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CHARTERED SURVEYOR 


PROPERTY VALUATIONS 



LONDON • BEDFORD- BRISTOL- KiTCHIN 
LUTON -AMPTHJLL : n . 


FINANCIAL TIMES 


No. 27,552 


Saturday May 6 1978 


** 


15p 


& 

1B7S 


LAINC 

MANAGEMENT 

IN 

CONSTRUCTION 


CONTINHifrAL SSLUMZ PRICES: AUSTRIA SdklSz BELGIUM FrJS; DENMARK CrJj; FRANCE FrJ.Qi GERMANY* DM2.0; ITALY U00; NETHKLAMDS R2J; NORWAY KrJJ; PORTUGAL BscJJt; SPAIN Ftoufff; 5WS»I- KrJJS; SWIJakUW »rX0? SRE l5p 


:WS SUMMARY 


3ESERAL 


BUSINESS 






to be 
killed’ 


ted Brigades terrorists said 
ast night that the; were 
* earrjdng out the sentence ” on 
ijg. Aldo Moro, the former 
talian Prime Minister 
ddnapped on - March 16 and 
‘ condemned to death ” by the 
lelf-styied People's Court 
There were no firm indications 
n the latest communique— found 
. a Borne, Milan and Genoa after 
‘Anonymous calls to newspaper 
Offices — that Sig. Hero was 

■ • already dead. 

- The communique, regarded as 
i .• authentic, came shortly after a 
security meeting presided over 
, . oy Prime Minister Andreotti had 
. reaffirmed the Government’s re- 
fusal to deal with the terrorists, 
who want 13 prisoners released. 
Page 2 

Attack on FT 
Dublin office 

The Dublin office of the 
Financial Times was attacked 
yesterday, apparently by sup- 
porters of tbe Provisional IRA 
protesting over the lack of poli- 
tical status for IRA prisoners in 
the so-called H-blocfcs at the 
Haze Prison, Northern Ireland. 

A cleaning-woman answered a 
knock on .the door and was 
rushed by four men. who, police 

■ say. spoke with Dublin accents. 
In the struggle tbe woman was 
Wt in the face, and. after the 
attack, was taken to hospital suf- 
fering from shock. 

No Financial Times staff were 
' a the office at the time but the 
' raiders broke open files, poured 
nil on some of them, and scat- 
tered feathers. . 

. They also used aerosol tin 
sprays to paint slogans on walls, 
stairway, and hallway. Among 
the slogans were * POW for Pro- 
Tisionji prisoners’' and “Victory 
for H-block.” , . 

H-l»lticks, so-called because of 
their shape, consist of ordinary 
prison-cell accommodation to 
which newly-convicted terrorists 
arc sent, under normal prison 
rules, as distinct from the pre- 
vious use of compounds and spe- 
cial political status. A number of 
provisional prisoners in the 
blocks are protesting against this 
loss oF political status by 
^refusing to wear prison clothes, 
“"work, or wash. 

Mason visits Dublin, Back Page 

Sir Neil explains 

Sir Neil Cameron, Chief of the 
Defence Staff, told Mr. Fred 
Mullcy. Defence Secretary, that 
he had no intention oE breaking 
Whitehall convention with his 
“Moscow is an enemy" remark 
in Peking. Sir Neil's meeting 
.a with Mr. Mulley was said to be 
| }" amicable ’’ and there was no 
U question of "knuckles bemg 
rapped." 

MP to retire 

My. Cledwyn Hughes, MP for 
Anulcswy and • chairman of the 
Pa rliameniary Labour Party, said 
that he would not fight the seat 
at ilie next General Election. Mr. 
„ Hughes, 61, has represented 
8 Anglesey for 27 years and 1 held 
* Cabinet office between 1966 ana 
1070. 

Heath plan 

' Mr. Edward Heath, former Con- 

■ servanve Prime Minister, has 

■ pm forward a comprehensive 
. plan whereby the EEC would 
„• r,, v ,* a lead in international 
’ affairs after what he called ‘‘tjjj? 

withdrawal of the U ;S. from 
major world problems. Page s 


ill appear at Birken- 
lo-dav charged With 
r of two elderly 
lers. found dead at 
n Wallasey, Cheshire. 
£73,156 was realised 
Gibbons* two-day 
ritish Empire stamps, 
i Hungary arc to 
s for citizens travel* 
n tbe two countries 
-v 1. 


PRICE CHANGES 

res in pence unless otherwise 
indicated) 

RISKS , ^ 

Cfi Slue 10S1-.X96.I. + v, 

:irrfronic 102 + “ 

L v. Cement ... 2a- + * • 

inds 1 « 

iiott-N 25? j. 4 

*-* H + ? 

11 2S4 + 0 

;;;;; vx + « 

pgr" :::: £ 1 1 1 

S ? ? 

TSST ' + 65 


Equities 
up 6 . 9 ; 
GOts 

advance 


• EQUITIES advanced for Hie 
fourth day running as institu- 
tional buyers found the market 
still short of stock. At noon the 
FT Ordinary index was at its 


to 


Etlnbstrial 
Ordinary Index 

Honor mvBiians 
®nms close 



l, pn tMAYl978^n 


n 1 

1™ 2 

3 4 

5 


Laker faces fight 
over Los Angeles 
Sky train licence 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


best at 483.7, but dosed with 
a gain of 6.9 at 48L5 on profit- 
taking. Hie gain over the- last 
tour days was 15.8. 

• GILTS advanced on a broad 
front and the Government 
Securities index dosed 0.33 up 
at 7L73. 

• STERLING dosed 10 points 
down at $1.8275 in qniet trad- 
ing and its trade-weighted index 
remained unchanged at 6L5. 
The dollar improved a little and 
its depredation narrowed to 
5.29 per cent (5.36). 

• GOLD lost $1 to $173* . in 
London and the New York 
Corner May settlement price was . 
10 points down at $173.30. 

• WAL.LSTREET dosed 4-68 
up at 829.09. 

0 LONDON traded options 
market had its busiest day so far, 
with 083 contracts recorded. 
Page 28 

• INDIA sold nearly half a tonne 
of gold— much less than expected 
— at its first auction, at prices 
well above world market price. 

• PORTUGAL has devalued the 
escudo by 6.1 per cent, as part 
of an agreement with tbe IMF 
to help to ciure the country’s 
balance of payments deficit Back 
Page 

Support for 
Speke workers 

• BRITISH LEYLAND shop 
stewards combine has voted to 
give full support to tbe 3,000 
workers at Speke if they continue 
to fight tbe plant’s proposed 
closure. Back Page 

• SHELL oil terminal white- 
collar workers, who have been 
on strike for two weeks over pay, 
agreed a formula for a return to 
work. Page 4 

• AUEW has deeded to press 
for a minimum wage rate for 
skilled men~of £80 a week. A 
Left-wing move to make tbe 
pay target £100 was defeated. 
Back Page 

• US. UNEMPLOYMENT figures 
dropped to 5.98m. last month, the 
lowest since October 1974, ana 
ahead of official targets. Page a 

• CONSOLIDATED GOLD 
FIELDS bas agreed to maintain 
Damping water from the Mount 
Wellington tin mine, giving me 
Government more time for 
discussions on keeping the wheal 
Jane mine open. Page 4 

COMPANIES 

• HUNTING GIBSON revalua- 
tion of ships not on long-term 
charter has disclosed a £423m. 
loss, which together with effects 
of the worldwide depression in 
shipping lias resulted in a loss 
of £4.72m. for 1977, compared 
with a profit of £7.6m. Page 18 
and Lex 

• SOUTHERN CONSTRUCTION 
recorded a loss of US®- during 
1977 compared with a pre-tax 
profit of £159,713. Page 18 

YESTERDAY 

Sol t “ 

Sharna Ware Jg + S 

Tecaiemlt . ““ + i 

g? lk ' r <J -' - 4S + 20 

Shell Transport 574 + 14 

Gld W Ss Kaigoorlie 54 + 4 g 

SaS^Drefeng wn 4- is 

Selection Trust 400 + 1- 

FAILS 

Harrison (T. C.) - Jg I « 

SSt Sk G Autii" WO §0 - 23 

HB"J!“=S = S 

Anglo United LA _ , 

Randfontein _ ! 

VaaJ. Reefs -P 1 * * 


A fierce battle over air services between London 
and Los Angeles is likely this summer, after a 
. Civil Aviation Authority decision yesterday to 
grant Laker Airways the right to operate a cut- 
price Skytrain service between the two cities. 

At the same time, the licence first anniversary of the Skytrain 
held by British Caledonian Air- flights to New York — and intends 
ways for the route is to be to spend $85m. (over £40m.) on 
revoked. two long-range McDonnell Doug- 

The authority's decision las DC-KWO airliners. ■ 
authorises Laker to offer an £84 Eventually, it may also buy 
single fare to Los Angeles in two Boeing 747s with RoUs-Royce 
the low season, and £98 single engines, costing more than 
in the peak, compared with tbe $140m. (over £70m.). 
present Budget and Stand-By It became clear yesterday that 
rates on scheduled services of Laker Airways is in for a fight 
£89 single in the low season and this summer. 

£99 in the peak. British Caledonian reacted 

Flights from Los Angeles to bitterly to the proposed loss of 
London will cost $220 in the low its Los Angeles licence, although 
season and $248 in the peak. it has not flown that route since 
Tbe existing economy-class its economic problems in J974 
single fare is £269.50 (£539 obliged it to withdraw, 
return) in the low season and Mr. Adam Thomson, British 
£307 single (£614 return) in liie Caledonian chairman, described 
peak, while the Advanced Pur- the authority's decision as “a 
chase Return (Apex) rates range serious and inexplicable error of 
between £23550 and £31250 judgment," claiming that the 
according to season. case put up by Laker was Un- 

Laker'S fare will be tbe supportable, and had “com- 
cheapest in the market. British pletely evaporated " during the 
Airwaj’s this summer will offer a earlier public hearing into the 
new “Pound Stretcher" fare of route applications this spring, 
between £220 and £249 return, Mr. Thomson told Laker, 
according to season. < “Don’t count your chickens 

Laker still has to be formally before they are hatched," adding 
designated on the route by the that British Caledonian intended 
U.K. Trade Department and the to “appeal strongly" to Mr. 
UB. Government. Edmund Dell, Secretary lor 

The airline hopes to start Trade, against “this erroneous ’’ 
flights on September 26— the decision." 



77 

<• • 

S 

MR. FREDDIE LAKER 
Looking to vein horizons 

British Caledonian would not 
comment further, but it is under- 
stood that if it gets no satisfac- 
tion from Mr. Dell, it may con- 
sider taking the matter further 
— which can only mean legal 
action. 

Privately, British Caledonian 
recalls that Laker Airways finally 
won its Skytrain rights to New 
York only through legal action 

' Continued on Back Page 


BAT Industries to spend 
£153m. on U.S. company 

BY DAVID i acrw i fc in NEW YORK AND ANDREW TATLOR IN LONDON 


BAT INDUSTRIES is to spend 
£153m. to- break into the U.S. 
paper making market. It has 
agreed terms to buy* Appleton 
Papers, the specialist business 
paper manufacturing arm of the 
NCR group. 

The- most important aspect of 
Appleton's business is making 
carbonless copying paper, at 
which it claims to be world 
leader. 

Last yea tlhe American com- 
pany’s sales rose lo a record 
8234m. (£128) and pre-tax profits 
to $37m. (£20nt). 

BATS is to finance the pur- 
chase from its cash resources. 
It will be the group’s second 
major acquisition in the U.S. 
within a year. Last year it paid 
$141m. (£77m.l for the overseas 
rights to the Lori Hard cigarette 
range, which includes the Kent 
brand. 

BATS' own specialist paper- 
making activities, under the 
banner of Wiggins Teape, have 
been;- precluded from entering 
the UJS. market because of 


licence agreements with Apple- 
ton. 

Mr. Edward Symons, a deputy 
chairman of BATS, said in Lon- 
don last night that Appleton 
held about 10 per cent, of tbe 
U.S business forms market He 
prospects for the U.S. carbonless 
was particularly excited at the 
copying paper market. 

About 75 per cent, of Apple- 
Ion’s output is in carbonless 
paper, which NCR developed as 
ancillary to its production of 
computer and other business 
equipment About 20 per cent 
of Wiggins Teape world output 
is in carbonless paper. 

Some observers in the U.S. 
believe that BATS has cbosen a 
difficult time for its entry into 
the U.S. market. Prices are 
expected to decline in the face 
of stiffer competition and. recent 
technical developments. One 
New York analyst described the 
business paper market as “in 
considerable turmoil." 

The deal has still to be 


approved finally by both parent 
Boards. ItATS is paying a con- 
siderable premium above Apple- 
ton's net asset value, which in 
the last balance sheet was shown 
as around SlI5m. (£63m.). 

Mr. Symons said that BATS 
was also buying important tech- 
nical know-how and a world-wide 
reputation. 

"Wiggins Teape still uses some 
of the techniques developed by 
Appleton under the licence 
agreements which have pre- 
cluded Wiggins Teape from 
manufacturing In the U.S., and 
which still have about three 
years to run. 

NCR said yesterday that it 
wanted to sell off Appleton, 
which also makes coated paper 
for graphic uses, in order to con- 
centrate its resources on develop- 
ing its data processing equip- 
ment and other business 
machine interests. 

It is planned that the deal 
should take effect from June 30. 

Los, Back page 


Raid may hit 

Namibia 

settlement 


BY OUR FOREIGN STAFF 

SOUTH AFRICA’S 'military in- 
cursion into Angola was widely 
condemned last night amid signs 
that efforts to reach a settlement 
in Namibia, now widely regarded 
as a crucial precondition for 
breaking the deadlock over 
Rhodesia, may have received a 
setback. 

The U.S. has exDressed its 
“ grave concern " to South Africa 
and asked for an urgent ex- 
planation. Dr. David Owen, the 
Foreign Secretary, said that the 
U.K. was “dismayed" at the 
raid and called for speedy 
appointment of a special repre- 
sentative by the UN Security 
Council to start the independence 
process. 

Dr. Owen said that it would 
be a tragedy if South Africa, 
having accepted proposals for 
UN-supervised elections in 
Namibia, now threw them into 
jeopardy by military incursions. 

In Washington the State Depart- 
ment said that South Africa 
had not yet replied with an 
explanation or with precise 
details of the airborne raid, in 
which its troops penetrated 155 
miles north -of the Namibian 
border with Angola and tem- 
porarily occupied the town of 
Cassinga. 

The State Department made it 
plain that U.S. reaction to the 
incursion would depend on the 
details of it, when they were 
known. 

Pretoria view 

Quentin Peel reports from 
Johannesburg: The operation, 
which it is feared could jeopar- 
dise the whole Western initiative 
for a peaceful settlement 
between SWAPO and South 
Africa in Namibia, was defended 
by military and political officials 
as a spontaneous response to 
increased guerrilla activities. 

Mr. Pik Botha, South African 
Foreign Minister, sajd that South 
Africa remained “willing and 
able " to implement the Western 
proposals, yet to be approved by 
SWAPO. He added, however: 
“ We also keep insisting that the 
terrorists should end their acts 
of violence.’’ 

LieuL-Gen. Jack Dutton. Chief 
of Staff Operations, said that the 
base code-named “Moscow” was 
practically totally destroyed in 
the raid, and a considerable 
amount of ammunition and docu- 
ments were captured. Equip- 
ment. buildings, ammunition and 
defence installations were 
destroyed. 

Gen. Dutton hinted that some 
Angolan or Cuban troops might 
have been killed in the raid, 
though it was aimed specifically 
at SWAPO guerrillas. 

Both he and Mr. Botha were 
at "pains to stress that the raid 
was in response to an upsurge 
in SWAPO guerrilla activity in 


Namibia coinciding with the 
special UN debate on Namibia in 
the General Assembly, and South 
Africa’s public acceptance of the 
Western proposals for a peaceful 
settlement. 

South African sources in Pre- 
toria claimed that the entire 
town of Cassinga had been 
banded over to Swapo guerrillas 
as principal headquarters, and 
that the local iron ore mine had 
been closed. 

New exodus 

The town is some 250 kin. from 
the Namibian border, near the 
town of Sa Da Bandeira. 

The number of SWAPO 
guerrillas operating from 
southern Angola is put at be- 
tween 3.000 and 5,000, although 
there has been a renewed exodus 
of refugees from Ovamboland in 
the past six months. About 
20,000 Namibians are said to be 
refugees from the territory. 

The latest incident specifically 
given as a reason for the raid 
was an attack by guerrillas on the 
hydro-electric scheme at Rua- 
cana, on the Namibla-Angola 
border. Another was the alleged 
abduction of a bus with 70 
passengers. 

Our United Nations Corerspon- 
dent writes: Angola called last 
night for an urgent meeting of 
the Security Council to consider 
- necessary measures to repulse " 
South African attacks. In a 
letter to Dr. Kurt Waldheim, the 
Secretary-General. Mr. Jose 
Eduardo dos Santos, Deputy 
Prime Minister of Angola, said 
the South Africans committed 
aggression in a desperate act of 
violence, demonstrating again 
their total disrespect for UN 
resolutions. 

The UN Council for Namibia, 
set up after South Africa’s 
mandate to rule Namibia was can- 
celled in 1966. recommended that 
the Security Council apply 
economic sanctions against 
Pretoria. 

Dr. Waldheim said in a state- 
ment strongly deploring the raid 
that “it could "have an adverse 
effect on the current negotia- 
tions." 

Mr. Sam Nujoma, SWAPO 
president, said yesterday that the 
talks, which he requested last 
week after South Africa accepted 
the Western plan for a Namibia 
settlement and he sought 
further clarification, could go 
ahead in spite of the South 
African military action, which 
he called " barbaric." 


£ in New York 


b 


Pneriim* 


Spr.t ; SU27&S285 
1 uinntli 0.3S-O32 dia 
ui,*ntb>) | I.£*MJ50 dl» 
12 itii'Olli* | *.00.4.70 di« 



Lending 

rate 

raised 

by li% 

BY MICHAEL B LAN DEN 

THE BANK of England’s mini- 
mum lending rate jumped by 
3J per cent, to S3 per cent, 
yesterday. 

The move took tbe rate to its 
highest point for more than a 
year and is likely to bring a 
new round of increases in bunk 
overdraft rates. 

Building societies, however, are 
not expected to consider any 
increase in their deposit and 
mortgage rates at least until 
next month. 

The jump in the rate was widely 
expected after the strong up- 
ward pressure on rates in the 
money market which had 
developed in the last fortnight, 
and the Bank’s message on 
Thursday indicating that it 
would not oppose an increase. 

The change left the markets in 
some uncertainty, however, 
with concern that a further 
change could be needed before 
a new level of rates is firmly 
established. 

The money market and gilt- 
edged dealers had expected the 
rate to move up to a round 
figure of 9 per cent. 

Mortgages 

The banks will consider increases 
in their base lending rates 
next week. 

But they fare a problem in 
deciding whether to match the 
increase by lifting base rales 
from their present 7i per cent, 
to SJ per cent, with the danger 
of having to make a further 
adjustment soon afterwards, 
or to anticipate a possible 
further rise by going to 9 per 
cent. 

Building societies will hold the 
mortgage rate at the S! per 
cent, set in January until they 
see the effects of the inflow 
of savings. 

Tbe Building Societies Associa- 
tion said yesterday that its 
council would consider the 
competitive effect when it met 
on June 9. 

Tbe rise in the rate followed 
the 1 per cent, increase made 
as pari of last month's Budget 
measures. 

Editorial comment Page 16 


Eight more held in bank case 


BY MARGARET REID 

EIGHT more businessmen were 
arrested yesterday and charged 
with theft and fraud involving a 
total of £lOm. in connection with 
the collapse In 1973 of London 
and County Securities, which 
precipitated the secondary bank- 
ing crisis. 

Yesterday’s arrests came after 
the arrests last week of Mr. 
Gerald Caplan, London and 
County’s former chairman, in 
the United States, and of Mr. 
Trevor Pepperell, his one-time 
business associate, in Germany- 
Both face extradition proceed- 
ings after the issue of warrants 
alleging that they stole £2.4m. 
from the group. 

Those arrested yesterday are 
Mr. John Arthur Hillman a soli- 


citor. Mr. Emmanuel Wolfe 
Davidson, a company director, 
Mr. Robert Stephen Rubin, a 
company, director, Mr. Woolf 
Perry, now a chiropodist, Mr. 
Brian McMenemy, a manager, 
Mr. Brian Kendal, a financial 
consultant, Mr. Peter Green, a 
shipping manager and Mr. 
Charles Norman Noye, an 
accountwjt. 

They were arrested eariy in 
the morning at their homes in 
various parts of North London, 
Essex, Hertfordshire and Kent 
by police officers beaded by 
Detective Inspectors Robin Con- 
stable and John Kemp, and 
taken to Holborn police station. 

They face altogether a total of 
66 charges — including theft. 


criminal' deception, forgery and 
false accounting— relating to 
the period between June. 1972. 
and November. 1973. All eight 
will appear at Bow Street court 
to-day. 

Mr. Hillman. Mr. Rubin and 
Mr. Davidson are charged in 
each case with Mr. Caplan, Mr. 
Perry and Mr. McUenemy, with 
being parties lo the issue of 
worthless cheques to a face 
value of £4m. 

Other charges against various 
of the accused concern alleged 
fraud, falsification of accounts 
and forgery. The arrests follow 
three years of inquiries. The 
case is one of the . largest of 
alleged fraud ever handled by 
the Metropolitan Police. 


Overseas news 2 

Home . news — general 3-4 

— labour 4 

Arts page 


CONTENTS OF TO-DAY’S ISSUE 

Leader page 16 

U.K. companies 18-19 

Mining "5 

International companies ... 25 


Wall Street 20 

Foreign exchanges 20 

Commodities .................. 25 

U.K. stock market 2 S 

Week in the markets 5 


TV; An Impatient wait for 

the fourth channel 16 

Why soccer is on a losing 
streak 17 


FEATURES 

Genling Highlands: 

Gambling with success ... 25 

Rhodesia at war: No humans 
stir among the mud huts 2 


FT SURVEY 

Building Societies 21-24 


B»o Rotes 

btMm 

Chess 


Collecting 

Ciwmvwtf Puzzle _. 
EcDmntc DUnr — 
RnurumaKBS GaMc 
BoropMA Opts. ■ — 

Fashion 

Fiance- & Family... 
FT-AOnarfcs hulltt* 


7* 

12 

32 

IS 

20 

IT 

U 

25 

ia 

b 

28 


Cantabs 

C*tf 

How *b SptWJ H 

lasoraace ... 

LcftO* __ — - — 

Lex 

Man of the Week _ _ 
MfliwyA ExeJuaaes 

M BUrlug 

Paperbacks - 

Property - 

Sadis — ....... 

For latest Shore 


Saleroom 14 

SE Reports 28 

SE Week's Dealisss 2t27 

Sham t uf a r m ai K u t... 32-31 

Taxation t 

Travel 13 

TV aod Radis 11 

Unit Tr usts 24 

Weather 32 

Wcok-«uf BrieT 17 

Your Savhtas & lav. 7-9 


INTERIM STATEMENT 
HfesWc Brewery M 

Index ’phone 01-246 S 026 


ANNUAL STATEMENTS 
Anglo (AnamiaO ... a 

CweraJ Accident ... 3 

Con. loirs. Trustees 8 

Ultramar — ...L.... 9 

UNIT TRUSTS 

Tyndall — 19 

Canada Life t 

M & C 17 

Ssfalesiasor 7 

Truest . — a 

Hat. West. — 7 
ArirethBot ........... 1 

Hesdcrssa — 5 


EXCELLENT GROWTH PROSPECTS-INVESTIN 


Ti ia I a n hkv 


TODAY 


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

S' Much smaller s bur no less successful , has been the A rbuthnot North 

W <9 American Unit Trust , doubling in size to £2-i- million in the last few 
weeks. It also proudly stands at the head of the one-year performance table, 
with a rise of some 12.5 p.c. in the 12 months to last Friday, which compares 
with a fall of S . 6 p.ci in the Dow Jones in the same 


David Calllns, Sunday Telegraph, April 30th. tO/S. 
Since the relaunch of this fund on xct September 1 . 

compared to a fall of j 5.1% in die Dow Janes 


. _ increased in value by la.d",. 
over the same Period. 


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

■ Arbuthnot -The Right North American 
Fund- Over 90% of the fund is currently 
invested in US securities, much of it in smaller 
companies. Unlike the blue chip multinationals 
their growth is nor held back by overseas 
interests operating in less favourable conditions 
or by falling exchange rates. 

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

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


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

Your investment should be regarded us 
longterm. 

Fixed price offer for North American & 
International Fund (estimated current 
gross yield 1.0%) until 5 pm May 12, 1978 
at 3X.9P xd (or die daily price if lower). 

The Managers reserve die right lo clow offers if unit 
rallies rise by more than si".'.. 

Appliciriott. «t! 1 be acknowledged, artd tuiit 
certificate* will be issued within 35 days. The offer price 
includes an initial choree of 5 *■„. The annual charge is i * " a 
VAT . All sex income accumulated within the fund. 

After the close of rhoe >.«Tcrs amts mar be purchased at 
the weekly (Thurcilav 1 dealing date, when units can also 
be sold back. 

Payment will be nude within 14 days of ihc dcaljne 
iluic and on receipt »f your ccnidcuic duly renounced. The 
weekly price and yield appear in tnuK leading newspapers. 
A commission of i{ • will be paid to recognised agents. 
This offer Is jua upon to residents of The Republic of 
Ireland. Trustees; Tbe Unyal Bank of Scotland Ltd, - 
Managers: Arbuthnot Securities Ltd, (Reg., in Edinburgh. 
466941. Members of the Unit Trust Association. 


r 

I 

I 


To: Arbuihncii Securities Ltd., 37 Queen Street, London EC4R iBY. Telephone: 01-236 5281. 

......u-.JJU'J':! •*": r; i. jrfw^roi.oB i .,-. .1 AmiUUsMt ' tXIl 

I Czpfol Sam I/We wish to iptisr tbe turn aT£ 

(min £500) in the Arbuthnot North American and 
International Fund sod enclose a cheque payable to 
r Arbuthnot Sccurixie Ltd. 


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OVERSEAS NEWS 


Financial Times Saturday May 6 I9TS 


OPEC likely to stress 
need for higher oil prices 


BY RAY DAFTER, ENERGY CORRESPONDENT 


New threat on Moro’s life by Red Brigades Australia 

BY PAUL BETTS ROME May S. 3DQ -LF2ll 

ED BRIGADES terrorists The communique was gener- more to say to the Christian ever, would the ruling party fll^JIPTPP fill 

■oke their 11-day silence to- ally regarded as authentic. It Democrat party, to the Govern- surrender to “terrorist black- UlOUgl vv VPX1 

KhL announcin'* in a com- came shortly after a top-level ment and to its allies. The only mail ” wt £ a. ^ 

unique that thev were “carry- security meeting presided over language the imperialist lackeys' Last night the terrorists re- IVj — CQlPlV ■ 

x out the sentence " on Sig. by Prime Minister Andreotti. have shown they understand is sponded by gunning down and Ottlvlj 


ROME May 3. 


RED BRIGADE'S terrorists The communique was gener- more to say to the Christian ever, would the ruling party 
broke their ll-day silence to- ally regarded as authentic. It Democrat party, to the Govern- surrender to “ terrorist black* 
night, announcin'* in a com- came shortly after a top-level ment and to its allies. The only mail” 

munlque that thev were “carry* security meeting presided over language the imperialist lackeys ' Last night the terrorists re- 
ing out the sentence” on Sig. by Prime Minister Andreotti. have shown they understand is sponded by gunning down and 
Aldo More the former Premeir, which reaffirmed his Govern- the language of guns." wounding In .the legs two in- 

kidnapped' on March 16 and merits' refusal to deal with the The message ended bluntly: dustrialists in Genoa and Milan, 
“condemned to death” bv the terrorists. “We are sealing off the battle Some 51 days after the kid- 


THE ORGANISATION of Minister, has already said a deti- sluggish dim to stagnant ^dnanne^' on 6 March ^l^^and meats’ refusal to deal with the The message ended bluntly: dustrialists in Genoa *and' Milan. Kenneth Randall 
Petroleum Exporting Countries, sura on the use of another cur- economies and fresh supphes of - condemnedfo death” bv the terrorists. “We are sealing off the battle Some 51 days after the kid- CANBERRA. May 5. 

meeting in Saudi Arabia this ™acy or a basket of currencies crude from the North Sea, se l£.siyqied People’s Court. The meeting had examined which started on -March 18 by napping of Slg. Moro in a bloody AUSTRALIAN uranium develop, 
week-end. is likely to re- hr >} [pricing would not be Alask^ and Mexico, producers “ “humanitarian proposals" put executing the sentence for which ambush in which five policemen meot pj^ have received a major 

eiupnasise the need for a new taken before the June meeting have found it difficult to hold There were, however, no firm f orwan j by the socialist Party to Aldo Moro has been con- were murdered, the terrorists netback with the breakdown 

round oi oil prices to offset anyway. prices even at the levels fixed in tn ^ ^ tDsave Slg. More’s life. demned.”- - appeared to be facing a dead- to*iay of negotiaiions with Iran 

losses from the decline in the It now seems much more Jul Y 1977. Leading African JJimd In Rome, Mi Ian, Turin ana To-oighL the Red Brigades After the failure of to* following the firm stand for a bilateral nuclear safeguards 
value uf i he dollar. likely that OPEC members will producers have been forced to Genoa after anoyinouscj.1 Is to reoewed their ultimatum of humanitarian appeals by Pope taken by the political forces, agreement — an essential prp. 

But I here amm little chance opt for a straight price Increase premiums charged for their Mwpaper Sifi April 24 ' 1x1 whicb Paul and the United NaSS Today, the powerful Communist r ^ uisite to any exports 

that the producers will move to retrieve their position — if and high quality oil. Moro was already dea dor still demande( j the release. -of 13 Secretary-General, Dr. Kurt Party, now directly supporting uranium tn terms of the Austr*. 

away i roiu ihp dollar as the when the market allows. As And there are forecasts that aUve - named prisoners— Including Sig. Waldheim, for the release of Ste for the .first time in some 30 r.-jm policy announced last year. 

i’i irri-nr\ fnr rnirlp nil nrmps ithpllih All Vlialifs Al.S^hah thp nit pint iL'ill i-nnfiriMi f n r of 1 . .... 1.,, o s_ . 1 I Zzi : ^ . n,mwnt • , J _1 , 


Tie meeting had examined which started on March 18 by napping of Sig. Moro in a bloody I aUSTRAI JAN uranium develop. 

** nvrmnCBlc w -**■«+ AyoMiHnn th* Ya-i 1,1 sfhknrli in i.vVi inti £tt*A nnllMmanl . ■ v 


summer capital of Taif. is ex* big losses except by fresh price reason — consumers. For while bolding emergency talks to-night Faced with the Government's signs of an end to .terrorist The party reiterated its in- insisted on having the conditions 

pecied ip provide no more than hikes." OPEC may be unable to imple- to consider the situation in the persistent refusal to negotiate, activity, the Republic “ would be transigent line, urging; even 5pe i]ed out under which Ausira- 

a scene-seller for the next price- Sheikh Yeraani has also said ment a steady programme of light of the latest threat of the the terrorists said in to-night’s able, td show generosity and greater police action to combat ]j a wou ] d agree to the reprocess. 


a scene-seller for the next price- Sheikh Yemani has also said ment a steady programme or light of t 
review conference in mid-June, recently that if the Western price rises over the next few terrorists. 

Th, value of crude "“*“11. "J !?? E*J? “ “'Sf 


communique: “We have nothing clemency.” On no account, how- terrorism. ing 0 f any nuclear material it 

c* pon mn'd^i o "do ra Ui'ate “he demand for oil increased, the Want to recover its position ' ? ^The talks were broken off when 

talks in T3ir and in this respect w ? u ^ certainly be raised, when the market swings back . TTmT . - t M ‘ 1 -.the Australian representatives, 

£'»”■" i No. Soviet Talks on UN s Lebanon role end^^^«ws 

- Qrmc fnr f ailV3 uu a 1JCUdUUU a aa.-asn 

numths could cost producers CU. X VrX BEIRUT, May 5. not possible at present, 

ho tween St -ho and S2Qho. a year fTT' 1 : The Prime Minister. Mr, 

in lost purchasing power when /“'I • 1 i,.. ' 1 lirkOV PALESTINIAN, commando chief The sources said Mr. Arafat had after two members, of a pre- Malcolm Fraser, told Parliament 

th-* currency is spent in other I TPrill/Jn HlflllSlTV i rVI V PS BAX JVvJ a Yassir -Arafat and the eomman- restated the view of the Palestine viously unknown Left-wing later: “ It was explained to them 

countries. UWlIiaU lUUIWUJ 1 ▼ X ▼ ^ 7 , , der of UN L-ooos in Lebanon liberation Organisation (PLO) group were killed in what the (the Iranians) that a decision 

i\Ir -\d nan al-Janabi. acting BY ADRIAN DICKS BONN, May 5. f VTIFllW ffllfl ended L*3*re than two hours of that UNIFIL'a task was to super- group denounced as an ambush on Australia’s prior consent to 

chief of the OPEC EconS NEW ORDERS to West German watched, were down 14.5 per lU1U SEJT. £S£ * m * 0< ** a E3£?S& Srtcome S 

WWttfcfS indUStry 8 H 0Wed Si r *? a S ^, ht F?bre £ S/?toh mber/JanUary t0 ° ur 0wn Correspondent °° waa sweified ^United Rrtiable ^Sestinian aourcea SSonJ discussions.- These dfc 

tradp-wf-i'htPri i-a!ue in the on recovery during March. This enruary/^aren . m ihe southern Lebanon, reii- Nations Security CouncU Resolu- said to-day the Retaliatioo— an missions, he said, included those 

cxnnr or,' earn m‘s in, fallen ■ *** fa]] thifsomewSt dia^rfem NICOSLt, May 5. able sources said. Son -3, on the esfibStoSf of ambush of a French UN convoy “at the International Nuclear 

h>- IS per cent since December n,n? .J >f ^ year - wh *ch caused * rfmwSw ot an SSSS THE SOVIET Union assured The s talks between Mr. Arafat the peace force, which is to and an attack on the French B"*”** 0 ?: 

1P7K This mean! that ihe price considerable nervousness n West hi«h levelof^rdere in Decemhef Cyprus to-day that it does not and Major General Emmanuel num ber 6,000 mem The UN barracks m Tyre— bad had toe Mr- Justice Fox and the Auslra* 

nr int- mu?ke. L-rudc would have G ^ rman Government circles. ^theeffect^of plan to «ell arms or provide Erskine.ihe Ghanaian eomman- considers UN1F1L must also tacit approval of the PLO ^ w 

tn ns.- from SiL'To a barrel ir» The March ficures showed an j n t j, e metal -working and en°in- other military assistance to Tur- der of the United Nations in- prevent the movement of armed leadership. I believe, such a constructive 

SIS ;i barrel tn restore OPEC's overall 0.5 per cent, rise in new ecrin n Industrie, 3 throughout key. The assurance was given by jenm force ( w men across the lines in southern The sources said Thar at ro ^; „ 

pun*!ia«ing power. orders, but comparing February/ thi,,nrin" 8 Mr. Sergei Astavin. the Soviet IUN1FTL), were called after Lebanon. tody's talks Mr. Arafat re- Mr. Justice Vox \vkma »au 

There hive been evil, from March with December/January. i Inrp e » P n„ra«ins ha, b^-en Ambassador in Nicosia, who Ihree UN soldiers died in fight- The PLO has said that it was iterated an earlier pledge of 
w.tlun opEf for the abandonin" thciT has still been a drop of S , h ‘ j^Diovin'* trend in orders c “ ncd 011 President Spyros Kyp- 2* "Pj left-wing guerrillas .ast not involved in last Tuesday's PLO backing for efforts to vlf .lviLmfd 

of the doliir w the JridSS «e«- from ^ road ThTs i, in soUe «« nou convey his Govern- Tuesday. fighting, the worst since the achieve the withdrawal ot the ' T ‘S 

mrcham-m. But i hi., action now Broken dmvn. The March of constant ^ concern over the me " rs re f* ly t0 Mr Kypnanoii’s Rehable sources said the ta!ks establishment of UNIFIL U Israelis. AuilSliai uranium 

seems unlikely, partly because figures show a continued weak- impact of currenev unrest on P r °* e>ls * 0 Moscow last week. had failed to narrow the gap raged on a five kilometre front Lf\ sources described the dis- Government suffered a 

of the men I siens of firmness cnine of new domestic orders. Germany's export markets. In Th « Cypriot leader made between the Palestinian and UN and. according to Pal^tmmn and cussion , as frank and honest and * ne vjrf^ls cmhww«w!«iit 

in the dollar, but more because these were down bv 1.5 per cent. March there were 7.5 per cent. sl , ron S protests following Dterpretations of the role of Left-wng accounts, pitted French said Genera Erskine would ^e r ur aniuin pohcV in^av?n 
of the many problems that would Trom February. New orders for more foreign orders, though this statements in Ankara by Marshal UNIFIL, uluch was set up after and Senegalese troops against report back to Dr. Kurl Wald- statement issued hv " the 
he involved. Sheikh Ahmed capital goods, the cnmponenr of was not a s high as the average Nikolai Ogarkoy. the Soviet chief the Israeli invasion of south Lebanese I^ft-wmg gunmen. heim. the UN Secretary-General. Northere Land Council 'which 
7aki Yuntani, the Saudi Oil the index often most closely for the last quarter of 1977. f tWr 6 urfsh? “i lAh^-n ^ fl e , Lehanon ' * ' The fi “ htl0 ^ eru P led a day Reuter r6 presents the ahori-inal com- 

nil muni tics of Arnhem Land, where 


German industry revives 


No Soviet 
arms for 
Turkey, 


Talks on UN’s Lebanon role end 


BEIRUT, May 5. 


talks to-day without agreement occupation force from Lebanon, based in Tyre. pending the outcome of Inter 

9° This was specified in United Reliable Palestinian sources national discussions." These dis- 

^li^l u L ?i LebaDon ’ reli ’ Nations Security CouncU Resolu- said to-day the Retaliation— an cusstons. he said, included those 

able sources said. a<m ^ QD establishment of ambush of a French UN convoy “at the International Nuclear 

The talks between Mr. Arafat th e peace force, which is to »°d an attack on the French Fuel Cycle Evaluation, in which 


Drop in U.S. unemployment 


JOHN WYLES 


NEW YORK. May 5. 


of the general staff, that the : Lebanon. 
USSR wished to strengthen co- 
operation with Turkey in all ._ — 
fields, including military matters. I J 
According to' an official an- B J I 
nounceraent here, the Soviet ■ 

Ambassador explained to Mr. 

Kyprianou to-day that Marshal gY q/ 
Ogarkov bad in mind “ ordinary 


Unrest continues on West Bank 


BY DAVID LENNON 


TEL AV!V. May 5. 


most of the major uranium dis- 
coveries have been made. 

The statement followed three 
days of negotiations between the 
Council and Queensland Mi ms 
discoverers of the Nabarlck 
deposit, on terras and conditions 


ih.- Department of Labour to- second quarter 7 I per cent With vious roonI h and according to trip to Ankara;was a “continua- 
d-;. A slight drop in the num- th a oril fl EIirp hpine ihp invest the Labour Department they led tion of normal' contacts carried 
hers of unemployed from 6.1m. sin ' rh en t rpc H.io r pH to the increase in the labour force out in accordance with the letter 


.-mrtSIi th M. occupie , d ♦erritory. The plaining about Israeli soldiers on any meeting between issues but recognised that the 
a “ military forces conducted hitting and cursing residents of them of a political nature. company could eo no further 
ith the letter s , ea ^ c ^ 1 ® s and J n ter rogations as his town, and of carrying out Mr. Abd Al-Aziz Sueita. the because of unknown factors 


, ■■■ a. 'u»cu » i«r*ci ds iii rcuiujrj. . lounoeu, iiiv .-\m-jdssjuur auueu. : v ^ auacKS in nauius recenuy. one from Xamallah wil be released V « r-, JT_:i • : j " 

ihc lubkss rale fell back last incidence nf employment. Un- The proportion of the working J according to the announcement. : [J p * r , [ j e S u Ss h fJmovSna‘who?the of which killed tw0 German rrora administrative detention the tadt sunDort of OiieJnZ 
in b pci cent. The Labour employment among adult men age population with jobs rose to ■ . liStis « tourists. It is only natural that next week. SJJ ^ U ,P^ 0 |Ti °. f S ue 5, ns ' 


nep irnncni siiid (hal a finitqiiMr- fell to 4 3 ocr cco. from 4 5 pir i iffi 1 m «l li! T"‘ . - • -g,- Israeli authorities describe as '“V ne ' 1 ' , . fc hand Mines, that the lack of a 

- r «>• ^ «"«• «»<■ » >'"« Ci — rKild lie Department. , “ t j French mcodt- » 2SX2S: «*«• u25 

*--* I J|j{ Polisario ' " E§?c ^- bas _ instituted special The military government 22 during the height of West | mining development. 


By Hilary Barnes 

COPENHAGEN. May 5. 


I By Robert Graham 

MADRID. May 5. 


Danish fishermen to-day cut : the Spanish communist 


Belgium’s 
unions win 
hours cut 

By David Buchan 

BRUSSELS. May 5. 


• -- LlfDAilroMA Egged, has instituted special ihe military government s aunng tne neignt of West mining development. 

fill xUllMlUI security checks to protect its spokesman was not available to Bank demonstrations against the There are some fears in the 

vehicles against attack. Yester- confirm a complaint by Mr. Israeli invasion of south Lebanon, uranium companies that a deci- 
^ ISfiermen DCl^IUm S DaY!d Wh}te day bombs went off in two buses. Shakaa and other West Bank The Israeli authorities said she sum on a possible resource tax 

^ . • one in Jerusalem and a second mayors that they had been for- was being held on suspicion of might not be made Puhlic until 

* . i.1 „ • PARIS. May 5. in Acre which injured four bidden to meet for political inciting unrest and of contact tT,enextbudgeti n Au"ust t 

IS1 Uenmark OHCkStnC Unions Win MILITARY involve- people. discussions. withthePLO. spokesman for the treasurer. Mr 

! ment in Africa has taken John Howard, said in Canberra 

Mock ports monarchy j hours cut gSs’ t= : s a ni ay Gandhi imprisoned for one month 

By Hilary Barnes I By Robert Graham ! By David 'Buchan forces of the Western Sahara 48 J VJalHIIil U3I|/£ ioUIIVU ll/l vUC- UiUIlUI On safeguards. Mr. Fraser said 

COPENHAGEN Mav 5 MAliHin w-.v i 1 -• • ^ . Polbario guerrilla movement. | in his statement lo Parliament 

7 .vciipi ™ J '• rr-,,r- , \ , I D ' Ma> 5 ‘ V/ .' 7. BRUSSELS. May 5. French air force Jaguar BY K. K. SHARMA NEW DELHI, May 5. to-day that he expected a further 

1»A.,IS|1 f-lSllEP. MEN to-da.v cut: THE SPANISH COM MIX 1ST bEL NiaSj TRADE union- won B*hter-bombera were engaged round of negotiations with Iran 

^ r . ■' ' eader f r ; Santiago Carrillo to- ■ ' ■ " 3 .. . ;*n attacks on a columa of J MR. SAN JAY GAN DHL the con- key witnesses in the case. The Solicitor-General rejected Mr. “in due course." There is no 

ihn ^ J ro E | U | " nlmlJi, pU ! 1,iran ' s “} » nd ' their ' ctor> m ' he " | Polisurici vehicles heading to- rroversial 32-year-old son of the charge against Mr. Gandhi is Gandhi’s charge, pointing out more definite indication avail- 

ihr r, -i nf Denmark and be- j^ave foahruht support fur a campaign foi shorter working wards the Mauritanian mining.. Prime Minister Mrs that he conspired to steal a film that the rule of law prevailed able of Lbe timing. 

*V " ,h", "c’rt.nH 0 Jnd s ' vcden 1 parliamentary denuTacy w-ith a hours when the Government I centre of Zuuerate, it was - Indira Gandhi was to-day sent called " Kissa Kursi Ka " (the again in the country. Mr. Fraser said that Iran was 

■‘Tj.jTi.s'sLi,™ v« so „ t „;s“ ’ussrs ja^^STSSdSSn.'tt *»« ly3 f ler ,ba, o^wisrrif^'saisrsM 

M'wkadv ferry ports, they the Spanish ..institution. . lhe standard working week *o| w " d and Thursdav. were ' supreme court canceled his bail f h T D romfsesnf earfartnrv surrendered himself before Mr. I to blv 15 onft p iff a I£S 

r h ';;vi r2S P 2?' Sr. Carrillo said at the time of for ^ I J joint Mauritanian and . SltS 

inruCn flurhou«'! .’' ua _ n Carlos's accession . to “? ,S0 - 000 ^ ! cipal accused Ae Supreme id lodla. and was .principally i 5 a . safeguards agreement. 


.... w. oi. odiind av Miiuiu iu- • . - • ... , . ;in auacKS un a cuiuiua w , JiR, SANJAY GANDHI, the con- k 

•>rcji BMi bcitreen Zealand and. day rejected Republicanism and their biggest victory in their} polisario vehicles heading to- trnveralal 3°.vear^W ,nn nf the c 
the re- 1 uf Denmark, and be-, gave forthright support fur a campaign for shorter working I wards the Mauritanian mining..™”! p““ JSf tl 
!. k . Ml •...penhagen and Sweden! parliamentary derm-racy with a hours when the Government I centre of Zuuerate. it was • n^rthf w« Sffiw IS « 


cu He traffic fur about four hours.! 


the throne, that the Spanish 


lie sector workers. 


xuruu-dii !.«II W luni uie,,.:... accused The Suoreme ,ri “J<tia. ana was p 

K » vr wu.Kc... (column back. Several dozen ! Court rtir*>cted' Uiat the bail be ^med at Mrs. Gandhi. 3 rr^l^ining all the elements' of 

, ,'p i ", , i . , . | tv, k,..., Waa., i n I Ka itan U celled re for ed a montVand^that .Jte Supreme Court.' which set ® safeguards po he?” he £ 

; ratified by the union rank and J® have been killed in the :,i r . Gandhi should spend this aside rulrags by lower courts that Sphered In thousands to shout no l unced last year, remained a 
'flic next week, threatens lo borne rocke attacks. t period in prison. the prosecution case for can- JrSsanjay slDgaS Man v were pT or I i equjromenT for uranium 

i jeopardise Prime Minister I-co Unc yr ‘he French fighters . . . . cellation of the bail was not n-KSKuf-S sales “to Iran or anv other 

. , . - iTindemans’ bid to curb puhlic' w ' as h’ 1 b - v Pul^ario machine-gun ! Jl? e m ove ended a long lesal valid, said that Mr. Gandhi for- for def > ,T1 C brobibitorv I countrj . 

• ( *i.l 1 rime M in iMcr Anker Jocr- . Ring had proved he respected a spending. It will add an **xtra 6rt ’ bllt mfna.’ed lo return t0:”“ lt ' e ,Tn, ^ r . ,ai, iiL n „ , l,a f nd ° 1 * feited his right to remain free oraers - • “it i., more important that 

v’-.i-'-’ii. w\io rcfu-cd tu meet a : parliamentary democracy. Sr. o per cent to the 1978 and 1979 lho Nouadhibou airbase. -50, ^ ho 15 thouaht h> many to b.e aS h e had abused bis liberty by The judge ordered that Mr J the world be assured that the 
t .< ; up ii > iMcai.iion. Carrillo went so Tar « «>* public wage bill, with additional miles north of the Mauritanian • J5,® b P r duri^^Sl clndbi? isu “ attempting to suborn wit- Gandhi be produced before him 'trade in uranium will not be a 

1 h,- me n are prut oting against , the King has played a decisive > ramifications in the private capital. Nouakchott. : v aurm,i M . l,ana " ls nesses. Immediately after the on May 8 and directed tha\ he i destabi Using force, a force that 

:h.- rydin-i mu m catch quotas in role in the difficult political Mi ^or. The confrontation was the first ; monl n emergencj rule. *20-page judement was given. Mr. be given better treatment in jail, would undermine' the present 

:.V Hrmidi stvlur uf i he Baltic . equilibrium " that had been! ’ involving French forces, backing; The Supreme Court cancelled Gandhi claimed he would be as requested. The hearing Of the nuclear non-proliferation re"ime 

.uni i!iu i ■ I *i i*<* --f i he EEC io , establisfivd If Spain opted for,' The concessions made tn ’he Mauritania and Morocco against ■ the bail giva toe Mr. Gandhi and “bodily harmed" in jail. The application, which was opnosed and move us from a safer world " 

• .■‘Kind.* ti-henes agreements! Republicumsm now it would be public sector are likely la be tie Algerian-supported Polisario. ; dirctcd that he be keDt in cus- Chief .Justice said this was un- by the prosecution, was held in said Mr. Fraser. He said the US 

•.»:i!i Miln-r H.iluc of.isi nations.- a catastrophe demanded in private industry, in Eve months. > tody for a month For intimidatina thinkable and the additional the judge's chambers. and Iran had aiso been ne^otial- 


momum prevailed outside the i 


i h,- ukti an* tiruK-uing against , the King “ has played a decisive i ram i« PMmT ,c ? n iWp nrivnc capital. Nouakchott. ; iwirer ouriiu .»»rs. uai 

:h.- ivdin-liim in caich quotas in role in ihe difficult political aC clor " P The confrunlation was the first ; monln emergency rule. 

:h.- lira nidi serlur uf ibe Bailie . equilibrium ” that had been! ’ involving French forces, backing; The Supreme Court 


. Martin Dickson reports on Rhodesia at war in town and country 

No humans stir among the mud huts 


mg on nuclear safeguards and 
Inc question of prior consent fnr 
reprocessing was also a signifi- 
cant issue Ihpre. 


Expert claims 
paintings faked 

By Our Own Correspondent 

CANBERRA, May 5. 


mi 




YOU GET .AN corse feeling there tested in Malaya and Mozam- On the otber hand, the "Sure, it's inhumane in that of how the war is going — the of Salisbury. About seven miles! i-^NBFrra m 

is something out of place in the bique: peasants are under considerable you consolidate people into such Government and its censors dis- from the city centre you cornel « cvrwrJ" * vrt * ‘ ,a - J - 

landscape a, von drive out of the If "uerril'as are fish swimming P refi sure from the Rhodesian an area," acknowledges the courage reports liable to spread across a white civilian hitch-hiker D>fEV e * l , 1ibit,on of paint- 
wattle plantation, above the in the sea of the African popula- a l ilitary 10 sive information .Assistant District Commissioner alarm and despondency among with a rifle casually slung across ifef* ~ upp ?? e t d,y by U.S. 

Hondo Valley and down through tion, the! isolate thlm by plac- guerrilla movements and in the Honde Valley. But there the whites. bis shoulder. Fifteen miles out £«**« «« Pollock, 

stunmne mountain scenerv to ing the peasants in a special n °j. elaborate. Is. he says, piped and purified The war has. of course, had there is a petrol station where |O a f lK ,P ee . n dosed because of 

the vallev Hoor 2 00o feet below tank — laroe consolidated Other side effects of the war water in ail the 18 villages in ihe a far more devastating unpact the white manager totes a hoi- “nS? 15 ab ° l ?t Dieir authenticity. 

_ vma-M conudnlnft SStfine inc,ude a refugee problem and valley and a medical unit in each, on blacks than whites. But It has stered pistol. rJ h< L exhi Wt!Oo at the Ivan 

rei iJ what k* ij^'althSuch between 1,000 and 4.000 people ? s & r ** rife ip criminal banditry ln military terras, he says, the cotwiderable changes in Twenty miles out yon reach P° u ^ rty ;r& Ca lor - v was broken 

r f a , “ e . '*■ a,l hougn _ . . a black rural areas. It is all too or£lt ected village, in the Honde thc European way of life. \ou rbe village of Norton, where a flllS dflernt, °a and the pic- 

no humans°sti? U among er the mud- security rence and build a central be'% TOeSiT^^lM^rifURee* Valle - v have been a success. Early g® office^nVS^rasuaUy^inei? fs *™«r’B _wife and da “Sh-| ^ibitar M°r 

hut homestead., scattered on the keep in the village to house a JJJvJ last year there were constant bis_Offi« and he casttaUy men- t er were shot dead by guerrillas i ^1!) ^.TI. e3h,t,,t, ! r - Mr 


issi mi&M* && m ‘M msmm pss&ss s sssisss* 


last year there were constant 


Bohdan Ledwij, feu- investigation 








are shattered in the abandoned You will then protect them attacked by the guerrillas. JfJjJJ"' ' n ' D^sarerunnin Qn hQ|w as tfae j. do ^ ^ JJ“ U ‘ Jheir beds P Weeks - especially because of 'a 

homes or Ihe more prosperous from guerrilla intiinidation and The majority of Africans dis- d office. with guns x» mm beds. series called “Studv i\n [ " 3 

Africans who could afford a prevent them from collaborating. Ilke liie in protected villages. It troo ^ s 1,ave deeD withdrawn. It ig g war with no L . lt , arlv Only the folliardy, the blase or and 4 Blue Polls.”' Pollock *be- 

brick and corrugated iron home. There are now an estimated 1S3- has "icani moving from their In the city it is another story, defined enemy. The only thing fatalistic now travel outside] came almost a household name 
Shops are closed. protected villages scattered scattered ancestral - homes and U is hard to take in the extent you know for certain about the th® main towns after sunset. Even j in Australia because of ihe con- 

This is life in the country across Rhodesia. containing an agricultural upheaval. The of of Rhodesia’s guerrilla war guerrilla is the colour of his in daylight most drivers carry ; troversy in 1973 over the decision 

where because of Rhodesia's 500.000 or more Africans— a good fields of many peasants are too when you are sitting in the skin. This can heighten white guns m. their cars. There are t of the Australian National Gal- 

escalatin'- “uerrilla war the 13 per cent, of the rural papula- far away from the villages for country’s major cities— and 66 suspicion of blacks in general, guarded convoys oh sections ofjlery to pav A$l3m for his 

people o? the Honde Vallev to tion - T he Y are jus* ° n e example them ro spend sufficient time per cent, of Rhodesian whites Driving along a country road at most of Rhodesia s major roads, (painting “Blue Poles'’ 

the north of Umtali on "the of ^ in »raense pressures placed and they have had. to he live in SaUsbury or Bulawayo. dusk It is all too easy to have a That said, it Is all too easy to „ A New Vork art authority Mr. 

eastern border with hostile on tbe African population by the aJ located new 0nes Although handbags and brief- sudden moment of panic when paint an over-dramatic picture of Clement Greenberg was prepared 

Mozambique have been moved w Ir is ** P° or * Bl-educated The villages have been severely cases are routinely searched for any African face looms out of the effects of war. a picture which t0 P a $s judgment this week on 

from their homes into so-called P easant suffers most. He is criticised in the past There bombs in stores, offices and the shadows. most white Rhodesians would not six of the paintings in tlie Svd- 

proterted villages (Pv’sl on the cau ^ st in 1116 middle. nave been allegations of mal* hotels, the war seems curiously Businessmen say the constant recognise. Tt would be wrong to ne J' exhibition on -the strength 

valley floor. It is difficult for n n the n™ hand „ Dn cnr,^ ? u Wti<ra and dis»ae among thefr remote la Salisbury, a city which staff changes resulting from create the Impression that white °. f a colour spread in a maga- 

i hose with homes on the uooer f a £ md>abitanis and Inadequate has always bad an air of un- military call-up have pushed up Rhodesians in rural areas go in * ! nc. He said “Six of the 

reaches to iX? to them when S? !£/“*£?, 2?* a * iTanc F Panning in the provi- reality. operating costs significantly, constant fear for their lives The * Pollock ’ reprodured in ' the 

the niRht-timecurfcw ^ £ Sted So J »in SW ? of SS* C amenities. It is Since all able bodied white However, the depressed state of war has not reached that stage. Australian Women’s Weekly of 

at dawn. ** Those suspected of collaborating not possible to generalise about males up to the age of 50 are the economy and the decline in Ft Is simply that there are few April 19 are not Pollocks." 

016 authorities are liable the truth of these claims when involved in military or police domestic demand have to a con- parts of the country now where Mr. Ledwij a Perth "ailery 

protected villages are one of tq be executed or tortured, you are taken to visit villages service, word of what is happen- siderable extent offset industry’s a Rhodesian white can be certain proprietor, who brought the 

the Rhodesian Government's Money is demanded and people selected by the Government and ing in particular areas does get skilled manpower problems there are no guerrillas, even li paintings to Australia still be* 

major vmr weapons. The theory are ordered not to dip their in the company of Government back to the cities. But it is diffi- You only begin to appreciate he’ or she will be unlucky to run lieves firmly ihat they ar* 

behind them has already been cattle. officials, cult to gain an over-all picture this when you start to drive out into them* genuine. 


genuine, 








Financial Times Saturday May 6 197S 

"-S home NEWS 

fli; 

,r ai) 

1L> 


afetv' 



'■da 




EEC plan 
to move into world lead 


BY MALCOLM RUTHERFORD 


EDWARD HEATH put for- 
.. 1 A'arcJ a comprehensive plan yes- 
-\orday for. the European Com- 
« ^ uuniiy to Rive a lead in inter- 
, '..national affairs following what 
'•Jw described as "the withdrawal 
M the U.S. from ' major world 
•. problems.'* 

.'-•■"•lie-said that it would be best 

the hey industrial countries 
. * could reach agreement at the 

► ", ^Economic Summit due in Bonn 
, , in July on filling the vaeuum 
. i created by disintegration -of the 
'v post-war economic system. But 
if that meeting failed, Europe 
. ‘".would have to act on its own. 

..The. best way to do it, he 
. ' T ^-suggested, would he for the 
'‘■’•■Community to use its "un- 
U -rivalled borrowing powers" to 
f - S- channel the OPEC surpluses into 
>.-• investment in Europe. The funds 
‘”->1 -..should be employed in two 
■■' •'..ways: 

, Reconstruction a£ European 
1 - - industry. This would mean a 
‘ r -Jarge extension o£ regional pro- 
^ • : grammes. 

A similar reconstruction of 
^.European agriculture especially 
the Mediterranean areas. This, 

■ m turn, would help deal with 

"'■; r .•’problems created by Community own regimes would be in danger world as a whole. There is now emphasis on the need to relieve 

• •'. enlargement, if the Western economic and a vacuum, and there is no single unemployment which, be said, 

.... -There was no stronger borrower political system were to go under example of action being taken to if it continued, would undermine 

- m the world than the Community, because of continued recession- fill it" society and the free enterprise 

There were also compelling rea- Apart from economic recon- It was not surprising that the basis of the Western economies. 
. sons why the OPEC surplus struebon Europe must do more Eastern Bloc regarded the Wes- It was for that reason that it was 
countries should wish to lend for about its own security. The feel- tern world as in a state of con- necessary to mobilise the OPEC 
industrial investment. ing of the American people that fusion and lacking the will' to surpluses. 

• :in the recent past they had lost the US. could no longer inter- take initiatives to restore order. Europe must lake an initiative 



Mr. Heath at the Royal Society of Arts, where he made his speech, with Mr: David Barton, 
chairman of the -Council for the Federal Trust for Education and Research, and Lord GLladwyn, 

a patron of the Trust (right). 


in the world had to be It would conclude that the West 

’Arl ntl rl IKa fumpnenanniw hirl haAnm A ^ BZIQ l QG 


about 20 per cent simply because vene _ 

of depreciation of the dollar, accepted, and the consequences had become “weak," effete and 
This would not happen if the had already been seen in Africa, ineffective." ivorre-ooum 

surpluses were invested in “The U.S„" said Mr. .Heath, 3t was therefore up to the 


stagnation of the 
dialogue and 
use of its own re- 


industry. “no longer regards itself as the European Community to 'fill 'the £235“ ii c 

. Some OPEC countnes would leader in political affairs in the vacuum. £?«? 0 compete with the U-S. 

also have to recognise that their Western world. Jet alone in the Mr. Heath placed 


Keep out of Euro-poll— Powell 


■; BY RUPERT CORNWELL 

MR. ENOCH POWELL, the most 
' fcealous protector of national 
.. sovereignty, last night issued a 
. grave warning to Britons not tb 
.. vote in nest year’s European 
elections — or by doing so, 
signal their rejection of much of 
. Westminster’s authority. 

Mr. Powell was speaking in his 
• , County Dow.n constituency on 
- the day that the Direct Elections 
Bill received the Royal Assent 
" . Voters would he accepting in 

; advance not just what might he 
' done by titear own Euro-MP “but 
hy a majority of these elected 
by" the combined electorates of 
Qfd nine xnerobcr«Staites of the 
EEC.” he declared. 

The authority they would 


= a , If the latter were not done, the 
2>peu<u community would become a 
“community of fabricators" aud- 
its best brains would leave. 

Mr. Heath was giving the third 
Federalist Lecture in memory of 
Sir Peter Kirk, the MP who led 
the Conservative delegation to 
the European Parliament. 


Tories 
back 
Bonn 
on trade 

BY JOHN LLOYD 

THE. Conservative Party has 
come out In- support of the West 
German Government in its stand 
against the trend towards protec- 
tionism in the Common Market 
Earlier this week. Count Otto 
Lambsdorff, West German Econo- 
mics Minister, told a meeting of 
the EEC Foreign Ministers that 
competition in the market place 
was “the most Important driv- 
ing force towards adapting out- 
dated industrial structures.'* 

He attacked measures taken 
by the EEC .to restrict trade 
within the Community, and to 
impose tariffs- On products from 
outside. He also criticised inter- 
vention Jn industry, and the 
attempts to -“pick winners.” 

In a speeds is Sheffield last 
night, Mr. Norman Lam on t, an 
Opposition spokesman on indus- 
try, said that Count LambsdorfFs 
comments were both salutary and 
timely. . 

“ There is a real dager that -the 
EEC Commission will seek to ex- 
pand its involvement in industry 
simply in order to have some- 
thing which can be called a 
European Industrial policy. 

“ For that reason we must .wel- 
come the determination of Count 
Lambsdorff and the German 
Government to oppose any exten- 
sion to the already long list of 
“crisis sectors’* entitled to 
special EEC help.” 

Mr. Lamont said that the 
measures taken to protect the 
European steel industry could 
produce temporary relief. But 
if -they were prolonged, they 
would place an increasing 
burden on the steel-using indus- 
tries and damage the UJS. and 
other EEC economies. 

On intervention in industry, 
there was no reason to think that 
the EEC wopld be more success- 
ful - than national Governments, 
he said. 


Doctors’ pay report could 
recommend 28 % rises 


BY DAVID CHURCHILL AND MICHAEL DIXON 


THE GOVERNMENT is expected 
next week to publish the inde- 
pendent Review Body report on 
doctors’ pay which could recom- 
mend increases of np to 28,5 per 
cent for all 75,000 National 
Health Service doctors and 
dentists. 

But the Government is likely 
to allow only a 10 per cent, rise 
this year with the balance imple- 
mented over the next two years. 

The British Medical Associa- 
tion said last night that it had 
not received any details of the 
Review Body’s report. 

But it suggested that recom- 
mended increases of 28.5 per 
cent, would still be some way 
below what the profession felt 
was needed to restore living 
standards. 

It seems likely that the 


doctors would grudgingly accept 
the 10 per cent increase now, 
with more to come later. But 
there is a possibility that the 
Review Body has suggested that 
junior doctors should . get a 
smaller increase than con- 
sultants. 

Such a recommendation would 
be certain to spark off a strong 
reaction from the junior doctors, 
who have shown their militancy 
in the past 

The Government yesterday 
guaranteed 37,000 university 
teachers two special pay rises, 
each totalling more than 
in October and again a year 
later, on top of the increases 
they will receive in the ordinary 
way. 

The guarantee, agreed in 
London yesterday with leaders 
of the Association of University 


Teachers, virtually cancels the 
threat by many dons to refuse 
to mark this summer’s degree 
examinations. 

The special rises are to correct 
an anomaly caused in 1974 when 
incomes policy prevented dons 
from receiving most of a 20 per 
cent increase recommended by 
arbitration. 

- The association originally 
claimed that 16 per cent was 
required to repair the damage, 
but later lowered its sights to 12 
per cent 

The effect of the special rises 
on dons’ pay scales cannot be 
worked out until the normal 
1978 and 1979 rises have been 
settled, but the negotiators have 
agreed scales representing bow 
much university teachers would 
at present be receiving had the 
anomaly not arisen. 


Call to restore separate 
overdraft-proof accounts 


BY DAVID FREUD 

COMPANIES in financial difficul- 
ties should be able to segregate 
the security they can offer on 
loans by opening a new account, 
recommends the Consultative 
Committee of Accountancy 
Bodies. This new account would 
not be liable to offset against an 
existing overdraft. 

This is the most controversial 
recommendation in two mem- 
oranda dealing with creditors’ 
rights and delinquent directors 
submitted in evidence to the 
insolvency Law Review Com- 
mittee. 

The committee was set up by 
the Trade Secretary in 1976 
under Mr. Kenneth Cork to 
review insolvency law and prac- 
tice in England and Wales. 

The banks are likely to take 


strong exception to any move to 
reduce their security in the way 
the accountants suggest, even 
though the new accounts would 
be opened only “ provided the 
bank concerned agrees.” 

The accountants justify their 
recommendation by painting to 
the situation in thb 1960s, when 
it was common for companies 
in financial difficulties to open 
a new account. 

“The new account would he 
kept in credit and the bank 
would agree not to set off any 
credit balances on the »*ew 
account against the overdraft at 
the date of any subsequent 
liquidation. 

“-This arrangement meant :hat 
after the date of the agreement 


the bank would not be preferred 
ahead of other creditors, and 
thus the directors could continue 
to realise assets and run a busi- 
ness (often trading on a cash 
basis) Tor the general benefit 
of all creditors." 

These arrangements were 
ruled out in 1972 when the West- 
minster Bank won a ruling 
against Halesowen Presswork to 
the effect that parties could not 
contract out of Section 31 of the 
Bankruptcy Act 

This section states that where 
there have been mutual credits, 
debits or other dealings they 
shall be set off on bankruptcy 
or liquidation. The accountants 
say legislation should be intro- 
duced to reverse this decision 


thereby confer was one which 
would override the authority con- 
ferred by electing the House of 
Commons at Westminster. 

M I will put the matter more 
plainly still” the Ulster Unionist 
MP said. 

“By participating in the act 
of electing representatives to the 
European Assembly, the elector 
expressly withdraws his sanction 
from Parliament in all matters 
with in the large and potentially 
unlimited scope of the Common 
Market” 

In doing so, he was demonstrat- 
ing a divided loyalty between 
Britain and an external authority. 
Mr- Powell made plain last night 
that he saw this split at the very 
heart of what he called Britain's 


sickness. 

The disease, he argued, was 
evident also in the devolution 
legislation. 

This was a “ monstrous concoc- 
tion," devised “on the extra- 
ordinary theory” that a formal 
acknowledgment of a division 
of loyalty would meet the wishes 
of separatists who- sought to 
repudiate the nation altogether. 

The nation-state, contrary to 
predictions, was neither obsolete 
nor obsolescent 
' More than any other nation 
Britain, had been so by virtue 
of a single, uncontested and un- 
divided loyalty . . . “the true 
crisis of Britain, its long sickness 
of 30 years’ defeat after victory, 
is a crisis of loyalty.” 


Howe pins election 
hopes on Budget 


FINANCIAL TIMES REPORTER 

IF the Government was defeated 
in Monday’s vole on the Finance 
Bill by an alliance of Conserva- 
tives and minority parties it 
should resign. Sir Geoffrey Howe, 
.Shadow Chancellor, said yester- 
day. 

• lie said ibat the Tories 
required the support of all the 
minor thirties to force through 
their amendment for a lp reduc- 
tion in the basic rale of income- 
tax. If they succeeded in defeat- 
m 3 the Government the Prime 
Minister ought to go to the 
people. 

But Sir Geoffrey, speaking in 
Birmingham, doubted whether 
Mr. Callaghan would take such u 
heroic view. He was prolonging 
a general election, holding on 
JMicawber-lifce in the hope that 
" something would turn up," said 
Sir Geoffrey. using Mrs. 
Thatcher’s simile. 

Looking towards next week’s 
'Commons vote, he said : ** The 
Liberals have said they will sup- 


port. us, the Nationalists have 
said they will support us. and 
the Ulster Unionists are involved 
in an internal disputation." 

Sir Geoffrey told bis audience 
of 150 financiers that his party 
could not rewrite the Labour 
Budget but could only seek to 
improve it. 

Earlier he told reporters 
"You cannot make a silk purse 
out of a sow’s ear.” but said that 
a Tory Budget would remove 
impediments to enterprise and 
reward hard work. 

This would be done by 
reducing income tax, by curbs 
on public expenditure, and 

S lbly by the introduction of 
er spending taxes. 

Mr. Healey’s Budget was 
wrong. Government borrowing 
was dangerously high and the 
opportunities provided by North 
Sea oil were being squandered. 
Another criticism was that profit 
had been “ a dirty word ” to the 
Left for a very long time. 


Li!’ 


£450,000 settlement 
ends Cannon dispute 

BY MARGARET REID 

t SETTLEMENT has been 
cached in the protracted legal 
iispufe concerning Cannon 
tisiu ranee, the former 1LI 
U.K.), control of which was 
loughi in 1972 by Keyser 
/'limans Holdings, the merchant 
lanking group, from the hquida- 
„rs of Mr. Eernie Comfelds 
l»I lapsed Investors’ Overseas 
lervices concern. At the same 
line, a smaller stake in Cannon 
as purchased by Mr. Edward 
it Cann, SIP. then Keyser s 

h ciSs by the 10S liquidator 
lal there had been impropriety 
, the transfer of the interest 
i these buyers from Mr. Robert 
esco’s Value Capital have now 
ren withdrawn, confirming the 
in chasers’ title to their respec- 
ve holdings, Keyser’s of 57 per 
jnt. and Mr. Du Canns of 15 

? 4 S Ce part or the settlement 
annon is paying flfUWUgJ 
c-ysur ami Mr. du Cano together 
*e paying £300,000, to IOS- ^ r - 
j Can n is now tiic £25, 000- a -year 
lairnian of Cannon, though no 
nger a Keyser directonl :» 
n disclosed how the £300.000 
ring paid is being apportioned 
.•tween him and Keyser. 

Keyser is a lso acquiring, at 

w ImliJia • h * •SS.V 1 "™ jmiura, 

* !«r«mi s*-"-!" "s' is!?: 


£4 each, a further 75,000 .Cannon 
shares which are at the disposal 
of IOS. so bringing its interest 
in Cannon up to 66 per cent 
Some' £2$m., part of the pur- 
chase price for the Cannon shares 
bought by Keyser in 1973, 
which has been held in suspense 
meanwhile, and which includes 
interest, is now being paid over 
to the IOS liquidator by Keyser. 

A further sum of £500,000, 
representing fees which have 
piled up under an agreement 
with Transglobal Financial Ser- 
vices. and for the payment of 
■which Keyser has already made 
provision, is also being paid over. 

The settlement is stated to be 
subject to court and other 
approval^ 

Ranger Oil 
to quit well 

RANGER OIL (UJv.) said yester- 
day that it was abandonittgNorth 
Sea Well 23/27-4, about ITS miles 
east of Aberdeen, after en- 
countering shows of hydro- 
carbons. 

Participants in, thi? well are 
Ranger Oil fUJL>. with 40 per 
cent.: London and Scottish 
Marine Oil, 45 per cent.: and 
IU international Corporation, Jo 
per cent. 


House agent 
Bill stalled 
in Commons 

By Ivor Owen 

THE PRIVATE Member’s Bill 
which seeks to introduce new 
safeguards for those who engage 
in property transactions through 
estate agents now has little pros- 
pect of becoming law in this 
Parliamentary session. 

A number of amendments — 
nearly all tabled by Tory MPs 
— remained to be considered 
when debate on the report stage 
of the Estate Agents' Bill was 
adjourned in the Commons yes- 
terday. 

Although Mr. Bryan Davies 
(Lab, Enfield North), the chief 
sponsor, indicated his intention 
to press ahead with the Bill, its 
position in the queue of Private 
Members’ measures which are 
competing for a limited amount 
of Parliamentary time is now so 
unfavourable that it is unlikely 
to -complete its remaining stages. 

The two Labour-sponsored 
Private Members' Bills designed 
to make amendments in tie 
Employment Protection* Act to 
benefit trade unions, also failed 
to make progress yesterday. 

Both these measures are prin- 
cipally designed to remove trade 
union grievances arising out of 
the Grunwick dispute, and Mr. 
MiChael Foot, the Leader of the 
Commons, is coming under in- 
creasing , pressure from the 
I labour back benchers to rescue 
them by providing Government 
time. 


Fewer companies 
going out 
of business _ 

THE 'NUMBER of companies 
going out of business in.Englaod 
and Wales has continued to 
decline. 

Figures published by the 
Department of Trade and 
Industry sbow that company 
liquidations and bankruptcies 
both fell on a seasonally adjusted 
basis in the first quarter of 197S.1 
following falls in the previous 1 
quarter. 

Company liquidations, which 
peaked about the middle of last 
year. -totalled 1.307. against 1,39? 
n the . Last quarter of 1977. 

This was mainly due to a drop 
in compulsory liquidations from 
616 to SOL Before seasonal 
adjustment There ■ were 3 ,339 
company, liquidations, 13 per 
cent, less than in the first 
quarter last year. 

Bankruptcies seasonally adjus- 
ted fell to 943 . in, the first 
quarter of 1978, compared with 
1,030 is- the preceding quarter. 


t We sow 
what we reap. 



Last yea^from a. worldwidepremium 
income of^755m, General Acddertfi retained 
profit reached a record^34rrLThafs the amount 
V7 & wereleftTOtii after paying all daims and 
benefits to policyholders, die expenses incurred 
inronningthe CoipoiationjdhideQds to sham - 
holders ;and taxes to Govemmhnts. 

This money lightly belongs to our shar p- 
Mdfi^butAveput^ ^evaylastpenny of it backinto 
our business to strengthen oursblveijcyiiiamiiand 
soim 


As our Chairman, Hexvey Stuart Black, says 
' in bis latest Annual Statement: It is a dear example 
of the essential part that profits play in the growth 
of our business. They are nothing less than our 
policyholders’ protection and a base on which 
further growth can be build 

How our profits were arrived at in 1977 can 
be seen from our Annual Report You can obtain a 
copy by writing to GeneralBuildings, Perth, 
Scotland. 

/ General 


Accident 


Honestiy ks the best policy 



4 


Financial Times Saturday May. 8 1978 


HOME NEWS 


LABOUR NEWS / 


Gold Fields pays to I New seatbelts 


man the pumps 


BY PAUL CHEESEFUGHT 


campaign 
will cost £1.2m. 


A BREATHING SPACE has been Wellington moves through old Now the immediate threat to 
won by the Government in its workings and seeps into the Wheal Jane has been lifted, the 
attempt to keep open the Wheal mine. Government is set to discuss 

Jane tin mine in Cornwall and The decision of Cornwall Tin with Gold Fields ways of keep- 
thus preserve more than 400 jobs to close Mount Wellington led ing Wheal Jane open. There 
in an area where unemployment to Gold Fields announcing last have been no meetings since 
is running at U per cent. week that Wheal Jane would Mr. Alan Williams, Minister of 
Consolidated Gold Fields, the also shut. State for Industry, saw Mr. 

mine's owners, have agreed to Once the Mount Wellington Gerald Mortimer, the Gold 
pay Cornwall Tin and Mining to pumps are turned off it will take Fields chief executive, on 
keep the pumps turned on at about .three weeks before the Wednesday, 
the neighbouring Mount Welling- How of water into Wheal Jane „_„ itlnri 

ton mine at least until the end increases. Cornwall Tin had The . e ™2® i, S £? s,l j2“ 
of next week. originally planned to stop them has shifted markedly over the 

The Mount Wellington pumps yesterday morning. P*** 10 days in response to 

have assumed importance in the The Wheal Jane pumps can Parliamentary and trade union 
negotiations between the enpe with about 7m. gallons a pressure. Ils new desire to Keep 
Government and Gold Fields day, 2.5m. gallons more than the open the mine is I inked 
because, if they are turned off. usual seepage. But Mount primarily to the employment 
Wheal Jane becomes liable to Wellington has been pumping issue, and it is believed to be 
flooding as water from Mount out Sni. gallons a day. prepared to offer some aid. 


Soviet fishers go 
north for whiting 


BY RICHARD MOONEY 


NOW THAT the south-west coast which will demonstrate its 1-0 
mackerel season is over, tbe fish-a-minute filleting machine in 
Russians, who have been buying Aberdeen next month. If this 
mackerel from British trawlers machine lives up to its manufac- 
for reduction inio fishmeal, are turer's claims, all that will 
switching their attention to remain will be to persuade the 
Britain's’ Northern waters. Briirib housewife to buy and 

Tbe Soviet factory shir- Ri?j serve ihis unfamiliar fisb- 
is on i:s vav io ;hij we.-t c-jasi The trawler operators involved 
of Scotland iu begin iranshlnpmg >n the Anglo-Soviet deal do not 
hiue u huin^ fur the same sec their action as a threat to [be 
purou.-c. blue whiling stuck, hut as a 

Two British ve»'v!s are already lifeline for the British trawling , p ac \fl c Basin have made by far 
on i he fi-iiinc grounds catching industry.. The bouts catching the t f, e strongest showing, with tbe 
blue 'Abiimj for >aie to the blue whiting would otherwise value of units in Gartmore's Far 

Russian ship, arid these are have been laid up, they claim. | Eastern fund now 30 per cent, 

expected in I".- joined by six or Th? Riga has a processing higher than at the beginning of 

sev-.-n other irawlcrs. Th:* deal capacity of about 600 tons a day | the year. Henderson Far Eastern 


Overseas 
moves lift 
unit trusts 


Financial Times Reporter 


LATEST performance figures for 
the unit trust industry suggest 
very strongly that this Is going to 
be the year of the international 
fund. The upper levels of the 
performance tables produced by 
the monthly magazine Planned 
Savings are — for the four months 
to the beginning of May — com- 
pletely dominated by funds 
which are invested abroad. Of 
those, tbe funds invested in the 


with ihe Russian* wa* negotiated so m the blue whiting season 
by Joint Trawlers on behalf of which lasts no more than three 
the Burton. Pnyd. Marr and months, it could not consume 
Irvin fishing lines. much more than 50.000 tons of 

Blue whiting is Britain's only fi«h. This total would hardly 
major umler-cxploiterf ilsh slock, dent the stock which has h^en 
and has been termed the “ great estimated to offer a potential 
blue hope" of the U.K. fishing yield of between Im. and 2m. 
in dust ry. But . . processing tons a year, 
problems because of the small A more serious threat to the 
size of the fish have hindered its commercial survival of the blue 
commercial exploitation for whiting is the hunger for fi*h- 
human consumption meal supplies of other EEC 

These problems now seem to members, particularly the Danes, 
have been defeated, however, hy whn have been looking at this 
the Gorman Baader company, stock for some time. 


and GT Japan and General were 
only marginally behind. 

The first break in the pattern 
comes with New Court Inter- 
national. now almost entirely in- 
vested in the U.S.. which, with a 
gain of 21.2 per cent, since the 
beginning of the year, bolds 
eighth place in- the tables. 

Ml the 356 unit trusts whose 
performance is chronicled by 
Planned Savings. 256 have out- 
performed the FT Actuaries All 
Shares Index, while 297 have out- 
performed the FT Industrial 
Ordinary Index. 


BY TERRY DODSWORTH, 


Coins in 
Mint 
condition 
—official 


A NATIONAL £1.2m. publicity senous accidents occur in built-! 
campaign is being launched by up areas, 
the Department of Tran^ort to % 

persuade car drivers and front Secretary, saidthat by wearing 
seat passengers to wear seat- belts drivers double their 
belts. chances of survival if they are 

Emphasis is being placed on involved in a serious accident 
wearing belts for short- -journeys "However skilled a driver may 
in towns. Surveys suggest that be, he cannot be sure that some- 
whereas more motorists wear one wilt not collide with him. so 
belts than five years' ago, only everyone has something to gain 
one in five regularly uses them, by wearing a belt. If everyone 
mainly because of the belief that did so, 12,000 fewer people would 
on short urban journeys they be killed or seriously injured 
are not needed. each year. 1 ’ 

Tbe Department stresses that. The publicity campaign will in- 
contrary to this belief,-.. about elude both TV and newspaper 
three-quarters of all -accidents advertising over the next six 
and nearly half the fatal and months. 


Early starHra home 
insulation grants 


BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


RY CHRISTOPHER DUNN 


PLANS to provide local Environment estimates that more 
authority grants to householders than 5m.. private homes are with- 
insulating their homes, were -oht loft -insulation and it is 
announced yesterday by . the -planned to deal -with most of 
Government - these in a 10-year period. 

Tbe Home Insulation BUI will - It is hoped that the first ; . wnpn 
enable the Secretary for the scheme can be effective before j 
Environment to lay before the peak period of insulation 
Parliament schemes for grants activity in the autumn. 

towards the cost of improving * 

thermal insulation. 


lermai insulation. m * , 

Under the first scheme grants JVxOrC ST) 6 Hi OH 
will be available- for loft insula- r 

tion and the lagging of hot and . hniKPhnin 
cold water tanks and loft pipes. UUUSCUU1U 
Owners or occupiers of uninsul- fi lirQ l%lDC 
ated private homeswill be. able UUlaLJlCd 

to apply and grants will T.eacb ^INCREASE of 10 to 11 per 
66 per cent, of the -total -cost. or j. ent _ in jreal spending on house- 
£50. whichever Is less. - ■ hold durables this year is pre- 

Provision in the Bill is made dieted by Phillips and Drew, 
for local authorities' *to be re- stockbrokers, in its latest indus- 
jrabursed in full for grants paid rev i ew 
by them. - and '.they wifi 'also , ^ say S t^t 1979 should 

receive payments^ to' cover -.ex- ^ a further good advance, with 
peDses incurred ,in ; .2 C0 3iPl>’ ,n £ pending passing the peak levels 
with the Bill, j- of 1973. It points out that 

M ‘ or “f ® un ^r in ? l ¥^^ e . ar ' although the Budget contained 
£15m. will be made available for n0 me fsures specifically designed 
the first scheme and this will rise l0 boost dema nd for durable 

tL nJSSESff- nf° n ^SOods. the general recovery in 
The Department i of the> di5posa6te incomes wiU 

“ — strengthened by the Chancellor’s 

tax cuts. 






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Prune Bond SL property • ■ 


.-t l ui, j.-ir ulnee property 


Comiiu.-rei.il properly has proved a 
pariicul.irli *»mj .mcJ reliable investment in 
the long n-rm. lt% ■ in ing ^n*wth Over the last 
5 rears iv siumn in i he illustration oflhc 
M"iia M in.i-j-.Hi- iii UeijJitcJ Property 
n h lo». -iihciG iiikcption m 
l-iiiu.ir. 


Part of the Kr.ightsbridgc Shop portfolio 


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1 he jr.ml i hIm ■ Jt - i i n- uuistandin g 
Pc r’Mm i.uR-i-,if i ! u Ij nk i U Property Fund. 
L.uuh'Iv,! m tub i v *“ T < iIk kuiiJ h;t. 

-=i ic*. «.---t-.:!l* .. ■«! oiuNM-.-nih <»ut performed 
iIu1:i.Jl\ .nivl w lut -i ;i.ivi purloimance is 
not iR\L".iril.v a guide to future performance 
investor* Iwiv seen the value of their units 
appreciate by no lew than 55” a since the 
fund's inception. 

The Trident Property Fund is a first-class 
and secure method, of continuing to benefit 


from the intrinsic values of the "bricks and 
munaTswuir. 

A Fund that invests only in 
prime properties 

All proper! io purchased lor the Trident 
Property Fund have to meet four strict 
criteria. They should: 

* be situated in a quality location 

J:: serve a growth sector ot commerce or 
industry 

Z- niter excel lent structural condition 
u ilh niinimum design limitation as to 
usage and 

* have tenants of ilrsi class financial 
standing 

By rigorously adhering to these criteria 
and by purchasing only at prices which 
provide growth potential, the investment 
advisers ( Portman Estates of Hanover 
Square Ltd.) have developed a property 
portfolio Of considerable strength. 

Three of the Fund's investments a re 
illustrated. Superior officeandremil premises 


will always lend to command good rentals 
and quality tenants. It is in this type of 

For those seeking first class growth 
potential from a well-managed investment, 
the Trident Property Fund can be strongly 
recommended. 

Option: A useful regular income ..* 

By investing £1.000 or more you" can 
arrange to make regular cash withdrawals of 
up to 5®'b free of basic rale income fax (see 
below - wilhd rawaJ plan }. 

How lo proceed 

Check your current portfolio. If you now 
have less than 2Cf*-o in commercial property 
you should certainly conside r balancing 
your portfolio through this method. You can 
invest as much as you wish in theTridcni 
Property Fund: simply read the details below 
and return the completed application - 
together with your cheque, and we shall 
send the policy within a few days bf receipt • ' 

Whilst it should be remembered that we 
value of the properties in the fund - and so 
of the units - can fall as well as rise, we 
firmly believe dial an investment now 
should prove particularly clfcctive over the 
longer kmi. 

Altematirely. if \ou w ould like to find out 
more, simply fill in your name and address 
on the form. 


• irtdeka 


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TRIDENT 
PROPERTY FUND, 


ITo,: Trideru Ufe.Assurance Company Limited, Chance n,- House, Chan eery Lane, London WC2A1S^1 
■ Tel: 01404 o65L • ■ 


I wish to invest ! £ 

I enclose my cheque for this amount 

n«s* 


J SuiIHITWS. 
I Forerecnes 
| Address 


[ Dale of Birth. 
I FuBti!le__ 


Occupation. 


] (min. £500) in theTrident Property Fund find 
Automatic withdrawal plan (min. investment 
aoooi . , , , 

Please arrange withdrawal oh ■ - 

□ °hnf bond value pja. or5"o of initial ' 

investment p.a. - . 

Delete u hichex-er k not required 
Paymenis to be made: 

C .Annually □ Halfyearir 
□ Ouarteriy fmin. mvestmerit £4.000) 

2 Monthly (min. investraent £ 6 , 000 ) 

Please injen details of the bank to which in ccsne 
pajmen is should be nude commencing in: 
Momh-vear — 


I frcc from the e fisc is of am-previous illness or 
accident? YES-'NO'* U' nb pleaie attach actai Is. 


pdnk Sort Code. 


Account Name. 


“Dcleie J5 ncceudir; 


Account Niiiubcc. 


Thesta fe maus above are true and complete and are the basis of my con tract with -Indent life. 


. S'qnatnre. 


BRITAIN’S COINAGE was yes- 
terday pronounced “ not 
gnllty ” of weight, size or any 
other defects, and emerged 
from the annual Trial of the 
Pyx, held at the Goldsmiths’ 
Hall in the City of London, 
without a stain on Its charac- 
ter. 

A 27-man jury told Mr. Jack 
Jacob, Queen’s Remembrancer 
and Senior Master of tbe 
Supreme Court, that Britain’s 
coins still met required legal 
standards, and conld circulate 
freely throughout the realm. 

Under the Trial of tbe Pyx, 
an ancient ceremony dating 
back possibly as far as Roman 
times, output from the Royal 
Mint is -cheeked -each year- for 
standards by an Independent 
jury, as if it were on trial In 
the High Court. 

The trial starts In February 
when '-about 40,000 cohos, in- 
cluding this year Silver Jubilee 
and New Zealand coins, are 
delivered to the Goldsmiths’ 
Hall, in a Pyx or Mint Box. 

Royal Mint officials have to 
deposit coins in the Pyx as 
they are made throughout tlie 
year, according to set ratios. 

The jury, drawn - from the 
Goldsmiths’ Company and 
in by the Remem- 
brancer, then eonnts the coins, 
which are subsequently 
checked by random sampling 
until May for any defects. 

Yesterday's favourable ver- 
dict was delivered in an 
elaborate ceremony before Mr. 
Harold Lever. Chancellor of 
the Darby of Lancaster, who 
was standing in for Mr. Denis 
Healey, who is an ex-officio 
Master of (he Mint as Chan- 
cellor of the Exchequer. 


Brewster 
plan to end 
class war 


By Our Foreign Staff 


The first two months of this 
■year saw a “ useful improvement { 
Trr demand ** for domestic 
appliance* and a 6 per cent, 
increase in manufacturers’ de- 
liveries to the- home market is 
Torecast for the full year. In 
jKWjtjon, .it is hoped that there 
kill ibe some rise in export 
deliveries as the major European 
markets recover. 

*“ Overall, we are forecasting 
increases in total output of 
electrical appliances in the order 
of 5 to 10 per cent, in 1978. 
with further similar increases in 
1973 " the review says. H In no 
cjj-h, however, do we expect 
\873's output levels to be ex- 
ceeded.” 

The- review sees evidence that 
an upturn in demand for furni- 
ture has already begun, and an 
overall 10-11 per cent volume 
increase in retail sales in 1978, 
with a further 7 to 8 per cent 
increase in 1979. is predicted. A 
,-igni Scant increase in U.K. carpet 
«ales is also expected this year 
and the forecasters say this 
should continue into 1979. 


Insurance for 

to-night’s 

satellite 


By Michael Donne 


THE £150m. European Space 
Agency's Orbital Test Satellite 
OTS-2. which is the experimental 
precursor of a system of Euro- 
pean Communications Satellites 
for. the 19S0-5, is due to be 
launched from Cape Canaveral. 
Florida, ro-.iighl. 

- OTS-1 wa* destroyed during 
launch last September. OTS-2 
has been built by a consortium 
of European companies, of which 
British Aerospace's Dynamics 
Group is a member. The U.K. 
share of the cost is £25.8m. 

In . the event of aaother 
failure, tbe cost of replacing 


MR. Kingman Brewster, the U.S. 
Ambassador to Britain, yester- 
day called for the " social equiva- 
lent of war" to prevent bitter 
class differences emerging in 
Western society. 

He said the prolonged stagna- 
tion of economic growth and em- 
ployment was causing divisive 
resentments to fester between 
the unemployed, those who 
worked for their living and 
“those who are so privileged that 
they can live well without work- 
ing” 

Extremists were ready and 
waiting to exploit this resent- 
ment Mr. Brewster said in the 
inaugural annual lecture at the 
St. George’s House Conference 
Centre, Windsor Castle. 

One solution would he to 
require all men aDd women to 
undergo a period of “ under- 
compensated, publicly useful ser- 
vice ” before entering their 
careers. Such service would be 
under-compensated because it 
ought to be used to accomplish 
things which could not otherwise 
be afforded at market prices. 

“ One or two years of universal 
service at a subsistence level of 
pay might go a long way to 
break tbe unacceptable fixation 
which tells us that we cannot 
afford to rehabilitate our slums, 
cannot afford to clean up our 
rities. cannot afford to take care 
of our open spaces and country- 
side. 

“If all of us have to agree 
to be slaves for two years in 
order to live in a decent volun- 
tary society for the rest of our 
lives, so be it.” 

In the U.S.. a National Board 
of Trustees should be set up to 
see how future generations could 
be spared from tbe consequences 
of present indulgence. 


Horse stamps 
to go. on show 


THE Horses Ptarops. which the 
Post Office will issue on July 5, 
OTS-2 and its launch vehicle will j will be on free public display in 
be covered hy insurance. ;tbe Sculpture Hall at the Tate 

The OTS-2 capacity will be i Gallery, Millbank, London, from 
equivalent to 6.000 telephone ' May 26 to 31. 
circuits. It will he put into orbit | The stamps, designed *by 
over Gabon. West Africa, and ! Patrick Oxenbarn, mark the 
will cover the whole of Western centenary of the Shire Horse 
Europe, the Middle East North Society. They feature a Shire 
Africa, tbe Azores, the Canary horse, a thoroughbred and a 
Isles, Madeira and Iceland. Welsh and a Shetland pony. 


Unions accept 

Shell offer 


BY PHIUP BASSETT, LABOUR STAFF 


Building wages deal 
may be threatened 


; “ 3 •'* 


BY NICK GARNETT, LABOUR STAFF 


A MEETING of the Transport that they were not prepared fo 
and General Workers' Union accept it. 
national crafts and construction 


Surprise for gallery staff 


BY PHILIP BASSETT 


STAFF at the Tale Gallery in 
London who left the Chil 
Service Union in a bid to 
secure better pay and condi- 
tions were told yesterday that 
they were net members of 
the Transport and General 
Workers* Union, which they 
though! they had joined. 

1 The move by 130 employees 
threatened Sunday opening of 
the gallery because of a pro- 
jected ban on week-end over- 
time. 

Mr. Leslie Moody, general 
secretary of the CSU. this 


week accused the TGWTT of 
poaching members. VesteT- 
dav Mr. Ron Todd, transport 
workers’ national organiser 1 , 
said that because hifc union 
was not a signatory to Taw 
Gallery pay agreements, the 
staff could not be TGWU 
members. The TGWU had 
stopped taking their subscript 
tions. 

Mr. Moody said he was aeetf 
ing an assurance from Mr. 
Moss Evans. TGWU general 
secretary, that . the union 
would not try to represent 
staff at the Tate. 


NUJ may press strike 


BY OUR LABOUR STAFF 


PROPOSALS for an all-out strike lists elsewhere have also been 
from next Tuesday io the dismissed for taking similar 
Thomson Regional Newspapers industrial action, and a further 
group because ‘of a dispute over 230 have stopped work til 
roductivity pay and the recent response io an NUJ call. 


dismissal of nearly 380 -members The dispute originates froth 


were being considered yesterday what management describes as-.a 

by. the executive council- -of the demand by some chapels for 

National Union oE Journalists, productivity payments outside 

ThP nian was viewpd in the tbe Government’s pay guideline*. 
The plan was vmwed m tbe A raanasenient peace p r0 p 0S ai 




action on a number of Thomson n,lssal m ™ be put to arbitra- 
provincial newspapers. 


tion as an alternative to an 
industrial tribunal was rejected 
Just over a week ago the union by tbe journalists on Wednesday, 
called, for a 24-hour strike by ffi The Conservative Party has 
more than 3,000 journalists denounced as “ a gross restric- 
tbroughout the group's news- tion of the freedom of tbe 
papers — with the exception of Press” a derision by the 
Edinburgh — in protest at the dis- National Union of Agricultural 
missal of 77 members at Heme! and Allied Workers to admit 
Hempstead. Herts, over a work- only TUC-afflliated journalists to 
to-ruJe. its conference at Southport next 

Since then, about 300 jouroa- week. 


Leyland strike called off 


BY OUR LABOUR STAFF 


TWO SEPARATE strikes at Ley against dismissal is to-be heard 
land's Castle Bromwich body on Monday, 
plant. Birmingham, were called Meanwhile, car delivery drivers 
off yesterday, when 56 toolfitters at Cowley said they would con- 
and 18 building maintenance tinue their 10-day-old strike in 
workers accepted plans to seek support of a union branch -chair 
an independent mediator- man discharged last vear. 

About 4,000 men laid off at O A Vau shall worker caught 
Castle Bromwich and 500 at asleep during a nigh/ shift was 
Longbridge have been recalled, said by an industrial tribunal 

More than SOO . workers at yesterday to have been unfair!** 
Leyland's Horspaih parts depot dismissed. Mr. Mohammed Ayuh. 
m Oxford decided to stay out of Luton. Bedfordshire, wbo’wa* 
until Tuesday in a • manning sacked in February, claimed it 
dispute which began with an was common for night shift 
overtime ban two weeks ago over workers to play cards or go to 
the threatened dismissal of a sleep after finishing their work 
anion convenor. His appeal quota. 


Tether bid to read testimonials 


MR. C. Gordon Tether, the 
former Financial Times jour- 
nalist dismissed following a 
dispute over the editor's control 
of bis daily Lombard column, 
told the London Industrial 
Tribunal hearing his reinstate- 
ment claim yesterday that it 
would be “ a travesty of justice ” 
not to allow him to read in open 
court a dossier of testimonials. 
He said that reading them would 
go some way to repair the 
damage inflicted on his reputa- 
tion. 

Mr. Tether, who wrote the 
column for ‘21 years, claims he 
was unfairly dismissed. 

After procedural difficulties 
prevented the tribunal from 
hearing evidence by one of Mr. 
Tether's witnesses, he suggested 
that he read the testimonials to 
fill what would otherwise be 
wasted hine. 


Mr. Brian Dupe, the tribunal's 
trade union nominee member, 
said that the Financial Times 
had stated specifically that Mr.- 
Tether’s competence was not at 
issue. 


Serious 


Mr. Tether replied that the 
Financial Times had raised 
serious charges against his work 
in open court and had alleged 
that some of it had fallen below 
the standard of a quality news- 
paper. He could not correct this 
allegation unless he read bi» 
testimonials in open court. 

Mr. Frank Brice, the em: 
plovers’ nominee member,, 
pointed out that the tribunal: 
had had these documents in front 
of them for a year Uhe tribunal 
first sat on May 2. 1977). He. 
asked what it might gain by 
hearing them read. 

Mr. Tether maintained that it 


was important the dossier should 
be read. 

Fo/ publicity?” asked Mr. 
Dupe, r who reminded Mr. Tether 
that . he • was- there to convince 
the tribunal be had been- unfairly 

dismissed.' ' ; . 

Mr. Tether said the. Financial 
Times had had considerable 
publicity for the allegations 
made against bira during the 
earlier part of the hearing. He 
wanted to. rehabilitate his reputa- 
tion. 

JMr. Dupe said that publication 
“to the world at large” of Mr. 
Tether’s Testimonials could be 
done in other ways. He did. not 
have to use the tribunal _as a 
forum for publication . Jn" -the 
Financial Times. : 


Answers 

Mr. Thomas M orison, counsel 
for the Financial Times. Inter- 
vened to say that if The tribunal 


.llr.it*nJ locfimnn talc tn Wa 


read, it must bear in mind -that 
he had already made it dear 
that the documents were the 
answers to letters from - Mr. 
Tether. 

The tribunal could get the full 
import of the replies -only if It 
saw the letter which had solicited 
them. The letters to which the 
testimonials were responses 
should themselves be disclosed. 

It had • been the Financial 
Times' contention that Mr. 
Tether had Intended to use the 
proceedings to attempt in -public 
to clear his reputation, and that 
he had so intended before th® 
proceedings started. 

Mr. Morison added that' Mr. 
Tether’s attitude to these' docu- 
ments was entirely consistent 
with that view. 

The tribunal roll tig on whether 
or not the testimonials 'should 
be read in open court- will be 
given on Tuesday when - the 
hearing is resumed. 


,-t * 

!/?/■ 


V 


OIL AND petrol supplies in areas 14J> per cent- package deal) with 
affected by a strike over pay by everyone receiving a 10 per cent 
white-collar workers at Shell oft basic pay increase and at . least 
tenpin should soon return to 2 per cent for productivity. The 

normal. The unions involved unions rejected the deal, claiming 
agreed yesterday on a formula that Shell had been more 
a return to work. g»g«« 10 o^ r S*oups of 

Six hundred white-collar The 10 per cent, plus 2 per 
workers, members of the Asso- cent productivity dest will now 
nation of Scientific, Technical be implemented for all the staff 
and Managerial Staffs and The involved, backdated to January l. 
white-collar section' of The trass- The share-out of the remaining 
port workers’ union, were called 2.5 per cent, of the productivity 
Qubon. Strike two weeks-ago jfroan deal will be decided by a 
46 Shell -terminals. mediator appointed by the 

National officers of tbe two ^” P L^ llaUon •>*■*** 

”^« 1 X , ta ai S2di ftl 55 «SE affected supplies in 

port House in London. An south London. Greater Man- 
agreement, ratified by flhe joint Hertfordshire and Cam- 

national delegate conference of bridge shire 
the unions, was reached on the ■ ShelJ £al( j ^at the offer..which 
basis of a return to work from was within Government pay 
midnight last night with the pay guidelines, had not been changed 
dispute going to arbitration. by the company during the strike 

Shell first offered the staff a or tbe talks to end it. 


The union’s negotiators w»u 
... attempt to persuade members <*f 
committee next week could prove ^ cra f fs and construction cotfi- 

decisive on whether a pay settie- mtttee that the onfer aJtomaii** 
ment for 700.000 construction to acceptance now could be -ip- 
workers will he jeopardised. dustriai action. 

A majority of 

side of the industry yesterday prepared to make any ihiprov.#- 
accepted the offer. Negotiators m ent> In the pay package, which 
for both the largest unions, the Qj ev ^ay worth a fraction -short 
Union of Construction, Allied jp p er “ 

Trades and Technicians and the ^ failure to persuade next 
Transport and General "Workers, week's meeting to accept Ttje 
agreed to the deal. deal could put -tbe transport 

Almost all the regions of the workers wi an embarrassing pn*i- 
transport workers, however, have tion it UCATT goes ahead w<teh 
already notified union officials the new wage agreement. „C 




. j J 
i! 1 






Financial Times Saturday May .6 1978 


THE WEEK IN THE MARKETS 


Confidence boosted 


> Rising interest rates, mean 
falling share prices. Right! 
Wrong, or so it seems to be in 
the present., climate. Last 
month's explosive upturn on 
Wall Street was accompanied by 
a dearly rising trend in short 
term money .rates, and this 
week in London has brought the 
curious spectacle of equity in- 
vestors positively hugging 
themselves at the prospect of 
yesterday’s increase in Mini- 
r mum Lending Rate. 

. • " ' v; - When the new rate turned 

• outto b .e S3 per. cent, instead 

'•'kr J>f the figure of 9 per cent or 
- even more that some had been 
■suggesting, the market actually 
seemed disappointed with the 
outcome. 

This reaction may seem like 
pure masochism. In fact, it has 
more' to do with the idea that 
higher rates were inevitable 
sooner or later, and that .the 
longer such a . move was 
.deferred, the more painful it 
would probably turn out to be. 
We are all monetarists now, and 


r! 


'••at 

“■ v 


■'Ocj 

-t 

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h* 


i! 


anything that smacks of ^mone- 
tary prudence is greeted -with 
loud cheers in the financial 
markets. 

The result of all this excite- 
ment was that whereas gilts did 
nothing over the week — leaving 
the FT Government Securities 
Index nearly a tenth belbw its 
years high point— equities 
moved strongly ahead and bv 
lunchtime yesterday the FT 


LONDON 

ONLOOKfR 


30-Sbare Index was within sight 
of its year’s high point — a rally 
of an eighth from March's' low. 
Chartists are now talking 
breezily about a swift move back 
up and away through 500. 

But there are testing times 
ahead. Yesterday's .rise in in- 
terest rates js not going .to 
remove all the uncertainty 
about future movements. And 


there are some crucial economic 
statistics — notably on interna- 
tional trade and the banking 
sector— due in the next week or 
two. 

Reed red lights 

Although the shares of Reed 
International, the . troubled 
paper giant, have rallied in 
recent months, leading brokers 
are still flashing red lights. The 
most optimistic recent reports 
call the shares highly specula- 
tive, while a new study from 
Grieveson Grant says openly 
thar the degree «f risk involved 
rules out purchases by either 
individuals or institutions. 

Last week, despite the inten- 
tion to pull out of South Africa, 
Reed’s commitment intensified. 
This came about when Reed had 
to lef jts S.A. partner buy out 
of the Stanger pulp mill- In turn 
this focused attention more 
than ever on Canada, where 
losses, albeit declining, are. still 
continuing. 

Grieveson now believes that 
Reed will have to stay locked 


into Canada because the price 
it could expect from selling its 
subsidiary.' Reed Paper, would 
not "have • much positive 
influence on the gearing.” The 
5toekbroking firm argues .that, 
the true value of the assets of 
the main Canadian complexes 
is considerably lower than 
originally envisaged and that 
buyers would be bard to- find. 

If Reed -can only raise, say, 
£20m. or so . from the ' sales 
of the assets, as Grieveson 
estimates, then the broker 
believes it will stay locked in. 
The prospects then are a further 
two or three years' losses fol- 
lowed by low earnings until the 
early 1980s. Long terra- this 
means that Reed will have 
capital tied up in “ an area of 
low average earnings growth 
with high risk and high cycli- 
cality" when the money could 
be better used in the UJL - 

Grieveson is also of the 
opinion that the group will pass 
its final dividend although the- 
effeers on (he shares will not be 
too severe. In holding this yiew 
it parts company from another 
broker, 'Buckmastor and Moore, 
which thinks that the shares 
would react to a nil final divi- 
dend (possibly down to as low 
as 90p) but that payment of 


I40r 


130f- 


laoh 


JF.T> ACTUARIES INDICES 


Food 
Retailing 



j 




MARKET HIGHLIGHTS OF THE WEEK 


U.K. INDICES 


Ind. Ord. Index 


Price 

Y'day 

481-5 


'Change on 
Week 
+15.8 


1978 

High 

497.3 


1978 

Low 

433.4 


Treasury 15%% 1998 


£12111 


-Bibby (j.) 


229 


+ 1 


-11 


£135$ £119$ 


247 


182 


Demand aggravates stock shortage 
Yield considerations 
Denial of recent bid rumours 


Conti ne Rio Tin to 

204 

-10 

217 

148 

Lower profits warning 

Davies 8r Newman 

119 

— 13 

135 

. 108 

Profits setback . 

Downs Suigical- 

36 

+ 5* 

38 

30 

Good annual results 

Fumm Withy 

275 

+26 

348 

206 

Persistent bid speculation 

1CL - 

282 

+28 

282 

206 

Press comment/lnt. figs, soon 

Johnson Cleaners 

100 

+ 7 

102 

76$ 

Revived bid hopes 

/ohnson-Rdirds (H6R) Tiles 136 

+ 9 

130 

79 

Hep worth Ceramic improve offer 


Uoyds Bank. 


Podun*s 


160 

~285~ 


124 


_+27 162 • 121 G ood resu lts/ P rop. I nt. hive-off 

+17 297 . 14 2~ Pr ospect of h i gher l endi ng rates 

+28 124 82 Excellent interim profits 


Average May April April 

| week to 5 .. 28 2V 

| FI NANCIAL TIME S • 

iGovt. Sec t. 71.45 71 .42 7141 

Fixed interest 7 3 j1 JAM 7SD0 

jl ndurt. Ord. 474.4 462^ 454.3 

I Gold Mines 14X1 141-0 138.6 

'Dealings mkd. 5j23 4,914 4,590 


i FT ACTUARIES 

! Capital Gds. 208.99 2Q2J0 198.46 

| Consumer 
j (Durable) 


194J2 187.45 183J5 


.[Cons. (Non- 
! Durable) 


202^7 197.34 19122 


Redfeam Nat. Glau 
(J.) 


j Sakisbu ry 

Sears Hl dg s. 
JSouthem Kinta 


275_ 

~190 


t 45 327 . .26 2 Monopolies Commission 's ruling jlnd. Group 207.55 20122 197.17 


+20 


207 


161 


Results match best expectations 


+ 6$ 73$ ■ 54i Excellent figs./ Prop, revaluation 

185 +20 185 - 140 Rise in tin price ' - - 


i 508 -Share 


229.99 223.17 218.11 


financial Gp. J64JB6_ 1602 0 159 .06 
21249 20626 20226 


Vernon Fashion 


111 


+21 


111 


63 


}AH-5bare 


Doubled profits and script issue Red. Debs. 58.44 5834 59.19 


say,. 6p .gross— ^ to bring the 
year!5 payout to 15p— could 
provide some short-term rise. 
Longer-term, though. Buck- 
master is Also chary of Reed’s 
prospects. •' 

Food margins 

Among the host of retailing 
results this week, the full year 
figures from Sainsbury gave 
heart to those who had feared 
the- worst from the High Street 
price war. Though Sains bn ry's 
second half margins fell to 
3.7- per cent, its Discount ’78 
campaign has proved a success 
This generated- enough extra 
volume (up. 8 per cent.1 to limil 
the second half pre-tax fall to 
flra., 'leaving the year. ahead ai 
£27.5Sm- (£26.l8m.). 

The question now is whether 
the downward spiral in food 
retailing margins has yet run Its 
coarse. From 1975 to m id-1 977 
margins wefe steadily rising but 
Tesco’s decision to drop trading 
stamps and adopt a low-pricing 
image changed all that. In- 
evitably the other retailers had 
to follow suit It appears that 
they have done little more than 
match Tesco’s tactics rather than 
go one better. So there is a good 
chance margins will be allowed 
to stabilise this year. 

If the status quo is main- 
tained the .food retailing sector 
could see modest profits growth 


in 1978. Food volume could 
rise 2 per cent (against a 4 per 
cent, fall) and with price infla- 
tion should just about manage 
to offset increased costs. Overall 
margins might rise due to an 
increase in the amount of non- 
food sales and the benefits of 
physical expansion. Neverthe- 
less a cautious rating js still in 
order. 

Laing .hive-off 

John Laing and Sons’ plan 
to launch its £85.5m. property 
investment and development 
division as a separate listed 
company could, if tax and legal 
problems are resolved, open the 
door for a number -of similar 
exercises throughout the con- 
struction sector. Taylor Wood- 
row. Wimpey. and Tarmac each 
have property ' operations of 
sufficient size to stand on their 
own. And. following the Ionic 
of the Laing move, separate 
listings would allow investors 
to see through to the largely- 
ungeared weight of property 
assets in these companies, assels 
now obscured, in marker terms, 
by their construction businesses. 

The proposals were enthusias- 
tically received in the market 
and the shares topped the Data- 
Stream performance chart (for 
companies capitalised over 
£20m.) with a rise ni 27 per 
cent on the week. 


Miller 9 s market 


THIS TIME last week market 
observers were waiting with 
bated breath to see just what 
the reaction would be on Ihe 
.Yew York Slock. Exchange to the 
second upward movement of 
short term interest rates in eight 
days. For much of last year in- 
terest rale action by the Fed- 
eral Reserve Board seemed to 
cause investors to throw up 
their hands in despair and to 
seek shelter for their money in 
the bund market or commercial 


NEW YORK 

JOHN WYLES 


paper. In other words investors 
did not like iL Their general dis- 
enchantment with equities 
seemed confirmed and as interest 
rates rose last year so the Dow 
Junes Industrial Average de- 
clined. 

There is always a tendency on 
Wall Street to impute a kind of 
oracular wisdom to the stock 
market. Often last year readers 
of the entrails would tell any- 
one wh<> would listen lh:i! (he 
market was making an unfavour- 
able judgment of President 
Carter and that investors were 
plitUns ihcir money behind the 
conviction that the U.S. econo- 
mic rerovery was loo long in 
ihe innih. luo senile to be sus- 
lainod throueh 1978 and that as a 
result stormy waters lay ahead 
for American capitalism. 

Bvanv standards, the aversion 

/wool 


NEW YORK, May 5. 
to the slock market was over- 
done. A few weeks ago before 
the current trading tumult got 
under way the Dow Jones Indus- 
trial A re rage was selling at a 
little over seven times earnings. 
Even at the end of last week, by 
which time the Index hud 
acquired an extra 70 points, [he 
median price earnings ratio on 
all stocks was only about 7.5 per 
cent. This is conservative by any 
standards, not just the over- 
heated peak of 18 times earnings 
which was recorded nearly icn 
years ago. As this column has 
pointed out lime after lime, 
stocks were heavily undervalued 
and it is not therefore surprising 
that three weeks ago a combina- 
tion of cash-rich institutions and 
eager foreign investors thought 
that the dollar was sufficiently 
stabilised ami the economic out- 
look sufficiently encouraging to 
go on a buying spree. 

Although the market had 
declined nearly 20 points between 
Monday and Thursday or this 
week, the iradin? pulse has still 
been beating strongly and on 
both Tuesday and Thursday Ihe 
market was able to recover from 
sharp mid-day dec lines uf 10 or 
11 points. It has bepn charac- 
terised this week as ihe '* Miller 
market." reflecting the fuel lhai 
investors are drawing com fur t 
from the Federal Reserve Bnuril's 
actions under its new chairman. 
Closing indices 

Monday 844.33 + 7.01 

Tuesday B40.1S - 4.15 

Wednesday 828.83 -—1125 

Thursday 824.4 - 4.42 

Friday B29.09 - 4.68 


t.oooh 


9D0r 


800 


700 


600f 



J.r-- ?,* m 


fi • 1 1 1 1 1 ,1 

TpfflA. 

f^T 


; v ' V 

1 ‘ • ■ U 1 • : .- ; 

. ! .. 

frr. ftiiP 'r 





I DOW JONES INDEX- i 
Industrial Average 4^, 1 

+ 1 1 ■ I ; ‘ ' . ' i t ~! • ' r T; n T Ty tT — r- in : t: ' ri n 


500 1 - 


1974 


tt I ED mi riirvyr 


1975 


1976 


1977 1978 


V \ 

Mai! 

8 

! 

-a: 

V-'s ; 

. .- ■ ir.- 

1 • 

• * 

i., 

;.»» j- 

■ 

« ! 

V|> 

• .'vnp 

7*" 

- D? 

r . 

‘ -J l 

**>..•; 

.*- t.!w 

r-l - •• 

•• :* «>» 

• 

■ - ,- 7? 

t... 

r- 


lrike 


1 

*1 % 

is * 




Friendly Mr. Fraser 


HR. MALCOLM: FRASER is not 
the most obvious candidate as 
the Austnduui mining industry’s 
best friend. Since lie became 
Frime Minisfer over two years 
ago,, his supervision of the eco- 
nomy has often appeared tiocer- 
t*jn. adding another element oE 
tt/neern to the problems the 
industry was already facing in 
Sluggish base metals markets. 

' Yet now Mr. Fraser is the 
hearer of good tidings. The in- 
flation rate in the first quarter 
of the year at 1.3 per cent, 
showed the lowest increase since 
he came to power. The pres- 
sure on industry costs seems lo 
be coming under control. 

The result has been a revival 
w *qX confidence. It has been seen 
'on the slock markets, where 
Sydney and Melbourne investors 
have been out buying again, 
prompting an 1 increase in 
London interest K has been 
seen in the industry itself, not, 
it is true, in base metals, but in 
the coal* aluminium, iron ore 
and steel areas. 

' MIM Holdings announced this 
week the first stage of a large 
expansion programme for its 
Collinsville Coal operation. As 
a start. SAlOm. (£6.2m.) will be 
spent so that export capacity 
will l>e 200,000 tonnes of high 
quality coking coal by July 
1979. Ultimately the company 
hopes to be able to export 1.5m. 
tonnes a year. At present pro- 
duction is running at 850.000 
tonnes for domestic use. 

Comalco, part oE the Rio 
Tinto-Zinc group, is preparing 
to spend $A56m. (£34.7m.) 

building up its stake in Queens- 
land Alumina to 30JS per cent. 
‘from 13.8 per cent. This will be 
done in pan by buying the 
Contfnc TUutlnto of Australia 
stake of 12.5 per cent 
' CRA is the main RTZ vehicle 
in the region and il is consider- 
ing a joint venture with the 
Korf group of West Germany to 
build a SAlOOm. ministeel mill 
in addition to proposals already 
on The fable for an integrated 
iron and steel Industry for 
Western Australia, through Ihe 
medium of Tlamersley, the 
Filbara iron ore producer. 

Expansion is therefore being 
planned in spite of the 
depressed markets for many of 
Australia’s raw materials, the 
latest, evidence for Vhich came 
from the Cliffs Robe Kver iron 
ore venture, also in Western 
Australia. Coarse output in the 
first quarter was just 2m. tonnes 
compared with 3.7m. ^tonnes m 
the same period of 1977. 

But all this is not to suggest 
that the Australian industry has 
moved into a state of euphoric 

optimism- Mr* £? rl ? el !7 
the CRA chairman, told share- 
holders at the annual meeting 
that federal and. state action m 
recent years had made the 
mining laws inconsistent, .lead- 
in'* to uncertainty and low in- 
vestment. Tlie group therefore 
welcomed a statement from Mr 
Fraser that the Government ^ 
urgently studying all matters 
which might inhibit foreign ,n ‘ 

'*£1 l*ec Economic ServiccR-a 
Melbourne .consttirancj’. nas 
commented the unless foreign 


investment capital flows ~ into 
Australia, the economy will be 
in trouble. 

CRA itself has been a victim 
Of the uncertainly. Its plans 
with Howard Smith to mount a 
joint takeover . of Coal and 
Allied Industries, the holders of 
a major coal deposit at Wark- 
wnrtb. have heen checked by 
ihe • withdrawal of Howard 
Smith, which- felt that the New 
South Wales Government was 
opposed to the bid. 

And there are other problems 
for CRA. Mr. Carnegie predicted 
that earnings this yeaT would he 
substantially lower because of 
market conditions. Growth in 


MINING 

PAUL CHEESERIGHT 


demand remains slow, slocks are 
excessive, prices are sluggish 
aiFd the- weakness of the U.S. 
dollar has made exchange rates 
unfavourable. 

This situation was summed up 
by Dr. Charles Fogarty, the 
chairman of Tcxasgulf, the U.S. 
and Canadian metals -producer. 
“The length of the current 
down cycle for basic resources 
is especially surprising in the 
light of historic rates of growth 
in demand." he said in Houston. 

Against this background, MIM 
has been holding up well. After 
the . first three quarters “of the 
year to next June, net earnings 
were $A3».6m. (£24. 5m.), com- 
pared with SA35.1mi in the 
same period of 1976-77. 


While there was a capital 
gain of SAT. 27 on the sale of 
investments, thus pulling the 
group's working figures down 
on the comparable period, the 
1976-77 results were themselves 
unusually high, nearly double 
those of the previous year. 

At the operational level 
higher lead and silver sale* off- 
set, lower revenue from copper 
and tine. Restrictions on lead 
smelter activity led in the sale 
of the metal in concentrate 
form, as well as the normal nui- 
pnt. But. when MIM considers 
the immediate future, it joins in 
the industry's chorus of woe. 

“While the sliori term out- 
look for lead and silver appears 
satisfactory, high stocks and 
excess capacity in relation to 
demand remain a depressing 
influence on copper and zinc 
prices," MIM stated. 

Finally, a word about gold. 
The bullion price this week has 
stabilised again after the reac- 
tion which greeted the decision 
of the U.S. and Indian Govern- 
ments to make official sales. 
The price yesterday closed at 
8172B75 an ounce, for a net 
gain on the week of $2.25. 

• The average price. of S170.40 
realised at the International 
Monetary Fund .• auction indi- 
cated, the underlying firmness 
of demand, while news that the 
Indian Government would estab- 
lish a gold import plan, which 
could involve purchases of 5m. 
princes, strengthened market 
sentiment. 

-Gold .shares, however, have 
moved narrowly and the Gold 
Mines Index yesterday was 141.9 
compared wi th 1 47.7 a week 
before. 





.srstssf CM ^ 

owners, to-keep tne-mme open. • 


Anew 



Experienced Management 

Investments in Cabot American S m aller 
Companies T rust will be managed by Henderson. 
Administration, an investment management, 
company which has been involved in direct equity 
investment in North America both on Wall Sweet 
and in regional markets for the-pasr thirty years. 
Over this period -the managers have established and 
gained benefit from a wide range of contacts tbith 
stockbrokers, bankers dnd industrial managers. 
Contacts are particularly strong in regional acies ’ 
where many of die more exciting mvcstmcnti • i. 
opportunities are emerging/ - , ' ' 

Henderson AdministrationKas been established 
in the City for 40 years and manages funds 
approaching jCa6om. ' 

American Opportunity ■" • 

The Managers believe that jhari&c'levelsjji the 
U.S. A. do not reflect the underlying strcng+ ofihe. 
economy. Currently it is experiencing a period of . 
steady and sustained expansion rather than the v 
violent swings of the previous de-cade/Once the 
current uncertainties, including President Carter's 
policies, have been resolved, we expect that the . . 
market wfll continue its upward momentum and the 
dollar rerum to being one of ihe worid’s more 
stable currencies. • . 

Prospects for smaller companies 

Current economic conditions permit smaller 
companies in the U.S. to invest and expand. with" - 
greater confidence than over the last fety years. And 
whilst the Dow Jones Industrial Average has fallen - 
iy'/rt from its peak in September-1976 this trend isaoc 
reflected in the healthy condition of smaller U.S. 
companies whose ahareprices have been moving np 
against the trend whilst major companies operating 
in basic industries are still labouring under less 
favourable conditions. 

Moreover, fund managers of American 
institutions, who dominate the movements of the -' 
stock market arc paying increasing attention to the 
prospects of the smaller companies at a time when - 
many of rhe major stocks continue to disappoint. 
Stockbrokers, also, are responding to this Trend by 
sponsoring a far wider range of companies than 
hitherto. V ■ 

Cabot American ‘ 

Smaller Companies Trust 

In the belief that real opportunities for capital 
growth exist in smaller American companies, 
Henderson Unit T rust Management Limited is 
offering a new unit trust with & portfolio of shares in 
quoted American companies having above average 
earnings growth potential from a smaller market •. 
capitalization base. - ' ■ . 

The portfolio will contain a. widespread of shares 
covering many sectors of theunarket.lt will contrast 
with the more conventional U.S. equity portfolios 
in that there will be a careful selection of smaller 
companies which show partical&riygqod prospects; 
in terms of earnings growth.. 


♦ We offer over thirty 
years of American 
investment experience. 

At present we believe 
that American shares are 
attractively priced. 

sk And that smaller 
companies offer 
a promising alternative 
to conventional 
US portfolios. 

sfcUnits in this new fund 
are now available at the 
fixed initial offer price 
ofsopeach. 


Cabot American Smaller Companies Trust will 
operate a dollar loan account as well as malting 
investments with premium currency. In view ol'lhc 
high level of the premium at present it is likely that 
the loan proportion will initially be significantly the 
greater. In these circumstances the estimated 
starting gross yield on the Trust will be 0.5".,. 

Please remember that any unit trust investment 
should be regarded as long term. 

The price uf units and the income from them can 
go down as well as up. 

To Buy Units 

To invest in thclSabat American Smaller Companies 
Trust at the initial offer price of 50 ** simply return the 
application form below together xsithyour remittance 
either direct, or through your pmfcsfinhaf advisor. 
This offer closes on 12 th May or earlier at the 
Managers' discretion. 

Additional Information 

t’mi* will be amiable after > lie 
olTcr dnvea *1 Uxr normal daily 
price. 

Unit Pricci and Yield arc 

pdMi<hcd daily in lead in? 

JlCtt'JVipCTh. 

Gomrausiuii uf i J "J;. uillbc paid 

t<> rcvORni^cJ agenli. An initial 

chaise M's*, i* Included in the 
offer pncc. An annual charge *’f 
J (plus VAT* of Ihe value ,«f 
ihcirunr i» deducted frtuxz in.. -mi- 
ll* cover administrative «■»»•■. 

Distribution'- will be ipa.lv on 
June i«t and December im. The 
hn>i tli-trihuuon on uniL. 
pur Jiaacd under Uuj. offer *mI 1 
ihf nude ,<n December > >t Ju;#. 


Conir.iL-i note-, si ill be i- -ucd 
and unit certificates v. ill be 
lura.ir.1vd svithin m* u.-du of 
p.iyrnem. 

To sell up its. endorse > •me 
unit c tali ficate and send it to the 
M anapen-. PayiDOll will 
iw-mullp be made svhhin seven 
work-no day-- 

Trustee: Wiliisn^.t Olyn's 
Hank Limned. 

Manacers: Mender-on IV in 
Tru-.t Manascmen* Limited, 

1 1 Au-ilin Frinr •• b-nJ-'n 
liCcN ?ED. . KtrCjMcrc-J Othce 
Kef i-.toed No. S*n;nj England. 
A niember.'f the Unit Trust 
.Ywioaliin. 


1 


To: ifenderson Unit Trust Management Limited, 

Dealing Dept., 5 Rayleigh Road, Hutton., Brentwood, Essex CM13 xAA. 
Telephone enquiries 01-58$ 3622. 


~1 


I/Wc wish to buy. 


.units in Cabot American Smaller Companies 


Trust at the fixed price uf jop per uni if minimum initial investment 1,000 
units). 

J,'9Pc enclose a remiirana: of £ _ payable to Henderson Unit 

Trust Management Limited. After tlie close of this offer units will be 
available at the daily quoted price. 

Surname: Mr./Mrs. I Miss 

BLOCK CAPITA ! ' PLtASE ■ ~ 

Christian or First NameTa’ii 

Address: ; 


I Sfc declare that I am xmc m« residem eulMilc the SchcJukdTerriKTies md thai l am wc 
arcnmasquirtBSihcuniiN j* the nominee' i^ol any persons; reudvm mir-idc these Terriiuricn. 

Signature(s) ; . - _ 

((fthcre aw jr-ini applicants each mu't sitm and ^tuch names and addrcucaiepanitcly'. 

Date: 


SHARE 

EXCHANGE 

SCHEME 

Our Share Exchange 
Scheme provides 2 
favourable opportunity 
to switch into this Unit 
Trust. For details please 
tick box or telephone 
Geoffrey Shircore , — 1 
01-5*836:12. LJ 


T‘n- vfier ii n« aratiabie :<< 

r.-s-dfitf ■*/ rie Rejwbiic “t /k.W. 




Unit Trust Management 


1T&5 I 

- 1 






Financial Times Saturday May 6 1978 


FINANCE AND THE FAMILY 


Trust set up for children 


BY OUR LEGAL STAFF 


EVERY SIX months the British fFT| f • J . f • And h6w many insurers have- 

Insurance Association collates # M/i fa-gfYn /*/! C f /) f /J T/f 7 thought and Are thinking more 

and publishes information about M ft.W.iZ Mi. I»flA £ f / § \, u Egg deeply about the suggestion? 

mentsTt^ ° f her^ha^e S made ^ Compare motor insurance, 

under properi^poliiies. At this £39 - Sm - is attributable to the are m fact somewhat shorter for fcrbmly. with insurers relating Many motorists insure their 
time of the vear line BI .Vs domestic sector, and only those of us who live in and premium much more to the ears not against all accidental 
review alwavs ‘covers the ore- — 4 - 5m - to the three commercial arOupd the big cities. We must scope of the cover afforded and ^ am age but with an excess, 

- . - ~~ ..... — — . ftvnant That u'liAn 1 &T7 a. U.il. ...kuh Sri Tn_H n,-'c mnnnt.k. 


Bv her will mv mother left the status of trustees, and to have borne income tax (at rious calendar year, and the El A categories. expect that when the 1977 police to both current and developing which in to-days monetary 

£2.000 to each of my three indeed there may be a period the basic rate).*’ estimates for 1977 have just On the basis of these figures statistics are published later this claims trends. Because of the lerms j 5 usually at a minimum 

(minor) children to be held by during which you have dual it is at the point of transi- come to hand. the BIA says that theft leases Jtew they will show a further price differential of these cOn- 0 f £25 and B» a y rise to as much 


INSURANCE 


JOHN PHILIP 


tracts when contrasted with the as £100 or more: those wRo 
bid established lines, they have voluntarily bear such excesses 
not always sold as well aa their count it preferable to pay ]*«s 
sponsors hoped: the evidence is premium and tefc® some of the 
that by and large most people risk themselves. The risk of 
seem to buy household insur* damage to one's motor car is 
ance by price rather than, by stj jj higher than the risk 

cover and clearly prefer to stick 0 f sustaining a loss in the home. 


me as one of the executors aianis. tion. therefore that the addt- These estimates deal only from private homes have m- ~ tracts when contrasted witnuie as £100 or more: those wRo 

until they become 25 years old. We should draw your par- tional 15 per cent. tax liability with the Company market and creased over 200 per cent. • ■ old established lines. titey have voluntarily bear such excesses 

I propose to put the money Uvular attention to sections 31 arises under section 16. bring- do not indude pavments made in the past four years, which INCIIBANOF no1 aI ' V5i ’ s 80 ° as we ’Lf 8 * - count ii preferable to pay le«s 

along with my own funds in and 32 of the Trustee Act 1925 ins the children’s effective tax by Lloyds underwriters: they taking into account the 100 per sponsors hoped: the evidence is premium and ta** some of the 

various Forms of investment- and m sections 16. 17 and IS of burden up to 49 per cent flat- are subject to the further cent, monetary inflation in the PHIL , P that by and large most people risk themselves. The risk of' 

Could you tell me ir there is ihe Finance Act 1973 (as rate. limitation that they do not in- same period leaves the real • seem to buy household insur- damage to one s motor car is 

any advantage in setting up a amended ! On the question of IF you antf yoi!r co-executor elude theft losses of or from increase at around 100 per cent. HIHMpVIWIi ance by price rather than by still much higher than the mk 

trust to hold the Investments the transition from executor- hope tu avoid the expense of motor vehicles or commercial Domestically the community is cover and clearly prefer to stick 0 f sustaining a loss in the home, 

and whether there are an> lax ship in trusteeship, you should professional guidance, you will losses insured under marine sustaining more crime losses worsening of the situation— to their old and now under- whether by fire, crime, or olher- 

advantages? * bear irt mind subsection 6 of clearly have to spend an hour policies- and losing more property when particularly as in 1976 the priced policies. wise, so logically the motorist 

For reasons of lax and trust law section 16 of the Finance Act or so in a public reference There are tw® broad divisions thefts ajtd burglaries occur. depleted police force was able Claims cost pressure ha.s long who bears a motor excess should 

n is most important that the 19"3: library, checking up on trust of the BIA’s figures— commer- Last year the police statistics to 'clear up only 34 per. cent been building up on all insurers be prepared to bear a Household 

children's trust funds and in- "... where personal repre- and tax law. -The' British Tax cial and domestic. Under this for England and Wales showed of domestic burglaries. transacting household business contents excess at leant of 

vestments be kept absolutely ^enranvex. on or before the Encyclopedia may be particu- latter heading are included that in 1976 there were over Most of us enjoy household to alter their standard ratings similar order, to avoid having- 

separate from your own. There completion of the adaunixtra- larly convenient as a starting claims incurred under household 230.0000 household, break-ins insurance cover on the conteots for contents business — indeed to pay premium at an increased, 

must he no mingling. It is not a lion of the estate, pay to point, for it contains the and “all risks” insurances, under reported to the police: there of our homes by paying pre- it is surprising that pressure rate. 

question of whether "there is trustees any sum representing amended text of sections 31 and the former, claims incurred must have been many- more not mium in the 20-25P per cent, has so long been contained. But Obviously most householder*? 
any advantage in setting up a income which- iT personal rep- 32 of the Trustee Act 1925. under policies on commercial so reported. Ir is reckoned that bracket — this rating bracket has alteration to standard rating is want to have their cake and oaf 

trust " a trust already exists — rcscotatives were trustees with explanatory notes, as well and industrial premises, under there are some 20.000.000 been long established and dates not the only solution. lt t0 continue enjoying the full- 


ynur co-o.vecutor will assume to the trustees as income and ments) on library shelves. 


Tr/»cn/7CCt«<y You should in no circum- by (Insert your cousin's full 

J 1 lig starves agree to do repairs names) of (address) 

A nimnlv unless your lease specifically I APPOINT 

rifllfflUlo requires these io be done by A.B. (your name) of XY (your 

Referring lo M>ur replv under thc «nant. Even then, in a address) to be my Attorney in 

Trespassing Animals (April St tea*e for * eSs than seven years accordance with Section 10 of 

my livestock through straying there are many repairs which Powers of Attorney Act, 
onto the public highway from lh ^ ,and lord cannot contract j*" 1 WBnPnp T 

an open sate in the paddock. m,t ftf - ' ou "nuld be wise to P' ” tlACSS \% HEREOF 1 

hate then entered and ohiain advice before conelud- have =» el m >’ band and seal to 

damaged neislihourins gardens anv agreement with your th,s Deed *> n th « da £ ^ 
and I have been held ‘ landlord. ffiySWJffSPavn 

responsible. Could >ou please y . i h 

explain? J nr at inn DELIVERED by the said 

Since you would nM he re.-pon- icousin) in the presence 

siblc for cattle ire.-passmg onio Ql CISSGtS 0 

land from the highway ^ 4 (Witness) (Mgnature) 

(Animals A*-! 1971. Section M.v mother h domiciled in r\ y* ■ 

5i5m the lo-» would he where South .Africa. Would her DCtCCtlVC 

it falls, namely on the owner Royal Dutch shares bought on . y 

of the land onto which the the London Stock Exchange WQtCY SUDD l V 
cattle stray — if any damage is and P aid with funds from her „ * 

in fact suffered. But this externa! London account be For the past two 3‘ears the 

exception from liability only treated as part of her U.K. water pressure in my flat, 

applies where the presence of assets for capital transfer tax which is one of five In a cOn- 

the cattle on the highway was purposes if the certificate is verted house, has become so 

a lawful use of the highway, left in her London bank? bad that at tunes there Is none 

' The situation of the asset in at J PAS' water rates to 
Transfer tax question I- ihc countrv where landlord, in addition to the 

U ’ V in.' share register is kept, not rent Have I any legal claim 

HU a hnilKP ’’here Ih«.* certificate is located, cither aarainsr him or the 

There would thus be no advan- ^ aler Board? 

M\ father left me hr« house ,a - p m transferring the certifi- You can probably make a claim 

in his will. Am I. nr is the calc abroad. against your landlord under 


headings, is reckoned to have dual' odds against any one. of us it is now. excess on all aspects of house- possible for very much longer- 

amounted to £64.2m.. including having a burglary may be iaid Some of the new ’household hold contents cover of a parti- and that insurers do offer the* 
£30.3m. urtder household policies to be relatively long— -100- 1— contracts introduced in the past cular excess on theft claims. If public a choice, more premium 
and £9.6pi> under “all risks” but because crime is primarily two or three years have— of the suggestion was valid then, or an excess — which would you, 
policies,- -so that a total of .urban and suburban the odds course - been, priced Very, dif- bow much more js.jt valid now?, prefer? 


Location 


year above written. 
SIGNED SEALED AND 

DELIVERED by the said 
(cousin) in the presence 
of 

(Witness) (Stg 


W F Q free o f ta-''- an d this is the retention band for the company. 

1 / 1 / f// 1 mil fE 1 ? EW 1 O r postulated increase in their of £41.375. We have earlier, 
f f HE wW w€r% • m u M MftLr % value. The marginal rate of assumed that the company 1 ^ 

... tax on the top £1.725 of profit taxable profits were £S,625, and. 

"AT WHAT POINT would I answer. If you ask where are If he drew a further £], his generated by the taxpayer's this further sum takes it to the' 

pay less tax if I turned myself the prettiest girls in England marginal rate would .become 45 endeavours is therefore 42 per point at which the 42 per cent. 

lND mro 3 company?" £17.953 per to be found, it may be interest- per cetl j [f { e f t cent ■•small companies" corporation- 

£2 Sff U S U 71 SiStoZnS Z ■ T-»* tt. example further, fa, ra.e ««. ,o operate. The, 

answer, but the question is true, but it will be unhelpful. L * ajm per cent, of it But £1 th e n exr £2.000 of profit should aggregate oi corporate and, 

(Signature) wrong. We will demonstrate in The better question is one which left in a company does net pay be drawn out as extra salary, individual taxes on this i.4 1 -» ■ .» 

a moment why the question is produces a usable answer, the grocer's bills. In order to Half of it would be taxed at works out at 61-5 per cent. iThe- 


Defective 
water supply 


misguided, but firsi let us “Would I be more likely to do that, either it has to be 45 per cent and the remainder capital gains tax is 30 per cent, 
examine the answer. Many achieve, in Nottingham, the taken out in a later, year as at 50 p er cen t. Then, the vext of the whole gain, because the 


For the past two years the 
water pressure in my flat, 
which is one of five In a con- 
verted house, has become so ' 
bad that at times -there Is none 
at all. I pay water rates Yo 


people find the figure sumris- blissful estate ftaxwise) of a salary or dividend, or the £6900 5bouid be left ^ ^ relief f or small gains no longer 
ingly high> but its proof is as married man with two children company itself must be turned . 

follows - . .i.-— Vi — -i_ v.. j_ ~e _i comoanv: appij.i 


Income as an individual 
Less married allowance 
and allowance for two 
children under 11 ... 


Liable Equals 


in hi* will. Am I. nr is the vale abroad, 

csiaie. liable for capital 

transfer lax on it? Dors it /V/J rlailtl 

matter whether llic land is L v 

freehold nr leasehold? fn // hnuW 

If iho will makes no specific lU U iWU * L 

p:'"Vi.Mi.n in f.hc devise to y«m J am not set divorced and my 


against your landlord under 


• f-ir i-vampli* "iroc of all taxes”) current girl friend spends 
the dPVttoe would hear any capi- roughly half her time in the 


for a term of seven years or 
more and if you can show thal 
ihc defect lies in the installa- 
tions in the house and not in 
the supply to the bouse. You 
would have no remedy against 
the water undertaker. 


lal (ransfer tax attributable 10 house in which I live and I ■ “ e waler undertaker. 

,;,r subject of 1 lie devise. The own and a half elsewhere. Do /-« ■ « • 

‘ ,M technical distinction you consider that under these C Q.DI till PdlflS 
between freehold and leasehold circumstances a claim on the r ^ _ 
has no significance here. house by her could arise? uOS£ VCltC ' 

T » lr tiie. parties are not married r _, ,,,, . . . 

Tenants and 3ni ™ v T ° m = c <* * propn«orj “ j® 4 "• 

. interest is made, a claim on the tax °" 

repairs ^ or a person merely residing „ ntIsh securities bought- by 

r “ I.. me as a non-resident and 



at 

tax of 

t 

«T. 

£ 

First 750 

25 

1S7 

Next 6.250 

34 

2-125 

1 .000 

40 

400 

. . 1.000 

45 

450 

1.000 

50 . 

. 500 

1.500 

1- 55 

825 

. 1.500 

. 60 

900 

2.000 

‘‘.65 

1.300 

1.2 IS 

. ' 70 

■ .853 . 

. 1612 IS 

. . . 

.7.540 

fncnme of a 

company 

£17.953 

Liable at small com- 

■' - 

parties' rare 
■ tax of 

Of 42% 

£7540 


under eleven?” 

£ The second shortcoming to 
17,953 the question (the original 
- question, about rax) is tiiat the 
objective answer it produces m 
1.735 actively misleading. Incorpor- 
— — - ating yourself is not the correct 
16.218 course to adopt when your 

income reaches £17.953. 

Equals Determining when that js the 


into cash by sale of its shares, company: ' , , . , 

£ We* have so far accounted for. 

— — Company’s new total total profits of £64.735'. 

TAYATIAM profits 20.360 £ 

1 HAM I IVn Less drawn as salary... 11,735 Dmym as ^3^, J4.T35 i 

navin wainman - . TZZZ Retained In company 50,000 " e 

DAYIP WAINMAN Company's pre-tax- ^ ^ {nm {n value 

Tax at 4* per cent ... 3.6J) .f mmn . nv r^nnnn 


DAYIP WAINMAN 


of company £29.000 


So we have to make a further 


Company's retention £5.000 


£64.735' : r. 


Costing in tax 


£35.057- 


correct course to aaopi is a assumpuon aoout me increase .. assu11ie a DOun d for . „ 

considerably more difficult in the worth of the company '' e assSU1 " e a P°“ n0 tor £ ' 

problem. The solution, if there arising from that extra £1 P° und 3 am in capital value. Costing in tax WST* 

is any such, is probably to be inside it. It may well be invalid, since 14.000 of such a gain is • 21,00(1 

found along the following lines, but the only possible hypothesis taxable at 15 per cent, ihc 

Assume first that our taxpayer's is an increase of fl .for every liability would be £600. The $ riYV 

income is £9.735. His tax £1 retained. company has paid £2.900 on its — — ' 

liability on_this figure, .is: Let us take our assumptions £6.900 increase in taxable profit. £35.057 - 

£1.735 free £ — a stage further by taking an aTld ! ^ e individual £600 on his ■ ■ ■■ ■. 

750 at 25<>& = tax of l»7 increased profit level. Assume:— capital gam. The aggregate of Nearly £30.000 of spending 

. 6.250 at 34°T> - tax of 2,125 Company's total profits £11.460 tiiese works out at a marginal power is a reasonable reward 

1.000 at 40«& = tax of 400 less drawn as salary '9.735 rat e of 50.. per cent. for endeavour, but we have 

•_ — - r— Thereafter, if profits increase, reached the levels where the 

£9.735 £2.712 Company's pre-tax 1.725 another £3.000 should be drawn company may now be asked to 

— J ax at 42% 725 as salary to use up the 55 per justify its need to retain profits. 

If he had his 6wn company, and cent, and 60 per cent, rate To the extent that it cannot, a 

made profits of £10.000. he Company's retention £1.000 bands. We arc undoubtedly by further salary payment or a divi- 

could draw £9,735 of them as now pushing oqr hypotheses to d «nd may be called for. That is 


Company's pre-tax 


* If he had his Own company, end 
made profits of £10.000. he 
£7540 could draw £9,735 of them as 


Tax at 42% 

Company's retention 


in your pp 

1 am one of three girls occupv- ine monev 

inn •% All mm < P-; - . " _ 


ing a flat al £75 a month rent, 
one of us having signed the 
lease. The agent wants a rent 
increase to £I0». or £9(1 on 
condition thal «e have the flat 
rrflet-n rated and a new kitchen 
floor installed. What please is 
our legal position? 


property and not spend- m r c as a non ' re?iident an d sold First it elicited simply a factual tax would be 40 per cent, 
icy 01 using her labour f“ Cr T - I « r r „ esu / D ! c ^ siden « “ 


But the 'question was wrong, salarv-. His marginal rate of A capita! gain of £1.000 on their breaking points, but there a wholly different question 


gale of the company's shares is is then in theory 3 very broad again. 


If ihe rateable value of (he fiai is becoming senile and confused 
is low enough 1 i’75c or less » and it seem* lo me It would 
are mosi probably able to be desirable to obtain a power 
invoke Hie protcetion of the of attorney to deal with them. 
Ren! Act 1977. The contractual Would I necessarily have to 
lessee i< a protected tenant and get this hy application 10 a 
tii v landlord 15 not emitted 10 solicitor, or can 1 do the job 
raise Ili>' rent above the lower myself? 

of 1 a » the contractual rent as You can u.te the form set out 


on the properiv cannot arise. tiic U.K.? (b) On my return 

to the L.K. to live would I 

A nnu'PV nf bc pcrraitted to .leave money « m . -m 

n panel OJ behind in an oversea, account 

attorney to guarantee a loan to a third £ fig UtZC 

1 am concerned about the ta * The base rate is ^ P T ice 

affairs of an old cuusin who at which you bought the securi- LV THREE somew hat frenetic 


The decorative arts 


were last year or the year bfc The most remarkable price® 
fora, ?Dd it is interesting to note, however, were paid -in : fouS 


Reading through that 1970 were a moulded, glass- lamp 


that French. German and specific areas — Martin Brqthe 
American collectors are now b- Doulton salt-glazed stonewqr 
ginning to buy RusWn. ft is MOqrcroft and Bernard ; Lead 
arguable that this factory, which With? the exception of Aloo 


authorities to leave funds jewellery, glass and graphics priee. The “Wisteria" lamp, of prices in both instances being Europe, and it seems likely that, strong overseas interest. AmerS 

abroad would be likely to made in the period between course, is considered one of not ftr short of double the top after a year or two's lull. -prices can and Canadian fo Martin and* 

succeed in the circumstances approximately 1870 and 1940. Tiffany's masterpieces: yet in estimates. Identical examples will begin to rise again steadily. Doulton, .Japanese -For teach* 

k.. ...... fnu... J- ... L J... I »V, .. -. 1 - l.,t uum cnU Vin rhi-ictia'c in ’ """ - -- - 


indicated by you- 
■* 


These dates bracket several ini- the Sotheby's Belgravia sale last were sold by Christie's in 1976: ■ 
portant ' raovements in art. of week, an attractive Tiffany lamp in July of that year, an example j 


1'iMiiiie.i in ihc tea->e: t b > the in the First Schedule to the No ,egal ras P onsi ^ ilit Y con be which the most significant from of chequered glass, a piece of of L'Oiseau de Feu fetched 


iair tt-m if vuu apply vu have Powers of Attorney Act 1971. ?***.£* by , thc ,:i . nanc,a . , T{mes the point of view of these sates no outstanding 
■•'i !l ■) ivm registered As to namely: THIS * GENERAL «/*,-„■ - »„/ 2 were the aesthPtJC movement, £7.700. a price 
»hi< I he Imal Rent POWER OF ATTORNEY i s answered by pox as soon os Arl ■ Xouveau and Art Deco. the top estimate 

made the day of 197S possible. There were a number of les- rent value of a “ 


CITY OF 

I 




the point of view- of these sates no outstanding merit realised £2.420 and the previous April, 
were the aesthetic movement, £7,700. a price almost double a Le Jour ct La A 7 urt mode 
Art .Youteau and Art Deco. the top estimate. As for the cur- £2.090. Then in July of last year. 

There were a number of les- rent value of a “Wisteria” lamp. Christie’s sold yet another ex- 
sons to be learned from these five y®V5 after the above ample of L'OfSeou" de Fen. this 
sales. First, the decorative arts Quoted article wa* written, an one for £3.0S0. On the evidence 
of these periods represent some example made $44,000 at of the latest sale, it seems as if 
of the fastest moving areas of Sotheby Parke Bernet in New the value of good Lalique glass 
the contemporary art market. York, a price equal at to-day's of the 1920s. none of which, one 
Second, the market is now truly rate of exchange to just over should point out, is particularly 
international (the Japanese, for £24.000. rare, hasjnore than doubted 

instance, represent the mainstay By the middle of last ?* nce and in xna 3 y cases 

of the market in 19th-century year the value of .Art bas trebled or even quadrupled. 
English stained glass). Third. Nouveau had altered out of French Art iYouveou and An 
despite the extraordinary rise in all recognition from that Deco, however, are. and always 
prices over the past year to 18 apparently booming and eypen- have been, considered the most 


What kind of 
share manager 
would you 
make? 


months, the market is now large 
enough and rich enough to 
absorb the quantities which 
Sotheby’s have offered recently. 

The ris£ in ralue spreads 
across the board, from a set of 
three tapestries designed by 
Burne-Jones at just over 
£100.000 (one of whiah failed to 


FT/SOTHEBY 


ART MARKET REVIEW 


ension Plans 


fashionable and generally de- 
sirable areas of the market, and 
therefore, if anything was going 
to increase dramatically in 
price. One would have expected 
them to have done so to a more 
marked extear than anything 
else. However, the extraordinary 
rises in value are not confined 


Perhaps you'd make a very good share manager. If v© u had 
the ante. 


WhctheryouYc self-employed 
or eligible for our Directors and 
Executives Pension Scheme. 

Ciiy of Westminster Assurance 
can give you an outstandingly 
flexible pension plan backed by 
a highly successful investment 
record. 

When choosing a pension plan, 
iris) i tally important that you should 
know v. hat your options are. All too 
many schemes fail to cater adequately 
tur the individual requirements of a 
particular person. 

( jty a I Westminster Assurance, 
how ever, has based both its Self- 


Employed and Directors Pension 
Plans on the premise that the . 
individual comes first Freedom of 
choice is a key factor in both these 
contracts, allowing investors real 
flexibility about the way they invest 
and subsequently draw their benefits. 

Ask your broker for details of 
whichever plan is appropriate foryou. 
.AndbearinmindthalCiiyol' .. - 
Westmj nster has an excellent long- 
term investment record backed up 
by a special reputation for original 
thinking in the field ol pensions and 
life assurance. 


sell at Sotheby’s f 0r under £200 sive market of 1970. Last year to them alone. English 19th- and 
20 years ago) to 20th-century s aw Sotheby’s Belgravia sell a 20th-century art pottery and 
pots by Bernard Leach at be- 94 inch glass vase by Emil studio ceramics, which were well 
tween £1.500 and £2.000 (again Gal 16. with applied and carved represented in the Sotheby 
a strong Japanese market), to decoration, for £22.000 and a marathon, ajso proved quite 
an attractive but unattributed gold and enamel pendant jewel remarkably expensive, as, with 
French Art Xouveau pendant (or parure de Corsage) by one or two exceptions, they had 
jewel at just under £3,000. to Georges Foucquet after a design at Christie's the previous 
indu.'triallv made Lalique glass by Aiphone Mucha realised week. 

ar between £1 500 £26.190 _at a Sotheby sate in Among the exceptions, Ruskin 


But todays economic climate makes the expert marrage- 
mept of shares, more than ever, a full time job. And that's why von 
benefit by exchanging your qq oted shares lor Canlife units ' * 
Our professional share managers arc able to give your 
investment the kind of up to the minute attention demanded by ' 
present market conditions. . 

Whrfs more, when you exchange your shares, you'll owf 
preferential terms and the advantages of a broadly based port- 
folio by investing w one of the two Canlife Unit Trusts. The 
General Trust aims to secure an attractive balance between 
growth ot capital and growth of income, while the Income Trust 
is aimed toward greater income with good prospects oflong term 
growth. Remember that the price of units, and the income from 
them, may go down as well as up. 

- In addition, an investment in Canlife Units offers certain 

Capital Gams Tax advantages. 


experience which 


iuuui Ldrem di »j«u. 3 ap in prices, wen illustrated . j f c . 

This last-named piece is one by two pieces of Lalique glass, a i ue that p _ e . r '“ d /. rorn ^ ^ the coupon for details of our share exchmure 

of the most famous and often . . ... . * . around £40 to over £a00. How- scheme. 

reproduced examples of the m ii";£. n [“l ,n “restmg ever, values bare fallen back of - : And benefit from the investment experience of The Canaria 
curvilinear, -whtptart." ^'ie ° b u JeCtS '- ale: boUl Christie ’ s and - IMt through Canlife Unit Trusts ^P^ence ot The Canada 

of French An Xouveau. ““J? Battersb * v - a Sotheby's Belgravia sold very 

Examples are not particularly Priori an rf ^f5 K y fine hst week for . be ' ..... 

raw alrhnnih rh... ituimh in E . 1 . and sold by Sotheby’s tween £200 and £400. a notice-) — — : 


rare, although there appears to E’- and sold by Sotheby’s tween £200 and £400, a notice- 
bc something of a famine of ° n Ap . n| 21 * hv0 able drop on rhs 1974-75 levels. 


Ibc something of a famine of “ I l , , hv '° able drop on rlis levels, 

late. However, the price important lots o f Lalique Prices are not as low as they 

l £S.80Q can be placed in some \ • ■ " 



» SENTRyrj£j= VUE SK-JPCOf-W^ 
fccmiy House, ft; Luioiuhail bti-cc:.- London LC3A 2Bj. 


perspective hy quoting from the 
Financial Times-Sotheby Art 
.Vcrfcei Act leu* 0 f September 21, 
1970:— 

- in 1966. during the initial 
boom period, these lamps 
fetched £3S0 to £460: the fol- 
lowing year, their value halved, 
but during the past year several 
examples sold in Paris. London 
and Copenhagen ha'-£ fetched 
| between £560 and £600." 


Lan Jai Vn t? 1 * ?“"5 m ll& ~ 8 Cha ri ca n street, "1 

London bwi) 4 Telephone: 01 - 930 £122. , 

Plewe send m« detail, ofth« Canlife SHwe Change Scheme. I 


£50,000 at age 60 


A top executive aged 45 ts making a nett investment of 
£40fl p4- to receive £50.000 tax free at age 60. 


FT 6'5 


We have been advising major companies 'on capital plans 
for top executives for over 30 years. 


HARGRAYES BLOCH ROWflOTHAM ft CO. LTD. 
100 Fen church Street. London EC3N 5LQ 


j Canlife nnits j 

experience counts.^- ^ 




i 





Financial Times Saturday May 6 19TS 


YOUK SAVINGS AND INVESTMENTS 


Old Lady beats a retreat 


THERE WERE a Tew raised 
eyebrows in the City yesterday, 
following the rise in minimum 
lending rale. Not. as you might 
Iftinlv. because the rise was as 
large as. it was — a full U per- 
centage points 'to, $’ per rent.: 
but because it was not larger. 
For quite a few people - have 
been working on thp assumption 
that it would go to nine. 

As it • is. .things are bad 
enough far toose of us who are 
borrowing money: but what uf 
those who still Jiave it tn lend? 
Is this the moment to place it in 
the market, in the belief that 
rates are set to go one way only 
—downwards? Or should you 
hold off in the belief that the 
Bank of England .will be unable 
to resist the pressure for the 
extra quarter point — or maybe 
even more? 


It all depends on what the 
pressures are on sterling. As 
the reserve figures which were 
published this week demon- 
strated. they have been serious: 
and if tlie trade figures due out 
a week on Monday are anything 
less than encouraging, the prob- 
ability Is that they will become 
more serious still. Under those 
circumstances interest rates will 
rise again. That Is the conclu- 
sion to be drawn from the 
retreat beaten by the Old Lady 
of Tlireadneedie Street this 
week. 

The whole business has been 
somewhat complicated by the 
resurgence of interest in New 

York. Time was when London 
offered the international in- 
vestor the best of the opportu- 
nities around; economic pros- 
pects looked rosy, interest rates 


were relatively high, and all the 
alternatives looked' dreary, at 
best. That's no longer the case: 
there are other homes now for 
international money. And un- 
less it- can be- demonstrated that 
the British economic revival is 
something more than -a: flash in 
the pan. that's fhe way the hot 
money will go. So the next set 
of trade figures will be im- 
portant. 

Under these circumstances 
anyone with money to put on to 
long term deposit would prob- 
ably do well not to be too hasty 
in tucking it away. If opinion 
in tlie money markets swings 
next week, and rates start to 
decline again, he for she) might 
miss out on the best of the 
bargains going. But the risks 
that way don't look as great as 
the risks the other. ■ 


Institution/ Fond Currency Listing 

Valuation 

Mini room 
purchase 

on issue 

Initial 

charge 

% 

Annual 

charge 

% 

Asset growth 
over 

- 3 year 5 years 

Barclays Unicorn International 
(Isle of Man) 

Australian External 

£ 

— . 

Weekly, 

209 units 

5 

6 

- 7.7 

5.5 

Austral lan -Mineral 

£ 

- 

Twice 

Weekly 

200 units - 

5--- 

1 

_ 

_ -26 

Greater Pacific 

£ 

— 

Weekly 

200 units 

5 

l 

- 3.4 

- 4 

International Income 

£ 

— 

Weekly 

200 units 

5 

i 

1S.5 

27B 

Isle of Mail Trust 

£ 


Weekly 

200 units' 

5 

i 

— ' 


Manx Mutual 

£ 

— 

Weekly 

200 nnits 

5 

3 

L2 

-48 

Barclays Unicorn International 
(Channel Islands) 

Overseas Income 

£ 

— 

Weekly 

500 units 

5* 

1 

4fi 

67.3 

Uni do Mar Trust 

su.s. 

— 

Weekly 

100 shares 

5* 

1 

- 4 

NA 

Unibond Trust 

su.s. 

' . 

Weekly 

50 shares 

* 

1 

NA 

NA- 

* Reductions for large amount. 

t Charge added to flat price. 





THE BONUS DECLARATION 
.season is over for another year, 
and investors in general have 
reason to be satisfied with the 
outcome. Several of the life 
companies have raised their 
rates of reversionary bonus (the 
main part of the bonus system), 
some of them quite substanti- 
ally. A significant minority of 
companies have kept their rates 
unchanged, but many of these 
companies made significant 
increases for 1976. What has 
been noticeable this time round, 
however, has been the virtual 
absenpe of increases in terminal 
bonus rates despite the strong 
stock market recovery last year 

The magazine Money Man- 
agement has with commendable 
speed produced in its May issue 
its annual survey of perform- 
ance for wlth-profit contracts. 
The table above, taken from the 
magazine, shows the life com- 
panies with policies maturing 
this month which have pro- 
duced the best performance. 
There are some interesting 
observations to be drawn. 

The first is that, with the 
exception of Sun Alliance in the 
25 year table, all the top places 
are occupied by mutual com- 
panies which have ho share- 
holders. Where shareholders are 
involved a pa rt of t he profits on 
life ' funds' Has to go toThem; 
and this gives the mutual com- 
panies an edge, since all profits 
belong to poGcybolders. 

The second is that while one 
company stands out at the top 
in each case, thereafter the 


Making a choice 
company 



guide to 


tables can be used to pick out J _ 
the sheep from the goats: to find /±fl (UllUlfZUV & 
which companies are pursuing 
an active bonus declaration 
policy. You need back copies of 
Money Management for several 
years, and a couple of hours to 

First look at past perform- investment 

difference in returns among the zine also shows these figures, ance and pick out those 

top companies ' is fairly. But the advent of terminal companies which consistently j«p has been said for so long 
marginal. And different com- bonuses has confused the appear in the tables. Then pick now ^ ^ St0L . k Exchange 
panies are prominent over picture somewhat Some com- out those which have moved . * . b d 

different terms. • panies will, not use terminal steadily up the table with time. and tne sma “ 2mestor are bad 


But one should not choose a 
life company solely on past 
performance. It is what happens 
in the future that matters. Life 
companies have become much 
more conscious of competition 
in recent years— one effect of 
greater 'publicity perhaps— and 


ASSURANCE 

ERIC SHORT 


and are now getting near the [) €ws f° r one another, that it 
top. Now look at the tables on has near, - v Passed into 

projected results and repeat the acce P led wisdom. But not 
exercise. This is more difficult ****** believes n Stork- 
because of terminal bonuses. But ~T°*® r:5 Grievson tyrant do not. 
in choosing a life company, you con t rar >'. as fa* a $ l ** e y 

should rely primarily on the arc concerned the private in- 
guaranteed sum assured and ves ^ or is vcr >' £°od news indeed. 


S have been Uting Vnus ' ^iona^ bonus element, and And to emphasise rhe point they 

rates as a consequence But it bonuses in quotations, and with regard the terminal bonus, quite " a%e J Usl produced a booklet 
takes time before this is some companies the ultimate literally, as a bonus. aimed directly at the species: 

iSected in past results, since terminal bonus can be a signifi- ^ should Ieave y 0U ^ a -'Stock Exchange Investment for 
it is difficult to make up for can * proportion _ of. the total 0 j about 10 companies from 1 ou - 

lower rates of previous years, value. So comparison of projec- which to make your ultimate Much of the leaflet concerns 
So future projections on ®* 0D s can. be extremely mis- choice. Then you need senti- itself with basic answers to 
current bonus rates should be leading. ment. further investigation — or basic question.” on the funda- 

used as a -guide, and the raaea- But with careful analysis, the a pin. menials of investment pro- 

“Whal Stock Ext-haii-ie 


RETURN ON £10 A MONTH INVESTMENT, INVESTOR AGED 39 AT OUTSET 

10 years 

15 years 

25 years 


Company 

Value Company 
. £ 

Value Company 
- £ 

Valne 

£ 

Equitable Life 

1,904 Clerical, Med. and Gen. 

3,524 Clerical. Med. and Gen. 

7.819 

London life - 

LS26 Equitable Life 

3,300 Standard Life 

7.783 

Friends Provident 

L734 London Life 

3,217 Norwich Union 

7.594 

UJC Provident 

1,734 Standard Life 

3,122 Sun Alliance 

7.465 

Irish Life 

1,723 Ecclesiastical Life 

3,112 Scottish Widows 

7.376 

Clerical, Med. and Gen. 

1,718 Friends Provident 

3,110 Equitable Life 

7,324 


Source: Money Management 


Investing offshore with a clearing bank 


IF THERE is one name cal- 
culated to inspire confidence in 
the far-flung expatriate it must 
be. .surely, that of Barclays 
Bank. famHiar from the High 
Street branches at home antk— 
for those expatriates with 
memories long enough — from 
Barclays DC O. that pillar of 
colonial society. Barclays DCO 
has gone, bur the bank is doing 
its best to retain its influence 
in the far corners of the world 
with wholesale banking through 
Barclays Bank International for 
the locals. a «d * clutch of off- 
shore funds for the expatriates. 

As the table indicates, few of 
those. rWith any claim to 
longevity can likewise lay claim 
to an outstanding performance 
—Barclays Unicorn Overseas 


Income being the shining 
exception to that rule. There 
are, however, reasons for the 
poor showing, in particular, of 
the Isle of Man funds: they only 
came under their present 
management four ' years ago. 
And performance of Manx 
Mutual in particular — an equity 
fund with a heavy investment 
overseas— has been dogged by 
previous misfortunes with back 
to back loans and an unfavour- 
able movement in exchange 
rates. 

Of the bank's offshore funds, 
the portfolios of both the Isle 
of Man Trust and. the Inter 
national Income trust contain a 
proportion of gilts— which ■ is 
reflected , in the level of their 
yield — • while the Channel 
Islands Overseas Income fund 


is entirely invested in gilts and 
cash, and the brand new' Uni- 
Jjond (to invest -in Eurodollar 
issues) is 75 per cent. liquid. 

Obviously the ’ two dollar 
denominated funds are only 
available for investment by 
those who have estahUshwt resi- 
dence abroad/' not merely' for 
the purposes of tax, but also for 
those of foreign exchange. 

In the case of both the 
Channel Islands funds, and 
those based in the Isle of Man. 
it is passible to have income 
reinvested— in fact in the case 
of Greater Pacific you can’t get 
■income out if you want to. since 
it is an accumulation fund. In 
each case, too. having made the 
minimum initial purchase, it is 
possible to put smaller amounts 
of money in on a regular basis. 


FEW ORGANISATIONS in the- 
investment world can outface 
M and G. It is not just that a 
large proportion of the funds 
under the group's investment 
management perform consis- 
tently well — though they do, as 
many of M and G's unit holders 
have cause to know. It is toe 
air of solid rectitude as well: 
the quiet aspirations to moral 
leadership. It comes, then, as 
something of a shock to dis- 
cover that in its origins 
M and. G was— well — quite 
colourful, . 

Municipal and General Securi- 
ties was in fact formed in the 
early 1900s to outmanoeuvre the 
Finance Minister of a defaulting 
South American republic. The 
man said the revolution -had left 
bis country loo poor to meet its 
debts: so some of his civil engi- 
neering creditors floated Muni- 
cipal and General to provide 
him with the wherewithal. 


Motor 

boms 


Background to a 
British institution 

From such goings-on — strange investment strategy and tactics 
to our lily-livered later 20tb- in the big City offices that took 
century sensibilities — M and G out onto the Thames. He pre- 
was most emphatically redeemed sided over the expansion of 
by the arrival, in the early M and G — not its first steps into 
19305, of* Ian Fairbairn, the unit trust business, which 
athlete, graduate of ' LSE, had been made in the early 
idealist, chamois hunter and 1930s. in the aftermath of the 
“ Unde Ian " to present market- Great Crash, with the formation 
ing director John Fairbairn. °f the First British Fixed Trust, 

Uncle Ian was evidently several but over the development of 
sizes larger than life. He has tb® managed fund idea, intro- 

been ten years in h-is grave: but Auction of the first (£10 a year , clllUfc _ 

only now is M and G challenging maximum) savings plan, expan- Kleinwort Benson), and which, chare ° which can add quite con- 

some of his precepts: his ban, “on «*to pension fund manage- inter alia, now funds the Esmee s jderably to the costs of deal- 

far instance, on the payment of merit and the first steps into Fairbairn chairs established for = nfi 

marketing allowances to finan- nnit-linked life assurance. the spread of economic and 

eial intermediaries. Ian Fairbairn also gave his financial knowledge at various "Stock Exchange Investment 

■ He was. says John Fairbairn. wife’s name to the charitable British universities. M and G and You. available from The 
“ somewhat austere,” and M and foundation which now owns itself may now be making its P rinzte Client Department. 
G s management sat at his feet almost 40 per cent of M and G’s own terms with the more rigid Griefeson. Grant and Company. 
— more - or less literally, when shares (a similar proportion is of the precepts of Uncle Ian, P.O. Box IPi, 59 Gresham 
they came together to mull over owned by merchant bankers but his influence lives on. Street London EC2P 2D S. 



cedure 

investments cun I buy?" "What 
about Unit Trulls?" "How do I 
sell?"). But it also tackle* one 
or two questions Of principle 
which are, perhaps, more basic 
still. Notably: "Why should I 
buy Slack Exchange invest- 
ments?" 

And the answers are very 
sensible: to obtain a return, to 


all, because “the choice of in- 
vestment is much wider than 
anywhere else. You can go for 
maximum safety or accept some 
risk. And it is much easier to 
suit your investments to your 
personal needs and your tax 
situation." 

That is a point worth making. 
So too are the brokers’ conten- 
tions that your investments can 
be as secure as you wish, and 
that they can be easily and 
quickly turned into cash: for 
nearly all investments quoted 
on The Stock Exchange, ** there 
is always a price." Where 
perhaps they slip up a little is 
in discussing the cost of deal- 
ing. It’ true that they go into 
the identifiable costs — stamp 
duty, commission. VAT and 
contract stamp — but they don't 
discuss the spread between the 
buying and selling costs of a 



The recent rise in the U.S. stock market, 
ccompanied by record volume, suggests the 
jrt of buying opportunity seen in the U.&L. early 
1 1975. This rise has featured dramatic 
icreascs in the share prices of "•Blue Chips 

rrident American Growth Fund 

This authorised unit trust, managed by 
chlcsingcra, is effectively 100% invested in 
ailing U.S. companies. Whilst sccond-lincrs 
jvc proved specially resilient over the last year, 
ie recent sharp market rise has featured the 
lares ofleading Companies. 

The fund’s r Blue Chip” portfolio is still on a 
iw valuation base with the shares looking very 
[tractive relative to smaller issues. 

’he case for investing in theUSA. 


-.Standiird & Poors 500 Index y. 97.07 


20 Vcar Average 
19S7-I97S 

1977 

1978 

Estimated earnings 
Prospective PK Ratio 

1S.5X • 

*10.95 
8.9 \ 

slj.95 

8.2x 

1. ftinmird )>n ideuds 
Prospective YkW 

3 . 5 -;. 

s4-b0 

4.7‘o 

55.25 
5.4 ^ l -o 


At current tevcis. 

hairthe IDycar average price caroms* 
i ami ridding some 55 ‘‘ "~~~ 

c. 

poqraphicul 

■si Heal iott / 

This chart shows the { 
of i lie five largest » 

k markets as a \ 

enlace of the iota I \ 

world's stock markets. \ 

: the U.S. domination. 

»idlng the dollar premium 

Recent press comments have drawn attention 
c problems of the dollar premium. The 
:nt American Growth i un d nukes heavy use 



of back-to-back loan fad lilies, largely to avoid 
the problems of the dollar premium. However, 
Schlcsiogers are constantly monitoring the 
fluctuation:- of the dollar premium and will 
channel a greater proportion via the premium 
when it is at low levels. 

Schlesingers’recommendation 

For several months Schlesingers have been 
strongly recommending that every private 
portfolio should include 15-25? £ in American 
.securities, concentrating on the major“bIue 
chip” companies. 

Investors who have not already achieved this 
level should therefore act now to build up their 
investment in the U.S. market to 15-25% of their 
total portfolio. 

Trident American Growth Fund is aimed at 
capital growth through investment in a broadly- 
based quality portfolio of leading U.S. shares. 

The estimated gross yield on the current offer 
price of29.Ip is 1.94%; - 

PI MS - A n niqne Service 

Minimum investment in the fund is £500. 
Investors of £2,500 ormore will receive 
Schlesingers' Personal Investment Management 
Service (PIMSi, including portfolio reports and 
valuations, invitations to meetings and advice on 
personal financial planning if required. You 
should regard your investment as long-term. 

Remember thatthe price of units, and the 
income front (hem, may go down as well as up. 

General Information .... . . 

TolmaM. im mpHwnlM JiU imm » III 6c allocated it the 
piKi ruins 4>n reww of 5'oiir cheque. A cunimfi mile will be by 

return. Ihcl'nit Price and yteW arcrublWtal dally In lBrtlns 

new mu pen. TwSeOui’lu-iMtrtyiefBmiuufCCrtlttaueflfvn'prUreir 
e Wfc'i .nl wi il« thh*. PuyinaU IS normal! y irwOc vntitm dun n our 
■cvritlncthc rcnuiuuxi] certificate. Cranrabihw of i a?w » M he pal J to 
■ cvcnKd jceni;-. t ftu-BCM An inJilol dune vf 5?J. U included In iftc 
offer prfcc. A ctU/EE nl UB annual I3K of <piu» V ATI ill llK 14IUC 
ft ■ he lurid b. lied wiled Irma (WS ino»tK toward* admlnUirsliifc 
t weavs. TtmimsM •*«“«* BsakTtwt Comrnmv LU. Amfifora; 

IVui. Mantk'li.MIli'hell ACol Uunmi SddeJnSCT Trial 
Manager* Lid. IP H=n»**r Square. London W.l. Rttfttrml In 
In* Und, No.y35SS$. McMbmuTriwL A Tnw AnodailoiL Hih oITcf 
l! mu JVJQjDlc <» ro-Uems of TOc KcpuCKb: of Ireland. 


<riiiptimTpr<-snedafistsint)ie n)anat;aiientofprivaie.institutinnalandpensionfun(lj 


Schtesmgtff Trial Mawupl 
South Sired. Dot king, 5ui 


irs Ltd., 
tiiircy. 


ish to invest [7 ' 

inuiKittUO) I--- 




I ^minimum HWOl 

. in the Trident American Growth Fund at ihepnce 
j| ruling on receipt of my cheque. 

I I would like farther information, including | | 

details of Stare Exchange 1 — 1 

I A cheque * enclosed in remittance* made pajablc to 
Midland Bank Limited 


IBE6IIUV uiOit* - * 11 

Territories nad that 1 am not acquiring the unu as a nomine# 
of soy person midmtauuideUMTeniioilcs.iIfyonaic , 
.mnhif-io make Iho tteclnraUon. » should be deleted and this 
anphcaiion form ihouIJ then be lodged ibrougb yourUJt. 
bank.&ioctibrokM - or loUcnorl. Mmota camwi be resotered, 
arrouniiidiHagaaica-wllh their iailhta will be aasptfd- 

wriwi 

- nafnm 


JhatawKS. 

Addiessv— 


^^^ofaloiia«Wyli«dopall«ugriKn.) 


.Data; 



ALL ; OF US motorists have 
become used to paying more 
each year to insure our cars. 
But it Is possible to shop around 
the motor insurers to find a rate 
that is cheaper. And the evid- 
ence is that so many motorists 
are doing this that the insurance 
companies are sufficiency per- 
turbed to take some sort of 
action. - - . : . 

Certainly the rises that have 
been announced so far this year 
have been far less than antici- 
pated by- leading analysts 
specialising in this field. Now 
one leading insurer, the 
Cooperative Insurance Society, 
has announced a bpnus scheme 
that is good news for two-thirds 
of its 700.000 policyholders. 

. Motor insurers fix their rates 
taking into account the antici- 
pated number of claims and the 
expected increase in their- cost 
of claims. The latter depends 
on several interacting factors, 
the cost of spares and new ears, 
the cost of labour and the size 
of settlements made by the 
courts. The underwriter has to 
anticipate the way inflation will 
affect these costs and allow for 
it in his calculations. When 
inflation was rising rapidly in 
1974 and 1975. underwriters 
consistently underestimated the 
inflation factor, with the result 
that rate increases twice a year 
were quite common. 

The more prudent under- 
writers allowed for a high rate 
of inflation and as a result saw 
their competetive position pro- 
gressively undermined because 
they charged more. But now 
that inflation has fallen con- 
siderably, their motor accounts 
are producing underwriting pro- 
fits. The 1977 motor underwrit- 
ing results have been patchy, 
with some companies running 
considerable losses while others 
have shown healthy profits. One 
reason is the size of previous 
rate increases. 

Most insurers have given such 
profits to shareholders, as some 
compensation for previous 
losses.. But the CIS. with a pro- 
fit of £3.5m. last year, has no 
shareholders, so it has decided 
to give some of mat profit back 
to the motorist The bonus will 
take the form of a al per cent 
reduction on the next premium 
for motorists who have been at 
least three years with the 
Society. This nits .toe rate in- 
crease to about 2 per cent — a 
level unheard of in recent years. 

Not only does this method 
encourage motorists To stay with 
the CIS,, but it rewards the 
loyalty of those- who remained 
with the Society at the time 
when rates were rising rapidly. 
It also gives the underwriters 
more freedom tp be cautious in 
their rating, since any excess 
profits will go back to the 
motorist.' ** ©titer -insurers atari 
follow this lead. 



Investment opportunity 

To many experts the USA currently 
appeals a particularly interesting 
investment prospect For although 
share prices have recently been 
close to a three year low, the 
American economy retains great 
intrinsic strength, backed as It is by. 
a wealth of natural resources, a 
highly productive agricultural 
sector, and the largest and most 
technically advanced industrial 
sector in the world. 

Furthermore, the rec.ent rally on the 
American market has shown that 
recovery can be both sudden and 
swift.. 

Nat West expertise 

National Westminster's Universal 
Fund has been designed to caterfor 
the needs of investors looking for a 
simple and effective means of 
gening into overseas markets - 
particularly the USA where 70% of 


ationa 


Send to: National Westminster Unit Trust 
Managars Limitad, . 
let Cheapsida, London EC2V6EU. 
Telephone enquiries: 01 -606 6060 ext. 306 B 


the Fund is currently invested. 

The fund was launched only 1 3 
weeks ago - but already it has 
grownln value to over 
£4.5 million. 

It is actively managed by a small 
panel of specialists from the National 
Westminster Group and Commercial 
Union drawing freely on National 
Westminster's world -wide 
connections. 

The Managers aim is to provide • 
maximum capital growth from high 
quality international shares, and 
apartfromtheUSAthe Managers 
have invested around 1 0% of the 
Fund in Canada, 1 0% in the Far 
East and 1 0% in The U K, 
concentrating on companies with a 
high overseas content. 

As with any unittrust, investment in 
National Westminster Univerai Fund 
should be regarded as long term. 
Please remember that the price of 
units and the income from them can 
go down as weil as up. 



I /We wish to Invest 1 ^ 

(minimum initial investment C500j in ■ 

National Westminster Universal Fund U nits at the price ruling when this application is received. 
For your guidance the overprice of units on A May 1 S7B was S?.Sp each giving an estimated gross 
curreniyield of E2J096 pj. (This is equivalent to a net yield of £1 .45% p.o.) 

D o not send any money : we will sen d you a Contract note f or the a mou nt p ayable. 

Funfiwtnamefsl MrJMta/Mcs ' 

Surname: 

Addnss 


//W'e declare MW* f am furt an not resident outside the Scheduled Territories las defined in the Bank of England 
notice CC/1 end that I tunlwc are not tnuking We units as the n o'mlnce(s) of any personas) resident outside 
these torttmes V> you am uiubte » mafce tills declaration I; sttouid ixs delated end We lonn (edged through your 
tunK, suwkbroWr wBoUE|toiiJ am I We a tt ovettheaueofia. 

Signaium(s) I- - ' ’ ■ 

National VVestnwista UnhTtusi Managers Limited legtsteted In England No. 9073) 0. 

Regrcwred OHl»» 4 « Lotlitxjcy, London 6C2P2BP 


How to invest 

The minimum initial investment in 
the Fund is £500. 

Vou can purchase units simply by 
completing the application form 
below and returning it to the address 
shown or taking it to any branch of 
National Westminster Bank. Do not 
send any money. We will issue a 
contract note showing the amount 
due and forward a certificate within 
42 days. 

Additional information 

Distributions of net income will be made half yearly 
onlBJunBandlS December. Foryourguidance. 
the offer price of units on 4 May 1973 was 62-Bp 
each giving an estimated gross current yield of 
£2^20% p.a. (This is equivalent to a net yield of 
£1.45% p.a.) Units can always be bought at the 
prevailing oiler price. Thecurrcnioffarand bid price 
a nd estimated g ross yields are published d ally in the 
press. If you wish, you con buy umls from yourown 
bank, stockbroker, solititororaccounianl. A 
commission ol 1 i%ispayab1c to approved agents. 
Th« offer price o! units includes a preliminary charge 
of 5%.Therea!tera hallyearlychargeo! 18.75p plus 
VAT for each £ 1 00 value of the Fund is ded ucted 
from the g ross incoma oftheFundio cover 
administration costs. 

To seiluniresimplyrelum yourcerriFicale(s) duly 
endorsed and you will race ive the cash value in a 
ftrvydays. 

The Management Co mpany is National Westminster 
Unit Trust Managers Ltd. 

The directors am: R Leigh* Pemberton DL 
(Chairman), R W Anslico. E A Barnes. A H A Dibbs. 

J F G Emma, P J Jacobs. J F Morton, J M F Padovan, 

SirFrancisSandilandsCBE,JH Webb, 
PWWilkinson. 

* National Westminster Unit Trust Managers Ltd 19 8 

mwnberofthflUnitTrust Association. 

TheTrasteeis Royal Exchange Assurance. 
Thlsisa-widerrangc'-ffusreeintfcstmenL 
This off er is not available to residents of the Republic 
of Ireland. 


F 92 




s 


Financial Times ‘Saturday ‘May "6 1978 


YOUR SAVINGS AND INVESTMENTS 2 


An end to matrimonial 

means 


ALTHOUGH the emotional 
problems inherent m a divorce 
remain the same the technicali- 
ties at least have become less 
complicated in recent years. 
The idea of matrimonial offence, 
and the existence of a guilty 

party have all but disappeared. 

and to obtain a divorce it is 
now only necessary to show that 
a marriage has irretrievably 
broken down. 

The most common way of 
showing this is where a couple 
have lived separately for at 
least two years and both agree 
lo a divorce. OF course if 
the separation amounts to a 
desertion, then the deserted 
party can petition for divorce 
after two years, whether the 
other party agrees or not. 

After five years' separation 
a divorce is usually granted 
despite the objections of the 
other parti - . To prevent it it will 
have to be shown either that a 
divorce would cause grave finan- 
cial hardship, or that, having 
regard to all the circumstances 
of the marriage, it wouid be 
wrong for it to be dissolved. 
Hardship here relates not just 
to circumstances as they are at 
present but also to the loss of 
future, benefits such as pension 
rights. 

Adultery as such is no longer 
a ground for divorce, bur if the 
aggrieved partner claims that he 
finds it intolerable to live with 
his spouse after such an event 
this in itself can give rise to a 
petition on the grounds that 
the marriage has irretrievably 
broken down. 

The final ground, covering a 
multitude of sins, is that the 
spouse has behaved in such .a 
way thar the petitioner cannot 
reasonably- be expected to con- 
tinue living with him (or her). 
This, of course, depends on all 
the circumstances in each case. 

Normally a marriage has to 
have been in existence ‘ for 
three years before a divorce 
can be granted, but where there 
has been exceptional depravity, 
or hardship would be inflicted 
on the petitioner if he (or staei 
wa^.made to wait, the court can 
be-asked*to reduce the -limit. 
Judicial ■ separation can. 7 of 
course, be obtained at any time 
during the marriage. This will 
be done through a magistrates’ 
court, which is empowered to 
make orders regarding main- 
tenance and custody of the 
children whether or not divorce 
proceedings have been started. 
However, such an order for 
maintenance would he ter- 
minated on proof of adultery 
by the wife. 

Application for interim main- 
tenance is usually made at the 
same time as the petition. Such 
interim maintenance will often 
be converted into a permanent 
order after the divorce. How- 
ever, where there is a dispute 
the matter will he decided in 
informal proceedmes before the 
registrar, unless it is particu- 
larly complicated, in which case 
it will be heard before a Hiah 
Court judge in chambers (with 
resulting heavy costs). 

A spouse can state that she 
for he) wishes to take part in 
proceedings and discussions 




Growing rich in 
service 


\ i rj 


about finances, children and so 
on. whether or not she wishes 
to defend the divorce. It is 
important to remember here 
that although a divorce will 
be less unpleasant and also 
quicker and cheaper where the 
behaviour of the parties is 
not disputed, the issue may 
be of importance after the 
divorce when financial arrange- 
ments are being made; previous 
allegations which were not 
denied cannot be refuted at this 
stage. However, it is only rarely 
that such behaviour will make 
an appreciable difference to the 
settlement, as the registrar will 
normally be more concerned 
with the needs of the parties 
rather than their marital con- 
duct. His aim will be to put 
the two people concerned, and 
their children, in roughly the 
same financial position as they 
were before the divorce. Usually 
there is insufficient money to go 
round as it is difficult to main- 
tain two households in the style 
to which one was accustomed. 
As a general rule, property 
acquired jointly is split equally, 
and the wife will be entitled to 
one-third of their joint incomes 


DIVORCE 

HELEN WHITFORD 


later if - the circumstances of 
either party change. 

Transfers of property between 
spouses should, as far as 
possible, be made before the 
decree absolute as up until 
this time the; wfli be totally 
exempt from capital transfer 
tax. Later they will only 
receive such favourable treat- 
ment if they can be brought Mike Wilson 

within another exemption, or if rr re a ■TPr'TTr i- prv wm-i., 
they qualify as dispositions for SuS& 

the maintenance of the family. si ncere!^ants to b7««ne riS 

the divorce be treated as single 1 J own account; 
people. Voluntary payments out ® d any ' 

of income have no tax conse- h . s *ff tin IL ls,s * or 
q uen res. They are neither „ « scratch will 
deductible by the husband nor > worta “* ■ * 

declared by the wife. So they Why. 

are not advisable, unless the ~^ CeUi - Se J tC Lf[ et a * iead a 
husband lives abroad. Small T ? “ dUS ^ 5 ' 0U d0nt need 
maintenance payments under a “»"«y to. start 

f*nurT order (that ic those for uB^d work, some flsir* 

less than £52 per month), are and a friendly bank bright young men whom Ford 

paid in full, and the wife is ““W provide an adequate took on in the heyday of the 
liable fnr rhe tax. Lareer cum* initial capital base. This is why graduate trainee in the late 

shonW be S iPVEi s^ tnaivy self-made men are in 1950s. He ended up-or maybe 

at the basif rate and thf industries like catering (look one should say he started out 

wife can Then tSaim tte at Slr Cha f! es !?.*«• T”®”* Ford ’ s B H ritish 

oaid ifherincoSissuffidenttv serrices Freddie Laker) or manager ever (23)— in charge 

low ’ or otherwise brokin S fMark We “' "Sff'SKSS 1118 COmmercial 

£25? S SSL o, £ « bi—r. M' ITZto rd-s dismay, 

own tax The^usband can then 1,01x1311683 jt ’ 5 8:1311 * 05SibIe t0 I«ft to become an academic— a 
deduct^the ‘Tossmnount 1 from raake a milli0Q or tw?0 1n tast ^turer .at the . Institute of 

food or television:but service Marketing: and- two yea re later. 
Ulimf" ratpf industries are becoming more with a wife, a foiir-weeks-old 

rene ai tne gner . sophisticated. Witness the story baby, .and a two-room rented 

It is often wise to give con- 0 f Mike Wilson, who started up flat in Swiss Cottage to support, 

si derail on to whom the main- in business on his own with a and business worth £234 a 
tenance payments are to be capital of £74, and now operates month to rely on, be started out 

made Thus to eive enough out of reconditioned splen- in business on his own. 
made Thus to ewe enougn dour of offices ln Regents Park He offered — by way. inter. 

directly to a child, so as to f a jj 0 ve). and is worth maybe olio, of letters to some of the 
take advantage of his personal £500,000. people he bad taught at the 

allowances, rather than to the — " t— — i. n . 

already taxed parent for his 

maintenance, can result in a THE VOLUME of transactions 






Mike Wilson was one of the 


loM — to provide a consultancy 
service on marketing, to train 
staff in sales and marketing, and 
to organise sales conferences. 
And “the response in the first 
six months was such that I 
advertised. It was obviously 
impossible to manage on my 
own, though I thought I would 
potter along for a couple of 
years before taking anyone an." 

He took on another former 
teacher, John Lidstone, in early 
1965. "That was a big risk," 
he says now. "It represented 
the biggest ever proportionate 
increase in overheads: it grew 
easier to absorb new people as 
the business grew itself." And 
it did grow. By 1967 there were 
ten people employed in the 
business: now there are 65. ten 
of whom arc based in Europe. 


The turnover has risen from 
£100.000 to £lm.-plus within the 
past eight years. 

What Marketing Improvements 
Ltd. sets out to offer is a solu- 
tion to problems. Two-thirds of 
the business now is consultancy 
— what you should sell, where 
you should sell it, what you 
need to do to revive a tired 
product range, how you should 
launch yourself into Europe, 
Most of the rest is training- 
arranging conferences for firms 
or even industries. 

The assets of the business are, 
essentially, -the expertise of the 
people it employs — including 
the people it employs to do its 
own management: the. financial 
controls have always been very 
stringent Mike Wilson and 
John Udstone. have in fact dele- 


John Lidstone 

gated ail the administration, no 
the argument that they will be 
much more usefully employed 
in working on the business 
rather than its administration. 
"People come into consultancy 
because they like it." Mike 
Wilson says: " they like the con- 
tact with people, and they dn 
not like pushing people 
around." ^ 

Success of course creates its 
own problems. The takeover 
approaches are not -now as 
frequent as -they once were, 
since MIL is one of the biggest 
in its own line of business, and 
if there is any taking over lo 
be done, the company is likely 
to be doing iL In any case, 
since the company has always 
pursued a policy of. paying no 
dividends, the owners — Mike 
Wilson, his wife and . John 
Lidstone — would be left with 
a grotesque tax liability if an£ : 
one were to buy them out. So 
it looks as though they will be 
staying with the business they 
have developed so far. They 
reckon that there are ■ still 
plenty nf challenges to tackle — 
most notably the challenges 
overseas. Until the dmmi- 
stances fbat is just as well 


A 


less her own income. But 
in deciding each particular 
case regard is had to the 
income aud earning capacities 
uf both parties, together with 
their present and future 
resources. Also such things as 
the length of the marriage and 
contributions made by each 
party, including looking after 
the home and family will be 
considered. Lump sums can be 
awarded instead, or in addition 
to, periodical maintenance pay- 
ments — which. it should be 
remembered, will automatically 
stop on a remarriage. Children 
will almost invariably be main- 
tained. whether or not the wife 
is entitled to receive anything. 
It js usually advisable to ask 
for a nominal maintenance 
order for the wife or the 
children, even if there is no 
reason to receive more, as it 
will then be possible to ask 
the court to vary that order 


tax saving. Also by increasing handled by the London traded 
the wife’s maintenance where options market continues to 
she owns at least part of the grow as more brokers and their 

house, so that she is then addtifonto ** bigSBr Sydney firras 

responsible for that proportion | 06S "*? .?* mVrket This started to -take an Interest and 
of the mortgage, it is possible JJ q ,. growth was a brin S their institutional clients 
to release part of the tax-free o^e 2frmontS)ld along with them-’. 

£25.00° mortgage allow-ance for Svd options market. The design- of the market 

the husband to use on other t| « * neither it nor other closely follows the United 

property. In the same way. if ilatQrs have matched the States example and a member 
the husband agrees to pay “i, recorded by of the American Stock E* 

certain bills it .is important .. big daddy ''of (hem all, change. Mr, Bob Reid, was era- 
that 'he should -agree to give Chicago Board . Options ployed as a consultant to advise 
the wife the money to cover ’ partly on Systems but predom- 

Vhe payments rather than pay __ q T dnev market is now taantly on marketing the traded 
them directly himself, as other- defving p re dfctions that it will options scheme to brokers, their 
w!se such payments would not bg ' force |j t0 ciose But it is clients and lo an ignorant but 
be deductible. • stU1 'a amng market:, despite sceptical press. The system m- 

If no children are involved measures taken to keep in- corporates floor brokers, reqis- 
and the case is undefended, terest alive among the market l6red . traders and a central 
divorce can be simple and makers (registered, traders as clearing function, 
cheap. The parties can often they are called down under). One peculiarly Australian 
handle the paperwork them- the’stoekbrokers and the clients, factor that must be taken into 
selves, and even an appearance Because of its hesitant past and account is that the market 
at court will be unnecessary— its uncertain future it makes an began in the wake nf the poli- 
divorce can be obtained by interesting case study for users tical ( and to some extern 
posi. In other cases, however, of the London options market, economic) trauma surrounding 
especially where there are dis- a loose collection of small and the sacking of the Whitlam 
putes over children or pro- medium sized Sydney brokers Government and the landslide 
perty. the costs can run into were 1 largely responsible for victory- of the conservative 
hundreds or even thousands of planning and pushing the estab- coalition led by Malcolm Fraser, 
pounds. One ray of hope here Ustfraent of the first options The market in underlying 
for the impoverished spouse is bpard beyond the shores The shares was • still . adjusting to 
that, for the purposes of cheap American continent. Most were (he change and there was a 
legal advice and for legal aid., either Involved in or had.some Stowing content of euphoria in 
the husband's and wife's: 'contact with the nacent com- share prices, 

finances will, where there are modity futures market that was When this expectation was 
disputes between them, be struggling to find its feet in not realised there was some 
assessed separately so that the Sydney. Being small, nnd rela- disenchantment with equities 
fortunes of one will not prtju- tively new firms, they had little and also with the new options 
dice the eligibility of the other institutional contact and Their market So The pattern tended 
for such assistance. business came essentially from to follow the underlying share 

individuals. As the move to market — initial growth followed 
establish an options board by a plateau and then a decline. 



London 




Anglo American 
Investment Trust Limited 


(incorporated in the Republic of South Africa) 


The review by the Chairman, Mr. H. F. Oppenheimer 


T refer members to my statement to the 
shareholders of De Beers Consolidated Mines 
Limited, which is included with this report 
and in which I renew the diamond industry 
and the progress of the Dc Beers group during 
1977. My comments here are therefore con- 
lined to the results of your company. 

As a result nf higher dividend payments 
by De Beers and by the diamond trading com- 
panies. in which Anamint has substantial 
interests, the company’s profit after tax (or 
the year to March 31 197S rose from R44 123 
million to R64 634 million, representing an 
increase of 46 per Cent. "Includedin this pmflt 
is the receipt of both the interim and tbe final 
De Beers dividends for 19«i totalling 51*. 5 
cents a share representing an Increase of 50 
per cent over the De Beers dividends of the 
previous year. After deducting the preference 
dividend. Anamint** equity earnings for the 
year amounted to R64 million or 643 cents 
a share, representing an improvement of 205 


ccni6 a share over the same period last year. 
The company's xotal dividend distribution for 
the year increased by 190 cents to 600 cents 
a share. 

During the year Anamint purchased a 
further 42 345 shares in The Diamond Pur- 
chasing and Trading Company (Proprietary) 
Limited, thereby increasing its bolding in that 
company from 16.7S per cent to 1S.47 per cent. 
The acquisition of these shares enlarges the 
company’s interest in the marketing of gem 
and ncai^gem diamonds. Taking into account 
the market value of tbe company's listed 
investments and the directors' valuation of 
tbe unlisted investments, the net worth per 
Anamint share ar March 31 1078 was 6 126 
cents compared with 4 468 cents at March 31 
1977. This increase is mainly due to the 
improvement m the price of De Beers shares 
on The Johannesburg Stock Exchange From 
415 cents a share at March 31 1977 to 543 
cents a share 3t March 31 197S. 


Features of the financial statements 



March 31 

March 31 

March 31 

• 

197S 

1977 

1976 


R000s 

Boon's 

ROOO's 

Equity capita] and reserves 

5S2JS 

53 S04 

51071 

Listed investments 

Book value 

464U 

46411 

46394 

Market value 

520123 

39S 345 

303 505 

Unlisted investments 

Book value 

11656 

6 960 

6 960 

Directors' valuation 

92 343 

47 943 

50425 

Equity earnings 

64334 

43S23 

49 654* 

per libare 

643 cents 

435 cents 

497 cents* 1 

Dividends on ordinary shares 

60 000 

41 000 

30 500 


600 cents 

410 cents 

305 cents 



— 

■ — 

Number of ordinary shares in issue 

10 ooo ooo 

10 000 000 

30 000 000 

• Equity earnings relate to a financial 

period of fifteen 

months. 



OPTIONS' 

TERRY OGG 


The Sydney Stock Exchange's 
annual accounts for 1976-77 
show that the value of contracts 
traded reached a peak of 
SA7.6m. in August 1976 and hit 
a low of only SA673.00Q in April 
1977. Each Australian options 
contract is for 1.000 shares in 
the underlying stock and the 
figure reflects the value of the 
striking price plus the premium 
paid for the option. The average 
monthiv value of options traded 
during 1976-77 -was SAIL Pm. In 
volume terms the monthly high 
was 21.500 contracts, the low 
was 6,000 and tbe average was 
12,600. The current dally aver- 
age is around 250 contracts, with 
exceptional -peaks of 2,000 con- 
tracts. 

When, the market commenced 
there were six registered traders 


(market makers) operating and 
they had the responsibility of 
making markets in each of. the 
series. Almost from the .outset, 
however, they found difficulty m 
making returns commensurate 
with the risk, and the number 
began to dwindle. Part of the 
problem was the high cost of 
dealing. 

Another problem was that 
some, stocks tended to be more 
volatile than others and some 
registered traders made a 
reasonable living while others 
starved. The number of regis- 
tered traders has, as a result, 
fallen to two. There are hints 
that a third might begin opera- 
tions but be bas yet to appear. 

lii July- 1977 Woodside 
options were the most keenly 
sought after, with Western 
Mining - and BHP options .also 
traded. There was little or. no 
interest in the remaining two 
stocks. Bougainville and C$IL 
. As interest waned in the last 
haJf.of 1977 tbe Sydney Ex- 
change initiated moves to re- 
vitalise activity including re- 
ducing overheads for registered 
traders. A further step was 
taken when two new stocks. 
Bank of New South Wales and 
Woolworths, were added to the 
list. There was some specula- 
tion about the introduction of 
traded put options, whicb would 
have enabled options traders to 
take advantage of the bearish 
tendencies in the market, hut 
nothing materialised. 


Ln November and December 
last year there was growing con- 
cern amongst the business aiT3 
investment community thdt 
Gough Whitlam might lead the 
labour opposition to victory in 
the general election of 1977. As 
a result several interesting 
option deals were done, whi-'h 
were designed jto .enable, jn- 
vestorij to'hedge thefr*bets oif a 
post-election market. But these 
were really exceptions to . a 
rather dull period for option'. 
With the coalition back in pow er 
and signs that inflation and 
interest rates were coming down, 
there was some renewed interest 
in equities. In . particular, the 
market leader, BHP, started, to 
move upwards. This interest, in 
the. underlying slock carried 
over into the options market, 
and BHP options became 
actively traded. But the .in- 
terest seemed to be .more .ip 
acquiring BHP shares than mak- 
ing gains from options trading 
as most BHP options were exer- 
cised at the end of March. 

The pattern in Australia ’ is 
that the large institutions a Ye 
tbe writers of options and life 
buyers tend to be individuals. 
Options generally are hefil 
almost to the end, then sold oiit 
or -exercised. ' - 1 ' 

In summary the Syd.iey 
market suffers most from being 
relatively small and. Isolated 
The education programme which 
accompanied the launch of the 
new market failed to cover ihe 
necessary audience'' and. apart 
from occasional visits by United 
States “ experts." was not a con- 
tinuing programme. 


Teaching 

trustees 


ONE VITAL duty of pension 
scheme trustees is to invest tbe 
contributions and other money 
received, to ensdre that the 
benefits laid dowm. under trust 
can be met. But few. if any, 
trustees are equipped to do this 
themselves, and they have to 
delegate the task to the pro- 
fessionals. One way of doing 
this is to invest in the units of 
exempt pension funds managed 
by life companies or other 
financial institutions. 

The life companies often 
offer trustees a choice. Either 
the trustees delegate all invest- 
ment decisions to the company 
by investing in a mixed fund. Or 
the life company manages the 
various funds — equity .-property, 
fixed-interest or cash— and the 
trustees decide, with or without 


consultation with the company, 
on the mix of pnits. 

This week. a pensions 
seminar was held.. by Provident 
Mutual Alan aged Pensions Fund, 
at which the company reported 
on its 19/i results and indicated 
its investment policy for the 
future. Although this company 
is small, with only £5m. .under 
management, it felt that clients 
wfere entitled to get' a complete 
picture of what is being done: 

The presentation ■ - was 
impressive. To start, with, the 
investment experts used 
straightforward language. s» 
that the .intelligent layman 
could understand fheir reports. 
There was. a liberal use of 
graphs to emphasise perform- 
ance, but no raafe of detail. The 
company compared its per- 
formance not only with other 
funds, but against the Retail 
Price Index, even though this 
rook some of the apparent gloss 
off its performance. And it was 
quite prepared to admit il$ 
mistakes. 


The 42nd annual general meeting of Anglo American Inoestmerif Trust Limited i tiU be 
held on 6th June, 197S. Copies oj the Chairman's ren-wu; together i«ih die annual report 
and accounts, and the De Beers chairmans statement are obtainable from the London office 
of the company at 40 Holborn Viaduct. EClP }.\J. 


A payout for 
annuitants 

THERE WAS good news this 
week for investors with Capital 
Annuities, the life company 
which bas applied for liquida- 
tlort. They are to receive higher 
payments, within a few days, 
under the interim ' payment 
scheme operated by the Policy- 
holders' Protection Board. 

The Board announced on 
Thursday that annuity or 
guaranteed income payments 
are being lifted to 90 per cent, 
of zhe original level (from tbe 
present 70 per cent) as from 
mid-May; and that as soon as 
possible thereafter, investors 
will receive a lump sum pay- 
ment covering the 20 per cent, 
shortfall on payments already 


made under the scheme. ' As 
for those who hold policies 
under, the homeowners scheme, 
negotiations are in progress for 
an insurance company ro take 
over tbeix contracts, on the 
original terms, so that they will 
incun- no loss in future. 

.The Board's, original pjan for 
rescuing tbe company has fallen 
through, and now the liquida- 
tion of Capital Annuities will 
proceed. But thanks Jo the 
interim scheme investors will 
not suffer because of this. They 
will receive the 90 per cent, of 
benefits guaranteed under the 
Policyholders' Protection Act. 
l9/o. The change in plans will 
most likely mean higher admin- 
istration costs, but those arc 
spread over policyholders in all 
other companies as well 
Already one levy on premium 
income has been made, but the 
Board has no immediate plans 
for another- 


Extracts from the Report and Accounts and the 
Statement of the Chairman, Mr. R. H. Wethered 

The year in brief - 1978 


1377 


Total consolidated revsnue £1,779,151 

Consolidated net revenue before taxation £1 ,21 9,450 
Earned on ordinary capital 4.74p 

Dividends on ordinary capital 4.O0p 

Valuationofinvestments £24,619,506 

■ Freehold property in Great Britain and 
Australia £1,077,228 

Freehold land held for trading in 
Australia £961,781 

Investments in Great Britain 63.69% 

Investments outside Great Britain 36.31% 

Net asset value pershare „ 132p 


£1,474,015 

£947,555 

3.59p‘ 

3.40p 

£21,097,503 

£864,497 

£1,157,140 

56.36% 

43.64% 

117p 


• Gross Revenue: 

Total consolidated revenue increased by 21%. our Australian subsidiary. 
Gold Estates, having had a particularly successful year in contributing 
£300,000 to our income. 

9 Dividends: 

The total of 4p for 1978 represents an increase of 17.6% over last year 
as compared with a rise of 9.9% in the retail price index during the sama 
period. 

9 Policy: 

We have maintained our policy of increasing dividends whenever 
possible while retaining our overseas interests, having regard to future 
developments in Australia. 

Copies of the Report and Accounts may be obtained from the Secretary. 


The Faraign wd CalonW investment ^ Trust Co, Lid. 
General [nvesionianaTfustess, Ltd, ■ 

F. & C. Euratrusi Ltd. 

Centenary Fund SA. 


The Cardinal Investment Trust Ltd. - 
Alliance Investment Co. Lid. 

Foreign and National In vestment Fund SJL 
Anglo-Niopon Exempt Fund 


F&C GROUP 


1/2 Laurence Pountnsy Hill, London EC4R0BA 
Telephone No. 01 -623 4680 


V- 




V 







\AP 


9 


-Financial Times Saturday Kay’ 6 1978 




YOUR SAVINGS AND INVESTMENTS 3 


Holiday bargains are some of the best of shareholders perks . Adrienne Gleeson reviews them 

w _ , m # - jin in ii jr - — § : ...’i 1 J[ Note. too. that you to 

/» £350 at the present price), and two adults and two children in group which has in recent years '7T \ r £ f r Jn^^HudaT 

§ftV£> you need to h *vf held them the average family car. between emerged in good order from the » ■-■V:." , ‘ .. V " ' ZT.ai >'*' '-/.-A. .,5 2?* ™ 

1/ / lif V for at least a year. If you come Dover and Calais, would cost Court Une collapse, also h - •: -r : d.« V\-* : v ,i_ •*■, "-V-f 3S3H»-l?' r V: ‘J tions' and that if "vo 

J "“Sij.! .tare- £SH in the high mm, some scheme unfler whtch stare- .■ -V\ ^ ~ -V-,: 1 mK|* ^'l n T nothin* to 

• holders. Euroferries will, give £6.40 less at other times. t» MMo> w -jM* 1 *; v:: r-*-...- ... ,^5*3 V;. " i mL " Zu rifk fa 

7/JJttS you > *0 per cent, discount on your eoneession eould-sssum- ^onsiy rales on its mclustve ^ .3: HI «« -eviction t 

b Imrwuwk* ioumevs between Dover and ing that yon are in a position holidays* jX.vii-* 1 ' '. v?'. " : ■?. '.■ ..■■••■•••• -Vs*: ■.■■*»■• . ■’* ** *h* A*t* 


JS'ivBfb, 

%gh 

'jfce'lV? ?* 

i. ujLTiiVl; 

. \wMi-.v 

. '^’4 : - 


Ferry fare', 
bargains j 

FIRST OF the Mmes that i 
springs to mind when share- t 
holders’ -perks” are under dts- a 
cussion is, of course, European j 
Ferries. “Of course 1 * because t 
the deal the company offers it* 1 
shareholders is still very attra* l 
live indeed, even though the < 
terras have been revised to deter < 
those who abused the copces- 1 
slim, and even though the shape ] 
price has Increased quite j 
dramatically over the past ; 
couple of years. ] 

To qualify you need to hold 
300 shares (worth just over i 

Cleaning up 
on Sketchley 

ASSUMING that you go in for 
the sort of clothes that need dry 
cleaning, and that- you believe 
in having the job done profes- 
sionally, then the perk which 
Sketchley offers its shareholder* 

• (s one which you cannot afford 
: to ignore. Go out and buy your- 
self 300 shares and you will 
shortly receive a discount card 

- from the company: produce 
that, at any of Sketchlty’s 550- 
odd branched, and your cleaning 
bills will be cut by 25 per cent. 
Not just once or twice, either, 
hut every time you take your 
cleaning in. 

You won't, however, be able 
to use the card to obtain a 
discount on an offer that 

* has already been discounted. 
Incidentally, those who held 
their cards before June, 1977 — 


DEPOSITS 

TIM DIXON 


£350 at the present price), and 
you need to have held them 
for « least a year. If you come 
into that category of share- 
holders. Euroferries will, give 
you a 50 per cent discount on 
journeys between Dover and 
Calais or Zeebrugge, or between 
Felixstowe and Zeebrugge, 
twice a year. The discount 
applies to return journeys for 
a car and four passengers, but 
only one of those Journeys may 
be made during the period 
Marth 15 to October 8; the 
other must be made in the off- 
season. If you want to travel 
between Portsmouth and- I* 
Havre (pictured right) or 
Southampton and Cherbourg, 
you can claim a discount of 40 
par cent. 

To give you some idea of- the 
savings: a return journey for 


two adults and two children in 
the average family car. between 
Dover and Calais, would cost 
£84 in the high season, some 
£6.40 less at other times. So 
your concession could— assum- 
ing that you are in a position 
to make full use of it— save you 
£80 a year. It’s worth having. 

Wider 

horizons 

EUROPEAN FERRIES has. 
however no monopoly in its 
claim to the attention of share- 
holders as the holiday season 
approaches. Horizon Midlands, 
the Birmingham-based tour 


group which has in recent years 
emerged in good order from the 
Court Wne collapse, also has a 
scheme under which share- 
holders are entitled to conces- 
sionary rates on its inclusive 
holidays- 

You need 500 shares to 
qualify, and at present prices 
they will cost you just over 
£500. Holding them will entitle 
you to a reduction of 7$ per 
cent, on brochure prices, on 
holidays to a value of £500. for 
you and members of your 
accompanying party, in any one 
year. Note that it is a reduction 
on brochure prices: if you’ve 
spent less than £500 on the holi- 
day itself, but airport taxes, 
holiday insurance, car rental or 
whatever bumps the total up. 
you cant expect your -7$ per 
cent reduction on the extras. 






. . . > 
if' 


.I;- 

.. \ : V ‘.J '■ 


■ *'v ' ’ ‘A t/." * . 

- . > : ■ . .V. 

feisi 






when the number of qualifying 
shares was lifted from 50 to .300 
—don’t need to buy them«lyes 
more shares to retain their right 
to the discount. Their card will 
be renewed at the end of the 
year. Just like everyone else's. 

Furniture 

mark-downs 

IF, IN CONTRAST, you tend to 
spend your money on consumer 
durables, maybe you should go 
and buy some Henderson 
Kenton shares instead- Invest 
in 100 of them (present price: 
some £74) and you will be en- 
titled to a discount of 10 per 
cent, on purchases in the com- 
pany's 70-odd English and Scot- 
tish furniture stores. The 
discount is, incidentally* also 
available to unitholder s 1° 
' trusts which hold a minimum 
; of 20,000 of the company s 
shares. 


Greenhouse 

reduced 

PENTOS HAS just joined the 
ranks of those offering dis- 
counts an their products to 
shareholders. If you have a 
minimum of 300 shares you can 
claim a 30 per cent discount on 
Barker Ellis silver plated table- 
ware: a 35 per cent, discount on 
Eurcpa Greenhouses; and a 10 
per cent discount on purchases 
made in Dillons University 
Bookshops or Hudsons Book- 
shops. An investment in the 
number of shares to qualify 
will, however, cost you some 
£240, and the discount card for 
use in the company's bookshops 
is the only one you are likely 
to use at all regularly. After 
all. few people buy a green- 
house more thin oflee in a 
while. 



Discounts 
on drink 

IF YOU HAPPEN to be a 
shareholder of Grand Metropol- 
itan and you want to take advan- 
tage of the' perks which they 
offer to shareholders, you are 
going to have to be speedy 
about it You are. in fact too 
late already for the wine offer 
from its subsidiary Justerini 
and Brooks -(12 bottles, includ- 
ing a complimentary bottle of 
j and B Rare Scotch, for £23.50). 
but you've a couple of weeks to 
take advantage of the El .50 
discount available to. those who 
take a meal for two In a Berm 
Inn or Schooner Inn (left), 
which remains in force until 
May 21; and the 75p discount 
offered on Baileys Original Irish 
Cream is valid until the end of 
the month. Mind you. if rhe 
comments of disgruntled share- 


. ■H " i iMnn i i^ Note, too, that you have to 

} off your application for a con- 
Hp.v! : ■.'"■'I cessionary holiday as soon a* 

ggif you have made your reserva- 
p«|'- :•> tions: ud that if you are leav- 

: \ jng everything to the last 
kja '*£. • . ./H minute you risk forfeiting it. 

"t snee “applications within four 
weeks of the departure date 
cannot be considered.” Note 
'•* that you don’t get any priority 
c:j :",J under the scheme: it’s a matter 
of first come, first served, for 
’/* ' 1 you the shareholder as for 
^ A everyone else. And note, finally. 

that you must have held your 
shares for at least one year 
~Ucrt*» before the date of your depar- 
ture— so it's no use rushing off 
rjH to place an order in the hope of 
benefiting this year. 

IHII Is it worth it anyway? The 
|9B maximum to which you will 
ISH benefit in any one year is £37.50. 

» annual general /k f*V00Tl\} 
inything to go by, 

I the latter some- _ m 

come by: it isn't r*nOftm0 
f stocked. 

. AND FINALLY, while the 

19 Iff corporate sector may not take 

y Ini' care nf you from birth— so far 

as I know, no one. is offering a 
discount on maternity expenses, 
HUV though maybe Mothercarft 

should take note— it certainly 
RE attractive, all will look after you till death, 
ered. is the deal Should you happen to have held 
House offers rts at least 500 ordinary shares In 
Crown House Dundonlan (present value: 

sthing of a mini- £2501 lor at least a twelvemonth 
but among its before you pop off. you may do 
ks a stake in a so in the secure knowledge that 
i a hotel In Gib- the company will defray the 
,e with shares In costs of your funeral or crema- 
can obtain dis- tinn. Providing, that is. that 
to 30 per cent on you don't do things in too 
stay there organ- ostentatious a style: the e«m- 
British Airways pany (the former Dundee 
[otidays— and the Crematorium) puts a limit or 
t necessarily have £250 on the expenses which it 
it of season, either, will cover for its shareholders. 


holders at the annual general 
meeting were anything to go by, 
you might find the latter some- 
what hard to come by: it isn't 
all that widely stocked. 

A stay in 
Gibraltar 

RATHER MORE attractive, all 
things considered, is the deal 
which Crown House offers rts 
■ shareholders. Crown House 
itself is something of a mini- 
j conglomerate, but among its 
I interests ranks a stake in a 
i company with a hotel In Gib- 
i raltar. Those with shares in 
the company can obtain dis- 
| counts of up to 30 per cent on 
t the cost of a stay there organ- 
i ised by British Airways 
f Sovereign Holidays — and the 
» holidays don't necessarily have 
^ to be taken out of season, either. 


MOST PEOPLE think nf hire 
purchase companies only when 
they go out to buy a car. a 
cooker or some other form of 
consumer durable. 

But the finance houses can 
provide a Useful and attractive 
vehicle for investment. 

• Finance company deposits 
ran hardly he described, how- 
ever, as one of the most popular 
or best known means of obtain- 
ing income on- savings. This is 
mainly because the finance com- 
panies almost invariably find 
the bulk of their funds else- 
where. often from doe of the 
major clearing banks. For 
instance, only United Dominions 
Trust, or the giant instalment 
credit companies, is still 
independent. Elsewhere. For- 
ward Trust and Lombard 
North Central, the latter now 
the largest in the field, are 
owned respectively by Midland 
and National Westminster, 
while Lloyds and Royal Bank 
of Scotland both have a 30.34 
per cent, stake in Lloyds and 
Scottish. 

Although deposits may not 


be of groat significance to the 
finance companies thettiielves, 
the rates they offer (set table) 
should be noted by anyone 
looking for a safe return on 
their investment. For com- 
parison, a National Savings 
Bank investment account cur- 
rently offers 84 per cent gross, 
most building societies offer 
about 5t per cent., tax paid. 

Some of the. smaller finance 
companies offer still higher 
returns but you may want to 
stick to one of the bigger 
houses which has backing from 
one of the clearing banks. 

If you do want to put your 
money on deposit with an lari 
company, interest is normally 
paid half-yearly (or on maturity 
if the term is less than six 
months), or it can be ploughed 
back into your account like a 
, normal bank deposit. In addi- 
tion to the terms shbwu UDT 
! (where Prudential and Eagle 
Star have a 26 per cent. an<T 
10 per cent stake respectively) 
j offers a highly competitive 
f average rate scheme. This is 
> for deposit* (in multiples of 
I £1.000) between £1.000 and 
£100.000 and the notice of 
j withdrawal Is only seven days. 
I The rate of return is always 
I at least 1$ per cent, above local 
authority dealing rates. It is 
t now 8 per cent 


How we went 


from strenqt 




strength 





Extinct* from UltramarTs Annual Report 

Ultramar Company Limited is a British oil company 
Y/hich owns exploration, production, refining, shipping 
and marketing subsidiary companies in various parts 
of the world. 




FINANCE COMPANY BATES TO DEPOSITORS 

Rates’* % over - — 

Minimum Maximum one three On* three 
Company invest ment investment month months year ***” 

■>*3* Lombard 


• ■ * :!* 


?Vri North 
Central 

yfeg Forward 
| Trust. 


Lloyds and 
Scottish 


— 6»-7f 71-8) W 9*9) 


None 25,000 


10,000 50.000 

500™ 1BA60 


74 75 ' 8i 


7* 81 


(min. 

£ 1 , 000 ) 


Si 8) 


• « Thursday's rates. 

Sums for charity 

/.Lew *vn CHARITY goDbbs it represent the optimum 
CASH AND * use of resources? n ): the way to 

together. love and m W hich it can be used to check 

riage, in the words of the °ia ^ financial position, 
nong, you can’t have one wth- ^ fierie5 . 3U thor, accountant 
nut the other. It’s rare, all to* Michae j Sams, proceeds to some 
same .to find anyone working tor fa Ithoughte on the eorrec- 
a charity who is really at borne ac tjon to be taken once 
in his (or her * dcalin5S it becomes obvious, from the 
money. And with that in nund. checfcs> that such action^ 
the institute «f required. 



6ln terms of 
operating profit and the 
ali important measure 
of cash flow from 
operations we did very 
well in 1977. In fact 
iheseresultsdrethe 
best we have ever 
achieved.^ 

Campbell L Nelson, 
Chairman. Page 3 



•The QaS from a large field (Badak Field! 
discovered in East Kalimantan. Indonesia, in 1971 has 
been dedicated to the Liquefied Natural Gas Plant 
which exports LNG to five Japanese buyers under a 
twen ty year sal es contract . 

«V\te only started sales in August 1977 ana at a 
level greatly below that anticipated for 1978. _ 

Badak LNG Plant Page 11 and Chairman's Statement. Page 3 

•Total throughput for the Ultramar Groups 
three refineries in 1977 averaged 111.418 barrels of 
crude oil per day, which is a considerable increase 
over crude runs in the past three years." 

Refining Operations, Page I- 1 

have spread 
ourselves widely across 
the spectrum of an 
international integrated oil 
company. We have our oil 
and gas exploration and 
production, our shipping 
and road transport, our 
refineries and our' 
marketing systems with 
numerous terminals and 
gasoline stations, in 
addition we have made a 
start on our diversification 

Chairmans Statement, 










Waits IMO . . . . 5*31 lUUiJUV".- — 7 

series of booklets designed to the curtwl J? B 3 t -,? B . 

alleviate the ignorance whM* *» some work. ..resort to toad raUj 
too often turns financial man* ^ pnyer. amendment of 
a semen t* 1 into an unwelcome ^ in Wive arrangement 
chore rather than an appro- (glving workers the »ck) 
uriate means to a higher end. and _a measure to be resisted 
priaie ^ d ^ revision of the 

The series— Charmes a* 1 to For an that thcaccoun- 
Voluntary tJrsamgttons.Guto buaset himself, this 

a nee Notes on f^ n S anfl tant nero ^ uspful of 

the role of Um Knd cupIouk nf charities should be 

draw it up. how to us * > cum ^ none 0 f toe bonk- 

internal controls- Th r more than edp. and 

Bexici- is designed tor inuse witn ivw available tor £2- 

llry little previous Availlbl* from the Pubhcn. 

of budgeting. *nri 1 l ' d ( ?!! e tions Department, The 
from basics: annual pf Chart emd ^ 

WPiTnl fe sr- 

the estpenditure? Ii» rt. re»i istic * 


lv.V 

■viV'-t' ? 


-s ■ - h 




•Taking everything into consideration, we 

. . expect the Ultramar Group to show a 

considerably better cash flow and operating 
.profit for 1978 than for1977.* 


'. Outlook, Page 19 


The Annual General Meeting will be held at 
Winchester House. 100 Old Broad Street, 

London EC2 on Wednesday 24 th May at 11.30 a.m. 


y y 

-W you would like to receive a copy of the 1977 




Annual Report, please complete the coupon. 


Summarised Financial Results 


' 197? 1976 

£000 £000 

Sales 472^652 571,875 

Cash flow from Operations 26,556 1 7.550 

Operating-profit before taxation 24,709 12.323 

Operating profit after taxation 12,598 7 : 353 

Earnings per Ordinary Share 

(before foreign exchange fluctuations! 29.6p I7.ip 


1975 1974 1973 

£000 £000 £000 

275.344 251,454 171.728 

22,806 22.095 14,905 

19.741 16167 B.949 

13 587 12.503 7,964 


1 

2 { F y) lb: The Secretaries. - 


lUttramarl 


Ultramar Con^any Limited. 2 Broad Street Place, 
London EC2M 7EP. 

R ease send me a copy of tne 1977 Annual Report. 


32.3p 20.6 d 


Juiframar Company Limitedj 








10 


FASHION 


Financial Times Saturday May 6 1978 


a. 



SILK 

in the raw 


SILK has for years seemed one 
the aH-tkne luxury fabrics, 
yet suddenly, almost unaccount- 
ably. there seems to be a whole 
collection of very desirable 
clothes made from 100 per cent, 
pure silk at prices that are far 
from high. Once upon a time 


STIRLING COOPER have * 
wbofe range of 100 per cent 
pure - sOk noil skirts and 
jackets f r om which you can 
choose the styles and shapes 
that suit yon best There are 
for Instance 'three different 
shapes of Jacket — we shew the 
tong double-breasted one but 
for those who prefer it there 
is also one of the new very 
fashionable short Jackets or 
you could choose a more con- 
ventional single-breasted one. 
To team with the jacket there 
are also three different skirts 
—-the one we show is softly- 
pleated all round but there is 
a straight skirt for those who 
are very slim, as well as a 
pleated version. 

For those who like to be 
very up-to-date there is also' a 
waistcoat 

The Jacket In our picture is 
£34.99, the skirt Is £21.99 and 
the waistcoat £LL99. The silk 
noil comes only in cream but 
we teamed- It for our picture 
with a soft' coffee blouse, 
which is £17.99. 

The complete Stirling 
Cooper collection can he seen 
and bought at Bonnie StirHng, 
9* New Bond Street, London, 
W.L and 23 Beauchamp Place. 
London, S.WJS as well as from 
Stirling Cooper ar Kendal 
Milne, Manchester, Rackhams 
of Birmingham and Die kins 
and -Jones of Richmond, 
Surrey. 

The cream court shoes, 
trimmed with brown and beige 
are £61, from all branches of 
Bayne. 


silk was just, for the rk±; 
to-day designers and manufac- 
turers from the raiddle4eve! 
and upwards are using it to 
great effect 

There is, of course, silk and 
silk. Silk noil, used by Mary 
Quant and Stirling Cooper for 
m the clothes photographed here, 
is a type of woven silk with 
little dark flecks in iL TTie 
dark flecks are parts of the 
chrysalis that get caught up in 
the srife and this certainly gives 
the fabric a lot at character. 

Silk douppion, which the 
Quorum jacket is made from, 
seems a much thicker fabric 
and is formed when cocoons 
combine together, rather like 
twins, and produce a diagonal 
yarn — the siub bas great appeal. 

Though silk is usually 
thought of as being rather hard 
to care for. I have found that 
provided one washes it often 
(or in the case of a jacket 
makes sure it is cleaned often) 
and takes care to use only soft 
soapflakes and irons it. when 
damp, then k is in fact one of 
the easiest fabrics to keep look- 
ing good. Once well-pressed, it 
doesn't crease, it is lovely to 
feel and have next to the skin 
and above all, conveys an incom- 
parable look and sense of 
luxury. 

Anybody who is worried 
about caring for silk can send 
for a free booklet on the care 
of silk produced by The Euro- 
pean Commission for the 
Promotion of Silk. 51, Green 
Street, London W1Y 4BT. 

In the meantime, if you really 
want to update your wardrobe, 
one of the latest jackets in a 
race slubdike silk will do 
wonders for anybody — these 
jackets can be worn over full 



skirts, over trousers, or over 
dresses and provide just the 
right kind of cover for the 
average breezy British 'spring 
day. 

The shops are currently fuH 
of .jackets of all sorts — the 
smartest and . most avant-garde 
are the wide-sboulder mannish 
ones but those of us who area’ll 
as long and thin as we’d Jake to 
be should look out for those that 
are more flatteringly cut • 

If silk is what you feel like 
this spring- here are three of 
the nicest outfits around. 

' LUCIA VAN DEB POST 


Above ie/f, silk noil bp Mary Quanf; above right 
douppion by Quorum. 


; • 'T;>‘ 

\i ' -• •./ . '.V. 'v.'-'X/'-?' 

.V " : 7. 

K-- 

K*'- - 
r>. -K 


p~ jf'+is hJ-f iiC~dM r 



Harreg Nichols of Knights-.. . 
bridge. London SWt always 
has a good collection oj witty , 
utp-to-the-mrrm te and not' 
terribly expensive jewellery. 

We have used a selection of 
their summer jewellery in all 
these photographs. 

dll the photographs were 
taken in the new Harry’s Bar 
which was recently opened 
at the Park Lane Hotel. 

Horr y Harris himself (photo- 
graphed with the model, above 
right) has been with the hotel 
for 47 years and with the 
revival of interest in cocktails 
and the cocktail hour die 
hotel decided to ask John- 
Siddeley to mastermind the--.: 
relaunching of Harry's Bar. 
Photographs by Trevor 
Humphries. 


MARY QUANT has used 100 
per cent, silk noil In -some of 
her designs for London Pride. 
One of the nicest ways she 
uses silk is in this natural 
colon red shirt and matching 
skirt. The shirt has a grandad 
collar with a tab front and la 
made In sizes 10-16. For some 
not Immediately apparent 
reason it rejoices In the name 
of “ Lola " while its match- 
ing skirt Is known as “La 
Passion at a.” The skirt also 
comes In sizes 10 to 16 and has 
-a tucked waist which makes It 
marvellously comfortable to 
wear as it is on a slightly ex- 
pandable waistband. Both the 
waist and the hem are trim- 
med with lace to give it a very 
up-to-date air. Though the two 
pieces are obviously designed 
as an outfit they can also be 
bought and worn separately. 
The shirt is £18, the skirt £22 
and both will be available 
from the first week In June 
from Harrods of Knight&bridge 
and Dickins and Jones, of 
Regent Street. London Wl. 

Hie sand-coloured patent 
leather sandals are by Bayne, 
and cost £37 JO at all branches 
of Rayne. 


ONE OF THE very strong 
looks this spring and summer 
is the jacket and one of the 
most np-to-date of these is this 
one in silk douppion by Betty 
Jackson for Quorum., lj has 
the kind of easy looks that 
mean you can team It with 
almost any summer outfit — 
over trousers, with skirts, over 
dresses. The Jacket is. £56 
and can be fonnd at Roxy <jf 
23. Kensington Church Street, 
London, \VA Whistles, of H, 
George Street London, W.I, 
and 111, Walton Street,- Lon- 
don. S.1VJ, as well as from 
Irving Sellars branches at 3{5, 
Oxford Street 124, Kings Road, 
Chelsea, and in Birmin gham . 

The beige 100 per cent, cot- 
ton skirt and shirt worn with 
♦he jacket are by Emanuelle. 
The skirt and the blouse cost 
about £13.00 each and ran bn 
found la early June at BentaOs 
of Kingston or In main 
branches of Dorothy Ferklits. 

Waistcoats are. of course, 
very much pan of the current 
look and we partirnlarly liked 
this hand-knitted UN) per refit, 
cotton version by Kueanjk* 
Isaacs for Rococo, it is £34 
from Parker*. 31. Brook Street. 
London, W.l. and I Z*. 

Street. London. VW..1. and 
Whistles Of 81, George Street, 
W.l. 


Plants for dry places 


AFTER six months of what summer rainfall can be negli- 
seems like almost continuous gible and the total for the year 
rain or snow, when for weeks no more than 20 inches, * not 
one bas been praying for just much above half of what is 
two successive days of sunshine quite common where I live and 
snd east wind to dry the surface a .quarter of what many west 
so as to make it possible to sow coast gardens endure, 
a few seeds outdoors, it may Among the plants she has 
seem perverse «xi write about found satisfactory in these drv 
dry gardens. Nevertheless I conditions are some I should 
am constrained to do so for not even have thought of trv. 
^Tessons^tbstmemory ing . The bergenias, for example, 
f - L 976 ' s suU f " sh m my with- their large, cabbagey 
mind with its terrible toil of leaves, have always seemed to 
Plants in so many gardens, me to be plants that cned out 
including my ow m\ second, that for moisture but apparently I 
Sj52? !®P uta . tion 0* was wrong. Mrs. Chatto prefers 
“5* SSL f ° ■ 7” - and “ lst ‘ Bergenia cordifolia and B. Cras- 
P ^? S ’ l ^ Juding , Ea f t si folia to the more common B. 

™ gu i ari * seftmidrii fit is the one we used 
°L aJ1 10 0111 Sanfraga megasea) be- 
becaose I have just received a cause they flower later and are 

* P iS5 d i d . Ch * tto less likely to be spoiled bv fro«L 

entitled The Dry Garden.” Nor would I have thought of 
Mrs. Chatto is well known for 


her nursery. Unusual Plants, in 
which she grows many plants 
that have either become scarce 
through neglect or. though 
worthy, have never attracted 
the attention of .British 
gardeners. Her exhibits of 


GARDENING 

ARTHUR HELLYER 


hardy plants at Ch.elsea and ^ . „ . — 

other flower shows are always k eb0res ex ?® pt * Perhaps 
a delight to the eyes as well as aellebor of corsicus. which 
an education to the mind and grows weU ' or me on top oF a 
those ' garden lovers who have su|]n ? , an ^ sandy slope which 
visited her nursery near Col- p ertain ly gets very hot and dry 
Chester will know that, in her P* summer. But all the others,- 
own garden, she uses plants deluding the lovely Lenten 
just as skilfully as she does 1-0568 u '^ Jc h have the largest 
when exhibiting them. range of colours and are the 

What I had not previous!* SF W ’ ■ 1 . ways seem to 

realised was that Mrs. Chatto “. e ' 1D -^mi-sltade 

writes as well as she gardens - S f° oi ’ sIi ShtIy 

and shows. “The Dry Garden," m ^!f t J* nd nch ln humus - 
published by J. M. Dent and ^ ucb raore obvious are the 
Son, price £6.50, is. I believe, f° se ® or ristus. Purpose 
her first book but I hope it will “™~ for . ot aJld sunny places 
be followed by many more just wlUl their gummy or down- 
as readable and informative. j^V^d leaves. Unhappily in 
There are too few horticultural Sussex none seems reliably 
writers to-day who have some- oard5 ’ (*h®y have suffered a 
thing entirely original to offer f 1 ** 1 deaJ past winter) but 
and who can say It with clarity 1,1 . Suffolk Mrs. Chatto grows 
and style. quite a number including Cistus 

What astounds me most about ska nbergii which I purchased 
Mrs. Chatto 's account of the on ^ y W€e ^ lu Devon receiv- 
plants she grows so w-ell in ing at once the warning “This 
Suffolk is how many of them °u«-is tender sir." I hope it will 
are tender with me in Sussex: t&Ti Te for even in a notably 
I suppose I should know better prolific family it is outstand- 
by now: should realise at nnre ln Sly free flowering. Mrs, Chatlo 
that. ** hardiness '* has as much poorer the soil 

to do with moisture fparticu- more crowded if is with ns 
larly moisture in winter) anti ros9 Dink, cupped flowers 
with ripening of growth as n and the more likely to survive 
has uith tbc temperature-, but a ^old winter 
th<= combination' of soil an d 5he also siirpprtc with Lampu; 
climate are so numerous and so grown on a soyih f.ic- 

haffling that it >eera* impossible mg wall. Tins self rjrngin j vm» 
to t?l| what Will, nr will nol ; from the eolith eastern <ran»? nf 
crow in any particular piare America, with imore^sne f!u>-. 
without trying ters nf orange <r.arlet finner* 

_ That is precisely' u hat Mr?, m l.ito summer. ha« 'tuhf>«,rn!\ 
Chatto has been doing for thp refused m perform . for me 
past 30 years, not always at though' it dnp.i ju^t mana-re to 
Elmttead Market, where *h'o survive on my warmest. Min- 
now lives, but always in East mest wall. Yer -1 h^vp <P Pn u 
Anglia and motr nf ?h<? time. .1 flowering freely in an e«<px 
think, near Colchester, where garden so there is obviously 


something about East Anglia 
that it enjoys. 

Sophora tetraptera, a New 
Zealand small tree, is another 
’■that has shunned me so far but 
Mrs. Chatto grows it with Budtf- 
leia crisps. The combination of 
the ferny leaves and dangling, 
buttercup yellow flowers of the 
sophora with the white felted 
foliage and lilac flowers of the 
buddleia must be delightful. 
Much of Mrs. Chatfo's boob is 
concerned with such felicitous 
plant associations and her ideas 
are illustrated with very dear 
and stylish plans bv Margaret 
Davies. 

One chapter is concerned with 
moisture conservation and soil 
improvement and this. I fancy, 
is the nub of the whole matter. 
Mrs. Chatto avoids watering as 
much as possible, believing that 
it only makes plants soft and 
more sensitive to drought when 
it does occur. But she does 
take considerable care to im- 
prove the soil texture and 
moisture retention with com- 
post. or other humus forming 
materials, and she is an ardent 
believer in pulverised bark as 
a mulch to reduce surface 
evaporation and suppress weeds. 

It is a material that is still little 
known by home gardeners 
though many public parks are 
using it in large quantities. It 
lasts longer than peat and, in 
some places, costs considerably 
less but this is really a question 
of local availability. 

Mrs. Chatto spreads it two 
niches thick as soon as she bas 
finished planting, provided the 
soil is moist, and she takes con- 
siderable pains to maintain this 
surface blanket, adding to it 
from time to time as decay and 
disturbance cause it to become 
thin. Neither bark nor peat 
suit everything. Many mountain 
plants find it too damp around 
nieir necks and prefer a looser, 
drier mulch of dry gravel or 
pea grit about one inrh deep. 


HOME AND 

GARDEN 


nfiFffc E . SS ELECTRIC 



1S .‘ ■" «•;«« r-’w*. ne -no-,.*' 

*l.wr ?rr tf Ml «l*n 
-i«i n wvi-. -o -i.: 1 

V on 

’• Bm HMi.n f,-.* ,-BN )>’-■> 

J.. U "' 13 'i-i:-. il? $*nc 

' * c ' i _ a<- |. i* 

• , ?°«C*STLE LTD- fF.T.ii . 
»-« Bruner si.. LeflUc*,. W I 
. t-li,r« WeUoin* 

“ Cj»! Srx-iflf.. % T*l — 

161 * 










• Financial Times Saturday- May- 6- 1&78 


HOW TO SPEND IT 





by Lucia van der Fo^ 




One of the problems for the 

* • „ • potential diamond buyer has 

jrfIJtfOST 'EVERYBODY owns, -a; Beers haw calculated-tbet in always been the problem of bqjw . 
^iampnd in some form or : the United Kingdom it only t0 tell whether you are getting ' 
■other. ' Most of us are hot requires an average'of £.4 ’work- value for money. ,"W'e can ail 
i-fey enough «per : to«wn gems ihg weeks to earn enough- to gander- into Asprey. Cartier or 
the beauty and rarity of Liz buy an average ring -while in M y °f tiie other grand jewellers 
lyloris -famous -present from places like Italy and France. have not the slightest diffi- 
urion, but some 67 per cent, of where the men are more cu ^ hi finding some beautiful, 
-■jDewly engaged are given a new generous, they need to work 4.5 desirable pieces that we would 
diamond ring. British fiancdes weeks to buy the same ring. gladly mortgage ten years of 
i9tP& Notoriously mean, spending De Beers, naturally, in their our Jivea f° r » but how to tell 
$&ly about £70 per engagement' capacity as ’the - world’s largest whether we are getting value 
^ng, which is one of the lowest (almost sole) supplier, of rough “ r mon .ey JS ano^er matter. 

Itotes in the world and lest you diamonds, are very keen -to see For the amateur buyer it is 
ink that is just because he the average expenditure^ rise very difficult to know what any 
one of the poorest this turns end most of ns who like 1 our diamond is worth. Buying foe in- 
not' to be true either. De jewellery to be pretty- Jand vestment: is really only for the 


- (hopefully) valuable Would sup- very knowledgeable. In the diamonds is being released, the greater portion o# the value 

port them in their cause. After long term, diamonds are very But never before have diamonds is-in the stone and not in the 

all. as Susan Earner, De Beers likely to go on rising in price, been known to fall in price, surrounding mount or setting 
spokesman pointed out, the as they- have' done almost con- ‘ The golden rtde when'-buying Steele and Dolphin have pro- 
average .girl spends far mpre tenuously since they were- first is only to -go to ,- a reputable duced some standard simple 
on buying her wedding-dress or discovered. However, - it is al- jeweller, one whose' reputation settings, each of which can be 

on the reception than is spent, on most impossible to put an abso- -is such that he dare not risk chosen separately from the 

the ring, which is the 'only lute worth upon any diamond it -for a sanMl temporary gain, diamond The. buyer is then 
tangible memento of the great — in tire last analysis it is only H yon want to buy a stone free to buy the best and largest 
day. worth -what- somebody else is and pay the -smallest overhead diamond he or she can afford 

willing to'pay. forlt and this in -on it-Erie. Bnrtun, publisher 'of and then have it 'mounted into 

tfiis very simple, setting. The 
range of rings is known as .the 
Starlight collection, and it can 
be found at most jewellers, 
including James Walker. Prices 
start at £130 for a simple 
solitaire ring with 0.15 carat 





• For those who lore diamonds 
some of the most bewitching 
and unusual jewellery is nozoT 
on sole at Cartier, 175-176 , 


turn depends 
imponderables 


com# 

into their own— some people 
prefer a baguette shape, others 
the pear or the oval. 

— — . On the whole the crucial 

diamond and go up to £380 for eno* ^ the * ; ‘ thing to remember when buying 

a more elaborate ring with a The fewer tije imperfertiona, is ^at diamonds should not 
0.5 CLe. half carat) diamond. J*f mor ® ’raluahl the stone. p nmar jjy bought for a quick 

When It comes to the vrtoe 35USS.75Sf.SS2 «” J" W " r 
of -a diamond there are several Ls es Sen tiBi t * 5wn because y° u J} ke them, 

determining factors. Ken Always go for quality— rather a 

Warston. our mining editor, has Colour, too, affects price con- smaller stone of better quality 
described these as the four Cs siderabiy. On the whole the than a larger one of poorer 
—that is. -carat weight, colour, most distinguished diamonds quality. Go to a good retailer 
darity, and cut. are the utterly crystal dear whom you trusr and who has a 

■When it pomes to carat weight ooes - Unattractive shades of reputation he wants to preserve, 
it isMmportS? to rSisTtoat Y sUo * 3owr the P nee - Most Buy what you like so that you 
smaller diamonds are more diamond^ contrary to what most will get pleasure wearing it. 
plentiful than large ones so that Pe?P le do n some Make sure it is properly insured 

H * colour. The really fabulous and get the settings checked 


— thp r,' M in terror nniK ie cojoux. i./ie reaijy iaouious ano ger me sen 

upon all sorts of Retail Jeweller, advises that to tif«r«arat legendary diamonds like the from time to tinie. 

. i .like the world you ask if the jeweller has a ™ soraldS Hope and the Dresden are once vnu have it do 

sVea? Bond street , London. economy, fashion, design, and diamond expert, preferably one , JlL„ * ^ strongly coloured (the Hope is ' t>„ IYVn ,. D 

WlYOQA. There is a particularly not leasT the di ail on d market, with a gemdiamond diptoma. °? ^ngasoment ^ the Dresden aDDl^sreen) lo ® k after U ' . Re ™ ve nn »* 

charming collection of hair #*«***,• nng (the £70. model we referred mu f- tne urespen. appitsgreen) wben JTU are dning housework 

_ i quite apart from the intrinsic If you then tell him how much % „ j ^ and exceedinclv rare and valu- __ ^ ... ■ 


ornaments — slides and combs—. 
same are plain-, gold but the 
nicest qre embellished .tcith dia- 
monds. Both slides and combs 
make UnrHu ~pre$ehfs t iOr' Those- 
■who have ar^/thisig from. £307: : 
■upwards to spare. Shown here 
is a very versatile collection 
of floret-shaped diamonds .on 
an IS cumf gold slide. You must 
buy a minimum of the gold bar 
end one floret which is per- 
manently fixed to the slide. You 
can. however, buy additional 
florets which can be worn in 
a variety of wavs- J »ou can 
'attach three more to the oold 
slide or you can buy as trail an 
IS oamt gold choker, to . which, a 
floret can' be added. They' qaii 


SSSSSSS kwSSsks *—* > sSSSSSs 
'■SSs’Sife £$ SnBitua&s uaaxsesss tsrss b-x-sths srsasn 

gg f g~^ °°.V° r ^ ot How prices can vary- diamond and hero The skill of make then, sparkle. To keep 

^ »««»»■ *"8 carat diamond the cutter is paramount. Thera diamonds looking their b«rt 
™ 8 on the retail *■*« would several different traditional they should be snaked in wann 
fj® Awn. - 3,0111 P ’ 04 vary in price between £1.500 and ways of cutting stones and eat* waler with a mild detergent or 

was a record year . .... , • £10,000. Ten years ago the stone demands its own pattern, washing-up liquid and scrubbed 

rose as. a result ol ^ermine ^^jeweUer ^><n^&en*e price variation would have been providing it is done in such a gently with something like an 

*” *" * " between £250 and £1,800. way as allow the true fire in old toothbrush. Rinse in warm 

Clarity makes a large differ- the diamond to be reflected, water and then pat dry. 


result of genuine 

demand, in, 3978 it became able to- advise you on a good 
dear that several merchants setting for your stone. If you 
were boarding rough diamonds are thinking in terms- of inve& 
as a hedge agairfst currency meat, it is important to- realise 
uncertainties, 'and this m turn that yotr wiil. usually, have to 
caused De'_Beer&''' to put on a seU'K ihropgb a jeweller' who. 
^temporary "sitrchaxge . af. their nfctiitttBft; expects' to take his 
also be worn as eornnos or as'd: . regular safe s. ~ l: j. ! _ slice s o you, _are onlj keJLy. to see 

bangle. A set of 18' carat gold t Wha'f ~wTjT 'happen now is a any tangible profit in. anything 

uncertain. In theory under ten years. 

b£ ScJf^SiJSS «SSd^ diottld fall c littlc now For tlwse who want to mate 

cost £3.475. that the blocked chain of stored sure that when they buy a ring 






From London with love 


acas 



T • -ALWAYS like to- keep- a' at almost all our museums and on the day it was opened, and 
supply of postcards on “hand- at art galleries but a recent alter- Rotten Row full of private 
home for quick tbank-you notes native to these is a splendid carriages, 
or easy communication. .'Usually collection of postcards of old All the. pictures are relatively 
r have some\orthe5. dwribftg London. rare and have been resurrected 

postcards that can' .be .bought The postcards are collected from a wide range of archives 

' together in a book format but and libraries. .Though many of 
in fact they all have perforated the famous London sights are 
edges and may easily be included some of the most 
detached from each other, appealing of the postcards axe 
There are 32 in all which (for the pictures of everyday London 
a total price of £1.50 for the —the old grocer’s,;the East End, 
complete book) seems to me and old coaching tons, 
to make them very good value. Anybody who wants some 
All are to sepia and white, and charming reminders of how 
together they add up to a charm- London used to be. as well as 
ing record of old London. In- a handy source of postcards, 
eluded in the collection is a might like to look out for 
picture of Buckingham Palace this collection. Called simply 
before its present facade was “Thirty-two Picture Postcards 
erected in 1913. There’s Covent of Old London,” published by 
Garden. Park Lane in the days Constable and Co., it is avail- 
when it was really the smartest able from most bookshops and 
street in London, Tower Bridge souvenir shops.' ' 


Sitting Pretty 

■isLftx'dst ssprasSSy’sSnaa 


jPadinauT cavunEm us v -usefully illustrates the' from: the classic, comfortable 

™ n> : ^ er £ome£ TVenaccns entfre range. of upholstery they -finish" coimfry-hoi«e «rf^ 


illustrates 

" ?reuL wajj -r*__rrrj:. «««», «f 

duTerent 

iim aduys a^narty uTaVaU who lWe out ot Prices .of upholstery at Conran 

overnight WllCD tnerF* v _ „ .J ^ M «1 fVia /nw oni^i:WarO am 


overmsltt wiieo ^ ^ £££* may send for the (or indeed anywhere else) nre 

on i cant pot&iblj tat brochure (it will be sent free no longer low and indeed any 

last bus hume and >ou d^ ^ charge) and from it choose kind ot chair, or sofa is a major 

want to come and ^t je a o of fa the wide select i on 0 f investment so a good. long look, 

in the morniDj. d0 5®”; ^ a s0fas 0 r foot-rests. All thinking, measuring and dead- 
lock firm cnoUe.0 jjjustrated: all ing is just what the customer 


luc.-t* 


double as a ‘enipoW ^tres. ^ w included needs ' before taking such an 

They eoulu ue usea - , _ t — _ ir ic n ifflhrtrtant dm-icinn. 

casual' pick-up and cany seatolg 
on uie patio. i» studio-bedrooms. 


7 . -Bstiiwr the brochure, so in fact it is a important decision, 

casual' pick-up and bandy guide even for those who If jmu’d like to see. 3U^t what 

on uie patio, m studio-bea ■ ... p close to be able to the Conran, shop does have to 

be>sde swimming pooib. in . furniture for offer you can get a copy of. the 

culcl be used to tnp » wooden hrarhire hj writing to the 

--VJJI of a Chest or m#d to so |jke best about the address given above. ' They, will 

•up a'canvis lounger. . . t v a1 . ;• includes a also help customers select smt- 

M3U h f T m i 1 ilev l0 srem C S3 w /o range o? s tyles-from the able fabric coverings from their 

Le_ Corbusier chaise wide range. 

. jt.iri but thry arc ^ l, S ht 

cn-uieh w carry easily. 

There are four sires. 44 in. 
r in. up 10 72 in. by 24 in. and 
pr,«e vary firm ^^£.,9a for He 



smallest to £13-95 
1-r.int. The matircsses are oiit- 
inned wiiicii gives a .nice 

finished-look and th^ covering 

i s a blue denun t>*pe fa° r,c or 

brown calico. s« p 

Made by Progress Merrantite 

these Padmals are ^ ust *“!! f 
a whole new rang* of casual 
uusitnetured furmvMngs using 
fhredried or crumbed foam. 


Available from Mhitelej's, AJ ]“ 
' ..t I’wnvitiin. Mcdhu rst in 


Banner in 


dv’rs of Croydon. 

S5S- nr* 1 write toT' Progress 

^TrJ VCnUC ’ 

Bic turner. M jltpn Ke * vnCi - 


Choose at home 


a much mnre fnnnjl I 
: he Conran Shop. 



POSTSCRIPT 


Tigen 


READERS often complain that I .also like their denim dun- 
it isn't always possible to find garees which are held up by 
the range and choice of clothes striped braces and I think most 
in country districts that children would love them, too. 
London and the other bigger They come only in dark blue 
cities enjoy. Well, Tigermoth, denim and are £9,75 in all sixes 
one of the nicest children’s up to six years old. 
clothes shops I know has for domes have not been 

some time been producing its f^tten-there are denim 
own maU order catalogue so that ^rtes. again made from 100 
customers from any part of the ^ ^ ^ aese 

country can choose and order start at size 20 (£8.40) and go 
m the peace and quiet of their on up to ^ w (£a0i0 ) so 
own homes. that adults could buy from 

Tigermoth as welL To soften 
Road, Lcmdon, WU ; and at 42 0 , tte maMta there is a sweet 
Twickenham of Liberty-fabric quilted 
and the actual shops, of course, wa i StC o a t s . which also go into 
have a much larger and more adu ir sizes, 
individual selection of clothes . 
than it is possible to deal with Perhaps, though, the most 
by mail. sought-after garments are the 

However, by mail they do one vei Y rimple things— like cotton 
of the chicest ranges of tumpersfor fosMes in chic navy 
children’s underwear I know— or Te< ^ stnpes. Terry towelling 
very French-looking to sophist!- coveralls, again in unusual 
eated colours like olive, rust, colourways and, finally, their 
navy and pale blue, as well as nylon socks to colour 

white. Their Petit Bateau T- combinations mat nobody else 
shirts are singularly attractive, seem5 to Set hold of. 
too, being in fine stripes of If you think the Trgermotb 
French blue, pale blue, and navy catalogue might be useful to 
and white. They are not cheap you send just -a Tp stamp to 
but last for years, Tigermoth. 166 Fortobello Road. 

Tigermoth find that one of London, W.ll. All clothes are 
their , most successful lines is posted off the same day as the 
their own. very cheap and strong order is received or if " Tiger- 
dungarees— these cost £8.50 for moth is out of stock and de- 
all sizes up to six years old and livery is likely to take more 
they do the same style to navy than three weeks .they will let 
corduroy for £9.75. you know. 



Can Tine Cocftreli 


Patching, Bodging and all that 


Help at Hand 




The Conran brochure carer 


IF YOU’RE planning a summer correct parking spaces, look 
wedding or a garden party or aftpr security, take care of gate 
any other event ax which you crashers or help at the bar. They 
could do with some impeccable are not, however, meant to do 
and indeed imposing help then domestic work so don't expect 
you might like to know about them to cook, clean or wash up- 
the Corps of Commissionaires. Each commissionaire turns- up 
All the commissi a naires have looking marvellous in the well- 
left one of the three services known uniform of the Corps and 
WiLh impeccable character re- though the main headquarters 
| cords and all have been care* are in .London (3,' Crane* Court, 
; fully screened for complete Fleet Street, London EC4A 2EJ) 

• trustworthiness by the officers there are nine- other offices 
! of the Corps. throughout the country- (Belfast, 

} They can be hired at a cost of Birmingham, Bristol, Edinburgh, 
! about £10 to help salute the Glasgow, Leeds. Liverpool. Man- 
! bride and guests on arrival at Chester and Newcastle-an-Tyne), 
jtbe church, to help check invi- all of which can provide help 
lation cards, direct cars to the that you can trust. 


BETTY RANDLES is a parch- be demonstrating quilting for at making. However the time gap 
work espert or perhaps, artist the moment s<he is working on a doesn't seem to deter people 
k the ri-ht word. Many people bdiSt which is to hang to her from ordering— she is currently 
I Jv-*k iu ZhniZ nf local village hall. Besides making a lovely green quilt for 
can cope with the technique demonstrating she will also have a couple in America and is still 
patchwork that is cutting out nian y pieces of her work on bunting down special shades of 
the pieces, sewing them to- deluding glorious pink for another, 

gether, backing them and so on. quiit, above, which is done in if } - ou cannot get along to 
What turns patchwork into a varying shades of Drown and is Hatfield House you could always 
work of art is a sense of colour quite delicious. It is 96 inches visit Mrs. Randles in her studio 
and design and Betty Randles square and costs £186. —she is to be found at The 

seems to me to be one of those For those who had in mind Stables Studio, Aston, Near 
rare people who can produce rather smaller items for lie ^evenage Herts on Tuesdays 
rich and subtle colour combin- house her cushions start at £3.50 to Sundajs from 11 a.m. to 
^ t_ ■ v war £or 13-inch square and go up to 4 P-iu.^ 

ations which give her patchwork ^ 20-toch square size. For those who are not 

pieces a very individual look. T:herjs ^ ^ Jots ^ ^ interested in patchwork or 

Anybody who is interested it ' 1Uta Bineusl)lons a , 50p quilting, there are plenty of 
in a whole rangeoEcraftsaud , ^ ^ 4t ro ^ neetMe . other di versions to bo found at 

not just in patchwork- and Betty 50 d f k Hatfield to-day and to-morrow. 

Randles, should hurry along to* **“* at aaQ ieit Over 100 craftsmen will be 

day or tomorrow to Hatfield ai . . ... , earning from as far afield as 

House, Hertfordshire, where the T1 J° S ® ^ t q Scotland (bagpipe makers from 

fourth living crafls exhibition JJJ order to smt particular Forfar) ^ as furniture 
is currently being held. The colour -toemes cao quite safely makers from Glastonbury in 
organisers like to point out that orrter “om Mrs. Randles somerset. There will be bodging 
even those without cars should --provided they are not in a (t h e making nf traditional 
find it very easy to visit the hurry. Such care does Mrs. beechwood Windsor chairs) and 
house because trains from Kings Randles take over colour-match- thatching, lace-making, and 
Cross go direct to Hatfield ^ng and over the choosing of embroidering. There will be 
Station and the gates of Hatfield t b ? right fabrics that It may teach-in's and things to buy and 

House are just outside. teke her up to three months a happy day should be had by 

Beny Randles has a stand ai just in find the material, and all. Entrance fee for adults is 

the -fair and in particular will then she Das to start on the 95p, children 45p, 


* 

tf 

J 











Financial Times Saturday May fi 13TS 


PROPERTY 


Up Oil 


: . ' • • . / J 


More close encounters 


- r^Y 




M/s 




-^gg Jf 


^jjlg 


- --AS 




¥ r V>* 



BY JUKE FIELD 


saw 

^j # !^l a ? u,! ‘ 5 2rw^ . f — -“““h ••• 


"Who rhat has felt the fresh 
breeze.* blow from the crest of 2^ 
the North Down-, and. looking \ 
below, has seen the ?»milin?. un- » 
dulaiing country -tretchms out 1 
before him away to the grey is- It [ 

purple crests of the South * 

Downs . . can douhi that the ^ 

eternal hill- i of > quid Surrey 
. . • must have inspired in the a ^ a 

•fljjf 

medieval mind sentiments oi ?... 


peace and contentment?- a*Kcd Sollth Downs . Constructed of 


A CLUTCH of recent Penguin* 
demonstrates how’, consistently 
the novel of. .sexual possession 
is the by-product of a Western 
Style economy. Take .1 8 part first; 
the legend of Yukio Mishima 
which has grown since his self- 
inflicted death in 1970 has 
obscured his virtues as a 
novelist. The appearance of his 
early novel Thirst For Lore. 
(19501 in Penguin translated by- 
Alfred IT. Marks i75p> reminds 

Banocle Edge. .Sandhill.-;. WcrrruU’N. Surrey, in 3 lit res, built 1 .ottteks Huu*c. Tihord. near Farnham. teas designed /» The^s pectacte°o /a* sexua Ny rrus^ 

in ISSrJ by architect Basil Chumpneus. The. . su-bedr^nteil about IS9 7 bn C F. . \ ■ Yofnep wr Mr. Honuuuiu. the tea traced woman's erotic obsession 

house is approached through tine leronyht-iruk gates up a magnate. In 4 1 acres, with c heated suunvning-pool aiul trout- destroying eivery thin n ' that 

drive ul itch v/teus into a courtyard flanked bjt a cottage end and carp-filled lake, the ti-bedruonied house is lucked anna accidents My oets in its 'way has 

Muble* A feature at the house i.? the magnificent plaster- in the pine and heathland oi icesl Surrey. Full details K night be£h : ’ familiar ‘ enough-’ in - 

moulded Lt'ilinffs. The agents. F main Frank and R alien. Frank and Ruileit. -0 Hanover Square. U.L who are asking European Action since Madame 

20 lianuccr Square. IV. 1. me ask tntj m the region o . i £150.000. tor otters in excess oi £200.000. Bo vary; it is fascinatin' 1 to see 

away in a peaceful woodland Rake Maiiur. Milford, eight timber frame-work lilted with billiards room were added by ic worked out in. terms -of 

slade. 400 Soot above sea level, miles from Ha.slrmere and melluw red brick of the p*r«ud H. il. Baillie Scott at the early ®®“ erR Japan Wlt “ thc 

with ii tori mis views to thn Guildford. with the Enion Fly in the herring-bone fashion, part of the century, and Lutyens efficiency or a -mkod camera. 

South Downs. Constructed of Fishers Club, with its exclusive There are many original is also reputed to have added a ppvcl ** se 5 a 





■ V. r W ,- '. 


■< 


'es&i. 






away in a peaceful woodland Rake Maiiur. Milford, eight timber frame-work tilled with billiards room were added by 


The novel is ser near. Osaka 


Cl I uimpiij. vjinwuucg ui * laueia uuu. mill US VAUusnc arc ‘€>*'*“* w - i\n fho fafm nf b r-aat rort i. Vtinavinrr 

tr.eorae Clinch in By-Gone hnck. pan. pebble-dash and part trout fishing nearby, live? up windows, a large well-propor- new kitchen wing at the end of rfn I* . re I* itr * ni wwng 

Hurray. 1895. i ile-tuing— "in the habit of tile- u» the agents description a» one tioned chimney stack, some fine the last century. These additions 5.55??, * n0!>e ~ a h s a 

These were obviously the hanging walls, this county and of the most beautiful properties fireplaces and massive exposed are in keeping with the original an ‘ a ™! IPI \ .j®® 1 

qualities, roo which attracted ifs neighbour. Sussex, strike m West Surrey'. beams and limbers. The house house, in particular the draw- hiniilPrHwiV 

the well-off late Victorian busi- their most characteristic note” A very fine example of a has been added to and altered ing room has a very fine, uu- “ ' f a n pe "*““ r nn»i" 

ne.>< men and moneyed intellec- —it is a sensible looking solid typical Surrey manor hou-je. he- at various times, and has also usual plaster decorated ceiling. * ’ ^ Jr”" 

luaJs who warned fu escape ihe Imuse with a carved stone {leved in have been built in been extensively restored. A There are eight bedrooms and } pasT \. ,th,n^ rhe pm-ln<5Pd rpaitn 
cares and grime of the city, entrance. (It is believed that lti02. Rake Manor has a superb new drawing room and the seven bathrooms. r Th ‘ ^ 

-i* w ..../....ctinn.hi.- .1,.. <IP s:>iu.->n i .iftronc /tRRO-iaJdi u,e i“‘TUcrs own rami ij ana 


“It i> unquestionably the Sir Edwin Lutyens (1S69-1944). 
favourite county for the homes who built largo country houses 
of those who work in London." f»r the wealthy and discerning, 
acknowledged Final I Count r // may have been involved m 
Houses ul Today, edited by designing the house, although 
Lawrence Weaver, published in there is no documentary evid- 
the early years of this century, encc to support this theory i. 


The Glasgow style 


retainers over whom he rules 
with • absolute patriarchal 


Alison Lurie: honesties and involvements- 


the early years of this century, encc to support this theory). STYLISH architect Charles Mackintosh And The Modern the agents, who are. inviting 
Not that tins was anything new in the eight-acre grounds Rennie Mackintosh 1 1868-1928). Mo r emeu r (published in 1952 offers over £100.000, report con- 
either, lor “as far back as the is a three-bcdmxmed cottage, one uf the " Glasgow Four." to- and recently re-issued by Rout- siderable interesr from local 

reign' of Elizabeth and .lames stables, kitchen garden, orchard, getlvr with architect Herbert ledge and Kegan Paul. £16.50), Glasgow businessmen. Illus- 

I ihe servants of the Court and if you go along a little path McNair and ihr run Macdonald the author Thomas Howanli trated folder from W. R. Patter- 

aimed to make enough iby leading through the wood to a sMer-. Marcarei nnd Frances, describes how he »« told by son and Houston. Estates Office, 

means not always fanatically grassy clearing you will find an was roswuv.ihle ' for five houses the mason in charge that when Campsie Glen, Glasgow. 

honesij to ensure retirement to old-fashioned swimming pool, u inc Siiuuah hills. Aucheni- work on the site began ilackin- Pro«oective Durchaser^ would u‘>”Z 

a small estate in Surrey." The The agents. Kmeh. Frank and hen. near ihe village of tosh stood by him until he had * so So well to read Mr H \ ob ^ d rhe 

district wa^ also rich in build- Rutley. 20 Hanover Square. V I. Klttrarn. on a ueo-lmed hill oht»»iwd the precise bonding Howarth*s resume of the accom- thf , „ JTi,' 6 


authon o'. The old man ‘has a ™>ony. in New England named and to his own reputation and) 

Illyria. But is it really’ In the dishonesties which thar.n&j. 

Real people (Penguin. 70p> that engender. Miss Lurie has, soma. 
nanpeiBAAi/e rtnf * American novelist Alison highly original points io 
rArLKBAUlla Uine. shows a Similar build-up m this brilliantly comic story. : 

’ •'•.MTunkiv n mTlt of pressure among tlie elect and And now to one of our o»n'. 

ANTHONY CURTIS a pj^pe where rhc whole _ Pamela Haines's Tea' at 1 ) 

P omt '^ at shou !^ Crs ;* Gunter's when it first appeared 
from such pressures, tdyllically j n jj a j fome ^ood renew? 

weird attachment to the yniinc 31 | eisure l ° dev o ic thi->mselyes and tJiey were well dcsened. 
widow of one-of his sons; she 1 in totheir work- AnovUm Anyone of forty- plas who 

her turn is obsessed by the 311 . he t . cha ^ ers ^ “ th * r r missed it should repairr-tne 

animal V,ck«i,tw nf iha nirilM»r IlOlcllStb, poets, CHtlCS OT nmicriinn at •■rli’o rPmnru»m 


ANTHONY CURTIS 


weird attachment >6 the ynimg 
widow of one-of his sons; 'she 1 in 


missed it should repair-trio 


who in his turn lias made one 


noveusi* poevs, omission at once fPengum. 

pain i ers ,s . ave L or L ° n _ e ext _ reme 1 !i 95p>. It captures the imraeiW 


So the well-to-do citizens of deep impression abroad, was Li»«*h Lomond and the Kitppf nek t0 work with the men on the th e former kitchen court to 
London picked a choice piece responsible fur Lowirks Hou.-e. Hilfs. -The lines ar»’ Cur-wold J° b always won him respect — vide aaraefn** much of Ma 


modern affluent Japan in the - At" 1 ’" betrayals m 

' . tables on her own narrator. She ___ 


to pro- p rocess . 


of land in the Surrey hills and Tilford. near Farnham. In 41 Tudor. unlike Mackintr 
chose a fashionable architect to acres, the house is in a com- tt«ual style, pre^nmahiy t« 
build their homes, many of pletely secluded situation sur- -order of Mr. and Mrs. .T 
which survive to-day in remark- rounded by thousands nf acres Shnud who comnuK.«ioneri it 
able condition, a tribute to their of pine heath land of Frenshani All Mackintosh hou<e< * 


translate his drawing into terms 


able condition, a tribute to their of pine heath land of Frenshani All Mackintosh hou<e< were of br i £ * s Md mortar." 
architect and quality of build- Common, National Trust and planned to cater for the ne«»rjs The grounds extend t 


“briAVStrmom;" 1 " “““ iQ 5 room - Md 1118 sieepiDg and Chieko." he writes of two detail. Places like thcM^r 

The grounds extend to about accornmodation — 1 Oner’s bed- characters not directly involved. ’ ^. P ' 1 } m ™ a^ 6 riuldreU fear0(>m o( rhe title and .the 

5^1 ®, LI ^ room - bor ‘ s bedroom, “da ugh- found the affair'.. fascinating. ® ” J ? Yorkshire domestic interiors 


' reminded me of the early hnok? 
MwhnM of Elizabeth Bowen. Tl>e author 
= has tJia same knack of recreat- 
„ k ? ing her heroine's restricted -but 
heady outlook in remarkable 


XL. ^ ’5? V^L 3C :^ ■EXgL*S.“ h ” Hr,’™-.- AuiV wall?™' iTJ' -SoU'il measure <>r dotaehmenr. ,^ re KrtWLJTISK 


1935 1. responsible Tor Rochdale originally designed tor Mr. Shands had such si rone ideas 
Town Hall and various churches Hornlman the tea magnate, of Him nwn as io Hip kind of 
awarded the g«.»Id medal for Typical Yoysey touches are the place they wanted, ihai eveniii- 
archirecture in 1912. huilt beamed ceilings, panelling and ally they icll out with Markin- 
Banacle Ed^’e. Sandhills. Worm- wrought-iron door furniture of io-h. and another Glasgow 
ley. in Surrey in IS 9" An hour's rustic-style hinges and latches, architect. A. D. Hi*-lop. finished 
drive from central London. 4 all intended to promoii- the The house. Even so. much of 
milei from Ihe village of honesi simplicity that was Voy- MaekmLoshS work remains, and 
Gndalming. the house is tucked Key's trademark. in the scholarly Charles Rennie 


eiriniJM.li- -.nrt- onw A,„ h .niwt d « f! » n ^ hovn in to* b(1ok - the watch a fire.' K»«t 'those .who more hollow sound. But this is too present It emerges Jiiat 

^hniariv Ch iri ' B~n. it ih+ milVlJf rt ^ kilchen w >"* now mccirpurattt watch from a. ierrace are jio more Than a hook about the ihe era df Brief Encounter zjiA 

the scholarly i.hmles Rennie the market for a feu weeks, and a slaff fl „. an d outside is a better than ilio.se. who wafih honcsttes. pf the heart m con- Annie Get Your Cun was a* 

mm ’'motor house” for four_ large from a .-treeY" fitcl nl(Tf“ihe dishonesties of slormy a one to .grow up in a< 


PROPERTY 


ESTATES AND FARMS; 
COUNTRY PROPERTY: 


■motor house" for four large! from a street-' 


INVESTMENTS: 
OVERSEAS PROPERTY : 


cars, potting shed and 72-foot 
greenhouse. 


It all seems a long way. from the mind; it is also about the that of Annie and t'.lose Eit- 
a civilised artists' and’. writers’ -writer's 'relation to^ his material counter*: of ihr Third Kind. 


BIDWELLS Trumping tor Road Cambridge CB2 2LD 


chartered surveYors Telephone: Trumpingion (022-021) 3331 


FRODSHAM, 

CHESHIRE 


CHESS 


LEONARD BARDEN 


round seven, he neutralited . White: Bent Larsen <Den- JO B-Q3! P-B3? (White. wouM 
UTirte's initiative to reach a mark i. Black: RenneRi R u :o ff have good compensation with hfs 
drawn ending. Another draw in fU.S.i. Opening: Caro-Kano active pieces for a pawn after 
round eight could hardly be’ Defence (Lone Pine 19781. 10 QxN’P; 11 O-O— but Black's 


SUFFOLK-ESSEX BORDERS 

Ipswich 8 miles ■ Colchester 8 miles • Hartnell 15 miles 

HIGHLY PRODUCTIVE ARABLE FARM 

Principal Residence.. Four Cottages 
Range of Farm Buildings and 

459 ACRES FERTILE LAND 


£130.000 


NEW FOREST 


FOR SALE BY AUCTION JUNE 20th 
as a whole or in 5 lots 
i if not sold beforehand i 


WITH VACANT POSSESSION 


CENTRAL NORFOLK 

Bintree and Twyford 


Mivitr. BMifitr) r?Kd*nc? of 
non-: -oiMii’jr -lanlin? in » acr-- oi 
•.Invited sjri-ianrf «»-iUi f 

;:<•*. 'Aril pUcstl for -cce^i :o . 
Lneraonl. Ub«s)*r arul Vljncfart'tr ’ 
wrtH.a -• ifl.Uf of Tioiomcti nvr»orK. 

3u:i: 41 ••'in ji:o £|“panr hiv! 
•pai'KU. 4 .•.•urrunod^uon with wealth 
■>i irt-sur- /jnlities Snvtl.- cnin jn*in*: 
hji:. -ojlLi ’u-cu-bi, " ri_'..?[HJoii rooms. 
■T..iriiiju rnuin. full 1 htt^d tuidien. 
■ii.liL* room. nar:v room. 

room •fu!l-4i2r ubl-: •. indoor 
,*-,nraiin; pool add -4una 3a :n. d 
a--) room- 4 bjilirocm' >S 
•tl!-»«»!Siorac1 >’.4^ So- s«h 1 
r ?or. : o-jjr s«ra”-n; 

-o.j:n *:ii artier not3ui:dir»3. land- 
>■ .iii-.d ijrtrii., ^riv iroNinlj. 
r.on't* IJ" Oil-tuud croirAl hca'.iu. 
r r«.a<j'.( 

'k.jL di-r^iL- jrom- -r 


A pjrtra My th*eiv»d ptriod firm 
house dicing from the 17ih cen- 
tury. let in mignincent rural 
surroundings. Five bedrooms, bath- 
room. two itaircun, two land- 
ing*. inner hill, staircase hall, 
drawing room. . dining room. 
Silting room. breakfast room, 
kitchen, two swre rooms, shower 
room, conse-vatory. utility room, 
Banbury guest chalet with c«o 
double bedrooms, sitting room I 
dining room. Intchenecte. shower 
room. Usclu' r<mb«r outbuildings. 
Garden. To be auctioned unless 
previoualy sold b» private treaty. 


MPV.1CV o^nspri a noTh^r fnVnsYl' ® lack trying to avoid the "Castling into it " — but tb* 
THE FINAL round of an impor- dr^f^ln^^s of ^e t»™a- ^ Sters of Mecking v. Miles and normal B-K2 is countered by 
rant cbe« tournament puts the- ™" fc I n '!5J* 1 °* ™ hl " “TJ2 Karpov v. Hort earlier in 1978. B-QB4. 
same pressures on the partlci- "I 346 8 sensible dedt- «hlch condhued 7...B-B4; . S 15 B-QB4, R-Kl: 16 P-N4J 

puts L in any major onTHnor tetttftbn F n K3 ^'?5 R3! ’; 9 p - K 7''*- Brrisirn; Whites attack come, 

sport. The knowledge that a k- b *‘ v3: 10 P-lvR^ "'hen Black quicker than any chances Black 

single blunder during a long five- \ h A ' ' f( ther ha3 r h,s b,shop or can create on the other wing, 

hour session canlpoil « score his W" for7TIation rained (by 15...P-KR4; 17 P-KR4, R-Nl? i« . 

hunt uT in thTpreriOM two or S-^9-2S“ g ** iWIlS n , NxB L ’- However. Q-B3, B-K2; 19 P-QR4. P-N4; : 


three «n ac«n tuat^th e mast " R ^ otf the backward knight retreat is P-RS’q-QI:’ C iP-Bfi.PxKRP:^ 

tension and cause strange over- Larsen’s altitude was different, not a convincing answer to PxP ch. KxP; 23 RxP ch: F.esfgns, 
cighis The Danish grandmaster has White's seventh. For if 23 . . . KxTL *-4 QxQFP 

® .Li .. C D LTDJ V»V* n DvV A Vff. a I n . <- 


At San Sebastian in 1912. both possibly won more outright first 8 B-KB*- NxN': 9 BxN‘. Q-X3: followed by R-Rl ch forces mai<>. 
Xinizoritch and Rubinstein over- Prizes than any other active — ■ — 

looked mate in two during their Player, and even though he was POSITION No. 214 over the nest half-dozen move.' 

decisive game, at Nottingham half a point behind Polugaevsky BLACK HI men) ; ’ by which White increase> Hu 

1936. Four of the five leaders w ‘“* t* 0 Sfmes to go. he con- i TTyJ »{•"/[ Lag* UKW. —I advantage and reduces a win la 

made serious errors. turned, to avm (or an outright |- f;:. , -f uy4j w?f v - T a matter of simple technique. 

rh» final pniind. annrnarhpd first - Larsen beat .Michael Stean- •• •► ■ 99 £": - A (7^ 
in ' las? month's SUtbam. Master! E ^‘" nd - »" R ^nrJ 9. their mil- MOBI.EW No. 214 

as Lone Pine. California., the two S-v«a ■ . :*;F | f. BUCKMfnan) 

front runners • displayed be j. ow ; w ® -*— f 7 ft-’ Ev' 

markedly contrasting styles. , 80 15 Larsen approach the j-»- m •-»- L_— - . r 'js-. 

.Mter six of the nine rounds best one in a tense final round? -*-*r vy s- — *— — — - — >' \ -• 

Polugaevsky of the USSR bad ^ necessarily. At Reykjavik jft ■' ^ —a — — ^ 

54. Larsen of Denmark 5 follow- earker this year. Larsejr was a ■ - —r b-. ** , •, 0 

iog his loss Lo Speelman of P.olnl an d a half clear of his „' rw- ^ ^ :^c2 

England given in last week's rivals w '!* three rounds to go, ~ -r^ v r ~r- ' ' 75- -5* 75 - 

article. continued to play " actively "... S'* A Z. S — ^ 

First prize was 812.000, second lost a 11 three games. T5F . ; pj 

S7.500. then a rapid drop to the What is mentally possible for Lfca 1 . fi EZil tSl "T. J^r — ■ Tgr — 

lesser awards Under Swiss the great chess optimists like ' WHITE (Ilmen) i* _ 3 ^ i 

system rules the leaders had to Larsen. F-Lscber or Tal may prove ' Sas , ViraE Budan^sr 1978 ^ 3 ^ 

meet their nearest rivals in the a disaster for a more conserva-Thisis an unuaualDuntahlatest LLhS 

PKlopenW of position taSJSiK WbS ?£ “ ; > ' . - ' ^ - 

the effect of a setback. settled for safety, hut be still niove , has the well-known ad van- ^ r-~fl 

Polugaevsky chofie what finished clear second in one of tages of a strong Q5 square .-.lav WHITE! 6 men) 

regular tournament players the strongest tournaments of the against weak pawns, aDd a knight While mates in three moves, 
would consider as a professional year and kept bis plac*» one which, given the blocked position, against anr defence fhv H, 
approat* to the situation. Play- of the worlds ten leading grand- i s superior to a bishop. The Ttosset, Easier Zcitunc 197?) ' 

inti PI pi*V' Act T 3 rcon 1 it m n eta t“c 1 _ ■ & • £_ 1 ; _ ■ . ■ * ' ‘ 


Price Guide: 
£45/50.000 FREEHOLD 
JACKSON &. JACKSON 
The House on the Quay 
Lymington. Hampshire 
Telephone: 0590 75025 


POSITION No. 214 
BLACK (Ilmen) 


over thp ne.vt half-dozen moves 
b> which White increases his 
advantage and reduces a win to 
a matter of simple technique. 


PROBLEM No. 214 
BUCKF Iron) 


Important Residential Arable and Stock Farm extending 
to 414 a cres m^cthcr with Period Farmhouse of considerable 
character. Foreman's House and two further Cottages. 
Traditional Farm Buildings, together with easy working 
arable and luihlurc land. 

Vacant Possession (excepr for 13; acres) 
on the 11th October next. 

For Sale by Auction or. the I5lh of July in Norwich. 

Piirturulors from the .Auctioneers. — 

LONG & BECK, 

2 Oak Srrecl. Fakenhani, Norfolk. 

Tel: Fakenham 2231. 


SYKES. WATERHOI.S£ & CO- 

3* Warcrvatc Ro*». Chesier. 
Tel.: CheMC* 312VT7. 


Sy direction of Trustee* 

A First -Class Agricultural 


HINTON ST. GEORGE, 
SOMERSET 


W*rren House a Grade II Building 
needing rendition, '• 1 superb elevated 
potmen in 17 aero* Woodland. Si* 
Lots of Woodland — in all 115 acres. 


Investment 
CAMBRIDGESHIRE 
MANOR FARM. ELLINGTON 
393 ACRES 

Tojecher **lth a Period Farmhouse. 


Auction— Hay 25«h 
Particulars JOHN CLEGG & CO., 
Vury Estate Office. Chatham, 
f Tel: 02405 4711) 


Excellent Buildings. 2 Cottages and 
a Bungalow*. Subject to Mr. Chapman's 
Tenancy. 

For Sale by Auction on Wednoaday, 
24th May at 6J0 fum. at the 
GeorSe Hotel. Hhmtinjdon. 
fall Auction ftrtieotan from 
tie Auctioneers; 

REF: 3F344. 


(RELANDS. 2 Upper King St.. Non*ich. 


Tel: 610271 


NORFOLK 

a n.ln 


"■JT <J. T\‘ 






11 1 - >i.*ea n- iwaan.^ei- p»--*ni 

A ii-. VICTORfAN GOTHIC WANOr 
HOUSE »er: »• oeertio-’eo ori'-;-o<. 
b room*. r*iin . sri'SS cl ..a. re p... 
! sno KMhCojs. aeio-j-.a" J man 
Hec«o:.J" Roar'S rne r.f,* 

fle-:o*Hfei3 Han ViKheei Do—esti; 
G.Tii-r, Cr..:»- if Beoeems 3 Be*h- 
*« s' W.-ir. i« seoa*a:e 3-B>-tiroO«n.^ 
1«' j A:t > -game 


LUUkaE mil l!C ,"D:.On J *M‘ 5ge*. ELIZABETHAN l?t*Q* 

with grounds Fine stable b'ot- •" c-mowid .airiura Deiiantlui ss'erpt **.;■ 
>(•‘ 11 . tn*a:e soeein-eii :n-rt snrubs - s.« ane sircan. 

FULL POKTICULARs FROM THE SOLI AGENTS AS ASOVt 


RESTORED OLD MILL. S m,ia O<js>-on- 
*»' 1 1 souin or HcrelO'd. 

LrligSIbl u"iMil| vCUrno But aurs- 
s Me H - 1 1 rii.r-n . i»rp*- drewirp rfl... 
'■'.•i. .cc 1 -" iM, LilcntK hreal-faji -r. . 
eir-r *i a h*g\ . 2 Lira* 

, filar .r.l. roo"' fu*> Cl C H O' - : 

Ccr* Horn* iB'n 1 *) *lu*i<a l<r4K 
A iUM* III be*4-*ren *w ;.-e (Vanoer. 
ij uLiraied ea rr 'Li.la-s Rbi C 104 Coles. 
Knaan & Kc<i*«dv Pjlri- Oou*id 
Rsu-oo-w.* Tn ZZZ5-6-T and ar 
Vorrr"o.itr*. CNKtO* t<(iny ann 

Gio.-ce-trr 

SERVICE ARARTMCNT5. The l,.rv Hoi-- 
1 trec.a; Lsneon aoafnpni ,n -icluii-r 
Vncl-ar Sr*emn Brautil.iliv 'urnishetf 
fin Sf-'fecf A. a. >ac1e Mom l to «2 
•eei- s Fr©r» L250 o *> Telnanone 
add 3*0'J 

ISLE OF MAN. S»»B!rP high line i.*«|. 
-j,\ reach o' a.ropr- Unusual. SPac'Oul. 

i* re-roehcc Had ora*Mig 
f oc ri room, h'jcr «:u(]jo Z good 


Ekins Dilley & Handley. 
Centenary House. Huntingdon, 
PEIS 6 PQ. 

Tel: (0490) 56171. 


WHITE (Ilmen) 

Sax v. Virag, Budapest 1978. 


WHITE! 6 men) 


iag Black against Larsen in masters. 


puzzle is to find the right plan 


Solutions Page 34 


STALKING TO LET 1973 
SCOTLAND 

ARGTLLSHIRE 

1 R:fte 6 Stijt^Hotal -Accomm. 

SUTHERLAND 

2 B iH»t |Q Sues— Lodge Accomm. 


Wnh No, TlJ-South vulnerable 


E. P. C COTTER 


STRUTT A PARKER. 

13 Hill Siren. London WtX BDL, 
Tofc Oi .*M nu 


ISLE OF MAN 

PUBLIC AUCTION FRIDA T 24TH MAT AT 11.00 
t unieu sold P r * v iGijsir ■ 

FIRST CLASS DAIRY/STOCK FARM 


158 ACRES IN 2 LOTS (64 Ha) 

Conveniently situated on A4 
Splendid S bedroom House with 34 foot lounge 
frtpniiva nvjdfrj, Buildings to house o*er -200 h«d. Dutch Bam wish : e*p-'e. 


Only £2.00 per line (minimum three lines) 


Over M.QOO so It >n jM The l»M >t >n * high ttaty of rirtil>c« f'd 
<h« layout '< rdaal for di-rym;. Tanker toll ecf ion. No ingoing chargeable. 
T8/Brucelloi>i accrtditad. Warble Irac. 

CHRT5TAL BROTHERS. STOTT » KCRRUISH. 

Chartered Stirverort, Valuers ft Auctioneers, 

Bowring Reid, fUnwry, Isle of Nan. Tel: 0624 812234 


Rtf’yifi This coupon ivTiii details of vour property together 
v-:;h 'Wir cheque and publicaliuu vs ill take place next 
Saturday. 


In one room at a love score spade Si West jumped to four With North-South r»i*o«hiA 
nnai-tj-t*? • UesI 0 P e ned a mini no trump hearts, and North bid a fanciful c„ mh . . h u,n erable. 

DRlUut (10-12 points). £asr replied with four. spades, which was doubled. OUU3 D,fl on e club < Precision i 

a Stayman two clicbs. ami raised ;rzfF V r J?st had led a trump, the Mier lliree passes. North replied x 
E. P. C- COTTER his partner's rehid of two beans carnage would have heen yreaL with a ne-ainn . , iV 

to four hearts. but he led rhe diamond Kmc. hl . ff * dlamond ' 

North led his diamond simile- So ^Lh won. look the club finesse. ‘ raised h,s Partner'* rebid or ' ‘h 
ton. South won and relumed a flayed ilic Acc. winch was l ’ n< ’ 'Pade to two spades, and 

T HAVE BEEN given details of diamond for lii.> partner io ruff. ruffeci , and , overrufTed. Then South earned on to four snades 

to-day’s hands from the Camrnse A trump return was :ufccn on came Ihe fl,amond Queen, and p a 

Trophy by courtesy of Popular jh* rablc. the club Knav? ran anmher dianmnd was ruffed and led ihe three nf trumps . ' ' 

Bridge. Incidentally, the editor io the Queen, ami North a^aui ,lvc Tr»ffed on the table, to the ten and Queen ana Saudi ! 

has promised a free sample led back a trump. Another dub was ruffed in cashed the diammuc «n ‘‘'I 

copy and a special annual rate Tha rl . 4(ilrttp n „ m . , hand, and another diamond was lh pn p,d,nt *nrt A. e. Ho . , 

for FT readers. If interested. tT .^ I" anrl overruffed. A club , ad ,‘ he mwr “ kc of play ‘ •- 

you should write to 480. Mans- „ f „'' pad 5 fr °m dummy followed, and Last ^ Acc and ■*w»hw West 

field Road. Sherwood. Norting- *SmSS? 4 if* mid*’ m had l ° throw his inning can now the contract hr 

hant. JS® STSStinS wi h ibe F™™*, W L beat 1116 com « ct T***""* to E«t ‘ 

V s ftlES ^ E ^ land SSTioSS- *££*££& and hand occurred , h h ' S ACC 3nd Kin - ««» - club 

I dummy ruffed. Now the England met Wales: ' 50 *® lorn effect5 a tnj mp promo- 


C-droor, s f Mkriarti m'ch KENSINGTON. W . 27 rMfid BV .Od ‘ A 1 **” Url * J,a aiSniOnO I nr lll.S partner IO ruff. -..u -siiiuira, men couui c. 

Y'Vt.Y u 5? i, T!!i,,E! , “ , K!Sr5 SS 8 “S'tSs 'sriSl 5r ,,d fTSL,id r ffi' da >"s hands from the Camrose A trump return was taken on came Ihe fha,,lond Q Uf ' rn - and 

& 'oWri Bo* t «B 82 F*laS” Times!*^'. Trophy by courtesy of Popular th* rablo. the dull Knav? ra ’n another dianmnd was ruffed and ^ 

— — I — — ca^n sire n, ecaf 4 by. Bridge. Incidentally, the editor to the Queen, ami North a^aui nvc ^ n, ffed on the table, to the t 

RFAinpuviH has promised a free sample led back a trump. * Another club was ruffed m cashed 

RESIDENTIAL PROPERTY ADVERTISING s?* »* ■ sr** 1 , “"“L™* T he decider mi d , .- n ^ ™ 


fty Bl»CtX'o» »t M»l*» M«lo« FI"W». T.O . Q-l... S-A, 

SNOWDONIA NATIONAL PARK 

2 kiiI«. Doi;»Uju 1 6 mil«: Shr«vsBury ?0 w.;»s 

PENRALLT ESTATE. LLANBEDR. GWYNEDD — >92S ACRES 


A EMMntrf VtdMc Farffinq Un>l o' 10 j «r»i of Coa-.m L4«ru-«. 
-j- Mrr , «i DiVurr u no nooflunfl *<m 4 sttt O' la-m tui-ldirtun ici.- 
_,V n i, P fi sionirCU'K "ousn o' duraac IS oiCbDieO b* «fiDiosA-s.. 2 1 9 
• tr*S of **£la«e rnouMJ.n illfiOWl'IS 

w it^rtiRfl ftianrs niPr i.ve* 


Trotting fllonr^ otw 92i irrw. 

F.sp'ifl Piaht* a*w A«»u r ? O0 -ds. in Aron Artro 
A>[ •H'S VJt4»“ Wfi'-IOn fOXCfpt j V 

ln» arnglr iskaNn io ahou; 4 £j mrm 

*«r SlU np.vutplw J- 4 n- n 4 or O* Au-iO" l»r«- 4'. 4 


Yf. 

♦ 10 s 

5 K J 7 S 
O K .f 

* K 10 S 7 5 


04 ;? lo or i-'Ai.icrd 


wiKilars . . 

A yams A W.lli»nf. 
wiwne cmi"W« DcimIiw 
T^ l Of 4 1 4 22 


Agrafe- 

Aior-'s. M^rjnaii A v&n'o 
N*Ws.a l*w. i 

Tn ;a-sc. 


CLASSIFIED ADVERTISING DEPARTMENT 
FINANCIAL TIMES 
in CANNON STREET. EC4P 4RY 
r ‘T Telephone 01-24S 8000 . cm 330 


diamond nine was led. South — * 

had to cover, and the declarer 

r -7 * ' ruffed. Dummy's cards were" ' " * '• 

‘ " row good, so West claimed his • ^ f 

. * D A contract All very neat and tidy. f * i 

* A Q » b - - But suppose Nortli had won ihe , * * 

E - Knave of clubs wuh the Ace w - 

« „ 7 § 5 „ instead of the Queen and had * 9 3 

3 J f S f « returned- the two-. This False p ’ T 9 4 3 

'9864* card might ^ -well have caughjrthe *•' Q -9 * 6 3 
40 + J declarer off ..guard, and enabled;* K 3 

. „ ^ . South to score-ins -trump ten. ' 

• s i 5 ( I _ . . . ♦ j 

O 2Q g in room two North bid one-. - ~- 

*■ A Q 7 5 3 1,0 trump after two passes.- Ea" ' • "r/i 

+ 3 bid rwo club.*, showm? hearts.’. + 

mi .. ^ and another suit. South said - - - • 


E. 

* A Q 5 
« A Q 9 8 


N. 

♦ 7 4 2’’ 
^0852 
f * 5 

* Q 10 8 7 6 


E. 

♦ J 10 fi 
r A K 10 
> -T 10 7 
+ 19 4 2 


ton. Either West makes h* 
nine at once, or if South ruffs 
high, East’s Knave scores the 
setting trick later. West, brn*- 
did not rise ;o tha 
occasion. 


* AKQS5 
“76 

'■■.A K 4'2 

♦ AS 


Once the opening trump Jwd 
has made it awkward for South 
to ruff two diamonds on the 
table, he is forced (o .tty th* 
club suit, but he should; ha T0 
played his low club / without 
cashing the Ace— then-M S# 1 
home, . .. • " • 







1. 



Financial Times Saturday May 6 1978 



; :*UCH PLAY HAS been made 


Player’s lesson in diplomacy 


on this side of th*. a cn m mi«Mner after the Masters— the 21-yeer- self ; to a -nation so basically himself in America's super 

lecentlv about the nnftn v 660 0 d Spanish fiero * ad not competitive and emotional that league. Unfortunately,. JacJttin 
^ ^ al “aH*ty gy B * SSmSS-P^SS? ^£*5 the offer of the the little man who makes good has twice since made the 

• gown to foreign players when * isolationist; attitude that player’s card normally required. against all the odds immediately mistake, in times of disillusion- 
they appear .on, the United it more and awre difficult to compete in an event restrie- becomes a folk hero. Anyone ment, of criticising a tour and 
States tour. : British writers, ^ oreagn ^playersto <wruiete ted to tournament winners of -as physically brave and dedi- its life - style’ that, largely 


making infrequent visits to 1? u - s - Undoubtedly the previous 12 months, 


forested as Player, who can ally through his own former diii- 

Was 



- — — — - * - -r , , z — ", (•“-"““a ■“* i u» caieu as riaier, wuo tau auy unuu~u uu vwu »u t ujc, 

Amenca,^ reUsb toe fact that has^been forced winch Gary Player was the these attributes to a pains- gence and -dedication, 

Australia s No. 1 professional, JfJJr**, had to instate final qualifier. taJonglv careful verbal delivery, hardly -unkind to him. 

Graham Marsh, who had previ. re ? ,onaI area qualifying - ■ . i- ■ ’ - * - — — • 

ously won-seven tournaments in °P| n P e ritSons to sort out the 


..i-. 


1976 id : practically every sigrri- w . heat from the chaff instead of 
licaat golfing, country except the aJjowtn ff hundreds of golf- 
y.S. «o&; ironically, his own cra2ed youngsters to turn up at 
^native Jiang, was made to go ™ e c l ualif y™g school and re- 
through the .’arduous PGA tour * Jira scows that are an 
'riSBaiiiyihgaChool in Brownsville, embarrassment to toe . pro- 
.^«as, in December of that year f ® ss *on f to themselves, and to 
-‘When ho graduated comfortably “ eir friends and relatives. : 

^n tbird place. _ _ This does not mean however. 


GOLF 


BEN WRIGHT 


can hardly fail. Nor are the Haw aii- those who admire and 
regular references to God’s respect Jacklin for his mar- 
intervention at all harmful in vellous golfing achievements 
the American Bible Belt wish he had been better advised 
Gary has had the good sense ln ^ese and other areas away 

from the golf course! It is tragic 


never to bad-mouth any facet 

, . . to me to nave witnessed the 

of the continent that has pro- and now to be around 

vided him with the major part to watch what appears at present 
__ . . of his income. But Australia’s to be an accellerating and pre- 

There is little doubt, also that Peter Thomson and, latterly, mature descent into oblivion. 


Seve Ballesteros was * at Mr - Beman is .trying to Players great South African our own Tony Jacklin, would i sincerely hope Jacklin can 
.offered a player’s card during discourage -foreigners from predecessor, Bobby Locke, was never now be likely to win a prove me wrong— preferably 

Jjgjf years Masters tournament. PJay^g in America. He- offered eventually hounded out of popularity poll in America. The this week-end in Sardina 

-Allowing his momentous victory -Ballesteros his card- within a America by a group of his eon- Australian could never disguise Bruce 

;at Greensboro . the previous week of the Spaniard’s victory temporaries, who not only his profound dislike of almost n*r*iv * 

week, without being required to « — ~ * * - naieiy a 


Crampton's unfortu- 

. "Greensboro. Conversely, bitterly resented his repeated everything American — particu- caused the iron-hard Australian 

go through the school, the oat- Marsh had won neither in success, but also the fact that i a rly their larger sue of golf t0 be detested in America But 
■cry from 'my esteemed col- America nor Australia, so he this least athletic-looking of all ball — but how much his no one ever denigrated his 
leagues was considerable. The Wf s «s2ced“to attend the eebeoL modern golfing greats could not opinions were coloured by his playing ability or doubted his 
fhet that Marsh had not quali- pe feet that he had won in resist publicly and loudly rub- inability to sweep all before gratitude to his adopted country 

fied for an invitation to play at Britain, Europe, A frie a, India, bing salt in their wounds at him in the U.S„ as be was able for allowing him to make his 

Aupista as a PGA tour player Asia and Japan is of scant practically every possible oppor- to do in Britain, is open to fortune there. Likewise. Peter 
added further fuel to toe fire, significance when judging a tunlty. * suspicion. Oosterhuis has been taken to 

. since the wiry Australian had golfer's right to a place on the Player is by contrast so much Jacklin started promisingly heart by the modern generation 
.. won the 1977 Sea Pines Heritage U.S. tour. more of an ambassador for his enough in every sense, saying all of American golfers (as hare 

•rS^sie. a fetal of $107,765 for Beman again waived his own country that he will tell you the right things about the Australians Bob Shearer and 
z2nd place on the money list, association’s regulations 4o allow he has never encountered such excellent organisation of the Jack Newton) because he was 
’and had.- been somewhat Ballesteros to compete in the hostility, and mean it quite tour and how a foreign player happy to become one of their 
; strangely voted Bookie of the Tournament of Champions, sincerely. This is chiefly could never achieve true world- number and quickly adjusted to 

• • Year in the P.S. that year. although at that time — a week because he has endeared him- class status until he had proved the way of life. 


Deep-fried octopus . . . 


YOU MAY take a glass in your flashing neon, street sellers, 
V- hand in your room high in the noise, and people — an awful 
Mandarin Hotel in Hong Kong, l°t of people. 

"r look down on a swarming vista f confess to having little 
of traffic, junks, new office sense of anticipation before see- 
blocks and bustling ferry boats, ing Hong Kong for the first 

- and rest content in the fact that time. Cities are not my favourite 
you will never know Hong Kong, stamping ground. There are 

- I doubt there is a person alive enough tower blocks, traffic 
' who does. Yes, there are those jams, massage parlours and de- 

. who know their particular layer, partment stores within a mile 
be it the elegant boardro o ms of of my regular desk to reduce 
' those flourishing remainders their temptation value. My pro- 
of the old empire like Swire conception of the colony was 
•; add Jardines; the bland-faced one of a giant duty-free shop, 
humourless helpers who sell cut- Shannon with yellow feces. 

- - priced onyx in the Communist But somehow Hong Kong is 

retail shops; the eager Chinese infectious. It gets hold of you 
shopkeepers who will sell any- as you bounce across from 
thing provided they make a Hong Kong island to Kowloon 
' dollar on the deal; the tfrou- 

• sands of pretty women office — .■ — - — - 

- Workers who must surely be 
the best-dressed, best-looking 
such group in the world; and 

• that milling water-borne world 
of junks, fish, red flags, 

1 mysterious smells and un- 
fathomable people. Hong Kong 



TRAVEL 


ARTHUR SANDLES 


Hong Kong sea craft: water borne restaurants serving junk food.' 

the entrepreneur. Everyone ap- British establishment) and the his life in the East, has him- 

pears to be busy attainting to Excelsior (efficient, mid-market, seif written Borrowed Time. 

make his fortune, with Govern- modern) are all worth the visit Borrowed Place (Andre 

ment acting only as referee Eating is a revelation, provid- Deutsch). Read it and you’ll be 

rather than rule maker. This ing you avoid Western cooking prepared: . 

is like an excellent soup— enjoy on the ferry, or stand munching produces an envigoratmg if and the hotel dining rooms. saj ^ r Frm>ee ^ ^ 

it, but never tty to discover the de eo-fried nctoous bought fresh alarming atmosphere, and Don’t miss the Dun Sum meals w/o, sp*i» wlzl swtuerUtnd 3.S. ox 

recipe. IroS a street vendor. It afflicts ma^es Hong Kong an envigarat- at lunchtime in a giant float-, 

a v.u> . . ® ' - ing restaurant set among a sea 


Source; Thomas Cook. 



Help on the land 


BY STUART MARSHALL 


1948 and about half of them are 
reckoned to be still running. 

to 


AT LEAST 300,000 Land-Rovers is a widely misunderstood.- not nut excess wheelspin. As soon 
have been sold in Britain since to say under-rated, vehicle. as the bonnet crests the rise, 

Driven properly, it will go be cases his foot off the 
in and out of places where no accelerator and changes down 

.. . farmer would d yearn of risking into first in case an equally steep 

The odd thing, according to a trac ^or and where most fox- descent follows. Brakes are 

Rover’s staff, is that fewer than, hunters would draw the line at strictly for road use. To go 
10 per cent, of their owners taking a horse. down a precipitous slope, you 

really know how to drive them. . On really rough country, the stay in first and take your feet 
Most people who have them Land-Rover driver has to forget off the pedals. The compression 
are aware that, on the road, the all about normal driving lech- of the engine controls your 
rod knobbed transfer gearbox niques and be prepared, for speed. 

lever stays forward so that the example, to change to a higher It is the same when climbing, 
drive goes only to the rear gear for hill climbing and a If you stall nn an ultra-steep 

wheels. That makes the Land- lower one for going down steep gradient (and even Rover's 

Rover serve as a strong, high- descents. In essence. Land- demonstration drivers do now 
off-tbe-groond and rather Hovering has more in common and again), instantly bang in 
uncouth kind of motor car. For with riding a horse than driving reverse gear. The Land-Rover 
off-road work in mud or on a car. will hang against compression, 

ertra-steep gradients, they pull Leyland, in association with You sort nut .vnur return route 
back the transfer gearbox lever, their Land-Rover distributors, and. still in gear, flip the igni- 
which engages four-wheel drive are trying to fight ignorance tion key. The engine starts and 
and selects the low range of with experience. Year round, literally winds you hackwards 
gears. Alternatively, four-wheel they spread the word by invit- down the slope, safely and 
drive can be had in high range ing owners and drivers to Land- under full control. 
by depressing a yellow plunger. Rover demonstrations. On a None of this will mean much 
But even this is not fully recent rainswept morning, I to the owners who use Land- 
understood. One veteran went to a waterlogged Headley Rovers merely to pull horse- 
employee of an electricity Board Common in Surrey to find out boxes though Rover's experts 
who had driven a Land-Rover ^ Qw ** should be done. I once ha?e a word of good advice for 
for years on official business was owne ^ * Land-Rover for nearly them — don't wait until you are 
handed a new one. The Rover a y ear ^ ave driven them nearly stuck in a field before 
demonstrator asked if he under- tor thousands of miles, but it you engage four-wheel drive, 
stood the codtrols. to which he took ^ onl y ® ve minutes to But to be driven in and out of 
replied that he did- Pointing ^ earn tI,at * knew very little craters by a man who really 
to the red knobbed high-low about taking them across really understands Land-Rorering is an 
transfer box lever he said by rough ground. enlightening (not to say fright- 

way of confirmation: "I always The first thing one has to ening) experience, 
pull that back in October and remember is that foot hard Literally, a Land-Rover (or its 
leave it there until the end of down in four-wheel drive is a more aristocratic relative, the 
April. It's to give you more recipe for disaster. Safety, not magnificent Range Rover) can 
grip on slippery roads, you speed, is the golden rule, and be driven safely and non-damag- 
know . . . .** obstacles must be tackled head- ingly into places where people 

It would. And it would also on - (Anyone who lost monev would have to go on alt fours, 
restrict maximum speed to an on Tied Cottage in the National The secret is knowing how. 
ear-splitting 35 mi* and bring will know what I mean). And who would want to? Just 

about a staggering rise in fuel Confronted with a 4U-degree ask anyone who has had to man- 
and tyre consumption. This is slope, the Land-Rover expert handle a heavy load across a 
an extreme example. Rover use selects second out of his eight couple of miles of moorland 
it as a horror story to make gears and gives it just enough because he was afraid of getting 
the point that the Land-Rover throttle to climb steadily with- stuck. ' . . 


From the moment you start you as you fumble your way P^ce to visit and do busi- 

• -your descent towards Kai Tak through packed back streets, ness. \ rh; 3 ™ )^n a n?n^ith ™i in 

airport, making that alarmingly striving as you do against a Apparently only visitors men- Ghinwe rompamon wm you m 
sharp right-band turn to avoid tide of flowing humanity which tion China itself. The legal ties ® teer your w through 

- overshooting the mountains and displays no apparent interest in that Britain sees as binding the “ e menu. 

taking an unplanned trip into the intruder. It holds you as island and the New Territories Above all read John Le 
mainland China, you know that you strive to resist the tempta- to the Crown are not recognised Carre’s The Honourable School- 
this is going to be different, tions of cut-price electronic by Peking. Therefore the theo- boy before you go, while you 
. The washing hangs limply off wizardry. Above all, if you are retical deadline of 1997 for the are there, and when you come 

- the balconies of the apartment interested in people Hong Kong bulk of the land involved is back. I hadn’t and. to my fury, 
blocks, moved only by the presents you with an array seen as something which exists found myself sitting beside one 

• breeze created by your jet as it which never stops moving. only in the minds of the British, of the book's heroes, Richard 
passes seemingly within feet of Hong Kong, surrounded by If you are staying in Hong Hughes (he is thinly disguised 
them. The drive to the hotel China, the ever present but Kong the Mandarin (efficient, in Le Carre’s pages) without be- 
pushes the message home. Here hardly mentioned neighbour, is smooth, modern), the Peninsula ing primed. Hughes, a craggy 
is a world of traffic, colour, probably the last true resort of (efficient, smooth, popular with old journalist who has spent 


. and barbecued elk 


had its own well-stocked wood- you can tell your left from your 
shed. • right, two people can enjoy the 

Some food is expensive in tran^itt °f floating ac ross 
I HAD just eaten an enormous has recently passed a law to this Scandinavia (woman cannot live t o thTdiHf the 

picnic lunch of barbecued elk effect) on elk alone), so if you are 

steak, salad and cheese when I remember driving through taking your car it is sensible hS a ™ 

I decided to escape from the forests with a long slow sunset tot pack non-perishable basics: nSL.Vn wSJSh 

group and Climbed the hill. As in the driving mirror and seeing Swedmt aHmw you to import *« 


I knelt in the heather and scrub a badger lumber u£ the side of 15 kilos of food for each person jaocjB 
I knew this was the high spot the bank to watch 


UHT uicu opvi. UI 6 MSIUW IU rin«.u US «- -•- * — -J-—“ ~ — . - 1 * 7 Trs— » 1 ,-J __j 

of my holiday in Sweden. Below drove part. Another time we August, seven mghla in a four- 


as we over 12 years old. In June or ™^ ken . c ?”°® T £ ent f e „ nea I 


01 my JiOMBiij in smeuvu. -WW" nil* vc V ' r ,V7 . . frikp artranfafTf* nf fhp ■hmwiredc 

me was a blue lake fringed with came to a gentle halt to watch perron chalet economy cabin 
•yellowy green reeds. The fir a mother elk and her young on a feny from Felmtmve, to «* jf** 

-■ -trees lin the opposite bank grow about 50 yards from the road. JgjJ* wfth liyoSS 

• ub the side of the hill, forming A «ood way to see Sweden is person. This price does not canoe witn woat you neea ana 

the picture. and“n t0 Jyin altering chalet, tocinde mert, on boaro, or to Touron camp ^nnghtmopen- 
: front were birch trees with w e stayed in Eksbarad in the chalet, bed-linen, or petroL trontea mg caoins specially 
'' bright green leaves quivering in varmland— a beautiful sparsely- bu ? t “ lakcsidcs ’ 

the breeze. The sky was as blue populated area scattered with a ^ so ,® n d S? r „ Tin f’ 0r you 011 (permission 
'S the water Md the sun and forests, which borders cmjd is usuaUy requited but is easily 

.warmed my face. But apart Norway. But there are also • _“ I0 * ll «« and/or obtainable); hire a horse or a 

from the beauty of the scene, chalets by the sea, by toe fjords camping Holiday. bicycle and get even further off 

above dll was the sense of peace and in the southern lakelands. Tor Line can provide vouchers the beaten track— you can take 
and well-being. Chalets in the Tor Line pro- exchangeable at 290 camp sites your bike free on Tor Line’s 

' - -arfprt country gramme look like log cabins in Sweden, all with excellent ships. And you can swim 

, Sweden is tire perfect co ay outgide hut are all facilities, and under Swedish wherever you like in Sweden’s 

St-the roads equipped to the same standard: law you are entitled to pitch 9.600 lakes, some of which have 

Driving IS a delight m vmi. »,«♦• urotar fridea. your tent virtually anywhere lidos and jetties. 


arc in good condition and jn ^hower"^ yon fancy— as long as it isn’t aodresses; r>e amai hbem, 


• the rural areas traffic^ so light cuUery, someone’s garden. “ 

” Inotoer caHEv-en ftn'brosd da£ blankets, aid central heating if Even if. like me, sailing holds 

necessary. Most have an open ho-attra^on for you, I do urge 
have ite Mabte on - Sweden fire and our group of chalets ^outo try canoeing. As lon gas 


Trtnhy Ave.. Felfaatsaw. Suffolk. Swedish 
NaOoul Tourist office. X Cork St, 
London, W1 


CHRISTINE BURTON 


MOTOR CARS 


c.s* 

FLEET LEASINGS 

AT OVERHAUL GARAGES 

FOR VAUXHALL 

Other wakes also supplied 
Enquiries Tel: 

41901 

ASHFORD. MIDDLESEX 

on the A30 next to 
Heathrow Airport 


PRESTIGE 

fleet cars/vans purchased, any 
amount Travel anywhere UJL 
Unlimited cash* 

01-578 2617/0200 
Eves. 01-570 4707 


•WMfK 


1975, " N M «- 
OIM B««M- 


£A^9S. 


INVEST III 50,000 BETTER TOMORROWS! 

50,000 people in the United Kingdom suffer from progressively 
paralysing MULTIPLE SCLEROSIS— the cau se an d core of 
which are Stiff unknown— HELP US BRING THEM RELIEF 
AND HOPE. 


We need your donation to enable us to continue our work 
for the CARE and WELFARE OF MULTIPLE SCLEROSIS 
sufferers and to continue our commitment to find the cause 
and cure of MULTIPLE SCLEROSIS through MEDICAL 
RESEARCH. 

Please help — Send a donation today to: 

Room F,l, 

The Multiple Sclerosis Society of G.B. and NX 
4 Taefahrook Street, 

- London SW1 1SJ 



WRAP THE COOL CAR COMFORT OF 


alplnsur 


AROUND YOU 




Enjoy the u d EH 5 m" D Fa T R S tor/ w o * h ea tc M u g . no 
REFRIGERATION, DEHUW DfFtWno nQ diSCOFTl(0f , winter o; summer - iu« 

tunnes, n o m i* l* n 0 -up .no Or afl • j. Only Alpinoif oflttu you such a 

re! fficed. eomTortable driving^ superbly with the dashboard of your car 

variety ol beautifully Alpinair - Europe’s undoubted 

- w**ev-*r -eke. Tnod^W^nC proved brochUf<> . 


EsG^nacapacfly. Adto/Uamnltnuisnilss&ia. 


IbMdSMHknt stahp 


XHbtHHMvb. 


MkSta.HA716a, 


Ptf i inffii i r yLctMoats ^ r ya iatf StaAan] 


MMHOX yrrefs 


wocBsaao 


TRAVEL 


NAVARINO MEANS LUXURY 

ON A VOYAGE 

FROM SOUTHAMPTON TO SOUTH AFRICA 
OR CRUISING IN THE MEDITERRANEAN 


JANUARY TO MARCH 197? 

Depart Southampton 12 Jan. arrive Capetown 28 Jan. 
Depart Capetown 18 Feb. arrive Southampton 6 March 
Also cruising Durban. Mauritius, Seychelles. Durban 
Fare Southampton /Capetown from £530 each way 
Complete 53 day round voyage from £1,685 
Currently cruising until November 1978 
from Venice/Genoa to Greece, Greek Islands. North Afrie 
Holy Land and Eastern Mediterranean, from £572 



For full details contact 
your local travel agent 
or ring 01-836 8216 


NgpctrtfW Kangcogis Guises 


Wain wright Brps (Tiayd) Lt&,36 King Street, London WC2E 8JS. 


ASHLEY COURTENAY 

RECOMMENDED HOTELS 



THE ULTIMATE 
in luxurious barefoot 
informality. Small lnti- 
mat* Executive family 
Vida Umort fvHU 
sleeps 4) an one of 
die Cu’ibbean’j Coast 
with perfect summer 


white beaches, 
weather cooled by the Trade Winds. 
Villas from £28 day (ter 4). Direct 
London flights. Airmail; for dentils 
BUCCANEER COVE 
leoe 884. St. Iota's, Antipn 
Weft Indies 

Cable BRINE ANTIGUA 
or Telex lM jetaanjo AJC 


GERMAN 

Intensive untux Comes. 
Academy Kiausrnhof Westphalia tor 
students 16-25 yrs., all levels. July and 


August. 3 wk*. JncJiotrc £220. 


FRENI 

Language Courses In French Umventthm. 
. Caenj Grenoble/Nancy. 

All lavela 16 years and over. 
From U2J for 3 or 4 weeks. 

Sommer French Courses Ata 

Bordeaux and Paris colleges. O and A 
level puBits. 2 or 3 weola . from £219. 


Please apply to: 
MY tom. TJ. 


EURO- A CAD EM 

GS 1-2905. 


T7a George strceL Croydon. 


All are good value tor monev as costs continue to rise. The new 
1978 Edition of “ Lei’s Halt Awhile in Great Britain ” personally 
describes over 1^00 hotels. Here is a most rewarding gift and 
a mine of information for your holidays, honeymoon, mini-weekend 
breaks, or business conference. £3.75 from book stores or direct 
from the Author, 16 (D) Little London, Chichester, Sussex, plus 
66p postage in U.K. 

PORTSCATHO, S. Cornwall 

ROSCV1NE HOTU. AA---RAC Sundlpg 
■n a acres Ol beaut.iul gardens above sola. 


ALDEBURGH. Suffolk 

UPLANDS HOTEL. MeUoH and modernism 


Oie principal draw B the outane and Mrn j* private beach. Noted lor cuisine. 


we cellar icnowledoe ol tta resident owners. ga » moms with baih-showerr Full C-Hl 
For gastrcmotnlcai lov. bracing week-end or , dCjl | tor early or late holidays. Tel. 20S. 
tort per. t*i. aA a il . 


SANDOWN. Isle of Wight 


CHESTER-LE-STREET, 

CO. Durham BROADWAY PARK HOTEL. j.S:ar and 

LUMLEY CASTLE. 13th century Castle, excellent. 7 acres ot beeullhil 0 round a. 
All bedrooms with private t»:h. radio and Imaginative cuis/ne. Pr(*. baths. Httf. 
TV. Gourmet restaurant. Elizabethan swimming pool Dandrjg In season. Ttnira 
Bang nets held most evenings In the Baron's court. Tel. 098-384 2007. 

Hall. Tel. Ch ester- Le-S treat MS326. 

SID MOUTH. Devon 


MULLION, S. Cornwall 

POLURRIAN HOTEL- •». Happy Informal. WEST CLIFF HOTEL. A family ran hotel, 
One cuisine, friendly service. 12 Acres All sues catered lor. Lovrlv In Sommer, 
secluded. Own sandy cove. Hid. 00 el. Heated swimming pool. Close to sandy 
Tennis. Putting. Nr. IB -hole golf course, beach and ooh. Tel. 3252. 

CIW walks. Dancing. Tel. 240421. 


DISCOVER THE 
MAGIC OF SARDINIA 


Hotels: 

5KARDANA - ftwm OS2 

RESIDENCE PARK from B» 

RONA2ZINO from 005 

Includes 7 nudiu tell board, direct 
flights train G a reticle. Free Colour 
Brochure tram: 


HAGIC OF SARDINIA (Depl. FT), 
19(1, Chiswick HiPh Road. London. W.4 
nui ■ nuns «si 


Tel.; W-8® 7451 
ATOL 1014 BCD • ABTA 4S485 


HOLIDAYS FOR DISABLED 


RONNIE WONALPeS , .HOTE L. GuefflMY- 
Tel. 0431 31059- Heated pool, tennis, 
putting, bars, dancing, family suites. 


HOLIDAYS DESIGNED WITH 
THE DISABLED IN MIND 

four comfortable hotels with price 
to *uK your pocket. AH hotels are 
staffed' and equipped fa take etra of 
the disabled. For details of *’Bart*fci 
Breaks” and other holidays please 


T he SFAsrks soc/snr 

Centre* Deportment 
12 Park Crescent 
London WIN 4EQ . 


•HARROGATE. 

(01^ Surati ^afet 


XETTAIS’S MOST DISTnTGDTfiHEIJ 
COHFESXSCE HOTEL 
ii Conference Secretory B . 

TH- HARROGATE SIM051 l ' At - 
1U Haan IZgpk 7r 3 h ptre Saftaa 
Pfaaary CteteeaceStt.drd Pthmts Roeast75 
tsavwt Dni«« 3M * Eaten Bwodna. 
3H uu w dt Ti.IUs.miaa. 

. TELEX S7W2 OLDSWAN HAROGAT M 
NNOftP ot Britain's PXESTWE HOTELS^ 


FOREIGN HOTELS 


PONTRESINA. Engadln (Grlsoits.) The 
soorti resort 'or fastidious doooIk. 
Prcripedirt: Kuncrcin CM— 7504 

Pontrcsma. 


1 SWITZERLAND. A ROSA. Hotel ValSUM. 
I 1st class. Indoor swimming pool. Oilers 
the security lor sLlmg until tilt end of 
I April. Telex 74232. 


HOME AND 
GARDEN 


HOLIDAY 

ACCOMODATION 


BUCKINGHAM 


SELF CATERING FLATS. 2 4 persons. 
Oonoslte beam. Linen provided. May. 
June. Seotember. October. £35 weekly. 
6. G loiter Terr.. The Esplanade. Sand- 
oatc. Kent. Folkestone 389S1 evenings. 


ACnvmf HOLIDAYS 

WALKING WEEK-ENDS. Mar toOctoftar. 


The Pennine Way sUro here. stonecTpft 
Hotel, Edalc. ~ " 


Hope Valley 0433 70262. 
from £35. Free brochure. 


Sheffield SSO 2ZA. 

Fun 


Tel. 

board 


COMPANY NOTICES 


ANGLO AMSKCANHWEsmENT 
TRUST LIMITED 
. flnowparaied in tte Republic 
o< South Abie#? 


the 
meeting ol 


NOTICE TO MEMBERS 
N alien is hcrabV given that 
tv -second annual oenaral 
^jmbers of Anglo Araertum layotmenc 
Trust Dinffrd will be held at 44. Main 
Street, Johannesburg, on Tuesday. June 
6th. 1978. at 11 hid. for the I ol lowing 

ifVo^recertB and consider the annual 


recoil e 

nclal st _ . 

for the year ended 


financial statements the^comMmr 


2. To elect directors In accordance witn 
the provisions ol the company's articles 
of association. 


The transfer racisms aod register? of 
U be closed 


members of the comoany will 

from May 27 tn to Jeoe fit*. TS 78, tadl 
days Inclusive. _ 

A member entitled to attend and vote 
at the meeting may aojscim a proxy or 
proxies to attend, speak -am vote In hts 
tread, a proxy need not be • 

Of the company. 


me m oa r 


Ev Order, of the_8gajrd 


ANGLO AMERICA IS CORPORATION OF 
SOOTH AFRICA LIMITED 


THE SCOTTISH 
AGRICULTURAL SECURITIES 
CORPORATION LIMITED 
7i% DEBENTURE STOCK.. 1990/ffl 

NOTICE IS HEREBY GIVEN that 
the Etegtacra of the Goraeratii 
ahova mentiocMd Dcbciteura SocJc 
be closed for Transfer and Rsdmtioi 
from I8di m 3 1st May, 1978, bod 
days Indus! tv. 


ion's 

will 


Sr Order of the Board, 

H. J. McTUML. Secretary- 
48. PhlmcrNBlt Place. 

Edinburgh EH 12 5BJL 
6th May. 1978. 


smwmiNG pools ltd. 

Gf-ASSFIBRE FOOLS 
CONCRETE POOLS 
SWIRL POOLS 
PRIORY ROAD, 
KENILWORTH, 
WARKS. 


0926 52351 



APPEALS 


ANCIENT MARINERS now sending out 
distress signals, arc cared tor by us. 
Please acknowledge with a. gift to: 
General. Secretary. D. J. Laffeny. 
M-BJL. J.P.. Royal Alfred Seafarer* 
Society, “Weston Acres." Woodman- 
nernc Lane. 8ansiead, 5urrey, SM7XH8 


CLASSIFIED ADVERTISEMENT RATES 



per 

line 

£ 

single 

column 

CTO. 

£ 

Commercial and Industrial Properly 

4.50 

34.00 

Residential Property 

2.00 

$.00 

Appointments 

4.50 

1440 

Business & Investment Opportunities. 
Corporation Loans, Production Capacity, 
Businesses for Sale/Wanted 

525 

16.00 

Education. Motors, Contracts & Tenders, 
Personal, Gardening 

425 

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2.75 ' 

10.00 

Book Publishers 

— 

7.00 


_ Secretaries 
« r H. J. E.- STANLEY, 
Companies Secretary 

Registered Office: 

44 Maid Street. 

|ciP°lAj n V tsauet ' 


PUBLIC NOTICES 


CITY OF BRADFORD METROPOLITAN 
COUNCIL 

.Bills amounting to £2.000.008 were 
■ tened on S May. 1978. ter maturity 
I 2" fv Atfoust. t97B. at « rate of 7««^S. 
■H. u. | Applications totalled £14.500.000. Bills 

8Hi May, 1878. ' outstanding total *4.000,000. 


Premium positioss available 
(Minimum size 40 column cms.) 
£1.50 per single column cm. extra 


For further details write to: 

Classified Advertisement Manager* 
Financial Times, 10, Cannon Street, EC4P 4BY. 



14 



Financial Times Saturday May 6 1 978 


ARTS 


She is Gonne 


I was 23 years old when the 
troubling of my life began.” 
wrote W. E. Yeats of the impact 
upon him of Maud Gonne. She 
was the heroine of The Counter 
Cathlem (Radio 4. April 30). by 
Maurice Leitch. the last pro- 

f ram me in the series Key 
ifrures. On radio Denys Haw- 
thorne, who spoke the part of 
Yeats with the requisite proud 
resonance, said " trouble of my 
life" rather than troublinu'.” 
This is the kind of thing that 
absolutely no one minds about 
except a critic so why bother to 
mention it? It is a minute cavil 
but the original means some- 
thing different and is more 
beautiful, that's all. So many 
necessary simplifications do have 
to he made when radio tackles 
these great figures and their 
relations week by week and turns 
them into acceptable 45-tninulc 
packages of sound and voice that 
one resents the unnecessary 
ones. 

On the whole this radio 
portrait was. I am glad to say. 
a most acceptable mixture of 
vEraigbt narration and animated 
documentary; every so often it 
seemed poised to lake off into 
the realms of pure drama but 
then it came back to earth. To 
be sure in the passion nf the 
poet for this woman patriot with 
her free spirit, her physical 


RADOO 

ANTHONY CURTIS 


loveliness, her aristocratic back- 
ground, and her Parisian up- 
bringing, there was plenty of 
material for theatre of an old- 
fashioned kind, not least the 
death of her child and the shock 
wrought upon Yeats's conscious- 
ness when he heard that she had 
married. Sian Phillips spoke 
Maud Goone's words and even 
through the blind medium 
of radio one sensed Maud's 
Irresistible attractions as much 
as her maddening impetuosity. 
Michael Mac Liammo'rr and Sean 
O’Casey were also given their 
say about her in Alec Reid's 
efficient production. 

Maud Gonne was a liberated 
woman if ever there was one 
and it was something of a reve- 
lation to me to find two more 
springing from an unfamiliar 
regional source, the Manchester 
school of realistic playwrights. 
Houghton's Hinrile tt’afec* and 
Brighouses's Hobson's Choice 
were both revived on Radio 4 
(April 29 and May 1 1 from pro- 
ductions of the 1960s as part of 
the extended Tribute currently 


being paid to the memory of 
Wilfred Pickles. In both these 
plays Pickles’s role was that of 
the heavy father trying to dis- 
cipline a headstrong daughter 
who shows bidden reserves of 
courage and -practicality- Jolly 
good be was In both parts, tak- 
ing his double-defeat from both 
young women on the cbin: 
admiration for his prowess as 
a straight actor was. however, 
engulfed by one's sense of bow 
well both plays work to-day. 
Wesker in particular seems to 
derive directly from them and 
even Pinter may have learnt a 
trick or two. How nice as ai 
bonus to hear Bernard Cribbins 
a<! that blossoming apprentice 
Willie Mossop, Barbara Young 
as Maggie his spouse, and Billie 
Whitelaw as the other young 
woman. 

Nowadays the same women 
would not be battling with their 
parents over whom they should 
marry but with their ex- 
husbands in the courts over who 
should bave custody and control 
of their children. This was the 
subject of Jennifer Phillips' play 
Daughters of Men (Radio 4. 
May it, where the wife in this 
fraught situation was played by 
Judi Dench. The useful device, 
or a social worker’s report on j 
the case, read out and punc- 
tuated by flashbacks to the ex- 
plosive episodes which it ■ 
describes in impersonal pro-j 
fessional language, was used by[ 
the author to frame the piece.; 
Provided the listener does not 
switch off in the first five 
minutes this is as good a way of 
framing a play as any other. 
Aoyone who did switch off would 
have missed something well 
worth hearing. Miss Dench’s 
rnlc was that of a thoroughly 
modem heroine, that is to say. 
a woman whose life is a com- 
plete mess. She had been the 
main breadwinner while the 
marriage lasted, earning twice as 
much as her husband on the 
fringes of the advertising and 
book-i (lustra ting world. But that 
did not do her any good nor did 
her relationship with her girl- 
friend and confidante which 
suddenly turned sour to precipi- 
tate the final collapse. La spite 
of the powerful thunder and! 
lightning of Miss Dench's way I 
with the script it would all have 
been a bit much had not Jen- 
nifer Phillips succeeded in en-j 
livening it with the comedy of ; 
a disastrous dinner party half- j 
way through, not particularly! 
relevant but nonetheless wel-J 
come. After it was all over we' 
heard a repeat of an interview! 
between Miss Dench and the l 
critic Robert Cushman in which] 
a very different and much more* 
likeable personality than the one | 
she bad been playing emerged. ; 



Street Fighting Man 


Lois McDonalf. Nvii Howlett and Derek Blackwell 

The Two Foscari 


Aslilcv Aahuood 


The English National Opera 
has added Verdi's Byron opera 
The Turo Foscari to its repertory. 
The first ger/orraance. on Thurs- 
day nighL was well received by 
a large house. The friendliness 
may have had about it a measure 
of goodwill towards the ENU and 
confidence in the future, for to 
tell the truth the production so 
far is mure a potentially useful 
vehicle than a positive achieve- 
ment. In the last century / due 
Foscari was a favourite with 
managers because toe cast and 
the choral and orchestral forces 
involved are not large, and while 
nothing much in the way r»f 
spectacle is required, the scenps 
are laid in Venice and therefore 
likely to make an effect. 

They must have had a ready 
supply of the right kind of 
singers. For this first cast, at 
the Coliseum, the ENO have not 
been quite so fortunate. Neil 
Howlett's suffering Doge Fran- 
cesco Foscari, condemned by- 
laws of state to uphold sentence 
of banishment for treachery on 
his own son Jacopo, whom he 
rightly believes to he innocent, 
was very fine. Somehow he con- 
trived to reconcile a firm and 
even vocal line with the physical 
appearance of advanced and 
Titianesque old age — if the 
portrait was less than deeply 
moving it was not the singer's 
fault hut the difficulty of feeling 
active sympathy with endless 
afflictions so passively borne. 
Mr. Rowlett made more than 
anyone of the revised English 
translation of Rex Lawson. 

No one else reached this level. 


As the wretched *on Jacopo, 
who dies as he is setting out on 
a prison ship for a second term 
.if Cretan exile at tin? very 
moment that the real miscreant 
makes a deathbed confession, 
Derek Blackwell- Though he 
showed a certain feeiing for the 
iie of Verdi's phrases, was 
vocally over-parted. His indomit- 
able wife Lucreai a (Marina in 
Byron's play I was u^mTuusly hut 
unevenly and sometime; roughly 


, ft 


RONALD CRICHTON 


sung by Lois McDonall — ail the 
same there are the makings of 
an effective performance here. 
John Tomlinson made as striking 
a figure out of Loredanc. the 
leader of the bitter opposition 
against the Doge, a; the brief 
pari will allow. 

The seemingly timely appear- 
ance of the excellent Philips 
recording of the opera (recently 
reviewed hen?) may turn out to 
have been less than a blessing in 
disguise. Not bee: use anyone 
can reasonably expt-ct the END 
to bave a Ricciare!!!. a Carreras 
and a Capucciili up ihrir sleeve, 
but because Lam her: Gardolli's 
view of Verdi's mi;«;c on the 
recording is more interesting 
end more convinei-v than that 
of Sir Charles Graves in the 
theatre. 


Groves plunges Into the Pre- 
lude with a more extrovert 
vigour than he usually shows in 
this pit. Elsewhere there Is jolly 
rough-and-tumble where GardelJi 
on the records finds a cutting, 
swift elegance — there is much of 
interest in the music, with vesti- 
gial leading-motives and numbers 
like the fine soprano-baritone 
duet at the end of act one, where 
several short sections are cun- 
ningly knitted together. Verdi 
always as it were keeping one 
move ahead of the listener. In 
one important scene, the finale 
to the opera, with the deep bell 
tolling to announce the election 
of a new Doge and the death 
onstage of bis deposed predeces- 
sor, Groves' s broader treatment 
paid off handsomely. 

John Blatcfaley's production is 
sound in conception but dull 
and cluttered in detail: touches 
like the spies noting down the 
Doge's conversations add little 
to the atmosphere. The sets by 
Stefanos Lazaridis on the other i 
hand successfully call up thej 
secret, misty, sinister Venice of 
"midnight 'carryings off and 
drownlngs.” Across the water 
from the’ Doge's Palace there can 
dimly be seen a church closely 
resembling (in 1457) a Palladio’s 
S. Giorgio. The waves are appar- 
ently lapping half way up the 
facade: dearly Venice was 
already in dire Peril. Costumes 
for the principals, the Council- 
lors and their officials are 
sombrely rich. For the Carnival 
revellers whose appearance adds 
a touch of relief to the gloom 
they are blood-red. 


The latest new play at the 
Traverse in Edinburgh is by 
John Bett, on actor formerly of 
7:84 (Scotland l and,, more 
recently, one of a brilliant trio 
in John Byrne’s Writer’s Cramp. 
Street Fighting Man is an enter- 
taining squib in which a ridicu- 
lously effete young theatre 
director, dressed in a military 
jump-suit and silk scarT'.coh- 
ducts a technical rehearsal of 
an atrociously earnest play set 
in the derelict basement of an 
old hotel. This “ kitchen- of the 
forever damned.” stunningly 
designed by Grant Hicks, has a 
dumb waiter, an alarmingly bat- 
tered pile of ovens and 'peeling' 
walls. . • _...•• 

The -njock-Pirandeilian conceit 
of the piece resides, in the ten- 
sion generated between the three 
stereotypd actors and the equally 
stereotyped roles they play. And, 
beyond that, there is the silly, 
screeching director, flouncing on 
to the stage to bawl out the 
unseen technicians, the actors 


tbemselves and an Ingenuous 
female stage manager who 
delivers prompts as if they were 
precious gems. 

Mr. Belt’s approach, may be 
flippant, but he makes it quite 


THEATRE 

MICHAEL COVENEY 


dear whom he likes and whom 
he does not. Two of the actors, 
played by RoyJ&nlop and Peter 
Adglr. are palpably sympathetic: 
one is a no-nonsense, typical 
Scottish actor with no time for 
the director's arty jargon and 
temperament while the other Is 
a camp flyweight playing a 
defrocked priest with obscene, 
extravagant relish. In a strangely 
threatening climax, where & 
soldier bursts in with a machine 


gun to side with the director and 
tiie third actor (an amateur gezit 
of the. boards who is also a 
property owner) the Celtic 
double act is left cowering in a 
corner with the stage manager 
who, we. learn, has 'entered the 
profession In order to change the 
world In the company of others. 

By thtii tune the line between 
Illusion and reality has become 
delightfully blurred, although ve 
never lose sight of Mr. Bett's 
critical whiplash views on certain 
aspects of the contemporary 
theatre where good intentions 
are frequently buried in a 
schizophrenic hesitancy above 
ordinary showbiz values. There 
is, in 'the boisterous writing,- a 
plethora of very funny : lines, and 
The fate of the director, well 
played by Finlay Welsh, is 
sealed from the start, when we 
see him thrashing about in a 
black-out, a glowing cigarette 
keeping time with the raucous 
blare of the Rolling Stones song 
that gives the piece its title. 


THEATRES THIS WEEK . . . AND NEXT 


QUEENS, HORNCHURCH— 
Tommy: Ingenious production of 
The Who's rock opera, complete 
with lights, music, good- singing 
and fifty delightful youngsters. 
Opened- Monday. 

STRATFORD-UPON-AVON— The 
Taming of the Shrew: A farcical 
modern dress production by 
Michael Bogdanov, which suc- 
ceeds admirably- Paola Dioni- 
sotti is an. apt Kate and Jonathan 
Price a confident Fetruchio. 
Opened Thursday. 

GARRICK— The Homecoming: A 
fine revival of this Pinter piece 
with Timothy West superb as 
the father and Gemma Jones as 


the son's wife coming home to 
menace and malevolence. 
Opened Monday. 
STRATFORD-UPON-AVON — 
The Tempest: Unmagical, compe- 
tent RSC production by Clifford 
Williams with Michael Hordern 
as a vivid, but earth-bound Profr- 
pero. Opened Tuesday. 
VICTORIA PALACE— Annie: 

This Broadway hit, based on the 
American cartoon ' strip, is cer- 
tain of a long stay in London. 
Catchy tunes, good designs, aqd 
strong performances. Opened 
Wednesday. 

Tbe Chichester Festival 
Theatre season starts on Tuesday 


with Oscar Wilde’s A Woman nf 
No Importance. At Stratford- 
upon-Avon, in the Other PJair: 
the RSC revive The Merchant of 
Venice on Thursday and, on the 
same night, Panl Scofield opens 
in Manchester, at the Royal Ex- 
change, in A Family by Ronald 
Harwood. In London, Wesker’s 
Roots is at the Shaw from Mon- 
day; the Pip Simmons group pre- 
sents a rock version of The Tem- 
pest at the Riverside Studios on 
Tuesday; and. on Wednesday, Sir 
Ralph Richardson opens in a new 
thriller, Alice's Boys, at the 
Savoy. On Thursday, a new play 
by Snoo Wilson, The Glad Hand, 
opens at the Royal Court. 


SALEROOM 

ANTONY THORNCROFT 


An icon from the Cretan School 
of The Lamentation, produced 
near the end of the 16th cen- 
tury, sold for £16.000, plus the 
10 per cent buyer's premium, 
at Christie's yesterday, it was 
bought by the German dealer 
Kadri for a sum which was 
over twice its forecast The sale 
totalled £167,995. 

An early 17th century icon 
from the same school, depicting 
the Presentation of Christ in the 
Temple, was bought by the same 
dealer for £8,000, and an anortys 


mo us bidder gave the same sum 
for a “ Head of the Virgin ” 
.from the same source. A late 
17th century icon Df the Cretan 
.School- showing St George 
Slaying the Dragon,' and signed 
“By the hand of -Victor;" one 
of the three leading artists who 
left Crete for Venice after the 
island was taken by the Turks, 
sold for £7,000. The Temple 
Gallery of London gave £4,600 
for a Macedonian icon of the 
17th century of St Panteleimon. 

A sale of English pictures, 
'also at Christie's yesterday, 
realised £62,085, with O. and P. 
Johnson, the - London dealer, 
paying £3,000 for a Portrait of 
Lady Anne Erskine, second 
daughter of John, Eari of "Mar 
’ and wife.-o'f .fhe-sbctfi' Earl *>f 
Rothes. . 


At a sale of Chinese ceramics, 
hardstones and works of arts, 
conducted by Christie's in New 
York an Thursday, an early 
18th century brilliant pale 
greenish-white jade koro and 
cover made £13,296 ($24^00). 
It was bought by Rare Art. a 
New York dealer, in a sale 
which realised £238,629. 

;The English furniture sale .at 
Sothebys totalled £46,515. The 
top -price was the £3,200 for; a 
Queen Anne walnut bureau 
cabinet A George I .burrmaple 
cabinet on stand went for 
£1,800. 

- Bonhams sale of jewels and 
objects of verto brought in 
£42^154, with 14 pe iceat , un- 
sold. A Dutch tobacco box made 
in Amsterdam dn 1749 made the 
top price of £2,100. 


TV/Radio 


BBC l 

9.00 tun. Teddy Edward. 9.05 
Arlott and Trueman on CrirkeL 

9.30 Multi-Coloured Swap Shop. 

11.30 Cup Final Grandstand: The 
1978 FA Cup Final. Arsenal v. 
Ipswich Town. 11.30 Cup Final 
Morning. 12.00 The Road to 
Wembley. 12.10 p.m. News 
Headlines; Cop Final Master- 
mind (12.12); 12.40 The Cup 
Final Managers; Gymnastics: 
Champions All (12.50) Cham- 
pions All Trophy: com- 
mentary; Inside Wembley 
1 1201; The FA Cup Final 
(3.00 1 commentary: 3.43 Half- 
time marching display: 3.55 
The FA Cup Final: second- 
half; 4.45 Presentation of the 
Cup and Medals by Princess 
Alexandra; 4.55 Meet the 
Winners. 

5.10 The Mickey Mouse Club. 

5.35 News. 

5.45 Sport' Regional News. 

5.50 Fish. 

6.15 Rolf on Saturday— OK? 

6.45 Saturday N'isht at the 

Movies: “Flight from 

Ashiya." starring Yu! 
Erynner. Richard Widmark. 

L25 The Val Doonican Music 
Show. 

9-10 Kojak. 

10.00 News. 

10.10 Cup Final Match of the 
Day. 

11.10 Saturday Night at the Mill. 

12.00 Weatherman. 

All regions as BBC 3 except at 
the following times: 

Wales— 8.40 a.m. -Arlott and 
Trueman on Cricket 9.05-9.30 
Teliffant 12.00 News and Weather 
for Wales. 


Scotland— II JO a.m. ** Branded.” 
film starring Alan Ladd. 1.00-5.19 
pan. Scottish Cup Final: Rangers 
v Aberdeen. 5.45-S.50 Scoreboard. 
10.10-11.10 Sportsoene Special 

12.00 News and Weather for Scot- 
land. 

Northern Ireland— 5.45-5.50 p.ra. 
Northern Ireland News and Sport 

12.00 News and Weather for 
Northern Ireland. 

BBC 2 

7.40 ajn. Open University. 

+2 JO am. Saturday Cinema: 
“Dinner at Eight." 

4.40 The Money Programme. 
525 Arena: Art and Design. 

6.00 Planets. 

7.00 Open Door. 

7.30 News. 

7 AS Don't Quore Me. 

8J5 The Lively Arts — In Per- 
formance: Welsh National 
Opera “ A Midsummer 
Night’s Dream " (with 
Radio 3 stereo). 

11.00 Second City Fima. 

11.30 News. 

1U5 

f 12.00 Midnight Movie: "For- 
bidden." 

LONDON 

R.40 a-m. Sesame Street 9.40 
“The Heroes Of Telemark.'' star- 
ring Kirk Douglas and Richard 
Harris. 

12.00 World of Spori: 12.03 
p.m. Cup Final On The Ball; 
12.:'.Q News; 12.35 Wrestling; 
1.J5 Wembley '78; 2.05 Racing 
from Newmarket: 2.000 

Guineas Stakes; 2.30 Wembley 
'Tk; 2.50 The Presentation: 

3.00 The Kick-off; 3.45 Half- 
lime Verdict; 3.55 The Second 
Half: 4.40 The Final Whistle. 

5.10 News. 

520 Happy Days. 

5.50 The Life And Times Of 
Grizzly Adams. 


6.45 Celebrity Sauares. 

7.30 Saturday Showtime. 

8.30 Sale Of The Century. 

9.00 Scorpion Tales. 

10.00 News. 

10.15 Tbe South Bank Show. 

11.15 Executive Suite. 

12.13 Stars On Ice. 

12.45 Close— A poem read by 
. Neville Jason. 

All LBA regions as London 
except at the following times: — 

ANGLIA 

1 J .0 «-m. t'wiiriea World of Caprair. 
Nemo. Ufl Timms. 10 JO Funky Pliao- 
imn. 10.45 Tlsu-.ii. HAS P.m. '' 
Broctrelman." TV Movi±. 12JQ a-m. a: 
the End of thi Day. 

A TV 

4.05 a.m. 7.1 mr s the Word. 9 JO Tssv'uO. 
5.20 pjn. Six Million Dollar Man. 6JJ 
i-Hr-bncy Squares. 74)0 Saturday Shon ■ 
time. 8.06 Sin-.-i* of San !• ra casco. 11-15 
Rich Man, I'nnr Man. 

BORDER 

9JK a.m. Build Your <iwn Boat. 9 JO 
Timas. 11.15 p.m. The nmtid*rs. 

CHANNEL 

XL 48 «-m. Pttffir.' « plimu. 11.15 p.m. 
The Mjivi-ry Thrill* ~ " Youny and :cn<> 
eeE." 12.40 8-m. Weather. 

GRAMPIAN 

9.00 a.m. Scene on .Namrda?. 4J0 

Spldonnan. 92B Tha CSlw ‘Hub. 10.25 
Inland of Adtvnmre 1L0S Spa«.n l''A 
12-00 Cartoor. •• The Thr-.--j Must " 
12.45 p.m. World of Sport. 1.05 X ••• 
1.15 (jrmnastik.m. 1-2S 2.3 

Cup L-il'-fl. 2.30 'An.tnJin.-' 2.45 Sot! , .ii 
tup Final a.CD Result-. Scr. !■••. 11.15 

Endue 3roc.-ekr.sn. 12.35 a.m. Elec- 
tions. 

GRANADA 

9 J0 Tijva*. 10 20 Drimmur- The T-' - 
Wonder. 10-45 TI-.-v.-js oonnnuvd 11.15 
p.m. House of Hottvs 


HTV 


9.8S B-iu. Fuiii V-Mir C*vt IS) 

Tisvjs. 10 20 W* >r«s>' 12.3S Ii.sj.. 

11-15 p.m. Within lh. w Walls. 12-10 o-m. 
V- other. 

HTV Cnura. Wales — as HTV 

S. me? esc.-p': 5.20-S JO Csneisn. 


SCOTTISH 

4.09 a.m Bui’l Your n.i-n •?«'. 9.30 
Saturday AHumur* 11-05 The E:o.uc 
Woman. 1045 a.m. Sc-WOTl Cur Ural 
Sr L05 Ni.-4.-s. l.XD Gymnastic*: 

I IVresU'n;: ??S Hampden Parle Fr.- 
■,t*.ur. 2.10 U'n-Mitnc: ~41 The Scottish 
Cup Final - -l tft Puundup. 500 

*'*■“11 !s ti-15 Late Can. 11J0 T1 k- 
S»«ney. 

SOUTHERN 

S 35 a.m. •.-* •. ,--.-i5d. 5.28 P.m. Facttaa. 
11.15 Rich)-.- t-n-u-, Inwm Private Fra. 
1030 a.m. S.)iii!v rn N-. ws. 1035 Weather 
foNff-vcd bv iurviva! m Belfast. 

TYNE TEES 

.900 am. L:n'« :.*v>k Li. 9 JO "The 
Berues of T=Viriarl-." 5.05 P.m. N-Taj. 
-S20 Liveme md Sniffer. 1105 Celebrity 
Coa«.;rt: Pau'. '.Vifutns. 12-15 a.m. 
Epilogue. 

ULSTER 

10-00 sit. S cur 117 VtKmcs Mdrie: 
-- Th ?.:jr •! Flint s tore." 11J0 

?i.-j.-n*.**rilj-. U.J5 Woody Wuodpe :ier. 
5.20 p.m. iidlhiltie?. 9-58 Sports 

R’-iOts. 11.15 P'.- .- Woipjn. 

WESTiVARD 

9.00 a.m. T.i- r.-. I-land*. 9JS Cirtcoa- 
ti-n... *11.15 c.m. T.i- Mystery TSrJier: 

■ ''run- j.:i in:-'.' 103) a.m. Fauh 

" U " YORKSHIRE- 

SJO a.m. y-w! Make li. 9-15 The 
Wftvjr-i -v mad Ah. 1125 p.m. 

The ••cra.CT. 

RADIO I M7m 

f 5) 5:ereeshonIc bruadcast 
5.C0 a.m. ■- 2. 8JM El Sti-v.,n 

■- .I Ji: t . .5:. 10 -U Air an 
In?'.. ZOCv ■'•asibacctl!. L31 p.m. 

- -'-r -- 2.2) Alan I'r-.-.run -F . 

S. Jl F---* 1 ' -. - j> feJO Ir Tonr.-re: 

•7j J-’ r ’i : .--v *S-. 7.30-102 a.m. 
A- "5i ■» 

VW." Hadine 1 .jid 2 — 5. DO a.m. Wi;*i 
r j : r. so : Pjd:o i ia.ua wm 
2 1.SC o.m. With Bodlu I. 7J0- 

2.02 in*. ..-..--I O 

RADIO Z l^OOm and V5TF 

5. CP s.m. »• 5.C2 To.-j N:-..r-!s 

"* ** TV • ■ -y »s. ■ p • J c* 1 3.03 

1 :!' T.?a As F .<* io !. 10.32 

T. -v 1002 pm. 

: c: ; ,-n-Ji l-in 1 33-sjiS 
: ■ -pip F;uJ •' '•). 


2.50. p.OO.-: News of Scottish Cun Final; 
Raclrt; fmm Newmarket 1 1.30. 2.10. 5.40 1 : 
Crlrbi-i: *130. O00. 4.30. 3.40 . Yorkshire 
v. The Pakistan Touring Team: News o( 
R'nson and Hedces Cup matehes: News 
cf Motor Ractns- Motor Cj-dine and 
Tennis. 4.03 Earn pea o Music Came. 7.02 
tvinmor Davies Fresenls. . . . 7J0 Sports 
-S‘iV. 7.55 Radio 2 Top Tunes »S*. *15 
Moody tgi. 8» Take Your Part- 
ners -Si. 4 JO Saturday Ntsht with the 
' K-*-iio Orchestra fjti. U.DZ sports 
ti'sk. 1200 Peter Wheeler with The Late 
3mvi .Si ineludinR 12.00 News. 2.00- 
2J)2 a.m. News Summary. 

R ADIO 3 464m, Stereo Sc YHF 

I Medium Wove only 
TJSa a.m. Weather. SJM News. *-05 
Aubado -St. ooo News. 9.0S Record 
Review tS i. 1055 Stereo Release .‘of 
music hr c. P. E. Each, Haydn, Moaan. 
11.35 BBC Nonhem Sympbnny Orchestra: 
FritP.-n. Moeran tS». 1ZS5 p.m. N*-ws. 
l.M Paintings in Close-Up. 1.15 Simpson 
and S-»thoven iSj. 2JB Man of Action 
Wiiltaoi Tri\or (Si. 3J5 Music of the 
Masters ?»• Morart. P.lacher. Dsnrak iS.. 
5.33 .Taz- RiTcord Reoucsis iS'. 5A5 
Crt’ic's I-'onim. SJ5 Shostaltnvlch and 
■^ralid.-: .S., 7 JO Islam in the Modem 
World. 8.15 A Midsummer Night's Dream 
.S* ■ sitnuItan-.-aus with BRC-2 tctuvlaloni. 

CHESS SOLUTIONS 
Solution to Position No. 314 
The key plan is to exchange 
queens and jr pair -of rooks, after 
which the remaining rook and 
r n igh t _cs n. att ackjh_e_;weak QNP. - 
The gaiue Vent l" "QxQ, RxQ: 
2 B-E5! R-N2; 3 R1-Q5. P-R4; 

4 RlQi-N5. R3-N3: 5 RxR, RxS; 

(3 N-Q3, B-R3; 7 N-N'2, K-B1; 

5 N-B4. KK3; 9 K-Bl. K-K2; 

10 F.-R4, K-K3; 11 RxP and won 

quickly. Full solution credit if 
you visualised doubting rooks on 
the fifth. 

Solution tn Problem No. 214 
1 N-Qt If 1...K-N5; 2 Q-QR2, 
K-B6 (K-B-f; 3 B-BS): 3 Q-.V3. 
If 1...K-B5: '2 B-BS. K-B6; 3 Q-B2. 
If 1...K-Q3; 2 Q-NS, KB4 (or 
K-B2; 3 B-E4. or K-K4: 3 Q-K6, 
or K-K2; 3 Q-BS); 3 B-BS 


UJ» The Garden In May. -1L29 Smrcds 
Intores ting' iSa 1L4B News. Hj® 
Tonteht’s Schubert Sons 'S.«. 

Radio 5 VHP only— L004LQB a.to. Open 
University. 

RADIO 4 

434m, 330m. 285m and VBF 
fcJO a.mi News. 6J2 Farm ins Today. 
L50 Tours Faithfully. 4-55 Weather. 7-00 
News. 7 J8 On Your Farm. 7J0 Today's 
Papers. 7^ Yours Faithfully. 7 JO It’S 
a Bargain. 7JS Weather. 8.00 News. 
BJO Spurt on 4- 8.40 Yesterday in Parlia- 
ment. 8-55 Conservative Party Political 
Broadcast. 9*0 News. 9-05 Interna tioaal 
Asstsmnent -9.38. The Week in West-, 
minster. 9J5 News Stand. 10J5 Pally 
Service. 10 J» Pick of Ihc Wmlc, 11.2* 
Time for Vera*. 11.30 Science Now. 1200 
News. 12JJ2 p.m. Away from It All. liZ7 
Thrice Round the florae. X2J5 Weather. 


in News. US Any Questions? 2J» 
War and Peace. 5M0 News. US Does 
He Take Sugar? 3JS' Music of the 
Masters. 5.00 .Kaleidoscope: Encore. 5J0 
Wedt Ending . . . (S>. 5155 Wejtfher. 
LOO News. 6J5 Desert IsUnd Discs. tJO 
Slop the Week with Robert RoUnsan. 
7 JO These You Have Loved (Si. 0J0 
Saturday-Nlgbt Theatre (S>. 9 J* Weather. 
1000 Neva. 1BJ5 The Age of Operetta. 
iS>. XUB lighten Our Darkneu. 1U5 
News. . . .- . 

BBC Radio London 

206m and MaVHF 
5.00 nan. As Radio 2. 7J3 Good 
Fishing. 8-00 News. 8J5 The London 
Gardener. 830 David "Kramer. nJO 
The Hobble Vincent Saturday Show. 
200 pan. Bob Powell with London 
Country. «J0 Marlorle Bflbow wfft Closa 
Op. 540 Gnldetme. 840X1 sn Ai Radio Z 


London Broadcasting 

261m and 97J VHP 
540 imp. Monring Made 840 A-M. 

Jrfth Dickie Arbiter. 1040 JeHybooe wHfc 
Tberese Birch. 140 pj». Saturday Sport. 

840 After Six with Ian GUdbriat. 830 
Hugh and Yon with Hugh Williams. 740 
Geet Mala. 140 Saturday Music. 500 
Nlghtltne with Alan Nfn. UB0 aura. Nigh: 
Extra with Hugh wmuunn. 

Capital Radio 

194m and m YHF - 

840 am. Breakfast Shaw IS). 9.80 
Capital Countdown (S). 1240 Kenny r 

Everett (S). 240 p-m. Afternoon Ddifitr: 

IB). 540- Person: to Pemm (S>. 840 : . 

Soul Spectrum (Si. 940 Nldcy Romo (Si. 

H40 M0w AHetTB American Dream (S'. 

12*0 BCDke Allen’s Backseat Boogie- fSn -. 

2.00 a-m- Night Flight <S). 



WEEKEND CHOICE 


Jack Shepherd is having .quite a 
televisual week-end. See him to- 
night (ITV 9.00 pjn.) in Scorpion 
Tales, and on Sunday (BSC-2 
9.55 p.m.) i n The Devil's Crown. 


This weefc-eod belongs ta the 
Cup Final, Jack Shepherd, and 
A Midsummer Night's Dream. 
The' football' cdmBCQI3fifeifff~fWb' 
channels, play starts at 3.00 pjn., 
and you get David Coleman’s 
commentary on BBC 1 and Brian 
Moore’s on ITV. -Jack Shepherd 
appears with Angela Down in 
ATVs play Killing to-night, 
then as Thomas Becket in Fart 
2 of The Devil’s Crown on 
BBC2 to-morrow. (He also takes 
the lead in ITVs Two Days That 
Shook tbe Branch on T oesday ). 
The week-end's fiTSt Midsummer 
Night’s Dream is the Welsh 


National Opera version on BBC2 
to-night, and the second is the 
Royal Ballet's in the opening 
programme of Dance Month nn 
BBC to-morrow. 

Ben Hur, which ITV transmit 
to-morrow night, is one of those 
films that really should be seen 
In the cinema. Try instead 
Murder Most English on BBC1 
if you missed the first broad- 
cast: . a marvellous English . 
coitiedy thriller. In pace, ’ 
emphasis and finesse it con- 
trasts delightfully with, say, 
Kojak (to-night, BBGl): CD. 




CC — There theatres .Wg' 0 „£,7? rt 

cards By teleotione or at the bo* otoca. 

OPERA & BALLET 
COLISEUM. Credit cards. 01 -2*0 M5B. 

nescrva'joni Ot- 5 3& yisi. 

ENGUSH NATIONAL OPERA 
Ton't. Tu-?. and In. nir^ 7.M Jhe Two 
Fwnri: Wed. 7.3C la Trsin.’-.a. Thur- 
7 JO Count Orv 104 B alcon y seart 

•I wan availab le daw of perform a nce . 

COVENT GARDEN. CC. 2^0 1g|6. 
tG-rdeo ‘^‘ra” 6 , 

jaT«is. B . 

Wed. 7.00 Otejln. 6S 

able tor au perlk from 10 a.n. on dav 

of oerronnanw- - 

kadleits wells thcathe. #««« a*. 

cr 1 r J7 1 o7J2 ■ UrS»l May 1L 

E SADLER'S WELLS ROYAL BALLET 
(mi. 7T30. S=L Mat*. 2 M. Todav and 
Mon..- La FlUe jl oardei. Tue*.. Wed. 
and Thur.: Csnc-rt. Baroceo. Raibomon; 
The Dream. Fn- 1 Breuillard*. Game 
Pia:«. La Bautmue Fantawue. 


, THEATRES 

[Aim THEATRE. 01-B3B 2132. 

TOM STOPPARD'S 
I DIRT UNEN 

l " Hilarious . . . see it.” Sunday Time*. 
Menda, to Tnursdav B-30. Friday and 
Saturday at 7.0 and 9.1 S- 






THEATRES 


ASTORIA THEATRE. Charing X Rd. (with 
fully I'ccmud Restaurant). 01-734 4291. 
Nearest tube Tottenham Ct. Rd. Mon.- 
Thu-s. 8.00 p.m. Frl. and Sat. 6.00 
and 8.43 Instant credit card boohing. 

. . E * lVla 
‘ Inle-ttoua. appealing, foot -■tom ping and 
heart- mumping.” Observer. 

ELVIS 

Seat prices Ct.S0-C5.S0. Dinner -T op 
F rt* seat CB. SO. Half hour before show 
available top-price cictets t2.se. 
Mon -Thurs. and fr.. 6.0 b.it*. pert, only. 
LEJT MUSICAL or THE YEAR 
- «_NI NG S TANPAP D_ AWARD. 

CAMBRIDGE. BZS 6056. Me". 90 Thurs. 
; 30. Fr. jat 5 45 erd B 30. 

IPI TOMBI 

E'i-’r.g Biaet. Airiea- Wi.-,.al 
. ” it s . 'i-.oi-sipnri-'ivg. pulsat-n:, artior- 
' wjir: musieaf." News o» ih* World. 
| _ THIRD GREAT VEAP 

and too-cmee wot £0 75 i--sl. 


THEATRES 


ADELPHI THEATRE. CC. 01-836 7811- 
Ivgs. 7,30- 3 4-CJ ‘ 

THE SEST MUSICAL Of 

,9 ,V»ene° 19 '■ ... 

*■ LONDON'S BLS7 NIGHT OUT. 
ALREADY .V.TT by^n'early onb 

ALBERT, sis ie»e. Part* Credit 

card hkgs. S 36 1071-2 Wrow. 3 J.m. to 
mop.. Tue*.. Wed. aiMjFru 
7 ^5 P Thurs and Sat. -J SO 5^.5 |< 

■■A THOUSAND TIMES WELCOME JS 
LIONEL BAPTS 

MIPACULOUS MUSJCAL- F ' n - Times, 
nnv HUDD and JOAN TUWNB*j 

mpcrtoire. TanigM HENBy ™ 1 
“ hreithufctnd product icr. - 

with : HENRY Vt PM * ,Vh£': 

"Jl, 3 ‘ViTa.« ” TW WARCmSSe 

untkr WJ and Jt 

ISTpw NientHs- PRIVATES ON_PABAPE 
AMBASSADORS- flil-SS6 1I71-MH- 

until Saturday , „ 

Evening at 8 0. Mats. Sais- 3-B- 
BEfttosovA. Gielgud. 

KELLY. NORTH 

!S: 

Mia- ‘"""donalB 5INDCN 

Acter ot the Year. E. jta. 

IS SUPERB.- N.O.W. 

SHUT YOUR EVES AND 
THINK OF ENGLAND 
- -WICKEDLY FUNNY." TUM. 


j Diery 

[COMEDY. 01-930 2578. 

. Esci.na - c Tears. 1 0 Sa: 3 20. 3 30. 

J void a LtsTEfi. TONY BRITTON 
, Marg-— CO'jBTE'tAT Dyrm.?; WALSH 
* THE H|T COMtDy THRILLER 

MURDER AMONG FRIENDS 
j " Bia<-«vi i ..rmed rcSbu-i-r neable »iu“ 

. sup • Times ■ A gooc deal 

' :..n E»er.-ng News. 

i CRITERION. Credit Carti. 930 3216., 
I Ererwo* 3 0 Sa— . S 30. a 30. Thur. 3 3., 
. LESLIE PHILLIPS 

• 1 SIX OF ONE 
i-CT-neri i " Svalel "i 
I '■ VERY FUNNY - S Te». 

[ SECOND HILARIOUS YEAR 

! DRURY LANE. 01-426 BIOS. Eve-v 
I ixgnt S.OO. Madnee Wed. and Sat. 3.03. 
A CHORUS LINE 

I ' A rare devastating, lorous. asSadehino 
1 uunner.” Sunday Time*. 

[duchess. 3 36 £24 3. Mon. to Thurs. 
i E-av e 30. Fr,.. Sac e.i 3 and o-oo. 

, _ OH ! CALCUTTA ! 

| T^e Nua t» 15 mumjiBg" D»hr Tel. 
j Et s S»?flMT-oTrai Year. 


: GARRICK THEATRE. 01-33<» 4631. 

: E»gs. 3 0. Mai W»c. S.o. Sa:. a 3T 2 3C. 

TIMOTHY WEST. GEMMA JCNtS 

I MICHAEL K'TCHEN 

In HAPOlD PINTcP s , 

{ THE HOMECOMING 

" BRILLIANT — A TAOT AND EXCEL- 
LENTLY ACTED PRDOU'ITIDN ■ O T- 
•• AN INEXHAUSTIBLY 3|Cri ,Y“^K • 

• G dn. " NOT T O BE M ISSED. ' T m—_. 

i GLOBE THEATRE. Cl -437 1392. 

, E<tri Bis. 3.0 5-it. S3. 3.43 

1 PAUL EDDINGTON JULIA McKSNZIE 
'. BENJAMIN WHITPOW In 

ALAN AYCKBOURN'S Nr— Can-es* 
TEN TIMES TABLE 

f " TIM* must ho ine hipoiit .aught. -. 

maker In Lang^n a Tal. ' A.', .rrvo .. 
i t'Wr enurr aa'-r eegi'- aa. 5iipd . ,r Ti Tti. 

GREENWICH THEATRE. 35B ?~jS E-Tl. 
T 30 Mat. S.:t 2 23 ARMS AND THE 
MAN. A Corned, Geprqn E-rn--B 
1 Sluw. ' Fci'ti:* Kendal ii-r nc-.t 

Dei-iormonc-: re «.,tr Our.,- 

HAYMARKET. 01-930 5832 e-75 S 00 
Mm. WvJi. -• 3C Sail - 30 a-d B 27 
INGRID GERGN'Ar; 

WENDV MILLER 

, DEREK DDKIS ‘UNCiS 
, GODFREY Hint CU<A 

WATERS OF THE MOON 

•• Irgrla B f'ynt-r. -na. « »la...- rr- 

— jn-is.j.uoi'; -nariama • Oa.:, Mi . 
'• Wenov Mlll-r i; ,upers. ' Sun. V -rrr. 


THEATRES 

LYRIC THEr.t^i. CC. 01-43" 36*6 S-o. 
, S3 «a'.. 7 ■ . C.O. sal. 5.0 -no 7.30. 
: plow Right 


:C.f. BLAKE. Y 
a-r P-Ts-CIA HA-E5 n 
S- iG.'LFOD FILIPPO 
71 L'JMEN A 

3't::-r r- -pavcd ZE Ft I r LLLi 
TC"L. T? J-.tPH D M.rrc*. 

■ V.-.- - r ... y h r LTRIC Ft? A 

-US -~ZZ ■ : APS 5urda « Ti^ei 

MAY FLIP ' re. 823 3C3B. 

•; r- 7 s.22 jn<| J.4S 

G3-R3D'. T:p •• 3rill.tr: t.H. .n 

1HE ELOCUTION OF 
02*134, tiN FRANtiLIN 
... J S;car-. 

— tvs j . -jrn». Per;ei» -Hpeaent 

C;- - ..-acv- ; t.j Y.'.;l:c., 

_■ Jp „ . - - r 'SP.itr re r; ' Osi. 

MERNIA'D -j R-H.tau-.-n; 24? 

2:7; "7-.' .i-r-.TI JANE ■LSMaR n 

V<HO;s ,.??£ 15 IT ANYWAY ’ 

7 ' -- : - - - - • . :.|.nn; B- :-l'C 

r-j. - ■ : -.«% Fr in? s-.r : > ?. 

.. - .. . v> ,j. Sj ,, i ;o 

-•-•.EP • r*. -/sT. MARK 3 "GOSPEL 

* - ' ' " '- 1 . and T j- .. ? ; 5 •«* r 


'.tce. . f. 

T-ppP* • ’ - M''. 

. BRAND - - 


THEATRES 

PHOENIX. 31-336 2Z94. Eienlngs E li- 
Fr.da- and Saturday 6.0 and &.40. 
"TIM BPOQK E-T AY LOR- GRAEME 
GA.-CEN u-. laugh." D. Mad In 

THE UNVARNISHED TRUTH 
Thr H : Cemedr fay ROYCE RYTON. 
■■ LAUGH. WHY I THOUGHT I WOULD 
HAVE DIED. Sun T.mei "SHEER 
DELIGHT. ' E. Stand. " GLORIOUS 
CONTINUOUS LAUGHTER. ■ 'irnn 


THEATRES 


ROYAL COURT. 730 >745 Preys. Ton't 
Tomor.. Mon.. ^.Tuc. A Wed. ai a. Opens 

, THE GLAD HAND 
by Snoo Wilson. World Premier. 


HER MAJESTY'S. CC. 3T-320 0506 
E,enlPfl-. 8.00. Mats. Wytf & Sa:. 3 CO. 
BRUCE FORSYTH 
in _E5L'E CRICULSc .i,S 
ANTHONY NGWLEY'S 
TRAVELLING MUSIC SHOW 
with Derr, Gri-,!n: 

Directed by BL’fiT SHEVElCVE. 

•' I? i» asc Led tc hui-stine oo'-tt ■>'!' ■-» 
o-rrsoniI*t< and ih«^.r ,rwn. s' C 1- ,". 
Forsrth." Sun Escreit. ■ tp- 
cheered " Surda- TeH-greon. 


LYTTctra- 

ConVv-c: 


c • : .vn'U'p .!••>»• 

' ;caPOY fABCC 3- 4 |J-. 

. . 7 43 t*lcri«. 

- , .. j- : ?■•»' ' t a--. 

IC'I JUAN COMES BACK 
m • -p : * 

•« stir. Mjp, r- « - 

- 0JV :» jyr- 

• • .ra— >-t 2«::. : •: • 

1. » 


DUKE OF YORK'S. Oi -!3S S12!. 

E»3'.. t.3. Mi' Wen. and Sar. at 3.00. 

JOHN GIELGUD 

hi ju'.an v tcneirs 

HALF-LIFE 

A NATIONAL THEATRE PPOOUCT/ON 
"8-'. ami * . . r-a an« dieutd 

“•>' ' Harold HMsan -Dramt'. InV.ar.; 

«redY taro reservaron*. D-rnef ard top- 
sr'te Wl t~ CO 


KING'S ROAD THEATRE. 362 T«?. 
Mor. io Thuri 9.0. Fr< Sat. 7.30 9 30. 
THE ROCKY HORROR SHOW 
NOW IN ITS S!h aOCKiNG »EAS 
THE GREAT SOCK 'N' =3_L MUSICAL 


. FORTUNE. 83S 2238. E»bi. Y.D. TtorS. 3. 
1 W 5.00 and E.OO. 

I Muriel Pavlo>* as MISs M APPLE in 
AGATHA CHRISTIE'S 

; murder at the vicaragi 
l Third Great Year 


; LONDON PALLADIUM. CC. Or -43' 7 
Oden -p 2 Tn-Jiujar. May 2.. »: 7 *t r 
I Summer Setter -t-l A uju.t !S J. 
! Sl£»- Mpr . TilFl.. Thur, and Fr . .; 

Wed. and Sals, ai t. T i .i"d 5 S' 
I RONNIE RONNIE 

I BARKER CORBETT 

| THE TWO RONNIES 

; .1 s ipectacu:-*' 

I CDMEDt rev US 

• yY.t.h jr-ra: co-oa™* 

: AU SEATS BSOK ABLE MOV. 

j £4.50. £3 ’5 El 03 E2 aD C. I 
J 5P«ai BooK'-g H3t!.-e 4J7 25S; 


3"3. 


OLD V.C. 97? 7bl<>. 

PROSPECT AT THE OLD VIC 
■- -■- c .n :: mj. r::- 
TVTEL77W • 3m't " j- 'j-,:sr,r.'l-> - 

' 'il ' — '- ■ - a^, T yifA* r 3a " 30- 

£ f.-- - 5 ft 1 VT JOAPJ ■ 4 KJ"- 

T^.^raT-’. ??- 

• . i .- , . a. 

S 8 ■ • -• - 3 s/ r. T.r-c:rv 

A . f ' 'iJ'A'. ■" 

SM’TM gf SMITHS 

•’'T 1 :’ - “■ i • o'x. _:j - :w 

Vi-v-fc L a MtfNfS rCRRlBi.ES 


r/4 


H? TURKISH CLOGS 


•- • J p’.-t OOi'.V Th- 07 

:v:-e or “ ° 


OPEN A!P. r .. . n! ' s Pj-',. 43^ 243' 

A MIOS4MSIER NIGHTS DREAM 'rw 
i - 3. rr.-rd Shpok'i THE MAN 

OF DF57lN«r THE DARK. LADY OF 
. THE SQN-itTS .;r., r's-.r:r-r- J.>, :t 


PICCADILLY. 437 4506. Credit card bhpa. 
33 6 1371-3 irein 9 a.m -6 p.m. Ergs. S. 
S u. 4 -5 a 0.1". Wed. nut. 3. 
Ror.il ShaFcsoeare Company In 
> AN OUTRAGEOUS ADULT COMEDY 
ov Pcrer Nicnota 
PRIVATES ON PARADE 
" K.&rojnn-j iriumdh " S. Exprew. 
BEST COMEDY OF THE YEAR 
Cv. Vi. Anjrd and 5.W £.T. AWxra. 
SiC also at the AW wren and Warehouse 
Tne a'.reJ. 

PRINCE EDIYARD. CC. 'formally Cas noJ 
•si -437 6377. P.-mT-s from June 12. 

Qj-.'n Jun e 21 EVrtA. 

PRINCE OF WALES. CC. 07-330 fld61. 
j.ie n<Ui, to Fi n.’ . at e p m. 

S" 3 33 a-o B.45 Mat. Thurr- 3 00. 
'■HtlARICUS COMEDY MU5ICAL," 

The Sun. 

FOBIH A5KWITH 
I LOVE MY WIFE 

-% C.U-3HTV BLIT N ICE WITH A LOT 
*F LAUGHS." • NC«s at in.- With: 
Cn SO' T A p. D COOK I NG 3 01-930 034 B. 

CULEN5 THEATRE. CC- 01-734 1160. 
E.er'neg -I 9 33 Sit. at 5 0 and 3 30 
ALEC GUINNESS . 

EEST ACTOR OF THE YEAR 
I Variety rius ol GB Award 

THE OLD COUNTRY 
A New Play ALAN BENNETT 
D-e::t.-i br CLIFFORD WILLIAMS 
SiST PLAY OF THE YEAR 
P‘, -t anp PL»rer» London critics award. 

RAYMOND REVUE BAR. CC. 01-734 1593. 
At 7 o m.. 3 am., n e.m. ionon Sun.i 

Paul Raymond ercrents 
THE FESTIVAL OF 
EROTICA 

Ful.r A r Gjnollioncd. Yo-i may 
d r.i-* and smebo n me aueUgr'um. 

REGENT THEATRE. 01-537 MG3- OdWM 
Mav :5. heJ srUc 4re<3. trem Miy li. 
THE Cion. A musical diversion 

ROYALTY. C'cd.t Cii-ds SJ1-40S S002 

Md.’d.iT- T t' - jrsajr c>cn.ngs E.CO. FrlCaa 

3 30 4-iJ 3 45. Salurdac. 3 00 and 6.00. 
Landau ert-ics vote 
bl LL < DANIELS in 
BUBBLING BROWN SUGAR 
Best M-rsiL|l of 1977 
B«k:" 34 a treated Major tredlt earth 
Seee.al reru ->.tl ‘air matinees- Her 

a ! •Wiled 7d'.»5 oni«j. 


SAVOY. 0I-53B BMB 

N.Bhtly a: B OO. Mats. wJo i jo ' 

_ iats. o.OO A 9.00. °' 

PATRICK LARGlLL and TONY AN HOLT 

» ... SLEUTH 

I re« Worlc-umous Thriller 

I .. , , ANTHONY SHAFFER. 

| seeing ihn plar aauin ia in faee an 
I uller and total ior." Fund,. " 

Translerr.nj w Amhaiiadora mU. g. 


THEATRES 

VAUDEVILLE. 836 ffM- CC. Evt. at 8330. 

Mat. Tuo. 2.45 Sat. S and 8. 

Dinah SHERIDAN. D«We GRAY • 
»i—.y SUMM6RFIELO; Janrai GROUT 
1 /T MUMER 15 ANNOUNCED 
THE NEWEST WHODUNNIT 
Br AGATHA CHRISTIE 
“ Ra-ealer Agatha with another wto- 
dunniL Agatha Cimstie i* waiui^ J2S 
west End yix again with another of her 
■endlshlv Ingenious, murder myrtenes. 
FelN Bj H ter. E»enlng News. 


V,C SS A n|^^473S/6. B34 1017; 
STRATFORD JOHNS 
SHEILA HANCOCK 

ANNIE .- . . _ 

“ A NEW BLOCK -BUSTING - - 
SMASH HIT," D. MaD. 

Evgs. 7.30. Mats. Wed, a Sat. 2.45. 


SAVOY. 01-336 S98S. Oocna* u M , n 
... „ . RALPH R»_MAF!D£.7? MW 10 ' 
Michael GAM son. Mil. it jdvrTriM 

*■" aou 'Lfi°ri: r i ^ s N „ G 


Gccbrur KEhN in 
ALICE'S SOTS 


SHAFTESBURY. CC. sic 

|n jHusBurr A.e WC2 iHigh HwoSr n 6 523i 
E»u». at B.C‘0. Mj;i. 1 hur:7a« *r3P 
JOHN REAHDON.nrm JOAN I &N& 0 ?. 

■' A s ¥fi»vA , , I NG , . 9 l ttasg* 1 - 

jCgt^DH T CARD BOOKING U3 8fi«7 
SHAW THEATRE. 

ROOTS 

bv Arncig V/esher 
. _ Prew». Tonight 7.SO. • 

A^Sea-T L i.ua. Ooana Mon, at 7.00. 


0> -38B 1394. 


STRAND. 01-S36 I66n. Even.nm- . 
MaL ThutS. 3.00 ial. h'-S' 

NO SEX PLEASE— " d a ~ Sn ‘ 
WE'RE BRITISH 
THE WORLD'S GRfATEfir 
LAUGHTER* MAKER 7 


. STRATFORD-UPON-AVON. Reval s/HmuZ 
t iP-t-u-r Theatre U789 227 1 1 . Tkt- 

d;*tNy availa»lo lor RSC hi THb'tempest 
3. 9. 16. THE TAMING OF 
j SHREW May II imat.l. 22 . 2a imTr, 

' Recorded booking mlo. IQ.7B9 


1ST. MARTIN'S. CC. B36 1 443. Pvs 8 M 
‘ Mat. Tue*. 2.4S. Sat*. 5 -m' n 8 '™" 
i agatha Christie's ""* 5 fl- 

• THE MOUSETRAP 

j WORLDS WNGEST-EVER RUN 


TALK OF THE TOWN. CC Jj, 
a.M Dming. Danrlng. g .30 super toui 
RA2LE DAZZLE 
ana a* 1 1 pm. 

FRANKIE STEVENS 


THEATRE UPSTAIRS. 01 -7 3D •cu 
Tde.-Sui, 7.10. 

SHARED EXFCRIENCa 
•r BLEAK HOUSE 
by Charles Dickon* 
fln <t parts, in Repertoire] 


WAREHOUSE. Dgitmar Theatre, corent 
Garden. 036 0803. Royal Shah nap— re 
Company. Ton't 8.00 John Ford's TTS 
A PITY SHE'S . A WHORE ISOld <mU. 
Adv. bktlB. Ahtwych. 


WESTMINSTER. 01-834 0283. 

SENTENCED TO LIFE 
by Maks*Ti_ Muggerldgc and Alan ' 
view* tram. May 9. 


WHITEHALL. 01-930 0692-77B3. 

Evgs- 8-30. Frl. and Sat. e^S ana 9410. 
Paul Rarmona u resents t*w . Serecdoml 
Sea Revue at the. Caibny, . . . 
DEEP THROAT 

Due to overwhelming -public demand 
Season 0 x 1001100 . . 


WINDMILL THEATRE. CC. 01-437 6312. 
Twice Nightly 8.00 and 10.00. 
Opens. Sunday* 5.00 and B.OO. 
PAUL RAYMOND presents 
RIP OFF 

' THE EROTIC EXPERIENCE OF THE 
_ MODERN ERA 

■' Takes to one rcc«n£ cd limits, what la 
permissible 00 our stages. " Eng. New*. 
You may drink and amoks . hr the 

Auditorium. 


WYNDHAMS. ,01-838 3028. Credit Card 
Bkga.rtras T071-2 htirn 9 jyjn.' 

Mon^Tbere- 8. Frl. and Sat. 3.13, 8450. 
" ENORMOUSLY RICH 
VERY FUNNY." Evening News. 
-*!•? 

- S op reeie comedy on se* and reltokHb - 
Dally Teftoreph. 

" MAKES YOU- SHAKE WITH 
. LAUGHTER." Goerdlu. . 


YOUNG vie (near ou Vies. «28 6363. 
Today l-pn-8 745. Hovel Shakespeare 
Company hi MACBETH feoM onO. Only 
returns «n goer. 



CINEMAS 

^ M aW. 

1: THE GOODBYE GIRL CAj. Wfc end 
Sun. 2.00- 5.10. 8.10. . Lata show Iwt 
11-10. . . ' . . 

4. SWEENEY 2 (AA1. Wfc. and Sen. 2.00, 
fi.10. 0.10. Laid abow ToNgM 11^0,. 


I 

$ 

5 

.•I 


CINEMAS 

CAMDEN PLAZA (opp. Camden Town 
Take). 885 2443. Melville's classic 
Resistance thriller THE ARMY IN THE 
SHADOWS IAA). 3.10. 5-45. dJ15. 11. Uu. 


CLASSIC I, 2. 3, 4, Oxford St- (Opp. 

Tottenham Court an. Tube*. 63S 0310. 

1. Bertoluccis 1800 Part 1 CX>. Pus. 
2-15. S-1 5. 8.13. Late snow 11.15 P.m. 
2- John Tbaw. Dennis Waterman- 
SWbENCY 2. TAA). CHARIOTS OP THE 
GQ08 (ClJ.- Progs. 2.00, 4^S, 7.SS. Late 
show 10255 p.m. 

2, George Barm “ OH GOD " (A). Pgs. 
2-00. 4 . 15 . BJO. 8.45. Lata show 11 Pm 

. 4. Br«ai»tc>'3 1900 Part 2 UO. Pgs. 
2JD, 5-ZO. 8.15. Ute Show 11.10 p.m. 


CUHZON. .Cureon Street. W.l. 499 3737. 
PARDON MON AFFAIRE (XI- (English 
sobmieo). '■ A sparkling New French 
Comedy. Directed with finesse by Y»ep 
Robert.” 3. Express. Proas. l.bO (not 
Sun.i. 3 JS. 6 . 1 Q. 0.30. (4th month.) 


LEICESTER SQUARE THEATRE (930 52523 
Shirley MacLalnc. Anna Bancroft. MUdiail 
Baryshnikov In a Herbert .Rose lUnr 
THE TURNING POINT iAJ, Praps. Wk, 
1-05. 4.30. 8-10. Sun. 3JM). 7.45. Lain 
show Frl. A Sat. 11.45 O.m. 


OOEON HAYMARKET (830 Z TOT- 27 711. 
Jane Fonda. Vanessa Redgrave in a Fied 
Zlnnamann fllm JULIA tA). Sap- Progs. 
Dhr. 2.30. 5A5. B.45. Feature Diy. 2.45. 


ODEON LEICESTER SQUARE (9U 61111. 
CLOSE ENCOUNTERS OF THE THIRD 
KINO (A). Sop props. D'y. Doors aoerf 
110.00 Sit only]. 1.05. 4.1 S. 7.4S. Lot* 
pert*. T UCS. -Sets. Doors span 11,15 O-rti. 
All seats may be booked except 1 0 .00 
a-m. proo. 


ODEON MARBLE ARCH <723 2011-21.. 
STAR WARS till. Doors open Dlv. 1.30. 
4.3S, 7-50. Late show Sat, . 12.00 mid- 
night. All seats bkble except. 1.30 pf. • 
Wk*. - - - 


PRINCE CHARLES. Uric. So.- 437 8181 
-SWEPT- -AWAY. Oft. Sea- Pert*. ON 
One. Sun-) 2.10. 5-23, 8 M Late shot 
Mt. ft.S5. Seat* Bkble. Licensed b.t 


SCENE 18 l Lett. So. <Wardour ft 
439 4470. * 

Il'Wwdv Allen'S- EVERYTHING 
ALWAYS WANTED TO KNOW Aou, 

Ka, Ttsf- Kajh 


Show 




Sat 11.15. 


^SSPSj &. a - r * 

l. wm - Wilder m THE WObLr 





Financial Times Saturday May. 6 197S 


15 


COLLECTING 



✓ 







Wateringbury Place 


^ • 


ext 


A county event 


BY JANET MARSH 


'HERE IS nothing quite like a 
-country house sale. Even a 
•widest one can grow to be a 
ounty event; . and the big ones 
. ave the atmosphere of Ascot 
‘•arking may be a problem and 
line times out of ten it seems 
-3 rain (in high summer Merit- 
tore managed to be a znorass) 
^ut it hardly matters. Even the 
riles of traffic jams on the road 
■) Mentmore only seemed part 
f rhe picnic spirit 
There is, often, of course, a 
lightly ghoulish fascination at 
ir dissection of a household 
V lifetimes built up over 
..‘itturies (when Christie's sold 
IsJahide in Ireland a year or 
.b agu, the Talbot family had 
ren in residence for 500 
’f-arsl. 

e For the sensitive there is 
Sjiucihing deeply melancholy 
'fi Shis dispersal of. lives and 
liiilitions. i remember once in 
“ XT at the grandest houses in 
-Ije country discovering in the 
y*ner of a stately Adam 


ylrbom a squalid little 
Jeened-off cubicle with broken 


•au. rumpled sheets, a 


flutter pot and broken lamp 
/.ere the late owner had tried 


•/create a warm corner in the 
nlly grandeur he could no 
•■Jaer afford to heat. 
j»ale lots have quite a different 


_ :'when they appear in their 
r b habitat, in the funushings 
..the cream bedroom or the 
3iards room corridor, than w 
s limbo of the salerooms. And 
|rc are juxtapositions in the 
dogue that you would never 
in Bond Street: Chippen- 
maslerpieces side by side 
garden rollers and pairs of 
'is (one tom and mended), 
jfhere is, in fact, no 
gfanchoiy sentiment about the 
‘ outstanding house sales to 
telcl this month by Christie's 
ri Id wick Bury, SL Albans, 
Wateringbury Place, Maid- 
Both of them are being 
based of by living owners 
i'i simply want to move on to 
;io when* else more con- 
, :< ilent. Nor is either of them 
■7 kind of accumulation that 
• grown up over years and 
.vtcraiions and where the 
/'pies and outhouses are likely 
jriyi.-ld up some masterpiece 
Georgian rurniture maker 
vi is thrown there when it 


became ra ggy a century and 
more ago. 

At Childwick Bury, a wander- 
ing seventeenth century house, 
the outstanding collections of 
early and rnid-18th- century 
English furniture, of sporting 
paintings and Old Masters and 
Chinese porcelain (most of the 
pictures and porcelain . are in 
fact to be sold in London) has 
been formed largely since the 
Second World War .by Mr. H. J. 
Joel, the bloodstock breeder and 
racehorse owner, and his father. 

Wateringbury Place has been 
created, or rather Te-created, in 
a single generation. The lovely 
Queen Anne house, modelled on 
Winde's Buckingham' House, 
was built in 1707 by Sir Thomas 
Style, • and remained in his 
family until 1839. More than a 
century later, in 1945, David 
Style, great-great-grandson of 
the last Style to have lived 
there, bought back the house 
and restored it from a derelict 
state. 

The fine collection of family 
portraits of the 16th and 17th 
century had remained intact in 
South Africa; and around them 
Mr. Style furnished the house 
with a combination of decora- 
tor's flair and a very keen 
connoisseurship. The selectivity 
of his collection of Regency 
and Chinese furniture can in 
part be explained by -his special 
position as (in Christie’s 
delicate wording) a marchand 
amateur. 

It is extarord inary to look 
back, through the catalogues of 
these sales, on the kind of things 
it was still possible to buy for 
conceivable sums in the post- 
war years: the splendid Boulle 
bureau Mazarin that once 


belonged to Horace Walpole and 
the suites of Kent furniture at 
Wateringbury; the superb 
walnut and the commodes 
thought to be by William Vile, 
at Childwick. 

Each of the sales is confi- 
dently expected to realise at 
least flm. Before Mentmore, no 
house sale bad come near that 
magic figure. 

Are prices higher at house 
sales, to justify the expense of 
the marquees and the armies of 
clerks and porters who have to 
be brought from London? 
Clearly the atmosphere, the new 
buyers who normally never go 
near auctions, the fact that 
having come so far dealers can- 
not go back empty-handed, in- 
evitably have their effect But 
the kind of outstanding quality 
lots that abound at Watering- 
bury and Childwick Bury would 
make their price anywhere: and 
if there is a certain premium on 
the more modest lots and even 
on the contents of the servants’ 
bedrooms and garden shed, it is 
no doubt worth it to the buyer 
in terms of provenance and 
association. 

Entry’ to the Childwick Bury 
sale (May 15-17), the Watering- 
bury Place sale (May 31-June 2) 
and their view days (at Water- 
ingbury over the Bank Holiday 
week-end) will be only by cata- 
logue which costs around £5 a 
volume, and already evokes the 
spirit of the event, with a guide 
to how you arrive by land or air 
and details of the catering by 
Letheby *and Christopher, the 
racecourse^ caterers. “ No 
oysters, we’re afraid: but 
smoked fish lunches ' no 
doubt . . 


TV RATINGS 


Britain's audience counters 
are usually put out by Bank 
holidays and the like so we will 
have to wait a few days before 
we know what happened to U.K. 
audiences last week. With no 
holidays inthe way the Ameri- 
cans produced their figures, 
showing once again that Prime 
Time comedy rules the roost, 
but that those highly polished 
ever-lasting “ drama " series 
blandly soak up leisure hours 
across the States. It all helps to 


take your mind off the uncom- 
fortable reality outside. 

A.S. 

U.S, TOP TEH 
Nellccn Rotfnpa 

L Three* Company (ABO (Comedy) 28.7 
2. Vans CABO (FJlrn> ... 36.0 
X L averse »d Shirley (Comedy) 

(CmhO) - «... 25.6 

A Alice CCSS) (Comedy) - 24-8 

5. Happy pays (ABC) (Comedy) .. 33 9 
fc. All idibe Family (CBS) (Comedy) 23S 
7. One Du at a Time (CBS) 

(Drama) 28 j 

B. Charlies Ansels (ABC) (Drama) 23.2 
9. Cheerleader Championship (CBS) 22.8 
10. Sandy and Hatch (ABC) 

(Drama) . 2L8 

A XeUna razing is not a ' numerical 
ioraL 


% 



receives attention 



T 





r t-ir. i w*. 


L . • f.f . -j 


This illuminated Spanish manuscript was discovered amongst a 
large collection of books sent to Sotheby's for sale. It contains no 
mention of the title of the book or of the author A tiny added 
signature at the top of one miniature, however was the clue 

which solved the identification. Our experts 
recognised it as the ownership mark of the 
Aragonese historian Geronimo Zurita (1512- 
1580), proving that it is his long-lost 
manu script (last recorded in 1678), writted by 
a 14th century Franciscan. It records a 
journey around North Africa, Europe 
and the Far East, shortly after Marco 
Polo. It will be sold on 11th July and 
is now expected to realise in the 
region of £8,000. 

The appraisal and valuation . 
of a work of art requires specialist 
knowledge and attention to detail. 

At Sothebys no less detailed 
attention is given to the other 
processes of sale —the transportation, 
insurance, cataloguing, and ultimate 
auctioning. That is why we sell twice 
as much as any other auctioneer: 



$ 
y. 






Sothebyk 

FOUNDED 17*4 


- .■. •/*>• *'*•.£*• ». . , 

• ’ * ' , *. ”• . * ; 

. ' •* # a 


SOTHEBY PARKE BERNET & CO, 

34-35 NEW BOND STREET, LONDON W1A 2AA. 
' -..V 1 . TELEPHONE: (01) 493 8080 

'-'A/:-. . • TELEGRAMS: ABINmO, LONDON 

telex London 24454 




PAUL DE LAMERIE STYLE 
4-PIECE CHASED STERLING 
SILVER TEA SET 

Ivory handles, London made. 
Total weight 90 or. 

£2^23, less 33i% 

Other silver tea sets less 33i% 
' Department dosing down. 

PRESTONS OF BOLTON, 

2 Deansgate. Bolton. ' 
Telephone Bolton 25471. 







Appeal President: 

lie Bt- Hon. Lorf Mayor of London 



Donations may be sent to: 

Mental Health Appeal G® 0 ® _ T 
4 th FJooi; 161 Cbeapside,Lo®idwi,EC2V 6EU 


’ssst-sss asEasasttaaflsat*. 


PAULSTORR REPRODUCTION 
STERLING SILVER SKEP 
HONEY ON tray 

£514, l«« 33l% 

Very many tur 8 n “ ta 
tcarfins silver. 

Department closing down. 

PRESTONS OF BOLTON. 

2, DemH&xct BoHoo. ' 


* ELIZABETHAN * HAND 
FORGED FLATWARE SET 
IN STERLING SILVER 
26) pieces in able cabinet, 

£6*72, lws 

Department dosing down. 

PRESTONS OF BOLTON. 

3. D a mm a m . Bo!*"** 


8 Kang Street; 

Stjxmes’s 

London 

SW1Y6QX 



Td: 01-839 X& 
Tdcx 9X6429 
Tcf^mns 

CHRSDART 


EXPERIENCE ANO EXPERTISE ... 339 



Lyre Guitor by Harley. London, 
even I8t0. Sale, Wednesday, Hay 17 


The Lyre Guitar was one of the several modifications of the 
six-string Spanish guitar which came into being mainly 
as an instrument for amateurs, at the b eginn i n g of the 
19th century. ■ Both in. shape and decoration such instru- 
ments reflect the influence Of the “antique elegance” of 
the’ Neo Classic era to which they belong. The present 
example is by Harley, a London maker. Also Included in 
the sale on May 17 is a rare ndd-lSth century French Hum 
by another London maker. John Christopher Ho f ma s ter, 
obviously of German origin, who Worked in Piccadilly in 
1751-63. 

Also in this sale is a fine vioffn by Jean Gosselin. dated 
1828. Gosselin worked in Paris- between 1813 and 1852 and ' 
described himself on bis labels as an amateur. In fact be 
was one of the finest of all copyists of Stradivari and the 
violin- in the present sale is a companion piece to the one 
in the Rudolph WurUtzer Collection book of 1931. 

For further information on items in Christie's sale of 
Musical Instruments, Books and Musical Miscellanea on 
Wednesday, May 17 at U anL, please contact Edward Croft 
Murray or Bnsslyn Neave at the address- above. 





When your wife's rich aunt aiinounc^^at she is coining 
fer ti3eweekend,don^t panic Calmly choose her favourite 
recipe and get out your elegant^ Vedgwood Blue Pacific 
oven-to-tableware. - 


gifh^aieyoifVebeen keepingfor just such an occasion. 

Ifehavchavenityou? Wedgwood 


BhfePadfic cn^nMo-ubfeware . 
■ Aviffaible in eveiy-lhing from an- 
• egg Tttlpto a 5-pmt casserole. 


- Josiali Wedgwood & Sons Limited 
Barlasion, Stoke-on-Trent, Staffordshire JTI2 9LS 
. -. and 34 Wiemore Street. London w i H OH U 


GEORGE II STYLE SILVER 
WATER JUG ' 

Weight 38 oz. £786, less 33{% 

This and many other bargains in 
sterling silver, all Iris 33}%. 

Department dosha down. 


PRESTONS OF BOLTON. 

2, DowscaO, Belton. 
Telephone Boltoo 2*C74 



HEREFORD FINE CHINA 
Kingfisher £510 

Great Crested Grebe £473 


HESTER BATEMAN 
REPRODUCTION 4-PIECE 
SILVER TEA SET 


i 

Grey Wagtail £391 

All less 331% 

• 

Bright cut £1.576, less 33]% 

Tins and many other bargains In 
sterling silver, all Ira 33+'*. 
Department doting down. 

[ 

1 

Also many ethers. 

Department dosing down. 


f 


PRESTONS OF BOLTON, 


PRESTONS OF BOLTON, 

X. Sample, Boltin. 

f 

1 

Ttioptooo Botina 2547* 

J 

Telephone Boltgn 25474 

i 


WILLIAM LUKIN 
REPROPUCTION CUT CARD 
COFEE POT 

2 pint. £924, (ess 33}% 

This md minr other bargains in 
nerling silver, all lesi 33J?S. 
Department closing dawn. 
PRESTONS OF BOLTON. 

2, Dcvnaatc. Bottoo. 
Telephone Bolton 2S47S 


APOLLO 


Edited by Denys Sutton 


The world’s leading magazine of 
Arts and Antiques 


Published Monthly price C2-00. Annual Subscription £25.00 (Inland) 
Overseas Subscription £23.00 USA A Canada Air Assisted $56 
Apollo Magazine. Bracken House. 10. Cannon Street, London. 
EC4P -4BY Tel: 01-248 8000. 


ART GALLERIES 


ASH BAttK now .open. Spring Exntbltlon 
(SOO 


Ol Mlntlnss and aculnture (SOO uncles 
Including outdoor sculpture). Open 
dally 10-6. Sundays 2-6. Closed Mon- 
day*. Winchester Road. Stroud. Peterv 
holsi. Hjitu»hlre. Tel. D7S0 5662. 


BLOND.. FINE ART. 33. iachvllie St, 
_ 1230. MAXWELL BLOND 


W.l. 01-437 12 . 

Palnttnpe and Watercolours. Until 3 

June. Man.-Frl. id- 6. San. km. 


BROWSE and DABBY. 19 Cork SL., W.l. 
SICKERT. Mon.-Frl. 10.00-5-30. 5*t. 

10.D6-12JD.. . 


FOX GAIlUljU.. Exhibition Ol Uie paint- 


ings tnr BrMsb' and Eoiwean Arints 
from 1700-1965. 5-6. Cork Street, 

London. W.l. TeL 01-73* 2r“ 

days 10-6. Sits. 10-1. 


1626. weefc- 


CILBEBT PARR GALLERIES. 255. Kino's 
Read. ChHMa. S W.3. JOHN MILNE- 
NEW SCULPTURE. Until 13 May. Open 
Tuet-Sat. 9.30-5.30. 


ROY. MILES, 6. Duke Street. St. James's, 
'ICTOI 


oMELL GALLERIES. Fine British and 
French MODERN PAINTINGS and 
Modern British MARITIME . PICTURES. 
*0. Albemarle Street. Piccadilly. W.l. 


SLOAN E STREET GALLERIES, 15* Stoane 
SlTw.1. Modern MlntmtB. sculpture* 
and graphics by interesting International 
artists. Wide range ol priors Tuea.- 
Frl. 10.00-S.OQ. Sats. 10.00-1-00. 


WiLDENSTtlN: A Loan Exhibition of 
TWENTY MASTERPIECE FROM THE 
NATALE LABIA COLLECTION. WeM- 
daya t0-S.30: Saturday 10-12.30. Until 
26th May. Admission 30p In aid of the 
Cltv ol Birmingham Appeal Fund. 1*7. 
New Bond Street. W.l. 


CLUBS 


EVE, 1*9. 


Carte or All-... ,, H _ ancu 

Floor Shows 10.05. 12.45 andtA! 
music on Jntannv Hxupmnvth f. e.< 



Financial Times Saturday -May 6-B78 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON ECiP 4BY 
Telegrams: Finantimo, London PS4, Telex; 886311/2, 8S3S97 

Telephone: 01-248 8000 


THE FUTURE OF TELEVISION 


Saturday May 6 197S 



Impatient wait for 
channel picture to 




balance 


BY ARTHUR SANDLE5 


F OR THE moment Britain's was delayed. Further represen- 
television companies are tattoos were invited from in- 

.U.ha.aI j nnrl the Trtr « 


■*" pleasantly placed fizmn- te **®sted parties, and these *oo t . 

daily. The commercial con- ifc see ® s - have disappeared into j 

THE STOCK market has for by the possibility that further tractors are seeing their S °Sr nSL Stair™™ 

most of this week been conii- tuts would be forced on the revenues rise by between and : 

dentiy expecting the rise in Government in the debate on a quarter and one third com- Gw^a/ia. Telecidon’ was moved : 

Minimum Lending Sate which Mil Pared wift Ita™, period Nut , 

did not take place last week. The esternsU factor is the new ! ™ ‘“"X “ end of March) the realisation i 

Who the Bank of England let U ' S - autho- offerSf hiscnS •"* there may not 1 

i, he known on Thursday, more- J&Vl&SS £2"S? “i on*™!,™ *■ *«■ **« “ *“• and so ( 

over, that it would not seek to en Uy in general agreement to Ttf Utf “afr^Tre ^rnS bILkaS IU’ ™e i 

oppose the strong upward tackle the weakness of no future. So the life ipan of ‘ 

pressure on money market rates dollar and move against the . . “"“v* 1 y 10 reverse ex ^ broadcasting authorities 

and would leave market forces possibility of accelerating in- VUMMUd ideas and thus "J™®"- bv one^S f 

free to settle the level of MLR. flatten. The recent stabilisation Sir eentfSSS the to 19%. S3? be ttme-bed for a 

it was generally assumed that of the dollar exchange rate is flow ’ w ?, per . Ce , >e . n °. tn f further two rears and five $ 
the me would be substantial- one major reason for the decline ?e?enle EwSTte “onto; to allow for further ‘ 

to 8 point. »n fact, from which »n sterling, while the nse in overall revenue growtn m h . f, ir t-h.>r discussion f£ 
a fan seemed mure likely than interest rates which has helped ™ S a f. 

another nse — and that the to bring it about has un- . “ . . rnc f, general eteetton •' hi 

Government would promptly doubtedly had some effect on S “? R having until recently v . . £ 

issue a new short-dated stock expectations here. .Although taken a somewhat naive 

which the public would be ready the Government does not need v ? ew of advertising rate cards .?*. " 

to buy. MLR did rise quite to keep rates strietjv in line "«“»* « the Pufahshed f nltoinhalg 

sharply yesterday, from 7i to with those in the U.S. to pro- “£ ISSTS iifT’S £ 



Three men at the heart or the debate on television's future. From left to right Sir Denis 
Forman, of Granada Television, Lord Windlesham, and Lord Annan. 


make up one of the grom. ! 
bidding for a contract Tbcft ; 
are at least half a dozen , 
who were leading lights in 
vision whose careers were tat ’ 
short either by failing to 
a now contract or by getting 
one and thereby achieving, ; 
position which was unsifted ^ j 
their talents and led to an%.' 
timely exit from the scene.*". | 

This is a view which is deeply ' 
held throughout television and i 
one which has a measure of j 
justification. I along with ofliir 
Fleet Street journalists havefrit j 
the hot breath of lobbyists- hi 
recent months, eagerly pressing 
the arguments of one group ^ 
another. 

While there must therefore 
be some sympathy for the com. 
mercial companies at the 
moment, this is tempered a 
little by the knowledge flat 
they must be comforted by their 
current bank balances. The 
BBC, however, has little such ! 


.-nai * jchiaup). 1 IUUJ <7 cu «iui uiuoe ui luc LU pro- .. *. White Panerl ssv., uvwvvci, uaa ume SUCfl 

i h A 2 s^charS?) il In P the garden higher rtStwphere of Govern- “other publicly financed chan- ITV-I in much the same way as rise to the bait of anybody comfort. True, it docs seem to 


narner in tne weeK tne ram Goveramenfs cavalier attitude the Annan Report, not heard probamy die 

Treasury had announced a drop . towards the industry, and in- much of the great debate, not That so mi 

°L n - u . e>< ^ lan ^ , in That is plainly the feeling in ereas i n g sounds of abuse are seen the submissions of the m- should have 

official reserves, and this may our own financial market;. Since being heard from -the world of terested parties -to the Home during such 
sharpened anticipation of tne Government has to sell advertising. Office. . indeed had seen very was upsettin 

higher interest rates. But a third stock in these markets to cover . . nnt hard t0 the Uttie except the Mintotert final other reason 

of this drop was due to advance its borrowing needs and finds it "** with Se 

repayment of foreign currency extremely difficult to do so when f^n^Ll ihe BBC iX — " — ■ 

loans, and the Government had interest rate-* are e-rnecteA in Government -In® bbv. reeis «IJC IT\# MAD 

made no secret of the fact that rise if h^ TithI ctatoTtort to 11111 0,6 nettJe , 0f lh ? 1| ?S THE ITV MAP 

there was hearj- intervention in considerable action 5 fee has remained ungnpped for 

the foreign exchange market to market expectations But the far 100 lon ®’ ^ he towa ^ ds rj? f' 

chock the decline in the stcrlin® , et ex P«J a ^®ns. But the an anQU al review of licence fee 

rate This imef entiin su-i^ ““P® ™ a( *. ed >^terday by level * is regarded within the | 

that it believes soinething' , Iike cfolf ^fAnVr^f k Corporation as little short of j 

the present rate is right on settle the level of MLR for itself disastrous, affecting as it does / 

competitive vrounds and is 3N . 31 i ong term planning and provid- j glasgoj^ x -- 

readv to lose a part nf the hot s J ona ‘ Tt 15 P ossjble l hai i n g a background against which 1 Ly / 

mon’ev that flooded in when the L,overnTnem w11 P ur its seal of Ministers could be tempted in- LjJSL. L / W 

dollar was weak. It is not the a PP rovaJ on 8} per cent, by issu- to a “ behave yourself or we'll 1 — — v K TU U ! , r ri T . ~Y a 

reserves as such which worry a new short-dated stock next not give you an increase” atti- X 1 - ne-«asti?v |H 

the financial markets but un- week or that the banks will do tude. Lord Windlesham, [M/Wk _ *B 

certainty about the baiance of *° b J' bringing their base rates managing director of ATV Net- J /\ 

payments. ^hto line with it: the building work, recently made it brutally ‘wf. I L 


Mould not therefore offer too mittec reported the television that he or any other ITV chief 


In addition to this un- 
certainty. which is the more 


payments. into line with it: the building work, recently made it brutally 

societies will certainly take clear that the fond belief held 
Budeet doubts longer to reach a decision and by the British that their poll- 

* ‘ may be more inclined to move ticians did not attempt to in- 

In addition to this un- investment than mortgage rates, terfere with broacasters was 
certainty, which is the more But there are various things mSe 

worrying because the balance of in the offing which could quickly J? on 0{ ?f C ^Se^enSSJe 
payments seemed until recently upset any attempt to establish Gove™^/Sd- 

the one feature of the economic 8; per cent, as a durable MLR. 
outiook one could afford to Next week it wiU become clear C3Stlxl ° 
ignore for the time being, two whether or not the tax pro- But - as far 35 
factors have been responsible posa ] s 0 f tj 5e Budget are to be c^paoies are concerned, the 
for the rise in interest rates— upset aT , d i{ s0 ftow Chan . annoyance is not so much over 
one domestic, one external. The celI . rea(>L n _ „ h _ fo , lov .,. acUons as inactivity. All the 
domestic factor is the si/e of ? n i Mondav oime Se Aoril companies put considerable 
the public borrowing require- ^ e h . ures and a few effort int0 Preparation for the 
mem implied by the Budget fh- . ’ * « * “i! report of I^rd Annan into the 


casting relationships. 

I But, as far as the commercial 


proposals and doubts about the 


after that, the latest information 


y» vKv.10 ujiu uvumu awui ujc • f . 1 « . - M Future of Broadcasting. Annan 

Government's ability to finance ?® u f„ „ 1116 ™ on fJ and his team worked for two 

it at present rates without un- ^PPjJ- “ a ** this tu™® out yell, y ears an( j presented their re- 



Fnr fhia hr^ari “ r of competitor known than that there was no timo in the offers more attractive artistic 
ro oroaaca^i- nove jty which could rock schedule the Gorenunent had fields. 

— ■ ,-—■ the broadcasting boat apparently set for there to be a The Media Department, an 

\ Year sen m T had the smw ma i°c change. Now the Govern- advertising agency, plainly dis- 
Mrt of much of rte UbS *»« has simply changed the agrees with this analysis. It 
narty and nrobably all but a rules of the game by extending says: ‘"One importanr factoi 
smM minori™ of TOW vvli?- «en-one s contract (or wo and which will hold back hott 
ra ”n^ op^ion Tbe* halanc^ ‘ ^ .po'iti^) parti., plohs i. the 

ic flimosr certflinir in growing disparity in affluent: 

rrv-s favour, butthere are Contractors are Scm^SS r 

duce a third party into, the DOt amUSed Z MC offS^rS« 

S sonie ground. In Lbou^^as! Needless to say the contrac- in 

this third party might mean a tors are not amused by this ‘""ease in the BBCt iliMmB 
reversion to the once sneered at extension. oAtSif 

r*-i Annan idea of an Open Broad- “This, no doubt, is the way f^" eraI ^ ^ 0Ut 3 

!'*: casting Authority, while the that Government must often jj* ' ‘■“““J* 

Tories might be tempted to look ^k. It may be good for demo- SB 

y—r— .. for other commercial enter- cracy but it is bad for broad- would g*aUy _ ,n «w» 

■ ’ prises to run the fourth casting,” says Granada's Fore- talent dram and both parti 

channel under the wing of the n™- “There is nothing more J* 

present Independent Broadcast- harmful to our trade than pro- tht BBC not to exjw 1 
in<r Authoritv longed uncertainty. Quite apart tbeui to this pressure until th 

r * “ ‘ . * . . . ■ from the question of investment, are abIe to dose the pay gapii 

Cj Whatever the tr®hds of and television has reached a With there being no vote's 

Tx 4 however, _ J*® [°°p Q er point at which tens of millions television there is no pressu y 

' 2ja t* 1 ® dela ^ the less “*® of pounds should be invested to on Government to a decisp 

J — T\ c ' aI . contractors sec it to be m jjnng us up once to match either way. And that is why.t ‘ 1 

r— — 1 — iiuWi^n! their interestfi ‘ the world leaders in technology, TV men face quite a time mo -'j 

ll=Vflr 1 'i’®*i The sensitivity of the pro- the staff of the companies have of frustration. ] 

• 1 grancrae companies is under- no certainty as to who they will From the consumer vjewpoi * ; 

standable. When Lord Hill be working for in four, years there might be one lone bene ■ 
upset the contractual applecart time aud the management has in further delay. Televisii ' 

in the sixties he drove a mes- no certainty that they will be technology, given scant coven: • i 

sage home winch none of the working at all. in Annan, is advancing apac 

ww ‘ t * — companies are prepared to for- “ Already the canvassing and Delay should allow the decisio 

get — a contract is not perraa- co n so rti a-makin g has begun and makers to make foil use of tf - 1 


further tax cuts before Iong and dear trend in the stock markets. I mooted (and stall is) then it too Labour left but the alternative, plementary programming to can both be relied upon to who did not. offer himself to delays. 


Letters to the Editor 

Corporations inefficient into the bargain? I the CCA adjustment to share- Newton has missed ts that any there is neither a grammar nor Despite this vast backlog of 

r hope that those councillors who holders equity where liabilities employer wanting to contract a comprehensive. work that even Hercules could 

I'rotn the Chairman are having second thoughts will exceed monetary assets and out must provide benefits over 1 live in a village in Kent but never catch up with, we insist 

fintidt Legal Association tak ® their courage in both bands applies Professor Myddelton’s and above those offered by the hardly 25 miles away from on paying people to do nothing 

Sir muirf rh.irc-hiii in hie *‘ ,nd resl0r ® th* solicitor Town cherished general purchasing state scheme. In particular, years Whitehall as the crow flies, all day. Worse still, we pay 

•ittuv-fi n« .. r t?V| V «Th«» nre. Clerk to his rightful role in local power index where net monetary of service in excess of the 20 Children at 11 move to a so- others to attend factories and 

"riw 1 * Tiw» authority administration as the assets exist- recognised for the state scheme called middle-school : no selection offices which are grossly over- 

i , "ipfir ' , •», ,'h! trirnp d ® f ® ndtr r *i the rights of the Few accountants pretend that must rank for benefit under the there. At 13 out of 100 children, manned. Our manpower p rod uc- 

< rihi nl,«i vinrqi'^, Thori P 1 *** 1 *® as well as adviser to the ffie Hyde guidelines are perfect occupational scheme and this 25 will have a chance to move to tivlty levels are below those of 

1 ', , . ™ c council. but let us do the profession alone is likely to increase the Gravesend comprehensive school, our competitors yet we complain 

iu s «r<. k»s crunusiasiu. aooiu s p g e<t service by supporting a credible cost, though younger employees How is that for a selection! that these damned foreigners 

. 2.,‘ .‘r.T 5 ,. British Legal Association, attempt to recognise the effects will receive correspondingly And those 25 places are subject won't buy our over-priced goods 

' ”* lL ff] , u tf 1 “t 29 Chttrcli Rood. of inflation and other factors larger pensions. to availability ia Gravesend, We phuc capital into decavina 

fhat a Very likclv Son S 0 "? 1 Tu ^ridga Wells, &22SL f Contracting out has no effect ? n hicfl mea ?* ?S« pettops .only industries without recognising. 

. ‘“’L 1 ' ”, i KC A r® 38 . 1 ™ Kent. ments. As former Securities and on th . lh . M nttld h _ th . 20 per cent will have a compre- that it s I ke pouring water into 

ior tic change of heart quite Exchange Commission aceoun- T? e asu?v (£ realtor bv hen si re education. The remaining “baS rift So plug 

'V r l tv T Ule ad ! led ex P° nsc j-, tant John Burton once said “Ifs SIveraMn the nationS irSiraSS 75^0 P®r cent will stay on at 1 don’t pretend to know the 

™ Currenc y S£* , a0d c £??; ^ answers to P our irrationa? beha 

the realisjiion of *h« wos From the Chcir^n. SSreS?* for P tap4oi,ion SSrereSl renS SUidte d^pp^teOif”nft“ S“ r ‘ failiM^ooT^ork 

SSI rt 33 b SES "BE2SSMS* ,^ ause tte ww tte mr,d sajs-S?«? . ‘ 7”"“ 5S up m ^ &ZF WOUId not Sll'tl r ^ Zn \ 

"oUcV" 01 benc ' :t0rUl he ‘ IMOOV ■■ ’>■“«£ wlcSS I suppose n .offer frem the oil the o?he™ P pseudo° oluLoos 

O , , , valuo of mooev oors effe?u qt,5, ? ^ T ' aaI ‘' ^ °” nlse ’ of the whole additional com- fact that we are in a village ood Instead, wo must start talking 

A local authority is a legal . th h th Belgium. ponent pension against post- that we are treated as if we were about the need to create more 

entity unly and unless it inter- . ■ p ” retirement inflation. still a farming community, which wealth, to export more services 

SSei? « p SS,V n ™™ s S^.23, ‘.SUB Midsummer SS £! S5 sa s SS s "e»o',Sh e MS2fl!E^3Si7 , 5 

«»? »:• ^ sasat-i ... sxss *** iral - 


service by supporting a credible cost, though younger employees How is that for a selection! that these damned foreigners 
attempt to recognise the effects will receive correspondingly And those 25 places are subject won't buy our over-priced goods 
of inflation and other factors larger pensions. to availability ia Gravesend, We pour capital into decavina 

affecting prices in financial state- Contracting out has no effect ?' hich Dieans P® rha P a only industries without recognising 
ments. As former Securities and on ^ fU toMv paid by the r° P® r <*"** l ” 11 ba i; e a co»Pr®* that it's like pouring water into 
Excoange Commission aceoun- Treasury (in reality by ux- education. The remaining a bath with no plug. 

Ifml J iw ^Jd d fi«in S P a J“ers) to the national insurance T ri iL s ^L„ on h fi 1 don t P retend 10 know the 

5° d fund. It has to be remembered ?. e nuddle-school for a number answers to our irrational beha- 
cial types develop a greater even where employees are ^ years and the headmaster vioilr. I only know that we 

h^m^hatv/thp wsvtt^wnrM contracted out, the state retains w °uld b® disappointed if on the muat s t op talking about work 
because that a the way the tvorld responsibility for certain w . a ? some a ^ ^ east would not shari og, early retirement 

benefits, including part of any P 1C|C U P 111 ° _Ieire *- devaluation, import controls and 

"J-^ , , Sp f er - _ widow’s pension and protection I suppose we suffer from the all the other pseudo-solutions. 

14 KOKenaan, raw uvenise, 0 f ibe whole additional com- fact that we are in a village and Instead, we must start talking 

Belgium. ponent pension against post- that we are treated as if we were about the need to create more 

— — — retirement inflation. still a farming community, which wealth, to export more services 

A/frV/cumfMtfi* Th® * a « « that the pros and we are not - T fae “ a 3®ri«7 ® f p 1 ® and knowledge-based activities. 

iniiaummet cons of contractlnE out are parents are City gents who catch to generate full employment by 

From Mr. A. Scott. balanced. Few pension con- 7 - 5 ® t0 London. meeting the real needs of 


I -IcrK S u-urc to whom coun- more competitive, even Sir.-As we now have the 1st would subscribe to views xvHat is the so ution for the c . t nf 

■ iMori ind st/if ahke eo^ld and though more expensive, exports, of May as a holiday, might it not ^ onesided as rh«e propounded Parents who realise that the ^J evolu J !0! ; 

did tora to for sin*ible adviS Surely it is easy to see why. be an idea to move the next one b ^ e ^’ ton “ d 5 e v ? ay W1S J U ' v ' orld ? f education is becoming % lSXSL^n^ s - abo i It 

mo? matted All thiVwS A slron § currency makes export- on to the Monday on or follow- on , reflection, to withdraw the increasingly competitive? Send **» *>"«* the 

VJiJE S ?n oiJsui? o? a in S more expensive and thus ing the summer soUtice on SS2W5* innuendos con- their children to a private school ^f. '^es we need. But 

UIIU'V 11 J » 4' 111 purMIJl UI «*■ V . . nm n-i_ .«.« • _fw__ t-IITlfifl It) hl£ oltAT PMnAVlfllhla ftl* □ nsmTlA ci»hnn ic nnnnea/) tri UO OOllDt Til D NT n^On A U'll? nraFaf 



Men's mode t 
(fief. 3748). 
Matching 
c uf {Finks also 
featuring 
Golden ESipso 
and 18 cL blue 
coloured gold. 


service departments into single .c T^iT Kf. w 

11 -->isf r\- nf Defence The ar rt u- on ^-‘ makes Jack a dull hoy out 

meni< in favour s such a change wh ° ls P^'C hoi ogi Colly PeUSlOttS 

arc curiously like the arguments r ro „, v r w 

advanced in favour of corporate *?■ J'" 0 '*;. . r „ h rhemi . t ., 1 J" 1 [' -f 

m-m-.-.-ment T 1 lnell -turhnritV l-ndcrwOOds (CaSD Chemi.sti), Sir.-— 1 = 

ISS11SS.IW.IIS; °t ««• Br°«Wto» Rood. S.U-.3. the eempi™: 

and ibe end of inrer-servict* 

rivalry." " y art economics." it A nnntt „*:„„ « 

was said, - would be effected by ACCOUHtWg e^ej •* 

common services and procure- From Mr. M. Speer. Sn write the 


called pensions industry in this Thames Polytechnic. 

Pnncinnc respect! about threequarters Kicerwde House A-nmexe, 

renaiuns chose to contract out. That does Beresford Sfreef, SJZ.18 

From Mr. M. Filch. suggest to me either that our 

Sir.— l: is a sad comment on "f™* **• . biased (since .a 

^^^2SJl» , T!?^K5't£S Unemployment 

of the experts to explain it that d ‘ s _ ad '' an * a J” f contracting ^.ut From the Director. 
even now, an obviously intelii- insrlved AS Mr. ^etixOii Centre for Innovation end 


Interest 


Unmistakable 


sent person like Mr. R. Newion SLip P 0Ses - 
can write the letter that was pub- Michael Piich. 


j f ft. — , _ ■ i.aii w iii. 1 - 1 li w icuvl uidi nua Muir a 

jt’cni. and Sir.— I do wish Professor Jished on April 2S. Noble Lownde 3 Divisiofl. 

expenditure by uu ^ reduction in Myddciton (April IS.) would stop He makes two assertions, both Lowndes Lambert Group, 

central staff ADme ail incre repeal i ng that constant purchas- of which arc entirely false. First P-O- Bor 144, Norfolk House, 

would be concrunt ana unmeet in ., p 0wer bas nothing whatever of aM. be claims it is impossible Wellesley Road, Croydon. 
service from tne Chiefs of staff to do with inflation. Inflation to match the additional com- 

I.ord Hailsham recalls how du- affect* prices — current cost ponent of the elate scheme for a 

appointed ne w as \v nen i accounting recognises adjust- contribution of 7 per cent of r — 

covered Thai the new Ministry ot ments in prices caused by infia* payroll- Secondly he states that tnvQUalltV 

Defence would cost more ana not tion. together with other rele- contracting out involves the loss n-. 

less and employ more ana not vant factors specific to the assets of the Treasury (18 per cent.) tTOm UT - G - Bonmm 

fewer people- ' Did _we really -A-hich ir is applied (for contribution Sir. — I h»vo an ahiectlon to 


Pnodttctirlto. 

Sheffield City Polytechnic. 


fewer people. 


which it is applied (for contribution. 


1? slate 0p sXme> M o?lh a a t te thS Unemployment F ™ »■ R - 

isad vantages of contracting out From die Director. , . '"T k M * tbe reasons put 

re as marked as Mr. Newton Centre for Innovation end 1°.™., s«*J52S. banks for n °t 

jppaeef. Productivity, paying interest on current 

!ichae! Piich. Sheffield Ctiy P 0 I !rt **,ic. maid be tarebll'il'thS 1,2251*^ 

Noble Lowndes Division. . Sir.^-The German preserip- It]ei r CU siomer; and th^ 3 

’ owdes Lambert Graup. »r unemployment, IS aaSJtaSSd ™ >ie MceatSS 

0. Bor 144, Norfolk House, described by David Eversley allowed bv the RevenS^S.iw 

■ellesley Road. Croydon. [April 26). may be welcomed jng wcietli" and the rnSn" 

% S JPgiffi !t ^t^ftottge^sSi 

mauaSitv sgK 

nequalitl of wo ^? c m ® n * :ajn ‘ How can ing tax, then would it not make 

row Dt G Rmcnin ? e f* b ® a Bb ®fteS« of work in sense, rather than eliminating 

rom Ur. g. Bmcnm a country with a miUion sub- the - first £70 of interest free of 

Sir,— I have no objection to the standard homes, antiquated tax * principle from the Trust** 


Golden Ellipse and 
18 ct. blue coloured 
gold. They invariably 
identify Patek Philippe 

designs. TTiey tell you 

that the watch was 
finished entirely by 
hand, in the manner 
practised by Patek Philippe 
since 1839. The Golden 


Ellipse was derived by 
Patek Philippe from 
the Golden Section, 
the principle which 
already inspired the 
design of the 
Parthenon. The bkie 
coloured gold of tho 
dial is a bit of alchemy 
signed Patek Philippe. 


operating 


the <‘orporare rtaie is not only recognise. The Hyde guidelines ms distribution io be provided there are tasks deserving a appalling needs? Xo. there is *L E. Ben ns, 

.t form of government alien to combine this with a sensible. :F with comparable benefits under higher priority such as providing no shortage of work, only a mis- Longstone House. 

democracy, centrally or locally, transitionally rudimentary, gear- an occupational scheme for the comprehensive education for match between needs and Sfl Callington Road 

uut absurdly expensive ana *ng adjustment which apportions same outlay.. The point Mr. children living in - areas where resources. Salfash, Comimll. ’ 


PATEK PHILIPPE 

Ennobled by the craftsman's touch- 

Catalogue and list of jewellers from: Patak phQlpne. DfcntF. 
P O. Box 3S, Maidenhead, Berks 5U3 S 


duly inflating the money supply. .. t T, " ■ rtt w port more than a year ago. proposals, which they set about ing establishment to be worried nent. Thus Lord Windlesham the prospect of several years of innovations in Teletext. Vie 

The Chancellor himself recog- ®5r stock again. But until all whatever abuse was heaped to question ab initio.” about the present state of and his team in Birmingham this activity is enough to make data, electronic news gatherfa r« 

nised that there would be is out at ™®way. and until up on his head as a result of the 'In other words there was a affairs. If decisions had been are more than a little perturbed the staunchest heart quail. Last satellite broadcasting and a Ire * r 
doubts of this kind when he 15 . clear whether interest findings the report scarcely de- tow in Cabinet made a year ago about the about movements which suggest time the process was mercifully of fields. The indications at ■* s- 

announced a rise in MLR from rates in the \J£. are going to served the fete of total neglect, The argument apparently future of the fourth channel, that ATVs area should be sub- quick, some 18 months from however, that the delay 4f. *i i., 

6* to 7! per cent, in the Budget ^ ' UI ^b®r — the latest infia- which seems to have been centred around a broadly held then ITV would almost certainly divided in order to give the start to finish. Even so, there not be used to plan for th* -5 b 

itcoif vt.it thai- u -«a tifinarv indicators nwr there Curt C+ xn Our tKet TT\f oKaitIH fuif tllft kore tunn fKn ilevr TKa earn TATn «4 a iwAnronviAa utile COaroalif e no tlL 







i. 




ui-p 


'fixntk Saturday May 6 1978 


T H? BARRICADES will to-day’s jOmb. a phenomenon 

^r,rS n ? ai55r of whidl h ** coxnpleSy^Sea 
H» shops and houses the social profit of thefrlSp- 

^ 0 wmnhf« c^F. 10 ^ roads porters and has hart them 
to Wembley Stadium today as flmmniai Ty 

nearly 100,000 make their pa- ** ^ 3s ^a^rins dong 

grimage to the climax of the out of control, both- fipamaallv 

IS JSUJ B ?h ? e wd . encg present structure, it is diffi- 

newspaper photographers will cult to decide even who is 

US™** <* t *® mesurt to be in control. 

Gates have consequently snf- 
of ^! l * n “ b S WI11 *?*- fcrad. Total attendance to* this 

***£ 8eason V® *» slfgbtly down on 
between Arsenal and Ipswich last at about 25m, whereas in 
will mean an afternoon in front the 1955-56 season total attend- 
ee the television with a can of ance was just over 33m. 
beer. For the majority, it will The bulk of any cksb’s 
mean the prospect of a few revenue ooxnee from' the gate. 
££■”[£ months to. open their The average cost of admittance 



Professional football is floundering in a web 
of social and financial confusion 


soccer is on 


a losing streak 


,‘?l4 


r .. wimmt yer to. tiie terraces & 90p, while a 

V;; disMrtation on crowd seat in. the stand costs tboox 

• v 7 : ' V of the £256. In addition, there are toom going away, the 

Jv nd Argentina turns lotteries, souvenirs, dubs, D€e d to invest is more acute 

: i J' r h> • - 0 a specml matches, alternative lot- t0 *^ a y and is now reinforced 

\\ - For the dubs, the breathing itags end, for the fortunate. safety regulations for sports 

li'j.j- . space will also be valuable, *• league or cup run, grounds. 

■”‘ 5 ; While the reds and bines taking The Football League collects Local authorities will be re- 

‘ ' r - * >*}, the arena today will have television fees, one third of all paired to inspect grounds to see 
“ fin:'-. ‘ profited well from their cup n *t receipts from the cup ties * at the improvements are 
y* success, many other clubs fur* (one- quarter of the semdinal made . If they are not, then a 
' :,,.J.ther down the ladder are and final) and 4 per cent, of the c bib*« licence may be sus- 
“ ■' *Y - struggling for survival. The net gate from league games. P®nded. Manchester United. 

-i. j"' summer will provide the oppor- The share-out of all this may one of the clubs which has 
"• j-vi " tunity to put together more be £35,000 per club at the end spent money and can always 
«• • . ,. T ., Ingenious money-making of the season. But what should more, estimates their work 

~ ..schem e s, to cover the gap bo a useful cushion has .often will cost them £800.000. Many 

-between receipts at the turn- already been swallowed up in clnbs which are in a much 

, stile and the heavy costa of heavy police charges to control worse condition, could not find 


BY STUART ALEXANDER 


? ^ V 1 •••* - ' ?■ Wm . & ^ ' 


, putting on a match. 


the fane— charges of well, over £300,000 anyway, and are afraid 


-Despite the mentions of ** *“« « 


Government, administrators, 


:vi *H 


about i960," soccer jogged Recently Keith Cafferty. eom- 
quaiters of me general public, m mercial manner nf nr.n««ii 


clubs, -- more than that it may cost 

fearaKSetefy post-war, and xcp them. 


the football Indnsbv 9itm « ** “och the same way as nxraal manager of Millwall, 

rt had done. It. was a said that any dub which in- 

• »hA SLSJSl not /°5 pcmular and cheap form of nested large sums in improved 

b£ temcing would he “towing 
SSfS* JSf a.e« eeemed no wham wfty it the tota.- 



So The players became highly- more disciplined sons to £ n to 
paid . idols in shining cars, football. At the turnstiles 
snappy suits, and blow-wave tbe cash flow has been 
hair perms, while the sup- squeezed just at the time when 
porters, who paid their wages, clubs ore desperately short nf 
stood freezing and wet on the money. 

same old terraces watching a Every kind of remedy has 
game that did not remotely been suggested: Detention 
resemble the glamorised version centres, identity cards, physical 
be saw on television. punishment, closing of grounds. 

Not all players earn £300 a banning of visiting supporters, 
week: not all can command even an afternoon in the stock*. 
£350,000 in the transfer market Some would like to see local 
—or, with the power of the authorities become more ;n- 
D-Mark behind you— £im. for v °l Te ^- building community ser- 
Kevin Keegan. Many* league centres alongside existing 
players earn between £75 and grounds. Others would like to 
£90 a week and there is a tend- see dubs making joint use of 
ency to pay less in the North grounds in order to ease finan- 
than the South. But as long as cial burdens, 
the team remains the first Certainly the players could 
priority, other items will be help by playing with mere res- 
pusbed aside. pect for each other, the rules 

The players have learned to and the ppfww - 
raise two fingers with equal ease Ch’er the nest ten years ;t 
to opposing fans, referees, and seems certain that sonic clubs 
their own elute. They have will have to merge their 
recently pushed through interests and swallow some of 
measures which give them their local pride in doing so. 

1 greater freedom of contract. At The introduction of tran*- 
Ibe end of their terms they are atlantic opportunities seems 
allowed to move even if the likely to increase player mnbi* 
two dubs concerned have not litv, making the show business 
agreed terms, though terms can aspect of the game mure pro- 
be negotiated later — if minent and diluting Inca! 
necessary with the help of an loyalties, 
arbitration paneL It is also important that f«ios- 

To some extent transfer fees ball clubs strengthen their 
have been inflated because clubs middle management structure. 
do not wish to pay heavy raxes Between the Boards and Iho-e 
on any profits. Nor is it easy to that run various department* 
distribute profits. Under the there is all too orteu a yawn in 2 
league terms, no more than 5 gap. The club manauer more 
per cent of any profits can be often than not looks after the 
paid to shareholders. team, rather than the club. 

The continued outbreaks of Watford recently appointed 


. . wm« n f snnu* k w v mere scemea no roason wry « me ui-uu. 

rr,^ -.Sfnw sboald bvt cooGmte to be so. In ? e sees beft couras for the 


fighting and thuggery have a chief executive, possibly be- 
plagued yet another season, cause its pop star chairman. 


many clubs would not be able 
ter 'open again for business. 


future lying rin more seats 


:ii tfr-ooen aeain for the opinion of many, it was din- lyme -in more seats 

'..""’’'•it - * S^esfdeDMd- oS^b^rth in « «*w* SSthe seeds of ma6 * available and links 

and lc^lre rf today’s disasters were sown. ^ »*«> to the changing 

^ Sies StoyeS Instead of pushing ahead with actions of the supporters 

Wi - & -.lEih phased, but ambitious, ground 11 Coventry that blazed 

: i ' *’’ * wages to ulavers.*^^};^ fS “QPriJvement plans at a lime of * »ud-60s trail by putting 

"5?” 10 Players, transfer fees nrasnarftv ih« U P restaurant and social club 

v4; which ^can be as much a curoe fccUitie. alongside the football 

- as a blessing, and legislation- wcre lect stadium, while others were 


backed ground improvement It was as difficult Chen to struggling with rapidly - rising were 


Fifteen years ago. it was Elton John, recognised the need 

w ^ thought very strange in this for business drive. Chelsea ha* 

being made available and links _ .. __ _ . _ , . . . , „ _ . , .. country that hot-tempered fans also appointed a chief execu- 
tes need to the changing Footba11 matches have become the chosen battleground of a violent section ol today's youth, abroad bad to be put in cages, rive to help overcome ihe prob- 

aspiratiozis of the supporters. It has now happened here, and lems created by borrowing 

It was Coventry that blazed he - who led Coventry into the working wives meant some the national game. But a con* at a recent meeting of the expensive money to provide 

a mid-fiOs trail by putting new era. democratisation of the ebofee centration of edited highlights Sports Ministers of the Council much improved cnnditinns Tor 

up restaurant and social club But it was not only the of leisure activity. While the and goals of the month could of Europe, Mr. Denis Howell, a reduced number of fans, 
facilities alongside the football players who expected more husband was keeping the family soon make the ebb and flow of our own Sports Minister. In theory real success should 

stadium, while others were from the dubs. The supporters on his own, he could choose to an ordinary 60-minute game admitted we were carrying the be a piece of silver m the 


It was Coventry that blazed 
a mid-fiOs trail by putting 
up restaurant and social club 


sdiemes that few can afford, the justify substantial capital wages to players who bad pre- affluent and wanted improved But a wife Who was also making vision helped to build up star Europe. professional football is flounder- 

,V", clubs are operating with their expenditure on business fatili- viously been rather under-paid, conditions. In the end, the a financial contribution wanted names. Under so-called expert The effect has been that foot- ing in a web of sucini and Jinan* 

backs to the walL ties which are used ftr about 75 it was Jimmy Hill who, as players came first something both could do, and analysis, perfectly ordinary ball is no longer a family spec- cial confusion with which if 

If this were not bad enough, hours a year as it i* now, but chairman of the Professional At the same time, two that often meant anything but moves were transformed into tator game. The very people cannot cope: the problem is 

■’ r'>tbe terraces of their clubs even So, a bold decision then Footballers Association,- had aspects of home life began to football- feats of sheer genius, and the who could have been a counter- just too unwieldy. 


becoming more go off on a Saturday afternoon, look rather hum-drum. Tele- reputation of being the worst in trophy cupboard. In practice 


i '■;‘V l * h# ve become the chosen battle- could have eased the problem successfully fought the battle have an effect First, 


1 • ^V ’ground of a violent section of now. 

' 1 T' iCtlvV — ____ ^ mmmm m 


Television, 


to newspapers piled in behind with balance to the hooligans are Radical pruning and expert 


on the wages front and it was increase in the number of devote more hours per week to eulogies of mid-field mastery, those who will not allow their management are long overdue. 




JI 3 Weekend 

Brief 






‘Stransaetim 


mm. 


British film industry, the pic- 
tures Involved are largely 
foreign. Thus there will be a 
considerably larger Eady pot to 
be distributed to fewer British 
films. The end product of. this 
is that The Stud could end 
up with an Eady bonus of 
1- ^ some £750,000, with Star Wars 

' patrons making a sizeable con- 

• - "ml-ii ' tribution- Needless .to say, 

", \?^(3SS - Walker and the Kass family 

•••*'■»*£& ■■■■■■'■ h are now very friendly. It would 

. ^sr/rallQnCtinilJS not be surprising if another 

" ■ Cannes luncheon 'produced a • 

"m l2Ep«» you beard the one about of S^td, dances to the 
- jw-'eorge Walker making £750,000 dismay of the critics. Tbats 

t of Star Wars? Well, like “bow busineak 

true stories it is not quite 
; simple as that, but the tale of p_5j 
.^..'utter’s remarkable success 11311 
"\X ith one of his first film ven- 
‘ TS* res is likely to be an encour- WAVS 

r • ® XlXggUM: IT IS always difficult to know 

mnes bow to interpret .the accounts of 

u^soh nationalised undertakings, and 

• Tr u,ith waTtwr ^is week’s annual report from 

....... xv* It all stared with Walker. jufl is no exception. 

. lifll*- » 4 "“« g"J ficarthf to the Railways 

. ,-iStt “Wit talker, finding himself 3$^ Sritish Rail made an 

l J'SSZ JKS surplus of M4m. in 

■ V --- v ^ ’15s i SSJ£ im »?hbist £13.7m. tat 1976. 

But ***** ASUtes are before 
’ knocking off interest, which 

131 owi onTthft lt woounted to £43m. in 1977. So 

>• J?? Molt? a fflirer comparison is probably 

between the £27m. net surplus 

SS butTt^ore. “• 

' ^ iSne P CTll°froma Wai« Site However, if the British Rail 

Collins’ husband. Bon Kass, figures are adjusted for inflation 
1 e-time managing director of in line with current practice it 

pplc. revealed that Walker’S tarns out that overall the busi- Athum ahooms 

terest had been deeper 'than ness lost £128uu, a figure which - Kass and Collins: conversation piece 

. displayed over the steamed £s probably not muth different 

lmon. Kass was told that if from the “real" resuflt for electronic freakish ness was country journalist “ Tm not 

: came up with a complete 1976. bringing into the room the com- saying anything about York- 

ickage ready tor the cameras Another point to be borne in mand tor the guardsmen pared- shire replied the prince. “It 
> roll, Brent Walker would find ^ that the above non-infla- ing before the tourists outside will only encourage them to 

ie necessary cash. The book aoa pasted “profit" figures the palace gates. devolve." 

as The Stud. are arrived at only after very The camera had broken down Would he pelade his 

The Kass/Collms duo romr gubstxnti*! contributions (sub- and the cnes were those nf an younger brothers to take an 

lete sidles) from the Government— ®“g»er in a monitoring van ixLtenst ^ the future of the 

nd so did Walker, pjoduciiig ^,^17 £lln. a flay In fact— in w ‘5? e « ^Pealing to the crews »i find it hard t0 pe r- 


MONDAY— House of Commons TTI • - T\f . W.C5. Hnished steel consumption 

—Finance ML committee. Euro- r,l*linAlnl(* I JlQrV and stock cha uses list qir.-prov.). 

pean Central Bankers begin two- -*-^^1/ UV/iAliv Vehicle production (Aprll-prov.). 

day meeting in Basle, EEC Agn- ra tios and special deposits (mid- ance BUI, committee. TVC econo- FRIDAY— Sir Denis He a lev 
culture Ministers^ two-dv ®eet- April). London clearing banks' mic committee meets. Society of chancellor of' the ° Exchequer' 
ing opens. Brussels. Wholesale monthly statement (nnd-ApriJ). Civil and Public Servants confer- .speaks at Electrical Electronic 
price Index (Apnl-prov. ) . Ftoen- Industrial Trends Survey ence debates pay, Winter Gardens, Telecommunication and Plumbin'* 
cial Tunes twoday Euromarkets (April). Hire purchase and other Bournemouth. Transport and Gen- Union conference The Spa Sear- 
conference begins. Royal LMcafi- instalment credit business era! Workers’ Union government borough. European zinc industrv, 
ter. Hotti, W1 Amalgamated (March). Mr. Edmund DeH. Trade workers’ rally on pay. Central eec lorernments. and the EEC 
SXenre ^ ? Hall. Westminster. S 


—Finance Bill committee. Euro- 
pean Central Bankers begin two- 


W.C3. Finished steel consumption 
and stock chaoses (1st nir.-pror.). 
Vehicle production (April-prov.). 

FRIDAY— Sir. Denis Healey, 


wShfnf ^ pore *gn Press Assooation lunch- 

. Worthing. Civil and Puhhc Ser- HD ^ Cariton House Terrace, 
\ices Association conference S W1# ^ Robert Sheldon, Fin- 

mcild Secretary - Trearaiy, 
ton. Slum clearanc e (1s t (Ltr.). addresses Industrial Society con- 
HousiDg starts and completions ference on Profit Sharing; Quag- 


Erii we!?Si|^ d Mee^g oJnmSSi’ 

st. qfe.). ta£5 Union ^Mineworkers’ executive. . 


Housing starts ana completions ference on profit Sharing. Quag- Scottish Conservative POTtycon- SATURDAY — airs. Margaret 
(March); House renovations— ijbVswj Retail salralMaiS- ferenoe open*. City Hall, Perth. Thatcher speaks at Scottish Con- 
work completed (1st qtr.). ’ v Mr. Roy Hattersley is guest speak- servative Party conference. Perth, 

TUESDAY— UJt hanks' eligible er at American Chamber of Corn- Prime Minister attends political 


er at American Chamber of Com- Prime Minister attends political 


liabilities, reserve assets, reserve WEDNESDAY— Commons— Fin- merce luncheon, Savoy Hotel, engagements, Manchester 


01 

. ,u*r 


M&G AMERICAN & GENERAL t^ND 


S S _J^e^tfundis the place to be if 
The big potential growth sector remains AA 

the American ioarket..._ YTiMES 15178 


Athlcn Aehxoott 

Kass and Collins: conversation piece 


(tough backing to meet the ex- Vf ^ ct ot ut^tMaaer^ but “ bring the second camera into my you,™ brothers to 

ected £750,000 budget Ai It godally nebessary services. p a ?I The prince continued anything," he sajcL Only when 
merged Kass. who SSsh Bafl^Sreto this as its ^ face of ^ com ’ soSr wanted to know 


16 2? ft *ttTm 

rou^it toe wfwU s totog to for Govermnent ^nd obviously 
imewhat less, leaving Wrikw wonld ^ w to beUeve fbat is 

•— 

“ d , isastr01 5 rCT S 5 ^™ 0 « Mil few pro- 

jBrion ctija. hm «ormm« fore . 


^ nmroa Vacfi Queen aeiaueu niniNm i 

(ueues at ttebex passenger business 

led in a record of the flan? r* a. 


^ * h 5^ ora J X Ijoufib for 1978. These reveal thit the 
SfniS )»r Soduced a remark- Government should be paying 

ssSSSSSS sawraras 

±2* EE 

Mrioiw fieuis. putting it in tire fi^w* indudes the extra £50m. 
'Jme leagued Tstor Wow and WJ for plaM it 

'Close Encounters of the Third «eem rearonabte to con- 


S 2TB* AS' 5= 


Soss Snkon mute o loss of £3lm. But that 

Se vnr the is not the case, according to BR s 
the U.K. «««« «one ovw.wo __ apparently 

SS - ss; , £ , ys 

Sancs with contented looks to be increased by £50m. 
an their faces. The film. h« 

Royal 

sold in any foreign markert-Anj^ , 
thing that comes in from abroad [|g£ 



■ \ -2 


whether ethnic groups were 
being properly catered for did 
the prince look momentarily 
wary. 

This friendly cut and thrust 
took place in the palace cinema, 
a gilded and Victorian spot as 
cinemas go. Alongside the 
prince as he spoke was a large 
Landseer painting of a man sur- 
rounded by wild animals and 
wrestling with a tiger. ' 

Asked If the City and Indus- 
i try had been np to the math in 
£ contributing to the appeal, he 
$ replied “They gave 55 per 
cent**, as though the figure had 
been oh the tip of his tongue. 
He then spotted Justin Phillips 
of the Central Office of Informa- 
tion wearing the tie of Trinity 
College, Cambridge — which the 
prince also attended. During 
reminiscences of undergraduate 
days, Phillips said he remen> 
bered seeing the prince studying 
without moving tor four hours 
in the college reading room. 
“I was getting very near the 
exams just then" replied tile 
prince with his slightly ironic, 
self-deprecating grin. 

Phillips said that his mother 
had made him wear the Trinity 
tie just in case it was noticed. 


The M&G American & General Fund is designed 
to invest in a wide laqge of American securities, 
with maximum long-term growth as the main 
objective. Investment is partially through hack- 
fo-back Joan facilities m order to reduce the effects 
of the doferprenwm.The estimated gross (mrrent 
yieWfor income units is 1*03% at the buying price 
of a*7p on 3rd May, 1978. 

Unit Trusts are a longterm investment and not suit- 
able for money that you may need at short notice. 

The prfcecf units and the income from them may go 
down as well as up. 

Prices and yields appear in the FT daily. An initial 
charge of 3i:% is included in the price; an annual 
charge of •£% plus VAT is deducted from the Fund's 
gross income. Distributions for Income units are 
made on 20th September and 20th March net of basic 
rate tax and are reinvested for Accumulation units to 
increase the value of the units. The next distribution 
datefor newinvestors will be 20th September, l97S.Ybu- 
can buy or sen units on any business day. Contracts 
for purcbases’or sales will be due forsettiement 2 or 3 
weeks later. U% commission is payable to accredited 
agents. Trustee; Lloyds Bank Limited. The Fond is a * 
wraer-rangesecurityand is authorised by the Secretary 
of State forTrade. 

M&G is a member of the UnftTnist Association. 


TWO WAYS TO INVEST 


iPPt 


to profit. c . .nd speaking on ids home ground 

toS^SOOOa The pkpaaey ot mRS ch*A~i whfa rd> «»uups saw mat n» mother 

Sis particular situation is that JfL ^ ^ wW. word. had made him wear the Trinity 

The Stud Is a British picture ,rt ^?J*5 i 3£ I J t 2[2?S he £t«n. tie just in case it was noticed. 

and thus ^ rSed*^ the Jubilee Appeal- petition. The erring camera ChaT J es ^7 much gave 

money. Eady mow k Vf«* gave a hang. “Perhaps its impression this week that 

tral fund Sice mlltea was ihe diffidence going to blow up - he said with J**® 1 Dverloote like 

all cinema seats and disputed within the Just a trace of relish, then went *&**■ 

to British to !g jySrfTwSBL Even on describing the appeal pro- 

portion to their bo* offiM SvS'worid of TV dogs him. jects np and down Ihe kingdom. Contributors: 

takings. Jt is Uaw * success JJ* Mt r*iv begun He was asked which parts of 

* e ^ ewSbated Artliur Sandies, 

This -year taWaga •*** tatbe room began most, per capita, towards the Michael Lafferty 

ctasm** have rocketed, ttante e * 1 ?™ fora £16m. “What about York- ~Z. \ * 

rSf sudden popularity .. «f shire?- demanded a north and Richard HaJL 


As an alternative, or in arkfibon to investing a 
capital ami, you can start a Regular Monthly 
Saving Ban through a Trie assurance policy for as 
tftte as £12 a month. Ybu are normally entitled 
to claim iaxrefief at current rales of £17 for each 
£100 paid.. 

1 0« a £20 Plan, tax relief at present rates can bring 
•down your net montWy cost to only £16*60, *itfi which 
you buy units usually worth considerably more. Reg- 
ular investment of this type also means that you can 
take advantage of the* inevitable fluctuations in the 
price of units through Pound Cost Averaging; which 
gives you a positive arithmetical advantage, because 
your regular investment buys more units when the 
price is low and fewer when it is high. Ybu also get life 
cover of at least 180 times. your monthly payment 
throughout the period if your age at enby is 54 or 
under. An element of life cover is also prowled for 
hfeherage$,opto75. 

if you cash in orstopyour payments during thefrrst 
four years there f$ a penalty; and the tax authorities 
require us to make a deduction, so you should not con-' 
siaer the Plan for less than five years. 81% to 94% 


Shai* flame shire?" demanded a north and Richard Hali. 


(dependingonyourstartingag^ is invested, except in 
the first two years when an additional 20 per cent is 
retained to meet setting-up expenses, 

MSG is a meraberofpie Life Offices' Asaxxafion. 
TT^^^s^awtotetoittfiJausoffte RepuNfc of IrefendL 


TWO WAYS TO INVEST i! 

To: M&G GROUP LTD.-THREE QUWS, TOWER HILL. LONDON EC3R 6BQ. Z \ 
TELEPHONE: 01-626458 8. Thissection to be completed by all applicants. I j 


J FULL FORENAMEp) 
iTWr/tte.' , M6S| 


SURNAME 


04 H ADDRESS 


POSTCODE 


AG 530518' 


HIV 1 ra *ZdfT (TtTil Complete this section to make a Capital 

Investment (irinimum £1,000). Do not 
send any money. (A contract note will be sent to you stating exactly hotirmuch 
you omond IheseHJement dale. Your certificate will follow shortly.) 


PLEASE MIEST )E I in ACCUMULATION/INCOME ante 1 

(delete as applicable or' Accumulation units will be issued) of the V 

M&G American & General Fund at the price ruling on receipt of this 1 1 
application. g 

I declare that T am not resident outside the United Kingdom, tht* Channel Islands. * 
the Isle of Man or Gibrafac and I amnotacquiringthe units as the nominee of any B 
person resident outside UioseTerritories. (If you are unable lo make this I 

declaration you should apply through a hank orsluchbroker.) . 

SIGNATURE • DATE ® 


Complete this section if you wish to make a Regular 
Monthly Saving (minimum £12 a month). 


iWfeHTOSWEfCZD BftSSift 


, .v-n-.jx, , M&G American & Genera! Fund. 

1 ! enclose imf cheque for the first monthly payment, made payable to 
M&G Trust (Assurance) Limited. 

1 1 understand that this payment is only provfsforwr and that the company will not 
'assume risk until formal notification of acceptance has been issued. 


DATE 

gccuranoN of birth 

NAME AND ADDRESS 0FUSUAL DOCTOR (to whom reference may be bade) 


Are yopai? existing M&G Plan bolder? ■ 

if you cannot sign Part I of the Declaration bekw, delete it and sign Part H. ® 
Destaratuxi PART ( I declare that to the best of my belief, I am in good heal'.h and I 
free from disease, that 1 have not had any serious illness or major operalion, that S ■ 
do not engage in any hazardous sports or pursuits, that I do not engage in aviation u 
except as a fare-paying passenger on-recognised routes, and that no proposal on 8 
iqy We has ever been adversely treated. " 

PART III agree thatany declaration made by me in connec lion with 8 
tins proposal shall be the basis of the contract between me and M£G Trust * 

(Assurance) Ltd, and that I will accept their customary term of policy. 1 agree to n 
provide any further information the company may require. 8 

(A specimen ot the policy form is available on request) a town wra 


SIGNATURE 


I in England No.1048359. Reg. Office as above. ■ 





18 



Hunting Gibson’s £4m. revaluation loss 


Southern Constn. 
deficit hits £1.5m. 


financial Times Saturday May 6 1S73 

UNIT TRUSTS 


l;' 


Current 


A REVALUATION ot Hnnling — 

charter has ^revealed a net loss DIVIDENDS ANNOUNCED 

of £4.2tfin. This together with the £) ate 

effect on promts of the shipping Current . of 

depression has resulted in the payment payment 

group showing a lurnround of Argus Press 14£ 

£7.6rn. to a net attributable lass Argus Press (Hldgs.) 8 

of 14.72m. for 1977. G.R. Hldgs. inL 3 July 6 

In the first six months of the Higsons Brewery 0.4 June 9 

year profits, before las. showed a Hunting Gibson nil — 


INSUFFICIENT CONTROL on Turnover for the year was up 
certain contracts added to the from £ 10.74m. to £13.7im. and 
problems that pushed Southern there was a las credit of £765,000 


True to name or 
true to nature 


July 6 
June 9 


sharp reduction at £604,000 and Mass Bros 2.25 


the directors said that with the James Neil 5.64 — 2.S1 5.8 4£>t 

shipping depression continuing Southern Const rcn. Nil — 0.43 Nil 0.87 

they did not expect the second Suagel Bahru Rubber ini. 0.52 June 16 0.52 — 1.84 

half result to mutch this level. In Ulster Television 2 _ j.g 3,5 

the event the operating profit. Unocbronte IntL int. 0.23 July 3 0.33 — 0.6= 

before tax. for the year is shown Thomas Warrington 1.97 — U7 3.13 3.13 

to be almost £lm. lower at Dividends shown pence per share net except where otherwise stated. 
£998.000. * Equivalent after allowing For scrip issue. tOn capital 

The decision to revalue the increased by rights and/or acquisition issues. 5 For 15 months. 

group's vessel* wax taken in the — ■ — — — — — 

lisht of “ the serious and progres- 


Corre- 
s ponding 
die. 
9.75 
6 

4.5 
0.38* 
5.81 
15 
2.S1 
0.43 
i 0.52 
1.8 
0.33 
1J7 


Total tbe corresponding period of 1976- level of £801 fl/U against pared with a net total of 0.869 p MW faC€S by (hi? managers of Henderson-, 

last lfl77 - Th«e hive been partly £169,075. took tbe full-year deficit per op share last time. A .curious JWenuna mw. lares j Americim s«Z s 

'tf P offset by increased contributions to £1,431.976. compared with a . ■ . Investment maMSeiS win inter nc* * raaU «( ' 

to the wivole TTV network and profit of £139.713, and in ihe Comment B* 10 ?? 1 Z to the CompaIlws rnLSt -'™ lst »« open . 

programme sales for the full year circumstances Mr. C. A. Mitchell As , aTC as Jamlary this ™. ar Should they remain true to inc t0 question, at least m the ntir 

M ^ ejected to top the £100.000 has resigned as chairman. Another Snothern Constructions had fore- Or should future. Smaller comwnjcs !u rs 

o“ =2 mark for the first time. . . director. Mr. J. M. o. Andrews ea!!r that rhe second half portfolio w eii mixea . y been a aood buy wiitn nmrs 1 . 


arx tor we first ume. . director. Mr. j. «. 1.. Andrews ca-t that the second half would Uw iZk instead to its under- been a a»fl w imn w erc .. 

First-half profit included m- has been appointed in bis place. s (,mv an improvement on an . ey ioo »?. i t h a f invnne hard; and in tnc longer run th^ 

<£32000) toC ° me ° f -- A -- ! -- raIe -- by ----- d -’ XClt ’^ l " Ie,im nre-tas loL of £650.0w!|S l " S "^hif^ter) raoSey are ail butix-rlarn icjhow ... 


Income 


Unochrome 

£306,000 

midterm 


rt S mnirawo oy me unmwn interim pre-tax loss of £650.000. J?,,* 4 * ‘ lor her) 
. ? on 2F an >' . a-S In the event, it was wide of the in whin" as widely 

dossed by a combination of tiro murk for lhe second half showed ™ l ® * ft S?2attaiial fund 

fJ«P£! onaIly l' ei ™" ter a deficit or £891.000. SC’s prob- JRJhv menSSedln sett 
39 i6-ji and the problems of [ emji Jay mainly in contracting i^ave the mam 

maintaining turnover in the and account ins problems which hmv to do it 


highly competitive market created , ve re apparently underestimated r^^rrfoIirVxcli^ive y 
by the sharu cutback in public «v>n „r the portfolio exclusively 


by the sharp cutback in public at tho time of the virtual rccon- TntereSii^ mSker around? the hcavyvwt-his will rtidXc 
spending. solution of the Board and the m ^ D roacbes to the dilemma are ground much more vapidly. 

aSS^ffiSlries sh5Sw ra te feV" audllors in Januar 7‘ Illustrated by twb of the funds K(ir a b.ilnntr between the tun 

25Swra , s,s!.i!W ^ss-jsssm sg s™" 1 ? 1 ii-js 
w.ssTtir.irass: -S 


“ vvith" „ ITie unaudited balance-sbeet at 

sate 


trading profitably on a long term , r~ m 
charter, the prospects far ihe rest 
of the shipow-nins interests of the 


1917 inn 

rooo £noo 

131.13 136. MT 


losses from this division. 


trade but during the early part JULIES 
of 1978 Teesfieid. Edcnficid and 222! 


0^?ratma profit 


P96 

1.944 

Revaluation loss .... 

........ 

4.231 

•1.633 

Pre-tax toss 


M60 

•3J82 

Tas.it too 


999 

531 

Vet loss 


4.429 

•3.731 

Minorities 


2fW 

rL72 

Pr.-fvrt.-tKe dividend . 

— 

» 

29 


Ulster 

Television 

expands 


~auo,uw. comparea win *»u.uuu profitable ma reins. flwoQO haw Sin i n .ho ,n waJI T* Slwirf-T companies uotn unw ami .iruaB. 

^7S%Bs£ 


, _ — — v — , : bucu^iatro on uie mis n 

Bnandal and operating sides of tnoni! 
imnrnn^ 11,0 business - reported in January. m0 re 
fr ey expected an improve- are taking effect and the Board pany 

HEJ3 “ satisfied that the Brst hair nf S 

h P S? t eiSaS£ nths 1B7B ' show a return to year. 


con I racied to be sold at 
amounts which have been re- 
flected in the revaluation. 

The directors point out that in 
earlier years while the Tweedfieid 
was trading with dollar income it 
was decided to carry forward a 
proportion of the exchange losses 
arising from the devaluation of 
sterfin" against the dollars 
barroviecJ to finance the ship. Ar 
December 31. 1977. this amounted 
to 15(10.090 and as the vessel may 
no lonser be trading after the 
current year, that amount has 
been charged to profit and loss. 

The rest of the croup's activi- 


• rVo6t. i Losa. 

See Lex 


4,744 *C354 


Moss Bros. 

profit 

downturn 


year io January ivns, on rurn- which is equivalent to the rate 
over better at £2.61m., against paid last tone. The final for the 11 I 

^ne, U« t ™ dividend in '‘KTWW JT JE& took '-1^1001 MCdlCal mOVCS 
raised to 2p ELSp). Last time £156,000 (£356,000) leaving a net • i TTO m A m 

1 -FD5 1 18p P 11 * 1 from Profi* balance of £150,000 f £2 64,000). 1111 0 I % OnillnOC 

“Jr®® 1 , . There were no extraordinary mtv m V-- vS ill LICnj 

TTie net surplus for the first items compared with debits of * 

So OOoFa^te? ta^ l of nK ^l n ,SS ties ^ Clerical, Medical and a transfer of J 

rm'nrn f £198 ' 000 » ^6.000 (£71.000). General Life Assurance Society reserve, funds 


pany expecis to return to. the their aooroach to U.S investment, been nsme siemin; on- 

black in the first half of this L« r Indeed are those of besinning of 1«*«. without the 

yea f- *iP- ,he market scblestnRers’' American Growth flanibouyant n-nvcmcius 

capitalisation is £0.8m. fu „f them are going for associated wtih equine.-, tlim^h 

. the front-line slocks, the ones the rise in MLR may reverse Urn 

that will move first and fastest process temporarily. Nevcrthr- 

R • 1 ^ the big American Institutions less, as a long-term investment 


property has shown to hu 


PorlJoJio composition is vital on . par with other iumm 
to those who would choose media. This pjrUciil.ir fjjnd hav 
between funds with a high to ‘; s 1 


A merman M at *e mom^h cent. mveMcd. « Wg 
for where there is a track record. « "o*._ b, ?£ 


(£127.000). 


B e _, 9f^ ica h-.”! d _ ica L„fJ} d *****- .toinvatmem|rt Tad SSimim^oulhy 


. y? 0, r 'f 1 n '■ uenerai Life Assurance Society reserve, funds rose by £63.5m. on ot llie tunas w men i w - • 

Taxable ptrofit_ of SOverthorne found the North -American market the year to £304m. money Invested in Wall Street Finally, Canada l.ife l nit fni.it 


XrlvppKcirur ratrnnuo nnnHn, ou.*.u.w.ik IDUIIU me iAUrUl -American m«rhct 

to be buoyant but tbe directors chrora’e. for^he* 1 ^ months To’ SK^of ‘iSTT^Sl i^inwhuj 
rsrpHftf mmu^h Sf *£? X SMS «hit tS waTreveaS 


The rest of the group’s activi- fallen from £282.708 to £147,269, 10 ' P™™ sen t there appears to be no reason r -i™ t 

tie- were profitable In 1977 and completely wiping out tbe gain *£*“ at -a Havelock to doubt some improvement will The Society in 18 in had £31 m. of -4- 1 /fT| Qf 

cnnlinue to be so. achieved at the nine months ??ii se h « a ™ ex Pt nd| - be made in the results over the n *J* 1 for investment, in- dirj.a^£ll« dl 


TTier? is no final dividend but stage. Fc 
the Preference will be paid as January 
normal Tho directors expect a profit^ are 
very nominal dividend will be all 10 £307.269. 


£293-246. 


I, inliftTifio equipment. • £293246. investment was continued in gilts 

.i.-. .f h. m wmt w jE-iNi^tj!s d *s «jsassjsi£ 1 fisja. , s sjt«a& sssts-js ssim ^ 

„„ been pa^ fi , taMs?js , «a wJsrsBt'Mr' 

in respert of 19 1« so this com- the event, their recommendation together with the economic prob- The net interim dividend Is in UK equities and the North reports a profit or £1 lSuLTor the 

1976 " lth 3 l ° ta ° f 10,S1S6P f0r sjMqan^to^SSln 1 * 1 * They f aSo !f^ 0 ° f KJ J 1 ® dom « a be,d « 0 j? Per 10 P share. Last American investmenL firT half of I977-7S. ^JSiowJ 

The directors state that proi^se a one-for-'five scrip issue. of continuing dm-Sopm^t^ifh TL^toSlT Sms' • (£110877) rfnMddStaq list yS?T5d som^ ll^^hieSdTn^th^SnlSd 

deferred tax is now only provided Turnover for the year came out caution. leaving a net balance at midwav b« ^i-Talr 1 ■* S . >e3r and J SO j half nt tho nrp,-iZ ", 

m respect of overseas companies; at £5. 58m. (£5.01tn.). After tax During the half year the direc- ol £8?427 (£102^49). bS the oppSunfi v?af tS marginal increase on thl £114m 


over the past few years. Managers is point m;, nut ikn 
Arfmthnot's North American fund managing an equity porifufio 
is an e see ption: thanks to a policy these days require* l»t»Hi tinw 
of investing very heavily in the and expert nun.igciavul. Tins « 
shares of smaller companies — best achieved, as far as many 
some 90 per cent of the portfolio investors .ire omir. i nwl. hr 
—the value of its units has switching into umi mtsis The 
increased by 12J per cenL over Can life Share Evrhangr Scheran 
the past 12 months. enables investor < to make the 

Whether that relative outper- switch, saving on c\i«.*n-cs. with 
formance can be maintained by a choice of two tiust* under 
Arbuthnot — and, for that matter, manacemenl. 


Ransomes Sims looks 
for further growth 


Audio Fidelity well off at midway 


to sefl one or two at prices which achieved in the first six months of 
exceeded their value and overall that year. 

there was very little net invest- in his last annual report Mr. 
ment in this sector. A D Slalhnw chairman pr- 


At the AGH of Ransomes Sims After tax of £93.444 (£72.7861 


V •/ At the end of the year the Plained that contrary to the usual ™iu "T 

THE unsatisfactory situation at tail turnover wnich Tell well short October 31. 1977. compared with Earnings are shown at 629p Society’s portfolio was divided P£E ern second half of 1976- . Imnrovement on 

Audio Fidelity, where ore-tax of oroieclions. very hieh interest a loss of £538.000 for the vaar rsrsnv m.r ch 9 » th a between fixed-interest (43 Der lfl77 produced more profit than “*® a ,_ u 


measure- being taken to improve months of £52,450 again?! £L89ra Qnfhnnlr 

the position. JE228.50U the net balance shed Losses on the sale and revaiua- OclUaLIi IUl 

It is reported that Tour un- £1+7.813 at £31.364. tion Tf InreStSeSt prS£Sti£ \TT A rp , 

prohtable shops in smaller towns The company, which has amounted to rMSOOOO W W A IV75MMT 

Ime been closed: io be followed "close” statuV: is a manufacturer. ffgHgf Jj-feSd from c? D “ ^ ^ 

bv a further branch closure this whojesder and retailer of hi- te I ’ Sserve OtiSeTeTSorfSK mMn/OV 
!r sound equipment. losses net of gains totaled ffU QWRy . 


Brown & 
Jackson sees 


bv :i furiher branch closure this wholesaler and retailer 
month, a ml the directors say that fidelity sound equipment 
if necessary speedy action will be 
taken to improve overall group 
profitability by implementation flntimicm df 

nf further measures. V/pHlIllMU 0.1 

Retail turnover is normally fT’ •_ f 
higher during tin- second six Jp 311 X 10 U 2 l 1 

months of the year However, a * “ 

very hie upturn and erratic per- fnnet ril 
formance of individual branches V'UUjI I UL-lIUll 


Losses on the saie and revaiua- ^ClOaCK IOr liquid. Overall the market value of "■•««*• The *econd half also 'directors had been concerned for 

tion Tf tawtSi ^ properties IT 7 A T, I the assets amounted to £441 m. benefited from a high Level - of some time that the volume of - 

IZintL if m MAM W A Tv 751 PIT n,xrir>o tho exports at satisfactory prices. trade which could be expected was FCCOrO 

JEU85.0M tnrsfeSd f!SSl cip“ ‘ 1 y ZaCK S“S. To S a lc< of Lh« >™up («hld. I> jSfrS'T ‘TiSfi^rauTn™^ IW «Hl hr oimthr, 

tal reserve. Ocher extraordinary IDlriWRV and investment income engaged primarily in the process- jJJJJ.** a v,ahle operation, he Jftal|c yea) . for ,he conviruciwn 

losses net of gains totalled Imu " a J • bv 18 per cent, to £27m. There l V? and merchanting _ of. sheep- acaiea. industry as a whole, the directors 

JE3S7.000. . THE FORECAST of a difficult was an increase in value of assets ski E ® d<1 furs) rose from £9.,m. They were, therefore, complet- 0 f Brown aud Jackson are rood- 

Extraordinary gains comprised year- for W. A. Tyzack has been of £73m. against a decrease of ! n . -4 ie . rie C oI. lfie ins mutually satisfactory. arrange* that with tho br.iodening of :!ic 

—reduction in provsion for loss borne out by the results for the £l-2m. in 1976 and there was a tolal for 19<6 ' i7 va1 ' ments for another company to group's intercsis. they look 'or- 

on investment in subsidiaries sx months ended January 31. 1978. net profit of £12.4m. on assets The interim dividend is in- take over the marketing of the ward to. a significant increase m 

£873.000 and agreed reduction in which show a pre-tax profit down realised and exchange differences, creased from 45p to 5p per 50p groups products m boutn Africa, turnover and recnnl proilis ,ln r 

amounts owing to bankers from £225,218 to £117,790. Claims and expenses were 13 per share— the previous year's total This would eiKure that customers the current year, ciy- Mr. P*. S,A. 

£1,012.000. The f„n vear DrQfit will fall cenL higher at £43.9m. and after was 18.987up. in South Africa could look for- Duffy, othe chairman, in h's 

v.. .i— ine.iuu year prom will ran ^ u-.-jrd to oontinuimr cnnDorr and ..nmi!, 


formanre of individual branches IsUUMrUUlOn surplus on the revenue •• well short ’’ of the £437,000 

has resulted in figures which are The workload at Fairdongh ac ®°“ nt after extraordinary Items achieved in 1976-77, but is ex- 

disappointing. Manufacturing Constrnction Group is as healthy f dd rrom ra P lUH re s en- e pected to be more satisfactory ICCIIP NEWS 

lurit-v.cr is vim increasing but at now as at the beginning of the ho i a « I ban fte ^ half wouJd Indicate. 

a slmvcr rate than at the start year and prospects abroad con- Uae ,i S Towtx The , manufactures high ^ n 6 11 

° r ’ he y° ar -. „ . tinue to be good. Mr. Oswald as p m respecr 04 grade engineer! ng components. | — Qe Xt g fill OOCBI 

The first Ilf If profit downturn Davies, the chairman, told the Turnover in the nprlnri ramn rn xjtdkfi 1^ V^JLl Li&oli. 


of y car - t . tinue to be good. Mr. Oswald 

The first Jialf profit downturn Davies, the chairman, told the 
v as not unforeseen. At the end annual meeting on Wednesday, 
m the last full yenr. when re- ** i am optimistic about the 
porting nrohts of £428.000 and a future of the group because we 
net diiidcnd of 2.1p. the direclors have strong management teams 
slated that in view or uncertain and structure.” he said. Pre-tax 
.vl ail trading prospects over the profi , Iast year was a record 
remainder of wimt they saw as j?7Q5m 
a critical winter period, it was 


Second half 
setback for 
Slingsby 


Turnover in the period came to 
£2-74m. (£229m.). After tax of 


unlikely that ihe interim figure 
"mild match iliat of the corrcs- 
pomiinu period 

They »wv. s-,iy iiv.it the whole 
i<f tfie manufaclurinu division con- 
tinued its growth although there 
was -nnu- pressure on margins. 


Bank and ,fi J!® po I! 3 ed by . H ‘, ^ nnct improvement in both output prem ium. Following the holders on the basis of one Pre- 

/-s > j ^PSsby. TWs gives a total of and profit ability, but the half year p 3v nient of this cal) the issued terence for every 15 Ordinary 

Commercial £63/479 for 1977. agamst £Io3.1K. figures reflect the unsatisfactory Ordinary shares will be fully shares 

v^tiiiuuciuai Thg company makes a wide period up to December and not oa i d . . fn _ 

Bank and Commercial Holdings range of hand trucks, trolleys, the improiement since that date. P * _ ... . „ „ n , An E ”J I 15 cal *® d 


A SECOND half setback, with The directors state that since m e n . 0 f the par value with the a scrip issue of Cumulative Pre- 
■ wn f [P n J h B r? I? ecer ! lber there h ® s been * dis * balance in part payment of the ference £J shares to Ordinary 


ward to continuing support and annual statement, 
service from a «)und organisation ^ reported on M,.rcli 2s. nn 

eC i iC kiru/c ,n that *? nd , 1 L Ra P« turnover little ehnngvd « l £10.iam. 

55UE NEWS somes would continue to supply ( £io.4Im.> pre tax nralif fell from 

^ M for d * smbutJon £397.000 to JEM1.60U lor 1977. 

St All norll nfsl? in South Africa. although at the utirihtili'hle loiri. 

I T dS rtC \_7fil C-.il Hi There would be some terminal profit was higher a; £5iK).0tUl 

M losses associated with this trans- (£313.000). 

G ** “d O u Acreage is propos- 1977 will be posted with the call action, but these would be less Bank balances and cash 

.Ebi^oi (AiiMi-i), net pront ing to make a 25p per share cash notice. than tbe losses reflected in the increased bv iifiS.OIH) S61S.O0U 

emerged at £jn.a39 (niK.10o) tor call on shareholders registered on 1977 accounts for that company, decrease). 

®5™"e s of JifP i2J4P) pet Per j un e 15. The disposal of the South African Mr. Duffy report*; that the 

i ^efiTat ’ las? ^ formal notice, which will MILLER SCRIP sutaidia^ wouM eliminate rte director* haic taken jxmitive -rteip 

vear was Uiid ^^ 5 he sent to shareholders on May 3 . a nsk of future losses in that area. b olh to strenelhen the groups 

icot «« UJW1JJ. 17 makes a -p gjjU jn part pay. f. Miller Textiles is proposing construction Interc-w nnd to 


issue premium. Following the holders on the basis of one Pre- 
payment of this cal) the issued ference for every 15 Ordinary 


T. Warrington 
improves to 
£ 176,000 


diversify selectively imp new 
areas so as to reduce the croun’s 
exposure to thte \agines of the 
building industry trade cycle 
In view of thi*. sicmiicntit 
acquisition and tl ! * er^ificafiin 
programme which will be ran- 
dueled within ex is line c>*h 


The fiictnre eonlribuling to^lhc reports n revenue deficit of trailers, wheelbarrows, etc. 'Dirn- Improving figures have continued Morgan Grenfell holds over ' 30 to consider an increase in the / U^UVfU ducred within ex'.siinc o-h 

unsjiisfriciui'y slluau.n nn re. £490,000 [or ihe 10 month, ended over eeme to £3.190h (£2iTm.). into Februerj-. March end April. g"„„^ l |„«riu.hSld™- similar fhe^ 'all ”.’00“' of moVir ■■nprovmowt in P^hLT aroUt J*“™} ■ 

amount with UK. institutions Preference shares. The scrip i Sa ue nTfrasawas^h^ed^Thomas HovJeverTtSe d'irerion exT-N tfic 
lf c rlna nov f w, OQ l, accountlne for moil of .he real. ^*1 bo to hoidero registered on vjarrinorton* a*Sl* V Sonar OTneral final 8 payment ^wilf 8 reMirn hi 

I Ed Ullv lICi^iE wW D* the North Sea. Gas and Oil May building and public works eon- normal next year provided the 

is currently participating in the Terms of the issue will be fixed tractor, for 1977, on turnover group achieves the record results 

, , . development of the Buchan Field jusl prior to the despatch of the ahead at JES.Oom., against £7.39m. currently anticipated. 

rcnitirvK on next per cent, jump in sales. Roughly associate— were a fifth higher. last year's all-round improvement and on April it was granted, with circular on May 26. Tha dimnnio! at hair.Smp whun Meeting. Pres- ton. May 26. noun. 

KvMi:in?u» lici arn 711 n*r rpnl nF urnRlc mmo fmm ¥ r..n *1- _ * - . * ... i dotti * MC uiicvlw >-3 UrtU LAJI1C * 


due next week 


icence P279 cover- 


profit was £91,000 l £73.000). said 


,«nd Smiili and Nephew, while bulk. Tlic Australian subsidiary figure a i the trading lerel— they 
l ii>initi amt Ei‘>ut-y FmducLsaie lifted us sterling contribution by expect between £S5m. and 
remiriing full jvar Pit. fits. 13 per ccnt« Canada was strong £S.75m.. against £!\29m! last time 


>sr Afrira aue 4 t0 i « anounced on ui ■ ' ,n niedical an ^ health supplies ,n S BIQCK 13 ,a - # that although there was a further ptfllfipc Jd^TTrMT 1 ? 

nfvincvjha d3J- Anal > -sts are roughly m during 1977 was achieved despite In Italy the company is partici- BULLOUGH 94.3°<% reduction in volume of contract- riisLLIro “A! tHI I? 

fubsidiS^ SETT n m ^ j - eCtU l ? a , p .™ fit adverse currency conditions and P«t*ng in the development of the , U ? ing work available to the Industry The directors of rbiliips Palenls 

ihution hv ^5 ure r al tTadin * ; level— they erst i new bilh-vaiue splitting Rcgaente and Santa Caierma gas . In respect of lhe recent rights the company had secured more (Holdings) have decided ihu the 

as U CTrnn" between £S.am. and materials should help increase fields. Is selling gas from the -lisue. Ruliough announces that work on satisfactory terms. In half-year's dividend nn the 325 


bern nil by January a xtorma. poor unres , couid i cad to a downiurn 
nmmr experience and lhe , n proli , s from West Africa, 
nremeii > si rite. A small under- 


w rilin'.' loss of about £3m. for 
\ nth *in>up \y expected and pre- 
la\ ol C:!«m for CU and C!6in.- 


Dindeiia 'n" 


figure at the trading lerel— they ^veraj new hj^h. value splitting Regsente and Santa Catering gas . In respect of the recent rights the company had secured more (Holdings) have decided tint the 

expect between £S.om. and materials should help increase fields. Is selling gas from lhe issue. Ruliough announces that work on satisfactory terms. In half-year’s dividend on rhe 325 

£b rom against Ii— 9m. last time turnover especially overseas Per- Palmori fields and has recently ■shareholder* took up their private house building sales had per cenl. (Tormcrlv T.r, p U r ecqi. 

—but disagree on the currency aonal hygiene products also did participated in the discovery nf entitlement id 2.35a.«82 new improved and material costs gross) cumulative Prvfereni-e 

adjustment. At halftime, there W ell last vear and although com- a new gas bearing structure with shares equal io 943 per cent of increases were slowing and they share due nn May 3t. Ifvrq. .should 

was a gain of £0.47m. (U.lfim.i: petition is acute there could be well Mezzanelle 1. the issue. The balance has been expected profits in that sector to not be paid. The dividend ii 'n 

one analyst sees this figure some recovery from the troubled The report and accounts for sold at a premium. improve during 1978. arrears from June j. ip7G. 

emerging at the year-end, while us. cosmetics acquisition. Gala, 
another sees a currency loss or up Margins In the textiles division, 

to £0.5m.. which c om pares with a where last year denims contri- nccill TC am|X AririrtllNTC IM BDIKTIT 

£2.9 m. credit id 1976/77. Exports buted £4iu. to the £om. operating RESULTS AND ACCOUNTS IN tSRIEr 

account for roughly half of group profit, are' high, but can only re- 

25L n deni ??„ ar ^!?i?„ 1 !; . BE NT ALLS >depjr>menl stores'- ax-oeis Ei::rm. -ilSTm... Inmase in cash (S10.396J« at Aiwiwt 31. IDTH and t»r £l.2«m. ifl.tWm.i. CCA profii rvdnctt'3 

a large increase in demand and able. Plastics are-stili recovering n*<m)rs for year io January 2S IP?#. tiqlan.-«i c.srs Iii.uw rleijc-asei. Meet- sbsure 46o ijBpi. ’ xo.orra Ideoreuia.-ton £>i'i-m -i»s: ■>* 

a rapid rundown in stocks. and analysts are going for full- rrponpd April m. F**ed aiwi* Eio.iim mu. L.-rts. Mar -jk a i : p.m thomas Marshall and co. saleK HJ!9ni cearinc fO.Tin. «. At April J 

Smith amf N'pnhpw has alrpaHv - vear pre-tax profits of between ifinoim.l. net carmii assets ELI-Im. DICKINSON ROBINSON CROUP ipadt- (LOXLET) iBreday refra ctoriea •— Resalta Barelays Nomine..* <M .i,m r. r.r.«p> 

Fn Z! " a on £20 m. to £21m (£L7Am.) iC-Mm-L Htetorlc prv-tmc prom maker*— Rvsnlis for 1877 repirted for 1977 reported .Vuril 23. Group fixed ^;ld 13 Per wn? .in-j Lend.m anrt Ma- 

to recast a 41 per cent, increase • - and on CCA basis tl.aam. after rt>'iwvria- April II. C-nsjo fixed aswts miaSnL assets E2.5m. lELtSm. net current assets chesler Assurance fiomnanv Sj p.-r 

in first-quarter pre-tax profits Other results to note are pre- non kiss. boo. com or oate* MSO.ono ul«»s asg.^ni.i. ner current ast,cr- rr?.97nL ru&m. t£4m.i. Net liquid ruads Increased Meoiimt. Charii-red Avcounranu Htil. 

and analysts are predicting liminaries from Averys (Tups- acarin? adiusunent E3i.wn Ex-sraim •tyn.Thin.t. inflaiMn adjusted or«-tax flUn. iXLlln.i. irnicorn industries held C.c . May -jb ar Ll .i.:n. 

figures due on Tuesday of £4 4m davi Bank tiF trpland fTueSdavl former directors ni>*i pr„rjt rn Sm. Alter dep-ena- UJ7 Per cent of issued equity as at SUPRA GROUP— Result /nr year ■» 

, n ri im apainst ri 7^‘m in rhe Ihllfncnn rienni ° Tn«riar) ,n,i L Worltiaj capital incn-auL-d 11^. nnn fT.lm. •W-Hii.t. o«t ,.l *al« n.Sra. March 21. .1978. MeetlruL Sheffield, November :*. i«r7. rers.n d \uni i* 

IO Aam- against SS.i^rn. in the *! , *! ll ^ ls O n .'D e, Jh> (Tuesaay). i£0 -6 hi.». Meeting. Kingston -upon- (iD.lm.i jnd co-arm.: amu>Unem ti am. May =S. noon. Group hx«1 ass.->» v.-' 

first quarter last year. With some Allied Irish Banks (Wednesday). Thames. May 23 at noon. Ifim.i. Year-end net funds up cjjTm. MINET HOLDINGS (Insurance brokers) curtynt .-ISC'S fo.rnn. trtr-’«' 

50 per cent, of overall sales in Matthew Hall tThursday J and BERWICK timpo uuj and name nun*- . Uoun n.'.^in.i Chairman a«v com- —Results to December 31. 1977. already ~ ll£ i“idliy tn.^m. :ihm-‘ • 

the li.K, ypy boost to consumer interim results from Akroyd and R^ultt lor »»T7 wporied urn Mn ,.- «,,u,«ny tia«.<ri tn lake advarnase o! km*n. Ket current aas«u £S2S7m. Dr ‘ ,t ‘ 1 ' 5 un tt»w (ht -w.-r 

spending sBould help meinuun Smi.hers .Wednesds,., L (3S^ SSSV ^"5/1? S. ’.7 .'ST"' iP^SiesCJlnSJS »“ S "™„ UMmt - 

Minouncc- Dividend inv* Fj’i'L .^ h FITTROY INVESTMENT COMPANY— (raditioBsd ffiwth eanowed -this rear. _ TERN-CONSULATE (slur*/ nc*— 


FINAL DIVIDENDS 


.Vh-rV-rn \iiY--.unen,-* .... ... Monday 

.Vlie.i ln--li L. jut - . W-.-lii. -Jay 

tkfiriv and itencr.il Trust .. .. Thurvlay 
liem ... . TUorWljj 

F ,i;V M Ir.-l-iiirJ Tui-rfa- 

Fj/Iohs • MuiiJjy 

p.»rr ar.-1 Wall.w \m»id Trusi . . To- «<Ja> 

k 'Oop-K.it*- Tpm w.-dnoMlay 

J.'hn V .-.i - CmwpMi, ;s I'rwJa- 

p.wth * W-maimnal Hnldinsv* .. .. ■ Tuesday 

fr.!.»h \-ir»hrop - M on.li»; 

■■r<vt*»i r .... ••• .'HiiJjj- 

:i'r ji and shi-en»o<>d • • Tuis«1:,v 

C-'PV.I-.' Thursday 

pi.-iur.l Co->::.iii Tii.—ia; 

p.ciMiJ M.inipin? oimoanj w.*d*.,Mlay 

vtt.-rniM;** --tiii-tit Tru>i .. • w Bn*, way 

.\Hr.i* Viiidia- Croup ... Thurvlay 

/.Cm Posu-r S in — • ij— d.-i sJay 

t PA « 'oil ' ruction Croup •••• Tu.-«<ur 

»;««•» Croup ThurkSay 

M-mh.-*r lift ami O ThuroJav 

ll;ji ai*.i '<>r. llot*|i«ir< • . ••• i:i v sdar 

P c. II -nj- r Croon Tues.Ui 

IJi-.-hcrnlt liiv.Min.--m Truit ilwn-lay 

H-sti Ll"t <* Mil* rn oii/iui ihutMlav 

j. W i c. ii.-r.-il lnve-un.*nt Trust . ..... *»••«!• sdjy 
L- -n v PreJoets ami Co . .. . Tu--da« 

t*„ 1 ,j.)i, 3ii*l Kurntvon Group ThursJ.v- 

Kins and Shjswn - - Jhureiay 

«jl.lO‘«n Denn» - TurvLiy 

More »vt,.rrv« MoiWay 

•Ii-rnns jnd HljKev wall Papers . . Tlmr^ijv 

X'Ov'wn-tnenis-viKlw loveMmem Truat .. Tiiurvlay 
Prncr.-s'liv Sei-iinues Inre.Mmeni Tniat.. Tucuigy 

su-ens Mua* HoU''^ lnH *d* , y 

•hibati Timber CompanF mumw 

Selincnurt - weflneaday 


ni'-iit 

Last yenr 

This year 

Comoanx 

Oiem 

Last year 

This year 

due 

foi. 

Final 

mi. 


do- 


Final 

Int. 





Funliah: Serric<: Crouo 

Taursnay 

0.322 

0.7 

flJI* 





Titled Mil- investment Trust 

Wednesday 


— 

0.4R3 

. Mend ay 

ti«t 

i :.i 

11? 

Transit! atv.iv> and Gasiem lnv«9Bncnis .. 

Wednesday 

1 As 

2 1 


. iV ■■•In..- -Jay 

• 

a.vi 

I 3:3 

Turrifi Corporation 

Thursday 


2.09 

— 

.. Ttiurvl.iy 

O.i 

i.l 

0.5 

r,*9om. iComraflors' 

Monday 

__ 

2J1S 

— 

. Tuvsd.ij 

I 7=8 

3 115 

I KS 

Usher-Walker 

Monday- 

1 lW9 

UM 

1 149 

.. Tm-ida'- 

70 

S.» 

.‘•0 

n and t\* Wah-er Holaioss 

Thursday 


1 AW 

-2 3 

Monday 

» 

i.SlLv 

— • 

Ren Williams and Co. 

Monday 

Nil 

Nil 

XII 

. Tot *daj 

— 

■IJ3S 

— 

W in and PUauc Prodocta 

Tuesday 

0.7 

l.U 

OJS 

.. w.-dn^day 

! «a 

7.b 

2.n 






) ride- 

\ 4 

1 .a c i 

\.rA' > 

INTERIM DIVIDENDS 





. Tuisd.iy 

I .'4 

3.J93 

1.52a* 

AkroTd and Smilhers 

Wednesday 


i:.75« 


_ Mon. la; 




Eunon Group .. 

Thursday 

0s 

0.B 


.. Msndj* 

I U7 

fl.sga 

I.2W 

S. Cask-Jt 'Holduws- 

Monday 

(1.73 

IIS 


. TUtMltlV 

1 11 

1.105 

MM 

Cedar investment Trust 

Tuesday 

0.9 

1.6 


.. TfturMjaj 

9.7 

1.5*17 

U.7 

Hlh Brothers Steamship 

Tuesday 

>711 

2.64 


. Thi'vij; 

1.5 

I.C1T 

1..459 

Investors Capital Trust . — 

Tuesday 

0.6 

1.0a 


.. W.-dtit-Mlay 

3.9 

6.« 

S.j 

iloss Ensmfenos Grobp 

Friday 

0.SJ8 

S.ll 


. " dn-. «ay 

i.i'io 

^2.'! 


\onh Slldiaad Construction Campany ... 

Frulay 

643 

9.63 


. Tt.ur,!ay 

11.6a 

1.115 

0 726 

C. ri. Pearce and Soia 

Monday 

1.16 

■> ^3 


.. Wfd.-. sday 

Nil 

l.«5 

Xil 

Richards 

Tuesday 

0.22 

0-313 


.. Tu-t-dar 

U.5 

9.r=5 

U.5 

Stas Line 

Friday 

1.3 

7.6 


.. Tnurvij-/ 

U» 

7, A 

7.3 

TncovtUf - - 

Wednesday 

8.7 

1.124 


.. Thurviji 

I jib 

4.S3se 

L7S1 

Untied scientific Holding 

Tuesday 

Hirt3 

1.3A5 


Wt -iitvviay 

— 

."1 0 



Vaux Bre-wenus 

Thursday 

5.3 

17 eflS3 


.. Tuesday 

1.4 

25 

1.575* 

Warner Estate Koidiass - 

Thuredai 

1.3 

1.363 


.. Htur-vl.iy 

n.T 

8.9 

o.ar* 

WWwafd Television 

Tuesday 

OJS 

l.l 


Ihut-dav 

■j u 

-..tl 

-.*a 

G-orse WhitehpuM rEnelneerlwri 

W'ednesday 

0.163 

O.MJ 


.. w-dii. sdjy 

4 j; 

7.9 

5.0 

John williams of Cardiff 

Thursday 

•J 

IM 


To- -das 

n 34 

; 66 

1.056 






. Thurvl.-i- 

Ml 


Ml 

INTERIM FIGURES ONLY 






£ 0 .Slm. t£t.l2m. iucr,.-a&e in «r>*ririn»*. 
Meeting. 7B. Wells StrweL W. May 24 u f 
noon. __ 


rSorfw^^IZfd % tlm! f-nd i'jra.'| Sm-v Uio turn .of vear it dealer!— Traaiorer half-rear to Novym&cr Bai* uvvrdraf: ''ih-cn-amd 


Turnov- r naif >•• ar to D*-*?emi»er 3L Meedn*. Abercoru Raoms) E.C.. un Bcsulis for 1977 renort.-J \nr-l ;T. wi’B 
19.T. f?S2mM >£rt4.0Mli and nel lo.-,s C27.flM Mav Sfi at noun. prospect* Croup fiwd .li.vi*. fU9.l: n 

• trfiiHlili No in* isun-i. No interim dlvf- WM. MOWAT AND SONS (property uei wurr. n: a.-.-igi ,4 


'same- nt-r curTvnt assess ra ism. hu; b^en puh-rr *>t n-can.«liiiun] Rnard to 90, 1977, £70,430 (B33.949). Profit £7*00 f 1 * 7 - 935 iOM.17- inct-*a->-<. MicUM*. 

■ I0.73m.i. Increase in bank balani*.s ranonjiiw* operation of the Indusirlal iI3.133i before lax Q^W (£l^M). Lawrence Koad. 51.. Ma> .n ikiok 


041 J (Kn.5flH. Mtvtiux. '.'3. EedTord Kroup. in -.vhlcn lns»*s hjv«* h*.--n ir.-ide. MUNICIPAL PROPERTIES— Kesuhs for WHEATSHEAF OISTR1BUTI0U AND 


Row W.C.. Mav ii ai it. so a.m - ,,| d ,n -wmiflrw the successful .in.i uraHi- 1977. reported April i. Group freehold TRADING— R*-salta (** i .-hnun. l!'7f 
W.' H. BRAKSPEAR (brewers and aW - compam^. Kauonjlisailnn pro- properties f 1.36m. iCLOtULi. ncl currem »**Pori«J April tS. Crnup in..d -jsy.-:% 

bo'tlcrs en- i — R-isulia lor 1D77 already -rammo will n*Jt hi completed unnl late assets £34 SOB Year«jd worfcma £J.43m i ua X'en.i, n-.-i >-nrreiti .twu 

known.’ Group flaed awwis ti4m. In ,h “ T,ar an, l ""It «*«" " in «s ton capital down C98(U3 f £50.018 1. capUal * 1J wn- >ci.l4iu i. c 4.;m .tf Mir.' 

(ll.Alm.). Current assrta jl.TSm. ^nofirs s'an to flow. For ihu reason, cmnftiitiaems not contracted £131.000 mill. “"Tv*®’ in n..-i liquid imi.!, 

"SWm"' liabilities ifl.TSm. i£e.7lm.'i. vurreoi financial je-ir ib to be extended Mwdna Tonbridge, Kent. May 15. noon, uvenwul S«v\. E.r. . Jnly at ir»'n 
Decrease In Uquldlty ft05.2M fJ30.ni l- Somber 9 l IjCT. ^,m DI ? N iV E£T ' ESTATES- H.-«l W lor l«T 

invreaw;!. .Veetina Hedley-a»-Thames on FRANCIS INDUSTRIES fEnsineenitgi JJ E ^L *Jl5 u i la J? reported March ni Group fly.sj j-vi« 

Mu- 19 at noon. — rf-au;ii fflr IP,, reported April 19. 3®. l ara - *9°) QnWed U.K. £!9m. ifJiBm.. Currnit isst-is 

BRITISH INDUSTRIES AND GENERAL Croup Med as^O M Wn. «I Sdm.i. Ner „ Curr ™ lubHimw L’A I til 

srari^ssTisrs.K itk s^'^v“asLfss sss rss'-, "rs. 1 ” - *• 

sa?-*** EC - - - s jss es-i- 

I; X? SsSub* 'ATLS-S! mmm, a«d “ ^.”1'^ 

HSip (1-liD at September iu. 19T7(. TRUSTEES-Risuils Tor Judr 10 January RICHARDS (LEICESTER) — Structural Uw VlUlcrs industrial .iinni. .r-ws tr-m 
CENTRAL NORSEMAN GOLD CORP.— 5! - already known. Quoivd U.K. and mechanical engineers and Iran- Che liquidator nf N.,n.m Vdli.-r- in 

Dividend No. 60—50 cents io be paid on tiirssmwnrs noiuu .(U.j.m.l. nuisjde RHindora. Results for 1977 renoned February, ihtt. nc , nrfinr llf 

July 4. brincun: lota I dividend Tor Jnlyl l ' ^ n um. oLyim.i, unonoied In April Group fixed assets n 35m mi sal*, of jin. ,i ln vi.T.-> ■->' 

.tune I9T7-7S trading year to Si.tt equities wan-. in--i4m.>, to oihvr nv-51- f£LU3u.>. wet currant assets flJtm. sales io Oil- current y<-ar J-.iuW tv ir-‘- 

csntsi. mcnis fu 'I5ra. •ffliMn.i. Net -»rrent iHJIam.'- Decrease In bunk batanev fully In esciK* ,.( £j n , Wldl dir>cl »'■ 

BRITISH MIDLAND AIRWAYS— Re«uiM "Mels £1 »:n *11 '■’^n lUblliiieiji. Net £® 0 - 0M B*®* 18 * ,n rfwrt-ienn ports accuiinniu f.^r nv.-V Aiu»ih|rd 'l 

for 1977 reported April IS. Fixed assets Mould fund 4 increased by £330.994 loans tMI.PM i£99.flM lncreascf. Increase final. Share capital and retries 

a ysrn ifi Sm.i. current asset* d.wm «n - si.60J U-crea®-'. Chairman bebevos W wortWa capital 1309.008 (tlM.OOOi amounted rn I735.W0. 


•Cl QSW? valll*. C-HERAt IfiVeaTuRS AMD 1977i iht* of niUJ )l v . ii'tllMi 

1K7*. TRUSTEES— R*?. miiCs Tnr juar ro January RlCMAAOS (LEICESTER) — Structural the VIKIIcra liidUMrial rr-m 

GOLD CORP.— l!GS. already known. Quoted U.K. and mecbanlcal engineers and iron- Che liquidator nf N.-,n„u ViHi.-r- > n 
s io be paid on umcsinietui naiim. . til. 57m. 1, nuislde (Winders. Results for 1977 renoned February, ipt?. nc , nrr , nr ,-, r t — 


CoauneraaJ Urnon -\sann pc« company - Mondays ‘ CATAL IN— Results Mr 1977 alr*nri3 'i 52?"- s *gE?° e ^-?5 ? T 7^ . 5" °"”- t waroi— Kesults nratloiLdl rcrori.-d. 

Royal Insurance Company Wednestiaj'lai rxpunod. Fixed a**ets (£t.57m.*. LONDON AMD STRATHCLYDE trust eqnte. Meotin*. Leicester on May 2« ai Fuwd . nt ^T„( endaw1 | r 

Smith and X^pnew Asaoctarted Companies Tnesdai-fa] ner currem assets w.bsm. iXD.tim i. Gro* reseaoe csia.KT iTIOb.ijtsi for noon, tfl.Um. tmfflhii eurnm b*b\liit.-s 

Wood HaB Truss — — Thursday Decrease in net barrawuics M.Dn k*h f war :u February hj, iKs. and after SWSAR AND JUU3S50N INTERNA- w.4im r£0 34ni 1 and rorreor ass*’!* 

■ W.41m. Increase!. Meedrw. Barlow. n,?r reveiios avaliable TIONAL 'hMj (or 1977 li.ijtn. fionimY ' ComMnyThiis. b-sim 

• Dividends shown net ponce per Share and adjusted (or any lnterrealnz Ess«, May M. at noon. rl "'- 3l ‘- Banmisa per lap share reported April 27. Group fixed assets year with full order hoots and * torts vr 

scrip issue, t Inchtdcrs compensatiia dlvldetKl duo to change *n tax rate. ; Second CLAYTON GROUP lEnsnirorinsi - bJ».p iBWpi and inierhq dividend, already rt-lan. tot nttrent assets of skilled Labour is mam rest nr iron on 

mrenm m Lmi of (toil. SSubieci to Jersey ux throushoin. 3 Includes .second Results (or 1977 reported April 2L Greuo snnwma-d 0 4. op ffi-tapi. abrtrbs IW.W9 g*ka. t&jmA Net HqnM hmd.1 down incTeaGim; ouipui Atoetlac. -SroktMJ®- 

int erim of «.e3 pild durlos this 17. m onth oerlrnL CaT Flrai-fliuner figures, fixed asses n.Sam. m.iEm.), net current ToiaJ nei assets f9.5B3J37 CTWWW tSBfi.OOO). Cuital aMuntuienis -Trent, May 25 ai iiw 1 " 


Royal insura nro Coin pany Wednesday fa i 

Smith and Xepliew Associated Companies Tnesdai-fa] 
Wood HaE Trust — — — Thursday 


for 1977 reported April 13. Fixed awls IM»M fund’ 1 increased by £339.99) loans tMI.Pflfi i£99.«0 Increase). Increase final. Share capital and retries 
£dFHm. ill Sm.i. current assets n.Wtn «n - si.60J ilscreai""''. Chairman helievos to worktna capital 1309.098 (tlM.OOOi am-uniwi m 1733.000. 
iM.-Hin.i and current lubiUUU £7.2=m. revenue and dividend will be s( least Croup stands poU»d for upairn ui work! ARTHUR wood and son ilONG- 

. rj 72— , maintained. Mwiins. 1-2 Laurence trade. At March a Srataborough snort JJ*° aD a, * D 50,1 

catalin R.tnire Mr 1977 already Poumn-.-v »uU. EC. May 25. noon. SecuritlM held 218 per cent, of the ,...5,, u *' '? tihaiwaro luapnts and 

i.“n™ ^sa inLra.1. timnilB mo stb.thci.yde trust e^to. m«Ub». uimui od u,t 3, .1 “" u,s "SSSim.'^lSS 


c^ 3 


u£fi> 



19 




■ •r j 


■ Igfttoidpd [ Tunes Saturday. Mayfi 1975 


SUMMARY O F THE WEEK’S COMPANY 

Take-over bids and mergers 




, *“» been awwnted by the three indepen- 

<Jent SUITS’ da rectors who are opposing Loarho'a takeowrbid. 

*"* **"* «wiei that Hmtho-a 

recent acQaWtiona have no a pparent connection other 1 than the 

fact mat they were available; also deplored is the fact that 
lonrto's offer document contained ho m Htenfete borrowings or 
profits information. The three consider that the offer— U Lonrto 
shares for every Ac SUTB^i wo low and -sSTLve con, 
tinned a cash element. .The defence ite wnn^n t was. published 
Sir Hugh Fraaer. deputy cfuinnsm of SUFIS, had 
said he would restgn.from the Board if the offer from Lonrito 
failed. 

An increased offer . from- Hejvwmtli Ce r amic baa beta 
ucepted by the Board of Johneo&Bichards Tfle& Hie new 
terms are one Ordinary share of Hepworth pitta 58p cadi for 
each share of Johnson-Ridhards, the cash element having been 
raised from the original . 39p. The increased offer was made 
following -an upgrading of Johnso&BidnrdS' ****?*+** pretax 
profits for the year to March 31 last Hspworth’s offer for the 
Preference duns remains at 70p per share caSfa. 

A bid iron Fafatwba levin of 40p cash per dun, which 
vshifis Scott rad Bobsctneu at around £2 sdl, has been rejected 
by the letter's directors. The approach, which was made on 
February 24, was conditional upon the dire ctors - ry itwyiiwianig 
acceptance. 

Dealings In the shares of losstnakixtg Cnbnugk Msaato 
taring were suspended on Wednesday following the- announce- 
ment of an approach which could lead to on offer. Last January, 


Hr. Michael Ashcroft and Mr. doggie acquired 20 percent 
of Customagic through companies in which they bad Interests. 
They became deputy chairman and managing director respectively. 

Brooke Bond Liebig has extended its worldwide commodity 
activities by acquiring. Wallace Brothers Commodities from 
Wallace Brothers (Holdings), a subsidiary of Standard and 
Chartered Bank, for £Sm. cash- Standard and Chartered wanted 
to sell the commodity broking company as part of the reorgani- 
sation of the holding company which became part of Standard 
and Chartered In 1976. 

An unidentified group has made a bid for the 72 per cent, 
controlling interests is Canadian Vickers held by Vickers of the 
U.KL This is the second approach this year and the bidders in 
both coses are believed to be identical and Canadian. 


Value of Price ’ Value 

Company bid per Market before of bid 
bid for . share** price** bid (fin’s) •* 


. m \T 

Final 
AccYce 
Bidder date 


PRELIMINARY RESULTS 


40.* 

0.42 


5165 

3.4 


Scot & Uoiv. fBVB. ISO 122 107 

Walker Sons & 93 ' 87 34 

Co. (UK.) 

WhenteheafDtst - 210 134 K» 

Young Austen 83* - 83 66 

Young 

♦All cash offer, f Cash alternative. . 
not already held. ^ Combined market capitalisation. ;■ Date on v. rvich 
scheme is expected *io become operative. •* Based on 4/5/78. 
TT At suspension. 4? Estimated.’ §§ Shares and cash. 


Lonrfao 12/5 

AhgloJndonesian 
Plants — 

Unfood - — • — 

Trafalgar 
-Bouse — ' 

t Partial bid- S For capital 


Company 


Pre-tax profit 
Year to (£000) 


Earnings* 
per share ( p) 


Dividends* 
per share tp) 


INTERIM STATEMENTS 


Value of Price Value 

Company bid per Market before of bid 
bid for share** price** bid (fin’s)** 


Bidder 


Final 

AccYce 

date 


Company 


Half-year 

to 


Pre-tax profit 
(£0001 


Interim dividends* 
per share <p) 


Btakey^s Of •&»- 
abie Castings) 
Carlton teds. 

Cray Electronic* 

Gedonglnva. 
Afln.-IUekurii 
(H- & R.) TQes 
KCAIntL 
Loud. Aust fnra. 

Loud. * Liverpool 

Trust 

Marler Estate* 
MOa Master* 
Randall (J. & L.) 
Reynolds (W. J.» ■ 


m U mm vi Hm 

■Uurwtta 

Minted- 


52* 

52 

4S 

1.5 

AUted . 





Insulators 

24/S 

16S* 

ias 

370 

22.7 

Bwkr. SJddetey — 

26* 

24 

87 

2.58 

Spey Invests, 

— 

253| 

14S 

125 

0.52 

Cons. Plants. 

— 

1S8SI 

129 

1 ISi 

29-7 

Hepworth 




Ceramic 

10/5 

S9* 

2Si 

28 

7.7 

Mr. T. Ward 

— 

149* 

139 

123 

111 

Colonial Mnbiai 




Life 

12/5 

»• 


29 

0J52 

Aschhefm Sees. & 




W.&A-SAZng— 

25* 

29 

21 

0.88 

Blade Imrs. 

— 

200* 

m 

163 

423 

Hfiteshog AB 

— 

1144 

m 

69 

1227 

Letraset 

— 

45* 

44 

444 

1.75 

Oakstone 




A-Arenson Jan. 31 27S (161) 0.692 ((1629) 

British Sugar Mar.13 7.67S (7.173) 1.65 (13) 

J. .A. Deveaish Mar. 17 ~ 166 (207) 2.123 t2.0' 

Hawkins &Tfpsoa Feh.28 522 i520J f.O fl-0) 

Ldn. & Provincial Dec 23 ' 221 (169) 0231 (0.301) 

Natl. & CommreL Mar. 31 28574 (3U13) - 1275 (155) 

Samuel Osborn . Alar. 24 1,008 tl/t20) 1.1 (14)) 

Serck Mar. 31 2A60- t4?*00) 22 - (24» - 

United Wire Apr 1 642 (938) 2.0 (IS) 

(Figures in parentheses are for corresponding period.) 

Dividends shown net except where otherwise stated- 
* Adjusted for any intervening scrip issue. 7 For 52 weeks. 
tFor 53 weeks. § For 15 months, fl For 12 months. L Loss. 


Scrip Issues 

H. and J. Quick: One-for-one. 

H. and J. Quick: One Preference for 11 Ordinary. 
Maries aad Spencer: One-for-one. 

Vernon . Fashion Group: One-for-one. 


Aberdeen Cpnsttt. 
Bamfords 
Bnustead 
Bremner" * 

BBS 

Dement Clarke 

Davies A Neman 

Downs Surgical 
Elbar IndL 
El Ore Mining 
Exploration Co. 
Feb IntL 
Fted<X. M 
GrowbeH 
Haden Carrier 
T.C Harrison 
Hautta 

Hawthorn Leslie 
John Lain? 
Laporte lads. 
Maries & Spencer 
Marshall's UnvsL 
Mcttoy 
Minty 

Motberrere 
Nurd In & Peaeodt 
Pbotax (Ldn.) 
P&O Steam 
Forter-Chadburn 
Roberts Adiard 
J.Sainsbury 
Scott & Robinson 
Sears Bldgs. 

UDS Group 
Vernon Fashion 
Wadham Stringer 
W. Williams 
George WOIs 


Dec. 31 
Dec. 31 
Dec. 31 
Jan. 31 
Apr. 1 
Dec. 31 
Dec. 31 
Dec-31 
Dec. 31 
Dec. 31 
Dec. Si 
Dec. 31 
Dec. 31 
Nov, 30 
Dec. 31 
Dec. si 
Jan. 3] 
June 30 
Dec. 31 
Dec. 31 
Mar. 31 

Dec. 31 

Dec. 31 
Jan. 28 
Mar. 31 
Dec. 31 
Dec. 31 
Dec. 31 
Jan. 5 
Dec. 31 
Mar. 4 
Feb. 24 
Jan. 31 
Jan. 28 
Jan. 28 
Dec. 31 
Dec. 31 
Dec. 31 


3,943 (4,527) 222 
' 0765 ( 760)5 -12.9 
1,890 (1.550* 5.0 

463 ( 583) 4.1 

27.022 (25.498 1 12.4 

STD (958) 85 

S02 (13S2) 6.9 

877 (581) 4.1) 

2,1*73’ (967 ) 39.4 

544 (457 J 0.5 

703 (5601 3.1 

521 (243) 32 

S21 (927) 

100 (30) 

1.423 (2.505) 

2.315 CUM) 

73S (5WI 


21,067 fie^soi 
10242(35.345) 
117.915 (102.445) 
3.536 12.605) 
2J317 (2,429) 
190 1188) 

13.881* ai,«6)t 
4.866 (4.057) 
222 (302) 

42.770 (31.120) 
1277 (1.130) 
552 (MP# 
27.582 (26.182) 
522 (7S6) 

65.511 (42.4BS) 
19.160 (16. ISO) 
1.250 Ifila) 


(22.4) 
(142) 

(3.1) 

■ (5.11 
(1 1.9) 

lll.7l 

(17.4) 
(2.4I 

(20.5) 
1 5.-5 1 

1 2.ii) 


3.3 55 
210 
987 


(2.246) 

(183) 

(425) 


4.607 
•1 *« 

T!!i 

SJilS 

i;t*7.i 

2.163 

7.304 

8.0 

LOSS 

H. .74-4 

I. 75 


C 4.125) 

f O.SSj) 

1 1.5# 
(3.S* 
(5.6161 
( 1.93S) 
C 6.539) 
(2.(77) 
16.968) 
1(1.99)' 
(0.495) 
1 1.6) 


5.» 

tj.4) 

1.373 

1 1235) 

2.7 

<1.4/ 

1.0 

(O.S> . 

s.7 

115.51 

7.7*15 

1 7.705) 

1.1.7 

t in.s * 

4.325 

<3 6fi> 

1.2 

1 1.3 1 

Nil 

(Nil* 

. Ml 


Nil 

<Nil> 

15.K 

1122) 

a. no 

<2.S*4) 

122 

( 18.1 1 

ij.TliS 

(5)430) 

n.5» 

lS.41 

4244 

iSSSSS 

30.4 

(29.01 

0.393 

<5.0371 

14.7 

111.7) 

•» j«*«> 

(1.9) 

22.3 

122.9) 

4 226 

(3.819) 

102 

(S.li) 

2 9° n 

(2.645) 

16,9 

( 14.1 ) 

IMS 

( 1.664) 

5.2 

1 7.4 1 

2.P2 

(2.439) 

20.5 

(1G.1) 

<1.542 

1 5-S57 ) 

212 

<17.0) 

5271 

(4.772) 

11.8 

|J2..S» 

4.317 

13.902) 

252 

(24.4) 

fi.02 

( 5.4451 

10.5 

IS. 3) 

2.744 

(1.829) 

ILS 

(3.61 

2.5S 

(2.31) 

S.7 

(SO) 

0.1 

(4.8). 

23 6 

<114) 

3.067 

(2.746) 

fi.G 

<4.0) 

2.2 

f 1.359) 

52 

(3.11 

T’Tsi 

( 1.01 

10.1 

(2.0 1 

1.534 

(1202) 


2 i 


14 


Jas. Neill on target at £3.75m. 


IN UNE with the estimate matte 
at the time of the rights lssua in 
January profits, before tax, of 
James (Vein Hofdtogi increased 
from £2.08m. to £S.75uu in 1977. 

With Treasury consent, in the 
context of the rights issue, the 
dividend total is stepped up by 
20 per cent, from 4.806p to SBp 
net. with a final of 3.642P on the 
higher capital as promised, A 
total of 6<38p has already been 
indicated for the current year. 

. Turnover . increased from 
133.03m. to £42J.4m. with home 
sales up from £lfiJS2m. to 222.09m. 
Export sales other than to over- 
seas group companies rose from 
£9 ,79m. to £X2Bm.'and sales by 
the overseas companies went up 
from £ 6.63m. to £7 24m. 

Commenting on the results lb*. 
J. Hugh Neill, chairman, says that; 
although, according to the Federa- 
ratlon of British Hand Tool Manu- 
facturers, total sales by UJC. 
manufacturers in 1977 fell by more 
than 2 per cent, in real terms, in 
these depressed market condi- 
tions the group achieved a signi- 
ficant and encouraging increase In 
sales volume. 

. •. Flans call for further expansion 
and the £8. 6m. rights issue has 
provided the necessary capital to 
finance it Capital expenditure 
was down team £L4m. to £12fim. 
in 1977 but in the next IS months 
the group plans to spend £4fim. 

Sales by the UJC. companies 
Increased by one-third with 40 per 
cent being to export markets. 
This Represents a significant in- 
crease . in volume which led to a 
62 per cent, improvement In their 
trading profit 

. Sales and profit! of the overseas 
marketing companies were ad- 
versely affected by the strengthen-’ 
log of sterling. The South African 
man ufa ctu ri ng company did 
better in 1977 but the Brazilian 
company still face d p roblems 
arising tram commissioning 
delays. 

The gro up balance attributable 
to Ordinary holders cornea 
through at £2A6m^ against 
£1.47 to, giving earnings per 25p 
share of 212p (I0.9p). 

Depredation charged on build- 
ings, plant and machinery, valued 
at current replacement cost, was 
some £690,000 higher than it 
would have been if based on his- 
torical cost 

Stock and work in progress 
Increased by 9 per cent to 
£20.52m. and debtors rase by 


S6 per cent to £1 0.78m. reflecting 
the sates increase. 

Borrowed capital Increased by 
fi per cent- to £14J3m. Since the 
year end the rights Issue has in- 
creased shareholders' funds and 
borrowings have fallen accord- 
ingly. 

s#tt • ira 
£ . X 

2BM Mm 

Tvr a artr «.Mff 33. m 

Interest gu507 1JM 

ABBodkte loss — — - 7 IS 

Overseas loss 13 tSOS 

Investment tncena 62 ST 

Pnflt befara tax 3,m VOS 

Taxation 873 3(9 

Mlnorlue* . a 6 

AttrlbauUe Ordinary ' BJKV UK 

Betntned 1.W2 827 

fftvflt. , 

The group's business is that of 
tool ~ manufacturing aud general 
engineering etc. 

Higsons 
first half 
standstill 

Little change in taxable profits, 
with a figure of £665,066 against 
£634,248,’ Is reported by Higsons 
Brewery for the six months to 
March 31. 1978. Turnover for the 
period advanced from £8 .5 5m. to 
£B.63ni. • 

Earnings per 25p shore ' arc 
stated at 3 Jap (adjusted' 3-005p) 
and the interim dividend, is, effec- 
tively lifted from 0J>75p to 0.4p 
net; last yearis total was' equiva- 
lent to Z254 p from profits of 
f 1. 8 2m . 

The half year profit Includes 
bask interest of £39.757 (£23.042) 
and Investment Income of £25,301 
(£26,634), but is after a loss of 
£5^16 (£4,688 profit) on sale of 
investments Drooerty. Tax 
took £HS^0S (£330.000), 


has bees receiving orders at an occurs towards the end of the 
encouraging rate. • - year, the group is strongly placed 

Plastics division turnover has to take advantage through its 
also been maintained at the consumer product companies. This 
higher levels of 1977 and for the in turn should yield more interest 
group as a whole the chairman in capital goods to the benefit of 
expects to at least maintain the the other subsidiaries, members 
progress achieved in the past, are told. 

Pre-tax profit last year climbed Tbe planned expansion of 
tram £1 J5m. to £L29m. certain subsidiaries carried on 

Meetup Wellington, Somerset, during 1977 and borrowings have 
on June 2. at noon. risen. The increase, to some £4im. 

is more than accounted for by 
new investment in existing sub- 
sidiaries. Investment will con- 
tinue into the first part of 1978 
but will then fall away. Conse- 
quently, borrowings will increase 
rather less, perhaps reaching 
£64m. by tbe middle of tbe year 
when they should then decline 
slightly towards the end. The 
group still has ample unused 
GROWTH in taxable earnings facilities and will have no prob- 
from £934,245 to a record Jem in completing its current in- 
£1,289,435 is reported tor 1977 by vestment programme, says the 
Argus Press Holdings, a wholly chairman, 
owned subsidiary of British Meeting. PaddngtoB Park, Nr. 
Electric Traction. Turnover by Meriden. Warwickshire on May 
the company, whose assets are 25 at 3 p pn. 
principally Argus Press, was 
ahead £2.41m. to £13fimi 
After tax of £727,336 (£506,544) 
earnings per 25p share are shown 
higher at 16.49p (12J0p). A net 
final dividend of 8p lifts the total 
to Up (825p). 

Minorities amounted to £15,189 
(£15.941), 

The subsidiary Argue Press 


Over£1.2m. 
from Argus 
Press 


Peak £2.4m. 
at Guardian 
Investment Co. 

Pre-tax revenue of Gnardlan In- 
lifted taxable profit to £1£92,976 vestment Company rose from 
(£987,490) on the fltft n. £2. 09m. to around £2.44m. in the 
(£11. 09m.) sales shown by the March 3L 1978 year, 
parent.- The result is subject. to tax of 

Earnings per £1 share were £091in. (£0.78m.) and earnings per 
SOUp (22Up) and a net final divi- 25p share are Bhown at 2.83p 
dend of 14.5p raises the total to (2£9p), and net asset value after 
20-5ps(15.75p). prior charges at 102 lB (93p) per 

The tax charge was that share, 
reported by the parent and A final dividend of l-95p takes 
minorities amounted to £44)71 the total for tbe year from 2j£p 
(£4£2S). to 2-7p. 


Relyon 


FVE GAINS 
STRENGTH 


THE CURRENT year at Relyon 
PBWS has opened well, albeit 
with some disruption following 
severe snow in February, Mr. H. 
Brockenshaw, the chairman, says 
in his annual statement. 

As always the company's per- 
formance must be influenced by 
the state of the economy, be says. 

A new company, Brendon 
Designs, formed late in 1977 to 
manufacture upholstered products 


SHARES SHOULD BE 
BOUGHT AND SOLD! 


Gone are the days when a “*oand portfolio " of shares eoold 
just be bought and forgotten. 1974- proved that! -Todayb Investor 
has to be alert. Buying tomorrow's favourites at tody's priw- 
And. of course, remembering when to tell them. -Before the 
next " 1974.** That’s why the FLEET STREET LETTER, Bntetn a 
oldest newsletter, emphasies the ■ Importance of knowing when 
to sell. 

The only wav to b« sure the FLEET STREET LETTER is right 
for you is to see a copy and judge tor yourself. So, iwt complete 
and return the attached coupon, and we will send yon a FREE 
COPT. Plus a Htt of a ll our company ana)ys« recommendations 
over the last year. Plus a deoiled analysis of F S L's latest Ideas- - 
Two comp ani es which most other Investors have net yet discovered. 

And all that without any further obligation whatsoever. 


| To: FLEET 5TRHET LETTER, SO Fleet Street, London EC4T 1JH- J 


J Name - 
I Address 

I 


*»M>M*i-s>isas 




} copy of FS 1 without oWifotlon. FTE I 



***** __ 

^sp^ida 
little tune withus. 

We wn a wofassiona! Investment management, 
service for private client*. tn»tsand pengon ■ 
funds. A few minutes spent reading our booklet may 
prove a sound investment Let us send you a copy. 

sssssss 

Licensed dsaforifcttGaritrBa - 


Outlook at 

Harris & Lord ThoraeycrofL chairman' of 

rr« v j Pyo, told shareholders at the AGM 

MeiaOfl ■ • ’ tint the disposal of the group's 

_. .. , ffl 1 fc,- consumer business last year - had 

strengthened its financial pod- 
tegtetereats in a variety of in- tioa through - the e l i m in a tion of 
dustnes will stand Harris aad substantial lossmakers." 

Sbridoa Group in good stead dur- He M that the reconstniction 
mg the current year, states Mr- had resulted in a substantia] 
J. D. Miller, the chai rman . reduction of borrowings and gear- 

However some fenprovement in and liquidity had been 
both the capital and consumer improved. *“We are therefore well 
markets is necessary far more placed to take advantage of 
than modest improvements in developing opportunities in the 
turnover and profits. professional electronics sector," 

If an increase in spending said Lord ThoraeycrofL 


Tokyo Pacfffc Holdings N.V. 

Tokyo Pacific Holdings (Seaboard) N.V. 


The Annual Report as of 31st March 1978 has been 
published and may be obtained from: 


namt r HdMigaPiMenN.V. 
HarangracM2Q&<Zf4, Amsterdam 

IteB o n teWno tinine ter Bank limited 

Stock Office Services, 

6th Floor. Drapers Gardens 
12 Throgmorton Avonua, 

London EC2P2ES 

M.H. RoBwebM ASomlimBsd 

New Court. SL SwftWn'a Lamb 
London EXA 

Banqne RotiachM 
21 RuoLaffitte, Paris 0 

Menfl Lynch tatenatfeiMl A Cdu 

afl European offices 


SSL OpponMmlr. A ete. 

Unter Sashsenhaussn 4, 6 KSa 


IC5ni8salteo17, DOasoldMf 1 

Panquo da Paris otdss Pay Ran 

3 me (fAntfn, Paris 2 
eoutevard Emite Jacqmate 16% 
Bruxslles 

Banquo da Paris ■( dm Payo-8a» 
peorlaGrand-DachfidoLmnaiboiarg 
10a Boulevard Royal, Luxembourg 

hdaraaflonal Paeffie Ctepondoa 
UmRed 

Royal Exchange Buodira 

56 Pitt Street, Sydney I-L&W. 2000 



5. & W. Berisford acquisition 

6. rad W. Berisford. the Berisford is also attracted by 385^67 shares to 1524.967 (26.9 row branch reverts to a manuFac* 

commodity broker and food the high margins in Daniel's per cent.). The additional shares turer's distnhmion depot under 
supplier, has acquired EL E. Daniel business. M lt is a nice area to were offered to Vantona and the the name of Blundell-PermoRLire. 
for ga m. - »n cash and shares, be in," said Mr. N*. G. Hanson, deal was done at 24p per share The Dundee hranch is operating 
Daniel manufactures perfume Berisford's finance director making it worth £97.000. through a ulioliy-nwncd suhsi- 

componnds, food flavourings, yesterday. Vantona describes the purchase diar>- to be called Lmvnes 

aromatic chemicals and resfnoids. The purchase, which is effective » “ “investment.’* (Dundee), and will be Ute group'* 

It also distils essential oils and from Anri! 6 1 977 was naid for _____ only involvement in mcrcnantinR 

JKPU T&taST to “ i “^sa im7 "' sh ^“ d£3<B - s “ bankers MArrHF1 i5d 0 wirt2Sh- 

^ t tE a "^LS*“ m.d. pre-tax pr„B« o f ” h^,n .SL, Ba^e re ha, ^ at tW ^ 

£438 - W0 ^ the yeaT to April. 5, formed a subsidiary. Johnson ASSOCIATES DEALS- 
of food -raw materiate such as & ■8L J P ld *? w J& Wage sold 15.000 Wheatsbeaf at 


and' spices. Likewise « . mrV>rkT« a . V. 

'ord - has many DJC' VANTONA- 
customers who might' be ' Vantona Group, the textile 
persuaded to- take Daniel’s company, h as increased its stake 
products. ’in Sekeru International by 

SHARE STAKES 


exchange 

East 


throughout the 


In^ 

America 


Wage 

195p on behalf of associates . 
Rowe and Pitman Hurst-Brown 
/-tj i TNTNCCI cv sold for discretionary investment 

n?* l i»5S LtI clients 2.0OU Lei reset Inter- 

IN TALKS national at 13Sp. They also sold 

Shares of Cbaddesley Invest- for a discretionary investment 

pjent were temporarily suspended client 5,000 IVbeaisheaf at 290p. 
yesterday following disclosure _ 

_ • , . ^ t _ . . that talks were taking place that SAML. OSBORN 

Jewel Toynbee and Company— Peat Group acquired 285.000 may j M( j t0 a takeover bid being The Board of Samuel Osborn 
John Swire and Sons has sold shares between April 18 and 28 made. said vesterdav that no mercer 

250,000 shares bringing holding and now has an interest in The Identity, of the potential miks i re j n progress between the 
below 5 per cent 4i436.186 shares. bidder, was not disclpsed but the company and Aurora Boldines. 

Sekera International— Vantona Cooper Industries — G. K broking firm, Rowe and Pitman, w hich receotlv acquired a near 

Group has purchased 386,967 Maddox and D. Pennell, trustee Hurst-Brown is advising the bid- 30 per cent, stake in Osborn. 

Ordinary shares at 24p. These, for the settlement for the children der and a further announcement 

together with the existing hold- of J.-C. Cooper, have acquired is expected on Tuesday. S. 4, RICHARDSON- 

ing. are to-be held as an invest- 16.000 shares 1 0.05 per cenL). ■or thutvct t The ' offer by C H. Industrials 

ment, Vantona stated. Petroron Group— R. F. Atkin- BLUNDhLL- for the capital of S. A. Richardson 

Supra Group— Quinton Hazel son. director, on April 28 sold PERMOGLAZE has become unconditional, 

has sold 55^97 shares and Mrs. M. 41S.2&> Ordinary shares— h« BlundeB-Pennoglaze Holdings By May 5. acceptances had been 

Hazell 39,580 under recent rights total holding, representing a 7 has completed the reorganisation received in respect of 2.763,918 
issue. pe Jlr£ e ? L of its Scottish decorating mer- Richardson shares (97.76 per 

Sanderson Kayser — Globe ^ Wholesale Fittings Company— c hams. ' The businesses at Ayr cent.) including those allotted 
Investment Trust bought 131.000 "*• ana_C. Assurance ^uronp on amJ Dumfries have been bought under tbe scrip issue. The offer 
share* on April. 28 and has total 25 shar ?!? by Mr. W. K. Lowrie. The Glas- remains open, 

interest of 590JW0 shares (9.89 (5.4 cenL). These shares ( * 

per cent) Electro Investment beregistered m naa^ ofM. and u. 

Trust , as a result of a purchase Group _ (Lombard Street) Nonn- 
on April 28 has Interest in 300.000 ne * s L *\_ A £r- . _ _ 

(503 per cent.). Sfiteh Timber— H. R. Kibble- 

Lookers— Mrs. Gillian Platts, white bought 2.900 shares— total 
wife of director, aold 20.000 shares holding is therefore 7,900 
on April 11. Total holding of Debenhams— London and Man- 
R. J. Platts, his wife and family Chester Assurance Company holds 
interests now represent 10.34 per 86.000 Cumulative “ B n Preference 
Cent shares (8.05 per cent). 

jcssel Toynbee and Co.— Bri- John L Jacobs and Co.— London 
co min Investments — wholly owned Trust Company has beneficial 
subsidiary of British and Com- interest of 1 .200.000 shares (5.2 
monwealth Shipping Co.— has per cent) following recent pur- 

acquired a further 250.000 shares chase of 504)00. 
bringing holding to 850,000 (8.05 M. Mote and_ Son — J. E. M 
per cent). John Swire and Sons Lawson. , director, has acquired 
has sold the remainder of its 17.000 shares. W. P. G Amour, 
holding. director, has acquired 19.500 

George Whitehouse (Engineer- shares. Lawsons (Whetstone) 
lug)— Cl eves Investments have Ltd. has acquired 154)00 shares, 
disposed of tbe whole of their Francis Industries^— Singer and 
interest (4S.000 Ordinary shares). Fried lander has become beneficial 
F. J. C. UBey— Mr. B. M. Lilley owner of 100.500 shares. These 
has sold 675.000 shares. Holding shares should be aggregated with 
now 1,306,700 (8.05 per cent) the 910,418 shares in which West 
Shares have been placed with a- City Securities, a subsidiary of 
number of institutions. .Singer, hay a beneficial interest 

Lesney Products — Interests of Tbis makes total interest 
First C.B. Trustee and J. W. R. 1,010,918 shares (13.94 per cent.) 

Lindsey both fell below 5 per cent At same time Singer has notified 
oa - April 2Bi— S. .B. Quin- is that 100^00 Shares have been dis- 
interested in 44K9.1S0 Ordinary posed' of thus returning group 
shares (17.04 per cent) and lm. interest to figures previously 
Deferred Ordinary (50 per cent), declared 910,418 shares (1255 per 
N. V. Smith is interested in cent.). 

64)02,621 Ordinary shares (228 per Letraset International— J. G 
cent) and lm. Deterred Ordinary Soper, director, has exercised an 
(50 per cent). These alterations option granted under the option 
arise from a change to rrustee- scheme In respect of 304)00 shares 
ships and not from purchases and ' at 70jp. 

sales of shares. Assam Frontier Tea Holdings^— 

Warne, Wright and Rowland; Gaparo Investments has acquired 
Central ManufactortoR and Trad- a further £10.000 Ordinary- stock 
tog has acquired 885,000 Ordinary increasing holding to £95,000 
shares representing over 5 per (9 _ 14 cent). 

cent. . Reed Executive. — M. J. Whit 

. taker * director, sold on April 28 

A. J. Northam «>ld OTjMO shares 14400 shares, leaving holding at 
on 'April 21 leaving holding at 

20 j*' 9 ??- n.iiirtn, n Mears Brothers Holdings. — E. E. 

Bulkeley sold 50,000 shares at 23p 

SScSS? S5 “wm3o a alIKtor 

shares, their ^bmhnot Latham Holdings^ 

_ Jp- London Trust Company has 

2? l £jf? dB 304,531 shares (5 * 56 bought 40,000 shares increasing 

J«. Investment WgW “ 

Lindsay and WUUams— Notified 


HIGSONS BREWERY LIMITED 

INTEKIM STATEMENT 

Unaudited accounts of HIGSONS BREWERY LIMITED for the 26 weeks 
ended 31st March 1978 are announced as follows: 


Turnover (external sales excluding 
VAT) 

Trading Profit ; - 

Bank Interest 

Investment Income - 

Profit/ (loss) on Sales of Invest* 
■mentis and property 


26 weeks 
to 31.3.78 
£ 

9,628,606 


625,324 

19,757 

25,301 


(S^lfi) 


Group Profit before Tax 

Less Corporation Tax @ 52% 


665.066 
346,000 

319.066 
3.15p 


26 weeks 
toj.4.77 
£ ' 
8,553,444 


579,939 

23,042 

26,634 

4,633 

634.248 
330,000 

304.248 
3Q05p* 


52 weeks 
IO30.9.77 
£ 

18,087,000 


1,698,609 

46,138 

48,896 

28,233. 

1321376 

931,000 

890,876 

8.80p* 


Group profit after Tax 

Earning s per Ordinary Stock Unit 

A net interim dividend on the Ordinary Stock as increased by tbe one-f oi> 
one Scrip Issue of 0.4 pence per stock unit of 25p amounting to £40,505.60 
has been declared and will be paid on 9th June 1978 to Stockholders on 
'the register on 16th May 1978. 

* Ad&utad for Om atria Wu a Jcsnm. 133. - - • 


by Mr. Peter Bennett .of Security 
Growth that they have voting 
control over 103,000 Ordinary 
shares (9.90 per cent). 

Epicure Holdings— L. Brealey, 
director, sold on April 28. 20.000 
shares at I2p and 23,964 at I2»p. 

Kleeaeze Holdings — Barclays 
Nominees Mining group on April 
25 held 170,177 shares (825 per 
cent.). . 

Francis Industries — West City 
Securities has sold 40,000 shares 
reducing holding to 870.418 shares 
(12 per cent). 

Thomas Marshall and Co. 
(Loxiey): Unicorn Industries holds 
175,000 Ordinary glares (14.38 per 
cent) and SDN “A” Ordinary 
shares (5.075 per cent-). 


TAPE RECORDER* 

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Built-In mlk*. AC 
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161). Gdlan welcome Mon.-Fri. 

RONCASTLE LTD. CFTl). 
1-2 H xn ovcr Sc. London WJ, 


withlyndali 

) ■ ■ ■ 

IfcA stake in the world’s richest 
economy. 

SfcAn opportunity to invest when 
US shares are still cheap. 

Many shrewd investors see the good sense of 
havinga part of their investment in tbe US now. 

Tyndall believe that US shares today still 
stand at attractively low prices and that the 
_ economic facts justify further substantial rises. .? 

Economic Strength - 

On such fundamentals as profits, dividends and 
assets, American shares are now cheaper than, 
they have been for a long time* Yet the US 
economic indicators are strongly favourable, 
with an inflati on rate of 6.7% last year and a rise ; 
in GNP of 5% in real terms. Corporate profits 
too continue to grow at a sustained pace. 

This Is why Tyndall believe that now could be j . 
a good time for investors to put some of their- 
money into America. 

Benefit from Tyndall experience 
Investors can now benefit from a unit trust 
. managed by Tyndall, the London Wall 
In t e rn ational Fund, which is now invested ^ 
exclusively in American shares. The Tyndall \ 
Group have extensive experience in American 
invesnuentfoom their substantial overseas 
involvement over the past 20 years. 

The portfolio of investments concentrates on 
those leading US shares which Tyndall believe 
are now especially undervalued. For your 
informationthe estimated gross commencing 
yield on 3rd May 3978 was 2.35% and the offer 
price 33. Op. , 

You can invest from £500 upwards in the I 
London Wall International Fund. For further \ 
information 3 including a statement of “ *• 

investments, please complete the coupon below 
or telephone Tindall at London 01-242 9367, 

Bristol (0272) 32241, or Edinburgh (031) 225 1168, j ■ 


■Tyndall 


London W^ll International Fund 

TteTprtdall Group, 

28 CanyngeRoad, Bristol BS99 7UA. 

Hesse send me information on the Londoz.'VPall 
International Fond. 


Name 

Address. 


KaiftGi&mBr* A member ofibetSat Treat Assoo»iimi 


J 






20 


Financial Times SaturSay Hay 5 I97« 


WALL STREET + OVERSEAS MARKETS + C LOSING PRICES 


JJp 4.68 despite adverse news 

BY OUR WALL STREET CORRESPONDENT NEW YORK. May 5. 

PRICES CLOSED mostly higher emphasising the inflation problem, mans steady. Golds mixed. but falls were in the majority 

on Wall Street to-day, but some Early Friday, the Government GERMANY — Little change in among Minings 
unfavourable economic news was reported that unemployment in quiet trading. U rani ums were down with Pan- 

eroding prices towards the close. April fell to ‘6 per cent — the Mannesman fell DM7 to 155.3 on continental 60 cents lower at IL30 
After advancing nearly 9 points. lowest level In a* years. rumours of a lower dividend, and Queensland 5 cents at SA2.15. 

the Dow Jones Industrial Average Pan American Airways, the Sobering rose DM 8 to 349. Central Norseman Gold gained 10 

finished 4 . 6 S up at 829,09, reduc- most active issue, rose $i to $7}. Public Authority Bonds cents to $AS.2b. 

in* its loss on the week to S.23. Northwest Airlines moved ahead fluctuated narrowly, while Regu- HONG KONG— Mixed in quiet 
The NYSE AH Common Index, at sl to S27J on sharply higher lating Authorities bought DMl-Sm. trading 
$53.97, gained 37 cents on the day March quarter net earnings. nominal of stock. Mark Foreign tar* viuwm td r p- M 
and 3 net 7 cents on the week, Ennis Business Forms advanced Loans steady to firmer. p»«prf ~f;L, £ linpwith 

while rises led falls by 987-to-MO. Sli to S14J on a planned dividend AMSTERDAM — Mixed in dec” imbuTUan “Srioes ™ “ 

Trading volume expanded o-l&m- increase. generally quiet trading. ilTininf KSikiMb tested 

shares to 42.68m. Eastern Pipeline Shippings and Transports although “Johnnies" were up 20 

The market surged ahead in jumped $3* to *47i- weakened. Banks and Insurances cSStoBUKO 

early trading despite the report THE AMERICAN fciE market value mostly firmer. C 10 1U *** 0, 

after Thursdays close of a steep Index moved ahead 1.10 to 1S9.89. State Loans edged higher. — 

rise In Business Bank-Loan making a rise of 3.53 on the week. SWITZERLAND— Affixed in quiet SINGAPORE . 

demand and a new expansion of Volume 6.119m. (3.122m.) shares, trading. ; 

the money supply. The reports Swissair up Frs3 to 7S6 follow 

suggesr that the Federal Reserve 0X11170 ine hs March results, 

soon will raise its Discount Rate. V ■ witiw lUMnnu l 9 
Other interest rates have recently 


OVERSEAS SHARE INFORMATION 


Inv, $ Prefix. $2-60 to £ — llO'Si OHi%> 

Effective rate (X.8275) 47|% <47j%j 


NEW YORK 


Stock 




*3 y 


May 6 


31av5 


Banks and Financials generally *®Jn«riala j 
edged lower. Small gains pre- J fenj _ u ^'7.\Ll 

been gaining on Federal Reserve CANADIAN STOCK markets were dominated in Insurances. BouawwlB' 

Domestic and Foreign Bonds Unniop. 

Keao 


credit-tightening to control infla- 
tion. 

-On Thursday, the Government 
reported that Wholesale Prices of 
Finished Goods moved up an 
adjusted 1.3 per ccnl. last month. 

FRIDAY’S ACTIVE STOCKS 

Change 

Stocks Closing 
traded price 

p-tn Amer. Airways i.05i.boo 


ABbdj 


0.72 jStraJtaTrad'g 
1.78 .notes Pub. 
2A9 Bet bad, 

3£9uT'. Engineer*' 
3.0 if. uv'i. BJc-| 


6.55 


mostly higher ih active trading 

yesterday, with the Toronto Com- eased in thin trading. . 

posite Index up 4.0 to 10B1A Foreign _ sector moderately ; 

LSI jcbernieal ■ 

L93 W-illBj Jacks.' 
2.71 i Bobbers 


Squibb 

UAL 

Exxon 

Nat. SenUeondoctor 
J. Ray McDermott 
Eastern Air 
Occidental Pcirbn. 
Unt. TectuufloglM 


SID-SOO 

564-500 

Xo.500 

313.100 

273.300 

264.300 
261.500 
252.200 


CNA Financial 251.200 


ta 

23 

4>! 

26i 

26i 

Mi 

341 

Cl 

u 


The Metals and Minerals Index active. Dollar generally weaker, — 

advanced 8.9 to 923.0. Oil and Dutch Internationals slightly 

Gas 10.3 to 13.95, while Banks lower. Germans narrowly mixed. Jardme j __ _ 

firmed 0.01 to 256.03. The Gold COPENHAGEN — Generally ♦ 6 " aj 

wr In fair rf M 1( n <re Inrf.«tri«ll Malay Com.- - |l*ral>Mm. 

6.66 'Kempu,. 
2 . 66 * 1 ; 

6.70 Tim 
LBS Austral. 4a. 
2.40 BenaQtai 


Index lost 2.2 to 1268.0, Papers lower in fair dealings. Industrials 
0.69 to U1B7 and Utilities 0.20 mixed. IK’iE'SS 

to 16953. Oslo— Banking and Shippings oftuhS 

Imperial Oil "A” gained Sg to qmet- insurances slightly easier. i*an Biartric. 
$191 on an Arctic gas discovery. Industrials barely steady. Kohmscm 


■trie. I 
‘ CoJ 


day 
+4 
+ 1 S 

th ~ TOKYO — Closed "yesterday— VIENNA— Slightly firmer. kotim>*n 
+ ii Children’s Day. 311 LAN — Mixed in featureless 

■*■!» PARIS — Firm with small baying trading. 

“ interesL But Foods generally Bonds little changed. huaiuSuam 

_,*■ easier. AUSTRALIA — Rises out- StnUtsTimal — 

ii U.S. Stacks lost 


AS 0 'Karo par 

ilitsSKramat. 

tiiroe Darby..! 2.23xa Kursii 

ColdtitorageJ 2.10 I Lotrer Perak. 

SL 68 M' Petal lag Trn.' 

L ( — i&uprprnp LfLJ 

round. Gee- numbered falls among Industrials i tfio- iTongkah B ar.l 


2.92 

L4 

2£S* 

ZB2 

tiSS 

M.06 


lAO 
3.34 b! 


*32 

7-75x1 


tlS3 

fit) 


Indices 


N.Y.S.E. AIL COMMON 


NEW YORK -dow joins 


J 31\v , May | Day | May ' 

1 & ' 4 | J | 2 

May 

; rar; — 

Mucr vumptut'n 

24 : Bigt) 

low 

j Rigb 

j Low 

Industrial... 629.09 624.41 826.6i 1 64D.rsj 
H - roeB'nd."* 86.90 08.06 63.65 66.35 

644.33, 

86.861 

' 657.52 644.56 i 
\ll») 1 
82.01 90.86 

1 . l4,l, 

224.56> 225.51 
. iLin, 

1 106.36 110.98 
; tail) 

32.860 — 

742. 12 
«ia, 
68.65 
,2ra> 
169.31 
(9/1) 
102.34 
■22/2) 

- i 

1051.70] 

aia-74, 1 

41.22 

Transport.... 224-78 223.90 224.29 234.76 

Unlities 106 J5 106.01 109.12^106.53 

Trading vol. | 

000-, , ; 42.680 57*20 31.600 41.400 

226.61 
! 106.46 

67.020 

279.88 
,7 fj/«n 
165.32 

<20/4^ 

15.23 

(8/7/32, 

10*6 

i2bM/42) 


May 

t> | 

1 : 

1 May I Hay 
4io, 

i 1 

1973 

I _ 2 J HJjxto 

| L«w 

53.97 

j 53.6flj 65.7? 

! 64.1ft 64.36 

j (1.-5) 

j 46.37 
j (6/3/ 


Rises and Falls 

] May 5 ; Mays | May 3 


Issues traded —... 1 

1,903 

1.888 

Rises : 

987 

687 

Falls I 

500' 

791 

I'acbanoed : 

416] 

410 

Sew Bi*rhA — • 

NarU's* ■ 

173; 

24 

79 

30 


LB 09 
571 
897 
441 
122 
25 


MONTREAL 

1 admit rial 
Combined 

1 

May j May 
h J 4 

1 1 1078 


3 j 2 ; High 

Low 

178.28- 177.24 
105.81) IK. 17 

177-29* 177. SOj 181.47 (17M/ 
185.25) 185.50 187.93(17/4) 

162.90 ,16/2) 
170.62 [50/1) 

TORONTO Composite 

i 

s 

* 

1086-2) 7086.5) 703 7.4 ,17/4) 

S38S CSO/l) 

JOHANNESBURG 

Gold 

IndosrmlK 

1 

194.4 i fci 
2I94»| (c) 

194.4] 195.4 218.7 (1/2) 
219.il 218.8 219.8 (3/5) 

183 J (20/4) 

194.9 (12(3j 


*Hasi> ,,y iBjjajjhMngl IPjni Ayulrt 74 


lad. dir. yield % 


April 26 ! April 21 ! April is I Year agu (apptOT -1 


May 

6 


Pre- 

vious 


ltifc 

Higb 


Mic. 

Low 




6.58 | 5.75 


5.86 


4.60 


STANDARD AND POORS 


>. 
tt *7 

u. 

< lO 

?. 



IjS 

■jinoe/^orapiLat d 

V 1 2 j 1 J 

38' j 

Hlpb ! 

L-ro- 

J Hi*;b | Low 

: Industrials 106.64! 1IB.92 

• i 

iCranpoaite ; . 06.53: 96.B3> 
I 1 

toe^r! 107.43. 107.82] 
96.26 97.25,' 97.67* 

i 1 1 

108.94 

96.63 

1 

107.92 ! 

! 

97.67 | 
(li5, \ 

56.52 

(6j5i 

86.90 

\,6|3) 

! 154.64 I 3.52 
lill,-173i r30«5.‘32) 

1 125.86 - 4-40 

■rU.'Uoi; tl|6(32, 


An*tralia«i! 476.41 . 477.82 j 48053 I 441.43 
! i2/5l I iI.OO 
Be lei ran «!V‘ to 1 10L00 j 10 LOO J 90211 
> j 1 lai&i 

Denmark r*i 94.76! 35 . 12 1 M.LS ! s*j» 

; I . 18 .fl ! ifi&i 

France Uri- *5.0 | 67.4! t #.7 • 47.6 

I ' <35.4, . 13.0 
GennanyCJV 7722 I 771.4 812.7 , 766.8 
( 10 / 2 ) ; i26.4j 

Holland li-l); VJ.3 • 78. t 82.1 I 7631 
■ lt'. 2 » «4/4) 

Hong Kone 4*7.17 456.10 461.83 323.44 
'16; |13/1| 

ItaW «. 1 « «'-10 S0X6 •• •• 


Spain 

Sweden 


(■7,1 100.15 


Pre- j 
vinos 1 


1978 

High 


1978 

I>i<V 


1106.16 100.15 27B8 

. ! iw. m«. 

(<j! 306u* 1 397^5 l 397.95 f 525.74 
1 l 1 <Si 6 i ! iSlVi 

Switxerl'du; 28L5 J 881.2; 29636 j £79.0 
I ! ! (I4;4i . |2>,4) 



Mayo 

' Apr. K j 

Apr. 12 

| Yearagn ■ approx.) 

lad. dir. yield % 

S.Q2 

j 5.14 j 

5.35 

| 4.33 

ind. I‘/E Ratio 

! 9.18 

8.94 

| 8.56 

10.37 

Lens Grill. Bond yield ! 

1 8.39 

; 8.30 1 

8.34 

7.71 


63ip6 ' tt.4b 

. /6.-3J ! flO/Il 

Japan (n> i« ; 412.82. 4W.ll .3*42>4 

1 . >19/4, I .4/1, 

Singapore , 304 j3s : 502.73 , 305.19 . 852.0 


Indices and base dates tali base values 
U<0 eauepl NVSE AS Common — 50 
Standards and Poors — JO and Toronto 
31HM.Q00. the last named based on 1373 1 . 
T Excluding bonds. X 400 Industrials. 
1 400 lnds.. 40 U UUtles. 4 U Finance and 
M Transport. CO Sydney .Ml Ord. 

) BelsJan SE 31/12/63. <") Copenhagen 
se 1/1/73. t*T> Paris Bourse 1961. 
itx> Conunerzbank Dec., 1933. i,;> Amster- 
dam. industrial 1ST0 > Haac Sen? 
--T Bank Sl/7/64. Oil) Ullan 2/1/72. io> Tokyo 

<&in I (Ltd, New SE Vl/ 66 . >bi Straus Tima 1966. 

id Closed. cd) Madrid SE SO/Vim. 
iei Stockholm industrial 1 / 1 / 33 . til Swiss 
Bank Corn- <«*» Unavailable. 


F.T. CROSSWORD PUZZLE No. 3,660 

- - .4 prize of £5 icill be given to each of the senders of the first 
three -correct solutions opened. Solutions must be received by 
next Thursday, marked Crossword in file top left-hand corner of 
the envelope, and addressed to the Financial Times, 10, Cannon 
Street. London, EC4P 4BY. Winners and solution icill be given 
next Saturday. 

Name 

Address 



RACING 


BY DOMINIC WIGAN 


Admiral’s Launch set 
fair for the Guineas 


Abbott Labs ' 

Addr cja o gia ph. — j 
Aetna Life A Cue; 
Air Product*-.../ 
Airco—...— 

Vl ran*4^ff»IomTn ' 

Alrea 

Allen. Ludlmn... 
Allegheny Power 
Allied Coeniluai-I 

.tilled Sturra : 

.Villa Chalmers.... 

AM AX 

Amerada Hew _ | 
Amer. Alrlloea.^ 
Amer. Brands...^ 
Amur, Broatkari; 

Arccr. Cart.. ' 

Aiuer.Cranarnid 
Amer. Btr. P>yw 
Aranr. Enpeeae— ' 
A mer J3on »e Prod 
Amer. Medical...' 
inier. Motatfk. — 
Amer. Xat. Cias..! 
Amer. Standard.' 
Amec. Store*-. i 
Amer. Trt. i Tel., 
A metek.... | 

AMF 

A71P J, 

.Unpev : 

Anchor Hocldne.: 
Anbeuser Busch.' 
Annco steel — 

A-S-A ! 

i«mea Oil-.».| 

Aam; 

Ashland OIL 

AtL KichfieW i 

Auto Data Pro.... 

A VC „ : 

A raj 

Avon Products-.' 
Balt Gas Ekvt — 
Bank America.—' 
Banker* Tr. S.Y/ 

Barber Oil 

Baste? TravenoL.' 
Beatrice Food.....: 
BectoaDlL-kenson : 
Beil A Horrell— ... 

Beodia > 

Cons 'B'j 
SteeL 
Black A Decker ..J 

Boeinp- 

Botoe Cascade i 

Borden. J 

Bars "Kanier ! 

Branlif lnr. _ ' 

Brasow -A'. — j 

BriSK4 11 yen 

Brit. Pei. ADB— ! 


99 

81)3 

39sa 

2758 

BO 

87! t I 
46>i ; 
18U i 
i 8 i 3 : 
42ia : 
234 b : 

29 ! 

37 | 

3258 ! 
Hi: : 
48)x f 
46* ; 

30 70 1 

a7i* | 
23i S ! 
36i< ■ 

30 ■ 
2450 ; 

450. 
43 IS ! 
45 i 
335s ! 
621s I 
33 «j I 
175* j 
30i a 

14*9 I 
8873 i 

23 U : 
295g 1 
20 Je ! 
115* , 
161; ! 
305a 
518a ; 
295* i 

94 ; 
264 
537 e 
254 

24 , 
385s ■ 
28‘.a : 
40i a 
245a I 
395, | 
193a ! 
3530 | 

224 

18*8 

474 


283a 

30 

137 S 

147a 

333s 

15 


15I S 
193e 
33t 8 
64 
381. 
673s 
34i 9 

. 164 

oipb-i IDs 

- 274 

•Derail 123g 
'ley—' 1858 
rmcui 644 

CBS.! 525* 

Celanese Corpa J 394 
Central Jt S.W.— | 165e 

Certain teed. J. £25* 

Cessna Aircraft — j 341; 

IT Hmim Wunliiiun 32 

Chemical Bk.SY; 43 
Cbeaeb rgh Pcmd- . 

LTbeWleByarem 

Chicago Bridge-.! 

Ch ronialloy \ 

Chtyriv._ | 

mprarsa 


23 Tg 
317 E I 
62 1 
19 Jg I 

HM : 

250 

274 ! 
241* l 
50 I 
154 1 
41*3 I 
20 sr 

1158 | 
28 
201 * 
18k) 


Cine. Mikacron—J 

Liticorn ' 

Cities Service^...! 

City Investing — 

Oxa C.'la 

Colgate Palm 1 

Coil ins A lkman. ^ 
Columbia Ga« .....I 

Columbia Piet 

i.oiu.tnBCo/XAin! , 

Combustion EngJ 39ig 
Combustion Kn.J 15 
Cnj'w'th Kdiaon! 27)-> 
Coni'tr’th Oil Rei 24 
Couun . bated we. . AObe 
ComputorSdencft 114 
Conn. Life Ini.-. 334 

Conrac .! 224 

Con. Edison y.T.; 224 

Couwl Pood* I 244 

Consol Nat. Gas..| 39 
Counreer Power 22 
Continental Grp. I 305j 
CoauneDtalOll...; 294 
Continental Tele.’ 164 

Control Data .] 31 

Cooper led 51 


38T 8 

197 8 

3978 

274 

497 a 

27ln 

45-4 

183s 

164 

42*i 

233* 

2658 

37 

3158 

134 

474 

46 

40 

267g 

224 

36 

29 

344 

44 

421, 

437fl 

331* 

62 

334 

175, 

304 

144 

864 

834 

294 

204 

ilia 

I 64 

304 

501* 

295s 

9 

261 S 

52T 8 

254 

234 

394 

284 

397g 

244 

407 fl 

19t< 

36 

24 

224 

I860 

465* 

275, 

285s 

294 

134 

15 
334 
144 
33 
154 
194 
337* 

64 

384 

68 

344 

16 
115* 
275* 
124 
184 
634 
525* 
394 
155a 
2278 
34*, 
314 
44 
23*a 
324 
5is a 
19 t 3 
114 

24 

2738 

233a 

48 

154 

413, 

204 

114 

277, 

187, 

187 a 

394 

147a 

274 

24 

40-a 

11 

337g 

227b 

224 

244 

384 

221 * 

305s 

274 

164 

314 

514 


Stock 


* 


524 

464 

30 

274 

314 

394 

164 

Z 64 


Coming Glsw 1 

CPO IntHtlmisif 

Crane 

Crock erXat— I 

Crown Zellerbeehl 
Cummins 
Curtis* lVrig! 

Dana | _ . . 

Dart Industriea..j '424 

Deere —.—I 285* 

DtllluAie.M— I 25 

Dettomi L 10 4 

Dent spiv Inter,.... I83e 
Detroit Edlttm_.| 164* 
Diam-ia dbham rkj 
Dictaphone .. 

Digita £<iuip.,— .j 
Disney ilValtl— .1 
Dover Corpa— j 
Cheoilad—. 

Droro. 

Drester- . — . _ . - .> 

Do Pont — 

Drnio I ndustriee 

liaglt: Plcher.. 

Rost Airlines--. 
Eastman Kodak- 
Eaton 




Stock 


2870 

164 

453, 

374 

47 

254 

26i« 

41«4 

1145s 

194 

195* 

104 

324 

38 


E. G. A- G I 

El rw. Nat. Gas{ 

bltra — - 

Emerson Elnctric! 
EmervAlrFrlgbtj 
Kmbart 


BJI.I 

Engelhard— .— . 

Kstnark 

Etliyl — 

Enin 

Fairchild OinKBil 
Fed. Dept. Store*} 
Firestone Tire—. 
Ftt. Nat. Boston., 

Flexi Van j 

Flintkote 

Florida Power 

Fluor. 

FJLC 

Ford Motor — — 
Foremost Mek.—. 

Foiboro - -j 

Franklin Mbit— 
Freeport M in e r al! 
Froehaui... 

Fuqua lnds 



G^i J' 

Gannett 
Gen. Amec. 

GA.TJ ! 

Gen. Cable — ' 

Gen. Dynamic*— 
Gan. Eieotri«— I 
General Foods— 
General Mills — ] 
General Motors— 
Gen. Pab. GtlL... 
Gen. Signal- 
Gen. Tel. Bleea— 
Gen. Tyre— j 

Gcneoco ! 

Georgia iFkd be— 
Getty OU, 

Gillette. — — 1 

Goodrich B. P.-J 
Goodyear Tire. — 

Gould — i 

Grace W. H. -.. 
GL Allan PscXi 
Git. Kortb IroQ..| 
Greyhound. — 
Gull A Western. J 

Gulf Oil - 

Balibtirtan ..— . 

Finns Mining I 

Barolschfeger. j.] 

Harris Corpn 

Heinz H. J. — 

HeobtelD j 

Hewlett Pactard.l 
Holiday Inns..—] 
Homestake...— 

HoneyweJ] ! 

Hoover....... I 

Hotp-Corp-Amer. 
Houston Sat. Gas' 
HuntiPh.AtCbm! 
Hutton I hLF. 
i.C. Industries— : 
LNA — ... 

•-•II 

ad Steal— 
IasUco— 


255* 

174 

324 

34t* 

44 

374 

27 B 

26 

267 9 

194 

484 

349e 

384 

144 

284 

224 

254 

29% 

35*a 

234 

SO 

214 

33 

9 

2l5e 

293* 

114 

124 

424 

970 

285* 

164 

654 

505b 

29 

284 

634 

19 

2858 

294 

254 

6 Tg 

27 

169 

27 4 
2268 
1738 
274 
271* 
8 * 
234 
131b 
1358 
2378 
5938 
3270 
1578 
524 
38 
27 
75 4 . 
184 
33 Tg 
5 log 

124 

29* 

254 

113 

I 64 

24* 

384 

554 

393e 

144 


IntctcontSnergyf 81 * 

IBM —I 262.5 

IntL Flavour? — 23{ 
IntL Harvester... 304 
IntLMinACbem 42 
IntL Alula foods.. 24 

7nco_._ — - I 64 

IntL Paper — 4i7 a 

IPG — 321, 

lot. Rectifier 117 fl 

I at. Tel. Sl TeL— 31 4 

Invent — — 14 

Iowa Beef. 37Sfl 

IU International] 12 
Jim Waller. 33 4 j 


B23b 

47 

304 

2758 

3158 

395a 

16 

25 

411^ 

284 

244 

958 

za 

153g 

253* 

ISSfl 

44ifl 

37 
465a 
245* 
8856 

41* 

11458 

204 

297b 

104 

62 

37? fl 

254 
175g 
524 
34l 8 
434 
56i a 
23* 
264 
267 B 
194 
47 1 B 
325* 
364 
144 
284 
224 
254 
294 
36 

22 T B 

493* 

204 

33 

94 

214 

294 

114 

124 

4i?a 

IQ 

284 

I 64 

544 

6 O 4 

294 

284 

654 

19 

273* 

294 

254 

67a 

27 

166 

274 

224 

174 

274 

274 

83* 

333* 

134 

133* 

234 

O 84 

32?a 

16 

51Ss 

38 
27 
74 7 S 

I 84 

533, 

514 

125* 

30 

264 

117r 

157g 

244 

394 

555b 

383* 

144 

81* 

2605a 

227 B 

304 

414 

237a 

181* 

414 

324 

114 

30*a 

14 

374 

12 

324 


Johns Man vUle— 31 <8 
Johnson Johnson 744 
Johnson Control. 354 
Joy M a mrf actnr'g 364 


K- Mari Cam*..!. 
(KsiserA hiannr ni 
Kaiser 7 iVi nutria s} 

KaiaerSiaol — 


Kpnnfc . *.l. , > 1 

Kerr McGee— 
KVLin Wal»ff— . 

Kimberly CteK-i 

fiSTr---- 


May 

6 


May 


Kroner Co. 

Levi Streuu— 1 

Ow Jood— ] 

Litton lndust— I 

LoukbeedAipcr'ft! 

Lnno Star InA. 
Long Island Ltd. 
Louisiana Tm* j 

LubrlwA 

Locky Sicaes 

L’ke I'anottVint 
MacMillan— 
JleyR H, 


Mlu. Eantrrer 
M«p" - 
MamtboaOll— . 
Marine Midland. 
•Uanball Field— J 


534 | 
2 1 

224 ; 
10 

233* I 

464 

314 

48 

24 

464 

325: 

33 

277 B 

334 

4SI» 

204 

284 

19r a 

164 

22ig 

364 

1378 

67g 

117B 

404 

365* 

36 

484 

1478 

2618 


ilgyDopti Store.] 245, 


McDansrtL.— 
McDonnell Dong. 
IbGmr HlU__. 

Mematet — ■ 

Men* 


Merrill Lynch— 
Mesa Petroleum- 

MGM I 

Minn MingAy 
MobilCccp— Ij 1 
Monsanto-—. 
Morgan J - P— 
Motorola 


Morphy OU 

babisea— - 

halo) Ch mntml _ 

jVartmnl 

Mat. DietilW-.i 
Nat. Service lud 
National Steel 
N aromas— 
NCR 


Neptune Lmp. 

New England EL 
New Bngtand Tel 
Niagara Mohawk 
Niaore Share. 

N. L. Industries. 
NorfdikAWenem 
North Hat. Gea... 
Ntbn States Pwr 
Nthwest AlrWrum 
Ntli west Bancorp 
Norton flttnow ... 
Ooddsntal Petrol 
OgUvy Mather — 
Ohln fattwm. , 
Olin 


OvmeasShlpa— I 
Owens Commg— I 
Owens HNnni. 
Pacific Gss- 

K’&SKStl 

PanAm World Alrf 
Pstur Hannifin 

Peabody Int 

Pen. Pw. A Lc—i 

Penny J. C... 

Paminil , 

Peoples Arne 

Peoples Gas. 

PeiMoo - 


Perkin Hhner— . 
Pet 


Pfizer— — . 

Phelps Dodge 

Philadelphia. He. 
Phil ip Morris— 
Phillips Petrol'm. 


Pitney 

Pitta.' 


PJessey Led ADHl 

FcJarrid— .— J 
Potomac Elec — » 
PPG Indus taes-l 
Prc«ter Gamble. , 
Pub serve Elect.] 
Pullman-.— . 

Pure*;—.. 

Quaker CKu 

Rapid American. . 
Raytheon — — ... 

11CA 

Rcpnbbo Steel — 


46 

264 

324 

254 

434 

643* 

194 

394 

36Tg 

61 

674 

654 

464 

454 

401* 

494 

29 

174 

287g 

134 

32 

414 

614 

1978 

224 

334 

141* 

93* 

174 

264 

395s 

241* 

273, 

25ag 

20 '* 

243, 

494 

177s 

165 a 

345s 

634 

SsOia 

235s 

187a 

20<g 

738 
*64 
26 
214 
39 3* 

287g 

9 

243t 

304 


101 * 1 
404 | 
al 

22 I 

184 

644 

333* 

39 

23 <s ! 
204 , 
17i 8 1 

514 
la 4 

2 r .s* 

t44 
2 a 4 
304 

r. 4 . 

224 1 
95* 
404 
28 1 S 
£44 


3 1t b 

74 

354 

363a 

254 

331* 

ft 

23 

94 

£33* 

444 

314 

475* 

234 

453* 

324 

344 

28 

327a 

45m 

19-m 

264 

204 

187* 

22*4 

594 

144 

64 

113* 

404 

3530 

3475 

454 

143, 

244 

2450 

453* 

254 

317 8 
22 
434 
66 
18-* 
3B5g 
36 
503* 
663, 
655* 
464 
437a 
39 4 
483* 
294 
17 

225g 
154 
3178 
407s 
6038 
20 4 
221, 
354 
Mbs 
95* 
17 
363* 
394 
341* 
27 
25 
20 
24 
494 
IB 
164 

264 

634 

1973 

233* 

1873 

20*3 

63* 

26i 3 

24 

214 

364 

285g 

84 

3*50 

294 


IB 

38 
31 
£2 
184 
64 
334 

39 
221 - 
234 
174 

31i 2 

1658 

274 

834 

234 

304 

174 

221 * 

94 

404 

28i a 

*4ia 


Block 


May 

6 


May; 

4 


45 

Hcynoue HMAj 51‘| 

Ueynolda£.J 6770 

Kicb'etm MtaiisIL. 2*^ 
Rockwell Inter—! 3 4, s 
Robin & Haan ..-j 3570 

Royal Dutch— . i 674 I 

RTE— : 165a i 

HUM Logs -I 13 

Ryder tiyatera — 1 204 
S*£a**y Staroa—I 40? ! 
Sr. Joe 1! rcpnls. 26 <s i 
si. Regia Paper.-! 

Santa Fo Inda.— 

Saul lmitA— -! 

■Si ron lnda. J 

S-.-hlltr Br»wing..| 
Schlnmbrrger— ..' 

SCM 1 

Scott Paper—.—,' 

Scovil Mtjf—— 

Scudri Dn.’t Vc4 1 


2B7 C 
374 | 
Gi* 1 
64 i 
12)3 ' 
71*t i 

i8.p : 
141, 1 

2 I t. , 

S'-ri 


“‘I 


314 

23% 

144 

244 

367s 

33*, 

413, 

39Je 
35 , 
ISii 
221 * 
64 ; a 


Sea Contains 
Seagram —— 
SearleiG.D.)-.^. 
Sean Roebuck..— 

SEDCO 

Shell OIL 

Shell Transport... 

Signal-... 

slgntyic Coro 

dtrapllclti- nit— 

Singer 

South Kline—. 

Solitron — 

Southdown..—.. 
Southern Cal. K.) 
Southern On.-.. 
Slim. Nat. Res-. 
SouLhem Pacific. 
SombemHaUu ay 


Southland. ' 

S’w’ti Baushnres.J 

Sperry Hutch | 

Sperry Hand— I 
Squib— ..—I 
Standard Bnmds.i 
Std.OUCalifiinua 
St«L Oil Indiana.. 
Std. Gil Ohio— 
StxnlS CbcmalcalJ 

Steriuur Dtnc 

Stadebakar 

Sun Co. — - 

Sundstrend— ; 

Technicolor— ' 
TAlnmn ' 

Teledyne I 

Tries 1 

renew 1 

Teeoro Petroleum! 
Tesacu-.——- 
Tesasgu IT. 

Texas lnat.ni— — 
Texas Oil A Gas- 
Texaa Utilities 

Time Inc — 

Times Mirror— ; 

Tun hen I 

Fnas. —I 

Tmnsmertca. ( 

Trenam — 

Trans Union- 

Tran-way Intz-'nl 
Trans World .Ur.j 

TraveHcra J 

Iri Continental.; 

T. K.W. - j 

20th Century Fuxi 

U. A.L. 

UAKGO 

PGI 1 

uop..., ! 

Uni lover. -.1 

U'niiever »NV — 1 
Uulon Bancorp-. I 

Union Carbide j 

Union Com merer I 
Union Oil la lit ..i 
Union Pacific I 


liniro.vai .....1 

United Brands.... 1 
l-S Uamrurp— -... j 

USGrnttxm ■ 

US See. ! 

US Steel ' 

U.TedtDDtogw*..; 

IV Industrie *.... 1 
Vlqpnla h>ct — .1 

Halgreea. 

Warner- Ccuumn.i 
Warner-Lambert., 
Waate-Man'mem) 

Wei h-Fanp — . I 
Wet tern Bancorp! « < a 
Western K. Amer) 27; 
Weeteru Union-.] lb 4 
Wtetuigbfe Bleat, 

Wesreco — , 

Weyerhaenaer— 
Whirlpool — —I 
White Con. Ind...l 
Wll liim Co....— — J 
Wlneonain Elstc.1 


40 

303* 

563a 

224 

3370 

34 . 

67t* 
164 
11 4 
193f> 
40sa 
274 
264 
384 
63* 
54 
12 j* 
695* 
19 
144 
213* 
8 

30i« 

234 

144 

244 

351b 

33lg 

405* 

3Si0 

S4*b 

134 

224 

64 


ria— 1 . 
17UIVK 


;n 

Slav 

b" 


May 

4 


Wwlwnrth— ..' 

Wyly . . ; 

Xerox——! 
:'adu. 


194 

4*1 l 

484 < 

J 673 : 

Zenith Radio 1 163a I 

D.ei.Tit*«as:ls*.'i i94tfl 
|-.S.Tn»*»i*’fci7h| tails 
U.S.90 Da v WUs.; 6.40 1 


201 * 

4” 

16), 

161 , 

ISMS, 

(614 

6.31 » 


314 
25l a 
16 
34 i 8 
315, 
49i* 

£47 3 

261? 

174* 

40 
287a 
24 
43ig 
60ia 
694 

41 
167a 
665* 
421* 
464 
26-4 
105, 
4i5e 
B63, 

54 

327 fl 

101 ” 

25>b 

167j 

75 

iO-4 

If', 

47ti 

L77 fl 

5ie; 

33i- 

155, 

17*6 

36Sc 

V-*aa 

207 a 

■■■ai* 

204 

46 

3-5* 

8 

.64 
*1 
•s-s# 
a7 Si 
cli s 
l4t B 
397) 
« 

4 ¥* 
“7 f S 


24 ji Rso 
1 314 

25 
164 

337, 
315;, 

49 

245* 
26>3 
174 
395, 

S 7 I 3 
Z4t = 
44i* 
504 
70 
403* 
153 £i 
665a 
42 
45l a 

26 tg 
104' 
40 os 
9Uy 

41, 

324 

10 i a 
25 
185a 
75i ; 
3158 
19J* 

47 
28>0 
62 t a 
34 
1550 
177a 
3650 
2450 
201 b 
327a 
19T fl 

66 
314 
274 
24-4 
203* 
3U50 
371* 

52 
141* 
39 4 
8 

497a 

48 

8-«i 

32'', 
2450 

27 
27 
41t a 
221 , 


CANADA 

Atniibl I’"!- r. ... . 12li 
ko lUitle — 4.B5 

|i'snAli:tTiitUUiii 314 

I \l*mua.'>l«'el , 19'.-. 

A;l«h*M! i39i, 

Hank t>f Mont real' 19v 
Hunk Nora 30 

Ks-.ir. Rivunrrtu.J 5 '"J 
YW'llTrkqiliein^.. . tb 
jjow Valle) lod- 27 •• 

ni'Caiiwta : 143, 

firs scat — ... 16 Tg 

Briiici*— 14.60 

Calvary P.reor— 1 ' 36 S, 
Umiliv Mipw-i 13', 
Canada Cement .. 1 101n 
Canada N'V Jan..| ; llfi 
Caulntli UitkCotn. 27 1,1 
Caundn 1 iv*ut>l....l ■ 19 '* 

CauPaciII''. : 18', 

Can. Fm-liir Imr.. 

C«u. Super <>il.~. 
Ufliiliii;0 , Ki i c!e.. 

Cassair AbesUw— ; 


194 

691, 

4.05 

94 


194 ( 

i 


Chieftain-.-^— ’ 

Comiiu.ii 

Cons Bat burst... . 
L'uranmi Ga5. — | 
C*aekn Heu'up.i-i 
UvUlu Kk'ir 

Ltaeo Devlmt ; 

Deois-.-n Mines... 

IVjui Minn 

Dome Piiroleuinj 
Itojutnu'u Brldtev* 
U.xntar — 1 171 

Duporl — ' *13: 

Falcon 'Re Xiclrie.; 20 
Fori MkPjT Cau..i 77 


28:, 

17--.it 

51, 

tl2>* 

9 

69-* 
78 
66 is 
124 M 


Genatar 1 

Giant Vel'wkniic] 
Gull Oil Canada.! 
Hawker SUL Can. I 
UoUinger.....— ..[ 

Home Oil 'V 

Hud sen Bay 31n*:j 
Hud ton Uhv—.—I 
Huriton Oil A- Gas' 
i.4X- ! 

Imaatii 

I uiperutl Oil—.', 
Incd ~i 

(ndal— — [ 

IntoiM K«L Gas..! 
InCp.vFipti Luic.| 
Kaiser Ut-seun^*.. 
LauriFin CW|i_.! 
l.-tilan I'nm.'B'.J 
Mt'mlll'u blLtott.; 

XlH-iej' CerKUseii; 

Mclmjn> ! 

Alitor.’ fi 
Xoranda Mlues— 
Notijen nnericr— ; 
Nthn.Tui>i.vin....i 
Xuittae OU A (las', 
'jHkn—J Wc'mJ 
rttcliii; Cofiper M.I 


2b ; 
111 * .' 
274 1 
7ir 
324 
4u'i I 
164* 
195/1 
4 1 > 1 

?!- » 
£4ifi i 

19\3 ] 
184 1 


VI, > 
M-, , 
331* , 

to* 7g 

i61* , 
27 

43U* ; 
22 | 
lol* | 
204 • 

: 

-9 I 
14Jfl I 
ia ; 


u.v 
lc in 
1450 
11 ^ 
9 1 * 
4.25 
194 
Ul2 
22 
421, 
*610 
? 3 J * 
297 S 
94 
3-85 

2.27 

PuciUrPetrcleaRi; .9 

LSo. Cud. Pet'm.! 0 S 4 

t'aLUK' -| * to 

Ftato Derr 4)-.; a .90 
Ptacr Can A Oil..; 
PlArfTDfiTk>pir< 

Amur lorpunit ’ n 

Frivo 

| Uuebcx- bturRren 
: Muuit Oil— 

j lirel Sinn— ...... 

! Km At*;om 
) Hoys l Ilk. ct Can. 

j Rranl Trust ! 118 

> Sueptn'iCsoureeri 7r B 

! Sca^nuns— 26 v 

I Shell Canada—,.! 14i-.> 

' Sbemu 1 r-Uinest 8.12 
[ Siebcns O. II— ,.j 2 S 4 


0.92 ! 
*14 
16 
134 
1.25 

344 

10 

304 i 
294 1 


134* f Simpaon>. — n 


ACROSS 

2 Only the Merchant Navy Is 
sacred 16 ) 

J .Single out foreipn currency 

. setting cheaper (4,4) 

16 CricUeleT newsman shunned 
(91 

11 Eastern decoration and for- 
eign anl i5) 

12 Wrong baby is outside right 
(4> 

13 Attractive invitation to walk 
up and strike female (4.HI 

13 Understand how to make 
.money from assets <71 

IS Infant from South Africa in 
silk (61 

19 Tradesman supplying wood to 
the Queen ( 6 ) 

21 Defensible West-end permit 
(7) 

23 Devotion to broadcasting for 
Heaven's sake (4.2,4) 

25 The two of ua propose to be 
fit i4) 

27 Start where shooting takes 
place in Hollywood <51 

28 Make semi-revolution concern- 
iuc features (5.41 

29 Salt made at sharp speed iS> 

30 Threaten mischief before 
close (61 

DOWN 

1 Pitiful tale cries politician 

(3.5> , , 

2 Something for tea at the hen 
party? (5,4) 

3 Debatable for doctor to turn 

up (4) a _ 

3 Notice habit of speech (7) 


6 Remember lo confine intel- 
ligence (4.2.4) 

7 Ring twice over speed of sex- 
appeal <51 

8 Qualities of aunt re-cast dif- 
ferently ... (61 

9 ... in reception (2,4) 

14 Account of letter sender 

threatened with prosecution 
(4.6) 

17 Board on look out for dishes, 
cutlery, etc. c5.4) 

18 Fit lo study bookworm's 
quality (4.41 

20 Strike over sector fortifica- 
tion (7) 

21 Encage to accept a challenge 
(4.2> 

22 Finished batting at top speed 
(3.3 1 

24 What an armoured knight had 
to face (5) 

26 Chc*k branch of family (4) 
Solution lo Puzzle No. 3,659 


in? If 

M 

1 P 

n 

I R\D 


SHE! 

s a 
101 
•ns 

mi 

H 


SOLUTION AND WINNERS OF 
PUZZLE No- 3,653 

Following are the winners of 
last Saturday's prize puzzle: 

3Ir. J. Frisken. 6, Rosebery 
Road, Felixstowe, Suffolk IP11 
7JR. 

Mr. R. G. Hemstritch. 3, 
Benett Drive, Hove, East 
Sussex. 

air. H. C. Thomas. “Arvon- 
holme/’ 5. Joanna Drive, Fin- 
ham, Coventry CV3 6QE. 





THERE have been too many 
rumours in normally highly 
informed circles' concerning the 
well-being of Try My Best to 
cause anything but disquiet 
among those looking for the 
winner of to-day's 2,000 Guineas. 

In the belief that be may win, 
but represents far from realistic 
value at current odds of around 
4-5, X intend looking to one of 
the Dish colt’s 18 rivals for wjn- 
and-place value in the New- 
market classic. 

Three likely-looking each-way 
alternatives to the favourite 
seem to be Admiral’s Launch, 
Double Form and Roland Gar- 
dens. 

The first-named, a good-looking 
bay colt from West Ilsley, will 
be trying to repeat history, for 
it was back in 1971 that his sire. 
Brigadier Gerard, won this prize 
for Dick Hero. 

Although the claims of 
Admiral’s Launch cannot be com- 
pared with those of his sire, they 
bear close scrutiny. 

The facile winner of the 
Houghton Stakes over seven fur- 
longs on his second and final 
outing as a juvenile. Admiral's 
Launch impressed all who saw 
him on his reappearance when 
getting the better of Tannenberg 
in the Craven Stakes. 

Roland Gardens had a busy 
time of it compared to the Hern 
colt last year — running four 
limes, with by far bis best effort 
coining in the Horns Hill Stakes 
at Newbury. 

Always well up with the 
leaders in that seven furlong 
race. Roland Gardens scrambled 
home from dead-heaters Derrylin 
and Persian Bold only to be 
disqualified. 

In his only previous start this 
term. Roland Gardens ran weil 
in spite of looking in need of 
the outing when chasing home 
Camden Town and Roscoe Blake 
at Teesside Park. 


As a spn of Derring-Do. out of 
the Skymaster mare, Katricia. 
Roland Gardens will be ideally 
suited, by what seems certain to 
be testing ground at the very 
least- 

No horse was more heavily 
backed at Newbury just over a 
fortnight ago than Double Form 
a 3 — 1 cham-e from twice those 
odds, for the Greenbam Stakes 
Although he did not justify that 
gamble — finishing only third be- 
hind Derrylin (another son of 
Derring-Do) and IVeth Nan — The 
Habitat colt, a chestnut son of 
Fanghorn, arguably put up the 
best performance in the race. 

Repeatedly denied a clear run, 
he was not given a hard race 
by Piggott when it became clear 
he bad too much to do inside 
the final furlong. 

Nevertheless he finished 
close enough third to suggest that 
he may well turn the tables bn 
the winner, given normal luck 
in running here. 

In what promises to be a 
particularly closely fought race 


NEWMARKET 
12Q — Mr. Music Man 
2.15— Admiral's Launch*** 
Double Form e.w.** 
2-5(1 — Flaming Leaves 

3.20 — Hawkins 

3.50 — English Export 

4.20— Storm Crest 
4-50— Sea Boat 

RIPON 

6.31) — Hand Blade 
6-55— Broons Secret 

7.20 — Exacurn 

8.20 — Design for living 


for this classic which has pro- 
duced three shocks in the last 
five years— Mon Fils, 50-1 in 
1973, Bolkonski, 33-1 two years 
•later and Nebbiolo, 20-1 last 
year. I narrowly prefer Admiral’s 
Launch to Double Form and 
Roland Gardens. 


SPAIN V 

May 5 P*r c-.-nL 

Lind J2S — 

Banco Bilbao J>» +15 

Uaiv.O .VldCtUcQ U,«W* 2 U + * 

Banco (.'-r.iral 360 ■*-12 

Banco Extc-rlor W + 6 

Banc. General ... 2ID 2 

Banco Granada -LOW, 1*7 +3 

&:mco Uispano 25« +20 

Banco lnd. vial. U.i» 0 > TO «r » 

G. lud. WcdliL-rrajKv .,202 — 

Banco Popular 2*3 -*10 

Banco Santander 375 ■+■ 3 

Banco Urquijo iJ.iHfl)... 280 +12 

Banco Vtn-ara 2W +10 

Banco Zaragoiano 302 -t-U 

n-intmmCQ 1M + * 

Banns ACdaJueta 222 — 1 

BaOcuck Wilcos 2 * — 

CIC 77 +2 

Urasadus 283 +1150 

Inmobamf - M — 

E. L Aruonesas 7050 + 450 

Espanob zinc 112 +2 

ExpL Rio Tlnio 11050 + 3 

FC«a (l.DUttl 80 +5 

F<n«la il.DOU, 7S +150 

CsL Precados - 88 + S 

Cnipo ViJaiQUiz (400, US — 

HltL-ola 8850 + 5 


Ibspitwro 87 +5 

Olarra . — 154 +10 

Papeleras Rennldas ... T750 + 350 

Petrol Ibcr 128 +3 

Pctrolvo? 212 +10 

Sarrlo Papaicra 72 + 2JS 

Satan* 50 + 1 

Sowflsa 125 + S 

Telefonica 82 + £25 

Torres Rosiench .. .103 +5 

Tubacex .110 +6 

Union Elec- It.75 + S 


BRAZIL 


Mot 6 


TFnce | +oT D it. | Sid. 
*.’rus j — [Crm; % 


AcVtlla - • 

Banco do Brasil... 

Banco Tun 

Beigo Wlnelra UJ», 
I^jjaa Amer. OP.. 
Ferrobrati PP.„..' 
(rotiva Crus OP..,.! 

train PE • 

Vato Rio Dpoo PPj 


<4.36 — 0.IKJ.17 [7.20 

1.20 IiU& 15-55 

1.98 i-0.tt3.l2 6.06 

3.20 -.;0.Sx .8JS5 

3.04 -O.09U-10 ii.a9 
2.88 +0»8 1 d.23 7.99 
7.95 M-IB'OJl S.68 
1.60 +Q.Q2U.U 8.13 


Vol. Cr-USJm. Sbam *85m. 
Sonrcc: R« d<? Janeiro SE. 


HOTES-. wtneia prices include $ premium. Bclrt an dlvU&nds are alter 
wiUiboWjns tu. 

4 DM50 denorn. unices oiberwlse siaietL V Plas500 denom. unites otherwise 
staled. # Kr.100 down,, unless oUurwlsc auiwL Fn. jOO denwn. unless 

othcrulsc staled. ’ Ven 50 denorn. unless otherwise statue. S price it (fane of 
ttispcnsun. u Florins, b Schilling- 1 , c Cents, d Dividend after pending rights 
and-or scrip issue, c Pa share. / Franc*, a Grass dir. s.. h Assumed dtvUcnd 
afier senp and /or rlghu issue, ft After IochJ ra <« las free, n Francs, 

(ncludmc Unilac dir. p Kata. <* Share spbL a Dir. and field exclude soecui 
pajutenL t Indicated dir. a Unofficial trading, v Minority holders only, a Merger 
pending. " .VAed. t BkL ; Traded, t Seller, s .^raunied. xr Ex risbls. xd Ex 
diMdesi. sc Ex scrip issue, xa Ex alL a Interim since increased. 


201* 

aci 8 

24 

23 

221a 

VI la 


21 

*71* 

281a 

23 :e 
29 
357 8 
26 
16ts 
20 

253* 

24 1 8 

23 

22i a 

19 

271* 


5rwi Canada. ..j 251.1 
arceplfwk Inu., f2.58 
Texaco Canada .. . i 38i* 
Toronto Lt.nn.Bk-' 18 . 
I'm twOn Pipe Lo 14>* 
Trans Mount Ops* 9 
Tri/ec. |15J* 

UienUas ........ 101 - 

I’W. siacoollinw- 7t* 

Walter Hiram 32trt 

Wo,t Coast Tras. 34 ’* 
Weston Geo. lb*e 


121, 

4.sJ 

307, 

19>, 

20^ 

4;: 

251, 

»'« 

17 

• 6.00 
J6 • 
Ait* 
97, 
lit, 
27i> 
l«1» 
18 1 3 
19 'g 
631, 
4.U3. 

87 4 

IB t, ■ 
27t f | 
28^ 
17i?i 
611 
121. 

7?j" J 

77l’ 

66 

24i* 

17J« 

131* 

20)a 

76!* 

Iib.1, 

1]T| 
27 
7 
53 
4QJ,: 
lOJ* 

if*! 

ft 1 

18J* ' 

Ilia 

IL'Sf 

191, 

111’ 

32i*. 

25*8 

30 . 
iias* 
4.0b 
230' 

68fti' 
331tf 
»> 
3.90 
0.9S 
22 ! 
16 a* 
131? 
138 
371*. 
10 J 
30 j 

M J 

Thi\ 
26k I 
14U- 
4.90.. 
27l«' 
6!»i 
25 j 
2.40 | 
39 V, 
l?*-l 
147*' 
•>s 

tJ8»* 
Jos* 
it* 
32s* , 
35 

16ij 


Toronto prices: Slontreal Price* 
foot available, IBid. 

$ Traded, t stock. 


GERMANY ♦ 


May 5 


Prtces 

Dm. 


+ or I Dir. 


|Yk1. 
! % 


ia 

4.0 
6.9 

3.2 

3.1 


AEG 86 *+0^1 -T[ 

Allianz Veraicb. J 466.5 +0^ 1 ,18 

BMW 225.5, — S3. < 18 

B\»F , S35JI+0S 1 18.78. 

Barer. 138.7'+1 i 16 I 

B*iT*r. Hypo 1 277 —l \ 18 [ 

B*tyer.V«*reinat«b.'293.6td|+0.5 18 1 
CiLalntJVecLtrrtS' 160 ' — 5 ~ 

Com merrta ni ■ 225.5 +0L5 I 17 

CoatGtznunl I 72.71+0.1 ) — 

DajmlerBerta ..... 1 295.5, 1 28-121 

— -! 248 id —2 

l>emag 1 5 5. 5! OJ 

Denucbe Bank.—! 292.71-0.5 
DresinerBanit...! 242mj— 0.5 
Dycfterhofl Zenitij 148.6-0.4 
Gnujboffnnng.^..' 191 |+1 
H»p«a Uord 116 l+l.l 

Hsrpener J 274-5'— 1.5 

Hooiist l 133.3 — 

Hoe seb \ 46.1-0.2 

Horten 1 119 . 81 + 0.3 

Kali nod ba.li ' 134.5' 

Kar&pidt 296 L+0.8 

Ksutboj I 200 . 8 '— 0-2 

KhX'knerDHlQOJ 90.5' 

KHD ' 173.6 + 1-3 | 12 | 3.4 

Krupp 1 97.51+4.5 

Li ode 233 '—1 , , 

Lo*‘ enhntu 10J. ...1,480 bJ — 20 j 25 ; 

Lufthansa. ^ 106.5r4 3 ' 7 | 

MAN I 177 ;+J.5i 12 I 

M anneg ipajjD..-.-. 155.3— 7- | 14-1 

He, alines 205 1—1 - 10 » 

SI unc hen er Rock. [ 546 [ — S 1 18 { 

Neokerntann \ 119 1+2.5 j — J 

Preuswifi DM 100. 109.5, + 1 — 1 

Rhein West -Elect- 182.3+0.8 I 25 ; 1 

Schering 1 24.9 1+8 » 20 < 

Siemens 273 -0.3 1 16 

S'jd 7-ucker. >.| 243 L J 17 ' 

Thrsaen A.G — ...j 117.4*1,— 0.4 i 11 

Varta, — 173 ,—1.5 14 

VEBA 104.2 -0.3 ! 12 

Veremsft West Bit I 283 «d — I 1 18 

Vollra^tugan. I 202.3 +0.3 1 25 


PARIS 


AUSTRALIA 


May 6 


Rente 4* 

AiriqoeOccid’t’le 

Air Liquid 

Aquitaine-. — 
BIC 


Bouv^ues 

H3A‘. gatiu.. 
Carrefoor. 

C.G-E. 


C.LT Alcatel , 

Cie Bancaire- 

Ctnb Al editor , 

Credit Com Fr'ce) 

Creoao* LAre 

Dn 


Fr. Petrolea 

Gen. Ocadentalej 
Imetai 


Jaoqne* Boro!..^. 

I^inrge 


Price 1 + or | DIr„ TIiL | ' 
Fra. | — j Fra . 1 jg j 


L’Oreai ... 

Legraml [1.765 

Mmisoss Pbprnx_lV,07B 
mchelin “B". ‘1,480 

Moot Hannm»y_.[ 498 

Moulinex 

Fsribsa 


732 
417 

312.1 
453 
476 
675 
489 , 

1.6690, 

368 
1.143 
326 
424^ 

128.1 
87^ 

844 , 
128.8| 
188.0, 

64.5 + 1 
1293+6.0 
183 j+1 
730 1+10 
+ 10 


MayS 


■*9 41-1 0.6] 

+ 1 21.1515.0 

+ 1.1 16.6 5.3 
.+4.1 5.8 
-14 112.76! Z.7 
+ 16 ! 42 I 6.3 


+ 12 
+ 1 
+3 

l-II 

I — die 

+ 08 

+20 

+0.6 


Pecinney 

Pernod- Riosrrl .. 


BRUSSELS/LUXEMBOURG 


May 3 


'i ' 1 IDIrJ 

I Price ! 4- or j Frv. .¥,4. 
[ Fra. j - I 50 ; 


Atbed 2.340 

Bq. Btx. Lamb.... 1.570 

Belters -ET '1.800 

C.B.R. CemeoL...!1.360 

(.Vx-lceriJ ; 408 

EBEii -2.570 

Eloet rebel 6,660 

Fabrique Nat 2,500 

GJB. lano-Bm..... 2,210 
GevBAft... m w. m.| 1.426 
U.^oten 2,330 

lQter«nn....___.2.05O 

Kredietitank 6 . 6 S 0 

Lt Borele Belne_!6.010 

Pan Hoidinn.. '2.450 

Petn.tiua '4.235 

doo Gen Banque.-2.960 
Siftc Ben Belgique; 1.990 

Sofina. |3,350 

dutrecr 2,540 

Trarlion Elect.. >.12.750 

I CB ; 926 

Ira Uln. il/ICTi • 788 

VieiUe MonMjne. ! 1.705 


|*45 | ‘ — 

+ 20 J 60 [ 3J! 

.'116 

■ 100 


-34 

|*4 

+60 


-80 W30 


-16 


177 


170 


6.9 
6.6 

‘iso J l!a 

,+ 14 I 86 6.0 
— 140-170 7.3 
J+10 1 142 | 6.9 
[—30 i26B 1 5.7 

~'305 : 6.1 

,-*•30 [S22SI 
!+25 '174 
'-10 [204 

.-10 1 140 

1215 ! 6.4 

,-10 |\200| 7^ 
1+10 >170 | 6.2 

Ua'"'! so J 6.3 
■+30 ! - I - 


Bad to Technique. 
Redouts 

Ubooe Poulenc— 
tit. Gobatn — __ 
Skis Rr»ofrool — . 

Sure 1 ,,, 

Tefemecaaiqne— . 

Thomson Brandt. 
Crftwr - 


40.5 
’ 5 , 
3L6 

58.5 
12 , 

11.25 

12 


If I _ 
7-9 j 0^ 
14.10'lO.9 

H-25| 4.3 

5.7. 8.8 

1BJ7I 9^2 
,16.86. 2.2 
136.75! 2.1 
56.9} 3.7 
32^S| 2.2 
12.6, 2.5 
3 I 1.8 
19.96112^ 
7.51 8.3 
7.5! 2.7 
15; 4.0 

27 | 6.0 
27 4.8 


AC»L (25 cent)— _ 

A error Anstraiia— ... 

Atlle.1 Mnt-Trdff. Indna 5 ] 

Ampul JKxpkjraSon 

Ampul Petroleum— 
Ashoc. Minerals— ._ 
Assoc. Palp Paper SL 
Aseoc. Uon.. Industrie 
Anafc. Foundation Inv 

AJS4 

Ajndiihno. 


Ao^t. Oil ft'Gav 


Blue Metal lod 

Bouffto^J fe .Copper., 

Brolrea_Hfll Propnefary^. 

«WBrrorety— 


BH Soothe. 
iJbrtton Ifni 

U. J. CWro 

USB (Sl) 

Dean*. GrodSeMa Aunt, 
vftmtalner (31) 


AusLS 


T=FpJ 


TOKYO T 


1-2 
+ 10 

— .+3 
1668;— 5.1 
163 —03 
90 *+9 
276.51-3 
374.8+98 
203 , + 1 | 

460 Ul4Bj 

T^i^iaiassse^f 


jcczlnc BicdnUx— — M 

detain Australia. 

JumogKnbtcr [01) — 

tii ler dmith Z.~ 

&£. indostrie. — ... ... 

• en. Property Trust 

Ulmers ley 

Hoo*«- 

I. Anstraiia ........ 


161.5+3.7 
1,650+10 
277 h -8 
766 +6 


14^6 9.6 
59 2.3 
. 25^1 9.4 
} 25B 3.3 


I iooea- {Ufevld).. 


197.5J+2A 116.16, 7*7 
25.81-0.2 1 — | — 


STOCKHOLM 


May 6 


AGA AbCKrBOt 

AitaLarelBCKrtd 

ABBA [lur.OTi 

Atlas CupcofKr £s 

tiil lerud — - 

tio/ors 

Cs ida 


Price ; 4 >or|DiF.iyi.i 
Krone I - I Kr. \ % 


telJinu 3 a..._„... 

Blect’Iux ’B’ 

Erfcascra'B’t 

Ktselte “B” 

FagerstA — J 

Granges (free). 
Hand I embank en 
Marabou 


3.3 

4.1 

6J 

7.0 


SWITZERLAND • 


l£av 5 


Price i + or | Dir. Tid. 
Frs. | — . g I £ 


AlumlnlaiTi, ....... 1.090 b) —10 j 

BBC- A’.... 1.555 >10 

Cibai^ig3r<Fr,|00 , l t 115 -5 
L*n. At. Cert.....: 010 — 10 

U<- IKg. i 61B +3 

C re. lit buisse.... u 2.135 , — 10 I 
El eutrottatt 1 1 ,690 ‘ — 10 
Fia.-ber (Uetvtge).. 650 L.._, 
Boffman PtCtrta.i75.250 |— 2£ 

Do. (smell) 17.650 1 — 25 

laletvml B _:5.725 [—25 

Jelmoli fPr. 103) .1.440m ;— 10 

Ntalle ,Fr. li+)i_.,3.1CO 1+55, 

Da. first- 2. £30 • — 10 Ua6.7f 

(.‘L-riikouB.i.F^SO, 2.100 j+15 

Pirelli SIP iFJCd! £57 ;-3 
tsm-Ira fFr. 3.450 ! 

1 * 0 . ftuxa Ceri ?; 465 1+12 

AA 1 ml InOaFION S»78 1—2 

fiuLx-r Cw (F.IOD)! 338' I J 

Sntsair iFr. ofadj; 7B6 b)i- 2 , 

SnfraBaokrF.lCO 1 <H 8 *e: 10 

S*Us (fie. F.2&>i.r4.475 >23 [ 40 
Uni-sn Bank.— ...’2.910m, — 10 20 ! 

Zorich Ins. : 10,675 >26 I 44 ■ 


-25016BO 
55 
20 
21 

laSb. 5 ' 


16 
10 | 
26 
26 1 
12 ; 
14 ; 
10 1 


2.7 
3.2 
2.0 

3.6 

5.8 
3.2 
SJ9 
0.6 
0.7 

2.7 

1.5 
2.7 
38 
18.0 

D.7 

1.9 
2.7 
■*.5 

4.1 

4.5 

2.9 

2.1 
5.4 
2.0 


Bp Ocb Damsto- 

aaodvik AJJ™ 
dJKJr. •fl' Era 

Si Band Eos LHda.„ 

Tsndstlk 'B’KitC 

CddetK'Un 

Volvo iKr. 0 O 1 


215 +6 

160 J-— 6 

85.6 aU — 0.5 
130*a ! — 3 
86^-3 

130 

199 xc! 

239 ; 

165 —1 
141 j 

260 I 

110 

49.5^ — 0.5 
313C+1 

120 < 

68 [ 

260 '-5 
79 J— 2 

147sf — 1 

88.5-0.5 
55.0—1.6 
86.5, +3.5 


8.5 3.6 
6 3.1 
S ! 5.8 
6 , 4.6 
4.7 

5.1 

5.0 

4.2 

4.1 
4.5 


4 

*3 

10 

6.3 

5 
8 
4 , 


5.1 

3.6 


16 j 5.1 
B ; 6.7 
6.6 1 9.7 
5.75' z.2 
4.5 ; 6.7 
8 I 5.4 
5 j 6.6 

9 6 i 7.0 


COPENHAGEN * 


... „ 1 r** |+ot;i>iv. ; Sm. 

31ay e j Kroner ) — 1 % V 


11 : 8.1 
15 . 5.6 
13 9.a 

12 7.5 

13 10.0 
12 ; 3.5 

0 , 10.0 
12 | 8.9 
12 ; 4.2 
12 r 5.0 
12 | _ 

; 8.5 
11 0.1 
n 3.2 
is 6.3 


Afldmtaton — ...j 135.50'— 0.76) 

Bnmi'eer IT ; 420 : ! 

Danske Bank. , 122.00' ' 

bat A-.U.U Co — ,16950sr — 0^5i 
Finantiunbett — : 130.50, +0.25] 
Fer. Byiarorier— 369.Q — Di : 
For. Papir.— — 80.25 — OJO, 

Haodlesbenk 1 123^0— 0J5l 

GJTth'nH^KrfO)! 260.0 I 

.Void Kabel ;242.7M:— l.ffi] 

Oliefcbrlk. 75 . + 1 

PrlvatteOJc j 130.75,'.—. —. 

Ptorlnsbank* . 135.50. 


Lannwil — 

Metals flsp[crBiif>ti__ — 

MIU HoldtncB ... 

liver Binpcrtont 
Sow* — 

Stduitu International 

North. Broteo HVtinss 

O tltbrTllya - 

On Search 

Otwr Kaptarettcm—— 
Rooeer Loa-reae_-._— .... 

KdrittA Coinran 

H. C. SWjth 

doatnlanA Minim;—. — . 

Spat^toa Kxptoratton ' 

Tooth (91) 

Walton* - 

Western Minin.* (50 em- , 

Woo 1 wto* In 


10.70 

10.80 

12.32 

tl-43 

T0.79 

11-15 

11.18 

11.75 

10.91 

11.42 

10.42 
10.55 
11.06 
tl.18 
16.48 
10.80 
11.83 
tl.94 
12JI0 
ta.45 
12.35 

12.17 
11.40 
11.39 
11.03 
12.05 
12.10 
tl.52 
12.08 
10.74 

12.15 
10.26 
11-25 

11.25 

10.26 

10.14 

11-90 

11.73 

IH. 3U 
10^6 

11.16 

II. 64 
10.11 

10.17 
11.44 
52.9+ 
10.6b 
10.21 
10.17 
11.81 
10.89 
1 l.ee 
11.6* 


J-0.D3 

!-5ios 

,rt.06 

j 

U 01 


I- 0.10 


-0J5 

l+oloi 

t — D-06 
tO.Ob 
■+0JJ7 


1+0 JD 

-Sloi 


§081 


-0.01 

| :ii.ui 
-J.C& 
I J.Oi 


May 4 


I "Prices | + or ! Div.li 
| Yen I - » 1 


Asa hi Gtaiw -T, , , — \ 340 

Cknftn — • 495 

Casio i 610 

Obioon ... ; 370 

Dal Nippon Pnni; 566 

Fuji Photo ! 583 

Hitachi i £39 

Honda Moi.m 686 

Hcnue Food '1.170 

C. 1 tofa I ££6 

Ito-Yokado— 1.300 

Jaccii 1 620 

J-AJL. 12.640 

Kan«i Elect. Pw.; 1,100 

Komalau — r I 348 
Kohoia— — — 284 
fiyot.+Occatulc —',3.630 

Matsushita Ind,.J 760 

MltaubfshiBanL.j 278 
JliUubWii Hrovyi 133 
Milsubwbi GoanJ 438 

Mitsui A Co._ I 328 

Mltaukoabi,..— I 869 
Nippjtt Dense— ; 1,470 

Nippon &hinpan..; 666 

Motors.—. 824 

Pioneer '1.890 

daow Electric— I 258 
tiekuid PrcfalJ— ! 925 


• ; 14 2 

M is x 

>10 25 Z 

. 20 2 
| is 3 

!-2 ! 15 1 



!- . I 


oai*eino ^ M 

$ony„ 

Tnisho Marine.. - 

•1.080 

1.880 

241 

'-10 

-10 

20 

40 

]1 

O.B 

LI 

Xakeria Chemical 
TDK. 

370 

+ 5 

15 

2.0 

llil 

120 

505 

1,050 

318 

146 

142 

,+ ! 

+5 

+2 

10 

11 

8 

12 

10 

4.2 
1.1 
3 A 
JA 
a.4 

1 Toyota Motor 

990 

-10 

20 

1.0 

Nftko Secn rtO«»- Tokyo 

VIENNA 

May 6 

Pnco 

Of 

ia 

5 


Creditanstalt 

342 




Perimcnwe 

282 

Vi 


3.4 

Senii+rii . 

Steyr Da li 7 iier._. 
Veit Jfajtn--.il. ... 

94 

181 

242 

+i > 

-2 f 

7* | 
14 1 

3.9 

5.8 


AMSIfcHUAJ. 


M'v & 


Price 

FIs. 


+ or. Di^jyiiL 


Soph. Bereodaen^ 

Snperfoa 


375.rf+oi5 . 

189.76 -LM 


[MILAN 

May 6 

0nue 1 +or]ittv 'Xi.,, 

Dre J - 1 Urejj 

AK1C _ 

BastoH 

Flat-. 

Do. Pfir-, nm „ 

Fiurtier 

Italcement— 

Itaindrr 

UddtobancB 

Montedison.,.—, 
Utlvcctt Prir....„. 

Pirelli *: Co. 

Pirelli ape. 

entaVIccroa. 

01.75' j — : 

415.26+4^6, — ■ _ 
1,905 ;-a 150' 7 0 

1,640 ;+5 160i B.2 

76.5+2.51 

10.250—250' 2oa j g 

145 ■ | _ . _ 

32.410,^.., — l.aoo 1 3.7 
129.50; - ; _ 

855 -3 1 

3.018 -7 ! 130 B.4 

344 ! ; 80 e .5 

»5 | + 5 ! - _ 

- 1 ; •& 


AhoM tF .euj — 

Atao(F..a$ 

Algen BnkiPi.*U. 

A31BV (FLW, 

Amrobank (Pi.dJi 

Bijenkon — 

BotaWert.'aMt'a.V 
Bur hrniTettei o+J 
Kisevier V iP'aa. 
UaniaN.V. Uearci 
EuroComT’tFi.n | 
ttist Brewle* tl'KJ 
UelneiencPi.*)..! 
HoogosenslF'JA; J 
Hunter D.(F>.LUi 

K.LK. (FUJI))... 

I ut. Mullen 1231.. 

N aarrteu (PI .1 
NaLNed Ins.tP-i. 
Ned Oral BJ0Fl> 
A'edMaiBktPLi 

Ore-CFL SO) 1 

Van OmmeTen — .1 
Pah hoed (KL 20). 
Philip* (F). U) -I' 
KjnSchVe^FLfitl| 
Hobeeo (FL 6 T|..,.< 
Uolioro (PL Wl-j 
Koranto iPL 60 ) .. 
Hoynl Dutch (PL3,' 
Slarenborg-— 
Stevln Grp(FIja3> 
Tokyo Bu-.Hlds.3 
LTnlLerer (FL 20). 
Viking HesJnttSl 
Wrotlan'du. Bank 


I00.0xr!+0.7 
28.7i+ 1.4 
342.5! +2.0 
83. B'— 0.3 
76idr+l 
89.0. + 1.4 
119 .9; +0.4 

67.8- 0.4 
286.61+2,5 
139.41+0.4 

65aJ 

S2.0+Q.5 
98.0+0.3 
32.5]+1.6 
23.9+0.1 
341.2-3,6 
44.0—0.1 ' 
34.6M +0.5 
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54.0m +0.8 

193. 5xr, 

152.6:+ 1.1 
110.0'.— 0.5 

38.8- +0.1 
25.51 +0^ 

7S.o;+oj 
164.0-1.6 
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132.1+0.1 
126.8-0.6 
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130 


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3.6 

63 


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23 
80 
26 , 
27.d 
37.6| 
94.E 
25 


5.2 

6.7 

7.7 

1.9 
5.4 
5.4 

6.9 


107 Ul 


114^ 

38.8, 

37Bol 


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ii [ 5.0 

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12.5i 3.6 
48 ■ 4.4 
21 1J6 
sal 5.8 

36 1 4.7 
18 I 7.2 

17 | *L7 


JOHANNESBURG 

,, - MIMES 

May 3 

Anglo American Corpa. _ 
Oianer Consolidated *3 in 

Harmony 

; Kinross 

' Kiuof 

Ruslet*urs Platinum"""*'* 

St. Helena 

j Sooth Vtul 

Cold Fk'Iris SA 

I Union Ccnponuon . 
j De Reers Deferred 

' Blyvoonuuirh* 

j Pni'tident Brand r~7“ 34.73 

1 Pr.Md! ni SlejTl . an 7 ; 

i smienieui 

: Welhout ” 

j iv.'st Drii.-rontcJii 
WVstein Deep 

! ABC! , " DU ™* U 

1 Anslo-.umT. industrial’"'" 

Barlmr Raiid 

Currie Finance: 

De Brers industrial 


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■1J)3 


1.1 

3.10 

S.-tO 

r.«ii 

I.oU 

3J.B0 

7.70 

soon 

4.1s 

».6r 

15.43 


3.S0 

M.7W 

T130 




A266 


p 14 

153.75 

19 
27i 

. 30 
|42.B 

20 
33 


7.8 

6JS 

8.6 

7.8 

4J2 

0.7 

7.8 

L5 

4.2 


-.till 

B_’U 

.■:.70 

U.A& 

I3.no 


OSLO 




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CdKars tionsoUdated lnv. 11 . ^ 

fcisar.t Stores 

Kvlt Beady ' 

Urcaicrtnans Storys . . «■> 

Guardian Asatrance IStiSZ I is 
Hnlrtis r.._..„ 

lt.\ — — 

McCarthy Rnftvay ^ 

. HcdBaoK I” 

' OK Bar jars 

ftemicr Milling ^ 

Pretoria Cement , 

Proiivt Holdlnca ... 

Rand 1 Mines Ph»«i 4 m"“ 

Rtmbrajhlt Croup 

Rctco ^ 

Sam; Goidmes 

SAPP! ™ — 

C. G. Smhh Susac 

■ Sortie 

i SA Bnwenrx 

i "nsir Oals and ft ax. areig, 

1 Ual wc — — ,.*« 

Securities Rand 5UA0.V3* 
(Discount of 36.30%) 


X.M 

1.70 

US 


:.o3 

1>J 

O.X) 

".30 

MO 
323 
3J» 
1.11 
1*3 
3j0 
0 33 

ISO 

sjse 

0.53 

l^S 

9J9 

3*3 



**A. 





































Financial Times Saturday. May. 6 197S 




■r* 


FINANCIAL TIMES SURVEY 

Saturday May 6 1978 



odeties 


After two centuries of quietly encouraging savings and fostering home ownership 
the building societies are facing one of the most crucial periods in their history. 
There is growing debate about their role in society and the path they should follow. 


THE BUILDING societies can, 
despite their unprecedented 
success, be forgiven for feeling 
uncertain about themselves and 
about the direction in which 
they are heading. 

Recent events . have meant 
that their attention has been 
wrenched away from the more 
traditional problems asso- 
ciated with their- business and 
turned- towards an urgent re- 
appraisal of their role, in the 
country’s financial system and 
the way in which they can now 
f aspect to develop. 

; There is no atmosphere of 
crisis among the ' societies, 
rather a feeling that the sort 
of derisions which they now 
f?ee on . a range- of matters 
affecting- their operations will 
be crucial -in terras of their 
future -development. They 
Should therefore be given more 
and deeper consideration than 
any which have gone before. 

. It Is tempting to suggest that 
the societies really are at or 
approaching the crossroads 
after a' 200-year journey which 
has so. far taken them along a 
straight and fairly trouble-free 
road. They are constantly 
aware that such is their present 
;5ze and their consequent im- 
portance — they control assets of 
£S4bn. compared with the clear- 
ing banks' sterling deposits of 
£28bn. — that decisions will be 
taken for them unless they take 
them first. 

The whole question of self- 
determination is hi itself per- 
haps the biggest problem the 
societies face and concern about 
the growing level of interven- 
tion in their affairs has reached 
a new peak. Influential opinion 
within the .movement is deeply 
divided about the best way to 
react to the new situation. * 

■ Just two recent events have 


served to focus attention on 
some of the problems which 
must now be confronted. Both 
were unpredictable and unwel- 
come and together they have 
served in some respects to jolt 
the building society movement 
out of the quite understandable 
sense of well-being which has 
recently surrounded its affairs. 

The. first came in the form -of 
direct intervention .in the 
societies’ lending polices on the 
part of the Government- which 
took them by surprise and which 
did little to improve relation- 
ships between the two sides. In 
as much as Government officials 
have for some time been a party 
to decisions on matters such as 
lending programmes, interven- 
tion is in itself nothing new but 
the latest incident perhaps 
underlined the extent to which 
the societies are already in 
danger of losing the right to 
decide their own affairs. 

Despite an agreement at the 
beginning of 1978 which set the 
societies’ lending for the first 
half of the year at a level de- 
signed to avoid any rapid rise 
in house prices, officials in- 
formed the movement in Febru- 
ary that its lending would have 
to be cut back.- 

Reasoning 

If the societies could accept 
the intervention itself. : they 
found it- extremely hard to 
accept the Government’s reason- 
ing for such a move. The 
official line — how closely Mini- 
sters themselves were actually 
involved still remains uncer- 
tain— was That house prices a. 
the beginning of 1978 had 
started to rocket at a rate 
which brought back memories 
of 1972-73 and that The only 
solution was to stein the supply 


of mortgage finance. 

The statistics on which the 
can for lending cuts was based 
were regarded by the Societies 
as highly unreliable and 
unrepresentative of the general 
situation. They also warned 
that to tamper with the market 
could well store up rather than 
solve any problems on the pric- 
ing front. .Subsequent statistics 
appear to have borne out the 
societies’ suspicions that the 


cess in which their indepen- 
dence— until now miraculously 
kept comparatively intact — 
would be rapidly curtailed. 

On the question of mortgage 
restrictions, the societies could 
have — some believed they 
should have — told officials to go 
away and learn a bit more about 
the housing market before 
attempting to influence it in 
such an amateurish way. The 


because of fears over growing 
controls the movement will be 
actively participating in. rather 
than minimising, the dissipation 
of its own right to effective self- 
determination. 

The debate may well be 
simply about the manner -in 
which the societies succumb, for 
they have become a major force 
on many fronts and few of the 
industry’s leaders believe it 
reasonable to expect that out- 


which seems likely to have far- 
reaching repercussions for the 
whole movement 
Such an event would hardly 
be welcomed in any circum- 
stances. but its timing could 
not have been worse. With 
the societies coming under 
increasing pressure for changes 
in their operations— particu- 
larly from the clearing banks, 
which have become very testy 
about tile societies’ success in 


Way ahead less clear 


This Surrey was written by Michael Cassell 


general situation had not 
become as serious as some bad 
suspected. 

The societies were certainly 
anxious to prevent a major 
spiralling of house prices but 
they sjmply did not believe that 
this was about .-to happen-. The 
fact remains, however, that they 
went ahead and ' complied with 
a - “ request " • which most 
believed was ill-founded and 
which represented an entirely 
unnecessary panic measure. 

Their decision to comply and 
to introduce an artificial mort- 
gage shortage which they 
believed to be wrong illustrates 
well enough .the dilemma in 
which the societies find them- 
selves. They believe that a 
major confrontation - with the 
authorities over any aspect of 
their operations or of their 
policies could trigger off a pro-. 


price, however, for such a fear- 
less stance could have been a 
high one, with the societies* 
rebuff forming the catalyst for 
a series of legislative measures 
designed to clip their wings. 

How justified their fears are 
on this front remains uncertain, 
although they believe they have 
received sufficient hints to leave 
them in little doubt that much 
tighter supervision, policy con- 
trol or less equable taxation 
treatment might follow any 
decision which flew in the face 
of government thinking. 

Until now the “ doves ” in the 
movement have won the day 
whenever potentially explosive 
matters like the restriction on 
loans have arisen. But the 
point being made with . some 
force by others within the 
Societies is that by repeatedly 
bowing to government pressure 


side interest in their affairs 
will k not grow accordingly. 

Apart from their success in 
relation to the clearing banks, 
the ~ societies are now three 
times greater than the National 
Savings' movement, they "have 
become a significant force in the 
gilt-edged market and are 
among the most important 
lenders to local authorities. 
They provide housing finance 
for over 700.000 people a year 
and tending in 1978 could reach 
a staggering £8bn. Branch 
development still mushrooms 
and record asset growth rates 
are breached with ' inevitable 
regularity. To achieve all this 
and. to maintain a low profile 
is' asking, too much. 

• The second incident to throw 
the societies* . problems into 
relief , was the collapse of the 
Grays Building -Society, a major 
catastrophe ' in itself and one 


attracting deposits— the Grays 
affair could not have done them 
a greater disservice. 

The banks have already been 
campaigning., in the form of 
evidence to the Wilson .Commit- 
tee, in' support 'of fiscal parity, 
or . equal tax treatment, for 
building, society and bank 
depositors. In addition . they 
expressed concern over’ the 
apparent exclusion of the 
societies from proposed arrange- 
ments for a special fund to pro- 
vide protection for depositors in 
banks, planned under the new 
banking supervision legislation. 

No one has suggested that 
the Grays . collapse and the 
circumstances surrounding it 
are any more a characteristic of 
building society operations in 
general than of banks, but the 
incident- will- do nothing to 
remove the societies from the 
penetrating surveillance __ of 


those with a special interest in 
their every move. 

From the Grays affair itself, 
the societies have emerged 
quite well. But despite the 
immediate reassurances that 
investors affected would not 
lose their money, the societies 
hare so far been unable to hand 
out those funds. 

Immense legal problems re- 
main to be sorted out while the 
official inquiry into the collapse 
continues. The societies are 
making arrangements among 
themselves to cover the rear- 
£7m. loss, although the investors 
will have to wait some time yet 
for their money. 

The socieU.es’ readiness to 
guarantee people’s investments 
is laudable, though necessary' if 
membership of the Building 
Societies Association is to mean 
anything; the societies’ inability 
to paj‘ up at once is very 
regrettable. 

The affair has inevitably 
sparked off moves to establish 
a compensation fund to cope 
with .any similar incidents in 
future, although Jhese bavgj>ro = 
voked differing reactions within 
the -movement- Calls for-ihore- 
eff active regulation have also, 
followed. 


4CK£bn-- 


„ THE 
30 “ BUILDING - 
; SOCIETIES - 


fl 


20 Total Assets H 


10- 


19M , 35'40 , 45 i 50 55 60'65‘70T7 


Reluctant 


But some of the largest socie- 
ties are apparently reluctant to 
set aside funds— with contribu- 
tions formulated on an asset- 
ratio basis their liability will 
be greater— to cover the weak- 
nesses of any smaller and badly- 
run operations which stumble. 

Many executives want to see 
a rapid contraction in the num- 
ber of small societies and it is 
a view shared in other quarters, 
not least by the Chief Registrar 


of Friendly Societies, who said 
after the Grays affair that more 
mergers were necessary. 

The small societies themselves 
claim they are carrying out an 
invaluable task and should be 
allowed to get on with it. The 
largest regard them in maty' 
respects as a millstone around 
their necks which have an 
unequal influence nn their 
policy decisions — particularly, in 
the. field nf interest rates— ^nd 
which also occasionally damage 
the movement’s image by -way 
of- a -spectacular collapse. 

But more important,- the 
Grays affair will serve to higtr- 
light a few more chinks in. the 
societies’ protective armour art'fl 
provide evidence for those who 
believe that more effective 
regulation is necessary. There 
are already suggestions that the 
Bank of England -hould have. a 
major influence over the socie- 
ties’ development. 

Whichever way events '.pro- 
gress. the societies seem set lo 
spend a growing amount of time 
in looking over their < boulder 
as they attempt lo improve4he 
level of service to investors and 
borrowers alike. 



BUILDING SOCIETIES 

let us find the right home 

lor your money. 

The Union Discount is authorised by 
the Chief Registrar of Friendly Societies 
to accept money ondeposit from any 

building society. 

Established since 1885 we are one of 
the largest discount houses . From our 
positioain the centre of the money . 
market we will immediately quote you 
competitive buying and selling prices . 

As principals, vre quote rates, free of 
commiss ion, for Treasury and Local 
Authority Bills, Sterling Certificates of 
Deposit and Local Authority Bonds. 

Talk to Derek Lyons on 01-623 6672 
today. And let The Union Discount find 
the ri ght, home for your available funds. 

TheTJmonDiscotmtCompanyofLondonLtd 
78/80 Comhill, London EC3V 3NH. 

A of the Loadoa Discount Market Asspdalim. ■ 



"Our Nationwide Capital Bond pays 6 % : ; worth more than 9!a gross 
midar^uIariaraiMy income? 



Nationw ide Capital Bonds guarantee extra interest and a regular moodily income 

9 *f 


A year tc-rrrr ' 
ExtroTTntvrest ► j 

Monthly Income 

6 ' 50 - 

3 year term 

Extra 1 -Interest . 
Monthly Income / . ' 

6 50 ’ 


You can invest from £500-£1 5 £00 (up to HouZ 

£30,000 in a joint account) for fixed terms j Hi^HoHwwLeiiyfonViriVoPW 
of23or4yc3rs.TlwtwbyearBandofler8 J LWe endow: i ebttpa fort 
h^extwtarerestaboBeShareAccounttate, J wbe«a*w«diaN»tion«iJcaiinficai«i. 




•85* 

GROSS 


7 year term - /.OA -■ 
Extra :-:-Intercst. ►' K VJ ' J * 
McnrhlylncOmc-- ■ 


(-09* 

GROSS 



* Buie me rums a* P* 1 ** ■* 5V*. 
MaiacdccMiiMOtaSnt Ik. 

ya^apyObJiBgT 


the three and four year Bonds offer 1 
extra interest The Share Account rate 
may fluctuate but die extra interest is 
guaranteed for the full period Your 
interest canehberbc compounded half- 
yearly; paid half-yearly by warrant or 
transfcredevctv month to your bank. 
Nationwide Capital Bonds offer you 
an excellent return with complete 
security T7«re are nowover 325 
Nationwide branches -you’ll 
fi nd the address of your local 
branch in Yellow I^gea or 
just post the coupon. 


I Capital Bond Q 4. fo»Niik»*idE Share Account Q 

J 2. In a 3-year Capital Bond □ latcrtKtoteoxnpooadai □ 
| J.In«4-y«r Capital Bond □ or pod annul ofJuncaaJ 

■ December each rear. □ 

■ Cfrrittl Bond paidai cad of eadi month. □ 


fcjBNmU 


Stated' 



Nationwide 

TheBuiidmg Society of a lifetime 

T iiirl- - .T—J f-j-K airilljn L--W.- 1 ^ :^.rrftr-.r ; f aMm Mem ctr 3Com E ■ AuSEiltUe. " 


F714 







financial Times Saturday May 6 1978 


BUILDING SOCIETIES II 


deZoete 
& Sevan 


Pressure on interest rates 


We are a leading firm of London 
Stockbrokers , established for 
over 150 years, and offer a wide 
and comprehensive service to 
both Institutional and Private 
. Clients . Our services include:— 

# Gilt~edged and other Fixed 
Interest Securities 

# UiK. Equities and Convertibles 
sfc Money Market Instruments 

5fs Overseas Securities 
3e Advice to Pension Funds 
sfc Local Authority Funds 
sfc Economic Research and - 
Analytical Services 

# Private Client Advice and. 
Portfolio Management 

# Corporate Finance 

Our specialist knowledge of 
Building Societies * affairs , com- 
bined with our activities in the 
Gilt-edged and Money Markets, 
and our Economic Research ' 
Unit, enable us to offer to Build- 
ing Societies an individual ser- 
vice, advising on the best use of 
surplus funds* 


MOST OF the news on the build* receipts of the order of £ 4.00m. a in inflow are on the cards. movement's ability to stabilise, 

ing society interest rate front in month (as in January) would be Talk of higher building as much as possible, its mort- 
the past 12 months has been quite acceptable. society interest rates is now in gage lending programme. Critics 

good for the borrower and bad in February, the Building the air. It is too early to predict of tie societies — as hdgh- 

for the investor. Societies Association commented exactly how rates in the near lighted in last year's generally 

The building societies went on the interest rate situation: future may change but there weU received Green Paper on 
into 1077 having to operate the “The outlook for building seems an excellent chance that housing policy — say that, the 
highest interest rate structure society savings remains veiy op- investors may soon be receiving societies’ reluctance to ai»t»r 
ever. High' interest Tates tiralstie. - Predicting . interest a little more on their money, interest rates either substanti- 
thronghout the economy bad rates is notoriously difficult but The suggestion is that the ally or -frequently, combined 
undermined their competitive “ the immediate future there is current investors’ rate of 5i per with volatile interest rates ini 
position to the point where they no reason to expect any sharp cent, net (representing a gross the economy as a whole, have in I 
could not hope to attract any- increase in the general level of yield of 8.33 per cent for basic the past led to wild fluctuations' 
thiog like enough funds to meet interest rates and even with the rate tax payers) could rise by & movement’s receipts and, 
their planned level of mortgage reduction io the building society a * per cent before long. hence, in the volume of lending 
lending. share rate announced in it t s quite likely, however. The societies have pointed 

The societies held their January, societies remain very that the rise in interest payable out ^ ^ insta j 3 jj ily ^ 

breath and hoisted the rate on competitive. . to investors may not on this finances is the root 

home loans from 10* per cent “ Net receipts on present occasion involve any increase ^ their varyins 
while offering their investors trends seem likely tn average for borrowers. The societies, P eriences and that it would be 
a best-ever 12 per cent, gross, over £40Qm. a month and (this is quite simply, can well afford for 

The anticipated outcry from the adequate to .maintain current to finance a limited increase in “7~r 

hard-pressed borrowing public lending programmes ay well as investors’ rates without having ' 

never materialised and demand to allow liquid reserves to be to pass the bill on to their ^ 1 f; 

for loans— apparently at any built up.". borrowers. ‘ « 

price — remained as high as ever. On most accounts, the Assoc i a- ^LJ2? y 

Within a few months, interest tton was correct. But rnmmiffpH Sheriff JJS 8 **! 

rates began to slide and in societies' experiences with re- C- 011111111160 #£?*■ 5* 

April 1977 the societies made ceipts have not recently been • AU win depend on just how movement t»m 

the hrst of four reductions from living up to expectations. seriously net receipts tail off. parison S ncrt approrilttfte- 

SSL'M? 00 St ”L fZ* cause while it is relatively eaisy 


form - of term-shares, extending 
to investors the chance for 
higher rates of interest m re- 
turn for locking their money 
away for longer periods of time. 
If adopted on a wide scale, the 
poLicy would dearly help re- 
duce the societies' vulnerability 

to competing forces in the 
investment market, but many 


society executives are yet to b* 
convinced that the term share 
should play anything other than 
3 marginal rnio in their fund- 
raising policies, principally 
because they are simply more 
expensive and begin to reduce- 
the strength nf the societies! 
claims concerning easy with- 
drawal of money. 


mb 


EBS] 


For a copy of our booklet u Services to 
Building Societies'* or further details, tele- 
phone Brian Carter , David Lord or Malcolm 
Busby on 01-588 4141 or write to them at 
25 Finsbury Circus, London , EC2M TEE . 
(Telex 888221 and 883179) 

Members of The Stack Exchange. 


• i. t0 ' fu ln t. f0 * 10 'V n f committed to lending record 0 f interest on overdrafts at 

Receipts onfy £30s£. tile amounts of finance and they almost no notice because of the 

, _ ioofflhr fimS recorded courd have tn consider Iar3er comparatively minimal impact 

By the last quarter of I9«r. f o r ilU t montts The iSSSdon rate incp?ases if fte leTel °* of such a move, any increase in 

with interest rates still to fail a . SS? receipts faI,s ri 3ht away. In the cost of borrowing for people 

litUe further, the societies were Vniffp^t in™ in 2 rhat event * house hu - vers WttW with home loans can have a 
proving spectacularly successful , b jJSSJ® i^ch ^ expect to face higher monthly major impart on family bud- 
in drawing in funds. Net HtimS’ repayments. sets. 

receipts in S^tember. October CQrd Qf £990nL Net recelpts of But apart from the short-term The societies believe that 

and November alone reached smaller counts of money con- outlook for interest rates, the neither investors nor borrowers 

nftwli tinued to do very well, prob- movement’s overall approach to wish to see interest rates 
in the first three months of the - n reS p onse t0 t jje j ncreas - the question of its present changed as rapidly as the rates 
yea f' ing savings ratio and also, the capital structure remains an of many other institutions and j 

The movement therefore societies suggest, to the aggre«* area of particular concern. say that if they did attempt to 
entered 1978 in an optimistic sive advertising campaigns ^ „ rieties „ vthat on kee P U P «***» ever ? interest rate 
moo* A drop in net receipts societies have been con- ™ adjustment ,n ^ • e “* 

recorded in January did nothing duct j n g ] n the recent past P*: L . . ,, their customers would object 

to change the societies’ views on Ia medium-tenn future, b ^ ances ^ are ^iJuaUy withdraw- ^ any case ^ the societies, 
the outlook, explaining as they the outlook therefore for the Jr 1 ? aa demand “ markedly record of maintaining a 
did -that one reason For the fall j n fl ow of funds looks a little h . isher individual socle- fai^y stable level of interest 

was that people were having to jess certain than it did at the ties “ whae most °„_ eir mort ’ rates is quite a good one. as is 
find the money to finance ChTist- 5 j art 0 f the year. As the sum- Sages extend for -a years or their actual mortgage advance 
mas expenditure undertaken mer months approach the socie- raore - Opinions on whether the programme, 
with the use of credit cards. It t ies in any case expect, a dip in esist ins system is now due for perhaps though, the societies 
also seemed likely that the receipts as withdrawals are substantial revision vary widely greatest effort towards establish- 
s witch ing over of other invest- raa( ie to finance holidavs. The the movement. ing a more stable operating 

raents into the societies, partly re cent increase in Minimum The arguments centre on the background has been in the 

responsible for the high level nf ‘ Lending Rate— -there is market 
receipts towards the end of the speculation about further rises 

year, had finally stopped. \ n s iiort-term interest rates— ^ # ^ 

The January figure, they and a new issue of National Sav- | J 1 ^ ^ -- -- ^ 

pointed out. was still a high one ings Certificates, will serve to I llH |T| I I I | Iff (l 

for net receipts— four times reduce the societies’ competitive JLJLJL viX t/Cvl .X 

greater than a year before — and position and further reductions 

renewal 


Youlldo 
a good deed 


:=*■!=: 


with us 


F 0rd5nar^^^^fVK>rittTry^^^r Junior^B 
Sh ares .^^^^avmgs . ^^^^courtts , ^ 

5 ^ 7K[T i 2|||C , 5m 

AJEToa NETpo 


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BuBcSng Society _ 


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A-iJress« ftom \Mc,t D iK s w 0rc±DVfl> 

Head Office 201 Hertford Rd Enfield EN55LQ 01-805 5666. 

■ TPliSTEE SCf.URITIr 

ME IUBER OFTME BUiLDINO SOCIETIES /ISSCOATTON 


opie wosper 

with our Tripie Gold Plan 



EARN 



-v- . 


URBAN RENEWAL has 
become the central platform on 
which many current housing 
policies have now been firmly 
based. After years of neglect 
the task of saving large areas 
of fundamentally sound but old 
bouses in inner city areas and 
complementing them where 
necessary with new ones is an 
immense one, as Ernest Arm- 
strong, Parliamentary Under 
Secretary of State at the 
Department of the Environ- 
ment. reminded everyone a lew- 
days ago. 

’ Mr. Armstrong was an- 
nouncing the Government’s in- 
tention to legislate to introduce . 
a raore flexible approach to the- 
use of improvement grants — an I 
essential factor in the drive to , 
encourage the revitalisation or 
the existing housing stock and ! 
a decision- which conforms to 
the recent change of emphasis 
in housing policy. 


had been studiously— and often 
wisely — avoided in the past, 
such were the additional risks 
involved, principally the very 
nature of much of the housing 
involved and because of the 
financial status of many of the 
applicants. The societies were 
not too keen on standing in for 
local authorities which were by 
definition lenders of last resort 
Ministers persisted, however, 
and' although the movement as 
a whole dragged its feet over 
becoming too deeply involved 
in an area of which it remained 

CONTINUED ON 
NEXT PAGE 


'5*75* 




* laUnot V 

Kelt Giajtfn 

GOLD PLANT. 5.75 8-71 [ 

.incMMieMift-lftd i 


S-S l,- - • - , TT- -T J , 

|oi~ ttWS IV.TI iifcu - ■.*&! 

*a®\ SOLO PLAN 3, 6J0 9.09 

*2rtl£^f*GnBs eqakami whan bssta 
rate taH paid at 34 -k. 

“ . Ir.-SrtBt tji; t: in ikEi*S qf 

CO. Imu^i fcoro isr flw m 
jmuw a, ukw!>. (Hr 3 cwfitf 
.nitei at wnd-awl is ncsai* 


Hnd out ntoreabonl this golden opportunity at yoor local Dobjshire office. 



Chief OCBcc Du Ificid Hali. DuBicId. Derhj- DLS lAG.Id:S4i7?l. 

A GOOD PLACE TDSfiSJE 

-Assets now exceed COOmiOIona 


Mixed 


FREE OF ALLTAX 


Abbe)’ National SAA r .E. 

The best news the higher taxpayer has 
had tor a long. long time. 

Ettbrtiesslj; Abbey National S. AYE. can 
earn you up to ;06O tree of all tax. 

A taxpayer whose highest rate is S5°op.a. 
would have to earn £ 3,295 ia the normal way 
to be left with that. 

All you do is undertake to invest ^20 
with an Abbey National S. AYE. account every 
month. (That's the maximum of course; you 
can invest less.) 

At the end of 5 years you’ll have saved 
^L200: and wee'll add a tax-tree bonus of 
fourteen months savings: £280. 

But the best is still to come. Just leave that 
money for two more years (no more to pay in), 
and Abbey National reward you with a further 
£ 280 . Absolutely tax-free. 

So that you’ve made .06Q without trying. 
And saved a very useful.^1,200. 

AH with total building society security. 

It's the kind of scheme you can 7 1 afford to 
be out of these days. 


S. AYE, interest rates are equivalent to 
S.30?6p.a. at the end of 5 years (equivalent to 
12.58% when income tax is paid at the basic 
rate of 34%) and 8.62%p.a. at /x 

the end of 7 years (equivalent to I \ 

13.06% to the basic rate tax J J 

payer)- / 

So come on in. Call / Get ) 
in at your local branch / CIJ \ 

or till in the coupon. JjJjP WlP J 

*TTH. 

ABBEY NATIONAL 

fcr the security you need today 

To: Dept S,The Abbey National Building Society 
Abb ey Ho use. Baker S treet, London NW 1 6XL. 


NAME; 

ADDRESS: 


n l am interested in earning £360 fire ofalftax. Please send 
me derails of Abbey National SAXE. 

□ I am interested in the full range of savings schemes Abbey 
National offer; Please send me details. 


It is now generally recognised 
that if the urban renewal pro- 
gramme is to work, then the 
building societies . will have to 
play their part, but this rela- 
tiveiy.new aspect of their opera- 
tions is one which is regarded 
within the movement with 
mixed feelings. Some believe 
that the societies must face up 
to the implications of extending 
owner occupation into further 
strata of the population and 
that they are to some extent 
morally committed to help out 
because of their seif -professed 
social role. • 

Others feel the movement 
should confine its efforts to its 
traditional area of operation 
and allow “ other agencies ” to 
tackle the problem of old and 
unfit housing. There are fewer 
reservations about financing the 
purchase of new homes in inner 
city development areas. 

But despite their doubts the 
societies have recently found 
themselves being drawn into 
the overall -attack on inner city 
decay via the somewhat con- 
troversial support lending 
scheme. It was introduced in 
the autumn . of 1975 and 
societies undertook to consider 
assisting mortgage applicants 
referred to them by local 
authorities which no longer had 
the cash available to arrange 
home loans themselves. 

The local authorities’ role in 
providing mortgages was 
seriously undermined when 
public expenditure cuts 
virtually removed their budget 
for this type of operation. The 
societies were regarded as the 
obvious alternative and asked 
by the Government to ” fill the 
gap.” 

There was without doubt 
reluctance on the part of many 
socieues to enter an area which 


When you need a guide 

to the money markets^ 
ask a member of the 
London Discount Market 


. If You have large sums of money 
to invest short term or you're thinking of 
buying money market instruments. 

Cater Ryder will help you. 

In addition to taking money at call 
and at short notice. Cater Ryder are 
dealers in Treasury Bills.- Bank Bills, 

Trade Bills and U.K. Corporation Bills; 
sterling and dollar CDs ; 
and British Government, Commonwealth 
and' Local Authority Bonds. 

We can hefp you make the best use 
of your money to give .you 
the highest possible yield with absolute security 
Telephone 01 -623 1911 and ask for the 7 
money dealers ortelex 888553/4. 



Cater Rgi 

1 King William Street, London EC4N 7AU 











23 



Financial Times Saturday May 6 1978 


BUILDING SOCIETIES III 







rso^Sena 




the world’s leading financial terminal system 



Europe’s largest electronics company - Philips - is now the world’s leading 
manufacturer of financial terminal systems; PTS 6000 terminal equipment has been 
ordered for some 20,000 teller positions since 1971. The reasons for this achievement can 
be summarised in two words; size and service. 

Size - 

Philips? size means that massive investment is available for research and development 
in all areas of electronics progress: with worldwide sales of over £ 7,000 million, and an R & 
D budget exceeding £300 million. Philips can offer a degree of technological sophistication 
which few other concerns can rival. Thus Philips is a world leader in micro components: a 
major name in computers, with nearly 70,000 separate installations: and also Europe’s '• ' 
premier supplier in telecommunications— the key to the distributed data processing systems' 
of the future. 

Service 

Philips’ size also accounts for the company’s attitude to service: all aspects of Philips? 
activity are uniquely customer-orientated, and its standards of customer service are 
acknowledged as being second to none. Nowhere is Philips? concern for service more 
obvioUs than in Britain: a nationwide customer support network, looking after £40 million- 
worth of equipment and 2,700 users, is recognised as setting standards for the entire 
industry 

Success 

Launched only recently in the UK, the PTS 6000 system has achieved notable success 
since January 1977, with twenty orders to date from banks and local authorities all over the 
country while special versions of PTS equipment have been manufactured to UK customers? 
specific requirements. The PTS 6000 is rapidly proving itself to be the preferred system for 
counter terminals in the UK, as it is elsewhere in the world. For further details you are invited 
to talk to Philips about your data processing requirements — ring the Special Accounts 
Manager, Bruce Anderson, at Philips Data Systems, 0206 51 1 5. You’ll find that Philips? 
people talk your language. 


Philips Data Systems 

A .Division of Philips Electronic and Associated industries Ltd 
Elektra House, Colchester,- Essex • 


computers that talk 
. your language 



PHILIPS 










BUILDING SOCIETIES TV 


Financial Times Saturday Slay S 197 S • * ik 




w. 








*&■ 


M 


■4*m 


, , ’ , 5 V §» * 

These days 
it takes more t 
a goose to lay 


, .The-tondon-.GoIdHawR Buildihg-Scxiety 
very, ^tractive interest cztes on a choice of • 
savm^.sch^rrfes.-: 

* THro-London. Gcldbawk "helps you make the 
most: of your money. And that’s no* fairy tale. . : 

CtjRPENt ASSETS IN EXCESS OF £ 100, 000,000/- 


□ Please send me details of all Investment sh ires- 


LONDON GOLDHAWK « 

J BUILDING SOCIETY S 

^ 1 517 Chiswick High Rd. London wt 2NG-T«1: 01-995 8321 | 

the* at Bristol Chtynicfc. Islington. PortmxiuHi.niehiiiOfu!, St. Leonrnnh, ■ 
Shepherds Bu«h. Suitnn. Wah«*. Wir»d»or. Wurthiny. I 

•■■-S” r! tf>» P-aWcru SDflmn Aj-- f.r» ter i* . ncm*'j W Wpnt 


No fixed term, only 
six months’ notice 
of withdrawal and 

your money 
will earn 


XXX 


A 

Centenary 

Shares 

The ini^rfU quoted l» «bo»<j the rate no ym paid 
on Cheleo* Share* end a guarantee *• given 
thnt Hie differential will be melntalned at not leas 
then */,•• above the rete paid on Cheleee 
Shares from time to time. 

You m^y i 'ppn vour «*r.r.oijni with an; --uni rrr?m E500 
in fcl.Ti.OOO it. TO OOO on |t»inl account t.i 
C anion,nv Shares alve you llexibtltfv and »h«» a»cunljr 
ol s Sociofv with inn yrars ol service .»nri over E.1SO 
million:-, al assets hnhind ■( 

••••• Get details today from 


Help for first-time buyers 


fT $EEM$ that any Govern- 
ment worth its salt has to be 
seen t 0 be actively helping that 
section of the community which 
wishes to loin the welling 

ranks of owner-occupiers. 

A recent survey commis- 
sioned by the Building 
Economic Development Com- 
mittee showed that no less than 
50 per cent, of young people 
expected — not merely wanted — 
to own their own homes within 
the next decade. The survey 
also suggested that the current 
level of home ownership— 
about 54 per cent, of the total 
bousing stock is m owner- 
occupied hands — could rise ulti- 
mately to between 70 and 80 per 
ceni. 

With the public ? preferences 
5o clearly spelt out. It would 
be a foolish political party 
which did anything to frustrate 
such strongly held ambitions 
and it is little wonder that 
certain elements, despite their 
repeated calls for less favour- 
able treatment for home 
owners, have been totally 
ignored by their political 
masters. 


Plaything 


But there is a case for 
suggesting that the cause of 
firtf-time buyers has become 
little more than a convenient 
political plaything, to which 
politicians have paid an ever- 
increasing amount of lip service 


while failing to fupport their 
words with much in the way of 
hard cash. 

In too many instances thp 
politicians choose io paint a 
picture m which none but the 
wealthy can afford rh p step up 
to owner-occupation. It is true 
that the level of home owner- 
ship in this country leaves room 
for further improvement when 
compared with certain ofhpr 
countries such as the t;.S. 
Canada. Australia and New 
Zealand, although the situation 
in the U.KL is better than in 
most other Western European 
nations. 

The truth is that over half 
—the last review suggested 53 
per cent — of. all thp mortgages 
now being arranged by British 
building societies are going to 
people who have not previously 
owned their own property. 

Some figures produced last 
year by the building societies 
showed that in 1976 nearly half 
of all first-time buyers paid less 
than a £1,000 deposit. 45 per 
cent obtained advances equal 
to nearly 90 per cent- of valua- 
tion and two-thirds paid less 
than £11,000 for their first 
home. Some of these figures 
will of course have risen, but 
so hare earnings. 

So the building ■societies, with 
evidence to support them, say 
that the first-tim** buyer 
generally stands a fairly good 
chance of taking that first step 


on the owner-occupied ladder. 
People buying for the first time 
remain among their major 
priorities and they are given 
every assistance possible, prn- 
vided they meet certain earn- 
ings qualifications There are 
some people, the societies 
emphasise, who will never be 
able to afford home ownership, 
though the societies claim the 
blame must he elsewhere 

In its evidence submitted last 
year to The. housing finance 
review the Building Societies 
Association perhaps went a little 
too Far in stating: “Nov only is 
it incorrect to say that young 
couples are unable to afford 
owner-occupation. it is theoretic- 
ally impossible for this to he the 
case.” A few organisations ami 
a greater number of individuals 
might argue over that conclu- 
sion but the societies were 
nevertheless attempting to pul 
across a rational case. 

They pointed out that over 
200.000 homes a year became 
vacant through household dis- 
solution and emigration and an 
average 150.000 to 200.000 pri- 
vate setter homes are built 
every year. Perhaps To.ooo 
houses are needed annually to 
replace losses from the housing 
stock, but the societies say this 
still means over 300.000 homes 
a year become available for 
those entering ‘he marker for 
the first ume. They might net 


actually be purchasing the 
houses ,iust categorised, many of 
which may well go to existing 
owner-occupiers moving up 
market, but in global terms the 
figures will be the same. 


Caution 


The societies claim that such 
an analysis suggests any 
schemes claiming ro lower rhp 
cost of home ownership for flrsr- 
time buyers through low-start 
mortgage arrangenipnis should 
be viewed with caution. H low- 
start arrangement* are intro- 
duced at a time when house 
prices are cyclically lush in 
relation T«* earnings — as was rhp 
case m 1P7T1 under Mr. Heath's 
proposals — thpn universal imple- 
mentation of *urh proposals 
pnuiil mean house prices would 
remain high in relation to 
m mmes rather than fall hark 

According to ihe societies 
they arc not dead-set agamst 
any low-start arrangements as 
a matter of principle bur believe 
they have their disadvantages— 
trenn the market and buypr'* 
point of view — and in any case 
feel that thp vast majority of 
first-time buyers arc happy to 
opt for the more conventional 
arrangements 

iloremments tpnd to have 
differing views on the Subject, 
with the present one. no excep- 
tion. The new of Ministers like 
Mr. Peter Shore, Secretary for 


the Environment, is that while 
Thousands of couples — and 
single people — manage to he- 
roine first- time buyer- each 
year, there are sufficient num- 
bers of people within an ace of 
becoming home owners, hut 
who cannot quite manage if — 
who need a little push to help 
them along. 

As a result. Mr. Rhor* and 
hi? colleagues decided to incor- 
porate in the policy renew pro- 
posals io help first-timer*. The 
nub nf their plans — since 
unveiled in full under the 
grand guise of the Home Pur- 
chase Assistance and Housing 
Corporation Cnaranteo Bill — 
involves payments of cash 
bonuses up ;o a maximum of 
finn. .ind mfeiesi-froo loans of 
up in rfiflfl which will he added 
to the normal mortgage ad- 
vance 

To qualify for a bonus, a 
first-timp buyer will have had 
to save fur two years with a 
recognisM savings institution 
and ha*-e kept at least £300 in 
his »i her arenunt for 12 
months before asking for a 
In?n. fnie rest-free loans will 
en to applicants who will al«n 
have to save over two year? arid 


have a total of at least £601 
saved on application. Qualify, 
ms house price limits will ala* 
apply. The Government believe* 
that the schemes, which will- 

initially cost about £l0tfm. t 

year, should in some way 

benefit more than 200,000 
potential first-time purchasers a 
year. 

The scheme, expected to taka 
effort in the autumn of this 
year, has met with criticism, 
from several quarters. The 
societies have acrppted it, 
though m private they dismiss. 
■ i a* virtually irrelevant, and 
the Conservatives have pledged 
themselves to make it more 
off pr» t vr if given rhp rhance. 

Hut apart from the bonus and' 
interest-free loan*, the Govern, 
ment has also asked the building 
society movement lo examine 
other areas of policy which if 
changed could help more first:' 
time buyers. They wish tn sea 
a growing percentage nf loans, 
gnmg on older properties, tha 
type which many first-time 
purchasers can afford, and also, 
want the societies to encourage 
the spread nf the Inw-start 
schemes with which they do 
not hasirally agree. 


THE NORTHERN ROCK FILE ON DODGY RISKS 

A Russian Roulette 


Finding the answers to 
public criticism 


* w vA : 





THE PUBLIC. It seems, have 
something of a love-hate re- 
lationship with the budding 
societies. While last year they 
were ready tu consign to the 
societies' care about £14bn. of 
their savings, they were often 
equally ready to criticise the 
movement for overspending and 
generally wallowing in un- 
warranted delusions of- 
grandeur. 

It is fair to suggest tiwt in 
the past the societies record in 
communicating even the mo«t 
basic aspects of their Operations 
have not a l way* been success- 
ful. though their recent suc- 
cesses would tend to indicate 
that the situation is improving. 
Even so. criticism remain* and 
more energy — and expenditure 
—than ever before i* heing put 
into transmitting to rhp general 
public what the societies are all 
about. 

Perhaps the most obvious 
manifestation of the societies' 
effort* lo increase public aware- 
nes* and expand business still 
further i? the massive gmwth 
in advertising. Societies have 
now effectively abandoned the 
collective approach to advertis- 
ing their sen ices and have 
embarked on ' highly indi- 
vidualistic campaigns winch in 
some rases represent expendi- 
ture running into millions of 
pounds yearly 

N'o one watching television in 
»he past year can have escaped 
:h« harrace nf <milin? fare* 
beaming the huildine society 
message across. Duly the ocra- 
-urinal iolemn pronouncement 
from general manager* on the 
range nj investment opportuni- 
ties available *eems to inter- 
rupt the never-ending proces- 
sion ot people cycling, catching 
a by? nr parachuting to fb*ir 
nearest building societj branch 

nffif-e 


The societies have been criti- 
cised even for this element of 
their marketing strategy. It is 
certainly true that most of the 
advertisements convey little in 
the way of practical guidance 
to potential investors (who 
needs to advertise for bor- 
rowers?) but rather aim to 
leave people with a sense nf 
well-being which hopefully will 
be translated into cash deposits 
the next tune they stroll down 
the High Street. The societies 
believe that is precisely what 
happens. 


Legion 


The High Street Is of course 
one of the major areas for criti- 
cism of building society opera- 
tions. By now the complaints 
about the “unnecessary" pro- 
liferation of branches and their 
usual elegance are legion, while 
the societies' defence remains 
the same. They are fond of 
pointing out that the movement 
as a whole has only 4.000 
branches compared with the 
12.000 of tb» major clearing 
banks and that branch expan- 
sion is justified almost every 
time in terms of the new busi- 
ness which they generate. 

The fact nevertheless remains 
fhai m some areas the concen- 
tration of building society 
branches is likely to strain the 
allegiance of the most fervent 
of the societies’ supporters. 

Recently one society execu- 
tive ran the nsk nf being 
accused of deserting the tradi- 
npnal camp in calling for con- 
sideration nf a system in which 
branch development was regu- 
lated by rhe Building Societies 
Association. He proposed a 
quota arrangement in which 
some towns could eventually be 
zoned a« ■■ fun "—that is, un- 





suitable for fu rth er develop 
' ment. CIo?er liaison with ihe 
i planning authorities, who still 
: invariably misunderstand the 
i nature of building society busi- 
i ness, was also suggested. 

Bui Peter Robinson of the 
Woolwich also used Ihe oppor- 
tunity to underline his faith m 
tbe general concept of continu- 
ing branch development. "The 
societies contend that their 
public is the shopping public, 
their customers are people, who 
conduct the business of saving, 
and withdrawing cash, as they 
go on ordinary shopping expedi- 
tions. 

"They perform an essential 
service, partly overlapping with 
but also distinct from that of 
the clearing banks, which are 
open to the public for less of 
the shopping day and nut on 
Saturdays at all." 

Mr. Robinson continued: 
"Their branches are not ‘dead 
frontage.' they have as many 
customers as many retail shops 
and their window displays can 
be interesting and constantly 
varied. They are not ’ lavish.’ 
but set up to a standard to 
attract customers into a friendly 
ajid confidential atmosphere. 

“ Usually they are carefully 
costed and societies have lower 
management expenses than do 
most commercial institutions 
This business is with the 
shopper and the growth of 
membership and investments in 
the past ten years of branch 
development tends to support 
that belief." 

-lust how tv the societies 
should encroach into the tradi- 
tional preserves of other msu 
Unions — notably the hanks — is a 
question which is likely to be 
asked from now on with increas- 
ing regularity. 

There is no doubt that the 
1 societies are increasingly offer- 
ing some of the elements of 
a banking service to their mem- 
bers, though there are still 
many areas into which the more- 
ment has not ventured On the 
deposits side, thmr success has 
been nothing short of 
facular. 


" Building societies are much 
more akin ro savings banks in 
that they arc m*»irly financial 
intermediaries and do not create 
rrrdil. II is regretted l here Fore 
lhai The clearing banks appear 
lo be assuming dial Hie societies 
are more bank-like than in fart 
they are." 

But the snrtelie? ar*> never- 
iheless striving lia^d ro rsi'*e 
Fhe level of their over-the- 
counter service?, the single most 
important aspect 0 f their 
operations. To this end mm- 
UUtenscd *y*tem« are bring rnrv 
sintered and introduced op a 
rapidly expanding scale. 

Societies use a pas-bonk 
system for counter transactionr 
almost identical to ihe tradi 
tional banking system of Euro- 
pean and other overseas hank* 
and compnten*ed technique'! 
are heine brought in w inch ci» « 
cashiers the a hi lily to er»nv 
munirate directly with their 
orcanisa lion’s central computer 
that automates all the trans- 
actions handled at branch level. 

The building societies are now 
giving close consideration to 
providing counter staff with 
terminal equipment and such 
develonmenis will not he far 
off if they follow the examples 
already set by such organisa- 
tions as the .Scottish Trustee 
Savinas Bank and wme of the 
country's largest local authori- 
ties. 


The uncertainty nf many a mind-blcnvn 
scheme can he a headache . ..but you can 
always play l! safe where your money is 
concerned- * 

In Northern Rock if earns good interest 
with security— and is always there when yon 
need il. 

Wp have schemes for small savers as 
aveU as for big investors. Northern Rock is 
everybody's Building Society. 

Sai*@ safe with 


Authorized for Investment by Trustees 
A member of tha Building Societies Association 
Assets exceed £440 million. 

Hlk. A Countrywide Building Society 

Chisf Offv:>r-\.'rrth»Tn Kwk Heoir FC s«sV* g.i>rforfb. 

WT: n* \E i JFL Ttltphcn? otv »j:jq 
tendon F>siom 1 Oniu- 1 ' Cpndw! And U-ndo.n U jR «ri Tel O’ 4 B 3 
Sc 0 toh r^ f ^Vr^.S a ' , \ l tr t, ®y 1 ' ™mv.r;h. E*U 3 DM T-L G 31 SSS SJOl. 
6RA.-.CHES AND AGENTS THROLCHOLT TR£ U.k. 





Risen 


in the world can say that. 


FAX 

SOCIETY 

3.000 million. 


Over the past ten years the! 
bank*’ share of available I 
deposit*, according tn Govern- 1 
msnt statistics released at the 
beginning of IR7P. ha? remained 
steady at around 30 per cent.. 
whereas the societies' share has 
risen from 24 per cent, to 41 
per cent, in the same period. 
The success, ci early, has noi tn 
date been at the banks* expense. 

The societies’ case is that they 
are not in fart as bank-like as 
some people would suggest and 
that moves such as the decision 
by some societies tr» stock tra- 
vellers' cheques are a long way 
off from providing full banking 
service.*. 

Mr Ralph Stow, rhairman of 
thr Building Sucieiiec Associa- 
tion. had snmolhme to nay on 
the subieci. " Problem? Fanne 
ihp hanks in«iudp romparatively 
high management expense* and 
thp rnmpputinn rhey pxppriencv 
from overseas batiks in Ipnrime 
rates, which make* it difficult 
for the r.K. bank.* t« rai*e~rheir 
present low ^p'po=]t rates with 
put eroding profit mar gin? 



fc.. 





investment for 
a ' * 


Burnley 

Building 



Established 1850. Assets exceed £600 million. 

One of Britainsgreat building societies, 

c Burnley. Lc-^cor-j: "Y": i?9 Kings®,** a- ’ 20 Berkeley Sauars 
fcfaref.socu.* «£=■ --so « .r - :.'.5ccun ;ry 










’V 


Tirianplal Times Saturday May 6 1978 


25 



INTERNATIONA! . FINANCIAL AND COMPANY NEWS 


t& & 


wm 


'S 


CBS to buy 
toy group 
for $27m. 


.NEW YORK, May 5. 
'BC INC. has agreed to acquire 
he toy company Gabriel Indus-, 
ries Inc. for 917.80 a share, or ! 
iboui S27n>. in total. 


Pakhoed selling property 
to raise $174m. cash 


BY CHARLES BATCHELOR - AMSTERDAM. May 5. 

: PAKHOED Holdings' properly bates and subsidiaries and leave FIs.39m. in 1977 From Fls.43m. 
me ^4'r V' — , .. 1 division Blauwhoed is selling otf it with a portfolio worth an on sales down io F!s.413m. from : 

* « Ua,meJ . ^ Jointly most of its property portfolio to estimated Fls.l30m. in which it Fls.457m. The company paid no 

]Mb^»r"merser S “-^~--‘! ri ‘ ise S174m - ^ f ° r »• “ ... ^IL de ". d - «“* 


Saudi buys 
French 
bank 
interest 


GENTING HIGHLANDS 


Gambling with success 


BY WONG SULONG IN KUALA LUMPUR 


By David White 

PARIS. Afar 5. 
THE FRENCH-BASED 


x anuucu, w uiui uop. ... . ■ , c . * . » OWuCJ. 

- - , k , --“U a 5ree™.ent "I*' “**' Pakhoed, whose most profitable seen a series of Boardroom Arabian businessman'-lIr.Akram^^^^ 

ffi™! }}? J*oth Boards and byi d parent com pan, . division in 1977 was Blauwhoed. changes in the past two years, is ; OlJ®k, has nwrod- h^iLn* 61 -ru e 


, NESTLLNG some 6.000 feet up in 
1 the mountains. 30 miles from the 
[Malaysian capital, is a sprawling 
complex of hotels which are 
cJ 1 ,'. Hi * literally money spinners for their 
aauaJ owner, the Genting Highlands 


"»abriel . shareholders. Certain I 


division in 1977 was Blauwhoed. changes 
Blauwhoed is to sell property said in March it would make suffering 


from 


another fresh pasture by becom-. "The groups annual report and 

emuuuuL . _ _ i •jriuori’icompntc hri-jct nf n« 


tourism and temperate agricul- Karak bighujy ha.* I wen co:n- 
ture. pleied givini: better aeiv.— l« 

This u? understandably » Ion** ihe highlands more visitor- ..ie 
term pton. Genting hopes expected. Tho casino will al.-o 
initially to develop 300 acres shortly niuvc to more spam*. is 
of prime land near the gnir and luxurious surrounds in til? 
course for residential housing, mu' 0 lStidorey hotel. 

Work on this will hegm next Gemma's expan>mn c.»n 1*0 



'smed- SH.am. 
! 50.2m. 


on set sales 


New York hotels bid 

NEW YORK. May 5. 
FINANCIAL group has 


^ffered 10 buy three major New 
York hotels— the Barclay, the 
Fillmore and the Ro.osevelt — for 
550in. from the bankruot Penn 
r.cntral Transportation Company. 

According to a spokesman for the \ CAT ALAN A 
.'ompan.v'5 trustees. 

Rputer. 


fSi07m 1 FIs.34Gm. storage and transport operations real estate companies. Van ! J ,0U Sj 11 f bo . u * 5 -^ r n <: t° L e 0f lhe 5?°“® . l, - ISl1 A rosp from 50 per cent, in !R75 i-asiuu as part of ilie deal. 

recorded sharplv lower profits in Eadelhoff of Amsterdam and bank s stock 0D the Pam Bourse, the wsinn. This ix understand- B0 per cent. IU 19,6. and Ju 
These two' sales represent 1977 on a slightly reduced turn- Ackermann and Co. of Atlanta a ab J e ‘ °i '? u0l,ntr l I,k L Ma I lays , ,a 6 - P er l ' ent - Us * - veir - B,u lhe much the preserve 

Blauwhoed's interests in affili- over. Group net profit fell to Georgia. i Th * sharew are anotoeitUy esti- - where /stem ls ,he # oflicial reli- average length of stay is only 1.6 ESSlv ‘ P 

0 mated la have cost Mr. Ojjeh tn Sion. operating a easmn is looked days, reflecting that nmst cimsts r j,.: 

S10.9m.».:upDn as being a oot very respect- are there for the week-end gamh- 

line. 

Now that the Kuala 


Sales rise at Catalana de Gas 


on thel>ajis of market prices in; able Tom of business, 
the period when the transactions Since the (tenting Highlands 
took place, before lhe March Hotel Bcrhad was true led on the 
El * cllD0 - . _ ... slock exchanges of Kuala Lumpur 

The purchase mves Hr. Ojjeh aD d Singapore in 1973. its capital 
one ofthe biggMt shareholdings t hjjg risen steadily, through scrip 

, DE GAS y Elec- incorporation of a new plant at By 19S4, Catalana expects to; introduction of bearer j^y^ *?£■'» Iasi 

jtricidad S.A. increased its turn- «eusby one of the groups sub- have quadrupled it sales to some shares In the place of registered ; yeur . p r ofits"over lhe years have 


BY DAVID GARDNER 


BARCELONA. May 5. 


the region of Frs.50m. (SH 


ruin pan \ is still \ory 
the preserve *»f ihe L^m 
Datuk l.im spend- niileh 
time supervising eon-init- 
tiun in lhe hiehlur.d- while his 
27-yea r-i»ld inunu-jes the 

Lumpur- eoneern in KuuIj Lumpur. 


Canadian Occidental 


1 over in 
iSHOm.) 


Ptas-S.Sbn. sidiaries. 


PtasJSObn., and 


Ptas.S.05bn. 


ir , Catal ana’s president. Sr. Pedro „ ^ 

>n „ j_. :.i .i i_ It also expects 


. .CjVNADLAN Occidental 

reports first quarter 
profits of SC6.1m. compared 

SC3 5m. ; approximately 10 

- Tn reporting the sharply ! volume and 11.6 
-higher 'first quarter earnings, the I money terms, 
company pointed out til at the! t^s resulted fund ament ally 
..results were not_ directly com-[f rom the increase in interest 

! he . r y 51 r , ag0 ( charges on foreign currency 
^quarter when its North Vsn-, pfmRic ae n racui, nf 
couver 

plant was closed down 


tripled its profits. | shares, it was no longer possible been impressive. Pre-tax profits 
s tu double Its *° t r aL ' e ^ ??, aL " 1 Sl ,f e of mdivi-: have increased from 2.45m. ring- 
dual shareholdings, but none ex- sils in 1971 to 27.5m. ringgits last 

year — thanks largely to profits 
from the casino. 

Genting is. however, well 

Empresa ‘ National - de - Gas. ils 8 P er cenl - dividend this , r Jt u ‘h"-Trfin 0 u ' 1 .^ ‘ aware or the high risk status 

belonging to INI. the State hold- y par - 
mg company. Catalana 
a free hand in gas distribution 
in Catalonia and the 



1 seen as heralding a bid for. ... . r , 

■ control, which would have 10 be’ 07 - 1 ^ ^anungs. Al the same time 


a will have Sr. Duran called for policies • passed by the French National ;E ub lL P r£, j Sare ’J 1 .w a i a J^ ,a c£,Dp 
listribution of conservation based on a ; Credit Council. itmues todemand thattbe com- 

e Valencia realistic pricing system, claiming i Mr. Ojjeh ‘s company. Tech- 

• UM „ .. , . Empress that prices in Europe for energy niques d'Avant-Garde (TAGM llf Profits from „dmbin 0 . Hence 

. 5 redits 15 * result of IasI l‘e*r’s Nacional will pipe natural gas supplied to industry were 29-30 month bought a 10 per cent ‘Vu l 1u by 

1 devjiluation of the Peseta, and into the north of Spain ahd per cent, higher than in Spain, stake in a big civil engineering in ,f ln d,v f rsif >' ^'tih lhe latest 
i' 1 JJi'.Y P ks 'bccaus^of a°s&ike r ^ Ve ■ l ar 2 cr outlay in 1077^ as ^ part Andalusia. Catalans will have Ht» also called for the diversifi- « m „n n.<>»M -mw «,ia^*'Pl aD ^ nr spreading profits risk 

toulet£ 


A 




The Fit si Viking 
Commodity Trusts 


Commodity OFFER 37.8 
Trust BIO 35.9 

Double OFFER 84.0 
Option Trust BID 80.0 


'ML 

s' 


Commodity & General 
Management Co Ltd 
6 Sr George's Street 
Douglas Isle of Man 
Tel: 0624 4W2 


(METALS) 

RON BONHAM RAYNER 

Spec>alitt >r. Charting and Trains 
Mculi. Purveyor el I hifh nullity! 
metal epneiu tir<f ending tgxinst 
I fc 3 month optieru. Chart Con- 
tuluncjr Service. May bulletin now 
9»aiiahle. Write or ‘ohone;— 
Napier House . MU Nelcwi Road, 
Rayleith, Essex. 

Tel: 02M 779U7 or 03742 79147 


of Cgt&lana's expansion pro- up to IO per cent, of tbe 
gramme, which Last year saw the market. 


Sales growth 
at Elektrisk 


By Fay Gjester 

OSLO. May 5. 
ELEKTRISK Bureau' of Norway 


11 have He also called for the diversifi- anmo Dumez. and made nlanS' , *? r proms risk 

e latter cation and. development of the ; f or a joint construction venture | ff^htld “a ?he Sandf 

“Atte^SS ineelhag. held! The firs, diversification attempt 
last week, the bank said lt ended ,n failure - ,n Js,nuar - V laM 
expected higher 1978 results. 


countrj's own energy resources. 


Setback at Maltese bank 


BY GODFREY GRIMA 


MALTA, May 5. 


Outlook at KHD 


SUMMARISING the current 

PROFITS by Malta's Mid-Med share fell from 21.1 cents to 12.6 j Humb^it-Deuui* 011 the^ '° eC West 
I Bank, the former Barokus opera- cents. ! German diesel engines, commer- 

with interests in electronics and I declined 6 tes? 0 Thi* h £as u W 5 at scems l°- hav ®. coniri-jcial vehicles, and engineering 

telecomm unications, reports sales j k u e<u i.- buted towards this decline was group, says that in spile of con- 

totalling Kr.l.OGSm. P (S195m.) |^ ted Pn bj f k MP^1n “ th , e . sli ! glia,1 . t , levcJ of.^dvance’s j tinging w®ak^denmid for cap|tfil 

last year — 88 per cent, up on' 


1976 — while profits rose to 
Kr.19.2m. from Kr.l6-8m. The! 


Mr. Paul Xuereb, MP, in his while deposits were still soaring, i goods, increased costs and 
ad r/?f. shareholders. According to the banks balance- i stepped-up price competition, it 

Mid-Med. which is currently s j ieett sa vings and deposit jha5 seen the first few months of 


itiertases partly reieS tike- i Punching overeeas campaign acc oim,s in 1977 rose to this year dMelop relatively 

SSTTfi 1 7mS.i« ob , ! t° ?.'»«« industrial inyesuiients whiJ( . , be 3mount oI , MDS fell , 0 J favourably, writes Adrian Dicks 


“ilrn'l hretan'S^L'-'v"" c .’Si , .?i.l #l gIt?„ b _ y SxS 


k? f s- a ! ssf w ” sx 

TSfcSSS Rothschild profits U p 

of communications systems. 


wardgate community 
FUND 

it 21th April 1978 £9.99-£10.4D 
WCF MANAGERS LIMITED 
P.O. Box 73 
St Heli*/-. J««ey 


0534-20591 /3 
Next dethngi 3 In May 


1»7« 


from Bonn. 

Despite the more difficult 
market conditions — further 
aggravated by currency uncer- 
tainties — the Board expects to 

which were published last year TH E-ZURICH -BASED Rothschild ! eDd 1978. profitably, 
covered therefore a 15 month Bank AG. controlled by the • The company has already 
period. This year’s are the first French and British Rothschild ■ announced an unchanged DM6 
returns covering 12 mouths. concerns, reports an increase in dividend for 1977 along with net 
Mr. Xuereb. who described last nel profit to Sw.Frs.7.4m. : profits for last year of DM4H5m 
year's operation as “saiisfac- <S3.Sm.> from Sw.Frs.7ra. for the ; (S22.3m.) compared to DM45m. 
"ton- ” said profits before tax financial year ended March 31. Taking into account the tax 
stood at £MlJ2m.. against £M 1. 9m After payment of Sw.Frs.3m. as; credit, domestic shareholders in 
ror the 15- month period ending dividend. Sw.Frs.4.3m. will be KHD will receive a dividend of 
December 1976. Earnings per transferred to open reserves, i DM9.38 for 1977. 


year the company sprang a sur- 
prise by announcing that it had 
spent ’iOm. ringgets to buy 23 
per cent, in Golden Hope Planta- 
tions. and a cash bid for the re- 
maining shares was made. But 
the move was blocked by Harri- 
son and CrOofielda. which had its 
own plans to merge Golden Hope 
with two of its sister companies 
to • form Harrisons Malaysian 
Estates. 

The bid made Genting a loss 
of 3.36m. ringgits in foreign ex- 
change conversions, although 
shareholders will find some com- 
fort in the fact their company's 
shares in Golden Hope were 
worth 33m. ringgits on the mar- 
ket at the end or last year. 

Genting has hi?h hopes r«r ils 
latest development plan. The 
Pahang State Government has 
approved its re-zoning proposals, 
and a masterplan has been 
drawn up by an .American con- 
cern to develop the group's 
12,000 acres. The creation of 
three townships with a popula- 
tion of 90.000 people is envis- 
aged as well as large areas for 


EUROPEAN OPTIONS EXCHANGE 




J.i.i 


Ilf 

1 . 


" 

1 

('lit inn 

IVllT 


W. 


V ..|, 

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3 

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b*f 


B •» 

4 


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K330 

16.50 

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tljiviii+ne 

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12.50 

5 

15.50 

6 

19 



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F70 

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” 





THE OUTLOOK FOR 
COMMODITY FUTURES 

This monthly investment bulletin gives our view of the 
likely future performance oi the principal commodities. 
Send for your free copy now 
To: Cometeo Commodities Limited, Bridge House. 181 Queen 
Victoria Street. London EC4A 4AD I ivouM It! a U> receive your 
monthly investment bulletin 'The Oulloot' lor ComnwdilY Futures* 

Mr Mrs Mira ^ gl * 

Address - , . _ .. _ 






Postcode 


The Commodity Brokers 


fit 


--e 


TS 2 


b> 


Tz rl 
$ 


COMMODITIES/ Review of the week 

Tin prices surge ahead 


BY OUR COMMODITIES STAFF 

TIN PRICES surged upwards on 
ih,- London Metal Exchange this 
week. Yesterday’, standard grade 
i-a-h tin jumped by £lS7J5 IQ 
r&-4SC a tonne. E3S2 higher than 
a week ago. 

A sharp increase in the Straits 
tin price in Penang, as a result 
nf better consumer demand, 
f.m- the London market a firm 
undertone. But valuta were also 
boosted by fears of a new short- 
age develnptng of r applies, imme- 
diately available tn the market. 
A fall" m LME warehouse stocks, 
umi fu recast s of another decline, 
pushed tlie cash pnee to a hefty 
premium of £105 over the three 
nmnths quotation. 

A major influence in the 
Tii.u-kci is tbat expectations of 
mi) plus un being released from 
The L-.R. strategic stockpile have 
receded, and it is thought un- 
likely that any stockpile sales 
will materialise until October at 
ihi* earliest. 

A.M. and S. (Europe), who 
run the Avomnouth smelter, 
announced last night that its 
Ji.iropcnn producer price for 
zinc was being raised by S25 to 
jnTS a tonne. This follows a 
Miniluv increase by Noranda ot 
Canada last week. Two Aust- 
ralian producers — Electrolytic 
Zinc and Broken Hill Associated 
Smelter*— tame PUt their price 

UP to S600. but other producers 
are still charging 85S0. London 
market views are that ti is un- 
likely lhe European ,«roelters. :n 
particular, will follow the 
increase since it involves paying 



more for their raw material 
intake— the concentrates— a t a 
time when the outlook is sun 
uncertain, despite reports _ of 
increased consumer buying 
interest. 

Unexpected developments were 
a feature of the lead market this 
week, when London -dealers 
returned from the May Day holi- 
day to the news that the U.S. 
domestic lead price bad been cut 
by 2 cents to 31 cents a pound. 
Similar reductions were an- 
nounced by other UJS. producers 
like Bunker Hill and St. Joe. 
altough Cominco of Canada 
argued strongly that a price cut 
was not justified by the present 
supply-demand Situation- 

Copper had a quiet week, but 
lost ground yesterday op fore- 
casts that warehouse stocks were 


likely to rise rather than fail, 
as had previously been predicted. 

London's leading soft com- 
modity markets ail ended tittle 
changed after a quiet week. 
Cocoa figures moved higher on 
Thursday m response io vague 
rumours of further shipment 
delays caused by port congestion 
in Ghana. But a £33 a tonne fall 
yesterday wiped out these gains, 
leaving the July position £12.75 
higher on the week at £1,966.5 
a tonne. 

After rising £13 on Tuesday, 
nearby coffee prices traded in a 
very narrpw range before slip- 
ping back yesterday. By last 
night's close July delivery coffee 
was quoted at £1.389 a tonne, 
down £2 on the week. Yester- 
day's fall may have been en- 
couraged by news from Colombia 
of a sharp build-up in stocks. 
Support buying over the past ten 
months has lifted stocks held by 
the Colombian Coffee Growers' 
Federation to 6m. bags (60 kiios 
each) against average annual 
production of about 9m. bags. 

Sugar prices eased marginally 
with the London daily price slip- 
ping £1 to £100.5 a tonne. The 
market ■ ignored a forecast by 
the chief of the Australian ex- 
porting agency that the world 
price would rise to £140 a tonne 
by the end of ‘this year. 

Rubber prices moved higher in 
quiet trading, helped by the 
decline in sterling. On the 
London physical market the 
No. X R'SS spot position ended at 
53p a kilo, the highest level since 
last October: 


MARKET REPORTS 

BASE METALS 

COP PE Rr- Easier im Ihv. Lundon VcU|. 
Esrtian.e. f"l lowing 1 weak Coro ex do~> 
uvemlrfii and an mu-ease 0 -recall in 
wurefii-ifep -<iiick». I'tirward metal loll 
fr-firt I7CS in iTW bt-fvre recovering Io 
«.-!k-C 1 -n lhe Kerb al £THT. The nei uain 
on Ihe week was n. Turnover 1U.CC5 
l mines . 

Amalgamated Meial Trading replied 
iliai in i he inorniiut nun mrebar- traded 
; al MS5 3. three uVuNh- KM. Mi. M. 

; m.5. 05. 1)3.3 05. 0< 3. Carhodev three 
; in-mihs raw Kerb; W i rebar*, ihrae 
' ni'-nths ET05.-5. On 033. 03. Afienmon:- 
iVirvba rs. Hirer- miintlfa ITOt. 15, 4. .3; 
3.3. Kerb - Wirebarn. Ihree monib, £705.5. 
6, 7. 

t-Ol*r»KI! +‘ ,r , f'-JJJ- 

1.1. 1 I bl. ym,.,.. — tni-tGi-ia ■ — 


iaial (or the week io 1.515 asatadi C-CS3 
lonaes -reporr-i V. W. TaneraalL Slack 
dealmfis eenired on Middle Eastern mid- 
Scatrered support came m .Uncap 
and Latin American srewtbs. 

SILVER 

Silver wa> lived «^5p an ounce hlCber 
lor apot delivery In lhe Landau kullian 
market vesierda? al JT7.Jp. U.S. cenl 
eairlvaJenLt uf ihe Sxins IcweL^ were: 
Spoi 5 os. 7c. up O.bV: mree-momli SIBdc. 
up D.Tc: Ms-month ASA Sc. up 1.0c: and 
ui-m-nih 34M.Uc. up #.Sc. The meial 
ripened a I 'JTT^-iTS.So 'aOS-oin-.c- aod 
Cl oved al 37g.l-jra.lp Jaflfe-jlOc i. 

- r - ' | 

"ILVKK . HinOt-li + <11 UU.k. |+ m 

Ifi i hslna i — i \ — 

troy .v. : priciDC I ' 


91.00. Nov. Kj.uo only. Jan. ml. Mari-h 
87 M only. Sales M loia. 

IMPORTED— Wheal: CWRS Nn. 1. 131 
per cent.. May S3 75 Trlbur). U.S. Park 
Nnrihern Sprlns No. -J. U pvr com.. 
May 81.30. June and July <3.73 liwJup. 
mem East C.-a-.i U.S. Hard Winter 
ordinary uwjuoiwl. Ausiraliau »» heal 
unuii»lcd. EEC wli>Mi unnu-iicd. 

Maize: U.S.'Krwich first-hall May 

HW 73. »ecoad-balT Slav KW.flO. June Iffi 3a. 
S. African Vetluw May June Si. DO --Her. 

Barley: Unqumed. 

H CCA— Local ion rx-iami 'Dm ornvs. 
Ollier milling wheal: Cnquoied. Feed 
wheal: iCcnl M.M. Lancaslilre 05 W Feed 
barley: K-’lU >0 M. Lancashire si 3". 

The U.K. nmneiarj i-oefllcient for Hie 
week hecuinlna May S will remain un- 
channed 


July 3M.5-.M8.0. 1K7 :.i.M7.8. 7: lid Mb.a- 
-Mtii. MS.S.-WK0, S3. Total sales. 375. 

VEGETABLE OILS 

LONDON PALM OIL-Clour: May. 
June. July aiikuki 30u.BO^U).iW.S<-pi. 
rpo.ne-no nu i hi. JM m-SMM. Nor. .'npa 
lll.inn. n--r. ^D.00-Ul0 00. Jan. unqmii.il 
Sol-v Nil 


Cotton and 

meat/vegetablesi grain up as 

SMITHFIELD — No cartasc meal pri- v-. | ” * 

copper sLips 


NEW Mji 


RUBBER 


L I' - . I -S 

Wire bars 

Cs-b 608.5-7 —9 687-. 5 — BR 

J TIKIIlUl-.. 704.5 5 —9 705-.5 —9^ 

-em'm'iit t87 —9 — 

Cathodes- 

IMr G77.B-B -8.5 617M9-8 

f. -uuiith-.. 596 .5 .— B.5 695.5-6- +3.25 
^eiii‘ni*in 678 — 8.5 — 1 ~—. 

L'."-..fiiii.. _ . W 

TIN— strong wlih forward men] rIvhj 
an initial iniuc-tuv from £UJ£9 In £K£30 
after an advance m rhe Eastern price 
ovtirnfeM- l-Teih buy mu- sbortwvertna 
and proiective merchani borrowlns helped 
lo widen the backw-ardaflun. The price 
moved in IC30 and cloud on the Kerb 
at W380. The dm cam oa lhe week wra<t 
CjiO.i. Turnover MUD tonnes. 

Momma; Standard, cash £8.-100. £8^93. 
. 90. Ihrvc moolis ItLO-fO. 16. 15. SO. 13. 
' Kerb: Standard, three months £8J15. 
Aliernoon: Standard, cauh CB.416. SO. ihreo 
manihs IiLXIH. -5. 30. 35. 10. 30. 15. 10. 
air t*. 7u, 80. Kerb: Standard, three 
months £iU90. 95. 90. 30. 70. 75. SO. 

a.m. + n _ |ktn. jt-Pw 


nprt 277.7 I . 5-0.86 27B.7r -»■« 

Jniunrht.. 283.7y +R.N Z84. 7p , — 0.2 

t lumiibi..' ^9QJR)j >+8.15, — 

I2m.iiiihr-.306.lv - 

“ LM&— Tumo ver _ 12S 1SS i^loiiP 
ounces. Ifonung: Three months <. 
3^. 4, 5.7. SJ. Kerbs: Three niunths 
2SS.7. Altermwn: Thru mouiba 3S4.B. La. 
LL 4.3. 4.B. 4.8. L5. 4 *. Kerbs: Three 
moolhs ?«.a. 


EASIER opewna on The London 
physical market. Little mrercsf Through- 
out the day. closing slightly steadier. 
U'uls add Peai report ihai die Malaysian 
godown price was 113 iili> cems a kilo 
ttogrer. jjwV .. 

Nn.l lest’rdar'* Preinai- I Biisint-s* 
R.S.S. 1 '-lose' . rlw I d..ne 


COCOA 


The market sued in light trading epo- 
dl lions to dose at the Iowa Of the day, 
reports GUI and Doff a t 

~ Sesterda.v'ir^F’cir ~ Bniiieitt - 
VlXOJ. ; flu* I — ( Uoue 


NoaflDtr'i 

3 1st 2035.0 40JI 

July IS68.B-67.il 

1183.0 88-0 

Dec HBS.u-tiS.K 

Uaiuh 17BS.UM.5 

Mas l?Si.0-5BJ» 

July-. ISIS. 0-98.0 


U- 3flJi2075.B-4Q.ll 
i— MJ-2087-0-1S6& 
-B1J 1927.0-1105 
— 35i;l«baJ02.0 
89.5 1>N.u-n«a 
—24.0 1749.9 
<—54.0. 1730.0-20.0 


June 

July 

Jlv-Sept 
Ocr-tiec 
Jau-Mr. 1 
Apr. Jne. 

-riv-W 

iTcr-Uee- 

Jsn-31ai 


64.B5-BE.40 
35 25 =5.70 
55.6Jb6.7a 
58.UnB.55 
67. 50 .57. 55 

55.20 58 55 
59.25-5!. 40 
6D.50SD J5 

61.20 81 25 


54.60-55.25 - 

55.60 56.no - 

55.35 :8.10 55. fifi-i S. 10 
o6.50-afi.iS B8.6a-55.B5 
57 .55-37.41,. 67.45 tfi.70 
58.15-58.20 58.55 a 1.95 
56. >0 58. 16 39.00 
60.10-66- IS GD.45 58.00 
81.06-51 10 B1.3B 61.15 


TIN 


ihU. 

Ulre-tai j — lUuoffi'la ■ •’ — 


WEEKLY PRICE CHANCES 


ffigh Grade £ • j: £ * £ 

6390-2 t)53s 6485-500+1874 

5 muntW 6315-20 +106 . 6385-SO .+ I47 

rienhuu’lJ 6392 +102 — 

Standard. 

Uash.TT.. 6390-2 ,188.16485-800+1874 
S m-niiM . 6315-20 + 105 6385-90 +141 

-Setueni'i . 6392 + 139 — 

Sin.it- t-.l :S1640 + 48 > - 

Xctr Y ork J537.50J+13 

, LEAD— Little ehanped aldxwgb tba 
; markei u-a> tm dally sluggisb under the 
1 induence of cupper. Forward metal 
I moved down ID £387 but then traded at 
a slightly higher level, dosha on Uie 
Kerb ai £3M. The nei TsD on the week 
was £L25- Turnover 4J75 tonnes. 

. Morning: Cash £381. £300.5. three months 
£307.5. 09. SSLS. 69. 89.5. 09. Kerb: Three 
month*. £309. dia. OS. Afternoon: Cash 
£302. three monlha £389, 8 j. Kerb: Three 

raofllte 1306, 9.5. ___ ^ 

,*lni. " +<ir‘ m-io. ! 1+"tir 
LK.VP Ortimi ■ — ; Luoriicial, — 


Sales: l.»16 td.7511 lots Of 5 teanes. 
louvratiMai Cicm Orsubelw rtljS. 
cents per pound- —Daily Drier May 4: 
138.28 <150.131. Indicator prices May 5. 
15-day average 151.75 |152U>: “-day 
average l64U-< 155.081, 


Sales: 388 iSSS) IMS of 15 ionites. 
Physical dosing prices riiuyem were: 
Spot 3Sp (same. June 52.6p <31.0>, July 
5S23p <33^> 

SOYABEAN MEAL 


'lYMcniajr .+ *w • 
Ltow ■ — : 


Bai*nta-s 

none 


-ini’l-ri | 

MEAT COMMISSION — .tveras* - 
price- al rcprc.riiiaiive niarhei. «n 
Mj>- ■'< CB cvtlli*' 60.4511 u.-r Lu lu.l 

al i«':; fKK.-ini-S METALS - 1-jJ r.< :.r «... 

■ l.l ■- England awl Wales-Catilo , dMn^-J «" \.-n Muni, .lull . 

HiiiiibiT- up .'9.9 per cent, aver a pi- unic ! L"tvi .eavfd ..u <.uiiiiiiKM..|.h?ii-c and 
.jS.9U[i < — '-'.4iii- Sheep number, up 17 9 I'-mb irad<- .+llinn. »...iK-i- c.i--i -lui :!• . 

pi-r iciii.. average price l3S.5p . , ,ij.. ■ im'-ily -n l«i*al .mu in. T|«c 

PijS nuutbr-rs ur> 'll 2 ppr ivni,. avi-rju*-' ^ iw'w xhvuikiT. mmhW <ut r.im i'i 
price »WJt|> < + 1.1 Scailand-Cauk a,,, » ■ Jiiruwms .p-cuiauve l-u- • 

number- up 4.7 per cenl.. average price ,,,K •H" 1 **•*?* nj'd'rty um -unpun m ih 
rtT.Up i—0~7i: Slieeu numbers up ,-| ; . pr-duo-. S-'ali-ai.-- n-re llnner all 

per mu., average urlcr 14».9p f+7l». j r n-p-iris. 

COVENT CARDEN ipmx-a in Merlins a ] Cocoa — Mav I.V1J0 . 1.47.2'". Jul' l.«:.Vi 
package. eXv'-pl inhere olhiTwIii- 'WM 1 . Sci*l._ 149 25. D+<’ '.42 7.'< Mur> it 

— Imparled produce: Oranges— Cvpr <01 I 13- 25. Mu' 115.IM. .hib 1.L* 5i* -eltl-'Dle:.l 
Valencia Lali-s 2'1 kilos 3.344.IM. | i Kilns I S^l.--; .‘iT-V 

'i «0--: M: Jaffa Valencia Lates ::.»V| in: 1 Coffee— ' C " L"iiirj< i : Ma* K:‘>n 

KcXpKao Lan-s 2 40; Monwcali 2.SO-J <w ' < 173 90.. Jiffs l.'d.-iM-IK; 7."i • l V; 71 >. s. pi 
Texas: ::.2ll. Orunlqucs— Jumak-iin- 1 137.75. H.-i. 123.4il. M.srill Ils :.<m- ;.fi. 
K in Lemons— 11 allmi- 168. 120s , Muj nS.MMltiT'i. Julv iH-tt-n-s Vi. y. pi. 

Spa 01 a; small frays iS'SOs 1.24-1.. W: 1 f l.'.tltf- 1 f-t.Wf. Sal- - 4li l«f- 
Graoefrull— Oyrm<<r 13 kilns 2.20-‘.Hn. UU Copper— Mil y V In ■ To ;<>• .lmu 
kilos Mi: .Ijda: 2ii kilos T.nn- : :m: ■3g.n1>. July .‘W.lii. s,.p». *1.211. t»w. r»i'JT>i- 
I'S Buhv Bed IS hilns 4 40.- Apples— Jnn. n. 1 ju. March WS.211 Ma* -M.2*i. Mil" 

Klvnch- Holden Delirious 29 Jb Ms .* ji>- : iwl.jii. s, tit i,k :u. Dr .- i~ 7n lau. i-V" 

:.TI>, 72- 2 7u-2.9il. in lb I.Sft-a.tsn. Uuklen ‘ Murcll >»2li li-lllrinmK >al- .- lX>n 

Di-llnmn limit'll' Kick, per pound n in- . l.u- 

0.12: Iialian: Bomi' Beamy, per pmmil 1 Couon— Sn. J - May - n W.. 

•.IS. Golden Delicious Q 10-U.I2: S . ' ju],- r.s -.7-.',S fl.l -.Vi.7..i, net. &>■ . 

Alrican- Diiiid - 3.3H-7.00. Granny Snnihs 1 sn. March •;.! m*c Hi. Mji .MV 

00-7.20. While Winter Pea mu in B.&I-P 1>I. ,limi. JhH ■a.'OM.U net iCi iiiM.i.un 

n..n.am.w v ml* m- M5.(WU hnl*-.. . 

■Cold— Miv . IT" -H*.. June 7 7 5 j'ri 

• in lui. Jnb tr..m> Auk i:-2i* >ui. 
17S.MI. I>i i. lslisn. l-'i-b. in.: Ayr I 

IS3.9U. June ISS mi Auk ls*l :|u. 


Slarkinu D. lldnu- 7 sOai.M: Chih-.ui 
Granny Snnrtas n.HB-7.nn: Men- Zealand 
Cux's Orange Pippin- [S2i iM T.csr.s .Ti) 
Golden Df-licinus 175s H.ku: Danish' p.-r 
peiRid r.ox\ 0.15-6 ifi. Spartans o.lu-11.1: 


COFFEE 


Alter early trade WLrig, RohosuA bald 
firm in nesJai cfmehtiona io-da>, BBL 
reports. The sww Uur MSttion h its 
especially strong, rehecring auxianes over 
rhe large open interest. S man-stale 
profit-taking at the close uwk valuta off 
tbe highs about £15 lo CO lower od 
balance. . 


■ J*ie«l 

! jump* :Lh'ae ■ 

.'per tuna o, v*n >wtr 

unltM .nttk *8** 


Idis 


High 1 tii*' 



Mc’.fllo 

S-.i.i.iiii:.n 
H.-- TJio.fc-.il 
A„i .i.i-'iiv •'! 
I . ,- tin 1 k 1 1 
Copper 


t « •:■ \ -pi i»-*- 
? in. mi li U* 
1*." 

l_ui i t - 
• .1 uiths % 
%:.•«■! • 


F-r,i 


1 :u st 
j o >iii!r 


Grain* 
k- i-i 1 



£"eu 

1 1 ,i.l... 

S9?e 1000 

iVj 1 . . 

£1.42? 

1 ,44 1“ . 


■.m », ... 


11... j 

iiJJa.ii 

kv. •- -• 

£fi«B 


XfMb.te 

j 

S1VS.&IP 


JCVUTa- 


£jthi.2b - 

.-.l.fTth.' 


;r iW. .. 

£120.3 

: i>er i*r.| 

£120.4 1 


S177-S2 


L-n.7p 

s-r **j ..’ 


£ij.40Ul 


XfiSFiJa 


.slob-40 

ejK.’.Ta • 


lAiS.Ts - 

, 

srci •OJ 

1 

\\X' 

Lcl.OO ■ 

(V:!<in 

ru-*n» 

C I.T..? 


,4.0 


r2.te ! 
-4.M3 
-4.£j j 

- I 

- I 

tC.O 1 

- l 
a. 4.4 

+ 622 

+5fiOj 

+jjab 

- 2-0 

♦322? 


LtsiU A'MD 
I S1040.'»J 
lat-lcu 

:**2 ^m-wo: :ss.*o 

jSWjj ;£?«-» 
i.*5US &2iJa 

l^ou : -esfa 

rsei.io - fiiwjs 
yl«.62b' SbM-dU 

£804 Jb !JCoW.a> 
£3,167 I • 
g2J7^19' Fl-fi? 

X#{ ■ £120-* 

P31A ‘iWJiJ 
SliiOao :$lo2.d 
275.ssp ; swAter* 
281 jAp &*-2?y 

fa.Ssl l Cl*aii2.2' 


toW 
: 5199 bo 
£1.^ 

1 FlLljo 

wte 

£624.7o 

fiSlUb 
: Sl66.l2> 

£2s0.as 

1 51.86 
• £96 

£96.4 

6120.6 
S!s)p 
St3.3 p 
JEo.kM 
£0.7lT.c 


Mis-id SUK-0 
£377 J> : Xoli.o •A’-s-'t ja 
OpLu ' fiaU54» IZiSi-te 
.-79c 1 1 


. £So.a 
-1.2r ' JC6W& 

_ i jcjp.iw 


£67. IS iTiO.VS 
Ltue.iw idf.n 


■ Latest . . 

{jnetm VJijb* 
per toaius^ cm ago 
unless ■ week ' 

- surea : 


L97B 


High Law 


Wheal 

Xu. I Keil spring. 
Am. Haiti 

(V)DIH.-. 
Knjt. Milling inf v , 


Lfc.lO +0JS £8bia £».7b • UBaJo 


C09FEB 


il'eaterday'si 
LIOM 


+ or 


H per urnne J 


Bnnneai 


May : 1572-lSM 4-&S U58S-1S5B 

July..... ! 3386-1392-— IW;140S-W8l 

■September.. 1295- 1300-15.5< 1310-1263 
X-rrember...; 1240-1545-15 JJi 1254-1240 

Jan Barr. ' 12 15- 1225,-87.51 1205 < 

\Ureh.'. 1195-1220:......... 

Mat .1 190-1 21SV.1I-0 119a >185 


'■Kpertoonei 

Jane 129.50-284 4 0.75 lifl.DQ- 23.80 

August l2B.8d-!B.e -- 045 128.88- 28 JB 

tTrtnher I2S.M-25.B +0.78 126.80-2540 

ItecemUer ... 122 . 00 - 22.2 ->-0.15 122.00-21.18 

Pebraarv 12540-24.0 -r 1-75 125.00 

April 123.70-254 1.10 — 

Jun e , 124.00-264.^-0.75 -- 

Sides: iia~/lSBi'lois bf 100 "toroies. 

SUGAR . 

LONDON DAILY PRICE 'raw augur 1 
119040 f£ldfl 9|i a loune erf lor May-June 
sUnneni. White sugar daily price was 
fixed at £L(K.40 isamei. 

Prices were eonfinod to a narrow range 
nr around 50 points ig aulei trading nn- 
di loins, reports C. Czimikmr. - 



K “- r ; -J?4 70." April ‘JJT.Su- —7.711. 

Melons— Ch 1 ban: Whur ■ 


Jllit 


pound 0.14-0 l A. .,1,... j.. I..., 

4.08 Avocados— Kenya: Fu**ni« U 24- 1 ^ . ... , „ 

3 88: s. 4/noafl: Funte s.3a.i.a. straw ..™" l f. c— 'i a> -’r' X n ’• ' p. 

berries— Calliorniair fl SO: Italian' o i'» .• ' 1 "■ - 

Onions— Dutch: large J.'W. medllim 1 jo: ] -*'»• -" l - 

Chilean: non 4.60-140: Canary- 1 JO- ■ ‘Silver— Mas 3.»...:i« -.W.isi.. Jua-. '■«> 
4.50. CapsICBmi— Kenya: per pound 0 4*; 'JOB-lUi. lull .ffl.Oii n-|*i aW2U. D-. . 
Canary: 0.35. Celery— American- 24s b «i ‘ 53n.ni. Jan. aH.ni. Jfiircti ^.va May 
Potatoes — Canary: 4.30: EBSprtan- 4.::u- SJL J«b %*■>>* * P' IS - ' - . 



sugar I . 

Pnrf. lYerterday o'-Pwrioue 
rpiiain.! Oleof • tli+r 
UAnd. , . 


RiisintM 

rvme 


gut— Cslllorniuii per - pound fl.90-l.nn; ; 7«s "Wo:* auk "JO-^'*. Sew 111,1 
HtnusarUm: per bundle 0.78. 1 t-il-idi* Jail. oJL‘. Jlitni n_H. .Mas 

Soyabean Meal — 11# I7n.+ir7i. 10 


L'lutu* ". 

Pt*pj jW. Whlif—.. 
B!** ‘ 

Oils 

UminutiPInlip 1 esij 

Rnwtt>4uui 7«J. I 

Liuteed. Cnitle ; 

Palm lWar«n 1 

Seeds i 

UoyialPhlllpnnesLI 
^uiuhuaat- (L-S- 1 —t 

OoouBOditlss 
Uvwva sbipnwJi;*.. 
r 1.1 xn-l NJU ... 
(joffucFuturaoJuIy 
UsttpP I lines 

Oe*. L'AHKilll 

4uu- UABlV tunic 

llubLerklli# 

Sn ... 

&i«*i X.-. & L 

ijiijar 

l-Afii** ■* I,-.- 

|v« iqualliyi kii«'-<. 

.'iJniUi bit 

\V.».H-.p ' ew Kuril. 


■rupi £102 i+2 

£44Cw'! 
S3.0W — e0 
52.100 >30 

Sb3a L» 
£744 ,—3. 

5363 >5 
55T& M 


£ 694 


. 52.775 ; 
52.4W I 


£ei7 

WGU 

8639 


S4074 i-e.6 ! Sbib ; 
S29&& - ' i I 


£914. £2J4 

■1102. i & 5 

iAjW £4.300 i 
fiiilOj 52.860 
82.430? Sl.flio 

572S j 5632.? 
£753: £:ri 
£368 ! £B6G 
tnSj | S433 

I 

! 53724 
S30o i S234 


x X x £ 

L - ash M SDO-.S — IS - 3Q1.7B-&+475 

i rpuniho... 3Q9-.5 — 2 309.5 —2 

seu'lnfni 50041 "lA — . 

L'.SlSiiiu-. — ' . 5 1-83 

ZINC— Easier with forward niwal 
nmnng lower 10 1905 and then, like lead, 
finding a Mcadier trading range before 
rinsing oa the Kerb at £307. Tbe net 
gam un the week was £845. Tnrnnrer 
j.333 tuDu 0 >. 

Murniiu* Three monihs £308. IW5. 07. 
B7.3. OS. 07 75. Kerb: Three months 
£2074. M. 05 5- Aiicrmun - Three roanths 
JMW.3. 7. Kerb: Three months £307. tjj. 


■ .«. + ,,r l ljn - ’7+or 

/.ISC ! ODnai . — jUnuMu*!, — 


Kales: 1.3T5 11,481* leu of 5 lonnfc- 
ICO indicator rnces f« May 4 ftr.s. 
rants per pound 1 . CmonUuan Mild 
Arabicas 193.08 lUdttei; unwashed 
Arabicas lfiO.Ou faiunel: • otter Mild 
.inibipas 1(8.80 < 170.75V, BohisUs (39.88 
■ same 1. Dally average 154.49 
A BA* I CAS— The market Was duU and 
fcainrdess. DEL reports. 

Prices 1 m order buyer, seller, tfuutge. 
burinfa&v-Jan. 170.888046: -3.U: Iri.W- 
80.30. Aug. 1 b5.50-iI 749: -L25; uxi-rtsi 
u no no led. 0a. 131-25-340: —0.75: ulL 
Dec. X41.75C.80i -Mds nJl. Feb- 134.88- 
34.30: -1J5? niL April K6.«-St2.W: n«: 
mL June 0.04-32 ■«: +1.86: nil. Sain.-: 
Z I 61 lou. 


. L |K1 lonnr 

Aug..... IBS. 88- 95. IS! ICC. 58-05. 5& 1W.80-04.50 
rict. .... l8fi.85-MA5M09.ill 09.40 109.65 06AO 
112JU-15.76 1 13. 15- 13.25 H8.M-l2.2o 
March , 118.75-19.80:120.40.29.75 128.65-19.56 
Hat ....‘123.1S-21-75 iaa.75-Si.8l) 1243)0-28.75 
Auv..— 128.75-27.0nM27.4u-27.7B 127-2S-J7.H0 
0,1 IM.25.9B.75 18 1. 00-51.50 31.00 


Cash.. t" - - 

, 299- .5 ...... 298.8-9 ;-.75 

J rnombtH 3Q7.5-.TB — U 5 306.5-7 !— 5 

isWui ' 29Bi — 

| Hnn.'Wc*d| — _ ...... 

I * Cents per pound, t Oa prenoos 
I nfficul dose. } SM per meoL 


GRAINS 


Sales; 1.743 <2.4v2t low of 50 tonne* 
Tale and Lyle ^-refinery price lor 
gnuiulatcd basis white suear was E*.' Irii 
1 same 1 a tonne far home trade and 
n 60.30 mao.Mi (or export 
liuernational Sugar Agreement: indi- 
cator prices. U.S. cents per pound lob 
and srowed Canbtteait pari for May 4— 
Daily TJa i7.43g 1M» *verage 7J4 
ir.Sfi.. 

WOOL FUTURES 



f.no-i 40. MuabrooiM— Rt-r pound 8.48 
Apples— per pound Drauifa-y'e 0.1 Ihi. 17. 


- English G.4M.43 tarecru— per vrat. oiN-fiVu Si-pi s-s .in nan-? 1.1 

Kent use CaultflBwers— per 12 b LLnroln . 1 

1.40. Kent 1 .80-2.30, ! ' Vln-ATU.UIL.VI3 ihi a -kiv! <3 ; a i-k.d - . 


£2.067 

£LSSe 
63.9c.* 
£603 
5 4B& 
a3p 
£151 

£100.a 

£172 

127|i 

&H> 

JSOl'kll.. 


:+i^ 
I+13.7&! 
,-2jQ , 
+0.4 • 
-10.0 • 

i-lJO 

j-4j0 

-«j) 

.-2J1 

- 1.6 


££.29&h 
£2.17A£J 
£5.073 
83-le 
£»SU ■ 
Ml* 
Cl.Thu 

£203 

NiuO 

l'-l.vt 

£184 

£7op 

Slip 

287p k»lr- 


i £2.163 • fil.ril 

! £l £1 


£760 

5490 

S3t 


£114 

£I£U 

IGOp 


JUTE 


4 MQ& 
5437 

USu . 

£190 lUil . 
5527.3 J 
£94 
£172 
>27|* 

96p . 62.. 
26Opkil,-.2fi7|>kil0 


tLnouulcd. ‘Sominal. a Medela car, 


DUNDEE— Quiet. Prices ct and t. U.FL 
fur Uar-duou shipment: BWC £90. BWD 
taC. Tossa- BTB *562. BTC iSflt BTD 
04. Calcutta sends, steady- Operations 
t- and 1. U.K. for all aWpsaent periods 
up to July. 104* 48-lach na^3. 
May<I45:KVS wtceunce SAO RRD CSJPW 
x;.n per IM rards. * B ' twins. Hay 
£27.73. June IS3M. JUr 12755. July £3.84. 
Yams, and cloths very ftrm. 


LONDON FUTURES t GAFT At— The Old 
crop opened 73 up~_ _on wheat and 
remained Steady to tUn trading to close 
3u ahead on the day. Old crop barley 
opened 25p OP aod remained steady. 
New crop opened up to up no and dosed 
steady wim good commercial support to 
finish £5o up un wheat to 83 d tm on barley 
in a t hin anrttef. ACLI ntn om. . 

WHEAT EARLEY 

jTe««day - »j+ n r iT*si*rday.. + ■■■ 
ITnth. i-Lwe — . «4orfi — 


COTTON 


U V ; 
Sepc 1 
Nov, | 
Jan. 
Mar. 


99.00 

86.20 

88.60 

91.10 

93.60 


:+0JBj, 8JL&0 
-0.46; 8 LOO 
'-0.25 83^0 

,-rO.a 1 85.80 
,-r0.48, WL3S 


.+0^0 
+0.78 
+ 0.6S 
-rQ-fiO 


LONDON'- 

reports. 

-Dull slid lea rare tens, Bathe 

1 Peace per fclto * 

Actual tin 
Greasy Wom 

I'eJetd .«+ ori 
UKM j — 

wuiMw 

Done 

Mav ..._ 

223.8-88.8 1 


JuJt 

» itaxiTier 

n<wrn&er... 
Marub 

- 

July 

October 

238.8+53.8 : 

235.8- S9.8 

2418-47.8 

245.048.8 ■ 
24S.04BJ) 

248.8418 

247.8- 58.D V0-& 

1 

1 1 1 1 ll [! 


Sales: 0 is. lots of 1JW kilos. 

SYDNEY GREASY— ClOSt no 


order 


LIVERPOOL— Seal and shipment ul« 

amounted Ui 14S tonnes, bringing the 


Busmen done: WhenD-axa? sl3M».05. 
SteK. 86.WWA28. S0V- 8&4JMS.73. Jan. 
81.88-91.03, Mir eh RU3-93A3. Sales: .<8 
km. Barter— Mar jcjASS. 48, sept, so.30- 


buver. seller, trastnesa, . sails 1 — Mecran 
nuno: May 33Jr86&3, 3ULS-3SS.J, 15: 
July SU.(M*L5. 34U-M1.C. 67; Oa. S4L&- 
343.0. 340.8644.0. 30; Dev- 028.8339.3. 
sfitsAs.a. 135. March 539.8*9.1 340.0- 
3&S.D, 53;. Uay 3SL6-343.0, 365.MSLS, j 2: 


FINANCIAL TIMES 

"ll»r 5 1 Mat * iMi-nih asuTT^Y "a” 1 


242.88 | an 1.66 I 237 .56 j 266-10 
I Buc: July 1. 19n*=]N) 

REUTER’S 

31my b ~ May * j^nhlli afpij'YwF^ir 

1456.6 1456-1 1^143 1.0 j"t66fiT 
1 Base: Sepiember 1871931=1081”’ 

__ DOW JONES 

“DobTiIm ; May I il.uithj "Vrit 
Jnncw I a 4 »Ul> | agi. 

Siwt .... '364.42 S63.52j358.7342l.08 
tr »munfc 350-46 349.35 349^0398.00 
(Averase l«4-2S-a6=l«l) 

MOODY'S 


; j£ay • iUy |Slnni£iTeai 

> b j 4 J 

•4p le CbmtntT l 9Q5.6 904.fi, 90 0.8 932.7 
1 tieSnaher ~3l” 19S1 = 100 » ' “ 


Tln- 

! ••Wheat— M:i< - Hin rJt: .mu .VM’ .Wl 
{ CMOS • Kepi 3tl7.- - ai7T Dw •'!? M.m h 
21?'. M:*V HI*; 

WIMNteElS May i Rye— M i - . 1 ■- : - .l 
hid .ini in tnrfi. in! j ini 10 .89 "u- 
ltcJ.10. N'uv IP.' jn 'ml. De. tu.:..‘W hi <1 
' - Oats— May ‘T on <v. .im. Ti;J\ fi.;<n 

’ 1 79.40 a>-UNl. <■<'. 1 r> in hid. De. . 74. '.n 
hid. Mar.h it.jo hid. 

.Barley— .M.<; 7’i-yi 7 Liu-. 1 <;(■.• 
•T9 no hnl • IH Oil a died- fttl. 79.08 as-kcil. 
. Dei TV JO a>kinl. Monli 7?.-?'' bid. 

e? Flaxseed— Mat ■.'.'l.* .'0 h;,l *24:1.20 L-td . 
’ Juir -57 2n tud r.’M N),. Oei. 540 !«» a te l. 
Nov 239 HO liifl. Dec- 280.3*1 hid. 

’•Whcai-SCWIW I...3 ior •■•■.i. ui-i-in 
•'tmteiii of Si. l.airr. m. 181.34 'luO.’U 
All i«m pi r pviunl I'A-vor. 
iinle+s mheniiM- riiii-d. * r> r** r :mr 
tnmi'-- — In- nun- l"K ■ I'ni.-.i.o !i,i 
.is ptT MO Ib^— Urpt nl \r. priC'.-i nr: - 
vlous (tar. l J nin. - 1 . am f.« l> MY l.u;i? 
, lank ror- ' r ‘ in* |u r ih huMi. l 
; warrhowH-. "ftn bnsliH Inis ‘ *.« tvr 
'trey nunw fur 3fl n» lines n( 8*1 n p»r 
J ■ • ni. pumy deliver, ii MY. ■ i' his u r 
! i my ouiwi* ev-«« an.hnu*..- • x.-.v r - 
eomrart In tn a short ion for h’ilfc lore 
of liM shon lonv d..liv,-r«d fuh , ,irs 
1 C.bieaxo Toledo Si. I.oms .red 
j •- Ci'fliv per 4° !h hnsJi.e m sun, . 
ire Cents per 21 Ih hushd. : t!.*r,t« p->r 
4« Ih bushel cx-n arohnuat h >'m:. rv.- 
; ie lb bnshi. 1 . v-. jr, hniisc. j.uno niivho! 
, lois. *. r fe per lonnc. 





26 


Financial Times Saturday May. 6 19T$ 


BRITISH FUNDS (5931 

MafK Jiini. iaj TO., ,4.i 

* if* Ar.ns. I- ,® 

8fts.sn Tr«.iifl^rt j-k : 07 8-3? 

' ■' * '« « J 2*i -» l ; i. - 

2-.o. Cans &-j ;;.io it , l ••* 
*pr CBiTS In. 33 
Z-:ftc Co-T»eision 
-"■©f Exchequer UTi 
i-va; EFcnenue 
Sik Eg&ncauer 
, 1 6 • - 
3n.; Eltliccur- Ilk. 1385 8! 

L-* 

8 «9C tkCJICCuCr II'. ISS" »t . 

* ■’fOt E»vnaauer «k. 5 983 Si •< 

Til 64U1S <r a«(» . 

P .S' Eicneauer .•«>•. i?tr 9* >s 

9 :oc fc".1ffqu*r iiv 19ol 


I Op S-*P- TS77.?3 B3-- 

Cra «pc 1973-40 9S-. i* 5 


This week’s SE dealings 

^‘•>^2 i>‘ c If B: gg: Fn*t. May 5 .' ........ 5,7*1 

.. . ' Thursday. M*r 4 - 5,180 


SHOUT DATED BONDS 
FREE OF STAMP OUTr 
. _ RM. 1-24,6-78/ 100 7-8418* 

. *00-1 2b 100.129 i4.5) 


No»»3h«" gr»JV ■ ^ ^ , 

MotJ^sh-n. MBfW.-2.SP’ -►*»■. * 

g.jscCrwiOM.Cfl. 93 .3 
Nm Jnfer.i Kn-i --Od* S. 4 


\ No «Mn PewocJc ’.IOP' 8i 
! tfu-Swifi inds. OF* 7a ' 


0* 6 • 


cowfitre* Mif^nmah fSOei un 
Roman Vi olert tzopi ibo® ess® 
BUY*:- WiTMMr .ifipl }32 • MO 
BTWO OrouO It SB) SO j. 
Kkftcrolfl 1230' SB® 9 a 14^1 


Wednesday. May 3 : 

Tuesday, May 2 


5.320 

5.050 


^iss' Zb® 

►in. SflcS 


ucm'i unsa. 


?■« Reg. .2E.»75i 100',* *M) 

IObc |d£.' Sm-' as*7 7 -7a; J 1 n °°350 '.i’lj Pi-rnihrtc^^ * !l J^***'' 8 ** * wwk.tBB* vrt «{» ut« 1«« w«*uw» denoo ike «elt sf «oy there net tti(t 4 b yuterdey. The latter, ua k* 


1 '■•«* EkCAequ 


:39i as . r 


, <« 5* Jta®. L20-12 78 j 99', 

?? e ■& Rc3 ‘ ■51' ,, 79J 98.-4® 

7-iec BHi.Refl. I7.1.7W 9*-. .2 51 


number «r dexlings marked in wt fcaian fellows ib* name «r ih» 

Unless ottorwite deeai>d tbares ere a fully p Bl d JD a nock £109 fullF 

Stock Exchange secoriiies are eueced In pound* and fracdoss ef pound* 
.*r. in pence and fractions gf. pence 

R*a. list Mow aivta tke prices ai which Sxrjum done by metnben *f 
The Stock Exchange have been recorded io The Slock E* chans s Daily 

mart bargains, exted* «i fpttial 


Monday. May 1: RANK HOUDAT. ^ - 

Friday, April 28 .-. • -5,40* ] ^S*'**"™ . . ni 

■■ - i Office Elect rAibt MKMne* - 230 , ■O', 

t dtthwmshed *, ; |f^ r a. 

! ST D^pm^ , ‘i-l8nv 4 48* ?'5* 0; * A- 




Ryan <1. 

S.' and U. StoMca ilJ. oj is-., 

SCR Croup >'2i>p' 1s4 '4 53 ' 

SaSK-H SutCni il0o> 1X7 .a-e, . - 

S-hoh T.mbw OOs- aa'.» a-- 

Sana HDi.'davs :20o- 1 42$ 3 

ease*, add the luc. uua therefnre. be retarded u fe cwnp^le record oT j oSo/sT ■s£nuel"~spj Yzo'm S 9- • Sainsbufv^ < j.J **SM *83 no. apslfol,^ . 
■nees ai which husmess has bcu done. Saroains are recorded In tba Offlcial 1 ovmwone lnv«*- Ka.T2:.> 2b- r ■!> St . Craroo La.jnor* iWor^olt,. 

List up to 2JS P.m. only, but later traucaciieoa caa be ineloded in tte feltvwiu* 1 Owen. Owan . .. - . 5 ? ., c .« . 

das * Offiaal Ust. Ho Indication ts available as a whether a Inslo 0«ler Print-naCro. b.p^Pr Si -*■ a - Sr leT iloey. -25ni -3t>$ , ^ ir 

4. sale or ourcham by memimrx at the public: Martas- a^MTiSS^ 14pcCn..Du. =18 -3 Si ^ . 

In order of encuhoo. and eafar one bornm to aar -ooe samrtor at any aa« : P .p. Fuels i : ptlaMMt.0». ~i • ■* -•* Sonpero Group iZ3n) 70 b -aj* 

P.M.A. Hla9b.‘ '2oP- *0® 2. .740CW. 530 

Panto --P. ; fOp.* 23 J s: Sarllle Cordon f J > Grouo fio D i 

... _. . .• ■ Paradise B-‘ -VOPI .23 .' 4 >‘ . 1 «0 « 14 S'* *0*.' 


pnee is recordcd- 


*i'4tc E'cnccur- ttK. I"?.- 106-1,2 
■ Soi (’•tneeuer atk. V93D 16s 1 
ho.Bdtns 

-tK Furdma V,r 1978-30 94 : •>$ 
4 . .5 

'-in' Furcing Lr 1957-91 6S'-. 


)rc Fu«d 'it. -n *995 »2AQ 
; ■ 3’* -i 

*• :iv Fur.o.cB Ln 


■SC I- lino 1. 0 


1935-97 79 ,Q 

1999-Z064 .Res 


I98Z-&4 34 


,pc Funo.iig mi.. 

t 6 

► .Br Treatur / In T995-3E 6* ,* 2 


, ' PUBLIC BOARDS (39) . Asmr 

. FREE of 5TAMP DUTY AiPfft-Nicholai 5^ 

"* W**-. Mort, Cpn. 4.JPCDD 1377-82 AUOC. Elscuir Mtt 

'3-4$ a-tpeOb. '930.8S 74 U$. 5 me 3:65 pcFI. 4 

‘ P? 8'*»CDD 57 *a. S. ; pcDb. <5® . 

J5S>,0. 9-.9CDH 87-: 9 : :ocDc. 92'*« A vs at. Book Pubs, 

- finm AlTh.- DUnt. Fn 7«Db SO {3 S’ Asset. Bril. Eng“i 
►in. Indus. 13ocUnscd.Ln. 103 !4oc Assoc. Bril. Feed* 

■ .. U 22£' , L ? L-1V0 1 *® I0i$ S^i 1$ Unxd.Ln. '50p» 

... Wir. erd 3pclBlS;k JS-J®. 1* S- . 1907-2002 ■50o* 

.• J3C r< i 5?* r , n - Ireland Elec. SiyWce 3 _pc 8SU Assoc. Onir:es f2Sp‘i 2 

p ,T» W Ar ,* a; Assoc- Elec. Indus 6nt^-. »■ . 

‘ « ?L L «* dor i Autn» 19. fe»ioe A use. Eno-g. »2Sn) 119:;® 19$ *s Zi '2 s *) 976 

40 10 25 M-iflC Fivlierln -lip SB. abpeUmed. - c s^ t * 0 - r ' -J-* Sons W«C3 

. Ln, w -aai ' _ 34-: ? * s: ; 



Grauo car 

era, tool! Grcup 
Guesi 


*» Tre*iun 


* .pr Trcnui . 


'S3b-3B S4.-a 


COMMONWEALTH COVTS. 1 10) Assir'Toisu^V rso 56 5 7 -ocUmcb.lo. | concentric" »foi. 4 ; . s3 ; s i$:a ai . ”5^79 ‘ si® fl * 1 

. * * 59:j 8 73 51 « Frederick. .‘HldftS.i •! 


krron Lron .no' 76 7 

Lions (J-i 320 4- 8 4P0Ln. - 60 ». 

Lfl. ar ; (3,3-.- ... 


201 Z-lu bS -t 

L0D7-0b 69 <w , 


1957-90 79 j;® SI 


Caoc Allman Internet. >50' 61® 2e : 

2- 7: : oetH. T7-. : ® v 7 -4 ffl 


K ;?C T'Casurr in. I9W-S7 9*.® .,$ 
* sy. Ircasur. Ln IStl-ln 92 -.-9 


$'(4,S1 5 --nc Assoc. Pan land Cement Wnlrs. 2A»* 77$ C.-:g eLn. 77 > ? -4 ffl 

7-80 90 dpc 8$ 31 Z 49 SO. 7pcOb. 650. .3tn.Dc. Cope Sportswear -10p' 94 
K 90'; >3 51 ,{TA. 10:#ocDb. S f: '2 5.. 6:, pc rS?.'I <e 5»i 1t,p i iB ‘- 35 ,'? i} 


*0 iT 

9 sc Tre«uirv* Ln 1992-96 7S .* 9t ■- 
4 a-- * 9 .. -4 -1 

7 -pc Titavury Ln. 1999 5L -. 4; 3 • 

' 7 pc Ireiur. Ln. 192-5 I04 « :® -1 •• 

■ 7 JK Treavurv Ln. 1993 103 : * 4 5'. 
*Z'-K Ireavur, Ln 1C92 105-'. '4 > 

T tpc Ti-ea.urv Ln IC95 *.03i«$ >1. •..$ 
. 1 :oo ■ •. 99 'i 

* 3'.P-: Treasure Ln. 1S97 l07.'i$ 1,® •. 


3>5> 


1993 I0S. .O .' 
139a 1 I4'i3 t 
'■938 116 - 

'■Mo 120^7 . 

* Reg 1 on o' 


•Sot Treat ur- Ln 
*4 --Pc ireijiir. Ln- 
’S'UV. TfC.UI . Li. 

'5 ; sc T'Cavur-. Ln 
:.K Trea-.ur, s*h 
V 4.75 Z0--® - . 

*»( Tren-jurr siK. 24 • 4 5- 
TrcaJurr -.Ik. 1979 95 -T 
3-*- Trcaiuri V5 19^2 54 ,;® 

ip: T'e*iur» 

■ - » 

7 .K.lre.aw, 

Y-eiiur.- vt-. igas 

•1 . * 6 - - 

'■ ;oc TnMiur, s:l 

* 1 iv. Treasur- .,:► 

n_.pt 

* :rc Trcesu" : 

®-^i. Triasur, 

7 Opt Tnasurv , 

; C..-a, Treaturv 
■Od.40 

10--.P-: Trs^M.r. 

1 3 -Pi Treiiurv 
■ L -t' 4 i L 

' '■ -S'. TlC4il>rv Vk 1973 '.02 
’ : -ec Treaiur, *v. I 951 ; 02 
7< jd: T.-ravur.- ;t. 1931 1 3 

1 00 • , ICO 

ilp; Treavuf' . i°9" 99 . 
‘1st Tri-ssurv ST. 19 = 3 10S 
*> 9 

' 4ec I-cBsjr- ‘982 

’9 o4tM 

a-.t Trr'vun Cn. «lf 1930 


REGISTERED AND INSCRIBED STOCKS Assce. Ne«u«pers Cp. l23p- isio s = . 

AjugrtSU iCoir.nrHltb. 01. S'-.oc Ren. Stw »* 1 N» . H5* r .. l .* | W-. ,,ll «i la 9 

' 977?- 7 8 SB*« '2 '51. 5:-pc 197^79 • -'ZSpI - oj- Z _9-:pcUi)SCd.L.t 10* 2 

?SL*’ 1977-BO 941.$ 14, Si. — 

1 SB 1-82 954*. 6 pc 1977-' 

300 14 51 Tk „ 

Jamaica 6PC 79>.® >4 '51 UnsCtTLn tin or aft 1975. 47'. '3'5*. 

NO* Zealand ape 99 8'«. 5-.oc 82'... As^JC.. Sprayers ClOo. S3=:$ 2-:$ .4 5. 

. 7.4!* 70-t |3 :sT 7 ;pc 86 AssOC Tel. Cor.. A -25ol 1150 14 12 13 

Northpra RhoUMlB Spc 90 -4-5>. 60c Assoc. Tooling Indus. -25p* 35 <3 5‘ 

’*76-79 941. i4jS 1 6 pc 1978-81 89 Axmniry Madelev -Hides.' '5p- 47i® 'i,L$ 

50C 90 14 L-. 6 pc 1976-79. Anri Indus. Ga. uoei ig.-« ,4-5. 

. A!twood Garages *25p1 35® a t >1 il 
VOC AUdrO FldaEtV .lOol 16 

Audlctroolc Hidgs. .lop: 34. 4 
Ault Wihorg Go '2So> 56 4« = S 
: Aurora Hides. *25o> 96$ a 6 
• Austin P. fLeyton) flOpi 13 

AutoT-ncd Securli> -Hidns.i -10p. J8 7 9 

Chinese Spc Reorg. Gold. Ln. 1313 7: s ■ : aL“^S*°qS* rS^S-t' 2 * 0 ' ,31,< 

. Gt-rrivan (mm. 5--pc Scig. Hi. 1920 .now i ■*»® rv * ' = 53J 146$ 50 ? . 7 
: ■» * :pc 5 41S® .4-5 -Awn Rupbei i960 9 200 7 4ptca> «*.- 

Hjnmr-an 7 rPCB8». 53 >15) I '- =' 

Japan SpcSttg.Ln. 19S5-S8 76 a .3 fi. . 
alter Bao-oet- Nederland BV 7oc6d3 1992 - B-A.T. 

•00'«« VO -4-5’ 30 

Beeeham Fin. av 6-Vp:Bd5. 96 .O -.o '*■ 5J _70. 

1C 1 Inurnat r.tin» R.-.vBd, S7.-.a .4 - 5> »** 


;0bi 18* GU411. Keen aro Neidetaida .U.K 
Dh. 71 rxaj 7 -mwDSi. 
lOspcOb. S7-, 12 3> 


4 50 
New 


94:. <4 5i 
Southern Rhodesia Z Vpc S 6 4 
80 •3.'5'V 

Trinidad Tobago Goat. 8',pc 93 


FOREIGN STOCKS I-—) 

COUPONS PAYABLE IN LONDON 


Corah i-2spi 36 f : ®' 6 *4 S' 

Com Leisure Go. noe* in vi. 

'1001-1160 16- 19 15 
Corncicrort l20p> 56® •* 5* 

Conr ‘Horace; >5 pi 19 -4 5; 

Cosalt <25»; 87$ 8 1 0.SocPl 101« 

costsln 'Rkltardl |2SP> 285 6 2 5 
Courtaulda (23ol 123:16 4< : 0 3 4 5. 
7pcDb. 71 Lit® 21,$ 3 2-V 3V. 7 aPcDo. 

1989-94. 66 *-« V S’LPcLn. 47^ 


fj-A.T. Group • 1 0P.' 33 .'«.b> 

M.T.V Grp. -2501 116 t2 5 
Ha«a Carrier r2Sp* 95 6 3-. :A 5 
Hasgas <J . fTOpt S8® 

Mai. Eng. (H dts. 

Unsecd.f 

Hall (M. 

Hall Thm 
Hallem 
Halma 
Halstead . 

Hampvsn 
Hanger li 
HanrJmeit 


~ :OC : MFI Furnitara Centres TOa> SO 71 
tl 5-. MX Electric Hldfl?: -.23 Pi 171 
ML VVQSS. ;Z55H 1Z5 «Zra. 

MY Dart IO01 60 


Perli in-EJmer. 4pcLn. 74-t • - b> 100 99 

aPC Perry -Hamid. Motors ■ a 25pV >8a® *4 a) Security Services '2 Sdj 104. 
-P etbow Midjs. tide) 192 Sekera intL MOpi 27 

. Petra con Gro. ■ 1 2 ' : n3 61® 


Philips Finance a-VncLn. M$ •• 
phoenix Timber '25p* 15/ 

Phmx* ,LondanV .2t.pi 41 2 

Pickles -Wi Isiam* ■ lorn 130 13 


6 :® 



Macanla < London' (lOm M <4*. 1 . n n.} 31,0 t. ', 14 41 

MicanhM, A'lirmacouticals ;2D$> as • Pimi H^os. A ioa'BS :*b> 

MiEnde .Robert; ’Middleton.- » 1 ttp. 41 S| puidggton Brotners 463® 70 ®- I 


68$ 73 S 


Sollncourr fSP' 27® 

9'mcUns.Ln. 73 
Sena Sugar bn. 'SOpi 6- 
VnlOr Engineer! no .tool 24® 4 . il- 

SercV l25pi 85 .<« 6-V« 5$ 4.;®-JfcH 

4® 6 90 89'. ^ ! 

•Snskcipcare >J.» 'So’ 33'-® 

; srurnl Ware i20oi 82$ 9 
1 Shariie Fisher >25 p) 47.14 51 


Ln. 53i-$ 3. 7',PCL<1. 56® 8 . 7 jOCLa u*— ,2 ? p -ll S ®-. a . 

2000-05 60 h® 

Courts 'Furns.i a * 2 Sp- 97 
Cowan, de Gro or noo> 60 59 .4,f} 

Cowls «T.> tSpi 42' 7 >4 Si 
Creel Nicmnsoo <10 p> 75 4: 

Croda Inter nat. nog. as 6 
Crcnlte Gp. 05 p) 56 12. S 
Crosby Soring Inurlors ilOP. 17* 

Cross! 9y Building Prods <2Spl 89 *3 S 



Magnet Sooetcrns *2a_ . . 

Hirdy" p-SLiT^arir. 2 

^ “* ,6Jtpc 

. Harrjson rT. C.I (2Sgl 123® 17 Manageriiant Afisocv Music ' 1 Op. 72® 

1 C/CiVHd £41:, 480p L(a 4S7p Manchester Garages >10p: 29®' 


: Port Farms 'lOo* 470 
■ Portals Hides. •25pV n 13 ,i5 51 , . . 
Port*/ Cl’idUur- ' ?0o 1 09 ’2 sj 


500 C4“t 

Hartwells Grp. C25p. 97 
Hawicar MCrr,* .Z5o> 120 -4 5 


jSlInbuette cLonUcm) i20Pl 43®. 
4 30 

Simon enjslneertn® i2Spt MBS 
: Simpson iS.) A '25 d> 101 t 

‘ Sirdar -250/ 67 <4; 3) 

600 Group 1 2 So; . 9-:®,, 

Skrtchlry 12501 102® 2 

Smallshaw iR.* 'Kn.tweiri 


■JOM. 



i-T. InduUctea «ZSp. Jzap s-e 5s Crossley Building Prods <2Spi 89 ‘3 a> 

J 3 40-32 BT DM. (SSpi 272-7 6-5 ! Crouch (Oerehl iContrs.* -200. 86 -3 S> 
J7$ r: 5: «0 S It 2 7T ’ ■ Crouch Gp. r2Spl 70(4 9. 

A Croup i2Spi 52$ I Crown House t2Spi S’ 1 :® 2. . -mcPf. 


Hawker S.ddelpv Grp. .2 Sp- 2170 4$ 12 
14 16 7'iocDu. 71 - <25. 

Hawley G occur. Grp !S»> 10® 14 5 - 

^ ,sop ' 70 i2 - ii 
Hay .N . '10pi 48 r2.-5' 

HazlewoodS CProoty.' :20 p> 64 -* 

Helene Ql Lordon (!O0> 17 -® .- 
I *»r »25P* 58 74 3» ' 

I Ji'-TiJr-scn »J w.' Hide e. 1 25p- 132 
Hpnderaon *P. C.i Grp riOm 58. A (iflp 





Dlcldnion Robinson (25F' 521;* 20 ■: HilUrdo -YopJ 192 r 3 S'. 

‘-PCLa 68 VO. 7® 8 , 3 Hiltons Focrwear 200 ' 85 P 

D.nkie Hoei >9 d) 30 ‘Amdi< Sans ri Dpi 78 

Qioloma_lnT. (ZSal 1455 j« 1 -; *- 49 n««ch« Aat«nBKellSch*fi 

<U<S3vO 


Nartn ol Scatlmd H-ara-Eltctr.c Baard Gerraio Nabsnal 


c; Scotiano E.ec. ae :Gta «* 19“S-?S 
09$ 4j' I -pt 1977-38 91 V 
“(art hen i-piand 7oc E>cneou-:r su. 
"137.34 77 4 5' 

’it. fiettem prion stk ’936-9o 44 u® 4 

INTN'L. BANK 1 1 > 

f PEE OF STAMP DUTY 
*;L ? 977 -32 SJ 

CURPUIC.\TION.S |,17) 

FREE OF STAMP DUTY 
L'-id::! Couniy Jnc 21$ fn i 1 5m 79 :® ■ 
?® 9 ;. . i.a S ^C 1977-51 86 .Q 


1697 


Gibbs » Antony* Hlags. :25p) 40 3 
G.licii Bros Discount 203 
Gr.nd.pyv Kings. C23 p> 101$ 1 
Gu.nr.pjs Peat Group .'?5p. 2173 18 
20 19 

Hamb. as Sns. ,2S0. 182 7p-.Ur.scc Lr.. 
69 v <2 Si 

HTi Samuel Coup "25 b 87® 59. wrrts. 

•u^.Ord 4 ; 12 S). SpcUnscc.Ln. ' 64 

Hongfccnu Siia.igba Banking Core. 

■ VHK2.50' 2649 1USB.30® P26J 4 5 
Koser Ullmairn HIdDv. f25p. 44 
Klein j»ort Benson Lonsdaic ,Z5p. 

'4 5 

1 


Dlaons Pnoto. non) 147* El 
Diagr 'So: 60 >3 5) 

Oobson Park Inds rlOi*. 23$ 1 •$ 4 
Dorada Hldga. i25pj 72 
□cidron BVpcUnsJJl. 67- 3 6* 

DawdiCB ard MHIr /5p‘. 22 hO 4® -4 5) 


MvicCKKl^tn iHidfls.*- £25PI b* 
Mole IM.' B-ifl.Son <®0»> 29 

MnhM rT5» r 120 _ 


6 =: -6 


HPRnucQ ''S.1 '25a* 78 ' .4.5 
192S-R0 96* JAB) 

Hellas GocP -‘50- 60® 


<GM53> Moli ns CMS® •— _ 

, . ^onk -A. 1 *2601 102 

1,pcLn. Monsanto ^Ln. 45. 

M'wrtofl* Kniiheii_ Hills 


Neri ".100. 65® 

FMrback -lOpi 75'-:® 7 _ . . 

Rsadlcut Inti. >5pi 32$ 2 <4 <‘4 a* 

Re, qy Mixed Concrete r25p> 117’r® 7®' 
cmCH> JMU.-U i Rod. lit ar.d CoJman -'SOpi 455$ 730 2® 
S0C5tlB.-Dotla.Ln. | 4 s - M 75 . 5pt Cuiii.PT. 43 40. 6i«pc 

2S0 V 54 .AS' 1 Oh 69J» V '4:51 

Record Riogwav -76 d1 T7 


Hellas G-OCP fa*- «AI? ’i IBIS (LSI Record Rioewav .-=601 77 

KOllls Bros.. 5SA -75p* 65 More O' Ferrell '1M iKrit SMtli Redfearn Nat'onal Glass iZSp.' 316® 277 

Holt Llcrd Mter-ational 10p' 145 1 40 Morgan Crucible CSOJ 115® 16. b-40CLti a Efl y0B as 73 TpcCum.indPf. 43:; 


: 01® 


•:pc 


S :P i I 982-84 77.',$ 2 7',. 5 1 98a- Horct Sank 278$ 8 80 J 

1987 69.0 .*. Has'. 69; >3 5- Unsee Ln. 93- 

Cnn Loraor. o :n-. 1976-78 99H -4 5 Mcrcoi ; Sccs. a2Sb- 120 13 B ackwaod ' hcoIS 25a, 92*. ’2 a:, go 1 -. ' "*i«-»t.n-F''rsha - Group '25n' --o® 

n;r. *9c0-82 84 L2 6) 9 .pc 92 Midland Hr* 367$ 6$ 73$ 2 70 S’ 9^cLd! 105' 4 5. -.Dykes t J 1 ‘Ml/lflf.. i25pt 26-. -4 J 



Blackman Conrad 20a. 76 .4 5' 


Hul Mos-rnn •F* , ed'-*pn. >5n. 75 '4 ji 
lndu5"'es «2Sp' 22-0 


98 

Greater London 6 -dc 62 1 
“-.pc 96 - <2 j>. 12 : pf 

' 2 .PC lgss 104 . >2 S' 

Prih (C ' il .PC 96 .* Vi* 
Pirmingnam Con #'-Pt ST'i 
’i-.$ J SI 

P rmlngbann Dist 12PC 133 
Footle Con, 7 .pc 97 
Brighton CP"- u :pc 96-'* >3 5 
Bristol C 11. .pc IDS', 
Bristol Cpn. 3 :pc 24 V* 


1382 


1 cl!: 


a .pc 


|,® 9 -. 5 V 3 ' I BV’C jfMC.LC 39 ;® "i . Blackwood - Morton Sons iHloas.i <.2 io 
9 I* S'. 1 -ipcUnseC-Ln 85 ;$ 3$ 4.;® ■>5:- 

4B S'; Blagdsn Neales Hidgs.' :2Se' 136 1 Si 

60..® 2 Bluebird Conleciionerv Hlegs. 25 p. 148 

Comnl«rc.*l Banking Grp CSM B'.uemrl Bras. .15o< 59 '2(5. 

• 4 5 f. ... . _ • aiunde l-Perm««Iaxe Hidgs. f25pi 66 


O»ion -J. J.i N.V a ZS 01 all.® 

E — F 


Hu— *"9 Ajjcfl 
Hyman il. J • rso- 


32® 1 


I — J — K 


I "**-*"*”*•»& -®6® 32 90 ; Boardman K/6.* Intrl. .'5 d: '.2'r 

? 5 '• w™ l oa v *■ -PcFf- 610 60c . Badycotr InteL '5Sp> 83$ 

I ‘ b _? ; S-'-fcLo. -94;. tPCLn. B3:, ZU ' Bailor Texdle%*l»l <Spi I O'-: 13'S* . 

man Bank 43$ >4 S) • Bor.ser Engineer .ns t-On 1 28* 8 <4 Si , 

Brethen '25 b) 53$. S.a25pLPr 59® Bookec McConnell '50p) 23910 42 
1 Sank dre-nada ‘SC2* 20:i' r © • Boosey and Hawkes '25p. 190 

Mlers 40a '4 5i _ _ Boot (Henry, and Sons '50p 1 124 2 <2 Si I 


EM, .SOP* 146. 7® Z;®- 63 43 M* ^ ?> * “ S * 5 ^ 

Cum.W 401. 40 t £2,‘a> 7 «ocU<is.Lr. IU lnryrn»:l Cpn Com S'k. SU51 1 1» 2S 

59 (2 51. 8 rpcUns.Ln 68 .0 B :pe IBstOCk JnhPsen I2SB' 158 

Cnv UruLn. 96'-:® 7 6': Illingworth Moms TOpi 30 >4 5'. 

7.R.F. iHIdgs.i f2 5oi !69$ 10® 9 — — — — 


11 13. 


Eastern Produce (Hides.' fSOni 91 -i.ai 
Eastwood -A. B-* 5p) 90-.* -‘,0 59® 


JOpi 30* 30 r 
tasco Ci A Com Shs. 


-4 14 

Indctti-et IE S'® 


N.C.R. 4pcCnv.Ln. 71 :$ 

I NSS NewsaBOPB -IO0» 118® 2D 
: Nash a. F.J Securities i2SP' T* (4 Si 
N*sn -W.) rf-rPSPI. 55 <3.5.> . 

I National Car Donlaing iiap) S3 
; Necakrs >25pi 35 '2lS) 

, Nocoscad .25t>J.4B«- 
, Nesccttl Zambra (2Sg- S5 C2.M 
.Neil Spencer Hidgs. -I0p/ 103 
Neill 1J.1 Hidgs. '25 pi 102 
Nelson Oatid '.Spl 8 '3.5) 

■ NewarOull ISO '4,'S). 8 .PC Ft. 56 9* 

. Hew bold_ __Bu rtwi Hide®. ’2Sp) 48^ MjSI 


Rewr«L-il Group -lOo) 56- 
1 Renw.ck Groun (23 P) 47$ & 4 ?occrv. 

j Curn.Rd.F1, .40 

j Bestmer Group 250' 123® .‘4. S' 

1 Pevercer Chemicals 72SP) 32 3 SI 

I Re* Trueform Clattimg a (HOiSOi 132 
l iZ.S) 

Rex more '2501 61 

Ricardo and Co Engineers t19271.CSp) 

Richards and IVail.nflton industy. >10n> 83 

2 'Til 

Richardsons Westoarth i'SOp* S9$ f« 5) 
Riley E. J.5 HUBS. <10p) 32-; 


Stewart Plastics C23 d> 132 
Stork lake Hold-itgs (25dl 64® 145* ..,1, 

Stoddard CHohUngsi A Non-VIg. i25d> 26 
(4 -SI • a- 

StoneMII Hpidmos <250* F7A (4 5* '-.«• 

5tone-PU« Indust. :25p- T17® 10: 1Z * 
Streeters el Godalmlng itOn) SO© i4.'S? ■ 
Strong and Fisher (HeMlngi) (23p) $7 
(2 i> -- 

Stroud Riley Dninmond I3SP1 S2 4 15732'- 
Sturla (George) Sons HOpi 1G i4'5> 

Stylo Shoes (25P* 52 I <*'* • 

Sumner tFranciM rHidgs.) HOpi 1 Gi- •* f 
Sumrie Clothes t20p> 23 
Sunlight Strike G*oup IlOp) 27':$. 

Pt. 59 (2,5) . 

Supra Group <10p* 52'n$ 2® a. New-GnL. 

COP) 25$ 2:;© '.$ 1 >- P.m. 

SutcUttoe. Speakman (?Sd1 50 12' 5) 

Suter Electrical L5n1 22 -. f2 5) 

Swan Hunter Group 129$ 7:® 31 
Sri tone (2Sp> 104 (3;S> ... 

;■ T — U — V 

TACE <J0p; 29 i4 S’. 40nPld. . 10B.I 
28 (4.3* 

Talhtx Group (aPI "23. Nrw Ord. (381 . 

22-'. (2, Si. tl'.-peCnv.Ln. 98': (4,51 
Tarmac (SOpi ,45:$ SO 47:.-. T’-.OCOb. 
1992-97 63<- l2'5) 

Tale Lvle 195 3. tilaPCU*. 64. line 
CiTV.-Ln. 103'; fS5i 
Tate o( Leeds (25 p) 62 (4:91 
Tavior Woodrow (25p) 373, 7-'«pcLn. 

70 

Tdibitt Croup (top) 11.*«s$ V„:$ :;$■ U 

Tecaiemlt (2Sp) 123-:$ 8 7 
Teletusion*. (Sp) 34 13,5). A (Non-YSg.l 
rsm u.< 



1172-32 30 -2 S: 


4 5- 

•arUaisul.i t-rr. 3 o- 
Rratl'.iq 3a. '952 27 
*: H'lers |1..p; 1515 96. , 

s-airord C'B. I n. 1936-33 63-.C 2. 
K.-al.-san C'fl 1' .p; 1934-85 96. .3 j' 
';V 1983-5' 10* . 3 5. 

V;o:kcar: 1 ; ,p; 1935 1 0 1 .<» 

’-uiiaerl.no 12, P. I9S4 IDS® a s- 
*Jf " Can't- 6r: 1973-80 92 . .2 5 

(-xar.se. C i* 0 ■*• 157B-30 97 3 5' 

T»mr,ia.' '0 -P.'R.-o 9u® 6 a . >’4 J 


Courage 6 .ocIndDb B7-, OS. 6-.pc, 
091.LP 5*', 10-;pcUns Ln. 84VC 
Davenports Brewery ■’Kldff-J.) >2501 880 


.'* s pcLn. E3’s. 6PiLn. 

. 56 1- 33 . ., .. 

British Mohair Spinners 'Jap, 4. 8 6 


a.n. . Ewer' George- 'lOp- IS-. (AS* . .... ™. , 

7 E i“& J n*;* v f3p ’ 4 * 15 I2s*?- P h\ 5 '=3» 

• ' 1 EiiaSdM ■m«.iT25 0 . G-i » 7a 2.. 70 J • JCnfOu# H dgv .>23pl 24; 


Laiv and order 
plan by Scots 
Nationalists 

MONKV frurn tine? .-tiuuld he 
nsld ink> ,1 Siam fund 10 com 
pensile victinih uf crunch of 
uolcnec. ibr .Sci-tli>n XaUunal 
I’^riy haid > cnlerday. 

The propufjl forms part of 
*iic par ly a draft taw ,md order 
Policy for an indepeodcni Scut 
]:>ml, AH viclnus uf crimes of 
tijiL'iiL-c would have (he riyhl 
lu appl * fur compensation, (he 
a mourn u» he deiennincd o.v a 
• riounai uf Ij> d«9es£ur» with 
ianirr. 

Trinun.il* would nr .jnen 
^uiduticp bv i’.h? Govern meat 
There bunid he .< right uf appcul 
■ m .1 pumt >»f l.i w in ihc civil 
wurl? 

\ictmi-' -utTcrtn-j mcun 
\emencc. financial loss and uut- 
•if-pucket vxpeiisCa would Oc 
i«k?n into accuun* Su Mould 

ihc character ol \icMiiiv 

Other 111 c.i su res ulueh the 
p.<rt\ ya.i all independent Scut 
land ''uultl pursue aie: linkmy 
piiiirc pa* 10 the aiera^e mdus- 
lrial lvayr*. the selUn«; up of 
Fiaiuiory .iltendiince centres fur 
football Hooilujay. and ■ he 
Hevetopment uf alternatives lu 
prison ft»i netty "fTeddcrb. 
akub'.'lif v ,1 * r.i □ ta aiid line 
defaulter 4 

Boddingtons 

raises 

price of draught 

BODDINGTONS. ;iie Maocbcsier 
mdeendeai brewery. i> to raise 
.irailbt beer prices by ip u ptiu 
from Monday The eomany says 
it will seek iu nu:d the new 
prices 1 01 as lulls as possible, 
and barring unforeseen circuin- 
r lance< for at least six m on ids- 
Boddln^tonz Ust raised draught 
prices in November. 1S77. It 
"•lames the presenr increases un 
nrctsure-- on margin-, at both 
*buleiale and ictail le*el. 



ai fi.'S' 

1 0 5 f Br.ttairt ■ ISP* 27 -t. 
Pro.:V63.'-.y 25 b) 60 

Brocks . Group oi C?v 1 *9® 


Brook* Bone Liea-' 


■IQP' 


25" 46$ 7* 6 


Higtor.; 8rr««.y 25n' S3® 

ImOTfloraor Ois;il:«r« . Hidgs -250 

l' , Vt Dsr.l'rf. GiOaP 2So 12S .. ........ „„„ 

KSSfS? .Ewertlwae, 2£»- il Kit P*o». -A2> 6000 W5 

SCDttlsti NCWLIKIC Jie«W4» 20?- e: * *, 0 nv Erg® HIdgy. lOp 1 27® 

^ 4 ; ®, ^ 3 5-;pcP1 45 -2 5' . '.pcPf. srock Sireat Bureau of Mayta-r 

SOU'!* ” AV un Brew*-.*! .R0 20 74 '* *' 

Tninii.- o-xr'i »r> .'2Se IO* 5 * 5. 

Vaur Brew,. .'iSBi 1,0 8. 7'.PCD6 7! 

Wll'i** Maon TruT.an Hleg'. ILKlrrF. 

D. s 281,0 (4 5- Srv.Urj L» 55.. t 

Whitt-»,C 4 Zip' 92 e ! 00 93 

S-'F'Os. 83 -J j'. 4’<>'Dc. 75 irawi*' and fiwu 2So) 96 
.2 ? '. 6.0COa. 7S -li' 7 ocOS 84\ Srown Hover. Kanr -250* 49 New Ore 

. I? 40 ^ 69 2 5). 7iKUri.li. : -'2S3l 15 la 16 15-. 

S6-: . j: , '>MI«.U. 6*>« 4.=:. drown :j ■ 32S 6 . 

25® l!fc.v.>.Ur.s.l.n. Brunning Grouo , 260 1 6. -3 S. 

25B) 64 *3 "5* 


- Builcng . 

. ... ., s. Fenner 'j. H.i -Hiogs.j >250) 130© 2 

90CIH. 100 *4 0' Fergmon Hidgs 2 Sp: 93® 

I Ferry Flekerlng <10o> 77 <3 5* 

Fiderirr Radio -10s> 31 1 
I Finally .A. R , -Ian. 24 
-10 ^L' l f , Art Deieloprrcnu ..Spi 49-:© 9® 


. so 

- Fimav 'JI -SOo* 340 38 
• Fisoru 3524 40* 20 SO 


• 8 S-'.Pchb. 72® -4 SI. 5 -jBC SupeLn. 42-*® 1 

inueC-LR 4 1 .2 8*. 7 •.p4 , *->r«'.Ln. 61- F.ich L0v*ll 20p' 64 3 
ook* Too, tngg. 'Hloas.1 -ISP) 33 l.pc Flpxelio Csilon V4*-5e‘.s ’25p' S* -2.5' 
Jnsec Ln. 85© -.4 S< Fliglif Refuelling HWgjJ i25pi 122 .4 

- .nuldrlve Engineering .2©p) 68© 

. Fodeni <30p' 59 ;0 8® 8 
■Foqirty >'6.1 -2Spj 168 72. 1Q :peP.\ 108 
.- Folk's -J.I Hole 50) 21© 2. Non Voting 


Unsec 
Brooke 

, . BrcthlI^ho<><J'^^: *S0 p* 149 
• _2 Brawn and Jackson^ 20o*_3. 4 =* 


j k Shoes r 25p> S6- : ® 9 
J dakuzi '.kS.’-i 100 la's- 
' icaiamaaee >iopy Z9c$ 

'Kennedy Smalt >10pi 30® • 

Kenning Motor Group .l2Sp< 60* .-* 
Kent >G.i 8pcUl. 65 
•Kent rM. P.i ■ I Dpi 39$ 42 
3 Kershaw 'A. - . Sons (Sp, £9 20 
".ode. inier national rZ5p> IJ3-; 

• Kumck Moldings IlOp- 7:, 

S) 'Top' SSo'af:© *?’ E * ha “ sls ' Holdings 
Kwik & art Discount’ Group >10 pj 79$ 9 7 


L — SI 


2£P 22® ,® 2 

Dudlev 6 earl 


•4 SI 

:ss) 


1 O'-ocU-’y.L'.. 

’42 Jj. 

.Vh'tb" ».rt Inirj; 

W"'— ’-rta.i'ptcr 

197$ 

Voung Ci. S Brwy. 53n 
Ord. 33 d I40» *© 4 9 

CANALS AND DOCKS l«l 

5r,stpi Channel 5nlp Kcoa reri >10P 7 -ae 


6 .piDc. o4 


17* N.vtg. 


, Sp; 21 il® 21,® 1 • .4:9) „ , 

; Footwear Immts <25p) 58 i2 S) 

Re»: tis. Ford Inlemirlona: Capital Corp. 6ptLn. 

I 88':®. 7 i(PCLn. 110-$ 11© 8 

Bruntcns Mysscibuign* 25 p' *03$ j ForH Motor >tUS2' *US4B-'.J 

SER? te'tl t? 22 "WSSi ,10D ’ 150 1 7 13 5V ,0PeP, ■ 

Bullouflh -700* 128©, ore. '-’Op' '-'••• U 59. 3-2.5) 

Bu^ Pulo and _ Paper '2 5p. .1000 1 -4.51 ^^'irot’h^^lotn.ng -25p) i03« le = ^ 0 “ r "** r <Wp * *** Nc ” 


• 2Sbi 8B « 9 9 o 

LK g Industrial invest. (25P, 40®. 6pcPf. 

LRC International -10p, 40 2 
J-WT rHoidlngsi A NY (25^. 126® 

^ ^ = w Hl OUJ ’, . °f ' ?“ I9 » ^01 
yOOi Wrrts l»0:;O 11. BoCLn. 62 


Burco Dean 2 Sbj >1. .0 . ,. 

Bumeer.e m*e-yr* 5n- 16 -• - a 17 ]s I H 

B jrnc-tt and Hallamsh re H’ngs. -Z5P- *640 I ' *5"‘ 89 

Barn . Anderaen <10 b* ’.4® r4 S* ‘ c ' 

But'-er' :5P’ *2 1 * ' 


159© 5$ * 60. 



Francis Indc. - ?Sci 68 
Francis Parker IO 0 .. 13 :-. '25'. 7:.pc 

Uik.U1 54 S 5 

Frngma"5 1 or non SVf9i r25pi- 312© 
French Kicr Hidgs. 2 Sp) 2P-:9 9 « 31 


Milro-o Docks 743 

UOLMEftCIAL 1 r..jr, 6 1 
A — 15 


G — ff 


90 


”3P' 10*0 4 £ 

AB E'ectipn.c PiMft. .250 
AC. C-.rs -Sp 1 36 -3 S'. 
riP,. I r.tcrny rignai 9ov.Uni.Lr r S .. -4 
rifct 5 ipcpr. :r”: is: -js> 

*4.*. ncapc^rch if On) 01 0 l 

HJdOw. ’5Qp i960 -!0u 


C— D 


CH Industrials ‘ISol 33 
Cauletarm GiOun 'Spi 66$ S 
Cadbury bennoopes '.2£p> S4© 
iUSirs 'SOP' *21 -. 

Ca>uer Group l'.:P<DD b& 4a> 

Canfore Eng. ,0a- 65': 7 
Down 20a >31® B 2 Op 120 

- .... . Cam ret -Hidgs.- '20»< bS'-:$ 

A.P V Hldg,. ’50p * 950 20u 136, C Ca'-ad.ar. Overveas Pack.9 l.lds 2!7 90 

t.O b i s- 

Aaronson Bros. OOP' 65$ 6 *- C'.e-urg *V '2So- 62® 

ABcrcoir. I n - >R0 30i 117 '2'SI Cae® Inds. 25c 1 * 9* loO ’ *c*.Du 

Aberdeen construction '250' 82 '.'S' 71 '• 45' T'.pcLn 62' ' ~ 


. G*.t Intar ivatiotMl - 20n) 73 
Gailaher 6ncUns.Ln 85'* >4 5' 
Gallitord Brlnoler -5p. 570 
Gartord- Lille j ind>. 5P' I5 : r 


«... Garnar Scotclair >25p) 96 13 S* 

"® 4 ' a .l j Gurton Engineering 'I Op' 90-,® 1© 2:; 
" ' Gates 'Frank G. 25oi 5*:- 7 


Laing <J.: Son <25p 
25d» 7SE$ 9 GO 

^&n Gr 9°3E «^ P ' ,0 ® M '-» 90 ' 

Lake ano 2&p- 510 SO 

Lamon: Holdings MOpi 18 - 14 3- 

Lane 'Percy) Group .IOp. 54 

Laaorte inds. .Hlogj., /50P) 108© 8 62 

Latham •Jamea.i TIZ '*-5. 

Laurence Scott 125$ 4$ JO 3 ’j-LpcDa. 


57.; <2 3) 

La«t&» ■ 25p' 53 

‘i“p/ r l u ie : “ 6,01,0 ■- Oo ‘ *«• 50 - 

Leadenhail Sterling )25p) 102 (2 ji 

_. . . Lebolf -S.) 'FoaeH -IOp) 54 3 : 

Geers Cross ■lOa'i 44© -*'5* t-eoas "Harris* >25p) 45 7 '2 5- 

General Elcct-^c 25 p) 251$ 5© 40'.© 56 Lee "Arthur! .'12 ;p' 2S.-p 
1 3 5 49 54 SO 2. 4PCUns.ln 90 .« Lee Coeser Group '25o* 1 »i 
.'3 5). 6 pc Uni. Ln. 76-81 85*: "2'5>. Leeds D. stria Dvers Fm.she'S 

SpcUns Ln 79-84 79w© 9 . v«'S.. 7".PC 


Uns.Ln 67 -4 5 

100 -® . 99 . : 100 
Owwil Engineering iRaddiMcl 

Grrsretner Hiags Ord 'Cap 


Floating Rate 99 :8 


4 5'. 

Lees - John J., -IDs" 37$ 4 5 
Le.eh Interests >Sp' ISO 2 
10e) 20: Leigh ^ Mills "2SP‘ 20 4 s* S^.ncP'. 

Leisure Caravan Part's >10p< 114 -3 5" 



Alginate l"d,. -2 Epi 272 85 • J 5 6 a Bt ^ r 

Atien ■Eegar’ 1 Balfour .25 dj 59 >3 S 1 r££?_ : ., 5 4 
Allied Collo-oi Group 'TOot 79 :3 M : :t ■ 

80 T9 Cawdaw I*-®* H. a ga. 25u. 29.- 

Allied frijiaro-e ;25p.« 73$ f New Ors. '“J’ 

750) 70 ;*.S> . Cl.frTth Hicns. 2-ic 135: (4 5> 

A11.« R-ta.lers ,100. 238$ 40© ** *» 1 jg? V ? * 5 0 , -4 5 

A4 ; W Sappi.era ©KLr. 64$ c.'apiL.i 51..: *J'd9^ >26 b’ 32$ 

Ce*tr»l SbeeeriNttod SP- a* ■ i 
C?j3fi: M*3. Trjc,r-n Group «5Cc- 70-: 
0 


:3 51 

Allied T "tattle Ccnpa.-.ct Zip 143 

Aiding. Holdings :Sp) 67:; □ - n -- — 

A^*:g*naVco Innuttt.a.: lO iPtC^. 2n 9 ?t. - Mf# llp£P . 1M 

Amjl.ant.<*i>.4 CM-HM^an Phi op-, 10c 40 r. . SosP!. 

Z'B "2.5 

Charge \Yhr7j IOp- 2i 12p:P1d 


lOocPt. lO-'.pcLn. 52.; i . GpcLa. 73 
O'ttf 70. . Gsldberg < A • <250- 650 

.■ Goodwin tR ' "Eno.neers) H0o-.il 
30y&jreor Hotels 3 rpcPF 41’; v4.3/' 
.Gough Bros. "20ai 48 (2 S' 

I Geugn Cgeoer iOn- 79 8 . 

1 Grampian Hides. 25p* 56 :■ 
l Gramiyah Teiei.s.on -IOp" 38--® 

Z Granada urn A r’Spj 555 6 
! Grand MttrGPQliUn SOD" 112:7 


| LirerodO) DaRy Par Edo ISSB) 

U&rfl .F H.; Hides. r25P 67 -7 5" 

Lifter Thomas i Hlrga.l -So 1 20-.d) 

20 A r;-.«S. Sa» l9-i 10 *4.5' 
LorL*Jcds Foods (2S®1 110 .'4:-b.. 7« 

APt. 5it* -A Si 

Lovcn Midland lna»tls. :25p) 76 -O 7 
14 ‘5. 9 -pcLn. 92 - J ji 

London Northern Group -25 bi 29 7 a 


IS-- 13: 10 : i2i; 14:; 53 15 : ; 11 • Lonoon ProrinDai Paste,- Group v50pi 2M 
- 12. Wrna to sub. 9: : © *0 9. as' '2 3' 


AmJi;an>j(c.H Metal Con. 260® 

A.-na.garn a red Power Eng. (25c 

60iL... iOt (4,'S) , charjj 

Am’ 1' 0.iv Hading* ,1Cp. 33 2,J. : 24Q 3 .*•> 

Strathorde- ,2S»» 530 2 -.5 J Cncmrins ** 04 b 4i 

T-.o-Ln. 65- 1 .© j Color. si Group 'Zloj 5 06 i-a 7 g 

JS [ W* 1 ® 10 " G'Sjb No.l-Vtg A -iSpi chrst.es lr:. loo. Ba“ 

’'*> . ... j Chr *:^-TVi«r ,iCp. 721.- -4 5. 

Ar. g ic -American Ajpna.s -2*p aa -2 oi ■ Cnr*«r u.K S.-pcDa .i; 

A ■■'c -swill HOMinuc 2«oi 42.. I C'.uao Scr 20n. 13* 4 

ArJIo-T.-jriyaat (r.duli, TtQ. jQi 1 04 .Chcrin Ga. til. 161 i .a 


■IOP' 



7J 

n'Slia.'-a E4v,-.p(rc.*t T0.~ 

.43.;! :* j* 

A«n Le-., ,2Sp, 120 .1 SI 


. ! Coates Bee, .Zap n.’ 
04 .2 0 .2 s. . 2taa. 51 2s- 

;CCi:> Ptusna- 2ir. Pi 
■ 4 ;fi-(Jr.:.L.V zac 7.; 


li,. A N-VIg. 


! .* 30. 
6 .c:Uns_ 


n\A\CE FOR INDUSTRY TERM. DEPOSITS 

Deposib. yf nj.000-yi5.000 accepted fer fixed terms nf 3*10 
years. Interest' paid gross, half-yearly. Kates far deposits 
received not later titan 1J.5.7S. 

Tcrmh fyrans) 3 4 5 fi 7 . S S 10 

Interest % 10 10 j 10; ll llj Hi llj rJ 

Rates fur larger afnouots on request. Deposits lu and further 
information from The Chief Cashier. Finance for Industry 
Limited, si Waterloo Road. London SET SXP tOl-JCS 782*-, 
Ext. 177 1 . Cheques payable to ‘‘Bank of England, a/c FFI." 
FFI is the holding company for ICFC and FLI. 


Statement by the Board of 

PRIMROSE INDUSTRIAL HOLDINGS 

‘ LIMITED 

1. The Board has beerf reconstituted following the resignation of Messrs. 
D. A. Lurie. C. J. Saunders, G. Perlman and D. McKenna and now 
consists of Messrs: . 

A. R. Kemp (Executive Chairman l 

X). J. Gevisser ( Deputy Chairman and Managing Director ) 

D. M. H. Bruggemann - 

I. D._ Brit tan ! 

. . A.D.HankinsoR -. I:--..... 

D. H, Mitchell 

J. B. RobeFtson 

F. J. J. F. Steyn ’ ” 

iVIessrs. G. Perlman, and D. McKenna have been appointed Alternate 
Directors. 

2. Following the announcement to shareholders on 13 April 1978, 
Volkskas Merchant -Bank has negotiated an agreement in principle 
whereby Primrose, subject to verification of certain points by Primrose 
not later than 19 Mfiy 1973, will acquire ail the issued shares and 
shareholders’ loan accounts in AJoe Minerals Limited for R2.75 million. 
Aloe consists of a group- of mines in the Vryheid district of Natal 
providing anthracite for the local and export market. 

Negotiations are taking place, for. the sale by Primrose of a minority 
shareholding in Aide which, if successful, are expected to provide 
certain trading advantages. A further minority shareholding will be 
held by Mr. -John Leach, now Managing Director Designate of the 
company. 

The effect of the Aioe acquisition on Primrose, after taking into 
account the minority, interests mentioned, is calculated at additional 
earnings of about six cents per Primrose issued share in a full vear. 

■ The increase in the net asset value of Primrose will be minimal.’ 

The. Board of Primrose (both prior and subsequent to reconstitution) 
and the Board of Coronation Industrials Limited (the building 
materials division of the Tongaat Group Limited I jointly announce 
that they are investigating the possibility of merging the activities of 
the two companies, either in whole or in part, so as to maximise 
operational economies for the mutual benefit of shareholders and the 
building industry. This would involve the issue of Primrose shares 
to satisfy any resultant acquisition. Shareholders will be advised 
further in due course. 

The Johannesburg and London Stock Exchanges have been requested- 
immediately to re-list Primrose shares which have been suspended 
since 13 April 197& 


3. 


4. 


Signed on behalf of the Board of 
Primrose Industrial Holdings Limited 

A. R. Kemp - 

Executive Chairman 

D.J. Gevisser 
Managing Director 


5 Ui May 1978 


t 

i 

i 

f 

, t 






Fusaiicial Tinfes Saturday- May 6 ' i 978 



.m inr. I25»| Bi-.® S. i Bratfw.ll- (F.M-SA ««uer llPp) SO .2 SJ / Norlcb Gu (zt’p 

iZ & 9 1 S7> (3/5) ! CAnjedetd iKMng’ Rubber. -1 Dp) 270 67S Gecdriir Tire C41 


Seatuan waecra 


»- M!-*;5*rort API*/** TSL *5a:> 1»S’.» .. i^«S 00 

s* ifi.S'-’Seeond Gi- Nrthrn. fnv. Trt. 31* , *,i»er jOMte 'F.MA! <10p) v*-s.> 

i Iscuritiei Is. Scotland '2 Soj- vfi2-: • — I consoHnftied Mfcnwt'oM . no» **4 


■i5p> 108 
tfi'r <4 5 


bS . 

mh**,:* 

>io tOfip) 


«Mrs»> IN Sons- iMHMSJ CSSM-i SmwSjm Ttt.’ JSiaXii 

AnB.'O American SCc- :2JJpi 99 9; 


_ j tWIinoJ-OrWdO*! ifndto.) (25D) 70ffl_ 68 



,&Dnl -Carvcu (HoMIng*) t25c1 2® 

.- **ww«. nWorST 




* s Bwratw ,w 

•AM TfitWlHon A iTdrVt#.} (I0p) 51* 
1«SI, 20octt.;i*aw 
> icMx rowUnCfiGroitp .‘Zip) 7® «;») 

4 \«r o4:> jfer -ffrxJBi 


'uBNUNr m> on.) io® u tu. ■ ?ite 

. S.Twi.ft.1982 167 (A» 


—jrnionrus 474 t. 
art ea 7.7 

;4 It. 9®dn- 1' ■■ 
»M 90 


fDSLn. 19 

-M 74V 


a. 1 077- 
'-**■ *7® 
6-yratfl; 


Jin* I Hftltfjlg^8 iSto) _271_« S) 


TMr Mpwail 174® 3® 3.4 7.' Ord, Sira. 
S 1 Z^S 1 






in*r C utxtHl ISmJ "5>9 f3S>. IfiMLft. 
BO 101 14 5) 




• . rntr McHufUtuMnO CfimftifV (2 Sb) IM:, 
i 12 14 Si 

Mr* iContracion) <10p) ?5 4 >9E> 

• x»ct jw.r Sana ■_ Turner iZ 0 ») :40 ’i 
JPfl "■ 

. sack :w. A.’ <10p’ 23’; *2 51 ■ 

.IM SWUP >2Spl. 74 if s\ : JUttdCm. 

• . 9S : h*oup l25d.SB9 0 4. 7 t*0cB®. 67. 
■•: • -ilNUniwsSn. 3*;, Si 
: l6 lntn|. CJSol 1«0 I4?fii 


rrtyMHfiTao7'4S 

JTlfO and IMarac PrediKte llOpi 33 i2JS) 
MQI.y _‘ThCb14»> (ZSp) 42® 

WgJ^ENcolc Tool* fHldys.1 US*) 136 

WelMlcv- Hughes. (2Sn) 102 tif'sj 


S nlwi’Jiolm* Bronm Poratoo (2iAt ?> 
wnbweH Fourwjiv and Entfi* 


4sr 


iwfMtnns- (ic 

Hall Trust (25 pi 95® .3. 


Spner* I in. Tat 
. Srtrlfna Tst «2So< 1_. - - . 

| stockholders inv.Tsu i2S0'_ 90 . 

_ - I Tomple Oar In*. T« t2SP’ 90. fipcUnacs. 

6. DO. B ,Z5D.' to. 75': rj.&l 


! Jardme MaUteaon 254 


i Threw morton Secured' Grpwxn Tsu Cap.kn. 
I (In unit* <* £1* 9 f ® 6’s ‘4S’ _ 


A l ^ ?c 9 '' llc^ ‘ votlo^,,l ,n ' t«. Ann i25r) TBroomwton. Trun as pi .69® ft — ----- 

Alik. ^ . " i Tor lol^wnirni Trwt InCO.W t2Sli« 7JJ^ ! Jiira Rubber Plantation* ’lOq) SB i2r5> . Southarn Pacific Prop*.- B - -: 

*2»J°’5tor: , sn in*. 7«. izsoi 43^ ,«3> &si»TbS(5 104 . «.«* Keim Rubber <iop> 72 <- ; Smiri* c. Gi 330® 


WrrMa TO Sob 57’»® M , 

Gadek Bertrad < 5a -2 S' Karnadt £1 IQ 

Cuthr-e Coo. 266® 70S OB® 71® 72 GO . New Mml M:ne» 2-s 
70 69. 3.925ScPI. 44 >2 S). O’.PiUn Oakoridse Sees. 149 
75® i4 Si _ .. Ocean RewsurcM, 17 

Ha*r.son& Malav&iari ilOdi 91 ■;« B0>? : Parccn::ncn:ai £1flia 

69 ’a 99 : Pcko Wihsend 440 

Hiahfa-dt. Lowiandii' Berou ’SMO.SOi 90 . Peooln Dut Stores :?0; 2t 


• . I TrlCon Hnonnl f1*^ 

4*1 ' ‘ - Union Carbide SU541 3® _ 

Kaw Par Bros. ~S5 j T Virplnla Bln- Power TUS1 SI* 

_ "Hudson s Bay Minins and Smcfcns tl 1 51 irt ; W alsyo an Co £17 
S. ; inano Natural Gas 7450 . Westbdd Mirasrlili 64 


WlKiaek Mardtn A 45. B 3>: 

WoeJivorJb Austral.* l»l 


Wpolwonh 
Wooiworth H'oOt Ord 190® 
Woods lac Pew. 73®,„. 
WOrwa'd Auitrana 264® 


I G.R.A. Prop. Twd* 11 I® 1 * 10 

I Hem* Bre*rw* 2 •» 237’* 

'■M B-Suase* Wsicl avpiRed W- tJi 
Namunakula l»* >cuie 5 
OltUiam Brener* Bo 
Soulfie.r. Newspapers 220 219 
TwnlOIk 12D.Unt.4n £76 
. A 190® 2.Uoit«d FriCPfll* Insurance B <2>; 72 
VlfeinB Oil 124 


Arth.mes** m». jn, cap. :aOe. 3a"; 
Asndown m*. .Tst "*- 
«4 Si 

Atlantic _ Assets Ta;. [25o' BB- 


Capital C2Epi 


it. Cap. :s0o< 3a-; i3 ii Tnbute invest zsoi ea;. a (2 5> • Kuala Lumpur Kesano Bemad «1Mi) 56® Swir» Pacific A 134 3 - 

r2£p) 121 *q® 2® I I TVSewCap. ISM u' • .A 5) ... ■ Thi*fij Hokjlnoi MB f2 

“tu* r»K - pa' in ■ Tniitoss Corpo. >25pt -12 (2 S'. I'rPcPf. i Lordon Sumatra Pttntaiioni »10 d* iJO^n'U.S. Steel £z2h 


RULE 163 (*) {a> RL!LE 163 t3) 

RULE 163 U) U) Bar g a i ns marked for opprorod , 

Applications granted for specific compa niM engaged solely in; 


■«■:- 36 <4 Si 


■4^! s l«S'C. 1 * Genepti Tsil . .'tap. S7.i^“V^ i i h 0,- Sea - 


Union Carbide 232 
: Woedside Pets. 6® 70 


bargains in securities not listed 
on any Stock Exchange. 


lM'-.B 2>.®j MifieolS Iw! 'I Op’ B7«s C4fS5 

iwiM ir-i" •**«. ^,.i aptpt. *B‘- ■ Maiikoo B«**p«! iJMai) ?»•'. (2 Si 

si-’-w bsw‘ : .iwjsPjg^gSSL 'it** 7 * h ; kssoSsj; ■ «« « s 

b ** ¥ ' TlL 12501 ”'l- 44,wW - 1 IMlted^SS* Trust_"«J51 1 ,;B3S -12/3’ j PI»r??lloriHldoA OBO' 69 ! : SOpetn. 

frrri Tcl r2Spi SB® 


MAY 5 


Vi kino Resources zspi 86 7 9 
I West Coast Twa*.R«B. ‘IDpi So 


120 . 


**'* tSi’tf.i' Grp. r?Op) *9 


Wood 




Yorkshire CHVafCalfi, '?9p> bG® 

YouaMi Carpets fltldos.) USpi Sit® 4 


Zenttfi Cartmfftttr"® (Re*./ (900) 9i" 
knurs Grp. -Sol s^® 4® . 


ELECTRIC LIGHT <I) 

Bresun Ld. Ck*s A Cnv: 5s. ol no p*rv>Jut 

cS^eutM BiecNIc SupIv Com. bd 1 :* 
Mieer^an EleetriCIW Supply Carp. 2S3 '313) 


. t*. (SOP1 1 55Sn 3*’% (*S..i 

* -TS74. .AS. . r^ c ;* 

«g9^j3M»* «T'sSm <=*> *>*>'. •SSS'-A.* 1 r«^r. s %J* si" I UNIT TRUSTS f23) i &£&& 

iWwdnPVH IN Rlssan «HImh-) 

sssxKi w Kf fsti’tpififf! 

Worth Inpion (A.- J.i t Hides i (Sol i* <3/51 

"***' *" — “ _l wnw* ■ J'5* 1 T'» Ai- " rTtronna tioat mo; 

•.i'SSt^s'.^ 4 *.' "*■ .KSTcSST’S £■■ 

- ■ BniroEjnM 2» „ „ .* ; v 3 i*te\ usyw.” ,!,s ' • * ,c 

4 :«wsar ifitw '"iVsrattM » > ,as » 1 

1 |wutm Mr®.. Con. -sad SO’ ti7® TEA (®) i 


Canaan, foreign mm. frusi >2 Set) th 


cSSi; 

f3 S’ 


Nadanai Trust 


tqd’ i SB <4 51 

smPPTNp (42) 



Com non Bros. iSOp) Iff 


MAY 3 


M ana G Amertean Gen. Fund income I nmer ij.’ Sow. HSp) IjjB* J^'S) 
504® 50.94*. AccumuiatlHi S1.7®'purnaa* Withy 2*0® T9® B S. 

49M 312 1 401 

M ana G* Dividend Fund l»WW 11T-?®: GralB _ . 

116.9® I2i® 1112. _ _ ! IOM Steom 


-‘"■■SrMWSjg, 

Ij 1 1 >200’ J7i* '4 ; S> 


1 Acmil New .10 

American Eagle ISO® 

Bow Valiev Inch. £1BS 
Sfifflw on 69 70 
, Canadian Lataigr 6707 
iCIba GeNv 6pteo«*. '*94i ; . 
— — ' L92>t 

spepr. , laaniui Kodak £441*® l >i® 


■ Eaatmui Kodak 

1 GerltAr SC26^ 
; GoUarti Cement 


sde 


I Hudson’s Bav OH and Gas £209 


1RRATA; Ow Geip* BupcCmi* snswilo ■ CMar Hides. SKRad-Cenv.m. 26 

““ " v - a,’S7Hl 'clrtt Pwreleum 144 141 13S ISi 

1 DDiosKclla Hides. 27 26 
‘ Eistbourfte Waterworks 900 
lidr coe Pope A 177- 
i Fuller Smith Turner . A 260 
'GkJah* Ccvion- Tea estates 1' 
General Ctvlon 6_ 
i Hama Brewer* 240 
•won, i Javelin low tv 1st. 163 16D 
S-iPCCOnv. Lj Rhhtt stores 500 
.Liverpool Ft £101.50 

1 3-<l'»ir Brewer* 6d 


mineral exploration. 

MAY 5 (NU) 

MAY 4 

Siebens Oil *fid Gas .U *C .* JTi 3Z4 XIX 

MAY 3 

i CCP North Soi Associates 62JH* 

j " MAY 2 INI!) 

APRIL 2S . 


B Qip’ ■ ji»[M and G Utr* Yield Incom* B2i;« • Jaqebs (J 1 1 »2Qp’ 17’i'api ,.. 1 lend Lease Cornn 237® 

, 1 M arO G High income Fund Income -Of Condon bvcreea* Frol*M4« >260) 33 4-5 . j. ks 7e Long Lac Mines 12SiO 

trtPnti (By,, Trust Dw. .25»i T03 j M eras G Jaow Genoiral Fuiw lacome TS4 1 i< si l2 , 3 , . (> 3 *t > Magellan Pet*. 74® 

- «• . 1 0® n® K, M and G Hecoverv. Fund InCBiM 80.3# Lvje SbiMunS 'SSdI i*« *'*»■ A »* sw ; Northern Mining 5* 

11 . «?‘L. «■*.<_ . . ! ‘ 11I1SSEK 1 Owuf TwnBon- TrafilnO .25ul 1 2S® 4ft i .CM??. . 


■ Scrlo Barratt Shoes 7pcCum.PI. 44 
l Wrnnstay Props, lit 
. Put Petroleum 1*0 


Gas and Oil A«!*age too 87 QS - 

iSieBsmi ®‘* and Gu «y.K.» JtS_512_3BG 
JQ7 flic I ft mi IfLi tA3 it 


, Tllol ln« at. Trun Wp 

-Jdar meat. Trust I25n 
Gharttr Cons imras dirpcDb. 


-4 9i 


S3 to® 


I textiles .1 Del ^ 


FIN’AKCIAii TRUSTS (3) ;■ 

Akrcwd imtitbers <2 Sd) 227* 32 ta.si . 
Armour TH HOpI 10- 
Avstminn Aeri. (SAOiSQi 51 
blsnopsgate Prop. 7 ’* d Si 
:ead (10*, 39a 1 S. . 

Hides. >3 


, sv;r Televlslorr. Nomvr®. "A *26*' SB ! iSunfil* .Arrow HTtfgs.' >25gV 20® 19 tt 
.J~51 ■■• «■, 1 Cnaiienge «N2t> suSV25« <4S3 

v; ::s?3 S&fSsSVr' 

v i, 1<; '5. Sir 6’rncUnsee.Ln. SS.<-t® la.S*. j cpAeadkie FlnanclOre rie_5uu -£4B (4 5) 


. dim %«* ; j«f* 1 1* 23 1». Socltt 
.-•*. 41 1. iZ,r>. 20«c3rdPid.- 41 V- (Jr*'. 
90. 6 


iltech iiqpi 1 1* t* 17 
tiv*d Biscuits (Nldga.) i25p) . 1B2® 5*® 

Bled Carriers' >1opt 62 (S.'SI 
ilted Clt* Merchant* <10pi (I'll 4 0 7 
t OocUnaac-Vm. *B® I4J51 
„lMnd E»n .radtlltl. (1 Op). SO 
itteg OwraMM - <HMIstd (Bpl 16>p 

^SLssS^sruse. “ 


.. tiwd . TcchnolbiiH Cpnc. Shins SB 


&^v nth «:.. H {2Sr V« 0p, .& y a &> «4S. 
A I50p) 250 

Qilgitv 2 57® 6 8 5. 6UpcDb. B&Jf. 

ra isb aSSTIis*. 

79^®m. Jx , - 

g^B* s*:* 63 ^ 

■ 5-»- upn 


£ ""3*: T™.” ABmrv G»p< 'SSI; 

c Kpn£ n W" Y f« Tru,t ,ncw,e -*** Z7 - 
'■& JTBR 7?:: * s 


Petrofina eiOJt IDO; 


_*. 0 ® 

... SCI 8)«® 

S< udder Ducvmt 6*5 
t BO 

Con*. 1SS® VJ5’-B5 


MAY 4 

■ Anglo ScoKiin in.»- In. 4rcDb. CS6 
[ Culedan.an OtlshOrt 8 
' DaUe.th levin 1 9 
1 Daterne (Holdings' 


SOS 105 304 SOS 300 291 238 

ERRATA 

ERRATA BUSINE5 OONE 


25* 

tr.e 


: £>dri08c Pope 


A 177 


SESSSSiJ* .L" 1 !?- I r B wl '5Mi 79 i*s 

S9TSB? W - 15p ' 7S,: 4 - 4,<b,: 


Continental 
4 51 


Ind*. Truer CSpi 


41. pc Pt. 

IWt® 


J4«d Trust >50p« 76J 


I CraaHnerg Trust -25*’ 76 2'Ei 
4 nS?i U J u * 1 J '**.“■ (25?' 2*0 

C?«. a i J «S' tC“*. Income 30pi 40. 
C;pi.aJ modi .3 « Warrant* -to sub. 7® 


» cfsi 

lu.Lands (too) tsi r»'B . ^ .' 


Wrm._IU7S.B3 H 

rap) 34® 4i«*>. 
I"*. (25 P) 601;® It («.*) 

TH. l£il 91#® (* l 5). 


4PcLn. 


iwhcape *25 20 7 1. New 427 (3 5.. 
•bpept. 72 a%). BpcLn. 70**. IZlfPtLn. 
Bov (25 p) 40® 58® *1't 2 1 I M It 'S' - iV 

•Jieni tTioiir (TOnl lirifB r-1 fil 7(*«ci(n4. and Comm, f (nance Cofo. ShscDa. 
'. JK-l'int® « ifr 14p£l 216® C*T WLl JxS*- 4 BGpeDb. 76V TUpeDb. 
1 Motora fpeLn. BS'n i 19B9-92 65--: *2 51. 

Stone -Gro. nop’ 26 
Fashion 'Group (SOpI 


D *h*ntur* Ccrp. 25pl 61 i 4-5i New 
_Gr d '-Sal 62 4.31. Suecdb. 07 1551 
Pdrbr Trust Income 209 li sT . * S 
aSSS" » c . Dm rt r;Ja i, lnv « 25*. 125>. 
rC?£h I s ,3 S'' >'wu. 97 SSI . 
Dranon Contoiioaied Truer (25*) y 45a 


^1“ F " 2«t*rn. Trust *2 &d1 l&. s 

“tfi*? 3 !! P T"* r _. ln »«rtm*al Trust .2Spi 
S.SptPT. 421, ( 4 5. . tWaTSL 


'IIS! 12 (ijt 
Duaiveet Income 511® rSOnj .03 .4^*5 
Cap. Sh«. 202® >. B i . 


l , rti ‘ T \ l - J**" 1 5S : g 12 51 
* Its “75L Am * rlc * rf - 4m» Trust LifipJ 


Edinburgh. mv«H. Trust Dtd. 21 B 

IWM. '25pI 66t# (SJS1 
inwi ImerTiatonal Tru»f <25M Srtj) 


■B 


Bngltah Ngw York Trust (2*0) 72-20. *^pt 


Lit. 103' (IS) 

&Cott< *h InvMCan -25*) 70 ifi.'S). 


(ngUsh 

Ml® #4 8i. 

6®tr® 

Eouitv Contort Investment 
r^iwav itb 


«i«(icDb. 1 9*4-69 
Trust 1 BB 


g ?3fS towy Trial 'Sftpl J92. 7-ejjcao; 


1 iinchai^ 

■rnpn FaiSton - 1 ’Group ”(£OiG~ 110® 11 . _ 

* brpplant HNas. (25 bi 184 S ‘S.S> . Lloyds 
Heart 179® 60 61 so; 79 &K 1 London 


56 14 S'- 
n*ra M0p>. if.M.S- 
', at«n Group i20p> 107i 
MPcr- iSSpl 156 60 



Miscellaneous (41) 


BeraR T.» and Womm »Spl A1 lZ.51 
■unna Mines *17*ran 15® (4 5 


Asum-Boean Hidgs. WO (2 6, 
Assam Frontier Ten Hldga. 297* 
Assam in*«s»- 1J5 


MAY 3 


CoftllO. fheg.J. :2SP< ISO. Sps _ 

Ln-.baj*.? 1 .... . • ■»# i Camefla Invests. '10o).20 2 . s 




SSTSri" TM-Hldya. «SP) J11 .3 5) 
Blanryre 7Y«.HMHPI.-4*S,'* *■ 


A.E. and Cl. 149 
Aemil New 13® 

Ampoi Pets. 751*9 
Anglo Wnifeg ’37® 4® 4 
Ansrtt Transoom 133 
Asarco MJfilSir 
Bas>c Resources 435 


duller Brnitn and Turret A 250 
' Home Brenerv 245 240 
Jeaningi Brothers 67 
nartn Lei Assets 795 
1 Olnham Breworr 64 
Royal AutomooilB Clue I'oo* Cl S 
Southern NewuiHr; 219 220 
Tokva Trust 5. A. SU5S4- 1 # 


SLAY 3 


WjL B * 71 ! SShIms 3 s.- 1», *S' 

Si Ore Minn, and Eaoi. «*»» S3® 5 ■ LunuY^^eTtonl" Tea art Ruboers Estate* BUe MeUL |nds. 95 

GeevOr Tw Mtne 4 72501 13S t* Si Lunuva /CjTWm : Boeing Corn £34 ># 

Goneng CorHid- l»S»* 245 ,. u .., uiiLS’ Ruuel 227 (2 Si 4 2 pent 40 . Bougainville Copper 10t> 

Kamunana Tin Dredging Oorhao riM0.50> | MrLeod Buwei «r 


Castletown Brawnrv 4 .pcCum Pi. Js 
CHIr Holding* 8 
Cl I rnvace 35 


i !s£ks; ™s- .»? 

I® 13 5 a 6. Ar cumulating i25Pl iB2 1 Warren Plantation HNo* -So’ 2*5 

TELEGRAPHS f—> 


SalecUjn Trust i* 
sSvermlna *2J'^> 


BO:.- ‘ ‘2/51 
55 14/3’ 


Bougainville 

Bramalea Cons D;*v 73S 

Carijapon CO £22 >1® 

, Contmareiai -Bank c Australia New- 'Auat 
: R*g.i 145® 

1 fora.rc Rio T into Australia 2100 12 
Eicon Corp *1)54 7 r 


Clyde Pfttroieum »36 134 i !2 
□irt.ng Fu 


£1 


_ Fund 135 
. t«njm HO’c nsi 
Grenaon Trust ” DCSup.Uns.Lr,. £49 cab 
island Garages 14 

Jersev clKtrirlrv A 90 
'ST* Gas 85 


■ritisn LEvlano New Ord. < f .eo 
27® vie should have been t 
. Ord. (4 5 76) 

Ctiartpr Cgr*. invesiments a -BclstDn.its 
(7B'«J* 5JSr® aiiaulP have e**« _« 

. Charter Trust A0«ncv Ord Slk. (45;* - 
Cummins engine Co. I LpcCnv U«»»e L® 
Stk. i7B-54’ should f*»e pren marked 
. 1B3 12 3 75) 

■ Ford international Caen* 1 Caro iwCm. 

Grd.Ln.5tk. »81-B7’ should na.e berir - 
i marked SB:.- »2 5 7Si . ' 

i Gla-.Bow Stockhoiaers Trust So-: Cunt. Pt 
I Stk should nave been marked 43 _ 
(2 3 70) 

Guardian Rovat Evctiange Av,urance ■ ee _ 
1 Cum Re- P- should na»e pep™ marked • 

• 6S (2 5 79) 

‘Harrisons Croshela Qrd ddda snouid nave • 
i Been SOOd '3 5 781 

■ Her- en-Ft-iart Plan| Drd S2B ■ Vtaulrl . 

nave bum Si® ■• •* S 73» 

London ano Mdntrose invert. Tru’-r Sc r 
‘ PI. (Cum ' -.nould nave Bee" marked 

(3 5'7Bi 


-4;5). G>^cLn. 

S4!*.«r.- f ^BP (¥ « 17® B.e norn’iiT 1 M. «' Denmark. 63® j 

i *4 5' ' Hutthlaan Wiumro* 7B :* 9 


Jersey New Wuterwks 6 'ujcMoi:.Os. £90 Louisan ana stratncivde Trust i«<‘uai.P 


Silvern 
Soutfi 
Southern . . 

2*0 14/S) 


rm Dredging o**i) 


Rhocjesfan (5> 


Botswana RST (pu2l 13 (3.' 5) 

Sofes and Phoenix Gold Mn®. 


«I?ISP«. 

MlroraU^'end ReaourOM Coro. CSBDtUO) 

1S *® in Corporation ..CIBtE, 1 


Rhodesian torpoMtio#. (1* 
loan Coaid. Mine* B riff i 


H"A TER WORKS (3> 


Jard'nv Secs 1TB': 18 

Bournemouth District Water dpcPt. 29U I Myers BmoUnum 1 56; 

TJ SI . _ ■ _ jNederia.ni Baev -5 A.) I4i 

Bristol W atevwgrw 7 peContd _50 i4.5v;New Metal M.nn 2<> 'r 


, 7 '.at Mort Da £90 
R Ches Stores 500 
: Manx and Overseas invest 1st. 11 
i uur.' Cemouters 150 t«o 
’ SDUIftern Caunrurs Hate's (SductMmpiMi 
' 23'. 2S-: 

Tes Ctroeranen 7': ... 

Weetabox A B2 


na*e bre r marked *4 


s£pcPt. 7? IV 051. SiyeeDb SS 1 *®.! Ne « 2-aianq Pom* Products 1Bd;0..®«*p« i Whitley Bev Enwrianunonti 10B ,107 
5-5J - P, « I ..Pt- =7_i. 


Colne' Wiltav Waiep BJipe; 
9ocPf. 1980 1D6'; 


sat# 9 ‘4 SV. I North Fifteen to 

- - • .i Northern Mining 64® 

Easy Anglian Water 5 ecConsd. 36 ':® 1 Oakbriapr Secs 151 

East SumrJort.B Stk. 49 ® Pancommertal £ 9 ‘s®. 10 ® 

m-b. .latt Wm?«r«r*hiro 2 . 8 t>c > 1 ®SS.' 41 > PI. 27 j Paiaboa 4*0 

mm Ken> S-Sk 38 >2.'S» '! RMdn*D40 ISO 9 

! »W* Wtr ' * 0rC ,W ’'^ 7B '' ^ 135 1M 

Jtf**?™* Go'- <"«« •«» £,5 «!^4^ W v 4 sS > ^" ,: si S ‘ !SW|rP P ' OOS L * 


MAY 2 


V MOT 


South African (28) 


Anglo AmeneAn Cprt, 5- Afr«a fRO.IO' 
294® 


Sti. mould 
»3 5 76) 

Nonor n». {■> IH'dBS.' Ord. snnule 4'SS 
na»e eeee mar.ee ?S ■ <! i 78" 
#TOin*rh<Id lnw.tr Trust * 2s/C.im.Pr. 
shamd have been marked 49 <2 6 -8' 
Scnitlsn Mortgage a*>d Trust 5 #prCon> Pt- 
Slk. should bare Been marked 43 • 
•2 5 TO’ 

600 Group 4-;P'Cum.PI Sts. should nave 
been marked SS - - ■» 5 78) 

Supara lnvesunenis Stk 63 sneu'd nave 
been to Sungci K nan Rubber fiutr New 

Buenos Avres L*«ro» Tr*mwava SOflCortd. , Sup« S r J B GrouP 0r a . 45 4 2 *!; jhdjt» 
InCOmeDb. 50e SbCEw Mort.Dbs Cl 5 I haw- been 54 2 4 - ’3 S.7B' 

Sterling soclitMort Dn f2B I Unloatr fiocCum pr. -mould nave been 

Caoietorm Group S SbcCum.Pt 2a.. 2 S maned SO ■ (2 5 7Ci 
Cambridge instrument n0o> 1’? Do -lpi i Unilever -N.v(t Ord. sun.5n». should 
1 ■ .. raid I5'> - 25 2S; i J 5 78 1 

Ei^ijrn counties Newspapers 15stCum.Pt. >Bj/ , ht AhV k Zj'ho-.e* 

- •''•■Ull'll 1 


agnini 8 450 44D 
British Urai'te 6 


36 'n 


• 2 5 ’ 
t4 S'. 


E'dr-age Pope a 177 175 


Vr—X—Z 


Vt-r-. Ribbon* Nlddkl E10*r7A l4<6) 
•Ul (2Sp> 103 )O0_ 1 .4 _f_2.S) 


47® 


<4 S 

Mir. on F ntnap Trust (20p 
Martin rR.P.t i5p. 52- 
■MTla'AM Allen international -5Bp< 193 BB 

• 4.5'. Cum.Red. IsiPf. 1B84 r8Bpi-7d':® 
■ 4 Si ' 

N-M-C. Investments >12 ’:p< 14k: <3/51 
Park Place Investment* 'lOpi 2S*„ ' 

Prbndent Firaec.al Group <2^o) 96® 9® 5 


15 14 51 , Pprt*moir|v ».ppc 

AiMle-Trinsvaai Conso l«ve«' IRO^O) ! 5 ,. Vr^'r-iT ’ 0BcPf ' 3 
, BlahODsgate* Plaunum iRO.IO) 7b 1 5uneer*»vd 5 Shield* 7pcDo. 

Trust : BivvoprulDdCit Gold Mining ‘R8.25i SUS4tTnrdr.no Hundred 1 5- 6oc fmlv 

ForflfSn'Colani# 1 fnvest Trust Ofol 4S8j'Bricken Mires IR090' 60S® . W-V^’ Hantpsh-re 5.5« 'mlv. 

7 L 7® 61;® * 7 *•;. 5pcP1. 41 >® / guffetalantein Gold Mining Rl’ SUS1 1.00® ■ 45. 

(4 53 882a - Won Ken( 3 Spr >lmlv 5or. '3* 4 5 

Funthitvest income So*. i25p< 37 14 3). Con'd. Murch-son .RO-IO’ 244 13 5* - , Wrevkam Pns' D*v®'Qb*nire 4 9oc UmW. 

Cad. Shs. 25p)-5>£^-a - - .. • . oeelk-aai. Gtfd Mining ..Ra.2a- VJSO 98 y Bl . 48 ‘4 5 

n.T Asia SterrCuii 'Fund |1p/'12 «• 72 ^ nsw Ocd. (RD20' 1 1;® (3 

G.T. Jaear Investment Trust '25oj 1.1. East Dridlentein Gold Min-og 


". .; 'JS’ 
>ae-. SIS 
90 


So c: 


xddington bohni. ,25p) 217® 
ade* Departmental-' Stir 


bns N-V A (20a) 
Stringer roi Dpi <42'<l 3 


Erlnoer 
JiMi 1. 
alter and HoMgf 

1.14 5) 


wroviaen; ri-u-c.Jl uroup '^apj 3DV aw a 1 ,1 t. ... .. . ^ K r.v . 1 / 

lfiBiM| , ®X r ttSS'iS xG'Si *“ , *' l5> ; General Fundi Inv; T>t. (21*)'' lil'i *® "j EiSfRand Conid Iiop) 171?® i« ' 5 , . 

fSiMlnlGVit ? Gr-“ioi?24.- ifSI '• 1 00 ' £« R*nd Gold and U ran. pm RO^O- 339 BuslnCS* done In 

iT.^ 4 -* 4 l * *’. tZ i _ . 1 * l: r‘ 4: V '.j.,. I General ^ cott i*b ■ Tat, j lit). .56®. . | jj5t S1 Rand Prop._ Mines rRI^SOS..- _'4_5* 1 ID the MoilOl 


SPECIAL LIST 


Utd. Coras. Corpn. Com. Shs. PB25® <4^61 I Glasgow 
.fleer (AWraa- «05T *»* J4J6I ^ ... | K»>- lM ‘ ‘“• 1 ™ * Glendevc 

■f <S*i 12<4® H>*® Tl® i-ggi^FInanel '25 pi 44 2. New C2Ssi 


ate' fc“ aas 

after CJamas) ^ GcMunttn . jand \ 


Polfll (25 R) BO® (4.S). , NV U«p> 

4^) 

. piker (Thomas' ■ Sp) j 10h <4.'3s 

«tl- Paper MoxHifaetvrgra fipcDb- 32 >t® 
Faanwm Grp, tlOp) '74® (4.T6- ''' 


aril and Golchtdne (2Spi B2I>' 1 M/SI 
j W^ IThWL y.) ,asp> 67* 9’1 70h. 


7B 

164 


are White Group <2Sol TO® 69 
4.'S>. New (25PI 71. 50i s 
'3 Si . • . ... 

ocdle (BerruirdJ tlOpi. 19 't 
irtng and drtow (Hidos-i (?5p» 02 ih 
amt . Wdobr Jito AdavTand (lOoJ 4S>r®. 
IttudM. *s C3 5’ 
irter Holidays (11 


^ _ (I Dp) 3*i;® *. A.CtOpi 

52 1 fi’ipcPI S* 

arrlrpton (t.l (iiof 46. U 5t 
It erf art) Glass- tSp) 46' i i*SJ- . . 
Mmoughs Hlap* i23oi 87® 


... HldPl 

atssn Philip fioo) 60 
eir* Blake bear hit- rzspk 182 14 SJ 
earra iIOp’ 27 <3 5) 

"earweir IS®)- 22'> 2 <3 5’ 


enoleiH i T si. < 2 *al si}; 2 

SotettJon Dev. <200) *5 0(5) 

Yortcgreen in» : a®p) 1« (3(8) 


...tjASO) 

Imperial CoPtlnenta! Association 25® 00 
68 5. 7PCLIV. 156 - - 


— .... ftockhqldan 7 Tst jfefep) ~*S® 

fendevon lav. T« (25<M •O’t- warrant* 

TO sub. B • 

SSPTST 

Cnr.Uhf.Ln. 80 


Goirett European Tst. (2501 65 (3 ; 5) 
Grange Tit. » ‘ “ 


• ' INSURANCE (184) 

Bowring (C. T.J.125M tip® 90 B tp 9. 

• lOpcU). 152® -2 ,r 

Brentjiall Bear/) fHIdsU (IDp) 41® t®;*®; 

Brltanriic^vSn) 166 8 7." _l* ■ j ' 

Commercial Union. t25p). 140® 830.45® 

6|,V S^r 4 W ^143® '<* .1® 8 2 1-4 

EnnU 
Eaultt 
General 


nnU D FiBanc« <U.KJ Oactn. 123 '3/S< - Jardlue Ip* f/s> 

jdI'v and Law Lile ‘5») 167 -I love Inv. Tit. Capital. |2n) 6 '»,*» . 

J wgl Attloant Firs LTe 250) 2TB* LAke View Inv. TaU 'Mpy BB M-SJ 
ISO 17 20 IS 18 22 7 id 26 7 WfiCLn. | -Law Oetayntjire Cpn -250) 97 «3'51 


'Great Northern* Inv. T*t. i2Jlp> 96ij C?(5> 
Group Invesbra <25o) 59 <3fS> 

Guardian Inv. Tat. i2Sd> 77 »*■ . 

Hambros. Inv. Tst. (25p) 87 '4/5) t 

Hid <pmhd) in*. Tst. (25 p) 175. 4W 

Hume <25p) 75 . (50. 

| ^uSnal 4 'ben! ^»»- t2SP> 49U , >J 14/5). 

JnMnuUQitai '(»**.* 'T*t- 
. warrant*- to aiib- 30l~® 2® - - 

i n vestm e nt Tst. Corpiv-(2Sp)'204. 4*spe 
. Wf 36® '4'SV, JJPcCfiv.Ln^ If?:,. . . 
ffivrstmrb* Tst.* Guerosey i5j»P) 158.'! 
Invewrert Capital Tst. f25Dl B0I-.® BO® 
78* 7*;® a - -? 9 ' 


d Fatds.ot S. Africa 'R0 2$).£IHi 


securities quoted 
Monthly Sup pic men l 


GrowtbH Prop. Mines (OOJ5) 5U51.05 

Harmony Gold Mng. (ROJkOi o2S6l: 

13(5’ 

HamebeesttontMn Gold pi 038 (Ui 
<R2) 11® V. 


JOhahBMbura Contld. <R2 
Kiwroet (Rl 1 D3BS -3 5’ 
Kloof Gold (Rli iU£55.7( 


70 P45X ■■S'S) 

Leslie Gold rRo.ES) 3erte 
Ubanon GoM HU’ 443 USS5.50 
■ vdenburg PI a: (R0.1Z<i) 56 
Merimle Consid. »o_ 50> 80 >j® 

Mespina (Tramveat) Devefbpment tR0.5Oi 


BBH '3«> 
Prea/den 


.. Jem Brand Gold (RO.SOi SUSIDU 
P8S2 (2.53 

PrM'-tent Steyn Gold rso_5D) SUS7.5C 
f3'5t 

Rand Mines- Progs. iR.t’102 
n andio-ve'n Ests. Gold Wltwacersrand 
n»ZI P3263® . . ^ 

^•it-n-ur* P|.y Hidgs (RO 10» 7S fa 5 


MAY S (Nil) 
MAY 4 (NU) 
MAY S (3) 


H.1 and Co. Git gel etP*- 


L ?Ki ‘2S® 1 

wide Potteries 6pcCum.Pt. dIB 


jl|nks C*«ell.5!5«cFted.Cum 1 Pf. 349® 


MAY Z (Z) 

Sirocfted.Cum.. 
y HasyHI 6ocCont.P1 40 n 

.. RULE 163 (1) ie) 

Bargains marked in securities 
•'which are quoted or listed on an 
l" Helena Geld Mines m'susi; i«s)i overseas Stock Exchange^ 

"trust Seaerk -RD 10< <U«2.50 S.’St ■ uiu - 

Sth. African Land Enin im ui 1 "In” 

IUSD 50 (3‘: 


66 * -4(3’ 

G 1 lari' lan Royal Eschange -250) 227® 20« 
8® S® 30 4 6.' 7pcLn. 56® •: 
Hambre Life '2Sp) 321® 17. 

Op) 2739 71 57 4 - -! 


! Ltd* Inv. 


Land Emiln. ‘ (R0 35 

I [{S &! “ 3 l^*o Untied 3 'l 25 2 

if jWsa 1 ® ' 

tspr mv. t* 2501 .76 ’ = 1 „ 5 


° b * S . Capital So) J3'^.‘ 2: SJ 



Basic Resource* . 445® 

.Black Decker E)4V 
, British Coniroliad- OUbdas 12 
Cita Giegv BptCnv. £9« 


j Ejast*nar_ Koaak__£4i> 


race Bros. 196 
Hamarslbv Hidgs 190® 

Mono Kanp Land 1»B® 7 
.Hooker Coro. 67® 

" inland Steel. £3l'u4> 

aroiue MaDMsen 215® ^25; 


ennJngs IA. 


tnds. 113 


o bn son Johnson t£58 
”■ illsend 


Peko WBllwgd^i 


Price Co.- 

R'O Alsom Minas L21: 

Stewarts Lloyds GLA-> 9B 
Superior Oil '■US2550 
.25 
SOSI 9 ! J 

20) SUSSS2® 


f wire Pacific A. i: 

riCofflinerttai SOSI 1 
Unilever »( V. (FI.J 
Unhie*. iff.-. 
A'tsneto . Mineral* 


75 


Wneeisck Maraen A 44 
Wheefce* Maritime A "S3 ■ 
Wool worth’ <F. W.) Com. £1 6ly 
Wbodsiae Pats 68 


LOCAL AUTHOUTY BOND TABLE 


DINGS 


Annual 

Authority" ^ross fnrsri^t • Mmifin um LifPT^ 

(itlcphmwf niftit&r ip . . imer^st W5;*Wf. \ sym boliid; 

p areitlhoes) " ' ’ " ! 


harking (01-592 4500) 

Camsler Metro (0228 2032R2) 
fclmbridRO (09322 , W.'25S44)... 

Knowsley (051 5486555) 

tlslord (0863 49811) 

hrdbndse (01-478 3020) 

Southend (0702 49451) 

pmrrock (6375 5122) 

Yhurrock (0375 5122) 
iVrekin (0952 505051) 


% 

_ ■ 

’ $ 

Year 

10* 

f-y ear- 

- 5.000 

4-6 

10 

l-year 

230 

4-7 

roj 

: i-year 

. LOQO 

4-7 . 

11 

' J-year- 

1.000 

5-7 

iff> 

4-j-aar 

3.000 

5-7 

10* 

4-year 

200 

3-7 

10 

♦•year 

2340 

S. 

10* 

..4-year 

300 

4 

ror 


’ 300 

5-8 

iOi 

yearly 

1.000 

5 


n -s.- reav ® -4' - .fortnaPt 40^ 12-5'. 7 'j( 

pgfWer MiteanhW^rfl- (2B6f TB4-’ JO « 7 k.otUnsecd Ln. 63r f 

Rive* Plate Gen. inv. Tst Dtd. *-5P> >» uno«d tn S9 <® 60-:® 59 
KO^OCO -Br.l ,'n'-^ 2 l ^ U 5 t S Nit .' 4 Prev Sl «k’ ' Duckham* 11 ^?. 0 VocDb ' 6 «o' 

temSttVS. SPa V Bt W )Cg, 1BJ 

- ‘mep Y/srnn ii l oauj; 30®. .^ub^nk. , 'J “o : |NVlToiiltt <10 pl 'S6&p 70. 

“ unMtq.Ln lOJ-o® . 

LeLfflPf.^Ci hw -- - Oil t Apln iHleiBa- ■ 1 1 Dpk J 1 0 M.5 1 

lfi"7!R?cS» '4Spi 64® •- 6 Bramier Conso. '_Spi IS 
tr, . TrL <50»i lOD"-:. 


. MAY 4 

Afrikander 'tea mm tM® . • 

Algmn* Central Lt1?MB < 

Ampo' Pets. 74 

Amsterdam Ronercum Bank £26 't 
Anglo umtod 131® 30 28 
q:- k BP Cinld* SIO*!® 

■ Option Dickinson CJ1 "• 

, CSR 265 

Clnad.an General in*. £12^® 
Ciiertet New York £25<«:® 

B3 .4 80 Qari-ng Property Fund 1 051® i-;® 
14 PC ■ Eact African Breweries 55 7 


"I Msaa-s 

t? 8, teJW? , s D l ’ n T?Vi Wu •Vt-c 

Pt. 441. (4'5< 

Save Prosper. Linked Inv. Tst. Inc. MOD' 
■i5P*. Okj. rl Dpi 58® ' _ __ 

Scottish Am 4r lean Invest. i50P' 87® 6® 

Scottish -Coni. Invest. >2Sol 70t <2 5>. 
Warrants to sub i® f4 S> 

Scottish. Mercantile invest- I25pi 97 
jeonwt Cities In*. Tst. A rat' JS# 
ScPttiih faatkrn in*. Tst- '25 pi 136® 
Scottisn -inveuntent Tw. '250; 8 


64® .. 6 Premier Conso- <Sp - 

J.S4C . 4LA inti. iAap> 2 b 7-; 9 l4.5l 
fiVortjrset In. 107® , kanger Oil (Caumo«> 2nri2 5t- 


Jlfi MOrt. Tot. i tfipi »1l® 10 •'*• 

Seejflsb. VafL .T«. («P» 14 1 . 
seotrith Nrutm. In*. Tsr 17 Sol inq 
5cot*bh .Gntaito kt*-. 7 2Soi 135" 
seettlsli ' Ot)!' Investors"! 25 p’ T5® 2 >«■ 
New /25 p) 7>' 12 51 : . i 


kbfai Lluicfl ritu 3.1; . b. • '4ft® . 'I 


Shell Transport JTraag. 'Reg-'. .290 


5 B 70 2 X 63 7d 5 4 <64 .77 50 bO. 
ora. Shs. «Br.) -iboi 557 ,48 *. 7dc 
2m>pt. £0 

Texaco liuernl. Fin. Con 4 ypebtg. Dllr. 
Wunv.Gui.Ln 63® 2® - 

Teas Eastern Con: Shs Coro. 'SU53.5D.' 
SUM4.0S 44 .'4 5 

TncerAnjI >25pi 173:® 1® 30 5® 4® 6 
4 7 BO 2 78 9 84. 7pcCnv.Uns.Ln. 
IB2 .44’ . 

Ult-amar i25pt 253® 2 70 68 6 9 3. 
VpcCnv.Pfd. 14*0 >45) 


PROPERTY (117) 

Alliance Property HwB».(7 I; 13151 
AlliWlt London >2907 7*7 i4 >fi. 
Amalgamated Stores iSdi ft't.si i3/S) 
Aqua Securities >8p) 19 '4;5) 


BUILDING SOCIETY RATES 


{ 


l\bbey National 

tMliunce 

Anglia ■ — ' 

pirminghani 

Bradford and Bingloj' 

Bristol and West 

tristof EconWfiic ; 

Britannia 

lurnlcy 

pardiff" ‘ 1 ^ — 

{Catholic - 

Pielsra 

tbcJtrnham and Gloucester 

pnizvKff Rrgiincy i 

City of London 

Co vent n’ Ecpncnnic 

fcoventry Provident 

brrbvshirc 

gateway 

fcuardtan 

ftialifas 

fasting, and Thanet 


Deposit 

Rate 

3JM% 

bJ&% 

5^5^ 

. 5-25°o 
555.0* 
5 23«% 
5^3 «%■ 


Share 
Acents. 
330% 
5.50 °& 

. 530% 

. 530^o 

3^0%. 

3jO?S 

:5jS04& 


5 25*% 330°a. 
5.25 % 3^0«5 
o.Ti% ' 6 30«S 
5 00*5 •5.60«ft 
5 25*6 5^0% 


3 25% - 3£0%- 
5 35% 350%. 


3.M% 

SJ3% 


Sub>n 

Shares 

6.75% 

6.75% 

6.75% 

SJ5% 

, 6.75% 
6.75% 
6-75% 

. 6.75% 
?.75% 

' 7.S0% 
6.75%- 
6.75% 
■6.75% 
TJ0% 
6:75% 
6.75% 


•Tenn Shares ' 

650% 3 yra^ 6.00% 2 yrs. 
cl30% 5 yr*w 6.00% 2 yr^ 3.73% 1 yr. 
6 j 0% 3 ywL. 9.00% 2 yrSL. 5.73% 1 yr. 
630% S ynL, )B.Q0%:2 3T8.; 5.T5% 1 yr. 
6.50% 3 y rs.. ,6J)0% 2 jTs^ min. £300 


5.75% 3 months' notice 

630% 3 yrs.. 6:00% 2 yra^ min. 3500 

630% 9 ?re~ £.00% 2 yrs- 


525% 

5JS% 

.5^5% 

325% 


tiastfnff* and Thanet 

Heart of England 


175% 

6 . 00 % 

6.73% 

(W5% 


E 


cans Of Oak & Enfield 

.(end on 

fluddcwfieid & Bradford 

Leantingioh Spa 

.reds Permanent 

,eicc?ter 

.iverpool 

.cmdon Goldhawk 

Melioft Mwrbw 

Midshircs 

Momingtbn 

\ationah Counties 

Nationwide 

N'eviCasile Permanent , •• 

Kew Crops 

Konhgro.Rock 

Norwich 

J*aiNcy 

Pcckham Mutual 

Poronan 

Proffressive 

I'ropcrty Owners •■- 

provincial 

Skipton 

Su£»x Mutual 

town and Coutur?’ 

fVaolwich ...■■■ 


3^0% 

5.50% 

3J23% ' S30%" 730% 
335% 530% 6-73% 

530% 

5.75% 

330% 

530% 

530% 

5.73% ' 

6 . 00 % 

'5.50% 

5.00% - 
530% 

530% 

530% 

635% 

3.60% - 
530% 


5.25% 
330%. 
3.23% 
5 35% 

3^5% 

5.25% 

5.23% 

5.75% 

3.S5%- 

5.23% 

. .530%. 


— -- -• 330%' over £5.-000' 

635% .6 months' notice, minimum £500 
830% 3' yrs., 10(1% 3 yr. (£500>f 15,000) 
7.05% S yni.. Over'.io.OOO' 

6.72% 3. yr?v, .min, £500, 

6.30% 3 yrs_ B%~iyr. rain. 3 mths. notice 
6.75%'' 0")T8. ' T 
— Up to 6% 3 months* notice 
630% S yrs- 6% 2 yrs^ piin. £5(K>*£1 5.000 
6.43% S mths.‘ notice, minimum £1.000 
630% S yriwfi30%2-yr». - 
630% 3 JTSw 6.00% 1} JTS„ {23 W15.00D 
i'73% - 630% S yra~6% 3 months' norice 
735% 6.75% 3 yrs.. 630% 2 yrs^ 635% 1 yr. 

— 6.30% 6 months' notice, rntnimuin £2.000 

630% ' 3 yrs., 6.00% 2 yrs.. £l00-£15.000 
835% 2 yrs. - 


6.73% 
7.36% 
6.73% 
6.75% 
635% 
7.50% 
. 6.75% 
■6.75% 


6.30% 3 yr?., 6% 2 yrs.. min. £i00-£l3.000 
b. 80% 3 yrs.. 6,10% 3 yrs.. min. £1.000 


6.55% 2 yrs..' mirr,-£2,600 - • 
6.50% 5 y«r. 6^0%:?„yra.injh..£250 


5.25% 

500% 


3.25% 

533% 

5.30% 

535% 
5.40% 
*5 25% 
5.25% 
3.25% 
535% 
533% 
535% 


&30% 

. -B- 

'350% 

- 630%' 

i50% 

6.73% 

5.50% 

650% 

'6.75% : 

rav •' 

. 3.50%.- 

..6.73% 

5.50% 

7.00% 

3.50% 

6.75% 

6.60% 

— 

3.50% 

6.(5% 

3.65% 

6.75% 

6.00% 

755% 

.3^0% 

6.73% 

5JH)% 

6.73% 

350% 

7.05% 

3.30% +10.00% 

5J0 % 

6.73% 


655% .6 fiionflis. . . 

6.50% --iM -ynrt mirf: £300, -G.90%-2 yrs , 
630% 3 jT0...&^PS,3,yrp.. • . 


'ft.g?% 2 yrs, JBiaimum £600; • . 

6.50% 3 jT9.^*630% "2'jrTSL nun. £300 


6.55% 8 yr^M%.^ i -645.%3mUuy»L 
6.40% 3 mtha. not BASO^ to Uflutd. cos. 
&5Q% S-l yrs* 6.00% 2 yrs. 

630% 3 y«- 6.00% S jnf." ; _ , : ' . . 

3 yrs- 635% 2 yrs^ 635%. I yr. 
630% 3 B-06% 2 yri .*SBw. 6350- 

6.00% 2 >' rs " 630% 3 yrs._ 


™rm',.Lv v«ri«ble ,n .in, mdl d— ■ m ^in^r, 


Arprie SeCunti«i_ lioiDB- 81 

Avenu 


nue Obw '20di ® 1ii f»;S) 

Bank a.~ . , - 

B>eaiimMt. . ,25p) ?9'.i2iSJ- 


a Commercial Huso*. -i40p)' 5U 
i2Sp> 79' 
lJ5p) 


Betlway. Hints- »25 p) 64 g 8 
Bcrkeiw UamDi-o iZSp) 85 
Billon IP.) ■ 2Sp) 1 58® 
Bradtonf iZ5p) ,207 i4'8) _ 

(Irltfciir Land l25p) 29;® *2 

_12pcLn. 125 i«lS) 


30^r 80. 


Safand^puntiH <25 d) 48. Warrants 
, (3/51. fi'iPcOb. w-j i4lS). - 


Card mo £Sp) 18 

Cawingian Inrosu I50p) 90 '3 5) 

Central Dlit'tcv G-VjacLn, 76 (3/8i. BOcLn. 

CCnirovIncul ,l20pi 67 ' . Capital (20pt 

64i.. . JUpeUnsAA. 53®. 

Ciuriwaod Alliance Hidgs. 7'^pcLn. 

Oiegerteld .fflSpi 285. d-LocOb. 7PH 

Cnown Seoumras (25m 1 1 u® 

Churcpbunr «Spi 235 (2 81 
City Offices i2Sn) «9>: 9. 

Compco Hidgs. i20pi 105 (2ifii 
Corn f«n. UQnL 170® 14 S) . 

Country and N*w Town Piped, 'IQn’ 21. 


_7ptLn. .74® -I4i& - - 

Cralgcon Combined sacs. a vpcOb. 65 >2 5' 


Cralgto; 

ttaalan Hidgs. <2501 77«j« > 

Dares Estates MOp) 17 . 

Derrington invest*, hod) 90 49 
English . Property Caron. -SOp) 30>:V 10 
30’] T. S'sPCPI. 47H:* Bt® 14 Si. 
B'spcln. 640. iZacLn. S3 (4(5) 
brans Apencv HWg*. '2SW43 14 Si '■ 
EsUtbs General Invests. (20p> 19*7 r3 9i 
Eintro Property laven <25P> 83® 2 ‘4 '51. 

7IMKLIL 20^ 


SotDtJ, 75US® 14 5). 

Eirans pt Leeds. i2Sa< BO’a 1 . 

Glanfigid 5«». rz»to 27p utsi 
Graal Portland Eslatca (500) 268 • 
Geaentdat Props. (Bp) « <2>li 
Kammerson PrOD. inv^Tst. '25o) M3 (3'Si 
A <25 a) 343® 


Hasiemere Irate ndp) 222 

Property Hidgs. i2Spi SQo® 


Imry 


I irtereuropcM Prop. Hidgs. «10»1 32 <H) 14 
14/51 

Lang investor* <29»' 37*. NdV/.QnL (2£pi 
370 

Land Securities Hirst Trust SOpi 196- 
B® 5® 5 200 1 '7 199 SrnOb. S6U®. 
GUKEtb. 1970,83 80® «f5V EAipcDb 
1993-08 S4 n £■ 6-.peLn S6 2 5. 
R'tKLn. 66® !«® 5ia>an lag® 

fiifPCLn. ISO. IDocLn 129 6 7 (3'5i 
Law Land ."SOpi 30®. 7^f<Ob, T(). : ft. 
1* S 1 

tendon Shop Property Trust '25n' 571=0 
14 5l B'-ioePf. 4V- • 

ME PC -230 1 114® 14 18. 4:-.ncPt. 33.-0 
BocLp. 61 « S5. SotLn BS 
McKav Securltigs >U/b< 1 SS 
Maricr Estsras i25pi 29 S3’ 
MetrosahUin. Railway Svroiin Lands 
6'»d*Bb. Fit '3 5* 

Midhum White Hldos. dOai 4j>n ^ u 
‘4 5' 

Moimtwew Estates Sa< S3 

MiKkirw <8. J.i Grown ■2Spr* 1 1 p-.«: i 4 ; 

•SgfflJT' -W*S* ■ Coro -25o) 79 SV. 

Wl'M. 3S 143^ • • 

■*-■ ~ '-ly Pyvera.nnary fevr* ‘ ■ 

296® « '51. A 7250) 2S1® (4 Si 
*'-«*rrry P*nner*Hlos 24oi 87® 

Sgeur.av is«*t*«. csooi 131 . 
Ragiait Preaartu Tjint -*>i 5 . 

Regional P-ooerH<ra a (25o> io 


RbsH. TMinfeifiS -irouA.JaSoi 41® -- 
tamuel Provs. JfSa 74 c 

2Dav t9Di]B 


SC*tdah. -MMvoaoiirau. P*ta. 

109 1. 93CLH. 15J r3 *’ 
Second Of- Pro-c- f10’>' 36® 
SlOuaa Estates -iaSoi 1050 6’:. 


;«» a. ■ 

Cwironioi’. Invest, 12801 234 S B 


si«fc 

•*‘S1 

«i/ni«y. iflemanr Kw. is;t 

Trao Chv Proo*. <10 b> HH® ti»«. 
_6«Ln. 79 <4.'5‘. 8-|4d«Ln. 06 
Tcvra ceoTe se;*. 17501 5« 

Trabord Pa<k braest (25 b> 94S® i-SO 

"* 51 

U* tea Kingdom Proo 'aB-” i®'. t* /4-»- 


Wa-f-tof d InyeatS;. ’20.*’ ?5| ^2^1 


• ■9 wr u iiirniq, * "4 •* l 

W*hb i Jen phi rgoi )«■:# 1SW j 13 
Wri-rairoSev Prop. Group '20s' 10® IS*s 
« 3' _ 

Winston fiarsB* 2So> 32 (2 S’. 


RUBBER f 41 > 


4ftpr/OVle PU""fPT"]-k lCnl-*. : 

I-Serum coaiolldateo Rubber iiQpi 86 
* a* 


GOLD MARKET 


Mayfl 


M.*r 4 


Gold Bullioo.. 

<8 fine vuau f 

CIm SI721S-173U S173»t J74i t 

Oinfulnj! 8172 172*4 8 1721*- 173 1« 

Morciia* H4 2 S 172-53 
UE94.1B7I 

Jutern'n fix'* 6 (72.60 
i£94.47Bl 


MONEY + exchanges:; 


Minimum Lending Rate 81% 


-Bank of England Minimum £500m. will be on offer replacing banks brought forward slichrly- 
Lending Rate SS per cent £300m. of maturities. above target balances and Govern- 

(since Msj 1 5, 1978) Day to day credit was in short mem disbursements exceeded 

The Treasury bill rale rose by supply in the London money mar- revenue transfers to tlw 
1.3237 per cent, to S5225 per cent, ket and the authorities gave Exchequer, 
at yefiterday's tender, and Bank of assistance by buying a moderate Discount houses paid 3-5* per 
England Minimum Lending Rate amount of Treasury bills and a cent, for secured call loans ar the ( 
was increased by li per cent, to small number of local authority start and closing balances were 
8} per cent . The. minimum bills, together totalling a moderate taken between 5J per cent, and 6, 
accepted bid was £97.85 compared amount The market was faced percent In (he interbank market 
with £98-25* last week, and bids! with a small take up of Treasury 'Overnight loans opened at 63-0?' 
at-.rhai level were met-as to about bills and a fairly substantial rise per cent. and-ea*ed to around 4V 
95 per cenL. .The. 1300m. bills in the note circulation. .There per cent, by lunch. Rates closed 
tendered and allotted attracted was also Thursday’s official tn the region of G per cent, 
bfdi of £1 .'662.47m. and bills advances to the market to be Rates in the tahle below are 
offered were allotted. Next week repayed. On the other band, nominal in some cases. 


May 3 
l-*i 


-IflTIM) 
L'ertlfieaiv 
•■I 'etn-H 


Ur L<c< Amh.) FiiwnL-* • 1 Ui-ivimi 

1 nierira nk 3«l'«'rit* uesrumh # ; H.-u-e ! uprapaoi 1 nurku Iteu-urv 

letvii Vm • 1 lieivxii |)e|wit i.. t .. Hi". 4 , 


E'l'jift-e ■ 

HanL Fine - lr*4* 
Hi", -p Hi:;- 4 


ivrroiant 

." Im- nOLH.tr. 

. lav- 

• lav- n< •L’L-e.. 
*ne nuHiih,... 

inw niiVilli..,, 

1 lira* manita .. 

«la IBH-lil h 
Mne tiH'Uih- .. 

>n* \wi 

MMinr> 


4i*7 


7i4 


46 


8 .; 8 .. 

84 

fal 2 . 


•7f o*:. 

S/?i 


94 8a 
bU 9 


! 78 

‘ Bit Ba) 

. 804 8'* 
t 9 ■ 

■- *^41 » h ' 

. : 9,; ' 4 • 

Ml4 Stl2 


IU-8U 

- 




- 

- 

’<!• 81* 


t»« 8^* 

7'* 

7ie 8 



8U 81 S 

exsBi* 

Sag 9 

8»* 

7i* 8 

8‘fB.i 

8.^81* 

th 8'* 

a.B »>« 


7vau 

B--8U 

a* 

ait 9 

S Sis , 

91* 9S*. 

9i« . 

8-81* 

8,. 8., 

e*. 

B9’« 

0 9'* 

. 91s W» 






91. ■* ' 

10 

— * 

-- . 


— 

9 i*-9 'c 

V3*. Bij 

: LOi* 

— 

— 

- 

•• 


6 '. 

9 

9‘4 


I 

1» 
1 » 
A 


ion- 10*4 


L-x-aJ au'lwnti?!, aroj tiruitii-e bMiie« «eren days nonce, other »even to' fiTf". Lons-term locel auihonir morasaBC raie'f 
notr'inalb' Ihr.'c U-lt! ssr cons.: four rear* -M2 Der-cem : Btc seiin. lli l.'f ner rent ® BimR blU rai&> in tabte are 
Puyfiirf rate* f-.r- urtma paper. Buj-ias rate* for r..ur-in.>ti:b bark bilU Si-3: per rent . fouMnumh tradf bdL* 91 per coni. 

Approxtnt.iie mtHiiik rate* (or uno-montlt Treasury hill* 7 i?i«.» per cent.: tvo. month PsrW per cent.: and Three-monDv 
3! 

••.li. 


I! iK-S-’ts per .cent.; ApW'ijtmaic velijni rate r«<r .iite-ntiuuh hank bills. $ blt i-en... lu-n-ninnth S’, per com.; Snd iltrmaonth- 
•jir ‘per wm. Gno-irt'mth trade hlUs ■?« per com.: tvou-riioiiih s: per rent.; amd a1*o Diree-ntonth S* per ..-cm. ■ '' ' •' 

Finance Home Basa Rates ■puhU«Jw*fI hr the Finance H'-nir. VM-ndaLlQn' 7’ per rent, from Stay 1. 1973. Clearing .Bank 


Deposit Racts .fur :man *-mnii at vfvm days" nnncvM nor cent. Clearing Bank Base Rate for lending Ti per cenL Trewwrjf- 
BIHs: Average: jendn rase# of discount S2S2d per cent 4 


EXCHANGES AND BULLION 


FOREIGN EXCHANGES 


Sterling traded quietly along little moveraehr. ■ Trading, in for- 
with most other currencies ahead ward sterling showed a little more 

of the week-end in yesterday's a ? l * v ' ,y , *^ an t * ie sp ® ! 

although rates recorded little 


Tiling . 


Markdt Rate* 


Mar a Kaie» 


Cray. 

aptirad 


Lloir 


foreign tochange market. Opening chanfte on balance. The 12-month \ e » voi-k... at.* i.B»a i.Ba25 ).B!7o i.«asa 
ai si.b-S0-i^i00 id terms of the discount againsr the dollar 'ivmrwii- .. 0*2 24i58i-2-OBaa2-B&M-2dOMO. 


firmer tendency initially and this Thursday, 
vas reflected in its trade weighted The U S 


4.04 4.0’ 4.05: -4.0S. 


61.3 -in the morning. .However. Thursday reaction to the- li.fi. 


and sterling suffered in cootie- German mark it 


Vnir-eh'... 


5fi.BbS9.20 

58.00-59.10 , 

•..U*Tlfiii "en 

9 

lO^'IO.SS, 

10.35-:- iu.54? • 

Fraahiuri . 

& 

5.76-5.80 

3.79-5-80' ' 

UftUlD.. *..... 

IS 

7i.flO-fl2JQ 

8*. 10-92. 08 

Mmlrlil .... 

8 

147. B® 148.25 147.82- 147 .32 

'll ton - 

1 FI; 

1.582.- 1.589 

1.53a- I.53J . 

L«- lv 

; 

9.6*;-9.ani; 

9.B6v-a.87.j 

Hai is 

91- 

8.4C„-S.*« 

fi.41i r .8.42li , 

■'livLliflu... 

1 

8.42-6.47 

9. 45; *.44 j •. 

rut*.. .... 

S'; 

408-415 

410-412 .'■• 

1 iviiua ■■ .. 

b»! 

27.16-27.40 

27.27-27.87 

4urK'b • 

1 

3.65-S.66 

5.66-5.57 


'5172iS'ia5 

IU.-94.585. 

&173.50 

(£94.674) 


Gold Cnin..^. • * 

domw rurally. 

Knucrrand .'S 177ti ■ 179 If® 1771? -179 15 
ii-97-98. - (£97-98i 
V*Sov’2n».. S54.56 • S55-55 

.£29)4-3014) -i£29-30i 
OMdov'rgi®. SJ5’i-5*i4 555-65 

- >£2913-30*2) (£29-50) 


Gold CoUt*... 1 1 

Untunrai'Uyi ; 

wevrand .. S 1 77 i a ■ 1 791* ,81 77 1«- 1 79 Lj 
i£97U-98i«) (£07-98 1 
XBvSn'tnu S53)f5bli ,655:55 
<£291;-50lgl '(£29-30. 

Old Sor'rcm 55334-5534 IS53-55 

f£39i Z '30ia’ ;i£29-50. 

Sap toglek... 6277^4-28034 $277-280 


CURRENCY RATES. ' 


fioecUk- 
( Ora win 
! H- ' 


burooeau 
On 1 
A n'in • 


31 a’ a 


U»> 5 


0.688798 

1.22437 

ljeCMi 

18.7585 

39.4985 


’!W lUp....._. I 

'. .S, .<JU| .... I 

.4ll|.1lBB I 

\irarrti wb .. 

«t" - rutn nun 1 
Jtiii-h l>>vll^ . 

.>eiit« hep. rL I 3.53706 
Jut -B :ul"'er I 2.71120 
-'ten 4s fra* --I 5.63731' 
iiun -fra.... I 1061.87 
spend** v«l 
<nnrov urun* 

■pfiiu pneii.. 
KTriishitmiifi 
■*■(•' frsn ... 


6.61674 

99.0444 

5.65568 

2.58118 


0.674487 

1.253B*J 

1.59502 

18.4274 

39^414 

7.00749 

2.96576 

2.75686 

DA. 

1070.06 

870.677 

6.66802 

99.9035 

5;7Q347- 

8.41484 


stabilise, hinting towards the to Sw.Frs.l 95 from Sw.Frs.t.94S0. 
possibilitj 1 oT some intervention L'-sing Morgan Guaninrv figures in 
by the Bank of England. The New York at noon, the dollar’s 
ooiipd fln-tlly rioted •»> SI. 8270. trade weighted average depreola- 
T S2S0. a loss of 10 points on the tion narrowed to SJIfl per r«*ni. 
day. and it* Index finished un- from .vSfl per renf. On Bank of 
rh*naed at SI .3. England figure* ihe dollar's inSev 

The 11 per rent: increase in was unchanged- at «9.8. 


: Katvi Riven for comeniftl* frutLi. 
Financial Iranc 59. 05-39.-3 


OI HER MARKETS 


Note* Kai*» * 

Gold 3r;enrtnfi. 7402- 1408 .Irwarina. 1250-1550 


MLR had already been largely traded nuiettv to close at B172L -l.HB6-i.b24ftAu.irtri*... l sfi.b-!i4) 

discounted and thus prompted 1731. a loss of 81. . * Bra.-ii.. : 31-3832.30 heWum ..; sa^a*' 

T ii>Hu a i • .. 'Brazil * ... a*-o« 


EXCHANGE CROSS-RATES 

Vew Y.*r» 


TfIFs 1 Fr«nVfur 


"WIT 


Hru—fii. I Uxv('>D tm'iM’m 1 Zorich 


FnnWtnnt. -• | i-OloJ- 1 *? I44.95.fie.it: 4 1 r.ift" 1 • 4?.e3-7d ' 1u65i-d0 

v«r York ■ *r.n 30 ■' - il.74 77 , A.*9» 90 ,1.057- 2Si. -b 10 15 ' M 32 AO 

Psrl- ! 2:1 sa ■? 1.697 >-095 - 14.2.3-.-87 -i.i]8 >53 .*7.3] 31 ; 33 t «.■ W 

tlnu.Mli>. > U. A.-0 jc_ 24- d . IXmIC 1 - ii.OI io : W.-5-0 ■ Hiw>3 

Loroiuii.. ' 5. .'0 30 1 .• 7 V* -.«H 43i £8.0-19 - 4.06. 0&i 

\m.riMn. V fiaPl' ?.;•) 7 ft : 45 07 t 126 1. ra9’4e»6' . nt59^-9f6 1 'iu rl V" " 


gurji'h -3.agJ «3 UH3 -'16 4 .~»i -77fl-.C2Y3 3 9 S.rfi? 85 ^.030 303 


. . fi7.6J8.69.aHLdiw>lJI.. . 2M 2J7 

H-.iiij .Peomark.. MWM-O.tt 

Inn'. 126152 ih'rMncc ‘1.56-8.46 

Kmr»il .... D.505 0.516 burmaay. . J.764.8^ 
Litseinb'nr 53.M-ba.lD .Grcwe ' 65-73 

Mdlm-w.. 4.4550-4.5760 Inly 15*5-1535 

N . Znlnn-l. 1.8M3. 1.8186 Japtn 4.10-4 SO 

fp.i.M tnl. ti.2ft-5.36 -Vetiicrl'ndi 4J)0 4.(4 / 
.Sin^apurt.. 4.250S-4.2Bo5'Ni.rw*y.... 1 9.864 Ji . 
f'. An-ica- 1.58M.I.6062 IVrtuttal... 78-78 

l> 1 S|dia. 146-148 

.-wiu'laud 1 3J0-5.EB ; 


L'.'^. S In r-.r.ifiT.. L . = 1 li.73 "i7 l auauian cmiI* 

CnnaiJiHu 6 id \e« Y.e-lt =-ci'..7£ «4 mrai! . l'.“. S la Uilaa fMLuU.70 

M-rlitUi in Mi in 11 l-vifi.Eb.lbS? J5zr 


LSI l>. . .. '1.B3i-S5*. i 

l,.\i«u>.. 88.69. 88. 72 Yufiorlai i» 54-56 
Rale diW'P tor Ar^eniuia 14 a free raia. 


EURO-CURRENCY INTEREST RATES* . 


Ua.v a 


MrriinL- 


■-LAiia./uiu ' 

IIm.ihi L'.-. I>«lar 


Uub.ii 

Uuil.lftrr 


FORWARD RATES 


tShi'rt. terrn ... 8U^< 1 7-8 

> .ImV' iinii. -ft 9 10 7-B 

Mont h - .. YOU-lOSs 7»*.7 -b 

nine ntdnifaa. 1. lj-l'tg 7‘i-8'a 
. ' m 1"' fg - 1 7 *« Bra && 
Llna’evr 1 D»b 111§- 6*1 Gaft 


71g-73« . 43 b 
7i«.71o - 44j 4»j 
7W 8 4t* J 1? 

7ig i'.fi 4Uw'» 

7.'6-® I a ■ ‘tan-ilrft 
8-81* 47 8 .-1f, 


ra t: 

-l •* 

tfi 

ILt l*fl 
H: 15 b 


Pl* al» 
filg 31* 
PU-iSg 
dr*-® j 

if* ’*< 


On*, niurirh Tlinje ni'.nlha 


Stfor York 3.42-0.32 r. |>*i» 1.30-1.20 .-.pm 
Alxi.itca 1 .'0.40-0.30 ir. t-ni 1.06 0. 95 r.j.ni 


Ertnv-KY^irii depo*n ratp* 1 

on^-monlli 0 — P } pc-r nsni 
emi:.: Due year I1H-10: per rvni 


Am-l'.ai!" 2ij 1 5j pm 

lliui.i'K . 25-1® ■■. [im 
1 .■p'iilr*n. 3-5 i»V ilix 

Frauklun 2 bb-1Ba W I"t> 


‘II ratpi' nmdi.\ St per «un : sereodav 9 per «nf.: . ui“„ bO fidd '■ At-' 

ftnt.; '.ii'Pe-m.iti'P 9S-181 oer ceni.: “Is-nmn-Ji lOJu-iori* par Ma-in.iV.! rrar «) ri'dlv 


63g J5g i>. ;.m 
80-65 **. )im 
7*.0i on! >H* 
,7t«-6t* w. pm 
310-580 c. dlf 
4a 140 o. Hi* ■ 
11-16 lire dta 



* Rates are numlnsl- caU‘04 rai - Zurtcli 3'a-3i 8 c. 8i*-73, c. pm 

• SherMenn rates aro cal! for yirrhne UE. dollars and Canadian dollars: iwn- f K tnpn'h fonrard iollar 2 BB-J.SOc am. 
days’ nodes (or finllders and SvirHS frfiitcs. ■ Jl-momh 4 svi v.v pm 
















UJC. CONVERTIBLE STOCKS 5/5/28 







data S TA£^m /»rprnot/ooof ' ' 





1 

Con- 
version 
| dates 

Flat 

yield 

Red. 

yield 

Fremiumt 

Income 

Cheapf*/-) • 
Dear( — )■> 

Name and description 

(£m.) 

price 

Terms* 

Current 

Range* ■ 

Equ.6 

Conv.7 


Current 

Alcan Aluminium 9pc Cv. 01-94 

'J.Da ’ 

140.00 

100.0 

TB-SO 

d.3 

4.2 








Ahsociaied Paper 9jpc Cv- S5-90 . 

1.40 

101.00 

2(10.0 

76-70 

9.7 

9.8 

- 2* 

- 8 io. 

1 

9.4 

9.0 

- 021 

4- 2.6 

Bank ol Ireland ID pc Cv. Oi-tffi 

$-22 

iceloo 

47 6 

77-79 . 

6.1 

8 6 

-5b 

’ - 12 to 

-2 

15.3 

9.3. 

3.4 

. 2.4 ■ 

’ British Land l2pc Cv. 2002 : 

7.71 

123.00 

333J) 

•80-07 

9.6 

0.4 

25 1) 

10 10- 

20 

0.0 

01.1 

91.1 

-66.1 

English Property BJpc Cv. 98-03 ' 

SiM 

6600 

2S4.0 

76-78 

9.9 

10.3 

~ W 

- S 10 

U 

S.1 

3.1 

- 7.1 

+ 0.4 i 

_ English Property ,12pp. .Cv. 00-05 15^1 

S2.00 

150.0 

76-84 

14.7 

14.7 

70^? , 

4fi to 108 

30 0 

47.$. 

39.0 

-40.3 . 

Hanxon- Trust 6*pc l)v, S843 - 

4.5) 

S7.00 

57.1 

76-80 

7.5 

8.1 

2.9 

2 to 

10 

11.2 

S$ ' 

- 2.S 

— 5.7 • 

, Hewden*Siuart -Tpc Cv. - 1095 

0.07 

230.00 

470.4 

73-79 

2.8 

' 

- 9.9 

-1* to 


13.1 

6.6' 

3.1 

+ 6.9 ”• 

Pent os iape Cv. 1983 

1-06 

133.00 

1W.7 

76-82 

11.8 

9.4 

- 12 

■*■ 3 ro 

s 

41.9 

48.8 

5.0 

■f 6.3 

[Slough Estates 10pc Cv. .87-00 

5.30 

147.00 

123.0- 

78-87 

7.0 

42? 

12.0 

5 to 

14 

35.9 

37.0 

16.1 

4- 4.1 -- 

Toiflsr. Kemrfley Spc CV. JSSI . 

7.33 

8800 

13.19 

74-79 

9.0 

12.0 

IS? 

I! to 

41 

f.I 

7.4 

0.3 

-15.3 

Wilkinson Match lOpr Cv. 83-08 I 

1. 10 ’ 

66.00 

40.0 

76-83 

10.8 

10.0 

40.4 

24 (0 

40 

27.1 

4J.4 

205 

-19.3 


« .NumBur ui ordinari uiarea wiu vititit (IBS aomiiial pf convertible srorit » uirreniblc - Thr wlia *-0*1 ol invesunem in cuuirmble eiprrt» o ** per cent of th* 

«w* of the 0QH1W m irw camverdbie non t r nre»-moaiii ramw, ( tn-onw* on number ol Ordinary sbaru utio wtueh nw nomuul u 4 rom,r>Me <ron s »nvmihie. " 
Tros income, expressed tn oroce. ts sur-med *ibm pmeai tune until income. op Ordinary shares 19 fn-aier. ihan Jru.um» -n e-bp nominal of L.«nt<.inbi» nr the fiu) - 
conmfiwn daw whicbewrw earlier [nmm- 1# -assumed 10 STQV v -18 MT ceoi Per annum sod is piVh«ii valued ai 12 per (rant pir aimum. lnutme on fioo of • 
Lonverablc'. raceme “m SiinmiM amD-tunrersipn and present valued a* is P*r ttni, per annum i^TWa is intdme of rti* convcrttblf less income ol il*r ynderiyinfi Hquin-- 
eaareswd *9 per «nt of U» value pf ibe MitdfcriyiiiR eoulry. <!. iw* dlffenw*.' be/M;»n ihe prpnuum an rf imrante differenc»> nsor»ss*d ar cvr iram of m* *-aim «’•' 
underblnp equity * "5 a» radical ion. j. ( ntUiiive eheapnetr - is an- indic&oeii or relative fieameaa -• 


y 


4 

J 


28 


Financial Times Saturday May IT-4978 



Interest broadens as equities stage fresh upturn 

Index up 15.8 on week at 481.5— Gilts also fare better 


Account Dealing Dates 
Option 

•First Declara- Last Account 
Dealing* tlons Dealings Daj 
Apr. 17 Apr. 27 Apr. 28 May JO 
May 2 May 11 May 12 May 23 
May IS MayJ. 1 ; May 26 Jtin. 7 

“ “ Hew itmc " dealt nus may take stace 
from 9 JO a.m. two business days earlier. 

Equities surged Forward For the 
fourth successive 3 ay as increased 
institutional funds seeking «» 
haven found the market still gov- 
erned by a shortage of slock. 
The rise was immediate and by 
mid-day another sharp advance 
in values illustrated that the 
pmiJiii" rise in Minimum Lend- 
ing H.ilv lint! .ilr«*ady been dn- 
counted. British Funds also en- 
joyed a much boner session than 
recently ;nul -diuved aain> si retch- 
in; to nearly .t point at noun. 

Bill rate indications ih:il th? 
increase in .MLR utuild Tall 
sliylilly short of the expeClcil !' 
per cent, level made scant im- 
pact un eqtiiiy sen lime it I. but 
dealers were i-eliei ed to nonce 
more willingness eit-mually on 
the part of I lei's, which en- 
abled i he former to conduct a 
brisk and mure evenly -balanced 
trade. 

Secondary issues were fully as 
prominent as the leaders, but end- 
week profit-inking finally pared 
the improi-eroonts in both sectors. 
Thus, the FT 30-share index, 
which was at its host ai the noon 
calculation of 4S3 7. closed a net 
6 9 higher at 4fil.fi for a gaiu 
over the last four davs of 15.8. 

The more comprehensive FT- 
Actuaries inrf'eps confirmed the 
overall firmness with gains of 
around I fi per cent, in the three 
major groups, thp All-Share end- 
ing that amount higher ai 3'li2S 
Rise? ; n FTiiisotod irin«irinls 
m ■’r.i;. , oi«| i heir :isorn|.-ney « ,, -r 
f:-lls vith a *fi.;n-M.-w. 
comii-sreil u itli nlnc-lo-four the 
previous dav 


cent, fell that much to £30 and 
the fil per cenL “A** gave up 11 
points at £i». The FT Fixed 
Interest index, down 1.61 at 72.34. 
was affected by the former move- 
ment. 

The investment currency mar- 
ket had another quiet and feature- 
less day. The premium dosed 
unchanged at 110 per cent, after 
fluctuating around that level 
throughout the session. Yester- 
day's conversion factor was 0.6765 
t0.6768|. 

In the heaviest day's trade since 
dealings started. 983 contracts 
were done in Traded Options. 
Dealings were featured by 
activity in Courtaulds. Land 
Securities and Grand Metropolitan 
in which 214. 2IW and 194 con- 
n-jets wore made. More than half 
the de-ils in Courtaulds were com- 
pleted in the new July 130 series. 
A new 120 series is to be created 
in Grand Metropolitan for dealings 
on Monday. 


market short of slock pushed 
prices higher. Comment on the 
annual results helped Mothercare 
to rally smartly to 164p. for a 
gain of 12 on the day. while UDS 
edged forward 2 to 94p. also afler 
further consideration of the pre- 
liminary figures. Marks and 
Spencer touched I48p before 
closing only a penny dearer at 
147p- Elsewhere, Home Charm 
jumped II to 148p in response to 
the annual report and Moss Bros, 
at 98 p. held on to an earlier rise 
of 4 despite late details of the 
contraction in annual profits. 
Buyers remained Interested in 
James Walker, up 6 more ar S6p, 
while the non-voting shares 
finished 74 dearer at Sap. 

Among Electricals. Ever Ready 
were noteworthy for a rise of 8 
at 154p. while BSR found support 


higher on balance at 97p: Aurora It? managing director and chair- 
holds a 29-91.1 per cent, stake in man. Mr. R. S. Rubio, has been 
S. Osborn. Among Shipbuilders, charged with illegal activities 
Vosper encountered further concerning the collapsed London 
demand and rose 6 more to I62p. and County -Securities Banking 
-. 0 j crafi^rwt croup in 1SI73. «i. R. Holdings gave 

i 0 ?, encountered up io to 47np follow inc the re- 

hqylnq interest comment sults> ^ Sharna Ware jumped 

,n !. e, lTnd fDr British 7 t0 n0p in Elated response to 
bUmulate Press comment. Renewed demand 

hUgar, which advanced i to J23i). if) , thin 7T)arkpt , pft Uos Wns and 


went demand also left Tri central, 
178p. and Ultramar. 207p, 8 high- 
er. while Oil Exploration ended 
with a similar improvement at 
2lSp, the last-named in a quiet 
trade. In contrast, Lasmo fell 16 
to I68p and the “Ops" 10 to 360p 
on the announcement of a North 
Sea dry well. 


.,-i.ila i BiiL , „ pn b inarkeT on m a * n,n TnarM - 1 U05*i*»5 aon 
Jfiii* n **2 J”?™.*, * f Horton up 6 at 165 P . while im- 

Thursday following the denial cf — 


muxaoay loiicre my mr bw«i pr t,vemeots of around S weir 

to* o*k»p d |n 56611 ta PowcU DuSrjB. 173p, 
V^L Smiths Industries. 176 p, Solheby 

cSSrSS™ £?fh Parke ’ 27 jP- and Beatson Clark, 
unued to reflect satisfaction with 2Mp 5ri|} dravv . jn2 strength f r( j m 

the recent results “ d J? 1 J the bumper annual results. 100 

Amnn* Hotels de- ^ «“*• scrip issue and sizeable 
fir Trn« Property revaluation surplus. 
™i w « forthcommg for Trust g {iardened a penny more t0 

S222L.E 0rte '„?!f P wh^w nSSS 72JP- tor a gain on tbe week of 
1 i l3 5l 6J. Low and Sonar improved 2 

S and 2 respectively, while buyers 17Sp fa responso to a M n invest . 


After-hours trading provided 
the day’s feature in the Shipping 
sector when news of the profits 
setback and omission of the final 
dividend prompted an immediate 
mark-down in Hunting Gibson 
which closed S3 lower at I40p, 
after 135p. Elsewhere, profit- 

taking after the recent specula- 
tive surge on bid hopes left 
Furness Withy down 5 on ibe day 
ar 275p. but still with a gain of 
26 on the week. 


Discounts firm 


Lon 2 Gitts rilvancc 


i «n the autumn: ion ih; 1 ! the H-'C 
in Minimum Lending K:ti<* 'inuM 
establish a nmr imcivsl ra'e 
Firucturc and titur renim-e i-evi-m 
uncertainty in ilus i-onieM. i l ’ 1 ' 
marki-i in fiili-edueil <cvurines 
wont ahi'ail. A II hull-; h ihv »ohime 
of business was none l no iinno 1 * 
jiivc. the lonvei" i.iaitirit^s 
n^h'anced neai-ly a m^ni an-i tbc 
shorts, after oneom-i a y ha Ue 
V on Ik" -w-iKil-H. ■«<" > ■ 

tap beini in (hi.* ofllnq. soon joined 
in the motemi- u. alhvii un a les-‘r 
scale. Con'lrmjlion oT the 
increase in MLR by 11 per cent, 
to S' per cent was treated warily 
and. following the subsequeni 
absence of a new short tap issue, 
disappointment was felt over the 
authorities* failure io underline 
ihe new level oT interest rales. 
Nevertheless, both the shorts .mrt 
Hums were Inokinu firmer again 
in business :ifler the ofiicial close. 
Fixed Interest shirks feature 1 a 
sharp react ion in Tort of bmck'H 
Authorin issues whirlt on ihe 
repo r i that the PI-\ was head ins 
for effective bankruptcy, lost as 
much a.- 23 points: the 61 per 


The prospect of improved profit 
margins when their lending rates 
come into line with 81 per cent, 
minimum lending rate failed to 
attract much support to the maior 
clearing Banks which closed with 
modest gains. Lloyds improved 5 
io 2S5p as did Nat West to 295p. 
Discounts mirrored the firm per- 
formance of gilt-edged securities. 

Stock shortage accentuated the 
gains in Insurances. Ahead of 
their respective firsl -quarter profit 
siateraents due next Monday arid 
Wednesday respectively. Commer- 
rial Union firmed 4 to 154p and 
Royals 12 to 3S7p. Phoenix. 2fi6p. 
and General Accident. 2?8p. pul 
on 12 and 10 respectively, and 
Fugle Star ended 7 hieher at 150p. 
Among Brokers. Willis Faber 
finished S dearer at 270p. 

A li-ely business developed in 
M - ■ Brewery sector wnh prices 
pn.-hina ahead tu close at the 
d-iv's Allied tinned TJ io 

t'-Rp and Bass 4 to 167p arrionu 
i *!•* leaders trlrle noi^uurthv 
nv>'-ements in secondary' i«wu»*s in- 
i-lii'J vl Gnu-nail Whitley. « Io the 
”«»•'«! :ii UCn. and Greene King. 9 
h«-wpr at M'.'p 

ruiilrline.s closed firmer for 
choice in a reasoncble trade. A 
hear vjU'.-c-,-.e eM'T'J^niio-l gains 
in the leader*- Taylor Wa«dmm 
nut on 10 In 374p *i»id AP Cement 
i-l i-'M 7 n-i ot 27»'2p. SontiOTn 
CiuMrudhins euyed ! Io 7'n fol- 
hvin? i lie n-"-inv lo«s and u:<*s**d 
rlii'idppd. Flse\*-h°r*. \Vcs| brick 
Products ptns-d 3 better at '^n 
after small buying in a thin 
market 

IC1 traded a u icily and closed 6 
higher at 33Kp in a market short 
of stock and devoid of sellers. 
Coalite and Chemical, i,o. and 
William Ransom, !30p. added 4 
and rcsncctively *n thin markets, 
but Crystallite eased a penny to 
30Jp on profit-taking. 



ment recommendation and 
Ren wick found support at 48p. 
up 5. 

Tbe Motor sections recorded 
scattered improvements. Among 
Components. Lueas met fresh 
demand and touched 3Q2p before 
settling at 300r> for a net rise of 
4, while Dowty closed 3 higher 
at 189p. after 190p. Elsewhere, 
T. Cowie firmed 21 to 42 Ip follow- 
ing the announcement that it had 


Investment Trusts closed, firmer 
Throughout. Viking Resources 
stood out with a rise of 6 to 90p 
while, in Financials. S.. Pearson 
added 7 more to 2Q0p with senti- 
ment still buoyed by comment on 
the annual report. Qiaddesiey 
Investments had hardened a 
penny to 18p before the company 
called for a suspension of dealings 
in the shares because of a bid 
approach. 


FINANCIAL TIMES STOCK INDICES 


Swi 

fixe I lure**-r..— ... 
In lustful Uniimry. 
(sol:l .Minas. 


OnL Dir. XnM 

hiroiD!!> rwiiuilljplj 

tt»iioin««rn 

tmiingc rtarkBl ...... 

bqutir tiiniorcr £in.. 


ij nr lamauis 


‘May 

3 


Ji-y 

4 


Slav Slav 


vr 


Apr. ' \ jtn 
I MW 


71.73 

71.40 

71.42 

71.27 

71.28 

71^2; 

6a.it 

72.3*' 

73.95 

73.95 

73.81 

74.57 

74.34 

1QJC$ 

481-fi : 

474.6 

471.9 

469.6 

4&S.7, 

467.8, 


141.9 

143.9 

142.2 

144.4 

147.7 

145.2 

USO- 

8.38 

5.66 

5.69 

5-72, 

8.77 

8.75- 

8-«; 

16.93 

17.05 

17.15 

17.2iJ 

17.39 

17.10, _ IS.BQ'E 

7^0 

7-0* 

7.80 

7.76! 

7.69 

7-861 

941 f. 

8.741; 

(Mao; 

5.320; 

5.050; 

5.006 

4.727) 



— 04^0 100.17 55.56j 87.80 82.58 1 14L70* 

— n . • m .<nfV « C Qfl I IS ill ■! I» 


iiaiuiaj - ^T^OBO 17.956; 14.400) 16.B41 16.4131 J3.9£i'f 

10 a7m. C92- 1! £m. 48#.7.“N«»n 4S3.7. lPm.«S7,. ^ 


2 p.m. «3u3. 3 p m 1C-5- 
Laust Imtwr BlOtt 8B». . 

• Based iw Si per roirt. oirpiirait«.ii tax. 

Baws 1M Cow. Sees. 16 !U-2b. K«r»t Ini. l«b. Iwl- 'Hd I 1 /«. bok* 
Mines 12.9-55 se Aenvmr July-Dee. IN-. 


HIGHS AND LOWS 


S.E. ACTIVITY 



k*is 

i ">1 CvlV>| i|ljltl<Sn 


filial- ; 

finr i Hifih . Ifl" 


Mn,v 


T: 


78.5B 


71.22 . 127 4 i 40.1H 
| *y.'l *> ' l<«i 

72.34 1 150.4 50.34 

|i2e;il.4«. »-l i3i 

444.4 I 549.2 49.4 

ilf-ji | iHU Vii; «2h-o-40. 

I...M Mum.! 163.6 ' 130.5 • 442.3 ’ 43.S 

. lAAl 


Fiwl l»t... ! 81. w 

• iS'll 


I ii.l. i >1.1 497.3 

i io,h 


.0-1’ 


isi .-*• It'-JI 1 


— Mane - 

Ctiir-Msot .. 149.2 ! 151.4:W 
tni'isiriea. . 21B.8 ) lM.U'.f 
. ope-ulaltir... 29.6 ! 
iMria 130.7 ! 117^^1 

I iiiii-hlvl...l 154.0 163.2 4-1 
: . . 199.9 

yiya-maihe ■ 32.7 36.9-t^- 

l.niu 121.5 [ 110.9 1 






sold its near t.2m. shareholdings 
in Colniore Investments, which 
closed 3 down at 40o. Favourable 
Press mention left Henlys 6 
dearer at 126p. but T. C Harrison 
encountered profit-taking after 
the results and came back that 
amount to 120p. 

United were firm in News- 
papers, rising 6 to 354 p. while 
North Sea oil favourite Thomson 
put on a to 260p. Among Paper/ 
Printings. British Printing edged 
forward a penny to 55p on Pre^s 
comment and Associated Paper 
closed 3 harder ai 5op. .Mills and 
Alien, however, relinquished 5 to 


Selective support was evident 
in the Textile sector. Leeds Dyers 
put on 4 to 56p and similar im- 
provements were seen in Trieo- 
viile, 70p, and Nova Jersey, 36p. 
Tobaccos continued firmly. Bats 
Industries improved 7 more to 
S35p and the Deferred 9 further 
to 285 p; the company announced 
proposals yesterday to acquire 
tbe Appleton papers division of 
the NCR Corporation for S280m_ 
Among Plantations. Castiefield 
fell 30 to 260p on fading bid 
hopes. 


IVSothereare rally 

Dealers reported another good 
turnover in Ihe major Stores. 
Fresh Investment buying ill a 


and put on 6 to 113|i. Interest 
was still being shown in Elec- 
tronic . issues. AR Electronic 
moved up It mure io I02p in a 
market none too well supplied 
with stock. 

Engineering leaders closed a 
few pence below the best. GKN 
l ouched 2Sl»p before settling at 
28 4 p Tor a net rise of 0. John 
Brown. 32-Ip. and Hawker 
Stdrieley. 2l4p. both ended 2 
firmer, while Vickers finished a 
nennv dearer at lS2p. after >S4p. 
Selective sunport for secondary 
issues nroduced some useful 
calns. Tecaiemit were supnorted 
at i2Sp. up 7. while Greens 
Economisers improved 6 to 72p 
in a limited market. Rises of 
around 6 were also recorded in 
APV, 206n. C and W. Walker, 
tyt.i. ,nd Chemrhre. ^n. 
Recot ery hopes prompted 
demand for Serrk. which picked 
tin 4! to wnjp. Following confir- 
mation that several discussions 
had taken place with Aurora 
Holdings. S. Osborn moved ahead 
smartly to lOlp before dosing 5 


also came for Cilj Uriels. 

tiie good at 12Uu 


to 


Red f earn down again 


185p. 

Despite the rise in .short-term 
interest rales. Properties saw 
furtiicr small buying after a 
steady start. Land Securities, 
200(1, and ML" PC. IlSp. firmed 4 
and o respectively, wnile Hasle- 


Goids drift 


which attracted a good deal of 
buying following the forecast in 
a recovery in Am ax’s earnings for 
the rest of this year: Selection 
Trust holds a S3 per cent, stake 
in Amax. , , „ , 

On the other hand South African 
Financials tended to ease in line 
with Golds. A notable exception 
were Rand London which ad- 
vanced 6 to 57p in a thin market. 
Ue Beers were on offer and dosed 
4 cheaper at 334p. while ZCJ 
hardened a penny more to a 1978 
high of 15p following continued 
Continental buying. 

Tin shares gained further 
ground reflecting the renewed 
strength of the metal price in 
London and Penang. G opens rose 
15 to 2ot>ii while Malayan Tin 
gained the same amount to a l«7S 
high of 34yp. Ayer Hitam put on 
KJ to 3 high of 325p. 


Lonsdale 

conversion 


LONSDALE UNIVERSAL hit 
given notice to the rents imagi ► 
holders of its company's 8 peg - 
cent. Convertible Unsecured Leaf 
Stock 1982 to convert their holjr 
log into shares on June 8 in nest 
of the small outstanding amount 
of unconverted stock (13.1 pee 
cent.) at April 17. this years 
conversion dale. /: 

Conversion is at the rate -of 
ltio.ii Ordinary shares far eadt 
£100 stock. Ordinary shares issuoC; 
will carry full dividend rights [ 
for the financial year September r 
J. 1978. 


-.‘i 


Miscelaneous Jnduxtrial leaders uwn .. 227p. and Stock Conversion 
took the previous day s gams a ^p. held gains of 3 and 2. Great 


useful stage further. Continuing Portland put on S to 274n. after 
stock shortage played - — 


stock shortage played a major ^Ttqj. while Chesterfield and Imrv 
part lit bringing aocut the good added .1 apiece to 282p and 30<lp. 
rises which saw 1‘ilkinqtun 1-ros. \ more active trade developed 


advance 12 to 477p ar.d Boecham , n secoudarj - issues among which 
rise 9 to 6G4p. Mill bene.iting Bernard SuaJev. IS2p, and Siough 
from Ihe planned acquisition of a Estates, imp. closed around 5 to 
<o per cent, stoke in a Californian f j le S(>0( j Brixtun Estate firmed u 
beve.-age can manufacturing con- perul> t0 a -,, in from oF Monday's 
cer !^« Ucl?l [ J 80 ^. put on 8 m ? r ! annual figures, but Dares Estates 
to 32 Op, while Glaxo sppreejated relinquished the previous day's 
» to o65p and Unilever rose 6 at 0 f jj c Jose at I7!p after 
®2P- . Klsewr-here. Redfearn second thoughts about the pre- 

NiHonnl Glass shed a further 13 urinary trading statement. Else- 
to 275p. for a two-day relapse of U 'here. Evans of Leeds rose 4 to 
40 on further consideration r.f the Mp a narrow trad a. 
Monopolies Comnu'-stnns finding 

thar successful bids for the q:j ]porI pr c bunvanf 
group from either Rockware or UUU^tlUL 

United Glass would be against the * Leading Oils made good pro- 
public interest; Rockware. how- in an ac uve trade. BritLsh 

ST SS - UnSZ V££r£ * >» the 8 ood 

were marked down II to 2Ip, at the days best of S24p while 
after 2(^>. on the disclosure that Shell gained 14 to 574p. Invest- 


A $1 decline in the bullion 
price to SI 72.875 per ounce saw 
South African Golds lose ground 
m quiet trading. The metal price, 
however. w:is still $2.50 higher 
over the week reflecting the 
successful outcome to last Wed- 
nesday’s international Monetary- 
Fund gold auction, where the 
average price realised was 
317U.4U. 

Political fears concerning 
southern Africa had a marginal 
rit. vet on sentiment, m Gold shares 
but the lack of any sizeable over- 
.-cns interest caused prices to 
drift easier and resulted in a 
2-point fall in the- Gold Mines 
index. The latter showed a 5.S 
drop over the week. 

Among heavyweights, Rand- 
rontein receded 2 more to £32 4 — 
a week's loss of £2 — while falls of 
2 were common to Vaal R.efs. 
£1 lj. West Drlefonteln. £182, and 
Western Hold Lugs, £161. 

In lower-priced issues Doorn- 
fhotefn were another 9 cheaper 
at 238p. while tbe marginal 
Durban De n p gave up a similar 
amount at 2l8p. 

Financials were featured by the 
strength of Selection Trust 


NEW HIGHS AND LOWS FOR 1978 

The TD'iawing securities qua too in tne 
Snare [nlarmatlon Service vesterdiy 
juaincd now Hlglw ana Lc«j lor 197B. 

NKIV HIGHS (212) 




CORPORATION LOANS >11 
AMERICANS i5> 
BANKS 13) 

BEERS <9) 
BUILDINGS IB) 
CHEMICALS <5> 
DRAPER V AND STORES >12) 
ELECTRICALS <7 
ENGINEERING 124) 
FOODS (1> 

HOTELS »6> 
INDUSTRIALS >54, 
INSURANCE (7) 
MOTORS 15) 
NEWSPAPERS <51 
PAPER AND PRINTING >5) 
PROPERTY 12) 

SHOES (3) 


TEXTILES >-13) 
TOS4CCOS *3) 
TRUSTS >19i 
OILS (5) 

OVERSEAS TRADERS l4) 
RUBBERS • 1 ) 

TEAS (11 
MINES >6) 

NEW LOWS (61 

BRITISH FUNDS <t) 


SIGN BOND5 >1} 
japan 6 pc 19S3-SS 

BUILDINGS ID 

Benlox 

CHEMICALS (1) 

Burrell 

PAPERS >1) 

Collett Dickenson 

. SHIPPING il) 

Hunting Gibson 


RISES AND FALLS 

Yesterday 


On the week 


British Funds 
Cams. Dominion 
Industrials 
Financial and 

Oils 

Plantations - 

Mines 

Recant lanes ... 


Totals 


Up 

Dovn 

■ Sana 

Up 

Dm 

te| 

42 

1 

12 

X» 

» 

til. 

14 

4 

O 

« 

R 

HW. 

569 

» 

za. 

Vim 

730 

la 

217 

33 

270 

Ml 

3U 

ua- 

* 

4 

14 

39 

' a 


3 

5 

2S 

34 

22 

Hr 

n 

40 

R 

127 

144 

H5 

6 

— 

14 

25 

7 

m 

913 

253 

U5Z 

UM 

UD 

inr 


ACTIVE STOCKS 

YESTERDAY- 


S', .w-k 

^hell Trynsj'orl 

UP 

it:i 

".r:»inl Mel. 

Allied Br.'»»*riL 
barclays Bank 
Metal Bex 
l'lujrn Electrical 
Uibby tJ.< . 

Jontmcrcial Union 
dencrai Accident 

::ec 

niperi.il Group ... 

Mo; her care 

Iriccnii'td •• . 

III,.' tilmiv Iim '*J «i»-m 
rj-i-Md-i/ -fertiiin m Hu: 

rei'i'AliuVil (x-diijj m Slue 


nnmina- 

No. 

nf 

Closinq 

Change 

1978 

1978 

libn 

marks 

price (p) 

on riay 


low 

li.-jp 

K! 

574 

+ 14 

576 

484 

XI 

12 

824 

+20 

?«4 

720 

El 

12 

35ft 

+ 6 

8ii3 

328 

.-iliii 

11 

113 

+ 2 

1 121 

S7 

■J .'»;■) 

w 

(131 

+ 5J 

'Xl\ 

78 

Cl 

■1 

333 

+ 1 

315 

2M(J 

£1 

u 

320 

4- S 

320 

2SS 

-Ijj 

0 

3131 

- 4 

flIU 

330 

il 

s 

22; i 

+ 7 

247 

182 

, 2>u 

s 

114 

+ 4 

156 

]3S 

2 »p 

s 

22S 

+ 10 

230 

200 

-Id 

s 

333 

+ 5 

27S 

233 

2jii 

s 

7!l 

+ 1 

81 

7U 

Hip 

s 

104 

+ 12 

200 

146 

i-"»p 

s. 

17S 

+ S 

1S4 

130 


e r.tur ks is bused ou the number of 
ri/:<,-«iI I.isi mnl antler Rule 163(1 ) 
k Exchange dealings. 


bargains 
( e ) and 


ON THE WEEK— 


Stork 


SI' 


sticil IV.in-iiori 
1UI 

1 urner .slid New all 
" New " 

Gr.'iiil Mel 

L.VV- Dtftd. 

Luv:in liufx . .. 

\l.irl-> it Speiiecr 

Li-eeh.un 

CUL 
lia re l.t.i > 

Gl S "A” 

’.Irdland Bank 
RT/. . 

F & l> UefJ. . 


Denomina- 
tion 
... £1 
23p 
£1 


B.- iik- 


Nil pd 
3Up 
-ap 
£1 
2.>P 
2-*>|i 

-■Ip 

XI 

XI 
- >n 
XI 


No. 

of 

Closing 

Change 

197S 

197S 

marks 

price (pi 

on week 

high 

low- 

11 

824 

+ 24 

864 

720 

48 

574 

J.-W 

576 

484 

45 

358 

f 16 

565 

32S 

. 41 

23pm 

- 1 - 7 

23pm 

Upm 

40 

113 

+ 6 

1131 

37 

39 

285 

+22 

SS7 

227 

39 

300 

+ L5 

302 

240 

39 

147 

- 1 - I 

1U0 

136 

35 

664 

+ 24 

67S 

583 

38 

. 253 

+ 8 

27S 

233 

36 

355 

+ 15 

555 

296 

34 

2(18 

+ 10 

312 

256 

33 

373 

+ !7 

390 

530 

32 

2i)5 

+ 5 

210 

164 

31 

90 

— 

US 

91 


OPTIONS 


dealing dates 


First Last 
Deal- Deal- 
ings Ings 
pr. 25 Slay 9 
lay 10 Way 22 
lay 23 Jun. 6 


Last 
Declare 
lion 
July 20 
Aug. 3 
Aug. 17 

ir raft 1 indications sec end of 
Share Information Service 
Stocks tu attract money for 


For 
Set (le- 
nient 
Aug. 1 
Aug. 17 
Aus. 31 


the call included Akroyd and 
Smifhcrs. English Property, 
Grand Metropolitan Warrants. 
Midhnrst Whites. Premier Con- 
solidated Oil, Orrae Develop- 
ments and Duple. Puts were 
arranged in Burmah Oil, Vosper, 
1-adhrokc Warrants and .Uplne 
Holdings, while double options 
were transacted in Leslie and 
Godwin and Alpine Holdings. 


IN 12 WEEKS 
YOU COULD BE 
DEALING IN 
STOCKS&SHARES... 
more profitably 
than 2 million 
other investors 


Many people make money from slocks 
and shares. You could be one of in cm 
— able to buy or sell stocks & shares 
and use money more shrewdly Ihan 
most of Britain's other two million 
investors — at no risk ro yourseti. 

HOW IS THIS POSSIBLE? 

Simoiy through a unique 
JJ-w«l home course. The 
Art Of Investment, written 
by professional investors, 
stockbrokers and account- 
ants. Slip by step they 
show you how to use the 
Stock Exchange and make 
money. 


Even without previous 
know -now — even with a 
capital as tew as Cl 00 — 
you could be profitably 
dealing in stocks and shares 
In 1 2 weeks' time. 



RELIANCE SCHOOL 
OF INVESTMENT, 

( HM. ) Freepo:t. 
London SW3 2BR 


SPECIAL OFFER! 

to readers ot the Financial 


Tunes' 

A tour of the deft mine nook 
-THE ART & PRACTICE OF 
INVESTMENT" tw William G. 
Nursaw. once £2.25. will be 
Sent FREE retcept lor postagel 
Id all emtukars to Hils adver- 
tisement 

This “ excellent " ooolc pro- 
vides Dip background to the 
secrets o* successtul invesc- 
■nenr Send NOW for FREE 
details n< thp Court and how 
to DIIMin vOur FREE book. 

iNa sarro reauircd) 


LONDON TRADED OPTIONS 


Jim 


tMiilwr 


Jainnrt 



Kx'niH* 

1 l l.r.llmj 
; .iff.-i f Vnl. 

1. b— ills 

•Ah 

i v ..i 

l.ll-Mli- 
■ -IflT 

| t.-i 

1 K*|iiif\ 

! . l.— • 

HP 

7SJ 

! SS 

10 

108 

_ 

127 

4 

j 821|. 

IIP 

800 

56 

5 

77 

7 

95 

9 


1 miii. 1 iiii-n 

140 

IB 

7 

25 

9 

25 In 

! 2 

: 154[. 

L i*MI. t IIV-U 

160 

812 

38 

13 ■ ■ 

43 

. 15 

• - 


1 Mil;. In. Ill 

160 

19 

10 

27 

1 

29 

21 

169p 

L’mIIS. U-iM 

ISO 

9 

18 

1-412 

24 

; is 

10 

.. 

1. •nilanUI't 

100 

6 

5 

26 ij _ 


k.7 

— 

. 124,. 

•.••urifiii'.ls 

no 

27 

5 

18 

- 

20 

— 




120 

19 

70 

131., 1 

— 

16 

3 

tl 

iiA.iiauld- 

150 

51; 

125 

9 '2 

5 

12 

1 


tiW. 

220 

41 

1 

46 

— 

52 i s 

— 

; 253 1- 

MKl. 

240 

25 


33 

10 



1 

UK! 

260 

13l 2 

11 

22 


! 291; 

— 


liiaihl Met. ; 

10U 

19 

— 

22 

2 

; St*'! 

6 

114). 


no 

11 

51 

17 

34 

201; 

52 

.. 

ICI 

550 

35 

4 

41 

18 

46 

• 7 

351i- 

HI 

360 

17 

20 

25 

— 

30 

15 


(jUMt 

ieo 

27 

19 

i 30 

30 

32 

23 

80 If 

1 Alht Sn>. 

uoo 

13 

107 

! I7ia 

83 

21 

2 

.. 

Murk* i Hp. 

140 

13 

1 

19 

[ 

21 

4 

148f 


160 

4>t 

3 

81s 

! 15 

12 

4 


-hell 

500 

87 

2 


1 

too 

1 

575). 

-Ivell 

550 

44 

13 


7 

1 66 

2 


rhell 

600 

19 

12 


2 

43 

— 

„ 

Totals 

1 

1 

585 ] 

i 


B31 

i 


167 

■» 



RECENT ISSUES 


EQUITIES 


■' “' Is *-!= 1 31 

Hn.vi = — I— i — i 

r 1 - 


Mft 


1 135 r F.p. 126-4 142 lib 


I^oku H<.ili<la.vv 


:142 +1 J6.7o '.2 7.8 9.6 


FIXED INTEREST STOCKS 






Idiu 


“'s : lltfill • LjW , 


I I-.. 
; sp I - 


!llX< 

IOOt 

IOu 


£99 


100 |- 

• > 

£90 


: b-l*. 

• K.H. 
K.P. 
K.K 
MSi 

£10 

K.H. 

• F.H. 

y. h. 


20.-5 


25.8 
,2tSev 
: 9,« 
■28»7 


F.P. 

£J5 


9.5 
8 6 


I 9Sp | 

1 bfi, 

' ti'JP i 
lOH-i- 
B*la : 
I 9U. 

I04p, 

tu* 

loan! 

i 100f 

■ to, • 


9lp \niHi. lull's. Iu.c% Oiiu. Pn. , 


ww*.An»vra kxpre» Ini Kin. Vnruoni A - 

IWp 'AriMlu^o iQ.i Lul^s iiihl Cixui. Prol- 

lij'ijj Uniuiu-l^ L'ouv. Ouiii. I.vi. &ul Pivl... 

37 I’iiuleti 31aia\. lug 1st. Mi-n. '-A.-.- 

t~3 QrepD<ricb (tan. hi lljjg god- 1966 

iUlp Juuk i uut. iv{ i,um. ptu. 

Slenileo iJ.j Cun), Hn 

ICK vj. i--u-.es Water r{ l(«<t. Hn. ta&j — 

IWp Hllhinl Ba^' Cum. Prf 

•il lanarN Ihj^uir, L'u*. tai. 

04 :y,e* IVsim llg; |m>. I«p- 


! 96p, 
.sVv>t 

; 11 -r 

I 100p 
: 27 : 

i 9'4 
i 102n' 
1 104(j 
lu2 
lOOp 
99 

• 2b . 


"RIGHTS” OFFERS 


l&Tt 


• ; Laie?i 

la«u<- =~* , lieaiiuc. 

frlcc s| ! tint* I 

(• J ' 1 S ' v i U>t;h 1 


8t«xk 


■Uiusinv !+■ it 

| Hri.-e | — 


36 , Ail , 
6j ! 1.1‘. 
130<drl Nil I 

10b ! f.p, ; 

50 ] Ni< : 

163 i y.f 
62 ' F.P. I 


— | — : 15|im; 12 |nn:£rova fioved Kent - .-i 15pm'+1 

3-5 31.6- 129 ; tLi iihniwicb 129 -*Z 

— ■ — I 2 pm i ,\ii | Dee lira* i Gulri liirnm;.... j Nil j 

5-5 19f5-140 | 138 LnHun 8 Slanuhe-ler Avutmnce.. 140 ' + 4 

15 5 9-6 23(im lIMpm Sup™ 23(imi + 1 

16,5 15,-6. 23pmi llyuLTurner 4 .Newell ; 23i ni + 1 

ay. dr lu-S- 59 I iWhiiiviu-jIi. 89 t 


Renunciation date usually Iasi day for aealtne free of sump "wy- & Pig urea 
based on prospectus estimate, a Assumed mvtflwHi amt yieM. a Portcasi rtivirleiwt- 
cover ba&>n an previous year’s earn ins & a Dividend and yield based nn prospectus 
nr other ntHcta 1 esrunares tw 19/9 o Cross i Kigiifr-s uis«inrfl j i-.iv-r mi-h*- 
for conversion ol shares nos now ranians far rt/vlilend or ranking only for restricted 
rfivtdenrl-i « Plaetns pn« ra pnbHc. pi Pence onlr-^ nrhennae rndiea'ed u tijued 
by tender. [I Ottered to holders ol Ordinary shares as a “ njMs “ Rights 
by '»-ay ol capitalisatlofl. »• MlDimiun tender price 1 ) (MUnradueiffl. M lasuwt 
in eomiL-euoo wiih reorpamsaiion merfier or taku-arer |jjj imruduaiun. “1 Isswrt 
io (omiHi Preference- bidders. ■ Alim mem letters ior fuUjr-patdi. •Provisional 
or panh-paid allousem Seders, h With wairmis. 


FT-ACTUARIES SHARE INDICES 


These Indices are the joint compilation of the Raaacial Times, the Institnte of Actnaries and the Faculty of Actuaries 


EQUITY 

GROUPS 

and 

SUB-SECTIONS 

Pi euro ib parvnthcvei «ho« 
nurnlwr of Hockx per iecUtw 

Fri., my 5, 1978 

Thurs 

May 

4 

Wed 

Mny 

3 

Tues 

May 

*1 


Year 

ago 

Uffnu 


• 

Highs and Lows Index 


Indev 

No. 

Days 

Obwc 

% 

ESL 

YtU% 
itfa-Li 
Corp. 
Ttf E*. 

Gross 

Dir. 

r*M % 

i ACT 
1)6 

Gri- 
p'S 
Ratio 
iNeli 
Corp 
Tu SN 

Index 

No. 

Index 

No. 

Index 

No. 

Index 

No. 

Index 

No. 

1 

High 

J78 

• Low 

Si 

Comp 

High 

■.* 

nee 'f‘ 

lathra .-ji 

Low 

I 


212.27 

+1.4 

17.49 

5.61 

WFi 

209.43 

20856 

205.72 

20533 

17728 

214.04 

16 . 1 ) 

188.95 

(2/31 

228.03 04/9,07) 

50.71(13/12,74) 

o 


190.46 

+15 

17-49 

5.69 

El 

187.55 

186.41 

183.98 

183.76 

14834 

197.86 

(6/1) 

16630 

■(3/3) 

233.84 (2/5, 7Z) 

44X7 (11/12/70 

3 

Ciratracoaj. Crasmrmac i26i 

34144 

+1.6 

18.70 

3.95 

WLBL 

336.07 

33523 

32623 

32414 

25164 

350.75 

(60) 

28935 

m 

38933 09/5/72) 

71.48 (2]WH. 


Electricals (15) 

444.06 

+1.6 

15-65 

3.99 

916 

437.21 

438.75 

434.42 

430.99 

34423 

46454 

(60) 

404.47 

(2/31 

483.69 (2LOO.T7) 

84.71 (25/6/62) 



31037 

+L5 

18.45 

6.55 

7.06 

305.93 

30324 

299.13 

300.47 

236.87 

31037 

(5/5) 

270.95 

(6/3) 

332.22 03/9/77) 

6439 (2/3/75) 



169-36 

+1.0 

18.97 

6.15 

7.19 

16821 

16623 

163.76 

16369 

160.44 

169.86 

(5/S) 

149.87 

<2i3) 

187.45 04(9.07) 

45.43 (6/1/75) 



170.17 


1557 

8.24 

8.12 

168.23 

168.42 

16651 

14527 

15223 

170X7 

<5/5j 

15422 

(27/2) 

177.41 (27/4/72) 

49.65 (6/1/75) 


k i k- ci u i .T^TrriTJcBEI 

















II 


197.11 


17.12 

4.82 

836 

19553 

194.76 

19120 

19050 

162D6 

197X1 

15,5) 

173.63 

£3/3 1 

227.78 (21/4/72) 

38.39 \tiVm 

12 


23331 

El ' A 5 

15-02 

3.68 

9.57 

23260 

23131 

22467 

224.74 

187.09 

235.96 

(6/1) 

209.01 

(3/3) 

26L72 (21-10,77) 

42.85 (1312/Wf 

13 


173.45 

+0.7 

1659 

6.50 

8.28 

17226 

17159 

17121 

170.91 

15534 

18433 

(9/1) 

.16034 

(6/3) 

26322 (4,'5/72) 

63.92 07/12fffr 

14 


124.12 

+1.0 

20.42 

6.17 

7.03 

12285 

12224 

119.79 

120X9 

10165 

124X2 

(5/5) 

104.68 

(2/3) 

17D39 (15/L 69) 

19.91 (NV&u 


















J 

21 


206.79 

e m 

15-70 

5.63 

8.75 

20359 

20178 

199.74 

19855 

17163 

20725 

(60) 

179.46 

(2/3) 

226.08 06(8,72) 

6X41 03/12/Tfl; 

22 

Breweries! 14 1 

240.23 

+2.8 

1359 

553 

11.15 

23365 

23024 

227.04 

226.83 

178.04 

24023 

(5/5) 

204.04 

(27/2) 

28187 (28/11/72) 

69.47 03/12/7-8 

23 


26530 

+0.7 

15-26 

5.43 

9.94 

263.14 

26337 

25836 

255.69 

196.00 

265X0 

- (5/5) 

22925 

a iJ> 

265X0 (5/5/78) 

78.88 WOOM 

24 


26035 

+1.4 

13-54 

6.55 

10.69 

257 .01 

254.17 

25181 

250.62 

217.74 

269X7 

(6/li 

219.62 

(2/3) 

329.99 (12/1272) 

5453 . (9/1/75F-: 

2S 


195.99 

+15 

20.77 


6-69 

19329 

19230 

190.71 

19039 

178.93 

203.38 

(6/1) 

17537 

(27/2) 

214.63 (21710/771 

59.67 (13/12/74 

26 

1 m lir^ ' 

200.97 

+1^ 

14.26 

4.66 

9.70 

193.67 

196.23 

19248 

19L97 

18295 

22322 

(60) 

17653 

(3/3) 

244.41 (27/10.77) 

54.25 (ll/12/7fc 

32 


377.55 

+1.8 

10.72 

3.29 

13.48 

370.95 

370.86 

36556 

360.99 

286.41 

37755 

(5/5) 

269.59 

i2/3) 

377.55 (5/5/78) 

55.08 (6/175): 

33 


134.31 

+0.8 

19.43 

3.84 

729 

153.29 

133.46 

133.69 

13150 

11650 

135.99. 

(6/1) 

119X1 

05/2) 

144.21 (14/9/77) 

43.46 (61,7$' 

34 

Stores i39i — 

188.86 

+13 

10.92 

4.28 

13 44 

186.42 

18524 

184.77 

183.08 

149.77 

. 197.95 

/6/li 

165X7 

(2/3) 

20439 06/8,72) 

52.63 (60/75) 

2a 

Terries (25>. 

188.14 

+1.9 

2013 

7.10 

6.06 

184.56 

183.47 

18105 

179X3 

168.05 

188.14 

(515) 

16025 

(20) 

235.72 07/1/67) 

6X66 (1112/74). 

36 


254.91 

+2.1 

21 69 

7.34 

5.48 

249.77 











37 


102A5 

+0.7 

19.79 

5.89 

6.78 

10145 

97.60 

96lS1 

9554 

‘ 98.29 

104.97 

(24/1) 

93.79 

(27/2) 

135.72 (160/70) 

20.92 .Ctfl/75) " 

41 


193.73 

+13 

16.45 

5.85 

8.02 

191.26 

18927 

187.45 

18417 

17547 

196.66 

(6/3') 

17338 

(3/3) 

213.70 04/9/77) 

58.63 (60/79'. 

42 


264.44 

nu 

19.05 

6.55 

737 


257.39 

25538 

25246 

239.71 

264.44 

(5/5) 

23859 

(213) 

295 JO (14/9/77) 

7X20 002(70' 

43 


25338 

+n 

11.19 

394 

1138 


25236 

25132 

24839 

W'lvl 

262% 

>6oy 

228.41 

(3/3) 

262.96 (6/1/78) 

228.41 (3/3/TSl. 

44 

• *iCT--' j'v ' c . 

13LS1 

+18 

18.51 

4.90 

6.40 


23027 

12824 

12756 

99.59 

. 134.67 

1230) 

117.48 

OI3) 

246.06 a-9/72) 

4534 (2/0751 

45 

Shipping ilO) 

44134 

B 

17.98 

7.11 

6.84 

441.42 

437.46 

4329? 

43218 

486.93 

483.01 

(60) 

39834 

am 

539.68 08/5/77) 

90.80 (29/6/62) 

46 

u 1 “ ! rTTmEriMm i 

204 23 

PN 

16.43 

6.29 

8.27 


19936 

196.62 

196.71 

18116 

209X6 

■231 

178.47 

wm 

258.83 (2/57Z) 

60.39 (6/7/75)' 

3 



RU 

nxH 



FTTH. 

K'M4|i 

E0 

Eaea 

Btm 

212.52 

(60) 

B5PI 

■tSl 

tsstrMrilHitma 

tLtfft’/iiSl 

3 

Oils |5> 

486.83 

Bbidl 


kith 

E S3 

EZEli 

CEE! 

Cf/4'rl 

EfiTEI. 


486.83 

(AS) 

417.98 

(2 13) 




i.iu mi lui i. 

EM 

+1.6 

1622 

538 

8.13 

23C.47 

ISO 

226.47 

22535 



(60) 

205.42 

®3) 

24832 awm 

63.49 (13/12l7a 

61 


168.82 

+2.1 

— 

5.47 

— 

16538 

ESEI 

161.64 

16L41 

136.69 

17896 

■ (60) 

153.85 

(27/2i 

24X41 (11/4/721 

55.88 (13/12,74) 

62 


20034 

+15 

23.79 

533 

6.37 

197.45 

tm 


19184 

150 71 







63 


198.97 

+25 


8.43 


19421 

193.64 

195.67 

19738 

167.91 

22833 

(4/1) 

18520 

113,-4) 

29303 (2/5/721 

0140 (10/12 TO- 

64 


146 24 

+05 

13.39 

5.43 

1L06 

14521 

14436 

140.86 

140.94 

138.81 

17055 

(120) 

13632. 

(17/4)- 

433.74 |4/5(7?l 

38.83 01/12/74) 

65 

ip . "t < 


+3.0 

— 

6.42 

— 

13731 

135.01 

13322 

133.19 

11125 

15139 

(60) 

124.97 

(17/4) 

194.46 05/3/72) 

44JS8 (21/75) 

66 



+3.2 

— 

6.43 

— 

128.60 

12658 

12422 

12536 

IT'TTvl 

• 143.46 

(60) 

12025 

(24/2) 

161.72 (6110177) 

43.96 (13/12/78 

67 



+1.4 

13.85 

4.18 

10.34 

345.60 

340.05 

333.94 

33559 

285.90 

35035 

15/5) 

.30120. 

(6/2i 

37X53 05/9/771 

65^86 06/12.70 

68 


79.37 

+0.7 

— 

6.03 

— 

7932 

7925 

7759 

77.62 

67.86 

8522 

(6/1) 

7LOO 

(27/2) 

278J7 0/5/72) 

3X21 (7/1751 


Property (31) 

®I^|i 

+2.1 

3.05 

3.14 

6332 

216.39 

21522 

21275 

21353 

19281 

25529 

(20/1) 

210.03 

(14/4) 

357.40 (9,11/73) 

56.01 (20/4/65) 

70 

» ■ 'll ibiHia | ni 


+0.7 

24.27 

7.37 

5.70 

10691 

10755 

106.48 

10631 

9114 

110.87 

Wli 

‘ 99.61 

(27/2) 

303X8 08/5/72) 

33X9 (17/12/71) 

71 

1 1 • - " ■. v i c i 1 jin- j m 

205.23 

+Q5 

3.22 

4.69 

3L09 

20418 

2Q3.91 

28254 

20231 

178.96 


(3,0) 

176.48 

(6/3) 

245.79 i25/4/72) 

7X63 (1312/74) 

61 

i ; i . ' rr? j i ■ 

9337 

+0.7 

17.67 

736 

6.93 

9295 

90.73 

90.81 

92-04 

10206 



8539 

l6/3) 

175.90 (28/4/69) 

(AVI (30/974) 

2L 


310.93 

P'>1 

1530 

6.33 

8.14 

31140 

310.63 

308.92 

309.72 

283.76 

31140 

(4/5) 

26226 

(2/3) 

31X40 (4/5/78) 

'9737 (60/751. 

99] 

AIXSHAEE INDEXt«3l_ | 

216.28 

+15 

— 

5.42 

— 


21X46 


208.45 

188.08 

217 99 

(6/1) 

191X5 

■^1 




FIXED INTEREST PRICE INDICES 


British Government 

' Fri. 
May 

5 

Days 

Change 

% 

xd.adj. 

To-day 

xd adj. 

11178 
to date 

1 

tinderSvears 

106.32 

' +020 



2 


11737 

+035 






4 

Irredeemables 

132X0 

+0.41 

H 

6-08 

5 

All stocks, 

114.18 

+0.46 

■ 

3.78 



FIXED INTEREST 
YIELDS 

Br. Govt Av. Gross Bed. 

Fri. 

May 

3 

Thurs. 

May 

4 


187B 

Hiclw Ian 

1 

2 

JL 

Low 5 year*. 

Coupons 15 years — 

25 years. 

8.44 
10.73 
' 1X25 

8.45 

1082 

1X33 

726 

1031 

1191 

8.47 (27/41 
10.85 (27/4) 
1X36 (Z-5 1 

7.05 (3,1) 

9.12 (3/1) 
9.74.0/11 - 



10.69 

1199 

12.17 

10.73 

12.07 

1126 

1M 

11.68 

3X37 

10.73 (4/5/ 

12X3 ' 127/41 
1X30 (27/4) 

930 an 

10X8 'O/l! 

1034 0/1) 

I 


7 

8 
_9 


10.99 

1255 

1192 

1X08 

12.62 

12.99 

10 A3 
1277 
13.03 

1X09 04/41 
• 12.68 (27, 4) 

13 00 (25) 

«7 au 

1X13 OU) •. 
3X?6 ■ (3/1) 

10 

i 

I 

1X00 

11.03 

12.02 

1X07 (2/5) 

9.80 <3® — ! 




K 




Fn. MstVD 


-' Tlnir., W,,l. Tim. T'ri. lliur.- IVeil. Tues. 
Vivid J!«y i 3lov Hay \|-rfi April :Avtil Apr.l 

i « * i : 3 ■ 3B • Li ; 26 I 35 


Ycnr ' 

■K>j !- 

|npiimx: 


1918 


^lULV 

Compilatioa 


Highv 


UlH - ’ 


15 i20-yr. Bed- Deb. * Losjib (15) 
lb 'Inymtiueiit Trust Prets. (151 
17 iComl- aad Xndl. Prefs. (20) 


Hlf-h- 


Lotn 


5B.4i ; tli‘.7l|5i-43 54.45 ,58.45 58.52 58.52 -56-54 68.54 

'54,25 1 13. 12 [54.23 54.89 ItWJM 54. 84 ,54.84 '54. 75 <64.51 

.71.05 .12.88 I71_aa 171.17 i/0.61 71.01 <71.01 71.01 .71.01 


54.B9 

50-65 

71-28 


Section ar Graup 

Base Date 

Base Valya 

SccbM Br Graup 

Base Daw 

Base Value 

Ptfirmicaullcal FrodacU 

30/12/77 

26L77 

Industrial Group 

3X12/70 

12820 

Other Croupe 

31/12/74 

31/12/74 

63.7S 

10040 

Miscellaneous Financial 

31/12/78 

128.06 

Engineering Contractors 

31/12/71 

1S3A4 

Fuad Manufacturing 

29/13/67 

114.13 

Mechanical Engineering 

3X12/71 

15534 

Food Retailing 

29/12/67 

114X3 

Wines and Spirits 

Ib/l/TB 

144.7* 

Insurants Brokers 

29/12/67 

96.67 

Toys and Games 

U'l/TB 

135.72 

Mining Finance 

29/12/67 

100.00 

Office Equipment 

16 , 1 /nj 

12120 

All Other 

10/4/62 

U0JM 


ll’f? |a.43 (4/91 i 113.43 ,23.10/fo) 1 57.0i &UJL 

51*71 l 54.28 I9i»' 114.41 (U<9<6.Tk J 34.48 

<2.-6i | 114.96 t7. 10/651 147.67 (61^5 


f Redemption yield. A new list of Um cobBUM** 
is available from the Publisher*. Tbo Flnaoctd Tl*»> 
Bracken House. Canaan Street, Laafloa, HC*. 

13P, by post 22». A reriniaMIy record of SffW f 
tubtcuioa indices, dividend yields and fliralas* 
lince 1 H 2 , with ouartcriy falstu and hw* 

Indices, ts obtainable fram FT Business En tarF riwy - 
10 Balt Court, Lendoa, ECd, at Cdt 






* 
















































































































iRpancial Times Saturday May 6 1978 

WsuSan™ l> 


ICE, PROPERTY, 
BONDS 


AUTHORISED UNIT TRUSTS 


Abbey Unit TaL, Mgr*. Ltd. I»1 
72-00, GatehouwiRtL Aytcrtnry. 02863941 


^****1*0 Life Ini C. Ud.? NPi Pensions Management Ltd. AbS^jnv/^^-Pf |j|j -ij|f 

-S3E£=:M ■ m - ?^o1? n „d!^r aU SS cro T TFT ZSZEri'*- .ET3P3HH. 0 .«B420O AUbtr ' 0r ” ^ -W 7 4BH -0*1 

: EfeiuE— Mr i§* -■■■■' - njj ;;;J z (jgy “ AJ,fed Harobro Gf ® a ? <»> '*> <« 

ISSEE'S)- = SJ*. ^ ** Zeaiand In. Co. a,k, Ud.? ««£»««- 

^gfeg! gg E: E aeassr'iff. T& - i” ■ T^iSSJS^w sasa 

m = =.- » 8 te» la: ^sffedfc E- 4 - tessaH J§ 3 l 


=■ ?ss* «=*■ .«=! = fisU=B ME 


*.M£SSSr-B *2 3 ® r.: = gtatraar^fiffis S 3 ' 
: dsg=Bi s - 

^SMKfcSS Sj-r f^h&Sec.lifeAK.So, 

.'pltrF^^- J?* 34.7 .'~ _ W«ir Banfctay-on.injjujies. Berts. 

'.W,P5-Srr 4 ►. 13®J HU _ ftexi hie Finance.. . £1.053 I 

wwFft-Srr.-r .BJEi JJjS _ Unndbank Sec*. __ 5471 

jOUint Mxr.z. Vaiuaiion noraalw Tum. Jjtadtwak Sc*. Act UW ' U7.11 

WT life Ak»™« CO. Lid. ° ‘“T"^ 007. 1 

Mrt Bnrlbirlon SL, W 1. OI-437506Z Guarflia “ "Royal Exchange 


..4 — Anerlcon FdZZI Hi 

ewwth * Sec. life Ass. Sec. Ltd.? SSfc ^ ' Jjg 

**^r PM*- Braj-Ofl-Thfifflcs. Berts. TeLMSU dxa.I<rpo.i! r'd._..fe.9 290 

ISKExsL^utJ :;r l “ Nwwich Unlon Inwnmce Group 

z::| z WJBovt NomehNBlWG. Mto 22200 


Oily Fd. Ace. — p7rl 


led fat. Arc 1365 

.. iMont-yl-'d.Ao . U3.5 
H^T LMnn.Fd Acm .1012. 

^'Wil.Vr. M7 j 

flfrlm. Acc.-.. 1594 

ifv Pi-n KlLArc. 704.1 

nfl.Pcti.Ace.,... 1717 
■Mar.-F'-n A<-c. 127 5 

*r« niFdAcc-. ur.a 

7.iVci--\cc.. 12 L5 

.. ■eJiwJ'en.Ace.tire 7 


14S.7 :: z 

S*2 = z 


SS 3 r 


Rval ErIubjm. E.C5. 01-3837107 Kiicmi Iol Fund..; J150J 

Ptopflrt?~B<rods -..11744 18L6I 1 — Dcpmn Fund ._. [1041 lift 4! . 

„ . . ■ - Not. Unit. Apr. IS. | 1111 \. 

Hambro life Assurance Limited V 

7 Old Par* teae. London. K'l - Q14B3QQ31 P&ocnix Assurance Co. Lid. 

FUedlnLBep 0245 1MJ1 _ 4-5 Ki ns William SL. EC4P4HR. I 

— Wealth Ays JUC.B 11671 . 


1 Man aunt Fund 

• ujuiiv Fund 

Property Fund . 
01-3837107 Fiicml lnLFund..._ 


+10 _ 
+15 - 
+D.1 — 

*U — 


I Allied Ul 

Biit-lnd*. Fond _.. 
Grth U Iw — - A — 
EJprt & lad. Her. 

I Allied cawoi 

I Hambro Fond 

Ha.-nbroAcr.F4.-. 
Income Prmdr 

Hlfih Yield Fd. II 

High InctBnc ..-™~.|l 

, AflEq.lnc..^. — F 
Inunanosal Fuab 

I I nternaUooal — -*..f 
i S««r ■ An»m ca. _ l! 

Paeifie Fond 1 


70 01 +LM 50 
605 +0f $41 

305 +0.4 5J9 
34.9a +05 507 
15.7s +1.0 .420 
U2.7 +15 5® 
127.9 +15 4 44 


2. St, Mary Are, EC3AHHP. Dl-aaSK 

American T*| B7.1 2 92 ...... OJ 

RrUJjJiTsLiAfc i_. 544 5*5 +02 ZJ 

I'wnnitirlityShar**^ Wfc 7 157 7 -1 7 3.6 

i.-i Far East. Trust- 11.2 334 +0.2 D.7! 

Hich InromeTst . 571 615 J -0 2 SW 

I ocume Fund. — J|4 ,J57 +0 4 65 

Ins .Vflcneiw —1361 1421 -O.IK 3.5, 

1r.il Exempt Fd . . BS5 *0-J 6-H 

■/■lull. Tm. IAtc.i .[El . 34.51 - 0 1 1« 

Gibbs i An tony l Unit Ttt. Mgs. Lid. 
33LB(DmbeldSt4 EK2M7W* OI-S80411 

iaiA.fi. Income’ --O-J ® Irf I 84 

is.AG.GnwrthtT-.K 5 #3 •—■I If 

ib' A G. FarEaat'....pC9 2A6) I OJ 

Dealing Tues fitted. 

Gorett l John IV 

Tt, Loadon w*ll. E.C 2. Ol-«030a 


OFFSHORE AND 
OVERSEAS FUNDS 


Gmtxaore Pnnd Kbmagero V m«) Perpe t ual Unit Trust Mngmt.V W If W Fj E h.ly Fj r% u 

iStMATvAxe. CC3A8RP. 01-3(03531 4fl Hart SU Henley on Thame* Q4M2A6S ■**“ 

itiArtencanTM IZ7.1 292 ..... 05? rpeiualGp.Gth pl.7 414) 1 366 

?S'& 1*6 7 157 7 Ii 7 Piccadilly Unit T. Mfcr*. Ltd.? 1«0») Arhnthoot SecnriHes (C.I.) limited 

lr i Far Ban. Trust. J12 334 +0.2 0.75 WardeteHae., S9a London Wall FCZ 53808)1 p O. Box 284, SL Heller. Jersey. 053472177 m 

Hich lnwmeTst . CTl 615+0 2 SU E^jncome mi 333*5-31 2-SS Cap.Trt.Umcy'. .1115.0 119.0*1 | 430 V a 

Incume Fund » 4 75 7 +0J 6^ Small Co'c Kd. fci. 44-9 ’-0-^ 3.07 ^ Nut dealma date May.10. it 

Ins -..1361 J?#*l ■W ?-M i-Aiuisi Gniut 1*7 7 JELM .. 1 3.00 y-r-n iy.ni hilJB «BOI I i» r.i. 


King A. Shaousn Mjtrm. 

1 Chart nx Cron. St Belier. Jewry. iiBM 1 73741 
Valley H**. St F««r Pon. limse. irtWt- 3*7nfl 


.v'a rrr t^piUij Fund 47 7 5U .. 

U IntEnw.il Assets. 47 0 5£-J *8 1 

-Dl| 1« Privair Fund 372 40.B +05 

fts. Ude ACeuanllr. Ftandf 637 • 4 5-5 

*&<T 

I ?S American Fund— .rei 264 +0^ 

:::::! ojo practical invest. c». lbl? (jko 

44, Bltxunsbujy Sq. WC1A 2BA QI-S23 


Sitgi ' Neal sub. May II. 

679 +0.4 2.9B AastmUan Selection Pond NV - 
Lta +04 4.08 Mart el OppnrtanUin. cio US Yeung * 
VA in", VS nothinUiE irr. Kmi St. Sydney. 

264J +02( 220 CSS 1 Share* l SlKt*8 1-0041 - 


1M0I J 3.79 «T<ii Fund 1 Jersey 1 


1 ThomsaStreri. Druclai. inv 
I7i« FundiJmcyi (922 9.2, 


> 1! , lOffii-dflSfl 
9.2?rf . .. 22M 

10941 .. 1175 

4 f* HOP 


niUTrwULnH 1 . 107 2 109 41 ..117 

C. ill End. tjurmiPs|C967 4 M- 1120 

IntL fievt Seen. T»t 

kiwi ta erime fir *4 l«J« f • — 

First lull. 1W452. l«9lj | - 


Dealing TBef TtWrt. 44,BJU»nwbioySq.wClAaiA QI«3HW 35 Bouif^j Roynl. Luxembourg c D. 20. Fencburch Si. E 

Govett (JohnlV Practical Aur.26_.OjG5 1K.74 1 Wldinvest Income. .WSUI2S lHU^BZO) 656 Eurt uveal Lax. F. 

77 LoadM Will ETH Ol^jsSM Accuavlniti — -.B0Z.9 OS9 1 421 Prices at HOF'4. Neat sub. day- May 10. Guernsey lae— . 

71 V +051 104 gbldr-MayS— 1-.U342 ?SS tl'9 £& Provincial Life lay. Co. LW.V Bnk. of Lads. * 5. America Ltd. ran^StFlZ: 
Wj+O-jl J-g Do-AMom.Unll^^M.S^ W 2 | o Jb| .06 ^ Rl^opititp.aCi 4WJB. Queen Victoria St. EC4. 01-9302313 KBInU. Fund.—... 

Cricresco Management C». LW. MtammS.— aSSj +l3 ?.6S “““"SSEaS^mSa May 1 ! “ . 


Bask of America International s.A. Kir In wart Ben non Limited 
35 Boulevard RomL Luxembourg c D. 20. Fencburch Si. EC3 ni4Cnpnno 

WldJuvejt Income.. tTOSUIS UUhB20( 656 EnH uveal Lux. P. 1,020 >1 340 

friCcSOtMor *- Neat sub. day- May 10. Gumusey Inc...— . 595 620 .. . <1M 

_ . . _ . _ _ . , ... Dn.Accum. 71J 755 . J62. 

Bnk. of Ijids. * 5. America Ltd. kr Far Fast Fd. sma.16 l.ra 

4CMB6.QneeaVinariaSL.EJC4. 01-9302313 KBIa U Fu nd.-.-, *021 £W 

.louunKTgji-g™ - j 1- Ewsssate-aifa 1, ss. 


— |Speclali» Fund* 

— jSiuallerCo.'eFd.. 
' End Emir. Cp'+ Fd. 


' 2£V Life Assoronoe LCtLy - 
Ajine.AlmaRd..Roieate. Beliata4010L 


Fixed I nL Dtp 

Equity—, 
property. 
Managed Cap 
Managed act 
O verceaa. 

GUI Edged 
American Ace. 


"i'llilll- 
1 * ' ‘ 1 '-ii)i| 


5v Jitmcy Fd... RR3 109. 
3V Equity Fd— 107.B 322; 
l SSS*" ,, nt — 904 «: 

IK Prop Fd 965 lK 

|Vfe«tPen.l*a. 772 . 1DZ 

.W >VEd Pcn.'B‘ 975 102. 

lUplan |9B2 309: 

few Life' Assurance 
i.xhrldjie Road. W.I2 - 
ML Fd CpUnt.. |BB 7 Bj 

Mt.Fd.sf.Unt_ M2 . lH: 

■ Mcjl FW. Ri. . flJ4 2 119J 

51R.I Fd — V I... 1ML5 110.; 



Wealth A5s [llOA 13671 .... 1 _ 

Eb’rPhEq £ |7LS 75.l} I _ 

Prop. Equity & Life Ask Co-V 


f 2nd Emir. Co-+Fd._ 
; Rnwov Site. . — 

—■I — I ErpL Mnlr. tVs ..0 


36.0 +0.3 4.06 
442 +0.4 SJffl 
90Ja +0.2 5.70 

41.2a +05 556 
613 +0.1 451 
21 Ua +L6 5.40 


SO Greybam St. EC2P 3DS. 

‘ Bar'Btn. May S ..IW.B 

1 Ac rum. Uni til 215.7 

B.lca May 4 1M1 

lAecurn. L-DltM 200 2 


PrndL Portfolio Mngr*. Ltdif faifblfe) Brnxellc* Lambert ^^SmSSSb-lln.l! in 

•■■■ Jg TfalbomBam-BClKaNH O1A05BS22 »"«««* “««« +KB aet as London parir.c ngcuts crl; . 

?'ta nnx—.i rtKfl ?wM |U Z ItvC 0c It B IKB Bnivrli 

?:S .fv+ta Renta Fund LF..-ILB7 LU4| +41 7 90 Uoydi Bk. iCJ.t U/T Msri. 

... 1.79 Qn liter Management^Co. LM.Y lUrrlav* sltileara InL iCh. Ia.1 Lid r.o . boi ik>. st Hdicr.Jw. 


Endear. May 2 174 J 

1 Accura. L'ntUI WB 

Cmclwr Maj-5— W* 

lAccum i:niu.i M6 

Iji.iRrsl*. Stay 3 ... H.O 
lArcum. UnilM (715 


1745 WL8' 


— R.SIIk7*njt. Bd 

— Dn. Equili- E-i 

— Pier Muncy Bd— ... 


- Property Growth Ass nr. Co. Ud lV 


“""I _ Leoa House. Croydon. CBS ILL" 


iiK-iFd — f i...|ilA5 llB.ll ...—| - - Hill Samuel 

■clays Life Assnr. Ca Lid. NlJtTwr..Addit 

RecTtwnJHd..-fi:7 0J-0MSSM 

Slaybocds* 11204 177 xl i . ±.t«i«ri t» Series 


. ttcalorti HrLrS:7 
Ilaybocds* .._., 120.4 

ill- 1125 

110.1 

Btetr 2S2.S 

•0Cn<— 1075 

l»y W.O 

LXvniAccnm. _ 94 9 

IMtttd 93.1 

SdaPensAre.- 435 


Pen. Prop; Arc. 

Pea. Han. Cap. 

Pul Han. Are. 

Pen.GikEdK.Cap.. 

Pen.GntEdg.Acc. 

Pen. Bj& Cap. 

Pen.BS.Ace_ 

Fan.tXAjr.CBn. 

Pen. DAP. Act ....... _ 

Abbey .Vat. Fd. < A» . 

01-7488111 Hearts of Oak Benefit Society lnvemmeni Fund - 

I - 1W7. Tavistock Place, WC1HBSH 01-3075020 E^mV^nd **' 

— ■ * “ Henna of Oak 1363 38.4J | _ Eo"Hj" Fund* l" 

Hill Samuel Life About. LULV Mnoe'v Fund < Ai ( 

NIJ4 Twr.. Addiscombo Rd. CYoy. 01-008 4335 F ''. r *, - 

4Pmmnj-Ut.il. _n5l0 - uaH | - S - 


IX.WJHSAK - 

OM00089’ 

-1 170 B 


708 

1 

147.9 

1 1 — 


And«rson Unit Trust Managers Ltd. 
158 PM thumb SLECM6AA 823ft231. 

OS37 AnriemoBlTT. (458 49JM — ) 4.64 

~ Ansbacher Unit Mgznt. Co. Ltd. 

— 1 Noblr SL, EC2V7JA 01-HBBS7&. 

, Inc. Monthly FU nd . |362.8 I720( ._...( &60 


— Prcpi-nr Fund 

— Propcni-Fuud'AL 

— Agricultural Fund. 
; — Acne. Fund i A>.. . 

— Abbcr Nat Fund.. 
Abhcy Mai. Fd. f A* . 
lnvemmeni Fund . 


1Z7.3J I — 

3185 +0 A — 

115.4 ^-03 - 

387.4 ... J •— 


Managed Ur.IttH 
Han aged Seri ea ,<u. 
dftumBcd Sw iwCa 

[oney Unib. 


• lay ... *G0 lll&X+OJ - — : 

' • m “S: SI m 

• Init i a l ^ 1 lSJ...4 * — Ifftp^r l uf j 

- . L . •Current unit valun Mara. S*talSo« 

• '. Sure Life Ass or. Co. lid.1l Growth pul & 

Uanbard Sl. EC3. - 01-8231388 Pca *- Fd - MB . 

. H««eaay2L_. r 120.15 J . M ..J _ Managed Fm 

ate Ure Assurance Co. 

Hlijb St., rotter* Ear, Herts. P-Bar 91123 Equity Fund 

• . 5a |:d = Irish life 

Wf® Assurance Ltd. If BhinChipSi 

lympcWy, Wembley HAMNB O1ME087G ManuedFui 

~ • Unite 10604 - ' +01SI — ^oP- W«l M 

^certv L'niu. — 041 - _ Prop. Mod. G 

fficBanJiDtee.. £1132 119S +051 — . „ 

A/t* p.Bcnd.'E*«.„. 03.05 13K _ Kind 4 SI 

A/ j F 0^ If M'pfee.'irnll. 0269 1^+054 - S&CorahUl.; 

Bond 1105 116.7 _ Bond Fd. Eat 

• i utyAcnun. 173 — • +! — • v« 

pwty Acrum. _ . 02.35 — ..... — Govt Sec. Bd 


a = 


ml = 


Imperial Life Asa. Ca of Canada 
Imperial Houro. QuUdloid. 713 

Growth PriLMiivS 17XO ■ 77 W — 

78^ +L0] — 

C/HI6 Lfacpq Mvnafm 

BSunsaed Fund 
PixedlnX Fd._ 


Gllt-edeed Funil ~. 
“ Gilt-Edged Fd l A> 1 
■ 6 kmi re Annuity 

limned Ann’iy. 

= 

- VAII IVoaLher Gap. . 

OInv. Fd L'ts „ . 

— Vensiim Fd Its. 

_ IOJ1I-. Pens. Fd _ | 

_ Cs>. Put. Cop. 14.1 

_ Man. Pens. Fd , 

. 3 1an. Pena. Czu Ul 1 

lO Prop. IVnt. Fd . 

■nw Frop.Ptna.Cep.Uifr. 
71:35 Bdgg. Sac Pen. ULl 

- Bdg.Soc.Cap.UL_' 


+0J 20.90 
-0.1 9^ 

-5.1 952 
-0J 952 

1209 

-0J 32D9 


on* & Aumril 
127 2 113. £ 

120.8 1275 

1326 
I2B8 
3448 
13X5 
1427 
1322 
1445 
1324 
1299 
119.6 


oi-6aao096 ArbdLhnot Securities lid (aMc) 

— 37, Queen SL LtyodOTi KC4H JBV 01-438 B381 

— Extra Income Fd— 104 0 113.4rf+DJ 10.90 

— — HlChinc.Fund._40J 43.4-0.1 9.32 

" 1 — 6>ACCUm. UnibA_i54,fS 564 -5.1 9JS3 

— <6h^ WdrwLIXi. M.D 58.4 -BJ 9g 

■i . ~ Preference Fund — 255 275 1209 

*i 3 — 'Aceum. Unltai 37 > 40.7 -0J 12.09 

’l-i — Capital Fend. ._ 187 205 — 

■*+0 — Commodity Fund.. 545 MSB 5.73 

■*£■? — 'ArcURL L-nllsi .... 785 0t.7s 5.n 

— . 10*i W-drwl H i 47.8 . 53.6a S.73 

-0? — Fiu-aPropJ-d 16 5 37.4 ..... 321 

- Giant* Fund 395 42J +05 in 

3t — -Aceum Unltai 456 49.4! +0.6 293 

- Growth Fund 332 35H +0 2 302 

■ ■ — lAccum. I'nitii 39.1 423 ...^ 3* 

•— — Smaller Co sFd _ 267 28+2 A56 

> Ltd. Eastern & tail. Fd. . 24 J 26J) 151 

— l«Tdryrl.W!U_ U.9 »3 151 

— Foreign Fd. 043 913 .... 1M 

- N. Amcr. tc InL Fd-|295 3X94+27 100 

— Archway Unit TsL MfTS. UiLV faKci 

“ 317, High HDlborn. WC) V 7KU 01-831 sna. 

— Archway Fund __]79.1 SU _,.J 216 

Fncea al April 22 Next mb. 019 May 12 

- - Barclays Unicom Ltd (aKgWc) 

— Unicorn Ho 2S2 Romford Rd. E7. 01-5840944 


Sijioil 1% U=d SS feHSMSfarga ■ -°1 S.3S 

+Si! 6M Rothschild Aw«t Managenwot igl Se T‘J^L.„ 


*0 11 un 724*3. Gmc home Kdu, Ajleatxny. 

^ SS 3&TBSB& 


nia £s 

07 Jd +0 41 250 


Fixed lot. Fd._ 
Secure Cap. Fd 


+0JI — 
I +o Jl — 


Irish life Assurance Ca Ltd 
li. Finsbury Square. EC2. 01- 

Bhio Chip May 2 (706 7431 -H. 

Mane* od FBnd bl&b 230 2 -0. 

Prop. Mod. May 2 P756 U9M 

Prop. Mod. Gth. 0931 2033 


Provincial Life Assurance Ca UtL QntoWjA merig "- 

222, Bi&hopsgate. E.C2 • 01-2478333 Do.Aun.lnc 

Prov. Managed Fd. D1XB 117.71 I — Do. Capital s 

Frtrr. Gnaft >tf pm 3 lOTJI ) — Do. Erempt Tw. — 

GUI Fund 20. Hl5 9 122.ll +061 — Do. Extro Income . 

Do. Financial 

Prudential Pensions Limited^ nS'SSi'SSi 

iS-f JS Hoiborn Bum. GC17,‘2NH. O1-40SBZSC D^-GroMhAro 

+.■« Eirort. Fd Apr I0..K23 3O 24021 .1 — Do. Inroma TB 


King A Shaxsen Ltd. 
52.Corohill.ECa. 


tFd Apr 10 ..(£23 30 24021 1 — Do.lnnnasTM ,_H 

InL Apr 1 P._..Bb. 61 18861 . ... — *Do. Pri. A'na Tn. 

F. Apr 13.. 112520 25 98} ] — Prices al April 7S\ 

Do Rtcovrt...._(* 

an re DSntnal DoTru*l*+Fand_l: 


D1-R235433 Keiianw Mutual 

Bond Fd. Exempt -(U630 107.721 1 — Tunbridge Welu. Sent. 08P2 22271 ffuUnJdlne.'.;. UlU.i U7d 

covts« ! &!J!^SS u ifl3*!:„.4 _ BelPropBdi i ' - *’■**'“• ** 

Lanjdum Ufe Assurance Ca Ud 80111 schi!d A* 80 * Management Baring Brothers & Co. Ltd.* lahr) 

"T““ m !iTS 

IN- *“* n * B '' 5 " 

wisp ISP) nan Fdpsj 79 Jj .....J — Knval InioiMnr* r.mnn 


_____ _ Do. Wldwide TrnstP 

08M 22271 B-t*UiuFdJnc...._-l! 

I I — Do-Accum. J. 


5.90 
830 
4.95 
504 

bjQ%) 

\i 43S +B5| 4.94 

L7 89A+L3 612 

SB Ul3 1 4.96 

Next rub. day May 31. 
J 44.71 +0M SJ» 

Z» 321.3+13 4 96 
L7 52.7] +03 19. 

1.1 65 7d +0l 556 


Henderson Administration (at fci (g) Ridgefield Management Ltd, 

BSSS^ffl“-nS«5 ro^^SedySuStanoh-* 

SaSfeBI Wl is SWK* *■=! 

income t Asset s._|3L® 36.^+Dil 609 Rothschild Ass^ Management u 

^!5hT^^ lW Ue2 KJrf+OJI gjrt 7280, GstcbooM at, AylBBbaxy. 

* 89 -a ss 

nnanclsl|ITl7_g.9 TdtLrtLfSfc 

Oil 6 Nbl Rm— .(25 4 Z7.«i J _09 c. Inti Fd. (Ace. 

launudJmixl NT Smllr Coy* Fc 

Inlerli aJ«is iZIl'S.9 32 w -ojI 264 Rothschild A Lowndes angut. /a 

World Wide May 8- Irt. 4 783|+11] 454 St Rwllhlna Lane. Ida. EC4. Ol-ece 

O+ericf. Fm-U ,,, NewL-l Exempt,- IEI12U) U9.0) .. .1 

A« i*rMl an |j| Price on April 17. Next deal mg SUr 

ni ■ 75.6 ** ;■ ISO Rowan Unit Trust Mngt Ltd.V<a 

SfflS3S?"“5{. ig. -°i ™LS?i I £,-r“S,S !, - E Sa'" J ” 

CabcLAnter.Sm.Co. |£B0 50.0) .. J 050 5 K#e 

Hill Samuel Unit Tst- Mgrs.f <al '. meh^jrid *uy+_ 545 57!s “Z 

45 Beech SL. ECZPZUC 01-6288011 5-S 158 — 

©ass 2e=ffi* :3JI K? SS5.“afc=B^ si :d 

ill Dollar Tron — ^.p65 BlAd . 2.g Royal Tst. Can. Fd. Sfgrs. Ud. - 

fefflMTTO-sfe;* 3J* M.Oero^n street, S.W.L ■ M4K 

rtji/nctnn*7Vutf 
ibiSecuntyTrai 
ibl High Yield Ts.. 

. InteLV (ahg) Save & Prosper Group 

18 Cbrtstopher Street RCA 01-2477243 4. Great SL Helens, Loudon ECS* SEP 

Intel lnv. Fund. — J842 96.0| +L0| 650 08-73 Queen Su Edinburgh EH2 4NX ; 

Key Fond Managers Ltd. (a|(g) »» gSgSflSm? 

23. Milk sl. EC3SV8IE. oi-owvtrio. Save A Prosper securities 


Do.Aua.Mln CSV 

I Do. Grtr, FUiflr — (MJ 


ua^KmnodySLllMKte-er 4Li3 ”” J 050 &l£&r\ 

jrfinttrr Ik<i un.Di J a42 !*o-l of Mx»T*l,— Kt . 499+0^1 190 Gnld Ex. Uar 3 


.... Lloyds IlU. Growth IsraM ssisa I LU 

uilUd. Lioudi InL Incnmc IsrtMM Dm I 6J0 

MAG Group 

■I 190 Three Quays. Tourr H.ll EdR SSQ 01-ffifl 459 


mas anti POBnC Dougin. In X 

2*5 ARMAC«Apr.i — prsa* at 

+0 7 256 CANKflO~Msy2_B.qge LW 

li) tfe? COlTNT“Mi^i. .. ]t2Jl7 84 T 
+L2 L75 On cl willy ianirrf si "IIP an< 

ti5 469 Bridge Management Ud. 


N.C. income Fund. 

N.C. lad. Fd. fine. 

N.C. Inti Fd (Arc. 

N.C Smllr Coy. FdJJ51.9 161.7, ^ w po ^ ^r.^^^aynuyn lx 

Rothschild A Lowndes SIgat. Is) s-iuabiiUy3. -...( \ 15542 | ( - 

St SwUhlndLanc.Uta.EC4 01-<E»43» G PO B«i »0 I'ojt Kws 

NcwCt Exempt — 1CX22U0 U9.0| .... I 3 77 MopeaW MayS.^nS^ H I ** I I 

Price an April 17. Next dealing Msr 15. E*~5loc» Split 


OMn-SMii Samuel Montagu 14 b. Agts. 

- J “ . U4.OWRro.il St. ECi 01 588648* 

+4ll i'll Apollb Fd Apr 35 (SF47 95 S2«| .. 3.60 

••ClW JanfCtApniai. .hJIBBI* 11W . 1.16 

t.iw llTfirp. Apr.lS ffisHU UMI .... 205 

3 17 Jersey Apr l» M4b 54jJ D77 

wn In 117JrSlOji.iVpr.26 |tll95 IT 5T7|-n It _ 

— { - Mnrray. Johnstone linv. Adviser) ' ‘ 


1^5 Price Sn AprinfLNetl dSlroB "star 15. E**Mk Spilt 

786 ;■ fs Rowan Unit Trust Mngt. Ltd-Wa) Britannia TsL Mngnd. ICII Ud. 

i] T* II 7 t 3 : 1 a 


04| | on in Hope si . Clnifim . <*2. 


2.62 Royal Tot fw Fd. Mgrs. ML ■ Butterfield Management Ca Ud. 


-Hope St Fri ... I itTF32 01 | .... I — 

•MiiJTflv Fund - | SI'jilIM J — 

•N VV Vpril .V' 

3114 

4 09 Negit SA. 

1 89 J0« H-nilcW'i Tim al. Liuwlwu; • 

NAV April 21 1 SUS10M , . . .| — 

XD0 Negit Ud. 

But of Rermud. RIrfci. Hamilton. Fnsda. 
NAV April H... K526 -- j. | — 

L9» Phoenix Internationa] 


BtJ 61 SI I 375 Bamv*! Equity p.15 20« I 1.91 Phoenix International 

8H Sh Fd. _^9 7ji3 753 nih?iLr‘u.v V* M Box T7. St Pwcr Port, Guentney. 

7.74 Price. At Apr. 2& Next dealing May 13. Price* at April 10. Nest nib. day May 8 iDter-DoUar Fund .1250 2 481 1 — 


- Do Platinum Bd . 113! 
190 Do Gold Hd ..ran 
Do. Em trrrc M. lit* 6 


M IM743014 

1W121-0 4' . 

391 1 . 10 rt 

1191 +10 
HMD -or- 
175 4, +D-J 1J 47 


(d. Ac cure. 1560 

Equity 92® 

Property——. 103J 
Maanced 9S.7 

SE= Si 

Bq. PetwJAcc. . 994 


Rothschild Asset Management 


DcpJ^ac.'Arft}' 
. ciuPen&yArc.s 

r3.LF.2L 1 

uurrris 1 


+0j — 
I +o3 - 


Langham Life Assnnuce Ca Ltd. 

UoghMtHaHolaihroofcDfiNW*. OlSOami 12 

WWSSilJi. 

wiap ISP, Man Fdp3J 7*3 — 4 — R^yai inEUriuice Group 

Legal & General (Unit AssnrJ lid. KewHainnace.LirerpooL 
Klugswood House, ■ Khummod. TMwortlL Royal Shield Fd. — [130.7 1 
Surrey KT208EU. Barth Heath 53400 


Baring Brothers & Co. Ltd.* (ahx) 


-7831 +86j 
465, +o.q 


[-02643501 88 Leaden ball SL, E.C 3. 


. Apnim 

Curmst value May «k Equity Initial 

{dial Life Assurance? 

twon Hco=e. Chapal AahWloa OBO2205U Do. Archin- -... 


I Vi S 


.lrroLFct. - I 9872 | ....I — 
roafceriin.Fd..i 1QSJ22 ] 4 - 

arterbouse Magna Gp.? 

>N Cjequ0rsSq .LxbndgcUB81K£ 521) 

thfcEnw — P8» 38M — 

rtiB-e.MoaBj'..... 29.2 . 30.1 — 

Tibs9. Jtanagcd.. 574 39.1 • ^... * — 

(th*e. Equrty . .. 335 381 — 

ft «aa&aT 


_ Managed Initial.— . 

Do. Aceum. 

Property Initial. 

Du. Aceum. 

Legal A General 
5*1*1 Exempt Cash lniL 

— Do. Accent 

— .. Exempt ijiiy. trut_ 

— - Do.Accum. 

— • Exempt Fixed In 

Do. Amua. 

— Exempt Mngd. Ini 


H +0 - 

tu - 

+07 - 
407 - 


Royal Shield Fd. - [130.7 1383) -I 

Save & Prosper Group? 

4. GtStHclen's. Ladn. EC3P3EP 01-554 


West^nster Assnr. Co. Ltd. 


ad HPU.-+, 

(CU02JX 


15 WMichona 


Bol. lnv. Fii. 

ProprriyFd.* 

GillFiI 

Deposit Fdt. .. .. . 
Comp. Fens F«1 1 .... 

EgcibFrnsJd 

Prop Pent Fd.’ i 

Gilt IVni. Fd. 

Depos-Pcns Fd t. 


[1249 1327 

:-zzm p 

■df!.:. 1487 M7J 

■d UL4 1415 

7M1 2215 

«I0 969 

Fd t. |«7S 1027 

Pri<-w on •April 26. 
rWc+kly dealings. 


0512274*23 Bishopsgate Progressive MgznL Ca? 

m U , _ B. Blchopagatr. EC2- 01-5888*60 

- B*gHtoPr.**Aprai_P80J) 19L7I — J 358 

0 Arej7to.~A«ija_gl25 226.41 3.88 

B'gaie InL May 3— P717 1S2.7I 236 

IM0IB.IIIW3 M9.4 ZOUd . ... I 136 

13271 +a.A — Next su8 day "May 10. ••Slay 9. 


-araSttSBafi’ =ShS« 5 pu- ssssfrr.T-' 

-td. (a |(g) Dealing* to: oi-55« B8BB or 031-320 7351 Charterhouse Japhct aiCTlnn^und | '| -- 

oi-aos-nmi. Save & Pragper Secnriaes Ltd.? r.patermmerRtm.EC*. ai-34S3ff0B . . .. . ... 

a +1.11 3.48 luWroaUmtal Fuada Adirojv BMCMB JlSM+n.M 571 Richmond Life Ana. Ud. 

+DB 485 Capital .B6.B 3871 +0.41 357 Adlvcrtw™.... IWSM 56» +630 5J5 -ULAtbnl Street . Duiigln.’. 1 O M in?43H31* 

vie qW5ssx=dk - :ggs i|^s $£ tfasasaSB-m 

^ 504.1+071 89.^-—^ «:-i» Rjssasp - ;. »* lasts? . 

It Managers? SSTl^Tiiir ' CUw Investments Ijeney) Ud. no. nm grw w Iib6 6 mol -o:\ u«t 

aaa. 0, ^ a ?5? ptoRriurn [69.4 ' m3l+o^ 8g "*VK!a Roth6chiki Manacempnl If.I.l 

no| IS — •"* * s,+0 - 3 •* cHroolfifS: 3S1 uSo *??**■? lim 

« tm Equity. [43 6 465| +fl.7[ 49» CoruhUl fna. (Gueniseyi Ltd. oaS^'SSay*.' §08 1604* .!. 738 

agement Ltd.? (Kerwas Fondwri — „ ... Po. Box 357. SL pner Port. Guernsey ' OC.JntlTdt. . . 5123 1 30 .... l.g 

‘Sv'JSfSS y— -* 53 1 - . tFSasag?! ESI iB 

«3 3 « oSZ. tv-k-imI 058 Delta Group ae fNrcuniiir.r... srocr 24.453.. « 

^ c_._ 1 -.,. ■_ an Ra* 3niy Nnnaui Rahana* - ■Price on May 12 Nett decline April rt 

Mc) CwnmrahU^!. I7U. 76.? +051 451 Delta lirr. May 2 ISL66 1.74,-OMI — . tlhice on Apn I 2L Next dealing May K 

nSESciifsSSItrfe ^ toS M9 Dentaeher Investment-Trust . Royal Trust <CI» Pd. Mgt Ltd. 

45.6+0 9 661 dm.ih.Imih m»h Fostla c h 5883 Bieb erg ai*e 8- ID 0OrtO Frankfurt. P.O.Box 1W. Royal T»l lbc.,Jrr*rv. 053427441 

:::::: U |sS=:gl 7 . BSHSSsrfM ULbI = KBlttndR" 

:::: SL—9i - ffi - * S L? lnteraaUonal 


. Key Energy In.F8-|745 79^+1.11 3.48 InWnaUmtal FUada 

Key Equity 8 Gen^. 170 .TV3 ' f[,f f»5 Capital .D6.B 

aKcySxemptFd... 1363 144? .. 690 JTt: ._pM> 

K«Wot Fluid - na HR +10 835 Umv. Growth— |« 4 

sfSssfj&ftife • 

Klein wort Benson Unit Managers? ^ 

20. Fencburoh SL. EOS 018230000 Hiah Return 169.4' 

3LB. Unit FdL Inc. -[BL4 ,8841 I 551 Income p3* 

*KJJ.UnitFdJU_tonL6 U03 .J 551 u w FnB a. 

TLB.Frf.lDv.7tta-.IS23 . 57 5 . .. J 430 u., 

LliC Unit Trust Management Ltd.? owmwFkwktd 

The Stuck Ertumg®, EC2N 1HP 01-588 2800 Europe KL6 

LAC Inc. Fd. B33.7 137.9) +3 U 804 £“gan W.7 

L6C Inti A Gen FU . 9tzf....l 233 l”- fl 

Lawson Secs. Ltd. flnHO cSJEodfS* itu 

OSG«orB0St.EdinhazghEH22JG. 081-2283011 Energy——. K75 

*Raw. Matertala B7J 4051 +031 651 Financial Scat— [723 

if Aemun-UiriU) — 0.9 45.6 +69 6-61 Hleh-BBahnaai Fumtx 

wai£S^ rfJS.'i — U4 65 6 IS SriMtlnUm^L 12487 

tic&wfe *i SSi :::::: Hi ^ 1*™*— ^5 - 

iAraerinm Fd — _ M3 . 2S.7 650 Scotbits Securities 1 

riAcrom Units, — - K3 26.7 _030 c—ikw. naa 


Bridge Fund ManagersffnKc) 

King william St, EC-JH 8 AR 01-6834^1 

Bnd£elnc.' ... M3 5354 .....I 659 

BndecCap.lnc.t-S7 »M ---J >42 

BrldfieCap.Aee.t-.B73 36M — 3.42 

Bridge Exempt t -.(1355 144.? [ 557 

Bridee Inrl.lnc.r.- 
Bridge InU.Acc.t_ I 
Bridge Amer.Genjj 


UDD POJBOX56S1 Julian «O.Gui>rnv iunia5a3l 
OCEqJFr.AprSS.SH 54.11. . J0t 

(iCJnc.Fd May I ..ISO 8 160 4m .... 739 
• O.C.lnU.Fdt. . .5123 130 .... 1.55 

__ ‘ O.CJSmCoFdApr28 134 0 14JB . . 3 54 

OC.Caaraodllr _ 1283 1363 .... 473 

oc Dir CMndtr.r... sn cr sa.-H«j . . 

•Price an May 12 Nrtt dealing April rt 
t Pnce un April =L Next dealing Ma>‘ K 

Royal Trust (CD Fd. Mgt Ud. 


^American F«tT. Bg£ . 2S.7J "".J 038 scotbits Securities Ltd.? Dreyfus Intercontinental lav. Fd: 

iAmunUnrta, — Ej 26 3 1 030 AL4I+64I 451 ro - *«* N3712 - Naw*n. Babamaa. 

HKSI&srll S} M -- Mil #3 ?S XAV Apmas insiur Min I - 

DSttttaSf 1 Vfzst «wed. nSursV-Frt. Sc»S«« 6L2|+4lj| 450 Emson & Dudley Tst^fgUroy-Ud. 

Leg^ & General TyndaU Fund? SHI id tm - ““f 208 

18. Canyngc Road. Bristol. 027=22241 Price* U April 28. Next rob. dw May JO. "1 ... . ... ' 

aS%=|H „ sa : : i is »«»■»■< lm. «.i 

Next mb. day May 10. flncorporatln* Trident Trusts! . , , 01-ffl3 4880 

(a..;.. iMai+alU IM !M, Soat* Street. Dotting. Cent.Fd AprU2d..| SUS5.0M { I — 

■ 2?J _ 1ft Fidelity MgmL & Rm. (Bda) Ltd. 
26- 7" +0.9 8« P o. Bax 870. Hamilton. Bennnda. 

wroi +1J f-S Fidelity Am. AM. -f SUSZ193 | ...J — 

M <n3 in'-i 2« Fldeil? InL Fund.. I SUS20JB +07d — 

S-2 W Fidelity Pac.Fd-_ | SUS43J4 — 

‘ m2 M Tm FidellS Wrld Fd _| SU5Z331 l+Bfll — 
5v.t » ... 2.JU Bi.f.frtaOiMi PWt i ' I I 


Schroder Life Group? 

Ealcrpnre Haute. Podsmaath . ' 
Equity Ar-nl 25 I 214 8 
Equity 2 May 2 . hlOl 223 


ScnLEs.Gth-4.. — E 288 TIM ..— j 2J5 P.O.Box 73. SLHeJicr. 

Scot- El*. 7 ld."4> „|154.7 1625, I 7.66 pnirT nr 

Price* at April 2 k Hexl roTdar May 10. 5 D -J c l! ' 


Prices May 31+16. 


EquIriSMsrS. _ U4.7 
Fired InL M*y2._.p34J 


87JS27733 Britannia Trust ManagemenKaMgi 

_ . 3 London Vail WidMiiigM, Xandoo Wan. 


Abater 

ejBFand..— a— 


>y tto ner t"nt'. ...146 4 48J1 

4?Mri ' 58S 

15. Ecu I ly Cap [S3 3 56JI 
i; Fruity Arc. _p91 SUJ 

,m! rurrcntly closed to new i; 
bin Units..— .| 197.7 [ 


Legal & General Prop. Fd. Mgr*. Ltd **$**£2-- mo 
lLQucen Victoria SL.EC4N4TP 01-3480878 KiSGiltWayfi ...141.0 

LAGPrp IIt^2_fM0.0 2*171 f -. KAHSk-.MayZ..^- UM 

Nmtt rob. day June 1. Mncd-FltApcilfiS^ 1277 

Manage Uqs’ 2— 140 4. 

life Anw- Ca of Pennnrlvaaia ■ Money Ma? 2.. 1066 

39-42 Now Bond SL.WJ70RQ. 01-BB8W & fSEffig'f usd 

LA COP Units 110OS US0| ._..| - iSj 

Lfoyda-Bk. Unit TW. Mhgrs. lid. • ' 


I43.d-... _ 


■7L Lombard SL.EC3. 
Exemp t — —[965 


.01-8331288 BSPn_Aec.Mw2_ 1 

10L? I 810 Kn.Pn.Cp. May =_ m.6 

Mn Pn.Acc.Muj 2, 230-0 


. , Mn Pn. Acc. May 2, (2S0.D 24 ..... 

im-m Units... — . .| 197.7 | ._-l — lioyds Lno Assurance 

,y of V’ccFtminster Aran*. Soc. Ltd. mciuton St- eQa tact ' ScotUab Widows' Group 

sasKar's&s 

. Vf=a-- KfeidfiB »= = alastfcK «« 

Btmercial Union Group OpLfiMmi-May*-- W42 W-9 — Ex ULTnUayB— 1362 l«8g+3. 

- ^^l.UfaorohrtLBar 012837500 oi*W- M^4_ES5 - - - Mgd. F««. M* 3_fcS93 259^+6. 

rAnAfUt itayOLl S89»_ J+2M — London Indemnfly ft GnLlnaCo. Ltd. c-i^. vjr- limited 

An :l i.tyUts^fl743 1737 ! - J - jMD.TheFortiny.RcwllnsSaaSU. SS^P^lSS^JNSr^L 

nfederation Life Inrannce Co. HroirUanager. — &5 — Solar Managed 

Chancery Lone, WC2A 1HE. 01-2430382 S3 Z Solar 

lullypbnd [143 0 350.2 .—J — Hacd Interest p4® 36 9, 4 Solar 

SSBEF&BP “ "J “ * Mtecbeoter Ass.Gp? s 


129J — 

132.1 — 

1681 ...... — 

lttl — 
127 J ..... - 


Wl - PO Box 002. Edinburgh EH105BD. 031-05500001 Property Sharra 


_ LcmdouEC2M5QL 

— Assets 

— Capital Acc. 

— Comm t Ind 

— Commodity.. 

— Domestic 

— Exempt . ... 

— Extra Income — ~ 

— Far East— . 

— FtaaDCtal Sacs — — 

— Gold* General- — 

— Growth. — 

— Inc&Gronth 

— Int'l Growth-, 

— ■ InvesLTULSharea- 

■— Minerals 

— NaL High Inc 

Newlxauc — — 
North American — 

, Profcaslonal — ™ 


01-838 0478/0470 


Prices al April 14. Nc-t dealing May 15- 


Save & Prosper International 
DoaJiac (o. 

37 Broad SL. Si . Hell cr.JcTucy IlSM-ZPHl- 


033420301 US. DalUr-dranai noted Fusdt 


79.7b +0/ 
40.6a +0 j 
1073a +0J 

42.4 +o: 

287 ..... 
693 +0.1 

83.4 


*06 457 

+06) 755 


Leonine Administration Ltd. 

£ Duke SU London W1M8TP. 01 -488001 

Leo DifiL -176.1 BDJI +0J| 4.94 Exempt High Vld.- 

Leo Aceum, 1».9 95 2J +0J( 4.65 Krenroi *fitT Ldnt 

Lloyds Bk.Unit T8LMngr9.Ud.? in) K&T* 

Regittrai't DepL. Goring- by-Sea. ■ In;. 10% WdrwL— _ 

wmhfcig. West Sussex. 0I4B31288 JatnL Growth— . 

Find iBalnrd.1 -1582 539)4+0.7] 436 I«r. TsL Units- 

0 74.1 +0.9 436 QterfcetLeaden 

55.0 +0.4 321 ‘MU Vicld 1 —. 
683 +05 323 RreL &GHtT«jaL-. 
07 8a +04 616 Property Shares 

B 1202 +13 615 Special Sit. TsL., 


6.15 Property Shares 
615 Special SiL TsL., 
7.68 Ltk. Grth. An 
751 UJE.Gtth.Ditt. 


Emm 

LijBPl H 

5252H-I 

Hh 


First (Balncd. 

Do. lAccumj- 
Second lCap.1 
Do,»Amim.j>_ 

ThirdUncomei— _ 

Do. lAccum.)— 

Fourth fExlacj . 160 J M <4 +0.41 7.60 UK. Grth. A 

Do.tAmun.1 (66.7 71^+05) -750 UJE.Grth.Ditt. 

Lloyd’s Life Unit Tst. Mngn. Ltd. J. Henry Schrode 
73-80. QxtohiwumKd. Aylesbury. 02005941 l20.Cheauside,E.Ci. 

Equity Accum. — (1505 1585) | 3.W Capital 

M & G Group? (jMcKri M 

Three Quays. Tow Hill, HC3R BWi 01B26 45B8 tAccum Unitti 


29.1 ..... 194 

26.9a +0.4 848 

275 +2J 4M 

39J a 958 

-42.7 +0J 954 
32.9 +SJ — 

50.8 2.78 

26.6 +0J 459 

315 +0-4 4.42 
295 — 

253 ..... 1134 
• 26.4 +0J 254 


2-H Fidelity InL Fund.. SUS20JB +0J» 

Fidel l5pac.Frf.-_ 5US43J4 

T™ Fidelity WridFrf— SUKZS31 +091 

fS FideiHySwr.FUs... ' - ...... 

JS Series A antnl.» — 051 +0J5 

™ Senes Btpncillci £735 

Series D tAm-A4S-H 06.49 „... 

254 First Viking Commodity Trnata 


DlrFxd] nt” May 3 19 54 10111 .. I 692 

Internal Gel. tobi “Ml . ... I — 

Far Eastern** U7 07 40 95) I -- 

North Amcncati*± . 3 70 40« | — . 

Sepro-** 113 68 149e| 4 - 

iu 

Channel Ittaud^- U*6 J 154.11+1.3^ 5 0* 

Commod. Apr. 27— [119.4 125.71 — 

SL Ftd May 4 (130.9 1173d ..... | U» 


Commod. Apr. 27.— 
SL Ftd May 4 , 


19.4 125.7 

30.9 2173d 


OJ-^7087 


WaM & S«rdSS 


InvJri^eriesl [M3 7 

Inv. Ply Senes 8—,. 988 
Inv. Cash Apr. 28— 97.1 
Ex. ULTB. Mays-. 1362 
Mgd. Pro- Mays — (2593 


142.CJ+3.4 — 

259J1+5J1 — 


Shield \ 

Status Change 1 

Dniv Energy 1 


3Ulty Puod [143 8 3502 — - — 

fitug'-d Fund..- 1783 wlj — The London & Munch este 

TwIUll Pm. f d 7*3 7J,j un" _ “ # On. fir n u_f iin n fonf 

j,.} FVn FRod... 2134 ...... - The Lea*, FoUiotonc, Kept. 

ci ini Ten. Fd. 1903 — Cap. Growth Fu ad | Z15 r 

n.ificd Pea. Fd._ 1787 — — ogrompt JPlex Jtf. 

■nc.+vPi-r Fd._ HOC -.... — O&anntProp. 

-cKrctcd In. Pd. 5375 — — 

. _ _ . Flexible Itumi; 

__^nh!n Itminmco Ca Ltd. biv.TnittFtmd. 

cjrobiu. nc.a 01-0385410 Property Fnnd. 

h^aWs 5 -BtV T I -1 Z M&G Group? 

^fKjm::1ml5 u05j :::.:| - ti««« w. wmiraE st 

mt & Cbncnnce Itunxiuce • ' colwjSpS^ 

.Sriicnt St . London W1RSFE. 01-48890B1 . EqtUly Bood^ 
r llnfid. Fd — (USO 132-B1 — I - 
jwiti Life Assuxsmce Ca Ltd.? gib Bond*** 

ivn Li;eH*c.Wohlnc,GU31UtW 048085033 1°^««^§SS2?~ 
vi! d Puoil Arc.. H05 MJTI+O.IJ.— Sooer^Bd" ZZ1 

siRj-iaffi si hi a? i® 

fefcis if--.: = .. 

. >lri Fkl init «0 MO J - — '• — ^BrioM on 'Kay a —Ray 4 


ni-^ 


Bttd.Pw.Ma3r3_P593 259 +M| Th Britisb Life Office LM-¥ 

Solar Life Assnrsmce Limited 

1 (V 13 Ely Place Lbodon E-CJNffTT. QL2422905 §33 IS 

Solar Managed S — 026 7 13341 +0J| — ALDiridcmF. |«L7tt 48M — J LD 

Sojar property S — B10.Z 1MJ1 ..... j — 'Price* May 3 Nest dealing 31nr 10. 


O1-0S8541O Property Fnnd- 

f | J “ M ft G Group? 

1705, — Three Quay*, Tower 


00357833 solar Inti. S 
+2.41 — Sol or Managed P 

+2.9J — Solar Property ~ 

+0.4) — Solar Equity p. 

+?.« — Solar Fxrfint P 

+0.H — Solar Cash P- 

+13fl . Solar IntL P. 


IW.fi +0i 

12L3I +0> 


1*933 +0J 
I2Lffl+0.! 


Three Quays. Tower Bill EC3B EBQ Ol-OZS CBS 


Fara-FenskHi*** 


75 mi 

• 137.7 


ivn LrtcHic . Acting. uua i iaw i 

■ill d Fund ACC..HP.6 . 1W.7I +| 

it'll Pa. lacjit-. . V3.6 108 7 

ifcj Fd IcIL 984 1055 +1 

nvb Fd. Acc — g.O - 

dri Fri I run gt JSS8 " 

lit* Fd init KO MO j - 

pc.tr Fd. Ace _ g 0 Wl - 

rurtv W Inns- 95.0 JW-C .. 

jK»;yFd. Init ... 9 jO i?0.t - 

TtL Fd. Arc.... 930 1081 .. 

'TpLVd.Incm.M 954 UOi . 

■jx, Fd. IpIL.. . 95.0 3080 .. 

e3 InL FA. Acc. . WO 38jl3 .. 

FLU.Fii Inna g.O ' Mot .. 

i* gw Arc. g g ■ “8$ - 

dFd lac av .. — “50 W8« .. 

» I'd Acc gg W0^ - 

■tyrFd in cm...- g2 -j 

L » d lnm>. W3 . 30351 +1 

wnBr. Irv.'a '. 11583 — I- 
isajrr Insurance Ca Ltd. 


1§3 s, J General — 

1M.K ~0J| — Growth Acnim. 

Growth iDutime 

San Affiance Fund Mangmi. Ltd. HtRh Income 
Sun Alliance House. Horsham. 040304141 J-TjU- 

M»w^in=i= SE=- 

San Alliance Linked Life Ins. Ltd. ^^LAprifio 
Sun Alliance Boose. Horsham 040304141 .... 

Eon tty Fund mo5 U8d+i.7f - Canada life 

FtxedfnterestFd. -1102.1 1075) +10| — 2-8 Hich SL Ftatl 

Property Fond — 
lute mart o nn lFU 


Brown Shipley ft Ca Ltd.? 

Mnfirs; Founders C3_ EC2 01-0098520 

Hdtt 

?KS^*g.O -3611+86, 359 " 

rirniMi R84 195m +02] 452 

473 +o£\ 429 
37.7m +8M 429 
3L«M+fl3 9*5 


2711 +L4 

107.7 +02 
175J +8.a 
565 b +02 

157.7 +02 


DepositFunrf- 
— Managed Fmod 


11.0) +0.41 — 


Canada Ufe Unit Tst. Mngre. Ltd.? 

2-6 High SLPntters Bar. Herts. P.Bar5JJ22 

Con. Geo-DizL 137.9 36W+0JU 437 

Ito-Cen-Accnm— .M5.9 48.41 +(1.4 457 

Do.Inc.DlaL 5*1 35?J+n^ 756 

Do. Inc. ACCUtn [44 6 46.91 +13, 756 


_ Prices on 'Kay a -May 4 —Way 5. 
— . Merchant Investors Assurance 
_ . 125. High Street, Croydon. , 014HI 

- property-—- {. JfJI hM! - 


— Property Perm. — .| 

— Equity — — ... i - | 

— Equity Pen* 

— ' Money Jffirirrt—— 

Money MkL Pen*. — 

— Deposit--- 

— ■ Deposit Pena. 

+0.7 036 Managed.—— 

— . Managed Pens.— 

. IntL Equity — j 

L lul l. Man ag ed— . 


'** 5 - ' ^.Sta^a!s!nrS K ' ) "oJiwswo Capel (Jamg) MngU ud ’ w 

see • mnM?Sr a 'l im , i**® lOQOId Broad 5L.EC2N MG 01-5888010 

II = r gss-— JM M:ria 

. f 197.0 I ::rl - Price* on May a *ort dealing 3iay 17. 


+1.« — 
+1.9 — 
+5J — 

+53 

+05 — 
+0J — 
+0.1 — 
+15 — 

+11 — 
-83 
+02 


Target life Assurance Ca Ltd. 
Taraet House, Gatehouse Rd.. Ay tobin 
Backs. Aylesbury I0S96 

Man. Fuad lnc___JlD03 lflfe.ll .. 

Man. mod Ace— 114.9 UOi .. 

Prop. Fd-Inc. 1055 1117 

Prop. Fd- Are. 1353 - 

Prop. FH. Inv 1B6-0 . 104.0 .. 

Fixed JuL Pti. me 105.1 1UJ .. 


JH :d = 


• Carliol Unit Fd. Hgrs. Ltd.? (aXcl 

r. Mil h lira House, Newcartie- upon- Tyne SJK5 
5B41 Carliol 68W, , 458 

— Do. Aceum. Unit* «.|79.6 0211 J 4A 

— Do. High Yield. TO3 • 425rt — 1 IS 

Do. Accum. Units— H9.9 , .524, 1 8 55 

— - Next dealing date May 17. 




ate Star InsariMIdland Ass. NdnEaCia— . 

ArtadneccUeSt^ECa. - 01 -S8 1212 Nelex Eq. Aecum. _ 

mSaZL,. 151-9 5301+851 555 NrtmtMggCg. 

ijity ft Law LU* ASS. Soc. UA? NSexCthiwAj^ 


Dcp. Fd. Ace. Inc. 

9011 Tt rl WimCttp.P™ M |s4fe uil -J s.il — C J.lntg nat'L— 

ncLPiiaafiSsw-AccI Z.Z — Anrum. Doits— 

— ■ BeLPlanMan-CapL.. IU.1 123.?...-. — CJ.geDn».__ 

= S!SES^^=^ 

T randwlo nintiiwial life Ins. Ca Ud. 

= Bream BJdgs..ECHlW. 01-4050407 ^ 

MSiSSIfcSH iSlI ::n:.l = 


ftyham Road. 

I Ot Fd I, [1132 njM +M . - - Nel Mad. FU. AroZR7.» 


m= ■” 


MHtun Court. Dorfciiie. Surrey. - » 

Ndex E<L Can. —1775 84 . ... — 

NeleaE^Aecum.- U24 U83j -0 J — 
Ndex Money Cap. - 605 ■ 64 *1 — 

Nel ex Mon. Act Wl 675, — 

NeiexCthlnc Arc- — 

Nelex Gth Inc Cap.. «7.9 ».fl 

NdHid Fd. Cttfi... 47.7 5021 — 


^F^SlSK'dmt May 


m ^3 = 


Chari eriamse Japhet? 

], Patera osier Hov, EC4. 01-3483000 

C J. Internatl 122.6 28Wj L76 

rum. Uniu .27 Mg .... 326 

Income 335 3SJ) _..., 751 

Euro. Fin Z34 - Z75S 3J5 

MBLUnlt* 29.8 XLFsl 35S 

Ftf.Inv.Ttt.. — 26.4 2 8 ^ _— 354 

urn. Unite |W_8 31Att .... 354 

Price April IS. Next dealing April 20 


FW New Corot Property JKeuMler ' ■ 
BtttnrhSd Aaart ttumat 


2 Bream Bifes.. E041NV. 

ManTBondFd- 1124 

Man. Pea. FiL Cap.. 1255 
iHau.Pen.Fd.Acc.. 12L9 




Chieftain Trust Hanasers Ltd.?(aj(g) 

3001 Queen 6L.BC4H1BR. 01-U83B3Z 

HriMncomo' +0'.lj 9M 

ES?^ t %l B r Mai & 


See atao Stock Exchange DeaUnga. - 
American - ...: . . — . 405 ffijM+OJ 

(Aceum. Unit*. 49.4 52J +0.1 

Aiutralaalaii.— «73 -0.2 

(Accum. Unltai W.5 ■ 5171-03 , 

Commodity 695 7451 -OJ 4J5 gSpeeLEtj,^. 

(Aceum. Unite, 74.7 083,-0.2 425 'Rcoorenr Act. 

Compound Growth. 1015 109X +0J 3.73 ‘PtoT t*X C 

ConrerrioD Growth 56J WJ -OJ 331 c-MtliA nw.+, 

Cion version Inc. — 97.7 6X6 +0-7 955 ***0«ISS 

Dividend 1175 1252 +0.6 7.91 28 SL Andrews Sq- 1 

■ i Aceum. Unlui ,.217.7 231.9 +L3 7.91 Income Unit* — 

European— 470 581 +02 297 AcnmUnits — 

(Aecum Units;—. ... 475 587 +B 2 297 Dealing 

Extra Yield G2J 07.7 +85 E35 _ , 

lAccum. Unit*' 1100 1172 +0 6 835 Seoas Unit Ts’- 

Far Eastern CB.4 , 51.1 +03 2« poBoxSll, ScUhn 

tAccilTZL LflitSK — ^ S3 56.8 +fl_3 2.43 flTnnff nl Fd 

Fnndaflnv.Tsls — M9 644 _ Sro^SCeFd.: 

(Aceum. Units'.... 7L9 • 77J .... 4J3 ■»»*“»*«““«■■■ 

General 1M.1 1782 +0.9 5.^ Cecnrity EzHtA 

tAcCUta Umai...... 2505 23X1 +L< 5.77 .... 

High Income MO 107.7 +0J: 055 Jr'fiSSS 0 .™ 0 

lAccum. UnilM— ... 1*46 1753 +0.^ 83 j: nv }SSS5?« — 

Japan Income 1461 1563a +0-2 121 Unvl GthTAIoC — 

(Aceum. Llnitsi 1475 157.7 +0.2 121 gtravri IPU m 

Magnum 1940 2085 +15 3 SI 0lCWa *7 * | 

lAccum. Uoltat— . 2428 B95 +12 3. SI 45. Charlotte Sq, Ec 

Midland—. — ... — . 1614 lH5n +1.4 t.^B ta^ Aartriemn 

SfiSESy 1 ?^®* 

(Aecum Units'- 77.7_ 827 -02 4.72 feSSSJaiSlUrtm'' 

Second Gen 1642 1782 +0J 550 WiUujrav mU.nl tfr_. 

lAccum UmUl - 2 «j 4 2663 +0.7 530 ■SCewartBriJ* Ct 

Special 2533 263J +0.7 «9 Standard..-. 

(Aceum. Unit* i D93.D 2053+1.01 429 .Aceum. Units—.... 

SpcdaUaed Fund. De * Un 

Trustee [1420 149M +05) 6.46 Son Alliance f 

assstisfcss idd-aSKWC: 

PteiE.Ex.May2 — 0275 IMAM) I 6.00 Target Tst. HDi 

Manulife Management Ltd. - 3l.GreatamSl.EC: 

5L George's Way. Keren age. 0438 50101 Target Commoduy. 

Growth Unit* 149.1 52-71 - I 3-93 Target Financial. 

Mayflower Management Ca Ud. 

1 4.-18 Gresham SL. EC2V 7AU. 014000000 9DQ.AIX.U 

teBasarHR’ wi-Jss^fc 

Mercury Fund Man ag e rs Lid. DfeBelnv. Units 

30, Gresham SI.EC2P2EB- 01-0004555 JESSES 

Mere. Gen. May 2 --D7S.7 106.? .1 4.65 JS*,™"- W B 

Acc. Uts. M^r3— _ 

ASL’uuuS^ris#^ ■ jog wu**™™**. 

Morc_Ext- Apr-37 _ 

Accum-Uta. AprJCT. 

. Midland Bank Group . Target AmorJ£ule! 

Unit Trust Managers Ltd? W ' . Tar|ol7Ti/ttlS-5 
Court wood House. Sliver Stprrt^ Head. Estra Income Fd._.| 

SbeDleld, SI 3RD. TBb 074270048 m-e— rjntcm I 

Commodity 8 Geo.. |621 66AM +03[ 557 

Do.Accan. 7X5 - 7£S+«J 557 100. Wood area, E. 

Growth— 333 4L6I+D2 322 TUUTMayS 1 

Doutccu nt gH ■ +03 -3.22 TVanKaUantlc a 

Do, Aecum— 29 6 SLS+OJ 327 91 -SP »» London J 

Income — 510 545UB.7 6.08 Barbican Mar 4— 


■SM — 
. kI^oj 

tripr.n {=£5 rvJ 

rAcr. 1~S5, .. . . 

For tn exempt foods only 


247 Fleming Japan Fund Sj\_ _ 

VSl 37. rue Notre-Dame. Lusejobourjt 
tn 0Tmg.Apr.28 1 SUS46J3 1 — 

|g Free World Fond Ltd. 

2 J 2 Butterfield Bldg* Hamilton, Bermuda. 

232 NAV April 28 1 SUS173.89 | 1 — 

G.T. Management Ltd. Ldn. Agta. 
iti Park Hnl. 10 Finsbury Clrena, Laadm EC2. 
TW: 01-028 8131. TUt 888100 


Prices on *May I. “May 3. *~May 4. 
xWeckly DeaJUoca. 

Settles inger Inteniattonal Mngt. Ltd.. 
41. LuMotteSUSL Heller. Jersey. 053473588. 

sai l.. — _ pu M -a 861 ■ 

SA.OJ 50.82 Odd -001 5.1? 

Gilt Fd Z3.1 ' S3 3 3152 

ML.Wjlmg “2 JH * 

tninl.Fdtionbrg.- 51038 1082-0.0] — 

•Fw East Fund __ 95 100 350 

•Nett mb. day May 

Schroder Life Group 
. Enterprise House, Portsmouth. 0W5377M - 

futermtjcmal Fund* 

EKqatty — 1133 122.4 — 

SEqnlh- 12L9 129.6 — • 

CFfced Interest W.B M3J ...... — 

SFixcd Interest 105J Jilt ...... — 

CMaoBfird 1273 . 135.4 — 

5 Man aged— 1133 12051. .. — 

J. Henry Schroder Wagg ft Co. Ltd. _ 


331 M<r — tirtm G.T. Pacific Ftf ,| SU512.75 1+8101 L2J iso.Cheapridc. ECJL 01^84000 ’ 

9J5 Equable End. Mgrs. ud.? intmmUmmlJJM . . Cheap* Hm 4 I IUSXL* 1-0571 257 


7.91 28 SL Andrews Sq^ EdiabUEgh 031-8509101 i-o bE. of Bermuda Front SL. Hjunltn. Brndn. TrunSrarSar. 31 _. SUS1O805 | .... — w 

7.91 Income Units I4*.<'. FL5aS | S2D Anchor ■»■ UnlU.„^0JB 85CT_.r 154 Asian Fd. May 1 — IU5MM 1SH 317 

2-97 AcnmUnits ..El 2379 .—..I .5^8 Anchor InL Ftf — .-PDM.M 4Jll —..1 157 Darling Fnd. ._... SALTO l.w) 540 

297 Ocaliifi Ucy ITedacsdey. G.T. Brnmnda Ud. Japan Fd. May 4 — JftJttJf inf OH 

Sebag Unit TM. E5mrC«r« Ltd.? (al Sentry Assnnmee Intern at bra al Ud. 

P.1 Box 51 1, Scribry HsC-. E.CA. Ol-a05M0 o.T.SFd. 1 5US6.91 I+iEbN 0.72 p.n Bo, 330. Hamilton 5. Bermuda 

II ^ggSSK::E?-l 13 «*■ MS*- <**■> ^ Managed Fund ... KAH IfiW I - 

g Security SzlseZtm Ltd. H K'‘i«r..m 5,n * w * Friedlander Ldn. Agent* 

52 15- IE, UttctOa’a lna Fields, WCS. 0I-S31 6B3ftfl G.T.' Bond PW'-l'F 5USI2J6”48ra| 5.21 TO.Cnaop SL, EC4 

B ii;;isita(£-Ei m -::i is awttKmji -j » 


8W Sentry As bo ranee Intent at ion al Ud. 

0-72 p.n. Box 32C. Hamilton 5. Bermuda 

Managed Fond ... . m : a«B UW( | — 


B5 c ia-Ui,xancoin SiDQ ricins, nw> ^,.j. wau ruuo — I — . — 

I asta — ^ aasE 3 MEr-K-- 

3 sf Stewart IJzit 7 'st. Managers Ltd. (al g.t. Asia sterling. -10254 UMt J 2.49 Stronghold Management United 


Dctuftradi IDMZC03 

Tokyo TsL Apr. 28... I SUS31 


.S-SS Sun AJ liance Hse.. Horsham. 040 

& tOSBKt Mas 

600 Target Tst. Hngrs. Ltd.? tal(g) 
- 31.GreatamSL.EC2. 


PO Bo* 318 Rl H olier. Jersey. nM4-7l«0 
Commodity Trust. -|9015 91091-3.951 — 

“-tw Snrinvest (Jersey) Ltd. tx) 
n Queens Hse. lion. Rd. SL Heller. Jcy. 0534 Z7340 
6- American Ind TSL- J£fi27. .8.431-813 - ' 


+12, 3M 45. Charlotte Sq, Edinburgh. 031-2303271 Boitt ol Benanda iGarraKy) Ud. - PO Box 318 -SL1 idler. Jersey. 0534-71400 

fJ-J f-?® iStewnrt Anteriesa Faml 2, 1-33 - iSLS"-?' G rS?S , 'S!?y53M Commodity Trust .- 190 15 9109f-?.95| — 

31 i SSfflffitdM §| a HI 4i Sunnvest ueroey. Ltd. (X, 

■ «9 Standard.--. 3W5, — , 3-M 2. SL alary Axe. London. EC3. .01-283353} CapptrTrun WflAd MW-oji) - 

429 .Accmn. Units™... -|3 /mJ W-9 - I ^-5® cortimrr Fond MagL (Fkr Eatt) Lid. Jap. Index TsL — . [QU4 11571^91^ — 

Deallac TFn. *Wed. ]5a3 Hmchisou I(H-. JO n arconrt Rd, H.Konc icniM 

6.46 Son Alliance Prad Mngt Ltd. nx* Pk.U.tm.— Jhkli* t-M — \ TSB Unit Trust Managers I C.I, l Ud. 

Sun Alliance Hae.. Honham. «03«1« N.^riciTa" ® J £« 

^£^TriJVw.li-[19IL50 204JM..-J 454 tatL Bond Ftf nd .— EiSltn Uffl 6J9 $3 T.!’] 5M 

800 VThe Family Fid — pC_* 10851 *-5i 350 t;(lrtnjorc [urcatrorat MngL LUL Prices on May 3. Ncrt sub. day May ID. 

6.00 TVrWet Tst. Ham. UlL? (a) (81 P.O.Box 32, Do*«:tti*J'oM. _ , 383*230! I 

rargK vss. magn. i«lt i^croat^iinclTbA ZLjtt ZZT ils Tokyo Pacific Holding H.V. 

^-Growtl^ fls 65J.-.J I 160 Management Co. N.V, Curacao. 

68» +86 434 Hambro Pacific Pnnd HguL-Ltd. nav per share April "4. susso.4n 

® g +0-9 Clio. Connaught Centre, Hong Kong _ , mj* (e«fc».«ii iu v 

2126] — 5.96 par East May 3 |hmia 11M i — Tokyo Pacific Hldgs. (Scaboardl N.V. 

2&a[ 5.96 japan Fund IWS6.97 7J5|-0fl5 _ I nUml» Management Co N.VrCuraeoo 


«« M* V MW3 

3“ T £{£l 
J jfe Coyne Growth RL 


1205 ... . 
305 +0.3 
29.9 +0J 
324 +82 
Kt-oa +0J 
UtM ..... 
■ 30.74 .. ... 
15 2n +0J1 
2S.4 +02 


4.60 Hambros (Guernsey i UdJ 
lu Hambro Fund Mgrs. (C.L) Ud. 
TM PD Box 00. Guernsey 04* 

4M CL Food TOi ■ 1«5M-L5 

B.45 In Ini Bond JUS 1M75 
1154 InL Equity SI'S 1847 10 791 . — J 

art InL Svga. "A‘ SUSLBfi 1M „.... 

_ . InL Sv£3- *BT SUS 105 LP3 


Intinns Management Co. N.V, Curacao. 

>•■ Ud- NAV per share April E4. SUS50.4B 

* I _ Tokyo Pacific Hldgs. (Seaboard, N.V. 
OIKj — inUmlN Management Co N.vrCuraeoo 
S.W per share April 2-1. SU53a78. 

JJl --™. Tyndall Group ■ 

Vn' a K. 1 P.O. Bn 1254 Homlko; 8 Bermuda. 2-2768 


«.— | 4.75 Target Tst. Mgrs. (Scotland) UtKb) Prices on May 3. Next dealing May to. 

1 ■ 9 10. Athol Crescent. Edim 3. 031-2298621(2 Henderson Boring Fond Hgn. I M- 

lai : «53rtl +Si! ’ In P-O. Bo* N4723. Nassau. Babamaa 

£ '81538 

L +S^l57 Trades Vnbm Unit Trt ’ M * lu, « ers¥ HUI-Sanmel ft Ca (Guernsey) Ltd. 
■*#3 557 2™. WxriStre**. - “Wf*®* 1 B LeFcbme SL. P«er Port Guenisey. CL . 

+05t 3-22 TUUTMay2 [49* 522a* — 1 5.42 ( < ucrlUFV . T!L 11521 1627M -r24l 3.43 


tSI - 1 IB Diwraeus Apnl 26 . [H 51 11 
S33r:i fio C Aceum. Unit,, --.W-ajI 
XQ5I 830 3-MrluLApr.30. _ULSt33 

xm "...J 250 2 NreSt-SL HellW. JrnK-r 
ding May 10. TOFSLAprilZ7._J£720 
j ia«_ , tm ( Are um. Shares' 131115 


TASOFAaniSS 
1 Aceum. Shares; 

Jerocr Fd- ApnfSO. 

IN 

Uill Fund April 26 

lAccum. Shares' 

Victory IlouSe. DourIcs. Isfe of flfaa- 0024 25428* 


iH Turn May a r»a Gucnu«-TsL_.._|15U 16274 +2-4| 3.43 ^ ' d . qu 2 ih« . ... 1 - 

3^ Transatlantic and Gen. SectL Ca? Hil l Samuel Overseas Pond S.A. ‘ 


327 91 -SB New London Bd, Chrimsftnrd 0245510611^ j^,. solre-Dame, Luxembourg 


Trident Ufe Assurance Co. Ltd.? «me Resree tsuzs.9 zw +i;^ asi 
R ensiadc Boose, cioucoster 045p3tS4j cbn/ederat(on Funds MgL Ltd.? (al 

KWH*? BS? -IS3 I “ 50 Chancery Lane. WT2A1 HE 01-2450382 

2i5E BS f S3 -a. • Growth Fond p95 4L8| ( 457 


BASE LENDING RATES 

i\n\ Rank 7} Si ■Hill SUiweL * IfJ 

ilftpct Irfsh Banks Ltd. 7-J% C- H«w & Co T £% 

}f XPreS . S . Hongkong &. Shanghai 

^ P Edik Ltd. --. 75% Industrial Bk. of Scot. 7 J 

^Hi.nrv ' Jisbachcr .... T\% Keyser TJUmann ...... 75% 

3 ? rSS 7 % Knowsley * Co. Ltd.... 9% 


■Bjnco de Bilbao 

;B;nik-or Credit ft Cmee. ^ 

Bank of Cyprus « jjj 

• Bank Of N-S.W 71% 

£:iiique RelSC Ltd /i-o 

Bam i no du Rhone S w 

Barclays Bank ......... 'jS 

Barnett Chnsiie Ltd SU 
Rrcmar Holdings Ltd. Sv n 
Brit Bank of Mid. East o n 
(Brown Shipley -——- '* " 
Cmana rcnu’nt Tnist ijSr? 
Canitol C ft C Fin. Ltd. «% 

Cayaur Lid Q -2 

Cedar Holdings ......... J o 

i Charterhouse Japnet... *.sj? 
ChDulartons 

c> f- Coates o 

Consolidated Credits'... 7?% 

c,o*nnr rattve Bank * 

Corinthian Secuifities... 

Credit Lyonnais ......... ‘ o 

TJif Cyprus Popular BK. 


7*^ Knowsley * co. Lia.... » % 

75% Lloyds Bank 

7»% London Mercantile ... 

71% Edward Manson ft Co. 9 “o 

7*% Midland Bank 

Samuel Montagu i ? o 

71% ■ Morgan Grenfell 

Si 1 ^ National Westminster 71% 
S*% Norwich General Trust 75% 
71% P. S. Kefson ft Co. 

75% Rossminsier Accept cs < ^i 

T*% Royal Bk. Canada Trust ! •% 

S.i% Schlesirmer Limited ... 

S % E. S. Schwab -•-••- *\ « 
S % Security Trust Co. Ltd. Si% 

75% Shenley Trust 

75% Standard Chartered ... 71% 
85% Trade Dev. Bank ...... (}■% 

7»% Trustee Savings Baak 7i% 
71% Twentieth Century Bk- 8!^ 
7i% United Bank of Kuwait /*% 
71% Whitcaway Lajdlaw s « 

■n«r 1 1 : - a. irivn'x yI'ti 


asafc =» 7 1 'S3 ::: 

;C5J! IV, 'American ■„ W 5 895 ... 

UXfiqoltyl-W- 1060 113.1 +-0? - 

HlRh^ri rt . 3fe8 144 J .... — 

filHEdf* JM-5 

Mnney— — 1220 128-5 .... 

litcrnaUoaxI 990 lMj .... 

Fiscal- 1S5 . 130i .... 

GrtWthCsto. 124 0 _ 13U .... 

(.nnrib Are, ...... J27.J 134.J .... 

Pena. H»B& Cap,-.. 113-0 3rt.f .... 

Pmu.HhBd.Aec — 117.1 1240 .... 

rau.GtdSep.nip., 10L5 1317.6 .... 

Pons.Gtilltau\cc.. 105-2 .111 J — 

FHu.Ppb.dm U29 1195 — 

Pms-P^ArSL 116.9 1235 .... 

Trttt. Bom! — M.9 - 36.9 .... 

iVdL Gi Bond |9M - -• 

*C8xb value far £100 preanaa 

Tyndall Assarwnce/Penfeions? 
JRGwaSeltoiAfintatfll. 0t 


Do. Araun. _.. 588 

International — .. 47 J 

Do. Aceum. — 50 0 

High Yield— 60 7 

Do. Acciua. 644 

Equity Exempt* — 1M.9 

Do. Accubl*—-.. ..hfl0.9 


Dwit^ydr" pi r • 

DepcStMM^!^ 126.6 — 

3-way Pen. Apr 3» . 102 *■ ■■ — 

O’seaBljw. Mrr 4 — . 733 ' — ■ 

KilP1l»WMw2-.. 166.6 - 

Do. Equity Kay 2— 253.2 — - — 

Do. Band — , 3742 . — — 

Do. Prop. 14^2 *5.4 . — — 

Vanbrugh. life Assurance 

-11-43 MuUwSt.UlB.WlA 9LA- Ol-®04933 

irauagrilpa.^— ..04*1 . 15L7) — 

Eoalp PU. B9J 24L5 +30 — 

labl FhM 775 103-S - 31 — 

Fixed later* EU— 263a 1J2J +02 - 

SKK£rr;S£ ^ = 


I II- I'* r— ■ m |-i (W 

'Duncrm LawTJe H 7J n 


Williams & Giya's 7j% 

Yorkshire Bank ‘ * ^ 


•F.inil Trust 

English TransCORt. 

Tirsi London Secs 

-Fjr-t Nat- Fin. CorpD 
'■>■*( rs- \*aL Secs. Ltd. ... 

l~Anlnn.\ Gihhs : 

Jire.vitound Guaranty.., 


i 4 ig HatmAert of H» Accwtteg Honm 
ctrmnuUM- 

iis • T-dar dwsits 4-fr. l-Bioniii terosiiB 
195 4iYi. 


iTcrs; \'.iL Secs, Ltd. ... m t Mss . depwi» 

I AnlnR.Y Gihhs : ...» OJ “« SSf'JuShti. 

G rey hoy nd Guaranty. . * 1 1 n "JJ ScpqsJfo owr «.«» «. 

JBnndleys Bank * « i Demand devosns K- 

fKumnew Mahufi I Ram **> •»«' « Scrljn8r VkL 


ciiflhFimd .pp.7.6 123.5] +83[ — Inct mipTtt — ! 

Vanbrugh Peuaons Lir-dted * Do.Aeema. — 

Friends’ PTOrdl 

feg. y J : r i, ~ ,, pf lfl?f -1J - K*hamaw!,D«*h 

Seed Interest Wig .— — FriefletoPiw.Uts.. 

r *‘ 7 108*1 — J — DmAccwn.— ■„—■■■; 

Guaranteed «Cp T»s. Ejco Extef 1 table. - g j_ abi,i 

WeMspa lusarancs Co. ' lid. f ' ’ 

Tbel^Ftfte*tMe.EwiL ““S® 3 i£iuitJ?*JZZZ2 

MoneymafcerFd. — | 10L3, . GT.Inc.^tiTUn^ 

For tthee land*. plc»«c xefer to The London i G.T.U^AOeq 

llcnchcstcp Groop. GT.JlMB&Goa_! 


— CosmepollUn Fund, managers. 

— 3a Pont Street. London SW1X0CJ m-a3S852S. 

“ • Coanopoln Olh.Fd|172 »*(| I *« 

' “ Crescent Unit TsL aigrs. Ltd. (a)(g) 

— 4 MeMlle Gres- Edinbmtll L 031-22S4BS1 

• — CfewviGnrth-.fiU- 28-9 ! 421 

!3 

1AT 3 ” Cre*. Reserve* P87 «Z-6] -.-J 4.40 

*119^ --- — ' DiEcrelicmary Unit Fund Managers 
; 22.BlomOe]dSL,EC2M7AL 01-4804409 

. — IHeb Income U530 1612} 4 5.45 

am- 

E, F- Winchester Fund Mngt. Ltd. 

? Old Jewry. EC5 ■ 01-0062 167 

CC72 32341 Great Wimbctter-.W.? UJ9 j 671 

. — _ GLWlhch’cr CTseaqlSA fflj) . — i 4-88 

! = . fansan ft Dudley TsL Mngmat Ltd. 

“ 30. Arlington SL.S.W.L 01-4097551 

“ Emwtk Dudley TSL-F648 69.7| 1 380 

; Z Equities Secs. Ltd. (a) lg) 

— 41 BishbHgsra, EC2 01-588285! 

— — Progrertire K58 W4sf+08| 410 

Equity ft Law Un. Tr. SLf (a)( b)(c) 

Aattrebam Rd-. Hich Wsuombe. 0«M 33377 

Equity iL«w [662 . 694 +lfl| 4J7 

ft z FramHngton Unit Mgt Ltd, (a) 

42 — 5-7, Irelnad Yard. EC4B5DE. 01-13488071 

.... — Capital Tst. mj.4 120Ari .4.03 

-81[ — IneonwTtt-— DBU 31IL4 5gB 

In L Growth Fd.-__[WJi lll Jrn -.... 231 

Do. Acrom. [1070 UAtaf „4 2.31 

D^»«3 Prardt. Unit Tr. Hgra,? ■ 

— pjytamEnif.Dorfcine. 03089QS& 

—1 — Friends Prov.Ut8._MiB 44W +80 A» 

■■■■4 — Do. Accutn. -- feXI 57-fl +0.fl 428 


6^ Barbican May 4_ 
;-“5 lAccum. Unlii-i_. 
iV, Barb.&ptApr88 

7- |7 £urkm.Mfly4-w- 

8- 25 lAccum. Unliai 
*35 cotenu Hay 6.. 
5-54 i Ac cum. UnlUT 
554 Camld.aia73 


aSH ::::! 


HJ9|v«W| 


Uid. Inlni. JWnjront. (C.I.) Ltd. 
M. MnK-arto- Sired. SL Heller. Jersey. 


WW. — ■ - ■ <• ■ ■■ -I I_ QGUU dUV J . 

-Price* at April 28 .Vest dealing May 31. lA-cum Units) 

Mmster Pnnd Managers Ltd. 

MlnnerHse, AnharSL. E1CA DI-623 1050 Marlboro May £ 

Minister Slay Z 0*5 385 .. ..{ 553 r Aecum. Unitor^ 

Exempt Apnl 2B .. .[87 1 9U{ .. . , 552 Van.Gv.th. May 2. 

MLA Unit Trust Mgemm. Ud. - . $£&&?- 

OW Daren Street, sm H lUC. oj «D 7332 vaogT 'reitay 3 

MLA Unite [37 0 3ft?. . | 457 lAccum. Unite! 

Mutual Unit Trust Managers? UXg) 

l&Coplltall A*V„ECSP 7BV. m 02-0064003 Wlc* Div. Uay 4_ 

Mutual Sec. PUi6_ [50.2 ' 53J8 +0_y (,50 Do. Aceum. — 

/gliSl 6S Tn^Wum* Ui» 

Mutual High YIcLT 156 3 605) 6.62 13, Caayn&e Road. Bristol. 

National and Commercial income May 3 — . |99| 104. 

31, tit Andrew Square. Edinburgh 031-556 BiSl iaStamwSi — 

;nccmeMav+ — — |1«.J «6.« | 6 J* tAccum. uSiwi 

lAccum. Unite) U938 JflLfl, J 634 Exempt April 20 

Cupt-Map4~- Klj 1&« j 3-g (Arc urn. 

LAecum. Ltmtsj p«7 6 1SM| .....,| 355 Canyngi__- 

Natfonaf Provident fnv. Afngts. Ltd.? .(Aecum. Uuftei 
AftGracechuixbSl-. EC3P3HH - +>18234200 

vp I. fith-umTtt.- m «« | K5!S^Mwi 

'Areji^UiljISrt. (53-6 igj, 3.te ( Aceum. Duicsi 

\PIO-Maa.Tnw_fi210 12fM .-.. 2.70 Scot Ine.May3 

(Aecum. Unlui*- . .1129.0 i**! _ | 170 

on Bril 27. >CM draiihg May 25 
•Rrieev on May 3 Acst deafingMay 17. 

National Westminster?^ 



007332261 
741 

If 

g' 


Intern ational Pacific Inv. Mngt. Ltd. v.l B.Fund ....pi'KlMflS 1R45J ... . 1 ilji 

PO Box ten SA mt si, -Sydney. Ana. . United sLsles Tst. IntL Adv. Co. 
Javelin Bnuity TSL.1SL99 109|-0.0«1- 14. i;uc AldrlDKer. Luxembourg. 

JUE.T. Managers (Jersey l Ltd. i-.s.TM.Im Fnd .1 susiocs f-n.K1 o,96 

PO Box UH. Royal Tat, Use, Jerecyteo* 27411 Ncl Ma 5 - 

Jersey Extrni.Ttt.- W0O 170JH*1BJH — _ r a. m lid 

As at April 2a Next sob. duy May 31. K. G. Warbnrg « Cft Llfl. 

Jardtne Fleming ft Ca Ltd. ' PSj-^T' l^s dims? . 

■Wh Floor. Connaught Centr e. Hnng Kony Kn^fnr May'6.”- 5US1663 -Don - 

JmdiueEtta.Ttt.- | smMI ...., 3J0 SV&SKd AprD). -I SUS6B5 ..... ~ .! 

jSdSSiE»!!!fi £8 .1 - 

J,Id uv M ‘Wffi iLsk a" Warburg Liveatl Kagt. Jrsy. Ud. . 
■ ** sa&AptUig™**** ' 1. Charing Cress. SL Hdler.Jsy.n 093473711 

KeyseZez Mngt, Jersey Ltd. ffi&xfflttdfaSw 12^ - . 

TOBoxSASL Heller. Jersey.. (Eng-OlftMTOHI) Mia1eTstMar30—B2L44 11^...- - : 

; pmir-ler. . PrL394 uai 2W TMT April 13... ._W,S»a W ... — 1 

Bondsdc* - FVJ2B St ffi* ^ TT.n’Ud. April J3.-,S9 74 99? - 

IcSSi&iC &S 427 3S world wide Growth Managements 
Japau GUi- Fund — HI3 — Wn- Boulevard Royal. Luvcmbourg. 

“ H-orid'ride Clh Fd] SIS13.W I-0.1II - 


Cent. Assets Cap . .( 


NOTES 


Capital (Arenm.i~.J65* 

Extra Inc ab.1 

Financial 36.) 

Growth lav.—,— .. ... «3 

income • as 

Purttoliolnv. Fd._ 707 
Universal F(Udt —.158-0 


G.T. Unit Manager* Ltd.? 

1 4 Flnahuy Clen* EC3M TDD 
j-T.Ccp.Iac W7 .03 


ftHiroihros Bank 


Windsor Lite Assnr. Go. Ltd- 
1 High Street Windsor. ' 9?ind»> »,.« s— 

FunireAS^fi5nj HJ aa ““J — |g. 

FatureAawLGtMbi. ' ■ 43S I — JiT 

fa 


iAd- : 

' Windsor 0M<1, GT .FW>rTda!Td._pl 

lc | r:J - |g. ft A- Trtist la) (g) 

1 — (3. Rarleifib Rd™ Brentwood 

i v -H ~ . .—. pa . 


01-428 BUI 
+L» 330 
+ZJ 350 
+2J 7 JO 
“0J 2.70 
+ “ 

-si 7J0 


dttn.ssnm 

K3S|+D.4[ 4J2 


Loadre Will G 
Capital Growth 
Do. Aecum. — . 

iwhuui nejwnuMvi wo Extra Inc. 6rowih_ 

181. Chcapslde. B«y 6EU. 0L8M 0060. ' Da Acruu^..^ 

Capital [AccnBU.-P* . 78 4 426. Flnawial PCny. 

Extra Inc ^-K-l TUn ?fi.B " 732 “D» Areuirn^. _ 

Financial.^— ^.^..afe) 303 +oj 4.97 High lot Priority 

Growthtov— ,,...p05 97 -h 6-B5 Internal*™! 

income _1»2 . 3M +04 639 Special jots.. — +^+i tu.h -• « 

§» TSB Unit Trusts (y> 

NIX Trust Managers UdVlaMg) .. V 

^c^^sune? a t aKjeS aM w *- n w 

NeiiUr High Inc. ...[S.O SU|40,4| 827 <b) TSBJjwutne 

. Tor New Court Fund Mtaajeni Ltd. U™&.5K5 a, “' 
ur KothscMId Asset Managinnrot - 

?^SJnS 2S HESS* Brofc* ™ 

GnwpTtt!Fd!lI?i»74 3SS^| +Sf^ " 40.71 4^^' 
Pearl Trust Managers Ud. faMgXfil . A M^L-Ltd. 

232 Hlfth Holbom. WC 1V7EB 01405*41 U “” 1 * 

FeariCrowth K«L— BIS 2W3tt+0tt fSl King ITEiHam StBWR PAS 

AccqmilnUa^ 2<-.8 2>S +5 «| . 5.03 WnsflmBttid_to(l 1«4J -■- *53 1 

Pciriiftc.. 1L2 TiM+oij an wiefcrCitiLftfcL- g».9 S41 — r IS 

Pearl Unit Tat. - 558 3fctf+05] -4® Da Aceum. ... __ (335 ' 3531 *42 

t TjrtHSL. 4 ** Wider Growth Pnnd 

PehcaK Units Admin- U4» igK*) kjob wiiiiaraSLEontflAR oms-ttsi 1 


Price* do not include S premium, rareu where indicated r. nod »r»i in peace unlcu nthermse 
tcdicared. Ylelda "» 1 shown In last ctMizam} aBont lor oil buyms .espram. a Cwcrfli prices- 
include all expenaca. 6 To+iay‘t price*, e Yield bused on offer price. LstimatM. *■ Taday * 
openinfi price, h Utetri button tree of U.S. taxes. 9 Periodic premium insurnnee planfi » Single 


Peart 1 *•: raL2 SlW+o^ fetn W7eterCith.ftfe._g89 

FcarlUnttTsL -058 3fctf+05] -452 Da Aecam. ... __P3 J 

WSFSfte-fiUL. rZ*?*** 2 Wider Growth Pnnd 

Pelican. Unite Admin- KjagwiiiiainSLECiRBAR 

81 Fountain Ft. Mane herrer _ Dfit-23S93S8 laeame Units - pt* 

PeJrenn Units fS).A ttJd|+&4) 5,57 imm- i'mh — fff.f , 


451 10.01 

178 +0.2 *76 
205 +0J --4.76 
652 +0.4 050 

32.9 -0J 2Jb 
3 IA +0.Z 4.9J 


4B5|+0.n 359 

bOJ +05 339 

ttltii &S 

US 


QS3S3san| 
40.71+031 5551 


4 KfM m-oaawri 

W5 • 3531 —J *42 


l 4« 

f . ■ ."■*! *■* 1 


CLrVE INVESTMENTS LIMITED 
1 Royal Exchange Ave.. London EC3V 3LU. To!.; 01-2S3 1101. 
ludor Guide as at 25th April. 197S (Base 100 at U.l.TT.i 

Clive fixed -Interest Capital 1US.14 

Clive Fixed Interest Income 113.S7 

CORAL INDEX: Close 480-485 

INSURANCE BASE RATES 

t Property Growth 91% 

t Vanbrugh Guaranteed S* tr rt 

• t Address shown under- Uisarano? acd Prupcrtw goad Tabic. 

LG. Index limited 01*351 3466. Three month Tin 6352-6408 
29 Lamoat Road, London, SW10 OKS. 

1. Tax-free trading on commodity futares 

2. The commodity futures market for the smaller inve«(i/r 


1 

































































































































































31 



<jfjn 


\£-P 




u **to 


Financial Times Saturday Way 6 ly/B 1 
INDUSTRIALS — Continued 


ns- 

I* 

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LrtnwftKIp. 
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151 

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85 
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1134 

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128 

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U’lBasleUnimL.I 

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GKBK: 

Ba»e 

S&KpbMSMlfl>3. 
UinneTtK'dsSp. 
Magnolia Gn»m. 

ass 

SaisliallUCiitp- 

Martin-Black 

Watheson*7kjjc_ 

Ms^pssrdsZ®. 

MedmiisterTop- 

Uwitnmi P %> 
Metal Bax£U~ 
Mtetnl Closopes 


+ m 


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OOO MtanloSpraWL] 
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MnrKtnCrocftle 
Himll.Abe!l„l 
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NaLCrtWHtel 

N.CR4%«S8_. 

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Newsy Grou^H. 

VarSernEn^H 
NuriHkMli 
_■ NorricSss.l0p. 

■ST NoSwfflSp 1 

g91 Oee Finance Gv_ 
Offirat Hart „l 

m otx*x: v ^ ... . 

1 23^ OranstaeJShcJ 

A g£S8& 

100 PaulafcWUtesJ 

18 SSlfezI 

1 69 PeotoslOp J 

£125 Es.W-Ct.li MB 
158 PetrocanTSdi— 
Phillips Patent*. 

PbotaxlLDO) 

Pbnto-tteStoL. - 
Piltaffiton 3r. £1. 
PtoVBfWeRLoJ 
PUrtKCmit tflp-l 
Pkasurama5p_| 
PolymarklOp 

{>KDctt36£ 

Press (WnU3p__ 
PtgsdigEQ 
iMtCbatdHV 
I Prav.Lamuis.5p. 
Pullman RAJ. 5pj 
fLF.D. Group I0p 
3J SXD&wtt»2QpJ 
to RadtatMT®*- 
Randan JO. 
Randalls _____ 

Rank Organ 

I RBCUttMSQs. 
Redtesro Glass 
iReedEx«.5p-_ 
ReedMl-OH 
ftafeonPBWSM 
Renown Im_Y 5Q. 
RenwiekGrtwp- 

RestnKur-i 

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p.l¥J 

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BBdhurst Martel 

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ijrtmp. __ 

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(ScoL Heritable- 
(ScoLftUn. Inn- 

5411 fears HWp- 

' SectmcwGp — 
Da’A'N-V — 
Hecnr«?Ser«MM..| 

rOO-'A’N-V 1 

Shams Tare 38® 
Isteoe Gorman 

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1132 kfepnas. 


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74 

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28 

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t3.05 

33 


+h T167 


t332 
0.8 
t2.B7 

(+1 ( h240 
13.43 


5.8 217 
9318.4 

53 243 
53 24.9 
53273 
3JI52 

, ... _.. , S325A 

kh 4.64 *pA ♦ 

53 253 
14 753 

62 zL 

_ 3.2 433 
1+1 1355 J lfll 62 326 

liriMS |.l0| 52 2^0 

51245 
7.9172 

23 4L 

7 0 28.9 
4.7 30.7 
34 416 
, 7 0 10.9 
1 10.0 15.0 


1+8 

5.9 
6.0 

19 3., 

3.9 34.9 
28 442 

18 405 

5.7 ajj 

42 25.41 

l+rttB I tfll. 

45168 

43 35.6 
5.4 
5.7 

P 51 S 1 S 3 6 |||| 

l+^t I fi-fS | 11| *|324 

sSK 

2J203 

35403 
3-1)43.9 

12 

u,-- i-iT-" 1 

1+2 


+1 


_?2 


"..._ d213 * 115 * 




+‘2 




a" 1 


Do. Sab Sh'iFISj 448 
Romney Drut. 
Roeedimondlne.! 

BahKh^in.5Dn_| UZigl 
Safeguard M—J 71ri 
SLAlidnwTst._U71z.. 
74^ Scd.Amlnr.10p _ 85ij|-l 
43i; Scot & CVnt. Ira, 

151 Scot Claes 'A'^_ 

|114 Scot Eafl. Ira. 

, 34 Scot European-. 

82J; S«itti£hlnv. — 1 
94 ScAMorLfW. 

1119 Scot. NfttionH — 

86 Scot Northern ' _ 

lUlj Scrt.Cmt*iio — 337 1+1 
58 Seol iMlnv— 

721a Sect Western _ 

. 69 ScoLWestn.'B'— 
z|161 SraMluncaTtul 18fi {+1 
65 Sec Great NUdl. 

[1541a SccuritiesT.Sc-1 185 


TOBACCOS 


[267 

33® , 

71VI , 

45Jj htettraansUta- 
55 l&raHsenHB.ll$Zl 


|RATInds._ 

DoDdfL 

tDonhiU (AJ Mp— ! 


13.01 1T3.4) 5.91 


+iyii6 2 


IlllOa 5.71 


2-9 


IMS 

-m 


TRUSTS, FINANCE, LAND 

Investment Trusts 

1208 13) 631238 
t5.05 l3 5J 25.9 
«J2 i|um 

249 p 4.1 362 
730 IS 4.9 29.6 
830- * hlO * 
0.42 — I 0.4 ~ . 

74.06 UjlOi H2| 


kbeninen&m.- 
[Abadecnt ngt-I 

iADinncc Trent — 

iAadaoRln.Iiic.- 

■TV. Hip 

AmakanXrnsL 
American Ta-'B 1 
AnrioAmSeo- 
tario-In£Dir._ 
DaAsariSbs— 
Ando-SatlnT.- 
ak videslnc. 



„JlflL87l2Jf 



kteLfcfimtaBl 

bp®tfci3_ 


CSptalfcl 
Da-r_ , 

Cari®alIlM_ 


zO* 


135 ] 13) 4iSL0 

,45 ij)J 
llllllll 


J161 

xl5 




I5JJ27J 

115jl3.ll 


Select Bilk tor SiS5. 400 
Szircslcr 50p_ 
SbmrelllOp— 

! 1?5 

48V SPUTCmMp- 
90 SrsnhopeCen — 

145 BteriinfiTsL. 

76 

, 80 Technology- 
1 81 tj IhmfdeBar__ 

22 TMrog. Growth — 

86 DOCap-U — 

64 rhnjginortoii — 
)£105 Do, PA L«m_ 

71 mr.lra«t.lne._ 

Do. Cap. — . — 
Trans. Oceame— 

mrilinion — , 
Trustees Corp__ 
Bneridelnv — . 

„ — Opdownlra^-. 
1106% UttlBriLSecs — 

1 18 DACapitib-. 

““ttSfc 


1+2 


+ 1 * 




t "ps 

Wiiiterbottcni — 

Witanlra 

<» Da“B" 

Vofcmnn Tm' 

?ssta. ft Lanes-. 
YcrtgreenlOp-. 
YottngCtfdnvIL 


|c«|SS|p/EJ 

iiiW 1 


in 

High Law I 


25 
Q15.0 

- \-\^Asmm 

la 


MM H 


65216 
7.0 232 
73 205 

14 463 


Stack 

ttsiedielnrr lto_ 
Steran iKP.iEp- 
lassMTt-tfrfe 
S-M.CJBvs.ia2p I 
KipJ)onfd.S*.ttp( 
PanBnbelOp^ 

1 Parkfiacelra— 
PearamlSiftSaaJ 
, Pretah7&F»»!4 
SLGeorttlOp— 
5 cql&Mbt‘A'- 
Sl£,£4VpsAbo-' 

SmilhBn s 

SitnPBC-HHSOe 
, Suer Fin. NF100. 
Trans. ULU. jp A 
itoaSdectafe. 

> WlastaCGnrittd. 
[YakCattal^L- 


1+ ■ 
Price - 


67 : 
51 

§> 

26 

200tt 

£67V 

£50 

57 

8V 

£47 

950 

24 

51 

75 


Di» 

Net 

,0.« , 


|Cw 

ul ri 
fi7n3.11 


u , 

iffiT 1 

382 

Q425 

m91 


1138 

139 


3.6 

033 


u|4 7 5 :! 


1U 


If 

4.4 
4'.? 

illlS 


16 


65 

13J {9 


OHS 


Uttockaop 

. Erit-Barwollto. 
[720 pit.Peticffa.tl 

SasEf- 

i ffM iini 111 * 1 — 

DoJPjLJl.flB-, 
tttCCPNlLSeafl-1 

_fel 

Deft FeBoIuB-, 

ncmacan— 

trajate PeOria 
a«ie«resr50c-- 
KCA. 


LASMD , 

) LAsyoiftiM 

lASMODpt'lto- 
Blacnet Mails*, 
aisjtpuop 
1 Premte Coo. apj 
8 Rangar Oil „ 

■ Reynolds Dir. lc 
I RrL Dutch f32D- 

ScepireRes. 

Shell Trans. Reg. 

. Do.7%PLn — 
itSkbeastrxifl. 
rezBco4h%CB*. 
T ticentnH — 
Dltramar — 
Do.7pcCn.u-. 
Weeks Nat Jfcfc, 
Do.PIiOri lDc_ 
WoodsideASOc.- 


+20 

+i“' 


-16 

-10 

♦i” 

\ 


-10 

+14 

-10 

+8 

+2 

-2 

-2 

-1 


5A%) 

0^4 

l2-« 

QlUte 


9Z03 

QH%| 


231 


15.7 , 
4.9%) 


w 

QlSVe 




41 43 
SHljclSJ 

d ll 


34 


14 

iS: 


2451 


•fll 


ell? 


53| 


4.1 

12.2 


63i 


6.6 


1A303 


f7.7| — 


16.1 

90 


OVERSEAS TRADERS 


280 (African Latef— 
60 AnsLAmtSEte-, 

64 Bndrai£mHt)S^ 
25V BousUadfKtol- 
150 HrisyUrajSOp- 
L90 GlUftDufius — 
£49 tt.Nttm.C10_ — 
925 STm'ni. Crot. D . 

66 BoflmmglSj 

ISO InchcmeEl 

21 JatoWm 

9 Jamaica So^ax— 

67 Ltmrho — 

401; MitebeUCofls— 
220 Nigerian Elec _ 

68 Ocean Wlsns.23p 
175 Pat'Hjc.Zort.10? . 
165 Dtt'A'N-VlOp- 
27 SnngenJillOp. 
5i ; SenaS&QarSOp- 
8S iSime Darby 10p^ 
350 Steel Bros. 50p_ 

40 Tozer Kerns. 20p. 
[87 DaSpcCav 81. 

41 ll.DJyMerc Ito. 
41 Do.10pcLn.lS 



I19JM 

4j| 

h 

k 


17^ 

u 

73 

13[ 

33] 

* 

lLi 


23 25 

2.7 345 

5.0 43 
14.1 (93) 

63 4 

2.9 £ 
5.4 « 
28 * 

4010.9 
85 69 

5.4 103 
- 45 

140 1401 

12.0 (6.O1 
83 * 

3.9 7.4 
6.0 3.4 
6.0 3.4 
J 66 

2318.1 
40 4 

9.4 ft 
f9.0 - 

L7 83 

12.7 


Ip 
% 




M 


u» ‘ 

ffigh Lew 


RUBBERS AND SISALS 

( + _1£ 


Stack 


7.0 25.6 
4.9203 
0.8 1211 

ii 

if 

ill 

ill’ 

9316.4 
M1M 

71 140 
18} 6.4 22.9 
4.9 25.4 
56 264 

31 W 


75 [Aariu-Indanes'iL.- 
65 BeztamftnKlflpu 

UI2 RadlAfrienii 

31 Brad wall 5©p 


CadteSeldll 
53 Chersonese llh 
95 Cons. Plants lui 
57 Gadek (Malay J 

a GrandCerirallOp. 

Gnthrie£l — 

65 BrnfBiHS0r.Ea.Mp- 
5612 HjgtdandsS&Oc— 
41>2 Kuala Kepfflig MSI 
29 nKn&nlrac— - 
69 Lda Sumatra I0p_ 

48 MnUkoSMSl 

30i] Hnar River lOp 

5 5 PladAhw Hhdcs. lOp 
7 aragaKnanJOp— 


Price 

' 93 
87 
15 

• 49a) 
260 
70 

• 144 

57 

10 

270 

901* 

91 

57 

* 43J 2 
138 

89 

45 

8. 


-1 

-30 


to 

Cf, 

41 

6.1 

7i 

L6 

6.0 

83 

23 

83 

5.7 
53 
4.9 
40 

5.8 

4.8 

4.9 
15 
40 


Or 

14) 

15 

£0 
12 

^8 

E 

Ii _ 

19 3J 



TEAS 

India ^nd Bangladesh 

70 


AJsanDooarjU — 
Assam Frontier £L 

Assam Inra.Q 

Etoipire Hants Ute- 
JofeaitL 


LmwbonriseEl — 
McLeod Bussri£l_ 
MmanEL___ 

Snglo Hides. lOp — 

Warren Plants 

Willinmam Q 


195 
295 
116 
'23*2 
272 
272 
233 
390 rd 

228 

170 


P130 

90 


5.9 

4.9 

3.7 9.1 


. ♦1.98 LWI2.8I 
Ul2.0« 35) 6.7 

113 J 

15.08 , , 

sxizi 


60 5.6 
2.7 8A 
4.9 5.9 


14 81 
4.7[ 80 


Sri Lanka 


185 |123 ILanuvaO. 


.| 180 | — ] 55 | 15[ 40 


Africa 


590 

160 




450 

160 


. 50.0 
, 130 


160 

12.3: 


7.418.7 
13) 7 0 20.2 
LH 53183 
Itt 53 10 


, 4.4 31.8 
10)12.1 

40Z7.6 
7.7180 
55 270 
Ifl 4.4 33.0 
„ 2.6443 
13) 7.6 18.0 
1U 45 32 2 
13) 6.0 27.9 
4.0 360 

3J 3I0 
52 * 


1H 40 316 
3342.7 


MINES 

CENTRAL RAND 



218 

299 

£321] 

113 



EASTERN RAND 


! Bracken R1 , 

EastDagmRl„„ 

ELR.G.OJB150 

(Jrootvlei30c 

Kinross R1 

Leslie C5c 

MariwileRflfjO — 
S African Ld. 35c _ 
VlatfwiIeinRl — 

ruifee)ha^M.__ 
Wit Nl^ 25c 


66 

26 

9k 

323 

41 

82 

■44 

40 

*8 


226 

45, 

13.8' 

63, 

4.4 


10)335 


373 

85 


33W0 


FAR TOST RAND 


i its 


40 255 
4.8 29.9 
3.4 456 
30 382 


438 m 90 155 
" i2®Jaf7.9 — l 

iai 03 12.01 
1 00 

1S| 4.7 305 
13] 3.0 37.8) 
f f20.fi/ ft 


788 [BlyvoorS 

764 Bnfiehai 

7U] DeeQxaalEft2D 
£L4 Doarafontan SI __ 

589 EaetDrieRl 

154 HflatandGUairJ 
92 HsborgRl 


HartrteestRl 

Hoof Cold HI 

1 ibaoonRl 

3outtiraal50c 

StilfonteinMc___ 
Vaal Reefs 5Dc — 
VenterepostRi — 

OiV W.Driefi_ 

152 W«tem Areas R1 . 
589 WntenDBcpiB-. 
163 (ZaadpanBl 


323 

*S 


194 

101 

GOi] 

461 

445 

445 

218 

£31V 

170 

fiS 3 * 

718 

190 


-4 

-11 

, +z 

-12 


-8 

-12 

-8 

3 

-V 


-18 


HH 


ID) 5.0 

ii 

10 
23 
33 
73 
16 
2.7 
2.4 
10 


O.F.S. 


95l 
£17V 
121 1 
413 

134 ■■ 

OOWM 


73 200 
66226 

;-r|«35|io| 7^2171 


(789 

883 

199 

302 

U9V 


: 75 Free Safe Dev. 50e 
£11% F0XJeduld5Oc — 
59 F5.Sam'p!aaaBI„ 

279 HannoroSOe 

| 66 LortueSl 

Pres. Brand Sku_ 

P"s:s.Stepn30e 

SL Helena Rl 

Unfed 

. Weflnn50e 

£23V|ffJ3«Jdiflgs5fc 


80 

y 

■a 

w 

' m* 
162 
259* 


m 


Ej9 


Bi 


m 


jjj 


3 

iH, 


IA 82 
2.7 95 

47111 
05 43 
26 90 
9.9 19 
25 9.7 

19 83 
15 10.4 


FINANCE 


Finance, Land, etc. 


(216 lAknadSoitlies 

test 

pi^jm — » nf 

QMmeCrpa 
■ OarttriMBeGp 

Bism 


—1200 14.711331 



si 

5.9 25.4 
40 ZL6 

1 46 26JI 
50 240 

2.9 433 


mi 





Rs 


P 

a9? 
172 
101 
0.49 , 

^f 1 


3.0 55 
14 83 


3-7| 4-ta_ 




m 


E AB£.Am.Coal50c._ 
AapoAmeT. I0c_ 
V An& AntGoMRl-. 
Ang-Va2t50c.._ 
Charter Coos.— 
Cans Gold Fields- 
a East Rand Con. 10p 
jKlfl Gen. Mining R2 — 

I £10V GoU fields 5 a 2c _! 
4 (£10 lo1mrgC(iULB£— 
l saddle W 25c— 
HmreoSDL«-., 

KewWiL50c 

PattaoNVfisfi — 

■ Bad London 15t_ 

SefeffiBnTnat 

SentrustiOc — — 


1164} 4^74 40] 


901 






DIAMOND AND PLATINUM 


IJf£37V{£30 tAnglo-Ajalm’JOc- 


64 


DeBeenDf-fic. 

Da4SpcPlR5— 
IjdenfinrfHSac— , 
Bra-HaLlOc— .. .. 



3 

Sn? 

u 

m 

-4 



■ SB 





76 

+2 


L4( 


Stewart 
Wrightson 

International 
Insurance Brokers 
for USA & Canada 

# 1Camom8flSttMt 
London EC3A7HJ . 
Tetaptana 06623 7Stl 



IRE 

Bifth Lew 


MINES— Continued 
CENTRAL AFRICAN 

M “ 


Stack-, |. Price 


210 

24 

73 

147 

80 

41 

15 


"B 

sM 

78 

32 

10 


[FricosiBh50c 


jfteanCmi 

Dtf 

tw ankle CoL 
lZBPLCpr5BDft«_ 


178 

19 

68 

145 

80 

37 

15 


Wt. 

tut 


-1' 


+1' 


Iftrlcrt 

«» 






12 

113 

78 

217 

72 

136 

17 

187 

24 

11? 

* 

40 

£21V 

480 

122 

50 


AUSTRALIAN 


10 

64 

63 

148 

48 

81 

10 

ft 

& 

30 

"B 

35 


sSpfarfSf50Tne»j 

K lBHSOTth» 

ronsBgHiKlaoJOeJ 
lr. M Ka leoorlleSL 
BHAieasSp-. 

IffiRffi&ft 


NOLKalemti 

OokhritteeSAl 

Kffifcr, 

IWwtn Minim; 50c J 
TwWraO+rtS)c_ 


10 

304 

73 

204 

54 

124 

14 

174 

22 

2V 

106 

9 

15® 

34 

V 

435 

115 

40 


!-fe 

:P 


Qfc 

QlOc 

1.45 

Q9c 

tone; 


1 A 


n 


14J.40 
12 33 
43 10 
17 32 


lM 4.7 


46 


■H 


TINS 


.30 

J25 

55 

270 

1W 

10 

270 

160 

93 

11 

73 

460 

340 

54 

58 

195 

61 

61 

185 

280 

195 

72 

100 

95 

192 


24 

240 

200 

111 

130 

78 

10 

68 

450 

280 

40 

. 50 
1165 
49 
47 
140 
23 Q 
134 
55 
85 
74 
1148 


lAraaL Mema HL 
Ltaa-HttaBMD , 

(BojonraiOnl 


Grid ft Base 13®- 

GopensOons. 

HonstanS-— — 

ExsuatmgSuaSO. 

KaUnttafl, 

iuSSfi&EJIDJ 



South Crafty I0p._ 
South Khdasmso 
SUinMatewiSMJ- 
SttBfidBesiSMl - 

Supreme Cttfp. 5X11 

Tanym£l5p .. .. 
ToosLah Hrbr. JMt 
TranohSJll 


24 

270 
140 
. 9>2 
2S0 
160 
SO 
11 
69 
460 
340 ' 

54 
57 

195 

55 
57 

185 

265 

195 

72 

90 

95 

192 


+10 

+T 

tZ.51 

SS* 

+S' 

-v— 

150 

73 ■ 

+35 

n 

+T 

-2 


+5 

+5 

«07A> 

iflUUc 

+2" 

V 

ZQB8c| 


10] 15.9 

5 Li 
u«t 

u 

142 


0.9 


U 


07 48 

f.8 

03 
13 


PH 

17J 

L41 
5.S- 
13)110 
1A 9.0 


206 


. 3 ^> 
ft 10.9 
12.9 
901 


COPPER 

96 | 7D |MeniHR050 — | 87 | — |tQ30c| L9( * 


MISCELLANEOUS 


16 

3MT 

385 

210 

46l 2 

Ul 

45 

162 


364 

30 

1750 

^43 

(120 


Banna Mines 17Hft- 

Cons-HurrtilOc— 

NorthsrieCfi -- - 

R.TZ. 

SabSnalD(fc.Ql_ 

TaraExjfin.51 , 

TehahHiMalslDp J 
Yukon Ooss. CEL- 


16 

245 • 
360 
205 id 
34 


43 

153 


Q30e 

93 


133 

Q7e 


2 . 6 ] 


73 


20l 70 


22 


NOTES 


Hales* Hhnln InJeatad. prices rad M dMdeads *» 1 b 
a*, bitaratad vdrimUft 


cricnlatad «n the hrata mt tHsPO ratt S o; hraefcetoi ayara 
U par crafl. ar aran iWocBn H odenlataft m "■tf* 
dtaMbtftaM. C*rccs are based on TrtmwT di atrihat ta n. 
Ttaftta «ra bawd ua tnl*Be prior*, are cross, adjusted ta ACT aT 
94 per eeaL and sQa* tar rataa a* d eelaeu d OflriMtaa aral- 
rlghsa. BraraiiW s wMV d ea i -limi— alher ta— Hsibifl sra> 
quoted inctaatre af Iba l u i u a lmmt daOar vremtaia. 

A *■—<»■»; 4 — S^rrrttw aliMi Inrimta l l .l MSPn a^ 
dollar premium. 

• “Tap” Stock. 

• Klsba sod Lows marked thus have bean adjusted to allow 
tor rig ba Us uea for casta. 

T l uteri us since increased or anammL 
t Interim since reduced, passed or deferred. 
tt Tax-tree to non-rcsideots on application. ■ • •• I., 
ft Futures or report awaited 
tt Unlisted security 

ft Price at ttme of niSDeiuioD. • “ 

9 Indicated dlrldend after pending scrip andi'arnctata lwide , 
caver relates to previous dividend or toiww. . 

*• Free of Stamp Duty. ' 1 

♦ Merger bid or reorganisation is progress. '1 

4 Not comparable. ,*#1 * 

4 Same Interim: reduced final and/or reduced a ar a h i aa 

indicated. — 

i Forecast dividend: cover on eartUnga updated far latent 
ixnetim RalemenL », 

I Cover allow* for conversion of shores not now ranking for 
dividends or ranking only for restricted dividend. 

4 Cover does not allow for shares which may also rank tar 
dividend at a future date. No P/E ratio usually provided.' 
ft Excluding a final dividend declaration. ■' 

* Regional price. 

D No par value. -!• 

a. Tax free, b Figures based on prospectus or other official 
estimate, e Cents d Dividend rate paid or payable on part 
of capital: cover based on dividend on full capital 
e Redemption yield. [ Flat yield, t Assumed dividend and* 
yield, b .Assumed dividend and yield after scrip issue. 

1 Payment from capital soiu+ea. k Kenya, m Interim bigtesr 
than previous total, a Rights issue pending q Eamnjft. 
baaed on preliminary figures, r Australian currency, 
a Dividend and yield exclude a special payment t Indicated* 
dividend: rover relates to prerloua dividend, P/E ratio T 
on latest annual earning*. 


1 previous year's 
Yield allows for 


ruins*. ■ Forecast dividend: rover based 
earnings, r Tax free op to 30p in thvi. 

• currency clause, y Dividend and yield 
baaed en merger terms, z Dividend and yield include a 
special payment Cover does not apply n> special payment. 
A Net dividend and yield. 8 Preference dividend passed dr 
deferred. C Canadian. D Cover and P/E ratio exclude profits 
of U.K. aerospace subsidiaries. E Issue price. F Dividend, 
and yield based on pio a pect ua or other official esttaratee for. 
lOn-TB. C Assumed dividend and yield after pending scrip-’ 
and/or rights issue. H Dividend and yield based on: 
prospectus or other official estimate* lor 1875-77, K Figures 
baaed on prospectus or other official estimates for 1878. 
K Dividend and yield based oo prospectus or other official 
estimates tar 1878 N Dividend and yield based on prospeetitf 
or otbsr oil l rial estimate* tor U78. P Dividend and yield 
based on prospectus or other official esttmates for 1077. , 
Q Gives. T Figures assumed. V No significant Corporation 
Tax payable. Z Dividend total to date, ff Yield based on 
assumption Treasury Bill Rate stays unchanged until maturity 
of Slock. 

Abbreviations, ales dividend; sex scrip issue; rex rtgbu; a ox 
all; tt ex capital distribution. 


u Recent Issues ” and “ Rights M Page 28* 


This service is available to every Coanpany dealt la «h 
Stock Exchanges throughout the United Khqfdcaa fora 
fee of £480 per annum for each security 


REGIONAL MARKETS . 

The following is> a selection of London quotations of shares 
previously fitted only In regional markets. Prices of Irish 
issues, most of which are not officially luted In London, 
ant as quoted on the Irish exchange. - . 


Albany lnv. 20p 

Agh Spinning - 

Hftrta to, ,,., . 

Edffwtr.Est.50p 

Clover Crolt 

Craig & Bose El 
“VSOnlR.A.lA 
Ills&McHdy. 
_v»nsFrVlOp 

Eyered— 

FUe“ 



Stak£l-.. 

j- — (70S.) 2Sp.„, 
NThn. Golttanitt) 
Pearce fC. H.L-. 

Peel Mills 

Sheffield Brick 


23 

46 

22 

Z72 

22 

420* 

40 

& 

g»2 

20 

150 

147 

252 

55 

B» 

19 

48 


+1 


+2 


+2 


SbriT. Rcfrshmt . | 
SindaJUWra-J..- 


1=1 ' 


IRISH 


Conv.9%‘80/82 

Alliance Gas— 
Arnett 


Carroll (PJ.)_ n 
j 

CoDcrote Prods, 
Belton (Bldgs.) 

Ins. Carp. 

Irish Ropes — 
Jacob 


Sunbeam. 
TJLG.. 


Unldare- 


£92% 

75 
320 
■ 92 
95 
130 
44 

M8s 
12 1+2 

3 1-2 
MM 
95 


el 


OPTIONS 

3-month Call Rates 


Industrials 

A-BriTw 

Babcock 

Barclays Bank. , 
Beechnm j 

Boots Drug._. 

Sowater* J 

BAT ^ 

British Oi 
Brown (J v 
Burton 'A' — 
Codboiys-M— 
Courtanlds.— L 

Peb enhain a [ 

Distillers 




iLondoa Brick. 
Lonrho — — . 
Lucas lads.— . 

jsza u ~ J 

lirte fcSpncr 

Midland Bank 

nsn 


Nil Veit. Bank. 
Da Warrant* 
FtODU 

IRsnkH 
Beed 



Trust HouseoJ 


Tube Invest. 
Unilever — 
Uid. Drapery J 
Vickers..— . 
Wool worth*. 

Property 
Brit. Land —J 
Cag.CountieiJ 

lntrearopean 
Land S ees. — , 
MEPC S3 


OUs.' 
BriLPetttdenm.] __ 

amnxhCH] J 7 

Chaiterhall. 

Shell 

Bkr mur 





( 











32 


HINE 

conno isseurs' 
■cognac 


FINANCIAL TIMES 


Saturday May 6 197S 


: m. 100% Highiajid MaltWhisky . M 
Wjj, . “TogaidhBSnas M 
-IfrMjsnfeachcT 


MAN OF THE WEEK 


A rapid 
rise to 


the top 


BY ALAN PIKE 


TRADE UNION leaders are 
seldom catapulted to power. The 
journey to the top usually in- 
volves steady, painstaking pro 
gross through the ranks and the 
years. 

Mr. Terry Duffy defies this 
rule. When be succeeds Hug 
Scanlon as president of the 
-Amalgamated Union of En 
neering Workers in October he 
will have been a national union 
official for barely three years. 

With virtually all bis expert 
ece confined to bis background 
as a local official in the West 
Midlands and. before that, 
shop steward be will become 
leading member of the TUC 
general council, hold up the 
voting card of the second biggest 
union in the land at TUC "and 
Labour Party conferences, and 
join the elite of union leaders 
who are in close and regular con- 
tact with the Government. 

His rapid rise in status has 
inevitably led to Mr. Duffy's lack 
of national experience being 
much discussed factor since his 


t 



Terry Duffy 

A nc liana t union oflicial for 
barely three years. 


election was declared on Tues- 
day: he Mill certainly look to 
colleagues for support and 
prominent among these will be 
Mr. John Boyd, the AUEWs 
inlluential general secretary. 

However, if Mr. Duffy's future 
performance remains something 
of an unknown quantity, the 
public has already become 
familiar with liis past — former 
sergeant-major and Army boxing 
champion — and his present 
robustly anti - Communist 
opinions. 

The new president. 5# last 
Wednesday, has continued to live 
in Wolverhampton since he was 
elected to the AUEW executive 
in 1975. but is expected now to 
move South. His wife Joyce is 
a school meals assistant in 
Wolverhampton and they have 
a teenage son anil daughter. 

While he occupies a very 
different political position to Mr, 
Scan I mi the two men share 
passion for golf. 

immediate reaction to Mr, 
Duffy's election success has 
naturally been concentrated on 
ins likely impact in the national 
trade union movement, where he 
will arjue for moderation, but 
many of tilt- most demanding 
problems to face him will be 
within the AUEW itself. The 
union no longer has an cxclu 
sively craft hast* and there hrve 
recently heen some difficult signs 
of tension among skilled men. 

When delegatus to the annual 
con IV rein v of the AUEWs fuiir 
sec lions assemble in Worthing 
on Monday they will be uncer- 
tain in l heir minds how Ion 
the AUEW will continue to exist 
in its present form. A grand 
design in the early 1970s fo 
create one union for the engi- 
neering industry has degenerated 
into years of infighting which 
hav u . brought the vision no closer 
to achievement. 

Amalgamation talks now 
Jyking place between the 
inerinc union and the Elec- 
Trades 
an added 
AUEW now 
.clear right-wing control. 
«.will become increasingly 
for the AUEWs 
‘int engineering section to 
■ sain.,* time retain its 
,fed links with TASS, the 
inist-led white collar sec- 
. The AUEW lus been 
weakened and confused through 
uui the decade by its anialguma 
non prublems and the whole 
issue could erupt in the courts 
before the year is out. 

It is difficult for j president 
to stand above such internal 
strife. Mr. Duffy was elected with 
the .support of the union's power- 
ful Right-wing political machine. 

just as Mr. Scanlon came to power 
years aco backed by an equally 
effective Left-wing organisation. 
Iti a union built around regular 
elections it is difficult for anv 
man to be neutral and Mr. Duffy 
will add his influence to try to 
break the amalgamation dead- 
lock — which must be broken — in 
the interests of the Right. 

In any case. Mr. Duffy's flrsl 
term in the job is for only three 
years and this means, under the 
AUEWs long and elaborate elec- 
toral structure, that the political 
machines will be in action for 
the next presidential campaign 
i\ben he has held office for 
barely half this time. 


55 


77 ■mermc union and t 
SB j l and Plumbing 
I ‘.p will be given a 
v#s with the AUf 


Cr. 

lion. 


Engineers will press 

for £80 minimum 


BY CHRISTIAN TYLER, LABOUR EDITOR 


1 


THE AMALGAMATED UNION month rule was confined this Mr. Scanlon said later that the I 
of Engineering Workers decided agreement fSO-a-week claim, because of thei 

yesterday to ignore Government But the deletion would enable wording of one of the resolu-' 
hopes for a further year of con- the executive to put a more tjons,- would be the target in all 
trolled wage rises, and to press general construction on the industries, including the indus- 
for a minimum skilled rate of decision later, if the TUC is trial Civil Service, for which the 
£80 a week- asked by the Government to national committee earlier this 

The Right wing of the union’s a f sure ** ^at **»« rule wiIi be week decided to seek £100. 
engineering section defeated, as observed. Once its £10O-a-week demand 

expected, an attempt to bind the had been defeated yesterday, the 

union to demand £100 a week bv moved almost unanimously 

29 votes to 23 in the national ‘ Yesterday's decisions mean behind a composite motion 
committee meeting in Worthing. ^ 016 engineering industry instructing the excutive to 
T . - j w u -j will be faced in November with oppose any policy of wage 

it was accepted by noth sides, a claim for a £20 increase In restraint, no matter what Govern- 
arter the intervention of Mr. minimum rates, a phased reduc- ment was in office.” and to pur- 
Hugh Scanlon, outgoing presi- tlon in the working week to sue the claim in “ unfettered 
a hostile reference to 35 hours, and five weeks’ paid bargaining conditions with the 
® . L'-tnonth rule should be holiday. full weight of industrial action 

deleted because that would be The pay demand is not as used if necessary.” 
breaking the national agreement immoderate as it looks on paper, A move to have the minimum 
just reached with the Engineer- since actual earnings are deter- rates linked to the Retail Prices 
mg Employers' Federation. mined at local level, and the Index was defeated by 37 votes 
Mr. Scanlon confirmed after- minimum rate has little direct to 15. 
wards that acceptance of the 12- impact on most workers. University pay rises Page 3 


Stewards 
to back 
action . 
at Speke 


By Arthur Smith, 
Midlands Correspondent 


Poll comfort for all, hut 
no election pointer yet 


BY DAVID CHURCHILL 


AS THE final results in the 
English local government elec- 
tions were declared yesterday it 


LOCAL ELECTION RESULTS 


became clear that all three main Results from all 80 metropolitan and non-metropolitan district councils 
political parties could take com- 
fort from the results. But there 
■eemed few firm pointers as to 
vben the Prime Minister would 
lecide to call a general election 
Overall, the Conservatives pro- 
ceed the best performance of 
he elections although they did 
not do as well as bad been ex- 
pected. The Tories captured con- 
trol of both the- Association of 




Gains 

Losses 

t 

LABOUR 


82 

109 

—27 

CONSERVATIVE 


747 

87 

+60 

LIBERAL 


17 

25 

~ 8 

INDEPENDENT & OTHERS 

20 

45 

-25 

London Boroughs: 

Conservatives 17 (4-3) 




Labour 14 (—4) 
No overall control 1 


THE POWERFUL British Ley- 
land shop stewards combine 
yesterday voted to give full sup- 
port to the 3,000 workers at the 
Speke assembly plant if they con 
tinue to fight the company’s 
closure plans. 

Speke workers will be urged 
by their own shop stewards at 
a meeting in Liverpool this morn- 
ing to maintain their efforts to 
save the factory, which Leyland 
plans to close on May 26. 

Yesterday Mr. Michael 
Edwardes, British Leyland chair- 
man, warned that continued 
opposition to- the Speke closure 
could put further jobs at risk. 
He said that closure could not 
be negotiable and that the only 
possible way of developing Ley- 
land's sports car business was to 
consolidate it at Canley, 
Coventry. It is planned to 
transfer TR7 production to 
Canley when Speke closes. 

“If we don't transfer it to 
Canley. it will have a disastrous 
effect on employment in the com- 
pany as a whole." he said. There 
was “ 00 question of doubt " that 
Leyland could face further 
closures if it did not achieve 
production targets. 

The British Leyland shop 
stewards’ combine voted 
unanimously in Birmingham to 
support any campaign by Speke. 

Mr. Derek Robinson, the com- 
bine chairman, said that collec- 
tions would be organised “to 
finance the struggle." Workers 
would be urged to refuse work 
transferred from Speke. 


Assembly plant 


Metropolitan Authorities and the of Manchester and Newcastle- capture of the Greater London ! 
London Borough? Association. upon-Tyne and emerged as the Council, failed to materialise. j 
but Tailed to win the Inner largest party in Liverpool. The Tories captured three 

London Education Authority. The Liberals appeared to re- boroughs from Labour, won com- 
Even so the Conservatives now verse- the trend of recent by- plete control in another 
dominate all four local authority election results and generally (Havering), and forced Hammer- 
associations which negotiate with held their support Parly smith into a stalemate. Of the 
central Government over such workers had been fearing a three gains, Hillingdon had been 
issues as the allocation of rate humiliating slump, but this did 3 freak Labour win last time in 
support grant. not emerge. 1974. and Wandsworth voters 

Despite losing control of Lon- The National Front which had just faced a massive rate 
don Boroughs Association and bad fought almost as many seats rise. 

the AM A. Labour revealed it had as the Liberals, failed to make Councillor John Green. Tory 
considerable depth of support any impact. leader at Welwyn. Herts- did not 

outside the capital, especially in In London the threatened Tory lose his seat as reported in some 
the North. It retained control landslide, following last years editions yesterday. 


Portugal devalues escudo 
6.5% to cut deficit 


by 


BY JIMMY BURNS 


LISBON, May 5. 


THE BANK of Portugal this 
afternoon announced a 6.5 per 
cent- devaluation of the escudo 
against the basket of the world's 
14 main currencies, as part of a 
package of measures agreed with 
the International Monetary Fund 
to help cure Portugal’s balance- 
of-paynienU deficit 

The monthly margin by which 
the escudo may be adjusted is 
widened from 1 to 1.25 per cent. 

Bank of Portugal officials this 
afternoon described the devalua- 
tion os representing a “negotiated 
compromise" with the Fund, 
given the fact that it falls far 
short of an immediate devalua- 
tion of 20 per cent, thought to 
have been the Bank's target when 
negotiations were first resumed 
over a month ago. 


SO 


POWIUBUESE ESOJCPSPEB C 


55 


60 


65 


70 


75 


80 


85 


1977 


market is expected to have an 
immediate effect on Portugal’s 
current annual rate of inflation, 
pushing it above the present 27 
per cent. 

The Government alliance of 
Socialists and Christian Demo- 
crats hopes, however, that mone- 
tary aod fiscal measures in- 
cluded in its stabilisation 
programme and in the agree- 
ment with the IMF will reduce 
inflation in the longar term by 
helping to cut public 3nd private 
consumption. 

The Budget approved by the 
Portuguese Assembly last month 
included a 10 per cent increase 
in income-tax, and up to 30 per 
cent, increases in sales taxes. 
The latest devaluation of the 
announce the full escudo follows a 15 per cent. 


V P0RTUGI 
T ESCUD 

r «1IHST STEF 

JESE 

0 

UHS 





r 

iuii 


1978 


expected to 

a" n7..nhlr P acka se of measures. including devaluation last February-. 
A number of leaks forced the an increase io the bank tendlnc Anw -nv. 


0 „. , , u —-an increase in the bank lending Arthur Sandies adds: The de- 

, B h1” k . ?™ kc an ° ouncen ? en . t rate, until Monday or Tuesday, valuation of the escudo is 
■ , |ifjnoon. breaking a deci- The ultimate aim of this de- unlikely to have much effect 

thS lirnSl week valuation is to help correct the on British tourists. Tour operat- 
the Government not to announce rmmtrvM haloere-of-onvrnentc inn mnt — 


Mr. Dave Thomas, the engm 
cerirg union convener at Speke, 
warned that the Dolomite, 
assembled at Canley. could also 
be affected. Body pressings 
passed through Speke assembly 
plant he fore transport to Canley. 

Leyland has changed the 
original redundancy package to 
offer larger sums on closure. 

According to the company, a 
worker with a year’s service 
couid expect between £1.100 and 
£1.200. But Mr. Thomas insists 
that the shop stewards are not 
arguing for improved redun- 
dancy payments. 

Leyland has said that in the 
event of any obstruction to the 
closure, it will meet only its 
statutory requirements under the 
Redundancy Payments Act plus 
a sum in lieu of notice. 

Rejection to-day of the package 
would leave the Confederation 
of Shipbuilding aod Engineering 
Unions in a difficult positiou. 
There is reluctance to give 
official support to the Speke 
workforce in a confrontation 
which could provoke another 
crisis at Leyland. 

Labour News, Page 4 


Soviet pact 


the lex column 

BATs back on the 

takeover trail 


« 

\i 

f I 


Expletives were not always - 1972 ™ 

bei^g delet’d 1. the money fo** rose 6.9 to 4815 »SKL‘ ri , 322S , ii2H 

market yesterday when a num- 


ber of discount houses -realised 
they had been outbid for 
Treasury bills. Those reckoning 
on a 9 per cent MLR found 
the bills snatched away by a 
few rogue houses aim i ng In the 
band corresponding to MLR at 
S? per cent. This unusual deve- 
lopment also upset the round 
figure preferences of the stock 
market, and both equities and 
gilt-edged closed below the 
best as dealers pondered on 
whether interest rates might 
still not have reached a steady 
level. 

In fact the difference between 
8} and 9 per cent is neither 
here nor there. But the gilt- 
edged market may want to see 
current yields given a stamp of 
official approval through the 


VBuilding. Society 
Grossed up | 
Share I Rate! 



3 Month. 
Local Authorities 




_1_U 


1977 


1978 




other financial calamity like tfe 
Mersey Docks. As a result 
Secretary of State can mob] 
loans from the National Loat&l 
Fund to prevent defaults qj 
capital debts. But there ate 
strings attached, lie may' not bt 
convinced that the “financial 
prospects of the anthadtj 
justify a loan." The banks whlrt 
have put up the £15m. medium 
term loan have been given a] 
letter of undertaking from tfe 
Government. The small investor 
has no such guarantee. 


U.K. shipping crisis 

There are now clear sig® 
that some U.K. shipping com- 
panies arc running into serious 
financial difficulties, as the 
world shipping recession 
deepens. Yesterday, Hunting 


issue of a new short tap before increasing competition m the reported pre-tax loss** 

confidence is fully restored, lucrative U.S. business forms £3,g m . compared with a profit 
Equities already look very market (Appleton s 16 per cent. 0 j £3.3 m . the year before, amt 
healthy, with the All-Share pre-tax margins are much wider hashed its dividend. Last weak, 
Index just 5 per cent short of than Wiggins Teapes own). Turnbull Scott, a small tramp 
its all-time peak. But then. May And BAT has to live down its sapping company, also reporter] 
is traditionally a good month reputation as an indifferent heavy losses and cut its divi. 
for shares. judge of acquisitions: on - exist- ^end for the first lime since the 

n a 'r -t j a a ing non-tobacco assets of some war i n addition, it has asked 

BAl Industries £l.6bn.. operating profits only its b3n kers if it can defer its 

The $2S0m. purchase by BAT amounted to £125m. .last year. capital repayments until freight 
Industries of NCR’s Appleton rates improve. 

Papers division represents the PLA issue In the past U.K. shipping 

tobacco group’s • largest . ever companies have been able i 0 

acquisition in money terms, _ ”he news that the “ort or ride out the bad times by selling 


though in real terms the $200m. London Authority could be one or 5 jjjp S j 0 bolster 


Gimbels deal in 1972 was heading for bankruptcy sent a their liquidity. However, second- 
probably bigger. Not . only does shudder through the normally ^ ant j s jjjp prices have fallen so 
the Appleton acquisition fit in dozy corporation stock market s h ar piy over the past year that 
with the fashionable trend The price of the 6A per cent. j n sonie oases ships imve bad 
towards foreign purchases of Registered Port Stock 198 /-SO J(J sol j Me jj below book 
U.S. assets, but for BAT it dropped £13 to £30 where it is va i UOi Hunting C.ibson has ie- 
b rings expansion in what has yielding over 15 per cent Ner- value(1 ,t s j„ j] ie light D r 


been its most successful area of vous investors suddenly 
diversification. While the money visions of 1970 when 


had 


the 


the 


serious 


deterioration 


and progressive 
in the re-sale 


poured into retailing has never Mersey Docks and Harbour ^ Iue of sll ] ps sincc t i ie interim 
produced a good return. Board defaulted on its debt and statement, and this has resulted 


Wiggins Teape has paid off was suspended by the Stock in a net j0SS of £ 4 * 01 . The 
handsomely in recent years Exchange. Could it happen groU p has now contracted to sell 
operating profits reached £53m. asai"? off roughly half its fleet and 

n 1976-771 although even in The PLA has been mounting eX p ec tg to be able to pav only 
paper BAT had some worrying a powerful public relations a nonJ j|j a j dividend in the 
moments in the 1973-75 period, exercise this week to put its C un*enr year. The shares 
The statistics are that BAT is case across to all those who slumped 53p to M0p last nilht. 
taking over Appleton at roughly “ have its interests at heart.” For ^ bjg quo ted UJv shq>- 
15 times its 1977 earnings, and Employees, customers, trade ping companies the situation is 
the deal will add rather more unions and the dockland com- no t y e j too serious, since they 
than a fifth to the sales of the munity are all singled out but are generally cushioned by their 
paper division. The money is there is no mention of the un- profitable cargo liner opera- 
being found out of liquid re- fortunate holders of the £24m. {j ons Even so. the shares of a 
sources in the U.S. and else- °f outstanding debt. blue-chip, like P & O. are now 

where (BAT’s balance sheet last The senior management of selling below par value, and 
September showed cash and the PLA is confident that it can some of the big private ship- 
n ear-cash of £284m.) though a repay the £4.4m. of 5$ per cent pjng companies are clearly 
longer term funding operation stock due this summer but facing serious trading difllcul- 
not ruled out later on, beyond that it is not committing ties. Bibby Line, for instance, 
depending upon whether more itself. As the rest of the public has 0,7m. d.w.t. of its fleet (over 
deals come to fruition. At cur- stock does not fall due until half the total) laid up at the 
rent interest rates, some minor the 1990s there is no immediate moment. If the situation cdh- 
net addition to BAT's earnings worry on repayment, but there tinues for much longer, the 
is likely. is a possible question mark Government may have to dig 

It looks a satisfactory deal as over interest payments. deeper into its pocket than it 

it stands. But there are stories The Harbour (Loans) Act of had anticipated. 


shirks 


issue 


By Jonathan Carr 


snv nf tho mpuiirec in naiinn country’s balance-of-paj7iients ing contracts are now made in 
uniil DPsiS * L dcticit, estimated at SI. 475 bn., by sterling rather than local cur- 
omii next wees. stimulating exports, 

nevertheless. Sr. Mario Soares. 


rency, and Portuguese inflation 

Ih- Prir,.« iLt i ; .The corresponding increase in « likely to absorb any benefits 

tile Prime Minister, is still not the price of imports on the home that might have been expected. 


Mason talks peace in Dublin 


BY OUR DUBLIN CORRESPONDENT 


SI?.'. R P T MAS ON, the Northern ties in the Newry-Dundalk area rejected a suggestion that he had 
Ireland Secretary, did his hest to and Lough Erne. no interest in iL 

pour oil on the troubled waters 3ir. O'Kennedy also expressed 




and-a-half hours of 
Dublin yestenJav. 


talks 


The significant progress would 
evident 

__ ^ -ur- _ __ between 

meeting. He claimed that Mr. the two 'Governments.' 
to Mason now had a better under- Otherwise, there seems little fi tiesied 
Mr" \T-»cnn ennira nf ?^ n * n S bis party's policy on change in their respective 
rh p d ^n! r 'ri ^° I ? stl unity and the desirability stances on security and policy, 

Snity. BnHSh 10 M 

Z be Hk «*»» 1'1 »»• M t hL f„Vabi”m s 3 o1 

not share this latter view, but deprived cross-border areas. 


BONN. May 5. 

WEST GERMANY and Russia 
have completed the final details 
of an accord intended to foster 
long-term economic co-operation 
between them, but leaving un- 
resolved the urgent problem of 
barter trade. 

The 25-year accord is to 
be signed to-morrow. It is 
being hailed as setting a frame- 
work for co-operation into the 
□ext century and as a highlight 
of the visit here of Mr. Leorud 
Brezhnev, the Soviet State and 
Communist Party leader. 

It .is clear that Bonn and 
Moscow continue to disagree on 
“ compensation business.” under 
which the Russians pay for 
delivery of West German plant 
and machinery with goods and 
raw materials, not cash. 

Ln talks with Count Otto 
Lambsdorff, the Economics 
Minister. Soviet Ministers urged 
an extension of this practice. 
Count Lambsdorff bluntly 
that there was little 


Weather 


point in going ahead with nro- 
jec 


had no doubt about the effort in 
the- Republic. 


Skytrain to Los Angeles 


London Io Los 


ects paid for with goods which 
were difficult, if not impossible, 
to use or sell. 

The German side is making it 
plain that it is not against all 
such deals, pointing to the suc- 
cess of the arrangement under Ir™^. 
which German steel pipin 


U.K. TO-DAY 
RAINY in E., mostly dry' in W. 
Rather cold. 

London, SJL. E„ Cent. S. England 
E. Anglia, E. Midlands, Channel 
Isles 

Outbreaks of rain, becoming 
drier from W. Max. 12C (54F> 
Wales, W. Midlands, S.W., N.W 
England, Isle of Man 
Mostly dry. sunny intervals. 
Max. 12C (54F). 

Cent N., NX. England, Borders, 
Edinburgh, Dundee, Aberdeen, 
Cent. Highlands, Moray Firth, 
N.E. Scotland 
Scattered showers. Max. IOC 
(50F). 

Lakes, S.W-. N.W. Scotland, 
Glasgow, Argyll, N. Ireland 
Dry, sunny intervals. Max. 10C 
(50F). 

Orkney, Shetland 
Scattered showers. Max. 7C 
(45FI. 

Outlook: Mostly dry. with 
sunny intervals. 


BUSINESS CENTRES 


(ion of competition which an 
increase in barter would imply 
Small and medium-sized German 


In the next few weeks the Cnntf ruipri fVirni Panra 1 

Chief Constable of the Royal ^ onuiluea L'age 1 

Ulster Constabulary and bis 
opposite number in the South 
would meet for talks on further 
co-operation. 

Mr. Mason would not repeat against the Department or Trade 99.000 from 
remarks which sparked off a row up to tbe Appeals Court Angeles. 

between the two Governments Tne prospect of a fight with Already, the Skytrain between i brggwt’ wmpani«“Vor' niacin 

about the South being a refuge British Caledonian does not Gal wick and New York, which Snoods front the Russians 01 

for terrorists. But he declined appear to disturb Mr. F. A. began last September, has made ‘ 
retract them, saying; “The (Freddie) Laker, chairman of a £930,000 profit on gross i- 1- 
spoken word cannot be unsaid." Laker Airways, who yesterday over of £7,7 tn„ and had carried 
H c pointed out that some of forecast that he would carry 117.600 passengers on 442 flights 
the criminal activity in the 196,000 passengers between at a load factor of 77.14 per cent 
Republic came from Provisional Gatwick and Los Angeles in the For the first year. Laker 
IRA men from the North. flrsl year of operations, with a expected to make a*£2.5m. profir 

He made the most of dis- lota! revenue of more than on the New York Skytrain. 
cushions on cross-border £21 .2m. (§39m.). The Los Angeles Skytrain, if. 

economic co-operation, something The load factor (percentage of it finally goes ahead, will operate 
on which the Irish Government seats sold) on the Los Angeles on the same principles as the 
sets great score. flights would be 77.S per cent. New York poeration, with tickets 

Some of the projects Mr. with break-even point at 73 per sold from 4 a.m. on the day of 
Mason mentioned were not new, cent. Of the passengers, mare departure at either Gatwick Air- 
but the two Ministers agreed on than 97,000 would be from Los port, or Laker’s Victoria Station 
Ludics of development possibili- Angeles to Lundon, and over office. 


goods from the Russians on 
third markets, and therefore may 
increasingly be squeezed out of 
5oviet trade. 

A project to bui Id a huge 
petrochemical plant at Tomsk, 
discussed to-day by the Soviet 
and West German sides, has 
brought the barter .issue to a 
bead. 

In their second round Of pri- 
vate talks. Herr Helmut Schmidt 
and Mr. Brezhnev covered the 
mutual and balanced force re- 
duction talks and the neutron 
weapon. 




v* day > 


Y'dar 


Mid-day 1 

Mid-day 



L 



“C 

-p 

Amsterdio 

S 

21 

70 Luxembr? 

C 

17 

63 

Aliens 

s 

23 

73 Madrid 

F 

19 

59 

Bahrain 

s 

33 

91 Manchestr 

R 

9 

4S 

Barcelona 

s 

17 

S3 Melbourne 

C 

21 

70 

Belror 

s 

SI 

70 Milan 

R 

13 

33 

Belfast 

r- 

8 

49 Montreal 

S 

13 

35 

EUj Lcrade 

s 

22 

72 Moscow 

K 

4 

33 

Berlin 

F 

21 

70 Munich 

Y 

19 

66 

Bimtridm) 

C 

10 

30 NcwasUc 

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T---TIj under. 



The savers’ stronghold 
to protect your clients’ 
interests. 


The Skipton gives you a choice of eight different 
schemes for regular or occasional. Jong or short term 
.savings or investments. Together with security of 
Trustee status a nd the strength of a society with 
Assets in excess of £150million. 

Skipton Building Society-(the savers 7 stronghold) 
r-has overahundred branches and agencies 
throughout the country to hel p your clients' money 
work harder 


Ask about Skipton’s competitive investment plana . 



Head Office: 

High Street Skipton, North Yorks. BD23 1DN. 
Tel. 0756 4581 
London Office: 


81 High Holborn. London WC1V6NG 
1-012428147 


Tel. 


Assets exceed £150 million Reserves exceed £6.4 mHfibn 


Lm'*- k£5 J U "' 3 n &y s, ‘ ^*nuii-i Pr.-m for awl wtl*l 
by ini Finand- 1 Tiau.s Lni.. bracken floiw. C.-itm-.i, Sirt-ci. Loudon, ECU' -IB'- 

£■ The I'liundfl! Tlmey Lld«