murray and Elder (H(dgo-) 

Santffiurw ' Wtrhjlnl iW 2 T© az. 3 )^ 
Sanger (J E.J (loot 2B® M'jB 290 310T- 

Sorocfs Oro/ (ibni 73 M. s;?«*crf. 41 
Savoy Hotel A t10p| v 74# (22 3) 

SRSgS.r B i 5 «*V.t» 7 -. aim, „i.-i 

sStt r Robemon|^Sj)l 40j20'3*‘ „ 

Scotiiut Agricultural inducts. 205 12131 
Scottish Universal Invests. i25Pl »S0 7 »)» 

Scottish Heritable t»p' 

Scottish - TV Non .*10. A HOpi 7Z5* 30 

Seifs 5 HUbrs. (25p> 62 i; 1 =, 1. 7'rtKfl. 

Securtcor Go *Z5P* 38 4 (22/3). A (f'fen- 

«ta-i (25o> ao >:0 . . -- . ^ _ 

Security Sendees t25oi 92W 1* 

iZZ/3». A (Non-fla.i USa» 691* ?•). 
iZ2:3, J 

So Uncourt ISP) 23),© 4 «l 31 U. .. { 

ssras sc-tssrai «>•. w. 

Stick Tf 50 )^ 84® *1 j# 1 1® "B*j 6 4 >2 iazja); 

10'racDb. 891:0 <22 3l 
Sharpe Fisher (ZSp, 44 ® 02.3* *■ ■ 

Sharae CW. N.i i25p*_ 142 i£&3.-~: 

Shaw “ 

Shaw .. . . 

Sheepbndge _ . _ - „ 

Sherman iS.i 11 W' 8 9.«20j3i , . 

Stdlaw Industs. >SOp> 84. 7'dKUkjnro 

StcbS* Gorina" 1 ' HWtoi'.iZSp' 15H»5 .. 

Srimunight hi do*. 110*1 78 .«ZK3J 
SlleertherM Gp. - I1 Dp« 1«0 -( 22 i«v-* - . 

Simon Eng. (25*) 202 5 - 

Simpson SdcPI. 36® ,ZZ;3) -. 

Sirdar |2SDI 57® M B 
600 Go. IZSoi 73® (2213k 8 ijoeLP. »0f 
Sketch toy ,25P> 97J> ~ ■ 

SHnfjyiv <H. C.i 05*1 28 (ZZ.'Ji ■ 
Sma/tviaw iR.I iKWIiwir/ ,I0 J» 

Smjrth ij.’ <Co«traaorsi ilO*> 490, 

Smith Ncpnew Assoc, n Opi cl ‘s 
119i : ® 20'j 19'* IB's _ . , . 

Smith Wall ,s (25pl 56 Gl'll 4 -* 

Smith iw. H) Son (Hldov) A-<50pJ 
58- -8 (10P) 29 (22,3*. 

Smith WMtwonh. l5p> " 9 1 )®- CKfcSVj. -v 
S mlthi tods. (50a) 1630. jfHpaS-'WJ T 

Swiff (Jefferson) Grp. J2 Sp) Vfl9 : 

sotnepy Parke Barnet Grp. C2S«». 2280 
Sound Oiffus/00 rSu) 41*s (203).- ^ 

Southern Cons. (5pl 7'i 
5outltoa<J Stadium .tSpI 15 
5pangu> iG. W.* OOpS- 106^1? 

Spear and Jackson Intnl- (21 
Saeneer (Ocorsol (26a)-. 4k 

Soniers (ZSp) 2*i9 ** 5>** m - 

6peW. 52'-j (22-3): TSracDP. 72 - 

swrax-sarco Cm- &5 p> 263®. -. i ■ 

Spooner Inth. (7® 49© |Z 2 W ! 

SUHex Intnl. (ZSP).- 14 12 , 1^13 3 .. 

SU9 Furniture HI dot, lOocP).,*® (Z®«. 

5i*k1% (Rco.) Ora-. OOP) 36- .—a,*'' . 

Stonier (A. GO Kkhn. .rap* JS3 (74W 
SUr trite Eng. Grp. cSoal ■§} (U® J - 

Sravejey is ^"d»- sa**!" «1»M. ' W* . _ 

Stead and SlmpMn A (Z3c) l40‘ 5 
Steel Bros. Hides. tSOO) 364 a. 

steeil-v 1 ZSp) IBS.- [7 o.^7acL8 . 1 '.Wl, 6 
Sterling Indt, ,2' pr JS <21/3’ - - 

Stewart Ptutks (ZSn) ISO JI 
Stone), 1,1 HtdDB. (25W)-B6*s0 
Stone- PlaK ind*. iZStjl 100*1 
Stormonarff UOol F iMttl .'. 

Stolhert and -Pill ISS 31 . 

Smcciers ot Godalnting flOp,- 
Stionp uno Ftthor (Hfijga.) t2,._ ^ f( . 

Sturt* (Gcorgci and Son 1 ttlBl JO .+*^4 -. 

Stvlo Sheep 125*} A4- 422 m- ~ ] 

Sumner tFranrtu tHWus.TflOW W* ‘ ' 

- >*,! 
j a 


^ j * 

Supra Grp. 1 IO 9 I 
Sujer Electrical <5WJJ 
Svlnno (25W 97 (2113 

37 V..,-. 

MW' i 


J*p* 1 1 0n) 28 ■.-. wnrig. 

Talorc Grp._.rtpi.SJB u. 

_101 1 2 

Faroioc — 
iTrcn 1 

M 987.021 '72».®.ii# 

T ^**. and. Lyle 206® . 1 *. 194 . 

B'-ipcPI. 58. - tOtml 

13KUM.U). 311^,| 

7. 02 ' 72 1.0 .^^,'‘*1 ; 



lato pf Lcedy 

* 4r+ff€lMui» 


Tplrahatte - - - — 

Latnam Hldu. 1 62* 60 56 Sanford Concrete 1 1 0a) 58® (22(31 
1 Bcnn Bros. '25p' SS i20,3« 
rtA) • ; Bcntalls MOpi 29 IZ0'3, 

Bffnttma ina*. asp. 2 a*j: t 22 3 » . 

Brmr J»n«nn Nicholaon lOoetD. Bd 

Bcnriord iZbpl 2.14 
Berwick Timpo iZSpi Sis* 122/3, 
Betiobril <2 Spi 141 ( 21 ,5>. ; £t>C*n. 37 


fM .ll 

Australia New Zealand Bkg. Go. . .. 
210':. (Del«T#d settlement i13 4'7Hi 
saw 217 'Z2 3' 

Bank Amr^fca SUS1.S62S' *7.10 .31 3. 
Bank Ireland S45® 7® (22 3'. lOocLn. 

fffa^ NSW^tLon. rea.i .-SA2r aja (22/31 

Dettri Metal (ZSpi 69'. 9. bpostPt. 

, 47 .;® 122:31. 4 rocmapt. 3S,i 7-koc 1 

. Db. 74/,. lO’aocDb. SSI* 1 

! D’T^soiv 9ocLn. 85': (20 Sl 1 . 

• Desoyltor Bros 'Hldgs., C25p) 132 (21 SUlflS” 

1 : Stl^pePI. 59 r IZITS) 1 JjJffffl J"d HIM (25p) 80® 3 go,, 

'Dywhirst (i. j.) >Hidcs. ) ' i Op* 5B (22 3) 1 Cm 10 "? a« Joe Group <S0a, 9 s 

It Partner ----- - — — - 

I 0 n> 16 

i Dewnurs: Deni IS® >22 Si 
J Diamond Sirius .' 10 d> 20 (213) . 

Dickinson Robinson Gro. (25o) I ZOO 20. 
j 7-'*esLn. 70® I'? 

1 Dlnkle Heel (5 p> ) 3 
| Diploma inirt. 'ZSpi 137 <21 31- 
Dlxon 1 Da* 101 Son Hldgv (2 Sd> 62 
! Diyons Pnotobraobic ifOPi 148 
Dinar C5p' 42 122,31 
1 Dobson Park (nos ( 

New (50p) 

j Dcwhunt ‘Partner MOm 'iauT” A^Non-rig! i V nrt ^ tZSpr 430 I’' ,, 'ncw ( ?23p) 

•' 01 ’■ 1 hiii rciuries) Bristol 113 ( 25,31 

HiMardy tlOp) 200® i«/3) 

(10p| 79® 8^0 9 S'r 

Hlltpns Footwear (20p) 7S t22j V, 

t!£SE, t 2! m " > ^ V^P , 71® 3 

Hocchst Finance 10pcL». ny-. 

(S.) (ZSlST Ti. fl/ i2pa^. 



Holden (Arthur) <25p) 62 IZOIZl 
Hollas Group ,5al 55 
Holt Lloyd Intnl. (10a) 124® 1 a, 

Homrrav 125 a) -4B>^- - 9 1,1 


wnjss 870 * ,2i:dK 

35F8SS &'"**■ 1,4 

hlurdin Peacock MOpi B2 4 
Nu-SwIK Idas. ISp) 22i» (ZZ-'St 

3 ■ST.JSf*’ 

, T Aasr.SKIK'Ba®®-. 

I Tern-cnnsuUte 'ZSp^ZBB 1 
1 Jjiorca iNktos J --rapt SBt® 41 . 

7 bc I Vaoro (So) 9 ■- ^ 

7bc Thom son oro. (ZSpi ^g®a® J. Jjfd 
Ord. <25 bi Z080. * ■ 72»c lu«. M 

1 |i L, J w Cartwro «6pV 44 1 ) 

Thom thK. iimapr^ <a»pj aoto y r 


Deposits of £l,QQQ-£25,Q00 accepted fnr fixrd toniis txf 3*15 


10 } 

T >•'.* SOi 

Teiros lypttrs) 3 4 5 

Interest .% 9+ 10 ... 20 $ 

SSt ?™.V. < SS3S5? payable to “Bank of EnpTandL a/cTFl-l 

FFI Is the hoiaipg company forTcFC aS^r 


Hnanrid’ 'Times SaturdayMarcfr 25 1978 

*b»ert, M* Thn yn f f 

4ri»cL a. 73’: Tor Imoune 


4bpc9f, Jfit Trans -Oceanic 

TtajwMrtM Tat. fttnl M. do. Triwcftf, taa)«r < .»am£d . (»>> ZOO <2fl/3> . AMfl Xariltr Be*. ZlZ'ci i| 

17? b Town clfl Hyp. (Ifiy) IZb 13U tZOuS l S. H. Scut* 73 

Tor ImoiBient- Tst. -Carnal ( 2 S 1 M 104* .IW'JM >31* IS- SpblApeCav.ta. ; Bankart Trust N.V. 07M . 

. Tjt SSPl 1483 * <22 31 . . 

I Tribune Uiveatonvht iMe) El 2 (22:3) 

7ri» >4 b I Trh wc v w t Inc Sits, iSOel fill; 1 (21, 'Si. 

WMger Hogte QOol '141 *# 'is® 4, 

5WB7Mr e S6 , ,J*S'*P4*!i, 

T'-xweep CrBUD I 5 p> Ji, 

'Travl* Arnold > 55*1 fai* gn 

?s*8§S!-A ViFl 51 ^ * * 

,w *• * cKsm Tax* h± T^soV “ wiS (SoTTi. 

p rail 3. ' ■ ZMMteniascu ltobWSl WW*W B-^cMt-Ob. « 

- T * -• RUBBER (J 8 ) 

te — ft fSKBif""®- tWiA 

i United States Tst, Invest, rand HUSH CasOrteCd IK ling) nop) 175 

SHTW 46 _ 

5* (2i;3j I Bougainville Copper 930 * * 
t2Sp> 22 120.3) British CB-:tra|led Oilfield* 31 
67 Bukit Sembawang 57 a 

!i 3 i ‘ ■ 1 Tnaeea Con*. . 2 Sgi i:oi- -wa 

Tat. -OOP) TTftes^e Invest. Tit- CESpj 94fc k CSOt-3) 
1 UtHttd Brttlin fine. T«. «« \fo PH 

! canidixn U "court * 

■ Cfifls-Cratt inns. 730 - 

C4u« Neon Light 23':* 

[ conuoc Rio Tiro Australia m X 
If.EC. B’aoc 1976-BJ £47 in® 

1 Endeavour Resource !2o 
| Fai to.. bridge Nickel is: 

set. Pond isusii Castlefield (Klang) nop) 175 Fa' to. .bridge Nickel 121 

1 Chersonese CF.M-3J rlDp) 56 (22 '31 £««• C®n* Bh'd-ng EldV, 

Tst i25p) 49 k# Cooed. Plantations (1 Ob) 122 * «M -'■» Cwhnind corn, £i 0 >«# 
301 66 *%® J*r Do. Wurants 43® & filial* S I HWQS. 185# B 

Cvthne Cpo. 2ss® 5 304: 2 302. 3«Z5 ' H«w Par 29 
r. Tic vurraoci to ) . ocPf. 47 121,3) 3 * . Hom Kpn« Land 1 14 

JJW ' 

Xonlcs Int. (JUS 0 . 10 ) 490# <22/3) 

'Trust? «MP» 77 I Me Holdings (10(0 3T <21131 

I"*- Tie l?5p> 141* i;* 3 
tn*i?rai e 3 , ,n *- ™' ,20p, '* 7 - 
Bninner I"*. T». QSp> 820 (22;3i 
Brycoun lor. fSOol R7 1 i» ■ • a * 

u3J5i_?^. ,2 ®-'2 _ Hannans Malaysian Em. (IDs) 71# 1 

WlnterOcrtlcxs TSt <25 pi 175 HIoMandS and Lowlands rSMa.OJO) 86 

W H«, ( 25p> 74'-;# 3’]. B 1 In® Kenneth Kalina UOP) 65 C22.'3i 

i £?* , e ® 1 4; - BCf,[ - 3»* ■* #pc | Kuala Lumpur Kioong »Ma. 1 ) 51b 

Ob. 69k 00 31 . ■ 

Yeoman Tsc '25m 149 <21 2i 

Yorkshire and Lancashire Irr re g Tic CZSp) 

n Sumatra noo) 139 
it '10a I 61 i2Q|3) 

a l"£« JSMa.1) IB 122.3) 
n Hides, hop) 72 

■ Hutcmson wiumpaa 7-;pcP». 18’** 

• Mt. S»sien» Controls £16 7:0 
: jarfline Matheson CUS2.75* 21 4p 11 
Jarfllne Secs. 96® 

I Johns Minvllle £23«* 

1 K ultra Malaysia 41 1 , 

Kulim Malaysia 41 1« 

Lend Lease Com. 197® 
Names |t aPC isaa «iv ■* 
PpncontTnrnal 74 7c to 50l® 

■ Ppocentinanal 747e, 
• Petfotna £ 9 a 1 
. 1 Price Co, 645: 

iob» tj. txyji 

rlifHrwt iSfip?* 

v 264#;«-« ^ KSSron HidS. ion) ‘ 72°” I N WS I^ Tfe -«B 4 ■* 

Yowm companies Invest. T*J. T3 . . 1 PpnCOTCnenUl 74 7k to 50*# 

UNIT TRIIS-PQ TEA (1) ;p«rotna£90 T 

K -■ -I^JRar * 

% fi 1 wmaosA vtm 

M. 2 «5f C. Far Bastern arid Can. Fund Inc. TRAMWAYS (-i wSlSk Warden A 26 

Units 41.8® 80 lnt ' Anelo-Areantlne 4pcSrdOB. 77 C21<3> I 

M. and a. High lee. Fend Inc. Units 100.2 CJft ■ 0 * Buenos Aires Tramp < 1 BQ 4 < 234) MARCH XI 

i Amw. and Gea 1 
DO. Actum. Units 

S. Extra Yield Fund Inc. Units 
!. Far. Eastern and Gan. Fuad Inc. 

FBouga/iwllle. ceoaar 91# Jt. 
Brit. Conta. Oilbeidi 14--0 
U.w Gcxi 7'rfccn«. £9S-<# 
Csnuilr 46;® 

Drtvfus Intnl Ctnl. 8751 
( Fcschlni no':;® 

,Gen instrument £120 
' Gold Mines xaigoori-e 60 5 
(Haw Par 36;.* 

I Jardlne Matrasen 204 
1 K ull*v. Malaysia 42 ■ o 34 
Metal Ex. S: 

Nlchebs Inini. 71 :• 

Par. Copeer 34 
I Pel. Secs. IS 
: Prwer Con. Canaria 690 
, Reynolds A 112‘»: 

l Ruviel Wdis 12 ;® 

: V udder Queues* SlO® 

S.A Manga rest 280: 

I S A. Merine 102:* 

1 Stnm. Pac. Pioos 7’. 

; Swire Pae A 95’.- 5 
1 Unlroval 535: 

V.S- Tat. Nem York tl b ■ 

Ivamgas BIS 

iwnoetack Maro-o A 8«>;* 
[WhTfiUrk Mint '-re B 5* 1 
! WeotKid* Pen. so: 2 
iWoolworth f Australia) 1202 

t Owab HWHWdf *1 » „ ... 

1st. P sneraa Housing Sue. Con». Lni H#- 
l .".-oc kn £10 
1 Uragatc InvcLH 55'’ 

; Viking Oil I6l>i loo 


BiirreUBb tjames) 105 
Castletown Brew 160 
Celtic Basin Petroleum 73 7Z 
ClArmiCO 34 

■ Clvoc Pe-roieom 130 >26 

I Dart V*ll»r Light Rlv. 35 ' _ ,* 

. Easnuume VV«en»qra» ISoclrrdPI- '•# 
iur.A p.M- Tit. 12 11" 11 

■ Gatfcx -I idonelia) 4b 45 4 
; Gale iGeargct £45 

| Mew Court Natural Resources 1 7-i »u 

. Qlaham Brenerv 02 

[Queen Street Wa'oftoui* -Hldgs.) 4 

J <o.iifem Neweaaoers 2*0 * 1 3 
1 3M umtc« Kinuoo™ aspeCum rt. «h 

i U route inva. Et 55- 
I VlkmO OH 161 

| MARCH 20 

.Ann Street Brew. 585 

.Btvth Grrene Jourfiam 153 

loh Ik. Fund Inc. Unite 100.2 ! * ueno * Aires Tramp <tBQ4< 23k) 

iRssswMv'Sar 1 2a * ■ 1 


HMorrion Goaht Mining Ama. Wo) B2 «gt«- Waterwm^ 

M.IJ4. Holdlnop HAD .50) ISA AS (21f» Con.DO. 29 raiVBi.' 

Metal Ex. 1 CM 
Myers Emporium 146 
NZ Forect Prods. ISO® 

M-IA4. HoldlnBS RADJO) ISO A5 (21131 
N ( “^ 3J Bro«te« Hill HMba (SAO-503 BB 

P ?22/J) Mln,l,> CicpIOratiDn (fp) JSk 
Wester? Mining Cpn. OAOJOi 104# 5 

44* Sim. t 

amax inc uusu 26 a; 

I 4,SSdcP( T f p-i? Nof>ndl Miort £l 5 f, jj 

!■ ’J^SSC « SJT?i« * * 

-Sue 38®. ASSncPt. ^"^>st5k* SU530 * 

dm.Jai. 2B C2V3.. S-ocPteP.lSi. 2?U 
Canada. Wtr. 33 k 38*. ASSacPt. 

arxjrsspaisf,. *sj^s. 31 

'CHtotr Duovect 495- 7= 
Sean Roehurk fU524"s* V 

rtta-titv i raoi 

/(Knar 030) 

l 3 (22?3p 

W— -T—Z 

V. B’.nc Gen. Consltd. invest. Tst- ( 2 Sp) 7S '20 3' «®AX Inc. UUSU 26AS 

==• ' or iw® S%pcLn. General Inventory Trioteos <25*1 -SOU ?F r *l t T, J Wolfram £26*) 52tj# i21/XI — 

«**7*8- TOijpcLn. 99«o .21 H Charter consolidated (ftei.) (A5e* 119 ® mw Sussex Water 4 9 k ifml* 7 *e) Max 

(SOW 24# £22.'*). Genera'l Srr m Vi tliiJ 7« <Z2>3). Sueft * 2 D >. SpcCnv-Ln. 68 * 51 rr? T y> 01 ta "‘ "•*- 

Lloyds and Scottish £20p) 97. 42W rJl 3 i. * i*cri. ContOUdaced Geld Fields (26p) 177 B A Nortfr lunai Watmr % c w m ... 

5 ru ti *v« Ftn I -u£R a ' 8 Goows) Stociehoiders ( 12 W 101® &231 9 .T^Lo. 62t i22J3). S. Stehordabire Water 2fi^Trtm(5®8oc) pf. 

EE55£ r« <7 al * Glasgow StkhWrs. (23*>#7~ (Z1-«)^^ 2^S4- 5? BUoeLn.?/ 122)3) 21 . 42® 63 - V 2 orj) lrorr ^ ^ 

j RULE 163 (2) (a> bivw Tirr*«» jo»«A*n im 
•A ppllCRtlons Rrantod for »perHic ; c!va? U Petroleum ’ iss 124; : '24 

bargains i n seenriries not listed : ^^“^/vioVH'dgA'B 

on aw Stock Exchange. ^'» a R 0 ^ B A 1R k 11 V iih i’t 

MARCH S3 1 Sffw ln*Mn Vrno . 

All England Lawn Tennis CSODto. 1980 1 Guest Keen Nvttel/olds (U.K ) B-;PCGtd- 
£4-200 Qbs. £B8‘. CBSI. 

CampridBe.lnsl. 1 « __ Insh Marine 011 32 _ __ .... 

i ; Cedar lDJSnrOb. «6S>. 4*3 Mid SoutMrD W«Br 5 igcPerojDb. CSB ; 

[Cehlc Basin Oil fxnlT 51 Mid Southern water 4pcParo.Bb L2B-> 

: Chide Pet- 134 1 32 1 31 New Court Natur-il Reuuiin 7 

• Dollar Land 18 14 nm«I Computers 97 

ootcuvrella 27 Narih Sea Atletl 12) 

1 Etdridgr Poor * 176 .. oidhTm EstaiVs 110 

' rnj?"r % a 1 1 '* 111- 11 PartlSiiOulh Water 4 or Pern Ob £27 

J i 12 11-a Jl«i* 11*t it jt. paper** Mt>— -ofl SoC.nty 2<.-P«Ln £9 

j M W^ SunMIl litv. 200.. 200 Urpg.lC lnvs M 

' 850 * W 800 780 ! V»™V.t5; AutnorlW *pcP ent-Cor^. 

I^Ma.^.'USsTU 236 ^ 

»Jb v t8ST£ 32 .:' RULE 163 (3) 

St”p.ncr«, Houning Sor 2«>PCLP. ill [ IWlrited for WW* 

Southern Ntwsaaoers 22Q COBtMaies fUBaged SOlety If 

* | mineral exploration. 


iSSSSffWvH 15 < Bwf^ 1 at» 

cmJHo.H'SEdSI T sSri' 65. ’°Oed ... l-.! MARCH 21 

5'x : C.C.P Nori" Soe Astots. 9S0_9Sfl a 4 

Critic Basin 0>l txpin. SO ' Gas Oil Acreage Hit ed.i 92 ■■ 

Charvh Arniy Hauling Soc. 2bpeLn. £10 r Slebrns 0<l Gat >U K • 245 3*l*a *60 

Klrth Greene Jourdaln i7si; 178 
Buriouoh ijamev Tio 107 10?> 

Cedar 1 0.SopcDp. £6S<: 6S. Ord 6>t 5-'* 

Cvlnc Basin 0>l txpin. SO 
Chary*. Amy Housing Soc. 2bP«Ln. £10 
Channel Hotels Props. 18 
' Clyde Petroleum 1 30 

101 »t 1 97 1 02 'I l ggSJSSJ 1 A 1 "* * WllM 53 

Udlouttan. Water 3Jpe itmiy. Spc) 87 Jotas infLrummTt _iUS«5-’» 

•Ss & H ^ B V4.s irt 1,5 «•» 

. ’' fir 'C- W.) Nlags- -2fib| J-IS (21.31 
82 7a 

ate \u . 

vV^i-Vn ifVi &Vif 6 ' 31 

X*!!'"* -CHJow (Huldlreaj, riSD) 87 I21.S1 

ssi xr-pyte n 47 ‘- w ® 

spcPf. MoAwitile Hides- ciopV 14 '. 

I gsrpm be (ID*) 12 .;* 13 12(213) 

o S ®*p- -iasp> 91V* *£ 

- 51 me Da>-bv Hltffls. MOol 72 4 - . - 

15 122-23 R!!!» -Sae. jSS^BS W 


>-21. 'Zl . 

0# MM Sussmi Water 4 
I SI £22.31 

-WK. -r*. — Texas Pic. Land £34*s0 

Bee ilmly. 7 pc) Max. wl tw^T rT* 1 * 81 4 U 
3 ,5 k PI 38* Wheslaek Mar den A 37 

'27 K rtmt5®Sod Pf. woodstde Pete 64® S 

iieotfovon (25 q. 7#u. warrants tub. 3J» r i t ¥ us i. , J Suodertsnd^. Sh ft idi ?ucDb. 73® 3TA1 

,3 a23i. B. -250) 76® ^Oro Mining ExploraUon (10p) 90 ( 20 J 1 ) I Sutmn D»«. Water 7pc rmty 1 Opc> B5«s -mpoi p M y 

iiernmirrav (25*1 62 121 3i “"ST, Tin Mines New 125 p) 120® IBI/SI. 3.1SPC <fm y. 4'iKl ft. 34 (20:3. aSSSo fi21.* * 


13': 14 

121/31. 3.13PC ffmly. 4 '-pc 1 pr. 34 f?0;3> Ziuura ini.m. * 
w*« jC ont Wa ter A2PC «lmlv. fcic. Pf. 7fe® ASrt^Maiwiwr £16>, 
York- Waterworks ,3.Spc ifmly. Spc) . " atn w*n9*mge xto-’* 

J Dotoswclla as 

I Eutbourre Walerworkl S.Mtlff.Pt 143 
G-R.A. Prep. Tsi I*.- 13 ill, ii»« 11 : 
)!".» 11 ': in* 11 

Greenbaven Seu. BLncDn. £67 
Guernsey Press 33 
Hadley 5hl**>ng 80ta 80 
Htnrf and Thon'Bion 8 tncUnvLc. £34 
Jersey Gat 5peACunt.Pi. 3B 
Lifeguard Assurance 25 
Lincolnshire Standard Group 25 
Mellett and Son (Antlauosi IBOI* ISO 
Oldham Estate 114 112 ill 

!1L\RC1I 50 

CCP North Sea AteOSiatrs 9 So 
r.Pt 143 Gat and Oil Atr*jge .IB* *aij *t »0 
I1»« 1 1ts. Sieoons Oil and Gas 'Uk.i 240 

' MARCH 17 

CCP North Sri Assets 9B7 1 ; 969 
'1'iff OH 401 

Gas and Oil Acreipe MSo od 1 90 
3U>ens Q>l and Gas HJ.K 1 244 242 24# 

•Fl/ POTOtaaniw nl rbr Sfrrk E rrk'JRf*> 


I Greet Nermern n»< 93 
Group Mveetors ,'2 Spi 481, (2r3> 

> Guardian Inv. [23 b* 89-; 70 (20 S> 

-40 S° 39 ‘ 7fcw- C n = * D , , ,, SS ’* * 1 * 1 # 710 ■ Hambroc-Inv.* '2i«u a Oh* 1 ® 1 , 80 ; 
uJE.? ISWPklUB Harcraa KOsl 21 riVSI 

"teO" e«n raspl 97 B 8 
West of England .(2*3) 441*.. 
Yule Catte (io») 80 ^ 

GAS (7> 

Harcraa r: Op) 2B (21 J* 

Hill (Philip) inv.. 1 641: [22 Si. 

Aecumlte. Ord. C2H) -troi asi- l 

1 Ul. asr* 

l> Saint Plan US a) so 1 

Selection Trust ( 21 p) 385* 90i 5 84 
Si*KPf. Sllvermlnee U^oTm 

South Crfifty MOal 4?® • 7 

Hume HUBS. A^rzSP^T}*-^ SH.^8 (2£p) Tehldv Mleerele. (lap) 45 * 
)0'i -2231. 8pcC4v.Pf. M (JI3l utsTTr nnnn«*, 

lnduGtr>4' General ra*o* 48 U. 


Vaverlev Cimeran i25pi 155 Ul'St 

Wrarrs Grn. MOh) 26 :2V 3l faulty Law Life CS 01 184® 4 > 2 122' 3) 3erarv EatCRWi Mpl 121« 

SearwMl.-spi iffu :2rai G S2 eral Accideor Q5p) 222 H t IB; 22 KevMons rson) 124 r 2 J 3 

Afebsters Pubiicattani -so, site 1 (21-Si ^ 20 _. « .. “ . - T Lake View rase) 7S*», 

ywwwood f25ni 193® Ewn«ngef25p> 2SO 26. Law Debenture Corp. ?25i 

iSiwj*- . ,S p ’ 244 ,2D, »- 6itKuns - Hsir^i^aSu^p, i 9 o, -. tsssss * i s- 

fag e Star (2Ssf -143 JaiUbteJEPei* E2Bpl‘1l7 (2)21 

faulty Uw Life (Sol 184® 4 > 2 122' 3) Jersey External Mpl 121#.l22cSi 
General Accident- Q5p) 222H t 18 : 22 KevMons (50n) 124 ?2*$) 

20 Lake View <230 ) 78b, 


DtVJ J7* (2Z'7ll 

Bochiess done in securities quoted 
in. the Monthly Supplement. 


Wadg PgtftrlM 6 kP 1. pt77 

.MARCH 22 (2) 

Bulmer Lumb (Hldn J 8ai ; 

MARCH 2) (2) 


Uoirayal 4i^eRd.Db. £25# 

I -.MARCH S3 (NO) 

BULE. 163 (1) (e) 


Bill rate higher 

Rank or England Minimum fSOOm. will replace a similar of Treasury bills to finance, the 

Lending Rate of 6) per cent. number of maturities- note circulation increased ahead 

(since January A 197$) Day-to-day credit was in short of the holiday week-end, and the 

The Treasury bill rate rose by supply in the London money market was also faced with repay- 

Jioliman Engineering «2#pi 46 ‘r® 7 

V -jz s? rom " lcfl 5prtnfl 11-SOcftt. 

'Amtighnusi Brake Signal (2Sp> 3 
yrnland AlrcraP. I25t» 44® i, Sh. 

iti % 

5 »c u ?.i a do 0 ^® aa • ' 

Hogg Roblnie* Group C2SPI 190;- 
Howiion fAlexanderi Group (10P> 17B# 8 
Legal General (S pi 1521* 1 . - 

fiaw&assWR'Wi « Wirfwr Corw - of » ^ 

Lond?n & Holyraed Tat. Spc ft. 42# 1. r5^o*DWt* ptSiSm ( 1 Ro!i**i 1 75 Stli21N ^ 

Londtm £ Lennox Inv. Tat. CSoi 63 BjyvaoruiQjcirt cold Mining (180*257 330# 

London a Lomond Inv. ‘Tat. (25p) 82 Bracken Mine* (RD-BOi 90 

^SJ2L\iifiS2? 0 J n,r ; ^iSS 01 <*s# *».» onniNi <,r iict^A nn , n 0-1327. per cent to 5.9S32 per cent market and the authorities save ment of the money lent to the 

A^Amarfcap co*i (Rojo) Jos 3, RUJJ «» J™ at : ThiW’s tender, and Bank a moderate amount or assistance houses overall I on Wednesday. 

A «% to ioSWP Conp ‘ af South Afrh » u ill M«g* diock Bxcnang Q f England Minimum Lending by buying a moderate number of Discount houses paid up to 0$ 

Aeato American Gold im. uni \us 2 i\ % - MARCH *3 Rate was unchanged at 61 per Treasury bills from the discount per cent, for secured call loans, 

,, AAterttep Toi. an# Toi. £47%:® u® cenL The minimum accepted bid houses, and a small number of and closing balances were taken 

™>niite«rt Goto Mining (R025) 330® R^rijm sank SUS344® was £98.51j. compared with local authority bills. at per cent. 

I.T&, eg J ^9 £38.55 previously, and bids at that Banks brought forward verj 1 In the interbank marker over- 

comoikteted Muirfuiwii iRo-io) mo SB ^ level were met as to about 4G per high balances, and substantial night loans opened at 64-6* per 

caro'xrtansvnflic.u <Rc. 2 Si 88 £ SoMviovTiie 'toaocr 93>v# s cent. .The £800in. bDls offered and Government disbursements cs- cent., and remained between S per 

C22,3) _ 00,8 ^ 24M SSS^iter'"* 1Ul(K allotted attracted bids of ceeded revenue payments to the cent and 6 per cent. 'for most of 

^OMSnSBSPL&inJfiH/Sfrav ci^rlT- i=. Ln“u 90M BJWMbl, and aH bills tendered Exchequer. On the other hand the day. before closing at 2- per 

Etet OfTSS &Sw%ii"hiB , R 1 ] *85 were allotted- Next week a further there was a sizeable net take-up cent. 

8«ug?iov^le J '£oBper 93>|® S 

dTDitt . (Timor 

mi\ •»w 

Sun ufv A S »ur. Son :3o« 98 T. 

w 4 » h 4 5 m 6 :^v '- ,>ta,n, wmb.nnr, ; 

S". S‘i24 5 %p^ f ” 5> IN\ r ESTMENT -TRUSTS (309) 

2,40 1S * 28 30 KS 3S" T». S’ -■ 

?=i 3, « WBW'iiiWi 

Wlohf CBMSIrucdon Hlflos- (25pi - 1 22 


WUkvi .'J*m«l' ;25«l 54® !22 Si ‘ 

S l lkin* MKcftHI 'SBn 3“* '22 3 1 
IXkinnn Matth 1SB* 5. 1 0acCnv.Uro.Ln. 


Lwidon £ StraUKtyd* T*t (25p) 36-j Roodisx)ort D^ B f81j . ©tWrColumbU f*l! 4.MPCM. 90010 

London Auatrair* lov- (SAD .125 (22f3) |«« DjMjSSj^MMP*^ " AVlI^aff*) rJSSlS jSmancnt *i)u« 

London (nr. TsL t5g> 3® 3 U 122(31 |^t Oflrtonteui, GoU MlMng iRI) p683 "iph 1 

London Marchont -&K. (25 P» 77 , - |Mt .»4dB. CoraelMpiad ^ goimopolllon FTom. ZB>S 

London T*. DM, B5rt 177®. «DC La. «5 MMMb '(IWJOI 111 ^ ttzui 

M, ,m 6. 1 Du4l T*t. 11 Op) 187 raifS) *kbura Gold MIMnb .R1» 118®- o^Si£? t ul £ 2 S?f ^ 

'7: If- »• s. §»* SL5 ,l S ld , ' , g i f D D k 9 p, t^ 

MMMte «s: . 41 -pc of. -yfif-gy °- 9B e-w 'i%3> • ' , * 1 

36® ( 22 *3) - Gep«rai MlfttPB, Flopnca Cora. f* 2 > 16 ' jd gSh s w 

Mldi*nd TBL IlSnl 74 121131 . ^ S.ft. (RQjgy MQ?2 f 2 n 8> KdBm'a^V K3B# 

Monks inv. T*». f25»l 43 <t®. h " Orapriatera- Mine* ifto.U' 91® HusSlion*^ whom™* 69';® 71® 

MonNfl. Boston V- TA.^IO*) S5H® i ** *-2 J32 3i PrrtStettooal M|nlra c” 8 

<22.3 1 . 'R0.5O) 333 aa»3i J»rdi_H*TlJ*tl»f* 0 - 212® IB® 17 

7 : Ej''g? i;\gi ; n°f SW?i 

ii. i„ 5nv "ni n P ‘ U ,s f*- K'o«f aild Mining (RI) 410 ,29 3> KlP Ora Gold 1® 

n luv. TA. Tl( 

I. «S - . 

fop) SWi® 

Alisa Inv. Tn. (2So> 9 
122 V'»*’C* l-V: l25oi IT- 
AIKanro T*t..l25p1 1971 

» a. - ■ • ; 

0‘acCnv.Uw.Ln. £“^,^(500. 1 Wfo^l 

•11971a. 4pcM. 3S (31/31. N 'f™\ ruM 'Sterling 

I <20, 3) , • IZ1/S) 

4oc Ln. 701- 02 Si LoVe GoS u "™, 1 .' 1 '! 

NOW York £ cunmorr | n v. Tst (25B) [ ,• MtelrJul 

N 'P«f Fund "Sterling (10p) 255 6 J LiLiuK^GoM Mines ml 

(RI) 410 (29 3i 
(R0.6S) 33 Q® S' 
og (Rl* 04800 73 

J tuning* 'J rd*. 991, 
K. Mtri £i 9 •* ;S 
Kip Dra Gold 1* 
Kullte 'Malay *>■ 41 

Mining (Rll 04800 731* 86 M*ttje*on |ny Conr £97 

Mines rft1> ISO 94 ,| Hew M*teV M^nvi 1.;* 

I Forest Pi Arigptlc Secs. (25p) in- 
Nothorn Secs. Tst OSlU. 95® £223) 
Nonitern s-ecs. Tst. (£3 pi 95a '«2| 

-g Pte-inum (BO 


No* ZodUnd Forest 

Marieval, Consolidated Mint* (RO.SO) T®' 8 * 

*nu™ James (Engineer*! (25»i 5? A^brara Ijh. ■ ^l.' ,, |newng 2 ?25»l 67k ■ »*: j J^« a r2i r j) ,,,1,ail> BeVc,a F m «« fMAOl 

W Miami. Himton Grn. :29m i 25 (20‘3) . Amtrtcfn Tsf nw,’ 39V® £■<•_ ri rma i*iijlv*”scain t/^^nv 1 °Ti?. ( uai) 72 ^ a C#W ' exP,ar * tton 

B'WTiSJ- ■ . : ... .. . 

Amaricdn Tst. C85fi 
Anglo American Se 
Db. 67 h®. 4ncLn, 

077® North era Mining 10. 

«0A0» flln(teri 3 

"™.5u r, 2rs??r g s-srSiw* 

rod*. 152® 

DO (Ptv, Pd.) 

' aitr’ing 

Mar. ?3 1 CwHVMf 
lOTr | rd >1> 

lyfiraiaht.,....! * ^ 

<i*y- ncAWr.. — 

•i« iajpao* — 

1 it»T* notice- 

Jnomooth 6i*-6A 

Tiro month*... 1 b •. cT* 
l hr«e m.iatii..| tag C l< 

IX munih*.... 61* as* 

Vine luoath* ..{ i,\ i,) 

•liivnr. 95* 4 , 1 , 

I *0 nor* ; - I 


L> *1 

71, 8 

I BTg-91* 

■t» ■* hlllh.J 
; negrd.liiMn J 


65, frl* i 

fJ,rl, | 

6 j, i U 
’ll, 05, 
74* /l, 

Ei 11 * ix * 

Bmiie ! LOmwo.v 
Depraft* | Oeposllv 

. U>i,«nl 1 

Unmapyl niarkot I Trenton 
OoootH* leootit . Bill* # 

Tin* Trad* 
• bin*® 

ar.Ai« . 
Bii-Sfi i 

viLucs.Brcdden |Hld?s 1 flSoi .63® 21 
rif 2*» ; 20orP(. (CiwJ (2 Sp) : 

Yiitnn Bro*. T2QO) 41 (20(3) 

Vlu<n ('■nunollv) Hpldlnol (29o> 136® 
VII? on Walton £«*. (fool 69® (2213) 
-V*v G 1 12501 72:.® 
v<nn Industrie* (20o) 41 (2113) . . . 

Angio- Inter.' inv* Tit. (2Sai 4 A*? 4 e'tt 2 ;Sl, tSSo) .109 122:31. 5pc | Rand -Midcs ProA «IM) 

30 1 | 1 (5* Tsri U5pl 37-6*, PfSfni" 8 Tst - 152';® | BandloinvIn^Eyt*. Gold *> 

Omega oil . 7 ® 

Po*rar Corn. Canada A 5C9i«5# 

in»_aui pMUp.Mmvfa £450 

851,4® 5ffl .10 *0°* 

Anglo- Scottish 1 
Archimedes inv. 
Ashdown Inv. 

(Wl« 7 * 1 , 1 
Atlantic Asset* ' 

Alia* electric Gi 

Mining Wirvaten- 

Pesca Dll 70)0- 
Sit. Km« Paper C2&VWO 
Scudder Du Ovett *USS<><. 
Standard Oil Indiana £36’.:® 
state Broadcast) rra 000 
Soirthern Pacibe Pet*. 98® 

swlra Pacific A 103 ® 5 *b 
Thlea* Holding* 1 60 
TrKontlnenUI SCI 9 
Village Main . Rctf 1 5 
WalV?r rKiram) a £21iiit . 



Annual. •? i - 

Frrosa Ibter<>Pt Mtahmun Life of 

Romoer B Trt. 2 g|p) 7 »»t' ( 20I3J- 4e,ocLA n$ a r 
Riwaittuioiid Inv. T*t. Cap, Sh*. (23 p) 59 - vraf* 1 ^ 

(ZajpJ • * , nee 

Knttachlld liw.. T*t. (SOP) 162 (22tt). 

3JDCPT. (50a) 29* SO 29 „ (22)3). 5??^" 
4‘jocLn. 9f® n (£2(3) uSSK""* 

,|t AndtewJYst. (2301 1071, 

1 * 5 S» • PraiiBte t Inked, -inv.- XBt. . lac. jjtet th 

ft-dlffl 181 «"»■ C * P - *“• t,0B; 


SeotHab and Continental lnv.~(23p) 62'?® Wfrite" 

Local auihorities and Ininiy house* seven dars' notice oihers seven dars fixed Loot-icrai local authority montane rate 
nominaDy three rears 16 per cool. Tout ream 10 : per cem.: five years IDJ-U p..-r rent. eBank bill raw* in table are buying 
rates Tor orune paper. During rales (or four-monih bank bill* Per cem:; louf-monih trade bills &i per cem 

Approximate aeJlmg rates lor ooe-niomb Treasury bills ai^ss.ij uer cent : two-month 5 13 ^,- 327^7 per com.: and iltrce-tnonth 
ii^zdsa nor cem Approximate *eUmj rate Tor onc-momh bank bill* 6 ) per crnL; (ira-momb 6 S 32 per cem.: and three-an)nth 
63)6 per cent. One-month trade . bills Gi per real.: two-month Gi pot cent.: and alio three-month 6t per rent. 

Finance Heine Base Rates 1 published by (he Finance Houses Auociauoni 7 per ccnr. rrora 51 arch 1. 197B. CleaHng Bank 
Oapaslt Rates ((nr small mens ai Keren days' notice > .1 per coat, doming Bank Base Rate* lor lending Ef per cem. Treasury 
Bins: Average tender rain of discount 3.133! oer cenL 

AtmtUL e*4 W 283. n Water Obraml * 

Sh*. (2J») 55: vwiKrt Ejcrtoratlon I ROJO > P133B j WratraTfa li NWtat* 
- --- I 1 4«5 I Wetrmex 3® 

Whlrn Creek 47# 


Vrarerwest (Rll 212 

Vlskfonteln <R1 ) S LI SO .53 1- 0.541, (223) Woodilde Pet*. 64* 5® 2W® 3i* 4.; 5<? 

WMm ''D 5D) 2* (* -VO- - *' -. 1 ..0 _ ’ ^ . . 

Tfeat Orlefoittaln <Rn pi 759® 

Wen Rair* -P11 Si'fto.90 "“5 ■20.’33 

r ^ r «te iR , > 194 ® ii m.a s® 

□1 BQ9 95 

WesifF-t rwi LmrH <«21 nets * 2 * 13 ) 

(telephone numher m 








. Bornsley Metro. <0226 203232) 

10 ’ 



'Reading (0734 5B2337) 




5-7 - 

Redbridge (01-478 3020) 





: Southend (0702 40451) 





.Thurrock .1.0375 5123) 


4-year • 



Thurrock i(V575 5122) 





lVrekin (0052-5050511 ... 





.Wrek ill.- (0953 505051) 





Soowab and Con«raot>. i«v.T<z3pf u<# 

Scottbb and Mercantile Imr. A (25 p) 96 WHwaivrara-vl nh*| r ft 0.25) 43® 5® 
_C20J3) _ _ _ Zaadoan (nri 1 B6 

scnrtjih |a t *tgrn < Tnv. T %tAilp> B> i2l# SO MINES— MTST AFRICAN (1) 

fs®2 Ewjs SS a-> 

Uo*t»d-nn n^v-rt i6i. non 



sentdao Nthm. . (2 So) 91* 90U 
Scottish Ontario <25o» 120® 
ScoTlUh trid. Inrastors (25o) : 

(2* si 

OU 90 C2.'3) 



Ale*, Drier Fund 435® 

Amal. Wireln* iausl) 148 
American Eie* Power £i5\ 
American Tel Tri C4&J, fUS52J* 

A moot Pet* 60. Naw u 1)k 
Amsterdam RoUerdam Bank £251, 


Market Bus* 

JS& AlUanca (2SP> 1701,. 
371, (21 

Sacord Great Nthm. rJ5o) 70’, 

SUJL445 0342 30* 44 1 S 
amlPt. 33 (21 .3) 

OIL (256) 

if id Bo I non. 
n fin* uunuei 

mie *379-1,793, 

arjtTSksraB w.|«^rsaas»JB u ^l6a==3gs-ja.p,aaa 

Sphere 050’ W (21»» ’■ 

StefUna (25ot i<8 ’? CS2/3I ■ 
Technology (25n) . P5® 3 4! (22131 

Terapfi ifar OSm ISO# 7# 60 


Abbey National ....... 



• RnTTiingham 

Bradford and Bingley 

, .Bristol and Wert 

Bristol Economic — ... 

? Britannia 

: Bqrnley ; 

Cartlff ■ 

Catholic ............ 

: : Che]sea ...» — — ■ 

.ifeheltenham and Gloucester 

Ci|lzens Regency 

ifcifcy of London . .... 

. Coventry Economic 

Coventry Provident ... 



Guardian ...... 

‘.fralirax ^ ..... 

J FIaBTingg..and Thane t 

Heart of England 

Hearts of .Oak & Enfield .;. 

Hendon — 

Huddersfield &■ Bradford ... 

. Leamington Spa ... 

.ii&eeds Permanent 

Lsdcesier - 


fLpffrtoD QoTt&awk 

Melton Mowbray 

-MWshircs ..... 

National Counties .. 

Nationwide ' .. ........ 

Newcastle -.-Fuaanent' 

New Cross' 6.50% - -- • 

Northern ; Sock 525% 550% «-75% &50*5 3 3T5,;-.«AWft; 27 T 2 . min. OOO 

Norwich . 5^3® .5-50% 8.25% 2 yti, minlrimiq I3«T 

-EsWey .; 5^5% 5JSQ%^ 6.75^ . &50% S yrA.-£.O09& 3 yrs. ipig. £500 . 

-Peckham- Mutual -4009S . ■ 

Bbrtjaan .... 535% 5.50% 6.75% i30% 9 yr?, 6.00% 3 yrs.. 5,75% 3 mtha. 

Progresah-e 5.40%' . 5.03% ' 0.79% . 0,05% 3yrc„M%.2yra..6J5%3lOt&W»t. 

Prflporty Owner* 1555% ’109%" 7-23% 8-90% 3 mtha, not. *L 50 % to Ufnitdicos. 

Prbvlnelal ’ -&3a% , &50% fi.75% &5Q% 34 ytsL, 6,00% 3 yra. .. . • 

, Shimon ..... £25% ; 5.50% 6.75% > 3^6.00% S.yrsi ;; t 

Su sse? Muiqal ;.... ' .5.55% i80% 7J)5% ‘ M5% 3y*s..~fc55% 2 jn.. : mS00 ' - A . 

Town and Country 1:.. _ 525% - 5^0% + 10 . 00 %- 85Q% 3 yr®, 6.00% ? y«, +!(«,■ f25Q 

;4ffiwiwjcli , «5% - 540%..^ '6.75% *. M0% 3 yrs, M0% ; 9^nL .-• 

normaHy variable in line -wilh eSanges ln ordinary share ratei. ^ Avadehl* from April L 





A cent 6. 
















6.1 3% 









































«20%. . 









520 % 





525% ' 

. 323% 




- — ■ 





5.90% . 


• 525% 









' 5.75% 











T ' 










. - : _*Term Shares 

6.S096 3 JT8^6,09%..* STS. 

6.50% 3 ynt, B.90% 2 yrs^ 5.75% 3 yT. 
6.50% S yr&, 6.00% 2 yrs^ 3.75% 1 yr. 
6.50% 3 JT*., 6.00% 2 yre^ 5.75% 1 \vr. 
6^0% 3 yrs, 6,00% 2 yrSn n>in. £500 

625% 3 «ontiw’ notice 
620% 3 yr*, 6.00% 2 yra. 

620% 3 yra, 6.00% 2 yrs. 

— • $145%' over £5.000 

625% 6 months' notice, minimum £300 - 

620% 3 yra, 6.00% 2 yrs. (£500-£15.e00) 

7.05% S yra over £5,000 

6.72% 3 yra, oiln. £500 

0.50% syri, b%t, yr. m to. ff mtha. notice 

6.75% 3 yrs. 

— Up- to 6% 3 months’ notice 
6.50% Syrsl, 9.00% 2yra. oiin^00r£13.00Q 
625% S xnths.’ notice, minimum £14500 
&50% 3 yra, 6.00% 2 yra - 

620% 3 yra,. 6.00% 1 j yri. £230-£15.000 - 
6 l 50% 3 yn^ 6%-J months’ notice 
6.75% 3 yra, 820% 2 yra, 625% 1 yr. 

6 ^ 0 % 6 months’- notice. miaimuiB £ 2 . 000 ; 

6.50% 3 yra, 6-00% 2 yra, £100-£15,0(K) 

,MS».2ja.;. : • 

&50% syra, 6.00% 2yrs n mini300-£3 5.000 
.7.10% 3 ft 60% ■2 yrai miiu ILOOO • 

725% 3 yra, 675% 1 yc. . 

«25% 2 yra, mia.£2jx» . 

620%. 3 yn n 6.60% 3 yrs. rain. J350 

6.35% 5 months - - 

ft50% 34 yra, rain. £500, 6.00% 2 yra 

520% 3 yra,' ft50% : 2 yra 

British PMrcrtpum 778fo Uit 81# 77# 
B2 80 £ 76 9 83 7B S 81 4 £$. 8oc 
1RW. >1®. 9 dc?~«P7. bo:- »0 ^2li). 
SPClitDb. 9fP, (21.3). 6pcDh- 90 4 1 
. B«nj4hCUl 46 MB 5* 5t 7»i* 8“ B B 
7U8 7® fib 7b B» fit 7 wcPf- 
Lpl'sot 7,,BeLB - u 5 Pb F* 
Cjntarv ill* (10 b) 54 u 
C hjrtirtwU <r*p1 25', i\a 
Dotkhim (Al«xapd*f>} 7pc 87 
E^^Pterataum SbocirtDh- 74-78 981* 

KCA Intnl. rZ5ji) 30b 

L nr 'js^isttoSPde* i« 
■sijsrar Mxsanupt 4 

Shell TraiBport TruJbia 'fteg.i 2S*i 
524# 21® \£® 19® 2S 8 JQ 2 9 20: 
3 2: 19 ?8J 1 4 16 2S T7. IBr.) 
raspt 530* 27. ,7pePt. B2S _ 
TTX4D0 Intel- Flnand«l4 liPCLn. BOb (21^31 
Trk*citrol QSpl 158 9 6 60. Foraw* 
tteim ) r«5pt 161 I22h<3). 7«cLu. Ifr 

Ultramar <25pi 231* 29* 9b fi. 7pc 

81* 77# Homlrwriy* f 169.10 
i 6t 8 bc . fcrva 197| 

a/iS”- Vttern'oftxWjSira 30 . 

sTIl l(CS5^97) 

>17 .55 

(£1 £ 06Si 



Sterling fell sharply in thin The li.S. dollar was lightly r UarkefBum 

pre-holiday trading in the foreign weaker against moat other ftraki 

exchange market on Thursday, ll currencies, touching a low point w«r. ?3 R*ie» Day’s 

opened at 31^970-1^980. and of SwJr*. 1-S975. and closing at » . Cl0 » 

touched a best level of 31^080- Sw.Frs. 1.9045. compared with w \\kl~ 6i-, t bsso-i is a i nss-i jtji 

1.8990 in the morning. As sellers Sw Frs.1.9175 previously. .UmiTrc* s a o *. 15702 . 1089 - 2 . un 

of sterling entered the market The D-mark finished at- .\mMeni*ni 4i t * m <.i6 4 Ba*-4.D8* 

the Bank of England probably DM2 0410 in terms, of the dollar, «nj>ri?if:.... 6 ; 69.20-00.49 59.40-69.&0 

intervened to steady the decline, compared with DM2.0420 on Wed- f ,o ; 4 f^'] D „f 0 

with tho rale falling from 51^950 nesday, and the Japanese yen rai"™ "i is ■ 7 S 7 -" 7 ho> ; 

dovm to 31.89. ■ . closed at Y229J0 compared with SiSScJ fi ' .i3£Su» iSS w»” 

There was no indication of Y2.1O.20- Milan • lit?: i.bs8-i.g2s l.fluo-i.aoa 

support for the pound in the Gold rose to S152.I0 at the ^•' u 5, : laoi-it-ei 

later .staees however, and sterling morning firing, bui fell sharply ’,":/■■ ■ f 1 * . f j 
slipped to a low point of around in the afternoon on a report that t'IvL.l i St* • 4 S? wa ! 4 * 0.405 

81.8680. It closed at SI 572a- 1^745, the Bank of Japan may «ell sold. Vfeniw!""]; bt 3 ] 27,Sa :BJ!0 27 . 45 - 57.80 

a fall of 2.45 cents on the day. The metal closed at *179-179?. a Zunra I 1 j.&b-b.m b, 

The pound's trade-welchted fall of 31. - The krugerrand's 

index on the basis of the Wash- nremlum over its gold content ..' RMK .a** 1 * »t; for convertible ftbaca 
ington Currency -4greemeni of foil to 3.4T per rent, from 3 67 HBamaaJ ,ranc A-***-*- 
December 1971, as calculated by per rent, for domestic . d»iiv®rv. 

fhe Bank of England fell fo 62.9 and to 3. IS per cent, from 3.26 otmbr markets 

from R3A af»er standing at 63.4 per cenL In the international . . _ 

at noon and 6S.7 in early trading, market. Arcpntiiu . l.asii. 1 . 44 a aJJSwlm 

N«w York... 6>j ;I.B6M-1.B8 Q 1.B725-1 J74fi 
M.mtre,i....' 8 'fl-ID 0 1. 1570*. Mflfl-2. 1100 
AinMvrriani fill 4 08 4.16 <08^.4.084 

HniMeiv:.... 6 : B5.2040.fi9 53.fiO-69.SO 

t isienhattra 9 lu.48 10.ES 10.484-10 60* 

1'rsnkiun ..■ 5 : i.- l-a.98 . 3JU-B48, I 15 ' 76> ; 76 50-76.50 

Miulwt B .143.25- 161.75 U9.S&I49.M 

“Bales pwn an- for convertible franca. 
MnanuaJ franc jfl.5u-69.55. 

Ultramar (Z5« 231# 29® 9 b fi. ... 
L CM. 134, 7pcLn. *»>: (224) 


4lnara Pros. Hldgs. 9 VtbcDs. 79 (2.0)20 
Dfilac* London front. <l0rt_S4b»_ *® 
Jlnatt London Prop*, rasu) 208 (22/3) 

iriicomuut «184J*-186I» 8 186-180 
]IK9614.BU14> ktSB-99 
Vvaov'en IS 484-661* iS®S-o7 
|( 914-308*) If-ZSWJ- 
■ m nv>vi. | 8 60 i$ 71, B9i, 

((I’al-r-aj • |( t aoi*.31t«j ^ 

• u.-CvilteJ. . . 

Iniemr'-) f - 'I 

\nuerteivl. JS184 X86 !bi8314-167L, 

k.S8-*9i ir-B7b 98>«1 

•'waov'rcu 8-484-065* • 8i8-a7 
K : 9i* 30V*j \JL9 30) 

■hi -orr’gn r»:8 60 '8 j7s*-995* 

(COl *>81 . ‘(EAOU-alU) 

tfIRxnc :-if4D31*.a96U *893-296 


iFraoklurt -Now 


Amafgainated Store* rSe> 10* I* 

Apt* Praps, non) 2U «OI3) 

AteigjSn ppopo S nSt." oeScUmAA. ««. 

Bjnpion HJdB*. VitvcUnslLn: SB 1220) 
Bonk and CoainwcTal hubs. nopT^bO 

■ssrajfTariW- 55 uA? - New 

1.3. S hi Tonfli.. i . . >=112.75-76 i 111 x 11110 , in- 
CaaAdiau * lo Now Yi** = 88 .BK-a 8 -eni ■ 1 . . •■ • Vliian 8W.cJ-6nQ.0- 
tirarifaiR in jluao LcO L 60 - L fcO? ~5Q . 



[ Noim Sain 

Arftpntioa. 1.336 1.640 Arueunua. 1500-1409 
Au-mila I.H4-7- 1.6625' tnuni ....; 2fi458 

50.71 01.71 iBeleium . ..1 WI- 61 . 

Fm.sua 7.871" Uraru : 3ic«0 

CiiL«x.-e ... . 63.075 / D 77*C4Qni1a.... 2.15-2. IS 
H. 114 ; Kouu 1 B.B 4 8.B7 Uemoxrfc.. IO.99-.9fl 

Iran 130- l$b Kniny. 1 ,. , i.75.L!iS 

KuwxH . U.82S D.aaS lUeriuanv -- 5-KO !3S 

Uixciuu'iu 59.*M9.S0 Urveua ..... bb -/2 

. 4.40 >i 4 425, '1 t*i t 1680 IbBQ 

M. Zramii.i 1 sM5 I 857I->B|«n 440-466 

aamli Ami. 0 »2 o .62 .N«berLu»V 410-420 
aiucKjwv . 4.5lle (jjlj.Nurny.,,, 10.1D-JO 
Airicfl...;l.o872- 1.6c 2a )A'rtug*i., 1 72-fil 

0|®ln ^14flj-1S4fl 

LAOteto .•'Wlte'iun.1. 2.G2 flr.72 

; _ l-.j' • 1 jUj..9i 

Lo. usui*,! Bfi.80 58.85 iYiiftolUvl*. ob-67* 

Rate oven (or Araeotioa u a free rut* 

ooifray niog*. « sei »W7« s>? . 1 

KSTfishari •gfi&ir? 

Swb , UwS >< (@j T 33b# 4b 2? 3 1 ? S 

SrbrtOfi OOH 99 - 

C*»*tel wid Cou-nfcj Piooortv CHf« 51. 
W«rran« 1 OVuUnfcLn, T2b® 

W* 2 TO 02X5) 

C-riftw^Gro. is*) tfil*® bS. ®b»cUliS.l4t. 

srsj£2i^in ,3D5 fWJS 

Control Securities (T&o) 28b 
Dgrajacbaiige 'fort 173 1 22/3) 

Co entry and Ntn tewn Prooertteii -»109) j ^ 

tL,4 » 

•ler'Uta 0.650767 

ij^L ilcHiai — 1.83060 

ruwdvaa 2.36629 

luteR* st* — f 18.05&0 
,fe£i*n frmfl 39.0231 
bAlsb krmB. — 
tentA.-bom'rii 8.80698 
hj>-fa l*ui .iter 2.68394 
reorh Iran . ‘BfllUfl 

■ men ir» — 1091J91 

«p*a®« ran. '2S3J7S6 

«orte*y »n«*te ‘ — 

wt^”hknw • 3.Q6138 
■r rr," . .. 2-35814 

Uoi 0 
A ■ou*' 

















Dir tdi 


1 i5b* nH>aib' 

irw iturutb* 

Tribute, term ... 61* -7 

i >181*5 oiufegl 66j-b7j 

floBUL 7 h-7'b 

Three moarb*. 7ig-7)j 

*«» BX*uhg — 788-6 

UKVCBr 1 77t-81* 

Nee 1 ■>i-h.. l i*r B. IOcliIi-. . 0 . tj i-juu per , 
tlunuvn ini O.lQ ,div 0.06-0. IS u. .in } 
Ani-tM*ni. • . j'ir-uir HT 3 I 7 g .pm 
Hnii^ei ..IS •- pm -5 c. tlih 15-03 .uni 

SS3 g a. UPL 1 eg 1 S3* I JM Stasik W. h K. ftsrw. 

Enrb-Preoch depoelt rain: nrtMter 9-9t per cent.: *even-dar 10-109 pvr cenL: J**""- 2^f2^*'*‘i , “ :52f*5li2 c * dl * 

ow-mooth lH-m per cemj three-month IM-10I oer cent.: ste-month UMu per cem.: »}**rt , [— .'50-130 r. .In, 205-260 1 -. .m 

one-year TM-iU per cent • 33-32 1 ire dm 

Lonfirierm Eurodollar deposit*: two pears 7iSi*^iifc per cenL: three yean hS^i Jr' 10 13; 14J urerfi* 

per cent-: (oar years SMI per cent.: five years 85i*^7i* oc-r cem. irari- ..js,.is 4 ,..dlv i55«.63« rti* 

The foUowlns nmnlnal rales were ouoied lor London dollar certMeatr* of deposit. ?? ulu > -hi £i* 4t* uredi, urrdia 

OdNnooU) 8.9O-7.0D per cent.: three-month 7.03-7.15 per cenL; six-month 7-30-7. 4B v >enaa.^. i«i-10i;ni>li* ' :4.l4ynrdU 
per cent-; one-year 7.58-7.66 per e«n. ZutTvh — 'gi*. 1 ri p m .6lg -5ij p*i 

• Rates are nominal calling rales. 

Shod -term rales are can for siurUny. U.S dollars and Canadian dollars, two 
days* ROtu.-o (or gidlilera and Sums francs. 


1 ZPCLn. 2000*05 SS • • ' 

estates IM General Investment* aool 
17b* 18 122 3> 

Five oaks invostmenu a 5c) 6i® r>, 

GUnfteW Saturni* C2So) 28414® 30. 4 *® 1 

ci™* 4 portiud^^te* iso«) 300® s "* ®*® Current versi 

SSaJfr'JaSSSJ-rJIVu 4 ^^ 1 Niauanddesq-Sptkm . (£m.) price Terms* dab 

Hjmioarton poogrty Invest. TranA (23M " “ ' 

now 2 J 7 b® 6 * a B Alcan AJumUuimi 9pc Cv. 89-M fl.05 isaoo 100.0 76-S( 

isS^pwoortr- Noidipoa ns«) sos • Associated ’Paper 8* pc Cy, 85-80 1.40 83.00 200.0 7fi*ft 

i20 37 — 

ot 10pc c? - B1 “ 

as SSreiSf^iiyb® , 5 # 14 British Laod I2pc Cv. 2002 

Sira Current 





(£m.) price 




yield C 

Slx-monih forward dollar fi.i7-o.37c m 

17-mamh H j.V0.6ar- DIP. 

SutUtic* provided by 
data JT 8 M Inter mil ana I 

6-50% 3 27yra. mm, OOO 

8.25% 2 yra, ntialtiiUR) flW 
&50% 3 yra. ^.Q0% 2 yra ipip- £500 . . 

t30% 9 yr*. ftbo% S YT5™ 0.75% 3 mtha. 

9.95% 5yr6n to%.2yra,6J5%Smttwj»t. 
8-90% : 3 mtha, jwt. K50% ?o Umftdicoa- 
KoQ% 3-4 yra, fc|}0% Z yra, .. 

6^3% 9*yra^6.0Q%,2 yrs: t v : ;- 

6«% 3yb6.. t55% 2 yi».. a*jnv BOO A . 
'ft50%'3 yra, «.oo% ? yra >s<a*,- ; {25Q . 
8.00% 3 yra, 850% 3^ra • 

Land Sees, Invest. CHh 2174* i5* 14 
16 13 16. 7tiPCD8.. 6 S*c (31 3« fibPC 
' Ln. 58b BMi. fli^cLn. fi9b-70 (22J3). 
S'tueLn. m. 6 A«cLn. 141 : ■OpcUi. 
139 *0t 2 28 ■ - 
I uw Land pop) 45® ri* b Sb 

twSan’ Shop Trw T^ISspi «* S.’l'? HAfiSOn TfUSt 6^>C Cv. 88*83 
4 b^ , 5?(^* , 3i , Hewden-Stuort 7 pc Cv.' 1085 ~ 
7b, * t P®ntQ£ 15pc Cv. 1B8# 

JS SSreL'Bt SJhf^Tb WS Slough Estatfca lBpc Cv. 67-80 
p 5»effl l^fei^oiarv_A Mu l^S# . TOWf. Kem&Tgy gpg Qr, 1081 

Kg^.'SSSSy 1 ^’ fgop) 13? wnripson MlWl IQffc Cv, 83-&S 

Rel^iap F '?Siw , *ra« ,: n J *?i^5) ' ■ riftnOCT rt OiflW Hiy giwrra urP wbl 

ftcgiow hm. a fiSo) *« cps, of the entity to (ha convertible F 

S.’SfLPSSE."* SS? two imume, unm tn ware, is m 

Mean Aluminium flpc Cv. 89-94 9.(6 15080 100.0 76-bO j 

tesociated Paper »ipc Cy« 85-90 1-49 93.00 2oo.o 76*79 ic 

Sank of Ireland lppc Cv. BI-96 832 . 157.00 47.6 • 77-70 g 

l5 ® , 4 British Land ?2pc Cv. 2002 7 . 71. 135. 0 0 533.3 . 80-97 j 

o (MgL English Property _6tpc Cv, 93-03. 8^4 , 90.Q0 234.0 76-78 J 

English PTT>fieny.l2po 0. 00*05 4S^V- ^8^>0 150.0 76^4 II 

Lai*?) Hanson Trust' Cv. SS-9S ’ A5L So5o 57j 7^S0 i 

IM MW - ■ ' «— v ■■ ■ — ... ,m — i . .. — _ 

aw*® He ty daw -Stuart 7pg Cv. 1995 ' 0.07 320.00 470.4 75*79 3 

,1,, « 7 P®ntQ£ I5pc Cv. tag# » ' L06 ISa.OO 166.7 78*82 H 

~ 5ough Estates 'lapc Cy* S7-80 5.50 157.00 IS5.Q 7S-8T fi 

tear, Kenglflj be Cv.' 1981~ ' " 7-88 89.00 ijft9 ■ 74-79 ft 

iyuripson Match lopcfcv, 83-&S. U.10 W.W . 4Q.Q Tft-ss Tj 

Number of OitOnaty Biwo** «ltp whtcO Jin nsn'uul of eonwrtiWe sncF u ranvembi-. 


: Ranged , 

1 -Vo to r 

3 -12 to t-3 

■4 10 to 26 

.4 t a to a 

■1 40 to 75 

2 I to 10 

4 -IT to -3 

B - 5 to S 

3 5 1013 

> 26 lo 41 

I 22 lo 38 




snv.fl l IXff.tfl Current 

14^ 6.5 

4S.3 4S.1 

pgg^. l 3g$y Y5F&7 1*00 12 * WUripson Match lope fcy, 83-9S. HIP W.W 40.0 Tft^s 114 l],g’ .'a8.1 22 lo 38 23.s~ Ai 20 ^ 

R«!KB F %w , *Bh« ,: n J *?iC , 5) ■ Number of Ortmaty Biwo»* upp wbtrt Jin noa'liuU of nonwrtiblo u ranvembi-. ttiw «frs cost oi iiivwinirm in L-on7vnmiif «xun«M >e ^ 

RegloraSJffiS. a (25b) •• cps, pf ihe e ntity to ( ha convuniWe «*«*■ * womh raqgv. [ incam* no rawn bur a( Ordinary imn whirh £Wu nominal ul ronvurtihlu mm 

SJJftSriS!? ala 02 ,, TOO M», =Sgee te t*W. IS wnuiwn trim pmw time nmiltacow no Ordinary sham * m5!r ^ fha* mome mOM mimm m cmT^rihl# 

gK3> *mvo3%S9 OtSlTirk riyalvt “25^? 4atev*k*jver ib carttov tn comp la aanunrd id row « HI per ram our annum la or^oi valpM *t \1 pk ra. vn * ^ln.-oiL^an'finK 

SSSo] i6z: «2'3i rtwrtbfe. income IS swrnnod unrtl rourrrslou and present valued ai I? per coni, per anmun M Thui la inrome at tbe raweRibie Im income « th"mS2nJi«» £ iS..? f 
Second, ttty Ftop*- HOP) 41 7ocLn. BO® «i0re*8«l a* P*r cem. of the value of the underiyliw ramliy. ^ The dlUmwire between the pnrnium and income d in^'/irc rsprvssedaaa-r i-r-m 
ra*3 , Iats _ aioj 115 i*v nnd-rixiM emiiir. -r is an iBdlcHtHtt Of ratal tn cheapness. -4s an mdi^tion of ruhulva drara-ra ■ «Pteaseil as orr cent. O’ the value ot 

StptSi P^w. Inv. Tst. 050) '252 ~— " ** ‘ ~ 

Pinancfal 'mes Satuitlay March 25; • 

Pre-Easter session finishes on a quietly dull note 

Equity index loses 2.1 at 460.5— Rally in Golds continues 


• • — - — ■ — _ ^ . a «■ 

"T"j M-r " * A >“ r 

• K ! a? I ( 11 | 

75.441 7B. ’ 09 49 

'tsa*! rajwi-m*C| w»i **•**, 

I .«•>< 4 458lS< '421.4 

Account Dealing Dates 
. Option 

^ ‘First Declare' Last Account 
dealings tions Dealings Day 
Mar. 15 Mar. 30 Mar . 31 Apr. 11 
Apr. 3 Apr. 13 Apr. 14 Apr. 25 
Apr. 17 Apr. 27 Apr. 28 May 10 

* ** New tine " dealings mo taka pteon 
Jtami MO ajn. two bus! non dan surlier. 

.—Equity stock markets continued 
4fae Wednesday’s downward, drift 
3)o dose the second-leg of the long 
"Easter Account with losses in 
reading issues of a few pence. 
.The mild bout of Budget 
'dptimism, which had stimulated 
buying enthusiasm earlier in the 
week, failed to re-materialise and 
■JJhost sectors gave further ground 
on occasional small offerings and 
the reluctance of operators to 
enter into fresh commitments 
-ahead of the four-day closure. 

~ Two FT index stocks, however, 

sustained above-average falls, 
<&PC reacting 10 to 233p on insti- 
tional liquidation which accom- 
panied talk that a . broker had 
.re rated his opinion of the stock, 
"and a similar fall .in Tate and 
Lyle, to 194p, followed revived 
«eling in an unwilling market 
.This accounted for part of the loss 
in the FT 30-share index, which 
-dosed 2.1 down at 460-5, but was 
still up 33 over the four trading 

Despite the paucity of business, 
a few features emerged wbicb 
helped provide relief from the 
*. general tedium. The surprising 
turn of events in the Henry 
■Wigfall/ Comet Radiovision bid 
situation rekindled considerable 
Interest, Comet claiming an 
increased acceptance of slightly 
over 40 per cent, compared with 
only 22JJ per cent, the previous 
day. a development which trans- 
formed recent firm views about 
.the offer having little chance of 
success and forcing WIgfall 21 
higher to 235p. 

• : Elsewhere. Gold shares rallied 
■further after the recent setback 
on fears of possible U-S. Treasury 
sales of gold. Revived TJ-S. 
-demand was again the major 
factor motivating the movement 
which culminated with tbe Gold 
Mines index up 4 3 at 1563 for a 
two-day rise of 15.5. 

Sterling affects Gilts 

Sterling's uninspiring trend in 
foreign exchange markets was 
thought to be largely responsible 
for scattered soiling of British 
Funds and quotations drifted i 
lower at the longer end. Switching 
operations contributed to a 
generally meagre level of business 
a s, most operators were prepared 
to defer any potential commit- 
ments until the market recom- 
mences trading next Tuesday. The 
situation was very similar among 
-the shorts where sentiment was 
'[also affected by the higher 
-interest rate on this week’s offer- 
.Ing of Treasury bills, although 
Minimum Lending Bate remained 
at 6} per cent.- Corporations 
resisted the slightly easier trend 

in the main funds and several 
issues moved up 4, while Southern 
Rhodesian bonds often rose a 
couple of points a s dealers 
brought their bid and offer levels 
into line; little actual trade was 
reported and the 2£ per cent 
1965-70 bond dosed 2 points 
higher at £60. 

A combination of sterling’s late 
easiness and the vigorous efforts 
of one rather large buyer pro- 
duced a fillip in the investment 
currency premium to 100' per cent 
before a subsequent softening to 
-99{ per cent, for a net gain of a 
point. Earlier business had been 
more evenly balanced at only 
slightly increasing rates* Yester- 
day’s SE conversion factor was 
0.692S (0.6912). 

After Thursday’s impressive de- 
but, interest in Saga Holidays 
subsidised and the close -was un- 
altered at !20p, after 121p, a pre- 
mium of 15 on tbe offer for sale 
price of 105p. 

Discounts easier 

Discounts encountered late sell- 
ing and cloaud lower throughout. 
Alexanders, 235p. and Cater 
Ryder, 292p, lost 10 apiece, while 
Gerrard and National declined 5 
to I65p as did Glliett Bros, to 
215p. Smaller priced issues to give 
ground included King and Shax- 
son, 63p, and Smith St. Aubyn, 
75p. both 3 lower. The major 
clearers were steadier after Wed- 
nesday’s dullness that stemmed 
from the Nigerian Government's 
decision to order the withdrawal 
of all public funds from Barclays 
Bank of Nigeria and a reduction 
in the number of foreign em- 
ployees. Barclays, down 10 the 
previous day, were barely tested 
and held the overnight level of 
230p but Lloyds and NatWest 
cheapened 2 to the common level 
of 2tiSp. 

Adverse Press comment on the 
results prompted a further fall 
of 4 to 112p in C. T. Bowring. 
Elsewhere in Insurances, Royals 
dipped 5 to SROp and San Alliance 
shed 4 to 536p: the latter’s pre- 
liminary results are due on 
April 5. 

Trade in Breweries remained at 
a low ebb. Allied were unaltered 
at flip, while A. Guinness 
hardened a penny to 175p. 
Boddinetons. however, eased 2 to 
150p foUnwinc Press comment on 
the results. Elsewhere, Distillers 
firmed a penny to 177p helped by 
an investment recommendation. 
Macallan GlenUvet, at 3G0n, made 
no response to the increased first- 
half profits. 

Unsettled by a bearish broker's 
circular, AP Cement lost 10 to 
233p, but other leading building 
issues maintained overnight levels 
In diminished trade. Elsewhere, 
Johnson-R Ictrnrd Hies moved up 
3} to 118j p awaiting developments 
on the approach from Heuworth 
Ceramic, while Derek Crunch 
responded afresh to small buying, 
adding 3 to 91p. J. Jarvis, which 
attracted a similar business, 
firmed a like amount to 176p. 
Gibbs and Dandy, 28p, and 

Richards .and Waflington, 85p, 
both put on 2,' while Press 
mention helped Ibstock Johnsen 
edge forward a penny to X45p. 
Profit-taking however, clipped 2 
from Wilson (Connolly) at I33p. 

Cooties Brothers -were marked 
down following profits below 
market expectations, the Ordinary 
and A both closing 2 lower at 
64p and 63p respectively. ICT 
eased 3 to 355p and Ftaras 
cheapened 8 to 337p. In contrast, 
Brent Chemicals gained 4 to 189p 
in front oT next Tuesdays preli- 

resutts, W. and E-Turner put on 
a penny more to 35p, while 
Pittard, at 63p, achieved a Press* 
inspired rise Of 3- 
Motivated afresh by its award 
of a £23m. rig 'contract, Matthew 
Hall closed a further 8 higher at 
MOp. Buying in a thin market 
lifted Braltinmite- 10 to 143p and, 
still reflecting a recent invest- 
ment recommendation. Aurora 
gained 3 more at 94p. Glynwed 
moved up 3 to lllp following the 
sale of its steel sheet division, 
while Jones ana Shipman 


hsoi mi i iim 

mlnaxy results and Stewart 
Plastics rose 2 more to 137p on 
small buying. 

H. Wigfall rebound 

The Henry Wigfall/ Comet 
Radio vision bid situation began to 
intrigue through tbe latter claim- 
ing an Increased acceptance of its 
offer and, reflecting, the prospect 
of a much tighter contest than 
recently considered possible, 
Henry Wigfall rose to 242p in 
brisk trading before closing 21 
better an balance at 235p; a 
discount still of around 40 on 
the Comet Radiovision offer with 
the latter a penny harder at 107p. 
Elsewhere in Electricals, F. W. 
Thorpe, edged forward 3 to 60p 
on further consideration of the 
results, while dollar premium 
influences helped Sony rise 7 to 
567p and Philips’ Lamp harden 
15 to 865p. Racal Electronics con- 
trasted with a fall of 12 to 2l2p, 
while losses of 4 were seen In 
both Thom Electrical, 352p, and 
Ever Ready, 143p. 

Leading Stores plotted an 
irregular course in thin trading. 
W. H- Smith “A” improved 3 more 
to 160p and UDS edged forward a 
penny to 90p, but House of Fraser 
reacted 3 to 143p. Elsewhere,' 
Acquascutmn, 36p, and the “A,” 
35p, rose 3 and 2 respectively. 
Still drawing strength from 
Tuesday’s good preliminary 

hardened 2 to U4p in response 
to the higher annual earnings. 
Monos added 4 to HGp after 
comment on the. results. Percy 
Lane held at 59p, but still closed 
the week with a gain of 10; the 
preliminary figures, are due next 
Wednesday. Of the narrowly 
mixed Engineering leaders. Tubes 
ar 370p, retrieved 2 of the 
previous day's fall of 10 which 
followed the annual results. 

Tate and Lyle featured with a 
reaction of 10 to IMp on the 
appearance of a large seller who 
found the market unwill in g. Other 
Foods were generally better 
where changed- Be jam continued 
firmly, rising 2 to 62p for a two- 
day gain of 44 on the satisfactory 
Interim statement Higher earn- 
ings lifted Jamesons Chocolates 2 
to 8Sp, while Morgan Edwards 
improved similarly to 25p and 
Bernard Matthews rose 5 to 147p. 
News that the Prices Secretary. 
Mr. Roy HattersTey, was satisfied 
with the cuts In tea prices 
implemented by blenders and has 
dropped plans to' bring forward 
an order to enforce further 
reductions bad little .effect on the 
companies concerned. Cadbury 
Schweppes were slightly dearer at 
51 p, while Brooke Bond. 47*p. and 
J. Lyons, 96p. closed without 
alteration. In Supermarkets, 
William Morrison eased 5 to 200p, 
but still showed a rise on the 

week of 13 following the prelimi- 
nary figures. 

A London broker's downgrading 
of profit projections upset Rank 
Organisation which fell to 236p 
before closing 12 down on the day 
-at 23Sp. Other- Miscellaneous 
Industrial Leaders had tittle to 
offer and drifted gently lower in 
thin tr ading . Beeeham eased 2 to 
625p and similar losses were seen 
in Glaxo, 525p, and Unilever, 482p. 
Elsewhere, a resurgence of specu- 
lative buying on bid hopes helped. 
Of rex move up 6 to 112p, while 
Wood and Sons were favoured at 
38p, up 54. J. F. Nash Securities 
gained 5 to 8Dp in a thin market, 
while improvements of 3 were 
seen in Electrical and Industrial 
Securities, 44 ip, Sotbeby Parke, 
230p. and White Child Beney, 77p. 
Having fallen 12 the previous day 
following news of a subsidiary’s 
unquantified losses, Barrow 
Hepburn edged tentatively for- 
ward to 36p before reverting to 

the overnight level of 34p. 

Friedland Doggaxt cheapened 3 to 
9 Op on the annual results, and 
losses of 4 and 3 respectively 
were recorded in ExteJ, 90p, and 
Granada “A,” 9Sp. 

- Motors and Distributors had 
little to commend them. Rolls- 
Royce, at 83ip, closed a shade 
easier following Wednesday’s gain 
of 3 which followed news of the 
dividend forecast and capital 
proposals. Tate of Leeds, a good 
market of late on . the preliminary 
figures, shaded 2 to 61p, while 
further consideration of acquisi- 
tion news clipped a penny from 
T. Cowfe at 40 4 p- W. J. Reynolds, 
currently m receipt of a 45p cash 
offer from Oakstone, a private 
company owned by Mr. T. 
Clemence, eased a penny to 43 Jp. 
Manchester Garages, the original 
bidders, finished marginally 
cheaper at 28p. 

Newspapers and kindred trades 
closed with small irregular price 
movements after an idle trade. 
Ahead of their respective pre- 
liminary profit announcements 
next Tuesday and Friday. United 
Newspapers and Thomson held 
steady at S26p and 2i0p respec- 
tively. Liverpool Dally Post edged 
forward 2 to 127p in response to 
comment on the record earnings 
but recent speculative favourite. 
Mills and Allen, ran out of steam 
and softened 3 to l£2p. 

Leading Properties again passed 
a quiet session and generally 
remained at overnight levels, hut 
secondary Issues were notable for 
weakness in Centro vincial Estates 
on the unexpected first-half loss; 
the Ordinary fell 5 to 77p and the 
“A” 4 to 76. In constrast, A. and 
J. Mucklow encountered small 
buying and rose 3 to llOp ahead 
of -interim figures, due next 
Friday. • 

Only steady for most of the 
day. leading Oils developed a 
firmer trend in the late dealings. 
British Petroleum edged higher 
to finish 6 better at 784p, while 
Shell hardened a few pence to 

525p. Speculative issues were 
featured by a sharp after-hours’ 
rise of 16 to 2fi2p in Siebens 
(UJL) on vague rumours of a 
Farm-out in Block 9/4 of . the 
North Sea, Oil Exploration, down 
to 204p at one stage, recovered 
to close without alteration »t212p, 
hot Ultramar ended 2 cheaper at 
23Qp, after 228p. 

United City Merchants, a -firm 
market' of late, expressed dls-: 
appointment with the interim 
figures; the Ordinary and 10 per 
cent Loan both dosing 3 cheaper 
at the common price of -50p. 
S. and W. Berififord were lowered. 
4 to 213p, but small buying raised 
James Finlay 5 to 290p. 

'Numerous snail gains occurred 
in Investment Trusts following a 
quiet trade. Border and Southern 
rose 3 to 24Sp, while similar 
rises were seen m Cardinal De- 
ferred, 97p, Second Alliance Trust; 
ITOtp. an d international Pacific 
Securities; 155p. In Financials, 
small buring raised Fashion and 
General 3 to 123p and Kakuzi 10 
to llOp. Suez Finance, a firm 
market of late on a com binat ion . 
of domestic and dollar premium 
influences, eased 1} to £11} for A 
two-day loss of 3*. ' „ 

Among Textiles, Blackwood 
Morton eased a penny to 22p on 
the first-half loss and Hugh 
Maritay reacted a like amount to. 
43p following reduced earnings. 
Imps typified conditions m 
Tobaccos, closing marginally 
cheaper at 77p after a light trade; 

Gold Fields Properties, 5 harder 
at 75p, provided the only mov^ 
ment of -note in. little changed - 
South African Industrials. ■ 

Malaysian issues, a firm market 
of late on Far Eastern advices, 
turned easier in otherwise IJttiOi 
changed Plantations. Koala, 
Lumpur Kepong eased 1 to- 51 ip, 
while Halakoff shaded 2 to 83p 
and Highlands 2) to S6p. 

Golds strengthen 

After losing ground in the early ; 
part of the week on rumours of jl 
further dollar support- package 
which could possibly include ITS. . 
Treasury bullion sales, the bullion 
price later staged a good recovery 
and prompted a similar improve- 
ment in South African Gold share 

Yesterday the Gold Mines index 
added 43 more to 1563— a two- 
day gain of 15.5 — bringing the 
overall rise on the shortened week, 
to 72. The bullion prices, how- 
ever, closed gl lower at $179375 
per ounce, a fall on the week of 

An Initial Cape demand enabled. 
Golds to move ahead and prices 
hardened further as bullion 
touched $182.10 at the morning 
fixing. Hie downturn in the latter 
in the afternoon had little effect, 
on prices, as U.S. interest became 
evident, and they generally dosed 
at or around the day’s best levels. 

Heavyweights registered gains 
of up to { as in Randfontelm,- 
£34}, while improvements Of.), 
were common to Hartebeest, 

22*SStaT'S3-S3 466. 3'i 4W ,2 45813. 

.jMMOrilrea*- W.* 3 3 J 144-0; SWJjl 134.5 

— S3' -^3 =.7S «3 »■«! M *‘ i{ 

6,46a! 6.8$6l 6273 4,0981 4JI36! 4^ 6.9» : 
TT aa 19’ 79.86 05,9Ci 63.881 68.01-8325- 

SZTJ - W ggj iMaagM 

.r- — 1 **:**-: ■ - 

~lMa* 1*5®* ««***■_ 

T1 fJL W«t> WWW- w* 

Utat l*5ax flw*. 

Maes ISflKs- SE Aetlrttx Jots -Dec, l** 2 - SCorretftrf. 


tgrim [Since 

ffip h Ln« ' HlRb tow 

7995 ftO-45 127.4 49.18 

- ^ wh MW 

oi 07 rqjU 150.4 BOM 

(3ri/7U> (4/l| l^ab/llfrt) *3/l/7b> | 

„ 849.2 367.6 649-2 48.4 , 

{lift) <1S/1> (14*TN WW 

5 174.5 95.1 448.5 43,6 

(IBjIO) ll® (Z2A»7*H^UW*b 


— Otli.r J 






ToUi I 

Shr,.) M«r. 

p l- a 


SJ9&5 1 188.8 
181.4 j 197.7 
9LTi. flB.S. 
124.3 1 132.6 . 

164.7! 1943 
166. B USQ&- 
80.4 !•-«#' 
I16.B i SU.8 

hm vaai JKeexs, 

BlSdlngs, 08. Among the 
medium - priced - 

Driefootein put on 34 to 69Jp and. 

Buffds a similar amount to 87ip. 
Marginals were featured by tflie 
revived speculative demand for 
tot Nigel, which left the shares 
% -higher at 50* p. . 
i-' A^good Cape demand ^upled 
with the further rise fa. • the 
investment currency premium 
ttabled South African Financials 
to move ahead. Union. Corpora- 
tion dosed 10 higher at JKSp, 
rtter 280p and Anglo American 
Corporation were 5 better at 289p, 
after282p. D® Beers were active 
a PEW hander at 
Sfitp, after a new 1977:73 high of 
:347p; the shares showed - a -0 

Improvement on. the week follow- 
ing news that the CSO intends, to 
Impose a 40 per cent, surcharge 
on prices of rough stone's at next 

week’s “ sight H : - 

In Australfans a further burst 
of speculative buying saw 
Northern Mining soar 13 »«• J* 
sop, after 33p; .on Tuesday the 
shares were 9pi. The company has 
a 5 per cent, interest in a cott- 
sartiiun engaged fa diamond 
exploration in the Kimberly 
. region of Western Australia. 
Cwndnc Riotinto, which has a G2.6 
per cent interest In the venture, 
were steady at 16SP. a rise on tbo 
week of 10. Yesterday the 
consortium announced 'the estab- 
lishment of a processing plant to 
treat samples: _ 


__ Um. lb Dee. l—l 

J 1 978 ‘ furmi'tr- 

Z banking depabtment" 

T.iAH ir.msa I ' £ 

r.pii .1 14.B5X.0W; — 

pSuo Depralt.-. 3&.7a7.e00,+ 

Sped*) DeptwltB.. 

Bunk er! — 47£.714,*4 1 + 308^96,699 

2,431^34.607 +179,113^15 

CNm.Sect'rltim- 1,867,111,085!+ 69,640.000 

371,796. J+UKW 

.WS£ 173.B4W+ B43.487 

18^12.445;+ 9^437 
SST. 164,7841— 18.110 

i «L234.6OT! + 179,113^75 

P— — 1 

TJXBILTflBf’j 55 j £ 

Notes Iwied ko6o,ObaCK» +173.001X000 

In Cireti^tion-r? 38 1,687^64 +1S5 J08.563 
Infisnk'K Depti 16^12,446 + 8,535,437 

ASSETS '' f 

Oort. Debts IMW.IOO; — _ 

Other Govt. Seoa-lMTWW.T&t + 8,689,422 
Other Secii«irie«.(l.llSl52aj.4o| + 166«WX6T8 

■ 1 8.000.000000 +176.000.000 

on comparison 

A SUGGESTION by MPs that top 
civil servants* salaries should be 
compared with thosa of top 
executives in outside organisa- 
tions, io establish the rate for the 
job, was given a lukewarm recep- 
tion by the Review Body on Tup 
Salaries yesterday. 

Commenting xa the report of 
the Commons Expenditure Com- 
mittee on the- Civil Service, the 
review body said that such are 
the differences in their jobs that 
direct comparison in salaries was 
often inappropriate. 

A balance . had to be struck 
between the relative degree of 
job security, potential financial 
rewards and accountability of the 
two groups. 

Lancia scheme 

A NEW- low interest finance 
scheme by Lancia is TO start in 
April. It will he offered at a flat 
rate of 6 per cent, a year, equiva- 
lent to a true Tate of 11.7 ner 


SHtfsft Foods * 

Corpus. Dom. ami Foreign Bonds U 

industrials Z77 

Financial and Prop. U* 

Oils 7 

Plantation 5 

-Mines 53 

•Recent Issues - 3 


Up Down Same 
I 55 18 

U 2 53 

Z77 245 1A35 

1X4 98 3CT 

7 I » 

5 4 23 

53 IT 52 

3 4 18 

Totals — . 475 VT! I.5?S 

On the week 

. Up Down Same 
» 1ST 223 | 

43 21 203 

1.607 732 3JJK ! 

643 2 M 1.164 i 

43 28 61 

32 16 88 

US 124 in 

M 14 77 

2,618 1,351 5,756 




Denomina- of Closing 
tion marks price (p) 

on day 
+ 3 

Denomina- of Closing Change 1977-78 

Stock tion marks price (p) on day high 

Shell Transport... 25p 15 525 + 3 635 

-Bunnata Oil £1 13 47 — S3 

BP II 11 784 + 6 966 

Do Beers Dofd. ... R0.Q5 11 343 +1 347 

• -GEC 23p 11 248 + 1 284 

•Beecham 23p 10 625 - 2 693 

RTZ 25p 10 1S8 + 2 247 

ICI £1 9 355 - 3 446 

Rank Org 25p 9 238 -12 276 

Cons. Gold Fields 25p S 176 — 224 

-Distillers 50p 8 177 + 1 193 

GUS A 2ap 8 2S6 + 2 347 

. PI esse v 50p 8 99 + 1 117 

Peed lutl £1 8 112 - 1 233 

. Wigfall iH.) 25p S 233 +21 276 

Tile athve list of aetzee /stocks is based on the number of 
‘•recorded uc/sierda-j m the Official list and under Rule 163(1) 
rcirnxtnced to-day in Stock Exchange dealings. 



Dennmino- or Closing Change 1977-78 

Slock Lion marks price fp) on week high 

F,P II 00 7S4 +20 966 

Shell Transport... 23p 60 525 +17 633 

“ICI £1 48 355 +10 446 

Reed Inti £1 42 112 + 2 233 

Burmah OH £1 40 47 — S3 

Beecham 23p 38 623 + 5 G93 

‘V'EC. 23 p 56 248 + 1 2S4 

RATs Defd 25 p 33 237 — 265 

De Beers Dcfd.... R0.05 33 343 + 20 347 

RTZ 23p 33 1R6 + 7 247 

Cons. Geld Fields 25p 31 176 - 1 224 

Grand 1IeL 50p 31 103 + 2 109 

Plessey 50p 30 99 + 3 117 

EMI 30p 29 146 + 1 25* 

Marks & Spencer 23p 29 14S + 2 173 












(e) and 

First Last Last For 

Deal- Deal- Dedara- Setile- 

ings ings tion ment 

Mar. 21 Apr. 10 Jnn.22 July 5 
Apr. 11 Apr. 24 July 6 July 19 
Apr. 25 May 9 July 20 Aug. 3 
For rate indications see end of 
Share Information Service 

NmtPy w as given for the call 
of William Press, Premier Con- 

solidated Oil, British Land, West- 
minster Property, . Thomson 
Organisation, Town 'and City 
Properties, Atlantic Assets Trust, 
Charterhall MHbury, Dnple 
International, Blackman and 
Conrad. Dawson International, 
and Wheatsheaf Distribution, 
while doubles were arranged in 
Burmah Oil, and De La Rue. A 
short-dated double was trans- 
acted in Ladbroke Warrants. 


These Indices are the joint compilation of the Financial Times,, the -Institute of Actuaries and the Faculty of Actuaries 





Fl£nrrs in panstheses ahow 
■ number o( docks per sccttoa. 

ntt rnm am „ Wed. Tuea. Mon. Fri. 

Thors., Mar. 23, 1978 *£ 


Slock Lion 


Shell Transport... 25p 

"ICI £1 

Rood Inti £1 

. Burmah Oil £1 

Beecham 23p 

*tiEC 25 p 

BAT^ Defd 25p 

!De Beers Dcfd.... R0.05 

:RTZ 25p 

•Cons. Gold Fields 25p 

■“Orand 'SleL 50p 

Plessey 50p 

EMI 30p 

Marks & Spencer 23p 

Closing Change 
price fp) on week 
































The following securities quoted In the 
Share Information Service on Thonday 
attained new Highs and Lows for 1977-78. 



American Medical int. 



BEERS (1} 

AmaL Distilled Prods. 


Richards & Walllngton 
, . _ CHEMICALS «l 

Crystal ate 

ProcdY 'A. i 

Thome IF. W.) 


Birmingham Pallet McOlttt 
Chemring Metalrax 

Hill A Smith 


HOTELS .11) 

Prince of Wales 


Christies Int. Neil & Soenccr 

Hutch Whamp Sotheby P. S. 


Estates Prop. Inv. 

Turner (W. A E.) 


Reed fWmj Sekers Int. . 


Int Pae. Secs. Malndle Inis.. 

Montague Boston Warrants 
OILS (1} 


MINES 11) 

De Beers Defd. 

Index Off’s 
N'o. Onpe 

181 77. —OB 
3WJ2 — 
426.12 +03 
284.44 — 
16034 +03 
16133 -OLl 

Index Index 
No. Mo. 

20116 20133 
18273 18L71 
31831 31619 
424.66 430.02 

19830 19833 165.09 
18031 18028 13838 
30926 309.00 3531 
423.49 42339 33014 
28032 28219 21037 
15634 156.44 14812 
16037 16114 13731 

228.03 04/9/77) 
214.72 (24/10/771 
379.99 (2400/77) 
48369 mmrr> 
187.45 (14/9/77) 
17732 04/9/77) 

13513 (4/1/77) 
11211 (51/77) 
167.99 14/177) 
26535 (11/1/77) 
16W6 (4117). 
125.42 02/1/77) 
11325 (41/77) 

228.03 (14/9/77) 50.71(13.'1274) 
23384 (2/5721 4427 011274J 
38933 09/572) 71.48 (2/1274) 
4®69 (2110.77) 84.71 (25/6'62) 
33222 (13/9/77) 64.39 (2,1/75) 
187.45 <14/9/771 45.43 (6-115) 
177.41 (27/4/72) 4935 (6/T75) 

18632 28534 182.70 182.95 14632 21175 (23/18/77) 11721 02/1/77) 227.78 (2L'47Z) f 38.39 (6175) 
223.80 220.90 21908 219.77 16939 26172 (2110/77) 12969 (32777) 26L7Z 0178.77) 

B.091 16600 16531 165.46 165 JI 149.46 199l07 (27/10/77) 12231 (41/77) 26322 (4/5/72) 

11464 114.75 13206 111.96 9565 130.95 05/9/77) 7727 02/1/77) 17039 050/69) 

19121 19060 
22130. 22038 
24630 24520 
24222 24169 
18163 18038 

-21183 (21/10/77) 
236.74 (8/1277) 
256.45 (29/12/77) 
27282 123/10777) 
214.63 (mm 
244.41 (27/30.77) 
36062 (60/78) 
20462 (27/10/77) 

18L41 05/9/77) | 

24366 (7/9/77) 
11968 (27/10/77) 
213.70-04/9/77) , 
29500 04/9.77) 
26296 (6/1/78) 
1^35 05/9/77) : 
53968 (18/5/77) 
28 02 (21/10/ 

136.79 112,1/77) 
14323 04/2/77) 
15605 04/2/77) 
17297 (lWm 
150.84 (4A/77J 
201.08 02/3/77) 
9024 (5/3/77) 
10935 02/1/77) 
12271 (5/1/77) 
19L41 04/2/77) 
7604 (4/1/77) 
144.93 02/1/77) 
20426 02/1/77) 
228.41 (3/3/78) 
7765 (4/3/77) 
405.40 04/1/77) 

281.57 (28/31/72) 

257.40 (13/7/72) 
329.99 02/1272) 
21463 (21/10/77) 

244.41 £27/20/77) 
36062 (60/78) 
14461 04ffl77) 
20439 06/8/72) 

235.72 07,0/67) 
33906 (2/8/72) 

135.72 06/2/701 
213.70 04/9/77) 
29500 04/9,77) 
262.96 (6.1/7S 
246.06 (1/9/72) 
539.68 (18/5/771 
25883 (2/5/721 

61,41 (13/22/74) 
69.47 (13/1274) 

Issue 2 jpid|S 

<"* r* - ’ H4:o 

106 F.P. i _ 121 118 

I a ^ f t! E lFi ^ ^ 1 ; 

63.49 0302174) 
55.88 03/12/74) 


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.... 
Breraar Holdings Ltd. 
Brit Bank of Mid. East 

I Brown Shipley... 

Canada Permanent AFI 
Capitol C & C Fin. Ltd. 

Cayzer Ltd 

Cedar Holdings 

I Charterhouse Japhet... 

C. E. Coates 

Consolidated Credits ... 

Co-operative Bank * 

Corinthian Securities... 

Credit Lyonnais 

The Cyprus Popular Bk. 

Duncan Lawrie 1! 

Eagil Trust 

English Transcont 

First London Secs 

First Nat Fin. Corpn. 
First Nat. Secs. Ltd. ... 

I Antony Gibbs 

Greyhound Guaranty..- 

Grindlays Bank $ 

I Guinness Mahon 

IHambros Bank 

■ Hill Samuel § 61% 

C. Hoare Be Co t 64% 

Julian S. Hodge 74% 

Hongkong & Shanghai 64% 
Industrial Bk. of Scot. 61% 

Keyser Ullmann 61% 

Knows ley & Co. Ltd — 9 % 

Lloyds Bank 64% 

London & European ... 8 % 

London Mercantile 61% 

Midland Bank 61% 

■ Samuel Montagu 64% 

■ Morgan Grenfell 6}% 

National Westminister 64% 
Norwich General Trust 64% 
P. S. Refson & Co. ... 6*% 
Rossmlnster Acceptics 64% 
Royal Bk. Canada Trust 64% 
Schlesfnger Limited ... 8]% 

E. S. Schwab 84% 

Security Trust Co. Ltd. 7|% 

Shenley Trust 91^ 

Standard Chartered ... 61% 

Trade Dev. Bank 81% 

Trustee Savings Bank 61% 
Twentieth Century Bk. 71% 
United Bank of Kuwait 64% 
Whiteaway Laldlaw ... 7 % 

WHIiams & Giyn’s 64% 

Yorkshire Bank 64% 

B Members of the Accepting Homes 

7-dir deposits 3%, l-tnoatfa deposits 

r Mar deposits on sums of £10.000 
■and under s%. op to £22.090 31% 
and over £23.800 4J*. 

t Coll deposits over n.000 3%. 

i Demand deposits 4S>. 

1 Rate also applies to GterllnE nut 

RonunctatHo date usually last day for deauns froo or uuud duty." 0 Figures 
bated 0b prospectus estimate- 0 Assumed amend and yield, a Korean mmena: 
caver based do previous year's earumss » Divuwna and yleM based on ompeenu 
or other ofBCial estimates for 1BTS. q Grass- 1 Figures assumed, t Cover sUmre 
lot conveioum of s&axes 00c now ranking for dMaean or ranking only for restricted 
divuenoa. S Plaoog price to pubbe pt Peon unless otRenaBe itnUcated- 1 1sueo 
by- render. D Offered lo IMUors df Ordinary shares as a “ righw-** " 
by way of eapJtalisabw. ** WtOomn tender price, it ReinimdpcHt. tl isswo 
Id comwctuin vtih reorsantSatW) merger or nkfrover. I|D InrrnaucQon ~l ttsuea 
to former Preference holders. ■ Allotment letters (nr fully-paid), • mvtsloaal 
or portly -cud ailouaaat letters. * Wits wunn& 

Seettoa or Criup Sue Data 

PharmacoBticai Prod am XfU/TT 

Other Groups 3ZA2/74 

Overseas Traders 31/22/74 

Eoglneerlos Contractors 31/12/71 

MeehifiiteH Engineering H/12/71 

Wine* and Spirit* Wl/TS 

Toys end Gamas 14/l/TO 

ORtra Eqaipmem JS/i/rtr ' 

Industrial Group 51/12/70 

Bare vain* 
ISSlH - 


,M'|6SLB1 63.87 
M 48.88 57.71 
BO 68^H 79 .58 

■.“LiSS-. ■asehntn Base Value 

Mteella new RmutiUal suum 129 M 

POM MMOnmriRg 21/12(87 . 22AJ3- 

Virmvr - <*si 

24/12/67 mw 

- MM W4/62 100.00 

Is list el 1 tte eeWDCfctumt* 

^avaitB Mefrm n a* Pnblhbow. Tlw Financial Time,, 
"wtae. Cannon Strait. Lnnfloir. _EOi. prite 

Base Value 
129 .H 
new ■ 

UAJ3 ' 

. ' 




• tinea H&t with 
Indices, {* obtaftaWn^JyMn 

• Corrected March ■ r“ .. 


Sffiancial.Titaes Saturday March -25 1978 




Abbey Unit Tot, MgTi, Ltd. fa) (*) Garfanere Fond Slanagers V faxg) Pcrpetnal Unit Trnxt Mngmt.¥ la) 

Norwich Union lunnue Croup 

'Eqnitv Fund.., {333 

EnmryArv mjj 

£wiy Fd 1436 

PraiNfrivAce 1496 

-SclcmvvFund Q 6 

'(Vnrcrtlblp Fund . USB 

FrfOnflf Fund 119 7 

Taw-ftbrortr. — 1682 

Feat. m-Iocuvu 79.0 

J\ar. Si-tuntY 1332 

J'eni llsne^-d 169 S 

£*>& EWKv M2. 4 

¥1 ■rop Fd. Hrr 4.. _ 123 S 
*J13l V& **r 4.... 120.4 
JI-JVUIvKd Nor A, 3U 
fcimv. Fd Ser 4.. . 1U0- 
Wl'in"! Fi] M?r. 4 1108 2 

352J .„... 

1512 .... 

BSJ .... 



iSi - 

1715 ...... 

149.4 ..... 




115 J 

01207107 pfj 4. Norwich XRl 3NG. 

- Property Bonds — ( 16*2 17S2| _...., _ More*,* P 3 »d 

— Hambro Life Ass liras c« United V i^wPtaiSI.-. 

9 Oia psrttune, London. Wl n fcMVfeu BSSS SS?*— ' 

— Nor. linU.Hju-.l5_ 


Fixed lnLDep_. 

Foully — ._ 

“ Property 

— ManattrfCap 

— Masoned Aee 


— GUtEdoad 

— Praj.ED4p.cap_ 

— P«QJVr.D«£AM._ 

~ Fra. Piflp.Cap 

— Pen. Prop. Are... 

-!n.Uld Rurlinctau Si, Wl. 

Prices 31 March a .'ValuaUons oonnai'ly Toes. ^ 53;^; 

Albany Life Assurance Co. Ltd. pSuIttEd^^ 
01-437 SOBS Pra. gS. Cap. 

in* +0 js 
144.7 -0J 
319.0 +02 


164.6 '♦di 

mi + 0 * 

1333 +0J 
2102 + 0 j 


199.81 +0 J 

'•Eijuiit Fd. Arc.. 
'•Fixed Inf act ...... 

9Cld Mono. Fit Ar 
Mar- Pd Aem 
•Prop. Fd Ace.. .. 

Whip Inv. Ace... 

ion 11 v Fen Fd Ace 
FWrtl LPen_4rc . .. 
G'ldMon.Frn Ace 
Inti Mft.PnPd-tee.. 
J’lw Ivn.Acc 


t!04 7 

3T pic- ibvJ'cc.Ace |189.9 

AMEV Life Assurance Ltd.* 

_ Pen! BJ*. Aec. 

_ Pco. D.A-F.Qip. . . 

_ Pra.DAF.Acc 

— ' »«Mte of Oak Benefit Society 

2M81 M ' 

_ 3322 • 

623 5 1XC 

p7* 166.1 

1)04.5 HOD 


|-7S80. Gale house RcLuVjlesbciy 

Abbey Capitol 138.9 32.9 

Abbey Income C6.9 341 

AbbnyInvTn.Fd. t31S . _ 

Abbey Gen. Tst f5il 45 ! 

Allied Hambro Group (atfg)¥ 
Hnabro* Hui, Htithre. Brentwood. Kara 
01-588 2851 or Brentwood tfSR} 24)440 
IM^aw d Foods 
Allied IM I6E4 

02969861 tSLlaxrj A*e.EC3A88P. 
-0JJ 446 (zJAxnrricanTxt..— 24J . 

BrttifiTH.iAct. i_ 497 
Commodity Share . 131 5 
tit Par East Tru«t_ 293 
HlfifllncomoTsl 54.9 

Income Fund. 66. B 

3ns. Acenclca _ 1252 

Intl.&MBpt F4„ 823 
WlntLTtt.t.\ee.i _. 27 0 

01-583.9531 48 Hut Sl. Henley on Thuae* . - 04815 
26 0| +0 1J 0 77 FpetualOpGth 1363 31.71 — | 374 

lit Piccadilly Unit T. Mgrs. Ltd.? faXM 
Wardtft'iHse.. 59a Wall £ 1 .= SBMUi 


Small i'nVFd.! 

Entral ucuiu e. 

Capita! Fund ... _ 





— Phoenix Assurance Co.' "Ltd. 

-0.4 _ WralJh A>*_— .1107.2 123# ..._J — 

_ Eb'r. Pfa. AM : t - . 693 L 1 

iE... - Ebr.PhJqJL ..PBA . WiF— -J. - 

Prop. Equity * Ufe Ass. CO* 

1 18 CranfaiU Street. W1H 2AS. 

R. Silt Prep. Bd.„| 172.9- 
Do. EquIlyBd...... 684 

Do Ft Mnv. Bd. Fd.| 133.1 

leldVd. 63.4 

«one W3.3 

9. Inc. (363 

■EBssa^a SSS&r 

Brit indt Ftind, ,„.U02 

anh.ftiM- psi 

J Elect. Sc Ind. De* L 

M rur Wlfflarn m P4HR- Ol-ffiSOCT | AHIed CiritmT. if 


fUfltbro Act Fd._ 
creme Fhsdt 

Ulcb Income 

AH. Eq 

914RMST| iMmtiMi Ftud4 

Inlrrruititmal p.l 

Secs, a! America. 147.5 
PacUleFu&d 1342 

Spefjajlxt FmUc 
S m slier Co 'fFd — ' DE6 
5nd Kmlr. Cot Fd - 39 3 

Reewery SUa.- : Oi 

1*4L Mln.fcCdty _ 37.0 
Oror&eas Earn! oat 50.4 
BxpL Stair. Co-sTL*®E« 

65.7fd -0 41 
653 —0.4 

33.4 — OJ 
72.6 -05 
U63 “0.6 
I2Q.6 -ID 








Site +03 
1 432wl +02 
548 -03 
453 +q 3 
372c “031 
■635 .. . , 
595 “031 
233 .... 
. 21 * 






=1 = 

Fmeie Fnm* ■ [34 9 

Gibbs /Antony! Unit Tst. Mg*. LUL Arcumit-Ftaid^.lM.4 

S3,KMaildd6l^BCS5nNT. 03-588 «U 

t«) Ag. I ncom e- — {go 4J.M 1 SM American Fund P2.1 

Uiag! Far 9 ' ilf 3 °30 Practical Invest. Co. Ltd-p (>-Xc) 

Oralin* Tubs. ttWed. : - - 44,Ho«wbtxrySq. WCJA2H.A 01-833 

Go Wtt /John!® Practical March 22.}p4 3 142 7rf 1 449 

67819-63/ 633 STddr.Mar.iT 1124 3 in# J 2J8 Provincial life lav. Co. Ud.V 

M#-0J[ 7te Do-ABCtomOoh. ]24R7 l»7i_.-..| 238 222,BWK>Pfrgale;EC2. 01-3478933 

“ " “ Prune Lntta. J733 7M -0^ 

nififl Income .TTHux 8 112# — -J 

i_.|63 I ■ UJd -fl.ll 834 






Next dealing day April 

a# -oil 2 . 7 ? Griomon Management Co. Ltd. 


Property Growth Auiir. Co. Ltd.* 
Eeoe HeUfc, Croydon, CR* 1LU 014600608 

— Hill Samuel Life Aswir. Ud.9 

Agrir. fired {ai_,_ 

— Jbej-NaLFnniT. 

NLATnnv. AddiaumibeRd, Ctag. 01-5884355 

33SJ +2.7, 


■1093 +0.3 



1052 4 — 

Alum llsc. Alma Rd. Rcig&te. 

AME1" Mon.-irod . _ (128.2 

AMFV Med B - 94 9 

AMEV Money Fd... 1038 
A3fE3'Rrtuitj-F>t_ 982 

AM77\ Fired Ini 96.0 

AJlWProp Fd 958 

MuvjtafrmriL ua 

AMTV McrtPen.'B’ 99 0 
Fieri pi an »9.9 

Arrow Life Assurance 
3 fl . t'xbrldee Road. W.IZ. 
r— IME FdCp I'm. ,f7B 6 8321 ^ 1 

SaI.Mh.Kd SI i:m_WJ.7 9931 — 

Fcnaosuslfgd. Fd... (116.8 120.* | — 

Barclays Life Asnir. .Co. Ltd. 

253 Romford Rd , 617. 

Barr Uybnud*-—-... fUlLS 

Enahy- 1107.8 

Glk-cdged. {212.9 

Property 0021 

Mansjed .1204 6 

* Property Unit* [247 4 

ftopcrtvSerlesA.. 983 

ReUate 40101. MmjcodS^lMXWfl 5 

Manatud Series C.. W4 

Mosey Unit* : 119.0. 

Mon r+ Series A. M3 

Fixed InLSer.A 94.6 

Fns-Gfd. Cap. 1D4.6 

PnaiGld. Acc. 0093 


^ :::: 
99.7 •«-. 
142.1 _.. 
149J -.... 
run __ 
1253 -.... 

Imcstmani FcLlAj 

— Equity Fund 

— Equity FundfAl 

— .Money Fn no 

— Money Fund ! A 1 — 

— Actuarial Fund. 

— Gilt-edged Ftmd._ 

— Gill- Edged Fo. £A'. 

— eRetirc Annum 

— dimmed. Atmly— 





' 65J 


*o'^ ”” 
+ 0 ^ 

fiftST* -* ***** “*■ 

rAc U lb. [326 9 


Imperial Life Ass. Co. of Canaria 
Imperial How*. GtiDdford. • 71 253 

Growth Frl Mar. ffl 74.71 

— Fens. Fd. Mar. S3 

I'nit Linked PntUol 

■SggmK-iM n 


U 3 S+O 3 I — 

1149 -flT 
107.5 . 

2202 +0.1 


Irish LHe Assnraoce Co. Ltd. 

31. FI oitbury Square. EC3. '&14US2S3 

VAJ J WeatberCap. . 

•lav Fd ITS .' 

Pension Fd. Ul*. 

C«jv Pena. 

Car. Pus. Cap. Vtl 
Man. Peat Can. LI. 

Prop. Wra Fj£ ; 

Frop_Pem*. Cap rt*. 
BdKg. Soc. EHm. lit 



■ 139 J. 



in « .... 

}2TS -... 


423n +0.1 
89 4 -0.1 


311 -04 
272.9 +03 





H9L 8 


Bor" fin. Msrrb 15 

- - — ■;nita» 

Mar. 23. 

AMUBtUnllSi — j 
BtinTfty - “ 

>3« (AecuSLUniisi. 
i-76 Eadetv.lfar.2t 

575 lt 

M9 m 
566 1 / 


217.7 ..... 
176ia — 20j 
2026 +26) 



83.7 ..— 
9b2 .... 
715 +a* 


01 -mo 4433 Prudl. Portfolio Mngrs. Ltd.9 faribgc) 

6 66 Hoi bore Bars. EC 1>"2NH 01-405833= 

JJJ Prademial pl75 32S.0[ -0.11 454 

1 A 6 Quilter Management Co. Ltd.? 

H* The SU c. Exrhajieo. ECS 1HP. 01-0004! 

3 08 Quadrant Gem. Fd..{10L6 1049 — I 
3 00 Quadrant Income „ [1173 12X0| .....J 

. _ 1650 

_A£*t4n.l'bJU,-. . 170 4 
GrarbstrldarDl .. 79 9 
lAccum-Uhitsi.. . . 82 3 

f.aaMl>f««rg. M.4 

Anderson Unit Trust Managers Ltd. lAmwVaits..- .. 170.-9 

iWFbncbmraSLBgMBAA «3»! Guardian Roj-al Ex. Unit Mgre. Ltd. S^SS.SnL-- 

Andiuaou U.T. __^_H52 48.0) | 4*8 RpyaJ Btchaafie. Ei.'3P3DS. 010288011 NenorrieT.f Aem— 

lnchssW /-« ia*inuanfhiUTM...l835 8650|-CUI| 4.61 Srf*>rd©Llnc-.....| 

fJSteSavWA.— oT^srra Henderson AdmlnlstnUionuiizl Ridgefield Management Lid. 

Ine. Monthly Fund -D54.0 XMAU) 1 95 Prewtee U.T- Admin, Rayleigh Road . Fn Boa 41B. Bank Hae. Mawchrir . 002388551 

74 34i3-3« Reliance Unit Mgrs. LW.V 

Reliance Ht*-TunbrtdceWdla.KL 0CB2ZS71 

2 6441 J 3.73 

1 41 Bj -Od 





UDAsatraiKm... _ .B7 0 

37. Qubvn Sl London EC4R 1BY 01-238920 capOrSSbto.” §79 

— j Arbntlmot Securities Lid. (al(c> 


King & Shaxsoa Ltd. 


Bond Fd. Exempt.. 01257 124,43) | — 

ghvl'scojeS! 1 - 

Provincial Life Assurance Co. Ltd. 
1“ =22. Blshopifgte. Efi - 01-247 8533 

r te.aaws*l -M-Hr 

Gil: Fund 20 _|U12' • 130*j —0.71 

fli -823 5433 Prudential Pensions limited* 

Money 97.6 

Man-PenaAccum. . 977 

Do Initial ... W3 

Gilt LrlvPcns. Ace.. 97.7 

DaJnltlid 46.1 

Money Ptns. Acc _ 48.6 

Da Initial 969 

■Current unit value Mar.lfl. 

Beehive Life Assnr. Co. lld.P 

7L Lombard sr.EC3. 014031288 Langham Life Assurance Co. Ltd. 

1 — LangbamRa.HobubrookDr.NWC 01-3035211 -.■ ■■ . . , m 7- 

Langbam 'A 1 Plan.. (64.0 67M i-.J _ Kcjlanc « M«n*«. 

•Prop. Bond 1149.0 147. ' 

Extra income Fd... 1091 

HJah tae. Fond 19* 

axAcema Unlt»x.._. 533 
tfib* Wdrwl .C&i 533 

Preference Fund 25.7 

lAcrum. UnitAi 38 2 

copiiri Funrt— 1*9 

Commodity Fund _ 51* 
lAecum. _ 727 

n09iW(lrvri.Uj 46* 

FinAProp.Fd 16 6 

Clients Fund _. 3U 

lAccum. *6 5 

Growth Fuml D3 

1 (Aeeum. CUai 593 

SmriJarCo'* Fd._. 25.9 
ZaamnftlBil.Fd.- D3 
f8SWdn*1.0t».>.._ 16.9 

Fnr+rgrilW ..■ • [711 

N. Amer. h InL FU.I 2 E 2 

11 B.B) +D3/ 10-55 (fiEuropraa 359 

_ 4*8 tuFar-E** W* 

931 ir 1 FhmaAITC 23* 
9.48 iL Hifh Income. ... 55 6 

12.00 (vdDC-«cAMCU _ Ml 

12.00 (gUnicraatloaai .. @8 

: SP 

41 iJ 










— (ciNth. Americ»ti J« 3 
603 N_A tiroes Mar. 17 106 4 

6 03 Oil A Nat Q3.7 

6.03 w Wld. Mar. 17 .. . po7 

3*1 I at Cabot (73* 

330 Cabot Eriralnt. _|532 


•For ax r wrapt funds only 

XU Ridgefield Inco me . [93 8 99o| "ITj 



0=77 2X7=38. lUdcefidd !nu LT » 6 
28 91 - . 

4ol3 '"■ ‘I ill Rothschild Asset Management fgj 

;;"'J 3 00 72-80. Gaiebnuse Rd.. Aylesbori' OS89iMt 

\ 1-74 X.C.EquttyF-UwL. X5RB 1*8.0) -1 

25.6) } 4.40 x.c EngyRcs-Tii. 96 X 10l3 -0J, 

BJ* NXXTiKcmv Fund . 1*3 6 15Z7] -111 

62 NX.-, inu. Fd- Ibir<76 4 exit +D.S 

189 -VC. Inti Fd .Acc. -76 9 8X« -Oil 

ID N C. Smllr Coys FdJ142.5 151 7] —03) 

in Rorhscbild A Lowndes Mgmt. lal 
6*6 st Smihlrs Lane. Ldn. EC4. OI8SB433B 
WeWCt Exaapc . jflg* ia.0df ..... I .3.72 



4 67 

318 Hill Samuel Unit Tst.' Mgrs.t fa) 



Holbom Bare,ECUa£KH. 
EqulLFd. Mar. 15— {i 
PXO. InL Mar. I S. - f 
Prop. F. Mac. 15 l 

Black dorse Mar. L f 127.17 

"NCansda Life Assurance Co. 

S-A -High St. Fotlera Bar. Herts. F_Bbt 51123 
-. , .lift h.Frt. Mar 55* I....I _. 

' k . Hcla!LF«LFcb.8..| 105.8 | | _ 

Cannon Assurance Ltd. 9 

*• 1. CllympicWy, Wembley UASQNB 01-0028878 SS^SB 0 ® 613 - 
.RiHii»ii..i. ii-uh l+ODB — taae l a mn l— _ 

Wisp ifiF] Man Fd I 

Legal & General (Unit Amur.) Lid. 
Sinjpwood Hi 

Tunbridge Wells. Kent . 
ReLProp. Eda. | 192.2 



I 1 

45 Beecb SI . BC2P TLX* 

WJ fbi 8rW«b Trust— J[1472 

\T* It) fnri Treat - 335 

l* > Dollar Tnurr-. 67.6 
iB'Capital Trust... M.O 

Archway Unit Tst Mgs. Ltd.V (uHe) foiScSrnBTrS 1 ^ K.o 
317. HicbHcd bora, WC1V7NL . 01*818=33. SjSiSSTSjffiR- 
Archway Fund.. ..-176.7 «L6| *02 *»HI»h «aWTkt-|280 

Prices at Mar. 35. Next aub. day Mar. 28. Intci,f OHgl - 

Barclays Unicorn Ltd. faXgWcl Ci 93 * 1 .... 1 

Vnlcern Ha 2S£ Romford Rd.E7. 01-334 5544 !T' - . ! , 

Unirorn America P4J 32.S) -<ui 1*9 KeyjFtond Managers Ud. (aKg! 

62JB +o3 206 2S.MBkEL.EC2\'B3E 

Price on March 15, Next deeiing April 3 
Rowan Unit Trust Mngt. Ltd. 

-(rt, Citj -Goto Hse.FtnsbuiySq. ETC 03AM3068 
rV. RowanAm. Mar. 22. IW 5 
„ „ IS RowanHy. KarSlBSlS 

R«anlfe , S«r.23.K9 556 

?ii t Acauu. L'nltti R25 762 

-03) 47? Kwn.Mra.MarW 

laS 7* 6*~-l» -'IMA 
■^-3 335 Royal Tst. Caa. Fd. Mgrs. Ltd. 

M. Jormyn Street, SW J . PI-iCSfCK 

Capitol Fd 163.4 66 M I 

01*437543 InromeFd.-..-.^*^ . 724) .....\ 

I Ml 

6*01 +05| 


73 n 








Prices at Mar. 



lent dealing Mar. 3L 

49*6 +03 

17*3 -DJf 

■Kqdlty I'mti 

Property Units- ._ 

Kf } inly Bond/'Exec_ 

Prop BomfEttc. . 

Eal. Ed. SxccjDnit. 
ti<- po^i Bond . — _ 

EqoiQ Acium. . 

Pro Deny Arc urn i U? 13 

lined- Accum... 1.538 

2nd Equilv 187.7 

2nd Propart}- 1012 

2Sd Managed. 947 

?ni! Deposit 95* 

2nd Gilt 93* 

2nd Eq. Pros i'Acc. . 3H.9 
SidPrr.Peni Are.. W33 
=hd .vnd. Pens Aec 96J 
2nd Den. Pent' Ace. 966 
2nd CIH Peni'Acc. 93 2- 

L&ES.I.F 37 0 

L&ESJLF. 2 ptO _ 

Currant value March 

no Accum . 

— Equity InmaT— _ _ 

— Dft-Aceum...— 12i9 

— Fixed Ini Hnl ' 116.0 

— Do. Accum 117a 

— Managed Initials... 1119 

— DaAKun.....__ 115.0 

“ Properly Initial 95J 
“ Do. Accum. ... 96 .1 

— legal A General {unit 

— Exempt Cash lniL_|94 5 

— Do. Accum. 963 

— Exempt Egy. lait, W 7 

— . Do. Accum. MRS 

— - Exempt Fixed IniL 1M.7 

Do. Accum. 105* 

— Exempt Mncd. Intt 107.7 

— Do. Accum. — Uffl.5 

— Exempt Prop. Inh. . g.4 

— Do. Accum. 95.9 

iV"., Rothschild Asset Management 
Hbeth33i5<i sr.Swithtao lame. London. BC4 0143 
K.a Prop. Dec. 30 :. JIMJ 1214 
Next (ubTday March 31. 

Royal Insurance Gronp 

Vmr Hall Place. Liverpool. • DM 227 4422 
Royal Shield Fd.__fX323 ' 139.9) J — 

Save & Prosper Gronpf 
4. GtSLHekn*h Lndn- ECSP SEP. 01-554 8889 | 

Bal Inv.Fd 023.7 

Property Fd.* Q48 l6 

GUI Fd. Il22J 

Do. Ana. . 

no imt fw» [48* 

Do. Capital (62 4 

Da Exempt Txt (1*5,4 

Do. Extra iuemna -P7-S 

Ho. Financial.. (57 0 


Da Genera! :.p1.6 

Da Growth Arc— S3 

Da. InwimeTid '77 J& 

^QAPrLAtaiTgt.. (126.9 
ftteMKftt. aa Nrat aib.^ 

EiaTraitea Fa nd-fl hH 113JJ — 

H- MJti Prl Ttv^' [5*9 ‘ K*j- 
Da Accum.. - <1673 70 li — 

Save & Prosper Group 









key Swig: 6 Gen. 


*Ke? Exempt Vd ...|X54l 



m jtne-rrMi *■ Great SL Helen*, biadon EC3P SEP 
,a h 88-73 Queen St. Edinburgh EH2 4VX 
~ to: 01-554 8809 or 031-SSB 73S1 

Prosper Securities Ltd.? 


U* Fanda 

2j(Z VK Equity 'J417 

Oieracas Ftandatzi 

Europe _.liQ2 

DcportlFdt 12U 

Comp. P+naJd-t. — 19R2 

Of II Pent. Fd. 94.8 

DepotPens. Fd-t— llb.9 

Prices on *M«b 14. 
tWeefcly tSaUam 

Capital Ufa AssuranceV 

Legal & General Prop. Fd. Mgrs. Ltd 

Coni stun House. Chapel Ash WToo 00022801 - *WB987B Schroder life Groups 

K«vlnt«LFd_.._| »SSr 1 .. ...| - . ,«Uj —4 EnVKpri*eHQsue,Portwm«h. 

Pacemaker ihv Ftt. . | liUDS 

Cbaiterhouse Magna GgV 
13 Ctioqucn Sq„ Lxbrldgo CB8 lVE 

dirthseEacrrr (332 55.01 

Chnhtc Manor... ..K9.2 38 j| 

- Chrtb^e. Mms^od .[36. 

chr.hte Equify — pc 2 33.8) 

MagcaBJrf. Sue. .124* 

Madia Man aged-. I 153* 

Next »uV day April ! Eq U 

Life Assur. Co, of Pennsylvania Iquln 3 mIt.' 21 L'!a 

90181 38-42NcwBoodSt. W370RQ. 01-483 8385 P«adfnt JUr.2i_ 

— ■ LACOP Units [U07 1K7[ ..._| - 


Fixed Int811hr.ll 
Ini LTMar.U 

K * S Gilt Mar. 21 

" Lloyds Bk. Unit Tst. Mngrs. lid. 

- S^‘ nlSUEC ?«6 U31M **??£ Mffl/JSirfcS 

— Exempt f96.6 7.96 Money Mat X 

City of Westminster Assur. Co. Lid. y ,, r , ar4mrnn(Vl . ■- “ Money :>■»»- 

Wn mi Henao. 8 Whitehone Road. 

CnwdonCBOilA. 01-6B400B4. ?• St. EC2A 4MX 

Rh.Gth.Mar.23 1 

ftup llar*3_ 122.7 
Eqh-JlBrD3_ 120.0 

Opt Hy. Mar. 1ft 159.1 

OptDMaoJtorJft.. 14Z3 
OptDDeptJMar.lS.. 120.3 

Wet Prop. Fund.. 

Mruiajcd l-'und [TM 9 

Eqmtv Fund R6.0 

Farmland Fund (69.1 

Money Fund _.J119 7 

Gill Fnnd B4 8 6 

.PlXAPond S7BJ 1H2 _ 

Pen* Mnjid fap... .[109.3 115.0) 

Pcit-i. lined. Acc. .-IU26 118*1 

Fen.' Money Cap. ..H62 48.61 

Rw. Money Arc. _ 147.6 50 1] 

Pro«. Equil.«-rap._M5.8 402) +1.1J 

rrtA Equity Acc . W2 49.6) +10" 

Fund currcclls dosed to new inves 
.Perform Units...;...) M83 | .... 

Qty of Westnmster Assur. Soc. I4d- 

-Teltphona 01-684 MM 

Firs Units |JU4P 1197} _ 

Property Unite . ..(533 55.9( _....| — 

Commercial Union Group 
Sl Kdcn'A I. UnderehalL Et3. —01-2837500 Properly Flmd— 
VarAnAcUl MarASl Sl« |*0.7« — 

n->..\nnuily L’La | 1718 1+0261 - 

Confetleiatien Life Insurance Co. 

M. Chancery Lane. WCSA USE. 01.2120=82 
HFquliy PUnd 
OUanoACd Fund _ 

Deposit Mar. 2 ._ _ 

Property Mar. 7 h*9.4 

Property 3 Mar. 7..Q472 
BSPn.Cp.Jtar 7 ... 
BSPn. Acc. Mar. 7_ . 

Mn Pn.Cp Mar. 7...fl9Ll 
lln.Pp. Acc. Mar. 7.B24.9 

Kay Income Flind_ 

Kay Fixed lal.Fd..., 

Key Small Co'* Fd (828 

Klefnwort Season Unit Managers?*th 
90.P«AcburcbSu.R.C3 03-023 8UXI Irorolax Income Fund 

M.J.V. n X.B. U&U Fd. Inc. ...F77 9 84.4dl 1 477 Hish-VieW .’.J538 

-SgfVM 4KJB.U0ltFd.Ae. -P71 10S3|-....4 4.77 Hiub Income FXmdx ■ 

5(“ L tc Unit Trust Management Ltd.f HighRewra Ig6 

Ttm Stock Echnngc. EC2S 1HT 01-380 2800 ^ 

4195 LfcCtbfcFd. 11297 m«+22| 7.96 

LfcClAllcGe&Fd.InO 90M+1.9| 

Baring Brothers tc Co. LM.V «aki> Lawson Secs. Ltd. viaKct • 
aa.Lrod rahxnst.&CR m-aMawi gj c«»m su Edinburch eh: 2jg. q3i-2« 

BSo y?E3 J-S SRaw.lBtlertalc Q4.9 17 6 7*7 vs - 1"- 5 

po.Aeeum.~__. — pci Blfl I 3 A» H2 *22 +1.1 731 Secfae Fund* 

Next mb. day A|nil 1= *Orowth Fund— *62 611 +02 3f>8 Coumtodity. 1660 

^ _ *f Accum. Units).. . 613 666 +13 3*8 Energy [613 

Blsbapsgale Progrcsrive Mgmt. CO.V ttont hod Warrant. 75.7 381 .... 1*6 Financial Sees. (673 

0. Blsbopaguto. E.G2- 01^888300 5 fi HIxb-JDahamn FUnd* 

B'ouhPr^Mar^B^S —I Xg ^mMSd“!r' «2 II 

"yAccma. Coital (67.8 7211+OJl 1072 

J5, DoaL *Moa *Tu«. TtWed. mure. •'Ftt. 

Legal & General Tyndall FundV 

IftCnnynge Road. RrUtoU 

Dlh-Mar. 13 — 15** 57M I 

D1-O234B01 (Am*. Units' M7* 7lH 

nil .1 7*2 . Next sub- day April 32 

Acc.Uts.**i4ar.7. _ 
(Accnm.1 Mar. 14. __ 
Naxt sub. day 




57.8) -C.2J 671 

44 81-03) 4*4 

-01 2.91 

Bridge Fund M ana g ers ff age) 


Brfdza luc.'. „V47.o 

BrtdpaCap.lnc.f_ JU 

SSSSi£R T " i» 

BTiMi Lmnptf. — 1 a 
R rtdEelnU.Ixic.f_ 142 

Prices March 23 fc “ 

Select Income (5L9 

Scotblts Securities Ltd-V 
Scotblts , 

SEfife : — ^ ° 

24L1J -1 21 
54.^ -Oil 










21 * 


7*2 ■ 7 Next nib- day April i'2 — Scot Y3tTV_. JSu 169 ... .._ 

1% , . ry y ,, -Prices at March =T Next rob. dap April 12. 

3 jS Leonine Administration Ltd. -ri.i.. t. ■„+ T 

M DmUinT^es: V?l ^ *“SS* 

Lloyds Bk. Unit Tst. Mngrs. Ltd. If (a) AmcrpX_.S* 

Britannia Trust ManagcmentiaHg) n+riroirtc re.«i .Mi».hJn Exempt High 1 lld.«|24* 

3 Umdoa Wall BuDdbiga. London Wall. 



- - - 1 614 

Capital Acc. __4L2 

.comm fc tod ... KL1 

fb nm Tiffvmy. Itu4 



Far East .._• 172 

Financial Secs. 132 

Gold* Gen oral — H2 

lntl Growth— 53.6 

v , . . ^ ^ Scottish WJ doles’ Group 

London Indemnity &GnL Ins. Cft. ud. PO Box 002, Edinburgh EH146BU. 033-4550000 1 Groyth——. 
18-30. The For* my. Reading 583311. -r- IneJfeSerie. l.-.lg* W* +t4j - | 

ttnecdu S3 !Sfc gfflSss?®.- ■ M % 

Fixed InUjrpvl D4.6 36. fa) 1 _ Ex. ULTr. Mar. 1S_17J 5 1393. . 

rwniiiiHini- MBd.’P«aM*r.a)_l244J 2S2*|-0 

The Lmdsn & Manchester ASs. Qtf 

The Leas, Folkestone. Kwl 

Cap Growth Fond., 
eaccmpt plexJ^dJ 
« Exempt Prop. Fd. 
Flexible Fund — 
Inr.Tniai Fund- 

127.4 . 
858 - 




090357333 Solar Life Assurance Limited 

— 3 07 dtcapride. EtavmilJ . 

— Solar MaaagodS._' ~ 

— Solar Piopw rty S 

“ Solar Equity b. 

“ Solar Fxd Ibis 

MAG GncpV 

Three «iaya. Toner Bill EC3R OQ 01*28 4588 

porsonol Pco Fd-.JWJ 
Cqujtif Pra FUud 
Futm Int Pen. Pd. 
B anaccd Ten. Fd. - 
fPncccied In Pol. 

i£2 129 

WJ _ 7Z7 




167*} ," lj — 

P«a Pirasfao“?_ 
Corn- Dcpoalt*. — . 

Equity Bond— 


Kami Jj- 81-86" 

Oih Bond— 

InlernatnL Bond' 1 


Ex. Yield N. Bd* _ 
Rccrwery Fd Bd.*.. 
American Fd. Bd. 
Japan Fd. Bd."__ 

Miu -juan 

125. Ht*b Street, Craydoa. 


rornhili Insurance Co. Ltd. 

C. CornhUI, F CJl 03-628500 

'spitxl Fob 15'. ...1113 J 
;ss«< Feb 13 _.Hh5 
.:niSh.Kd Feb 30.1159* 

Credit g Commerce Insurance 
ai.iiofenl Si . London W1B5FE. 014387081 
'AC Mncd T'd n2L0 1S30| — J — 

Crusader insurance Co. Ltd. 

■’ini-uU Hihirc Tower PL. EC9 01-62B80S1 Prop rpona. T.Z ^ 

^b Prop. Mar. 7_J67-7 74.4) _..J — M-raPrag —— — 

isgTe Star fnsur/Iffidland Ass. 
aiirraiJn^AlIoSI.ECS. 01-3881501 Mon.Mtt.1 

iicle,MjdL'nils..WJ - 51 J( -0.4| 4*7 

Equity & Law Life Ass. Soc. Ll if 
.nwrrhamRoxd.RiBhWVcnmbo 040433379 
^nilyFd . .. 

■ropudy Fd — 

‘inn' Intrrc.ri 

• ti. Depoxj 

S +3.91 - 

+L3 — 
-0.4 — 
+L3 — 
+22 — 
+02 - 

•Mar. 23. 

Solar CaahS [993 [967. 

Solar Manured P__ 
Polar Eq nJ ty P„__ 

Solar FxdJBt 
Solar cam P Rf.l 

— Solar DU1P. 

• • m-eoeixn | 

132.4 —0.4) - 

115.7 +0J _ 

1582 -U — 

i 2 s a - 6.1 _ 

105* .. . — 

102 a -02 - 
1322 -02 — 
USD +02 — 

-i-i — 
12 SJ —02 . — 

102 .5 -02 — 

ImresLTXLS hares- 6)2 

Miiwnla— 34* 

NaLtOghlnc— — 727 

New W# 33* 

■North Ameri ca n _ 26* 

Prefaaatimal *59 2 

Property Shares _ 13* 
Shield 0,0 



Rcgixtrar's DcpL. Gorins- Iv-Soa. 

___ __ WortUnA WortSui^cx 

01-aa8M78Mf0 Flr»t(B*fTicd.L — . WftQ 516] -07) 

Do-tAccxfto.) £.0 Ml -02 

SecowUCap.l *78 313-02 

Do lAcfumi- 59* 63.9 -02 

Third (Income: 77.5 832 -0.5 

DatAcamu- 1M0 111.* -0* 

Fourth fExlnc.) 57.2 614 .... 

D 0 .IA 4 enm. 1 _. . 63* 6B.0I — D.l 


MS -0*1 
502 +02 
. 34.9 -0.4 
- 71.4 -U 
393 -0* 
102* +02 
4L0M +D1 

94J +72 
71.7 +L4 
75* -0.4 


43* — 
37.0a +2.7 
712x -02 
360 —02 
28* -02 
VISA -22 

462n -a* 
».la +02 












*-2? IncamcDbL.J S84 

*g InaUKWdrwl 29* 

3*9 Intel. Growth 423 

H2 Inv.TM.UnlU-. 22* 

6-2J Market Leaders 2T.5 

iff "NO Yield* 27.1 

2g Prcf.fcGUrTruM-. Ml 
Property Share* __ S.7 
_ lalSiLTM — 24.4 

Lloyd* Life Unit Tst Mngrs. Ltd. m-M* 

M 2 . 

205 .. , 
265a -0* 

26* -.. 
23.4 ..... 


41.7 ... 
322 .. 
*5* -0.1 
24* . 

29* -02) 


17* -0 ri 
262 - 0 . 1 ^ 
21 * -o.y 
















7SftlkGatebouMRd .Aylcabtny. 0=965841 U K. Grth.DlsL 
Equity ACCum. . . [1442 ISIS) 4*7 -Ntet sub- March 22 

‘ ijr* MAG GreupV (yXcKzl J. Henry Schroder Wagg & Co. LUL? 


The British Life Office LULV (ai • 
Reliance Hao. Tunbridge Wells. K106B2 23273 

BLBrltbta LKo (40.0 50M -02) 5*1 

HL Balanced*..'. — Jo.7 46.g ._J 5 M 

JO. Drti(V-nd-^__JC-8 44.7] 8.0 

•Prices March 22. next deaUng cay March S. 


J-70 American—, _.ICJ 

5-52 (Arcum. UnJiai 43.0 

Austral aaian *13 

?-w rAccum. Units}, 

Commodity, L _ 

(Accum. Unltai—... k** 
Compound Growth. 948 
Cocre+Moo Growth 498 
Cpnversioo.lnt — 557_ 

Dividend 110.7 

fkccum Unitsi ZH 3 

European 46.2 

(Accum. Units) 467 

Extra Yield— 769 

(Accum. Uniter.—, 1054 
Far East ora U.7 





Sun Alliance Fund Mongmt. Ltd. 

Suit Alliance Heuaa Bonham. 0408 84341 

Brown Shipley k Co. LtiLV 
Mncre; Koundarx Ct. EC2 

BS Unite Mat. £]— MM . Z2UH I 

Do. lAce! Mar. Sl_. [260.9 274j| .JZj 

Ocrenie Trust* M li 

■ Accum. I. 1 nits). .... 145.7 
Fuad ctf Inv. Tats_, B-0 
014008630 CAccorn. Lfnltsi M0 

I A LA .GttMPml -.,.-w[W.( 

25 •»— — , ’~ m - 

ce* on *Hjr a **Mar. 23. 
Merchant Investors AssaranceV 

Mar. jov. Man. Fd. 
Mer.Iuv. Ply. Fd.— . 












Son Alliance linked Life Ins. lid. 
Sun Alliance Kooao. Bonham 04038414] 

RqtdrorFund— Bfi- 8 10831+0.1] — 

FhmUpteroitFd.- 102.7 1412 -02 — 

Property Fund 102* 1073+0* — 

laicrnational Fd. — 96.7 1 Ola +03 — 

■ . W* M 0.3 + 0 * — 

Deposit Fund 

— Managed Fond . — P01* 

Growth Araink — 
Growth Income 

Hl^h Income 



— I Rtewn. 

— Exmpl.FBt 1.10 

+0 4 — 

+ 0.1 — 
+ 0 * — 
+0* — 

f E 

nRoad.HiehWyeombo 04MS331 
I -0062 ULR-O.?) — 

mfipTuol SSS-O.J 
"Li "te* ri>il ~ 

NEL Pensions Ltd. 

Mlitou Court, Dcridnf. Sumy. 

Mel ex Eq. Cap. t76* Bftl 

Nel«S:Ac?um.-h063 1UJ 
N el ex Money Cap. ..1602 63: 

Nolw Mon. AmJ«2 bk: 

NelesGchTllc AccT*47* 4J< 

b'elexGth Inc Cap. (466 ' 0.1 

Next aute day March 

Rr Xpw Court Property ae*- uader 
KeebachUd Md Manafiemeet 


icacni Portfolio Life Ins. C. 1U.9 
OfiurthalonwerCL. Waltham Croro. WX31071 

‘ortfblio Fund | ,1293 J .. ..J — 

VaUdjoCamUl -|41* 43 J| — 

ice&um Lift AM. Soc. Ltd. 

Prince of Wales Rd . B'mauth. 0202 781850 

lii-aab Fuad : H5* 100.41 .... J — 

J- Equity Hind. ..jlCftO 1053) ...._[ — 

*-5ffiFdi»d 1114.7 120R — 

A. Inti Fund 1012 1063 J — 

■J-Ppti- Fund |95* 160*] i — 

irowth Me Sec. Life Ass. Soc. Ltd.? 

sir Hank. Bray-ao-Thamca, Berha. TeLSCOt Brtrala? _ 

jgSfSS£“-| ,S#LJ-i= fSB8S!=S8 

nedbznk Set Acc. 1162 „ JU9J1 ... . J — GU! Edfiml Fd 

JEfi bnper Fd. _.] £7.9693 I — _ I — Coa.DeporftFO.-. .|953 

Sbu LHc of Canada (UJS.) Ltd 

3.3.4. Coc3apurSL.SWlY5BH 01-0300400 

m {£&r:| 82. \^~ 

SSrod = 

TMgd Ufe Assurance Co. Ltd. 
Target Sanaa Gatehaaae Bd- , Arlqb 
Bucaa. Ayterfmry I 

MaaPhadluc J97.7 1034 

Man. Fond ACC 132-0 118* 

Prop.Fd.Jne. 1072 1 *33* 

Rrf- -Plan Ac. Pen.. b95 76.C 

. RaLPUnCanPoa- 57* 6ZJ 

ReLPlnflUanAre... 1222 1293 

BetWmMaaCap-gaj H^ 1 


i Accum. Unhai — i 

Hip* Income 95.® 

r Accum. U alia) 1560 

Japan Income 1365 

i Accum. Urdu. i 136* 

Mafimon 1W.0 . 

lAccma Lnttxi 03.7 

.. 133* 

lArrom. GnHji_—. . M ■ 

Rearoery «* 

I Accum. t’uitu 733 

s+wndOeo. IM* 

1 Accum. Unilai— . 230.9 

Special 1442 

i Accum. Unfw 181* 

Bpeeteltecd Fundi 


5-01 Three Qum. Tower BHL ZQR BBQ_m836 4S68 12D, Chen wddc.ECit 
152 See ako Stock _& change l>#allnai. (tepitel March =3 —[942 

«3 -o.i 

44.9b —0.4 
45.7 -03 
67 3« +04 
7L5 +04 
101.1 +0 7 
53* +03 
593u +0.4 
1*7.9 +0.5 

na.6 + 0.9 

494 +03 
sao +oj 

84,0s +0.2 
1123 +03 
44 Shi +04 
49* +05 
597 +03 
71* +03 
167* +Lt 
2562 +L6 
102.0 +02 
1661 +03 
1461 +05 
M64 +06 
1937 +?3 
241* +28 
1650 +30 
267.5 +1.7 
793 +03 
802 +0 3 
167* *0 7 
250* +0.1 
153 fa +06 
1933 +0 9 





Mi .... 
995 ... 

3L0 +IA\ 
33* +2« 

>33 1 

1 2*8 

lj6 LAccum.1 U31 

106 Income March 21— . UlA 

244 CAcciiitL Unltai 2512 

2 44 General Mar. 22 . „ 776 

432 lAccum. Unite* 956 

432 Europe March 9. — 292 

344 f Accum. Unit* i 71* 

3.75 “Pu'Cter March Sl . 16** 

946 *Spect Ex. March 7 ZflSD 
022 •RccweryMar.7— 1167.2 
B 22 *For tax exempt funds only 

f;5J Scottish Equitable Fnd. Mgrs. Ltd.? 

8 55 3«Sl. Andrews. Sq .Edinburgh 031-S50D1I1I 

as Incnmp Unite |4ft2 H3I .. ] 508 

2.74 Accum. Unite (5AO 57.5) _ .1 5.88 

2.74 Dealing day Wednesday 

4 VI 

a '93 Scbag I'nit Tst. Managers Ltd.? (si 

8 . 0 * 

1A7 Security Selection LM. 

JS 1W8, U Drain’s Jnu Wclda, WC2. 0IO3I0B3&O 
409 UnuIGth’ftt Aec — 123.1 29.M .. ..j 382 

7.27 UnvlCthTV loc |H)3 21*1 1 3C2 


POBox511.Bckibry lire, EC* 

S S Sebac Capital Fd. ^02.0 JUrf 
J3J Sehag Income F«t.|288 30.M +0., 


495 43, Charlotte Sq-Edlnburch. 




lb,” 15 +L? 
]i37* ' 1197 
1*73 169.9 ... 

1Z2* 1293 

Standard Units... ..J37.7 61.3] +12] 

Accum. Unite 1622 66U +1 3] 

Withdrawal Unite _|47* 503) +L0| — 

Stewart British Cbpttel Fund 

»” -SlantUtd 11264 136.?.. .] 360 

Si I Accum. Units P44* 15691 I 3*0 

Canada Life Unit Tst. Mngrs. Ltd.? 

24HI8h5L, Putters Bar, Berts. P. Bar 8 US* Trustee. 

Can. Con Dirt. — __&5* 37.71 -OJJ 4*9 (Accum. Un Its l 058.1 

Do.GeTArS^.r Ks 43i^O 4^ rharilmnd Mmr .21 

Do.loc.DliL — P«J 756 Cbartfd. Mar.21 

Do. Inc. Accum— |S* 4^-o3 7*6 JArtnml^a.— 

Capel (James) Mngt. LUL? MaJinLlfe Ma&agOSnent Ltd. rrheiramUy Fd—.]«7J 93.-3 

HMOldBreteSUBOKiBq oi*n«no Target Tst. Mngrs. Ltd.? (aKg> 

75 ^ S3 u«*ta— . io** sl^+odi 3.95 a i.oresh»mst.Ec=. 


819 Snn Alliance Fond Mngt. Ltd. 
f J! Sun AAlmce Hse, Horetuun. 0*0364141 

° " Rxp.Ea.Trf.Mar* -108*30 19Mq J *77 
- ■ -02) 387 



Price* on Mar. 15. Nest dealing April 5 

NPt Pensions Management Ltd. rnwi wj ^F — '-fisy* 

4B, Graceeburch St, BC8P3HD. 01-^3*200 ^Spmj .C ap. L. . . fm2 
MxnroedFUnd.— H4U 1*73) .-J - ^ 1 

Price* Maceb 1. Next deahug April a. _ . _ . _ _ . . 

Tnutsinterastioonl Life Ins. Co. Ltd. 
New Zealand Ins. Co. (UJL) Ltd.? 3 Bream Bldgs. EC41NV. 01+0W4O7 

hfafUaud House. Southend SSI SIS 0702B&B S' 

ii',4 _ . Mea Bon d Vti. .. . r- pos.4 U4 

+4* — 

+20 — Man. Pen. Fd. Acc. .) 

+ao| — 

+7*1 — Trident life .Assurance Co. Ltd.? 

+02) — . Rraslade'Housa.Gloucceier 048238541 

Mayflower Management Co. Ltd. Target commodity.|M 2 

, .. 341 18 Gresham SL.ECZV7AU. 01-8068000 tvSxSSS? 81 "" Sa 

CafUol Unit Fd. Mgrs. Ltd.? (age) Income March 23-J1514 106*4 . ._ I 813 TxSi IS. Sr=T BJl 

MUborn Housa Neweerfl»4ipOii.Tyne 3165 General Msrch 21. -|67* 7lM ■■■ I 5.13 {SpAra uSlteZ: ^02 

raruoi M3* 63-3 — J 4*6 HerrnrT Fuad Manasers l*d ibi*at Gut Fund i2o* 

Do. Accum. Units — (74.4 773 ] 4 66 ncrauj rana mwuseni ua. Tsrcct Growth . ..*70 

4L« 5*1 3aGrwbM»SL.BCaP2BB. ni^004aM T^ci Irrnri!:^” &+ 

— “ - — . 4 W DaRcIm. Unite.... 25* 

4.93 Terse* fee. 27 6. 

LBS TarjtelPr Mer.22... 150 2 

1*3 TkL lna_ 28.6 

039 T^Pral. .. lot 

4*9 Coyne Growth Fd... 17.9 

KUri Key lav. Plan . (354-6 

Small Co's Fd “ 


DaJUgh Yiei 

Da Accum. U nite 

Charterhouse Jap bet? 

1, Patemceter Row. EGA 

CJ.3nternM.l- BO* 22JI 

Accnm. Units — .. Z3.1 244) 

CJ. Income 33.8 

CJ. Euro. Fin B* 27. 

Accum. Unite 29* 31 

CJ. Pd. Inv Trf 24 6 2iu+j 

Accum. Unite — _ 27* .2*3 

Price March =2. 

Next dcaHnx 

01-248 38SP 


30. Grwrbsm SL. BC2P 2E®. 

Merc-Gea Mar. S.. JUS. 9 179.7M 

Acalita Mar. 22— 71*3 ' 233J 

Mere. InL Her. S3.- 57.9 62* 

Aeem.UteMmrSS.62J 661 

More Ext. F*bJ3 197 7 205.9s 

Accum. uu. Feb23-lz35 9 245.7) 

Midland Bank Gronp 

Unit Trust Managers Ltd.? (a) 

Dealings: 0208 9MI 

4 M 

10 SO 

Target Tst. Mgrs. (Scotland) (aNb) 

10. Atbol Crescent, Edlri 3. 03l-=288BSirz 

Cpurtwood_H«me, Slhur StrecL Head. Target TTifiuB B*.0 M.9J +02| 150 

SheOJeld, S3 3RD, 
Commodity L Gen. 

Do. Aceom. n. 

Growl b- 

S-. Index Limited 01-351 3465. Three months Zinc 28L8-284J. 
* Lamont Jtoad, London, SH10 OHS. 

- 3 J Tax-free trading on commodity futures 

•-■■ 2. The commodity futures market for the smaller investor 

Drmatfons and information: 
Major The ^rl of Ancaster. 
KCX’O, TD., Midland Bank 
Lifeibd. 60 WcstSmit&fidd 
London EC1A9DL 

British Limbless 


Wc come from both world wan. 

We come ftom Kenya. Malaya, 

Aden, Cyprus and&om Uktct 

From keying the peace no less 
than from war we limbless look to 
you for help. 

An Ayou caaJhdpi. by helping 
our Association, BLESMA (the 
British Limbless Ex-Service Men's 
Association) looks after the 
• limbless from ail the Services. 

It helps, with advice and 
encouragement, to overcome the " 
shock onwing arm*, or legs or an 
eyn.Itseesihat red-tape does not 
■stand in the wayof-the right . 

. entitlement to pension. And, for 
"severely handicapped and the . 

F - ddcrly, it provides Residential 
‘V. 'Hoite where they can live in 
peace an d dignity. 

Help BLESMA, please. We 

fTyndal) Assurance/ Penal on s? 

0272383(1 1 


Mens Association sssssssEfSS'^* 


promise you, nota permyof-it will . 
he wasted. 

Chieftain Trust Managers LUL?(a)(g) Rf r {^f uia - 

Xm Queen St,EC 4 KlBR_ 01-3M82B3S paAecum. 

Amarlcm ]rt«4Q RH ...J 1*5 — 

High. Income feT +0 952 ®2 Acr 2 rn , — 

Tyrteweeiin^pi Tmi 2 *j 1 . “ J 345 JnteraeUonal 

- ‘ Rccree. Tsti032 2SJh* 3 5 no OaACcunv.— . 

Confederation Funds Wgt Ltd.? ta) 

50ChiUicex7lrfBe.wC8Aia& 014COe8Z Do. Accum 

Growth Fund 138.7 4Q*| ....4 *70 -Prices •( Frtx 





Pcax.ftty.Oip. — 

P«« PW^cc. 

Tritt-Bcrfd-. — 

•Caxti value 




[or -£HXv prrmlmn. 

5J80 Extra Income Fd..-|58^ fc2.4d| +DJ 

Trades Union Unit Tst. Managers? 
3.24 J00. Wood Street, RC2. 01-628 801 1 

30 TtJtTMer. I (45* 4**«8 ... . | 5*7 

6 4* Transatlantic and Gen. Secs. Co.? 

£2? Ol OONew London Rd. Cbelmrionf 024651833 
5 -S Barbican Mar. 23—173* 78.01 +1* 

SS 1 Accum. Uuite.3 — UB* 13.7*1+25] 

277 Barb. Euro. Feb. 2= Sl* 

f-S Bu« 76* 

;-?2 (Accum. Uuui 935 

V* ColemcoMar 17.. 1153 

(Accum. Units 1 139 J 

CumJd. Mar. 22 51.9 

Klniter HrfU Arthur Su E.C.4. 01-623 1050 ClfaSr^ ”7 « 6 
Minister Mar 13 — [335 35.3] ... j 5*2 fAreum Unite!. -.62* 

5*5 Exempt Fell. 28 |lL6 K.6) ... . | 6.08 Mxrilwro Mfa.Sl... 46 l7 

Crescent Unit TsL Mgr*. Ltd. (aXg) mA tnlt Triutf MgemnL Ltd. vSLXa: 

AMehiUeCree .BdlnborchS. 031 -hBR 48X! Old Queen Street, SWUJOJG. 01-8307333. (Accum Unit,) 55 7 

cSSStSfaiTRW 28*1^3 RlAl’mfi 061 3791 .. .1 448 

Mutual Unit Trust Managers? laHg) lAmm. Unitai'. _.. 03 

4*4 IS.OopthaJIAre.EC-RTWI. 01-a»«C3 mo 

— * 11 nu^ARi a m [Accam. UOIISI oB L‘ 

li m3 Zo tA 7 S *** D»v. Mar 23. - MB 

At • 21 nS ZS 00 Ae™* pl* 

ffl.BJontfleldSt.EC8M7AL, 01-63044® Motul Hteh : s*9 Tyndall Managers Ltd.? 

— J Cosmopolitan Fund Managers. 

Next dealing; March 31. 

Minster Fund Managers Ltd. 

3a Pont Street, InudooSW IX 8S1. 0KB58S23. Mlnlrfer_MarJ3.-..|g| 

” | CoxmopolaGth.Pd.Tlt4 

l**l 4 

Cres. Internet!. B9* 3*^-6^ 050 

Crex Bexer*e»„. 

Discretionary Unit Fund Managers 

Mutual Koc. Plus. 

Mutual Inc. Tst 

Mutual Blue Chip... 
ish MJ.- 

Dft— .. 
m Prop; 



I6&2 ' 

M-. . 

1838 . 


243 4 




* 1U.4 

9 _ ma m 



3MmI n co«a..-....MU 15R0, 5*7 ^ CommfreijlJ 

E. F. winchester Fnnd Mngt Ltd. 3t. SL Andrew square. Edinburgh 
oldJewiy.EC2 0160821*7 Income Marjs — £ 

Great Winchester— (17 0 j 6*0 

97.1 +l*f 





606 +13) 
719 +15 
67 9 +05] 
74* +o3 

a 03 











J GuWluch'er crxeaxilas 


I Avert id. Unite).—- uW* 

CapL Mar. 15 017 4 

(Accam Unite) |M26 

is. Canynee Road, Bristol. 

Cap.Mar.ZZ — 

(Accum. L’nlui 

_ StexonthaUayTst.ftOJ 656] .._..] HO 

Vanbrugh life Awn ranee 

’41-S Maddox SL. ldn-Wl R OLA. 01488483 

• mm z 

Fixed.iaSririi'“ n^2- 179.5 -c3. — 

aawd?- — 43,1 


Ednitas Secs. UiLWaKg) 

41 BIxbapXEatc.EGS 
Presnsxlre — ...... (tt* 

Equity & law Un- Tr. SL? (aXb«c) _. . . 

Auw.bam Rd. High Wj-eaabe. 048*33377 gkSSJgSj 

EquliyfcLaw- -(616 64*o| -Q*] 4.42 



105JW . 


JM ScoLCap. Mar. 2S .. 
>.« itom Unite' . - . 
.320 Scot. Inc. Mar. £2.. 

— Fnunli&gton Unit Mgr. Ltd. la) 

Vanbrugh Pensions Limited 
|41-43Middgx SU. Ldn. W1R 8LA 01*884823' 

Gtura&laed hfa ‘lea But Retro' txbte. 

Welfere Insurance Co. lid.? . 
The Leas, Folfcartoee. K*aL 030357333 

MoseymaterFd.-— ,] . 87.9 ' I +02) — 
m other liuda, please refer ta Tie Loadeo fc 

■ . Jlant'fte^ter.Groap. 

Windsor life. Assur. Co. Ltd. 

1 Bifih Street Windeor, Wiadar 6H44 | 

UtelnT.PUmc UA* • 698) — 4 

gumttAadJRhfM. • 17* 

Ktex. lav. Growth ^fus.4 Jf »^( 

“. Ireland Yard, BC4 0 5BH. 

Capita) Tut - . .U046 112 

Income Trf (974 IS. 

JaL Growth Fd. NS* 

DaAemmL— 1976 103 

4aur»CMinurcn3it.El3F3HH 0l«343W IT-Eern Mxr 22. 

M.PJ.GUI.UB.TB -- *ar.++-.- 

Umn. U niter. 

JfPl lT*4a* Tru*„ 
n . . (Accum. Dniter* — 

0.-5883851 — Prices on Feb. 23. Next doallne March 30. ■ - ■ 

. 6571-03) 4» -Prierom Marrii lft Next derirofi April ft CapSKGroXtbT!! 
National Westminster?!#) 

deu. 01-608 own. 

i w.u-SaF 

9 69.1 ' 

3 36 J 

6 90.9 
a — -Ufa 

7 71* 

3 562 

Capital (Accum.) _* 
Extra fee.. 


Growth Inv. fi 

Income . — _,l 

Uanwreal Fdidi 



— 02 ] 


+ 01 ) 

Extrelnc Growth _ 

4 A Flnobdai PrttJ 1 . 

i Da Accam. 

Hfeh Inc. Priority- 

524 InterDaUanal 

‘JJ- Special Site 

^ . 267 TSB Unit Trusts ty> 

2*3 NEL Trust Managers Ltd.? (aj((» •’ SI. Chantry- Way. Antknet. Hanw CQ64C2I88 
2^ Mlltort court. Dor)da8,Surrer. n,<pro& t ^Si‘ ,18 ’iea aaM ®^ 3 nsl 

w it-. ngf- aSiHErn »ia^ SS SS“i 

Norwich lioion Ixmca Croop lb) 

1 *.n ton X. Norwich. KHUKT. mwiwm I'lHWT 6331*9 Wl 

IB. nneburr drew EG2M7DD 

G-T.CXp.feC 178.4 • 

Do, Are 94* 

GJ.Ine.Fd.Un _ 1512 
GT.UAfcGen _ s. *33.4 

O.T. $nan I, Gen 253*- 

aCt-FeaaEsJtd 1343 

CT.toll FWd 1010 

GT-gnurYdlFft.... BJ 





■rt 1 






9 »M 

K jT 


F ■ r 


239 Jf 














+0 2 
























t2 1 


Arbnthnot SccuritJes (CX) limited Kcyselex Mngt Jersey f id. 

P.O. B« 2M. SL Heller. Jcney. 0534 TOOT P0 BmOaSLHrlirr.Jeaey.iEaqOMDSTimD 

Cap.Ttf.iJeref«b->...|ll90 13*1 1 3*6 

Nrsi ilvxlmff data April IL 
EnstfctaU.Ta.CI .lriM llfl OI 3,41 
.'wi *ub. Hatch a>. 

Australian Selection Fund XV 
Martcct Opportunities. C ,0 Lrihb Yota* It 
Omjyrarte. ICJ. Kepi a, sj-dney. 

l ssi Share* HWJ 5 - 1 — 

Net iw valua March I0L 
Bank of America 



Fonrelei — Ftl3J2 

KmwIcv Inti . £5.D 

Kev«m tutupT-. U 77 
Japan Gth. Fundw.. R'.nSB M 

Kcjwlc* Jaiuc 59.71 10.U. 

friiL A»rte Cop.— £13150 [ J 

Bing & Shaxfion Mgr*. 

1 (TiaHns Cron. SL HrJicr. Jcrtfy.'WMl 3W_ 
VjUrv H.+. Sl Ff+pr Pint. Crnxy. <>H81i SCTW* 

IbWMttoJ.1 M. .'r3ffSS3SS1 3BS-“L« 

.*K BottJcratd ftpyaL fe twihaii y C. n 

Widlttvprf InCPme-.lfl^Ulli 1AM I ftU 

Prices »t Mar chlft Sett mb. day day March =. 

Bnb. of Lndn. St S. America Ltd. 

+0-68. Queen Victoria St.. EC*. 01*00=313 

Alexander Fund— fSl'afclS - J | — 

Net av.'i lalue Mar. SSL 

Bznque Bruxelles Lambert 
2. Rue Do la Rl^cacc B 1000 Brunei! 

Rente Fund LV [1.954 2.01^ -1| 8 99 

Barclays Unicorn InL iCh. Is.) Ltd 
I . Chartnj Criw. SL Rctier. Jree. OB4 73741 ?>?■ IN -Owt li.l d. 



1 LOO 

GlllInlrfiLa Al.i— 1114.7 1176c 

• till fand r.aprn«,u|a005 
lo(L Gut*. Mn. Tmi- 

Fi ret Sterling (1784 1791) J 

First In'J. 15183.41 183 844 .....4 -i. 

Kleinwort Benson Limited 

= 0 . HVnchuivb si. i-xu ai«oami 

Llinmest. Lux. F. 


J -31 

1>» Accum 71 .3 755' 

KB Far Eut Fd .... »'S9 56 I . 

KRInU. Fund SL'SID 57 ; - 00 : 

KB Japan fa-und . . . SL S2fl 64 - 








fro wid SihhSSM'iuire ■«* M L ‘ ,r -‘^= P" ,n R ««« OH, J 
Barclays Unicorn lot. (I. O. Man) Ltd. U«rods Bk. fC.I.I ITT Mgrs. 
lTlmBMisSl.IieueIaJt.IaM. 06S44656 P ; 0. Be* IBP St. HcUe/.Jerxe*. 053437881 

Unicorn Aurt. Ext.. 

IM. Aurf. U<D 

na.Grtr. Poe die— 

I)p. lull Income. 

IV>IM Man Ts( (44 7 

Du.ManiMunml... [ 22.2 


462) +1.0] 



40. 4 





Bishopagate Commodity Ser. Ltd. 

F Cl Box 42. Dnntfn. Ln.18. 

L' 4NR H t>-Alnr c :: S05 J OH] I-.!] — 
COl - VT**Mar.6 ..|t£l98 2J3W ... [ 225 
Originally l-,jrd at *510 and **CL00. 

Bridge Management Ud. 

PH Bor .90R c.'nnd Fayman. Carman la. 

Vherfii Mar 1 . ,| 314 694 | | — 

li.PO Box 580. Hong KonK . 

MpponFiLMarXti tU4«4 1557) 1 080 

fau-sioct Spin. 

Britannia Tst. Mngmi. «CU Lid. 

30 Bath St.. SL Hcftcr. Jersey. 0KM73II4 

rowth latest _. . 1301 329*021 *00 

Inlnl Frf . . .mi 77M+B6 100 

...... Mil 1461*3+18 1*0 

Unitai Rlr Ti . .hi <477 S03 -6.1b — 

.'nu*l STsLStc |C20S Zuj-OO.' 100 

Value Matvb Sl. Ni-tl dealing March SL 

Butterfield Management Co. Ltd. 

PCI Bn* 185. Hamilton. Bermuda. 

Buttress Fqu Ity „ ,|2 86 1.991 | 1 98 

Boltrca* Incnoe... |Z00 1.9JJ .... ] 7 46 

Triret at Mar la Next aub. d® y April 10 

Capital International S.A. 

37 nio Notre-Dame, Lusrmbnunr. 

Capital InL Fund- | S3 'NIB 91 | t- .J _ 

Charterhonse Japhet 
. ftteruosicr non . fau'4 

Lloyds TjL iT<eJ ^...(49 7 52*4 ■ S49 

Nnt droll nc data Aflr.l 17. 

Lloyds International Mgmnt. S.i 
7 Rue du Rhfrtie. Pf> Bov 37B. 1=11 Groroa 11 
|Jovrts_ Inc (TthJ-d 33 .j 1JO 

Ilotds InL Inromr hF»S0 JUfi 


0824-29811 M & G Group 

Thirr ifuai .. Tnorr SfUl KC3S 6W) 014 

AUaniicE* Mur 2) 
Ainu Ev.Mar — - 
Gnlri fate. Mar Si 

lArrum I. ■ul'-i... 

ft ICO 
hf-4 72 

h 1 .“«u 

104 B 

3?i - 

116 4| -0 6) U 78 
162 8) rt>9) 1378 

Samuel Montagu Ldn. Agls. 

114.|iMBniiilSL. L ‘"2 

ApnllnFd .Mar. 1L_ 
Jjicfrst Mar l.t . 
lllnrT* Mar H 
3 17 Irrtet Mar. fl _ 

1 ltirii.i,M,ir l*i 




(4 57 
(10 80 



1816 . 


11 371 





i J = 




I... nO 00 10011 | 13.00 

t-.i.{l0JB 10*l| | U 00 


Adirapa nU38te 

AriJvcrtJB 1044(3 

Comtek P3O150 

Fond I* 1012018 

FmpernrFdnd-. . il’Sia 
Hispano _ - )u sou 

CUve -Investments (Jeraeyi Ltd. 

P.O. Box 320. St. Heller. Jcrarv. 09M37MI. 

Cllre Gilt Fd.iCI.- 
Hire Gilt Fd. J?. 

Corn hill Ins. (Guernsey) Ltd. 

P.O, Box 137. SL Prior Port. Gaernscy 

Intel Mao. Fd. U56.0 370*] J — 

Delta Group 

P O Rot 9032, KBtrou. Bahamas 

Delta lav. Mar. 21 _.|fl 41 L«a)+907] — 

Deotscher lnvesUnent-Trust 
Poitfach 2885 Biebergauc 8-10 8000 nankftut. 

Cooceotn. |[i5J19JO 33 | — 

InLRcutenfonds.. |oMM8B>| — 

Dreyfus Intercontinental Inv. FtL 
P.O. Bax N3712. Nxsaau. Bahamas. 

NAV Mar. 21 (USUtt U«+0j0fi] — 

Emson & Dudley TcLKgUriyltiL 
P.a Box 73. SL Hclirr. Jcncj-. 0634 2059t 

EDJX-.T. I1J4J 123.7) | — 

F. k C. WgmL Ltd. Inv. Advisers 
. 2. Laurence Peu inner HllL EC4R OBA. 

D 1-823 4880 

CwLFd Mar.lS..- 1 SUS445 ? I — 

fidelity Mgmt. & Res. (Bda.) Lid. 

P O. Box 870. Hamilton. Bcmuda. 

Fidelity Am Am. ... 


Series A (Intel.)...- 

Series D lAovAss 

Murray. Johnstone ilnr. Adviser) 
l«. Hoik- Si . lilaMton-. »V 04I-221SSS1 

•I (iip.' it F.( . I SI ‘•5 2946 

‘Murray Kami } S«'S9U 
-N \ V March IS. 

Negll S.A. ^ 

ldn llnulctanl Rmal. Laicmhourc 

NAV Mar 17 | SI S10 26 | .. ..] — 

Negit Ltd. 

Rjnk W flvnn'ida PMs« , Kimliea. Brad a. 
Ml Match 17.. .114 98 - | .1*211 — 

Phoenix International 

P0 Rn, 77 M Pi-ti-r Puri. (TuerrJier 
]n(rr-Diil!ar Fund ftL’.-C — 1 401 .0 fill — 

Property Growth Overseas Ud. 

2fl Inrfi Tn« n. i llhralter mm 83 138 

I S Uniter Fund .1 Sl :-88 27 i . I — 

M crime Fund . 1 1128 85 j . ( .. 

Rothschild Asset Management (CM 

P u Ho\ HR M .lnlian.' <'l Gurmrei 048128331 
Ot'EqFrFchlM 1404 52 5}. . I 248 

Of.lnc.Fd I 149 3 1583 .. j 6 89 

or inti Fd M.'rirJass rou....! — 
(Vi'.Smi'dFd. Fcbaiflll 9 


P i‘ rranmeditv 
Or Dir 'fenuin.t 

]1?22 129 9rf ... .1 4.97 

152515 26 75] I - 

Price on .Mar. 2L Next den line April 7. 

Royal Trust (CD FA MgL Ltd. 

P.O Box 104 Royal Trf- Hw h Jersey. 033427441 

rt.idm Fd . . ..nrsais 9U.. | jn 
BT. lml (J« ■ fa'd.. US 89). .(321 

Prices at March 15 N'crt ricaline .\pril 14. 

Save & Prosper Internationa] 

Pealing to: 

37 Broad M . SL lirlier. Jersey 
Ujt. Dollar-draonlnatni Fired* 

PI rFXd fere* Mar.lS 19 45 10 f 

ImccDot.Gr *t K31 6) 

Far Forfernt H77B 381 

North American*; |347 li 

Sepro-J 1 1339 14J 

StcrUnsdcnmnl noted Fuad* 

rhannel CapualO ..C157 
t'hxnnel lalDidsO ..|J4? 5 



Si Fxd .. 
Pncca on 









227.1 -2 

12 . 


ilnr 20. **Mareh & —March 32. 
fWcctly Drollnc*. 

Schlcsinger International MngL Ltd. 
4). La Motif SU St. I fclicr. Jersey. 0534 7XWR 

SAM |76 

SAO.L. 8*1 

Gilt Fd 24 0 

‘ JnU fa'd. Jersey . . .. R» 

Intel F«t Lxmhrc... 9 7S 
■Far East Fund. ..950 

•Not riub. day April 

Schroder Ufe Gimp 



loa -0.01] 

Pint Viking Commodity Trusts 

ft SI. Genre*'* SL. DnafiUx, IaM. 

Entorpriai* Hnnse. PoriJmealJ.. 

DOdi ^ 

Fleming Japan Fnnd SA 

37. rue Notie-Danre, Jaixemhourg 
PTmg.Mar.2I | SUS43.68 | .....J — 

Free World Fnnd Ltd. 

Butterfield Bid*. Hamilton. Bermuda. 

NAV Feb. =8 1 JVS166.6S | .. . f — ■ 

G.T. Management Ltd. Ldn. Agls. 

Part Hre. 18 Fte*butr Ctre n*. London BC2. 

Tel: 0I«W 8131. TLX: 888100 
G.T. I’acJOcFd — j| SUS32J6 | | _ 


s lS 




1X5 0 











nmiu ud, 

Bermuda. Front St. Hamltn . Bmda 

ri:; - :Pl?SSS“ l^'l !:S 

Iterfcmt Intcmatianai Ud. 
r n Hk. of Bermuda Frrol SU Mamlta. Bmda 
Anrhnr 'B 1 Unite. _ | 6 jrfU» 885].. ...f 3.9S 

Anchor feLFd fil'SSM 431) j 1.96 

'.T. Benaudx Ltd. 

Bit of Bermuda. 

Bcrey PaeF. 

.T. iFd 

T. MgL (Asia! Ltd. 

Uuichoon Hse., Harenort Rd. Hone Konc 
G T. Asia F ........BHK771 ^ JJW+O.IOI 3» 

.T. Bond Fond \ SUS12.28 1+0.02) 530 

G.T. Management (Jersey) Ltd. 

RoralTKi., ll>p.ColO(nhrrle l SL lirlier. Jct+c* 

G.T.A*teMerliii|U 103*8 12301+0391 1*3 

Buk of Reran da iGhtuni i lad. 

31-33. Lc Pol IrS. Ciwnwr. 040i aCBS 
Berry PaeSirlx.—Effi BO 2464a+Albl 1.22 
.\achorGHl EdBe—UO 71 107fl. 1 1180 

Anchor In Ji?.Tn.-l23J 24.6( .. .. | 3 17 

Gartmoro Invest. Ltd. Ldn. Agls. 

3. SJ. Mary Axa Loodra. EC3. 01-2833531 

(arunn Fbnd MbsL (Far Earn Ud. 

1503 Hutrhteoa Hie. IQ llarcourt ml. H Kim, 

HKfcPac.U.TsL-? “ “ ' - 

Japau Fd. 

IM American Trf.... 

Inti. Bond Fund 

t Equity'— _. .. _ 

SFIacd Inicrest— ... 

J. Henry Schrader Wagg & Co. Ltd. 

13(3. fThcapMde. E C.3. 01 5884000 

rhean $ Mar 22 .. 1069 qUW 272 

Tra/algor . BITSU7*S .. . — 
A<uan Frt Mar 20 . Ir-UM HD . 599 

Purllnc fa’nft ..5A1.72 3 8J+DJ1 510 

Japan Fd. Mar 0... .BTSS82 62J) ..... 8 16 

Sentry Assurance InUmaliimal Ltd. 

pn Pn\ 338 Hanullnn 3. Bermuda 
ManaRed ftrul . (VS>«M 3873] . . ) _ 

Singer & Friedlander Ldn. Agents 
20. Cannon hi. ET4 111 248PM8 

J>ckal»mte . (IUC5D8 H4I|+OJOI 6 48 

TiUcjnTrf Fnh 2H .1 M’S31.00 ] ... . | £80 

Stronghold Management Limited 
P O. Box 375. Sl. Ilelirr. Jnracv 053671480 

1 nrnnoditrTro-it .. |87 81 9243 1 .. .. | — 

Snrlnvrst ijrrscyl Ltd, (x) 

P O Box OR Sl HcUrr. Jersey. 053473878 

American Ind Trf. ..J£737 7M]-D.IM] IAS 

roppvr Trurf Ino.w mi Jig +u jol — 

Jap. lodes Trf .... jno.13 10 33j+oij( — 

Snrinvest Trust Managers Ltd. <x) 

4ft Athnl S1nr.t Donates, Lc X OSH 23814 

The Sth er Tnirf. 
Itichmnnrt Rnnd 97 
Do. Daiinum Ril _ 
IHi. Gold Hd . ... 
Do. Em. 97 ICBd 

— a 

B 4 

in 7 +i* _ 

2001 +0.4 ID. 04 
115J +10 _ 
1062 +20 — 
186.7 +51 18*5 

r _,+*! 

171 lUE^tll 
GMreore 1 ■v ote— at Motf. LUL 
PO Bnx32.Doutfae.7DM 087423011 

International fee. .121 j 229 1 114 

Dartrowita . S7.l| .. .1 5.41 

Hambro PaelQc Fund Mgmt. Lid. 
5110. Coanautfit Centre. Hong Knug 
For Barf Mar. 23 ..MBIJl UP.. J — 
Japan Fund.. Jfis6Jl kid] | — 

Hambrot (Guernsey) LtdJ 
Hambro Fund Mgrs. 1C.I.I Ltd. 

O Box Bft Gueraiet- 048I-2SU1 

. J fiind -.IU7.1 146 W 3.40 

Intel. Bond SUSOJM 09 107 All 8.50 

InL Eoiuiy SUK 10 01 10.33 2*0 

U». Svjy. ‘A 1 Sl'.^Ul L04] . .. fl*0 
InL.Ssw 'B' SUSllDl 104].. 250 

Prices on Mar 25 Next deallnc Mar. 28. 

Henderson Baring Fnnd Mgrs. Lid. 

PO. Box N4723. Nassau. Bahama* 

Japan Fd. 0663 16.B3]+0ja - 

Prices on Mar. 52 Next d ailing date Mar. 29. 

Hill'Samue] & Co. (Guernsey) LUL 

LcFcbvrc SL. Peter Port Rumury, l* I 
Guernsey Trf. . .. 0472 157*1-091 3*1 

Hill Samuel Oversew Fund S.A. 

37. Rue Nouv-Dame. Luxembourg 

(16.77 17.44I-0.WI - 

International Pacific Inv. Magi. Ltd. 
PO Box R237. 5ft Pitt SL Spdner. Aurf. 
Javelin Equity Trf.. (Sl 85 1441-0011 - 

JJB.T. Managers (Jersey) Ltd. 

PO Box 104. Royal Trf. Hrf*.. Jcr*CyOS34 27441 
jersey ExinU. T*. 1125 0 133.0] I - 

As at Fob. SB Nest sub. day Mar. 31 
Jardine Fleming & Co. Ltd. 

40lh Floor. Coanautfit Centro. Hone Koac 
'ardlnc Esin. Trf, . 


J ardine Flam. lot t. 

NAV Mar. 15. -Eqaivalent 
Next sub. tf.xreb 31. 

Hemp*Gee Management Jersey Ltd. 

t. Cbariac Cross, St Heller. Jrrs+y. 0S34 7»741 
KampAo Capital .M* 87^....] - 

ISttnpflee Income .fe* 67j| .. ...| 8.50 

29 ^ TSB Unit Trust Managers (C.I.) LUL 
2 40 

Batfdellr rtd .W. Saviour. Jono>-. Q534734M 
Jcrecy Fund .. J42.9 4ftB .. .. I 425 

Guernsey Fbqd 452] . | *25 

Pncrs or Mar. 22 Next sub day Mar. 20. 

Tokjo Pacific Holdings N.V. 

3 nanus Manapemrnl fn NV, Curacao. 

N AV per share March 20. 81184801 

Tokyo Pacific Hldgs. (Seaboard) N.V. 

Inlimi* Management To NV. Ojraejto 
NAV per share Jlarrh 30. SUS33.00 ■ 
Tyndall Group 

P.n. Box ISSB Hand Kent 5. Bermuda. Z-KM 
overoeaaMar 22 IH MM 1101*003) 6.00 

(Accum. Unlt:.i lilTOSJ Ifad+OM 6.W 

3-»a> InL Mar Ifl IbIU* 2Uo|. 71- 
2 NraS4.PL nailer. Jr 
TLiFSi.Mar.S3. . ‘ 

• Arcflin Slums 
TASOFMar.22. . 

1 tecum S harem 
Jeisrjf Fd. Mar 22 
iNonJ acc Ills*. 

Gilt Fund Mar 21 .. 

• Accum Shar+vi. 

5HK2UA9 . ... 
SHK292.08 ... . 

SHK8.94 . . 

feoivBieiu susaaja 




11 S 

80 3 

380.4-0*1 7 J0 
. »5.6j -1.0 7JB 
114 bin .... 30.47 
144 M . ... 10.47 
Victory Honor, Douglas. Isle of Man. 08S4 2S8ZB 
Managed Mar 16. |1276 134.4) | — 

I'td. Intni. Mngmat. (C.L) Ltd. 

14. Mulcarfrr Slrc+L SI Holier. Jirser 
V IB Fund. .) SUSIOO | | 8.25 

failed Stales Tst. InlL Adv. Co. 

14. Pue .UdnnRcr. LuxcmbMin;. 
r S Trf. Inv. Fnd | SUSP 62 1-0.03 0 96 

Nci ascei Mar+b 2= 

S. G. Warburg & Co. Ltd. 

30. GrrrfuunKirepi.'Krc 018M4US 

i nv Bd Fd Mar 22 .1 Sl X9 47 1-0 011 — 

fafeo-. InL Sior 23 . SPS1S.73 -0*3 
«rS 5Fd FVh Sft. SVS6*1 J ) _ 
Mir Fair FdMorJL' ISViOOJl 11291— C.0o| - • 

Warburg Invest. Mngt. Jrsy. Ltd. 

1 . Miarina Crou.. Kt Heller. Jq- 01 053473741 
rUFLsd.Feh.Q .{H.OUT UM 
l MT Ud. Feh 23 (026* 12.95 

MteJcTsLJiar.lB nidfl 1176 
TMTMar.0.. . . P S910 94i 

TMT Ltd. Mar 8 |C928 £952 

World Wide Growth Management? 
)0ft Boulevard RojaL iJinetnUouro. 
Worldwide dll* Fd| Sl : S129l | +0 02] — 


Pncw da not Include S p remium, except where Indies led r. and are in pence unlrxs otherwiM 
indicated. Yields % lohown in laid column* allow lor all hi**inc p*p..'nHex a offered prices 
include all npemces b To-day's pricer e Yield based on offer price d Ehlimatcd. g Today's 
opcsiax 'price h niutribuiloa free of li JSL unn 9 Periodic premium i ran ranee plana • Steele 
prouum i mu ranee z Offered price mrlude? all c.tpenira except acmfs cpramifshm. 
line red price include.' all expenses If boughi throutfi manneers i Previous dar'a prlre 
Net at tax. on realised capital earns unless indicated 6; 4. 9 tiuemscc cross t SusMnftaft.. 

* Held before Jcr+rj- tex. * i:v«iibon Isliw. 

4 63 

Ptehx m ftd . Po rtin g. 

Friends Pro 
Do. Accum. . 

G.T. Unit Managers Ltd.? 

57.4 -ftj 
616 -04 
62J -0J 
rai -os 
tt.1 -0* 







3*0 Pearl Trust Ma n a gers UtL feXgMil Account & jhbhl Ltd 

«0 C32 High Holborn.wtn V7RB OlrfOBSMl Tpqs ' Account k ASgXHt. Ltd. 

384) -flL3| 3*0 

VG, & A. Trnfit (af (g) 
5. ftaglelth Rd. b ra nt w ood 
G-&A- ... pO* 

ilj. KIM William St EC4R BAR 
6*| Frte»Hro.FureL.R37.0 
7J7 Wi8JevGrth.Fnd._ E 7 
5JA Un. Acanm fl>1 

_ . j . ... ^ . SH Wider Growth Fund 

Admhi. Ltd. (gkx) KineWlHUunStfiCiRSAR 
(02371221300 83 romuafe f»- Monchoecar 001-238 56SS incam Unite— R77 

32Ji-021 4J3 Pelican ClziUa (77J 63*] -0J) 5*0 Accum. CnHs - S2J 

Pearl GrraOi Fd— . 

A cram Units . . 

Pearl fee.. — . 
lAeninLLiiItsi. .. 


«r -:1 iS 


01-823 4981 
filraj 3*4 

Roy«l Exchaose Avp.. London EC3V 3LU. Tel.: 01-2S3 1101. 
Index Guide as at 2Ifit March. 1978 (Base 100 at 14.1.77.) 

Clive Fixed Interest Capital J35.42 ■ 

Clive Fixed Interest Income 122".34 

CORAL INDEX: Close 438-163 


t Property Growth 7 ^ 0 - 

t Vanbrugh Guaranteed 6.S7”o 

r Address shown under Insurance and Proper ; y Bond Table. 

sis ' x k '■ k si ■ k k kk 



Cruising means 


Saturday March 25 1978 


THE FRENCH have reluctantly, 
though not without coniideraole 
relief. proclaimed President 
Valery Giscard d'Estain-4 a> “ the 
real victor " of the general elec- 
tion. Reluctantly. because 
France likes to win il? victories, 
either on the battlefield or ruaby 
pitch, with panache and the 
maximum of hcmirt. Napoleon 
Bonaparte, crushing the com- 
bined armies of Europe, and 
General Charles de Gaulle, rais- 
in:* the fiac of liberty and independence in the 
face of overwhelm iny odds are 
the archetypal French heroes. 
Instead. France now has a 
pcneral who wins his battles, not 
by hrandishiny a sword from a 
rearing white charscr. but by 
carefully worked-out rapier 
thrusts at the enemy's soft un- 
der-belly. “C'est mapmSque. mais 
< ’.e nest pas la guerre." 

Though it may he a blow to 
their national pride, the French 
are even ohliged to admit to-day 
that President Giscard has 
attained his ends by the subtle 
application of what they consider 
to be the typical, and "somewhat 
contemptible English tactics of 
"divide and rule” and "wait- 
and-see." He adamantly re- 
fused to hmv to the demands of 
his former Gaullist Prime 
Minister. M. Jacques Chirac, in 
bring the general election for- 
ward to the autumn of 1976 or 
the fot'owing spring. He re- 
jected the latter's equally insis- 
tent calls that a frontal attack 

Turkey in $ 450 m. 
IMF credit deal 


WASHINGTON. March 24. i 

Valery Giscard d’Estaing. 

should be launched on what was 
then still th,? Union of the Left. 
long before the election was 
due. And he preferred to give 
the Socialists and Communists 
enough time and enough rope to 
hang themselves, which they 

duly did. 

The political establishment, 
which only a few years ago 
was deriding President Giscard 
for his naivete and gimmickiy — 
breakfasts with dustraent and 
green dinner jackets at Elysee 
bridge parties — is now laughing 
on the other side of its face. 

No doubt. M. Giscard 
d'Estaing, will not have quite as 
much room to do what he likes 
as some observers currently 
seem to think. While it is true 
that four almost equal parlia- 
mentary groups have emerged 
from the election and that the 
Left is hopelessly split, the sup- 
port he can count on in the 
National Assembly is less than 

The Socialists, however dis- 
illusioned they might be with 
their alliance with the 
Communists, will not suddenly 
start co-operating with the 
President. They have a clear 
interest in remaining an Opposi- 
tion Party since their own 
leader, M. Mitterrand, has 
already indicated that he will 
run for the Presidency in 1931. 
And M. Chirac’s Gauilists, though 
they were members of the 
coalition which won the election, 
are much loo anxious to maintain 
their own identity’ to give the 
President their unconditional 

Nevertheless, the fact that M. 
Giscard d'Estaing has virtually 
received a second mandate from 
the people, after his paper-thin 
majority in the 1974 Presidential 
election, gives him a great 
psychological advantage. His 
moderate reform programme and 
his “ advanced liberal society " 
have been underwritten by- the 
electorate and. what is more, for 
three full years, because there 
will be no more elections to 
sp^ak oF before 19S1. 

The French President there- 
fore has the best chance he has 
had since bis election three years 
ago to defuse the bitter political 
and social conflicts which have 
been such an unfortunate feature 
of French history' over the last 

Rather than rely in a on a 
heterogeneous political coalition. 
M. Giscard d'Estaing will try to 
blur the previously over-clear 
frontiers between Right and Lert 
by nopointinc Ministers who per- 
sonify national unity and by 
Giving greater weight to the 
views of the Opposition : a 
President "a la carte analuise." 
according to * prn-Giscard news- 

It is a good menu, at first 
sight. Whether the resulting 

cuisine will please the dis- 
criminating and individualistic 
French palate, is less certain. 

AFTER WEEKS oF Intensive 
negotiations. Turkey has finally 
reached agreement with the 
International Monetary’ Fund on 
a two year programme which will 
he bolstered by about 3450m. of 
IMF credit?. 

Mr. Ziya Muemuoglu, the 
Turkish Finance Minister, who 
announced the agreement here 
to-day. said that Turkey now 
expected that as much as S1.6bn. 
of private bank credit might be 
available to restructure the 
country's short-term debts and to 
provide new funds. 

Thy IMF. in what is clearly 
intended a< a vote oF confidence 
in the economic policies already 
Implemented by the Ecevit 
Government, has allowed 
Turkey to become the first 
country to take advantage of 
the so called “Jamaica clause" 
in the fund's most recent 
amendments to its Articles of 

Tins permits countries to bor- 
row well in excess of their fund 
quotas under “exceptional 

The outcome of these negoti- 
ations will be closely studied by 
other nations — including Peru. 

Zambia and Zaire — which are 
involved in fund negotiations. 
Significantly the fund has not 
in this case insisted on a wages 
and prices policy, partly be- 
cause of the political implica- 
tions of such an insistence. 


Mr. Muezzinoglu signed a 
letter of intent with the fund 
yesterday, but the agreement 
does not formally come into 
effect until approved by the IMF 
Board in about two weeks' time. 
Under the deal. Turkey will get 
a total of 374m. SDRs (IMF 
special drawing rights), which is 
roughly 3450m. 

Some 200m. of the 374m. SDRs 
represent the Turkish quota in 
the fund, after rhe increase in 
quotas now on the verge of be- 
ing approved by member 
Governments. A further 100m. 
comes from the “Jamaica 
clause ** provision and the re- 
maining 74m. from the 
Witteveen financing facility, 
which is now also all but 

As in all existin g IMF agree- 
ments, the Turkish Government 

has agreed to abide by certain 
so Tar unpublished performance 
criteria and the whole arrange- 
ment is subject to review in a 
year's time. 

Mr. Muezzinoglu said that the 
fund had token account of the 
rigorous measures already taken 
in Turkey and of the stabilisation 
uf the Turkish lira. 

The Ecevit Government now 
expected that the balance of 
payments deficit, which last year 
climbed to S4bn„ would be cut 
to about S2.4bn. by the end of 
this year 3nd that within the 
next two years the rate of infla- 
tion would have fallen from its 
present 36 per cent, to about 20 
per cent. 

The negotiations with Turkey- 
have been tough. The Belgian 
executive director of the fund, 
who represents Turkey on the 
Board. M. Jacques ue Groote. has 
played a key role in forging an 

Mr. Muezzinogl-i said that the 
Letter of Intent meant that the 
“ green light is now there " and 
that, most important of all. the 
agreement should restore con- 
siderable confidence in the Turk- 
ish lira. 

poll test 

By Richard Evans and Ray Perman 

i THE Prime Mini ster will have 
a fifth — and particularly 
' unwelcome — by-election pointer 
this summer to electoral pros- 
pects following the death of Mr. 

! Alec Wilson, 60, Labour MF for 
Hamilton, in Lanarkshire. 

Mr. Wilson’s death in a 
Lanarkshire hospital late on 
Thursday means a crucial contest 
with the- Scottish National Party. 
Hamilton has great emotional 
appeal to the Scottish party. It 
was there that the Nationalist 
revival began in 1967 when Mrs. 
j Winifred Ewing won the seat 
from Labour. 

Callaghan seeks agreement 
boost to economies 


WASHINGTON, March 24. 

THE MAJOR industrialised 
countries should co-ordinate their 
economic measures between now 
and the proposed Summit in July 
because “if we do not work 
together the world economic 
situation will deteriorate,” Mr. 

James Callaghan said last night. 

Mr. Callaghan, speaking to 
reporters after a two-and-a-balf- 
liour meeting with President 
Jimmy Carter, said that the 
major nations were working 
•• less co-operatively together 
than I can ever remember.’’ and 
it was vital that this situation 
should end. 

Also present during the talks 
were Mr. Cyrus Vance, the 
Secretary of State: Mr. Michael 
Bluruentbal, the Treasury Sec- 
retary: Dr. Zbigniew Brzezinski. 
the National Security Adviser: 
and Dr. Henry Gwen, who has 
specialised in international 
economic matters. 

Apart from the world 
economy, the President and the 
Prime Minister are understood 
to have discussed European con- 
cern about the neutron bomb. 

Rhodesia and the U.S., talks 
with Mr. Begin, the Israeli 
Prime Minister, about which Mr. 
Carter gave Mr. Callaghan a full 

The talks concentrated on 
what Mr. Callaghan described as 
the need for “ collective action ’’ 
in the face of the “related prob- 
lems" affecting the industrialised 

Mr. Callaghan's approach was 
warmly received by the Presi- 
dent. who referred to Mr. 
Calaghan before the talks as 
“ my dear and close friend.* ’ 

The Prime Minister brought 
with him no specific plans to deal 
with the five major problems 
which he s aid were facing the 
world economy in a speech to 
the Finance Houses Association 
in London last week. 

Rather, no doubt echoing Herr 
Helmut Schmidt, the West Ger- 
man Chancellor, whom he saw 
ten days ago. Mr. Callaghan said 
that each country should take 
whatever measures necessary 
according to its own lights. 

But if these were co-ordinated 

properly and set In the context 
of a general commitment to pre- 
vent any new recession, the 
“ sum total of actions in the next 
four months would be greater 
than the individual parts.” 

He was “ totally satisfied” by 
the U.S. Administration's handl- 
ing of the dollar, and noted, 
somewhat wryly, that he had had 
to contend with pressures uf a 
similar kind, on sterling, in the 

“The last thing wc warn for 
the Americans to deflate their 
economy.’’ but it w’as "vital 
importance Tor the rest of us" 
that the U.S. soon pass its 
energy programme. 

Mr. Callaghan conceded that 
although Mr. Carter and Herr 
Schmidt had 4 * great respect" 
for each olher. relations between 
the two of them had been less 
than perfect. 

But the recent U.S.’German 
agreement un a system to bolster 
the dollar indicated that despite 
some differences, -we are all 
working on the same wave- 

The SNP needs only a 4 per 
cent swing to capture the seat 
and last May, they took four 
district council seats from 
Labour. Their candidate is Mrs. 

[ Margo MacDonald. 35, senior 
vice-chairman of the party and 
one of' the most accomplished 
Nationalist politicians. She 
became MP for Glasgow Govan 
at a by-election in November 
1973. but lost the seat to Labour 
| the following year. 

A Nationalist by-election 
i victory in the summer would 
'send the party's morale soaring 
and cast doubts over plans Mr. 
Callaghan might have for calling 
an autumn General Election. 

Labour's chances of retaining 
power at Westminster would be 
severely curtailed unless the 
challenge of the SNP Can be 
successfully met. 

Mrs. MacDonald is now head- 
ing the campaign committee at 
Garscadden. Glasgow, where 
there will be a by-election on 
April 13, two days after the 
Budget. This will be a far 
tougher task for the Nationalists, 
who need a swing of nearly 10 
per cent to capture tbe seat from 

Both Labour and SNP candi 
dates 3t Garscadden yesterday 
announced the results nf opinion 
polls conducted by their party 
workers. The Labour poll shows 
the party five points ahead with 
35 per cent, support, compared 
with 30 per cent for the SNP 
and IS per cent, for the Tories. 

The SNP poll gives its candi- 
date 36.3 per cent- Labour 33.1. 
and the Conservatives 13.7 per 

The other by-elections pendin 
are at Lambeth Central twhic_ 
includes Brixton with its high 
immigrant population) where 
polling is expected on April 20. 
and at Wycombe and Epsom, 
both safe Conservative seats. 

Ban on 
Soviet steel 

By David Freud 

drawn a total ban on steel 
imports from Russia which came 
into force at the beginning of 
the year. 

A top-level Soviet trade delega- 
tion was in London for talks in 
the past week. The Department 
uf Trade said there was no 
connection between the easing 
of the ban and the visit. 

When the ban was announced 
on December 31 it was acknow- 
ledged that Soviet reprisals 
against British exports were 
almost certain. 

At a Soviet Embassy Press 
conference on Thursday one 
member of the delegation said 
Russia was planning talks with 
U.K. car and energy companies 
about establishing “ o-operauve 

The ban followed a sixfold in- 
crease in imports from the SR. 
from 16.000 tonnes in 1976 to 
about 95.000 tonnes in 1977. 

In earlier talks with Easteni 
bloc nations designed to limit 
their penetration of the British 
steel market Mr. Edmund DeW. 
the Trade Secretary, said he had 
received "satisfactory" assur- 
ances from all the countrip in- 
volved except the Soviet Union- 
The ban was imposed after his 
“disappointment" at Russian 
unwillingness to agree to volun- 
tary restraint. 


The ban has been only parti- 
ally lifted. Imports will be 
licensed up to a level of 7.500 
tonnes to the end of June, half 
Che minimum annual quota 
which the EEC allows the UJC 
to impose for a year. 

The Department said that a 
further announcement would be 
made about the facilities for im- 
ports in tbe second half of the 
vear. The reason the total ban 
had been lifted was. according to 
the Department, that the JeveJ of 
exports the Russians planned did 
not seem as great as had been 

The list of products affected 
covers virtually the whole range 
of iron and steel products, 
including blooms, billets, slabs, 
sheets, coils for re-roiling, plates, 
hars. ros, wire rod, angles, sheet 
oiling, steel sheet wire, rubes 
and pipes ani certain alloy and 
high carbon steel. 

Unions want seats 
on Board of BSC 


British Steel Corporation will be 
asked as a matter of urgency to 
give steel unions seven seats on 
a reconstituted main board of 
the corporation. 

Mr. Bill Sirs, chairman of the 
TUC steel committee, said he 
would ask for a tripartite board 
to be set up within six months. 

His demand is in reaction to 
this week’s Government an- 
nouncement that flbn. of invest- 
ment is to be cut over lhe next 
two financial years as part of the 
rescue of the corporation. 

Mr. Sirs, who is general secre- 
tary of the Iron and Steel Trades 
Confederation, believes that if 
the unions can secure a third of 
the seats on the board, they will 
be able to soften the impact of 
the cuts, and protect themselves 
against the consequences of a 
victory by the Conservatives at 
the next general election. 

This week's White Paper 
stressed the need for union co- 
operation and a " step-by-step 
approach " which has encouraged 
the unions to believe they can 
recover some of tbe threatened 

Mr. Sirs and others are also 
aware that Conservative leaders 
would like to see a big shake-out 
nf labour in steel, and that many 
Tory MPs am calling for its de- 

The groundwork for industrial 
democracy has already been 
done. But the reforms were not 
expected to take place until the 
early IPSOs. 

Mr. Sirs said that 1o establish 
the new Board quickly would 
need the cooperation not only 
of British Steel, but also of the 
other unions. 

Commenting on the Govern- 
ments statement Mr. Sirs said 
the unions had agreed to 
negotiate early closure of plants, 
granted temporary reprieves in 
Lord Beswick's review of the 
industry, but not other "high 
cost" plants. 

Including workers who have 
already gone, he said, the 
corporation was looking for 
25.000 redundancies through 
closures, and was loading profit- 
able plants such as Shelton at 
Stoke-on-Trent and Bilston, 
West Midlands, to make them 

Generally, he said, the plan 
would cut steelmaking to a 
“ deplorably low level." It 
would not even be able to meet 
U.K. demand. 

A rally in protest against pro- 
posed steel industry redun- 
dancies in Scotland is beinq 
called by the Scottish TUC in 
Glasgow on April S. 

Strike hits passengers 
on four ferry routes 


STRIKE ACTION caused dis- 
ruption for ferry passengers on 
four routes from Britain at the 
stan of the Easter holiday 

All sailings between Felix- 
stowe and Rotterdam were 
cancelled because of the 
continuing week-long unofficial 
strike bv Townsend Thoresen 
seamen, causing 8,000 passen- 
gers to seek alternative routes. 

Sympathetic action In 
support of the Felixstowe 
strikers is also disrupting 
services on Townsend 
Thoresen's service between 
Cairn Ryan, Scotland, and 
Larne. Northern Ireland. 

Further South. Sea link ser- 
vices from Dover and Folke- 
stone were restricted because 
of strikes by erews of the 
Belgian Maritime Ferry Com- 
pany and the French SNCF. 

This meant that on!)' British 

ships were operating on routes 
to Calais. Boulogne and Ostend 
and sailings were cut by about 

Tlie RAC advised motorists 
1o check with ferry companies 
before travelling to Dover or 

The Channel strikes are 
planned to last only 48 hoars 
but there is no end ‘in sight to 
the Townsend Thoresen dis- 

Fearing congestion during 
tbe holiday months, the British 
Airports Authority announced 
yesterday that the sale or cut- 
price air tickets at Heathrow 
Airport would be banned from 
April L 

British Airways and five 
other airlines operating a trans- 
atlantic stand-by sendee from 
Heathrow will now have to sell 
tickets from London offices or 
town terminals. 

ICI presses 
ahead with 

By Kevin Done, Chemicals 

IMPERIAL Chemical Industries' 
planned strategic move into 
West European markets through 
a parallel investment of some 
P290m. in new plant in the UJC. 
and West Germany has been 
given the go-ahead by the main 

Tbe £140m. expansion of 
chlorine and related products 
at Wilton, Teesside, was sanc- 
tioned on Thursday and follows 
last year's decision to press 
ahead with the £150m._ develop- 
ment of a new chemical com- 
plex at Wilhelm shaven, 
northern Germany. 

The two projects are closely 
related and form part of the 
comoany's strategy for con- 
solidating its manufacturing 
position in northern Europe 
around the North Sea basin. 

At Wiiton. ICI will expand Its 
chlor-alkali and vinyl chloride 
monnnier (VCM) capacity with- 
in the U.K.. while at Wilbelms- 
haven. it will add VCM and 
polyvinyl chloride plants to 
expand "its European markets. 


With other major sites on 
Teesside and Merseyside in the 
u:k.. at Rozenburg in Holland 
and Fos in France. ICI is de- 
veloping a significant thrust to 
build sales in the European 
Economic Community, partly by 
increased exports and partly by 
local manufacture. 

The Teesside plants will 
boost ICI's chlorine capacity by 
an initial 170,000 tonnes a year 
and VCM by 150.000 tonnes a 
year. But both plants will be 
designed for subsequent major 
expansion, when required by 
market demand. The plants will 
use ICI technology. 

At Wilhelmshaven, it is 
understood that ICT is Initially 
.planning a 300.000 tonnes-a-year 
| p\'C plant and a 150,000 tonnes- 
' a-year VCM plant 

Both projects are part of a 
carefully integrated expansion 
plan. Chlorine and ethylene are 
the raw materials for the manu- 
facture of vinyl chloride 
monomer, and ICI Is now en- 
gaged on a H50m. scheme with 
.BP Chemicals at Wilton to 
| build a 500,000 tonnes-a-year 
plant for adidtional ethylene, 
the most important petro- 
chemical buildiDg block. 


Blurred picture 
at Philips 

Although the level of busi- 
ness in equities was not all that 
bad, the stock market had an 
inconclusive look as it drifted 
towards the long holiday week- 
end. In fact the F.T. 30-Share 
Index has shown little net move- 
ment for “the past two weeks, 
and when the market reopens on 
Tuesday there will be further 
excuses for caution during the 
run-up to the Budget The steam 
has also gone right out. of gilt- 
edged, where the buying of the 
tap stock was choked off by last 
week's money supply figures. 
And in the past few days the 
market has been uneasily, eye- 
ing the gradual drift downwards 
of sterling, which on a trade- 
weighted basis is more than 5 
per cent below its peak. There 
is a suspicion that the Govern- 
ment is more than a little happy 
to see sterling edge lower for 
trade reasons, but given the in- 
evitable adverse impact on in- 
flationary expectations this can- 
not do gilts any good at alL 

the increased dependence in th®j .7- 

l • j c-il 1 1 d&l K nioney market. Altiiough airrent : ^ 

Index a-x - to WW account balances rose by 24 per_' : f 

cent d tiring the year and loanvj 
demand remained sluggish, 
land's .reliance on money, niacik-*! 
ket foods rose to 36 per cenfc-fV- 1 
against 25 per cent just tywv';^ 
years ago. > . 

i l- 



FT Indices' 








1 . 

. , 





Philips’ preliminary figures 
yesterday .only go to show how 
confusing the results of a multi- 
national company can be at a 
time of sharp, currency move- 
ment, especially when trading 
conditions are difficult. In. 
Philips' case, adverse currency 
differences have increased by 
60 per cent, in 1977 to FIs J08 dl, 
knocking around a fifth off pre- 
tax profit; against an eighth last 
time. Net income now emerges 
at FIs .3.42 per share, a 13 per 
cent improvement on 1976 but 
far short of the records estab- 
lished in 1973 and 1974. The 
currency factor also means that 
the group has not met tbe 
Board's forecast that pre-tax 
profits as a percentage of sales 
would show a . slight improve- 
ment on 1976: this ratio is un- 
changed at 22 . 

Assuming Philips' mid-way 
revised forecast of abont 7 per 
cent, volume growth has carried 
through the final quarter, and 
that price increases for the year 
were of the order of 5 per cent, 
in local currencies, the effect 
of currency translation on group 
sales appears to have been a 
reduction in guilder terms of 
perhaps 10 per cent The turn- 
over figure is only 2 per cent 
up at Fls.31.lbn.. and the gross 
margin has slipped a little to 
7.1 per cent 

Philips is keeping details of 
how individual sectors per- 
formed until the annual report 
next month, but it is clear that 
the dominant consumer goods 

division, which represented. 41 
per cent of all Philips’ 
deliveries in 1976, has not 
achieved much growth. 

What happens in 1978 will 
depend much on the currency 
factor again, and any upturn in 
the world economy could show 
through fairly quickly. But 
for the time being Dutch 
analysts such as Pierson Held- 
ring and Pierson, and Mees and 
Hope, are talking of net income 
per share of between FlsJW5 
and FIs. 4.00. As expected. 
Philips has upped the dividend 
by 10 cents to FlsJL.70. 

Midland Bank 

Midland Bank's annual report 
helps explain why the group 
jumped the gun last .January 
and came back for its second 
rights issue in under three 
years. The group's capital ratios 
improved slightly over the year, 
but this was made posable only 
by further heavy recourse to the 
Eurobond market. Although the 
smallest of the big four clearing 
banks. Midland has the largest 
amount of debt outstanding and 
its gearing at the end of 1977 
was roughly twice as high as the 
others. Even after the £96m. 
rights issue its debt as a pro- 
portion of shareholders’ funds 
is still well over a third com- 
pared to around a fifth for the 
other banks although this is 
without taking account of the 
£L40m.. of deferred tax. in the 
balance sheet. 

In terms of balance- shert 
growth Midland’s 13 per v cent, 
increase is about par for the 
course and the only surprising 
element in. the report, apart 
from the trebling in authorised 
capital expenditure to fiUtaL, is 

Comet/ WigfaU 

The iong-runnihs Comeg£ir 
Wigfall battle entered, the finaf^ 
round yesterday, and is heading ^ 
for a conclusion on April Fpoi’s;- 
Day. „The odds ere still that 
WigfaH’s strongly entrenched:” 
defensive position -wHJ hold 
with no sign .yet of any- breach 
in the 46 per cent;" block ‘rtf-, 
shares claimed fay the d^ctofst 
and their , friends. Yet the suig$-. 
of late acceptances has taken* 
Comet’s tally up to 48.7 Tpor; 
cent of .the equity .tmjtfyjag: 
that almost three^mqrlera / ’Of' 
the uncommitted shareholders 
are in favour of the offer: '■ 

Does this represent a massive 
vote of no confidence in the 
Board? WigfaU is unlikely to 
accept it that way publicly for 
there, are mutterings of doable 
counting of some Of the votes 
(nearly a fifth of Comet's accept- 
ances represent biddings as yet 
unregistered) while the old -25 
per cent. UDT stake in Wfgfali.- 
piaced in- December,- will have 
been bought by new share- 
holders with no great seise of 
loyalty. - 

AU the same, the WigfaU 
directors must be shaken by 
the size of the vote against them, 
and Comet's tactics tit the re- 
maining, days will he to put 
pressure on any- waverers. 
Against-an offer of almost 275p 
a share the Wigfall price was 
only 235p last night, and even 
that was-21p up on the day in 
response to the disclosure of the 
level of acceptances. If the 
offer fails the price will cer- 
tainly drop sharply, and Comet 
must be hoping that family 
loyalties -will not always over- 
ride .financial temptations. - 

In fact there is no reason why 
the backers of the Board should 
he browbeaten- All share- 
holders have the right to accept 
or reject a bid fra: their own 
reasons, so long as they are not 
oppressing a minority. The .im- 
portant point here, however, is 
that the Wigfall directors have 
committed themselves to achiev- 
ing a major improvement in the 
performance of the company. Tf 
the offer fails, the Board- will 
have a lot to live up to. 


VERY WINDY, with bulstery 
wintry showers- • . 

London, SJk, Cent S-, Cent N. . 
E., S.W. England, Channel Is, 
E. Anglia, Midlands, S. Wales 
Cloudy, with some rain; becom 
ing brighter. Fresh to strong W. 
winds. Max. SC (46F). 

N. Wales, N-W. England, Lakes, 
I. of Man, 8.W.. N.W. Scotland, 
Glasgow, Argyll, N. Ireland 
Sunny intervals, wintry 
showers; snow on hills. Wind 
W., strong or gale, especially on 
coasts. Max. 6-7C (43-45F). 

NJE. England, Borders, Ed In 
burgh, Dundee, Aberdeen, High, 
lands, Moray Firth, N.E. Scotland 
Sunny intervals. wintry 
showers; snow on hills. Fresh 
or strong W. winds. Max. 6-7C 

Orkney, Shetland 
Cloudy, outbreaks of rain. 
Max. 4C (39F). 

Outlook: Sunny intervals, 


Y'diy 1 



ID M-day 








45 1 

Madrid F 






57 1 

Manrhnr. F 







Melbourne S 







Milan S 







Montreal S 







Moscow F 







Munich p 







Newcastle F 







New DelM S 







New Yotfc C 







Oslo Sn 







Paris . F 



B. Aires 




Perth . S 



1 Cairo 




Prasno C 







Reykjavik Sn 







RlOdeJ'o S 







Rome F 







Slnaanore S 



Dublin . . 




Stockholm SI 







Strasbrg. F 







Sydney R 







Tehran S 



1 Glasgow 




Tel AWT F. 







Tokyo s 



H. Kong 




Toronto S 



Jo* bars 




Vienna c 







Warsaw F 







Zurich F 












It^B Phna. 






























Cape Town 






































Salab lira 























Isle of Man F 



















>— Suxmjv 

F— Fill r- 

C— Clou fly. 

B— Rain. 

Sergeant J*n*k*n 

was hit on the head 



he lost 
his reason 

in the last wa r, after keeping the peace in Kenya, after seeing 
; — 1 ^ Aden, Sergeim: JWWi was hit aa. the head. With 

He lost! 

He has been with tm ever since he was invalided home. Sometimes hi 
hospital, sometimes in our Convalescent Hcnne— wherever be is, we look 
after him. We provide work in a sh filtered industry, ao that be can live 
Tjnthout charity. One. day, bell probably enter oar Veterans’ Homqfargood, 
.^mi^Mvricmg' thattlip t tf T t tmn m tfagajaelrISQbc»Tf to Jfttarff trfrn- 
Every year brings in more and more deserving cases ILke Sergeant J*n*k*n, 
AnAevery year our coats go up. 

If we are to survive in *78 . we must have more funds. We’re doing 
everything we can, but in the end it depends upon what you mb 
afford to give. 

“They’Ve given more than they could — 
p lease give as much as you can”. " 

you 1 

Rcgtitered at Or Post Office. Printed by sl decanTs Press for and hhm_- 
br ibe Financial Haas Ltd.. Bredren Souse. Canaan sm»t. t^dan 

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